213800C7PQZVF38FYL54 2022-01-01 2022-12-31 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 213800C7PQZVF38FYL54 2022-12-31 213800C7PQZVF38FYL54 2021-12-31 213800C7PQZVF38FYL54 2022-12-31 lamda:IssuedCapitalAndSharePremiumMember 213800C7PQZVF38FYL54 2022-01-01 2022-12-31 lamda:IssuedCapitalAndSharePremiumMember 213800C7PQZVF38FYL54 2020-12-31 lamda:IssuedCapitalAndSharePremiumMember 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 lamda:IssuedCapitalAndSharePremiumMember 213800C7PQZVF38FYL54 2021-12-31 lamda:IssuedCapitalAndSharePremiumMember 213800C7PQZVF38FYL54 2022-12-31 ifrs-full:TreasurySharesMember 213800C7PQZVF38FYL54 2022-01-01 2022-12-31 ifrs-full:TreasurySharesMember 213800C7PQZVF38FYL54 2020-12-31 ifrs-full:TreasurySharesMember 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 ifrs-full:TreasurySharesMember 213800C7PQZVF38FYL54 2021-12-31 ifrs-full:TreasurySharesMember 213800C7PQZVF38FYL54 2022-12-31 ifrs-full:OtherReservesMember 213800C7PQZVF38FYL54 2022-01-01 2022-12-31 ifrs-full:OtherReservesMember 213800C7PQZVF38FYL54 2020-12-31 ifrs-full:OtherReservesMember 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 ifrs-full:OtherReservesMember 213800C7PQZVF38FYL54 2021-12-31 ifrs-full:OtherReservesMember 213800C7PQZVF38FYL54 2022-12-31 ifrs-full:RetainedEarningsMember 213800C7PQZVF38FYL54 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 213800C7PQZVF38FYL54 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800C7PQZVF38FYL54 2022-01-01 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800C7PQZVF38FYL54 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800C7PQZVF38FYL54 2022-01-01 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800C7PQZVF38FYL54 2020-12-31 213800C7PQZVF38FYL54 2020-12-31 ifrs-full:RetainedEarningsMember 213800C7PQZVF38FYL54 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800C7PQZVF38FYL54 2020-12-31 ifrs-full:NoncontrollingInterestsMember 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 ifrs-full:RetainedEarningsMember 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800C7PQZVF38FYL54 2021-01-01 2021-12-31 ifrs-full:NoncontrollingInterestsMember 213800C7PQZVF38FYL54 2021-12-31 ifrs-full:RetainedEarningsMember 213800C7PQZVF38FYL54 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800C7PQZVF38FYL54 2021-12-31 ifrs-full:NoncontrollingInterestsMember xbrli:shares iso4217:EUR iso4217:EUR xbrli:shares
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LAMDA Development S.A.
ANNUAL FINANCIAL REPORT
(In accordance with Article 4 of Law 3556/2007)
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCORDING TO
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

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Annual financial report for the year ended 31 December 2022
1
Index of annual financial report
I. STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS ........................................... 3
II. ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS .......................................... 4
A. GROUP FINANCIAL POSITION ........................................................................................... 4
B. ALTERNATIVE PERFORMANCE MEASURES (“APMS”)............................................................. 8
C. SIGNIFICANT EVENTS UNTIL THE DATE OF THE FINANCIAL RESULTS ................................. 11
D. PROSPECTS, SIGNIFICANT CONTINGENT EVENTS AND RISKS FOR THE YEAR 2023 .............. 18
E. PENDING LITIGATION .................................................................................................... 21
F. RELATED-PARTY TRANSCATIONS .................................................................................... 22
G. BRANCHES ................................................................................................................... 22
H. NON-FINANCIAL POSITION OF THE GROUP ...................................................................... 23
I. CORPORATE GOVERNANCE DECLARATION ........................................................................ 67
J. EXPLANATORY REPORT OF THE BOARD OF DIRECTORS OF LAMDA DEVELOPMENT S.A. ........ 128
III. INDEPENDENT AUDITOR’S REPORT ............................................................................. 134
STATEMENT OF FINANCIAL POSITION (COMPANY AND CONSOLIDATED) ............................... 148
INCOME STATEMENT (COMPANY AND CONSOLIDATED) ....................................................... 149
COMPREHENSIVE INCOME STATEMENT (COMPANY AND CONSOLIDATED) ............................. 150
STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2022 .............................................. 151
STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) 2021 .............................................. 152
STATEMENT OF CHANGES IN EQUITY (COMPANY) 2022 ....................................................... 153
STATEMENT OF CHANGES IN EQUITY (COMPANY) 2021 ....................................................... 154
CASH FLOW STATEMENT (COMPANY AND CONSOLIDATED) ................................................. 155
NOTES TO THE FINANCIAL STATEMENTS ........................................................................... 157
1. GENERAL INFORMATION............................................................................................ 157
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ..................................................... 157
2.1 BASIS OF PREPARATION OF ANNUAL FINANCIAL STATEMENTS OF PREPARATION ......... 157
2.2 NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS .................. 159
2.3 CONSOLIDATION ................................................................................................... 161
2.4 SEGMENT REPORTING ............................................................................................ 163
2.5 FOREIGN CURRENCY TRANSLATION ......................................................................... 163
2.6 INVESTMENT PROPERTY ......................................................................................... 164
2.7 TANGIBLE ASSETS ................................................................................................. 165
2.8 INTANGIBLE ASSETS ............................................................................................. 166
2.9 IMPAIRMENT OF NON-FINANCIAL ASSETS ................................................................ 166
2.10 FINANCIAL ASSETS ............................................................................................ 166
2.11 OFFSETTING FINANCIAL INSTRUMENTS ................................................................ 169
2.12 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES .......................... 169
2.13 INVENTORIES .................................................................................................... 170
2.14 CASH AND CASH EQUIVALENTS ........................................................................... 171
2.15 SHARE CAPITAL – SHARE PREMIUM – TREASURY SHARES ....................................... 171
2.16 TRADE AND OTHER PAYABLES ............................................................................. 171
2.17 BORROWINGS .................................................................................................... 172
2.18 BORROWING COSTS ........................................................................................... 172
2.19 CURRENT AND DEFERRED INCOME TAX ................................................................ 172
2.20 EMPLOYEE BENEFITS .......................................................................................... 173
2.21 GRANTS ............................................................................................................ 174
2.22 PROVISIONS ...................................................................................................... 174
2.23 REVENUE RECOGNITION ..................................................................................... 175
2.24 LEASES ............................................................................................................. 176
2.25 DIVIDEND DISTRIBUTION ................................................................................... 177
3. RISKS MANAGEMENT AND FAIR VALUE ESTIMATION .................................................... 177
3.1 FINANCIAL RISK FACTORS...................................................................................... 177
3.2 CAPITAL RISK MANAGEMENT .................................................................................. 182
3.3 RISK MANAGEMENT UNIT ....................................................................................... 182
3.4 FAIR VALUE MEASUREMENT .................................................................................... 184
4. SIGNIFICANT ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENTS ...................... 184

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Annual financial report for the year ended 31 December 2022
2
4.1 SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS ...................................... 184
4.2 DECISIVE JUDGEMENTS OF THE MANAGEMENT FOR THE APPLICATION OF THE ACCOUNTING
PRINCIPLES ................................................................................................................... 185
5. SEGMENT INFORMATION ........................................................................................... 186
6. INVESTMENT PROPERTY ............................................................................................ 189
7. TANGIBLE ASSETS .................................................................................................... 193
8. INTANGIBLE ASSETS ................................................................................................ 194
9. INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES ........................... 196
10. INVENTORIES ....................................................................................................... 208
11. TRADE AND OTHER RECEIVABLES ........................................................................... 209
12. CASH AND CASH EQUIVALENTS .............................................................................. 211
13. RESTRICTED CASH ................................................................................................ 212
14. FINANCIAL INSTRUMENTS BY CATEGORY ................................................................. 212
15. SHARE CAPITAL AND SHARE PREMIUM ..................................................................... 213
16. TREASURY SHARES ................................................................................................ 213
17. OTHER RESERVES ................................................................................................. 214
18. BORROWINGS ....................................................................................................... 216
19. LEASES ................................................................................................................ 222
20. NET EMPLOYEE DEFINED BENEFIT LIABILITIES ......................................................... 225
21. TRADE AND OTHER PAYABLES ................................................................................ 226
22. PROVISIONS FOR INFRASTRUCTURE INVESTMENTS FOR HELLINIKON S.M.S.A. ............ 227
23. DERIVATIVE FINANCIAL INSTRUMENTS .................................................................... 228
24. DEFERRED TAX ..................................................................................................... 228
25. REVENUE .............................................................................................................. 232
26. EXPENSES RELATED TO INVESTMENT PROPERTY ....................................................... 233
27. EXPENSES RELATED TO THE DEVELOPMENT OF THE ELLINIKON SITE .......................... 233
28. EMPLOYEE BENEFITS EXPENSE ................................................................................ 234
29. OTHER OPERATING INCOME / (EXPENSES) - NET ...................................................... 234
30. FINANCE INCOME / (COSTS) - NET .......................................................................... 235
31. INCOME TAX ......................................................................................................... 235
32. COMMITMENTS ..................................................................................................... 237
33. CONTINGENT LIABILITIES AND ASSETS ................................................................... 238
34. RELATED PARTY TRANSACTIONS ............................................................................. 239
35. EARNINGS / (LOSSES) PER SHARE .......................................................................... 241
36. DIVIDENDS PER SHARE .......................................................................................... 242
37. AUDIT AND OTHER FEES ........................................................................................ 242
38. COMPARATIVE INFORMATION ................................................................................. 242
39. EVENTS AFTER THE REPORTING PERIOD .................................................................. 242
V.ANNEX – USE OF PROCEEDS ......................................................................................... 244
The financial statements are uploaded on the website www.lamdadev.com, the independent auditor’s report
and the annual report of the Board of Directors for the companies which are incorporated in the consolidated
financial statements of the Group.

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Annual financial report for the year ended 31 December 2022
3
I. STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS
STATEMENTS OF THE BOARD OF DIRECTORS OF “LAMDA DEVELOPMENT S.A.’’ FOR THE
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
(ACCORDING TO THE ARTICLE 4, Par.2(c) OF THE LAW 3556/2007)
We state to the best of our knowledge, that the annual financial statements of the Company and the Group of
“LAMDA DEVELOPMENT S.A.” for the year ended on December 31, 2022 which have been prepared in
accordance with the international accounting standards in effect, reflect fairly the assets, liabilities, equity and
the results of “LAMDA DEVELOPMENT S.A.”, as well as of the entities that are included in the consolidation
taken as a whole.
Furthermore, we state to the best of our knowledge that the Annual Report of the Board of Directors reflects
fairly the development, the performance and the status of LAMDA DEVELOPMENT S.A., as well as of the entities
that are included in the consolidation taken as a whole and includes a description of the main risks and
uncertainties they confront.
Maroussi, 2 May 2023
The undersigned
______________________
Anastasios K.Giannitsis
Chairman of the BoD
______________________
Odyssefs E. Athanasiou
Chief Executive Officer
_____________________
Evgenia G. Paizi
Member of the BoD

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Annual financial report for the year ended 31 December 2022
4
II. ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS
OF THE COMPANY «LAMDA Development S.A.» TO THE ANNUAL GENERAL MEETING OF
SHAREHOLDERS FOR THE FISCAL YEAR 01.01.2022 – 31.12.2022
Dear Shareholders,
According to the provisions of L.3556/2007 and the relevant decisions of the Capital Market Committee Board
of Directors, we present the annual Board of Directors’ report of “LAMDA Development S.A.” concerning the
Consolidated and Standalone Financial Statements for the fiscal year that ended on December 31, 2022.
A. GROUP FINANCIAL POSITION
According to the International Financial Reporting Standards, the main financial figures for the Group and the
Company for the fiscal year from 01.01.2022 to 31.12.2022 are as follows:
CONDENSED PRESENTATION OF CONSOLIDATED FINANCIAL RESULTS
(amounts in € million)
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Group operating result (EBITDA) before valuations
and other adjustments excluding Ellinikon project
54,4
39,6
Group operating result (EBITDA) before valuations and
other adjustments of Ellinikon project
(67,1)
(31,6)
Group operating result (EBITDA) before valuations
and other adjustments
(12,6)
8,0
Revaluation gains of Shopping Malls and other investment
properties
40,4
9,8
Revaluation gains of Ellinikon investment properties
105,6
315,5
Provision for impairment of inventories
(11,7)
(0,3)
Gain on disposal of investments in entities and investment
properties
0,1
2,1
Total Group operating result (EBITDA)
121,8
335,1
Net results (after taxes and non-controlling interests)
(31,4)
191,2
Consolidated revenues amounted to €141,7m compared to €79,1m of year 2021. The significant increase in
the Group's sales is mainly due to the impact of the Coronavirus COVID-19 pandemic on the revenue from the
operation of the Group's shopping malls in the base year 2021, as more specifically for the first semester of
2021 significant rent discounts were applied due to the mandatory exemption from the obligation to pay rents
by law. In addition, the Group lost in the first half of 2021 a large part of the revenue from the operation of
the car parking stations, revenue from the advertising exploitation of shopping malls and the variable
consideration on the sales of the shopkeepers, due to the lockdown and the reduction in traffic and the sales
of shopkeepers. At consolidated level in 2022, a positive effect on the change in revenue is the integration for
a period of almost 5 months (from 06.08.2022) of the newly acquired shopping mall Designer Outlet Athens
as well as Marina of Agios Kosmas, after the acquisition of the shares of HELLINIKON S.M.S.A. at the end of
June 2021. Additionally, within the second half of 2022, the Group recorded total sales from the exploitation
of the project in Ellinikon of €25,6 million and mainly concern (a) €21,9 million from residential projects
(contracted sales of apartments) and (b) €3,2 million from contracted land rentals and construction project
management and supervision services. It is noted that no revenue related to Ellinikon project was recorded in
2021.
Regarding operating results, Group operating result (EBITDA) before valuations and other adjustments
excluding Ellinikon project reached €54,4 million increased by 38% compared to 2021. The increase resulted
by (a) the significant increase of Shopping Malls operating result EBITDA as explained in detail above and (b)

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Annual financial report for the year ended 31 December 2022
5
the integration for a period of almost 5 months (from 06.08.2022) of the newly acquired shopping mall
Designer Outlet Athens (positive contribution in EBITDA of €3,7m).
The revaluation, by an independent appraiser, of part of the assets (Investment Properties) of HELLINIKON
S.M.S.A. improved the consolidated results of the fiscal year 2022 before taxes by €105,6 million, while the
revaluation of the Shopping Malls and other Group’s properties recorded profits of €40,4 million.
The total operating results (EBITDA) before valuations and other adjustments of the Ellinikon project amounted
to losses of €67,1 million compared to losses of €31,6 million in 2021 as the Group has significantly accelerated
the preparation and implementation of its strategic plan for the Ellinikon project. Consequently, the
consolidated net results of the Group, after taxes and minority rights, amounted to losses of €31,4 million
against profits of €191,2 million in 2021.
It is noted that the financial results of 2021 included the positive impact of €315,5 million compared to €105,6
million in 2022 that came from the revaluation, by an independent appraiser, of Investment Properties related
to the Ellinikon project. Excluding the net results of Ellinikon project, the Adjusted consolidated net results,
after taxes and minority rights, amounted to a profit of €3,0 million (versus a loss of €7,6 million in the
corresponding fiscal year 2021).
The operating results of Shopping Malls before valuations and other adjustments (Retail EBITDA) are as
follows:
(amounts in € million)
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
(%)
change
The Mall Athens
26,7
18,5
+44%
Mediterranean Cosmos
19,1
14,1
+36%
Golden Hall
19,1
12,8
+49%
Designer Outlet Athens
3,7
0,0
-
Retail EBITDA (Shopping Malls operating
result before valuations and other
adjustments)
68,6
45,4
+51%
EBITDA of Shopping Malls The Mall Athens, Golden Hall and Mediterranean Cosmos in 2022 amounted
to €64,9 million, increased by 43% compared to 2021, recording a new historical record-high operating
profitability (+1% compared to 2019, milestone year with historically high revenues). It is noted that the
operating result EBITDA of Shopping Malls in 2021 was adversely impacted by (a) the suspension of their
operation for an aggregate period of about 3 months
1
, and (b) the legal provision for rent discounts (40%
2
discount) to shopkeepers/tenants which applied for the entire period of first half of 2021 (January – June). In
2022, Shopping Malls operated with minimal restrictions
3
related to the pandemic, while no legal provision for
rent discounts.
EBITDA of Shopping Malls (Retail EBITDA) including the newly acquired Designer Outlet Athens
amounted to €68,6 million (+51% compared to 2021 and +7% compared to previous historically high
operating profits of 2019).
The total gross assets value (GAV) of the Shopping Malls as at 31.12.2022 (based on the assessment of
independent appraisers) exceeded €1 billion after the integration of the newly acquired Designer Outlet Athens
(from 06.08.2022). Excluding the value of Designer Outlet Athens (€116,3 million), the total value of Shopping
Malls as at 31.12.2022 increased by €44,2 million compared to 31.12.2021 reaching to €916.3 million,
recording a new record-high (€24 million increase compared to 2019). The Group, amidst the pandemic crisis
during the last 2 years, has negotiated new or proceeded to the renewal of commercial agreements under
similar or better financial terms that were in force before the pandemic crisis, thus enhancing the Shopping
Malls’ value, which is also reflected in revaluations assessed by independent appraisers in 2022.
The Group monitors the performance of the Shopping Malls through indicators, out of which the primary,
according to the international standards, are the customer visits (total footfall) indicator and the
1
The Shopping Malls “The Mall Athens” and “Golden Hall” in Athens remained closed for an aggregate period of 95 days each in 2021.
“Mediterranean Cosmos” in Thessaloniki remained closed for an aggregate period of 71 days in 2021 (in February 2021, shops in Thessaloniki
operated under the restrictive measures click-away). These restrictive measures were abolished on 15.05.2021.
2
As per relevant legislation, shopkeepers/tenants have been exempted from paying the full (100%) rent for the entire period between
January-May 2021, while the Ministry of Finance compensated LAMDA through a rebate of 60% of the rents. In June 2021,
shopkeepers/tenants in the retail trade sector have received a 40% discount on rents, while shopkeepers/tenants active in the sectors of
F&B/Entertainment/Cinemas have been exempted from paying the full (100%) rent, with the Ministry of Finance compensating LAMDA through
a rebate of 60% of the said rent. No rent discounts are applied from July 2021.
3
Restrictions on the entry of visitors to the retail outlets and F&B shops of the Shopping Malls were in force until 30.04.2022.

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Annual financial report for the year ended 31 December 2022
6
tenants/shopkeepers sales indicator which present the percentage increase between the current and the
comparative period.
Given the suspension of the Shopping Malls operation in 2021 for a total period of approximately 3 months,
the comparison of the key Shopping Malls’ indicators against the corresponding period in 2021 is not only
practically difficult but also becomes meaningless and therefore, the comparison of the key indicators cannot
lead to safe conclusions. Therefore, below are presented the Shopping Malls’ performance indicators comparing
2022 with the corresponding period of 2019 (pre-pandemic period).
Shopping Malls Performance Indicators
4
2022 vs 2019
The Mall
Athens
Golden Hall
Mediterranean
Cosmos
Total
Tenants’ (shopkeeper) sales
5
-10%
+13%
+6%
+1%
Number of visitors (footfall)
6
-45%
+4%
-15%
-23%
Despite the adverse conditions in the economy and especially in the retail sector, due to the energy crisis and
intense inflationary pressures, the following were observed during the year 2022:
• the total turnover of the stores of The Mall Athens, Golden Hall and Mediterranean Cosmos
Shopping Malls in 2022 recorded a new historical record-high (€604 million against the previous
record-high of €595 million in 2019). In particular, during in the second half of 2022 the total turnover
(€361 million) increased 8% compared to the previous record of 2019. Regarding Designer Outlet
Athens, the total turnover of the stores for the period August-December 2022 (consolidated from
06.08.2022) increased by 14% compared to 2019.
• the total number of visitors of The Mall Athens, Golden Hall and Mediterranean Cosmos
Shopping Malls in 2022 decreased by 26% compared to 2019, reflecting the negative effects of the
pandemic. However, it should be noted that the total number of visitors to the Golden Hall increased
by 4% compared to 2019 (second half 2022: +9% compared to 2019) largely reflecting the positive
contribution of the expansion of the western part of the property, which gradually started its operation
since December 2019. Regarding Designer Outlet Athens, the total number of visitors for the period
August-December 2022 (consolidated from 06.08.2022) increased by 12% compared to 2019.
• the average expenditure per visitor of The Mall Athens, Golden Hall and Mediterranean
Cosmos Shopping Malls in 2022 increased by 38% compared to 2019, confirming the upward trend
recorded from June 2021 onwards, following the gradual relaxation of restrictive measures for dealing
with the pandemic. Given the decline in traffic, this increase is largely explained by the fact that the
main reason for visiting is now purchases of goods. Regarding Designer Outlet Athens, the average
expenditure per visitor for the period August-December 2022 (consolidated from 06.08.2022)
increased by 2% compared to 2019.
Regarding the impact of the project for the development of the property in Ellinikon on the Group's
net results for 2022, the following are highlighted:
• Total revenues amounted to €25,6 million (in contract to 2021 when no revenues were recorded) and
mainly concern (a) €21,9 million from residential projects (contracted sales of apartments) and (b)
€3,2 million from contracted land leases and construction project management and supervision
services.
• The total operating expenses related to the exploitation of the property in Ellinikon amounted to €73,6
million (€32,0 million in 2021) as the Group has significantly accelerated the preparation and
implementation of its strategic plan for the exploitation of property in Elliniko.
• Total operating results (EBITDA) before valuations and other adjustments of the Ellinikon project
presented losses of €67,1 million (losses of €31,6 million in 2021).
• The positive impact from revaluation, by an independent appraiser, of the Investment Properties
related to the Ellinikon project amounted to €105,6 million (€315,5 in 2021).
4
The newly acquired Designer Outlet Athens (consolidated from 06.08.2022) is not included.
5
The indicator regarding the change in the tenant’s (shopkeeper) sales is calculated as follows: total tenants’ sales of each Shopping Mall at
the reporting period minus total tenants’ sales of each Shopping Mall at the comparative reporting period / Total tenants’ sales of each
Shopping Mall at the comparative reporting period.
6
The indicator regarding the change of number of visitors (footfall) to Shopping Malls is calculated as follows: Total visitors passing from the
entrances of each Shopping Mall at the reporting period minus total visitors passing from the entrances of each Shopping Mall at the
comparative reporting period / Total visitors passing from the entrances of each Shopping Mall at the comparative reporting period.

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Annual financial report for the year ended 31 December 2022
7
• Finance costs, which do not have an impact on cash and concern the accounting recognition of future
liabilities
7
regarding the development of the property in Ellinikon, amounted to €38,0 million
(compared to €18,6 million in 2021 due to the consolidation of HELLINIKON S.M.S.A. from
25.06.2021).
• Net profits/(losses) of the period for Ellinikon project, amounted to a loss of €34,4 million (against
profit of €194,6 million in 2021).
The total gross assets value (GAV) of the Ellinikon project on 31.12.2022 amounted to €1,95 billion,
increased by approximately €159 million compared to 31.12.2021, due to (a) the accelerated implementation
of the investment plan (increase of approximately €72 million) and (b) of inventory sales (decrease
approximately €19 million) and (c) revaluation (increase approximately €106 million), based on the
independent appraiser's assessment, of the value of the investment properties.
The net assets value (NAV) on 31.12.2022 amounted to €1,36 billion (i.e. €7,78 per share), marginally
lower (around €5 million) compared to 31.12.2021.
KEY ITEMS OF STATEMENT OF FINANCIAL POSITION
(amounts in € million)
31.12.2022
31.12.2021
Cash
693,9
539,4
Restricted Cash
(178,3)
(377,0)
Free cash
515,5
162,4
Investment Portfolio
3.156,2
2.840,1
Total Investment Portfolio
3.330,6
3.017,5
Total Assets
4.183,3
3.670,9
Total Equity
1.167,6
1.301,2
Total Debt
1.862,5
1.405,6
Adjusted Total Debt
2.491,1
2.040,6
Total Liabilities
3.015,6
2.369,7
7
It concerns (a) the purchase price consideration of HELLINIKON S.M.S.A. and (b) the obligation to carry out Infrastructure Projects of public
interest (e.g. roads, public utility networks, undergrounding and footbridges etc.) which will be handed over to the Greek State upon
completion, free of charge.
8
Adjusted number of shares for the 2.382.693 and 533.292 treasury shares held by the Company on 31.12.2022 and 31.12.2021 respectively.
NET ASSETS VALUE (NAV)
31.12.2022
31.12.2021
(%) Variance
Net Assets Value (NAV) (€ million) (as derives by
internal information of the Group)
1.357
1.362
-0,4%
Net Assets Value (NAV) (€ per share)
8
7,78
7,73
+0,7%
FINANCIAL RATIOS
31.12.2022
31.12.2021
ADJUSTED NET TOTAL DEBT / TOTAL
INVESTMENT PORTFOLIO
54,0%
49,7%
TOTAL DEBT / TOTAL EQUITY AND TOTAL DEBT
(GEARING RATIO)
61,5%
51,9%

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Annual financial report for the year ended 31 December 2022
8
The impact due to the coronavirus pandemic COVID-19
The COVID-19 pandemic, although in recession, continued to be present during 2022. It is noted that the
operating EBITDA of Shopping Malls in 2022 was not negatively affected at all, either by the suspension of
store operations or by the implementation of Greek State’s directive for discounts on rents, in stark contrast
to the corresponding period of 2021. Consequently, EBITDA profitability of Shopping Malls in 2022 showed
accelerated rates of recovery reaching to pre-pandemic (2019) levels.
B. ALTERNATIVE PERFORMANCE MEASURES (“APMs”)
The Group uses certain Alternative Performance Measures (APMs) according to the characteristics of the certain
sector that it operates, which are defined as follows:
Definitions :
1. Group operating result (EBITDA): Profit/(loss) before income tax, plus net finance costs, plus
depreciation of tangible assets, intangible assets and right-of-use assets.
2. Operating result (EBITDA) of Ellinikon project: Profit/(loss) before income tax, plus net
finance costs, plus depreciation of tangible assets, intangible assets and right-of-use assets, which
concern Ellinikon project, excluding operations of Marina of Agios Kosmas.
3. Group operating result (EBITDA) excluding Hellinikon project: Group operating result
(EBITDA) minus operating result (EBITDA) of Ellinikon project.
4. Total Group operating result (EBITDA) before valuations and other adjustments: Group
operating result (EBITDA) excluding any investment property fair value gains/losses, inventory
impairment losses, profit or loss from acquisition/disposal of participation share in investments,
profit or loss from disposal of investment properties and other extraordinary valuation gains/losses
and costs, as well as other adjustments.
5. Total operating result (EBITDA) before valuations and other adjustments of Ellinikon
project: Group operating result (EBITDA) excluding any investment property fair value
gains/losses, inventory impairment losses, profit or loss from acquisition/disposal of participation
share in investments, profit or loss from disposal of investment properties and other extraordinary
valuation gains/losses and costs, as well as other adjustments, which concern Ellinikon project,
excluding operations of Marina of Agios Kosmas.
6. Total Group operating result (EBITDA) before valuations and other adjustments
excluding Ellinikon project: Total Group operating result (EBITDA) before valuations and other
adjustments minus total operating result (EBITDA) before valuations and other adjustments of
Ellinikon project.
7. Retail EBITDA (Shopping Malls Operating Result before valuations and other
adjustments): Individual operating result (EBITDA) before valuation and other adjustments of
the entities LOV S.M.S.A., PYLAIA S.M.S.A. and LAMDA DOMI S.M.S.A. and DESIGNER OUTLET
ATHENS S.M.L.L.C., which are involved in the exploitation of the Shopping Malls The Mall Athens,
Mediterranean Cosmos, Golden Hall and Designer Outlet Athens respectively.
8. Net Asset Value (NAV): Equity attributable to equity holders of the Company adjusted by the
deferred tax liability and asset attributable to equity holders of the Company.
9. Investment Portfolio: Investment property, excluding Right-of-use Assets for which a relevant
lease liability is recognized, plus Inventories, plus Tangible and Intangible assets, plus Investments
in joint ventures and associates, plus Right-of-use Assets of the Ellinikon properties under
development.
10. Total Investment Portfolio: Investment property, plus Inventories, plus Tangible and Intangible
assets, plus Investments in joint ventures and associates, plus Right-of-use assets.
11. Total Debt: Borrowings, plus Lease liabilities, plus Consideration payable for the acquisition of
HELLINIKON S.M.S.A..
12. Adjusted Total Debt: Total Debt, plus Provisions for infrastructure investments in HELLINIKON
S.M.S.A..
13. Net Total Debt: Total Debt, less Cash and cash equivalents, less Restricted cash for serving or
securing Borrowings, less Restricted cash for the purpose of repaying Consideration payable for
the acquisition of HELLINIKON S.M.S.A..
14. Adjusted Net Total Debt: Adjusted Total Debt, less Cash and cash equivalents, less Restricted
cash for serving or securing Borrowings, less Restricted cash for serving or securing Borrowings,

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Annual financial report for the year ended 31 December 2022
9
less Restricted cash for the purpose of repaying Consideration payable for the acquisition of
HELLINIKON S.M.S.A..
15. Adjusted Net Total Debt / Total Investment Portfolio
16. Gearing Ratio: Total Debt / (Total Equity and Total Debt)
17. Net profit/(loss) of the period of Ellinikon project: Net profits/(losses) of the period which
concern Ellinikon project, excluding operations of Marina of Agios Kosmas.
18. Adjusted net profit/(loss) attributable to equity holders of the parent Company: Net
profits/(losses) for the period attributable to equity holders of the parent Company minus net
profits/(losses) of the period of Ellinikon project.
For the present financial report and compared to the previous financial reports of 2022 and 2021, the Group
has reformed the APMs to reflect more representatively its performance after the recent developments of the
Ellinikon project.
Calculations :
Amounts in € thousand
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Total Group operating result (EBITDA) before valuations and other
adjustments excluding Ellinikon project
54.428
39.556
Total operating result (EBITDA) before valuations and other adjustments of
Ellinikon project
(67.065)
(31.601)
Total Group operating result (EBITDA) before valuations and other
adjustments
(12.637)
7.955
Revaluation gains of Shopping Malls and other investment properties
40.423
9.778
Revaluation gains of Ellinikon investment properties
105.609
315.521
Provision for impairment of inventories
(11.736)
(272)
Gain on disposal of investments in entities and investment properties
109
2.092
Group operating result (EBITDA)
121.768
335.074
Amounts in € thousand
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Group operating result (EBITDA) excluding Hellinikon project
83.224
51.155
Operating result (EBITDA) of Ellinikon project
38.544
283.919
Group operating result (EBITDA)
121.768
335.074
Depreciation
(8.982)
(8.602)
Finance income
5.289
283
Finance costs
(94.509)
(58.892)
Profit/(loss) before income tax
23.566
267.863
Amounts in € thousand
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
The Mall Athens
26.730
18.540
Mediterranean Cosmos
19.080
14.061
Golden Hall
19.082
12.792
Designer Outlet Athens
3.721
-
Retail EBITDA (Shopping Malls Operating Result before valuations and
other adjustments)
68.613
45.393

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Annual financial report for the year ended 31 December 2022
10
Amounts in € thousand
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Net profit/(loss) for the period attributable to equity holders of the
parent
(31.409)
191.242
Minus: Net profit/(loss) of the period of Ellinikon project
(34.386)
194.555
Adjusted net profit/(loss) for the period attributable to equity holders of
the parent
2.977
(3.313)
Amounts in € thousand
31.12.2022
31.12.2021
Investment property
2.010.614
1.846.920
Inventories
1.067.924
948.197
Tangible assets
88.429
58.146
Intangible assets
27.920
20.384
Investments in joint ventures and associates
3.919
3.483
Right-of-use assets
131.783
140.329
Total Investment Portfolio
3.330.589
3.017.459
Amounts in € thousand
31.12.2022
31.12.2021
Borrowings
1.162.661
721.420
Lease liabilities
181.336
182.912
Consideration payable for the acquisition of HELLINIKON S.M.S.A.
518.528
501.245
Total Debt
1.862.525
1.405.577
Amounts in € thousand
31.12.2022
31.12.2021
Total Debt
1.862.525
1.405.577
Less: Cash and cash equivalents
(515.515)
(162.402)
Less: Restricted cash for serving or securing borrowings
(11.347)
(210.000)
Less: Restricted cash for the purpose of repaying consideration payable for
the acquisition of HELLINIKON S.M.S.A.
(167.000)
(167.000)
Net Total Debt
1.168.663
866.175
Amounts in € thousand
31.12.2022
31.12.2021
Total Debt
1.862.525
1.405.577
Plus: Provisions for infrastructure investments in HELLINIKON S.M.S.A.
628.614
635.008
Adjusted Total Debt
2.491.139
2.040.585
Amounts in € thousand
31.12.2022
31.12.2021
Adjusted Total Debt
2.491.139
2.040.585
Less: Cash and cash equivalents
(515.515)
(162.402)
Less: Restricted cash for serving or securing borrowings
(11.347)
(210.000)
Less: Restricted cash for the purpose of repaying consideration payable for the
acquisition of HELLINIKON S.M.S.A.
(167.000)
(167.000)
Adjusted Net Total Debt
1.797.277
1.501.183

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Annual financial report for the year ended 31 December 2022
11
Amounts in € thousand
31.12.2022
31.12.2021
Total Investment Portfolio
3.330.589
3.017.459
Total Debt
1.862.525
1.405.577
Net Total Debt
1.168.663
866.175
Adjusted Total Debt
2.491.139
2.040.585
Adjusted Net Total Debt
1.797.277
1.501.183
Group Financial Ratios
31.12.2022
31.12.2021
ADJUSTED NET TOTAL DEBT / TOTAL INVESTMENT PORTFOLIO
54,0%
49,7%
TOTAL DEBT / TOTAL EQUITY AND TOTAL DEBT (GEARING RATIO)
61,5%
51,9%
C. SIGNIFICANT EVENTS UNTIL THE DATE OF THE FINANCIAL RESULTS
Important developments regarding Ellinikon project
In January 2022, a framework agreement was signed between HELLINIKO S.M.S.A. and BINCER HOLDING
LTD, a company of the group BROOK LANE CAPITAL, for the development of a state-of-the-art Mixed-Use
Tower, within the Commercial Hub in the Vouliagmenis Avenue, which will be completed during the first five-
year phase of the Ellinikon project. The development concerns the realization of a tower consisting of office
space, a luxury hotel and residences, intended to be a landmark of the entire area and will be done through a
special purpose vehicle company whose share capital will be held by a company of the group BROOK LANE
CAPITAL and by HELLINIKON S.M.S.A. at 70% and 30% respectively. The design of the Mixed-Use Tower has
been assigned to the leading international architectural firm AEDAS, while the management of the hotel and
residences will be assigned to an internationally renowned management company (hotel operator).
In March 2022, the process of the technical and financial evaluation of the submitted offers regarding the
infrastructure construction works in Phase 1 of the Ellinikon project has been completed. The process that
started in July 2021 and was completed in March 2022, has resulted in the selection of AVAX S.A. to be
awarded as Main Contractor. The works started in March 2022 and will continue until September 2025.
Infrastructure works in Phase 1 will be delivered gradually and include, inter alia, the provision of an extensive
road network. The road network includes the Poseidonos Avenue underpass and flyover, as well as the
construction of utilities networks to serve all planned buildings. Among those are the buildings for residential
and commercial developments and the sports complex, the Metropolitan Park as well as other developments
planned during Phase 1 of the project.
In April 2022, the consortium between Bouygues Batiment International and Intrakat was selected as a
consultant to provide pre-construction advisory services in the form of “Early Contractor Involvement (ECI)”
for the construction of the Riviera Tower. These ECI consulting services are provided in preparation for the
construction of the Riviera Tower and cover the design, planning, procurement, logistics, and construction
management, in preparation for the construction of the project.
In April 2022, Lamda Development presented the plans for the new building complex to be developed in the
Ellinikon site, which will be the first building of the landmark investment. The incorporation of a building
complex for vulnerable groups in the Ellinikon site, confirms that this landmark project involves and supports
the entire society. The welfare of people with disabilities and especially the existence of suitable caring and
occupational structures are crucial to them and their families. The initiative of the Group to make the first
building to emerge at The Ellinikon a building for persons with disabilities is highly symbolic. The new building
at The Ellinikon, which will house the associations of Amimoni, Ermis, Niki Victor Artant, as well as the
Association of Persons with Multiple Sclerosis, stands out for its pioneering, green, sustainable design, like the
rest of the investment. The construction cost of the building at €15 million will be borne entirely by the Group
Lamda Development. The vision of Lamda Development goes beyond simply creating a modern building. It
showcases a new way of life, of higher quality, easier, more open, more extrovert, that will improve the daily
life of children, but also adults with disabilities. It is for that reason that the entire Ellinikon investment was
designed, planned, and is being created with special provisions for persons with disabilities. In May 2022, the
building permit was issued for the construction of a new Building Complex to which the above 4 Associations
for persons with disabilities are to be relocated. The construction works of the building, which is considered
an international model for Care Units, is already underway and will be completed in 2023.

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Annual financial report for the year ended 31 December 2022
12
In June 2022, the subsidiary HELLINIKO S.M.S.A. signed a Memorandum of Understanding (MoU) with
ORILINA PROPERTIES REIC (hereinafter “ORILINA PROPERTIES”), under which the parties will consider the
purchase by ORILINA PROPERTIES of the leasehold rights on parts of the Development Zone of the Coastal
Front in the Ellinikon and in particular on land plots located in the wider area of the Marina Agios Kosmas. The
said plots, with a potential total buildable area of up to 5.790 sqm.
In August 2022, the Government Gazette of the amendment of the KYA was issued for the "Approval of the
spatial organization of the Development Zones PM-A1 "Neighborhood of Marina Agios Kosmas"..." which
captures the land plots (located between the residential tower Riviera Tower and the commercial destination
of Riviera Galleria) which will be the object of the transaction with ORILINA PROPERTIES, with the completion
of the final contract estimated to be signed in May 2023. The total investment by ORILINA PROPERTIES for
the development in question is estimated at €70 million and concerns on the one hand a residential building
and other ancillary their service facilities, and on the other hand, a building that will include areas for catering,
recreation, wellness, events, as well as the sale of catering-related products.
In April 2022, the revision of the building permit was issued for the Experience Center housed in the Air Force
Hangar C' designated as a newer monument. The Experience Center opened its doors to the public (free entry)
from 28.04.2022.
In June 2022, Lamda Development presented its design for the creation of The Ellinikon Park, the largest
coastal park in Europe, which will be positioned in the heart of The Ellinikon. The world-renowned architectural
firm Sasaki, which has designed and implemented some of the largest and most impressive urban parks in
the world, in cooperation with the Greek architecture office Doxiadis, are currently working on the design and
the study for The Ellinikon Park.
The areas of The Ellinikon Park
The Olympic Square will highlight the Olympic heritage, while the nearby amphitheater will host concerts and
other events. At its highest point, a variety of open-air, sculpture and contemporary art exhibitions will be
curated, with emphasis on works made by Greek artists. An area larger than Pedion tou Areos, will be filled
with vine gardens, olive trees and fields, inviting guests on a discovery journey of the Greek agriculture. In
the Saarinen area one can find the imposing main building of the Eastern Ellinikon International Airport, which
was the gateway to Athens for decades. This modern monument will be given a new life as an exhibition and
cultural centre. The Trachones stream is restored resulting in the rejuvenation of the local ecosystem and the
transformation of the surrounding area. The remodeled canoe-kayak Lake, created for and used during the
2004 Olympic Games in Athens, will offer spectacular views and countless opportunities for exploration. Lastly,
an integral part of The Ellinikon Park is the Experience Park, in proximity to the three hangars of the Hellenic
Air Force, which has already become the new destination for relaxation in the southern suburbs.
A “smart” park of the future
The Ellinikon Park will be the first “smart” park in Greece which will incorporate smart solutions for the visitors’
security, and the protection of the natural environment such as lighting systems whose intensity will be
adjusted depending on the season and time of day, but also systems for continuous monitoring of surrounding
conditions to reduce energy and water consumption. Lamda Development’s objective is for the smart
infrastructures at The Ellinikon Park to serve as a model nationally and internationally.
Sustainability being the focus of the design
The Ellinikon Park was designed based on sustainability principles and taking into account the biodiversity of
the Attica region. The 1.000.000 new trees and plants that will be planted in the Park will enrich the existing
vegetation that will be incorporated in the design. Through innovative, contemporary infrastructures, The
Ellinikon Park will be able to cover its irrigation and electricity needs, completely offsetting its carbon footprint
in its life cycle.
Lamda Development’s objective is to deliver, in the coming years, an urban park which will be one of a kind
for Greece and worldwide, and for everyone to visit, enjoy and make part of their daily life.
In June 2022, the subsidiary HELLENIC S.M.S.A. signed a Memorandum of Cooperation (MoU) with PRODEA
INVESTMENTS and Costeas-Geitonas School (CGS) with the aim of establishing a modern educational

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Annual financial report for the year ended 31 December 2022
13
organization of primary and secondary education in Hellinikon (CGS Ellinikon). The MoU envisages a long-term
lease of land to PRODEA, which will develop the school facilities which it will lease to CGS.
In August 2022, the building permit of the Riviera Tower residential building on the Coastal Front of Hellinikon
was issued, marking the start of construction work on the tallest (200 meters) building in Greece. It is
emphasized that the issuance of the permit was completed according to the schedule, despite the particularly
complex and demanding process (due to the large number of more specialized approvals and the parties
involved in the process). It should also be noted that the Riviera Tower has received "gold" pre-certification
from June 2022, according to the internationally recognized LEED (Leadership in Energy & Environmental
Design) certification system for sustainable buildings. Riviera Tower is the first and only residential building in
Greece that has a "gold" pre-certification of a "green" LEED building.
In September 2022, an agreement was signed between HELLINIKO S.M.S.A (100% subsidiary of the
Company) and the company IRC HELLINIKON S.A. (joint venture GEK TERNA - Hard Rock), the Real Estate
Agreement for the concession to IRC ELLINIKOU of land in Elliniko, in which the latter has undertaken to
develop an Integrated Resort Casino [“Integrated Resort Casino” (IRC)]. The duration of the Real Estate
Agreement is 30 years.
In March 2023, part of the annual rent of €5 million was received. The development in question will host a
five (5) star hotel, conference and exhibition center and public gathering space for sporting and/or cultural
events and casino. The development of the IRC will take place in accordance with the provisions of the
Concession Agreement between the Greek State and IRC HELLINIKO S.A (L. 4949/2022 - GG A'
126/30.06.2022) and it is estimated that it will be completed within three (3) years from the start of the
relevant works.
In December 2022, the building permit was issued for the particularly demanding project of the New Sports
Facilities in the Metropolitan Park. It should be pointed out that for the specific project important individual
permits/approvals/opinions were required with the involvement of many different parties (issuance of a
Decision on the Approval of Environmental Conditions by the Environmental Licensing Division of Ministry of
the Environment and Energy, approval in terms of functionality by the General Secretariat of Sports of the
Ministry of Culture and Sports etc.).
Infrastructure Works and preliminary/preparatory work and other construction work
The Company has significantly accelerated its project execution efforts. Among others we highlight the
following:
• The AVAX group, as the Main Contractor for the infrastructure construction projects of Phase 1 of the
Hellinikon project, started the relevant works from May 2022. It is noted that the infrastructure projects
include an extensive road network, including the undergrounding and the uneven junction of Poseidonos
Avenue, the port works, the wastewater treatment facility as well as the construction of utility networks
to serve all the developments foreseen during Phase I of the project.
• construction works related to the Posidonos Avenue underpass: has been completed 50% of the
excavations and 25% of the concreting,
• was completed the construction of new high-voltage power supply lines,
• concreting of central rainwater collectors,
• start of main and local road construction works,
• construction Flyover works, with preloading of the soil, preparation of a scaffolding and bypass study for
the construction of the bridge carrier over Posidonos Avenue,
• excavations in the Trachones stream
• demolition of existing airport runways and reuse of their materials,
• soil and groundwater remediation and decontamination works,
• in the new buildings relocation (AMEA) has been completed 100% concrete works. Has been completed
95% of the thermal facade, internal partitions have been completed and the internal finishing works are
in full progress. Demarcation and permanent fencing of the property have begun and the
Electromechanical works are in full swing. The horticultural works will start in early May and will be

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Annual financial report for the year ended 31 December 2022
14
completed by the end of the construction. The construction of the PWD project will contractually be
completed within the summer of 2023 including testing & commissioning. Pickup / delivery is scheduled
for July 2023.
• start of deep foundation work (pile construction) at Riviera Tower (approx. 45% of total 300 piles
completed).
Commercial developments - Progress of commercial leases
Vouliagmenis Mall: have been already signed/agreed Heads of Terms (HoT) for 52% of the gross leasable
area (GLA) (40% on 31.12.2022). Within 2023 HoT are expected to be signed for 70% of GLA. The signing of
commercial cooperation contracts is expected to start from the end of 2023.
Riviera Galleria: have been already signed/agreed Heads of Terms (HoT) for 21% of the gross leasable area
(GLA) (19% on 31.12.2022). Within 2023 HoT are expected to be signed for 50% of GLA. The signing of
commercial cooperation contracts is expected to start from the end of 2023.
Collections from the sale of plots and apartments on the Coastal Front
• Villa land plots (The Cove Villas): the sale (signing of a notarial deed) has been completed for 19 plots
of land (15 plots on 31.12.2022) out of the total of 28 available plots, with the total proceeds from said
sales amounting to approximately €77 million (approximately €55 million on 31.12.2022) (concerns the
payment of 50% of the value of the plot as well as 100% of the value of the infrastructures attributable
to them). In addition, customer advances have already been deposited for 8 plots, with the total amount
of advances amounting to approximately €1.4 million. Completion of the purchase and sale for these 8
plots is expected in Q2 2023. The estimated total gross revenue from the sale of all plots, during the first
five years (Phase A'), is estimated at approximately €214 million including revenue from construction
management. The construction costs are assumed by the buyers, while the management of the design
and partly of the construction by HELLINIKON S.M.S.A.
• Riviera Tower: the sale (signing of a notarial deed) has been completed for 133 apartments (122
apartments on 31.12.2022) out of the total of 170 apartments (78% of the total), with the total proceeds
from said sales amounting to approximately €75 million. (approx. €69 million on 31.12.2022) (concerns
the payment of 20% of the price). In addition, customer advances have already been deposited for 22
apartments (13% of the total), with the total amount of advances amounting to approximately €7 million
(approximately €8 million on 31.12.2022). The completion of the sale for the said 22 apartments as well
as for the remaining 15 apartments (for which until now there are negotiations with interested buyers but
no advances have been deposited) is expected within the Q2 2023. The estimated total gross income for
the total of apartments, during the first five years (Phase A'), amount to approximately €625 million.
• The Cove Residences (Condos): Regarding the reservations for the future purchase of the said
apartments, customer advances have already been deposited, which correspond to approximately 90% of
the total (approximately 87% of the total on 31.12.2022), amounting to approximately €26 million
(approximately €26 million on 31.12.2022). It is estimated that the signing of the notarial acts for the
completion of sales will begin in the Q2 2023, where 25% of the total price will be collected. The estimated
total gross income for all the condos, during the first five years (Phase A'), amounts to approximately
€279 million, upon completion of the respective sales.
• Sale of properties in the context of the of the strategic cooperation between the Company and
TEMES S.A.: on 06.03.2023 the first installment of a total amount of approximately €30 million was
collected regarding the sale by HELLINIKON S.M.S.A. of the two properties on which the two modern,
luxurious 5-star hotels and the corresponding tourist-residential complexes (branded residences) will be
developed jointly with TEMES on the Coastal Front of Ellinikon.

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Annual financial report for the year ended 31 December 2022
15
Building permits, pre-approvals and certifications of sustainable buildings
• The Cove Residences (Condos): in January - February 2023, building permits were issued for all
building blocks.
• Vouliagmenis Mall: a landmark project designed by the world-renowned architectural firm AEDAS
from Hong Kong has been designated as of March 2023 as a Building of Special Architectural Design
by the relevant agencies of Ministry of the Environment and Energy. The traffic and environmental
studies were submitted in December 2022 and are in the approval process with the issuance of the
building permit estimated in July 2023 according to the project schedule. The selection of the
contractor for the Early Contractor Involvement (ECI) pre-construction consultancy is in final
negotiations with the award estimated in May 2023 marking the start of excavation work on this
landmark project.
• Riviera Galleria: landmark project Riviera Galleria designed by the world-renowned Japanese
architect Kengo Kuma has been designated as of October 2022 as a Building of Special Architectural
Design by the competent services of of Ministry of the Environment and Energy. It is emphasized that
the Riviera Galleria received in December 2022 "gold" pre-certification, according to the internationally
recognized LEED (Leadership in Energy & Environmental Design) sustainable building certification
system. Riviera Galleria is the first and only shopping malls in Greece that has a "gold" pre-certification
of a "green" LEED building. In March 2023 and according to the Project schedule, the Pre-Approval of
the building permit was issued, which also ensures the final approval of the building permit, which is
estimated in July 2023.
Amendments to the Urban Studies and Amendment of PD for Approval of the Integrated
Development Plan in Hellinikon – Agios Kosmas
• In March 2022, the Government Gazette of the amendment of the KYA was issued for the "Approval
of Urban Planning Studies of the areas to be urbanized A-P1, A-P2, A-P3, A-P4, A-P5, A-P6 and PM-P1
of Metropolitan Pole of Hellinikon-Agios Kosmas..", with the main purpose of turning the residential
area on the coastal front (PM-Π1) practically into a "car-free" neighborhood.
• In August 2022, the Government Gazette of the amendment of the KYA was issued for the "Approval
of spatial organization of the Development Zones PM-A1 "Neighborhood of Agios Kosmas Marina"..."
in order to implement new business initiatives, e.g. commercial developments, hotels.
• In July 2022, the Government Gazette was issued amending the PD for IDP Approval for the reduction
of the required parking spaces in properties served by Fixed Track Vehicles within a radius of 500
meters as well as for the implementation of the NOK's urban planning incentives.
New Business Agreements
As part of the implementation of the business plan for the development of the project, the Company recently
announced the following new important business agreements:
Strategic cooperation with TEMES S.A. for the development of a top tourist destination in Ellinikon:
• in February 2023 the company BELT Riviera S.A. was established which is 70% controlled by TEMES
S.A. and 30% from HELLINIKO S.M.S.A. The company BELT Riviera S.A. will undertake the
development, according to the original design, of a 5-star hotel with 160 rooms as well as a residential
complex of 17 branded luxury homes/apartments (Branded Residences) with unobstructed sea views.
On 06.03.2023 the company BELT Riviera S.A. acquired 100% of the right of full ownership over a
property of 80,011 sq.m. in the "PM-A2" Development Zone of the Hellinikon-Agios Kosmas
Metropolitan Pole, on which the said development will take place. The total price of the said transaction
amounted to approximately €38,3 million, which includes the acquisition value of the property
amounting to approximately €22,3 million and the participation in the corresponding infrastructure
costs of Metropolitan Pole amounting to approximately €16 million. The first installment of
approximately €12,8 million, plus taxes, was paid on 06.03.2023.
• in February 2023 the company MALT Riviera S.A. was established. which is 70% controlled by TEMES
SA. and 30% from HELLINIKO S.M.S.A. The company MALT Riviera S.A. will undertake the
development, according to the original design, of a 5-star hotel with 200 rooms as well as a residential
complex of 49 branded luxury homes/apartments (branded residences) with unobstructed views of
the sea and Marina Ag. Cosmas. On 06.03.2023 the company MALT Riviera S.A. acquired 100% of the
surface right on a property with an area of 132,822 sq.m. in the "PM-A1" Development Zone of the

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Hellinikon-Agios Kosmas Metropolitan Pole, on which the said development will take place. The total
price of the said transaction amounted to approximately €52,5 million, which includes the acquisition
value of the property amounting to approximately €32,5 million and the participation in the
corresponding infrastructure costs of Metropolitan Pole amounting to approximately €20 million. The
first installment of approximately €17,5 million, plus taxes, was paid on 06.03.2023.
Financing for the development of the Property of Ellinikon
The Company, on 27.01.2020 signed with “Eurobank S.A.” and “Piraeus Bank S.A.” the “Heads of Terms”
regarding the bank financing intended to cover part of the capital to be invested by the Group during the first
five years of the Ellinikon project development.
On 07.04.2021, the Company signed with the aforementioned banks an agreement for the update of the “Head
of Terms”. This update emanated from the gradual evolution and maturity of the Company’s plans regarding
the envisaged projects and investments during the first five years of the Project. The aforementioned bank
financing agreement includes:
(a) the financing of infrastructure and other developments’ works during the first five years of the Project
(Phase A), as well as the financing of V.A.T., with a bond loan of up to €442m to be issued by HELLINIKON
S.M.S.A. (plus an amount of up to €100m for financing of recoverable V.A.T. cost), with a duration of 10 years
from the Transfer Date,
(b) the financing of the commercial development on Vouliagmenis Avenue (Vouliagmenis Mall), as well as the
financing of V.A.T., with a bond loan of up to €415m to be issued by a special purpose vehicle controlled by
LAMDA DEVELOPMENT S.A. (plus an amount of up to €86m for financing recoverable V.A.T. cost), with a
duration of 6 years from the first drawdown (with the possibility of the issuing company to extend the maturity
for an additional 5 years, reaching 11 years in total from first loan drawdown),
(c) the financing of the commercial development within the Aghios Kosmas Marina (Riviera Galleria), as well
as the financing of V.A.T., with the issuance of a bond loan of up to €102m to be issued by a special purpose
vehicle controlled by LAMDA DEVELOPMENT S.A. (plus an additional amount of up to €19m for financing of
recoverable V.A.T. cost), with a duration of 5 years from the first drawdown (with the possibility of the issuing
company to extend the maturity for an additional 6 years, reaching 11 years in total from the loan first
drawdown) and in conjunction with the financing mentioned in points (a) and (b) above,
(d) the issuance of a letter of guarantee of €175m, to secure the fulfillment of LAMDA DEVELOPMENT S.A.
obligations to cover any cost overruns of Phase A of the Project, as well as to cover any shortfall in sales
and/or assets exploitation intended to finance Phase A of the Project budget l. Following the written agreement
dated 29.06.2022 with the Representative of the Bondholders, the amount of the aforementioned Letter of
Guarantee was reduced from €175 million to €160 million.
Regarding the (a) above, HELLINIKON S.M.S.A. signed on 06.04.2022 with the banks "Eurobank S.A." and
"Piraeus Bank S.A." the bond program and subscription agreement for the financing of infrastructure and other
developments’ works of Phase A of up to €394m, as well as for the financing of V.A.T. (additional amount up
to €100m), with a duration until the completion of 10 years from the Date of Transfer, a fact that covers its
revised needs. Regarding, (d) above, LAMDA DEVELOPMENT S.A. signed on 06.04.2022 the relevant
contractual documents.
Regarding the (b) and (c) above the Company is still in progress to finalize the contractual agreements with
the mandated lead arranger banks.
Significant events – Shopping Malls
During July 2022, the Company announced that, through its 100% subsidiary company L.O.V. S.M.S.A. –
owner of The Mall Athens, acquired the minority percentage (31,7%) of the subsidiary company LAMDA MALLS
S.A., which was previously owned by the company Wert Blue SarL, a 100% subsidiary of Värde Partners and
the price amounted to €109 million, which was paid in cash. Therefore, the Company acquired the total control
of subsidiary LAMDA MALLS S.A., which owns the companies LAMDA DOMI S.M.S.A. and PYLAIA S.M.S.A.,
owners of Golden Hall and Mediterranean Cosmos shopping centers respectively. The above transaction is part
of the Company's existing strategy aimed at further developing the activities of the Shopping Malls.
In July 2022, the wholly owned subsidiary L.O.V. S.M.S.A. (owner of The Mall Athens) signed a new Common
Bond Loan programme with Eurobank and Piraeus Bank, for an amount of €365 million. On August 2022
amount of €361 million was utilized from all three distinct series which were used for the repayment of the

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existing bond loan with NBG amounting €209,5 million, as well as for the acquisition of (a) minority interest
31,7% of LAMDA MALLS S.A. and (b) 100% of DESIGNER OUTLET ATHENS S.M.L.L.C. (former McArthurGlen
Hellas S.M.L.L.C.), owner of shopping center Designer Outlet Athens.
In August 2022, the Company announced that, through its 100% subsidiary company L.O.V. S.M.S.A.,
acquired on 05.08.2022 100% of the shares of the company DESIGNER OUTLET ATHENS S.M.L.L.C. (former
MCARTHURGLEN HELLAS S.M.L.L.C.), owner of the retail park Designer Outlet Athens in Spata, region of
Attica, from the company MGE Hellenic Investments S.àr.l.. Designer Outlet Athens is one of the leading retail
parks in Greece with a total leasable area of approximately 21,200 sq.m. and more than 100 shops, café and
restaurants. The occupancy rate on 30.06.2022 was about 95% while the total number of visitors in full and
unhindered operation (in 2019, before the pandemic) was about 4,2 million visitors per year. The said
transaction forms part of the Company’s existing strategy to further develop the activities as well as the
portfolio of the Shopping Malls.
Significant events – Parent Company
On 28.03.2022 the Board of Directors of the Company decided, following the sad loss (on 20.03.2022) of the
member of the Board of Directors Odysseus Kyriakopoulos, to continue the management and representation
of the Company with the remaining members and in accordance with the current terms of management and
representation.
On 25.05.2022, the Board of Directors of the Company in its meeting accepted the resignation of Mr. Fotios
Antonatos from the position of non-executive member of the Board of Directors of the Company and elected
Mr. Emmanuel Bussetil as a non-executive Member, replacing the resigned for the remainder of his term of
office, in accordance with article 82 of Law 4548/2018 and paragraphs 5 and 8 of article 10 of the Company's
Articles of Association.
In June 2022, Lamda Development Group acquired percentage of 67,71% of GREEN VOLT P.C. through
participation in a share capital increase of €1,65 million. The subsidiary will be active in the renewable energy
sector.
In July 2022, in the midst of adverse market conditions (intense inflationary pressures and rising interest
rates, geopolitical and energy crisis), the Company completed, through a Public Offer, the issuance of the first
Green Common Bond Loan (CBL) amount of €230 million (7-year duration with interest rate 4.70%), with the
participation of more than 14.000 Greek investors, recording a new record of investor participation in a bond
issue and with a significant over-coverage (3,12 times). The raised funds of the Green Bond will be allocated
exclusively to eligible Green investment categories such as the development of Sustainable Buildings and
sustainable urban outdoor spaces, Green Energy and Smart Cities. On 13.07.2022 the trading of the 230.000
bonds in the Fixed Income Securities category of Athens Stock Exchange began (trading code:
"LAMDAO2"/"LAMDAB2").
In October 2022, the Company made its first investment in Green Energy, which is financed by the proceeds
of the €230 million Green Bond Loan issued on 12.07.2022. LAMDA ENERGY INVESTMENTS, a wholly owned
subsidiary of the Company, signed a share transfer agreement for the acquisition of 20% of the share capital
of R Energy 1 Holding for a cash consideration of €5 million. At the same time, R Energy 1 Holding S.A.
proceeded with the issue of a 3-year convertible bond loan of €10.0 million, which was fully covered by LAMDA
ENERGY INVESTMENTS S.M.S.A. in October 2022. Upon conversion of the above-mentioned convertible bond
loan, LAMDA ENERGY INVESTMENTS will have the right to acquire a 50,1% stake in the share capital of R
Energy 1 Holding. The acquisition of a 20% stake in the share capital of R Energy 1 Holding S.A. was completed
in January 2023. R Energy 1 Holding currently owns renewable energy projects in operation with a total
capacity of 43,5MW and, according to the company's investment plan, the total installed capacity is expected
to reach approximately 100MW by the end of 2024.

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D. PROSPECTS, SIGNIFICANT CONTINGENT EVENTS AND RISKS FOR THE YEAR 2023
Impact from inflationary pressures, energy crisis, increased interest rates and geopolitical
instability
In the context of the inflationary pressures observed in international markets as well as in Greece, the
Company’s rental income is mostly inflation adjusted, linked to an adjustment clause in connection to changes
in the consumer price index (CPI). The said adjustment clause is translated into a 1.5-2 percentage points
margin over the officially announced consumer price index. According to the official statistics by ELSTAT, in
December 2022 the CPI registered an annual increase of 7,2% compared to December 2021, while the average
CPI for the twelve-month period (January-December) 2022 registered an annual increase of 9,6% compared
to the corresponding period in 2021.
Increasing energy costs, a trend observed in the international markets, due to the energy crisis, had an
adverse impact in Shopping Malls’ operating expenses during 2022. The total energy cost of the Shopping
Malls (The Mall Athens, Golden Hall and Mediterranean Cosmos) for the year 2022 amounted to €4,4 million,
increased by 64% compared to 2021. Most of the said cost relate to the common areas in the Shopping Malls,
which are undertaken by the shopkeepers/tenants.
The following are noted regarding the increase in energy costs in 2022:
(a) the Group had active contracts for fixed energy prices until the end of April 2022, which ensured very
low unit prices for the first quarter and was not affected by the significantly high market prices,
(b) the Group, in the context of competitions, entered into new fixed-term variable pricing contracts (one
for the period up to September 2022 and the second for the following period up to April 2023), with
one of the highest-profile providers in Greece, following the conditions of the energy market, which
ensured competitive prices compared to the market,
(c) the energy consumption in the Shopping Malls was higher in 2022 compared to 2021, due to their
longer operating period (in 2021 the Shopping Malls remained closed, by law, for a total period of
about 3 months).
The Group constantly monitors the developments in the energy market in order to react immediately and take
advantage of possible market variations. Finally, the Group will intensify its efforts to implement its “green”
energy investments in eligible properties, to reduce future energy costs, by limiting dependence on traditional
energy sources.
The Group has not agreed or contracted final selling prices for the larger part of the projects and developments
included in The Ellinikon. This enables the Group to pass on to its counterparties all or part of the increase in
raw material prices and energy costs, observed recently in the market, while maintaining selling prices at
competitive levels based on the broader market conditions. Worth noting that, in accordance with international
practices related to the preparation of future estimates-budgets for projects of similar size and complexity,
the Group has included contingencies in the cost estimates for all projects and developments included in The
Ellinikon. Regarding the exposure, at Group level, to the risk of increases in interest rates, it is pointed out
that this risk mainly concerns long-term borrowings with a floating interest rate. Borrowings with a floating
interest rate at the end of 2022 (31.12.2022) constituted approximately 53% of total and amounted to
approximately €617 million. At the same time, interest rate swap contracts have been concluded, in order to
hedge against changes in interest rates, amounting to approximately €112 million. Therefore, according to
the relevant sensitivity analyses, a +/- 1 percentage point change in the reference interest rates (Euribor) of
floating rate borrowings has an impact of approximately €5 million on the annual finance cost on a consolidated
basis (respectively in the pre-tax consolidated results of the Group). In addition to the above, the Group has
entered into an interest rate swap agreement of €100 million regarding the bank borrowings to finance the
development of the Property in Ellinikon, which has not yet been disbursed.
Regarding the war in Ukraine and the current geopolitical developments, it is worth highlighting the following:
(a) the Company does not own subsidiaries and/or other investments in Russia/Ukraine, or other neighboring
areas directly affected from war conflicts (b) in the Shopping Malls there are no shopkeepers/tenants
originated from the said countries and (c) there are no customers from said countries who have submitted
deposits for the future purchase of both apartments on the residential tower Riviera Tower and land plots for
Beach Villas.
The Company's Management closely monitors and evaluates the events in relation to the war in Ukraine to
take the necessary measures and to adjust its business plans (if required) in order to ensure business
continuity and limitation of any negative effects on the Group's activities. At this stage it is not possible to

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predict the general impact that may have on the financial status of the Group's customers a prolonged energy
crisis and increase in prices in general. Based on its current assessment, it has concluded that no additional
provisions for impairment are required for the Group's financial and non-financial assets as at 31 December
2022.
Fluctuations in property values
Fluctuations in property values are reflected in the Income Statement and Statement of Financial Position
according to their fair value. An increase in yields would have a significant impact on the Group’s profitability
and assets, not only for the existing Shopping Malls, but also for part of the assets (Investment Property) of
the HELLINIKON S.M.S.A. In addition, the complete impact of the consequences of the economic situation and
the effects of a prolonged crisis in Ukraine, energy crisis, inflationary pressures, as well as the possibility of
spread of pandemic COVID-19 may affect the value of the Group’s investment property in the future.
However, due to the successful performance of existing Shopping Malls “The Mall Athens”, “Golden Hall” in
Maroussi and “Mediterranean Cosmos” in Pylaia Thessaloniki, their market value is less likely to be reduced.
We note that despite the existing factors of increased uncertainty, the values reported provide the best
estimate for the Company’s investment property.
Credit risk
Credit risk is managed on Group level. Credit risk arises from credit exposures to customers, cash and cash
equivalents, as well as restricted cash.
Regarding Group revenue, these are mainly deriving by customers with an assessed credit history and credit
limits, while certain sale and collection terms are applied.
Revenue will be significantly affected in case customers are unable to fulfil their contractual obligations due to
either downsizing of their financial activities or weakness of the local banking system.
However, the Group on December 31, 2022 has a well-diversified tenant mix consisting mainly of well-known
and reputable companies. The customers’ financial condition is monitored on a recurring basis. The Group
Management considers that there is no substantial risk for doubtful debts, other than those for which sufficient
provisions have already been recognized. In addition, customers' credit risk is significantly reduced due to the
Group's policy of receiving bank letters of guarantee from tenants.
Taking into account the impact of the COVID-19 pandemic and energy crisis, the Group and the Company
have also included in the assessment of expected credit losses, the increase in credit risk to customers whose
activities have been adversely affected, as well as to customers whose repayment capacity of their contractual
obligations presented a greater risk.
Total value of trade and other receivables is the maximum exposure to the credit risk.
The deposits and cash of the Group and the Company are rated in Moody’s. As at 31.12.2022, the Group’s
cash and cash equivalents and restricted cash are concentrated mainly in 3 bank institutions in Greece higher
than 10%, which shows significant concentration of credit risk. No significant credit losses are anticipated in
view of the credit status of the banks that the Group keeps current accounts.
The recent crisis in the banking sector (Silicon Valley and Credit Suisse) can significantly affect international
markets and economies, e.g. widening of credit margins. According to analysis by international rating agencies
and a relevant recent report by the Governor of the Bank of Greece, the possibility of the crisis spreading to
the rest of the banks is very small. Banks are adequately capitalized, liquidity ratios are very high and there
does not seem to be a problem in the Greek or European banking system.
Foreign exchange risk
The Group operates mainly in Greece and the Balkans and is therefore exposed to foreign exchange risk arising
from various currencies. The majority of the Group's transactions are carried out in Euro. Foreign exchange
risk arises from future commercial transactions as well as the assets, liabilities and net asset value of
investments operating in foreign countries.
The Group’s stable policy is to avoid purchasing foreign currency in advance and contracting FX future
contracts with external counterparties, as well as FX hedging.

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The Group has participations in subsidiaries that operate abroad which equity is exposed to foreign exchange
risk at the conversion of their financial statements for consolidation purposes. In relation to the operations
outside Greece, the most significant operations take place in Serbia where the foreign exchange rate
historically does not show considerable changes and most of the Group’s transactions are conducted in Euro.
Also, the Group’s operations outside Greece do not include material commercial transactions and therefore
there is not a significant foreign exchange risk.
Interest rate risk
Interest risk mainly derives from the Group’s loans with floating interest rates based on Euribor. This risk is
partially hedged through cash held at floating rates. Also, the Group examines its exposure to the risk of
changes in interest rates and manages this risk considering the possibility of refinancing, renewal of existing
loans, alternative financing and risk hedging.
The Group's exposure to the risk of changes in market interest rates mainly concerns the long-term borrowings
of the Group with floating interest rates. The Group also manages interest rate risk by having a balanced loan
portfolio with fixed and floating interest rates. As of December 31, 2022 approximately 47% of the Group's
loans had a fixed interest rate which concern the Common Bond Loan of nominal value €320m and bond yield
of 3,40%, as well as the Company’s new Common Bond Loan under the Framework of Green Bond of nominal
value €230m and bond yield of 4,70%.
Specifically, to cover the changes in interest rates, the Group has entered into interest rate swaps for the
conversion of floating interest rates into fixed ones, with respect to part of the loan of the subsidiary LAMDA
DOMI S.M.S.A. which amounts to €60,1 million as at 31.12.2022, as well as for part of the loan of the
subsidiary PYLAIA S.M.S.A. which amounts to €51,6 million as at 31.12.2022. The change in the fair value of
the derivatives (interest rate swaps) was recorded in the statement of comprehensive income and the income
statement, as hedge accounting is applied.
The sensitivity analysis below is based on change in a variable keeping all other variables constant. Such a
scenario is not probable to happen, and changes in variables can be related for example to change in interest
rate and change in market price.
As of December 31, 2022 a change by +/- 1,00% on reference rates (Euribor) of loans at functional currency
with floating rate, would have an impact of +/-€5 million in finance cost at Group level on annual basis and
+/-€0,1 million at Company level. The impact (increase / decrease) on results before tax of the year and the
equity respectively of the Group and the Company would be corresponding.
Inflation risk
The Group is exposed to fluctuations in demand and offer of real estate in the domestic market which are
affected by the macroeconomic developments in the country and the developments in the domestic real estate
market (including inventories of the Ellinikon project). Any extreme negative changes of the above may have
a corresponding negative impact on business activity, operating cash flows, fair value of the Group's
investment property, and in equity.
Decrease in the demand or increased offer or shrinking of the domestic real estate market could adversely
affect the Group's business and financial condition, as well as negatively affect the Group's investment property
occupancy, the base consideration of commercial cooperation contracts, the level of demand and ultimately
the fair value of these properties. Also, the demand of spaces in the Group’s investment property may decrease
due to the adverse economic condition or due to increased competition. The above may result to lower
occupancy rates, renegotiation of commercial cooperation contracts terms, higher costs required for entering
into commercial agreements, lower revenue from base remuneration, as well as lower term commercial
cooperation contracts.
The Group enters into long-term operating lease arrangements for a minimum of 6 years, and the lease
payments are adjusted annually according to the Consumer Price Index plus margin coming up to 1,5-2%.
Liquidity risk
Existing or future risk for profits and capital arising from the Group's inability to either collect overdue debts
without incurring significant losses or to meet its obligations when payable, since cash outflows may not be
fully covered by cash inflows. The Group ensures the required liquidity in time to meet its obligations in a
timely manner, through the regular monitoring of liquidity needs and debt collection from tenants, the
maintenance overdraft accounts with systemic banking institutions and the prudent management of cash. The
liquidity of the Group is monitored by the Management at regular intervals.

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As at 31.12.2022, the short-term bank bond loans mainly include the bank bond loan of the subsidiary L.O.V.
S.M.S.A. ("LOV") signed on 29.07.2022 with the credit institutions under the name Eurobank and Piraeus Bank
new program of common bond loan for amount up to €365m, consisting of three distinct series with interest
rate of 2,70% plus 3-month Euribor. Until 31.12.2022, an amount of €361 million has been disbursed, which
is classified in the short-term part of the Group's borrowings. The Group in cooperation with the banks, is
planning to refinance the said loan, as well as the bank loans of the rest of Shopping Malls, in the context of
planned restructure withing 2023.
The short-term bank borrowings include also the Credit Agreement with open account of the Company with
Piraeus Bank for amount up to €10 million, which was signed on 06.06.2022. As at 31.12.2022, the amount
of said loan amounted to €7,98 million.
More detailed disclosures regarding liquidity risk are presented in note 3 of the consolidated and standalone
financial statements for the year ended December 31, 2022.
External Factors
The Company has investments mainly in Greece, and to a much lesser extent in Serbia, Romania and
Montenegro. The Group can be affected by external factors such as political instability, economic uncertainty
and changes in local tax regimes.
At the macroeconomic level, focusing mainly on Greece, the early repayment of part of the Greek Debt to the
IMF strengthens the international profile of the country and signals the recovery of the confidence of the
financial markets and international rating agencies, reflecting the successful implementation of reform
commitments. Additionally, positive prospects are reinforced by the funds of the EU Resilience and Recovery
Fund that are expected to foster economic growth through structural investments. However, the disposable
income and private consumption in turn are affected by the current economic conditions in Greece, such as
the GDP, unemployment, inflation and taxation levels. As such, a potential deterioration of the aforementioned
indicators together with a decline in economic sentiment and/or consumer confidence, could result in a
decrease of the spending activity of the Group’s customers.
The Company's Management closely monitors and evaluates the events in order to take the necessary
measures and to adjust its business plans (if required) in order to ensure business continuity and limitation of
any negative effects on the Group's activities. It is worth pointing that the Company has constituted a Risk
Management Unit (RMU). The aim of the RMU is to strengthen the risk management culture, while its mission
is to make a substantial contribution to the development of a modern operating framework at all organizational
levels, to identify, assess and manage the risks faced by the Company. RMU ensures that the risks taken by
the company's units comply with the risk appetite and tolerance limits set and shaped by the senior
management.
Despite the aforementioned uncertainties, the Group’s operations continue without any disruption. However,
Management is not able to accurately predict the likely developments in the Greek economy and its impact on
the Group activities.
The financial risk factors are disclosed in note 3 of the annual consolidated and standalone financial statements
for the year that ended on 31.12.2022.
E. PENDING LITIGATION
THE MALL ATHENS
With regard to the legal issues relating to the particular investment, the following should be noted:
The company L.O.V. S.M.S.A. (“L.O.V.”) had to pay for the transfer of specific real property in the past (on
2006), property transfer tax of approximately €13,7m, reserving its rights regarding this tax and finally taking
recourse to the administrative courts against the silent rejection of its reservations by the competent Tax
Authority. In 2013 the said recourse was accepted in part and the re-calculation of the owed property tax was
ordered, which led to the returning to L.O.V. of an amount of approximately €9,5m. Further to appeals on
points of law filed by both parties, the Council of State rejected LOV’s appeal and accepted the Hellenic
Republic’s appeal; consequently the case was referred back to the Administrative Court of Appeals, which
initially postponed the issue of a final decision and obliged the parties to adduce evidence for the determination
of the market value of the property; after resuming hearing of the case, the Administrative Court of Appeals
finally rejected the recourse, determined the taxable value of the property and obliged the competent Tax

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Authority to re-calculate the transfer tax due upon the new taxable value. Following this decision, L.O.V. had
to pay transfer tax of approximately €16,3m. An appeal on points of law has been filed before the Council of
State and is estimated by the legal counsels of the Company to have high chances of success. In specific,
grounds of appeal challenging re-calculation of transfer tax upon the market value of the property, to the
extent it exceeds the objective value, are expected to succeed with very high probability. The hearing of the
appeal was held on 25.5.2022 and on 18.1.2023 Council of State decision No 54/2023 was issued, which
remains unclear. According to its published order, the appeal of L.O.V. is accepted and the decision of the
Administrative Court of Appeal which calculated the taxable value of the property based on the market value
is annulled, to the extent that it exceeds the objective value. Following this, a new tax settlement and return
to L.O.V. is expected, equal to the excess amount of approximately €9.3 million (including interest until
31.12.2022).
GOLDEN HALL
With respect to LAMDA DOMI S.M.S.A., a public (already private) law entity under the trade name “Hellenic
Olympic Committee” (“HOC”) has filed a lawsuit against the Public Real Estate Property Company S.A.
(“ETAD”). By means of the said lawsuit, the HOC claims to be entitled to, and therefore to be granted, the
use, management and exploitation of a plot of land of its ownership in which the International Broadcasting
Centre (“IBC”) is built. The HOC also claims ETAD to be declared as liable for an overall amount of
€90.784.500, which is alleged to have been the lease price paid by the company under the trade name “LAMDA
DOMI S.M.S.A.” (“LAMDA DOMI”) to ETAD (and its predecessor “HELLENIC OLYMPIC REAL ESTATE S.A”) for
the period 30.04.2007-30.06.2019. The said lawsuit is based on the alleged by the HOC contravention of
Article 35 of Law 3342/2005 to Article 17 of the Constitution and more specifically on the allegation that the
delegation of use, management and exploitation deprives the HOC from its right to use the plot and benefit
therefrom as its rightful owner. Pursuant to an impleader by ETAD, LAMDA DOMI filed a “supporting
intervention” in favor of ETAD. Pursuant to the hearing of the case on 13.05.2021, decision No. 2374/2021 of
the Multi-Member First Instance Court of Athens was issued. By means of said decision, the HOC’s lawsuit has
been dismissed. According to the data available on Athens First Instance Court website, an appeal was recently
filed against said decision. LAMDA DOMI has not been served with a copy of this appeal yet.
HELLINIKON S.M.S.A.
HELLINIKON S.M.S.A. has no significant open legal cases against, but on the other hand there are several
open cases in favor. Therefore, although until the date of publication of the annual financial statements of
31.12.2022 the result cannot be reliably measurable, the Company's Management concludes that by the time
those will be finalized, the result will not affect, significantly, the financial results of the Group.
For the aforementioned pending litigation of the Group, we should clarify that there is no reason under IAS 37
for recognizing provisions as according to the relevant opinion of the Group’s companies’ legal advisors and
the Management’s estimations, it is not considered as likely that resources will be required to settle these
cases.
F. RELATED-PARTY TRANSCATIONS
The related-party transactions according to IAS 24 of the Company and the Group are disclosed in note 34 of
the consolidated financial statements for the year ended on 31 December 2022.
G. BRANCHES
Branches of the Group are the shopping and entertainment centers "The Mall Athens" and "Mediterranean
Cosmos" located in Marousi at 35 A. Papandreou Street and at the 11th km of the Thessaloniki-Neon Moudania
National Road respectively, as well as the Agios Kosmas Marina in the Ellinikon region of Attica.

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H. NON-FINANCIAL POSITION OF THE GROUP
This Non-Financial Statement is part of the Board of Directors Management Report and includes information
related to the LAMDA Development
9
Group activities (hereinafter referred to as "Group" or "LAMDA
Development" and “Company” when exclusively referring to the listed LAMDA Development S.A.) in the
following thematic aspects, as defined in articles 151 and 154, Law 4548/2018, as codified by Law 5019/2023,
Government Gazette A' 104/13-06-2018. In addition, it includes a relevant section in compliance with the EU
Taxonomy Regulation 2020/852:
1. Brief description of the business model
2. Main non-financial risks
3. Environmental issues/Climate change
4. Social and labour issues
5. Respect for human rights
6. Anti-corruption and issues related to bribery
7. Supply chain issues
8. EU Taxonomy report
This Statement, includes information on the European common enforcement priorities for the annual financial
reports and statements for the year 2022, as announced by ESMA (European Enforcers focus on Russia's
invasion of Ukraine, economic outlook and climate-related disclosures and European Common Enforcement
Priorities 2022) and in particular:
• Priority 1: Climate-related topics (see section Environmental issues/Climate change).
• Priority 2: Disclosures under Article 8 of the Taxonomy Regulation (see section Taxonomy Report).
• Priority 3: Scope of the Report and data quality (below).
The purpose of the non-financial information provided, is to inform stakeholders in an integrated and
comprehensive manner, about the strategy, objectives, and performance of the Group (including its
subsidiaries) in its value chain (upstream, midstream, downstream). In the context of the sustainable
development strategy (it concerns The Ellinikon project, which will also be adapted to the rest of the Group's
activities in the coming period), key performance indicators are recognized, to:
• monitor the progress of its implementation, as well as to
• identify, in a timely manner, potential challenges that may hinder its implementation, and thus,
proceed in taking all necessary corrective actions.
These indicators, that will be published in the Sustainable Development Report 2022, will be based both on
the materiality analysis results and international best practices. The Sustainable Development Unit is
responsible for the preparation of this information and undertakes to collect all the necessary information and
compile the present statement, in cooperation with the competent Departments within the Group. The
information is reviewed by the Internal Audit Department. The Board of Directors (BoD) approves the annual
financial report, of which this non-financial statement forms part.
The content of the present non-financial statement has been prepared by taking into consideration the GRI
Standards (2021). In addition, it incorporates Athens Stock Exchange's 2022 ESG Disclosure Guide metrics (a
more complete depiction of the GRI Standards disclosures and the Athens Stock Exchange ESG Reporting
Guide metrics will be available in the Sustainable Development Report 2022). LAMDA Development participates
in the ESG index of the Athens Stock Exchange.
9
The current Statement includes Golden Hall, The Mall Athens, Mediterranean Cosmos, Designer Outlet Athens, Flisvos Marina, The Ellinikon
(including Ag.Kosmas Marina), Head Offices (unless otherwise indicated), which constitute more than 85% of the activities of the Group in
terms of revenue.

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24
1. Brief description of the business model
LAMDA Development S.A., is a holding Company which specializes in the development, investment, and
management of real estate properties. It is the leading Company in the real estate developer in Greece and
the undisputed leader in the sector of shopping centers, with successful differentiation in the office and
residential spaces sectors. Marinas and coastal development of residences and commercial activities, hold an
important share of its portfolio and strategy.
Its property portfolio currently includes:
• The Ellinikon – Agios Kosmas Metropolitan Park area that is currently being redeveloped (urban
regeneration of the former Ellinikon airport and upgrading of the coastal front).
• The Mall Athens, the first and largest shopping and leisure center in Greece.
• The Golden Hall, an internationally renowned shopping and leisure center, which also houses
the Athens Olympic Museum and the XPLORE family leisure center.
• The Mediterranean Cosmos, the largest shopping and leisure center in Northern Greece.
• The Designer Outlet Athens, Greece’s premier designer outlet in Spata area.
• The Marinas in Flisvos and Elliniko (Ag. Kosmas).
• Office buildings.
• Innovative residential complexes.
Sustainable Development Strategy
The Group has formulated a Sustainable Development Strategy for The Ellinikon project, that will also be
tailored to the rest of the Group’s activities over the coming period. The Strategy, once fully integrated into
its activities, will constitute an integral part of its business strategy, focusing on achieving the U.N. Sustainable
Development Goals. The Strategy for The Ellinikon project was completed in 2021 and was approved by the
Board of Directors in 2022.
The Strategy consists of 3 main pillars, each of which has a broader target and individual focus areas:
1. Decarbonization: The goal is to transition to a zero-carbon economy across the entire spectrum of
business activity (currently for The Ellinikon project) and to build resilience in a changing environment.
2. Circularity: A commitment to have a net zero impact on water consumption and waste management.
3. People and Prosperity: The goal is to create economic value, accelerate social well-being and engage
people.
The Strategy was updated at the end of 2022 and will be submitted for approval by the Board of Directors
within 2023.
Green Bond Framework
Since 2022, LAMDA Development has drafted and adopted the Green Bond Framework for the issuance of
"green" bonds, in accordance with the Green Bond Principles (GBP), of the International Capital Market
Association (ICMA), as revised in June 2021 with the aim to describe the use of bond proceeds and define the
eligible categories of green investments as well as the evaluation and approval process.
According to the Framework, the categories of eligible "green" investments, which will contribute towards
specific environmental objectives, as well as towards the U.N Sustainable Development Goals (SDGs), are:
• Sustainable buildings and redevelopment of sustainable urban outdoor spaces.
• “Green” energy.
• “Smart” cities and technologies.
The LAMDA Development Investment Committee is responsible for directing the raised funds towards
investments of the above categories.
More information is available on the website https://www.lamdadev.com/images/LD_Green-Bond-
Framework_ENG.pdf.

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25
Sustainable Development Policy and Oversight
[ATHEX ESG Metric C-G4]
Since 2021, a specific Sustainable Development Policy, approved by a BoD decision on July 16, 2021, is
published on the website https://www.lamdadev.com. The Policy summarizes the Group's commitment to
responsibly manage the economic, social and environmental impacts arising from all its activities to its
stakeholders, as well as more broadly, to the economy, society and the natural environment, in order to reduce
any negative impacts such as greenhouse gas emissions and to increase positive impacts, such as job creation,
in the context of the United Nations Sustainable Development Goals.
The Sustainable Development Policy covers the axes of environment, society and corporate governance. The
Board of Directors is responsible for observing compliance with the Sustainable Development Policy and the
stemming strategy.
Moreover, towards the end of year 2022, a dedicated Sustainable Development Policy was drafted for The
Ellinikon project, as well as a Sustainable Development Management Plan, in accordance with the Sustainable
Development Policy. More information on specific initiatives, results and targets will be available in the
Sustainable Development Report 2022.
Corporate Governance
[ATHEX ESG Metrics C-G1, C-G2]
LAMDA Development S.A. fully complies with the applicable corporate governance legislation. In this context,
and in accordance with the provisions of article 17 of Law 4706/2020 and article 4 of Decision 2/905/3.3.2021
of the Hellenic Capital Market Commission’s Board of Directors, the Company, following the 16.7.2021 decision
of its Board of Directors, has adopted, and implements, the Hellenic Corporate Governance Code of the
Hellenic Corporate Governance Council, with any deviations that will be explicitly referred in the Corporate
Governance Statement, as included in the Annual Financial Report.
To achieve its business objectives, a specific corporate governance system is implemented, through which
command and control matters are managed. The BoD is the competent body that decides on all matters
relating to the representation, administration, management and pursuit of LAMDA Development’s scope, in
accordance with the relevant legislation, excluding all matters falling under the competence of the General
Meeting of Shareholders to decide.
The BoD, exercises effectively its leading role and manages all corporate affairs for the benefit of the Company
and all shareholders, ensuring that the Management follows the corporate strategy. Mr. Anastasios Giannitsis
is President of the BoD, and a non-executive member, and Mr. Odyssefs Athanasiou is the CEO.
The BoD defines and/or allocates the responsibilities of the CEO and establishes a policy for identifying,
avoiding and dealing with conflicts of interest between the Company interests and those of all employees and
affiliated companies, within the meaning of article 32 of Law 4308/2014, the members of the BoD and its
Committees, Directors and Executives, Consultants, Main Shareholders (hereinafter referred to as the "Liable")
and any other persons who have a close personal relationship with the above, or legal persons over which
they exercise significant influence.
In 2022, the Board’s composition
10
consisted by 25% of women (compared to 23%
11
in 2021), 92% are non-
executive members (same as 2021 levels), while 33% of the members are non-executive and independent
members (compared to 31% in 2021). 83% of the members of the Board of Directors, have the necessary
knowledge and skills on sustainable development topics and 92% on corporate governance topics (as of
25.11.2022). The Sustainable Development Unit is responsible for managing the organization's impact on the
economy, the environment and society. At the same time, it is responsible for informing the Board of Directors
accordingly. During 2022, sustainable development topics were raised at the meetings of the Board of
Directors, such as the approval of the Sustainable Development Strategy for The Ellinikon project and
discussion for its further specialization in the Group's individual activities, as well as the approval of the
10
The Board composition for the reference year was recorded at 31.12 and is compared to the corresponding date of 2021, in the meantime
the Company proceeded to small changes in the number of members by replacing some of them with others.
11
In 2021, the number of women on the Board of Directors (3 women out of 13 Board members) meets the criterion of 25% of the total
number of members rounded up during the calculation, to the previous integer (25%*13=3.25. Therefore 3) referred to in Greek legislation.
The discrepancy is due to the different way of calculating the ATHEX ESG Metric C-G1 (3/13%).

