MRM - 2020 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

The average cost of debt in 2020 was 158 basis points, as in 2019. As of 31 December 2020, taking into account cash and cash equivalents for a total of €10.2 million, the Group’s total net debt was €66.6 million, representing 41.4% of the portfolio value excluding transfer taxes.

At 31 December 2020, the Group was meeting all of its commitments to its banking partners in terms of the LTV and ICR/DSCR covenants. The maximum thresholds are between 50.0% and 65.0% for LTV covenants, and the minimum thresholds are between 130% and 300% for ICR/DSCR covenants.

12/31/2020

12/31/2019

12/31/2018

FINANCIAL DEBT

€76.8 m

€77.1 m

€74.1 m

Average cost of debt (1)

158 bps

158 bps

168 bps

CASH AND CASH EQUIVALENTS

€10.2 m

€12.3 m

€13.5 m

LOAN TO VALUE (LTV) (2)

47.7% 41.4%

45.9% 38.6%

45.0% 36.8%

TOTAL NET DEBT (3)

(1) Excluding the impact of ancillary costs. (2) Financial debt, on appraisal value excluding transfer taxes. (3) Net financial debt in cash and cash equivalents, on appraisal value excluding transfer taxes.

The Group’s total debt has evolved as follows over the last three years:

€77.1 m

€76.8 m

€74.1 m

41.4%

38.6%

36.8%

168 bps

158 bps

158 bps

2018

2019

2020

Debt

Net LTV

Average cost of debt

Maturity of loans and hedging of bank debt As of 31 December 2020, 91.0% of the Company’s bank loans were contracted at fixed rates and 9.0% at variable-rate. Variable rate bank loans were totally hedged by way of an interest rate cap based on the 3-month Euribor at a strike rate of 1.25%. Following an agreement signed in the frst half of the year with its main banking partner to extend the maturity of two loans by six months, the schedule of loans is as follows as of 31 December 2020.

Loan maturities

Amount

In%

2021 2022 2023

€2.3 m

3.0%

€68.7 m

89.4%

€5.8 m

7.6%

TOTAL

€76.8 M

100%

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT