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Lamda Development S.A. Interim / Quarterly Report 2025
2660_10-k_2025-05-28_7144d2a8-b365-446b-bfd5-3c35bbf1578a.pdf
Interim / Quarterly Report
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LAMDA Development S.A.
CONDENSED FINANCIAL INFORMATION
FOR THE PERIOD 1st TO MARCH 31st, 2025
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, 2025 2 |
|
|---|---|
| STATEMENT OF FINANCIAL POSITION (COMPANY AND CONSOLIDATED) 2 | |
| INCOME STATEMENT (COMPANY AND CONSOLIDATED) 3 | |
| COMPREHENSIVE INCOME STATEMENT (COMPANY AND CONSOLIDATED) 4 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2025 5 | |
| STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2024 6 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2025 7 | |
| STATEMENT OF CHANGES IN EQUITY (COMPANY) 2024 8 | |
| STATEMENT OF CASH FLOWS (COMPANY AND CONSOLIDATED) 9 | |
| SEGMENTAL INFORMATION 11 | |
| ALTERNATIVE PERFORMANCE MEASURES ("APMS") 13 |
Condensed Company and Consolidated Financial Information for the period January 1st to March 31st, 2025
Statement of Financial Position (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 31.03.2025 | 31.12.2024 | 31.03.2025 | 31.12.2024 | |
| ASSETS | |||||
| Non-current assets | |||||
| Investment property | 2.295.325 | 2.267.151 | - | - | |
| Inventories | 473.324 | 516.269 | - | - | |
| Right-of-use assets | 138.933 | 136.762 | 487 | 443 | |
| Tangible assets | 92.198 | 89.408 | 1.634 | 1.753 | |
| Intangible assets | 19.841 | 19.959 | 1.670 | 1.495 | |
| Investments in subsidiaries | - | - | 844.961 | 840.786 | |
| Investments in joint ventures and associates | 43.549 | 45.039 | 1.467 | 2.634 | |
| Deferred tax assets | 3.791 | 4.851 | 516 | 493 | |
| Restricted cash | 39.469 | 31.154 | 30.330 | 30.206 | |
| Other receivables | 41.712 | 42.858 | 234.435 | 235.131 | |
| Derivative financial instruments | - | 385 | - | - | |
| Other financial instruments | 3.943 | 3.780 | 817 | 817 | |
| 3.152.085 | 3.157.616 | 1.116.317 | 1.113.758 | ||
| Current assets | |||||
| Inventories | 443.013 | 406.060 | - | - | |
| Trade and other receivables | 208.748 | 218.117 | 24.348 | 29.226 | |
| Current tax assets | 5.115 | 5.272 | 881 | 680 | |
| Derivative financial instruments Restricted cash |
554 6.453 |
194 5.484 |
- 1.644 |
- - |
|
| Cash and cash equivalents | 605.855 | 642.246 | 158.349 | 177.040 | |
| 1.269.738 | 1.277.373 | 185.222 | 206.946 | ||
| Assets classified as held for sale | 1.907 | - | - | - | |
| Total assets | 4.423.730 | 4.434.989 | 1.301.539 | 1.320.704 | |
| EQUITY | |||||
| Share capital and share premium | 1.024.508 | 1.024.508 | 1.024.508 | 1.024.508 | |
| Treasury shares | (26.151) | (15.907) | (26.151) | (15.907) | |
| Other reserves | 34.866 | 32.529 | 28.917 | 27.367 | |
| Retained earnings/(Accumulated losses) | 179.778 | 190.741 | (301.158) | (297.723) | |
| Equity attributable to equity holders of the Parent | 1.213.001 | 1.231.871 | 726.116 | 738.245 | |
| Non-controlling interests | 14.439 | 14.175 | - | - | |
| Total equity | 1.227.440 | 1.246.046 | 726.116 | 738.245 | |
| LIABILITIES | |||||
| Non-current liabilities | |||||
| Borrowings | 1.150.723 | 1.149.313 | 553.283 | 552.821 | |
| Lease liabilities | 201.421 | 196.355 | 3.494 | 3.660 | |
| Deferred tax liabilities | 214.456 | 218.655 | - | - | |
| Derivative financial instruments | 2.062 | 3.288 | - | - | |
| Net employee defined benefit liabilities | 1.279 | 1.481 | 577 | 626 | |
| Provisions for infrastructure investments for HELLINIKON S.M.S.A. | 465.997 | 505.507 | - | - | |
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. | 382.756 | 379.570 | - | - | |
