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Lamda Development S.A. Interim / Quarterly Report 2022
2660_10-q_2022-11-23_34cae4da-2046-4e52-b0ee-9612f81fefc6.pdf
Interim / Quarterly Report
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LAMDA Development S.A.
Condensed financial statements for the period January 1st to September 30th, 2022 according to International Financial Reporting Standards (IFRS)
These condensed financial statements have been translated from the original condensed financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.
Index of financial statements
| STATEMENT OF FINANCIAL POSITION (COMPANY AND CONSOLIDATED) 2 | |
|---|---|
| INCOME STATEMENT (COMPANY AND CONSOLIDATED) 3 | |
| COMPREHENSIVE INCOME STATEMENT (COMPANY AND CONSOLIDATED) 5 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2022 6 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2021 7 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2022 8 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2021 9 | |
| CASH FLOW STATEMENT (COMPANY AND CONSOLIDATED) 10 | |
Condensed Company and Consolidated Financial Statements for the period January 1st to September 30th, 2022
Statement of Financial Position (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousands | 30.09.2022 | 31.12.20211 | 30.09.2022 | 31.12.20211 |
| ASSETS | ||||
| Non-current assets | ||||
| Investment property | 2.012.099 | 1.846.920 | 1.840 | 1.840 |
| Inventories | 608.612 | 606.051 | - | - |
| Right-of-use assets | 161.612 | 140.329 | 6.969 | 8.156 |
| Tangible assets | 58.212 | 58.146 | 4.310 | 4.625 |
| Intangible assets Investments in subsidiaries |
31.426 - |
20.384 - |
2.031 847.629 |
2.353 606.758 |
| Investments in joint ventures and associates | 3.870 | 3.483 | 2.634 | 1.467 |
| Deferred tax assets | 489 | 677 | 356 | 546 |
| Restricted cash | 11.346 | 167.000 | 11.346 | 167.000 |
| Other receivables | 28.963 | 29.225 | 85.440 | 84.594 |
| Derivative financial instruments | 9.556 | 310 | - | - |
| Other financial instruments | 1.256 | 756 | 751 | 756 |
| 2.927.441 | 2.873.281 | 963.306 | 878.095 | |
| Current assets | ||||
| Inventories | 356.251 | 342.146 | - | - |
| Trade and other receivables | 115.125 | 49.908 | 43.359 | 92.873 |
| Current tax assets | 612 | 661 | 160 | 172 |
| Restricted cash Cash and cash equivalents |
195.393 452.294 |
210.000 162.402 |
195.393 259.384 |
210.000 31.505 |
| 1.119.675 | 765.117 | 498.296 | 334.550 | |
| Assets classified as held for sale | - | 32.539 | - | 2.570 |
| Total assets | 4.047.116 | 3.670.937 | 1.461.602 | 1.215.215 |
| EQUITY | ||||
| Share capital and share premium | 1.024.508 | 1.024.508 | 1.024.508 | 1.024.508 |
| Treasury shares | (15.848) | (3.729) | (15.848) | (3.729) |
| Other reserves | 25.354 | 17.256 | 15.496 | 10.218 |
| Retained earnings/(accumulated losses) | 93.819 | 164.206 | (241.838) | (212.973) |
| Equity attributable to equity holders of the Company | 1.127.833 | 1.202.241 | 782.318 | 818.024 |
| Non-controlling interests | 14.001 | 99.002 | - | - |
| Total equity | 1.141.834 | 1.301.243 | 782.318 | 818.024 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Borrowings | 1.120.380 | 671.694 | 580.284 | 347.341 |
| Lease liabilities | 186.176 | 179.815 | 5.446 | 6.677 |
| Deferred tax liabilities | 197.674 | 175.975 | - | - |
| Derivative financial instruments | - | 376 | - | - |
| Net employee defined benefit liabilities | 914 | 914 | 459 | 459 |
| Provisions for infrastructure investments in HELLINIKON | 404.777 | 479.553 | - | - |
| S.M.S.A. Consideration payable for the acquisition of HELLINIKON |
