Lamda Development S.A. — Annual Report 2010

Sep 22, 2015

COMPANY'S DATA
Supervising Authority:	Ministry of Development (department of limited companies)	Board of Directors
Company's website:	www.Lamda-development.net	Chairman of the Board: Dr. Petros P.Kalantzis
Date of approval of the financial statements by		Vice president: Evaggelos I.Chronis
the Board of Directors:	March 23, 2011	Chief Executive Officer: Odysseus Ε. Athanasiou
Name of the auditor:	Sourbis Dimitris (SOEL Reg. No 16891)	Members:
Auditing firm:	PricewaterhouseCoopers SA	Fotios S.Antonatos	Spiridon Ι.Theodoropoulos
Type of auditors report:	Unqualified	Emmanuel Leonard Bussetil	Ulysses P.Kyriacopoulos
		Georgios K.Gerardos	Achilleas V.Konstantakopoulos
		Theodora C.Zervou	Dimitrios Th.Papalexopoulos

				Purchases of property, plant, equipment (PPE) and investment property
				Proceeds from sale of PPE
				Purchases of available-for-sale financial assets Cash flows from / (to) investing activities - net	(3.212) (34.853)	(10.396) 60.230	(3.212) (32.299)	(10.396) 45.551
				Cash flows from financing activities
GROUP		COMPANY		Proceeds from issuance of ordinary shares	568	-	568	-
31/12/2010	31/12/2009	31/12/2010	31/12/2009	Purchase / sale of treasury shares	634	(8.149)	634	(8.149)
				Net increase in cash and cash equivalents	(66.375)	49.532	(69.638)	46.551
				Cash and cash equivalents at the beginning of the year	216.658	177.180	148.732	112.236
				Restricted cash restatement to Receivables	-	(10.055)	-	(10.055)
				Cash and cash equivalents at the end of year	150.283	216.658	79.094	148.732

Attributable to:

STATEMENT OF FINANCIAL POSITION ( Amounts in € thousands)					CASH FLOW STATEMENT (Amounts in € thousands) - Indirect Method
	GROUP		COMPANY		GROUP			COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009				1/1-31/12/2010 1/1-31/12/2009 1/1-31/12/2010 1/1-31/12/2009
ASSETS					Cash flows from operating activities
Investment property	643.580	675.189	1.840	1.840	Profit before taxes from continuing operations	(25.732)	21.601	4.821	109
Owner occupied property, plant and equipment	43.994	43.310	595	651	Profit before taxes from discontinued operations	-	-	-	-
Intangible assets	4.309	4.449	-	-	Adjustments for:
Investments in subsidiaries and associates	4.414	4.636	219.921	175.873	Fair value gains / (losses) of investment property	36.377	(16.059)	-	-
Available-for-sale financial assets	53.586	70.177	53.586	70.177	Depreciation	2.434	2.464	179	264
Other non-current assets	8.564	12.969	81.300	72.168	Provisions	6.996	3.811	27	79
Inventories	133.361	135.744	-	-	Results (income, expenses, gains and losses) of investment operations	(5.157)	(1.346)	(10.793)	(7.694)
Trade and other receivables	49.258	44.854	23.270	21.866	Finance costs - net	17.840	21.226	(2.660)	(2.248)
Cash and cash equivalents	150.283	216.658	79.094	148.732	Other non-cash flow items	483	549	583	510
TOTAL ASSETS	1.091.348	1.207.986	459.606	491.307	Changes in working capital :
					(Increase) in inventories	(870)	(17.664)	-	-
EQUITY AND LIABILITIES					(Increase) / decrease in receivables	5.517	12.033	(352)	(99)
Share capital	13.277	13.209	13.277	13.209	(Decrease) in payables	(6.420)	(21.980)	(890)	(150)
Share premium	223.187	222.696	223.187	222.696	Minus:
Treasury shares	(15.732)	(18.237)	(15.732)	(18.237)	Interest paid	(22.913)	(24.308)	(6.183)	(7.611)
Other equity components	170.390	228.810	5.289	23.472	Income tax paid	(13.287)	(4.731)	(8.259)	(281)
Total share capital and reserves (a)	391.122	446.479	226.021	241.140	Cash flows from / (to) operating activities - net	(4.732)	(24.403)	(23.524)	(17.121)
Minority interests (b)	12.007	40.240	-	-	Cash flows from investing activities
Total equity (c) = (a) + (b)	403.129	486.719	226.021	241.140	Purchases of property, plant, equipment (PPE) and investment property	(3.575)	(5.341)	(123)	(257)
Long-term borrowings	571.037	596.878	220.000	235.000	Proceeds from sale of PPE	-	9	-	9
Deferred tax liabilities	58.264	61.829	-	-	Dividends received	5.533	4.699	10.740	10.996
Provisions / Other non-current liabilities	7.280	6.134	1.442	702	Interest received	4.513	4.297	3.895	4.207
Short-term borrowings	12.518	10.723	-	-	Loans granted to related parties	190	2.500	374	(360)
Other short-term liabilities	39.120	45.703	12.143	14.465	Proceeds from sale of participations	85	64.758	65	64.758
Total liabilities (d)	688.219	721.267	233.585	250.167	Purchases of participations	(38.386)	-	(745)	-
TOTAL EQUITY AND LIABILITIES (c) + (d)	1.091.348	1.207.986	459.606	491.307	Increase / decrease in participations' share capital	-	(296)	(43.292)	(23.406)
					Purchases of available-for-sale financial assets Cash flows from / (to) investing activities - net	(3.212) (34.853)	(10.396) 60.230	(3.212) (32.299)	(10.396) 45.551
STATEMENT OF CHANGES IN EQUITY ( Amounts in € thousands)

