Multi Mall Management Portugal Sustainability Report 2010

MULTI MALL MANAGEMENT PORTUGAL
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SUSTAINABILITY REPORT
2010
INDEX
01 OUR BUSINESS 02 OUR SUSTAINABILITY STRATEGY 03 INTEGRATED MANAGEMENT PRACTICES AND RESULTS 03.1 03.2 03.2.1 03.2.2 03.2.3 03.2.4 03.3 03.4 03.5 03.6 03.7 ECONOMIC PERFORMANCE VALUING OUR VISITORS, PARTNERS AND CUSTOMERS PARTNERSHIP WITH THE OWNER ENGAGEMENT WITH VISITORS PARTNERSHIP WITH TENANTS THE WIDER CENTRE TEAM VALUING THE ENVIRONMENT VALUING PEOPLE VALUING THE COMMUNITY OPERATIONAL SUSTAINABILITY PLAN IMPLEMENTATION OF THE SUSTAINABILITY STRATEGY ACCORDING TO AA1000 APS STANDARD AND GRI PRINCIPLES
8 18 30 31 36 44 46 50 53 56 70 78 88 96 103 103 107 113 125
ANNEX MAIN ISSUES AND CONCERNS IDENTIFIED BY THE MANAGEMENT OF EACH CENTRE IN 2010 METHODOLOGICAL NOTES GRI TABLE ASSURANCE STATEMENT
MULTI MALL MANAGEMENT PORTUGAL
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SUSTAINABILITY REPORT
2010
SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010 MESSAGE FROM THE MANAGING DIRECTOR
Dear Staff, Owners, Tenants and Partners, It is with renewed pleasure that Multi Mall Management Portugal (MMM P) presents its Sustainability Report, pertaining to the performance during 2010. The path we have walked together, which was outlined in our 2008 Sustainability Strategy and Policy, is halfway through the implementation of the first Operational Sustainability Plan, which will end in 2012. With a broad view of our strategic and relevant objectives, we keep a close look by carrying out measures that will allow us to satisfy the needs and expectations of our stakeholders and, at the same time to increase the value of our company.
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Matias Lopes Managing Director Multi Mall Management Portugal
SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010
MESSAGE FROM THE MANAGING DIRECTOR
Our ambition for excellence, together with the passion we have for our work and the sense of responsibility we have developed over the assets under our management, have made it possible for us to maintain the company and the various interests of the stakeholders during a period of high global economic instability specially in the sector of the economy in which we participate.
Our efforts to generate value and to renew the trust placed in MMM P consisted of a complementary strategy to balance the need to invest in the relation with the visitors in order to provide them with unique moments of satisfaction and high levels of comfort, with maintaining an adaptable, strict and careful management of the resources. This strategy foresees an improvement of the tenants performance through an adjustment in their direct costs, and by working closely with the various owners in order to keep the necessary profits we can contribute to the maintenance of their investments. In the face of an unstable circumstance we are want to keep the quality of our service, by investing in knowledge and by striving to bring innovation to the core of our activity, so that we can, through our sustainability policy, continue to manage the future with confidence. The work carried out by our teams in 2010 gives us the ability to present a set of important results, which are
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spread throughout this third sustainability report, however some results deserve special mention, it is with sincere pride that I mention that Almada Forum has obtained EMAS certification, due to the excellence of the Environmental management done by MMM P, which made it the first shopping centre in Europe to have this distinction. Every centre under our management obtained energy certification and we initiated the process of integrated certification (of the quality management, environmental and safety systems) which will improve the management and organization of the centres in strategic matters. Even though the execution of the Operational Plan was slowed down and some objectives were reformulated or delayed, we began to report the safety indicators and committed ourselves to the implementation of the pilot-project Multistakeholder Group 2, called CALL, in order to involve the local community in the carrying out of our sustainability strategy. With this project, which we want to spread in 2011 to every centre that we manage, we supported in the Christmas Campaign of Forum Algarve the Alta Segura project promoted by APSI, which reinforced our relations with the local community and the role of the shopping centre in the city where it is located. We began our activity in Braga with the management of the Braga Retail Centre and we prepared the opening of the future Forum Sintra. Our efforts resulted in some relevant improvements, particularly in indicators such the increase of employee training by 15.7% or regarding hygiene and safety in the workplace, there were no accidents or work related diseases and our employees had a low absenteeism rate. We managed to reduce water and energy costs by 5.9% and 8.4%, respectively in comparable amounts and increased
waste recycling. The satisfaction indicators of the Visitors remained practically the same. We supported the community with 406 thousand Euros in 2010. We continued or finished 31 of the 51 actions we had planned. Those that were not started were eliminated from the Plan either because they do not make sense in the current context of the organization or because they have been transferred to the following years (2011 e 2012). These delays were made after pondering the responsiveness of the company and the priority of the topics. Some of the actions removed from the plan were the introduction of security clauses in the management of the centres (service providers) and the evaluation of the job centre courses for the training needs of a shopping centre. Two of the actions delayed were the execution of evaluation and training regarding human rights (including child, forced and excessive labour) to the service providers and the development of the Green Travel Plans of the shopping centres (see 03.6 Operational Sustainability Plan). During the next years we want to maintain MMMPs status as the leading company in the shopping centre management sector, by solidifying our commitment to sustainability and the relations of trust we have with our stakeholders. To this effect, we will consult with our external stakeholders again in 2012, reformulate our Operational Plan and define the objectives for the next strategy cycle. This work will further strengthen the bonds that unite us, allowing us to align our shared interests, and thus reinforcing our relations and the work we carry out together. People will always come first. And it is because they are our passion, and the reason why we exist, that we want to continue to provide magical moments to each one and transform every visit into an experience that must be repeated.
Throughout this report, which was made according to the Global Reporting Initiative (G3) level B+ and was verified to the principles of the AA 1000 APS (2008) standard, we want to transparently show the road that is still to be travelled, and also show that our commitment and our actions, respecting people, the market and the environment, that is recorded in our DNA, will allow us to succeed and to manage with confidence a future that is shared by every one of You.
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OUR BUSINESS
01 OUR BUSINESS
MMM Ps portfolio
324.280 m2
Contracts with
1.139 Tenants
78,7 million
visitors
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01
01 OUR BUSINESS
Multi Mall Management Portugal (MMM P) is a company specialized in the management of shopping centres. It is part of the Multi Corporation Group and its portfolio mainly includes projects promoted by Multi Development. Our objective is to maximize the value of the shopping centres under our management and work to achieve a varied and balanced commercial presence (tenant-mix), according to our knowledge of the market and to the available economic indicators. During our daily management we seek to minimize the main negative environmental and social impacts, this way adding value to our business and, consequently to our stakeholders - tenants, visitors, owners, employees, suppliers, service providers and the community.
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OUR BUSINESS
VALUES, VISION AND MISSION GRA.
VALUES
Ambition for Excellence Passion Trust Innovation Responsability Knowledge

VISION
Be the reference of the best sustrainability practices in the asset management Market
MISSION
Throughout its 14 years of activity in Portugal MMM P has been building its set of shopping centres, which amount to approximately 324 thousand m2 distributed across 12 shopping centres. In 2010, we had 1.139 contracts with tenants and we received 78.7 million visitors in the businesses under our management.1
Create value for the real state assets that we are managing, considering the interests and concerns of our main stakeholders, namely, visitors, shopkeepers, owners, local community local and business partners. Share our know how and experience with all the European MMM
This number includes the 2 Retail Parks (Braga Retail Centre and Parque Mondego) and the 10 shopping centres (F Aveiro, A Chiado, F Algarve, Almada F, F Montijo, W Shopping, F Madeira, F Coimbra, F Viseu and Espao Guimares). They do not include the Galeria Feira Nova in Sintra or the Arquiparque II offices.
1
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OUR PORTFOLIO OF ASSETS UNDER MANAGEMENT MAPA
BRAGA RETAIL CENTER
ESPAO GUIMARES
12
FORUM AVEIRO FORUM VISEU
10
01
ALMADA FORUM
08
PARQUE MONDEGO RETAIL PARK
05
FORUM MONTIJO
04
FORUM COIMBRA
06
ARMAZNS DO CHIADO
12 10
09
02
W SHOPPING
01
08
04 10
11
11
02
06 05
In addition to the 12 shopping centres, we manage the Galerias Comerciais Feira Nova Sintra. However, given their marginal significance in our portfolio they were excluded from the scope of this report. They will be added in 2011, when their current renovation is completed and they become Forum Sintra. In 2010 MMM P began managing Braga Retail Centre, and therefore it is included in our portfolio 2. Forum Castelo Branco and Forum Barreiro were not included in this report because they were already not under our management by the end of 2010.
07
FORUM MADEIRA
03
FORUM ALGARVE
07
03
Every amount mentioned in this report, except for the totals in this chapter, does not include the amounts of Braga Retail Centre.
2
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OUR BUSINESS
Forum Aveiro
Opening Date
September 1998
MIPIM AWARD 99
For best Shopping Centre in Europe and a commendation by the International Council of Shopping Centres (ICSC).
Armazns do Chiado
Opening Date
October 1999
Restoration Project
Which was part of the revitalization of Chiado after the fire in 1988, designed by the architect Siza Vieira, in collaboration with the architects Joan Busquets and Souto Moura. It contributed greatly to the revival of this area of Lisbon. In 2000, it was awarded by ICSC the title of best small Shopping Centre.
Forum Algarve
Opening Date
March 2001
Honourable Mention
in 2002 it received an honourable mention from the International Council of Shopping Centres (ICSC-Europe), in the category of best large Shopping Centre in Europe. Afterwards it was also awarded by ICSC, a Certificate of Merit for innovation in the Design and Construction of a New Project (2003).
Parque Mondego
Retail Park
Opening Date
July 2002
Innovating concept of Retail Park in Portugal.
Almada Forum
Opening Date
September 2002
MIPIM 2003 Award

Which gives it the title of Best Shopping Centre in Europe. It also received an Honourable Mention at the 2003 ICSC awards, in the category of best large Shopping Centre. In 2004 Almada Forum also received the ICSC Full Design Award.
Forum Montijo
Opening Date
April 2003
First shopping centre in Europe to obtain environmental certification to standard ISO 14001.
Forum Madeira
Opening Date
April 2005
76 Tenants
23 local entrepreneurs
(30% of the total retail area)
New Hub
Combines elements of the typical regional architecture, establishing itself as a new hub for the population of this region and as a driving force in the local economy.
Forum Viseu
Opening Date
October 2005
Urban Renewal and the Environmental Development

The construction of the centre promoted the urban renewal and the environmental development of part of the Rio Pavia shore. Of particular merit are the way the centre blends into the citys historic centre and its wide range of products and services.
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Forum Coimbra
Opening Date
April 2006
ICSC 2007 Award

Which gave it the title of Best Shopping Centre in Europe.
Espao Guimares
Opening Date
November 2009
Last project to join MMM Ps portfolio, located in an eminent area hungry for a leisure and modern retail outlet.
W Shopping
Opening Date
October 2003
12.600 m2
(gross leasable area)
Biggest centre in the Santarm district.
It provides distinctive products and services.
Braga Retail Center
Management by MMM started on
September 2010
Braga Retail Centre is a Retail Park inserted in a highly dynamic commercial area and it is located near other large complementary shopping centres. Its architecture was designed by Broadway Malyan.
2010 Recognition
EMAS
ALMADA FORUM
MMM P was granted EMAS certification (Eco-Management and Audit Scheme) for the management of Almada Forum. This certification represents the Excellence, Performance, Credibility and Transparency of our management. Almada Forum became the first Shopping Centre in Europe to obtain this certificate. It means that Almada Forum achieves a level of excellence on the Environment. This certificate adds to the commitment to communicate, negotiate and sensitize, clearly and objectively, to all Parties involved Investors, Tenants, Customers and the Community.
ICSC Solal Marketing Awards

