EURONEXT_Registration_Document_2017

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FINANCIAL STATEMENTS

Notes to the Consolidated Financial Statements

Note 32.5. Equity Market Risk The Group’s investment in publicly-traded equity securities was insignificant in 2017 and 2016. Note 32.6. Capital Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to comply with regulatory requirements and tomaintain an optimal capital structure to reduce the cost of capital and provide return to shareholders. Certain entities of the Group are regulated as exchanges or as Central Securities Depository (“CSD”) and are subject to certain statutory regulatory requirements based on their local statutory Financial Statements.Euronext AmsterdamN.V.issubject toaminimumstatutory

capital requirement of €730 thousand, shall have a regulatory capital in the amount of 50% of the direct fixed cost of Euronext Amsterdam N.V. during the preceding financial year and in addition the cash and cash equivalents shall be higher than the requiredminimumregulatory capital to operate as an exchange in the Netherlands. Euronext Paris S.A. shall maintain statutory regulatory equity at no less than 50% of its yearly expenses and a solvency ratio on operational risks at no less than 8%. Euronext Lisbon S.A. and Interbolsa shall maintainminimum statutory share capital of €3.0 million and €2.75 million, respectively, and shall maintain minimum statutory equity of €6.0 million and €5.5 million, respectively. Euronext London Ltd. should maintain a minimum level of financial resources of £5.3 million to be able to properly perform its exchange functions. As at 31 December 2017 and 2016, the regulated entities of the Group were compliant with these statutory regulatory requirements.

Note 32.7. Changes in Liabilities Arising from Financing Activities The changes in liabilities arising from the Group’s financing activities in 2017 and 2016 were as follows:

TOTAL LIABILITIES FROM FINANCING ACTIVITY

BORROWINGS DUE WITHIN 1 YEAR

BORROWINGS DUE AFTER 1 YEAR

In thousands of euros

As at 1 January 2016

104

108,153

108,257

Cash flows

(1,269)

(40,000)

(41,269)

Accrued interest

1,260

-

1,260

Amortisation and transfer of issue costs

-

852

852

As at 31 December 2016

95

69,005

69,100

Cash flows

(712)

93,850

93,138

Accrued interest

820

-

820

Amortisation and transfer of issue costs

-

1,827

1,827

AS AT 31 DECEMBER 2017

203

164,682

164,885

NOTE 33 CONTINGENCIES

entitlements to Delta Lloydwill result in a nominal pension entitlement without indexation in the future. The association claims that Euronext Amsterdam should guarantee the same pension entitlements of the retired Euronext Amsterdam employees under the same or similar conditions as those in the agreement between Euronext Amsterdam and PMA with the consideration that (i) the administration fee will be covered, (ii) the liability ratio will be covered and (iii) the loyalty and solidarity between retired and current employees is provided for. The amount will need to be calculated by an actuary. After Euronext Amsterdam filed a statement of defence on 27 June 2014, the Subdistrict (Kanton) Division of the Court of Amsterdam on 11 July 2014 granted the retired and/or former employees of Euronext Amsterdam a term until 8 August 2014 in order to file a rejoinder. On that date the counterparty was granted a postponement until 5 September 2014 for its statement of reply. Both parties have filed all documents and statements and an oral hearing took place on 11 June 2015. The judge asked both parties to explore a settlement and Euronext assessed the costs of potential out of court solutions. The Court has been informed that no arrangement on such settlement could be reached.

The Group is involved in a number of legal proceedings that have arisen in the ordinary course of our business. Other than as discussed below, management does not expect these pending or threatening legal proceedings to have a significant effect on the Group’s financial position or profitability. The outcome of legal proceedings, however, can be extremely difficult to predict and the final outcome may be materially different from managements’ expectation. Euronext Amsterdam Pension Fund Approximately 120 retired and/or former Euronext Amsterdam employees, united in an association, served summons on Euronext Amsterdam on 3 April 2014. The claim is based on the fact that Euronext Amsterdam terminated its pension agreement with the pension fund Mercurius (“PMA”) and transferred the pension of the current employees of Euronext Amsterdam to Delta Lloyd Asset Management (“Delta Lloyd”). The pension entitlements of the retired and/or former employees of Euronext Amsterdam have also been transferred by PMA to Delta Lloyd. The retired and/or former employees have been informed by PMA that the transfer of their

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2017 REGISTRATION DOCUMENT