Financial Statements

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Audited 2022 Consolidated FS with notesPDF Audited Standalone FS 2022PDF
Balance Sheet (2022)XLSXPDF Cashflow Statement (2022)XLSXPDF
Income Statement (2022)XLSXPDF Changes in Equity (2022)XLSXPDF
Previous Audited Consolidated Financial Statements with notes2021 [PDF] 2020 [PDF] 2019 [PDF] 2018 [PDF]

Balance Sheet

 

2022

2021

2020

2019

2018

Cash and banks balances

     

Cash on hand

6,157,035

1,740,795

1,303,470

519,433

20,284

Checks for collection

8,774

771,863

366,642

407,669

13,237,344

Current accounts

24,743,699

85,390,942

121,426,918

22,462,914

8,252,367

Short term deposits

            16,517,097

            11,767,587

              5,368,634

              4,892,398

              5,669,800

 

47,426,605

99,671,187

128,465,664

28,282,414

27,179,795

Less: Allowance for expected credit losses

(1,359,471)

(9,048,177)

(12,836,689)

(7,836,689)

(157,352)

Cash and banks balances

46,067,134

90,623,010

115,628,975

20,445,725

27,022,443

      

Accounts and notes receivables, net

     

Notes receivable

9,169,188

53,990,769

87,463,704

189,768,377

295,200,405

Accounts receivable

7,054,904

17,471,757

14,786,525

20,213,200

4,485,723

less: unearned interest

(2,126,170)

(7,040,221)

(8,300,327)

(45,038,621)

(54,324,622)

less: Allowance for impairment on notes and accounts receivable

(11,643,466)

(51,292,439)

(52,170,021)

  

less: provision for problematic receivables

   

(106,147,295)

(158,597,754)

less: provision for collectively assessed receivables

Receivable from tenants

56,966,377

48,793,211

43,057,385

49,082,590

40,354,859

less: Allowance for impairment on receivable from tenants

(56,888,768)

(48,433,691)

(41,820,196)

  

Reserve account and deferred charges on BCD 1 Fund

                              -  

                              -  

12,279,048

12,279,048

12,279,048

Reserve account and deferred charges on BCD 2 Fund

                              -  

                              -  

                              -  

9,778,969

7,178,969

Deferred charges from securitization of notes

                           -  

                           -  

                           -  

                           -  

                           -  

Accounts and notes receivables, net

2,532,065

13,489,386

55,296,118

129,936,268

146,576,628

      

Prepayments and other debit balances

     

Due from associates, joint ventures and related parties

264,792

32,261

30,150,050

2,946,102

2,008,882

Prepaid expenses

6,397,191

7,883,025

7,049,448

6,770,209

7,174,896

Deferred tax assets

                              -  

                              -  

1,827,500

1,827,500

7,989,544

Advances to employees

800,852

677,816

951,484

997,789

624,270

Value added tax (VAT) receivable

5,715,961

3,895,209

681,264

  

Advance payments to contractors

666,871

2,336,465

135,709

149,449

4,110,603

Other debit balances, (net)

1,955,073

1,348,866

1,637,174

5,989,560

31,133,044

Accrued interest income

                  234,048

                           -  

                           -  

                           -  

                  146,205

Prepayments and other debit balances

16,034,788

16,173,642

42,432,629

18,680,609

53,187,444

      

Financial assets at amortized cost

     

US Treasury bills

13,853,678

                              -  

                              -  

                              -  

                              -  

Private corporate bonds

              7,850,000

                           -  

                           -  

                           -  

                           -  

 

21,703,678

                              -  

                              -  

                              -  

                              -  

      

Investment in asset-backed securities

     

BCD 1:

     

    Class A

                              -  

                              -  

                              -  

                              -  

                              -  

    Class B

                              -  

                              -  

5,378,559

5,378,559

10,558,924

    Class C

                           -  

                           -  

            10,160,450

            10,160,450

            10,160,450

 

                              -  

                              -  

            15,539,009

            15,539,009

            20,719,374

BCD 2:

     

    Class A

                              -  

                              -  

                              -  

              5,327,578

              6,546,883

    Class B

                           -  

                           -  

                           -  

            24,333,120

            24,333,120

 

                              -  

                              -  

                              -  

            29,660,698

            30,880,003

Allowance for expected credit losses

                           -  

                           -  

(7,100,000)

(36,500,000)

(31,900,000)

Investment in asset-backed securities

                              -  

                              -  

8,439,009

8,699,707

19,699,377

      

Inventory of land and projects in progress

     

Land and land development works

     

