MERLIN Properties Annual Report 2023

MERLIN Properties | 135 (€ m) Notes FY23 FY22 A GAV Section 4 Results Report 11,270 11,317 B Transaction costs n.a 299 292 C=A+B GAV + transaction costs 11,569 11,609 N Net debt Section 5 Results Report 4,050 3,792 D= N/C LTV 35.0% 32.7% E Net debt Section 5 Results Report 4,050 3,792 F Equity Balance sheet 6,539 6,849 G=E+F Total capital 10,589 10,641 H=E/G Leverage ratio 38.2% 35.6% I Financial debt Section 5 Results Report 4,526 4,239 J= K+L+M Cash and cash equivalents 477 447 K Cash Balance sheet 461 429 L Receivables - - M Treasury stock Balance sheet 15 17 N=I-J Net debt 4,050 3,792 J Cash and cash equivalents 477 447 O Undrawned credit facilities 14.1 832 1,409 P= J+O Liquidity position 1,309 1,856