Source - RNS
RNS Number : 5999L
Lebanese Co For Dev&Rec of Beirut
04 October 2016
 

THE  LEBANESE  COMPANY  FOR  THE  DEVELOPMENT  AND  RECONSTRUCTION

OF  BEIRUT  CENTRAL  DISTRICT  S.A.L.

INTERIM CONSOLIDATED STATEMENT OF  FINANCIAL  POSITION

                                                                                                                                                              

 

 

 

ASSETS

(Unaudited)

June 30,

2016

 

December 31,

2015

 

US$

US$

 

 

 

Cash and bank balances

132,934,868

136,209,358

Prepayments and other debit balances

47,103,974

51,853,137

Accounts and notes receivables, net

510,887,675

466,209,794

Investment in asset-backed securities

64,265,744

69,481,753

Inventory of land and projects in progress

1,095,832,773

1,134,114,848

Investment properties, net

614,289,415

593,436,775

Investment in associates and joint ventures

402,448,460

407,632,317

Fixed assets, net

     56,607,931

     58,562,126

Total Assets

2,924,370,840

2,917,500,108

 

 

LIABILITIES

 

 

 

 

 

Bank overdrafts and short term facilities

526,470,421

556,042,962

Accounts payable and other liabilities

104,999,492

111,621,702

Dividends payable

74,262,573

61,245,107

Deferred revenue and other credit balances

75,939,465

98,728,003

Term bank loans

130,822,651

132,371,974

Total Liabilities

912,494,602

960,009,748

 

 

EQUITY

 

 

 

 

 

Issued capital at par value US$10 per share:

 

 

   100,000,000 class (A) shares

1,000,000,000

1,000,000,000

   65,000,000 class (B) shares

    650,000,000

    650,000,000

 

1,650,000,000

1,650,000,000

Legal reserve

164,073,001

164,070,347

Retained earnings

234,136,356

197,408,966

Cumulative foreign currency translation reserve

71,572

(440,731)

Deficit on treasury shares' activity

(35,055,847)

(21,382,494)

Less: Treasury shares

     (1,348,844)

   (32,165,728)

Total Equity

2,011,876,238

1,957,490,360

 

 

 

Total Liabilities and Equity

2,924,370,840

2,917,500,108

 

 

 

THE  LEBANESE  COMPANY  FOR  THE  DEVELOPMENT  AND  RECONSTRUCTION

OF  BEIRUT  CENTRAL  DISTRICT  S.A.L.

INTERIM CONSOLIDATED STATEMENT OF   PROFIT OR LOSS

                                                                                                                   

 

(Unaudited)

Six-Month period

Ended June 30,

 

2016

2015

 

US$

US$

 

 

 

Revenues from land sales

128,904,453

26,401,762

Revenues from rented properties

27,943,901

28,195,910

Revenues from services rendered

3,620,143

2,913,770

Revenues from hospitality

       204,121

     329,575

Total revenues

160,672,618

57,841,017

 

 

 

Cost of land sales

(25,728,312)

(6,763,500)

Depreciation of and charges on rented properties

(13,434,170)

(11,811,839)

Cost of rendered services

(2,315,491)

(2,722,629)

Cost of hospitality

     (239,876)

     (527,044)

Total cost of revenues

(41,717,849)

(21,825,012)

 

 

 

Gain on sale and disposal of investment properties

       659,584

   1,209,936

Net revenues from operations

119,614,353

37,225,941

Share of results of associates and joint ventures

(5,696,160)

17,349,299

General and administrative expenses

(17,585,852)

(18,706,261)

Depreciation of fixed assets

(2,251,089)

(2,219,090)

Provision of impairment

-

(50,514,181)

Loss on rescheduled receivables

(541,099)

-

Provision for impairment of other debit balances

-

(1,000,000)

Write off of receivables

(17,426)

(1,547,799)

Provision for contingencies

(500,000)

(500,000)

Other expenses

(49,147)

(370,402)

Other income

247,071

77,632

Taxes, fees, and stamps

(333,953)

(475,248)

Interest income

11,167,039

9,608,462

Interest expense

(18,230,238)

(17,126,006)

Loss on exchange

     (467,639)

     (508,756)

Profit/(loss) before tax

85,355,860

(28,706,409)

Income tax expense

(13,253,012)

                   -

Profit/(loss) for the period

   72,102,848

(28,706,409)

Basic/diluted earnings per share

          0.4421

       (0.1792)

 

 

 

Attributable to:

 

 

   Equity owners of the Company - profit/(loss)

   72,102,848

(28,706,409)

Profit/(loss) for the period

72,102,848

(28,706,409)

 

 

 

 

THE  LEBANESE  COMPANY  FOR  THE  DEVELOPMENT  AND  RECONSTRUCTION

OF  BEIRUT  CENTRAL  DISTRICT  S.A.L.

