Lamda Development S.a. · ATHEX:LAMDA
Lamda Development — H1 2023 Earnings Presentation
68 slides from Lamda Development's earnings presentation, Sep 28, 2023
Slide 1: H1 2023 Results Presentation
H1 2023 RESULTS PRESENTATION 28 September 2023
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by LAMDA Development S.A. (the “Company”). The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accura
Slide 3: Contents
Contents Group Results Highlights page 4 Investment Assets page 13 Development Assets – The Ellinikon page 26 Group H1 2023 Financial Information page 34 Macro Fundamentals & Investment Case page 39 Appendix page 45
Slide 4: Group Results Highlights
O1 Group Results Highlights | 4
Slide 5: H1 2023 Performance at a glance
H1 2023 Performance at a glance Investment Assets1 Development Assets Summary Results from our portfolio of Malls and Marinas Summary Figures for The Ellinikon EBITDA Infrastructure Malls Marinas Cash Ellinikon pre-valuations & & Buildings EBITDA EBITDA Proceeds1 EBITDA Ellinikon CAPEX2 €41m €9m €38
Slide 6: Group Income Statement Highlights H1 2023
Group Income Statement Highlights H1 2023 H1 Net Result • Net cash finance costs (-€35m), taxes (+€7m), depreciation (-€5m) and IRS Group €18m profit valuation gain (+€4m) • Non-cash accounting recognition of Ellinikon obligations for land purchase and Ellinikon €7m profit Infra Works (-€23m) H1 EBI
Slide 7: H1 2023 Results Highlights: Investment Assets
H1 2023 Results Highlights Investment Assets Malls – Strong performance across all metrics Tenant Sales 26% y-o-y • Record breaking H1 performance since opening – well ahead 2019 record Footfall 27% y-o-y • +25% y-o-y excluding Designer Outlet EBITDA 30% y-o-y • Inflation-adjusted base rents: +13% y
Slide 8: H1 2023 Results Highlights: Development Assets
H1 2023 Results Highlights Development Assets The Ellinikon – Cash proceeds increase as construction milestones are achieved Cash • Cash proceeds to-date from residential, land plot sales and IRC rental €366m Proceeds • Deferred revenue not yet recognized on P&L (as of 30.06.2023): €220m Riviera Tow
Slide 9: Group Income Statement Snapshot
Group Income Statement Snapshot Malls EBITDA (in €m) EBITDA before Assets Valuation & Ellinikon New record 38,0 40,5 Designer Outlet 31,1 32,0 24,8 €5.2m +10% vs. 35,3 2019 previous record H1 2023 H1 2022 H1 2019 H1 2023 H1 2022 EBITDA after Assets Valuation & Ellinikon (in €m) Net Result after taxe
Slide 10: Group Balance Sheet Snapshot
Group Balance Sheet Snapshot Assets Valuation (Gross Asset Value – GAV) (in €m) NAV (Net Asset Value) 3.220 7.77 7.78 7.73 NAV per 3.159 share1 (€) 175 175 2.842 1.357 1.362 1.352 177 47 1.053 1.033 145 217 872 Other Other 611 574 Malls 596 Malls 1.991 1.952 Ellinikon Ellinikon 1.793 694 638 549 30.
