Obligation Codicia International SA 4.25% ( BE0002299684 ) en EUR

Codicia International SA

100 % ⇌

Belgique

BE0002299684 ( en EUR )

4.25% par an ( paiement annuel )

01/12/2022 - Obligation échue

Prospectus brochure de l'obligation Codic International SA BE0002299684 en EUR 4.25%, échue

100 000 EUR

35 000 000 EUR

Codic International SA est une société suisse spécialisée dans le développement et la gestion de projets immobiliers, notamment dans les domaines résidentiel, commercial et hôtelier, avec une présence internationale.

L'Obligation émise par Codicia International SA ( Belgique ) , en EUR, avec le code ISIN BE0002299684, paye un coupon de 4.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 01/12/2022

Codic International

Chaussé de la Hulpe 120
1000 Brussels (Belgium)
RLE Brussels 0448.424.367
LEI code 549300TV0OYGVZ6JQV51

(the "Issuer" or the "Company")
Information Memorandum dated November 24, 2017 with respect to
the private placement and application for admission to listing on Euronext Growth of

EUR 35,000,000 4.25 per cent fixed rated bonds due December 1, 2022
Issue Price: 100 per cent
ISIN Code: BE 0002299684

(the "Bonds")
Issue Date: December 1, 2017
The Issuer is a limited liability company (société anonyme/ naamloze vennootschap) under Belgian law, having its registered office at 1000 Brussels (Belgium),
Chaussée de la Hulpe 120, registered with the Crossroads Bank for Enterprises under the number 0448.424.367 (RLE Brussels), LEI-code
549300TV0OYGVZ6JQV51.
On or around December 1, 2017, the Issuer will issue the Bonds (the "Bond Issue") for a principal amount of EUR 35,000,000. The Bonds bear interest from
the Issue Date (included) at an annual rate of 4.25 per cent (subject to any adjustment pursuant to Condition 4.5.3, or Condition 4.5.4 of the Terms and
Conditions of the Bonds) and such interest will be payable on December 1 of each year (each an "Interest Payment Date"), up to and excluding December 1,
2022 (the "Maturity Date"). The denomination of the Bonds shall be EUR 100,000 and integral multiples thereof. The Bonds can be redeemed early in the
limited cases described in Condition 4.5.4(c) ("Redemption and Purchase") of the Terms and Conditions of the Bonds. Unless previously redeemed or
purchased and cancelled in accordance with such Condition 4.5.4(c), the Bonds will be redeemed at their principal amount outstanding on the Maturity Date.
Belfius Bank, a limited liability company (société anonyme/naamloze vennootschap) under Belgian law, having its registered office at 1000 Brussels (Belgium),
boulevard Pachéco 44, registered with the Crossroads Bank for Enterprises under the number 0403.201.185 (RLE Brussels), and BNP Paribas Fortis, a limited
liability company (société anonyme/naamloze vennootschap) under Belgian law, having its registered office at 1000 Brussels (Belgium), Montagne du Parc 3,
registered with the Crossroads Bank for Enterprises under the number 0403.199.702 (RLE Brussels) and are acting as Joint Book Runners (the "Joint Book
Runners"). Belfius Bank SA/NV has been appointed as sole domiciliary, calculation and paying agent (the "Agent").
The distribution of this Information Memorandum and related materials may be restricted by law in certain jurisdictions (see Section 10, Subscribtion and Sale).
Persons into whose possession this Information Memorandum come are required to inform themselves of, and to observe any of these restrictions. In particular
the Bonds have not been and will not be registered under the United States Securities Act of 1933 (as amended or replaced from time to time). Subject to certain
exceptions, the Bonds may not be offered of sold in the United States or to U.S. persons.
This Information Memorandum does not constitute a prospectus within the meaning of article 20 of the Belgian Law of 16 June 2006 on the public offer of
placement instruments and the admission to trading of placement instruments on regulated markets (loi relative aux offres publiques d'instruments de placement
et aux admissions d'instruments de placement à la négociation sur des marchés réglementés/wet op de openbare aanbieding van beleggingsinstrumenten en de
toelating van beleggingsinstrumenten tot de verhandeling op een gereglementeerde markt) (the "Belgian Prospectus Law"), as amended or replaced from time
to time, or of the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 (the "Prospectus Directive"), as amended or replaced
from time to time.
Neither this Information Memorandum, not any brochure material or document related thereto have been, or will be, submitted or notified to, or
approved by, the Belgian Financial Services and Markets Authority (Autorité des services et marches financiers/Autoriteit voor Financiële Diensten en
Markten). In Belgium, the Bond Issue does not constitute a public offering within the meaning of Articles 3, §1, 1° and 6, §3 of the Belgian Law of April
1, 2007 on takeover bids (loi relative aux offers publiques d'acquisition/wet op de openbare overnamebiedingen) (the "Belgian Takeover Law"), as
amended or replaced from time to time.
The offering of the Bonds does not constitute a public offering in Belgium. The offer may not be advertised and the Bonds may not be offered or sold,
and this Information Memorandum or any other offering material relating to the Bonds may not be distributed, directly or indirectly, to any persons
in Belgium other than in those circumstances set out in Article 3, § 2 of the Belgian Prospectus Law.
Application has been made to Euronext Growth for the Bonds to be admitted to trading. Euronext Growth (Alternext Brussels) is not a "regulated market".
References in this Information Memorandum to the Bonds being "listed" (and all related references) shall mean that the Bonds have been admitted to trading on
Euronext Growth.
Euronext Growth is a market operated by Euronext. Companies on Euronext Growth are not subject to the same rules as companies on a regulated
market (a main market). Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in
investing in a company on Euronext Growth may therefore be higher than investing in a company on a regulated market.
The Bonds are issued in dematerialized form in accordance with Article 468 et seq. of the Belgian Companies Code (Wetboek van vennootschappen/Code des
sociétés) (the "Belgian Companies Code") and cannot be physically delivered. The Bonds will be exclusively represented by book entries in the records of the
NBB Securities Settlement System operated by the NBB or any successor thereto (the "NBB Securities Settlement System" or the "NBB-SSS"). The Bonds
can be held by their holders through participants in the NBB Securities Settlement System, including Euroclear Bank SA/NV ("Euroclear") and Clearstream
Banking, société anonyme, Luxembourg ("Clearstream"), and through other financial intermediaries which in turn hold the Bonds through Euroclear,
Clearstream or other participants in the NBB Securities Settlement System. Title to the Bonds will pass by account transfer. The Bonds may not be exchanged
for bonds in bearer form.

