MERLIN Properties Annual Report 2017 / English

ı 47 ı Annual Report 2017 CONSOLIDATED INCOME STATEMENT (€ thousand) 31/12/17 31/12/16 Gross rents 469,405 351,023 Office 217,473 138,418 Shopping centres 92,820 52,566 Logistics 41,283 23,265 High street retail 104,119 99,864 Other 13,709 36,910 Other income 14,932 11,774 Total revenues 484,337 362,797 Incentives (16,754) (7,539) Collection loss (1,851) (272) Total operating expenses (121,901) (94,634) Property expenses not recharged to tenants (35,564) (19,744) Personnel expenses (27,780) (23,149) Recurring general expenses (9,767) (8,506) Non-recurring general expenses (4,951) (27,610) LT Incentive Plan non-cash provision (43,839) (15,625) EBITDA 343,831 260,352 Depreciation (10,379) (4,778) Gain/ (losses) on disposal of assets 236 8,484 Provision surpluses (3,791) 32 Absorption of the revaluation of investment property (9,839) (154,428) Change in fair value of investment property 897,401 453,149 Negative difference on business combination (1,775) 37,892 EBIT 1,215,684 600,703 Net interest expense (108,374) (70,914) Debt amotization costs (13,700) (18,987) Gain / (losses) on disposal of financial instruments 1,050 74,646 Change in fair value of financial instruments 2,577 5,357 Share in earnings of equity method investees 16,233 1,817 PROFIT BEFORE TAX 1,113,470 592,622 Income taxes (12,941) (9,848) PROFIT (LOSS) FOR THE PERIOD 1,100,529 582,774 Minorities (110) (129) PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 1,100,419 582,645