Slide 11: Net Asset Value (NAV) Bridge 31.12.2022 to 30.06.2023
Net Asset Value (NAV) Bridge 31.12.2022 to 30.06.2023 NAV per share1 (€) 7.78 0.11 (0.13) 0.00 7.77 (in €m) 18 (23) (0.5) Ellinikon2 €7m 1.357 1.352 NAV Net Result Deferred tax Other items NAV 31.12.2022 (after tax & minorities) (add back) 30.06.2023 1. Adjusted for own shares: 2.67m as of 30.06.202
Slide 12: NAV Pillars June 2023
NAV Pillars June 2023 Development Investment Other Assets Assets Parent Ellinikon1 Malls2 Other Company Net Total Properties3 Debt, Minority, 30.06.2023 Other4 NAV (€m) 694 611 120 (73) 1,352 NAV per share5 (€) 3.98 3.51 0.69 (0.42) 7.77 Note: all amounts are rounded figures 1. Assets (GAV) €1,991m
Slide 13: Investment Assets
O2 Investment Assets | 13
Slide 14: Malls
O2.1 Malls | 14
Slide 15: Key Performance Highlights H1 2023: Strong Growth
Key Performance Highlights H1 2023 Strong Growth H1 2023 Growth vs. 2022 EBITDA Tenant Sales 4 Malls incl. Designer Outlet1 +30% +26% 3 Malls +14% +27% 1. EBITDA includes 4 Malls in H1 2023 vs 3 Malls in H1 2022 (Designer Outlet Athens acquired in August 2022) | 15
Slide 16: Key Performance Metrics H1 2023
Key Performance Metrics H1 2023 New record high EBITDA Tenant Sales GAV 4 Malls incl. Designer Outlet1 €41m €354m €1.1bn 3 Malls €35m €308m €0.9bn 1. EBITDA includes 4 Malls in H1 2023 vs 3 Malls in H1 2022 (Designer Outlet Athens acquired in August 2022) | 16
Slide 17: Key Performance Drivers
Key Performance Drivers Inflation Strong growth Solid Indexed in Tenants’ Occupancy Rents Sales Rates Greek CPI plus +26% vs. H1 2022 c99% 1.5% – 2% margin unchanged vs. +18% vs. H1 2019 pre-COVID Base Rents: +13% vs. H1 2022 Average Consistently Solid Remaining High Rent Leasing Lease Term Collecti
Slide 18: Key Financials Snapshot
Key Financials Snapshot EBITDA (in €m) Assets Valuation (Gross Asset Value, GAV) New record 7.3% 6.7% 7.2% EBITDA Yield2 (H1 basis) 1.053 1.033 40,5 124 116 892 Designer Outlet1 €5.2m 32,0 196 191 31,1 189 Designer Outlet Med. Cosmos 279 272 252 Golden Hall The Mall Athens +10% vs. 35,3 2019 previou
Slide 19: Malls H1 2023 vs 2022
Malls H1 2023 vs 2022 Sustained strong growth driven by normalised operations & inflation indexation Revenue (in €m) EBITDA H1 2023 +14% +30% +14% +30% H1 2022 49,5 43,4 40,5 38,2 38,2 35,3 +15% +11% +14% +19% +10% +10% 31,1 31,1 17,7 15,4 15,1 12,9 12,8 12,7 11,6 11,2 10,6 9,7 9,6 8,8 6,1 5,2 0,0 0
Slide 20: Malls H1 2023 vs 2019
Malls H1 2023 vs 2019 Setting new record high levels (H1 basis) Revenue (in €m) EBITDA H1 2023 +16% +33% H1 2019 +10% +27% 49,5 43,4 40,5 37,3 37,3 35,3 32,0 32,0 +8% +31% +16% +5% +23% +7% 17,7 16,5 15,1 14,4 12,9 12,8 11,0 10,6 9,8 9,6 9,0 8,6 6,1 5,2 0,0 0,0 THE MALL GOLDEN MED. TOTAL DESIGNER TO
Slide 21: Malls Base Rents
Malls Base Rents Inflation indexation & solid leasing activity the key drivers 2nd Quarter (Q2) performance (in €m) Half-year (H1) performance vs. 2022 vs. 2022 +9% +13% 18,6 37,7 17,1 33,3 15,6 +10% 31,6 +14% 5,4 10,9 4,9 9,6 4,7 9,5 +8% +11% 5,5 10,9 5,1 4,0 8,1 9,8 +8% 15,9 +14% 6,9 7,1 7,7 14,0
Slide 22: Malls Tenants' Sales
