MERLIN Properties Annual Report 2018 / English

ı 49 ı Annual Report 20 18 MERLIN’s net financial debt as of 31 December is € 4,901,784 thousand. This implies a Loan To Value of 40.7%, which represents a reduction of 290 bps since 31/12/2017 (43.6%). The breakdown of MERLIN’s debt is the following: MERLIN’S debt has an average maturity period of 5.9 years. The chart with debt maturity is the following: % Gross financial debt 18.7% 16.5% 61.9% 2.9% 100.0% Average cost (%) 2.5% 2.0% 2.1% 1.4% 2.1% Secured bank loans % interest rate hedged 97.9% 97.1% 100.0% - 96.3% Unsecured loans Unsecured bonds RCF 984 868 3,250 150 5,252 (350) (1) 4,902 Cash Total Gross Debt Total Net Debt (€ million) (€ million) Unsecured bonds Secured bank loans RCF Unsecured loans 26 2 840 850 800 300 12 81 14 16 17 17 176 21 630 2019 2020 2021 2022 2023 2024 2025 2026 2027-2034 38 83 1,004 716 867 17 821 776 930 150 700 600 (1) Cash balance including the deferred payment receipt from the sale of Testa Residencial (€ 121.2m), treasury shares (€ 56.0m) and debt securities (€ 3.8m)