2

The Issuer is not rated. The Bonds will not be rated.
An investment in the Bonds involves certain risks. Prospective investors should refer to Section 1 entitled "Risk Factors" from page [*] for an explanation of
certain risks of investing in the Bonds.
Joint Book Runners
[Insert banks logos]

3

IMPORTANT NOTICE
Unless otherwise stated, capitalized terms used in the Information Memorandum have the meanings set forth in
the Information Memorandum. Where reference is made to the "Conditions of the Bonds" or to the
"Conditions", reference is made to the Terms and Conditions of the Bonds (see Section 3 entitled "Terms and
Conditions of the Bonds").
The Information Memorandum has been prepared in connection with the private placement of the Bonds. The
Issuer is responsible for the information in this Information Memorandum. The Issuer hereby declares that,
having taken all reasonable care to ensure that such is the case, the information contained, or incorporated by
reference, in this Information Memorandum is, to the best of its knowledge, in accordance with the facts and
contains no omission likely to affect its import.
When potential investors make a decision to invest in the Bonds, they should base this decision on their own
research of the Issuer and the conditions of the Bonds, including, but not limited to, the associated benefits and
risks, as well as the conditions of the offer itself. The investors must themselves assess, with their own advisors if
necessary, whether the Bonds are suitable for them, considering their own income and financial situation. In
case of any doubt about the risk involved in purchasing the Bonds, investors should abstain from investing in the
Bonds. The summaries and descriptions of legal provisions, taxation, accounting principles or comparisons of
such principles, legal company forms or contractual relationships reported in the Information Memorandum
may in no circumstances be interpreted as investment, legal or tax advice for potential investors. Potential
investors are urged to consult their own advisor, bookkeeper, accountant or other advisors concerning the
legal, tax, economic, financial and other aspects associated with the subscription to the Bonds.
Neither the Information Memorandum nor any other information supplied in connection with the admission
to trading of the Bonds (a) is intended to provide the basis of any credit or other evaluation or (b) should be
considered as a recommendation by the Issuer or the Joint Book Runners that any recipient of the
Information Memorandum or any other information supplied in connection with the offering of the Bonds
should purchase any Bonds. Each investor contemplating a purchase of the Bonds should make its own
independent investigation of the financial condition and affairs, and its own appraisal of the
creditworthiness, of the Issuer. Neither the Information Memorandum nor any other information supplied in
connection with the offering of the Bonds constitutes an offer or invitation by or on behalf of the Issuer or
the Joint Book Runners to any person to subscribe for or to purchase any Bonds.
Some statements in the Information Memorandum may be deemed to be forward looking statements. Forward
looking statements include statements concerning the Issuer's plans, objectives, goals, strategies, future
operations and performance and the assumptions underlying these forward looking statements. When used in the
Information Memorandum, the words "anticipates", "estimates", "expects", "believes", "intends", "plans",
"aims", "seeks", "may", "will", "should" and any similar expressions generally identify forward looking
statements. The Issuer has based these forward looking statements on the current view of its management with
respect to future events and financial performance. Although the Issuer believes that the expectations, estimates
and projections reflected in its forward looking statements are reasonable as of the date of the Information
Memorandum, if one or more of the risks or uncertainties materialize, including those identified below or which
the Issuer has otherwise identified in the Information Memorandum, or if any of the Issuer's underlying
assumptions prove to be incomplete or inaccurate, the Issuer's actual results of operation may vary from those
expected, estimated or predicted.
Any forward looking statements contained in the Information Memorandum speak only as at the date of the
Information Memorandum. Without prejudice to any requirement under applicable laws and regulations, the
Issuer expressly disclaims any obligation or undertaking to disseminate after the date of the Information
Memorandum any updates or revisions to any forward looking statements contained herein to reflect any change
in expectations thereof or any change in events, conditions or circumstances on which any such forward looking
statement is based.
Neither the delivery of the Information Memorandum nor any sale made in connection herewith shall, under any
circumstances, create any implication that the information contained in the Information Memorandum is true
subsequent to the date hereof or otherwise that there has been no change in the affairs or in the condition
(financial or otherwise) of the Issuer since the date hereof or the date upon which the Information Memorandum
has been most recently amended or supplemented or any other information supplied in connection with the
Bonds is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in
the document containing the same. The Joint Book Runners and the Issuer expressly do not undertake to review
the financial condition or affairs of the Issuer during the life of the Bonds.

