MERLIN Properties Annual Report 2018 / English

ı 95 ı Annual Report 20 18 EPRA EARNINGS EPRA NAV EPRA METRICS (€ thousand) Consolidated net profit in accordance with IFRS 854,879 Adjustments to calculate EPRA earnings (594,233) (i) changes in value of investment properties (641,166) (ii) gain/(losses) on disposal of assets (6,815) (iii) absorption of revaluation on investment properties - (iv) one-off taxes 53,629 (v) share in equity method investees (92,650) (vi) negative difference in business combination 20,523 (vii) changes in fair value of financial instruments and cancellation costs 76,444 (viii) impairment of fiscal credit - (ix) gain/(losses) on disposal of financial instruments (4,198) Minority interests in respect of previous adjustments - EPRA net earnings pre-specific adjustments 260,646 EPRA net earnings per share pre-specific adjustments (weighted) 0.55 EPRA net earnings per share pre-specific adjustments 0.55 Company specific adjustments: 26,211 (i) LTIP provision 43,435 (ii) non overhead general expenses 5,018 (iii) one-off service fees (22,242) Minority interests in respect of previous adjustments - EPRA net earnings post-specific adjustments 286,857 EPRA net earnngs per share post-specific adjustments (weighted) 0.61 EPRA net earnngs per share post-specific adjustments 0.61 (€ thousand) Equity in balance sheet 6,401,836 Derivatives Mark-to-market 39,807 Deferred taxes Mark-to-market: 578,149 Deffered tax assets (88,415) Deffered tax liabilities 666,563 Cost of debt (95,799) Revaluations not recorded in the financial statements 31,874 Adjustment in tangible assets 339 Adjustment in equity method 31,535 EPRA NAV 6,955,867 Shares 469,770,750 EPRA NAV/ share 14.81