Contents | 3 |
1. INFORMATION ON M.R.M.’S ACTIVITIES | 5 |
1.1 General presentation of the Company | 5 |
1.2 Key figures | 5 |
1.2.1 The Group’s asset profile | 5 |
1.2.2 Financial data | 8 |
1.3 Company history | 12 |
1.4 Presentation of the Company | 14 |
1.4.1 General business overview | 14 |
1.4.2 The retail real estate market in 2020 | 17 |
1.4.3 The Group’s analysis of market trends | 19 |
1.4.4 M.R.M.’s asset portfolio as of 31 December 2020 | 20 |
1.4.5 Main investments carried out by the Company in the last three years | 23 |
1.4.6 Recent events | 23 |
1.4.7 Strategy and outlook | 24 |
1.5 Group ownership structure | 25 |
1.6 Group organisation | 26 |
1.7 Human resources | 27 |
1.8 Research and development | 27 |
1.9 Environmental policy | 27 |
1.10 Significant changes in the financial or commercial position | 27 |
2. RISKS FACTORS | 29 |
2.1 Risk management | 29 |
2.2 Main risk factors | 29 |
2.2.1 Risks linked to the economic environment, consumer habits and buying behaviours | 31 |
2.2.2 Financial risks | 31 |
2.2.3 Operational risks | 33 |
2.2.4 Legal and tax risks | 35 |
2.2.5 Environmental risks | 36 |
2.3 Insurance | 38 |
2.4 Other information | 38 |
3. GENERAL INFORMATION ON THE ISSUER AND ITS SHARE CAPITAL | 39 |
3.1 General information | 39 |
3.1.1 Company name | 39 |
3.1.2 Company place of registration and number | 39 |
3.1.3 Legal Entity Identifier (LEI) | 39 |
3.1.4 Registered office, legal status and laws governing the Company’s business and website | 39 |
3.1.5 Consultation of legal documents | 39 |
3.1.6 Lifetime of the Company | 39 |
3.1.7 Financial year of the Company | 39 |
3.1.8 Corporate purpose | 40 |
3.1.9 Statutory appropriation of earnings | 40 |
3.2 Information about the share capital | 40 |
3.2.1 Share capital | 40 |
3.2.2 Unissued authorised share capital | 41 |
3.2.3 Convertible giving access to the share capital | 41 |
3.2.4 Securities not representing share capital | 41 |
3.2.5 Potential capital | 41 |
3.2.6 Summary of current delegations or authorisations for capital increases | 42 |
3.2.7 Treasury shares - Description of the share buyback programme | 42 |
3.2.8 Options or agreements involving the Company’s share capital | 42 |
3.2.9 Pledges of shares | 42 |
3.2.10 Changes in share capital | 42 |
3.2.11 Shareholders | 43 |
3.3 Share price | 46 |
3.4 Employee profit-sharing plan | 47 |
3.5 Dividend policy | 47 |
3.6 Management report for the financial year ended 31 December 2020 | 47 |
3.7 Consolidated financial statements for the financial year ended 31 December 2020 | 68 |
3.8 Statutory Auditors’ report on the consolidated financial statements | 103 |
3.9 Corporate financial statements for the financial year ended 31 December 2020 | 107 |
3.10 Statutory Auditors’ report on the financial statements | 118 |
4. CORPORATE GOVERNANCE | 122 |
4.1 Report on corporate governance | 122 |
4.2 Transactions with related parties | 155 |
4.2.1 Related-party agreements | 155 |
4.2.2 Other agreements with related parties | 155 |
4.3 Statutory Auditors’ report on regulated agreements | 156 |
4.4 Statutory Auditors | 157 |
5. INFORMATION ON INVESTMENTS | 159 |
6. PERSON RESPONSIBLE FOR FINANCIAL INFORMATION | 160 |
7. FINANCIAL CALENDAR | 161 |
8. DOCUMENTS ACCESSIBLE TO THE PUBLIC | 162 |
9. CERTIFICATION BY THE PERSON RESPONSABLE FOR THE UNIVERSAL REGISTRATION DOCUMENT | 163 |
9.1 Person responsible for the Universal Registration Document | 163 |
9.2 Certification by the person responsible for the Universal Registration Document | 163 |
10. CROSS-REFERENCE TABLE | 165 |