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4.4 COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 4.4.1 Company income statement
4.4.3 Notes to the company financial statements 4.4.3.1 Accounting policies 4.4.3.2 Investments 4.4.3.3 Investments in Group companies
The Euronext group carries out its operations in Belgium, France, the Netherlands, Portugal and the United Kingdom through its five wholly-owned subsidiaries, Euronext Brussels S.A., Euronext Paris S.A., Euronext Amsterdam N.V., Euronext Lisbon S.A. and LIFFE (Holdings) plc. Its principal strategic assets are linked to the group's trading platforms: NSC for the cash markets, LIFFE CONNECT® and SWITCH for the derivatives markets, and Clearing 21® for the Group's clearing platform. Upgrades, management and maintenance of the platforms are more specifically provided by the group's entities (AtosEuronext, Euronext.Liffe Market Solutions). These two group entities also develop software for the Group. The assets are held by Euronext, except for NSC which is owned by AtosEuronext. The Group's revenues come from the operations of its subsidiaries. Relations between group entities and with other related parties are governed by agreements based on market conditions. The Group also has an internal policy of paying interim dividends, under the terms of which the subsidiaries pay a dividend to the holding company based on a review of the financial statements prepared for interim results.Equity interests of the subsidiaries. The Group's subsidiaries all have their own subsidiaries (see section 4.3.12) and some subsidiaries hold minority stakes in related businesses.
Movements in the year were as follows:
As at 5 July 2001, the authorized share capital of Euronext N.V. amounted of €200,000,000, representing 200,000,000 ordinary shares with a par value of €1 per share. On 28 January 2002, when Euronext N.V. and Bolsa de Valores de Lisboa e Porto (BVLP) merged, Euronext issued 4,838,822 shares at €20.63 (issued capital €99 million). In 2002, 1,140,750 new shares were issued under the Foundation SBF option plan. The relevant articles of association regarding the distribution of dividends are included in Other Information.For more detailed disclosures, please refer to 4.3.2.10 in the consolidated financial statements.
For off-balance sheet items, including litigation and subsequent events, reference is made to the notes on the consolidated accounts. The company and all of its fully owned Dutch subsidiaries form part of the Dutch tax unity. As such, all entities are jointly and individually liable for the taxation due.Amsterdam, 14 March 2005 The Managing Board
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