Financial Statements

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Audited 2020 Consolidated FS with notesPDF Audited 2020 Separate FSPDF
Balance Sheet (2020)XLSXPDF Cashflow Statement (2020)XLSXPDF
Income Statement (2020)XLSXPDF Changes in Equity (2020)XLSXPDF
Previous Audited Consolidated Financial Statements with notes2019 [PDF] 2018 [PDF] 2017 [PDF]2016 [PDF]

Balance Sheet

 20202019201820172016
Cash and banks balances     
Cash on hand1,303,470519,43320,28474,32064,467
Checks for collection366,642407,66913,237,344                                -7,622,104
Current accounts121,426,91822,462,9148,252,3679,681,50611,197,032
Short term deposits5,368,6344,892,3985,669,80030,432,76192,922,914
 128,465,66428,282,41427,179,79540,188,587111,806,517
Less: Allowance for expected credit losses-12,836,689-7,836,689-157,352  
Cash and banks balances115,628,97520,445,72527,022,44340,188,587111,806,517
      
      
Prepayments and other debit balances     
Due from associates, joint ventures and related parties30,150,0502,946,1022,008,8821,270,3472,323,539
Prepaid expenses7,049,4486,770,2097,174,8967,612,7667,211,375
Deferred tax assets1,827,5001,827,5007,989,5446,012,5001,612,500
Advances to employees951,484997,789624,2701,481,2781,443,628
Value added tax (VAT) receivable681,264    
Advance payments to contractors135,709149,4494,110,6039,589,1631,251,693
Other debit balances, (net)1,637,1745,989,56031,133,04410,160,0914,728,822
Accrued interest income--146,205 24,088,516 21,502,588
Prepayments and other debit balances42,432,62918,680,60953,187,44460,214,66140,074,145
      
      
Accounts and notes receivables, net     
Notes receivable87,463,704189,768,377295,200,405542,608,904646,481,645
Accounts receivable14,786,52520,213,2004,485,7234,543,8904,538,917
less: unearned interest-8,300,327-45,038,621-54,324,622-92,512,336-119,467,402
less: Allowance for impairment on notes and accounts receivable-52,170,021    
less: provision for problematic receivables -106,147,295-158,597,754-128,205,944-69,191,759
less: provision for collectively assessed receivables-30,314,000-21,000,000
Receivable from tenants43,057,38549,082,59040,354,85955,099,61455,511,817
less: Allowance for impairment on receivable from tenants-41,820,196    
Reserve account and deferred charges on BCD 1 Fund12,279,04812,279,04812,279,0481,669,6573,175,715
Reserve account and deferred charges on BCD 2 Fund09,778,9697,178,969  
Deferred charges from securitization of notes---10,785,886 9,279,831
Accounts and notes receivables, net55,296,118129,936,268146,576,628363,675,671509,328,764
      
      
Investment in asset-backed securities     
BCD 1:     
Class A                                -                                -                                -                                -                                -
Class B5,378,5595,378,55910,558,92422,573,84535,203,525
Class C10,160,45010,160,45010,160,45010,160,45010,160,450
             15,539,009            15,539,009            20,719,374            32,734,295            45,363,975
BCD 2:     
Class A                              -              5,327,578              6,546,883  
Class B-24,333,12024,333,120  
                               -            29,660,698            30,880,003  
Allowance for expected credit losses-7,100,000-36,500,000-31,900,000-8,990,000-
Investment in asset-backed securities8,439,0098,699,70719,699,37723,744,29545,363,975
      
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 costs954,741,703951,092,346939,431,499916,377,447877,070,669
Eviction costs260,351,968260,351,968260,351,968260,351,968260,351,968
Capitalized costs116,877,508114,013,046111,401,388105,559,95899,886,613
less cost of land sold, net-1,338,360,529-1,161,139,948-1,050,320,764-1,049,594,744-1,049,577,257
less cost of land transferred to real estate development projects-176,019,718-176,019,718-176,019,718-176,019,718-176,019,718
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, net791,474,167962,180,9291,058,727,6081,030,558,146985,595,510
Real estate development projects     
Construction and rehabilitation of buildings748,933,546801,715,027799,520,200779,301,017759,626,950
Cost of land176,019,718176,019,718176,019,718176,019,718176,019,718
less cost transferred to investment properties, net-754,965,156-754,965,156-754,965,156-754,965,156-754,965,156
less cost transferred to property and equipment-30,237,375-30,237,375-30,237,375-30,237,375-30,237,375
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, net95,586,478 148,367,959 146,173,132 125,953,949 106,279,882
Inventory of land and projects in progress887,060,6451,110,548,8881,204,900,7401,156,512,0951,091,875,392
      
