MRM // 2022 Universal Registration Document

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General information on the issuer and its share capital

Consolidated financial statements for the financial year ended 31 December 2022

Changes in investment properties

31/12/2022

(in thousands of euros)

NET BALANCE AT OPENING

161,985

84,297

New consolidation scope/Acquisition of properties

Transfer taxes and costs

6,365 1,421

Works

Scrapping

-400

Change in fair value

-8,801

NET BALANCE AT CLOSING

244,867

The “Additions to the consolidation scope/acquisition of properties” item corresponds to the purchase price excluding transfer taxes of the Flins-sur-Seine and Ollioules shopping centres acquired by the Group on 16 November 2022. The “Transfer taxes and expenses” item corresponds to transfer taxes and ancillary costs relating to this acquisition. See note 1.2 “Highlights of the period”. Other than this transaction, the Group did not make any other acquisitions during the financial year. The “Works” and “Scrapping” items concern the Group’s historic buildings. The negative change in the fair value of properties for €8,801 thousand consists mainly of a technical loss of €6,365 thousand related to the recognition as expenses of the acquisition costs of the shopping centres in Flins-sur-Seine and Ollioules. Indeed, on their acquisition date, the two properties were recorded at their acquisition cost, corresponding to the purchase price plus transfer taxes and ancillary costs (for a total of €6,365 thousand); at the end of the financial year, they are valued at their fair value, corresponding to their purchase price excluding transfer taxes. The difference between the initial cost of the properties at the date of acquisition and their fair value excluding transfer taxes at the end of the financial year is recorded in the income statement under “Change in fair value of properties”.

Breakdown of investment properties As of 31 December 2022, all investment properties were retail properties.

Capitalisation and discount rates used by the independent appraiser for investment property valuation purposes as of 31 December 2022

Capitalisation rates

Discount rates

Between 5.3% and 10.0%

Between 6.5% and 11.5%

The capitalisation rates correspond to the yield on the buyer’s side or with a view to a management year. The capitalisation rate expresses, in percentage terms, the ratio of gross or net revenue from the property to its monetary value. It is called gross or net depending on whether the gross or net revenue of the property is chosen.

Passing net rents from investment properties and sensitivity study

Passing net rents per year and per m 2 as of 31/12/2022

Average

Range (1) 6–1,969

(in euros)

335

(1) Excluding rental income generated by car parks and antennas.

A sensitivity study simulating a change in the capitalisation rates as of 31 December 2022 showed that a 50-basis-point increase in these rates would reduce the asset portfolio value by €6,070 thousand (1) or 3.8%, whereas a 50-basis-point reduction would increase it by €7,020 thousand or 4.4%.

(1) Excluding properties acquired in 2022.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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