MERLIN Properties Annual Report 2023

50 | Annual report | 2023 Notes (€ thousand) Earnings per IFRS income statement (83,497) Adjustments to calculate EPRA Earnings, exclude: (362,184) (i) Changes in value of investment properties, development properties held for investment and other interests (1) Income statement (345,470) (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests Income statement (7,023) (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties. - (iv) Tax on profits or losses on disposals (2) n.a. (768) (v) Negative goodwill / goodwill impairment n.a. - (vi) Changes in fair value of financial instruments and associated close-out costs (3) n.a. (29,388) (vii) Acquisition costs on share deals and non-controlling joint venture interests n.a. - (viii) Deferred tax in respect of EPRA adjustments - (ix) Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation) Income statement - (x) Non-controlling interests in respect of the above (4) 20,465 EPRA Earnings 278,687 Basic number of shares 469,770,750 EPRA Earnings per Share (EPS) 0.59 Company specific adjustments: 5,551 (a) LTIP provision 18 2,804 (b) Opex non-overheads 18 2,747 Company specific Adjusted Earnings 284,239 Company specific Adjusted EPS 0.61 EPRA EARNINGS (1) Including the change in fair value of investment property, depreciation, and provisions (2) Deferred taxes that are not expected to have a cash impact in the short to mid term (3) Change in fair value of financial instruments (Consolidated income statement) + debt amortization costs (Consolidated income statement) + IFR16 adjustment (4) Difference between the share in earnings of equity method instruments (Consolidated income statement) and the attributable EPRA Earnings of the subsidiaries