MERLIN Properties Annual Report 2020 / English

40 | Annual Report | 2020 Gross rents (€ 503,448 thousand) less incentives of € 62,386 thousand equals to gross rents net of incentives of € 441,062 thousand. After deducting porfolio operating expenses not recharged to the tenants & collection loss (€ 47,194 thousand) the resulting amount is € 393,868 thousand of net rents. The total amount of operating expenses of the Company in the period is € 58,100 thousand, with the following breakdown: i. € 21,489 thousand correspond to personnel expenses. ii. € 12,144 thousand of opex general expenses. iii. € 18,232 thousand corresponding to the 2017-2019 long-term incentive plan (LTIP), already expired. iv. € 6,235 thousand of Opex non-overheads operating expenses. The reconciliation between gross rents of the period and FFO is as follows: NOTES TO THE CONSOLIDATED INCOME STATEMENT Gross rents Gross rents net of incentives Net rents after incentives and propex non rechargeable Other operating income Personnel expenses General expenses (opex) Net financial result, recurring taxes & other FFO EBITDA 503.4 441.1 393.9 262.4 365.4 5.2 (21.5) (12.1) (103.0) Incentives (62.4) Propex non recharged & Collection loss (47.2) (€ m)