MERLIN Properties Annual Report 2019 / English

48 | Annual Report | 2019 MERLIN’s debt as of 31 December has an average cost of 2.09% (spot 1.79% plus derivatives cost). Nominal debt with interest rate hedged amounts to 99.5%. Key debt ratios are shown below: € million 31/12/2019 31/12/2018 Gross financial debt 5,567 5,252 Cash (1) (385) (350) Net financial debt 5,182 4,902 GAV 12,751 12,041 LTV 40.6% 40.7% Average cost 2.09% 2.13% Hedged debt (2) 99.5% 96.3% Average maturity (years) 6.4 5.9 Liquidity (3) 1,085 634 Non-mortgage debt 82.7% 81.3% (1) Including cash, pending receivable of Juno (€ 70.0m) and treasury stock (€ 56.9m) in 2019 and cash, pending receivable of Testa Residencial (€ 121.1m) and treasury stock (€ 56.0m) in 2018 (2) If RCF was excluded, the % hedged would increase to 99.1% in FY18 (3) Including available cash plus pending receivables (Juno in 2019 and Testa in 2018), treasury stock and unused credit facilities (€ 700m in 2019 and € 284m in 2018) Per share (€) € million EPRA NAV 31/12/2018 14.81 6,956 NAV growth in 2019 0.80 375 EPRA NAV 31/12/2019 15.60 7,331 DPS 0.50 232 NAV growth + DPS (Shareholder Return) 1.30 607 Shareholder Return Rate 8.8% 8.8% SHAREHOLDERS RETURN The Shareholder Return for a given year is equivalent to the sum of (a) the change in the EPRA NAV per share of the Company during such year; and (b) the total dividends per share (or any other form of remuneration or distribution to the Shareholders) that are paid in such year (the “Shareholder Return”). The Shareholder Return Rate is defined as the Shareholder Return for a given year divided by the EPRA NAV of the Company as of 31 December of the immediately preceding year (the “Shareholder Return Rate”). In accordance with these definitions, the Shareholder Return in 2019 amounts to € 1.30 per share (or € 607 million of value created in absolute terms) and the Shareholder Return Rate amounts to 8.8%.