Acquired properties

980,215,555

970,823,555

970,823,554

970,823,554

970,823,554

Pre-acquisition costs

9,412,802

9,412,802

9,412,802

9,412,802

9,412,802

Infrastructure costs

962,437,988

958,067,837

954,741,703

951,092,346

939,431,499

Eviction costs

260,351,968

260,351,968

260,351,968

260,351,968

260,351,968

Capitalized costs

119,536,608

119,448,263

116,877,508

114,013,046

111,401,388

          less cost of land sold, net

(1,391,110,632)

(1,379,608,233)

(1,338,360,529)

(1,161,139,948)

(1,050,320,764)

          less cost of land transferred to real estate development projects

(176,019,718)

(176,019,718)

(176,019,718)

(176,019,718)

(176,019,718)

          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, net

758,471,450

756,123,353

791,474,167

962,180,929

1,058,727,608

Real estate development projects

     

Construction and rehabilitation of buildings

750,896,000

750,328,557

748,933,546

801,715,027

799,520,200

Cost of land

176,019,718

176,019,718

176,019,718

176,019,718

176,019,718

          less cost transferred to investment properties, net

(754,965,156)

(754,965,156)

(754,965,156)

(754,965,156)

(754,965,156)

          less cost transferred to property and equipment

(30,237,375)

(30,237,375)

(30,237,375)

(30,237,375)

(30,237,375)

          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

            97,548,932

            96,981,489

            95,586,478

          148,367,959

          146,173,132

Inventory of land and projects in progress

856,020,382

853,104,842

887,060,645

1,110,548,888

1,204,900,740

      

Investment properties, net

     

Land

108,655,894

108,660,839

109,402,139

113,111,569

114,554,400

Buildings

628,280,531

613,967,452

552,041,209

553,735,718

559,184,476

     less acc. dep.

(133,385,567)

(120,984,372)

(109,900,377)

(114,560,771)

(104,380,614)

Other assets

37,857,838

37,764,484

37,580,461

37,385,327

36,951,788

     less acc. dep.

(32,562,434)

(29,816,727)

(27,185,384)

(24,494,260)

(21,848,789)

Investment properties, net

608,846,262

609,591,676

561,938,048

565,177,583

584,461,261

      

Investment in associates and joint ventures

355,382,272

356,166,471

327,559,539

351,151,080

397,598,001

      

Property and equipment, net

     

Land

4,854,773

5,406,678

5,406,678

5,406,678

5,856,869

Buildings

37,517,149

39,790,480

37,154,935

34,937,137

36,408,937

     less acc. dep.

(11,498,721)

(10,905,178)

(9,970,588)

(13,340,137)

(13,073,673)

Marina

7,972,170

7,972,170

7,972,170

7,974,624

7,974,624

     less acc. dep.

(2,763,902)

(2,763,902)

(2,603,857)

(2,298,893)

(2,128,833)

Furniture and fixtures

5,511,638

5,511,638

5,511,638

9,323,005

9,453,590

     less acc. dep.

(5,335,498)

(5,243,456)

(5,054,150)

(6,027,318)

(5,808,314)

Freehold improvements

13,941,841

13,966,857

13,966,857

21,940,931

22,006,503

     less acc. dep.

(12,804,368)

(12,210,787)

(11,478,874)

(11,887,712)

(11,220,107)

Machines and equipment

39,965,817

39,817,656

39,853,925

38,384,750

38,031,414

     less acc. dep.

(38,594,429)

(38,362,142)

(38,353,720)

(38,782,683)

(38,419,472)

Advances on Fixed Assets

                           -  

                           -  

                           -  

(554,072)

(554,072)

Property and equipment, net

38,766,470

42,980,014

42,405,014

45,076,310

48,527,466

      

TOTAL ASSETS

 $  1,945,353,051

 $  1,982,129,041

 $  2,040,759,977

 $  2,249,716,170

 $  2,481,973,360

      
      

Bank overdrafts, short and medium term facilities

     

Bank overdrafts

                              -  

                              -  

                              -  

18,958,855

59,138,400

Short term facilities

                           -  

                           -  

                           -  

30,000,000

62,913,554

Bank overdrafts, short and medium term facilities

                              -  

                              -  

                              -  

48,958,855

122,051,954

      

Accounts payable and other liabilities

     

Provision for contingencies

31,252,444

36,148,977

36,215,978

18,246,385

30,795,132

Accounts payable

26,882,228

30,666,827

32,379,975

43,977,235

39,751,782

Accrued charges and other credit balances

16,113,890

14,142,132

16,221,157

15,085,718

29,410,798

Provision for end-of-service indemnity

     

