MERLIN Properties Annual Report 2020 / English

| 39 CONSOLIDATED INCOME STATEMENT Financial statements (€ thousand) 31/12/20 31/12/19 Gross rents 503,448 525,918 Offices 233,215 243,431 Shopping centers 114,374 127,300 Logistics 58,861 53,796 Net Leases 86,513 86,962 Other 10,484 14,429 Other income 5,180 4,713 Total Revenues 508,628 530,631 Incentives (15,651) (14,393) Covid-19 relief (46,735) - Total Operating Expenses (105,294) (139,914) Propex (47,194) (48,263) Personnel expenses (21,489) (32,284) Opex general expenses (12,144) (10,186) Opex non-overheads (6,235) (4,939) LTIP Provision (18,232) (44,242) ACCOUNTING EBITDA 340,948 376,324 Depreciation (1,614) (2,123) Gain / (losses) on disposal of assets (14,300) (19,063) Provisions (30) 87 Change in fair value of investment property (84,468) 354,972 Difference on business combination - (2,866) EBIT 240,536 707,331 Net financial expenses (127,360) (112,415) Debt amortization costs (18,906) (3,163) Gain / (losses) on disposal of financial instruments (62) (40) Change in fair value of financial instruments (35,152) (11,068) Share in earnings of equity method instruments (3,444) 10,065 PROFIT BEFORE TAX 55,612 590,710 Income taxes 746 (27,071) PROFIT (LOSS) FOR THE PERIOD 56,358 563,639 Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 56,358 563,639