Euronext - 2019 Universal Registration Document

Operating and financial review 7 Overview

n Payment of contingent consideration payable and exercise of put option for remaining shares in Company Webcast B.V. During the first quarter of 2020, the Group paid the €5.0 million contingent consideration payable to Company Webcast B.V., as part of the 51% majority stake that was acquired on 14 February 2017. In addition, the minority shareholders exercised their put option for selling the remaining 49% of the shares in Company Webcast B.V. for an amount of €22.2 million. Consequently, the Group now has an ownership of 100% in Company Webcast B.V.

n Sale of investment in Algomi Ltd. During the first quarter of 2020, the Group entered into binding agreements to sell its 7.74% minority stake in Algomi Ltd. to BGC Partners. The transaction is expected to close in the course of 2020. The Group expects to receive net proceeds of approximately $3.0 million from the sale of its minority stake.

7.1.8

RESULTS OF OPERATIONS

Year ended 31 December 2019 compared to year ended 31 December 2018 and 31 December 2017 The table below sets forth Euronext’s results of operations for the years ended 31 December 2019, 2018 and 2017.

Year ended 31 December 2019 31 December 2018 31 December 2017

In thousands of euros

Revenue

679,108

615,033

532,294

Total revenue

679,108

615,033

532,294

Salaries and employee benefits

(153,145)

(118,488)

(104,363)

Depreciation and amortisation

(43,676)

(23,400)

(16,932)

Other operational expenses

(126,543)

(142,295)

(130,149)

Operating profit before exceptional items

355,744

330,850

280,850

Exceptional items

(21,871)

(21,474)

(14,787)

Operating profit

333,873

309,376

266,063

Finance costs

(11,851)

(5,481)

(3,553)

Change in fair value of financial liabilities

(13,275)

(3,200)

-

Other net financing income/(expense)

7,711

3,421

(47)

Results from equity investments

7,270

5,984

48,325

Share of net profit/(loss) of associates and joint ventures accounted for using the equity method, and impairments thereof

1,844

1,612

287

Profit before income tax

325,572

311,712

311,075

Income tax expense

(100,294)

(94,084)

(68,886)

PROFIT FOR THE YEAR

225,278

217,628

242,189

Profit attributable to: n Owners of the parent

221,966

215,968

241,297

n Non-controlling interests

3,312

1,660

892

154

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2019 UNIVERSAL REGISTRATION DOCUMENT