MRM - 2019 Universal Registration Document
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General information on the issuer and its share capital Management report for the financial year ended 31 December 2019
Value of the property portfolio (excl. transfer taxes) (in millions of euros)
12/31/2019
12/31/2018
Retail
168.1
159.3
-
5.4
Offices
TOTAL
168.1
164.7
1.3.3 Net Asset Value As of 31 December 2019, the EPRA triple net asset value (NNNAV) was €2.30 per share, down 1.8% on the year- earlier level of €2.34. Factoring in the 2018 dividend paid in 2019, the EPRA NNNAV at 31 December 2019 was up 3.1% year-on-year.
The replacement NAV is EPRA NNNAV plus transfer taxes. It corresponds to the capital needed to replace the Group’s portfolio. As of 31 December 2019, this came out at €2.55 per share, compared with €2.59 per share at 31 December 2018.
12/31/2019
12/31/2018
Calculation of NAV IFRS Group equity
€m
€/share
€m
€/share
101.1
102.6
Dilutive effects
0.0
0.0
NAV
101.1
2.32
102.6
2.35
- Fair value of financial instruments
-0.0
-0.0
EPRA NAV
101.1
2.32
102.6
2.35
+ Fair value of financial instruments
0.0
0.0
+ Fair value of liabilities
-0.7
-0.6
EPRA NNNAV Transfer taxes
100.3
2.30
102.1
2.34
11.1
10.7
Replacement NAV
111.4
2.55
112.8
2.59
1.3.4 Net operating cash flow EBITDA came to €4.2 million in 2019. It rose 7.6% from the 3.9 million recorded in 2018 on the back of higher net rental revenues. Given a 17.4% reduction in borrowing costs, net
operating cash flow (1) was positive at €3 million in 2019, up 23.3% year-on-year.
Net operating cash flow (in millions of euros)
2019
2018
Change
Net rental revenues
7.3 0.3
6.7 0.1
10.2%
Other operating income
Operating expenses
-2.5 -1.0
-2.5 -0.4
-0.1%
Other operating expenses
EBITDA
4.2
3.9
7.6%
-1.2
-1.5
-17.4%
Net borrowing cost
Other financial expenses
0.0
0.0
NET OPERATING CASH FLOW
3.0
2.4
23.3%
(1) Net operating cash flow = net profit (loss) before tax restated for non-monetary items.
M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT
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