The group's total consolidated operating result (EBITDA) before asset valuations and other adjustments amounted to a profit of 132 million euros in FY2023, compared to a loss of 13 million euros in FY2022. Malls (4 in operation): operating profitability before valuations and other adjustments (Retail EBITDA) reached a new historic record of 81million euros (18% increase vs. 20226). The sustained strong growth in operating profitability EBITDA is mainly attributed to the total rental income growth (24% vs. 2022) as well as the parking income (16% vs. 2022, on account of the significant footfall increase). Marinas: total operating profit (EBITDA) before valuations and other adjustments increased 5% vs. 2022 to 18million euros, reaching a new historic record. Operating profit for the Flisvos Marina reached 14million euros, 5% increase vs. 2022, while Agios Kosmas (Ellinikon) Marina EBITDA reached 5million euros, 11% increase vs. 2022. The performance is mainly attributed to the increase in the annual (permanent) berth contracts, based on the new pricing policy, which continue to account for 100% of total berth capacity. The Ellinikon Project: the significant revenue increase from property sales/leases, on account of the construction works progress as well as the accounting revenue recognition, based on the fulfilment of relevant performance obligations, is the key driver in achieving significant operating profitability in 2023, within just 2.5 years since the purchase of HELLINIKON S.M.S.A. shares (25.06.2021). Operating results, before valuations and other adjustments, reached 65million euros profit, vs. 67million euros loss in 2022.

The primary surplus is anticipated to persist at 2.1 percent of GDP until 2029, which aligns with the Fund's forecast horizon. Factoring in interest rates on public debt, a government budget deficit of 0.9% of GDP is projected for this year, gradually increasing to 1.4% by 2029. Across the eurozone as a whole, a primary deficit of 1.2 percent of GDP is forecasted for this year, gradually decreasing to 0.2 percent by 2029. Concurrently, the overall fiscal deficit is expected to decline from 3.5 percent to 2.3 percent, respectively. These primary surpluses are expected to facilitate a consistent reduction in Greece's public debt over the forthcoming years, reaching 138.8% of GDP by 2029. In the same timeframe, the eurozone's public debt is projected to experience a slight decrease to 87.7% of GDP from 88.6% in 2023. General government revenues are anticipated to decline gradually from 46.8% of GDP this year to 43.7% by 2029, while general government spending will decrease from 47.7% to 45.1%, respectively.

The Greek state-controlled company is seeking a retroactive lowering of the gas price in the contract signed in 2022, as well as relief from future payments worth hundreds of millions of dollars, according to several sources with knowledge of the matter. Asked about talks with Gazprom at the Power and Gas Forum in Athens, Xifaras said: "We have been in negotiations ... for about 2 years, one-and-a-half years, on price readjustment, because this is what we've been seeking. "Commercial negotiations are ongoing now, they haven't stopped, however, the company... has taken the next step which is to go to arbitration." Gazprom did not reply to a request for comment. DEPA was not immediately available to comment on the details of the arbitration, which normally can be invoked by either party in a private long-term gas supply contract. In January 2022, DEPA signed a contract with Gazprom for 2 billion cubic metres (bcm) of gas per year through 2026 at a price indexed to the benchmark Dutch TTF price by 80%, with the remaining 20% indexed to oil prices. European gas prices spiked following Russia's invasion of Ukraine and a drop in Russian pipeline deliveries, with the TTF price hitting a record high of 306 euros per megawatt-hour in August 2022. China has by far the world's largest wind turbine production capacity, according to industry experts. As a result, DEPA struggled to sell its gas, and eventually was unable to accept delivery on its minimum annual amounts. Under take-or-pay contract terms, buyers must pay for gas whether they can physically receive deliveries or not. Any untaken volumes are carried over to the end of the contract as a credit. Part of DEPA's claims involve Gazprom sales to Greek competitors, the sources said. "Gazprom was not supposed to sell cheaper to DEPA's competitors, because of course in this case it would be difficult for DEPA to take all the agreed gas," one of the sources told Reuters. Beginning in September 2022, Gazprom began exporting significant amounts of liquefied natural gas (LNG) to Greece from its newly launched Portovaya LNG project. The buyer was Mytilineos, Greece's largest private energy company, according to satellite data from analytics firm Kpler. Mytilineos also has a Gazprom contract running to 2030. Mytilineos declined to comment on the terms and pricing of its purchases, citing commercial sensitivity.

