MRM // 2021 Universal Registration Document

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General information on the issuer and its share capital

Consolidated nancial statements for the nancial year ended 31 December 2021

In 2021, the Group generated €5,762 thousand in net cash flow from operating activities. Cash flow from operating activities served primarily to pay dividends (-€2,181 thousand) and financial interest of (-€1,247 thousand). The investment activities, excluding disposal of buildings, generated negative net cash flow of €(4,557) thousand, the bulk of which related to works carried out on retail property within the framework of their value-enhancement programmes. These investments were fnanced with equity, in particular thanks to the cash from the disposal of two buildings for €4,855 thousand.

Decrease in debts due to credit institutions of (-€77,198 thousand) corresponds to contractual depreciation of (-€499 thousand), repayments related to the two property disposals of (-€2,686 thousand), and the repayment of the balance of the bank debt of (-€74,013 thousand), following the Group’s refnancing. The increase in debts due to credit institutions of (+€75,750 thousand) corresponds to the issuance of a new bank loan as part of this refnancing. This refnancing transaction generated termination costs and issuance costs for a total of €(1,677) thousand. As of 31 December 2021, the combined cash flows generated by the Group produced a year-on-year decrease of €514 thousand in cash and cash equivalents.

4.11 Equity

Accounting principles

Treasury shares M.R.M. treasury shares are deducted from consolidated equity at their cost of acquisition. All transactions involving treasury shares are recognised directly in consolidated equity. Expenses related to share capital increases According to IAS 32, expenses related to the issuance of equity instruments are recorded directly under equity. These are expenses directly attributable to the transaction, i.e. expenses that would not have been incurred had the transaction not taken place.

Equity management The Group’s policy is to maintain a solid capital base so as to retain the trust of investors, creditors and the markets, and to sustain future growth. The Board of directors keeps a close watch on the return on equity, defined as operating income divided by total equity. The Group’s debt to equity ratio represents net debt expressed as a percentage of the fair value of its properties excluding transfer taxes. As of 31 December 2021, net debt was €64,745 thousand, including a cash surplus of (€9,699 thousand), and the fair value of properties excluding transfer taxes of €161,985 thousand. The Group’s debt to equity ratio stood at 40.0% compared with 41.4% as of 31 December 2020. The Company concluded a liquidity contract with Invest Securities under which it occasionally buys treasury shares on the market. The frequency of these purchases depends on share prices and trading activity.

Information on the number of shares outstanding As of 31 December 2021, the number of shares making up the share capital of M.R.M. was 43,667,813 with a par value of €1 per share, unchanged from 31 December 2020. As of 31 December 2020, the Group held 45,089 treasury shares. The Company acquired 90,462 and sold 93,065 treasury shares in the year through its liquidity contract with Invest Securities. As of 31 December 2021, the Group held 42,486 treasury shares. Excluding treasury shares, there were 43,625,327 shares outstanding as of 31 December 2021 compared with 43,622,274 a year earlier. Expenses related to the share capital increase In 2021, no expenses related to a share capital increase were recorded directly as a reduction in equity.

M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT

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