MERLIN Properties Annual Report 2022

MERLIN Properties | 55 (€ million) ZAL Port Tres Aguas Silicius Share of Material Associates (1) Include: Borrowings from financial institutions 154.9 72.0 239.7 147.7 Commercial paper - - - - Hybrids (including convertibles, preference shares, debt, options, perpetuals) - - - - Bond loans - - - - Foreign currency derivatives (futures, swaps, options and forwards) - - - - Net payables 14.5 0.8 5.6 8.3 Owner-occupied property (debt) - - - - Current accounts (equity characteristic) - - - - Exclude: Cash and cash equivalents (7.9) (3.9) (10.4) (7.4) Net Debt (a) 161.5 68.9 234.9 148.6 Include: Owner-occupied property - - - - Investment properties at fair value 635.7 140.3 749.5 492.9 Properties held for sale - - - - Properties under development - - - - Intangibles - - - - Net receivables - - - - Financial assets - - - - Total Property Value (b) 635.7 140.3 749.5 492.9 EPRA LTV METRIC: SHARE OF MATERIAL ASSOCIATES FY21 (1) Proportional share based on the ownership in each associate