The support aids a multi-year Greek 'Aegis' plan to strengthen the country’s civil-protection mechanism. Greece was hit by deadly wildfires in 2017 and 2018, and devastating wildfires in 2021 and 2023, as well as by catastrophic flooding in September 2023. "We have seen first-hand the devastation caused by deadly wildfires and floods in Greece in recent years," said EIB Vice-President Kyriacos Kakouris. "This support will help the country respond more quickly and effectively when disaster strikes, protect lives and better prepare for natural disasters and pandemics." The investment is part of the EIB Group’s EU-wide Climate Adaptation Plan and follows an initial loan to Greece of 375 million euros in January 2021. "When I took charge of the portfolio at the Ministry of Climate Crisis and Civil Protection, I pledged to the prime minister and my fellow citizens that I would implement the Aegis program as quickly as possible," Minister Vassilis Kikilias said. "It is a significant, emblematic program for which Prime Minister Kyriakos Mitsotakis secured funds worth 2.1 billion euros with the aim of upgrading the civil protection and protecting the country against the natural disasters caused by the rapidly evolving climate crisis across the planet. I am proud that within a few months we have managed not only to put all of the projects to tender, but we are also progressing to the next stage, their contractualization. I want to warmly thank the EIB, which is one of the three sources of funding for Aegis, for the excellent cooperation that we have developed during the effort to implement a program that is vital for the protection of human life, fellow citizens’ property and, of course, the environment and our country’s forestry resources," he said. Alternate Minister of Economy and Finance Nikos Papathanasis said, "Dealing with the consequences of the climate crisis is one of the biggest challenges the modern world faces. The destruction caused by storm 'Daniel' show the importance of common European policy, the effectiveness of European funds and the part played by programs like Aegis. The Greek government continues to be in the front line and to cooperate with organisations like the EIB for the benefit of civil protection and the protection of the environment." The new loan, along with the one in 2021, represents the first targeted direct EIB support for civil protection and disaster preparedness in Greece. It is also the largest amount of EIB aid for disaster management and response in Europe. The program, to be implemented until 2025, will restructure civil protection in Greece to enable quicker responses, strengthened local preparedness and coordination and improved equipment.

The 9th Delphi Economic Forum will focus on the multifaceted transitions the world is experiencing in geopolitics, climate, technology, and several other sectors, he said. During all four days, vigorous and impactful discussions about the state and future of our societies will be held, by some of the most important current minds in politics, business, diplomacy, and civil society. As in previous years, the forum comes under the auspices of Greek President Katerina Sakellaropoulou, who will also inaugurate it. Over 1,000 speakers from 70 countries are expected to attend, with world leaders including Ukrainian President Volodymyr Zelenskyy, and officials including OECD Secretary-General Mathias Cormann and European commissioners, among others.   The six central thematic pillars of the forum are geopolitics (delving into global geopolitical dynamics, understanding power shifts, and fostering diplomatic dialogues), the planet (exploring sustainable solutions for our planet, focusing on environmental challenges and innovative ecological initiatives), sustainable economy and finance (driving discussions on sustainable economic growth and responsible financial practices for a better future), the future (top leaders from across sectors in an effort to spark dialogue, inspire change and shape global future), people (focusing on societal development, human rights, and the empowerment of individuals in a changing world), and education (redefining education for the 21st century, emphasizing innovation, inclusivity, and lifelong learning), with discussions touching on issues of radical transitions in them. Greek issues will be well represented in thematic units (for example, health, education, business, the green transition, infrastructure and real estate, among others), while there will also be a series of talks commemorating the 50th anniversary since the restoration of democracy in Greece (1974), and the 20th anniversary of the Olympic Games in Athens (2004). The forum’s schedule was designed in collaboration with major Greek and international think tanks and foundations.

The projection is lower than a government estimate of 2.9% expansion. "Private consumption and investment will continue to be the main driving forces of growth...while increased investment activity will lead to considerably higher imports," Stournaras told the Greek central bank's annual shareholders meeting in Athens. Slower growth in Europe and geopolitical challenges would weigh on Greek domestic output, he said. The Greek economy, which has outperformed those of other euro zone countries after exiting a decade-long debt crisis in 2018, grew by 2.0% last year, according to seasonally unadjusted data, with lower-than-expected investment and the cost of devastating floods weighing on public finances.

In 2023 the group introduced a new hotel concept, the Amyth Hotels, on Mykonos island. The first hotel began operation in April 2023 in Agios Stefanos, while a new Amyth Hotel will open in the popular Super Paradise area in May 2024, at  fully renovated complex consisting of 50 rooms, suites and villas. At the same time, the group will provide the Greek market with upgraded hotel management services through partnerships with asset owners as well as with existing hotel owners.

