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Lamda Development S.A. Interim / Quarterly Report 2024
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Interim / Quarterly Report
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LAMDA Development S.A.
CONDENSED FINANCIAL INFORMATION
FOR THE PERIOD JANUARY 1st TO SEMTEMBER 30th, 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 SEPTEMBER 30TH, 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) 5 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2024 6 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2023 7 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2024 8 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2023 9 | |
| STATEMENT OF CASH FLOWS (COMPANY AND CONSOLIDATED) 10 | |
| SEGMENTAL INFORMATION 12 | |
| ALTERNATIVE PERFORMANCE MEASURES ("APMS") 14 |
Condensed Company and Consolidated Financial Information for the period January 1st to September 30th, 2024
Statement of Financial Position (Company and Consolidated)
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| Amounts in € thousand | 30.09.2024 | 31.12.2023 | 30.09.2024 | 31.12.2023 | ||
| ASSETS | ||||||
| Non-current assets | ||||||
| Investment properties | 2.215.330 | 2.153.312 | 1.840 | 1.840 | ||
| Inventories | 787.549 | 810.414 | - | - | ||
| Right-of-use assets | 138.134 | 136.635 | 4.169 | 5.640 | ||
| Tangible assets | 85.114 | 82.934 | 3.391 | 3.836 | ||
| Intangible assets | 19.220 | 19.829 | 1.419 | 1.723 | ||
| Investments in subsidiaries | - | - | 780.809 | 840.139 | ||
| Investments in joint ventures and associates | 41.523 | 36.509 | 2.634 | 2.634 | ||
| Deferred tax assets | 361 | 753 | 55 | 224 | ||
| Restricted cash | 27.024 | 11.526 | 26.224 | 11.422 | ||
| Other receivables | 3.342 | 6.633 | 230.204 | 235.183 | ||
| Derivative financial instruments | - | 6.458 | - | - | ||
| Other financial instruments | 3.636 | 3.484 | 817 | 817 | ||
| 3.321.233 | 3.268.487 | 1.051.562 | 1.103.458 | |||
| Current assets | ||||||
| Inventories | 177.850 | 251.279 | - | - | ||
| Trade and other receivables Current tax assets |
184.868 11.701 |
140.929 1.796 |
101.553 570 |
61.190 1.579 |
||
| Derivative financial instruments | 634 | - | - | |||
| Restricted cash | 3.748 | 12.074 | - | - | ||
| Cash and cash equivalents | 602.716 | 464.132 | 157.042 | 146.744 | ||
| 981.517 | 870.210 | 259.165 | 209.513 | |||
| Assets classified as held for sale | 3.897 | 15.301 | - | - | ||
| Total assets | 4.306.647 | 4.153.998 | 1.310.727 | 1.312.971 | ||
| EQUITY | ||||||
| Share capital and share premium | 1.024.508 | 1.024.508 | 1.024.508 | 1.024.508 | ||
| Treasury shares | (12.766) | (20.550) | (12.766) | (20.550) | ||
| Other reserves | 32.014 | 30.367 | 26.770 | 22.248 | ||
| Retained earnings/(accumulated losses) | 130.392 | 143.092 | (298.070) | (293.083) | ||
| Equity attributable to equity holders of the Company | 1.174.148 | 1.177.417 | 740.442 | 733.123 | ||
| Non-controlling interests | 14.446 | 13.441 | - | - | ||
| Total equity | 1.188.594 | 1.190.858 | 740.442 | 733.123 | ||
| LIABILITIES | ||||||
| Non-current liabilities | ||||||
| Borrowings | 1.113.547 | 757.793 | 544.478 | 543.084 | ||
| Lease liabilities | 193.941 | 190.734 | 3.726 | 4.179 | ||
| Derivative financial instruments | 213.906 | 215.874 | - | - | ||
| Deferred tax liabilities | 3.822 | - | - | - | ||
| Net employee defined benefit liabilities | 392 | 992 | - | 445 | ||
| Provisions for infrastructure investments for HELLINIKON S.M.S.A. | 412.090 | 502.541 | - | - | ||
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. | 376.340 | 366.884 | - | - | ||
| Other non-current liabilities | 23.035 | 17.910 | - | - | ||
| 2.337.073 | 2.052.728 | 548.204 | 547.708 | |||
| Current liabilities | ||||||
| Borrowings | 26.069 | 386.069 | 2.666 | 10.866 | ||
| Lease liabilities | 4.340 | 3.801 | 892 | 1.894 | ||
| Trade and other payables | 524.788 | 339.015 | 18.523 | 19.380 | ||
| Provisions for infrastructure investments for HELLINIKON S.M.S.A. | 212.169 | 169.507 | - | - | ||
| Current tax liabilities | 12.991 | 5.567 | - | - | ||
| 780.357 | 903.959 | 22.081 | 32.140 | |||
| Liabilities related with assets classified as held for sale | 623 | 6.453 | - | - | ||
| Total liabilities | 3.118.053 | 2.963.140 | 570.285 | 579.848 | ||
