Euronext - 2020 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

37.7 Changes in Liabilities Arising From Financing Activities The changes in liabilities arising from the Group’s financing activities in 2020 and 2019 were as follows:

Borrowings due within one year

Borrowings due after one year

Leases due within one yea

Leases due after one year

Total liabilities from financing activity

In thousands of euros

As at 1 January 2019

3,746 (6,252)

504,941 448,251

11,092 (9,744)

45,125

564,904 432,255

Cash flows Acquisitions

–

65

45,956

1,543

5,149 1,440

52,713

Additions

– –

–

233

1,673

Fair Value adjustments

11,867

–

– – –

11,867

Accrued interest

9,303

–

555

9,858

Amortisation and transfer of issue costs

–

684

–

684

Foreign exchange impacts

(112)

(172)

21

(44)

(307) (220)

Other

–

–

10,270 13,970 (14,890)

(10,490) 41,180

As at 31 December 2019

6,750

1,011,527

1,073,427

(11,564)

255,855

–

229,401

Cash flows Acquisitions

– – – – – –

– –

2,350

7,993

10,343

Additions

401

407

808

Fair Value adjustments

4,409

–

– – –

4,409

Accrued interest

13,057

–

525

13,582

Amortisation and transfer of issue costs

731

–

731

Foreign exchange impacts

–

(202)

(587)

(789) (208)

Other

(12)

13,746 15,900

(13,942) 35,051

AS AT 31 DECEMBER 2020

8,243

1,272,510

1,331,704

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

NOTE 38 CONTINGENCIES

that Euronext Amsterdam should guarantee the same pension entitlements of the retired Euronext Amsterdam employees under the same or similar conditions as those in the agreement between Euronext Amsterdam and PMA with the consideration that (i) the administration fee will be covered, (ii) the liability ratio will be covered and (iii) the loyalty and solidarity between retired and current employees is provided for. The amount will need to be calculated by an actuary. On 24 June 2016 the judge delivered a decision. The claim that Euronext Amsterdam should guarantee the same pension entitlements of the retired Euronext Amsterdam employees under the same or similar conditions as those in the agreement between Euronext Amsterdam and PMA is rejected. However, the judge did hold that there has been an attributable breach by Euronext Amsterdam in the performance of the pension agreements with the members of the association. Euronext Amsterdam is ordered to pay for damages resulting from the loss of indexation perspective incurred by the claimants other than the association. The association is not eligible to claimdamages. The amount of the damages needs to be determined in a separate procedure (a “schadestaatprocedure”). Management believes that the decision is insufficiently motivated.

The Group is involved in a number of legal proceedings that have arisen in the ordinary course of our business. Other than as discussed below, management does not expect these pending or threatening legal proceedings to have a significant effect on the Group’s financial position or profitability. The outcome of legal proceedings, however, can be extremely difficult to predict and the final outcome may be materially different from managements’ expectation. Euronext Amsterdam Pension Fund Approximately 120 retired and/or former Euronext Amsterdam employees, united in an association (“VPGE”), served summons on Euronext Amsterdam on 3 April 2014. The claim is based on the fact that Euronext Amsterdam terminated its pension agreement with the pension fund Mercurius (“PMA”) and transferred the pension of the current employees of Euronext Amsterdam to Delta Lloyd Asset Management (“Delta Lloyd”). The pension entitlements of the retired and/or former employees of Euronext Amsterdam have also been transferred by PMA to Delta Lloyd. The retired and/or former employees have been informed by PMA that the transfer of their entitlements to Delta Lloyd will result in a nominal pension entitlement without indexation in the future. The association claims

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2020 UNIVERSAL REGISTRATION DOCUMENT