351.638 | 501.245 | - | - |
| S.M.S.A. | ||||
| Other non-current liabilities | 20.816 | 21.378 | - | - |
| Current liabilities | 2.282.375 | 2.030.950 | 586.189 | 354.477 |
| Borrowings | 41.996 | 49.726 | 12.088 | 11.685 |
| Lease liabilities | 3.148 | 3.097 | 1.842 | 1.697 |
| Trade and other payables | 180.557 | 99.356 | 79.165 | 29.332 |
| Provisions for infrastructure investments in HELLINIKON | 155.455 | - | ||
| S.M.S.A. | 229.869 | - | ||
| Liabilities for infrastructure investments in HELLINIKON | 162.478 | - | - | - |
| S.M.S.A. | ||||
| Current tax liabilities | 4.859 622.907 |
1.110 308.744 |
- 93.095 |
- 42.714 |
| Liabilities directly associated with assets classified as held for sale |
- | 30.000 | - | - |
| Total liabilities | 2.905.282 | 2.369.694 | 679.284 | 397.191 |
| Total equity and liabilities | 4.047.116 | 3.670.937 | 1.461.602 | 1.215.215 |
¹ For purposes of better presentation in Group 31.12.2021 reclassification has been made regarding accrued interest to third parties amounting to €5.507 thousand from "Trade and other payables", as well as loan from non-controlling interest amounting to €109 thousand from "Other non-current liabilities" to current and non-current "Borrowings" respectively. Also, in Company 31.12.2021 reclassification has been made regarding accrued interest to third parties and subsidiaries, as well as loans from subsidiaries amounting to €7.547 thousand from "Trade and other payables" as well as loans and accrued interest payable to subsidiary amounting to €37.381 thousand from "Other non-current liabilities" to current and non-current "Borrowings" respectively.
Income Statement (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousands | 01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
| Revenue | 83.061 | 53.958 | 22.396 | 994 |
| Dividends income | 123 | 135 | 8.204 | 8.917 |
| Net gain/(loss) from fair value adjustment on investment property |
31.930 | 320.249 | - | - |
| Loss from inventory impairment | (120) | (30) | - | - |
| Profit from disposal of investment property | 79 | 860 | - | - |
| Cost of sales of inventory-land | (14) | - | - | - |
| Expenses related to investment property | (8.776) | (7.445) | - | - |
| Expenses related to the development of the Ellinikon site | (36.721) | (20.001) | (20.274) | (19.656) |
| Employee benefits expense | (16.859) | (13.219) | (10.956) | (8.991) |
| Depreciation | (7.154) | (6.242) | (2.386) | (1.803) |
| Provision for impairment relating to investments in subsidiaries, joint ventures and associates |
(440) | - | (3.329) | (3.590) |
| Provision for impairment of receivables from subsidiaries | - | - | (551) | (596) |
| Gain on entities disposal | 30 | - | 5 | - |
| Other operating income / (expenses) - net | (17.558) | (5.271) | (6.680) | (2.939) |
| Operating profit/(loss) | 27.581 | 322.994 | (13.571) | (27.664) |
| Finance income | 4.757 | 309 | 3.311 | 952 |
| Finance costs | (66.765) | (39.517) | (18.416) | (13.556) |
| Share of net profit of investments accounted for through the equity method |
67 | (394) | - | - |
| Profit/(loss) before income tax | (34.360) | 283.392 | (28.676) | (40.268) |
| Income tax expense | (13.610) | (66.371) | (189) | (627) |
| Net profit/(loss) for the period | (47.970) | 217.021 | (28.865) | (40.895) |
| Profit/(loss) attributable to: | ||||
| Equity holders of the parent | (55.199) | 209.561 | (28.865) | (40.895) |
| Non-controlling interests | 7.229 | 7.460 | - | - |
| (47.970) | 217.021 | (28.865) | (40.895) | |
| Earnings / (losses) per share (€) attributable to the equity holders of the parent |
