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Lamda Development S.A. Interim / Quarterly Report 2024
2660_10-q_2024-06-12_8d24568f-e5e2-4ee0-8ed5-f473914f9064.pdf
Interim / Quarterly Report
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LAMDA Development S.A.
CONDENSED FINANCIAL INFORMATION
FOR THE PERIOD JANUARY 1st TO MARCH 31st , 2024
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
| CONDENSED COMPANY AND CONSOLIDATED FINANCIAL INFORMATION FOR THE PERIOD JANUARY 1ST TO MARCH 31ST, 2024 |
2 |
|---|---|
| STATEMENT OF FINANCIAL POSITION (COMPANY AND CONSOLIDATED) 2 | |
| STATEMENT OF PROFIT OR LOSS (COMPANY AND CONSOLIDATED) 3 | |
| STATEMENT OF COMPREHENSIVE INCOME (COMPANY AND CONSOLIDATED) 4 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2024 5 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2023 6 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2024 7 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2023 8 | |
| STATEMENT OF CASH FLOWS (COMPANY AND CONSOLIDATED) 9 | |
| ALTERNATIVE PERFORMANCE MEASURES ("APMS") 11 |
Condensed Company and Consolidated Financial Information for the period January 1st to March 31st, 2024
Statement of Financial Position (Company and Consolidated)
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| Amounts in € thousand | 31.03.2024 | 31.12.2023 | 31.03.2024 | 31.12.2023 | ||
| ASSETS | ||||||
| Non-current assets | ||||||
| Investment properties | 2.166.594 | 2.153.312 | 1.840 | 1.840 | ||
| Inventories | 805.904 | 810.414 | - | - | ||
| Right-of-use assets | 139.627 | 136.635 | 4.535 | 5.640 | ||
| Tangible assets | 82.609 | 82.934 | 3.732 | 3.836 | ||
| Intangible assets | 19.614 | 19.829 | 1.610 | 1.723 | ||
| Investments in subsidiaries | - | - | 840.855 | 840.139 | ||
| Investments in joint ventures and associates Deferred tax assets |
42.845 509 |
36.509 753 |
2.634 191 |
2.634 224 |
||
| Restricted cash | 24.654 | 11.526 | 11.934 | 11.422 | ||
| Other receivables | 7.190 | 6.633 | 235.083 | 235.183 | ||
| Derivative financial instruments | 713 | 6.458 | - | - | ||
| Other financial instruments | 3.484 | 3.484 | 817 | 817 | ||
| 3.293.743 | 3.268.487 | 1.103.231 | 1.103.458 | |||
| Current assets | ||||||
| Inventories | 208.413 | 251.279 | - | - | ||
| Trade and other receivables | 165.669 | 140.929 | 33.132 | 61.190 | ||
| Current tax assets | 16.172 | 1.796 | 1.787 | 1.579 | ||
| Restricted cash | 286 | 12.074 | - | - | ||
| Cash and cash equivalents | 545.442 | 464.132 | 157.677 | 146.744 | ||
| 935.982 | 870.210 | 192.596 | 209.513 | |||
| Assets classified as held for sale | - | 15.301 | - | - | ||
| Total assets | 4.229.725 | 4.153.998 | 1.295.827 | 1.312.971 | ||
| EQUITY | ||||||
| Share capital and share premium | 1.024.508 | 1.024.508 | 1.024.508 | 1.024.508 | ||
| Treasury shares | (24.650) | (20.550) | (24.650) | (20.550) | ||
| Other reserves | 31.221 | 30.367 | 23.011 | 22.248 | ||
| Retained earnings/(accumulated losses) | 143.695 | 143.092 | (300.188) | (293.083) | ||
| Equity attributable to equity holders of the Company | 1.174.774 | 1.177.417 | 722.681 | 733.123 | ||
| Non-controlling interests | 13.914 | 13.441 | - | - | ||
| Total equity | 1.188.688 | 1.190.858 | 722.681 | 733.123 | ||
| LIABILITIES | ||||||
| Non-current liabilities | ||||||
| Borrowings | 578.635 | 757.793 | 543.526 | 543.084 | ||
| Lease liabilities | 194.658 | 190.734 | 4.054 | 4.179 | ||
| Derivative financial instruments Deferred tax liabilities |
