MERLIN Properties Annual Report 2017 / English

ı 93 ı Annual Report 2017 EPRA METRICS (€ thousand) Consolidated net profit in accordance with IFRS 1,100,419 Adjustments to calculate EPRA earnings (860,043) (i) changes in value of investment properties (883,231) (ii) gain/(losses) on disposal of assets (236) (iii) absorption of revaluation on investment properties 9,839 (iv) non recurring taxes 10,572 (v) share in equity method investees (8,835) (vi) negative difference in business combination 1,775 (vii) changes in fair value of financial instruments and cancellation costs 11,123 (viii) impairment of fiscal credit - (ix) gain/(losses) on disposal of financial instruments (1,050) Minority interests in respect of previous adjustments (86) EPRA net earnings pre-specific adjustments 240,290 EPRA net earnings per share pre-specific adjustments (weighted) 0.51 EPRA net earnings per share pre-specific adjustments 0.51 Company specific adjustments: 48,790 (i) LTIP provision 43,839 (ii) non recurring general expenses 4,951 Minority interests in respect of previous adjustments 5 EPRA net earnings post-specific adjustments 289,085 EPRA net earnngs per share post-specific adjustments (weighted) 0.62 EPRA net earnngs per share post-specific adjustments 0.62 EPRA Earnings EPRA NAV (€ thousand) Equity in balance sheet 5,717,658 Derivatives Mark-to-Market 34,178 Deferred Taxes Mark-to-market 448,291 Deferred tax assets (144,127) Deferred tax liabilities 592,418 Cost of debt (55,166) Revaluations not recorded in the financial statements 79,780 Adjustment in concessions 30,054 Adjustments in tangible assets 320 Adjustments in equity method 49,406 EPRA NAV 6,224,741 Shares 469,770,750 EPRA NAV / share 13.25