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02-04-2020 (EoD Closing)

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Financial Statements

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H1 2019 FS with notesPDF Audited 2018 Consolidated FS with notes PDF
Balance SheetXLSXPDF Cashflow StatementXLSXPDF
Income StatementXLSXPDF Changes in EquityXLSXPDF
Previous Audited Consolidated Financial Statements with notes2017 [PDF] 2016 [PDF]2015 [PDF] 2014 [PDF]

Balance Sheet

 20182017201620152014
      
Cash and banks balances     
Cash on hand20,28474,32064,46754,09858,491
Checks for collection13,237,34407,622,1046,197,92626,844,731
Current accounts8,252,3679,681,50611,197,03211,896,26715,225,943
Short term deposits 5,669,800 30,432,761  92,922,914  118,061,067  116,576,029
 27,179,79540,188,587111,806,517136,209,358158,705,194
Less: Allowance for expected credit losses(157,352)    
Cash and banks balances27,022,443 40,188,587 111,806,517 136,209,358 158,705,194
      
Prepayments and other debit balances     
Advance payments to contractors4,110,6039,589,1631,251,6931,662,2113,783,484
Advances to employees624,2701,481,2781,443,6282,665,2452,772,721
Accrued interest income146,20524,088,51621,502,58824,367,90518,945,200
Prepaid expenses7,174,8967,612,7667,211,3757,237,5787,018,916
Deferred tax assets7,989,5446,012,5001,612,5003,112,5001,612,500
Due from associates, joint ventures and related parties2,008,8821,270,3472,323,5394,065,3534,796,853
Other debit balances, (net) 31,133,044 10,160,091  4,728,822  8,742,345  4,331,368
Prepayments and other debit balances53,187,444 60,214,661 40,074,145 51,853,137 43,261,042
      
Accounts and notes receivables, net     
Notes receivable295,200,405542,608,904646,481,645604,952,289594,143,809
Accounts receivable4,485,7234,543,8904,538,9175,492,3808,073,367
Reserve account receivable from BCD 1 Fund899,0981,669,6573,175,7157,350,5797,350,579
Reserve account receivable from BCD 2 Fund7,178,969    
Deferred charges from securitization of notes11,379,95010,785,8869,279,8314,928,4694,928,469
Receivable from tenants40,354,85955,099,61455,511,81752,717,44348,552,552
less: unearned interest(54,324,622)(92,512,336)(119,467,402)(97,571,393)(103,298,752)
less: provision for problematic receivables(158,597,754)(128,205,944)(69,191,759)(100,659,973)(7,459,230)
less: provision for collectively assessed receivables(30,314,000)(21,000,000)(11,000,000)                                -
Accounts and notes receivables, net146,576,628 363,675,671 509,328,764 466,209,794 552,290,794
      
Investment in asset-backed securities     
BCD 1:     
Class A                                -                                -                                -14,321,30317,607,553
Class B10,558,92422,573,84535,203,52545,000,00045,000,000
Held-to-Maturity     
Class C 10,160,450  10,160,450  10,160,450  10,160,450   10,160,450
             20,719,374            32,734,295            45,363,975            69,481,753            72,768,003
BCD 2:     
Class A              6,546,883    
Class B 24,333,120     
             30,880,003    
Provision for impairment(31,900,000)(8,990,000)                  -                  -                   -
Investment in asset-backed securities19,699,377 23,744,295 45,363,975 69,481,753 72,768,003
      
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 costs939,431,499916,377,447877,070,669850,798,097823,244,074
Eviction costs260,351,968260,351,968260,351,968260,351,968260,351,968
Capitalized costs111,401,388105,559,95899,886,61394,631,15589,103,523
less cost of land sold, net(1,050,320,764)(1,049,594,744)(1,049,577,257)(1,010,618,148)(1,004,230,247)
less cost of land transferred to real estate development projects(176,019,718)(176,019,718)(176,019,718)(153,580,873)(152,506,077)
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, net1,058,727,6081,030,558,146985,595,5101,015,465,434989,846,476
Real estate development projects     
Construction and rehabilitation of buildings799,520,200779,301,017759,626,950762,552,783744,533,989
Cost of land176,019,718176,019,718176,019,718153,580,873152,506,077
less cost transferred to investment properties, net(754,965,156)(754,965,156)(754,965,156)(723,504,422)(684,785,918)
less cost transferred to fixed assets(30,237,375)(30,237,375)(30,237,375)(29,815,565)(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, net 146,173,132  125,953,949  106,279,882  118,649,414  138,430,875
Inventory of land and projects in progress1,204,900,740 1,156,512,095 1,091,875,392 1,134,114,848 1,128,277,351
      
