Financial Statements

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Audited 2021 Consolidated FS with notesPDF Audited Standalone FS 2021PDF
Balance Sheet (2021)XLSXPDF Cashflow Statement (2021)XLSXPDF
Income Statement (2021)XLSXPDF Changes in Equity (2021)XLSXPDF
Previous Audited Consolidated Financial Statements with notes2020 [PDF] 2019 [PDF] 2018 [PDF] 2017 [PDF]

Balance Sheet

 20212020201920182017
Cash and banks balances     
Cash on hand1,740,7951,303,470519,43320,28474,320
Checks for collection771,863366,642407,66913,237,344-
Current accounts85,390,942121,426,91822,462,9148,252,3679,681,506
Short term deposits11,767,5875,368,634 4,892,398 5,669,800 30,432,761
 99,671,187128,465,66428,282,41427,179,79540,188,587
Less: Allowance for expected credit losses-9,048,177-12,836,689-7,836,689-157,352 
Cash and banks balances90,623,010115,628,97520,445,72527,022,44340,188,587
      
Prepayments and other debit balances     
Due from associates, joint ventures and related parties32,26130,150,0502,946,1022,008,8821,270,347
Prepaid expenses7,883,0257,049,4486,770,2097,174,8967,612,766
Deferred tax assets                              -  1,827,5001,827,5007,989,5446,012,500
Advances to employees677,816951,484997,789624,2701,481,278
Value added tax (VAT) receivable3,895,209681,264   
Advance payments to contractors2,336,465135,709149,4494,110,6039,589,163
Other debit balances, (net)1,348,8661,637,1745,989,56031,133,04410,160,091
Accrued interest income--- 146,205 24,088,516
Prepayments and other debit balances16,173,64242,432,62918,680,60953,187,44460,214,661
      
Accounts and notes receivables, net     
Notes receivable53,990,76987,463,704189,768,377295,200,405542,608,904
Accounts receivable17,471,75714,786,52520,213,2004,485,7234,543,890
less: unearned interest-7,040,221-8,300,327-45,038,621-54,324,622-92,512,336
less: Allowance for impairment on notes and accounts receivable-51,292,439-52,170,021   
less: provision for problematic receivables  -106,147,295-158,597,754-128,205,944
less: provision for collectively assessed receivables-30,314,000
Receivable from tenants48,793,21143,057,38549,082,59040,354,85955,099,614
less: Allowance for impairment on receivable from tenants-48,433,691-41,820,196   
Reserve account and deferred charges on BCD 1 Fund012,279,04812,279,04812,279,0481,669,657
Reserve account and deferred charges on BCD 2 Fund--9,778,9697,178,969 
Deferred charges from securitization of notes----10,785,886
Accounts and notes receivables, net13,489,38655,296,118129,936,268146,576,628363,675,671
      
Investment in asset-backed securities     
BCD 1:     
Class A-----
Class B-5,378,5595,378,55910,558,92422,573,845
Class C-10,160,450 10,160,450 10,160,450 10,160,450
 -15,539,00915,539,00920,719,37432,734,295
BCD 2:     
Class A--5,327,5786,546,883 
Class B--24,333,12024,333,120 
 --29,660,69830,880,003 
Allowance for expected credit losses--7,100,000-36,500,000-31,900,000-8,990,000
Investment in asset-backed securities-8,439,0098,699,70719,699,37723,744,295
      
Inventory of land and projects in progress     
Land and land development works     
Acquired properties970,823,555970,823,554970,823,554970,823,554970,823,554
Pre-acquisition costs9,412,8029,412,8029,412,8029,412,8029,412,802
Infrastructure costs958,067,837954,741,703951,092,346939,431,499916,377,447
Eviction costs260,351,968260,351,968260,351,968260,351,968260,351,968
Capitalized costs119,448,263116,877,508114,013,046111,401,388105,559,958
less cost of land sold, net-1,379,608,233-1,338,360,529-1,161,139,948-1,050,320,764-1,049,594,744
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, net756,123,353791,474,167962,180,9291,058,727,6081,030,558,146
Real estate development projects     
Construction and rehabilitation of buildings750,328,557748,933,546801,715,027799,520,200779,301,017
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, net96,981,489 95,586,478 148,367,959 146,173,132 125,953,949
Inventory of land and projects in progress853,104,842887,060,6451,110,548,8881,204,900,7401,156,512,095
      
