MERLIN Properties Annual Report 2022

44 | Annual report | 2022 Per share (€) € millon EPRA NTA 31/12/2021 16.11 7,567 NTA growth in 2022 (0.44) (205) EPRA NTA 31/12/2022 15.67 7,363 DPS paid in 2022 1.20 562 NTA growth + DPS (Shareholder Return) 0.76 357 Shareholder Return Rate 4.7% 4.7% 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 for 2022 amounts to € 0.76 per share (or € 357m of value created in absolute terms) and the Shareholder Return Rate amounts to 4.7%. MERLIN’s debt as of 31 st December has an average cost of 1.98% (spot 2.00% less derivatives cost). Nominal debt with interest rate hedged amounts to 99.6%. Key debt ratios are shown below: (€ million) 31/12/2022 31/12/2021 Gross financial debt 4,239 6,227 Cash and equivalents (1) (447) (980) Net financial debt 3,792 5,247 GAV 11,317 13,041 LTV (exc. TC) 32.7% 39.2% Av. Interest rate 1.98% 2.07% Hedged debt 99.6% 100.0% Av. Maturity (years) 4.9 (2) 5.3 Liquidity (3) 1,856 1,811 Non-mortgage debt 98.0% 87.9% (1) Includes cash and treasury stock (€ 17.2m) in FY22 and cash and treasury stock (€ 32.3m) and Silicius receivable (€ 81.0m) in FY21 (2) 5.8 years pro forma average maturity after refinancing the € 743m bond expiring in April 2023 (3) Includes available cash plus treasury stock and undrawned credit facilities (€ 1,409m RCF, new syndicated bank loan and EIB loan) in FY22 and cash plus pending receivable of Silicius, treasury stock and undrawned credit facilities (€ 831m RCF and EIB loan) in FY21