MERLIN Properties Annual Report 2018 / English

ı 45 ı Annual Report 20 18 (€ thousand) 31/12/18 31/12/17 Gross rents 499,708 469,405 Offices 224,395 217,473 Shopping centres 103,553 92,820 Logistics 50,327 41,283 High street retail 106,651 104,119 Other 14,781 13,709 Other income 9,800 14,932 Total revenues 509,508 484,337 Incentives (24,062) (16,754) Collection loss (424) (1,851) Total operating expenses (129,790) (121,901) Propex (41,748) (35,564) Personnel expenses (30,408) (27,780) Opex general expenses (9,181) (9,767) Opex non-overheads (5,018) (4,951) LTIP Provision (43,435) (43,839) EBITDA 355,232 343,831 Depreciation (1,572) (10,379) Gain / (losses) on disposal of assets 6,815 236 Provision surpluses 13,554 (3,791) Absorption of the revaluation of investment property - (9,839) Change in fair value of investment property 629,184 897,401 Negative difference on business combination (20,523) (1,775) EBIT 982,690 1,215,684 Net interest expense (119,298) (108,374) Debt amortization costs 4,306 (13,700) Gain / (losses) on disposal of financial instruments 4,198 1,050 Change in fair value of financial instruments (80,750) 2,576 Share in earnings of equity method investees 46,610 16,233 Testa Residencial cancellation 53,027 Aedas service fee 22,242 PROFIT BEFORE TAX 913,024 1,113,469 Income taxes (58,146) (12,941) PROFIT (LOSS) FOR THE PERIOD 854,878 1,100,528 Minorities - 110 PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 854,878 1,100,418 CONSOLIDATED INCOME STATEMENT