MRM - 2020 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 2020

1.3 Situation and activity of entities

As there is still much uncertainty over how the sanitary and economic situation will evolve before returning to normal, M.R.M. is closely monitoring the resumption of business for its tenants and, if necessary, will provide additional support measures as appropriate. Thus, as of 31 December 2020, M.R.M. estimates the support measures for commercial tenants in respect of the second lockdown at €0.4 million. M.R.M. has a healthy fnancial position and debt is under control. However, in this context of exceptional uncertainty related to the COVID-19 pandemic, on 14 May 2020, the Board of directors of M.R.M. decided to waive, out of prudence and in the interest of the Company and its stakeholders, the proposed distribution of €0.11 per share for the 2019 fnancial year, which had been announced on 28 February 2020. In June 2020, M.R.M. also entered into an agreement with its principal banking partner, covering 80% of its total outstanding bank borrowings, extending for six months the maturity of two loans: • a €54.7 million credit facility initially maturing on 22 December 2021, which has been extended until 22 June 2022; • a €7.2 million credit facility initially maturing on 20 December 2022, which has been extended until 20 June 2023. Furthermore, as part of this agreement, contractual repayments scheduled for the second and third quarters of 2020 and representing a total of €1.2 million have been postponed until the last two quarters prior to the new maturity of each of the two loans. As a result of this agreement, M.R.M. has no major debt reimbursements falling due before June 2022. This agreement and the cancellation of the distribution have reinforced M.R.M.’s cash position, whereby it now has suffcient excess cash to absorb the support measures provided for its tenants and to fnance the completion of the works to extend and restructure the Valentin shopping centre near Besançon. 1.3.2 Property asset portfolio As a reminder, since 30 January 2019, M.R.M.’s real estate portfolio has consisted solely of retail assets. This portfolio, with a total surface area of 87,757 Sqm, is diversifed: it comprises nine medium-sized retail complexes of various types, located in city centres or on the outskirts of medium-sized French cities.

controlled by M.R.M. and their property portfolios It is recalled that M.R.M. is a dedicated holding company; all property assets are held by its subsidiaries. The list of subsidiaries and affiliates can be found in Appendix 2 of this report.

1.3.1 Managing the health crisis related to the COVID-19 pandemic

In 2020, the operation of M.R.M. buildings was impacted by the unprecedented health crisis linked to the COVID-19 pandemic. In response to the pandemic, France experienced two periods of lockdown of its population in 2020. During these two periods, M.R.M. also had to deal with the severe restriction of commercial activity throughout France, with the administrative closure of so-called “non-essential” shops. During these same two periods, M.R.M. kept its shopping centres operational in order to allow access to essential shops (food, chemists, etc.), and garden centres also remained open. On average, over the year as a whole, tenants that remained open represented 83% of M.R.M.’s gross annualised rents. Faced with the successive extensions of the periods of lockdown in France and the extent of their economic impact on its tenants’ businesses, M.R.M., in accordance with the recommendations that had been issued by the French National Council of Shopping Centres (CNCC), invoiced the rents and charges for the second half 2020 to a monthly basis and suspended collections for the months of April and May 2020 for all shops that remained closed. As soon as the so-called “non-essential” shops were able to reopen, M.R.M. did all it could to ensure that the retailers in its shopping centres were able to resume business in the strictest and most suitable sanitary conditions. M.R.M. then observed a gradual resumption of retail sales, which varied according to the sector and the sites. At the same time, M.R.M. set up a committee in charge of assessing the conditions and criteria for the payment or waiver, in whole or in part, of suspended rents and charges, and of reviewing, on a case-by-case basis, the situation of tenants whose business, while not interrupted, had been severely affected during the periods of lockdown. The committee also determines any compensation required in exchange from tenants who benefted from the support measures. Support measures for retail tenants in respect of the frst lockdown in the form of rent waivers amounted to €1.0 million.

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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