Solal Silver 2009
MMM P
the ICSC Solal Marketing Awards are awarded annually by the International Council for Shopping Centres as a way of recognizing marketing activities that stand out from others implemented by peers throughout Europe. This year the award ceremony took place in Lisbon. In 2010, MMM P won two Solal Silver Awards in the category of Consumer and Trade Advertising for the Barreiro event by MTV From Grey to Rainbow in Forum Barreiro, and in the category of Public Relations for creating the MTV Play Love event Best Kiss of the Season in Armazns do Chiado, both of these campaigns were made in 2009.
Armazns do Chiado
The event and the campaign developed by Armazns do Chiado which was called MTV Best Kiss of the Season won one Solal Silver Award. This event brought loving couples to Armazns do Chiado, who on Valentines Day accepted the challenge of giving the best kiss of the season in front of the MTV cameras.
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OUR BUSINESS
MMM P is part of the Multi Corporation Group, which has the following structure. ORGANIZATIONAL STRUCTURE OF THE MULTI CORPORATION GROUP ORG. 1
T+T Design
Chairman Hans van Veggel
Chief Executive O cer Glenn Aaronson
Legal A airs & HR Mgt Jochen Bla ert
Chief Financial O cer Mark van der Berg
Marketing & Communication Mark Cunningham
Chief Investment O cer Eric van Duren
Mall Management
Western Europe
Southern Europe Benno van Veggel
Central Eastern Europe Glenn Aaronson Turkey Hulusi Belg Cem Bodur Central Europe Ronald Dasbach
United Kingdom Glenn Aaronson
Feasibility & Investment
Netherlands Heino Vink
Portugal Benno van Veggel
United Kingdom & Ireland Paul Sargent
Asset Management Arie den Hartog
Germany/ Switzerland Axel Funke
Spain Benno van Veggel
Czech Republic Ronald Dasbach
Mall Management Matias Lopes
France Heino Vink
Italy Paolo Tassi
Poland Ronald Dasbach
Mall Management Lus Miguel Pereira
Belgium Heino Vink
Ukraine Ronald Dasbach
The organizational structure of the Multi Corporation Group was changed regarding the people responsible for some of the functional and business areas, however these changes did not affect the management of MMM Portugal.
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ORGANIZATIONAL STRUCTURE OF MMM P
The Board of MMM P is the corporate body in charge of the strategy and supervision of the business in the Portuguese market. Every one of its members has executive functions. MMM BV, as the main shareholder, oversees the performance of MMM P. The sustainability strategy is defined by one of the Board members, Antnio Matias Lopes, who reports to the rest of the board on the companys performance regarding sustainability.
ORG. 1
MANAGEMENT BOARD Bernardus Henri Johannes Van Veggel (Chairman) Antnio Augusto Matias Lopes (Board Member) Henricus Johannes Petrus Van Duren (Board Member)
Term from 2009 to 2012
Statutory Auditor Carlos Manuel Pereira Freire, Deloitte & Associados, SROC S.A. Principal Statutory Auditor
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OUR BUSINESS
The organizational structure of MMM P is based on two key pillars: the corporate departments which support the entire company and the local business units. The latter are represented by special purpose vehicles (Soge), which are the contractual vehicles for the management of the centres that MMM P contracts with the owners. In organizational terms this means that each SOGE represents a shopping centre being managed and a team that locally applies the professional management of MMM P. This structure has enabled us to have a highly horizontal organization. This ensures: permanent communication between departments and business units, rapid cross-company responses to problems, identification of solutions and, simultaneously the definition of the right paths for a more effective management.
ORG. 2
MMM P is a member of the Associao Portuguesa de Centros Comerciais (APCC) and it is represented in its Board of Directors by Multi Development in the period from 20102012. It is also a member of the ICSC - International Council of Shopping Centres and it is directly represented in the ICSC Retail Asset Management Committee - European Advisory by Eng. Matias Lopes. In 2010 it joined the BCSD Portugal Conselho Empresarial para o Desenvolvimento Sustentvel, and it has actively participated in its activities and projects.
The Board of Directors
Is the corporate body ultimately responsible for the strategy and supervision of the business in Portugal. It is comprised of three directors, with executive functions, who are responsible for the daily management of the company in Portugal. MMM BV, as the main shareholder and holding company, oversees the work and performance of MMM P, controlling and representing the interests and success of the company in the long term, according to the directives of the Multi Corporation Group.
The Regional Managing Director of MMM
Represents the executive management of MMM within the Multi Corporation Group. Is also responsible for making and implementing the sustainability strategy, reporting to the Board and presenting results and sustainability performance issues for decision. Also has executive functions inside Multi Mall Management BV (MMM BV), which is the company that owns the majority of the shares of MMM P, and in Multi Corporation, the main shareholder of Multi Mall Management BV. Is the independent supervisory entity of the organization. Monitors and audits the companys finances, acting independently from the interests of MMM P, and all of its stakeholders.
Statutory Auditor
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ORGANISATIONAL STRUCTURE OF MULTI MALL MANAGEMENT PORTUGAL ORG. 2
BOARD OF DIRECTORS MMM Portugal
Statutory Auditor
Regional Managing Director
DEP. Legal A airs
DEP. Finance
Sustainability Comitee
Sustainability Working Groups
DEP. ISOM Operations
DEP. Public Relations and Communication
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SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010 OUR SUSTAINABILITY STRATEGY
02 OUR SUSTAINABILITY STRATEGY
02
02 OUR SUSTAINABILITY STRATEGY
MMM Ps sustainability strategy was developed in 2008, and it was put into effect through a Sustainability Plan which lasts 4 years (1 sustainability strategy cycle). In 2008, after internal reflection which consisted of various internal and external analyses to identify the main impacts, risks and opportunities of the companys activity, we developed our Sustainability Policy called Managing the Future and the Business Principles which guide the way we interact with the stakeholders (they can be consulted at www.multimallmanagement.pt/sustentabilidade) Of the analyses mentioned above we highlight the legal analysis, the analysis to the best sustainability practices of the market (benchmark), the risk and opportunity analysis to the social and environmental aspects relevant to the business, and the consultation of the main stakeholders.
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OUR SUSTAINABILITY STRATEGY
Out of these analyses we were able to identify the material issues for the activity of MMM P. We also carried out an internal diagnosis to ascertain what the level of development was in these issues and the best way to manage them. As a result, we made the Operational Sustainability Plan (see pages 88 to 94), where we define the objectives for the sustainability strategy cycle and the measures that are to be taken to reach them. We took into account the importance of the topics: strategic or relevant 3 (see next page) in order to set the objectives.
SUSTAINABILITY HIGHLIGHTS OF MMM P
2008
Development of the entire process which defined MMMs sustainability approach Managing the Future. Definition of the Business Principles. Implementation of the Sustainability Governance Model. Making of the Operational Sustainability Plan.
2009
Sustainability Plan is put into effect. Development of sustainability guidelines for partners and tenants. Participation and sponsoring of events related to sustainability. Publication of the 1st Sustainability Report.
2010
The Operational Sustainability Plan continues being implemented. The sustainability guidelines continue to be distributed to partners and tenants. Multistakeholder Group 2 pilot-project in Forum Algarve. Publication of the 2nd Sustainability Report.
In MMM Ps sustainability strategy, strategic topics are defined as the ones in which we want to innovate and invest in order to distinguish our activity from the remaining players, so that we become the reference in the market. Relevant topics are the ones in which we want to follow the good practices and tendencies of the market.
3
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STRATEGIC SUSTAINABILITY ACTION AREAS
Mall Management (Social A airs)
Environmental Management
Product
Community Engagement
Team Management
Security
Energy
Hygiene and Food Safety
Cooperation with Local Organisations
Promotion of Innovation
Cleanliness, Hygiene and Health
Transport
Quality of Services and Products
Philantropy and Social Responsibility
Career Development
Water
Responsible Consumption
Local Commerce
Ethics and Compliance
Waste
Local Employability
Training
Strategic Areas Strategic Aspects Relevant Aspects
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KEY IMPACTS, RISKS AND OPPORTUNITIES FOR MMM P Taking into account the relations with the main stakeholder groups and the promotion of sustainability in our daily activity we identified the key impacts, risks and opportunities for the business of MMM P.
STRATEGY TOPIC
IMPACTS
RISKS
OPPORTUNITIES
INFO.
SECURITY
Accidents, robbery and theft in the centre (tenants, visitors and employees) Complaints and satisfaction (tenants, visitors and employees) Health (tenants, visitors and employees) Complaints and satisfaction (tenants, visitors and employees) Resource consumption and contribution towards climate change
Reputational risk Risk of reduced footfall in the centre Insurance costs
Trust in the centres management Increased footfall in the centre
Page 52-55
CLEANING, HYGIENE AND HEALTH
Reputational risk Risk of reduced footfall in the centre Insurance costs Increased energy dependence Increased costs Reputational risk
Trust in the centres management Increased footfall in the centre
Page 52-55
ENERGY
Reduction of operating costs Reputational gain
Page 63-66
TRANSPORTATION
Resource consumption and contribution towards climate change
Difficulty of access to the centre
Better accessibility Increased footfall in the centre
Page 66-67
WATER
Consumption of a scarce resource
Increased costs Reputational risk
Reduction of operating costs Reputational gain Less resource consumption, through recycling Cooperation with tenants
Page 61-63
WASTE
Health, hygiene and safety Complaints and satisfaction (tenants and visitors)
More waste production Poor management
Page 67-69
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STRATEGY TOPIC
IMPACTS
RISKS
OPPORTUNITIES
INFO.
HYGIENE AND FOOD SAFETY
Health Complaints and satisfaction (tenants and visitors)
Reputational risk Insurance costs
Trust in the centres management and in the tenants Increased footfall in the centre
Page 52
SERVICE AND PRODUCT QUALITY
Complaints and satisfaction (tenants and visitors)
Reputational risk Less clients
Trust in the centres management and in the tenants
Page 52-53
RESPONSIBLE CONSUMPTION
Sensitize the visitors
Reputational risks for tenants Trust in the centres management
Increase visitors awareness
Page 42
COOPERATION WITH LOCAL ORGANIZATIONS
Engagement with the community Support for institutions
Reputational risk
Reputational gain Support for the community Increased footfall in the centre Reputational gain Support for the community Increased footfall in the centre
Page 78-86
PHILANTHROPY AND SOCIAL RESPONSIBILITY
Engagement with the community
Reputational risk
Page 78-86
LOCAL COMMERCE
Engagement with the community
Reputational risk
- Reputational gain - Support for the community
Page 78-82
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Taking in to account that MMM Ps sustainability strategy is developed over 4 year cycles, and we are on the 1st cycle we decided that we would consult with the stakeholders before the beginning of each strategic cycle, therefore the next meeting is scheduled for 2012. This consultation will provide the basis for the making of a new Operational Plan, by identifying new strategic areas and the actions to manage them. It will also enable us to compare the results with the previous cycle. Hence, in the years between each cycle we consider internally whether the Sustainability Strategy suits the current context and, if deemed necessary, we update the material issues. In the 2010 analysis, similarly to what happened in 2009, we ascertained that there were no relevant changes that would affect the current Sustainability Strategy. This analysis consisted of: A review of the laws and regulations governing our activity which had been passed during the year (the last review had been made the year before). The new legislation did not change anything on the strategy level. Diagnosis in each shopping centre of the issues that concern the main stakeholder groups. We discovered that, generally, the issues mentioned are already included in our strategy, and therefore there is no need to change it. The issues that were of most concern to the stakeholders in 2010 can be see on pages 104-106. Analysis of the issues being addressed by the remaining players in the sector. We observed that there are no emergent sustainability issues in the market.
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SUSTAINABILITY GOVERNANCE MODEL To support the implementation of the Sustainability Strategy and put the Operational Plan into effect, we applied a Governance Model in 2008 which organizes the structures and their responsibilities in the management of the strategic sustainability areas of our business. This model organizes the internal structures so that they make, implement and review the Operational Plan. The existence of bodies made up of external elements (MSG1 Multistakeholder Group 1, MSG2 - Multistakeholder Group 2 and Steering) increases transparency and meets the expectations of the strategic stakeholder groups, which generates value on the long term.
Board of Directors
STEERING
MSG 1
Beginning in 2012
Sustainability Committee
MSG 2
Beginning in 2012
Working Groups
Environment
Social
Economic
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RESPONSIBILITY OF THE BODIES OF THE GOVERNANCE MODEL: SUSTAINABILITY COMMITTEE Sets the operational sustainability plan in each year and approves the work carried out by the Environmental, Social and Economic-Governance groups, ensuring that it is consistent. Defines the work that is to be done by each working group. WORKING GROUPS Participate in the making of policies and processes that guarantee an efficient management of the social and environmental risks along the value chain of Multi Mall Management Portugal; Implement actions together with the stakeholders according to the defined sustainability policy, which can have beneficial effects either for the reputation or for the economy of the centres. MSG1 The Multi Stakeholder Group 1 will be responsible for assisting the Sustainability Committee in identifying the strategic vectors of MMM Ps sustainability plan. It is comprised of representatives of the most important stakeholder categories. It will begin its activity in 2012. MSG2 Its objective is to assist the Centre management in the implementation of the centres sustainability plan, and in all initiatives that influence centres relationship with the local community. Each Forum will have a multistakeholder group consisting of representatives of the local community, tenants and business partners. The pilot-project was introduced in Forum Algarve, in 2010 and after evaluating the results we decided to implement it in the other shopping centres. STEERING Its function will be to share tried and tested practices and discuss new ideas. The decisions reached in its meetings will be presented and discussed with the Sustainability Committee; It is composed of the sustainability executives of the centres except for the Centre Directors, who also sit on the work groups. They will begin their activity in 2012.
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In 2010 there were 2 Sustainability Committee meetings and 2 Work Group meetings. The purpose of the meetings of the Sustainability Committee was mainly to monitor and approve the Work Plan. The purpose of the Work Group meetings was not only to present the work that had been carried out and to discuss the Operational Plan but also to serve as a way to share experiences between the centres, which helped to solve problems. These meetings can also be used to transmit opinions, orientations and concerns felt by the local teams, which depending on their importance, may reach the Sustainability Committee. In 2010, we also introduced the Multistakeholder Group 2 (MSG2) as a pilot-project, with the goal of integrating the expectations and ideas of our stakeholders into the implementation of the Sustainability Plan at the local level. This project was tested in Forum Algarve, via a tender in which local businesses in various social and environmental areas could submit their proposals so that the centre could choose which one would be supported. This way the centre was able to strengthen its connection with the local community and channel more support towards an initiative deemed important for the development of the population. See more information on pages 85-86.
2
Meetings of the Sustainability Committee
2
Meetings of the Working Groups
IMPLEMENTATION OF THE OPERATIONAL SUSTAINABILITY PLAN IN 2010 2010 was above all the year in which the Sustainability Strategy was consolidated. The procedures created in the previous year were kept and we created some more which together with the new management systems allowed us to manage the material issues, monitor our performance and improve our sustainability report. See objectives on pages 88-94. We finished 31 of the 51 Sustainability actions in the Operational Plan, however due to the global economic context, and in particular the difficulties in our sector, some of the actions in the Operational Plan were not carried out. Some of them were delayed or even removed because they make no sense in the current context. The actions that were carried out, finished, delayed or removed are listed on the tables of pages 88-92 which summarize the development of our 2010 Operational Plan.
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INVOLVEMENT AND DIALOGUE WITH THE STAKEHOLDERS In 2010 we kept the mechanisms for continuous dialogue and involvement with our stakeholders at the local level. These mechanisms are part of the day-to-day activity of the shopping centres and they support the good performance of our teams. The relations established with the stakeholders give us a deep understating of the problems and needs of the business units, and make it possible for our teams to more easily identify the relevant issues for each group of stakeholders. This was the procedure used in 2010: each team determined locally what the relevant topics are for each group of stakeholders, based on their experience and work. The summary of these topics can be consulted on pages 104-106. Nevertheless there was no process to formally consult with the stakeholders that was specifically designed to identify solutions and/or improvement opportunities in the sustainability management area. As we have mentioned before, this process (developed at the corporate level) will be started in 2012, before the beginning of the second sustainability strategy cycle. In addition to this process, this year we also made a questionnaire to find out the level of the satisfaction of the owners. It was carried out in 7 of our centres, and it allowed us to identify some improvement points in the relation and performance of these centres, based on the opinion of a strategic group of stakeholders for our business.
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STAKEHOLDERS
INVOLVEMENT Continuous contact and meetings
FREQUENCY
INFO.
Ongoing Page 44-45 Annual.
OWNERS
Evaluation of the shopping centres by the owners
Satisfaction surveys VISITORS
Annual or every six months (subject to owners approval). Page 46-49 Ongoing
Information desk Customer assistance Internet website and Facebook page Direct and regular contact with the Centre Management Tenants association
Ongoing
Monthly Page. 50-53
TENANTS
Tenants assembly
Annual
Internal quality audits Tenant satisfaction survey Direct and regular contact with the Centre Management Direct and regular contact with the Centre Management team Horizontal management
Regular Annual (subject to owners approval).
Ongoing Page. 53-55 Ongoing
SUPPLIERS AND SERVICE PROVIDERS
Ongoing Page. 70-77
EMPLOYEES
Training
Regular
Performance evaluation Meeting with representatives of the local community Job centre COMMUNITY
Annual
At least twice a year
Ongoing Page. 78-86
Centre Management Project tender to support the Local Community made according to the rules of the MSG2
Ongoing
Pilot-project
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INTEGRATED MANAGEMENT PRACTICES AND RESULTS
03 INTEGRATED MANAGEMENT PRACTICES AND RESULTS
Net profit:
Total consolidated income:
3,1 million euros
14,9 million euros
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03
03 INTEGRATED MANAGEMENT PRACTICES AND RESULTS
Economic Performance
03.1
In the current economic context, our sector should strive to create a balance that ensures, on the one hand, the future of the projects and partners, and on the other hand, a strong support for the local community through a stimulus of the economy. In 2010 the national crisis became worse and the same can be said for the macroeconomic conditions of the country. Throughout 2010 MMMP was focused on increasing the efficiency of its management, by maintaining the appeal of the centres, developing innovative projects and generating profit for the investors. It also remained strongly connected and supportive of the community in which the projects are located. In MMM P the Finance Director is responsible for managing this area.
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2010 PERFORMANCE MMM Ps performance maintains positive results, even in years of growing difficulties in the Portuguese economy. Our capacity to adjust ourselves and act in conformity with the market and the needs of the investors, specifically through an increase in the direct costs and a greater commitment to medium term goals, ensured that MMM P would, in a difficult period maintain its total income and have a reasonable net profit. During this year, MMM P kept the investment in the development of the GIFT CARD project and took responsibility for the costs of adjusting its teams. In 2010 we created 14.9 million Euros of consolidated income - a 19% reduction compared with 2009, and 3.1 million Euros of net profit, 28% less than in 2009. However, the costs were reduced by 16% and they were 10.4 million Euros. The equity capital of the company remained at 50.000 and there was no internal or external financing in 2010.
2008 Total Income Total Costs Net Profit 17.953.947 12.250.000 4.170.000
2009 18.422.831 12.400.000 4.340.000
2010 4 14.908.701 10.366.114 3.104.000
Var. 2009-2010 -19% -16% -28%
Financial Performance Indicators
20.000.000
15.000.000
10.000.000
5.000.000
Total Income
2008 2009 2010
Total Costs
Net Profit
The 2010 data is affected by the fact that Forum Barreiro and Forum Castelo Branco were no longer part of MMM Ps portfolio.
4
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DISTRIBUTION OF GENERATED WEALTH In 2010 the direct economic impacts of our activity were mainly positive. We generated 14.9 million Euros, a 19% reduction compared with the previous year. Even so, the distributed economic value was 14.4 million Euros and the retained economic value was 71% higher than in the previous year at 477.8 mil Euros.
DIRECT ECONOMIC VALUE GENERATED (DEVG) 2008 Total Income 17.953.947 2009 18.422.831 2010 14.908.701 Var. 2009-2010 -19%
Economic Value Distributed
32.695 1.262.645 9% 2.769.456 19% 4.970.366 35% <1%
5.395.748 37%
Total Operating Costs Staff costs and benefits Distribution of Dividends Estimated tax (Corporation tax) for the year Investments in the Comunity
DIRECT ECONOMIC VALUE DISTRIBUTED (EVD) 2008 Total operating costs Staff costs and benefits Distribution of dividends Estimated tax (IRC) Investment in the community Total EVD 5.821.224 6.366.838 3.866.591 1.518.986 60.000 17.633.639 2009 7.110.339 5.091.115 3.958.112 1.710.031 277.849 18.147.446 2010 4.970.366 5.395.748 2.769.456 1.262.645 32.695 14.430.910 Var. 2009-2010 -30% 6% -30% -26% -88% -20%
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ECONOMIC VALUE RETAINED/ACCUMULATED (EVR) 2008 Total EVR 320.308 2009 275.385 2010 477.791 Var. 2009-2010 73%
INDIRECT ECONOMIC IMPACT OF OUR ACTIVITY MMM Ps main objective in the management of shopping centres is to maximize the volume of sales of its tenants, and as result create a chain of value distribution. Each project also contributes, directly and indirectly, to the development of the area where it is located. In 2010 the sales of our tenants totalled 873 million Euros. The local community was represented by 249 shops, which constitute about 22.1% of the 1.127 shops operating in our centres. The number of local entrepreneurs who trusted us and who carry out their business with us is 172. The centres received around 77.4 million visitors and created direct jobs for 10.851 people and indirect jobs for 6.087 people. We allocated a further 20 million Euros to the service providers who supported us daily in the maintenance and operation of our shopping centres.
Employees:
5.395.748
6% higher
than in 2009 5
Shareholders:
2.769.456
30% lower
than in 2009
Distribution of wealth to Stakeholders
MMM P doesnt have pension plans.
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Business indicators
2008
2009 6
2010
Var. 2009 2010
Shop sales:
Shop sales (million Euros) 806 801 873 9,0%
Direct jobs (n.)
7.275
11.493
10.851
-5,6%
873 million euros
Indirect jobs (n.)
ND
7.032
6.087
-13,4%
Visitors (million) Tenants from the local community (n.) Total active tenants (n.)
71,7
72,1
77,4
7,4%
193
200
249
24,5%
1.053
1.168
1.127
-3,5%
77,4 million visitors
Expenditure on service providers (million Euros) 7
33
32
20
-37,5%
If we analyse the data we can see that, compared with 2009, the total sales of our tenants increased by 9%. The number of visitors also increased about 7.4%. The total number of shops decreased 3.5%, whereas the number of local community tenants increased by 24.5%. The direct and indirect jobs decreased by 5.6% and 13.4%. There was also a 37.5% reduction of the service provider costs.
10.851 direct jobs
Service provider costs:
20 million euros
The amounts associated with Forum Barreiro and Forum Castelo Branco were removed from the 2008 and 2009 data in order to keep the same centres that were under our management in 2010.
6
In 2010 we calculated the Cost of the service providers as a means to standardize the items included in this indicator in every centre. As a result the 20 million Euros (for 2010) represent a significant reduction which actually did not happen, because the calculation took into account less components than in the previous years, which obviously reduced the value.
7
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Valuing Our Visitors, Partners And Customers
03.2
The sector of the economy that we are part of seeks to increase the value of its assets through the satisfaction of the needs of its Visitors, Partners and Customers. MMM P has an integrated view of its projects and it develops its activity around this balance. By attracting Visitors, with the support of its Partners, MMM P satisfies its customers and the local community. The work carried out by MMM P is based on its business principles, which should be complied with and respected by everyone that participates with us in the implementation of our strategy. Each centres management team is aware of the importance of every one of the sides of the triangle formed by the Owner, whose investment is respected and should be properly compensated, by the Tenants, whose activity generates profits and is critical for the satisfaction of the third group, and by the Visitors, who daily acquire products and services. The balance between the interests of these three groups will determine the success of each project and the success of MMM P as a management company. In the work of the management team we cannot forget the service providers and employees which support the implementation of the strategy, and when combined with a medium and long term vision contribute towards sustainability.
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FACTORS THAT DETERMINE THE INVOLVEMENT OF THE VARIOUS STAKEHOLDERS IN THE INVESTMENT, MANAGEMENT AND USE OF THE SHOPPING CENTRE:
Owner
Return on the investment Reputation (trust-capital) in the local community and in society
Tenants
Visitor attraction and loyalty capacity Commercial capacity of the centre Attractiveness and security of the retail space in the centre Efficient coordination of the tenants needs with those of the centre Long-term partner with sound business and ability to succeed in the market
Visitors
Location of the shopping centre Tenant mix of the centre
Employees and Service Providers

