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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
August 10, 2017
Date of Report
(Date of earliest event reported)

MOODY’S CORPORATION.
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	1-14037	 	13-3998945	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
7 World Trade Center at 250 Greenwich Street, New York, New York 10007
(Address of principal executive offices, including Zip Code)
(212) 553-0300
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

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T  ABLE OF CONTENTS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.	 		
		
SIGNATURES	 		
		
EXHIBIT 23.1	 		
		
EXHIBIT 99.1	 		
		
EXHIBIT 99.2	 		

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EXPLANATORY NOTE
On August 10, 2017, Moody’s Corporation (the “Company” or “Moody’s”) filed with the Securities and Exchange Commission a Current Report on Form 8-K (the “Initial 8-K”) to disclose that it and Moody’s Holdings N.L. B.V. (the “Buyer”) completed the previously announced acquisition of Yellow Maple I B.V., an indirect parent company of Bureau van Dijk Electronic Publishing B.V. (“Bureau van Dijk”) by the purchase of all of the issued and outstanding securities of Yellow Maple I B.V., Yellow Maple Syrup I B.V. and Yellow Maple Syrup II B.V. (collectively, the “Target Companies”) pursuant to the Securities Purchase Agreement (the “SPA”), dated May 15, 2017, by and among Moody’s, the Buyer, the Target Companies, Yellow Maple Coöperatief U.A., Yellow Maple Holding Guernsey Limited, CCP IX LP No. 1, CCP IX LP No. 2, CCP IX Co-Investment LP, Broad Street Principal Investments LLC, HX Luxembourg I S.À. R.L. and the other sellers identified in the SPA (collectively the “Sellers”). As used in this report, except where the context indicates otherwise, Bureau van Dijk refers to Yellow Maple I B.V. This Form 8-K/A amends the Initial 8-K to include the historical audited financial statements of Bureau van Dijk and the unaudited pro forma condensed combined financial statements required by Items 9.01(a) and 9.01(b) of Form 8-K that were excluded from the Initial 8-K in reliance on the instructions to such items.
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
On May 15, 2017, the Buyer entered into the SPA with the Target Companies and the Sellers for the acquisition of Bureau van Dijk. On August 10, 2017, Moody’s filed the Initial 8-K to disclose that the Buyer had completed the previously announced acquisition of Bureau van Dijk.
 ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
The audited consolidated financial statements of Bureau van Dijk as of and for the years ended December 31, 2015 and December 31, 2016 are attached as Exhibit 99.1 to this Form 8-K/A and incorporated in this report by reference.
(b) Pro Forma Financial Information.
The unaudited pro forma financial information of the Company and Bureau van Dijk for the year ended December 31, 2016 and as of and for the six months ended June 30, 2017 is attached as Exhibit 99.2 to this Form 8-K/A and incorporated in this report by reference.
(d) Exhibits.

Exhibit
Number	  	Description	
		
23.1	  	Consent of Independent Auditors .	
		
99.1	  	Audited Consolidated Financial Statements of Yellow Maple I B.V. as of and for the years ended December 31, 2015 and December 31, 2016.	
		
99.2	  	Unaudited Pro Forma Condensed Combined Financial Statements for the year ended December 31, 2016 and as of and for the six month period ended June 30, 2017.	

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 SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MOODY’S CORPORATION (REGISTRANT)	
		
By:	 	/s/ Michael Crimmins	
	 	Michael Crimmins	
	 	Senior Vice President and Corporate Controller
(principal accounting officer)	
Dated: October 26, 2017

Exhibit 23.1
Consent of Independent Auditors
The Supervisory Board of
Yellow Maple I B.V.:
We consent to the incorporation by reference in the Registration Statements (No. 333-216211) on Form S-3 and (No. 333-192334, No. 333-192333, No. 333-170753, No. 333-170727, No. 333-145127, No. 333-126564, No. 333-103496, No. 333-47848, No. 333-81121, No. 333-68555, No. 333-64653, No. 333-60737, No. 333-57915 and No. 333-57267) on Form S-8 of Moody’s Corporation of our report dated October 26, 2017, with respect to the consolidated statements of financial position of Yellow Maple I B.V. as of December 31, 2016 and 2015, and the related consolidated statements of profit or loss, comprehensive income, cash flows and changes in equity for the years then ended, which report appears in the Form 8-K/A of Moody’s Corporation dated October 26, 2017.
/s/ KPMG Accountants N.V.
Amstelveen, the Netherlands
October 26, 2017

Exhibit 99.1
Yellow Maple I B.V.
Amsterdam, The Netherlands
IFRS Financial Statements for the years ended December 31,
2016 and 2015

Contents

Independent auditors’ report	  	 	1	 	
Consolidated financial statements 2016 and 2015	  	 	2	 	
Consolidated statement of profit or loss for the years ended December 31, 2016 and 2015	  	 	3	 	
Consolidated statement of comprehensive income for the years ended December 31, 2016 and 2015	  	 	4	 	
Consolidated statement of financial position for the years ended December 31, 2016 and 2015	  	 	5	 	
Consolidated statement of cash flows for the years ended December 31, 2016 and 2015	  	 	7	 	
Consolidated statement of changes in equity for the years ended December 31, 2016 and 2015	  	 	8	 	
Notes to consolidated financial statements at December 31, 2016 and 2015	  	 	9	 	

Independent Auditors’ Report
The Supervisory Board
Yellow Maple I B.V.:
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of Yellow Maple I B.V. and its subsidiaries, which comprise the consolidated statements of financial position as of December 31, 2016 and 2015, and the related consolidated statements of profit or loss, comprehensive income, cash flows and changes in equity for the years then ended, and the related notes to the consolidated financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Yellow Maple I B.V. and its subsidiaries as of December 31, 2016 and 2015, and the results of its operations and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
/s/ KPMG Accountants N.V.
Amstelveen, Netherlands
October 26, 2017
 
1

Consolidated financial statements 2016 and 2015

2

Yellow Maple I B.V., Amsterdam
 
 Consolidated statement of profit or loss for the years ended December 31, 2016 and 2015

 	  	Note	 	  	2016
EUR 000	 	 	2015
EUR 000	 	
Revenue	  	 	8	 	  	 	257,931	 	 	 	230,746	 	
Other income	  				  	 	569	 	 	 	652	 	
	  				  	 	 	 	 	 	 	 	
Total income	  				  	 	258,500	 	 	 	231,398	 	
	  				  	 	 	 	 	 	 	 	
Cost of information providers	  	 	9	 	  	 	(46,653	) 	 	 	(46,206	) 	
Salaries and employee benefits	  	 	10	 	  	 	(64,433	) 	 	 	(57,836	) 	
Depreciation	  	 	16	 	  	 	(1,589	) 	 	 	(1,631	) 	
Amortisation	  	 	17	 	  	 	(57,727	) 	 	 	(56,671	) 	
Other operating expenses	  	 	11	 	  	 	(16,760	) 	 	 	(15,842	) 	
	  				  	 	 	 	 	 	 	 	
Total expenses	  				  	 	(187,162	) 	 	 	(178,186	) 	
	  				  	 	 	 	 	 	 	 	
Operating income	  				  	 	71,338	 	 	 	53,212	 	
	  				  	 	 	 	 	 	 	 	
Finance income	  	 	13	 	  	 	61,554	 	 	 	95,227	 	
Finance expenses	  	 	14	 	  	 	(249,602	) 	 	 	(307,533	) 	
	  				  	 	 	 	 	 	 	 	
Net finance costs	  				  	 	(188,048	) 	 	 	(212,306	) 	
	  				  	 	 	 	 	 	 	 	
Loss before tax	  				  	 	(116,710	) 	 	 	(159,094	) 	
	  				  	 	 	 	 	 	 	 	
Income tax expense	  	 	15	 	  	 	(10,974	) 	 	 	(2,713	) 	
	  				  	 	 	 	 	 	 	 	
Loss	  				  	 	(127,684	) 	 	 	(161,807	) 	
	  				  	 	 	 	 	 	 	 	
Loss attributable to:	  				  				 				
Owners	  				  	 	(127,684	) 	 	 	(161,807	) 	
The accompanying notes are an integral part of these consolidated financial statements.
 
3

Yellow Maple I B.V., Amsterdam
 
 Consolidated statement of comprehensive income for the years ended December 31, 2016 and 2015

 	  	Note	 	  	2016
EUR 000	 	 	2015
EUR 000	 	
Loss	  				  	 	(127,684	) 	 	 	(161,807	) 	
Other comprehensive income	  				  				 				
Items to be reclassified to profit or loss in subsequent periods: 	  				  				 				
Foreign operations – foreign currency translation differences	  	 	22	 	  	 	(859	) 	 	 	679	 	
Actuarial losses on pension plans	  	 	22	 	  	 	—  	 	 	 	(317	) 	
Related tax	  				  	 	—  	 	 	 	—  	 	
	  				  	 	 	 	 	 	 	 	
	  				  	 	(859	) 	 	 	362	 	
	  				  	 	 	 	 	 	 	 	
Items that will not to be reclassified to profit or loss in subsequent periods	  				  	 	—  	 	 	 	—  	 	
	  				  	 	 	 	 	 	 	 	
Other comprehensive income, net of tax	  				  	 	(859	) 	 	 	362	 	
	  				  	 	 	 	 	 	 	 	
Total comprehensive loss	  				  	 	(128,543	) 	 	 	(161,445	) 	
	  				  	 	 	 	 	 	 	 	
Total comprehensive loss attributable to:	  				  				 				
Owners	  				  	 	(128,543	) 	 	 	(161,445	) 	
The accompanying notes are an integral part of these consolidated financial statements.
 
4

Yellow Maple I B.V., Amsterdam
 
 Consolidated statement of financial position for the years ended December 31, 2016 and 2015

 	  	Note	 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Assets	  				  				  				
Property, plant and equipment	  	 	16	 	  	 	3,144	 	  	 	3,740	 	
Intangible assets and goodwill	  	 	17	 	  	 	1,644,239	 	  	 	1,688,064	 	
Non-current receivables	  	 	18	 	  	 	1,182	 	  	 	1,064	 	
Deferred tax assets	  	 	15	 	  	 	6,131	 	  	 	8,183	 	
	  				  	 	 	 	  	 	 	 	
Non-current assets	  				  	 	1,654,696	 	  	 	1,701,051	 	
	  				  	 	 	 	  	 	 	 	
Trade and other receivables	  	 	19	 	  	 	125,632	 	  	 	115,958	 	
Prepayments and deferred costs	  	 	20	 	  	 	30,650	 	  	 	33,680	 	
Cash and cash equivalents	  	 	21	 	  	 	25,073	 	  	 	25,643	 	
	  				  	 	 	 	  	 	 	 	
Current assets	  				  	 	181,355	 	  	 	175,281	 	
	  				  	 	 	 	  	 	 	 	
Total assets	  				  	 	1,836,051	 	  	 	1,876,332	 	
	  				  	 	 	 	  	 	 	 	
The accompanying notes are an integral part of these consolidated financial statements.
 
5

Yellow Maple I B.V., Amsterdam
 
Consolidated statement of financial position (continued) for the years ended December 31, 2016 and 2015

 	  	Note	 	  	December 31,
2016
EUR 000	 	 	December 31,
2015
EUR 000	 	
Equity	  				  				 				
Share capital	  	 	22	 	  	 	4,150	 	 	 	4,150	 	
Reserves	  	 	22	 	  	 	(255	) 	 	 	604	 	
Retained earnings	  	 	22	 	  	 	(377,575	) 	 	 	(249,891	) 	
	  				  	 	 	 	 	 	 	 	
Total equity	  				  	 	(373,680	) 	 	 	(245,137	) 	
	  				  	 	 	 	 	 	 	 	
Liabilities	  				  				 				
Bank loan	  	 	23	 	  	 	751,786	 	 	 	813,201	 	
Shareholder loan	  	 	23	 	  	 	1,137,450	 	 	 	988,735	 	
Deferred tax liabilities	  	 	15	 	  	 	87,969	 	 	 	93,386	 	
Derivatives	  	 	24	 	  	 	8,904	 	 	 	7,595	 	
Employee benefits	  	 	25	 	  	 	922	 	 	 	609	 	
Provisions	  				  	 	243	 	 	 	454	 	
	  				  	 	 	 	 	 	 	 	
Non-current liabilities	  				  	 	1,987,274	 	 	 	1,903,980	 	
	  				  	 	 	 	 	 	 	 	
Trade payables	  				  	 	4,531	 	 	 	7,011	 	
Current income taxes payable	  				  	 	6,064	 	 	 	1,209	 	
Other interest expenses payable	  				  	 	1,786	 	 	 	4,198	 	
Deferred revenue	  	 	26	 	  	 	166,605	 	 	 	161,831	 	
Other current payables	  	 	27	 	  	 	43,471	 	 	 	43,240	 	
	  				  	 	 	 	 	 	 	 	
Current liabilities	  				  	 	222,457	 	 	 	217,489	 	
	  				  	 	 	 	 	 	 	 	
Total Liabilities	  				  	 	2,209,731	 	 	 	2,121,469	 	
	  				  	 	 	 	 	 	 	 	
Total equity and liabilities	  				  	 	1,836,051	 	 	 	1,876,332	 	
	  				  	 	 	 	 	 	 	 	
The accompanying notes are an integral part of these consolidated financial statements.
 
6

Yellow Maple I B.V., Amsterdam
 
 Consolidated statement of cash flows for the years ended December 31, 2016 and 2015

 	  	Note	 	  	2016
EUR 000	 	 	2015
EUR 000	 	
Cash flow from operating activities	  				  				 				
Loss	  				  	 	(127,684	) 	 	 	(161,807	) 	
Adjusted for:	  				  				 				
Depreciation	  	 	16	 	  	 	1,589	 	 	 	1,631	 	
Amortisation	  	 	17	 	  	 	57,727	 	 	 	56,671	 	
Deferred revenue and costs	  	 	20/26	 	  	 	8,214	 	 	 	23,813	 	
Net finance costs	  	 	13/14	 	  	 	188,048	 	 	 	212,306	 	
Income tax expenses	  	 	15	 	  	 	10,974	 	 	 	2,713	 	
	  				  	 	 	 	 	 	 	 	
	  				  	 	138,868	 	 	 	135,327	 	
Changes in:	  				  				 				
- Trade receivables	  	 	19	 	  	 	(9,693	) 	 	 	(11,648	) 	
- Prepayments	  	 	20	 	  	 	(410	) 	 	 	(374	) 	
- Trade payables	  				  	 	(4,360	) 	 	 	1,190	 	
- Other payables	  	 	27	 	  	 	486	 	 	 	1,242	 	
	  				  	 	 	 	 	 	 	 	
Cash generated from operations	  				  	 	124,891	 	 	 	125,737	 	
Income taxes paid	  				  	 	(9,749	) 	 	 	(14,624	) 	
Interest received	  				  	 	1,706	 	 	 	—  	 	
	  				  	 	 	 	 	 	 	 	
Net cash flow from operating activities	  				  	 	116,848	 	 	 	111,112	 	
	  				  	 	 	 	 	 	 	 	
Cash flows from investing activities	  				  				 				
Acquisition of property, plant and equipment	  	 	16	 	  	 	(1,256	) 	 	 	(1,942	) 	
Proceeds from disposals of property, plant and equipment	  	 	16	 	  	 	224	 	 	 	36	 	
Purchases of intangibles	  	 	17	 	  	 	(13,902	) 	 	 	(12,302	) 	
	  				  	 	 	 	 	 	 	 	
Net cash used in investing activities	  				  	 	(14,934	) 	 	 	(14,208	) 	
	  				  	 	 	 	 	 	 	 	
Cash flows from financing activities	  				  				 				
Proceeds from loans	  	 	23	 	  	 	155,000	 	 	 	15,419	 	
Repayment of loans	  	 	23	 	  	 	(201,680	) 	 	 	(46,164	) 	
Interest paid	  	 	23	 	  	 	(55,804	) 	 	 	(62,635	) 	
	  				  	 	 	 	 	 	 	 	
Net cash used in financing activities	  				  	 	(102,484	) 	 	 	(93,380	) 	
	  				  	 	 	 	 	 	 	 	
Net increase / (decrease) in cash and cash equivalents	  				  	 	(570	) 	 	 	3,525	 	
Cash and cash equivalents at the beginning of the period	  				  	 	25,643	 	 	 	22,118	 	
Effect of movements in exchange rates on cash held	  				  	 	—  	 	 	 	—  	 	
	  				  	 	 	 	 	 	 	 	
Cash and cash equivalents at December 31	  	 	21	 	  	 	25,073	 	 	 	25,643	 	
	  				  	 	 	 	 	 	 	 	
The accompanying notes are an integral part of these consolidated financial statements.
 
7

Yellow Maple I B.V., Amsterdam
 
 Consolidated statement of changes in equity for the years ended December 31, 2016 and 2015

 	  	 	 	  	Attributable to owners of the Company	 	
 	  	Note	 	  	Share
capital
EUR 000	 	  	Currency
translation
reserve
EUR 000	 	 	Other
reserves
EUR 000	 	 	Retained
earnings
EUR 000	 	 	Total equity
EUR 000	 	
Balance at January 1, 2015	  				  	 	4,150	 	  	 	242	 	 	 	—  	 	 	 	(88,084	) 	 	 	(83,692	) 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total comprehensive income	  				  				  				 				 				 				
Loss	  				  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	(161,807	) 	 	 	(161,807	) 	
Other comprehensive income	  	 	22	 	  	 	—  	 	  	 	679	 	 	 	(317	) 	 	 	—  	 	 	 	362	 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total comprehensive loss	  				  	 	—  	 	  	 	679	 	 	 	(317	) 	 	 	(161,807	) 	 	 	(161,445	) 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Transactions with owners of the Company	  				  				  				 				 				 				
Contributions and distributions	  				  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total transactions with owners of the Company	  				  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2015	  				  	 	4,150	 	  	 	921	 	 	 	(317	) 	 	 	(249,891	) 	 	 	(245,137	) 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total comprehensive income	  				  				  				 				 				 				
Loss	  				  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	(127,684	) 	 	 	(127,684	) 	
Other comprehensive income	  	 	22	 	  	 	—  	 	  	 	(859	) 	 	 	—  	 	 	 	—  	 	 	 	(859	) 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total comprehensive loss	  				  	 	—  	 	  	 	(859	) 	 	 	—  	 	 	 	(127,684	) 	 	 	(128,543	) 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Transactions with owners of the Company	  				  				  				 				 				 				
Contributions and distributions	  				  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total transactions with owners of the Company	  				  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2016	  				  	 	4,150	 	  	 	62	 	 	 	(317	) 	 	 	(377,575	) 	 	 	(373,680	) 	
	  				  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The accompanying notes are an integral part of these consolidated financial statements.
 
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Yellow Maple I B.V., Amsterdam
 
Notes to consolidated financial statements at December 31, 2016 and 2015
 
1	General	
Yellow Maple I B.V. (‘the Company’) is a limited liability company incorporated in the Netherlands on July 21, 2014. The Company is ultimately controlled by funds advised by EQT Partners AB, a company registered in Sweden.
The registered office of the Company is located at Hoogoorddreef 9, 1101 BA Amsterdam, The Netherlands.
The principal activities of the Company are (indirect) holding and financing activities of Bureau van Dijk Electronic Publishing B.V. and its consolidated subsidiaries. The Company and its consolidated subsidiaries are collectively referred to as ‘the Group’. The principal activities of the consolidated subsidiaries were the electronic publishing of business information in exchange for annual subscription. The Group specialises in adding value to data supplied by world-renowned organisations and creating easy-to-use and flexible information products. The Group has offices in 24 countries. The Group’s consolidated subsidiaries are listed in note 29.
 
2	Basis of accounting	
The consolidated financial statements are presented in thousands of euros, the Company’s functional currency, unless indicated otherwise. The consolidated financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Details of the Group’s accounting policies are included in Note 4.
The consolidated financial statements have been prepared on a historical cost basis, except for the measurement of derivative financial instruments.
Going concern basis of accounting
Management performed an assessment of the going concern of the Group. During the financial period the Group recorded losses as a result of net interest expenses. The operating income over the full year amounts to EUR 71.3 million and the operating cash flow amounts to EUR 116.8 million. Furthermore, the Group’s current assets exceeds its current liabilities, excluding deferred revenue and prepayments and deferred costs, by EUR 97.0 million. As of December 31, 2016 the Group did meet all covenants related to loans from the banks. Following the acquisition by Moody’s Corporation on August 10, 2017, all external loans have been repaid.
The Management Board of the Group believes that, based on the aforementioned, the cash balances of the Group, the repayment schedule of the loans and the cash expected to derive from operational activities, the Group will be able to repay its liabilities when they mature. Therefore the financial statements were prepared on the assumption that the Group will continue as going concern.
 