| Total equity and liabilities | 4.306.647 | 4.153.998 | 1.310.727 | 1.312.971 |
Statement of Profit or Loss (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
| Revenue | 376.363 | 205.851 | 11.195 | 10.653 |
| Dividend income | 135 | 135 | 23.493 | 180 |
| Net gain/(loss) from fair value adjustment on investment properties | 4.233 | 41.966 | - | - |
| Provision for impairment of inventory | (50) | (273) | - | - |
| Gain on disposal of investment properties | 4.100 | - | - | - |
| Cost of sales of inventories | (167.952) | (64.519) | - | - |
| Expenses related to investment properties | (11.959) | (11.249) | - | - |
| Expenses related to the development of the Ellinikon site | (75.823) | (64.965) | (8.361) | (7.455) |
| Employee benefits expense | (17.398) | (16.069) | (10.199) | (9.391) |
| Depreciation | (9.019) | (7.570) | (1.796) | (2.431) |
| Provision for impairment of investments in subsidiaries, joint ventures and associates |
- | - | (5.784) | (1.150) |
| Provision for impairment of receivables from subsidiaries | - | - | (860) | (933) |
| Other operating income / (expenses) – net | (17.956) | (13.610) | (8.276) | (5.874) |
| Operating profit/(loss) | 84.674 | 69.697 | (588) | (16.401) |
| Finance income | 14.501 | 11.732 | 18.739 | 6.452 |
| Finance costs | (96.312) | (95.467) | (24.386) | (26.843) |
| Share of net profit/(loss) of investments accounted for using the equity method |
311 | (321) | - | - |
| Profit/(loss) before tax | 3.174 | (14.359) | (6.235) | (36.792) |
| Income tax expense | (16.594) | 8.326 | (170) | (68) |
| Profit/(loss) for the period | (13.420) | (6.033) | (6.405) | (36.860) |
| Attributable to: | ||||
| Equity holders of the parent | (14.106) | (6.099) | (6.405) | (36.860) |
| Non-controlling interests | 686 | 66 | - | - |
| (13.420) | (6.033) | (6.405) | (36.860) | |
| Earnings / (losses) per share (€) attributable to the equity holders of the parent |
||||
| - Basic | (0,08) | (0,04) | (0,04) | (0,21) |
| - Diluted | (0,08) | (0,04) | (0,04) | (0,21) |
| Weighted Average number of shares | 174.068.226 | 174.047.949 | 174.068.226 | 174.047.949 |
| Revised Weighted Average number of shares | 174.068.226 | 174.047.949 | 174.068.226 | 174.047.949 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousand | 01.07.2024 to 30.09.2024 |
01.07.2023 to 30.09.2023 |
01.07.2024 to 30.09.2024 |
01.07.2023 to 30.09.2023 |
| Revenue | 129.933 | 69.596 | 3.451 | 2.904 |
| Dividend income | 135 | 135 | 136 | 180 |
| Net gain/(loss) from fair value adjustment on investment properties | (2.695) | (2.924) | - | - |
| Provision for impairment of inventory | - | (12) | - | - |
| Gain from disposal of investment properties | - | - | - | - |
| Cost of sales of inventories | (43.404) | (27.449) | - | - |
| Expenses related to investment property | (4.485) | (4.131) | - | - |
| Expenses related to the development of the Ellinikon site | (26.562) | (18.955) | (2.519) | (1.872) |
| Employee benefits expense | (5.702) | (5.623) | (3.059) | (3.475) |
| Depreciation | (3.027) | (2.462) | (606) | (815) |
| Provision for impairment of receivables from subsidiaries | - | - | (265) | (315) |
| Other operating income / (expenses) – net | (6.523) | (5.215) | (2.925) | (2.117) |
| Operating profit/(loss) | 37.670 | 2.960 | (5.787) | (5.510) |
| Finance income | 3.840 | 3.654 | 6.241 | 1.971 |
| Finance costs | (28.960) | (31.977) | (8.131) | (9.467) |
| Share of net profit/(loss) of investments accounted for using the equity method |
(106) | (87) | - | - |
| Profit/(loss) before tax | 12.444 | (25.450) | (7.677) | (13.006) |
| Income tax expense | (7.629) | 1.233 | (42) | (22) |
| Profit/(loss) for the period | 4.815 | (24.217) | (7.719) | (13.028) |
| Attributable to: | ||||
| Equity holders of the parent | 4.627 | (24.517) | (7.719) | (13.028) |
| Non-controlling interests | 188 | 300 | - | - |
| 4.815 | (24.217) | (7.719) | (13.028) | |
| Earnings / (losses) per share (€) attributable to the equity holders of the parent |
||||
| -Basic | 0,03 | (0,14) | (0,04) | (0,07) |
| -Diluted | 0,03 | (0,14) | (0,04) | (0,07) |
| Weighted Average number of shares | 174.068.226 | 174.047.949 | 174.068.226 | 174.047.949 |
| Revised Weighted Average number of shares | 174.402.023 | 174.047.949 | 174.068.226 | 174.047.949 |
Statement of Comprehensive Income (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