                    Balance - Beginning of the year

10,073,068

10,134,161

9,173,683

10,414,651

13,068,155

                    Additions, net

4,287,506

112,178

1,183,306

857,318

847,967

                    Settlements

(49,104)

(173,271)

(222,828)

(1,665,735)

(1,346,175)

                    Write-back

                              -  

                              -  

                              -  

(372,358)

(2,155,296)

                    Transfer to provision contingencies

                              -  

                              -  

                              -  

(60,193)

                              -  

                    Other

                (465,646)

                           -  

                           -  

                           -  

                           -  

Provision for end-of-service indemnity

13,845,824

10,073,068

10,134,161

9,173,683

10,414,651

Taxes payable

4,307,362

512,161

3,477,142

19,952,108

11,288,032

Due to related parties

                  798,821

                  820,212

573,890

1,807,490

1,885,741

Accrued interest payable

                           -  

                           -  

                  517,937

              1,182,242

              1,288,869

Accounts payable and other liabilities

93,200,569

92,363,377

99,520,240

109,424,861

124,835,005

      

Dividends payable

57,352,316

57,749,890

57,993,358

59,014,963

59,513,187

      

Deferred revenue and other credit balances

     

Cash down payments and commitments on sale contracts

39,348,681

62,812,287

65,396,772

19,133,871

5,094,852

Deferred rental revenue and related deposits

            10,981,326

              9,643,984

              9,565,706

            14,680,121

            14,807,615

Unrealized gain on sale of properties to a joint venture

                              -  

                              -  

            10,750,000

            10,750,000

            10,750,000

Deferred interest revenue on a loan to a joint venture

                           -  

                           -  

                           -  

                           -  

                           -  

Deferred revenue and other credit balances

50,330,007

72,456,271

85,712,478

44,563,992

30,652,467

      

Term bank loans

                              -  

                              -  

                              -  

155,481,298

361,597,531

      

TOTAL LIABILITIES

 $      200,882,892

 $      222,569,538

 $      243,226,076

 $      417,443,969

 $      698,650,144

      
      

Issued capital at par value US$10 per share:

     

100,000,000 class (A) shares

1,000,000,000

1,000,000,000

1,000,000,000

1,000,000,000

1,000,000,000

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 reserve

170,816,724

170,816,724

170,795,314

170,475,527

170,474,545

(Accumulated losses) retained earnings

(931,122)

12,798,353

6,555,898

11,840,097

(37,126,676)

Cumulative foreign currency translation reserve

859

(27,618)

(27,523)

(28,423)

(24,653)

Less: Treasury shares

(75,416,302)

(74,027,956)

(29,789,788)

(15,000)

                        -  

Total equity attributable to the owners of the parent

1,744,470,159

1,759,559,503

1,797,533,901

1,832,272,201

1,783,323,216

      

TOTAL EQUITY

 $  1,744,470,159

 $  1,759,559,503

 $  1,797,533,901

 $  1,832,272,201

 $  1,783,323,216

      

