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Lamda Development S.A. Investor Presentation 2025
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Investor Presentation
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FY2024 RESULTS PRESENTATION
Results Conference Call / Live Webcast 27 March 2025
This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's FY2024 Results Conference Call/Live Webcast (27.03.2025).
The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
This document is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the goals, or the legal, accounting, regulatory, tax or financial situation or the needs of a potential investor and do not form the basis for an informed investment decision.
On this basis, the Company does not and will not undertake any liability whatsoever from the information included herein. Furthermore, none of the Company nor any of its respective shareholders, affiliates, directors, advisers, officers, managers, representatives or agents, accepts any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss or damage arising from any use of this document or its contents or otherwise arising in connection with this document and explicitly disclaim any and all liability whatsoever arising from this document and any error contained therein and/or omissions arising from it or from any use of this document or its contents or otherwise in connection with it.
All financials contained herein are based on Company's management accounts.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of the Company.
The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices.
This presentation is subject to any future announcements of material information made by the Company in accordance with the law.
The information in this presentation must not be used in any way which would constitute "market abuse".
The document contains several renderings related to The Ellinikon project developments. The completed project may differ significantly from the mock-ups that the Company has currently developed with its partners.
FORWARD LOOKING STATEMENTS
This document contains certain forward-looking statements pertaining to the Company and its Group. All projections are rounded figures, except for historical information. Forward-looking statements are based on current expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "fair", "continue," "may," "should," "seek," "approximately," "predict," "forecast", "project", "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters, but any such words are not the exclusive means of identifying these statements.
These forward-looking statements are based on the Company's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within its control. These include, among other factors, the uncertainty of the national and global economy; economic conditions generally and the Company's sector specifically; competition from other Companies, changing business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management, fluctuations in market conditions affecting the Company's income and the exposure to risks associated with borrowings as a result of the Company's leverage. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein and could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities of the Company and its Group to differ materially.
Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Therefore, there can be no assurance that developments will transpire as forecasted. Past performance is no guarantee of future results.
All forward-looking statements speak only as of the date of the document. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect circumstances, the receipt of new information, or events that occur after the date of this document. As such, you should not place undue reliance on forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and that it has used all reasonable assumptions for the targets, estimates or expectations expressed or reflected in the forward-looking statements included herein, it can give no assurance that such targets, estimates or expectations will be attained.
This document also includes certain non-IFRS and other operating and performance measures, which have not been subject to any financial audit for any period. These non-IFRS measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with IFRS and may not include all items that are significant to an investor's analysis of the Company's financial results.
| Group Results Highlights | page | 4 |
|---|---|---|
| Highlights for Malls, Marinas & The Ellinikon | page | 14 |
| Appendix | page | 28 |
| Group Balance Sheet & Key Ratios | page | 29 |
| Detailed Analysis: Malls | page | 33 |
| Development Assets (The Ellinikon): Progress of Works | page | 39 |
| 4
FY2024 Financial Performance at a glance
Note: all amounts are rounded figures
-
Details on LAMDA MALLS Group EBITDA (slide #16) and NAV (slide #13)
-
Includes Land plots, Flisvos Marina, Offices and other assets. Excludes HoldCo Debt/Cash, Minorities and other adjustments.
