MERLIN Properties Annual Report 2023

42 | Annual report | 2023 € million Notes Investment property 7 10,639.8 Equity method (1) 9 522.5 Non current financial assets (2) 10 92.5 Non-current assets n.a. 0.9 Inventory (3) n.a. 7.0 Total balance sheet items 11,262.6 IFRS-16 (concessions) n.a. (51.9) Equity method adjustment n.a. 58.5 Non-current assets adjustment (4) n.a. 0.3 Total valuation 11,269.6 € Thousand Long term Short term Total Financial debt 4,524,615 1,629 4,526,244 Loan arrangement costs (27,023) - (27,023) Debt interest expenses - 24,240 24,240 Mark-to-market of interest-rate hedging contracts 6,046 (375) 5,672 Other financial liabilities (i.e. legal deposits) 172,630 7,245 179,875 Total debt 4,676,269 32,739 4,709,008 Fair value of the portfolio corresponds to the appraisal value delivered by CBRE, Savills and JLL as of 31 st December. The referred appraisal value is reflected in the following accounting Items: FINANCIAL DEBT (1) Including Silicius at amortized cost (€ 78.3m) net of derivatives impact (2) Crea MNN loan (3) Net value paid by MERLIN. Excludes both amounts not paid yet and pre-sold inventory. Total inventory amounts to € 38.2m as of FY23 (4) MtM of the non-current assets NOTES TO THE CONSOLIDATED BALANCE SHEET FINANCIAL DEBT BREAKDOWN