Financial Statements

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Audited 2015 Consolidated FS with notes PDF H1 2016 Consolidated FS with notes PDF
Balance SheetXLSXPDF Cashflow StatementXLSXPDF
Income StatementXLSXPDF Changes in EquityXLSXPDF

Balance Sheet

 2015201420132012
     
Cash and banks balances    
Cash on hand54,09858,49159,685152,341
Checks under collection6,197,92626,844,731- 
Current accounts11,896,26715,225,94310,283,70525,748,231
Short term deposits 118,061,067 116,576,029 166,372,295 135,668,777
Cash and banks balances136,209,358 158,705,194 176,715,685 161,569,349
     
Prepayments and other debit balances    
Advance payments to contractors1,662,2113,783,4842,228,86011,053,854
Advances to employees2,665,2452,772,7212,106,1373,746,761
Accrued interest income24,367,90518,945,20023,263,14221,504,883
Prepaid expenses7,237,5787,018,9166,389,4477,597,708
Deferred tax assets3,112,5001,612,5002,899,9191,612,500
Due from associates, joint ventures and related parties4,065,3534,796,8539,179,8463,538,929
Other debit balances, (net)8,742,3454,331,368 6,377,685 6,853,638
Prepayments and other debit balances51,853,137 43,261,042 52,445,036 55,908,273
     
Accounts and notes receivables, net    
Notes receivable604,952,289594,143,809354,634,917487,366,725
Accounts receivable5,492,3808,073,367106,834,673115,990,246
Reserve account receivable from BCD 1 Fund7,350,5797,350,5793,803,007 
Deferred charges from securitization of notes4,928,4694,928,4692,846,993 
Receivables from tenants52,717,44348,552,55247,251,92538,732,156
less: unearned interest(97,571,393)(103,298,752)(64,133,259)(79,899,551)
less: provision for problematic receivables(100,659,973)(7,459,230)(16,042,021)(16,459,230)
less: provision for collectively assessed receivables(11,000,000)                   -                   -                   -
Accounts and notes receivables, net466,209,794552,290,794435,196,235545,730,346
     
Investment in asset-backed securities    
Loans and receivables:    
Class A14,321,30317,607,55325,440,676 
Class B45,000,00045,000,00045,000,000 
Held-to-Maturity:    
Class C10,160,45010,160,45010,160,450 
Investment in asset-backed securities69,481,753 72,768,003 80,601,126 -
     
Inventory of land and projects in progress    
Land and land development works    
Acquired properties970,823,554970,823,554970,693,556967,201,064
Pre-acquisition costs9,412,8029,412,8029,412,8029,412,802
Infrastructure costs850,798,097823,244,074814,431,299799,223,411
Eviction costs260,351,968260,351,968260,351,968260,242,988
Capitalized costs94,631,15589,103,52381,012,33079,147,542
less cost of land sold, net(1,010,618,148)(1,004,230,247)(977,525,312)(959,034,812)
less cost of land transferred to real estate development projects(153,580,873)(152,506,077)(152,506,077)(127,805,734)
less cost of infrastructure transferred to real estate dev. Projects(6,353,121)(6,353,121)(6,353,121)(6,353,121)
Land and land development works, net1,015,465,434989,846,476999,517,4451,022,034,140
Real estate development projects    
Construction and rehabilitation of buildings762,552,783744,533,989724,194,853657,430,864
Cost of land153,580,873152,506,077152,506,077127,805,734
less cost transferred to investment properties, net(723,504,422)(684,785,918)(658,718,782)(525,198,681)
less cost transferred to fixed assets(29,815,565)(29,659,018)(29,659,018)(29,659,018)
less cost of real estate sold(44,164,255)(44,164,255)(44,164,255)(44,164,255)
Real estate development projects, net118,649,414138,430,875144,158,875186,214,644
Inventory of land and projects in progress1,134,114,848 1,128,277,351 1,143,676,320 1,208,248,784
     
Investment properties, net    
Land115,724,562115,201,952114,682,75790,527,308
Buildings523,529,395497,868,486473,335,326361,115,221
less acc. dep.(66,967,180)(57,912,702)(48,739,235)(41,648,136)
Other assets36,384,71736,588,66136,309,10935,563,136
less acc. dep.(15,234,719)(12,885,494)(10,907,615)(8,919,167)
Investment properties, net593,436,775 578,860,903 564,680,342 436,638,362
     
Investment in associates and joint ventures    
Solidere International Limited    
Total Assets1,049,547,675988,495,468898,012,522871,851,534
Total Liabilities(47,008,418)(47,824,752)(23,892,942)(9,417,279)
Non-controlling interest(62,462,808)(60,857,169)(58,752,401)(55,834,658)
Net Assets940,076,449879,813,547815,367,179806,599,597
Group's share of net assets367,081,992343,550,472318,385,391314,961,818
Foreign Currency Translation reserve(122,453)58,94693,068-
Group's share of results23,653,91325,106,1353,330,5053,270,647
     
