Lamda Development S.A. — Interim / Quarterly Report 2007

Sep 28, 2015

		According to the decision 2/396/31.08.2006 of the Board of Directors of the Capital Market Commission
		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 (www.Lamda-development.net) where the interim financial
		information prepared in accordance with International Accounting Standards are available together with the auditors review report if required.
Registered office: Laodikeias 16 & Nimfaiou, 11528, Athens				Board of Directors Chairman of the Board and Managing Director: Apostolos S.Tamvakakis
Register No: 3039/06/Β/86/28 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 six-months interim financial information	Emmanuel Leonard Bussetil
(from which summary data were compiled): 20 August 2007	Petros P.Kalantzis
Certified auditor accountant: Michalatos Konstantinos (SOEL Reg.No.17701) Audit firm: PricewaterhouseCoopers S.A.			Dimitrios Th.Papalexopoulos Fotios S.Antonatos
Auditors opinion: Unqualified			Spiridon Ι.Theodoropoulos
Company's website: www.Lamda-development.net			Georgios K.Gerardos
			Achilleas V.Konstantakopoulos
BALANCE SHEET ( Amounts in €)	GROUP COMPANY		INCOME STATEMENT ( Amounts in €) GROUP	COMPANY	GROUP		COMPANY
	30/06/2007 31/12/2006 30/06/2007 31/12/2006			1/01-30/06/2007 1/01-30/06/2006 1/01-30/06/20071/01-30/06/2006 1/04-30/06/20071/04-30/06/2006 1/04-30/06/20071/04-30/06/2006
ASSETS
Non-current assets		Continuing operations
Investment property	465,295,963 439,017,856 5,560,441	5,540,441 Sales	51,232,469 57,542,645	1,020,429 2,028,560	36,382,123 15,489,081	608,788	657,268
Property, plant and equipment Intangible assets	67,314,932 48,334,727 734,577 4,798,334 4,868,297 -	982,819 Fair value gains / (losses) of investment property - Gross profit	19,525,301 43,231,452 20,013,797 26,182,675	20,000 - 988,881 1,902,751	9,762,650 25,320,905 10,847,298 10,944,044	10,000 595,188	- 594,756
Investments in associates	1,347,189 957,386 148,147,661 131,440,237
Available-for-sale financial assets	40,333,828 42,427,796 40,333,828 42,427,796	Earnings before interest, taxes, depreciation & amortization	41,053,890 63,369,852	5,903,801 35,335,932	22,173,822 35,904,687		2,754,946 37,218,643
Derivative financial instruments	1,571,061 31,150 -	- Depreciation	(993,659) (933,661)	(327,709) (323,998)	(507,394)	(460,219) (164,658)	(161,001)
Deferred income tax assets Other receivables	469,793 20,574 - 75,577,594 75,377,186	- Earnings before interest and taxes 62,183,590 49,730,705 Finance costs - net	40,060,230 62,436,191 (5,655,449) (8,318,660)	5,576,093 35,011,934 1,043,788 (1,534,682)	21,666,428 35,444,468 (2,875,450) (3,533,695)	491,962	2,590,288 37,057,643 (537,660)
	656,708,693 611,034,973 256,960,096 230,121,999 Share of (loss) / profit of associates		389,769 380,225	- -	252,166	8,318	- -
Current assets		Profit before income tax	34,794,550 54,497,756	6,619,881 33,477,252	19,043,144 31,919,091		3,082,250 36,519,982
Inventories	34,853,336 58,394,743 -	- Minus: Taxes	(8,121,461) (10,224,952)	(1,690,188) (58,204)	(4,197,635) (9,455,989)	(805,781)	(18,903)
Trade and other receivables Current income tax assets	32,540,242 30,452,747 2,699,198 2,506,107 2,121,054	8,637,645 14,414,017 Profit for the period from continuing operations 1,411,689	26,673,090 44,272,805	4,929,692 33,419,048	14,845,509 22,463,102		2,276,469 36,501,079
Cash and cash equivalents	60,058,137 79,911,287	23,129,279 51,504,302 Discontinued operations
	130,150,913 171,264,884	33,887,978 67,330,007 Profit for the period from discontinued operations	- 1,823,754	- -	- 2,556,219		- -
Total assets		786,859,606 782,299,856 290,848,074 297,452,006 Profit after tax for the period (continuing and discontinued operations)	26,673,090 46,096,559	4,929,692 33,419,048	14,845,509 25,019,321		2,276,469 36,501,079