Investment properties, net     
Land114,554,400114,845,991115,179,450115,724,562115,201,952
Buildings559,184,476557,153,323554,174,871523,529,395497,868,486
less acc. dep.(104,380,614)(92,326,439)(81,393,960)(66,967,180)(57,912,702)
Other assets36,951,78836,683,14636,191,55536,384,71736,588,661
less acc. dep.(21,848,789)(20,381,828)(17,730,179)(15,234,719)(12,885,494)
Investment properties, net584,461,261 595,974,193 606,421,737 593,436,775 578,860,903
      
Investment in associates and joint ventures     
Solidere International Limited     
Total Assets1,063,914,6551,101,210,1921,086,381,2331,049,547,675988,495,468
Total Liabilities(26,966,276)(40,135,299)(46,998,009)(47,008,418)(47,824,752)
Non-controlling interest(62,057,448)(62,975,155)(62,825,202)(62,462,808)(60,857,169)
Net Assets974,890,931998,099,738976,558,022940,076,449879,813,547
Group's share of net assets381,279,843 390,387,023 381,961,406 367,081,992 343,550,472
Foreign Currency Translation reserve 306,24168,022(122,453)58,946
Group's share of results(9,107,175)8,117,34014,097,12123,653,91325,106,135
      
Beirut Waterfront Development     
Total Assets174,138,730184,148,847191,086,604197,465,224213,038,606
Total Liabilities(195,828,646)(200,147,331)(193,863,626)(189,820,881)(222,887,699)
Net Assets(21,689,916)(15,998,484)(2,777,022)7,644,343(9,849,093)
Group's share of net assets(10,844,958)(7,999,242)(1,388,511)3,822,172(4,924,547)
Group's share of results(2,845,716)(6,610,731)(5,210,683)3,630,3916,166,565
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(11,340,000)    
      
Other associates and joint ventures     
Total Assets12,302,9687,262,1478,709,1969,836,4719,699,017
Total Liabilities(8,277,002)(4,468,593)(6,729,709)(9,387,958)(10,386,494)
Net Assets4,025,9662,793,5541,979,487448,513(687,477)
Group's share of net assets1,751,649 1,117,422 916,694 188,154 (265,502)
Group's share of results126,982419,419728,541594,918185,070
      
Total investment in associates and joint ventures397,598,001 420,767,858 418,029,589 407,632,317 374,900,423
      
Fixed assets, net     
Land5,856,8695,856,8696,172,2386,172,2386,172,238
Buildings36,408,93736,114,82536,361,89836,891,35429,135,253
less acc. dep.(13,073,673)(12,108,075)(11,356,999)(10,823,857)(9,068,219)
Marina7,974,6247,974,6247,866,6247,866,6247,866,624
less acc. dep.(2,128,833)(1,968,789)(1,652,364)(1,494,239)(1,336,782)
Furniture and fixtures9,453,5909,527,9169,922,38510,088,80810,307,269
less acc. dep.(5,808,314)(5,639,656)(5,498,907)(5,052,191)(4,753,252)
Freehold improvements22,006,50321,999,62924,173,19825,079,72324,315,737
less acc. dep.(11,220,107)(10,430,662)(10,483,502)(10,361,182)(9,022,376)
Machines and equipment38,031,41437,762,60637,562,86937,465,25937,059,663
less acc. dep.(38,419,472)(37,885,194)(37,210,970)(36,715,733)(35,653,423)
Advances on Fixed Assets(554,072)(554,072)(552,878)(554,678)               -  
Fixed assets, net48,527,466 50,650,021 55,303,592 58,562,126 55,022,732
      
TOTAL ASSETS$ 2,481,973,360 $ 2,711,727,381 $ 2,878,203,711 $ 2,917,500,108 $ 2,964,086,442
      
      
Bank overdrafts, short and medium term facilities     
Bank overdrafts59,138,40083,725,62862,762,330245,045,868237,576,702
Short term facilities62,913,554 147,000,000 247,000,000 310,997,094 310,998,348
Bank overdrafts, short and medium term facilities122,051,954 230,725,628 309,762,330 556,042,962 548,575,050
      
