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Lamda Development S.A. Interim / Quarterly Report 2021
2660_10-q_2021-12-07_401e3464-ebe1-4ff6-8ae7-18cd7e355864.pdf
Interim / Quarterly Report
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LAMDA Development S.A.
Condensed separate and consolidated financial statements for the period 1 January – 30 September 2021
G.E.MI.: 3379701000 37A Kifissias Ave 15123, Maroussi
Statement of financial position (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| All amounts in € thousands | 30.09.2021 | 31.12.2020 | 30.09.2021 | 31.12.2020 |
| ASSETS | ||||
| Non-current assets | ||||
| Investment property | 1.856.725 | 1.002.228 | 1.840 | 1.840 |
| Inventories | 583.472 | - | - | - |
| Right-of-use assets | 128.851 | 104.033 | 8.259 | 7.087 |
| Property, plant and equipment | 67.562 | 50.869 | 7.005 | 5.175 |
| Intangible assets | 17.941 | 16.645 | - | - |
| Investments in subsidiaries | - | - | 606.382 | 310.562 |
| Investments in joint ventures and associates | 6.110 | 34.859 | 4.037 | 3.737 |
| Deferred tax assets | 4.196 | 5.066 | 4.063 | 4.765 |
| Restricted cash | 167.000 | - | 167.000 | - |
| Other receivables | 28.688 2.860.545 |
29.479 1.243.179 |
27.520 826.106 |
9.883 343.049 |
| Current assets | ||||
| Inventories | 319.119 | 7.416 | - | - |
| Trade and other receivables | 47.887 | 50.704 | 82.789 | 49.502 |
| Current tax assets | 3.141 | 3.108 | 3.110 | 3.088 |
| Restricted cash | 210.000 | - | 210.000 | - |
| Cash and cash equivalents | 171.156 | 883.155 | 57.587 | 829.352 |
| 751.303 | 944.383 | 353.486 | 881.942 | |
| Total assets | 3.611.848 | 2.187.562 | 1.179.592 | 1.224.991 |
| EQUITY AND LIABILITIES | ||||
| Equity attributable to equity holders of the parent | ||||
| Share capital and share premium | 1.024.508 | 1.024.576 | 1.024.508 | 1.024.576 |
| Other reserves Retained earnings / (Accumulated losses) |
14.733 181.824 |
8.329 (26.995) |
8.285 (244.555) |
2.936 (203.660) |
| 1.221.065 | 1.005.910 | 788.238 | 823.852 | |
| Non-controlling interests | 97.719 | 94.663 | - | - |
| Total equity | 1.318.784 | 1.100.573 | 788.238 | 823.852 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Borrowings | 707.372 | 699.399 | 313.851 | 313.162 |
| Lease liability | 180.244 | 182.797 | 6.840 | 6.351 |
| Deferred tax liabilities | 179.242 | 116.338 | - | - |
| Derivative financial instruments | 1.028 | 2.251 | - | - |
| Employee benefit obligations | 2.308 | 2.308 | 1.285 | 1.285 |
| Provisions for infrastructure at HELLINIKON S.A. | 483.326 | - | - | - |
| Contingent consideration for the acquisition of | 496.980 | - | - | - |
| HELLINIKON S.A. Other non-current liabilities |
15.894 | 16.653 | 37.119 | - |
| 2.066.394 | 1.019.746 | 359.095 | 320.798 | |
| Current liabilities | ||||
| Borrowings | 43.159 | 14.106 | - | - |
| Lease liability | 1.239 | 2.358 | 1.592 | 769 |
| Trade and other payables | 71.694 | 49.931 | 30.667 | 79.572 |
| Provisions for infrastructure at HELLINIKON S.A. | 107.934 | - | - | - |
| Current tax liabilities | 2.644 | 848 | - | - |
| 226.670 | 67.243 | 32.259 | 80.341 | |
| Total liabilities Total equity and liabilities |
2.293.064 3.611.848 |
1.086.989 2.187.562 |
391.354 1.179.592 |
401.139 1.224.991 |
Income statement (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| All amounts in € thousands | 01.01.2021 to 30.09.2021 |
01.01.2020 to 30.09.2020 |
01.01.2021 to 30.09.2021 |
01.01.2020 to 30.09.2020 |
|
| Revenue | 53.958 | 51.354 | 994 | 1.020 | |
