Page 39 - CODIC 2016/2017 - Annual report

II. BALANCE SHEET

The total of the balance sheet of €382.3m shows a decrease of €3.3m compared to the
previous year.

Inventories (€213.4m)

The sale of the Résonance project in France and the delivery of Gateway constructions in
Belgium led to a €22.9m decrease in inventories over the year. Conversely, the evolution
of the Passport (Belgium), Royal-Hamilius (Luxembourg) and B’est (France) construction
projects has a positive impact on this item.
It should be noted that €52.4m of the €213.4m of the inventories are the subject of a sales
contract.

Equity (€141.5m)

Equity amounts to €141.5 m and has increased by €15.7m compared to 30/04/2016, following
the deferral of profit for the year (€20.7m), and the distribution of a €5.0m dividend.

Borrowing (current and non-current) (€150.5m)

Borrowing amounts to €150.5m, a decrease of €23.1m compared to the previous year.
The reimbursement of credits relating to the Résonance project and the financing of the
development of the Passport and B’est projects are the main elements of the year.

All covenants are met on 30/04/2017.

Commercial liabilities (€44.2m)

The amount of operating liabilities includes both open accounts with suppliers on the projects
and the provisions made during sales (receivables, rental guarantees, fittings, etc.).

Codic Annual Report 2016/2017 37