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Yellow Maple I B.V., Amsterdam
 
3	Use of estimates and assumptions	
Estimates and assumptions
In preparing these consolidated financial statements, management has made estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The key assumptions concerning the future and other key sources of estimation uncertainty at the Statements of financial position dates, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Impairment of Goodwill
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the ‘value in use’ of the cash-generating units to which the goodwill is allocated. Estimating a value in use amount requires management to make an estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash flows. Further details are given in Note 17.
Capitalised development costs
Development costs are capitalised as intangible assets in accordance with the accounting policy mentioned in section 4 significant accounting policies. Initial capitalisation of costs is based on management’s judgment that technological and economic feasibility is confirmed. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. For further details see Note 17.
Capitalised customer portfolio, databases and technology
Portfolios of customers, databases and technology have been capitalised as intangible assets as part of the acquisition of Hellios Holdings B.V. in 2014. These assets are amortised straight line over the estimated useful lives. Management judgment is required in monitoring changes in the business operations and performance deviations from the (initial) business forecasts that might trigger for impairment testing. Further details are provided in Note 17.
Deferred Tax Assets
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies. The Group has not valued deferred taxes. Further details are contained in Note 15.
Measurement of fair values
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. All assets and liabilities for which a fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
 
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Yellow Maple I B.V., Amsterdam
 
 	•	 	Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;	
 
 	•	 	Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);	
 
 	•	 	Level 3 – Inputs for the asset or liability that are not based on observable market data (Unobservable inputs).	
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
If the inputs to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
 
4	Significant accounting policies	
Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Transaction costs incurred are expensed and included in administrative expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Subsidiaries
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:
 
 	•	 	Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);	
 
 	•	 	Exposure, or rights, to variable returns from its involvement with the investee;	
 
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Yellow Maple I B.V., Amsterdam
 
 	•	 	The ability to use its power over the investee to affect its returns.	
Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
 
 	•	 	The contractual arrangement with the other vote holders of the investee;	
 
 	•	 	Rights arising from other contractual arrangements;	
 
 	•	 	The Group’s voting rights and potential voting rights.	
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
Loss of control
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that here is no evidence of impairment.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are recognised in profit or loss.
 
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Foreign operations
The assets and liabilities of foreign subsidiaries are translated into euro at the exchange rates at reporting date. The income and expenses of foreign operations are translated into euro at the average exchange rates for the year. Foreign currency differences are recognised in other comprehensive income and accumulated in the translation reserve.
When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests.
Revenue recognition
The main business of the Group is to sell information on DVD-ROMs and Blu-ray discs and through the internet in exchange for licensing fees. These licensing fees are usually fees for annual services and subscriptions for co-published products. At the moment the subscription is taken, the full amount of the annual subscription fees revenue is deferred and recognised as revenue over the period during which the service is performed.
The amount deferred will cover the expected costs of post-selling services, together with a reasonable profit on those services.
Revenues, expenses and assets are recognised net of the amount of sales tax. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of financial position.
Employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
The Group primarily operates a defined contribution plan for the employees. Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.
The Group has one defined benefit plan. The Group’s net obligation in respect of the defined benefit plan is calculated separately by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of the plan assets.
The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.
 
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Yellow Maple I B.V., Amsterdam
 
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in Other Comprehensive Income. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.
Other long-term employee benefits
The Group’s net obligation in respect of other long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise.
Expenses
Included in cost of information providers are amounts payable to information providers. Included in other operating expenses are production costs, selling, marketing and distributions costs as well as general and administrative expenses.
Finance income and finance costs
The Group’s finance income and finance costs include:
 
 	•	 	interest income;	
 
 	•	 	interest expense;	
 
 	•	 	the foreign currency gain or loss on financial assets and financial liabilities; and	
 
 	•	 	the net gain or loss on hedging instruments that are recognised in profit or loss.	
Interest income or expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group’s right to receive payment is established.
Income tax
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivables is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are met.
 
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Yellow Maple I B.V., Amsterdam
 
Deferred tax
Deferred income taxes are provided using the liability method on all temporary differences at the Statement of financial position date between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax is not recognised for:
 
 	•	 	Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;	
 
 	•	 	Temporary differences related to investments in subsidiaries, to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and	
 
 	•	 	Taxable temporary differences arising on the initial recognition of goodwill.	
Deferred tax assets are recognised for all deductible differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carry-forward of unused tax assets and unused tax losses can be utilised. Future taxable profits are determined based on business plans by tax jurisdiction.
The carrying amount of deferred tax assets is reviewed at each Statement of financial position date and reduced by the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each Statement of financial position date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantially enacted at the Statement of financial position date.
Deferred tax assets and liabilities are offset only if certain criteria are met.
Property, plant and equipment
Plant and equipment, leasehold improvements and office furniture and equipment are recorded at cost, which includes capitalised borrowing costs, less accumulated depreciation and impairment. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.
Depreciation is computed on a straight-line basis over the estimated useful life of the asset taking into account the residual value. At each Statement of financial position date the Group estimates whether there is an indication that the asset may be impaired. If such indication exists, the recoverable amount is estimated. Management reviews the applicability of the depreciation method and useful lives used annually.
The depreciation rates used are:

Installations	  	 	7.5	% - 25.0% 	
Computer Equipment	  	 	20.0	% - 37.5% 	
Office Equipment	  	 	10.0	% - 20.0% 	
Other Equipment	  	 	10.0	% - 20.0% 	
Office Furniture	  	 	6.0	% - 37.5% 	
Vehicles	  	 	20.0	% 	
 
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Yellow Maple I B.V., Amsterdam
 
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss.
Intangible assets
Goodwill
Goodwill, calculated as the excess of the purchase price over the fair market value of the net assets acquired, is measured at cost less accumulated impairment losses. The carrying value of Goodwill is tested for impairment every year and when events or changes in circumstances indicate that the carrying value may not be recoverable. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Companies cash generating units that are expected to benefit from the synergies of the combination.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in profit or loss.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Customer portfolio
Portfolios of customers are amortised based on the pattern of consumption of the economic benefits that the intangible assets provide by charges to operations, over their estimated useful lives during which benefits are expected to be received and are recorded in the Statement of profit and loss under amortization.
Databases and technology
Databases and technology are amortised based on the pattern of consumption of the economic benefits that the intangible asset provides by charges to operations, over the estimated useful lives during which benefits are expected to be received and are recorded in the Statement of profit and loss under amortization. The amortization period used for this intangible assets on the Statement of financial position equals 15 years.
Trade names
Trade names acquired as part of a business combination, are capitalised if they meet the definition of an intangible asset and the recognition criteria are satisfied.
Brands acquired as part of a business combination are valued at fair value based on the royalty relief method are considered assets with an indefinite life and are therefore annually tested for impairment. All other intangible assets are valued at fair value based on the Excess profit method.
Development costs
Research costs are expensed as incurred. Development costs are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses.

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Yellow Maple I B.V., Amsterdam
 
Amortisation of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit which is three to five years which is recorded in the Statement of profit and loss under amortization: for the EPS products and BvD custom products, 3 years is used, because our experience is that the average duration of the contracts is 3 years. For the co-published products, the development costs are amortised over 5 years, because the Group experienced that after 5 years, a new version should be developed based on the new technologies.
During the period of development, the asset is tested for impairment triggers annually.
Website and software
Other intangible assets mainly comprise software and development costs of the website of the Group. Both software and the website are measured at cost minus amortisation and impairment. It is amortized over the period of expected future benefit which is three years which is recorded in the Statement of profit and loss under amortization.
Financial instruments
The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss and receivables.
The Group classifies non-derivative financial liabilities into the following categories: financial liabilities at fair value through profit or loss and other financial liabilities category.
Non-derivative financial assets and financial liabilities – recognition and derecognition
The Group initially recognises receivables issued on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability.
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
Non-derivative financial assets – measurement
Receivables are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.
 
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Yellow Maple I B.V., Amsterdam
 
Financial assets at fair value through profit or loss is classified as such, if it is classified as held-for-trading or is designated as such on initial recognition. Directly attributable transaction costs are recognised in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, including any interest are recognised in profit or loss.
Non-derivative financial liabilities – measurement
A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading or is designated as such on initial recognition. Directly attributable transaction costs are recognised in profit or loss as incurred. Financial liabilities at fair value through profit or loss are measured at fair value and changes therein, including any interest expense, are recognised in profit or loss.
Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method.
Derivative Financial Instruments and Hedge Accounting
The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures such as interest rate swaps and interest collars. Embedded derivatives are separated from the host contract and accounted for separately if certain criteria are met. The Group does not apply hedge accounting.
Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss.
Impairment
Non-derivative financial assets
Financial assets not classified as at fair value through profit or loss, are assessed at each reporting date to determine whether there is objective evidence of impairment.
Objective evidence that financial assets are impaired includes:
 
 	•	 	Default or delinquency by a debtor;	
 
 	•	 	Restructuring of an amount due to the Group on terms that the Group would not consider otherwise;	
 
 	•	 	Indications that a debtor will enter bankruptcy;	
 
 	•	 	Observable data indicating that there is a measurable decrease in the expected cash flows from a group of financial assets.	
Financial assets measured at amortised cost
The Group considers evidence of impairment for these assets at both an individual asset and a collective level. All individually significant assets are individually assessed for impairment. Those found not to be impaired are then collectively assessed for any impairment that has been incurred but not yet individually identified. Assets that are not individually significant are collectively assessed for impairment. Collective assessment is carried out by grouping together assets with similar risk characteristics.
 