| 5 3. Cash proceeds from (i) signed contracts (SPAs) (excl. intragroup) and (ii) pre-agreement deposits. Aggregate cash proceeds from project start and until 31.12.2024 4. Buildings & Infrastructure total CAPEX from project start and until 31.12.2024
| Group | 71% increase y-o-y of Consolidated Net Results at €46m 30% increase y-o-y to Consolidated EBITDA before valuations at €171m €191m increase in Total Cash in 2024; Group Total Cash at €679m |
|---|---|
| Record Retail EBITDA before valuations at €88m, or 9% increase y-o-y |
|
| Malls | GAV exceeded €1.5bn and NAV surpassed €1.0bn mark |
| Record Revenue of €33m, or 12% increase y-o-y |
|
| Marinas | Record EBITDA of €19m, or 8% increase y-o-y |
| 50% increase of EBITDA before valuations at €97m |
|
| Ellinikon | Over €1.1bn total Cash Proceeds from property sales through February 2025 Additional c€30m of EBITDA from land plot sales to be booked in H1 2025 |
- Outstanding loan balance plus (+) accrued interest minus (-) capitalized loan expenses
| 7 for HELLINIKON shares deferred consideration and (iii) €6m Malls' debt service next payment
Group EBITDA Before Assets Valuation 2024 vs 2023
Group EBITDA After Assets Valuation 2024 vs 2023
Group Profitability evolution 71% increase vs. 2023 to Consolidated Net Results
- Ellinikon capitalised loan expenses: €0.4m in FY2024 vs. €11m in FY2023
- non-cash IRS valuation: €0.4m gain in FY2024 vs. €0.7m gain in FY2023
- ATHEX-listed Corporate Bond Loans (CBL): (i) €320m, 2027 maturity (issued in July 2020), 3.4% coupon, and (ii) Green Bond €230m, 2029 maturity (issued in July 2022), 4.7% coupon 2. Group Borrowings shown on Balance Sheet as of 31.12.2024 include (i) outstanding loan balance (€1,174m), (ii) accrued interest (+€10m) and loan transaction costs (-€10m)
NAV Pillars Breaking New Records: Company NAV surpassed €1.4bn and MALLS NAV exceeded €1bn
Note: all amounts are rounded figures
-
Assets (GAV) €1,623m and Liabilities (net of cash) €1,264m (including €289m LAMDA Bonds allocated to Ellinikon).
-
Assets (GAV) €1,548m and Liabilities (net of cash) €502m. GAV derived from 3rd party independent valuer (Savills and Cushman & Wakefield) as of 31.12.2024.
-
Other Properties: Flisvos Marina, Land plots and Other income-generating assets
-
Parent Company Debt -€271m (€561m less €289m LAMDA Bonds allocated to Ellinikon) & Cash +€207m, Other Group Cash +€5m, Minorities -€14m (Flisvos Marina), Other +€47m
-
NAV per share as of 31.12.2024 adjusted for 2.18m own shares (1.23% of total)
Highlights for Malls, O2 Marinas & The Ellinikon
| EBITDA | |||
|---|---|---|---|
| (in €m) | FY2024 | FY2023 | |
| The Malls Athens | 32.4 | 30.6 | |
| Golden Hall | 23.7 | 20.6 | |
| Med. Cosmos | 22.1 | 20.9 | |
| Designer Outlet Athens | 9.9 | 9.1 | |
| Retail EBITDA | 88.2 | 81.2 | |
| Ellinikon Malls1 | (6.5) | (7.2) | |
| Malls Property Management2 & HoldCo |
(0.8) | (1.6) | |
| LAMDA MALLS Group (before assets valuation & other adjustments) |
80.9 | 72.3 | |
| Assets Revaluation Gain/(Loss) | 40.2 | 95.4 | |
| LAMDA MALLS Group (after assets valuation & other adjustments) |
121.1 | 167.8 |
| Net Debt / (Cash) | |||
|---|---|---|---|
| (in €m) | 31.12.2024 | 31.12.2023 | |
| 4 Operating Malls | 488 | 501 | |
| Ellinikon Malls1 | (65) | (46) | |
| Malls Property Management2 & HoldCo | 41 6 |
(49) | |
| LAMDA MALLS Group | 464 | 405 | |
| Net LTV3 | 30% | 28% |
-
The Ellinikon Mall, Riviera Galleria, Ellinikon Malls HoldCo
-
Property Management Companies MMS and MCPM
-
Net LTV = Net Debt / GAV
Operating Malls Sustained strong growth in FY2024 across all assets
Key performance drivers in 2024:
-
- Solid growth in net base rents (inflation-adjusted plus margin): +8% y-o-y
-
- Strong growth in parking income: +14% y-o-y (on account of continued footfall growth)