| Other non-current liabilities | 16.511 | 16.312 | - | - | |
| 2.435.205 | 2.470.481 | 557.354 | 557.107 | ||
| Current liabilities | |||||
| Borrowings | 18.940 | 24.471 | 2.579 | 8.195 | |
| Lease liabilities | 4.249 | 4.323 | 918 | 886 | |
| Trade and other payables | 509.192 | 496.272 | 14.572 | 16.271 | |
| Provisions for infrastructure investments for HELLINIKON S.M.S.A. | 207.930 | 172.316 | - | - | |
| Current tax liabilities | 19.866 | 20.455 | - | - | |
| Derivative financial instruments | 893 | 625 | - | - | |
| 761.070 | 718.462 | 18.069 | 25.352 | ||
| Liabilities directly associated with assets classified as held for sale | 15 | - | - | - | |
| Total liabilities | 3.196.290 | 3.188.943 | 575.423 | 582.459 | |
| Total equity and liabilities | 4.423.730 | 4.434.989 | 1.301.539 | 1.320.704 |
Income Statement (Company and Consolidated)
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| 01.01.2025 | 01.01.2024 | 01.01.2025 | 01.01.2024 | |||
| Amounts in € thousand | to | to | to | to | ||
| 31.03.2025 | 31.03.20241 | 31.03.2025 | 31.03.20241 | |||
| Revenue | 105.850 | 141.718 | 3.267 | 3.583 | ||
| Dividend income | - | - | 67 | - | ||
| Net gain/(loss) from fair value adjustment on investment property |
1.591 | 847 | - | - | ||
| Provision for impairment of inventory | - | - | - | - | ||
| Gain on disposal of investment property | - | 4.100 | - | - | ||
| Cost of sales of inventories | (60.362) | (73.860) | - | - | ||
| Expenses related to investment property | (5.549) | (3.066) | - | - | ||
| Employee benefits expense | (11.438) | (11.369) | (4.365) | (4.787) | ||
| Depreciation | (3.157) | (2.956) | (355) | (590) | ||
| Provision for impairment of investments in subsidiaries, joint ventures and associates |
- | - | - | - | ||
| Provision for impairment of receivables from subsidiaries | - | - | (133) | (134) | ||
| Gain on disposal of investment in entities | 3.233 | - | 3.233 | - | ||
| Provision for impairment of intangible and tangible assets | - | - | - | - | ||
| Other operating (expenses)/income - net | (15.652) | (18.640) | (1.954) | (3.272) | ||
| Operating profit/(loss) | 14.516 | 36.774 | (240) | (5.200) | ||
| Finance income | 4.158 | 5.594 | 4.795 | 6.064 | ||
| Finance costs | (29.269) | (35.820) | (8.013) | (7.941) | ||
| Share of net profit/(loss) of investments accounted for using the equity method |
(323) | 517 | - | - | ||
| Profit/(loss) before tax | (10.918) | 7.065 | (3.458) | (7.077) | ||
| Income tax expense | 219 | (6.280) | 23 | (28) | ||
| Profit/(loss) for the period | (10.699) | 785 | (3.435) | (7.105) | ||
| Attributable to: | ||||||
| Equity holders of the parent | (10.963) | 625 | (3.435) | (7.105) | ||
| Non-controlling interests | 264 | 160 | - | - | ||
| (10.699) | 785 | (3.435) | (7.105) | |||
| Earnings/(losses) per share (€) attributable to the equity holders of the Parent |
||||||
| - Basic | (0,06) | - | (0,02) | (0,04) | ||
| - Diluted | (0,06) | - | (0,02) | (0,04) | ||
| Weighted Average number of shares | 173.657.309 | 173.325.860 | 173.657.309 | 173.325.860 | ||
| Revised Weighted Average number of shares | 173.657.309 | 173.649.266 | 173.657.309 | 173.325.860 |
1The Group decided to adopt a new presentation of expense line items in the Income Statement, effective from the publication of the Annual Financial Report for 2024. This revised presentation more accurately reflects the current nature of its operations, taking into account the maturity of the Ellinikon Project. Corresponding reclassifications have also been made to the comparative period 01.01–31.03.2024 to ensure comparability.
