MERLIN Properties Annual Report 2022

42 | Annual report | 2022 € million Notes Investment property 7 10,714.2 Equity method (1) 9 491.0 Non current financial assets (2) n.a. 91.0 Non-current assets n.a. 0.9 Inventory (3) n.a. 6.7 Total balance sheet items 11,303.9 IFRS-16 (concessions) n.a. (37.2) Equity method adjustment n.a. 50.3 Non-current assets adjustment (4) n.a. 0.3 Total valuation 11,317.3 € Thousand Long term Short term Total Financial debt 3,494,256 744,517 4,238,773 Loan arrangement costs (25,057) (116) (25,173) Debt interest expenses - 33,431 33,431 Mark-to-market of interest-rate hedging contracts - 11 11 Other financial liabilities (i.e. legal deposits) 156,398 9,020 165,418 Total debt 3,625,598 786,862 4,412,460 Fair value of the portfolio corresponds to the appraisal value delivered by CBRE, Savills and JLL as of 31 st December 2022. The referred appraisal value is reflected in the following accounting Items: FINANCIAL DEBT (1) Including Silicius at amortized cost (€ 86.6m) 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 € 37.7m as of FY22 (4) MtM of the non-current assets NOTES TO THE CONSOLIDATED BALANCE SHEET FINANCIAL DEBT BREAKDOWN