Financial Statements

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Audited 2017 Consolidated FS with notes PDF Highlights on 2017 Provisions and ResultsPDF
Balance SheetXLSXPDF Cashflow StatementXLSXPDF
Income StatementXLSXPDF Changes in EquityXLSXPDF
Previous Audited Consolidated Financial Statements with notes2016 [PDF] 2015 [PDF]2014 [PDF] 2013 [PDF]

Balance Sheet

 20172016201520142013
Cash and banks balances     
Cash on hand74,32064,46754,09858,49159,685
Checks under collection07,622,1046,197,92626,844,731-
Current accounts9,681,50611,197,03211,896,26715,225,94310,283,705
Short term deposits30,432,761 92,922,914 118,061,067 116,576,029 166,372,295
Cash and banks balances40,188,587 111,806,517 136,209,358 158,705,194 176,715,685
      
Prepayments and other debit balances     
Advance payments to contractors9,589,1631,251,6931,662,2113,783,4842,228,860
Advances to employees1,481,2781,443,6282,665,2452,772,7212,106,137
Accrued interest income24,088,51621,502,58824,367,90518,945,20023,263,142
Prepaid expenses7,612,7667,211,3757,237,5787,018,9166,389,447
Deferred tax assets6,012,5001,612,5003,112,5001,612,5002,899,919
Due from associates, joint ventures and related parties1,270,3472,323,5394,065,3534,796,8539,179,846
Other debit balances, (net)10,160,091 4,728,822 8,742,345 4,331,368 6,377,685
Prepayments and other debit balances60,214,661 40,074,145 51,853,137 43,261,042 52,445,036
      
Accounts and notes receivables, net     
Notes receivable542,608,904646,481,645604,952,289594,143,809354,634,917
Accounts receivable4,543,8904,538,9175,492,3808,073,367106,834,673
Reserve account receivable from BCD 1 Fund1,669,6573,175,7157,350,5797,350,5793,803,007
Deferred charges from securitization of notes10,785,8869,279,8314,928,4694,928,4692,846,993
Receivable from tenants55,099,61455,511,81752,717,44348,552,55247,251,925
less: unearned interest(92,512,336)(119,467,402)(97,571,393)(103,298,752)(64,133,259)
less: provision for problematic receivables(128,205,944)(69,191,759)(100,659,973)(7,459,230)(16,042,021)
less: provision for collectively assessed receivables(30,314,000)(21,000,000)(11,000,000)--
Accounts and notes receivables, net363,675,671 509,328,764 466,209,794 552,290,794 435,196,235
      
Investment in asset-backed securities     
Loans and receivables:     
Class A--14,321,30317,607,55325,440,676
Class B22,573,84535,203,52545,000,00045,000,00045,000,000
Held-to-Maturity:     
Class C10,160,45010,160,45010,160,45010,160,45010,160,450
Provision for impairment (8,990,000) - - - -
Investment in asset-backed securities23,744,295 45,363,975 69,481,753 72,768,003 80,601,126
      
Inventory of land and projects in progress     
Land and land development works     
Acquired properties970,823,554970,823,554970,823,554970,823,554970,693,556
Pre-acquisition costs9,412,8029,412,8029,412,8029,412,8029,412,802
Infrastructure costs916,377,447877,070,669850,798,097823,244,074814,431,299
Eviction costs260,351,968260,351,968260,351,968260,351,968260,351,968
Capitalized costs105,559,95899,886,61394,631,15589,103,52381,012,330
less cost of land sold, net(1,049,594,744)(1,049,577,257)(1,010,618,148)(1,004,230,247)(977,525,312)
less cost of land transferred to real estate development projects(176,019,718)(176,019,718)(153,580,873)(152,506,077)(152,506,077)
less cost of infrastructure transferred to real estate dev. Projects(6,353,121)(6,353,121)(6,353,121)(6,353,121)(6,353,121)
Land and land development works, net1,030,558,146985,595,5101,015,465,434989,846,476999,517,445
Real estate development projects     
Construction and rehabilitation of buildings779,301,017759,626,950762,552,783744,533,989724,194,853
Cost of land176,019,718176,019,718153,580,873152,506,077152,506,077
less cost transferred to investment properties, net(754,965,156)(754,965,156)(723,504,422)(684,785,918)(658,718,782)
less cost transferred to fixed assets(30,237,375)(30,237,375)(29,815,565)(29,659,018)(29,659,018)
less cost of real estate sold(44,164,255)(44,164,255)(44,164,255)(44,164,255)(44,164,255)
Real estate development projects, net125,953,949106,279,882118,649,414138,430,875 144,158,875
Inventory of land and projects in progress1,156,512,095 1,091,875,392 1,134,114,848 1,128,277,351 1,143,676,320
      
