Financial Statements

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Audited 2016 Consolidated FS with notes PDF H1 2017 Consolidated FSPDF
Balance SheetXLSXPDF Cashflow StatementXLSXPDF
Income StatementXLSXPDF Changes in EquityXLSXPDF
Previous Audited Consolidated Financial Statements with notes2015 [PDF]2014 [PDF] 2013 [PDF] 2012 [PDF]

Balance Sheet

 20162015201420132012
      
Cash and banks balances     
Cash on hand64,46754,09858,49159,685152,341
Checks under collection7,622,1046,197,92626,844,731- 
Current accounts11,197,03211,896,26715,225,94310,283,70525,748,231
Short term deposits92,922,914 118,061,067 116,576,029 166,372,295 135,668,777
Cash and banks balances111,806,517 136,209,358 158,705,194 176,715,685 161,569,349
      
Prepayments and other debit balances     
Advance payments to contractors1,251,6931,662,2113,783,4842,228,86011,053,854
Advances to employees1,443,6282,665,2452,772,7212,106,1373,746,761
Accrued interest income21,502,58824,367,90518,945,20023,263,14221,504,883
Prepaid expenses7,211,3757,237,5787,018,9166,389,4477,597,708
Deferred tax assets1,612,5003,112,5001,612,5002,899,9191,612,500
Due from associates, joint ventures and related parties2,323,5394,065,3534,796,8539,179,8463,538,929
Other debit balances, (net)4,728,822 8,742,345 4,331,368 6,377,685 6,853,638
Prepayments and other debit balances40,074,145 51,853,137 43,261,042 52,445,036 55,908,273
      
      
Accounts and notes receivables, net     
Notes receivable646,481,645604,952,289594,143,809354,634,917487,366,725
Accounts receivable4,538,9175,492,3808,073,367106,834,673115,990,246
Reserve account receivable from BCD 1 Fund3,175,7157,350,5797,350,5793,803,007 
Deferred charges from securitization of notes9,279,8314,928,4694,928,4692,846,993 
Receivable from tenants55,511,81752,717,44348,552,55247,251,92538,732,156
less: unearned interest(119,467,402)(97,571,393)(103,298,752)(64,133,259)(79,899,551)
less: provision for problematic receivables(69,191,759)(100,659,973)(7,459,230)(16,042,021)(16,459,230)
less: provision for collectively assessed receivables(21,000,000)(11,000,000)                 -                  -                  -
Accounts and notes receivables, net509,328,764 466,209,794 552,290,794 435,196,235 545,730,346
      
Investment in asset-backed securities     
Loans and receivables:     
Class A-14,321,30317,607,55325,440,676 
Class B35,203,52545,000,00045,000,00045,000,000 
Held-to-Maturity:     
Class C10,160,450 10,160,450 10,160,450 10,160,450  
Investment in asset-backed securities45,363,975 69,481,753 72,768,003 80,601,126 -
      
Inventory of land and projects in progress     
Land and land development works     
Acquired properties970,823,554970,823,554970,823,554970,693,556967,201,064
Pre-acquisition costs9,412,8029,412,8029,412,8029,412,8029,412,802
Infrastructure costs877,070,669850,798,097823,244,074814,431,299799,223,411
Eviction costs260,351,968260,351,968260,351,968260,351,968260,242,988
Capitalized costs99,886,61394,631,15589,103,52381,012,33079,147,542
less cost of land sold, net(1,049,577,257)(1,010,618,148)(1,004,230,247)(977,525,312)(959,034,812)
less cost of land transferred to real estate development projects(176,019,718)(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)(6,353,121)
Land and land development works, net985,595,5101,015,465,434989,846,476999,517,4451,022,034,140
Real estate development projects     
Construction and rehabilitation of buildings759,626,950762,552,783744,533,989724,194,853657,430,864
Cost of land176,019,718153,580,873152,506,077152,506,077127,805,734
less cost transferred to investment properties, net(754,965,156)(723,504,422)(684,785,918)(658,718,782)(525,198,681)
less cost transferred to fixed assets(30,237,375)(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)(44,164,255)
Real estate development projects, net106,279,882 118,649,414 138,430,875 144,158,875 186,214,644
Inventory of land and projects in progress1,091,875,392 1,134,114,848 1,128,277,351 1,143,676,320 1,208,248,784
      
