Financial Statements

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

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