LAMDA Development: Annual General Meeting 2004-2005
Wednesday, 16 June 2004
PRESS RELEASE
Annual General Meeting 2004-2005: Completion of 700 million investment programme
The Annual General Meeting of the LAMDA Development group of companies took place today, Wednesday 16 June, in the presence of the companys shareholders at a central Athens hotel. The General Shareholders Meeting voted unanimously on all the matters placed on the agenda by the Board of Directors.
Prospects and Goals
In his opening speech, the Executive President of LAMDA Development, Mr. Apostolos Tamvakakis, welcomed the companys shareholders, stating:
Our goal is to shape and lead the markets in which we are active, securing a dynamic development and profitability for LAMDA Development and its business partners, for the benefit of all the shareholders. Focusing on expansion and innovation, we are developing strategic partnerships with domestic and international business ventures, and thus achieving our further advancement in the real estate development, infrastructure and innovative service sectors in Greece and abroad.
Furthermore, the Chief Executive Officer of LAMDA Development, Mr. Lambros Anagnostopoulos, presented the shareholders with the companys performance to date and analyzed the profitable prospects that are emerging during the upcoming period.
According to Mr. Anagnostopoulos: This year, LAMDA Development completes its fourth consecutive year of profitable operations, having laid down solid foundations for the companys future development. By the end of 2004, we will have completed the largest portion of the companys current 700 million investment programme, with a significant portfolio of real estate development projects amounting to 500.000 m2 buildable surface area. The company is already reaping tangible benefits from the immediate commercialization of its investments, while it is securing new contracts that will bring further income in the form of residential sales and lease contracts. We are constantly adjusting our business strategy and continuing our investments in the infrastructure sector both within Greece and abroad - a sector which is expected to develop rapidly over the next five years.
2003 Milestones Development of Investment Plan
A number of key milestones during the past year confirm LAMDA Developments dynamic course.
In the land infrastructure sector, LAMDA Development is in the final stages of its investment programme marking an important stage in both the companys development and the competitive strength of Greece in general. Specifically:
i) the Athens 2004 Media Village in Maroussi, that will be transform into ILIDA, a new landscaped suburb, and the first multi-use commercial and leisure centre of its kind in Greece;
ii) Mediterranean Cosmos, the largest shopping and leisure centre in northern Greece, for which contracts have already been signed with the Inditex Group (ΖΑRA, etc.), VILLAGE Roadshow Operations Hellas and the Masoutis Group of Companies; and
iii) the VIP Flisvos Marina that will accommodate the mooring needs of mega-yachts and large luxury vessels during the Olympic Games and beyond.
At the same time, the Kronos Business Centre in Maroussi and the Apollo Business Centre in Halandri have been successfully completed. Kronos has been leased to Procter & Gamble Hellas and Hyatt Regency, while the sale of the building was completed through a sale and lease back transaction with Emporiki Leasing. Αpollo has been sold to EGNATIA Insurance.
Furthermore, development of the luxury residential complexes Avra in Kefalari and Lake View Condominium in Romania is progressing rapidly, while 50% of the homes in both complexes have already been sold.
LAMDA Shipyards and Marine Services has commenced the companys investment programme for upgrading its facilities, whilst maintaining a steady course in its business activities. The company posted positive year end results, in spite of the temporary drop in the demand for shipbuilding and repair services during the first nine months of 2003.
At the same time, despite a challenging environment in the air transport sector, Swissport LAMDA Hellas increased its turnover by 20% and achieved positive EBITDA, for the first time since the beginning of operations. The companys economic upturn is attributed to an expanded customer base as well as to the containment of its cost base.
New Subsidiary
LAMDA Development announced the dynamic launch of LAMDA Hellix, its new subsidiary in the Wired Real Estate sector. The company develops and operates specialized Mission Critical Facilities and provides a wide range of outsourcing services.
Financial Results
LAMDA Development completed the year with profits before taxes that exceeded 5 million. The increase in turnover, invested capital and EBITDA confirm the companys growth, which is expected to continue upon the completion of its investment programme during the two-year period 2004-2005.
Dividends
With regards to the dividends, the Annual General Meeting of Shareholders agreed upon a payment of dividends at 0,06 per share for the year 2003.
Share performance
An equally significant development is LAMDA Developments appointment of National Securities as the companys Market Maker in the Athens Stock Exchange. As a result of this cooperation, daily trading activity increased twelve fold, excluding special large transactions, for the second half of the year compared to the first six months. At the same time, the companys share liquidity increased by 148%, facilitating the entry of additional minority shareholders.
Finally, having successfully fulfilled all the high entry standards, LAMDA Development officially entered the international stock market index, the EPRA / NAREIT Global Real Estate Index.