VISITORS
Efficient integration of service providers teams with our management teams Cooperation and training of the team
OWNER TENANTS
SERVICE PROVIDERS
EMPLOYEES
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ONGOING ENGAGEMENT BETWEEN MMM P AND OWNERS, VISITORS, TENANTS AND OTHERS
Stakeholder OWNER
What we did in 2010
Contact with Centre Management We maintained constant contact with owners through visits and regular meetings. We carried out satisfaction surveys of the owners in 7 shopping centres: Almada Forum, Armazns do Chiado, Forum Algarve, Forum Madeira, Forum Montijo, W Shopping and Braga Retail Centre.
Regular meetings
Satisfaction surveys
VISITORS
Satisfaction surveys
Information desk
Customer support
Satisfaction surveys of visitors were conducted in 8 of our shopping centres: Almada Forum, Armazns do Chiado, Forum Algarve, Forum Aveiro, Forum Coimbra, Forum Madeira, Forum Montijo and Forum Viseu. The information desk, customer support and internet website maintained their patterns of ongoing information during the year.
Internet website
TENANTS
Regular meetings
Tenants assembly
Tenants association
Tenant satisfaction survey
Internal quality audits
During 2010 regular meetings were held with tenants, whenever necessary. The tenants assembly continued to operate as normal, meeting once during the year to approve the annual plan of activities and discuss and resolve problems and concerns relating to the operation of the centre. The tenants association also continued to meet on a monthly basis. The usual surveys of tenants were conducted. In 2010 they were carried out in 9 shopping centres: Almada Forum, Armazns do Chiado, Forum Algarve, Forum Aveiro, Forum Coimbra, Forum Madeira, Forum Montijo, Parque Mondego and Espao Guimares. The quality audits were also maintained in 2010, and included the usual elements used in previous years. Numerous events and initiatives were organized in partnership with the tenants, and they can be found throughout this report.
SUPPLIERS AND SERVICE PROVIDERS
Direct contact with Centre Director We maintained the regular contact between suppliers and service providers and the management teams and Directors of our shopping centres.
Direct contact with Centre Management team
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MULTI MALL MANAGEMENT PORTUGAL CHARTER OF PRINCIPLES MMM P is clearly aware that the work carried out daily by its teams should balance the need for economic return with a set of social and environmental goals, and that these goals can only be achieved if every participant, from the Tenants to the Service Providers and Suppliers to our management teams, is aligned with our principles, works together and cooperates. The ultimate objective of providing a better service to our Visitors and satisfying their needs is based on a set of common principles which we think are fundamental, and which should be adopted and adhered to. So we wish to take this opportunity to share them with the community at large.
CHARTER OF PRINCIPLES
The development of a sustainable activity depends on broadening the scope our objectives from just economic profit to a set of social and environmental goals, which we want to be part of the daily work of our teams. The effective implementation of MMM Portugals sustainability policy is only possible if there is in every one of the shopping centres we manage a spirit of cooperation between the members of the centres extended Management Team, namely: Centre Management, Tenants, Service providers (security, cleaning and maintenance teams), Suppliers and their subcontractors. Therefore, we have compiled a set of guidelines for these Teams in this document, with the intention of raising their awareness for the adoption of a common policy and to improve the service provided to our Visitors for their satisfaction, towards which we all contribute.
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COMMERCIAL RELATIONSHIP PRINCIPLES
In the context of their activity, the tenants, service providers and suppliers should promote stable long term commercial relations with MMM Portugal. Specifically: In its commercial relations and daily activities MMM Portugal, seeks through its employees, to establish relationships of mutual trust with tenants, service providers, suppliers and their subcontractors. Regardless of the principles established by this document, compliance with the law is a mandatory requirement in all circumstances involving MMM Portugal. For that reason our Partners should behave honestly, with integrity and transparency in their direct or indirect business and commercial relations with MMM Portugal Our partners should have a proper accounting system, as a way to prevent against any kind of corruption, bribe and/or extortion. This type of behaviour is not tolerated by MMM Portugal. All information exchanged between parties in the establishment of their agreements is confidential, and it cannot be used for any other purpose. Any situation that can generate a conflict of interests between MMM Portugal and any of its partners should be communicated in a timely manner. This declaration is one of the main safeguards of transparency in the relations between parties.
LABOUR CONDITIONS PRINCIPLES
In the context of their activity, the tenants, service providers and supplies should: Treat their employees with dignity and respect. Corporal punishment, verbal or power abuse, or any other instance of harassment or psychological intimidation cannot be tolerated under any circumstance. Not discriminate based on race, gender, religion, age, physical or mental disability, marital status, sexual orientation and/or syndicate or political affiliations, in any of their activities. Not permit any case of forced or involuntary labour in their facilities, or condone this kind of situation.
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Not allow the existence of child labour, and should comply with the law governing the minimum working age and compulsory education. Give their workers the right to associate, affiliate and collective bargaining. Provide their employees with a safe and healthy working environment, by adopting the necessary measures to prevent accidents and health damage, and minimize as much as possible, the inherent risks of their jobs (for example provide adequate individual protection equipment, and security procedure training, etc.). MMM Portugal will make any effort to create a certification system that includes these concerns and adapts to the daily operation of its activities. Pay a fair and timely wage to their employees, according to the applicable law. Respect working hours, ensuring rest periods, according to the law.
ENVIRONMENTAL PROTECTION PRINCIPLES
In the context of their activity, the tenants, service providers and suppliers: Should maintain a constant commitment to environmental protection and management, by complying with the rules of the centre (environmental management system procedures) and the norms and requirements established by the law. In particular, Tenants should take the necessary measures, together with the Centre Management, to improve their energy and water efficiency, reduce waste production, contribute to recycling and promote the use of public transportation or environmentally friendly transportation in the trips to the shopping centre. The cleaning service providers should use safe, and whenever possible, environmentally friendly cleaning systems (low toxicity for the users, low water and energy consumption and low production of waste/empty packages). Should disseminate their good practices and raise the environmental awareness of its customers and other participants in the value chain. MMM Portugal will make any effort to work according to a system of certification that includes these concerns and adds them to the daily operation of its activities.
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RESPONSIBLE CONSUMPTION PRINCIPLES
In the context of their activity, the tenants service providers and suppliers: The tenants should, whenever possible, include in their commercial mix, fairly priced products, that respect balanced social and environmental patterns (ex. fair trade products, organic, local products, etc.). MMM Portugal should promote a procurement policy which causes less damage to the environment. Should ensure that all of the participants in the commercial chain transmit transparent information about the products and marketing methods. Should promote more responsible trade practices, through awareness campaigns of the tenants and visitors of the shopping centres.
DISSEMINATION OF INFORMATION AND CONTROL
Should disseminate these principles to its employees and subcontractors in order to guarantee their effective implementation. MMM Portugal can solicit the adoption of corrective measures, in order to avoid having any association with eventual behaviours or practices that go against the philosophy of these principles.
Lisbon, June 2010 The Board of Directors of MMM Portugal
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Partnership with the Owner
03.2.1
Owner satisfaction
The shopping centre management market is changing; we are seeing the entrance of new companies coming from other areas of the property market, which are taking advantage of the crisis to protect themselves with long term businesses. In this context, the activities of MMM P focused on the long term relationship with the owner are aimed at keeping the profitability of the assets and increasing the value of each project. The development of work with continuity and a vision with an exclusively managerial perspective allow us to implement medium term strategies, which will contribute to the profitability of each project on the long term. At the same time, we develop a close partnership with each owner, which not only brings new contracts, such as Braga Retail Centre, but also leads to the continuation and renovation of the current management contracts, in turn this gives us the opportunity to show our capacity to understand the market and the reality of each project, as a way to adapt our services.
84%
Relation with MMM P
93%
SATISFACTION SURVEY REGARDING THE SERVICES PROVIDED BY MMM P TO THE OWNERS
Commercialization services
89%
In the beginning of 2011, we conducted an internal survey of the owners of the centres we manage in order to measure their level of satisfaction, ascertain what their priorities were regarding our work and have them analyse our performance in 2010.8 The results of this survey show that the overall rating given by the owners to MMM P was on average 84%, varying from 93% in the item relation with MMM P to 75% for the Marketing campaigns. The commercialization services, reporting practices and the relationship with MMM P were rated as being above average. The services that were most appreciated were the increase in the value of the assets, the ability to collect payments, the occupancy rates, the conservation of the centres and the control over the budget.
It was conducted in 7 shopping centres (Almada Forum, Armazns do Chiado, Forum Algarve, Forum Madeira, Forum Montijo, W Shopping e Braga Retail Centre). In order to be coherent, the values we present do not include Braga Retail Centre.
8
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Concerning the services we provide, our availability and readiness stand out, with an average score of 4 (on a scale of 0 to 4), our availability to accompany the evaluators (3.8 in 4), our capacity to keep to the budgets (3.7 in 4), our compliance with deadlines and reports (3.5 in 4), our relationship with the tenants (3.2 in 4), our successful Marketing initiatives (3.2 in 4) our trustworthiness (3.2 in 4). There was only one score below the scale average which was our capacity to come up with creative solutions (1.8 in 4). In the evaluation of our technical ability and professional qualifications, the owners emphasized our awareness of the competition and our network of contacts, which had an average score of 3.8 in 4, our good reporting practices 3.7 in 4, the management of contracts (3.7 in 4), the change made in the contracts to better protect their interests (3.5 in 4) and the use of technical solutions that reduce costs (3.5 in 4). The lowest score, of 3 in 4, was given to creativity and capacity to present alternative solutions.
TESTIMONY OF ONE OWNER IN THE SATISFACTION SURVEY
We have a very good relationship with MMM P! (Armazns do Chiado Team) Their work is good, they are always available, they assist us whenever we need, and they deliver their reports on time, with honesty and great passion for our business! Thank You!
Asset Manager, CRI - Commerz Real Investmentgesellschaft MBH
EXTRAORDINARY MONTHLY PROFITABILITY OF THE ASSETS UNDER MANAGEMENT The profitability of the shopping centre product is the primary objective of our activities. Accordingly, the value that we show here reflects the extraordinary monthly profitability of the building for the owner. In the year this report is about 2010 we exceeded an average total profitability of 0.48% per month for all property owners in our customer portfolio.
Extraordinary Monthly Profitability
0,48%
of every asset under management
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Engagement with Visitors
03.2.2
No. of visitors in 2010:
77,4 million
+1.2% more than in 2009
Shopping centres in Portugal are well-known for being appealing, clean, safe, well kept and for having a commercial supply which enables its visitors to satisfy their needs. With a growing and varied supply, the various projects compete to be the one chosen by the population in its area of influence. Throughout the last 14 years we have forged a strong relationship with our Visitors. We have created listening and interaction mechanisms, such as the satisfaction surveys, the internet websites or the Information Desks. However, our interaction and control efforts are not limited to this, as we have a broad team of employees constantly in the field, who daily go over marketing, operational, financial and quality control issues. Our Visitors have a qualified assistant at their disposal in the centre to answer their questions and improve their experience in each visit.
Average visitor satisfaction
81%
THE TOOLS In each shopping centre, the Information Desk plays a pivotal role in customer service, both by being the initial visible face of the management in dealing with a customer, and by being able to provide first- hand experience of the complaints and suggestions produced here. The growing use of new technologies and the growth of social networks enable us to use of a new channel to spread information and communicate with our customers. We have implemented and developed the Internet websites of each centre and created pages in the main social networking websites, specifically Facebook. The latter have the advantage of making it possible for the public to interact, with content from everyone for everyone. The Periodic Visitor Satisfaction Surveys carried out in most of the centres allow us to feel the pulse in a comprehensive and structured way. Based on the resulting evaluation, we refine our strategies, modify procedures and align the centres wider management team to respond actively to what our visitors feel are their main needs/desires. Accordingly, we continue to use overall satisfaction measured as a performance indicator.
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OUR PERFORMANCE IN 2010 During 2010 our centres received about 77.4 million visitors, which is equivalent to a daily number of more than 212 thousand people. If we compare these numbers with 2009 there is a 1.2% increase in the number of visitors to our projects. Throughout the year, we increased the number of services provided to the Customer, namely we enhanced and promoted the GIFT CARD which consists of a pre-paid card that allows the person that receives it to choose exactly what they want to receive and as a result the person that gives it does not take the risk of giving the wrong gift. This card is accepted in the shops of Almada Forum, Forum Aveiro, Forum Montijo, Armazns do Chiado, Forum Madeira, Forum Viseu, Forum Algarve, Forum Coimbra and Espao Guimares, or in any other place where MasterCard cards are accepted. Taking the growing use of new technologies into account, the food courts of our centres also had WIFI connectivity, trough contracts that we signed with PT. Regarding transportation, in addition to the Green Travel Plans which we are developing, we installed in every one of our projects systems to charge electric vehicles WATT DRIVE, through a partnership with EDP, this service is entirely free for its users. We also have automatic defibrillators and security guards qualified to provide first aid in most of our centres. Services such as public telephones, ATM machines, baby strollers and wheelchairs, childrens playground, family support areas in the food courts, toilets prepared for families and people with disabilities, and also information desk with constant and personal service are common for MMM P.
VAIVEM SERVICE PROVIDED BY ESPAO GUIMARES
The Vaivem free transportation service is an advantage that Espao Guimares has. In the past () I had to use my car () which was a nuisance. () It is a lot more practical and comfortable. ()The hours are very flexible, which allows me to choose the best time to come, and calmly take care of my business, because I know that the Vaivem service will be there to take me back to the city until 22h45, which is fantastic.
Dores Gonalves User of the Vaivem service of Espao Guimares
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It is a service that people can use without spending money, () to visit Espao Guimares and enjoy the ever affordable shops and activities offered by this shopping centre.
Ana Cristina Carvalho User of Vaivm service in Espao Guimares
In 2010 I received my first MMM Gift Card which I could use in any shop and at the same time enjoy the additional benefits given by the Multi Mall Management centres. It was wonderful! After this experience, I decided to buy more MMM Gift Cards to give my family members and close friends, I am sure they will always be very pleased.
Gabriela Silva User of the MMM Gift Card
VISITOR SATISFACTION SURVEY We conducted Visitor Satisfaction surveys in 8 of our shopping centres, which enabled us to analyse around 86.8% of the total of our Customers. The study was not conducted in Parque Mondego, W Shopping and Espao Guimares because it was not approved by the respective owners. The global satisfaction of our visitors was 81%, varying between 84% and 76%. When compared with last year, there was a slight increase in this value. If we do a comparison by centre in the last two years, we can see that the satisfaction index increased in Forum Algarve and Forum Aveiro. The indicators of safety, hygiene and cleanliness and food safety (strategic areas for MMM P) had a score of 77%, 78% and 79% respectively, which was a decrease from 2009. We can conclude that although their global satisfaction level is the same, our customers have become more demanding in these specific areas.
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MANAGEMENT OF COMPLAINTS We received a total of 780 complaints in all of the centres, a 4% reduction compared with last year (taking the same universe of shopping centres into account). Almada Forum, Armazns do Chiado, Forum Madeira, Forum Montijo and Espao Guimares contributed to this reduction. There were around 10 complaints per million visitors, which is an 11% reduction from last year. It should be noted that there was a significant reduction (-90%) in the number of complaints regarding food safety, due to a greater investment made by our tenants in the automatic food safety control systems.
TESTIMONY MANAGEMENT OF COMPLAINTS AND SUGGESTIONS
I appreciate the diligent and rapid manner in which the Centre Management of W Shopping acted regarding the repair and setting up of outside benches in the smoking area near floor 1. The only available bench had been damaged and it only took 24 hours for it to be repaired and for a second one to be added. My complaint was heard. Thank You.
Jos Pedro Silva Alpiara a customer of W Shopping in Santarm
MMM P regards every complaint as a second chance given by the Customer, to increase the quality of the services we provide, directly or through our extended management team, on the road to excellence.
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Partnership with Tenants
03.2.3
Tenants are the motor of a shopping centre and naturally they are the main motive behind the visits of our customers. Teamwork, the way the shopping centres complement each other and their adaptation to their sphere of influence will decide the success of each project. Our management model values the diversity and the complementarity of the various businesses, by following the idea that a shopping centre is worth more than the sum of the value of each single tenant. We aim to create unique and special retail spaces, where the areas of the tenants meet their needs. We work so that each Shop feels supported, in the knowledge that the management of each centre will help and work to increase its performance. In 2010, the accumulated sales of our 1.127 tenants (3.5% less than in 2009) totalled more than 872.7 million Euros, a 9.0% increase from 2009. This result achieved by our tenants, together with the number of visits allows us to ascertain that each visitor increased their consumption by about 2.7% in every one of our centres, spending on average 11.3 Euros per visit. This information shows us that we have good Tenants, and that our Customers like the centres managed by MMM P and increasingly choose them to make their purchases. We should emphasize that there is an extensive partnership between the tenants and MMM P which applies to the genesis of new projects, where the experience and performance analysis of the current centres will be used to design and choose the labels of the new projects developed by Multi Development. This partnership also includes the invitations given to the tenants for them to expand their activity to other centres under our management. Our relation with the tenants is regulated by the Shop lease Contract which establishes a set of tools to exchange information and be aware of the needs of each party, namely the General Tenants Assembly, the implementation and backing of the Tenants Association, the audits and quality control and the sales information given by each Tenant. However, because we value this relationship we are always available to meet with the Tenants, listen to their ideas and problems, and whenever possible work to find the proper solutions. We also conducted internal tenant satisfaction surveys and continued to hand out the Tenant Guide, where we present our strategic sustainability approach and what we expect from each tenant. This document is available to all tenants, and it was mainly distributed through the anchor shops.
Tenants:
1.127 Tenants
3.5% less
than in 2009
Sales:
872,7 million euros

