MERLIN Properties Annual Report 2022

MERLIN Properties | 53 (€ million) ZAL Port Tres Aguas Silicius Share of Material Associates (1) Include: Borrowings from financial institutions 147.0 71.2 285.3 157.7 Commercial paper - - - - Hybrids (including convertibles, preference shares, debt, options, perpetuals) - - - - Bond loans - - - - Foreign currency derivatives (futures, swaps, options and forwards) - - - - Net payables 17.8 1.1 1.7 9.5 Owner-occupied property (debt) - - - - Current accounts (equity characteristic) - - - - Exclude: Cash and cash equivalents (28.7) (5.0) (5.7) (17.4) Net Debt (a) 136.0 67.4 281.3 149.7 Include: Owner-occupied property - - - - Investment properties at fair value 647.3 145.2 717.1 514.2 Properties held for sale - - - - Properties under development - - - - Intangibles - - - - Net receivables - - - - Financial assets - - - - Total Property Value (b) 647.3 145.2 717.1 514.2 EPRA LTV METRIC: SHARE OF MATERIAL ASSOCIATES FY22 (1) Proportional share based on the ownership in each associate: ZAL Port (48.5%), Tres Aguas (50%) and Silicius (17.8%)