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Earnings Res lts
11
Earnings Results
2Q12
Disclaimer
This presentation contains statements that are forward-looking within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-
looking statements are only predictions and are not guarantees of future performance. Investorsg y p g p
are cautioned that any such forward-looking statements are and will be, as the case may be,
subject to many risks, uncertainties and factors relating to the operations and business environments
of General Shopping and its subsidiaries that may cause the actual results of the companies to be
materially different from any future results expressed or implied in such forward-looking statements.
This material is published solely for informational purposes and is not to be construed as a solicitation
or an offer to buy or sell any securities or related financial instruments and should not be treated as
giving investment advice. It is not targeted to the specific investment objectives, financial situation
or particular needs of any recipient. No representation or warranty, either express or implied, is
provided in relation to the accuracy, completeness or reliability of the information containedp y p y
herein. This material should not be regarded by recipients as a substitute for the exercise of their
own judgment.
Any opinions expressed in this material are expressed as of this date and subject to change without
notice and General Shopping is not under the obligation to update or keep current the informationpp g g p p
contained herein. General Shopping and the respective affiliates, directors, partners and
employees accept no liability whatsoever for any loss or damage of any kind arising out of the use
of all or any part of this material. You should consult with your own legal, regulatory, tax, business,
investment, financial and accounting advisers to the extent that you deem it necessary, and make
your own investment, hedging and trading decision (including decisions regarding the suitability of
222
y g g g ( g g g y
this transaction) based upon your own judgment and advice from such advisers as you deem
necessary and not upon any views expressed in this material.
Agenda
Sector Overview
Company Overview
Financial Performance
333
Sector OverviewSector Overview
44
Economic Indicators
Unemployment Rate
9.0%
9.0%
10.0%
7.9%
8.1%
7.5%
7.0%
8.0%
6.8% 6.8%
6.5%
6.0%
6.2%
5.8%
6.0%
7.0%
5.3%
4.8%
4.0%
5.0%
555
Source: The Brazilian Institute of Geography and Statistics (IBGE)’s Monthly Employment Survey
Table prepared by General Shopping Brasil
Economic Indicators
Unemployment Rate in May
12.9%
12.2%
10.2% 10.2% 10.2%
7.9%
8.8%
7.5%
6.4%
5.8%
666
May/03 May/04 May/05 May/06 May/07 May/08 May/09 May/10 May/11 May/12
Source: PME-IBGE
Table prepared by General Shopping Brasil
Economic Indicators
Real Income of the Employee Population¹
R$ billion
34.6
36.9
39.7
25.1 25.4
26.2
27.9
29.7
31.4
32.4
777
May/03 May/04 May/05 May/06 May/07 May/08 May/09 May/10 May/11 May/12
Source: PME-IBGE; Table prepared by General Shopping Brasil
(1)Based on the employed population and average income of the employed population
Economic Indicators
Inflation Rate IPCA*: accumulated variation in 12 months
(June)
6.1%
6.7%
(June)
3 7%
4.8% 4.8% 4.9%
3.7%
888
jun/07 jun/08 jun/09 jun/10 jun/11 jun/12
Source: IBGE; Table prepared by General Shopping Brasil
*IPCA - National Index of Consumer Prices
Credit Performance
Credit Volume – Individuals
660
69035%
Volume and Monthly Change
540
570
600
630
660
30%
(t-12) R$ billion
420
450
480
510
540
20%
25%
300
330
360
390
420
10%
15%
999
Source: Central Bank
Table prepared by General Shopping Brasil
Credit Performance
Credit Concession – Individuals
Volume and Monthly Change
90
30%
35%
(t-12) R$ billion
Volume and Monthly Change
70
80
15%
20%
25%
50
60
5%
10%
15%
30
40
-10%
-5%
0%
101010
Source: Central Bank
Table prepared by General Shopping Brasil
Credit Performance
Default Rate
8.4
General Individuals
Individuals and General
7.0
6.5 6.4
7.8
111111
Source: Central Bank
Table prepared by General Shopping Brasil
Economic Indicators
Consumer Confidence Index
Index - Quarterly Moving Average
115
120
125
130
95
100
105
110
80
85
90
95
121212
Source: Fundação Getulio Vargas - FGV
Table prepared by General Shopping Brasil
Retail Performance
Sales Volume - Monthly change (%) – May/08 to May/12
As compared with same year-ago period
11.1
10.2
6.3
8.2
2.9
131313
Source: PMC-IBGE
Table prepared by General Shopping Brasil
Retail Growth
R t il I d t M thl Ch (VS S Y A P i d) f S l V l (M /10 M /12)
15
20
25
30
35
40
Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (May/10-May/12)
Total ‐ Retail
Books, newspapers, magazines and 
stationery
Office supplies and equipment,  personal 
computer and telecom
Other personal and domestic products
May‐10 10.2 9.7 28.9 2.9
Jun‐10 11.4 4.8 23.2 9.6
0
5
10
15
Jul‐10 11.1 7.3 19.0 12.2
Aug‐10 10.5 13.5 25.4 11.7
Sep‐10 12.0 9.9 32.4 15.8
Oct‐10 8.7 12.5 10.1 9.9
Nov‐10 9.9 23.6 21.2 11.0
Dec‐10 10.2 26.7 27.1 10.2
Jan‐11 8.3 12.5 7.4 4.9
Feb‐11 8.5 14.9 14.8 12.5
Mar‐11 4.0 ‐1.2 4.2 4.6
Apr‐11 10.2 5.8 ‐0.8 12.1
May‐11 6.3 8.3 23.2 3.3
Jun‐11 7.1 9.0 34.7 3.2
Jul‐11 7 1 6 8 16 2 2 9Jul 11 7.1 6.8 16.2 2.9
Aug‐11 6.3 5.2 26.3 1.7
Sep‐11 5.2 2.7 7.6 ‐0.1
