MRM_REGISTRATION_DOCUMENT_2017

1

Information on M.R.M.’s activities

Key figures

CAPEX €6.2m

Acquisitions

€199.6m

€197.8m

€1.8m

€-6.1m Change in fair value

Disposals €-0.1m

31/12/2016

31/12/2017

IFRS simplified income statement

2017

2016

2015

(in millions of €)

TOTAL GROSS RENTAL REVENUES Property expenses not recovered

11.2 -3.4

13.0 -3.5

13.6 -3.9

NET RENTAL REVENUES

7.8

9.5

9.8

Operating expenses

-2.8

-3.2 -0.8

-3.1 -0.5

Provisions net of reversals

0.3

Other operating income and expenses

-1.4

0.6

0.0

OPERATING INCOME BEFORE DISPOSALS AND CHANGE IN FAIR VALUE

4.0

6.1

6.1

Result on disposals of properties

-0.0 -6.4

-2.8

-0.1

Change in fair value of investment properties

4.3

4.1

OPERATING INCOME

-2.5

7.5

10.1 -2.3 -0.5

Net borrowing cost

-1.9 -0.2

-1.9 -0.5

Other operating income and expenses

NET PROFIT (LOSS) BEFORE TAX

-4.6

5.1

7.3

CONSOLIDATED NET RESULT

-4.6

5.1

7.3

NET EARNINGS PER SHARE (IN €)

-0.11

0.12

0.17

Gross rental revenues for 2017 broke down as follows:

Retail properties €9.0m 80%

Office properties €2.2m 20%

Debt As of 31 December 2017, the Group’s total outstanding debt was €95.3 million, representing 47.7% of the portfolio value excluding transfer taxes.

Until 31 December 2016, the Group reported its average debt margin indexed to Euribor. Since the Group’s debt profile now presents a high level of fixed-rate debt, it now reports its average cost of debt. The average cost of debt in 2017 was 183 basis points.

M.R.M. 2017 REGISTRATION DOCUMENT

9