MRM - 2020 Universal Registration Document

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General information on the issuer and its share capital

Consolidated financial statements for the financial year ended 31 December 2020

• rent waivers accompanied by compensatory measures modifying the terms of the lease within the meaning of IFRS 16, such as an extension of the lease term or a waiver to give notice at the next three-year deadline, have been spread over the fxed term of the lease in accordance with the standard. As a result, €0.3 million has been spread over nine years, resulting in a negative impact of €(49) thousand on gross rental income in 2020 and of around €(30) to (60) thousand per annum over the next few years; • other lease waivers, without compensatory measures modifying the terms of the lease within the meaning of IFRS 16, were recognised as operating expenses as of 31 December 2020 of €(0.7) million. 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 retail tenants in respect of the second lockdown (30 October to 15 December 2020) at €0.4 million. A provision for impairment on trade receivables of €(0.4) million was recorded in operating income. The statement of financial position is presented by separating current and non-current assets and liabilities: • non-current assets consist of investment properties, right- of-use assets, property, plant and equipment and intangible assets, and deposits paid; • current assets consist of property assets held for sale, all operating and tax-related receivables, and any other assets with an initial maturity of under one year or undated; • liabilities are classified as current or non-current depending on their due date. As a result, bank borrowings, guarantee deposits received and tax-related liabilities have been split into liabilities of under one year and liabilities of over one year, in accordance with the repayment schedules. Operating payables with a maturity of under one year constitute current liabilities. 2.2.2 Statement of consolidated comprehensive income Income and expense items recognised during the period are presented in two statements: • one statement detailing profit or loss items – the consolidated income statement; 2.2.1 Consolidated statement of financial position

• one statement starting with net income and itemising other items of comprehensive income – the consolidated comprehensive income statement. The consolidated income statement thus splits out the following items: • operating income, as defined by CNC Recommendation 2009 R-03, includes recurring items of current income as well as changes in the fair value of properties, gains (losses) on disposal or the scrapping of investment properties (total or partial), and other operating income and expenses; • financial profit (loss) is the sum of financial income and expenses, other financial income and expenses, changes in the value of financial instruments (interest rate caps and marketable securities), and discounted payables and receivables; • net income before tax is the sum of operating income, financial profit (loss) and other non-operating income and expenses. Other items of comprehensive income include income and expenses (including adjustments and reclassifications) that are not recognised in profit or loss as required or permitted by certain IFRS. When preparing the financial statements, the Group uses estimates and makes judgements, which are regularly updated and are based on historical information and other factors, in particular forecasts regarding future events deemed reasonable in light of the circumstances. The estimates carrying a substantial risk of causing a material adjustment to the carrying amount of assets and liabilities during the subsequent period primarily involve the calculation of the fair value of the property portfolio, which is notably based on the valuation of the portfolio by independent appraisers using the methods described in note 4.5. Financial market instability has resulted in a significant drop in the number of representative transactions. Transactions completed in an economic crisis may not re ect the estimates of the independent appraisers. Given the estimative nature of such valuations, it is possible that the income from the sale of certain properties may substantially differ from the valuation made, even were a sale to take place within a few months of the reporting date. 2.3 Critical accounting estimates and judgments

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT