MERLIN Properties Annual Report 2020 / English

| 81 EPRA EARNINGS EPRA METRICS (€ thousand) Notes Consolidated net profit in accordance with IFRS 56,358 Adjustments to calculate EPRA earnings 181,575 (i) changes in value of investment properties 7 86,112 (ii) gain/(losses) on disposal of assets Consolidated income statement 14,300 (iii) absorption of revaluation on investment properties - (iv) non recurring taxes n.a. (3,046) (v) share in equity method investees n.a. 19,791 (vi) difference in business combination 3 - (vii) changes in fair value of financial instruments and cancellation costs n.a. 64,356 (viii) impairment of fiscal credit - (ix) gain/(losses) on disposal of financial instruments Consolidated income statement 62 Minority interests in respect of previous adjustments - EPRA net earnings pre-specific adjustments 237,933 EPRA net earnings per share pre-specific adjustments 0.51 Company specific adjustments: 24,467 (i) LTIP provision 18 c 18,232 (ii) Opex non-overheads 18 b and c 6,235 EPRA net earnings post-specific adjustments 262,400 EPRA net earnings per share post-specific adjustments 0.56