Consolidated Financial Results - Lamda Dev€¦ · plan) is 2.773.937 at an average acquisition cost of €6,41 per share. Dividend yield 8.6% •Eurobank Properties market price

September YTD 2010

Consolidated FinancialResults

1

Consolidated Financial Results – September YTD 2010 2

Recurring EBITDA increased by 6.4% to € 33.2 million

Occupancy approaching 100%

NAV decreased by 8% vs Dec. 2009 (valuations/EurobankProperties)

Liquidity remains strong – LTV at 44% - Cash availability exceeds€ 200 million

Focus on retail sector, geographical diversification, liquidity, riskand cost management

Consolidated Financial Results – September YTD 2010

• NAV Sep. 2010 vsDec.2009 -8%

• 65% discount of market price € 4.04 @12/11/2010 vs NAV per share of € 11,3

• Total market cap178 m. as of 12/11/10 vs NAV 461m.

Net Asset Value

Net Asset Value Per Share (excl. treasury shares)

Sept. 2010 Dec. 2009 Dec.2008

461

502486

M e

uro

s

-8%

+3%

Sept. 2010 Dec. 2009 Dec.2008

11,3

12,3

11,5

3


• Treasury shares 7.5% at €5,69 average cost.

• Total number of purchased Eurobank Properties shares (new plan) is 2.773.937 at an average acquisition cost of €6,41 per share. Dividend yield 8.6%

• Eurobank Properties market price on 30/09/2010 €6,00

NAV Reconciliation

Eurobank Properties valuation

(in € million)

4

Number of shares

MV 31/12/09 in

€ mil.

MV 30/09/10 in

€ mil

Total profit/loss

in € mil.

Eurobank Properties shares on 31/12/09 @ 8,3

8.455.037 70,2 50,7 -19,5

Acquisition cost

Shares acquired in 2010 550.950 3,2 3,3 0,1

Totals 9.005.987 73,4 54,0 -19,4

NAV 31/12/2009 (in € mil.) 502

Net profit of the period -16,1

Share buy back program cash outflow -0,5

Eurobank Properties share devaluation -19,3

Other elements -4,7

NAV 30/09/2010 461,4


Sept. YTD: 2010 VS 2009

• Recurring EBITDA increased by 6%

• EBITDA decreased due to valuation losses of 26.1m.

• Net loss was also affected by extraordinary income tax provision of 2.5 m.

5

Recurring EBITDA EBITDA Pre-tax Profit Net Profit

33,2

1,3

-14,1 -16,1

31,2

22,0

5,6

1,5

2010 2009


Sept YTD: 2010 VS 2009

• Recurring EBITDA from retail sector increased by 3%.

• Dividend revenue increased by 15% (€ 0.7m.) mainly due to increased participation in Eurobank Properties.

• 5% overheads reduction due to on going cost containment program

Recurring EBITDA

Retail EBITDA

(in € million)

The Mall Athens Med. Cosmos Golden Hall Total Retail EBITDA

11,5 11,5

6,4

29,4

11,5 11,4

5,7

28,6

2010 2009

Retail EBITDA Offices & Marina Dividends & participations

Overheads Recurring EBITDA

29,4

5,5 5,3 -7,0

33,2

28,6

5,4 4,6 -7,4

31,2

2010 2009

6

The Athens Mall is consolidated on a proportional basis (49.24 %) for published results purposes


Sept. YTD: 2010 VS 2009

• The Group performs independent valuations in June and December.

• Capitalizations rates used in Property valuations up by 25 bps across the board

• Other expense relates mainly to fixed assets improvements and extraordinary marketing.

(in € million)

7

Recurring EBITDA

Valuations Other income -expense

EBITDA Net Interest Depreciation Minorities Taxes Net Profit

33,2

-26,1

-5,8

1,3

-13,5

-1,8 -0,6

-1,5

-16,1

31,2

-4,7 -4,5

22,0

-14,7

-1,7 -1,9 -2,1

1,5

2010 2009


• VAT receivable decreased by 3.5m. The remaining is to be recovered in 3 years.

• Cash balance decreased by 14.7 m. mainly due to income tax payment, loan repayments , Eurobankproperties shares acquisition and FlisvosMarina north pier construction costs.

