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

Investments

Asset disposals During the first half of the year, the Group sold one of its eleven Gamm Vert garden centres, which at 500 sqm was one of smallest in that portfolio, for a modest sum, and undertook to sell another two small retail properties which are currently vacant and previously housed Gamm Vert stores. In early 2017 the Group actively sought buyers for its Nova office building in La Garenne-Colombes and to this end signed a listing agreement with a leading property consultancy firm. Discussions to sell the Urban office property in Montreuil are also underway. Financing On 30 October 2017, M.R.M. took out a new bank loan with Berlin Hyp in the amount of €15.2 million, maturing at the end of October 2022 (repayment on maturity). Backed by a retail property asset, this new loan replaces a credit line of €14.8 million which expired on 8 December 2017 and which was repaid early. Following this refinancing, over 90% of the Group’s debt now matures in four years or more, with the exception of the €22.0 million loan granted by SCOR SE and backed by the Nova office property classified as held for sale. At the end of 2017, this loan was extended until 15 January 2019. Implementation of a share buyback programme On 1 June 2017, the Board of directors decided to implement the share buyback programme decided by the General Meeting of Shareholders of 1 June 2017 in its sixteenth resolution for • Stimulate the trading of M.R.M. securities on the secondary market, or the liquidity of M.R.M. shares via a liquidity contract concluded with an investment services provider in accordance with the ethics charter of the AMAFI (French association of financial markets) recognised by regulations in force, bearing in mind that the number of shares taken into account for the aforementioned calculation corresponds to the number of shares acquired minus the amount sold; • Retain shares for subsequent payment or exchange purposes in the event of acquisitions; • Ensure the hedging of stock option plans and/or bonus share plans (or similar) reserved for employees and/or corporate officers of the Group, as well as any share allocations under company or group savings plans (or similar plan), employee an 18-month period starting from 2 June 2017. The purpose of the buyback programme is to:

During 2017, investments in the properties portfolio stood at €8.0 million. These were primarily: • The reconfiguration and extension of Carré Vélizy, a mixed retail/office development located in Vélizy-Villacoublay opposite the Vélizy 2 shopping centre. Work on this site, which began at the end of 2016 with a view to renovating 1,000 sqm to house Gautier and Indiana Café, was completed in 2017. The new retail outlets enhance the site’s commercial appeal and were opened to the public in the third quarter of 2017; • The acquisition of a co-ownership unit in the Aria Parc retail park in Allonnes. In June 2017, M.R.M. acquired the last remaining retail unit it did not own in the retail park. The 1,500 sqm unit was leased by Basic-Fit (a leading European chain of fitness studios) in early January 2017 for a period of ten years, including a firm lease of nine years. The acquisition amount was €1.8 million excluding transfer taxes. Coupled with the 2,300 sqm extension programme to house a homeware store (see “Rental management and lettings” above), it increased the surface area of the Allonnes retail park, of which M.R.M. is now the sole owner, from 9,000 sqm to 12,800 sqm; • The renovation of the Sud Canal shopping centre in Saint- Quentin-en-Yvelines. After completing the reconfiguration of 5,000 sqm of the Loggias building at the end of 2016, M.R.M. undertook qualitative and sustainable renovations of the entire site in the first half of 2017, giving a new visual identity to the local shopping centre to enhance consumers’ shopping experience and promote retailers; • The renovation and technical upgrade of the current 4,000 sqm shopping mall adjoining the Carrefour hypermarket in École-Valentin north of Besançon. Now that the administrative permits have been obtained free of any third party claims, extension work to add 2,400 sqm of rental space to the mall can start in the first half of 2018; • The reconfiguration of the Passage de la Réunion shopping mall in the historical centre of Mulhouse with a view to housing a 1,000 sqm fitness studio on the first floor. The works were completed in the fourth quarter of 2017, the lease is in effect and the opening is scheduled in the first quarter of 2018.

M.R.M. 2017 REGISTRATION DOCUMENT

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