Financial Statements
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| Audited 2017 Consolidated FS with notes | ||||||
| Balance Sheet | XLSX | Cashflow Statement | XLSX | |||
| Income Statement | XLSX | Changes in Equity | XLSX | |||
| Previous Audited Consolidated Financial Statements with notes | 2016 [PDF] | 2015 [PDF] | 2014 [PDF] | 2013 [PDF] |
| 2017 | 2016 | 2015 | 2014 | 2013 | |
| Cash and banks balances | |||||
| Cash on hand | 74,320 | 64,467 | 54,098 | 58,491 | 59,685 |
| Checks under collection | 0 | 7,622,104 | 6,197,926 | 26,844,731 | - |
| Current accounts | 9,681,506 | 11,197,032 | 11,896,267 | 15,225,943 | 10,283,705 |
| Short term deposits | 30,432,761 | 92,922,914 | 118,061,067 | 116,576,029 | 166,372,295 |
| Cash and banks balances | 40,188,587 | 111,806,517 | 136,209,358 | 158,705,194 | 176,715,685 |
| Prepayments and other debit balances | |||||
| Advance payments to contractors | 9,589,163 | 1,251,693 | 1,662,211 | 3,783,484 | 2,228,860 |
| Advances to employees | 1,481,278 | 1,443,628 | 2,665,245 | 2,772,721 | 2,106,137 |
| Accrued interest income | 24,088,516 | 21,502,588 | 24,367,905 | 18,945,200 | 23,263,142 |
| Prepaid expenses | 7,612,766 | 7,211,375 | 7,237,578 | 7,018,916 | 6,389,447 |
| Deferred tax assets | 6,012,500 | 1,612,500 | 3,112,500 | 1,612,500 | 2,899,919 |
| Due from associates, joint ventures and related parties | 1,270,347 | 2,323,539 | 4,065,353 | 4,796,853 | 9,179,846 |
| Other debit balances, (net) | 10,160,091 | 4,728,822 | 8,742,345 | 4,331,368 | 6,377,685 |
| Prepayments and other debit balances | 60,214,661 | 40,074,145 | 51,853,137 | 43,261,042 | 52,445,036 |
| Accounts and notes receivables, net | |||||
| Notes receivable | 542,608,904 | 646,481,645 | 604,952,289 | 594,143,809 | 354,634,917 |
| Accounts receivable | 4,543,890 | 4,538,917 | 5,492,380 | 8,073,367 | 106,834,673 |
| Reserve account receivable from BCD 1 Fund | 1,669,657 | 3,175,715 | 7,350,579 | 7,350,579 | 3,803,007 |
| Deferred charges from securitization of notes | 10,785,886 | 9,279,831 | 4,928,469 | 4,928,469 | 2,846,993 |
| Receivable from tenants | 55,099,614 | 55,511,817 | 52,717,443 | 48,552,552 | 47,251,925 |
| less: unearned interest | (92,512,336) | (119,467,402) | (97,571,393) | (103,298,752) | (64,133,259) |
| less: provision for problematic receivables | (128,205,944) | (69,191,759) | (100,659,973) | (7,459,230) | (16,042,021) |
| less: provision for collectively assessed receivables | (30,314,000) | (21,000,000) | (11,000,000) | - | - |
| Accounts and notes receivables, net | 363,675,671 | 509,328,764 | 466,209,794 | 552,290,794 | 435,196,235 |
| Investment in asset-backed securities | |||||
| Loans and receivables: | |||||
| Class A | - | - | 14,321,303 | 17,607,553 | 25,440,676 |
| Class B | 22,573,845 | 35,203,525 | 45,000,000 | 45,000,000 | 45,000,000 |
| Held-to-Maturity: | |||||
| Class C | 10,160,450 | 10,160,450 | 10,160,450 | 10,160,450 | 10,160,450 |
| Provision for impairment | (8,990,000) | - | - | - | - |
| Investment in asset-backed securities | 23,744,295 | 45,363,975 | 69,481,753 | 72,768,003 | 80,601,126 |