Investment properties, net     
Land114,845,991115,179,450115,724,562115,201,952114,682,757
Buildings557,153,323554,174,871523,529,395497,868,486473,335,326
less acc. dep.(92,326,439)(81,393,960)(66,967,180)(57,912,702)(48,739,235)
Other assets36,683,14636,191,55536,384,71736,588,66136,309,109
less acc. dep.(20,381,828)(17,730,179)(15,234,719)(12,885,494)(10,907,615)
Investment properties, net595,974,193 606,421,737 593,436,775 578,860,903 564,680,342
      
Investment in associates and joint ventures     
Solidere International Limited     
Total Assets1,101,210,1921,086,381,2331,049,547,675988,495,468898,012,522
Total Liabilities(40,135,299)(46,998,009)(47,008,418)(47,824,752)(23,892,942)
Non-controlling interest(62,975,155)(62,825,202)(62,462,808)(60,857,169)(58,752,401)
Net Assets998,099,738976,558,022940,076,449879,813,547815,367,179
Group's share of net assets390,387,023381,961,406367,081,992343,550,472318,385,391
Foreign Currency Translation reserve306,24168,022(122,453)58,94693,068
Group's share of results8,117,34014,097,12123,653,91325,106,1353,330,505
      
Beirut Waterfront Development     
Total Assets184,148,847191,086,604197,465,224213,038,606211,088,560
Total Liabilities(200,147,331)(193,863,626)(189,820,881)(222,887,699)(208,604,523)
Non-controlling interest-----
Net Assets(15,998,484)(2,777,022)7,644,343(9,849,093)2,484,037
Group's share of net assets(7,999,242)(1,388,511)3,822,172(4,924,547)1,242,020
Group's share of results(6,610,731)(5,210,683)3,630,3916,166,565(2,905,594)
Long term loan to Beirut Waterfront Development S.A.L.36,540,000 36,540,000 36,540,000 36,540,000 36,540,000
      
Other associates and joint ventures     
Total Assets7,262,1478,709,1969,836,4719,699,0172,662,400
Total Liabilities(4,468,593)(6,729,709)(9,387,958)(10,386,494)(2,886,916)
Non-controlling interest-----
Net Assets2,793,5541,979,487448,513(687,477)(224,516)
Group's share of net assets1,117,422916,694188,154(265,502)(80,434)
Acquisitions----4,877
Group's share of results419,419728,541594,918185,070(130,799)
      
Total investment in associates and joint ventures420,767,858 418,029,589 407,632,317 374,900,423 356,086,977
      
Fixed assets, net     
Land5,856,8696,172,2386,172,2386,172,2386,172,238
Buildings36,114,82536,361,89836,891,35429,135,25329,105,920
less acc. dep.(12,273,789)(11,356,999)(10,823,857)(9,068,219)(8,497,781)
Marina7,974,6247,866,6247,866,6247,866,6247,866,624
less acc. dep.(1,803,075)(1,652,364)(1,494,239)(1,336,782)(1,179,325)
Furniture and fixtures9,527,9169,922,38510,088,80810,307,26910,632,431
less acc. dep.(5,639,656)(5,498,907)(5,052,191)(4,753,252)(4,154,518)
Freehold improvements21,999,62924,173,19825,079,72324,315,73727,541,480
less acc. dep.(10,430,662)(10,483,502)(10,361,182)(9,022,376)(6,601,945)
Machines and equipment37,762,60637,562,86937,465,25937,059,66337,350,780
less acc. dep.(37,885,194)(37,210,970)(36,715,733)(35,653,423)(34,156,342)
Advances on Fixed Assets(554,072)(552,878)(554,678)-16,332
Fixed assets, net50,650,021 55,303,592 58,562,126 55,022,732 64,095,894
      