| Dividends | 135 | 203 | 8.917 | 35.769 | |
| Net gain / (loss) from fair value adjustment on investment property |
320.249 | (24.645) | - | - | |
| Loss from inventory impairment | (30) | (42) | - | - | |
| Profit from disposal of investment property | 860 | - | - | - | |
| Other direct property operating expenses | (7.445) | (8.249) | - | - | |
| Expenses related to the development of the Ellinikon site |
(20.001) | (5.558) | (19.656) | (5.558) | |
| Employee benefits expense | (13.219) | (9.483) | (8.991) | (5.098) | |
| Depreciation | (6.242) | (4.234) | (1.803) | (870) | |
| Impairment provision relating to subsidiaries, joint ventures and associates |
- | - | (3.590) | - | |
| Provision for impairment of receivables from subsidiaries | - | - | (955) | - | |
| Other operating income / (expenses) – net | (5.271) | (4.521) | (2.580) | (2.446) | |
| Operating profit / (loss) | 322.994 | (5.175) | (27.664) | 22.817 | |
| Finance income | 309 | 709 | 952 | 1.564 | |
| Finance costs | (39.517) | (23.450) | (13.556) | (7.258) | |
| Share of net profit of investments accounted for using the equity method |
(394) | 5.206 | - | - | |
| Profit / (loss) before income tax | 283.392 | (22.710) | (40.268) | 17.123 | |
| Income tax expense | (66.371) | 1.202 | (627) | 471 | |
| Profit / (loss) | 217.021 | (21.508) | (40.895) | 17.594 | |
| Profit / (loss) attributable to: | |||||
| Equity holders of the parent | 209.561 | (19.202) | (40.895) | 17.594 | |
| Non-controlling interests | 7.460 | (2.306) | - | - | |
| 217.021 | (21.508) | (40.895) | 17.594 | ||
| Earnings / (losses) per share attributable to the equity holders of the Parent during the year (expressed in € per share) |
|||||
| Basic | 1,19 | (0,11) | (0,23) | 0,10 | |
| Diluted | 1,18 | (0,11) | (0,23) | 0,10 |
|---|---|---|---|---|
| Weighted average number of shares | 176.736.715 | 176.736.715 | 176.736.715 | 176.736.715 |
| Adjusted weighted average number of shares | 177.489.409 | 176.736.715 | 177.489.409 | 176.736.715 |
Income statement (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| All amounts in € thousands | 01.07.2021 to 30.09.2021 |
01.07.2020 to 30.09.2020 |
01.07.2021 to 30.09.2021 |
01.07.2020 to 30.09.2020 |
| Revenue | 24.225 | 20.169 | 328 | 340 |
| Dividends | 135 | - | 8.917 | - |
| Net gain / (loss) from fair value adjustment on investment property |
7.789 | (13.371) | - | - |
| Profit / (loss) from disposal of investment property | (20) | - | - | - |
| Other direct property operating expenses | (2.867) | (3.791) | - | - |
| Expenses related to the development of the Ellinikon site |
(7.367) | (2.836) | (7.022) | (2.836) |
| Employee benefit expense | (4.878) | (3.361) | (3.218) | (1.811) |
| Depreciation | (1.950) | (1.757) | (777) | (295) |
| Provision for impairment of receivables from subsidiaries |
- | - | (203) | - |
| Other operating income / (expenses) – net | (3.864) | (1.985) | (743) | (303) |
| Operating profit / (loss) | 11.203 | (6.932) | (2.718) | (4.905) |
| Finance income | 108 | 201 | 367 | 474 |
| Finance costs | (19.570) | (8.520) | (4.525) | (3.390) |
| Share of net profit of investments accounted for using the equity method |
2 | (278) | - | - |
| Profit / (loss) before income tax | (8.257) | (15.529) | (6.876) | (7.821) |
| Income tax expense | (3.292) | 526 | - | (20) |
| Profit / (loss) | (11.549) | (15.003) | (6.876) | (7.841) |
| Profit / (loss) attributable to: | ||||
| Equity holders of the parent | (14.997) | (13.544) | (6.876) | (7.841) |
