Lamda Development S A : FY2023 Financial Results

FY2023 Financial Results

GROUP

69% increase vs. 2022 in consolidated operating results (Group EBITDA) at

€206m

Consolidated net profit (after taxes and minority interest) at €27m, vs. €31m

losses in 2022

MALLS

New Record High in Operating Profitability EBITDA, before valuations, for the

4 Malls in operation, at €81m1, 18% increase vs. 2022

Significant progress in agreeing Heads of Terms (HoT) with tenants for the

Ellinikon Malls:

The Ellinikon Mall (formerly Vouliagmenis Mall): 70% of GLA

Riviera Galleria: 53% of GLA

MARINAS

New Record High in Revenues at €29m, for the 2 Marinas in operation, 6%

increase vs. 2022

New Record High in Operating Profitability EBITDA at €18m, for the 2 Marinas

in operation, 5% increase vs. 2022

1 Includes €9.1m positive contribution from the Designer Outlet Athens (consolidated since 06.08.2022).

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THE ELLINIKON PROJECT

Operating profitability EBITDA before valuations at €65m. Profitability

achieved in just 2.5 years since the purchase of HELLINIKON S.M.S.A. shares

Total Cash Proceeds2 from property sales: €641m (from project inception and

until 31.03.2024)

Following the successful commercial progress of the Coastal Front residentialunits, the first units in the Little Athens neighbourhood have been launched: 243 units have been placed to the market to date, of which 140 (58%) have been reserved by buyers

Accelerated implementation pace of the Infrastructure Works and Buildings

development

Signed agreements for the sale of property with total cash collections until 31.03.2024 at €90m: for the hotels/branded residences on the Coastal Front (TEMES), for the Mixed Use Tower (BROOK LANE), for the Marina Residences& Club (ORILINA)

2 Includes (a) cash proceeds from property sales/leases effected via SPAs and (b) pre-agreement deposits for the future purchase/lease of properties. Excludes the intragroup transaction for the land plot sales to the subsidiary Elliikon Malls (€187m).

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CONSOLIDATED FINANCIAL RESULTS

Group total consolidated operating result (EBITDA) before asset valuations & other adjustments amounted to €132m profit in FY2023 vs. €13m loss in FY2022.

• Malls (4 in operation): operating profitability before valuations and other adjustments (Retail EBITDA) reached a new historic record of €81m (18% increase vs. 20226). The sustained strong growth in operating profitability EBITDA is mainly attributed to the total rental income growth (24% vs. 2022) as well as the parking income (16% vs. 2022, on account of the significant footfall increase).
• Marinas: total operating profit (EBITDA) before valuations and other adjustments increased 5% vs. 2022 to €18m, reaching a new historic record. Operating profit for the Flisvos Marina reached €14m, 5% increase vs. 2022, while Agios Kosmas (Ellinikon) Marina EBITDA reached €5m, 11% increase vs. 2022. The performance is mainly attributed to the increase in the annual (permanent) berth contracts, based on the new pricing policy, which continue to account for 100% of total berth capacity.
• The Ellinikon Project: the significant revenue increase from property sales/leases, on account of the construction works progress as well as the accounting revenue recognition, based on the fulfilment of relevant performance obligations, is the key driver in achieving significant operating profitability in 2023, within just 2.5 years since the purchase of HELLINIKON S.M.S.A. shares (25.06.2021). Operating results, before valuations and other adjustments, reached €65m profit, vs. €67m loss in 2022.

FY2023 Group consolidated operating result (EBITDA) amounted to €206m profit, 69% increase vs. €122m profit in FY2022. Said results include the positive impact of total €68m fair value gain (vs. positive impact €134m in FY2022), based on the independent valuers' assessment of the Group Investment Property and Inventory7 value on 31.12.2023.

FY2023 Group consolidated net results, after taxes and minority interest, amounted to €27m profit vs. €31m loss in 2022. Note that said results include the negative impact from financial expenses, that do not affect the cash balance, related to the accounting recognition of future obligations8 of the Ellinikon project (negative impact of €44m in 2023 vs. €38m in 2022).

1. 11% increase vs. 2022 on a comparable basis for the 3 Malls, excluding the contribution of €9.1m in 2023 and €3.7m in 2022 from the Designer Outlet Athens (consolidation since 06.08.2022)
2. Includes impairment provisions for inventory.
3. Refers to (a) the obligation of the Transaction Consideration for the acquisition of HELLINIKON shares and (b) the obligation to undertake Infrastructure Works of public interest (e.g. roads, utilities, underpasses and flyovers etc.), which will be delivered to the Greek State upon completion, free of charge.

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Ellinikon Malls - Construction works progress

• The Ellinikon Mall (formerly Vouliagmenis Mall): the building permit for excavations was issued in July 2023, while the building permit for the development of the Commercial Hub, within which the Ellinikon Mall will be developed, was issued in November 2023. The contractor for early works/excavations, AKTOR, commenced works in late September 2023 with a target to complete works in June 2024. The next key milestones include the commencement of the construction works in H2 2024 with a targeted construction completion within Η1 2027.
• Riviera Galleria: the building permit was issued in June 2023, while demolitions as well as the transfer and re-operation of the infrastructure networks catering for the needs of the Agios Kosmas Marina have been completed. The tender for the selection of a contractor is at its final stage. The next key milestones include the commencement of construction works in Η1 2024 with a targeted construction completion within H1 2026.

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ELLINIKON PROJECT

With regards to the Ellinikon project FY2023 financial results, the key driver of the substantial improvement to the operating profitability and the achievement of significant EBITDA profit in just 2.5 years since the purchase of HELLINIKON S.M.S.A. shares (25.06.2021), is the sizeable increase in revenues from property sales/lease, on account of the construction works progress as well as the gradual fulfillment of the relevant performance obligations.

SUMMARY FINANCIAL RESULTS - ELLINIKON PROJECT

Moreover, the following important observations, in relation to the Ellinikon project financial performance, deem a separate mention:

• Total cash proceeds from property sales/leases from the start of the project and until 31.03.2024 reached €641m.
• Deferred revenue not yet recognized on P&L, from property sales, which are expected to be gradually recognised, amounted to €127m on 31.12.2023.
• Bottom-linenet results, after taxes, include the negative impact from financial expenses, that do not affect the cash balance, related to the accounting recognition of future obligations10, worth €44m (vs. €38m in 2022).
• In 2023, total CAPEX reached €171m, while as of 31.12.2023 the contractual outstanding balance of CAPEX obligations amounted to €0.6bn.
• Total cash balance on 31.12.2023 amounted to €131m (€165m on 31.12.2022).

1. Includes impairment provisions for inventory
2. Refers to (a) the obligation of the Transaction Consideration for the acquisition of HELLINIKON shares and (b) the obligation to undertake Infrastructure Works of public interest (e.g. roads, utilities, underpasses and flyovers etc.), which will be delivered to the Greek State upon completion, free of charge.

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• During 2023, no bank loan was disbursed in relation to the Ellinikon project (excluding the bank loan for Ellinikon Malls), despite the approved credit line from the lending banks amounting to €232m.
• The Ellinikon project total portfolio asset value (GAV) amounted to €1.7bn, c€6m increase vs. 31.12.2022. The CAPEX increase (after excluding cost of properties sold) together with the impact from the capitalization of the infrastructure cost of c€23m, more than offset the negative impact of the c€16m loss related to the revaluation of the Investment
  Property and Inventory on 31.12.2023.

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