LAMDA Development: 45% increase in consolidated financial results for the 9-month period of 2003

Friday, November 28, 2003

PRESS RELEASE

LAMDA Development S.A. continues its upward course of development with an 45% increase in consolidated financial results for the 9-month period of 2003

A significant increase of 45% was recorded in LAMDA Development’s total consolidated revenue, which amounted to € 14,642 in comparison to € 10,118 from the corresponding fiscal period for 2002.

Consolidated turnover increased by 6.2% and amounted to € 47,234 in comparison to € 44,493 from the corresponding 9-month period for 2002.

Consolidated income before taxes amounted to € 2,275, in comparison to € 3,157 for 2002, recording a decrease by 27.8%.

Brief consolidated financial data

(in thousands of Euro)	9-month period for 2003	9-month period for 2002	Variation
Turnover	47,234	44,493	+6.2%
Income before taxes	2,275	3,157	-27.8%
Consolidated revenue	14,642	10,118	+44.7%

The LAMDA Development group of companies

During the 9-month period for 2003, the majority of the financial variations for most of the subsidiary companies were especially positive and resulted as follows:

LAMDA Estate Development S.A. (100% participation by LAMDA Development S.A.)

The company’s profitability resulted in € 3,549, while turnover increased by 32% in comparison to the corresponding 9-month period for 2002.

LAMDA Prime Properties S.A. (100% participation by LAMDA Development S.A.)

The steady monthly profits from the full leasing of the Cecil office building in Kefalari, whose restoration work was completed in 2002, continue to strengthen the company’s financial results during this fiscal period. The company’s turnover increased by 87% in comparison to the corresponding fiscal period for 2002, while profits before taxes increased by 17%.

EFG Eurobank Properties S.A. ( 29.9% participation by LAMDA Development S.A.)

The company’s 2003 net income before taxes recorded a significant increase of 66% during the 9-month period for 2003, in comparison to the corresponding fiscal period for 2002.

Swissport LAMDA Hellas S.A. (50% participation by LAMDA Development S.A.)

The company recorded a significant upturn in its financial performance during the 9-month period for 2003, reflecting a 20% increase in turnover and significant limitations in damages before taxes by 81%, in comparison to corresponding fiscal period for 2002. This progress is especially important for the company considering the challenging environment in the air transport sector and the difficulties this industry is addressing, including terrorism on an international level.

LAMDA Shipyards and Marine Services S.A. (75% participation by LAMDA Development S.A.)

The company recorded a reduction in turnover by 38.5%. This development resulted mainly from the delayed commencement of the Hellenic Navy project, which involves the reactivation of two torpedo fast attack vessels, “Tournas” and “Sakipis”, as well as the cancellation of a public sector bid, in which the company participated, and involves two fire-extinction vessels. Furthermore, the company’s financial performance was influenced by the negative activities in the international marine environment, including a high charterage, which reduced implementation activities to those that were absolutely necessary. Nonetheless, the shipyard’s investment programme for the upgrading of its facilities continues successfully and is expected to contribute to an improved financial performance upon completion of the fiscal year.

LAMDA Development

LAMDA Development S.A., listed on the main market of the Athens Stock Exchange, is a holding company investing in the development of land, sea and air infrastructure. Combining a strong entrepreneurial drive, specialist international expertise, expert management, powerful strategic allies (Deutsche Bank, EFG Bank Group, Hochtief, Bilfinger Berger, Strabag, Swissport International, Sonae Imobiliaria) 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.

The LAMDA Development group of companies offers its clients integrated business solutions and high quality services and products at competitive prices. Its focus on complementary infrastructure sectors extends to real estate, marinas and yacht maintenance and refurbishment as well as airport services. At the forefront of exploiting numerous opportunities arising from regional developments, such as industry deregulation, Greece’s entry into the Euro Zone with the adoption of the Euro, and the preparation for the Athens 2004 Olympic Games, the LAMDA Development group of companies is leveraging its presence in Greece and neighbouring countries to play a leading role in the modernization and development of Southeastern Europe.

For more information, please contact CIVITAS:

Pandora Lycouri: +30 210 6835 403; [email protected]
Nectaria Metrakou: +30 210 6835404; [email protected]