MRM_REGISTRATION_DOCUMENT_2017
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General information on the issuer and its share capital Management report for the year ended 31 December 2017
Portfolio value (excluding transfer taxes) (in millions of euros)
31/12/2017
31/12/2016
Retail properties Office properties
159.0
152.8
40.6
45.0
TOTAL
199.6
197.8
1.3.4 Net Asset Value As of 31 December 2017, the EPRA NNNAV was €2.70 per share and the replacement Net Asset Value was €3.05 per share compared with €2.92 per share and €3.19 per share respectively as of 31 December 2016.
Replacement NAV is EPRA NNNAV plus transfer taxes. It corresponds to the capital needed to replace the Group’s portfolio.
31/12/2017
31/12/2016
Calculation of NAV
€m
€/share
€m
€/share
IFRS Group equity
118.0
127.4
Dilutive effects
0.0
0.0
NAV
118.0
2.70
127.4
2.92
- Cancellation of treasury shares - Fair value of financial instruments
0.0 0.0 1.1
-0.1 -0.0
- Fair value of liabilities
1.1
EPRA NAV
119.0
2.73
128.4
2.94
+ Fair value of financial instruments
0.0
0.0
+ Fair value of liabilities
-1.1
-1.1
EPRA NNNAV Transfer taxes
118.0
2.70
127.3
2.92
15.3
11.7
Replacement NAV
133.2
3.05
139.1
3.19
1.3.5 Net operating cash flow Gross operating income came to €3.6 million in 2017. The change relative to the €6.9 million achieved in 2016 reflects a decrease in net rent related to asset disposals and the recognition of other non-recurring operating expenses partly
offset by lower operating expenses. Given a slight reduction in borrowing costs, net operating cash flow (1) was a positive €1.7 million in 2017.
Change 2017/2016
Net operating cash flow (in millions of euros)
2017
2016
Net rental revenues
7.8 0.1
9.5 0.7
-17.7%
Other operating income
Operating expenses
-2.8 -1.5
-3.2 -0.1
-14.1%
Other operating expenses
EBITDA
3.6
6.9
-47.0%
Net borrowing cost
-1.9
-1.9
-0.8%
Other financial expenses
0.0
0.0
NET OPERATING CASH FLOW
1.7
4.9
-65.0%
(1) Net operating cash flow = net profit (loss) before tax restated for non-monetary items.
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M.R.M. 2017 REGISTRATION DOCUMENT
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