MERLIN Properties Annual Report 2021

42 | Annual Report | 2021 Per share (€) € millon EPRA NTA 31/12/2020 15.46 7,263 NTA growth in 2021 0.65 304 EPRA NTA 31/12/2021 16.11 7,568 DPS 0.45 140 NTA growth + DPS (Shareholder Return) 1.10 444 Shareholder Return Rate 7.1% SHAREHOLDERS RETURN The Shareholder Return for a given period is equivalent to the sum of (a) the change in the EPRA NTA per share of the Company during such period; and (b) the total dividends per share (or any other form of remuneration or distribution to the Shareholders) that are paid in such period (the “Shareholder Return”). The Shareholder Return Rate is defined as the Shareholder Return for a given period divided by the EPRA NTA per share of the Company at the beginning of period (the “Shareholder Return Rate”). In accordance with these definitions, the Shareholder Return YTD for 2021 amounts to € 1.10 per share (or € 444m of value created in absolute terms) and the Shareholder Return Rate amounts to 7.1%. MERLIN’s debt as of 31 st December has an average cost of 2.07% (spot 1.76% plus derivatives cost). Nominal debt with interest rate hedged amounts to 100.0%. Key debt ratios are shown below: (€ million) 31/12/2021 31/12/2020 Gross financial debt 6,227 5,735 Cash and equivalents (1) (980) (467) Net financial debt 5,247 5,268 GAV 13,041 12,811 LTV 39.2% 39.9% Av. Interest rate 2.07% 2.12% Hedged debt 100.0% 99.8% Av. Maturity (years) 5.3 6.0 Liquidity (2) 1,811 1,253 Non-mortgage debt 87.9% 86.7% (1) Includes cash and treasury stock (€ 32.3m) and Silicius receivable (€ 81.0m) in FY21 and cash and treasury stock (€ 54.1m), Juno’s receivable (€ 70.0m) and Silicius receivable (€ 86.5m) in FY20 (2) Includes available cash plus pending receivable of Juno & Silicius, treasury stock and undrawned credit facilities (€ 831m RCF and EIB loan) in FY21 and available cash plus pending receivable of Juno & Silicius, treasury stock and undrawned credit facilities (€ 786m RCF and EIB loan) in FY20 Figures may not add up due to the rounding