Fiscal Year 2015 Financial Results




Reaffirming the positive trend that started in mid-2013 and despite the adverse economic environment this year, EBITDA of our three Shopping Centers posted an increase of 6,1% versus last year, reaching €39,8 million in 2015.  Consolidated EBITDA before valuations reached €30,0 million, posting an increase of 7,1% compared to the previous year.


Aggregate shopkeepers’ turnover in our three malls increased by 4,2% despite capital controls, while total customer visits remained flat.  Average occupancy of our Shopping Centres’ exceeds 98%, while demand for retail spaces is still strong. 

The favourable performance of our Shopping Centres compared to the rest of the retail market in Greece proves the fact that they have overwhelmingly won the preference of the consumer public.  Shopkeepers continue to enjoy ample support via marketing, promotional and communication activities which procure growth in customer visits as evidenced by actual data.

Operational profitability of “The Mall Athens” reached €24,6 mil., showing an increase of 2,9%.  It is worth noted that shopkeepers’ turnover was increased by 4,0%, while customer visits remained flat.  Operational profitability of “Mediterranean Cosmos” in Thessaloniki posted a remarkable increase of 7,9%.  Shopkeepers’ turnover and customer visits were increased by 4,3% and 1% respectively, while the Centre is fully occupied.  As far as “Golden Hall” is concerned, its annual operational profitability reached €13,9 mil., showing also a remarkable increase by 7,8%.  Shopkeepers turnover as well as customer visits were increased by 4,3% and 1,1% respectively.All the above indicators reaffirm the leading status of our shopping centers in the retail market and their strong resilience to the unfavorable economic environment. 


Following IFRS standard 11 that is effective from 1/1/2014, our company has been obliged to discontinue consolidating joint ventures by the proportional method and henceforth, joint ventures have been consolidated with the equity method.  It must be stressed that, in the balance sheet, consolidation with the equity method does not have any effect on the Group Equity or Net Result after Taxes.

The following table summarizes the Group’s Retail EBITDA:

(amount in € mil.)20152014%
“The Mall Athens” (50%)12,312,02,9%
“Mediterranean Cosmos”13,612,67,9%
“Golden Hall”13,912,97,8%
Retail EBITDA39,837,56,1%


Office buildings had a positive contribution of €1,7 million to the Group annual profitability, the same as last year. 

Total EBITDA before valuations reached €30,0 million, showing an increase of 7,1% which is mainly attributed to the increase in the operational profitability of our Shopping Centers.  At a consolidated level, net results were negatively affected once again by the fair value losses of our investment portfolio in Greece and the Balkans as well as by the significantly increased taxation.  Net Consolidated Loss for the period amounted to €22,1 million compared to €23,5 million in 2014.  The comparatively smaller reduction in fair value losses of our investment portfolio by €11,8 mil. (from €30,3 mil. in 2014 to €18,5 mil. in 2015) was offset by the significant increase in taxes by €10,8 mil.  Increase in tax burden is mainly attributed to the increase in income tax rate from 26% to 29%.

Net Asset Value reached €408,1 million (€5,23 per share) compared to €430,7 million on 31/12/2014.        

Summary of consolidated financial figures

(amount in € mil.)20152014%
Pro – Forma EBITDA before valuations30,028,07,1%
Fair value losses-18,5-30,3 
Net interest expense-21,5-19,8 
Net Profit (Loss)-22,1-23,5 

LAMDA Development stock is still trading at a discount compared to its Net Asset Value. From the beginning of the year it has posted a negative return of 1,5%, while the General Index has dropped by more than 10%.  More precisely, with a share price of €3,98 on 24/03/2016, the current discount versus the NAV per share approximates 24%.

The Net Loan to Value Ratio (Net LTV) of the Group’s investment portfolio stands at 40,6%, a level that can be deemed very satisfactory.  Finally, as of 31/12/2015 the Company has acquired a total of 1.745.594 treasury shares, representing 2,2% of the entire share capital, with an average acquisition price per share of €3,86.

Regarding the announcement of the financial results, CEO of Lamda Development Mr. Odysseas Athanasiou stated:

“2015 has been another year with positive operational results for our company.  The trust that the public has shown in our Shopping Centers, makes us feel optimistic that despite the difficult economic climate we shall continue on the same track in the future”.

The summary of the annual financial figures for2015 will be posted on the company’s website ( and on the website of the Athens Exchange.