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establishment of the Sustainable Development Unit in the context of updating the Company's Internal
Regulation of Operation.
More information is included in the Corporate Governance Statement, within the Annual Financial Report,
available on the website https://www.lamdadev.com.
Sustainable Development Unit
In 2022, the Sustainable Development Unit was established, reporting to the Operations Division
12
, with the
following responsibilities:
• The formulation of the Group's overall strategy proposed to the Senior Management in the areas of
Environmental, Social of Sustainable Development as a key pillar of the investment strategy.
• The setting and monitoring of key benchmarks, as well as the compliance with the procedures that
will govern the group's operation based on the strategy and the supervisory guidelines and compliance
rules of local and international bodies.
• The coordination of initiatives and all related actions provided for by the ESG/Sustainability
frameworks by all the group's financial instruments governed by the relevant principles.
• The monitoring of best practices in the industry both in Greece and globally and the formulation of
policies and the coordination of actions for the group's harmonization with the highest standards in
this area.
• The preparation and submission of reports (in cooperation with the respective divisions) to the
competent bodies for the company's compliance with its regulatory obligations as well as the
communication thereof to third parties.
• The rating of the company in the Environmental and Social areas by relevant bodies (ESG rating) as
and when deemed appropriate for either regulatory or investment purposes.
• The initial assessment, in cooperation with other units of the Company, and submission of "green"
investment proposals to the Investment Committee.
• The keeping of the Green Bond Register.
• The oversight and alignment of the subsidiaries' individual strategic sustainable development
objectives with the Group's overall strategy.
Respectively, the responsibility for the implementation of the Sustainable Development programs lies with the
individual Divisions in cooperation with the Sustainable Development Unit.
Stakeholder engagement and materiality analysis
[GRI 2-29, ATHEX ESG Metrics C-S1, C-G3]
The Group communicates and interacts constantly with its stakeholders, who belong to either its internal or
external environment. As key stakeholders are considered those entities, individuals or groups, that are
influenced or can be affected by its operations. Continuous communication with its stakeholders, is key in
creating mutual trust and seamless cooperation. In the context of the continuous improvement of its approach
to Sustainable Development topics, a materiality analysis is also conducted, based on the GRI Standards, for
the prioritization of topics that represent the most significant actual and potential (positive and negative)
impacts on the environment, the economy, and people, as well as those that significantly affect or may affect
the interests of the Group’s stakeholders.
The Sustainable Development Report 2021 describes the key stakeholder groups, the topics of interest that
arise per stakeholder group, the communication channels, as well as the frequency of communication between
the Group and its stakeholders. In addition, it describes all the phases of the materiality analysis process (e.g.,
determination of identified topics, changes in relation to the previous materiality analysis, etc.), as well as the
material topics arising from the process. The Group, in 2023, proceeds to a new materiality analysis in
accordance with the GRI 2021 Standards, the results of which will be available in the Sustainable Development
Report 2022.
12
During the reporting period 2022, the Sustainable Development Unit reported to the Strategy & Investor Relations Division.

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Annual financial report for the year ended 31 December 2022
27
2. Main non-financial risks
A Risk Management Unit has been established, with the main mission to contribute substantially to the
development of a modern operational framework at every organizational level, for the identification, evaluation
and management of the risks faced by the Group. The Risk Management Unit ensures that the risks assumed
by the Units are in line with the risk-taking and tolerance limits, defined and established by the Top
Management. The Risk Management Policy as well as the Risk Appetite Statement were formally approved by
the BoD in December 2022 and are applied to the entire Group.
The Group has identified risks and opportunities including those related to Sustainable Development issues
and, in particular, in relation to compliance with regulatory requirements, the sustainable development goals
that are set, as well as the ability to adapt and mitigate climate change. In addition, risks related to best
Environmental Compliance, as also Health and Safety practices that may result in fines or sanctions issued by
regulatory authorities are identified and managed.
Other categories of non-financial risks that have been identified, are information security risks, strategic,
management of archaeological findings and culture etc. When assessing the level of exposure to identified
risks, in addition to the financial impact, reputational criteria, environmental and coexistence issues with
communities that influence and are influenced by the Group’s activities, are also taken into consideration.
The identification, recording and evaluation of risks and opportunities at Group level is carried out with the
help of an electronic application that allows immediate information on all risk (or opportunity) elements, as
well as on measures already taken, or actions in progress at any time.
For The Ellinikon, a risk management process is implemented, in accordance with the principles described in
the ISO 31000 standard, includes, in summary, the following stages:
1) Communication and consulting.
2) Definition of the object and the objectives.
3) Identification of risks.
4) Risk analysis.
5) Risk assessment.
6) Management (treatment).
7) Audit and review.
This process is followed to ensure that the approach is both systematic and effective. It is carried out in
conjunction with the operational planning and includes the review and update of risks. The followed approach
is top-down, starting from the highest seniority level, and vice-versa.
3. Environmental issues/Climate change
Environmental compliance
The shopping centers, as well as the Flisvos Marina, comply with the requirements of environmental legislation.
Where required, they have approved Environmental Impact Studies and the necessary environmental permits
have been issued.
In addition, all the developments of the Elliniko – Agios Kosmas Metropolitan Pole (M.P.E.A.), comply with the
applicable environmental legislation and the approved environmental terms issued, during the evaluation of
the Environmental Impact Study (E.I.S.) of the Integrated Development Plan (I.D.P.), (2019), but also the
environmental conditions and commitments arising from the individual projects within Elliniko.
In the context of compliance with the applicable environmental legislation and the environmental framework,
resulting from the approved environmental terms of the I.D.P. of the M.P.E.A. and the individual projects
within the M.P.E.A., during 2022 the environmental permitting of 2 individual projects within the M.P.E.A. was
completed, 3 Technical Environmental Studies (T.E.S.) were approved and 2 new Environmental Impact
Studies (E.I.S.) were submitted for evaluation with regards to upcoming developments.

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a) Climate change, air, noise and particulate matter pollution
Corporate policies and due diligence
By following a modern architectural design along with optimal functional uses and implementing sustainability
strategies, the Group aims to ensure environmentally friendly operations for all projects in operation and under
development, in the context of Sustainable Development.
By taking into consideration climate and environmental factors during the design and construction of projects,
the Group aims at the resilience and adaptation of its buildings to changing conditions. At the same time, it
aims to protect air quality, as well as to control noise emissions from the operation of its existing and under-
development properties.
More specifically, in projects under construction and with regards to air pollutant and noise emissions
management, an integrated Environmental Management System (EMS) is implemented, with the aim of
reducing air pollutant concentrations and noise emissions. The main orientation, via these measures of air
pollution and noise emissions management, is to ensure the health of employees, visitors and all parties
involved.
For the year 2022, the evaluation of the carbon footprint in accordance with the specifications of ISO 14064-
1:2018 and the GHG Protocol was conducted, including direct and indirect greenhouse gas emissions, and is
currently running a verification process of the results. The ultimate goal is to reduce the carbon footprint in all
Group’s activities.
In addition, in the context of green investments, LAMDA Development proceeded to the drafting of an
agreement for the future transfer of shares, which concerns the acquisition of 20% of the share capital of R-
Energy 1 Holdings, to which it has provided lending through a Convertible Bond Loan, that will yield the total
of at least 50.1% of the company's shares within the next 3 years, with exclusive resources of the Green Bond
2022. R-Energy 1 Holdings S.A is an energy company with a portfolio of Renewable Energy Sources (RES)
projects with a total capacity of 44 MW. The company has prepared a Business Plan for further expansion of
the portfolio of RES projects by 140MW of capacity, which includes Solar AND Wind Power projects. These
projects can directly secure "green" energy for the assets of LAMDA Development S.A. through Bilateral Energy
Supply Contracts and will effectively contribute to the avoidance of CO2 emissions for the respective uses.
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos, Designer Outlet Athens)
The shopping centers apply an EMS and are equipped with Building Management Systems (B.M.S.). Through
the B.M.S., the energy consumption is monitored, and the operation of the installed systems is adjusted,
aiming at optimal energy consumption, and ultimately maximizing the energy performance of buildings. The
Designer Outlet Athens is also certified according to the ISO 14001:2015 with the aim of improving
environmental performance. In each shopping center, environmental units have been created which, among
other tasks, have the responsibility to monitor energy consumption.
Also, in the context of managing and maximizing energy efficiency, the environmental unit undertakes
corrective and preventive actions, aimed at reducing energy requirements. The same units monitor the
application of management standards, in relation to energy consumption, on a daily basis.
Flisvos Marina
The Management of Flisvos Marina applies an EMS, in accordance with ISO 14001:2015, through which energy
consumption is monitored, by taking corrective action where and when required. Respectively, through the
EMS, the Marina aims at the systematic management and prevention of air and noise pollution in all its
facilities, through specific actions, such as the annual noise measurements.
Since 2016, Flisvos Marina has been preparing an energy footprint assessment report, in accordance with the
international standard ISO14064-1:2018. In this way, the marina can, in a documented way, utilize the results
of the relevant measurements, to implement a mitigation program for pollutants associated with its carbon
footprint (CO2), which result from its activities.

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29
The Ellinikon– Phase A
For the development of The Ellinikon, an environmentally friendly design approach is followed, with the aim
to mitigate environmental impacts and adapt to climate change. Focusing on the Sustainable Development
Strategy and in line with the Sustainable Development Policy, the Environmental Policy and the relevant EMS
during the design and construction phase (as well as during the operation of the project), measures are taken
for the proper use and consumption of energy, the reduction of embedded carbon during construction, the
reduction of greenhouse gas emissions, as well as the dust and air pollution emissions, through a variety of
actions. It is worth noting that in 2022, The Ellinikon’s EMS was certified according to ISO 14001:2015. In line
with the European climate neutrality objectives, the project aims at maximizing energy efficiency and
renewable energy sources use, by applying best practices and by closely monitoring the projects progress.
In this context, and in collaboration with designers, contractors, and consultants, principles of sustainable
development, bioclimatic design, efficient heating, ventilation, and air conditioning systems, smart building
management systems (BMS) and lighting control, selection of sustainable materials resistant to time, with
recycled content and a recorded carbon footprint, are incorporated. Moreover, advanced design models are
used in the projects, for the simulation of energy behavior, natural lighting analysis and Life Cycle Analysis
(LCA). At the same time, upon completion of the projects’ construction, commissioning services are provided
by independent consultants, to verify the correct functioning of the building’s systems.
Outcomes of the above policies and non-financial key performance indicators
The full reopening of the shopping centers, the increase in the construction activities of The Ellinikon, the
increase of visitors’ traffic at the marina and the addition of the Designer Outlet Athens to the investment
portfolio, contributed to the increase of the total energy consumed for 2022.
[GRI 302-1]
Energy consumption within the Group (MJ)
2022
Energy consumption from non-renewable energy
sources
Natural gas
20,981,188.8
CNG
842.3
Diesel
2,709,521.3
Petrol
3,775,794.3
Total amount of energy consumed within the
organization from non-renewable sources
27,467,346.7
Electricity consumption
Total amount of electricity consumed within the
organization from non-renewable sources
103,872,290.2
Electricity consumption with Guarantees of
origin
15,665,111.0
Total electricity consumption
119,537,401.2
Total energy consumed within the organization
Total energy consumption
147,004,747.9
Notes:
• The requirements of GRI 302-1b disclosure are met, given that there is no consumption
of energy from renewable sources within the Group (based on GRI, guarantees of origin
are not included in renewable energy consumption within the Group in disclosure 302-
1).
• The requirements of GRI 302-1c disclosure are met given that there is no consumption
of heating, cooling, or steam.
• The requirements of GRI 302-1d disclosure are met given that there is no sale of
electricity, heating, cooling, or steam.
• For the calculation of the above figures, the methodology followed includes the collection
of the Group's primary consumption data (e.g., kWh of electricity, liters of fuel, etc.) from
relevant tariffs and meters and their conversion into MJ by multiplication using DEFRA
UK conversion factors.
• Any variations in totals are due to rounding.

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Annual financial report for the year ended 31 December 2022
30
[ATHEX ESG Metric C-E3]
Energy consumption and production
2022
Total amount of energy consumed (MWh)
40,835
Percentage of electricity consumed over the total energy
consumption
81.3%
Percentage of energy consumed from renewable sources over
the total energy consumption
10.7%
Total amount of energy produced (MWh)
0
Percentage of energy produced from renewable sources over the
total energy consumption
0%
[GRI 305-1, GRI 305-2, ATHEX ESG Metrics C-E1, C-E2]
Greenhouse Gas Emissions
2022
Direct emissions - Scope 1 (tCO
2
e)
2,489.63
Biogenic emissions (tCO
2
e)
0
Indirect emissions - Scope 2 location-based (tCO
2
e)
13,946.69
Indirect emissions - Scope 2 market-based (tCO
2
e)
11,003.61
Total emissions - Scope 1 & Scope 2 location based (tCO
2
e)
16,436.32
Total emissions - Scope 1 & Scope 2 market based (tCO
2
e)
13,493.24
Notes:
• The disclosure requirements of GRI 305-1 d and 305-2 d cannot be met, as 2022 is the first year in which the
Group proceeded with the calculation of emissions.
• The gases included in the calculations are CO2, CH4, N2O.
• The conversion factors used to calculate emissions were obtained from the most recent national emission
inventory, from the reports of the Renewable Energy Sources and Guarantees of Origin Operator (DAPEEP), as
well as from DEFRA UK (only for fugitive refrigerants). CH4 GWP = 25, N2O GWP = 265.
• The consolidation method used is that of "Operational Control".
• The methodology followed is that of the GHG Protocol.
• Emissions intensities, along with Scope 3 emissions, according to the requirements of ATHEX ESG disclosures
C-E1, C-E2, GRI 305-3, GRI 305-4 will be available in the 2022 Sustainable Development Report.
b) Biodiversity, soil, resource efficiency
Corporate policies and due diligence
The Group aims to protect biodiversity and continuously improves its efforts to reduce its impacts on the fauna
and flora in the areas where it operates, as well as to prevent the disruption of ecosystems and soil. Emphasis
is placed mainly on projects which are expected to have a significant impact on existing ecosystems and relate
to the regeneration and development of wider areas, such as Flisvos Marina and The Ellinikon. Respectively,
the Group recognizes the importance of the sustainable use of raw materials and natural resources and the
need to implement systems and practices that will reduce the use of materials during the operation of existing
business units (Golden Hall, The Mall Athens, Mediterranean Cosmos, Designer Outlet Athens and Flisvos
Marina), but also in new projects such as The Ellinikon.
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos, Designer Outlet Athens)
Golden Hall started its operation in November 2008 and is centrally located on Kifissias Avenue in Athens,
while The Mall Athens and Mediterranean Cosmos started operating in November and October 2005 in the
Neratziotissa area, in Athens, and in Thermi, in Thessaloniki, respectively. Designer Outlet Athens started its
operation in June 2011 in Spata, Attica and was incorporated in the Group in 2022. None of the above areas
are designated as protected areas under current legislation or as areas with high biodiversity value, according
to the United Nations Convention on Biological Diversity (1992). Its apprοach with regards to the sustainable
use of raw and other materials, is reflected, on the one hand, in the application of the EMS in Golden Hall, The

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Annual financial report for the year ended 31 December 2022
31
Mall Athens, Mediterranean Cosmos and Designer Outlet Athens shopping centers, and in its Suppliers’ Code
of Ethics on the other.
Flisvos Marina
Flisvos Marina develops various initiatives for the protection of biodiversity, although it is not located in or
near protected areas or areas of high biodiversity value. For these purposes, the marina monitors various
marine species that visit it, such as sea turtles, seals, and species of fish (mullet), although a complete record
is not kept. For the protection of the marine ecosystem and the contribution to the protection of the
environment, which constitutes a strategic goal of the marina, 2 special devices have been installed with a
basket (Seabins) for the removal of sea microplastics and floating waste/waste, with the aim to maintain the
marina’s water quality, while fishing is prohibited within the marina. Regarding the control of water quality, 8
samplings are carried out from various points and depths of the port during the year in collaboration with a
specialized accredited laboratory.
The Ellinikon – Phase A
For the development of The Ellinikon, the Group is committed to the protection of biodiversity and the
protection and improvement of the soil. In cases of building and infrastructure demolition, before the entry of
the machinery, the species of fauna are investigated, located and removed. These species, after being tested
by biologists, are released into natural ecosystems.
The conservation and restoration of the existing soils in the project and the wider area of the of the Elliniko
Metropolitan Pole, is in line with the recent recognition of healthy soil as a valuable commodity and component
of local Mediterranean ecosystems, according to the European Green Deal. More specifically, the design of the
sections of the Metropolitan Park, including the first part of the park “The Experience Park”, was designed to
meet the requirements of international certification systems, such as the “Sustainable SITES Initiative”
certification, which includes special requirements regarding biodiversity, soil conservation and enhancement
and sustainable conservation of the site. Goals are already set from the design phase of the project, for the
preservation of the existing natural areas (soils and plantations), and the environmental restoration, and
enrichment of the damaged areas in terms of biodiversity.
2022 was the first full year of operation (official opening 20/12/2021) of "The Experience Park", a new urban
park covering an area of 75 acres within The Ellinikon. The basic principles were sustainable development and
respect for the environment and the heritage of the area. The soil was enriched, in line with a special study,
to make it more fertile and better support the planted surfaces. Plants and trees remained in place, where
possible, and were supplemented with new or transplanted native plants. About 700 trees and over 77,000
plants were put in place, in total, within the project.
Transplanting – New plantings
The overall objective of The Ellinikon is the implementation of the "Biodiversity Net Gain" practice. In
particular, within the Metropolitan Park, the planning includes the addition of more than 31,000 new trees of
59 species, of which more than 14,000 will be planted in Phase A of the project. A wide range of different
species of trees and plants is included, so that the design enhances the biodiversity of the project, to
complement the ecosystem of the wider area of Elliniko and constitute a potential fauna refuge.
At the same time, an effort is made to maintain or transplant existing healthy trees. In collaboration with
specialized green engineering companies and Greek nurseries, temporary spaces have been created within
The Ellinikon, hosting 2,100 with the prospect of reaching more than 3,000 existing trees, which will be
protected until they are gradually transplanted into the Metropolitan Park and public areas.
Reuse of materials and soils
Regarding the sustainable use of raw materials and other materials, the Group aims to design projects in
accordance with international sustainable development certification systems, such as "LEED" (Leadership in
Energy and Environmental Design) for buildings and SITES for outdoor landscape configurations, which include
specific requirements for product, supplier and raw material selection methods, aiming at saving resources
and the circular economy. In the context of achieving the above certifications, there are prerequisites and
objectives regarding the appropriate selection and use of materials with environmentally friendly properties,
while, among other things, significant opportunities are created for the reuse of existing materials. The project
prioritizes the use of materials with recycled content, mined and produced within a close range. At the same
time, the selection of materials is based on whether there is a record of their environmental footprint.

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Rehabilitation and decontamination
In 2022, works began, over the entire project, to restore soils and groundwater, burdened with pollutants
from previous uses of the site (former airport location, military installations, etc.). As part of the restoration
and decontamination works, old infrastructures and fuel installations are removed, while contaminated soils
and groundwater are cleaned up using "in-situ" methods. The aim is to reduce the waste generated, to
minimize transport inside and outside the pole and, finally, to reuse the soil.
Outcomes of the above policies and non-financial key performance indicators
[ATHEX ESG Metric A-E5]
In the context of the Environmental Impact Studies that have been carried out for the construction of the
shopping centers (including XPLORE and the Athens Olympic Museum located at the Golden Hall premises)
and the Environmental Impact Assessment that has been submitted and approved for the development of The
Ellinikon, none of the above areas are characterized as protected areas according to current legislation or as
areas of high biodiversity value, in accordance with the United Nations Convention on Biological Diversity
(1992).
Specifically, the three malls do not record any impact from their activities of any nature, including the reduction
of fauna and flora species in the area, changes in ecological processes, introduction of pathogens and insects.
Subsequently, for Flisvos Marina, no significant direct or indirect impacts have been identified from its
respective activities on the biodiversity of the area and the soil quality.
[GRI 301-1]
Materials used (tones)
2022
2021
2020
Total non-renewable materials used
39,340.8
85.2
100.2
Total renewable materials used
0
0
0
Total materials used
39,340.8
85.2
100.2
Notes:
• For The Mall Athens, there is no information available for the total quantities of incoming used materials,
information that the Group intends to gather in the coming years. Accordingly, relevant information has been
partially provided for the Golden Hall.
• The large increase in materials used observed, compared to 2021, is due to the start of construction works of
The Ellinikon.
[GRI 301-2]
Incoming recycled materials used (percentage)
2022
2021
2020
Recycled materials used
3.2%
0.3%
0.3%
Notes:
• For Golden Hall, The Mall Athens, Mediterranean Cosmos, as well as the Designer Outlet Athens, there is no
information available for recycled and non-recycled materials, information that the Group intends to gather in the
coming years.
• The large increase in the use of materials observed compared to 2021 is due to the start of construction works of
The Ellinikon.

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Annual financial report for the year ended 31 December 2022
33
c) Water, wastewater and solid waste
Corporate policies and due diligence
[ATHEX ESG Metric SS-E4]
In the context of the Group’s commitment to environmental protection, the sustainable use of water resources,
the proper management of solid waste, the promotion of recycling, and the application of the principles of the
circular economy, constitute a daily reality for the shopping centers, Flisvos Marina, as well as for new projects,
such as The Ellinikon.
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos, Designer Outlet Athens)
At Golden Hall, The Mall Athens, the Mediterranean Cosmos, and the Designer Outlet Athens, a complete EMS
has been set in place, with the aim to reduce production and proper treatment of solid waste, thus ensuring
the Group’s commitment to reduce the negative impacts of waste and protect the environment.
The main objectives of the above system are:
• The minimization of solid waste generated in the shopping centers.
• The separation at the source of recyclable waste, as well as those that need specific management.
• The maximization of the percentage of waste made available for recycling.
• The ongoing compliance with current solid waste provisions in force.
The integrated waste management system includes the following basic procedures for shopping centers:
• Separation of the waste streams at the source (packaging materials, glass, plastic, paper, inorganic
waste).
• Special area for the temporary storage of non-recyclable solid waste, including the temporary cold
storage of organic waste.
• Availability of predetermined waste storage areas.
• Collaboration with specialized solid waste management and treatment companies, where the collection
of recycling materials is carried out by specialized contractors, with the aim of their separation and
controlled disposal.
• Emergency preparedness and response procedure in case of hazardous waste leakage.
• Recording of waste data in the Electronic Waste Register of the Ministry of Environment and Energy.
The Group’s approach to the management of water and wastewater has, as its main pillar, the optimization of
water use in shopping centers by installing mechanisms and devices of water saving by connecting with the
municipal sewerage networks for the channeling of the generated urban wastewater. In particular, in the
Designer Outlet Athens, an urban wastewater treatment plant is in operation for the use of treated water for
watering purposes, and thus reducing the use of drinking water by the municipal water supply network. The
purpose of these initiatives is to minimize the impact on biodiversity and the available natural water sources
in the areas, where it operates.
Flisvos Marina
The marina directs all waste generated from both its own activity and from the activities of its customers
(boats and lessees) for management/recycling to licensed operators. For this purpose, it collects the waste
generated by its customers and from its operation and delivers it to licensed waste management operators,
for their further treatment. Furthermore, since July 2020
13
, an outdoor composting unit has been operating
for the treatment of green waste from its gardens (branches, lawns, leaves, etc.) and coffee residues from
the shops located in its area. Municipal waste and recyclable materials are collected in specially marked bins
and, under the responsibility of the Municipality, are taken to landfills. Also, the marina manages the solid
waste resulting from pollutants, through the installation of a floating dam on the piers where the rainwater
pipes end.
13
In the Sustainable Development Report 2021 it has been inadvertently reported that the outdoor composting plant has been operating
since 2010.

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Annual financial report for the year ended 31 December 2022
34
Regarding water use, the water supply in Flisvos Marina is provided by the network of EYDAP and concerns
the coverage of the irrigation needs of the marina's outdoor areas, the service of the employees, the visitors,
and the boats as well as the cleaning of the outdoor areas, piers and common areas in its commercial sections.
To save water, best practices of rational use have been adopted, while regular maintenance of the water
supply network is carried out for the immediate detection of leaks. Moreover, the watering of greenery, over
an area of 25 acres, is carried out through automatic watering programmers. The purpose of this action is to
better control the water consumption for the watering needs of outdoor gardens, as well as its remote
management, in order for watering to be adjusted according to weather conditions. In this way, more rational
use and saving in water consumption is achieved. Urban wastewater is collected and diverted to the central
sewer system of EYDAP. Other types of waste (such as mineral oil mixtures, waste lubricating oils, etc.)
generated from the use of vessels are managed by external collaborators. Flisvos Marina has entered into a
contract with a company specialized in dealing with marine pollution emergencies, thus ensuring immediate
response 24 hours a day, 7 days a week, and the availability of an anti-pollution boat with a crew.
The Ellinikon – Phase A
For the development of The Ellinikon, the certified, according to ISO 14001, EMS, that is followed, includes
procedures for the management of solid and liquid waste, as well as water, which aim at the rational
management and protection of natural resources.
The Group implements an environmentally friendly waste management planning, in line with the approved
Environmental Conditions. At the same time, it sets the objectives and plans for the majority of The Ellinikon’s
project, within the framework of international certification systems for sustainable development, such as
“LEED”, which include the development and implementation of a Construction and Demolition Waste
Management Plan, aiming at recycling at least 75% of construction and demolition waste.
The fundamental principles of the project waste management system are:
• Separation at the source of waste streams (collection in 6 separate bins) during operation, which will
be managed by the Solid Waste Management Facility (SWMF), that will be created in The Ellinikon
during the operation phase of the project.
• Minimization of the percentage of waste disposed in landfills both during construction and during the
operation phase.
• Reuse, recycling, and recovery of construction waste, reducing the percentage that ends up in landfills
and optimal use of demolition materials and methods.
• Management of hazardous waste, in cooperation with licensed operators, in accordance with legislation
requirements.
• Recording of waste and their management, during the construction and operation phase.
The reuse of materials constitutes a priority throughout the design of the project. The demolition materials
are kept and temporarily stored within the Metropolitan Pole so that they can be used in their entirety in future
works. At the same time, the excavation materials are also kept and temporarily stored.
Regarding water use, during the construction and operation phase, the implementation of a Unified Water
Management Plan is foreseen, which includes a Water Saving Program and a Water Contamination Protection
Program. The potential impacts on the quality of natural resources are analyzed in the Environmental Impact
Study.
At the same time, within the framework of the international certification systems for sustainable development
that are followed in the project, such as LEED, WELL, SITES, etc., specific objectives are put in place for the
reduction of water consumption inside the buildings, through the installation of taps with reduced consumption,
as well as outside the buildings, through the installation of smart irrigation systems and the selection of plants
with reduced irrigation needs, the reuse of treated water or rainwater, rainwater management and water
quality assurance.
In the context of circular economy, a Sewage Treatment Plant (WWTP) is designed inside The Ellinikon, which
will produce, with proper treatment, irrigation water for the needs of the Metropolitan Park. In July 2022, a
relevant Memorandum of Understanding was signed between the Group (through its subsidiary HELLINIKON
S.M.S.A.) and EYDAP concerning the supervision of the construction of water supply projects, sewerage and
treatment water production installation.
At the same time, the planning of the upgrade of the Trahones stream has initiated. The new projects in the
area of Trahones include:

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Annual financial report for the year ended 31 December 2022
35
• the maintenance of the existing culvert up to Poseidonos Avenue by cleaning and maintaining its basin,
• the new section, more than 1km long, that will cross through the Metropolitan Park, creating wetland
conditions of flowing waters, while significantly improving the overall drainage capacity of the stream.
Outcomes of the above policies and non-financial key performance indicators
The complete reopening of the shopping centers, the increase in the construction activities of The Ellinikon,
the increase of visitors traffic at the marina and the addition of the Designer Outlet Athens to the investment
portfolio, contributed to the more than doubling of water consumption.
[GRI 303-3]
Total water withdrawal (ML)
2022
2021
2020
Water source
All areas
Areas with
water stress
All areas
Areas with
water stress
All areas
Areas with
water stress
Total surface water
0
0
0
Freshwater
0
0
0
Other water
0
0
0
Total ground water
101.7
67.9
75.0
Freshwater
0
0
0
Other water
101.7
67.9
75.0
Total seawater
0
0
0
Freshwater
0
0
0
Other water
0
0
0
Total produced water
0
0
0
Freshwater
0
0
0
Other water
0
0
0
Total third-party water
(network)
427.0
154.0
145.2
Freshwater
427.0
154.0
145.2
Other water
0
0
0
Total third-party water withdrawal per water source
Surface water
Not available
Ground water
Seawater
Produced water
Total water withdrawal
528.7
221.9
220.1
Notes:
• The areas in which the Group operates, are characterized as areas that are under increased pressure in terms of water
resources according to Aqueduct Water Risk Atlas of the World Resources Institute.
• According to the GRI freshwater is defined as: ≤1,000 mg/L total dissolved solids, other water >1,000 mg/L total
dissolved solids.
• The above data were collected from invoices and direct measurements of the Group's water consumption from the local
water supply networks and drilling facilities. No standard or methodology has been followed beyond direct recording and
no relevant assumption has been made.
[GRI 303-5]
Total water consumption (ML)
2022
2021
2020
Total water consumption
528.7
221.9
220.1
Total water consumption in areas with water stress
Notes:
• Due to inability to collect water discharge data (GRI 303-4), consumption is considered equal to withdrawal (GRI 303-3)
whose data were collected from the Group's invoices and direct water reclamation measurements from the local water supply
networks and drilling facilities. No standard or methodology has been followed beyond direct recording and no relevant
assumption has been made.
• The requirements of the disclosure GRI 303-5 b have been met, as the areas in which the Group operates, are characterized
as areas that are under increased pressure in terms of water resources according to Aqueduct Water Risk Atlas of the World
Resources Institute.

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Annual financial report for the year ended 31 December 2022
36
The increase in construction works at The Ellinikon results in an increase in waste generation. However, due
to the very high rates of reuse, recycling and recovery of the waste generated on site, the final disposal of
waste is prevented. Detailed data will be available in the 2022 Sustainable Development Report.
[GRI 306-3]
Total waste generated (t)
Waste categories
2022
2021
2020
Hazardous Waste
Antifreeze liquids 16 01 14*
0
0
0.7
Other fuels (including mixtures) 13 07 03*
28.9
0
0
Wastes not otherwise specified 13 08 99*
0
3.4
0
Used batteries 16 06 01*
0
0.8
1.1
Waste of lubricating oil mixtures and collector oils 13
02 05*, 13 04 01*, 13 05 06*
43.6
55.4
40.1
Contaminated absorbent materials 15 02 02*
10.4
2.3
2.0
Waste paint and varnish containing organic solvents
or other dangerous substances 08 01 11*
0.5
4.7
0.2
Depleted oil and air filters 16 01 07*
18.5
0.7
0.4
Fluorescent lamps 20 01 21*
9.6
1.2
2.0
Waste from electrical and electronic equipment 20 02
21*, 16 02 11*, 20 01 35*, 20 01 23*
1.5
1.3
2.5
Contaminated packaging 15 01 10*
1.7
3.0
2.2
Mixed batteries 20 01 33*
0.6
0.2
0.1
Waste printing toner containing dangerous
substances 08 03 17*
0
0.1
0
Waste blasting material containing dangerous
substances 12 01 16*
0
7.6
0
Chlorofluorocarbons, HCFC, HFC 14 06 01*
0
0.0
0
Organic wastes containing dangerous substances 16
03 05*
1.6
0.5
0
Gases in pressure containers (including halons)
containing dangerous substances 16 05 04*
1.5
1.1
0
Discarded inorganic chemicals consisting of or
containing dangerous substances 16 05 07*
0.0
5.5
0
Discarded organic chemicals consisting of or
containing dangerous substances 16 05 08*
0.7
3.0
0
Soil and stones containing dangerous substances 17
05 03*
12,212.0
0.7
0
Insulation materials containing asbestos 17 06 01*
0
0.8
0
Construction materials containing asbestos 17 06 05*
0
65.2
0
Petroleum waste 13 04 03*, 13 05 07*, 13 03 10*, 16
07 08*, 13 05 08*
262.5
73.2
69.6
Total hazardous waste
12,593.4
230.7
121.0
Non-hazardous Waste
Organic wastes 16 03 06
17.8
10.9
2.4
Mixed municipal waste 20 03 01
21,290.9
15,498.4
7,915.9
Metals and metal packaging 15 01 04, 17 04 01, 17 04
02, 17 04 05, 17 04 07, 20 01 40
11,673.5
1,459.5
0.2
Plastic and plastic packaging 15 01 02, 20 01 39
464.8
224.3
179.6
Paper and cardboard packaging 15 01 01
803.3
575.2
578.0
Wood and wooden packaging 15 01 03, 17 02 01, 20
01 38
14.4
79.3
0.8
Glass packaging 15 01 07
32.1
6.7
6.2
Mixed batteries 16 06 04, 16 06 05, 20 01 34
0.2
0
0.1
Construction and demolition waste 17 01 07, 17 09 04
60,948.2
5,454.1
52.6
Disposable electrical and electronic equipment 20 01
36
18.7
0.6
0.8

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Annual financial report for the year ended 31 December 2022
37
Glass 20 01 02
12.1
11.0
9.9
Biodegradable waste 20 02 01
712.8
52.6
3.2
Cables 17 04 11
0
72.9
0
Soil and stones 20 02 02
11,485.1
37.0
0
Edible oils and fats 20 01 25
39.3
19.3
7.8
Sludges from on-site effluent treatment 07 01 12
0.6
0
0
Total non-hazardous waste
107,513.7
23,501.9
8,757.6
Total waste
120,107.0
23,732.5
8,878.6
Notes:
• The above information was collected from shipping notes and invoices of certified external partners who undertake the
Group's waste management, monthly reports of partners-contractors as well as annual EMA reports of the Group.
• The above information was adjusted for the years 2021 and 2020, as had been mentioned in the Sustainable
Development Report 2021, as the more complete record of waste was completed.
[GRI 306-4]
Waste diverted from disposal per recovery process (t)
Waste categories and
recovery process
2022
2021
2020
Onsite
Offsite
Total
Onsite
Offsite
Total
Onsite
Offsite
Total
Hazardous waste
Preparation for reuse
0
0
0
0
0
0
0
0
0
Recycling
0
12,593.4
12,593.4
-
230.7
230.7
0
121.0
121.0
Composting
0
0
0
0
0
0
0
0
0
Total
0
12,593.4
12,593.4
0
230.7
230.7
0
121.0
121.0
Non-hazardous waste
Preparation for reuse
72,433.3
0
72,433.3
3,021.0
0
3,021.0
0
0
0
Recycling
0
13,058.3
13,058.3
0
4,961.0
4,961.0
0
836.1
836.1
Composting
16.8
696.0
712.8
10.5
0
10.5
3.2
-
3.2
Total
72,450.1
13,754.3
86,204.4
3,031.5
4,961.0
7,992.5
3.2
836.1
839.3
Notes:
• The above information was collected from shipping notes and invoices of certified external partners who undertake the
Group's waste management, monthly reports of partners-contractors as well as annual EMA reports of the Group.
• The above information was adjusted for the years 2021 and 2020, as had been mentioned in the Sustainable
Development Report 2021, as the more complete record of waste was completed.
[GRI 306-5]
Waste directed to disposal per disposal process (t)
Waste categories and
disposal process
2022
2021
2020
Onsite
Offsite
Total
Onsite
Offsite
Total
Onsite
Offsite
Total
Hazardous waste
Landfill / Total
0
0
0
0
0
0
0
0
0
Non-hazardous waste
Landfill / Total
0
21,309.6
21,309.6
0
15,509.3
15,509.3
0
7,918.3
7,918.3
Notes:
• The above information was collected from shipping notes and invoices of certified external partners who undertake the
Group's waste management, monthly reports of partners-contractors as well as annual EMA reports of the Group.
• The above information was adjusted for the years 2021 and 2020, as had been mentioned in the Sustainable Development
Report 2021, as the more complete record of waste was completed.
• The requirements of disclosure GRI 306-5 b and c are met, as the Group does not have hazardous or non-hazardous
waste for incineration or other methods of final disposal, other than landfilling.

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Annual financial report for the year ended 31 December 2022
38
[ATHEX ESG A-E3]
Waste management
2022
2021
2020
Total amount of hazardous waste generated (t)
12,593.4
230.7
121.0
Total amount of non-hazardous waste generated (t)
107,513.7
23,501.9
8,757.6
Total amount of waste generated (t)
120,107.0
23,732.5
8,878.6
Percentage of waste directed to recycling/reuse
81.7%
34.6%
10.8%
Percentage of waste directed to composting
0.6%
0.0%
0.0%
Percentage of waste directed to landfill
17.7%
65.4%
89.2%
Note: Any variations in the totals are due to rounding.
d) International building certifications (The Ellinikon)
Corporate policies and due diligence
All of The Ellinikon's developments holistically follow the highest standards of sustainable development both
in design, construction and operation. All commercial developments during Phase A of the project, as well as
most residencies, aim at an international “LEED” sustainable development certification. At the same time, the
certification of individual projects with the international “WELL” and “SITES” certifications is promoted, aiming
at the users’ health and well-being and the development of sustainable outdoor spaces.
During 2022, 13 building registrations were submitted to the U.S. Green Building Council certification body for
the application of the international sustainable development certification "LEED", including:
• The Riviera Tower, 200 meters high, with 169 apartments on 50 floors, which, upon its completion,
will be the tallest building in Greece. Its study and design have been entrusted to the internationally
renowned award-winning architectural firm Foster+Partners. A key feature of the design approach is
the creation of a landmark building, in full harmony with the sea and the special features of the
mediterranean landscape with a bioclimatic character. Riviera Tower, by fully integrating sustainable
development strategies, is the 1st residential building in Greece to be pre-certified according to the
LEED sustainable buildings standard at Gold level, in June 2022.
• The Relocation Building of Associations of People with Disabilities will house the services of Day Care
Centers (DCC) and Lifelong Learning Centers (LLC), of 4 associations for children and adults with
disability and special skills. The construction of the project began in 2022 and within the same year
the evaluation of the design of the complex by the certification body of the LEED standard was
completed. The final LEED certification of the project is expected in 2023.
• The Riviera Galleria will have shops, dining areas and venues for cultural and recreational events. The
internationally renowned architectural firm Kengo Kuma and Associates, in collaboration with
BETAPLAN, designs the Riviera Galleria, aiming to become an architectural reference point in the new
marina of Agios Kosmas and a pole of attraction for visitors from Greece and around the world. The
Riviera Galleria follows high standards of sustainable design and is the 1st commercial complex to be
pre-certified according to the LEED sustainable building standard at Gold level, in December 2022.
At the same time, it is worth noting that The Ellinikon Metropolitan Park follows high standards of sustainable
development, as a whole. At the same time, it aims at reusing existing materials, prioritizing materials with
domestic characteristics, as well as absorbing large amounts of atmospheric carbon through the new plantings
that will be carried out.
In August 2022, the Group proceeded to agreements with Lafarge Beton, a member of HERACLES Group, and
with TITAN Group for the installation and operation of a ready-mix concrete production unit to serve the needs
of the project. The units will adhere to high standards of environmental management and provide low-carbon
concrete products for The Ellinikon's construction works.

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Annual financial report for the year ended 31 December 2022
39
4. Social and labour issues
a) Labour issues
Corporate policies and due diligence
Employment
The Group recognizes that its business success is based on its people. Considering that employees are the
most important asset, the Group recognizes and rewards their valuable contribution to its development and
positive course. Therefore, it is of particular importance to improve management of human resources and the
Group, in a sustainable way to provide the best possible work environment and experience for all employees.
For this reason, strategies of attracting, developing, and retaining human resources are followed, while
providing equal opportunities to all.
Within this framework, the following policies, codes and regulations, have been created:
• Car and Fuel Policy.
• Code of Conduct.
• Employees’ Training and Development Policy.
• Expenses Policy.
• Internal Announcement and Coverage of New Jobs Policy.
• Internal Regulation of Operation.
• Mobile Phone Policy.
• Performance Evaluation Policy.
• Procurement Policy.
• Recruitment Policy and Procedure.
• Suppliers’ Code of Ethics.
• Sustainable Development Policy.
• Travel Policy.
• Whistleblowing Policy.
• Workplace non-discrimination, anti-harassment and violence prevention Policy.
[GRI 401-2]
The Group supports its people in their learning, development, mobility, and achieving their goals. It
implements development training programs, in which all employees can participate to meet their training
needs, improve their skills, their continuous professional development and their ability to better respond to
the fulfillment of Group's objectives. It is interested in informing employees, improving inter-company
communication, their satisfaction and strengthening the corporate culture.
Several additional financial and social benefits and programs are offered to the employees and their families,
not only as a reward for their good performance, but also to enhance and strengthen the sense of job security.
The benefits offered indicatively to employees in Greece are:
• Performance-based bonus.
• Special stock option program for senior and senior executives.
• Medical and pharmaceutical health and insurance program.
• Corporate car and a fuel card to the members of the Management and to those executives who have
the right to grant, from the hierarchical level of their position or the description of their role (duties).
Consulting services program and special retirement plan.
• Provision of meal vouchers.
• Mobile phone/tablet to facilitate employees in carrying out their work.
• Grant of interest-free loans to employees to cover serious emergencies.
• Additional days of maternity leave.
• Additional days of educational leave for those attending postgraduate studies.
• Rewarding gifts for excellent students for the children of employees.
• Gifts to the employees’ children at Christmas.
• Gifts to employees at Christmas and Easter.
• Wedding gift.
• Gift of having a child.
• Reward gift for many years of presence.
• Discounts at the Company's shopping centers.
• Occupational prevention for health and safety.

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Annual financial report for the year ended 31 December 2022
40
• Employee Assistance Programs, which concern the “It's up to You” program (psychological support
line and sessions).
The above benefits are addressed to permanent contract employees, under full-time and part-time
employment (except for the provision of stock options), based on specific criteria, such as the nature of the
work, the employment area, the expertise of the employee and the level of each job position. Moreover, based
on the above criteria, as well as on the individual performance of each employee and the results of the Group,
additional variable pay systems are applied. Fixed-term employees benefit from the medical and
pharmaceutical program, as well as the meal vouchers.
Training and skills development of the future
The Group is actively interested in informing and training employees, improving intra-corporate
communication, ensuring employee satisfaction and strengthening corporate culture. In this context, policies
have been established relating to the Internal Regulation of Operation and the Employee Education/Training
program.
The training program is formulated on an annual basis and is part of the annual budget, aligned with the
strategy and objectives of the Group, as well as the needs arising from the annual employee evaluation
process. Moreover, the Human Resources Department can receive a request/proposal for training from any
employee, following the consent of his/her Manager. It is noted that there is no differentiation in the provision
of educational programs, for example in terms of employees’ gender.
Health, safety and well-being
The Group recognizes its responsibility to ensure health and safety throughout its value chain, as well as to
promote well-being and work-life balance. For this reason, it carries out a set of actions related to health,
safety and well-being for all its employees, as well as for all those affected by its activities and operation. The
Group is aware and promotes the improvement of the health and wellbeing of its employees, offering them
the opportunity to have a complete package of private insurance and additional consulting support services
(see above for the benefits list).
Moreover, annual training programs on occupational health and safety, are covered by the Group, as well as
regular safety drills for the event of earthquakes, fires and other threats in all shopping malls, while all
employees have attended threat seminars. The training programs, the exercises and seminars are regularly
monitored by the health and safety officer.
Systematic measurements are carried out on air quality, noise level and appropriateness of lighting in its
facilities, while an evacuation plan has been drawn up and dedicated teams have been set up by employees
responsible for the implementation of the plan.
Training is carried out in the shopping centers on an annual basis by a certified training organization on first
aid as well as in the use of a defibrillator. Respectively, in The Ellinikon the corresponding training is carried
out in the emergency teams. Shopping centers are prepared for all possible crisis scenarios, while a dedicated
security company is responsible for safety matters. In addition, regular safety drills for earthquakes, fires and
other threats are performed in all shopping malls, while all employees have attended threat response seminars.
Cases of risk cases and data evaluation are included in the Crisis Manual.
The Group takes corrective action to ensure and, where necessary, reduce health and safety risks. In this
context, strict specifications apply on the installation of filter arrays in the ventilation systems, minimizing the
burden of air quality within the stores of sanitary interest located within Golden Hall, The Mall Athens and
Mediterranean Cosmos shopping centers. In addition, the relevant provision for the newly acquired Designer
Outlet Athens shopping center is being examined. The air quality in the underground parking lots of the
shopping centers is constantly monitored with a special automatic installation, so that the air is kept at a
constant permissible level.
Respectively, in Flisvos Marina, as well as in the Designer Outlet Athens, an Occupational Health and Safety
Management System is implemented, certified according to ISO 45001:2018, though which all existing and
potential risks to Occupational Health and Safety are tentatively identified, and establishes measures for
eliminating, reducing, or controlling them.

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41
Furthermore, for The Ellinikon, during Phase A of the project’s implementation, an Anthropocentric Integrated
Health and Safety Management System has been developed, which approaches holistically all Health and
Safety issues and was designed taking into consideration international standards and encompasses a variety
of internal mechanisms and procedures for managing and controlling effectiveness. Compliance with all the
Health and Safety Management System requirements constitutes a contractual obligation for all parties
involved in the development of The Ellinikon, even if those requirements are stricter than those foreseen by
national and European legislation. The Health and Safety Management System was certified in 2022 according
to ISO 45001:2018.
During 2022, the implementation of protection measures against the COVID-19 pandemic continued, in
accordance with the instructions provided by the National Public Health Organization (NPHO). A strong
recommendation was given to all employees to use a mask in public areas, elevators and workplaces where
there was overcrowding, while at the same time employees who were in contact with the general public were
given a self/rapid antigen test for weekly use. In case of contact with a case, the instructions of NPHO were
followed. In addition, concerning office employees, measures were implemented to avoid overcrowding both
in business meetings attended physically, as well as in the restaurant of the office headquarters.
Outcomes of the above policies and non-financial key performance indicators
[GRI 2-7, GRI 2-30, ATHEX ESG Metrics C-S2, C-S7]
The increase in the employees’ number in 2022 compared to 2021 is due to the design and construction works
at The Ellinikon, the opening of The Experience Park, as well as to the increase in central services that provide
support to all LAMDA Development’s subsidiaries. Female employees constituted 52.2% of the workforce.
To calculate the number of employees, the "headcount" methodology was applied on 31.12 of the respective
year, while all employees with an employment contract were included in the count. 100% of the employees
are covered by the National Collective Labor Agreement.
Employees
2022
2021
2020
Women
Men
Total
Women
Men
Total
Women
Men
Total
Number of employees (Total)
343
314
657
284
260
544
210
199
409
Number of permanent employees
336
308
644
268
253
521
201
188
389
Number of temporary employees
7
6
13
16
7
23
9
11
20
Number of non-guaranteed hours employees
0
0
0
0
0
0
0
0
0
Number of full-time employees
322
307
629
265
259
524
202
198
400
Number of part-time employees
21
7
28
19
1
20
8
1
9
Note: Employees from Designer Outlet Athens are not included, as their absorption took place on 01.01.2023 and have therefore been
included in the workers who are not employees.
Employees by region
2022
2021
2020
Women
Men
Total
Women
Men
Total
Women
Men
Total
Attica
332
303
635
271
249
520
198
188
386
Rest of Greece
8
10
18
9
10
19
10
10
20
Activities abroad
3
1
4
4
1
5
2
1
3

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42
Employees by function
2022
Women
Men
Total
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos)
102
72
174
The Ellinikon (including Agios Kosmas Marina)
161
140
301
Flisvos Marina
11
28
39
Head offices
66
73
139
Αctivities abroad
3
1
4
Note: The number of employees per function for the years 2020 and 2021 is not available.
[GRI 2-8]
For 2022, 1,073 workers in the investment properties were not employees. In particular:
• the majority of those are employed by The Ellinikon and concern employees of the contractors who
have undertaken the construction works,
• there are employees of consulting companies with which the Group has business relationships and are
employed in its premises,
• the Group’s headquarters and shopping centers employ cleaning crews and security employees.
For the calculation of workers who are not employees, the methodology "headcount as an average across the
reporting period" was applied.
Workers who are not employees
2022
Women
Men
Total
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos)
153
218
371
Designer Outlet Athens
13
26
39
Flisvos Marina
6
50
56
Head offices & The Ellinikon (including Agios Kosmas Marina)
164
443
607
Activities abroad
Not available
Not available
Not available
Note: The number of workers who are not employees for the years 2020 and 2021 is not available.

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43
[GRI 401-1]
New employee hires and employee turnover
2022
Total
<30 years old
30-50 years old
>50 years old
Women
Men
Total
Women
Men
Total
Women
Men
Total
Number of employees
105
43
148
205
202
407
33
69
102
Number of new employee
hires (#)
73
26
99
35
50
85
5
8
13
Rate of new employee
hires (%)
70
60
67
17
25
21
15
12
13
Number of employee
turnover (#)
27
5
32
11
15
26
6
2
8
Rate of employee turnover
(%)
26
12
22
5
7
6
18
3
8
[ATHEX ESG Metric C-S4]
The change in voluntary turnover is mainly due to activities that show frequent staff turnover at young ages.
The indicator of non-voluntary turnover decreased in 2022, mainly due to the improvement in the provision
of appropriate training and the integration of processes leading to an increase in skills and adaptation and
productivity of employees.
Employee Turnover
2022
2021
2020
Voluntary turnover rate
6.5%
4.9%
3.1%
Involuntary turnover rate
1.5%
3.7%
1.8%
[GRI 2-21, ΑΤΗΕΧ ESG Metric A-S4]
The CEO-employees compensation ratio is defined as the difference between the annual total remuneration of
the CEO and the average value (median) of the total remuneration of the employees in Greece (except for the
remuneration of the CEO). For the 2022 reporting period, the above ratio was 38.7:1.
[ATHEX ESG Metric A-G4]
Variable pay for 2022 stood at 46% of the total, showing a small decrease compared to 2021 (51%). For the
calculation of variable pay
14
, the corporate bonus scheme plus long-term incentive scheme was used, which
includes the remuneration of all workforce, including the CEO remuneration.
Variable pay
2022
2021
2020
46%
51%
25%
[GRI 404-1]
The training hours of employees increased due to the increase in the number of employees. Also, training
expenditure showed a slight increase compared to the previous year, despite the relatively larger increase in
training hours, due to the use of in-house trainers and e-learnings.
Average training hours per employee
2022
2021
Men
Women
Total
Men
Women
Total
Total training hours
3,830
4,198
8,028
2,735
3,508
6,243
Average training hours
12.2
12.2
12.2
10.5
12.4
11.5
14
The percentage of variable pay is calculated as the ratio of the amount of variable remuneration to the total of all types of remuneration
received by the Group’s employees during the reporting period.

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44
[ATHEX ESG Metric C-S5]
Average training hours based on hierarchy and total compensation
2022
2021
Total number of training hours provided to each employee in the top 10% of employees by
total compensation
640
550
Total number of employees included in the top 10% of employees by total compensation
66
54
Average training hours (top 10% of employees by total compensation)
9.7
10.2
Total number of training hours provided to each employee in the bottom 90% of employees
by total compensation
7,388
5,693
Total number of employees included in the bottom 90% of employees by total compensation
591
490
Average training hours (bottom 90% of employees by total compensation)
12.5
11.6
[ATHEX ESG Metric A-S2]
Total training expenditures (€)
2022
2021
2020
117,309
115,885
73,464
[GRI 404-3]
100% of employees irrespective of level and gender, in Greece, received regular performance and career
development review.
[GRI 403-9, GRI 403-10, ATHEX ESG Metric SS-S6]
Through the effective management and continuous improvement of the level of health and safety in its
activities and facilities, the Group monitors, minimizes or eliminates the potential risks of accidents and
diseases.
Health and safety performance
2022
2021
2020
Employees
1
Total working hours
1,024,484
978,288
741,044
Number of fatalities as a result of work-related injury
0
0
0
Rate of fatalities as a result of work-related injury
0
0
0
Number of high-consequence work-related injuries (excluding fatalities)
0
0
0
Rate of high-consequence work-related injuries (excluding fatalities)
0
0
0
Number of recordable work-related injuries
2
2
2
1
Rate of recordable work-related injuries
2
0.4
0.3
Accident frequency rate
5
0.4
0.4
0.3
Accident severity rate
5
5.9
6.1
0.5
Number of fatalities as a result of work-related ill health
0
Not available
Not available
The number of cases of recordable work-related ill health
0
Not available
Not available
Workers who are not employees
Total working hours
4
815,132
179,273
Not available
Number of fatalities as a result of work-related injury
0
0
Not available
Rate of fatalities as a result of work-related injury
0
0
Not available
Number of high-consequence work-related injuries (excluding fatalities)
0
0
Not available
Rate of high-consequence work-related injuries (excluding fatalities)
0
0
Not available
Number of recordable work-related injuries
2
4
0
Not available
Rate of recordable work-related injuries
4.9
0
Not available
Accident frequency rate
5
1
0
Not available
Accident severity rate
5
7.6
0
Not available
Number of fatalities as a result of work-related ill health
0
Not available
Not available

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Annual financial report for the year ended 31 December 2022
45
The number of cases of recordable work-related ill health
0
Not available
Not available
Main types and number of work-related injuries (employees and workers who are not employees)
Minor accidents (slipping, injury at work at height)
5
2
0
Road accident
0
0
1
Fall
1
0
0
Notes:
(1) The employees’ data for the years 2020, 2021 and 2022 refer to shopping centers (Golden Hall, The Mall Athens and Mediterranean
Cosmos), Flisvos Marina, The Ellinikon and the headquarters.
(2) In 2022, employee incidents concern 1 employee injury due to a fall at Ag. Kosmas Marina at The Ellinikon and 1 minor injury due to a
minor accident at the Group's headquarters. For the recovery of the employees, it was deemed necessary to grant 30 working days leave.
The incidents of workers who are not employees, concern 4 minor injuries from minor accidents. For the recovery of the employees, it was
deemed necessary to grant leave of 39 working days. For all incidents, regardless of their severity, an investigation is carried out to establish
their causes. Moreover, from now on, the conclusions arising from these incidents will be recorded, so that they become valuable lessons that
will be communicated to all employees involved in similar works.
(3) In 2021, a minor injury occurred to a Flisvos Marina employee. For the recovery of the employee and given the nature of his work, it was
deemed necessary to grant a leave of 30 working days (6/9/2021 – 15/10/2021). The investigation of the circumstances of the accident
proved that the cause of this is not related to incomplete training or non-use of personal protective equipment. As part of the strategy for
complete accident avoidance, the marina consistently ensures that appropriate measures are taken, including regular training to protect
health and safety.
(4) The information for workers who are not employees for 2020 and 2021 concerns only The Ellinikon. For cases of subcontractors or
outsourcing of personnel (workers who are not employees), the relevant information is not available for the other investment properties. .
For 2022, the data refer to the Designer Outlet Athens shopping center, Flisvos Marina, The Ellinikon and the head offices, w hile for Golden
Hall, The Mall Athens and Mediterranean Cosmos shopping centers no data are available.
(5) For 2020 and 2021, the indicators have been calculated by the coefficient of 200,000 ([total number of recorded workplace-related injuries
or number of working days lost due to accidents at work / total number of working hours of all workers in the year] x 200,000). The coefficient
of 200,000 indicates the number of hours worked by 100 full-time employees in a year. For the year 2022, the indicators have been calculated
by the coefficient of 1,000,000 ([total number of recorded workplace-related injuries or number of working days lost due to accidents at work
/ total number of working hours of all workers in the year] x 1,000,000). The coefficient of 1,000,000 indicates the number of hours worked
by 500 full-time employees in a year. The change in the coefficient was made due to the number of employees.
(6) All employees are included in the counting of the statistics, the data collected is true and real, collected through the cooperating
contractors and incorporated in the respective company reports.
(7) In order to avoid road accidents, preventive measures are taken at The Ellinikon, by delimiting the movement of vehicles within the area
where construction works are carried out, setting low speed limits and training vehicle drivers on pedestrian protection and the safe entry
and exit of vehicles from construction and parking areas.
Regarding the management of health and safety issues specifically in The Ellinikon, for 2022, the identification
of the main risks has been performed, with the fall from heights being the one with the greatest risk. Within
the reporting period, a similar incident occurred, and for this reason a cooperation with an external partner
was put in place for conducting relevant training. Working at heights cannot be avoided, however the aim is
to effectively control the process by which this work is carried out. Moreover, the inspection of all projects
under construction has been proceeded, for defining the basic safety levels that must be complied with, which
allow focusing on each area of work and identifying areas requiring improvement.
It should be noted that the Compliance Unit receives information on developments regarding health and safety
issues for The Ellinikon from the competent Department, which it incorporates into the Compliance Report it
prepares every quarter and submits to the Audit Committee.
b) Social issues
Corporate policies and due diligence
Prosperity for the society and the local communities
The Group, through the established communication channels with the interested parties, receives requests to
support various actions and programs, which it evaluates, in order to design and implement or support those
that are in line with its strategy in the field of social contribution, as well as with its business model, while at
the same time covering actual needs and creating positive effects on a large number of beneficiaries. The
Marketing and Communications Department is in constant and close communication with all the Divisions, to
jointly plan, coordinate and implement, these actions.
The evaluation of each initiative is carried out internally without the participation of the stakeholders involved
in each action. However, all stakeholders, through the available channels of communication and consultation,
can contact the Group and get inform about any issue of concern in relation to this matter.

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Collaborations with Non-Governmental Organizations (NGOs)
The Group maintains long-term partnerships with more than 45 NGOs and organizations that stand out for
their work and actively supports them both by providing free space areas for informative events, and
financially, through the collection of basic necessities, as well as by any other way that can aid and support
their work.
In collaboration with Golden Hall, The Mall Athens, and Mediterranean Cosmos Shopping Centers, Flisvos
Marina and The Ellinikon/Experience Park, activities are carried out where collaborating organizations are given
the opportunity to be hosted in the public spaces of the shopping centers and Flisvos Marina and communicate
their work to their visitors. The purpose of these actions is to raise awareness among citizens and to financially
support the activities of NGOs.
An important role is also played by its human resources, which is encouraged to participate in social programs.
Volunteering programs of employees continued throughout 2022 with the aim to increase their level of
contribution. Indicatively, reference is made to the following actions:
• Promotion of recycling in the workplace.
• Voluntary blood donation
• Responding to vulnerable social groups and/or population affected by natural disasters (e.g.
earthquake, fires, war, etc.) by collecting food and basic necessities.
Economic and social development of communities
The Ellinikon is being developed as a single property and as an area of multiple functions of metropolitan
dimension and international reference. The aim is to enhance Athens as a tourist destination, as a business
center and recreation area. At the same time, The Ellinikon aims at the creation of jobs, a Metropolitan Park
and other destination points, and that provides the wider metropolitan complex of the capital with green and
recreation areas and that regenerates and promotes its seafront. A city is being developed based on modern
international practices, where everyone will be able to find what he/she requires on daily basis, and at a very
close distance: schools and sports facilities, health and welfare services, as well as entertainment and
recreation areas.
Smart City
The Ellinikon is designed to be equipped with all the physical infrastructure and information systems that will
make it a model Smart City. Telecommunication networks (fiber optics, WiFi, 5G and IoT) will allow a variety
of sensors and devices to communicate and collaborate in order to minimize resource consumption and
environmental footprint, on the one hand, and to offer unique digital services to residents, visitors and
businesses within Elliniko, on the other.
Indicative applications include uniquely fast Fiber to the Premise (FTTP), public network & public WiFi available
over the whole of its area, smart power management, smart home, smart lighting, smart parking, smart waste
management, smart environmental monitoring, an Ellinikon resident app, an Ellinikon visitor app, smart bike
parking pods, smart irrigation and many more.
Citizens' perceptions of The Ellinikon
In March 2022, a follow-up survey was conducted in collaboration with an external consultant (the initial
survey was conducted in May 2021) regarding the citizens' perceptions of The Ellinikon's project.
The purpose of the survey was to align the main points of the communication strategy that have a positive
effect on the image of the Group and The Ellinikon and making full use of the corporate actions that relate
communication and its relationship with the younger generations and local communities.
The results showed that respondents perceive The Ellinikon as a large redevelopment project that is
recognizable by the majority of the population, and thus understand its size and impact. Moreover, there is a
clear connection between LAMDA Development and the project, which evolves at a slower pace compared to
the recognition of the project itself, but is higher than the recognition of companies of other important large-
scale projects that are presently developed in Greece.
With regards to the recognizable benefits, at an economic level there is an increase in employment and a
reduction of unemployment and an improvement of the tourism services and the rise of tourism. Moreover, at
a socio-cultural level, it emerges that respondents perceive as benefit the contribution of The Ellinikon to the
development of smart technologies and the reputation of the country abroad.

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Annual financial report for the year ended 31 December 2022
47
Additionally, an evaluation of the "mechanisms" that are activated in citizens when they hear positive news
was carried out. Indicatively:
• Hope - News create a high degree of hope for a project that will positively upgrade the Elliniko region
and the country's economy.
• Admiration - News create a high degree of admiration due to the project’s size and the possibilities it
will offer to the public.
• Personal Benefit - Young people, especially those living in the surrounding areas, identify the benefit
of the park in their daily lives.
In the near future, The Ellinikon is expected to further enhance its communication towards the age group of
18-24 and respond to recognized ambiguities and grey areas that indicate a possible lack of knowledge, such
as the free access to the new 1.5 km long beach and the metropolitan park, that will be open to all. Therefore,
the public should keep receiving information on the above matters, so that the percentage of reflection and
concern that hinder the positive evaluation of the project, is further reduced.
Customers’ health and safety
In addition to the measures implemented to ensure the health and safety of employees, the Group has set as
a priority the protection and safety of both its employees and visitors of its shopping centers. Thus, it
collaborates with distinguished security companies, that have signed the Code of Conduct
15
, so as to meet
the standards of service quality set by the Group, that constitute a prerequisite for the smooth operation of
its activities.
Systems (Enterprise Risk Management) and related control procedures (Center Management) are
implemented, aiming at the continuous improvement and development of key sectors, such as health, safety,
environment, and service quality.
More information is available in the chapter “Health, safety and well-being”.
Personal data protection
[ATHEX ESG Metric C-G6]
The Group fully complies with its obligations arising from the legislation on data protection, such as the General
Regulation on Personal Data, Law 4624/2019, and the guidelines and relevant decisions of the Personal Data
Protection Authority. In addition, all appropriate technical and organizational measures for the lawful
processing of personal data, as well as ensuring the confidentiality, integrity, and availability of such data,
have been taken.
The Group, being fully compliant with the General Regulation 2016/679 of the European Union on Data
Protection Regulation (GDPR) and the relevant national legislation, has a Personal Data Protection Policy,
which reflects the principles of data processing, protection and security and the responsibilities of those
involved.
Moreover, it provides on its website https://www.lamdadev.com, the Privacy Statement and the basic
commitments regarding the Protection and Security of Personal Data. The actions taken - towards full
compliance - include the appointment of a Data Protection Officer (DPO), the creation and continuous updating
of a File of Processing Activities, the preparation of all necessary informative texts (Privacy Notices) and
consent, as well as the development of Impact Assessment Studies, for those processing activities that are
deemed appropriate.
It takes the appropriate technical and organizational measures to ensure the security of the data and, in
particular, the integrity, confidentiality and availability, while ensuring that its partners, to whom it assigns
the processing of personal data, also comply with these measures. It proceeds to periodic staff trainings to
ensure the information, training and awareness of employees on Personal Data Protection issues.
In 2022, issues of personal data processing were raised at Board meetings, such as the approval of the Revised
Version of the Rights Management Process for Reporting Subjects and the Information Systems Security Policy.
15
For the Designer Outlet Athens mall, the Code of Conduct has not been signed by a security company, but it will be signed by the security
company with which the relevant contract will be concluded, within 2023.

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Outcomes of the above policies and non-financial key performance indicators
[GRI 416-2, GRI 418-1]
In 2022:
• There has been no incident of non-compliance with legislation and/or voluntary codes, regarding the
effects on the health and safety from the Group’s services.
• There has been no incident of violation of customer privacy and/or loss of customer data.
5. Respect for human rights
Corporate policies and due diligence
Dignity and equality
The Group aims to create an excellent working environment that ensures dignity and equality and provides
equal opportunities for all. The creation of such an environment is based on the impartial attraction of new
employees regardless of gender, age, etc., and extends to an impartial performance evaluation of employees.
The Group is committed to addressing and eliminating discrimination, violence and harassment in the
workplace, to ensure a working environment, where respect for human dignity prevails and discrimination is
tolerated, based on personal characteristics and choices. It takes into consideration international standards
(e.g., International Charter of Human Rights, ILO Declaration on Fundamental Principles and Rights at Work)
in promoting diversity and providing equal opportunities to its employees and candidates at all levels of the
hierarchy.
The Group commitment is not limited towards current legislation but reflects its practical effort to protect
dignity and equality in the working environment, which it has set as a goal, to have no incident of discrimination
of any nature. This goal concerns all Group employees, its subsidiaries, but also external partners. An
environment that promotes these values has the potential to be a fertile ground for creating an environment
of trust to employees and shareholders, which will, at the same time, enhance the efficiency of its employees
and will strengthen the reputation of the Group. On the contrary, any case of non-compliance with policies
and labor laws may result in legal sanctions and fines, and negatively affect the reputation of the Group.
Moving towards this direction, a series of policies, such as, but not limited to, the Code of Conduct and the
Workplace non-discrimination, anti-harassment and violence prevention Policy, as well as mechanisms which
are used as tools for reflecting the Group’s values in the workplace and contributing to ensuring the protection
of employees' rights.
Business Conduct & Human Rights
[ATHEX ESG Metrics C-S6, C-G5]
Since the beginning of its operation, the Group has adopted a corporate culture with values and rules of
conduct, characterized by integrity, ethics, transparency and personal responsibility. As far as employees are
concerned, the Code of Conduct is the guiding instrument in their daily behavior in the context of the provision
of their services. In addition, business ethics issues relating to the Group's suppliers are covered by the
Supplier Code of Ethics referred to in chapter 7.
The Code of Conduct, which was revised in November 2022, acts as a means of guiding the LAMDA
Development employees and its subsidiaries, in which it holds the majority,so that the Group conducts its
activities in an ethical and honest manner . The Code acts in addition to, and complementary to, the current
legislation and is used as a lever in the process of establishing minimum rules and integration of business
ethics principles and ethical behavior, which must be observed by the liable persons. Based on the
precautionary principle, the Code of Conduct is made available at the beginning of the employment relationship
to the liable persons.
The Code of Conduct rules are applied by the liable persons, that are defined as follows:
1. the Members of the LAMDA Development Board of Directors and any third party to whom
responsibilities of the Board of Directors have been assigned,

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Annual financial report for the year ended 31 December 2022
49
2. the Managers
3. Persons contracted with a Group company with a fixed-term or indefinite employment contract or
persons linked to the Group by another employment relationship, such as consultants, persons who
are seasonal staff and/or persons employed as trainees of the Group company
Human rights issues are covered in the Code of Conduct, since the Group does not have a separate related
Policy, . The Management, recognizing the particular importance of its human resources, which is the main
factor for achieving its goals, ensures the formation of a working environment, where all Obliged Persons at
each level of hierarchy have equal rights and opportunities, while at the same time rewarding effort and
protecting diversity. The Group expresses its zero tolerance to discrimination, violence and harassment that
occurs during work, whether related to it or resulting from it, while at the same time it is committed to
addressing and eliminating these incidents, in order to ensure a working environment where respect for human
dignity prevails. The Group selects, assigns, evaluates, rewards and compensates Obliged Persons on the basis
of their formal and substantive qualifications for the needs of their work, without discrimination on the basis
of race, color, national origin, nationality, religious or other beliefs, disability or chronic disease, age, marital
or social status, identity or gender, citizenship, sexual orientation or any other personal characteristics.
To ensure respect for human rights, the Group has individual policies approved by the Board of Directors,
which are posted on the Group's Intranet and/or on the Company's website.
Anti-Discrimination, Violence and Harassment Policy
The purpose of the policy is to prevent and combat all forms of discrimination based on personal characteristics
and choices, as well as any violence and harassment that occurs during work, whether it is related to it or
arises from it.
Whistleblowing Policy
A Whistleblowing Policy (https://www.lamdadev.com/en/the-company/whistleblowing/whistleblowing-
policy.html) has been developed, based on which an innovative and integrated mechanism for the submission,
management and investigation of reports (Whistleblowing) has been adopted, with the aim of enhancing the
transparency and integrity of the Group.
Thanks to this mechanism, all employees of LAMDA Development and its subsidiaries, as well as its external
partners, can, anonymously or not, report incidents in the workplace, such as violations of transparency and
integrity, as well as any form of discrimination, violence and harassment at work, as reflected in the
Whistleblowing Policy.
The Group has developed a series of individual policies and procedures for the internal allocation of
responsibilities regarding the way of submitting, managing and investigating reports (Whistleblowing):
• the Reporting Process, which institutionalizes reporting channels and describes in detail how
employees and external partners submit reports,
• the Reports Management Procedure, which defines the competent bodies and the individual steps for
the proper and effective handling of complaints, and
• the Internal Investigation Policy and Procedure, which sets out how reports should be investigated.
In the context of the aforementioned mechanism, a new customized platform
(https://lamdadev.sec.fraudline.gr/) was created for the submission of reports exclusively for the Group,
which in combination with the relevant email (whistleblowing@lamdadev.com) constitute the innovative and
integrated mechanism for submitting, managing and investigating reports. It is worth noting that the Group
treats with due seriousness, confidentiality and attention all reports submitted (anonymous or not) through
the aforementioned statutory reporting channels, while it has developed interactive and comprehensible
audiovisual material to educate and raise awareness among stakeholders.
Diversity Policy
A Diversity Policy has been adopted that is included in the Suitability Policy, which is posted on the website
https://www.lamdadev.com, with the aim to promote, on the one hand, the necessary differentiation in the
BoD, and, on the other hand, attaining the inclusiveness of the group’s members. When selecting members
of the BoD, the necessary provision is made to ensure the diversity of opinions and experiences, in order to
reach good decisions.

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To all members of the BoD, emphasis is placed on the diversity of the group of BoD members, with the main
characteristic being the representation by gender (at least 25% of the total members rounded when calculated,
to the previous integer) and the absence of discrimination in the selection of members.
Outcomes of the above policies and non-financial key performance indicators
[ATHEX ESG Metric C-S3]
During the reporting period, female employees in managerial positions (the percentage of women in the top
10% of highest-paid employees) accounted for 28.9%.
Female employees in managerial positions (%)
2022
2021
2020
28.9%
23.9%
28.0%
[GRI 405-1]
Composition of governance bodies and employee breakdown by gender (%)
2022
Men
Women
Board of Directors
75.0%
25.0%
Senior Executives
74.6%
25.4%
Middle executives
50.2%
49.8%
Support staff
42.2%
57.8%
Composition of governance bodies and employee breakdown by function (%)
2022
Men
Women
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos)
11.0%
15.5%
The Ellinikon (including Agios Kosmas Marina)
21.3%
24.5%
Flisvos Marina
4.3%
1.7%
Head offices
11.1%
10.0%
Abroad activities
0.1%
0.5%
Total
47.8%
52.2%
Composition of governance bodies and employee breakdown by age group (%)
2022
<30
30-50
>50
Board of Directors
0%
17.0%
83.0%
Senior Executives
0%
55.6%
44.4%
Middle executives
2.4%
80.0%
17.6%
Support staff
36.7%
53.5%
9.8%
Composition of governance bodies and employee breakdown by age group (%)
2022
<30
30-50
>50
Shopping centers (Golden Hall, The Mall Athens, Mediterranean Cosmos)
9.3%
14.9%
2.3%
The Ellinikon (including Agios Kosmas Marina)
9.9%
27.9%
8.1%
Flisvos Marina
0.3%
3.6%
2.0%
Head offices
3.0%
14.9%
3.2%
Abroad activities
0.0%
0.6%
0.0%
Total
22.5%
61.9%
15.6%

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[ATHEX ESG Metric A-S3]
Gender pay gap (%)
2022
2021
2020
32.9%
31.5%
34.6%
Note: The calculation of the metric took into account the payroll of all full-time employees who worked throughout the year and not as a
headcount at 31.12 of each year. A forecast of the bonus of the year 2022 has also been included in the calculation, wh ich will be paid to
employees in 2023.
[GRI 406-1]
For 2022, there were no recorded incidents of discrimination either among internal stakeholders (employees)
or external stakeholders (e.g., suppliers).
6. Anti-corruption and issues related to bribery
Corporate policies and due diligence
Since the beginning of its operation, the Group has adopted a corporate culture with values and rules of
conduct, characterized by integrity, ethics, transparency, and personal responsibility for each employee.
Apart from complying with the current legislation and the regulatory framework, all employees must also
comply with the Internal Regulation of Operation, the Code of Conduct, as well as the Policies, Codes and
Procedures, established by Management, in order to add value and ultimately enhance the Group's
competitiveness. The Principles, Codes, Procedures and Policies that are applied and are available - as
appropriate - on its website and intranet (either in Greek and/or English), cover issues such as anti-corruption,
conflicts of interest, personal data, confidentiality, customer relationships, market abuse, inside information
management, discrimination in the workplace, etc. Their content is examined at regular intervals and updated
according to the new data, so that they always remain up to date and meet the needs of each time.
As a measure of best practice and promotion of corporate compliance, it has adopted the Anti-Corruption
Policy, as approved by the BoD, with which it places restrictions on its interactions with various employees of
the public and private sector, in order to maintain a high level of professional behavior, while reflecting the
zero-tolerance approach to any form of corruption. To achieve the above objectives, this Policy includes both
quantitative and qualitative restrictions on the provision and acceptance of gifts, trips, meals and other benefits
by staff to third parties and vice versa.
The ultimate goal is to conduct business activity and transactions with professionalism, integrity and fairness.
More specifically, issues such as the integrity and respect for labor relations, the commitment of employees
to corporate goals, the commitment to the continuous professional training of its human resources, as well as
the continuous effort of employees to achieve maximum performance and the continuous improvement of the
result of their work, are covered.
In addition, procedures are implemented relating to ensuring confidentiality of operations and confidentiality
in general, the fight against corruption, conflicts of interest, the out-of-company activities of employees, the
use of the Group’s assets, and its relations with customers and suppliers, which must be based on trust,
mutual respect, impartiality and honesty, thus ensuring long-term partnerships. The above act as tools of best
practice and compliance with the current legislation, with the aim of adding value and ultimately enhancing
the competitiveness of the Group. In addition, they promote transparency, health and safety of employees,
sustainable development principles regarding the environment and the relations with society and especially
with vulnerable social groups and local communities in the areas where it operates. Their content is reviewed
at regular intervals and updated according to new data, so that they remain always up to date and meet the
needs of each case.
Outcomes of the above policies and non-financial key performance indicators
[GRI 205-3, ATHEX ESG Metrics C-G5, A-G2]
The application of the Code of Conduct provisions is mandatory and is subject to control by the competent
supervisory bodies of the Group. For this purpose, those responsible for its implementation must familiarize

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themselves with its content and sign the relevant acceptance form, which is delivered to the Human Resources
Department.
In 2022, there was no confirmed incident of corruption or bribery, and no relevant intent to commit corruption
or bribery came to the attention of the relevant officials. In addition, there was no monetary loss as a result
of violations of the Code of Conduct.
Moreover, within the framework of the Whistleblowing Policy, an innovative and integrated mechanism for the
submission, management and investigation of reports is implemented, with the aim of enhancing the
transparency and integrity of the Group. This mechanism is available for the submitting various types of
reports, in accordance with the relevant policy available on the website https://www.lamdadev.com.
7. Supply chain issues
Corporate policies and due diligence
The Group’s supply chain is divided into 3 main categories, which relate to real estate investment, projects in
the development phase, and procurements to meet operational needs. More specifically:
Procurement Policy and Supplier Code of Ethics
[ATHEX ESG Metric C-S8]
The Procurement Policy determines, through the recording of the basic guidelines and rules, the operating
framework with regards to the procurement of materials, equipment, and services during the exercise of the
Group’s activities. It aims at covering, in time and in adequate quality, the needs in materials, equipment,
services and projects, , under the best possible terms (quality, price, payment method, guarantees, etc.) in
order to:
• Strike a balance between technical adequacy, quality and price of tenders, as well as the quality and
acceptance of the supplier, in order to maximize the overall benefit.
• Ensure transparency, objectivity, impartiality and equal opportunities.
• Minimize operational and credit risks, arising from partnerships with suppliers.
• Increase credibility vis-à-vis third parties.
In the context of enhancing the understanding and acceptance of the Group’s corporate values by its entire
supply chain, the Supplier Code of Ethics was approved in December 2022, also available on the website
(https://www.lamdadev.com/images/corporate_governance/Suppliers_Code_of_Ethics.pdf) containing the
ethical principles that should govern the conduct of potential suppliers, contractors, service providers and
consultants entering into a contractual relationship with the Group.
The purpose of the Supplier Code of Ethics is, among others, to promote safe and fair working conditions as
well as the responsible management of social, ethical, and environmental issues in the Group supply chain.
Suppliers are required to ensure that their own suppliers and subcontractors are subject to principles of
conduct equivalent to those set out in the Group’s Supplier Code of Ethics. The Supplier Code of Ethics is

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incorporated in the tenders launched by the Group prior to the commencement of any contractual relationship
(except in cases where the candidate supplier has its own stricter framework). Specifically, it is requested to
be accepted in writing by the candidate suppliers, through a relevant questionnaire, in the context of their
preliminary evaluation and through their terms of participation for the tenders of the Group.
Procurement Evaluation
[ATHEX ESG Metric C-S8]
The responsible Procurement Management Departments, which have the knowledge about the products and
services on offer, conduct market research, in order to identify potential new suppliers. Before launching any
request for proposals, they assess potential suppliers to verify that the supplied products and services meet
the respective requirements, as well as to minimize any operational and credit risks that may arise from
possible wrong partnerships. In the context of the preliminary evaluation, general information about the
business activity of potential suppliers is collected, through a relevant questionnaire that is sent to them, and
are then categorized appropriately. Where deemed necessary, targeted preliminary assessments (PPQs) are
carried out, to select candidate suppliers who meet the participation requirements of specific tenders.
According to the Code of Conduct, all suppliers are provided equal opportunities and as stated in the
Procurement Policy, the evaluation of bids and, consequently, the cooperation decisions, are based on the
following technical evaluation criteria, which consider environmental and responsible entrepreneurship
parameters of the supplier candidates:
• compliance with technical specifications,
• quality,
• methodology and execution schedule,
• criteria related to responsible entrepreneurship (e.g., certification of quality systems, environmental
management, health and safety, etc.).
In cases of procurement and projects requiring on-site audits at the suppliers’ premises, or of existing projects
already being performed by suppliers, those suppliers are further being evaluated based on the following
criteria:
• quality policy and quality control procedures,
• implementation quality of existing projects,
• development laboratories and techniques,
• equipment capabilities,
• employee capabilities and training.
Respectively, Flisvos Marina lends wight to the safeguarding of a continuous, transparent, and efficient
procurement process, for hazardous and non-hazardous materials, equipment, and services (of contractors
and external partners). The marina sets as a priority the safety and protection of the environment for the
supplied materials, equipment, and services, as well as for the activities for the management of its facilities.
In this way, it seeks to minimize the risks arising from their use and ensure compliance with quality, safety
and environmental policies. Flisvos Marina follows specific procedures aiming at the effective management of
its partnerships with its suppliers, subcontractors and partners.
In the context of the award of works and services (relating to a specific amount of money or above), a technical
evaluation report is prepared by the technical evaluation committee, which provides a summary of all the
tenders received, as well as a clear and objective analysis and evaluation of the technical, environmental (if
they fall under the criteria of the technical assessment) and qualitative aspects of the tenders, in order to
determine impartially the technically valid candidates. The composition of these committees shall be
determined based on the type of the proposed award. Additionally, apart from the commercial and technical
documentation, it is required through the relevant Request for Proposal (RFP), that suppliers also include
documentation on “Health safety and environment”.
Outcomes of the above policies and non-financial key performance indicators
In 2022, the Group (including all its subsidiaries, with the exception of LAMDA Flisvos Marina A.E.) collaborated
with more than 1,250 suppliers of services and products. Respectively, Flisvos Marina collaborated with 248
suppliers of services and products.
During the reporting year, there were no audits of suppliers characterized as high risk, nor any cases of
termination of cooperation with suppliers, due to non-compliance with the Supplier Code of Ethics.

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8. EU Taxonomy Report
[ATHEX ESG Metric A-S1]
The EU Taxonomy Regulation (2020/852/EU) is one of the tools established due to the European Green Deal,
which aims at the transformation of the European Union, into a modern, efficient, competitive and climate-
neutral economy by 2050, in a fair manner.
The Regulation establishes the technical screening criteria for determining whether an eligible economic
activity qualifies as environmentally sustainable (taxonomy aligned). Consequently, the Regulation sets a
common classification system with regards to the economic activities that have a significant positive impact
on the climate, the environment and the society.
An economic activity is eligible according to EU Taxonomy if it is described in one of the Delegated Acts
2021/2139 and 2022/1214, irrespective of whether that economic activity meets any or all of the technical
screening criteria laid down in those delegated acts.
For an economic activity to qualify as environmentally sustainable i.e., Taxonomy-aligned, the activity is
required to meet all the following requirements:
• Contributes substantially to one, or more, of the six (6) environmental objectives set by the Regulation
• Does not significantly harm any of the other five (5) environmental objectives
• Complies with the minimum social safeguards
• Complies with the technical screening criteria as set by the Commission
The six environmental objectives set by EU Taxonomy Regulation are the following:
• Climate change mitigation
• Climate change adaptation
• Sustainable use and protection of water and marine resources
• Transition to a circular economy
• Pollution prevention and control
• Protection and restoration of biodiversity and ecosystems
Currently, according to the Delegated Acts 2021/2139 and 2022/1214, there are available technical screening
criteria only for the two (2) of the six (6) environmental objectives, and specifically for:
• climate change mitigation and
• climate change adaptation.
EU Taxonomy Reporting Methodology
The methodology for the determination of the key performance indicators (KPI) of the Group for 2022, which
according to Article 8, paragraph 1, of EU Taxonomy Regulation (2020/852/EU), the non-financial undertakings
are subjected to an obligation to publish, was as follows:
1. Identification of the Taxonomy-eligible economic activities
2. Assessment to determine alignment of the Taxonomy-eligible economic activities based on the
technical screening criteria of the below:
a. Substantial contribution to the climate change mitigation and climate change adaptation
environmental objectives
b. Do no significant harm (DNSH)
3. Assessment on the compliance of the Group with the minimum social safeguards
4. Calculation of the key performance indicators:
• The proportion of their turnover («Turnover») derived from products or services associated with
economic activities that qualify as environmentally sustainable.
• The proportion of their capital expenditure («CapEx») related to assets or processes associated with
economic activities that qualify as environmentally sustainable.
• The proportion of their operating expenditure («OpEx») related to assets or processes associated
with economic activities that qualify as environmentally sustainable.

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The methodology was based on the EU Taxonomy Regulation (2020/852), its Delegated Acts as well as any
additional guidance released:
• The Climate Delegated Acts 2021/2139 and 2022/1214.
• The Disclosure Delegated Act 2021/2178.
• Final Report on Minimum Safeguards.
Identification of the Taxonomy-eligible economic activities
LAMDA Development Group plays an extremely important role in the field of large shopping and entertainment
centers in Greece, while has investments in residential and office developments, mainly in Greece, as well as
in countries of SE Europe.
Currently, the Group's real estate portfolio includes the following:
• the complete urban regeneration of the Metropolitan Pole of Elliniko – Agios Kosmas area (the
redevelopment of the former Elliniko airport, as well as the promotion of the coastal front),
• the Mall Athens, the first and largest shopping and entertainment center in Greece,
• the Golden Hall, an internationally renowned shopping center, in which the new Olympic Museum of
Athens and the XPLORE family entertainment center are located,
• the Mediterranean Cosmos, the largest shopping and entertainment center in Northern Greece,
• the Marinas in Flisvos and Elliniko, Agios Kosmas,
• office buildings, and
• innovative residential complexes.
The determination of the eligible economic activities of Group’s economic activities was conducted based on
the description and the NACE codes associated with its activities. During the financial year 2022, 79% of its
turnover, 61% of its capital expenditure («CapEx») and 70% of its operating expenditure («OpEx»), were
identified as Taxonomy-eligible.
The economic activities of the Group which were identified as Taxonomy-eligible for the financial year 2022
are the following:
Economic activity
Description
NACE-
Code
4.3 Electricity generation from
wind power
Construction or operation of electricity generation facilities
that produce electricity from wind power.
D35.11
7.1 Construction of new
buildings
Development of building projects for residential and non-
residential buildings by bringing together financial, technical
and physical means to realise the building projects for later
sale as well as the construction of complete residential or
non-residential buildings, on own account for sale or on a fee
or contract basis.
F41.2
7.7 Acquisition and ownership
of buildings
Buying real estate and exercising ownership of that real
estate.
L68
13.2 Libraries, archives,
museums and cultural
activities
Libraries, archives and museums of all kinds.
Ρ91

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Eligibility Assessment based on technical screening criteria
The Group proceeded with the assessment of its eligible economic activities and assets, against:
• The technical screening criteria (TSC) concerning substantial contribution for at least one (1)
environmental objective, the climate change mitigation or the climate change adaptation, in order to
identify in which of these two (2) objectives, they substantially contribute. In addition, it was
determined whether each economic activity is considered an enabling or a transitional one.
• For economic activities which are not characterized as enabling (i.e., 4.3, 7.1 and 7.7), the assessment
was conducted according to the technical screening criteria for the substantial contribution to climate
change mitigation, as the turnover derived from products and services associated with an adapted
activity (which is not considered as enabling), cannot be recognized as Taxonomy-eligible. For the
Activity 13.2, the assessment was conducted according to the technical screening criteria for the
substantial contribution to climate change adaptation, as this activity is considered an enabling
activity, but also is not included in the list of activities that could potentially contribute significantly to
climate change mitigation.
• The technical screening criteria (TSC) concerning “do no significant harm” in relation to the remaining
five (5) environmental objectives. More specifically, the assessment was carried out according to the
criteria concerning either the climate change mitigation or the climate change adaptation
environmental objective, depending on the objective assessed during the substantial contribution
assessment, as well as the remaining four (4) objectives (Sustainable use and protection of water and
marine resources, transition to a circular economy, pollution prevention and control, protection and
restoration of biodiversity and ecosystems).
The purpose of this assessment was the determination of the level for alignment of the Group’s eligible
economic activities with the TSC and the requirements of Taxonomy Regulation, as well as the identification
of potential gaps, in order the Group to develop a specific action plan to align its eligible economic activities,
with the Taxonomy Regulation, in the coming years.
Activity 4.3 Electricity generation from wind power
The Group is active in the construction of wind turbines in wind farms, as well as in the production of electricity
from wind farms, through its subsidiary GREENVOLT IKE. For 2022, the total capacity of the projects which
are under development is 250 MW. During 2022, this economic activity has showed Turnover €0 m. (0% of
the total Turnover), CapEx €1 m. (2% of the total CapEx) as well as OpEx €0 m. (0% of the total OpEx).
Substantial contribution
The activity substantially contributes to climate change mitigation, as it is related to electricity generation
from wind power.
Do No Significant Harm (DNSH)
• The assessment was based on the criteria described in Activity 4.3 and are related to:
• The assessment of the physical climate risks
• The utilization of equipment and components of high durability and recyclability
The completion of an Environmental Impact Assessment (EIA) and the implementation of the required
mitigation and compensation measures for protecting the environment
The assessment concluded the activity do not comply with the technical screening criteria of the climate change
adaptation, as the Group has not identified and assessed the physical climate risks related to this activity.
With regards to equipment utilization, the wind turbines consist of approximately 97% of durable and
recyclable components. Subsequently, the activity complies with the technical screening criteria related to the
transition to a circular economy.
With regards to the implementation of the required mitigation and compensation measures for the protection
of the environment, considering that all the wind farms of the Group are currently under development, and
that all approved Environmental Impact Assessments (EIA) are available, the implementation of the mitigation
measures, as described in each EIA will follow as soon as wind farm’s construction will be completed and their
connection to the grid is secured.

