MERLIN Properties Annual Report 2023

54 | Annual report | 2023 (€ million) Proportionate consolidation Group as reported Share of Joint Ventures Share of Material Associates Non- controlling Interests Combined Include: Borrowings from financial institutions (1) 1,229.5 - 141.8 - 1,371.4 Commercial paper - - - - - Hybrids (including convertibles, preference shares, debt, options, perpetuals) - - - - - Bond loans (2) 3,321.0 - - - 3,321.0 Foreign currency derivatives (futures, swaps, options and forwards) - - - - - Net payables (3) 62.9 - (10.0) - 52.9 Owner-occupied property (debt) - - - - - Current accounts (equity characteristic) - - - - - Exclude: Cash and cash equivalents (461.2) - (12.1) - (473.3) Net Debt (a) 4,152.2 - 119.7 - 4,271.9 Include: Owner-occupied property (4) 1.2 - - - 1.2 Investment properties at fair value 10,639.8 - 529.3 - 11,169.1 Properties held for sale - - - - - Properties under development - - - - - Intangibles - - - - - Net receivables - - - - - Financial assets (5) 92.5 - - - 92.5 Total Property Value (b) 10,733.5 - 529.3 - 11,262.8 EPRA LTV (a/b) 38.7% - - - 37.9% Real Estate Transfer Taxs (RETTS) (c) 299.2 - 12.4 - 311.6 EPRA LTV (incl. RETTS) (a/(b+c)) 37.6% - - - 36.9% Company specific Property Value adjustments: 175.3 - - - 175.3 Crea MNN Stake (14.46%) (6) 175.3 - - - 175.3 Total Property Value including company specific adjustments (d) 10,908,7 - - - 11,438.1 Company specific EPRA LTV (a/d) 38.1% - - - 37.3% Company specific EPRA LTV (incl. RETTS) (a/(c+d)) 37.0% - - - 36.4% EPRA LTV METRIC FY23 (1) Including notional amount (€ 1,226.2m) and accrued interest (€ 3.3m). Please refer to Note 14 of the Annual Accounts for further details (2) Including notional amount (€ 3,300.0m) and accrued interest (€ 21.0m). Please refer to Note 4 of the Annual Accounts for further details (3) Considering the net result between payables (Trade and other payables, Other current liabilities, Other current financial liabilities and Current income tax liabilities) and receivables (Trade and other receivables, Inventories, Other current assets and Other current financial assets). Please note that accrued interests are included within borrowings from financial institutions and bond loans (4) Fair value of the owner-occupied property. Book value at amortized cost of € 0.9m and MtM adjustment of € 0.3m (5) Amortized cost of the loan granted to Desarrollos Urbanísticos Udra, S.A.U., secured against a 10% stake in Crea Madrid Nuevo Norte, S.A. Please refer to Note 10 of the Annual Accounts for further details (6) 14.46% in Madrid Crea Nuevo Norte, S.A. the developer of the largest urban planning project in Europe. Please refer to Note 9 of the Annual Accounts for further details Note: please refer to Note 9 of the Annual Accounts for further detail regarding minority stakes. MERLIN considers material associates the following companies: ZAL Port (Centro Intermodal de Logística, S.A.), Tres Aguas (Paseo Comercial Carlos III, S.A.) and Silicius (Silicius Real Estate SOCIMI, S.A.). Madrid Crea Nuevo Norte will be reclassified as a material associate upon execution of the purchase option of the land plots, which is expected to take place during 2024