Euronext - 2019 Universal Registration Document

Financial Statements

Consolidated Statement of Changes in Equity

NOTE 40 EVENTS AFTER THE REPORTING PERIOD

€65.4 million. With the acquisition of Nord Pool, the second largest power market in Europe, Euronext diversifies its revenue mix by entering the power market, and reinforces its commodity franchise. This transaction also contributes to the Group’s ambition to grow its presence in the Nordic region and further strengthens Oslo as Euronext’s main hub in the Nordics. The Transmission System Operators (TSOs), formerly the sole owners, will retain a 34% stake in Nord Pool Group. Details of the purchase consideration, the preliminary net assets acquired and goodwill are reflected in the tables below:

The significant events that occurred between 31 December 2019 and the date of this report that could have a material impact on the economic decisions made based on these Financial Statements are listed below: Acquisition of Nord Pool Group On 15 January 2020, Euronext completed the acquisition of 66% of the share capital and voting rights of the Nord Pool Group, after receiving regulatory approvals, for a cash consideration of

PURCHASE CONSIDERATION

Fair value

In thousands of euros

Cash paid

65,429 65,429

TOTAL PURCHASE CONSIDERATION

The preliminary purchase price allocation yielded the following results:

Preliminary calculation Fair Value(a)

In thousands of euros

Assets Property, plant and equipment

549

Right-of-use assets Other intangible assets Deferred tax assets

2,272 2,036

162

Derivatives financial instruments Trade and other receivables Cash and cash equivalents Liabilities Non-current lease liabilities Post-employment benefits Current income tax liabilities Trade and other payables Net identifiable assets acquired Less: non-controlling interest Current lease liabilities

12

95,330 163,316

(1,547)

(278) (727)

(1,900)

(229,694) 29,531 (10,041) 45,939

8

Add: Goodwill

TOTAL PURCHASE CONSIDERATION 65,429 (a) The valuation of the net identifiable assets had not been completed by the date these Consolidated Financial Statements were authorized for issuance by Euronext N.V.’s Supervisory Board, as the transaction was only closed in the first quarter of 2020. It is expected that all line items, except for cash and cash equivalents, may need to be subsequently adjusted, with a corresponding adjustment to Goodwill.

Non-controlling interest The Group has chosen to recognise the non-controlling interest at the proportionate share of the net assets acquired. As such, non- controlling interest on acquisition amounted to €10.0 million (34% of €29.5 million). Acquisition related costs Acquisition related costs of €2.0 million were expenses and recognised in professional services in profit or loss.

The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of Nord Pool Group, with those of the Group. The goodwill is not deductible for income tax purposes. Acquired receivables The fair value of trade and other receivables was €95.3 million, and included €89.9 million of trade receivables, which is not materially different to the gross contractual amount. None of the trade receivables have been impaired and it is expected that the full contractual amounts can be collected.

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2019 UNIVERSAL REGISTRATION DOCUMENT