up 9%
from 2009
Average sales per visitor:
11,3 euros
2.7% increase
from 2009
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TENANTS ASSOCIATION The Tenants Association operates through a monthly meeting (Tenant Meeting) between the centre management and the board of the association in order to deal with current issues and concerns. Its main objective is to work together to fine-tune the performance of the shopping centre product, and to undertake a monthly assessment of the various aspects of the performance (footfall, sales, campaigns, issues in the surrounding community, and other issues that directly or indirectly involve the shopping centre or the business as such). The remaining Tenants in the shopping centre are also invited to take part in this meeting.
ANNUAL MEETING OF TENANTS
AUDIT COMMITEE
BOARD OF THE ASSOCIATION
GENERAL COUNCIL
In all projects under the management of MMM P, tenants, service providers and centre managers agree to establish a General Tenant Assembly. This Assembly is composed of various bodies which together, seek to discuss and find the best solutions for the success of each shopping centre. It is the supreme decision-making body of the Tenants Association and elects the Board of the Association, the Audit Committee and the General Council. It meets annually, and also plays a key role in supervising the management of the centre. It can also meet whenever necessary to discuss relevant and critical issues for the operation of the centre, similarly to what happened in August 2009 to implement the H1N1 Contingency Plan, because of the A virus influenza pandemic, which was in effect from August 2009 to July 2010.
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INTERNAL AUDITS AND QUALITY CONTROL As managers of a retail space open to the public with rules and procedures at various levels, it is essential to ensure compliance with such rules. To this end, we have created teams of auditors who locally report to the centre director on a myriad of aspects related to the smooth operation of the business units located in the shopping centre, for example: behaviour of shop employees towards customers adherence to opening hours stocks sales monitoring till shortfalls layout of goods in shops promotions customer complaints
Analysis of these aspects is vital to the management of the centre, as well as to the tenants, since in most cases a tenant cannot oversee the operation of all of its shops at the same time. In conjunction with these audits, there is also strict internal hygiene and sanitary control in all units where there is a risk of food or biological contamination (such as in restaurants, drycleaners and other services).
TESTIMONY TECHNICAL AUDITS
I want to thank you for conducting surprise audits in our shop, because when combined with the supervision and audits we do ourselves they are a useful tool to correct and improve on some of the issues detected. I would be thankful if this practice was continued in our shop, as it will not, under any circumstance, be considered an inconvenient. On the contrary, it will be regarded as a useful tool when joined with the audits we carry out.
Adriano Zambujeiro, Director de Operaes - SOGEFRAN, S.A.
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TENANT SATISFACTION SURVEY The performance indicators and the information obtained in the individual meetings and Tenants Associations are very significant and encompassing. However, we think it is important to ascertain and systematize this information, and to this effect we use periodic surveys as a complementary tool. This survey is conducted in most of our projects. In 2010 the average overall tenant satisfaction rate was 80%, which is an increase from last year. This result is the consequence of our focus on working together with the tenants and it encourages us to follow this course. Even so, in some of the strategic areas the satisfaction decreased, such as in security 79% and in hygiene, cleaning and food safety 77%, these reductions are attributable to a more demanding attitude on the part of the tenants. If we do a comparison by centre in these last two years, we can see that the satisfaction rate increased in Armazns do Chiado and Forum Coimbra, and it remained the same in Forum Algarve.
80%
Average tenant satisfaction rate
The wider Centre Management Team
03.2.4
Bearing in mind the complexity in the management of a shopping centre, the local teams are supported by their central structures and specialists who implement the strategies in the field in order to provide a quality and appealing product to the Visitors and Tenants. The services provided by these teams of specialists, also contribute towards increasing each projects competitiveness. The organization model used in the centres we manage treats the service providers as if they were one of our direct teams, so they report to the Director of the centre or to the management team. These specialist companies, which many times are leaders in their sectors of the market, back us in the management of areas ranging from security and surveillance, cleaning, maintenance, waste collection, marketing, media relations and the information desk. Seeing that they have vast experience, MMM P benefits from the incremental improvements suggested by them which allow us to implement the best practices in the market. As a result, we can increase the reliability of the work developed and simultaneously lower the reputational risks. MMM P relies on large and broad local teams, which, when complemented by the central structure teams can combine local actions with a global vision, and this makes the service
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provider teams feel more supported. Each area, whether it is security or maintenance, can always count on the Centre Management to be a suitable and knowledgeable partner in the daily work to meet the challenges in the operation of a shopping centre. We think it is important for both teams to have the same strategy, therefore this year we continued to distribute the Partner Guide where we outline our sustainability strategy and define the role of each service provider. We have high regard for good social, legal and environmental practices and values, thus we choose the companies that give us the best performance guarantees and are aligned with us. A good example of this partnership is the fact that we only choose two or three companies for each main area.
ORGANIZATION MODEL
CENTER MANAGER
OPERATIONS DEPARTMENT
FINANCE DEPARTMENT
MARKETING DEPARTMENT
SERVICE PROVIDERS
Expanding our team into these new areas allows us to act more rapidly and efficiently in the detection and resolution of problems. The quality of the product is checked every day by the Centre Management and the Service Providers, through their constant presence in the centre. To aid in this task, MMM P developed specific software, called ISOM, to record and control the entire operation, from the security records, the maintenance measures, the lost and found database, to any infringement or error in the operation of the shopping centre or the shops. This enables us to anticipate problems and act immediately to correct any error or anomaly. We also conducted drills in order to pre-emptively detect flaws in the procedures and action plans. Correcting these problems ensures that our centres are safe, that their operation is smooth and that we have the capacity to minimize the impacts of an accident.
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Some of the health and security control actions carried out in our shopping centres Survey of the condition of the equipments, infrastructures and lighting (every centre); Cleaning records of the common areas and WCs (every centre); Security records and survey of the safety of the centres perimeter. Including security audits (every centre); Hygiene and sanitation audits in the shops (Forum Algarve, Armazns do Chiado, Forum Montijo); Analysis of the quality of the drinking water (Almada Forum, Forum Algarve, Armazns do Chiado, Forum Montijo, W Shopping, Forum Madeira, Forum Coimbra, Forum Viseu, Espao Guimares); Emergency plan, including drills (Almada Forum, Forum Aveiro, Armazns do Chiado, Forum Montijo, Forum Madeira, Forum Viseu); Influenza A virus Contingency Plan (every centre);
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Valuing the Environment
03.3
Our sector is shifting towards the reduction of recourse consumption, by combining a sustainable design in the development of projects, with the implementation of energy efficiency measures and an effort to raise the awareness of all interested parties. With the development of our sector, the general public became conscious of the importance and impact of a shopping centre in the surrounding area. In MMM P we look at the projects on a comprehensive level and think that the impacts we create should fit the interests of the various parties. Concerning the environment, they should, not only contribute to the enjoyment of Visitors and Tenants and create a beneficial impact in the local community, but also increase in value, through long term solutions that ensure a return on investments. We are concerned about all of the direct impacts of our actions, including the ones that affect the users of the centre, be they Tenants, Visitors or Employees. Since 2004, when we had the first shopping centre in Europe to obtain certification to standard ISO 14001 Forum Montijo, we have created a system committed to standardizing the internal practices, to discovering new solutions and to supporting our partners in the implementation of good environmental practices. This work is managed by the ISOM team, which was also responsible for implementing the Environmental Management systems in all of the centres, resulting in more ISO 14001 certificates. Only two projects have not finished this process. We have a global environmental policy that is adjusted to each reality and was implemented by our local teams by taking into account the differences and characteristics of each centre. The coherence that is necessary in the implementation of the Environmental Management System is the consequence of the dissemination of our Environmental Management Manuals, Tenants and Partners manuals and our business model, which is described in documents such as the Sustainability Reports. Thus, we ensure that all parties are aligned, which is going to improve results and show that our commitment to the environment and to sustainability was worth it. A new landmark was reached by MMM P when in 2010 it obtained the EMAS certificate (Eco-Management and Audit Scheme) for the management of Almada Forum. This certificate represents the Excellence, Performance, Credibility and Transparency of our Environmental Management, which made Almada Forum the first shopping centre in Europe to be granted this certification. It means that Almada Forum
EMAS (ECO-MANAGEMENT AND AUDIT SCHEME) ALMADA FORUM MANAGEMENT
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achieves a level of excellence on the Environment. This certificate adds to the commitment to communicate, negotiate and sensitize, clearly and objectively, to all Parties involved Inventors, Tenants, Customers and the Community. The next step will be to develop our integrated certification, implement it in the central structures and afterwards spread it to every one of the centres we manage. This comprehensive process began in 2010, and it will certify the work we carry out according to the ISO 9001 (quality), ISO 14001 (environmental management) and OHSAS 18001 (hygiene and workplace safety) standards.
ENVIRONMENTAL MANAGEMENT
The environmental management of our shopping centres observes the environmental policy principles applied in each centre and is based on environmental management systems that require appropriate behaviour by the centre management teams, partners and visitors.
DIRECT AND INDIRECT RESPONSIBILITY In terms of environmental management, we acknowledge that we have direct and indirect responsibilities. It is our direct responsibility to: Promote the environmental solutions envisaged in the plan by applying them correctly; Monitor the performance of the environmental vectors by means of performance indicators; Identify opportunities for improvement in processes in order to leverage the performance of the building and the many activities that take place within it. In addition, we acknowledge that we can also influence the environmental behaviour of tenants, visitors and service providers. This indirect responsibility allows us to: Help mitigate the environmental impacts for which we are not directly responsible, by alerting tenants, suppliers and visitors to the importance of adopting correct environmental behaviour; Aim to create a chain of suppliers that seek, through their environmental policies, to minimise the impacts of their activities, at the same time as we aim to influence the pursuit of measures to reduce this damage.
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Our ambition to achieve good environmental results will always be the outcome of processes associated with our direct and indirect responsibility.
WHAT OUR STAKEHOLDERS CAN DO TO ENHANCE THE ECO-EFFICIENCY OF OUR SHOPPING CENTRES: The behaviour of all our stakeholders is a matter to which we are committed, since it is on this combination of efforts and wishes that the environmental performance of each shopping centre depends. In the light of this understanding, we seek to develop initiatives designed to raise awareness, train or enforce procedures that we consider fundamental. These can help us in the pursuit of maximisation in terms of environmental options arising from the project and in meeting the objectives we have set ourselves and which are reflected in the Environmental Management Systems. Examples of these forms of awareness raising or encouragement of more responsible behaviour are the publication of the tenants and partners manuals which enable these stakeholders to understand what actions the centre is implementing and the ways in which they can contribute to the solution of problems and the reduction of risks or impacts.
1. Demand compliance with environmental management practices by means of contractually agreed processes and procedures
Tenants Employees Service Providers
We have direct and indirect environmental responsibilities. For each of these we have a different approach and different management tools.
2. Influence the behaviour of stakeholders so that they adopt more responsible behaviours which reduce environmental impacts.
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Tenants Visitors Local Community Employees Service Providers
OWNERS
VISITORS
TENANTS
Approve investments related to the environmental management of their assets, in the context of the EMS Incorporate, in their investment options, management teams with the ability and skills to ensure efficient environmental management
Separate waste in the centre Use more environmentally friendly means of transport to the centre Use water in the centre responsibly Influence the centre management team to adopt innovative environmental practices
Make efficient use of service provider teams with the best environmental practices Reduce the environmental impact of units and adopt more efficient consumption practices Separate and recycle/recover waste Adopt eco-efficient technologies Share good practices with the centre management, visitors, service providers and the local community
ENVIRONMENTAL RESPONSIBILITIES OF STAKEHOLDERS PIC.
SERVICE PROVIDERS Put into practice and continuously improve the environmental management system Coordinate the EMS aspects for which they are responsible with the centre management Involve tenants and visitors in the EMS Share and apply best environmental practices Raise awareness and educate about best environmental practices
EMPLOYEES Put into practice and continuously improve the environmental management system Influence tenants, owners and visitors to adopt best environmental practices in the centre Coordinate the involvement of all stakeholders with responsibility and influence in the process Inform, educate and involve the local community in the EMS applied by the centre management
LOCAL COMMUNITY Influence and be influenced by the best environmental practices in the shopping centre Involve and be involved in the environmental management of the shopping centre Establish partnerships with local operators to improve environmental processes and practices
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CERTIFICATION OF ENVIRONMENTAL MANAGEMENT SYSTEMS Our strategic options are aimed at obtaining certification for the Environmental Management Systems of all the shopping centres under our management. In 2010 we maintained the 9 centres that were already certified to ISO 14001 and we added the EMAS certification of Almada Forum. We base this certification strategy on three fundamental points: 1. Validating compliance with established targets; 2. Continuously identifying innovative processes that lead to a better environmental performance; 3. Ensuring that we comply fully with the best environmental management practices and with the applicable legal or other requirements applying to the business; In addition to the environmental policy, we provide the following documents to the centre management team and to our partners and tenants, explaining the environmental behaviour that they should adopt: Environmental Management Manual, which describes the environmental management system procedures. It is periodically augmented with new procedures, and is revised and updated from time to time. Guide to Good Environmental Practices, aimed at visitors and tenants and including recommendations about responsible behaviour. Guide of Good Practices for External Companies, which describes to outside companies that provide services in our centres the environmental standards that they should comply with.
TIMELINE OF ISO 14001 CERTIFICATION OF CENTRES
2004
2005
2006
2007
2008
2009
Forum Montijo
Almada Forum
Armazns do Chiado Forum Aveiro Forum Algarve Forum Viseu Parque Mondego Forum Coimbra
Forum Madeira
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WATER Water is supplied to our shopping centres in multiple ways and with various origins. We use rainwater utilisation systems, boreholes and water that is distributed by the public supply. It is used for human consumption in the restaurants, but also to clean the shops, wash the floors, for the fire protection and the watering systems, in the toilets, or even by some decorative fountains. We recognize that water is a scarce resource and therefore we are committed to reducing our consumption of it. In 2010, the centres managed by MMM P consumed, in the common areas, a total of 270.832 m3 of water 9, plus 247.969 m3 which were consumed by the tenants, for a total of 518.801 m3 10. If we compare the consumption in the common areas, there was a 5.9% reduction from 2009, which is the result of the effort made by our management teams in promoting the efficient use of this resource. Nevertheless there was a significant increase in the water consumption of some centres. In the case of Armazns do Chiado this was due to the fact that the building had to be washed prior to being painted and also because the bathrooms were rebuilt. When it comes to W Shopping, this increase was due to the technical equipment work performed and to the extra cleaning of the parking lots, and in Forum Viseu to the repair of the fire fighting water tanks.
Water consumption in the common areas
270,8 thousand m3
33.4% from sources other than the public supply
Comparison with last year
5,9% less
Water Consumption (m3) Water consumption per Visitor
300.000 250.000 200.000 150.000 100.000 50.000
270.832 267.428 250.572
263.356 250.572 247.863
5,6% less
Total water consumption
Comparable consumption
2008
2009
2010
This amount does not include the water consumed at the head offices of MMM P, since it is insignificant when compared with the total consumption of the shopping centres in our management portfolio. 10 Only the management of the water consumption in the common areas is the direct responsibility of the management team of the centres. The water consumption of the tenants is their responsibility, and the management teams of the centres are only expected to promote efficient use, and back the implementation of efficiency measures.
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Water consumption in the common areas Total water consumption (m3) Comparable consumption (m3) Water consumption/GLA (litres/m2) Water consumption/Sales (litres/mil ) Water consumption/Visitor (litres/visitor)
2008 250.572 250.572 913 311 3,50
2009 267.428 263.356 875 334 3,71
2010 270.832 247.863 887 310 3,50
Var. 2009 2010 1,3% -5,9% 1,4% -7,2% -5,7%
The promotion of the efficient use of this scarce resource has followed two paths. On one side, we have made various investments to directly decrease consumption, such as installing water flow reducers in the taps of every bathroom in most of our centres, smart watering systems and buffer tanks. On the other side we have promoted good practices through the use of signs in the public and staff areas, which many times include the amount of water consumed and the results of our water saving efforts. We are also committed to certifying the water destined for the tenants and for human consumption by conducting periodic analysis to validate its quality. In order to avoid wasting this resource, we regularly control the tenants consumption, and alert them if there are any significant or unexplained variations, caused by leaks or any other problem in their internal network.
Description of the initiatives to reduce water consumption Installation of a smart watering system in Forum Algarve Installation of water flow reducers in the taps of Forum Aveiro and Forum Montijo Installation of a water buffer tank in the borehole that provides water used for cleaning in Forum Montijo Monthly posting of the water consumption of Forum Madeira in the loading area
Amount saved 3.277 m3
469 m3
9.000 m3
Water Consumption By Source (m3)
10.991 4%
79.395 29% 180.446 67%
Public water supply Rainwater
Groundwater (boreholes)
We continued to use alternative sources, such as untreated water for the watering systems, cleaning or filling up the fire fighting water tanks. Of the 270.8 thousand m3 of water consumed in the common areas, nearly 80 thousand m3 were provided by underground boreholes in Almada Forum, Forum Coimbra and Forum Montijo and almost 11 thousand m3 by the rainwater utilisation system in Forum Viseu. The remaining 180 thousand m3 were supplied by the public mains. These sources represented 33.4% of the total consumption.
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Estimating that 80.0% of water consumed is subsequently disposed of, the volume of wastewater produced was 216.666 cubic meters. Since this water will be returned to the entities responsible for treating it, generally the municipal sewage treatment systems, MMM P together with external companies conducts periodic analysis to ensure that any measures that are undertaken to reduce water consumption will not adversely affect any other entity.
Breakdown of water consumption by source Public water supply Groundwater (boreholes) Rainwater
2008 150.763 88.749 11.060
2009 164.149 92.232 11.047
2010 180.446 79.395 10.991
Var. 2009 2010 10% -14% -1%
ENERGY IMPACTS AND ASSOCIATED CO2 EMISSIONS The Regular operation of the shopping centres and the requirement to keep the necessary levels of comfort for its users entail high energy consumption. In 2010, the total (direct and indirect) energy consumption was 131.618 GJ 11, which is an 8.4% reduction from 2009. We also reduced the energy consumption by GLA and by sales. According to our Environmental Management plans, the local teams closely follow the performance of the projects, especially the ones that regarding energy, have the most environmental and economic impact. Therefore, they are able to act pre-emptively by making the necessary adjustments and investments to improve the efficiency of the buildings, which this year resulted in a significant energy consumption reduction.
Total energy consumption
131.618 GJ
Energy consumption by GLA
0,6% lower
than last year
This amount does not include the energy consumed at the head offices of MMM P, since it is insignificant when compared with the total consumption of the shopping centres under our management.
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Energy consumption Total energy consumption (GJ) Comparable consumption (GJ) Energy consumption/GLA (GJ/1000 m2) Energy consumption/Sales (GJ/thousand ) Energy consumption/Visitors (GJ/Visitor)
2008 129.851 129.851 473 161 38,81
2009 132.396 129.920 433 165 42,71
2010 131.618 118.987 431 151 45,65
Var. 2009 2010 -0,6% -8,4% -0,5% -8,5% 6,9%
Energy consumption (GJ)
150.000
132.396 129.851 131.618
129.920 129.851 118.987
100.000
50.000
Total electricity consumed was 121.4 thousand GJ or 92.2% of the overall amount, which is an 8.7% reduction when compared with 2009. Natural gas consumption constituted 7.7% of the total energy consumption, which is also a 3.7% reduction. This year we also took into account the consumption of Propane Gas used in the heaters of Forum Algarve and Aveiro, and diesel fuel, used for the emergency generators and pumps, and proportionally they make up only 0.12% of the total energy consumed. The significant reduction in the consumption of electricity is the result of measures implemented at the operational level. In Forum Algarve we adjusted the Chillers set-point, modified the lighting of the parking lot and installed a new more efficient HVAC pump. In W Shopping we changed the schedule of the HVAC system. Due to the low temperatures recorded at the end of the year, the consumption of Natural Gas increased in Forum Coimbra and Forum Montijo. The heating systems were turned on for longer periods in order to ensure the necessary thermal comfort of the visitors. The fact that there was an increase in the overall consumption of natural gas while at the same time a reduction in the comparable values is due to the fact that Espao Guimares was not included in the comparison because it only operated for a few months in 2009.
Total energy consumption
Comparable consumption
Electricity consumption (GJ)
150.000
125.494 125.468 121.384
125.468 124.307 113.448
100.000
50.000
Electricity
Comparable electricity
Natural gas consumption (GJ)
12.000 10.000 8.000 6.000 4.000 2.000 0
10.069 6.902 4.383 4.383 5.403 4.403
Natural gas (GJ)
Comparable natural gas
2008
2009
2010
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Breakdown of energy consumption by source(GJ) Electricity Natural gas Propane gas 12 Diesel fuel Electricity comparison Natural gas comparison Propane gas comparison Diesel fuel comparison
2008 125.468 4.383 ND ND 125.468 4.383 ND ND
2009 125.494 6.902 9,8 ND 124.307 5.613 ND ND
2010 121.384 10.069 55 110 113.448 5.403 55 81
Var. 2009 2010 -3% 46% 461% -9% -4% -
Below we present the energy consumption by primary energy source.
Consumption of indirect energy (electricity) by primary source (GJ) Hydro Hydro Special Production Regime (SPR) Wind Cogeneration and micro-generation (SPR) Natural gas Fuel oil Coal Nuclear Others
2008 18.867 1.763 17.257 10.401 43.148 1.838 22.400 7.460 2.335
2009 18.871 1.763 17.261 10.404 43.157 1.838 22.405 7.461 2.336
2010 18.530 5.244 35.798 17.851 22.397 673 10.624 4.849 5.418
The constant improvement of the facilities and investment in initiatives to reduce energy consumption are part of MMM Ps plans. Below we present the most significant measures carried out and the amount of energy saved in 2010:
Measures implemented to reduce energy consumption Installation of 20 self-contained emergency lighting units with 2.1W LEDs in Forum Madeira
Amount saved (kWh/year)
1.033,68 kWh/ano.
Investment made in Almada Forum at the end of 2009, to replace the 5.550 parking lot lights with more efficient ones (from TLD58w to T5)
761.594 kWh
For 2009 we only present data related to propane consumed in Forum Algarve. For 2010 is also included Forum Aveiro.
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Measures implemented to reduce energy consumption
Savings (kWh/year) 10.242 kWh
Replacement of the light bulbs in Forum Aveiro with more efficient ones
Connection of the Air Handling Units speed controllers to the central technical management of Forum Montijo
84.876,9 kWh
Optimization of the HVAC and lighting schedules of Forum Montijo
113.169,2 kWh
Replacement of the incandescent outside Christmas lights for LED lights in Forum Montijo
56.584,6 kWh
Installation of highly energy efficient motors in Forum Montijo
28.292,3 KWh
During 2010 we also finished the energy certification processes of all of the projects that make up our portfolio.
24.813 ton CO2 emissions

30,9% less
than in 2009
Energy rating
Shopping Centre
Forum Montijo Retail Parque Mondego, Forum Coimbra and Espao Guimares Armazns do Chiado, Forum Aveiro, Forum Madeira, Forum Viseu and W Shopping.
31,7% less
CO2 emissions
per million sales (in comparable amounts)
GREENHOUSE GASES The reduction in the energy consumption of the centres coupled with the changes in the countrys energy mix contributed to a 30.9% decrease in total CO2 emissions which were 24.813 tons of CO2. Even though they only amount to 2.3% of total emissions, there was a 119.7% increase in the emissions caused by air travel and a 26.5% increase in the emissions of the companys cars. Our greater reliance on videoconference systems and on teleworking was not sufficient to offset these increases.
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CO2 emissions Emissions from energy consumption (ton CO2e) Emissions from work-related air travel (ton CO2e) Emissions from work-related car travel (ton CO2e) Total emissions Total emissions/GLA (ton CO2e/ 1000 m2) Total emissions/Sales (ton CO2e/M ) Total emissions/Visitors (ton CO2e/M visitors)
2008 24.685 129 ND 24.814 90 31 346
2009 36.814 152 193 37.160 122 46 515
2010 24.234 334 245 24.813 81 28 321
Var. 2009 2010 -34,2% 119,7% 26,9% -33,2% -33,6% -39,1% -37,7%
WASTE PRODUCTION Waste production by the tenants and visitors is part of the normal functioning of a shopping centre. MMM P Environmental Management strategy involves raising the awareness of both groups regarding the need to produce less waste, and whenever possible recycle or even reuse waste (on the part of the tenants). A vast amount of signage at strategic points in the common areas, combined with waste containers that permit separation, contribute to incentivize and raise the awareness of our customers to this issue. We have also conducted a large advertising campaign that includes television spots, to communicate to all our Visitors that Pontos Electro have been installed in our centres, which give our visitors the ability to freely dispose of various types of waste, namely electrical and electronic equipments, also called WEEE. This action was developed with the support of Amb3E, a company that manages these types of waste. Our tenants have appropriate areas at their disposal where they can separate paper, cardboard, plastic, wood, clothes hangers and WEEE. Accompanying this measure there is information regarding their functioning and our environmental policies. The total amount of waste produced was 9.276 tons, which is practically the same amount that was produced in 2009 (comparing the same number of centres). Hazardous waste was kept at 3%. In 2010 the recycling or reuse of waste was 70% which is an increase of 6 percentage points from last year.
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Waste production 13 Total waste Comparable amount Waste/GLA (ton/1000m2) Waste/Sales (ton/M ) Waste/visitors (ton/M visitors) Hazardous waste (ton) Hazardous waste % Recovered waste %
2008 8.939 8.939 31 11 124 56 1% 39%
2009 8.924 8.812 29 11 124 289 3% 64%
2010 9.276 8.790 30 11 120 269 3% 70%
Var. 2009 2010 3,9% -0,2% 3,4% 0% -3,2% -6,9% 0% 6 p.p.
The increase to 70% in the percentage of recovered waste is because of the reduction in the amount of waste sent to the landfill and the higher rate of composting (+5 p.p. up to 29%) and recycling (plus 2 p.p. to 38).
Waste production (ton)
70%
of waste recovered
10.000 8.000 6.000 4.000 2.000 0
8.939 8.924 9.276
8.939 8.812 8.790
Total waste
2008 2009 2010
Comparable Waste
Hazardous waste
7% less
Waste disposal Landfill Recycling Incineration
2008 5.429 3.150 259 101 0
2009 3.193 3.257 324 2.150 0
2010 2.814 3.479 268 2.675 38
Var. 2009 2010 -12% 7% -17% 24% -
Waste per million visitors
Composting Physicochemical treatment
1,4% less
13
In order to make a fair comparison, the data from 2008 and 2009 does not include Forum Barreiro and Castelo Branco which are no longer part of MMM Ps portfolio.
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Waste disposal (ton)
38 0,4% 2.675 29% 268 3% 3.479 38% 2.814 30%
Landfill Incineration
Recycling Composting
Physicochemical treatment
The waste produced is mostly organic with 2.836 tons which represent 31% of the total, MSW - 2.772 tons - 30%, paper and cardboard 2.322 tons or 25%. The remaining amount consists of various types of waste.
CONSUMPTION OF RAW MATERIALS Paper is one of the most heavily used raw materials in administrative work. For this reason, we monitor our consumption which in 2010 totalled 12.4 tons. 6.8% of that amount was recycled paper. During 2010, we replenished our stock of paper in Forum Montijo, which contributed to the increase in total consumption, because in this specific case we calculate consumption based on how much paper is bought during the year.
7%
of paper consumed is recycled
Paper consumption
2008
2009
2010
Var. 2009 2010 94,3%
Paper consumption (ton)
Total paper consumption (ton) Comparable paper consumption (ton) Consumption of recycled paper (ton) Comparable recycled paper consumption (ton) % of recycled paper in the total
7,3
6,4
12,4
7,3
6,2
11,5
85,6%
15,0
12,4 7,3 6,4 7,3 6,2
11,5
1,0
1,3
0,8
-37,1%
10,0
0,5
1,0
1,3
0,8
-37,4%
0,0
14%
21%
7%
-14 p.p.
Total paper consumption
Comparable paper consumption

2008 2009 2010
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Valuing People
03.4
Companies can distinguish themselves by their organization models, strategic position or by their portfolio of products and services, but their identity and capacity to generate value is mainly connected to people, this is especially true for the shopping centre management market. Currently, our sector seeks to retain the best professionals and adjust their work to the conditions of the market. People First is the human resource management model chosen by MMM P to differentiate itself from its competitors. Our people and the way in which the teams are organized are what distinguishes us and allows us to manage our portfolio of products using two complementary models. On one side, we have a close relationship and create bonds of trust with the Tenants, Partners and Visitors through our large local teams. On the other side, with the broad vision of our central structures we can share knowledge and choose the practices that will have the best results and contribute to the satisfaction of Owners and Tenants. We consider Team Management to be one of our strategic areas. Our commitment to people, implemented through our Business School, is focused on training, and in career development. This will attract and retain the best employees and provide the conditions so that all the elements can distinguish themselves by their excellence. The evaluation and the career progression models work as additional tools to motivate and at the same time ensure the performance of the teams so that we can meet the expectations of the Owners, Tenants, Visitors and remaining Stakeholders. The clarification of our Policies, Principles, and code of conduct to which we subscribed in 2009, not only makes it possible for anyone to scrutinize them, but also promotes compliance with the law and with the ethical standards that are part of the companys culture. Throughout 2010 we consolidated our teams and prepared the company and its people for new challenges.
Type of employment contract
5 5%
87 95%
Fixed term contract Permanent
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Employee turnover rate (%)
18,6 14,7 11,1 5,9 6,1 6,4 4,8 5,3 13,2

