General Shopping Brasil - Gross Revenue Increases 18.9%, Adjusted EBITDA Rises 15.3%, With Margin at 73.4%, and Adjusted Net Profit Totals R$ 25.8 Million in 2009

SAO PAULO, March 19 /PRNewswire-FirstCall/ -- General Shopping Brasil S/A (BM&FBOVESPA: GSHP3), one of the largest shopping mall companies in Brazil, announces its fourth quarter and 2009 earnings.

Operating and financial highlights

• General Shopping Brasil's gross revenue reached R$ 111.8 million in 2009, up 18.9% over that in 2008. In the 4Q09, it amounted to R$ 32.1 million. Excluding the impact of straight-line recognition of revenue (*), total 4Q09 gross revenue would be R$ 34.7 million, up 13.8% over 4Q08;
• Consolidated NOI reached R$ 82.9 million in 2009, with margin at 82.4% and a 13.1% increase over 2008. NOI in 4Q09 amounted to R$ 25.2 million. Excluding the impact of straight-line recognition of revenue ^(*), consolidated 4Q09 NOI would be R$ 27.8 million, up 12.9% over 4Q08, and a 87.7% margin;
• Gross profit in 2009 was R$ 73.1 million, with a 72.7% margin and a 19.2% increase compared with that in 2008. In 4Q09, it amounted to R$ 22.1 million. Excluding the impact of straight-line recognition of revenue ^(*), 4Q09 gross profit would be R$ 24.7 million, representing an increase of 12.7% over 4Q08, with margin at 77.8%;
• Adjusted EBITDA reached R$ 73.8 million in 2009, with margin at 73.4% and a 15.3% increase over 2008. In 4Q09, it totaled R$ 22.8 million. Excluding the impact of straight-line recognition of revenue ^(*), adjusted EBITDA in 4Q09 would be R$ 25.4 million, up 18.5% over 4Q08, with margin at 80.0%.

(*)  According  to Accounting  Pronouncements Committee (CPC) Ruling 06: "Revenues generated from operating leases  must be recognized in revenue on a straight-line basis over the lease term  unless another systematic basis is more representative of the time pattern of  the benefit of use of the leased asset. Therefore, following this rule, the  company must recognize its revenues from rental on a straight-line basis along  the year".

http://release.firb.com/general_shopping/GSB_release_4Q09.pdf

SOURCE General Shopping Brasil S/A