EURONEXT_Registration_Document_2017

FINANCIAL STATEMENTS

Notes to the Consolidated Financial Statements

to be determined in a separate procedure (a “ schadestaatprocedure ”). Management believes that the decision is insufficiently motivated. On 21 September 2016, Euronext Amsterdam has filed for appeal against the decision. The grounds for appeal were filed on 6 December 2016. On 14 February 2017 claimants filed their responses and also filed for appeal against certain parts of the decision of 24 June 2016. Euronext Amsterdam has responded to the grounds for appeal raised by claimants on 25 April 2017. An oral hearing took place on 24 November 2017. A decision is expected on 1 May 2018. No provision has been booked in connection with this case.

On 24 June 2016 the judge delivered a decision. The claim 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 is rejected. However, the judge did hold that there has been an attributable breach by Euronext Amsterdam in the performance of the pension agreements with the members of the association. Euronext Amsterdam is ordered to pay for damages resulting from the loss of indexation perspective incurred by the claimants other than the association. The association is not eligible to claim damages. The amount of the damages needs

NOTE 34 COMMITMENTS

Note 34.1. Capital Commitments As of 31 December, capital expenditures contracted but not yet incurred were as follows:

2017

2016

In thousands of euros

No later than one year

662

457

Later than 1 year and no later than 5 years

500

85

Later than 5 years

-

-

TOTAL

1,162

542

Note 34.2. Non-cancellable Operating Leases As of 31 December, minimum lease payments due under non-cancellable operating leases were as follows:

2017 17,078

2016 11,316

In thousands of euros

No later than one year

Later than 1 year and no later than 5 years

34,171

25,405

Later than 5 years

10,113

9,785

TOTAL

61,362

46,506

Expenses in 2017 for operating leases were €18.8 million (2016: €6.8 million).

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Note 34.3. Guarantees given Except for the financial guarantee related to its associate European Central Counterparty N.V. (see Note 7), Euronext N.V. has no guarantees given at 31 December 2017. Note 34.4. Securities held as custodian In Portugal, the Group acts as a National Central Securities Depository and manages the National Settlement Securities System. As at 31 December 2017, the value of securities kept in custody by Interbolsa amounted to €338 billion (2016: €314 billion) based on the market value of shares and the nominal value of bonds. The procedures of these National Central Securities Depositories

are focused on the control of securities registered in its systems and safeguarding the assets in custody. The settlement risks are mitigated by early warning systems for non-settlement, and buy-in procedures in case certain thresholds are surpassed.

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2017 REGISTRATION DOCUMENT