MRM - 2018 Registration document

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General information on the issuer and its capital

Consolidated financial statements for the financial year ended 31 December 2018

Changes in properties held for sale

31/12/2018

(in thousands of euros)

NET BALANCE AT OPENING

41,047

Works

4

Reclassification of rent-free periods

-59

Change in fair value

1,874

Asset disposals

-37,207

NET BALANCE AT CLOSING

5,660

As of 31 December 2018, assets held for sale totalled €5,660 thousand, compared with €41,047 thousand as of 31 December 2017. The assets are currently being actively marketed with a view to their disposal within the coming twelve months. In this regard, and as indicated in Note 1.3 “Subsequent events”, the Urban office property in Montreuil was sold in January 2019.

4.6 Trade receivables

Accounting principles

Receivables are stated at fair value on initial recognition, and subsequently at amortised cost less any impairment losses.

Impairment of trade receivables is recognised when there are objective indications that the Group will not be able to recover the full amounts due as per the initial terms of the transaction. Serious financial difficulties faced by the debtor, the likelihood of bankruptcy or financial restructuring of the debtor and payment default are indicators of the impairment of a receivable. In general, the Group writes down tenant receivables older than six months by applying an impairment rate of up to 100% (depending on the risk estimated by the Group) of the pre-tax amount of the receivable minus the guarantee deposit which is kept when applicable.

The amount of impairment is recognised in income under “Provisions and impairment”.

Trade receivables break down as follows:

31/12/2018

31/12/2017

(in thousands of euros)

Total gross trade receivables Impairment of trade receivables TOTAL NET TRADE RECEIVABLES

3,721

4,877

-1,367

-1,474

2,354

3,403

Invoices pending

-132 -971

-339 -541

Rent-free periods staggered over the lease term TOTAL NET TRADE RECEIVABLES DUE

1,251

2,523

The aged balance of trade receivables is as follows:

Overdue < 90 days

Overdue < 180 days

Overdue > 180 days

Total

(in thousands of euros)

Trade receivables

412

83

757

1,251

TOTAL NET TRADE RECEIVABLES DUE

412

83

757

1,251

M.R.M. 2018 REGISTRATION DOCUMENT

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