MERLIN Properties Annual Report 2022

MERLIN Properties | 135 (€ m) Notes FY22 FY21 A GAV Section 5 Results Report 11,317 13,041 B Transaction costs n.a 292 351 C=A+B GAV + transaction costs 11,609 13,392 N Net debt 3,792 5,247 D= N/C LTV 32.7% 39.2% E Net debt 3,792 5,247 F Equity Balance sheet 6,849 7,027 G=E+F Total capital 10,641 12,274 H=E/G Leverage ratio 35.6% 42.7% I Financial debt Section 5 Results Report 4,239 6,227 J= K+L+M Cash and cash equivalents 447 980 K Cash Balance sheet 429 867 L Receivables 81 M Treasury stock Balance sheet 17 32 N=I-J Net debt 3,792 5,247 J Cash and cash equivalents 447 980 O Undrawned credit facilities 14.1 1,409 831 P= J+O Liquidity position 1,856 1,811