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Activity 7.1 Construction of new buildings
This activity includes 68assets related to the following subsidiaries: ELLINIKO S.Μ.S.A. (64 buildings), LAMDA
VOULIAGMENIS S.M.S.A. (1 building complex) as well as LAMDA RIVIERA S.M.S.A. (1 building complex – 3
buildings). All assets are related to the projects that the Group develops in the Metropolitan Pole of Elliniko –
Agios Kosmas. During 2022, this economic activity has showed Turnover €21,9 m. (16% of the total Turnover),
CapEx €25,8 m. (44% of the total CapEx) as well as OpEx €0 m. (0% of the total OpEx).
Substantial contribution
The assessment related to the substantial contribution to climate change mitigation was based on the criteria
related to:
• The Primary Energy Demand (PED)
• The testing for airtightness and thermal integrity, for buildings larger than 5,000 m2
• The life-cycle Global Warming Potential (GWP) calculation, for buildings larger than 5,000 m2
For buildings smaller than 5,000 m2 (47 buildings), the assessment concluded that:
• 20 buildings (29% of the total number of buildings) comply with the technical screening criteria of
substantial contribution to climate change mitigation, as, based on the design phase studies, it is
anticipated their energy consumption to be at least 10% lower than the lower threshold set for the
nearly zero-energy building (NZEB).
• 4 buildings (6% of the total number of buildings) do not fulfill the criterion related to the Primary
Energy Demand.
• 23 buildings (34% of the total number of buildings) are still at an early design stage and as a result
they could not be assessed for their alignment. These buildings are not assessed against the rest of
the technical screening criteria of substantial contribution.
For buildings larger than 5,000 m2 (17 buildings), the assessment concluded that:
• 14 buildings (21% of the total number of buildings), either already comply, or it is already planned to
comply, based on their studies, with the criterion concerning energy consumption. With regards to the
requirement of testing for airtightness and thermal integrity, it is planned to be carried out for all new
buildings, by the completion of their construction. As far as the life-cycle Global Warming Potential
(GWP) calculation, taking into consideration that many new buildings are on track to be certified with
LEED (12 buildings), the relevant study is already initiated regarding building’s shell and structure.
• 3 buildings (4% of the total number of buildings) do not fulfill any of the 3 criteria of the substantial
contribution.
• 4 buildings (6% of the total number of buildings) are still at an early stage concerning their studies
and as a result they could not be assessed for their alignment. However, during the design phase of
these buildings, the related technical screening criteria will be considered.
Do No Significant Harm (DNSH)
The assessment was based on the technical screening criteria described in the Activity 7.1 which are related
to:
• The assessment of the physical climate risks.
• The installation of low consumption water appliances to ensure sustainable use and protect water and
marine resources.
• The reuse, recycle or other recovery of non-hazardous construction and demolition waste.
• The building’s design and construction techniques to support circularity and demonstrate how they are
designed to be more resource efficient, adaptable, flexible and dismantleable to enable reuse and
recycling.
• The use of building components and materials with low emissions of carcinogenic volatile organic
compounds and the limitation of the use of construction materials containing specific chemical
substances.
• The completion of an Environmental Impact Assessment (EIA) and the implementation of the required
mitigation and compensation measures for protecting the environment.
The assessment concluded in non-alignment of the activity with the technical screening criteria of the climate
change adaptation, as the Group has not identified and assessed the physical climate risks related to this

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activity. However, this assessment is already on track currently for 3 projects (Riviera Tower, Riviera Galleria
and Vouliagmenis Mall Complex) to be conducted during the next reporting period.
The assessment of the activity with the technical screening criteria of the sustainable use and protection of
water and marine resources concluded that 20% of buildings (8 buildings), which are in the design phase, the
installation of appliances with low water consumption is already planned. For the rest, it will be considered
during the maturity of their studies. At the same time, 100% of the buildings either already have approved
Environmental Impact Assessment, or, for cases that a new Environmental Impact Assessment is required, its
issuance is in progress and is planned to be submitted. During construction phase, the related Environmental
Management Plan is already applied, according to the approved environmental terms.
For the buildings for which the LEED certification is planned (63% of the total buildings), there is already a
requirement for significant percentage of reuse and recycle of non-hazardous construction and demolition
waste, above the limit set in the technical screening criteria of the transition to a circular economy
environmental objective. In parallel, according to the Environmental Management Plans of both construction
and operation all the required measures for the reduction of noise, dust and pollutant emissions are applied.
With regards to the construction materials, for all new, under development, buildings, the selection of all
indoor materials and components will be conducted, to the extent possible, based on the technical screening
criteria of the pollution prevention and control, which set the emissions and limitation of the usage of specific
chemical substances.
Activity 7.7 - Acquisition and ownership of buildings
This activity includes the assets related to the following subsidiaries: PYLAIA S.M.S.A., LAMDA DOMI S.Μ.S.A.,
L.O.V. S.M.S.A., DESIGNER OUTLET ATHENS S.M.L.L.C., LAMDA FLISVOS MARINA S.A., LAMDA PRIME
PROPERTIES S.M.S.A., LAMDA ESTATE DEVELOPMENT S.M.S.A. and KRONOS PARKING S.M.S.A. (8 assets of
the Group in total: Mediterranean Cosmos, Golden Hall, The Mall Athens, Designer Outlet Athens, Cecil, the
buildings of Flisvos Marina, Othonos Parking and Kronos Parking). During 2022, this economic activity has
showed Turnover €89,6 m. (63% of the total Turnover), CapEx €8,7 m. (15% of the total CapEx) as well as
OpEx €3,6 m. (68% of the total OpEx).
Substantial contribution
The assessment related to the substantial contribution to climate change mitigation was based on the criteria
related to:
• The Energy Performance Certificate, for buildings built before 31 December 2020.
• For buildings built after 31 December 2020, the criteria specified for Activity 7.1, concerning the
Primary Energy Demand (PED) and based on the footage of the building, the conduction of testing for
airtightness and thermal integrity and the life-cycle Global Warming Potential (GWP) calculation.
• Where the building is a large non-residential building (with an effective rated output for heating
systems, systems for combined space heating and ventilation, air-conditioning systems or systems for
combined air-conditioning and ventilation of over 290 kW) it’s efficient operation through energy
performance monitoring and assessment.
All buildings of this economic activity have been constructed before December 31st, 2020. The assessment
concluded that no building is aligned with the Energy Performance Certificate related criterion. As an
alternative to the Energy Performance Certificate, the Regulation states that for buildings constructed before
December 31st, 2020, it may comply with the Energy Performance Certificate related criterion if it is within
the top 15% of the national or regional building stock, in relation to Primary Energy Demand. The assessment
against this criterion was not currently possible due to insufficient national statistics data. There is already a
provision for the energy upgrade of some buildings of the portfolio, with the aim of improving their energy
efficiency, which will contribute to their alignment with the technical screening criterion related to Energy
Performance Certificate.
Regarding the criterion related to monitoring and assessment of heating, ventilation and air-conditioning
systems, the assessment concluded that all 3 buildings with a useful nominal power of more than 290 kW are
aligned with the criterion.
The assets concerning the subsidiaries LAMDA ESTATE DEVELOPMENT S.M.S.A. and KRONOS PARKING
S.M.S.A., as they constitute parking lots, cannot be aligned with the technical screening criteria of substantial
contribution, due to the fact that, based on legislation, they do not have Energy Performance Certificates.

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Do No Significant Harm (DNSH)
The assessment of the Activity 7.7 was based on the technical screening criteria for the climate change
adaptation which is related to the assessment of the physical climate risks.
The physical climate risks assessment is already conducted for one building (The Mall Athens), while for the
rest of the buildings the physical risks have not been identified and assessed.
The parking lots are not included in the Do No Significant Harm assessment.
Activity 13.2 Libraries, archives, museums and cultural activities
This activity includes the subsidiary ATHENS OLYMPIC MUSEUM Α.Μ.Κ.Ε.. During 2022, this economic activity
has showed Turnover €0,2 m. (0,1% of the total Turnover), CapEx €0 m. (0% of the total CapEx) as well as
OpEx €0,1 m. (2% of the total OpEx). The activity is considered an enabling activity according to EU Taxonomy
Regulation.
Substantial contribution
The assessment of this activity was based on the technical screening criteria for the climate change adaptation
which is related to the assessment of the physical climate risks.
The assessment concluded in non-alignment of the activity with the technical screening criteria of the climate
change adaptation, as the Group has not identified and assessed the physical climate risks related to this
activity.
Do No Significant Harm (DNSH)
For this activity there are no DNSH criteria available for any of the remaining environmental objectives
Minimum Social Safeguards
The Group was assessed against the requirements of the minimum social safeguards as set out in Article 18
of the EU Taxonomy Regulation (2020/852/EU). The minimum social safeguards are a set of defined UN, EU
and other international human rights guidelines, as follows:
• The OECD Guidelines for Multinational Enterprises
• The United Nations Guiding Principles (UNGPs) on Business and Human Rights
• The principles and rights set out in the eight fundamental conventions identified in the Declaration of
the International Labor Organization on Fundamental Principles and Rights at Work
• The International Bill of Human Rights
According to the Final Report on Minimum Safeguards of the Platform on Sustainable Finance, the minimum
social safeguards cover the following areas:
• Human rights (including labor rights)
• Corruption/Bribery
• Taxation
• Fair Competition
All human rights, listed in the ILO fundamental conventions and the International Bill of Human Rights are
taken into account in the UNGPs. Therefore, the assessment of the minimum social safeguards had as main
reference points the OECD Guidelines for Multinational Enterprises and the UNGPs.
Human Rights
The Group has adopted, an approved by the BoD, Code of Conduct, which includes specific commitments
regarding the observance of human rights, including the rights of employees. These commitments apply to all
employees as well as business partners.
The Group also applies, an approved by the BoD, Suppliers’ Code of Ethics, which is available on Group’s
website and includes the ethical principles that must govern the conduct of any suppliers, contacts, service
providers and consultants who contract the Group and which must be expressly accepted by them prior to the

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commencement of the contract. Among these ethical principles, the Suppliers’ Code of Ethics covers human
rights and labor practices.
Furthermore, to properly prevent and combat any form of discrimination based on personal characteristics
and choices as well as any violence and harassment that occurs during work, whether connected to it or
resulting from it, the Group implements its Workplace Non-discrimination, anti-harassment, and violence
prevention Policy. The Group Human Resources Department is responsible for the Policy. The Policy includes
all measures to prevent, control and limit risks, information actions and awareness actions as well as the
option to submit, investigate and deal with complaints.
In particular, the Group implements a Whistleblowing Policy, within which an anonymous and confidential
reporting platform operates in conjunction with a relevant email (whistleblowing@lamdadev.com), where all
employees and external partners can submit reports for workplace violations, after which a relevant
investigation is carried out. Priority is to ensure transparency against fight corruption and fraud, safeguard
integrity and fight any form of discrimination, violence and harassment at work.
The Group also has a mechanism for submitting suggestions or complaints (Grievance Mechanism) from its
interested parties. In this direction, a form for submitting suggestions or complaints has been created
(https://www.lamdadev.com/en/conatct/public-grievance-form.html). In addition, specific requests for
information can be submitted through the Group's social media, as well as directly to LAMDA Development at
the following address: LAMDA DEVELOPMENT S.A./ 37A Kifissias Ave. (Golden Hall) /151 23 Maroussi, Greece
/Phone: +30 210 7450600/Fax: +30 210 7450645/ lamda@lamdadev.com / https://www.lamdadev.com/en/,
as well as through the dedicated website for the Hellinikon project (www.theellinikon.com.gr).
The Group's main objective for the next reporting year is to conduct a Human Rights Due Diligence throughout
the value chain.
Corruption/Bribery
The Group shows zero tolerance for corruption. Based on the Regulatory Compliance Policy and the regulatory
compliance procedures manual, the Regulatory Compliance Unit is responsible for taking preventive,
suppression/detection and response actions in relation to matters of business ethics, transparency, integrity,
safeguarding the interests of shareholders and protecting the traders with the Group.
In addition, the Group has drawn up an Anti-Corruption Policy, which has been approved and adopted by the
BoD. This Policy reflects the framework accepted by the Group for offering and accepting gifts and other
benefits, from employees to third parties and vice versa. The Policy also regulates matters of work
employment, including internships, as well as matters of charitable donations. Employees and in general
persons who fall within the definition of the Code of Ethics must comply with the Policy and bring to the
attention of the Group incidents that may violate its provisions.
For the best possible implementation of the above Policy, the Anti-Corruption Procedure has additionally been
drawn up, which includes specific steps and safeguards required to deal with bribery and corruption issues. In
addition, external and potential business partners must comply with the principles contained in the Supplier
Code of Conduct, including the principles in relation to bribery and corruption.
In addition, the Group has adopted and implements, a Conflict of Interest Policy, approved by the Board of
Directors, in order to identify, prevent and manage situations that affect Group’s interests and its affiliated
companies. All actual and potential conflicts of interest at the Board level are investigated, notified and
documented to the Audit Committee, as defined in the relevant procedures.
The Human Resources Department, in collaboration with the Regulatory Compliance Unit, organizes relevant
trainings for employees, in order for the latter to be informed and aware of corruption issues.
Taxation
With respect to taxation matters, the Group ensures compliance with accounting and tax laws, statutory and
other regulatory considerations for itself and all its subsidiaries. Compliance with tax legislation is also ensured
through the issuance of an "Annual Tax Certificate".
In addition, the Group recognizes and assesses risks related to tax issues as part of the risk management
process.

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Fair competition
The Group attaches particular importance to compliance with Competition Law. To this end, the Regulatory
Compliance Unit has included Fair Competition issues in the Regulatory Compliance pillars that it supervises
on a quarterly basis and reports to the Audit Committee. Within the year 2022, no incidents of violation of the
relevant legislation have been reported to the Regulatory Compliance Unit and therefore the need to take and
coordinate corrective measures has not arisen.
Accounting policy for the determination of key performance indicators (KPIs)
The key performance indicators of eligible (aligned and non-aligned) and non-eligible economic activities of
the Group have been calculated based on the following Accounting Policy, as stated in the Disclosure Delegated
Act 2021/2178.
Turnover (turnover KPI)
The proportion of turnover referred to in Article 8(2), point (a), of the Regulation (EU) 2020/852 is calculated
as the part of the net turnover derived from products or services, including intangibles, associated with
Taxonomy-aligned economic activities (numerator), divided by the net turnover (denominator) as defined in
Article 2, point (5), of Directive 2013/34/EU. The turnover covers the revenue recognized pursuant to
International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC) No
1126/2008. The denominator includes the total sales of note 25 "Revenue" of the Annual Financial Report for
the year ended December 31, 2022.
The KPI referred to in the first subparagraph excludes from its numerator the part of the net turnover derived
from products and services associated with economic activities that have been adapted to climate change in
line with Article 11(1), point (a) of Regulation (EU) 2020/852 and in accordance with Annex II to Delegated
Regulation (EU) 2021/2139, unless those activities qualify as enabling activities in accordance with Article
11(1), point (b) of Regulation (EU) 2020/852.
To avoid double counting in the allocation in the numerator of turnover across economic activities, the figures
used have eliminated intergroup transactions.
Capital expenditure (CapEx)
The proportion of CapEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 is calculated as the
numerator divided by the denominator as specified in points 1.1.2.1 and 1.1.2.2 of Annex I of the delegated
Regulation (EU) 2021/2178.
Denominator
The denominator covers additions to tangible and intangible assets during the financial year considered before
depreciation, amortization and any re-measurements, including those resulting from revaluations and
impairments, for the relevant financial year and excluding fair value changes. The denominator also covers
additions to tangible and intangible assets resulting from business combinations.
For non-financial undertakings applying international financial reporting standards (IFRS) as adopted by
Regulation (EC) No 1126/2008, CapEx shall cover costs that are accounted based on:
(a) IAS 16 Property, Plant and Equipment, paragraphs 73, (e), point (i) and point (iii);
(b) IAS 38 Intangible Assets, paragraph 118, (e), point (i);
(c) IAS 40 Investment Property, paragraphs 76, points (a) and (b) (for the fair value model);
(d) IFRS 16 Leases, paragraph 53, point (h).
Leases that do not lead to the recognition of a right-of-use over the asset are not counted as CapEx.
The denominator includes the "Capital expenditures on investment property" of under development and in
operation investment properties of note 6 "Investment property", the "Additions", the "Additions due to
acquisition of subsidiary" and the "Accumulated depreciation due to acquisition of a subsidiary" of note 7

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"Tangible fixed assets", the "Additions" and "Additions due to acquisition of subsidiary" excluding column
"Goodwill" of note 8 "Intangible Assets", , as well as the "Additions due to remeasurement of lease assets"
and the "Additions" of note 19 "Leases" of the Annual Financial Report for the year ended 31 December 2022.
Numerator
The numerator equals to the part of the capital expenditure included in the denominator that is any of the
following:
(a) related to assets or processes that are associated with Taxonomy-aligned economic activities;
(b) part of a plan to expand Taxonomy-aligned economic activities or to allow Taxonomy-eligible economic
activities to become Taxonomy-aligned (‘CapEx plan’) under the conditions specified in the second
subparagraph of point 1.1.2.2 of Annex I of the delegated Regulation 2021/2178 EU;
The CapEx plan, referred to in the first paragraph of this point, meet the following conditions based on point
1.1.2.2 of Annex I of the delegated Regulation 2021/2178 EU:
(a) the plan aims either to expand the undertaking’s Taxonomy-eligible and Taxonomy-aligned economic
activities or to upgrade Taxonomy-eligible economic activities to render them Taxonomy-aligned within a
period of five years;
(b) the plan is disclosed at economic activity aggregated level and be approved by the management body of
non- financial undertakings either directly or by delegation.
The CapEx plan, referred to in the first paragraph of point 1.1.2.2 of Annex I of the delegated Regulation
2021/2178 EU, meet the following conditions:
(a) the plan aims either to expand the undertaking’s Taxonomy-eligible and Taxonomy-aligned economic
activities or to upgrade Taxonomy-eligible economic activities to render them Taxonomy-aligned within a
period of five years;
(b) the plan is disclosed at economic activity aggregated level and be approved by the management body of
non- financial undertakings either directly or by delegation.
Where the relevant technical screening criteria are amended before the completion of the CapEx plan, non-
financial undertakings shall either update the plan within two years to ensure the economic activities referred
to in point (a) are aligned with the amended technical screening criteria upon the completion of the plan or
restate the numerator of the CapEx KPI. The updating of plan shall restart the period referred to in point (a).
The period referred to point (a) of the second paragraph of this point 1.1.2.2 can exceed five years only where
a longer period is objectively justified by specific features of the economic activity and the upgrade concerned,
with a maximum of 10 years. That justification shall feature in the CapEx plan itself and in the contextual
information detailed under point 1.2.3 of the Annex I of the delegated Regulation 2021/2178 EU.
Where the CapEx plan fails to meet the conditions referred to in the second paragraph of this point 1.1.2.2,
previously published KPI related to capital expenditure shall be restated.
The numerator also contains the part of the CapEx for adaptation of economic activities to climate change in
accordance with Annex II to this Climate Delegated Act. The numerator provides for a breakdown for the part
of CapEx allocated to substantial contribution to climate change adaptation.
To avoid double counting in the allocation in the numerator of CapEx across economic activities, the figures
have eliminated intergroup transactions.
Operating expenditure (OpEx)
The proportion of OpEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 is calculated as the
numerator divided by the denominator as specified in points 1.1.3.1 and 1.1.3.2 of the Annex I of the delegated
Regulation 2021/2178 EU.

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Denominator
The denominator covers direct non-capitalized costs that relate to building renovation measures, short-term
lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets
of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are
necessary to ensure the continued and effective functioning of such assets.
The denominator includes all the lines "Repairs and maintenance costs" and "Cleaning services" of notes 26
"Expenses related to investment property", 27 "Expenses related to the development of the Ellinikon site" and
29 "Other operating income / (expenses) - net" of the Annual Financial Report for the year ended 31 December
2022.
Numerator
The numerator equals to the part of the capital expenditure included in the denominator that is any of the
following:
a) related to assets or processes associated with Taxonomy-aligned economic activities, including training and
other human resources adaptation needs, and direct non-capitalized costs that represent research and
development;
b) part of the CapEx plan to expand Taxonomy-aligned economic activities or allow Taxonomy-eligible
economic activities to become Taxonomy-aligned within a predefined timeframe as set out in the second
paragraph of point 1.1.3.2 of the Annex I of the delegated Regulation 2021/2178 EU.
The CapEx plan, referred to in the first paragraph of point 1.1.3.2 of Annex I of the delegated Regulation
2021/2178 EU, shall meet the conditions specified in point 1.1.2.2 of the Annex I of the delegated Regulation
2021/2178 EU.
Research and development costs already accounted for in the CapEx KPI is not counted as OpEx.
To avoid double counting in the allocation in the numerator of OpEx across economic activities, the figures
have eliminated intergroup transactions.
Key Performance Indicators 2022
In the following tables the percentages of turnover, CapEx and OpEx of Taxonomy aligned, Taxonomy-non-
aligned and Taxonomy-non eligible economic activities for the financial year 2022, are presented, according
to the results of the alignment assessment of the economic activities of the Group.
In the financial year 2022, 79% of turnover, 61% of capital expenditure (CapEx) and 70% of operating
expenditure (OpEx) of the Group were determined to be related to eligible non-aligned, with the EU Taxonomy
Regulation, economic activities.

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Turnover
Substantial contribution criteria
DNSH criteria ('Does No
Significant Harm')
Economic activities
Codes
Turnover
Proportion of total Turnover
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy
-aligned
proportion
of
Turnover
FY22
Taxonomy
-aligned
proportion
of
Turnover
FY21
Category
(Enabling
activity)
Category
(Transitional
activity)
€m
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. Taxonomy-Eligible Activities
A.1 Environmentally sustainable (taxonomy-aligned) activities
Total Turnover from taxonomy-eligible and aligned activities
(A.1)
-
0%
0%
0%
-
-
-
-
0%
*
0%
0%
A.2 Non environmentally sustainable (non-taxonomy-aligned) activities
Electricity generation from wind power
4.3
-
0%
Construction of new buildings
7.1
21,9
16%
Acquisition and ownership of buildings
7.7
89,6
63%
Libraries, archives, museums and cultural activities
13.2
0,1
0%
Total Turnover from taxonomy-non-aligned activities (A.2)
111,7
79%
Total Taxonomy-eligible Turnover (A.1 + A.2)
111,7
79%
0%
*
0%
0%
B. Taxonomy-Non-Eligible Activities
Sales and rental of plots of land
30,0
21%
* There was no obligation to be calculated for 2021
Total Turnover from Taxonomy-non-eligible activities (B)
30,0
21%
Total Turnover (A+B)
141,7
100%

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CapEx
Substantial contribution
criteria
DNSH criteria ('Does No
Significant Harm')
Economic activities
Codes
CapEx
Proportion of total CapEx
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-
aligned
proportion
of CapEx
FY22
Taxonomy-
aligned
proportion
of CapEx
FY21
Category
(Enabling
activity)
Category
(Transitional
activity)
€m
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. Taxonomy-Eligible Activities
A.1 Environmentally sustainable (taxonomy-aligned) activities
Total CapEx from taxonomy-eligible and aligned
activities (A.1)
-
0%
0%
0%
-
-
-
-
0%
*
0%
0%
A.2 Non environmentally sustainable (non-taxonomy-aligned) activities
Electricity generation from wind power
4.3
1,0
2%
Construction of new buildings
7.1
25,8
44%
Acquisition and ownership of buildings
7.7
8,7
15%
Libraries, archives, museums and cultural activities
13.2
0,0
0%
Total CapEx from taxonomy-non-aligned activities (A.2)
35,5
61%
Total Taxonomy-eligible CapEx (A.1 + A.2)
35,5
61%
0%
*
0%
0%
B. Taxonomy-Non-Eligible Activities
Construction of parks, exploitation of Marina, other
23,4
39%
* There was no obligation to be calculated for 2021
Total CapEx from Taxonomy-non-eligible activities (B)
23,4
39%
Total CapEx (A+B)
58,9
100

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OpEx
Substantial contribution
criteria
DNSH criteria ('Does No
Significant Harm')
Economic activities
Codes
OpEx
Proportion of total OpEx
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-
aligned
proportion
of OpEx
FY22
Taxonomy-
aligned
proportion
of OpEx
FY21
Category
(Enabling
activity)
Category
(Transitional
activity)
€m
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. Taxonomy-Eligible Activities
A.1 Environmentally sustainable (taxonomy-aligned) activities
Total OpEx from taxonomy-eligible and aligned
activities (A.1)
0
0%
0%
0%
-
-
-
-
0%
*
0%
0%
A.2 Non environmentally sustainable (non-taxonomy-aligned) activities
Electricity generation from wind power
4.3
0
0%
Construction of new buildings
7.1
0
0%
Acquisition and ownership of buildings
7.7
3,6
68%
Libraries, archives, museums and cultural activities
13.2
0,1
2%
Total OpEx from taxonomy-non-aligned activities
(A.2)
3,7
70%
Total Taxonomy-eligible OpEx (A.1 + A.2)
3,7
70%
0%
*
0%
0%
B. Taxonomy-Non-Eligible Activities
Exploitation of Marinas, other
1,6
30%
* There was no obligation to be calculated for 2021
Total OpEx from Taxonomy-non-eligible activities (B)
1,6
30%
Total OpEx (A+B)
5,3
100%

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I. CORPORATE GOVERNANCE DECLARATION
This Corporate Governance Statement is a special section of the Annual Report of the Board of Directors of
"LAMDA Development S.A." (the "Company") and has been prepared in accordance with Article 152 of Law
4548/2018, Article 18 of Law 4706/2020, as well as the Greek Corporate Governance Code 2021 (the "HCGC")
of the Hellenic Corporate Governance Council, and in particular in accordance with both the Special Practices
contained in the Hellenic Corporate Governance Code and Part E referring to the guidelines for preparing the
Corporate Governance Statement.
Α. Notes on the Corporate Governance Code
The Company has adopted the HCGC of the Hellenic Corporate Governance Council, as revised in 2021. The
HCGC was adopted at the Company's Board of Directors meeting dated 16.7.2021. The HCGC has been
uploaded on the Company's website (www.lamdadev.com).
A.1 Deviations from the HCGC and explanation of the reasons for non-compliance
The following table lists the Special Practices (SPs), which are governed by the "comply or explain" principle,
and from which the Company deviates, as well as the explanation of the reasons for non-compliance:
Β. Notes on the Internal Regulation
The Company has adopted an Internal Regulation (hereinafter the "Regulation"), which has been prepared in
accordance with the regulatory decisions of the Hellenic Capital Market Commission and Law 4706/2020 on
corporate governance of societes anonymes listed on the Athens Exchange. Its latest revision was approved
at the Board of Directors' meeting dated 25/5/2022, a summary of which is posted on the Company's website
(www.lamdadev.com).
SP
Description of SP
Non-compliance explanation
2.4.13
The maturity of the preemptive
rights is defined for a period not
less than three (3) years from the
date of their granting to the
executive members of the Board of
Directors.
The Stock Option Plan to the management and staff of
the Company and its affiliated companies within the
meaning of article 32 of Law 4308/2014 (the "Stock
Option Plan"), which is currently in progress, was
approved by resolution of the Extraordinary General
Meeting of the Company's Shareholders dated
22.12.2020
Regarding the maturity of the options, the Stock Option
Plan provides that the initial options will mature after
two (2) years and the beneficiary may exercise options
up to a maximum of 50%.
It also provides that after the lapse of three (3) years,
the beneficiary will be able to exercise in maximum the
remaining percentage of options (i.e. the remaining
50% or other remaining percentage).
This HCGC Practice applies to the CEO of the Company.
It is noted, however, that when the initial options
matured upon the lapse of two years, on 22.12.2022,
neither he nor the other executives exercised such
options.

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The Regulation operates complementary to the provisions of the Company's Articles of Association. It is noted
that the Company's Articles of Association, as in force according to the resolution of the General Meeting of
Shareholders of 10.10.2019, are posted on the Company's website and their amendment are subject to a
simple majority vote.
The content of the Regulation complies with the minimum content required to be included, according to article
14, paragraph 3 of Law 4706/2020. In addition, the Regulation is based on the Company's current
organizational chart, it corresponds to its size and object and contains binding provisions regarding the powers
and responsibilities of the Company's administrative bodies and senior management.
The Regulation governs, inter alia:
• The organisational structure, the respective objects of the operational units and various committees, and
the tasks and responsibilities of their respective heads, as well as the reporting lines of the organization.
• The reporting lines of the main features of the Internal Control System, namely the Internal Audit Service,
the Risk Management Unit and Compliance Unit.
• The Procedure for the Recruitment and Performance Evaluation of Senior Management Officers.
• The procedure for ensuring the compliance of persons discharging financial responsibilities, as defined in
article 3, par. 1(25) of Regulation (EU) No. 596/2014, as well as persons closely associated with them, as
defined in Article 2, par. 14 of Law 4706/2020, including the obligations arising from the provisions of
Article 19 of Regulation (EU) 596/2014.
• The procedure for the disclosure of relationships of dependency between the independent non-executive
BoD members and the persons closely associated with them.
• The procedure for the compliance with the obligations arising from articles 99 to 101 of Law 4548/2018,
on related-party transactions.
• The policies and procedures for the prevention of and response to conflict of interest.
• The policies and procedures for the compliance of the Company with the legislative and regulatory
provisions governing its organisation and operation, as well as its activities.
• The procedure for the management of inside information and for ensuring that the public is correctly
informed, according to the provisions of Regulation (EU) 596/2014.
• The policy and procedure for the periodic evaluation of the Internal Control System, as well as for the
implementation of the provisions on corporate governance under Law 4706/2020.
• The Training Policy for Directors, Management Officers & Other Officers of the Company involved in
Internal Audit, Risk Management, Compliance and Information Systems.
• The Sustainable Development Policy of the Company.
The Purpose of the Regulation is to regulate the organization and operation of the Company in order to ensure:
• Business Integrity;
• Transparency of business
• Supervision of the Management and in particular the decision-making process.
• Compliance with the legislation and in particular with the obligations laid down for listed companies.
The Regulation is communicated to the Company's employees, who must comply with it.
C. Notes regarding the General Meeting of Shareholders
The General Meeting of Shareholders is the supreme organ of the Company, it is convened by the Board of
Directors and has the power to decide upon all matters relating to the Company.
Under the Articles of Association and according to paragraph 3, article 130 of Law 4548/2018, the following
matters fall within the exclusive competence of the General Meeting:

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• any material change in the Company’s business,
• any amendment to Article 2 of the Articles of Association,
• the cessation of operations of material subsidiaries of the Company,
any agreement of the Company by which it undertakes to proceed to a material change of business or to
the amendment of Article 2 of its Articles of Association or to the aforementioned cessation of operations.
The General Meeting validly resolves on all the aforementioned matters to the extent that no objections are
raised by shareholders holding 10% of the Relevant Equity Shares (as defined under article 19 of the Articles
of Association).
The duly-taken decisions of a lawfully convened General Meeting are binding on all, including the absent or
disagreeing, Shareholders.
C1. Attendance of Shareholders at the General Meeting
The General Meeting may be attended by the shareholders, in person or by duly authorised proxy, pursuant
to the legal procedure as in force from time to time. Entitled to participate and vote in the General Meeting
shall be any person that on the beginning of the fifth (5th) day before the date of the General Meeting (the
"Record Date") is recorded as shareholder in the records of the securities system where the Company's
securities are held. The Record Date shall also apply in the case of an adjourned meeting, provided that such
adjourned meeting is not held later than thirty (30) days from the Record Date. Exercising the aforesaid rights
is not subject to the blocking of the shareholder's shares nor to any other similar procedure. The shareholders
may appoint proxies to represent them, should they so wish. For any other matter, the Company conforms
with the provisions of Codified Law 4548/2018, as in force from time to time.
The Company supports and ensures both the participation of the shareholders in the general meetings and
the effective exercise of their rights to the maximum extent possible. In order to ensure the greatest possible
participation of shareholders in the General Meeting on the basis of full information, the Company sets up
mechanisms for the timely publication of the Notice of the General Meeting, which must at least specify the
date, venue, proposed agenda and exact description of the procedures for the participation and voting of
shareholders.
The Board of Directors ensures that the preparation and holding of the Shareholders' General Meeting
facilitates the efficient exercise of the shareholders' rights, within the limits of the relevant statutory provisions,
and the participation of said shareholders in the meeting, especially that of the minority shareholders, foreign
and remotely residing shareholders.
C.2. Voting Procedure at the General Meeting
The Shareholders may attend the General Meeting and vote therein either in person or by proxy. Every
Shareholder may appoint up to three (3) proxies and if the shareholder is a legal entity they may appoint up
to three (3) natural persons as proxies. In case any shareholder has Company's shares recorded in more than
one securities accounts, such shareholder may appoint different proxies to represent the shares recorded in
each securities account. A proxy acting for and on behalf of more than one shareholders may vote differently
for each shareholder.
It is noted that, provided that the Board of Directors confirms that the Company's logistical infrastructure has
been adapted in advance to ensure the identification of shareholders and the security of the electronic or other
connection, and to enable the transmission of the Meeting or two-way communication, the shareholders may
participate at the General Meeting by electronic means, i.e. without physical presence at the venue of the
General Meeting. This participation may take place via real time transmission of the meeting or real time two-
way communication, enabling shareholders to address the General Meeting from a remote location. The
company's Board of Directors shall be responsible to establish whether the above requirements, such as are
necessary to ensure the technical feasibility and security of the participation in the General Meeting by
electronic means, are met.
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advance to ensure the identification of shareholders and the security of the electronic or other connection, the
Company's shareholders shall be able to participate remotely in the voting of the General Meetings either by
exercising their voting rights by electronic means or by postal voting. In such an event, the Company shall
distribute ballot forms beforehand either in electronic format via its website or in paper form at its registered
office. The exercise of voting rights by electronic means may take place before or during the General Meeting.
In any case, the Board of Directors shall include in the Notice of the General Meeting all the necessary
information on the possibility of distant voting and the participation in the General Meeting by electronic
means. If the Board of Directors determines that the technical requirements for the secure holding of the
General Meeting by electronic means or the shareholders' distant voting at the General Meeting, are not met,
then it shall mention this fact in the notice of the General Meeting.
Voting at the General Meeting takes place by open ballot system.
The Company shall publish, under the responsibility of the Board of Directors, the results of the voting within
five (5) days at the latest from the date of the General Meeting, specifying, for each resolution, at least the
number of shares for which valid votes were cast, the shareholding represented by such shares, the total
number of valid votes, and the number of votes in favour and against any resolution and the number of
abstentions.
C.3. Minority Rights
As regards minority rights, article 23 of the Company's Articles of Association shall apply. More specifically:
1.
All issues pertaining to minority issues and minority rights shall be governed by the
provisions of Law 4548/2018, as in force.
2.
At the request of shareholders representing at least 10% of the Relevant Equity Shares,
or at the request of the Minority Shareholder, to the extent that the latter represents at that
time at least 10% of the Relevant Equity Shares, such request to be submitted to the Company
within the timeframe of Article 141, par. 6 of Law 4548/2018, the Board of Directors is obliged
to provide the General Meeting with the following information: (a) non-confidential information
regarding any event or development that occurs within the Company or which comes to the
attention of the Company and which could reasonably be expected to cause a material change
to the Group’s business or the cessation of operations of any material subsidiaries of the
Company, lead to the de-listing of the shares of the Company and/or to the conversion of the
Company into a private company and/or affect its ability to perform its material obligations
relating to the acquisition by the Minority Shareholder of the 12.83% of the share capital of the
Company on 2.7.2014; and (b) material details of any formal third-party written offer or
approach (officially coming to the attention of the Board of Directors) which might reasonably
be expected to lead to any sale or disposal or a series of sales or disposals by Consolidated
Lamda Holdings S.A. (and/or by persons affiliated to such shareholder) of securities (including
shares, preferred shares, any convertible securities as well as stock options or convertible bond
options into shares and/or shareholder loans) that exceed in aggregate 5% of the securities
issued from time to time by the Company or by any holding company thereof, with a
substantially similar share capital structure to that of the Company, to any third party that is
not an affiliate entity with such shareholder (or does not constitute a shareholder, partner,
representative or agent of such affiliated entity established in any jurisdiction directly or
indirectly with the purpose to hold such shares on its behalf or on behalf of another affiliate)
such sale or series of sales being completed through transfer of legal ownership against
consideration during the twelve (12) month period starting on 3 July 2014 or any successive
twelve month period, unless in the case of a bona fide sale on an arm’s length basis by a holder
of Company securities that holds those securities solely as (an in rem) security for any loan,
credit, liability or obligation duly created on an arm’s length basis.

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It is noted that, according to Articles 10, paragraph 11 and 12 of the Company's Articles of Association:
“Minority Shareholder” shall mean the legal entity “VOXVOCE HOLDINGS LIMITED” and
any other person that may succeed it lawfully and without contractual breach, by acquiring at
least 10% of the Relevant Equity Shares of the Company.
“Relevant Equity Shares” shall mean the share capital of the Company, as formed from
time to time, excluding any shares issued under any stock option plan in force approved by
resolution of the General Meeting and under any other stock option plan approved pursuant to
Article 113 of Law 4548/2018.
C.4. Investor Relations and Corporate Communications Department
The Company has established and maintains an Investor Relations and Corporate Announcements Department
responsible, inter alia, for:
General Meeting of Shareholders:
• providing information on annual or extraordinary general meetings and the resolutions adopted by them
• communicating and sharing information and data with Central Securities Depositories and mediators for
shareholders identification purposes
• maintaining channels of communication with shareholders
• informing shareholders, in conformity with the provisions of article 17 of Law 3556/2007 (Α` 91), on the
facilities and data provided by the Company
• monitoring the exercise of rights attached to shares, especially as regards shareholders' ownership
interests and the exercise of voting rights in general meetings.
Corporate announcements:
• the necessary announcements concerning regulated information, in accordance with the provisions of Law
3556/2007 (A' 91), as well as corporate events in accordance with the provisions of Law 4548/2018 (A'
104), in order to inform shareholders or holders of other securities of the Company
• the Company's compliance with the obligations provided for in Article 17 of Regulation (EU) 596/2014
regarding the disclosure of privileged information and other applicable provisions.
Other matters:
• the distribution of dividends and bonus shares, cash-settled share issues, share exchanges, the time period
for the exercise of the related options or changes in the initial timeframes, such as the extension of the
exercise period;
• the acquisition of treasury shares and their disposal and cancellation, as well as any stock option plans or
free share allocation plans to members of the Board of Directors or the Company's personnel.
D. Notes on the Board of Directors
The operation of the Board of Directors of the Company is governed by the Internal Regulation, which is posted
on the Company's website (www.lamdadev.com).
D.1. The role of the Board of Directors
The Board of Directors shall be competent to decide upon all issues pertaining to the representation,
administration, and management of the Company and the fulfillment of its corporate object in general.
In the exercise of its duties, the Board of Directors shall have extensive powers, limited only by the actions or
decisions that fall within the competence of the General Meeting. Indicatively and not restrictively, the Board
of Directors convenes the General Meetings of shareholders, ordinary or extraordinary, and sets the agenda
items. It also prepares the annual financial statements and annual reports in accordance with the each time
applicable provisions of Law 4548/2018 and submits them to the Ordinary General Meeting for approval,
proposing at the same time the depreciation to be made on the establishment costs and the necessary

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deductions for the statutory reserve. The Board of Directors must ensure that the annual financial statements,
the annual management report and the corporate governance statement, the consolidated financial statements,
the consolidated management reports and the consolidated corporate governance statement, if any, as well as
the remuneration report under article 112 of Law 4548/2018 are prepared and published in accordance with
the provisions of the applicable laws. It is competent to propose the dividends to be distributed, to determine
the Company's establishments and operations, the general expenses, to hire and terminate personnel, to keep
meeting Minutes, to conclude contracts, etc. The Board of Directors shall arrange for the completion of the
publication formalities provided in articles 12 and 13 of Law 4548/2018, as in force. However, the powers of
the Board of Directors shall be subject to articles 19 and 99-101 of Law 4548/2018, as in force.
By decision of the Board of Directors, the powers of management and representation of the Company may be
delegated to one or more persons, than may but need not be, Directors. The same decision shall also determine
the extent of this delegation and the authority to further sub-delegate, in whole or in part, the powers vested
in them to other Directors or any third parties. This authorization may be granted for an indefinite or specific
period, or for specific actions.
The Board of Directors also has the power to decide upon bond issues, with the exception of those that fall
within the competence of the General Meeting pursuant to articles 71 and 72 of Law 4548/2018. As regards
convertible bonds, the Board may decide on their issue following authorization of the General Meeting, in
accordance with article 24, of Law 4548/2018.
D.2. Responsibilities of the Board of Directors
The main, non-delegable, responsibilities of the Board of Directors include:
• Determining the Company's values and strategic orientation, as well as continuously monitoring their
compliance. At the same time, the Board of Directors remains responsible for the approval of the
Company's strategy and business plan. The Board of Directors also regularly reviews the opportunities and
risks in relation to the defined strategy, as well as the relevant measures taken to address them. It may
seek to obtain information from the CEO and the managing officers, as well as updates about the market
and any other developments affecting the Company.
• Ensuring that the Company's values and strategic planning are in line with the corporate culture. The
Company's values and purpose are translated and applied in practice and influence practices, policies and
behaviours within the Company at all levels. The Board of Directors and the senior management set the
standard for the characteristics and behaviours that shape the corporate culture and are an example of its
application. At the same time, they use tools and techniques aimed at integrating the desired culture into
the Company's systems and procedures.
• Determining the nature and extent of the Company's exposure to the risks that the Company intends to
assume in the context of its long-term strategic objectives.
• Establishing a policy for the prevention, identification and management of conflicts of interest among its
members or persons to whom the Board has delegated some of its powers. This policy is based on clear
procedures, which define the manner of timely and complete disclosure to the Board of Directors of their
interests in transactions between related parties or any other possible conflict of interest with the company
or its subsidiaries. Measures and procedures shall be evaluated and reviewed to ensure their effectiveness.
• Providing the appropriate approval, monitoring the progress of the implementation of the strategic
guidelines and objectives and ensuring the availability of the necessary financial and human resources, as
well as the existence of an internal control system.
• Determining the responsibilities of the Chief Executive Officer.
• Approving the annual budget and the business plan, as well as taking decisions on major capital
expenditures, acquisitions and divestments.
• Selecting and, if required, replacing the executive members of the Board, as well as overseeing the
planning of their succession.
• The performance review of senior management and the alignment of the remuneration of senior officers
with the long-term interests of the Company and its shareholders, taking into account the relevant
recommendations of the Compensation and Nomination Committee.
• Ensuring the reliability of the Company's financial statements and data, the financial reporting systems
and the data and information that are made public, as well as ensuring the effectiveness of the internal
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• Ensuring the adoption of an effective procedure for the Company's compliance with applicable laws and
regulations.
• Responsibility for making relevant decisions and monitoring the effectiveness of the Company's
management system, including decision-making procedures and the delegation of powers and duties
to other officers.
In addition the Board:
• Approves the annual report of the Company and anything else required by the capital market legislation.
• The Board of Directors binds and monitors the executive administration on matters relating to new
technologies and environmental issues in accordance with HCGC Special Practice 5.9.
• Approves partnerships of subsidiaries, aimed at establishing new companies or strategic joint ventures with
third parties, mergers and acquisitions of companies.
• Resolves on the Company's entry into other sectors of activity.
• Decides on the acquisition/establishment/sale of subsidiaries.
• Approves participation for developments/investments or even disinvestments, including real estate sales,
above EUR 10 million.
• It sets the maximum total amount of developments/investments for each year.
• Decides to take legal action in favour of the Company.
• Defines and oversees the implementation of the corporate governance system under the provisions 1 to
24 of Law 4706/2020.
• It ensures that the functions constituting the Internal Control System, and in particular the set of internal
control mechanisms and procedures, including risk management, internal audit and compliance, are
independent of the business areas they control, and that they have the appropriate financial and human
resources, as well as the authority to operate effectively, as required by their role.
D.3. Composition, establishment and term of office of the Board of Directors.
The Board is made up of executive, non-executive and independent non-executive directors. The directors'
capacity as executive or non-executive members is determined by the Board of Directors. Independent non-
executive directors are appointed by the Company's General Meeting of Shareholders and may not be less than
one-third (1/3) of the total number of directors and, in any case, may not be less than two (2). If the resulting
percent is a fraction, their number is rounded up to the nearest integer. They meet all the independence
requirements set out under Law 4706/2020.
The size and composition of the Board enable the efficient fulfilment of its responsibilities, and reflect the size,
activity and ownership status of the Company. Article 10 of the Company's articles of association includes
provisions on the size, term of office and appointment of the members of the Board. More specifically:
• The Company is administered by a Board of Directors consisting of minimum five (5) to maximum fifteen
(15) Members that are elected by the Shareholders' General Meeting and that may, but need not be,
Shareholders. The Members may be either natural or legal persons. In the case that a legal person is
Member of the Board of Directors, it is required to designate a natural person to exercise its powers as
member of the Board of Directors. The elected Members of the Board of Directors may be reelected. The
General Meeting may, as and when it considers appropriate, elect Substitute Members, up to a number
that shall not surpass that of the ordinary Members.
• Three (3) full days prior to any General Meeting convened for the purpose of electing a new Board of
Directors, the Minority Shareholder (as defined below) shall be entitled, in so far as said Minority
Shareholder holds at least 10% of the Relevant Equity Shares, to appoint directly at least one (1) Director
by giving notice of the appointment to the Company according to the formalities requirements of Article 79
of Law 4548/2018. The foregoing Director may be revoked at any time by decision of the Minority
Shareholder and be replaced by another member until expiration of the former Director's term of office. In
the event that, and for as long as, the Minority Shareholder does not hold at least 10% of the Relevant

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Equity Shares, the foregoing appointed Director shall automatically cease to be a member of the Board of
Directors.
• The term of office of Board Directors members shall be five (5) years and may be extended until the first
Ordinary General Meeting convened after the expiration of the said term, but cannot exceed six (6) years
in total.
It is noted that:
• “Minority Shareholder” shall mean the legal entity “VOXVOCE HOLDINGS LIMITED” and any other person
that may succeed it lawfully and without contractual breach, by acquiring at least 10% of the Relevant
Equity Shares of the Company (as defined in paragraph 12 of this article).
• “Relevant Equity Shares” shall mean the share capital of the Company, as it exists from time to time,
excluding any shares issued under any stock option plan in force approved by resolution of the General
Meeting and under any other stock option plan approved pursuant to Article 113 of Law 4548/2018.
• The verb “hold”, in relation to shares, refers to shares being held directly and/or held through a nominee.
The same article also sets forth provisions on the substitution of Directors, detailed in another section of the
Management Report.
The Board of Directors is constituted as a body at its first meeting following each election of its members by
the General Meeting or upon any vacancy in the positions of the Chair or Vice-Chair of the Board or the CEO.
The Board elects among its members for its term of office, the Chair, the Vice-Chair, the Senior Independent
Director and the CEO of the Company. The Board of Directors may elect one or more Vice Chairs and/or one
or more CEOs of the Company exclusively out of its Members, determining at the same time their
responsibilities.
The Chair shall preside over the meetings of the Board. In case of the Chair's absence or inability to act, a
substitute will act as provisional Chair. If a Vice-Chair has been elected, the Vice-Chair shall act as alternate
Chair. In case of more than one Vice-Chairs, they shall act as alternate Chair by order of election. In case of
the Vice-Chair's absence or inability to act, and if no substitute for the Chair has been appointed, the most
senior Director shall act as alternate Chair. When the Chair or Vice-Chair leaves the BoD for whatever reason,
the BoD elects his/her replacement at its first meeting following the Director's departure. The term of office
of the newly-elected Chair or Vice-Chair shall be the remaining term of office of the replaced Director.

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D.4. Composition and term of office of the current Board of Directors.
The current Board of Directors of the Company was elected by the Extraordinary General Meeting of the
Company's Shareholders on 22 December 2020 for a five-year term of office, i.e. until 22.12.2025 and may
be extended until the first Ordinary General Meeting convened after the expiration of the said five-year term,
but cannot exceed six (6) years in total. The Board of Directors consists of twelve (12) members. Out of the
total members of the Board, one is an executive director and the remaining members are non-executive
directors, four (4) of which are independent non-executive directors. Its composition is as follows:
Full name
Position on the Board
Term of office of each
member including expiry
date
Giannitsis Anastasios
Chairman, Non-executive Director
22.12.2020 - 21.12.2025
Chronis Evangelos
Vice-Chairman, Non-executive Director
22.12.2020 - 21.12.2025
Athanasiou Odyssefs
CEO, Executive Member
22.12.2020 - 21.12.2025
Vasilakis Eftychios
Non-executive Director
22.12.2020 - 21.12.2025
Bussetil Emmanuel
1
Non-executive Director
25.05.2022 - 21.12.2025
Zafiriou Ioannis
Senior Independent Non-executive
Director
22.12.2020 - 21.12.2025
Katsos Vassilios
Non-executive Director
22.12.2020 - 21.12.2025
Kotsolis Stefanos
2
Non-executive Director
24.11.2022 -21.12.2025
Kyriazis Chariton
Independent Non-executive Director
22.12.2020 - 21.12.2025
Nomikos Calypso Maria
Independent Non-executive Director
22.12.2020 - 21.12.2025
Paizi Evgenia
Non executive-Director
22.12.2020 - 21.12.2025
Papadopoulou Ioanna
Independent Non-executive Director
22.12.2020 - 21.12.2025
Notes:
1. The Board of Directors of the Company, at its meeting on 25.5.2022 accepted the resignation of Mr Fotios
Antonatos dated 25.5.2022 from the position of non-executive Director of the Company and elected Mr
Emmanuel Bussetil as a non-executive Director for the remainder of the term of the resigned member. This
replacement was announced to the Company's Ordinary General Meeting on 23.06.2022
2. The Board of Directors of the Company, at its meeting on 24.11.2022 accepted the resignation of Mr Aris
Sermpetis dated 23.11.2022 from the position of non-executive Director of the Company and elected Mr
Stefanos Kotsolis as a non-executive Director for the remainder of the term of the resigned member. It is
noted, however, that according to the recommendation of the Compensation and Nomination Committee of
22.11.2022, Mr Stefanos Kotsolis meets the conditions of independence, since he meets the criteria of article
9 of Law 4706/ 2020, and for this reason the Board of Directors intends to table a motion at the next General
Assembly for his appointment as an independent non-executive Director.

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D.5 Directors CVs
Below are the CVs of the members of the Board of Directors:
Anastasios Giannitsis, Chairman, Non-Executive Director.
Professor at the National Kapodistrian University of Athens until 2011. Since then he holds the title of
emeritus professor. He studied Law and Economic & Political Sciences at the University of Athens and
obtained his PhD in economics at the Free University of Berlin. He served as Minister of Labor and
Social Affairs, Alternate Minister of Foreign Affairs, Minister of Foreign Affairs and Minister of Interior,
Economic Advisor to the Prime Minister, President of Economic Advisors, President of Hellenic
Petroleum Co. Member of the Board of Directors of the National Bank of Greece Cultural Foundation
and Honorary Member of Special Olympics Hellas. He has published many books and articles on
economic, social and political issues. His research focuses on issues of development theory and policy,
the problems of the Greek economy, international economics, issues of European integration and the
economics of technology.
Evangelos Chronis, Vice-Chairman, Non-Executive Director Mr Evangelos Chronis studied
shipping in London and worked closely with John S. Latsis for 28 years. Today, he serves as Chairman
and Member of the BoD for a number of the Latsis Group companies, as well as for non-profit and
charitable organizations.
Odyssefs Athanasiou, CEO, Executive Director
Mr Odyssefs Athanasiou holds the position of Chief Executive Officer at LAMDA Development S.A. for
more than 13 years. He has a long experience in senior executive positions in Greece and abroad. In
his 9-year career in the U.S., he worked at Ernst & Young and Emerson Electric. He has served as CFO
for Western Europe at Barilla, based in Paris, CFO at Diageo Hub Greece-Turkey and CFO for Greece
at Titan cement company. He holds a BSc in Economics and Political Science from the University of
Athens and an MBA from the University of Texas in Austin. Mr Athanasiou is a member of the Board
of Directors of Endeavor Greece, a founding member of the non-profit initiative Coalition for Greece,
and member of the TEDX Academy Greece committee.
Eftychios Vasilakis, Non-executive Director
Mr. Eftichios Vassilakis is the Chairman of AEGEAN and Olympic Air and also the CEO of Autohellas
S.A. /Hertz. He holds non-executive directorships with Greek listed retailer Fourlis, with listed real
estate holding company Lamda Deveopment and also with the luxury resorts developer company
TEMES, as well as on the boards of other larger and smaller companies. He previously served as a
non-executive member of the Board of Directors of Piraeus Bank and TITAN Cement. He has been a
member of the Board of Directors of the Greek Tourism Confederation (SETE) since 2011, and in 2014
he has been appointed Vice President. He is both a member of the Board of Directors and the Executive
Board of the Hellenic Federation of Enterprises (SEV). He is a member of the Board of Directors and
one of the founders of "Marketing Greece" as well as of the consortium to enhance the tourism and
cultural promotion of Athens "This is Athens". Mr. Vassilakis holds a B.A. in Economics from Yale
University (1988) and an MBA from the Columbia Business School of New York (1991). He is married
with three children.
Emmanuel L. Bussetil, Non-Executive Director.
Mr Εmmanuel Bussetil joined the Latsis group of companies in 1982 as Chief Internal Auditor and,
since then, he has held a number of executive and non-executive positions for other principal
commercial holding and operating companies controlled by Latsis Family Interests. Prior to that, he
was an Audit Manager at Pricewaterhouse in the United Kingdom, where he was employed from 1976
to 1982. Mr Bussetil received his GCSE A-Levels in mathematics and physics in 1970. He attended the
Thames Polytechnic London, UK, and obtained his Higher National diploma in mathematics, statistics
& computing in 1972. His professional training was undertaken as an Articled Clerk at Dolby
Summerskill, Liverpool (1972/1973), and at Morland and Partners, Liverpool (1974/1976). He is a
Fellow of the Institute of Chartered Accountants of England and Wales.
Ioannis Zafiriou, Senior Independent Non-Executive Director

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Throughout the course of his international banking career, Mr Ioannis Zafiriou has occupied a number
of roles covering all areas of finance. He began working in New York City at Bankers Trust and
subsequently moved to Milan focusing on Italian government agencies, financial institutions and
corporates in the area of derivatives. In 1990, he joined Credit Suisse’s Investment Bank (Credit
Suisse First Boston, CSFB) with a team of colleagues and established a subsidiary of the Credit Suisse.
In 1998, became the head of the European Fixed Income and Equities Group at CSFB with focus on
European institutional clients. Furthermore, he was a member of the Global management and
Operating Committee of CSFB. In 2004, he moved to the Wealth Management Division of Credit Suisse
and established a global investment banking unit, Credit Suisse Solution Partners, while he was a
member of the Management Board of the Private Bank. Mr Zafiriou was also extensively involved in
real estate sector. He has a BA in Economics from Amherst College and an MBA in Finance from the
NYU Stern School of Business. He was a member of the General Council of the HSFS (Hellenic Financial
Stability Fund) from 2012 to 2015.
Vassilios Katsos, Non-executive Director
Mr Vassilios Katsos was born in Athens in 1973. He graduated from Pierce College and continued his
studies at the University of Athens, Faculty of Pharmacy. Since 1993 he became President of the Board
of Directors at Pharmathen Pharmaceuticals as one of the major shareholders. Under his leadership,
the strategic restructuring of the family company, placing emphasis first on strengthening the
company’s presence and thereafter on the expansion of international activities. In 2015 BC Partners
has acquired significant majority in Pharmathen, which today is an international pharmaceutical
company headquartered in The Netherlands with operations in more than 85 countries across the
world. As Chairman – Co founder of VNK Capital, has actively pursued and invested in a growing
portfolio companies such as Pharmathen, Innovis, Lamda Development , Palirria, Cafetex, among
others. In April 2009, Mr. Katsos was announced as the “Entrepreneur Of The Year 2008” by Ernst &
Young and participated as country winner in Monte Carlo for the 9th Annual Ernst & Young World
Entrepreneur Of The Year Award. Through his intense entrepreneurial activities he sits on the board
of various companies where he has invested and has been recipient of various awards and distinctions
internationally and in Greece for his business activities.
Stefanos Kotsolis, Non-executive Director
Mr Stefanos Kotsolis was born in 1962 in Athens. He went to high school in the Hellenic American
Educational Foundation (Athens College) and subsequently studied Civil Engineering in the National
Technical University of Athens on a state scholarship. After his graduation, he continued his education
in Yale University (1986-1988), where he obtained a Master’s in Business Administration. During 1988-
1990, he worked for Citicorp in New York and Athens (Global Finance), participating in the planning
and financing of energy projects in the Middle East. During 1991-2007, he was active in the public
works sector as a shareholder and CEO of a construction company, specialized in state buildings, as
well as in infrastructure and energy projects. Since 2000, he has also acted as a shareholder and CEO
of a real estate development company, constructing several housing and office buildings, having
implemented a large number of relevant projects. During 2019-2022, he served as the General
Director of the Hellenic Cadastre.
Chariton Kyriazis, Independent Non-executive Director
Mr Chariton Kyriazis is a Civil Engineer (NTUA), has an MBA from INSEAD and a Ph.D. from the
University of London. He initially worked in manufacturing, and served as General Secretary of the
National Economy (1992-1993). From 1994 to 2011 he was Head of the Tax and then Consulting
department of Arthur Andersen and of the Advisory department of PwC, with experience in private and
public sector projects. He was an elected member of the Board of SEV for 21 years, where he served
as Executive Vice-President (2011-2015) and as Advisor to the Board in matters of social dialogue and
corporate governance (until Sep. 2019). Today he is a business consultant, and participates in the
Board of Directors or as Chairman of the Audit Committee of listed and non-listed companies (currently
Lamda Development, PQH, Skama). He participates, among other, in the Governing Body of the
International Labour Organization (ILO) and is the Chairman of the Social Affairs Committee of
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Calypso Maria Nomikos, Independent Non-executive Director
Ms Calypso Maria Nomikos is chairwoman of the Board of Directors of A.M. Nomikos Transworld
Maritime Agencies S.A., a family-owned international ship owning and ship management company.
She sits on the boards of various other international companies in the shipping industry. She is
currently a member of the advisory board of a Family Office in Greece and that of several NGOs such
as Solidarity Now, the Museum of Cycladic Art, and MDA Hellas. Ms Calypso Nomikos previously held
the position of Vice Chairwoman of the Board of Directors of S&B Industrial Minerals S.A., until the
company was taken private in June 2013 and was a board member of the Greek branch of
Transparency International. She holds a BSc in Economics and Business Administration and has
completed the President's Program in Leadership (PPL) at Harvard Business School.
Evgenia Paizi, Non-executive Director
Ms Evgenia Paizi is Group Investment Officer at the SETE Family Office in Geneva. She joined the
Latsis Group in 2001 and is involved in business development for the Group's activities in healthcare,
asset management and other investments in Europe and the Middle East. She serves on the board of
directors of companies in Switzerland, Luxembourg and Saudi Arabia. Prior to joining the Group, Mrs
Paizi held positions in banking in Greece, including at the National Bank of Greece. She holds an MBA
from INSEAD (2000) and a Bachelor of Science in Operations Research and Marketing from the Athens
University of Economics and Business.
Ioanna Papadopoulou, Independent Non-executive Director
Ms Ioanna Papadopoulou was born in Athens. After graduating from The Hill School, she furthered her
studies in Food Chemistry, in the UK. In 1977, she assumed the position of Vice President & Deputy
Managing Director of E.J. PAPADOPOULOS S.A., Biscuit & Food Products Manufacturing Company and
in 1996 she took over the position of President & Managing Director of the company. She is the
President and Managing Director of the following companies: Ε.J. PAPADOPOULOS S.A., GREEK FOOD
PRODUCTS S.A., IKE AKINITA S.A. She is also a Board member of Endeavor Greece and has also
served as a member of the Board of Directors of ALPHA BANK and TITAN CEMENT GREECE. She speaks
English and French fluently.
In addition, the curriculum vitae of Mr. Konstantinos Sfakakis, who is a member of the Audit
Committee, a third person outside the Company, independent within the meaning of article 9 par. 1 &
2 of Law 4706/2020, meeting in any case the criteria of article 4 of Law 3016/2002, as currently in
force, is also presented.
Konstantinos Sfakakis, member of the Audit Committee
Mr Konstantinos Sfakakis graduated from the Athens University of Economics and Business (AUEB)
with a degree in Business Administration. He commenced his professional career abroad at the
international auditors’ firm PEAT, MARWICK, MITCHELL & CO and held senior positions in Finance at
BRISTOL MAYERS INT’L CORPORATION and JOHNSON & JOHNSON HELLAS S.A. During his 25 year
tenure at COCA-COLA TRIA EPSILON, he worked as Country CFO, Corporate Finance and External
Relations Director, while being a member of the working team responsible for the Mergers and
Acquisitions of the same company’s Group. From 2012 has been offering his services as Advisor to the
Board of SEV on Tax Policy Issues. Mr Sfakakis, among the administrative bodies of various
associations and companies in which he has served, he has been a Chairman of the Board of the
Federation of Greek Soft Drinks Industries (SEVA), while today, he serves in the Board of Directors of
the Hellenic Accounting and Auditing Standards Oversight Board, he is an ordinary member of the
Taxation Committee of the American-Hellenic Chamber of Commerce as well as a member of the Greek
Branch of the International Fiscal Association (IFA).
D.6. Board of Directors Meetings
The BoD convenes at the Company's registered address whenever this is required by the law, the Articles of
Association or the Company's needs.
The Board of Directors may also convene by teleconference in which some or all of its Members may
participate. In this case, the notice of meeting to the Members of the Board of Directors must include the

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necessary information and technical instructions for their participation in the meeting.
The BoD convenes validly away from the Company’s registered address, at another location in Greece or
abroad, provided that all the Directors are present or represented at the meeting and none of them are
opposed to the meeting being held and to decisions being made.
In the year 2022, thirteen (13) meetings of the Board of Directors were convened. The table below shows the
attendance of Board Members at these meetings:
Full name
Position on the Board
Attendance
in Board
meetings
Attendance
by Proxy
Attendance
percentage
Comments
Giannitsis
Anastasios
Chairman, Non-
executive Director
13
-
100%
Chronis
Evangelos
Vice-Chairman, Non-
executive Director
13
2
100%
Athanasiou
Odyssefs
CEO, Executive Director
13
-
100%
Antonatos Fotios
Director, Non-executive
5
-
100%
Director until
25.5.2022.
Vasilakis
Eftychios
Director, Non-executive
10
3
77%
Bussetil
Emmanuel
Director, Non-executive
7
-
88%
Director since
25.05.2022.
Zafiriou Ioannis
Senior Independent
Non-executive Director
13
-
100%
Katsos Vassilios
Director, Non-executive
13
2
100%
Kotsolis Stefanos
Director, Non-executive
1
-
100%
Director since
24.11.2022.
Kyriazis Chariton
Independent Director,
Non-executive
13
-
100%
Nomikos Calypso
Maria
Independent Director,
Non-executive
13
-
100%
Paizi Evgenia
Director, Non-executive
13
-
100%
Papadopoulou
Ioanna
Independent Director,
Non-executive
13
3
100%
Sermpetis Aris
Director, Non-executive
11
-
92%
Director until
24.11.2022.
Note: The late Odysseas Kyriakopoulos was a member of the Board of Directors of the Company until
20.03.2022, on which date he passed away. Up to the said date, the Board of Directors of the Company held
one (1) meeting on 10.03.2022, in which he did not participate due to health reasons.

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D.7. The Chair of the Board of Directors
The Chair of the Board has the following responsibilities:
• The Chair of the Board presides over its meetings and is responsible for setting the items on the agenda,
ensuring the proper organisation of its operations and the efficient conduct of its meetings.
• The Chair shall ensure the smooth and effective functioning of the Board as a collective body, promoting
a culture of open-mindedness and constructive dialogue in the conduct of its work.
• The Chair ensures that the work of the Board is carried out smoothly and that each member of the Board
is able to perform the work assigned to him/her, while ensuring that there is a constructive working
relationship between executive and non-executive or independent members, as well as sufficient time to
resolve all operational issues.
• The Chair shall ensure that the Board as a whole has a satisfactory understanding of the views of
shareholders and shall ensure effective communication with all shareholders as well as the fair and
equitable treatment of their interests and the development of constructive dialogue with them in order to
understand their positions.
• The Chair certifies copies and extracts from the books of minutes (Board of Directors and General Meeting)
of the Company, and from any other book, the keeping of which is required by law.
• The Chair shall preside over the Board's evaluation process.
D.8. Vice-Chair of the Board of Directors
The Vice-Chair shall stand in for the Chair of the Board in case of the latter's absence or inability to act.
D.9. Senior Independent Director
During the meeting of 07.12.2021, the Board elected as Senior Independent Director Mr I. Zafiriou.
The Senior Independent Member has the following responsibilities:
• to support the Chair
• to act as a liaison between the Chair and the members of the Board of Directors
• to coordinate the independent non-executive members; and
• to lead the evaluation of the Chair.
D.10. Chief Executive Officer
The CEO exercises his/her management duties and any other responsibilities determined and/or delimited by
the Board of Directors and ensures the fulfilment of the object for which the Company was established, in
accordance with the applicable Greek and Community legislation in force. The CEO heads all the Company's
Division/Departments, directs their work, takes the necessary decisions within the framework of the approved
business plan and budget and ensures, together with the members of the top management, that all members
of the Board of Directors receive accurate, timely and necessary information for the execution of their duties.
Among the main responsibilities assigned by the Board of Directors to the CEO are the following:
• Proposes the Company's strategy and oversees its implementation.
• Specifies the Company's objectives and policy, examines alternative actions, selects proposals, supervises
their implementation, evaluates the results and provides the Board of Directors with information about
the Company’s activities.
• Supervises the conduct of the operations of each service and functional unit and monitors the
implementation of internal regulations and procedures, having command of the Company's personnel.
• Works closely with the Chair and the Secretary of the Board for the preparation of the Board and the full
briefing of its members.

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• With regard to his/her succession plan, he/she takes part in the process of evaluating candidates for
his/her position and discusses with the Compensation and Nomination Committee when it is necessary to
evaluate candidates for other senior management positions.
The CEO, subject to the prior notification to, and approval of, the Board of Directors, may delegate actions
that fall within his/her responsibilities to the Directors and other officers of the Company.
In its meeting of 29.09.2022, the Board of Directors unanimously decided to assign the legal representation
of the Company and all relevant powers and responsibilities to the CEO, Mr Odyssefs Athanasiou, who shall
bind the Company with his sole signature under the corporate name.
The powers and responsibilities delegated to the CEO at the above Board meeting include, but are not limited
to, the powers:
• To appoint and terminate generally the Company's personnel, determining the authority, obligations and
remuneration of each of them, as well as the remuneration of those who are entrusted with a special service
or mandates, provided that they are not members of the Board of Directors
• To oversee the management and expenses of the Company
• To represent and bind the Company before any Public Authority, Agency, Organisation and Service Provider
(including but not limited to: HRADF SA, Hellinikon Office, Tax and Police Authorities, Social Security Bodies,
First and Second Degree Local Government Authorities, Planning Offices, Ministries and the Secretariat General
of the Government, Citizens' Service Centres, power, water and sewerage and natural gas providers,
telecommunications and internet providers, courier and express consignment services, etc.)
• To represent and bind the Company before Judicial Authorities, in person or by judicial or general proxy and
process agent (plirexousios & antikllitos); to bring (or to waive or withdraw from) legal actions, petitions,
administrative appeals, oppositions, ordinary and extraordinary legal remedies, applications, suspension of
enforcement and rehearings; to appear before any and all courts and judicial, criminal, civil, administrative,
customs, and other authorities, including the Supreme Court (Areios Pagos), the Supreme Council of
State/Supreme Administrative Court (Symvoulio tis Epikrateias), the Court of Audit (Elegktiko Synedrio), etc.,
and the Hellenic Cadastre; to register and discharge mortgages or prenotations of mortgages in favour of the
Company; to collect paid stamp duties and to collect any court costs that the State or any third parties are
ordered to pay to the Company; and in general to conduct and manage any case and to take any and all
actions related to Courts and Judicial Authorities;
• To further authorise, by written mandate and power of attorney, one or more members of the Board, Managers
and/or employees of the Company or third parties, in order for them, acting jointly or severally, to perform
specific actions, subject to the provisions of the decision of the aforementioned Board meeting.
D.11. Company Secretary
The Board is supported by a Secretary, Mr Ioannis Giannakopoulos, who is the Chief Legal Counsel and Chief
Legal and Compliance Counsel and attends its meetings. The task of the Board Secretary is to provide practical
support to the Chair and other Board members, collectively and individually, with a view to ensuring that the
Board complies with the relevant laws and regulations, as well as the Company's internal rules. All Board
members have access to the services of the Secretary of the Board of Directors. The detailed responsibilities
of the Secretary of the Board of Directors are set out in the Board of Directors' Rules of Procedures, which are
posted on the Company's website.
The CV of Mr I. Giannakopoulos is included below, in section E: Senior Officers’ CVs.
D.12. Independent non-executive Directors
The independent non-executive Directors are the non-executive members of the Board of Directors of the
Company who, upon their appointment or election and throughout their term of office, meet the independence
criteria provided for in article 9 of Law 4706/2020, as in force.
The independent non-executive Directors are the following:

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All the above independent non-executive members Directors meet the requirements of article 9, paragraphs
1 and 2 of Law 4706/2020, as determined in accordance with the Dependency Disclosure Procedure applied
by the Company.
D.13. Evaluation of the Board and its Committees
In compliance with the provisions of Law 4706/2020 and the Hellenic Corporate Governance Code, the Board
of Directors' evaluation process provides for the following evaluations:
Each member of the Board of Directors is assessed for his/her individual suitability every six months based on
the relevant criteria set out in the Company's Suitability Policy, which are the following:
• Knowledge and special qualifications;
• Integrity and good reputation;
• Conflict of interest;
• Independent thinking;
• Adequate availability;
These criteria are general and apply to all Board members, regardless of their status as executive, non-
executive or independent non-executive Directors. The assessment shall include, but not be limited to,
collection of evidence and statements, research for publications, personal interviews and completion of
questionnaires. The latest evaluation carried out did not reveal any material findings.
In addition, each member of the Board of Directors is evaluated annually by the other Directors for his/her
efficiency and the fulfilment of his/her duties. Key criteria for this evaluation include, but are not limited to,
the participation in the development of strategy, business plans and general decision making, recognition of
the Company's long-term interests, cooperation with other Directors, preparation for meetings, as well as
personality traits, such as integrity, impartiality and professionalism, which are considered essential in the
performance of each Board member's duties. The evaluation shall be carried out by means of a questionnaire.
This process shall be chaired by the Chair of the Board in cooperation with the Compensation and Nomination
Committee.
Full name
Justification of Independence
John Zafiriou
Mr Ioannis Zafiriou is independent of the Company because apart from his participation in
the Audit Committee and the Compensation and Nomination Committee of the Company,
as well as his service on the Board of Directors of the Company, he has no significant
shareholding or other relationship with the Company.
Chariton Kyriazis
Mr Chariton Kyriazis is independent of the Company because apart from his participation in
the Audit Committee and the Compensation and Nomination Committee of the Company,
as well as his service on the Board of Directors of the Company, he has no significant
shareholding or other relationship with the Company.
Calypso Maria Nomikos
Ms Calypso Maria Nomikos is independent of the Company, because apart from her
participation in the Company's Compensation and Nomination Committee and her service
on the Board of Directors, she has no significant shareholding or other relationship with the
Company.
Ioanna Papadopoulou
Ms Ioanna Papadopoulou is independent of the Company, because apart from her service
on the Board of Directors of the Company, she has no significant shareholding or other
relationship with the Company.

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As regards, in particular, the evaluation of the Chair of the Board of Directors and the Chief Executive Officer,
additional criteria are taken into account regarding the knowledge, special skills and abilities required for the
effective performance of their duties.
Indicatively, the evaluation of the Chair of the Board of Directors covers areas such as leadership skills,
authority and relations with the other members of the Board of Directors, the effective conduct of Board
meetings and other issues related to the Chair’s responsibilities.
Accordingly, the evaluation of the CEO focuses on: a) individual skills, abilities and knowledge, such as
leadership and management skills, strategic thinking, internal and external communication, relations with
other Board members, b) areas of responsibility, such as the identification of opportunities for the Company,
proposals for the strategy and the effective supervision of its implementation, the effective organizational
structure of the Company and the effective supervision and management of the operation and affairs of the
Company. These assessments are carried out through the completion of relevant questionnaires by the other
members of the Board.
The evaluation process for the Chair of the Board of Directors is chaired by the Senior Independent Director,
while the evaluation process for the Chief Executive Officer is chaired by the Chair of the Board of Directors,
always in cooperation with the Compensation and Nomination Committee.
Finally, the Board is evaluated annually as a body based on criteria of collective suitability and the effective
performance of its duties. The main criteria for this evaluation are the knowledge, skills and experience of the
members collectively required to fulfil their duties, adequate gender representation and diversity criteria, the
composition of the Board, the effective cooperation of the Board members, the effective organization and
functioning of the Board and its Committees, its decisions and its performance based on its responsibilities.
These evaluations take into account the results of the individual evaluation as well as information collected
through the completion of relevant questionnaires. The collective suitability process is chaired by the
Compensation and Nomination Committee and the Board effectiveness process is chaired by the Chair of the
Board in cooperation with the Compensation and Nomination Committee.
Re-assessment of suitability based on the Suitability Policy is mandatory also in the following cases:
• where doubts arise as to the individual suitability of the members of the Board or the suitability of the
composition of the body,
• in the event of a significant impact on the reputation of a Board member,
• in any event that may significantly affect the suitability of a Board member, including in cases where
members do not comply with the Company's Conflict of Interest Policy.
In addition, at least every three years these evaluations will be assisted (in accordance with the applicable
provisions of the law) by an external consultant.
The procedures for the above evaluations for the year 2022 have already began and the results are expected
to be extracted during the first half of 2023 and will be discussed in detail at the next Board meeting. It is
noted that the above evaluations for the year 2021 were completed during the first half of 2022, without any
material weaknesses. Inter alia, during the discussions for the Board evaluation, the future developments for
the Company, its governance and the functioning of the Board were analysed and the organisational measures
to be taken for the better functioning of the Board were discussed, such as the regular monitoring by the
Board of the Group's strategic directions and objectives, the timely information of the Board by the Audit
Committee of its activities, the review of the Remuneration Policy for Board members and senior officers to
ensure that performance criteria and financial incentives are aligned with their responsibilities and the complex
situation of the Group, and the timely distribution of information material to Board members on matters to be
approved by the Board as the number of Board members is expected to increase.
Also, acknowledging that sustainable development ((Environmental, Social, Governance "ESG") issues are at
the center of business interest at an international level and that a huge market is emerging around them, the
members ensured that they were thoroughly briefed by specialized consultants in order to understand in depth
the Company's efforts to meet the growing demands of both financial institutions and investors. Further,
during the current financial year, the Company has decided to implement a training program for Board
members on issues related to information systems and new technologies, while the detailed plan for Board
training programs will be reviewed regularly in order to meet needs that may arise.

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D.14. Suitability Policy - Diversity Policy
D.14.1. Suitability policy
The Company implements a Suitability Policy, which was established by the Compensation & Compensation
Committee. Nomination of Candidates in accordance with the provisions of Article 3 of Law 4706/2020 and
the Guidelines of Circular No. 60 of the Hellenic Capital Market Commission.
The current Suitability Policy was approved by the decision of the Annual General Meeting of the Company's
Shareholders on 23.06.2021, when it came into force. It is posted on the Company's website
(www.lamdadev.com).
The scope of the Suitability Policy covers the executive and non-executive members of the Board of Directors
of the Company (and its subsidiaries), including the independent non-executive members and alternate
members of article 81 of Law 4548/2018.
The purpose of the Suitability Policy is to ensure the quality of staffing, effective operation and fulfilment of
the role of the Board of Directors based on the overall strategy and the medium and long-term business
objectives of the Company, with the aim of promoting the corporate interest.
The current Suitability Policy is in line with the provisions of the Company's Internal Regulation, the Corporate
Governance Code adopted and applied by the Company and in accordance with the Guidelines of the Hellenic
Capital Market Commission, and the corporate culture. It is clear and adequately documented and is governed
by the principles of transparency and proportionality, while promoting diversity, meritocracy and efficiency,
both in the selection and during the term of office of the members of the Board of Directors. Furthermore, in
the preparation of the Suitability Policy, consideration was given to, inter alia, the size, internal organization,
risk appetite, the nature, scale and complexity of the Company's activities, as well as any other elements
specific to the Company.
The Suitability Policy takes into account the specific description of the responsibilities of each Director, his/her
participation in committees, the nature of his/her duties (as an executive or non-executive Director), his/her
classification as an independent or non-executive Director, as well as specific characteristics related to the
nature of the Company's activity or the Corporate Governance Code that the Company applies.
The Compensation and Nomination Committee recommends to the BoD its staffing with persons of integrity
and reputation, who have the experience required for the duties and role they undertake, on the one hand,
and sufficient time to carry out their duties, on the other hand. When appointing the members of the
Management Board, the Compensation and Nomination Committee with the assistance of the Board Secretary,
obtains written confirmation from the members that they accept in their entirety the policies, procedures and
other internal documents of the Company and are bound by them.
The selection of appropriate methodological tools ensures that the candidates for the Board of Directors are
aware of Company's corporate culture, values and general strategy, inter alia, both before assuming their
position and during their term of office.
The Company has developed and implements a program of a) induction following the selection and at the
beginning of the term of office of new Board members and b) continuous briefing and training of Board
members on issues related to the Company.
Furthermore, the members of the Board of Directors are regularly informed regarding business developments
and the major risks to which the Company is exposed, as well as any changes in legislation and the market
environment in which the Company operates. To this end, they maintain regular contact with the Company's
senior management through regular presentations by the heads of the Company's Divisions and Departments.
The suitability of the members of the Board of Directors is reviewed, either periodically or on a case-by-case
basis, in the context of the operation of the Internal Control System and in accordance with the specific
applicable rules. In any case, the Compensation and Nomination Committee shall monitor the suitability of the
members of the Board on a continuous basis, in particular to identify, in the light of any relevant new event,
instances in which a re-evaluation of their suitability is deemed necessary.
The Compensation & Compensation Committee maintains a list of nominees who possess the specific
characteristics required for the implementation of the Company's long-term plan. In this context it ensures

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the existence of an appropriate succession plan to ensure the smooth continuity of the management of the
Company's affairs and decision-making after any vacancies of Board members, in particular executive
Directors and members of its committees. The succession plan shall in particular take into account the findings
of the evaluation of the Board in order to achieve the required changes in its composition or specific
characteristics and to maximize the efficiency and collective suitability of the Board.
D.14.2. Diversity policy as regards the composition of the Board of Directors and senior
management
The Company adopts a Diversity Policy, aiming on the one hand to promote the necessary diversity in the
Board of Directors and on the other hand to foster the inclusiveness of its membership. When selecting Board
members, the necessary care is taken to ensure a diversity of views and experience in order to make sound
decisions.
D.14.3. Diversity Criteria - Diversity Practices
The Company is committed to respecting and ensuring diversity and equality of opportunity for all Board
members and prospective Board members, for senior executives and for all employees and candidates at all
levels of the hierarchy regardless of race, color, religion, ancestry, gender, sexual orientation, age, disability,
marital status, or any other characteristic protected by law, and expressly prohibits any discrimination or
harassment based on these factors.
All decisions concerning recruitment, promotion, training, performance appraisal, pay and benefits, disciplinary
misconduct and dismissal are free from any unlawful discrimination. It should be noted that there have been
no incidents of discrimination in the Company's workplace and that there is gender balance in the Company's
workforce.
The table below shows the gender representation ratios in the personnel and the senior and top management
of the Company:
The constructive use of diversity, the respect and value of individuality, and the fostering of a fair and
meritocratic workplace for all employees without exception, are integral parts of the Company's strategic goals
and development.
Driven by the principles of diversity, the Company's Board of Directors possesses the collective knowledge,
skills and expertise necessary to discharge its responsibilities. At the same time, there is diversity in terms of
age and adequate representation by gender, in accordance with the provisions of Law 4706/2020 (25% of the
total number of Board members, rounded to the previous integer during the calculation). The current
composition of the Board of Directors gives the advantage of a diversity of opinions, concerns, questions and
experiences that contribute to making sound decisions.
The Company's Diversity Practices are posted on the Company's website (www.lamdadev.com).
The table below shows the diversity and the necessary knowledge and skills of the Company's Board of
Directors.
Gender representation ratios
Women
Men
%
%
LAMDA Development S.A.: (consolidated)
Personnel
52
48
Top and senior managers
44
56

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Ages
Average age: 64.53
Age variation: 10.08
D.15. External professional commitments of the Board members
In accordance with the Company's Suitability Policy in force, all members of the Board of Directors
must devote the necessary time and resources to achieve a satisfactory response and effective
fulfilment of their duties. In determining the adequacy of time, consideration shall be given to the
status and responsibilities assigned to the Board member, the number of positions held as a member
of other Boards and other positions held by such member at the same time, as well as other
professional or personal commitments and circumstances. Each prospective Board member shall be
informed of the expected time required to devote to his or her duties and to meetings of the Board
and any other committees on which he or she serves as a member.
Further, the aforementioned Suitability Policy provides that each Board member must regularly attend
Board and Committee meetings and must show flexibility regarding attendance at extraordinary
meetings. To this end, the Policy provides the possibility of participation in up to 5 Boards of listed
companies (for non-executive members) and up to 3 (for the Chair).
The external professional commitments of Board members are shown below:
FULL NAME
CORPORATE
NAME
POSITION
(MEMBER OF
ADMINISTRATIVE,
MANAGEMENT OR
SUPERVISORY BODY)
PARTNER/
SHAREHOLDER
EVANGELOS
CHRONIS
PRIVATSEA MARINE
PROJECTS SA
BoD Member
PRIVATSEA YACHTING SA
BoD Member

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JOHN S. LATSIS PUBLIC
BENEFIT FOUNDATION
Member of Executive
Board
NERAIDA FLOATING
MUSEUM
Chair of the Board
ODYSSEFS
ATHANASIOU
ENDEAVOR
BoD Member
ALLIANCE FOR GREECE
Vice-Chair of the Board
BRAINY I.K.E
Partner
EFTYCHIOS
VASILAKIS
AUTOHELLAS ATEE
CEO, Executive Member
AEGEAN AIRLINES SA
Chair of the Board;
Executive Member
TRADE ESTATES REIC
BoD Member,
Consultant, Non-
Executive Member
KIA HELLAS SA
BoD Member, Executive
BoD Member
HYUNDAI HELLAS SA
BoD Member, Executive
BoD Member
FASTTRAK SINGLE
MEMBER SA
Chair of the Board
SPORTSLAND SA
Chair of the Board &
CEO
KRITIKA GOLF S.A.
Chairman & BoD
Member
TEMES SA
Non-executive BoD
Member
GOLF REGENCIES SA
BoD Member, Non-
Executive Member
GROUND DYNAMIC SA
BoD Chairman
Executive Member
SETE
Vice-Chair of the Board
SEV
BoD Member
ENDEAVOR Greece INC.
BoD Member
FELIX HOLDINGS Sarl
Shareholder 100%

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EMMANUEL
BUSSETIL
European Financial
Group EFG
(Luxembourg) SA
Member of
Administrative Body
(Director)
EFG Bank (Monaco)
Member of
Administrative Body
(Director)
EFG International AG
Member of
Administrative Body
(Director)
EFG European Financial
Group Ltd
Member of
Administrative Body
(Director)
A) Consolidated Lamda
Holdings S.A.
B) Hellinikon Global I SA.
C) Lamda Developments
SA
Member of
Administrative Body
(Director)
Paneuropean Oil and
Industrial Holdings SA
Member of
Administrative Body
(Director)
SETE Holdings Sarl
Member of
Administrative Body
(Director)
Ophelia International
Investments SA
Member of
Administrative Body
(Director)
Gestron Asset
Managemen SA
Member of
Administrative Body
(Director)
Pronia Health SICA R
(former Pronia Holding)
Member of
Administrative Body
(Director)
John S. Latsis Public
Benefit Foundaton
Member of
Administrative Body
(Director)
IOANNIS ZAFIRIOU
ELIZA, NON-PROFIT
ORGANIZATION
Treasurer & BoD
Member
VASILEIOS KATSOS
DIALBEN INVESTMENTS
LIMITED
Member of
Administrative Body
(Director)until
12.12.2022
As of 23/12/2022
the company went
into liquidation
VNK CAPITAL LTD
Partner
NADEAU INVESTMENTS
LIMITED
Administrator -
Partner
ER.NI.K STABLES SINGLE-
MEMBER PC
Partner
INVEST IN MEMORIES
NEPA
Shareholder
MONACO RIB BOATS SARL
Co-administrator
Partner
SCI AMALIA
Shareholder
PALAZI REALI A.E
Chairman and CEO:

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STEFANOS KOTSOLIS
TECHNIKI KOTSOLIS AE
KAI SIA EE
Limited Partner
Α.KOTSOLIS TECHNIKI Α.Ε
UNDER LIQUIDATION
Shareholder and
Liquidator
TECHNIKI ETAIREIA
G. DIMOPOULOU
Α.KOTSOLI & SIA ΟΕ
General partner
and Co-
administrator
PALAZI REALI LTD
Shareholder
CHARITON (HARRY)
KYRIAZIS
"SKAMA E. Skazikis - L.
Maragos SA"
BoD Member
without executive
powers
“C. Kyriazis
Consulting PC”
Administrator
Partner
“PQH Single Special
Liquidator”
BoD Member and
member of the Audit
Committee
“Institute of Industrial and
Business Education &
Training (IVEPE) SEV”
Non-profit educational
organization
Chair of the Board
“Organization for Mediation
& Arbitration (OMED)”
Non-profit legal person
under private law
Alternate BoD Member
without executive
powers
International Labour
Organization
(UN Agency)
International Organization
Alternate BoD Member
without executive
powers
CALYPSO-MARIA
NOMIKOS
(N.E.A.R.) NEW ERA
ASSET RECOVERY
LIMITED (CY)
Shareholder
KEFY HOLDING
COMPANY LIMITED (CY)
Shareholder
F.H.C. Fizzlec
Corporation Ltd. (CY)
Shareholder
A.M. NOMIKOS
TRANSWORLD MARITIME
AGENCIES SA (PA)
Manager / Chair of
the Board.
Shareholder
A.M. NOMIKOS & SON
(UK) LIMITED (UK)
Manager
Shareholder
AMN BULK CARRIERS
INC. (MH)
Shareholder
AMN COMMERCIAL
SERVICES INC. (MH)
Manager / Chair and
Treasurer of the
Board.
Shareholder

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Annual financial report for the year ended 31 December 2022
90
AMN AQUARIUS INC.
(MH)
Shareholder
AMN MARITIME
SERVICES INC (MH)
Manager/ Treasurer
of the Board
Shareholder
AMN UNIMAR INC (KY)
1
Manager/ Chair of the
Board
Shareholder
AMINAV SHIPPING
CORPORATION (KY)
Manager/ Chair of the
Board
Shareholder
AMN INC (KY)
Manager/ Chair of the
Board
Shareholder
AMN HOLDINGS CORP
(KY)
Manager/ Chair of the
Board
Shareholder
KEY SHIPPING INC.
(MH)
1
Manager/ Chair of the
Board
Shareholder
ATLANTICA INC. (NO)
Manager / BoD
Member
NORTH EAST CHEMICAL
CARRIER INVEST INC.
(NO)
Manager / BoD
Member
Shareholder
SOLIDARITY NOW (GR)
BoD Member
MDA HELLAS,
Association for People
with Neuromuscular
Diseases
(GR)
BoD Member
GEORGE VERGOTTIS
MEMORIAL FUND
STIFTUNG (Lichtenstein)
BoD Member
KOURKOUMELATA
WELFARE FOUNDATION
(Lichtenstein)
Chair of the Board
Gestron Holding
(Luxembourg) Sarl
Gestron Asset Management
SA (Luxembourg)
Member of
Administrative Body
(Director)
SGI Consulting SA
(Luxembourg)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
Pronia Holding
(Luxembourg) SA
(Luxembourg)
Member of
Administrative Body
(Director)
Gestron Holding
(Luxembourg) Sarl Gestron
Services (Suisse) SA
(Switzerland)
Member of
Administrative Body
(Director)
Gestron Holding
(Luxembourg) Sarl Gestron
Services (Luxembourg) SA
(Luxembourg)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
La Tour Holding SA
(Switzerland)
Member of
Administrative Body
(Director)

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91
EVGENIA PAIZI
Pronia Health SCA SICAR
Hopital de la Tour SA
(Switzerland)
Member of
Administrative Body
(Director)
Hellinikon Global SA
(Luxembourg)
Member of
Administrative Body
(Director)
Lamda Development SA
(Greece)
Member of
Administrative Body
(Director)
Fondation OTIUM
(Switzerland)
Member of
Administrative Body
(Director)
SGI Holding SA
(Switzerland)
Member of
Administrative Body
(Director)
SGI Consulting SA
Luxembourg
Member of
Administrative Body
(Director)
SKA Holding SA
Switzerland
Member of
Administrative Body
(Director)
SK Ambulances SA
(Switzerland)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
Permanence de la Clinique
de Carouge SA
(Switzerland)
Member of
Administrative Body
(Director)
SETE Holdings Sarl
Société d'Etudes
Techniques et Economiques
SA (Switzerland)
Member of
Administrative Body
(Director)
Fondation EPFL Innovation
Park (Switzerland)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
La Tour Immobiliere Sarl
(Switzerland)
Member of
Administrative Body
(Director)
La Tour Coinvestment SA
(Switzerland)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
HDLT Partners SA
(Switzerland)
Member of
Administrative Body
(Director)
Sete Energy Saudi for
Industrial Projects Ltd
KSA
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
Quaviate Rive Gauche SA
(Switzerland)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
Quavitae Rive Droite SA
(Switzerland)
Member of
Administrative Body
(Director)
Pronia Health SCA SICAR
Quavitae Holding SA
Member of
Administrative Body
(Director)

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(Switzerland)
Pole de Sante SA
(Switzerland)
Member of
Administrative Body
(Director)
IOANNA
PAPADOPOULOU
BISCUIT & FOOD
PRODUCTS
MANUFACTURING
COMPANY E.J.
PAPADOPOULOS SA
Chair and CEO
Ι.Κ.Ε ΑΚΙΝΗΤΑ S.A.
Chair and CEO
ELLINIKA TROFIMA SA
Chair and CEO
ENDEAVOR GREECE
BoD Member
D.16. Remuneration of the Board
The remuneration of the Board of Directors members is set out in the Remuneration Policy approved by the
General Meeting of 23.06.2021, which is posted on the Company's website (www.lamdadev.com) and is valid
for four (4) years, unless revised earlier and/or amended by resolution of another General Meeting. The
Company is obliged to submit the Remuneration Policy to the General Meeting for approval whenever there is
a material change in the circumstances under which it was established and in any case every four (4) years
after its approval.
With regard to the drafting of the Remuneration Policy, the Company cooperated with the firms "KPMG
CONSULTANTS S.A." and "KORN FERRY INTERNATIONAL S.A.", which acted as independent consultants on
remuneration issues. No relationship exists between the aforementioned independent consultants and the
Company or the members of the Board of Directors individually.
The Remuneration Policy has been prepared in accordance with the European Union (EU) Shareholder Rights
Directive, as incorporated into Greek law by virtue of Law 4548/2018. In addition, the Policy takes into account
the provisions of Law 4706/2020, the Company's Articles of Association, the Corporate Governance Code that
the Company has adopted and the Company's Internal Regulations.
The purpose of the Policy is to align the interests of the Board Members with the interests of the Company's
shareholders, while taking into account the salary and working conditions of the Company's employees. It also
contributes to the creation and maintenance of long-term commercial and business value, to the development
of business strategy, to serving the long-term interests and sustainability of the Company through benefit
packages and incentives provided for and targeted in the Policy:
• attracting and retaining top executives from Greece and abroad
• preventing or minimizing situations of conflict of interest
• ensuring the correct and effective diagnosis and management of risks related to the achievement of the
Company's business activities
• ensuring fair pay
It is noted that during the financial year 2022, the Compensation and Nomination Committee again cooperated
with an independent external consultant, "KPMG CONSULTANTS S.M.S.A.", for matters relating to its
responsibilities.