      
Accounts payable and other liabilities     
Accounts payable39,751,78248,363,12733,093,46742,603,55339,316,776
Accrued charges and other credit balances29,410,79841,874,82917,580,85018,199,22416,574,277
Taxes payable11,288,03228,330,22035,326,22621,303,39334,172,845
Provision for end-of-service indemnity     
Balance - Beginning of the year13,068,15513,722,19013,983,61412,118,28815,300,220
Additions847,9671,307,1233,040,2403,130,563819,528
Settlements(1,346,175)(1,034,972)(930,675)(1,265,238)(525,917)
Write-back(2,155,296)(926,186)(1,949,023)-(3,475,544)
Transfer to provision contingencies                -                -(421,966)                  -                -
Provision for end-of-service indemnity10,414,65113,068,15513,722,19013,983,61312,118,287
Provision for contingencies30,795,13227,811,43526,093,14913,727,2347,086,410
Due to related parties and a joint venture1,885,7411,730,8641,846,6908,473182,896
Loan to a joint venture -94,16494,16494,164
Accrued interest payable1,288,869 1,307,327 1,381,974 1,702,048 1,945,694
Accounts payable and other liabilities124,835,005 162,485,957 129,138,710 111,621,702 111,491,349
      
Dividends payable59,513,18760,296,49164,458,14861,245,10763,681,032
      
Deferred revenue and other credit balances     
Cash down payments and commitments on sale contracts5,094,8523,043,6433,024,02842,714,60311,121,187
Deferred rental revenue and related deposits14,807,61513,661,70417,101,33619,124,70020,945,099
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 venture                 - 32,715,900  29,427,300  26,138,700  22,850,100
Deferred revenue and other credit balances30,652,467 60,171,247 60,302,664 98,728,003 65,666,386
      
Loans from banks and financial institutions361,597,531 298,176,170 298,608,456 132,371,974 110,080,567
      
TOTAL LIABILITIES$ 698,650,144 $ 811,855,493 $ 862,270,308 $ 960,009,748 $ 899,494,384
      
      
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 reserve170,474,545170,466,705170,435,346164,070,347164,070,347
Retained earnings(37,126,676)79,471,651230,926,613197,408,966337,497,132
Cumulative foreign currency translation reserve(24,653)(66,468)(372,709)(440,731)(318,337)
Deficit on treasury shares' activity00(35,055,847)(21,382,494)(2,446,798)
Less: Treasury shares                  -         _          -                    -(32,165,728)(84,210,286)
Total equity attributable to the owners of the parent1,783,323,216 1,899,871,888 2,015,933,403 1,957,490,360 2,064,592,058
      
TOTAL EQUITY $ 1,783,323,216  $ 1,899,871,888  $ 2,015,933,403  $ 1,957,490,360  $ 2,064,592,058
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,481,973,360  $ 2,711,727,381  $ 2,878,203,711  $ 2,917,500,108  $ 2,964,086,442
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Income Statement