Oct‐11 4.2 4.4 28.8 0.5
Nov‐11 6.7 5.5 24.7 2.6
Dec‐11 6.7 ‐2.3 34.8 3.4
Jan‐12 7.8 9.8 32.9 13.1
141414
Feb‐12 10.6 ‐0.2 33.5 5.0
Mar‐12 12.5 4.9 27.3 9.5
Apr‐12 6.0 ‐4.4 33.2 2.7
May‐12 8.2 ‐3.6 17.3 8.1
Source: Brazilian Institute of Geography and Statistics (IBGE)
Table prepared by General Shopping Brasil
Retail Growth
R t il I d t M thl Ch (VS S Y A P i d) f S l V l (M /10 M /12)Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (May/10-May/12)
10
15
20
25
Total ‐ Retail Supermarkets and hypermarkets Fabrics, clothing na footwear
Furniture and white/durable 
goods
Pharmaceutical, medical, 
orthopedic and cosmetics
May‐10 10.2 8.2 11.9 19.6 12.1
Jun‐10 11.4 11.9 4.4 17.0 10.3
0
5
10
Jul‐10 11.1 11.0 12.8 12.2 8.1
Aug‐10 10.5 7.2 13.1 16.7 12.5
Sep‐10 12.0 9.7 12.9 14.4 12.0
Oct‐10 8.7 6.7 10.0 15.4 9.3
Nov‐10 9.9 5.6 9.3 20.5 13.4
Dec‐10 10.2 6.2 9.8 18.3 14.1
Jan‐11 8 3 4 2 9 8 19 1 12 7Jan 11 8.3 4.2 9.8 19.1 12.7
Feb‐11 8.5 2.7 14.2 20.3 10.6
Mar‐11 4.0 1.4 5.7 11.2 5.3
Apr‐11 10.2 10.6 1.5 19.3 10.5
May‐11 6.3 1.9 5.6 20.4 12.0
Jun‐11 7.1 2.7 11.3 16.4 12.8
Jul‐11 7.1 4.6 1.4 21.1 10.4
Aug‐11 6.3 3.9 0.8 16.9 9.5
Sep‐11 5.2 3.5 0.7 16.0 10.9
Oct‐11 4.2 2.3 ‐2.2 13.1 7.5
Nov‐11 6.7 6.2 0.4 12.3 8.4
Dec‐11 6.7 4.6 0.8 15.3 7.0
Jan‐12 7.8 8.5 1.5 13.2 8.6
F b 12 10 6 13 3 3 2 13 5 9 5
151515
Feb‐12 10.6 13.3 ‐3.2 13.5 9.5
Mar‐12 12.5 12.4 4.3 20.9 14.2
Apr‐12 6.0 3.6 ‐1.1 12.1 9.2
May‐12 8.2 9.0 3.8 9.3 10.9
Source: Brazilian Institute of Geography and Statistics (IBGE)
Table prepared by General Shopping Brasil
Company OverviewCompany Overview
1616
Differentials
 Market-driven company with retail approach
 B and C consumption classes as target market
 Innovative complementary services
 Majority ownership: 81.5% average interest
171717
Shopping Center´s definitions
 ICSC “Is a group of retail stores planned ICSC - Is a group of retail stores, planned,
developed and managed like an only one
operation.”
 ABRASCE – “ A planed group of retail stores with an
integrated operation and centralizedintegrated operation and centralized
management,…, and at least part of its rental
revenues must be part of retail´s sales revenues.”
181818
General Shopping Brasil
Poli Shopping Guarulhos 50.0% 4,527 2,264 15,400
Internacional Shopping 100.0% 75,958 75,958 -
Own GLA
Expansion (m
2
)
Shopping Center Interest Total GLA
(m²)
Own GLA
(m²)
Auto Shopping 100.0% 11,477 11,477 -
Shopping Light 85.0% 14,140 12,019 -
Santana Parque Shopping 50.0% 26,538 13,269 -
Suzano Shopping 100.0% 19,583 19,583 -
Cascavel JL Shopping 85.5% 8,877 7,590 2,953
Top Center Shopping 100.0% 6,369 6,369 -
Parque Shopping Prudente 100.0% 15,148 15,148 -
Poli Shopping Osasco 100.0% 3,218 3,218 -
Shopping do Vale 84.4% 16,487 13,913 -
Unimart Shopping Campinas 100.0% 14,961 14,961 -Unimart Shopping Campinas 100.0% 14,961 14,961
Outlet Premium São Paulo 50.0% 17,716 8,858 -
Parque Shopping Barueri 48.0% 37,420 17,962 -
Outlet Premium Brasília 50.0% 16,094 8,047
Shopping Bonsucesso 100.0% 24,437 24,437
81 5% 312 950 255 073 18 35381.5% 312,950 255,073 18,353
Parque Shopping Sulacap 51.0% 29,932 15,265
Outlet Premium Salvador 98.0% 27,000 26,460
Greenfield Interest Total GLA
(m²)
Own GLA
(m²)
191919
Centro de Convenções 100.0% 25,730 25,730
Parque Shopping Maia 96.5% 27,896 26,920
Unimart Shopping Atibaia 100.0% 24,760 24,760
88.0% 135,318 119,135
Geographic Distribution
Internacional Shopping Guarulhos Shopping Light Parque Shopping Prudente Auto Shopping
8
Top Center Shopping Shopping do Vale Cascavel JL Shopping
Unimart Shopping
Campinas
15,148Total GLA (m2)14,140Total GLA (m2) Total GLA (m2) 11,47775,958Total GLA (m2)
16,487Total GLA (m2) 8,877Total GLA (m2) 14,961Total GLA (m2)6,369Total GLA (m2)
Poli Shopping Guarulhos Poli Shopping Osasco Outlet Premium São Paulo Centro de ConvençõesParque Shopping Sulacap
Greenfield
Shopping in
operation
25,730Total GLA (m2)17,716Total GLA (m2) 29,932 (1)Total GLA (m2)4,527Total GLA (m2) 3,218Total GLA (m2) (1)
Outlet Premium Salvador
27,000 (1)Total GLA (m2)
Santana Parque Shopping Suzano Shopping
Greenfield
Outlet Premium BrasíliaParque Shopping Maia Parque Shopping BarueriUnimart Shopping AtibaiaShopping Bonsucesso
202020
26,538Total GLA (m2) 19,583Total GLA (m2) 16,094Total GLA (m2)
(1) Estimated
Source IBGE 2008
27,896 (1)Total GLA (m2) 37,420Total GLA (m2)
Region GDP Retail Mkt
Southeast + South 72.6% 71.6%
(1)
24,760Total GLA (m2)24,437Total GLA (m2) (1)
Portfolio
Total GLA Evolution (m2)
154,172 467,122
50,131
98,822
19,696
17,919
37,420
Pre
IPO
88,962
212121
Dec/06 Dec/07 Dec/08 Dec/09 Dec/11 Dec/12 Until Dec/2014 TOTAL GLA
Diversified Growth Strategy
Consolidation
 Shopping center acquisitions
Own GLA(1)
Own GLA(1)
 Shopping center acquisitions
Greenfields
 Concept and development of new
h i t
Concluded
Greenfields
Greenfields
under Development
34.3%
25.7%9.7%
30.3%
shopping centers
Expansions
 Interest stake increase in assets 9.7% Interest stake increase in assets
 GLA expansion of the original portfolio
 Implementation of mixed-use projects
 Synergies + Profitability
AcquisitionsExpansions
Turnaround
 Remodeling and retrofit of tenant mix
 Innovation in complementary services
222222
Innovation in complementary services
(1) Considering current shopping centers, expansions and announced greenfields.
Case - Outlet
Outlet Premium São Paulo
Type: Greenfield
Stake: 50%
Influence area (inhabitants): super-regional
Occupancy Rate: 98.0% (at opening) - 100.0% today
Description: First outlet of the country Entrance for main brands withDescription: First outlet of the country. Entrance for main brands with
outlet operations. Located on the highway which connects São Paulo
capital to the Campinas metropolitan region. Power center
comprising hotel and 2 theme parks.
Initiative: Sales channel for remainder merchandise with occupancy
costs suitable to the off-price operation
232323
p p
Outlet Premium São Paulo- Greenfield
242424
Case - Outlet
Outlet Premium Brasília
Type: Greenfield
Stake: 50%
Influence area (inhabitants): super-regional
Occupancy Rate: pre-tenanted 90.0%
Description: Second Outlet developed in the country Located on theDescription: Second Outlet developed in the country. Located on the
highway which connects Brasília (country capital) to Goiânia (Goiás
state capital), the two biggest cities in midwestern states.
252525
Outlet Premium Brasília
262626
Case - Outlet
Outlet Premium Salvador
Type: Greenfield
Stake: 98%
Influence area (inhabitants): super-regional
Description: Third Outlet in the country with forecast to open in 2013.
Located next to Salvador the biggest city in northeastern states onLocated next to Salvador, the biggest city in northeastern states, on
the road to the tourism resorts.
272727
Outlet Premium Salvador - Greenfield
282828
Unimart Shopping Campinhas
Unimart Shopping Campinas
Type: Open Lifestyle Center
Interest: 100%
% of B and C consumption classes: 88%
Public comprised (inhabitants): 277 thousands
Description: Large potential for lifestyle center Office and homeDescription: Large potential for lifestyle center. Office and home
buildings around. Focus on services, food courts, fitness club and
leisure. Lower occupancy costs with higher rentals/m2.
292929
Unimart Shopping Campinas – Lifestyle Case
Before
Completed
303030
Parque Shopping Prudente - Expansion
313131
Increasing Complementary Services Activities
Management Parking Water Energy
ISG    
Auto    
Atlas
Auto    
Poli    
Light    
Santana *   
Energy
Stake Held
100%
► Responsible for planning the
energy supply and leasing of
the equipment for its
Santana *   
Cascavel    
Prudente
   
Suzano    
Wass100%
q p
transmission and distribution
► Engaged in water supply
planning and its treatment
and distribution
Prudente
Parque    
Poli Shopping
Osasco  
Top Center  
I Park100%
► Controls and manages
parking lots
Do Vale    
Unimart
Campinas    
Outlet Premium
São Paulo    
GSB Adm
ASG Adm
100%
100%
► Manages operations of
shopping centers
► Manages the operations of
Auto Shopping
323232
Parque Shopping
Barueri    
Outlet Premium
Brasília    
Auto Shopping
Services currently provided to the mall
 Potential services / currently being implemented
 * Partial
Stock Performance
Stock Performance
(Basis 100 – DEC 31 2008)
R$ 9.65*600
650
700
(Basis 100 DEC 31, 2008)
R$ 9.65
325.1%*
54 354*
300
350
400
450
500
550
600
54,354
144.8%*
0
50
100
150
200
250
‐08
‐09
‐09
‐09
‐09
‐09
‐09
‐09
‐09
‐09
‐09
‐09
‐09
‐10
‐10
‐10
‐10
‐10
‐10
‐10
‐10
‐10
‐10
‐10
‐10
‐11
‐11
‐11
‐11
‐11
‐11
‐11
‐11
‐11
‐11
‐11
‐11
‐12
‐12
‐12
‐12
‐12
Dec‐
Jan‐
Feb‐
Mar‐
Apr‐
May‐
Jun‐
Jul‐
Aug‐
Sep‐
Oct‐
Nov‐
Dec‐
Jan‐
Feb‐
Mar‐
Apr‐
May‐
Jun‐
Jul‐
Aug‐
Sep‐
Oct‐
Nov‐
Dec‐
Jan‐
Feb‐
Mar‐
Apr‐
May‐
Jun‐
Jul‐
Aug‐
Sep‐
Oct‐
Nov‐
Dec‐
Jan‐
Feb‐
Mar‐
Apr‐
May‐
GSHP3 Ibovespa
333333(*) In 06/30/2012
Liquidity
GSHP3
Volume (R$ mil)
Hiring of new
M k t M k
12,625 
13,164  13,561 
Volume (R$ mil) Market Maker
XP Investimentos
574  712  568  809  1,105 
1,886 
6,263 
5,254 
3,911 
3,236  3,077 
5,945 
4,545 
8,196 
13,391 
278,611 
150,268  156,813 
122 759
,
64,685 