218.381 163 |
215.874 - |
- - |
- - |
||
| Net employee defined benefit liabilities | 972 | 992 | 464 | 445 | ||
| Provisions for infrastructure investments for HELLINIKON S.M.S.A. | 463.684 | 502.541 | - | - | ||
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. | 369.998 | 366.884 | - | - | ||
| Other non-current liabilities | 17.636 | 17.910 | - | - | ||
| 1.844.127 | 2.052.728 | 548.044 | 547.708 | |||
| Current liabilities | ||||||
| Borrowings | 585.531 | 386.069 | 5.263 | 10.866 | ||
| Lease liabilities Trade and other payables |
4.556 403.147 |
3.801 339.015 |
896 18.943 |
1.894 19.380 |
||
| Provisions for infrastructure investments for HELLINIKON S.M.S.A. | 194.446 | 169.507 | - | - | ||
| Current tax liabilities | 9.230 | 5.567 | - | - | ||
| 1.196.910 | 903.959 | 25.102 | 32.140 | |||
| Liabilities related with assets classified as held for sale | - | 6.453 | - | - | ||
| Total liabilities | 3.041.037 | 2.963.140 | 573.146 | 579.848 | ||
| Total equity and liabilities | 4.229.725 | 4.153.998 | 1.295.827 | 1.312.971 |
Statement of Profit or Loss (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|
| Revenue | 141.718 | 48.187 | 3.583 | 3.578 | |
| Net gain/(loss) from fair value adjustment on investment properties | 847 | (282) | - | - | |
| Gain on disposal of investment properties | 4.100 | - | - | - | |
| Cost of sales of inventory | (73.860) | (10.805) | - | - | |
| Expenses related to investment properties | (2.898) | (2.746) | - | - | |
| Expenses related to the development of the Ellinikon site | (19.908) | (18.012) | (2.650) | (2.597) | |
| Employee benefits expense | (4.770) | (4.842) | (2.777) | (2.801) | |
| Depreciation | (2.956) | (2.240) | (590) | (803) | |
| Provision for impairment of receivables from subsidiaries | - | - | (134) | - | |
| Other operating income / (expenses) – net | (5.499) | (3.356) | (2.632) | (981) | |
| Operating profit/(loss) | 36.774 | 5.904 | (5.200) | (3.604) | |
| Finance income | 5.594 | 5.403 | 6.064 | 2.172 | |
| Finance costs | (35.820) | (30.489) | (7.941) | (8.526) | |
| Share of net profit/(loss) of investments accounted for using the equity method |
517 | (164) | - | - | |
| Profit/(loss) before tax | 7.065 | (19.346) | (7.077) | (9.958) | |
| Income tax expense | (6.280) | (2.098) | (28) | (34) | |
| Profit/(loss) for the period | 785 | (21.444) | (7.105) | (9.992) | |
| Attributable to: | |||||
| Equity holders of the parent | 625 | (21.406) | (7.105) | (9.992) | |
| Non-controlling interests | 160 | (38) | - | - | |
| 785 | (21.444) | (7.105) | (9.992) | ||
| Earnings / (losses) per share (€) attributable to the equity holders of the parent |
|||||
| - Basic | - | (0,12) | (0,04) | (0,06) | |
| - Diluted | - | (0,12) | (0,04) | (0,06) | |
| Weighted Average number of shares | 173.325.860 | 174.307.258 | 173.325.860 | 174.307.258 | |
| Revised Weighted Average number of shares | 173.649.266 | 174.307.258 | 173.649.266 | 174.307.258 |
Statement of Comprehensive Income (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|
| Profit/(loss) for the period | 785 | (21.444) | (7.105) | (9.992) | |
| Gain/(loss) on cash flow hedges, net of tax | 85 | (491) | - | - | |
| Exchange differences on translation of foreign currencies | 4 | (1) | - | - | |
| Net other comprehensive income/(loss) that may be subsequently reclassified to profit or loss |
89 | (492) | - | - | |
| Other movements, net of tax | - | - | - | - | |
