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Solidere Annual Report 2010 “WHENEVER I CAN, I GO BACK MANY TIMES to THOSE PLACES I HAVE PHOTOGRAPHED BEFORE

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Solidere Annual Report 2010 “WHENEVER I CAN, I GO BACK MANY TIMES to THOSE PLACES I HAVE PHOTOGRAPHED BEFORE Solidere Annual Report 2010 “WHENEVER I CAN, I GO BACK MANY TIMES TO THOSE PLACES I HAVE PHOTOGRAPHED BEFORE. THIS IS THE MOST INTERESTING AND USEFUL WAY TO REACH A CONCRETE APPROACH, A MAJOR INVOLVEMENT WITH REALITY. THIS RETURNING TO PLACES CREATES A PECULIAR EMOTIONAL ATTITUDE: IT IS LIKE WAITING FOR A DATE, THE AWAKENING OF THE MEMORY OF PLACES AND OBJECTS, AS IF THE ENGINE OF A CAR WAS STARTED UP AGAIN AFTER A LONG TIME.” G A B R I E L E B A S I L I C O , 1 9 9 1 Solidere Annual Report 2010 CITY IN LAYERS 04 CITY IN LAYERS Solidere Annual Report 2010 FOREWORD Sixteen years of destruction, hostilities and His photography evokes a contemplative ruins. Sixteen years of reconstruction and stillness while it also captures the process of development. transformation. Indeed, the ruins are latent even in Basilico's most recent work. In 2010, Beirut embarked upon a new decade, the years of recovery slowly fading This year's Annual Report includes Basilico's into the past as the reconstruction of the tra - photography from 2011, punctuated by im - ditional city center nears completion. Solid - ages from 1991 and 2003. The layers - of ere’s achievements during the year occasion paper, text and image - gesture towards the a moment of reflection. How can we perceive strata of memory underlying the contempo - anew the evolution of the built environment, rary cityscape. Tranquil white terrains echo the which bears layers of difficult history? introspection prompted by Basilico, whose photographs denude the built environment In 1991, Italian photographer Gabriele Basil - that we perceive today. ico, renowned for his architectural and urban landscapes, captured Beirut city cen - In its dedication to the lens of a single pho - ter on the heels of its most painful sixteen tographer, the 2010 Annual Report explores years. It was autumn, and downtown Beirut a new approach to representing and docu - was all ruins, weeds, barricades and the menting the work of Solidere in Beirut city gripping loneliness of a war that had just center, a place where history, present and fu - come to an end. ture emerge and evolve in unexpected ways. Through his lens, the bullet-ridden holes, skeletal balconies and dirt mounds on dead squares narrated a story that extended beyond the horrific nature of the moment. Basilico returned to Beirut in 2003 and 2011, and his work, spanning two decades, portrays an urban history with precision and clarity. His city center landscapes depict the evolu - tion of Beirut; a prose with its own internal tune, defining a set of details, the final shape of which cannot be discerned and the parts of which cannot be kept within bounds. Solidere Annual Report 2010 CITY IN BEIRUT CITY CENTER / 14 PROJECTS ZAITUNAY BAY / 146 CORPORATE CONSOLIDATED FINANCIAL HIGHLIGHTS / 170 CONTENTS LAYERS OFFICE BUILDING / 148 & FINANCIAL THE MASTER PLAN / 16 REPORT SALES AND RENTAL TRADITIONAL CITY CENTER SERVICED FURNISHED WATERFRONT DISTRICT APARTMENTS, SPA AND STRATEGY / 172 PHASE ONE 1994-2004 SALES RESULTS PHASE TWO 2005-2030 WELLNESS CENTER / 150 LEASING RESULTS DESIGN AND BUILDING SPECIFICATIONS PROPERTY MARKETING SUSTAINABLE DEVELOPMENT SALES PROCEDURE URBAN STUDIES 178 SAIFI VILLAGE / 152 PROPERTY MANAGEMENT SOLIDERE MANAGEMENT SERVICES FUTURE PROJECTS / 154 RESTORATION / 36 PINWHEEL PROJECT CORPORATE FINANCES / 174 RECUPERATED AND RETAINED BUILDINGS CONGRESS CENTER RELIGIOUS BUILDINGS BEIRUT CITY HISTORY MUSEUM CORPORATE FUNDING GRAND THEATRE HOTEL TREASURY BEIRUT FITNESS CENTER EXCHANGE LISTINGS AND TICKER SYMBOLS ANALYSIS OF SHARE PRICES INFRASTRUCTURE / 52 DIVIDEND DISTRIBUTION PARKING PROPERTY INDEX / 160 INVESTOR RELATIONS CIVIL WORKS HARDSCAPING BROADBAND / IT BOARD OF DIRECTORS AND MAINTENANCE GENERAL MANAGEMENT / 176 LANDSCAPING / 68 YEAR IN REVIEW 02 ORGANIZATIONAL CHART / 177 COMPETITIONS AUDITORS’ REPORT BEIRUT SOUKS / 88 & FINANCIAL STATEMENTS / 180 SOUTH SOUKS NORTH SOUKS YEAR IN REVIEW BREMS OTHER SERVICES MARINAS / 112 03 BEIRUT MARINA EASTERN MARINA URBAN EXPERIENCE / 128 CULTURE HOSPITALITY LEISURE 01 AUDITORS DELOITTE & TOUCHE Arabia House, 131 Phoenicia Street PO Box 961, Beirut, Lebanon T 00961 1 364 700, F 00961 1 367 087 ERNST & YOUNG P.C.C. Commerce and Finance Bldg, Kantari PO Box 11-1639, Beirut 1107 2090, Lebanon T 00961 1 360 640, F 00961 1 360 634 CORPORATE LEGAL COUNSEL SAMI NAHAS Attorney-at-Law 34 Clemenceau Street, BBAC bldg PO Box 11-4570, Beirut, Lebanon T 00961 1 364 990, 00961 1 374 990 F 00961 1 369 663 SOLIDERE REGISTERED OFFICE Solidere Bldg 149, Saad Zaghloul Street PO Box 11 9493, Beirut 2012 7305, Lebanon T 00961 1 980 650, 00961 1 980 660 F 00961 1 980 661, 00961 1 980 662 08 Solidere Annual Report 2010 CHAIRMAN’S MESSAGE “It is hard for today’s visitors to imagine what Beirut city center looked like only a few years ago. Dramatic progress has been achieved in its reconstruction and development, and a functional urban