EQUITY
Capital and reserves attributable to equity holders of the company Share capital	235,722,818 235,722,818 235,722,818 235,722,818 Attributable to:
Other reserves	23,378,501 23,357,593	19,958,227 22,052,196 Equity holders of the Company	23,527,560 44,607,456	4,929,692 33,419,048	13,060,150 24,899,642		2,276,469 36,501,079
Retained earnings / (Accumulated losses)	119,951,975 106,546,237	20,023,177 25,215,307 Minority interest	3,145,530 1,489,103	- -	1,785,359	119,680	- -
Total shareholders' equity	379,053,294 365,626,648 275,704,222 282,990,321		26,673,090 46,096,559	4,929,692 33,419,048	14,845,509 25,019,321		2,276,469 36,501,079
Minority interest	46,164,648 42,606,437 -	-
Total equity LIABILITIES		425,217,942 408,233,085 275,704,222 282,990,321 Earnings per share from continuing operations (expressed in € per share)
Non-current liabilities		Basic	0.53 0.98	0.11 0.76	0.30	0.53 0.05	0.83
Borrowings	252,100,640 252,924,016 -	- Diluted	0.53 0.98	0.11 0.76	0.30	0.52 0.05	0.83
Deferred income tax liabilities	51,959,812 44,671,236 4,015,059	2,324,871
Derivative financial instruments Retirement benefit obligations	- 124,538 - 303,200 303,200 275,993	- Earnings per share from discontinued operations 275,993 (expressed in € per share)
Other non-current liabilities	9,542,972 9,393,342 36,148	36,148 Basic	0.00 0.53	0.00 0.00	0.00	0.74 0.00	0.00
	313,906,624 307,416,333 4,327,200	2,637,012 Diluted	0.00 0.53	0.00 0.00	0.00	0.74 0.00	0.00
Current liabilities
Trade and other payables Current income tax liabilities	41,886,622 43,463,855 10,816,653 11,668,222 2,317,991 295,284 -	CASH FLOW STATEMENT (Amounts in €) - indirect method -	GROUP	COMPANY
Borrowings	3,530,427 22,891,300 -	156,451		1/01-30/06/2007 1/01-30/06/2006 1/01-30/06/20071/01-30/06/2006
	47,735,041 66,650,439	10,816,653 11,824,673 Cash flows from operating activities
Total liabilities	361,641,664 374,066,771	15,143,852 14,461,685 Profit before income tax	34,794,550 54,497,756	6,619,881 33,477,252
Total equity and liabilities	786,859,606 782,299,856 290,848,074 297,452,006 Adjustments for:	Fair value gains / (losses) of investment property	(19,525,301) (43,231,452)	(20,000) -
STATEMENT OF CHANGES IN EQUITY (Amounts in €)		Results (income, expenses, gains and losses) of investment operations	(9,370,376) (6,237,941)	(9,180,607) (5,857,716)
	GROUP COMPANY	Depreciation	993,659 933,661	327,709 323,998
	30/06/2007 30/06/2006	30/06/2007 30/06/2006 Finance costs - net	5,655,449 8,318,660	(1,043,788) 1,534,682
		Other non-cash flow items	553,483 295,907 13,101,465 14,576,590	(26,025) (39,916,942) (3,322,831) (10,438,726)
Shareholders' equity at the beginning of the period (01/01/2007 & 01/01/2006 respectively)	408,233,085 306,846,439 282,990,321 187,645,129
Net profit / (loss) after taxes	26,673,090 46,096,559	4,929,692 33,419,048 Changes in working capital :	20,235,931 21,383,714	- -
	434,906,175 352,942,998 287,920,013 221,064,177 Increase / (decrease) in receivables		591,016 7,594,175	(736,696) 1,825,078
Reserves from revaluation of financial assets available-for-sale	(2,093,969) 2,936,868	(2,093,969) 10,635,150 Decrease in payables	(953,385) (117,430,289)	(773,896) (22,570,420)
Reserves from property, plant & equipment transfer to investment property, after tax	1,315,010 - -	Increase in provisions - Increase in retirement benefit obligations	- 193,862 - 483,714	- - - -
Cash flow hedges	1,248,337 - -	- Minus:
Currency translation differences	12,350 9,150 -	- Interest expenses paid	(5,765,155) (9,199,549)	(43,783) (1,698,177)
Shares issued in subsidiaries Sale of subsidiaries	2,002 3,893,000 - (140) - -	- Income tax paid - Cash flows from operating activities - net	(306,934) (340,222) 26,902,938 (82,738,004)	(709,365) - (5,586,570) (32,882,244)