| Profit/(loss) for the period | (13.420) | (6.033) | (6.405) | (36.860) |
| Gain/(loss) on cash flow hedges, net of tax | (2.831) | (948) | - | - |
| Exchange differences on translation of foreign currencies | (36) | (40) | - | - |
| Net other comprehensive income/(loss) that may be subsequently reclassified to profit or loss |
(2.867) | (988) | - | - |
| 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 | (2.867) | (988) | - | - |
| Total comprehensive income/(loss) for the period, net of tax | (16.287) | (7.021) | (6.405) | (36.860) |
| Attributable to: | ||||
| Equity holders of the parent | (16.973) | (7.087) | (6.405) | (36.860) |
| Non-controlling interests | 686 | 66 | - | - |
| (16.287) | (7.021) | (6.405) | (36.860) |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Amounts in € thousand | 01.07.2024 to 30.09.2024 |
01.07.2023 to 30.09.2023 |
01.07.2024 to 30.09.2024 |
01.07.2023 to 30.09.2023 |
| Profit/(loss) for the period | 4.815 | (24.217) | (7.719) | (13.028) |
| Gain/(loss) on cash flow hedges, net of tax | (4.241) | (597) | - | - |
| Exchange differences on translation of foreign currencies | (23) | (24) | - | - |
| Net other comprehensive income/(loss) that may be subsequently reclassified to profit or loss |
(4.264) | (621) | - | - |
| 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 | (4.264) | (621) | - | - |
| Total comprehensive income/(loss) for the period, net of tax | 551 | (24.838) | (7.719) | (13.028) |
| Attributable to: | ||||
| Equity holders of the parent | 363 | (25.138) | (7.719) | (13.028) |
| Non-controlling interests | 188 | 300 | - | - |
| 551 | (24.838) | (7.719) | (13.028) |
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 | - | - | - | (14.106) | (14.106) | 686 | (13.420) | |
| Other comprehensive income for the period: | ||||||||
| Gain/(loss) on cash flow hedges, net of tax | - | - | (2.831) | - | (2.831) | - | (2.831) | |
| Exchange differences on translation of foreign currencies | - | - | (36) | - | (36) | - | (36) | |
| Total other comprehensive income for the period | - | - | (2.867) | - | (2.867) | - | (2.867) | |
| Total comprehensive income for the period | - | - | (2.867) | (14.106) | (16.973) | 686 | (16.287) | |
| Transactions with the shareholders: | ||||||||
| Formation of legal reserves | - | - | (8) | 8 | - | - | - | |
| Share capital increase in subsidiary | - | - | - | - | - | 299 | 299 | |
| Change of participation percentage in a subsidiary | - | - | - | (20) | (20) | 20 | - | |
| Acquisition of treasury shares | - | (15.895) | - | - | (15.895) | - | (15.895) | |
| Disposal of treasury shares | - | 23.679 | - | 1.418 | 25.097 | - | 25.097 | |
| Employees share option scheme | - | - | 4.522 | - | 4.522 | - | 4.522 | |
| Total transactions with the shareholders for the period | - | 7.784 | 4.514 | 1.406 | 13.704 | 319 | 14.023 | |
| 30 September 2024 |
1.024.508 | (12.766) | 32.014 | 130.392 | 1.174.148 | 14.446 | 1.188.594 |
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 | - | - | - | (6.099) | (6.099) | 66 | (6.033) | |
| Other comprehensive income for the period: | ||||||||
| Gain/(loss) on cash flow hedges, net of tax | - | - | (948) | - | (948) | - | (948) | |
| Exchange differences on translation of foreign currencies | - | - | (40) | - | (40) | - | (40) | |
| Total other comprehensive income for the period | - | - | (988) | - | (988) | - | (988) | |
| Total comprehensive income for the period | - | - | (988) | (6.099) | (7.087) | 66 | (7.021) | |
| Transactions with the shareholders: | ||||||||
| Formation of legal reserves | - | - | 62 | (62) | - | - | - | |
| Acquisition of treasury shares | - | (6.496) | - | - | (6.496) | - | (6.496) | |
| Employees share option scheme | - | - | 3.255 | - | 3.255 | - | 3.255 | |
| Total transactions with the shareholders for the period | - | (6.496) | 3.317 | (62) | (3.241) | - | (3.241) | |
| 30 September 2023 | 1.024.508 | (22.344) | 29.945 | 111.321 | 1.143.430 | 13.950 | 1.157.380 |
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 |
| Loss for the period | - | - | - | (6.405) | (6.405) |
| 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 | - | - | - | (6.405) | (6.405) |
| Transactions with the shareholders: | |||||
| Acquisition of treasury shares | - | (15.895) | - | (15.895) | |
| Disposal of treasury shares | - | 23.679 | - | 1.418 | 25.097 |
