Lamda Development S.A. — Interim / Quarterly Report 2015

Nov 19, 2015

LAMDA DEVELOPMENT S.A.
HOLDING AND REAL ESTATE DEVELOPMENT COMPANY S.A.
Company's number in the General Electronic Commercial Registry: 3379701000 Registered offices: 37A Kifissias Ave., 151 23 Maroussi FINANCIAL DATA AND INFORMATION for the period 1 Janaury 2015 - 30 September 2015
					In accordance with 4/507/28.04.2009 resolution of the Greek Capital Market Committee.
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, when required.
Company's data Supervising authority:			Ministry of Economy, Infrastructure, Marine and Tourism		Board of Directors Chairman of the Board: Anastasios K. Giannitsis
Company's web site: Date of approval of the financial statements by the Board of Directors:	www.lamdadev.com 19 November 2015				Vice Chairman: Evangelos I. Chronis Chief Executive Officer: Odyssefs Ε. Athanasiou
					Members: Photios S. Antonatos Georgios K. Gerardos Evgenia G. Paizi Odyssefs P. Kyriacopoulos
					Dimitrios Ch. Politis	Achillefs V. Konstantakopoulos
STATEMENT OF FINANCIAL POSITION (Amounts in € thousands) GROUP COMPANY 30/09/2015 31/12/2014 30/09/2015 31/12/2014					STATEMENT OF COMPREHENSIVE INCOME (Amounts in € thousands) COMPANY COMPANY GROUP GROUP
ASSETS					Revenues from investment property	30.255 29.810 -				01/01-30/09/2015 01/01-30/09/2014 01/01-30/09/2015 01/01-30/09/2014 01/07-30/09/2015 01/07-30/09/2014 01/07-30/09/2015 01/07-30/09/2014 - 9.956 9.536 - -
Investment property Owner occupied property, plant and equipment	369.676 4.150	379.862 3.818	1.840 373		1.840 Revenues from services and other revenues 179 Fair value gains / (losses) of investment property	2.284	2.471	958	1.104	809	696	319	356
Investments in subsidiaries, joint ventures and associates	107.388	112.018	317.057		237.337 and other assets	(13.432)	(7.727)	-	-	-	-	-	-
Other non-current assets Inventories	19.047 66.879	15.712 70.064	94.615 -		92.885 Gain/(Loss) from sale of investment property - Minus: Operating expenses	- (9.050)	- (10.271)	- -	- -	- (2.937)	- (2.916)	- -	- -
Trade and other receivables	28.492	33.826	26.943		31.435 Gross revenue	10.057	14.283	958	1.104	7.828	7.316	319	356
Financial instruments held at fair value through profit or loss Cash and cash equivalents	34.827 102.779	- 187.636	34.827 3.459		- Profit / (loss) before interest and taxes 157.191 Profit / (loss) before income tax	719 (16.421)	5.427 (2.357)	(5.961) (8.901)	(4.852) (4.095)	4.754 (1.235)	5.038 3.212	(1.992) (3.777)	(1.437) (2.223)
TOTAL ASSETS	733.238	802.937	479.114		520.868 Profit / (loss) after taxes (A)	(19.152)	(4.670)	(7.016)	(3.182)	(4.805)	2.091	(3.043)	(1.553)
EQUITY AND LIABILITIES
Share capital Share premium	23.917 360.110	23.917 360.007	23.917 360.110		23.917 Profit / (loss) attributable to: 360.007 - Owners of the parent	(19.132)	(4.653)	(7.016)	(3.182)	(4.802)	2.094	(3.043)	(1.553)
Treasury shares	(5.674)	(1.757)	(5.674)		(1.757) - Non-controlling interests	(20)	(17)	-	-	(3)	(3)	-	-
Other equity components Total share capital and reserves (a)	(13.596) 364.756	5.486 387.652	(67.705) 310.647		(60.676) Other comprehensive income / (loss) after tax (Β) 321.491 Total other comprehensive income / (loss) after tax (Α)+(Β)	58 (19.093)	(270) (4.941)	- (7.016)	- (3.182)	12 (4.793)	(153) 1.938	- (3.043)	- (1.553)
Non-controlling interests (b) Total equity (c) = (a) + (b)	(150) 364.606	(130) 387.522	- 310.647		- Profit / (loss) attributable to: 321.491 - Owners of the parent	(19.073)	(4.921)	(7.016)	(3.182)	(4.790)	1.946	(3.043)	(1.553)
