&

:

: : . 115

2009

(ABSTRACT) 1. 1. 1 . 1.1.1 1.2 1.2.1 1.3 1.3.1 1.3.2 1.3.3 1.3.4 / 1.4 1.4.1 1.4.2 1.4.3 1.4.4 1.4.5 2. 2.1 2.2 2.3 3. & 3.1 3.2 3.3 3.3.1 3.3.2 3.3.3 3.3.4 3.4 3.5 3.6 3.6.1 3.6.2 3.7 3.7.1 3.7.2 3.7.3 3.7.4 3.7.5 3.7.6 3.7.7 3.7.8 3.7.9 3.8 3.8.1 3.8.2 3.8.3 3.8.4 2

4 4 5 5-6 7 7-8 8 8 8-9 9 9-11 11 11-13 13-15 15-17 18 19-21 22-25 25 26 26-27 27 27 27-28 28 29 30 31-32 32-34 35 35-36 37-39 40 40 40-41 41-42 42-43 43 43-44 44 45-46 47 48 48 48-49 49-50 50-51

3.8.5 51 3.8.6 51-52 3.8.7 52 3.8.8 53 3.8.9 53-55 3.9 - 55-60 4 . 61 4.1 61-62 4.2 61-67 a. 63-65 b. 65-67 4.3 & 68 4.4 - 69-70 4.5 70-71 5. 72 5.1 72 5.1.1 72 5.1.2 73 5.1.3 & 73 5.1.4 73 5.1.5 74 5.1.6 74 5.1.7 74-76 5.2 77 5.2.1 77-78 5.2.2 78 5.2.3 78-80 6. 81 6.1 82-86 6.2 87-92 6.3 92-98 6.4 98-103 6.5 103-110 7. (Forecasts) 111 7.1 111 7.1.1 111-112 7.1.2 113-114 7.1.3 114-115 7.2 116 7.2.1 116-117 7.2.2 118 7.2.3 118-120 120 7.3 7.3.1 120-122 7.3.2 123-125 9. () 126-127 3 128-129 130-131 132-134 135

, LAMDA Development .. ., Real Estate. 2006 2008, . , , : ) , ) ) .

. , , (Budgeting), (Company and Project Valuation). . (, ) , , ( ). 2006 2008 , . ..., , , , . . , . real estate 4

.

. . LAMDA Development .. .., Real Estate . LAMDA Development . . 1977 . , . . 1974 . , , , , . . , .

5

1.

O . , . (Real Estate) . :

1. LAMDA DEVELOPMENT .. 2. ..

1.1.1 , . : Treasurer (), , , , , , . Controller (), , . , . , , . , , , .

6

1.1.2

, , , ( ) , . . , , , , . . . . , . , . . (Lambert 1996: 144-146), (Mc Laney 1997: 39-44). : , ( ). , , , , , , , , . ( ), ( ). 7

. , . . 31/12/. . , , . , , () . , . . ( ) . , (Leuz .. 2004:67-68). , , , () ( 2002: 422). , . (, 1986:167-168). , , (Chew 1997: 183).

8

1.2 . . , . , , . , . , . : ( )

.

1.2.1. . , , . , . 9

, (Wild, Subramanyam and Hasley, 2007: 24).

1.2.2. , . (Edmonds Edmonds, 2000:535).

1.2.3.

, , . . (Enron, Parmalat ..), . . , , . ( 1983: 2425).

1.2.4. , , . , , , , . 10

, .

1.3 , . , . , , . , , .

1.3.1 .2190/1920, 42 , , , . : , , , , , , , , , . : , , (, , ) , . , , . , ( ), 11

( ) ( ) ( ) , . , . ( ), .

, . , . - , . , , , , , , . , , (Eisen, 1997 : 221-224). , - - , - (Stice, 1999 : 300-304). , . : (, 2004 : 284). . . 12

() ( ) , ,

,

1.3.2 , . , . . . .

1.3.3

( ). , , , , , . , . , , , , , (Glautier Underdown, 1997 : 426-428)., , 13

. . 2190/1920, 43 . ; 1. (first in- first out) 2. ( last in-first out) . LIFO (Last In, First Out), ( ) . FIFO (First In, First Out), . , LIFO, , () FIFO ( - , 2001 : 320). 1

, LIFO. : . . . - , , . , LIFO , (Pizzey, 1998 : 42). . LIFO, , . . LIFO . LIFO .

1

186/1992 , . 3336/2005, 28, , 84 /26-5-92 263 /23-12-04. .

