Lamda Development S.A.

Registered office: Laodikeias 16 & Nimfaiou, 11528, Athens Board of Directors Register No: 3039/06/Β/86/28 Chairman of the Board and Managing Director: Apostolos S.Tamvakakis Main activity: Holding and Real Estate Development Vice president: Evaggelos I.Chronis Regulatory authorities: Ministry of Development, Department of Anonymes Companies Members: Georgios K.Papageorgiou Date of approval of the annual financial statements Emmanuel Leonard Bussetil (from which summary data were compiled): 21 March 2008 Petros P.Kalantzis Certified auditor accountant: Michalatos Konstantinos (SOEL Reg.No.17701) Dimitrios Th.Papalexopoulos Audit firm: PricewaterhouseCoopers S.A. Fotios S.Antonatos Auditors opinion: No qualification Spiridon Ι.Theodoropoulos Company's website: www.Lamda-development.net Georgios K.Gerardos Achilleas V.Konstantakopoulos

BALANCE SHEET ( Amounts in €)						INCOME STATEMENT ( Amounts in €)
		GROUP		COMPANY			GROUP		COMPANY
		31/12/2007	31/12/2006	31/12/2007	31/12/2006		1/01-	1/01-	1/01-	1/01-
ASSETS							31/12/2007	31/12/2006	31/12/2007	31/12/2006
Non-current assets						Continuing operations
Investment property		505.473.951	439.017.856	1.840.441	5.540.441 Sales			86.892.111 97.424.235	1.832.515	3.007.953
Property, plant and equipment		163.572.235	48.334.727	427.867		982.819 Gross profit		45.120.822 50.159.733	1.777.987	2.862.748
Intangible assets		4.728.371	4.868.297	-		- Fair value gains of investment property		65.596.161 82.183.042	20.000	45.000
Investments in subsidiaries		-	-	173.727.441		131.170.909 Earnings / (losses) before interest, taxes, depreciation & amortization	109.441.960 141.947.804		(3.174.731)	92.276.103
Investments in associates		1.561.148	957.386	388.328		269.328 Depreciation		(2.024.104) (2.289.392)	(620.377)	(648.272)
Available-for-sale financial assets		56.711.655	42.427.796	56.711.655		42.427.796 Earnings / (losses) before interest and taxes	107.417.856 139.658.412		(3.795.108)	91.627.831
Derivative financial instruments		1.147.290	31.150	-		- Finance costs - net	(14.507.265) (17.919.911)			1.091.062 (3.687.463)
Deferred income tax assets		551.118	20.574	-		- Share of (loss) / profit of associates	1.003.447	642.251	-	-
Trade and other receivables		23.840.421	75.377.186	61.115.108		49.730.705 Profit / (loss) before income tax		93.914.038 122.380.753	(2.704.046)	87.940.368
		757.586.188	611.034.973	294.210.840		230.121.999 Minus: Taxes	(23.851.748) (29.729.287)			75.294 (9.158.965)
Current assets						Profit / (loss) for the period from continuing operations		70.062.290 92.651.466	(2.628.752)	78.781.402
Inventories		48.132.708	58.394.743	-	-
Trade and other receivables		86.460.911	30.452.747	65.292.177		14.414.017 Discontinued operations
Current income tax assets		5.972.960	2.506.107	5.965.503		1.411.689 Profit for the period from discontinued operations	-	2.650.869	-	1.048.419
Cash and cash equivalents		46.199.924	79.911.287	3.337.105		51.504.302 Profit / (loss) after tax for the period (continuing and discontinued operations)		70.062.290 95.302.335	(2.628.752)	79.829.821
		186.766.502	171.264.884	74.594.785	67.330.007
Total assets		944.352.690	782.299.856	368.805.625	297.452.006
EQUITY						Attributable to:
Capital and reserves attributable to equity holders of the company						Equity holders of the Company		59.619.925 94.534.422	(2.628.752)	79.829.821
Share capital		235.281.883	235.722.818	235.281.883		235.722.818 Minority interest	10.442.365	767.913	-	-
Other reserves		6.250.706	23.357.593	2.929.004	22.052.196			70.062.290 95.302.335	(2.628.752)	79.829.821
Retained earnings		155.639.135	106.546.237	12.464.733	25.215.307
Total shareholders' equity		397.171.724	365.626.648	250.675.620		282.990.321 Earnings / (losses) per share from continuing operations
Minority interest		54.842.223	42.606.437	-		- (expressed in € per share)
Total equity		452.013.947	408.233.085	250.675.620	282.990.321 Basic		1,35	2,10	(0,06)	1,79
LIABILITIES						Diluted	1,35	2,10	(0,06)	1,79
Non-current liabilities
Borrowings		349.026.928	252.924.016	103.000.000		- Earnings per share from discontinued operations
Deferred income tax liabilities		64.755.661	44.671.236	2.331.583		2.324.871 (expressed in € per share)
Derivative financial instruments		-	124.538	-		- Basic	0,00	0,18	0,00	0,00
Retirement benefit obligations		368.545	303.200	326.589	275.993 Diluted		0,00	0,18	0,00	0,00
Other non-current liabilities		1.745.642	9.393.342	36.148	36.148
		415.896.775	307.416.333	105.694.320	2.637.012	CASH FLOW STATEMENT (Amounts in €) - indirect method
Current liabilities							GROUP		COMPANY
Trade and other payables		45.899.509	43.463.855	12.435.686	11.668.222		1/01-	1/01-	1/01-	1/01-
Current income tax liabilities		3.491.698	295.284	-		- Cash flows from operating activities	31/12/2007	31/12/2006	31/12/2007	31/12/2006
Borrowings		27.050.759	22.891.300	-		156.451 Profit before taxes		93.914.038 122.380.753	(2.704.046)	87.940.368
		76.441.967	66.650.439	12.435.686		11.824.673 Adjustments for:
Total liabilities		492.338.743	374.066.771	118.130.005		14.461.685 Fair value gains of investment property	(65.596.162) (82.183.042)		(20.000)	(45.000)
Total equity and liabilities		944.352.690	782.299.856	368.805.625		297.452.006 Share option scheme	328.025	-	328.025	-
						Depreciation	2.024.104	2.289.392	620.377	648.272


