Group total consolidated operating result (EBITDA) before asset valuations & other adjustments amounted to €132m profit in FY2023 vs. €13m loss in FY2022.
Operating profitability before valuations and other adjustments (Retail EBITDA) in Lamda's four Malls reached a new historic record of €81m (18% increase vs. 20226). 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).
Lamda's four Malls
Operating profit EBITDA, before valuations and other adjustments, for the 4 Malls in operation
(Retail EBITDA) in 2023 reached a new historic record at €81m, 18% increase vs. 2022.
The table below presents the detailed breakdown of the operating profitability (EBITDA) for
the newly created LAMDA MALLS Group, following the completion of the corporate
transformation.
LAMDA MALLS Group total portfolio value (GAV) on 31.12.2023, as determined by independent valuers’ valuation, exceeded €1.4bn, with the value of the 4 Malls in operation reaching a new historic record of €1.1bn.
Ellinikon Malls – Construction works progress
With regards to the Ellinikon project FY2023 financial results, the key driver of the substantial improvement to the operating profitability and the achievement of significant EBITDA profit in just 2.5 years since the purchase of HELLINIKON S.M.S.A. shares (25.06.2021), is the sizeable increase in revenues from property sales/lease, on account of the construction works progress as well as the gradual fulfillment of the relevant performance obligations.
The Ellinikon Mall (formerly Vouliagmenis Mall): the building permit for excavations was issued in July 2023, while the building permit for the development of the Commercial Hub, within which the Ellinikon Mall will be developed, was issued in November 2023. The contractor for early works/excavations, AKTOR, commenced works in late September 2023 with a target to complete works in June 2024.
The next key milestones include the commencement of the construction works in H2 2024 with a targeted construction completion within Η1 2027.
Riviera Galleria: the building permit was issued in June 2023, while demolitions as well as the transfer and re-operation of the infrastructure networks catering for the needs of the Agios Kosmas Marina have been completed. The tender for the selection of a contractor is at its final stage. The next key milestones include the commencement of construction works in Η1 2024 with a targeted construction completion within H1 2026.
Marinas
Total operating profits (EBITDA) before valuations and other adjustments increased 5% compared to 2022 to €18 million, achieving a new historical record. The operating profits of Flisvos Marina increased 5% compared to 2022 to €14 million, while Marina Ag. Kosmas (Greek) increased by 11% to €5 million. This improvement is mainly due to the increase in annual (permanent) berthing contracts, based on the new tariff policy, which still amount to 100% of the total capacity.
Mr. Odisseas Athanasiou, “All business sectors of the Group demonstrated extremely high performance"
Commenting on the FY2023 financial results, LAMDA Development CEO, Mr. Odisseas
Athanasiou stated:
“All business sectors of the Group demonstrated extremely high performance. Malls registered
yet another historic record of operating profitability (EBITDA) at €81m, an 18% increase
compared to 2022. Marinas also recorded a historic record in operating profitability.
Developments related to the Ellinikon project have also been impressive. Total cash proceeds
from property sales, since the start of the project reached €641m, on account of the particularly
strong demand for the residential projects. Worth highlighting that 2023 was the first profitable
year, at an operating profit level, for the project, in just 2.5 years since the purchase of shares
by LAMDA (25.06.2021). The Ellinikon project is progressing at a fast pace and the residential
projects are now visible from the Posidonos Avenue.”