Investment properties, net     
Land115,179,450115,724,562115,201,952114,682,75790,527,308
Buildings554,174,871523,529,395497,868,486473,335,326361,115,221
less acc. dep.(81,393,960)(66,967,180)(57,912,702)(48,739,235)(41,648,136)
Other assets36,191,55536,384,71736,588,66136,309,10935,563,136
less acc. dep.(17,730,179)(15,234,719)(12,885,494)(10,907,615)(8,919,167)
Investment properties, net606,421,737 593,436,775 578,860,903 564,680,342 436,638,362
      
Investment in associates and joint ventures     
Solidere International Limited     
Total Assets1,086,381,2331,049,547,675988,495,468898,012,522871,851,534
Total Liabilities(46,998,009)(47,008,418)(47,824,752)(23,892,942)(9,417,279)
Non-controlling interest(62,825,202)(62,462,808)(60,857,169)(58,752,401)(55,834,658)
Net Assets976,558,022940,076,449879,813,547815,367,179806,599,597
Group's share of net assets381961406367,081,992343,550,472318,385,391314,961,818
Foreign Currency Translation reserve68,022(122,453)58,94693,068-
Group's share of results14,097,12123,653,91325,106,1353,330,5053,270,647
      
Beirut Waterfront Development     
Total Assets191,086,604197,465,224213,038,606211,088,560189,705,226
Total Liabilities(193,863,626)(189,820,881)(222,887,699)(208,604,523)(181,410,001)
Non-controlling interest-----
Net Assets(2,777,022)7,644,343(9,849,093)2,484,0378,295,225
Group's share of net assets(1,388,511)3,822,172(4,924,547)1,242,0204,147,614
Group's share of results(5,210,683)3,630,3916,166,565(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 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 Assets8,709,1969,836,4719,699,0172,662,400777,503
Total Liabilities(6,729,709)(9,387,958)(10,386,494)(2,886,916)(675,297)
Non-controlling interest-----
Net Assets1,979,487448,513(687,477)(224,516)102,206
Group's share of net assets916,694188,154(265,502)(80,434)45,488
Acquisitions---4,877-
Group's share of results728,541594,918185,070(130,799)92,136
      
Total investment in associates and joint ventures418,029,589 407,632,317 374,900,423 356,086,977 355,694,920
      
Fixed assets, net     
Land6,172,2386,172,2386,172,2386,172,2386,172,238
Buildings36,361,89836,891,35429,135,25329,105,92028,832,647
less acc. dep.(11,356,999)(10,823,857)(9,068,219)(8,497,781)(5,948,247)
Marina7,866,6247,866,6247,866,6247,866,6247,866,624
less acc. dep.(1,652,364)(1,494,239)(1,336,782)(1,179,325)(1,021,868)
Furniture and fixtures9,922,38510,088,80810,307,26910,632,43110,479,080
less acc. dep.(5,498,907)(5,052,191)(4,753,252)(4,154,518)(3,515,355)
Freehold improvements24,173,19825,079,72324,315,73727,541,48029,629,053
less acc. dep.(10,483,502)(10,361,182)(9,022,376)(6,601,945)(5,597,170)
Machines and equipment37,562,86937,465,25937,059,66337,350,78037,218,205
less acc. dep.(37,210,970)(36,715,733)(35,653,423)(34,156,342)(32,299,822)
Advances on Fixed Assets(552,878)(554,678)               -16,332 261,935
Fixed assets, net55,303,59258,562,12655,022,73264,095,89472,077,320
      
