MRM // 2022 Universal Registration Document

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General information on the issuer and its share capital

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

Valuation of equity securities and associated receivables

Description of risk Equity securities are booked at their acquisition cost. The Company opted to include acquisition costs in the value of the securities. These acquisition costs are subject to an exceptional depreciation over a period of five years. At 31 December 2022, the equity securities and associate current accounts are accounted for a net value of €82 million. After their acquisition, the equity securities are valued at their value in use, determined by the share of net position held, revalued according to the current value of the real estate assets they hold, and about its prospects. Real estate assets are appraised by independent appraisers at each closing. Equity securities are not tested for impairment when the underlying real estate assets were acquired less than six months before closing. In this context, we considered that the valuation of equity securities, related receivables and related risk provisions to be a complex exercise of management estimation and judgement and was a key audit matter. How our audit addressed this risk We carried out the following procedures: • verifying the appropriateness of the valuation methods used by the Management; • checking, by sampling, the elements quantified in the estimation of the utility values and in particular the appraised value of properties carried by the companies; • appraising, by sampling, the recoverability of receivables related to the assessments carried out on the equity securities; • checking, if necessary, the level of depreciation withheld under the loss of value of equity securities and related receivables; • ensure the appropriate nature of the information provided in the notes to the annual accounts. 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%. 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 annual accounts of M.R.M. SA. Accounting treatment of the acquisition of two shopping centers from Altarea

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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