Financial Statements

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Audited 2019 Consolidated FS with notesPDF Audited 2019 Separate FSPDF
Balance Sheet (2019)XLSXPDF Cashflow Statement (2019)XLSXPDF
Income Statement (2019)XLSXPDF Changes in Equity (2019)XLSXPDF
Previous Audited Consolidated Financial Statements with notes2018 [PDF] 2017 [PDF] 2016 [PDF]2015 [PDF]

Balance Sheet

 20192018201720162015
Cash and banks balances     
Cash on hand519,43320,28474,32064,46754,098
Checks for collection407,66913,237,344                                -7,622,1046,197,926
Current accounts22,462,9148,252,3679,681,50611,197,03211,896,267
Short term deposits 4,892,398 5,669,800 30,432,761 92,922,914 118,061,067
 28,282,41427,179,79540,188,587111,806,517136,209,358
Less: Allowance for expected credit losses(7,836,689)(157,352)   
Cash and banks balances20,445,725 27,022,443 40,188,587 111,806,517 136,209,358
      
Prepayments and other debit balances     
Advance payments to contractors1494494,110,6039,589,1631,251,6931,662,211
Advances to employees997789624,2701,481,2781,443,6282,665,245
Accrued interest income                                -146,20524,088,51621,502,58824,367,905
Prepaid expenses67702097,174,8967,612,7667,211,3757,237,578
Deferred tax assets18275007,989,5446,012,5001,612,5003,112,500
Due from associates, joint ventures and related parties29461022,008,8821,270,3472,323,5394,065,353
Other debit balances, (net) 5,989,560 31,133,044 10,160,091 4,728,822 8,742,345
Prepayments and other debit balances18,680,609 53,187,444 60,214,661 40,074,145 51,853,137
      
Accounts and notes receivables, net     
Notes receivable189,768,377295,200,405542,608,904646,481,645604,952,289
Accounts receivable20,213,2004,485,7234,543,8904,538,9175,492,380
Reserve account receivable from BCD 1 Fund407,600899,0981,669,6573,175,7157,350,579
Deferred charges from securitization of notes from BCD 1 Fund11,871,44811,379,950   
Reserve account receivable from BCD 2 Fund2,492,1189,779,359   
Deferred charges from securitization of notes from BCD 2 Fund7,286,851(2,600,390)   
Deferred charges from securitization of notes  10,785,8869,279,8314,928,469
Receivable from tenants49,082,59040,354,85955,099,61455,511,81752,717,443
less: unearned interest(45,038,621)(54,324,622)(92,512,336)(119,467,402)(97,571,393)
less: provision for problematic receivables(106,147,295)(158,597,754)(128,205,944)(69,191,759)(100,659,973)
less: provision for collectively assessed receivables(30,314,000)(21,000,000)(11,000,000)
Accounts and notes receivables, net129,936,268 146,576,628 363,675,671 509,328,764 466,209,794
      
Investment in asset-backed securities     
BCD 1:     
Class A                                -                                -                                -                                -14,321,303
Class B5,378,55910,558,92422,573,84535,203,52545,000,000
Held-to-Maturity     
Class C 10,160,450 10,160,450 10,160,450 10,160,450 10,160,450
 15,539,00920,719,37432,734,29545,363,97569,481,753
BCD 2:     
Class A            5,327,5786,546,883   
Class B 24,333,120 24,333,120    
 29,660,69830,880,003   
Provision for impairment(36,500,000)(31,900,000)(8,990,000) - -
Investment in asset-backed securities8,699,707 19,699,377 23,744,295 45,363,975 69,481,753
      
Inventory of land and projects in progress     
Land and land development works     
Acquired properties970,823,554970,823,554970,823,554970,823,554970,823,554
Pre-acquisition costs9,412,8029,412,8029,412,8029,412,8029,412,802
Infrastructure costs951,092,346939,431,499916,377,447877,070,669850,798,097
Eviction costs260,351,968260,351,968260,351,968260,351,968260,351,968
Capitalized costs111,401,388111,401,388105,559,95899,886,61394,631,155
less cost of land sold, net(1,161,139,948)(1,050,320,764)(1,049,594,744)(1,049,577,257)(1,010,618,148)
less cost of land transferred to real estate development projects(176,019,718)(176,019,718)(176,019,718)(176,019,718)(153,580,873)
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, net962,180,9291,058,727,6081,030,558,146985,595,5101,015,465,434
Real estate development projects     
Construction and rehabilitation of buildings801,715,027799,520,200779,301,017759,626,950762,552,783
Cost of land176,019,718176,019,718176,019,718176,019,718153,580,873
less cost transferred to investment properties, net(754,965,156)(754,965,156)(754,965,156)(754,965,156)(723,504,422)
less cost transferred to fixed assets(30,237,375)(30,237,375)(30,237,375)(30,237,375)(29,815,565)
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, net 148,367,959 146,173,132 125,953,949 106,279,882 118,649,414
Inventory of land and projects in progress1,110,548,888 1,204,900,740 1,156,512,095 1,091,875,392 1,134,114,848
      
