General Shopping Brasil S.A.: Gross Revenue Grows 19.6% and Adjusted EBITDA 26.6% with margin of 72.8% in the 4Q11

USA - English

• Brazil - Português

SAO PAULO, Feb. 24, 2012 /PRNewswire/ -- General Shopping Brasil S/A [BM&FBovespa: GSHP3], one of the largest shopping mall companies in Brazil, announces 2011 and 4Q11 earnings results.

• Opening of Parque Shopping Barueri on November 30, 2011.
• General Shopping Brasil's gross revenue in the fourth quarter of 2011 (4Q11) totaled R$ 43.3 million, up 19.6% over the R$ 36.2 million reached in the fourth quarter of 2010 (4Q10). Gross revenue grew 16.1% in 2011 in comparison with 2010, reaching R$ 147.1 million.
• Consolidated NOI registered R$ 35.9 million in 4Q11, with margin at 88.9% and a growth of 23.8% in relation to the R$ 29.0 million registered in 4Q10. In 2011, consolidated NOI was R$ 121.3 million, with margin of 88.3% and a growth of 20.6% in comparison with 2010.
• Gross Profit registered R$ 31.6 million in 4Q11, with margin at 78.1% and a growth of 20.1% as compared with the R$ 26.3 million of 4Q10. In 2011, gross profit totaled R$ 109.3 million, with margin of 79.6% and a growth of 19.9% in comparison with 2010.
• Adjusted Ebitda hit R$ 29.5 million in 4Q11, with margin at 72.8% and a growth of 26.6% in relation to the R$ 23.3 million in 4Q10. In 2011, adjusted EBITDA totaled R$ 98.6 million, with margin of 71.8% and a growth of 20.6% in comparison with 2010.
• The depreciation of the real in relation to the US dollar, of around 12.6% in 2011, negatively affected the financial result by R$ 40.1 million. This impact was mainly due to the variation on the principal of our perpetual debt, which is not a cash effect.

For more information about the performance of the GSB, see the release on the link below:
http://release.firb.com/general_shopping/GSB_release_4Q11.pdf

CONFERENCE CALLS ON THE 4Q11

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.

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