MRM_REGISTRATION_DOCUMENT_2017

3

General information on the issuer and its share capital

Consolidated financial statements for the year ended 31 December 2017

4.6 Trade receivables

Accounting principles Receivables are stated at fair value on initial recognition, and subsequently at amortised cost less any impairment losses. Impairment of trade receivables is recognised when there are objective indications that the Group will not be able to recover the full amounts due as per the initial terms of the transaction. Serious financial difficulties faced by the debtor, the likelihood of bankruptcy or financial restructuring of the debtor and payment default are indicators of the impairment of a receivable. In general, the Group writes down tenant receivables older than six months by applying an impairment rate of up to 100% (depending on the risk estimated by the Group) of the pre-tax amount of the receivable minus the guarantee deposit which is kept when applicable. The amount of impairment is recognised in income under “Provisions and impairment”.

Trade receivables break down as follows:

31/12/2017

31/12/2016

(in thousands of euros)

Total gross trade receivables Impairment of trade receivables TOTAL NET TRADE RECEIVABLES

4,877

4,105

-1,474

-1,586

3,403

2,519

Invoices pending

-339 -541

-215 -485

Rent-free periods staggered over the lease term TOTAL NET TRADE RECEIVABLES DUE

2,523

1,818

The aged balance of trade receivables is as follows:

Overdue < 90 days

Overdue < 180 days

Overdue > 180 days

Total

(in thousands of euros)

Trade receivables

1,263

260

1,000

2,523

TOTAL NET TRADE RECEIVABLES DUE

1,263

260

1,000

2,523

M.R.M. 2017 REGISTRATION DOCUMENT

87