Lamda Development S A : 9M 2023 Financial Results

9M 2023 Financial Results

GROUP

121% increase vs. 2022 in consolidated operating results (EBITDA) at €77m

MALLS

New Record High in Operating Profitability EBITDA before valuations at

€62m1 (9M basis), 28% increase vs. 2022

MARINAS

New Record High in Operating Profitability EBITDA at €14m (9M basis), 7%

increase vs. 2022

THE ELLINIKON PROJECT

Total Cash Proceeds2 from property sales in 9M 2023: €241m (€448m since

project inception)

Zero bank debt for the Ellinikon project

Total Revenues in 9M 2023: €107m

Accelerated implementation pace of the Infrastructure Works and

Residential developments

Completed foundation works of the Riviera Tower, with the largest

continuous concreting process ever in Greece

1. Includes €7.8m positive contribution from the Designer Outlet Athens (consolidated since 06.08.2022).
2. Total cash proceeds from project inception until 06.11.2023. 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 regarding the land plot sales to the subsidiary Elliikon Malls (€187m).

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SUMMARY CONSOLIDATED FINANCIAL RESULTS

(in €m)	9M	9M	Δ(%)
2023	2022
Retail EBITDA (Malls Operating Result before valuations & other	61.6	48.1	+28%
adjustments)
Ellinikon Project EBITDA (Operating Result before valuations & other	(22.4)	(36.2)	--
adjustments)

Group total consolidated operating result (EBITDA) before assetvaluations & other adjustments

35.3

2.9

--

Malls and other properties3 - Revaluation gain	19.9	21.3	-6%
Ellinikon Investment Property - Revaluation gain	21.8	10.5	+107%

Group consolidated operating result (EBITDA)

76.9

34.8

+121%

Group consolidated Net Results (after financial expenses, taxes andminority interest)

(6.1)

(55.2)

--

SUMMARY STATEMENT OF FINANCIAL POSITION

(in €m)	30.09.2023	31.12.2022
Unrestricted Cash	377	516
Restricted Cash	147	178
Cash	523	694
Total Investment Portfolio	3,447	3,331
Total Assets	4,190	4,183
Total Equity	1,157	1,168
Borrowings	1,183	1,163
Total Liabilities	3,032	3,016

NET ASSET VALUE (NAV)

(in €m)	30.09.2023	31.12.2022
Net Asset Value (NAV)4 (€m)	1,321	1,357

Net Asset Value (NAV) per share (€ per share)

7.615

7.786

1. Includes impairment provisions for inventory.
2. 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.
3. Adjusted number of total shares for the 3,319,831 own shares (1.88%) held by the Company as of 30.09.2023.
4. Adjusted number of total shares for the 2,382,693 own shares (1.35%) held by the Company as of 31.12.2022.

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CONSOLIDATED FINANCIAL RESULTS

Group total consolidated operating result (EBITDA) before asset valuations & other adjustments amounted to €35.3m profit in 9M 2023 vs. €2.9m profit in 9M 2022. Key drivers of said results in 9M 2023 are as follows:

• Malls: the sustained strong growth in the operating profitability EBITDA is mainly attributed to the rental income growth (14% vs. 2022 on a comparable basis for the 3 Malls) as well as the parking income growth (21% vs. 2022 on a comparable basis for the 3 Malls). Profit of €61.6m is a new record on a 9-months basis (15% increase vs. €53.8m profit in 9M 2022 on a comparable basis for the 3 Malls).
• Designer Outlet Athens: the positive EBITDA contribution of €7.8m profit in 9M 2023 (€1.3m profit in 9M 2022 for a period of 2 months).
• Marinas Flisvos and Agios Kosmas (Ellinikon): the growth in operating profitability
  EBITDA (aggregate profit €13.9m, 7% increase vs. 9M 2022), on the back of the increase in the annual (permanent) berth contracts, based on the new pricing policy, which continue to account for 100% of total berth capacity.
• Ellinikon project: the significant revenue increase from property sales/leases, on account of the construction works progress, is the key driver of the substantial improvement in the operating profitability EBITDA before valuations and other adjustments (€22.4m loss vs. €36.2m loss in 9M 2022).