Investment properties, net     
Land109,402,139113,111,569114,554,400114,845,991115,179,450
Buildings552,041,209553,735,718559,184,476557,153,323554,174,871
less acc. dep.-109,900,377-114,560,771-104,380,614-92,326,439-81,393,960
Other assets37,580,46137,385,32736,951,78836,683,14636,191,555
less acc. dep.-27,185,384-24,494,260-21,848,789-20,381,828-17,730,179
Investment properties, net561,938,048565,177,583584,461,261595,974,193606,421,737
      
Investment in associates and joint ventures     
Solidere International Limited     
Total Assets847,280,627946,509,0711,063,914,6551,101,210,1921,086,381,233
Total Liabilities-10,214,329-16,848,467-26,966,276-40,135,299-46,998,009
Non-controlling interest-61,206,463-60,762,040-62,057,448-62,975,155-62,825,202
Net Assets775,859,835868,898,564974,890,931998,099,738976,558,022
Group's share of net assets318,102,324338,870,440381,279,843390,387,023381,961,406
Foreign Currency Translation reserve   306,24168,022
Group's share of results-31,675,549-13,073,549-9,107,1758,117,34014,097,121
      
Beirut Waterfront Development     
Total Assets157,985,433165,373,619174,138,730184,148,847191,086,604
Total Liabilities-187,192,487-189,710,275-195,828,646-200,147,331-193,863,626
Net Assets-29,207,054-24,336,656-21,689,916-15,998,484-2,777,022
Group's share of net assets-14,603,533-12,168,329-10,844,958-7,999,242-1,388,511
Group's share of results-2,435,203-1,323,371-2,845,716-6,610,731-5,210,683
Long term loan to Beirut Waterfront Development S.A.L.36,540,00036,540,00036,540,00036,540,00036,540,000
Less: Provision for impairment-13,890,000-13,890,000-11,340,000  
      
Other associates and joint ventures     
Total Assets 10,408,08312,302,9687,262,1478,709,196
Total Liabilities -6,895,313-8,277,002-4,468,593-6,729,709
Net Assets 3,512,7704,025,9662,793,5541,979,487
Group's share of net assets 1,798,9691,751,6491,117,422916,694
Group's share of results-350,656-188,444126,982419,419728,541
      
Total investment in associates and joint ventures327,559,539351,151,080397,598,001420,767,858418,029,589
      
Property and equipment, net     
Land5,406,6785,406,6785,856,8695,856,8696,172,238
Buildings33,925,98834,937,13736,408,93736,114,82536,361,898
less acc. dep.-13,622,254-13,340,137-13,073,673-12,108,075-11,356,999
Marina7,972,1707,974,6247,974,6247,974,6247,866,624
     less acc. dep.-2,472,273-2,298,893-2,128,833-1,968,789-1,652,364
Furniture and fixtures9,323,0059,323,0059,453,5909,527,9169,922,385
less acc. dep.-6,276,309-6,027,318-5,808,314-5,639,656-5,498,907
Freehold improvements21,940,93121,940,93122,006,50321,999,62924,173,198
less acc. dep.-12,694,481-11,887,712-11,220,107-10,430,662-10,483,502
Machines and equipment38,639,44538,384,75038,031,41437,762,60637,562,869
less acc. dep.-39,183,814-38,782,683-38,419,472-37,885,194-37,210,970
Advances on Fixed Assets-554,072-554,072-554,072-554,072-552,878
Property and equipment, net42,405,01445,076,31048,527,46650,650,02155,303,592
      