4

The Information Memorandum contains various amounts and percentages which are rounded and, as result,
when these amounts and percentages are added up, they may not total.
The Information Memorandum is to be read in conjunction with (the relevant parts of) all the documents which
are incorporated herein by reference (see Section 2 entitled "Documents Incorporated by Reference"). The
Information Memorandum shall be read and construed on the basis that such documents are incorporated in and
form part of the Information Memorandum.
This Information Memorandum does not constitute a prospectus for the purpose of article 20 of the Belgian
Prospectus Law or for the purpose of Article 3.1 of the Prospectus Directive. This Information Memorandum or
any other offering material relating to the Bonds has not been and will not be approved by the FSMA nor by any
other authority.
Neither this Information Memorandum, not any brochure material or document related thereto have been, or will
be, submitted or notified to, or approved by, the Belgian Financial Services and Markets Authority (Autorité des
services et marches financiers/Autoriteit voor Financiële Diensten en Markten). In Belgium, the Bond Issue
does not constitute a public offering within the meaning of Articles 3, §1, 1° and 6, §3 of the Belgian Takeover
Law as amended or replaced from time to time. Accordingly, the Bond Issue may not be, and is not being
advertised and the Information Memorandum as well as any brochure, or any other material or document
relating thereto may not, have not and will not be distributed, directly or indirectly, to any person located and/or
resident within Belgium other than "qualified investors" within the meaning of Article 10 of the Belgian
Prospectus Law, as amended or replaced from time to time, acting on their own account. Accordingly, the
information contained in this Information Memorandum or in any brochure or any other document or materials
relating thereto has been issued only for the personal use of the qualified investors as defined above, and
exclusively for the purpose of the Bond Issue, and may not be used for any other purpose, including for any
offering in Belgium, except as may otherwise be permitted by law, and shall not be disclosed or distributed to
any other person in Belgium.
The Bonds have not been, and will not be registered under the United States Securities Act of 1933, as amended
(the Securities Act), or the securities laws of any state or other jurisdiction of the United States. The Bonds are
being offered and sold solely outside the United States to non-U.S. persons in reliance on Regulation S under
the Securities Act (Regulation S). The Bonds may not be offered, sold or delivered within the United States or
to, or for the account or benefit of U.S. persons (as defined in Regulation S) unless they have been so registered
or pursuant to an available exemption from the registration requirements of the Securities Act.
To the extent permitted by law, none of the Joint Book Runners accepts any responsibility for the contents of
this Information Memorandum. The Joint Book Runners have not separately verified the information contained
in or incorporated by reference in this Information Memorandum. None of the Joint Book Runners makes any
representation, express or implied, or accepts any responsibility, with respect to the accuracy or completeness of
any of the information contained or incorporated by reference in this Information Memorandum.
For more information about the Issuer, please contact:
Codic International
Contact person: Thierry Behiels, CEO - Hervé Bodin, CFO
Tel: +32 (0)2 660 00 70
Fax: +32 (0)2 672 18 51
E-mail: [email protected] - [email protected]

5

TABLE OF CONTENTS
1.
INTRODUCTION AND OVERVIEW/EXECUTIVE SUMMARY........................................ 8
1.1
Description of the Group ........................................................................................................ 8
1.2
Selected key historical financial information .......................................................................... 8
Profit and Loss: .................................................................................................................................. 8
1.3
Summary of the transaction and the Bonds ............................................................................. 9
2.
RISK FACTORS ................................................................................................................. 11
2.1
Risk factors concerning the Issuer ........................................................................................ 11
2.1.1 Economic cycle risks ............................................................................................... 11
2.1.2 Activity risks ........................................................................................................... 11