Investment properties, net     
Land108,660,839109,402,139113,111,569114,554,400114,845,991
Buildings613,967,452552,041,209553,735,718559,184,476557,153,323
less acc. dep.-120,984,372-109,900,377-114,560,771-104,380,614-92,326,439
Other assets37,764,48437,580,46137,385,32736,951,78836,683,146
less acc. dep.-29,816,727-27,185,384-24,494,260-21,848,789-20,381,828
Investment properties, net609,591,676561,938,048565,177,583584,461,261595,974,193
      
Investment in associates and joint ventures356,166,471327,559,539351,151,080397,598,001420,767,858
      
Property and equipment, net     
Land5,406,6785,406,6785,406,6785,856,8695,856,869
Buildings39,790,48037,154,93534,937,13736,408,93736,114,825
     less acc. dep.-10,905,178-9,970,588-13,340,137-13,073,673-12,108,075
Marina7,972,1707,972,1707,974,6247,974,6247,974,624
     less acc. dep.-2,763,902-2,603,857-2,298,893-2,128,833-1,968,789
Furniture and fixtures5,511,6385,511,6389,323,0059,453,5909,527,916
     less acc. dep.-5,243,456-5,054,150-6,027,318-5,808,314-5,639,656
Freehold improvements13,966,85713,966,85721,940,93122,006,50321,999,629
     less acc. dep.-12,210,787-11,478,874-11,887,712-11,220,107-10,430,662
Machines and equipment39,817,65639,853,92538,384,75038,031,41437,762,606
     less acc. dep.-38,362,142-38,353,720-38,782,683-38,419,472-37,885,194
Advances on Fixed Assets---554,072-554,072-554,072
Property and equipment, net42,980,01442,405,01445,076,31048,527,46650,650,021
      
TOTAL ASSETS $1,982,129,041  $2,040,759,977  $2,249,716,170  $2,481,973,360  $2,711,727,381
      
      
Bank overdrafts, short and medium term facilities     
Bank overdrafts--18,958,85559,138,40083,725,628
Short term facilities--30,000,00062,913,554147,000,000
Bank overdrafts, short and medium term facilities--48,958,855122,051,954230,725,628
      
      
Accounts payable and other liabilities     
Accounts payable31,487,03932,379,97543,977,23539,751,78248,363,127
Accrued charges and other credit balances14,142,13216,221,15715,085,71829,410,79841,874,829
Taxes payable512,1613,477,14219,952,10811,288,03228,330,220
Provision for end-of-service indemnity     
Balance - Beginning of the year10,134,1619,173,68310,414,65113,068,15513,722,190
Additions112,1781,183,306857,318847,9671,307,123
Settlements-173,271-222,828-1,665,735-1,346,175-1,034,972
Write-back---372,358-2,155,296-926,186
Transfer to provision contingencies---60,193--
Provision for end-of-service indemnity10,073,06810,134,1619,173,68310,414,65113,068,155
Provision for contingencies36,148,97736,215,97818,246,38530,795,13227,811,435
Due to related parties-573,8901,807,4901,885,7411,730,864
Accrued interest payable-517,937 1,182,242 1,288,869 1,307,327
Accounts payable and other liabilities92,363,37799,520,240109,424,861124,835,005162,485,957
      
Dividends payable57,749,89057,993,35859,014,96359,513,18760,296,491
      
Deferred revenue and other credit balances     
Cash down payments and commitments on sale contracts62,812,28765,396,77219,133,8715,094,8523,043,643
Deferred rental revenue and related deposits9,643,9849,565,70614,680,12114,807,61513,661,704
Unrealized gain on sale of properties to a joint venture-10,750,000 10,750,00010,750,00010,750,000
Deferred interest revenue on a loan to a joint venture----32,715,900
Deferred revenue and other credit balances72,456,27185,712,47844,563,99230,652,46760,171,247
      