TOTAL ASSETS$ 2,040,759,977 $ 2,249,716,170 $ 2,481,973,360 $ 2,711,727,381 $ 2,878,203,711
      
      
Bank overdrafts, short and medium term facilities     
Bank overdrafts                              -18,958,85559,138,40083,725,62862,762,330
Short term facilities-30,000,00062,913,554147,000,000247,000,000
Bank overdrafts, short and medium term facilities                              -48,958,855122,051,954230,725,628309,762,330
      
Accounts payable and other liabilities     
Accounts payable32,379,97543,977,23539,751,78248,363,12733,093,467
Accrued charges and other credit balances16,221,15715,085,71829,410,79841,874,82917,580,850
Taxes payable3,477,14219,952,10811,288,03228,330,22035,326,226
Provision for end-of-service indemnity     
Balance - Beginning of the year9,173,68310,414,65113,068,15513,722,19013,983,614
Additions1,183,306857,318847,9671,307,1233,040,240
Settlements-222,828-1,665,735-1,346,175-1,034,972-930,675
Write-back0-372,358-2,155,296-926,186-1,949,023
Transfer to provision contingencies0-60,193---421,966
Provision for end-of-service indemnity10,134,1619,173,68310,414,65113,068,15513,722,190
Provision for contingencies36,215,97818,246,38530,795,13227,811,43526,093,149
Due to related parties573,8901,807,4901,885,7411,730,8641,846,690
Loan to a joint venture                                 -94,164
Accrued interest payable517,9371,182,2421,288,8691,307,3271,381,974
Accounts payable and other liabilities99,520,240109,424,861124,835,005162,485,957129,138,710
      
Dividends payable57,993,35859,014,96359,513,18760,296,49164,458,148
      
Deferred revenue and other credit balances     
Cash down payments and commitments on sale contracts65,396,77219,133,8715,094,8523,043,6433,024,028
Deferred rental revenue and related deposits              9,565,706            14,680,121            14,807,615            13,661,704            17,101,336
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
Deferred revenue and other credit balances85,712,47844,563,99230,652,46760,171,24760,302,664
      
Term bank loans0155,481,298361,597,531298,176,170298,608,456
      
TOTAL LIABILITIES $ 243,226,076  $ 417,443,969  $ 698,650,144  $ 811,855,493  $ 862,270,308
      
      
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
 1,650,000,0001,650,000,0001,650,000,0001,650,000,0001,650,000,000
Legal reserve170,795,314170,475,527170,474,545170,466,705170,435,346
Retained earnings6,555,89811,840,097-37,126,67679,471,651230,926,613
Cumulative foreign currency translation reserve-27,523-28,423-24,653-66,468-372,709
Deficit on treasury shares' activity ----35,055,847
Less: Treasury shares-29,789,788-15,000---
Total equity attributable to the owners of the parent1,797,533,9011,832,272,2011,783,323,2161,899,871,8882,015,933,403
      
TOTAL EQUITY$ 1,797,533,901 $ 1,832,272,201 $ 1,783,323,216 $ 1,899,871,888 $ 2,015,933,403
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 2,040,759,977 $ 2,249,716,170 $ 2,481,973,360 $ 2,711,727,381 $ 2,878,203,711 