Marinas Breaking new records for both Revenue (+12% vs 2023) and EBITDA (+8% vs 2023)
Key performance drivers in 2024:
-
- Flisvos yacht berthing fees: contracts adjusted for inflation in 2024 (c6%)
-
- Both Marinas registered higher revenues from yacht transits
-
EBITDA including IFRS 16 (Flisvos land lease payments are transferred from OPEX to financial expenses, hence are added back to Operating EBITDA) 2. Corfu Mega Yacht Marina and HoldCos (LAMDA Marinas Investments and LAMDA Flisvos Holding)
The Ellinikon FY2024 Results Highlights
| Ellinikon | |||
|---|---|---|---|
| Liquidity at healthy levels | |||
| Cash Collections to date of €1.1bn |
• Exceptional cash collections due to outperformance of residential and land plot sales • €0.6bn of the €1.1bn collected in 2024 (residential €0.3bn and land plots €0.3bn) |
||
| Strong Absorption Rate | • Coastal Front: Sold out • Little Athens: 453 of the 559 units launched, or 81% sold |
||
| 5 Residential Land Plots | • Completed in July 2024 (Profit of €78m - €52m recognized in FY2024 results) • Cash c€106m of which €70m already collected • Average price of c€2,100 per GFA (c4x the book value) |
||
| "Prokopiou" Transaction | Completed in Sep'24 (Profit of €82m recognized in FY2024 results) • Cash c€120m collected in Q4 (c3x the book value) • |
||
| Mixed Use Tower | • Land Plot sale to MUT JV with Brooklane (LD share 30%) for a consideration of €39m signed; st €13m 1 installment already collected |
||
| Total CAPEX €0.6bn to date |
• €379m of buildings €184m of infrastructure works • |
||
| Challenges | • Riviera Tower and infrastructure works remain the most challenging projects in terms of cost and progress Weak construction market and overall labor shortages • |
| Cumulative Cash Proceeds in €bn |
Target End-2024 |
31.12.2024 | 28.02.2025 | |||
|---|---|---|---|---|---|---|
| Residential1 | 0.70 | 0.73 | 0.76 | |||
| Land Plot Sales/Leases1 | 0.20 | 0.34 | 0.36 | |||
| Sub-TOTAL | 0.90 | 1.07 | 1.12 | |||
| Ellinikon Malls (intragroup land plot sales) |
0.19 | 0.24 | ||||
| TOTAL | 1.10 | 1.31 | 1.36 | |||
| 1.77 €0.9bn of remaining2 proceeds from units launched to date, Total Contract expected to be collected until 2027-28 Value Phase I |
Note: all amounts are rounded figures
-
Cash proceeds from (i) signed SPAs and (ii) pre-agreement customer deposits & MoUs
-
Refers to the Total Value of the 874 units that have been placed in the market for sale to date, of which €0.6bn relate to SPAs and €0.3bn to customer reservations as of 28.02.2025
Little Athens Sales Progress (6 projects) 81% of the units placed in the market have been sold or reserved (end-February 2025)
| Park Rise | Mainstream Posidonos |
Mainstream Alimos | |||||
|---|---|---|---|---|---|---|---|
| (50m) | Pavilion Terraces | Promenade Heights |
Atrium Gardens | Trinity Gardens | Sunset Groves (1 of 2 projects) |
||
| Renderings | |||||||
| Project Location | |||||||
| Architect | Bjarke Ingels Group (BIG) |
314 Architecture Studio |
314 Architecture Studio |
Deda & Architects |
Tsolakis Architects |
A&M Architects | |
| Buildings | 1 (12 floors) |
7 (6 floors) |
9 (4-5 floors) |
4 (5 floors) |
3 (5 floors) |
4 (5 floors) |
|
| Project Units | 89 | 156 | 79 | 56 | 80 | 99 | |
| Units2 | Launched to date 559 |
Reservations & SPAs 453 |
81% absorption rate |
- Sunset Groves refers to the 1st part (99 units) of the total project
| 23 2. Since the 9M 2024 Results Presentation (14.11.2024) 108 additional units were placed in the market for sale: (i) Park Rise (BIG): +9 units, (ii) Sunset Groves: +99 units (new project)
| Total CAPEX | 315 | 248 | 564 | |
|---|---|---|---|---|
| in €m | Project start until end-2023 |
FY2024 | Aggregate Total | |
| Infrastructure Works |