Investment properties, net     
Land113,111,569114,554,400114,845,991115,179,450115,724,562
Buildings553,735,718559,184,476557,153,323554,174,871523,529,395
less acc. dep.(114,560,771)(104,380,614)(92,326,439)(81,393,960)(66,967,180)
Other assets37,385,32736,951,78836,683,14636,191,55536,384,717
less acc. dep.(24,494,260)(21,848,789)(20,381,828)(17,730,179)(15,234,719)
Investment properties, net565,177,583 584,461,261 595,974,193 606,421,737 593,436,775
      
Investment in associates and joint ventures     
Solidere International Limited     
Total Assets946,509,0711,063,914,6551,101,210,1921,086,381,2331,049,547,675
Total Liabilities(16,848,467)(26,966,276)(40,135,299)(46,998,009)(47,008,418)
Non-controlling interest(60,762,040)(62,057,448)(62,975,155)(62,825,202)(62,462,808)
Net Assets868,898,564974,890,931998,099,738976,558,022940,076,449
Group's share of net assets338,870,440 381,279,843 390,387,023 381,961,406 367,081,992
Foreign Currency Translation reserve  306,24168,022(122,453)
Group's share of results(13,073,549)(9,107,175)8,117,34014,097,12123,653,913
      
Beirut Waterfront Development     
Total Assets165,373,619174,138,730184,148,847191,086,604197,465,224
Total Liabilities(189,710,275)(195,828,646)(200,147,331)(193,863,626)(189,820,881)
Net Assets(24,336,656)(21,689,916)(15,998,484)(2,777,022)7,644,343
Group's share of net assets(12,168,329)(10,844,958)(7,999,242)(1,388,511)3,822,172
Group's share of results(1,323,371)(2,845,716)(6,610,731)(5,210,683)3,630,391
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
Less: Provision for impairment(13,890,000)(11,340,000)   
      
Other associates and joint ventures     
Total Assets1040808312,302,9687,262,1478,709,1969,836,471
Total Liabilities(6,895,313)(8,277,002)(4,468,593)(6,729,709)(9,387,958)
Net Assets3,512,7704,025,9662,793,5541,979,487448,513
Group's share of net assets1,798,969 1,751,649 1,117,422 916,694 188,154
Group's share of results(188,444)126,982419,419728,541594,918
      
Total investment in associates and joint ventures351,151,080 397,598,001 420,767,858 418,029,589 407,632,317
      
Fixed assets, net     
Land5,406,6785,856,8695,856,8696,172,2386,172,238
Buildings34,937,13736,408,93736,114,82536,361,89836,891,354
less acc. dep.(13,340,137)(13,073,673)(12,108,075)(11,356,999)(10,823,857)
Marina7,974,6247,974,6247,974,6247,866,6247,866,624
less acc. dep.(2,298,893)(2,128,833)(1,968,789)(1,652,364)(1,494,239)
Furniture and fixtures9,323,0059,453,5909,527,9169,922,38510,088,808
less acc. dep.(6,027,318)(5,808,314)(5,639,656)(5,498,907)(5,052,191)
Freehold improvements21,940,93122,006,50321,999,62924,173,19825,079,723
less acc. dep.(11,887,712)(11,220,107)(10,430,662)(10,483,502)(10,361,182)
Machines and equipment38,384,75038,031,41437,762,60637,562,86937,465,259
less acc. dep.(38,782,683)(38,419,472)(37,885,194)(37,210,970)(36,715,733)
Advances on Fixed Assets(554,072)(554,072)(554,072)(552,878)(554,678)
Fixed assets, net45,076,310 48,527,466 50,650,021 55,303,592 58,562,126
      