Dividends relating to 2006 approved by the shareholders	(10,171,822) - (10,121,822)	-
Deferred tax adjustment	- 15,220 -	15,220 Cash flows from investing activities
Shareholders' equity at year end (30/06/2007 & 30/06/2006 respectively)		425,217,942 359,797,235 275,704,222 231,714,546 Purchases of property, plant, equipment and investment property	(24,677,500) (4,425,496)	(79,466) (15,506)
		Dividends received	980,607 897,415	980,607 897,415
Additional records and accounts :		Loans granted to related parties Interest received	(390,064) - 1,207,247 86,014	(7,978,610) (36,634,600) 1,326,364 28,394
% Participation of the parent	% Participation of the parent	Proceeds from repayments of borrowings granted to related parties	5,076,000 -	10,000,000 22,000,000
company 1. GROUP'S COMPOSITION	company	Proceeds from available-for-sale financial assets	- 4,343,869	- 4,930,301
Company Company LAMDA Development SA Parent company		Decrease in subsidiaries' share capital	- -	1,036,296 -
Full consolidation	Proportionate consolidation	Increase in participations Increase in assets due to sale of subsidiaries	- (154,330) -	- (17,743,720) (9,315,357) - -
Greece LAMDA Estate Development SA KRONOS PARKING ΑΕ Greece Indirect 100.00% LAMDA Akinita SA	100.00% LAMDA Olympia Village SA Greece 49.24% Greece 50.00%	Cash flows from investing activities - net	(17,958,041)	901,803 (12,458,529) (18,109,353)
Greece 100.00% SC LAMDA Olympic SRL LAMDA Prime Properties SA Greece 60.10% GLS OOD PYLAIA SA	Romania 50.00% Bulgaria Indirect 50.00%
Greece LAMDA Technol Flisvos Holding SA Greece Indirect 34.75% LAMDA Technol Flisvos Marina SA	45.00% LAMDA Redding Contracting Consortium Greece Indirect 50.00%	Cash flows from financing activities Proceeds from issuance of shares of subsidiaries	- 3,493,000	- -
Greece 100.00% LAMDA Erga Anaptyxis SA Greece 100.00% 4K Anaptyxi Akinitoy SA LAMDA Domi SA	Equity consolidation Greece Indirect 30.00%	Dividends paid to Company's shareholders	(10,173,471)	(225) (10,173,471) (225)
Greece LAMDA Property Management SA Greece LAMDA Hellix SA	100.00% MC Property Management SA Greece Indirect 25.00% 80.00% ECE LAMDA HELLAS SA Greece 34.00%	Borrowings received	1,994,575 220,897,642	- 79,000,000
Greece 100.00% SC LAMDA MED SRL LAMDA Anadixi SA Greece LAMDA Protypi Anaptyxi SA	Romania Indirect 40.00% 100.00% EFG PROPERTY SERVICES SA Romania 20.00%	Repayments of capital repayments of finance leases Repayments of borrowings	(300,442) - (20,318,709) (160,793,632)	- (28,309,150) (156,451) -
LAMDA Waste Management SA Greece LAMDA Development DOO Beograd Serbia	100.00% EFG PROPERTY SERVICES DOO BEOGRAD Serbia 20.00% 100.00% EFG PROPERTY SERVICES SOFIA AD Bulgaria 20.00%	Cash flows from financing activities - net	(28,798,047)	63,596,785 (10,329,923) 50,690,625
Property Development DOO Serbia 100.00% Romania 100.00% LAMDA Development Romania SRL Bulgaria 100.00% LAMDA Development Sofia EOOD
Bulgaria 100.00% LAMDA Development South EOOD LAMDA Development Vitosha EOOD Bulgaria 100.00%		Net (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of period	(19,853,150) (18,239,416) (28,375,022) 79,911,287 36,359,076	(300,972) 51,504,302 4,291,681
Montenegro 100.00% LAMDA Development Montenegro DOO LAMDA Development (Netherlands) BV The Netherlands 100.00%		Cash and cash equivalents - discontinued operations	- 60,872	- -
Cyprus 90.00% Robies Services Ltd		Cash and cash equivalents at the end of period	60,058,137 18,180,532	23,129,279 3,990,709
Indirect 90.00% Robies Proprietati Imobiliare SRL Romania 2. The Company has been tax audited until the year 2005. LAMDA Estate Develoment is being under tax audit for the years 2004 to 2006. LAMDA		12. 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%.

