MRM - 2018 Registration document

1

Information on M.R.M.’s activities

Key figures

Debt As of 31 December 2018, the Group’s total outstanding debt stood at €74.1 million, equivalent to 45.0% of the portfolio value excluding transfer taxes. During the financial year, Group debt narrowed by €21.2 million as a result of: • the repayment, on 15 May 2018, following the sale of the Nova property, of the €22.0 million loan granted by M.R.M.’s majority shareholder, SCOR SE; and • contractual amortisation throughout the year, totalling €2.9 million; partially offset by; • draw-downs in the amount of €3.4 million on the available credit line facility intended for the partial financing of investments on existing retail property assets.

As of 31 December 2018, 85% of the Company’s bank loans were contracted at fixed rates. The variable-rate bank loans were partially hedged by means of an interest rate cap. The average cost of debt in 2018 was 168 basis points, down 15 points on 2017 as a result of the Group deleveraging. As of 31 December 2018, taking into account cash and cash equivalents available for a total of €13.5 million, the Group’s total net debt was €60.6 million, representing 36.8% of the portfolio value excluding transfer taxes. As of 31 December 2018, the Group complied with all of its commitments to its banking partners with regard to its LTV covenants, which have maximum thresholds of 47.3% to 65.0%, and in terms of its ICR/DSCR covenants, which have minimum thresholds of between 130% and 300%.

31/12/2018

31/12/2017

31/12/2016

FINANCIAL DEBT

€74.1m 168 bps €13.5m 45.0% 36.8%

€95.3m 183 bps €13.3m 47.7% 41.0%

€96.0m 192 bps €25.0m 48.5% 35.9%

Average cost of debt (1)

CASH AND CASH EQUIVALENTS

LOAN TO VALUE (LTV) (2)

TOTAL NET DEBT (3)

(1) Excluding the impact of ancillary costs. (2) Debt on the appraisal value excluding transfer taxes. (3) Net debt in cash and cash equivalents over asset portfolio appraisal value excluding transfer taxes.

The Group’s total debt changed as follows over the past three years:

€96.0m

€93.3m

192 bps

€74.1m

183 bps

41.0%

35.9%

36.8%

168 bps

2016

2017

2018

Debt

Net LTV

Average cost of debt

Maturity of loans and hedging of bank debt As of 31 December 2018, 85% of the Company’s bank loans were contracted at fixed rates and 70% of its variable-rate bank loans were partially hedged by way of an interest rate cap based on the 3-month Euribor at a strike rate of 1.25%.

10

M.R.M. 2018 REGISTRATION DOCUMENT