| SOL A | SOL B | |
| USD 15.84 -0.12% | USD 15.70 -0.50% | |
| 23-10-2020 (EoD Closing) | ||
Financial Statements
Downloads
| Audited 2019 Consolidated FS with notes | Audited 2019 Separate FS | |||||
| Balance Sheet (2019) | XLSX | Cashflow Statement (2019) | XLSX | |||
| Income Statement (2019) | XLSX | Changes in Equity (2019) | XLSX | |||
| Previous Audited Consolidated Financial Statements with notes | 2018 [PDF] | 2017 [PDF] | 2016 [PDF] | 2015 [PDF] |
| 2019 | 2018 | 2017 | 2016 | 2015 | |
| Cash and banks balances | |||||
| Cash on hand | 519,433 | 20,284 | 74,320 | 64,467 | 54,098 |
| Checks for collection | 407,669 | 13,237,344 | - | 7,622,104 | 6,197,926 |
| Current accounts | 22,462,914 | 8,252,367 | 9,681,506 | 11,197,032 | 11,896,267 |
| Short term deposits | 4,892,398 | 5,669,800 | 30,432,761 | 92,922,914 | 118,061,067 |
| 28,282,414 | 27,179,795 | 40,188,587 | 111,806,517 | 136,209,358 | |
| Less: Allowance for expected credit losses | (7,836,689) | (157,352) | |||
| Cash and banks balances | 20,445,725 | 27,022,443 | 40,188,587 | 111,806,517 | 136,209,358 |
| Prepayments and other debit balances | |||||
| Advance payments to contractors | 149449 | 4,110,603 | 9,589,163 | 1,251,693 | 1,662,211 |
| Advances to employees | 997789 | 624,270 | 1,481,278 | 1,443,628 | 2,665,245 |
| Accrued interest income | - | 146,205 | 24,088,516 | 21,502,588 | 24,367,905 |
| Prepaid expenses | 6770209 | 7,174,896 | 7,612,766 | 7,211,375 | 7,237,578 |
| Deferred tax assets | 1827500 | 7,989,544 | 6,012,500 | 1,612,500 | 3,112,500 |
| Due from associates, joint ventures and related parties | 2946102 | 2,008,882 | 1,270,347 | 2,323,539 | 4,065,353 |
| Other debit balances, (net) | 5,989,560 | 31,133,044 | 10,160,091 | 4,728,822 | 8,742,345 |
| Prepayments and other debit balances | 18,680,609 | 53,187,444 | 60,214,661 | 40,074,145 | 51,853,137 |
| Accounts and notes receivables, net | |||||
| Notes receivable | 189,768,377 | 295,200,405 | 542,608,904 | 646,481,645 | 604,952,289 |
| Accounts receivable | 20,213,200 | 4,485,723 | 4,543,890 | 4,538,917 | 5,492,380 |
| Reserve account receivable from BCD 1 Fund | 407,600 | 899,098 | 1,669,657 | 3,175,715 | 7,350,579 |
| Deferred charges from securitization of notes from BCD 1 Fund | 11,871,448 | 11,379,950 | |||
| Reserve account receivable from BCD 2 Fund | 2,492,118 | 9,779,359 | |||
| Deferred charges from securitization of notes from BCD 2 Fund | 7,286,851 | (2,600,390) | |||
| Deferred charges from securitization of notes | 10,785,886 | 9,279,831 | 4,928,469 | ||
| Receivable from tenants | 49,082,590 | 40,354,859 | 55,099,614 | 55,511,817 | 52,717,443 |
| 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, net | 129,936,268 | 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 B | 5,378,559 | 10,558,924 | 22,573,845 | 35,203,525 | 45,000,000 |
| Held-to-Maturity | |||||
| Class C | 10,160,450 | 10,160,450 | 10,160,450 | 10,160,450 | 10,160,450 |
| 15,539,009 | 20,719,374 | 32,734,295 | 45,363,975 | 69,481,753 | |
| BCD 2: | |||||
| Class A | 5,327,578 | 6,546,883 | |||
| Class B | 24,333,120 | 24,333,120 | |||
| 29,660,698 | 30,880,003 | ||||
| Provision for impairment | (36,500,000) | (31,900,000) | (8,990,000) | - | - |
| Investment in asset-backed securities | 8,699,707 | 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 properties | 970,823,554 | 970,823,554 | 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 | 951,092,346 | 939,431,499 | 916,377,447 | 877,070,669 | 850,798,097 |
| Eviction costs | 260,351,968 | 260,351,968 | 260,351,968 | 260,351,968 | 260,351,968 |
| Capitalized costs | 111,401,388 | 111,401,388 | 105,559,958 | 99,886,613 | 94,631,155 |
| 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, net | 962,180,929 | 1,058,727,608 | 1,030,558,146 | 985,595,510 | 1,015,465,434 |
| Real estate development projects | |||||
