Euronext - 2019 Universal Registration Document

Financial Statements 8

Consolidated Statement of Changes in Equity

of these two amounts of required capital. As per 31 December 2019, Euronext Dublin complied with these requirements. Euronext Lisbon S.A. shall maintainminimum statutory share capital of €3.0 million and shall maintain minimum statutory equity of €6.0million. In addition, Euronext Lisbon’s liabilities must not exceed its own funds (basically the amount of equity). As per 31 December 2019, Euronext Lisbon complied with these requirements. Euronext London Ltd. shall maintain a minimum level of financial resources, of at least equal to six months of operating costs, to be able to properly perform its exchange functions. As per 31 December 2019, Euronext London Ltd. complied with these requirements. Euronext Paris S.A. shall maintain statutory regulatory equity at no less than 50% of its yearly expenses and a solvency ratio on operational risks at no less than 8%. As per 31 December 2019, Euronext Paris S.A. complied with these requirements. Interbolsa S.A. shall maintain minimum statutory share capital of €2.75 million and shall maintain minimum statutory equity of €5.5million. In addition, as a CSD, Interbolsa S.A. shall hold an amount of capital, including retained earnings and reserves, higher or equal to the sum of CSD’S capital requirements. As per 31 December 2019, Interbolsa S.A. complied with these requirements. Norwegian legislation stipulates requirements for Oslo Børs ASA and VPS ASA to maintain an adequate level of primary capital. In this context, primary capital comprises equity after deducting items including intangible assets such as system development costs and deferred tax assets. VPS must maintain primary capital equivalent to at least nine months of operating costs plus an adequate buffer amount. Dividend payments by VPS require approval of the Ministry of Finance. As per 31 December 2019, Oslo Børs ASA and VPS ASA complied with these requirements.

freely available reserves less the items listed in section 36 of Regulation (EU) no. 575/201. In deviation to mentioned formula, the value of the intangible fixed assets in connection with Mergers and Acquisitions will be deducted in 10 (default) or more equal instalments (grow in period) from the regulatory capital. Considering a consistent dividend policy, the grow in period can be extended if the P/E ratio would exceed 10 times. If the grow in period and the related dividend policy provide for a negative a regulatory capital for a limited number of years of the gown- in period, then this fact will not prevent the execution of the consistent and prudent dividend policy of the Group in those years. As per 31 December 2019, Euronext N.V. complied with these requirements. Euronext Amsterdam N.V. is subject to a minimum statutory capital requirement of €730 thousand, shall have a regulatory capital in the amount of 50% of the direct fixed cost of Euronext Amsterdam N.V. during the preceding financial year and in addition the cash and cash equivalents shall be higher than the required minimum regulatory capital to operate as an exchange in the Netherlands. As per 31 December 2019, Euronext AmsterdamN.V. was in compliance with these requirements. Euronext Brussels SA/NVshall maintain adequate financial resources at its disposal to ensure orderly functioning of the market. The law mentions that FSMA may, by a regulation, set financial ratios for market operators and determine which financial information they are required to provide. At this date, no quantitative requirements has ever been set either by a regulation or by the Financial Authority FSMA. Euronext Dublin shall at all time hold a minimum level of capital based on the Basic Capital Requirement and the Systematic Capital Add-on and maintain liquid financial assets at least equal to the sum

37.7. Changes in liabilities arising from financing activities The changes in liabilities arising from the Group’s financing activities in 2019 and 2018 were as follows:

Borrowings due within 1 year

Borrowings due after 1 year

Leases due within 1 year

Leases due after 1 year

Total liabilities from financing activity

In thousands of euros

As at 1 January 2018

203

164,682 331,595

- - - - - -

- - - - - -

164,885 330,952

Cash flows

(643)

-

7,999

7,999 4,185

Fair Value adjustments

Accrued interest

4,185

-

Amortisation and transfer of issue costs

-

665

665

As at 31 December 2018

3,745

504,941

508,686

Recognised on adoption of IFRS 16 (see Note 3)

-

-

11,092 11,092 (9,744)

45,125 45,125

56,217

As at 1 January 2019

3,745 (6,252)

504,941 448,251

564,904 432,255

-

Cash flows Acquisitions

65

45,956

1,543

5,149 1,440

52,713

Additions

- -

-

233

1,673

11,867

-

- - -

11,867

Fair Value adjustments

Accrued interest

9,303

-

555

9,858

Amortisation and transfer of issue costs

-

683

-

683

Foreign exchange impacts

(112)

(172)

22

(45)

(307) (220)

Other

-

-

10,270 13,970

(10,490) 41,180

AS AT 31 DECEMBER 2019

6,750

1,011,527

1,073,427

The line “Other” includes the effect of reclassification of non-current portion of lease liabilities to current due to the passage of time.

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2019 UNIVERSAL REGISTRATION DOCUMENT