INTERIM CONSOLIDATED STATEMENT  OF  PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

 

(Unaudited)

Six-Month period

Ended June 30,

 

2016

2015

 

US$

US$

 

 

 

Profit/(loss) for the period

72.102.848

(28,706,409)

Other comprehensive loss:

 

 

Other comprehensive profit/(loss) to be reclassified

 

 

   to profit or loss in subsequent periods

 

 

Foreign currency translation reserve

     512,303

      (97,041)

Other comprehensive income/(loss)

     512,303

      (97,041)

 

 

 

Total comprehensive income/(loss) for the period

72,615,151

(28,803,450)

 

 

 

Attributable to:

 

 

Equity owners of the Company - profit/(loss)

72,615,151

(28,803,450)

 

72,615,151

(28,803,450)

 

 

 

 

 

 

 

THE  LEBANESE  COMPANY  FOR  THE  DEVELOPMENT  AND  RECONSTRUCTION

OF  BEIRUT  CENTRAL  DISTRICT  S.A.L.

CONSOLIDATED STATEMENT  OF  CASH FLOWS

                                                   

 

(Unaudited)

Six-Month period

Ended June 30,

 

2016

2015

 

US$

US$

 

 

 

Operating Activities:

 

 

   Profit/(loss) for the period before income tax

85,355,860

(28,706,409)

Adjustments to reconcile net income to net cash

 

 

   Provided by/(used in) operating activities:

 

 

   Depreciation

11,819,714

7,874,362

   Provision for impairment

-

50,514,181

   Gain on sale and disposal of investment properties

(659,584)

(1,209,936)

   Loss on sale of fixed assets

47,524

22,123

   Write off of receivables

17,426

1,547,799

   Provision for impairment of other debit balances

-

1,000,000

   Provision for contingencies

500,000

500,000

   Loss on rescheduled receivables

541,099

-

   Share of results of associates and joint ventures

5,696,160

(17,349,299)

   Interest income

(11,167,039)

(9,608,462)

   Interest expense

18,230,238

17,126,006

   Changes in working capital

 

 

   Prepayments and other debit balances

2,578,651

1,036,928

   Accounts and notes receivable

(45,236,406)

(22,394,753)

   Inventory of land and projects in progress

7,386,164

(8,961,762)

   Accounts payable and other liabilities

(18,795,893)

(9,852,001)

   Deferred revenues and other credit balances

(22,788,538)

1,684,151

   Interest received

13,337,551

9,243,295

   Income tax paid

(4,807,936)

(16,032,208)

Net cash provided by/(used in) operating activities

42,054,991

(23,565,985)

 

 

 

Investing Activities

 

 

   Securities held-to-maturity

-

1,625,625

   Acquisition of fixed assets

(809,717)

(19,115)

   Acquisition of investment properties

(839,499)

(241,062)

   Proceeds from sale of investment properties

1,950,219

2,100,000

   Proceeds from sale of fixed assets

488,808

530,621

   Investment in asset-backed securities

5,216,009

               -

Net cash provided by investing activities

6,005,820

3,996,069

 

 

 

Financing Activities:

 

 

   Term bank loans

(1,549,323)

(15,571,887)

   Dividends paid

(1,516,385)

(5,298,584)

   Interest paid

(18,697,052)

(18,783,560)

   Bank short term facilities

(34,998,960)

                   -

Net cash used in financing activities

(56,761,720)

(39,654,031)

 

 

 

Net decrease in cash and cash equivalents

(8,700,909)

(59,223,947)

Cash and cash equivalents--Beginning of the period

(108,836,510)

  (78,871,508)

Cash and cash equivalents--End of the period

(117,537,419)

(138,095,455)

 

 

 

 

Cash and cash equivalents comprise of the following:

 

 

(Unaudited)

June 30,

 

2016

2015

 

US$

US$

 

 

 

Cash on hand

42,656

60,460

Checks under collection

34,978

-

Current accounts

11,030,270

15,096,443

Short term deposits

121,826,964

93,658,347

Bank overdrafts

(250,472,287)

(246,910,705)

 

(117,537,419)

(138,095,455)

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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