Q2 2024 Lamda Development SA Earnings Call Transcript
Key Points
- EBITDA before valuations grew over 70% year-over-year, reaching EUR46.5 million.
- Operating malls achieved record tenant sales of EUR375 million, a 6% increase year-over-year.
- Strong leasing activity with renewals and re-lettings generating 16% higher rental income.
- Marinas' EBITDA increased by 9% to almost EUR10 million, with 100% occupancy in mega yacht marinas.
- Ellinikon project showed significant progress with cash proceeds from property sales approaching EUR800 million.
- Challenging market conditions due to high demand for public and private sector projects and a tight labor market.
- A one-time write-off associated with the redesign of the Ellinikon Mall, impacting financial results.
- Deferred revenue not yet recognized as P&L revenue amounted to EUR277 million, affecting short-term financial visibility.
- The market for office development remains weaker, leading to redesigns and potential delays.
- Uncertainty in the market conditions may affect the timing and profitability of future transactions.
Ladies and gentlemen, thank you for standing by. I'm [Constantinos] Call operator. Welcome, and thank you for joining the Lamda Development conference call and live webcast to present and discuss the first-half 2024 financial results.
At this time, I would like to turn the conference over to Mr. Apostolos Zafolias, Chief Strategy and IR. Mr. Zafolias, you may now proceed.
Thank you. Good afternoon, ladies and gentlemen, and good morning to those of you calling in from the US. Thank you for joining Lamda's first-half 2024 results call. On today's conference call, I'll open the call going over some key highlights of our results and corporate developments. Harris Goritsas will then discuss the financial performance and results for the period, and we will then open the call up to Q&A.
Just to note that during our remarks, we will be referring to certain slides of the results presentation that has been posted on both the corporate website as well as the
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