Excluding the expenses related to the development of The Ellinikon (€8.5m) and the net financial results that do not impact the cash balance (€8.3m), the adjusted consolidated net results, after taxes and minority interest, amounted to €9.1m profit, compared to €0.8m loss in Q1 2021.
The Company’s Net Asset Value (NAV) as of 31.03.2022 amounted to €1,353m (equivalent to €7.72
per share), marginally lower (-0.6%) vs. 31.12.2021.
At the operating profitability level, the total Group operating result (EBITDA) before valuations and other adjustments, amounted to €13.1m profit, a 42% increase vs. the respective period in 2021.
Said growth is attributed to the significant increase in the Shopping Malls EBITDA. Shopping Malls Q1 2022 EBITDA (The Mall Athens, Golden Hall and Mediterranean Cosmos) amounted to €15.4m, a 59% increase vs. Q1 2021.
Note that Q1 2021 Shopping Malls EBITDA had
been adversely impacted by (a) the suspension of the Shopping Malls’ operations for an aggregate
period of c.2 months3 and (b) the legal provision for rent discounts (40% effective discount4
) to
shopkeepers/tenants which applied for the entire quarter (January to March). In Q1 2022 Shopping Malls operated under only minimal restrictions related to the pandemic, while there was no legal
provision for rent discounts.
Average occupancy at Lamda's Shopping Malls remained unchanged vs. pre-pandemic levels to approximately 99%.
Given the aforesaid suspension of the Shopping Malls’ operations for the greater part of Q1 2021, the comparison of the key performance indicators between the periods beyond being practically difficult, becomes also practically meaningless. Therefore, the comparison of the key performance indicators cannot lead to safe conclusions.
Total tenants’ sales at our Shopping Malls in Q1 2022, declined by 18% vs. the respective period in 2019 (pre-pandemic), on account of the adverse economic conditions, especially in the retail trade sector, stemming from the energy crisis and the mounting inflationary pressures.
Worth
highlighting though that the average spending per visitor in Q1 2022 increased by 31% vs. the
respective period in 2019, confirming the upward trend registered in H2 2021, following the
gradual relaxation of the restrictive measures related to the pandemic.
Find out more in
the company's official press release.
