Total consolidated EBITDA before valuations and expenses attributed to the Hellinikon project rose to €40.9 million in 9M 2019, posting an increase of12.7% versus 9M 2018. At a consolidated level Net Profit reached €30.2 million, recording an increase of 13.5%. Net Asset Value (NAV) increased by 9.2% to €479.2 million.

PRESENTATION OF KEY RETAIL INDICATORS

Aggregate shopkeepers' turnover increased by 2.5% versus 9M 2018. The average occupancy of our Shopping Centres approaches 99%, with interest for retail spaces remaining vivid.

Specifically:

TURNOVER OF THE SHOPPING MALLS

(amounts in € million)

9M 2019

9M 2018

(%) change

The Mall Athens

166,152

162,315

2.4%

Mediterranean Cosmos

134,608

130,845

2.9%

Golden Hall

109,204

106,855

2.2%

Turnover

409,964

400,015

2.5%

FINANCIAL RESULTS ANALYSIS

The following table summarizes the Group's Retail EBITDA:

(amounts in € million)

9M 2019

9M 2018

(%) change

The Mall Athens

21.1

20.7

1.9%

Mediterranean Cosmos

13.6

10.7

27.1%

Golden Hall

12.9

12.7

1.6%

Retail EBITDA

47.6

44.1

7.9%

Total EBITDA before valuations and expenses of the Hellinikon project rose to €40.9 million, an increase of 12.7%, reflecting the increase of our Shopping Centers operational profitability, and also the positive impact of the operational lease of Mediterranean Cosmos due to the implementation of the international accounting standard IFRS 16. At a consolidated level, Net Profit reached €30.2 million versus €26.6 million in 9M 2018, recording an increase of 13.5%, mainly due to the improved valuations of the investment portfolio.

Net Asset Value (before taxes) reached €479.2 million on 30/09/2019.

Summary of consolidated financial figures

(amounts in € million)

9M 2019

9M 2018

(%) change

Pro - Forma EBITDA before valuations

40.9

36.3

12.7%

Fair Value gains/ losses

46.7

45.4

2.9%

Hellinikon project's expenses

-5.8

-

-

Net Interest Expense

-20.3

-19.3

5.2%

Depreciation

-0.6

-0.5

20.0%

Taxes

-20.9

-23.3

-10.3%

Minority Interests

-9.7

-12.0

-19.2%

Net Profit

30.2

26.6

13.5%

The Net Loan to Value Ratio (Net LTV) of the Group's investment portfolio stands at the satisfactory level of 38.1%.

The Company's stock has recorded an increase of 53.4% versus 31/12/2018 closing price, at a share price of €8.23 on 31/12/2019. This increase is very impressive, considering the Company's €650 million Share Capital Increase completed in December 2019 at an offering price of €6.70 per share.

SIGNIFICANT DEVELOPMENTS

In December 2019 Lamda Development completed, with an overwhelming participation, the largest non-banking institution Share Capital Increase in Greece over the last decade, amounting to €650 million. Apart from the Company's key shareholders, significant other investors, including Company's strategic partner, Aegean Airlines, participated in the said SCI, which confirms that the business community supports the Hellinikon project. From foreign investors particularly significant is the participation of EBRD (European Bank for Reconstruction and Development), which has acquired about 1.8% of the Company after the SCI. Following the completion of the SCI Lamda Development has achieved a capitalization and net worth of over € 1 billion.

With regard to the Hellinikon project, most of the pending issues have been resolved, including the issuance of the Presidential Decree and related Joint Ministerial Decisions, while the tender process for the issuance of the casino license, the distribution process of the rights in rem, as well as high court decisions on pending petitions of annulment are in progress. After these issues are addressed, the company will be ready to start implementing the biggest investment project of modern Greece.

In December 2019 the largest part of the Golden Hall expansion started operating, an investment of about €25 million. In this new space, apart from new stores, restaurants and cafes, a large and high-quality children's leisure and education space, XPLORE, also operates, which is expected to significantly upgrade the standards of family entertainment in Athens. The response of the public during the first weeks of its operation was impressive.

The summary of the 9M 2019 financial figures will be uploaded on the Company's website (www.lamdadev.com) and on the website of the Athens Exchange.

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Lamda Development SA published this content on 09 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 January 2020 16:07:07 UTC