MERLIN Properties Annual Report 2021

| 37 CONSOLIDATED INCOME STATEMENT Financial statements (€ thousand) 31/12/2021 31/12/2020 Gross rents 505,319 503,448 Offices 228,560 233,215 Logistics 65,950 58,848 Shopping centers 114,894 114,374 Net Leases 85,631 86,513 Other 10,286 10,498 Other income 6,787 5,180 Total Revenues 512,106 508,628 Incentives (17,989) (15,651) Covid-19 relief (24,867) (46,735) Total Operating Expenses (106,132) (105,294) Propex (48,631) (47,194) Personnel expenses (29,129) (21,489) Opex general expenses (14,262) (12,144) Opex non-overheads (2,612) (6,235) LTIP Provision (11,498) (18,232) ACCOUNTING EBITDA 363,118 340,948 Depreciation (1,858) (1,614) Gain / (losses) on disposal of assets 4,057 (14,300) Provisions 1,169 (30) Change in fair value of investment property 177,008 (84,468) EBIT 543,494 240,536 Net financial expenses (115,992) (127,360) Debt amortization costs (14,987) (18,906) Gain / (losses) on disposal of financial instruments (1,347) (62) Change in fair value of financial instruments 73,070 (35,152) Share in earnings of equity method instruments 34,560 (3,444) PROFIT BEFORE TAX 518,797 55,612 Income taxes (6,581) 746 PROFIT (LOSS) FOR THE PERIOD 512,217 56,358 Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 512,217 56,358