Based on ELSTAT's data on the sectors of economic activity with the largest contribution to the total turnover, according to the data of the Statistical Register of Businesses in 2020, the largest increase in the number of new business registrations, in 2023 compared to 2022, was recorded in the sector "Construction" (16.1%) and in the sector "Transport and Storage" (16.1%), while a decrease was recorded in the sector "Supply of Electricity, Natural Gas, Steam and Air Conditioning" (56.1%) and in the "Information and Communication" sector (3.7%). Business bankruptcies stood at 11, while business bankruptcies for 2022 are not published for reasons of statistical confidentiality regarding the protection of the identity of businesses. New business registrations for the entire economy in the fourth quarter of 2023 amounted to 27,542, showing a decrease of 9.2% compared to the fourth quarter of 2022 which had reached 30,316 and an increase of 18% compared to the third quarter of 2023 which had risen to 23,350. For the sectors of economic activity with the largest contribution to the total turnover, according to the data of the Statistical Register of Businesses in 2020, the largest increase in the number of new business registrations, in the fourth quarter of 2023 compared to the fourth quarter of 2022, was recorded in the "Transport and Storage" sector (37.2%) and in the "Construction" sector (13.4%), while the corresponding largest decrease was recorded in the "Electricity, Natural Gas, Steam and Air Conditioning" sector (65.4 %) and in the "Information and Communication" sector (25.8%). Business bankruptcies in Q4 2023 were 5, compared to 3 in Q4 2022. By Large Geographical Region of Greece, the sectors of economic activity in which the largest number of new business registrations occurred: *Northern Greece: "Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles", with 984 entries out of a total of 6,112. *Central Greece: "Agriculture, Forestry and Fisheries", with 1,978 entries out of a total of 6,201. *Attica: "Professional, Scientific and Technical Activities", with 2,211 entries out of a total of 11,602. *Aegean Islands - Crete: "Agriculture, Forestry and Fisheries", with 1,370 entries out of a total of 3,627. By category of Legal Form of business, the sectors of economic activity in which the largest number of new business registrations were recorded are: *Individual Businesses: "Agriculture, Forestry and Fishing", with 4,732 entries out of a total of 17,908. *Personnel Businesses: "Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles", with 984 entries out of a total of 4,471. *Capital Enterprises: "Real Estate Management", with 114 entries out of a total of 464. *Other Legal Forms: "Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles" with 794 entries and "Real Estate Management" with 794 entries, a total of 4,699.

"Among others, there will be an announcement on a new increase in the minimum wage, the fourth in almost 5 years. The minimum wage, from 650 euros a month in 2019, has now reached 780 euros [a month], while the average wage is up to 1251 euros a month from 1046 in 2019," he said, adding that the other items on the meeting's agenda are to be announced later. He also referred to the figures for GDP per capita, in response to criticism from main opposition SYRIZA-Progressive Alliance, citing figures released by the European Commission: "It is well worth pointing out that the European Commission published figures for 2023 which refer to real GDP per capita and to GDP per capita in purchasing power standards. Regarding the first figure, this takes inflation into account in 2023 as well and shows Greece to be a champion for its increase in the EU, with a performance of 2.5% (from 18690 euros in 2022 to 19150 euros in 2023). In the same year, real per capita income in the EU was flat. Overall, real per capita income during the period 2019-2023 in Greece increased at a rate that was more than double the European average: at 2.1% instead of 1%," Marinakis said. "The numbers speak for themselves and don't require many explanations. During the governance of Kyriakos Mitsotakis, the real per capita income increased at a rate more than double that of the EU. This happened because, in spite of the major and successive external crises, the government is implementing an effective economic policy, as reflected by the rise in employment by approximately 400,000 new jobs and the real increase in private-sector wages in the last four years, by 6.1%," he added.

In 2022, Lamda Development's investment portfolio value exceeded 3.0 billion euros, while revenue from house and commercial property exceeded 220 million euros. Athanasiou said that this year Lamda Development will launch the signing of purchase contracts for condos on the beachfront. Lamda Development said its retail EBITDA totaled 68.6 million euros in 2022, up 51% from 2021, a new record. The portfolio value GAV on the Ellinikon project was 1.95 billion euros, up 159 million from a year earlier, while net asset value was 1.36 billion euros, or 7.78 euros per share, down 5.0 million euros from 2021.

