MERLIN Properties Annual Report 2017 / English

ı 51 ı Annual Report 2017 Financial debt breakdown The balance of long term debt and short term debt includes Company’s outstanding financial debt, mark-to-market of interest- rate and inflation hedging contracts and other financial liabilities, corresponding to guarantees and legal deposits received. The breakdown of gross financial debt is as follows: MERLIN’s net financial debt as of 31 December is € 4,904,254 thousand. This represents a Loan To Value of 43.6%, which is an important reduction of 194 bps since 31/12/2016 (45.5%). The breakdown of MERLIN’s debt is the following: % Gross financial debt 21.5% 16.1% 60.0% 2.3% 100.0% Spot average cost (%) 2.7% 2.0% 2.1% 3.1% 2.2% Secured bank loans % interest rate hedged 99.4% 96.7% 100.0% 67.6% 98.6% Unsecured loans Unsecured bonds Leasings 1,166 874 3,250 124 5,413 509 4,904 Cash Total Gross Debt Total net debt (€ million) € Thousand Long term Short term Total Financial debt 5,274,984 137,949 5,412,933 Loan arrangement costs (55,166) - (55,166) Debt interest expenses - 37,515 37,515 Mark-to-market of interest-rate hedging contracts 34,178 2,734 36,912 Other financial liabilities (i.e. legal deposits) 88,194 18,807 107,001 Total debt 5,342,190 197,005 5,539,195