Comprehensive Income Statement (Company and Consolidated)
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|
| Profit/(loss) for the period | (10.699) | 785 | (3.435) | (7.105) | |
| Gain/(loss) on cash flow hedges, net of tax | 884 | 85 | - | - | |
| Exchange differences on translation of foreign currencies | (97) | 4 | - | - | |
| Net other comprehensive income/(loss) that may be subsequently reclassified to profit or loss |
787 | 89 | - | - | |
| Actuarial gain/(loss), 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 | 787 | 89 | - | - | |
| Total comprehensive income/(loss) for the period, net of tax | (9.912) | 874 | (3.435) | (7.105) | |
| Attributable to: | |||||
| Equity holders of the parent | (10.176) | 714 | (3.435) | (7.105) | |
| Non-controlling interests | 264 | 160 | - | - | |
| (9.912) | 874 | (3.435) | (7.105) |
Statement of Changes in Equity (Consolidated) 2025
| Attributable to equity holders of the parent | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in € thousand | Share capital and share premium |
Treasury share |
Other reserves |
Retained earnings / (Accumulated losses) |
Total | Non controlling interests |
Total equity |
| GROUP | |||||||
| 1 January 2025 | 1.024.508 | (15.907) | 32.529 | 190.741 | 1.231.871 | 14.175 | 1.246.046 |
| Total income: | |||||||
| (Loss) / Profit for the period | - | - | - | (10.963) | (10.963) | 264 | (10.699) |
| Other comprehensive income for the period: | |||||||
| Changes in cash flow hedges, net of tax |
- | - | 884 | - | 884 | - | 884 |
| Exchange differences on translation of foreign currencies | - | - | (97) | - | (97) | - | (97) |
| Total other comprehensive income for the period | - | - | 787 | - | 787 | - | 787 |
| Total comprehensive income for the period | - | - | 787 | (10.963) | (10.176) | 264 | (9.912) |
| Transactions with the shareholders: | |||||||
| Acquisition of treasury shares | - | (10.244) | - | - | (10.244) | - | (10.244) |
| Employees share option scheme | - | - | 1.550 | - | 1.550 | - | 1.550 |
| Total transactions with the shareholders for the period | - | (10.244) | 1.550 | - | (8.694) | - | (8.694) |
| 31 March 2025 | 1.024.508 | (26.151) | 34.866 | 179.778 | 1.213.001 | 14.439 | 1.227.440 |
Statement of Changes in Equity (Consolidated) 2024
| Attributable to equity holders of the parent | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in € thousand | Share capital and share premium |
Treasury share |
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 |
| Total income: | |||||||
| Profit for the period | - | - | - | 625 | 625 | 160 | 785 |
| Other comprehensive income for the period: | |||||||
| Changes in 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 (Company) 2025
| 31 March 2025 | 1.024.508 | (26.151) | 28.917 | (301.158) | 726.116 | |
|---|---|---|---|---|---|---|
| Total transactions with the shareholders | - | (10.244) | 1.550 | - | (8.694) | |
| Employees share option scheme | - | - | 1.550 | - | 1.550 | |
| Acquisition of treasury shares | - | (10.244) | - | (10.244) | ||
| Transactions with the shareholders: | ||||||
| Total comprehensive income for the period | - | - | - | (3.435) | (3.435) | |
| Total other comprehensive income for the period | - | - | - | - | - | |
| Actuarial loss, net of tax | - | - | - | - | - | |
| Other comprehensive income for the period: | ||||||
| Loss for the period | - | - | - | (3.435) | (3.435) | |
| Total income: | ||||||
| 1 January 2025 |
1.024.508 | (15.907) | 27.367 | (297.723) | 738.245 | |
