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T H E R E P O Corporate Structure Corporate Structure T Board of Directors and General Management Organizational Chart R Corporate Finances Corporate Funding Liquidity O Exchange Listing and Ticker Symbols Analysis of Share Prices Dividend Distribution P Investor Relations SHAREHOLDERS E Consolidated Financial Highlights Summary of Operations in US$ million BOARD OF Stock Data per Share in US$ DIRECTORS R Financial Data in US$ million Financial Ratios in % GENERAL MANAGEMENT Independent Auditors’ Report E Consolidated Financial statements CHAIRMAN AND GENERAL MANAGER Consolidated Statement of Financial Position Consolidated Statement of Income STRATEGY H AND PLANNING Consolidated Statement of Comprehensive Income GENERAL MANAGER Consolidated Statement of Changes in Equity T Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements GENERAL MANAGER : e FOR DEVELOPMENT l 2 c 1 i 0 n 2 o INVESTOR RELATIONS t r r h AND CAPITAL MARKETS o C p e e h R T l a u n n A e r e d i l o S CHIEF FINANCIAL OFFICER ASSISTANT GENERAL MANAGERS CORPORATE TENDERING, BUSINESS OPERATIONS AFFAIRS CONTRACTING, OPERATIONS PROCUREMENT, AND RELATIONS AND SPECIAL WITH PUBLIC CORPORATE AUTHORITIES ASSIGNMENTS URBAN DESIGN ARCHITECTURE LANDSCAPING URBAN REAL ESTATE INFORMATION CORPORATE FINANCIAL TREASURY AND CORPORATE BOARD OF TENDERING PROPERTY QUALITY INFRA- OPERATIONS PROJECT LEGAL ADMINIS- COMMERCIAL URBAN CORPORATE COMMUNI- MULTI- AND MASTER AND INTERIOR AND PUBLIC PLANNING DEVELOPMENT TECHNOLOGY MANAGEMENT ACCOUNTING FINANCIAL FINANCE DIRECTORS CONTRACTING ADMINISTRA- CONTROL STRUCTURE MAINTENANCE MANAGEMENT TRATION SALES, LEASING MANAGEMENT REPORTING CATIONS DISCIPLINARY PLANNING DESIGN SPACE DESIGN ACTIVITIES CONTROL ADMINISTRA- AND TION AND SITE AND TECHNICAL AND RETAIL AND AND PUBLIC DESIGN TIVE AFFAIRS PROCUREMENT LOGISTICS SERVICES MANAGEMENT PUBLICATIONS RELATIONS Site Architectural L a n d s c a p i n g Urban Planning S t r a t e g y Network Risk General Treasury Financial Corporate Tendering for Contract Design Infrastructure Real Estate Restoration Legal Human Land Sales Town Corporate Promotion and Corporate Assessment Assessment Assessment Assessment Formulation on Administration Management Accounting and Cash Analysis and Documentation Infrastructure Administration Control Execution and Operations and Counsel Resources Planning Research Advertising and Cultural of Real Estate of Real Estate Real Estate Management Modeling and Archiving and Construction Maintenance Maintenance New Real Estate Reporting Publishing Master Plan Projects Projects Strategic Land Projects Enterprise Business Taxation System Activities Recuperation Execution Developments Contract General Leasing Quality and Editorial Media Relations Vision and Use Planning Resource Development Budget Control Business Control Landscape Technical Structuring and Services Control and Corporate Concept Design Design Real Estate Planning Financial Planning Corporate Procurement of Public Execution and Support Third-Party Management Beirut Souks Supervision Specialized Events and Communication Development Development Data Analysis and Parameters Waterfront Statements Stock Systems and Services and Services Technical Maintenance Services Developments Management Publications Activities Design Master Plan Briefs Briefs Urban Planning Corporate District Management Corporate Procedures Supplies Control Site Development Research Marketing and Application Development Audit Funding Property Third-Party Car Parking Beirut Retail Management Website Corporate Editing Design Design Commercial Development Relations Financial Special Management Facilities Marina Management and Building Development Social Regulatory Development Development Archeology Strategy Broadband Reporting Financial Corporate Services Control Responsibility Production Master Plan and Management Management Heritage Formulation Enterprise Network Markets Assignments Site CCTV Urban Design and Cultural Project Systems Relations with Logistics Surveillance Design Review Guidelines Third-Party Landscaping Developments Business Management Public Support Network Investors of Public Spaces Development Authorities Geographic Computer Project Reviews Management Corporate Information Graphics Document Property System Production Hospitality Real Management Fiscal Estate Concept Management Signage and Program Control Development Exploratory Relations and Negotiations with Strategic Partners Corporate and Financial Report Solidere issues an - The report includes a summary about the company's nual reports to its shareholders that summarize its ac - corporate finances, consolidated financial highlights, tivities during a specific year and highlight milestones auditors’ report, and consolidated financial statements. achieved