(in € million)

8

Sept . 2010 Dec. 2009

Investment Property 651,6 675,2

Fixed Assets & Inventory 182,1 183,5

Available for sale (EFG Properties) 54,0 70,2

Total Investment portfolio 887,7 928,9

Cash 202,0 216,7

VAT Receivable 16,8 20,3

Other Receivables & accruals 46,8 42,1

Total Assets 1.153,3 1.208,0

Bank Debt 599,3 607,6

Payables 46,1 51,9

Deferred Tax Liability 58,2 61,8

Total Liabilities 703,6 721,3

Share Capital 217,2 217,7

Retained Earnings 192,9 228,8

Minorities 39,6 40,2

Total Equity 449,7 486,7

Total Liabilities & Equity 1.153,3 1.208,0

NAV 461,4 502


In € million

By Sector

By Country

60,5%

5,6%12,4%

20,4%

1,0%Retail

Offices

Other Income Generating Assets

Land

Other Assets

85%2%

11%

2%

Greece

Bulgaria

Serbia

Romania

9

Sept

2010

Dec.

2009

Investment Portfolio

Retail 542,4 562,9

Offices 50,3 53,0

Other income generating

Assets111,5 127,1

Land 182,5 184,4

Other Assets 9,4 9,6

Total 896,1 937,0

*Includes minority

participations in two

properties

8,3 8,1

Balance Sheet Total 887,8 928,9


(In € million)Retail - Offices - Income Generating Assets

10

% Yields

Name Value LAMDA Dev. %Balance Sheet

Value

Valuation

MethodSept. 10 Dec.09 Sept.09

Retail

The Mall Athens 521,2 49,24 256,6 Fair Value 6,6 6,5 6,5

Mediterannean Cosmos 171,6 60,1 171,6 Fair Value 9,0 9,0 8,7

Golden Hall 114,2 100 114,2 Fair Value 7,2 6,8 7,1

Total 807 542,4 7,5 7,4 7,2

Offices

Cecil 26,6 100 26,6 Fair Value 7,3 7,0 7,1

Kronos 11,3 80 11,3 Fair Value 8,0 7,9 7,9

Othonos 8,2 100 8,2 Fair Value 7,5 7,2 7,7

Ploesti Building 10,4 40 4,2 Fair Value 9,8 9,8 8,5

Total Office 56,5 50,3 7,7 7,5 7,5

Income Generating Assets

Kronos Parking 7,6 100 7,6 Fair Value 8,0 7,5 7,5

Koropi 7,2 80 7,2 Cost

Flisvos Marina 38,6 47,11 38,6 NBV

Metropolitan Expo 35,4 11,67 4,1 NBV

EFG Properties Shares 366,0 14,76 54,0Market

[email protected]

Total Income Gen. Assets 454,8 111,5


Above chart represents 100% operational results for the Shopping center.

The Athens Mall is consolidated on a proportional basis (49.24 %) for published results

purposes.

• EBITDA remains flat

• Revenue decreased by 0.3 m.

• Number of visitors 8.4 m. decreased by 5%

• Shopkeeper sales decreased by 10%

(in € million)

11

Base Turnover Parking Other Total Revenue

Mngm. Fee Other costs EBITDA

21,8

1,4

3,3

0,7

27,2

-1,4 -2,5

23,3

21,2

2,23,6

0,5

27,5

-1,6 -2,6

23,3

2010 2009


• EBITDA remains flat.

• Revenue increased by 1%

• Number of visitors 6 m. decreased by 1%.

• Shopkeeper sales decreased by 8%

(in € million)

Base Turnover Other Total Revenue

Mangmnt fee Lease-hold& Other costs

EBITDA

14,4

0,6 0,7

15,7

-0,8

-3,4

11,5

13,9

1,0 0,6

15,5

-0,9 -3,2

11,4

2010 2009

12


•EBITDA increased by 12%.

•Number of visitors 2.3 m.

•Car frequency up 56%

•Shopkeeper sales increasedby 5.5%

(in € million)

13

Base Turnover Parking Other Total Revenue

Mangmnt fee

Lease-hold & Other costs

EBITDA

13,1

0,1

1,1 0,3

14,6

-0,5

-7,7

6,4

12,6

0,2 1,0

0,0

13,8

-0,5

-7,6

5,7

2010 2009


Land and Other Fixed Assets(In € million)