TOTAL ASSETS$2,878,203,711 $2,917,500,108 $2,964,086,442 $2,873,497,615 $2,835,867,354
      
      
Bank overdrafts, short and medium term facilities     
Bank overdrafts62,762,330245,045,868237,576,702229,792,642173,019,660
Short term facilities247,000,000310,997,094310,998,348275,019,035350,004,033
Medium term facilities                 -                  -                  - 47,999,729 109,999,718
Bank overdrafts, short and medium term facilities309,762,330 556,042,962 548,575,050 552,811,406 633,023,411
      
      
Accounts payable and other liabilities     
Accounts payable34,757,26542,603,55339,316,77650,701,18154,124,037
Accrued charges and other credit balances17,580,85018,199,22416,574,27715,620,30413,473,270
Taxes payable35,326,22621,303,39334,172,84524,964,21013,324,858
Provision for end-of-service indemnity     
Balance - Beginning of the year13,983,61412,118,28815,300,22015,144,79712,908,640
Additions3,040,2403,130,563819,528830,0362,343,146
Settlements(930,675)(1,265,238)(525,917)(674,613)(106,989)
Write-back(1,949,023)-(3,475,544)--
Transfer to provision contingencies(421,966)             -              -              -              -
Provision for end-of-service indemnity13,722,19013,983,61312,118,28715,300,22015,144,797
Provision for contingencies26,093,14913,727,2347,086,4106,286,4109,886,410
Due to a joint venture182,8928,473182,896178,70182,491
Loan to a joint venture94,16494,16494,16497,535-
Accrued interest payable1,381,974 1,702,048 1,945,694 1,762,916 1,310,528
Accounts payable and other liabilities129,138,710 111,621,702 111,491,349 114,911,477 107,346,391
      
Dividends payable64,458,14861,245,10763,681,03266,485,37578,776,194
      
Deferred revenue and other credit balances     
Cash down payments and commitments on sale contracts3,024,02842,714,60311,121,1873,264,4953,250,387
Deferred rental revenue and related deposits17,101,33619,124,70020,945,09921,659,05728,348,889
Unrealized gain on sale of properties to a joint venture10,750,00010,750,00010,750,00010,750,00010,750,000
Deferred interest revenue on a loan to a joint venture29,427,300 26,138,700 22,850,100 19,561,500 16,272,900
Deferred revenue and other credit balances60,302,664 98,728,003 65,666,386 55,235,052 58,622,176
      
Loans from banks and financial institutions298,608,456 132,371,974 110,080,567 133,224,943 49,943,056
      
TOTAL LIABILITIES$862,270,308 $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) shares1,000,000,0001,000,000,0001,000,000,0001,000,000,0001,000,000,000
65,000,000 class (B) shares650,000,000 650,000,000 650,000,000 650,000,000 650,000,000
 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000 1,650,000,000
Legal reserve170,435,346164,070,347164,070,347154,380,009150,411,796
Retained earnings230,926,613197,408,966337,497,132234,569,452195,601,151
Cumulative foreign currency translation reserve(372,709)(440,731)(318,337)(377,283)(470,351)
Deficit on treasury shares' activity(35,055,847)(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 parent2,015,933,403 1,957,490,360 2,064,592,058 1,951,915,094 1,908,885,512
Non-Controlling interest                    -                    -                    -(1,085,732)(729,386)
      
TOTAL EQUITY$2,015,933,403 $1,957,490,360 $2,064,592,058 $1,950,829,362 $1,908,156,126
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,878,203,711 $2,917,500,108 $2,964,086,442 $2,873,497,615 $2,835,867,354

