LAMDA Development: 1st Quarter 2005 Results in accordance with IFRS
Thursday, 2 June 2005
PRESS RELEASE
LAMDA Development: 1st Quarter 2005 Results in accordance with International Financial Reporting Standards - IFRS
LAMDA Development marked an increase of 5.23% in its consolidated turnover during the first quarter of 2005, amounting to 17,190,000 compared to 16,336,000 during the same period in 2004.
It should be noted that the companys investment programme is now at its peak and that the opening of two commercial and entertainment centres, in Maroussi and Pylea, Thessaloniki, toward the end of the year is expected to contribute positively to the groups results.
The consolidated revenue for the period amounted to 1,202,000, compared to 5,426,000 the same period last year, representing a drop of 78%.
The consolidated results of the company after taxes recorded a loss of 5,252,000, compared to losses of 240,000 in 2004. The basic reasons for this deterioration of the results are:
a) Losses to the tune of 2,800,000 that were sustained by the company from the development of the Flisvos Marina, which as is known is not fully operational due to the temporary suspension of the investment programmes construction work for its completion by the Council of State.
b) An increase of 1,120,000 in expenditures, related to the intensification of commercial leasing efforts for the two commercial and entertainment centres in Maroussi and Pylea, Thessaloniki.
c) An increase in tax payments due to various tax audits related to the previous years operating expenses of the company, LAMDA Estate Development, as well as an increase in the forecast for postponed taxable income coming to a total of 1,376,000.
Summary of consolidated financial data:
| (Amount in 000) | 1st Quarter 2005 | 1st Quarter 2004 | Variation |
| Turnover | 17,190 | 16,336 | 5.23% |
| Consolidated revenue | 1,202 | 5,426 | -77.85% |
| Results before taxes | -4,004 | -375 | - |
| Results after taxes | -5,252 | -240 | - |
| Results after taxes & minority rights | -3,132 | -452 | - |
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, Swissport International, 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. With a focus on developing markets, LAMDA Development is active in complementary business sectors including real estate, tourism and land infrastructure development. Today, LAMDA Development is responding to new challenges with success. The 2004 Olympic Games, industry deregulation, Greece?s entry into the Euro Zone and European unification, have all provided fertile ground for the further reinforcement of the company?s presence in Greece and its neighboring countries, enabling LAMDA Development to play a leading role in the modernization and development of South-Eastern Europe.