TOTAL ASSETS$2,249,716,170 $2,481,973,360 $2,711,727,381 $2,878,203,711 $2,917,500,108
      
      
Bank overdrafts, short and medium term facilities     
Bank overdrafts18,958,85559,138,40083,725,62862,762,330245,045,868
Short term facilities30,000,000 62,913,554 147,000,000 247,000,000 310,997,094
Bank overdrafts, short and medium term facilities48,958,855 122,051,954 230,725,628 309,762,330 556,042,962
      
Accounts payable and other liabilities     
Accounts payable43,977,23539,751,78248,363,12733,093,46742,603,553
Accrued charges and other credit balances15,085,71829,410,79841,874,82917,580,85018,199,224
Taxes payable19,952,10811,288,03228,330,22035,326,22621,303,393
Provision for end-of-service indemnity     
Balance - Beginning of the year10,414,65113,068,15513,722,19013,983,61412,118,288
Additions857,318847,9671,307,1233,040,2403,130,563
Settlements(1,665,735)(1,346,175)(1,034,972)(930,675)(1,265,238)
Write-back(372,358)(2,155,296)(926,186)(1,949,023)                              -
Transfer to provision contingencies(60,193) - - (421,966) -
Provision for end-of-service indemnity9,173,68310,414,65113,068,15513,722,19013,983,613
Provision for contingencies18,246,38530,795,13227,811,43526,093,14913,727,234
Due to related parties and a joint venture1,807,4901,885,7411,730,8641,846,6908,473
Loan to a joint venture                                -  94,16494,164
Accrued interest payable 1,182,242 1,288,869 1,307,327 1,381,974 1,702,048
Accounts payable and other liabilities109,424,861 124,835,005 162,485,957 129,138,710 111,621,702
      
Dividends payable59,014,96359,513,18760,296,49164,458,14861,245,107
      
Deferred revenue and other credit balances     
Cash down payments and commitments on sale contracts19,133,8715,094,8523,043,6433,024,02842,714,603
Deferred rental revenue and related deposits            14,680,121            14,807,615            13,661,704            17,101,336            19,124,700
Unrealized gain on sale of properties to a joint venture            10,750,000            10,750,000            10,750,000            10,750,000            10,750,000
Deferred interest revenue on a loan to a joint venture- -32,715,900 29,427,300 26,138,700
Deferred revenue and other credit balances44,563,992 30,652,467 60,171,247 60,302,664 98,728,003
      
Loans from banks and financial institutions155,481,298 361,597,531 298,176,170 298,608,456 132,371,974
      
TOTAL LIABILITIES $417,443,969  $698,650,144  $811,855,493  $862,270,308  $960,009,748
      
      
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) shares 650,000,000 650,000,000 650,000,000 650,000,000 650,000,000
 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
Legal reserve170,475,527170,474,545170,466,705170,435,346164,070,347
Retained earnings11,840,097(37,126,676)79,471,651230,926,613197,408,966
Cumulative foreign currency translation reserve(28,423)(24,653)(66,468)(372,709)(440,731)
Deficit on treasury shares' activity                                -                                -                                -(35,055,847)(21,382,494)
Less: Treasury shares(15,000) - - - (32,165,728)
Total equity attributable to the owners of the parent1,832,272,201 1,783,323,216 1,899,871,888 2,015,933,403 1,957,490,360
      
TOTAL EQUITY$1,832,272,201 $1,783,323,216 $1,899,871,888 $2,015,933,403 $1,957,490,360
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,249,716,170 $2,481,973,360 $2,711,727,381 $2,878,203,711 $2,917,500,108