| Net other comprehensive income/(loss) that will not be subsequently reclassified to profit or loss |
- | - | - | - | |
| Other comprehensive income/(loss) for the period, net of tax | 89 | (492) | - | - | |
| Total comprehensive income/(loss) for the period, net of tax | 874 | (21.936) | (7.105) | (9.992) | |
| Attributable to: | |||||
| Equity holders of the parent | 714 | (21.898) | (7.105) | (9.992) | |
| Non-controlling interests | 160 | (38) | - | - | |
| 874 | (21.936) | (7.105) | (9.992) |
Statement of Changes in Equity (Consolidated) 2024
| Attributable to equity holders of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in € thousand | Share capital and share premium |
Treasury shares |
Other reserves | Retained earnings / (accumulated losses) |
Total | Non controlling interests |
Total Equity | |
| GROUP | ||||||||
| 1 January 2024 | 1.024.508 | (20.550) | 30.367 | 143.092 | 1.177.417 | 13.441 | 1.190.858 | |
| Profit/(loss) for the period |
- | - | - | 625 | 625 | 160 | 785 | |
| Other comprehensive income for the period | ||||||||
| Gain/(loss) on cash flow hedges, net of tax | - | - | 85 | - | 85 | - | 85 | |
| Exchange differences on translation of foreign currencies | - | - | 4 | - | 4 | - | 4 | |
| Total other comprehensive income for the period | - | - | 89 | - | 89 | - | 89 | |
| Total comprehensive income for the period | - | - | 89 | 625 | 714 | 160 | 874 | |
| Transactions with the shareholders | ||||||||
| Formation of legal reserves | - | - | 2 | (2) | - | - | - | |
| Share capital increase in subsidiary | - | - | - | - | - | 293 | 293 | |
| Change of participation percentage in a subsidiary | - | - | - | (20) | (20) | 20 | - | |
| Acquisition of treasury shares | - | (4.100) | - | - | (4.100) | - | (4.100) | |
| Employees share option scheme | - | - | 763 | - | 763 | - | 763 | |
| Total transactions with the shareholders for the period | - | (4.100) | 765 | (22) | (3.357) | 313 | (3.044) | |
| 31 March 2024 |
1.024.508 | (24.650) | 31.221 | 143.695 | 1.174.774 | 13.914 | 1.188.688 |
Statement of Changes in Equity (Consolidated) 2023
| Attributable to equity holders of the parent | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in € thousand | Share capital and share premium |
Treasury shares |
Other reserves | Retained earnings / (accumulated losses) |
Total | Non controlling interests |
Total Equity |
| GROUP | |||||||
| 1 January 2023 | 1.024.508 | (15.848) | 27.616 | 117.482 | 1.153.758 | 13.884 | 1.167.642 |
| Profit/(loss) for the period | - | - | - | (21.406) | (21.406) | (38) | (21.444) |
| Other comprehensive income for the period | |||||||
| Gain/(loss) on cash flow hedges, net of tax | - | - | (491) | - | (491) | - | (491) |
| Exchange differences on translation of foreign currencies | - | - | (1) | - | (1) | - | (1) |
| Total other comprehensive income for the period | - | - | (492) | - | (492) | - | (492) |
| Total comprehensive income for the period | - | - | (492) | (21.406) | (21.898) | (38) | (21.936) |
| Transactions with the shareholders | |||||||
| Acquisition of treasury shares | - | (368) | - | - | (368) | - | (368) |
| Employees share option scheme | - | - | 861 | - | 861 | - | 861 |
| Total transactions with the shareholders for the period | - | (368) | 861 | - | 493 | - | 493 |
| 31 March 2023 | 1.024.508 | (16.216) | 27.985 | 96.076 | 1.132.353 | 13.846 | 1.146.199 |
Statement of Changes in Equity (Company) 2024
| Amounts in € thousand | Share capital and share premium |
