MRM_REGISTRATION_DOCUMENT_2017

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Information on M.R.M.’s activities

Key figures

As of 31 December 2017, 84% of the Company’s bank loans were contracted at fixed rates. Variable-rate bank loans were partially hedged by means of an interest rate cap. During 2017, consolidated debt was reduced by €0.7 million on the back of contractual repayments and redemptions undertaken during the year, which were partially offset by drawdowns on the available credit line facility and the implementation of a new loan contracted with Berlin Hyp.

As of 31 December 2017, taking into account cash and cash equivalents available for a total of €13.3 million, the Group’s total net debt was €81.9 million, representing 41.0% of the portfolio value excluding transfer taxes. As of 31 December 2017, the Group complied with all of its commitments to its banking partners in terms of LTV covenants which have maximum thresholds of 59.9% to 65.0% and in terms of ICR/DSCR covenants, which have minimum thresholds of 130% to 300%.

31/12/2017

31/12/2016

31/12/2015

FINANCIAL DEBT

€95.3m

€96.0m

€111.0m 195 bps

Average cost of debt (1)

183 bps

192 bps

CASH AND CASH EQUIVALENTS

€13.4m

€25.0m

€13.4m

LOAN TO VALUE (LTV) (2)

47.7% 41.0%

48.5% 35.9%

49.1% 43.2%

TOTAL NET DEBT (3)

(1) Excluding the impact of ancillary costs. (2) Debt on the appraisal value excluding transfer taxes. (3) Net debt in cash and cash equivalents over asset portfolio appraisal value excluding transfer taxes.

43.2%

35.9%

41.0%

€111.0m

The Group’s total debt changed as follows over the past three years:

€95.3m

€96.0m

2015

2016

2017

Maturity of loans and hedging of bank debt As of 31 December 2017, 71% of variable-rate bank debt was partially hedged by means of an interest rate cap based on the three-month Euribor at a strike rate of 3%. As of 31 December 2017, the loan repayment schedule (apart from any property disposal repayments) was as follows:

Loan maturities

Amount

%

2018 2019 2020 2021 2022

€1.8m

1.9%

€23.7m

24.9%

€2.2m

2.3%

€46.0m €21.5m €95.3m

48.3% 22.6%

TOTAL

100.0%

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M.R.M. 2017 REGISTRATION DOCUMENT