| 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 | 970,693,556 |
| Pre-acquisition costs | 9,412,802 | 9,412,802 | 9,412,802 | 9,412,802 | 9,412,802 |
| Infrastructure costs | 916,377,447 | 877,070,669 | 850,798,097 | 823,244,074 | 814,431,299 |
| Eviction costs | 260,351,968 | 260,351,968 | 260,351,968 | 260,351,968 | 260,351,968 |
| Capitalized costs | 105,559,958 | 99,886,613 | 94,631,155 | 89,103,523 | 81,012,330 |
| less cost of land sold, net | (1,049,594,744) | (1,049,577,257) | (1,010,618,148) | (1,004,230,247) | (977,525,312) |
| less cost of land transferred to real estate development projects | (176,019,718) | (176,019,718) | (153,580,873) | (152,506,077) | (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, net | 1,030,558,146 | 985,595,510 | 1,015,465,434 | 989,846,476 | 999,517,445 |
| Real estate development projects | |||||
| Construction and rehabilitation of buildings | 779,301,017 | 759,626,950 | 762,552,783 | 744,533,989 | 724,194,853 |
| Cost of land | 176,019,718 | 176,019,718 | 153,580,873 | 152,506,077 | 152,506,077 |
| less cost transferred to investment properties, net | (754,965,156) | (754,965,156) | (723,504,422) | (684,785,918) | (658,718,782) |
| less cost transferred to fixed assets | (30,237,375) | (30,237,375) | (29,815,565) | (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, net | 125,953,949 | 106,279,882 | 118,649,414 | 138,430,875 | 144,158,875 |
| Inventory of land and projects in progress | 1,156,512,095 | 1,091,875,392 | 1,134,114,848 | 1,128,277,351 | 1,143,676,320 |
| Investment properties, net | |||||
| Land | 114,845,991 | 115,179,450 | 115,724,562 | 115,201,952 | 114,682,757 |
| Buildings | 557,153,323 | 554,174,871 | 523,529,395 | 497,868,486 | 473,335,326 |
| less acc. dep. | (92,326,439) | (81,393,960) | (66,967,180) | (57,912,702) | (48,739,235) |
| Other assets | 36,683,146 | 36,191,555 | 36,384,717 | 36,588,661 | 36,309,109 |
| less acc. dep. | (20,381,828) | (17,730,179) | (15,234,719) | (12,885,494) | (10,907,615) |
| Investment properties, net | 595,974,193 | 606,421,737 | 593,436,775 | 578,860,903 | 564,680,342 |
| Investment in associates and joint ventures | |||||
| Solidere International Limited | |||||
| Total Assets | 1,101,210,192 | 1,086,381,233 | 1,049,547,675 | 988,495,468 | 898,012,522 |
| Total Liabilities | (40,135,299) | (46,998,009) | (47,008,418) | (47,824,752) | (23,892,942) |
| Non-controlling interest | (62,975,155) | (62,825,202) | (62,462,808) | (60,857,169) | (58,752,401) |
| Net Assets | 998,099,738 | 976,558,022 | 940,076,449 | 879,813,547 | 815,367,179 |
| Group's share of net assets | 390,387,023 | 381,961,406 | 367,081,992 | 343,550,472 | 318,385,391 |
| Foreign Currency Translation reserve | 306,241 | 68,022 | (122,453) | 58,946 | 93,068 |
| Group's share of results | 8,117,340 | 14,097,121 | 23,653,913 | 25,106,135 | 3,330,505 |
| Beirut Waterfront Development | |||||
| Total Assets | 184,148,847 | 191,086,604 | 197,465,224 | 213,038,606 | 211,088,560 |
| Total Liabilities | (200,147,331) | (193,863,626) | (189,820,881) | (222,887,699) | (208,604,523) |
| Non-controlling interest | - | - | - | - | - |
