MRM // 2022 Universal Registration Document

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General information on the issuer and its share capital

Statutory Auditors’ report on the consolidated financial statements for the year ended 31 December 2022

Valuation of investment properties

Description of risk Taking into account M.R.M. business, the carrying value of investment properties represents 92% of Group assets at 31 December 2022, i.e. €245 million. In accordance with IAS 40, the Group chose the fair value method as a permanent method and accounts for investment properties at fair value. Note 4.5 to the consolidated financial statements specifies that the fair value used does not included expenses in case of a potential sale, determined by independent real estate experts (except the two assets acquired on 16 November for which the Group considered the price acquisition as a fair value at 31 December 2022, as mentioned in the aforementioned note) and describes the valuation methods used and the key assumptions retained. As mentioned in notes 2.3 and 4.5, valuation of a real estate assets is a complex estimation and is subject to economic conjuncture and the volatility of certain market factors used (rate, rental market) and depends on several assumptions (holiday periods, maintenance). Therefore, we deemed the valuation of investment properties to be a key element of our audit as there is a high level of estimation and judgement implemented by the board and according to the importance of the assets in the consolidated Group accounts. • understanding the internal control mechanism and testing the effectiveness of key controls implemented by the board, regarding the nomination and the rotation of independent experts, the transmission of information and the review of expert valuations. • collecting the engagement letter signed by the real estate expert and assess his/her professional competence, independence and objectiveness. • obtaining property valuation reports and verifying that all property assets were valuated (except exemptions planned by the company’s procedures). • assessing the relevance of assumptions, information and methods on which the valuation is founded for a defined selection of assets based on quantitative criteria (valuation or valuation variation) and qualitative criteria (rental stake, restructuring), by corroborating them with the company’s management data (rental situation, maintenance cost) and market data. • taking part in the audit committee on valuation and communicating with independent experts; • checking the data on which valuations of assets under construction are founded, by taking into account the expenses still to be committed, the delivery times and the rental perspectives; • reconciling the expert valuations with the valuations booked. • assessing the relevance of the accountancy methods referred to above, of information provided in notes and their correct application. Description of risk On 28 July, 2022, M.R.M. signed an agreement with Altarea, SCOR SE, Retail Flins, Retail Ollioules, Foncière Altarea, Alta Ollioules 1 and Alta Ollioules 2 concerning the acquisition from Altarea of two shopping centres for a total €90.4 million (including transfer taxes). This acquisition increased the value of M.R.M.’s asset portfolio by more than 50%. As the acquisition occurred on 16 November, the Group considered that the price acquisition corresponds to the fair value at 31 December 2022. This operation has been paid for partly in cash totalling €68.9 million, coming from a new €42 million bank loan, a current account advance from SCOR SE of €25 million and M.R.M.’s available cash; and partly by means of the issuing of new M.R.M. shares worth a total of €21 million, in the form of a capital increase by M.R.M. reserved for Altarea. After that, M.R.M. did a second capital increase of €29 million with SCOR SE subscribing to €25 million and Altarea to €4 million. We considered the accounting treatment of this operation as a key audit matter because of its materiality on the consolidated Group accounts. How our audit addressed this risk We carried out the following procedures: Accounting treatment of the acquisition of two shopping centers from Altarea

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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