2.1.3 Urban planning rules risks........................................................................................ 12
2.1.4 Liquidity, financing and related securities risks ........................................................ 12
2.1.5 Insurance risks of real estate .................................................................................... 13
2.1.6 The Group may lose key management. ..................................................................... 13
2.1.7 The Issuer is a privately owned company. ................................................................ 13
2.1.8 The Group faces risks in relation to environmental issues concerning the projects. ... 13
2.1.9 Interest rate risks ...................................................................................................... 13
2.1.10 Exchange risks ......................................................................................................... 14
2.1.11 Financial and banking counterparties risks ............................................................... 14
2.1.12 Other counterparties risks......................................................................................... 14
2.1.13 The Group is subject to changes in the existing laws and regulations. ....................... 14
2.1.14 Risk of changes in tax legislation and the interpretation of such legislation in the
jurisdictions in which it operates .............................................................................. 14
2.1.15 The Issuer may face legal proceedings, which may adversely affect the business ...... 14
2.1.16 Marketing of the real estate development risks ......................................................... 14
2.1.17 Real estate development in white and gray risks ....................................................... 15
2.2
Risk factors concerning the Bonds ....................................................................................... 15
2.2.1 The Issuer may not have the ability to repay the Bonds ............................................ 15
2.2.2 The decision to subscribe to the Bonds is not a suitable investment choice for all
investors .................................................................................................................. 15
2.2.3 The decision to subscribe or purchase the Bonds may be unlawful ........................... 16
2.2.4 The Issuer is a holding company with limited operating income and is hence
mainly dependent on distributions made by its subsidiaries. ..................................... 16
2.2.5 Neither the Issuer nor the Bonds have a credit rating. ............................................... 16
2.2.6 There is no guarantee to an active trading market for the Bonds ............................... 16
2.2.7 The market value of Bonds may be affected by the Issuer's financial situation as
well as by additional factors ..................................................................................... 16
2.2.8 The Bonds are exposed to market interest rate risks .................................................. 16
2.2.9 The Bonds may be redeemed prior to maturity ......................................................... 16
2.2.10 Modification to the Terms and Conditions of the Bonds can be imposed on all
Bondholders upon approval by defined majorities of Bondholders ........................... 17
2.2.11 The Issuer may incur additional indebtedness ........................................................... 17
2.2.12 The Bonds are structurally subordinated to the Issuer's secured debts as well as all
secured or unsecured debt of the Issuer's subsidiaries ............................................... 17
2.2.13 The Issuer has granted a security in connection with its issuance of bonds in 2013 ... 17
2.2.14 The Issuer may have loan agreement containing different financial covenants than
those set out in the Conditions of the Bonds. ............................................................ 17
2.2.15 Belgian insolvency laws ........................................................................................... 17
2.2.16 The Bonds may be affected by the turbulence in the global credit markets ................ 18
2.2.17 Change of Control Resolution .................................................................................. 18
2.2.18 Change of Control Breach of Financial Covenants................................................. 18
2.2.19 The Bonds may be redeemed prior to maturity in the event of a Change of
Control or a Breach of Financial Covenants ............................................................. 18
2.2.20 The Bonds may be exposed to exchange rate risks and exchange controls................. 18
2.2.21 Credit rating risks .................................................................................................... 19

