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

The change in EPRA NDV NAV (in millions of euros) between 31 December 2021 and 31 December 2022 breaks down as follows:

+48.7%

Net capital increase of fees €+49.1m

Δ FV caps 2022 €+1.6m

NOCF 2022 €+4.0m

€139.0m

€-8.8m Δ Property FV 2022

€-0.4m Others

€97.4m

€93.5m

€-3.9m Pay-out in respect of 2021

31/12/2021

31/12/2022

€42.8 per share 31/12/2021 After distribution

€44.6 per share

€43.4 per share

1.3.4 Net operating cash flow Net operating cash flow amounted to €4.0 million, up 2.7% compared to 2021. This change is due to the increase in EBITDA surplus, which is mainly due to: • the increase in net rental income of 2.5% to €8.2 million under the effect of the acquisition of the Flins and Ollioules shopping centres (1.5 months of consolidation);

• the unwinding of the COVID waivers and less significant support measures than anticipated, a positive impact of €0.4 million in 2022; • a 2.6% decrease in operating expenses, which more than offset the increase in the cost of net debt.

Net operating cash flow (in millions of euros)

2022

2021

Change

Net rental income

8.2 0.4

8.0

+2.5%

COVID support measures

-0.2 -2.5

Operating expenses

-2.4

-2.6%

Other operating income Other operating expenses

0.1

0.3

-0.5

-0.1

EBITDA

5.8

5.5

+5.4%

Net borrowing cost

-1.8

-1.2 -0.4

+46.4%

Other financial expenses

-

NET OPERATING CASH FLOW

4.0

3.9

+2.7%

As a result of the Acquisition Transaction, for a full year, M.R.M. anticipates a positive impact of the increase in its rental income on its net operating cash flow generation and

aims, in the medium term, to increase its level of profitability thanks to better absorption of its fixed costs.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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