Lamda Development SA Q3 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Stathis Kaparis - AXIA Ventures Group - Analyst : Hi, everyone. Congrats on solid set of results. I got three, if I may. The first one is on Riviera Tower and the construction. What are the main levers that will drive the acceleration in the building process going forward, mainly in the next year? The second one is on Ellinikon Malls ahead of terms agreements. Can you give us some color on the process in light of the year-end targets as well? I mean how strictly do you want to comply with those targets? And how much flexibility would you like to have to achieve better pricing? And the third one is -- apologies on the NAV, there are some changes on the Ellinikon and Ellinikon Malls as well, if you can comment on those? And also, what is the reason for the operating malls NAV drop in Q3? I mean operating performance is better year on year. Thank you.

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A. - Analyst : Good afternoon, everybody. And thank you for taking my question. I --

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A. - Analyst : Can you hear me better now?

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A. - Analyst : Okay. Good afternoon. Thanks for taking my question. I was wondering if you could -- I don't know if you could share actually. Anything about the tender of the land plot areas, the new tender that we are expecting on the land plot areas at Poseidonos Avenue, which was in the news a little time ago. If you have any further info with the big residential news on this because I understand that you like (technical difficulty) land plot sales and then this will be moving on to sales proceeds as it has already done. So I was wondering if you have anything further on that. That is one question. And I also have one more on the debt for the Ellinikon Malls, if we time line there. And when can we expect this to start coming? Thank you.

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A. - Analyst : That's exactly. Correct.

Question: Natalia Svyrou Svyriadi - Eurobank Equities Investment Firm S.A. - Analyst : Okay. Okay. Great. That's clear. Thank you. May I ask one more question if you can answer it? In the tower, how much the percentage of completion of the construction we see in the nine-month period? If you could share this number because it's significant for the revenue recognition. So I was wondering if we could have the percentage.

Question: Jakub Caithaml - WOOD & Company - Analyst : Hi. Jakub here. Thanks for the presentation. A couple from my side, I would prefer to ask one by one. Just following on Natalia. I didn't hear you well, Apostolos, you mentioned that you're looking to sell another 40,000 square meters of additional residential land plot by which date? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 14, 2024 / 4:00PM, LMDr.AT - Q3 2024 Lamda Development SA Earnings Call

Question: Jakub Caithaml - WOOD & Company - Analyst : Got you. Thanks. And for the first phase, would this be it? Or are there any notable land plots that you would also be looking to sell maybe this year, next year '26?

Question: Jakub Caithaml - WOOD & Company - Analyst : Got it. Then could you remind us, including the branded residences and condos sort of taking all the apartments in the first phase together that are intended for sale, how many there are in total roughly and how many have been sold so far?

Question: Jakub Caithaml - WOOD & Company - Analyst : Got it. Thanks.And this would also include the branded residences?

Question: Jakub Caithaml - WOOD & Company - Analyst : Right. Because I thought that in some of the JV projects, essentially, there will be also sort of serviced apartments.

Question: Jakub Caithaml - WOOD & Company - Analyst : Got it. Understood. And can you remind us on the land plots, which you have sold recently to the third-party developers, how many apartments can we expect to see developed there? And do you understand what kind of time frame they have in mind? I mean will this overlap with the first phase? Or is this only later on that this will be sort of start to be put on market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 14, 2024 / 4:00PM, LMDr.AT - Q3 2024 Lamda Development SA Earnings Call

Question: Jakub Caithaml - WOOD & Company - Analyst : Great. I hear it. Thanks a lot. Final one from my side. You mentioned also in the report that you have spent over EUR170 million in Ellinikon CapEx year-to-date. As we're getting closer to '25, could you share your estimates with us, how much do you expect to spend in CapEx for the Ellinikon in '25? And sort of following on Natalia's question, could you give us some rough indication on how much CapEx do you think you could spend on the two Ellinikon Malls next year? Thank you.

Question: Jakub Caithaml - WOOD & Company - Analyst : Thanks. And any indication for the Ellinikon Malls?

Question: Spiros Tsangalakis - Pantelakis Securities S.A. - Analyst : Hi, guys. Congratulations on the good results. I just want to ask about this property management company, facility management company that you've been discussing. Are there any numbers that you can disclose? What sort of revenue are you looking at? And another question. Given all the sales that are happening, do you think you could pay a dividend at some point?

Question: Spiros Tsangalakis - Pantelakis Securities S.A. - Analyst : Or if I may add, sorry, if I may add or accelerate the buyback given you're selling at 3, 4 times book, your stock is trading at 0.8, 0.9 times now, if I'm correct?

Question: Spiros Tsangalakis - Pantelakis Securities S.A. - Analyst : Excellent. And one final one. Will this 40,000 square meters that you're planning to sell at some point in the first half of 2025 be followed by other sales? Give us -- how successful these sales have been to date?