Three malls are on track to fully recover from pre-pandemic times (Athens Mall, Golden Hall, Mediterranean Space) from Lambda Developmentas seen from the picture of the first semester of this year. In particular, total operating income was €31.1 million, up 93% compared to 2021 and slightly down (around €1 million) from the historically strong operating income of 2019 (€32 million).

At the same time, the turnover of shopping center stores was only 7% lower than the corresponding period in 2019, while in the case of Golden Hall it was 6% higher. In terms of traffic, it was down 32% (compared to 2019), with the largest drop of 51% recorded at The Mall Athens. This is an effect that, according to Lamda Development management, is due to the consequences of the pandemic, that is, the increased transition of consumers to electronic sales. Despite all this, the average spend per visitor in the first half of the year increased by 38% compared to 2019, partly due to the price increases that have occurred since then. Overall, the Lamda Group recorded a consolidated loss of EUR 22.2 million in the first half of this year, compared to a profit of EUR 224.6 million in the corresponding period last year, when a positive revaluation impact of EUR 306 million was recorded. , investment property value in Elliniko. It should be noted that the company is recording a profit of 15.3 million euros this year, if the costs of 19 million euros on Hellinicon and the financial costs of 18.4 million euros related to the accounting recognition of future expenses of Hellinicon and , in particular, the purchase price of the area. The obligations for the implementation of infrastructure projects that will be transferred to the Greek state have not been calculated.

The operating profitability of the group’s shopping centers increased by 93% in the first half of the year, to 31.1 million rubles.

At the operating margin level, total consolidated operating income (EBITDA) before portfolio evaluation was €25 million, up 66% compared to 2021. It should be noted that in the first half of this year, the profit from the valuation of shopping centers for 21 million euros to 893 million euros, and an additional amount of 10.5 million euros relates to the profit from the value of investment property Hellinikon.

The company’s management continues to plan for the signing of the final sales contracts for the first part of the Hellinikon projects, in particular, plots for luxury beachfront villas, the Riviera Tower apartment building and The Cove Residences. difficult. In total, revenues of more than 1 billion euros are expected. In particular, the villa plots are estimated to generate €190 million in revenue, the residential tower is estimated to generate €600 million in revenue, and The Cove Residences is expected to generate €270 million in revenue. It is estimated that most of these revenues were collected by the end of 2023 – the first half of 2024, which contributed to the financing of the remaining projects in Elliniko. In other words, it is possible that all the loans that Lamda has received (through an open line of credit) from Eurobank and Piraeus Bank totaling 1.18 billion euros will not be used.