	GROUP		COMPANY		Proceeds from issuance of ordinary shares	568	-	568	-
	31/12/2010	31/12/2009	31/12/2010	31/12/2009	Purchase / sale of treasury shares	634	(8.149)	634	(8.149)
Equity at the beginning of the period (1/1/2010 and 1/1/2009 respectively)	486.719	467.860	241.140	227.791	Costs of share capital increase	(9)	-	(9)	-
Total comprehensive income after tax (continuing operations)	(47.329)	34.512	(16.957)	21.107	Proceeds / (payments) from subsidiaries' share capital decrease	-	(4.190)	-	6.311
Purchase / Changes in participation to subsidiaries	(36.572)	(2.446)		-	Proceeds / (payments) from subsidiaries' share capital decrease
Decrease in subsidiary share capital	-	(4.190)		-	Dividends paid	(1.535)	(1.301)	(8)	(41)
Employees share option scheme	1.203	-	1.203	-	Borrowings received	-	38.560	-	20.000
Reserves	-	391	-	391	Costs on issuance of bond loans	-	(996)	-	-
Dividends approved by the shareholders	(1.527)	(1.260)		-	Capital repayments of finance leases	(910)	(863)	-	-
Purchase / sale of treasury shares	634	(8.149)	634	(8.149)	Repayments of borrowings	(25.538)	(9.356)	(15.000)	-
Equity at the end of the period (31/12/2010 and 31/12/2009 respectively)	403.129	486.719	226.021	241.140	Cash flows from financing activities - net	(26.790)	13.705	(13.815)	18.121

	GROUP		COMPANY
	Continuing operations		Continuing operations
	1/1-31/12/2010	1/1-31/12/2009 1/1-31/12/2010 1/1-31/12/2009
Revenues from investment property	62.875	62.754	-	-
Revenues from services and other revenues	18.754	20.820	1.260	1.331
Sales of inventories	1.020	399	-	-
Fair value gains / (losses) of investment property	(36.377)	16.059	-	-
Profit / (loss) from sale of investment property	-	-	-	-
Minus: Direct to investment property expenses	(27.991)	(25.224)	-	-
Minus: Cost of inventory sales	(1.556)	(2.506)	-	-
Minus: Other expenses	(408)	(1.081)	-	-
Gross Revenue	16.315	71.221	1.260	1.331
Earnings / (losses) before interest and taxes	(13.052)	41.481	(8.500)	(9.833)
Profit / (loss) before income tax	(25.732)	21.601	4.821	109
Profit / (loss) after taxes (A)	(27.848)	12.659	3.375	224
Attributable to:
- Owners of the Company	(29.075)	7.705	3.375	224
- Minority interest	1.228	4.954	-	-
Other comprehensive income / (loss) after tax (Β)	(19.802)	21.853	(20.332)	20.883
Total other comprehensive income / (loss) after tax (Α) + (Β)	(47.650)	34.512	(16.957)	21.107