| Construction and rehabilitation of buildings | 801,715,027 | 799,520,200 | 779,301,017 | 759,626,950 | 762,552,783 |
| Cost of land | 176,019,718 | 176,019,718 | 176,019,718 | 176,019,718 | 153,580,873 |
| 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 progress | 1,110,548,888 | 1,204,900,740 | 1,156,512,095 | 1,091,875,392 | 1,134,114,848 |
| Investment properties, net | |||||
| Land | 113,111,569 | 114,554,400 | 114,845,991 | 115,179,450 | 115,724,562 |
| Buildings | 553,735,718 | 559,184,476 | 557,153,323 | 554,174,871 | 523,529,395 |
| less acc. dep. | (114,560,771) | (104,380,614) | (92,326,439) | (81,393,960) | (66,967,180) |
| Other assets | 37,385,327 | 36,951,788 | 36,683,146 | 36,191,555 | 36,384,717 |
| less acc. dep. | (24,494,260) | (21,848,789) | (20,381,828) | (17,730,179) | (15,234,719) |
| Investment properties, net | 565,177,583 | 584,461,261 | 595,974,193 | 606,421,737 | 593,436,775 |
| Investment in associates and joint ventures | |||||
| Solidere International Limited | |||||
| Total Assets | 946,509,071 | 1,063,914,655 | 1,101,210,192 | 1,086,381,233 | 1,049,547,675 |
| 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 Assets | 868,898,564 | 974,890,931 | 998,099,738 | 976,558,022 | 940,076,449 |
| Group's share of net assets | 338,870,440 | 381,279,843 | 390,387,023 | 381,961,406 | 367,081,992 |
| Foreign Currency Translation reserve | 306,241 | 68,022 | (122,453) | ||
| Group's share of results | (13,073,549) | (9,107,175) | 8,117,340 | 14,097,121 | 23,653,913 |
| Beirut Waterfront Development | |||||
| Total Assets | 165,373,619 | 174,138,730 | 184,148,847 | 191,086,604 | 197,465,224 |
| 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 Assets | 10408083 | 12,302,968 | 7,262,147 | 8,709,196 | 9,836,471 |
| Total Liabilities | (6,895,313) | (8,277,002) | (4,468,593) | (6,729,709) | (9,387,958) |
| Net Assets | 3,512,770 | 4,025,966 | 2,793,554 | 1,979,487 | 448,513 |
| Group's share of net assets | 1,798,969 | 1,751,649 | 1,117,422 | 916,694 | 188,154 |
| Group's share of results | (188,444) | 126,982 | 419,419 | 728,541 | 594,918 |
| Total investment in associates and joint ventures | 351,151,080 | 397,598,001 | 420,767,858 | 418,029,589 | 407,632,317 |
| Fixed assets, net | |||||
| Land | 5,406,678 | 5,856,869 | 5,856,869 | 6,172,238 | 6,172,238 |
| Buildings | 34,937,137 | 36,408,937 | 36,114,825 | 36,361,898 | 36,891,354 |
| less acc. dep. | (13,340,137) | (13,073,673) | (12,108,075) | (11,356,999) | (10,823,857) |
| Marina | 7,974,624 | 7,974,624 | 7,974,624 | 7,866,624 | 7,866,624 |
| less acc. dep. | (2,298,893) | (2,128,833) | (1,968,789) | (1,652,364) | (1,494,239) |
| Furniture and fixtures | 9,323,005 | 9,453,590 | 9,527,916 | 9,922,385 | 10,088,808 |
| less acc. dep. | (6,027,318) | (5,808,314) | (5,639,656) | (5,498,907) | (5,052,191) |
| Freehold improvements | 21,940,931 | 22,006,503 | 21,999,629 | 24,173,198 | 25,079,723 |
| less acc. dep. | (11,887,712) | (11,220,107) | (10,430,662) | (10,483,502) | (10,361,182) |
| Machines and equipment | 38,384,750 | 38,031,414 | 37,762,606 | 37,562,869 | 37,465,259 |
| 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, net | 45,076,310 | 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 overdrafts | 18,958,855 | 59,138,400 | 83,725,628 | 62,762,330 | 245,045,868 |
| Short term facilities | 30,000,000 | 62,913,554 | 147,000,000 | 247,000,000 | 310,997,094 |
| Bank overdrafts, short and medium term facilities | 48,958,855 | 122,051,954 | 230,725,628 | 309,762,330 | 556,042,962 |
| Accounts payable and other liabilities | |||||
| Accounts payable | 43,977,235 | 39,751,782 | 48,363,127 | 33,093,467 | 42,603,553 |
| Accrued charges and other credit balances | 15,085,718 | 29,410,798 | 41,874,829 | 17,580,850 | 18,199,224 |
| Taxes payable | 19,952,108 | 11,288,032 | 28,330,220 | 35,326,226 | 21,303,393 |
| Provision for end-of-service indemnity | |||||
| Balance - Beginning of the year | 10,414,651 | 13,068,155 | 13,722,190 | 13,983,614 | 12,118,288 |