district has emerged, In the midst of these eventful times, Beirut US$ 7.5 billion land bank, US$ 1.2 billion real eaqnudip dpreidve w foitoht fnaellw b eintwfreaestnr uthcteu trrea, deintihoannacle cdit yby higreha-ql ueastliattye products will not be affected in city center remains a beacon of hope and estate assets, US$ 162 million in cash, US$ 486 pcuebnltiec rs paancde : tlhaen dWscaatperefdr osntrte eDtsi,s tsrqiucta. rSese vaenrda lpedesthtreia mn aerdeiausm, and longer terms. Once the progress, as a destination of choice for every- million in accounts receivable, US$ 229 mil- apnlod tws ihthav ae fbuelleyn r edsetdoriceadt ecodn fsoer vcaotniocne ratsr etah.at current issues are resolved, any government one. I am pleased to report that Solidere and lion in treasury stock, and US$ 550 million are attracting international performers and that is elected will have a strong interest in its group of companies delivered positive equity in Solidere International. The com- Tmhue smiceiamnosr. yS ofl iBdeirreu tis i na lrsuoi ndse siisg gnriandgu aa lclyo nfa-dingp, utosoh. iRnegp trheses -country’s economic agenda at financial and operational results during the pany's solid financial position should be taken itnegm tphoe rpaarys tf ihtnoerrsos rc, ewnittehr ints atdraduitmioant itco eifmfepctles -on ouar flaivsteesr, wraet eg oto address the people’s needs last period despite challenging economic and into consideration to put the current short- amboeuntt ionugr bouthsienre sasc atinvdit cieosn fitdheant tlwy iflal cefu trhteh efurture.a Tnhdo assep oifr autsions. geopolitical conditions that have tempered term facilities of US$ 480 million in context. wohpoe nd athiley afreqau teon tth deo pwunbtoliwc. n Beirut, constantly marvel at what investor sentiment locally and regionally. is being done to make it the finest city center in thSe oMlididedrele IEnatesrtn. ational is continuously evalu- The Company remains in a unique position Our hospitality activities also commenced ating potential opportunities in the region and Our strategy remains consistent since my last in contrast to an industry still challenged by Pohpoetroagtriaopnhsy i nh a2s0 d1o0c, ufmuretnhteerd cthoen tdreibvuastitnatgi otno. In 1in9 9S1a,u ad ni Aumrabbeira where we see good potential letter; we are focused on creating share- difficult portfolios and weak balance sheets oBf epihruot ocgirtayp cheenrst etro'osk a sptopceka ol fa tnhde csauppiptaolr’sti ncigty centote irn avte stht ge ievnedn the government's current fiscal holder value by investing in our land bank, that continue to impede developers' ability to oofu trh ien Lcoebmaen pono rwtfoalri.o...l Weste whaev seh aolurelda dfyo rogpeet.n”ed expansion policy. increasing recurring income, diversifying into create shareholder value. Moving forward, three restaurants in different areas of the city complimentary business lines, and expand- Solidere will continue with its investment and center that have been soliciting heavy inter- Looking forward, we are mindful of the cur- ing our presence outside Lebanon. However, development plans; however, our policy will est from local and international visitors. rent circumstances and potential economic we approach the coming period with a sense focus on preserving liquidity and balancing Beirut Hospitality Company will continue challenges of the coming period, however, of cautious optimism as current events and cash flows in order to invest in revenue gen- twhith eits plmans toe ompen ao nurmyber of nfew we remain confident of the Company's the slowdown in the global economy con- erating projects that will positively impact restaurants within Beirut Souks and other prospects, backed by a solid asset base, an tinue to weigh down investor confidence. future financial results. Bareaes laiterr iun thte yeiarn. ruins is effective strategy and development approach that have kept us profitable since inception, Solidere reported standalone net profits of The South Souks are fully leased and have gSolrideare dInteurnaationlall wyas pfroafitadblei in itsg allowing Solidere to distribute cumulative US$ 196.5 million on revenues of US$ 337 become a vibrant leisure and retail destina- third year of operation with a net profit of dividends of US$ 924 million in cash and 4.1 million. The top and bottom lines increased tion for residents and tourists visiting the US$ 30.7 million and a consolidated net million bonus shares to date. by 8% and 10% respectively year-over-year. city. We expect the North Souks to become NprAoSfiSt oEfR apCpHroAxiMmaMteAlyA U, S2$0 60.50 million before These results were largely driven by land operational next year, when state-of-the-art tax. The company maintained its strong bal- sales realized from previous years, as the cinemas and entertainment facilities open ance sheet with US$ 425 million in cash company did not sign new contracts in 2010 their doors to visitors. The adjacent depart- without any bank debt at year end. due to local and regional conditions that may ment store is currently under design by continue to prevail in the short and medium international architect Zaha Hadid, and we Al Zorah’s capital was reduced last year by run.
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