 20182017201620152014
      
Revenues from land sales               1,274,550                     94,500          203,259,282            26,801,762          169,473,806
Revenues from rented properties            56,855,415            59,926,750            56,447,311            56,972,879            61,478,042
Revenues from rendered services:     
Services rendered to a related party, an associate and a joint venture                                -                                -                                -                  914,480                  682,551
Services rendered to clients               3,033,775               2,562,914               1,931,000               2,155,636               1,504,307
Broadband Network revenues               5,064,021               4,876,191               4,589,544               3,916,663               3,888,871
Revenues from hospitality                       8,656                  239,386                  351,312                  539,864               1,987,400
Total revenues            66,236,417            67,699,741          266,578,449            91,301,284          239,014,977
Cost of land sales(726,020)(17,487)(44,242,109)(6,387,900)(28,417,648)
Charges on rented properties:     
Depreciation(13,754,904)(13,704,546)(17,167,013)(12,891,130)(11,482,319)
Property taxes(1,316,728)(5,558,530)(6,532,111)(7,588,870)(6,867,500)
Maintenance and other(8,144,755)(7,796,025)(7,778,677)(5,218,051)(7,141,540)
Cost of rendered services:     
Cost of services rendered to a related party, an associate and a joint venture                                -                                -                                -(914,480)(682,551)
Cost of services rendered to clients(825,093)(307,969)(624,469)(1,576,816)(1,550,445)
Broadbank Network cost of services rendered(4,345,967)(3,719,461)(3,038,673)(3,099,322)(2,977,240)
Cost of hospitality(44,038)(295,317)(438,748)(841,126)(3,804,210)
Total cost of revenues(29,157,505)(31,399,335)(79,821,800)(38,517,695)(62,923,453)
Gain on sale and disposal of investment properties287,141 3,834,195 2,154,937 3,177,153 4,504,635
Net revenues from operations37,366,05340,134,601188,911,58655,960,742180,596,159
Share Result of associates and joint ventures(11,825,909)1,926,0289,614,97927,879,22218,754,500
General and administrative expenses:     
Salaries, benefits, and related charges(17,666,993)(22,884,522)(21,819,447)(25,578,130)(27,110,690)
Termination indemnities(7,622,232)(4,343,441)(5,222,708)  
BoD remuneration(240,000)(300,000)(300,000)(300,000)                              -  
Administrative expenses(5,908,346)(8,590,489)(7,486,323)(8,596,177)(7,201,737)
Depreciation of fixed assets(2,746,180)(3,284,131)(4,096,552)(4,482,266)(5,821,948)
Write-back of provision for end-of-service indemnity                              -                                -                                -                                -  3,475,544
Write-off of receivables(33,662,497)(14,472,573)(1,567,308)(4,778,425)(3,188,017)
Loss on rescheduled receivables(2,213,291)(685,432)(16,693,309)(2,553,157)(5,925,711)
Provision for impairment(35,046,987)(79,262,415)(11,546,129)(104,200,743)                              -  
Provision for contingencies(8,556,736)(14,250,000)(17,613,949)(7,562,022)(800,000)
Write-back/(provision) for impairment of fixed assets1,594(360,430)185,420(1,149,677)(3,927,655)
Provision for impairment of other debit balances                              -                                -                                -                                -  (2,100,000)
Other expenses(2,436,846)(1,879,219)(431,925)(771,658)(352,769)
Other income332,902302,539430,8424,663,240700,273
Taxes, fees and stamps(648,582)(643,542)(544,992)(540,869)(596,438)
Interest income     
Interest income from receivables5,096,68817,984,24212,976,40612,721,76013,963,708
Interest income from banks686,0102,754,8444,702,6524,634,3415,724,897
Interest income from asset-backed securities1,397,1841,428,4011,198,0281,990,6051,029,001
Interest derecognized on asset-backed securities                              -                                -                                -                                -  (1,024,215)
Interest expense from banks(33,725,167)(34,057,398)(36,203,197)(34,840,738)(34,046,101)
Loss on exchange(80,067)(80,060)(1,050,649)(991,970)(1,125,424)
(Loss)/Profit before tax(117,499,402)(120,562,997)93,443,425(88,495,922)131,023,377
Income tax (expense)/benefit1,809,977 4,195,241 (18,187,975)1,283,167 (17,319,627)
Profit for the year(115,689,425)(116,367,756)75,255,450 (87,212,755)113,703,750
Basic/diluted earnings per share(0.70)(0.71)0.46(0.53)0.71
      
Attributable to:     
Equity owners of the parent(115,689,425)(116,367,756)75,255,450(87,212,755)113,703,750
      
(Loss)/Profit for the year(115,689,425)(116,367,756)75,255,450 (87,212,755)113,703,750
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Cashflow Statement

 20182017201620152014
      
Cash flows from operating activities:     
      