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D.16.1. Remuneration Policy for Non-Executive Directors
The Non-Executive Directors are appointed for a fixed term of five (5) years (with the possibility of extension
at the next General Meeting with a maximum term of office of six (6) years) and may be reappointed.
The purpose of the Policy is to facilitate the Company to attract as Non-Executive Directors individuals who
(collectively) combine sufficiently the following characteristics:
• International experience and professional background
• Skills and experience relevant to the needs of the Company
• Independence from major shareholders
• Balance in age profile and gender.
In setting the level of remuneration of the Non-Executive Directors, the Board of Directors takes the European
market as a reference point.
All Non-Executive Directors receive remuneration for their participation in the meetings of the Board and its
committees. This fee is not linked to the performance of the Company, but to the time the Members devote
to the Company and the scope of their duties and responsibilities.
The remuneration of Non-Executive Directors is reviewed on a regular basis and at least every four years.
D.16.2. Remuneration policy for Executive Directors
The remuneration of the Executive Members is directly aligned with the strategy and objectives of the
Company, with the ultimate goal of creating and maintaining its long-term value. They also aim to link total
remuneration to individual performance.
The total remuneration consists of:
• the basic salary,
• the short-term incentive plan ('bonus plan'),
• the long-term incentive plan ('stock options plan'),
• benefits.
The basic wage is set at the median in the respective labour markets.
The total annual remuneration (basic salary + short-term incentive plan / Bonus plan) is set at a higher level
than the corresponding labour markets ("above market").
The total annual remuneration in combination with the long-term incentive plan (stock options plan) is set at
the highest levels in relation to the respective labour markets ("top payer").
The Board's objective in relation to the Remuneration Policy is to strike a balance between the fixed and
variable parts of remuneration, as well as between the "components" of the remuneration package that are
linked to short-term financial performance and those that are linked to the creation of long-term sustainable
value for the Company.
When reviewing the Remuneration Policy, the Board of Directors bases its review on the analysis of salary and
cost scenarios, taking into account factors such as the payment of maximum remuneration in case of
overachievement of the Company's targets.
D.16.3. Remuneration report
In 2022, the Company prepared a Remuneration Report (the "Report"), the content of which is in compliance
with the requirements of article 112 of Law 4548/2018. The Report contains a comprehensive overview of all
remuneration regulated by the Remuneration Policy for the financial year 2021.

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The report was submitted to the Board for approval. It was also submitted to the 2022 Annual General Meeting
for discussion and advisory vote of the shareholders and received 99.45% affirmative votes.
The full text of the Report is posted on the Company's website (https://www.lamdadev.com) and will remain
available to the public on the aforementioned website for a period of ten (10) years in accordance with
paragraphs 4 and 5 of article 112 of Law 4548/2018.
The Remuneration Report for the financial year 2022 will be posted at a later period on the Company's website
for discussion and advisory vote by the 2023 Annual General Meeting of Shareholders. It should be noted that
for the 2022 financial year, the 2022 Annual General Meeting of Shareholders pre-approved fees to be paid to
the members of the Board of Directors for attending meetings of the Board of Directors and its Committees,
totalling approximately €580,000. However, it was reported that the exact amount to be paid will be
determined by the Board upon recommendation of the Compensation and Nomination Committee in
accordance with the Company's Remuneration Policy.
D.17. Number of shares held by members of the Board of Directors and senior management officers
The members of the Board of Directors and the senior executives hold a significant percentage of the
Company's shares, which reinforces their commitment to the fulfilment of the Company's objectives and the
alignment of their personal objectives with those of the Company's shareholders. The table below shows the
number of shares held by the members of the Board of Directors and senior executives as at 31 December
2022:
Board Members
Position on the Board
Shares
Percentage
Giannitsis Anastasios
Chairman, Non-executive Director
0
0,00%
Chronis Evangelos
Vice-Chairman, Non-executive Director
94.119
0,05%
Athanasiou Odyssefs
CEO, Executive Member
1.575.868
0,89%
Vasilakis Eftychios
Non-executive-Director
0
0,00%
Bussetil Emmanuel
Non-executive-Director
0
0,00%
Zafiriou Ioannis
Senior Independent Director, Non-
executive Director
0
0,00%
Katsos Vassilios
Non-executive-Director
0
0,00%
Kotsolis Stefanos
Non executive-Director
0
0,00%
Kyriazis Chariton
Independent Non-executive Director
11.110
0,01%
Nomikos Calypso Maria
Independent Non-executive Director
32.268
0,02%
Paizi Evgenia
Non-executive-Director
0
0,00%
Papadopoulou Ioanna
Independent Non-executive Director
0
0,00%
Total number of directors
1.713.365
0,97%

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Member of the Audit
Committee
Position in the Company
No.
Shares
Percentage
Sfakakis Konstantinos
Member of the Audit Committee
0
0,00%
Senior management
Position in the Company
Shares
Percentage
Gavriilides Theodoros
Chief Investment Officer
53.777
0,03%
Giannakopoulos Ioannis
Chief Legal & Compliance Counsel
60.000
0,03%
Goritsas Charalampos
Chief Financial Officer
25.000
0,01%
Karastogiannis Dimitrios
Chief Corporate Affairs & Business
Development Officer
32.449
0,02%
Karatopouzi Konstantina
Chief Operating Officer
43.229
0,02%
Katsikadis Stavros
Managing Director Lamda Marina
Investments
3.409
0,00%
Kitsios Dimitrios
Chief Infrastructure and Controls Officer
0
0,00%
Maglara Lydia
Chief Human Resources Officer
0
0,00%
Paizi Melina-Sotiria*
Chief Development and Investment
Portfolio Officer
9.524
0,01%
Papaconstantinou Maria
Chief Internal Auditor
20.000
0,01%
Touziou Angeliki
Chief Development Officer Residential,
Sports & Mixed Use Tower
13.353
0,01%
Charalampopoulos Dimitrios
Investor Relations & Financial Strategy
Director
0
0,00%
Total Senior Management
Shares
260.741
0,15%
*It is noted that as of 31.12.2022:
(i) the company named "AEGEAN AIRLINES SA", a legal person closely associated, within the meaning of
Article 3, par. 1 (26) of Regulation (EU) 596/2014, with Mr. Eftychios Vassilakis, non-executive Director of the
Company, over which company Mr. Eftychios Vassilakis exercises significant influence within the meaning of
Annex 1 of Law No. 4308/2014, as at 31.12.2022 held 2,925,978 shares of the Company, corresponding to
1.66% of its share capital
(ii) the company called "Consolidated Lamda Holdings S.A.", a legal person closely associated, within the
meaning of Article 3, para. 1 (26) of Regulation (EU) 596/2014 with Mr. Emmanuel Bussetil, non-executive
Director of the Company, as at 31.12.2022 held 77,341,062 shares of the Company corresponding to 43.76%

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of its share capital,
(iii) the company named "Voxcove Holdings Limited", a legal person closely associated, within the meaning of
Article 3, para. 1 (26) of Regulation (EU) 596/2014, with Mr. Vassilios Katsos, non-executive Director of the
Company, as at 31.12.2022 held 17,682,144 shares of the Company, corresponding to 10.00% of its share
capital; and
iv) the company FASMA ENERGY Ltd, a legal person closely associated, within the meaning of article 3, par. 1
(26) of Regulation (EU) 596/2014, with Ms. Melina-Sotiria Paizi, Chief Development and Investment Portfolio
Officer, on 31 December 2023 held 14,769 shares of the Company, corresponding to 0.01% of its share capital.
Ε. Senior Officers’ CVs
Theodoros Gavriilidis, Chief Investment Officer
Theodoros Gavriilidis, MRICS, has been employed at LAMDA Development since 2003 (except for the period
2009-2014), and currently holds the position of Chief Investment Officer. During the period of 2009-2014, he
held the positions of Business Development Director of REDS SA (Ellaktor Group), of Senior Project Manager
of TAIPED, and he has been member of the board of ETAD. Prior to working for LAMDA Development, he had
also worked for J&P Overseas Ltd and for Bovis Lend Lease. Mr. Gaviilidis holds an MBA from the MIT Sloan
School of Management and a Civil Engineering Degree from the Aristoteleion University of Thessaloniki. He
has also won scholarships from the Latsis, Onassis, and Fulbright Foundations.
John Giannakopoulos, Legal Counsel, Chief Legal and Compliance Counsel and BoD Secretary
John Giannakopoulos is a Member of the Athens Bar Association since 1995, qualified to appear before the
Supreme Court. He is the Chief Legal Counsel, Company Secretary and Chief Compliance Officer of LAMDA
Development. He joined the Company in 2006. He possesses extended and deep business and legal experience
at the local and international levels. In his capacity as Partner in well-reputed law firms, he served as senior
external counsel to such companies and groups of companies, being in charge of teams of lawyers running
and completing successfully complex projects (M&As and JVs, Construction & Real Estate, Concessions, and
Public Contracts, Project Financing, Negotiations, High-profile Litigation, etc.). Mr. Giannakopoulos holds an
MBA from the University of Piraeus, an MSc in Economics from ALBA Business School, an LLM in International
Commercial Law and E-commerce from the UK, and an LLB from the Law School of the University of Athens.
Harris Goritsas, Chief Financial Officer
Harris Goritsas is the Chief Financial Officer in LAMDA Development. He has more than 25 years of professional
experience in Financial Management, auditing companies, consumer goods, and industrial production
companies. Prior to joining LAMDA Development, Haris Goritsas was the Chief Financial Officer of Frigoglass
group, the Europe Pricing Director and Area Financial Director of Southeastern Europe in Diageo, Financial
Controller and Financial Director of Central and Eastern Europe in the Coca Cola Company, while he started
his professional career in an auditing firm. Harris Goritsas is a graduate of the Athens University of Economics
and Business, Business Administration department, and holds an MBA degree from the ALBA Business School.
Dimitris Karastogiannis, Chief Corporate Affairs & Business Development Officer
Dimitris Karastogiannis is the Chief Corporate Affairs & Business Development Officer of LAMDA Development,
since February 2019. Prior to LAMDA Development, he worked at the European Commission (DG ECFIN, DG
GROW) on the design, monitoring, and implementation of the Economic Adjustment Programs for Greece.
Before that, he worked as an associate lawyer for leading law firms in Brussels and Athens. Dimitris
Karastogiannis holds an LL.B. (Bachelor of Law) from Aristotle University of Thessaloniki (Greece) and an LL.M.
(Master of Law) from the University of Cambridge (UK). He also holds a Diploma in Antitrust Economics from
King’s College London (UK) and he is a member of the Athens Bar Association.
Konstantina Karatopouzi, Chief Operating Officer
Konstantina Karatopouzi is the Chief Operating Officer of LAMDA Development. She has been working in the
Latsis Group of Companies since 2000, initially in the Financial Department of the EFG Group in London, UK,
and since 2003, in LAMDA Development, in various managerial positions, among which, the Assets
Management Director position. Prior to working with the Latsis Group, Ms. Karatopouzi had served as an

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external auditor in PriceWaterhouseCoopers in London, as well as in the auditing firm Kostouris Michailidis in
Athens. She is a fellow member of the Chartered Association of Certified Accountants since 1997 and has a
Bachelor degree in Economics from the Economics and Political Sciences Department from the Aristotle
University of Thessaloniki.
Stavros Katsikadis, Managing Director - Lamda Marinas Investments
Stavros Katsikadis is the Managing Director of Lamda Marinas Investments, responsible for the management
of Flisvos and Agios Kosmas marinas. With 25 years of experience in the Marine Industry, he gained significant
maritime experience as an engineer on seagoing ships of Bilinder Marine Corp. (Latsis Group) and later as
technical superintendent at Consolidated Marine Mgt, responsible for the technical management of a
commercial tanker fleet, liquified gas ships and passenger vessels. In 2004 he moved to the field of Maritime
Tourism as General Manager of Flisvos Marina during the development of the marina and its related facilities.
Mr. Katsikadis is a graduate of the Naval Architecture and Marine Engineering Department of the National
Technical University of Athens and has taken part in an EU postgraduate program. He also holds MBA degree
from the ALBA Graduate Business School.
Dimitris Kitsios, Chief Infrastructure and Controls Officer.
Dimitris Kitsios is the Chief Infrastructure & Controls Officer στην Lamda Development. He has a 20year
experience in managing / advising large scale Development programmes in the Midde East, Asia and North
America across Real Estate, Energy, Aviation and Oil & Gas Industries. Before joining Lamda Development,
Mr. Kitsios has been working for Archirodon Group in Managerial roles in Project & Programme Management,
for Parsons Corporation as Programme Director, for Damac Properties as Vice President- Risk & Planning and
most recently for Musanada as Performance Monitoring Director. Mr Kitsios is a Civil Engineer, having
graduated from Aristotle University of Thessaloniki, and holds a MSc in Construction Engineering &
Management from Stanford University.
Lydia Maglara, Chief Human Resources Officer
Lydia Maglara is the Chief Human Resources Officer (CHRO) of LAMDA Development. She brings more than
20 years of experience in Human Resources Management, in regional and global roles, at various multinational
companies, like VP HR Shared Services Head for Asia & EMEA, VP HR Eastern & Southern Europe Head at
MetLife, Regional HR Director for Balkans at Estee Lauder, HR Management roles at Procter & Gamble. She
holds a Bachelor of Science degree in Hospitality Management from Johnson & Wales University, Rhode Island
USA, and an MBA degree with specialization in HR from Baker College, Michigan USA.
Melina-Sotiria Paizi, Chief Development and Investment Portfolio Officer
Melina-Sotiria Paizi is the Chief Development and Investment Assets Officer of LAMDA Development. She
brings the experience of more than 23 years in positions of General Management, Retail, and Marketing at
various multinational corporations, in Greece and abroad, including the ΜcArthurGlen Group, The Coca-Cola
Company, Τoyota, and L’Oreal. Ms. Paizi holds a Bachelor’s degree in Business Administration from the Athens
University of Economics and Business and an MBA degree from the Bocconi School of Management in Milan,
Italy.
Mary Papakonstantinou, Chief Internal Auditor
Mary Papakonstantinou was appointed Chief Internal Auditor of LAMDA Development in April 2006. She joined
LAMDA Development in February 2003 as a financial executive and held the position of Financial Analyst and
Assistant to the CFO of the Company. Prior to joining LAMDA Development, Mrs. Papakonstantinou was
working as Manager of Financial Services at BITROS group of companies. Mary Papakonstantinou holds a
Bachelor's degree in Business Administration from Athens University of Economics and Business, as well as a
master’s degree in Business Administration (Executive MBA – International Program) from the same university.
She is a member of the Hellenic Institute of Internal Auditors (H.I.I.A.), of the Institute of Internal Auditors
(I.I.A.), and the Economic Chamber of Greece and actively participates in various working groups and
initiatives to promote principles of internal audit thus corporate governance in Greece.
Angeliki Touziou, Chief Development Officer, Residential, Sports & Mixed Use Tower
Angeliki Touziou, has been employed at LAMDA Development since 2003 and currently holds the position of
the Chief Development Officer Residential, Sports & Mixed Use Tower. During this period, she held key roles

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in project management, design and construction of the Shopping Malls (The Mall Athens, Golden Hall) as well
as in the development of projects in the Balkans (Romania, Serbia), whereas since 2012 she has dealt
exclusively with the Ellinikon Project. Prior to working for LAMDA Development, she worked for Freyssinet
(Group Vinci) in Spain and Greece. Mrs. Touziou holds a BEng. in Civil Engineering from University College
London and a MSc DIC from Imperial College London.
Dimitris Haralabopoulos, Investor Relations & Financial Strategy Director
Dimitris Haralabopoulos is the Investor Relations and Financial Strategy Director of LAMDA Development, since
September 2020. He has a previous professional experience of 17 years in Investor Relations, Investment
Banking, Capital Markets, and Financial Analysis. He has worked in the past both in Greece and abroad
(London, UK), with his most recent positions being Deputy Head of Investment Banking at the National Bank
of Greece and Head of Investor Relations & Corporate Development at Marfin Investment Group. Additionally,
he has worked at HSBC, Deutsche Bank, Alpha Finance, and Eurocorp Securities. He is a graduate of the
Department of International & European Studies, Panteion University of Social & Political Science, and has a
post-graduate degree, MSc in Investment Management from the Cass Business School, City University of
London. Finally, he is certified by the Hellenic Capital Markets Commission (HCMC) with a category “D”
certificate (Analysis on financial instruments or issuers).
F. Notes on transactions with related parties and relevant information of the Board of Directors.
The Company has a Compliance Procedure for related party transactions (the "Procedure"), which was
prepared in the context of transparency and supervision of its related party transactions. More specifically, the
Procedure relates to the Company's compliance with the provisions of the applicable institutional and
supervisory framework, which define the criteria that the Company is obliged to comply with in order for its
related party transactions to be lawful, such as, but not limited to, Law 4706/2020 and Law 4548/2018.
The purpose of the Procedure is to record the actions taken in relation to the monitoring of transactions with
related parties and their appropriate disclosure to the competent bodies and shareholders of the Company.
A related party, as defined in IAS 24, is a person or entity that is related to the entity that prepares the
financial statements (referred to below as the 'reporting entity').
(a) A person or a member of that person's immediate family is associated with a reporting entity if that person:
(i) has control or joint control over the reporting entity,
(ii) has significant influence over the reporting entity; or
(iii) holds a key management position in the reporting entity or a parent of the reporting entity.
(b) The entity is associated with a reporting entity if any of the following conditions are met:
(i) The entity and the reporting entity belong to the same group (which means that the parent, subsidiaries
and sister subsidiaries are related).
(ii) An entity is a related or joint venture of the other entity (or a related or joint venture of a member of a
group to which it belongs or another entity).
(iii) Both entities are joint ventures of the same third party.
(iv) An entity is a joint venture of a third entity and the other entity is related to the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or
an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers
are also related to the reporting entity.
(vi) The entity is controlled or jointly controlled by a person under paragraph (a).
(vii) A person under (a)(i) has significant influence over the entity or has a key management position in the
entity (or in a parent of the entity).
A related party transaction is the transfer of resources, provision of services or existence of obligations
between a reporting entity and a related party, regardless of whether a price is charged.
Members of the person's immediate family are those family members who can be expected to influence, or be

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influenced by, the person in their dealings with the entity and include:
(a) the children and spouse or cohabitant of that person;
(b) the children of the spouse or cohabitant of that person; and
(c) his/her dependents or dependents of his/her spouse or cohabitant.
The Process includes the following steps:
1. Notifying a contractual term to the counterparty, in which the latter declares that it does not meet
the requirements for being a Related Party. This term shall be included in the draft contract of the
transaction.
2a. If the counterparty accepts the contractual term under the previous step, the Procedure shall be
terminated.
2b. If the counterparty does not accept the contractual term of step 1, a Solemn Declaration shall be
sent in order to be filled in with the conditions that make it a Related Party.
3. Receipt of the signed Solemn Declaration.
4. Forwarding the Solemn Declaration to the Financial Division.
5. Registration of a Related Party in the Register of Related Parties.
6. Notification of the existence of a Related Party to the Legal Division.
7. Taking steps to convene the Board of Directors to take a decision regarding the preparation of the
transaction.
8. Board meeting.
9a. If the Board's decision is negative, the transaction will be cancelled.
10. The decision of the Board of Directors shall be published in the General Commercial Registry (GEMI)
and the Procedure shall be terminated.
9b. If the decision of the Board of Directors is favourable, a report of a statutory auditor or an auditing
firm or another third party independent of the Company shall be obtained, which shall be incorporated
in the Minutes of the Board of Directors.
11. The decision of the Board of Directors shall be published in the GEMI.
12a. Convocation of a General Meeting to grant permission to prepare a transaction, if shareholders
representing 1/20th of the share capital submit a relevant request within 10 days of the publication
of the decision of the Board of Directors.
13. General Meeting and decision making.
14. Publication of the GM decision in the General Commercial Registry.
12b. A written declaration to the Company on the non-convening of a General Meeting, if shareholders
representing 1/20 of the share capital fail to submit a relevant request within 10 days. (The
statement ratifies the resolution of the BoD.)
15. Drawing up a contract with the related party.
G. Notes on the information required under points (c), (d), (f), (h) and (i) of Article 10(1) of
Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover
bids
• The information required under Article 10, par. 1(c) of Directive 2004/25/EC is already included in another
section of the Management Report.
• With regard to the information required under Article 10 paragraph 1 (d) of Directive 2004/25/EC, there
are no securities of the Company which confer special control rights on the holders, subject to point 6 of
the Explanatory Report.
• With regard to the information required under Article 10 paragraph 1 (f) of Directive 2004/25/EC, there
is no restriction of any kind on voting rights.
• The information required under Article 10 paragraph 1 (g) of Directive 2004/25/EC i.e. the information
relating to the amendment of the Company's Articles of Association and the appointment and replacement
of a member of the Board of Directors, is already contained in another section of the Management Report.

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• The information required under Article 10 paragraph 1 (h) of Directive 2004/25/EC is already contained
in another section of the Management Report.
H. Notes on the Board Committees.
H.1. Audit Committee
H.1.1. General Provisions
The Audit Committee of the Company aims to assist the Board of Directors in its duties regarding financial
reporting, Internal Control System (ICS) and Corporate Governance System (CGS), statutory auditing, as well
as the security of information and information systems and the information of the investing public on the
adopted sustainable development policy.
H.1.2. Composition
The Audit Committee is an independent committee within the meaning of case (ab) of paragraph 1(a) of article
44 of Law 4449/2017, as replaced by paragraph 1(a) of article 44 of Law 4449/2017. It consists of non-
executive members of the Board of Directors and third parties, elected in accordance with the decision of the
Extraordinary General Meeting of the Company's Shareholders of 22.12.2020 in application of article 44 of
Law 4449/2017, para. 1b) and 1c). The term of office of the Committee is three years, starting from their
election by the aforementioned General Meeting.
The Committee consists of four (4) members, three (3) of which are members of the Board and the other one
(1) not a member of the Company’s Board of Directors but a third party outside the Company. The Chair, in
accordance with article 44 of Law 4449/2017 par. 1 e) as amended, is appointed by the members of the
Committee and is independent of the Company. The appointment of the Chair of the Audit Committee takes
place at the meeting of the Audit Committee of the Company.
H.1.3. Terms of operation of the Committee
A quorum is present and the Committee may validly deliberate on the agenda when the meeting is attended
by at least 3/4 of its members. Decisions of the Committee are taken by majority vote after deliberations and
in a case of a tie the Chair shall have a casting vote. In the Chair's absence, the Committee is chaired by the
most senior Independent Non-Executive Member present.
The Audit Committee shall be convened by its Chair or the Chair's alternate, by two (2) business days’ notice
to the Committee's members, or at least five (5) days' notice, if the meeting convenes outside the Company's
registered office.
The notice must clearly set the agenda of the meeting. The items on the agenda are set by the Chair of the
Committee. Supporting documentation, if applicable, shall be notified together with the notice of meeting or
at a later stage, and in any case in due time for the meeting.
The deliberations and decisions of the Committee are entered into minutes kept and signed by the members
present at the meeting, according to article 93 of Law 4548/2018. Any member of the Committee may request
the entry of that member's opinion in the meeting minutes.
The Audit Committee is supported by a Secretary, who is the Chief Internal Auditor and attends the
Committee's meetings.
Η.1.4. Responsibilities
In the context of its purpose, the Committee's responsibilities are summarised as follows:
External Audit
It monitors the process and the execution of the statutory audit of the company and consolidated financial
statements of the Company and informs the Board of Directors on any issues that have arisen.
It oversees and monitors the independence of certified auditors accountants or audit firms, in accordance with
Articles 21, 22, 23, 26 and 27, as well as with Article 6 of Regulation (EU) No 537/2014, and in particular the
appropriateness of non-audit services provided to the Company, in accordance with Article 5 of Regulation

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(EU) No 537/2014.
It is responsible for the selection of certified auditors accountants or audit firms and the determination of their
remuneration, and nominates the certified auditors accountants or the audit firms to be appointed in
accordance with Article 16 of Regulation (EU) No 537/2014, except in cases where Article 16(8) of Regulation
(EU) No 537/2014 applies.
Financial Reporting Procedure
It monitors, reviews and evaluates the financial reporting preparation process, i.e. the mechanisms and
systems for the production, flow and dissemination of financial information produced by the Company's
organisational units involved. The above responsibilities of the Audit Committee also include any other
information published in any manner (i.e. announcements published in Athex Exchange Group, press releases).
In this context, the Audit Committee informs the Board of Directors about its findings and submits proposals
for the improvement of the procedure, if it is deemed necessary.
The responsibilities of the Committee also include assessment of the most significant issues and risks likely to
impact the financial statements, and review of the Management's critical accounting estimates and judgements
in the preparation of the financial statements.
Internal Control System & Corporate Governance System
Systems Supervision
The Audit Committee supports the Board in ensuring the effectiveness and efficiency of the Company's Internal
Control and Corporate Governance Systems. More specifically:
It monitors the efficiency of the Internal Control System (ICS), principally through the work of the Internal
Audit Service, certified accountant and external evaluator and submits its proposals together with the Internal
Audit Service's proposals, to the Company's Board of Directors.
It supervises the implementation of the Corporate Governance System (CGS) adopted by the Board of
Directors, and periodically evaluates its efficiency, mainly through the Internal Audit Service's and the external
evaluator's work, informs the Board of Directors of its findings and submits its proposals, together with those
of the Internal Audit Service, to the Board of Directors, seeking to remedy any shortcomings.
It reviews and evaluates the policies and procedures regarding the periodic evaluation of the CGS, especially
in terms of adequacy and efficiency of financial reporting both on a company and on a consolidated basis, and
in terms of risk management and compliance, always according to recognized evaluation standards. It also
reviews and evaluates the implementation of the provisions of law 4706/2020 on corporate governance using
external evaluators, and submits its findings to the Company's Board of Directors.
The Audit Committee has an active role in the periodic evaluation of the CGS and the ICS by external evaluators
as: it a) selects the nominates to perform the evaluation; b) proposes, selects and approves the assignment
of the evaluation; c) monitors and supervises said evaluation as to the proper adherence to the agreements;
and d) receives the Evaluation Report, which includes a report of all evaluation findings and the respective
analyses thereof, and a summary of the evaluator's comments and the respective analysis thereof. The
Committee gives the Board of Directors regular briefings of all of the above.
It oversees the implementation of the response actions to the findings of the CGS and ICS evaluation carried
out by external evaluators or by the Internal Audit Service, and gives the Board of Directors regular briefings.
It reviews any published non-financial information.
Within the framework of its above responsibilities, the Committee monitors and reviews the Risk Management,
Internal Audit and Compliance operations through the Risk Management, Compliance and Internal Audit
Service units, which report functionally to the Committee.
Other matters:
The Audit Committee supervises the preparation and updating of the Conflict of Interest Policy and relevant
procedures of the Company. It also examines conflicts of interest arising in the Group, it approves conflict of
interest response plans, and, where necessary, submits the relevant reports to the Board of Directors.

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The Audit Committee reviews and approves the Non-audit Works Assignment Policy.
It supervises the implementation of the Group's information and IT systems security policy.
It provides support to the Board of Directors in acquiring sufficient information on decision-making regarding
transactions between related parties, according to the approved policy.
It examines, in cooperation with the Legal Counsel of the Company, at least once a year and/or earlier if
necessary, the pending legal cases that may affect the financial situation of the Company.
It prepares and updates its Charter and submits the same to the Company's Board of Directors for approval,
following which the Charter is published on the Company's website.
Investor Information
The Audit Committee submits an Annual Activity Report in the Annual Financial Report of the Company and to
the Ordinary General Meeting of the Company's Shareholders. This report details the Committee's actions and
the issues addressed by it in the previous year.
Through the Activity Report, the Committee informs investors of the Sustainable Development Policy of the
Company.
The Chair of the Committee attends the Annual General Meeting of the Company in order to answer any
questions of investors regarding the Committee's activities.
Η.1.5. Method of evaluation
The Audit Committee evaluates its Charter with respect to its suitability and efficiency on an annual basis or
earlier, if this is imposed by a significant reason, and it submits this to the BoD for approval.
Moreover, the Committee carries out annual self-evaluations of its performance, functioning and overall
qualifications of its members by means of a relevant questionnaire. The Chair of the Committee is responsible
for planning the evaluation. The evaluation results are discussed by all the members of the Committee and
the Chair takes steps to address any weaknesses in order to improve its services.
The Audit Committee informs the BoD on the results of the evaluation, as well as on the measures taken for
the settlement of any weaknesses. The Committee evaluation results are taken into consideration in the
evaluation of the Committee by the Board in terms of efficiency and performance of duties, which takes place
on an annual basis as detailed in the Board of Directors Operating Regulations.
The self-assessment of the Audit Committee for 2022 has been completed with no findings and the results of
this have been communicated to the Board. In addition, the Board has already started the procedures for its
evaluations - hence the evaluations of its Committees - and the results of these are expected to be extracted
during the first half of 2023, where they will be discussed in detail.
Η.1.6. Report on Activities - Meetings
Regarding the activities of the Audit Committee during the year 2022, the relevant Report of the Chairman,
C. Kyriazis is stated below:
In my capacity as Chair of the Audit Committee of the Company "LAMDA DEVELOPMENT - Holding and Real
Estate Development Société Anonyme", I hereby submit to you, on behalf of the Audit Committee, the Activity
Report for the year 2022, referring to our work on the basis of the duties and responsibilities assigned to it,
as presented in detail in the Audit Committee Charter published on the Company's website
https://www.lamdadev.com.
Composition
The current Audit Committee, established according to the terms and conditions of article 44, par 1(c) of Law
4449/2017, as amended by article 74 of Law 4706/2020, was elected by resolution of the Extraordinary
General Meeting of the Company's Shareholders dated 22.12.2020, following which the Audit Committee was
established as a body and its Chair was elected by decision of the Audit Committee that convened on the very
same day, according to article 44, par. 1(e) of Law 4449/2017, as amended by article 74, par. 4 of Law
4706/2020. More specifically, the Audit Committee is composed of:

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1. Chariton Kyriazis, Chair of the Audit Committee and Non-Executive Member of the Company’s Board of
Directors and Independent within the meaning of article 9, par. 1 & 2 of Law 4706/2020, meeting in any
case the criteria of article 4 of Law 3016/2002, as currently in force;
2. Ioannis Zafeiriou, Member of the Audit Committee, Senior Independent Director, Non-Executive Member
of the Company’s Board of Directors and Independent within the meaning of article 9, par. 1 & 2 of Law
4706/2020, meeting in any case the criteria of article 4 of Law 3016/2002, as currently in force;
3. Evgenia Paizi, member of the Audit Committee and Non-executive of the Company’s Board of Directors ;
and
4. Konstantinos Sfakakis, member of the Audit Committee, Third Person outside the Company, Independent
within the meaning of article 9, paras 1 & 2 of Law 4706/2020, meeting in any case the criteria of article
4 of Law 3016/2002, as currently in force;
All Audit Committee members have sufficient knowledge of the sector that the Company operates. At least
one member of the Committee, Mr. Sfakakis, has sufficient knowledge in auditing and accounting.
Meetings
During the financial year 2022, a total of thirteen (13) meetings were held. The following table shows the
meeting attendance statistics of the Audit Committee members:
Members
Audit Committee Meetings - Year 2022
Attendance
percentage:
20/1
2/2
30/3
5/4
24/5
20/6
28/6
19/7
8/8
28/9
27/10
23/11
20/12
Kyriazis
Chariton
√
√
√
√
√
√
√
√
√
√
√
√
√
100%
Zafeiriou
Ioannis
√
√
√
√
√
√
√
√
√
√
√
√
√
100%
Paizi Evgenia
√
√
√
√
√
√
√
√
√
√
√
√
√
100%
Sfakakis
Konstantinos
√
√
√
√
√
√
√
√
√
√
√
√
√
100%
With regard to the activities of the Audit Committee, during the financial year 2022, all issues falling within its
responsibilities were examined, with emphasis on statutory audit, the financial and non-financial reporting
process and the Internal Control System and Corporate Governance System:
A. Statutory Audit
• The Audit Committee monitored and examined the process of the statutory audit of the Company's
individual and consolidated statements for the financial year 2021 and the first-half of the financial year
2022 as well as the content of the chartered auditor-accountant’s additional reports. In particular, during
the statutory audit, meetings were held with the chartered auditor-accountant's team where it has been
discussed and agreed, inter alia, the relevant audit plans and the analysis of the risks affecting the
Company's financial status, based on which were prepared the Key Audit Matters, the accounting standards
affecting the assumptions of the audit plan, as well as the priorities set by the European Securities and
Markets Authority (ESMA) regarding the audit of the annual financial results, the materiality threshold, the
scope of the audits, the results of the audits, the problems highlighted in the audit process due to the
complexity of their work and the future challenges for the Company. The Audit Committee has ascertained
the accuracy and completeness of the statutory audit procedure in accordance with the relevant
regulations.
• The Audit Committee discussed with the chartered auditors-accountants the risk analysis and audit plan
for the audit of the financial year 2022. In particular, the discussions addressed, inter alia, not only the
main risks but also the positive elements that may affect the financial year results, the new ISO 315

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auditing standard which affects the assumptions of the audit plan and is expected to input additional
information into the annual financial report regarding the significant risks affecting the Company's financial
activity, the expected results based on the data available so far, the priorities set by the European
Securities and Markets Authority (ESMA) as regards the audit of the annual financial statements, the scope
of the audit, the key audit matters and the materiality threshold.
• The Audit Committee was briefed on the completion of the tax audit and the issuance of the tax certificate
for the fiscal year 2021.
• The Audit Committee confirmed the chartered auditor-accountant's independence. More specifically, it
reviewed the total amount of the fees of the chartered auditors-accountants (PwC) for the financial year
2021 regarding the audit and non-audit services that were carried out, as well as reviewed and approved
additional fees for non-audit services during financial year 2022, pursuant to the Company Policy in force
for the Assignment of Non-Audit Services, which implements, the applicable restrictions of European
Regulation no. 537/2014 and the relevant HAASOB’s (Hellenic Accounting and Auditing Standards
Oversight Board) directives. In addition, PwC stated in writing its independence according to the
International Code of Ethics for Professional Accountants of the International Ethics Standards Board for
Accountants (the IESBA Code) and the ethical requirements of the European Regulation 537/2014 and
Law 4449/2017.
• The Audit Committee proposed to the Board of Directors the submission to the 2022 Ordinary General
Meeting of Shareholders of a proposal for the reappointment of the audit firm PwC for the statutory audit
of the financial year 2022 given that, in light of the evaluation of its work and taking into account the
opinion of the Chief Financial Officer, the cooperation to this day has been evaluated to be satisfactory.
The Audit Committee also confirmed with the Financial Division that the proposed fee for the above work
is reasonable for its quality and approved its amount.
• It approved an additional chartered auditor-accountant's fee for the audit of the annual financial
statements for the financial year 2022, concerning the audit of McArthurGlen's post-acquisition financial
statements.
• It approved an additional chartered auditor-accountant's fee related to the provision of assurance services
in preparation for a bond issuance.
• Having noted from the previous financial year the need, in compliance with the applicable legal framework,
to change the chartered auditor-accountant for the statutory audit for the financial year 2024, the Audit
Committee took the following actions:
o It decided the timely initiation of the process of selecting a new chartered auditor-accountant for
the audit of the 2024 financial statements, targeting the advantages identified during the
examination of this action, the main ones being the avoidance of assignments for non-authorized
services to the future chartered auditor-accountant, which would call into question its
independence, the timely engagement of the said auditor and the smooth transition into the new
chartered auditor-accountant.
o It addressed the selection procedure and took steps to prepare a call for proposals.
o It selected the participants in the tender process, conducted interviews with them and examined
in detail the content of the tenders submitted, with the assistance of the Chief Financial Officer,
with the main criteria being the qualitative characteristics of the individual tenders as well as the
technical skills of the audit teams.
o It proceeded with the pre-selection of Ernst & Young (EY) as the new chartered auditor-accountant
following an evaluation process in which the Chief Financial Officer also participated and informed
the Board of Directors accordingly. The final decision on the appointment of the chartered auditor-
accountant will be taken by the Board of Directors and subsequently by the Ordinary General
Meeting that will be held in 2024.
o It initiated discussions with the statutory chartered auditor-accountant (PWC) and the pre-selected
chartered auditor-accountant (EY) on the transition plan between the two audit firms.
o It proceeded, in cooperation with the Chief Financial Officer, to the assignment of various
necessary tasks to the pre-selected audit firm in order to familiarise it with the Group and to
confirm its pre-selection through the quality of the services provided.
B. Financial Reporting Procedure
• It reviewed and evaluated the Financial Reporting procedure followed for the issuance of the Annual
Financial Report 2021 and the Semi-Annual Financial Report 2022. During the review of the above
procedure, inter alia, it discussed with the Chief Financial Officer, the Chief Internal Auditor, the chartered
auditor-accountant and the independent property appraiser the key information/review points as these
emerged during the audit of the financial results and the other recommendations of the above, it was
briefed about the key financial data, it initiated actions to address any risks to the Company, and, having

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ascertained their proper execution, informed the Board of Directors and proposed the approval of the
relevant financial statements.
• With regard to the audit of the preparation of the Parent Company and Group interim financial statements
for the first quarter of 2022, the Audit Committee proposed its inclusion in the audit plan of the Internal
Audit Service and, having received an update by the Chief Internal Auditor on the audit result and having
discussed with the Chief Financial Officer and the Chief Operation Officer the key information/review
points, as these emerged during the audit of the financial results and key financial data, the Audit
Committee recommended their approval to the Board of Directors. Also, in light of the discussions that
took place with the responsible company officers during the preparation of the above statements and the
points for improvement that were highlighted by the audit carried out by the Internal Audit Service, the
Audit Committee considered the possibility to recommend to the Management, as an additional control
activity regarding the correctness of the information, the audit of the preparation of the Parent Company
and Group financial statements for the nine months of 2022 by a chartered auditor-accountant.
• As far as the review of the preparation of the Parent Company and Group interim financial statements for
the first nine months of 2022 is concerned, the Audit Committee assigned its audit to a specialized team
of external consultants, namely Ernst & Young (EY), following its pre-selection as the new chartered
auditor-accountant for the financial year 2024, aiming at the same time at familiarizing the new chartered
auditor-accountant with the procedures of the Group. The discussions during the meetings with the EY
chartered auditors-accountants addressed the key information/review points, the results of the review
with the points for improvement identified and the actions taken by the Financial Division to improve the
applicable process. The key financial data were also discussed at length with the Financial Division and,
after providing any clarifications needed, the Audit Committee proposed their approval to the Board of
Directors.
• The Audit Committee reviewed the financial year 2022 Corporate Announcements and the process for their
preparation.
C. Internal Control System
Internal Audit
• The Audit Committee was briefed by the Chief Internal Auditor about all the audits carried out within the
reported period and reviewed the findings thereof, the corrective actions agreed with the senior
management and the timeline for their implementation. In addition, it was given a follow up on the
progress of the implemented actions according to the implementation timeline set by the responsible
officials for the above actions. Where necessary, the Audit Committee contacted the responsible company
officers for further clarification on the corrective actions decided. The examination of the significant
findings and the identification of areas for improvement, contributed to the preparation of additional
proposals by the Audit Committee to the Company’s Management, which concerned the adoption of
additional control activities in various functions of the Company, such as important procurements for the
Ellinikon project, the drafting of the respective contracts and the Company’s ERP system, which the Audit
Committee discussed with the Company.
• The Audit Committee approved the initial 2022 annual audit plan of the Internal Audit Service, as well as
the revisions of said plan containing the addition of new audits according to the needs of the Company. It
was also briefed by the Chief Internal Auditor on the revised methodology to be followed by the Internal
Audit Service in developing its audit plans, which is based on the risk identification & management register
of the Company.
• It reviewed the annual activity report of the Internal Audit Service for 2021, as well as the respective 2022
quarterly reports for the periods that ended on 31.3.2022, on 30.6.2022 and on 30.9.2022.
• The Audit Committee was briefed, by written statement of the Chief Internal Auditor, about the
independence of the Internal Audit Service.
• It evaluated the needs for necessary resources, and the potential impact of any restrictions on the
resources or the auditing work of the Internal Audit Service in general, at the request of the Chief Internal
Auditor, and proposed the further strengthening of the Service. It was also informed about the actions
being implemented in the Internal Audit Service with the aim of procuring a tool for internal audit, which
will facilitate the automation of specific tasks and will save additional human resources.
• The Chairof the Committee carried out the evaluation of the Chief Internal Auditor’s performance, in the
context of the annual evaluation of the Group’s personnel for the year 2022. The Committee was also
informed of the evaluation of all auditors of the Internal Audit Service based on the performance evaluation
system implemented by the Company.
• During financial year 2022, and in addition to the Committee meetings, the Chair of the Committee had
weekly meetings with the Chief Internal Auditor in order to be updated on the progress of internal audits
and for the rest of the matters related to the responsibilities and management of the Internal Audit Service.

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Risk Management
• It reviewed the Group’s most significant risks through the quarterly reports of the Senior Risk Manager,
with emphasis on those related to the Ellinikon project and on those of the Financial Division.
• It reviewed the operation and the work of the Risk Unit through the meetings held with the Senior Risk
Manager and other officers of the Company, as well as through the relevant reports submitted, namely
the 2021 annual activity report and the quarterly reports for the periods ended on 31.3.2022, on 30.6.2022
and on 30.9.2022.
• It was briefed extensively on the capabilities of the new electronic risk management tool (Archer) and on
the progress of its implementation in the Group. It also took actions to assess the recorded risks of the
Financial Division and the relevant management actions, as well as the functionality of the application.
• It discussed with the Chief Operating Officer, to whom the Senior Risk Manager functionally reports, the
final steps remaining to complete the Archer implementation.
Compliance
• It was extensively briefed on the progress of the works of the Compliance Unit and the implementation of
the 2022 action plan and reviewed the 2021 annual report and the quarterly reports submitted to for the
periods that ended on 31.3.2022, on 30.6.22 and on 30.9.2022.
Evaluation of the Internal Control System (ICS)
• It was briefed and evaluated the adequacy and effectiveness of the Internal Control System through a
relevant precursory mid-year audit carried out by the Internal Audit Service with the aim of identifying
potential weaknesses and monitored the implementation of the corrective actions agreed for its
improvement.
• Within the framework of its responsibilities, that are stipulated in the Policy for the Evaluation of the
Company’s Internal Control System, which is approved by the Board fo Directors, the Audit Committee
accommodated the evaluation of the Internal Control System by an independent external auditor with a
reporting date as of 31.12.2022. In particular, the Audit Committee has taken the following actions:
o It evaluated the briefing notes sent to the Audit Committee and to the Internal Audit Service by
certified external auditors and consulting firms.
o After extensive discussions, the Audit Committee decided to assign the task to the firm that would
be pre-selected as the Company’s new chartered auditor-accountant for the financial year 2024,
as it considered that the advantages of such an action were numerous and, above all, would
contribute to a better understanding of the Group. Therefore, the evaluation work was undertaken
by EY.
o It monitored in detail the progress of the evaluation works.
o It was briefed on the result of the evaluation, which was free from material weaknesses, and
received the relevant Internal Control System Evaluation Results Report from the external auditor.
o The Audit Committee submitted the report to the Board of Directors and arranged for a summary
of the report to be sent to the Hellenic Capital Market Commission.
• It was briefed on the Company's new privileged information disclosure manual.
• It reviewed the new procurement policy and submitted proposals for its improvement.
D. Corporate Governance System
• The Audit Committee was informed about the actions of the Internal Audit Service regarding the
preparation of the Corporate Governance Declaration to be included in the 2021 Annual Financial Report,
a task which was considered of high importance for the Company's compliance with Law 4706/2020 and
the Hellenic Corporate Governance Code adopted by the Company.
• The Chair of the Audit Committee held meetings with the Chair of the Board of Directors, the Chief
Executive Officer, as well as other officers of the Company on issues related to the Company's internal
audit, risk management, regulatory compliance as well as the Internal Control System and the Corporate
Governance System.
Ε. Other Significant Matters
• The Audit Committee was briefed about the Company's pending litigation for the financial year 2021,
through a detailed presentation by the Company's Legal Counsel.
• It reviewed the invoicing of expenses from Lamda Development to HELLINIKON S.M.S.A. and the
respective tax accounting treatment.

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• It was informed about the Whistleblowing issues managed by the Reports Committee, the procedure
followed to investigate the relevant reports and the actions taken to resolve them. It also certified the
correctness of the procedures followed and, based on the examination of the issues raised, prepared
proposals to mitigate the relevant incidents.
• It examined two (2) situations that could lead potentially to conflicts of interest, where it approved the
relevant response plans in accordance with the Company's conflict of interest policy and the respective
conflict of interest management procedure .
• In order to enhance the credibility of the Group's real estate valuer's appraisals, the Audit Committee took
actions, through which his independence was ascertained.
• The Audit Committee was informed, through the audits of the Internal Audit Service, about the actions of
the Technology Department on issues concerning IT systems security.
F. Matters related to the operation of the Committee
• The Audit Committee performed a self-assessment of its work for 2021, its operation and the overall
qualifications of its members through the completion of a relative questionnaire, the conclusions of which
were duly discussed and communicated to the Board of Directors of LAMDA Development S.A.
• It reviewed and approved the minutes of its meetings.
• It has submitted its Annual Activity Report for the financial year 2021 to be included in the 2021 Corporate
Governance Declaration and to be submitted to the Annual General Meeting of Shareholders on 22 June
2022.
• It prepared and submitted reports regarding its activities to the Board for the year ended 31 December
2021, as well as for the quarters for the periods ended on 31.3.2022, on 30.6.2022 and on 30.9.2022.
These reports included, inter alia, information on the progress of the work of the Internal Audit Service,
the Compliance Unit and the Risk Unit. The audit reports of the Internal Audit Service were also sent along
with the aforementioned reports, and, in order to ensure the safe and timely information of the Board of
Directors, the Audit Committee arranged for their submission to be made through a restricted-access
electronic platform.
G. Non-financial reporting and sustainable development
• The Audit Committee was extensively briefed on the new institutional framework regarding the non-
financial reporting and the ESG principles.
• The Chair of the Audit Committee was informed by the relevant company officers on their actions regarding
the adoption and implementation of the sustainable development strategy for the Ellinikon and the Group.
Following this, it supervised the drafting procedure of the Management's proposal to the Board of Directors
regarding the above issues while participated in the presentation of its main points.
• It reviewed, through the work of the Internal Audit Service, ESG Reports for the years 2020 and 2021 and
having found them to be comprehensive, technically detailed and satisfactory in terms of the quality of
the work produced, approved their publication.
• It was briefed about the Company's action plan for the establishment of the decision-making and
governance system for Sustainable Development issues and the progress of its implementation in the
context of the implementation of the Company's strategy.
The Chair of the Audit Committee informed the Board of Directors on all the above matters as needed on a
case by case basis.
Sustainable Development Policy
Sustainable Development is an integral part of the Company's long-term strategy. By virtue of its Board of
Directors' decision dated 16.7.2021, the Company implements a Sustainable Development Policy («The
Policy»), the main points of which may be summarised below:
The Policy summarizes the Company’s commitment to the responsible management of the economic, social
and environmental impacts of all its activities towards its stakeholders, as well as the respective wider impacts
towards the economy, society and natural environment. The company aims, on the one hand, at the reduction
of any negative impacts and on the other hand, at the increase of positive impacts, within the framework of
the United Nations Sustainable Development Goals.
The Company's Sustainable Development Policy is based, inter alia, on the Principle of Materiality and
the Stakeholder Inclusiveness Principle, as both principles are defined in the GRI Standards and the
United Nations Agenda 2030 for Sustainable Development (17 Sustainable Development Goals). It is

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also based on the principles of the Company - i.e. Extroversion, Innovation, Investing in its people,
Customer-centered approach - and covers the following axes:
Environment: In any business and commercial development, takes into consideration the following
environmental aspects:
• Climate change;
• Air, noise and particulate matter pollution;
• Biodiversity (effect on ecosystems - animals, plants) and soil quality;
• Resource efficiency/materials (raw materials and supplies)
• Solid waste;
• Waste and wastewater.
Society: The company's activity creates a series of social and economic impacts for its stakeholders,
as well as for the country in general. The most important socio-economic impacts covered by this
policy include:
• Employment and economic value;
• Prosperity for the society and the local communities;
• Innovation and digital transformation;
• Dignity and equality;
• Training and skills development of the future
• Health, safety and well-being.
Governance: The Company, through the implementation of standards, principles and corporate
governance best practices, seeks to operate with ethics, extroversion and transparency in every
business operation aspect, in order to enhance its competitiveness and to create benefits at every
level of its value chain. This policy includes the following aspects of a robust corporate governance
approach:
• Corporate governance
• Stakeholder engagement/participation;
• Regulatory compliance and business ethics;
• Risk management, business continuity and emergency preparedness;
• Responsible investments and sustainable finance;
• Responsible procurement.
Maroussi, 31.03.2023
The Chair of the Audit Committee
C. Kyriazis
Η.2. Compensation & Nomination Committee
Η.2.1. Establishment - Composition
The Compensation & Nomination Committee was established according to the decision of the Company’s Board
of Directors dated 01.03.2011, from the merge of the Compensation Committee (established 16.07.2004) and
Nomination Planning and Corporate Governance Committee (established 11.09.2007). Upon enactment of the
provisions of Law 4706/2002, arose the need for the re-establishment of the Audit Committee and the
adjustment of its Charter.
The Committee consists of four (4) members by majority independent from the Company, within the meaning
of article 9 of Law 4706/2020. In particular, three (3) out of the four (4) members of the Committee are
independent, non-executive members and one (1) is a non-executive Director. The Chair of the Committee is
an independent, within the meaning of article 9 of Law 4706/2020, non-executive Director. The Chair and the
members of the Committee are appointed by the Company's Board of Directors. The participation in the
Committee does not exclude the possibility to participate in other committees of the BoD.

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Η.2.2. Terms of operation of the Committee
The operation of the Compensation & Nomination Committee is governed by Articles 10, 11 and 12 of Law
4706/2020, Articles 109 to 112 of Law 4548/2018, and the Guidelines of the Hellenic Capital Market
Commission for the Suitability Policy of Article 3 of Law 4706/2020.
The Committee is in quorum and meets validly on the items of the agenda, when three (3) members are
present, by a majority of independents. The Committee meets at the registered seat of the Company, or
where-ever else the Company’s Articles of Association provides for, by analogy to article 90 of Law 4548/2018.
4548/2018. The Committee may also convene by video or telephone conference.
The deliberations and decisions of the Committee are entered into minutes kept and signed by the members
present at the meeting, according to article 93 of Law 4548/2018. 4548/2018. Any member of the Committee
may request the entry of that member's opinion in the meeting minutes.
The signing of a meeting's minutes by all the members of the Committee is equivalent to a Committee decision,
even without a prior meeting taking place. In this case, article 94 of Law 4548/2018, which provides for the
Board of Directors "Signing of minutes without a prior meeting", is applied by analogy.
The Committee is assisted by a Secretary, who is a member of the Committee or an executive of the Company
at the discretion of the Committee and in accordance with its decision.
Η.2.3. Responsibilities
The Compensation & Nomination Committee’s aim is to assist the Board of Directors in relation to the matters
provided for by the law for the Compensation Committee and the Nomination Committee and operates in
accordance with its detailed Operating Regulation, which is posted on the Company's website
(www.lamdadev.com).
The responsibilities of the Compensation & Nomination Committee are as follows:
1. It submits proposals to the BoD concerning the Remuneration Policy that is submitted to the General
Meeting for approval, according to article 110, par. 2 of Law 4548/2018.
2. It tabled proposals to the Board regarding the remuneration of the persons falling within the scope
of application of the Remuneration Policy according to article 110 of Law 4548/2018 and regarding
the remuneration of the Company's managing officers, especially the Chief Internal Auditor.
3. It examines information included in the final draft of the Annual Remuneration Report, providing its
opinion to the BoD, prior to the submission of the Report to the General Meeting, according to
article 112 of Law 4548/2018.
4. It has the responsibility to determine the remuneration system for the BoD members and the top
management and to make relevant proposals to the BoD, which decides on these issues, or to
propose to the General Meeting, where this is required.
5. It examines proposals concerning variable remuneration of the management of the Company and
submits proposals to the BoD with respect to the total amount of annual variable remuneration (i.e.
excluding basic salary) in the Company.
6. It examines proposals of the Company’s management concerning stock option plans or granting of
shares and it submits proposals to the BoD- and through it to the General Meeting, when this is
required.
7. It determines the performance criteria of the executive members of the Board of Directors and their
weighting at the beginning of each financial year, for the short-term incentive plan (bonus plan),
based on the Company's strategic priorities and its business objectives. At the end of the financial
year, it evaluates the Company's performance against these objectives.
8. It examines the performance targets proposed by management and their correlation with the
variable remuneration of the executive members of the Board of Directors and top management,
or targets connected with stock option plans or granting of shares, and submits its proposals to the
BoD.

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9. It reviews on a regular basis, the salary of executive BoD members and other terms of their
contracts with the Company, including severance pay and pension arrangements.
10. It examines and proposes to the BoD the connection of the executive members’ remuneration with
ESG and sustainable development indexes that could add long-term value to the Company. In such
case, it shall be ensured that these indexes are relevant and reliable and promote the proper and
effective management of ESG matters and sustainable development matters.
11. It guides and monitors the external consultant, if he/she has been hired for remuneration issues.
The external consultant is reported in the annual report of the Company together with a statement
on any potential relationship between himself/herself and the Company or members of the BoD
individually.
12. It recommends to the Board of Directors the return of all or part of the bonus awarded to the
executive members of the Board of Directors, due to breach of contractual terms or inaccurate
financial statements of previous years or generally based on incorrect financial data used for the
calculation of this bonus.
13. It proposes to the BoD in the event of early termination of employment of an executive member,
the consideration of additional severance pay, as appropriate.
14. It uses any resources it may deem appropriate for fulfilling its objectives, including services
provided by external consultants.
The Compensation and Nomination Committee’s responsibilities in relation to the nomination of candidates
are the following:
1. It selects the nominees of the BoD taking into consideration the factors and criteria set by the
Company, according to the Suitability Policy adopted.
2. It determines the requirements of the Company with respect to the size and composition of the
BoD, with the purpose to achieve completeness and balance, knowledge, experience and
management ability.
3. It proposes the suitability criteria of the BoD members, with the purpose to ensure individual and
collective suitability.
4. It proposes to the BoD the Suitability Policy and monitors its implementation, with the support of
the Internal Audit Service, the Human Resources Department, the Legal Department, the BoD
Secretary and the Compliance Unit, where necessary.
5. It maintains supporting evidence concerning the approval of the Suitability Policy, and any
amendments thereof, in an electronic file of the Company, through the Secretary of the Committee.
6. It keeps records through the Chair of the Committee with the results of the suitability evaluation,
and especially any weaknesses found between the anticipated and real individual and collective
suitability, as well as any necessary measures to address them.
7. It recommends to the BoD its staffing with persons of integrity and reputation, who have the
experience required for the tasks and role they undertake, on the one hand, and sufficient time to
carry out their duties, on the other.
8. It participates in the selection of third parties for the Audit Committee, when necessary.
9. It selects the appropriate methodological tools ensuring that nominees for BoD members are aware
of, among other things, the corporate culture, the values and the general strategy of the Company,
prior to undertaking their duties but also throughout their term of office.
10. It monitors on a continuous basis the suitability of the BoD members, especially for detecting
instances where re-evaluation of suitability is required, in view of any new event that may take
place.
11. It proceeds with specific actions at the end of each semester to ensure that the individual suitability
criteria for each Board member are met, as described in the suitability criteria monitoring process.

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12. It examines periodically and consistently the needs for renewal of the BoD.
13. It shall have a clearly defined nomination procedure, which shall be applied in a transparent and
effective manner.
14. It identifies and recommends to the BoD suitable persons for becoming members of the BoD on the
basis of a specific process.
15. It has in place a framework for filing positions and succession of BoD members, so as to identify
the needs for filing positions or replacement, and to always ensure the smooth continuation of the
management and the fulfilment of the Company’s object.
16. It ensures the smooth succession of the BoD members with their gradual replacement, in order to
avoid lack of management.
17. It achieves through the succession framework, which takes into consideration mainly the findings
of the BoD evaluation, the necessary changes in the composition or skills, in order to maximize the
efficiency and the collective suitability of the BoD.
18. It recommends to the Board of Directors, in order to be submitted to the General Meeting, the
fulfilment of the independence criteria of paragraphs 1 and 2 of article 9 of Law 4706/2020 and any
other independence criteria provided for in the Company's Internal Regulations or the Corporate
Governance Code adopted by the Company.
19. It proceeds with specific actions, in order to ensure that independent non-executive members of
the BoD have this status upon the time of undertaking their duties and maintain this capacity during
their term of office. For this purpose, it monitors on a permanent basis the fulfilment of
independence criteria by the independent non-executive members of the BoD.
20. It takes into consideration the adequate gender representation, at a percentage of at least twenty-
five (25%) of all BoD members, when submitting proposals for the appointment of BoD members.
21. aiming on the one hand to promote the necessary diversity in the Board of Directors and on the
other hand to foster the inclusiveness of its membership. When selecting Board members, the
necessary care is taken to ensure a diversity of views and experience in order to make sound
decisions
22. It maintains a list of candidate members who possess the specific characteristics required for the
implementation of the Company's long-term planning. In this context, it shall ensure the existence
of an appropriate succession plan to ensure the smooth continuity of the management of the
Company's affairs and decision-making after any departures of Board members, in particular
executive members and members of its committees. The succession plan shall in particular take
into account the findings of the evaluation of the Board in order to achieve the required changes in
composition or specific characteristics and to maximize the effectiveness and collective suitability
of the Board.
23. It formulates a complete succession plan of the Chief Executive Officer and ensures:
i. the identification of the required qualities that the person of the CEO should possess
ii. the continuous monitoring and identification of potential internal candidates
iii. where appropriate, the search for potential external candidates; and
iv. dialogue with the CEO on the evaluation of candidates for his position and other senior
management positions.
24. It participates in the nomination process and in the drafting of a succession plan for the BoD
members and top management.
25. It defines the evaluation parameters on the basis of best practices and is in charge of the following:
i. the evaluation of the Board of Directors,
ii. the individual evaluations of the CEO and the Chair,

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iii. the succession plan of the CEO and the members of the Board of Directors,
iv. the targeted composition profile of the Board in relation to the Company's strategy and suitability
policy.
26. It conducts the evaluation process in the form of questionnaires and interviews.
27. It ensures the annual self-evaluation of the BoD and the periodic evaluation by an external
consultant at least every three years.
28. It provides guidance to the BoD for the annual evaluation of the Chief Executive Officer’s
performance.
29. It obtains, with the assistance of the BoD Secretary, the written confirmation of the BoD members
upon their appointment, that they accept the policies, procedures and other internal documents of
the Company in their entirety and that they are bound by them.
30. It recommends to the Board of Directors the replacement of its member, in case it is determined
that one or more of the individual suitability criteria cease to apply to the person concerned, based
on the Company's Suitability Policy and the relevant procedure for monitoring the individual
suitability criteria.
31. It approves the Training Policy of the BoD members.
32. It uses any resources it may deem appropriate for fulfilling its objectives, including services
provided by external consultants.
Η.2.4. Method of evaluation
The Compensation and Nomination Committee evaluates its Operating Regulation with respect to its suitability
and efficiency on a yearly basis or earlier, if this is imposed by a significant reason, and it submits this to the
BoD for approval. The current Operating Regulation is posted on the website of the Company.
Moreover, the Committee carries out annual self-evaluations of its performance, functioning and overall
qualifications of its members by means of a relevant questionnaire. The Chair of the Committee is responsible
for organizing such evaluation. The evaluation results are discussed by all the members of the Committee and
the Chair takes steps to address any weaknesses in order to improve its services.
The Committee shall inform the Board of Directors of the outcome of the evaluation and of the measures taken
to address any weaknesses. The results of the Committee's evaluation shall be taken into account in the
Board's assessment of its effectiveness and the fulfilment of its tasks annually.
Η.2.5. Activities - Meetings
Regarding the activities of the Compensation and Nomination Committee during the year 2022, the relevant
Report of the Chair, Mr. I. Zafiriou, is stated below:
The Compensation & Nomination Committee is a Board of Directors committee, established in accordance to
the decision of the Board of Directors (the "Board ") dated 01.03.2011, and derives from the merger of the
Compensation Committee (established on 16.07.2004) and the Nomination and Corporate Governance
Committee (established on 11.09.2007). The Compensation & Nomination Committee submits an Activity
Report for the financial year 2022, describing the work of the Committee in accordance with its assigned
responsibilities.
Further information on the duties, responsibilities assigned and operation of the Compensation & Nomination
Committee is available in the Committee's Rules of Procedure, which is posted on the Company's website
https://www.lamdadev.com.
Composition
During the financial year 2022, due to the sad loss of the Compensation & Nomination Committee Member,
Kyriakopoulos Odysseus, it became necessary to establish the good standing of the Committee's composition
and to review its Rules of Procedure. Following compliance with the requirements under the provisions of Law
4706/2020 and in accordance with its revised Rules of Procedure, the Compensation & Nomination Committee
now consists of four (4) members, by majority independent from the Company. In particular, three (3) out of

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the four (4) members of the Committee are independent non-executive members and one (1) is non-executive
member of the Board of Directors. The Chair of the Committee is independent, within the meaning of article
9 of Law 4706/2020, non-executive member of the Board of Directors. The Chair and the members of the
Committee are appointed by the Company's Board of Directors. The composition of the Compensation &
Nomination Committee is as follows:
5. Mr. Ioannis Zafeiriou, Chair of the Compensation and Nomination Committee, Senior Independent Director,
Non-Executive Member of the Company’s Board of Directors and Independent within the meaning of article
9, par. 1 & 2 of Law 4706/2020, meeting in any case the criteria of article 4 of Law 3016/2002, as currently
in force;
6. Mr. Chariton Kyriazis, Secretary of the Compensation and Nomination Committee, Non-Executive Member
of the Company’s Board of Directors and Independent within the meaning of article 9, par. 1 & 2 of Law
4706/2020, meeting in any case the criteria of article 4 of Law 3016/2002, as currently in force;
7. Mr. Vasileios Katsos, Member of the Compensation and Nomination Committee and Non-Executive Member
of the Company’s Board of Directors;
8. Mrs. Kalypso-Maria Nomikos, Member of the Compensation and Nomination Committee and Non-Executive
Member of the Company’s Board of Directors and Independent within the meaning of article 9, par. 1 & 2
of Law 4706/2020, meeting in any case the criteria of article 4 of Law 3016/2002, as currently in force.
Meetings
During the financial year 2022 a total of five (5) meetings were held. The following table shows the meeting
attendance statistics of the Compensation & Nomination Committee's members:
Members
Compensation & Nomination Committee Meetings - Year 2022
Attendance
percentage:
22/3
6/4
12/5
24/5
22/11
Zafeiriou
Ioannis
√
√
√
√
√
100%
Kyriazis
Chariton
-
√
√
√
√
80%
Katsos Vasileios
√
√
√
√
√
100%
Nomikou
Kalypso-Maria
√
√
√
√
√
100%
The issues examined by the Compensation and Nomination Committee during the financial year 2022 are
summarized below
A. Remuneration Issues
• The Committee reviewed the information included in the final draft of the Annual Remuneration Report for
the financial year 2022 and submitted its opinion to the Board before submitting the Report to the Ordinary
General Meeting on 22.06.2022 according to article 112 of Law 4548/2018.
• It cooperated with an independent external consultant, KPMG, in order to examine proposals for the
revision of the Remuneration Policy and to evaluate the adoption of best practices in Corporate
Governance. In addition, in the context of its cooperation with the external consultant, the Committee
examined methods employed to determine the variable compensation of the Management, stock option
plans, performance criteria for executive members of the Board and the assessment of corporate
performance against said performance targets.
• The Committee reviewed proposals regarding variable compensation of the Company's senior
management officers and staff for the financial year 2021, and submitted proposals to the Board regarding
the total aggregate of annual variable compensation (i.e. excluding basic remuneration) in the Company.
• It reviewed the performance criteria of executive members of the Board of Directors on the basis of the
Company's strategic priorities and business objectives, evaluated the corporate performance against said

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objectives and submitted a proposal to the Board on 25.05.2022 for the payment of variable compensation
to the executive members of the Board of Directors for the year 2021.
•
• B. Nomination Issues
• The Committee proposed the eligibility criteria applying to the members of the Board, as these are
reflected in the Company's Suitability Policy, in order to ensure individual and collective suitability.
• It prepared questionnaires for the evaluation of the Board members, in order to ensure that the criteria of
individual eligibility, as described in the eligibility criteria monitoring procedure of the Company, are met.
• The Committee took the necessary actions to evaluate the collective suitability of non-executive members
of the Board by means of evaluation questionnaires, recorded the evaluation results, and informed the
Company's Board of Directors regarding the evaluation conclusions at the Board's meeting of 29.06.2022.
• The Committee reviewed compliance with the conditions provided under article 9, par. 1 and 2 of Law
4706/2020 applying to the designation of a member of the Board of Director as an independent Board
member, with the support of Internal Audit Service, the Legal Department and the Compliance Unit, and
informed the Board of Directors for the fulfilment of the independence criteria at its meeting of 06.04.2022.
• It examined the nomination of new members of the Board, taking into consideration the factors and criteria
set by the Company and proposed to the Board of Directors regarding the its staffing with persons of
integrity and good reputation, who on the one hand have the experience required for the duties and roles
they undertake, and on the other hand have sufficient time to perform their duties.
• The Committee took note of the Management's intention to recruit officers for Senior Management
positions, in accordance with its Rules of Procedure.
• The Committee carried out a self-evaluation of its performance, operation and overall qualifications of its
members by means of a relevant questionnaire.
With respect of all the foregoing, the Chair of the Compensation and Nomination Committee informed the
Board of Directors as needed on a case by case basis.
Maroussi, 31/03/2023
The Chair of the Compensation & Nomination Committee
I. Zafeiriou
I. Notes on Internal Control and Risk Management
I.1. Description of the Internal Control System
The Internal Control System ("ICS") is the set of internal control mechanisms and procedures that ensure the
proper management and operation of the Company.
Pursuant to paragraph 2 of article 4 of Law 4706/2020, the Board of Directors ensures the adequate and
effective operation of the Company's ICS, which aims mainly at the following objectives:
• the consistent implementation of the operational strategy, with the effective use of available resources,
• the identification and management of material risks associated with the Company's business and its
operation,
• the effective functioning of the internal audit service,
• to ensure the completeness and reliability of the data and information required for the accurate and timely
determination of the Company's financial position and the preparation of reliable financial statements, as
well as its non-financial position if article 151 of Law 4548/2018 applies,
• compliance with the regulatory and legislative framework, as well as the internal regulations governing
the operation of the Company
The Risk Management System and the Regulatory Compliance System are included in the ICS, based on par.
1a of article 13 of Law 4706/2020.
The ICS includes the following main components, which are discussed in the following sections:

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• The Control Environment
• Risk Management
• The control mechanisms and safeguards
• The information and communication systems, and
• The monitoring of the ICS.
Within the framework of the ICS and taking into account the "three-line governance model", the Company
possesses a Risk Management Unit and a Compliance Unit in the second line, while the Internal Audit Service
is located in the third line.
As mentioned in previous paragraphs, the Board of Directors, through the Audit Committee, has the ultimate
responsibility for monitoring and evaluating the effectiveness and adequacy of the Company's Internal Control
System.
I.1.1 Control Environment
The control environment is the set of structures, standards, policies and procedures through which the
Company's overall organization and management is determined. These elements form the basis for the
development of an effective ICS.
Integrity, Ethical Values and Management Conduct
The Company has adopted and applies a Code of Conduct, which has been recently revised (November
2022), which governs the conduct of all its human resources including the members of the Board of Directors
and the Company's management. In particular, it includes provisions relating to the Company's corporate
values and core operating principles, such as:
• integrity and respect for labour relations and human rights
• the commitment of employees to the company's objectives
• the Company's commitment to the continuous professional training of its human resources, as well as the
continuous effort of its employees to achieve their maximum performance and the continuous
improvement of the results of their work
• the dignified behaviour of employees in external activities
• compliance with the applicable legislation and regulatory framework, as well as the Group's regulations,
policies and procedures
• the protection of personal data
• the confidentiality of work and confidentiality
• the fight against corruption;
• conflicts of interest;
• the extra-corporate activities of employees
• the use of the Company's assets
• the Group's relationships with customers and suppliers, which must be based on trust, mutual respect,
fairness and honesty, thus ensuring long-term partnerships
• the health and safety of workers
• sustainable development principles relating to the environment and the Company's relations with society,
in particular with vulnerable social groups and local communities in the areas where its facilities operate.
There are also procedures for informing the parties involved, for monitoring its compliance and for managing
deviations and implementing corrective actions.

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In addition to the Code of Conduct, the Company has established and implements a Policy for Combating
Discrimination, Violence and Harassment at Work, in order to ensure a working environment where
respect for human dignity prevails and discrimination based on personal characteristics (gender, race, colour,
ethnic or social origin, genetic characteristics, language, disability or health status, age) and choices (religion
or belief, political opinions, sexual orientation).
The Company has also adopted an Anti-Corruption Policy as a measure of best practice and to promote
corporate compliance. The Policy places restrictions on the Company's interactions with various public and
private sector employees in order to maintain a high standard of professional conduct and reflects the
Company's zero tolerance approach against any form of corruption. The ultimate objective is to conduct
business and transactions with professionalism, integrity and fairness. In this context, the Company's
personnel are not allowed to offer or accept directly or indirectly - through third parties - gifts (money, cash,
items and loans) from and to any third party with the purpose of obtaining or maintaining a business
advantage. The Policy also sets rules regarding the provision of entertainment, meals, travel and lodging,
political and charitable donations, direct payments or payments through third parties, and the employment
and internship with the Company of individuals associated with State employees and business partners. The
Company has also established the relevant procedures to be followed to ensure that the principles reflected in
the above Policy are implemented. The Company encourages Personnel who become aware of incidents of
Corruption to report them either to their immediate supervisor, any member of the Reporting Committee, the
Reporting Committee as a body, or the Whistleblowing System by name or anonymously.
The Company has a Training Policy for Board members, executives & other executives, which provides the
basic steps of the Company's training system, mainly regarding the design and implementation of training for
prospective and current Board members, as well as for the Company's executives and other executives, with
emphasis on issues of corporate culture, values and the Company's overall strategy.
Organisational Structure
The Company has adopted specific organizational structures and arrangements for the execution, supervision
and control of its operations and for the delineation of key areas of responsibility and the establishment of
appropriate reporting lines, based on the size and nature of its operations, which are reflected in its Internal
Regulation, a description of which is included in section B. of this Corporate Governance Statement.
Board of Directors and Board Committees.
Sections D and H of this Statement describe the regulations concerning the Board of Directors and its
Committees, based on article 10 of Law 4706/2020 (Audit Committee, Compensation and Nomination
Committee).
Corporate Responsibility
The Company has a Board of Directors' Rules of Procedure and the Operating Regulations of the Board
committees, through which the regulations regarding authority, delegated powers, obligations, responsibilities,
operating principles and rules of conduct are set out in detail.
The Company has established and operates Administration Committees such as the Management Committee
and the Investment Committee, which aim to support the Management in matters of its responsibility, to
monitor the progress of corporate affairs and to take the necessary decisions depending on their approval
limits, as well as a Report Management Committee, which has undertaken the management and investigation
of reports. Committees have also been set up to assist the Management in matters relating exclusively to the
Hellenikon project, such as the Legal and Licensing Affairs Committee and the Project Executive Committee.
The responsibilities of the Management Committees are included in the Company's Internal Regulations.
Human Resources
The Company, through its Human Resources Department, has developed and implements policies/procedures
for the recruitment, remuneration, training and evaluation of personnel that aim at attracting, developing and
retaining competent employees while providing equal opportunities to all. In particular, remuneration linked
to employee performance is provided for. Performance is assessed through individual target setting, linked to
the broader strategy and the achievement of the Company's objectives. Benefits are also offered to all
employees aimed at enhancing a sense of job security. Finally, development training programmes are

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implemented, in which all employees can participate in order to meet their educational needs, improve their
skills, ensure their continuous professional development and better respond to the fulfilment of the Company's
objectives.
I.1.2. Risk management
I.1.2.1. The role of the Board of Directors regarding Risk Management
The Board of Directors ensures the effectiveness and efficiency of Lamda's internal control system, aiming at
the identification, recording, assessment and management of material risks related to Lamda's business
activities and operations. It plays an indirect role in the risk management process. Without being directly
involved in the risk management process, the Board of Directors exercises oversight of risk management:
i. Defining Lamda Development's Risk Appetite.
ii. Requesting, reviewing and approving risk management policies and procedures that are consistent with
the organization's risk strategy and risk appetite.
iii. Monitoring the implementation of risk management policies and procedures by management.
iv. Taking measures to enhance the awareness of employees on risk management issues.
v. Cultivating a corporate culture of risk awareness.
I.1.2. The role of the Audit Committee (AC) in relation to Risk Management
The Audit Committee, among its other responsibilities, assists the Board of Directors in fulfilling its duties
regarding the effective operation of the internal control system, including risk management. The Audit
Committee monitors and reviews the management of significant Risks and uncertainties, as well as the
effectiveness and efficiency of the risk review and update process. In this context, the Audit Committee may
evaluate the methods used to identify, monitor and manage Risks. The Audit Committee shall supervise the
activities of the Risk Management Unit. Its other responsibilities include:
i. Overseeing the risk appetite and risk tolerance appropriate to each area of the company's business.
ii. Ensuring that appropriate governance, risk management, and risk management policies and procedures
are in place and that appropriate risk control measures are in place at the corporate level.
iii. Ensuring that appropriate procedures and systems are in place to identify, record, assess and report risks
at company level.
iv. Overseeing compliance with company-wide risk management governance procedures and practices and
risk controls.
v. Overseeing the effective and timely implementation of corrective actions.
vi. Examining the responsibilities and autonomy of members of management and employees in carrying out
risk management tasks.
I.1.2.3. The Risk Management Unit (RMU) and its operation
The regulation of the Risk Management Unit, which entered into force by decision of the Board of Directors of
the Company on 16.7.2021, describes in more detail the mission, roles, responsibilities and reporting lines
applicable to the Risk Management Unit. The main responsibilities of the Risk Management Unit are set out
below:
i. Designing, recommending and adopting an approved integrated Risk Management Strategy, as well as a
Risk Management Policy Statement.
ii. Adopting and maintaining a thorough Risk Management methodology.
iii. Providing advice to Business Units on Risk Management techniques.
iv. Facilitating the identification, assessment and response to Risks.
v. Monitoring the implementation and effectiveness of Risk Management procedures.
vi. Coordinating the provision of information on Risks and Risk Management.
vii. Ensuring the consistency and homogeneity of Risk Management procedures throughout the Company.

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viii. Acting as a communication channel for the exchange of information on Risks and Risk Management.
ix. Providing independent advice on the adequacy of mitigation actions and controls.
x. Providing independent advice on the effectiveness of the individual stages of the Risk Management
process. The Risk Management Unit may escalate its concerns about specific Risk Management actions to
the appropriate level of management to resolve the issue.
xi. Providing training and support for the cultivation of a corporate culture based on awareness of Risk issues
throughout the company.
xii. Acting as a central point of coordination of Risk Management information between the Company and third
parties regarding the use of common tools for the disclosure and management of operational, commercial,
financial, internal and external Risks.
.I.1.2.4. The role of middle and senior management in relation to Risk Management
Middle and Senior Management are responsible for identifying and managing risks in accordance with their
responsibilities and the Company's Risk Appetite.
The Management is also responsible for:
i. The identification, assessment and introduction of mitigation and control instruments.
ii. The continuous monitoring and periodic review of risks, mitigation remedies and controls throughout the
risk lifecycle, in accordance with established procedures. The periodic review of risks and the provision of
appropriate approval in accordance with the established procedures at least on a quarterly basis.
iii. The updating of the Risk data in the Company's Risk Management System.
iv. Delegating appropriate responsibilities to the other members of the Risk Management System.
v. Working with the Risk Management Unit as required to ensure that the Risk Management procedures and
methods in place are up to date and aligned with the requirements of the Board of Directors and the Audit
Committee.
vi. The review of Risks that have been categorized according to either the professional experience of the
managers or their area of responsibility and to interface with other Risk Managers to coordinate
management actions.
vii. Ensuring that Risk Management processes are integrated with other planning processes and management
actions.
viii. Ensuring that risk management and control objectives are included in management objectives, as well as
in the Company's remuneration structure.
ix. Ensuring that third parties dealing with the Company, with the care of their management, record and
manage the risks that concern them and that they comply with Lamda Development's Risk Management
procedures and policies.
x. The promotion of Risk Management processes and corporate culture.
I.1.2.5. Other staff in relation to Risk Management
Employees are responsible for:
i. Their effective contribution to Risk Management, including the identification of potential threats.
ii. Monitoring and periodic review of the risks for which they are responsible, including mitigation measures
and controls throughout the risk lifecycle. The periodic review of risks at least on a quarterly basis.
iii. The successful completion of the mitigation actions and tasks assigned to them.
iv. Reporting on the interim status of mitigation actions.
I.1.2.6. Third parties in relation to Risk Management
The Company applies a global approach to its risk management activities. As such, current or future strategic
partners may be invited to submit their risk management processes and systems for audit and are likely to be
selected to be an integral part of the Company's risk management infrastructure and to contribute to the
Company's system in a transparent and controlled manner.

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I.1.2.7. Risk Management Policy and Procedure
The Risk Management Policy specifies the principles, positions and requirements of Lamda Development S.A.
for the management of its risks and presents the responsibilities of the Board of Directors, the Audit
Committee, senior management and direct supervisors, as well as the Company's personnel and third parties,
with regard to Risk Management.
Risk Management at Lamda Development is practiced in a systematic and structured manner. It is conducted
on the basis of the best available information and resources. It is dynamic and continuous and takes into
account both the changing external business environment and the changes taking place within the Company.
The key elements of the risk management process are the following:
Communication and consultation
Setting the applicable framework and objectives
Risk identification
Risk analysis
Risk assessment
Risk management (Response)
Monitoring and control.
I.1.2.8. Other additions / events within 2022
In 2022, the digital risk management tool (ERM - Enterprise Risk Management) of RSA-Archer was fully
implemented, the purchase of which was decided in 2020.
A special customized seminar on the definition of risk appetite was also organized and as a result the Board
approved the risk appetite statement, which statement the management is required to take into account in
the performance of its duties.
Finally, in the year 2022, the computerized system for recording and managing the risks of third parties, i.e.
the business partners of LAMDA Development, was developed and implemented with regard to risk
management issues.
I.1.3 Control Mechanisms and Safeguards
The Company has control mechanisms and safeguards in place to perform its operations aimed at preventing
or detecting material errors in a timely manner, in order to ensure the reliability and efficiency of operations,
as well as compliance with laws and regulations.
These control mechanisms and safeguards are based on the existence of detailed, written policies, procedures,
codes, codes of conduct, operating regulations approved by competent bodies, which include the roles and
responsibilities of those involved in the performance of the work. These provide for specific control points such
as, but not limited to, key principles, segregation of duties, appropriate approvals, classification of access to
systems and files, confirmations, etc.
Conflict of interest
An important aspect in relation to the above is the prevention, identification and management of situations
related to conflict of interest issues. In this context, the Company has adopted a Conflict of Interest Policy in
accordance with article 97 of Law 4548/2018 and articles 13 and 14 of Law 4706/2020, which specifies its
requirements for the identification, prevention and management of situations of conflict of interest that affect
the interests of the Company and its affiliated companies within the meaning of article 32 of Law 4308/2014,
as well as its customers, suppliers and partners. It also has a Conflict of Interest Management Procedure,
which has the ultimate goal of timely and correct management of such situations.
Information Systems governance and security
As the Company is particularly sensitive to information and information systems security issues, it has ensured
the design and implementation of a structured and recurring process for the identification, minimization and
prevention of relevant risks, through which the effective protection of information and information systems
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services in recent years. The most important safeguards at the individual stages of this process include:
1. Development of an integrated framework for the monitoring and control of its information
systems, consisting of:
• policies and procedures covering the entire scope of activities of the Group's information systems
• a set of control mechanisms
• a Disaster Recovery Plan;
• continuous updates of software and hardware to meet all needs and requirements; and
• regular internal and external audits designed to verify compliance with the applicable policies and to
evaluate the effectiveness and efficiency of the safeguards in place.
2. Continuous training of staff at all levels by means of a Cyber Security Awareness Program
approved by the National Cyber Security Center, offered via an e-learning platform in cooperation with
a specialised firm, aiming at:
• familiarising staff with the applicable security practices
• raising awareness on how to identify and respond to cyber security and information security risks;
and
• at increasing awareness among all employees on the importance of data protection and the need for
every employee to discharge the responsibilities assigned to them.
3. The insurance coverage of the Group by means of an ad-hoc "Cyber Risks" insurance product,
which provides the Company with coverage against:
• liability to third-party claims (e.g. business partners, suppliers, regulatory authorities, etc.) for
pecuniary or moral loss or damage caused by acts or omissions of the Company or by malicious acts
of third parties (hacker attacks); and
• incalculable financial loss due to possible downtime, through malicious software, to remediation (loss
of profits, covering crisis management costs and damage repair).
Personal data
With regard to personal data protection, the Company has developed a comprehensive system that ensures
compliance with the General Data Protection Regulation (GDPR). Specifically, the Company has taken, inter
alia, the following actions:
• It has appointed its Data Protection Officer to monitor compliance with the GDPR, who acts
as a point of contact with data subjects and the supervisory authority
• It implements appropriate data protection policies, including to facilitate the exercise of data
subjects' rights and to manage information security breaches
• It provides transparent information on the processing of personal data to different categories
of data subjects through data protection updates
• It shall keep an up-to-date central record of the processing activities it carries out
• It implements technical and organisational measures to ensure an appropriate level of data
security, including the timely restoration of availability and access to personal data in the
event of a physical or technical incident, the anonymisation of personal data,
pseudonymisation and encryption of personal data,
• It promotes a culture of data protection and privacy throughout the organisation through
employee awareness and training.

