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2019 Consolidated Financial Statements) and an Increase in Occupancy up to 94.8% (+140 Basis Points with Regard to 2018)

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2019 Consolidated Financial Statements) and an Increase in Occupancy up to 94.8% (+140 Basis Points with Regard to 2018) Merlin Properties SOCIMI, S.A. and Subsidiaries Consolidated Financial Statements for the year ended 31 December 2019, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Consolidated Management 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 25). In the event of a discrepancy, the Spanish-language version prevails 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 25). 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 2019 (Thousand euros) ASSETS Notes 31-12-19 31-12-18 EQUITY AND LIABILITIES notes 31-12-19 31-12-18 NON-CURRENT ASSETS EQUITY: Note 13 Other intangible assets 797 941 Share capital 469,771 469,771 Property, plant and equipment 11,683 3,267 Share premium 3,813,409 3,858,624 Investment property Note 7 12,169,157 11,740,461 Reserves 2,094,275 1,416,773 Investments accounted for using the equity method Note 9 346,973 169,133 Other equity holder contributions 540 540 Non-current financial assets Note 10 376,622 212,248 Valuation adjustments (83,135) (36,906) Derivatives 124,684 123,087 Treasury shares (56,860) (68,322) Other financial assets 251,938 89,161 Interim dividend (92,939) (93,522) Deferred tax assets Note 17 87,778 88,415 Profit for the period attributable to equity holders of the Parent 563,639 854,878 Total non-current assets 12,993,010 12,214,465 Equity attributable to equity holders of the Parent 6,708,700 6,401,836 Total equity 6,708,700 6,401,836 NON-CURRENT LIABILITIES: Debt instruments and other marketable securities Note 14 3,723,414 3,225,540 Non-current bank borrowings Note 14 1,817,788 1,932,468 Other financial liabilities Note 15 120,464 113,297 Deferred tax liabilities Note 15 y 17 687,654 666,563 Provisions Note 15 33,708 56,441 Total non-current liabilities 6,383,028 5,994,309 CURRENT LIABILITIES: Provisions Note 15 778 867 CURRENT ASSETS Debt instruments and other marketable securities Note 14 34,631 34,007 Inventories 221 1,286 Bank borrowings Note 14 18,326 42,802 Trade and other receivables Notes 10 y 11 30,263 167,481 Other current financial liabilities Note 15 6,576 6,175 Other current financial assets Note 10 7,723 8,888 Trade and other payables Note 16 144,732 69,383 Other current assets 20,498 11,552 Current tax liabilities Notes 17 1,113 16,036 Cash and cash equivalents Note 12 254,016 169,025 Other current liabilities Note 15 7,847 7,282 Total current assets 312,721 358,232 Total current liabilities 214,003 176,552 TOTAL ASSETS 13,305,731 12,572,697 TOTAL EQUITY AND LIABILITIES 13,305,731 12,572,697 The accompanying explanatory Notes 1 to 25 and Appendix I are an integral part of the consolidated statement of financial position as at 31 December 2019 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 25). 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 2019 (Thousand euros) Period Period Notes 2019 2018 CONTINUING OPERATIONS: Revenue Notes 6 y 18 514,853 590,431 Other operating income 2,799 6,978 Personal expenses Note 18.c (76,854) (73,941) Other operating expenses Note 18.b (64,473) (56,274) Gains/(losses) on disposals of assets Note 7 (19,063) 6,815 Depreciation and amortisation (2,123) (1,572) Provision surpluses 86 13,554 Impairment of goodwill: - - Absorption of the revaluation of investment property - Change in fair value of investment property Note 7 354,972 629,184 Negative difference on business combinations Note 3 (2,866) (20,523) PROFIT/(LOSS) FROM ORDINARY ACTIVITIES 707,331 1,094,652 Change in fair value of financial instruments (11,068) (80,750) Change in fair value of financial instruments - Embedded derivative Note 10 2,397 (61,960) Change in fair value of financial instruments - Other Notes 10 y 15 (13,465) (18,790) Finance income Note 18.d 664 511 Gains or losses on disposals of financial instruments (40) 4,198 Finance expenses Note 18.d (116,242) (115,503) Share in profit/(loss) of companies accounted for using the equity method Note 9 10,065 9,916 PROFIT/(LOSS) BEFORE TAX 590,710 913,024 Income tax Note 17 (27,071) (58,146) PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 563,639 854,878 Attributable to shareholders of the Parent 563,639 854,878 EARNINGS PER SHARE (in euros) 1.21 1.83 BASIC EARNINGS PER SHARE (in euros) 1.21 1.83 DILUTED EARNINGS PER SHARE (in euros) 1.20 1.82 The accompanying explanatory Notes 1 to 25 and Appendix I are an integral part of the consolidated statement of financial position as at 31 December 2019 MERLIN PROPERTIES SOCIMI, S.A. Y SOCIEDADES DEPENDIENTES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED ON DECEMBER 31 2019 (Thousand euros) Period Period Notes 2019 2018 PROFIT/(LOSS) FOR THE PERIOD (I) 563,639 854,878 OTHER COMPREHENSIVE INCOME: Income and expenses recognised directly in equity- From cash flow hedges (*) (57,470) (19,618) From translation differences OTHER COMPREHENSIVE INCOME RECOGNISED DIRECTLY IN EQUITY (II) (57,470) (19,618) Amounts transferred to income statement 11,241 18,518 TOTAL AMOUNTS TRANSFERRED TO INCOME STATEMENT (III) 11,241 18,518 TOTAL COMPREHENSIVE INCOME (I+II+III) 517,410 853,778 Attributable to equity holders of the Parent 517,410 853,778 (*) Amounts to be transferred to the profit and loss account in subsequent years The accompanying explanatory Notes 1 to 25 and Appendix I are an integral part of the consolidated statement of financial position as at 31 December 2019 2 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 25). In the event of a discrepancy, the Spanish - language version prevails. MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31 2019 (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 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 IFRS 9 Transition Impact - - 30,592 - - - - - - 30,592 - 30,592 IFRS 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 treasury 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 Consolidated comprehensive profit/(loss) 2019 - - - - 563,639 - (46,229) - - 517,410 - 517,410 Distribution of 2018 profit - - 761,356 - (854,878) 93,522 - - - - - - Transactions with shareholders- Distribution of dividends - (45,215) (94,193) - - (92,939) - - - (232,347) - (232,347) Acquisition of trasury shares - - - - - - - - (633) (633) - (633) Recognition of share-based payments - - 32,025 - - - - - - 32,025 - 32,025 Delivery of shares - 2016 stock plan and flexible retribution - - (21,686) - - - - - 12,095 (9,591) - (9,591) Balances as of 31 December 2019 469,771 3,813,409 2,094,275 540 563,639 (92,939) (83,135) - (56,860) 6,708,700 - 6,708,700 The accompanying explanatory Notes 1 to 25 and Appendix I are are an integral part of the consolidated statement of changes in equity as at 31 December 2019 3 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 25). In the event of a discrepancy, the Spanish - language version prevails. MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED DECEMBER 31 2019 (Thousand euros) Period Period Notes 2019 2018 CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES: 294,862 254,437 Profit/(loss) for the period before tax 590,710 913,024 Adjustments for- (159,858) (498,170) Depreciation and amortisation 2,123 1,572 Changes in fair value of investment property Note 7 (354,972) (629,184) Changes in provisions 60,150 45,153 Gains/(losses) on disposals of assets Notes 7 y 3 19,063 (11,013) Finance income (664) (511)
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