95 | 89 | 184 | Mainly related to: –demolitions –enabling works –construction works (e.g. Posidonos underpass) |
| Buildings1 | 220 | 159 | 379 | Completed projects: –The Experience Park –The Experience Center (Hangar C) –AMEA Building Complex Main projects in progress : –Riviera Tower –The Cove Residences –Little Athens –Sports Complex –Metropolitan Park |
Note: all amounts are rounded figures
- Including construction costs, design fees, technical & project management fees. Excluding CAPEX for Ellinikon Malls
Note: all amounts are rounded figures
The Ellinikon Phase I Projects
| 26
| Land Plots for sale assumed price per GFA sqm |
2,250 € /sqm |
||
|---|---|---|---|
| Cost of Land & Infra | 800 € /sqm |
NAV per Share (31.12.2024) |
8.28 € /share |
| Implied "hidden" value | 1,450 € /sqm |
Implied "hidden" value for unsold residential plots |
8.2 € /share |
| Available GFA sqm for Residential Developments |
~1m sqm |
||
| Implied "hidden" value (per GFA sqm) |
1,450 € /sqm |
NAV + Implied "hidden" value |
16.5 € /share |
| 28
Group Balance Sheet O3.1 & Key Ratios
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation
| in €m | 31.12.2024 | 31.12.2023 | Notes |
|---|---|---|---|
| The Ellinikon | |||
| IRC, Retail, Sports & Leisure (Investment Property) |
627 | 625 | Measured at Fair Value (independent appraisal by Savills) |
| Residential & Other (Inventory) | 950 | 1,014 | Booked at cost, incl. land, infrastructure and construction costs, as incurred. Reduction as of 31.12.2024 driven by transfer of Inventory to COGS (Sales acceleration) |
| 1 Properties for own use (PP&E) |
46 | 39 | cost. Assets for own-use; purchased for long-term use, owner-occupied and not likely Booked at to be converted quickly into cash (e.g. land, buildings and equipment) |
| Total – The Ellinikon |
1,623 | 1,678 | |
| LAMDA MALLS Group | Assets measured at Fair Value (independent appraisal by Savills, Cushman & Wakefield) | ||
| The Mall Athens | 508 | 482 | |
| Golden Hall | 322 | 298 | |
| Med. Cosmos | 223 | 207 | |
| Designer Outlet Athens | 151 | 135 | Acquired on 05.08.2022 (transaction GAV: €109m) |
| Ellinikon Malls | 345 | 336 | |
| Total – LAMDA MALLS Group |
1,548 | 1,459 | |
| Land | 10 | 61 | Mainly Aegina (Alkyonides Hills) Change as of 31.12.2024 due to the sale of Belgrade land plot (c€51m) |
| Other income generating assets | 56 | 61 | Mainly Flisvos Marina |
| Other (incl. fixed assets) | 15 | 17 | |
| Total2 (excluding Ellinikon) |
1,628 | 1,598 | |
| Total | 3,251 | 3,276 |
-
Including Intangibles (31.12.2024: €4.7m vs. 31.12.2023: €3.5m)
-
Represents 100% of each investment/asset. Under IFRS, assets consolidated under the equity method are presented on the Balance Sheet under "Investments in Associates"
| in €m | 31.12.2024 | 31.12.2023 | Notes: 31.12.2024 | ||
|---|---|---|---|---|---|
| Investment Property | 2,179 | 2,068 | Ellinikon €627m, Malls & other properties €1,552m (incl. Ellinikon Malls) | ||
| Fixed & Intangible Assets | 110 | 103 | Ellinikon €46m, Flisvos Marina €53m Total Ellinikon (excl. Ellinikon Malls) |
||
| Inventory | 957 | 1,098 | Ellinikon €950m | €1,623m | |
| Investments in associates | 45 | 37 | Ellinikon JVs: €42m (Hospitality, Mixed-Use Tower, AURA Residential) | ||
| Investment Portfolio | 3,291 | 3,305 | |||
| Cash | 642 | 464 | Excludes restricted cash (see below) | ||
| Restricted Cash | 37 | 24 | (a) ATHEX Bonds next coupon payment, (b) HRADF-related debt security for land payment, (c)Malls' debt service next payment |
||
| Right-of-use assets | 190 | 186 | Represents mainly Med. Cosmos land lease and Flisvos Marina concession agreement |
||
| Other Receivables & accruals | 275 | 160 | Includes mainly Ellinikon supplier prepayments and VAT receivables | ||