Malls Tenants’ Sales Solid growth vs. 2019 previous record levels in €m +18% 354 vs. 2019 4 Malls 47 +19% 299 Designer Outlet1 281 39 38 96 +35% Golden Hall 71 75 +18% 3 Malls 99 +22% 308 Med. Cosmos 81 260 80 243 108 112 +4% 88 The Mall Athens H1 2019 H1 2022 H1 2023 1. Designer Outlet Athens conso
Slide 23: Ellinikon Malls leasing progress
Ellinikon Malls Outstanding commercial leasing progress almost 3 years ahead of opening Agreed/Signed Heads of Terms Expression of (% of GLA) GLA interest (sqm) (% of GLA) Target September 2023 End 2023 Vouliagmenis Mall 90,000 155% 57% 70% Riviera Galleria 19,000 194% 36% 50% | 23
Slide 24: Marinas
O2.2 Marinas | 24
Slide 25: Marinas Key Performance Metrics H1 2023
Marinas Key Performance Metrics H1 2023 Revenue (in €m) EBITDA1 +5% 13,8 13,2 +7% 3,7 Ag. Kosmas 3,5 +6% 9,0 8,5 +3% 2,2 2,2 +4% 10,1 9,7 Flisvos +7% 6,8 6,3 H1 2023 H1 2022 H1 2023 H1 2022 Key performance drivers in H1 2023: + Flisvos yacht berthing fees: c15% price list increase effected during 20
Slide 26: Development Assets The Ellinikon
O3 Development Assets The Ellinikon | 26
Slide 27: Ellinikon Key Financials Snapshot
Key Financials Snapshot Assets Valuation (Gross Asset Value, GAV) (in €m) NAV (Net Asset Value) 1.991 1.952 694 46 44 1.793 638 34 Properties for own use 549 1.037 1.033 886 Residential Assets booked at cost, incl. land, infra & construction costs, as incurred Malls, Offices, Hotels, IRC, Sports 908
Slide 28: Income Statement H1 2023 vs 2022
Income Statement H1 2023 vs 2022 (in €m) H1 2023 H1 2022 71,9 34,8 24,5 20,5 10,5 6,9 0,1 0,1 -1,0 -0,6 -0,1 -11,1 -7,6 -4,4 -19,0 -18,9 -18,4 -18,4 -31,9 -45,9 REVENUE GROSS PROFIT OPEX EBITDA VALUATIONS - DEPRECIATION NON-CASH CASH FINANCE TAXES NET RESULT INVEST PROPERTY FINANCE COSTS COSTS NON-C
Slide 29: Infrastructure Works & CAPEX
Infrastructure Works & CAPEX Total CAPEX since project inception: c.€240m Project inception H1 2023 Aggregate Total until end-2022 Mainly related to: Infrastructure – demolitions c.€40m c.€26m c.€66m Works – enabling works – construction works (e.g. Posidonos underpass) Completed projects: – The Exp
Slide 30: Cash Inflows Progress
Cash Inflows Progress €0.55bn cash proceeds to-date in €bn Total cash proceeds Total cash proceeds Cumulative Cash proceeds 31 August 2023 end-2023 Coastal Front Residential1 0.31 0.6 High-Rise Residential1 0.00 0.0 Land Plot Sales & Other2 0.05 0.1 Ellinikon Malls (intragroup land plot sale) 0.19 0
Slide 31: Residential Sales Progress
Residential Sales Progress All Coastal Front units have been sold-out Units Contract Value SPAs & Final stage Available/ Total Total Reservation of negotiation In the Market Units (€m) Agreements Riviera Tower 160 11 0 171 625 The Cove 104 11 0 115 279 Residences The Cove 28 0 0 28 214 Villas Coasta
Slide 32: Coastal Front Residential Cash Proceeds
Residential Cash Proceeds of €311m in €m Cumulative Cash proceeds Pre-agreement Total Cash Proceeds Signed SPAs 31 August 2023 customer deposits to-date Riviera Tower 163 4 167 Coastal Front The Cove Villas 113 1 114 The Cove Residences 2 25 27 Sub-Total 279 30 309 High-Rise (50m by BIG1) -- 2 2 TOT
Slide 33: Key developments to date
