MERLIN Properties Annual Report 2017 / English

ı 52 ı MERLIN’s debt as of 31 December has a spot average cost of 2.23%. Nominal debt with interest rate hedged amounts to 98.6%. Key debt ratios are shown below: (€ thousand) 31/12/2017 31/12/2016 Gross financial debt 5,412,933 5,193,247 Cash 508,679 (1) 722,122 (1) Net financial debt 4,904,254 4,471,124 GAV 11,253,954 9,823,619 LTV 43.6% 45.5% Average cost 2.23% 2.26% Floating interest rate 1.4% 11.3% Average maturity (years) 6.1 6.2 Liquidity (2) 928,679 949,043 Non-mortgage debt 78.5% 75.6% (1) Including cash and net proceeds from the sale of hotels (€ 50.8m) (2) Including available treasury plus proceeds from the sale of hotels and unused credit facilities. MERLIN’S debt has an average maturity period of 6.1 years. The chart with debt maturity is the following: Unsecured loans Secured bank loans Leasing Unsecured bonds 5 9 124 2018 27 41 2019 2 83 2020 840 138 41 85 856 719 869 838 758 1,110 16 2021 700 19 2022 850 19 2023 838 2024 600 158 2025 1,100 10 +2026