| Non-controlling interests | 3.448 | (1.459) | - | - |
| (11.549) | (15.003) | (6.876) | (7.841) | |
| Earnings / (losses) per share attributable to the equity holders of the Parent during the year (expressed in € per share) |
||||
| Basic | (0,08) | (0,08) | (0,04) | (0,04) |
| Diluted | (0,08) | (0,08) | (0,04) | (0,04) |
| Weighted average number of shares | 176.736.715 | 176.736.715 | 176.736.715 | 176.736.715 |
Adjusted weighted average number of shares 177.489.409 176.736.715 177.489.409 176.736.715
Condensed separate and consolidated financial statements for the period 1 January – 30 September 2021
Statement of comprehensive income (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| All amounts in € thousands | 01.01.2021 to 30.09.2021 |
01.01.2020 to 30.09.2020 |
01.01.2021 to 30.09.2021 |
01.01.2020 to 30.09.2020 |
| Profit / (loss) for the period | 217.021 | (21.508) | (40.895) | 17.594 |
| Cash flow hedges, after tax | 496 | (659) | - | - |
| Currency translation differences | (23) | - | - | - |
| Items that may be subsequently reclassified to profit or loss |
473 | (659) | - | - |
| Change in income tax rate | (9) | - | (5) | - |
| Items that will not be subsequently reclassified to profit or loss |
(9) | - | (5) | - |
| Other comprehensive income for the period | 464 | (659) | (5) | - |
| Total comprehensive income for the period | 217.485 | (22.167) | (40.900) | 17.594 |
Profit / (loss) attributable to:
| 217.485 | (22.167) | (40.900) | 17.594 | |
|---|---|---|---|---|
| Non-controlling interests | 7.616 | (2.515) | - | - |
| Equity holders of the parent | 209.869 | (19.652) | (40.900) | 17.594 |
Statement of comprehensive income (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 01.07.2021 to 30.09.2021 |
01.07.2020 to 30.09.2020 |
01.07.2021 to 30.09.2021 |
01.07.2020 to 30.09.2020 |
|
| (7.841) | ||||
| 102 | (78) | - | - | |
| (2) | - | - | - | |
| 100 | (78) | - | - | |
| (4) | - | 1 | - | |
| (4) | - | 1 | - | |
| 96 | (78) | 1 | - | |
| (11.453) | (15.081) | (6.875) | (7.841) | |
| (14.933) | (13.597) | (6.875) | (7.841) | |
| 3.480 | (1.484) | - | - | |
| (11.453) | (15.081) | (6.875) | (7.841) | |
| (11.549) | (15.003) | (6.786) |
Condensed separate and consolidated financial statements for the period 1 January – 30 September 2021
Statement of changes in equity (Consolidated) 2021
| Attributable to equity holders of the parent | ||||||
|---|---|---|---|---|---|---|
| All amounts in € thousands |
Share capital and share premium |
Other reserves |
Retained earnings / (Accumulated losses) |
Total | Non controlling interests |
Total equity |
| GROUP | ||||||
| 1 January 2021 |
1.024.576 | 8.329 | (26.995) | 1.005.910 | 94.663 | 1.100.573 |
| Total income: | ||||||
| Profit for the period | - | - | 209.561 | 209.561 | 7.460 | 217.021 |
| Other comprehensive income for the period: | ||||||
| Cash flow hedges, after tax | - | 340 | - | 340 | 156 | 496 |
| Currency translation differences | - | (23) | - | (23) | - | (23) |
| Change in income tax rate | - | (9) | - | (9) | - | (9) |
| Total comprehensive income for the period | - | 308 | 209.561 | 209.869 | 7.616 | 217.485 |
| Transactions with the shareholders: | ||||||
| Other reserves | - | 742 | (742) | - | - | - |
| Issue of share capital | - | - | - | - | 42 | 42 |
| Employees share option scheme | - | 5.354 | - | 5.354 | - | 5.354 |
| Dividends provided for or paid | - | - | - | - | (4.602) | (4.602) |
| Change in income tax rate | (68) | - | - | (68) | - | (68) |
