BRMalls - Annual Report 2011
Annual Report 2011

Operating Indicators

BR MALLS is THE LARGEST shopping mall company in Latin America:



THE FASTEST GROWING company in the sector with more than twice the average of our competitors:



BR MALLS became THE MOST EFFICIENT player in the sector2011:
 


BR Malls has consistently DELIVERED MORE VALUE to its shareholders:



BRMALLS stock has presented the BEST PERFORMANCE in the sector*:
The graph below shows that in all dates BRMALLS stocks had a better performance than peers and the Bovespa index.


  Performance since event
EventDateBRML3IGTA3MULT3ALSC3 Ibovespa
Iguatemi IPO6-Feb-07N/A 30.4% N/A N/A 47.5%
BRMALLS IPO3-Apr-07203.8% 42.4% N/A N/A 44,5%
Multiplan IPO26-Jul-07109.6% 43.6% 76.7% N/A 24.2%
Gen. Shop. IPO26-Jul-07112.0% 43.6% 77.4% N/A 24.2%
BRMALLS Follow-on18-Oct-0791.2% 56.4% 71.0% N/A 5,8%
BRMALLS Follow-on01-jul-09214,8% 138,0% 114,1% N/A 29,8%
Multiplan Follow-on24-Sep-09133.0% 65.8% 57.0% N/A 11,4%
Iguatemi Follow-on22-Oct-09132.4% 56.7% 49.3% N/A 1.2%
Aliansce IPO27-Jan-10134.1% 53.7% 41.3% 91.0% 2.8%
Sonae IPO2-Feb-1162.7% 21.7% 36.8% 31.9% 0.3%
BRMALLS Follow-on10-May-1139.5% 8.4% 22.5% 23.2% 3.1%



BRMALLS has consistently outperformed Ibovespa and MSCI Brazil:



BR MALLS is the company in the sector with the HIGHEST CORPORATE GOVERNANCE STANDARDS and free-float:



Outstanding performance in a RESILIENT BUSINESS protected against inflation:

Same Store Rent




Same Store Sales




Financial Highlights
Net revenue growth CAGR of 56.7% since 2006, totaling R$864.5 million in 2011. In 4Q11, total rent was responsible for 73.9% of gross revenue. NOI and NOI/m² recorded respective CAGR of 59.9% and 14.5%, reaching R$772.6 million and R$89,000 in 2011. Annual FFO totaled R$331.0 million, with a CAGR of 52.8%, and EBITDA stood at R$684.8 million, with a CAGR of 64.0%.


*Dec/2011
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