Gender Balanced Company
Male
Female
Total
52% Mulheres 48% Homens
Employees by gender (nr)
108 104 48 46 44 60 58 48
92
Homens
Mulheres
Total
2008
2009
2010
PROFILE OF OUR TEAM In 2010 we adjusted our team to our portfolio, from 104 to 92 employees, which is a 12% reduction. There are no parttime employees and the number of fixed term contracts decreased 50%, i.e. 5 contracts, the remaining 87 employees have a permanent contract with the company. Our total employee turnover rate was 13.2%, 6.4% for men and 18.6% for women. This was caused by the departure of 3 male and 11 female employees, which balanced the gender ratio 44 / 48. Most of the elements that left (86%) were Assistants. This shows that when there is a need to adjust the company to a new circumstance, MMM Ps strategy is to retain the talent of the best qualified employees as this will maintain and increase its difference from the other companies in the market.
95%
of employees are on a permanent contract
1,89 Ratio
between Lowest salary / National minimum wage
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Employee turnover rate 18 to 34 years old 35 to 44 years old 45 to 54 years old Employee turnover rate - Male
2008 0,0% 2,6% 0,0% 5,9%
2009 0,9% 1,7% 0,0% 2,6%
2010 7,7% 3,7% 14,3% 6,4%
Employee turnover rate 18 to 34 years old 35 to 44 years old 45 to 54 years old Employee turnover rate - Female Total employee turnover rate
2008 2,6% 0,0% 0,0% 4,8% 5,3%
2009 5,1% 3,4% 0,0% 8,5% 11,1%
2010 28,1% 9,1% 0,0% 18,6% 13,2%
In our team most employees are between 35 and 44 years old, and the average age is 36.8. Assistants form the largest occupational category, with about 50% employees, followed by Centre Manager (24%) and Department manager 17%.
AGE GROUP AND OCCUPATIONAL CATEGORY 18 to 34 Female Director Regional Manager Centre Manager Department Manager Assistant Age and gender Total Age Total Male 35 to 44 Female Male Female 45 to 54 Male
0 0 2 4 17 23
35
0 0 4 2 6 12
0 1 7 5 7 20
46
0 3 7 5 11 26
0 0 1 0 4 5
11
2 2 1 0 1 6
The lowest salary paid by MMM P is 53% higher than the minimum wage in Portugal. There are no significant differences in the female-to-male earnings ratio. The maximum interval remains the same at 1.12 in the regional manager category and the minimum at 0.83 in the Centre Manager category.
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Female-to-male earnings ratio Regional Manager Centre Manager Department Manager Assistant
2008 1,01 0,81 0,98 0,82
2009 1,12 0,84 0,97 0,82
2010 1,12 0,83 0,96 0,85
Lowest salary/national minimum wage ratio Lowest salary/national minimum wage
2008 2,10
2009 2,00
2010 1,89
MMM P provides, without any distinctions between employees, a broad health insurance package, which not only covers the employees but also their families. We also provide life insurance with incapacity /disability coverage for workplace accidents and work related travel. Taking into account the size and geographical spread of the teams we do not think it is necessary for the business to have formal health and security committees. There is also no collective bargaining agreement. However, there is complete freedom to associate and to exercise the fundamental right to unionize. We comply with the law and the deadlines, regarding the previous notification of any operational changes in the organization.
WORKPLACE SECURITY AND HEALTH In 2010 there were no accidents in the workplace or occupational illnesses, and there were a total of 987 accidents in the shopping centres under our management. 765 of those accidents involved visitors (in 77.4 million visitors) and 222 involved shop employees (in a total of 14.377 direct and indirect employees, who work every day in our centres). From August 2009 to July 2010 there was a contingency plan in place for the influenza A virus, which included a large set of measures to protect and support our employees, visitors, and the shop and service provider staff. As we have said before, in 2010 we began the implementation of an integrated management system, which will contain the workplace hygiene, security and health areas. This system will support the centres in managing the risk, and this will improve our performance in these areas, which are considered by us to be strategic for the success of our business.
0
Workplace accidents
0
Occupational illnesses
0,0013
Absenteeism rate
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TRAINING AND KNOWLEDGE SHARING Conforming to its People First strategy, MMM P is characterized by the spreading of information and the sharing of knowledge. This good practice extends to the teams, projects and to the work carried out by the employees of the company. These employees have at their disposal information systems and data that can help them in their performance. We also continued to foment working groups, organised training sessions, meetings, get-togethers and parties in which knowledge can be shared through formal and informal mechanisms; this is one of the strengths of our company. As in 2009, we continued to promote internal training, by taking advantage of the accumulated knowledge and the vast experience of our employees, and using the Business School to share that expertise. We carried out the action related to customer service quality and improved the GIFT CARD, by using a similar model which proved to be effective. To this effect, we prepared and carried out a training action to the employees in charge of implementing and managing the GIFT CARD service in each centre, who then shared and implemented that methodology with their respective local teams. The change of financial software was responsible for 41.3% of the total training hours and the actions regarding Sustainability were the ones which involved the most employees 23. The main topics covered in the training on sustainability were: The implementation of the Multi Sustainability Index, the measures and actions in the Operational Sustainability Plan, the sustainability performance of MMM P and the organization and preparation of a new Sustainability Report. The work carried out in this area also included the upcoming MMM P Portal and the transition of employees to other shopping centres in our network in order for them to acquire new experiences, working methods and contacts. The Assistant category received the highest number of training hours, with 135 accumulated hours and 9 hours per employee being trained. The Department Managers received the highest average number of hours. Around 40% of MMM Ps employees were given training and on average each trainee received 8 hours training. There were a total of 26 sessions throughout the year.
Occupational categories Regional Manager Centre Manager Department Manager Assistant Total Total training hours 3 63 99 135 300 Average hours of training per category 3,0 5,3 11,0 9,0 8,1
300 hours
Internal training given
8,1 hours
of training per employee
40%
MMM P employees who received training
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CAREER PROGRESSION AND SKILLS DEVELOPMENT MMM P has established a meritocratic culture which rewards employees who achieve better performance. The company has created a skills map which determines the skills and profiles required. This map enables us, in the light of the attributes of each member of our team, to determine the skills that each individual needs to develop. The assessment system, inherited from the Multi Corporation, is applied annually. All employees are evaluated by their immediate superior, and each department manager, centre manger and regional manager assesses their team as a whole. This method, which has been used since the founding of the company, enables us to assess trends, achieve objectives and perform comparative analyses in an international and multidisciplinary population. The evaluation of employees is based on three parameters: behavioural assessment, in which we consider aspects such as motivation and satisfaction; individual performance assessment, in which we assess the degree of achievement of the objectives proposed and agreed in the previous year; development of the employees skill and knowledge; Top managers are evaluated in terms of their success in implementing the key tools and processes for managing social and environmental impacts, as agreed with the Board.
100%
of employees have been evaluated
SIX STEPS FOR THE FUTURE Our teams strive for excellence and are committed to creating and keeping the highest quality standards in the centres they manage and in the activities they carry out. Because we believe we can create our future and contribute to the progress of our industry and our company, in 2010 we worked to develop and implement around 6 new projects. They are the result of our commitment to People. The specific characteristics and complexity of each shopping centre pose a problem for the Owners and Managers when they want to compare performances and results, especially regarding sustainability and other non-financial parameters. The conception of a new tool, the Multi Sustainability Index (MSI), developed internally with strong support from the Sustentare company (our partner in Sustainability matters) shows our willingness to innovate to provide the market and our peers with a tool that will make it easier to compare and identify good practices, by making more similar what is now different. To the creation of the MSI, which was presented
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internally for the first time in 2010, contributed a large group of employees, all the way from Directors to Assistants. In MMM P we value the use of systems to support and monitor the activity of the assets under our management, especially if those systems can also be used for other areas, namely financial, commercial, Tenant control and support, marketing and operational. In the Operational field, we have developed internally in the last few years, with the support of an external company, a software called ISOM - Integrated System of Operational Management (it may in the future be expanded or connected to other areas) which enables us to record the operational events that occur in the centres. This system is used to manage emergencies, technical issues, operational records and other complementary information. It allows us to obtain predefined reports from its database. We continued the development of this project in 2010, by studying its compatibility with new applications and making continuous improvements. This program is already used by other companies in our sector of activity, which shows its pertinence and value. Together with the ISOM project and because of the high importance of information technology, particularly when it is at the service of the company (and not the opposite), we decided to take a new step to facilitate and expedite our relationship with our tenants and partners, through the internal development, with the support of Y Dreams, of the MMM P Portal. This portal will serve to directly and instantly connect the various entities, and facilitate their interaction and the access to relevant information, especially regarding the sustainability of the business. For example its implementation will make it easier to consult the Job Centre databases of each centre, schedule meetings with our local teams or access sales information. As a complement to this, in 2010 our financial department began the implementation of the Yardi system used to manage real estate projects. Our financial and accounting systems are based on this software, which allows us to crosscheck data, as it is prepared to receive information from other systems and external sources, such as footfall counting systems, the MMM P Portal or others. Its initial implementation will be completed in 2011, and we can expect further improvements to be made after this date. In 2010 the MMM GIFT CARD continued to play a star role in our shopping centres. This project was developed internally to make our Customers lives easier by providing them with a simple and highly effective way of giving a present that allows the person that receives it to choose exactly what they want to get. As a result the person who gives it does not take the risk of giving the wrong present. The effort of our teams was focused on Customer service, on the optimisation of the sale process, and on the creation of new campaigns that provide a large set of advantages to the users of the MMM Gift
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Card. Our example was followed by other players in the market, which shows the quality of our teams and of everyone who backed this winning idea. MMM Ps next step on its way to excellence is the implementation of the Integrated Certification systems which will include the ISO 9001 (quality), ISO 14001 (environment) and OHSAS 18001 (HSW) standards. This option will oblige us to continue down the road we have chosen and it will help to structure the company. It will also enable us to turn part of the tacit knowledge that is held by people and in informal networks, into written information which can be shared with everyone. We are aware of the difficulties that will come up when these systems are completely implemented, however we believe that we will be even better prepared to face the future and that they will not only generate value, but also ensure that each person who chooses to work at MMM P will become a better professional.
SIX STEPS FOR THE FUTURE GRA.
Integrated Certification ISO 9001, ISO 14001 and OHSAS 18001
Portal MMM P
MMM GIFT CARD
ISOM - Integrated System of Operational Managment
YARDI
Multy Sustainability Index
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INTEGRATED PRTICAS MANAGEMENT E RESULTADOS PRACTICES DA GESTO AND INTEGRADA RESULTS
Valuing the Community
03.5
The real owners of a shopping centre are the people in the surrounding Community. This is the Community that the centre should listen to, interact with and satisfy, by becoming the driving force behind its development. In the same manner that shopping centres have anchor stores to increase their appeal, cities use shopping centres to develop certain areas, increase the value of their neighbourhoods or to differentiate themselves from the competing metropolises. Accordingly, in MMM P, we recognize the responsibility to promote the cities where our centres are located and the necessity to maintain bonds of trust with their Communities. The strength of this relationship will dictate the success of the project in the long term. Our responsibilities are to create jobs, an increasingly scarce commodity, and also to provide a comfortable centre that is prepared to satisfy the various needs of the population by providing leisure services, restaurants or just by being a social hub. Another one of our responsibilities is to directly intervene outside of the scope of the centres, wherever necessary. The marketing and communications manager of each centre is the link with the local community, and the person who deals with the majority of the bodies that contact us every day. During the year we had more than 110 meetings with the various representatives of the Local Community.
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Our approach regarding the community and the social domain was materialized in our Philanthropy Policy.
PHILANTHROPY POLICY OUR COMMITMENT TO THE COMMUNITY
We believe that each of our shopping centres contributes to the development of the surrounding communities. As well as creating jobs and developing the economic fabric of the localities where we operate, every shopping centre we manage offers access to a wide range of products and services. At the same time, it also offers leisure and culture facilities to all who visit us. As an integral part of the local community, we recognize that conducting our business in a socially responsible way means being a business that proactively cooperates with other organizations in creating solutions to the challenges faced by individual communities. We are committed to conducting our business in a socially responsible way through the creation of and participation in projects or activities which benefit the community in the long term. In this context, we will act as agents for the promotion of national and local social support initiatives, and our policy will be to give greater emphasis to local initiatives incorporated into national programmes. Our support for the community will be provided in the following areas:
PROMOTING A MORE PARTICIPATIVE AND INFORMED SOCIETY
We aim to help build a more informed and civically participative society. Our contribution will be made by promoting national awareness campaigns in the MMM P shopping centres. The initiatives will be developed around a single issue in all the shopping centres. Their objective will be to raise awareness in the community about a specific issue related to todays social and environmental challenges. Whenever possible these actions will aim suggest forms of behaviour to the visitors of our centres that will make them part of the solution to the highlighted problem;
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CONTRIBUTING TO THE CREATION OF SOCIAL VALUE IN THE COMMUNITIES WHERE WE ARE PRESENT
The management team of each shopping centre annually identifies the needs of the non-profit associations and organizations in the local community. To respond to the most important local problems, the shopping centre management team sets out a social support plan, setting out the contribution which the centre can make, taking into account the available financial and human resources. Our objective, as set out in the plan, is to cooperate with local organizations and help them maximize the social benefit to the public for which they were founded. The support included in this social support plan may take the form of donations in cash or kind and the offer of space in the shopping centre to promote the organizations initiatives. To achieve these commitments we will build and strengthen dialogue with local organizations with a view to establishing long-term partnerships with them which create value in the communities where we operate. All requests for support will be considered and we will give particular consideration to those that enable our employees to be directly and personally involved. We regard this participation as fundamental to the personal development of our employees and to enhancing their sense of citizenship through the experience of volunteering. () MMM P will review this policy at three-year intervals so that it constantly reflects the companys situation and best matches the needs that arise in the context of our social responsibility.
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JOB CREATION Since its first Project MMM P has provided to anyone interested an Employee Exchange program. This project, which is available in every centre, collects the job applications filled out in our internet websites or delivered in our information desks and head offices. This database can then be accessed by tenants, partner companies, service providers and even by our own teams, to find a vast number of potential employees, who are generally from the surrounding area and who show interest and motivation in developing their professional careers through our projects. Our projects have a very high impact in the creation and maintenance of jobs. In 2010, the number of direct jobs, i.e. everyone that works directly in the centre, either for the tenants, service providers or for the centre management, was 10.851. In addition to this, there were 6.087 indirect jobs, such as tenants suppliers and others who are indirectly connected to the projects.
TENANTS FROM THE LOCAL COMMUNITY The close relationship between the centre and the surrounding region also implies the attraction of Tenants from the Local Community so that they can set up business in our centres. In 2010 there was a 24.5% increase from 2009 in the number of Tenants from the Local Community, who are now 249. Their presence is important, because on one hand they know and are adjusted to their Customers and on the other hand, they contribute to local prosperity and to the better performance of the shopping centre. PROMOTION OF LOCAL ENTREPRENEURS The Local Community is also represented in our centres by the 172 local Entrepreneurs who, in 2010, trusted our projects and carried out their business with us. This way, MMM P contributed to the development of new ideas, new businesses and new opportunities, which many times are used to promote products and services from the surrounding region. We back the implementation of these ideas in our centres, and this assures the entrepreneur who is then motivated to go further and to do better. SUPPORT FOR THE COMMUNITY Solidarity is present in various ways in the daily management of our centres. Peoples affluence and their readiness to be approached and sensitised towards certain topics, transform our shopping centres into an excellent place to raise awareness and raise funds for social, cultural and solidarity organizations. Throughout the year, after we confirm their importance and the owner approves, MMM P freely provides these institutions, with space in the common areas of the centres
Local Entrepreneurs Tenants from the Local Community
16.938
Direct and indirect jobs
249
24,5% more than in 2009
172
59,3% more than in 2009
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(generally in places with high visibility and traffic) where they can carry out their campaigns. During 2010, in all of the centres we provided 1.507 days of free space use, which would be worth more than 334.8 thousand Euros. The collection of donations directly by MMM P, fundraising 14 and direct cash donations were some of the other ways in which we collaborated with the Community and supported certain causes. The amount collected, around 38.9 thousand Euros, was given to causes ranging from the Christmas campaign of Almada Forum which supported Ajuda de Bero (that also received a direct donation of 12.5 thousand Euros), to the Alta Segura campaign carried out by APSI which was chosen by the Call Group in Forum Algarve, and to the giving of more than 1.100 food baskets, by our Visitors, Tenants and by companies from the local community to poor families picked by local institutions connected to ENTRAJUDA, in partnership with the Food Bank Against Hunger. Direct donations totalled 17.4 thousand Euros, which were mainly given to Ajuda de Bero in the context of the campaign developed through Almada Forums Facebook and to the service provider teams of Forum Madeira in the form of Gift Cards. Our centres also contributed with more than 15.3 thousand Euros through initiatives such as exhibits, hospital visits during Christmas and donations in kind. Our employees also led by example as they dedicated part of their working time, 820 hours to Philanthropic activities for the benefit of the Community.
Fundraising consists of the amounts that were not directly donated by MMM P. They were instead collected through initiatives carried out in the shopping centres.
14
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Community support
38.874 10% 17.414 4%
15.281 4%
334.891 82%
Offer of space Direct donations
Collection of funds Organisation of initiatives
Graph Note: Fundraising has no effect on MMM Ps budget because it consists of the donations collected by external companies in initiatives carried out in the shopping centres. MMM P contributed to these donations solely by freely providing the space where they could be collected. These values are not included in the community support areas of the GRI, EC1 and EC8 indicators.
TESTIMONIAL AJUDA DE BERO
With this help, Almada Forum has eased the anguish that we may have had to close one of our homes and stop taking care of more than 20 children, who would certainly have felt abandoned once more in their short lives. This help will also go to the more than 20 children in our other home, which will be able to continue working.
Sandra Anastcio Ajuda de Bero
It was a privilege I was really close to myself and it was good to feel the heart creating
Pedro Oliveira - Happy Brands
It was a truly unique experience to develop the D Colo Ajuda de Bero campaign. It was interesting to see the commitment and determination of everyone involved in this cause. It was a great challenge at the creative level but, above all it is a great satisfaction to take part in this peerless solidarity movement.
Tiago Charrua Happy Brands
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PROJECT FOR POOR FAMILIES The food baskets collected by Multi Mall Management helped 1.111 families. In the context of its Social Responsibility policy, MMM P promoted together with Entrajuda, the project Christmas for Everyone. This project was part of the Christmas campaigns of the Shopping Centres under our management, and the objective was to provide a Christmas meal to poor families. On a national scale the project gave more than 1.100 food baskets which helped thousands of people. This years edition of Guis book Gui e a Aventura na Quinta das Macieiras and educational book offered during Christmas in the Shopping Centres managed by Multi Mall Management, challenged the visitors to make a Christmas Food Basket to give to needy families. The Christmas for Everyone initiative collected more than 1.100 food baskets, which were the product of the solidarity of visitors, tenants and partners in the shopping centres managed by MMM P - Forum Aveiro, Armazns do Chiado, Forum Algarve, Parque Mondego, Almada Forum, Forum Montijo, W Shopping, Forum Madeira, Forum Viseu, Forum Coimbra, Galeria Comercial FN Sintra, Espao Guimares and Braga Retail Centre. The food baskets were given to social solidarity institutions picked with the support of Entrajuda. This is a solidarity institution whose objective is to support other intuitions at the organization and management level, in order to improve their performance and efficiency when it comes to helping people in need. This was the 4th edition of GUIs book, which every year is freely given by Santa Claus in the shopping centres managed by MMM P. This book combines the pleasure of reading with an educational message which draws the attention of all children and their families to a social cause. MMM P also combined its environmental commitment with this project, by compensating for the greenhouse gas emissions (GHG) caused by the production and printing of GUIs book. We compensated for 6.87 tCO2e (93 gCO2e per book), through the offset of an equivalent amount of carbon dioxide in Alquevas CarbonoZero forest. The emissions we compensated for were necessary for the production of the books, namely: paper pulp production and printing/finishing of the book.
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TESTIMONIAL ENTRAJUDA
I am very thankful for the generous initiative A Christmas for Everyone of Multi Mall Management which gave a Christmas food basket to around 1.111 poor families. This brought so much joy and comfort to the Christmas meal of these families, who daily live with so many difficulties. I want to express my deep gratitude on the behalf of these families to everyone who generously participated.
Isabel Jonet Entrajuda
In 2010 we initiated the pilot-project Multi Stakeholder Group 2 (MSG2), which is part of the Sustainability Governance model, with the goal of integrating ideas and meeting the expectations of our stakeholders at the local level. The MSG2 which was implemented first in Forum Algarve, under the name CALL Group, consists of elements from the Local Community who have the opportunity to transmit to the Board of the Forum any problems and concerns felt by the Community that they represent. They also participate in the definition of joint strategies which create social value for the Community. In this context, this group which included such distinct entities as the University of Algarve, the Faro City Council, the regional offices of the Institute of Employment and Vocational Training (IEFP), the Casa dos Rapazes, the Refgio Aboim Ascenso, among others, developed an application plan for Local Community Support Projects. We received applications from 12 organizations with 15 different projects. The Jury (comprised of MMM P, Sustentare and TV Rheinland) and the Advisory Board (composed of the Provincial Government of the Faro District and CCDR Algarve) decided to support the Alta Segura Transporte do Recmnascido no Automvel project proposed by the Associao para a Promoo da Segurana Infantil (APSI). The objective of this project is to promote the safe transportation of newly born babies in the Algarve region, starting from their first trip. During the Christmas season, APSI had a space in Forum Algarve near Santa Clauss village where visitors could obtain information about the importance of adopting correct and safe practices when travelling by car, especially considering that, according to APSIs data, of the more than 80% of children that use childrens seats, more than half use them incorrectly and 14 children per day are victims in a car accident. As a result, during this years Christmas season the amount paid for the carousel and the train in Santa Clauss village (0.50 for each ride) was given to APSI for the development of the Alta Segura project, whose objective is to implement child and maternal health appointments in hospitals and a support and counselling service for pregnant women and families regarding the transportation of newborn babies in cars.
820 hours
Hours spent by our staff on philanthropic activities
Food baskets given by the Christmas campaign
1.100 baskets
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Support for the local community
367,6 thousand euros
The proximity between the Local Community and the centres managed by MMM P is also shown in many other activities carried out in 2010. These activities ranged from the Exhibition of Projects from the Architects Core Group of Viseu, which took place in Forum Viseu, to the collaboration with local media outlets (O Ribatejo newspaper) in the dissemination of social causes in Santarms W Shopping. We also received visits from elementary school students so that they could see how a shopping centre works (in Armazns do Chiado), and through our Eco Ponto da Amizade we collected thousands of items which were then given to institutions. In Forum Madeira the Eco Ponto da Amizade collected and gave more than 960 toys, 1.400 clothing items, 420 shoes and 300 school materials.
The Um jornal, um sorriso solidarity campaign, that O Ribatejo has been promoting for years, has always been able to count on the inestimable support of W Shopping in Santarm. As usual, in 2010, we returned to W Shopping to begin our newspaper selling campaign in favour of a social institution in the city. The proceeds from our 2010 solidarity campaign were entirely given to the Paediatrics Service of Santarms Hospital. We owe a very special debt of gratitude to the Board of W Shopping in Santarm, for their repeated and committed willingness to support the Um jornal, um sorriso campaign, to which they contributed once more with the purchasing of newspapers and above all, with the space that they provided to us in the shopping centre together with their personal commitment for this solidarity campaign. Thank you for all of this.
Joaquim Duarte - Director of the O RIBATEJO newspaper
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Operational Sustainability Plan
03.6
03.6.1 WHAT WE DID IN 2010
Below we present the commitments included in our 2010 sustainability plan, and the actions carried out in each one of them. We initiated or finished 31 of the planned actions, 7 were eliminated after we ascertained that they made no sense in the current context of the company and the other 7 were delayed to the next years for the same reason.
STRATEGIC SUSTAINABILITY AREAS
ACTIONS PLANNED FOR 2010
IMPLEMENTATION STATUS Started With the certification of the integrated management system (which includes certification to standard OSHAS 18001) it will be possible to achieve this objective. Achieved We had meetings with the police in order to ensure internal coordination with them. Started Our approach regarding security was focused on implementing the certification of the integrated management system (which includes certification according to the OSHAS 18001 standard). This system will allow us to achieve this objective by the end of 2011. Removed from plan This objective was reassessed and we decided to remove it from the operational plan. Achieved We conducted a global assessment of the BREEAM health and wellbeing practices. Started We analysed the market to find a company to support us in the implementation of the integrated management system (which includes certification to standard OSHAS 18001) and we began the implementation.
Development of an indicator of the state of security in the centres Dialogue with the security forces to increase the police presence and coordination to bolster security in the centres SECURITY Communicate and reinforce the role of security for tenants
Engagement with providers of security services and introduction of security clauses in the management of the centres Diagnosis of shopping centres against BREEAM health and wellbeing practices implementation of improvements CLEANING, HYGIENE AND HEALTH
Define the hygiene, health and safety policy
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IMPLEMENTATION STATUS To be implemented in 2011 The beginning of the implementation of the OSHAS 18001 system in the shopping centres will enables us to standardize practices, and therefore this objective will be reached next year. To be implemented in 2012 Due to the global economic context we decided to delay this action.
Standardize the hygiene, health and safety practices of the centres CLEANING, HYGIENE AND HEALTH (cont.)
Require service providers to undergo human rights assessments and training (including child, forced and excessive labour) Create energy efficiency criteria for all buildings Internal and external Benchmark and share good practices
ENERGY
Prepare financial viability plans of investments in energy efficiency
Changed/Started After conducting energy audits we defined a set of measures for every centre to implement which according to the viability plans will enable us to reach the general stated objective of reducing energy consumption and increasing the efficiency of the centres.
Enable all tenants to monitor and know their energy consumption
Achieved Through the energy audits, carried out as part of the energy certification process, we were able to know the consumption of the tenants and indentify potential improvements to be made. Achieved We conducted a study about Green Travel Plans Achieved The following shopping centres were defined as having priority for the implementation of the Green Travel Plans: Almada Forum Forum Coimbra Espao Guimares Achieved We conducted a study about the Green Travel Plans which include good external practices. To be implemented in 2011 We were not able to initiate the development of the Green Travel Plans of the centres that will be pilot-projects. Achieved, was not part of the plan In Forum Sintra (shopping centre that was renovated in 2010) we installed parking support systems, which will reduce car emissions in the parking lot. We will implement this measure in future renovations and new assets. Achieved We carried out a general evaluation of the BREEAM practices regarding water. Achieved The tenants water consumption is being reported in the 2010 Sustainability Report (this document). Achieved We created a document to share good practices between centres. To be implemented 2011 This will be done case by case for each shopping centre. Achieved We conducted a global evaluation of the BREEAM practices regarding waste. P. 89
Draw up guidelines for the preparation of Green Travel Plans for each centre
Define which shopping centres have priority and the objectives for the implementation of the Green Travel Plans Compilation of good internal and external practices to provide to the shopping centres Draw up Green Travel Plans for the shopping centres identified as priorities, including medium and long term actions
TRANSPORTATION
Reduce car emissions in the shopping centres and surrounding areas
Identify opportunities for improvement through Benchmarking against BREEAM best practices
Report water consumption by tenants WATER Share good practices between centres
Prepare financial viability plans for investments in water management Identify opportunities for improvement through Benchmarking against BREEAM practices
WASTE
IMPLEMENTATION STATUS Achieved In 2009 we started an innovate project in Forum Viseu with the objective of recovering waste, however this project was not continued in 2010, because it was not viable anymore To be achieved in 2012 Through the environmental management systems we will develop awareness campaigns and spread information which will ensure that we reach this goal. Achieved Through the tenants surveys we were able to gauge their satisfaction concerning the issue of hygiene and food safety. Started We analysed the market to find a company to support us in the implementation of the integrated management system (which includes certification to standard ISO 9001). This system will enable us to achieve the objective. Started We analysed the market to find a company to support us in the implementation of the integrated management system (which includes certification to standard ISO 9001). This system will enable us to achieve the objective. Achieved The scope of the implementation of the integrated management system (which includes Quality) is the activity of shopping centre management (this system will be implemented in every centre). Started The implementation of the integrated system (which includes ISO 9001 certification) in the shopping centres will enable us to standardize and monitor the defined quality indicators. The implementation of this system began in 2010.
Initiate (and continue with) plans for innovation in waste recovery WASTE (cont.) Campaigns to change behaviour regarding the separation of waste in the common areas
Involvement with tenants to reduce the waste produced from packaging, products and services sold FOOD SAFETY AND HYGIENE IN THE CENTRE Incorporate this issue into the quality management system in shopping centres
Formulate the shopping centre quality policy
QUALITY OF SERVICES AND PRODUCTS
Identify the scope of the shopping centre quality management system
Standardize and monitor existing quality management performance indicators
Consult anchor tenants to gauge their willingness to sign a charter of principles Involvement of tenants and survey of good practices (in the context of training at the Business School) Charter of principles for responsible consumption and quality of products and services Create a charter of principles to distribute to tenants and service provides together with the sustainability report Achieved We created a charter of principles which will be distributed to tenants and service providers. Removed from plan We reformulated our approach to the issue of responsible consumption, and decided that we would develop of a more generic charter of principles, which would then be distributed to tenants and service providers.
RESPONSIBLE CONSUMPTION
Involvement of tenants and survey of good practices (in the context of training at the Business School)
Removed from plan Due to the global economic context the operation of the Business School and the training plan were limited during 2010, therefore this objective was removed from the plan.
Replication and adaptation of the overall philanthropy approach to each shopping centre Construct initiatives that deliver the organizations overall approach
Started We implemented the multi-stakeholder group 2 pilot-project (MSG2) in Forum Algarve. After this, we decided to do the same in all of the shopping centres in 2011.
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IMPLEMENTATION STATUS Started The decision to implement the MSG2 in all of the shopping centres shows that the same approach is being used in every centre, according to the model tested in Forum Algarve. Achieved We conduct various community support initiatives in every centre which substantiate the philanthropy policy. More information about these initiatives can be found in chapter 03.5 Valuing the Community. Removed from plan The creation of an integrated project to support local commerce was removed due to the global economic context. Achieved We are counting the number of tenants from the local community in every centre. There is a procedure to do this.
Replication and adaptation of the overall philanthropy approach to each shopping centre SOCIAL RESPONSIBILITY Construct initiatives that deliver the organizations overall approach
Develop marketing campaigns to promote local products in the shopping centres (anchor and city centre shopping centres)
LOCAL COMMERCE
Standardize criteria for the identification and recording of local community tenants
Standardize criteria for the identification and recording of local community entrepreneurs
Achieved We are counting the number of entrepreneurs from the local community in every centre. There is a procedure to do this.
Creation of a follow-up system for tenants employees and employment exchange applicants Standardize and monitor the effectiveness of employment exchanges Stimulate the employment exchange program LOCAL EMPLOYABILITY Standardize and monitor the performance indicators Evaluate the suitability of job centre courses for the training requirements of a shopping centre Removed from plan It is not viable to carry out his action with the job centres. Removed from plan Due to the global economic context we will not be providing training to tenants, and therefore it is no longer necessary to look for partners.
