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Merlin Properties SOCIMI, S.A. and Subsidiaries

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Merlin Properties SOCIMI, S.A. and Subsidiaries Merlin Properties SOCIMI, S.A. and Subsidiaries Consolidated Financial Statements for the year ended 31 December 2018 prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Consolidated Directors’ Report. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with regulatory financial reporting framework applicable to the Group in Spain (see Notes 2 and 26). In the event of a discrepancy, the Spanish-language version prevails. MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 (Thousand euros) ASSETS Notes 31/12/2018 31/12/2017 EQUITY AND LIABILITIES Notes 31/12/2018 31/12/2017 NON-CURRENT ASSETS EQUITY: Note 14 Concession projects Note 7 - 242,166 Share capital 469,771 469,771 Other intangible assets 941 584 Share premium 3,858,624 3,970,842 Property, plant and equipment 3,267 3,879 Reserves 1,416,773 330,232 Investment property Note 8 11,740,461 10,352,415 Other equity holder contributions 540 540 Investments accounted for using the equity method Note 10 169,133 371,408 Valuation adjustments (36,906) (35,806) Non-current financial costs Note 11 212,248 275,882 Treasury shares (68,322) (24,881) Derivatives 123,087 207,274 Interim dividend (93,522) (93,457) Other financial assets 89,161 68,608 Profit for the period attributable to equity holders of the Parent 854,878 1,100,418 Deferred tax assets Note 18 88,415 144,127 Equity attributable to equity holders of the Parent 6,401,836 5,717,659 Total non-current assets 12,214,465 11,390,461 Non-controlling interests - 6,124 Total equity 6,401,836 5,723,783 NON-CURRENT LIABILITIES: Debt instruments and other marketable securities Note 15 3,225,540 3,221,317 Non-current bank borrowings Note 15 1,932,468 2,032,678 Other financial liabilities Note 16 113,297 88,194 Deferred tax liabilities Note 16 y 18 666,563 592,418 Provisions Note 16 56,441 72,382 Total non-current liabilities 5,994,309 6,006,989 CURRENT LIABILITIES: Provisions Note 16 867 867 CURRENT ASSETS Debt instruments and other marketable securities Note 15 34,007 34,007 Inventories 1,286 1,997 Bank borrowings Note 15 42,802 144,191 Trade and other receivables Notes 11 y 12 167,481 78,533 Other current financial liabilities Note 16 6,175 18,807 Other current financial assets Note 11 8,888 73,454 Trade and other payables Note 17 69,383 65,484 Other current assets 11,552 6,558 Current tax liabilities Notes 18 16,036 1,762 Cash and cash equivalents Note 13 169,025 454,036 Other current liabilities Note 16 7,282 9,149 Total activo corriente 358,232 614,578 Total current liabilities 176,552 274,267 TOTAL ASSETS 12,572,697 12,005,039 TOTAL EQUITY AND LIABILITIES 12,572,697 12,005,039 The accompanying explanatory Notes 1 to 26 and Appendix I are an integral part of the consolidated statement of financial position as at 31 December 2018. 1 Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain (see Notes 2 and 26). In the event of a discrepancy, the Spanish-language version prevails. MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED ON DECEMBER 31 2018 (Thousand euros) Previous Current Period Period Notes 2018 2017 CONTINUING OPERATIONS: Revenue Notes 6 y 19 590,431 463,294 Other operating income 6,978 4,289 Personal expenses Note 19.c (73,941) (71,759) Other operating expenses Note 19.b (56,274) (51,994) Gains/(losses) on disposals of assets Note 8 6,815 236 Depreciation and amortisation (1,572) (10,379) Provision surpluses 13,554 (3,791) Impairment of goodwill: - (9,839) Absorption of the revaluation of investment property - (9,839) Change in fair value of investment property Note 8 629,184 897,401 Negative difference on business combinations Note 3 (20,523) (1,775) PROFIT/(LOSS) FROM ORDINARY ACTIVITIES 1,094,652 1,215,683 Change in fair value of financial instruments (80,750) 2,576 Change in fair value of financial instruments - Embedded derivative Note 11 (61,960) 92 Change in fair value of financial instruments - Other Notes 11 y 16 (18,790) 2,484 Finance income Note 19.d 511 468 Gains or losses on disposals of financial instruments 4,198 1,050 Finance expenses Note 19.d (115,503) (122,541) Share in profit/(loss) of companies accounted for using the equity method Note 10 9,916 16,233 PROFIT/(LOSS) BEFORE TAX 913,024 1,113,469 Income tax Note 18 (58,146) (12,941) PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 854,878 1,100,528 Attributable to shareholders of the Parent 854,878 1,100,418 Attributable to non-controlling interests Note 14 - 110 EARNINGS PER SHARE (in