MRM - 2018 Registration document

3

General information on the issuer and its capital

Consolidated financial statements for the financial year ended 31 December 2018

financed by drawdowns (in the amount of €3,409,000) on a credit line facility set up to finance the Group’s property asset value-enhancement programme on the one hand, and by the proceeds on property disposals, on the other. The €3,409,000 increase in bank debt corresponds to drawdowns on the aforementioned credit line. The €2,901,000 decrease in bank debt corresponds to the early repayment of the contractual depreciation and amortisation of €2,682,000, and an early repayment of €220,000 related to a property disposal. As of 31 December 2018, the combined cash flows generated by the Group made for a year-on-year increase of €104,000 in cash and cash equivalents.

In 2018, the Group generated €4,405,000 in cash flow from operating activities. Cash flow from operating activities served primarily to pay financial interest (€1,591,000) and the dividend payout (€4,798,000). The cash generated from the real estate disposals, amounting to €37,097,000, was used firstly to reimburse loans relating to the properties sold (€22,220,000, including €22,000,000 to SCOR SE, M.R.M.’s majority shareholder). The investing activities, excluding property disposals, generated negative net cash flow of €13,093,000, the bulk of which related to works carried out on retail property assets (€14,541,000) within the framework of their value- enhancement programmes. These investments were partly

1.4 Statement of changes in consolidated equity

Reserves and retained earnings

Additional paid-in capital

Profit (loss) for the period

Share capital

Treasury shares

Group equity

(in thousands of euros)

EQUITY AT 31/12/2016 Appropriation of 2016 profit

43,668 58,360

-78 20,363

5,089 127,401

- - - -

-

- -

5,089

-5,089

-

-4,409

-393

- -

-4,802

Dividend payout Share buybacks

- -

-27

- -

-27

Profit (loss) for 2017

-

-4,628

-4,628

Other items of comprehensive income EQUITY AT 31/12/2017 Appropriation of 2017 profit

-

-

6

-

6

43,668 58,951

-105 25,064 -4,628 117,950

- - - - -

- - - - -

- - -

-4,628 -4,798

4,628

-

Dividend payout

- - -

-4,798

New standard application

-26

-26 -51

Share buybacks

-51

- -

Profit (loss) for 2018

-

-10,428 -10,428

Other items of comprehensive income

-

-

-3

-

-3

EQUITY AT 31/12/2018

43,668 53,951

-156 15,609 -10,428 102,644

72

M.R.M. 2018 REGISTRATION DOCUMENT