MRM - 2018 Registration document

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Information on M.R.M.’s activities

Key figures

As of 31 December 2018, the loan repayment schedule (apart from any property disposal repayments) was as follows:

Loan maturities

Amount

In%

2019 2020 2021 2022

€1.8m €2.2m

2.5% 3.0%

€48.7m €21.3m €74.1m

65.8% 28.8% 100%

TOTAL

Debt maturing within a year comprises the contractual repayments to be made over the next 12 months. Factoring in draw-downs on the available credit line facility for the partial financing of investments on existing retail property assets, the amount of available credit as of 31 December 2018 totalled €6.3 million. Net Asset Value and Balance Sheet The NAV is an indicator which measures the realisable value of a real estate company. It represents the difference between the value of the Group’s portfolio (as assessed by independent appraisers) and the sum of the debts. The Group’s NAV was not restated insofar as investment property and property held for sale were entered at “market value” on the Group’s consolidated balance sheet as of 31 December 2018.

The European Public Real Estate Association (“EPRA”) has set the following benchmark indicators: • EPRA NAV, which consists of the revalued equity of the Group, i.e. based on the fair value of consolidated assets and liabilities. It corresponds to the long-term intrinsic value of the real estate company; • EPRA NNNAV, which is composed of the EPRA NAV, incorporating the fair value excluding transfer taxes of investment properties, properties held for sale, as well as financial instruments and debts. It represents the immediate value of the real estate company; • replacement NAV corresponds to the EPRA NAV after integration of transfer taxes determined according to appraisals made by independent appraisers. As of 31 December 2018, the Group’s EPRA NNNAV was €2.35 per share and its replacement NAV was €2.60 per share, compared with €2.70 per share and €3.05 per share respectively as of 31 December 2017.

The Net Asset Value in euros per share changed as follows over the past three years:

NAV Data

31/12/2018

31/12/2017

31/12/2016

EPRA NNNAV

€102.6m

€118.0m

€127.3m

€2.35 €2.60

€2.70 €3.05

€2.92 €3.19

EPRA NNNAV/share

Replacement NAV/share

3 EPRA NNNAV

3 REPLACEMENT NAV

€2.92

€3.19

€3.05

€2.70

€2.35

€2.60

€139.1m

€127.3m

€133.2m

€113.4m

€118.0m

€102.6m

31/12/2016

31/12/2017

31/12/2018

31/12/2016

31/12/2017

31/12/2018

M.R.M. 2018 REGISTRATION DOCUMENT

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