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

1.3.5 Debt In September 2022, M.R.M. drew down an amount of €0.8 million from the €6.4 million line of credit set up in December 2021 intended to finance new investments to exploit the portfolio’s potential for value creation, but also investments to support its environmental objectives. The amount of credit available on this line was therefore €5.5 million as of 31 December 2022. In November 2022, as part of the Acquisition, M.R.M. signed a new bank loan for a total amount of €42.0 million with a seven-year maturity to finance part of the acquisition price of the two shopping centres in Flins and Ollioules. It was taken out with a pool of banks comprising Banque Européenne du Crédit Mutuel, LCL and BRED Banque Populaire. As of 31 December 2022, Group’s financing consisted of mortgage bank debt of €116.7 million, compared with €74.4 million at the end of 2021. All bank debt bears interest at a variable rate and is 77% hedged by financial instruments such as caps. The average cost of debt was 2.07% in 2022, up 52 basis points compared to 2021. This change reflects: • the end of a decade of historically low or even negative interest rates and the increase in interest rates observed since July 2022;

• a “full year” effect of the financial conditions of the bank refinancing of €82.1 million at the end of 2021; • 1.5 months of the impact of the financial conditions of the new bank debt of €42.0 million put in place in November 2022 as part of the Acquisition Transaction.

Average cost of debt (in millions of euros)

2022 2021

Gross borrowing cost

1.8

1.2

Restatement for non-recurring items Gross restated borrowing costs

-0.0

-0.0

1.7

1.2

Average debt outstanding

83.3

76.3

AVERAGE COST OF DEBT 2.07% 1.55% The Group’s borrowings as of 31 December 2022 had the following maturity: • maturity in one year or less: €0.7 million; • maturity at more than one year: €116.0 million. Debt maturing in one year or less includes contractual repayments to be made over the next 12 months.

The maturity schedule of bank borrowings (in millions of euros) is as follows:

Line not drawn

€5.5m

Total 2023 to 2027 = €5.4m

€73.1m

€38.3m

2023

2024

2025

2026

2027

2028

2029

The Group’s consolidated LTV ratio stood at 47.7% as of 31 December 2022 compared with 46.0% on 31 December 2021. In view of the cash position, the total net debt ratio was 43.6% as of 31 December 2022, compared with 40.0% on 31 December 2021.

As of 31 December 2022, the Group complied with all commitments in respect of the LTV, ICR and DSCR covenants agreed with its financial partners.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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