Key developments to date • Posidonos Underpass: completed 68% of the excavations and 25% of concreting • Site remediation: completed in July 2023 (over 6,000 tons of contaminated soil was treated on site) Infrastructure • Trachones Stream: completed 60% of excavations works • Demolitions at Coastal
Slide 34: Group H1 2023 Financial Information
O4 Group H1 2023 Financial Information | 34
Slide 35: Portfolio of Assets
Portfolio of Assets Key growth drivers: Ellinikon and Malls revaluation (in €m) 30.06.2023 31.12.2022 31.12.2021 Notes The Ellinikon Malls, Offices, Hotels, IRC, Sports Assets measured at Fair Value (Savills valuation). Same methodology 908 874 873 (Investment Property) applied in our existing Malls
Slide 36: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 30.06.2023 31.12.2022 Notes: 30.06.2023 vs. (31.12.2022) Investment Property 1,987 1,932 Ellinikon €908m (€874m), Malls & other properties €1,079m (€1,058m) Total Ellinikon Fixed & Intangible Assets 120 118 Ellinikon €46m (€44m), Flisvos Marina €55m (€55m)
Slide 37: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 30.06.2023 31.12.2022 Notes & definitions of Alternative Performance Measures (APM) Cash 478 516 Restricted Cash (Short & Long Term) 112 178 Total Cash 589 694 Total Debt 1,755 1,863 = Borrowings (incl. Accrued Interest) + Lease Liability + PV Transaction Consid
Slide 38: Sensitivity to rising interest rates
Sensitivity to rising interest rates 55% of Group Borrowings are fixed/hedged in €m Sensitivity Analysis Interest Rates +/- 100 bps +/- c.€5m Group Borrowings2 1.191 1.167 Floating Rate – Unhedged 532 506 Floating Rate - Hedged 110 112 55% 57% Fixed Rate1 550 of total 550 of total 30.06.2023 31.12.2
Slide 39: Macro Fundamentals & Investment Case
O5 Macro Fundamentals & Investment Case | 39
Slide 40: Greek Real Estate: Market fundamentals underpin future growth
Greek Real Estate Market fundamentals underpin future growth Athens New Residential property prices (% y-o-y) Net FDI in Greek real estate (€m) New properties <5 years 14 14 1.975 11 11 1.450 7 1.128 1.176 33% 875 415 497 3 374 222 2018 2019 2020 2021 2022 Q1-23 2016 2017 2018 2019 2020 2021 2022 Q1
Slide 41: Greek Real Estate: Athenian residential prices
Greek Real Estate Significant growth in Athenian residential prices Athens Residential prices (% y-o-y) Athens Residential prices (index 2007=100) New Old 96 apartments 18 apartments (<5yrs) (>5yrs) Old 89 93 apartments New (>5yrs) 14 14 apartments (<5yrs) 14 84 78 11 11 10 8 70 74 9 66 7 68 Histori
Slide 42: Greek Real Estate: Offices & Retail Units in Athens
Greek Real Estate Offices & Retail Units in Athens Athens Offices (% y-o-y) Athens Retail Units (% y-o-y) 8 8 8 7 Prices 5 5 Prices 4 Rents 5 2 2 2 3 3 Rents 3 1 1 0 -0 -2 -2 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Source: Bank of Greece Source: Bank of Greece | 42
Slide 43: Why invest in LAMDA? Strong Greek Macro Fundamentals
Why invest in LAMDA? Capitalizing on the strong Greek Macro Fundamentals Investment Outlook • LAMDA offers unique exposure to the Real Estate • Greece maintains momentum & expectations are set sector, both in Development and Investment Assets to regain Investment Grade (IG) rating by end-2023 Malls
Slide 44: Why invest in LAMDA?