22,902 13,294  4,231  6,394 
17,971 
91,672 
65,527 66,365 
42,790 
59,840 
102,614 
64,746 
92,470 
122,759 
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
343434
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Trading Volume Number of Trades
Shareholders
Nr. Shares Type of investor
(*)
Controlling
59.4%
40.6%
Controlling
shareholder
30,000,000 -
60.9% - Brazilian
34.0% - ForeignFree float 20,480,600 34.0% Foreign
5.1% - Individual
Total 50,480,600 -
, ,
Free float Controlling shareholder
Listed since July 2007
Market-making activities (through broker XP Investimentos) since October/10
353535(*) Position as of 08/07/2012
Financial PerformanceFinancial Performance
3636
Gross Revenue – R$ million
TOTAL GROSS REVENUE
RENTAL REVENUE BREAKDOWN - 2Q12
6.2%
5.0%
44.1
35 6%
26.1%
73.2%
10.9%
4.7%
34.1
7.4
10.034.9
35.6%
23.6%
Minimum Rent Percentage on Sales
Key Money Advertising
Straight-lining Revenue
27.5
34.1
2Q11 2Q12
SERVICES REVENUE BREAKDOWN - 2Q12
10.3%
7.3%
Rent Services
72.7%
9.7%
10.3%
373737
Parking Energy Water Management
Gross Revenue – R$ million
TOTAL GROSS REVENUE
RENTAL REVENUE BREAKDOWN - 1H12
6.2%
5.1%
18.967.8
85.0
25.4%
32.7%
74.2%
10.0%
4.5%
53.5
66.1
14.3
23.4%
Minimum Rent Percentage on Sales
Key Money Advertising
Straight-liningRevenue
SERVICES REVENUE BREAKDOWN - 1H12
7.5%
53.5
1H11 1H12
10.3%
10.7%
Rent Services
383838
71.5%
Parking Energy Water Management
Performance
2Q11 2Q12 Chg % 1H11 1H12 Chg %Description 2Q11 2Q12 Chg % 1H11 1H12 Chg %
GSB (Total)
Average GLA (m²) 192,906 212,989 10.4% 191,503 212,989 11.2%
R t (R$/ ²) 142 74 159 81 12 0% 279 44 310 16 11 0%
Description
Rent (R$/m²) 142.74 159.81 12.0% 279.44 310.16 11.0%
Services (R$/m²) 38.30 47.02 22.8% 74.39 88.74 19.3%
Total (R$/m²) 181.04 206.83 14.2% 353.83 398.90 12.7%
393939
Occupancy Rate
96.5% 96 4%
Occupancy Rate Performance
96.4%
2Q11 2Q12
404040
Services Revenue – R$ million
2nd Quarter 1st Half
Parking Energy Water Management Total
1H11 11.0 1.9 0.8 0.6 14.3
1H12 13 5 2 0 2 0 1 4 18 9
Parking Energy Water Management Total
2Q11 5.8 1.0 0.4 0.2 7.4
2Q12 7 3 1 0 1 0 0 7 10 0 1H12 13.5 2.0 2.0 1.4 18.92Q12 7.3 1.0 1.0 0.7 10.0
414141
Performance Indicators – R$ million
88.3% 86.3%
NOI Consolidated and Margin
70.3% 68.7%
Adjusted EBITDA and Margin
28.7
35.7
24.0% 24.1%
22 9
28.4
2Q11 2Q12
22.9
2Q11 2Q12
11.2
Adjusted Net Income
13.8
Adjusted FFO
-77.4 -73.4
424242
2Q11 2Q12 2Q11 2Q12
Performance Indicators – R$ million
88.1% 87.1%
NOI Consolidated and Margin
69.8% 69.5%
Adjusted EBITDA and Margin
24.3% 25.2%
55.6
69.1
44 1
55.2
1H11 1H12
44.1
1H11 1H12
15.0
Adjusted Net Income
20.2
Adjusted FFO
-70.6 -62.6
4343431H11 1H12 1H11 1H12
Cash X Debt (R$ million)
AMORTIZATION SCHEDULE
1,198.5
Cash X Debt
786.7
501.5
10.3
107.6
30.3 34.8 40.0 45.8 41.7 18.8 11.9 13.3
19.4
25.5
1.6
2.9 3.0 3.0 1.6 0.2
0.1
501.5
2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 After 2020
Cash Debt 2012
CCI Perpetual Bonds Banks Cash
CDI
2 1% TR
Indebtedness Breakdown
Cash Debt
2.1% TR
17.7%
IPCA
12.8%
2012 2013 2014 2015 2016 2017 2018 2019 2020
Afer 
2020
Total %
CCI 10.3  107.6  30.3  34.8  40.0  45.8  41.7  18.8  11.9  13.3       354.5      29.5%
Banks 25.5  1.6 2.9 3 3 1.6 0.2 0.1 ‐ ‐ 37.9        3.2%
P t l B d 19 4 786 7 806 1 67 3%
Amortization Schedule
444444
Fixed
0.1%
USD
67.3%
Perpetual Bonds 19.4 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 786.7   806.1    67.3%
Total 55.2  109.2  33.2  37.8  43.0  47.4  41.9  18.9  11.9  800.0     1,198.5  100.0%
Cash X Debt (R$ million)
According to Rating Agencies' Criteria (*)
Cash X DebtIndebtedness Breakdown
1,047.9
C
CDI
2.4% TR
20.3%
Indebtedness Breakdown
501.5
IPCA
14.6%
Cash Debt
Fixed
0.1%
USD
62.6%
454545(*) Considered 50% of the balance of the Subordinated Perpetual Bonds as Equity.