| COMPANY | ||||||
| Amounts in € thousand | Share capital and share premium |
Treasury shares |
Other reserves | Retained earnings / (Accumulated losses) |
Total Equity |
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 | |
| Total income: | ||||||
| Loss for the period | - | - | - | (7.105) | (7.105) | |
| Other comprehensive income for the period: | ||||||
| Actuarial gain, 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 | - | (4.100) | 763 | - | (3.337) | |
| 31 March 2024 |
1.024.508 | (24.650) | 23.011 | (300.188) | 722.681 |
Statement of Cash Flows (Company and Consolidated)
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 01.01.2025 | 01.01.2024 | 01.01.2025 | 01.01.2024 | |
| Amounts in € thousand | to 31.03.2025 |
to 31.03.2024 |
to 31.03.2025 |
to 31.03.2024 |
| Profit/(loss) for the period | (10.699) | 785 | (3.435) | (7.105) |
| Adjustments for: | ||||
| Income tax expense | (219) | 6.280 | (23) | 28 |
| Depreciation | 3.157 | 2.956 | 355 | 590 |
| Share of net (profit)/loss of investments accounted for using the equity method |
323 | (517) | - | - |
| Dividend income | - | - | (67) | - |
| Provision for impairment of receivables from subsidiaries | - | - | 133 | 134 |
| Impairment of receivables | 30 | - | - | - |
| (Gain)/loss from sale of investment property / tangible assets (Gain)/loss related to disposal/acquisition share of control in entities |
- (3.233) |
(4.100) - |
- (3.233) |
- - |
| Provision for retirement benefit obligations | (201) | (23) | (49) | 19 |
| Employees share option scheme | 1.550 | 763 | 777 | 497 |
| Finance income | (4.158) | (5.594) | (4.795) | (6.064) |
| Finance costs | 29.269 | 35.820 | 8.013 | 7.941 |
| Net (gain)/loss from fair value adjustment on investment property |
(1.591) | (847) | - | - |
| 14.228 | 35.523 | (2.324) | (3.960) | |
| Changes in working capital: | ||||
| (Increase)/decrease in inventories | (2.173) | 30.967 | - | - |
| Decrease/(increase) in receivables | 9.418 | (26.062) | 416 | 4.474 |
| Increase/(decrease) in payables | 10.749 | 69.948 | (2.138) | 8 |
| Increase/(decrease) related to payments in advance from | ||||
| revenue contracts of HELLINIKON S.M.S.A. | 3.608 | (90) | (500) | - |
| Dividends/interim dividends received | - | 271 | 9.607 | 271 |
| (Restriction)/release of cash and cash equivalents | (1.644) | 11.276 | (1.644) | (512) |
| 19.958 | 86.310 | 5.741 | 4.241 | |
| Income tax paid | (3.345) | (14.514) | (201) | (208) |
| Net cash flows from/(used in) operating activities | 30.841 | 107.319 | 3.216 | 73 |
| Investing activities | ||||
| Purchase of tangible assets and investment property | (33.763) | (15.013) | (19) | (83) |
| Purchase of intangible assets Proceeds from disposal of tangible assets and investment |
(469) - |
(161) 18.400 |
(339) - |
(49) - |
| property Interest received |
4.461 | 10.957 | 1.600 | 1.712 |
| Loans granted from/(to) related parties | - | - | - | (13.300) |
| Proceeds from repayment of loans to related parties | - | - | - | 1.900 |
| Proceeds of consideration from the disposal of investments | 4.400 | - | 4.400 | - |
| (Purchase)/sale of other financial instruments at fair value through profit or loss |
(163) | - | - | - |
| (Increase)/decrease in the share capital of investments | - | (11.724) | (3.802) | 37.850 |
| (Restriction)/release of cash and cash equivalents | (8.190) | - | - | - |
| Net cash flows from/(used in) investing activities | (33.724) | 2.459 | 1.840 | 28.030 |
Cash Flow Statement (Company and Consolidated) – Cont.