over the years. Board of Directors and General management Corporate Management CHAIRMAN VICE CHAIRMAN VICE CHAIRMAN AND GENERAL MANAGER Fadi Boustany Maher Beydoun Nasser Chammaa MEMBER OF THE BOARD MEMBER OF THE BOARD MEMBER OF THE BOARD AND GENERAL MANAGER Oussama Kabbani Raphael Sabbagha Mounir Douaidy MEMBER OF THE BOARD MEMBER OF THE BOARD MEMBER OF THE BOARD Raja Salemeh Mosbah Kanafani Joseph Asseily MEMBER OF THE BOARD MEMBER OF THE BOARD MEMBER OF THE BOARD Basile Yared Maher Daouk Makram Abboud 7 3 Corporate Finances CORPORATE FUNDING Treasury, Shares, and Investor Relations In 2012, Solidere pursued the practice of It is worth noting that the share price resorting to flexible short-term credit bounced back every time market prices arrangements, mainly temporary overdrafts neared the $12.00 level throughout the year. at competitive interest rates. All short-term This represents the market’s recognition of bank facility signed in previous years were the Company’s strong fundamentals, which renewed. allow it to weather this temporary period of instability in the region. LIQUIDITY Class A shares closed the year at $13.00, rep - The consolidated balance sheet at year end resenting a 9.59% decrease over the closing shows positions of US$ 163.5 million for price of the previous year and Class B shares cash and cash balances and US$ 554.1 mil - closed at $12.93, a 10.82% decrease from the lion for accounts and notes receivable, and 2011 closing level. Similarly, the GDRs US$ 646.9 million for bank overdrafts and traded on the London Stock Exchange short-term facilities. closed the year down at $13.00, a 9.02% de - crease compared to 2011. A SHARES- D AILY TR ADES 2012 The Company maintained its policy of invest - ing its liquid funds in assets presenting mini - Both classes of shares fluctuated between a SHARE PRICE US$ VOLUME mum risk and with top ranking banking and high of $15.35 and a low of $12.04. Trading financial institutions in the domestic and was relatively sluggish, with a total of around 1,051,789 international markets. For efficient cash 10 million shares changing hands for a cu - 15 200,000 management, Solidere also arranged with mulative value of about $133 million. This local banks certain revolving current overdraft represents about 6% of the Company’s capi - facilities, utilized and refunded according to tal. The average daily volume was about 14 150,000 cash needs and availability. 41,000 shares, worth around $551,000 in total. Thus, the average price for the year was 13 100,000 An annualized interest rate of about 4.11% about $13.22, a 14.7% decrease compared to was earned on aggregate cash placements the previous year. for the year. 12 5 0,000 EXCHANGE LISTINGS AND TICKER DIVIDEND DISTRIBUTION 11 0 SYMBOLS 03 Jan 04 May 31 Aug 31 Dec Since inception, Solidere has distributed div - Beirut Stock Exchange idends in 11 out of its 19 years of operations share price - in us $ Solidere A shares: SOLA.BY for a total value of US$ 1.12 billion (out of an volume of shares traded Solidere B shares: SOLB.BY aggregate net income of US$ 1.52 billion). London Stock Exchange Solidere stands by its commitment to distrib - GDRs: SOLAq.L ute dividends to shareholders depending on the level of profits and the available liquidity ANALYSIS OF SHARE PRICES after providing capital expenditure for infra - structure and real estate development projects. The slow, downward drift in share prices B SHARES- D AILY TR ADES 2012 continued over the year as regional turmoil INVESTOR RELATIONS worsened and local political bickering inten - sified. Solidere shares were under pressure As part of its ongoing efforts to achieve wider SHARE PRICE US$ VOLUME as well, declining throughout the year and and more diversified exposure to the invest - eventually reaching a seven-year low on rel - ment community, Solidere engaged with 1,006,150 atively quiet market. institutional investors/analysts in meetings 15 200,000 in various local, regional, and international The share prices witnessed a mild rally dur - investor conferences, with the aim to inform 14 150,000 ing the month of May following the release and provide updates on the Company’s oper - of the Company’s performance results on the ational and financial developments. Attending high end of market estimates. However, the investors were mainly from the United States, 13 100,000 share prices then decreased after a serious the United Kingdom and the Middle East and security event in the country that pulled back North Africa region. 12 50,000 most market participants to the sidelines. This occurred in spite of many recommenda - Solidere welcomed representatives from a tions from reputable local and international number of investment funds, research houses 11 0 financial
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