Term bank loans00155,481,298361,597,531298,176,170
      
      
TOTAL LIABILITIES $222,569,538  $243,226,076  $417,443,969  $698,650,144  $811,855,493
      
      
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 reserve170,816,724170,795,314170,475,527170,474,545170,466,705
Retained earnings12,798,3536,555,89811,840,097-37,126,67679,471,651
Cumulative foreign currency translation reserve-27,618-27,523-28,423-24,653-66,468
Less: Treasury shares-74,027,956-29,789,788-15,000--
Total equity attributable to the owners of the parent1,759,559,5031,797,533,9011,832,272,2011,783,323,2161,899,871,888
      
TOTAL EQUITY $1,759,559,503  $1,797,533,901  $1,832,272,201  $1,783,323,216  $1,899,871,888
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,982,129,041  $2,040,759,977  $2,249,716,170  $2,481,973,360  $2,711,727,381

Income Statement

 20212020201920182017
      
Revenues from land sales85,209,200381,947,100234,450,6001,274,55094,500
Revenues from rented properties21,234,29722,810,85853,215,93656,855,41559,926,750
Revenues from rendered services:     
Services rendered to customers4,055,7613,029,6962,602,6033,033,7752,562,914
Broadband Network revenues4,349,3274,413,6065,121,4035,064,0214,876,191
Revenues from hospitality--13,7098,656239,386
Total revenues114,848,585412,201,260295,404,25166,236,41767,699,741
Cost of land sales-41,247,703-214,422,610-126,493,314-726,020-17,487
Charges on rented properties:     
Depreciation-14,147,780-13,578,497-13,795,194-13,754,904-13,704,546
Property taxes-390,719-675,331-1,242,706-1,316,728-5,558,530
Maintenance and other-23,142,121-12,480,610-5,163,115-8,144,755-7,796,025
Cost of rendered services:     
Cost of services rendered to customers-4,572,996-4,179,196-2,137,466-825,093-307,969
Broadbank Network cost of services rendered-4,425,112-4,453,328-4,017,046-4,345,967-3,719,461
Cost of hospitality---6,866-44,038-295,317
Loss on cancellation of previously recognized sales, net--24,302,353-  
Total cost of revenues-87,926,431-274,091,925-152,855,707-29,157,505-31,399,335
Gain on sale and disposal of investment properties441,7644,694,7673,803,963287,1413,834,195
Net revenues from operations27,363,918142,804,102146,352,50737,366,05340,134,601
Share Result of associates and joint ventures17,968,736-31,881,676-14,585,364-11,825,9091,926,028
General and administrative expenses:     
Salaries, benefits, and related charges-21,307,259-18,408,291-18,341,908-17,666,993-22,884,522
Utilities, office, maintenance and other similar expenses-3,795,340-2,456,739   
Termination indemnities-3,552,929-468,574-107,000-7,622,232-4,343,441
Professional services-1,473,100-2,083,293   
Donations and contributions-848,578-1,575,000   
Promotion and advertising-165,877-103,470   
BoD remuneration-157,500-165,000-180,000-240,000-300,000
Taxes, fees and stamps-520,529-1,312,695-795,756-648,582-643,542
Travel and accommodation-39,248-51,796   
Other expenses-349,444-158,006   
Administrative expenses  -4,817,926-5,908,346-8,590,489
Selling expenses-963,139-4,342,118   
Depreciation of property and equipment-2,293,101-2,658,304-2,383,491-2,746,180-3,284,131
Provision for impairment-282,050-31,769,286-18,274,755-35,046,987-79,262,415
Loss on rescheduled receivables-119,898-167,760-2,872,237-2,213,291-685,432
Write-off of receivables-1,670,054-2,186,841-606,254-33,662,497-14,472,573
Write-off of payables3,241,785    
Provision for contingencies-10,092-37,913,299-1,235,000-8,556,736-14,250,000
Write-back on/(provision) for impairment of property and equipment -7,8851,594-360,430
Other expenses-581,279-2,120,686-1,043,359-2,436,846-1,879,219
Other income10,865,126146,4023,001,472332,902302,539
Discount from early settlement of bank loans-8,782,0417,425,000  
Interest income     
Interest income from receivables885,44361,979102,6955,096,68817,984,242
Interest income from banks17,85031,380675,763686,0102,754,844
Interest income from asset-backed securities-320,614713,9031,397,1841,428,401
Interest expense-951,319-3,491,541-27,403,585-33,725,167-34,057,398
Loss on exchange-23,710,753-22,036,685-11,774-80,067-80,060
Profit/(Loss) before tax-2,448,631-13,204,54265,620,816-117,499,402-120,562,997
Income tax (expense)/benefit-1,834,797-2,705,416-16,653,0611,809,9774,195,241
Profit/(Loss) for the year-4,283,427-15,909,95848,967,755-115,689,425-116,367,756
Basic/diluted loss per share(0.027)(0.097)0.30-0.70-0.71
      