Why invest in LAMDA? The ultimate platform to capitalize on: • positive Greek macro fundamentals and • rebounding real estate sector after years of underinvestment Unlocking the value of a unique Malls portfolio Significant NAV appreciation potential Further upside potential via a unique residential
Slide 45: Appendix
O6 Appendix
Slide 46: Group Income Statement & Balance Sheet
Group Income O6.1 Statement & Balance Sheet | 46
Slide 47: EBITDA H1 2023 vs 2022 Before Assets Valuation
EBITDA H1 2023 vs 2022 Before Assets Valuation (in €m) H1 2023 H1 2022 +30% +6% +54% +362% 40,5 38,0 31,1 27,0 24,8 9,0 8,5 5,8 -0,4 -1,9 -0,0 -0,3 -11,1 -12,6 -11,1 -18,9 MALLS MARINAS OTHER BUSINESS NON-RECURRING OVERHEADS EBITDA ELLINIKON EBITDA UNITS (before valuations (before & Ellinikon) valua
Slide 48: EBITDA H1 2023 vs 2022 After Assets Valuation
EBITDA H1 2023 vs 2022 After Assets Valuation (in €m) H1 2023 H1 2022 +90% +362% 71,6 37,7 27,0 24,5 20,2 21,3 10,5 5,8 EBITDA VALUATIONS - INVESTMENT ASSETS VALUATIONS - ELLINIKON EBITDA (before valuations) VALUATIONS – INVESTMENT ASSETS (Malls & Other Assets) VALUATIONS – ELLINIKON INVESTMENT PROP
Slide 49: Profitability evolution H1 2023 vs 2022
Profitability evolution H1 2023 vs 2022 (in €m) H1 2023 H1 2022 71,6 37,7 18,4 7,1 0,2 -5,1 -4,7 -6,9 -12,3 -16,0 -20,0 -20,5 -22,2 -34,9 EBITDA CASH FINANCE NON-CASH FINANCE DEPRECIATION TAXES MINORITIES NET RESULT COSTS COSTS CASH FINANCE COSTS NON-CASH FINANCE COSTS H1 2023 increase mainly attrib
Slide 50: Group Assets Valuation (GAV)
Group Assets Valuation (GAV) Malls The Ellinikon GAV GAV €1.1bn €2.0bn New Record +€40m vs. 31.12.2022 +€21m vs. 31.12.2022 +2% vs. 31.12.2022 +2% vs. 31.12.2022 • Buildings CAPEX: +€15m (net of cost of assets sold) • Investment property revaluation: +€25m The Mall Golden Med. Designer Investment Re
Slide 51: Malls
O6.2 Malls | 51
Slide 52: Malls proven track record of EBITDA growth
Malls proven track record of EBITDA growth EBITDA (€m) 5.4% CAGR 2014-19 Total Malls 69 64 1 Designer Outlet 4 COVID 49 19 19 Med. Cosmos 45 13 37 17 14 19 Golden Hall 13 11 13 10 29 The Mall Athens 24 27 15 19 2014 2019 2020 2021 2022 1. LAMDA consolidated Designer Outlet Athens in 2022 for a perio
Slide 53: Positioned against the rising interest rates cycle
Relatively well positioned against the current rising interest rates cycle 10-year Greek Government Bond (GGB) vs. LAMDA Malls Exit Yield1 8,5% 8,0% Exit Yield 7,3% 7,3% 7,4% 7,5% 7,5% 7,5% Malls 6,0% 4,2% 4,3% 3,7% 3,8% 10-year 3,5% GGB 2,6% 1,3% 0,9% 2017 2018 2019 2020 2021 2022 Mar-23 Jun-23 Aug
Slide 54: Significant yield premium against European peers
Significant yield premium against relevant European peers H1 2023 Exit yields1 vs Selected Peers +30bps +20bps +10bps +10bps +10bps +10bps Unchanged vs. 2022 vs. 2022 vs. 2022 vs. 2022 vs. 2022 vs. 2022 vs. 2022 7,5% 6,2% 6,4% 5,9% 6,1% Average 5,7% 5.9% 5,3% Peer Country Spain Central Europe Iberia
Slide 55: Malls Assets Valuation sensitivity analysis
Malls Assets Valuation Valuation sensitivity analysis1 in €m DCF discount rate +/- 0.25% 30.06.2023 (€m) The Mall Athens 8.50% -/+ 7 Med. Cosmos 9.55% -/+ 3 Golden Hall 9.20% -/+ 5 GAV 30.06.2023 Designer Outlet Athens 9.15% -/+ 2 1.6% The Mall Athens 454 Total Malls2 8.96% -/+ 17 of GAV Med. Cosmos
Slide 56: Malls Tenants' Sales
Malls Tenants’ Sales Sustained strong growth setting new record-high levels % change vs. 2022 % change vs. 2019 Q1 2023 Q2 2023 H1 2023 Q1 2023 Q2 2023 H1 2023 The Mall Athens +39% +19% +27% The Mall Athens +1% +7% +4% Golden Hall +35% +22% +28% Golden Hall +26% +43% +35% Med. Cosmos +38% +15% +25%
Slide 57: Malls Average Spending per Visitor
Malls Average Spending per Visitor* Solid underlying trends far exceeding previous record-high levels % change vs. 2022 % change vs. 2019 Q1 2023 Q2 2023 H1 2023 Q1 2023 Q2 2023 H1 2023 The Mall Athens +4% -6% -2% The Mall Athens +62% +63% +63% Golden Hall +4% +6% +4% Golden Hall +9% +14% +12% Med.