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Supplier Code of Conduct
In order to ensure that suppliers, service providers and consultants with whom the Company enters
into contractual relationships adopt the same values and ethical principles as those of the Company,
the Company has adopted a Supplier Code of Conduct in 2022, which must be explicitly accepted
before entering into any contractual relationship. In particular, the main objective of the Code is to
promote safe and fair working conditions and the responsible management of social, ethical and
environmental issues in Lamda's supply chain. Therefore, within the Code, provisions are included
that relate to the following issues:
• human rights and labour practices
• cases of conflicts of interest
• the confidentiality of information
• the protection of personal data
• protection against bribery, corruption and generally harmful individual behavior
• the health and safety of workers
• the environment and
• the whistleblowing policy.
I.1.4. Information and communication system
The information and communication system includes in particular the procedures for reviewing the
completeness and reliability of financial and non-financial information, the procedures and channels for critical
internal and external communication with stakeholders and the procedures for managing and investigating
named and anonymous whistleblowing reports.
Financial and non-financial information
The Company has established a system of safeguards with respect to the production process of financial
information, which is one of the key control objects of the independent Internal Audit Service, in order to
provide assurance that this information is accurate and reliable. In addition, the Audit Committee monitors,
reviews and evaluates this process. The key features of the above system of financial reporting are:
• The organisation - distribution of responsibilities (delegation of powers and competences
that ensures the enhancement of efficiency while preserving the separation of powers).
• Staffing the financial services with qualified personnel.
• Identifying, assessing and managing potential financial reporting risks.
• The implementation of security safeguards for accounting monitoring (timely initiation of
the relevant process, consolidation of financial data and monitoring of intra-company
transactions, automated and non-automated checks between the various information
systems, access to accounting data and confidential information in general only for
authorised persons) and asset safeguarding (existence of security mechanisms for fixed
assets, inventories, cash and cash equivalents, as well as other assets and liabilities).
• Supervision and preventive control of the implementation of procedures by the competent
bodies of the Company
Similarly to financial information, non-financial information, which is also a key object of control of the Internal
Audit Service, follows a similar system of safeguards as the above (timely organization and allocation of
responsibilities, identification and assessment of potential risks and implementation of safeguards to address
them, supervision and preventive control of the implementation of procedures, etc.) and aims to ensure the
adequacy and accuracy of the information provided. Published non-financial information (e.g. sustainability
reports, stock exchange announcements, press releases) is also reviewed by the Audit Committee.
Corporate Communication Policy
The Company implements a Corporate Communication Policy through which it handles matters such as
professional speeches, interviews, publications and general participation in events on behalf of the Company.
Internal Communication Policy
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employees, has ensured the establishment of a specific policy, through which the rules, responsibilities and
actions regarding internal communication are defined.
Crisis Management Communication Handbook
The Company has prepared a crisis communication management manual, which outlines the basic principles
and procedures for the preparation, management and resolution of potential crisis incidents that may arise in
the Company and affect its operations.
Communication with supervisory and regulatory authorities and investor information
The Company maintains a relevant procedure to ensure proper and timely communication with the supervisory
authorities, while implementing procedures regarding the required disclosures and announcements to the
Hellenic Capital Market Commission and the Athens Exchange, as provided for in the regulatory and legislative
framework, in particular Law 4548/2018 and Law 3556/2007, Regulation 596/2014/EU and the Regulation of
the Stock Exchange.
Communication with shareholders and customers
In order to provide information to shareholders and generally to communicate with them on a regular basis,
the Company uses its website, taking appropriate measures to ensure equal access of shareholders to the
disclosure of events.
In particular, it has developed on its website (www.lamdadev.com), a communication platform for its
shareholders and a contact person has been appointed accordingly. The relevant procedure for communication
with shareholders is also posted on its website.
In addition, the Company has a Shareholder Relations and Corporate Announcements Department, which has
the responsibilities provided for in Articles 19 and 20 of Law 4706/2020 and referred to in section 3.10.6 of
the Company's Regulations.
Finally, the Company maintains procedures to manage customer requests and complaints in order to
communicate effectively with its customers and other stakeholders.
Whistleblowing
In the context of good corporate governance and regulatory compliance, a Reporting Policy (EU Directive
2019/1937) has been developed and the principles and guidelines provided therein are applied in order to
enhance integrity, transparency and accountability as well as to protect the interests and reputation of the
Company. This Policy aims to encourage all stakeholders to report, confidentially or anonymously through
existing reporting channels, any conduct that is illegal or even unethical, as soon as it comes to their attention.
In particular, with respect to whistleblowing, in 2021, the mechanism for reporting, managing and
investigating reports was put in place. The Board of Directors of the Company has approved the respective
policies and procedures under which the internal allocation of responsibilities is carried out and the proper
functioning of the mechanism is ensured. The recording of all reports is done through multiple reporting
channels including the specially designed external platform which is accessible online and ensures the
independence and confidentiality of the petitioners. At the same time, information and training has been
provided to all Group staff through an interactive webinar with easy-to-understand audiovisual material, while
the reporting policy has been posted on the Group's website to inform investors, creditors and the general
public. The Reports Management Committee established to monitor the Whistleblowing system has already
started managing and investigating the reports in accordance with the approved procedures, ensuring the
confidentiality of the information.
I.1.5. Monitoring of the ICS
The monitoring of the ICS concerns the process of its continuous evaluation (both internally and by an
independent evaluator on a triennial basis), in particular with regard to its adequacy (design) and effectiveness
(implementation).
I.1.5.1. Audit Committee
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is made in paragraph H.1 of this Statement.
I.1.5.2. Internal Audit Service
The Company possesses an Internal Audit Service ("IAS") in accordance with the provisions of Law 4706/2020
and in particular Articles 15 and 16.
The IAS is an independent organisational unit within the Company, with the purpose of monitoring and
improving the Company's operations and policies regarding the ICS.
The Chief Internal Auditor is appointed by the Board of Directors of the Company upon the proposal of the
Audit Committee and reports functionally to the Audit Committee and administratively to the CEO. The Board
of Directors approves its Charter, upon the proposal of the Audit Committee, and the remuneration of the
Chief Internal Auditor, upon the proposal of the Compensation and Nomination Committee.
In order to carry out the work of the IAS, the Chief Internal Auditor has access to any organisational unit of
the Company and is informed of any information required for the performance of his/her duties.
The main powers and responsibilities of the IAS are those listed in its revised Charter on the Company's
website (https://www.lamdadev.com) and in particular in the revised from 16.07.2021, based on articles 15,
16 of Law 4706/2020. Indicatively, it monitors, controls and evaluates:
• the implementation of the internal audit charter and internal control system, especially
as regards the adequacy and accuracy of the financial and non-financial information,
risk management, compliance and corporate governance established by the Company
• the quality assurance mechanisms
• the corporate governance mechanisms
• the respect of the commitments included in the prospectuses and business plans of the
Company regarding the use of capital raised by regulated markets.
In relation to the above, the IAS prepares reports on its findings, the risks arising from them and the
recommendations for improvement, if any, and submits them quarterly to the Audit Committee.
The Chief Internal Auditor:
• Submits to the Audit Committee an annual audit plan and the needs for necessary
resources, as well as the impact of a restriction of resources or the internal Audit
Service's work in general. Preparation of the annual plan is made using the risk-based
approach after taking into consideration the Audit Committee's opinion.
• Attends the General Meetings of Shareholders.
• Provides in writing any information required by the Hellenic Capital Market Commission
and provides the latter with its cooperation and assistance in order to facilitate the
HCMC's monitoring, control and supervisory work.
All of the responsibilities of the IAS are detailed in its Charter, which is posted on the Company's website.
I.1.5.3. Compliance Unit
The Company has a Compliance Unit (hereinafter "Compliance Unit") whose main mission is to ensure the
Company's compliance with the applicable institutional and supervisory framework, as reflected in the annual
Compliance Action Plan (hereinafter the "Action Plan"). The Action Plan is approved annually by the Audit
Committee and reflects the Compliance Pillars as well as the individual actions to be implemented to monitor
compliance and govern the business activities and operation of the Company. As part of strengthening the
integrity and transparency of the Company, the Compliance Unit ensures that a comprehensive compliance
program is established.
The responsibilities of the Compliance Unit include prevention, suppression and reporting activities to ensure
the Group's regulatory compliance. The detailed responsibilities of the Compliance Unit are set out in its
Regulation and the annual Action Plan. Some of these are the formation and establishment of a corporate
culture of regulatory compliance, the identification of the applicable institutional and supervisory framework,
the development of audit programmes relating to the compliance of corporate Policies and Procedures with
the existing legislative and regulatory framework and the submission of relevant reports to the Audit
Committee. The implementation of the responsibilities of the Compliance Unit is governed by the Compliance

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Procedures Manual.
In the context of its work, the Compliance Unit has access to all the necessary sources of information within
and outside the Organisation, communicates its findings in a timely and accurate manner, receives the
necessary training and is properly informed in order to monitor the effective adoption and rigorous
implementation of changes in the regulatory framework.
The Compliance Unit is headed by the Chief Legal and Compliance Counsel.
The Compliance Unit reports functionally to the Audit Committee and administratively to the CEO. On a
quarterly basis, it reports on regulatory compliance to the Audit Committee.
All of the responsibilities of the Compliance Unit are detailed in its Regulation, which is posted on the
Company's website.
I.2 Results of the evaluation process of the Internal Control System in accordance with article 14,
par. 3(j) and paragraph 4 of Law 4706/2020 and the relevant decisions of the Board of Directors
of the Hellenic Capital Market Commission
The Company, by decision of its Board of Directors, has entrusted Ernst & Young (Hellas) Certified Public
Accountants S.A. to assess the adequacy and effectiveness of the Internal Control System of LAMDA
Development S.A. and its significant subsidiaries, HELLINIKON S.M.S.A, LAMDA Olympia Village S.M.S.A.,
LAMDA DOMI S.M.S.A., PYLAIA S.M.S.A., with a reporting date of 31 December 2022, in accordance with the
provisions of paras 3(j) and 4 of Article 14 of Law 4706/2020 and decision 1/891/30.09.2020 of the Board of
the Hellenic Capital Market Commission as in force (the "Legislative Framework").
The assurance work was performed in accordance with the audit program included in the Hellenic Accounting
and Auditing Standards Oversight Board (ELTE) decision number 227/10-11-2022 and the International
Standard on Assurance Engagements (ISAE) 3000 "Assurance Engagements Other than Audits or Reviews of
Historical Financial Information".
Based on the work performed by the evaluator on the assessment of the adequacy and effectiveness of the
Internal Control System of the Company and its significant subsidiaries, we report that no material weaknesses
were identified.
I.3. Statement by the Board of Directors on the conduct of an annual review of the corporate
strategy, the main business risks and the internal control systems
The Board of Directors of the Company, in compliance with the requirements of the HCGC and Law 4706/2020,
ensured during 2022 the annual review of the corporate strategy, the main business risks and the internal
control system. All of the above issues were included in the agenda of the Board of Directors in 2022, with the
aim of providing appropriate guidance, regular monitoring and updating, as well as approving/validating
relevant documents and specific actions, both at the planning and implementation level. Specifically:
Corporate Strategy
At its meetings the Board of Directors:
• Was thoroughly informed on the implementation of the Company's approved strategy based on
updated data and information on the Ellinikon project, its shopping centres and other
investments;
• Informed and provided guidance on proposals for future strategy being considered by the CEO
and senior management;
• Approved individual recommendations concerning the implementation of the approved strategy
and was informed of their progress;
Main Business Risks
At its meetings the Board of Directors:
• Re-assessed the main business risks associated with the approved strategy and any plan for
its implementation and was informed of the measures to address them;

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• Approved the new Risk Management Policy and the Risk Appetite Statement;
• It was informed in detail through the Audit Committee on the progress of the Risk Management
Unit's work. It was also informed on the progress of the implementation of the digital risk
management tool (ERM - Enterprise Risk Management) of RSA-Archer, the aim of which is to
be the only management tool for the recording of the Group's risks, where for each risk all the
main safeguards and management actions for their management as well as the deadlines for
their implementation will be included.
More information on the Risk Management System is given in section I.1.2.
Internal Control Systems
During its meetings, the Board reassessed and made the following approvals, as appropriate,
based on updated data and information and the Audit Committee's comments and observations
thereon:
A) The adequacy of the design of the ICS in the form of policies, procedures, regulations and
other documents, organisational arrangements, etc.
• More specifically, it proceeded with the approvals of the revised official corporate
documents, such as the Internal Regulation, the Code of Conduct, the Procurement
Policy, the Supplier Code of Conduct, the Information Systems Security Policy, the Anti-
Corruption Procedure, the Compliance Policy, the Regulation and the Procedures Manual
of the Compliance Unit, etc.
B) The effectiveness of the implementation of the ICS as evidenced by the audits of the IAS and
the observations and recommendations of the Audit Committee to the Board of Directors and
the audit by the independent external evaluator, whose conclusion is included in section I.2
"Results of the Internal Control System evaluation process in accordance with article 14, paras
3(j) and 4 of Law 4706/2020 and the relevant decisions of the Board of Directors of the Hellenic
Capital Market Commission".
I.4. Delegation of non-audit services to statutory auditors or the audit firm
The Company, in compliance with Law 4449/2017, European Regulation 537/2014 and in accordance
with ELTE's Announcement No.025/2018 entitled "Guidelines on Monitoring the fee cap of non-audit
services", has established and applies a Policy on the Engagement of the Statutory Auditor for non-
audit work. This Policy sets the rules for the assignment of non-audit work to the statutory external
auditors, in order to ensure their independence and to ensure that the practices followed by the
Company and its Group companies are fully harmonized with the content of national and European
legislation and international best practices.
In this context, the Company has adopted the following:
Α. Definition of the permissible non-audit services by statutory auditors
In application of Article 5 of European Regulation 537/2014, the statutory auditor/audit firm may
provide specific non-audit services, which are reflected in the above Policy.
Β. Cap on non-audit services fees
A cap is set for non-audit work assigned during each financial year, the amount of which may not
exceed 70% of the average statutory audit fees invoiced over the last three years. The relevant
calculation shall be applied at group level and shall relate to non-audit services assigned to the audit
firm that controls the group and not to the entire network of the audit firm. Please note that the
calculation does not include services for the tax certificate.
For the calculation of the fee cap, the non-audit services referred to in Article 5.1 of Regulation
537/2014 are also not taken into account.
The cap on fees for non-audit services applies only at the level of the statutory auditor or audit firm
that controls the Group and not to the entire network of the audit firm. Therefore, if non-audit services
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State, the fee cap will not apply to the non-audit services provided by those entities, even if they are
also audit firms.
The calculation of the cap fee must be performed not only on the controlled Public Interest Entity but
also, where applicable, on its parent company and its controlled entities. For the calculation of the
remuneration cap, the entities taken into account may be established either inside or outside the
European Union.
For each assignment, the fee for all the services specified in the assignment shall be taken into account,
even if they are expected to be performed in future years.
It is noted that these services are valid for the provision by the statutory auditor/audit firm established
in Greece. In cases where the entity to which the service is provided is located in a different country,
different rules on permitted services may apply, which should be assessed on a case-by-case basis,
depending on national law and requirements from third country authorities.
C. Approval and notification of assignments
Before any non-audit work is undertaken, the following conditions should, under the responsibility of
the statutory auditor, be met in aggregate:
a) The services to be assigned fall within the categories of permitted services listed in the Policy
on the Assignment of Non-Audit Services to the Statutory Auditor
b) The amount of the fee must be within the limits of point (B) above
Prior to any assignment, a request will be submitted to the Audit Committee, stating the scope of the
services, the fee, the legal entity assigning the services and the responsible Group officer for
communication purposes.
The request may be submitted electronically to the Chair of the Audit Committee, who may be
authorised by decision of the Committee to approve assignments the fees of which are up to 5% of
the average fees of the previous three years.
For the following permitted non-audit work, no prior approval of the Audit Committee is required, only
the direct notification of the engagement. This exception does not apply if the fee for the individual
engagement is more than €.50,000.
1. Tax clearance certificate services
2. Provision of assurance services relating to financial statements and/or data derived from the
entities' books and records
3. Services related to due diligence work
4. Services related to the issuance of "comfort letters" in connection with financial statements or
in connection with prospectuses issued by the Company or its subsidiaries.
Periodic Services: In the case of service contracts which are of a periodic nature or which are intended
to be renewed within a specific period of time, by analogy with paragraph 11 of article 6 of Law
4412/2016, the basis for the calculation of the estimated value of the contract is taken as the basis
for the calculation of the estimated value of the contract:
(a) either the total actual value of successive contracts of the same type concluded during the
preceding twelve months or financial year, adjusted, where possible, to take account of any changes
in their quantity or value during the twelve months following the initial contract
(b) either the estimated total value of the successive contracts concluded during the twelve
months following the first delivery or during the financial year, where this exceeds twelve months.
Services billed at an hourly rate: for the purposes of approval by the Audit Committee, the contracting
agency shall provide an estimate of value and shall be required to seek approval from the Committee
where it is estimated that the billing may be in excess of the estimate by more than 15%.
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value of the award is understood to be the amount that includes the value of any extensions or
renewals and to the extent that fees for a maximum of the next 48 months are covered.
Segmentation: Where the proposed provision of services may result in the award of contracts in the
form of separate segments, the total estimated value of all such segments shall be taken into account.
In any case, where the timeframe for the execution of the project or recurring services extends beyond
48 months, only the fees corresponding to the 48 months following the award shall be taken into
account. The award shall not be broken down in such a way as to avoid the application of any provision
of this Regulation, unless justified by objective reasons in an explanatory note submitted for approval
by the Audit Committee.
The approval of the Audit Committee does not constitute a release from the obligation to approve the
relevant expenditure as may be provided for by other Group procedures.
Monitoring of fees: The monitoring of fee requests and the corresponding approvals at group level will
be carried out by the Audit Committee Secretariat.
The statutory auditor and the Group department commissioning the work are jointly responsible for
obtaining the approval of the Audit Committee for each assignment in accordance with the above.
Failure to do so will result in the assignment being considered invalid and no fee will be due, regardless
of whether the service has been provided in whole or in part.
The Statutory Auditor's Non-Audit Engagement Policy shall be communicated to the Statutory Auditor,
who agrees to comply with it to the extent that it applies to him, in particular with regard to the above
paragraph.

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J. EXPLANATORY REPORT OF THE BOARD OF DIRECTORS OF LAMDA DEVELOPMENT S.A.
(Par.7 & 8, Article 4, Law 3556/2007)
1. Structure of the Company’s share capital
The Company’s share capital on 31.12.2022 amounts to €53.021.014,50 divided into 176.736.715 shares,
with a nominal value of €0,30 each. All shares are listed for trading in the Securities Market of the Athens
Exchange.
The Company’s shares are common registered with a voting right. Each share of the Company embodies all
the rights and the obligations that are specified by the Law and the Company’s Articles of Association. The
liability of the shareholders is limited to the nominal value of the shares they hold.
2. Restrictions on the transfer of shares of the Company
The Company shares may be transferred as provided by the law and the Articles of Association provide no
restrictions as regards the transfer of shares.
3. Significant direct or indirect participations in accordance with the provisions of articles 9 – 11
of L. 3556/2007
On 31.12.2022, the following shareholders held directly or indirectly, more than 5% of the share capital of the
Company, in accordance with the provisions of articles 9-11 of L.3556/2007:
Shareholder
Shares
Percentage of
Share Capital
31.12.2022
Consolidated Lamda Holdings S.A.
77.341.062
43,76%
Voxcove Holdings LTD
17.682.144
10,00%
Brevan Howard Capital Management
Limited (BHCML) / Tryfon Natsis &
Despoina Natsi
11.233.029
6,36%
Οn 31.07.2020 the Company announced that pursuant to the TR1 notification dated 29.07.2020 submitted by
Mr Tryfon Natsis (which replaces the TR1 submitted with respect to the same transactions on 27.07.2020), on
24.07.2020, Mr Tryfon Natsis held directly through a joint account that he maintains with Ms Despoina Natsi,
3,53% of the total shares and voting rights in the Company, and controlled in total 6,36% of the total voting
rights in the Company, due to the investment discretion that he has in the following funds i.e. Brevan Howard
TN Macro Master Fund Limited (BTN), Brevan Howard Master Fund Limited (BHM) and Brevan Howard Multi-
Strategy Master Fund Limited (BMS), which on 24.07.2020 acquired in total 2,83% of the shares and voting
rights in the Company. The abovementioned investment funds are managed by Brevan Howard Capital
Management Limited (BHCML), an entity with registered office in Jersey, authorised and regulated by Jersey
Financial Services Commission. It is also noted in the same TR1 notification that BHM, BTN and BMS funds are
Cayman based and have their own board of directors. Each of these funds is beneficially owned by feeder
funds, one Cayman based and one Delaware based. These feeder funds, which have the same boards of
directors as BHM, BTN and BMS, are beneficially owned by the investors within the feeder funds. BHM, BTN
and BMS have appointed BHCML as manager. Tryfon and Despina Natsis own shares in the Company in their
joint account. Mr Tryfon Natsis is a Co-Founder of Brevan Howard and has investment discretion in the BHM,
BTN and BMS funds.
No other physical or legal entity possesses more than 5% of the share capital of the Company, on the above
date.
4. Shares providing special control rights
None of the Company’s shares carry special control rights, without prejudice to point 6 herein.

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5. Voting rights restrictions
No restrictions on voting rights are foreseen in the Company’s Articles of Association.
6. Agreements among the shareholders of the Company
As per the Company’s announcements dated 02.07.2014 and 23.09.2014, on 26.08.2014 investment funds,
all managed by the Investment Firm Blackstone / GSO Capital Partners LP (hereinafter the “GSO Investment
Funds”), the Company and Consolidated Lamda Holdings S.A. entered in an agreement (hereinafter the
“Shareholders Agreement”) pursuant to which, for as long as the GSO Investment Funds hold in total,
directly or indirectly, at least 10% of the voting rights of the Company, the GSO Investment Funds shall be
entitled to nominate one member of the Board of Directors of the Company, their consent as shareholders will
be required in order for the Company’s General Meeting of the Shareholders to decide on a significant change
of the business scope of the Company or the delisting of its shares from the regulated market, and in addition
the GSO Investment Funds will benefit from customary anti-dilution rights, and the other minority protection
rights.
According to the Deed of Adherence dated 28.12.2017, which was signed among GSO Coastline Credit
(Luxembourg) Partners S.A.R.L., GSO Palmetto Opportunistic Investment (Luxembourg) Partners S.A.R.L.,
GSO Special Situations Master Fund S.A.R.L., GSO Cactus Credit Opportunities Oasis Credit (Luxembourg)
Partners SARL on the one side (hereinafter referred to as the "Transferors"), whose rights are controlled by
GSO Capital Partners LP, and Voxcove Holdings Limited (hereinafter the "New Shareholder") on the other side,
it was agreed that, in view of the transfer of 10.227.206 shares from the Transferors to the New Shareholder,
the latter shall adhere to the Shareholders' Agreement dated as of 26.08.2014 and signed between “GSO
Shareholders” (as defined in the agreement), GSO Capital Partners LP, Consolidated Lamda Holdings SA and
the Company. Under this Deed of Adherence, the New Shareholder enters into the above Shareholders’
Agreement and is bound by all its terms.
7. Rules governing the appointment and replacement of the members of the Board of Directors, as
well as for amendment of the Article of Association deviating from those provided for in Law
4548/2018
In accordance with the amended Article 10 of the Articles of Association, which regulates among other the
appointment and replacement of the members of the Board of Directors, the following are provided:
“ARTICLE 10
1. The Company is administered by a Board of Directors consisting of minimum five (5) to maximum
fifteen (15) Members that are elected by the Shareholders’ General Meeting and that may be Shareholders.
The Members may be either natural or legal persons. In the case that a legal person is Member of the Board
of Directors, it is required to designate a natural person to exercise its powers as member of the Board of
Directors. The elected Members of the Board of Directors may be reelected. The General Meeting may, as
and when it considers appropriate, elect Substitute Members, up to a number that shall not surpass that of
the ordinary Members.
2. Three (3) calendar days prior to any general meeting of shareholders which is convened for the purposes
of electing new members of the Board of Directors the Minority Shareholder (as defined in paragraph 11 of
the present article) is entitled to appoint for as long as it holds at least 10% of the Relevant Equity Shares (as
defined in paragraph 12 of the present article) one (1) member of the Board of Directors pursuant to the
provisions of Article 79 of Law 4548/ 2018. Such member of the Board can be removed at any time by decision
of the Minority Shareholder and be replaced by other member until the expiration of the relevant office term.
In the event that, and for as long as, the Minority Shareholder does not hold at least 10% of the Relevant
Equity Shares the above appointed person shall automatically cease to be a member of the Board of Directors.
3. The term of office of Board Directors members shall be five (5) years and may be extended until the
first Ordinary General Meeting convened after the expiration of the said term, but cannot exceed six (6) years
in total.

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4. In the event of resignation or death or in any other way termination of membership vacant board
positions shall be filled by substitute members, if any, elected by the General Meeting, pursuant to article 10,
paragraph 1 of the Articles of Association summoned in the order in which they were elected.
5. In the case that the filling of vacancies is not possible, whether because no substitute members have
been elected by the General Meeting, or because their number is exhausted, the Board of Directors may either
elect directors to fill in the vacancies, or carry on with the administration and representation of the Company
with the remaining directors and without replacing the former directors, on the condition that the remaining
number of directors is superior to one half of the initial number of directors as it was before the occurrence of
the aforementioned events. That said, the number of Board members cannot, at any time, be inferior to three
(3). The choice of one of the above solutions is made by the Board of Directors at its absolute discretion. The
Board of Directors may substitute only some of the vacant members provided that the Members after the
partial substitution exceed one half of the total number of the members before the occurrence of the vacancy
or vacancies.
6. The aforementioned right of the Board of Directors to elect Directors to replace vacant members, does
not apply if vacant members have been appointed by the Board of Directors pursuant to paragraph 2 of the
present article. Pursuant to paragraph 2 of this article, the sole responsible to decide the replacement of
vacant Members of the Board which have been appointed by the Board of Directors is the Minority Shareholder.
7. The right of the Board of Directors to continue to manage and represent the Company through any
remaining members and without having replaced any vacant members shall not prejudice the right of the
shareholder mentioned in paragraph 2 of the present article to exclusively replace any vacant member that
has been appointed by such Shareholder pursuant to paragraph 6 of the present article.
8. Should there be an election for replacing members, these shall be elected by the Board of Directors
upon decision of its remaining members, provided their number is not inferior to three (3), and shall stay in
office for the remaining of the term of office of the member to be replaced. The decision pertaining to the
election is subject to the publication formalities and shall be announced by the Board of Directors at the first
subsequent General Meeting, which has the power to replace the elected members even if no such item is
entered on the agenda. The right of the General Meeting set out above to elect permanent members in
replacement of those mentioned in paragraph 5 of the present article shall not exist in relation to members
that have been appointed by the shareholders pursuant to paragraph 2 of the present article given the
exclusive right of replacement granted to such shareholders pursuant to paragraphs 6 and 7 of the present
article.
9. The election of directors in replacement of vacancies shall be compulsory when the number of the
remaining directors is inferior or equal to half of the initial number of the Members of the Board of Directors,
as it was before the occurrence of one or more vacancies. A vacant Member of the Board of Directors
appointed pursuant to paragraph 2 of this article must be replaced by the appointment of a Member of the
Board of Directors pursuant to paragraphs 6 and 7 of this article.
10. In any case, the remaining members of the Board of Directors, regardless of their number, may convene
a General Meeting with the express purpose of electing a new Board of Directors. In this case, prior to such
General Meeting the shareholder mentioned in paragraph 2 of the present article shall fully exercise their
rights under the abovementioned paragraphs.
11. “Minority Shareholder” means the legal entity “VOXVOCE HOLDINGS LIMITED” and any other person
which enters into its position by acquiring at least 10% of the Relevant Equity Shares of the Company (as

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defined in paragraph 12 of the present article), acting legally and without breaching any relevant contractual
obligations.
12. “Relevant Equity Shares” means the share capital of the Company, as is outstanding from time to time,
excluding any shares issued under the stock option plan as approved by resolution of the General Meeting as
in force and under any other stock option plan being approved pursuant to Article 113 of Law 4548/ 2018.
13. The verb “hold”, in relation to shares, refers to shares being held directly and/or held through a
proxy/agent.”
In addition, in relation to the amendment of the Company’s Articles of Association, article 19, par. 2 and 3 of
the amended and in force Articles of Association, the following are provided:
“ARTICLE 19
…
2.Without prejudice to paragraph 3 of the present article, all issues pertaining to the convocation, quorum,
decision-making majority requirements and General Meeting competencies, as well as to participation and
voting rights in the General Meeting, are regulated in accordance with the provisions of Law 4548/2018, as
in force, In addition to the competence of the General Meeting, the Board of Directors may also be competent
to decide that a bond will be issued, except for when the bonds to be issued are convertible into shares,
subject to the second subparagraph of paragraph 4 of Article 16 hereof, or if they carry a right to participate
in profits.
3.Any material change in the Company’s business (resulting into the Company ceasing to be active in the
development of real estate as its core business activity), any amendment of Article 2 of the present Articles
of Association as well as any ceasing of operations of any material subsidiaries of the Company or any
agreement by the Company to implement such abovementioned material change or amendment of Article 2
or the aforementioned ceasing of operations shall be treated as a matter which falls under Article 130(3) of
Law 4548/ 2018 and the exclusive competence of the General Meeting which validly resolves on such matter
only if no objections are raised by shareholders that hold 10% of the Relevant Equity Shares (as defined under
article 10 of the present articles of association).
…..”
8. Authority of the Board of Directors or certain of its members regarding the issuance of new
shares or the purchase of own shares
A. According to the provisions of article 24, paragraph 1 of the L. 4548/2018 and in combination with the
provisions of article 6 of the Articles of Association of the Company, within five years since the relative decision
of the General Meeting of the Shareholders with which an increase in the share capital is conducted, the Board
of Directors has the right by a 2/3 majority decision of its members, to increase the share capital by issuing
new shares. The amount of the increase cannot exceed more than three times the amount of the share capital
that has already been paid-in, at the date the relative decision was made by the General Meeting. The
abovementioned authority of the Board of Directors may be renewed by the General Meeting of the
shareholders for a time period that does not exceed five years for each renewal.
B. According to the provisions of article 113 of the L. 4548/2018, by virtue of a decision of the General Meeting,
which is made by increased quorum and majority, a stock option plan may be introduced in favour of members
of the Board of Directors and personnel of the Company, and of affiliated companies according to article 32 of
the L. 4308/2014, in the form of the option to purchase shares, according to the terms of this decision, a
summary of which ispublicized. The decision of the General Meeting especially specifies the maximum number
of shares that can be issued, which cannot exceed 10% of the existing shares, the price and the terms of

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distribution of the shares to the beneficiaries. The Board of Directors decides on any other relevant details not
otherwise determined by the General Meeting, issues the stock option certificates and the shares to the
beneficiaries who have exercised their option, increasing respectively the capital and certifying the relative
increase of it, according to the paragraph 3 of article 113 of the L. 4548/2018.
Pursuant to the above provisions, the Extraordinary General Meeting of the Shareholders on 22.12.2020
decided a Stock Incentive Award (stock option) according to the provisions of article 113 Law 4548/2018 that
will be offered to Officers and employees of the Company and its affiliates within the meaning of article 32 of
Law 4308/2014. The Options are divided into a) "Initial Options" for up to 5.500.000 Company shares
(equivalent to 3,112% of the Company's share capital as on the date of the Extraordinary General Meeting),
and b) "additional options" for up to 2.750.000 Company shares (equivalent to 1,556% of the Company's
share capital as on the date of the Extraordinary General Meeting). Exercise price under the Award is set to
€6,70 per share. In order to fulfil the Options that will be exercised under the Award, the Company shall
proceed to a corresponding capital increase and issue of new shares according to the provisions of article 113,
Law 4548/2018. The Term of the Award is set to six (6) years, commencing in December 2020 and ending in
December 2026. In addition to the foregoing special authorisations expressly provided herein, the
Extraordinary General Meeting authorises the Board to specify the Participants of the Award, the special terms
applying to the award and the exercise of the Options, and any other term that may be deemed necessary or
suitable for the implementation of the Award, in accordance with the applicable laws and the Company's best
practices, within the scope of the Board of Directors powers and competencies.
C. Pursuant to the provisions of article 49 and 50 of the L. 4548/2018, as it applies, subject to prior approval
by the General Meeting of the Shareholders, the Company may acquire its own shares, under the responsibility
of the Board of Directors, provided that the par value of the shares acquired, including the shares previously
acquired and still held by the Company, does not exceed the one tenth (1/10) of its paid-up share capital. The
resolution of the General Meeting must also set the terms and conditions of the acquisitions, the maximum
number of shares that may be acquired, the effective period of the approval granted, which may not exceed
24 months, and, in the case of acquisition for value, the maximum and minimum consideration.
In implementation of the above provisions the Annual General Meeting of the Shareholders of the Company,
on 23.06.2021 decided on the purchase of own shares within a period of 24 months, i.e. from 24.06.2021
until 23.06.2023, up to 10% of its paid-up share capital, at a maximum purchase price of €14,00 per share
and a minimum purchase price equal to the nominal value of the share, that is €0,30 per share and instructed
the Board of Directors to implement this decision in cases where it deemed necessary. The Board of Directors
of the Company with its decision dated 23.06.2021 decided that the Company may proceed to the
materialization of the abovementioned decision, as best served the interests of the Company.
Therefore, the total number of own shares that the Company holds on 31.12.2022 amounts to 2.382.693
shares, equivalent to 1,348% of its share capital.
9. Significant agreements put in force, amended or terminated in the event of a change in the
control of the Company, following a public offer
In the event of a change in the control of the Company, due to the disposal of all shares held by Consolidated
Lamda Holdings S.A., the Shareholders Agreement is considered automatically expired.
A. Furthermore, in case of the loss of the control of the Company by Consolidated Lamda Holdings S.A., shall
be considered as an event of default with respect to the following bond loan contracts: LAMDA Development
S.A.: Common Bond Loan (Green Bond) of €230 million (capital balance as of 31.12.2022) with 230.000
common, bearer bonds of the Company, with a nominal value of €1.000 each, trading in the category of Fixed
Income Securities of the Regulated Market of the Athens Exchange.
B. LAMDA Development S.A.: Common Bond Loan of €320 million (capital balance as of 31.12.2021) with
320.000 common, bearer bonds of the Company, with a nominal value of €1.000 each, trading in the category
of Fixed Income Securities of the Regulated Market of the Athens Exchange.
C. LAMDA Development SA: Syndicated common bond loan of up to €347,2 million capital, with Eurobank and
Piraeus Bank, with bonds registered and not listed on the regulated market, which will be issued in case of
forfeiture of the letter of guarantee of equal value, which has been delivered to the HRADF, as beneficiary, to
ensure the claims of the latter arising from the SPA and related to the payment of the credited part of the
purchase price of the shares issued by "HELLINIKON S.M.S.A"
D. LAMDA DOMI S.M.S.A.: Syndicated bond loan with the banks HSBC France, Eurobank, Alpha Bank and
Piraeus Bank, loan balance €80,20 million as of 31.12.2022.

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E. PYLAIA S.M.S.A.: Syndicated bond loan with the banks Eurobank, Alpha Bank and Piraeus, with a loan
balance of €68,76 million as of 31.12.2022.
F. SINGIDUNUM BUILDINGS d.o.o. Belgrade: Syndicated common bond loan with the banks EUROBANK
CYPRUS LIMITED, Direktna Banka Belgrade and Alpha Bank SA., with capital balance of €25,02 million as of
31.12.2022
G. HELLINIKON S.M.S.A.: Syndicated common, secured, bond loan of up to €494 million, with Eurobank as
the bondholders’ agent and administrative agent, and Eurobank and Piraeus Bank as the initial bondholders,
with nominal and unlisted in an organized market bonds, to be issued for the financing of the infrastructure
works and other developments related to the Ellinikon project as well as the financing of the VAT, with term
until 25.06.2031.
10. Every agreement that the Company has concluded with members of its Board of Directors or
with its employees, which foresees compensation in case of resignation or dismissal without
substantial cause or termination of the term of office or employment due to a public offer
The Company has no agreements with members of the Board of Directors or with its employees, which foresee
compensation in case of resignation or dismissal without substantial cause or termination of the term of office
or employment as a result of a public offer.
Maroussi, 2 May 2023
Board of Directors
_______________________
Anastasios K. Giannitsis
Chairman of the BoD
______________________
Odyssefs E.Athanasiou
Chief Executive Officer
_____________________
Evgenia G.Paizi
Member of the BoD

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III. Independent auditor’s report

To the Shareholders of Lamda Development S.A.

Report on the audit of the separate and consolidated financial statements

Our opinion

We have audited the accompanying separate and consolidated financial statements of Lamda Development
S.A. (Company and Group) which comprise the separate and consolidated statement of financial position as
of 31 December 2022, the separate and consolidated income statements and statements of comprehensive
income, changes in equity and cash flow statements for the year then ended, and notes to the separate and
consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements present fairly, in all material respects the separate and
consolidated financial position of the Company and the Group as at 31 December 2022, their separate and
consolidated financial performance and their separate and consolidated cash flows for the year then ended in
accordance with International Financial Reporting Standards, as adopted by the European Union and comply
with the statutory requirements of Law 4548/2018.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have been
transposed into Greek Law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the separate and consolidated financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Independence

During our audit we remained independent of the Company and the Group in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA
Code) that has been transposed into Greek Law, and the ethical requirements of Law 4449/2017 and of
Regulation (EU) No 537/2014, that are relevant to the audit of the separate and consolidated financial
statements in Greece. We have fulfilled our other ethical responsibilities in accordance with Law 4449/2017,
Regulation (EU) No 537/2014 and the requirements of the IESBA Code.

We declare that the non-audit services that we have provided to the Company and its subsidiaries are in
accordance with the aforementioned provisions of the applicable law and regulation and that we have not
provided non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014.

The non-audit services that we have provided to the Company and its subsidiaries, in the period from 1
January 2022 and during the year ended as at 31 December 2022, are disclosed in the note 37 to the
separate and consolidated financial statements.

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Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the separate and consolidated financial statements of the year under audit. These matters were
addressed in the context of our audit of the separate and consolidated financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter
How our audit addressed the key audit matter

Valuation of Investment Property

(Notes 2.6, 4.1a and 6 in the separate and
consolidated financial statements)

Investment property comprises owned land,
owned buildings and leased buildings held for the
purpose of generating long-term lease revenue or
capital gains, as well as property for future
development.

The Group measures investment property at fair
value in accordance with International Accounting
Standard 40.

As stated in Note 6 of the financial statements,
the fair value of the Group’s investment property
as at 31 December 2022 amounts to €2,011
million. The gain from the revaluation of the
aforementioned investment property for the year
ended 31 December 2022 amounted to €146
million for the Group.

The valuation of all the Group's investment
property was carried out by certified external
valuers who performed their valuations in
accordance with International Valuation
Standards.









We have conducted the following procedures regarding
the assessment of the valuation of Investment
Property:

• We obtained an understanding of the processes
followed by management for the valuation of
investment properties.

• We obtained the valuation reports, that were
prepared by certified external valuers, and
compared the fair value of investment properties to
the book values in the Group's accounting records.

• We have assessed and confirmed the professional
competence, experience, independence and
objectivity of the certified external valuers of the
Group.

• We examined, on a sample basis, for the investment
properties with the highest fair value and risk of
material misstatement, as identified based on our
risk assessment of the Group’s investment property

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Key audit matter
How our audit addressed the key audit matter
Fair value is primarily based on discounted future
cash flows which stem from future cash flows
underlying tenant lease contracts that are in place
for the operating investment properties and
based on estimated expected future income and
construction costs for the properties under
development. External factors such as rental
rates for similar properties and current market
conditions are also taken into account.
Alternatively, fair value is based on comparative
prices, adjusted where necessary due to
differences in the physical condition, location or
condition of the property in question.

In order to determine the fair value of investment
property, certified external valuers take into
account factors directly associated with the
property concerned, such as existing leases,
construction cost for the development properties,
and any restrictions on the use of the property.
They then use assumptions, based on available
information in the real estate market, at the date
of preparation of the financial statements,
relating to expected future market rentals,
discount rates and exit yields in order to
determine appropriate valuations.

We focused on this matter because of the:

• Relative size of the investment property to
the total assets;

• The subjective nature and the use of
judgement for the selection of the
appropriate methods and sources of data, in
making the assumptions and estimates used
by the management in the context of
investment properties’ valuation carried at
fair value;

portfolio, the accuracy and relevance of the data
used by Management’s certified external valuers to
determine the fair value of the Group’s investment
properties. This data mainly comprised information
on lease rentals of the investment property as
derived from signed rental contracts as well as other
data such as other income, operating costs and
construction costs.

• With the assistance of external valuation experts in
real estate valuation, for the investment properties
with the highest fair value, we assessed the
appropriateness of the methodologies used and the
reasonableness of the key assumptions, such as
discount rates, exit yields, market rents, vacancies,
operating costs and construction costs.

• We attended meetings with management’s external
certified valuers to understand the methodology
and key assumptions underlying the property
valuations. We discussed any adjustment made to
the key valuation assumptions and we assessed
whether these adjustments were appropriate in
light of the volatility characterizing existing
macroeconomic conditions.

Our audit procedures concluded that the valuations
carried out were based on reasonable assumptions and
appropriate data and are in line with the current market
conditions taking into consideration the conditions that
have been formed as a result of the recent geopolitical
developments in Europe.

Finally, we confirmed that the disclosures included in
Note 6 of the separate and consolidated financial
statements were sufficient and appropriate in line with
the requirements of International Accounting Standard
40.

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Key audit matter
How our audit addressed the key audit matter
• Sensitivity of valuations to key input
assumptions, specifically discount rates, exit
yields, future rental income following the
expiry of existing lease contracts, vacancies,
operating costs and construction costs;


• Wider challenges currently facing the real
estate market and particularly the retail and
hospitality sectors as a result of
macroeconomic uncertainty following and
geopolitical developments in Europe and the
consequent effects on energy costs,
inflationary trends and interest rate curves.

Net Realisable Value of Inventories Under
Development

(Notes 2.13, 4.1d and 10 in the separate and
consolidated financial statements)

Inventories mainly comprise development
properties held for development and subsequent
sale within the ordinary course of business.

As stated in Note 10 to the consolidated financial
statements, the carrying amount of inventory of
Group’s development properties amounted to
€1.1 billion (2021: €0.9 billion) and
represent 26% (2021: 26%) of total assets as at
31 December 2022.

Inventories of development properties are
measured at the lower of cost and net realizable
value in accordance with the accounting policy
described on Note 2.13 to the consolidated
financial statements. Net realizable value is the







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estimated selling price in the ordinary course of
business less the estimated costs of completion
and the estimated costs necessary to complete
the sale.

The Group's management's estimates of both
future selling values and completion costs are an
area of increased estimation uncertainty, as the
assessment of net realizable value involves
assumptions about future market conditions that
are inherently subject to the risk of change.

Management proceeded with an impairment test
of the properties under development and
concluded that there is an impairment of the
value of specific properties amounting to €11.0
million as at 31 December 2022.
We focused on this matter due to:
• The relative size of inventory
development properties to the total
assets of the Group;

• The subjective nature and the use of
judgement for the selection of the
appropriate methods and sources of data,
in making the assumptions and estimates
used by the management in the context
of estimating the net realizable value;

• The wider challenges currently facing the
real estate market and particularly the
retail and hospitality sectors as a result of
macroeconomic uncertainty following and
geopolitical developments in Europe and
the consequent effects on energy costs,
inflationary trends and interest rate
curves.
We have conducted the following procedures regarding
the assessment of the net realisable value of inventory
of properties under development:

• Obtained an understanding of the processes
followed by management for for review of key
assumptions used in the estimation of net
realisable value across the residential
development project portfolio.

• Obtained the project feasibility model that
management uses to assess net realisable
value and held discussions with management
to develop an understanding of the basis for
assumptions used in the model.

• Assessed the reasonableness of key
assumptions by comparing the estimated sale
prices with the data provided by the certified
external valuers and used to determine the fair
value of the Group's properties or with internal
data for expressions of interest and sales of
residential properties made recently in the
project of Ellinikon.

• Contrasted other key model assumptions with
management's internal project budgets, such
as capitalised costs, completion costs, and
overhead cost allocation factors across
projects.

• Assessed management's conclusion that the
book value of the Group's property under
development inventory is fully recoverable.
Our audit procedures concluded that management's
approach to determining net realisable value was based
on reasonable assumptions and appropriate data.

Finally, we confirmed that the disclosures included in
the separate and consolidated financial statements

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Annual financial report for the year ended 31 December 2022
139

Key audit matter
How our audit addressed the key audit matter
were sufficient and appropriate in line with the
requirements of International Accounting Standard 2.

Acquisition accounting for business
combinations

(Notes 2.3 and 9 in the separate and consolidated
financial statements)

During the second half of 2022, the Group
completed the acquisition of the company
Designer Outlet Athens S.M.L.L.C. (formerly
McArthurGlen Hellas Monoprosopi E.P.E.), owner
of the Designer Outlet Athens discount village in
Spata, Attica prefecture. The basic consideration
of the acquisition amounted to €35.8 million,
while the possible additional consideration of up
to €8 million according to management's
estimates.

As stated in Note 9 of the financial statements,
this transaction has been accounted in
accordance with the guidance described in IFRS 3
“Business Combinations” with the acquisition
price allocated to the individual identifiable assets
and liabilities based on their relative fair values at
the date of purchase. The goodwill resulting from
the acquisition amounts to €7.4 million and has
been recognised in the consolidated Statement of
Financial Position under the line item "Intangible
assets".

We focused on this matter due to:







We have conducted the following procedures with
regards to the acquisition accounted for as business
combination:

● We assessed management’s process for the
recognition and determination of the fair values of
the underlying assets acquired and liabilities
assumed, including the contingent variable
purchase price component.
● We reviewed the sale and purchase agreement of
the acquisition in order to determine the key terms
and to confirm the purchase price and payment
terms.
● We evaluated management’s assessment of the
findings of the due diligence review.
● We reviewed management's assessment of the
acquisition accounting for the Designer Outlet
Athens discount village, as a business combination,
as well as the calculation of the goodwill resulting
from the allocation of the purchase price to the
assets acquired and the liabilities assumed based
on the relevant their fair values on the date of
completion of the transaction.

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Annual financial report for the year ended 31 December 2022
140

Key audit matter
How our audit addressed the key audit matter
• The significant magnitude of the
acquisition to the consolidated financial
statements of the Group.

• The inherent complexity in accounting for
the business combinations in accordance
with the requirements of IFRS 3
"Business combinations" which is due to:

o The significant assumptions and
estimates made by management
in order to determine the fair
value of the assets acquired,
mainly related to the investment
property, as well as the liabilities
assumed and

o the existence of the contingent
variable purchase price
component.

● We assessed the professional competence,
independence and objectivity of management’s
certified external property valuer.

● With the assistance of our independent external
valuation experts, we evaluated the methodologies
and underlying assumptions used by management
in estimating the fair value of the investment
property acquired.

● We attended meetings with management’s
external certified valuer to understand the
methodology and key assumptions underlying the
property valuation. We discussed any adjustment
made to the key valuation assumptions and we
assessed whether these adjustments were
appropriate in light of the volatility characterising
existing macroeconomic conditions.

● We evaluated the adequacy of the relevant
disclosures made in the financial statements.

Our audit procedures concluded that the approach
followed by management in order to determine the fair
value of the underlying assets acquired and liabilities
assumed is based on reasonable assumptions and
appropriate data.

We also found that the disclosures in Note 9 of the
separate and consolidated financial statements are
adequate and consistent with the requirements of
International Financial Reporting Standard 3.









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Annual financial report for the year ended 31 December 2022
141

Key audit matter
How our audit addressed the key audit matter
Basis of preparation

(Notes 2.1, 3.1.c and 18 in the separate and
consolidated financial statements)

As explained in Note 2.1 the financial statements
of the Group have been prepared on a going
concern basis.

The uncertainty relating to the geopolitical
developments in Europe and the consequent
effects on energy costs, inflationary trends and
interest rate curves on the Group’s performance
and cash flows, combined with the execution risks
associated with the Ellinikon Development, may
cause management to experience liquidity
constraints during the foreseeable future.
Furthermore, the Group, in addition to the capital
expenditures for development and infrastructure
projects, is committed to proceed with the
renovation of the Metropolitan Park of Elliniko -
Agios Kosmas.

As of 31 December 2022, the Group's short-term
debt obligations mainly relate to the contractual
capital repayment of the bridge financing
amounting to €361 million payable in December
2023. Management is in advanced negotiations
with the banks and has agreed the term sheet
for the issuance of a new common bond loan
facility which will include the refinancing of the
short term debt (bridge financing) together with
existing bank loans for the remaining shopping
centers under a contemplated restructuring
within 2023.




We performed the following procedures in assessing
the appropriateness of the going concern basis of
accounting used in preparing the financial statements:

• We discussed with management the basic planning
regarding the raising of new funds in order to cover
the financing needs of Ellinikon project, as well as
possible alternatives that have been considered to
address liquidity issues if they arise in the
foreseeable future.

• We examined which projected capital expenditures
are committed and which are discretionary.

• We agreed the estimated cash flows to the
approved business plans.

• We have evaluated the financial position of the
Group for the next 12 months and we tested key
assumptions against underlying documentation,
such as debt agreements, borrowing rates and
payment schedules.

• We evaluated management’s conclusion that there
are no material uncertainties with respect to going
concern.

• We reviewed the adequacy and suitability of the
relevant disclosures made by management in the
financial statements.


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Annual financial report for the year ended 31 December 2022
142

Key audit matter
How our audit addressed the key audit matter

Management expects that the liquidity of the
Group will be positively affected by the
improvement of the overall performance of its
main cash flow generation units and by the
proceeds associated with the Ellinikon project. In
addition, management has successfully
concluded project financing for the initial 5 years
for the Ellinikon project amounting to €1.3 billion
(including letters of guarantee).

Based on the above, management has analysed
its future cash flows to assess the Group's ability
to have sufficient cash available to finance its
current working capital, significant investments
and debt obligations for the immediate future.

After considering all of these factors, amongst
others and including compliance with the required
financial ratios underlying loan agreements,
management have concluded that there would be
sufficient cash flows for the foreseeable future
and that preparing the financial statements on a
going concern basis remains appropriate. (Note
2.1).

We focused on this area because of the potential
impact of the current macroeconomic conditions
on the Group's activities, the significant financing
needs of the Ellinikon project, as well as due to
the estimates and assumptions required by
management so as to evaluate the Group’s ability
to continue as a going concern in the foreseeable
future.

Based on our audit procedures, we concluded that the
inputs used in management’s assessment was based
on reliable data and that the assumptions used were
reasonable and consistent with management’s
estimations and plans, which support the going concern
basis of accounting used in the preparation of the
financial statements.





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Annual financial report for the year ended 31 December 2022
143

Other Information

The members of the Board of Directors are responsible for the Other Information. The Other Information,
which is included in the Annual Report in accordance with Law 3556/2007, is the Statements of Board of
Directors members, the Board of Directors Report and the Tables of Use of Raised Funds (but does not include
the financial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s
report.

Our opinion on the separate and consolidated financial statements does not cover the Other Information and
except to the extent otherwise, explicitly stated in this section of our Report, we do not express an audit
opinion or other form of assurance thereon.

In connection with our audit of the separate and consolidated financial statements, our responsibility is to read
the Other Information identified above and, in doing so, consider whether the Other Information is materially
inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated.

We considered whether the Board of Directors Report includes the disclosures required by Law 4548/2018 and
the Corporate Governance Statement required by article 152 of Law 4548/2018 has been prepared.

Based on the work undertaken in the course of our audit, in our opinion:

• The information given in the the Board of Directors’ Report for the year ended at 31 December 2022
is consistent with the separate and consolidated financial statements.

• The Board of Directors’ Report has been prepared in accordance with the legal requirements of articles
150, 151, 153 and 154 of Law 4548/2018.

• The Corporate Governance Statement provides the information referred to items c and d of paragraph
1 of article 152 of Law 4548/2018.

In addition, in light of the knowledge and understanding of the Company and Group and their environment
obtained in the course of the audit, we are required to report if we have identified material misstatements in
the Board of Directors’ Report and Other Information that we obtained prior to the date of this auditor’s report.
We have nothing to report in this respect.

Responsibilities of Board of Directors and those charged with governance for the separate and
consolidated financial statements

The Board of Directors is responsible for the preparation and fair presentation of the separate and consolidated
financial statements in accordance with International Financial Reporting Standards, as adopted by the
European Union and comply with the requirements of Law 4548/2018, and for such internal control as the
Board of Directors determines is necessary to enable the preparation of separate and consolidated financial
statements that are free from material misstatement, whether due to fraud or error.

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Annual financial report for the year ended 31 December 2022
144


In preparing the separate and consolidated financial statements, the Board of Directors is responsible for
assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
Board of Directors either intends to liquidate the Company and Group or to cease operations, or has no realistic
alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s and Group’s financial reporting
process.

Auditor’s responsibilities for the audit of the separate and consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these separate and consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s and Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the separate and consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may cause the Company and Group to cease to
continue as a going concern.

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Annual financial report for the year ended 31 December 2022
145


• Evaluate the overall presentation, structure and content of the separate and consolidated financial
statements, including the disclosures, and whether the separate and consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the Company and Group audit. We remain solely
responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the separate and consolidated financial statements of the year under audit
and are therefore the key audit matters. We describe these matters in our auditor’s report.

Report on other legal and regulatory requirements

1. Additional Report to the Audit Committee

Our opinion on the accompanying separate and consolidated financial statements is consistent with our, as
per article 11 of Regulation (EU) 537/2014 required, Additional Report to the Audit Committee of the Company.

2. Appointment

We were first appointed as auditors of the Company by the decision of the annual general meeting of
shareholders on 16 June 2004. Our appointment has been renewed annually by the decision of the annual
general meeting of shareholders for a total uninterrupted period of appointment of 19 years.

3. Operating Regulation

The Company has an Operating Regulation in accordance with the content provided by the provisions of article
14 of Law 4706/2020.

4. Assurance Report on the European Single Electronic Format

We have examined the digital files of the Company and the Group, which were compiled in accordance with
the European Single Electronic Format (ESEF) defined by the Commission Delegated Regulation (EU)

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Annual financial report for the year ended 31 December 2022
146

2019/815, as amended by Regulation (EU) 2020/1989 (hereinafter “ESEF Regulation”), and which include the
separate and consolidated financial statements of the Company and the Group for the year ended 31 December
2022, in XHTML format 213800C7PQZVF38FYL54-2022-12-31-el.xhtml, as well as the provided XBRL file
213800C7PQZVF38FYL54-2022-12-31-el.zip with the appropriate marking up, on the aforementioned
consolidated financial statements, including the other explanatory information (Notes to the financial
statements).

Regulatory framework

The digital files of the European Single Electronic Format are compiled in accordance with ESEF Regulation
and 2020 / C 379/01 Interpretative Communication of the European Commission of 10 November 2020, as
provided by Law 3556/2007 and the relevant announcements of the Hellenic Capital Market Commission and
the Athens Stock Exchange (hereinafter “ESEF Regulatory Framework”).

In summary, this Framework includes the following requirements:

• All annual financial reports should be prepared in XHTML format.

• For consolidated financial statements in accordance with International Financial Reporting Standards, the
financial information stated in the Statement of Comprehensive Income, the Statement of Financial Position,
the Statement of Changes in Equity and the Statement of Cash Flows, as well as the financial information
included in the other explanatory information, should be marked-up with XBRL 'tags' and ‘block tag’, according
to the ESEF Taxonomy, as in force. The technical specifications for ESEF, including the relevant classification,
are set out in the ESEF Regulatory Technical Standards.

The requirements set out in the current ESEF Regulatory Framework are suitable criteria for formulating a
reasonable assurance conclusion.

Responsibilities of the management and those charged with governance

The management is responsible for the preparation and submission of the separate and consolidated
financial statements of the Company and the Group, for the year ended 31 December 2022, in accordance
with the requirements set by the ESEF Regulatory Framework, as well as for those internal controls that
management determines as necessary, to enable the compilation of digital files free of material error due to
either fraud or error.

Auditor’s responsibilities

Our responsibility is to plan and carry out this assurance work, in accordance with no. 214/4 / 11.02.2022
Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board
(HAASOB) and the "Guidelines in relation to the work and the assurance report of the Certified Public
Accountants on the European Single Electronic Format (ESEF) of issuers with securities listed on a regulated
market in Greece" as issued by the Board of Certified Auditors on 14/02/2022 (hereinafter "ESEF Guidelines"),
providing reasonable assurance that the separate and consolidated financial statements of the Company and

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Annual financial report for the year ended 31 December 2022
147

the Group prepared by the management in accordance with ESEF comply in all material respects with the
current ESEF Regulatory Framework.

Our work was carried out in accordance with the Code of Ethics for Professional Accountants of the
International Ethics Standard Board for Accountants (IESBA Code), which has been transposed into Greek Law
and in addition we have fulfilled the ethical responsibilities of independence, according to Law 4449/2017 and
the Regulation (EU) 537/2014.
The assurance work we conducted is limited to the procedures provided by the ESEF Guidelines and was
carried out in accordance with International Standard on Assurance Engagements 3000, “Assurance
Engagements other than Audits or Reviews of Historical Financial Information''. Reasonable assurance is a
high level of assurance, but it is not a guarantee that this work will always detect a material misstatement
regarding non-compliance with the requirements of the ESEF Regulation.

Conclusion

Based on the procedures performed and the evidence obtained, we conclude that the separate and
consolidated financial statements of the Company and the Group for the year ended 31 December 2022, in
XHTML file format 213800C7PQZVF38FYL54-2022-12-31-el.xhtml, as well as the provided XBRL file
213800C7PQZVF38FYL54-2022-12-31-el.zip with the appropriate marking up, on the aforementioned
consolidated financial statements, including the other explanatory information, have been prepared, in all
material respects, in accordance with the requirements of the ESEF Regulatory Framework.








Athens, 2 May 2023
The Certified Auditor


PricewaterhouseCoopers S.A.
Certified Auditors
260 Kiffisias Avenue,
152 32, Halandri
SOEL Reg. No. 113
Socrates Leptos - Bourgi
SOEL Reg. No. 41541












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Annual financial report for the year ended 31 December 2022
148
Statement of financial position (Company and Consolidated)
Amounts in € thousands
Note
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
ASSETS
Non-current assets
Investment property
6
2.010.614
1.846.920
1.840
1.840
Inventories
10
830.613
606.051
-
-
Right-of-use assets
19
131.783
140.329
6.305
8.156
Tangible assets
7
88.429
58.146
4.198
4.625
Intangible assets
8
27.920
20.384
2.020
2.353
Investments in subsidiaries
9
-
-
880.780
606.758
Investments in joint ventures and associates
9
3.919
3.483
2.634
1.467
Deferred tax assets
24
521
677
329
546
Restricted cash
13
11.347
167.000
11.347
167.000
Other receivables
11
21.842
29.225
4.690
84.594
Derivative financial instruments
23
10.267
310
-
-
Other financial instruments
14
11.757
756
817
756
3.149.012
2.873.281
914.960
878.095
Current assets
Inventories
10
237.311
342.146
-
-
Trade and other receivables
11
113.884
49.908
116.758
92.873
Current tax assets
533
661
160
172
Restricted cash
13
167.000
210.000
167.000
210.000
Cash and cash equivalents
12
515.515
162.402
212.436
31.505
1.034.243
765.117
496.354
334.550
Assets classified as held for sale
9
-
32.539
-
2.570
Total assets
4.183.255
3.670.937
1.411.314
1.215.215
EQUITY
Share capital and share premium
15
1.024.508
1.024.508
1.024.508
1.024.508
Treasury shares
16
(15.848)
(3.729)
(15.848)
(3.729)
Other reserves
17
27.616
17.256
17.278
10.218
Retained earnings/(Accumulated losses)
117.482
164.206
(251.484)
(212.973)
Equity attributable to equity holders of the Company
1.153.758
1.202.241
774.454
818.024
Non-controlling interests
13.884
99.002
-
-
Total equity
1.167.642
1.301.243
774.454
818.024
LIABILITIES
Non-current liabilities
Borrowings
18
775.346
671.694
541.257
347.341
Lease liabilities
19
178.242
179.815
4.890
6.677
Deferred tax liabilities
24
204.090
175.975
-
-
Derivative financial instruments
23
-
376
-
-
Net employee defined benefit liabilities
20
940
914
468
459
Provisions for infrastructure investments for HELLINIKON S.M.S.A.
22
507.354
479.553
-
-
Consideration payable for the acquisition of HELLINIKON S.M.S.A.
9
354.656
501.245
-
-
Other non-current liabilities
20.673
21.378
-
-
2.041.301
2.030.950
546.615
354.477
Current liabilities
Borrowings
18
387.315
49.726
57.391
11.685
Lease liabilities
19
3.094
3.097
1.751
1.697
Trade and other payables
21
265.225
99.356
31.103
29.332
Provisions for infrastructure investments for HELLINIKON S.M.S.A.
22
121.260
155.455
-
-
Consideration payable for the acquisition of HELLINIKON S.M.S.A.
9
163.872
-
-
-
Current tax liabilities
33.546
1.110
-
-
974.312
308.744
90.245
42.714
Liabilities directly associated with assets classified as held for sale
9
-
30.000
-
-
Total liabilities
3.015.613
2.369.694
636.860
397.191
Total equity and liabilities
4.183.255
3.670.937
1.411.314
1.215.215
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
149
Income statement (Company and Consolidated)
GROUP
COMPANY
Amounts in € thousands
Note
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Revenue
25
141.696
79.090
29.065
42.533
Dividends income
123
135
11.977
8.917
Net gain/(loss) from fair value adjustment on
investment property
6
146.032
325.299
-
-
Loss from inventory impairment
10
(11.736)
(272)
-
-
Profit from disposal of investment property
6
79
880
-
-
Cost of sales of inventory
10
(19.442)
-
-
-
Expenses related to investment property
26
(14.671)
(11.883)
-
-
Expenses related to the development of the Ellinikon site
27
(73.617)
(31.979)
(23.244)
(24.035)
Employee benefits expense
28
(23.324)
(21.022)
(15.357)
(13.617)
Depreciation
7,8,19
(8.982)
(8.602)
(3.172)
(2.617)
Provision for impairment relating to investments in
subsidiaries, joint ventures and associates
9
(440)
-
(3.479)
(3.590)
Provision for impairment of receivables from subsidiaries
34
-
-
(1.555)
(1.126)
Gain on disposal of subsidiary
9
30
1.212
5
9.586
Other operating income / (expenses) - net
29
(23.076)
(5.902)
(10.331)
(5.077)
Operating profit/(loss)
112.672
326.956
(16.091)
10.974
Finance income
30
5.289
283
4.419
1.426
Finance costs
30
(94.509)
(58.892)
(26.628)
(18.089)
Share of net profit/(loss) of investments accounted for
using the equity method
9
114
(484)
-
-
Profit/(loss) before income tax
23.566
267.863
(38.300)
(5.689)
Income tax expense
31
(47.522)
(68.094)
(211)
(3.988)
Profit/(loss) for the year
(23.956)
199.769
(38.511)
(9.677)
Profit/(loss) attributable to:
Equity holders of the parent
(31.409)
191.242
(38.511)
(9.677)
Non-controlling interests
7.453
8.527
-
-
(23.956)
199.769
(38.511)
(9.677)
Earnings/(losses) per share (€) attributable to the
equity holders of the Parent
- Basic
35
(0,18)
1,08
(0,22)
(0,05)
- Diluted
35
(0,18)
1,08
(0,22)
(0,05)
Weighted Average number of shares
35
174.765.798
176.721.722
174.765.798
176.721.722
Revised Weighted Average number of shares
35
174.765.798
177.741.707
174.765.798
177.741.707
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
150
Comprehensive income statement (Company and Consolidated)
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Profit/(loss) for the year
(23.956)
199.769
(38.511)
(9.677)
Change in cash flow hedges, after tax
4.187
904
-
-
Currency translation differences
(273)
107
-
-
Items that may be subsequently
reclassified to Income Statement
3.914
1.011
-
-
Actuarial gains / (losses), after tax
72
(73)
22
(53)
Change in income tax rate
-
(10)
-
-
Items that may not be subsequently
reclassified to Income Statement
72
(83)
22
(53)
Other Comprehensive Income for the year
3.986
928
22
(53)
Total Comprehensive Income for the year
(19.970)
200.697
(38.489)
(9.730)
Profit/(loss) attributable to:
Equity holders of the parent
(28.019)
191.891
(38.489)
(9.730)
Non-controlling interests
8.049
8.806
-
-
(19.970)
200.697
(38.489)
(9.730)
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
151
Statement of changes in equity (Consolidated) 2022
Attributable to equity holders of the parent
Non-
controlling
interests
Total equity
Amounts in € thousands
Share capital
and share
premium
Treasury
share
Other
reserves
Retained
earnings /
(Accumulated
losses)
Total
GROUP
1 January 2022
1.024.508
(3.729)
17.256
164.206
1.202.241
99.002
1.301.243
Total income:
(Loss) / Profit for the period
-
-
-
(31.409)
(31.409)
7.453
(23.956)
Other comprehensive income for the year:
Change in cash flow hedges, after tax
-
-
3.591
-
3.591
596
4.187
Actuarial gain, after tax
-
-
72
-
72
-
72
Currency translation differences
-
-
(273)
-
(273)
-
(273)
Total other comprehensive income for the year
-
-
3.390
-
3.390
596
3.986
Total comprehensive income for the year
-
-
3.390
(31.409)
(28.019)
8.049
(19.970)
Transactions with the shareholders:
Other reserves
-
-
(68)
68
-
-
-
Issue of share capital
-
-
-
-
-
5
5
Acquisition of treasury shares
-
(12.119)
-
-
(12.119)
-
(12.119)
Employees share option scheme
-
-
7.038
-
7.038
-
7.038
Dividends to non-controlling interests
-
-
-
-
-
(342)
(342)
Acquisition of additional share proportion in subsidiary
-
-
-
(15.383)
(15.383)
(93.617)
(109.000)
Acquisition of subsidiary
-
-
-
-
-
787
787
Total transactions with the shareholders for the year
-
(12.119)
6.970
(15.315)
(20.464)
(93.167)
(113.631)
31 December 2022
1.024.508
(15.848)
27.616
117.482
1.153.758
13.884
1.167.642
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
152
Statement of changes in equity (Consolidated) 2021
Attributable to equity holders of the parent
Non-
controlling
interests
Total equity
Amounts in € thousands
Share capital
and share
premium
Treasury
share
Other
reserves
Retained
earnings /
(Accumulated
losses)
Total
GROUP
1 January 2021
1.024.576
-
8.772
(26.340)
1.007.008
94.756
1.101.764
Total income:
Profit for the year
-
-
-
191.242
191.242
8.527
199.769
Other comprehensive income for the year:
Change in cash flow hedges, after tax
-
-
619
-
619
285
904
Actuarial loss, after tax
-
-
(72)
-
(72)
(1)
(73)
Currency translation differences
-
-
112
-
112
(5)
107
Change in income tax rate
-
-
(10)
-
(10)
-
(10)
Total other comprehensive income for the year
-
-
649
-
649
279
928
Total comprehensive income for the year
-
-
649
191.242
191.891
8.806
200.697
Transactions with the shareholders:
Other reserves
-
-
745
(745)
-
-
-
Change of other reserves due to sale of subsidiary
-
-
(49)
49
-
-
-
Issue of share capital
-
-
-
-
-
42
42
Acquisition of treasury shares
-
(3.729)
-
-
(3.729)
-
(3.729)
Employees share option scheme
-
-
7.139
-
7.139
-
7.139
Dividends to non-controlling interests
-
-
-
-
-
(4.602)
(4.602)
Change in income tax rate
(68)
-
-
-
(68)
-
(68)
Total transactions with the shareholders
(68)
(3.729)
7.835
(696)
3.342
(4.560)
(1.218)
31 December 2021
1.024.508
(3.729)
17.256
164.206
1.202.241
99.002
1.301.243
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
153
Statement of changes in equity (Company) 2022
Amounts in € thousands
Share capital and
share premium
Treasury
shares
Other reserves
Retained
earnings /
(Accumulated
losses)
Total Equity
COMPANY
1 January 2022
1.024.508
(3.729)
10.218
(212.973)
818.024
Total income:
Loss for the year
-
-
-
(38.511)
(38.511)
Other comprehensive income for the year:
Actuarial gain, after tax
-
-
22
-
22
Total other comprehensive income for the year
-
-
22
-
22
Total comprehensive income for the year
-
-
22
(38.511)
(38.489)
Transactions with the shareholders:
Acquisition of treasury shares
-
(12.119)
-
-
(12.119)
Employees share option scheme
-
-
7.038
-
7.038
Total transactions with the shareholders
-
(12.119)
7.038
-
(5.081)
31 December 2022
1.024.508
(15.848)
17.278
(251.484)
774.454
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
154
Statement of changes in equity (Company) 2021
Amounts in € thousands
Share capital and
share premium
Treasury
shares
Other reserves
Retained
earnings /
(Accumulated
losses)
Total Equity
COMPANY
1 January 2021
1.024.576
-
3.132
(203.296)
824.412
Total income:
Loss for the year
-
-
-
(9.677)
(9.677)
Other comprehensive income for the year:
Actuarial loss, after tax
-
-
(53)
-
(53)
Total other comprehensive income for the year
-
-
(53)
-
(53)
Total comprehensive income for the year
-
-
(53)
(9.677)
(9.730)
Transactions with the shareholders:
Change in income tax rate
(68)
-
-
-
(68)
Acquisition of treasury shares
-
(3.729)
-
-
(3.729)
Employees share option scheme
-
-
7.139
-
7.139
Total transactions with the shareholders for the year
(68)
(3.729)
7.139
-
3.342
31 December 2021
1.024.508
(3.729)
10.218
(212.973)
818.024
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
155
Cash Flow Statement (Company and Consolidated)
GROUP
COMPANY
Amounts in € thousands
Note
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Profit/(loss) for the year
(23.956)
199.769
(38.523)
(9.677)
Adjustments for:
Income tax expense
31
47.522
68.094
211
3.988
Depreciation
7,8,19
8.982
8.602
3.172
2.617
Share of net profit of investments accounted for
using the equity method
9
(114)
484
-
-
Dividends income
(123)
(135)
(11.977)
(8.917)
Provision for impairment of receivables from
subsidiaries
34
-
-
1.555
1.126
Provision for impairment relating to investments in
subsidiaries, joint ventures and associates
9
440
-
3.479
3.590
Impairment of receivables
11
73
2.220
(25)
71
(Gain)/Loss from sale of investment property /
tangible assets
(79)
(880)
-
-
(Gain)/loss related to sale/acquisition share of
control in entities
9
(30)
(1.212)
(5)
(9.586)
Provision for retirement benefit obligations
20
115
26
38
(156)
Employees share option scheme
17
7.038
7.139
7.038
7.139
Finance income
30
(5.289)
(283)
(4.419)
(1.426)
Finance costs
30
94.509
58.892
26.628
18.089
Loss from inventory impairment
10
11.736
272
-
-
Net (gains)/losses from fair value adjustment on
investment property
6
(146.032)
(325.299)
-
-
Other non-cash (income) / expense
-
(4.949)
-
(119)
(5.208)
12.740
(12.816)
6.739
Changes in working capital:
(Increase)/decrease in inventories
10
(6.218)
(5.261)
-
-
Decrease/(increase) in trade receivables
11
(58.458)
(11.151)
31.004
(19.761)
Increase/(decrease) in trade payables
21
133.356
16.053
2.042
2.570
(Decrease)/increase related to payments in advance
from revenue contracts of HELLINIKON S.M.S.A.
21
20.351
23.200
-
500
89.031
22.841
33.046
(16.691)
Income taxes paid
(951)
(2.735)
-
(6)
Net cash (outflow) / inflow from operating
activities
82.872
32.846
20.230
(9.958)
Cash flows from investing activities
Purchase of tangible assets and investment property
6,7
(74.408)
(27.314)
(293)
(2.287)
Purchase of intangible assets
8
(1.415)
(508)
(233)
(334)
Proceeds from sale of tangible assets and investment
property
6,7
150
14.000
-
-
Dividends/pre-dividends received
123
338
33.086
338
Interest received
326
300
-
153
Loans from/(to) related parties
-
-
-
(80.000)
Proceeds from repayment of loans to related parties
-
-
-
2.270
Payments of consideration for the
(acquisition)/disposal of participations
9
(143.949)
(308.064)
858
(901)
(Purchase)/sale of other financial instruments at fair
value through profit or loss
14
(10.505)
(756)
-
(756)
Cash equivalents at the date of the acquisition
9
4.070
794
-
-
(Increase)/decrease in the share capital of
participations
9
(229)
(300)
(271.221)
(300.086)
Restricted cash
13
198.653
(377.000)
198.653
(377.000)
Net cash (outflow) / inflow from investing
activities
(27.184)
(698.510)
(39.150)
(758.603)

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Annual financial report for the year ended 31 December 2022
156
GROUP
COMPANY
Amounts in € thousands
Note
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Cash flows from financing activities
Acquisition of treasury shares
16
(12.468)
(3.380)
(12.468)
(3.380)
Dividends paid to non-controlling interests
9
(4.602)
-
-
-
Loans received/(repayment) of loans from
related parties
36
-
36
(7.253)
Proceeds from borrowings
18
713.475
15.770
237.975
-
Repayment of borrowings
18
(340.272)
(30.464)
-
-
Repayment of lease liabilities
19
(3.602)
(3.557)
(1.759)
(1.500)
Interest paid and related expenses
18,30
(35.994)
(29.355)
(17.746)
(16.795)
Interest paid related to lease liabilities
19
(8.891)
(4.071)
(303)
(358)
Borrowings transaction costs
18
(10.257)
(32)
(5.884)
-
Net cash (outflow) / inflow from
financing activities
297.425
(55.089)
199.851
(29.286)
Net increase / (decrease) in cash and
cash equivalents
353.113
(720.753)
180.931
(797.847)
Cash and cash equivalents at the beginning of
the year
12
162.402
883.155
31.505
829.352
Cash and cash equivalents at end of the
year
12
515.515
162.402
212.436
31.505
Notes on pages 157 to 243 form an integral part of this financial statements

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Annual financial report for the year ended 31 December 2022
157


Notes to the financial statements


1. General information
These financial statements include the standalone financial statements of the company LAMDA DEVELOPMENT
S.A. (the “Company”) and the consolidated financial statements of the Company and its subsidiaries (together
“the Group”) for the fiscal year ended 31 December 2022. The names of the subsidiaries are presented in note
9. The annual financial statements of the Group’s subsidiaries are uploaded on the website
www.lamdadev.com. The Company’s shares are listed on the Athens Stock Exchange.
The main activities of the Company are investment, development and project management in commercial real
estate market in Greece, as well as in countries of S.E. Europe (Serbia, Romania and Montenegro) through its
subsidiaries. The Group’s most significant investments are: four shopping and leisure centers (The Mall Athens,
Golden Hall and Designer Outlet Athens in Athens and Mediterranean Cosmos in Thessaloniki), office
complexes in Greece and Romania, Flisvos Marina in Faliro, as well as the metropolitan redevelopment of
Hellinikon Airport area, where the Group will develop residencies, hotels, shopping centers, offices, cultural
and training centers, information and health centers, other infrastructure, a metropolitan park of 2 million
sq.m., as well as the redevelopment of the 3.5 km long coastline, including the exploitation of Marina of Agios
Kosmas.
The Company is domiciled in Greece, 37A Kifissias Ave., 15123, Maroussi with the Number in the General
Electronic Commercial Registry: 3379701000 and its website address is www.lamdadev.com. The entity
Consolidated Lamda Holdings S.A., which is domiciled in Luxembourg, holding 43,76% of Company’s shares
as of 31.12.2022.
These annual consolidated and standalone financial statements have been approved for release by the
Company’s Board of Directors on 2 May 2023 and are subject to the approval of the ordinary General Meeting
of Shareholders.


2. Summary of significant accounting policies



2.1 Basis of preparation of annual financial statements of preparation

These standalone and consolidated financial statements have been prepared by Management in accordance
with International Financial Reporting Standards (IFRS) and Interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), as they have been adopted by the European Union, and present
the financial position, the operating results and the cash flows based on the going concern assumption which
assumes that the Group has plans in place to avoid material disruptions to its operations and available financial
resources to meet its operating requirements. In this respect, the Management has concluded that a) the basis
of the going concern assumption of these financial statements is appropriate and b) all assets and liabilities
have been presented properly in accordance with the Group accounting policies.
The Management decision to apply the going concern assumption is based on the estimations related to the
possible effects of the COVID-19 pandemic, energy crisis and inflationary pressures. This decision is based on
the forecasts of future cash flows, the current cash position of the Group, the recent developments regarding
the financing of the property development in Ellinikon within 2021 and April 2022, the issuance of Green
Common Bond Loan (note 18), as well as the receipts for sales of residential and hotel properties in Ellinikon.
The impact due to the coronavirus pandemic COVID-19 for the year ended 2022
The COVID-19 pandemic, although in recession, continued to be present during 2022. It is noted that the
operating EBITDA of Shopping Malls in 2022 was not negatively affected at all, either by the suspension of
store operations or by the implementation of Greek State’s directive for discounts on rents, in stark contrast
to the corresponding period of 2021. Consequently, EBITDA profitability of Shopping Malls in 2022 showed
accelerated rates of recovery reaching to pre-pandemic (2019) levels.




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Annual financial report for the year ended 31 December 2022
158




Impact from inflationary pressures, energy crisis, increased interest rates and geopolitical
instability
In the context of the inflationary pressures observed in international markets as well as in Greece, the
Company’s rental income is mostly inflation adjusted, linked to an adjustment clause in connection to changes
in the consumer price index (CPI). The said adjustment clause is translated into a 1.5-2 percentage points
margin over the officially announced consumer price index. According to the official statistics by ELSTAT, in
December 2022 the CPI registered an annual increase of 7,2% compared to December 2021, while the average
CPI for the twelve-month period (January-December) 2022 registered an annual increase of 9,6% compared
to the corresponding period in 2021.
Increasing energy costs, a trend observed in the international markets due to the energy crisis had an adverse
impact in Shopping Malls’ operating expenses during 2022. The total energy cost of the Shopping Malls (The
Mall Athens, Golden Hall and Mediterranean Cosmos) for the year 2022 amounted to €4,4 million, increased
by 64% compared to 2021. Most of the said cost relate to the common areas in the Shopping Malls, which are
undertaken by the shopkeepers/tenants.
The following are noted regarding the increase in energy costs in 2022:
(d) the Group had active contracts for fixed energy prices until the end of April 2022, which ensured very
low unit prices for the first quarter and was not affected by the significantly high market prices,
(e) the Group, in the context of competitions, entered into new fixed-term variable pricing contracts (one
for the period up to September 2022 and the second for the following period up to April 2023),
following the conditions of the energy market, which ensured competitive prices compared to the
market,
(f) the energy consumption in the Shopping Malls was higher in 2022 compared to 2021, due to their
longer operating period (in 2021 the Shopping Malls remained closed, by law, for a total period of
about 3 months).
The Group constantly monitors the developments in the energy market in order to react immediately and take
advantage of possible market variations. Finally, the Group will intensify its efforts to implement its “green”
energy investments in eligible properties, to reduce future energy costs, by limiting dependence on traditional
energy sources.
The Group has not agreed or contracted final selling prices for the larger part of the projects and developments
included in The Ellinikon. This enables the Group to pass on to its counterparties all or part of the increase in
raw material prices and energy costs, observed recently in the market, while maintaining selling prices at
competitive levels based on the broader market conditions. Worth noting that, in accordance with international
practices related to the preparation of future estimates-budgets for projects of similar size and complexity,
the Group has included contingencies in the cost estimates for all projects and developments included in The
Ellinikon. Regarding the exposure, at Group level, to the risk of increases in interest rates, it is pointed out
that this risk mainly concerns long-term borrowings with a floating interest rate. Borrowings with a floating
interest rate at the end of 2022 (31.12.2022) constituted approximately 53% of total and amounted to
approximately €617 million. At the same time, interest rate swap contracts have been concluded, in order to
hedge against changes in interest rates, amounting to approximately €112 million. Therefore, according to
the relevant sensitivity analyses, a +/- 1 percentage point change in the reference interest rates (Euribor) of
floating rate borrowings has an impact of approximately €5 million on the annual financial cost on a
consolidated basis (respectively in the pre-tax consolidated results of the Group).
Regarding the war in Ukraine and the current geopolitical developments, it is worth highlighting the following:
(a) the Company does not own subsidiaries and/or other investments in Russia/Ukraine, or other neighboring
areas directly affected from war conflicts (b) in the Shopping Malls there are no shopkeepers/tenants
originated from the said countries and (c) there are no customers from said countries who have submitted
deposits for the future purchase of both apartments on the residential tower Riviera Tower and land plots for
Beach Villas.
The Company's Management closely monitors and evaluates the events in relation to the war in Ukraine to
take the necessary measures and to adjust its business plans (if required) in order to ensure business
continuity and limitation of any negative effects on the Group's activities. At this stage it is not possible to
predict the general impact that may have on the financial status of the Group's customers a prolonged energy
crisis and increase in prices in general. Based on its current assessment, it has concluded that no additional
provisions for impairment are required for the Group's financial and non-financial assets as at 31 December
2022.





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Annual financial report for the year ended 31 December 2022
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The Management of the Company has carried out all the necessary analysis in order to confirm its cash
adequacy at Company and Group level. The Group's cash and signed agreements of bank loans are sufficient
to ensure that its contingent obligations are met. In addition, according to estimates, it is predicted that the
main financial covenants of the Group's loans will continue to be satisfied.
In note 3 “Financial risk factors” of the financial statements, there is information on the approach of the total
risk management of the Group, as well as on the general financial risks that the Group faces regarding the
going concern principle.
This consolidated and Company financial statements have been prepared under the historical cost principle,
except for the investment property and the derivative financial instruments which are presented at fair value.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise judgement in the process of applying the group’s
accounting policies. In addition, the use of certain estimates and assumptions is required that affect the
balances of the assets and liabilities, the disclosure of contingent assets and liabilities as at date of preparation
of the financial information and the amounts of income and expense during the reporting period. Although
these estimates are based on the best knowledge of management in relation to the current conditions and
actions, the actual results can eventually differ from these estimates. The areas involving a higher degree of
judgment or complexity, or areas where assumptions and estimates are significant to the financial information
are disclosed in note 4.


2.2 New standards, amendments to standards and interpretations
Certain new standards, amendments to standards and interpretations have been issued that are mandatory
for periods beginning on or after 1st January 2022. The Group’s assessment of the effect of these new
standards, amendments to standards and interpretations is presented below.
Standards and Interpretations effective for the financial year 2022
IFRS 16 (Amendment) “Covid-19-Related Rent Concessions - Extension of application period”
(COMMISSION REGULATION (EU) No. 2021/1421 of 30th August 2021, L 305/17 -31.8.2021)
The amendment is effective for annual reporting periods beginning on or after 1 April 2021.
The amendment extended by one year the relief to cover rent concessions that reduce only lease payments
due on or before 30 June 2022.
The Group will apply this amendment, but no significant impact is expected based on Management’s current
assessment of the ongoing COVID-19 situation.
Several Narrow-scope Amendments to IFRS
(COMMISSION REGULATION (EU) No. 2021/1080 of 28th June 2021, L 234/90 – 2.7.2021)
These apply to annual accounting periods starting on or after 1st January 2022.
In May 2020, the IASB issued several narrow-scope amendments to IFRS Standards. The package of
amendments includes narrow-scope amendments to three Standards as well as the Board’s Annual
Improvements, which are changes that clarify the wording or correct minor consequences, oversights or
conflicts between requirements in the Standards.
Amendments to IFRS 3 “Business Combinations” update a reference in IFRS 3 to the Conceptual Framework
for Financial Reporting without changing the accounting requirements for business combinations. In addition,
an exception was added for some types of liabilities and contingent liabilities acquired in a business
combination. Finally, it is clarified that the acquirer should not recognize contingent assets, as defined in IAS
37, at the acquisition date. Amendments to IAS 16 “Property, Plant and Equipment” prohibit a company from
deducting from the cost of property, plant and equipment amounts received from selling items produced while
the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds
and related cost in profit or loss. Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent
Assets” clarify that ‘costs to fulfil a contract’ comprise the incremental costs of fulfilling that contract and an
allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a
separate provision for an onerous contract is established, an entity recognizes any impairment loss that has
occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract.
Annual Improvements make minor amendments to IFRS 9 “Financial Instruments” and the Illustrative
Examples accompanying IFRS 16 “Leases”. The amendment to IFRS 9 addresses which fees should be included
in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or
the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. The
amendment to IFRS 16 removed the illustration of payments from the lessor relating to leasehold
improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the
treatment of lease incentives.