Long-term borrowings	173.123	225.319	32.000		64.550 - Non-controlling interests	(20)	(20)	-	-	(3)	(8)	-	-
Deferred tax liabilities Other non-current liabilities	27.443 17.255	25.250 17.811	- 19.472		- Earnings per share after taxes (expressed in € per share) 19.481 - Basic	(0,2429)	(0,0847)	(0,0891)	(0,0579)	(0,0612)	0,0263	(0,0388)	(0,0195)
Short-term borrowings	120.108	113.157	101.950		100.150 - Diluted	(0,2427)	(0,0845)	(0,0890)	(0,0578)	(0,0612)	0,0262	(0,0388)	(0,0195)
Other short-term liabilities Total liabilities (d)	30.703 368.632	33.877 415.415	15.045 168.466		15.196 Profit / (loss) before interest, taxes, depreciation 199.377 and amortisation	1.422	6.138	(5.847)	(4.777)	4.997	5.271	(1.924)	(1.411)
TOTAL EQUITY AND LIABILITIES (c) + (d)	733.238	802.937	479.114	520.868
STATEMENT OF CHANGES IN EQUITY (Amounts in € thousands)			ADDITIONAL DATA AND INFORMATION
	GROUP 30/09/2015 30/09/2014		COMPANY		1. The Company has been audited by tax authorities until the fiscal year of 2008. For further information regarding the Company's and Group's unaudited fiscal years refer to note 19 of the 30/09/2015 30/09/2014 interim financial statements for the period ended 30/09/2015.
Equity at the beginning of the period (1/1/2015 and 1/1/2014 respectively)	387.522	249.555	321.491		183.129 2. The accounting principles adopted in the preparation and presentation of the interim financial statements for the period ended 30/09/2015 are consistent with the same accounting principles
Total comprehensive income after tax (continuing operations) Increase of share capital in the parent	(19.093) -	(4.941) 150.000	(7.016) -		(3.182) adopted forthe annual financial report of the Company and the Group for the year 2014. 150.000 3. The company Consolidated Lamda Holdings SA, registered in Luxembourg, participates in Company's share capital by 50,87% as at September 30, 2015 and therefore the Group's financial
Expenses from shares issued, net of deferred tax Change in deferred tax rate	- 94	(2.824) -	- 90		(2.824) statements are included in Consolidated Lamda Holdings SA's consolidated financial statements by the full consolidation method. - 4. Companies included in the consolidated financial statements together with names, country of establishment, participation interest, directly and indirectly, and method of consolidation are
Increase of the share capital in subsidiaries	-	3	-		- presented in note 7 of the interim financial statements for the period ended 30/09/2015.
Net purchase/(sale) of treasury shares Equity at the end of the period (30/09/2015 and 30/09/2014 respectively)	(3.917) 364.606	16.552 408.345	(3.917) 310.647		16.552 5. The Company proceeded to share capital increase in its subsidiaries Lamda Development (Netherlands) BV, LAMDA Erga Anaptyxis SA, LAMDA Domi SA, LAMDA Leisure SA, Property 343.675 Development DOO and LAMDA Development Sofia EOOD by €81.350k, €2.000k, €3.075k, €800k, €504k and €40k respectively. The joint-ventures Singidunum Buildings DOO and GLS
CASH FLOW STATEMENT - Indirect Method (Amounts in € thousands)					OOD proceeded in share capital increase by €2.254k and €40k respectively. Also, the subsidiary Lamda Development (Netherlands) BV decreased its share capital by €8.000k. For further details in relation to the Group's participations, see note 7 of the interim financial statements for the period ended 30/09/2015.
