LAMDA Development: Malls and Marinas Achieve New Record High - Ellinikon Project Sees First Profitable Year

ELLHNIKON GREECE

The LAMDA Development group announced a new record high for 2023 on Wednesday. According to the financial results announcement, the group's consolidated operating result (EBITDA) for 2023 showed profits of 206 million euros, a 69% increase compared to 122 million euros in 2022. The group's total consolidated operating result (EBITDA) before asset valuations and other adjustments amounted to a profit of 132 million euros in FY2023, compared to a loss of 13 million euros in FY2022.

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LAMDA Development: Malls and Marinas Achieve New Record High - Ellinikon Project Sees First Profitable Year 1

Malls (4 in operation): Operating profitability before valuations and other adjustments (Retail EBITDA) reached a new historic record of 81 million euros (18% increase vs. 2022). 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 18 million euros, reaching a new historic record. Operating profit for the Flisvos Marina reached 14 million euros, a 5% increase vs. 2022, while Agios Kosmas (Ellinikon) Marina EBITDA reached 5 million euros, an 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 fulfillment 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 65 million euros profit, vs. 67 million euros loss in 2022.

SOURCE: ANA-MPA

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