EURONEXT_Registration_Document_2017

5

OPERATING AND FINANCIAL REVIEW

Overview

EURONEXT 2016 REVENUE BY GEOGRAPHY

Settlement & Custody Revenue from Interbolsa in Portugal was €19.6 million in 2016; in line with the €19.7 million achieved in 2015. Market Solutions & Other Revenue from market solutions decreased by -3.3% in 2016, to €33.0million (2015: €34.1million). The decrease in software solution revenue during the transition to Optiq® platformwas partially offset by the introduction of a new Market Abuse regulation compliance service in July 2016.

Belgium 6.0%

0.1%

Portugal 6.9%

United Kingdom

27.6% The Netherlands

59.4%

France

Operating Expenses

YEAR ENDED

31 DECEMBER 2016

31 DECEMBER 2015

In thousands of euros

Salaries and employee benefits

(99,776)

(112,218)

Depreciation and amortisation

(15,088)

(17,071)

Other operational expenses

(112,766)

(122,487)

TOTAL OPERATING EXPENSES

(227,630)

(251,776)

Euronext’s restructuring activities, and to a decrease in share based payment expenses related to an unconditional grant of 63,609 RSU’s, resulting in immediate vesting and recognition of the related expenses in the comparative period. Depreciation and Amortisation Depreciation and Amortisation decreased by €-2.0 million, or -12%, to €15.1 million in 2016, compared to €17.1 million in 2015. This decrease is mainly related to the end of the accelerated depreciation of assets in conjunction with the Company’s relocations in Paris and Brussels in 2015.

Euronext operating expenses in 2016 were €227.6 million, compared to €251.8 million in 2015, a decrease of €-24.2 million or -9.6%. The overall cost decrease in 2016 was due to strong cost discipline following Euronext’s cost reduction program and also included €3.3 million from releases of accruals. Euronext operating expenses comprise salaries and employee benefits, depreciation and amortisation, and other operational expenses. Salaries and Employee Benefits Salaries and Employee Benefits decreased by €-12.4 million, or -11%, to €99.8 million in 2016, compared to €112.2 million in2015. This decrease is attributable to the reduction in headcount following

Other Operational Expenses

2016

2015

In thousands of euros

Systems and communications

(17,099)

(18,582)

Professional services

(38,382)

(39,599)

Clearing expenses

(26,311)

(27,757)

Accommodation

(10,237)

(13,622)

Other expenses

(20,737)

(22,927)

TOTAL

(112,766)

(122,487)

118

www.euronext.com

2017 REGISTRATION DOCUMENT