TOTAL ASSETS$2,711,727,381$2,878,203,711$2,917,500,108$2,964,086,442 $2,873,497,615
      
      
Bank overdrafts, short and medium term facilities     
Bank overdrafts83,725,62862,762,330245,045,868237,576,702229,792,642
Short term facilities147,000,000247,000,000310,997,094310,998,348275,019,035
Medium term facilities----47,999,729
Bank overdrafts, short and medium term facilities230,725,628 309,762,330 556,042,962 548,575,050 552,811,406
      
Accounts payable and other liabilities     
Accounts payable48,363,12733,093,46742,603,55339,316,77650,701,181
Accrued charges and other credit balances41,874,82917,580,85018,199,22416,574,27715,620,304
Taxes payable28,330,22035,326,22621,303,39334,172,84524,964,210
Provision for end-of-service indemnity     
Balance - Beginning of the year13,722,19013,983,61412,118,28815,300,22015,144,797
Additions1,307,1233,040,2403,130,563819,528830,036
Settlements(1,034,972)(930,675)(1,265,238)(525,917)(674,613)
Write-back(926,186)(1,949,023)-(3,475,544)-
Transfer to provision contingencies-(421,966)---
Provision for end-of-service indemnity13,068,15513,722,19013,983,61312,118,28715,300,220
Provision for contingencies27,811,43526,093,14913,727,2347,086,4106,286,410
Due to related parties1,730,8641,846,6908,473182,896178,701
Loan to a joint venture-94,16494,16494,16497,535
Accrued interest payable1,307,3271,381,9741,702,0481,945,6941,762,916
Accounts payable and other liabilities162,485,957 129,138,710 111,621,702 111,491,349 114,911,477
      
Dividends payable60,296,49164,458,14861,245,10763,681,03266,485,375
      
Deferred revenue and other credit balances     
Cash down payments and commitments on sale contracts3,043,6433,024,02842,714,60311,121,1873,264,495
Deferred rental revenue and related deposits13,661,70417,101,33619,124,70020,945,09921,659,057
Unrealized gain on sale of properties to a joint venture10,750,00010,750,00010,750,00010,750,00010,750,000
Deferred interest revenue on a loan to a joint venture32,715,90029,427,30026,138,70022,850,10019,561,500
Deferred revenue and other credit balances60,171,247 60,302,664 98,728,003 65,666,386 55,235,052
      
Loans from banks and financial institutions298,176,170 298,608,456 132,371,974 110,080,567 133,224,943
      
TOTAL LIABILITIES$811,855,493$862,270,308$960,009,748$899,494,384$922,668,253
      
      
Issued capital at par value US$10 per share:     
100,000,000 class (A) shares1,000,000,0001,000,000,0001,000,000,0001,000,000,0001,000,000,000
65,000,000 class (B) shares650,000,000650,000,000650,000,000650,000,000650,000,000
 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
Legal reserve170,466,705170,435,346164,070,347164,070,347154,380,009
Retained earnings79,471,651230,926,613197,408,966337,497,132234,569,452
Cumulative foreign currency translation reserve(66,468)(372,709)(440,731)(318,337)(377,283)
Deficit on treasury shares' activity0(35,055,847)(21,382,494)(2,446,798)(2,446,798)
Less: Treasury shares--(32,165,728)(84,210,286)(84,210,286)
Total equity attributable to the owners of the parent1,899,871,888 2,015,933,403 1,957,490,360 2,064,592,058 1,951,915,094
Non-Controlling interest ----(1,085,732)
      
