LAMDA Development: Multiplication of operational sizes in 2002
Wednesday, February 26, 2003
PRESS RELEASE
Consolidated turnover increased by 45% while consolidated earnings before taxes increased by 92%
LAMDA Development: Multiplication of operational sizes in 2002
The LAMDA Development group of companies presented a consolidated turnover that increased by 45% during the fiscal year 2002, in comparison to the 2001 fiscal period, and amounted to 63,5 million.
During the same fiscal period, consolidated earnings before profits increased by 92% and amounted to 7,052 million in comparison to 3,674 million during the fiscal year 2001.
Summary of consolidated financial data
| 2002 | 2001 | Variation | |
| Turnover (000 ) | 63,514 | 43,966 | + 45% |
| Earnings before taxes (000 ) | 7,052 | 3,674 | +92% |
During 2002, the holding company presents an improvement in earnings before taxes that equals to 452% in comparison to the respective period during 2001.
The turnover and financial performance of the company, as well as of its subsidiaries, are particularly satisfactory and underline the groups commitment to a continuing upward direction.
According to Mr. Lambros Anagnostopoulos, CEO of LAMDA Development, At the LAMDA Development group of companies, we renew our promise to play a leading role in the markets in which we are active and set as a primary goal the further development of our investment plan, which is progressing dynamically, as well as the continuance of the rapid growth of our profitability.
The progress of the companies
LAMDA Shipyards & Marine Services S.Α. (75% participation by LAMDA Development),
In the services sector, the ship repairing unit of LAMDA Shipyards & Marine Services S.Α. presents an increased turnover by 92%, which amounts to 24,094 million. The companys participation in consolidated profits amounts to 0.858 million, which amounts to an increase by 245% in comparison to 2001.
In November, LAMDA Shipyards announced its partnership with the Ministry of National Defense through the conclusion of an agreement with the Defense Investments Directorate General for the implementation of the reactivation programme for two torpedo fast attack vessels. The conclusion of the awarding contract marks the companys dynamic entry into the defense industry.
LAMDA Estate Development S.A. (100% participation by LAMDA Development)
LAMDA Estate Development S.A., during the current fiscal year, has significantly expanded its activities in the real estate development sector and has recorded a turnover of 24,046 million, an increase of 76% in comparison to 2001, participating in 2002 consolidated financial results with profits of 8,382 million, an increase by 100%.
During 2002, Mr. Alexandros Dimakopoulos accepted the duties as the companys Managing Director. The induction of an established and experienced executive from the sector of real estate development and management in LAMDA Estate Development S.A. sets a very positive course for the company.
LAMDA Olympia Village S.A. (95% participation by LAMDA Development)
LAMDA Olympia Village S.A. already presents a profit of 0.43 million for the consolidated financial results. The company is creating one of the most important privately owned property development projects in Greece and Southeastern Europe: the Olympic Games Media Village in Maroussi. This unique real estate real estate investment includes a landscaped residential area, the first multi-use commercial and leisure centre of its kind in Greece, a large 60,000 m2 park and office buildings.
LAMDA Prime Properties S.A. (100% participation by LAMDA Development)
The turnover for LAMDA Prime Properties S.A. in 2002 amounts to 1,250 million, an increase by 157% in comparison to 2001.
During the course of 2002, LAMDA Prime Properties S.A. completed the renovation of the Cecil Hotel and the office buildings full leasing to high-profile companies. Τhe historic Cecil Hotel, located in Kifissia, was converted into a modern, luxurious office building and is characterized by its aesthetic architectural design and functionality.
EFG Eurobank Properties (29,9% participation by LAMDA Development)
EFG Eurobank Properties continues its upward economic course and its percentage in LAMDA Developments profits after taxes amounts to 1,282 million, an increase of 244% in comparison to 2001.
Swissport LAMDA Hellas (50% participation by LAMDA Development)
The companys efforts to reduce costs were successful during 2002, resulting in a 14%.reduction of damages. In Considering the continuing volatility in this particular sector, the company remains steady in its efforts for recovery and further improvement of its financial performance.
Other projects under development
In the area of land infrastructure, 2002 has been particularly productive LAMDA Development and its subsidiaries, which are developing significant projects in Greece and in the broader region of Southeastern Europe. More specifically:
Pylea Shopping and Leisure Centre, an innovative shopping and leisure centre located on a 250,000 m2 site, which belongs to Ecumenical Patriarchate, in the eastern exit of Thessalonica. Τhe subsidiary of LAMDA Development, PYLEA S.A., is developing the project in collaboration with Sonae Imobilaria.
Lake View Condominium, a complex of 93 luxury residential units in Bucharest, to be built on a plot in Herastrau Park, and strategically located between the Herastrau and Floreasca lakes. This real estate investment has been awarded with the Award Gala for Excellence as the Most Admired Residential Project in Bucharest and is under development by LAMDA OLYMPIC Srl (participation by LAMDA Development 50% and Technical Olympic 50%) on a 9,000 m2 plot with a total building area of 30,000 m2.
Moreover, within the wider framework of marine infrastructure development in Greece, LAMDA TechnOL Flisvos Marina.