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 $  1,945,353,051

 $  1,982,129,041

 $  2,040,759,977

 $  2,249,716,170

 $  2,481,973,360

Income Statement

 20212020201920182017
      
Revenues from land sales85,209,200381,947,100234,450,6001,274,55094,500
Revenues from rented properties21,234,29722,810,85853,215,93656,855,41559,926,750
Revenues from rendered services:     
Services rendered to customers4,055,7613,029,6962,602,6033,033,7752,562,914
Broadband Network revenues4,349,3274,413,6065,121,4035,064,0214,876,191
Revenues from hospitality--13,7098,656239,386
Total revenues114,848,585412,201,260295,404,25166,236,41767,699,741
Cost of land sales-41,247,703-214,422,610-126,493,314-726,020-17,487
Charges on rented properties:     
Depreciation-14,147,780-13,578,497-13,795,194-13,754,904-13,704,546
Property taxes-390,719-675,331-1,242,706-1,316,728-5,558,530
Maintenance and other-23,142,121-12,480,610-5,163,115-8,144,755-7,796,025
Cost of rendered services:     
Cost of services rendered to customers-4,572,996-4,179,196-2,137,466-825,093-307,969
Broadbank Network cost of services rendered-4,425,112-4,453,328-4,017,046-4,345,967-3,719,461
Cost of hospitality---6,866-44,038-295,317
Loss on cancellation of previously recognized sales, net--24,302,353-  
Total cost of revenues-87,926,431-274,091,925-152,855,707-29,157,505-31,399,335
Gain on sale and disposal of investment properties441,7644,694,7673,803,963287,1413,834,195
Net revenues from operations27,363,918142,804,102146,352,50737,366,05340,134,601
Share Result of associates and joint ventures17,968,736-31,881,676-14,585,364-11,825,9091,926,028
General and administrative expenses:     
Salaries, benefits, and related charges-21,307,259-18,408,291-18,341,908-17,666,993-22,884,522
Utilities, office, maintenance and other similar expenses-3,795,340-2,456,739   
Termination indemnities-3,552,929-468,574-107,000-7,622,232-4,343,441
Professional services-1,473,100-2,083,293   
Donations and contributions-848,578-1,575,000   
Promotion and advertising-165,877-103,470   
BoD remuneration-157,500-165,000-180,000-240,000-300,000
Taxes, fees and stamps-520,529-1,312,695-795,756-648,582-643,542
Travel and accommodation-39,248-51,796   
Other expenses-349,444-158,006   
Administrative expenses  -4,817,926-5,908,346-8,590,489
Selling expenses-963,139-4,342,118   
Depreciation of property and equipment-2,293,101-2,658,304-2,383,491-2,746,180-3,284,131
Provision for impairment-282,050-31,769,286-18,274,755-35,046,987-79,262,415
Loss on rescheduled receivables-119,898-167,760-2,872,237-2,213,291-685,432
Write-off of receivables-1,670,054-2,186,841-606,254-33,662,497-14,472,573
Write-off of payables3,241,785    
Provision for contingencies-10,092-37,913,299-1,235,000-8,556,736-14,250,000
Write-back on/(provision) for impairment of property and equipment -7,8851,594-360,430
Other expenses-581,279-2,120,686-1,043,359-2,436,846-1,879,219
Other income10,865,126146,4023,001,472332,902302,539
Discount from early settlement of bank loans-8,782,0417,425,000  
Interest income     
Interest income from receivables885,44361,979102,6955,096,68817,984,242
Interest income from banks17,85031,380675,763686,0102,754,844
Interest income from asset-backed securities-320,614713,9031,397,1841,428,401
Interest expense-951,319-3,491,541-27,403,585-33,725,167-34,057,398
Loss on exchange-23,710,753-22,036,685-11,774-80,067-80,060
Profit/(Loss) before tax-2,448,631-13,204,54265,620,816-117,499,402-120,562,997
Income tax (expense)/benefit-1,834,797-2,705,416-16,653,0611,809,9774,195,241
Profit/(Loss) for the year-4,283,427-15,909,95848,967,755-115,689,425-116,367,756
Basic/diluted loss per share(0.027)(0.097)0.30-0.70-0.71
      
Attributable to:     
Equity owners of the Group-4,283,427-15,909,95848,967,755-115,689,425-116,367,756
      
Profit/(Loss) for the year-4,283,427-15,909,95848,967,755-115,689,425-116,367,756

Cashflow Statement

 20212020201920182017
Cash flows from operating activities:     
Profit/(Loss) for the year before income tax-2,448,630-13,204,54265,620,816-117,499,402-120,562,997
Adjustments to reconcile profit to net cash     
provided by/(used in) operating actvities:     
Depreciation of property and equipment2,293,1012,658,3042,383,4912,746,1803,284,131
Depreciation of investment properties14,147,78013,578,49713,795,19413,754,90413,704,546
Gain on sale of investment properties-441,764-4,694,767-3,803,963-287,141-3,834,195
(Gain)/Loss on sale of property and equipment-63,689-22,134-2,793,311-4,426945,461
Provision for/(Write-back on) end-of-service indemnity, net112,1781,183,306484,960-1,307,329380,937
Provision for contingencies10,09237,913,2991,235,0008,556,73614,250,000
(Write-back)/Provision for impairment of property and equipment---7,885-1,594360,430
Provision for impairment, net282,05031,769,28618,274,75535,046,98779,262,415
Write-off of real estate development projects cost-33,080,64015,674,130- 
Write-off of receivables1,670,0542,186,841606,25433,662,49714,472,573
Write-off of payables-3,241,785    
Loss on rescheduled receivables119,898167,7602,872,2372,213,291685,432
Discounts earned on early settlements--8,782,041-7,425,000  
Share results of associates and joint ventures-17,968,73631,881,67614,585,36411,825,909-1,926,028
Interest income from receivables-885,443-61,979-102,695-5,096,688-17,984,242
Interest income from banks-17,850-31,380-675,763-686,010-2,754,844
Interest income from asset-backed securities--320,614-713,903-1,397,184-1,428,401
Interest expense951,3193,695,06227,403,58533,725,16734,057,398
Interest expense allocated to land and projects in progress  1,314,6111,285,8011,952,943
      