Investment Properties- R$ million
Investment Properties
330.8
1,497.8 (1)
1,828.6 (2)
781.2 
Total value of investment properties (shopping centers in operation)(1)
716.6 
Book Value Adjustment to Fair Value (Operational Assets) Construction in progress
Total value of investment properties (shopping centers in operation)
according to the Valuation Report of CB Richard Ellis. The average rate of
discount to the cash flow was 10.75%
(2) Total value of investment properties considering the works in progress 
(shoppings under construction that are not generating revenue)
(1)
464646
Book Value Adjustment to Fair Value (Operational Assets) Construction in progress
Contacts
GSB INVESTOR RELATIONS
Alessandro Poli Veronezi
IR Officer
Marcio Snioka
IR Superintendent
55 11 3159-5100
dri@generalshopping.com.brg pp g
www.generalshopping.com.br
474747

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Apresentação 2Q12 EN

  • 2. Disclaimer This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward- looking statements are only predictions and are not guarantees of future performance. Investorsg y p g p are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of General Shopping and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments and should not be treated as giving investment advice. It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information containedp y p y herein. This material should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are expressed as of this date and subject to change without notice and General Shopping is not under the obligation to update or keep current the informationpp g g p p contained herein. General Shopping and the respective affiliates, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision (including decisions regarding the suitability of 222 y g g g ( g g g y this transaction) based upon your own judgment and advice from such advisers as you deem necessary and not upon any views expressed in this material.
  • 5. Economic Indicators Unemployment Rate 9.0% 9.0% 10.0% 7.9% 8.1% 7.5% 7.0% 8.0% 6.8% 6.8% 6.5% 6.0% 6.2% 5.8% 6.0% 7.0% 5.3% 4.8% 4.0% 5.0% 555 Source: The Brazilian Institute of Geography and Statistics (IBGE)’s Monthly Employment Survey Table prepared by General Shopping Brasil
  • 6. Economic Indicators Unemployment Rate in May 12.9% 12.2% 10.2% 10.2% 10.2% 7.9% 8.8% 7.5% 6.4% 5.8% 666 May/03 May/04 May/05 May/06 May/07 May/08 May/09 May/10 May/11 May/12 Source: PME-IBGE Table prepared by General Shopping Brasil
  • 7. Economic Indicators Real Income of the Employee Population¹ R$ billion 34.6 36.9 39.7 25.1 25.4 26.2 27.9 29.7 31.4 32.4 777 May/03 May/04 May/05 May/06 May/07 May/08 May/09 May/10 May/11 May/12 Source: PME-IBGE; Table prepared by General Shopping Brasil (1)Based on the employed population and average income of the employed population
  • 8. Economic Indicators Inflation Rate IPCA*: accumulated variation in 12 months (June) 6.1% 6.7% (June) 3 7% 4.8% 4.8% 4.9% 3.7% 888 jun/07 jun/08 jun/09 jun/10 jun/11 jun/12 Source: IBGE; Table prepared by General Shopping Brasil *IPCA - National Index of Consumer Prices
  • 9. Credit Performance Credit Volume – Individuals 660 69035% Volume and Monthly Change 540 570 600 630 660 30% (t-12) R$ billion 420 450 480 510 540 20% 25% 300 330 360 390 420 10% 15% 999 Source: Central Bank Table prepared by General Shopping Brasil
  • 10. Credit Performance Credit Concession – Individuals Volume and Monthly Change 90 30% 35% (t-12) R$ billion Volume and Monthly Change 70 80 15% 20% 25% 50 60 5% 10% 15% 30 40 -10% -5% 0% 101010 Source: Central Bank Table prepared by General Shopping Brasil
  • 11. Credit Performance Default Rate 8.4 General Individuals Individuals and General 7.0 6.5 6.4 7.8 111111 Source: Central Bank Table prepared by General Shopping Brasil
  • 12. Economic Indicators Consumer Confidence Index Index - Quarterly Moving Average 115 120 125 130 95 100 105 110 80 85 90 95 121212 Source: Fundação Getulio Vargas - FGV Table prepared by General Shopping Brasil
  • 13. Retail Performance Sales Volume - Monthly change (%) – May/08 to May/12 As compared with same year-ago period 11.1 10.2 6.3 8.2 2.9 131313 Source: PMC-IBGE Table prepared by General Shopping Brasil
  • 14. Retail Growth R t il I d t M thl Ch (VS S Y A P i d) f S l V l (M /10 M /12) 15 20 25 30 35 40 Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (May/10-May/12) Total ‐ Retail Books, newspapers, magazines and  stationery Office supplies and equipment,  personal  computer and telecom Other personal and domestic products May‐10 10.2 9.7 28.9 2.9 Jun‐10 11.4 4.8 23.2 9.6 0 5 10 15 Jul‐10 11.1 7.3 19.0 12.2 Aug‐10 10.5 13.5 25.4 11.7 Sep‐10 12.0 9.9 32.4 15.8 Oct‐10 8.7 12.5 10.1 9.9 Nov‐10 9.9 23.6 21.2 11.0 Dec‐10 10.2 26.7 27.1 10.2 Jan‐11 8.3 12.5 7.4 4.9 Feb‐11 8.5 14.9 14.8 12.5 Mar‐11 4.0 ‐1.2 4.2 4.6 Apr‐11 10.2 5.8 ‐0.8 12.1 May‐11 6.3 8.3 23.2 3.3 Jun‐11 7.1 9.0 34.7 3.2 Jul‐11 7 1 6 8 16 2 2 9Jul 11 7.1 6.8 16.2 2.9 Aug‐11 6.3 5.2 26.3 1.7 Sep‐11 5.2 2.7 7.6 ‐0.1 Oct‐11 4.2 4.4 28.8 0.5 Nov‐11 6.7 5.5 24.7 2.6 Dec‐11 6.7 ‐2.3 34.8 3.4 Jan‐12 7.8 9.8 32.9 13.1 141414 Feb‐12 10.6 ‐0.2 33.5 5.0 Mar‐12 12.5 4.9 27.3 9.5 Apr‐12 6.0 ‐4.4 33.2 2.7 May‐12 8.2 ‐3.6 17.3 8.1 Source: Brazilian Institute of Geography and Statistics (IBGE) Table prepared by General Shopping Brasil