| Net Assets | (15,998,484) | (2,777,022) | 7,644,343 | (9,849,093) | 2,484,037 |
| Group's share of net assets | (7,999,242) | (1,388,511) | 3,822,172 | (4,924,547) | 1,242,020 |
| Group's share of results | (6,610,731) | (5,210,683) | 3,630,391 | 6,166,565 | (2,905,594) |
| 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 | |||||
| Total Assets | 7,262,147 | 8,709,196 | 9,836,471 | 9,699,017 | 2,662,400 |
| Total Liabilities | (4,468,593) | (6,729,709) | (9,387,958) | (10,386,494) | (2,886,916) |
| Non-controlling interest | - | - | - | - | - |
| Net Assets | 2,793,554 | 1,979,487 | 448,513 | (687,477) | (224,516) |
| Group's share of net assets | 1,117,422 | 916,694 | 188,154 | (265,502) | (80,434) |
| Acquisitions | - | - | - | - | 4,877 |
| Group's share of results | 419,419 | 728,541 | 594,918 | 185,070 | (130,799) |
| Total investment in associates and joint ventures | 420,767,858 | 418,029,589 | 407,632,317 | 374,900,423 | 356,086,977 |
| Fixed assets, net | |||||
| Land | 5,856,869 | 6,172,238 | 6,172,238 | 6,172,238 | 6,172,238 |
| Buildings | 36,114,825 | 36,361,898 | 36,891,354 | 29,135,253 | 29,105,920 |
| less acc. dep. | (12,273,789) | (11,356,999) | (10,823,857) | (9,068,219) | (8,497,781) |
| Marina | 7,974,624 | 7,866,624 | 7,866,624 | 7,866,624 | 7,866,624 |
| less acc. dep. | (1,803,075) | (1,652,364) | (1,494,239) | (1,336,782) | (1,179,325) |
| Furniture and fixtures | 9,527,916 | 9,922,385 | 10,088,808 | 10,307,269 | 10,632,431 |
| less acc. dep. | (5,639,656) | (5,498,907) | (5,052,191) | (4,753,252) | (4,154,518) |
| Freehold improvements | 21,999,629 | 24,173,198 | 25,079,723 | 24,315,737 | 27,541,480 |
| less acc. dep. | (10,430,662) | (10,483,502) | (10,361,182) | (9,022,376) | (6,601,945) |
| Machines and equipment | 37,762,606 | 37,562,869 | 37,465,259 | 37,059,663 | 37,350,780 |
| less acc. dep. | (37,885,194) | (37,210,970) | (36,715,733) | (35,653,423) | (34,156,342) |
| Advances on Fixed Assets | (554,072) | (552,878) | (554,678) | - | 16,332 |
| Fixed assets, net | 50,650,021 | 55,303,592 | 58,562,126 | 55,022,732 | 64,095,894 |
| TOTAL ASSETS | $2,711,727,381 | $2,878,203,711 | $2,917,500,108 | $2,964,086,442 | $2,873,497,615 |
| Bank overdrafts, short and medium term facilities | |||||
| Bank overdrafts | 83,725,628 | 62,762,330 | 245,045,868 | 237,576,702 | 229,792,642 |
| Short term facilities | 147,000,000 | 247,000,000 | 310,997,094 | 310,998,348 | 275,019,035 |
| Medium term facilities | - | - | - | - | 47,999,729 |
| Bank overdrafts, short and medium term facilities | 230,725,628 | 309,762,330 | 556,042,962 | 548,575,050 | 552,811,406 |
| Accounts payable and other liabilities | |||||
| Accounts payable | 48,363,127 | 33,093,467 | 42,603,553 | 39,316,776 | 50,701,181 |
| Accrued charges and other credit balances | 41,874,829 | 17,580,850 | 18,199,224 | 16,574,277 | 15,620,304 |
| Taxes payable | 28,330,220 | 35,326,226 | 21,303,393 | 34,172,845 | 24,964,210 |
| Provision for end-of-service indemnity | |||||
| Balance - Beginning of the year | 13,722,190 | 13,983,614 | 12,118,288 | 15,300,220 | 15,144,797 |