||||
| -Basic | (0,32) | 1,19 | (0,17) | (0,23) |
| -Diluted | (0,32) | 1,18 | (0,17) | (0,23) |
| Weighted Average number of shares | 174.905.075 | 176.736.715 | 174.905.075 | 176.736.715 |
| Revised Weighted Average number of shares | 174.905.075 | 177.489.409 | 174.905.075 | 177.489.409 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousands | 01.07.2022 to 30.09.2022 |
01.07.2021 to 30.09.2021 |
01.07.2022 to 30.09.2022 |
01.07.2021 to 30.09.2021 |
| Revenue | 29.968 | 24.225 | 9.961 | 327 |
| Dividends income | - | 135 | 8.081 | 8.917 |
| Net gain/(loss) from fair value adjustment on investment property |
(45) | 7.789 | - | - |
| Loss from inventory impairment | - | - | - | - |
| Profit from disposal of investment property | 79 | (20) | - | - |
| Cost of sales of inventory-land | (14) | - | - | - |
| Expenses related to investment property | (3.329) | (2.867) | - | - |
| Expenses related to the development of the Ellinikon site | (17.608) | (7.367) | (9.781) | (7.022) |
| Employee benefits expense | (6.003) | (4.878) | (3.783) | (3.218) |
| Depreciation Provision for impairment relating to investments in |
(2.423) - |
(1.950) - |
(801) - |
(777) - |
| subsidiaries, joint ventures and associates | ||||
| Provision for impairment of receivables from subsidiaries | - | - | - | 157 |
| Gain on entities disposal | - | - | - | - |
| Other operating income / (expenses) - net | (5.974) | (3.864) | (2.251) | (1.103) |
| Operating profit/(loss) Finance income |
(5.349) 1.622 |
11.203 108 |
1.426 1.064 |
(2.719) 367 |
| Finance costs | (27.630) | (19.570) | (8.724) | (4.524) |
| Share of net profit of investments accounted for through the | 1 | 2 | - | - |
| equity method | ||||
| Profit/(loss) before income tax Income tax expense |
(31.356) (1.295) |
(8.257) (3.292) |
(6.234) (30) |
(6.876) - |
| Net profit/(loss) for the period | (32.651) | (11.549) | (6.264) | (6.876) |
| Profit/(loss) attributable to: | ||||
| Equity holders of the parent | (33.007) | (14.997) | (6.264) | (6.876) |
| Non-controlling interests | 356 | 3.448 | - | - |
| (32.651) | (11.549) | (6.264) | (6.876) | |
| Earnings / (losses) per share (€) attributable to the equity holders of the parent |
||||
| -Basic | (0,19) | (0,08) | (0,04) | (0,04) |
| -Diluted | (0,19) | (0,08) | (0,04) | (0,04) |
| Weighted Average number of shares | 174.905.075 | 176.736.715 | 174.905.075 | 176.736.715 |
| Revised Weighted Average number of shares | 174.905.075 | 177.489.409 | 174.905.075 | 177.489.409 |
Comprehensive Income Statement (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousands | 01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
| Net profit/(loss) for the period | (47.970) | 217.021 | (28.865) | (40.895) |
| Cash flow hedges, after tax Currency translation differences |
3.885 (274) |
496 (23) |
- - |
- - |
| Items that may be subsequently reclassified to Income Statement |
3.611 | 473 | - | - |
| Actuarial gain / (losses), after tax | - | (9) | - | (5) |
| Items that may not be subsequently reclassified to Income Statement |
- | (9) | - | (5) |
| Other Comprehensive Income for the period | 3.611 | 464 | - | (5) |
| Total Comprehensive Income for the period | (44.359) | 217.485 | (28.865) | (40.900) |
| Profit/(loss) attributable to: | ||||
| Equity holders of the parent | (52.184) | 209.869 | (28.865) | (40.900) |
| Non-controlling interests | 7.825 | 7.616 | - | - |
| (44.359) | 217.485 | (28.865) | (40.900) |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousands | 01.07.2022 to 30.09.2022 |
01.07.2021 to 30.09.2021 |
