MERLIN Properties Annual Report 2021

40 | Annual Report | 2021 € million Notes Investment property 7 12,297.3 Derivatives (in non-current assets) 7 167.1 Equity method 9 (1) 467.6 Non current financial assets (2) 10 89.3 Non-current assets n.a. 0.9 Inventory (3) n.a. 6.3 Total balance sheet items 13,028.4 IFRS-16 (concessions) 7 (34.8) Equity method adjustment n.a. 47.5 Non-current assets adjustment n.a. 0.4 Total valuation 13,041.5 € Thousand Long term Short term Total Financial debt 5,666,544 560,040 6,226,584 Loan arrangement costs (86,300) (467) (86,767) Debt interest expenses - 42,146 42,146 Mark-to-market of interest-rate hedging contracts 78,465 1,289 79,754 Other financial liabilities (i.e. legal deposits) 154,303 6,514 160,817 Total debt 5,813,012 609,522 6,422,534 Fair value of the portfolio corresponds to the appraisal value delivered by CBRE, Savills and JLL as of 31 st December 2021. The referred appraisal value is reflected in the following accounting Items: FINANCIAL DEBT (1) Including Silicius at amortized cost (€ 78.0m) net of derivatives impact (2) DCN loan (3) Net value paid by MERLIN. Excludes both amounts not paid yet and pre-sold inventory. Total inventory amounts to € 36.7m as of FY21 NOTES TO THE CONSOLIDATED BALANCE SHEET FINANCIAL DEBT BREAKDOWN