| Employees share option scheme | - | - | 4.522 | - | 4.522 |
| Total transactions with the shareholders for the period | - | 7.784 | 4.522 | 1.418 | 13.724 |
| 30 September 2024 |
1.024.508 | (12.766) | 26.770 | (298.070) | 740.442 |
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 | - | - | - | (36.860) | (36.860) |
| 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 | - | - | - | (36.860) | (36.860) |
| Transactions with the shareholders: | |||||
| Acquisition of treasury shares | - | (6.496) | - | - | (6.496) |
| Employees share option scheme | - | - | 3.255 | - | 3.255 |
| Total transactions with the shareholders for the period | - | (6.496) | 3.255 | - | (3.241) |
| 30 September 2023 |
1.024.508 | (22.344) | 20.533 | (288.344) | 734.353 |
Statement of Cash Flows (Company and Consolidated)
| 01.01.2024 01.01.2023 01.01.2024 01.01.2023 Amounts in € thousand to to to to 30.09.2024 30.09.2023 30.09.2024 30.09.2023 Profit/(loss) for the period (13.420) (6.033) (6.405) (36.860) Adjustments for: Income tax expense 16.594 (8.326) 170 68 Depreciation 9.019 7.570 1.796 2.431 Share of net profit of investments accounted for using the equity method (311) 321 - - Dividend income (135) (135) (23.493) (180) Provision for impairment of receivables from subsidiaries - - 860 933 Provision for impairment of investments in subsidiaries, joint ventures and - - 5.784 1.150 associates Impairment of receivables 28 (9) - (30) (Gain)/loss on disposal of investment properties (4.100) - - - Provision for retirement benefit obligations (138) - 56 - Employees share option scheme 4.522 3.255 3.206 2.950 Finance income (14.501) (11.732) (18.739) (6.452) Finance costs 96.312 95.467 24.386 26.843 Provision for impairment of inventory 50 273 - - Net (gain)/loss from fair value adjustment on investment properties (4.233) (41.966) - - 89.687 38.685 (12.379) (9.147) Changes in working capital: (Increase)/decrease in inventories 25.139 (32.252) - - Decrease/(increase) in trade receivables (42.146) (35.280) 898 10.357 Increase/(decrease) in trade payables 189.364 164.800 (1.182) (7.772) Increase/(decrease) in prepayments from revenue contracts of 12.648 (12.330) - - HELLINIKON S.M.S.A. Dividends/interim dividends received 406 - 23.763 3.773 (Restriction)/release of cash and cash equivalents 12.179 - - - 197.590 84.938 23.479 6.358 Income tax paid (18.513) (21.770) 1.032 (324) Net cash flows from/(used in) operating activities 268.764 101.853 12.132 (3.113) Investing activities Purchase of tangible assets and investment properties (63.623) (30.948) (120) (21) Purchase of intangible assets (544) (399) (166) (196) Proceeds from disposal of tangible assets and investment properties 18.400 - - - Interest received 14.960 4.023 4.638 3.279 Loans granted from/(to) related parties - - (13.550) - |
GROUP | COMPANY | |||
|---|---|---|---|---|---|
| Proceeds from repayment of loans granted to related parties | - | - | 15.450 | 80.000 | |
| Repayment of loans granted to related parties - - (2.600) - |
|||||
| Payments of consideration for the (acquisition)/disposal of investments - (179.752) - - (Purchase)/sale of other financial instruments at fair value through profit - (1.863) - - |
|||||
| or loss (Increase)/decrease in the share capital of investments (11.938) (12.960) 27.194 (175.719) |
|||||
| (Restriction)/release of cash and cash equivalents - 31.509 - 66.990 |
|||||
| Net cash flows from/(used in) investing activities (42.745) (190.390) 30.846 (25.667) |
Condensed financial information for the period January 1st to September 30 th, 2024
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|
| Financing activities | |||||
| Acquisition of treasury shares | (15.367) | (6.496) | (15.367) | (6.496) | |
| Disposal of treasury shares | 25.026 | - | 25.026 | - | |
| Dividends paid to non-controlling interests | (455) | (342) | - | - | |
| Loans received/(repayment) of loans granted from related parties | 503 | - | 503 | - | |
| Proceeds from borrowings | 601.830 | 30.000 | - | 30.000 | |
| Repayment of borrowings | (604.866) | (8.033) | - | - | |
| Repayment of lease liabilities | (5.054) | (3.433) | (681) | (1.347) | |
| Interest paid | (52.879) | (46.770) | (26.194) | (22.498) | |
| Fees paid related to financing activities | (6.752) | (8.041) | (1.021) | (5.878) | |