14

: LIFO FIFO. , FIFO . LIFO ( FIFO), LIFO . , . , (.. ). , . LIFO. , , , . , , .

1.3.4

( )

. , . , . , , 15

. , . .

. (. , .) . , , . , . , ( ) . , (Weygant , 1999, : 326-332). , (, 1996 : 197-205). , . ( , , ), ( - ), (Anthony., 2003:122). , , . , 16

. , , (Warren, 2005 : 280-290). . , . , , , . , ( ) . ( ), . , : ( , 2005).

1.3.5 ( ) . , . . : : , , , , (Horngren Sundem, 1990: 233). , . , , . (Baker .., 1996: 67-70). . , ( ). , 17

. . , ( , 1985: 191-192). . (.. , ) (.. ). , . . (Meigs Meigs, 1998: 174-204). . : . . ; , , , (Beams . . 2000: 487496). ( ) . , , ( , 2004: 38). , . . , . , , : , . ( ) . 18

. , . , , , (, 2000: 263-264). , : (1) (2) . . ( ) . . , ( ), . ( ), (Equity) . , . , , .

19

2

20

2.1 LAMDA DEVELOPMENT A.E. 2006, LAMDA Development

LAMDA

Development

. .., , , , . . .. 1977 (... 3311/15.11.77), (50) - 2027, . (...) 3039/04//86/1' 1952. LAMDA Development, , ,

. The Mall Athens Mediterranean Cosmos , IBC , . 2006 2007. 2008 LAMDA Development ). Golden Hall (

LAMDA Development 25% 2007. 6,94 . H

. H

21

logistics . LAMDA Development Golden Hall

. , 31.12.2008 5% , 9 11 .3556/2007, 2: :

(he Mall Athens Mediterranean Cosmos ) 147.000 .., , .

LAMDA Development , LAMDA .

5% , . LAMDA (2005-2007)

Development, 148%, 2008 . LAMDA Development , , 70%. 2008, LAMDA Development ,

Development 2000 . . , 2006. . . , ,

22

. , , EPRA/NAREIT, , . 1:

,

, 2008.

. LAMDA Development , . 11,7% , 2009.

: Capital.gr,

,

(malls, outlets, big boxes), , u954

(2006-2008)

, (

. , ,

, , ), .

23

2.2 .. - ..

.

,

. .. 2283/01//862282. 50 , 2024. .. 30 2001 . 34 30

, , . 1974, 30 ,

500.000 .. , , , 2008 . 4,50 .

, , ATRINA, AGORA, POLIS, DELFI CORNER, ATRIUM, MONUMENTAL PLAZA . .... .. 500.000 2. 25 1983, .. ..),

- .. 1974 ( 64/01.02.1974), .. . . 23.08.1999 ( 8134/11.10.99). . 340

& (.... . 1983. 01.01.2000

24

. . 3016 ( 110/17.05.2002) . , , ,

.. & .. 3. .. 4. ALTECO A.E. 5. .... 6. INTERNATIONAL PALACE .. .. , 10%,

. 2001,

.. 21 . .

.. - .. ,

10 .

4: 11.884.000

, .

35,03 %

.. : 2. - 1. ..

21.768.400

64,16 %

277.600

0,82 %

25

33.930.000

100,00 %

(NAV/share)

26,6% 14,66 2007. 12,06 22,8% 2007. 2007 . () 83,4 . ( . & ) 5 . 2007 . 2006 2008. 2007, 2008, . 2: : Capital.gr, ,

(2006-2008) ,

( ), , , . ,

, 2008.

. .

26

,

2008 13 . , .., 2006 14 17 2007, 2008 24 . 3: LAMDA Development .. . .

, . , . , 13.000 .. H 94%

Village Roadshow Media Markt. , .

2.3

: Capital.gr (2007),LAMDA Development .. .., LAMDA Development .. ..

Lamda Development .. .. . Lamda Development .., , 2006 6 11 2007,

( , , ) . Real Estate.

27

Real Estate: , . 3. (REAL ESTATE) Property Market 3.1 Real Estate . , . , , . real estate . ... 1998-1999, , 2000. , . real estate . , , , , , , , . , 2004. ,

28

. , , , real estate , . , . , . . . , . , . (MIG), . (), . (), .

3.2 Real Estate Real Estate property market , , . R.E , . 3.3 3.3.1 . , (, 2001). 948 , , , 953 ..

29

, . 0.

3.3.2 . , (, 2001). = + + + = + , , , , . . (3741/29) (1024/71) . . . . :

30