		STATEMENT OF CHANGES IN EQUITY (Amounts in €)				Impairment of longterm receivables	-	3.072.146	14.791.151	-
		GROUP		COMPANY		Provisions	1.479.111	(73.815)	14.854	(96.890)
		31/12/2007	31/12/2006	31/12/2007	31/12/2006	Results (income, expenses, gains and losses) of investment operations	(21.679.472) (40.246.611)		(20.978.309) (101.642.846)
Shareholders' equity at the beginning of the period (01/01/2007 & 01/01/2006						Finance costs - net		14.507.265 17.919.909	(1.091.062)	3.687.463
respectively)		408.233.085	306.846.439	282.990.321		187.645.129 Proceeds from forfeiture of guarantee letters	6.916.943	-	-	-
Net profit / (losses) after taxes		70.062.290	95.302.335	(2.628.752)		79.829.821 Retirement benefit obligation expense	65.345	272.492	50.596	102.895
		478.295.374	402.148.774	280.361.570		267.474.950 Other non-cash flow items		(547.588) (19.315.680)	(9.477)	503.100
Reserves from revaluation of available-for-sale financial assets		(19.369.211)	7.972.364	(19.369.211)	15.670.647
Cash flow hedges		776.595	(70.041)	-		- Changes in working capital :
Currency translation differences		(1.741.994)	37.900	-		- Decrease in inventories	10.966.028	2.160.304	-	-
Shares issued in subsidiaries		2.087.500	3.848.000	-		- Decrease / (increase) in receivables		837.937 (32.477.377)		(45.928) (48.525.976)
Changes in subsidiaries shareholdings		(468.945)	-	-		- (Decrease) / increase in payables	(10.346.262) (63.360.111)			1.594 (24.303.167)
Acquisition of subsidiaries		145	-	-		- Minus:
Dividends relating to 2006 approved by the shareholders		(10.171.822)	-	(10.121.822)		- Interest paid	(14.133.234) (16.918.983)			(957.854) (5.267.425)
Treasury shares purchased		(440.934)	(182.393)	(440.934)		(182.393) Income tax paid		(5.419.179) (6.485.038)		(4.553.814) (7.321.497)
Transfers to reserves		3.047.240	2.893	246.019		- Cash flows from operating activities - net		13.316.900 (112.965.661)	(14.553.892) (94.320.704)
Net income / (expense) recognised directly in equity		-	(12.782)	-		27.118 Cash flows from investing activities
Disposal of subsidiaries		-	(2.841.549)	-		- Purchases of property, plant, equipment and investment property	########## (23.568.979)		(184.658)	(125.489)
Changes in subsidiaries consolidation method		-	(2.670.083)	-		- Proceeds from sale of property, plant and equipment	-	22.553	-	-
Shareholders' equity at year end (31/12/2007 & 31/12/2006 respectively)		452.013.947	408.233.085	250.675.620		282.990.321 Dividends received	2.838.562	1.620.333	1.978.309	1.620.333
						Loans granted to related parties		(439.634) (5.076.000)	(77.581.987) (10.000.000)
Additional records and accounts :						Interest received	1.323.399	98.599	1.149.208	680.636
	% Participation of the parent				% Participation of the parent	Proceeds from repayments of borrowings granted to related parties	5.467.111	-	10.670.265	-
1. GROUP'S COMPOSITION	company				company	Purchase of available-for-sale financial assets	(33.653.070)	-	(33.653.070)	-
						Sale of participation		11.987.953 161.895.107		11.655.117 161.895.107