To be implemented in 2011 In 2010, we did not have the right conditions to be able to measure the performance of the centres employee exchange programs.
Look for partners that can provide training
Stimulation of an ideas marketplace with the first ideas competition launch of the first competition Creation, via the ideas marketplace, of a forum for the sharing of good practices between shopping centres. Begin the implementation of the winning ideas Create a content library of the management practices of each shopping centre
PROMOTION OF INNOVATION
Achieved The integrated management system (includes quality) which we began to implement in 2010 will enable us to systematize and manage good practices, even though it is different from a content library.
Achieved The integrated management system (includes quality) which we began to implement in 2010 will enable us to systematize and manage good practices, even though it is different from a content library. To be implemented in 2012 Due to the global social and economic context this objective was not achieved.
CAREER DEVELOPMENT
Monitoring of promotions and career progression in MMM P (compilation of promotions history in MMM P)
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IMPLEMENTATION STATUS
Organize training for employees in human rights and other risks associated with the business ETHICS AND COMPLIANCE Conduct the first organizational climate survey
Achieved Training in human rights was provided. See chapter 03.4 Valuing people.
To be implemented in 2011 The survey was not conducted, even though it had already been made. We are committed to do this 2011. Removed from plan Due to the global economic context the operation of the Business School was limited during 2010, and therefore this objective does not make sense anymore.
Share experiences and partnerships with other European Business Schools
TRAINING
Identify possible case studies of shopping centre management
We did not find any relevant case studies for publication.
Identify partners for the development of case studies of shopping centre management
Achieved We created a procedure to identify partners for the elaboration and publication of case studies regarding sustainable shopping centre management.
03.6.2 WHAT WE WANT TO DO IN 2011
OBJECTIVES FOR 2012 Reduce tenants and customers complaints about security Reduce robberies and thefts
ACTIONS IN 2011 Create security Objectives (risk 0) There are no actions planned for 2011 in this area, but there are for 2012. There are no actions planned for 2011 in this area, but there are for 2012. We expect this objective to be reached in 2011, because we are implementing the integrated management system (Environment, Quality and Security). Behavioural campaign with local community organizations to promote health, cleanliness, hygiene and/or wellbeing. Standardize tactics between shopping centres on hygiene, health and safety at the centres (carried over from 2010). Corporate behavioural campaign in all of the shopping centres regarding energy dependence, emissions and climate change. Elaborate a record of energy consumption by shopping centre and segment tenants by their consumption The energy audits allowed us to know the consumption of the tenants and identify improvements to be made. This ensures that part of this objective will be already reached in 2010.
SECURITY Increase the perception of security
Incorporate into a quality management system Implement the OSHAS 18001 management system CLEANING, HYGIENE AND HEALTH Bring shopping centre performance up to the level of BREEAM health and wellbeing practices Bring shopping centre performance up to the level of BREEAM energy practices ENERGY Achieve level C or higher in the energy certification of the shopping centres
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OBJECTIVES FOR 2012
ACTIONS IN 2011 Even though this objective was achieved in 2010 we will continue to implement management measures, though the environmental management systems of the centres, which encourage further reductions in energy consumption. Behavioural campaigns with visitors and tenants employees. There are no actions planned for 2011 in this area, but there are for 2012. Even though this objective was achieved in 2010 we will continue to implement management measures, through the Environmental management systems, to further reduce CO2 emissions. Create the Green Travel Plans of the shopping centres with medium and long term actions (carried over from 2010). Create a record of water consumption by shopping centre and segment tenants by their consumption We achieved part of this objective in 2010 through the monitoring of the tenants consumption. Behavioural campaign with visitors (identify the shopping centres with the most knowledgeable population). Prepare financial viability plans for investments in water management (carried over from 2010).
ENERGY (cont.)
Encourage the reduction of energy consumption in the shopping centres Increase the accessibility of the shopping centres and favour the positioning of centres close to cities Reduce the environmental impact of journeys to the centres
TRANSPORTATION
Reduce CO2 emissions from vehicles in the shopping centre and surrounding areas Encourage travel by less polluting means of transport
Reduce the water consumption of the shopping centres
WATER
Bring shopping centre performance up to the level of BREEAM water practices Ensure the quality of the water consumed by visitors and operators in the shopping centres Bring shopping centre performance up to the level of BREEAM waste management practices Innovate in waste recovery
WASTE
Even though this objective was achieved in 2010 we will continue to implement management measures, through the environmental management systems of the centres, to encourage the continuous improvement of our waste management performance. Support and monitor the tenants during and after the periodic ASAE inspections (report and count these inspections by shopping centre). Monitor the tenants HACCPs.
FOOD SAFETY AND HYGIENE IN THE CENTRE
Reduce food safety and hygiene risks in the shopping centres
QUALITY OF SERVICES AND PRODUCTS RESPONSIBLE CONSUMPTION
Standardize the quality management parameters of the shopping centres Influence tenants by introducing the concept of responsible consumption Align the shopping centres commitments on sustainability and social responsibility with the interests of local community organizations Encourage social responsibility, citizenship and sustainability practices in local community organizations Build an overall approach to community engagement
Build a system of incentives for tenants and their employees, correlated with customer satisfaction and complaints. Benchmark about responsible consumption and new consumption tendencies relating to the sustainability topic.
Selection of the representatives and formal invitations for the constitution of the multistakeholder groups of the shopping centres.
Formalization and operation of the multistakeholder groups at the management level of the centres. There are no actions planned for 2011 in this area, but there are for 2012. We have reached this objective in 2010, however we will keep implementing measures to promote our relationship with the local communities, as needed
SOCIAL RESPONSIBILITY
Develop action plans for shopping centres that are adapted to the reality of each local community
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OBJECTIVES FOR 2012
ACTIONS IN 2011
Reinforce the image of the centre as a promoter of commerce and as a business that attracts visitors to cities
Create a plan for involvement with tenants from the local community (find good practices and entrepreneur success stories, typical products, etc.)
LOCAL COMMERCE
Reinforce the protection and commercial boundaries of the cities where we operate
Our current procedures are already counting the local tenants and entrepreneurs. Even so, we will keep making improvements to standardize and hasten the calculus methods and the information compilation tools in the various shopping centres. We have reached this objective in 2010, however we will keep implementing measures to strengthen our connection with local commerce, as needed Study social responsibility and philanthropy support for the employees of the centre (childrens day-care, etc.).
Shorten the distance between local commerce and shopping centre
Promote the employability and occupational training of the local communities who work in the shopping centres LOCAL EMPLOYABILITY
Creation of a follow-up system for tenants employees and employment exchange applicants (carried over from 2010). Standardize and monitor the efficacy of the employee exchange programs (carried over from 2010). Stimulation of the employee exchange programs (carried over from 2010). Standardization and monitoring of performance indicators (carried over from 2010). There are no actions planned for 2011 in this area, but there are for 2012. There are no actions planned for 2011 in this area, but there are for 2012. We achieved this objective in 2010.
Position the shopping centre as a benchmark in the community for training and commercial skills
Foster a culture of innovation that ensures critical changes in the organization PROMOTION OF INNOVATION Foster interdepartmental, bottom up cooperation Create a system for the sharing of good practices between shopping centres
CAREER DEVELOPMENT
Formalize career development practices and monitor the performance indicators
Analysis of the implementation project of the 360 evaluation processes.
Position MMM P as a national and international benchmark employer Implement the Business Principles and the Code of Conduct Survey and assess the organizational climate Stimulate internal training and knowledge sharing in the organization TRAINING Promote knowledge of shopping centre management and export this knowledge with the aim of influencing external markets with MMM Ps management practices
There are no actions planned for 2011 in this area, but there are for 2012. There are no actions planned for 2011 in this area, but there are for 2012. Conduct the first organizational climate survey (carried over from 2010).
ETHICS AND COMPLIANCE
Create case studies of MMM Ps shopping centre management.
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Implementation of the sustainability strategy according to AA1000 APS Standard and GRI Principles
MMM P has defined its approach to sustainability based on the AA1000 APS principles (2008). The strategic sustainability areas and the implementation of the sustainability plan follow these principles. The principles of Inclusivity, Materiality and Responsiveness are also reflected in this 3rd sustainability report, which was verified according to the AA1000 AS (2008) standard. Below we report our compliance with the AA1000 APS (2008) principles in 2010, to which this report relates, referring the reader where necessary to the chapter of the report where we disclose in greater detail how we are complying with the principles of this standard. The AA1000 APS principles which guided this management and reporting exercise are: Inclusivity, the principle that advocates that an organization should be inclusive, by encouraging stakeholder participation in the development and implementation of a strategic and responsible answer to sustainability; Materiality the organization should identify the material issues and their relevance to itself and to its stakeholders; and Responsiveness the organization should respond to the issues raised by stakeholders and which affect its performance, by means of decisions, management actions, communication with stakeholders and performance.
03.7
INCLUSIVITY In the first sustainability report we described how we took in to account the concerns and expectations of our key stakeholders in addressing the sustainability of the company. In reality, the strategic sustainability areas and the targets set for 2012 are the result of our vision of how sustainability can contribute to creating long term value for the shopping centres we manage. Naturally, this vision results from our extensive know-how of the business, but also from the consultation exercise we undertook with stakeholders. In 2009, we decided that this consultation with the stakeholders would take place in the beginning of each strategy cycle. Therefore, we intend to consult with the stakeholders again at the end of 2012, which is when the 1st first sustainability cycle ends. This will serve to assess the need to include new business areas in our sustainability strategy, and to know how the stakeholders evaluate our environmental and social performance between 2009 and 2012 and their opinion regarding the efficacy and fruition of the measures implemented through the Operational Sustainability Plan. The stakeholders may or may not participate in the decision making process regarding the improvement of the sustainability performance. From another perspective, we will analyse the effectiveness of the current communications and involvement mechanisms to identify opportunities for
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improvement, so that the results of the first sustainability cycle are taken into account when making the second cycle. While consultation at a more strategic level is carried out at longer time intervals, we possess mechanisms for ongoing engagement with our owners, tenants, business partners, visitors, suppliers, employees and the local community. In chapter 2, the reader can learn how we managed the participation of the stakeholders. The Governance Model that we are implementing is composed of the necessary human resources to fulfil the operational plan which formalizes all the required aspects for the inclusion of the stakeholders. The technical and financial means are ensured by the organizational structure of the company. Moreover, the Governance Model provides for management advisory bodies consisting of external stakeholders, both at the corporate level and at each of our shopping centres. These bodies give material form to the principle of Inclusivity. We describe our governance model in chapter 2 of this report. According to this model, in 2010 we also implemented the MSG2 CALL Group through a pilot-project in Forum Algarve. The purpose of this group is to strengthen our relationship with the community and identify its needs. Through this group we implemented a system, based on an ideas contest in order to determine in a less subjective manner which community projects are more relevant and the needs of the community entities. In 2011 we will implement the same model of this project in the rest of our centres. We think the implementation of the integrated management system will help in the response to any problems or conflicts that may arise internally (Environment, Quality and Security) due to the fact that the different management practices will enable us to more efficiently control and monitor the relevant aspects of our activity.
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MATERIALITY The process of identifying and ranking relevant aspects was implemented in MMM P in 2008 to determine the correct approach to the sustainable management of the company, i.e., to understand the value that the management of ethical, environmental and social aspects could add to MMM P. This process was described in detail in Chapter 2 of the companys first sustainability report. As described there, it resulted from a series of analyses which took into account the following: the needs and concerns of stakeholders, social norms, the financial impact, and the sustainability practices implemented by the companys main peers. Conducted by the companys management team with the assistance of a specialist sustainability consultancy company, the process of understanding the material issues was essential to the creation of the companys sustainability plan, which establishes the objectives and actions for each of the material issues. The strategic areas and the listing of the associated strategic and relevant issues are on page 21 of this document. The aforementioned governance model allows us to not only bring this plan into fruition, but also to constantly update it with the opinions and concerns of the stakeholders, via their external departments. In 2010 as in 2009, so as to verify the validity of the plans material issues in the light of the context of the company and its social, environmental and economic aspects, we conducted a review of the materiality analysis, from which we concluded that, in general terms there was no need to include new actions areas in our sustainability commitment. This analysis consisted of: Benchmark analysis (which confirmed that the relevant issues for the sector remained the same) Diagnosis of legal compliance (we analysed the applicable law and regulations which had been published or updated during 2010 and concluded that there were no changes that would affect the sustainability strategy). - Each centre identified the main issues for each stakeholder, according to the perception they transmitted. Gathering of relevant issues from the results of the satisfaction surveys of owners, visitors and tenants (in the centres where these surveys were carried out). At the end of each strategy cycle we intend to conduct a detailed materiality analysis, so that we can use it a basis for the definition of the strategy of the next cycle and the concrete measures to be implemented in the Operational Plan. Each year, including during the cycle we will reflect internally on whether it is necessary to make unplanned changes to the plan in order to ensure its effectiveness.
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RESPONSIVENESS We define our conformity with this principle through our response, in the form of the decisions we make, to the main concerns and expectations of the key stakeholders. Throughout this report we have presented the actions we are implementing to improve our performance in the strategic sustainability areas. As we explained in the beginning of the Inclusivity principle, these strategic areas are aligned with the concerns of our main stakeholders. The management indicators and the personal testimony that the reader can find over the length of this report, in addition to the table where we present our level of achievement of the objectives defined in the previous year show our conformity to this principle. The priorities of the objectives and actions in the sustainability plan are defined, discussed and reformulated as needed, according to the context and viability. The priority of the actions is determined based on their importance and maturity and on the available resources. Regarding this point, in 2010 after a proposal of the sustainability working groups the Sustainability Committee decided to delay or remove some of the actions from the Operational Sustainability Plan. This proposal was backed by the specialist sustainability consultancy company which has been supporting MMM P in the implementation of its strategy. Some of the actions were removed because they were obsolete considering the state of the company, for example regarding the operation of the Business School and the evaluation of job centre courses. Also, due to the difficult economic situation that the sector faces we thought it was too soon to carry out responsible consumption actions, and therefore we changed our approach in this area, in order to be able to implement measures. The actions that were delayed have mostly to do with the current economic context of the company and the sector. In this context we cannot afford the investment/cost that was planned to carry out these actions, specifically the ones regarding training and audits to suppliers and service providers, among others. We also think that some of the material issues need more intensive work since they have different maturity and efficiency levels. In the next year, we think it will be important to monitor the results of the implementation of the integrated management system, as this will be a fundamental tool to stimulate some of the less developed areas, namely the health and security areas. Even so, we think that the fact that we have added some indicators regarding these issues to this report shows our intention to one day treat them in a more systematic manner.
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Responsiveness is also related to the communication of our decisions to stakeholders. In this sense, this sustainability report is one of the sustainability communication documents. The annual publication of the sustainability report enables stakeholders to understand how we ensure their inclusion and how we respond to their concerns and expectations. It also enables them to see the impact that the sustainable management approach has on the economic, environmental and social performance of our centres. MMM Ps Sustainability Report is available at: http://www.multi-mallmanagement.pt/sustentabilidade The mechanisms we use to communicate with the various stakeholder groups can be seen on page 29.
GLOBAL REPORTING INITIATIVE PRINCIPLES The 2010 sustainability report of MMM P Gesto de empreendimentos Imobilirios, SA, was prepared according to the G3 guidelines, the third generation Global Reporting Initiative (GRI) guidelines. This is the third report published by the company at annual reporting intervals. The principles governing the content of the report with reference to G3 conform to the principles of Materiality, Stakeholder Inclusivity, Context of sustainability and Completeness. The principles of materiality and inclusivity follow the methodology described earlier. As regards to the principle of context of sustainability, we frame our results and performance indicators within an evolving perspective of the organization throughout this report. Our difference from other market players, both in terms of the maturity of the sustainability project and the type of strategy developed, prevents us from comparing results with other players in the sector. In this report, we cover, in terms of relevant qualitative and quantitative information, all the shopping centres in full operation in 2010, in accordance with the material issues identified earlier. The Braga Retail Centre data (since it only operated for 2 months in 2010) was not included in the indicators. The Forum Sintra data (being renovated during 2010) was only taken into account in the employee indicators. The data of MMM Ps head offices is not being considered for the environmental indicators, since we determined that it was not relevant when compared with the consumption of the shopping centres being analysed in this report. Every time we compare the indicators with 2009, we only take into account the same comparable universe of shopping centres. This means that in sections of this report the 2008 and 2009 data is different from what was published in previous reports, because they consider different universes. Whenever this happens, we mention it in a footnote.
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To ensure the quality of the report we observed the following principles:
BALANCE We observe this principle by reporting the performance indicators that affect our business according to the materiality analysis performed, including opinions and testimonials from our stakeholders, whether positive or otherwise. We believe that transparency helps us refine our management and performance and that the identification of less positive aspects contributes to our continuous improvement. The information reported takes as its source the companys management information systems and reflects their varying degrees of sophistication. Our compliance with the balance principle is also shown in the level of achievement of the objectives to which we committed ourselves in the plan.
COMPARABILITY AND TIMELINESS We made this report with a view to obtaining comparable performance indicators in different time horizons. Every time we are unable to make a time comparison, we mention it in the methodological notes.
CLARITY, ACCURACY AND RELIABILITY Most of the information contained in this report is verified by an external organization. The verification process focused on the information concerning adherence to the AA1000 APS (2008) principles and on the strategy and profile items defined in the GRI guidelines, as well as on a range of performance indicators defined in those guidelines and selected by us as the most relevant on the basis of the following criteria: a minimum of 20, with at least one from each of the indicator protocols (the minimum requirement for level B+); that they correspond to structural aspects (e.g. EC1) and/or reflect performance on the issues identified as most relevant (highlighted as such in the GRI table). Our financial data is also audited in the context of our annual report and accounts. It should be noted that the reported quantitative data was obtained from information provided by our management systems. The reliability of this data is corroborated by external verification. The remaining quantitative data which was not subject to any form of verification will be compared from period to period in
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order to validate the methodology used for obtaining the indicators. Whenever there is a correction in the collection of this data, this change will be mentioned clearly in the following periods, as is the case in this document. Generally, the indicators are calculated according to the GRI methodologies. Every time this rule is not applied, the motive is explained either in the text or in the methodological notes added to this document.
REPORT BOUNDARY
This sustainability report observes the GRI boundaries, by reporting the management approaches, practices and results monitored by it and which influence the sustainability report. We do not have any joint-ventures and the shopping centres that we manage and which are relevant for reporting purposes are described in chapter 01. We have been gradually extending our reporting basis to include the quantitative impacts of our stakeholders, which reflect the overall performance of the centres. One of the examples of this is the reporting of the water consumption of the tenants, which is something we did for the first time in this report.
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ANNEX
Main Issues and Concerns identified by the Management of each Centre in 2010
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ANNEX
Armazns do Chiado
MAIN ISSUES AND CONCERNS
Espao Guimares
Parque Mondego
Forum Coimbra
Forum Madeira
Forum Montijo
Almada Forum
Forum Algarve
Forum Aveiro
Forum Viseu
W Shopping
Tenants Decrease in sales/economic crisis Shop performance (sales) Overall performance of the centre/ competition Traffic in the centre Stimulation of the centre /marketing/ partnerships Cleaning (overall and toilets) Operational difficulties/procedures Condition of the centres floor Working time Lack of smoking area Paid parking lot Paid parking lot for employees New business opportunities Security Owners Overall performance of the centre Occupancy rate Debt collection Value of the asset Commercial strategy Centre renovation Energy certification Tenant mix Suppliers Service quality Contract renegotiation/Economic crisis Negotiation of proposals Payment deadlines 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 3 3 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 3 3 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 5 2 4 4 1 1 1 1 1 1 1 1
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TOTAL
Armazns do Chiado
Espao Guimares
Parque Mondego
Forum Coimbra
Forum Madeira
Forum Montijo
Almada Forum
Forum Algarve
Forum Aveiro
Forum Viseu
W Shopping
Training Loyalty Absenteeism Environment and Security Compliance with procedures Visitors Shop mix Cleaning Decrease in purchasing power/Prices Comfort in the centre Parking lot access Security Employee exchange program Parking lot ventilation Old internet website LPG parking lot spaces being used by other vehicles Available seats in the restaurant area Lack of smoking area Uncovered parking lot Parking lot security Paid parking lot Local community Organize joint events/initiatives Support Promotion of community organizations/ concession of space Environment in the community Operational management during events Partners Economic crisis 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1 1
1 1 1 1
1 1
1 1 1
TOTAL 2 1 1 1 1 4 3 2 2 2 1 1 1 1 1 1 1 1 1 1 6 5 6 2 1 2 P. 105
ANNEX
Armazns do Chiado
Espao Guimares
Parque Mondego
Forum Coimbra
Forum Madeira
Forum Montijo
Almada Forum
Forum Algarve
Forum Aveiro
Forum Viseu
W Shopping
Sponsorships Creation of new business opportunities in various areas Service quality Suitability of the service to the needs Employees Sustainability and development perspectives of the company Personal development/Training/ Progression Improvement of the service and visitor satisfaction Achievement of objectives Adherence to implemented procedures, namely in the security, cleaning and maintenance areas. Wages Focus on teamwork Optimization of available resources Increase in workload
1 1 1 1 1
1 1
1 1 1 1
1 1
1 1 1 1
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TOTAL 1 1 2 1 6 3 3 1 1 1 1 1 1
Methodological Notes
NOTES TO THE QUANTITATIVE INDICATORS The Multi Mall Management Portugal financial data presented here is based on the Annual Report of Accounts which is previously audited. The data on the human resources of Multi Mall Management Portugal were obtained from the companys management. The social and environmental data was put together for each shopping centre, with information from MMM Ps information management systems.
EXCLUSIONS FROM THE SCOPE OF THE REPORT The exclusions from the scope of reporting are identified throughout the report, and in these methodological notes. All the shopping centres in operation and under the management of MMM P are included in the total quantitative data of this report. The exception to this methodology is Forum Sintra, which is undergoing renovation, and Braga Retail Centre since it only operated for two full months in 2010, which means that the data was not mature enough to be reported. As a result, the data from these centres could not be compared with the data from the remaining centres which were in operation for the whole of 2010. Even so, data from Forum Sintra was included in the employee indicators. Compared with 2009 the shopping centres Forum Barreiro and Forum Castelo Branco have been excluded from the scope of this report because they are no longer under the management of MMM P. Throughout the report, we present results called comparable data, which exclude Espao Guimares. This centre is excluded so that we can make a more accurate annual comparison of the results, due to the fact that we do not have the full data for 2009 and 2010, because this centre was inaugurated in the middle of 2009.
EXPLANATION OF THE PERFORMANCE INDICATOR EXTRAORDINARY MONTHLY PROFITABILITY OF THE ASSETS UNDER MANAGEMENT Our objective is to generate a return on the assets above the expected rate and as agreed with each owner. The monthly profitability of the building is agreed with the owner and is reflected in rents. When calculating this indicator, we only took into account the additional profitability above what was agreed in advance with each owner.
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ANNEX
Calculation of the Extraordinary Profitability of a Shopping Centre: Annual extraordinary profitability of a shopping centre = (effective annual return/agreed annual return) - 1 / 12 Months Monthly Extraordinary Profitability of the shopping centres: This figure corresponds to the sum of the extraordinary profitability of each centre weighted by the size of each centre. The size is measured in square metres of gross leasable area (GLA).
EXPLANATION OF THE INDICATOR VISITOR SATISFACTION SURVEY This indicator reflects the satisfaction of visitors in the periodic surveys we conduct in each shopping centre. The frequency of these surveys is subject to the approval of the individual owners of the centres we manage, which means that it varies. The visitor satisfaction ranking is provided by the latest periodic survey (IPS) conducted in each shopping centre by specialist companies up to a year prior to the year of reporting. In 2010, the shopping centres which conducted this survey and therefore contributed to the calculation of this indicator were: Forum Algarve, Forum Almada, Forum Aveiro, Armazns do Chiado, Forum Coimbra, Forum Madeira, Forum Montijo and Forum Viseu. The survey was not carried out in Parque Mondego, W Shopping and Espao Guimares because it was not approved by the owner. This indicator corresponds to approximately 87% of the visitors to the shopping centres covered in this report. The global satisfaction results were determined from the average of the results of the above centres, after harmonising their rating scales. In 2010 the calculation regarding security included the parameters Security in the Centre and Security in the Parking Lot. The calculation of the satisfaction index regarding cleanliness and hygiene included the parameters: Cleanliness and Hygiene in the bathrooms and Cleanliness and Hygiene in the Restaurants.
EXPLANATION OF THE INDICATOR TENANT SATISFACTION SURVEY The indicator reflects the satisfaction of the tenants in the periodic surveys we conduct in each shopping centre. These surveys are conducted annually, but they must be previously approved by the individual owners of the centres under management, which means that their frequency varies. The shopping centres that conducted the annual tenants survey and thus contributed to the calculation of this indiP. 108
cator in 2010 were: Forum Algarve, Forum Almada, Forum Aveiro, Armazns do Chiado, Forum Coimbra, Forum Madeira, Parque Mondego, Forum Montijo and Espao Guimares. These shopping centres include approximately 89% of the tenants of all the shopping centres within the scope of the report. W Shopping and Forum Viseu were the only centres to not participate in this study, because of operational reasons. The global satisfaction results were determined from the average of the results of the above centres, after harmonizing their rating scales.
INDICATORS SO8 AND PR9 In the calculation of the SO8 and PR9 indicators we took into account a significant fine when the figure is above 5.000.
EXPLANATION OF THE DIRECT AND INDIRECT JOBS INDICATOR The direct jobs indicator reflects the number of people employed in the centres, including MMM P employees working in the centres and tenants and service providers employees. Indirect jobs include people who, although not employed by the management or tenants, provide services to tenants and spend the majority of their time working in the centre. These figures were arrived at by asking tenants for the numbers of own employees and those of service providers. Every time it was not possible to gather the information of all the shops, we made an estimate based on the number of shops in the centre.
EXPLANATION OF THE CALCULATION OF THE EMPLOYEE TURNOVER RATE (LA2) The turnover rate in each of the age bands was calculated according to the following formula: Turnover rate of group n = Number of employees leaving from group n / (number of employees in group n + number of employees leaving group n). Group n can be either an age band or gender.
CALCULATION OF THE LA7 INDICATOR Absenteeism rate calculation Absenteeism rate = absenteeism (hours) / total number of working hours.
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ANNEX
Calculation of working hours: We made an estimate based on the assumption that a potential employee would work 252 days per year, 8 hours day, and have 25 days of vacation. The same formula is applied for every MMM P employee. Calculation of hours worked: We removed the hours of absenteeism, identified through medical certificates or other evidence, from the working time to get the actual amount of hours worked.
CALCULATION OF INDICATOR LA10 In the calculation of the training per employee we only took into account the employees that actually received training and not the total number of employees in December 31st 2010.
CALCULATION OF INDICATOR LA13 The data from 2009 was reformulated because the employees at MMM P were being incorrectly distributed by occupational category. As a result, the data from 2009 and 2010 can now be compared. Below we present the reformulated 2009 data. The 2010 data can be found in chapter 03.4 valuing people.
AGE GROUP AND OCCUPATIONAL CATEGORY 2009 18 to 34 years Female Director Regional Manager Centre Manager Department manager Assistant Total by age and gender Total by age Male 35 to 44 years Female Male 45 to 54 years Female Male
0 0 4 5 28 37
54
0 0 4 2 11 17
0 1 6 4 6 17
41
0 5 7 6 6 24
0 0 0 0 4 4
9
2 0 2 0 1 5
CALCULATION OF INDICATOR LA14 The female-male salary ratio was calculated based on the average wage of men and women in each of the occupational categories.
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PAPER CONSUMED The total volume of paper consumed includes the paper consumed in the offices of the shopping centres and in MMM Ps head offices. Contrary to our practice in all other environmental indicators, we report the paper consumed in our offices by the volume consumed and in terms of our efforts in managing this impact. Accordingly, the reporting of this impact in our offices makes it relevant to present their level of consumption. The data relating to MMM Ps offices is excluded from the other environmental indicators.
WATER CONSUMPTION Water consumption does not include the consumption of MMM Ps head offices, because it is irrelevant when compared with the consumption of the centres. In Parque Mondego the reported water consumption corresponds only to the water used by the centre management since we do not know what the consumption of the public toilets is due to the lack of bills.. ENERGY CONSUMPTION Energy consumption does not include the consumption of MMM Ps head offices, which is insignificant when compared with the consumption of the centres. This year we present the diesel fuel consumption of the centres emergency generators for the first time. The amounts shown in the indicator do not account for the energy losses due to the distribution and transportation of energy in the network, and for the losses caused by the limitations in the efficiency of the processes that generate the electricity we consume, since we were unable to obtain updated values which include all these components from a public company.
DISTRIBUTION OF INDIRECT ENERGY BY PRIMARY ENERGY SOURCE This indicator was calculated based on the energy production mix we were given by the Energy Services Regulatory Authority (ERSE, 2011). The utility retailer EDP Servio Universal was used as the reference for the overall consumption of electricity at all the centres under management, and the parcels associated with each primary energy source were weighted by the total electricity consumed.
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ANNEX
CO2 EMISSIONS In 2008 we did not take into account the emissions caused by car travel because we did not have any available data. As a result, the 2008 results only include the emissions from fuel consumption, electricity and air travel. In 2009 and 2010 we included the emissions caused by car, which were calculated from the amount of km travelled. The 2010 data also takes into account the new emission factors published by the ERSE in 2011. We used the following data and information sources to calculate the CO2 emissions:
PCI (Kcal/m3) PCI (Kcal/Kg)
20.560 11.070 73,98
BP Portuguese Environment Agency Portuguese Environment Agency Portuguese Environment Agency Portuguese Environment Agency ERSE (used in 2008 and 2009) ERSE (used in 2010) International Energy Agency CE Solutions (2003); IPCC (1999) CE Solutions (2003); IPCC (1999) CE Solutions (2003); IPCC (1999)
PROPANE GAS
Emission Factor CO2 (Kg CO2 /GJ)
1 Kcal = 4.186 J
PCI (GJ/m3)
0,03846
NATURAL GAS
Emission Factor CO2 (Kg CO2 /GJ) 56,10
0,341 Emission Factor CO2 (Kg CO2 /kWh)
ELECTRICITY
0,230
1 kWh=3.600.000 J=3,6x10-3GJ Travel < 1500Km (g CO2 /p Km) Travel 1500Km - 6000Km(g CO2 /p Km) Travel > 6000Km (g CO2 /p Km)
338
217
AIR TRAVEL
197
1 Mile = 1,609 Km Portuguese Environment Agency Portuguese Environment Agency Portuguese Environment Agency Portuguese Environment Agency
R22 (Kg CO2 /Kg) R407C (Kg CO2 /Kg)
1500
1370
REFRIGERATION
R134A (Kg CO2 /Kg) R410 A (Kg CO2 /Kg) P. 112 1300
1370
GRI Table
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ANNEX
GRI TABLE
PAGE
LOCATION IN THE REPORT
REMARKS
Economic management approach Objectives and performance Policies Additional relevant information
88-94 19-20 31-35 44-45 3.6.1 What we did in 2010 02. Our sustainability strategy 03.1 Economic performance 03.2.1 Partnership with the owner
Environmental management approach Objectives and performance Policies Organizational responsibility Training and awareness Monitoring and follow up
88-90, 92-93 19-20 57, 60 56-57 58-59 56-60 89-98 3.6.1 What we did in 2010 02. Our sustainability strategy 03.3 Valuing the Environment 03.3 Valuing the Environment 03.3 Valuing the Environment 03.3 Valuing the Environment 3.6.1 What we did in 2010
Labour practices management approach Objectives and performance Policies