Income Statement

 20192018201720162015
Revenues from land sales234,450,6001,274,55094,500203,259,28226,801,762
Revenues from rented properties53,215,93656,855,41559,926,75056,447,31156,972,879
Revenues from rendered services:     
Services rendered to a related party, an associate and a joint venture----                  914,480
Services rendered to clients2,602,6033,033,7752,562,9141,931,0002,155,636
Broadband Network revenues5,121,4035,064,0214,876,1914,589,5443,916,663
Revenues from hospitality13,7098,656239,386351,312539,864
Total revenues295,404,25166,236,41767,699,741266,578,44991,301,284
Cost of land sales(110819184)(726,020)(17,487)(44,242,109)(6,387,900)
Charges on rented properties:     
Depreciation(13,795,194)(13,754,904)(13,704,546)(17,167,013)(12,891,130)
Property taxes(1,242,706)(1,316,728)(5,558,530)(6,532,111)(7,588,870)
Maintenance and other(5,163,115)(8,144,755)(7,796,025)(7,778,677)(5,218,051)
Cost of rendered services:     
Cost of services rendered to a related party, an associate and a joint venture----(914,480)
Cost of services rendered to clients(2,137,466)(825,093)(307,969)(624,469)(1,576,816)
Broadbank Network cost of services rendered(4,017,046)(4,345,967)(3,719,461)(3,038,673)(3,099,322)
Cost of hospitality(6,866)(44,038)(295,317)(438,748)(841,126)
Total cost of revenues(137,181,577)(29,157,505)(31,399,335)(79,821,800)(38,517,695)
Gain on sale and disposal of investment properties3,803,963287,1413,834,1952,154,9373,177,153
Net revenues from operations162,026,63737,366,05340,134,601188,911,58655,960,742
Share Result of associates and joint ventures(14,585,364)(11,825,909)1,926,0289,614,97927,879,222
General and administrative expenses:     
Salaries, benefits, and related charges(18,341,908)(17,666,993)(22,884,522)(21,819,447)(25,578,130)
Termination indemnities(107,000)(7,622,232)(4,343,441)(5,222,708) 
BoD remuneration(180,000)(240,000)(300,000)(300,000)(300,000)
          Administrative expenses(4,817,926)(5,908,346)(8,590,489)(7,486,323)(8,596,177)
Depreciation of fixed assets(2,383,491)(2,746,180)(3,284,131)(4,096,552)(4,482,266)
Write-back of provision for end-of-service indemnity-----
Write-off of receivables(606,254)(33,662,497)(14,472,573)(1,567,308)(4,778,425)
 (15,674,130)    
Loss on rescheduled receivables(2,872,237)(2,213,291)(685,432)(16,693,309)(2,553,157)
Provision for impairment(18,274,755)(35,046,987)(79,262,415)(11,546,129)(104,200,743)
Provision for contingencies(1,235,000)(8,556,736)(14,250,000)(17,613,949)(7,562,022)
Write-back/(provision) for impairment of fixed assets7,8851,594(360,430)185,420(1,149,677)
Provision for impairment of other debit balances-----
Other expenses(1,043,359)(2,436,846)(1,879,219)(431,925)(771,658)
Other income3,001,472332,902302,539430,8424,663,240
Taxes, fees and stamps(795,756)(648,582)(643,542)(544,992)(540,869)
Interest income     
Interest income from receivables102,6955,096,68817,984,24212,976,40612,721,760
Interest income from banks675,763686,0102,754,8444,702,6524,634,341
Interest income from asset-backed securities713,9031,397,1841,428,4011,198,0281,990,605
Interest derecognized on asset-backed securities-----
Interest expense from banks(19,978,585)(33,725,167)(34,057,398)(36,203,197)(34,840,738)
Loss on exchange(11,774)(80,067)(80,060)(1,050,649)(991,970)
Profit/(Loss) before tax65,620,816(117,499,402)(120,562,997)93,443,425(88,495,922)
Income tax (expense)/benefit(16,653,061)1,809,9774,195,241(18,187,975)1,283,167
Profit/(Loss) for the year48,967,755(115,689,425)(116,367,756)75,255,450(87,212,755)
Basic/diluted earnings per share(0.30)(0.70)(0.71)0.46(0.53)
      
Attributable to:     
Equity owners of the parent48,967,755(115,689,425)(116,367,756)75,255,450(87,212,755)
      
Profit/(Loss) for the year48,967,755(115,689,425)(116,367,756)75,255,450(87,212,755)

Cashflow Statement

 20192018201720162015
Cash flows from operating activities:     
      
Profit/(Loss) for the year before income tax65,620,816(117,499,402)(120,562,997)93,443,425(88,495,922)
Adjustments to reconcile profit to net cash provided by/(used in) operating actvities:     
Depreciation of fixed assets2,383,4912,746,1803,284,1314,096,5524,482,266
Depreciation of investment properties13,795,19413,754,90413,704,54617,167,01312,891,130
Gain on sale of investment properties(3,803,963)(287,141)(3,834,195)(2,154,937)(3,177,153)
(Gain)/Loss on sale of fixed assets(2,793,311)(4,426)945,461394,129370,178
Provision for/(Write-back on) end-of-service indemnity, net484,960(1,307,329)380,9371,091,2173,130,563
Provision for contingencies1,235,0008,556,73614,250,00017,613,9497,562,022
(Write-back)/Provision for impairment of fixed assets(7,885)(1,594)360,430(185,420)1,149,677
Provision for impairment, net18,274,75535,046,98779,262,41511,546,129104,200,743
Write-off of real estate development projects cost15,674,130                              -     
Write-off of receivables606,25433,662,49714,472,5731,567,3084,778,425
Loss on rescheduled receivables2,872,2372,213,291685,43216,693,3092,553,157
Share of result of associates and joint ventures14,585,36411,825,909(1,926,028)(9,614,979)(27,879,222)
Interest income from receivables(102,695)(5,096,688)(17,984,242)(12,976,406)(12,721,760)
Interest income from banks(675,763)(686,010)(2,754,844)(4,702,652)(4,634,341)
Interest income from asset-backed securities(713,903)(1,397,184)(1,428,401)(1,198,028)(1,990,605)
Interest expense19,978,58533,725,16734,057,39836,203,19734,840,738
Interest expense allocated to land and projects in progress1,314,6111,285,8011,952,943389,9861,761,363
      
Changes in Working Capital     
Prepayments and other debit balances25,640,224(15,033,480)(9,913,655)9,119,519(3,277,094)
Accounts and notes receivable2,605,461137,557,68560,270,340(71,379,587)(25,451,325)
Inventory of land and projects in progress81,144,254(48,388,645)(64,636,703)10,356,912(44,712,547)
Accounts payable and other liabilities(8,914,650)(24,901,173)33,301,887(19,258,106)6,819,250
Deferred revenues and other credit balances13,911,5253,197,120(3,420,017)(41,677,312)33,061,617
Interest received1,492,3619,746,29319,581,55921,742,40313,924,000
Settlements of end-of-service indemnity and other charges(1,665,735)(1,346,175)   
Settlements from provision for contingencies(5,134,273)(6,533,488)   
Income tax paid(4,448,838)(12,348,797)(16,172,309)0 (15,746,906)
      
Net cash provided by/(used in) operating activities253,358,20658,487,03833,876,66178,277,6213,438,254
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities6,399,67012,015,22112,629,68024,117,7783,286,250
Short term deposits                               -                                -                                -                                -  
Acquisition of fixed assets(478,209)(623,625)(824,603)(1,253,151)(870,504)
Acquisition of investment properties(3,468,127)(3,459,804)(3,997,395)(992,049)(391,876)
Proceeds from sale of investment properties12,760,5741,504,9735,211,0004,430,9345,590,532
Proceeds from sale of fixed assets4,347,0706,020251,740653,045715,535
Investment in associates and joint ventures29,237,232 45,763 (506,000)(714,271)(4,975,125)
      
Net cash provided by/(used in) investing activities48,798,2109,488,54812,764,42226,242,2863,354,812
      
Cash flows used in financing activities:     
      
Term bank loans(206,116,233)63,421,361(432,286)166,236,48222,291,407
Dividends paid(498,224)(783,304)(4,161,657)(13,667,388)(22,202,474)
Interest Paid(21,331,241)(34,948,761)(34,628,368)(35,211,210)(36,845,747)
Short term facilities(32,913,554)(84,086,446)(100,000,000)(63,997,094)(1,254)
Treasury shares purchase(15,000)0   
      
Net cash used in financing activities(260,874,252)(56,397,150)(139,222,311)53,360,790(36,758,068)
      
Net change in cash and cash equivalents41,282,16411,578,436(92,581,228)157,880,697(29,965,002)
Cash and cash equivalents - Beginning of the year(31,958,605)(43,537,041)49,044,187 (108,836,510)(78,871,508)
      
Cash and cash equivalents - End of the year9,323,559 (31,958,605)(43,537,041)49,044,187 (108,836,510)

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, 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
          
Impact for adopting IFRS9 at January 1, 2018--(901,062)---(901,062)-(901,062)
Related balance at January 1, 20181,650,000,000170,466,70578,570,589(66,468)--1,898,970,826-1,898,970,826
          
Allocation to legal reserve from 2018 profit-7,840(7,840)------
Total comprehensive income--(115,689,425)41,815--(115,647,610)-(115,647,610)
Balance at December 31, 20181,650,000,000170,474,545(37,126,676)(24,653)--1,783,323,216-1,783,323,216
          
Allocation to legal reserve from 2019 profit-982(982)------
Total comprehensive income--48,967,755(3,770)--48,963,985-48,963,985
Treasury shares purchase-----(15,000)(15,000)-(15,000)
Balance at December 31, 20191,650,000,000170,475,52711,840,097(28,423)-(15,000)1,832,272,201-1,832,272,201