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|
| Financing activities | |||||
| Acquisition of treasury shares | (9.953) | (4.097) | (9.953) | (4.097) | |
| Dividends paid to non-controlling interests | - | (455) | - | - | |
| Loans received/(repayment) of loans from related parties | 214 | 100 | 214 | 100 | |
| Proceeds from borrowings | 7.200 | 35.000 | - | - | |
| Repayment of borrowings | (4.251) | (15.808) | - | - | |
| Repayment of lease liabilities | (3.314) | (3.033) | (284) | (222) | |
| Interest paid | (16.779) | (20.981) | (11.122) | (12.457) | |
| Expenses paid related to financing activities | (3.045) | (4.155) | (2.433) | (444) | |
| Interest paid related to lease liabilities | (2.473) | (2.424) | (44) | (50) | |
| Borrowings transaction costs | (1.658) | - | - | - | |
| (Restriction)/release of cash and cash equivalents | 551 | (12.615) | (125) | - | |
| Net cash flows from/(used in) financing activities | (33.508) | (28.468) | (23.747) | (17.170) | |
| Net increase / (decrease) in cash and cash equivalents | (36.391) | 81.310 | (18.691) | 10.933 | |
| Cash and cash equivalents at the beginning of the period | 642.246 | 464.132 | 177.040 | 146.744 | |
| Cash and cash equivalents at end of the period | 605.855 | 545.442 | 158.349 | 157.677 |
Segmental information
The results by segment for the period 1.1.2025 - 31.3.2025 were as follows:
| Amounts in € thousand | GREECE | |||||||
|---|---|---|---|---|---|---|---|---|
| Hellinikon | LAMDA Malls Group |
Marinas | Other buildings and land |
Other buildings and land |
Administrative and other activities |
Eliminations among segments |
Total | |
| Revenue from third parties | 68.746 | 29.028 | 8.034 | 38 | - | 4 | - | 105.850 |
| Revenue between segments | - | 473 | - | - | - | 846 | (1.319) | - |
| Total revenue | 68.746 | 29.501 | 8.034 | 38 | - | 850 | (1.319) | 105.850 |
| Net gain/(loss) from fair value adjustment on investment properties |
1.822 | (231) | - | - | - | - | - | 1.591 |
| Cost of sales of inventories | (60.351) | (10) | - | - | - | (1) | - | (60.362) |
| Expenses related to investment properties | 15 | (5.543) | - | (65) | - | - | 44 | (5.549) |
| Gain on disposal of investments in companies | - | - | - | - | - | 3.233 | - | 3.233 |
| Employee benefits expense | (5.181) | (2.691) | (1.083) | - | (151) | (2.276) | (56) | (11.438) |
| Other | (10.441) | (2.034) | (2.253) | (69) | (800) | (2.429) | 2.374 | (15.652) |
| Share of the results of joint ventures and associates and income from dividends |
(320) | - | - | - | - | (3) | - | (323) |
| Group consolidated operating results (EBITDΑ) | (5.710) | 18.992 | 4.698 | (96) | (951) | (626) | 1.043 | 17.350 |
| Net gain/(loss) from fair value adjustment on investment properties |
(1.822) | 231 | - | - | - | - | - | (1.591) |
| Gain on disposal of investments in companies | - | - | - | (3.233) | - | - | - | (3.233) |
| Group consolidated operating EBITDA before valuations and other adjustments |
(7.532) | 19.223 | 4.698 | (3.329) | (951) | (626) | 1.043 | 12.526 |
The results by segment for the period 1.1.2024 - 31.3.2024 were as follows:
| Amounts in € thousand | GREECE | |||||||
|---|---|---|---|---|---|---|---|---|
| Hellinikon | LAMDA Malls Group |
Marinas | Other buildings and land |
Other buildings and land |
Administrative and other activities |
Eliminations among segments |
Total | |
| Revenue from third parties | 92.520 | 24.424 | 7.048 | 160 | 15.208 | 2.358 | - | 141.718 |
| Revenue between segments | - | 2.065 | 160 | 2 | - | 1.225 | (3.452) | - |
