EURONEXT_Registration_Document_2017

FINANCIAL STATEMENTS

Notes to the Consolidated Financial Statements

2016

MANAGING BOARD

SUPERVISORY BOARD

TOTAL

In thousands of euros

Short term benefits

(4,485)

(521)

(5,006)

Share-based payment costs (a)

(830)

-

(830)

Post-employment benefits

(103)

-

(103)

Termination benefits

-

-

-

TOTAL BENEFITS

(5,418)

(521)

(5,939)

(a) Share based payments costs are recognised in accordance with IFRS 2.

NOTE 32 FINANCIAL RISK MANAGEMENT

Note 32.1. Liquidity Risk The Group would be exposed to a liquidity risk in the case where its short-term liabilities become, at any date, higher than its cash, cash equivalents, short-term financial investments and available bank facilities and in the case where the Group is not able to refinance this liquidity deficit, for example, through new banking lines. Cash, cash equivalents and short-term financial investments are managed as a global treasury portfolio invested in non-speculative financial instruments, readily convertible to cash, such as bank balances, moneymarket funds, overnight deposits, termdeposits and other money market instruments, thus ensuring a very high liquidity of the financial assets. The Group’s policy is to ensure that cash, cash equivalents and available bank facilities allow the Group to repay its financial liabilities at all maturities, even disregarding incoming cash flows generated by operational activities, excluding the related party loans granted by the Group’s subsidiaries to its Parent.

As a result of its operating and financing activities, the Group is exposed to market risks such as interest rate risk, currency risk and credit risk. The Group has implemented policies and procedures designed to measure, manage, monitor and report risk exposures, which are regularly reviewed by the appropriate management and supervisory bodies. The Group’s central treasury team is charged with identifying risk exposures and monitoring and managing such risks on a daily basis. To the extent necessary and permitted by local regulation, the Group’s subsidiaries centralise their cash investments, report their risks and hedge their exposures in coordination with the Group’s central treasury team. The Group performs sensitivity analyses to determine the effects that may result from market risk exposures. The Group uses derivative instruments solely to hedge financial risks related to its financial position or risks that are otherwise incurred in the normal course of its commercial activities. The Group does not use derivative instruments for speculative purposes.

The net position of current financial assets, financial liabilities and available credit facilities, excluding working capital items, as of 31 December, 2017 and 2016 is described in the table below:

2017

2016

In thousands of euros

6

Cash, cash equivalents and short term financial investments

187,785

174,501

Available credit facilities

250,000

390,000

Financial debt

(164,885)

(69,101)

NET POSITION

272,900

495,400

borrowing of €69 million as of 31 December 2016. On 23 March 2017 Euronext made an early repayment of the outstanding balance resulting in the termination of the term loan facility. On 12 April 2017, the Group entered into a new revolving loan facility agreement (“the Facility”) with BNP Paribas and ABN AMRO BANK N.V. as Lead Arrangers. This new Facility has replaced the revolving credit facility of €390 million. On 18 July 2017, the Group entered into a syndicated bank loan facility (“the Bank Loan”) with BNP Paribas and ABN AMRO BANK N.V. as Lead Arrangers, providing for €175 million. The Bank Loan has been drawn in the amount of €165 million on 9 August 2017 in

On 6 May 2014, the Group entered into a syndicated bank loan facilities agreement (“the Facilities Agreement”), with BNP Paribas and ING Bank N.V. as Lead Arrangers, providing for (i) a €250 million term loan facility and (ii) a €250 million revolving loan facility, both maturing or expiring in three years. On 20 February 2015, Euronext N.V. entered into the amended and extended facility agreement. Based on this agreement, effective on 23 March 2015 (i) the undrawn revolving credit facility had been increased by €140 million to €390 million and (ii) €140 million had been repaid as an early redemption of the €250 million term loan facility. On 23 September 2016, Euronext repaid €40 million as an early redemption of the €110 million term loan facility, resulting in a net non-current

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2017 REGISTRATION DOCUMENT