| Additions | 1,307,123 | 3,040,240 | 3,130,563 | 819,528 | 830,036 |
| Settlements | (1,034,972) | (930,675) | (1,265,238) | (525,917) | (674,613) |
| Write-back | (926,186) | (1,949,023) | - | (3,475,544) | - |
| Transfer to provision contingencies | - | (421,966) | - | - | - |
| Provision for end-of-service indemnity | 13,068,155 | 13,722,190 | 13,983,613 | 12,118,287 | 15,300,220 |
| Provision for contingencies | 27,811,435 | 26,093,149 | 13,727,234 | 7,086,410 | 6,286,410 |
| Due to related parties | 1,730,864 | 1,846,690 | 8,473 | 182,896 | 178,701 |
| Loan to a joint venture | - | 94,164 | 94,164 | 94,164 | 97,535 |
| Accrued interest payable | 1,307,327 | 1,381,974 | 1,702,048 | 1,945,694 | 1,762,916 |
| Accounts payable and other liabilities | 162,485,957 | 129,138,710 | 111,621,702 | 111,491,349 | 114,911,477 |
| Dividends payable | 60,296,491 | 64,458,148 | 61,245,107 | 63,681,032 | 66,485,375 |
| Deferred revenue and other credit balances | |||||
| Cash down payments and commitments on sale contracts | 3,043,643 | 3,024,028 | 42,714,603 | 11,121,187 | 3,264,495 |
| Deferred rental revenue and related deposits | 13,661,704 | 17,101,336 | 19,124,700 | 20,945,099 | 21,659,057 |
| 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 | 22,850,100 | 19,561,500 |
| Deferred revenue and other credit balances | 60,171,247 | 60,302,664 | 98,728,003 | 65,666,386 | 55,235,052 |
| Loans from banks and financial institutions | 298,176,170 | 298,608,456 | 132,371,974 | 110,080,567 | 133,224,943 |
| TOTAL LIABILITIES | $811,855,493 | $862,270,308 | $960,009,748 | $899,494,384 | $922,668,253 |
| 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 | 170,466,705 | 170,435,346 | 164,070,347 | 164,070,347 | 154,380,009 |
| Retained earnings | 79,471,651 | 230,926,613 | 197,408,966 | 337,497,132 | 234,569,452 |
| Cumulative foreign currency translation reserve | (66,468) | (372,709) | (440,731) | (318,337) | (377,283) |
| Deficit on treasury shares' activity | 0 | (35,055,847) | (21,382,494) | (2,446,798) | (2,446,798) |
| Less: Treasury shares | - | - | (32,165,728) | (84,210,286) | (84,210,286) |
| Total equity attributable to the owners of the parent | 1,899,871,888 | 2,015,933,403 | 1,957,490,360 | 2,064,592,058 | 1,951,915,094 |
| Non-Controlling interest | - | - | - | - | (1,085,732) |
| TOTAL EQUITY | $1,899,871,888 | $2,015,933,403 | $1,957,490,360 | $2,064,592,058 | $1,950,829,362 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,711,727,381 | $2,878,203,711 | $2,917,500,108 | $2,964,086,442 | $2,873,497,615 |
| 2017 | 2016 | 2015 | 2014 | 2013 | |
| Revenues from land sales | 94,500 | 203,259,282 | 26,801,762 | 169,473,806 | 94,890,673 |
| Revenues from rented properties | 59,926,750 | 56,447,311 | 56,972,879 | 61,478,042 | 54,877,839 |
| Revenues from rendered services: | |||||
| Services rendered to a related party, an associate and a joint venture | - | - | 914,480 | 682,551 | 2,441,581 |
| Services rendered to clients | 2,562,914 | 1,931,000 | 2,155,636 | 1,504,307 | 1,587,015 |
| Broadband Network revenues | 4,876,191 | 4,589,544 | 3,916,663 | 3,888,871 | 4,007,955 |