Attributable to:     
Equity owners of the Group-4,283,427-15,909,95848,967,755-115,689,425-116,367,756
      
Profit/(Loss) for the year-4,283,427-15,909,95848,967,755-115,689,425-116,367,756

Cashflow Statement

 20212020201920182017
Cash flows from operating activities:     
Profit/(Loss) for the year before income tax-2,448,630-13,204,54265,620,816-117,499,402-120,562,997
Adjustments to reconcile profit to net cash     
provided by/(used in) operating actvities:     
Depreciation of property and equipment2,293,1012,658,3042,383,4912,746,1803,284,131
Depreciation of investment properties14,147,78013,578,49713,795,19413,754,90413,704,546
Gain on sale of investment properties-441,764-4,694,767-3,803,963-287,141-3,834,195
(Gain)/Loss on sale of property and equipment-63,689-22,134-2,793,311-4,426945,461
Provision for/(Write-back on) end-of-service indemnity, net112,1781,183,306484,960-1,307,329380,937
Provision for contingencies10,09237,913,2991,235,0008,556,73614,250,000
(Write-back)/Provision for impairment of property and equipment---7,885-1,594360,430
Provision for impairment, net282,05031,769,28618,274,75535,046,98779,262,415
Write-off of real estate development projects cost-33,080,64015,674,130- 
Write-off of receivables1,670,0542,186,841606,25433,662,49714,472,573
Write-off of payables-3,241,785    
Loss on rescheduled receivables119,898167,7602,872,2372,213,291685,432
Discounts earned on early settlements--8,782,041-7,425,000  
Share results of associates and joint ventures-17,968,73631,881,67614,585,36411,825,909-1,926,028
Interest income from receivables-885,443-61,979-102,695-5,096,688-17,984,242
Interest income from banks-17,850-31,380-675,763-686,010-2,754,844
Interest income from asset-backed securities--320,614-713,903-1,397,184-1,428,401
Interest expense951,3193,695,06227,403,58533,725,16734,057,398
Interest expense allocated to land and projects in progress  1,314,6111,285,8011,952,943
      
Changes in Working Capital     
Accounts and notes receivable-2,469,77031,401,2202,605,461137,557,68560,270,340
Prepayments and other debit balances45,804,236-30,176,52725,640,224-15,033,480-9,913,655
Inventory of land and projects in progress33,955,803176,939,39181,144,254-48,388,645-64,636,703
Accounts payable and other liabilities-6,935,059-2,887,065-8,914,650-24,901,17333,301,887
Deferred revenues and other credit balances-13,256,20741,148,48613,911,5253,197,120-3,420,017
Cash generated from operations51,617,578347,422,719263,114,69168,969,20530,467,411
Interest received   9,746,29319,581,559
Settlements of end-of-service indemnity and other charges-173,271-222,828-1,665,735-1,346,175 
Settlements from provision for contingencies-214,661-735,000-5,134,273-6,533,488 
Income tax paid-99,793-23,334,802-4,448,838-12,348,797-16,172,309
      
