MERLIN Properties Annual Report 2019 / English

| 89 EPRA EARNINGS EPRA NAV EPRA METRICS (€ thousand) Notes Consolidated net profit in accordance with IFRS 563,639 Adjustments to calculate EPRA earnings (299,543) (i) changes in value of investment properties 7 and consolidated income statement (352,936) (ii) gain/(losses) on disposal of assets 7 19,063 (iii) absorption of revaluation on investment properties - (iv) non recurring taxes n.a 21,041 (v) share in equity method investees n.a (4,053) (vi) difference in business combination 3 2,866 (vii) changes in fair value of financial instruments and cancellation costs 10 14,436 (viii) impairment of fiscal credit - (ix) gain/(losses) on disposal of financial instruments Consolidated income statement 40 Minority interests in respect of previous adjustments - EPRA net earnings pre-specific adjustments 264,096 EPRA net earnings per share pre-specific adjustments 0.56 Company specific adjustments: 49,181 (i) LTIP provision 18 c 44,242 (ii) Opex non-overheads 18 b and c 4,939 EPRA net earnings post-specific adjustments 313,277 EPRA net earnings per share post-specific adjustments 0.67 (€ thousand) Notes Equity in balance sheet 13.5 6,708,700 Derivatives Mark-to-market 14 95,695 Deferred taxes Mark-to-market: 599,876 Deffered tax assets (87,778) 17 a Deffered tax liabilities 687,654 17 a Cost of debt 14.5 (107,109) Revaluations not recorded in the financial statements 33,511 Adjustment in tangible assets 357 n.a Adjustment in equity method 33,154 n.a EPRA NAV 7,330,673 Shares 13.1 469,770,750 EPRA NAV/ share 15.60