Decisions of the Annual General Meeting 29.06.2005
Wednesday, 29 June 2005
PRESS RELEASE
Annual General Meeting
2005 Year of completion for LAMDA Developments major investments
The Annual General Meeting of Shareholders of LAMDA Development S.A. was held today, Wednesday 29 June, at a central Athens hotel. The number of shares that were represented amounted to 36,732,884 out of a total of 43,785,850 or 83.89%. During the Annual General Meeting, all items on the agenda were discussed and resolutions were made, unanimously by shareholders representing 83.89% of the companys equity. Specifically:
1. The companys Financial Statements and the Consolidated Financial Statements for the financial year 2004 were approved, as well as the related reports from the Board of Directors and the Auditors. The distribution of income was also approved, and it was decided not to pay any dividends.
2. The Board of Directors and the Auditors were exempted from any responsibility related to the financial year from 1 January 2004 to 31 December 2004.
3. Auditing firm PricewaterhouseCoopers was appointed as the companys auditor for the financial year 2005, and their fee was fixed.
4. The salaries of the members of the Board of Directors and contracts in accordance with Articles 23 and 24 of Law No. 2190/1920 were approved.
5. The table showing the disposal of proceeds generated by the increase in share capital, which was decided at the General Meeting of 7 June 2002, was approved.
6. The amendment to the companys Articles of Association: Article 5 share capital, was approved.
7. The election of Mr. Spyridon Theodoropoulos was confirmed as a non-executive and independent member of the Board of Directors to fill the vacancy created by the resignation of Mr. Anastasios Alexandros Livieratos.
Progress of investment plan
LAMDA Development is continuing to implement its three-year 700 million investment programme, with a portfolio of real estate development projects covering a total of 500,000 square metres both in Greece and abroad.
During the past year, the company concentrated its efforts on the development of two large commercial and leisure centres in Maroussi and Pylea, Thessaloniki, which will be the first of their kind and size in the Greek market, and among the largest in Southeastern Europe. Due to these two investments, LAMDA Development is in a period of significant outflows necessary for their completion.
Concurrently, LAMDA Development leveraged, in the best possible way, the unique opportunity presented by the organisation of the 2004 Olympic Games in Athens, successfully completing and delivering for use two major Olympic projects: the Olympic Media Village in Maroussi and the Flisvos VIP Marina.
Specifically, the Olympic Media Village in Maroussi, one of two privately-financed projects for the ATHENS 2004 Olympic Games and the largest private real estate development investment in Greece, is now in its final stages of completion.
With a budget of more than 400 million, the Olympic Media Village is being developed on a 202,000 square metre site and includes:
a) ILIDA, an innovative residential complex of luxury homes covering 40,000 square metres, due for completion during 2005.
b) THE MALL Athens, the first Commercial and Leisure Centre of its kind in Greece, with approximately 58,500 square metres of Gross Leasable Area (GLA) and approximately 2,100 underground parking spaces. The Centre is due to start operating in the autumn of 2005.
c) A 13,000 square metre office building.
The second major project due for completion is the Mediterranean COSMOS, in the Municipality of Pylea, Thessaloniki, which will be the largest commercial and leisure centre in Northern Greece, with a budget of more than 100 million. The Centre is due to open its doors to the public in the autumn of 2005.
Goals and Prospects
In 2005, LAMDA Developments investment programme is expected to reach its peak, with the start-up of operations of two commercial and leisure centres in Maroussi and Pylea, Thessaloniki, at the end of the year, contributing positively to the dynamic growth of the group.
The greater part of the companys three-year investment programme will start producing returns as steady flows of income will be generated from approximately 430 shops that will operate in the above mentioned centres.
Thus, capital and human resources that have been dedicated to these investments to date, will be freed up and will allow LAMDA Development to proceed with its next development plans in order to make a positive contribution to the companys dynamic performance, both in Greece and in Southeastern Europe.
LAMDA Development S.A.
LAMDA Development S.A., listed on the main market of the Athens Stock Exchange, is a holding company specializing in the investment, development and management of real estate. Combining a strong entrepreneurial drive, specialist international experience, expert management, powerful strategic allies (Deutsche Bank, EFG Bank Group, Hochtief, Bilfinger Berger, Strabag, Sonae Sierra) and with the business credibility and financial strength of the Latsis Group, LAMDA Development shapes and connects the business areas it is active in, creating growth, reaping synergies and providing value to both its clients and shareholders. LAMDA Development offers its clients a wide range of integrated business solutions and high quality services and products at competitive prices. LAMDA Development?s investments include: two commercial and leisure centres with a Gross Buildable Area of 105.000 m2, four innovative residential complexes with a Gross Buildable Area of 105.000 m2 and six office buildings with a Gross Buildable Area of 70.000 m2.