  • 15. Retail Growth R t il I d t M thl Ch (VS S Y A P i d) f S l V l (M /10 M /12)Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (May/10-May/12) 10 15 20 25 Total ‐ Retail Supermarkets and hypermarkets Fabrics, clothing na footwear Furniture and white/durable  goods Pharmaceutical, medical,  orthopedic and cosmetics May‐10 10.2 8.2 11.9 19.6 12.1 Jun‐10 11.4 11.9 4.4 17.0 10.3 0 5 10 Jul‐10 11.1 11.0 12.8 12.2 8.1 Aug‐10 10.5 7.2 13.1 16.7 12.5 Sep‐10 12.0 9.7 12.9 14.4 12.0 Oct‐10 8.7 6.7 10.0 15.4 9.3 Nov‐10 9.9 5.6 9.3 20.5 13.4 Dec‐10 10.2 6.2 9.8 18.3 14.1 Jan‐11 8 3 4 2 9 8 19 1 12 7Jan 11 8.3 4.2 9.8 19.1 12.7 Feb‐11 8.5 2.7 14.2 20.3 10.6 Mar‐11 4.0 1.4 5.7 11.2 5.3 Apr‐11 10.2 10.6 1.5 19.3 10.5 May‐11 6.3 1.9 5.6 20.4 12.0 Jun‐11 7.1 2.7 11.3 16.4 12.8 Jul‐11 7.1 4.6 1.4 21.1 10.4 Aug‐11 6.3 3.9 0.8 16.9 9.5 Sep‐11 5.2 3.5 0.7 16.0 10.9 Oct‐11 4.2 2.3 ‐2.2 13.1 7.5 Nov‐11 6.7 6.2 0.4 12.3 8.4 Dec‐11 6.7 4.6 0.8 15.3 7.0 Jan‐12 7.8 8.5 1.5 13.2 8.6 F b 12 10 6 13 3 3 2 13 5 9 5 151515 Feb‐12 10.6 13.3 ‐3.2 13.5 9.5 Mar‐12 12.5 12.4 4.3 20.9 14.2 Apr‐12 6.0 3.6 ‐1.1 12.1 9.2 May‐12 8.2 9.0 3.8 9.3 10.9 Source: Brazilian Institute of Geography and Statistics (IBGE) Table prepared by General Shopping Brasil
  • 17. Differentials  Market-driven company with retail approach  B and C consumption classes as target market  Innovative complementary services  Majority ownership: 81.5% average interest 171717
  • 18. Shopping Center´s definitions  ICSC “Is a group of retail stores planned ICSC - Is a group of retail stores, planned, developed and managed like an only one operation.”  ABRASCE – “ A planed group of retail stores with an integrated operation and centralizedintegrated operation and centralized management,…, and at least part of its rental revenues must be part of retail´s sales revenues.” 181818
  • 19. General Shopping Brasil Poli Shopping Guarulhos 50.0% 4,527 2,264 15,400 Internacional Shopping 100.0% 75,958 75,958 - Own GLA Expansion (m 2 ) Shopping Center Interest Total GLA (m²) Own GLA (m²) Auto Shopping 100.0% 11,477 11,477 - Shopping Light 85.0% 14,140 12,019 - Santana Parque Shopping 50.0% 26,538 13,269 - Suzano Shopping 100.0% 19,583 19,583 - Cascavel JL Shopping 85.5% 8,877 7,590 2,953 Top Center Shopping 100.0% 6,369 6,369 - Parque Shopping Prudente 100.0% 15,148 15,148 - Poli Shopping Osasco 100.0% 3,218 3,218 - Shopping do Vale 84.4% 16,487 13,913 - Unimart Shopping Campinas 100.0% 14,961 14,961 -Unimart Shopping Campinas 100.0% 14,961 14,961 Outlet Premium São Paulo 50.0% 17,716 8,858 - Parque Shopping Barueri 48.0% 37,420 17,962 - Outlet Premium Brasília 50.0% 16,094 8,047 Shopping Bonsucesso 100.0% 24,437 24,437 81 5% 312 950 255 073 18 35381.5% 312,950 255,073 18,353 Parque Shopping Sulacap 51.0% 29,932 15,265 Outlet Premium Salvador 98.0% 27,000 26,460 Greenfield Interest Total GLA (m²) Own GLA (m²) 191919 Centro de Convenções 100.0% 25,730 25,730 Parque Shopping Maia 96.5% 27,896 26,920 Unimart Shopping Atibaia 100.0% 24,760 24,760 88.0% 135,318 119,135
  • 20. Geographic Distribution Internacional Shopping Guarulhos Shopping Light Parque Shopping Prudente Auto Shopping 8 Top Center Shopping Shopping do Vale Cascavel JL Shopping Unimart Shopping Campinas 15,148Total GLA (m2)14,140Total GLA (m2) Total GLA (m2) 11,47775,958Total GLA (m2) 16,487Total GLA (m2) 8,877Total GLA (m2) 14,961Total GLA (m2)6,369Total GLA (m2) Poli Shopping Guarulhos Poli Shopping Osasco Outlet Premium São Paulo Centro de ConvençõesParque Shopping Sulacap Greenfield Shopping in operation 25,730Total GLA (m2)17,716Total GLA (m2) 29,932 (1)Total GLA (m2)4,527Total GLA (m2) 3,218Total GLA (m2) (1) Outlet Premium Salvador 27,000 (1)Total GLA (m2) Santana Parque Shopping Suzano Shopping Greenfield Outlet Premium BrasíliaParque Shopping Maia Parque Shopping BarueriUnimart Shopping AtibaiaShopping Bonsucesso 202020 26,538Total GLA (m2) 19,583Total GLA (m2) 16,094Total GLA (m2) (1) Estimated Source IBGE 2008 27,896 (1)Total GLA (m2) 37,420Total GLA (m2) Region GDP Retail Mkt Southeast + South 72.6% 71.6% (1) 24,760Total GLA (m2)24,437Total GLA (m2) (1)
  • 21. Portfolio Total GLA Evolution (m2) 154,172 467,122 50,131 98,822 19,696 17,919 37,420 Pre IPO 88,962 212121 Dec/06 Dec/07 Dec/08 Dec/09 Dec/11 Dec/12 Until Dec/2014 TOTAL GLA
  • 22. Diversified Growth Strategy Consolidation  Shopping center acquisitions Own GLA(1) Own GLA(1)  Shopping center acquisitions Greenfields  Concept and development of new h i t Concluded Greenfields Greenfields under Development 34.3% 25.7%9.7% 30.3% shopping centers Expansions  Interest stake increase in assets 9.7% Interest stake increase in assets  GLA expansion of the original portfolio  Implementation of mixed-use projects  Synergies + Profitability AcquisitionsExpansions Turnaround  Remodeling and retrofit of tenant mix  Innovation in complementary services 222222 Innovation in complementary services (1) Considering current shopping centers, expansions and announced greenfields.