Company LAMDA Development SA	Parent company	Company				Increase in participations		(556.267) (8.665.964)	(46.023.063) (12.333.393)
Full consolidation			Proportionate consolidation			Increase in assets due to acquisition of subsidiaries	(293.409)	-	- ########### 126.325.649 (131.989.878) 141.737.194	-
LAMDA Estate Development SA Greece		100,00% LAMDA Olympia Village SA		Greece	49,24%	Cash flows from investing activities - net
KRONOS PARKING SA Greece Indirect LAMDA Prime Properties SA Greece		100,00% LAMDA Akinita SA 100,00% LAMDA Redding Contracting Consortium		Greece Greece Indirect	50,00% 50,00%	Cash flows from financing activities
PYLAIA SA Greece		60,10% SC LAMDA Olympic SRL		Romania	50,00%	Purchase of treasury shares	(440.934)	(182.393)	(440.934)	(182.393)
LAMDA Technol Flisvos Holding SA Greece LAMDA Technol Flisvos Marina SA Greece Indirect		51,00% Singidunum-Buildings DOO 39,39% Rang Nekretnine DOO		Serbia Indirect Serbia Indirect	50,00% 50,00%	Incremental costs due to share capital increase	-	-	-	(1.278)
LAMDA Erga Anaptyxis SA Greece		100,00% GLS OOD		Bulgaria Indirect	50,00%	Costs on issuanse of bond loans	(1.021.464)	-	-	-
LAMDA Domi SA Greece LAMDA Property Management SA Greece	100,00% 100,00%		Equity consolidation			Proceeds from issuance of shares of subsidiaries	290.000	5.215.807	-	-
LAMDA Hellix SA Greece LAMDA Anadixi SA Greece		80,00% MC Property Management SA 100,00% ECE LAMDA HELLAS SA		Greece Indirect Greece	25,00% 34,00%	Proceeds from decrease in ordinary shares of subsidiaries	-	(100.000)	6.152.031	52.164.298
LAMDA Protypi Anaptyxi SA Greece		100,00% ATHENS METROPOLITAN EXPO SA		Greece	11,67%	Dividends paid to Company's shareholders	(10.178.071)	(254)	(10.178.071)	(254)
LAMDA Waste Management SA Greece GEAKAT SA Greece		100,00% SC LAMDA MED SRL 100,00% EFG PROPERTY SERVICES SA		Romania Indirect Romania	40,00% 20,00%	Dividends paid to minority interests	(50.000)	-	-	-
LAMDA Development DOO Beograd Σερβία		100,00% EFG PROPERTY SERVICES DOO BEOGRAD		Serbia	20,00%	Borrowings received and refinancing Capital repayments of finance leases	122.001.758 282.889.307 (685.913)	(637.265)	103.000.000 136.082.073 -	-
Property Development DOO Σερβία LAMDA Development Romania SRL Romania	100,00%	100,00% EFG PROPERTY SERVICES SOFIA AD		Bulgaria	20,00%	Repayments of borrowings	(20.990.318) (257.463.726)			(156.451) (188.266.316)
LAMDA Development Sofia EOOD Bulgaria LAMDA Development South EOOD Bulgaria	100,00% 100,00%					Cash flows from financing activities - net		88.925.057 29.721.477	98.376.574	(203.869)
LAMDA Development Vitosha EOOD Bulgaria	100,00%
TIHI OOD Bulgaria Indirect LAMDA Development Montenegro DOO Montenegro	100,00% 100,00%					Net (decrease) / increase in cash and cash equivalents	(33.711.364) 43.081.465		(48.167.196)	47.212.621
LAMDA Development (Netherlands) BV The Netherlands	100,00%					Cash and cash equivalents at the beginning of period		79.911.287 36.829.823	51.504.302	4.291.681
Robies Services Ltd Cyprus Robies Proprietati Imobiliare SRL Romania Indirect	90,00% 90,00%					Cash and cash equivalents at the end of period		46.199.924 79.911.286	3.337.105	51.504.302

