Page 8 - CODIC 2016/2017 - Annual report

meSSaGe from the Ceo

The 2016-2017 financial year closed with a consolidated net
profit after taxes of EUR 20,743,833. This result reflects the
margin earned on some of our projects and the result of intense
activity within our group.

In Belgium, at the beginning of 2017, Deloitte moved its new Belgian
head office into the "Gateway" building with its unob-structed
view over the airport runways.

Three leases have been signed in the neighbouring "PassPort"
building. The building is due to be delivered in early 2018 and the
remaining two office spaces are drawing a great deal of interest.

This kind of activity is a real opportunity for Brussels Airport and shores up its dynamism
at the heart of Europe.

In France, in the field of commercial real estate, we inaugurated our iconic "Résonance"
building in Bagneux, on 7 October 2016. During the press conference, a round table gathering
representatives of the RATP, SADEV 94 (the planner behind the joint development zone),
the town of Bagneux and businessmen was organised on the theme "Bagneux, laying the
first stone of Greater Paris". It afforded an opportunity to remind those present that, with
the extension of line 4 of the Metro and line 15 of the Grand Paris Express, Bagneux could
grow into a strategic location in the market comprising the first southern suburb of Paris.
The Résonance building developed by Codic is the first visible step in this direction. This
growth is not lost on the investors and the Résonance building was sold in January 2017
to Schroder REIM.

A building permit has been granted for a second building of 21,000 sq.m of offices, called
"Network". In February 2017, we also signed a sale agreement with SADEV 94 for land
earmarked for a third building of 16,000 sq.m of offices co-developed with Nexity.

In the field of retail real estate, the "B’est" shopping centre site in Farébersviller in Moselle has
taken off. The first stone was laid on 28 September 2017 in the presence of elected officials.
The speeches delivered to mark the occasion unanimously underlined the importance of this
project for the region, as it will strongly contribute to the regional economic dynamism,
boost local employment with the creation of 750 full-time equivalent jobs and increase its
commercial attractiveness. Its commercialisation is making good headway with the centre
already 80% leased. The opening of the shopping centre is scheduled for April 2018.

In Luxembourg, the excavation of the Royal-Hamilius project was delivered right on schedule.
The foundation stone of the project was officially laid on 28 September 2016 in the presence
of the Mayor of Luxembourg, Lydie Polfer, in a truly festive atmosphere. A lease for all the
offices has been signed with a fund management company. Apcoa Parking Deutschland
will manage the car park.

6 Codic Annual Report 2016/2017