Euronext - 2019 Universal Registration Document

Financial Statements

Consolidated Statement of Changes in Equity

36.2 Key Management Remuneration The other related parties disclosure relates entirely to the key management of Euronext, being represented by the Company’s Managing Board and Supervisory Board. The compensation expense recognised for key management is as follows:

2019 Managing Board Supervisory Board

Total

In thousands of euros

Short term benefits

(5,304)

(764)

(6,068)

(2,083)

-

(2,083)

Share-based payment costs (a)

Post-employment benefits

(138)

-

(138)

Termination benefits

-

-

-

(764)

(8,259)

TOTAL BENEFITS

(7,525)

(a) Share based payments costs are recognised in accordance with IFRS 2.

2018 Managing Board Supervisory Board

Total

In thousands of euros

Short term benefits

(4,601)

(642)

(5,243)

(1,374)

-

(1,374)

Share-based payment costs (a)

Post-employment benefits

(120)

-

(120)

Termination benefits

-

-

-

(642)

(6,737)

TOTAL BENEFITS

(6,095)

(a) Share based payments costs are recognised in accordance with IFRS 2.

NOTE 37 FINANCIAL RISK MANAGEMENT

37.1. 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.

As a result of its operating and financing activities, the Group is exposed to market risks such as interest rate risk, currency risk and credit risk. The Group has implemented policies and procedures designed to measure, manage, monitor and report risk exposures, which are regularly reviewed by the appropriate management and supervisory bodies. The Group’s central treasury team is charged with identifying risk exposures and monitoring and managing such risks on a daily basis. To the extent necessary and permitted by local regulation, the Group’s subsidiaries centralise their cash investments, report their risks and hedge their exposures in coordination with the Group’s central treasury team. The Group performs sensitivity analyses to determine the effects that may result from market risk exposures. The Group uses derivative instruments solely to hedge financial risks related to its financial position or risks that are otherwise incurred in the normal course of its commercial activities. The Group does not use derivative instruments for speculative purposes.

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2019 UNIVERSAL REGISTRATION DOCUMENT