6

2.2.22 Changes in governing law could modify certain Terms and Conditions .................... 19
2.2.23 Relationship with the Issuer ..................................................................................... 19
2.2.24 The transfer of the Bonds, any payments made in respect of the Bonds and all
communications with the Issuer will occur through the NBB System Procedure ....... 19
2.2.25 The Agent is not required to segregate amounts received in respect of the Bonds ..... 19
2.2.26 Belgian withholding tax ........................................................................................... 20
2.2.27 Foreign Account Tax Compliance Act ("FATCA") .................................................. 20
2.2.28 Financial Transaction Tax ("FTT") .......................................................................... 20
2.2.29 Potential purchasers and sellers of the Bonds may be required to pay taxes or
other documentary charges or duties in accordance with the laws and practices of
the country where the Bonds are transferred or other jurisdictions ............................ 21
2.2.30 Investment restrictions ............................................................................................. 21
2.2.31 The Issuer and the Joint Book Runners may engage in transactions adversely
affecting the interests of the Bondholders. ................................................................ 21
3.
DOCUMENTS INCORPORATED BY REFERENCE ......................................................... 23
4.
TERMS AND CONDITIONS OF THE BONDS .................................................................. 24
4.1
Definitions ........................................................................................................................... 24
4.2
Form, denomination and title ............................................................................................... 26
4.3
Status of the Bonds .............................................................................................................. 27
4.4
Negative pledge ................................................................................................................... 27
4.5
Interest ................................................................................................................................. 27
4.5.1 Interest Rate and Interest Payment Dates .................................................................. 27
4.5.2 Accrual of Interest ................................................................................................... 28
4.5.3 Step-Up Change CoCR and Step-Down Change CoCR ............................................ 28
4.5.4 Financial Condition Step-Up Change and Financial Condition Step-Down
Change .................................................................................................................... 28
4.6
Redemption and Purchase .................................................................................................... 29
4.6.1 Final redemption ...................................................................................................... 29
4.6.2 Early Redemption at the option of the Issuer - tax reasons ........................................ 29
4.6.3 Early Redemption at the option of the Bondholders Change of Control.................. 30
4.6.4 Purchase .................................................................................................................. 31
4.6.5 Cancellations ........................................................................................................... 31
4.7
Compliance Certificate......................................................................................................... 31
4.8
Payments ............................................................................................................................. 31
4.8.1 Principal and Interest ............................................................................................... 31
4.8.2 Payments ................................................................................................................. 31
4.8.3 Payments subject to fiscal laws ................................................................................ 31
4.8.4 Agents ..................................................................................................................... 31
4.8.5 No Charges .............................................................................................................. 32
4.8.6 Fractions .................................................................................................................. 32
4.8.7 Non-Business Days .................................................................................................. 32
4.9
Taxation .............................................................................................................................. 32
4.10
Prescription .......................................................................................................................... 33
4.11
Events of Default ................................................................................................................. 33
4.12
Meetings of Bondholders, Modification and Waiver ............................................................. 34
4.12.1 Meeting of Bondholders ........................................................................................... 34
4.12.2 Modification and Waiver ......................................................................................... 35
4.13
Notices ................................................................................................................................ 35
4.14
Further Issues....................................................................................................................... 35
4.15
Governing law and jurisdiction ............................................................................................ 35
5.
CLEARING ......................................................................................................................... 37
6.
DESCRIPTION OF THE ISSUER ....................................................................................... 38
6.1
General ................................................................................................................................ 38
6.1.1 Historical background .............................................................................................. 38