| Total revenue | 92.520 | 26.489 | 7.208 | 162 | 15.208 | 3.583 | (3.452) | 141.718 |
| Net gain/(loss) from fair value adjustment on investment properties |
1.120 | (273) | - | - | - | - | - | 847 |
| Cost of sales of inventories | (58.639) | - | - | - | (15.205) | (16) | - | (73.860) |
| Expenses related to investment properties | (80) | (2.708) | - | (519) | - | - | 241 | (3.066) |
| Gain on disposal of investment properties | - | - | - | 4.100 | - | - | 4.100 | |
| Employee benefits expense | (4.589) | (773) | (770) | - | (41) | (5.196) | - | (11.369) |
| Other | (13.701) | (2.113) | (1.866) | (39) | (268) | (3.832) | 3.179 | (18.640) |
| Share of the results of joint ventures and associates and income from dividends |
(28) | - | - | - | 546 | (1) | - | 517 |
| Group consolidated operating results (EBITDΑ) | 16.603 | 20.622 | 4.572 | 3.704 | 240 | (5.462) | (32) | 40.247 |
| Net gain/(loss) from fair value adjustment on investment properties |
(1.120) | 273 | - | - | - | - | - | (847) |
| Gain on disposal of investment properties | - | - | - | (4.100) | - | - | - | (4.100) |
| Group consolidated operating EBITDA before valuations and other adjustments |
15.483 | 20.895 | 4.572 | (396) | 240 | (5.462) | (32) | 35.300 |
Alternative Performance Measures ("APMs")
The Group uses certain Alternative Performance Measures (APMs) according to the characteristics of the certain sector that it operates, which are defined as follows:
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 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 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. Other Malls Activities EBITDA (Operating Results of Other Shopping Mall Activities Before Valuations and Other Adjustments): Segmented operating results (EBITDA) before valuations and other adjustments for LAMDA LEISURE S.M.S.A. and OLYMPIC MUSEUM ATHENS A.M.K.E., which operate within the Golden Hall shopping center.
- 11. 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.
- 12. LAMDA MALLS Group Consolidated operating results (EBITDA) before valuations and other adjustments): The sum of Retail EBITDA, Malls Property Management EBITDA, Other Malls Activities EBITDA, Ellinikon Malls EBITDA και LAMDA MALLS S.A. EBITDA.
- 13. 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.
- 14. 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.
- 15. 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.
- 16. Net Asset Value (NAV) (€ per share): Net Asset Value (NAV) divided by the total number of shares of the Company, excluding treasury shares.
- 17. 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.
- 18. Total Investment Portfolio: Investment properties, plus Inventories, plus Tangible and Intangible assets, plus Investments in joint ventures and associates, plus Right-of-use assets.
- 19. Total Debt: Borrowings, plus Lease liabilities, plus Consideration payable for the acquisition of HELLINIKON S.M.S.A..
- 20. Adjusted Total Debt: Total Debt, plus Provisions for infrastructure investments in HELLINIKON S.M.S.A..
- 21. Net Total Debt: Total Debt, less Cash and cash equivalents, less Restricted cash.
- 22. Adjusted Net Total Debt: Adjusted Total Debt, less Cash and cash equivalents, less Restricted cash.
- 23. Adjusted Net Total Debt / Total Investment Portfolio
- 24. Gearing Ratio: Total Debt / (Total Equity and Total Debt)
- 25. 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 and Riviera Galleria.
- 26. 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.