14

Name Initial cost Value LAMDA Dev. %Balance Sheet

Value

Valuation

Method

Land

Spata 16,0 32,0 100 32,0 Fair Value

Viltanioti 8,3 8,3 50 4,2 Cost

Aegina (Residential) 13,6 13,6 100 13,6 Cost

Sofia / Dragalevtsi (Residential) 3,9 3,9 100 3,9 Cost

Sofia / Ring Road (Mixed) 5,4 8,5 50 4,2 Fair Value

Sofia / V.Levski Blvd. (Mixed) 14,7 12,5 100 12,5 Fair Value

Belgrade / Vrakar (Residential) 3,0 3,0 100 3,0 Cost

Belgrade / Kalemegdan (Mixed) 56,2 56,2 100 56,2 Cost

Belgrade (Mixed) 77,7 77,7 50 38,8 Cost

Montenegro / Budva (Residential) 4,0 4,0 100 4,0 Cost

Bucharest / Pitesti (Logistics) 3,4 4 90 4 Fair Value

Bucharest (Residential) 9,8 6,1 100 6,1 Cost

Total Land 216,0 229,8 182,5

Other Assets

Other Fixed Assets 9,4 100 9,4


Sep. 30, 2010 Dec. 31, 2009

Debt per Project

The Mall Athens - 2014 (HSBC) 126 126

Medit. Cosmos Mall - 2020 (Eurohypo) 100 104

Marina - 2019 (Bank of Cyprus) 27 28

Golden Hall -2014 (Alpha,Eurobank,HSBC) 62 65

Other - 2014 (Alpha,Eurobank,Piraeus,Emporiki) 49 50

Lamda Development

(Alpha,Millennium,Eurobank,Piraeus,Emporiki) 235 235

Total Debt 599 608

Cash 202 217

Net Debt 397 391

30/9/2010 31/12/2009

Debt Highlights Debt Ratios

Long Term 98%Net debt /Investment portfolio (LTV) 44% 42%

Total interest rate cost 3,82%

Average debt maturity 4 yearsNet debt /Book equity 88% 80%

No major refinancing until 2012

Loan covenants are comfortably met Sensitivity Analysis

Interest rates hedged for 52% of total loans25bps change in loans linked to EURIBOR- Effect on Group's annual interest expense 0,8

Euro M.


CAP Rates Sensitivity

MALL MC GH Offices

NAV change from 0,25% cap rate change 20,8 5,0 4,0 1,9

Lamda Development share in euro M 10,2 3,0 4,0 1,9 19,2

EBITDA Sensitivity

MALL MC GH Offices

NAV change from 1M NOI change per project 15,3 11,2 13,7 -

LAMDA Development share in euro M 7,5 6,8 13,7 - 28,0

Total cap rates and EBITDA sensitivity 47,1


01/01/2010 – 30/09/2010

17

40

50

60

70

80

90

100

110

31/1

2/0

9

22/0

1/1

0

13/0

2/1

0

07/0

3/1

0

29/0

3/1

0

20/0

4/1

0

12/0

5/1

0

03/0

6/1

0

25/0

6/1

0

17/0

7/1

0

08/0

8/1

0

30/0

8/1

0

21/0

9/1

0

LAMDA = -49,9% - 3,80

ASE = -33,0% - 1471,04

MID-40 = -37,3% - 1639,07


as of 09/11/2010

57,20%

5,60%

10,90%

16,23%

6,84%3,23%

COLSOLIDATED LAMDA HOLDINGS

EFG EUROBANK ERGASIAS

INTERNATIONAL INVESTORS

GREEK INSTITUTIONAL

LAMDA DEVELOPMENT S.A.

PRIVATE INVESTORS

Total number of shares : 44.029.950

18


DISCLAIMERThis presentation has been prepared by Lamda Development S.A. (the “Company”).The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and noreliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company,shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoeverarising from any use of this document or its contents or otherwise arising in connection with this document.Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards (‘IFRS’).This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be reliedupon in connection with, any contract or commitment whatsoever.The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. Noperson is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject tochange without notices. This presentation is subject to any future announcements of material information made by the Company in accordance with law.This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are notRelevant Persons (as defined below). Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person.This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any otherperson, whether or not they are a Relevant Person. Nor should the recipient use the information in this presentation in any way which would constitute "marketabuse". If you have received this presentation and you are not a Relevant Person you must return it immediately to the Company. This presentation does notconstitute a recommendation regarding the securities of the Company.

FORWARD LOOKING STATEMENTSThis document contains forward-looking statements.Except for historical information, the matters discussed in this presentation are forward-looking statements that are subject to certain risks and uncertainties thatcould cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities to differ materially, including but not limited tothe following: the uncertainty of the national and global economy; economic conditions generally and the Company’s sector specifically; competition from otherCompanies.Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that

its expectations will be attained. The forward-looking statements are made as of the date of this presentation, and we undertake no obligation to publicly update orrevise any forward-looking statement, whether as a result of new information, future events or otherwise.By attending this presentation, you agree to be bound by the foregoing limitations.

LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● GreeceTel: +30.210.74 50 600 ● Fax: +30.210.74 50 645

Web site : www.lamda-development.net

CEO : Mr. Odisseas Athanassiou ● E-mail : [email protected] Relations : Mr. Alexandros Kokkidis ● E-mail : [email protected]

Documents

Consolidated Financial Results - Lamda Dev€¦ · plan) is 2.773.937 at an average acquisition cost of €6,41 per share. Dividend yield 8.6% •Eurobank Properties market price