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

The transition from the previous indicators to the new indicators is presented below:

12/31/2020

New indicators

Previous indicators

Replacement NAV

ANR EPRA NRV

EPRA Triple net EPRA NAV

EPRA NDV EPRA NTA

(in millions of euros)

Consolidated equity - Group share

93.9

93.9

93.9

93.9

93.9

93.9

Dilutive effects

-

- -

- -

-

- -

-

Fair value of fnancial instruments

Intangible assets

-0.0

Revaluation of debt at fxed rates Registration fees on the fair value of buildings

-0.8

-0.8

-0.8

-

10.6

10.6

Net Asset Value

93.1 2.13

93.9 2.15

104.5

93.1 2.13

93.9 2.15

103.6

Net Asset Value per share

2.39

2.38

Number of fully diluted shares

43,622,724

1.3.4 Net operating cash flow (1)

Despite the increase in net rental income of +4.9% and the decrease in operating expenses of -7.7%, gross operating income fell by 9.8% to €3.8 million under the effect of support measures granted to tenants in the context of the health crisis for a total of €1.4 million.

The payment of the balance of the sale price of Urban generated an income of €0.4 million. The net cost of debt remained stable at €1.2 million. In total, net operating cash flow was stable compared to 2019 at €3.0 million.

Net operating cash flow (in millions of euros)

2020

2019

Change

Net rental revenues

7.7

7.3

+4.9%

COVID support measures

-1.4 -2.3

-

Operating expenses

-2.5

-7.7%

Other operating income Other operating expenses

0.1

0.3

-0.3

-1.0

EBITDA

3.8 0.4

4.2

-9.8%

Net gains/(losses) on disposal of assets

-

-

Net borrowing cost

-1.2

-1.2

0.0%

NET OPERATING CASH FLOW

3.0

3.0

-0.4%

1.3.5 Debt As of 31 December 2020, Group financing consisted of mortgage bank debt of €76.8 million, compared with €77.1 million at the end of 2019. This decrease of €0.3 million is due to: • contractual repayments made during the year for €1.4 million;

• partially offset by the drawdown of the balance of the available credit line for the partial fnancing of investments in the existing portfolio for an amount of €0.9 million. As of 31 December 2020, 91% of the Company’s bank loans were contracted at fixed rates. The variable-rate bank loans were hedged by means of an interest rate cap.

(1) Net operating cash flow = net income before tax restated for non-monetary items.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT