The consolidated income in the year totaled CH$6,659,641 billion, an increment of 12.3% in comparison to 2012. The main reason was the growth in consumption seen in the region, in addition to the 30 new stores inaugurated in the year and the acquisition of 56 stores in Brazil.
The consolidated loan portfolio evolved positively in the period, growing 8.9%, to a total of CH$3,201,646 billion by December 31st in comparison to the same date in the previous year. This expansion was driven both by Banco Falabella in Chile and by the operations in Peru and Colombia, with increases of 11.4%, 8.3% and 8.2%, respectively.
The gross margin for the fiscal year was 35.3% and gross earnings totaled CH$2,353,199 billion, or a rise of 16.6%. The gross margin increased mainly because of the performance of the operations in Peru, the real estate business in Chile, Tottus Chile and the Bank in Colombia.
Selling and administrative expenses amounted to CH$1,618,303 billion and represented 24.3% as a percentage of income. This meant a rise of 0.8 percentage points in comparison to 2012. This increase in expense was mainly the result of more spending on salaries and on logistics in some of our business units.
In the end, the consolidated EBITDA for 2013 was CH$902,281 billion, increasing the EBITDA margin to 13.5%. The consolidated net profit totaled CH$443,827 billion, making the net margin 6.7%. It is important to emphasize that the net profit excludes the revaluation of our investment properties because in 2009, the Company adopted the historic cost method, which has no impact on income.
5 shopping centers were opened in 2013: Mall Plaza Iquique, Mall Plaza Egaña, Open Plaza Rancagua and Open Plaza Ovalle in Chile, and Open Plaza Pucallpa in Peru.
30 new stores were inaugurated in the region in the year: Falabella opened 7 department stores (2 in Chile, 4 in Peru and 1 in Colombia), Sodimac opened 11 stores (2 in Chile, 6 in Peru and 3 in Colombia), while Tottus opened 12 stores (5 in Chile and 7 in Peru).
