MRM - 2019 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

Change in fair value €+0.8m

CAPEX €+8.0m

€168.1m

€164.7m

Disposals €-5.4m

12/31/2019

12/31/2018

IFRS simplified income statement

2019

2018

2017

(in millions of euros)

GROSS RENTAL REVENUES

9.1

9.5

11.2 -3.4

Property expenses not recovered

-1.8

-2.9

NET RENTAL REVENUES

7.3

6.7

7.8

Operating expenses

-2.5 -1.8

-2.5 -0.2 -0.3

-2.8

Provisions net of reversals

0.3

Other operating income and expenses

0.8

-1.4

OPERATING INCOME BEFORE DISPOSALS AND CHANGE IN FAIR VALUE

3.9

3.7

4.0

Result on disposals of properties

-0.1

-0.1

0.0

Change in fair value of investment properties

0.8

-12.1

-6.4

OPERATING INCOME

4.6

-8.5

-2.5

Net borrowing cost

-1.2 -0.2

-1.5 -0.4

-1.9 -0.2

Other operating income and expenses

NET INCOME BEFORE TAX

3.2

-10.4

-4.6

CONSOLIDATED NET INCOME

3.2

-10.4 -0.24

-4.6

NET EARNINGS PER SHARE (IN EUROS)

0.07

-0.11

Rental revenues As the Company’s portfolio refocusing process on retail property is now complete, gross and net rental revenues for 2019 were entirely generated by this sector. Debt As of 31 December 2019, the Group’s total outstanding debt stood at €77.1 million, equivalent to 45.9% of the portfolio value excluding transfer taxes. During the financial year, Group debt increased by €3.0 million as a result of: • draw-downs in the amount of €5.4 million on the available credit line facility intended for the partial financing of investments on existing retail property assets; partially offset by:

• contractual amortisation throughout the year, totalling €2.6 million. As of 31 December 2019, 79.5% of the Company’s bank loans were contracted at fixed rates. The variable-rate bank loans were partially hedged by means of an interest rate cap. The average cost of debt stood at 158 basis points in 2019, down 10 points compared with 2018. As of 31 December 2019, taking into account cash and cash equivalents available for a total of €12.3 million, the Group’s total net debt was €64.8 million, representing 38.6% of the portfolio value excluding transfer taxes.

M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT

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