Beirut Waterfront Development    
Total Assets197,465,224213,038,606211,088,560189,705,226
Total Liabilities(189,820,881)(222,887,699)(208,604,523)(181,410,001)
Non-controlling interest----
Net Assets7,644,343(9,849,093)2,484,0378,295,225
Group's share of net assets3,822,172(4,924,547)1,242,0204,147,614
Group's share of results3,630,3916,166,565(2,905,594)(806,202)
Long term loan to Beirut Waterfront Development S.A.L.36,540,000 36,540,000 36,540,000 36,540,000
     
Other associates and joint ventures (BCD Cinemas S.A.L., Beirut Real Estate Management and Services S.A.L., ASB - Downtown S.A.L.)    
Total Assets9,836,4719,699,0172,662,400777,503
Total Liabilities(9,387,958)(10,386,494)(2,886,916)(675,297)
Non-controlling interest----
Net Assets448,513(687,477)(224,516)102,206
Group's share of net assets188,154(265,502)(80,434)45,488
Acquisitions--4,877-
Group's share of results594,918185,070(130,799)92,136
     
Total investment in associates and joint ventures407,632,317 374,900,423 356,086,977 355,694,920
     
Fixed assets, net    
Land6,172,2386,172,2386,172,2386,172,238
Buildings36,891,35429,135,25329,105,92028,832,647
less acc. dep.(10,823,857)(9,068,219)(8,497,781)(5,948,247)
Marina7,866,6247,866,6247,866,6247,866,624
less acc. dep.(1,494,239)(1,336,782)(1,179,325)(1,021,868)
Furniture and fixtures10,088,80810,307,26910,632,43110,479,080
less acc. dep.(5,052,191)(4,753,252)(4,154,518)(3,515,355)
Freehold improvements25,079,72324,315,73727,541,48029,629,053
less acc. dep.(10,361,182)(9,022,376)(6,601,945)(5,597,170)
Machines and equipment37,465,25937,059,66337,350,78037,218,205
less acc. dep.(36,715,733)(35,653,423)(34,156,342)(32,299,822)
Advances on Fixed Assets(554,678)          -16,332261,935
Fixed assets, net58,562,126 55,022,732 64,095,894 72,077,320
     
TOTAL ASSETS$2,917,500,108 $2,964,086,442 $2,873,497,615 $2,835,867,354
     
     
Bank overdrafts, short and medium term facilities    
Bank overdrafts245,045,868237,576,702229,792,642173,019,660
Short term facilities310,997,094310,998,348275,019,035350,004,033
Medium term facilities                   -                     -  47,999,729 109,999,718
Bank overdrafts, short and medium term facilities556,042,962 548,575,050 552,811,406 633,023,411
     
Accounts payable and other liabilities    
Accounts payable42,603,55339,316,77650,701,18154,124,037
Accrued charges and other credit balances18,199,22416,574,27715,620,30413,473,270
Taxes payable21,303,39334,172,84524,964,21013,324,858
Provision for end-of-service indemnity    
Balance - Beginning of the year12,118,28815,300,22015,144,79712,908,640
Additions3,130,563819,528830,0362,343,146
Settlements(1,265,237)(525,917)(674,613)(106,989)
Write-back                -(3,475,544)                -                -
Provision for end-of-service indemnity13,983,61412,118,28715,300,22015,144,797
Provision for contingencies13,727,2347,086,4106,286,4109,886,410
Due to a joint venture8,473182,896178,70182,491
Loan from a joint venture94,16494,16497,535-
Accrued interest payable1,702,0481,945,6941,762,9161,310,528
Accounts payable and other liabilities111,621,702 111,491,349 114,911,477 107,346,391
     
Dividends payable61,245,10763,681,03266,485,37578,776,194
     
Deferred revenue and other credit balances    
Cash down payments and commitments on sale contracts42,714,60311,121,1873,264,4953,250,387
Deferred rental revenue and related deposits19,124,70020,945,09921,659,05728,348,889
Unrealized gain on sale of properties to a joint venture10,750,00010,750,00010,750,00010,750,000
Deferred interest revenue on a loan to a joint venture26,138,70022,850,10019,561,50016,272,900
Deferred revenue and other credit balances98,728,003 65,666,386 55,235,052 58,622,176
     
Term bank loans132,371,974 110,080,567 133,224,943 49,943,056
     
TOTAL LIABILITIES $960,009,748 $899,494,384 $922,668,253 $927,711,228
     
     
Issued capital at par value US$10 per share:    
100,000,000 class (A) shares1,000,000,0001,000,000,0001,000,000,0001,000,000,000
65,000,000 class (B) shares650,000,000650,000,000650,000,000650,000,000
 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
Legal reserve164,070,347164,070,347154,380,009150,411,796
Retained earnings197,408,966337,497,132234,569,452195,601,151
Cumulative foreign currency translation reserve(440,731)(318,337)(377,283)(470,351)
Deficit on treasury shares' activity(21,382,494)(2,446,798)(2,446,798)(2,446,798)
Less: Treasury shares(32,165,728)(84,210,286)(84,210,286)(84,210,286)
Total equity attributable to the owners of the parent1,957,490,360 2,064,592,058 1,951,915,094 1,908,885,512
Non-Controlling interest                       -                       -    (1,085,732)       (729,386)
     
TOTAL EQUITY$1,957,490,360$2,064,592,058$1,950,829,362$1,908,156,126
     
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,917,500,108$2,964,086,442$2,873,497,615$2,835,867,354

Income Statement

 2015201420132012
     
Revenues from land sales26,801,762169,473,80694,890,67349,580,377
Revenues from rented properties56,972,87961,478,04254,877,83954,320,884
Revenues from rendered services:    
Services rendered to a related party, an associate and a joint venture914,480682,5512,441,5812,908,095
Services rendered to clients2,155,6361,504,3071,587,0151,052,861
Broadband Network revenues3,916,6633,888,8714,007,9552,560,806
Revenues from hospitality539,8641,987,4004,453,1196,593,970
Cost of land sales(6,987,900)(28,417,648)(18,660,599)(7,122,763)
Charges on rented properties:    
Depreciation(12,891,130)(11,482,319)(9,095,935)(9,160,779)
Property taxes(7,588,870)(6,867,500)(6,652,760)(6,383,320)
Maintenance and other(5,218,051)(7,141,540)(5,691,730)(9,506,532)
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)(2,908,095)
Cost of services rendered to clients(1,576,816)(1,550,445)(1,277,781)(1,090,421)
Broadbank Network cost of services rendered(3,099,322)(2,977,240)(2,679,948)(3,237,268)
Cost of hospitality(841,126)(3,804,210)(7,199,885)(10,590,675)
Gain on sale and disposal of investment properties3,177,153 4,504,635 4,234,383 4,376,528
Net revenues from operations55,360,742180,596,159112,792,34671,393,668
Share Result of associates and joint ventures27,879,22218,754,500294,1122,556,581
General and administrative expenses:    
Salaries, benefits, and related charges(25,578,130)(27,110,690)(23,961,365)(21,719,797)
BoD remuneration(300,000)-(300,000)(285,417)
Administrative expenses(7,996,177)(7,201,737)(6,649,731)(14,709,684)
Depreciation of fixed assets(4,482,266)(5,821,948)(6,567,904)(8,128,507)
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(4,778,425)(3,188,017)(1,306,950)-
Loss on rescheduled receivables(2,553,157)(5,925,711)--
Provision for contingencies(7,562,022)(800,000)(2,300,000)(7,986,410)
Provision for impairment of fixed assets(1,149,677)(3,927,655)(3,000,000)-
Provision for impairment(104,200,743)---
Provision for impairment of other debit balances-(2,100,000)(2,000,000)-
Other expense(771,658)(352,769)(3,803,874)(233,883)
Other income4,663,240700,273827,706552,155
Taxes, fees and stamps(540,869)(596,438)(2,333,352)(3,815,872)
Interest income    
Interest income from receivables12,721,76013,963,7089,102,27324,473,575
Interest income from banks4,634,3415,724,8977,605,5165,779,515
Interest income from asset-backed securities1,990,6051,029,0012,211,768-
Interest derecognized on asset-backed securities-(1,024,215)--
Interest expense from banks(34,840,738)(34,046,101)(31,716,707)(27,147,580)
Loss on exchange(991,970)(1,125,424)(962,094)(1,171,389)
Profit before tax(88,495,922)131,023,37748,348,95319,556,955
Income tax benefit/(expense)1,283,167 (17,319,627)(5,768,785)(2,322,812)
Profit for the year(87,212,755)113,703,75042,580,16817,234,143
Basic/diluted earnings per share(0.5300)0.71000.26590.1085
     
Attributable to:    
Equity owners of the parent(87,212,755)113,703,75042,936,51417,649,553
Non-controlling interest                   -                    - (356,346)(415,410)
     
Profit for the year(87,212,755)113,703,75042,580,16817,234,143

Cashflow Statement

 2015201420132012
     
Cash flows used in operating activities:    
     
Profit for the year before income tax(88,495,922)131,023,37748,348,95319,556,955
Adjustments to reconcile profit to net cash    
used in operating actvities:    
Depreciation of fixed assets4,482,2665,821,9486,567,9048,128,507
Depreciation of investment properties12,891,13011,482,3199,095,9359,160,779
Gain on sale of investment properties(3,177,153)(4,504,635)(4,234,383)(4,376,528)
Loss on sale of fixed assets370,178158,838441,154526
Provision for end-of-service net indemnity3,130,563819,528830,0362,343,146
Provision for contingencies7,562,022800,0002,300,0007,986,410
Provision for impairment of fixed assets1,149,6773,927,6553,000,000 
Additional tax assessment---2,500,000
Write-back of provision for end-of-service indemnity-(3,475,544)--
Write-back of provision for receivables--(417,209)-
Provision for impairment104,200,743---
Provision for impairment of other debit balances-2,100,000               2,000,000-
Write-off of receivables4,778,4253,188,0171,306,950-
Loss on rescheduled receivables2,553,1575,925,711--
Share of result of associates and joint ventures(27,879,222)(18,754,500)(294,112)(2,556,581)
Write-off of hospitality projects' costs--1,026,435-
Interest income from receivables(12,721,760)(13,963,708)(9,102,273)(24,473,575)
Interest income from banks(4,634,341)(5,724,897)(7,605,516)(5,779,515)
Interest income from asset-backed securities(1,990,605)(1,029,001)(2,211,768)-
Interest derecognized on asset-backed securities-1,024,215--
Interest expense34,840,73834,046,10131,716,70727,147,580
Interest expense allocated to land and projects in progress1,761,3631,093,9292,920,1633,018,107
     
Changes in Working Capital    
Prepayments and other debit balances(3,277,094)17,202,94913,465,1569,132,596
Accounts and notes receivable(25,451,325)(123,820,895)110,951,320(1,410,686)
Inventory of land and projects in progress(44,712,547)(11,762,097)(71,923,035)(82,963,423)
Accounts payable and other liabilities6,819,250(14,768,052)(773,839)(14,158,818)
Deferred revenues and other credit balances33,061,6177,029,859(6,675,724)5,256,996
Interest received13,924,00010,588,5197,928,08813,681,107
Income tax paid(15,746,906)(6,061,382)(2,322,812)(24,691,842)
     
Net cash provided by/(used in) operating activities3,438,25432,368,254136,338,130(52,498,259)
     
Cash flows provided by/(used in) investing activities:    
     
Investment in asset-backed securities3,286,2507,833,123(80,601,126)-
Short term deposits-2,000,000(2,000,000)1,353,808
Acquisition of fixed assets(870,504)(1,031,420)(2,404,854)(8,459,700)
Acquisition of investment properties(391,876)(1,507,148)(5,959,429)(1,785,207)
Proceeds from sale of investment properties5,590,5326,416,0406,575,9986,129,001
Proceeds from sale of fixed assets715,535196,141377,2221,153,929
Investment in associates and joint ventures(4,975,125)            -(4,877)6,444,057
     
Net cash provided by/(used in) investing activities3,354,81213,906,736(84,017,066)4,835,888
     
Cash flows used in financing activities:    
     
Term bank loans22,291,407(23,144,375)83,281,887(56,944)
Dividends paid(22,202,474)(2,804,343)(12,290,819)(44,735,908)
Treasury Shares---(4,652,007)
Interest Paid(36,845,747)(32,100,407)(29,953,791)(25,837,052)
Short term facilities(1,254)(12,020,416)(136,984,987)40,741,321
     
Net cash used in financing activities(36,758,068)(70,069,541)(95,947,710)(34,540,590)
     
Net change in cash and cash equivalents(29,965,002)(23,794,551)(43,626,646)(82,202,961)
Cash and cash equivalents - Beginning of the year(78,871,508)(55,076,957)(11,450,311)70,752,650
     
Cash and cash equivalents - End of the year(108,836,510)(78,871,508)(55,076,957)(11,450,311)

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$
Surplus on
Treasury Shares'
Activity US$
Treasury Shares
US$
Total
US$
Non Controlling Interest
US$
Total
US$
Balance at December 31, 2011 (Restated)1,650,000,000148,210,183262,214,066(295,169)10,166,079(134,915,772)1,935,379,387(313,976)1,935,065,411
          
Allocation to legal reserve from 2012 profit-2,201,613(2,201,613)------
Total comprehensive income--17,649,553(175,182)--17,474,371(415,410)17,058,961
Dividends--(82,060,855)-(12,612,877)50,705,486(43,968,246) (43,968,246)
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