Net cash provided by/(used in) operating activities51,129,853323,130,089251,865,845127,456,24364,344,072
      
Cash flows provided by/(used in) investing activities:     
      
Investment in asset-backed securities10,575,521-145,2886,399,67012,015,22112,629,680
Acquisition of property and equipment-2,868,101-386,503-478,209-623,625-824,603
Acquisition of investment properties-34,965,244-10,459,762-3,468,127-3,459,804-3,997,395
Proceeds from sale of investment properties2,855,60018,916,09612,760,5741,504,9735,211,000
Proceeds from sale of fixed assets63,68922,1344,347,0706,020251,740
Investment in associates and joint ventures-10,538,19675,67829,237,23245,763-506,000
Interest received903,293413,9731,492,361  
      
Net cash provided by/(used in) investing activities-33,973,4388,436,32850,290,5719,488,54812,764,422
      
      
Cash flows used in financing activities:     
      
Term bank loans--146,699,257-206,116,23363,421,361-432,286
Dividends paid-243,468-1,021,605-498,224-783,304-4,161,657
Interest Paid-1,469,256-4,928,662-21,331,241-34,948,761-34,628,368
Short term facilities--30,000,000-32,913,554-84,086,446-100,000,000
Treasury shares purchase-44,238,168-29,774,788-15,000- 
      
Net cash used in financing activities-45,950,892-212,424,312-260,874,252-56,397,150-139,222,311
      
Net change in cash and cash equivalents-28,794,477119,142,10541,282,16411,578,436-92,581,228
Cash and cash equivalents - Beginning of the year128,465,6649,323,559-31,958,605-43,537,04149,044,187
      
Cash and cash equivalents - End of the year99,671,187128,465,6649,323,559-31,958,605-43,537,041

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$
        
Balance at December 31, 20161,650,000,000170,435,346230,926,613-372,709-35,055,84702,015,933,403
        
Allocation to legal reserve from 2016 profit-31,359-31,359----
Transfer to retained earnings---35,055,847                      -35,055,847--
Total comprehensive loss---116,367,756306,241---116,061,515
Balance at December 31, 20171,650,000,000170,466,70579,471,651-66,468--1,899,871,888
        
Impact for adopting IFRS9 at January 1, 2018---901,062----901,062
Restated balance at January 1, 20181,650,000,000170,466,70578,570,589-66,468--1,898,970,826
        
Allocation to legal reserve from 2017 profit-7,840-7,840----
Total comprehensive income---115,689,42541,815---115,647,610
Balance at December 31, 20181,650,000,000170,474,545-37,126,676-24,653--1,783,323,216
        
Allocation to legal reserve from 2018 profit-982-982----
Total comprehensive income--48,967,755-3,770--48,963,985
Treasury shares purchase------15,000-15,000
Balance as at December 31, 20191,650,000,000170,475,52711,840,097-28,423                              - -15,0001,832,272,201
        
Allocation to legal reserve from 2019 profit-319,787-319,787----
Change in percentage of ownership in an associate--10,945,546---10,945,546
Total comprehensive loss for the year 2020---15,909,958900---15,909,058
Treasury shares purchase------29,774,788-29,774,788
Balance as at December 31, 20201,650,000,000170,795,3146,555,898-27,523--29,789,7881,797,533,901
        
Allocation to legal reserve from 2020 profit-24,394-24,394----
Change in percentage of ownership in an associate--10,559,626---10,559,626
Total comprehensive loss for the year 2020--(4,283,427)-95---4,283,522
Effect of write-off of a subsidiary--2,984-9,350----12,334
Treasury shares purchase------44,238,168-44,238,168
Balance as at December 31, 20211,650,000,000170,816,72412,798,353-27,618--74,027,9561,759,559,503