Soliderequarterlyapril - June 2008 Business & Fina Ncial News
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soliderequarterlyApril - June 2008 business & fina ncial news CONSOLIDATED BALANCE SHEET CONSOLIDATED INCOME STATEMENT CONSOLIDATED FINANCIAL HIGHLIGHTS Development land sales Conferences Among the latest Solidere General manager Mounir December 31, 2007 2006 December 31, 2007 2006 2007 2006 land sales, Beirut Harbor Douaidy addressed the 16th US$ US$ US$ US$ US$ US$ s.a.l. purchased in the last Arab Economic Forum, held quarter a land parcel on lot in Beirut May 2 - 3. He spoke Assets Revenues from land and real estate sales 288,467,975 253,344,014 Summary of Operations in US$ million 1504 Marfaa. of the Beirut city center Cash and bank balances 327,847,633 106,202,604 Revenues from rented properties 20,775,368 20,719,451 Net revenues from land, real estate sales The development land development that has earned Prepayments and other debit balances 34,449,004 28,253,397 Revenues from project management and rental 187.8 153.4 covers an area of it a worldwide reputation, Accounts and notes receivable, net 318,734,724 348,942,550 and consulting services 690,845 2,066,977 Gross rental income 20.8 20.7 1,137 sq m. It will be used leading to the creation of Investment securities 10,063,020 8,610,673 Cost of land and real estate sales (114,089,596) (114,584,398) General and administrative expenses 18.1 14.3 for a residential or office Solidere International. Inventory of land and projects in progress 1,404,710,655 1,457,804,977 Charges on rented properties (7,070,296) (6,457,583) development with retail on Reporting on Solidere’s Investment properties, net 150,349,040 150,651,813 Cost related to project management Land Sales in US$ million street level, totaling sustained good performance, Investment in an associate 287,458,659 - and consulting services (86,127) (1,831,969) Gross land sales 288.5 255.2 5,186 sq m of built-up area. he remarked that the expected profits of Solidere Fixed assets, net 35,641,877 26,115,483 (Loss)/gain on sale of investment properties (824,099) 264,974 Sales backlog 914.1 1,196.0 International are bound to Total Assets 2,569,254,612 2,126,581,497 Net revenues from operations 187,864,070 153,521,466 enhance this performance Financial Ratios in % and have a positive impact Liabilities Share result from an associate 68,030,929 - Return (interest income) on liquid assets 5.5 5.86 on Solidere share values. Bank overdrafts and short term facilities 181,186,491 48,362,001 General and administrative expenses (18,086,723) (14,304,800) Debt to equity 0.38 1.57 Accounts payable and other liabilities 99,357,927 83,323,709 Depreciation of fixed assets (1,494,267) (1,699,106) Dividends payable 46,212,797 30,877,712 Provision against land development cost (7,882,327) (3,036,061) Deferred revenues and other Other taxes (670,059) (1,319,859) credit balances 233,147,452 168,305,793 Provision for doubtful receivables (314,962) - Deferred credits under structured contracts 170,280,000 - Other expense, net (1,854,289) - Loans from banks and financial institutions 7,041,163 27,062,700 Interest income 40,151,525 27,211,687 Total Liabilities 737,225,830 357,931,915 Interest expense (15,885,954) (7,173,307) Profit before tax 249,857,943 153,200,020 Equity Income tax expense (25,666,091) (21,033,071) Share performance during the 2nd quarter 2008 Issued capital at par value US$10 per share: The Lebanese market as a 100,000,000 class (A) shares 1,000,000,000 1,000,000,000 Profit for the year 224,191,852 132,166,949 whole proved to be the best 65,000,000 class (B) shares 650,000,000 650,000,000 Share A - Daily Closing Prices performer in the region 1,650,000,000 1,650,000,000 Basic/diluted earnings per share 1.4450 0.8375 after the election of a new Volume president by end of May. Most listed shares shot Legal reserve 75,543,036 59,935,830 942,275 $40 500,000 upwards to unchartered Retained earnings 263,175,988 209,685,044 400,000 territories on high volume. $35 Cumulative changes in fair value of Solidere shares were the available-for-sale securities 147,492 38,760 300,000 $30 most affected by that Surplus on sale of treasury shares 11,653,751 11,653,751 200,000 positive mood, both classes Less: Treasury shares (168,491,485) (162,663,803) $25 of shares jumping to new 100,000 Total Equity 1,832,028,782 1,768,649,582 heights, with the mood Share B traded between a Total Liabilities and Equity 2,569,254,612 2,126,581,497 $20 0 remaining bullish for the low of US$21.99 and a high 1 Apr 08 30 Apr 08 30 May 08 30 June 08 foreseeable future. of US$37.71, closing at Share A fluctuated during US$37.2, a 69% increase the quarter between a low from the previous quarter. Share B - Daily Closing Prices of US$21.97 and a high of Trading activity boomed US$37.82. The closing price during the quarter, with Volume was US$37.17, a 69% around 13 million shares increase from the previous of both classes traded in $40 500,000 quarter. the local market, a twofold 400,000 increase compared to the $35 previous quarter. 