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The Group will apply these amendments, but no significant impact is expected based on Management’s current
assessment.
Standards and Interpretations effective after 31st December 2022
The following new standards, amendments and IFRICs have been published but are in effect for the annual
fiscal period beginning the 1st of January 2023 or subsequently and have not been adopted from the Group
earlier.
IAS 1 “Presentation of Financial Statements” (Amendment) - “Accounting policy disclosures”
(COMMISSION REGULATION (EU) No. 2022/357 of 2nd March 2022, L 68/1 -3.3.2022)
This applies to annual accounting periods starting on or after 1st January 2023. Earlier application is permitted.
In February 2021 the IASB issued amendments to IAS 1 “Presentation of Financial Statements” and IFRS
Practice Statement 2 “Making Materiality Judgements”. The amendments to IAS 1 require companies to
disclose their material accounting policy information rather than their significant accounting policies. The
amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to
accounting policy disclosures.
The Group is assessing the impact of the amendment on its financial statements.
IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” (Amendment) -
“Definition of accounting estimates”
(COMMISSION REGULATION (EU) No. 2022/357 of 2nd March 2022, L 68/1 -3.3.2022)
This applies to annual accounting periods starting on or after 1st January 2023. Earlier application is permitted.
In February 2021 the IASB issued amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates
and Errors”. The amendments to IAS 8 clarify how companies should distinguish changes in accounting policies
from changes in accounting estimates. That distinction is important because changes in accounting estimates
are applied prospectively only to future transactions and other future events, but changes in accounting
policies are generally also applied retrospectively to past transactions and other past events.
The Group is assessing the impact of the amendment on its financial statements.
IAS 12 “Income Taxes” (Amendment) – “Deferred Tax related to Assets and Liabilities arising from
a Single Transaction”
(COMMISSION REGULATION (EU) No. 2022/1392 of 11
th
August 2022, L 211/78 -12.8.2022)
This applies to annual accounting periods starting on or after 1st January 2023. Earlier application is permitted.
In May 2021 the IASB issued amendments to IAS 12 “Income Taxes”. The amendments to IAS 12 specify how
companies should account for deferred tax on transactions such as leases and decommissioning obligations.
IAS 12 “Income Taxes” specifies how a company accounts for income tax, including deferred tax, which
represents tax payable or recoverable in the future. In specified circumstances, companies are exempt from
recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been
some uncertainty about whether the exemption applied to transactions such as leases and decommissioning
obligations—transactions for which companies recognize both an asset and a liability. The amendments clarify
that the exemption does not apply and that companies are required to recognize deferred tax on such
transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and
decommissioning obligations.
The Group will assess the impact of the amendment on its financial statements. These amendments are not
expected to affect the Group.
IAS 1 “Presentation of Financial Statements” (Amendments) - “Classification of Liabilities as
Current or Non-current” and “information about long-term debt with covenants”
This applies to annual accounting periods starting on or after 1st January 2024. Earlier application is permitted.
In January 2020 the IASB issued amendment to IAS 1 “Presentation of Financial Statements” that affect
requirements for the presentation of liabilities. Specifically, they clarify one of the criteria for classifying a
liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for
at least 12 months after the reporting period. The amendments include: (a) specifying that an entity’s right
to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected
by management’s intentions or expectations about whether the entity will exercise its right to defer settlement;
(c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying
liabilities an entity will or may settle by issuing its own equity instruments.
Also, in October 2022 the IASB issued amendment to IAS 1 “Presentation of Financial Statements” that aim
to improve the information companies provide about long-term debt with covenants. IAS 1 requires a company
to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the
reporting date. However, a company’s ability to do so is often subject to complying with covenants. For
example, a company might have long-term debt that could become repayable within 12 months if the company
fails to comply with covenants in that 12-month period. The amendments to IAS 1 specify that covenants to




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be complied with after the reporting date do not affect the classification of debt as current or non-current at
the reporting date. Instead, the amendments require a company to disclose information about these covenants
in the notes to the financial statements. The IASB expects the amendments to improve the information a
company provides about long-term debt with covenants by enabling investors to understand the risk that such
debt could become repayable early.
The Group expects no impact to financial statements since the existing accounting policies are consistent with
the proposed amendments. These amendments have not yet been endorsed by the European Union.
IFRS 16 “Leases” (Amendment) - “Sale and leaseback transactions”
This applies to annual accounting periods starting on or after 1st January 2024. Earlier application is permitted.
In September 2022 the IASB issued amendment to IFRS 16 “Leases”, which add to requirements explaining
how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a
transaction for which a company sells an asset and leases that same asset back for a period of time from the
new owner. IFRS 16 includes requirements on how to account for a sale and leaseback at the date the
transaction takes place. However, IFRS 16 had not specified how to measure the transaction when reporting
after that date. The amendments issued add to the sale and leaseback requirements in IFRS 16, thereby
supporting the consistent application of the Accounting Standard. These amendments will not change the
accounting for leases other than those arising in a sale and leaseback transaction.
The Group will assess the impact of the amendment on its financial statements. These amendments are not
expected to affect the Group.
There are no other new standards or amendments to standards, which are mandatory for periods beginning
during the current period and subsequent periods that may have significant impact on the Group’s financial
statements.


2.3 Consolidation
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the Group and they are deconsolidated from the date that
such control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred
for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities assumed to the
former owners and the shares issued by the Group. The consideration transferred includes the fair value of
any asset or liability resulting from a possible contingent consideration arrangement. Subsequent changes in
the fair value of a contingent consideration that has been classified as an asset or liability are recognized under
IFRS 9 either in the Income Statement or as a change in other comprehensive income. If a contingent
consideration does not fall within the scope of IFRS 9, it shall be measured in accordance with the appropriate
IFRS. If it has been classified as part of the Equity it will not be recalculated and the subsequent settlement
will be accounted for in equity. Identifiable assets acquired, liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair value at the acquisition date. The Group recognizes
any non-controlling interest in the subsidiary, either at fair value or at the non-controlling interest’s
proportionate share of the subsidiary’s equity.
Acquisition-related costs are recorded in Income Statement.
If the business combination is achieved in stages, the fair value of the equity interest held by the Group to the
acquired entity is re-measured to fair value at the acquisition date. Any gains or losses arising from such re-
measurement are recognized in Income Statement.
Inter-company transactions, balances and unrealized gains on transactions between Group entities are
eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of
the transferred asset. Accounting policies applied by subsidiaries have been adjusted to conform to those
adopted by the Group.
Company recognizes investments in its subsidiaries in the standalone financial statements at cost less any
impairment. In addition, the acquisition cost is adjusted to reflect changes in price resulting from any
modifications of contingent consideration.




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The Company determines at each reporting date whether there is any indication that the investment in a
subsidiary is impaired. In case of such indication, Management determines recoverable amount as the higher
amount between the value in use and the fair value less the cost to sell. When the carrying amount of the
subsidiary exceeds its recoverable amount, the respective impairment loss is recognized in the Income
Statement. The determination of the recoverable amount of each subsidiary depends directly on the fair value
of investment property held by the subsidiary, as the investment property is the most significant asset. The
impairment that has been recognized in previous reporting periods are examined at each reporting date for a
possible reversal.
(b) Transactions with non-controlling interest
The Group accounts transactions with non-controlling interests that do not result in loss of control, like
transactions with the major owners of the Group. The difference between fair value of any consideration paid
and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also recorded in equity.

(c) Disposal of subsidiary
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value,
while any arising differences recognized in Income Statement. Following this, the asset is recognized as
investment in associate, joint venture of financial asset at fair value. In addition, any relevant amounts
previously recognized in other comprehensive income are accounted for as if the Group had directly disposed
of the related assets or liabilities, meaning that may be reclassified to Income Statement.

(d) Associates
Associates are all entities over which the group has significant influence but not control. Investments in
associates are accounted under the equity method. Under the equity method, the investment is initially
recognized at acquisition cost, that is increased or decreased by the recognition of the Group’s share in profit
or loss of associates post-acquisition. Investments in associates include goodwill identified on acquisition.
In case the ownership interest in an associate is reduced but Group’s significant influence is retained, only a
proportionate share of the amount previously recognized in other comprehensive income is reclassified to
Income Statement.
The Group’s share of post-acquisition profit or loss is recognized in the Income Statement, while its share of
post-acquisition movements in other comprehensive income, is recognized in other comprehensive income.
The cumulative post-acquisition movements are adjusted against the carrying amount of the investment in
associates. In case the Group’s share of losses in an associate exceeds its investment value, no further losses
are recognized, unless it has made payments or further commitments have been assumed on behalf of the
associate.
The Group determines at each reporting date whether there is any objective evidence that the investments in
the associates are impaired. In case of such evidence, the Group calculates the amount of the impairment as
the difference between the recoverable amount of the investments in associates and it’s carrying value and
recognizes the amount in Income Statement, added to “Share of net profit of investments accounted for using
the equity method”.
Unrealized gains and losses on transactions between the Group and its associates are eliminated to the extent
of the Group’s interest in the associates. Unrealized losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted to
ensure consistency with the policies adopted by the Group.
The Company accounts investments in associates in the standalone financial statements at acquisition cost
less any impairment. The Group and the Company determine at each reporting date whether there is any
objective evidence that the investment in associates is impaired. In case of such evidence, Management
determines recoverable amount as the higher amount between the value in use and the fair value less the
cost to sell. When the carrying amount of the associates exceeds the recoverable amount, the respective
impairment loss is recognized in the Income Statement. The determination of the recoverable amount of each
associate depends directly on the fair value of investment property held by the subsidiary, as the investment
property is the most significant asset. The impairment that has been recognized in previous reporting periods
are examined at each reporting date for possible reversal.





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(e) Joint arrangements
According to IFRS 11 investments in joint arrangements are classified as joint operations or joint ventures and
classification depends on contractual rights and obligations of the investor. The Group assessed the nature of
its investments in joint arrangements and concluded that refer to joint ventures. Joint ventures are accounted
through equity method.
Under the equity method of accounting, investments in joint ventures are initially recognized at acquisition
cost, that is subsequently increased or decreased by the recognition of Group’s share of the post-acquisition
profits or losses of joint ventures and movements in other comprehensive income. In case the Group’s share
of losses in a joint venture exceeds its investment value (which includes any long-term investment that, in
substance, consists part of the Group’s net investment in the joint ventures), no further losses are recognized,
unless it has made payments or further commitments have been assumed on behalf of joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the
Group’s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been adjusted
where necessary to ensure consistency with the policies adopted by the Group.
The Company accounts investments in joint ventures in the standalone financial statements at acquisition cost
less any impairment. The Group and the Company determines at each reporting date whether there is any
objective evidence that the investment in the joint ventures is impaired. In case of such evidence, Management
determines recoverable amount as the higher amount between the value in use and the fair value less the
cost to sell. When the carrying amount of investment exceeds the recoverable amount, the respective
impairment loss is recognized in the Income Statement. The determination of the recoverable amount of each
joint venture depends directly on the fair value of investment property held by the joint venture, as the
investment property is the most significant asset. The impairment that has been recognized in previous
reporting periods are examined at each reporting date for possible reversal.

(f) Acquisition of assets - IFRS 3 par.2 (b)
Pursuant to paragraph 2 (b) of IFRS 3 "Business combinations", in case of acquisition of subsidiaries, which
do not fall within the definition of a business combination but constitute the acquisition of assets or group of
assets that are not a business, the acquirer recognizes the individual identifiable acquired assets and liabilities
at acquisition cost, which is allocated to the individual identifiable assets and liabilities based on their relative
fair values at the acquisition date. In addition, such transactions do not result in goodwill.

2.4 Segment reporting
Operating segments are determined and reported in financial statements according to the internal reporting
provided to the Group’s Management. The Group’s Management is responsible for the allocation of resources
and the segments performance, as well as for the Group’s strategic decisions. The activities of the Group
concern the business sector of real estate in Greece and the Balkans. The Board of Directors (which is
responsible for making financial decisions) defines the segments of activity according to the use of the Group's
investment properties and its geographical location. The Group redefines its operating segments when the
structure of its main activities and its organizational structure change.

2.5 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which each Group entity operates (“the functional currency”). The
consolidated financial statements are presented in Euro (€), which is the Group’s financial statements
presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange differences (gains and losses) resulting from the settlement
of such transactions in foreign currency and from the translation of monetary items from foreign to functional
currency according to the exchange rates of at reporting date, are recognised in the Income Statement.




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(c) Group companies
The results and financial position of all the Group entities (none of which has the currency of a hyper-
inflationary economy), that have a functional currency different from the Group’s presentation currency are
translated into the Group presentation currency as follows:
i. Assets and liabilities at each reporting date are translated at the closing rate at the reporting date,
ii. Income and expenses of each income statement are translated at average exchange rates (unless this
average is not a reasonable approximation of the cumulative effect of the rates prevailing on the
transaction dates. In such cases, income and expenses are translated at the rate of the dates of the
transactions) and
iii. All the exchange differences resulting by the above are recognised in other comprehensive income.
During consolidation procedure, exchange differences arising from the translation of the net investment in
foreign entities are recognised in equity. When a foreign operation is sold, cumulative exchange differences
are recognized in the Income Statement as part of the disposal gain or loss.
Goodwill and fair value adjustments arising on the acquisition of a foreign subsidiaries are treated as assets
and liabilities of the foreign entity and translated at the closing rate of the reporting date.



2.6 Investment property
Property that is held for either long-term rentals or for capital appreciation or both, and that is not owner-
occupied by the Group, is classified as investment property.
Investment property comprises freehold properties as well as with surface right, like land, buildings, land and
buildings held under finance and operating leases, properties under construction to be developed for future
use as investment property, as well as properties for which the Group has not yet identified a specific use.

Investment property is measured initially at its cost, including related direct transaction costs. Investment
properties deriving from finance and operating leases are initially recognized at the lower of fair value of the
property or the present value of the minimum lease payments.
After initial recognition, investment property is carried at fair value. Fair value is based on active market
prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If
this information is not available, the Group uses alternative valuation methods such as recent prices on less
active markets or discounted cash flow projections. These valuations are performed semi-annually by
independent external valuers in accordance with the guidance issued by the International Valuation Standards
Committee.
Fair value measurement on property under construction is only applied if the fair value is considered to be
reliably measured. Otherwise, it is recognized at cost and remain at cost (less any impairment) until (a) the
fair value can be reliably measured or (b) the construction is completed.
Investment property that is being redeveloped for continuing use as investment property, or for which the
market has become less active continues to be measured at fair value.
The fair value of investment property reflects, among other things, rental income from current leases, income
from concession arrangements and assumptions about rental income from future leases in the light of current
market conditions.
The fair value also reflects on a similar basis, any cash outflows that could be expected in respect of the
property. Some of those outflows are recognised as a liability, including finance lease liabilities in respect of
leasehold land classified as investment property. Other outflows, including contingent rent payments, are not
recognised in the financial statements.
Subsequent expenditure is charged to the property’s carrying amount only when it is probable that future
economic benefits, associated with the property, will flow to the Group and the cost of the item can be
measured reliably. Repairs and maintenance costs are expensed in Income Statement when incurred.
Changes in fair values are recognized in the Income Statement. Investment properties are derecognised when
they have been disposed or its use has been terminated and no cash flow is expected from its disposal.





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If an investment property becomes owner-occupied, it is reclassified as tangible asset, and its fair value at the
date of reclassification becomes its cost for subsequent accounting purposes.
If an item of owner-occupied property becomes an investment property because its use has changed, any
difference resulting between the carrying amount and the fair value of this item at the date of transfer is
recognized in equity as a revaluation of tangible under IAS 16. However, any fair value revaluation gain is
recognized in Income Statement to the extent that it reverses a previous impairment loss. Any remaining gain
is recognised in other comprehensive income and increasing assets revaluation reserve within equity.
If the use of an inventory changes and the property is classified as an investment property, any difference
between the carrying amount and its fair value at the date of transfer is recognized in the Income Statement.
In general, reclassifications from and to investment properties take place when there is a use change that is
evidenced as follows:
(a) commencement of owner-occupation, for a transfer from investment property to owner-occupied property,
(b) commencement of development with a view to subsequent sale, for a transfer from investment property
to inventory,
(c) the expiration of owner-occupied property, for a transfer from owner-occupied property to investment
property,
(d) commencement of an operating lease to a third party, for a transfer from inventories to investment
property.




2.7 Tangible assets
Tangible assets include land, buildings and facilities in third party buildings, transportation equipment and
machinery, furniture and other equipment, as well assets under construction.
All tangible assets are shown at cost less subsequent depreciation and any impairment. Cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are accounted by increasing the tangible assets carrying amount or recognised as a separate
asset, only when it is probable that future economic benefits will flow to the Group and under the assumption
that their cost can be measured reliably.
Repairs and maintenance costs are expensed in Income Statement when incurred.
Depreciation on tangible assets is calculated using the straight-line method with equal annual allocations over
the item’s estimated useful life, in order to write down the cost in its residual value. The expected useful life
of tangible assets is as follows:
- Buildings and facilities in third party buildings
10-25 years
- Transportation equipment and machinery
5-10 years
- Furniture and other equipment
5-10 years
The ‘tangible assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
When tangible assets carrying amounts are greater than their recoverable amount, the difference (impairment
loss) is recognized immediately in Income Statement. In case of write-off of assets that are fully obsolete, the
net book value is recognised as loss in Income Statement.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognized in the Income Statement.




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2.8 Intangible assets


(a) Goodwill
Goodwill represents the difference of the cost of an acquisition over the fair value of the Group’s share of the
net identifiable assets of the acquired subsidiary, associate, or joint venture at the date of acquisition. Goodwill
on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisitions of associates and joint
ventures is included in investments in associates and joint ventures.
Goodwill is tested annually for impairment and carried at cost less any accumulated impairment losses. Gains
and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
For impairment testing purposes, goodwill is allocated to cash-generating units which represent each entity.


(b) Software
The software mainly concerns software licenses used for the administrative operations of the Group. Expenses
that improve or extend the operation of software programs beyond their original specifications are capitalized
and added to their original acquisition value. Software is valued at acquisition cost less depreciation and any
impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets
up to 5 years.
(c) Other intangible assets
Other intangible assets mainly concern tourist port licenses as well as customer relations. In particular, they
concern:
a) the operating license of the tourist port of Flisvos until 2049,
b) the favorable relationship with the ETAD lasting until 2020,
c) the customer relations of Flisvos Marina lasting until 2031,
d) the operating license of the tourist port of Agios Kosmas for 99 years from the acquisition of HELLINIKON
S.M.S.A., as well as
e) the customers relations of Agios Kosmas Marina lasting until 2027.
Other intangible assets are valued at acquisition cost less depreciation and any impairment losses.
Depreciation is charged on a straight-line basis over the estimated useful lives of the assets, which range from
1 to 99 years.


2.9 Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortization but are tested annually for impairment
and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Assets that are subject to amortisation as well as investments in subsidiaries, joint ventures and associates
are tested for impairment whenever there are indications that their carrying amount may not be recoverable.
The recoverable amount is the higher of the assets’ net realisable value, less costs to sell, and value in use.
For the purposes of the impairment’s estimation, the assets are categorized at the lower level for which the
cash flows can be determined separately.
Specifically, for the investments in subsidiaries, joint ventures and associates that own directly or indirectly
investment property (which comprise the largest part of the Group) the valuations of the investment property
are taken into account as described in note 6.
Impairment losses are recognised as an expense to the Income Statement, when they occur.

2.10 Financial assets
(a) Recognition and measurement of financial assets
The Group recognizes a financial asset in its Statement of Financial Position when, and only when, it becomes
a party to the contractual provisions of the instrument. The Group initially recognizes trade and other
receivables on the date of transaction. At initial recognition, under IFRS 9, all financial assets, except for
certain trade receivables, are recognized initially at their fair value plus transaction costs (except financial
assets measured at Fair Value through Profit or Loss, where transaction costs are expensed).



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(b) Classification of non-derivative financial assets
i) Debt financial instruments
Debt financial instruments within the scope of IFRS 9 are classified according to: (i) the Group’s business
model for managing the assets, that is, if the objective is to hold for the purpose of collecting contractual cash
flows or collecting contractual cash flows as well as the sale of financial assets; and (ii) whether the
instruments’ contractual cash flows on specified dates represent “solely payments of principal and interest” on
the principal amount outstanding (the “SPPI criterion”), in the below three categories:
• Debt instruments at amortized cost,
• Debt instruments at Fair Value through Other Comprehensive Income (“FVOCI”), and
• Debt instruments at Fair Value through Profit or Loss (“FVPL”).
The subsequent measurement of debt financial instruments depends on their classification as follows:
Debt instruments at amortized cost:
Include financial assets that are held within a business model with the objective to hold the financial assets in
order to collect contractual cash flows that meet the SPPI criterion. After initial measurement these debt
instruments are measured at amortized cost using the effective interest method. Gains or losses arising from
derecognition and impairment recognized in the Income Statement as finance costs or income, as well as the
EIR income through the amortization process. This category includes Group’s debt financial instruments,
except for investments in mutual funds and bonds that are measured at fair value through Profit or Loss.
The financial assets that are classified in this category mainly include the following assets:
• Cash and cash equivalents
• Restricted cash
• Trade receivables
• Loans to subsidiaries, included in “Other receivables” and “Trade and other receivables”
Trade receivables:
Trade receivables are amounts owned by customers for the sale of products or the provision of services within
the ordinary course of business. If the receivables are collected inside the normal business cycle of the
business, which is not more than one year, they are recorded as current assets, if not, they are presented as
non-current assets. Trade receivables are initially recognized at fair value and subsequently measured at
amortized cost using the effective interest method, less the provision for impairment.
Loans to subsidiaries:
Includes non-derivative financial assets with fixed or determinable payments that are not traded on active
markets and are not intended to be sold. They are included in current assets, except for those with a maturity
of more than 12 months from the reporting date that are included in non-current assets.
Debt instruments at FVOCI:
Include financial assets that are held within a business model with the objective both to collect contractual
cash flows and to sell the financial assets and meet the SPPI criterion. After initial measurement these debt
instruments are measured at fair value with unrealized gains or losses recognized as other comprehensive
income in revaluation reserve. When the assets are sold, derecognized or impaired the cumulative gains or
losses are transferred from the relative reserve to the Income Statement of the period. Interest income
calculated using the effective interest method, foreign exchange gains or losses and impairment losses are
recognized in Income Statement.
Τhe Group did not hold on 31.12.2022 Debt instruments at FVOCI.
Debt instruments at FVPL:
Include financial assets that are not classified to the two above categories because cash flow characteristics
fail the SPPI criterion or are not held within a business model whose objective is either to collect contractual
cash flows, or to both collect contractual cash flows and sell. After initial measurement these debt instruments
are measured at fair value with unrealized gains or losses, including any interest income, recognized in Income
Statement in the account “Other operating income / (expenses) – net”. In this category are included the
Group’s investments in mutual funds and bonds.





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ii) Equity financial instruments
Equity financial instruments within the scope of IFRS 9 are classified according to the Group’s intention to hold
or not for the foreseeable future and its election at initial recognition to classify at FVOCI or not, in the below
two categories:
• Equity instruments at FVOCI, and
• Equity instruments at FVPL.
The subsequent measurement of equity financial instruments depends on their classification as follows:
Equity instruments at FVOCI:
Include financial assets, which the Group intends to hold for the foreseeable future (“Not held for sale”) and
which the Group has irrevocably elected at initial recognition to classify at FVOCI. This election is made on an
investment-by-investment basis. After initial measurement these financial assets are measured at fair value
with unrealized gains or losses recognized as other comprehensive income in revaluation reserve. When the
assets are sold or derecognized the cumulative gains or losses are transferred from the relative reserve to
retained earnings (no recycling to income statement of the period). Equity instruments at FVOCI are not
subject to an impairment assessment under IFRS 9. Dividends are recognized as “dividends income” in Income
Statement, unless the dividend clearly represents a recovery part of the cost of the investment.
Τhe Group did not hold on 31.12.2022 Equity instruments at FVOCI.
Equity instruments at FVPL:
Include financial assets, which the Group has not irrevocably elected at initial recognition to classify at FVOCI.
After initial measurement these equity instruments are measured at fair value with unrealized gains or losses,
including any interest or dividend income, recognized in Income Statement as financial income or expenses
respectively.
(c) Derecognition of financial assets
The Group ceases recognizing a financial asset when and only when:
• the contractual rights to the cash flows from the financial asset expire or
• the Group has transferred its contractual right to receive cash flows from an asset, or retains this right
to receive cash flows from an asset but has assumed a contractual obligation to pay the cash flows to
a third or more parties, or has transferred substantially all risks and rewards of the asset, or has
neither transferred nor retained substantially all the risks and rewards of the asset but has transferred
the control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has assumed a contractual
obligation to pay the cash flows to a third or more parties, but in parallel has neither transferred nor retained
substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized
to the extent of the Group’s continuing involvement in the asset. When the Group’s continuing involvement
takes the form of a guarantee over the transferred asset, the extent of continuing involvement is measured
at the lower of the carrying amount of the asset and the maximum amount of consideration that the Group
could be required to repay (“the guaranteed amount”). When the entity’s continuing involvement takes the
form of a written or purchased option (or both) on the transferred asset (including cash-settled options), the
extent of the entity’s continuing involvement is the amount of the transferred asset that the Group may
repurchase. However, in case of a written put option on an asset that is measured at fair value, the extent of
the continuing involvement is limited to the lower of the fair value of the transferred asset and the option
exercise.
(d) Impairment of financial assets
IFRS 9 requires the Group to recognize loss allowance for Expected Credit Losses (“ECLs”) on:
• Debt instruments at amortized cost,
• Debt instruments at FVOCI, and
• Contract assets (as defined in IFRS 15).
The Group has trade and other receivables (including those arising from operating leases) that are measured
at amortized cost and are subject to the model of expected credit losses in accordance with IFRS 9.





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Cash and cash equivalents, as well as restricted cash, are also subject to IFRS 9 impairment requirements.
IFRS 9 requires the Group to adopt the expected credit loss model for each of the above asset categories.
i) Trade and other receivables
The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses. The provision
for impairment is always measured in an amount equal to the expected credit losses over the lifetime of
receivable. For the purposes of determining the expected credit losses in relation to trade and other receivables
(including those deriving by operating leases), the Group uses a credit loss provisioning table based on the
maturity of the outstanding claims. Credit loss projections are based on historical data taking into account
future factors in relation to debtors and the economic environment. All assumptions, accounting policies and
calculation techniques applied for the calculation of expected credit losses will continue to be subject of review
and improvement, subject to the conditions of the trade and economic environment.
ii) Loans to subsidiaries
Expected credit losses are recognized on the basis of the following:
- expected 12-month credit losses are recognized on initial recognition, reflecting part of the cash flow
deficiencies, during the lifetime, that will arise if there is a breach within 12 months after the reporting date
weighted by the probability of default. The requirements of this category are referred to as in step 1.
- expected credit losses, over the lifetime, are recognized in the event of a significant increase in credit risk
detected subsequent to the initial recognition of the financial instrument, reflecting cash flow deficiencies
arising from all probable default events over the lifetime of a financial instrument, weighted with the probability
of default. The requirements of this category are referred to as in step 2.
- expected credit losses, over the lifetime, are always recognized for receivables with impaired credit value
and are reported as in step 3. A financial asset is considered impaired when one or more events have occurred
that have a detrimental effect on its estimated future cash flows financial asset.


2.11 Offsetting financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the Statement of Financial
Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to
settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right
must not be contingent on future events and must be enforceable in the normal course of business and in the
event of default, insolvency or bankruptcy of the company or the counterparty.


2.12 Derivative financial instruments and hedging activities
The Group uses derivative financial instruments to hedge the risks related to future rate fluctuation.
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are
subsequently remeasured at their fair value. The method of recognizing the gain or loss resulting by the above
valuation depends on whether the derivative is designated as a hedging instrument, and if so, by the nature
of the item being hedged.
For the purpose of hedge accounting, derivative financial instruments are classified as:
• fair value hedge: hedging the exposure to changes in the fair value of a recognized asset or liability or an
unrecognized firm commitment
• cash flow hedge: hedging the exposure to variability in cash flows that is either attributable to particular risk
associated with a recognized asset or liability (such as all or some future interest payments on variable rate
debt) or a highly probable forecast transaction
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship
to which the Group wishes to apply hedge accounting and the risk management objective and strategy for
undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item
or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes
in the hedging instrument’s fair value in offsetting the exposure to changes in the hedged item’s fair value or




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cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving
offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they
actually have been highly effective throughout the financial reporting periods for which they were designated.
Hedge accounting
Fair value hedge:
Gains or losses from subsequent measurement of the hedging instrument at fair value are recognized in the
Income Statement as “Finance costs – net” (or other comprehensive income, if the hedging instrument hedges
an equity instrument for which the Group has elected to present changes in FVOCI).
Cash flow hedge:
The effective portion of the gain or loss on the hedging instrument is recognized directly as other
comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognized immediately
in the Income Statement as “Other operating income / (expenses) – net”.
Amounts recognized as other comprehensive income are transferred to the Income Statement in the same
period or periods during which the asset acquired or liability assumed affects profit or loss (such as in the
periods when the hedged financial income or financial expense is recognized or when a forecast sale occurs).
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is
terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for
cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve and the cost
of hedging reserve remains in equity until, for a hedge of a transaction resulting in recognition of a non-
financial item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow
hedges, it is reclassified to Income Statement in the same period or periods as the hedged expected future
cash flows affect Income Statement.
If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss
previously recognized in other comprehensive income are transferred to the income statement.
Certain derivative instruments that are not qualify as hedging instruments and no longer meet the criteria for
hedge accounting, are classified as derivatives available for sale and accounted for at fair value through profit
or loss. Changes in the fair value of any of these derivative instruments are recognized immediately in the
Income Statement within “Other operating income / (expenses) – net”.
At 31.12.2022 the Group does not own instruments for fair value hedging. At the same date the Group owned
instruments of cash flow hedging applying risk hedge accounting, hence the changes of the fair value were
registered at special reserve in the equity (note 17).

2.13 Inventories
Inventories mainly include land and buildings for sale, as well as land under development for the purpose of
future sale within the ordinary course of business. Inventories are initially accounted at acquisition cost or
their deemed cost, being their fair value at the reclassification date from investment property. They are
subsequently carried at the lower of cost and net realisable value.
Property under development
Properties under development are land held for the purpose of their development and subsequent sale. At the
reporting date they are presented at the lower of cost and net realisable value.
The cost consists of the cost of acquiring the assets, as well as the development cost (construction costs, fees
of designers and other professionals during the development phase and borrowing costs for their further
utilization).
Net realisable value of each property is the estimated selling price in the ordinary course of business, less
costs to complete redevelopment and related selling expenses.
The properties under development are transferred upon their completion to the land and buildings for sale.
Land and buildings for sale
Land and buildings for sale are complete properties that were not sold up to the reporting date and are
presented at the lower of cost and net realisable value.



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The cost consists of the cost of acquiring the assets, the cost of development as described above, and the
relevant costs of preparing to sell them.
Net realisable value of each property is the estimated selling price in the ordinary course of business, less
related selling expenses.
Impairment provisions
To calculate the net realisable value of each property, as described above, the Group's Management estimates
both the sale values and the completion cost as an area with increased appraisal uncertainty, as such estimates
take into account market conditions affecting each property, as well as its sales strategy.
At each reporting date it is estimated whether an impairment provision should be made if the conditions are
such that the cost exceeds the net realizable value of the property. Write-offs and impairment losses are
recognized in profit or loss when they arise.
Time classification of real estate under development
Inventories relating to properties under development are classified as current assets when their sale is
expected to occur within the normal operating cycle of the Group. Especially in the case of inventories of
Ellinikon area, the first phase of the investment period is defined as the normal operating cycle. Land held for
further development purposes on which no development or development activities have been commenced,
and which are not expected to be completed within the normal operating cycle, are classified as non-current
assets.
Inventories with surface right
The property inventories for which the Group does not have full ownership but holds land with a surface right
for 99 years are presented in the Statement of Financial Position in the "Rights-of-use assets".

2.14 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks, time deposits and other short-term
highly liquid investments with original maturities of three months or less and low risk.
Bank overdrafts are shown within current loans in Statement of Financial Position and Cash Flow Statement.
Restricted Cash
Restricted cash refer to amounts that cannot be used by the Group until the occurrence of a specific time point
or event in the future and are not cash equivalents. In cases where restricted cash are expected to be used
within one year from the reporting date they are classified as current assets. However, if they are not expected
to be used within one year from the reporting date, they are classified as non-current assets.


2.15 Share Capital – Share Premium – Treasury shares
The share capital includes the shares that have been issued and are in circulation. The share premium reserve
includes the price paid in addition to the nominal value of the shares. Expenses related to the issue of new
shares are deducted from the share premium reserve, net of taxes.
The treasury shares represent shares of the Company which were acquired and held by the Group. Treasury
shares are deducted from equity at acquisition cost including any costs, net of tax. No gain or loss is recognized
in the Income Statement when acquiring, selling, issuing or cancelling treasury shares. The sale or purchase
price and related gains or losses, net of transaction costs and taxes, are recognized directly in equity.

2.16 Trade and other payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payables are classified as current liabilities if payment is due
within one year or less (or in the normal operating cycle of the business if longer).




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Trade payables are recognised initially at fair value and subsequently measured at amortized cost using the
effective interest method.
2.17 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
valued at amortised cost using the effective interest method. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the Income Statement over the period of the
loans using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date.
2.18 Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of a
qualifying asset, are capitalized as part of the cost of this asset, for the time required until the asset is ready
for use or sale. Qualifying asset is an asset that necessarily take a substantial period of time to get ready for
its intended use or sale. Borrowing costs deriving during the development of investment properties are not
capitalized since these assets are stated at their fair value.
Income earned on the temporary investment of specific borrowings that have been drawn for the acquisition,
construction or development of an asset is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in the Income Statement for the period in which they are incurred.
Borrowing costs include interest and other costs incurred in connection with borrowing funds.
2.19 Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Income Statement,
except for the extent that it relates to items recognised in other comprehensive income or directly in equity.
In this case, the tax is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated using the financial statements of each company included in the
consolidated financial statements, along with the applicable tax law in the respective countries where these
companies operate. Management periodically evaluates position in relation to the tax authorities and
recognizes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the
tax base of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other
than a business combination that at the time of the transaction affects neither accounting nor taxable profit
nor loss. Deferred income tax is determined using tax rates (and tax laws) that have been enacted or
substantively enacted by the reporting date and are expected to apply when the related deferred income tax
asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries,
associates and joint ventures, unless the Group is able to control the reversal of temporary differences and
the temporary differences are not expected to be reversed in the near future.
Deferred tax liabilities are recognized for deductible temporary differences arising from investments in
subsidiaries, associates and joint ventures only to the extent that they are probable that they will be reversed
in the future and that future taxable profits will be available to settle the temporary differences.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority or different taxable entities where there is an intention to settle the
balances on a net basis.



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2.20 Employee benefits
(a) Short-term benefits
Short-term employee benefits in cash and in kind are recognized as an expense when they become accrued.
(b) Right of leave
Employees' annual leave and long-term leave entitlements are recognized when they arise. Provision is made
for the estimated annual leave and long-term service obligation as a result of services offered up to the
reporting date.
(c) Retirement benefits
The Group participates in retirement schemes in accordance with the Greek legislation by paying into publicly
administered social security funds on a mandatory basis. Benefits after retirement include both defined
contribution plans and defined benefits plans.
Defined contribution plans include payments of fixed contributions into State Funds. The obligation of the
employer is limited to the payment of the employer contributions to the Funds, as a result of which no further
obligation of the Group arises in case the State Fund is unable to pay a pension to the insured. The accrued
cost of defined contribution plans is recorded as an expense in the year that arises and is included in staff
costs.
Defined benefit plans comprise retirement benefit plans according to which the Group pays to the employee
an amount upon retirement that is based on the employee’s period of service, age and salary.
The liability recognized in the Statement of Financial Position in respect of defined benefit pension plans is the
present value of the defined benefit obligation. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the defined benefit
obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms
to maturity approximating to the terms of the related pension obligation. In countries where there is no deep
market in such bonds, the market rates on government bonds are used.
The current service cost of the defined benefit plan is recognized in the Income Statement, unless it is included
in the cost of an asset. The current service cost reflects the increase in the defined benefit obligation resulting
from employee service in the current year, benefit changes curtailments or settlements.
Actuarial gains and losses arising from adjustments based on historical data are recognized in equity in other
comprehensive income in the period in which they arise.
Past-service costs are recognized immediately in the Income Statement.
The cost of interest is calculated by applying the discount rate to the net defined benefit liability for the defined
benefits plan. The net interest is included in employee benefit expense in the Income Statement.
(d) Termination benefits
Termination benefits are payable whenever an employee’s employment is terminated by the Group, before
the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these
benefits. The Group recognizes these benefits earlier than: a) when the Group cannot withdraw the offer of
these benefits any longer and b) when the Company recognizes expenses from reorganization that is included
in the scope of IAS 37 where the payment from termination benefits is included. In case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees
expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to their present value.
(e) Share-based compensation
The Group implements a number of stock option plans in which the Company receives services from its
employees in exchange for equity securities of the parent Company, LAMDA DEVELOPMENT S.A. The fair value
of employee services received in exchange for equity securities is recognized as an expense with a
corresponding increase in equity. The total amount to be recognized as an expense is determined in relation
to the fair value of the rights granted:




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- including any market performance conditions (e.g. the entity’s share price)
- excluding the impact of any non-market performance vesting conditions (e.g. profitability, sales growth
targets and stay of the employee in the Company for a specified period), and
- including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold
shares for a specific period of time).
The total expense is recognized over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied. At the end of each period, the Company revises its estimates regarding
the number of options that are expected to vest based on the non-market vesting, as well as the service
conditions, and recognizes the impact of the revision to original estimates, if any, in profit or loss, with a
corresponding adjustment to equity.
In addition, in some cases employees may provide the service before the option grant date and therefore the
fair value is calculated at the option grant date, so that the entity can recognize the expense during the period
in which the provision of the service started and the option grant date.
When the options are exercised, the Company issues new shares. Receipts received, net of any direct
transaction costs, are credited to the share capital (nominal value) and to the share premium.
The granting of options by the Company to the employees of the Group's subsidiaries is accounted for as a
capital contribution. The fair value of the services provided by the employees, which is measured in relation
to the fair value at the date of grant, is recognized during the vesting period as an increase in the investment
in a subsidiary with a corresponding credit of the equity in the financial statements of the parent Company.

2.21 Grants
Government grants are recognised at fair value when it is virtually certain that the grant will be collected and
the Group will comply with anticipated conditions.
Government grants relating to expenses are deferred and recognized in the Income Statement over the period
necessary to match them with the costs they are intended to compensate.
Government grants relating to the purchase of tangible assets are included in non-current liabilities as deferred
government grants and are credited to the Income Statement on a straight-line basis over the expected lives
of the related assets.
At reporting date, there were no government grants.
2.22 Provisions
Provisions are recognized when the Group has a present legal or constructive obligation as a result of past
events, when it is probable that an outflow of resources will be required to settle the obligation and when the
amount can be reliably estimated.
In case there are several similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of similar obligations. In this case, a provision is recognized even if the
likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditure required, according to management’s best
estimate, to settle the present obligation at the reporting date (note 4.1). The discount rate used to determine
the present value reflects current market assessments regarding the time value of money and the risks related
to the specific liability.
The above also applies to the recognition and subsequent measurement of provisions for infrastructure in
HELLINIKON S.M.S.A. concerning the unavoidable obligation of the Group, as defined in the shares purchase
agreement for the acquisition of 100% of the shares of HELLINIKON S.M.S.A. and for a specific period of time,
for the implementation of public benefit projects such as roads, utility networks, undergrounding and
pedestrian bridges etc. which will be transferred to the ownership of the Greek State upon their completion
free of charge.




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2.23 Revenue recognition
Revenue comprises the fair value of revenues from property leases, provision of services and management of
real estate, as well as real estate purchases and sales, net of value added tax (VAT), discounts and followed
by the intragroup revenue eliminations. Revenue is recognised as follows:
(a) Revenue from investment property
Revenue from investment properties includes operating lease revenue, revenue from maintenance and
management of real estate, concession rights and commercial cooperation agreements.
The revenue from operating leases is recognized in the Income Statement using the straight-line method over
the duration of the lease. The most significant part of the revenue from operating leases refers to the annual
base remuneration that each tenant pays into the shopping centers (Base Remuneration – standard
remuneration deriving from the commercial cooperation agreement), which is adjusted annually by CPI plus
indexation which varies from tenant to tenant. When the Group provides incentives to its customers, the cost
of these incentives is recognized over the duration of the lease or commercial cooperation, using the straight-
line method, reducing revenue.
The revenue from maintenance and management of real estate, concessions and commercial cooperation
agreements is recognized during the period for which the concession and commercial cooperation services are
provided.
(b) Berthing services
Berthing services are recognized in the Income Statement at the year that the services offered with reference
to the completion of the specific transaction calculated based on the services offered, as a proportion of the
total services to be offered.
(c) Sale of real estate
Revenue from the sale of real estate is only recognized in the financial statements when the final contract has
been signed.
When the outcome of a contract cannot be reliably estimated, the revenue is recognized only to the extent
that the contract costs incurred will probably be recoverable. Contract expenses are recognized when incurred.
Contracts with customers may include multiple promises to customers and therefore accounted for as separate
performance obligations. In this case, the transaction price will be allocated to each performance obligation
based on the stand-alone selling prices. When these are not directly observable, they are estimated based on
expected cost-plus margin. The revenue from sale of real estate is measured at the fixed transaction price
agreed under the sale and purchase agreement. Revenue from sale of real estate is recognized as and when
the control of the asset is transferred to the customer, and it is probable that the Group will collect the
consideration to which it will be entitled in exchange for the asset that will be transferred to the customer.
Depending on the terms of the contract and the laws that apply to the contract, control of the asset may
transfer over time or at a point in time. Control of the asset is transferred over time if the Group's performance
does not create an asset with an alternative use to the Group and the Group has an enforceable right to
payment for performance completed to date.
This is generally established when:
- the promised properties are specifically identified by its plot, floor/apartment number, as well as their
attributes (such as their size and location) in the sale and purchase agreements and the attached layout plan
and the purchasers could enforce its rights to the promised properties if the Group seeks to sell the unit to
another purchaser. The contractual restriction on the Group’s ability to direct the promised property for another
use is substantive and the promised properties sold to the purchasers do not have an alternative use to the
Group and
- the Group has the right to payment for performance completed to date and is entitled to continue to transfer
to the customer the units promised and has the rights to complete the construction of the properties and
enforce its rights to full payment.
If control of the asset transfers over time, revenue is recognized over the period of the contract by reference
to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized
at a point in time when the customer obtains control of the asset. The Group recognizes revenue over time
using the input method, which is based on the actual cost incurred to date on the property development
project as compared to the total budgeted cost for the respective development projects.



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The Group recognizes revenue at a point in time for the sale of plots and completed properties, when the
control of the properties has been transferred to the purchasers, being when the properties have been
completed and delivered to the customers and it is probable that the Group will collect the considerations to
which it will be entitled to in exchange for the assets sold.
(d) Interest income
Interest income is recognized on a time-proportion basis using the effective interest method. When a
receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated
future cash flow discounted at original effective interest rate. Afterwards, interests are calculated by using the
same rate on the impaired value (new carrying amount).
(e) Dividend income
Dividend income is recognized when the right to receive payment is established.
Contract assets and contract liabilities
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If
the Group performs by transferring goods or services to a customer before the customer pays consideration
or before payment is due, a contract asset is recognized for the earned consideration that is conditional. In
the case of real estate sale contracts, contract asset is the excess of cumulative revenue earned over the
billings to date. A contract asset is stated at cost less accumulated impairment. Contract assets are subject to
impairment in accordance IFRS 9 “Financial Instruments”. A contract liability is the obligation to transfer goods
and services to a customer for which the Group has received consideration (or an amount of consideration is
due) from the customer. In the case of real estate sale contracts, contract liability is the excess of the billings
to date over the cumulative revenue earned. Contract liabilities are recognized as revenue when the Group
performs its obligation under the contracts.

2.24 Leases
(a) Group as the lessee
Assets and liabilities arising from leases are initially measured at the present value of future leases. Lease
liabilities contain the present value of the following payments:
• Fixed amount payments deducting any claims related to lease incentives
• Variable amount payments based on an index or percentage
• Payments that are expected to be made by the lessee as guaranteed residual values
• Payments related to the price of exercising the right of purchase, when the exercise of the right by the
lessee is almost certain
• Payments for penalties for early termination of the lease, if it is considered reasonable that the lessee will
proceed to the termination of the contract
Rent payments are discounted using the imputed rental rate. If this interest rate cannot be determined, then
the lessee uses the incremental borrowing rate, which is the rate at which the lessee would borrow funds to
purchase an asset of similar value in a similar economic environment and under the same trading terms and
conditions.
The right to use an asset is measured at cost and includes the following items:
• The amount of the initial measurement of the lease liability
• Rent payments made before or at the start of the lease deducting any lease incentives received
• Any initial costs directly related to the lease
• Costs related to the restoration of the leased asset
Each rent payment is divided between the liability and the finance expense. The finance expense is charged
to the Income Statement during the term of the lease and is calculated at a fixed interest rate on the balance
of the liability for each period. The value of the right of use is amortized using the straight-line method with
equal charges either during the useful life of the asset with a right of use or during the term of the contract
depending on which period is shorter. In the case that the right of use concerns an investment property, then
the value of the right of use is depreciated through the Income Statement as a change in the fair value of
investment property.




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Payments related to short-term leases, as well as contracts where the value of the asset is of small value are
recognized as an expense in the Income Statement during the term of the lease. Leases with a duration of
up to 12 months are defined as short-term contracts. Low value assets include mainly office and IT equipment.
(b) Group company as the lessor
Assets leased to third parties under operating leases are included in investment properties and measured at
fair value (note 2.6). Also, note 2.23 describes the accounting policy of revenue recognition from leases.
2.25 Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements
when the dividend distribution is approved by the Shareholders Ordinary General Assembly. The first dividend
is recognized at its payment.


3. Risks management and fair value estimation
3.1 Financial risk factors
The Group is exposed to financial risks, such as market risk (fluctuations in exchange rates, interest rates and
market prices), credit risk and liquidity risk. The Group’s overall risk management plan focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial
performance.
Financial risks management is carried out by the central Group finance department, that operates under
specific policies approved by the Board of Directors. The Board of Directors provides instructions and directions
for overall risk management, as well as specific instructions regarding the management of specific risks, such
as foreign exchange risk, interest rate risk and credit risk.
Management continually assesses the possible impact of any changes in the macroeconomic and financial
environment in Greece so to ensure that all necessary actions and measures are taken in order to minimize
any impact on the Group’s operations in Greece. Despite the aforementioned uncertainties, the Group’s
operations continue without any disruption. However, Management is not able to accurately predict the likely
developments in the Greek economy and its impact on the Group activities. Further information regarding the
impact and uncertainties for pandemic COVID-19 is presented in note 2.1.

(a) Market risk
i) Foreign exchange risk
The Group operates in Greece and Balkans and is exposed to foreign exchange risk arising from various
currency exposures. The major part of the Group’s transactions is denominated in Euro. Foreign exchange risk
arises from future commercial transactions, recognised assets and liabilities and net investments in foreign
operations.
The Group’s stable policy is to avoid purchasing foreign currency in advance and contracting foreign exchange
future contracts with external counterparties, as well as foreign exchange hedging.
The Group has certain investments in subsidiaries operating abroad whose net assets are exposed to foreign
currency translation risk at their financial statements translation for consolidation purposes. In relation to the
operations outside Greece, the most important operations relate to Serbia where the currency translation rate
does not present a large fluctuation historically. Also, the Group operations outside Greece does not include
significant commercial transactions and therefore there is not a significant foreign exchange risk.
ii) Inflation risk
The Group is exposed to fluctuations in demand and offer of real estate in the domestic market which are
affected by the macroeconomic developments in the country and the developments in the domestic real estate
market (including inventories of the Ellinikon project). Any extreme negative changes of the above may have
a corresponding negative impact on business activity, operating cash flows, fair value of the Group's
investment property, and in equity.



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Decrease in the demand or increased offer or shrinking of the domestic real estate market could adversely
affect the Group's business and financial condition, as well as negatively affect the Group's investment property
occupancy, the base consideration of commercial cooperation contracts, the level of demand and ultimately
the fair value of these properties. Also, the demand of spaces in the Group’s investment property may decrease
due to the adverse economic condition or due to increased competition. The above may result to lower
occupancy rates, renegotiation of commercial cooperation contracts terms, higher costs required for entering
into commercial agreements, lower revenue from base remuneration, as well as lower term commercial
cooperation contracts.
The Group enters into long term operating lease arrangements for a minimum of 6 years, the lease payments
are adjusted annually according to the Consumer Price Index plus average margin coming up to 1,5-2%.
iii) Interest rate risk
Interest risk mainly derives from the Group’s loans with floating interest rates based on Euribor. This risk is
partially hedged through cash held at floating rates. Also, the Group examines its exposure to the risk of
changes in interest rates and manages this risk considering the possibility of refinancing, renewal of existing
loans, alternative financing and risk hedging.
The Group's exposure to the risk of changes in market interest rates mainly concerns the long-term borrowings
of the Group with floating interest rates. The Group also manages interest rate risk by having a balanced loan
portfolio with fixed and floating interest rates. As of December 31, 2022 approximately 47% (31.12.2021:
44%) of the Group's loans had a fixed interest rate which concern the Common Bond Loan of nominal value
€320m and bond yield of 3,40%, as well as the Company’s Common Bond Loan under the Framework of Green
Bond of nominal value €230m and bond yield of 4,70%.
Specifically, to cover the changes in interest rates, the Group has entered into interest rate swaps for the
conversion of floating interest rates into fixed ones, with respect to part of the loan of the subsidiary LAMDA
DOMI S.M.S.A. which amounts to €60,1 million as at 31.12.2022, as well as for part of the loan of the
subsidiary PYLAIA S.M.S.A. which amounts to €51,6 million as at 31.12.2022. The change in the fair value of
the derivatives (interest rate swaps) was recorded in the statement of comprehensive income and the income
statement as hedge accounting is applied.
The sensitivity analysis below is based on change in a variable keeping all other variables constant. Such a
scenario is not probable to happen, and changes in variables can be related for example to change in interest
rate and change in market price.
As of December 31, 2022 a change by +/- 1,00% on reference rates (Euribor) of loans at functional currency
with floating rate, would have an impact of +/-€5,0 million in finance cost at Group level on annual basis and
+/-€0,1 million at Company level. The impact (increase / decrease) on results before tax of the year and the
equity respectively of the Group and the Company would be corresponding.
(b) Credit risk
Credit risk is managed on Group level. Credit risk arises from credit exposures to customers, cash and cash
equivalents, as well as restricted cash.
Regarding Group revenue, these are mainly deriving by customers with an assessed credit history and credit
limits, while certain sale and collection terms are applied.
Revenue will be significantly affected in case customers are unable to fulfill their contractual obligations due
to either downsizing of their financial activities or weakness of the local banking system.
However, the Group on 31.12.2022 has a well-diversified tenant mix consisting mainly of well-known and
reputable companies. The customers’ financial condition is monitored on a recurring basis. The Group
Management considers that there is no substantial risk for doubtful debts, other than those for which sufficient
provisions have already been recognized. In addition, customers' credit risk is significantly reduced due to the
Group's policy of receiving bank letters of guarantee from tenants.
The maximum exposure to credit risk at the reporting date is the carrying value of the trade and other
receivables.
As for the bank deposits of the Group and the Company, they are placed in banks that are classified in the
external credit rating of Moody’s. The credit risk of total cash ("Cash and cash equivalents" and "Restricted
cash") that were placed in banks is classified in the table below according to the level of credit risk as follows:




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Group
Company
(Moody’s Rating)
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Α1
242
157
99
100
Ba2
477.216
-
213.188
-
Βa3
215.670
-
177.474
-
Β2
-
498.602
-
384.215
B3
-
40.177
-
24.170
n/a
205
77
-
-
693.333
539.013
390.761
408.485
The balance of the account "Cash and cash equivalents" refers to cash on hand and bank deposits. As at
31.12.2022, the bank assets of the Group were concentrated in mainly 3 banking organizations in Greece at
a rate of more than 10%, which is a significant concentration of credit risk. No significant losses are expected
due to the creditworthiness of the banks in which the Group maintains its various bank accounts. Credit risk
of bank deposits reduced within 2022, as this was reflected also in international credit rating agencies’ reports.
The recent crisis in the banking sector (Silicon Valley and Credit Suisse) can significantly affect international
markets and economies, e.g. widening of credit margins. According to analysis by international credit agencies
and a relevant recent report by the Governor of the Bank of Greece, the possibility of the crisis spreading to
the rest of the banks is very small. Banks are adequately capitalized, liquidity ratios are very high and therefore
Greek and European bank systems are not facing problems currently.
(c) Liquidity risk
Existing or future risk for profits and capital arising from the Group's inability to either collect overdue debts
without incurring significant losses or to meet its obligations when payable, since cash outflows may not be
fully covered by cash inflows. The Group ensures the required liquidity in time to meet its obligations in a
timely manner, through the regular monitoring of liquidity needs and debt collection from tenants, maintaining
overdraft accounts with systemic banking institutions and the prudent management of cash.
The liquidity of the Group is monitored by the Management at regular intervals. Table presented below
containing the analysis of the maturity of financial liabilities for which future cash outflows will be required:
Amounts in € thousands
GROUP
31 December 2022
0-1 year
1-2 years
2-5 years
> 5 years
Total
Borrowings ¹
434.291
46.586
561.230
314.321
1.356.428
Derivative financial instruments
(3.137)
(3.162)
(3.187)
-
(9.486)
Consideration payable for the acquisition of
HELLINIKON S.M.S.A. ²
166.650
-
8.350
440.000
615.000
Trade and other payables ³
100.833
6.402
-
-
107.235
Lease liabilities
4
11.813
12.285
34.570
306.176
364.844
710.450
62.111
600.963
1.060.497
2.434.021
GROUP
31 December 2021
0-1 year
1-2 years
2-5 years
> 5 years
Total
Borrowings ¹
67.023
34.207
234.364
511.846
847.440
Derivative financial instruments
504
27
(1.115)
65
(519)
Consideration payable for the acquisition of
HELLINIKON S.M.S.A. ²
-
166.650
-
448.350
615.000
Trade and other payables ³
51.991
21.378
-
-
73.369
Lease liabilities
4
11.922
11.917
35.203
307.084
366.126
131.440
234.179
268.452
1.267.345
1.901.416
COMPANY
31 December 2022
0-1 year
1-2 years
2-5 years
> 5 years
Total
Borrowings ¹
19.006
11.092
353.063
230.000
613.161
Trade and other payables ³
29.804
-
-
-
29.804
Lease liabilities
4
1.987
1.269
2.765
1.676
7.697
50.797
12.361
355.828
231.676
650.662



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COMPANY
31 December 2021
0-1 year
1-2 years
2-5 years
> 5 years
Total
Borrowings ¹
11.031
11.031
33.124
331.031
386.217
Trade and other payables ³
27.581
-
-
-
27.581
Lease liabilities
4
2.002
2.002
2.869
2.620
9.493
40.614
13.033
35.993
333.651
423.291
¹ "Borrowings" includes the balances of borrowings (outstanding capital) including future contractual interest at maturity,
at unpaid values, which differ from the corresponding book values in the Statement of Financial Position valued at
amortized cost under IFRS 9. Since the amount of contractual non-discounted cash flows is related to both floating and
non-fixed interest rate loans, the amount presented is determined by the conditions prevailing at the reporting date -
hence, for the determination of the actual discounted cash flows, actual interest rates valid on 31 December 2022 and 31
December 2021 were used, respectively.
² "Consideration payable for the acquisition of HELLINIKON S.M.S.A." presented in non-discounted values, which differ
from the corresponding book values in the Statement of Financial Position that are valued at amortized cost under IFRS
9.
³ Those relate to liabilities as at 31.12.2022 and 31.12.2021 as recognized in the respective Statement of Financial Position
valued at amortized cost. The item "Trade and other payables" does not include the "Unearned income (contract
liabilities)", the “Unearned income (contract liabilities) HELLINIKON S.M.S.A.”, the "Pre-sales property of HELLINIKON
S.M.S.A." and the "Payment in advance related to sale of joint venture" of note 21.
⁴ "Lease liabilities" include future contractual leases at nominal values, which differ from the corresponding carrying
amounts in the Statement of Financial Position which are valued at present value under IFRS 16.
As at 31.12.2022, the short-term bank bond loans mainly include the bank bond loan of the subsidiary L.O.V.
S.M.S.A. ("LOV") signed on 29.07.2022 with the credit institutions under the name Eurobank and Piraeus Bank
new program of common bond loan for amount up to €365m, consisting of three distinct series with interest
rate of 2,70% plus 3-month Euribor. Until 31.12.2022, an amount of €361 million has been disbursed, which
is classified in the short-term part of the Group's borrowings. The Group in cooperation with the banks, is
planning to refinance the said loan, as well as the bank loans of the rest of Shopping Malls, in the context of
planned restructure withing 2023.
The short-term bank borrowings include also the Credit Agreement with open account of the Company with
Piraeus Bank for amount up to €10 million, which was signed on 06.06.2022. As at 31.12.2022, the amount
of said loan amounted to €7,98 million.
Financing for the development of the Property of Ellinikon
The Company, on 27.01.2020 signed with “Eurobank S.A.” and “Piraeus Bank S.A.” the “Heads of Terms”
regarding the bank financing intended to cover part of the capital to be invested by the Group during the first
five years of the Ellinikon project development.
On 07.04.2021, the Company signed with the aforementioned banks an agreement for the update of the “Head
of Terms”. This update emanated from the gradual evolution and maturity of the Company’s plans regarding
the envisaged projects and investments during the first five years of the Project. The aforementioned bank
financing agreement includes:
(a) the financing of infrastructure and other developments’ works during the first five years of the Project
(Phase A), as well as the financing of V.A.T., with a bond loan of up to €442m to be issued by HELLINIKON
S.M.S.A. (plus an amount of up to €100m for financing of recoverable V.A.T. cost), with a duration of 10 years
from the Transfer Date,
(b) the financing of the commercial development on Vouliagmenis Avenue (Vouliagmenis Mall), as well as the
financing of V.A.T., with a bond loan of up to €415m to be issued by a special purpose vehicle controlled by
LAMDA DEVELOPMENT S.A. (plus an amount of up to €86m for financing recoverable V.A.T. cost), with a
duration of 6 years from the first drawdown (with the possibility of the issuing company to extend the maturity
for an additional 5 years, reaching 11 years in total from first loan drawdown),
(c) the financing of the commercial development within the Aghios Kosmas Marina (Riviera Galleria), as well
as the financing of V.A.T., with the issuance of a bond loan of up to €102m to be issued by a special purpose
vehicle controlled by LAMDA DEVELOPMENT S.A. (plus an additional amount of up to €19m for financing of
recoverable V.A.T. cost), with a duration of 5 years from the first drawdown (with the possibility of the issuing
company to extend the maturity for an additional 6 years, reaching 11 years in total from the loan first
drawdown) and in conjunction with the financing mentioned in points (a) and (b) above,




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(d) the issuance of a letter of guarantee of €175m, to secure the fulfillment of LAMDA DEVELOPMENT S.A.
obligations to cover any cost overruns of Phase A of the Project, as well as to cover any shortfall in sales
and/or assets exploitation intended to finance Phase A of the Project budget l. Following the written agreement
dated 29.06.2022 with the Representative of the Bondholders, the amount of the aforementioned Letter of
Guarantee was reduced from €175 million to €160 million.
Regarding the (a) above, HELLINIKON S.M.S.A. signed on 06.04.2022 with the banks "Eurobank S.A." and
"Piraeus Bank S.A." the bond program and subscription agreement for the financing of infrastructure and other
developments’ works of Phase A of up to €394m, as well as for the financing of V.A.T. (additional amount up
to €100m), with a duration until the completion of 10 years from the Date of Transfer, a fact that covers its
revised needs. Regarding, (d) above, LAMDA DEVELOPMENT S.A. signed on 06.04.2022 the relevant
contractual documents.
Regarding the (b) and (c) above the Company is still in progress to finalize the contractual agreements with
the mandated lead arranger banks.
Advances from customers for the future acquisition of properties in Residential Developments of
the Ellinikon project
• Villa land plots (The Cove Villas): the sale (signing of a notarial deed) has been completed for 19
plots of land (15 plots on 31.12.2022) out of the total of 28 available plots, with the total proceeds
from said sales amounting to approximately €77 million (approximately €55 million on 31.12.2022)
(concerns the payment of 50% of the value of the plot as well as 100% of the value of the
infrastructures attributable to them). In addition, customer advances have already been deposited for
8 plots, with the total amount of advances amounting to approximately €1.4 million. Completion of
the purchase and sale for these 8 plots is expected in Q2 2023. The estimated total gross revenue
from the sale of all plots, during the first five years (Phase A'), is estimated at approximately €214
million including revenue from construction management. The construction costs are assumed by the
buyers, while the management of the design and partly of the construction by HELLINIKON S.M.S.A.
• Riviera Tower: the sale (signing of a notarial deed) has been completed for 133 apartments (122
apartments on 31.12.2022) out of the total of 170 apartments (78% of the total), with the total
proceeds from said sales amounting to approximately €75 million. (approx. €69 million on 31.12.2022)
(concerns the payment of 20% of the price). In addition, customer advances have already been
deposited for 22 apartments (13% of the total), with the total amount of advances amounting to
approximately €7 million (approximately €8 million on 31.12.2022). The completion of the sale for the
said 22 apartments as well as for the remaining 15 apartments (for which until now there are
negotiations with interested buyers but no advances have been deposited) is expected within the Q2
2023. The estimated total gross income for the total of apartments, during the first five years (Phase
A'), amount to approximately €625 million.
• The Cove Residences (Condos): Regarding the reservations for the future purchase of the said
apartments, customer advances have already been deposited, which correspond to approximately
90% of the total (approximately 87% of the total on 31.12.2022), amounting to approximately €26
million (approximately €26 million on 31.12.2022). It is estimated that the signing of the notarial acts
for the completion of sales will begin in the Q2 2023, where 25% of the total price will be collected.
The estimated total gross income for all the condos, during the first five years (Phase A'), amounts to
approximately €279 million, upon completion of the respective sales.
• Sale of properties in the context of the of the strategic cooperation between the Company
and TEMES S.A.: on 06.03.2023 the first installment of a total amount of approximately €30 million
was collected regarding the sale by HELLINIKON S.M.S.A. of the two properties on which the two
modern, luxurious 5-star hotels and the corresponding tourist-residential complexes (branded
residences) will be developed jointly with TEMES on the Coastal Front of Ellinikon.
Issuance of Green Common Bond Loan
In July 2022, in the midst of adverse market conditions (intense inflationary pressures and rising interest
rates, geopolitical and energy crisis), the Company completed, through a Public Offer, the issuance of the first
Green Common Bond Loan (CBL) amount of €230 million (7-year duration with interest rate 4.70%), with the
participation of more than 14.000 Greek investors, recording a new record of investor participation in a bond
issue and with a significant over-coverage (3,12 times). The raised funds of the Green Bond will be allocated
exclusively to eligible Green investment categories such as the development of Sustainable Buildings and
sustainable urban outdoor spaces, Green Energy and Smart Cities. On 13.07.2022 the trading of the 230.000
bonds in the Fixed Income Securities category of Athens Stock Exchange began (trading code:
"LAMDAO2"/"LAMDAB2").



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The above developments regarding the debt will significantly enhance the liquidity of the Group.
Management based on the current levels of cash and forecasts for future cash flows is convinced that the
Group and the Company will generate sufficient cash flows from their ongoing activities as well as from their
financing activities to adequately meet future working capital and other cash needs. The Group and the
Company have a good reputation, significant creditworthiness and an excellent and constructive relationship
with the financial institutions that finance them, events that facilitate the negotiations regarding the
refinancing and the provision of additional funds to fulfill seamlessly their investment plan, as evidenced by
recent developments regarding the financing of the development of the investment in Ellinikon and the
issuance of Green Common Bond Loan (note 18).
Surplus cash held by the Group over and above balance required for working capital needs, are managed by
the Group Treasury Department. Group Treasury Department invests surplus cash in interest bearing current
accounts, time deposits, money market deposits and marketable securities, choosing instruments with
appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-
mentioned forecasts. Cash and cash equivalents are considered assets with high credit risk since the current
macroeconomic environment in Greece affects significantly the local banks. No losses are expected due to the
creditworthiness of the banks in which the Group maintains the various bank accounts.
Further to the above, the Group and the Company have contingencies in respect of guarantees and other
matters arising in the ordinary course of business, for which no significant additional burdens are expected to
arise as described in note 33.
3.2 Capital risk management
The Group and Company objectives when managing capital are to safeguard the ability to continue as a going
concern in order to provide satisfactory returns to shareholders and benefits to other stakeholders, as well as
maintaining an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group and Company may adjust the dividends’
amounts paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with industry practices, the Company and the Group monitors capital on the basis of the gearing
ratio. This ratio is calculated as Total Debt divided by Total Equity plus Total Debt. Total Debt is calculated as
total “Borrowings” (non-current and current portion), plus “Lease liabilities” (non-current and current portion),
plus “Consideration payable for the acquisition of HELLINIKON S.M.S.A.”. Total equity as shown in the
Statement of Financial Position.
In 2022, as well as in 2021, the Company’s and Group strategy was to maintain the gearing ratio at optimum
level.
Gearing ratio:
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Borrowings
1.162.661
721.420
598.648
359.026
Lease liabilities
181.336
182.912
6.641
8.374
Consideration payable for the acquisition of
HELLINIKON S.M.S.A.
518.528
501.245
-
-
Total borrowings
1.862.525
1.405.577
605.289
367.400
Total equity
1.167.642
1.301.243
774.454
818.024
Total borrowings & Total equity
3.030.167
2.706.820
1.379.743
1.185.424
Gearing ratio
61,5%
51,9%
43,9%
30,9%

3.3 Risk Management Unit
The Company has a RMU (Risk Management Unit). The aim of the RMU is to strengthen the risk management
culture, while its mission is to make a substantial contribution to the development of a modern operating
framework at all organizational levels, to identify, assess and manage the risks faced by the Company. RMU
ensures that the risks taken by the Company's units comply with the risk appetite and tolerance limits set and
shaped by Board of Directors and senior management. RMU has an operational reference line to the four-
member Audit Committee, out of which three of them are also members of BoD, while administratively reports


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Annual financial report for the year ended 31 December 2022
183

to the Operations Division. The role and responsibilities of the RMU are reflected in its operating policy, which
was drafted and approved in July 2021.
The RMU responsibility is to oversee the practice and development of risk management throughout the
organization. The RMU is not intended to take the responsibility of managing risks away from management,
but to facilitate the development of risk management. The RMU contribution is around the risk management
processes, rather than “inside” them.
The responsibilities of the RMU are defined by the Audit Committee and approved by the BoD, which has the
final responsibility of oversighting the risk management framework of the Company. Analytically, with regards
to the risk management framework, the responsibilities of the RMU include the following:
• Introduction, operation and coordination of an integrated risk management system across all levels and
activities of the Company.
• Suitable training of the Company staff on the key values of risk management and on developing a relevant
culture across all levels of the organizational structure.
• Introduction and use of a common language with respect to risk management by all components of the
risk management system and all operations of the Company.
• Contribution in defining the risk management strategy.
• Development and update of the policies and procedures of risk management.
• Development of methodologies for identification, recording, assessment, monitoring and managing risks.
• Oversight of the implementation of general principles of risk management and the proper functioning of
the system.
• Definition and provision of know-how in developing KRIs (Key Risk Indicators).
• Development of an integrated risk assessment system based on the objectives and the level of risk appetite
set by the senior management.
• Ensure that responsibilities related to risk management are clearly defined.
• Collaboration with other departments and functions in order to achieve corporate goals.
• Contribution to ensuring that the responsibilities of the BoD and the BoD Committees are clearly defined
in terms of overseeing the Company's risks.
With regards to the risk management, other responsibilities of the RMU include the following:
• Provision of independent advice on issues related to risk management, controls and mitigations, as well
as reports.
• Contribution in categorizing the risks aiming at their more efficient monitoring.
• Maintaining an up-to-date risk register.
• Monitoring of identified risks and changes with respect to the exposure on them.
• Contribution to the assessment of inherent risks, i.e., the likelihood and the impact, for every risk included
in risk register.
• Contribution to the provision of independent advisory services regarding the evaluation of the adequacy
and effectiveness of controls that the Company has adopted and implements for mitigating the risks.
• Contribution to the assessment of the residual risk.
• Review and provision of independent advisory services regarding the development of risk management
plans (acceptance, transfer, reinforcing of existing controls for further reduction / mitigation).
• Development of a monitoring system for management actions, in terms of their timely implementation
and the impact these actions have on reducing risk exposure or achieving business opportunities.
With regards to reporting, the responsibilities of the RMU include the following:
• Preparing and submitting regular reports according to the information needs of different recipients inside
and outside the organization, regarding the risks that have been undertaken, and the actions that have
been launched to manage them.
• Informing the BoD, through the Committee, about significant risks and highlighting points that require
action.
RMU is a single point of reference for risk management with contracted partners, third parties and contractors
and for the use of common tools to manage operational, commercial, financial, internal and external risks.


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3.4 Fair value measurement
The Group in the notes of financial statements provides the required disclosures regarding the fair value
measurement through a three-level hierarchy, as follows:
- Level 1: Financial instruments that are traded in active markets and their fair value is determined based on
the published quoted prices valid at the reporting date for similar assets and liabilities.
- Level 2: Financial instruments that are not traded in active markets whose fair value is determined using
valuation techniques and assumptions based either directly or indirectly on market data at the reporting date.
- Level 3: Financial instruments that are not traded in active markets whose fair value is determined using
valuation techniques and assumptions that are not substantially based on market data.
The items in the Statement of Financial Position that are measured and presented at fair value are investment
property (note 6), derivative financial products (note 23), and Other financial instruments (note 14).





4. Significant accounting estimates and Management judgements
Estimates and judgements of the Management are continually evaluated and are based on historical experience
and expectations of future events that are believed to be reasonable under the circumstances.
4.1 Significant accounting estimates and assumptions
The Group makes estimates and assumptions concerning the development of future events. The estimates
and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next 12 months concern the following.
(a) Estimate of fair value of investment property
The best evidence of fair value is current prices in an active market for similar lease and other contracts. When
there is absence of such information, the Group determines the amount within a range of reasonable fair value
estimates. In making its judgement, the Group considers information from a variety of sources including:
i) Current prices in an active market for properties of different nature, condition or location (or subject to
different lease or other contracts terms), adjusted to reflect those differences,
ii) Recent prices of similar properties in less active markets, with adjustments to reflect any changes in
economic conditions since the date of the transactions that occurred at those prices and
iii) Discounted cash flow projections based on reliable estimates of future cash flows, deriving from the terms
of any existing lease and other contracts and (where possible) from external evidence such as current market
rents for similar properties in the same location and condition, and using discount rates that reflect current
market assessments of the uncertainty in the amount and timing of the cash flows.
Estimates of the fair value of investment properties under development involve a greater degree of uncertainty
than those of investment properties in operation, as the latter have leases in force.
The disclosures for the fair value estimations of the investment property are presented in note 6.
(b) Estimate of the recoverable value of the investment in subsidiaries, associates and joint-
ventures
The Management on an annual basis, evaluates if there are indications for impairment regarding its
investments in subsidiaries, associates and joint ventures. When there are indications for impairment the
Management evaluates the recoverable value of the investments and compares it with the carrying amount in
order to decide if there is a reason for an impairment provision. The Management determines the recoverable
value as the biggest amount between the value in use and the fair value minus any disposal costs. Fair value
is determined mainly by the fair value of the investment property that each entity owns as at December 31st
each year, as this is the most significant amount of its assets.





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Disclosures regarding the estimation of the carrying value of investments in subsidiaries, associates and joint
ventures are presented in note 9.
(c) Provisions related to contingent liabilities and legal issues
The Group’s companies are currently involved in various disputes and legal cases, for which the Management
periodically review the status of each significant case and assess probability of financial outflow, based in part
on the advice of legal counsels. In case the contingent financial outflow from any dispute or legal case is
considered probable and the amount can be reliably estimated, the Group companies recognize a provision in
financial statements. Significant Management judgment is required in both the determination of probability
and the determination as to whether the amount can be estimated reliably. As additional information becomes
available, the Management reassess the potential liability and may revise assessments of the probability of an
unfavorable outcome as well as the related estimate of potential outflow. Such revisions in the estimates may
have a material impact on the Group’s or the Company’s financial position and results of operations. In note
33 all significant disputes and legal cases are disclosed in detail, as well as the Management’s estimation over
them.
(d) Estimation of net realizable value of inventories – property under development
The Management of the Group at each reporting date estimates the carrying amount of inventories for sale
and those held for development and subsequent sale based on their net realizable value. The net realizable
value of each property is based on the estimated by the Management selling price within the normal operating
cycle, reduced by the estimated completion costs and the costs associated with the eventual sale. The
estimates of the Management of the Group for both future sales values and the cost of completion constitute
an area with increased estimation uncertainty, since such kind of estimates take into account the market
conditions that affect each property as well as its sale strategy. The Group according to the estimates of the
Management (including valuations by external independent valuators) proceeded to an impairment test of the
inventories held on 31 December 2022 and there was need to reduce the carrying amount of the inventories
– property under development to their net realizable value. As at 31 December 2022, impairment losses were
recognized amounting to €11m for inventories of property under development and €0,7m for inventories of
land for sale.
(e) Estimation for adjustment to the transaction consideration for the acquisition of the shares
of HELLINIKON S.M.S.A.
Regarding the determination of the variable consideration for the acquisition of the shares of HELLINIKON
S.M.S.A. as described in note 9, significant judgment is required from the Management due to the risks that
may arise for the development projects and the long-term duration of the project.
(f) Estimation for the additional consideration of usufruct in the right for exploitation of Golden
Hall Shopping Mall
Regarding the determination of the additional consideration for the establishment of a usufruct over the right
to exploit Golden Hall Shopping Mall for 90 years, as described in note 33, significant judgment is required by
the Management as the obligation to pay it depends on the condition of Greek Economy and the relevant credit
ratings of Greece by international rating agencies.
4.2 Decisive judgements of the management for the application of the
accounting principles
There are no areas that require management estimates in applying the Group’s accounting policies.




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5. Segment information
The Group is operating into the business segment of real estate in Greece and Balkan countries. The Board of Directors (which is responsible for the decision
making) defines the segments according to the use and of the investment property and their geographical location.
The Board of Directors monitors the operating results of each segment separately for the purpose of making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on revenue and EBITDA (Earnings before interest, tax, depreciation and amortization). It is noted that the
Group applies the same accounting policies as those in the financial statements in order to measure the performance of the operating segment.
Α) Group’s operating segments
Results per segment for the period 1.1.2022-31.12.2022 was as per below:
Amounts in € thousands
GREECE
BALKANS
Administrative
and Management
Services
Eliminations
among
segments
Total
Hellinikon
Shopping
centers
Investments in
Marinas¹
Other
investment
property
Other
investment
property
Revenue from third parties
25.567
87.518
27.930
1.306
9
37.391
(38.025)
141.696
Net gains/(losses) from fair value
adjustment on investment property and
impairment provisions on inventories
105.609
38.806
-
1.617
(11.736)
-
-
134.296
Cost of sales of inventories
(19.361)
-
-
65
-
-
-
(19.296)
Expenses related to investment property
-
(18.168)
-
(433)
-
-
3.930
(14.671)
Expenses related to the development of
the Ellinikon site
(73.617)
-
-
-
-
-
-
(73.617)
Gain on disposal of subsidiary
-
-
-
30
-
-
-
30
Employee benefits expense
-
-
(2.614)
-
(176)
(23.234)
2.700
(23.324)
Other
(347)
(537)
(8.743)
(291)
(1.791)
(43.269)
31.395
(23.583)
Share of net profit of investments
accounted for by the equity method
-
-
-
-
237
-
-
237
EBITDΑ
37.851
107.619
16.573
2.294
(13.457)
(29.112)
-
121.768
¹ The results of Ag. Kosma Marina are included above in the "Investments in Marinas".




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187


Results per segment for the period 1.1.2021-31.12.2021 was as per below:
Amounts in € thousands
GREECE
BALKANS
Administrative
and Management
Services
Eliminations
among
segments
Total
Hellinikon
Shopping
centers
Investments in
Marinas
Other
investment
property
Other
investment
property
Revenue from third parties
378
60.234
18.611
2.528
10
6.361
(9.032)
79.090
Net gains/(losses) from fair value
adjustment on investment property and
impairment provisions on inventories
315.521
9.424
-
301
(219)
-
-
325.027
Cost of sales of inventories
-
-
-
880
-
-
-
880
Expenses related to investment property
-
(14.210)
-
(972)
-
-
3.299
(11.883)
Expenses related to the development of
the Ellinikon site
(31.979)
-
-
-
-
-
-
(31.979)
Gain on disposal of subsidiary
-
-
-
1.212
-
-
-
1.212
Employee benefits expense
(337)
-
(1.815)
-
(149)
(21.350)
2.629
(21.022)
Other
(336)
(638)
(2.955)
(129)
(161)
(5.390)
3.707
(5.902)
Share of net profit of investments
accounted for by the equity method
-
-
-
-
(349)
-
-
(349)
EBITDΑ
283.247
54.810
13.841
3.820
(868)
(20.379)
603
335.074
The total amount of government compensation from discounts on rents related to the shopping centers segment (€16,6m) and other investment property (€0,1m),
which were granted for the period from January to July 2021, are included in the line of Revenue from third parties (note 10). Also, EBITDA of Investments in
Marinas includes the positive effect from the discount of the rent in Flisvos Marina amounting to €3,4m.
Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.




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Amounts in € thousands
GREECE
BALKANS
Administrative and
Management Services
Total
31 December 2022
Hellinikon¹
Shopping centers
Investments in Marinas
Other investment
property
Other investment
property
Assets per segment
1.957.975
1.247.961
159.628
26.772
67.100
723.819
4.183.255
Capital expenditures (CAPEX)
72.419
1.290
269
-
-
1.845
75.823
Liabilities per segment
1.502.091
752.324
121.484
6.359
17.612
615.742
3.015.613
¹ Assets, liabilities and CAPEX of Marina Ag. Kosma are included in the operational segment «Hellinikon».
Amounts in € thousands
GREECE
BALKANS
Administrative and
Management Services
Total
31 December 2021
Hellinikon¹
Shopping centers
Investments in Marinas
Other investment
property
Other investment
property
Assets per segment
1.851.510
1.069.302
164.415
55.364
79.546
450.800
3.670.937
Capital expenditures (CAPEX)
18.431
6.229
555
-
-
2.607
27.822
Liabilities per segment
1.369.678
563.414
126.969
35.703
42.302
231.628
2.369.694
¹ Assets, liabilities and CAPEX of Marina Ag. Kosma are included in the operational segment «Hellinikon».
Reconciliation of the Group segmental operating EBITDA to total profit/(loss) after income tax is provided as follows:
Amounts in € thousands
01.01.2022 to
31.12.2022
01.01.2021 to
31.12.2021
EBITDA
121.768
335.074
Depreciation of tangible, intangible and right-of-use assets
(8.982)
(8.602)
Finance income
5.289
283
Finance costs
(94.509)
(58.892)
Profit / (loss) before income tax
23.566
267.863
Income tax
(47.522)
(68.094)
Profit / (loss) for the year
(23.956)
199.769



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Β) Geographical segments
Total revenue
Non-current assets
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Greece
141.687
79.085
3.147.721
2.869.329
Balkans
9
5
1.291
3.952
141.696
79.090
3.149.012
2.873.281


6. Investment property
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Opening balance
973.536
1.002.228
1.840
1.840
Right of use assets – Investment property
1.158
-
-
-
Net gain / (loss) from fair value adjustment
40.423
9.778
-
-
Disposal of investment property
(206)
(13.120)
-
-
Capital expenditures on investment property
7.733
4.649
-
-
Acquisition of subsidiary
113.500
-
-
-
IFRS 5 – Assets held for sale (note 9)
-
(30.000)
-
-
Investment property – in operation
1.136.144
973.536
1.840
1.840
Opening balance
873.384
-
-
-
Additions due to HELLINIKON S.M.S.A. (note 9)
-
540.344
-
-
Net gain / (loss) from fair value adjustment
105.609
315.521
-
-
Transfers to inventories – at fair value (note 10)
(118.796)
(6.493)
-
-
Transfers from inventories – at cost (note 10)
4.803
(14.431)
-
-
Transfers to right of use assets – at fair value (note 19)
(23.370)
-
-
-
Transfers from right of use assets – at cost (note 19)
3.859
-
-
-
Capital expenditures on investment property
29.441
19.374
-
-
Changes in infrastructure costs (note 22)
(460)
19.069
-
-
Investment property – under development
874.470
873.384
-
-
Closing balance
2.010.614
1.846.920
1.840
1.840
Investment property includes property which is leased on the basis of operating leases with a fair value of
€191,1m and concerns the Mediterranean Cosmos shopping center. The rights-of-use asset of the that
property according to IFRS 16 "Leases" as at 31.12.2022 amounts to €78,4m (31.12.2021: €77,7m) and is
included above in the "Investment property - in operation" (note 19).
The fair value for all investment property was determined on the basis of its highest and best use by the Group
taking into account each property’s use which is physically possible, legally permissible and financially feasible.
This estimate is based on the physical characteristics, the permitted use and the opportunity cost for each
investment of the Group.
Investment property is valued on each semester or more often, in case that the market conditions meaning
the terms of any existing lease and other contracts or the levels of selling prices, differ significantly from those
in the previous reporting period. The valuations are prepared by independent qualified valuers mainly using
the Discounted Cash Flows (DCF) for the operating properties, that are based on reliable estimates of future
cash flows, deriving by the terms of any existing leases and other contracts and (where possible) by external
evidence such as current market rents for similar properties in the same location and condition, using discount
rates of the investment property, the designation of an exit value, as well as the current market assessments
regarding the uncertainty in the amount and timing of these cash flows. For the investment properties under
development a combination of residual value method and the above income approach is applied. In some
cases where necessary the valuation is based on comparable approach. The aforementioned valuation methods
come under hierarchy level 3 as described in note 3.4.
The main valuation assumptions as at 31.12.2022 in relation to the ones at 31.12.2021 are presented below.



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A. Investment properties – In operation
The fair value of both shopping malls and offices has been measured using the Discounted Future Cash Flow
(DCF) method following the main assumptions:
• In respect with the Shopping Centres, The Mall Athens and Designer Outlet Athens have a free-hold
status, Mediterranean Cosmos is held under a lease that expires in 2065 and Golden Hall is held under
a lease that expires in 2103. As far as the office buildings are concerned, they are owned by the Group.
• In short, the discount rates and exit yields according to the latest valuations as at reporting date are
as follows:
Discount rates
Exit yields
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Shopping Centers
The Mall Athens
8,50%
8,30%
7,00%
6,80%
Mediterranean Cosmos
9,55%
9,35%
8,80%
8,60%
Golden Hall
9,20%
9,00%
7,70%
7,50%
Designer Outlet Athens
9,15%
-
7,15%
-
Offices
Cecil, Kefalari
8,25%
8,50%
7,00%
7,25%
• In relation to the annual consideration that every tenant of the Malls pays (Base Consideration – fixed
consideration that is set in the contract), it is adjusted annually according to the CPI plus a slight
indexation which is differentiated between the tenants. The average Consumer Price Index (CPI) used
for the entire calculation period is based on escalating average inflation in a sequence of forecasts for
the period 2022-2030+, with a range from +0,95% to +9,85%.
• Regarding shopping centers, the discount rates and exit yields are slightly increased compared to
31.12.2021, as the malls tend to their maturity.
At the reporting date, based on the estimated fair values of investment properties in operation, fair value
gains of €40,4 million arose, mainly taking into account the contractual rent adjustments due to increase in
inflation, the increase in commercial revenues of shopping malls and the lowest costs of protective measures
after the recession of the COVID-19 pandemic.
Sensitivity analysis
The most important valuation variables of investment properties are the assumptions regarding the future
EBITDA (including the estimates regarding the future monthly rents) of each investment property as well as
the discount rates applied at the valuation of the investment property. Therefore, the following table presents
4 basic scenarios regarding the impact that will have on the valuations of the following investment properties
an increase/decrease of the discount rate by +/- 25 basis points (+/- 0.25%) per shopping center and office
building, as well as an increase / decrease of exit yields by +/- 25 basis points (+/- 0.25%).
Amounts in € thousands
Discount rates
Exit yields
+0,25%
-0,25%
+0,25%
-0,25%
The Mall Athens
(7,3)
7,5
(7,5)
8,1
Mediterranean Cosmos
(2,8)
2,9
(1,7)
1,8
Golden Hall
(4,3)
4,5
(3,8)
4,1
Designer Outlet Athens
(1,9)
1,9
(1,9)
2,1
Shopping Centers
(16,3)
16,8
(14,9)
16,1
Cecil, Kefalari
(0,3)
0,3
(0,3)
0,3
Offices
(0,3)
0,3
(0,3)
0,3
Total
(16,6)
17,1
(15,2)
16,4
There are real estate liens and pre-notices over the total investment properties – in operation of the Group on
31.12.2022.



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191

B. Investment properties – Under development
Investment properties under development relate to projects under construction with ownership status as well
as with a right for use of 99 years, which was acquired with the completion of the transfer of shares of
Hellinikon S.M.S.A., intended for the following mentioned uses according to the Integrated Development Plan
of the Metropolitan Pole of Hellinikon - Agios Kosmas, in accordance with the provisions of article 2 of law
4062/2012 as amended:
a) Retail and service shops, including shopping malls (Vouliagmeni Mall) and the commercial
development of the Riviera Galleria within the Marina of Agios Kosmas as well as parking lots.
b) Tourist and hotel facilities as well as recreation areas, resorts and sports facilities.
c) Education and research offices and facilities, such as schools, universities, research centers and other
related facilities.
d) Areas of recreation and greenery, catering and refreshments, sports facilities and other cultural
activities, public services and standard urban infrastructure.
At the reporting date, based on the estimated fair values of investment property, profits of a fair value of
€105,6m arose, taking into account the revised budget of Hellinikon’s project which was recently approved by
the Company’s Board of Directors, maturation of individual projects, strong interest from tenants in
commercial developments and signing/agreement of significant number of Heads of Terms (HoT),
contractualization of revenue agreements on more favorable terms than those foreseen in previous valuations
by independent appraisers, as well as the positive impact of the timing from the planning of earlier
implementation of projects in order to cover the ever-increasing demand. In addition, the previous estimates
were prepared on the basis of greater conservatism due to greater estimation uncertainty. However, the above
favorable factors were partially offset by higher construction costs.
Discount rates
Exit yields
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Investment properties – under development
6,50%-11,84%
6,75%-11,42%
4,25%-8,50%
4,50%-9,00%
Sensitivity analysis
The most important valuation variables of investment properties are the assumptions regarding a) discount
rates by +/- 50 basis points (+/- 0,50%), b) exit yields by +/- 50 basis points (+/- 0,50%), c) the impact of
timing by 12 months delay and d) change in construction costs by 15% (including infrastructure costs).
Therefore, the following table presents the basic scenarios regarding the impact that the above variables will
have on the valuations:
Amounts in € thousands
Discount rates
Exit yields
Timing Impact
1
Change in
construction
costs
2
-0,50%
+0,50%
-0,50%
+0,50%
+12 months
1
-15%
+15%
Fair Value Impact
99,5
-91,3
73,1
-62,9
-98,6
52,2
-52,1
¹The timing impact is mainly related to the possible delay in the scheduled time of issuance of building permits for
the investment properties of Phase A, which includes majority of these properties.
²Based on the report of the independent appraiser, the construction costs that have been supported by the above
impact from the change of +/- 15% are based on the Group's business plan, which incorporates specific assumptions
of construction costs and inflation assumptions, as the latter were disclosed to the independent appraiser.
There are real estate liens and pre-notices over the total investment properties – under development of the
Group on 31.12.2022.
The above-mentioned assessments of investment property have considered the financial situation in Greece
as described in note 2.1, and the outcome is the best, based on the circumstances, assessment of the Group's
investment properties. The changes in the fair value of the investment properties and mainly of the operating
shopping centers, in relation to those of the comparative period, differ as they incorporate the effect in the
shopping centers of the spread of the coronavirus COVID-19, geopolitical risks arising from the war in Ukraine,
supply chain disruptions, the energy crisis, as well as inflationary pressures.
The Group's total property portfolio was valued by external valuers at fair value, according to RICS Valuation
- Global Standards (Red Book) issued by the Royal Institution of Chartered Surveyors (RICS), which are
effective from 31 January 2022, incorporating International Valuation Standards (IVS).
At the valuation date, the external valuators point out that while the volatile economic environment due to
geopolitical risks arising from the war in Ukraine combined with the problems faced by the supply chain which
have led to revaluations in the cost of goods, energy and services, globally affects the markets to some extent
and creates inflationary pressures, they note that, at the assessment date, real estate markets are mostly



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Annual financial report for the year ended 31 December 2022
192

operating normally showing satisfactory activity, with several transactions taking place leading to a sufficient
volume of comparative data and consequently they help supporting their decisions in forming opinions about
the value of real estate. The country's government cost of debt is improving but remains higher than other
European economies. Greek banks have resolved important issues in relation to non-performing loans (NPLs)
which until now created significant management and potential risk issues. In this context, given the
circumstances, the external valuators state that they have formulated the best possible valuation approach.
However, as the situation continues to change in respect with the international economic environment and the
operation of the markets, they point out that they will continue monitoring the trends that will develop in the
upcoming months.
Therefore, and for the avoidance of doubt, their valuation is not stated to be subject to "valuation uncertainty"
as defined in VPS 3: Valuation reports and VPGA 10: Valuations in markets susceptible to change: certainty
and uncertainty, issued by the British Royal Institute of Chartered Accountants (RICS).
This explanatory note has been included to ensure transparency and to provide information about the market
context on which the valuation process was based. Recognizing the potential for market conditions to move
quickly in response to changes due to geopolitical risks arising from the war conflict in Ukraine along with
supply disruptions, the energy crisis and inflationary pressures, external valuators point to the importance of
the valuation date.
Finally, due to the above volatile factors, the external valuators have integrated into the estimation approach
the assumptions regarding revenue losses due to the COVID-19 pandemic as well as expense increases in
terms of individual categories of operating/capital costs (common charges contribution & energy cost).
There was no change in the valuation methodology used for real estate investments as a result of Covid-19,
geopolitical risks related to the war in Ukraine, supply chain disruptions, the energy crisis, as well as
inflationary pressures. Management and external valuers are of the opinion that discount rates and exit yields
are reasonable based on current market conditions and returns expected by investors for these shopping
centers, which are considered among the top shopping centers in Greece.
The information provided to the valuers and the assumptions and valuation models used by valuers are
reviewed by the investment property management team, the investment property manager and the CFO. The
valuers discuss and are present directly to the Audit Committee for an overview of the interim and annual
results.
Management will observe the trends that will be formed in the investment property market in the next few
months since the complete impact of the consequences of the economic situation in Greece may affect the
value of the Group’s investment property in the future. In this context, the Management carefully monitors
the events regarding the spread of coronavirus, geopolitical risks related to the war in Ukraine, supply chain
disruptions and impact of inflationary pressures and energy crisis, as the short-term impact on the Group’s
investment property that are directly connected to the Group’s net asset value, remain currently unknown.
Land for sale in Spata, Athens
The subsidiary, LAMDA Estate Development S.M.S.A., on 17.05.2021 signed a purchase agreement based on
which two plots of land of a total area of approximately 85 acres in Spata, Athens, were sold for a total
consideration of €14,0m which is approximately to the fair value of acquisition cost.



