Lamda Development S.A. — Interim / Quarterly Report 2017

May 30, 2017

					FINANCIAL DATA AND INFORMATION for the period 1 January 2017 - 31 March 2017 (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, whenever is required.
Company's data Supervising Authority: Company's web address:	Ministry of Development (department of limited companies) www.lamdadev.com 30 May 2017				Board of Directors Chairman of the Board: Anastasios K. Giannitsis Vice Chairman: Evangelos I. Chronis
Date of approval of the financial statements by the Board of Directors:					Chief Executive Officer: Odyssefs Ε. Athanasiou Members: Photios S. Antonatos Evgenia G. Paizi Dimitrios Ch. Politis	Georgios K. Gerardos Odyssefs P. Kyriacopoulos
STATEMENT OF FINANCIAL POSITION (Amounts in € thousands)					STATEMENT OF COMPREHENSIVE INCOME (Amounts in € thousands)
	GROUP		COMPANY			GROUP		COMPANY
	31/3/2017	31/12/2016	31/3/2017	31/12/2016				1/1-31/3/2017 1/1-31/3/2016 1/1-31/3/2017 1/1-31/3/2016
ASSETS					Revenues from investment property	10.523	10.490	-	-
Investment property	379.955	379.955	1.840		1.840 Revenues from services and other revenues	859	896	340	339
Owner occupied property, plant and equipment	3.619	3.761	374		371 Fair value gains/(losses) of investment property and other assets	-	-	-	(2.054)
Investments in subsidiaries and associates Other non-current assets	110.499 19.210	109.457 18.470	227.935 88.728		227.636 Gain/(Loss) from sale of investment property 87.992 Minus: Operating expenses	- (1.987)	- (2.226)	- -	- -
Inventories	58.198	58.186	-		- Gross revenue	9.395	9.160	340	(1.715)
Trade and other receivables	29.789	32.373	26.195		28.415 Profit / (loss) before interest and taxes	5.877	5.838	(1.951)	(3.882)
Financial instruments held at fair value through profit or loss	-	5.224	-		5.224 Profit / (loss) before income tax	2.990	2.916	(4.396)	(6.130)
Cash and cash equivalents	101.980	98.644	72.013		71.703 Profit / (loss) after taxes (A)	1.707	1.646	(3.660)	(5.420)
TOTAL ASSETS	703.251	706.070	417.086	423.181
					Profit / (loss) attributable to:
EQUITY AND LIABILITIES					- Owners of the parent	1.711	1.650	(3.660)	(5.420)
Share capital	23.917	23.917	23.917		23.917 - Non-controlling interests	(3)	(3)	-	-
Share premium	360.110	360.110	360.110		360.110 Other comprehensive income / (loss) after tax (Β)	127	(63)	-	-
Treasury shares	(9.163)	(9.163)	(9.163)		(9.163) Total other comprehensive income / (loss) after tax (Α)+(Β)	1.834	1.583	(3.660)	(5.420)
Other equity components	(17.763)	(19.601)	(121.328)		(117.668) Profit / (loss) attributable to:
Total share capital and reserves (a)	357.100	355.262	253.535		257.195 - Owners of the parent	1.838	1.587	(3.660)	(5.420)
Non-controlling interests (b)	(195)	(191)	-		- - Non-controlling interests	(3)	(3)	-	-
Total equity (c) = (a) + (b)	356.905	355.071	253.535		257.195 Earnings per share after taxes (expressed in € per share)
Long-term borrowings	253.719	248.642	123.376	123.201 - Basic		0,0221	0,0212	(0,0473)	(0,0697)
Deferred tax liabilities	34.586	34.172	-		- - Diluted	0,0221	0,0212	(0,0473)	(0,0697)
Provisions / Other non-current liabilities Short-term borrowings	17.617 13.366	17.626 19.965	19.346 5.644	19.692	5.513 Profit / (loss) before interest, taxes, depreciation and amortisation	6.061	6.026	(1.927)	(3.861)
Other short-term liabilities	27.057	30.594	15.184	17.580
Total liabilities (d)	346.346	350.999	163.551	165.986	CASH FLOW STATEMENT - Indirect Method (Amounts in € thousands)
TOTAL EQUITY AND LIABILITIES (c) + (d)	703.251	706.070	417.086	423.181		GROUP		COMPANY
								1/1-31/3/2017 1/1-31/3/2016 1/1-31/3/2017 1/1-31/3/2016
STATEMENT OF CHANGES IN EQUITY (Amounts in € thousands)					Cash flows from operating activities
	GROUP		COMPANY		Profit/(loss) before taxes from continuing operations	2.990	2.916	(4.396)	(6.130)
	31/3/2017	31/3/2016	31/3/2017	31/3/2016	Adjustments for:
Equity at the beginning of the period					Fair value gains/(losses) of investment property and other assets	-	-	-	2.054
(1/1/2017 and 1/1/2016 respectively)	355.071	360.605	257.195		289.371 Depreciation	184	187	24	21
Total comprehensive income after tax	1.834	1.583	(3.660)		(5.420) Provisions	-	-	-	-
Purchase of treasury shares Equity at the end of the period	-	(1.377)	-		(1.377) Results (income, expenses, gains and losses) of investment operations Finance costs - net	(1.217) 4.104	(1.033) 3.955	(4) 2.420	36 2.213
(31/3/2017 and 31/3/2016 respectively)	356.905	360.812	253.535		282.575 Other non-cash flow items	-	(120)	-	(50)
					Changes in working capital :
DATA AND INFORMATION					(Increase)/Decrease in inventories	(13)	1.310	-	-
1. The Company has been audited by tax authorities until the fiscal year of 2008. For further information regarding the Company's and					(Increase)/Decrease in receivables	55	804	(8)	(244)
Group's unaudited fiscal years refer to note 19 of the interim financial statements for the period ended 31/3/2017.					Decrease in payables	(5.233)	(2.991)	(2.594)	(697)
2. The accounting principles adopted in the preparation and presentation of the condensed interim financial statements for the period					Minus:
that ended at 31/3/2017 are consistent with the same accounting principles adopted for the financial statements of the Company and the Group for the year ended 31/12/2016.					Interest paid Income tax paid	(3.519) (11)	(3.605) 125	(2.196) -	(2.200) -
3. The company Consolidated Lamda Holdings SA, registered in Luxembourg, participates in Company's share capital by 50.87% as					Cash flows from/(to) operating activities - net	(2.660)	1.548	(6.754)	(4.997)
at 31/03/2016 and therefore the Group's financial statements are included in Consolidated Lamda Holdings SA's consolidated financial					Cash flows from investing activities
statements by the full consolidation method.					Purchases of property, plant and equipment	(42)	(41)	(27)	(15)
4. Companies included in the consolidated financial statements together with names, country of establishment, participation interest,					Purchase/(sale) of financial instruments held at fair value through profit or loss	5.194	5.293	5.194	5.293
directly and indirectly, and method of consolidation are presented in note 7 of the interim financial statements for the period ended					Interest received	4	88	4	23
31/3/2017.					Proceeds from disposal/liquidation of participations	430	219	430	219
5. The Company in the first quarter of 2017 established the company LAMDA Malls SA contributing an initial amount of €300k and then					Loans to related parties	-	(400)	-	1.166
contributed its participation in the subsidiaries LAMDA Domi SA and Pylea SA. Also, the company SC LAMDA MED SRL decreased its					Purchase of share in participation	-	(2.437)	-	(3.600)
share capital by €200k. For details in relation to the Group's participations, see note 7 of the interim financial statements for the period ended 31/3/2017.					Increase/(decrease) in share capital of participations	200	-	(300)	(4.000)
6. On the amount of €379.95m of the total investment property there are real estate liens and pre-notices over these assets.					Cash flows from/(to) investing activities - net Cash flows from financing activities	5.786	2.721	5.301	(915)
7. The number of employees at the end of the period was: Group 219, Company 73 (31/3/2016: Group 140, Company 66). There are					Purchase of treasury shares	-	(1.377)	-	(1.377)
no seasonal employees at the end of the period (31/3/2016: Group 0, Company 0).					Repayment of loan from related party	-	-	(350)	-
8. As at the end of the period, the Company acquires 2.366.007 treasury shares at an average price (before expenses and other					Repayments of borrowings	(1.904)	(2.012)	-	-

