MERLIN Properties Annual Report 2022

| 39 CONSOLIDATED INCOME STATEMENT Financial statements Net Leases have been reclassified as discontinued operations in FY22 and FY21 results have been restated. As a consequence, the attributable result is included within “Result from discontinued operations” in the bottom line of the profit and loss account (€ thousand) 31/12/2022 31/12/2021 Gross rents 452,842 419,688 Offices 242,716 228,560 Logistics 73,563 65,950 Shopping centers 123,840 114,894 Other 12,723 10,286 Other income 7,881 6,787 Total Revenues 460,723 426,475 Incentives (24,688) (17,731) Covid-19 relief - (24,867) Total Operating Expenses (107,838) (106,144) Propex (49,276) (48,643) Personnel expenses (35,659) (29,129) Opex general expenses (16,446) (14,262) Opex non-overheads (2,443) (2,612) LTIP Provision (4,014) (11,498) ACCOUNTING EBITDA 328,197 277,733 Depreciation (1,885) (1,858) Gain / (losses) on disposal of assets 11,561 (1,900) Provisions (160) 1,169 Change in fair value of investment property (249,272) 195,497 EBIT 88,441 470,641 Net financial expenses (91,532) (101,234) Debt amortization costs (13,729) (9,803) Gain / (losses) on disposal of financial instruments (283) (1,347) Change in fair value of financial instruments 41,226 10,352 Share in earnings of equity method instruments 24,033 34,560 PROFIT BEFORE TAX 48,156 403,169 Income taxes (6,800) (7,809) PROFIT (LOSS) FOR THE PERIOD RECURRING OPERATIONS 41,356 395,360 Result from discontinued operations 221,731 116,857 Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 263,087 512,217