General Shopping Brasil - "Gross Revenue Grows 15.0% and Adjusted Ebitda 23.7% with Margin of 74.4% in the Third Quarter of 2011

USA - English

• Brazil - Português

SAO PAULO, Nov. 11, 2011 /PRNewswire/ -- General Shopping Brasil S/A [BM&FBovespa: GSHP3], one of the largest shopping mall companies in Brazil, announces its third quarter of 2011.

• General Shopping Brasil's gross revenue in the third quarter of 2011 (3Q11) totaled R$ 36.1 million, up 15.0% over the R$ 31.4 million reached in the third quarter of 2010 (3Q10). Gross revenue grew 14.7% in the first nine months of 2011 (9M11) in comparison with 9M10, reaching R$ 103.9 million.
• Consolidated NOI registered R$ 29.8 million in 3Q11, with margin at 88.1% and a growth of 20.4% in relation to the R$ 24.7 million registered in 3Q10. In 9M11, consolidated NOI was R$ 85.4 million, with margin of 88.1% and a growth of 19.3% in comparison with 9M10.
• Gross Profit registered R$ 27.1 million in 3Q11, with margin at 80.3% and a growth of 20.7% as compared with the R$ 22.5 million of 3Q10. In 9M11, gross profit totaled R$ 77.7 million, with margin of 80.2% and a growth of 19.8% in comparison with 9M10.
• Adjusted Ebitda hit R$ 25.1 million in 3Q11, with margin at 74.4% and a growth of 23.7% in relation to the R$ 20.3 million in 3Q10. In 9M11, adjusted EBITDA totaled R$ 69.2 million, with margin of 71.4% and a growth of 18.3% in comparison with 9M10.
• The positive change in the exchange rate, of around 18.8% in this quarter, had an adverse impact of R$ 54.0 million on the financial results. This impact was mainly due to the variation on the principal of our perpetual debt, which is not a cash effect (see effects described in "Management Comments").

http://release.firb.com/general_shopping/GSB_release_3Q11.pdf

CONFERENCE CALLS ON THE 3Q11

Conference call dial-in phone numbers: From the US: 1-888-700-0802 (toll-free from the US); from Brazil: 11 4688-6361; from other countries: 1-786-924-6977

Contact: Investor Relations Area of General Shopping Brasil - + 55 11 3159-5100, [email protected], or Silvia Pinheiro, from FIRB - Financial Investor Relations Brasil - + 55 11 3500-5564, [email protected]

If you are unable to participate during the live webcast, the call will be archived at http://www.generalshopping.com.br. To access the replay, click on Investors Section.

SOURCE General Shopping Brasil S.A.