(Loss)/Profit for the year before income tax(117,499,402)(120,562,997)93,443,425(88,495,922)131,023,377
Adjustments to reconcile profit to net cash     
provided by/(used in) operating actvities:     
Depreciation of fixed assets2,746,1803,284,1314,096,5524,482,2665,821,948
Depreciation of investment properties13,754,90413,704,54617,167,01312,891,13011,482,319
Gain on sale of investment properties(287,141)(3,834,195)(2,154,937)(3,177,153)(4,504,635)
(Gain)/Loss on sale of fixed assets(4,426)945,461394,129370,178158,838
(Write-back)/Provision for end-of-service indemnity, net(1,307,329)380,9371,091,2173,130,563819,528
Provision for contingencies8,556,73614,250,00017,613,9497,562,022800,000
(Write-back)/Provision/for impairment of fixed assets(1,594)360,430(185,420)1,149,6773,927,655
Provision for impairment35,046,98779,262,41511,546,129104,200,743                              -
Additional tax assessment                              -                              -                              -                              -                              -  
Write-back of provision for end-of-service indemnity                              -                              -                              -                              -(3,475,544)
Write-back of provision for receivables                              -                              -                              -                              -                              -  
Provision for impairment of other debit balances                              -                              -                              -                              -2,100,000
Write-off of receivables33,662,49714,472,5731,567,3084,778,4253,188,017
Loss on rescheduled receivables2,213,291685,43216,693,3092,553,1575,925,711
Share of result of associates and joint ventures11,825,909(1,926,028)(9,614,979)(27,879,222)(18,754,500)
Write-off of hospitality projects' costs                              -                              -                              -                              -                              -
Interest income from receivables(5,096,688)(17,984,242)(12,976,406)(12,721,760)(13,963,708)
Interest income from banks(686,010)(2,754,844)(4,702,652)(4,634,341)(5,724,897)
Interest income from asset-backed securities(1,397,184)(1,428,401)(1,198,028)(1,990,605)(1,029,001)
Interest derecognized on asset-backed securities                              -                              -                               -                              - 1,024,215
Interest expense33,725,16734,057,39836,203,19734,840,73834,046,101
Interest expense allocated to land and projects in progress1,285,8011,952,943389,9861,761,3631,093,929
      
Changes in Working Capital     
Prepayments and other debit balances(15,033,480)(9,913,655)9,119,519(3,277,094)17,202,949
Accounts and notes receivable137,557,68560,270,340(71,379,587)(25,451,325)(123,820,895)
Inventory of land and projects in progress(48,388,645)(64,636,703)10,356,912(44,712,547)(11,762,097)
Accounts payable and other liabilities(24,901,173)33,301,887(19,258,106)6,819,250(14,768,052)
Deferred revenues and other credit balances3,197,120(3,420,017)(41,677,312)33,061,6177,029,859
Interest received9,746,29319,581,55921,742,40313,924,00010,588,519
Settlements of end-of-service indemnity and other charges(1,346,175)    
Settlements from provision for contingencies(6,533,488)    
Income tax paid(12,348,797)(16,172,309)0 (15,746,906)(6,061,382)
      
Net cash provided by/(used in) operating activities58,487,03833,876,66178,277,6213,438,25432,368,254
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities12,015,22112,629,68024,117,7783,286,2507,833,123
Short term deposits                              -                              -                              -                              -2,000,000
Acquisition of fixed assets(623,625)(824,603)(1,253,151)(870,504)(1,031,420)
Acquisition of investment properties(3,459,804)(3,997,395)(992,049)(391,876)(1,507,148)
Proceeds from sale of investment properties1,504,9735,211,0004,430,9345,590,5326,416,040
Proceeds from sale of fixed assets6,020251,740653,045715,535196,141
Investment in associates and joint ventures45,763 (506,000)(714,271)(4,975,125)                              -
      
Net cash provided by/(used in) investing activities9,488,54812,764,42226,242,2863,354,81213,906,736
      
Cash flows used in financing activities:     
      
Term bank loans63,421,361(432,286)166,236,48222,291,407(23,144,375)
Dividends paid(783,304)(4,161,657)(13,667,388)(22,202,474)(2,804,343)
Interest Paid(34,948,761)(34,628,368)(35,211,210)(36,845,747)(32,100,407)
Short term facilities(84,086,446)(100,000,000)(63,997,094)(1,254)(12,020,416)
      
Net cash used in financing activities(56,397,150)(139,222,311)53,360,790(36,758,068)(70,069,541)
      
Net change in cash and cash equivalents11,578,436(92,581,228)157,880,697(29,965,002)(23,794,551)
Cash and cash equivalents - Beginning of the year(43,537,041)49,044,187 (108,836,510)(78,871,508)(55,076,957)
      
Cash and cash equivalents - End of the year(31,958,605)(43,537,041)49,044,187 (108,836,510)(78,871,508)
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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, 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 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--75,255,45068,022--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 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, 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
          
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