euros) 1.83 2.35 BASIC EARNINGS PER SHARE (in euros) 1.83 2.35 DILUTED EARNINGS PER SHARE (in euros) 1.82 - The accompanying explanatory Notes 1 to 26 and Appendix I are an integral part of the consolidated statement of profit or loss for the period ended December 31 2018 MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED DECEMBER 31 2018 (Thousand euros) Current Previous Period Period Notes 2018 2017 PROFIT/(LOSS) FOR THE PERIOD (I) 854,878 1,100,528 OTHER COMPREHENSIVE INCOME: Income and expenses recognised directly in equity- From cash flow hedges (19,618) 4,184 From translation differences OTHER COMPREHENSIVE INCOME RECOGNISED DIRECTLY IN EQUITY (II) (19,618) 4,184 Amounts transferred to income statement 18,518 7,592 TOTAL AMOUNTS TRANSFERRED TO INCOME STATEMENT (III) 18,518 7,592 TOTAL COMPREHENSIVE INCOME (I+II+III) 853,778 1,112,304 Attributable to equity holders of the Parent 853,778 1,112,194 Attributable to non-controlling interests - 110 The accompanying explanatory Notes 1 to 26 and Appendix I are an integral part of the consolidated statement of comprehensive income for the period ended December 31 2018 2 MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31 2018 (Thousand euros) Equity Non- Total Share Share Reserves Shareholder Profit / (loss) Interim Valuation Translation Treasury attributed to the controlling Equity capital premium contributions for the year dividend adjustments differences shares Parent Company intersts Balances as of 31 December 2016 469,771 4,017,485 (143,537) 540 582,645 (59,759) (47,582) - (105) 4,819,458 21,311 4,840,769 Consolidated comprehensive profit/(loss) 2017 - - - - 1,100,418 - 11,776 - 1,112,194 110 1,112,304 Distribution of 2016 profit - - 522,886 - (582,645) 59,759 - - - - - - Transactions with shareholders- Distribution of dividends (46,643) (47,310) - - (93,457) - - - (187,410) - (187,410) Changes in perimeter - - 648 - - - - - 648 (15,297) (14,649) Acquisition of treasury shares - - - - - - - (35,393) (35,393) - (35,393) Recognition of share-based payments - - 15,738 - - - - - 15,738 - 15,738 Delivery of shares - 2016 stock plan - - (19,660) - - - - - 10,617 (9,043) - (9,043) Other transactions - - 1,467 - - - - - - 1,467 - 1,467 Balances as of 31 December 2017 469,771 3,970,842 330,232 540 1,100,418 (93,457) (35,806) - (24,881) 5,717,659 6,124 5,723,783 NIIF 9 - Transition impact - - 30,592 - - - - - - 30,592 - 30,592 NIIF 16 - Transition impact - - 39,756 - - - - - - 39,756 - 39,756 Balances as of 1 January 2018 469,771 3,970,842 400,580 540 1,100,418 (93,457) (35,806) - (24,881) 5,788,007 6,124 5,794,131 Consolidated comprehensive profit/(loss) 2018 - - - - 854,878 - (1,100) - - 853,778 - 853,778 Distribution of 2017 profit - - 1,006,961 - (1,100,418) 93,457 - - - - - - Transactions with shareholders- - Distribution of dividends - (112,218) (9,624) - - (93,522) - - - (215,364) - (215,364) Acquisition of trasury shares - - - - - - - - (56,048) (56,048) - (56,048) Recognition of share-based payments - - 48,255 - - - - - - 48,255 - 48,255 Delivery of shares - 2016 stock plan - - (24,340) - - - - - 12,607 (11,733) - (11,733) Other transactions (Note 3) - - (5,059) - - - - - - (5,059) (6,124) (11,183) Balances as of 31 December 2018 469,771 3,858,624 1,416,773 540 854,878 (93,522) (36,906) - (68,322) 6,401,836 - 6,401,836 The accompanying explanatory Notes 1 to 26 and Appendix I are an integral part of the consolidated statement of changes in equity as of 31 December 2018 3 MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED DECEMBER 31 2018 (Thousand euros) Current Previous Period Period Notes 2018 2017 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES: 254,437 695,830 Profit/(loss) for the period before tax 913,024 1,113,469 Adjustments for- (498,170) (712,741) Depreciation and amortisation 1,572 10,379 Changes in fair value of investment property Note 8 (629,184) (897,401) Changes in provisions 45,153 61,685 Gains/(losses) on disposals of assets (11,013) (1,286) Finance income (511) (468) Finance expenses 115,503 122,541 Changes in fair value of financial instruments 80,750 (2,576) Share in profit/(loss) of investments accounted for using the equity method Note 10 (9,916) (16,233) Impairment of goodwill - 9,839 Other income and expenses (111,047) (996) Negative difference on business combinations 20,523 1,775 Changes in working capital- (30,027) 403,473 Inventories (711) (941) Trade and other receivables 27,093 461,206 Other current assets (5,598) 749 Trade and other payables (8,980) (51,328) Other assets and liabilities (41,831) (6,214) Other cash flows
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