Presentation of company LAMDA Development S.A. to SMEHA
The programme of presentations of listed companies organised by the SMEHA continued with a presentation of LAMDA Development S.A.
Mr. Lambros Anagnostopoulos, CEO of LAMDA Development S.A., described the history, activities and prospects of the company and presented the financial figures to representatives of stockbroking companies (brokers and analysts).
He described the current state of the real estate sector both here in Greece and on the global level.
With regard to LAMDA Development, Mr. Anagnostopoulos referred to the past of the company and the international experience of the Latsis Group, and continued with his presentation of the company. He spoke of the companys vision, its main fields of activity, its investments (company acquisitions and participations) as well as recent business initiatives by the companies which make up the LAMDA Development Group.
DIMIOURGIA S.A.
Dimiourgia S.A. (100%-owned by LAMDA) has completed its reconstruction of the former CECIL Hotel in Kefalari and also started construction of the new burns unit at Eleusina. It has purchased sites in key points in Attica, where it plans to construct office buildings (Hilton district, construction of office building with total surface area of 5,000m2, and central point in Marousi, where it will construct an office building with total surface area of 12,000m2. It also has a 40% stake in a consortium which bid successfully for the contract to reconstruct a listed building in the centre of Athens and manage it for the next 25 years.
OLYMPIA S.A.
Olympia S.A. (100% participation by LAMDA), owns a 6,000m2 office building in Kifisia (the former CECIL Hotel). From leasing the building the company anticipates an income of more than 700m GRD per annum.
EFG Eurobank Properties
EFG Eurobank Properties (29% participation by LAMDA) has acquired a number of office buildings, some close to the northern suburbs of Athens, others in central positions within the city, and intends to operate them for profit. The companys service provision division has grown rapidly and had income of over 670m GRD in the fiscal year 2000.
Swissport Hellas S.A.
Swissport Lamda Hellas S.A. (50% participation by LAMDA) of which a stake is also owned by Swissport International, the biggest airport ground handling company in the world began to operate at the Ellinikon Airport on 1 June, and is already preparing to commence operations at the new Eleftherios Venizelos airport, where it holds one of the three licences to provide passenger and baggage handling. It has also founded Swissport Hellas Cargo S.A. (80%-owned subsidiary) to operate at the new airport, where it has one of the three licences for cargo handling. Finally, it has established Swissport Hellas Sud to provide ground handling at the Nikos Kazantzakis airport in Irakleio. Swissport International regards Swissport Lamda Hellas as one of the most important and promising members of its international group, and the cooperation of LAMDA Development is seen as vital in its success a success all the more likely as Swissport Lamda Hellas recently became the first ground handling provider in Greece to acquire ISO 9002 certification.
FINANCIAL DETAILS
In conclusion, Mr. Anagnostopoulos offered a detailed presentation of the consolidated financial results of the Lamda Development Group.
The consolidated turnover of LAMDA Development for the whole of the financial year 2000 amounted to 3.78 billion GRD, an increase of 54% over the forecasts published in the companys Prospectus in May 2000.
In the same period the consolidated pre-tax profits of the company amounted to 1.6 billion GRD, 10% over the amount forecast and an increase of 170% over the companys results for 1999. The lions share of the income came from the sale of the construction arm and asset management. The investment programme of the company is expected to affect the 2001 results, as it began to be implemented in the second half of 2000.
Following its capital increase in June 2000 the company is continuing steadily to implement its investment programme. It has already committed 26.4 billion GRD, some 66% of the capital raised.
Mr. Anagnostopoulos concluded his presentation by reporting that the company has applied for the company to be up-listed on the Main Market of the Athens Stock Exchange and pledged, on behalf of LAMDA Development, that the company will continue to undertake major projects and to offer services of the highest quality.