| Revenues from hospitality | 239,386 | 351,312 | 539,864 | 1,987,400 | 4,453,119 |
| Total revenues | 67,699,741 | 266,578,449 | 91,301,284 | 239,014,977 | 162,258,182 |
| Cost of land sales | -17487 | (44,242,109) | (6,387,900) | (28,417,648) | (18,660,599) |
| Charges on rented properties: | |||||
| Depreciation | (13,704,546) | (17,167,013) | (12,891,130) | (11,482,319) | (9,095,935) |
| Property taxes | (5,558,530) | (6,532,111) | (7,588,870) | (6,867,500) | (6,652,760) |
| Maintenance and other | (7,796,025) | (7,778,677) | (5,218,051) | (7,141,540) | (5,691,730) |
| 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) |
| Cost of services rendered to clients | (307,969) | (624,469) | (1,576,816) | (1,550,445) | (1,277,781) |
| Broadbank Network cost of services rendered | (3,719,461) | (3,038,673) | (3,099,322) | (2,977,240) | (2,679,948) |
| Cost of hospitality | (295,317) | (438,748) | (841,126) | (3,804,210) | (7,199,885) |
| Total cost of revenues | (31,399,335) | (79,821,800) | (38,517,695) | (62,923,453) | (53,700,219) |
| Gain on sale and disposal of investment properties | 3,834,195 | 2,154,937 | 3,177,153 | 4,504,635 | 4,234,383 |
| Net revenues from operations | 40,134,601 | 188,911,586 | 55,960,742 | 180,596,159 | 112,792,346 |
| Share Result of associates and joint ventures | 1,926,028 | 9,614,979 | 27,879,222 | 18,754,500 | 294,112 |
| General and administrative expenses: | |||||
| Salaries, benefits, and related charges | (21,903,202) | (21,819,447) | (25,578,130) | (27,110,690) | (23,961,365) |
| Termination indemnities | (4,343,441) | (5,222,708) | |||
| BoD remuneration | (300,000) | (300,000) | (300,000) | - | (300,000) |
| Administrative expenses | (8,590,489) | (7,486,323) | (8,596,177) | (7,201,737) | (6,649,731) |
| Depreciation of fixed assets | (3,284,131) | (4,096,552) | (4,482,266) | (5,821,948) | (6,567,904) |
| 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 | (14,472,573) | (1,567,308) | (4,778,425) | (3,188,017) | (1,306,950) |
| Loss on rescheduled receivables | (685,432) | (16,693,309) | (2,553,157) | (5,925,711) | - |
| Provision for impairment | (79,262,415) | (11,546,129) | (104,200,743) | - | - |
| Provision for contingencies | (14,250,000) | (17,613,949) | (7,562,022) | (800,000) | (2,300,000) |
| Write-back/(provision) for impairment of fixed assets | (360,430) | 185,420 | (1,149,677) | (3,927,655) | (3,000,000) |
| Provision for impairment of other debit balances | - | - | - | (2,100,000) | (2,000,000) |
| Other expenses | (1,879,219) | (431,925) | (771,658) | (352,769) | (3,803,874) |
| Other income | 302,539 | 430,842 | 4,663,240 | 700,273 | 827,706 |
| Taxes, fees and stamps | (643,542) | (544,992) | (540,869) | (596,438) | (2,333,352) |
| Interest income | |||||
| Interest income from receivables | 17,984,242 | 12,976,406 | 12,721,760 | 13,963,708 | 9,102,273 |
| Interest income from banks | 2,754,844 | 4,702,652 | 4,634,341 | 5,724,897 | 7,605,516 |
| Interest income from asset-backed securities | 1,428,401 | 1,198,028 | 1,990,605 | 1,029,001 | 2,211,768 |
| Interest derecognized on asset-backed securities | - | - | - | (1,024,215) | - |