Calculations:
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Equity attributable to equity holders of the Company * | 1.213.001 | 1.231.871 |
| Plus: deferred tax liability and asset attributable to equity holders of the Company. |
210.335 | 213.543 |
| Net Assets Value (NAV) | 1.423.336 | 1.445.414 |
| Net Assets Value (NAV) (€ per share)1 | 8,22 | 8,28 |
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| Group consolidated operating results (EBITDA) before valuations and other adjustments excluding Ellinikon project |
20.058 | 19.817 |
| Operating results (EBITDA) of Ellinikon project before valuations and other adjustments |
(7.532) | 15.483 |
| Group consolidated operating results (EBITDA) before valuations and other adjustments |
12.526 | 35.300 |
| Revaluation gain of Shopping Malls/Developments2 ** | (231) | (273) |
| Revaluation gain of Ellinikon investment properties ** | 1.822 | 1.120 |
| Gain on disposal of investments in companies and investment properties * | 3.233 | 4.100 |
| Group consolidated operating results (EBITDA) | 17.350 | 40.247 |
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| Group consolidated operating results (EBITDA) excluding Ellinikon project |
23.060 | 23.644 |
| Operating results (EBITDA) of Ellinikon project | (5.710) | 16.603 |
| Group consolidated operating results (EBITDA) | 17.350 | 40.247 |
| Depreciation * | (3.157) | (2.956) |
| Finance income * | 4.158 | 5.594 |
| Finance costs * | (29.269) | (35.820) |
| Profit/(loss) before tax * | (10.918) | 7.065 |
1 Adjusted number of shares for the 3.631.107 and 2.176.069 treasury shares held by the Company on 31.03.2025 and 31.12.2024 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 and Riviera Galleria.
Condensed financial information for the period January 1st to March 31st, 2025
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| Revenue of Ellinikon project | 68.746 | 92.520 |
| Cost of sales of inventories of Ellinikon project | (60.351) | (58.639) |
| Total operating expenses of Ellinikon project | (15.607) | (18.370) |
| Share of profit/(loss) of associates of Ellinikon project | (320) | (28) |
| Operating results (EBITDA) of Ellinikon project before valuations and other adjustments |
(7.532) | 15.483 |
| Revaluation gain of investment properties of Ellinikon project ** | 1.822 | 1.120 |
| Operating results (EBITDA) of Ellinikon project | (5.710) | 16.603 |
| Depreciation of Ellinikon project | (1.125) | (838) |
| Finance income of Ellinikon project | 2.387 | 1.051 |
| Finance costs of Ellinikon project | (15.102) | (15.055) |
| Income tax expense of Ellinikon project | 2.198 | (2.455) |
| Net profit/(loss) for the period of Ellinikon Project | (17.352) | (694) |
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| Group consolidated operating results (EBITDA) before valuations and other adjustments |
12.526 | 35.300 |
| Revaluation gain of Shopping Malls/Developments ** | (231) | (273) |
| Revaluation gain of Ellinikon investment properties ** | 1.822 | 1.120 |
| Gain on disposal of investments in entities and investment properties * | 3.233 | 4.100 |
| Group consolidated operating results (EBITDA) | 17.350 | 40.247 |
| Depreciation * | (3.157) | (2.956) |
| Finance income * | 4.158 | 5.594 |
| Finance costs * | (29.269) | (35.820) |
| Profit/(loss) before tax | (10.918) | 7.065 |
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| The Mall Athens | 8.388 | 8.353 |
| Golden Hall | 5.915 | 5.971 |
| Mediterranean Cosmos | 6.015 | 5.498 |
| Designer Outlet Athens | 2.380 | 2.698 |
| Retail EBITDA (Operating results of Shopping Malls before valuations and other adjustments) |
22.698 | 22.520 |
| Ellinikon Malls EBITDΑ (Operating results of Shopping Malls/Developments under development in Ellinikon project before valuations and other adjustments) |