TOTAL EQUITY$1,899,871,888$2,015,933,403$1,957,490,360$2,064,592,058$1,950,829,362
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,711,727,381 $2,878,203,711 $2,917,500,108 $2,964,086,442 $2,873,497,615

Income Statement

 20172016201520142013
      
Revenues from land sales             94,500   203,259,282     26,801,762   169,473,806     94,890,673
Revenues from rented properties59,926,75056,447,311     56,972,879     61,478,04254,877,839
Revenues from rendered services:     
Services rendered to a related party, an associate and a joint venture                         -                         -           914,480           682,551       2,441,581
Services rendered to clients       2,562,914       1,931,000       2,155,636       1,504,307       1,587,015
Broadband Network revenues       4,876,191       4,589,544       3,916,663       3,888,871       4,007,955
Revenues from hospitality           239,386           351,312           539,864       1,987,400       4,453,119
Total revenues     67,699,741   266,578,449     91,301,284   239,014,977   162,258,182
Cost of land sales-17487(44,242,109)(6,387,900)(28,417,648)(18,660,599)
Charges on rented properties:     
Depreciation(13,704,546)(17,167,013)(12,891,130)(11,482,319)(9,095,935)
Property taxes(5,558,530)(6,532,111)(7,588,870)(6,867,500)(6,652,760)
Maintenance and other(7,796,025)(7,778,677)(5,218,051)(7,141,540)(5,691,730)
Cost of rendered services:     
Cost of services rendered to a related party, an associate and a joint venture                         -                         -(914,480)(682,551)(2,441,581)
Cost of services rendered to clients(307,969)(624,469)(1,576,816)(1,550,445)(1,277,781)
Broadbank Network cost of services rendered(3,719,461)(3,038,673)(3,099,322)(2,977,240)(2,679,948)
Cost of hospitality(295,317)(438,748)(841,126)(3,804,210)(7,199,885)
Total cost of revenues(31,399,335)(79,821,800)(38,517,695)(62,923,453)(53,700,219)
Gain on sale and disposal of investment properties3,834,1952,154,9373,177,1534,504,6354,234,383
Net revenues from operations40,134,601188,911,58655,960,742180,596,159112,792,346
Share Result of associates and joint ventures1,926,0289,614,97927,879,22218,754,500294,112
General and administrative expenses:     
Salaries, benefits, and related charges(21,903,202)(21,819,447)(25,578,130)(27,110,690)(23,961,365)
Termination indemnities(4,343,441)(5,222,708)   
BoD remuneration(300,000)(300,000)(300,000)-(300,000)
Administrative expenses(8,590,489)(7,486,323)(8,596,177)(7,201,737)(6,649,731)
Depreciation of fixed assets(3,284,131)(4,096,552)(4,482,266)(5,821,948)(6,567,904)
Write-back of provisions for receivable, net-- - -417,209
Write-back of provision for end-of-service indemnity---3,475,544-
Write-off of receivables(14,472,573)(1,567,308)(4,778,425)(3,188,017)(1,306,950)
Loss on rescheduled receivables(685,432)(16,693,309)(2,553,157)(5,925,711)-
Provision for impairment(79,262,415)(11,546,129)(104,200,743)--
Provision for contingencies(14,250,000)(17,613,949)(7,562,022)(800,000)(2,300,000)
Write-back/(provision) for impairment of fixed assets(360,430)185,420(1,149,677)(3,927,655)(3,000,000)
Provision for impairment of other debit balances---(2,100,000)(2,000,000)
Other expenses(1,879,219)(431,925)(771,658)(352,769)(3,803,874)
Other income302,539430,8424,663,240700,273827,706
Taxes, fees and stamps(643,542)(544,992)(540,869)(596,438)(2,333,352)
Interest income     
Interest income from receivables17,984,24212,976,40612,721,76013,963,7089,102,273
Interest income from banks2,754,8444,702,6524,634,3415,724,8977,605,516
Interest income from asset-backed securities1,428,4011,198,0281,990,6051,029,0012,211,768
Interest derecognized on asset-backed securities---(1,024,215)-
Interest expense from banks(34,057,398)(36,203,197)(34,840,738)(34,046,101)(31,716,707)
Loss on exchange(1,061,380)(1,050,649)(991,970)(1,125,424)(962,094)
(Loss)/Profit before tax(120,562,997)93,443,425(88,495,922)131,023,37748,348,953
Income tax (expense)/benefit4,195,241(18,187,975)1,283,167(17,319,627)(5,768,785)
Profit for the year(116,367,756)75,255,450 (87,212,755)113,703,750 42,580,168
Basic/diluted earnings per share(0.73)0.46(0.53)0.710.2659
      