9M 2023 Group consolidated operating result (EBITDA) amounted to €76.9m profit, 121% increase vs. €34.8m profit in 9M 2022. Said results include the positive impact of total €42m fair value gain (vs. positive impact €32m in 9M 2022), based on the independent valuers' assessment of the Group Investment Property value on 30.06.2022 (Malls and other properties as well as the Investment Property in the Ellinikon).

9M 2023 Group consolidated net results, after taxes and minority interest, amounted to €6.1m loss vs. €55.2m loss in 9M 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 obligations7 of the Ellinikon project (negative impact of €32.8m in 9M 2023 vs. €27.7m in 9M 2022).

7 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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MALLS

9M 2023 Malls EBITDA (Retail EBITDA), including the Designer Outlet Athens (consolidation

since 06.08.2022 for a period of c2 months in 9M 2022), increased 28% to €61.6m, a new record high on a 9-months basis.

New Record High Operating Profitability EBITDA

(9M basis)

(amounts in € m)	9Μ 2023	9Μ 2022	Δ(%)
The Mall Athens	23.0	19.3	+19%
Golden Hall	15.9	14.2	+12%
Mediterranean Cosmos	15.0	13.3	+13%

3 Malls

53.8

46.8

+15%

Designer Outlet Athens1

7.8

1.3

--

Retail EBITDA

61.6

48.1

+28%

1. Designer Outlet Athens consolidated since 06.08.2022 (consolidated for c2 months in 9M 2022)

The key drivers of the EBITDA growth for the 3 Malls are (a) rental income growth (14% vs. 2022) and (b) parking revenue growth (21% vs. 2022, on the back of the strong increase in footfall). Note that rental income is mostly inflation adjusted, linked to an adjustment clause related to changes in the consumer price index (CPI) plus a 1.5-2percentage points margin.

MALLS KEY PERFORMANCE INDICATORS (KPIs)

9M 2023

3 Malls

4 Malls1

Occupancy (period average)	99%	98%
% change vs. 2022	3 Malls	4 Malls1
Total Tenants' Sales	+23%	+23%
Total number of Visitors (Footfall)	+23%	+23%
Average Spending per Visitor	+0,3%	-0,4%

1. Designer Outlet Athens data refers to the entire 9M period. Designer Outlet Athens consolidated since 06.08.2022

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ELLINIKON PROJECT

With regards to the Ellinikon project 9M 2023 financial results, the key driver of the substantial improvement to the operating profitability is the sizeable increase in revenues from property sales/lease, on account of the accelerated efforts project execution/development, the construction works progress as well as the gradual fulfillment of the relevant performance obligations.

• Total revenue amounted to €106.8m (€0.2m in 9M 2022).
• Total cash proceeds from property sales/leases in 9M 2023 reached €241m. Deferred revenue not yet recognized on P&L, from property sales, which are expected to be gradually recognised, amounted to €253m on 30.09.2023.
• Total gross profit (after accounting for the costs of sold property) reached €42.3m (€0.2m in 9M 2022).
• Total operating expenses (OPEX) reached €64.7m (€36.4m in 9M 2022).
• Operating profitability results (EBITDA) registered significantly contained losses of €22.4m (€36.2m loss in 9M 2022).
• EBITDA after the Investment Property revaluation, based on the independent valuer's assessment on 30.06.2023 (fair value gain €21.8m in 9M 2023 vs. €10.5m in 9M 2022), amounted to a marginal loss of €0.6m vs. €25.7m loss in 9M 2022.
• Bottom-linenet results, after taxes, registered significantly contained losses of €14.9m (€59.9m loss in 9M 2022). Said results include the negative impact from financial expenses, that do not affect the cash balance, related to the accounting recognition of future obligations8, worth €32.8m (vs. €27.7m in 9M 2022).
• The Ellinikon project total portfolio asset value (GAV) amounted to €2.0bn, a €45m increase vs. 31.12.2022, on the back of (a) Investment Property fair value gain (positive impact €22m) and (b) €23m CAPEX increase, after excluding cost of properties sold.