| Total Transactions with the shareholders | (68) | 6.096 | (742) | 5.286 | (4.560) | 726 |
| 30 September 2021 |
1.024.508 | 14.733 | 181.824 | 1.221.065 | 97.719 | 1.318.784 |
Statement of changes in equity (Consolidated) 2020
| Attributable to equity holders of the parent | ||||||
|---|---|---|---|---|---|---|
| All amounts in € thousands |
Share capital and share premium |
Other reserves |
Retained earnings / (Accumulated losses) |
Total | Non controlling interests |
Total equity |
| GROUP | ||||||
| 1 January 2020 |
1.023.856 | 6.891 | 26.593 | 1.057.340 | 85.746 | 1.143.086 |
| Total income: | ||||||
| Loss for the period | - | - | (19.202) | (19.202) | (2.306) | (21.508) |
| Other comprehensive income for the period: Cash flow hedges, after tax |
- | (450) | - | (450) | (209) | (659) |
| Total comprehensive income for the period | - | (450) | (19.202) | (19.652) | (2.515) | (22.167) |
| Transactions with the shareholders: | ||||||
| Other reserves | - | 1.847 | (1.847) | - | - | - |
| Costs directly attributable to issuing new shares | 1.221 | - | - | 1.221 | - | 1.221 |
| Dividends to non-controlling interest Business combinations |
- - |
- (8) |
- - |
- (8) |
(329) 13.762 |
(329) 13.754 |
| Total Transactions with the shareholders | 1.221 | 1.839 | (1.847) | 1.213 | 13.433 | 14.646 |
| 30 September 2020 |
1.025.077 | 8.280 | 5.544 | 1.038.901 | 96.664 | 1.135.565 |
Statement of changes in equity (Company) 2021
| 30 September 2021 | 1.024.508 | 8.285 | (244.555) | 788.238 |
|---|---|---|---|---|
| Total Transactions with the shareholders | (68) | 5.354 | - | 5.286 |
| Employees share option scheme | - | 5.354 | - | 5.354 |
| Change in income tax rate | (68) | - | - | (68) |
| Transactions with the shareholders: | ||||
| Total Transactions with the shareholders | - | (5) | (40.895) | (40.900) |
| Change in income tax rate | (5) | - | (5) | |
| Other comprehensive income for the period: | ||||
| Total income: Loss for the period |
- | - | (40.895) | (40.895) |
| 1 January 2021 | ||||
| 1.024.576 | 2.936 | (203.660) | 823.852 | |
| COMPANY | ||||
| All amounts in € thousands | Share capital and share premium |
Other reserves |
Retained earnings / (Accumulated losses) |
Total equity |
Statement of changes in equity (Company) 2020
| All amounts in € thousands | Share capital and share premium |
Other reserves |
Retained earnings / (Accumulated losses) |
Total equity |
|---|---|---|---|---|
| COMPANY | ||||
| 1 January 2020 | 1.023.856 | 2.852 | (202.147) | 824.561 |
| Total income: | ||||
| Profit for the period |
- | - | 17.594 | 17.594 |
| Total Transactions with the shareholders | - | - | 17.594 | 17.594 |
| Transactions with the shareholders: | ||||
| Costs directly attributable to issuing new shares | 1.221 | - | - | 1.221 |
| Total Transactions with the shareholders | 1.221 | - | - | 1.221 |
| 30 September 2020 | 1.025.077 | 2.852 | (184.553) | 843.376 |
Cash Flow Statement (Company and Consolidated)
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| All amounts in € thousands | 01.01.2021 to |
01.01.2020 to |
01.01.2021 to |
01.01.2020 to |
||
| Profit / (loss) | 30.09.2021 217.021 |
30.09.2020 (21.508) |
30.09.2021 (40.895) |
30.09.2020 17.594 |
||
| Adjustments for: | ||||||
| Tax | 66.371 | (1.202) | 627 | (471) | ||
| Depreciation | 6.242 | 4.234 | 1.803 | 870 | ||
| Share of profits of associates | 394 | (5.206) | - | - | ||
| Dividends income | (135) | (203) | (8.917) | (35.769) | ||
| Provision for impairment of receivables from subsidiaries |
- | - | 596 | 1.019 | ||
| Provision for impairment of investments in subsidiaries, joint ventures and associates |
- | - | 3.590 | - | ||
| Impairment of receivables | 2.031 | 490 | (359) | (74) | ||
| Loss from sale/valuation of financial instruments/derivatives |
(544) | - | - | - | ||
| Loss from disposal of pp&e / inventories | (880) | - | - | - | ||
| Employees share option scheme | 5.354 | - | 5.354 | - | ||
| Interest income | (309) | (709) | (952) | (1.564) | ||
| Interest expense | 39.517 | 23.450 | 13.556 | 7.258 | ||
| Provision for inventory impairment Net gains/(losses) from fair value adjustment on investment property |
30 (320.249) |
42 24.645 |
- - |
- - |
||
| Other non-cash income / (expense) | (3.964) | - | (117) | - | ||
| 10.879 | 24.033 | (25.714) | (11.137) | |||
| Changes in working capital: | ||||||
| (Increase)/decrease in inventories | (10.605) | - | - | - | ||
| Decrease/(increase) in receivables | (18.981) | (9.418) | (24.117) | (6.941) | ||
| (Decrease)/increase in payables | 20.044 | (28.148) | (828) | (14.477) | ||
| (9.542) | (37.566) | (24.945) | (21.418) | |||
| Interest paid and interest related finance cost | (24.845) | (15.987) | (15.381) | (4.107) | ||
| Interest expense on lease liabilities | (2.926) | (5.723) | (267) | (25) | ||
| Income taxes paid | (1.369) | (1.993) | (1) | (24) | ||
| Net cash (outflow) from operating activities |
(27.803) | (37.236) | (66.308) | (36.711) | ||
| Cash flows from investing activities | ||||||
| Payments for property, plant and equipment and investment property |
(9.055) | (6.234) | (2.208) | (1.219) | ||
| Proceeds from sale of property, plant and equipment and investment property |
14.000 | - | - | - | ||
| Dividends/pre-dividends received | 338 | - | 338 | 19.466 | ||
| Interest received | 308 | 773 | 246 | 615 | ||
| Loans from/(to) related parties | - | - | (20.000) | - | ||
| Proceeds from repayment of loans to related parties |
- | - | 2.150 | - | ||
| Payments of consideration for the aqcuisition of interest held in participation minus cash equivalents at the date of the acquisition |
(307.663) | (13.556) | (1.163) | (13.556) | ||
| Cash equivalents at the date of the acquisition |
794 | 5.551 | - | - | ||
| (Increase)/decrease in the share capital of participations |
(300) | (2.460) | (299.710) | 21.820 | ||
| Restricted cash | (377.000) | - | (377.000) | - | ||
| Net cash (outflow) from investing activities |
(678.578) | (15.926) | (697.347) | 27.126 |
Cash Flow Statement (Company and Consolidated, continued and end)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| All amounts in € thousands | 01.01.2021 to 30.09.2021 |
01.01.2020 to 30.09.2020 |
01.01.2021 to 30.09.2021 |
01.01.2020 to 30.09.2020 |
| Cash flows from financing activities | ||||
| Costs directly attributable to issuing new shares |
- | (4.244) | - | (4.244) |
| Dividends paid to non-controlling interests | - | (329) | - | - |
| Proceeds / (Repayments) from loans from/(to) related parties |
- | (10.000) | (7.055) | (10.280) |
| Proceeds from borrowings | 15.770 | 530.000 | - | 320.000 |
| Repayment of borrowings | (17.886) | (252.032) | - | (89.128) |
| Repayment of lease liabilities | (3.470) | (151) | (1.055) | (738) |
| Transaction costs related to borrowings | (32) | (9.494) | - | (7.200) |
| Net cash (outflow) from financing activities |
(5.618) | 253.750 | (8.110) | 208.410 |
| Net decrease in cash and cash equivalents |
(711.999) | 200.588 | (771.765) | 198.825 |
| Cash and cash equivalents at the beginning of the year |
883.155 | 702.776 | 829.352 | 651.664 |
| Cash and cash equivalents at end of period |
171.156 | 903.364 | 57.587 | 850.489 |
Condensed separate and consolidated financial statements for the period 1 January – 30 September 2021
ALTERNATIVE PERFORMANCE MEASURES (APMs)
The Group uses certain Alternative Performance Measures (APMs) due to certain special features of the business category which are as follows compared to the period of 2020:
| All amounts in € thousands | 30.09.2021 | 31.12.2020 | Variance |
|---|---|---|---|
| Net Asset Value (NAV) (as exported by the internal information of the Group) |
1.380.014 | 1.101.067 | +25.3% |
| All amounts in € thousands | 01.01.2021- 30.09.2021 |
01.01.2020- 30.09.2020 |
Variance |
|---|---|---|---|
| Total Group operating results (EBITDA) before valuations and other adjustments (as exported by the internal information of the Group) |
28.624 | 26.028 | +10,0% |
| Group operating results (EBITDA) | 328.842 | 4.264 | >100% |
| Operating profitability (EBITDA) Shopping malls (All amounts in € millions) |
01.01.2021- 30.09.2021 |
01.01.2020- 30.09.2020 |
Variance |
|---|---|---|---|
| Retail EBITDA | 31,2 | 31,7 | -2% |
| The Mall Athens | 12,6 | 13,2 | - 4% |
| Mediterranean Cosmos | 9,6 | 9,1 | + 6% |
| Golden Hall | 8,9 | 9,5 | - 6% |
| Group financial ratios | 30.09.2021 | 31.12.2020 1 |
|---|---|---|
| NET BORROWINGS2 / INVESTMENT PORTFOLIO VALUE |
38,4% | N/A |
| NET BORROWINGS / EQUITY | 43,9% | Ν/Α |
1 As at 31.12.2020 the cash and cash equivalents of the Group exceeds its borrowings.
2 Net borrowings as at 30.09.2021 includes the outstanding price for the acquisition of the shares of Hellenic SA at a present value of €497,0 million.
Definitions (APMs):
- 1. Net Asset Value: Group Equity adjusted by the deferred tax liability and asset attributable to the Group's shareholders.
- 2. Total Group operating results (EBITDA) before valuations and other adjustments: Group operating results (EBITDA) without taking into account the fair value gains/losses that occur from the valuations of the investment property, the impairment losses of inventory, the profit or loss from acquisition/disposal of participation in investments, result from disposal of inventory – land and other extraordinary valuation gains/losses and costs, as well as other adjustments such as Expenses related to the the development in the Hellinikon area
- 3. Total Group operating results (EBITDA): Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA).
- 4. Retail EBITDA: Sum of each EBITDA of the shopping centers Golden Hall, Mediterranean Cosmos and The Mall Athens.
- 5. EBITDA of the shopping centers (The Mall Athens, Mediterranean Cosmos, Golden Hall): Individual EBITDA of the companies LOV SMSA, PYLAIA SMSA and LAMDA DOMI SMSA, which are involved in the exploitation of the shopping centers The Mall Athens, Mediterranean Cosmos and Golden Hall respectively.
- 6. Change in EBITDA of the shopping centers (The Mall Athens, Mediterranean Cosmos, Golden Hall): Percentage change of the current year vs last year.
- 7. Net Debt / Total Assets: (Debt minus Cash and cash equivalents minus Financial instruments held at fair value through profit or loss) over (Investment property plus Property, plant and equipment plus Investment in joint ventures and associates plus Inventories).
- 8. Net Debt / Equity: (Debt minus Cash and cash equivalents minus Financial instruments held at fair value through profit or loss) over Equity.