Page 43 - CODIC 2017/2018 Annual Report

II. BALANCE SHEET

The balance sheet total of €507.5m shows an increase of €125.2m compared to the
previous year.

Inventory (€281.5m)

Developments in the B’est and Royal-Hamilius projects led to an inventory increase of
€68.1m over the year. Conversely, the sale of the PassPort project reduced the amount of
this item. It should be noted that €91.4m of inventories are the subject of a sales contract.

Equity (€154.8m)

Group shareholders’ equity amounted to €154.8m, an increase of €13.3m (+ 9.4%) compared
with 30/04/17, following the deferral of profit for the year (€23.3m) and the distribution of
a dividend of €10.0m.

Borrowings (current and non-current) (€191.2m)

Borrowings amounted to €191.2m, an increase of €40.7m compared to the previous year.
Financing for the development of the B’est project, the acquisition of the Montigny property
(Saint-Quentin-en-Yvelines) and the December 2017 issue of a corporate bond for €35.0m
are the main movements of the financial year.
All covenants are respected at 30/04/2018.

Commercial debts

The amount of operating liabilities includes, on the one hand, suppliers and holdbacks
held on projects and, on the other hand, provisions made on sales (invoices receivable,
rental guarantees, fittings, etc).

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