Treasury shares |
Other reserves | Retained earnings / (accumulated losses) |
Total Equity |
|---|---|---|---|---|---|
| COMPANY | |||||
| 1 January 2024 |
1.024.508 | (20.550) | 22.248 | (293.083) | 733.123 |
| Profit/(loss) for the period | - | - | - | (7.105) | (7.105) |
| Other comprehensive income for the period | |||||
| Actuarial gain/(loss), net of tax | - | - | - | - | - |
| Total other comprehensive income for the period | - | - | - | - | - |
| Total comprehensive income for the period | - | - | - | (7.105) | (7.105) |
| Transactions with the shareholders | |||||
| Acquisition of treasury shares | - | (4.100) | - | - | (4.100) |
| Employees share option scheme | - | - | 763 | - | 763 |
| Total transactions with the shareholders for the period | - | (4.100) | 763 | - | (3.337) |
| 31 March 2024 |
1.024.508 | (24.650) | 23.011 | (300.188) | 722.681 |
Statement of Changes in Equity (Company) 2023
| Amounts in € thousand | Share capital and share premium |
Treasury shares |
Other reserves | Retained earnings / (accumulated losses) |
Total Equity |
|---|---|---|---|---|---|
| COMPANY | |||||
| 1 January 2023 |
1.024.508 | (15.848) | 17.278 | (251.484) | 774.454 |
| Loss for the period | - | - | - | (9.992) | (9.992) |
| Other comprehensive income for the period | |||||
| Actuarial gain/(loss), net of tax | - | - | - | - | - |
| Total other comprehensive income for the period | - | - | - | - | - |
| Total comprehensive income for the period | - | - | - | (9.992) | (9.992) |
| Transactions with the shareholders | |||||
| Acquisition of treasury shares | - | (368) | - | - | (368) |
| Employees share option scheme | - | - | 861 | - | 861 |
| Total transactions with the shareholders for the period | - | (368) | 861 | - | 493 |
| 31 March 2023 |
1.024.508 | (16.216) | 18.139 | (261.476) | 764.955 |
Statement of Cash Flows (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|
| Profit/(loss) for the period | 785 | (21.444) | (7.105) | (9.992) | |
| Adjustments for: | |||||
| Income tax expense | 6.280 | 2.098 | 28 | 34 | |
| Depreciation | 2.956 | 2.240 | 590 | 803 | |
| Share of net profit of investments accounted for using the equity method |
(517) | 164 | - | - | |
| Provision for impairment of receivables from subsidiaries | - | - | 134 | - | |
| Impairment of receivables | - | 25 | - | - | |
| (Gain)/loss on disposal of investment properties | (4.100) | - | - | - | |
| Provision for retirement benefit obligations | (23) | - | 19 | - | |
| Employees share option scheme | 763 | 861 | 496 | 861 | |
| Finance income | (5.594) | (5.403) | (6.064) | (2.172) | |
| Finance costs | 35.820 | 30.489 | 7.941 | 8.526 | |
| Net (gain)/loss from fair value adjustment on investment properties | (847) | 282 | - | - | |
| 35.523 | 9.312 | (3.961) | (1.940) | ||
| Changes in working capital: | |||||
| (Increase)/decrease in inventories | 30.967 | (13.132) | - | - | |
| Decrease/(increase) in trade receivables | (26.062) | 17.180 | 4.474 | 3.988 | |
| Increase/(decrease) in trade payables | 69.948 | 34.042 | 9 | (5.369) | |
| Increase/(decrease) in prepayments from revenue contracts of HELLINIKON S.M.S.A. |
(90) | (3.176) | - | - | |
| (Restriction)/release of cash and cash equivalents | 11.276 | - | (512) | - | |
| 86.039 | 34.914 | 3.971 | (1.381) | ||
| Income tax paid | (14.514) | (549) | (208) | (5) | |
| Net cash flows from/(used in) operating activities | 107.048 | 43.677 | (198) | (3.326) | |
