Page 47 - CODIC 2016/2017 - Annual report

In addition, the company is confronted with various market risks, such as changes in the
economic situation, the downturn in the real estate market, changes in foreign exchange
risks in countries outside the euro zone where the company is active, a rise in interest
rates, access to finance, etc.

Aware of these different risks, the Board of Directors is carefully monitoring their management.

In the context of cautious management of the valuation of receivables, the Board of Direc-
tors has recorded a €0.5m write-down of the client item related to the Château Roussillon
project (the group’s share), corresponding to a risk of non-recovery of rental receivables.

Based on the information in their possession, the Directors have not noted, today, any
risks other than those mentioned above that could significantly affect the future results
of the Company.

5. PROFIT ALLOCATION (statutory results of Codic International SA)

The year ended with a loss of EUR (4,902,354.80).

The profit available for allocation is as follows:

Profit brought forward on 30-04-2016: EUR 30,229,820.02
Loss for the financial year 2016-2017 to be allocated: EUR (4,902,354.80)

Profit available: EUR 25,327,465.22

The Commission, according to the modalities below, proposes to:

• Distribute a share:
- of EUR 299 gross per share for type A shareholders
- of EUR 299 gross per share for type B shareholders

for a total amount of EUR 9,991,085

• To again allocate the balance brought forward: EUR 15,336,380.22

6. OTHERS

There are no branches in Codic International or any of its subsidiaries.
There are no research and development activities.

6 July 2017, The Board of Directors

Codic Annual Report 2016/2017 45