MERLIN Properties Annual Report 2018 / English

ı 50 ı MERLIN’s debt as of 31 December has an average cost of 2.13% (spot 1.84% plus derivatives cost). Nominal debt with interest rate hedged amounts to 96.3%. Key debt ratios are shown below: € thousand 31/12/2018 31/12/2017 Gross financial debt 5,251,857 5,412,933 Cash (1) 350,073 508,647 Net financial debt 4,901,784 4,904,286 GAV 12,041,138 11,253,954 LTV 40.7% 43.6% Average cost 2.13% 2.23% Hedged debt (2) 96.3% 98.6% Average maturity (years) 5.9 6.1 Liquidity (3) 634,073 928,679 Non-mortgage debt 81.3% 78.5% (1) Including cash, pending receivable of Testa Residencial (€ 121.1m) and treasury stock (€ 56.0m) (2) If RCF was excluded, the % hedged would increase to 99.1% in FY18 (3) Including available cash plus pending receivable of Testa Residencial, treasury stock and unused credit facilities (€ 284m)