Income Statement

 20162015201420132012
      
      
Revenues from land sales203,259,28226,801,762169,473,80694,890,67349,580,377
Revenues from rented properties56,447,31156,972,87961,478,04254,877,83954,320,884
Revenues from rendered services:     
Services rendered to a related party, an associate and a joint venture-914,480682,5512,441,5812,908,095
Services rendered to clients1,931,0002,155,6361,504,3071,587,0151,052,861
Broadband Network revenues4,589,5443,916,6633,888,8714,007,9552,560,806
Revenues from hospitality351,312539,8641,987,4004,453,1196,593,970
Total revenues266,578,44991,301,284239,014,977162,258,182117,016,993
Cost of land sales(44,242,109)(6,387,900)(28,417,648)(18,660,599)(7,122,763)
Charges on rented properties:     
Depreciation(17,167,013)(12,891,130)(11,482,319)(9,095,935)(9,160,779)
Property taxes(6,532,111)(7,588,870)(6,867,500)(6,652,760)(6,383,320)
Maintenance and other(7,778,677)(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(624,469)(1,576,816)(1,550,445)(1,277,781)(1,090,421)
Broadbank Network cost of services rendered(3,038,673)(3,099,322)(2,977,240)(2,679,948)(3,237,268)
Cost of hospitality(438,748)(841,126)(3,804,210)(7,199,885)(10,590,675)
Total cost of revenues(79,821,800)(38,517,695)(62,923,453)(53,700,219)(49,999,853)
Gain on sale and disposal of investment properties2,154,937 3,177,153 4,504,635 4,234,383 4,376,528
Net revenues from operations188,911,58655,960,742180,596,159112,792,34671,393,668
Share Result of associates and joint ventures9,614,97927,879,22218,754,500294,1122,556,581
General and administrative expenses:     
Salaries, benefits, and related charges(27,042,155)(25,578,130)(27,110,690)(23,961,365)(21,719,797)
BoD remuneration(300,000)(300,000)-(300,000)(285,417)
Administrative expenses(7,486,323)(8,596,177)(7,201,737)(6,649,731)(14,709,684)
Depreciation of fixed assets(4,096,552)(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(1,567,308)(4,778,425)(3,188,017)(1,306,950)-
Loss on rescheduled receivables(16,693,309)(2,553,157)(5,925,711)--
Provision for impairment(11,546,129)(104,200,743)---
Provision for contingencies(17,613,949)(7,562,022)(800,000)(2,300,000)(7,986,410)
Write-back/(provision) for impairment of fixed assets185,420(1,149,677)(3,927,655)(3,000,000)-
Provision for impairment of other debit balances--(2,100,000)(2,000,000)-
Other expenses(431,925)(771,658)(352,769)(3,803,874)(233,883)
Other income430,8424,663,240700,273827,706552,155
Taxes, fees and stamps(544,992)(540,869)(596,438)(2,333,352)(3,815,872)
Interest income     
Interest income from receivables12,976,40612,721,76013,963,7089,102,27324,473,575
Interest income from banks4,702,6524,634,3415,724,8977,605,5165,779,515
Interest income from asset-backed securities1,198,0281,990,6051,029,0012,211,768-
Interest derecognized on asset-backed securities--(1,024,215)--
Interest expense from banks(36,203,197)(34,840,738)(34,046,101)(31,716,707)(27,147,580)
Loss on exchange(1,050,649)(991,970)(1,125,424)(962,094)(1,171,389)
Profit before tax93,443,425(88,495,922)131,023,37748,348,95319,556,955
Income tax (expense)/benefit(18,187,975)1,283,167 (17,319,627)(5,768,785)(2,322,812)
Profit for the year75,255,450 (87,212,755)113,703,750 42,580,168 17,234,143
Basic/diluted earnings per share0.46000.53000.71000.26590.1085
      
Attributable to:     
Equity owners of the parent75,255,450(87,212,755)113,703,75042,936,51417,649,553
Non-controlling interest            -              -             -(356,346)(415,410)
      
Profit for the year75,255,450 (87,212,755)113,703,750 42,580,168 17,234,143

Cashflow Statement

 20162015201420132012
      
Cash flows used in operating activities:     
      
