MERLIN Properties Annual Report 2020 / English

42 | Annual Report | 2020 € million Notes Investment property 7 12,139.3 Derivatives (in non-current assets) 10 107.9 Equity method 9 434.1 Non current financial assets (1) n.a. 103.7 Non-current assets n.a. 0.9 Inventory n.a. 19.5 Total balance sheet items 12,805.4 IFRS-16 (concessions) 7 (32.0) Equity method adjustment n.a. 37.5 Non-current assets adjustment n.a. 0.3 Total valuation 12,811.1 € Thousand Long term Short term Total Financial debt 5,724,857 10,167 5,735,024 Loan arrangement costs (94,302) - (94,302) Debt interest expenses - 38,108 38,108 Mark-to-market of interest-rate hedging contracts 127,345 1,277 128,622 Other financial liabilities (i.e. legal deposits) 135,586 6,018 141,604 Total debt 5,893,486 55,570 5,949,056 NOTES TO THE CONSOLIDATED BALANCE SHEET FINANCIAL DEBT BREAKDOWN Fair value of the portfolio corresponds to the appraisal value delivered by CBRE, Savills and JLL as of 31 December 2020. The referred appraisal value is reflected in the following accounting Items: FINANCIAL DEBT (1) Includes DCN loan and Aedas stake.