The news is a further sign of Greece's economic rebound following the 2010-18 crisis in which the economy shrank by a quarter, unemployment soared, street protests raged and the country nearly fell out of the eurozone. After years of relative stability, investors have come back. The state recently sold its stake in three major banks, raising more than 2 billion euros ($2.17 billion). The latest sale, of a 27% stake in Piraeus Bank, was oversubscribed eight times. "We had very significant interest expressed by many investors and that's why we are aiming at finishing this process by the end of this year," Finance Minister Kostis Hatzidakis said in an interview. Under an agreement with creditors, Greece has until the end of 2025 to complete the sales but decided to move faster. Its remaining 18.4% participation in National Bank (NBGr.AT), opens new tab, the country's largest lender, and 72% in the smaller Attica Bank (BOAr.AT), opens new tab, will be sold this year, he said. "We found that there was no reason to delay, to drag our feet." RECORD SALES Greece last year regained investment grade status after 13 years in the "junk" category caused by its overwhelming debt load, and started the process of divesting from the bailed out banks. U.S. stocks ended mostly down on Friday, but the S&P 500 registered its biggest weekly percentage gain of 2024. It remains the eurozone's most indebted nation, but Prime Minister Kyriakos Mitsotakis' centre-right government, which won a second term last year, has overseen a period of recovery. The government expects to raise 7.1 billion euros from 10 privatisations that have been concluded or will be taking place in the last 8 months, a record sum that Hatzidakis says will cover its 2024 budget target of 5.7 billion euros. The government last month sold 30% of Athens International Airport in an initial public offering for 790 million euros. This year it expects to raise about 4.6 billion euros from concession deals for two toll roads and plans to sell stakes in ports and marinas on the island of Crete and in central Greece. "We are determined to continue more or less the same way, pressing ahead with all necessary structural reforms just to transmit the message that this country has became a business friendly country," Hatzidakis said. Greece's economy expanded by 2% last year, slightly lower than the Finance Ministry's projection but still way above the eurozone's average of 0.4%. It expects growth of 2.9% this year, buoyed by tourism, increased investments and domestic demand. As investors flock in, Greece will raise the investment threshold for golden visas to foreigners who invest in real estate in major cities and popular islands to 800,000 euros from 500,000 euros, Hatzidakis said. "An amendment (on the issue) will be tabled to the parliament probably this week," he said. ($1 = 0.9224 euros)

The program has attracted investors in several popular Greek areas, where it has contributed to raided real estate prices. The requirements for new investors are part of measures the government has initiated to alleviate the difficulties of Greeks, especially younger couples, in finding affordable housing. New measures include a three-tier approach on investment reqauirements, based on the geographic location and on those who wish to invest on historically registered buildings. As National Economy & Finance Minister Kostis Hatzidakis has announced previously, the following will go into effect as of March 31: - In the regions of Attica and Thessaloniki, on Myconos, Santorini and islands with over 3,100 residents, a buyer interested in acquiring a five-year residence permit must invest 800,000 euros for a single property at a minimum. In the rest of Greece, the minimum will be set at 400,000 euros. In all cases, the total should involve a single property of at least 120 square meters in surface area. Joint ownership of a single property is also possible. - For buyers wishing to change use of a building into residences, the minimum investment will be set at 250,000 euros. The change into residences must have been completed before the application for the Golden Visa. In addition, the same minimum is set for buying a historically registered building, to encourage investment in a sector where several current owners cannot finance restoration, leading to the building's gradual demise. - Golden Visas may be renewed for another 5 years as long as the buyers retain ownership and, in the case of registered buildings, have completed the restoration before renewal. The residence permit of someone who sells the property is revoked and the new buyer becomes eligible for one. - Investors may rent out the properties, but short-term leasing is forbidden. If a building is turned into residences, using the renovated residences as business offices is also forbidden. Violation of any of these terms incurs a fine of 50,000 euros and the residence permit is revoked. - Non-EU buyers may also acquire a residence permit through a long-term contract related to a tourist residence or timesharing agreement, with pricing related to the location (e.g. 800,000 euros in Attica Region, 400,000 euros elsewhere, etc.) Greece's Golden Visa program was the most popular globally in 2023, according to real estate officials. Migration Ministry data also shows record demand in 2023 (10,214 applications for initial visa-related acquisitions or renewals). A total of 5,701 permits for Golden Visa were granted Jan.-Dec. 2023 (4,231 were first-time investors and 1,470 were renewals), based on applications made from 2018 to December 2023. Assessments showed that investments reached at least 1 billion euros in the year, with 4,231 being issued for a minimum purchase of 250,000 euros. Currently, 8,800 applications are pending.