Lamda Development’s consolidated EBITDA before valuations in the first half of 2024 amounted to 46.5 million euros, increased by 72%. The company announced a new historical record of Retail EBITDA profits (4 Shopping Centers in operation) before valuations at 44 million euros , up 8% over 2023, and a new all-time EBITDA profit record for Marines at €10m, up 9% over 2023.
EBITDA for The Ellinikon Project is 7 million euros, together with 776 million in proceeds from property sales from the start of the project until 30.08.2024
“All the business sectors of the Group continue their upward trajectory in the 1st Semester of 2024. The total receipts from property sales in the Hellinikon Project are approaching €800m from the start of the project until the end of August 2024, while by the end of the year we estimate that the total receipts will exceed €900m. Receipts from the recent land sales are expected to further strengthen the cash reserves and shield the Group’s balance sheet” said the CEO of LAMDA Development, Mr. Odysseas Athanasiou, commenting on the financial results for the first half of the year and added: “Along with the rapid progress in residential developments, work also continues on infrastructure projects such as the undergrounding of Poseidon Avenue and The Ellinikon Sports Park, while we expect a further intensification of the pace of work on all fronts in the coming quarters. Shopping Centers in operation, as well as Marinas, continue to set new profitability records”
Lamda’s malls
The 4 Shopping Centers in operation set a new record Retail EBITDA of €43.6m (8% increase compared to H1 2023), mainly due to the increase in net income from basic rents (7% increase compared to H1 2023) and the increase in parking revenues (14% increase compared to the 1st Semester 2023). These results were supported by the continued increase in traffic, with total visitors in H1 2024 amounting to 11.6m (up 2% compared to H1 2023), as well as the achievement of a new store sales record in € 375m (6% increase compared to the 1st Semester 2023).
There is also significant progress in commercial leasing for the two under development retail and entertainment destinations in Elliniko. Specifically, Heads of Terms (HoT) have been agreed with tenants for 63% of the Gross Lettable Area (GLA) at The Ellinikon Mall and 69% of the GLA at Riviera Galleria, at higher rates than the Malls in operation, reflecting both the strong fundamentals of an under-supplied market as well as continued, strong trader interest in these new developments. We aim by the end of the year to have completed HoT deals for 70% of GLA at The Ellinikon Mall and 80% of GLA at Riviera Galleria
The Marines
Marines are on a steady growth trajectory, with total revenues reaching a new historical record of €15.4m (up 13% compared to H1 2023) while EBITDA profits increased 9% compared to H1 2023 at €9.8m This significant performance is mainly attributed to the steady preference of customers in the two mega yacht Marinas (both Marinas record 100% occupancy in permanent berths) and the annual contractual increases in berthing fees. Higher income from passing pleasure boats, due to the increase in tourist arrivals in Athens, also contributed to the improved performance of the Marinas.
The Greek
Regarding the Hellinikon Project, the most important achievements to date are the following:
- First, operating profitability continues, which was achieved for the first time in December 2023, just 2.5 years after the project started.
- Secondly, the total cash receipts from property sales from the start of the project to 30.08.2024 amount to €776m, with the amount of total receipts from the beginning of the year until the end of August 2024 at €297m receipts. The said total receipts include an amount of approximately €32m regarding the sales of plots for residential developments received in July 2024. It should be noted that of the total transaction price of €106m, an amount of approximately €86m is expected to be collected within 2024 and the remaining approximately € 20m within 2025, further strengthening the cash reserves of the Project and the Group (see section “Sales of Investment Portfolio”).
- Third, following the successful sales run of the waterfront residential developments, the availability of selected apartments in the Little Athens Neighborhood has accelerated, with bookings from interested buyers now standing at 318 apartments or approximately 72% of these selected apartments.
- Finally, there is rapid progress in both infrastructure projects and building constructions, which are now visible from Poseidon Avenue (Riviera Tower and Cove Residences). In the 1st Semester 2024, capital expenditures (CAPEX) were made for buildings and infrastructure projects amounting to €104m, with the amount of total capital expenditures from the start of the project until 30.06.2024 now standing at €419m.
Infrastructure works and other construction works of Lamda
The main milestones, until the publication of the Financial Results for the First Semester 2024, regarding the implementation of Hellinikon, are the following:
- Riviera Tower: The Tower is visible from Poseidon Avenue. The work of the supporting body of the superstructure of the two (2) central lift/staircase cores up to the 8th floor is in full progress, while the concreting of the slabs of the 4th floor is also progressing.
- The Cove Residences: on plots 5-6, comprising a total of 7 buildings, the carrying agency’s work is completed within September. On plots 7-8, which include 14 buildings, the foundation concreting work has been completed.
- Park Rise (BIG): in April 2024 the Phase 1 Contractor was installed. The archaeological excavations and all the excavations have been completed. In addition, construction of the building’s foundation has begun.
- Other Little Athens developments: Excavations have been completed in the Promenade Heights and Atrium Gardens / Trinity Gardens projects, while foundation work has also progressed in the Promenade Heights project. In the Pavilion Terraces project, the required demolitions have been completed and excavation work has begun.
- Poseidonos Avenue undergrounding: 83% of the excavations and 71% of the concreting have been completed.
- Sale of plots of land for residential developments: at the end of July 2024, final contracts and preliminary sales agreements were signed for the sale of five (5) different plots of land (near The Ellinikon Mall), with a total maximum allowable buildable area of approximately 51 thousand. sq.m. The total price of the transaction amounts to approximately €106m, which corresponds to an average price of approximately €2,100 per sq.m. buildable area. This price is four times the accounting cost. Of the total price of the transaction, an amount of approximately €32m was collected in July, while by the end of 2024 a total of €86m is expected to have been collected, further strengthening the cash reserves of the Group. LAMDA Development Group is expected, after the completion of all individual transactions, to recognize an accounting profit before taxes of approximately €76m, which corresponds to 5.4% of the Net Asset Value (NAV) on 30.06.2024.
- Sale of property for the development of the Mixed-Use Tower: the transaction was completed in March 2024, with the total price amounting to approximately €39m, while the first installment of approximately €13m was collected. In the financial results of the 1st Semester 2024, the entire income (€39m) was recognized.
- Sale of the Cecil office building: in February 2024 the transaction was completed for a price of €19.4m in cash. In the financial results of the 1st Semester 2024, an accounting profit, before taxes, of approximately €4m was recognized.
- Sale of a 469-acre plot in Belgrade: in March 2024, the transaction was completed for a total price of €15.2m in cash.
- Sale of own shares: in June 2024, the sale of 3,534,734 own shares (2.0% of the Company’s total shares and voting rights) was completed for a total price of approximately €25m (€7.10 per share) to a company of family interests of Mr. Georgios Prokopiou
SOURCE: ot.gr
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