8 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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SIGNIFICANT DEVELOPMENTS

(until the publication of the Financial Results)

ELLINIKON PROJECT

Cash Proceeds1 from property sales/leases

(amounts in € m)	Since Project inception	9Μ 2023
Residential development	384	187
Land Plot Sales/Leases2	64	53
Total	448	241

1. Data as of 06.11.2023. Includes (a) cash proceeds from property sales/leases effected via SPAs and (b) pre- agreement deposits for the future purchase/lease of properties

2. Excluding the intragroup transaction regarding the land plot sales to the subsidiary Elliikon Malls (€187m)

Residential developments progress of sales

The table below presents the substantial progress to date in the sales of residential developments that have been offered in the market.

Number of Apartments/Plots

SPAs & Pre-	Final	Available in	Total
agreements	Stage	the market

Total

Contract

Value1

(€m)

Riviera Tower	164	7	0	171	625
The Cove Residences	103	12	0	115	279
The Cove Villas (land plots)	28	0	0	28	2142
Total Coastal Front	295	19	0	314	1,118
Park Rise (BIG)	21	0	67	88	147

1. Total gross revenue from the sale of all units (land plots/apartments) in the first 5-year phase (Phase 1), following completion of all relevant sales.

2. Including revenues related to project management of the construction by HELLINIKON. The construction cost is undertaken by the buyers.

In July 2023 commenced the promotion to interested buyers of 33 apartments in the residential project Park Rise, a 50m high building designed by the renowned architectural firm Bjarke Ingels Group (BIG). Until 06.11.2023 pre-agreement customer deposits had been submitted for 21 apartments, totaling approx. €3m. The signing of the notarial deed for the completion of the sale is expected to commence in Q1 2024 (20% of the total purchase price will be paid by the buyer of each unit, including any pre-agreement deposit).

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Infrastructure Works and other building construction works

The Company has significantly accelerated its project execution efforts, regarding both buildings construction and infrastructure works in the Ellinikon project. Key examples include:

• Riviera Tower: in October 2023 the foundation works were completed with the largest concreting process, for more than 40 consecutive hours, ever carried out in Greece. According to the schedule, the concreting of the basements and the ground floor slab, which will be visible to everyone from Posidonos Ave, will follow by the end of 2023.
• The Cove Residences (condos): the archaeological works on the plots of the declared archaeological site have been completed, while the works of the 1st phase contract by the contractors ETHNOKAT and AKTOR are currently in progress. Excavations have been completed in 2 out of the 4 plots, while excavations for the remaining 2 plots are currently in progress. The concreting of the ground floor slab on 2 plots is expected to commence near the end of 2023.
• The Cove Villas: building permits have been issued for 3 plots, while for another 10 plots the building permit issuance process is ongoing. Furthermore, almost all required demolitions have been completed.
• Vouliagmenis Mall: in August 2023 the company AKTOR was selected as contractor for the excavations and early works. Excavations commenced at the end of September 2023.
• Riviera Galleria: in June 2023 the building permit was issued. Furthermore, all required demolitions have been completed and the tender for the selection of a contractor is currently in progress.
• AMEA Building Complex: construction was completed and the property was delivered in September 2023 for the use by the 4 associations for People with Disabilities.
• Posidonos Avenue underpass: already completed 70% of the excavations and 35% of concreting works.
• Trachones Stream (flood protection works): already completed 65% of excavations.

Commercial/Retail Developments - leasing progress

Signed/Agreed

Heads of Terms (HoT)

% Total GLA

Vouliagmenis Mall

64%

Riviera Galleria

46%

Data as of 06.11.2023

Signing of the commercial cooperation agreements, for both retail developments, is expected to commence within Q1 2024.

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LAMDA MALLS Corporate Transformation

In the context of the ongoing corporate transformation, the following important/key actions are currently underway:

• The completion of the contribution of the shares of the subsidiary companies (a) LAMDA ELLINIKON MALLS HOLDING S.M.S.A., (b) Malls Management Services S.M.S.A. and (c) The Mall Athens S.M.S.A., to the share capital of LAMDA MALLS, which, according to the schedule, is expected by end-2023.
• The completion of the transformation of the corporate legal form of the subsidiary DESIGNER OUTLET ATHENS from LLC to SA, which, according to the schedule, is expected by end-2023.