| Interest expense from banks | (34,057,398) | (36,203,197) | (34,840,738) | (34,046,101) | (31,716,707) |
| Loss on exchange | (1,061,380) | (1,050,649) | (991,970) | (1,125,424) | (962,094) |
| (Loss)/Profit before tax | (120,562,997) | 93,443,425 | (88,495,922) | 131,023,377 | 48,348,953 |
| Income tax (expense)/benefit | 4,195,241 | (18,187,975) | 1,283,167 | (17,319,627) | (5,768,785) |
| Profit for the year | (116,367,756) | 75,255,450 | (87,212,755) | 113,703,750 | 42,580,168 |
| Basic/diluted earnings per share | (0.73) | 0.46 | (0.53) | 0.71 | 0.2659 |
| Attributable to: | |||||
| Equity owners of the parent | (116,367,756) | 75,255,450 | (87,212,755) | 113,703,750 | 42,936,514 |
| Non-controlling interest | - | - | - | - | (356,346) |
| (Loss)/Profit for the year | (116,367,756) | 75,255,450 | (87,212,755) | 113,703,750 | 42,580,168 |
| 2017 | 2016 | 2015 | 2014 | 2013 | |
| Cash flows from operating activities: | |||||
| (Loss)/Profit for the year before income tax | (120,562,997) | 93,443,425 | (88,495,922) | 131,023,377 | 48,348,953 |
| Adjustments to reconcile profit to net cash | |||||
| provided by/(used in) operating actvities: | |||||
| Depreciation of fixed assets | 3,284,131 | 4,096,552 | 4,482,266 | 5,821,948 | 6,567,904 |
| Depreciation of investment properties | 13,704,546 | 17,167,013 | 12,891,130 | 11,482,319 | 9,095,935 |
| Gain on sale of investment properties | (3,834,195) | (2,154,937) | (3,177,153) | (4,504,635) | (4,234,383) |
| Loss on sale of fixed assets | 945,461 | 394,129 | 370,178 | 158,838 | 441,154 |
| Provision for end-of-service indemnity, net | 380,937 | 1,091,217 | 3,130,563 | 819,528 | 830,036 |
| Provision for contingencies | 14,250,000 | 17,613,949 | 7,562,022 | 800,000 | 2,300,000 |
| Provision/(write-back) for impairment of fixed assets | 360,430 | (185,420) | 1,149,677 | 3,927,655 | 3,000,000 |
| Provision for impairment | 79,262,415 | 11,546,129 | 104,200,743 | - | - |
| Additional tax assessment | - | - | - | - | - |
| 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 | - | - | - | 2,100,000 | 2,000,000 |
| Write-off of receivables | 14,472,573 | 1,567,308 | 4,778,425 | 3,188,017 | 1,306,950 |
| Loss on rescheduled receivables | 685,432 | 16,693,309 | 2,553,157 | 5,925,711 | - |
| Share of result of associates and joint ventures | (1,926,028) | (9,614,979) | (27,879,222) | (18,754,500) | (294,112) |
| Write-off of hospitality projects' costs | - | - | - | - | 1,026,435 |
| Interest income from receivables | (17,984,242) | (12,976,406) | (12,721,760) | (13,963,708) | (9,102,273) |
| Interest income from banks | (2,754,844) | (4,702,652) | (4,634,341) | (5,724,897) | (7,605,516) |
| Interest income from asset-backed securities | (1,428,401) | (1,198,028) | (1,990,605) | (1,029,001) | (2,211,768) |
| Interest derecognized on asset-backed securities | - | - | - | 1,024,215 | - |
| Interest expense | 34,057,398 | 36,203,197 | 34,840,738 | 34,046,101 | 31,716,707 |
| Interest expense allocated to land and projects in progress | 1,952,943 | 389,986 | 1,761,363 | 1,093,929 | 2,920,163 |
| Changes in Working Capital | |||||
