MRM_REGISTRATION_DOCUMENT_2017

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General information on the issuer and its share capital

Consolidated financial statements for the year ended 31 December 2017

In 2017, the Group generated €1,676 thousand in cash flow from operating activities. Net cash flow from investing activities was €(7,907) thousand in 2017 and in the absence of any significant disposals during the year mostly related to the acquisition of a retail centre in Allonnes (€1,826 thousand) and works on retail properties (€6,150 thousand). These investments were partly financed by drawdowns on a credit line (for a total of €3,784 thousand) and a cash collateral account, both set up to finance the Group’s value-enhancement plans for the retail properties in question. The €16,384 thousand increase in bank debt corresponds to drawdowns amounting to €1,184 thousand on the aforementioned credit line and the new €15,200 thousand

loan taken out with Berlin Hyp to refinance a €14,815 thousand loan maturing at the end of 2017. The €17,105 thousand decrease in bank debt corresponds to the early repayment of the abovementioned €14,815 thousand loan, contractual depreciation and amortisation of €2,086 thousand, and an early repayment of €204 thousand linked to a property disposal. In light of the €2,600 thousand spent to pay up the cash collateral account set up to finance works, a dividend payout of €4,802 thousand for 2016 and interest payments of €2,037 thousand, cash flow from financing activities fell by €5,411 thousand in 2017. As of 31 December 2017, the combined cash flows generated by the Group used up €11,642 thousand in cash and cash equivalents.

1.4 Statement of changes in consolidated equity

Additional paid-in capital

Reserves and retained earnings

Profit (loss) for the period

Share capital

Treasury shares

Group equity

(in thousands of euros)

EQUITY AT 31/12/2015 Appropriation of 2015 profit

43,668

62,161

-123

13,627

7,291 126,624

- - - -

-

-

7,291

-7,291

Dividend payout

-3,801

-561

-4,362

Disposal of treasury shares

- -

44

- -

-

44

Profit (loss) for 2016

-

5,089

5,089

Other items of comprehensive income EQUITY AT 31/12/2016 Appropriation of 2016 profit

-

-

-

6

-

6

43,668

58,360

-78

20,363

5,089 127,401

- - - -

-

-

5,089

-5,089

-

Dividend payout

-4,409

-393

-4,802

Purchase of treasury shares

-27

-27

Profit (loss) for 2017

-4,628

-4,628

Other items of comprehensive income EQUITY AT 31/12/2017

-

-

6

-

6

43,668

53,951

-105

25,064

-4,628 117,950

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M.R.M. 2017 REGISTRATION DOCUMENT