| Interest paid related to lease liabilities | (7.305) | (7.178) | (144) | (210) | |
| Borrowings transaction costs | (2.766) | (173) | - | - | |
| (Restriction)/release of cash and cash equivalents | (19.350) | - | (14.802) | - | |
| Net cash flows from/(used in) financing activities | (87.435) | (50.466) | (32.680) | (6.429) | |
| Net increase/(decrease) in cash and cash equivalents | 138.584 | (139.003) | 10.298 | (35.209) | |
| 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 | 602.716 | 376.512 | 157.042 | 177.227 |
Segmental Information
Results per segment for the period 1.1.2024 - 30.09.2024 was as per below:
| Real estate | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in € thousand | GREECE | BALKANS | Administrative and other activities |
Eliminations among |
Total | |||
| Hellinikon | Lamda Malls Group |
Marinas | Other buildings and land |
Other buildings and land |
segments | |||
| Revenue from third parties | 254.574 | 78.978 | 24.231 | 431 | 15.242 | 2.907 | - | 376.363 |
| Revenue between segments | - | 2.096 | 481 | 2 | - | 10.720 | (13.299) | - |
| Total revenue | 254.574 | 81.074 | 24.712 | 433 | 15.242 | 13.627 | (13.299) | 376.363 |
| Net gain/(loss) from fair value adjustment on investment properties |
(2.431) | 7.233 | - | (569) | - | - | - | 4.233 |
| Cost of sales of inventories | (152.687) | - | - | (6) | (15.205) | (54) | - | (167.952) |
| Inventories impairment provision | - | - | - | - | (50) | - | - | (50) |
| Expenses related to investment properties | - | (11.987) | - | (662) | - | - | 690 | (11.959) |
| Expenses related to the development of the Ellinikon site |
(71.018) | (4.805) | - | - | - | - | - | (75.823) |
| Gain on disposal of investment properties | - | - | - | 4.100 | - | - | - | 4.100 |
| Employee benefits expense | - | (2.867) | (2.763) | - | (174) | (11.594) | - | (17.398) |
| Other | 103 | (1.838) | (6.187) | (109) | (1.245) | (10.876) | 2.196 | (17.956) |
| Share of the results of joint ventures and associates, income from dividends and adjustment of investment's value due to acquisition of additional percentage |
(217) | - | - | - | 526 | 2 | 135 | 446 |
| EBITDA | 28.324 | 66.810 | 15.762 | 3.187 | (906) | (8.895) | (10.278) | 94.004 |
| Net gain/(loss) from fair value adjustment on investment properties |
2.431 | (7.233) | - | 569 | - | - | - | (4.233) |
| Impairment provisions of inventories | - | - | - | - | 50 | - | - | 50 |
| Gain on disposal of investment properties | - | - | - | (4.100) | - | - | - | (4.100) |
| Group consolidated operating results (EBITDA) before valuations and other adjustments |
30.755 | 59.577 | 15.762 | (344) | (856) | (8.895) | (10.278) | 85.721 |
Results per segment for the period 1.1.2023 - 30.09.2023 was as per below:
| Real estate | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in € thousand | GREECE | BALKANS | Administrative and other activities |
Eliminations among |
Total | |||
| Hellinikon | Lamda Malls Group |
Marinas | Other buildings and land |
Other buildings and land |
segments | |||
| Revenue from third parties | 106.754 | 74.151 | 21.314 | 926 | 7 | 2.699 | - | 205.851 |
| Revenue between segments | - | 2.178 | 469 | 6 | - | 10.737 | (13.390) | - |
| Total revenue | 106.754 | 76.329 | 21.783 | 932 | 7 | 13.436 | (13.390) | 205.851 |
| Net gain/(loss) from fair value adjustment on investment properties |
(1.943) | 43.667 | - | 300 | (58) | - | - | 41.966 |
| Cost of sales of inventories | (64.479) | - | - | - | - | (40) | - | (64.519) |
| Inventories impairment provision | - | - | - | - | (273) | - | - | (273) |
| Expenses related to investment properties | - | (11.598) | - | (341) | - | - | 690 | (11.249) |
| Expenses related to the development of the Ellinikon site |
(62.207) | (2.758) | - | - | - | - | - | (64.965) |
| Employee benefits expense | - | (2.880) | (2.350) | - | (169) | (10.670) | - | (16.069) |
| Other | 327 | (1.368) | (5.548) | (190) | (306) | (10.012) | 3.487 | (13.610) |
| Share of the results of joint ventures and associates, income from dividends and adjustment of investment's value due to acquisition of additional percentage |
(85) | - | - | - | 109 | (345) | 135 | (186) |
| EBITDA | (21.633) | 101.392 | 13.885 | 701 | (690) | (7.631) | (9.078) | 76.946 |
| Net gain/(loss) from fair value adjustment on investment properties |
1.943 | (43.667) | - | (300) | 58 | - | - | (41.966) |