7

6.1.2 Identification ........................................................................................................... 39
6.1.3 Corporate object ...................................................................................................... 39
6.1.4 Listing ..................................................................................................................... 39
6.2
Governance .......................................................................................................................... 39
6.2.1 Ownership structure and registered capital ............................................................... 39
6.2.2 Management ............................................................................................................ 39
6.2.3 Audit ....................................................................................................................... 42
6.2.4 Conflict of interests .................................................................................................. 43
6.2.5 Shareholders' meeting and financial statements ........................................................ 43
6.2.6 Group Structure. ...................................................................................................... 43
6.3
Issuer's activities and business strategy ................................................................................ 44
6.3.1 Issuer's activities ..................................................................................................... 44
6.4
Portfolio of current projects.................................................................................................. 48
6.4.1 Business Strategy ..................................................................................................... 49
6.4.2 Current Projects ....................................................................................................... 49
7.
SELECTED FINANCIAL INFORMATION ........................................................................ 52
7.1
General ................................................................................................................................ 52
7.2
Audited statutory financial statements as of and for the years ended 31 December 2015
and 31 December 2016 prepared in accordance with the financial reporting framework
applicable in Belgium .......................................................................................................... 52
7.3
Key Figures as at 30 April 2017 ........................................................................................... 53
Profit and Loss: ................................................................................................................................ 53
Consolidated Balance sheet: ............................................................................................................. 53
7.4
Important changes since April 30, 2017 ................................................................................ 54
8.
USE OF PROCEEDS........................................................................................................... 55
9.
TAX .................................................................................................................................... 56
9.1
The Common Reporting Standard ........................................................................................ 56
9.2
Taxation in Belgium ............................................................................................................ 56
9.2.1 Belgian withholding tax ........................................................................................... 57
9.2.2 Belgian income tax and capital gains ........................................................................ 58
9.2.3 Belgian taxation on stock exchange transactions ...................................................... 59
9.2.4 Financial Transaction Tax ........................................................................................ 59
9.2.5 Foreign Account Tax Compliance Act ..................................................................... 60
10.
SUBSCRIPTION AND SALE ............................................................................................. 62
11.
GENERAL INFORMATION............................................................................................... 64

