LAMDA Development's upward course of development is strengthened by 22% increase in consolidated financial results for 2003
Thursday, February 26, 2004
PRESS RELEASE
LAMDA Developments upward course of development is strengthened by 22% increase in consolidated financial results for 2003
A significant increase of 22.34% was recorded in LAMDA Developments total consolidated revenue, which amounted to 15,227 in comparison to 12,446 from the corresponding fiscal period for 2002.
Consolidated turnover increased by 17.26% and amounted to 74,473 in comparison to 63,514 from the corresponding fiscal period for 2002.
Consolidated income before taxes amounted to 4,650, in comparison to 7,052 for 2002, recording a decrease by 34.07%.
Brief consolidated financial data
(in thousands of Euro) | 2003 | 2002 | Variation/Turnaround |
Turnover | 74,473 | 63,514 | +17.26% |
Consolidated revenue | 15,227 | 12,446 | +22.34% |
Income before taxes | 4,650 | 7,052 | -34.07% |
The LAMDA Development group of companies
During 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 companys profitability resulted in 7,642, while turnover increased by 31.8% in comparison to the corresponding fiscal period for 2002.
LAMDA Prime Properties S.A. (100% participation by LAMDA Development S.A.)
The steady profits from the full leasing of the Cecil office building in Kefalari, whose restoration work was completed in 2002, continue to strengthen the companys financial results this year as well. A significant increase of 323% was recorded in the companys income before taxes, while turnover increased by 53.2% in comparison to the corresponding fiscal period for 2002.
EFG Eurobank Properties S.A. ( 29.9% participation by LAMDA Development S.A.)
The companys 2003 turnover marked a 33.37% increase in comparison to 2002, while income before taxes amounted to 1,967, which constitutes a reduction of 36.8%.*
*The company is consolidated by the method of capital net worth and consequently, the analogy toward net profits is taken into consideration after the subtraction of income taxes and capital.
Swissport LAMDA Hellas S.A. (50% participation by LAMDA Development S.A.)
The company continued its improved financial performance during 2003, reflecting a 20.32% increase in turnover and significant limitations in damages before taxes by 80.79%, in comparison to 2002. This progress is especially important for the company and is evident in the financial improvements that were recorded within a truly challenging environment for the transportation sector.
LAMDA Shipyards and Marine Services S.A. (75% participation by LAMDA Development S.A.)
Despite the reduction in turnover by 14.69%, the company recorded income before taxes amounting to 268,000. A significant improvement was noted in the companys results during the second half of the year 2003, setting the foundation for LAMDA Shipyards stronger position in 2004.
LAMDA Olympia Village S.A. (97.8% participation by LAMDA Development S.A.)
The company is developing the Athens 2004 Olympic Games Media Village in Maroussi, the largest real estate development project in Greece, with a total surface area of 202,000 m2 and a budget of 400 million. Initially, the Maroussi Media Village will be used to accommodate the needs of the international media during the Olympic Games and will contribute significantly to a positive image of Greece across the world. Afterward, the Media Village will be transformed into an upscale residential development with a 60,000 m2 park and an innovative commercial and leisure centre, offering 60,000 m2 GLA (Gross Leasable Area). Profit yields from the sale and leasing of areas are expected during 2004.
PYLEA S.A. (60.1% participation by LAMDA Development S.A.)
The company is developing Mediterranean Cosmos, the first and largest shopping and leisure centre of its kind in Northern Greece. The Centre is located in Pylea, Thessaloniki on a site that is owned by the Ecumenical Patriarchate. Profit yields from the leasing of areas are expected during 2004.
LAMDA Hellix S.A. (85% participation by LAMDA Development S.A.)
The company develops and operates specialized Mission Critical Facilities and provides a wide range of outsourcing services, including data centre, disaster recovery, point of presence ands switching centre, to large private and public organizations and service providers in Greece and Southeastern Europe.
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