THE CHAIRMAN OF THE BOARD OF DIRECTORS THE GENERAL MANAGER THE DIRECTOR OF FINANCE & ADMINISTRATION THE FINANCIAL DIRECTOR & CHIEF EXECUTIVE OFFICER & MEMBER OF THE BOARD OF DIRECTORS APOSTOLOS S.TAMVAKAKIS GEORGIOS K. PAPAGEORGIOU ODYSSEAS E. ATHANASIOU BASILIOS Α. BALOUMIS I.D.No P704691 I.D.No P655346 I.D.No AB510661 I.D.No Τ061891

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. 9. The number of employees at the end of the period was 143 for the Group in total of which 84 for the Company (31/12/2006: Group 131, Company 80) from which seasonal were: Group 8, Company 0 (31/12/2006: Group 0, Company 0).
Real estate liens and pre-notices, amount to € 425.2m concerning guaranties for bank loans.
On 02/07/2007, the Company acquired an extra 6% of the share capital of Lamda TechnolFlisvos Marina with transaction cost € 437k. As a result, the Company's participation reached 51%.
During 2007, the following investing activities took place: a) the Company established the companies Lamda Development Montenegro DOO registered in Montenegro, LAMDA Waste Management SA registered in Greece, LAMDA Development Vitosha EOOD and LAMDA Development South EOOD registered in Bulgaria and Property Development DOO registered in Serbia. b) The Company proceeded in the acquisition of 90% of the share capital of Cypriot company Robies Services Ltd, which owns 100% of Romanian company Robies Proprietati Imobiliare SRL.c) the subsidiary company LAMDA Development (Netherlands) BV registered in The Netherlands paid € 10.3m for the acquisition of 100% of TIHI EOOD, registered in Bulgaria, share capital, established the company Singidunum Buildings DOO registered in Serbia in which it owns a 50% of the share capital and the company Lamda Properties Development SRL registered in Romania in which it owns a 95%
The Company has been tax audited until the year 2005. The tax audit has been completed for LAMDA Estate Develoment for the years 2004 to 2006 and additional taxes occurred in the amount of € 1.3m. LAMDA Prime Properties has been tax audited until 2004. All the other subsidiaries have not been tax audited since year 2003. Therefore, Group's tax obligations have not been defined permanently.
The accounting principles adopted in the preparation and presentation of the annual financial statements are consistent with the same accounting principles adopted for the financial statements of the Company and the Group for the year ended 31 December 2006.
Certain comparatives in the income statement and cash flow statement have been reclassified in order to better present the Company's performance. For further analysis, see note 35 of the Company's annual financial statements.
During 2006, the Company proceeded in the sale of its subsidiaries LAMDA Shipyards and Marine Services S.A. and ARGONAFTIS M.S.A. and as a result, business segment that refers to shipyards services is regarded as discontinued operation. The profit after tax from discontinued operations at 30/09/2006 amounted to profit € 1.05m for the Company results and € 2.65m for the Group results.