Slide 58: The Mall Athens H1 2023 Performance Drivers
The Mall Athens H1 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) H1 2023 H1 2022 H1 2019 H1 2022 H1 2019 98% 98% 98% +27% +4% H1 2023 H1 2022 +14% +15% +19% 17,7 15,9 15,4 15,1 13,9 12,7 1,5 1,2 0,1 0,0 0,3 0,3 -0,5 -0,4 -2,2 -2,4 BASE RENT TURNOVER RENT PAR
Slide 59: Golden Hall H1 2023 Performance Drivers
Golden Hall H1 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) H1 2023 H1 2022 H1 2019 H1 2022 H1 2019 99% 97% 99% +28% +35% H1 2023 H1 2022 +11% +11% +10% 12,9 11,6 10,9 10,6 9,8 9,7 1,2 1,0 0,7 0,7 0,1 0,0 -0,3 -0,3 -1,9 -1,6 BASE RENT TURNOVER RENT PARKING
Slide 60: Mediterranean Cosmos H1 2023 Performance Drivers
Mediterranean Cosmos H1 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) H1 2023 H1 2022 H1 2019 H1 2022 H1 2019 100% 100% 100% +25% +22% H1 2023 H1 2022 +13% +14% +10% 12,8 10,9 11,2 9,6 9,6 8,8 1,2 1,0 0,4 0,2 0,3 0,4 -0,2 -0,1 -0,7 -0,7 -1,6 -2,2 BASE RENT T
Slide 61: Designer Outlet Athens H1 2023 Performance Drivers
Designer Outlet Athens1 H1 2023 Performance Drivers in €m Occupancy (period average) Tenants’ Sales (% change vs.) H1 2023 H1 2022 H1 2019 95% +25% +19% H1 2023 H1 2022 +5% +19% +49% 6,1 5,4 5,1 5,1 5,2 3,5 0,6 0,0 0,1 0,0 -0,2 -0,4 -0,7 -1,3 BASE RENT TURNOVER RENT OTHER INCOME TOTAL REVENUES PM FE
Slide 62: Ellinikon
O6.3 Ellinikon | 62
Slide 63: Ellinikon Investment Property Valuation sensitivity analysis
Ellinikon Investment Property Valuation sensitivity analysis1 in €m DCF discount rate -0.50% +0.50% 10-11% 6.6% - 11.9% 101 (94) of GAV Exit yield -0.50% +0.50% 7-8% 4.25% - 8.50% 75 (65) GAV of GAV 30.06.2023 up to 29% Malls, Offices, Hotels, IRC, of GAV Sports 908 +12 months (Investment Property)
Slide 64: Phase I (2021-2026) Residential projects overview
Phase I (2021-2026) | Residential projects overview GSA Units Proceeds Gross Profit 244k sqm 1,534 €2.3bn €0.9bn Mainstream Alimos High-Rise (50m) Mainstream Posidonos The Cove Villas Riviera Tower The Cove Residences | 64
Slide 65: High-Rise (50m) Residential by Bjarke Ingels Group
High-Rise (50m) Residential by Bjarke Ingels Group (BIG) GSA Units Proceeds 25k sqm 88 €147m LITTLE ATHENS High-Rise (50m by BIG) | 65
Slide 66: Shareholders
O6.4 Shareholders | 66
Slide 67: Shareholders Structure
Shareholders Structure Foreign Institutional LAMDA: GA Treasury Shares 20,4% 1,9% Shares Outstanding: Greek Institutional 176,736,715 6,7% Retail 7,4% Aegean Airlines 1,7% EBRD 1,8% CLH (Latsis Group) 43,8% Brevan Howard & Partners 6,4% Voxcove Holdings 10,0% Data as of 31.08.2023 | 67
Slide 68: Thank you
Thank you LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● Greece Tel: +30.210.74 50 600 ● Fax: +30.210.74 50 645 Website : www.lamdadev.com Investor Relations ● E-mail: IR@lamdadev.com