Euronext - 2020 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

The net position of current financial assets, financial liabilities and available credit facilities, excluding working capital items, as of 31 December, 2020 and 2019 is described in the table below:

2020

2019

In thousands of euros

Cash cash equivalents and short term investments

629,469 400,000

369,822 400,000

Available revolving credit facility (RCF)

Available bridge loan facility

4,400,000

–

Financial debt (long term and short term borrowings)

(1,280,753)

(1,018,277)

NET POSITION

4,148,716

(248,455)

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 re-examine the debt structure of its debt and modify the maturity profile and the sources of financing. The Group 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 €400 million revolving credit facility that can be used for general corporate or M&A purposes and €4.4 billion bridge loan facility dedicated solely for the acquisition of the Borsa Italiana Group (see Notes 2 and 29). As of 31 December 2020, the Group did not have any amounts drawn under either facility. Depending on closing of the Borsa Italiana Group transaction, the initial bridge loan facility financing will be replaced by long- term financing through a mix of (i) existing available cash, (ii) new debt and (iii) new equity to be issued, which comprises a private placement to long-term strategic investors CDP Equity S.p.A. and Intesa Sanpaolo S.p.A. and a rights offer to Euronext’s shareholders.

The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments , including principal - and interest amounts, expected throughout the life of the obligations:

Maturity between one

Maturity < 1 year

and five years Maturity > five years

Total

In thousands of euros

2020 Trade and other payables

185,837

–

–

185,837

Other current financial liabilities

521

–

–

521

Borrowings

13,548

553,750

783,750

1,351,048

Lease liabilities

15,900

33,468

1,583

50,951

Other non-current financial liabilities

–

–

–

–

2019 Trade and other payables

117,298

–

–

117,298

Other current financial liabilities

30,675

–

–

30,675

Borrowings

10,625

42,500

1,033,125

1,086,250

Lease liabilities

13,970

40,000

1,180

55,150

Other non-current financial liabilities

–

–

–

–

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 #one 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 is exposed to fair value risk affecting fixed-rate financial assets and liabilities only through its fixed rate Bond #2. As at 31 December 2020, 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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2020 UNIVERSAL REGISTRATION DOCUMENT