Page 49 - CODIC Rapport Annuel 2014/2015

estate market, changes in foreign exchange risks in those countries outside the Eurozone
in which the Company operates, a significant rise in interest rates, access to financing, etc.

Aware of these various risks, the Board of Directors is mindful of managing them.

As part of the prudent valuation management of its inventories, the Company has decided
to recognise a €1 million write-down in relation to its Margit Corner project in Budapest,
Hungary. With regard to Romania, the absence of a valuation reference and Codic’s desire
to continue valuing its land have prompted the Board of Directors to maintain the carrying
amounts of the Company’s inventories. This decision was, moreover, supported by the
valuation of the land in Ploiesti carried out by an independent expert.

The Group has a range of projects where the administrative permits enabling them to
be developed have been or will be obtained during the financial year 2015–2016. In the
context of a prudent policy, the Group will gradually be able to begin the construction
work of these various projects.

Based on the information in their possession, the Directors have not, as of today, noted
any risks other than those mentioned above that might have a significant negative impact
on the Company’s future results.

5. APPROPRIATION OF PROFITS (STATUTORY RESULTS FOR CODIC INTERNATIONAL SA)

The financial year closed with a loss of €3,661,930.72.
The profit available for appropriation stands as follows:

Profit carried forward on 30-04-2014: €53,231,548.57

Loss for the financial year 2014–2015 to be appropriated: €(3,661,930.72)

Appropriation of unavailable reserve for own shares: €(1,121,489.95)

Available profit: €48,448,127.90

The Board proposes, according to the terms outlined below:

• to distribute a:

- Gross dividend per share of €158 for class A shareholders

- Gross dividend per share of €158 for class B shareholders

making a total amount of €5,279,570

• to appropriate the balance to retained earnings: €43,168,557.90

6. OTHER

Neither Codic International nor any of its subsidiaries have any branches.
There are no research and development activities.

6 July 2015 The Board of Directors

47Codic Annual Report 2014/2015