MRM - 2019 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

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 2019, the Group’s EPRA NNNAV was €2.30 per share and its replacement NAV was €2.55 per share, compared with €2.34 per share and €2.59 per share respectively as of 31 December 2018.

The debt maturing within a year comprises the contractual repayments to be made over the next twelve months. Factoring in drawdowns 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 2019 totalled €0.9 million. Net Asset Value and Balance Sheet The Net Asset Value (“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 properties and properties held for sale were entered at “market value” on the Group’s consolidated balance sheet as of 31 December 2019.

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

NAV Data

12/31/2019

12/31/2018

12/31/2017

EPRA NNNAV

€100.3 m

€102.1 m

€118.0 m

€2.30 €2.55

€2.34 €2.59

€2.70 €3.05

EPRA NNNAV/share

Replacement NAV/share

3 EPRA NNNAV

3 REPLACEMENT NAV

€2.70

€3.05

€2.34

€2.30

€2.59

€2.55

€133.2m

€118.0m

€112.8m

€100.3m

€102.1m

€111.4m

12/31/2017

12/31/2018

12/31/2019

12/31/2017

12/31/2018

12/31/2019

M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT

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