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193



7. Tangible assets
GROUP
Amounts in € thousands
Land
Buildings
Vehicles and
machinery
Furniture, fittings
and equipment
Assets under
construction
1
Total
Acquisition cost
1 January 2021
-
37.324
13.576
11.224
4.347
66.471
Additions
-
379
409
1.219
1.836
3.843
Changes in infrastructure costs (note 22)
397
-
-
-
-
397
Disposals / Write-offs
-
-
(6)
-
-
(6)
Additions due to acquisition of HELLINIKON S.M.S.A.
8.044
-
1
326
-
8.371
Reclassifications
-
2.795
-
1.075
(3.870)
-
Transfer to intangible assets
-
-
-
-
(2.147)
(2.147)
31 December 2021
8.441
40.498
13.980
13.844
166
76.929
1 January 2022
8.441
40.498
13.980
13.844
166
76.929
Additions
-
125
72
1.764
17.256
19.217
Changes in infrastructure costs (note 22)
-
-
-
-
(12)
(12)
Transfer from right-to-use assets (note 19)
-
-
-
-
15.637
15.637
Transfer to inventories (note 10)
-
-
-
-
(1.942)
(1.942)
Additions due to acquisition of subsidiary (note 9)
-
-
-
2.312
144
2.456
Reclassifications
(8.441)
-
-
-
8.441
-
Reclassification of depreciation from acquisition cost to accumulated
depreciation
-
98
32
167
-
297
31 December 2022
-
40.721
14.084
18.087
39.690
112.582
Accumulated depreciation
1 January 2021
-
(1.713)
(6.304)
(7.748)
-
(15.765)
Depreciation for the year
-
(1.729)
(595)
(719)
-
(3.043)
Disposals / Write-offs
-
-
5
20
-
25
31 December 2021
-
(3.442)
(6.894)
(8.447)
-
(18.783)
1 January 2022
-
(3.442)
(6.894)
(8.447)
-
(18.783)
Accumulated depreciation due to acquisition of subsidiary (note 9)
-
-
-
(2.100)
-
(2.100)
Depreciation for the year
-
(1.598)
(361)
(1.070)
-
(3.029)
Disposals / Write-offs
-
-
-
56
-
56
Reclassification of depreciation from acquisition cost to accumulated
depreciation
-
(98)
(32)
(167)
-
(297)
31 December 2022
-
(5.138)
(7.287)
(11.728)
-
(24.153)
Net book value as at 31 December 2021
8.441
37.056
7.086
5.397
166
58.146
Net book value as at 31 December 2022
-
35.967
6.797
6.379
39.286
88.429
1
Asset under construction are mainly related to projects of HELLINIKON S.M.S.A. which are at construction phase.



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Annual financial report for the year ended 31 December 2022
194


COMPANY
Amounts in € thousands
Buildings
Vehicles and
machinery
Furniture,
fittings and
equipment
Assets under
construction
Total
Acquisition cost
1 January 2021
368
302
2.397
3.809
6.876
Additions
2
-
77
2.208
2.287
Disposals / Write-offs
-
(5)
-
-
(5)
Reclassifications
2.795
-
1.075
(3.870)
-
Transfer to intangible assets
-
-
-
(2.147)
(2.147)
31 December 2021
3.165
297
3.549
-
7.011
1 January 2022
3.165
297
3.549
-
7.011
Additions
-
-
293
-
293
31 December 2022
3.165
297
3.842
-
7.304
Accumulated depreciation
1 January 2021
(287)
(135)
(1.394)
-
(1.816)
Depreciation for the year
(259)
(35)
(279)
-
(573)
Disposals / Write-offs
-
3
-
-
3
31 December 2021
(546)
(167)
(1.673)
-
(2.386)
1 January 2022
(546)
(167)
(1.673)
-
(2.386)
Depreciation for the year
(331)
(34)
(355)
-
(720)
31 December 2022
(877)
(201)
(2.028)
-
(3.106)
Net book value as at 31 December 2021
2.619
130
1.876
-
4.625
Net book value as at 31 December 2022
2.288
96
1.814
-
4.198
Tangible assets are not secured by liens and pre-notices on 31.12.2022.

8. Intangible assets

GROUP
Amounts in € thousands
Goodwill
Software
Other
intangible
assets
Total
Acquisition cost
1 January 2021
9.587
3.061
8.602
21.250
Additions
-
509
-
509
Additions due to acquisition of HELLINIKON S.M.S.A.
-
23
1.668
1.691
Transfer from tangible assets
-
2.147
-
2.147
31 December 2021
9.587
5.740
10.270
25.597
1 January 2022
9.587
5.740
10.270
25.597
Additions
-
800
-
800
Additions due to acquisition of subsidiary (note 9)
7.354
-
615
7.969
Reclassification of depreciation from acquisition cost
to accumulated depreciation
-
57
-
57
31 December 2022
16.941
6.597
10.885
34.423
Accumulated depreciation
1 January 2021
-
(2.898)
(1.544)
(4.442)
Depreciation for the year
-
(260)
(511)
(771)
31 December 2021
-
(3.158)
(2.055)
(5.213)
1 January 2022
-
(3.158)
(2.055)
(5.213)
Depreciation for the year
-
(684)
(549)
(1.233)
Reclassification of depreciation from acquisition cost
to accumulated depreciation
-
(57)
-
(57)
31 December 2022
-
(3.899)
(2.604)
(6.503)
Net book value as at 31 December 2021
9.587
2.582
8.215
20.384
Net book value as at 31 December 2022
16.941
3.313
7.666
27.920
During the acquisition of Hellinikon S.M.S.A., there were additions amounting €1,7m due to the recognition of
the operating license as well as the existing clientele of the existing marina of Agios Kosmas (Note 9).
At Group and Company level, the "Reclassifications" are related to the Company's investment in upgrading
the SAP 4/HANA operating system, the implementation of which was completed in 2021.



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Annual financial report for the year ended 31 December 2022
195



COMPANY
Amounts in € thousands
Software
Total
Acquisition cost
1 January 2021
2.862
2.862
Additions
333
333
Reclassifications
2.147
2.147
31 December 2021
5.342
5.342
1 January 2022
5.342
5.342
Additions
233
233
31 December 2022
5.575
5.575
Accumulated depreciation
1 January 2021
(2.747)
(2.747)
Depreciation for the year
(242)
(242)
31 December 2021
(2.989)
(2.989)
1 January 2022
(2.989)
(2.989)
Depreciation for the year
(566)
(566)
31 December 2022
(3.555)
(3.555)
Net book value as at 31 December 2021
2.353
2.353
Net book value as at 31 December 2022
2.020
2.020
Impairment test for goodwill
As at 31 December 2022 the Group carried out an impairment test for goodwill that arose during the acquisition
of control in the company LAMDA MARINAS INVESTMENTS S.M.S.A. on February 2020. Intangible assets relate
to goodwill on acquisition, as well as the fair value of other intangible assets: a) license of the tourist port until
2049, b) favorable relationship with the ETAD lasting until 2020 and c) Marina client relationships lasting until
2031. The impairment test performed was based on expected future cash flows, taking into account the
following key assumptions:
∙ Right of use asset Marina Flisvos till 2049.
∙ Average revenue growth equal to 1,8% by 2026 and 2,4% afterwards.
∙ Average increase in operating expenses equal to 3,9% until 2026 and 1,8% afterwards.
∙ Discount rate after taxes equal to 10,1%.
Following the completion of the work mentioned above, the Management estimates that the net value of the
intangible assets are fully recoverable based on current conditions.
On 31.12.2022, the Group analyzed the sensitivity of recoverable amounts to a reasonable and possible
change in some of the key assumptions (indicatively the change of half (0.5) percentage point in the discount
rate is mentioned). This analysis does not indicate a situation in which the carrying amount of the above
intangible assets exceeds their recoverable amount.
The Group in accordance with its accounting policy (note 2.8) will examine within 2023 for impairment of
goodwill resulting from the recent (05.08.2022) acquisition of the shares of the subsidiary DESIGNER OUTLET
ATHENS S.M.L.L.C.



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Annual financial report for the year ended 31 December 2022
196

9. Investments in subsidiaries, joint ventures and associates
The Group’s structure on 31.12.2022 is as per below:
Company
Country of
incorporation
% direct
interest
% in-direct
interest
% Total
interest
LAMDA DEVELOPMENT S.A. – Parent company
Greece
Subsidiaries:
HELLINIKON GLOBAL I S.A.
Luxembourg
100%
100%
HELLINIKON S.M.S.A.
Greece
100%
100%
LAMDA MALLS S.A.
Greece
54,57%
45,43%
100%
PYLAIA S.M.S.A.
Greece
100%
100%
LAMDA DOMI S.M.S.A.
Greece
100%
100%
L.O.V. S.M.S.A.
Greece
100%
100%
LOV LUXEMBOURG S.à R.L.
Luxembourg
50%
50%
100%
DESIGNER OUTLET ATHENS S.M.L.L.C.
Greece
100%
100%
LAMDA ESTATE DEVELOPMENT S.M.S.A.
Greece
100%
100%
KRONOS PARKING S.M.S.A.
Greece
100%
100%
LAMDA PRIME PROPERTIES S.M.S.A.
Greece
100%
100%
MALLS MANAGEMENT SERVICES S.M.S.A.
Greece
100%
100%
ATHENS OLYMPIC MUSEUM A.M.K.E.
Greece
99%
1%
100%
MC PROPERTY MANAGEMENT S.M.S.A.
Greece
100%
100%
LAMDA DEVELOPMENT WORKS S.M.S.A.
Greece
100%
100%
LAMDA LEISURE S.M.S.A.
Greece
100%
100%
GEAKAT S.M.S.A.
Greece
100%
100%
LAMDA ENERGY INVESTMENTS S.M.S.A (ex.
DEVELOPMENTAL DYNAMIC HOLDINGS S.M.S.A.)
Greece
100%
100%
EVROWIND HOLDINGS S.M.S.A.
Greece
100%
100%
GREEN VOLT P.C.
Greece
67,71%
67,71%
LAMDA MARINAS INVESTMENTS S.M.S.A.
Greece
100%
100%
LAMDA FLISVOS HOLDING S.A.
Greece
83,39%
83,39%
LAMDA FLISVOS MARINA S.A.
Greece
64,40%
64,40%
LAMDA ELLINIKON MALLS HOLDING S.M.S.A.
Greece
100%
100%
LAMDA VOULIAGMENIS S.M.S.A.
Greece
100%
100%
LAMDA RIVIERA S.M.S.A.
Greece
100%
100%
LAMDA INNOVATIVE S.M.S.A.
Greece
100%
100%
LAMDA DEVELOPMENT (NETHERLANDS) B.V.
Netherlands
100%
100%
SINGIDUNUM - BUILDINGS D.O.O.
Serbia
100%
100%
TIHI E.O.O.D.
Bulgaria
100%
100%
LAMDA DEVELOPMENT MONTENEGRO D.O.O.
Montenegro
100%
100%
PROPERTY DEVELOPMENT D.O.O.
Serbia
100%
100%
LAMDA DEVELOPMENT SOFIA E.O.O.D.
Bulgaria
100%
100%
ROBIES SERVICES LTD
Cyprus
90%
90%
ROBIES PROPRIETATI IMOBILIARE S.R.L.
Romania
90%
90%
LAMDA DEVELOPMENT ROMANIA S.R.L.
Romania
100%
100%
Joint ventures:
LAMDA AKINITA S.A.
Greece
50%
50%
Associates:
SC LAMDA MED S.R.L.
Romania
40%
40%
ATHENS METROPOLITAN EXPO S.A.
Greece
11,67%
11,67%
METROPOLITAN EVENTS
Greece
11,67%
11,67%
STOFERNO S.A.
Greece
29,76%
29,76%
LIMAR MACEDONIA REAL ESTATE COMPANY
S.M.S.A.
Greece
20%
20%



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Annual financial report for the year ended 31 December 2022
197

Notes on the above-mentioned participations:
• The country of the establishment is the same with the country of operating.
• The interest held corresponds to equal voting rights.
• Investments in joint ventures relates to strategic investments of the Group mainly for utilization and
exploitation of investment properties. The Group sold the joint venture LAMDA AKINITA S.A. in February
2022.
• The investments in associates do not have significant impact to the Group’s operations and results
however they are consolidated with the equity method since the Group has significant influence over their
operations.
• The Group provides guarantees to banks including pledged shares deriving from its borrowings.
• The subsidiary LAMDA DEVELOPMENT SOFIA EOOD is under liquidation.
• The Group completed the liquidation and termination of the subsidiaries PROPERTY DEVELOPMENT DOO
(December 2021) and TIHI EOOD (February 2022).
• The Group sold the subsidiary LAMDA ILIDA OFFICE S.M.S.A. in December 2021.
• The Group acquired on 25.06.2021 100% of shares of HELLINIKON S.M.S.A.
• On 16.03.2021 the Group acquired 100% of shares of SINGIDUNUM - BUILDINGS D.O.O. which is now
consolidated through the full consolidation method, compared to the equity method previously (joint
venture).
• The Group increased in February 2022 its participation share in associate STOFERNO S.A. from 25% to
29,76%, through participation in a share capital increase.
• The Group incorporated in February 2022 the 100% subsidiary EVROWIND HOLDINGS S.M.S.A., in May
2022 the 100% subsidiaries LAMDA ELLINIKON MALLS S.M.S.A., LAMDA VOULIAGMENIS S.M.S.A. and
LAMDA RIVIERA S.M.S.A., and in July 2022 the 100% subsidiary LAMDA INNOVATIVE S.M.S.A..
• The Group acquired in June 2022 the 67,71% subsidiary GREEN VOLT P.C. through a participation in a
share capital increase amounting to €1,65 million. This subsidiary will operate in renewable energy
sector.
• The Group acquired in June 2022 the 20% of the associate LIMAR MACEDONIA REAL ESTATE COMPANY
S.M.S.A. for a consideration of €1,5 million. This associate owns land plots of 72,121 sqm, strategically
located next to the Mediterranean Cosmos Shopping Mall, in eastern Thessaloniki.
• The Group in July 2022 increased its share from 68,30% to 100% in subsidiaries LAMDA MALLS S.A.,
PYLAIA S.M.S.A. and LAMDA DOMI S.M.S.A. acquiring a minority stake (31,7%) held by Wert Blue Sàrl,
100% subsidiary of Värde Partners, for a cash consideration of €109 million.
• The Group in August 2022 acquired 100% of the company DESIGNER OUTLET ATHENS S.M.L.L.C.
(former MCARTHURGLEN HELLAS S.M.L.L.C.), owner of the Designer Outlet Athens in Spata, in the Attica
prefecture, from the company MGE Hellenic Investments Sàrl. The transaction consideration amounts
approximately to €43,8 million, including the repayment of existing loans granted by the company’s
previous partners.
• During October 2022, the subsidiary LAMDA ENERGY INVESTMENTS S.M.S.A. signed a share transfer
agreement regarding the purchase of 20% of the share capital of R Energy 1 Holding for a cash
consideration of €5m. At the same time, R Energy 1 Holding proceeded to the issuance of a €10m, 3-year
Convertible Bond Loan, which has been fully covered by LAMDA ENERGY INVESTMENTS S.M.S.A. in
October 2022. Upon conversion of the aforesaid Convertible Bond Loan, LAMDA ENERGY INVESTMENTS
S.M.S.A. will have the right to acquire 50.1% of the share capital of R Energy 1 Holding. Acquisition of
20% percentage of R Energy 1 Holdings’ share capital was completed during January 2023 and the
company will be Group’s joint venture (joint control), consolidated through the equity method.



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Annual financial report for the year ended 31 December 2022
198


(a) Investments of the Company in subsidiaries
The Company’s investment in subsidiaries is as follows:
Amounts in € thousands
31.12.2022
Name
Country of
incorporation
% Interest
held
Cost
Impairment
Carrying
amount
HELLINIKON GLOBAL I S.A.
Luxembourg
100%
300.131
-
300.131
LAMDA MALLS S.A.
Greece
54,57%
51.496
-
51.496
L.O.V. S.M.S.A.
Greece
100%
133.367
-
133.367
LOV LUXEMBOURG SARL
Luxembourg
50%
448
-
448
LAMDA ESTATE DEVELOPMENT S.M.S.A.
Greece
100%
31.420
(27.599)
3.821
LAMDA PRIME PROPERTIES S.M.S.A.
Greece
100%
9.272
-
9.272
MALLS MANAGEMENT SERVICES S.M.S.A.
Greece
100%
1.224
(700)
524
ATHENS OLYMPIC MUSEUM AMKE
Greece
100%
1.554
(1.554)
-
MC PROPERTY MANAGEMENT S.M.S.A.
Greece
100%
745
-
745
LAMDA DEVELOPMENT WORKS S.M.S.A.
Greece
100%
9.070
(3.130)
5.940
LAMDA LEISURE S.M.S.A.
Greece
100%
4.400
(4.400)
-
GEAKAT S.M.S.A.
Greece
100%
15.173
(10.030)
5.143
LAMDA ENERGY INVESTMENTS S.M.S.A (ex.
DEVELOPMENTAL DYNAMIC HOLDINGS
S.M.S.A.)
Greece
100%
19.710
(1.310)
18.400
LAMDA MARINAS INVESTMENTS S.M.S.A.
Greece
100%
16.665
-
16.665
LAMDA ELLINIKON MALLS HOLDING S.M.S.A.
Greece
100%
247.000
-
247.000
LAMDA INNOVATIVE S.M.S.A.
Greece
100%
5.000
-
5.000
LAMDA DEVELOPMENT (NETHERLANDS) B.V.
Netherlands
100%
110.028
(27.200)
82.828
LAMDA DEVELOPMENT MONTENEGRO D.O.O.
Montenegro
100%
800
(800)
-
LAMDA DEVELOPMENT SOFIA E.O.O.D.
Bulgaria
100%
363
(363)
-
ROBIES SERVICES LTD
Cyprus
90%
1.868
(1.868)
-
LAMDA DEVELOPMENT ROMANIA S.R.L.
Romania
100%
741
(741)
-
Total
960.475
(79.695)
880.780
Amounts in € thousands
31.12.2021
Name
Country of
incorporation
% Interest
held
Cost
Impairment
Carrying
amount
HELLINIKON GLOBAL I S.A.
Luxembourg
100%
300.131
-
300.131
LAMDA MALLS S.A.
Greece
54,57%
51.496
-
51.496
L.O.V. S.M.S.A.
Greece
100%
133.367
-
133.367
LOV LUXEMBOURG SARL
Luxembourg
50%
368
-
368
LAMDA ESTATE DEVELOPMENT S.M.S.A.
Greece
100%
31.420
(27.600)
3.820
LAMDA PRIME PROPERTIES S.M.S.A.
Greece
100%
9.272
-
9.272
MALLS MANAGEMENT SERVICES S.M.S.A.
Greece
100%
1.224
(700)
524
ATHENS OLYMPIC MUSEUM AMKE
Greece
100%
1.109
-
1.109
MC PROPERTY MANAGEMENT S.M.S.A.
Greece
100%
745
-
745
LAMDA DEVELOPMENT WORKS S.M.S.A.
Greece
100%
9.070
(3.130)
5.940
LAMDA LEISURE S.M.S.A.
Greece
100%
3.750
(3.050)
700
GEAKAT S.M.S.A.
Greece
100%
15.073
(10.030)
5.043
LAMDA ENERGY INVESTMENTS S.M.S.A (ex.
DEVELOPMENTAL DYNAMIC HOLDINGS
S.M.S.A.)
Greece
100%
1.410
(1.310)
100
LAMDA MARINAS INVESTMENTS S.M.S.A.
Greece
100%
16.665
-
16.665
LAMDA DEVELOPMENT (NETHERLANDS) B.V.
Netherlands
100%
104.678
(27.200)
77.478
LAMDA DEVELOPMENT MONTENEGRO D.O.O.
Montenegro
100%
800
(800)
-
LAMDA DEVELOPMENT SOFIA E.O.O.D.
Bulgaria
100%
363
(363)
-
ROBIES SERVICES LTD
Cyprus
90%
1.823
(1.823)
-
LAMDA DEVELOPMENT ROMANIA S.R.L.
Romania
100%
741
(741)
-
Total
683.505
(76.747)
606.758



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Annual financial report for the year ended 31 December 2022
199


The movement in investment in subsidiaries is as follows:
Amounts in € thousands
31.12.2022
31.12.2021
Opening balance
606.758
310.562
Increase / (Decrease) in share capital
37.971
301.086
Provision for impairment
(2.949)
(3.590)
Establishment of new subsidiaries
239.000
-
Sale of subsidiary
-
(1.300)
Closing balance
880.780
606.758
Increase / (Decrease) in share capital
The Company, within 2022, proceeded to share capital increase in subsidiaries LAMDA LEISURE S.M.S.A. with
an amount of €0,65m, GEAKAT S.M.S.A. with an amount of €0,1m, LAMDA ENERGY INVESTMENTS S.M.S.A.
with an amount of €18,3m, LAMDA DEVELOPMENT (NETHERLANDS) BV with an amount of €5,35m, LAMDA
ELLINIKON MALLS HOLDING S.M.S.A. with an amount of €13m, ATHENS OLYMPIC MUSEUM AMKE with an
amount of €0,45m, LOV LUXEMBOURG S.A. R.L. with an amount of €80 thousands and ROBIES SERVICES Ltd
with an amount of €45 thousands.
Establishment of new subsidiaries
During 2022, the Company has established a new subsidiary named LAMDA ELLINIKON MALLS HOLDING
S.M.S.A. with a total initial share capital of €234,0 million, which has been fully paid by 31.12.2022.
Additionally, the Company established the subsidiary LAMDA INNOVATIVE S.M.S.A., with a total initial share
capital of €5,0 million, out of which until 31.12.2022 has partially paid amount of €1.25 million (due capital
31.12.2022: €3,75 million).
Provision of impairment
During 2022, impairment losses of €2.9 million were recognized for Investments in subsidiary companies, as
analyzed in detail below:
ATHENS OLYMPIC MUSEUM A.M.K.E.
(1.554)
LAMDA LEISURE S.M.S.A.
(1.350)
ROBIES SERVICES Ltd
(45)
Total
(2.949)
Acquisition held in participation – Business combination
Acquisitions of businesses within the scope of IFRS 3 are accounted for using the acquisition method. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum
of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to
the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the
acquiree. Acquisition-related costs are generally recognised in the income statement as incurred.
Goodwill is measured as the excess of (a) the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the
acquiree (if any) over (b) the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets
acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree
(if any), the excess is recognized immediately in the income statement.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which
the combination occurs, the Group reports provisional amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or
liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at
the acquisition date that, if known, would have affected the amounts recognized at that date.
The Group, through the subsidiary company L.O.V. S.M.S.A., acquired on 05.08.2022 100% of the shares of
the company DESIGNER OUTLET ATHENS S.M.L.L.C. (former MCARTHURGLEN HELLAS S.M.L.L.C.), owner of
the retail park Designer Outlet Athens in Spata, region of Attica, from the company MGE Hellenic Investments
S.àr.l.. Designer Outlet Athens is one of the leading retail parks in Greece with a total leasable area of
approximately 21,200 sq.m. and more than 100 shops, café and restaurants. The said transaction forms part




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Annual financial report for the year ended 31 December 2022
200



of the Company’s existing strategy to further develop the activities as well as the portfolio of the Shopping
Malls.
The base consideration paid on 05.08.2022 was €35.807 thousand, including repayment of pre-existing loans
which were granted by the previous partners of the company totaling €17.805 thousand. In addition, the
agreement provides for a contingent consideration (adjusted base consideration based on the net assets as of
05.08.2022 and the collections on the company's receivables from the shopkeepers). According to the
Management's estimates, the contingent payment may amount up to €8.001 thousand.
The acquisition was accounted as a business combination. Therefore, all of the acquired assets, as well as all
of the liabilities of DESIGNER OUTLET ATHENS S.M.L.L.C. (former MCARTHURGLEN HELLAS S.M.L.L.C.) were
valued at fair value with assistance of an independent valuator. The estimated value of the acquired assets
was calculated at approximately €18,6 million and the purchase price amounted to approximately €43,8
million, including the repayment of existing loans granted by the company's previous partners. The goodwill
resulting from the acquisition amounts to €7,4 million and has been recognized in the consolidated Statement
of Financial Position under the line "Intangible assets" (note 8).
The following table summarizes the fair value of the assets and liabilities of DESIGNER OUTLET ATHENS
S.M.L.L.C. (former MCARTHURGLEN HELLAS S.M.L.L.C.) on the date of acquisition 05.08.2022:
Statement of financial position
Amounts in € thousands
Investment property
113.500
Tangible assets
213
Trade and other receivables
5.528
Cash and cash equivalents
3.944
Total assets
123.185
Borrowings
(86.018)
Current tax payable
(447)
Deferred tax liabilities
(12.953)
Trade and other payables
(5.118)
Total liabilities
(104.536)
Fair value of acquired assets
18.649
Repayment of existing loans granted by previous partners
17.805
Goodwill
7.354
Total purchase consideration
43.808
From the total purchase consideration of €43.8 million, an amount of €8 million has been recognized as a
short-term deferred consideration for the acquisition to the previous partners based on the agreement and is
classified within the line of the consolidated Statement of Financial Position "Trade and other payables" (note
21).
The above fair values of the net assets of DESIGNER OUTLET ATHENS S.M.L.L.C. (former MCARTHURGLEN
HELLAS S.M.L.L.C.), as well as the acquisition price, are provisional and the Group, pursuant to IFRS 3 par.
45, will calculate the final values within the measurement period (12 months from the date of acquisition)
Non-controlling interests
The Group's non-controlling interests on 31.12.2022 amount to €13,9 million (31.12.2021: €99,0 million), out
of which €13,4 million (31.12.2021: €13,4 million) derive from the sub-group LAMDA MARINAS INVESTMENTS
S.M.S.A. and represent 35,6% of its equity. Compared to the year ended 31.12.2021, the significant reduction
of minority rights in the Group's equity is due to the acquisition of the minority percentage (31,7%) of the
subsidiary company LAMDA MALLS S.A., through the subsidiary company L.O.V. S.M.S.A., which was held
during July 2022. The subsidiary LAMDA MALLS S.A. owns the companies LAMDA DOMI S.M.S.A. and PYLAIA
S.M.S.A., owners of Golden Hall and Mediterranean Cosmos shopping centers respectively. The minority
interest was previously owned by the company Wert Blue SarL, a 100% subsidiary of Värde Partners and the
price amounted to €109 million, which was paid in cash. As at 31.12.2021, the non-controlling interests of the
Group that were related to the sub-group LAMDA MALLS S.A. amounted to €85.8 million.




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201



The main financial statements of LAMDA MALLS SA’s sub-Group are presented below:
Statement of financial position
Amounts in € thousands
31.12.2021
Investment property
514.609
Other non-current assets
11.594
Receivables
9.609
Cash and cash equivalents
42.341
578.153
Deferred income tax liabilities
47.492
Long-term borrowings
148.196
Long-term lease liabilities
77.289
Other non-current liabilities
1.225
Short-term borrowings
3.920
Short-term lease liabilities
420
Trade and other payables
28.832
307.374
Equity
270.779
Profit/(loss) attributable to:
Equity holders of the parent
184.942
Non-controlling interests
85.837
Income statement and other comprehensive income
Amounts in € thousands
01.01.2022
to
15.07.2022
01.01.2021
to
31.12.2021
Revenue
34.155
35.720
Net gain / (loss) from fair value adjustment on
investment property
12.916
10.822
Other operating income / (expenses) - net
(12.410)
(10.914)
Finance costs - net
(5.310)
(9.338)
Profit/(loss) before income tax
29.351
26.290
Income tax expense
(6.761)
(181)
Profit/(loss)
22.590
26.109
Other comprehensive income for the year
1.883
338
Total comprehensive income for the year
24.473
26.447
Attributable to non-controlling interests
-
8.384
Dividends paid to non-controlling interests
4.602
-
Cash flow statement
Amounts in € thousands
01.01.2022
to
15.07.2022
01.01.2021
to
31.12.2021
Cash inflow from operating activities
14.017
20.467
Cash (outflow) / inflow from investing activities
(743)
(2.238)
Cash (outflow) / inflow from financing activities
(17.268)
(8.912)
Net decrease in cash and cash equivalents
3.994
9.317
The main financial statements of LAMDA MARINAS INVESTMENTS S.M.S.A.’s sub-Group are presented below:
Statement of financial position
Amounts in € thousands
31.12.2022
31.12.2021
Tangible assets
39.700
40.981
Right-of-use assets
90.109
93.118
Intangible assets
15.711
16.175
Trade and other receivables
3.647
2.328
Cash and cash equivalents
10.455
11.813
159.622
164.415




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Annual financial report for the year ended 31 December 2022
202




Borrowings
-
4.673
Lease liabilities
96.717
98.461
Net employee defined benefit liabilities
77
101
Deferred tax liabilities
940
1.718
Trade and other payables
23.751
22.016
121.485
126.969
Equity
38.137
37.446
Profit/(loss) attributable to:
Equity holders of the parent
24.677
24.084
Non-controlling interests
13.460
13.362
Income statement and other comprehensive income
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Revenue
20.613
16.108
Employee benefits expense
(1.882)
(1.716)
Depreciation
(5.493)
(6.123)
Other operating income / (expenses) - net
(5.850)
(1.376)
Finance income/(costs) net
(5.464)
(5.740)
Profit before income tax
1.925
1.153
Income tax expense
(893)
(454)
Profit
1.032
699
Other comprehensive income for the year
202
389
Total comprehensive income for the year
1.234
1.088
Attributable to non-controlling interests
439
400
Dividends paid to non-controlling interests
-
-
Cash flow statement
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Cash inflow from operating activities
10.916
10.216
Cash (outflow) / inflow from investing activities
(269)
-
Cash (outflow) / inflow from financing activities
(12.005)
(4.046)
Net decrease in cash and cash equivalents
(1.358)
6.170

(b) Investments of the Group and the Company in joint ventures
The Company participates in the following joint ventures:
Amounts in € thousands
31.12.2021
Company
Country of
incorporation
% interest
held
Cost
Impairment
Carrying
amount
LAMDA AKINITA S.A.
Greece
50%
4.454
(1.884)
2.570
Total
4.454
(1.884)
2.570
The Group participates in the following joint ventures:
Amounts in € thousands
31.12.2021
Company
Country of
incorporation
% interest
held
Cost
Impairment
Carrying
amount
LAMDA AKINITA S.A.
Greece
50%
4.454
(1.916)
2.538
Total
4.454
(1.916)
2.538




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203



The movement of the joint ventures of the Group and the Company is analyzed as follows:
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Opening balance
-
31.619
-
2.570
Share in profit / (loss)
-
(429)
-
-
Acquisition of interest held in participation / Change
in the consolidation method
-
(28.652)
-
-
Assets held for sale
-
(2.538)
-
(2.570)
Closing balance
-
-
-
-
Notes on the above-mentioned joint ventures:
• Joint ventures are structured through separate companies that provide the Group with rights to their net
assets.
• The investment of the joint venture LAMDA AKINITA S.A. is presented in the Statement of Financial Position
31.12.2021 under "Assets held for sale"». In December 2021 the Company agreed to sell the percentage
(50%) of the shares held in the joint venture LAMDA AKINITA S.A. The transaction was completed on
01.02.2022. Consideration was €2.575 thousand. Gain recognized from the aforementioned sale was €5
thousand at Company level and €30 thousand at Group level which are included in the Income Statement
under "Gain on entities disposal".
• On March 16, 2021, the Group acquired from IMO Property Investments AD Beograd the remaining 20.01%
of the shares of SINGIDUNUM-BUILDINGS DOO. Until now, the Group owned 79.99% of the shares of
SINGIDUNUM-BUILDINGS DOO through the subsidiary LAMDA DEVELOPMENT (NETHERLANDS) B.V .. With
the completion of the transaction on 16.03.2021, LAMDA DEVELOPMENT S.A. becomes the sole shareholder
and acquires the control of SINGIDUNUM-BUILDINGS DOO, controlling the subsidiary LAMDA
DEVELOPMENT (NETHERLANDS) B.V .. Following the above, SINGIDUNUM-BUILDINGS DOO is consolidated
by the method of full consolidation in the financial statements.

(c) Investments of the Group and the Company in associates
The Company participates in the following associates’ equity:
Amounts in € thousands
31.12.2022
Company
Country of
incorporation
% interest
held
Cost
Impairment
Carrying
amount
ATHENS METROPOLITAN EXPO S.A.
Greece
11,67%
1.167
-
1.167
STOFERNO S.A.
Greece
29,76%
529
(529)
-
LIMAR MACEDONIA REAL ESTATE
COMPANY S.M.S.A.
Greece
20%
1.467
-
1.467
Total
3.163
(529)
2.634
The Company proceeded within first half of 2022 to the increase of share capital with cash in the associate
company STOFERNO SA. with an amount of €0,2 million. In June 2022, the Company acquired 20% of the
associate company LIMAR REAL ESTATE COMPANY MACEDONIA M.A.E. for a price of €1,5 million. The
associate company owns plots of land with a total area of 72.121 sq.m., strategically located next to the
Mediterranean Cosmos shopping center, in eastern Thessaloniki.
Amounts in € thousands
31.12.2021
Company
Country of
incorporation
% interest
held
Cost
Impairment
Carrying
amount
ATHENS METROPOLITAN EXPO S.A.
Greece
11,67%
1.167
-
1.167
STOFERNO S.A.
Greece
25,00%
300
-
300
Total
1.467
-
1.467
In February 2021 the Company acquired 25% of the shares of STOFERNO S.A. against a total price of
€0,3m. STOFERNO S.A. is active in the courier industry.




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Annual financial report for the year ended 31 December 2022
204



The Group participates in the following associates’ equity:
Amounts in € thousands
31.12.2022
Company
Country of
incorporation
% interest
held
Cost
Share of
interest held
Carrying
amount
ATHENS METROPOLITAN EXPO S.A.
Greece
11,67%
1.167
-
1.167
SC LAMDA MED SRL
Romania
40,00%
1
1.290
1.291
STOFERNO S.A.
Greece
29,76%
529
(529)
-
LIMAR MACEDONIA REAL ESTATE
COMPANY S.M.S.A.
Greece
20%
1.467
(6)
1.461
Total
3.164
755
3.919
Amounts in € thousands
31.12.2021
Company
Country of
incorporation
% interest
held
Cost
Share of
interest held
Carrying
amount
ATHENS METROPOLITAN EXPO S.A.
Greece
11,67%
1.167
-
1.167
SC LAMDA MED SRL
Romania
40,00%
933
1.173
2.106
STOFERNO S.A.
Greece
25,00%
300
(89)
211
Total
2.400
1.084
3.483
The movement of associates of the Group and the Company is as follows:
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Opening balance
3.483
3.239
1.467
1.167
Share capital increase
229
300
229
300
Share in profit / (loss)
114
(56)
-
-
Acquisitions
1.467
-
1.467
-
Decrease in share capital
(934)
-
-
-
Provision for impairment
(440)
-
(529)
-
Closing balance
3.919
3.483
2.634
1.467
(d) Assets held for sale
1. LAMDA ILIDA OFFICE S.M.S.Α
On 05.05.2021 the Company signed a contract with the company "Prodea Investments" for the sale of all the
shares held by the Company in its 100% subsidiary LAMDA ILIDA OFFICE S.M.S.A. The sale of the shares was
completed on 17.12.2021 and the gross sale price amounted to €10,9m (the net price after repayment of an
intragroup loan owed by the Company to LAMDA ILIDA OFFICE S.M.S.A. amounted to €0,3m). LAMDA ILIDA
OFFICE S.M.S.A. at the time of the transfer of the shares it had a claim from the subsidiary of the L.O.V.
S.M.S.A. amount of €30,0m which is an advance of LAMDA ILIDA OFFICE S.M.S.A for the future purchase of
the office building "Ilida Business Center" in the context of a relevant pre-signed agreement. This property
(net book value €30m), as well as the Group's liability (€30,0m) to LAMDA ILIDA OFFICE S.M.S.A are
presented according to IFRS 5 in the Statement of Financial Position of the Group on 31.12.2021 as "Assets
classified as held for sale" and " Liabilities directly associated with assets classified as held for sale"
respectively. The final transfer of this property was completed on 11.03.2022. LAMDA ILIDA OFFICE S.M.S.A.
is presented in the functional section "GREECE - Other investment property and land" (note 5).
2. LAMDA AKINITA S.A.
In December 2021 the Company agreed to sell the percentage (50%) of the shares held in the joint venture
LAMDA AKINITA S.A. for a price of €2,58m. LAMDA AKINITA S.A. owns a plot of land on Viltanioti Street in
Kato Kifissia. The transaction was completed on 01.02.2022. Consideration was €2.575 thousand. Gain
recognized from the aforementioned sale was €5 thousand at Company level and €30 thousand at Group level
which are included in the Income statements under "Gain on entities disposal". The above joint venture is
presented in the functional sector "GREECE - Other buildings and land" (note 5). The Investment of the Group
and the Company in the affiliated company LAMDA AKINITA S.A. is presented on 31.12.2021 in the line "Assets
classified as held for sale" according to IFRS 5.



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205


(e) Asset acquisition as per IFRS 3 par 2(b)
Pursuant to paragraph 2 (b) of IFRS 3 "Business combinations", in cases of acquisition of subsidiaries, which
do not fall within the definition of business association but constitute the acquisition of assets or group of
assets that are not a business, the acquirer recognizes the individual identifiable assets and liabilities at cost,
which is allocated to the individual identifiable assets and liabilities based on their relative fair values at the
acquisition date. In addition, such transactions do not result in goodwill.
1. HELLINIKON S.M.S.A.
On 14.11.2014 a “share sale and purchase agreement” (the “SPA”) was signed between a) the Hellenic
Republic Asset Development Fund – (the “HRADF”) (as the Seller), b) HELLINIKON GLOBAL I S.A., a wholly
owned (100%) subsidiary of the Company (as the Purchaser) and c) the Company (as the Guarantor of the
Purchaser) for the acquisition of 100% of the shares of HELLINIKON S.M.S.A. On July 19, 2016 an “amendment
agreement” (the “Amendment Agreement”) was signed by the same parties. On September 26, 2016, by Law
4422/2016 (Government Gazette A' 181/27.09.2016), the SPA and the Amendment Agreement (together the
“Agreement”) were ratified by the Hellenic Parliament. On 15.06.2021 the SPA and the Amendment Agreement
were also signed by the Hellenic Republic (as a third party undertaking certain obligations). Finally, on
25.06.2021, following the fulfillment of certain conditions precedent that were provided in the SPA, HRADF
and HELLINIKON GLOBAL I S.A. signed the Share Transfer Agreement for the acquisition of 100% of the share
capital of HELLINIKON S.M.S.A., in accordance with the respective provisions of the SPA. On that date, i.e. on
25 June 2021, which represents the date of acquisition of HELLINIKON S.M.S.A. by the Group, the shares of
HELLINIKON S.M.S.A. were also transferred to HELLINIKON GLOBAL I S.A.
Under the Agreement, the Group is committed (a) to procure the development of the Metropolitan Pole of
Ellinikon – Agios Kosmas (the “Site”) by the Company in compliance with the Business Plan and the Integrated
Development Plan (as these are defined in the SPA) and that HELLINIKON S.M.S.A. incurs capital expenditures,
for development and infrastructure works and the implementation of the Integrated Development Plan,
amounting to €4,6bn within a 15-year period and (b) to ensure i) funding of HELLINIKON S.M.S.A. in
accordance with the Business Plan and the SPA for the purposes of implementing the entirety of the Integrated
Development Plan ii) that its debt to shareholders contribution ratio does not exceed 3:1 and iii) the provision
of bank guarantees for the deferred amount of the consideration paid.
The consideration paid for the acquisition of HELLINIKON S.M.S.A.’s shares, as stated in the Agreement,
comprises of a fixed amount of €915m payable in installments over a 10-year period, plus a variable
component (“Earn out right”) which is contingent upon the achievement of an investment return on the
development project above a specified threshold. At the date of the acquisition, the initial installment of €300m
was paid. The Group calculated the present value of the consideration paid at the date of the acquisition at
the amount of €792,8m, using a discount rate of 3,4%. According to the estimation of the Group Management,
at reporting date, no payments of earn out right to the seller are expected. According to the Agreement the
variable consideration applies from the seventh anniversary of the acquisition of Ellinikon.
Analysis for the total purchase price for the share of HELLINIKON S.M.S.A.:
Amounts in € thousands
Conventional payment dates
30.6.2021
300.000
30.6.2023
166.650
30.6.2027
8.350
30.6.2028
220.000
30.6.2031
220.000
Total
915.000
Amounts in € thousands
GROUP
Balance as at 31.12.2020
-
Acquisition of shares of HELLINIKON S.M.S.A. – Present value
792.752
Payment 1
st
installment
(300.000)
Finance costs (note 30)
8.493
Balance as at 31.12.2021
501.245
Finance costs (note 30)
17.283
Balance as at 31.12.2022
518.528
Non-current assets
354.656
Current assets
163.872
Total
518.528



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206


At the date of the acquisition by the Group, HELLINIKON S.M.S.A.’s principal assets comprised of freehold land
and 99-year leasehold (“surface rights”) on land aggregating 6 million square meters.
Based on the Group’s business plan, some land plots of the Site will be sold either as land or after development
into properties, some land plots will be leased out to third parties either as land or after development into
properties and some others will be used by the Group for the provision of its services or for administrative
purposes.
Prior to the acquisition by the Group, HELLINIKON S.M.S.A. had no significant activities; HELLINIKON
S.M.S.A.’s activities were related mainly to the operation of Agios Kosmas Marina, which represented the
major revenue stream for the company. The acquisition of the shares of HELLINIKON S.M.S.A. has been
accounted for as an asset acquisition since the transaction did not satisfy the definition of a business under
IFRS 3 «Business combination».
The Group, based on IFRS 3 par.2 (b) and the agenda decision issued by IFRIC in November 2017, recognized
the acquisition of HELLINIKON S.M.S.A. as assets acquisition. In this respect, the Group measured the
individual identifiable assets acquired and liabilities assumed at the consideration paid based on their relative
fair values at the date of acquisition.
The Group recognized the following assets and liabilities upon acquisition of HELLINIKON S.M.S.A.:
Amount in € thousands
Investment property
540.344
(1)
Right-of-use assets
26.619
(1) & (2)
Tangible assets
8.371
Intangible assets
1.691
Inventories
804.738
(1)
Trade and other receivables
1.082
Cash and cash equivalent
794
Trade and other payables
(362)
Provision for infrastructure
(590.528)
(3)
Total present value
792.749
1. The land of the Site acquired was classified as inventories, investment property and right-of-use assets
based on Management’s intended use and the Group’s rights on land.
2. Right-of-use assets relate to surface right on land. Out of the total amount of €26,6m, the amount of
€8,8m relates to leasehold land that meets the definition of property, plant and equipment and the
amount of €17,8m relates to leasehold land that meets the definition of inventory. Leasehold land of
total amount €190,2m that meets the definition of investment property is presented in the line item
“Investment property”.
3. Provision for infrastructure relates to the Group’s contractual unavoidable obligation, stipulated by the
Agreement, to perform, within a specified time period, infrastructure investments of public interest,
such as building of roads, utility networks, underpasses and flyovers etc., which will be delivered to
the competent organizations and bodies upon completion/construction with no consideration. The
amount of €590,5m represents the present value of the Management’s best estimate of the
expenditure required to construct this infrastructure, using a discount rate of 3,4%. The corresponding
liability is included as part of the cost of the assets under development, classified as investment
property, tangible assets and inventories.
On the Site, the Group will carry out the “Ellinikon project”, a large urban development project which is
expected to take 25 years to complete. The Ellinikon project will comprise:
- Total sqm to be built are approximately 2,7m sqm, which will mainly include residential housing, hotels,
shopping centers, offices, sports and cultural centers, health and education centers and infrastructure.
- A Metropolitan Park of approximately 2m sqm (including 300.000 sqm of buildable area being part of the
total buildable area above), which will be managed by the Group and will generate income through its
exploitation.
- The enhancement of the 3,5 km coastal front, including the exploitation of Marina in Agios Kosmas.



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Annual financial report for the year ended 31 December 2022
207


2. SINGIDUNUM-BUILDINGS DOO
The Company on 16.03.2021 agreed to acquire from IMO Property Investments AD Beograd the remaining
20.01% of the shares of the company SINGIDUNUM-BUILDINGS DOO, which until now owned 79.99% of the
shares of SINGIDUNUM-BUILDINGS DOO through of the subsidiary LAMDA DEVELOPMENT (NETHERLANDS)
BV..
Upon completion of the transaction on 16.03.2021, LAMDA DEVELOPMENT S.A. becomes the sole shareholder
and acquires the control of SINGIDUNUM-BUILDINGS DOO, through subsidiary LAMDA DEVELOPMENT
(NETHERLANDS) B.V.. Following the above, SINGIDUNUM-BUILDINGS DOO is consolidated by the method of
full consolidation in the financial statements of the Group. Consequently, the transaction constitutes an
acquisition of an asset, since the above entity has no operation other than holding land (inventories) and has
been recognized based on the scope of IFRS 3 "Business Combinations" par. 2b in the financial statements as
at 31.12.2021. Based on the above, the Group recognized the individual acquired identifiable assets and
liabilities at cost, which was allocated to the individual identifiable assets and liabilities based on their relative
fair values at the acquisition date.
The following table summarizes the provisional value of the assets and liabilities of SINGIDUNUM-BUILDINGS
DOO at the acquisition date of the remaining 20,01% on 16.03.2021:
Amount in € thousands
Tangible assets
60
Inventories
72.945
Trade and other receivables
174
Cash and cash equivalents
5
Borrowings
(37.520)
Trade and other payments
(512)
Net asset value
35.152
Minus: value of current investment in Singidunum –
Buildings DOO
(28.652)
Consideration paid 20,01%
6.500
The consideration paid for the acquisition of 20,01% of the company SINGIDUNUM-BUILDINGS DOO amounted
to €6,50mil. The consideration was lower than the value of the assets and liabilities acquired by €669k and as
a result the resulting difference has been included in the cost of inventories in the consolidated financial
statements.
3. GREEN VOLT P.C.
The Group, on June 2022, acquired the 67,71% of the company GREEN VOLT P.C. through participation in
share capital increase amounting €1,65 million. The company is considered a subsidiary and will be involved
in the sector of renewable energy.
The transaction constitutes an acquisition of an asset, since the above entity has no operation other than the
possession of electricity production licenses, and has been recognized based on the scope of IFRS 3 "Business
Combinations" par. 2(b) in the financial statements as at 31.12.2022. Therefore, the Group recognized the
acquired assets and liabilities at cost, which was allocated to the individual identifiable assets and liabilities
based on their fair values at the acquisition date.
The table below presents the net asset value of GREEN VOLT P.C. at the date of the acquisition of the 67,71%
on 02.02.2022:
Amounts in € thousands
Tangible assets
144
Intangible assets
615
Trade and other receivables
219
Cash and cash equivalent
1.476
Trade and other payables
(17)
Net asset value
2.437
Minus: Dividends payable
(787)
Consideration paid 67,71%
1.650
The consideration paid for the acquisition of 67,71% of GREEN VOLT P.C. amounted to €1,65 million. The
consideration was lower compared to the net asset value acquired by €24 thousand, thus the difference arising
has been included in the cost of the intangible assets in the consolidated financial statements.



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Annual financial report for the year ended 31 December 2022
208

10. Inventories
Amounts in € thousands
GROUP
31.12.2022
31.12.2021
Land for sale
25.528
25.528
Property for sale
1.077
1.244
Property under development
1.072.281
940.803
Merchandise
8
8
Total
1.098.893
967.583
Minus: provision for impairment
Property under development
(11.026)
-
Land for sale
(19.418)
(18.708)
Property for sale
(525)
(678)
(30.969)
(19.386)
Net realisable value
1.067.924
948.197
Non-current assets
830.613
606.051
Current assets
237.310
342.146
Total
1.067.924
948.197
At the reporting date, inventory include land for sale, property for sale and property under development for
the purpose of future sale within the ordinary course of business of the Group and are being measured at the
lower of cost and net realizable value (NRV).
Property under development
31.12.2022
31.12.2021
Balance as at 01.01.2022
940.803
-
Additions due to acquisition of HELLINIKON S.M.S.A. (note 9)
-
804.738
Infrastructure cost
27.674
11.962
Transfers from investment property – at fair value (note 6)
118.796
6.493
Transfers from investment property – at cost (note 6)
-
14.431
Transfers to investment property – at cost (note 6)
(4.803)
-
Transfers from tangible assets (note 7)
1.942
-
Transfers from right of use assets (note 19)
8.600
-
Impairment
(11.026)
-
Inventories sales
(19.481)
-
Changes in infrastructure costs (note 22)
(1.250)
30.234
Acquisition of interest held in participation (note 9)
-
72.945
Balance as at 31.12.2022
1.061.255
940.803
Inventories that have been classified as current assets as at 31.12.2022, include land under construction,
amounting to €168,6m (31.12.2021: €261,8m), which relate to plots of land in Elliniko, that are expected to
be sold directly to third parties within the normal operating cycle of the Group at the initial phase of investment
period.
Inventories that have been classified as non-current assets as at 31.12.2022, amounting to €830,6m
(31.12.2021: €606,1m) relate to land and property of the area in Elliniko, which the Group intends to keep
for their development and sale beyond the usual operating cycle and during the rest of the investment period.
In addition to the above, at the reporting date the Group owns land for sale in Greece in the Perdika area of
Aegina with a fair value of €5,85m (31.12.2021: €5,85m), as well as in the Balkans and more specifically in
Montenegro at Budva with a fair value of €0,26m (31.12.2021: €0,97m).
The Group according to the estimates of the Management (including valuations by external independent
valuators) proceeded to an impairment test of the inventories held on 31 December 2022 and there was need
to reduce the carrying amount of the inventories – “property under development” and of the inventories –
“land for sale” to their net realizable value. As of 31 December 2022, impairment losses were recognized
amounting to €11m for inventories of property under development and €0,7m for inventories of land for sale.
Part of the Group’s inventory has encumbrances and pre-notations on 31.12.2022.



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Annual financial report for the year ended 31 December 2022
209

11. Trade and other receivables
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Trade receivables
36.011
20.152
314
708
Minus: provision for impairment of trade receivables
(11.828)
(11.159)
-
-
Trade receivables – net
24.183
8.993
314
708
VAT receivable and other receivables from Public
sector
2
34.483
25.234
5.663
12.535
Receivables from refund of property transfer tax
5
9.275
16.323
-
-
Government rebate from rent reduction¹
2.803
4.366
-
-
Undisbursed loan issuance costs
9.405
-
-
-
Advances to suppliers³
20.717
892
1.117
1.121
Prepaid land lease
8.955
9.164
-
-
Receivables from related parties⁴ (note 34)
456
31
11.428
45.591
Loans to related parties (note 34)
3.429
3.301
90.311
87.533
Deferred expenses
14.362
6.824
8.426
4.679
Dividends receivables from related parties (note 34)
-
-
3.773
24.882
Minus: provision for impairment
(152)
(58)
(51)
(75)
Other receivables
7.810
4.063
467
493
Total
135.726
79.133
121.448
177.467
Receivables analysis:
Non-current assets
21.842
29.225
4.690
84.594
Current assets
113.884
49.908
116.758
92.873
Total
135.726
79.133
121.448
177.467
1
State compensation from discounts on rents
According to the Legislative Content Act (GG A’ 68) and subsequent ministerial decisions, the associate
shopkeepers/tenants were exempted from the obligation to pay their full rent for the months of January to
May 2021. Respectively for the same period the Government will compensate the Group by paying 60% of the
rents. The government has extended the measure of reduction of professional leases by 40% and 100% with
a corresponding compensation of 60%, for the months of June and July of 2021 to specific categories of
entrepreneurs. The total amount of state compensation, from discounts on rents, granted for the period from
January to June 2021 amounted to €16,7m out of which up to 31.12.2021 an amount of €12,4m has been
collected. Within 2022, an additional €2,0m has been collected, while newly acquired subsidiary DESIGNER
OUTLET ATHENS S.M.L.L.C. has also a corresponding receivable of €0,5m.
2
VAT receivable and other receivables from Public sector
The increase in the Group's receivables on 31.12.2022 comparative to 31.12.2021 is mainly due to the VAT
receivable from the development of the Ellinikon project.
3
Advances from suppliers
The increase in advance payments to Group suppliers on 31.12.2022 compared to 31.12.2021 is mainly due
to the advance payment of €17,4 million paid in May 2022 by HELLINIKON S.M.S.A. at AVAX S.A. within the
framework of the contract for the infrastructure construction projects of Phase I of the Ellinikon project.
4
Receivables for related parties
The decrease in receivables from related parties of the Company on 31.12.2022 compared to 31.12.2021 is
mainly due to the collection of an intra-group receivable from HELLINIKON S.M.S.A..
5
Receivables from property transfer tax
The subsidiary L.O.V. S.M.S.A. (“L.O.V.”) had to pay for the transfer of specific real property in the past (on
2006), property transfer tax of approximately €13,7m, reserving its rights regarding this tax and finally taking
recourse to the administrative courts against the silent rejection of its reservations by the competent Tax
Authority. In 2013 the said recourse was accepted in part and the re-calculation of the owed property tax was
ordered, which led to the returning to LOV of an amount of approximately €9,5m. Further to appeals on points
of law filed by both parties, the Council of State rejected LOV’s appeal and accepted the Hellenic Republic’s
appeal. Consequently, the case was referred back to the Administrative Court of Appeals, which initially
postponed the issue of a final decision and obliged the parties to adduce evidence for the determination of the
market value of the property, after resuming hearing of the case, the Administrative Court of Appeals finally
rejected the recourse, determined the taxable value of the property and obliged the competent Tax Authority
to re-calculate the transfer tax due upon the new taxable value. Following this decision, LOV had to pay


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Annual financial report for the year ended 31 December 2022
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transfer tax of approximately €16,3m. Filling of an appeal on points of law is pending and is estimated by the
legal counsels of the Company to have high chances of success. In specific, grounds of appeal challenging re-
calculation of transfer tax upon the market value of the property, to the extent it exceeds the objective value,
are expected to succeed with very high probability. The hearing of the appeal was held on 25.5.2022 and on
18.1.2023 Council of State decision No 54/2023 was issued, which remains unclear. According to its published
order, the appeal of L.O.V. is accepted and the decision of the Administrative Court of Appeal which calculated
the taxable value of the property based on the market value is annulled, to the extent that it exceeds the
objective value. Following this, a new tax settlement and return to L.O.V. is expected, equal to the excess
amount of approximately €9.3 million (including interest until 31.12.2022).
The classification of the item “Trade and Other Receivables” of the Group and the Company to financial and
non-financial assets and the expected credit loss (ECL) allowance for financial assets as at 31 December 2022
and 31 December 2021 is presented below:
Group
Simplified
approach
General approach
Total
Financial assets
Stage 1
Stage 2
Stage 3
Gross carrying amount 31.12.2022
80.631
-
-
-
80.631
ECL (Expected Credit Loss) allowance
(11.980)
-
-
-
(11.980)
Net carrying amount 31.12.2022
68.651
-
-
-
68.651
Non-financial assets 31.12.2022
67.075
-
-
-
67.075
Total trade and other receivables 31.12.2022
135.726
-
-
-
135.726
Company
Simplified
approach
General approach
Total
Financial assets
Stage 1
Stage 2
Stage 3
Gross carrying amount 31.12.2022
20.213
-
-
119.945
140.158
ECL (Expected Credit Loss) allowance
(51)
-
-
(32.748)
(32.799)
Net carrying amount 31.12.2022
20.162
-
-
87.197
107.359
Non-financial assets 31.12.2022
14.089
-
-
-
14.089
Total trade and other receivables 31.12.2022
34.251
-
-
87.197
121.448
Group
Simplified
approach
General approach
Total
Financial assets
Stage 1
Stage 2
Stage 3
Gross carrying amount 31.12.2021
32.805
-
-
-
32.805
ECL (Expected Credit Loss) allowance
(11.217)
-
-
-
(11.217)
Net carrying amount 31.12.2021
21.588
-
-
-
21.588
Non-financial assets 31.12.2021
57.545
-
-
-
57.545
Total trade and other receivables 31.12.2021
79.133
-
-
-
79.133
Company
Simplified
approach
General approach
Total
Financial assets
Stage 1
Stage 2
Stage 3
Gross carrying amount 31.12.2021
75.793
-
-
115.728
191.521
ECL (Expected Credit Loss) allowance
(75)
-
-
(31.193)
(31.268)
Net carrying amount 31.12.2021
75.718
-
-
84.535
160.253
Non-financial assets 31.12.2021
17.214
-
-
-
17.214
Total trade and other receivables 31.12.2021
92.932
-
-
84.535
177.467
• Expected credit loss (ECL) allowance - Simplified approach
The Group and the Company apply the simplified approach mainly on restricted cash, prepayments to third
parties and other receivables. Specifically, the Group applies the simplified approach on lease receivables by
using a credit loss provisioning table based on maturity of outstanding claims whereas the Company on trade
receivables from sales to related parties.



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211



The Group considering the impact from the COVID-19 pandemic, applied certain ECL approaches at sectors
that were significantly affected mainly in the Food & Beverage and cultural units.
• Expected credit loss (ECL) allowance - General approach
The Company applies the general approach on receivables from loans and interest from related parties.
Stage 3 includes loans amounting to €101,2m, impaired by €17,7m, granted by the parent company to its
subsidiaries HELLINIKON S.M.S.A., LAMDA DEVELOPMENT ROMANIA S.R.L., LAMDA DEVELOPMENT SOFIA
E.O.O.D., ROBIES SERVICES LTD and LAMDA DEVELOPMENT MONTENEGRO DOO (note 34). For these loans,
interest receivables of €18,8m have been recognized which have been impaired by €15,0m. Financial assets
in Stage 3 are considered credit impaired and credit losses are recognized over their lifetime.
During 2022, the Group according to IFRS 9 recognized expected credit loss amounting €118 thousands (2021:
€2.220 thousands) which relates to trade and other receivables, as well as time and restricted cash deposits
(notes 26 and 29).

VAT and Public Sector receivables
Regarding the VAT receivables, the amount is not discounted. The VAT receivables can be presented as
receivables to be offset up to 5 years and can be offset with VAT payables. For “VAT receivables and receivables
from Public Sector” item no expected credit loss provision has been applied.

12. Cash and cash equivalents
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Cash at bank
344.987
152.013
52.414
31.485
Short-term deposits
170.000
10.000
160.000
-
Cash in hand
527
389
22
20
Total
515.515
162.402
212.436
31.505
Taking into account the credit status of the banks that the Group keeps its current accounts, no significant
credit losses are anticipated. The above comprise the cash and cash equivalents used for the purposes of the
cash flow statement.
Regarding the deposits and cash at bank of the Group and the Company, those are placed in banks that are
classified in the external credit rating of Moody’s. The credit risk of the total cash equivalents ("Cash and cash
equivalents" and "Restricted cash") that were placed in banks is classified in the following table according to
the credit risk rate as per table below:
GROUP
COMPANY
(Moody’s Rating)
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Α1
242
157
99
100
Ba2
477.216
-
213.188
-
Ba3
215.670
-
177.474
-
Β2
-
498.602
-
384.215
Β3
-
40.177
-
24.170
n/a
206
77
-
-
693.334
539.013
390.761
408.485
The outstanding balance of "Cash and cash equivalents" relates to cash at bank and cash in hand. As at
31.12.2022, cash at bank were concentrated in mainly 3 banking organizations in Greece at a rate greater
than 10%, which constitutes a significant credit risk issue. No significant losses are expected due to the
creditworthiness of the banks in which the Group maintains its various bank accounts. Credit risk of bank
deposits reduced within 2022, as this was reflected also in international credit rating agencies’ reports.



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Annual financial report for the year ended 31 December 2022
212


13. Restricted cash
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Cash at bank
178.347
377.000
178.347
377.000
Total
178.347
377.000
178.347
377.000
Non-current assets
11.347
167.000
11.347
167.000
Current assets
167.000
210.000
167.000
210.000
Total
178.347
377.000
178.347
377.000
In order to secure the bond loan, which was signed by the Company with the banks " Eurobank S.A." and
"Piraeus Bank S.A.", from which is expected to cover part of the amount of funds that the Group will invest
within the first five years for the development of the Property (note 9), the Company granted a cash collateral
of €167m which will be released, for the payment of the 2nd installment of the Share Acquisition Price of "
HELLINIKON S.M.S.A." on the 2nd anniversary of the Transfer Date and an additional amount of €210m for
the payment of the initial share capital of the special purpose companies that will be established for the
commercial development on Vouliagmenis Avenue (Vouliagmenis Mall) and the commercial development
within the area of the marina of Aghios Kosmas (Riviera Galleria). On 31.12.2022 the total of €210 million had
been released, as the amount was used as part of the initial share capital of the subsidiary LAMDA ELLINIKON
MALLS HOLDING S.M.S.A. (note 9).

14. Financial instruments by category
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Financial assets
Debt instruments at amortized cost:
Trade receivables
24.183
8.993
314
708
Receivables from related parties
456
31
11.428
45.591
Loans to related parties
3.429
3.301
90.311
87.533
Dividend receivables
-
-
3.773
24.882
Undrawn loan issuance costs
9.405
-
-
-
Advance payments to suppliers
20.717
892
1.117
1.121
Other financial assets
10.461
8.371
416
418
Cash and cash equivalents
515.515
162.402
212.436
31.505
Restricted cash
178.347
377.000
178.347
377.000
Equity instruments at fair value through profit or
loss:
Other financial assets
1
11.757
756
817
756
Derivatives at fair value through profit or loss:
Derivative financial instruments
5.273
310
-
-
Derivatives at fair value through OCI:
Derivative financial instruments
4.994
-
-
-
1
Other financial assets relate to corporate non-listed bonds and stocks that have been classified to the level 3 of the
fair value measurement hierarchy.
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Financial liabilities
Financial liabilities at amortized cost:
Trade payables
63.312
35.391
10.711
13.722
Liabilities to related parties
-
-
10.211
6.888
Dividends payable to non-controlling interests
342
4.602
-
-
Property pre-sales HELLINIKON S.M.S.A.
43.551
23.200
500
500
Other financial payables
24.050
14.914
10
11
Borrowings (bank and bond loans)
1.162.661
721.420
598.648
359.026
Consideration payable for the acquisition of
HELLINIKON S.M.S.A.
518.528
501.245
-
-


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Annual financial report for the year ended 31 December 2022
213



Derivatives at at fair value through profit or loss:
Derivative financial instruments
-
-
-
-
Derivatives at at fair value through OCI:
Derivative financial instruments
-
376
-
-
15. Share capital and share premium
Amounts in € thousands
Number of
shares
Ordinary
shares
Share
premium
(after
transaction
costs)
Total
1 January 2021
176.736.715
53.021
971.555
1.024.576
Change in income tax rate
-
-
(68)
(68)
31 December 2021
176.736.715
53.021
971.487
1.024.508
1 January 2022
176.736.715
53.021
971.487
1.024.508
Change in income tax rate
-
-
-
-
31 December 2022
176.736.715
53.021
971.487
1.024.508
Share’s nominal value of the Company is €0,30.

16. Treasury shares
Treasury shares schedule 24.06.2021-23.06.2023
The Annual Ordinary General Meeting of the Company's Shareholders, during the meeting of 23.06.2021,
approved the purchase of own shares within a period of 24 months, ie from 24.06.2021 to 23.06.2023, up to
10% of its total share capital, with maximum purchase price of €14,00 per share and minimum purchase price
equal to the nominal value, ie €0,30 per share and instructed the Board of Directors to implement this decision,
in cases where it deems it necessary. The Board of Directors of the Company during its meeting on 23.06.2021,
decided to proceed with the implementation of the above decision, judging that this served its interests.
According to the above, the total number of treasury shares held by the Company on 31.12.2022 amounts to
2.382.693 treasury shares, which represent 1,348% of the total number of common registered shares of the
Company.
Number of
shares
Treasury share in €
thousands
1 January 2021
-
-
Acquisition of treasury shares
533.292
(3.729)
31 December 2021
533.292
(3.729)
1 January 2022
533.292
(3.729)
Acquisition of treasury shares
1.849.401
(12.119)
31 December 2022
2.382.693
(15.848)


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214


17. Other reserves
Amounts in € thousands
Statutory –
Tax-free
reserves
Hedging
reserves
1
Employees
share
option
scheme
Cumulative
actuarial
gains
1
Currency
translation
differences
Total
GROUP
1 January 2021
9.396
(819)
198
(47)
44
8.772
Changes during the year
696
619
7.139
(72)
102
8.484
31 December 2021
10.092
(200)
7.337
(119)
146
17.256
1 January 2022
10.092
(200)
7.337
(119)
146
17.256
Changes during the year
(68)
3.591
7.038
72
(273)
10.360
31 December 2022
10.024
3.391
14.375
(47)
(127)
27.616
¹ Reserves from the cumulative actuarial losses and the hedging reserves are disclosed net of deferred tax.
Amounts in € thousands
Statutory – Tax-
free reserves
Employees share
option scheme
Cumulative
actuarial gains
1
Total
COMPANY
1 January 2021
2.970
198
(36)
3.132
Changes during the year
-
7.139
(53)
7.086
31 December 2021
2.970
7.337
(89)
10.218
1 January 2022
2.970
7.337
(89)
10.218
Changes during the year
-
7.038
22
7.060
31 December 2022
2.970
14.375
(67)
17.278
¹ Reserves from the cumulative actuarial losses are disclosed net of deferred tax.
Statutory reserve - Special and extraordinary reserves - Tax free reserve
(a) A legal reserve is created under the provisions of Greek law (Law 2190/20, articles 44 and 45) according
to which, an amount of at least 5% of the profit (after tax) for the year must be transferred to the reserve
until it reaches one third of the paid share capital. The legal reserve can only be used, after approval of the
Annual General meeting of the shareholders, to offset retained losses and therefore can not be used for any
other purpose.
(b) Tax-free and special taxed reserves are created under the provisions of tax law from tax free profits or
from income or profits taxed under special provisions.
The abovementioned reserves can be capitalised or distributed, after the approval of the Annual General
meeting, after taking into consideration the restrictions which will apply at each time. The Group does not
intent to distribute or capitalise these reserves and therefore did not account for the tax liability which would
arise in such case.
Stock option plan
The Stock Acquisition Program Reserve concerns a program for the provision of stock option options to the
Company's employees, as well as to the employees of its affiliated companies within the meaning of Article 32
of Law 4308/2014.
The Extraordinary General Meeting of the Company's Shareholders, held on Tuesday, December 22, 2020,
approved the establishment and implementation of a Share Allocation Program in the form of stock options,
in accordance with the provisions of article 113 of Law 4548/2018 to executives of the Management and the
staff of the Company, as well as to the staff of companies affiliated to it within the meaning of article 32 of
Law 4308/2014 (hereinafter the Program).The stock option for acquisition of shares are divided into a) "Initial
rights", which will amount to a maximum of 5.500.000 shares of the Company (ie 3,112% of the share capital
of the Company) and b) "Additional rights", which will amount to a maximum of up to 2.750.000 shares of the
Company (ie 1,556% of the share capital of the Company). The offering price of each share available under



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Annual financial report for the year ended 31 December 2022
215


the Program is set at €6,70. In order to satisfy the options that will be exercised within the framework of the
Program, the Company will proceed to a corresponding increase of its share capital and issue of new shares,
in accordance with the provisions of article 113 of Law 4548/2018. The duration of the Program is set at six
(6) years, starting from December 2020 and ending in December 2026. The Extraordinary General Meeting of
Shareholders approved the granting of authorization to the Board of Directors, as determined by the
beneficiaries of the Program, the specific conditions for granting and exercising the rights, as well as any other
condition deemed necessary or expedient for the implementation of the Program, the relevant legal framework
and the best practices applied by the Company, within the responsibilities of the Board of Directors.
The purpose of the Program is to recognize the contribution of the Company's personnel / Executives in
increasing the value of the Company and to provide the possibility of long-term capital investment, by creating
"ownership interest" and finally, by linking the performance of each participant with corporate performance.
The Board of Directors of the Company, upon the relevant recommendation of the Chief Executive Officer, is
solely responsible for the selection at its sole discretion of those Participants, to whom DPAM will be granted,
while determining the number of DPAM granted to each Beneficiary, the contribution of each Beneficiary to
the work and performance of the Company and the Group, in combination with its operational level of
responsibility. Detailed report on the Program is made at the Company's website www.lamdadev.com.
The rights that mature and for whatever reason were not exercised in the respective years, may be exercised
in whole or in part until December 2026. Upon exercise of the options, the revenue collected, after deducting
any transaction costs, is credited to the share capital (at nominal value) and at share premium.
The exercise price of the options has been determined by the General Assembly.
The estimated appraisal value of the fair value of the initial options granted during the year ended 31 December
2020 was €3,33 per option. This value includes all possible scenarios regarding the chances of exercising and
the additional rights. The fair value at the date of issue is determined independently, using the model "Binomial
options pricing model" which includes Monte Carlo simulation taking into account the exercise price, the
duration of the option, the impact of impairment of earnings per share (where significant), the date of purchase
of the share and the expected volatility of the share prices, the expected return on dividends, the risk-free
interest rate for the duration of the option and the correlations and fluctuations of the group companies.
The assumptions of the model include:
a) the options are granted in relation to the services provided and mature in 2, 3, or 5 years. Mature rights
can be exercised in whole or in part until December 2026.
b) exercise price: €6,70
c) date of concession: 23 December 2020
d) expiry date: 22 December 2026
e) share price at the date of concession: €7,11
f) expected volatility of the Company's share price: 36.3%
g) expected dividend yield: 0%
h) interest - free interest rate: 0%.
Expected price volatility is based on historical volatility (based on the remaining life of the rights), adjusted
for any expected future changes due to publicly available information.
The first maturity date of the options is 22 December 2022. During 2022 no rights have been exercised by the
beneficiaries of the above program. On 31.12.2022 the total outstanding (not exercised) options were
8.250.000.
The total fair value of the rights, which was valued based on "Binomial options pricing model", amounted to
€18,3m from which amount of €7.038 thousands was recorded in the Income Statement of 2022.




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216






18. Borrowings
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Non-current borrowings
Bond loans
541.257
314.098
541.257
314.098
Bank bond loans
213.959
357.487
-
-
Bank loans
20.020
-
-
-
Intercompany loans (note 34)
-
-
-
33.243
Other borrowings
109
109
-
-
Total non-current borrowings
775.346
671.694
541.257
347.341
Current borrowings
Bond loans
1
(1.743)
-
(1.743)
-
Bank bond loans
364.927
14.199
-
-
Bank loans
12.975
30.020
7.975
-
Intercompany loans (note 34)
-
-
35.843
2.600
Interest payable
11.156
5.507
15.316
9.085
Total current borrowings
387.315
49.726
57.391
11.685
Total borrowings
1.162.661
721.420
598.648
359.026
1
Amount of €(1.743) at current Bond loans relates to unamortized issue costs which are accounted through effective
interest rate method.
Movement in borrowings is as per below:
1.1-31.12.2022
Amounts in € thousands
GROUP
COMPANY
Balance as of 1 January 2022
721.420
359.026
Proceeds from borrowings
707.975
237.975
Business combination (note 9)
69.650
-
Interest paid
(33.120)
(15.819)
Interest charged
38.768
21.024
Repayment of interest (intercompany)
-
(112)
Interest charged (intercompany)
-
1.137
Refinance of bank bond loans
5.500
-
Borrowings transaction costs – amortization
4.703
1.301
Borrowings transaction costs
(11.963)
(5.884)
Repayment of borrowings
(340.272)
-
Balance as of 31 December 2022
1.162.661
598.648
1.1-31.12.2021
Amounts in € thousands
GROUP
COMPANY
Balance as of 1 January 2021
719.207
374.570
Proceeds from borrowings
10.870
-
Business combination (note 9)
37.520
-
Interest paid
(25.443)
(12.497)
Interest charged
25.357
12.497
Repayment of interest (intercompany)
-
(6.555)
Interest charged (intercompany)
-
1.071
Refinance of bank bond loans
4.900
-
Recognition of interest at fair value
652
-
Borrowings transaction costs – amortization
1.516
937
Borrowings transaction costs
(32)
-
Repayment of borrowings
(30.465)
(10.997)
Sale of subsidiary (note 9)
(22.662)
-
Balance as of 31 December 2021
721.420
359.026
Bank bond loans and bank loans are secured by mortgages and promissory notes on the Group’s investment
properties (note 6), on the Group’s inventories (note 10), in some cases by additional pledging the shares of
each subsidiary (note 9), as well as/or by assignment on bank deposits, lease and commercial cooperation
contracts, letters of guarantee, insurance claims, as well as the Company's own shares.




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Annual financial report for the year ended 31 December 2022
217


The total borrowings as at 31.12.2022 includes unamortized bond issue costs amounting to €16m
(31.12.2021: €8,7m), out of which amount of €5,3m corresponds to short-term borrowings while the
remaining €10,7m to long-term borrowings. As at 31.12.2022, part of the unamortized costs are the
unamortized issue costs for the Common Bond Loan issued by the Company on July 21, 2020 amounting to
€4,9m and unamortized issue costs for the Green Bond issued by the Company on July 12, 2022 amounting
to €5,6m.
On 31.12.2022, short-term bank bond loans mainly include the bank bond loan of the subsidiary company
L.O.V. S.M.S.A. ("LOV") which signed on 29.07.2022 a new common bond programme with Eurobank and
Piraeus Bank for an amount of up to €365 million with three distinct series and an interest rate of 2.70% plus
3-month Euribor. Until 31.12.2022, an amount of €361 million has been disbursed, which is classified in the
short-term part of the Group's borrowings. The Group in cooperation with the banks, is planning to refinance
the said loan, as well as the bank loans of the rest of Shopping Malls, in the context of planned restructure
withing 2023.
The short-term bank borrowings include also the Credit Agreement with open account of the Company with
Piraeus Bank for amount up to €10 million, which was signed on 06.06.2022. As at 31.12.2022, the amount
of said loan amounted to €7,98 million.
The maturity of non-current borrowings is as follows:
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Between 1 and 2 years
12.446
11.100
(1.826)
33.243
Between 2 and 5 years
471.278
169.041
314.561
-
Over 5 years
291.622
491.553
228.522
314.098
Total
775.346
671.694
541.257
347.341
The fair value of the loans with floating rate approaches their carrying amount as it is presented in the
Statement of Financial Position.
The fair value estimation of the total borrowings is based on inputs for the assets or liabilities that are not
based on observable market data (unobservable inputs).
On 31.12.2022, the average base effective interest rate of the Group is 0,78% and the average bank spread
is 3,35%. Therefore, the Group total effective borrowing rate stands at 4,12% on 31.12.2022.
On 29.03.2021, the refinancing of the bond loan of €4,9m of the subsidiary LAMDA Prime Properties S.M.S.A.
was completed, with Alpha Bank with a new maturity date on 30.06.2027. During July 2022 LAMDA Prime
Properties S.M.S.A. signed the new bond loan with Eurobank of 5,5 million, of floating rate based on the 3-
month Euribor plus an average margin of 2,80% with a duration of 7 years. The following financial covenants
must be satisfied: Loan to value < 60% and Debt Service Coverage Ratio > 115%. The annual principal
repayments are €165 thousand for the first 3 years, €220 thousand for the next 4 years and the outstanding
balance will be paid at the maturity date amounting to €4,1m. The common bond loan of the Company is
secured by pledging the shares of the Company, mortgage on the investment property (Cecil office complex)
as well as by pledging and assigning private lease agreements, bank accounts, insurance contracts and letters
of guarantees. At the same time, in July 2022, the Company fully repaid the existing bond loan with Alpha
Bank.
The subsidiary Singidunum Buildings DOO, in Serbia, signed, on 16.12.2022, the amendment of the original
Financing Agreement with the credit institutions «Eurobank Cyprus Limited», «Alpha Bank S.A.» and
«Eurobank Direktna a.d., Belgrade». The new maturity date of the initial Financing Agreement is set for
30.06.2025. The outstanding principal on 31.12.2022 amounts to €25,02m.
The subsidiary L.O.V. S.M.S.A. («LOV») signed on 23.06.2020 with «National Bank of Greece S.A. » («NBG»)
programme and subscription agreement for the issuance of a bond loan of an amount of up to €220m («Bond
Loan») with a duration of 7 years comprising of three distinct series. Two out of three series have been
disbursed on June 30th, 2020 which were utilized on the disbursement date for the fully repayment of the (a)
outstanding balance of L.O.V.’s loan issued on 30.05.2007 with initial amount €154,1m and (b) the outstanding
balance of L.O.V.’s intercompany loan issued by Company on 27.04.2020 amounting to €11,0m, hence total
amount of €165,1m has been disbursed. On 31
st
July 2020 the third series has been partially disbursed,
amounting to €44.9m. Finally, on 30.09.2021 the remaining balance of €10,0m has been disbursed. On
29.07.2022, L.O.V. signed a new common bond programme with Eurobank and Bank of Piraeus amounting



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Annual financial report for the year ended 31 December 2022
218


€365 million comprising of three distinct series and interest rate of 2,70% plus the 3-month Euribor reference
rate. On August 2022 amount of €361 million was utilized from all three distinct series which were used for
the repayment of the existing bond loan with NBG amounting €209,5 million (including accrued interest), as
well as for the acquisition of 31,7% of LAMDA MALLS S.A., previously held by Wert Blue Sar, 100% subsidiary
of Värde Partners, and the full acquisition of DESIGNER OUTLET ATHENS S.M.L.L.C. (former McArthurGlen
Hellas S.M.L.L.C.), as described in note 9.
On July 21, 2020 the Company issued a 7-year Common Bond Loan by means of a Public Offering and issued
Bonds’ admission to trading in the Fixed Income Securities Segment of the Regulated Market of the Athens
Stock Exchange, raising funds amounting to €320 m. Following the above issuance, on July 24, 2020, the
Company repaid the total outstanding principal amounting to €81.1m including the corresponding interest of
the secured syndicated bond loan with Alpha Bank, Piraeus Bank and Eurobank, as this obligation was directly
linked to the issuance of the Common Bond Loan with public offering and listing to trading in the Organized
Market category on the Athens Stock Exchange (Section 4.1.2 Reasons for Issuing the CBL and Use of Funds
of the Prospectus). The Company's Common Bond Loan at a consolidated and corporate level must meet the
ratio Adjusted Assets to Adjusted Total Liabilities ≥135%.
On 12 July 2022, the Company through Public Offering issued a new Common Bond Loan under the Green
Bond Framework, with a duration of 7 years and the admission of the Bonds issued to trading on the Fixed
Income Securities Segment of the Regulated Market of the Athens Exchange, raising funds of €230 million.
The offering price of the Bonds is at par, namely at €1,000 per Bond. The final yield of the Bonds was set at
4.70 % and the Bonds’ interest rate at 4,70% per annum. The expenses relating to the Issue are estimated
at approximately €7m and will be deducted from the total proceeds of the Issue. The proceeds, minus the
estimated expenses of the issue of the CBL, will amount to the net amount of approximately €223 million. The
issue of the CBL is part of the Green Bond Framework, dated 29.06.2022, adopted by the Group, in accordance
with the international Green Bond Principles of the International Capital Market Association (ICMA, June 2021)
(hereinafter the "Green Bond Framework"). The net proceeds will be allocated, until the end of the year 2025,
exclusively to Green Investments, as defined in the Green Bond Framework and, more specifically, to the
following categories of eligible investments under the Green Bond Framework:
Category:
€ Amount in millions
(i) Sustainable buildings and sustainable urban landscapes
€85m to €110m
(ii) Green energy
€65m to €85m
(iii) Smart city
€45m to €60m
Detailed information on the above (i), (ii) and (iii) categories of Green Investments is included in the
Prospectus approved by the Board of Directors of the Hellenic Capital Market Commission on 01.07.2022. It
is clarified that the proceeds of the CBL will be used either by the Company and/or subsidiaries of the Group
and/or other companies or joint ventures, in which the Company and/or companies of the Group participate
or will participate, through a capital increase or through acquisitions or through a convertible bond loan, under
the following notes. For investment categories (ii) and (iii), as indicated below, it is noted, that in the event
that the proceeds return to the Issuer, the final use of the proceeds will be completed by mid-2026. It is
clarified that with respect to categories (ii) and (iii) above, the allocation of the proceeds of up to €35 million
may be made through convertible bond loans (by the Company to subsidiaries of the Group and/or other
companies or joint ventures in which the Company and/or subsidiaries of the Group participate or will
participate), which will finance Green Energy up to €25 million and/or Smart Cities up to €10 million, as set
out in the Green Bond Framework.
The conversion of the bond loans into shares will be completed, according to relevant provisions to be agreed,
by the end of year 2025 at the latest. In the event that any relevant convertible bond loan is not converted
into shares, it will be repaid and the proceeds will be returned to the Issuer by the end of 2025. These proceeds
will then finance Green Investments in Green Energy up to €25 million and/or Smart Cities up to €10 million,
as set out in the Green Bond Framework, until mid-2026. Therefore, the timetable for the use of these proceeds
for eligible investment categories (ii) and (iii) will be completed by mid-2026.
Any use of a maximum/lower limit of the range in any of the three aforementioned investment categories
results in the adjustment of the amounts of the remaining categories so that the amounts of the individual
categories add up to the total net proceeds of the new Common Bond Loan. The product of the Issue until
allocation will be invested in short-terms placements of low-risk, such as, indicatively, time deposits and repos.



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Annual financial report for the year ended 31 December 2022
219


Debt Covenants
The Company's Common Bond Loan issued in July 2020 must on a consolidated level satisfy an Adjusted
Assets to Adjusted Total Liabilities ratio of ≥135%. The Company's new Common Bond Loan issued in July
2022 must, on a consolidated level, satisfy an Adjusted Assets to Adjusted Total Liabilities ratio of ≥1.35x and
a Total Secured Financial Liabilities / Adjusted Assets ratio of ≤0.65x. The Company’s subsidiary LAMDA DOMI
S.M.S.A secured syndicated bond loan of current balance €80,2m, granted by the banking institutions
Eurobank, Alpha Bank, Piraeus Bank and HSBC France has the following covenants: Loan to value <60% and
Debt Service Ratio >120%. Also, the secured bond loan of the Company’s subsidiary PYLAIA S.M.S.A. granted
by Eurobank, of current balance €68,8m has the following covenants: Loan to value <60% and Debt Service
Ratio >120%. For L.O.V. S.M.S.A. the secured bond loan granted by Eurobank and Piraeus Bank of current
balance €361m, has no obligation to meet any financial covenants. Also, for the secured bond loan of LAMDA
PRIME PROPERTIES S.M.S.A. of current balance €5,46m granted by Eurobank has the following covenants:
Loan to value < 60% and Debt Service Ratio >115%. Finally, for the bank loan of DESIGNER OUTLET ATHENS
S.M.L.L.C. (former McArthurGlen Hellas S.M.L.L.C.) of current balance €68,95m granted by Piraeus Bank has
the following covenants: Loan to value <70% and Debt Service Coverage Ratio >115%. As of 31.12.2022, all
the above financial ratios are satisfied at Group and Company level.
Financing for the development of the Property of Ellinikon
The Company, on 27.01.2020 signed with “Eurobank S.A.” and “Piraeus Bank S.A.” the “Heads of Terms”
regarding the bank financing intended to cover part of the capital to be invested by the Group during the first
five years of the Ellinikon project development.
On 07.04.2021, the Company signed with the aforementioned banks an agreement for the update of the “Head
of Terms”. This update emanated from the gradual evolution and maturity of the Company’s plans regarding
the envisaged projects and investments during the first five years of the Project. The aforementioned bank
financing agreement includes:
(a) the financing of infrastructure and other developments’ works during the first five years of the Project
(Phase A), as well as the financing of V.A.T., with a bond loan of up to €442m to be issued by HELLINIKON
S.M.S.A. (plus an amount of up to €100m for financing of recoverable V.A.T. cost), with a duration of 10 years
from the Transfer Date,
(b) the financing of the commercial development on Vouliagmenis Avenue (Vouliagmenis Mall), as well as the
financing of V.A.T., with a bond loan of up to €415m to be issued by a special purpose vehicle controlled by
LAMDA DEVELOPMENT S.A. (plus an amount of up to €86m for financing recoverable V.A.T. cost), with a
duration of 6 years from the first drawdown (with the possibility of the issuing company to extend the maturity
for an additional 5 years, reaching 11 years in total from first loan drawdown),
(c) the financing of the commercial development within the Aghios Kosmas Marina (Riviera Galleria), as well
as the financing of V.A.T., with the issuance of a bond loan of up to €102m to be issued by a special purpose
vehicle controlled by LAMDA DEVELOPMENT S.A. (plus an additional amount of up to €19m for financing of
recoverable V.A.T. cost), with a duration of 5 years from the first drawdown (with the possibility of the issuing
company to extend the maturity for an additional 6 years, reaching 11 years in total from the loan first
drawdown) and in conjunction with the financing mentioned in points (a) and (b) above,
(d) the issuance of a letter of guarantee of €175m, to secure the fulfillment of LAMDA DEVELOPMENT S.A.
obligations to cover any cost overruns of Phase A of the Project, as well as to cover any shortfall in sales
and/or assets exploitation intended to finance Phase A of the Project budget l. Following the written agreement
dated 29.06.2022 with the Representative of the Bondholders, the amount of the aforementioned Letter of
Guarantee was reduced from €175 million to €160 million.
Regarding the (a) above, HELLINIKON S.M.S.A. signed on 06.04.2022 with the banks "Eurobank S.A." and
"Piraeus Bank S.A." the bond program and subscription agreement for the financing of infrastructure and other
developments’ works of Phase A of up to €394m, as well as for the financing of V.A.T. (additional amount up
to €100m), with a duration until the completion of 10 years from the Date of Transfer, a fact that covers its
revised needs. Regarding, (d) above, LAMDA DEVELOPMENT S.A. signed on 06.04.2022 the relevant
contractual documents.
Regarding the (b) and (c) above the Company is still in progress to finalize the contractual agreements with
the mandated lead arranger banks.



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Annual financial report for the year ended 31 December 2022
220



In addition, within the context of the Agreement, a letter of guarantee was issued by "EUROBANK S.A." and
delivered to the HRADF as security for the deferred payment amount. More specifically, on the Transfer Date
(25.06.2021), the subsidiary "HELLINIKON GLOBAL I S.A.", the Buyer, as provided in the Agreement, issued
a Letter of Guarantee in favor of the HRADF for an amount equal to the present value of the deferred payment
amount, i.e. an amount of €347,2m, calculated according to the terms of the Agreement. The abovementioned
amount of the Deferred Payment Bond will be recalculated annually, on each Transfer Date anniversary, in
accordance with the provisions of the transfer agreement, with a maximum amount of €347,2m. On
31.12.2022, the outstanding balance of the Letter of Guarantee amounted to €344,3m.
Furthermore, in order to secure the above Letter of Guarantee, the Company signed on 24.06.2021, with
"Eurobank S.A." as a Bondholder Agent and with bank institutions "Eurobank S.A." and "Piraeus Bank S.A.",
as lenders, a bond loan of up to €347,2m ("Bond Loan"), which can be issued and covered over a period of 10
years and 6 months. As a security of the abovementioned Bond Loan, the Company granted a cash collateral
of €167m, which will be released for the payment of the second installment of the Purchase Price of shares of
" HELLINIKON S.M.S.A." on the second anniversary of the Transfer Date and an additional amount of €210m
for the payment of the initial share capital of the special purpose vehicles that will be established for the
commercial development on Vouliagmenis Avenue (Vouliagmenis Mall) and the commercial development
within the area of the marina of Aghios Kosmas (Riviera Galleria). On 31.12.2022 the total of €210 million had
been released, as the amount was used as part of the initial share capital of the subsidiary LAMDA ELLINIKON
MALLS HOLDING S.M.S.A. (note 9).

It is noted that the interest rate of all financings is floating and the expected margin has been determined on
standard market terms. In the context of the financings, which are foreseen to be governed by Greek law, and
to secure their repayment, the provision of collateral rights is provided, which is common in such project
finance as, for example, establishment of mortgage on assets (of HELLINIKON S.M.S.A. and of the above-
mentioned special purpose vehicles, which will carry out the commercial developments Vouliagmenis Mall and
Marina Galleria), restrictions on distributions to shareholders pertaining to each loan, pledge of the shares of
the subsidiaries involved in borrowings and pledge of part of the receivables and sources of revenue from the
operation of the Project, as well as on the receivables from the Share Purchase Agreement. Furthermore,
regarding the financing of the projects of the first five years, a specific mechanism is envisaged for the control
and use of the proceeds from the sales of assets, and amongst other things, the use of a part of them to
finance the Project budget.
The syndicated secured bond loan of the subsidiary HELLINIKON S.M.S.A. which was signed on 06.04.2022
with Eurobank and Piraeus Bank, which remains undrawn till 31.12.2022, as HELLINIKON S.M.S.A. has the
necessary liquidity for the implementation of Ellinikon project, must satisfy the following covenants: Loan to
value (till the completion of the project) ≤ 65%, Loan to value (after the completion of the project) ≤ 75%,
Debt Service Cover ratio ≥ 110%, Loan to Cost (Years 1-3 from Transfer Date) ≤ 35%, Loan to Cost (Year 4
and after the Transfer Date) ≤ 30%.



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Annual financial report for the year ended 31 December 2022
221


Total debt
The Group defines as "Total Debt" the total of "Borrowings" (non-current and current portion), including "Lease Liabilities" (non-current and current portion) and
"Consideration payable for the acquisition of HELLINIKON S.M.S.A.".
The change in total debt is presented below:
GROUP
Balance
31.12.2021
Cash flow
Non-cash changes
Balance
31.12.2022
Amounts in € thousands
Accrued
interest
Borrowings
issue costs -
amortization
Acquisition/
Disposal of
subsidiary
Additions /
remeasurement
of leases
Lease
modifications
Additions
due to
remeasurem
ent of
liabilities
Reversal of
discounting
Borrowings (non-current and current)
721.420
329.827
38.768
4.701
67.945
-
-
-
-
1.162.661
Lease Liabilities (non-current and
current)
182.912
(12.493)
8.867
-
-
350
102
1.598
-
181.336
Consideration payable for the
acquisition of HELLINIKON S.M.S.A.
501.245
-
-
-
-
-
-
-
17.283
518.528
Total
1.405.577
317.334
47.635
4.701
67.945
350
102
1.598
17.283
1.862.525
GROUP
Balance
31.12.2020
Cash flow
Non-cash changes
Balance
31.12.2021
Amounts in € thousands
Accrued
interest
Borrowings
issue costs -
amortization
Recognition
of interest at
fair value
Acquisition /
Disposal of
subsidiary
Additions /
remeasurement
of leases
Concessions
in rents
Reversal of
discounting
Borrowings (non-current and current)
719.311
(40.273)
25.357
1.516
652
14.857
-
-
-
721.420
Lease Liabilities (non-current and
current)
185.155
(7.628)
8.940
-
-
-
409
(3.964)
-
182.912
Consideration payable for the acquisition
of HELLINIKON S.M.S.A.
-
(300.000)
-
-
-
792.752
-
-
8.493
501.245
Total
904.466
(347.901)
34.297
1.516
652
807.609
409
(3.964)
8.493
1.405.577




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Annual financial report for the year ended 31 December 2022
222

19. Leases
The Group leases fixed assets through operating leases which mainly consist of land plots, offices and motor
vehicles. The most valuable lease contract of the Group is the concession agreement until 2065 for the land
plot on which the Mediterranean Cosmos shopping center was developed and operates and is leased out by
Ecumenical Patriarchate, the Landlord of the plot area as well as the lease of the exploitation rights of Flisvos
marina until 2049 from the Public Property Company SA (former Greek Touristic Property SA). The remaining
rental contracts are made for a period between 2 and 5 years and may have extension options. The Company
leases motor vehicles from leasing companies and office building space from a subsidiary company of the
Group for a period not exceeding the 4 years.
The lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security
for borrowing purposes.
The variances of the right-of-use assets for the Group and the Company are presented below:
Group
Amounts in € thousands
Properties
under
development
Motor
vehicles
Marina
facilities &
berths
Office
space
Total
Right-of-use assets - 1 January 2022
40.625
910
93.079
5.715
140.329
Additions due to remeasurement of lease
assets
-
-
440
-
440
Additions
-
358
-
-
358
Change in fair value through income
statement
-
102
-
-
102
Depreciation
(98)
(427)
(3.457)
(737)
(4.720)
Transfers to investment properties (note 6)
(3.859)
-
-
-
(3.859)
Transfers from investment properties (note
6)
23.370
-
-
-
23.370
Transfers to inventories (note 10)
(8.600)
-
-
-
(8.600)
Transfers to tangible assets (note 7)
(15.637)
-
-
-
(15.637)
Right-of-use assets - 31 December 2022
35.801
943
90.062
4.978
131.783
Company
Amounts in € thousands
Office space
Motor
vehicles
Total
Right-of-use assets - 1 January 2022
7.372
784
8.156
Additions
140
(208)
69
Depreciation
(1.636)
(249)
(1.885)
Leases amendments
-
102
102
Right-of-use assets - 31 December 2022
5.876
428
6.304
Amount of €78.438 thousands (31.12.2021: €77.680 thousands) concerns the property of the Mediterranean
Cosmos shopping center which is leased on the basis of operating lease and is classified according to the IFRS
16 standard "Leases" under "Investment property" (note 6). The right-of-use assets regarding the exploitation
of tourist port concern the operational lease for the exploitation of Flisvos Marina.
Group
Amounts in € thousands
Properties
under
development
Motor
vehicles
Marina
facilities &
berths
Office
space
Total
Right-of-use assets - 1 January 2021
-
791
96.790
6.452
104.033
Additions due to acquisition of
HELLINIKON S.M.S.A. (note 9)
26.619
-
-
-
26.619
Additions
14.055
410
-
-
14.465
Depreciation
(49)
(291)
(3.711)
(737)
(4.788)
Right-of-use assets - 31 December
2021
40.625
910
93.079
5.715
140.329


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Annual financial report for the year ended 31 December 2022
223

Right-of-use asset HELLINIKON S.M.S.A.
In "Properties under development" and particularly in "Additions due to acquisition of HELLINIKON S.M.S.A."
(note 9), leases refer to land plots with a surface right for 99 years amounting to €26.619 thousand, of which
€8.831 thousand relates to tangible assets and €17.788 thousand to inventories under development for
subsequent sale. Also, in "Properties under development" the "Additions for the year" amounting to €14.055
thousand refer to the cost of real estate development in areas with a surface right for 99 years, out of which
€14.032 thousand relates to tangible assets and €23 thousand to inventories. The part of the leases related
to Investment properties has already been included in the "Investment properties", while the part of the
respective obligation does not appear as it is part of the payment of the 1st installment of the price of €300
million.
Company
Amounts in € thousands
Office space
Motor vehicles
Total
Right-of-use assets - 1 January 2021
6.453
634
7.087
Additions
2.485
387
2.872
Depreciation
(1.566)
(237)
(1.803)
Right-of-use assets - 31 December 2021
7.372
784
8.156
The recognized lease liabilities for the Group and the Company are as follows:
Group
Amounts in € thousands
Land
plot
Motor
vehicles
Marina
facilities &
berths
Office
space
Total
Lease liabilities - 1 January 2022
77.680
924
98.420
5.888
182.912
Additions due to remeasurement of lease
liabilities
1.158
-
440
-
1.598
Additions
-
349
-
-
349
Accrued interest
3.460
45
5.142
220
8.867
Lease payments
(3.860)
(460)
(7.332)
(840)
(12.492)
Leases amendments
-
102
-
-
102
Lease liabilities - 31 December 2022
78.438
960
96.670
5.268
181.336
Current lease liabilities
3.094
Non-current lease liabilities
178.242
Total
181.336
Company
Amounts in € thousands
Office
space
Motor
vehicles
Total
Lease liabilities - 1 January 2022
7.577
797
8.374
Additions
140
(216)
(76)
Accrued interest
276
27
303
Lease payments
(1.792)
(270)
(2.062)
Leases amendments
-
102
102
Lease liabilities - 31 December 2022
6.201
440
6.641
Current lease liabilities
1.751
Non-current lease liabilities
4.890
Total
6.641


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Annual financial report for the year ended 31 December 2022
224

Group
Amounts in € thousands
Land
plot
Motor
vehicles
Marina
facilities &
berths
Office
space
Total
Lease liabilities - 1 January 2021
78.057
794
99.820
6.484
185.155
Additions
-
409
-
-
409
Accrued interest
3.436
36
5.224
244
8.941
Lease payments
(3.331)
(315)
(3.143)
(840)
(7.629)
Concession in rents
(482)
-
(3.482)
-
(3.964)
Lease liabilities – 31 December 2021
77.680
924
98.419
5.888
182.912
Current lease liabilities
3.097
Non-current lease liabilities
179.815
Total
182.912
Company
Amounts in € thousands
Office space
Motor vehicles
Total
Lease liabilities - 1 January 2021
6.484
636
7.120
Additions
2.485
387
2.872
Accrued interest
328
30
358
Lease payments
(1.603)
(256)
(1.859)
Concession in rents
(117)
-
(117)
Lease liabilities – 31 December 2021
7.577
797
8.374
Current lease liabilities
1.697
Non-current lease liabilities
6.677
Total
8.374
The lease liabilities as at 31.12.2022 are payable as follows:
Amounts in € thousands
Group
Company
No later than 1 year
3.094
1.751
Between 1 and 2 years
3.194
938
Between 3 and 5 years
10.026
2.335
Over than 5 years
165.022
1.617
Total
181.336
6.641
The effect that resulted for the Group from the application of the amendment of IFRS 16 "Concessions to rents
related to COVID-19", corresponds to an amount of a total of € 3.964 thousand for the period 2021, which is
included in the Income Statement and specifically in the line "Expenses related to investment property" (note
26) amount of €482 thousand and in the line "Other (expenses) / operating income (net)" amount of €3.482
thousand (note 29).
The Group and the Company do not face any significant liquidity risk regarding lease obligations while there
are no significant lease commitments that have not entered into force until the end of the reporting period.



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Annual financial report for the year ended 31 December 2022
225

20. Net employee defined benefit liabilities
The amounts recognized in the Statement of Financial Position are as follows:
Amounts in € thousand
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Amounts recognized in the Statement of Financial
Position
Present value of obligations
940
914
468
459
Fair value of plan assets
-
-
-
-
Net liability recognized in the Statement of
Financial Position
940
914
468
459
The amounts recognized in the Income Statement are as follows:
Amounts in € thousand
GROUP
COMPANY
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Amounts recognized in the Income Statement
Service cost
171
130
62
85
Interest cost
5
1
2
1
Regular effect in Income Statement
176
131
64
85
Recognition of past service cost
-
23
-
3
Settlement / Curtailment / Termination loss / (gain)
553
1.952
320
614
Restructuring expense
12
-
12
-
Intragroup personnel transfer
-
-
(16)
(136)
Total effect in Income Statement
741
2.106
380
567
The amounts recognised in the Other Comprehensive Income are as follows:
Amounts in € thousand
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Remeasurements
Actuarial gain/(loss) due to changes in assumptions
146
(11)
49
(4)
Actuarial gain/(loss) due to experience
(56)
(82)
(20)
(63)
Total effect in Other Comprehensive Income
90
(93)
28
(67)
Movement of liability the Statement of Financial Position:
Amounts in € thousand
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Defined Benefit Obligation - start of the year
914
796
459
549
Service cost
171
130
62
85
Interest cost
5
1
2
1
Benefits paid
(625)
(2.081)
(342)
(724)
Recognition of past service cost
-
23
-
3
Settlement / Curtailment / Termination loss / (gain)
553
1.952
320
614
Restructuring expense
12
-
11
-
Intragroup personnel transfer
-
-
(16)
(136)
Actuarial (gain)/loss
(90)
93
(28)
67
Defined Benefit Obligation - end of the year
940
914
468
459
Cumulative effect in Other Comprehensive
Income (before deferred taxation)
(61)
(151)
(85)
(114)


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Annual financial report for the year ended 31 December 2022
226


The principal actuarial assumptions that were used for accounting purposes are as follows:
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Discount rate
3,82%
0,66%
3,82%
0,66%
Inflation rate
2,70%
2,20%
2,70%
2,20%
Salaries increase percentage
2,70%
2,20%
2,70%
2,20%
Weighted plan duration
6,92
5,28
3,53
3,87
In case that the discount rate changes by -0,5%, the impact to the Group defined benefit pension plans would
increase by €24 thousands. In case that the salaries change by +0,5%, the change to the Group defined
benefit pension plans of the Group would increase by €24 thousands.
The estimated undiscounted future contributions that derive by the defined benefit pension plans until the
retirement of the last employee of the Group are as follows:
Amounts in € thousands
31.12.2022
GROUP
COMPANY
No later than 1 year
369
266
Between 1 and 2 years
1
-
Between 2 and 5 years
131
67
More than 5 years
663
211
1.164
544
21. Trade and other payables
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Trade payables
4
63.312
35.391
10.711
13.722
Liabilities to related parties
5
(note 34)
-
-
10.211
6.888
Social security cost and other taxes / charges
5.569
4.886
798
1.251
Provision L.O.V. S.M.S.A. for the obligation based on P.D.
and completion cost for The Mall Athens ¹
9.516
9.800
-
-
Provision L.O.V. S.M.S.A. for deferred consideration of
acquisition of Designer Outlet Athens
2
8.003
-
-
-
Unearned income (contract liabilities)
18.700
19.029
-
-
Unearned income (contract liabilities) HELLINIKON S.M.S.A.
6
96.571
2.838
-
-
Accrued expenses
7
33.803
15.624
8.870
6.710
Dividends payable to non-controlling interests
342
4.602
-
-
Pre-sales property of HELLINIKON S.M.S.A.
3
43.551
23.200
500
500
Payment in advance related to sale of joint venture
(note 9)
-
250
-
250
Other liabilities
4
6.531
5.114
13
11
Total
285.898
120.734
31.103
29.332
Non-current
20.673
21.378
-
-
Current
265.225
99.356
31.103
29.332
Total
285.898
120.734
31.103
29.332
¹ The subsidiary L.O.V. S.Μ.S.A. in the context of Presidential Decree (“P.D.”) for the approval of the Urban
Plan of the area in which the shopping center "The Mall Athens" is located, has cumulatively recognized in the
financial statements of 31.12.2022 a total provision of €9,5 million. This amount is an estimate and can be
adjusted by the process of implementation of the obligations arising from the specific P.D.
2
The subsidiary L.O.V. S.M.S.A. in the context of the acquisition of the company DESIGNER OUTLET ATHENS
S.M.L.L.C. (former MCARTHURGLEN HELLAS S.M.L.L.C.) which took place during August 2022, has


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Annual financial report for the year ended 31 December 2022
227



cumulatively recognized in the financial statements of 31.12.2022 a total provision of €8 million as a deferred
purchase consideration.
3
The Group has received from reservations of property from potential buyers of real estate in Ellinikon €43,6
million up to 31.12.2022 (31.12.2021: €23,2m).
4
Trade and other payables’ carrying amounts value approach their fair value which is calculated according to
the fair value hierarchy 3 as described in note 3.4. Other liabilities mainly include guarantees received from
Group companies’ tenants. The increase of trade payables and other liabilities compared to 31.12.2021 is
mainly due to the increased activity of Hellinikon, as the actions to complete the planned projects are
intensified, as well as the integration of the liabilities of newly acquired company DESIGNER OUTLET ATHENS
S.M.L.L.C. (former MCARTHURGLEN HELLAS S.M.L.L.C.).
5
The increase in liabilities to related parties of the Company on 31.12.2022 compared to 31.12.2021 is mainly
related to the due share capital of subsidiaries amounting to €3,75 million (note 9).
6
The significant increase in unearned income (contract liabilities) compared to the year ended 31.12.2021, is
mainly related to the gradual revenue recognition over time or at a later point in time from the sales of
properties of HELLINIKON S.M.S.A., which results from the fulfillment of the relevant performance obligations
under IFRS 15.
7
The outstanding balance of accrued expenses includes unbilled services received by the Group’s companies
in the course of their normal activity during the year. The variation compared to the corresponding period last
year is due to the intensification of the projects carried out in the wider area of Hellinikon, as also described
above.
22. Provisions for infrastructure investments for HELLINIKON S.M.S.A.
GROUP
Amounts in € thousands
31.12.2022
31.12.2021
Provisions for infrastructure investments for HELLINIKON S.M.S.A.
628.614
635.008
Non-current
507.354
479.553
Current
121.260
155.455
Total
628.614
635.008
Estimated cost of infrastructure projects
As at 31.12.2022, the estimated cost of the infrastructure projects concerns the unavoidable obligation of the
Group, as defined in the share purchase agreement for the acquisition of 100% of the shares of HELLINIKON
S.M.S.A. and for a specific time period, for the implementation of public benefit projects such as roads, utility
networks, underground and footbridges, etc. which will be transferred to the ownership of the Greek State
upon their completion free of charge. The amount of €628,6m relates to the present value of provisions (note
9).
Amounts in € thousands
GROUP
Balance 31.12.2021
-
Acquisition of shares of HELLINIKON S.M.S.A. (note 9)
590.528
Utilization during the period
(15.323)
Additions during the period due to revised budget
49.700
Finance cost (note 30)
10.103
Balance 31.12.2021
635.008
Utilization during the period
(25.285)
Finance cost (note 30)
20.731
Additions during the period due to revised budget
58.555
Impact from change in discount rate
1
(60.395)
Balance 31.12.2022
628.614
1
It concerns the impact of the increase in the discount rate on 31.12.2022 which reflects current market conditions based
on IAS 37.


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Annual financial report for the year ended 31 December 2022
228



Below, a table is presented with the analysis of the maturity of the provisions (at present value) for
infrastructure investments for HELLINIKON S.M.S.A. for required future cash outflows:
All amounts in € thousands
GROUP
31 December 2022
Less
than 1
year
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
Total
Provisions for infrastructure investments for HELLINIKON
S.M.S.A.
121.260
107.269
161.752
232.333
628.614




23. Derivative financial instruments
GROUP
31.12.2022
31.12.2021
Amounts in € thousands
Assets
Liabilities
Assets
Liabilities
Interest rate swaps – cash flow hedges
(IRS)
10.267
-
310
376
Total
10.267
-
310
376
Non-current
10.267
-
310
376
Current
-
-
-
-
Total
10.267
-
310
376
The Company does not own derivative financial instruments.
The nominal value of the loans that have been offset by Interest Rate Swaps (IRS) on 31.12.2022, concern
the subsidiaries LAMDA DOMI S.M.S.A., €42,5m Series A and €17,6m Series B, ending in November 2025,
and PYLAIA S.M.S.A., €51,6m ending in May 2026. Interest rate swaps have been valued at fair value. As at
31.12.2022, the variable interest rates on long-term borrowings covered by financial hedging interest
derivatives were based on the 3-month Euribor reference interest rate plus an average margin of 3,07% for
the subsidiary LAMDA DOMI S.M.S.A. and Euribor 3 months plus 3% margin for the subsidiary PYLAIA S.M.S.A.
In the consolidated Statement of Financial Position, from the total fair value of the derivative financial
instruments, (which is described under hierarchy 2 in note 3.4), as long-term liability is presented the
remaining duration of the covered loan agreement which is hedged and exceeds 12 months.
The movement in fair value is related to the effective portion of the cash flow hedge and is recognized in Other
Comprehensive Income (special reserve of equity) or through the Income Statement. The effectiveness test
of the cash flow hedges is based on discounted cash flows according to the forward rates (3-month Euribor)
and their volatility ratio.




24. Deferred tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.
The amounts which have been offset are as follows:
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Deferred tax liabilities:
(204.090)
(175.975)
-
-
Deferred tax assets:
521
677
329
546
(203.569)
(175.298)
329
546



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Annual financial report for the year ended 31 December 2022
229



The amounts which have not been offset are as follows:
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Deferred tax liabilities:
(347.299)
(175.140)
(61)
(61)
Deferred tax assets:
143.730
(158)
390
607
(203.569)
(175.298)
329
546
The gross movement on the deferred income tax account is as follows:
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Opening balance
(175.298)
(111.593)
546
4.588
Charged / (credited) in the income
statement
(14.119)
(74.132)
(211)
(3.665)
Effect due to change in the income tax rate
through the income statement
-
8.941
-
(323)
Charged / (credited) in equity
(1.199)
(299)
(6)
20
Effect due to change in the income tax rate
through equity
-
(47)
-
(74)
Acquisition of interest held in participation
(12.953)
-
-
-
Sale of subsidiary
-
1.832
-
-
Closing balance
(203.569)
(175.298)
329
546
The movement in deferred tax assets and liabilities during the year, without taking into consideration the
offsetting of balances without the same tax jurisdictions, is as per below.



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Annual financial report for the year ended 31 December 2022
230


Deferred Tax Liabilities:
GROUP
Amounts in € thousands
Depreciation
& cost
difference
Revenue
recognition
Net profit / (losses)
from fair value
adjustment on
investment property,
inventories and loans
Derivative
financial
instruments
Other
Total
1 January 2021
55.558
66
62.214
-
963
118.801
Charged / (credited) in the income statement
(16.934)
(171)
76.098
-
(822)
58.171
Acquisition of interest held in participation
-
-
(1.832)
-
-
(1.832)
31 December 2021
38.624
(105)
136.480
-
141
175.140
1 January 2022
38.624
(105)
136.480
-
141
175.140
Charged / (credited) in the income statement
(35.057)
258
191.403
1.077
343
158.024
Charged /(credited) in equity
-
-
-
1.182
-
1.182
Sale of subsidiary
-
-
12.953
-
-
12.953
31 December 2022
3.567
153
340.836
2.259
484
347.299
COMPANY
Amounts in € thousands
Depreciation &
cost difference
Other
Total
1 January 2021
70
284
354
Charged / (credited) in the income statement
(9)
(284)
(293)
31 December 2021
61
-
61
1 January 2022
61
-
61
Charged / (credited) in the income statement
-
-
-
31 December 2022
61
-
61




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Annual financial report for the year ended 31 December 2022
231


Deferred Tax Assets:
GROUP
Amounts in € thousands
Provision for
impairment
of
receivables
Tax
losses
Costs of
share
capital
issue
Provision
for
redundancy
Derivative
financial
instruments
Right-of-use
assets and
lease
liabilities
Provisions for
infrastructure
investments
Revenue
recognition
Other
Total
1 January 2021
695
4.329
293
136
540
730
-
-
485
7.208
(Charged) / credited in the
income statement
(408)
(4.281)
(31)
(18)
(230)
(1.706)
-
-
(346)
(7.020)
(Charged) / credited in equity
-
-
(68)
18
(296)
-
-
-
-
(346)
31 December 2021
287
48
194
136
14
(976)
-
-
139
(158)
1 January 2022
287
48
194
136
14
(976)
-
-
139
(158)
(Charged) / credited in the
income statement
125
1.556
(76)
79
(14)
(12.374)
138.295
16.453
(139)
143.905
(Charged) / credited in equity
-
-
-
(17)
-
-
-
-
-
(17)
31 December 2022
412
1.604
118
198
-
(13.350)
138.295
16.453
-
143.730
COMPANY
Amounts in € thousands
Provision for
impairment of
receivables
Tax losses
Costs of share
capital issue
Provision for
redundancy
Other
Total
1 January 2021
171
4.329
293
131
18
4.942
(Charged) / credited in the income statement
(47)
(4.329)
(31)
(44)
170
(4.281)
(Charged) / credited in equity
-
-
(68)
14
-
(54)
31 December 2021
124
-
194
101
188
607
1 January 2022
124
-
194
101
188
607
(Charged) / credited in the income statement
(31)
-
(75)
8
(113)
(211)
(Charged) / credited in equity
-
-
-
(6)
-
(6)
31 December 2022
93
-
119
103
75
390



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Annual financial report for the year ended 31 December 2022
232



The following are also noted:
• Deferred tax assets are recognised per entity based on the amounts of future taxable profit for which
Management believes that there is a high probability of occurrence against which temporary difference
that have resulted in a deferred tax asset can be set-off.
• In relation to the deferred tax assets for tax losses, the Management estimates the anticipated future
profitability of the Company, as well as its subsidiaries and at the level that the future results will not
be sufficient to cover the tax losses, no deferred tax asset has been recognized.
• The Company has not recognised deferred tax assets with respect to accumulated tax losses as at
31.12.2022 of approximately €85 million (31.12.2021: €69 million).
• The Group has not recognised deferred tax assets with respect to accumulated tax losses as at
31.12.2022 of approximately €131 million (31.12.2021: €159 million).
• The largest proportion of deferred tax liabilities and assets are recoverable after 12 months from the
balance sheet date as these relate primarily to temporary differences associated with depreciation
differences, fair value changes for investment properties and inventory, provision for redundancy and
tax losses.
• The share of non-controlling interests in the net deferred tax liability as at 31.12.2022 was €350
thousand (31.12.2021: €15.682 thousand).


25. Revenue
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2022
to
31.12.2021
Revenue from property leasing – third parties
86.445
56.760
-
-
Revenue from property leasing – related parties
-
-
107
111
Berthing services
23.965
16.567
-
-
Parking revenue
7.973
5.223
-
-
Real estate management – third parties
398
113
26
24
Real estate management – related parties
-
32
295
350
Revenue form intragroup recharge of preliminary
expenses regarding the development of Ellinikon
Property ¹
-
-
27.561
41.061
Revenue from project management and
supervision of construction
3
862
-
-
-
Income from sales of inventories
2
21.932
-
-
-
Consulting services – third parties
10
10
-
-
Consulting services – related parties
-
-
1.076
987
Other
111
385
-
-
Total
141.696
79.090
29.065
42.533
¹ Refer to any kind of remuneration of third parties (indicatively of designers, civil engineers, technicians, architects and
other consultants and other experts), as well as includes apportionment of remuneration and benefits for staff employed
directly for respective purposes and work, in the context of the development of the Ellinikon site.
2
Income from sales of inventories include amount of €21.917 thousand which concerns revenue recognition of
HELLINIKON S.M.S.A. from sales of apartments over time under IFRS 15.
3
Revenue from project management and supervision of construction amounted to €862 thousand concerns relevant
services provided to HELLINIKON S.M.S.A.’s customers in the context of sales of inventories (land).
As at 31.12.2022, HELLINIKON S.M.S.A. had signed final contracts for the sale of plots of land and apartments,
contracts for the participation of customers in the corresponding infrastructure costs, as well as contracts for
the management and supervision of construction projects on sold plots of land for a total amount of €445.402
thousand, out of which amount of €22.779 thousand was recognized as revenue during the year 2022. The
remaining amount of revenue €422.623 thousand is expected to be recognized in the following periods either
over time or at point in time under IFRS 15 principles.
Consolidated revenues amounted to €141,7m compared to €79,1m of year 2021. The significant increase in
the Group's sales is mainly due to the mitigation of the effects of the COVID-19 pandemic on the revenues
from the operation of the Group's shopping malls, as for the first semester of 2021 significant rent discounts
were applied due to the mandatory exemption from the obligation to pay rents by law. In addition, the Group
lost in the first half of 2021 a large part of the revenue from the operation of the car parking stations, revenue
from the advertising exploitation of shopping malls and the variable consideration on the sales of the
shopkeepers, due to the lockdown and the reduction in traffic and the sales of shopkeepers. At consolidated
level in 2022, a positive effect on the change in revenue is the integration for a period of almost 5 months
(from 06.08.2022) of the newly acquired shopping mall Designer Outlet Athens (€5,2m) as well as Marina of


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Annual financial report for the year ended 31 December 2022
233



Agios Kosmas, after the acquisition of the shares of HELLINIKON S.M.S.A. at the end of June 2021.
Additionally, within the second half of 2022, the Group recorded total sales from the exploitation of the project
in Ellinikon amount of €25,6 million (no revenue was recorded in 2021) and mainly concern (a) €21,9 million
from residential projects (contracted sales of apartments) and (b) €3,2 million from contracted land rentals
and construction project management and supervision services.
At Group level, the aggregate variable consideration for the year 2022 was €2,8m compared to €0,7m for the
year 2021.
26. Expenses related to investment property
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Variable leases
(1.389)
(879)
-
-
Shopping center common charges
2
(3.065)
(1.305)
-
-
Proportion in the common charges of vacant units
(820)
(874)
-
-
Parking expenses
(2.203)
(1.671)
-
-
Promotion and marketing expenses
(1.059)
(963)
-
-
Administrative and financial services
(259)
-
-
-
Technical advisors’ fees
(233)
(255)
-
-
Insurance costs
(1.092)
(1.004)
-
-
Lawyer fees
(4)
(26)
-
-
Brokerage fees
-
(38)
-
-
Repair and maintenance costs
(617)
(1.111)
-
-
Taxes – charges
(867)
(816)
-
-
Provision for impairment of receivables
(115)
(1.408)
-
-
Concessions in rents
1
-
482
-
-
Cleaning services
2
(2.603)
(1.848)
-
-
Other
(366)
(167)
-
-
Total
(14.671)
(11.883)
-
-
1
The impact from IFRS 16 (Amendment) «Covid-19 -Related Rent Concessions– Extension of application
period» which amount to €482 thousands for 2021 as per note 19.
2
Shopping center common charges and cleaning services of investment properties were increased during
2022 due to a) twelve months of operation in 2022 compared to approximately 8 months of operation in 2021,
when during the first quarter protective measures against spread of COVID-19 were still in place, including
the non-operation of Shopping Malls, b) the increased cost of energy from May 2022 as the contract provided
for a locked-in price at the same level as in 2021 was expired, c) the increased cost of services from third
parties (cleaning services, security etc.) due to the increase in employees’ basic salaries.

27. Expenses related to the development of the Ellinikon site
GROUP
COMPANY
All amount in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Professional fees
(22.759)
(12.098)
(16.156)
(9.999)
Wages and salaries
(18.093)
(10.684)
(6.260)
(8.761)
Promotion and marketing expenses
(12.068)
(6.213)
(189)
(3.027)
Repair and maintenance costs
(308)
(293)
(25)
(254)
Common charges and consumables
(1.253)
(199)
(78)
(182)
Taxes – charges
(14.604)
(24)
(1)
(1)
Travel / transportation expenses
(391)
(93)
(132)
(83)
Insurance
(800)
(113)
(1)
(61)
Rents of operating leases
-
(1.138)
-
(1.135)
Cleaning services
(140)
(131)
-
-
Other
(3.201)
(993)
(402)
(532)
Total
(73.617)
(31.979)
(23.244)
(24.035)


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Annual financial report for the year ended 31 December 2022
234



The increase of the expenses related to the development of the Ellinikon site during 2022 compared to 2021,
is due to the to the acceleration of the implementation of the project in Ellinikon after the acquisition of the
shares of HELLINIKON S.M.S.A on 25.06.2021.

28. Employee benefits expense
GROUP
COMPANY
All amount in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Wages and salaries
(31.589)
(22.645)
(11.811)
(15.261)
Social security costs
(6.155)
(3.762)
(1.485)
(2.363)
Cost – defined contribution funds
(734)
(2.000)
(382)
(568)
Employee share option plan
(7.039)
(7.437)
(7.039)
(7.139)
Other benefits
(2.715)
(2.108)
(900)
(1.522)
Total
(48.232)
(37.952)
(21.617)
(26.853)
Breakdown of employee benefits
expense
Income statement:
Wages and salaries
(23.324)
(21.022)
(15.357)
(13.617)
Expenses related to the Ellinikon
development project
(18.093)
(10.684)
(6.260)
(8.761)
Capitalized expenses to the statement of
financial position
(6.815)
(6.246)
-
(4.475)
Total
(48.232)
(37.952)
(21.617)
(26.853)
The number of employees of the Group on 31.12.2022 amounted to 657 people and of the Company to 133
people. At the end of the fiscal year 2021, the number of employees of the Group amounted to 544 people
and of the Company to 140 people.
The average employed staff of the Group during the year 2022 amounted to 611 people (2021: 483).
At a consolidated level, the number and the remuneration and expenses of the staff show a significant change
mainly due to the hiring of staff by the Group regarding the Ellinikon development project.


29. Other operating income / (expenses) - net
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Professional fees
(5.918)
(6.967)
(2.601)
(4.701)
Promotion and marketing expenses
(5.534)
(199)
(5.243)
-
Repair and maintenance costs
(939)
(1.030)
(162)
(276)
Common charges and consumables
(1.940)
(1.430)
(232)
(318)
Taxes – charges
(674)
(649)
(27)
(18)
Travel / transportation expenses
(346)
(207)
(256)
(146)
Insurance
(1.027)
(690)
(334)
(173)
Short term and low value leases
(111)
(294)
(72)
(196)
Donations and grants
(761)
(105)
(761)
(105)
Cleaning services
(692)
(653)
(97)
(170)
Concessions in rents ¹
-
3.482
-
-
Provision for impairment of receivables
(3)
(812)
-
(71)
Reversal of provision for impairment of
receivables
45
-
25
-
Other
(5.176)
3.652
(571)
1.097
Total
(23.076)
(5.902)
(10.331)
(5.077)
¹ The impact from IFRS 16 (Amendment) «Covid-19 - Related Rent Concessions – Extension of application
period» which amount to €3.482 thousands for 2021 as per note 19.





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Annual financial report for the year ended 31 December 2022
235





Increase of other operating income / (expenses) – net in 2022 compared to 2021 is mainly related to the
increased promotion and marketing expenses in 2022 and concessions in rents in 2021.




30. Finance income / (costs) - net
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Finance costs:
- Borrowings interest expense - contractual
(38.768)
(25.357)
(21.024)
(12.497)
- Borrowings interest expense – transaction
costs (note 18)
(4.610)
(1.538)
(1.301)
(936)
- Expenses from loans granted from related
parties (note 34)
-
-
(1.137)
(1.333)
- Recognition of interest at fair value
-
(652)
-
-
- Interest expense on lease liabilities (note 19)
(8.867)
(8.941)
(303)
(358)
- Finance cost related to consideration payable
for the acquisition of HELLINIKON S.M.S.A.
(note 9)
(17.283)
(8.493)
-
-
- Finance cost related to provisions for
infrastructure investments for HELLINIKON
S.M.S.A. (note 22)
(20.731)
(10.103)
-
-
- Other costs and commissions
(4.304)
(3.784)
(2.919)
(2.954)
(94.563)
(58.868)
(26.684)
(18.078)
Net gains/(losses) from exchange differences
54
(24)
56
(11)
(94.509)
(58.892)
(26.628)
(18.089)
Finance income:
- Gains/(losses) from sale/valuation on
derivative instruments at fair value through
income statement
4.963
-
-
-
- Income from loans granted to related parties
(note 34)
164
160
4.396
1.306
- Interest income
162
123
23
120
5.289
283
4.419
1.426
Total
(89.220)
(58.609)
(22.209)
(16.663)
No borrowing costs have been capitalized during the years 2022 and 2021.
Increased interest expense of borrowings in 2022 compared to 2021 is mainly related to the increase of
reference interest rates (EURIBOR), as well as due to the new bank and bond loans as explained in note 18.


31. Income tax
According to law 4799/2021 passed on 18.05.2021, the corporate income tax rate of legal entities in Greece
is set for 2022 to 22% (2021: 22%).
The effective tax rate at Group and Company level based on their results of 2022 and 2021, is mainly affected
by the non-recognition of deferred tax asset over the tax losses of the period.
The tax rate for the subsidiaries registered in foreign countries differs from country to country as follows:
Serbia 15%, Romania 16%, Montenegro 9-15%, Luxembourg 24,94%, Bulgaria 10%, Cyprus 12,5% and
Netherlands 19%-25,8%.
Under Greek tax regulations, an income tax advance calculation on each year’s current income tax liability is
paid to the tax authorities. Net operating losses which are tax deductible, can be carried forward against
taxable profits for a period of five years from the year they are generated.
Companies which are under public status, are not subject to income tax. Respectively, HELLINIKON S.M.S.A.
during its ownership by the HRADF, it was under public status and therefore not subject to income tax.


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Annual financial report for the year ended 31 December 2022
236




GROUP
COMPANY
Amounts in € thousands

01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021






Income tax

(33.403)
(2.903)
-
-
Deferred tax (note 24)

(14.119)
(74.132)
(211)
(3.665)
Effect due to change in the income tax rate

-
8.941
-
(323)
Total

(47.522)
(68.094)
(211)
(3.988)

The tax on the Company's profit before tax differs from the theoretical amount that would arise using the
weighted average tax rate applicable to profits of each company’s country as follows:




GROUP
COMPANY
Amounts in € thousands


01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021







Profit / (loss) for the year before tax


23.566
267.863
(38.300)
(5.689)
Tax calculated at domestic tax rate applicable
to profits in the respective countries


(6.394)
(58.826)
8.426
1.252
Income not subject to tax


(204)
3.951
2.431
4.071
Expenses not deductible for tax purposes


(8.703)
(3.860)
(4.874)
(2.874)
Tax effect on deductible interest income


(51)
(256)
(51)
(256)
Loss for which no deferred tax provision was
recognized


(12.692)
(17.733)
(5.036)
(4.820)
Impairment loss for which no deferred tax
provision was recognized


-
(310)
(1.107)
(1.038)
Unrecognized deferred tax assets on uncertain
deductible tax items


(19.478)
-
-
-
Effect due to change in the income tax rate


-
8.940
-
(323)
Taxes


(47.522)
(68.094)
(211)
(3.988)

Tax certificate and unaudited tax years
The unaudited tax years considering the statute of limitations for the Company and the Group’s companies
are as follows:
Company
Years

Company
Years





LAMDA DEVELOPMENT S.A.
2017-2022

GREEN VOLT P.C.
2020-2022
HELLINIKON GLOBAL I S.A.
2018-2022

LAMDA MARINAS INVESTMENTS S.M.S.A.
2017-2022
HELLINIKON S.M.S.A.
2021-2022

LAMDA FLISVOS HOLDING A.E.
2019-2022
LAMDA MALLS S.A.
2017-2022

LAMDA FLISVOS MARINA S.A.
2016-2022
PYLAIA S.M.S.A.
2017-2022

LAMDA ELLINIKON MALLS HOLDING S.M.S.A.
2022
LAMDA DOMI S.M.S.A.
2017-2022

LAMDA VOULIAGMENIS S.M.S.A.
2022
L.O.V. S.M.S.A.
2017-2022

LAMDA RIVIERA S.M.S.A.
2022
LOV LUXEMBOURG SARL
2018-2022

LAMDA INNOVATIVE S.M.S.A.
2022
DESIGNER OUTLET ATHENS S.M.L.L.C.
2017-2022

LAMDA DEVELOPMENT (NETHERLANDS) BV
2014-2022
LAMDA ESTATE DEVELOPMENT S.M.S.A.
2017-2022

SINGIDUNUM - BUILDINGS DOO
2018-2022
KRONOS PARKING S.M.S.A.
2017-2022

LAMDA DEVELOPMENT MONTENEGRO DOO
2018-2022
LAMDA PRIME PROPERTIES S.M.S.A.
2017-2022

LAMDA DEVELOPMENT SOFIA EOOD
2018-2022
MALLS MANAGEMENT SERVICES S.M.S.A.
2017-2022

ROBIES SERVICES LTD
2017-2022
ATHENS OLYMPIC MUSEUM AMKE
2020-2022

ROBIES PROPRIETATI IMOBILIARE SRL
2018-2022
MC PROPERTY MANAGEMENT S.M.S.A.
2017-2022

LAMDA DEVELOPMENT ROMANIA SRL
2018-2022
LAMDA DEVELOPMENT WORKS S.M.S.A.
2018-2022

SC LAMDA MED SRL
2018-2022
LAMDA LEISURE S.M.S.A.
2017-2022

ATHENS METROPOLITAN EXPO AE
2017-2022
GEAKAT S.M.S.A.
2017-2022

METROPOLITAN EVENTS
2017-2022
LAMDA ENERGY INVESTMENTS S.M.S.A.
2017-2022

STOFERNO A.E.
2018-2022
EVROWIND HOLDINGS S.M.S.A.
2022

LIMAR MACEDONIA REAL ESTATE COMPANY
S.M.S.A.
2017-2022
For the year ended 31 December 2011 and onwards, based on the Law 4174/2013 (article 65A) as it currently
stands (and as per Law 2238/1994 previously provided in article 82), up to and including fiscal years starting
before 1 January 2016, the Greek société anonymes and limited liability companies whose annual financial
statements are audited compulsorily were required to obtain an «Annual Tax Certificate», which is issued after
a tax audit is performed by the same statutory auditor or audit firm that audits the annual financial statements.
For fiscal years starting from January 1, 2016 onwards, Annual Tax Certificate is optional, however the Group
receives it for its most important companies. According to the Greek tax legislation and the corresponding


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Annual financial report for the year ended 31 December 2022
237


Ministerial Decisions, companies for which a tax certificate is issued without markings for violations of the tax
legislation are not exempted from the imposition of additional taxes and fines by the Greek tax authorities
after the completion of the tax audit in the context of legislative restrictions (as a general principle, 5 years
from the end of the fiscal year to which the tax return should have been filed).
The Company has been tax audited for the fiscal year 2013-2021 by audit firm and the relevant tax certificates
have been issued. For the most important Greek companies of the Group that are subject to the process of
issuing a tax certificate, the tax audit for the financial year 2021, was completed by PricewaterhouseCoopers
S.A. and the «Annual Tax Certificates» have been issued while the audit for the year 2022 is in progress.
For the parent company LAMDA DEVELOPMENT S.A. tax audit is underway by the competent tax authorities
for the years 2018 and 2019.
For the subsidiary LAMDA MALLS S.A. tax audit is underway by the competent tax authorities for the years
2017 and 2018, while also for the subsidiary LAMDA PRIME PROPERTIES S.M.S.A. for fiscal year 2017.
During December 2022, tax audit by the competent tax authorities was completed for the subsidiary LAMDA
DEVELOPMENT WORKS S.M.S.A. for the years 2016-2017, without any charge for the company.
For the subsidiary LAMDA FLISVOS MARINA S.A. a tax audit is underway by the competent tax authorities for
the years 2016 to 2018, while during the tax audit of the year 2015, differences in the unused tax losses were
identified. The company filed an appeal against the relevant act of corrective determination of income tax for
the tax year 2015 which was rejected. The company then appealed to the administrative courts. The
management of the company and its legal advisors estimate that there is a significant chance that the appeal
will succeed.
For the years ended after 31 December 2016 and remain tax unaudited by the competent tax authorities, the
Management estimates that any taxes that may arise will not have a material effect on the financial
statements.
Pursuant to the following provisions: (a) art. 36 of Law 4174/2013 (unaudited cases of income taxation), (b)
para. 1 art. 57 of Law 2859/2000 (unaudited cases of Value Added Tax), and (c) para. 5 art. 9 of Law
2523/1997 (imposition of penalties for income tax cases) the right of the State to impose the tax for the fiscal
years up to 2016 has been suspended until 31.12.2022, subject to special or exceptional provisions which
may provide for a longer limitation period and under the conditions that they define. Following the no.
433/2020 of the decision of the Council of State and according to relevant circulars regarding the limitation
period of the right of the State to impose proportional stamp duties and special contribution in favor of OGA,
it was clarified that for financial periods before the entry into force of the provisions of K.F.D., ie before
01/01/2015, the general provisions on limitation of the Civil Code, such as the provision of article 249 of the
Civil Code, cannot be applied, and consequently the limitation period of the right of the State to impose the
due stamp duty and the special contribution in favor of OGA, is determined in five years in the first place,
calculated from the end of the year in which the obligation to pay arises, with the possibility of extending this
right to ten years, provided that the conditions of par. 4 of article 84 of the Income Tax Law are met (Law
2238/1994). For the fiscal years after 01.01.2015, the provisions of article 36 of the K.F.D. are applicable with
a five-year deadline at the first place. The Group provides, when considered appropriate, and on a company
by company basis for possible additional taxes that may be imposed by the tax authorities. As a result, the
Group’s tax obligations have not been defined permanently. At 31.12.2022 no such provisions have been
formed for unaudited years at Group and Company level.
32. Commitments
Capital commitments
Regarding the development of the Ellinikon site have been undertaken and have not yet been executed capital
commitments for services of architectural studies, project management as well as construction contracts
amounting to €302,8m, which relate to projects that have been classified as follows:
Amounts in € thousands
31.12.2022
31.12.2021
Inventories
287.564
32.257
Investment property
9.327
9.690
Tangible assets
5.924
8.811
Total
302.815
50.758


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Annual financial report for the year ended 31 December 2022
238


On 24.04.2023 the Group had undertaken and had not performed capital commitments for services of
architectural studies, project management as well as construction contracts amounting to €299,6 for the
Ellinikon development project.
The commitments undertaken on 31.12.2021 related to capital expenditures related to the development of
the property in Ellinikon and which had not been executed until 31.12.2021 amounted to €50,8m.
The Group has no contractual obligations for the repairs and maintenance of its investment property.

33. Contingent liabilities and assets
The Group and the Company have contingencies in respect of letter of guarantees for good performance and
other matters arising in the ordinary course of business, for which no significant additional burdens are
expected to arise as follows:
GROUP
COMPANY
Amounts in € thousands
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Liabilities
Letters of guarantee related to obligations
353.154
317.040
348.917
307.434
Assets
Letters of guarantee related to receivables
(from tenants)
64.059
43.262
-
-
On 25.06.2021 a letter of guarantee was issued by "EUROBANK S.A." and delivered to the HRADF as security
for the deferred payment amount. More specifically, on the Transfer Date (25.06.2021), the subsidiary
"HELLINIKON GLOBAL I SA", the Buyer, as provided in the Agreement, issued a Deferred Payment Bond in
favor of the HRADF for an amount equal to the present value of the deferred payment amount, i.e. an amount
of €347,2m, calculated according to the terms of the Agreement. The abovementioned amount of the Deferred
Payment Bond will be recalculated annually, on each Transfer Date anniversary, in accordance with the
provisions of the transfer agreement, with a maximum amount of €347,2m. As of 31.12.2022, the balance of
letter of guarantee amounted to €344,3m.
The subsidiary LAMDA DOMI S.M.S.A. has a contingent liability to HRADF regarding the additional consideration
for the establishment of a usufruct on the right to exploit the Golden Hall shopping mall for 90 years signed
in 2013. According to this, the obligation to pay it depends on the condition of the Greek Economy and the
existence and maintenance of relevant credit ratings (at least BBB or equivalent) of Greece by two international
rating agencies for a twelve-month period. The valuation of the fair value of the investment property Golden
Hall reflects the eventual payment of the above contingent consideration.
In addition to the issues mentioned above there are also the following particular issues, which are not required
under IAS 37 to formulate provisions as in accordance with the relevant opinions of the Group companies’
legal advisors and the estimates of the Group's Management, are not considered likely that outflow of
resources will be required to settle each matter:
L.O.V. S.M.S.A. «THE MALL ATHENS»
- The company L.O.V. S.M.S.A. (“L.O.V.”) had to pay for the transfer of specific real property in the past
(on 2006), property transfer tax of approximately €13,7m, reserving its rights regarding this tax and
finally taking recourse to the administrative courts against the silent rejection of its reservations by
the competent Tax Authority. In 2013 the said recourse was accepted in part and the re-calculation of
the owed property tax was ordered, which led to the returning to L.O.V. of an amount of approximately
€9,5m. Further to appeals on points of law filed by both parties, the Council of State rejected LOV’s
appeal and accepted the Hellenic Republic’s appeal; consequently the case was referred back to the
Administrative Court of Appeals, which initially postponed the issue of a final decision and obliged the
parties to adduce evidence for the determination of the market value of the property; after resuming
hearing of the case, the Administrative Court of Appeals finally rejected the recourse, determined the
taxable value of the property and obliged the competent Tax Authority to re-calculate the transfer tax
due upon the new taxable value. Following this decision, L.O.V. had to pay transfer tax of
approximately €16,3m. An appeal on points of law has been filed before the Council of State and is
estimated by the legal counsels of the Company to have high chances of success. In specific, grounds
of appeal challenging re-calculation of transfer tax upon the market value of the property, to the extent
it exceeds the objective value, are expected to succeed with very high probability. The hearing of the
appeal was held on 25.5.2022 and on 18.1.2023 Council of State decision No 54/2023 was issued,
which remains unclear. According to its published order, the appeal of L.O.V. is accepted and the



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Annual financial report for the year ended 31 December 2022
239



decision of the Administrative Court of Appeal which calculated the taxable value of the property based
on the market value is annulled, to the extent that it exceeds the objective value. Following this, a
new tax settlement and return to L.O.V. is expected, equal to the excess amount of approximately
€9.3 million (including interest until 31.12.2022).
LAMDA DOMI S.M.S.A. «GOLDEN HALL»
- With respect to LAMDA DOMI S.M.S.A., a public (already private) law entity under the trade name
“Hellenic Olympic Committee” (“HOC”) has filed a lawsuit against the Public Real Estate Property
Company S.A. (“ETAD”). By means of the said lawsuit, the HOC claims to be entitled to, and therefore
to be granted, the use, management and exploitation of a plot of land of its ownership in which the
International Broadcasting Centre (“IBC”) is built. The HOC also claims ETAD to be declared as liable
for an overall amount of €90.784.500, which is alleged to have been the lease price paid by the
company under the trade name “LAMDA DOMI S.M.S.A.” (“LAMDA DOMI”) to ETAD (and its
predecessor “HELLENIC OLYMPIC REAL ESTATE S.A”) for the period 30.04.2007-30.06.2019. The said
lawsuit is based on the alleged by the HOC contravention of Article 35 of Law 3342/2005 to Article 17
of the Constitution and more specifically on the allegation that the delegation of use, management
and exploitation deprives the HOC from its right to use the plot and benefit therefrom as its rightful
owner. Pursuant to an impleader by ETAD, LAMDA DOMI filed a “supporting intervention” in favor of
ETAD. Pursuant to the hearing of the case on 13.05.2021, decision No. 2374/2021 of the Multi-Member
First Instance Court of Athens was issued. By means of said decision, the HOC’s lawsuit has been
dismissed. According to the data available on Athens First Instance Court website, an appeal was
recently filed against said decision. LAMDA DOMI has not been served with a copy of this appeal yet.
HELLINIKON S.M.S.A.
- HELLINIKON S.M.S.A. has no significant open legal cases against, but on the other hand there are
several open cases in favor. Therefore, although until the date of publication of the annual financial
statements of 31.12.2022 the result cannot be reliably measurable, the Company's Management
concludes that by the time those will be finalized, the result will not affect, significantly, the financial
results of the Group.
Other issues
- The Group provides, when considered appropriate, and on a company-by-company basis for possible
additional taxes that may be imposed by the tax authorities. As a result, the Group’s tax obligations
have not been defined permanently. At 31.12.2022 no such provisions have been formed for the
Group's and Company's unaudited, by the tax authorities, years. For details regarding the unaudited
tax years for the rest of the Group companies, please see note 31.

34. Related party transactions
The following transactions were carried out with related parties:
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
i) Income from sale of goods and services
- income from subsidiaries
-
-
29.039
42.477
- income from joint ventures
-
32
-
32
-
32
29.039
42.509
ii) Purchase of goods and services
- purchases from subsidiaries
-
-
1.358
896
- purchases from companies which controlling interests
belong to Latsis family
-
-
-
-
-
-
-
896
iii) Dividends income
- income from subsidiaries
-
-
11.854
8.782
- income from associates
123
135
123
135
123
135
11.977
8.917


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Annual financial report for the year ended 31 December 2022
240

iv) Transactions and remuneration of members of
BoD and management
Members of BoD:
- BoD fees and other short-term employment benefits
2.238
2.017
2.238
2.017
Management:
- Salaries and other short-term employment benefits
4.448
5.663
2.608
3.535
6.686
7.680
4.846
5.552
v) Interest income
- interest income from subsidiaries
-
-
4.245
1.159
-
-
4.245
1.159
vi) Interest expense
- interest expense to subsidiaries
-
-
1.137
1.333
-
-
1.137
1.333
Amounts in € thousands
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Receivables from related parties:
- subsidiaries
-
-
11.428
45.585
- joint ventures
-
6
-
6
- associates
456
25
-
-
456
31
11.428
45.591
Dividends receivable from related parties:
- subsidiaries
-
-
3.773
24.882
- associates
-
-
-
-
-
-
3.773
24.882
Payables to related parties:
- subsidiaries
-
-
10.213
6.888
-
-
10.213
6.888
Receivables and payables from and to related parties are satisfied and their carrying amounts approach their
fair value.
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
ix) Loans to related parties:
Opening balance
-
-
84.535
6.777
Loans granted during the year
-
-
-
80.000
Withholding tax of interest
-
-
(28)
-
Loan repayments
-
-
-
(2.270)
Loan and interest impairment
-
-
(1.555)
(1.131)
Interest charged
-
-
4.245
1.159
Closing balance
-
-
87.197
84.535
At Company level, the loans to related parties refer to loans of initial capital €119,9m, less impairment €32,7m,
that the parent company has granted to its subsidiaries HELLINIKON S.M.S.A., LAMDA DEVELOPMENT
ROMANIA SRL, LAMDA DEVELOPMENT SOFIA EOOD, ROBIES SERVICES LTD and LAMDA DEVELOPMENT
MONTENEGRO DOO. During 2022 the Company has not provided any new loans to related parties.
Lamda Development S.A. provides corporate guarantees in the context of bank loan agreements of it’s
subsidiaries.
The Group provides guarantees to banks including pledged shares deriving from its borrowings.
GROUP
COMPANY
x) Loans from related parties:
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Opening balance
-
-
40.002
56.485
Loan repayments
-
-
-
(10.948)
Interest paid
-
-
(112)
(6.868)
Interest charged
-
-
1.137
1.333
Closing balance
-
-
41.027
40.002


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Annual financial report for the year ended 31 December 2022
241



At Company level, the loans from related parties refer to loans of initial capital €35,8m, including interest of
€5,2m, which have been granted to the Company from the companies LAMDA PRIME PROPERTIES S.M.S.A.
and LOV LUXEMBOURG SARL. During 2022, the Company repaid interest of €112 thousands to the subsidiary
LAMDA PRIME PROPERTIES S.M.S.A.. During 2022, the Company has not repaid any capital amounts of
borrowings to related parties.
GROUP
COMPANY
xii) Loans to personnel and management:
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Opening balance
3.301
3.193
2.998
2.903
Loan repayments
(36)
(52)
(36)
(52)
Recognition of finance income
164
160
152
147
Closing balance
3.429
3.301
3.114
2.998
In addition to the above transactions, in the context of the exploitation of the Property in Ellinikon, the
subsidiary HELLINIKON S.M.S.A. during 2022 signed contracts for the sale of apartments with related parties
as follows:
GROUP
Amounts in € thousands
Total contract price
01.01.2022 to 31.12.2022
Total receipts
01.01.2022 to 31.12.2022
- Members of BoD
13.129
2.626
- Management
-
-
13.129
2.626
Services from and to related parties, as well as sales and purchases of goods, take place based on the price
lists in force with non-related parties.

35. Earnings / (losses) per share
The calculation of basic and diluted earnings / (losses) per share is as follows:
The basic earnings / (losses) per share (EPS) are calculated by dividing the net gains / (losses) of the period
corresponding to the shareholders of the parent with the weighted average number of common shares
outstanding during the period, taking into account the average term of the common shares acquired by the
Group as treasury shares.
GROUP
COMPANY
Amounts in € thousands
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Profit / (loss) attributable to equity holders of
the Company
(31.409)
191.242
(38.511)
(9.677)
Weighted average number of ordinary shares in
issue
176.203.423
176.736.715
176.203.423
176.736.715
Minus: Weighted average number of treasury
shares
1.437.625
14.993
1.437.625
14.993
Total weighted average number of ordinary
shares in issue during the year
174.765.798
176.721.722
174.765.798
176.721.722
Basic earnings / (losses) per share (EPS)
(in euro)
(0,18)
1,08
(0,22)
(0,05)
Diluted earnings / (losses) per share is calculated by dividing the net profits / (losses) of the period attributable
to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during
the year plus the weighted average number of ordinary shares that would be issued on conversion of all the
dilutive potential ordinary shares into ordinary shares. Regarding the aforementioned rights, the number of
shares that could have been acquired at fair value (defined as the average annual stock market price of the
Company's shares) is calculated, based on the value of the participation rights related to the existing rights
programs from shares. The number of shares resulting from the above calculation is compared with the number
of shares that could have been issued in case of exercise of the rights. The resulting difference is added to the


Graphics
Annual financial report for the year ended 31 December 2022
242





denominator as an issue of ordinary shares without consideration. Finally, no adjustment is made to profits /
(losses) (numerator).
GROUP
COMPANY
GROUP
COMPANY
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
01.01.2022
to
31.12.2022
01.01.2021
to
31.12.2021
Weighted average number of ordinary shares in
issue (for basic EPS)
174.765.798
176.721.722
174.765.798
176.721.722
Effect from employees share option scheme
(weighted average number)
-
1.019.984
-
1.019.984
Weighted average number of ordinary shares in
issue (for diluted EPS)
174.765.798
177.741.707
174.765.798
177.741.707
Diluted earnings / (losses) per share (EPS)
(in euro)
(0,18)
1,08
(0,22)
(0,05)
36. Dividends per share
For the forthcoming General Meeting of the Company’s Shareholders no dividend is expected to be proposed
for the fiscal year 2022.
37. Audit and other fees
GROUP
COMPANY
All amounts in € thousands
1.1.2022
to
31.12.2022
1.1.2021
to
31.12.2021
1.1.2022
to
31.12.2022
1.1.2021
to
31.12.2021
Audit fees
563
482
160
154
Annual Tax certificate’s fees
389
306
45
40
Fees for other assurance services
131
246
118
236
Fees for other services
36
-
32
-
Total
1.119
1.034
355
430
38. Comparative information
For purposes of better presentation, on 31.12.2021 the Group has reclassified interest payable to third parties
amounting €5.507 thousand from "Trade and other payables" as well as a loan from a non-controlling interest
in the amount of €109 thousand from "Other non-current liabilities" in short-term and long-term "Loans"
respectively. Also, on 31.12.2021 the Company has reclassified interest payable to third parties and
subsidiaries as well as loans from subsidiaries amounting to €7.547 thousand from "Trade and other payables"
as well as loans and interest payable to a subsidiary amounting to €37.381 thousand from "Other non-current
liabilities" in short-term and long-term "Loans" respectively. In addition to what is mentioned note included in
the “Income Statement’’ regarding the reclassification made for accrued interest, additional reclassification
was made in the ‘’Statement of financial position’’ for purposes of better presentation without significant impact
in the Equity, revenue and the results after tax for the comparative period both in Group and Company level.
Additionally, in the Statement of Cash flow ‘’Interest paid and related expenses’’ and ‘’Interest paid related to
lease liabilities’’ a reclassification has been made between Operating and Investing activities for purposes of
better presentation according to IAS 7.
39. Events after the reporting period
There are no other events after the balance sheet date considered to be material to the financial
statements apart from the following:
In March 2023, the Company announced that the following agreements were signed within the framework of
the strategic cooperation between the Company and TEMES SA. (signed in November 2020) for the joint
development of two modern, luxury 5-star hotels and the corresponding tourist-residential complexes
(branded residences) on the coastal front of Hellinikon, with a horizon of completion of the construction of the
developments at the end of 2026:



Graphics
Annual financial report for the year ended 31 December 2022
243


• between the company BELT Riviera S.A. and HELLINIKON S.M.S.A. for the acquisition on behalf of
the first, percentage of 100% of the right of full ownership of property with an area of 80,011 sq.m.
in the "PM-A2" Development Zone of the Metropolitan Pole Hellinikon-Agios Kosmas, in which,
according to the original plan, a 5-star hotel with 160 rooms, large outdoor spaces, emblematic
restaurants and entertainment shops next to the sea, a luxurious Beach Club, Health Club with
leisure, fitness and beauty facilities will be developed, accompanied by a residential complex of 17
branded luxury homes/apartments (branded residences) with an unobstructed view of the sea. The
said development will be located next to the prime coastal residential zone of ultra-luxury residences
(The Cove Villas and The Cove Residences). The total transaction consideration is payable in
installments and amounts to approximately €38,3m, consisting of the purchase price of the property
of approximately €22,3m, as well as the allocated infrastructure costs of the Metropolitan Pole of
approximately €16,0m. The first instalment of the consideration of approximately €12,8m, plus
relevant taxes, was paid at the signing of the agreement. BELT Riviera S.A. is controlled 70% by
TEMES S.A. and 30% by HELLINIKON S.M.S.A.
• between the company MALT Riviera S.A. and HELLINIKON S.M.S.A. for the acquisition on behalf of
the first, percentage of 100% of the surface rights on property with an area of 132.821 sq.m. in the
"PM-A1" Development Zone of the Metropolitan Pole Hellinikon-Agios Kosmas, in which, according to
the original design, a 5-star hotel with 200 rooms, large outdoor spaces and emblematic restaurants
and entertainment shops next to the sea, a luxurious Beach Club, Health Club with leisure, fitness
and beauty facilities will be developed, accompanied by a residential complex of 49 branded
homes/apartments (branded residences) with unobstructed views of the sea and Marina Ag. Kosmas.
Said development will be located next to the upgraded Ag. Kosmas Marina and a short distance from
the Riviera Galleria and the landmark high-rise residential building, Riviera Tower. The total
transaction consideration is payable in installments and amounts to approximately €52,5m, consisting
of the purchase price of the property’s surface rights of approximately €32,5m, as well as the
allocated infrastructure costs of the Metropolitan Pole of approximately €20m. The first instalment of
the consideration of approx. €17,5m, plus relevant taxes, was paid at the signing of the agreement.
MALT Riviera S.A. is controlled 70% by TEMES S.A. and 30% by HELLINIKON S.M.S.A.
The design of the units will be assigned to leading international architectural offices, while their management
will be assigned to internationally renowned management companies (hotel operators).

Maroussi, 2 May 2023
Chairman of the BoD Chief Executive Officer Chief Financial Officer
______________________
Anastasios K. Giannitsis
ID H865601
______________________
Odyssefs E. Athanasiou
ID AB510661
_____________________
Charalampos Ch. Gkoritsas
ID AE109453


Graphics
Annual financial report for the year ended 31 December 2022
244
V.ANNEX – Use of proceeds
Use of proceeds from the Share Capital Increase (SCI) for the period from 17.12.2019
to 31.12.2022
Pursuant to the provisions of paragraph 4.1.2 , the part A' of the decision No25/17.07.2008 of the Athens
Stock Exchange Board of Directors and the decision No.8/754/14.04.2016 of the Capital Market Commission
BoD, it is disclosed that from the share capital increase of the Company by payment in cash and with
preemptive rights to the existing shareholders of the Company, acquiring new shares at a ratio of
1,216918965991410 new shares for every one (1) existing share, based on the decision of the Extraordinary
General Meeting of shareholders of the Company that took place at 10.10.2019 as was further specified by
the resolution of the Company’s Board of Directors adopted on 21.11.2019, fund up to €650.000.098,00 were
raised, minus the issuance expenses of €10.000.000. From the share capital increase, 97.014.940 new
common registered shares of subscription price €6,70 each and nominal value €0,30 each, which following the
approval of the Listings and Market Operation Committee – Athex Stock Exchange at 19.12.2019, were listed
for trading on the Main Market of the Athens Stock Exchange on 23.12.2019. The Board of Directors held a
meeting on 17.12.2019 and certified the payment of the total amount of the share capital increase. Until
31.12.2021 the raised capital, was allocated according to the use as described in the Prospectus which was
approved by the BoD of the Capital Market Committee at 25.11.2019, as was amended by the resolution of
the Company’s Board of Directors adopted on 28.05.2020 in conjunction with the decision of the Annual
General Meeting of shareholders of the Company that took place at 24.06.2020, as well as by the resolution
of the Company’s Board of Directors adopted on 23.11.2022 as following:
ALLOCATION OF
RAISED CAPITAL AS
PROVIDED FOR IN
THE
INFORMATIVE
BULLETIN
ALLOCATION OF RAISED
CAPITAL AS PROVIDED FOR IN
THE
INFORMATIVE BULLETIN as
was amended by the
resolution of the Company’s
Board of Directors adopted on
28.05.2020 (announcement
29.05.2020) in conjunction
with the decision of the Annual
General Meeting of
shareholders of the Company
that took place at 24.06.2020
(announcement 26.06.2020)
ALLOCATION OF RAISED
CAPITAL AS PROVIDED FOR IN
THE
INFORMATIVE BULLETIN as
was amended by the
resolution of the Company’s
Board of Directors adopted on
28.05.2020 (announcement
29.05.2020) in conjunction
with the decision of the Annual
General Meeting of
shareholders of the Company
that took place at 24.06.2020
(announcement 26.06.2020),
as well as the resolution of the
Company’s Board of Directors
adopted on 23.11.2022
ALLOCATED
CAPITAL
USE FROM
17.12.2019
UNTIL
31.12.2019
ALLOCATED
CAPITAL
USE FROM
01.01.2020
UNTIL
31.12.2020
ALLOCATED
CAPITAL
USE FROM
01.01.2021
UNTIL
31.12.2021
ALLOCATED
CAPITAL
USE FROM
01.01.2022
UNTIL
31.12.2022
TOTAL
ALLOCATED
CAPITAL
USE UNTIL
31.12.2022
UNALLOCATED
CAPITAL AT
31.12.2022
Note
467.000 467.000 466.650
- -
300.000 - 300.000 166.650 1
133.000 120.607 120.607
- -
- 120.607 120.607 - 2
-
12.393 12.393
-
12.393
- -
12.393 - 3
40.000 40.000 41.070 3.070 36.930
- 1.070
41.070 - 4
10.000 10.000 9.280
-
9.280
- -
9.280 -
650.000 650.000 650.000 3.070 58.603 300.000 121.677 483.350 166.650
D. Coverage of working capital needs, within 3 years
from the completion of the Share Capital Increase, as
well as for the coverage of the bond loan issued by a
subsidiary in order to cover the undertaken
obligations of the latter.
Issuance expenses
Total
Β. Development of two malls in the Property through
participation in share capital increase of a company
which will be established for this purpose, within 3
years from the completion of the Increase.
Α. Participation in share capital increase of
HELLINIKON GLOBAL I S.A. in order to be used by
it to pay as Purchaser of the first two installments of
the price as described in the Share Purchase
Agreement under the terms and conditions of the
Contract and the above Amending Contract, ie an
amount of €300m will be used to pay the first
installment on the Date of Transfer and amount of
€167m will be used to pay the second installment on
the second anniversary of the Transfer Date, provided
that by then construction permits have been issued
for all buildings - landmarks.
C. Acquisition of participation in the company
LAMDA MARINAS INVESTMENTS S.M.S.A (which
was previously named LAMDA DOGUS
INVESTMENTS S.A.) aiming to increase the
participation held and the control of the company
LAMDA Flisvos Marina S.A.
TIME SCHEDULE FOR THE USE OF PROCEEDS FROM THE SHARE CAPITAL INCREASE
(all amounts in € thousands)
Allocation of the Capital Proceeds based on the
objective of the Informative Bulletin (section
4.1.2 "Reasons for Issuing the CBL and Use of
Capital")

Graphics
Annual financial report for the year ended 31 December 2022
245
Notes:
1. For the period between 01.01.2021 and 31.12.2021, and specifically on 25.06.2021 the contract for the
transfer of shares was signed for the acquisition of 100% of the share capital of HELLINIKON S.M.S.A. by
HELLINIKON GLOBAL I S.A., a 100% subsidiary of LAMDA DEVELOPMENT S.A., in accordance with the
provisions of the Share Purchase Agreement dated 14.11.2014. In the context of the above, the Company
proceed with a share capital increase of HELLINIKON GLOBAL I SA, in order to be used for the first
installment of the Share Acquisition Price amounting to €300 million, under the terms of the contract
above and the subsequent amending contract, at the Transfer Date of shares. Regarding the payment of
the second installment, it is clarified that the second anniversary from the Transfer Date is contractually
25.06.2023, given that the contract for the transfer of HELLINIKON S.M.S.A. signed on 25.06.2021.
2. For the period from 01.01.2022 to 31.12.2022, an amount of €120.607 thousand was paid by the
Company through participation in a share capital increase in the subsidiary LAMDA ELLINIKON MALLS
HOLDING S.M.S.A. which was established for developing two shopping areas within the Property. In
particular, LAMDA ELLINIKON MALLS HOLDING S.M.S.A. paid the amount of €120.607 thousand for the
establishment of Group companies for the development of Vouliagmenis Mall (LAMDA VOULIAGMENIS
S.M.S.A.) and Riviera Galleria (LAMDA RIVIERA S.M.S.A.) within 2022.
3. For the period from 01.01.2020 up to 31.12.2020, the Company paid the amount of €12.393 thousands
for the acquisition of participation in the company LAMDA MARINAS INVESTMENTS S.M.S.A (which was
previously named LAMDA DOGUS INVESTMENTS S.A.) aiming to increase the participation held and the
control of the company LAMDA Flisvos Marina S.A.
4. Out of the amount of €41.070 thousand which will be used within 3 years from the completion of the
share capital increase for the coverage of working capital needs, the amounts that have been allocated
are:
a) For the period from 17.12.2019 up to 31.12.2019, the amount of €3.070 thousand
b) For the period from 01.01.2020 up to 31.12.2020, the amount of €36.930 thousand
c) For the period from 01.01.2022 up to 31.12.2022, the amount of €1.070 thousand
5. The remaining unutilized proceeds of the amount of €166.650 thousand as of 31.12.2022, were placed in
current bank accounts, as part of securing the bond loan signed on 24.06.2021 by Lamda Development
S.A. with the banks " Eurobank S.A." and "Piraeus Bank S.A." for the Ellinikon development project,
according to the provisions of the Prospectus.

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Annual financial report for the year ended 31 December 2022
246
Use of proceeds from the Issue of a Common Bond Loan (CBL) for the period from
21.07.2020 to 31.12.2022
At the meeting of the Capital Markets Commission as of 07.07.2020, the Prospectus of 07.07.2020 the
Company for the public offer with cash payment and the approval of admission for trading by Athens Stock
Exchange up to 320.000 dematerialized, common, bearer bond of a total amount €320.000.000 was approved.
Following the completion of the option exercise period, the aforementioned issuance of the common bond loan
(hereinafter referred to as "CBL") was fully covered.
The distribution price of the Bonds was defined at €1.000 each, i.e. 100% of its nominal value. The
characteristics of this loan are the following: (a) The bond yield is 3,40% and is fixed over the term of the
loan, (b) Interest is calculated on six‐month basis, (c) The term of the loan is seven (7) years and its repayment
will be realized at the end of the period of seven (7) years. Upon the completion of the Public Offer on
17.07.2020, and according to the aggregated allocation reporting generated using the Athens Stock Exchange
Electronic Book Building (EBB), a total of 320.000 dematerialized, common, bearer bonds of the Company
were issued with nominal value €1.000 each and raised funds of €320.000.000.
The allocation of issued bonds is as follows: 223.000 Bonds (69,7%) of all issued Bonds were allocated to
Private Investors and 97.000 Bonds (30,3%) of all issued Bonds were allocated to Special Investors.
On 21.07.2020, the Company's Board of Directors conducted the certification of payment of the capital raised.
Following, three hundred twenty thousand (320.000 thousand) dematerialized, common, bearer bonds issued
were listed for trading on the Fixed Income Securities of the Organized Market of the Athens Stock Exchange
with the approval of the Athens Stock Exchange Board of Directors as of 22.07.2020.
In view of the above, it is hereby disclosed that an amount of €312.760 thousand, i.e. an amount of €320.000
thousand in cash raised from the CBL coverage preference and subscription rights holders, less the amount of
€7.240 thousand related to issuance expenses, as also incorporated without deviation into the section 4.1.3
“CBL Issuance Expenses” of the Company's Prospectus of 07.07.2020, available as till 31.12.2022 as follows:
Allocation of the
Capital Proceeds
based on the
objective of the
Prospectus
Capital
proceeds for
the period
from
21.07.2020 to
31.12.2020
Capital
proceeds for
the period
from
01.01.2021 to
31.12.2021
Capital
proceeds for
the period
from
01.01.2022 to
31.12.2022
Total capital
proceeds till
31.12.2022
Non
allocated
balance as
at
31.12.2022
Note
81.000 81.000
- - 81.000 - 1
100.000
- 80.000 - 80.000 20.000 2
63.000 - - 63.000 63.000 - 3
43.760
18.514 25.246 - 43.760 - 4
25.000
- - 23.000 23.000 2.000 5
7.240 7.240
- - 7.240 - 6
320.000 106.754 105.246 86.000 298.000 22.000
i) Amount of €81m for the fully repayment of the syndicated bond loan of the Issuer outstanding balance
amounting to €89.1m on 31.12.2019.
Table of allocation of the Capital Proceeds from the issuance of the Common Bond Loan of € 320,000,000
(amounts in thousand Euro )
Allocation of the Capital Proceeds based on the objective of the
Prospectus (section 4.1.2 "Reasons for Issuing the CBL and Use
of Capital")
Total
ii) Amount of €163m will be available to the subsidiaries of the Issuer within two years, for the implementation of
the Hellinikon Project, as follows:
a) amount of €100 million will be initially allocated to HELLINIKON SA through an intra-group loan with
duration up to 2 years. After its repayment, this amount will remain available for the partial coverage of a
bank letter of guarantee of €150 million (see the section Basic Business Terms of section 3.10.3 "Loan
agreements with credit institutions" of the Prospectus), which expires after the completion of the first phase
of construction of the Project, estimated at 5 years. This bank letter of guarantee ensures the fulfillment of
the Issuer's obligations for any Project cost overruns, as well as for the coverage of any revenue reduction
coming from sales and/or exploitation of assets, which aim to finance the Project budget. Upon expiration of
the above guarantee letter, the Issuer will allocate €100 million to the finance the next installments of the
Consideration and for investments in the next phases of the Project, ie after five years from the Transfer
Date (see the section 3.4.2.1 "Investments for the development of the Property" of the Prospectus) and/or
for coverage of the Issuer's working capital in the specific period of time. It is noted that, in case of the
collapse of the bank letter of guarantee, the amount of €100m will be used for the repayment of the
equivalent claim of the guarantee letter of the issuing bank.
b) amount of €63m will be allocated to Project Implementation Companies within 2 years after the Transfer
Date, through direct or indirect participation in share capital increase of these companies. This amount aims
to finance the development of a shopping center within the urban area in Vouliagmeni Avenue with estimated
gross leasable area of approx. 72,000 sq.m., and the development of a shopping center with estimated
building area of approx. 30,000 sq.m. in the land area of the Agios Kosmas marina.
iii) amount of €43.8m will be allocated to cover the working capital needs, interest and financial expenses of the
Issuer within 3 years from the Date of Issuance of the CBL.
iv) amount of €25m will be used for new investments of the Issuer in Greece in the sectors of development and
exploitation of real estate such as shopping malls, office buildings and marinas, within 3 years from the Date of
Issuance of CBL, through acquisition of shares and/or through participation in share capital increase of other
companies operating in the above sectors.
Common Bond Loan issue expenses

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Annual financial report for the year ended 31 December 2022
247
Notes:
1. The amount of €81m was allocated on 24.07.2020 for the repayment of the syndicated bond loan of
the Issuer outstanding balance amounting to €89.1m on 31.12.2019.
2. An amount of €80,0 million was initially paid to the company HELLINIKON S.M.S.A. through an intra-
group loan with a duration of up to 2 years from its issuance (i.e. the second half of 2023), and after
its repayment it will remain available for the partial coverage of a bank letter of guarantee amounting
to €150 million, which expires after completion of the construction of the first phase of the property
development project in ELLINIKON which is estimated to take 5 years, to ensure the fulfillment of the
Company's obligations for any cost overruns of the above project, as well as to cover any reduced
income from sales and/or exploitation of assets intended to finance the project budget. After the
expiration of the aforementioned bank guarantee letter, the Company will allocate €100 million (which
will ultimately be allocated in full) for the financing needs of the next installments of the consideration
for the transfer of the sold shares of HELLINIKON S.M.S.A., and for making investments in the next
phases of the project, i.e. after five years from the Transfer Date and/or to cover the Company's
working capital during the specific time period. It is noted that in case of forfeiture of the said bank
guarantee letter, the amount of €100 million will be subject to the repayment of an equal claim of the
issuing bank of the guarantee letter. It is clarified that the amount of €80 million was used to cover
preliminary works of the Project (e.g. costs for architectural plans, consultant studies, demolitions,
infrastructure works), the construction of The Ellinikon Experience Park and The Ellinikon Experience
Centre.
3. For the period from 01.01.2022 to 31.12.2022, an amount of €63,0 million was paid by the Company
through participation in a share capital increase in the subsidiary LAMDA ELLINIKON MALLS HOLDING
S.M.S.A. which was established for the purpose of developing a shopping center within the urban
center on Vouliagmeni Avenue with an estimated gross leasable area of approximately 72.000 sq.m.,
as well as the development of a complex of buildings with shops for trade, leisure and services (Riviera
Galleria) with an estimated gross floor area of approximately 30.000 sq.m. in the land area of the
marina of Agios Kosmas.
4. The amount of €43.760 thousand that according to the method of disposal was to be allocated within
3 years from the Date of Issuance of the CBL to cover the working capital needs, interest and financial
expenses of the Issuer, has been allocated in full as follows:
(a) For the period from 21.07.2020 to 31.12.2020, the amount of €18.514 thousand.
(b) For the period from 01.01.2021 to 31.12.2021 the amount of €25.246 thousand.
5. For the period from 01.01.2022 to 31.12.2022, an amount of €21.533 thousand was paid by the
Company through participation in a share capital increase in the subsidiary LAMDA ELLINIKON MALLS
HOLDING S.M.S.A. which was established for the purpose of developing a shopping center within the
urban center on Vouliagmeni Avenue with an estimated gross leasable area of approximately 72.000
sq.m., as well as the development of a complex of buildings with shops for trade, leisure and services
(Riviera Galleria) with an estimated gross floor area of approximately 30.000 sq.m. in the land area
of the marina of Agios Kosmas. Also, for the same period an amount of €1.467 thousand was paid by
the Company through the purchase of a percentage of the share capital of the company "LIMAR
MACEDONIA REAL ESTATE COMPANY S.M.S.A." which operates in the field of real estate development
and exploitation.
6. The funds that remained unallocated on 31.12.2022 amounting to €22.000 thousand were deposited
in current bank accounts, according to the provisions of the Prospectus.

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Annual financial report for the year ended 31 December 2022
248

Use of proceeds from the Issue of a Common Bond Loan (CBL) under the Framework of
Green Bond for the period from 12.07.2022 to 31.12.2022

At the meeting of the Capital Markets Commission as of 01.07.2022, the Prospectus of 01.07.2022 of Lamda
Development S.A. was approved. ("Company") for the Public Offering with payment of cash and the listing for
trading on the Athens Stock Exchange up to 230.000 dematerialized, common, bearer bond, for a total amount
of €230.000.000. After the completion of the rights exercise period, the above issue of common bond loan
(hereinafter referred to as "CBL") was fully covered.
The distribution price of the Bonds was defined at €1.000 each, i.e. 100% of its nominal value. The
characteristics of the said loan are as follows: (a) the bond yield is 4,70%, fixed for the entire duration of the
loan, (b) interest is calculated on six‐month basis, (c) the term of the loan is seven (7) years and its repayment
will be realized at the end of the seven (7) year period, and (d) is under the under the Framework of Green
Bond. Upon the completion of the Public Offering on 07.08.2022, and in accordance to the aggregate allocation
reporting generated using the Athens Stock Exchange Electronic Book Building (EBB), a total of 230.000
dematerialized, common, bearer bonds of the Company were issued nominal value of €1.000 each and raised
funds of €230.000.000.
The allocation of issued bonds is as follows: 170.000 Bonds (73,9%) of all issued Bonds issued were allocated
to Private Investors and 60.000 Bonds (26,1%) of all issued Bonds were allocated to Special Investors.
The certification of the payment of the funds raised was made by the Board of Directors of the Company on
12.07.2022. Following, two hundred and thirty thousand (230.000) dematerialized, common, bearer bonds
were admitted for trading on the Fixed Income Securities of the Organized Market of the Athens Exchange
with the admission approval of Athens Stock Exchange Board of Directors from 13.07.2022.
Following the above, it is hereby announced that an amount of €223.269 thousand, i.e. an amount of €230.000
thousand, was drawn in cash raised from the CBL coverage preference and subscription rights holders, minus
€6.731 thousand which pertains to issuance costs as incorporated in section 4.1.3 "CBL Issuance Expenses"
of the Company's Prospectus of 01.07.2022, it was allocated until 31.12.2022 as follows:






Capital
proceeds for
the period
from
12.07.2022 to
31.12.2022
Total capital
proceeds till
31.12.2022
Note
85.000 up to 110.000 8.310 8.310 76.690 up to 101.690 1
65.000 up to 85.000 10.000 10.000 55.000 up to 75.000 2
45.000 up to 60.000 0 0 45.000 up to 60.000
Issue costs 6.731 6.731
25.041 25.041
Table of allocation of the Capital Proceeds from the issuance of the Common Bond Loan under the Green Framework of € 230.000.000
(amounts in thousand Euro )
Allocation of the Capital Proceeds based on the objective of the
Prospectus (section 4.1.2 "Reasons for Issuing the CBL and Use
of Capital")
Allocation of the
Capital Proceeds
based on the
objective of the
Prospectus
Non
allocated
balance as
at
31.12.2022
Total
230.000
204.959
i) Sustainable buildings and sustainable urban exteriors. The investments of this category concern the
development and construction of new buildings or the energy upgrade of the Group's existing buildings (i.e.
shopping centers and marinas and/or existing buildings within the Metropolitan Pole), which have or will obtain
international sustainability certifications or will improve their energy efficiency, reducing the demand for primary
energy and/or their adaptation to conditions created due to the effect of climate change, as well as the
development of sustainable urban outdoor spaces that will secure natural resources and contribute to curbing
climate change, in accordance with the criteria of the ''Green'' Common Bond Loan. An amount of between €85
million and €110 million will be allocated for the investments in this category of the net funds raised by the CBL.
ii) Green energy. The investments of this category, which will be partially financed by the funds of the CBL,
concern the licensing, acquisition (such as indicative purchase of a plot of land, acquisition of a company,
etc.), construction, development and installation of production units and energy facilities from renewable
sources or /and hydrogen production and energy storage units (facilities where energy from RES or hydrogen is
stored and returned later), to cover the energy needs of the Ellinikon project as well as the rest of the Group's
properties (shopping centers, marinas). Eligible renewable energy sources will include, but are not limited to,
solar, wind, geothermal and hydropower. An amount of between €65 million and €85 million of the CBL's net
raised funds will be allocated for the investments in this category.
iii) Smart city. The investments of this category concern the acquisition, construction, development and
installation of intelligent systems in the Ellinikon project with the aim of reducing consumption and saving
energy, reducing greenhouse gas emissions, preventing and controlling pollution and sustainable use and
protection of water resources. The investments, which will be partially financed by the CBL funds, will include,
but are not limited to, intelligent control and management systems for energy, water resources, pollution
prevention and control, sustainable transport and/or systems that serve circular economy purposes. An amount
of between €45 million and €60 million of the CBL's net raised funds will be allocated for the investments in this
category.
6.731
0

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Annual financial report for the year ended 31 December 2022
249




Notes:

1. For the period from 12.07.2022 to 31.12.2022, the Company paid an amount of €41.847 thousand
through participation in a share capital increase to the subsidiary company LAMDA ELLINIKON MALLS
HOLDING S.M.S.A.. The latter paid an amount of €41.847 thousand through participation in a share
capital increase of capital in the subsidiary LAMDA RIVIERA S.M.S.A.. LAMDA RIVIERA S.M.S.A.
allocated an amount of €1.895 thousand for the development of the Riviera Galleria store complex
which will have an international LEED sustainability certification, as well as an amount of €39.952
thousand for the purchase of a plot of land from the subsidiary company HELLINIKON S.M.S.A. on
which the Riviera Galleria will be developed. Until 31.12.2022 HELLINIKON S.M.S.A. allocated an
amount of €6.415 thousand for the development of the Riviera Tower skyscraper, which will have
international LEED sustainability certification.

2. For the period from 12.07.2022 to 31.12.2022, the Company paid an amount of €15.300 thousand by
participating in a share capital increase in the subsidiary company LAMDA ENERGY INVESTMENTS
S.M.S.A.. The latter paid an amount of €10.000 thousand by covering a convertible Bond loan, 3-year
term issued by R Energy 1 Holding S.A. which operates in the field of Renewable Energy Sources. R
Energy 1 Holding S.A. meets the technical eligibility criteria related to the Production of Electricity
from Solar Parks and Wind Parks, as well as the criteria of the Framework of Greek Bond.


3. The funds that remained unallocated on 31.12.2022 amounting to €204.959 thousand were deposited
in the current bank accounts of the Company and its subsidiaries HELLINIKON S.M.S.A. and LAMDA
ENERGY INVESTMENTS S.M.S.A. in accordance with the provisions of the Prospectus.