LAMDA Development: Year End 2004 Financial Results
Friday, 26 February 2005
PRESS RELEASE
LAMDA Development: Year End 2004 Financial Results
LAMDA Development increased consolidated turnover by 12%, which grew to 83,749,000 compared to 74,473,000 for the corresponding period in 2003.
The consolidated revenue for the period amounted to 13,887,000 compared to 15,227,000 for the same period last year, marking a decrease of 9%.
The increase in depreciations by 2,072,000 and provisions by 1,569,000 (an increase of 68% and 5.373%, respectively), as well as reduction of revenues from financing activities by 1,399,000 (73% reduction) led to a loss of 980,000 for the group, compared to a profit of 4,650,000 in 2003.
It is important to note that during the current fiscal period, the real estate investment assets were adjusted to the fair market value in an amount of 26,178,000, with a corresponding increase of resources by 15%.
The results for the financial year 2004 were influenced by the fact that the period witnessed an intensification of the companys implementation of its large-scale investment programme, the completion of which is expected steadily in 2005.
Brief consolidated financial data
| (amounts in 000) | 2004 | 2003 | Variation |
| Turnover | 83.749 | 74.473 | 12,5% |
| Consolidated revenue | 13.887 | 15.227 | -8,8% |
| Income before taxes | -980 | 4.650 | -121,1% |
LAMDA Development S.A.
The turnover of the parent company recorded an increase of 118% and the consolidated revenue an increase of 331%. The income before taxes influenced by the reduction of interest income (2,725,000) resulting from the corresponding limitation of available liquid assets (as a result of the progression of the companys investment programme) and by the increase in management and operating expenses (689,000 ) - resulted in losses of 585,000 compared to a profit of 2,865,000 in 2003 (120% reduction).
More specifically, following are the variations in the 2004 results for the subsidiary companies of the LAMDA Development group of companies:
LAMDA Prime Properties S.A. (100% participation by LAMDA Development S.A.)
The income from the full leasing of the Cecil office building in Kefalari maintained the same levels as in 2003, whilst profits of 919,000 recorded an increase of 35%.
LAMDA Estate Development S.A. (100% participation by LAMDA Development S.A.)
The companys turnover amounted to 13,377,000 compared to 30,422,000 in 2003, representing a decrease of 56%, limiting accordingly the net profits for the period to 1,317,000 compared to 7,754,000 (83% reduction). Last years results were further strengthened by the property sale of the Apollo Business Centre and the Kronos Business Centre.
LAMDA Olympia Village S.A. (98,08% participlation by LAMDA Development S.A.)
LAMDA Olympia Village developed the Olympic Media Village, which today has transformed into an innovative residential area with a 60,000 square metre park as well as a nearby commercial and leisure centre offering 60,000 square metre of GLA (Gross Leasable Area). The company recorded a turnover of 5,686,000 during 2004, originating mostly from the leasing of the Media Village during the Olympic Games. During the same period, the companys net profits amounted to 648,000, compared to losses of 416,000 in 2003.
EFG Eurobank Properties S.A. (29,9% participation by LAMDA Development S. A.)
An increase of 13% was recorded in the companys turnover for the 12-month period in 2004, amounting to 20,742,000 compared to 18,381,000, and net profits amounted to 8,671,000 compared to 4,873,000 during the corresponding period last year (78% increase).
Swissport LAMDA Hellas S.A. (50% participation by LAMDA Development S.A.)
The companys turnover was strengthened by 15%, amounting to 24,607,000