Attributable to:     
Equity owners of the parent(116,367,756)75,255,450(87,212,755)113,703,75042,936,514
Non-controlling interest----(356,346)
      
(Loss)/Profit for the year(116,367,756)75,255,450 (87,212,755)113,703,750 42,580,168

Cashflow Statement

 20172016201520142013
      
Cash flows from operating activities:     
      
(Loss)/Profit for the year before income tax(120,562,997)93,443,425(88,495,922)131,023,37748,348,953
Adjustments to reconcile profit to net cash     
provided by/(used in) operating actvities:     
Depreciation of fixed assets3,284,1314,096,5524,482,2665,821,9486,567,904
Depreciation of investment properties13,704,54617,167,01312,891,13011,482,3199,095,935
Gain on sale of investment properties(3,834,195)(2,154,937)(3,177,153)(4,504,635)(4,234,383)
Loss on sale of fixed assets945,461394,129370,178158,838441,154
Provision for end-of-service indemnity, net380,9371,091,2173,130,563819,528830,036
Provision for contingencies14,250,00017,613,9497,562,022800,0002,300,000
Provision/(write-back) for impairment of fixed assets360,430(185,420)1,149,6773,927,655       3,000,000
Provision for impairment79,262,41511,546,129104,200,743--
Additional tax assessment-----
Write-back of provision for end-of-service indemnity---(3,475,544)-
Write-back of provision for receivables----(417,209)
Provision for impairment of other debit balances---2,100,000       2,000,000
Write-off of receivables14,472,5731,567,3084,778,4253,188,017       1,306,950
Loss on rescheduled receivables685,43216,693,3092,553,1575,925,711-
Share of result of associates and joint ventures(1,926,028)(9,614,979)(27,879,222)(18,754,500)(294,112)
Write-off of hospitality projects' costs----       1,026,435
Interest income from receivables(17,984,242)(12,976,406)(12,721,760)(13,963,708)(9,102,273)
Interest income from banks(2,754,844)(4,702,652)(4,634,341)(5,724,897)(7,605,516)
Interest income from asset-backed securities(1,428,401)(1,198,028)(1,990,605)(1,029,001)(2,211,768)
Interest derecognized on asset-backed securities---1,024,215-
Interest expense34,057,39836,203,19734,840,73834,046,10131,716,707
Interest expense allocated to land and projects in progress1,952,943389,9861,761,3631,093,9292,920,163
      
Changes in Working Capital     
Prepayments and other debit balances(9,913,655)9,119,519(3,277,094)17,202,94913,465,156
Accounts and notes receivable60,270,340(71,379,587)(25,451,325)(123,820,895)110,951,320
Inventory of land and projects in progress(64,636,703)10,356,912(44,712,547)(11,762,097)(71,923,035)
Accounts payable and other liabilities33,301,887(19,258,106)6,819,250(14,768,052)(773,839)
Deferred revenues and other credit balances(3,420,017)(41,677,312)33,061,6177,029,859(6,675,724)
Interest received19,581,55921,742,40313,924,00010,588,5197,928,088
Income tax paid(16,172,309)-(15,746,906)(6,061,382)(2,322,812)
      