88, 91-92, 94 19-20 77 3.6.1 What we did in 2010 02. Our sustainability strategy 03.4 Valuing people Training Head of the Business School management Human resources administrative activities (ex: health and safety, employment, labour relations Finance Department
Organizational responsibility
70
03.4 Valuing people
Training and awareness Monitoring and follow up
73-74 70 88, 91-92
03.4 Valuing people 03.4 Valuing people 3.6.1 What we did in 2010
Human rights management approach Objectives and performance Policies Organizational responsibility Training and awareness
88, 91-92, 94 19-20, 77 70 74 3.6.1 What we did in 2010 02. Our sustainability strategy 03.4 Valuing people 03.4 Valuing people The Business Principles document specifically covers respect for the Declaration of Human Rights and the laws and other rules of the society in which we operate. This document has been distributed internally and is the subject of internal training. It also has been circulated to the various stakeholders. To date we have not had any formal process specifically to evaluate this aspect. However, respect for human rights is intrinsic to our organisation. In our group, violation of human rights by people involved in our day-to-day business will result in legal and professional consequences.
Monitoring and follow up
70
03.4 Valuing people
P. 114
GRI TABLE
PAGE
REMARKS
Social management approach Objectives and performance Policies

90-94 19-20 79-81 3.6.1 What we did in 2010 02. Our sustainability strategy 03.5 Valuing the community The shopping centres and their hierarchical structures are responsible for managing community aspects in a decentralized way. The other GRI social aspects, such as corruption and compliance are managed by the Legal Affairs Department.
78
03.5 Valuing the community
Training and awareness
78-79 79-81
03.5 Valuing the community 03.5 Valuing the community 03.5 Valuing the community For the aspects relating to ethics and conduct, apart from the formal relationships between employees and the company governed by legal contracts, we do not have formal practices for monitoring and follow up.

