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Annual Report 2015
RETURN TO
SHAREHOLDERS
AND MANAGEMENT
STOCK PLAN
The Shareholder Return for a given year is
equivalent to the sum of (a) the change in the
EPRA NAV of the Company during such year
less the net proceeds of any issues of ordinary
shares during such year; and (b) the total
dividends (or any other form of remuneration
or distribution to the Shareholders) that are
paid in such year (the “Shareholder Return”).
The Shareholder Return Rate is defined as the
Shareholder Return for a given year divided
by the EPRA NAV of the Company as of 31
December of the immediately preceding year
(the “Shareholder Return Rate”).
Following the acquisition of Testa, the
Management Team of MERLIN unilaterally
decided that the Shareholder Return is to
be calculated over the Adjusted EPRA NAV
in lieu of the EPRA NAV, meaning that the
outstanding balance of goodwill associated
arising from Testa acquisition should be
deducted from the EPRA NAV. In accordance
with these definitions and management
decision, the Shareholder Return in 2015
amounts to € 55,630 thousand and the
Shareholder Return Rate amounts to 4.1%
(€ thousand)
EPRA NAV 31 December 2015
3,181,246
Net proceeds from May capital increase
(596,235)
Net proceeds from August capital increase
(999,747)
EPRA NAV 31 December 2015 adjusted to capital increases
impact
(a)
1,585,264
Testa goodwill outstanding amount
(b)
(199,699)
Adjusted EPRA NAV 31 December 2015
(c) = (a) - (b)
1,385,565
EPRA NAV beginning of period
(d)
1,354,970
Adjusted EPRA NAV end of period
1,385,565
Change in Adjusted EPRA NAV
(e) = (c) - (d)
30,595
Dividends paud in year
(f)
25,035
Shareholder Return
(g) = (e) + (f)
55,630
Shareholder Return Rate
(h) = (g)/(d)
4.1%
Shareholder Return needed to exceed
8% hurdle of Shareholder Return Rate
171,319