Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

NOTE 20 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

As at 31 December 2021

As at 31 December 2020

In thousands of euros

Equity investments Euroclear S.A./N.V. Sicovam Holding S.A.

148,256

145,252

59,083

58,913

Other

354

341

Debt investments Government bonds

50,375

—

TOTAL

258,068

204,506

In 2021 and 2020, the Group considered themost recent transactions observed, for the determination of fair value in addition to its primary valuation technique. The Group applied a weighted approach taking into account an illiquidity discount accounting for the limited number of transactions. This resulted in a total valuation of Euroclear S.A./ N.V. of €4.2 billion (2020: €4.1 billion), and to an increase in fair value of Euronext N.V./S.A.’s direct- and indirect investments of €3.2 million (2020:€6.7 million) in 2021. This revaluation was recorded in Other Comprehensive Income. Government bonds As per 31 December 2021, the Group holds long-term investments in secured assets linked to Cassa di Compensazione e Garanzia S.p.A. own funds. These investments consist of Government Bonds issued by the States of Belgium, France, Ireland, Italy, Holland, Portugal and Spain; and Supranational Securities issued by the European Stability Mechanismand the European Financial Stability Facility, as well as by securities issued by Spanish (Instituto de Credito Oficial) and French (Caisse d’Amortissement de la Dette Sociale) government agencies. These debt investments are valued at public market prices, with changes in fair value recognised through Other Comprehensive Income.

The Group’s financial assets at fair value through other comprehensive income include long-term investments in unlisted equity securities, which the Group has irrevocably elected at initial recognition to recognise in this category. In addition, debt securities allocated to the “hold and sell” business model are included in this category. The classification of the measurement within the fair value hierarchy is presented in Note 35. Euroclear S.A./N.V. and Sicovam Holding S.A. As of 31 December 2021, the Group holds a 3.53% ownership interest in Euroclear S.A./N.V. (31 December 2020: 3.53%), an unlisted company involved in the settlement of securities transaction and related banking services. The Group also holds a 9.60% ownership interest in Sicovam Holding S.A. (31 December 2020: 9.60%), resulting in an indirect 1.53% interest in Euroclear S.A./ N.V. (31 December 2020: 1.53%). The common stock of Sicovam Holding S.A. and Euroclear S.A./N.V. are not listed. The Group established a standardised multi-criteria approach valuation for financial institutions based on the Gordon Growth Model valuation technique as its primary valuation method and the regression valuation technique (P/BV and ROE) and tradingmultiples as control methods.

NOTE 21 TRADE AND OTHER RECEIVABLES

8

2021

2020

In thousands of euros

Trade receivables

290,726 24,695 (4,940) 310,481

107,633 24,926 (3,378) 129,181

Contract receivables

Allowance for expected credit losses Trade and contract receivables net Tax receivables (excluding income tax)

36,757 47,748

39,311 12,669

Other receivables

TOTAL

394,986

181,161

The significant changes in trade and contract receivables are disclosed in Note 8.1.2.

Trade receivables are non-interest bearing and generally on terms of 30 to 90 days. Contract receivables represent amounts in respect of unbilled revenue, for which the Group has an unconditional right to consideration ( i.e. only the passage of time is required before payment of the consideration is due).

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2021 UNIVERSAL REGISTRATION DOCUMENT