1. The Company during the six-month period ended 30 June 2007 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.

2. The Company during the six-month period ended 30 June 2007 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. Also, 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. Finally, on 03/07/2007 the Company has

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.

1. The accounting principles adopted in the preparation and presentation of the interim financial information are consistent with the same

accounting principles adopted for the financial statements of the Company and the Group for the year ended 31/12/2006.		Also, 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. Finally, on 03/07/2007 the Company has
4. Certain comparatives in the income statement and cash flow statement have been reclassified in order to better present the Company's		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.
performance. For further analysis, see note 20 of the Company's interim financial information.		15. 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.
5. During 2006, the Company proceeded in the sale of its subsidiaries LAMDA Shipyards and Marine Services S.A. and ΑΡΓΟΝΑΥΤΗΣ M.S.A.		16. On 23/07/2007, the Company increased its participation in 100% subsidiary LAMDA Development (Netherlands) BV registered in The Netherlands, by € 5m.
and as a result, business segment that refers to shipyards services is regarded as discontinued operation. The profit after tax from discontinued		17. 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
operations at 30/06/2006 amounted to profit € 1.82m for the Group results.		which was under the status of bankruptcy. The contest took place as an open auction and the bid reached € 55.8m.
6. The subsidiary company Lamda Technol Flisvos Marina S.A. is on the procedure of arbitration with the company ETA S.A. not only for the		18. Intercompany transactions for the period ended 30 June 2007 and intercompany balances as of 30 June 2007, according to IAS 24 are as follows:
demand of € 7.7m but also for the liability of € 13.6 m. In addition, for the subsidiary company outstanding blea in abatements in the slight of
State of Council regarding the expansion and the development of the Marina. The company foresees a favorable outcome on these cases.			Amounts in €	GROUP	COMPANY
7. The accounts "Trade and other Receivables" and "Other receivables" include € 25.5m approximately, concerning receivables against Hellenic State, for the reimbursement of VAT related to construction cost of the Group's Shopping Centers. 8. 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. 9. Real estate liens and pre-notices, amount to € 425.2m concerning guaranties for bank loans. 10. 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 statement. 11. The number of employees at the end of the period was 138 for the Group in total of which 81 for the Company (30/06/2006: Group 164,			a) Sales of goods and services	21,336,384	957,714
			b) Purchases of goods and services	3,035,536	244,421
			c) Dividend income	872,487	1,180,607
			d) Receivables		3,072,807 18,949,681
			e) Payables	1,478,401	7,975,570
			f) Transactions and gross salaries of BoD members and management	820,731	808,363
			g) Receivables from BoD members and management	450	-
			h) Payables from BoD members and management	-	-
Company 86) from which seasonal were: Group 3, Company 0 (30/06/2006: Group 0, Company 0).			i) Cash at bank - related parties		32,558,456 23,112,930
		Athens, 20 August 2007
THE CHAIRMAN OF THE BOARD OF DIRECTORS THE GENERAL MANAGER & CHIEF EXECUTIVE OFFICER & MEMBER OF THE BOARD OF DIRECTORS		THE DIRECTOR OF FINANCE & ADMINISTRATION				THE FINANCIAL DIRECTOR
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

LAMDA DEVELOPMENT S.A.

HOLDING AND REAL ESTATE DEVELOPMENT COMPANY S.A.

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

Summary financial data and information for the six-month period ended 30 June 2007