90-92 3.6.1 What we did in 2010
Product responsibility management approach Objectives and performance

88-94 19-20, 77 3.6.1 What we did 2010 02. Our sustainability strategy 03.2.2 Engagement with visitors 03.2.3 Partnership with tenants At centre management level, ultimate responsibility resides with the centre manager, who reports to his regional manager. The regional manager reports regularly to the Board of the company, in terms of performance in the product management aspects described in this report. The Board of the company has ultimate operational responsibility for the shopping centres.
Policies
46 50
53-54
03.2 Valuing our visitors, partners and customers
Training and awareness
73-74 36-55 88-92
03.4 Valuing people 03.2 Valuing our visitors, partners and customers 3.6.1 What we did in 2010
P. 115
ANNEX
GRI TABLE
PAGE
REMARKS
1.Strategy and analysis
Indicator 1.1 Statement from the most senior decision-maker (e.g. CEO, chair or equivalent senior position) about the relevance of sustainability to the organisation and its strategy. 1.2 Description of the key impacts, risks and opportunities associated with the organisations business
5-7
Verified
22-23
Verified
2. Organizational profile 2.1 Name of the reporting organisation 2.2 Main brands, products and/or services 2.3 Operational structure of the organisation, including main divisions, operating companies, subsidiaries and joint ventures 2.4 Location of the organisations headquarters 2.5 Number of countries where the organisation operates, and names of countries with major operations that are specifically relevant to the sustainability issues covered in the report 2.6 Nature of ownership and legal form 2.7 Markets served (including geographic breakdown, sectors served and types of customers/beneficiaries) 2.8 Scale of the reporting organisation, including number of employees, net sales (for private sector organisations) or net revenues (for public sector organisations) and quantity of products or services provided 2.9 Significant changes during the reporting period regarding size, organisational structure or ownership 2.10 Awards received in the reporting period
130 11-13 Verified Verified
14-17
There are no joint ventures in MMM P.
Verified
130
Verified
10-11
Verified
130 9-13
Verified Verified
8, 10-13, 30, 32-33, 35, 71
Verified
14, 107-112 13
Verified Verified
3. Report parameters 3.1 Reporting period (e.g. fiscal/calendar year) for information provided in the report 3.2 Date of the most recent previous report (if any) 3.3 Reporting cycle (annual, biennial, etc) 3.4 Contact point for questions regarding the report or its content, including e-mail address and website 3.5 Process for defining the report content, including: determining materiality, prioritising topics within the report, and identifying stakeholders the organisation expects to use the report 3.6 Boundary of the report (e.g. countries or regions, facilities, products or services, divisions, leased facilities, joint ventures or subsidiaries, and any other limitations of specific scope) 3.7 State any specific limitations on the scope or boundary of the report 3.8 Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations and any other situations that may significantly affect comparability from period to period or between organisations 3.9 Data measurement techniques and the bases of calculations, including assumptions and techniques underlying estimates applied to the compilation of the indicators and other information in the report
5 100 100 130
This report relates to 2010 The most recent previous report relates to 2009. The reporting cycle of MMM P is annual.
Verified Verified Verified Verified
19-29, 100-102, 104-106
Verified
10-11, 102, 107
Verified
102, 107
Verified
10-11, 102, 107
Verified
107-112
Verified
P. 116
GRI TABLE
PAGE
REMARKS
3.10 Explanation of the effect of any re-statements of information provided in earlier reports and the reasons for such re-statements (e.g. mergers/acquisitions, change of base years/periods, nature of business, measurement methods) 3.11 Significant changes from previous reporting periods in the scope, boundary or measurement methods applied in the report 3.12 Table identifying the location of the Standard Disclosures in the report 3.13 Policy and current practice with regard to seeking external assurance for the report. If not included in the assurance report accompanying the sustainability report, explain the scope and basis of any external assurance provided. Also explain the relationship between the reporting organisation and the assurance provider(s)
107-112
Verified
102, 107-112
Verified
107-112
Verified
126-128
Verified
4. Governance, Commitments and Engagement 4.1 Governance structure of the organisation, including committees under the highest governance body responsible for specific tasks such as setting strategy or organisational oversight 4.2 Indicate whether the Chair of the highest body is also an executive director (and if so, their function within the organisations management and the reasons for this arrangement) 4.3 For organisations that have a unitary Board structure, state the number of members of the highest governance body that are independent and/or non-executive members 4.4 Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body 4.5 Linkage between compensation for members of the highest governance body, senior managers and executives (including departure arrangements) and the organisations performance (including social and environmental performance)
14-17, 25-27
Verified
16
Every member of the Board has responsibilities in other management areas. Composition as a unitary Board structure, as permitted in legislation, is a decision made by the company during its founding.
Verified
16
Verified
25-27
Verified
75
Verified
4.6 Process in place for the highest governance body to ensure conflicts of interest are avoided
70
Compliance with the business principles and the MMM BV Code of Conduct subscribed to in 2009 ensure that the conduct of our employees is based on ethical and responsible behaviour. Compliance with these documents is controlled by the horizontal structure of the organisation and by the constant proximity and management relationship of the various hierarchical levels, which prevents conflicts of interest across the organisation. Implementation of the governance model began in 2008. This model is responsible for advising on and presenting all proposals for investment in sustainability to the Board. The members of its bodies were selected on the basis of their responsibilities and roles in the management of the social, environmental and economic aspects. This criterion for selection and determination of qualifications and expertise will continue to prevail in the organisation due to high degree of horizontality and multidisciplinarity required by the governance model of MMM Portugal. Accordingly, the organisation has not seen a need to establish a formal process for the constitution or appointment of managers with expertise in discussion of and decision-making on economic, social and environmental aspects
Verified
4.7 Process for determining the qualifications and expertise of the members of the highest governance body for guiding the organisations strategy on economic, environmental and social topics 4.8 Internally developed statements of mission or values, codes of conduct and principles relevant to economic, environmental and social performance and the status of their implementation
25
Verified
10, 20, 70
Verified
P. 117
ANNEX
GRI TABLE
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REMARKS
4.9 Procedures of the highest governance body for overseeing the organisations identification and management of economic, environmental and social performance, including relevant risks and opportunities, and adherence or compliance with internationally agreed standards, codes of conduct and principles 4.10 Processes for evaluating the highest governance bodys own performance with respect to economic, environmental and social performance 4.11 Explanation of whether and how the precautionary approach or principle is addressed by the organisation 4.12 Externally developed economic, environmental and social charters, principles or other initiatives to which the organisation subscribes or endorses 4.13 Significant participation in associations (such as industry associations) and/or national/international advocacy organisations in which the organisation: has positions in governance bodies; participates in projects or committees; provides substantive funding beyond routine membership dues; or views membership as strategic 4.14 List of stakeholder groups engaged by the organisation 4.15 Basis for identification and selection of stakeholders with whom to engage 4.16 Approaches to stakeholder engagement, including frequency of engagement by type and stakeholder group 4.17 Key topics and concerns that have been raised through stakeholder engagement, and how the organisation has responded to those key topics and concerns, including through its reporting
14-17, 25-27
Verified
75
Verified
19-29
Verified
16
Verified
16
MMM Portugal does not directly belong to any trade association. However, via Multi Development Portugal, a company of the Multi Corporation Group, we are represented on the management bodies of the Portuguese Association of Shopping Centres.
Verified
29 The Sustainability Report 2008 explains in detail the process of stakeholder identification and consultation included in the development of the Sustainability Strategy and Plan.
Verified
24, 28
Verified
29
Verified
22-23, 104-106
Verified
Economic performance indicators
Aspect Economic performance EC1. Direct economic value generated and distributed, including revenues, operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and governments (core) EC2. Financial implications and other risks and opportunities for the organisations activities due to climate change (core) EC3. Coverage of the organisations defined benefit plan obligations (core) EC4. Significant financial assistance received from government (core) Aspect Market presence EC5. Ratio of standard entry level wage compared to local minimum wage at significant locations of operation (core) EC6. Policy, practices and proportion of spending on locally-based suppliers at significant locations of operation (core) EC7. Procedures for local hiring and proportion of senior management hired from the local community at significant locations of operation (core) Aspect Indirect economic impacts EC8. Development and impact of infrastructure investments and services provided primarily for public benefit through commercial, in-kind or pro bono engagement (core)
33-34
Verified and complete
The company does not have management mechanisms that enable it to report this indicator. The company does not have a pension plan or benefits which involve present and future financial coverage. The company has not received significant financial assistance from the Government or any other State body.
Verified and complete Verified and complete
72
The company does not have procedures for hiring or recording local suppliers. We do not have defined procedures for local hiring, but the overwhelming majority of employees and managers of the company are Portuguese nationals.
82-86
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REMARKS
EC9. Description and analysis of significant indirect economic impacts, including the extent of impacts (additional)
35, 46, 50, 81
There are other indirect socio-economic impacts resulting from the scope of our activities. However, since the reporting methodologies have been in place for insufficient time and are insufficiently sophisticated, it is not possible to present these indicators.
Verified and partial
Environmental performance indicators
Aspect Raw materials EN1. Materials used, by weight and volume (core) EN2. Percentage of materials used that are recycled input materials (core) Aspect Energy EN3. Direct energy consumption by primary energy source (core) EN4. Indirect energy consumption by primary energy source (core) EN5. Energy saved due to conservation and efficiency improvements (additional) EN6. Initiatives to provide energy-efficient or renewable energy-based products and services, and reductions in energy requirements as a result of these initiatives (additional) EN7. Initiatives to reduce indirect energy consumption and reductions achieved (additional) Aspect - Water EN8. Total water withdrawal by source (core) EN9. Water sources significantly affected by withdrawal of water (additional) EN10. Percentage and total volume of water recycled and reused (additional) Aspect - Biodiversity EN11. Location and size of land owned, leased or managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas (core) EN12. Description of significant impacts of activities, products and services on biodiversity in protected areas and areas of high biodiversity value (core) EN13. Habitats protected or restored (additional) EN14. Strategies, current actions and future plans for managing impacts on biodiversity (additional) EN15. Number of IUCN Red List species and national conservation list species with habitats in areas affected by operations, by level of extinction risk (additional) Aspect - Emissions, Effluents and Waste EN16. Total greenhouse gas emissions by weight (core) EN17. Other relevant indirect greenhouse gas emissions by weight (core) EN18. Initiatives to reduce greenhouse gas emissions and reductions achieved (additional) EN19. Emissions of ozone-depleting substances by weight (core)
66-67 66-67 Energy efficiency initiatives result in reductions in greenhouse gas emissions. Verified and complete Verified and complete Verified and complete Verified and complete Verified and complete 69 69 -
63-65
65
65-66
65-66
65-66
62
Not relevant
62
Water recycling is not performed in our facilities.
Not relevant
As the manager of shopping centres, MMM Portugal has no influence over the location of buildings.
Not relevant
As the manager of shopping centres, MMM Portugal has no influence over the location of buildings. No programmes have been implemented with the specific objective of protecting biodiversity. However, many of the actions and initiatives implemented to reduce other impacts, including the management of water, energy and waste, have the effect of minimising impacts on biodiversity. As the manager of shopping centres, MMM Portugal has no influence over the location of buildings.
65-66
Not applicable
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REMARKS
EN20. NOx, SOx and other significant atmospheric emissions by type and weight (core) EN21. Total water discharge by quality and destination (core) EN22. Total weight of waste by type and disposal method (core) EN23. Total number and volume of significant spills (core) EN24. Weight of transported, imported, exported or treated waste deemed hazardous under the terms of the Basel Convention Annexes I, II, III and VIII, and percentage of transported waste shipped internationally (additional) EN25. Identity, size, protected status and biodiversity value of water bodies and related habitats significantly affected by the reporting organisations discharges of water and run-off (additional) Aspect Products and Services EN26. Initiatives to mitigate environmental impacts of products and services, and extent of impact mitigation (core) EN27. Percentage of products sold and their packaging materials that are reclaimed by category (core) Aspect - Conformity EN28. Monetary value of significant fines and total number of monetary sanctions for non-compliance with environmental laws and regulations (core) Aspect - Transport EN29. Significant environmental impacts of transporting products and other goods and materials used in the organisations operations, and transporting members of the workforce (additional) Aspect - Overall EN30. Total environmental protection expenditures and investments by type (additional)
Not relevant
No other relevant sources of atmospheric emissions of NOx, SOx or other gases were identified. All discharges of water are made to the municipal sewer, the appropriate destination for the type of waste water produced at our facilities. We consider that its environmental impact is therefore minimised.
Not relevant
67-69 The spills that occur are minimal, and this indicator is therefore regarded as not relevant.
Verified and complete -
Not relevant
Not applicable
We do not carry out any hazardous waste handling operations. This type of waste is passed to operators certified to handle it.
Not applicable
All discharges of water are made to the municipal sewer, the appropriate destination for the type of waste water produced at our facilities. We consider that its environmental impact is therefore minimised.
56-69
Not applicable
MMM Portugal has not been subject to any fines or penalties for noncompliance with environmental laws or regulations.
66-67
Labour Practices and Decent Work Performance Indicators Aspect - Employment LA1. Total workforce by employment type, employment contract and region (core) LA2. Total number and rate of employee turnover by age group, gender and region (core) LA3. Benefits provided to full-time employees that are not provided to temporary or part-time employees (additional)
Verified and complete Verified and complete
71-72
71-72
73
Aspect Labour/Management relations LA4. Percentage of employees covered by collective bargaining agreements (core) LA5. Minimum notice period(s) regarding significant operational changes, including whether it is specified in collective bargaining agreements
73
73
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REMARKS
Aspect Occupational health and safety LA6. Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programmes. (additional) LA7. Rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities by region (core) LA8. Education, training, counselling, prevention and risk-control programmes in place to assist workforce members, their families or community members regarding serious diseases LA9. Health and safety topics covered in formal agreements with trade unions (additional) Aspect Training and education LA10. Average hours of training per year per employee by employee category (core) LA11. Programmes for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings (additional) LA12. Percentage of employees receiving regular performance and career development reviews (additional) Aspect Diversity and equal opportunity LA13. Composition of governance bodies and breakdown of employees per category according to gender, age group, minority group membership, and other indicators of diversity (core) LA14. Ratio of basic salary of men to women by employee category (core)
73
73
73
The company does not have education, training, counselling or prevention programmes which fall within the scope of this indicator.
73
The company does not have any formal agreements with trade unions.
73-74
74-75
75
72
72
Social Performance Indicators Human Rights
Aspect Investment and Procurement practices HR1. Percentage and total number of significant investment agreements that include human rights clauses or that have undergone human rights screening (core)
Not applicable
HR2. Percentage of significant suppliers and contractors that have undergone screening on human rights and actions taken (core)
In 2008 we approved our business principles, which incorporate the Declaration of Human Rights as the basis for our behaviour and business practices. In 2009 and 2010 these principles were widely distributed by our employees (in training) and suppliers/service providers (through the Partner Guide). Our objective is to ensure that the suppliers comply with this guide, enabling us to guard against violations of these principles in our value chain. In MMM P we still do not have a formal evaluation system of suppliers and contractors, but our Sustainability Plan includes the training of suppliers and service providers on Human rights, in order to facilitate a future evaluation approach. It was provided trainning to the centers management teams concerning Business Principles and the Partners and Tenants Guides, which included Human Rights issues.
HR3. Total hours of employee training on policies and procedures concerning aspects of human rights that are relevant to operations, including the percentage of employees trained. (additional)
74
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REMARKS
Aspect Non Discrimination HR4. Total number of incidents of discrimination and actions taken (core) Aspect Freedom of Association and Collective Bargaining HR5. Operations identified in which the right to exercise freedom of association and collective bargaining may be at significant risk, and actions taken to support these rights (core) Aspect Child Labour HR6. Operations identified as having significant risk for incidents of child labour, and measures taken to contribute to the elimination of child labour (core) Aspect Forced and Compulsory Labour
There is no risk of the occurrence of forced or compulsory labour in MMM Portugal. This risk is not expected to arise in our value chain. However, we plan to communicate with our key stakeholders about sustainability issues, including the analysis and communication of this risk. There is no risk of the occurrence of child labour in MMM Portugal. This risk is not expected to arise in our value chain. However, we plan to communicate with our key stakeholders about sustainability issues, including the analysis and communication of this risk. In MMM Portugal there is no impediment to freedom of association and collective bargaining. We comply with and respect the law and the fundamental values of society, which are incorporated in our business principles. Verified and complete
No incidents of discrimination were recorded in 2010.
73
HR7. Casos em que exista um risco significativo de ocorrncia de trabalho forado ou escravo, e medidas que contribuam para a sua eliminao. (essencial)
Aspect Security Practices

The securityservices are provided by external companies subcontracted by MMM. Although it is planned the communication of our principles to our main stakeholders, being the Human Rights issues and theme to consider in this communications. It is also important to refer the good practices of our security service providers concerning the certifications they have, which also include some aspects on human rights.
HR8. Percentagem do pessoal de segurana submetido a formao nas polticas ou procedimentos da organizao, relativos aos direitos humanos, e que so relevantes para as operaes. (complementar)
Aspect Indigenous Rights HR9. Total number of incidents of violations involving rights of indigenous people and actions taken (additional)
There is no risk of violation of the rights of indigenous people in Portugal.
Social Performance Indicators - Society
Aspect - Community
SO1. Nature, scope and effectiveness of any programmes and practices that assess and manage the impacts of operations on communities, including entering, operating and exiting (core)
Through its Sustainability Policy and Operational Plan MMM has mechanisms that enable it to monitor some of the environmental, social and economic impacts on the community. The publication of the Philanthropy Policy in 2009 and 2010 together with the implementation of the MSG2 as a pilot-project in Forum Algarve, allowed us to identify the needs of the various local community entities. This will ensure that the centres support the surrounding community in a more focused manner, which will bring about positive effects. After the success of the MSG2 in Forum Algarve, in which after a tender we selected and gave significant support to an initiative developed by a local organization regarding the transportation of newborn babies, MMM P decided to implement it in the remaining centres in order to maximize our responsible conduct in all of the geographic locations where we operate. In addition to these new mechanisms, we have environmental management systems in every centre and are beginning the implementation of an integrated management system (AQS) which we think will cover, at the centre management level, a great range of issues related to quality, environment and safety that impact the surrounding communities. Before the beginning of every project we are also careful to establish the necessary contacts with the local entities and authorities, in order to identify potential problems that may arise and evaluate improvement opportunities that can benefit the community and ease the operation of our centres.
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GRI TABLE
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REMARKS
Aspect - Corruption SO2. Percentage and total number of business units analysed for risks relating to corruption (core) SO3. Percentage of employees trained in the organisations anti-corruption policies and procedures (core)
The company does not have mechanisms enabling it to report on this indicator. The company does not possess anti-corruption policies and practices. However, our business principles and the MMM BV code of conduct to which we subscribed in 2009 enable us to minimise the risk of such cases occurring. The company did not record any cases of corruption in 2010 and has not recorded any throughout its trading history.
SO4. Actions taken in response to incidents of corruption Aspect Public Policy SO5. Participation in public policy development and lobbying (core) SO6. Total value of financial and in-kind contributions to political parties, politicians and related institutions by country (additional) Aspect Anti-Competitive Behaviour SO7. Total number of legal actions for anti-competitive behaviour, anti-trust and monopoly practices and their outcomes (additional) Aspect - Conformity SO8. Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations (core)
MMM Portugal does not make financial contributions to political parties or related institutions.
We have not been the subject of any legal actions for anti-competitive behaviour, anti-trust or monopoly practices.
There were no significant fines in 2010.
Social Performance Indicators Product Responsibility
Aspect Customer health and safety PR1. Life cycle stages in which health and safety impacts of products and services are assessed for improvement, and percentage of significant products and services categories subject to such procedures (core) PR2. Total number of incidents of non-compliance with regulations and voluntary codes concerning health and safety impacts of products and services, by type of outcomes (additional) Aspect Product and Service Labelling PR3. Type of product and service information required by procedures, and percentage of significant products and services subject to such information requirements (core) PR4. Total number of incidents of non-compliance with regulations and voluntary codes concerning product and service information and labelling, by type of outcomes (additional) PR5. Practices relating to customer satisfaction, including results of surveys measuring customer satisfaction (additional)
54-55
Considering that MMM has no influence in the performance of the centres in the remaining stages, there are only measures to evaluate, monitor and reduce impacts in the operation stage. There were no incidents of this kind. The implementation of the integrated management system (that includes the WSH area according to the OSHAS 18001 standard), which was started in 2010 will enable us to give a more substantiated answer to this indicator in the next reports.
The company has not reliable methods of reporting this indicator in an aggregated way. However there is a complaints, suggestions and incidents registry for users of the shopping centers. According to this registry there were no incidents, of this kind.
46-47
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GRI TABLE
PAGE
REMARKS
Aspect Marketing Communications PR6. Programmes for adherence to laws, standards, and voluntary codes relating to marketing communications, including advertising, promotion and sponsorship (core) PR7. Total number of incidents of non-compliance with regulations and voluntary codes concerning marketing communications, including advertising, promotion and sponsorship, by type of outcomes (additional) Aspect Customer Privacy PR8. Total number of substantiated complaints regarding breaches of customer privacy and losses of customer data (additional) Aspect - Conformity PR9. Monetary value of significant fines for noncompliance with laws and regulations concerning the provision and use of products and services
Not relevant The company does not adhere to any voluntary codes concerning marketing communications including advertising, promotion or sponsorship, with the result that the indicators concerned are not relevant to the current management of the organisation.
Not relevant
The company did not record any complaints concerning breaches of privacy arising from actions by the management of MMM Portugal.
There were no significant fines in 2010.
P. 124
Assurance Statement
P. 125
P. 126
SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010 ANNEX
P. 127
P. 128
SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010 ANNEX
P. 129
Published by Multi Mall Management Portugal Consultancy Sustentare, Lda Design BeNext
Multi Mall Management Gesto de Empreendimentos Imobilirios, SA Avenida Cceres Monteiro, n10 - 3 Arquiparque II - Miraflores 1495-192 Algs, Portugal For more information contact: Joo Ferreira da Cruz T. +351 21 413 6000 F. +351 21 413 6024 sustentabilidade@multi-mallmanagement.com www.multi-mallmanagement.pt
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MULTI MALL MANAGEMENT PORTUGAL

8 18 30 31 36 44 46 50 53 56 70 78 88 96 103 103 107 113 125

MULTI MALL MANAGEMENT PORTUGAL

Matias Lopes Managing Director Multi Mall Management Portugal

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

MESSAGE FROM THE MANAGING DIRECTOR

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

VALUES, VISION AND MISSION GRA.

Ambition for Excellence Passion Trust Innovation Responsability Knowledge

OUR PORTFOLIO OF ASSETS UNDER MANAGEMENT MAPA

BRAGA RETAIL CENTER

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

Innovating concept of Retail Park in Portugal.

MIPIM 2003 Award

Urban Renewal and the Environmental Development

ICSC 2007 Award

Biggest centre in the Santarm district.

It provides distinctive products and services.

Braga Retail Center

Management by MMM started on

ICSC Solal Marketing Awards

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

Chairman Hans van Veggel

Chief Executive O cer Glenn Aaronson

Legal A airs & HR Mgt Jochen Bla ert

Chief Financial O cer Mark van der Berg

Marketing & Communication Mark Cunningham

Chief Investment O cer Eric van Duren

Southern Europe Benno van Veggel

United Kingdom Glenn Aaronson

Feasibility & Investment

Netherlands Heino Vink

Portugal Benno van Veggel

United Kingdom & Ireland Paul Sargent

Asset Management Arie den Hartog

Germany/ Switzerland Axel Funke

Spain Benno van Veggel

Czech Republic Ronald Dasbach

Mall Management Matias Lopes

France Heino Vink

Italy Paolo Tassi

Poland Ronald Dasbach

Mall Management Lus Miguel Pereira

Belgium Heino Vink

Ukraine Ronald Dasbach

ORGANIZATIONAL STRUCTURE OF MMM P

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

The Board of Directors

The Regional Managing Director of MMM

ORGANISATIONAL STRUCTURE OF MULTI MALL MANAGEMENT PORTUGAL ORG. 2

BOARD OF DIRECTORS MMM Portugal

Regional Managing Director

DEP. Legal A airs

Sustainability Working Groups

DEP. ISOM Operations

DEP. Public Relations and Communication

02 OUR SUSTAINABILITY STRATEGY

02 OUR SUSTAINABILITY STRATEGY

SUSTAINABILITY REPORT MULTI MALL MANAGEMENT PORTUGAL 2010

OUR SUSTAINABILITY STRATEGY

SUSTAINABILITY HIGHLIGHTS OF MMM P

STRATEGIC SUSTAINABILITY ACTION AREAS

Mall Management (Social A airs)