The Condensed Financial Information (9-month period ended 30.09.2023) is available on the Company's website www.lamdadev.comas well as on the Athens Exchange (ATHEX) (www.athexgroup.gr).

Presentation to the investing public of the 9M 2023 Financial Results

The presentation to the investing public (analysts and investors) regarding 9M 2023 financial results is scheduled on Friday 24 November 2023 (4pm Athens time) via conference call/webcast. Further details can be found on the Company's website www.lamdadev.com.

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APPENDIX

CONDENSED FINANCIAL INFORMATION

FOR THE PERIOD JANUARY 1 TO SEPTEMBER 30 2023

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APPENDIX 1 - STATEMENT OF FINANCIAL POSITION

	Amounts in € thousand				GROUP	COMPANY
				30.09.2023			31.12.2022		30.09.2023			31.12.2022
	ASSETS
	Non-current assets
	Investment property				2.075.620			2.010.614		1.840			1.840
	Inventories				839.986			830.613		-			-
	Right-of-use assets				135.294			131.783		6.027			6.305
	Tangible assets				92.452			88.429		3.721			4.198
	Intangible assets				27.594			27.920		1.758			2.020
	Investments in subsidiaries				-			-		1.054.994			880.780
	Investments in joint ventures and associates				41.299			3.919		2.634			2.634
	Deferred tax assets				357			521		260			329
	Restricted cash				11.462			11.347		11.357			11.347
	Other receivables				14.914			21.842		5.036			4.690
	Derivative financial instruments				14.906			10.267		-			-
	Other financial instruments				14.226			11.757		817			817
					3.268.110			3.149.012		1.088.444			914.960
	Current assets
	Inventories				234.390			237.311		-			-
	Trade and other receivables				156.738			113.884		23.659			116.758
	Current tax assets				18.464			533		1.228			160
	Restricted cash				135.376			167.000		100.000			167.000
	Cash and cash equivalents				376.512			515.515		177.227			212.436
					921.480			1.034.243		302.114			496.354
	Total assets				4.189.590			4.183.255		1.390.558			1.411.314
	EQUITY
	Share capital and share premium				1.024.508			1.024.508		1.024.508			1.024.508
	Treasury shares				(22.344)			(15.848)		(22.344)			(15.848)
	Other reserves				29.945			27.616		20.533			17.278
	Retained earnings/(accumulated losses)				111.321			117.482		(288.344)			(251.484)
	Equity attributable to equity holders of the Company				1.143.430			1.153.758		734.353			774.454
	Non-controlling interests				13.950			13.884		-			-
	Total equity				1.157.380			1.167.642		734.353			774.454
	LIABILITIES
	Non-current liabilities
	Borrowings				767.303			775.346		542.597			541.257
	Lease liabilities				189.571			178.242		4.577			4.890
	Deferred tax liabilities				177.975			204.090		-			-
	Net employee defined benefit liabilities				940			940		468			468
	Provisions for infrastructure investments for HELLINIKON S.M.S.A.				441.547			507.354		-			-
	Consideration payable for the acquisition of HELLINIKON S.M.S.A.				363.763			354.656		-			-
	Other non-current liabilities				17.209			20.673		-			-
			1.958.308	2.041.301	547.642	546.615
Current liabilities
Borrowings	415.962	387.315	83.450	57.391
Lease liabilities	5.536	3.094	1.864	1.751
Trade and other payables	432.399	265.225	23.249	31.103
Provisions for infrastructure investments for HELLINIKON S.M.S.A.	173.614	121.260	-	-
Consideration payable for the acquisition of HELLINIKON S.M.S.A.	-	163.872	-	-
Current tax liabilities	46.391	33.546	-	-
				1.073.902	974.312	108.563	90.245
Total liabilities	3.032.210	3.015.613	656.205	636.860
Total equity and liabilities	4.189.590	4.183.255	1.390.558	1.411.314

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