Changes in Working Capital     
Accounts and notes receivable-2,469,77031,401,2202,605,461137,557,68560,270,340
Prepayments and other debit balances45,804,236-30,176,52725,640,224-15,033,480-9,913,655
Inventory of land and projects in progress33,955,803176,939,39181,144,254-48,388,645-64,636,703
Accounts payable and other liabilities-6,935,059-2,887,065-8,914,650-24,901,17333,301,887
Deferred revenues and other credit balances-13,256,20741,148,48613,911,5253,197,120-3,420,017
Cash generated from operations51,617,578347,422,719263,114,69168,969,20530,467,411
Interest received   9,746,29319,581,559
Settlements of end-of-service indemnity and other charges-173,271-222,828-1,665,735-1,346,175 
Settlements from provision for contingencies-214,661-735,000-5,134,273-6,533,488 
Income tax paid-99,793-23,334,802-4,448,838-12,348,797-16,172,309
      
Net cash provided by/(used in) operating activities51,129,853323,130,089251,865,845127,456,24364,344,072
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities10,575,521-145,2886,399,67012,015,22112,629,680
Acquisition of property and equipment-2,868,101-386,503-478,209-623,625-824,603
Acquisition of investment properties-34,965,244-10,459,762-3,468,127-3,459,804-3,997,395
Proceeds from sale of investment properties2,855,60018,916,09612,760,5741,504,9735,211,000
Proceeds from sale of fixed assets63,68922,1344,347,0706,020251,740
Investment in associates and joint ventures-10,538,19675,67829,237,23245,763-506,000
Interest received903,293413,9731,492,361  
      
Net cash provided by/(used in) investing activities-33,973,4388,436,32850,290,5719,488,54812,764,422
      
      
Cash flows used in financing activities:     
      
Term bank loans--146,699,257-206,116,23363,421,361-432,286
Dividends paid-243,468-1,021,605-498,224-783,304-4,161,657
Interest Paid-1,469,256-4,928,662-21,331,241-34,948,761-34,628,368
Short term facilities--30,000,000-32,913,554-84,086,446-100,000,000
Treasury shares purchase-44,238,168-29,774,788-15,000- 
      
Net cash used in financing activities-45,950,892-212,424,312-260,874,252-56,397,150-139,222,311
      
Net change in cash and cash equivalents-28,794,477119,142,10541,282,16411,578,436-92,581,228
Cash and cash equivalents - Beginning of the year128,465,6649,323,559-31,958,605-43,537,04149,044,187
      
Cash and cash equivalents - End of the year99,671,187128,465,6649,323,559-31,958,605-43,537,041

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$
        
Balance at December 31, 20161,650,000,000170,435,346230,926,613-372,709-35,055,84702,015,933,403
        
Allocation to legal reserve from 2016 profit-31,359-31,359----
Transfer to retained earnings---35,055,847                      -35,055,847--
Total comprehensive loss---116,367,756306,241---116,061,515
Balance at December 31, 20171,650,000,000170,466,70579,471,651-66,468--1,899,871,888
        
Impact for adopting IFRS9 at January 1, 2018---901,062----901,062
Restated balance at January 1, 20181,650,000,000170,466,70578,570,589-66,468--1,898,970,826
        
Allocation to legal reserve from 2017 profit-7,840-7,840----
Total comprehensive income---115,689,42541,815---115,647,610
Balance at December 31, 20181,650,000,000170,474,545-37,126,676-24,653--1,783,323,216
        
Allocation to legal reserve from 2018 profit-982-982----
Total comprehensive income--48,967,755-3,770--48,963,985
Treasury shares purchase------15,000-15,000
Balance as at December 31, 20191,650,000,000170,475,52711,840,097-28,423                              - -15,0001,832,272,201
        
Allocation to legal reserve from 2019 profit-319,787-319,787----
Change in percentage of ownership in an associate--10,945,546---10,945,546
Total comprehensive loss for the year 2020---15,909,958900---15,909,058
Treasury shares purchase------29,774,788-29,774,788
Balance as at December 31, 20201,650,000,000170,795,3146,555,898-27,523--29,789,7881,797,533,901
        
Allocation to legal reserve from 2020 profit-24,394-24,394----
Change in percentage of ownership in an associate--10,559,626---10,559,626
Total comprehensive loss for the year 2020--(4,283,427)-95---4,283,522
Effect of write-off of a subsidiary--2,984-9,350----12,334
Treasury shares purchase------44,238,168-44,238,168
Balance as at December 31, 20211,650,000,000170,816,72412,798,353-27,618--74,027,9561,759,559,503