| Impairment provisions of inventories | - | - | - | - | 273 | - | - | 273 |
| Group consolidated operating results (EBITDA) before valuations and other adjustments |
(19.690) | 57.725 | 13.885 | 401 | (359) | (7.631) | (9.078) | 35.253 |
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 consolidated operating results (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 results (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 Aghios Kosmas, and results of commercial developments The Ellinikon Mall (ex. Vouliagmenis Mall) and Riviera Galleria.
- 3. Group consolidated operating results (EBITDA) excluding Ellinikon project: Group consolidated operating results (EBITDA) minus operating results (EBITDA) of Ellinikon project.
- 4. Group consolidated operating results (EBITDA) before valuations and other adjustments: Group consolidated operating results (EBITDA) excluding any fair value gain/loss of investment properties, 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. Operating results (EBITDA) of Ellinikon project before valuations and other adjustments: Group consolidated operating results (EBITDA) excluding any fair value gain/loss of investment properties, 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 Aghios Kosmas, and results of commercial developments The Ellinikon Mall (ex. Vouliagmenis Mall) and Riviera Galleria.
- 6. Group consolidated operating results (EBITDA) before valuations and other adjustments excluding Ellinikon project: Group consolidated operating results (EBITDA) before valuations and other adjustments minus Operating results (EBITDA) of Ellinikon project before valuations and other adjustments.
- 7. Retail EBITDA (Operating results of Shopping Malls in operation before valuations and other adjustments): Individual operating results (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 results of Shopping Malls/Developments 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 results of property Management of Shopping Malls/Developments before valuations and other adjustments): Individual operating results (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/Developments.
- 10. LAMDA MALLS S.A. EBITDA (Operating results of Parent company of Shopping Malls/Developments before valuations and other adjustments): Individual operating results (EBITDA) before valuation and other adjustments of the entity LAMDA MALLS S.A., which is the parent company of Group's Shopping Malls/Developments.
- 11. LAMDA MALLS Group Consolidated operating results (EBITDA) 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 Consolidated Operating Results (EBITDA): LAMDA MALLS Group Consolidated Operating Results (EBITDA) before valuations and other adjustments, plus valuations of Shopping Malls/Developments.
- 13. Marinas EBITDA (Operating results of Marinas before valuations and other adjustments): Individual operating results (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 Aghios 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. Net Asset Value (NAV) (€ per share): Net Asset Value (NAV) divided by the total number of shares of the Company, excluding treasury shares.
- 16. Investment Portfolio: Investment properties, 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.
- 17. Total Investment Portfolio: Investment properties, plus Inventories, plus Tangible and Intangible assets, plus Investments in joint ventures and associates, plus Right-of-use assets.
- 18. Total Debt: Borrowings, plus Lease liabilities, plus Consideration payable for the acquisition of HELLINIKON S.M.S.A..
- 19. Adjusted Total Debt: Total Debt, plus Provisions for infrastructure investments in HELLINIKON S.M.S.A..
- 20. Net Total Debt: Total Debt, less Cash and cash equivalents, less Restricted cash.
- 21. Adjusted Net Total Debt: Adjusted Total Debt, less Cash and cash equivalents, less Restricted cash.
- 22. Adjusted Net Total Debt / Total Investment Portfolio
- 23. Gearing Ratio: Total Debt / (Total Equity and Total Debt)
- 24. Net profit/(loss) of the period of Ellinikon project: Net profits/(losses) of the period which concern Ellinikon project, excluding operations of Marina of Aghios Kosmas, and results of commercial developments The Ellinikon Mall (ex. Vouliagmenis Mall) and Riviera Galleria.
- 25. 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.
