Euronext - 2020 Universal Registration Document

GLOSSARY, CONCORDANCE TABLES & ANNEX

NOTE 24 NET DEBT

The following table shows the composition of Net debt.

December 2020

December 2019

In thousands of euros

Due within one year Cash and cash equivalents Intercompany borrrowings

299,358

220,170

6,876

14,752

306,234

234,922

Due after one year Loans from subsidiary undertakings

(132,800) (132,800)

(90,500) (90,500) 144,422

TOTAL NET DEBT

173,434

Intercompany Borrowings refers to the short-term loan between EuroMTS Ltd and LSE Group Holdings Ltd classified in Trade and other receivables.

Long termdebt item amounts to €132.8million and refers to the loan agreement with London Stock Exchange Group Holdings (Italy) Ltd, in force from 1 st April 2018 to 31 March 2023 at the fixed interest rate of 1.40% per annum.

NOTE 25 RETIREMENT BENEFIT OBLIGATION

Under IAS 19 and according to IFRS interpretations, employee termination indemnities have been calculated in accordance with the relevant contractual and legal provisions and revalued on an actuarial basis. In particular, the effects of the reform (Finanziaria 2007) of supplementary pension provision, relating to the severance paid, were considered evaluating the TFR liability still accrued within the Group, as the share accrued after 1 st January 2007 has been paid

to separated entities without these payments resulting in further obligations for the Group related to future employment (considering the remaining duration of labour relations and the future amounts to be paid). Even for those who decided to maintain the TFR within the Group, and then under the previous legislation, the TFR accrued as of 1 st January 2007 has been paid to the Treasury Fund managed by INPS.

The following table shows the assumptions used by the independent actuary for the determination of the revaluation.

Assumptions adopted for actuarial valuation

31/12/2020

31/12/2019

Annual technical discount rate

0.37%

0.71%

Annual inflation rate

1.00%

1.00%

Annual increase of executive salaries

3.00%

3.00%

Annual increase of staff salaries

2.00%

2.00%

Annual increase of TFR

2.25%

2.25%

At 31 st December 2020, this item amounted to €9,286 thousand (31 st December 2019 €10,754 thousand) . The table below shows the variances in the item:

For the year ended 31 December 2020

For the year ended 31 December 2019

In thousands of euros

Amounts recognised in the income statement Defined benefit scheme – current service cost and expense

(4,984)

(6,509)

Total pension charge included in employee costs

(4,984)

(6,509)

Net finance (expense)/income

(56)

(120)

G

AMOUNTS RECOGNISED IN THE INCOME STATEMENT

(5,039)

(6,629)

357

2020 UNIVERSAL REGISTRATION DOCUMENT