MRM // 2022 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 2022

The Company has drawn up a credit policy to limit its exposure. As a rule, solvency checks are conducted on potential customers to ensure their creditworthiness meets the Group’s risk requirements. Certain tenants account for a significant proportion of the Company’s annually invoiced rents. The termination of one or several leases could have an impact on the level of rents received by the Company, and on its profitability. Nonetheless, the principal leases were signed recently and some tenants are bound by firm leases that can run from between three and nine years. 8.5 Property asset valuation risk The Group’s property portfolio is appraised twice a year. The valuation of the property portfolio depends on a number of factors, relating primarily to the balance between supply and

demand in the market, economic conditions and applicable regulations, which can vary substantially, directly affecting the value of the Company’s assets and indirectly affecting the various LTV ratios giving an indication of the Group’s credit risk. The appraised value of the Group’s properties and their final value on disposal may not be identical. In addition, such valuations are based on a number of assumptions which may not prove to be correct. Because the Group’s property assets are booked at market value by outside appraisers, the value thereof can be affected by variations in the bases used in the valuation methods (property market trends, mainly in terms of received rents, changing interest rates especially with regard to the discount and capitalisation rates employed).

Note 9 Financing and guarantee commitments

9.1 Commitments given

The commitments given primarily comprise:

31/12/2022

(in thousands of euros)

126,888

Debts guaranteed by collateral (principal and related)

Guarantees and sureties

-

Certain bank accounts of subsidiaries have been pledged to financial institutions.

9.2 Commitments received The commitments received comprise tenant guarantees for a total of €1,392 thousand.

Note 10 Employee remuneration and benefits

10.1 Headcount and personnel expenses In 2022, as in 2021, the average number of Group employees was four.

Payroll expenses, including social-security charges and allocations of free shares (including the remuneration paid to the Chief Executive Officer in his capacity as a corporate officer) came to €1,038 thousand in 2022, compared with €933 thousand in 2021. Information relating to the allocation of free shares is detailed in the management report, included in Chapter 3 of the 2022 Universal Registration Document. Information relating to the remuneration of corporate officers is detailed in the corporate governance report included in Chapter 4 of the 2022 Universal Registration Document.

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