HOLDING AND REAL ESTATE DEVELOPMENT COMPANY S.A.

The financial statements 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 (www.Lamda-development.net) where the annual financial statements prepared in accordance with International Accounting Standards are available together with the certified auditors opinion.

Registered office: Laodikeias 16 & Nimfaiou, 11528, Athens S.A.REG.No 3039/06/B/86/28

Summary financial data and information for the year ended 31 December 2007 Published according to article 135 of Law 2190, for companies preparing annual financial statements, consolidated or not, in accordance with the IFRS

Athens, 21 March 2008

d) Singidunum Buildings DOO company acquired the 100% of the Rang Nekretnine DOO company's share capital at the price of € 18,3εκ. e) the Company has acquired GEAKAT SA which holds a 116,000 sqm plot of land in Perdika district of Aegina island. The transaction cost is approximately € 13.5m.

The company Consolidated Lamda Holdings SA registered in Luxembourg participates in Company's share capital by 55,68% and therefore Group's financial statements are included in Consolidated Lamda Holdings SA's consolidated financial statements.
On 12/07/2007 LAMDA Development SA announced the signing, through its 100% subsidiary company in Romania "Lamda Development Romania SrL", of a pre-sale agreement for a plot of land of 10,000 sqm in Bucharest.
On 13/08/2007, the Company announces that its 100% subsidiary company in Serbia, Property Development DOO, was the highest bidder in the open public contest for the sale of the property that was possessed by the company BEKO which was under the status of bankruptcy. The contest took place as an open 14. The Company participated by 11.7% in the share capital of ATHENS METROPOLITAN EXPO SA which through a concession agreement is developing and will operate the new Exhibition and Convention Center that will be constructed in the premises of the Athens International Airport.
Intercompany transactions for the year ended 31 December 2007 and intercompany balances as of 31 December 2007, according to IAS 24 are as follows:

Amounts in €	GROUP	COMPANY
a) Sales of goods and services	2.894.250	1.755.202
b) Sales of fixed assets and inventories	20.281.956	3.850.607
b) Purchases of goods and services	6.309.869	451.590
c) Purchases of fixed assets	-	37.378
d) Dividend income	1.861.874	1.978.309
e) Receivables	2.623.052	75.467.810
f) Payables	36.511.711	33.355.374
g) Transactions and gross salaries of BoD members and management	1.173.937	1.144.214
h) Receivables from BoD members and management	2.919	-
i) Payables to BoD members and management	-	-
j) Cash at bank - related parties	17.176.343	3.320.530

AI assistant

Lamda Development S.A. Interim / Quarterly Report 2007

2660_10-k_2015-10-01_59bdbe70-aea2-46dd-b5da-81305456eae7.pdf