Income Statement

 20202019201820172016
      
Revenues from land sales381,947,100234,450,6001,274,55094,500203,259,282
Revenues from rented properties22,810,85853,215,93656,855,41559,926,75056,447,311
Revenues from rendered services:     
Services rendered to customers3,029,6962,602,6033,033,7752,562,9141,931,000
Broadband Network revenues4,413,6065,121,4035,064,0214,876,1914,589,544
Revenues from hospitality-13,7098,656239,386351,312
Total revenues412,201,260295,404,25166,236,41767,699,741266,578,449
Cost of land sales-214,422,610-126,493,314-726,020-17,487-44,242,109
Charges on rented properties:     
Depreciation-13,578,497-13,795,194-13,754,904-13,704,546-17,167,013
Property taxes-675,331-1,242,706-1,316,728-5,558,530-6,532,111
Maintenance and other-12,480,610-5,163,115-8,144,755-7,796,025-7,778,677
Cost of rendered services:     
Cost of services rendered to customers-4,179,196-2,137,466-825,093-307,969-624,469
Broadbank Network cost of services rendered-4,453,328-4,017,046-4,345,967-3,719,461-3,038,673
Cost of hospitality--6,866-44,038-295,317-438,748
Total cost of revenues-249,789,572-152,855,707-29,157,505-31,399,335-79,821,800
Loss on cancellation of previously recognized sales, net-24,302,353-   
Gain on sale and disposal of investment properties4,694,7673,803,963287,1413,834,1952,154,937
Net revenues from operations142,804,102146,352,50737,366,05340,134,601188,911,586
Share Result of associates and joint ventures-34,461,408-14,585,364-11,825,9091,926,0289,614,979
General and administrative expenses:     
Salaries, benefits, and related charges-18,408,291-18,341,908-17,666,993-22,884,522-21,819,447
Termination indemnities-468,574-107,000-7,622,232-4,343,441-5,222,708
BoD remuneration-165,000-180,000-240,000-300,000-300,000
Taxes, fees and stamps-1,312,695-795,756-648,582-643,542-544,992
Administrative expenses-6,428,304-4,817,926-5,908,346-8,590,489-7,486,323
Selling expenses-4,342,118    
Depreciation of property and equipment-2,658,304-2,383,491-2,746,180-3,284,131-4,096,552
Provision for impairment-29,189,554-18,274,755-35,046,987-79,262,415-11,546,129
Loss on rescheduled receivables-167,760-2,872,237-2,213,291-685,432-16,693,309
Write-back of provision for end-of-service indemnity ----
Write-off of receivables-2,186,841-606,254-33,662,497-14,472,573-1,567,308
Provision for contingencies-37,913,299-1,235,000-8,556,736-14,250,000-17,613,949
Write-back on/(provision) for impairment of property and equipment-7,8851,594-360,430185,420
Provision for impairment of other debit balances ----
Other expenses-2,120,686-1,043,359-2,436,846-1,879,219-431,925
Other income146,4023,001,472332,902302,539430,842
Discount from early settlement of bank loans8,782,0417,425,000   
Interest income     
Interest income from receivables61,979102,6955,096,68817,984,24212,976,406
Interest income from banks31,380675,763686,0102,754,8444,702,652
Interest income from asset-backed securities320,614713,9031,397,1841,428,4011,198,028
Interest expense-3,491,541-27,403,585-33,725,167-34,057,398-36,203,197
Loss on exchange-22,036,685-11,774-80,067-80,060-1,050,649
Profit/(Loss) before tax-13,204,54265,620,816-117,499,402-120,562,99793,443,425
Income tax (expense)/benefit-2,705,416-16,653,0611,809,9774,195,241-18,187,975
Profit/(Loss) for the year-15,909,95848,967,755-115,689,425-116,367,75675,255,450
Basic/diluted earnings per share-0.01-0.30-0.70-0.710.46
      
Attributable to:     
Equity owners of the parent-15,909,95848,967,755-115,689,425-116,367,75675,255,450
      
Profit/(Loss) for the year-15,909,95848,967,755-115,689,425-116,367,75675,255,450