commissions) of €3.87 per share, at an aggregate total value of €9.2m. Capital repayments of finance leases - (4.006) - - 9. Other comprehensive income/(loss) after tax includes: a) Cash flow hedges profit, after tax €75k (31/3/2016 losses €49k) at Group Cash flows to financing activities - net (1.904) (7.396) (350) (1.377) level and €0 (31/3/2016 €0) at Company level and b) Foreign exchange difference €52k (31/3/2016 €-14k) at Group level. Net increase/(decrease) in cash and cash equivalents 1.223 (3.126) (1.803) (7.289)

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

10. i) There are neither cases under dispute, litigation, or arbitrations nor any court decisions that are likely to have a significant	Cash and cash equivalents at the beginning of the period	98.644	107.173	71.703	76.388
impact on the Company's financial statements ii) During period ended 31/3/2017 a) No provision has been made regarding cases	Restricted cash reclassified from receivables	2.113	-	2.113	-
under dispute, litigation, arbitrations or court decisions b) The total amount of the accumulative provision made for the Group's	Cash and cash equivalents at the end of the period	101.980	104.047	72.013	69.098
and Company's unaudited by the tax authorities years amount to €1.1m and €0.7m respectively c) The other provisions that have been
made accumulatively for the Group and the Company amount to €9.1m and include provisions for customers' impairment.
11. Intercompany transactions for the period ended March 31, 2017 and intercompany balances as at March 31, 2016 according to
(Amounts in € thousands) GROUP COMPANY IAS 24 are as follows: a) Revenues 72 315
b) Expenses 91 229
c) Dividend income - -
d) Receivables 1.748 86.871 e) Payables 18.194 21.850
f) Transactions and gross salaries of BoD members and key management 141 141
g) Receivables from BoD members and key management personnel - - h) Payables to BoD members and key management personnel - -
	Maroussi, 30 May 2017
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