| Investing activities | |||||
| Purchase of tangible assets and investment properties | (15.013) | (7.617) | (83) | - | |
| Purchase of intangible assets | (161) | (188) | (49) | (150) | |
| Proceeds from disposal of tangible assets and investment properties | 18.400 | - | - | 3.773 | |
| Dividends/interim dividends received | 271 | - | 271 | - | |
| Interest received | 10.957 | 47 | 1.712 | 35 | |
| Loans granted from/(to) related parties | - | - | (13.300) | - | |
| Proceeds from repayment of loans granted to related parties | - | - | 1.900 | - | |
| Payments of consideration for the (acquisition)/disposal of | - | (13.001) | - | - | |
| investments (Purchase)/sale of other financial instruments at fair value through profit or loss |
- | (1.163) | - | - | |
| (Increase)/decrease in the share capital of investments | (11.724) | (12.960) | 37.850 | (2.344) | |
| Net cash flows from/(used in) investing activities | 2.730 | (34.882) | 28.301 | 1.314 |
Condensed financial information for the period January 1st to March 31st, 2024
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
| Financing activities | ||||
| Acquisition of treasury shares | (4.097) | (368) | (4.097) | (368) |
| Dividends paid to non-controlling interests | (455) | (42) | - | - |
| Loans received/(repayment) of loans granted from related parties | 100 | - | 100 | - |
| Proceeds from borrowings | 35.000 | - | - | - |
| Repayment of borrowings | (15.808) | (1.784) | - | - |
| Repayment of lease liabilities | (3.033) | (2.389) | (222) | (444) |
| Interest paid and related expenses | (25.136) | (21.046) | (12.901) | (13.405) |
| Interest paid related to lease liabilities | (2.424) | (2.244) | (50) | (73) |
| (Restriction)/release of cash and cash equivalents | (12.615) | - | - | - |
| Net cash flows from/(used in) financing activities | (28.468) | (27.873) | (17.170) | (14.290) |
| Net increase/(decrease) in cash and cash equivalents | 81.310 | (19.078) | 10.933 | (16.302) |
| Cash and cash equivalents at the beginning of the period | 464.132 | 515.515 | 146.744 | 212.436 |
| Cash and cash equivalents at the end of the period | 545.442 | 496.437 | 157.677 | 196.134 |
ALTERNATIVE PERFORMANCE MEASURES ("APMs")
The Group uses certain Alternative Performance Measures (APMs), due to specific characteristics of the industry that operates, which are defined as below:
Definitions:
- 1. Group operating result (EBITDA): Profit/(loss) before income tax, plus net finance costs, plus depreciation and impairment of tangible assets, intangible assets and right-of-use assets.
- 2. Operating result (EBITDA) of Ellinikon project: Profit/(loss) before income tax, plus net finance costs, plus depreciation and impairment of tangible assets, intangible assets and right-of-use assets, which concern Ellinikon project, excluding operations of Marina of Agios Kosmas, and results of commercial developments The Ellinikon Mall (ex. Vouliagmenis Mall) and Riviera Galleria.
- 3. Group operating result (EBITDA) excluding Ellinikon project: Group operating result (EBITDA) minus operating result (EBITDA) of Ellinikon project.
- 4. Total Group operating result (EBITDA) before valuations and other adjustments: Group operating result (EBITDA) excluding any investment property fair value gains/losses, inventory impairment provision losses, profit or loss from acquisition/disposal of participation share in investments, as well as profit or loss from disposal of investment properties.