Cashflow Statement

 20202019201820172016
Cash flows from operating activities:     
Profit/(Loss) for the year before income tax-13,204,54265,620,816-117,499,402-120,562,99793,443,425
Adjustments to reconcile profit to net cash     
provided by/(used in) operating actvities:     
Depreciation of property and equipment2,658,3042,383,4912,746,1803,284,1314,096,552
Depreciation of investment properties13,578,49713,795,19413,754,90413,704,54617,167,013
Gain on sale of investment properties-4,694,767-3,803,963-287,141-3,834,195-2,154,937
(Gain)/Loss on sale of property and equipment-22,134-2,793,311-4,426945,461394,129
Provision for/(Write-back on) end-of-service indemnity, net1,183,306484,960-1,307,329380,9371,091,217
Provision for contingencies37,913,2991,235,0008,556,73614,250,00017,613,949
(Write-back)/Provision for impairment of property and equipment0-7,885-1,594360,430-185,420
Provision for impairment, net29,189,55418,274,75535,046,98779,262,41511,546,129
Write-off of real estate development projects cost33,080,64015,674,130-  
Write-off of receivables2,186,841606,25433,662,49714,472,5731,567,308
Loss on rescheduled receivables167,7602,872,2372,213,291685,43216,693,309
Discounts earned on early settlements-8,782,041-7,425,000   
Share results of associates and joint ventures34,461,40814,585,36411,825,909-1,926,028-9,614,979
Interest income from receivables-61,979-102,695-5,096,688-17,984,242-12,976,406
Interest income from banks-31,380-675,763-686,010-2,754,844-4,702,652
Interest income from asset-backed securities-320,614-713,903-1,397,184-1,428,401-1,198,028
Interest expense3,491,54127,403,58533,725,16734,057,39836,203,197
Interest expense allocated to land and projects in progress203,5211,314,6111,285,8011,952,943389,986
      
Changes in Working Capital     
Accounts and notes receivable31,401,2202,605,461137,557,68560,270,340-71,379,587
Prepayments and other debit balances-30,176,52725,640,224-15,033,480-9,913,6559,119,519
Inventory of land and projects in progress176,939,39181,144,254-48,388,645-64,636,70310,356,912
Accounts payable and other liabilities-2,887,065-8,914,650-24,901,17333,301,887-19,258,106
Deferred revenues and other credit balances41,148,48613,911,5253,197,120-3,420,017-41,677,312
Cash generated from operations347,422,719263,114,69168,969,20530,467,41156,535,218
Interest received  9,746,29319,581,55921,742,403
Settlements of end-of-service indemnity and other charges-222,828-1,665,735-1,346,175  
Settlements from provision for contingencies-735,000-5,134,273-6,533,488  
Income tax paid-23,334,802-4,448,838-12,348,797-16,172,3090
      
Net cash provided by/(used in) operating activities323,130,089251,865,845127,456,24364,344,072134,812,839
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities-145,2886,399,67012,015,22112,629,68024,117,778
Acquisition of property and equipment-386,503-478,209-623,625-824,603-1,253,151
Acquisition of investment properties-10,459,762-3,468,127-3,459,804-3,997,395-992,049
Proceeds from sale of investment properties18,916,09612,760,5741,504,9735,211,0004,430,934
Proceeds from sale of fixed assets22,1344,347,0706,020251,740653,045
Investment in associates and joint ventures75,67829,237,23245,763-506,000-714,271
Interest received413,9731,492,361   
      
Net cash provided by/(used in) investing activities8,436,32850,290,5719,488,54812,764,42226,242,286
      
Cash flows used in financing activities:     
      
Term bank loans-146,699,257-206,116,23363,421,361-432,286166,236,482
Dividends paid-1,021,605-498,224-783,304-4,161,657-13,667,388
Interest Paid-4,928,662-21,331,241-34,948,761-34,628,368-35,211,210
Short term facilities-30,000,000-32,913,554-84,086,446-100,000,000-63,997,094
Treasury shares purchase-29,774,788-15,0000  
      
Net cash used in financing activities-212,424,312-260,874,252-56,397,150-139,222,31153,360,790
      
Net change in cash and cash equivalents119,142,10541,282,16411,578,436-92,581,228157,880,697
Cash and cash equivalents - Beginning of the year9,323,559-31,958,605-43,537,04149,044,187-108,836,510
      
Cash and cash equivalents - End of the year128,465,6649,323,559-31,958,605-43,537,04149,044,187

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, 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
          
Allocation to legal reserve from 2017 profit31,359 (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
          
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, 20191,650,000,000170,475,52711,840,097(28,423)-(15,000)1,832,272,201-1,832,272,201
          
Allocation to legal reserve from 2020 profit-319,787(319,787)------
Total comprehensive income--(4,964,412)900--(4,963,512)-(4,963,512)
Treasury shares purchase-----(29,774,788)(29,774,788)-(29,774,788)
Balance at December 31, 20201,650,000,000170,795,3146,555,898(27,523)-(29,774,788)1,797,533,901-1,797,533,901