MERLIN Properties Annual Report 2024

46 | Annual report | 2024 Notes (€ thousand) Earnings per IFRS income statement 283,759 Adjustments to calculate EPRA Earnings, exclude: (11,066) (i) Changes in value of investment properties, development properties held for investment and other interests Income statement (1,067) (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests Income statement 5,371 (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 n.a. - (v) Negative goodwill / goodwill impairment n.a. - (vi) Changes in fair value of financial instruments and associated close-out costs (1) n.a. (3,138) (vii) Acquisition costs on share deals and non-controlling joint venture interests n.a. - (viii) Adjustments related to funding structure n.a. - (ix) Adjustments related to non-operating and exceptional items n.a. - (x) Deferred tax in respect of EPRA adjustments n.a. (5,907) (xi) Adjustments (i) to (x) above in respect of joint ventures (unless already included under proportional consolidation) Income statement - (xii) Non-controlling interests in respect of the above (2) - (6,326) EPRA Earnings - 294,825 Basic average number of shares - 510,843,602 EPRA Earnings per Share (EPS) - 0.58 Company specific adjustments: - 16,007 (a) LTIP provision 18 c 2,804 (b) Opex non-overheads 18 b and c 6,109 (c) Debt formalization costs Income statement 8,081 (d) Amortization Income statement 4,350 (e) Provisions (surpluss)/deficit Income statement (5,337) Company specific Adjusted Earnings - 310,833 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.