MRM // 2021 Universal Registration Document

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General information on the issuer and its share capital Management report for the nancial year ended 31 December 2021

1.3 Situation and activity of

The fnancial position of M.RM. remains healthy and its balance sheet is solid.

entities controlled by M.R.M. and their property portfolios

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 76,414 Sqm as of 31 December 2021, is diversified: it comprises nine medium sized retail complexes of various types, located in city centres or on the outskirts of medium-sized French cities. This portfolio is directly or indirectly held by the following subsidiaries: SAS DB Neptune, SAS Commerces Rendement, SAS DB Piper, SCI Immovert, and SCI Galetin II. The Group’s legal structure can be found in Chapter 1 of the 2021 Universal Registration Document. Despite the context, in 2021, rental activity was dynamic with 18 lease signatures or lease renewals, representing an annual rent of €1.7 million. Among the leases signed, there were retail brands that create footfall and help to strengthen the brand mix, especially in the Valentin shopping centre in Besançon, the Aria Parc retail park in Allonnes, and at Sud Canal in Saint-Quentin-en-Yvelines. The physical and financial occupancy rates were 90% and 88% respectively as of 31 December 2021, up respectively by 3 and 4 points compared to 31 December 2020. As of 1 January 2022, annualised net rental income amounted to €9.3 million, up 5.6% on a like-for-like basis compared to 1 January 2021. In 2021, investments in the portfolio amounted to €2.8 million. This mainly concerned the partial restructuring project and the 2,600 Sqm extension of the Valentin shopping centre located north of Besançon, which was fully completed in the frst half of 2021. The delivery of the frst premises to lessees was completed by the end of 2020. In 2021, M.R.M. completed the sale of two non-strategic buildings: a logistics warehouse and a small independent vacant asset for a total of €4.9 million excluding transfer taxes. As of 31 December 2021, M.R.M.’s asset portfolio stood as of €162.0 million excluding transfer taxes compared with €160.9 million excluding transfer taxes as of 31 December 2020, up by 3.5% on a like-for-like basis (i.e. compared with its value as of 31 December 2020 restated for buildings sold in 2021). After taking into account investments made during the year, the change in the fair value of the M.R.M.’s asset portfolio was a positive €2.6 million.

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 As in 2020, 2021 was marked by the health crisis caused by the COVID-19 pandemic. Indeed, in response to the pandemic, in 2021 the French government adopted new measures to restrict the opening of shops and impose a curfew, with the closing of shopping centres of more than 20,000 Sqm from 31 January 2021, and a further lockdown, frstly regional and then nationwide, was enforced from 18 March to 19 May 2021. During this period, M.R.M. kept its shopping centres in operation in order to provide access to essential shops (food, healthcare, hair salons and bookstores, etc.). Garden centres were also able to remain open. In this context, M.R.M. continued to beneft from a relatively favourable brand mix, with a signifcant proportion of stores dedicated to food, household equipment, discount and services. These sectors represent nearly two thirds of M.R.M.’s rental base. With regard to support measures for its retail tenants, in 2021 M.R.M.: • fnalised the signature of protocols granting support measures for the frst period of lockdown in 2020. As a reminder, in 2020 M.R.M. granted €1.0 million in rent waivers on this occasion; • reduced its provision for the support measures for the second period of lockdown in 2020, in view of the good level of recovery of rent and charges in the fourth quarter of 2020. The initial provision of €0.4 million as of 31 December 2020 was thus reduced to €0.2 million; • estimates the possible level of support measures for the new period of lockdown seen in 2021 at €0.5 million. Indeed, many uncertainties remain as to how the health and economic situation will evolve and over the time that will be needed to return to a normal situation. M.R.M. is closely monitoring the recovery of its tenants’ activity as well as the government announcements relating to the system intended to help retailers affected by the administrative closures since the beginning of 2021, to cope with their fxed costs. M.R.M. may therefore grant new support measures to the tenants concerned on a case-by-case basis.

M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT

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