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Yellow Maple I B.V., Amsterdam
 
In assessing collective impairment, the Group uses historical information on the timing of recoveries and the amount of loss incurred, and makes an adjustment if current economic and credit conditions are such that the actual losses are likely to be greater or lesser than suggested by historical trends.
An impairment loss is calculated as the difference between an asset’s carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, then the previously recognised impairment loss is reversed through profit or loss.
Non-financial assets
At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units. Goodwill arising from a business combination is allocated to cash generating units or groups of cash generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash generating unit exceeds its recoverable amount.
Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit, and then to reduce the carrying amounts of the other assets in the cash generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Share capital
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction are accounted for in accordance with IAS 12.
Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
 
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Yellow Maple I B.V., Amsterdam
 
Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease.
Finance leases are capitalised at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in finance costs in the statement of profit or loss.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term. Operating lease payments are recognised as an operating expense in the statement of profit or loss on a straight-line basis over the lease term.
Operating result
Operating result is the result generated from the continuing principal revenue producing activities of the Group as well as other income and expenses related to operating activities. Operating profit excludes net finance costs and income taxes.
Cash flow statement
The cash flow statement is prepared according to the indirect method. Cash and cash equivalents consists of current (including short-term deposits) accounts with banks and cash in hand. Payments of income taxes are included in cash flow from operating activities. Payments of interest expenses are included in cash flow from financing activities.
 
5	Segment information	
As the Company is not a public company disclosure of segment information in accordance with IFRS 8 is not required.
 
6	Changes in accounting policies	
A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2016 and earlier application is permitted; however, the Group has not early applied the following new or amended standards in preparing these consolidated financial statements.
New standards and interpretations not yet adopted
Disclosure Initiative (Amendments to IAS 7)
The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The amendments are effective for annual periods beginning on or after 1 January 2017, with early adoption permitted. To satisfy the new disclosure requirements, the Group intends to present a reconciliation between the opening and closing balances for liabilities with changes arising from financing activities.
 
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Yellow Maple I B.V., Amsterdam
 
Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12)
The amendments clarify the accounting for deferred tax assets for unrealised losses on debt instruments measured at fair value. The amendments are effective for annual periods beginning on or after 1 January 2017 with early adoption permitted. The Group does not expect any significant impact.
IFRS 9 Financial Instruments
In July 2014, the International Accounting Standards Board issued the final version of IFRS 9 Financial Instruments. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted. The Group currently plans to apply IFRS 9 initially on 1 January 2018.
The Group is currently performing an assessment of the impact resulting from the application of IFRS 9 and expects to disclose additional quantitative information before it adopts IFRS 9. The new standard will require the Group to revise its accounting processes and internal controls related to reporting financial instruments and these changes are not yet complete. The Group has stable financial instruments over the past years, and, based on its positions at 31 December 2016 and hedging relationships designated during 2016 under IAS 39, the preliminary results from the ongoing assessment of the future potential impact of the adoption of IFRS 9 are shown below.
Classification – Financial assets
IFRS 9 contains a new classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 contains three principal classifications categories for financial assets: measured at amortised cost, fair value through other comprehensive income (‘FVOCI’) and fair value through profit or loss (‘FVTPL’). The standard eliminates the existing IAS 39 categories of held to maturity, loans and receivables and available for sale. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never bifurcated. Instead, the hybrid financial instrument as a whole is assessed for classification.
Based on its preliminary assessment, the Group does not believe that the new classification requirements, if applied at 31 December 2016, would have had a material impact on its accounting for trade receivables.
Impairment – Financial assets and contract assets
IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with a forward-looking ‘expected credit loss’ (‘ECL’) model. This will require considerable judgement as to how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis. The new impairment model will apply to financial assets measured at amortised cost or FVOCI, except for investments in equity instruments, and to contract assets.
Under IFRS 9, loss allowances will be measured on either of the following bases:
 
 	•	 	12-month ECLs. These are ECLs that result from possible default events within the 12 months after the reporting date; and	
 
 	•	 	Lifetime ECLs. These are ECLs that result from all possible default events over the expected life of a financial instrument.	
Lifetime ECL measurement applies if the credit risk of a financial asset at the reporting date has increased significantly since initial recognition and 12-month ECL measurement applies if it has not. An entity may determine that a financial asset’s credit risk has not increased significantly if the asset has low credit risk at the reporting date. However, lifetime ECL measurement always applies for trade receivables and contract assets without a significant financing component; an entity may choose to apply this policy also for trade receivables and contract assets with a significant financing component.
 
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Yellow Maple I B.V., Amsterdam
 
The group is assessing the potential impact of the adoption of IFRS 9 on its consolidated financial statements.
Classification – Financial liabilities
IFRS 9 largely retains the existing requirements in IAS 39 for the classification of financial liabilities.
However, under IAS 39 all fair value changes of liabilities designated as at FVTPL are recognised in profit or loss, whereas under IFRS 9 these fair value changes are generally presented as follows:
 
 	•	 	The amount of change in the fair value that is attributable to changes in the credit risk of the liability is presented in OCI; and	
 
 	•	 	The remaining amount of change in the fair value is presented in profit or loss.	
The Group has not designated any financial liabilities at FVTPL and the Group has no current intention to do so. The Group’s preliminary assessment did not indicate any material impact if IFRS 9’s requirements regarding the classification of financial liabilities were applied at 31 December 2016.
Hedge accounting
When initially applying IFRS 9, the Group may choose as its accounting policy to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements in IFRS 9. The Group does not apply hedge accounting.
Disclosures
IFRS 9 will require extensive new disclosures, in particular about hedge accounting, credit risk and expected credit losses. The Group’s preliminary assessment included an analysis to identify data gaps against current processes and the Group plans to implement the system and controls changes that it believes will be necessary to capture the required data.
Transition
Changes in accounting policies resulting from the adoption of IFRS 9 will generally be applied retrospectively, except as described below.
 
 	•	 	The Group plans to take advantage of the exemption allowing it not to restate comparative information for prior periods with respect to classification and measurement (including impairment) changes. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 generally will be recognised in retained earnings and reserves as at 1 January 2018.	
 
 	•	 	New hedge accounting requirements should generally be applied prospectively. However the Group may elect to apply the expected change in accounting for forward points retrospectively. The Group has elected to continuously apply IAS 39 and does not apply hedge accounting.	
 
 	•	 	The following assessments have to be made on the basis of the facts and circumstances that exist at the date of initial application:	
 
 	•	 	The determination of the business model within which a financial asset is held;	
 
 	•	 	The designation and revocation of previous designations of certain financial assets and financial liabilities as measured at FVTPL.	
IFRS 15 Revenue from Contracts with Customers
IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. IFRS 15 is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted.
 
22

Yellow Maple I B.V., Amsterdam
 
The Group is assessing the potential impact of the adoption of IFRS 15 on its consolidated financial statements.
Transition
The Group plans to adopt IFRS 15 in its consolidated financial statements for the year ending 31 December 2018, using the retrospective approach. As a result, the Group will apply all of the requirements of IFRS 15 to each comparative period presented and adjust its consolidated financial statements.
The Group plans is currently performing a detailed assessment of the impact resulting from the application of IFRS 15 and expects to disclose additional quantitative information before it adopts IFRS 15.
IFRS 16 Leases
IFRS 16 introduces a single, on-balance lease sheet accounting model for lessees. A lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for short-term leases and leases of low value items. Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases.
IFRS 16 replaces existing leases guidance including IAS 17 leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases – Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease.
The standard is effective for annual periods beginning on or after 1 January 2019. Early adoption is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16.
The Group is assessing whether to apply the practical expedient and the potential impact on its consolidated financial statements, and whether this will affect the number of contracts identified as leases on transition.
Transition
As a lessee, the Group can either apply the standard using a:
 
 	•	 	Retrospective approach; or	
 
 	•	 	Modified retrospective approach with optional practical expedients.	
The lessee applies the election consistently to all of its leases. The Group currently plans to apply IFRS 16 initially on 1 January 2019. The Group has not yet determined which transition approach to apply.
As a lessor, the Group is not required to make any adjustments for leases in which it is a lessor except where it is an intermediate lessor in a sub-lease.
The Group has not yet quantified the impact on its reported assets and liabilities of adoption of IFRS 16. The quantitative effect will depend on, inter alia, the transition method chosen, the extent to which the Group uses the practical expedients and recognition exemptions, and any additional leases that the Group enters into. The Group expects to disclose its transition approach and quantitative information before adoption.
 
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Yellow Maple I B.V., Amsterdam
 
Other amendments
The following new or amended standards are not expected to have a significant impact on the Group’s consolidated financial statements:
 
 	•	 	Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2);	
 
 	•	 	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28).	
New currently effective standards and requirements
The following are the new standards or amendments effective for financial years beginning after 1 January 2016, all of which have not effected the Group financial statements:
 
 	•	 	IFRS 14 Regulatory Deferral Accounts;	
 
 	•	 	Accounting for Acquisitions of Interests In Joint Operations (Amendments to IFRS 11);	
 
 	•	 	Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38);	
 
 	•	 	Equity Method in Separate Financial Statements (Amendments to IAS 27);	
 
 	•	 	Annual Improvements to IFRSs 2012-2014 Cycle – various standards;	
 
 	•	 	Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28);	
 
7	Financial instruments	
Fair values and risk management
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.

 	  	 	 	  	December 31, 2016	 	
 	  	 	 	  	Carrying amount	 	 	Fair value	 	
 	  	 	 	  	Held-for-
trading	 	  	Loans and
receivables	 	  	Other
financial
liabilities	 	 	Total	 	 	(level 1)	 	  	(level 2)	 	 	(level 3)	 	  	Total	 	
 	  	Note	 	  	EUR 000	 	  	EUR 000	 	  	EUR 000	 	 	EUR 000	 	 	EUR 000	 	  	EUR 000	 	 	EUR 000	 	  	EUR 000	 	
Financial assets measured at fair value	  				  				  				  				 				 				  				 				  				
Interest rate swaps, caps, floors	  	 	24	 	  	 	—  	 	  	 	—  	 	  	 	837	 	 	 	837	 	 	 	—  	 	  	 	837	 	 	 	—  	 	  	 	837	 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
	  				  	 	—  	 	  	 	—  	 	  	 	837	 	 	 	837	 	 				  				 				  				
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
Financial liabilities measured at fair value	  				  				  				  				 				 				  				 				  				
Interest rate swaps, caps, floors	  	 	24	 	  	 	—  	 	  	 	—  	 	  	 	(9,741	) 	 	 	(9,741	) 	 	 	—  	 	  	 	(9,741	) 	 	 	—  	 	  	 	(9,741	) 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
	  				  	 	—  	 	  	 	—  	 	  	 	(9,741	) 	 	 	(9,741	) 	 				  				 				  				
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
Financial liabilities not measured at fair value	  				  				  				  				 				 				  				 				  				
Interest-bearing loans	  	 	23	 	  	 	—  	 	  	 	—  	 	  	 	(1,889,236	) 	 	 	(1,889,236	) 	 	 	—  	 	  	 	(1,889,236	) 	 	 	—  	 	  	 	(1,889,236	) 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
	  				  	 	—  	 	  	 	—  	 	  	 	(1,889,236	) 	 	 	(1,889,236	) 	 				  				 				  				