8

1.
INTRODUCTION AND OVERVIEW/EXECUTIVE SUMMARY
This overview constitutes a general description of the Bonds and the private placement thereof. It must be read
as an introduction to this Information Memorandum and any decision to invest in any Bonds should be based on
a consideration of this Information Memorandum as a whole. The following overview does not purport to be
complete and is taken from, and is qualified in its entirety by, the remainder of this Information Memorandum.
Words and expressions defined in the "Terms and Conditions of the Notes" below or elsewhere in this
Information Memorandum have the same meanings in this overview.
1.1
Description of the Group
The Issuer is a Belgian real estate developer, active in Europe, in particular in Belgium, Luxembourg and
France, but also in Hungary and Romania.
The Issuer is mainly positioned on large projects with a focus on excellence of the location, the quality of
programming, a strong architectural identity, the use of high-level technologies and neat landscaping,
answering, if the case is applicable, to international and public consultations contest. As part of this strategy, the
Issuer systematically develops its projects according to higher environmental standards, seeking a harmonious
balance between professional spaces, urban and living spaces.
In 2016-2017, the Issuer realized consolidated revenues of approximately EUR 189.2 million with a net profit of
approximately EUR 20.74 million.
The Issuer has five (5) operating companies (Codic Belgium, Codic France, Codic Luxembourg, Codic Hungary
and Codic Romania), which are 100 % owned, directly or indirectly, by the Issuer.
See Section 6 (Description of the Issuer) for more information.
1.2
Selected key historical financial information
Selected key financial information is listed here below .
Further financial information can also be found on http://fr.codic.eu/finance.php.
Profit and Loss:
(in EUR thousand FYE 30/04)
2012/2013
2013/2014*
2014/2015
2015/2016
2016/2017
Consolidated statement of comprehensive income

Revenues
27,013
18,737
84,762
20,117
189,188
Cost of sales
(22,639)
(16,489)
(48,739)
6,452
(150,522)
Gross margin
4,374
2,248
36,023
26,570
38,666
Other income
-
-
524
524
612
Loss related to the sale of companies accounted for using the equity method
-
-
(4,923)
-
-
Share of result in Companies accounted for using the equity method
3,738
(364)
(558)
(1,832)

Administration and selling expenses
(10,220)
(1,830)
(6,486)
(6,458)
(9,133)
Employee benefits
(5,674)
(428)
(3,720)
(4,508)
(7,137)
Depreciation and amortization expenses
(545)
(55)
(451)
(426)
(361)
Other operating expenses
(4,002)
(1,347)
(2,315)
(1,524)
(1,635)
Operating profit / (loss)
(5,846)
4,156
24,775
20,077
28,313
Financial expense
(4,139)
(4,203)
(3,460)
(3,980)
(4,224)
Financial income
1,370
436
597
937
963
Profit (loss) before Tax
(8,614)
389
21,912
17,034
25,052
Income Tax expenses
1,695
83
(4,307)
(624)
(4,308)
Profit (loss) after Tax and comprehensive income
(6,919)
472
17,604
16,410
20,744
Net Profit (loss) attributable to non-controlling interests
-
-
-
-
-
Net Profit (loss) and comprehensive income attributable to equity
holders of the group
(6,919)
472
17,604
16,410
20,744
* Restated following the adoption of IFRS 11 on May 1st, 2014

9

Consolidated Balance sheet:

(in EUR thousand FYE 30/04)
2012/2013* 2013/2014* 2014/2015 2015/2016 2016/2017
Assets

Non-current assets
9,205
11,947
9,952
14,389
12,330
Property, plant and equipment
1,994
1,472
1,082
970
1,030
Intangible assets
55
42
24
9
28
Deferred tax assets
7,156
10,433
8,846
8,111
5,973
Other financial assets
-
-
-
5,299
5,299
Interests accounted for using the equity method
66,540
70,322
84,601
83,662
87,494
Current assets
117,883
128,011
232,902
287,510
282,476
Inventories
94,746
109,424
177,201
236,351
213,428
Inventories without sales contract
94,206
109,424
150,532
179,445
161,012
Inventories with sales contract
540
-
26,669
56,906
52,416
Trade receivables
5,230
7,371
3,816
7,092
4,870
Other financial assets
4,838
2,237
9,188
2,379
5,041
Derivative instruments
-
-
-
4
38
Recoverable taxes
108
242
261
824
1,634
Cash & cash equivalents
12,213
7,972
41,761
40,130
56,924
Other current assets
748
766
675
730
541
Total assets
193,628
210,281
327,455
385,561
382,300
Liabilities and equity

