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Merlin Properties, Socimi, S.A MERLIN PROPERTIES, SOCIMI, S.A. Consolidated Financial Statements for the period ended 31 December 2017, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, and Directors' Report, together with Independent Auditor's Report Translation ofa report originally issued in Spanish based on our work peiformed in accordance with the audit regulations in force in Spain and offinancial statements originally issued in Spanish and prepared in accordance with the regulatory framework applicable to the Group (see Notes 2 and 27). In the event of a discrepancy, the Spanish-language version prevails. Deloitte, S.L. Plaza Pablo Ruiz Picasso, 1 Torre Picasso 28020 Madrid España Tel: +34 915 14 50 00 Fax: +34 915 14 51 80 www.deloitte.es Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain. In the event of a discrepancy, the Spanish-language version prevails. INDEPENDENT AUDITOR'S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS To the Shareholders of Merlin Properties SOCIMI, S.A., Report on the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Merlin Properties SOCIMI, S.A. (the Parent) and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2017, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and notes to the consolidated financial statements for the year then ended. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated equity and consolidated financial position of the Group as at 31 December 2017, and its consolidated results and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRSs) and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain. Basis for Opinion We conducted our audit in accordance with the audit regulations in force in Spain. Our responsibilities under those regulations are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements, including those pertaining to independence, that are relevant to our audit of the consolidated financial statements in Spain pursuant to the audit regulations in force. In this regard, we have not provided any services other than those relating to the audit of financial statements and there have not been any situations or circumstances that, in accordance with the aforementioned audit regulations, might have affected the requisite independence in such a way as to compromise our independence. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Deloitte, S.L. Inscrita en el Registro Mercantil de Madrid, tomo 13.650, sección 8ª, folio 188, hoja M-54414, inscripción 96ª. C.I.F.: B-79104469. Domicilio social: Plaza Pablo Ruiz Picasso, 1, Torre Picasso, 28020, Madrid. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Compliance with the REIT tax regime Description Procedures applied in the audit On 22 May 2014, the Parent applied to be Our audit procedures included, among included in the REIT (Spanish “SOCIMI”) others, the review of the design and tax regime, which was applicable from 1 implementation of the relevant controls January 2014. Therefore, in 2017 the that mitigate the risks associated with Merlin Properties SOCIMI, S.A. and compliance with the REIT tax regime, as Subsidiaries Group was regulated by well as tests to verify that the Spanish Real Estate Investment Trusts aforementioned controls operate (SOCIMI) Law 11/2009, of 26 October, effectively. amended by Law 16/2012, of 27 December. One of the main characteristics Group management furnished us with the of companies of this nature is that they calculations performed in relation to are subject to an income tax rate of 0%. compliance with the obligations associated with this tax regime, together with the The REIT tax regime is conditional upon related supporting documentation, and we compliance with certain relatively complex involved internal experts from the tax rules that require the use of significant area to assist in the analysis of the judgements and estimates by reasonableness of the information management of the Parent, since the obtained, as well as the completeness obligations under this regime include, inter thereof in relation to all the aspects alia, certain investment requirements and provided for in the legislation in force at requirements in relation to the nature of the analysis date. the revenue obtained, to the length of time for which property assets must be We also verified that Notes 1, 19 and 25 held and to the distribution of dividends. to the consolidated financial statements for 2017 contain the disclosures relating to Compliance with the REIT regime is a key compliance with the conditions required by matter in our audit because the the REIT tax regime and other matters applicability of this regime is the basis of associated with the taxation of the Parent its business model given the material and of its subsidiaries. impact of the tax exemption on the consolidated financial statements and on the returns of the shareholders. - 2 - Valuation of investment property Description Procedures applied in the audit The Group manages a portfolio of urban Our audit procedures included, among property assets earmarked for lease others, the review of the design and (offices, shopping centres, logistics implementation of the relevant controls facilities, etc.) located in Spain and that mitigate the risks associated with the Portugal. Investment property is stated at valuation of investment property, as well its fair value at the reporting date and is as tests to verify that the aforementioned not depreciated. At 31 December 2017, controls operate effectively. In particular, the portfolio of property assets was valued those used by the directors to supervise at EUR 10,352 million. and approve the hiring of and work performed by the experts engaged for this The Group periodically uses third parties purpose, and to ensure no influence is independent of the Group as experts to exercised over the result of the work determine the fair value of its property performed by those experts. assets. The aforementioned experts have substantial experience in the markets in We obtained the valuation reports of the which the Group operates and employ experts hired by the Group to value the valuation methodologies and standards entire real estate portfolio and assessed widely used in the market. the competence, capability and objectivity of the experts and the adequacy of their The valuation of the real estate portfolio is work for use as audit evidence. In this a key audit matter, since it requires the connection, with the cooperation of our use of estimates with a significant degree internal valuation experts, we: of uncertainty. Specifically, the discounted cash flow method is generally applied to • analysed and concluded on the the valuation of the rental property assets, reasonableness of the valuation which requires estimates of: procedures and methodology used by the experts hired by Group • the future net revenue from each management; property based on available historical information and market surveys; • performed, on a sample of assets chosen on a selective basis, an • the internal rate of return or independent valuation taking into opportunity cost used when consideration the information available discounting; on the industry and transactions with • the residual value of the assets at the property assets similar to those in the end of the projection period (the exit real estate portfolio owned by the yield). Company. Furthermore, we performed substantive analytical procedures and In addition, small percentage changes in analysed those assets whose variation the key assumptions used for the might imply an atypical characteristic valuation of the property assets could give with respect to the available market rise to significant changes in the information and the other real estate consolidated financial statements. assets, - 3 - Valuation of investment property Description Procedures applied in the audit • assessed, in conjunction with our internal experts, the most significant risks, including the occupancy rates and expected returns on the real estate assets. We also analysed and concluded on the suitability of the disclosures made by the Group in relation to these matters, which are included in Note 9 to the consolidated financial statements for 2017. Other Information: Consolidated Directors' Report The other information comprises only the consolidated directors' report for 2017, the preparation of which is the responsibility of the Parent's directors and which does not form
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