  • 23. Case - Outlet Outlet Premium São Paulo Type: Greenfield Stake: 50% Influence area (inhabitants): super-regional Occupancy Rate: 98.0% (at opening) - 100.0% today Description: First outlet of the country Entrance for main brands withDescription: First outlet of the country. Entrance for main brands with outlet operations. Located on the highway which connects São Paulo capital to the Campinas metropolitan region. Power center comprising hotel and 2 theme parks. Initiative: Sales channel for remainder merchandise with occupancy costs suitable to the off-price operation 232323 p p
  • 24. Outlet Premium São Paulo- Greenfield 242424
  • 25. Case - Outlet Outlet Premium Brasília Type: Greenfield Stake: 50% Influence area (inhabitants): super-regional Occupancy Rate: pre-tenanted 90.0% Description: Second Outlet developed in the country Located on theDescription: Second Outlet developed in the country. Located on the highway which connects Brasília (country capital) to Goiânia (Goiás state capital), the two biggest cities in midwestern states. 252525
  • 27. Case - Outlet Outlet Premium Salvador Type: Greenfield Stake: 98% Influence area (inhabitants): super-regional Description: Third Outlet in the country with forecast to open in 2013. Located next to Salvador the biggest city in northeastern states onLocated next to Salvador, the biggest city in northeastern states, on the road to the tourism resorts. 272727
  • 28. Outlet Premium Salvador - Greenfield 282828
  • 29. Unimart Shopping Campinhas Unimart Shopping Campinas Type: Open Lifestyle Center Interest: 100% % of B and C consumption classes: 88% Public comprised (inhabitants): 277 thousands Description: Large potential for lifestyle center Office and homeDescription: Large potential for lifestyle center. Office and home buildings around. Focus on services, food courts, fitness club and leisure. Lower occupancy costs with higher rentals/m2. 292929
  • 30. Unimart Shopping Campinas – Lifestyle Case Before Completed 303030
  • 31. Parque Shopping Prudente - Expansion 313131
  • 32. Increasing Complementary Services Activities Management Parking Water Energy ISG     Auto     Atlas Auto     Poli     Light     Santana *    Energy Stake Held 100% ► Responsible for planning the energy supply and leasing of the equipment for its Santana *    Cascavel     Prudente     Suzano     Wass100% q p transmission and distribution ► Engaged in water supply planning and its treatment and distribution Prudente Parque     Poli Shopping Osasco   Top Center   I Park100% ► Controls and manages parking lots Do Vale     Unimart Campinas     Outlet Premium São Paulo     GSB Adm ASG Adm 100% 100% ► Manages operations of shopping centers ► Manages the operations of Auto Shopping 323232 Parque Shopping Barueri     Outlet Premium Brasília     Auto Shopping Services currently provided to the mall  Potential services / currently being implemented  * Partial
  • 33. Stock Performance Stock Performance (Basis 100 – DEC 31 2008) R$ 9.65*600 650 700 (Basis 100 DEC 31, 2008) R$ 9.65 325.1%* 54 354* 300 350 400 450 500 550 600 54,354 144.8%* 0 50 100 150 200 250 ‐08 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐09 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐10 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐11 ‐12 ‐12 ‐12 ‐12 ‐12 Dec‐ Jan‐ Feb‐ Mar‐ Apr‐ May‐ Jun‐ Jul‐ Aug‐ Sep‐ Oct‐ Nov‐ Dec‐ Jan‐ Feb‐ Mar‐ Apr‐ May‐ Jun‐ Jul‐ Aug‐ Sep‐ Oct‐ Nov‐ Dec‐ Jan‐ Feb‐ Mar‐ Apr‐ May‐ Jun‐ Jul‐ Aug‐ Sep‐ Oct‐ Nov‐ Dec‐ Jan‐ Feb‐ Mar‐ Apr‐ May‐ GSHP3 Ibovespa 333333(*) In 06/30/2012
  • 34. Liquidity GSHP3 Volume (R$ mil) Hiring of new M k t M k 12,625  13,164  13,561  Volume (R$ mil) Market Maker XP Investimentos 574  712  568  809  1,105  1,886  6,263  5,254  3,911  3,236  3,077  5,945  4,545  8,196  13,391  278,611  150,268  156,813  122 759 , 64,685  22,902 13,294  4,231  6,394  17,971  91,672  65,527 66,365  42,790  59,840  102,614  64,746  92,470  122,759  1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 343434 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Trading Volume Number of Trades
