... (Cencosud) faces a challenging operating environment in 2014, driven by deceleration and integration risks in Brazil, moderate growth in Chile and devaluation risk in Argentina. Argentina's local currency started to depreciate faster in 2014, limiting the company's revenue and EBITDA generation in USD terms. Continued devaluation of local currencies could add pressure to its 2014 margins. Leverage Driven by Acquisitions: Cencosud's cash generation (measured by EBITDAR) was USD1.7 billion during the LTM ended Sept. 30, 2013. The company had USD8 billion in total adjusted debt as of Sept. 30, 2013. This consisted of USD5.8 billion of on-balance-sheet debt and an estimated USD2.2 billion of off-balance-sheet debt associated with lease obligations (rentals of USD311 million as of the LTM ended September 2013). The company's adjusted gross leverage (total adjusted net debt-to-EBITDAR ratio) was 4.6x as of Sept. 30, 2013. Refinancing to Improve...
