Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

5.2 Acquisition of additional interest by exercise of call option for remaining shares in iBabs B.V. On 3 March 2021, the Group exercised its call option to acquire the remaining 40% of the shares in iBabs, increasing the Group’s ownership to 100%. Cash consideration of €55.6 million was paid to the non-controlling shareholders, which was recognised directly against shareholders’ equity. The Group recognised a decrease in non-controlling interest of €6.7million. The effect on the shareholders equity for the year ended 31 December 2021 is summarised below:

Acquired receivables The fair value of trade and other receivables was €92.1 million and included €70.6 million of trade receivables, which is not materially different to the gross contractual amount, of which €0.3 million is expected to be uncollectible. Non-controlling interest A non-controlling interest is recognised for €70.2 million that is attributable to the minority shareholders of MTS S.p.A, Monte Titoli S.p.A. and ELITE S.p.A., which are subsidiaries of Borsa Italiana Group. Management elected to value the non-controlling interest at the NCI’s proportionate share of its net identifiable assets. Revenue and income and profit contribution From the date of the acquisition, Borsa Italiana Group has contributed €337.7 million of revenue and income and €94.3 million of net profit to the Group. If the acquisition would have occurred on 1 January 2021, Group consolidated revenue and income and profit for the year ended 31 December 2021 would have been €1,465.8 million and €465.2 million respectively.

2021

In thousands of euros

Consideration paid to non-controlling interests

(55,627)

Carrying amount of non-controlling interest acquired

6,654

DIFFERENCE RECOGNISED IN RETAINED EARNINGS

(48,973)

5.3 Acquisition of additional interest by exercise of call option for remaining shares in Commcise Software Ltd On 30 September 2021, the Group exercised its call option to acquire the remaining 21% of the shares in Commcise Software Ltd. Cash consideration of €12.7 million was paid to the non-controlling shareholders, which was recognised directly against shareholders’ equity. The Group recognised a decrease in non-controlling interest of €2.4 million. Consequently, the Group now has an ownership of 100% in Commcise Software Ltd. The effect on the shareholders equity for the year ended 31 December 2021 is summarised below:

ANALYSIS OF CASH FLOWS ON ACQUISITION

2021 28,022 28,022

In thousands of euros

Acquisition related costs

Included in cash flows from operating activities

Cash consideration

(4,447,362)

320,171

Less: Balances acquired (a)

Included in cash flows from investing activities

(4,127,191) (4,099,169)

NET CASH FLOWON ACQUISITION

(a) Includes €5.0 million of cash and cash equivalents classified as held for sale.

2021

In thousands of euros

Acquisition related costs Acquisition related costs of €36.2 million were expensed and recognised in exceptional items, of which already €8.2 million were recognised in the income statement for the year ended 31 December 2020. The remainder of €28.0 million was recognised in the income statement for the year ended 31 December 2021 (see Note 12).

Consideration paid to non-controlling interests

(12,729)

Carrying amount of non-controlling interest acquired

2,411

DIFFERENCE RECOGNISED IN RETAINED EARNINGS

(10,318)

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2021 UNIVERSAL REGISTRATION DOCUMENT