| Prepayments and other debit balances | (9,913,655) | 9,119,519 | (3,277,094) | 17,202,949 | 13,465,156 |
| Accounts and notes receivable | 60,270,340 | (71,379,587) | (25,451,325) | (123,820,895) | 110,951,320 |
| Inventory of land and projects in progress | (64,636,703) | 10,356,912 | (44,712,547) | (11,762,097) | (71,923,035) |
| Accounts payable and other liabilities | 33,301,887 | (19,258,106) | 6,819,250 | (14,768,052) | (773,839) |
| Deferred revenues and other credit balances | (3,420,017) | (41,677,312) | 33,061,617 | 7,029,859 | (6,675,724) |
| Interest received | 19,581,559 | 21,742,403 | 13,924,000 | 10,588,519 | 7,928,088 |
| Income tax paid | (16,172,309) | - | (15,746,906) | (6,061,382) | (2,322,812) |
| Net cash provided by/(used in) operating activities | 33,876,661 | 78,277,621 | 3,438,254 | 32,368,254 | 136,338,130 |
| Cash flows provided by/(used in) investing activities: | |||||
| Investment in asset-backed securities | 12,629,680 | 24,117,778 | 3,286,250 | 7,833,123 | (80,601,126) |
| Short term deposits | - | - | - | 2,000,000 | (2,000,000) |
| Acquisition of fixed assets | (824,603) | (1,253,151) | (870,504) | (1,031,420) | (2,404,854) |
| Acquisition of investment properties | (3,997,395) | (992,049) | (391,876) | (1,507,148) | (5,959,429) |
| Proceeds from sale of investment properties | 5,211,000 | 4,430,934 | 5,590,532 | 6,416,040 | 6,575,998 |
| Proceeds from sale of fixed assets | 251,740 | 653,045 | 715,535 | 196,141 | 377,222 |
| Investment in associates and joint ventures | (506,000) | (714,271) | (4,975,125) | - | (4,877) |
| Net cash provided by/(used in) investing activities | 12,764,422 | 26,242,286 | 3,354,812 | 13,906,736 | (84,017,066) |
| Cash flows used in financing activities: | |||||
| Term bank loans | (432,286) | 166,236,482 | 22,291,407 | (23,144,375) | 83,281,887 |
| Dividends paid | (4,161,657) | (13,667,388) | (22,202,474) | (2,804,343) | (12,290,819) |
| Treasury Shares | - | - | - | - | - |
| Interest Paid | (34,628,368) | (35,211,210) | (36,845,747) | (32,100,407) | (29,953,791) |
| Short term facilities | (100,000,000) | (63,997,094) | (1,254) | (12,020,416) | (136,984,987) |
| Net cash used in financing activities | (139,222,311) | 53,360,790 | (36,758,068) | (70,069,541) | (95,947,710) |
| Net change in cash and cash equivalents | (92,581,228) | 157,880,697 | (29,965,002) | (23,794,551) | (43,626,646) |
| Cash and cash equivalents - Beginning of the year | 49,044,187 | (108,836,510) | (78,871,508) | (55,076,957) | (11,450,311) |
| Cash and cash equivalents - End of the year | (43,537,041) | 49,044,187 | (108,836,510) | (78,871,508) | (55,076,957) |
| 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, 2012 | 1,650,000,000 | 150,411,796 | 195,601,151 | (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 | - | - | 42,936,514 | 93,068 | - | - | 43,029,582 | (356,346) | 42,673,236 |
| Balance at December 31, 2013 | 1,650,000,000 | 154,380,009 | 234,569,452 | (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 | - | - | 113,703,750 | 58,946 | - | - | 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, 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 |