- Owners of the Company		(48.911)	29.655 (16.957)	21.107
- Minority interest		1.576	4.858	- -
	Earnings / (loss) per share from continuing operations (expressed in € per share)
- Basic		(0,7136)	0,1866 0,0828	0,0054
- Diluted		(0,7116)	0,1852 0,0826	0,0054
	Proposed dividend per share - (in €)	0,0000	0,0000 0,0000	0,0000
	Earnings / (loss) before interest, taxes, depreciation and amortisation	(10.618)	43.946 (8.321)	(9.569)
	ADDITIONAL DATA AND INFORMATION
financial statements for the period ended December 31, 2010.	1. The Company has been audited by tax authorities until the year 2008. For further information regarding the Group's unaudited fiscal years refer to note 35 of the annual	10. Other comprehensive income / (loss) after tax includes: a) Profit / (loss) for valuation of available-for-sale financial assets, at Company and Group
financial statements of the Company and the Group for the year ended December 31, 2009.	2. The accounting principles adopted in the preparation and presentation of the annual financial statements are consistent with the same accounting principles adopted for the	level, €-19,8m (31/12/2009 €21,1m) b) Cash flow hedges profit / (losses), after tax €6k (31/12/2009 €-1m) at Group level and €-0,5m (31/12/2009 €-0,2m) at Company level and c) Foreign exchange differences €0,3m (31/12/2009 €1,8m).
included in Consolidated Lamda Holdings SA's consolidated financial statements by the full consolidation method.	3. The company Consolidated Lamda Holdings SA registered in Luxembourg participates in Company's share capital by 57,06% and therefore Group's financial statements are	11. i) There are neither cases under dispute, litigation, or arbitrations nor any court decisions that are likely to have a significant impact on the Company's financial statements ii) During the period ended December 31, 2010 a) No provision has been made regarding cases under dispute, litigation, arbitrations or court decisions b) The total amount of the accumulative provision made for the Group's and Company's unaudited by the tax authorities years amount to €1,5m and €0,7m respectively c) The other provisions that have been made accumulatively for the Group and the Company amount to €8,2m and €0,2m respectively and include provisions for customers' write-off and compensation of non received leaves.
for the six-month period ended December 31, 2010 are presented in note 9 of the interim condensed financial statements.	4. Companies included in the consolidated financial statements together with country of establishment, participation interest, directly and indirectly, and method of consolidation
5. At December 14, 2010 LAMDA Development acquires 100% ownership of Mediterranean Cosmos and the full control of the management of the shopping center. The
consideration is approximately €38m, based on a yield of 9,25%. In parallel, the Company acquired an additional 0.76% in the joint venture "LAMDA Olympia Village SA" resulting in a participation of 50% (refer to note 9 of the annual financial statements).		12. Intercompany transactions for the period ended December 31, 2010 and intercompany balances as at December 31, 2010, according to IAS 24 are as follows:
6. During the period, Company proceeded in capital increase of its participation in 100% subsidiary LAMDA DOMI, LAMDA Development Netherlands BV, PROPERTY		Amounts in € thousand		GROUP	COMPANY
Development DOO, LAMDA Development Sofia EOOD and LAMDA Development Romania SRL by €1,5m, €39,7m, €1m, €0,1m and €0,2m respectively. In the contrary, the		a) Revenues		2.926	1.167
Company's associate LAMDA Olympic SRL and the subsidiary LAMDA Waste Management SA proceeded with share capital decrease by €0,4m each. Also, the Company		b) Expenses		6.372	1.050
proceeded with the sale of its 100% subsidiary LAMDA Protypi Anaptyxi SA. The transaction cost amounts to €65k. The result of the sale was €5k profit at Company level and		c) Dividend income		5.533	10.740
€80,8k at Group level. Additionally, the Company's subsidiary LAMDA Anadixi SA proceeded with dissolution and liquidation.		d) Receivables		2.883	86.503
7. Real estate liens and pre-notices over assets, amount to € 190,6m concerning guarantees for bank loans.		e) Payables		79.694	45.205
			f) Transactions and gross salaries of BoD members and management	815	806
8. The number of employees at the end of the year was: Group 153, Company 72 (31/12/2009: Group 140, Company 68). There are no seasonal employees at the end of the		g) Receivables from BoD members and management		-	-
period (31/12/2009: Group 0, Company 0).		h) Payables to BoD members and management		-	-
9. At the end of the period, the Company acquires 3.010.078 common treasury shares at an average price of € 5,23 per share, at an aggregate total value of €15,7m.		i) Cash at bank - related parties		53.099	37.025
	Maroussi, March 23, 2011
CHAIRMAN OF THE BoD	VICE CHAIRMAN OF THE BoD	CHIEF EXECUTIVE OFFICER		FINANCIAL DIRECTOR
Dr. PETROS P. KALANTZIS	EVAGGELOS I.CHRONIS	ODYSSEUS E. ATHANASIOU		VASSILIOS Α. BALOUMIS
I.D.No Ι276284	I.D.No Σ281286	I.D.No AB510661		I.D.No Τ061891

The financial information listed below is aiming to provide a general awareness about the financial position and the financial results of LAMDA DEVELOPMENT S.A. Consequently, it is recommended to the reader, before any investment decision or transaction performed with the Company, to visit the website of the Company where the financial statements are available with the certified auditor's report.

FINANCIAL DATA AND INFORMATION FOR THE YEAR ended December 31, 2010 Registered offices: 37A Kifissias Ave., 151 23 Maroussi

(in terms of article 135 of Law 2190, for companies publishing annual financial statements in accordance with IAS / IFRS)

HOLDING AND REAL ESTATE DEVELOPMENT COMPANY S.A. LAMDA DEVELOPMENT S.A.

S.A.REG.No 3039/06/B/86/28