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Yellow Maple I B.V., Amsterdam

 	  	 	 	  	December 31, 2015	 	
 	  	 	 	  	Carrying amount	 	 	Fair value	 	
 	  	 	 	  	Held-for-
trading	 	  	Loans and
receivables	 	  	Other
financial
liabilities	 	 	Total	 	 	(level 1)	 	  	(level 2)	 	 	(level 3)	 	  	Total	 	
 	  	Note	 	  	EUR 000	 	  	EUR 000	 	  	EUR 000	 	 	EUR 000	 	 	EUR 000	 	  	EUR 000	 	 	EUR 000	 	  	EUR 000	 	
Financial assets measured at fair value	  				  				  				  				 				 				  				 				  				
Interest rate swaps, caps, floors	  	 	24	 	  	 	—  	 	  	 	—  	 	  	 	4,937	 	 	 	4,937	 	 	 	—  	 	  	 	4,937	 	 	 	—  	 	  	 	4,937	 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
	  				  	 	—  	 	  	 	—  	 	  	 	4,937	 	 	 	4,937	 	 				  				 				  				
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
Financial liabilities measured at fair value	  				  				  				  				 				 				  				 				  				
Interest rate swaps, caps, floors	  	 	24	 	  	 	—  	 	  	 	—  	 	  	 	(12,532	) 	 	 	(12,532	) 	 	 	—  	 	  	 	(12,532	) 	 	 	—  	 	  	 	(12,532	) 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
	  				  	 	—  	 	  	 	—  	 	  	 	(12,532	) 	 	 	(12,532	) 	 				  				 				  				
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
Financial liabilities not measured at fair value	  				  				  				  				 				 				  				 				  				
Interest-bearing loans	  	 	23	 	  	 	—  	 	  	 	—  	 	  	 	(1,801,936	) 	 	 	(1,801,936	) 	 	 	—  	 	  	 	(1,801,936	) 	 	 	—  	 	  	 	(1,801,936	) 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
	  				  	 	—  	 	  	 	—  	 	  	 	(1,801,936	) 	 	 	(1,801,936	) 	 				  				 				  				
	  				  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 				  				 				  				
All of the above assets and liabilities have been valued as per December 31. For all other financial assets and liabilities the fair value approximates the carrying value. There have been no transfers between the fair values during both financial years.
Measurement of fair values
The following shows the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs used.
Financial instruments measured at fair value
For interest swaps the Market comparison technique is used. The fair values are based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments. There are no significant unobservable inputs related to this technique.
Financial instruments not measured at fair value
For the interest bearing loans the discounted cash flows model is used. The valuation model considers the present value of expected payment, discounted using a risk adjusted discount rate.
Financial risk management objectives and policies
The Group’s principal financial instruments comprise trade receivables, trade payables, long and short-term loans and cash. The main purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
It is the Group’s policy that no speculative trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the derivative financial instruments in use for this purpose as per December 31, 2016, is determined based on quotes obtained from the counterparty. As such, these derivative financial instruments classify as ‘level 2’ under IFRS 7.
 
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Yellow Maple I B.V., Amsterdam
 
Credit risk exposure
The Group’s maximum exposure to credit risk, in the event the counter parties fail to perform their obligations as of December 31, 2016 in relation to each class of recognised financial assets, is the carrying amount of those assets as indicated in the Statement of financial position.
Significant concentrations of credit risk
Concentrations of credit risk exist when changes in economic, industry or geographic factors similarly affect groups of counter parties whose aggregate credit exposure is significant in relation to the Group’s total credit exposure. The Group’s portfolio of financial instruments is broadly diversified along industry, product and geographic lines, and transactions are entered into with diverse creditworthy counter parties, thereby mitigating any significant concentration of credit risk. The top 5 customers amounted to EUR 22,808 thousand or 8.8% of total revenue (2015: EUR 21,735 or 9.4% of total revenue).
Interest rate risk
The Group is exposed to interest re-pricing rate risk, as interest-bearing bank loans and borrowings have been granted at variable rates. In November 2014 the Group entered into interest rate swaps and interest rate caps for the loans with variable interest rates denominated in EUR, USD and GBP. The notional amounts of the Group’s interest rate derivatives effective as per December 31, 2016, amount to EUR 354.0 million, USD 116.6 million and GBP 101.7 million (2015: amount to EUR 239 million, USD 68 million and GBP 105 million).
The contract periods for the swaps entered into in November 2014 and runs between November 24, 2014 and September 23, 2019.
The following table demonstrates the sensitivity to a reasonable possible change in interest rates, if there were no interest rate swaps and collars with all other variables held constant, of the Group’s profit before tax (through the impact on floating rate borrowings). There is no impact on the Group’s equity.

Interest rate risk	  	Change in
interest rate	 	 	December 31,
2016
EUR 000	 	  	Change in
interest rate	 	 	December 31,
2015
EUR 000	 	
EUR	  	 	-1	% 	 	 	5,023,177	 	  	 	-1	% 	 	 	5,082,639	 	
GBP	  	 	-1	% 	 	 	1,356,202	 	  	 	-1	% 	 	 	1,462,018	 	
USD	  	 	-1	% 	 	 	1,547,597	 	  	 	-1	% 	 	 	1,910,364	 	
	  				 	 	 	 	  				 	 	 	 	
Total impact	  				 	 	7,926,976	 	  				 	 	8,455,021	 	
	  				 	 	 	 	  				 	 	 	 	
EUR	  	 	+1	% 	 	 	(5,023,177	) 	  	 	+1	% 	 	 	(5,082,639	) 	
GBP	  	 	+1	% 	 	 	(1,356,202	) 	  	 	+1	% 	 	 	(1,462,018	) 	
USD	  	 	+1	% 	 	 	(1,547,597	) 	  	 	+1	% 	 	 	(1,910,364	) 	
	  				 	 	 	 	  				 	 	 	 	
Total impact	  				 	 	(7,926,976	) 	  				 	 	(8,455,021	) 	
	  				 	 	 	 	  				 	 	 	 	
The following table demonstrates the sensitivity to a reasonable possible change in interest rates, taking into account the interest rate swaps and collars with all other variables held constant, of the Group’s profit before tax (through the impact on floating rate borrowings). There is no impact on the Group’s equity.
 
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Yellow Maple I B.V., Amsterdam

Interest rate risk	  	Change in
interest rate	 	 	December 31,
2016
EUR 000	 	  	Change in
interest rate	 	 	December 31,
2015
EUR 000	 	
EUR	  	 	-1	% 	 	 	1,901,950	 	  	 	-1	% 	 	 	1,830,422	 	
GBP	  	 	-1	% 	 	 	748,033	 	  	 	-1	% 	 	 	367,007	 	
USD	  	 	-1	% 	 	 	266,222	 	  	 	-1	% 	 	 	536,745	 	
	  				 	 	 	 	  				 	 	 	 	
Total impact	  				 	 	2,916,205	 	  				 	 	2,734,174	 	
	  				 	 	 	 	  				 	 	 	 	
EUR	  	 	+1	% 	 	 	(1,901,950	) 	  	 	+1	% 	 	 	(1,830,422	) 	
GBP	  	 	+1	% 	 	 	(748,033	) 	  	 	+1	% 	 	 	(367,007	) 	
USD	  	 	+1	% 	 	 	(266,222	) 	  	 	+1	% 	 	 	(536,745	) 	
	  				 	 	 	 	  				 	 	 	 	
Total impact	  				 	 	(2,916,205	) 	  				 	 	(2,734,174	) 	
	  				 	 	 	 	  				 	 	 	 	
Hedges on interest rates     
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates related primarily to the Group’s long term debt obligations with floating interest rates. The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The hedge contract has imposed hedging before December 22, 2014 an aggregate 50% of the senior facilities and the second lien facilities over a minimum three years maturity from closing. To manage this, the Group enters into interest rate swaps and caps.
The Group’s policy is to hedge 75% of the senior and 2nd lien borrowings for a period of 5 years from closing; to manage this, the Group enters into interest rate swaps and caps. For the hedge strategy the Company chose a three year swap, a two year cap and a repurchase of the 1% floor on EURIBOR / LIBOR for the second lien facilities.
Liquidity risk
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of interest bearing loans, debentures (notes) and finance leases.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements.

 	  	December 31, 2016	 	
 	  	 	 	  	Contractual cash flows	 	
 	  	Carrying
amount
EUR 000	 	  	Total
EUR 000	 	  	2 months
or less
EUR 000	 	  	2 – 12
months
EUR 000	 	  	1 – 5
years
EUR 000	 	  	More than 5
years
EUR 000	 	
Non-derivative financial liabilities	 	
Bank loans	  	 	751,786	 	  	 	751,786	 	  	 	—  	 	  	 	—  	 	  	 	683,343	 	  	 	68,443	 	
Shareholder loans	  	 	1,137,450	 	  	 	1,137,450	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,137,450	 	
Finance commitments	  	 	12,867	 	  	 	12,867	 	  	 	760	 	  	 	3,803	 	  	 	8,304	 	  	 	—  	 	
Trade payables	  	 	4,531	 	  	 	4,531	 	  	 	4,531	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Other payables	  	 	49,087	 	  	 	49,087	 	  	 	49,087	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Subtotal	  	 	1,955,721	 	  	 	1,955,721	 	  	 	54,378	 	  	 	3,803	 	  	 	691,647	 	  	 	1,205,893	 	
Derivative financial liabilities	 	
Derivatives	  	 	9,741	 	  	 	9,741	 	  	 	566	 	  	 	9,175	 	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Subtotal	  	 	9,741	 	  	 	9,741	 	  	 	566	 	  	 	9,175	 	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	1,965,462	 	  	 	1,965,462	 	  	 	54,944	 	  	 	12,978	 	  	 	691,647	 	  	 	1,205,893	 	

27

Yellow Maple I B.V., Amsterdam

 	  	December 31, 2015	 	
 	  	 	 	  	Contractual cash flows	 	
 	  	Carrying
amount
EUR 000	 	  	Total
EUR 000	 	  	2 months
or less
EUR 000	 	  	2 – 12
months
EUR 000	 	  	1 – 5
years
EUR 000	 	  	More than 5
years
EUR 000	 	
Non-derivative financial liabilities	  				  				  				  				  				  				
Bank loans	  	 	813,201	 	  	 	813,201	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	813,201	 	
Shareholder loans	  	 	988,735	 	  	 	988,735	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	988,735	 	
Finance commitments	  	 	12,791	 	  	 	12,791	 	  	 	643	 	  	 	3,217	 	  	 	8,931	 	  	 	—  	 	
Trade payables	  	 	7,010	 	  	 	7,010	 	  	 	7,010	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Other payables	  	 	46,823	 	  	 	46,823	 	  	 	46,823	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Subtotal	  	 	1,868,560	 	  	 	1,868,560	 	  	 	54,476	 	  	 	3,217	 	  	 	8,931	 	  	 	1,801,936	 	
Derivative financial liabilities	  				  				  				  				  				  				
Derivatives	  	 	12,532	 	  	 	12,532	 	  	 	438	 	  	 	4,824	 	  	 	7,270	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Subtotal	  	 	12,532	 	  	 	12,532	 	  	 	438	 	  	 	4,824	 	  	 	7,270	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	1,881,092	 	  	 	1,881,092	 	  	 	54,914	 	  	 	8,041	 	  	 	16,201	 	  	 	1,801,936	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
The inflows / (outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to non-derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for non-derivatives that are net cash-settled and gross cash inflow and outflow amounts for non-derivatives that have simultaneous gross cash settlement. Breach of covenants associated with the loans might require earlier repayment of the outstanding loans.
Foreign currency risk
Due to operations in the United States, the United Kingdom, Switzerland, South America and Asia the Group’s Statement of financial position can be affected by movements in the foreign exchange rates. The Group has also transactional foreign currency exposures. Such exposures arise from sales or purchases in currencies other than the currency of the operating subsidiaries. The main exposures are in GBP and USD, to partly mitigate this risk, the external debt in place is also denominated in GBP and USD. The impact of financial instruments denominated in a non euro currency is negligible.
EUR-GBP

 	  	December 31, 2016	 	 	December 31, 2015	 	
 	  	Increase /
decrease in
GBP rate
%	 	  	Effect on profit
before tax
EUR 000	 	 	Effect on
equity
EUR 000	 	 	Increase /
decrease in
GBP rate
%	 	  	Effect on profit
before tax
EUR 000	 	 	Effect on
equity
EUR 000	 	
Operating result	  	 	+5	 	  	 	(1,435	) 	 				 	 	+5	 	  	 	(1,303	) 	 				
Interests	  	 	+5	 	  	 	374	 	 				 	 	+5	 	  	 	473	 	 				
Loans	  	 	+5	 	  	 	6,978	 	 				 	 	+5	 	  	 	8,711	 	 				
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Total impact	  				  	 	5,917	 	 	 	(380	) 	 				  	 	7,881	 	 	 	(215	) 	
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Operating result	  	 	-5	 	  	 	1,586	 	 				 	 	-5	 	  	 	1,440	 	 				
Interests	  	 	-5	 	  	 	(413	) 	 				 	 	-5	 	  	 	(523	) 	 				
Loans	  	 	-5	 	  	 	(7,713	) 	 				 	 	-5	 	  	 	(9,628	) 	 				
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Total impact	  				  	 	(6,540	) 	 	 	420	 	 				  	 	(8,711	) 	 	 	235	 	

28

Yellow Maple I B.V., Amsterdam
 
EUR-USD

 	  	December 31, 2016	 	 	December 31, 2015	 	
 	  	Increase /
decrease in
USD rate
%	 	  	Effect on profit
before tax
EUR 000	 	 	Effect on
equity
EUR 000	 	 	Increase /
decrease in
USD rate
%	 	  	Effect on
profit
before tax
EUR 000	 	 	Effect on
equity
EUR 000	 	
Operating result	  	 	+5	 	  	 	(1,100	) 	 				 	 	+5	 	  	 	(883	) 	 				
Interests	  	 	+5	 	  	 	458	 	 				 	 	+5	 	  	 	473	 	 				
Loans	  	 	+5	 	  	 	6,306	 	 				 	 	+5	 	  	 	6,722	 	 				
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Total impact	  				  	 	5,664	 	 	 	(108	) 	 				  	 	6,312	 	 	 	(71	) 	
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Operating result	  	 	-5	 	  	 	1,216	 	 				 	 	-5	 	  	 	975	 	 				
Interests	  	 	-5	 	  	 	(485	) 	 				 	 	-5	 	  	 	(502	) 	 				
Loans	  	 	-5	 	  	 	(6,969	) 	 				 	 	-5	 	  	 	(7,430	) 	 				
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Total impact	  				  	 	(6,238	) 	 	 	119	 	 				  	 	(6,957	) 	 	 	78	 	
	  				  	 	 	 	 	 	 	 	 				  	 	 	 	 	 	 	 	
Group capital management
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value and respect its obligation under its financing documentation.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. No changes were made in the objectives, policies or processes during the period ending December 31, 2016 and 2015. The Group monitors capital using net debt to EBITDA ratio. These ratios are calculated based on the same accounting policies as used in these financial statements, as disclosed in section 4 significant accounting policies.
Under the debt covenant, the net debt to EBITDA ratio is required to remain below the contractual agreed covenant of 9.00 per December 2016 and 9.65 per December 2015. As at December 31, 2016 the net debt to EBITDA ratio of the Group equals 5.60, and therefore the Group meets the mentioned covenant.
 
8	Revenues	
Revenues consists of the following:

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Co-published Products (CPP)	  	 	232,284	 	  	 	204,345	 	
Financial Analysis and Credit Tool (BvD Custom)	  	 	15,858	 	  	 	14,379	 	
Electronic Publishing Services (EPS)	  	 	6,688	 	  	 	8,865	 	
Royalties from IP co-published products	  	 	3,023	 	  	 	3,026	 	
Other	  	 	78	 	  	 	131	 	
	  	 	 	 	  	 	 	 	
Total	  	 	257,931	 	  	 	230,746	 	

9	Cost of information providers	
Included are solely amounts payable to information providers.
 
29

Yellow Maple I B.V., Amsterdam
 
10	Salaries and employee benefits	

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Salaries	  	 	52,230	 	  	 	46,144	 	
Social security contributions	  	 	6,813	 	  	 	6,522	 	
Expenses related to pension plans	  	 	2,822	 	  	 	2,630	 	
Other personnel expenses	  	 	2,568	 	  	 	2,540	 	
	  	 	 	 	  	 	 	 	
Total	  	 	64,433	 	  	 	57,836	 	
	  	 	 	 	  	 	 	 	
Expenses related to pension plans include EUR 2.3 million (2015: EUR 2.3 million) contributions for defined contribution plans and EUR 0.5 million (2015: EUR 0.3 million) expenses for the defined benefit plan.
The average number of employees amounted to:

 	  	2016	 	  	2015	 	
Department	  				  				
Management / Administration	  	 	18	 	  	 	19	 	
Sourcing	  	 	130	 	  	 	120	 	
Development / Analysis / Production / Catalysts	  	 	157	 	  	 	139	 	
Electronic Publishing Services	  	 	15	 	  	 	13	 	
Sales and Support	  	 	439	 	  	 	411	 	
Customised solution	  	 	80	 	  	 	67	 	
	  	 	 	 	  	 	 	 	
Total	  	 	839	 	  	 	769	 	
	  	 	 	 	  	 	 	 	
Of the total employees 22 are working in the Netherlands (2015: 21).
 
11	Other operating expenses	
Included in other operating expenses are production costs, selling, marketing and distributions costs as well as general and administrative expenses:

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Professional fees	  	 	8,339	 	  	 	8,033	 	
Rent	  	 	5,217	 	  	 	4,635	 	
Office-related costs	  	 	4,742	 	  	 	4,047	 	
Production, selling, marketing and distribution	  	 	10,960	 	  	 	10,498	 	
Other costs	  	 	611	 	  	 	433	 	
Capitalised development costs	  	 	(13,109	) 	  	 	(11,804	) 	
	  	 	 	 	  	 	 	 	
Total	  	 	16,760	 	  	 	15,842	 	

12	Research and development costs	
Research and development costs are recognised as an expense in the Statement of profit and loss during the financial year, except for development costs for which the technological and economic feasibility of the related assets is confirmed. These costs are included in the Other costs in operating expenses.

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Research and development spent	  	 	185	 	  	 	578	 	
Impact of R&D expenses capitalised and amortised (net)	  	 	2,577	 	  	 	2,143	 	
	  	 	 	 	  	 	 	 	
Total	  	 	2,762	 	  	 	2,721	 	

30

Yellow Maple I B.V., Amsterdam
 
13	Financial income	

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Foreign exchange result	  	 	59,848	 	  	 	95,180	 	
Other financial income	  	 	1,706	 	  	 	47	 	
	  	 	 	 	  	 	 	 	
Total	  	 	61,554	 	  	 	95,227	 	
	  	 	 	 	  	 	 	 	
The foreign exchange result in the financial year 2016 and 2015 relates mainly to the revaluation of long-term liabilities in other currencies.
 
14	Financial expenses	

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Interest expense bank loans	  	 	43,088	 	  	 	47,148	 	
Interest expense shareholders loans	  	 	148,715	 	  	 	128,933	 	
Swap interest	  	 	4,362	 	  	 	4,178	 	
Revaluation swaps	  	 	1,740	 	  	 	26	 	
Foreign exchange loss	  	 	42,770	 	  	 	123,344	 	
Other financial costs	  	 	8,927	 	  	 	3,904	 	
	  	 	 	 	  	 	 	 	
Total	  	 	249,602	 	  	 	307,533	 	
	  	 	 	 	  	 	 	 	
The result on the revaluation of the swaps relates to the movement in the fair value of the swaps of the Group during 2016 and 2015. The foreign exchange loss relates to the revaluation of outstanding loans in other currencies.
 
15	Income tax expense	
The income tax charge (credit) components for the period ended December 31 were:

 	  	2016
EUR 000	 	  	2015
EUR 000	 	
Current:	  				  				
Netherlands	  	 	—  	 	  	 	—  	 	
Other countries	  	 	14,339	 	  	 	10,299	 	
Deferred	  				  				
Netherlands	  	 	—  	 	  	 	—  	 	
Other countries	  	 	(3,365	) 	  	 	(7,586	) 	
	  	 	 	 	  	 	 	 	
Total income tax charge	  	 	10,974	 	  	 	2,713	 	

31

Yellow Maple I B.V., Amsterdam
 
A reconciliation of the statutory tax rate to the Company’s effective rate applicable to income from continuing operations for the period ended December 31 was as follows:

 	  	2016
EUR 000	 	  	%	 	  	2015
EUR 000	 	  	%	 	
Loss before tax	  	 	(116,710	) 	  				  	 	(159,094	) 	  				
Weighted income tax credit using Dutch corporation tax rate (2015: 25%)	  	 	29,178	 	  	 	25.0	 	  	 	39,774	 	  	 	25.0	 	
Net effect of different tax rates in other jurisdictions	  	 	17,284	 	  	 	14.8	 	  	 	20,626	 	  	 	13.0	 	
Effect of non-tax deductible interest expenses	  	 	(37,764	) 	  	 	(32.4	) 	  	 	(32,233	) 	  	 	(20.3	) 	
Effect of non-tax deductible amortisation intangible assets	  	 	(3,721	) 	  	 	(3.2	) 	  	 	(3,721	) 	  	 	(2.3	) 	
Net effect of other non-tax deductible expenses and income	  	 	(5,877	) 	  	 	(5.0	) 	  	 	(4,202	) 	  	 	(2.6	) 	
Utilisation of previously unrecognised tax losses	  	 	708	 	  	 	0.6	 	  	 	4,653	 	  	 	2.9	 	
Adjustments in respect of current income tax of previous years	  	 	3	 	  	 	0.0	 	  	 	(21	) 	  	 	0.0	 	
Effect of unrecognised tax losses	  	 	(10,696	) 	  	 	(9.2	) 	  	 	(27,115	) 	  	 	(17.0	) 	
Other	  	 	(89	) 	  	 	(0.1	) 	  	 	(474	) 	  	 	(0.3	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total corporate income tax expense in Statement of profit and loss	  	 	(10,974	) 	  	 	(9.4	) 	  	 	(2,713	) 	  	 	(1.7	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
The corporate income tax position in The Netherlands is significantly influenced by the non-tax deductible amortisation expenses on intangible assets.
Movement in deferred tax balances

 	  	 	 	 	 	 	 	Balance as at December 31, 2016	 	
 	  	Net balance at
January 1
EUR 000	 	 	Recognised in
profit or loss
EUR 000	 	 	Net
EUR 000	 	 	Deferred tax
assets
EUR 000	 	  	Deferred tax
liabilities
EUR 000	 	
Deferred revenue	  	 	7,429	 	 	 	(1,566	) 	 	 	5,863	 	 	 	5,863	 	  	 	—  	 	
Purchased intangibles	  	 	(89,803	) 	 	 	5,325	 	 	 	(84,478	) 	 	 	—  	 	  	 	(84,478	) 	
Deferred IP costs	  	 	(3,583	) 	 	 	125	 	 	 	(3,458	) 	 	 	—  	 	  	 	(3,458	) 	
Other	  	 	754	 	 	 	(519	) 	 	 	235	 	 	 	268	 	  	 	(33	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Tax assets (liabilities) before set-off	  	 	(85,203	) 	 	 	3,365	 	 	 	(81,838	) 	 	 	6,131	 	  	 	(87,969	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Set-off of tax	  				 				 				 	 	—  	 	  	 	—  	 	
	  				 				 				 	 	 	 	  	 	 	 	
Net tax assets (liabilities)	  				 				 				 	 	6,131	 	  	 	(87,969	) 	

																					
 	  	 	 	 	 	 	 	Balance as at December 31, 2015	 	
 	  	Net balance at
January 1
EUR 000	 	 	Recognised in
profit or loss
EUR 000	 	 	Net
EUR 000	 	 	Deferred tax
assets
EUR 000	 	  	Deferred tax
liabilities
EUR 000	 	
Deferred revenue	  	 	5,752	 	 	 	1,677	 	 	 	7,429	 	 	 	7,429	 	  	 	—  	 	
Purchased intangibles	  	 	(95,173	) 	 	 	5,370	 	 	 	(89,803	) 	 	 	—  	 	  	 	(89,803	) 	
Deferred IP costs	  	 	(3,375	) 	 	 	(208	) 	 	 	(3,583	) 	 	 	—  	 	  	 	(3,583	) 	
Other	  	 	7	 	 	 	747	 	 	 	754	 	 	 	754	 	  	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Tax assets (liabilities) before set-off	  	 	(92,789	) 	 	 	7,586	 	 	 	(85,203	) 	 	 	8,183	 	  	 	(93,386	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Set-off of tax	  				 				 				 	 	—  	 	  	 	—  	 	
	  				 				 				 	 	 	 	  	 	 	 	
Net tax assets (liabilities)	  				 				 				 	 	8,183	 	  	 	(93,386	) 	
	  				 				 				 	 	 	 	  	 	 	 	
The deferred tax liabilities at December 31 at enacted tax rates are related to acquired intangible assets and the deferred IP costs. The enacted tax rate for financial year 2016 for these items is 12% (2015: 12%).
 
32

Yellow Maple I B.V., Amsterdam
 
As per December 31, 2016, the Company has unused tax losses amounting to EUR 464.3 million (2015: EUR 448.6 million). The expiration date of these losses is between 2018 and 2024. Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group. The tax losses have arisen in subsidiaries that have been loss-making, and there are no other tax planning opportunities or other evidence of recoverability in the near future.
The Company is in a fiscal unity with all its Dutch subsidiaries as of 23 September 2014.
 
16	Property, plant and equipment	

 	  	IT server and other
related equipment
EUR 000	 	  	Furniture and
vehicles
EUR 000	 	  	Leasing and work
in progress
EUR 000	 	  	Total
EUR 000	 	
Cost	  				  				  				  				
Balance at January 1, 2015	  	 	10,641	 	  	 	1,820	 	  	 	551	 	  	 	13,012	 	
Additions	  	 	1,633	 	  	 	86	 	  	 	223	 	  	 	1,942	 	
Disposals	  	 	(8	) 	  	 	(120	) 	  	 	(7	) 	  	 	(135	) 	
Effect of movements in exchange rates	  	 	87	 	  	 	32	 	  	 	—  	 	  	 	119	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance at December 31, 2015	  	 	12,353	 	  	 	1,818	 	  	 	767	 	  	 	14,938	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Additions	  	 	1,031	 	  	 	144	 	  	 	81	 	  	 	1,256	 	
Disposals	  	 	(29	) 	  	 	(107	) 	  	 	(195	) 	  	 	(331	) 	
Effect of movements in exchange rates	  	 	(87	) 	  	 	(4	) 	  	 	—  	 	  	 	(91	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance at December 31, 2016	  	 	13,268	 	  	 	1,851	 	  	 	653	 	  	 	15,772	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Accumulated depreciation	  				  				  				  				
Balance at January 1, 2015	  	 	(7,948	) 	  	 	(1,162	) 	  	 	(476	) 	  	 	(9,586	) 	
Depreciation	  	 	(1,388	) 	  	 	(194	) 	  	 	(49	) 	  	 	(1,631	) 	
Disposals	  	 	6	 	  	 	87	 	  	 	7	 	  	 	100	 	
Effect of movements in exchange rates	  	 	(62	) 	  	 	(19	) 	  	 	—  	 	  	 	(81	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance at December 31, 2015	  	 	(9,392	) 	  	 	(1,288	) 	  	 	(518	) 	  	 	(11,198	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Depreciation	  	 	(1,402	) 	  	 	(163	) 	  	 	(24	) 	  	 	(1,589	) 	
Disposals	  	 	27	 	  	 	80	 	  	 	—  	 	  	 	107	 	
Effect of movements in exchange rates	  	 	47	 	  	 	5	 	  	 	—  	 	  	 	52	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance at December 31, 2016	  	 	(10,720	) 	  	 	(1,366	) 	  	 	(542	) 	  	 	(12,628	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Carrying amounts	  				  				  				  				
At December 31, 2015	  	 	2,961	 	  	 	530	 	  	 	249	 	  	 	3,740	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
At December 31, 2016	  	 	2,548	 	  	 	485	 	  	 	111	 	  	 	3,144	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
No impairments have been recorded during the year.
 