300,000 $30 The GDRs traded in the 200,000 London Stock Exchange $25 100,000 followed the locally traded shares, closing the quarter $20 0 at around US$36.99, a 67% 1 Apr 08 30 Apr 08 30 May 08 30 June 08 increase from the previous quarter closing level. Share price (US dollars) Trading volume 2 3 al zorah launching A VIP groundbreaking ceremony Supreme Council and Ruler of 1 4 Cityscape Abu Dhabi unveiled Al Zorah on May 1, 2008. Ajman, Al Zorah aims to Al Zorah Development Company The AED 220 billion project is transform the emirate into a was present at Cityscape Abu a joint venture between the world class residential, tourism Dhabi held May 14-16. On this Government of Ajman and and investment destination. occasion, the company announced Solidere International Limited. Located along Ajman’s pristine pre-sales of AED10 billion, Al Zorah Development (Private) beachfront and creeks, representing the first wave of Company P.S.C. was Al Zorah will be a self- sales for Al Zorah Project. The incorporated as a Free Zone contained, master planned city overwhelming interest in the Company under the laws of with varied residential, office, project came during the two week Ajman on October 31, 2007. retail, school, hospital and pre-launch sales process, which In line with the vision of leisure facilities, including ended May 7. HH Sheikh Humaid Bin Rashid marinas and a number Al Noaimi, member of the UAE of 5-star resort hotels. 2 Solidere International Chairman Al Zorah has arrived at 5 The success of our presales 6 and CEO Nasser Chammaa the right time, from the right is the strongest endorsement commented on how SI, in all its place. The level of interest in for the project. Al Zorah will be developments, is committed to “the project shows investors are a“ unique accomplishment that working within the context and excited about the concept and embodies Ajman’s vision for building on the strengths of a master plan for this new the future and Solidere’s particular environment, be it mixed-use urban community international capabilities. natural or urban. of around 200,000 people. Mounib Hammoud Al Zorah presents a unique COO opportunity and is a project Solidere International ” that will benefit from Solidere’s city-making development approach, as well as Ajman’s business-friendly policies and Al Zorah is an ambitious, Al Zorah is a milestone varied innovations. 1. Sheikh Humaid Bin Rashid Al Noaimi with Al Zorah in Europe transformational project that for Ajman, reflecting the Lebanon public works minister Mohamad Both Solidere International and will contribute to the further combination of tradition and Dr Nasser Chammaa Safadi, Sheikh Rashid Bin Humaid Al Zorah were present at Expo Al Noaimi, chairman Nasser Chammaa and development of Ajman as one innovation that distinguishes Chairman and CEO Italia Real Estate, held in Milan “ “ Solidere International vice-chairman Nabil Boustany. of the most sought after places the emirate… It is a truly ” 2. Sheikh Rashid Bin Humaid Al Noaimi and June 10-13, 2008. They participated to live and work in the region, spectacular project that will Dr Chammaa. in the exhibition by displaying the while ensuring the conservation become an international 3. Imad Dana being interviewed by television. Al Zorah site, master plan, model of its nature for future destination. 4,7. Al Zorah at Cityscape Abu Dhabi. and marketing brochure to 5. Mr. Fahd Hariri with Mounib Hammoud. generations. It is thus well an international audience. Sheikh Rashid Bin Humaid Al Noaimi 6. TNI chairman Abdallah Mazrui with suited to the Solidere Chairman Mounib Hammoud. On June 12, Rami Dabbas, community-focused Al Zorah Development Company head of Ajman Real Estate development approach. ” The city will promote Al Zorah will be a sustainable Development and Investment conservation and outdoor life city in all respects, adopting best Authority and board member Dr Nasser Chammaa by providing an integrated practices in environmentally Chairman and CEO 3 7 of Al Zorah Development network of walkways, canals, friendly construction and living.