  • 35. Shareholders Nr. Shares Type of investor (*) Controlling 59.4% 40.6% Controlling shareholder 30,000,000 - 60.9% - Brazilian 34.0% - ForeignFree float 20,480,600 34.0% Foreign 5.1% - Individual Total 50,480,600 - , , Free float Controlling shareholder Listed since July 2007 Market-making activities (through broker XP Investimentos) since October/10 353535(*) Position as of 08/07/2012
  • 37. Gross Revenue – R$ million TOTAL GROSS REVENUE RENTAL REVENUE BREAKDOWN - 2Q12 6.2% 5.0% 44.1 35 6% 26.1% 73.2% 10.9% 4.7% 34.1 7.4 10.034.9 35.6% 23.6% Minimum Rent Percentage on Sales Key Money Advertising Straight-lining Revenue 27.5 34.1 2Q11 2Q12 SERVICES REVENUE BREAKDOWN - 2Q12 10.3% 7.3% Rent Services 72.7% 9.7% 10.3% 373737 Parking Energy Water Management
  • 38. Gross Revenue – R$ million TOTAL GROSS REVENUE RENTAL REVENUE BREAKDOWN - 1H12 6.2% 5.1% 18.967.8 85.0 25.4% 32.7% 74.2% 10.0% 4.5% 53.5 66.1 14.3 23.4% Minimum Rent Percentage on Sales Key Money Advertising Straight-liningRevenue SERVICES REVENUE BREAKDOWN - 1H12 7.5% 53.5 1H11 1H12 10.3% 10.7% Rent Services 383838 71.5% Parking Energy Water Management
  • 39. Performance 2Q11 2Q12 Chg % 1H11 1H12 Chg %Description 2Q11 2Q12 Chg % 1H11 1H12 Chg % GSB (Total) Average GLA (m²) 192,906 212,989 10.4% 191,503 212,989 11.2% R t (R$/ ²) 142 74 159 81 12 0% 279 44 310 16 11 0% Description Rent (R$/m²) 142.74 159.81 12.0% 279.44 310.16 11.0% Services (R$/m²) 38.30 47.02 22.8% 74.39 88.74 19.3% Total (R$/m²) 181.04 206.83 14.2% 353.83 398.90 12.7% 393939
  • 40. Occupancy Rate 96.5% 96 4% Occupancy Rate Performance 96.4% 2Q11 2Q12 404040
  • 41. Services Revenue – R$ million 2nd Quarter 1st Half Parking Energy Water Management Total 1H11 11.0 1.9 0.8 0.6 14.3 1H12 13 5 2 0 2 0 1 4 18 9 Parking Energy Water Management Total 2Q11 5.8 1.0 0.4 0.2 7.4 2Q12 7 3 1 0 1 0 0 7 10 0 1H12 13.5 2.0 2.0 1.4 18.92Q12 7.3 1.0 1.0 0.7 10.0 414141
  • 42. Performance Indicators – R$ million 88.3% 86.3% NOI Consolidated and Margin 70.3% 68.7% Adjusted EBITDA and Margin 28.7 35.7 24.0% 24.1% 22 9 28.4 2Q11 2Q12 22.9 2Q11 2Q12 11.2 Adjusted Net Income 13.8 Adjusted FFO -77.4 -73.4 424242 2Q11 2Q12 2Q11 2Q12
  • 43. Performance Indicators – R$ million 88.1% 87.1% NOI Consolidated and Margin 69.8% 69.5% Adjusted EBITDA and Margin 24.3% 25.2% 55.6 69.1 44 1 55.2 1H11 1H12 44.1 1H11 1H12 15.0 Adjusted Net Income 20.2 Adjusted FFO -70.6 -62.6 4343431H11 1H12 1H11 1H12
  • 44. Cash X Debt (R$ million) AMORTIZATION SCHEDULE 1,198.5 Cash X Debt 786.7 501.5 10.3 107.6 30.3 34.8 40.0 45.8 41.7 18.8 11.9 13.3 19.4 25.5 1.6 2.9 3.0 3.0 1.6 0.2 0.1 501.5 2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 After 2020 Cash Debt 2012 CCI Perpetual Bonds Banks Cash CDI 2 1% TR Indebtedness Breakdown Cash Debt 2.1% TR 17.7% IPCA 12.8% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Afer  2020 Total % CCI 10.3  107.6  30.3  34.8  40.0  45.8  41.7  18.8  11.9  13.3       354.5      29.5% Banks 25.5  1.6 2.9 3 3 1.6 0.2 0.1 ‐ ‐ 37.9        3.2% P t l B d 19 4 786 7 806 1 67 3% Amortization Schedule 444444 Fixed 0.1% USD 67.3% Perpetual Bonds 19.4 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 786.7   806.1    67.3% Total 55.2  109.2  33.2  37.8  43.0  47.4  41.9  18.9  11.9  800.0     1,198.5  100.0%
  • 45. Cash X Debt (R$ million) According to Rating Agencies' Criteria (*) Cash X DebtIndebtedness Breakdown 1,047.9 C CDI 2.4% TR 20.3% Indebtedness Breakdown 501.5 IPCA 14.6% Cash Debt Fixed 0.1% USD 62.6% 454545(*) Considered 50% of the balance of the Subordinated Perpetual Bonds as Equity.
  • 46. Investment Properties- R$ million Investment Properties 330.8 1,497.8 (1) 1,828.6 (2) 781.2  Total value of investment properties (shopping centers in operation)(1) 716.6  Book Value Adjustment to Fair Value (Operational Assets) Construction in progress Total value of investment properties (shopping centers in operation) according to the Valuation Report of CB Richard Ellis. The average rate of discount to the cash flow was 10.75% (2) Total value of investment properties considering the works in progress  (shoppings under construction that are not generating revenue) (1) 464646 Book Value Adjustment to Fair Value (Operational Assets) Construction in progress
  • 47. Contacts GSB INVESTOR RELATIONS Alessandro Poli Veronezi IR Officer Marcio Snioka IR Superintendent 55 11 3159-5100 dri@generalshopping.com.brg pp g www.generalshopping.com.br 474747