MERLIN Properties Annual Report 2023

MERLIN Properties | 55 (€ million) ZAL Port Tres Aguas Silicius Share of Material Associates (1) Include: Borrowings from financial institutions 137.3 69.3 228.2 141.8 Commercial paper - - - - Hybrids (including convertibles, preference shares, debt, options, perpetuals) - - - - Bond loans - - - - Foreign currency derivatives (futures, swaps, options and forwards) - - - - Net payables (19.8) 1.2 (5.8) (10.0) Owner-occupied property (debt) - - - - Current accounts (equity characteristic) - - - - Exclude: Cash and cash equivalents (9.6) (7.4) (20.9) (12.1) Net Debt (a) 107.9 63.1 201.6 119.7 Include: Owner-occupied property - - - - Investment properties at fair value 743.9 123.3 600.4 529.3 Properties held for sale - - - - Properties under development - - - - Intangibles - - - - Net receivables - - - - Financial assets - - - - Total Property Value (b) 743.9 123.3 600.4 529.3 EPRA LTV METRIC: SHARE OF MATERIAL ASSOCIATES FY23 (1) Proportional share based on the ownership in each associate: ZAL Port (48.5%), Tres Aguas (50%) and Silicius (17.8%)