01.07.2022 to 30.09.2022 |
01.07.2021 to 30.09.2021 |
| Net profit/(loss) for the period | (32.651) | (11.549) | (6.264) | (6.876) |
| Cash flow hedges, after tax Currency translation differences |
1.351 (276) |
102 (2) |
- - |
- - |
| Items that may be subsequently reclassified to Income Statement |
1.075 | 100 | - | - |
| Actuarial gain / (losses), after tax | - | (4) | - | 1 |
| Items that may not be subsequently reclassified to Income Statement |
- | (4) | - | 1 |
| Other Comprehensive Income for the period | 1.075 | 96 | - | 1 |
| Total Comprehensive Income for the period | (31.576) | (11.453) | (6.264) | (6.875) |
| Profit/(loss) attributable to: | ||||
| Equity holders of the parent Non-controlling interests |
(31.725) 149 |
(14.933) 3.480 |
(6.264) - |
(6.875) - |
| (31.576) | (11.453) | (6.264) | (6.875) |
Statement of Changes in Equity (Consolidated) 2022
| Attributable to equity holders of the parent | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in € thousands |
Share capital and Share premium |
Treasury shares |
Other reserves |
Retained earnings / (accumulated losses) |
Total | Non controlling interests |
Total Equity |
| GROUP | |||||||
| 1 January 2022 | 1.024.508 | (3.729) | 17.256 | 164.206 | 1.202.241 | 99.002 | 1.301.243 |
| Total Income: | |||||||
| (Loss) / Profit for the period | - | - | - | (55.199) | (55.199) | 7.229 | (47.970) |
| Other comprehensive income for the period: | |||||||
| Cash flow hedges, after tax | - | - | 3.289 | - | 3.289 | 596 | 3.885 |
| Currency translation differences | - | - | (274) | - | (274) | - | (274) |
| Total other comprehensive income for the period | - | - | 3.015 | - | 3.015 | 596 | 3.611 |
| Total comprehensive income for the period | - | - | 3.015 | (55.199) | (52.184) | 7.825 | (44.359) |
| Transactions with the shareholders: | |||||||
| Reserves creation | - | - | (195) | 195 | - | - | - |
| Issue of share capital | - | - | - | - | - | 5 | 5 |
| Acquisition of treasury shares | - | (12.119) | - | - | (12.119) | - | (12.119) |
| Employees share option scheme | - | - | 5.278 | - | 5.278 | - | 5.278 |
| Acquisition of additional percentage in subsidiary Acquisition of subsidiary |
- - |
- - |
- - |
(15.383) - |
(15.383) - |
(93.617) 786 |
(109.000) 786 |
| Total transactions with the shareholders for the | |||||||
| period | (12.119) | 5.083 | (15.188) | (22.224) | (92.826) | (115.050) | |
| 30 September 2022 |
1.024.508 | (15.848) | 25.354 | 93.819 | 1.127.833 | 14.001 | 1.141.834 |
Statement of Changes in Equity (Consolidated) 2021
| Attributable to equity holders of the parent | ||||||
|---|---|---|---|---|---|---|
| Amounts in € thousands | Share capital and Share premium |
Retained Other earnings / reserves (Accumulate d losses) |
Total | Non controlling interests |
Total Equity |
|
| GROUP | ||||||
| 1 January 2021 |
1.024.576 | 8.772 | (26.340) | 1.007.008 | 94.756 | 1.101.764 |
| Total Income: | ||||||
| (Loss) / 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 Total other comprehensive income for the period |
- - |
(9) 308 |
- - |
(9) 308 |
- 156 |
(9) 464 |
| Total comprehensive income for the period | - | 308 | 209.561 | 209.869 | 7.616 | 217.485 |
| Transactions with the shareholders: | ||||||
| Reserves creation | - | 742 | (742) | - | - | - |
| Acquisition of treasury shares | - | - | - | - | 42 | 42 |
| Employees share option scheme | - | 5.354 | - | 5.354 | - | 5.354 |
| Dividends to non-controlling interest | - | - | - | - | (4.602) | (4.602) |
| Change in income tax rate Total transactions with the shareholders for the period |
(68) (68) |
- 6.096 |
- (742) |
(68) 5.286 |
- (4.560) |
(68) 726 |
| 30 September 2021 |
1.024.508 | 15.176 | 182.479 | 1.222.163 | 97.812 | 1.319.975 |
Statement of Changes in Equity (Company) 2022
| Amounts in € thousands | Share capital and Share premium |
Treasury shares |
Other reserves |
Retained earnings / (accumulated losses) |
Total Equity |
|---|---|---|---|---|---|
| COMPANY | |||||
| 1 January 2022 |
1.024.508 | (3.729) | 10.218 | (212.973) | 818.024 |
| Total Income: | |||||
| Loss for the period | - | - | - | (28.865) | (28.865) |
| Other comprehensive income for the period: | |||||
| Actuarial gain / (losses), after tax | - | - | - | - | - |
| Total other comprehensive income for the period | - | - | - | - | - |
| Total comprehensive income for the period | - | - | - | (28.865) | (28.865) |
| Transactions with the shareholders: | |||||
| Acquisition of treasury shares | - | (12.119) | - | - | (12.119) |
| Employees share option scheme | - | - | 5.278 | - | 5.278 |
| Total transactions with the shareholders for the period |
- | (12.119) | 5.278 | - | (6.841) |
| 30 September 2022 |
1.024.508 | (15.848) | 15.496 | (241.838) | 782.318 |
Statement of Changes in Equity (Company) 2021
| COMPANY 1 January 2021 1.024.576 3.132 (203.296) |
824.412 |
|---|---|
| Total Income: | |
| Loss for the period - - (40.895) |
(40.895) |
| Other comprehensive income for the period: | |
| Change in income tax rate - (5) - |
(5) |
| Total other comprehensive income for the period - (5) - |
(5) |
| Total comprehensive income for the period - (5) (40.895) |
(40.900) |
| Transactions with the shareholders: | |
| Employees share option scheme - 5.354 - |
5.354 |
| Change in income tax rate (68) - - |
(68) |
| Total transactions with the shareholders for the (68) 5.354 - period |
5.286 |
| 30 September 2021 1.024.508 8.481 (244.191) |
788.798 |
Cash Flow Statement (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousands | 01.01.2022 to |
01.01.2021 to |
01.01.2022 to |
01.01.2021 to |
|
| 30.09.2022 | 30.09.2021 | 30.09.2022 | 30.09.2021 | ||
| Net profit/(loss) for the period | (47.970) | 217.021 | (28.865) | (40.895) | |
| Adjustments for: | |||||
| Income tax expense | 13.610 | 66.371 | 189 | 627 | |
| Depreciation | 7.154 | 6.242 | 2.386 | 1.803 | |
| Share of net profit of investments accounted for through the equity method |
(67) | 394 | - | - | |
| Dividends income | (123) | (135) | (8.204) | (8.917) | |
| Provision for impairment of receivables from subsidiaries | - | - | 551 | 596 | |
| Provision for impairment relating to investments in subsidiaries, joint ventures and associates |
440 | - | 3.329 | 3.590 | |
| Impairment of receivables | (122) | 2.031 | - | 359 | |
| Loss from sale of investment property / tangible assets | (79) | (860) | - | - | |
| (Profit) / loss from sale / acquisition of a percentage of participations in entities |
(30) | - | (5) | - | |
| Employees share option scheme | 5.278 | 5.354 | 5.278 | 5.354 | |
| Finance income | (4.757) | (309) | (3.311) | (952) | |
| Finance costs | 66.765 | 39.517 | 18.416 | 13.556 | |
| Loss from inventory impairment | 120 | 30 | - | - | |
| Net gain / (loss) from fair value adjustment on investment property |
(31.930) | (320.249) | - | - | |
| Other non-cash income / (expense) | - | (4.508) | - | (835) | |
| 8.289 | 10.899 | (10.236) | (25.714) | ||
| Changes in working capital: | |||||
| (Increase)/decrease in inventories | (26.794) | (10.625) | - | - | |
| Decrease/(increase) in trade receivables | (69.686) | (18.981) | 26.019 | (24.117) | |
| Increase/(decrease) in trade payables | 55.994 | 20.044 | (2.012) | (828) | |
| Increase/(increase) related to payments in advance from revenue contracts of HELLINIKON S.M.S.A. |
27.246 | - | - | - | |
| (13.240) | (9.562) | 24.007 | (24.945) | ||
| Income tax paid | (736) | (1.369) | - | (1) | |
| Net cash (outflow)/inflow from operating activities |
(5.687) | (32) | 13.771 | (50.660) | |
| Cash flows from investing activities | |||||
| Purchase of tangible assets and investment property | (46.243) | (9.055) | (223) | (2.208) | |
| Purchase of intangible assets | (1.104) | - | (96) | - | |
| Proceeds from sale of tangible assets and investment property |
150 | 14.000 | - | - | |
| Dividends/advance dividends received | 123 | 338 | 30.957 | 338 | |
| Interest received | 118 | 308 | - | 246 | |
| Loans from/(to) related parties | - | - | - | (20.000) | |
| Proceeds from repayment of loans to related parties | - | - | - | 2.150 | |
| Payments of consideration for the (acquisition)/disposal of participations |
(143.949) | (307.663) | 858 | (1.163) | |
| (Purchase)/sale of other financial instruments at fair value through profit or loss |
(505) | - | - | - | |
| Cash equivalents of subsidiaries at the date of the acquisition |
4.070 | 794 | - | - | |
| (Increase)/decrease in the share capital of participations Restricted cash |
(229) 170.261 |
(300) (377.000) |
(189.770) 170.261 |
(299.710) (377.000) |
|
| Net cash (outflow) / inflow from investing | (17.308) | (678.578) | 11.987 | (697.347) | |
| activities |
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousands | 01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
|
| Cash flows from financing activities | |||||
| Acquisition of treasury shares | (12.468) | - | (12.468) | - | |
| Dividends paid to non-controlling interests | (4.602) | - | - | - | |
| Loans received/repayment of loans from related parties |
36 | - | 36 | (7.055) | |
| Proceeds from borrowings | 713.475 | 15.770 | 237.975 | - | |
| Repayment of borrowings | (333.605) | (17.886) | - | - | |
| Repayment of lease liabilities | (4.728) | (3.470) | (1.328) | (1.055) | |
| Interest paid and related expenses | (28.608) | (24.845) | (15.976) | (15.381) | |
| Interest paid related to lease liabilities | (6.429) | (2.926) | (234) | (267) | |
| Borrowings issue costs | (10.184) | (32) | (5.884) | - | |
| Net cash (outflow) / inflow from financing activities |
312.887 | (33.389) | 202.121 | (23.758) | |
| Net increase / (decrease) in cash and cash equivalents |
289.892 | (711.999) | 227.879 | (771.765) | |
| Cash and cash equivalents at the beginning of the period |
162.402 | 883.155 | 31.505 | 829.352 | |
| Cash and cash equivalents at end of the period |
452.294 | 171.156 | 259.384 | 57.587 |
ALTERNATIVE PERFORMANCE MEASURES ("APMs")
The Group uses certain Alternative Performance Measures (APMs) due to certain special features of the industry that operates, which are as follows compared to the corresponding period of 2021:
Definitions:
- 1. Group operating result (EBITDA): Profit/(loss) before income tax, plus net finance costs, plus depreciation of tangible assets, intangible assets and right-of-use assets.
- 2. Total Group operating result (EBITDA) before valuations and other adjustments: Group operating result (EBITDA) excluding any investment property fair value gains/losses, inventory impairment losses, profit or loss from acquisition/disposal of participation share in investments, profit or loss from disposal of investment property and other extraordinary valuation gains/losses and costs, as well as other adjustments such as Expenses related to the development of the Ellinikon site.
- 3. Retail EBITDA (Shopping Malls Operating Result before valuations and other adjustments): Individual operating result (EBITDA) before valuation and other adjustments of the entities LOV S.M.S.A., PYLAIA S.M.S.A., LAMDA DOMI S.M.S.A. and McArthurGlen Hellas S.M. L.L.C. which are involved in the exploitation of the Shopping Malls The Mall Athens, Mediterranean Cosmos, Golden Hall and Designer Outlet Athens respectively.
- 4. Net Asset Value (NAV): Equity attributable to equity holders of the Company adjusted by the deferred tax liability and asset attributable to equity holders of the Company.
- 5. Investment Portfolio: Investment property, excluding Right-of-use Assets for which a relevant lease liability is recognized, plus Inventories, plus Tangible and Intangible assets, plus Investments in joint ventures and associates, plus Right-of-use Assets of the Ellinikon properties under development.
- 6. Total Investment Portfolio: Investment property, plus Inventories, plus Tangible and Intangible assets, plus Investments in joint ventures and associates, plus Right-of-use assets.
- 7. Total Debt: Borrowings, plus Lease liabilities, plus Consideration payable for the acquisition of HELLINIKON S.M.S.A..
- 8. Adjusted Total Debt: Total Debt, plus Provisions for infrastructure investments in HELLINIKON S.M.S.A..
- 9. Net Total Debt: Total Debt, less Cash and cash equivalents, less Restricted cash for serving or securing Borrowings, less Restricted cash for the purpose of repaying Consideration payable for the acquisition of HELLINIKON S.M.S.A..
- 10. Adjusted Net Total Debt: Adjusted Total Debt, less Cash and cash equivalents, less Restricted cash for serving or securing Borrowings, less Restricted cash for serving or securing Borrowings, less Restricted cash for the purpose of repaying Consideration payable for the acquisition of HELLINIKON S.M.S.A..
- 11. Adjusted Net Total Debt / Total Investment Portfolio
- 12. Gearing Ratio: Total Debt / (Total Equity and Total Debt)
- 13. Adjusted consolidated net result, after taxes and minority interest: Net profit/(loss) for the period attributable to equity holders of the parent, plus expenses related to the development of the Ellinikon site, plus finance costs that have no cash impact (finance cost related to consideration payable for the acquisition of HELLINIKON S.M.S.A. and finance cost related to provisions for infrastructure investments in HELLINIKON S.M.S.A.).
Compared to the 2021 financial statements, the Group has introduced since the 1st quarter of 2022 a new APM ("Adjusted consolidated net result, after taxes and minority interest") in order to present its performance excluding the impact of significant expenses related with the Ellinikon project which is under development. The Group will review the use/modification of this ratio depending on the progress of the Ellinikon project.
ALTERNATIVE PERFORMANCE MEASURES (APMs)
| Amounts in € thousands | 30.09.2022 | 31.12.2021 | Variance |
|---|---|---|---|
| Net Asset Value (as derives by internal information of the Group) |
1.324.469 | 1.361.857 | -2,7% |
| Net Asset Value (NAV) (€ per share) ¹ | 7,60 | 7,73 | -1,7% |
¹ Revised number of shares for the 2.382.693 and 533.292 treasury shares which the Company hold as at 30.09.2022 and 31.12.2021 respectively.
| Amounts in € thousands | 01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
Variance |
|---|---|---|---|
| Total Group operating result (EBITDA) before valuations and other adjustments (as derives by internal information of the Group) |
39.604 | 27.764 | +43% |
| Gain from fair value adjustment on investment property and Loss from inventory impairment |
21.275 | 14.108 | +51% |
| Gain from fair value adjustment on investment property – Ellinikon project |
10.535 | 306.111 | |
| Expenses related to the development of the Ellinikon site | (36.721) | (20.001) | +84% |
| Gain on entities and investment property disposal | 109 | 860 | |
| Group operating result (EBITDA) | 34.802 | 328.842 | |
| Depreciation | (7.154) | (6.242) | |
| Finance income | 4.757 | 309 | |
| Finance costs | (66.765) | (39.517) | |
| Profit/(loss) before income tax | (34.360) | 283.392 |
| Amounts in € thousands | 01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
Variance |
|---|---|---|---|
| The Mall Athens | 19.326 | 12.636 | +53% |
| Mediterranean Cosmos | 13.269 | 9.606 | +38% |
| Golden Hall | 14.232 | 8.922 | +59% |
| Designer Outlet Athens | 1.266 | - | |
| Retail EBITDA (Shopping Malls Operating Result before valuations and other adjustments) |
48.093 | 31.164 | +54% |
| Amounts in € thousands | 01.01.2022 to 30.09.2022 |
01.01.2021 to 30.09.2021 |
|---|---|---|
| Net profit/(loss) for the period attributable to equity holders of the parent |
(55.199) | 209.561 |
| Plus: Expenses related to the development of the Ellinikon site | 36.721 | 20.001 |
| Plus: Finance cost related to consideration payable for the acquisition of HELLINIKON S.M.S.A. |
12.871 | 4.228 |
| Plus: Finance cost related to provisions for infrastructure investments in HELLINIKON S.M.S.A. |
14.781 | 5.067 |
| Adjusted consolidated net result, after taxes and minority interest | 9.174 | 238.858 |
| Amounts in € thousands | 30.09.2022 | 31.12.2021 |
|---|---|---|
| Investment property | 2.012.099 | 1.846.920 |
| Inventories | 964.863 | 948.197 |
| Tangible assets | 58.212 | 58.146 |
| Intangible assets | 31.426 | 20.384 |
| Investments in joint ventures and associates | 3.870 | 3.483 |
| Right-of-use assets | 161.612 | 140.329 |
| Total Investment Portfolio | 3.232.082 | 3.017.459 |
| Amounts in € thousands | 30.09.2022 | 31.12.2021 |
|---|---|---|
| Borrowings | 1.162.376 | 721.420 |
| Lease liabilities | 189.324 | 182.912 |
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. | 514.116 | 501.245 |
| Total Debt | 1.865.816 | 1.405.577 |
| Amounts in € thousands | 30.09.2022 | 31.12.2021 |
| Total Debt | 1.865.816 | 1.405.577 |
| Plus: Provisions for infrastructure investments in HELLINIKON S.M.S.A. | 634.646 | 635.008 |
| Adjusted Total Debt | 2.500.462 | 2.040.585 |
| Amounts in € thousands | 30.09.2022 | 31.12.2021 |
| Adjusted Total Debt | 1.865.816 | 1.405.577 |
| Less: Cash and cash equivalents | (452.294) | (162.402) |
| Less: Restricted cash for serving or securing borrowings | (39.739) | (210.000) |
| Less: Restricted cash for the purpose of repaying consideration payable for the acquisition of HELLINIKON S.M.S.A. |
(167.000) | (167.000) |
| Adjusted Net Total Debt | 1.206.783 | 866.175 |
| Amounts in € thousand | 30.09.2022 | 31.12.2021 |
| Adjusted Total Debt | 2.500.462 | 2.040.585 |
| Less: Cash and cash equivalents | (452.294) | (162.402) |
| Less: Restricted cash for serving or securing borrowings | (39.739) | (210.000) |
| Less: Restricted cash for the purpose of repaying consideration payable for the acquisition of HELLINIKON S.M.S.A. |
(167.000) | (167.000) |
| Adjusted Net Total Debt | 1.841.429 | 1.501.183 |
| FINANCIAL RATIOS | 30.09.2022 | 31.12.2021 |
|---|---|---|
| ADJUSTED NET TOTAL DEBT / TOTAL INVESTMENT PORTFOLIO | 57,0% | 49,7% |
| TOTAL DEBT / TOTAL EQUITY AND TOTAL DEBT (GEARING RATIO) | 62,0% | 51,9% |