- 5. Total operating result (EBITDA) before valuations and other adjustments of Ellinikon project: Group operating result (EBITDA) excluding any investment property fair value gains/losses, inventory impairment provision losses, profit or loss from acquisition/disposal of participation share in investments, as well as profit or loss from disposal of investment properties, which concern Ellinikon project, excluding operations of Marina of Agios Kosmas, and results of commercial developments The Ellinikon Mall (ex. Vouliagmenis Mall) and Riviera Galleria.
- 6. Total Group operating result (EBITDA) before valuations and other adjustments excluding Ellinikon project: Total Group operating result (EBITDA) before valuations and other adjustments minus total operating result (EBITDA) before valuations and other adjustments of Ellinikon project.
- 7. Retail EBITDA (Operating result of Shopping Malls in operation before valuations and other adjustments): Individual operating result (EBITDA) before valuation and other adjustments of the entities THE MALL ATHENS S.M.S.A., PYLAIA S.M.S.A., LAMDA DOMI S.M.S.A. and DESIGNER OUTLET ATHENS S.M.S.A., which are involved in the exploitation of the Shopping Malls The Mall Athens, Mediterranean Cosmos, Golden Hall and Designer Outlet Athens respectively.
- 8. Ellinikon Malls EBITDA (Operating result of Shopping Malls under development in Ellinikon before valuations and other adjustments): Individual operating result (EBITDA) before valuation and other adjustments of the entities ELLINIKON MALLS HOLDING S.M.S.A., LAMDA VOULIAGMENIS S.M.S.A. and LAMDA RIVIERA S.M.S.A., which are involved in the development of THE ELLINIKON MALL and RIVIERA GALLERIA.
- 9. Malls Property Management EBITDA (Operating result of Property management of Shopping Malls before valuations and other adjustments): Individual operating result (EBITDA) before valuation and other adjustments of the entities MALLS MANAGEMENT SERVICES S.M.S.A. and MC PROPERTY MANAGEMENT S.M.S.A., which are involved in the management of Group's Shopping Malls.
- 10. LAMDA MALLS S.A. EBITDA (Operating result of Parent company of Shopping Malls before valuations and other adjustments): Individual operating result (EBITDA) before valuation and other adjustments of the entity LAMDA MALLS S.A., which is the parent company of Group's Shopping Malls.
- 11. LAMDA MALLS Group Operating results of Shopping Malls Group before valuations and other adjustments: The sum of Retail EBITDA, Malls Property Management EBITDA, Ellinikon Malls EBITDA και LAMDA MALLS S.A. EBITDA.
- 12. LAMDA MALLS Group operating result (EBITDA): LAMDA MALLS Group Operating Results of Shopping Malls Group before valuations and other adjustments, plus Shopping Malls valuations.
- 13. Marinas EBITDA (Operating result of Marinas before valuations and other adjustments): Individual operating result (EBITDA) before valuation and other adjustments of the entities LAMDA MARINAS INVESTMENTS S.M.S.A., LAMDA FLISVOS HOLDING S.A., LAMDA FLISVOS MARINA S.A. (management of operating Flisvos Marina), LAMDA CORFU MARINA S.M.S.A. (under development Corfu Marina), as well as Agios Kosmas Marina.
- 14. 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.
- 15. 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.
- 16. Total Investment Portfolio: Investment property, plus Inventories, plus Tangible and Intangible assets, plus Investments in joint ventures and associates, plus Right-of-use assets.
- 17. Total Debt: Borrowings, plus Lease liabilities, plus Consideration payable for the acquisition of HELLINIKON S.M.S.A..
- 18. Adjusted Total Debt: Total Debt, plus Provisions for infrastructure investments in HELLINIKON S.M.S.A..
- 19. 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..
- 20. 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..
21. Adjusted Net Total Debt / Total Investment Portfolio
22. Gearing Ratio: Total Debt / (Total Equity and Total Debt)
- 23. Net profit/(loss) of the period of Ellinikon project: Net profits/(losses) of the period which concern Ellinikon project, excluding operations of Marina of Agios Kosmas, and results of commercial developments The Ellinikon Mall (ex. Vouliagmenis Mall) and Riviera Galleria.
- 24. Adjusted net profit/(loss) attributable to equity holders of the parent Company: Net profits/(losses) for the period attributable to equity holders of the parent Company minus net profits/(losses) of the period of Ellinikon project.
Since the annual financial report of 2023 and compared to the previous financial reports of 2023 and 2022, the Group has restructured the APMs to more accurately reflect the Group's position after the recent developments regarding the restructuring of the new group of Shopping Malls (LAMDA MALLS Group) and the Ellinikon Project.
Calculations:
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Net Assets Value (NAV) (as derives by internal information of the Group) | 1.392.153 | 1.392.142 |
| Net Assets Value (NAV) (€ per share)1 | 8,04 | 8,02 |
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| Total Group operating results (EBITDA) before valuations and other adjustments excluding Ellinikon project |
19.817 | 19.899 |
| Total operating result (EBITDA) before valuations and other adjustments of Ellinikon project |
15.483 | (11.637) |
| Total Group operating results (EBITDA) before valuations and other adjustments |
35.300 | 8.262 |
| Revaluation gains of Shopping Malls2 | (273) | (282) |
| Revaluation gains of Ellinikon investment properties | 1.120 | - |
| Revaluation gains of other investment properties | - | - |
| Inventories impairment provision | - | - |
| Gain on disposal of investments in entities and investment properties | 4.100 | - |
| Group operating result (EBITDA) | 40.247 | 7.980 |
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| Group operating result (EBITDA) excluding Ellinikon project | 23.644 | 19.617 |
| Operating result (EBITDA) of Ellinikon project | 16.603 | (11.637) |
| Group operating result (EBITDA) | 40.247 | 7.980 |
| Depreciation | (2.956) | (2.240) |
| Intangible and tangible assets impairment provision | - | - |
| Finance income | 5.594 | 5.403 |
| Finance costs | (35.820) | (30.489) |
| Profit/(loss) before tax | 7.065 | (19.346) |
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| Total operating results (EBITDA) before valuations and other adjustments of Ellinikon project |
15.483 | (11.637) |
| Revaluation gains of Ellinikon investment properties | 1.120 | - |
| Ellinikon project inventories impairment provision | - | - |
| Operating result (EBITDA) of Ellinikon project | 16.603 | (11.637) |
1 Adjusted number of shares for the 3.675.081 and 3.089.349 treasury shares held by the Company on 31.03.2024 and 31.12.2023 respectively.
2 Including the Shopping Malls in operation The Mall Athens, Mediterranean Cosmos, Golden Hall and Designer Outlet Athens, as well as the commercial developments The Ellinikon Mall (formerly Vouliagmenis Mall) and Riviera Galleria.
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| Total Group operating results (EBITDA) before valuations and other adjustments |
35.300 | 8.262 |
| Revaluation gains of Shopping Malls | (273) | (282) |
| Revaluation gains of Ellinikon investment properties | 1.120 | - |
| Revaluation gains of other investment properties | - | - |
| Inventories impairment provision | - | - |
| Gain on disposal of investments in entities and investment properties | 4.100 | - |
| Group operating result (EBITDA) | 40.247 | 7.980 |
| Depreciation | (2.956) | (2.240) |
| Intangible and tangible assets impairment provision | - | - |
| Finance income | 5.594 | 5.403 |
| Finance costs | (35.820) | (30.489) |
| Profit/(loss) before tax | 7.065 | (19.346) |
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| The Mall Athens | 8.353 | 8.168 |
| Golden Hall | 5.971 | 5.367 |
| Mediterranean Cosmos | 5.498 | 4.977 |
| Designer Outlet Athens | 2.698 | 2.408 |
| Retail EBITDA (Shopping Malls Operating results before valuations and other adjustments) |
22.520 | 20.920 |
| Ellinikon Malls EBITDΑ (Operating results of Shopping Malls under development in Ellinikon project before valuations and other adjustments) |
(1.378) | (506) |
| Malls Property Management EBITDA (Operating results of Property management of Shopping Malls before valuations and other adjustments) |
405 | 409 |
| LAMDA MALLS S.A. EBITDA (Operating results of Parent company of Shopping Malls before valuations and other adjustments) |
(651) | (535) |
| LAMDA MALLS Group Operating results (EBITDA) before valuations and other adjustments |
20.895 | 20.288 |
| Gain on revaluation of Shopping Malls | (273) | (282) |
| LAMDA MALLS Group Operating result (EBITDA) | 20.622 | 20.006 |
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| EBITDA Marinas (Operating results of Marinas before valuations and other adjustments) |
4.572 | 4.063 |
| Amounts in € thousand | 01.01.2024 to 31.03.2024 |
01.01.2023 to 31.03.2023 |
|---|---|---|
| Net profit/(loss) attributable to equity holders of the parent Company | 625 | (21.406) |
| Less: Net profit/(loss) of the period of Ellinikon project | 1.350 | (20.550) |
| Adjusted net profit/(loss) attributable to equity holders of the parent Company |
(725) | (856) |
Condensed financial information for the period January 1st to March 31st, 2024
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Investment properties | 2.166.594 | 2.153.312 |
| Inventories | 1.014.317 | 1.061.693 |
| Tangible assets | 82.609 | 82.934 |
| Intangible assets | 19.614 | 19.829 |
| Investments in joint ventures and associates | 42.845 | 36.509 |
| Right-of-use assets | 139.627 | 136.635 |
| Total Investment Portfolio | 3.465.606 | 3.490.912 |
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Borrowings | 1.164.166 | 1.143.862 |
| Lease liabilities | 199.214 | 194.535 |
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. | 369.998 | 366.884 |
| Total Debt | 1.733.378 | 1.705.281 |
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Total Debt | 1.733.378 | 1.705.281 |
| Less: Cash and cash equivalents | (545.442) | (464.132) |
| Less: Restricted cash for serving or securing borrowings | (24.940) | (23.600) |
| Less: Restricted cash for the purpose of repaying consideration payable for the acquisition of HELLINIKON S.M.S.A. |
- | - |
| Net Total Debt | 1.162.996 | 1.217.549 |
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Total Debt | 1.733.378 | 1.705.281 |
| Plus: Provisions for infrastructure investments in HELLINIKON S.M.S.A. | 658.130 | 672.048 |
| Adjusted Total Debt | 2.391.508 | 2.377.329 |
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Adjusted Total Debt | 2.391.508 | 2.377.329 |
| Less: Cash and cash equivalents | (545.442) | (464.132) |
| Less: Restricted cash for serving or securing borrowings | (24.940) | (23.600) |
| Less: Restricted cash for the purpose of repaying consideration payable for the acquisition of HELLINIKON S.M.S.A. |
- | - |
| Adjusted Net Total Debt | 1.821.126 | 1.889.597 |
| Amounts in € thousand | 31.03.2024 | 31.12.2023 |
|---|---|---|
| Total Investment Portfolio | 3.465.606 | 3.490.912 |
| Total Debt | 1.733.378 | 1.705.281 |
| Net Total Debt | 1.162.996 | 1.217.549 |
| Adjusted Total Debt | 2.391.508 | 2.377.329 |
| Adjusted Net Total Debt | 1.821.126 | 1.889.597 |
| Group Financial Ratios | 31.03.2024 | 31.12.2023 |
|---|---|---|
| ADJUSTED NET TOTAL DEBT / TOTAL INVESTMENT PORTFOLIO | 52,5% | 54,1% |
| TOTAL DEBT / TOTAL EQUITY AND TOTAL DEBT (GEARING RATIO) | 59,3% | 58,9% |