Euronext - 2019 Universal Registration Document

Financial Statements 8

Consolidated Statement of Changes in Equity

2018

Range of inputs (probaility-

Relationship of unobservable inputs to fair value Increase decrease

Fair value at 31 December 2018

Unobservable inputs* Return on equity Expected dividend growth rate

weighted average)

In thousands of euros

7.5%–8.5% (8%)

Euroclear Plc

133,843

5,914

(6,653)

1%–2% (1.5%)

Return on equity

7.5%–8.5% (8%)

Sicovam Holding S.A.

54,508

2,214

(2,674)

Expected dividend growth rate

1%–2% (1.5%)

* There were no significant inter-relationships between unobservable inputs that materially affect fair value.

to Company Webcast B.V. (including a revaluation of €2.4 million in 2019 [2018: €0.8 million]) was estimated based on a multiple of earnings and the average of actual 2016 and 2019 EBITDA 3 . The fair value of the contingent consideration payable of €3.6 million related to InsiderLog AB (including a devaluation of €1.0 million in 2019 [2018: €0.4 million]) was estimated based on EBITDA 3 multiple. The fair value of the redemption liability of €22.2 million related to Company Webcast B.V. (including a revaluation of €12.0 million in 2019 [2018: €2.0 million]) was estimated based on a multiple of earnings and the 2019 EBITDA 3 . 35.2.4 Fair values of other financial instruments The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For these instruments the fair values approximate their carrying amounts.

The sensitivity analysis shows the impact on fair value using the most favorable combination (increase), or least favorable combination (decrease) of the unobservable inputs per investment in unlisted equity securities. Unlisted equity securities in Algomi Ltd. Based on the companies’ going-concern outlook, the Group considered the fair value of its investment in Algomi Ltd to be zero, and revaluated this investment downwards by €9.6 million accordingly, as per 31 December 2018. In 2019, fair value did not change for this investment. Contingent consideration payables and redemption liability The contingent consideration payable of €6.9 million related to Euronext FX (former FastMatch Inc.) was fully paid in 2019. The fair value of the contingent consideration payable of €5.0 million related

NOTE 36 RELATED PARTIES

36.1 Transactions with Related Parties The Group has related party relationships with its associates and joint ventures (as described in Note 7). Transactions with associates and joint ventures are generally conducted with terms equivalent

to arm’s length transactions. Transactions between subsidiaries are not included in the description as these are eliminated in the Consolidated Financial Statements. The interests in Group Companies are set out in Note 4.

The transactions with related parties and outstanding year-end balances are reported in the tables below:

2019 50,158 29,804

2018 55,668 30,208

In thousands of euros

Sales to related parties

Purchases from related parties

As at 31 December 2019

As at 31 December 2018

In thousands of euros

Receivables from related parties

2,191

3,472

Payables to related parties

381

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234

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2019 UNIVERSAL REGISTRATION DOCUMENT