CODIC
Codic is an independent real estate developer created in 1970. In the past 10 years, the company has developed more than 1,000,000 m² of office space, business parks, shopping centres and multipurpose projects.
Initially active in Belgium, Codic soon became interested in
the neighbouring markets. After the Grand Duchy of Luxembourg
and France, it was in Hungary, Spain and Romania
that the Group reinforced its European positioning.
2008/2009 was affected by the world economic crisis and
by the drying up of its markets. It is the fourth economic
crisis that the Group and its management have confronted,
in 25 years.
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Despite this difficult economic environment, Codic has been
able to register good performances during the financial
year. Real estate revenue amounted to EUR 31.64 million.
The gross margin rose to EUR 18 million and net profit was
EUR 11 million. Thanks to these earnings, shareholders equity
borders on EUR 100 million. €
€
Codic International is ready to profit from the resumption of
economic activity, thanks to excellently prepared projects.
The group can also rely on the confidence that is always
shown in it, even in difficult periods, by private and public
economic players, by its financial partners and by investors,
as well as by its shareholders and by Group Management.
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Despite a lack of visibility which will impede Codic for some years to come, the company is envisaging similar results for FY 2009-2010 as those released in FY2008-2009.
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