MRM // 2022 Universal Registration Document

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General information on the issuer and its share capital Management report for the financial year ended 31 December 2022

1.3.3 Net Asset Value Net Asset Value (NAV) is an indicator that measures the asset value of a real estate company. NAV measures changes in the valuation of M.R.M. through changes in its shareholders’ equity. Three methods for calculating NAV are recommended by the European Public Real Estate Association (EPRA): • a liquidation NAV that reflects the share of the net asset for the shareholder upon disposal – EPRA Net Disposal Value (NDV); • a NAV that reflects the real-estate asset rotation (acquisitions/ disposals of assets) – EPRA Net Tangible Assets (NTA); • a replacement NAV – EPRA Net Reinstatement Value (NRV). –

The Group’s EPRA NDV NAV was €139.0 million, up compared to 31 December 2021 by €41.6 million or 42.7%, reflecting the acquisition of the shopping centres in Flins and Ollioules carried out in 2022. Due to the dilutive effect of the share capital increases carried out in 2022 as part of the Acquisition Transaction, the EPRA NDV NAV per share stood at €43.40, down by 2.8% compared to the situation as of 31 December 2021. Taking into account the dividends and premiums paid out to shareholders in 2022 in respect of 2021, the EPRA NDV NAV was up by 1.3% as of 31 December 2022. The Group’s EPRA NTA NAV reached €136.0 million, or €42.48 per share. It tracks changes to the valuation of M.R.M., excluding the effects of changes in the fair value of the financial instruments. Lastly, the Group’s EPRA NRV NAV reached €152.8 million, or €47.72 per share, as of 31 December 2022. To calculate the NAV per share, the treasury shares were restated.

31/12/2022

31/12/2021 (1)

Change

(in millions of euros)

Consolidated equity – Group share

139.0

97.4

+42.7%

Revaluation of debt at fixed rates

-

-

EPRA NDV NAV

139.0 43.40

97.4

+42.7%

EPRA NDV NAV per share (in euros)

44.64

-2.8%

Restatement of the revaluation of fixed rate debt Restatement of the fair value of financial instruments

-

-

-2.9 -0.0

-0.1 -0.0 97.3

Restatement of intangible assets

EPRA NTA NAV

136.0 42.48

+39.8%

EPRA NTA NAV per share (in euros) Restatement of intangible assets

44.61

-4.8%

0.0

0.0

Registration fees on the fair value of properties

16.8

10.7

EPRA NRV NAV

152.8 47.72

108.0 49.52

+41.5%

EPRA NRV NAV per share V (in euros) Number of fully diluted shares (2)

-3.6%

3,201,950

2,181,266

(1) The data in euros per share as of 31 December 2021 have been recalculated to reflect the reverse stock split that took effect on 20 April 2022. (2) After deduction of treasury shares.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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