- 26. Gross Asset Value (GAV) – LAMDA MALLS GROUP: The individual values of investment properties of the companies THE MALL ATHENS S.M.S.A., PYLAIA S.M.S.A., LAMDA DOMI S.M.S.A., DESIGNER OUTLET ATHENS S.M.S.A., LAMDA VOULAGMENIS S.M.S.A. and LAMDA RIVIERA S.M.S.A., which operate and develop the shopping malls/developments The Mall Athens, Mediterranean Cosmos, Golden Hall, Designer Outlet Athens, The Ellinikon Mall, and Riviera Galleria, respectively.
Starting with the annual financial report for 2023 and compared to the previous financial reports of 2023 and 2022, the Group has revised the APMs to more accurately reflect the Group's position following recent developments related to the restructuring of the new Shopping Malls/Developments group (LAMDA MALLS group), as well as the Ellinikon Project.
Calculations:
The tables below illustrate the reconciliation of the selected alternative performance measures (APMs) presented in this Report with the figures from the financial statements/financial information of the corresponding period.
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Equity attributable to equity holders of the Company * | 1.174.148 | 1.177.417 |
| Plus: deferred tax liability and asset attributable to equity holders of the Company. |
213.145 | 214.725 |
| Net Assets Value (NAV) | 1.387.293 | 1.392.142 |
| Net Assets Value (NAV) (€ per share)1 | 7,93 | 8,02 |
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| Group consolidated operating results (EBITDA) before valuations and other adjustments excluding Ellinikon project |
54.966 | 54.943 |
| Operating results (EBITDA) of Ellinikon project before valuations and other adjustments |
30.755 | (19.690) |
| Group consolidated operating results (EBITDA) before valuations and other adjustments |
85.721 | 35.253 |
| Revaluation gain of Shopping Malls/Developments2 ** | 7.233 | 43.667 |
| Revaluation gain of Ellinikon investment properties ** | (2.431) | (1.943) |
| Revaluation gain/(loss) of other investment properties ** | (569) | 242 |
| Provision for impairment of inventories * | (50) | (273) |
| Gain on disposal of investments in entities and investment properties * | 4.100 | - |
| Group consolidated operating results (EBITDA) | 94.004 | 76.946 |
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| Group consolidated operating results (EBITDA) excluding Ellinikon project |
65.680 | 98.579 |
| Operating results (EBITDA) of Ellinikon project | 28.324 | (21.633) |
| Group consolidated operating results (EBITDA) | 94.004 | 76.946 |
| Depreciation * | (9.019) | (7.570) |
| Provision for impairment of intangible and tangible assets * | - | - |
| Finance income * | 14.501 | 11.732 |
| Finance costs * | (96.312) | (95.467) |
| Profit/(loss) before tax * | 3.174 | (14.359) |
1 Adjusted number of shares for the 1.793.788 and 3.089.349 treasury shares held by the Company on 30.09.2024 and 31.12.2023 respectively.
2 The figures include 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 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| Revenue of Ellinikon project | 254.574 | 106.754 |
| Cost of sales of inventories of Ellinikon project | (152.687) | (64.479) |
| Total operating expenses of Ellinikon project | (70.915) | (61.880) |
| Share of profit/(loss) of associates of Ellinikon project | (217) | (85) |
| Operating results (EBITDA) of Ellinikon project before valuations and other adjustments |
30.755 | (19.690) |
| Revaluation gain of investment properties of Ellinikon project ** | (2.431) | (1.943) |
| Ellinikon project inventories impairment provision * | - | - |
| Operating results (EBITDA) of Ellinikon project | 28.324 | (21.633) |
| Depreciation of Ellinikon project | (2.610) | (1.537) |
| Finance income of Ellinikon project | 3.886 | 6.492 |
| Finance costs of Ellinikon project | (40.210) | (44.947) |
| Income tax expense of Ellinikon project | (2.609) | 30.767 |
| Profit/(loss) for the period of Ellinikon Project | (13.219) | (30.858) |
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| Group operating result (EBITDA) before valuations and other adjustments |
85.721 | 35.253 |
| Revaluation gain of Shopping Malls/Developments ** | 7.233 | 43.667 |
| Revaluation gain of Ellinikon investment properties ** | (2.431) | (1.943) |
| Revaluation gain/(loss) of other investment properties ** | (569) | 242 |
| Inventories impairment provision * | (50) | (273) |
| Gain on disposal of investments in entities and investment properties * | 4.100 | - |
