MRM - 2019 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

As of 31 December 2019, the Group complied with all commitments in respect of the LTV, ICR and DSCR covenants agreed with its banking partners. The maximum thresholds

are 45.2% to 65.0% for the LTV covenants, and the minimum thresholds are 130% to 300% for the ICR/DSCR covenants.

12/31/2019

12/31/2018

12/31/2017

FINANCIAL DEBT

€77.1 m

€74.1 m

€95.3 m

Average cost of debt (1)

158 bps

168 bps

183 bps

CASH AND CASH EQUIVALENTS

€12.3 m

€13.5 m

€13.3 m

LOAN TO VALUE (LTV) (2)

45.9% 38.6%

45.0% 36.8%

47.7% 41.0%

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:

€95.3m

€77.1m

€74.1m

183 bps

41.0%

38.6%

36.8%

168 bps

158 bps

2017

2018

2019

Net LTV

Average cost of debt

Debt

Maturity of loans and hedging of bank debt As of 31 December 2019, 79.5% of the Company’s bank loans were contracted at fixed rates and 46% 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%. As of 31 December 2019, the loan repayment schedule (apart from any property disposal repayments) was as follows:

Loan maturities

Amount

In%

2020 2021 2022

€2.4 m

3.1%

€53.5 m €21.2 m €77.1 m

69.4% 27.5% 100%

TOTAL

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M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT