MERLIN Properties Annual Report 2021

MERLIN Properties | 91 (€ m) Notes FY21 FY20 A GAV Section 5 Results Report 13,041 12,811 B Transaction costs n.a 351 374 C=A+B GAV + transaction costs 13,392 13,185 N Net debt 5,247 5,268 D= N/C LTV 39.2% 39.9% E Net debt 5,247 5,268 F Equity Balance sheet 7,027 6,696 G=E+F Total capital 12,274 11,965 H=E/G Leverage ratio 42.7% 44.0% I Financial debt Section 5 Results Report 6,227 5,735 J= K+L+M Cash and cash equivalents 980 467 K Cash Balance sheet 867 256 L Receivables 19 81 157 M Treasury stock Balance sheet 32 54 N=I-J Net debt 5,247 5,268 J Cash and cash equivalents 980 467 O Undrawned credit facilities 14.1 831 786 P= J+O Liquidity position 1,811 1,253