Euronext - 2019 Universal Registration Document

Financial Statements 8

Consolidated Statement of Changes in Equity

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 investments

369,822 400,000

398,018 250,000 (508,685)

Available credit facilities

Financial debt NET POSITION

(1,018,277)

(248,455)

139,333

is able to support short term liquidity and operating needs through existing cash balance and its strong ability to generate adequate cash flow. The Group has generally access to debts markets, including bank facilities, and may be able to obtain additional debt or other sources of financing to finance its strategic development, provided that its financial risk profile allows it to do so.

The Group has a strong cash position. The liquidity of the group is further strengthened through the increase of available credit facilities, designed to service general corporate or M&A purposes. The Group reviews its liquidity and debt positions on an ongoing basis, and subject to market conditions and strategic considerations, may from time to time reexamine the debt structure of its debt and modify the maturity profile and the sources of financing. The Group

The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:

Maturity between 1 and 5 years

Maturity < 1 year

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

37.2. Interest rate risk Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed rates with an interest term of less than one year, except for the fixed rated Bonds #1 and #2, which have maturities of respectively seven years and ten years. The Group entered into interest rate swap contracts in order to hedge the interest rate risk inherent

to the fixed rate Bond #1. As a result, the Group exposed to fair value risk affecting fixed-rate financial assets and liabilities only through its fixed rate Bond #2. As at 31 December 2019, the Group had an aggregated notional of €500 million fixed-to-floating interest rate swaps outstanding in relation to the fair value hedge of the €500 million Bond #1.

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2019 UNIVERSAL REGISTRATION DOCUMENT