| Additions | 857,318 | 847,967 | 1,307,123 | 3,040,240 | 3,130,563 |
| 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 indemnity | 9,173,683 | 10,414,651 | 13,068,155 | 13,722,190 | 13,983,613 |
| Provision for contingencies | 18,246,385 | 30,795,132 | 27,811,435 | 26,093,149 | 13,727,234 |
| Due to related parties and a joint venture | 1,807,490 | 1,885,741 | 1,730,864 | 1,846,690 | 8,473 |
| Loan to a joint venture | - | 94,164 | 94,164 | ||
| Accrued interest payable | 1,182,242 | 1,288,869 | 1,307,327 | 1,381,974 | 1,702,048 |
| Accounts payable and other liabilities | 109,424,861 | 124,835,005 | 162,485,957 | 129,138,710 | 111,621,702 |
| Dividends payable | 59,014,963 | 59,513,187 | 60,296,491 | 64,458,148 | 61,245,107 |
| Deferred revenue and other credit balances | |||||
| Cash down payments and commitments on sale contracts | 19,133,871 | 5,094,852 | 3,043,643 | 3,024,028 | 42,714,603 |
| 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 balances | 44,563,992 | 30,652,467 | 60,171,247 | 60,302,664 | 98,728,003 |
| Loans from banks and financial institutions | 155,481,298 | 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) 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 | 170,475,527 | 170,474,545 | 170,466,705 | 170,435,346 | 164,070,347 |
| Retained earnings | 11,840,097 | (37,126,676) | 79,471,651 | 230,926,613 | 197,408,966 |
| 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 parent | 1,832,272,201 | 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 |
| 2019 | 2018 | 2017 | 2016 | 2015 | |
| Revenues from land sales | 234,450,600 | 1,274,550 | 94,500 | 203,259,282 | 26,801,762 |
| Revenues from rented properties | 53,215,936 | 56,855,415 | 59,926,750 | 56,447,311 | 56,972,879 |
| Revenues from rendered services: | |||||
| Services rendered to a related party, an associate and a joint venture | - | - | - | - | 914,480 |
| Services rendered to clients | 2,602,603 | 3,033,775 | 2,562,914 | 1,931,000 | 2,155,636 |
| Broadband Network revenues | 5,121,403 | 5,064,021 | 4,876,191 | 4,589,544 | 3,916,663 |
| Revenues from hospitality | 13,709 | 8,656 | 239,386 | 351,312 | 539,864 |
| Total revenues | 295,404,251 | 66,236,417 | 67,699,741 | 266,578,449 | 91,301,284 |
| 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 properties | 3,803,963 | 287,141 | 3,834,195 | 2,154,937 | 3,177,153 |
| Net revenues from operations | 162,026,637 | 37,366,053 | 40,134,601 | 188,911,586 | 55,960,742 |
| Share Result of associates and joint ventures | (14,585,364) | (11,825,909) | 1,926,028 | 9,614,979 | 27,879,222 |
| 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 assets | 7,885 | 1,594 | (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 income | 3,001,472 | 332,902 | 302,539 | 430,842 | 4,663,240 |
| Taxes, fees and stamps | (795,756) | (648,582) | (643,542) | (544,992) | (540,869) |
| Interest income | |||||
| 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 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 tax | 65,620,816 | (117,499,402) | (120,562,997) | 93,443,425 | (88,495,922) |
| Income tax (expense)/benefit | (16,653,061) | 1,809,977 | 4,195,241 | (18,187,975) | 1,283,167 |
| Profit/(Loss) for the year | 48,967,755 | (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 parent | 48,967,755 | (115,689,425) | (116,367,756) | 75,255,450 | (87,212,755) |
| Profit/(Loss) for the year | 48,967,755 | (115,689,425) | (116,367,756) | 75,255,450 | (87,212,755) |
| 2019 | 2018 | 2017 | 2016 | 2015 | |
| Cash flows from operating activities: | |||||
| Profit/(Loss) for the year before income tax | 65,620,816 | (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 assets | 2,383,491 | 2,746,180 | 3,284,131 | 4,096,552 | 4,482,266 |
| Depreciation of investment properties | 13,795,194 | 13,754,904 | 13,704,546 | 17,167,013 | 12,891,130 |
