Page 48 - CODIC Rapport Annuel 2014/2015

7. Management report on the consolidated financial statements

presented by the Board of Directors to the Ordinary General Meeting on 31 August 2015

Ladies and Gentlemen,

In accordance with the relevant legal provisions and the Company’s articles of association,
we have the honour of reporting to you on our management and on the development of
the Company’s business during the financial year ending on 30 April 2015, and of submitting
for your approval the company’s financial statements for this financial year as well as the
proposed appropriation of the profits.

1. SIGNIFICANT EVENTS OCCURRING DURING THE FINANCIAL YEAR

The financial year 2014–2015 closed with a consolidated net profit after tax of
€17,604,062.90.

The result for the financial year mainly incorporates a partial recognition of the margin, in
accordance with the IFRS accounting standards, generated from the following real estate
transactions:

• Sale to Befimmo of the Gateway office building project being developed at the
Brussels National Airport site;

• Sale to Silver Royal 2014 SA of a majority stake (51%) in the capital of the dedicated
companies set up in the framework of the development of the offices, shops and car
park for the Royal-Hamilius project to be developed in the centre of Luxembourg’s
capital city.

This result also takes into account the residual margin related to the completion in June
2014 of the sale to Deutsche Bank Asset & Wealth Management of the White Park shopping
centre project in Villennes-Orgeval, France.

2. OUTLOOK

The Group’s policy of prudence and rationalisation pursued in recent years enables it to
have the necessary resources at its disposal to continue the development of its products
and position itself, alone or with high-quality partners, to acquire new large-scale projects.

3. SIGNIFICANT EVENTS AFTER 30 APRIL 2015

Since the close of the financial year on 30/04/2015, the Company has successfully carried
out a new bond issue totalling €30 million. Identified by ISIN code BE0002231976, the
bonds are listed on Alternext Brussels.

4. PRINCIPAL RISKS AND UNCERTAINTIES

Codic International is a Company with interests in subsidiaries directly or indirectly developing
real estate projects.

The Company faces the risks and uncertainties that are inherent in the business carried
on by its subsidiaries, particularly changes in the economic climate, downturns in the real

46 Codic Annual Report 2014/2015