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

In 2022, the Group generated €6,323 thousand in net cash flow from operating activities. Cash flow from operating activities served primarily to pay dividends of €3,929 thousand and financial interest of €1,147 thousand. Investment activities generated a negative cash flow of €87,996 thousand: they mainly correspond to the acquisition of two retail properties, as well as to the work carried out on the properties as part of the valuation programmes for them. These investments were financed by share capital increases for an amount of €49,068 thousand net of fees as well as by drawdowns on credit lines for an amount of €42,837 thousand. As of 31 December 2022, the combined cash flows generated by the Group produced a cash flow of €316 thousand.

4.11 Equity

Accounting principles

Treasury shares M.R.M. treasury shares are deducted from consolidated equity at their cost of acquisition. All transactions involving treasury shares are recognised directly in consolidated equity. Expenses related to share capital increases According to IAS 32, expenses related to the issuance of equity instruments are recorded directly under equity. These are expenses directly attributable to the transaction, i.e. expenses that would not have been incurred had the transaction not taken place.

Equity management The Group’s policy is to maintain a solid capital base so as to retain the trust of investors, creditors and the markets, and to sustain future growth. The Board of directors keeps a close watch on the return on equity, defined as operating income divided by total equity. The Group’s debt-to-equity ratio represents net debt expressed as a percentage of the fair value of its properties excluding transfer taxes. As of 31 December 2022, net debt was €106,696 thousand, including a cash surplus of €10,014 thousand, and the fair value of properties excluding transfer taxes of €244,867 thousand. The Group’s debt to equity ratio stood at 43.6% compared with 40.0% as of 31 December 2021. The Company concluded a liquidity contract with Invest Securities under which it occasionally buys treasury shares on the market. The frequency of these purchases depends on share prices and trading activity.

Information on the number of shares outstanding Following notably the reverse stock split and the two capital increases carried out by M.R.M. during the 2022 financial year (see note 1.2 “Highlights of the period”), the share capital of M.R.M. consisted of 3,205,697 shares with a par value of €20 as of 31 December 2022, compared with 43,667,813 shares with a par value of €1 as of 31 December 2021. Deducting the 3,747 treasury shares held by M.R.M. as of 31 December 2022, notably through the liquidity contract with Invest Securities, the number of shares outstanding at that date was 3,201,950, compared to 43,625,327 a year earlier. Expenses related to share capital increases The costs relating to the two share capital increases carried out during the 2022 financial year amounted to €866 thousand and were deducted directly from shareholders’ equity.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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