| 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) | 945,461 | 394,129 | 370,178 |
| Provision for/(Write-back on) end-of-service indemnity, net | 484,960 | (1,307,329) | 380,937 | 1,091,217 | 3,130,563 |
| 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 assets | (7,885) | (1,594) | 360,430 | (185,420) | 1,149,677 |
| Provision for impairment, net | 18,274,755 | 35,046,987 | 79,262,415 | 11,546,129 | 104,200,743 |
| Write-off of real estate development projects cost | 15,674,130 | - | |||
| Write-off of receivables | 606,254 | 33,662,497 | 14,472,573 | 1,567,308 | 4,778,425 |
| Loss on rescheduled receivables | 2,872,237 | 2,213,291 | 685,432 | 16,693,309 | 2,553,157 |
| Share of result of associates and joint ventures | 14,585,364 | 11,825,909 | (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 expense | 19,978,585 | 33,725,167 | 34,057,398 | 36,203,197 | 34,840,738 |
| Interest expense allocated to land and projects in progress | 1,314,611 | 1,285,801 | 1,952,943 | 389,986 | 1,761,363 |
| Changes in Working Capital | |||||
| Prepayments and other debit balances | 25,640,224 | (15,033,480) | (9,913,655) | 9,119,519 | (3,277,094) |
| Accounts and notes receivable | 2,605,461 | 137,557,685 | 60,270,340 | (71,379,587) | (25,451,325) |
| Inventory of land and projects in progress | 81,144,254 | (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 balances | 13,911,525 | 3,197,120 | (3,420,017) | (41,677,312) | 33,061,617 |
| Interest received | 1,492,361 | 9,746,293 | 19,581,559 | 21,742,403 | 13,924,000 |
| 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 activities | 253,358,206 | 58,487,038 | 33,876,661 | 78,277,621 | 3,438,254 |
| Cash flows provided by/(used in) investing activities: | |||||
| Investment in asset-backed securities | 6,399,670 | 12,015,221 | 12,629,680 | 24,117,778 | 3,286,250 |
| 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 properties | 12,760,574 | 1,504,973 | 5,211,000 | 4,430,934 | 5,590,532 |
| Proceeds from sale of fixed assets | 4,347,070 | 6,020 | 251,740 | 653,045 | 715,535 |
| Investment in associates and joint ventures | 29,237,232 | 45,763 | (506,000) | (714,271) | (4,975,125) |
| Net cash provided by/(used in) investing activities | 48,798,210 | 9,488,548 | 12,764,422 | 26,242,286 | 3,354,812 |
| Cash flows used in financing activities: | |||||
| Term bank loans | (206,116,233) | 63,421,361 | (432,286) | 166,236,482 | 22,291,407 |
| 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 equivalents | 41,282,164 | 11,578,436 | (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 year | 9,323,559 | (31,958,605) | (43,537,041) | 49,044,187 | (108,836,510) |
| 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, 2014 | 1,650,000,000 | 164,070,347 | 337,497,132 | (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, 2015 | 1,650,000,000 | 164,070,347 | 197,408,966 | (440,731) | (21,382,494) | (32,165,728) | 1,957,490,360 | - | 1,957,490,360 |
| Allocation to legal reserve from 2016 profit | - | 6,364,999 | (6,364,999) | - | - | - | - | - | - |
| Dividends | - | - | (35,372,804) | - | (13,673,353) | 32,165,728 | (16,880,429) | - | (16,880,429) |
| Total comprehensive income | - | - | 75,255,450 | 68,022 | - | - | 75,323,472 | - | 75,323,472 |
| Balance at December 31, 2016 | 1,650,000,000 | 170,435,346 | 230,926,613 | (372,709) | (35,055,847) | - | 2,015,933,403 | - | 2,015,933,403 |
| Allocation to legal reserve from 2017 profit | - | 31,359 | (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, 2017 | 1,650,000,000 | 170,466,705 | 79,471,651 | (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, 2018 | 1,650,000,000 | 170,466,705 | 78,570,589 | (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, 2018 | 1,650,000,000 | 170,474,545 | (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, 2019 | 1,650,000,000 | 170,475,527 | 11,840,097 | (28,423) | - | (15,000) | 1,832,272,201 | - | 1,832,272,201 |