| Assets classified as held for sale | -- | 15 | |||
| Total Assets | 4,435 | 4,154 | |||
| Share Capital & Share Premium | 1,025 | 1,025 | |||
| Reserves | 17 | 10 | General reserve €33m minus treasury shares cost c€16m (2.18m own shares as of 31.12.2024) | ||
| Retained earnings | 191 | 143 | |||
| Minority Interests | 14 | 13 | |||
| Total Equity | 1,246 | 1,191 | |||
| Borrowings | 1,174 | 1,144 | LD Parent: €561m (accounting); LAMDA MALLS Group €613m (accounting) | ||
| Lease Liability 201 195 |
Represents mainly the Med. Cosmos land lease and Flisvos Marina concession agreement |
||||
| Ellinikon Transaction Consideration | 380 | 367 | Present Value (PV) of €448m outstanding Transaction Consideration (cost of debt discount factor: 3.4%) | ||
| Ellinikon Infrastructure liability | 678 | 672 | Present Value (PV) of €794m remaining Investment Obligations for Infra Works (cost of debt discount factor: 4.7%) | ||
| Deferred Tax Liability | 219 | 216 | LAMDA MALLS Group €175m; Ellinikon €35m | ||
| Payables | 538 | 363 | Includes deferred revenue not yet recognized as P&L revenue: €286m cash proceeds from SPAs (The Ellinikon) | ||
| Liabilities classified as held for sale | -- | 6 | |||
| Total Liabilities | 3,189 | 2,963 | |||
| Total Equity & Liabilities | 4,435 | 4,154 |
| in €m | 31.12.2024 | 31.12.2023 | Alternative Performance Measures (APM): Notes & definitions |
|---|---|---|---|
| Free Cash | 642 | 464 | |
| Restricted Cash (Short & Long Term) | 37 | 24 | |
| Total Cash | 679 | 488 | |
| Total Debt | 1,754 | 1,705 | = Borrowings + Lease Liability + PV Transaction Consideration |
| Adj. Total Debt | 2,432 | 2,377 | = Total Debt + PV Infrastructure liability |
| Total Investment Portfolio | 3,481 | 3,491 | = Investment Portfolio + Right-of-use assets |
| Total Equity (incl. minorities) | 1,246 | 1,191 | |
| Net Asset Value (incl. minorities) | 1,460 | 1,406 | = Total Equity + Net Deferred Tax Liabilities |
| Adj. Net Debt / Total Investment Portfolio | 50.4% | 54.1% | Adj. Net Debt = Adj. Total Debt - Total Cash |
| Gearing Ratio | 58.5% | 58.9% | Gearing Ratio = Total Debt / (Total Debt + Total Equity) |
| Average borrowing cost (end-of-period) | 4.3% | 5.0% |
O3.2
Detailed Analysis: Malls
Operating Malls Rental Income An attractive lease duration to support long-term rental income growth
-
Lease expiry schedule as of 31.12.2024
-
Operating Malls FY2024 Net Rental Income = Net Base Rent + Turnover Rent
-
WAULT to expiry = Weighted Average Unexpired Lease Term. Average figure for the 4 Operating Malls at end-December 2024
The Mall Athens 2024 vs 2023 Performance
Golden Hall 2024 vs 2023 Performance
O3.3
Development Assets The Ellinikon Progress of Works
Ellinikon Masterplan − Active Construction Sites
| 40
Residential Projects
Concreting works: 17th level Core Structures & 14th level Slabs
Riviera Tower Cove Residences Park Rise (BIG)
Plots 5-6: Finishing & electrical works Plots 7-8: 1 st & 2nd floor slabs in progress Foundation concreting works in progress
Works on the load-bearing structure of the basements & the superstructure underway Foundation construction works in progress Foundation construction works in progress
Promenade Heights Atrium & Trinity Gardens Pavilion Terraces
Other Projects
The Ellinikon Sports Park Riviera Galleria
83% of excavations & 80% of concrete casting completed to date 100% of excavations and 42% of concreting completed to date
Completed concreting works & synthetic turf 21% of concreting works for all buildings completed to date
Posidonos Underpass The Ellinikon Mall Underpass
Thank you
LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● Greece Tel: +30.210.74 50 600 ● Fax: +30.210.74 50 645 Website : www.lamdadev.com Investor Relations ● E-mail: [email protected]