LAMDA Development: malls and marinas achieve new record high - Ellinikon project sees first profitable year
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.