Profit for the year before income tax93,443,425(88,495,922)131,023,37748,348,95319,556,955
Adjustments to reconcile profit to net cash     
provided by/(used in) operating actvities:     
Depreciation of fixed assets4,096,5524,482,2665,821,9486,567,9048,128,507
Depreciation of investment properties17,167,01312,891,13011,482,3199,095,9359,160,779
Gain on sale of investment properties(2,154,937)(3,177,153)(4,504,635)(4,234,383)(4,376,528)
Loss on sale of fixed assets394,129370,178158,838441,154526
Provision for end-of-service indemnity, net1,091,2173,130,563819,528830,0362,343,146
Provision for contingencies17,613,9497,562,022800,0002,300,0007,986,410
(Write-back)/provision for impairment of fixed assets(185,420)1,149,6773,927,6553,000,000-
Provision for impairment11,546,129104,200,743---
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 impairment of other debit balances--2,100,0002,000,000-
Write-off of receivables1,567,3084,778,4253,188,0171,306,950-
Loss on rescheduled receivables16,693,3092,553,1575,925,711--
Share of result of associates and joint ventures(9,614,979)(27,879,222)(18,754,500)(294,112)(2,556,581)
Write-off of hospitality projects' costs---1,026,435-
Interest income from receivables(12,976,406)(12,721,760)(13,963,708)(9,102,273)(24,473,575)
Interest income from banks(4,702,652)(4,634,341)(5,724,897)(7,605,516)(5,779,515)
Interest income from asset-backed securities(1,198,028)(1,990,605)(1,029,001)(2,211,768)-
Interest derecognized on asset-backed securities--1,024,215--
Interest expense36,203,19734,840,73834,046,10131,716,70727,147,580
Interest expense allocated to land and projects in progress389,9861,761,3631,093,9292,920,1633,018,107
      
Changes in Working Capital     
Prepayments and other debit balances9,119,519(3,277,094)17,202,94913,465,1569,132,596
Accounts and notes receivable(71,379,587)(25,451,325)(123,820,895)110,951,320(1,410,686)
Inventory of land and projects in progress10,356,912(44,712,547)(11,762,097)(71,923,035)(82,963,423)
Accounts payable and other liabilities(19,258,106)6,819,250(14,768,052)(773,839)(14,158,818)
Deferred revenues and other credit balances(41,677,312)33,061,6177,029,859(6,675,724)5,256,996
Interest received21,742,40313,924,00010,588,5197,928,08813,681,107
Income tax paid             - (15,746,906)(6,061,382)(2,322,812)(24,691,842)
      
Net cash provided by/(used in) operating activities78,277,6213,438,25432,368,254136,338,130(52,498,259)
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities24,117,7783,286,2507,833,123(80,601,126)-
Short term deposits--2,000,000(2,000,000)1,353,808
Acquisition of fixed assets(1,253,151)(870,504)(1,031,420)(2,404,854)(8,459,700)
Acquisition of investment properties(992,049)(391,876)(1,507,148)(5,959,429)(1,785,207)
Proceeds from sale of investment properties4,430,9345,590,5326,416,0406,575,9986,129,001
Proceeds from sale of fixed assets653,045715,535196,141377,2221,153,929
Investment in associates and joint ventures(714,271)(4,975,125)             - (4,877)6,444,057
      
Net cash provided by/(used in) investing activities26,242,2863,354,81213,906,736(84,017,066)4,835,888
      
Cash flows used in financing activities:     
      
Term bank loans166,236,48222,291,407(23,144,375)83,281,887(56,944)
Dividends paid(13,667,388)(22,202,474)(2,804,343)(12,290,819)(44,735,908)
Treasury Shares----(4,652,007)
Interest Paid(35,211,210)(36,845,747)(32,100,407)(29,953,791)(25,837,052)
Short term facilities(63,997,094)(1,254)(12,020,416)(136,984,987)40,741,321
      
Net cash used in financing activities53,360,790(36,758,068)(70,069,541)(95,947,710)(34,540,590)
      
Net change in cash and cash equivalents157,880,697(29,965,002)(23,794,551)(43,626,646)(82,202,961)
Cash and cash equivalents - Beginning of the year(108,836,510)(78,871,508)(55,076,957)(11,450,311)70,752,650
      
Cash and cash equivalents - End of the year49,044,187 (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
          
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