MERLIN Properties Annual Report 2020 / English

44 | Annual Report | 2020 MERLIN’s debt as of 31 December has an average cost of 2.12% (spot 1.80% plus derivatives cost). Nominal debt with interest rate hedged amounts to 99.8%. Key debt ratios are shown below: (€ million) 31/12/2020 31/12/2019 Gross financial debt 5,735 5,567 Cash and equivalents (1) (467) (385) Net financial debt 5,268 5,182 GAV 12,811 12,751 LTV 39.9% 39.5% Av. Interest rate 2.12% 2.09% Hedged debt 99.8% 99.5% Av. Maturity (years) 6.0 6.4 Liquidity (2 ) 1,253 1,200 Non-mortgage debt 86.7% 82.7% (1) Includes cash and treasury stock (€ 54.1m), Juno’s receivable (€ 70.0m) and Silicius receivable (€86.5m) in FY20 and cash, pending receivable of Juno (€ 70.0m) and treasury stock (€ 56.9m) in FY19. (2) Includes available cash plus pending receivable of Juno & Silicius, treasury stock and undrawn credit facilities (€ 786m RCF and EIB loan) in FY20 and available cash plus pending receivable of Juno, treasury stock and unused and undrawn credit facilities in FY19.