Consolidated equity
97,092
95,903
114,619
125,749
141,494
Equity attributable to the Group
97,092
95,903
114,619
125,749
141,494
Capital subscribed
4,564
2,903
5,484
5,484
5,484
Additional paid-in capital
3,249
3,249
4,164
4,164
4,164
Retained earnings
89,274
89,746
104,967
116,097
131,841
Exchange differences
5
5
5
5
5
Non-controlling interests
-
-
-
-

Non-current liabilities
35,203
40,979
94,963
171,475
137,517
Borrowings
35,130
40,950
92,513
168,617
137,517
Deferred tax liabilities
73
29
2,450
2,858
-

Current liabilities
61,333
73,398
117,873
88,336
103,289
Borrowings
42,855
49,892
16,704
5,000
13,000
Curent provisions
933
524
524
-
-
Derivatives instruments
455
86
6
-
-
Current tax liabilities
3
3,104
285
285
446
Trade payables
6,663
7,550
30,677
33,117
44,195
Advance payments on sales contracts
1,575
-
10,483
16,390
-
Other liabilities
8,849
12,242
59,194
33,544
45,649

Total liabilities and equity
193,628
210,281
327,455
385,561
382,300
* Restated following the adoption of IFRS 11 on May 1st, 2014

1.3
Summary of the transaction and the Bonds
Issuer ....................................
Codic International SA
Amount.................................
EUR 35,000,000
Term.....................................
5 years
Coupon rate............................
4.25%
Coupon Payment Dates...............
Annual, in arrears, with a first coupon payment on
December 1, 2018, then on December 1 of each
year thereafter to and including the maturity date
Denomination..........................
EUR 100,000
Payment/issue date....................
December 1, 2017

10

Status.................................
Direct, unsecured, subordinated
Issue price............................
100%
Redemption..........................
Bullet at par, except in case of early redemption
Cross-default........................
The Bonds may be declared immediately due and
payable at their principal amount together with
accrued interest (if any) to the date of payment in
case of the occurrence of a payment default in
respect of any Indebtedness or guarantee of
Indebtedness, present or future, of the Issuer in an
amount greater than EUR 10,000,000 (or the
equivalent in any other currency) at the due date
(including, as the case may be, at the end of any
applicable grace period).
Status/ranking.............
The Bonds constitute direct, unconditional,
unsubordinated and (subject to Condition 4.4
(Negative Pledge)) unsecured obligations of the
Issuer and shall at all times rank pari passu and
without any preference among themselves. The
payment obligations of the Issuer under the Bonds
shall, save for such exceptions as may be provided
by applicable legislation and subject to Condition
4.4 (Negative Pledge), at all times rank at least
equally with all its respective other present and
future unsecured or unsubordinated obligations.
Negative Pledge....................
Yes. See Condition 4.4 (Negative Pledge)
Change of Control.................
Following the occurrence of a Change of Control,
and provided that the Change of Control
Resolution is satisfied, each Bondholder will have
the right to require the Issuer to redeem all of its
Bonds on the Change of Control Put Date at their
principal amount, together with interest accrued up
to (but excluding) the Change of Control Put Date.
Following the occurrence of a Change of Control
and provided that the Bondholder has not opted for
an early redemption of its Bonds, the Applicable
Interest Rate of such Bonds shall be increased by
0.5 per cent per annum with effect from and
including the Interest Period commencing on the
first Interest Payment Date following the date on
which the Change of Control occurred.
See Conditions 4.5.3 (Step-Up Change CoCR and
Step-Down Change CoCR) and 4.6.3 (Early
Redemption at the option of the Bondholders 
Change of Control)
Listing and trading
Application has been made to Euronext Growth for
the Bonds to be admitted to trading. Euronext
Growth (Alternext Brussels) is not a "regulated
market".
Joint Book Runners
Belfius Bank SA/NV and BNP Paribas Fortis
SA/NV
Agent
Belfius Bank SA/NV