MRM_REGISTRATION_DOCUMENT_2017
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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
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