(3.716) | (1.378) |
| Malls Property Management EBITDA (Operating results of property Management of Shopping Malls/Developments before valuations and other adjustments) |
741 | 405 |
| Other Malls Activities EBITDA (Operating results of other activities of Shopping Malls before valuations and other adjustments)3 |
(325) | - |
| LAMDA MALLS S.A. EBITDA (Operating results of Parent company of Shopping Malls/Developments before valuations and other adjustments) |
(175) | (651) |
| LAMDA MALLS Group Consolidated operating results (EBITDA) before valuations and other adjustments |
19.223 | 20.895 |
| Revaluation gain of Shopping Malls/Developments | (231) | (273) |
| LAMDA MALLS Group Consolidated Operating Results (EBITDA) | 18.992 | 20.622 |
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| Flisvos Marina | 3.996 | 3.590 |
| Aghios Kosmas Marina | 1.088 | 1.141 |
| Corfu Marina | (66) | (79) |
| Parent companies of marinas | (320) | (80) |
| EBITDA Marinas (Operating results of Marinas before valuations and other adjustments) |
4.698 | 4.572 |
| Amounts in € thousand | 01.01.2025 to 31.03.2025 |
01.01.2024 to 31.03.2024 |
|---|---|---|
| Net profit/(loss) of the period attributable to equity holders of the Parent Company * |
(10.963) | 625 |
| Less: Net profit/(loss) of the period of Ellinikon project | (17.352) | (694) |
| Adjusted net profit/(loss) of the period attributable to equity holders of the Parent Company |
6.389 | 1.319 |
3 The operating results of the subsidiaries OLYMPIC MUSEUM ATHENS A.M.K.E. and LAMDA LEISURE S.M.S.A. are included following their incorporation into the LAMDA MALLS group as of 01.10.2024.
Condensed financial information for the period January 1st to March 31st, 2025
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Investment property * | 2.295.325 | 2.267.151 |
| Inventories * | 916.337 | 922.329 |
| Tangible assets * | 92.198 | 89.408 |
| Intangible assets * | 19.841 | 19.959 |
| Investments in joint ventures and associates * | 43.549 | 45.039 |
| Right-of-use assets * | 138.933 | 136.762 |
| Total Investment Portfolio | 3.506.183 | 3.480.648 |
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Borrowings * | 1.169.663 | 1.173.784 |
| Lease liabilities * | 205.670 | 200.678 |
| Consideration payable for the acquisition of HELLINIKON S.M.S.A. * | 382.756 | 379.570 |
| Total Debt | 1.758.089 | 1.754.032 |
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Total Debt | 1.758.089 | 1.754.032 |
| Less: Cash and cash equivalents * | (605.855) | (642.246) |
| Less: Restricted cash for serving or securing borrowings * | (45.922) | (36.638) |
| Net Total Debt | 1.106.312 | 1.075.148 |
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Total Debt | 1.758.089 | 1.754.032 |
| Plus: Provisions for infrastructure investments in HELLINIKON S.M.S.A. * | 673.927 | 677.823 |
| Adjusted Total Debt | 2.432.016 | 2.431.855 |
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Adjusted Total Debt | 2.432.016 | 2.431.855 |
| Less: Cash and cash equivalents * | (605.855) | (642.246) |
| Less: Restricted cash for serving or securing borrowings * | (45.922) | (36.638) |
| Adjusted Net Total Debt | 1.780.239 | 1.752.971 |
| Amounts in € thousand | 31.03.2025 | 31.12.2024 |
|---|---|---|
| Total Investment Portfolio | 3.506.183 | 3.480.648 |
| Total Debt | 1.758.089 | 1.754.032 |
| Net Total Debt | 1.106.312 | 1.075.148 |
| Adjusted Total Debt | 2.432.016 | 2.431.855 |
| Adjusted Net Total Debt | 1.780.239 | 1.752.971 |
| Group Financial Ratios | 31.03.2025 | 31.12.2024 |
|---|---|---|
| ADJUSTED NET TOTAL DEBT / TOTAL INVESTMENT PORTFOLIO | 50,8% | 50,4% |
| TOTAL DEBT / TOTAL EQUITY AND TOTAL DEBT (GEARING RATIO) | 58,9% | 58,5% |
* 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.