Net cash provided by/(used in) operating activities33,876,66178,277,6213,438,25432,368,254136,338,130
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities12,629,68024,117,7783,286,2507,833,123(80,601,126)
Short term deposits---2,000,000 (2,000,000)
Acquisition of fixed assets(824,603)(1,253,151)(870,504)(1,031,420)(2,404,854)
Acquisition of investment properties(3,997,395)(992,049)(391,876)(1,507,148)(5,959,429)
Proceeds from sale of investment properties5,211,0004,430,9345,590,5326,416,0406,575,998
Proceeds from sale of fixed assets251,740653,045715,535196,141377,222
Investment in associates and joint ventures(506,000)(714,271)(4,975,125)-(4,877)
      
Net cash provided by/(used in) investing activities12,764,42226,242,2863,354,81213,906,736(84,017,066)
      
Cash flows used in financing activities:     
      
Term bank loans(432,286)166,236,48222,291,407(23,144,375)83,281,887
Dividends paid(4,161,657)(13,667,388)(22,202,474)(2,804,343)(12,290,819)
Treasury Shares-----
Interest Paid(34,628,368)(35,211,210)(36,845,747)(32,100,407)(29,953,791)
Short term facilities(100,000,000)(63,997,094)(1,254)(12,020,416)(136,984,987)
      
Net cash used in financing activities(139,222,311)53,360,790(36,758,068)(70,069,541)(95,947,710)
      
Net change in cash and cash equivalents(92,581,228)157,880,697(29,965,002)(23,794,551)(43,626,646)
Cash and cash equivalents - Beginning of the year49,044,187 (108,836,510)(78,871,508)(55,076,957)(11,450,311)
      
Cash and cash equivalents - End of the year(43,537,041)49,044,187 (108,836,510)(78,871,508)(55,076,957)

Changes in Equity

 TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
 Share Capital
US$
Legal Reserve
US$
Retained Earnings
US$
Cumulative Foreign Curreny Translation Reserve
US$
(Deficit)
Surplus on
Treasury Shares'
Activity US$
Treasury Shares
US$
Total
US$
Non Controlling Interest
US$
Total
US$
Balance at December 31, 20121,650,000,000150,411,796195,601,151(470,351)(2,446,798)(84,210,286)1,908,885,512(729,386)1,908,156,126
          
Allocation to legal reserve from 2013 profit-3,968,213(3,968,213)------
Total comprehensive income--42,936,51493,068--43,029,582(356,346)42,673,236
Balance at December 31, 20131,650,000,000154,380,009234,569,452(377,283)(2,446,798)(84,210,286)1,951,915,094(1,085,732)1,950,829,362
          
Allocation to legal reserve from 2014 profit-9,690,338(9,690,338)------
Total comprehensive income--113,703,75058,946--113,762,696-113,762,696
Acquisition of additional stake in consolidated subsidiaries--(1,085,732)---(1,085,732)1,085,732-
Balance at December 31, 20141,650,000,000164,070,347337,497,132(318,337)(2,446,798)(84,210,286)2,064,592,058-2,064,592,058
          
Dividends--(52,875,411)-(18,935,696)52,044,558(19,766,549)-(19,766,549)
Total Comprehensive Loss--(87,212,755)(122,394)--(87,335,149)-(87,335,149)
Balance at December 31, 20151,650,000,000164,070,347197,408,966(440,731)(21,382,494)(32,165,728)1,957,490,360-1,957,490,360
          
Allocation to legal reserve from 2016 profit6,364,999 (6,364,999) ----
Dividends--(35,372,804)-(13,673,353)32,165,728(16,880,429)-(16,880,429)
Total comprehensive income--75,255,45068,022--75,323,472-75,323,472
Balance at December 31, 20161,650,000,000170,435,346230,926,613(372,709)(35,055,847)-2,015,933,403-2,015,933,403
          
Allocation to legal reserve from 2017 profit31,359 (31,359) ----
Transfer to retained earnings--(35,055,847)-35,055,847----
Total comprehensive loss--(116,367,756)306,241--(116,061,515)-(116,061,515)
Balance at December 31, 20171,650,000,000170,466,70579,471,651(66,468)--1,899,871,888-1,899,871,888