Euronext - 2019 Universal Registration Document

Operating and financial review 7 Overview

Liquidity Risk The Group would be exposed to a liquidity risk in the case where its short-term liabilities become, at any date, higher than its cash, cash equivalents, short-term financial investments and available bank facilities and in the case where the Group is not able to refinance this liquidity deficit, for example, through new banking lines. Cash, cash equivalents and short-term financial investments are managed as a global treasury portfolio invested in non-speculative financial instruments, readily convertible to cash, such as bank balances, money market funds, overnight deposits, term deposits and other money market instruments, thus ensuring a very high liquidity of the financial assets. The Group’s policy is to ensure that cash, cash equivalents and available bank facilities allow the Group to repay its financial liabilities at all maturities, even disregarding incoming cash flows generated by operational activities, excluding the related party loans granted by the Group’s subsidiaries to its Parent.

2019 and 2018. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €1.5 million based on the positions at 31 December 2019 (2018: €1.3 million). The Group was a net lender in Pound Sterling at 31 December, 2019 and 2018. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/ decrease of the rate would not have had a material impact on the net interest income based on the positions at 31 December, 2019 and 2018. The Group was a net lender in US Dollar at 31 December, 2019 and 2018. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would not have had a material impact on net interest income based on the positions at 31 December, 2019 and 2018. The Group was a net lender in Norwegian Kroner at 31 December 2019. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €0.3 million based on the positions at 31 December 2019.

The net position of current financial assets, financial liabilities and available credit facilities, excluding working capital items, as of 31 December 2019 and 2018 is described in the table below:

2019

2018

In thousands of euros

Cash, cash equivalents and short term financial investments

369,822

398,018

Available credit facilities

400,000

250,000

Financial debt

(1,018,277)

(508,685)

139,333

NET POSITION

(248,455)

The movement in financial debt primarily relates to the issuing of a second €500 million Bond (“Senior Unsecured Note #2”) in June 2019, whereas the increase in available credit facilities was due to a supplemental agreement in April 2019. References are made to section 5.1.10 for more details on the Bond #2 and the supplemental agreement.

Maturity < 1 year

Maturity between 1 and 5 years

Maturity > 5 years

Total

In thousands of euros

2019 Trade and other payables

117,298

-

-

117,298

Other current financial liabilities

30,675

-

-

30,675

10,625

42,500

1,033,125

1,086,250

Borrowings

Lease liabilities

13,970

40,000

1,180

55,150

Other non-current financial liabilities

-

-

-

-

2018 Trade and other payables

115,332

-

-

115,332

Other current financial liabilities

6,986

-

-

6,986

Borrowings

5,000

20,000

510,000

535,000

Other non-current financial liabilities

-

17,400

-

17,400

164

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2019 UNIVERSAL REGISTRATION DOCUMENT