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Lamda Development Net Profit At 16 Million In 1H08

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Lamda Development Net Asset Value before taxes (NAV)  in the first half of 2008 increased by 9% and reached €462,8 million compared to €425 million in the fist semester 2007.


Recurring EBITDA has increased by 38% from €10,2 million to €14,1 million, mainly because of the improved operational performance of the two Commercial and Leisure Centers and the remarkable turnaround in Flisvos Marina profitability.

 

Consolidated net profits after tax and minority interest reached €16,1 million compared to €23,5 million in the respective last year’s period. The  decline is mainly due to the lower additional top up premium accounted for in this period compared to H1 2007 (€8 million compared to €2 million) from the sale of the 49,24% stake of “The Mall Athens”. Furthermore, interest expense increased by €4,6 million because of the higher loan volume that resulted from the materialization of the Group’s investment plan.

 

The revaluation gains of the Group’s investment properties reached €18,6 million, reflecting their on-going successful operational performance and

the increase in their profitability. As far as the capitalization rates (yields) are concerned, they remain relatively stable and conservative according to our estimations. More specifically, the average retail yield stands at 6,4% and the average office yield at 6,6%. The net debt to value of the Group’s investments ratio was 45% which is deemed low in the context of today’s market realities. 

The company has already secured €250 million credit facilities with favorable terms that along with the existing cash can be used towards funding further expansion and attainment of investment and strategic goals.

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