| Group consolidated operating results (EBITDA) | 94.004 | 76.946 |
| Depreciation * | (9.019) | (7.570) |
| Provision for impairment of intangible and tangible assets * | - | - |
| Finance income * | 14.501 | 11.732 |
| Finance costs * | (96.312) | (95.467) |
| Profit/(loss) before tax | 3.174 | (14.359) |
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| The Mall Athens | 24.105 | 22.552 |
| Golden Hall | 17.240 | 15.911 |
| Mediterranean Cosmos | 16.171 | 14.955 |
| Designer Outlet Athens | 8.173 | 7.720 |
| Retail EBITDA (Operating results of Shopping Malls before valuations and other adjustments) |
65.689 | 61.138 |
| Ellinikon Malls EBITDΑ (Operating results of Shopping Malls/Developments under development in Ellinikon project before valuations and other adjustments) |
(5.014) | (2.782) |
| Malls Property Management EBITDA (Operating results of property Management of Shopping Malls/Developments before valuations and other adjustments) |
1.022 | 1.093 |
| LAMDA MALLS S.A. EBITDA (Operating results of Parent company of Shopping Malls/Developments before valuations and other adjustments) |
(2.120) | (1.723) |
| LAMDA MALLS Group Consolidated operating results (EBITDA) before valuations and other adjustments |
59.577 | 57.725 |
| Revaluation gain of Shopping Malls/Developments | 7.233 | 43.667 |
| LAMDA MALLS Group Consolidated Operating Results (EBITDA) | 66.810 | 101.392 |
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| Flisvos Marina | 12.358 | 10.470 |
| Aghios Kosmas Marina | 3.884 | 3.565 |
| Corfu Marina | (118) | - |
| Parent companies of marinas | (362) | (150) |
| EBITDA Marinas (Operating results of Marinas before valuations and other adjustments) |
15.762 | 13.885 |
| Amounts in € thousand | 01.01.2024 to 30.09.2024 |
01.01.2023 to 30.09.2023 |
|---|---|---|
| Net profit/(loss) of the period attributable to equity holders of the Parent Company * |
(14.106) | (6.099) |
| Less: Net profit/(loss) of the period of Ellinikon project | (13.219) | (30.858) |
| Adjusted net profit/(loss) of the period attributable to equity holders of the Parent Company |
(887) | 24.759 |
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Investment properties * | 2.215.330 | 2.153.312 |
| Inventories * | 965.399 | 1.061.693 |
| Tangible assets * | 85.114 | 82.934 |
| Intangible assets * | 19.220 | 19.829 |
| Investments in joint ventures and associates * | 41.523 | 36.509 |
| Right-of-use assets * | 138.134 | 136.635 |
| Total Investment Portfolio | 3.464.720 | 3.490.912 |
Condensed financial information for the period January 1st to September 30 th, 2024
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Borrowings * | 1.139.616 | 1.143.862 |
| Lease liabilities * | 198.281 | 194.535 |
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. * | 376.340 | 366.884 |
| Total Debt | 1.714.237 | 1.705.281 |
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Total Debt | 1.714.237 | 1.705.281 |
| Less: Cash and cash equivalents * | (602.716) | (464.132) |
| Less: Restricted cash * | (30.772) | (23.600) |
| Net Total Debt | 1.080.749 | 1.217.549 |
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Total Debt | 1.714.237 | 1.705.281 |
| Plus: Provisions for infrastructure investments in HELLINIKON S.M.S.A. * | 624.259 | 672.048 |
| Adjusted Total Debt | 2.338.496 | 2.377.329 |
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Adjusted Total Debt | 2.338.496 | 2.377.329 |
| Less: Cash and cash equivalents * | (602.716) | (464.132) |
| Less: Restricted cash * | (30.772) | (23.600) |
| Adjusted Net Total Debt | 1.705.008 | 1.889.597 |
| Amounts in € thousand | 30.09.2024 | 31.12.2023 |
|---|---|---|
| Total Investment Portfolio | 3.464.720 | 3.490.912 |
| Total Debt | 1.714.237 | 1.705.281 |
| Net Total Debt | 1.080.749 | 1.217.549 |
| Adjusted Total Debt | 2.338.496 | 2.377.329 |
| Adjusted Net Total Debt | 1.705.008 | 1.889.597 |
| Group Financial Ratios | 30.09.2024 | 31.12.2023 |
|---|---|---|
| ADJUSTED NET TOTAL DEBT / TOTAL INVESTMENT PORTFOLIO | 49,2% | 54,1% |
| TOTAL DEBT / TOTAL EQUITY AND TOTAL DEBT (GEARING RATIO) | 59,1% | 58,9% |
* These pertain to items as reported in the financial statements based on IFRS for the respective reporting period.
** These pertains to the analysis of the net gain from the valuation of Investment Properties, as presented in the Income Statement under the line " Net gain/(loss) from fair value adjustment on investment properties" in the financial statements based on IFRS for the respective reporting period.