	GROUP 30/09/2015 30/09/2014		COMPANY		6. Within February 2015, the Company proceeded to a partial voluntary prepayment by replacement of bond loan facility of €30.75m with committed overdraft facility for the same amount that 30/09/2015 30/09/2014 makes the before mentioned amount immediately available. Regarding the subsidiaries, they proceeded to total payments of €14.7m within current reporting period, as described in their
Cash flows from operating activities					bond loan contracts. In addition, the Company proceeded with selected placement of its cash in prime investment grade money market funds and supranational bonds with various financial
Losses before taxes from continuing operations Adjustments for:	(16.421)	(2.357)	(8.901)		(4.095) counterparties with high ratings. 7. Real estate liens and pre-notices over assets, amount to €180m (Group's interest) concerning guarantees for bank loans.
Net losses from fair value adjustment on investment property and other assets Depreciation	13.432 703	7.727 711	- 114		- 8. The number of employees at the end of the period was: Group 141, Company 66 (30/09/2014: Group 146, Company 65). There are no seasonal employees at the end of the period 75 (30/09/2014: Group 0, Company 0).
Provisions Results (income, expenses, gains and losses) of investment operations	- 6.951	- (2.036)	- (2.377)		- 9. As at the end of the period, the Company acquires 1.489.148 treasury shares at an average price of €3,81 per share, at an aggregate total value of €5.7m. (4.896) 10. Other comprehensive income/(loss) after tax includes: a) Cash flow hedges profit, after tax €54k (30/09/2014 loss €217k) at Group level and b) Foreign exchange difference €4k
Finance costs - net	10.223	9.821	5.319		4.139 (30/09/2014 €-54k) at Group level.
Other non-cash flow items Changes in working capital :	-	-	-		- 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 period ii) During period ended 30/09/2015 a) No provision has been made regarding cases under dispute, litigation, arbitrations or court decisions b) The total amount of the accumulative
Increase in inventories (Increase)/decrease in receivables	(60) 3.985	(431) (4.669)	- 1.783		- provision made for the Group's and Company's unaudited by the tax authorities years amount to €1,1m (Group's interest) and €0,7m respectively c) The other provisions that have been (2.219) made accumulatively for the Group and the Company amount to €8,3m (Group's interest) and include provisions for customers' impairment.
Decrease in payables	(6.949)	(565)	(892)		(157) 12. Intercompany transactions for the period ended September 30, 2015 and intercompany balances as at September 30, 2014 according to IAS 24 are as follows:
Minus: Interest paid	(9.777)	(10.518)	(5.762)	(5.745)
Income tax paid Cash flows from / (to) operating activities - net	(1.011) 1.078	(1.740) (4.059)	- (10.715)	(51) (12.948)
Cash flows from investing activities
Purchases/sales of property, plant and equipment and investment properties Purchase of financial instruments held at fair value through profit or loss	(1.055) (34.998)	(1.600) -	(310) (34.998)	(31) -
Dividends received Interest received	- 1.167	2.192 669	5.124 974	2.192 448
Proceeds from disposal of participations	630	648	630	648
Increase/(decrease) in share capital of participations Cash flows from / (to) investing activities - net	(2.294) (36.550)	142 2.050	(79.770) (108.350)	(2.019) 1.239
Cash flows from financing activities Net proceeds from issuance of ordinary shares	-	146.183	-	146.183
Purchase / sale of treasury shares	(3.917)	16.552	(3.917)	16.552
Repayments of borrowings Capital repayments of finance leases	(44.759) (710)	(9.894) (697)	(30.750) -	(450) -
Cash flows from / (to) financing activities - net Net increase / (decrease) in cash and cash equivalents	(49.386) (84.858)	152.145 150.136	(34.667) (153.732)	162.286 150.578
Cash and cash equivalents at the beginning of the period	187.636	32.586	157.191	7.597
Restricted cash restated to receivables Cash and cash equivalents at the end of the period	- 102.779	5.000 187.722	- 3.459	5.000 163.175
					Maroussi, 19 November 2015
CHAIRMAN OF THE BOARD OF DIRECTORS					CHIEF EXECUTIVE OFFICER					FINANCIAL DIRECTOR
ANASTASIOS K. GIANNITSIS					ODYSSEFS E. ATHANASIOU					VASSILIOS Α. BALOUMIS
I.D.No Η865601					I.D.No AB510661					I.D.No AK130062