Group investment portfolio value on 30.06.2023 reached €3.22bn, reaching a new record high.
Ellinikon total portfolio asset value (GAV): €2.0bn, c€40m increase vs. 31.12.2022, on account of (a) the Investment Property fair value gain (positive impact c€25m) and (b) the c€15m increase in CAPEX, after excluding cost of properties sold.
Malls’ total portfolio asset value (GAV): €1.1bn (including the Designer Outlet Athens).
Total portfolio value (GAV) of other investment properties (Marina Flisvos, offices, land
plots): €175m.
LAMDA Development first half of 2023 total Group consolidated operating result (EBITDA) before asset valuations and other adjustments amounted to €27m profit (€5.8m profit in H1 2022). Key factors of said results in H1 2023 are as follows:
Malls: significant growth to the operating profitability EBITDA, setting a new record on a half-year (H1) basis (€40.5m profit, 14% higher vs. H1 2022 on a comparable basis). • Designer Outlet Athens: positive EBITDA contribution of €5.2m profit in H1 2023. Note that the Designer Outlet Athens is consolidated since 06.08.2022.
Marinas Flisvos and Agios Kosmas (Ellinikon): strong growth in operating profitability EBITDA (aggregate €9m profit, 6% higher vs. H1 2022). The annual (permanent) berth contracts account for 100% of total berth capacity, while tariff increases, based on the new pricing policy, effected during 2022 reached c.15%.
Ellinikon project: Total cash proceeds from property sales/leases in H1 2023 amounted to €184m, whereas total P&L revenue reached €72m (vs. €0.1m in H1 2022), on account of the gradual P&L revenue recognition from property sales (apartments, land plots etc). At the operating profitability level, Η1 2023 Group consolidated operating results (EBITDA) amounted to €71.6m profit (€37.7m profit in H1 2022). Note that H1 2023 results include the positive impact of total €45m fair value gain (vs. €32m fair value gain in H1 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). H1 2023 Group consolidated net results, after taxes and minority interest, amounted to €18.4m profit vs. €22.2m loss in H1 2022. Said results include the following: negative impact from financial expenses, that do not affect the cash balance, related to the accounting recognition of future obligations of the Ellinikon project7 (negative impact €22.8m in H1 2023 vs. €18.4m in H1 2022).
The Malls
H1 2023 EBITDA for the Malls (The Mall Athens, Golden Hall and Mediterranean Cosmos)
increased 14% vs. H1 2022 on a comparable basis, to €35.3m, setting a new record high on a
half-year (H1) basis.
Group H1 2023 Malls EBITDA (Retail EBITDA), including the Designer Outlet Athens,
amounted to €40.5m profit, a 30% increase vs. 2022, setting a new record high on a half-year
(H1) basis.
Total tenants’ sales at the Malls (The Mall Athens, Golden Hall and Mediterranean Cosmos)
- H1 2023 increased 27% vs. 2022, confirming the upward trend from H2 2022 onwards, following the gradual relaxation of the restrictive measures related to the pandemic.
- Designer Outlet Athens registered significant growth 25% vs. 2022. Total number of visitors (footfall) at the Malls (The Mall Athens, Golden Hall and Mediterranean Cosmos)
- H1 2023 increased 25% vs. 2022. Note however that footfall in H1 2022 had been adversely impacted at the end of January 2022 by the extreme weather conditions (heavy snowfall/snowstorm “Elpis”).
- Designer Outlet Athens registered significant growth 35% vs. 2022.
- On a quarterly basis in Q2 2023 (April-June), footfall for the 3 Malls increased 20% vs. 2022.