33

Yellow Maple I B.V., Amsterdam
 
17	Intangible assets	

 	  	Goodwill	 	  	Customer
portfolio	 	 	Databases
and
technology	 	 	Trade
names	 	  	Development
costs	 	 	Website
and
software	 	 	Total	 	
Cost	  				  				 				 				  				 				 				
Balance at January 1, 2015	  	 	939,267	 	  	 	434,200	 	 	 	298,600	 	 	 	51,300	 	  	 	25,859	 	 	 	68	 	 	 	1,749,294	 	
Additions	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	498	 	 	 	498	 	
Capitalised costs	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	11,804	 	 	 	—  	 	 	 	11,804	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2015	  	 	939,267	 	  	 	434,200	 	 	 	298,600	 	 	 	51,300	 	  	 	37,663	 	 	 	566	 	 	 	1,761,596	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Additions	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	793	 	 	 	793	 	
Capitalised costs	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	13,109	 	 	 	—  	 	 	 	13,109	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2016	  	 	939,267	 	  	 	434,200	 	 	 	298,600	 	 	 	51,300	 	  	 	50,772	 	 	 	1,359	 	 	 	1,775,498	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Accumulated amortisation	  				  				 				 				  				 				 				
Balance at January 1, 2015	  	 	—  	 	  	 	(7,393	) 	 	 	(5,454	) 	 	 	—  	 	  	 	(4,006	) 	 	 	(8	) 	 	 	(16,861	) 	
Amortisation	  	 	—  	 	  	 	(26,985	) 	 	 	(19,907	) 	 	 	—  	 	  	 	(9,661	) 	 	 	(118	) 	 	 	(56,671	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2015	  	 	—  	 	  	 	(34,378	) 	 	 	(25,361	) 	 	 	—  	 	  	 	(13,667	) 	 	 	(126	) 	 	 	(73,532	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Amortisation	  	 	—  	 	  	 	(26,985	) 	 	 	(19,907	) 	 	 	—  	 	  	 	(10,531	) 	 	 	(304	) 	 	 	(57,727	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2016	  	 	—  	 	  	 	(61,363	) 	 	 	(45,268	) 	 	 	—  	 	  	 	(24,198	) 	 	 	(430	) 	 	 	(131,259	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Carrying amounts	  				  				 				 				  				 				 				
At December 31, 2015	  	 	939,267	 	  	 	399,822	 	 	 	273,239	 	 	 	51,300	 	  	 	23,996	 	 	 	440	 	 	 	1,688,064	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
At December 31, 2016	  	 	939,267	 	  	 	372,837	 	 	 	253,332	 	 	 	51,300	 	  	 	26,574	 	 	 	929	 	 	 	1,644,239	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
The amortisation of the intangibles is fully recorded as part of the operating expenses. No impairments have been recorded during the year.
Goodwill
Goodwill acquired through business combinations and recognised for future profit growth has arisen from the acquisition of Hellios Holdings B.V. in 2014. The recoverable amount of goodwill has been determined based on a value-in-use calculation. For purpose of the impairment test, the goodwill is allocated to the operating segment of the Bureau van Dijk Electronic Publishing B.V. group, which consists of the following services and products:
 
•	 	Co-published Products (CPP);	
 
•	 	Financial Analysis and Credit Tool (FACT or BvD Custom);	
 
•	 	Electronic Publishing Services (EPS).	
Key assumptions used in value-in-use calculations of the goodwill
The calculation of the recoverable amount is most sensitive to the following assumptions:
 
•	 	Billing growth rate of the Co-Published Product Direct Sales;	
 
•	 	Billing growth rate of the Customised Development (BvD Custom) and Electronic Publishing Services;	
 
•	 	Forecasted sales and distribution expenses, and other operational costs, and	
 
•	 	Applied discount rate.	
 
34

Yellow Maple I B.V., Amsterdam
 
For the 2016 impairment testing performed at year-end, the 2017 Business Plan was used which covers forecasts for the period until end of 2020 (thereafter a terminal growth rate of 2% has been applied). For the 2015 impairment testing performed at year-end, the 2016 Budget and 2017 Business Plan was used. The following assumptions were used:
Billing growth rate Co-Published Product Direct Sales – the majority of the Group’s revenue is determined by CPP (approximately 90% in 2016 and 89% in 2015). The billing growth rate used for the 2016 impairment test ranges from 11% to 13% per annum for the period from 2017 until 2020. For 2015 the revenue growth rate used for the impairment test ranges from 9.6% to 15.7% per annum for the period from 2016 until 2021. The Company considers these percentages to be realistic and in line with the budget and business plan for the respective period. Those percentages are at constant exchange rates and before deferred revenue calculations, as these do not represent cash flows from continuing operations.
Billing growth rate Customised Development for BvD Custom and Electronic Publishing Services – the billing growth rate used for the 2016 impairment test ranges for BvD custom from 7% to 12% for the period from 2017 until 2020, for Electronic Publishing Services a decrease of 7% over the period until 2020 is estimated. For 2015 revenue growth rate used for the impairment test ranges from 9.6% to 15.1% for the period from 2016 until 2021. The rate used is in line with the budget and business plan for the respective period. Those percentages are at constant exchange rates and before deferred revenue calculations, as these do not represent cash flows from continuing operations.
Sales and distribution costs, and other operational expenses - the growth rate used for the 2016 impairment test for these expenses is between 11% and 12% for the period from 2017 until 2020. For 2015 the growth rate used for the impairment test for these expenses is 22.2% for 2016 and 7.0% for the period from 2017 until 2021.
Applied discount rate – a discount rate (weighted average cost of capital) of 12% before taxes was used in the 2016 impairment test. This includes risk premium for the size of the Group and risks associated with the growth rates utilized in the budget and business plans. For 2015 a discount rate of 10.5% after taxes was used in the impairment test.
Sensitivity to change in key assumptions
The estimated recoverable amount based on the value in use calculation considering aforementioned assumptions, amounts to EUR 1,874.2 million as at December 31, 2016. For impairment test purposes, the carrying amount of the assets amount to EUR 1,518.1 million, resulting in a headroom of EUR 356.1 million.
Management of the Company believes that the calculation of the estimated recoverable amount is particular sensitive to the net sales growth rate and the utilized discount rate. Changes in any of these key assumptions could cause the 2016 recoverable amount to decrease as follows:
 
•	 	If the net sales would decrease by 9% over the period 2017 until 2020, the recoverable amount would equal the carrying value;	
 
•	 	An increase by 1% of the discount rate (weighted average cost of capital), would result in a decrease of the recoverable amount by EUR 194.3 million.	
The estimated recoverable amount based on the value in use calculation considering aforementioned assumptions, amounts to EUR 2,130 million as at December 31, 2015. For impairment test purposes, the carrying amount of the assets amount to EUR 1,568 million, resulting in a headroom of EUR 562 million.
 
35

Yellow Maple I B.V., Amsterdam
 
Changes in any of these key assumptions could cause the 2015 recoverable amount to decrease as follows:
 
•	 	If the net sales would decrease by 20% over the period 2016 until 2021, the recoverable amount would equal the carrying value;	
 
•	 	An increase by 1% of the discount rate (weighted average cost of capital), would result in a decrease of the recoverable amount by EUR 232.2 million.	
Customer portfolio
The weighted average amortisation period used for these intangible assets on the Statement of financial position equals 16 years for CPP, 2 years for EPS and 19 years for BvD Custom. The amortisation periods end between September 2017 and September 2034. Management did not identify a trigger for impairment during each of the two years.
Databases and technology
The amortisation period ends September 2029. Management did not identify a trigger for impairment during each of the two years.
Tradenames
The Company’s valuation of the trade names primarily relates to the sales that the Company is to generate and related market share it holds in different markets, its market position in general (including its reputation), and its ability for rebranding associated with the trade names. A study has been performed on the corporate tradenames of the Company which has not resulted in an indicator for impairment at year-end 2016 and 2015.
Development costs
At December 31, 2016, the best estimate of the carrying amount of capitalised development costs was EUR 27.0 million (2015: EUR 24.0 million). Management did not identify a trigger for impairment during the two years.
 
18	Non-current receivables	
Non-current receivables relates to cash guarantees paid.
 
19	Trade and other receivables	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Trade receivables	  	 	125,431	 	  	 	116,021	 	
Allowance for doubtful debtors	  	 	—  	 	  	 	—  	 	
Invoices to be send	  	 	201	 	  	 	(63	) 	
	  	 	 	 	  	 	 	 	
Total	  	 	125,632	 	  	 	115,958	 	
	  	 	 	 	  	 	 	 	
Based on prior years’ experience with regards to collecting outstanding trade debtors and the assessment at year-end, the Group has not recorded any provisions for doubtful accounts.
 
36

Yellow Maple I B.V., Amsterdam
 
Aging of the receivables
The aging of the receivables can be analysed as follows:

 	  	Total
EUR 000	 	  	Considered
impaired
EUR 000	 	  	Not impaired
or past due
EUR 000	 	  	< 30 days
EUR 000	 	  	30 – 60 days
EUR 000	 	  	61 – 90 days
EUR 000	 	  	> 90 days
EUR 000	 	
At December 31, 2016	  	 	125,632	 	  	 	—  	 	  	 	98,334	 	  	 	7,092	 	  	 	7,339	 	  	 	2,564	 	  	 	10,303	 	
At December 31, 2015	  	 	115,958	 	  	 	—  	 	  	 	91,444	 	  	 	8,774	 	  	 	5,663	 	  	 	2,517	 	  	 	7,560	 	
 
20	Prepayments and deferred costs	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Cost of sales on annual licensing fees Co Published Products	  	 	28,816	 	  	 	32,256	 	
Other prepayments	  	 	1,834	 	  	 	1,424	 	
	  	 	 	 	  	 	 	 	
Total	  	 	30,650	 	  	 	33,680	 	
	  	 	 	 	  	 	 	 	
The costs of sales on licensing fees are deferred in line with the income deferral (see note 26).
 
21	Cash and cash equivalents	
Cash and cash equivalents are at free disposal of the Company.
 
22	Equity	
On 21 July 2014, the Company was incorporated by Yellow Maple Coöperatief U.A. with 1 class A share having a nominal value of EUR 0.01. On 23 September 2014, 1 class A share was converted into 1 special voting share having a nominal value of EUR 1. On the same date, Shareholders issued 4,150,060 ordinary shares having a nominal value of EUR 1.
The share capital of the Company at December 31, 2016 amounts to EUR 4.2 million (4,150,061 shares with nominal value of EUR 1,-) of which all are issued and paid (December 31, 2015: EUR 4.2 million).
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. The other reserve relates to the actuarial losses on the pension plan.
 
23	Loans and borrowings	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Bank loans	  	 	751,786	 	  	 	813,201	 	
Shareholder loans	  	 	1,137,450	 	  	 	988,735	 	
	  	 	 	 	  	 	 	 	
Total	  	 	1,889,236	 	  	 	1,801,936	 	

37

Yellow Maple I B.V., Amsterdam
 
Movements in interest-bearing bank loans during the years are as follows:

 	  	EUR 000	 	
Balance at January 1, 2015	  	 	813,388	 	
Additions	  	 	15,000	 	
Repayment of senior facilities USD & GBP	  	 	(46,125	) 	
Effect of movements in exchange rates on loans	  	 	28,312	 	
Accretion issue costs	  	 	2,626	 	
	  	 	 	 	
Balance at December 31, 2015	  	 	813,201	 	
	  	 	 	 	
Additions	  	 	155,000	 	
Repayment of senior facilities USD, GBP & EUR and repayment of second lien EUR	  	 	(201,636	) 	
Effect of movements in exchange rates on loans	  	 	(18,503	) 	
Accretion issue costs	  	 	3,724	 	
	  	 	 	 	
Balance at December 31, 2016	  	 	751,786	 	
	  	 	 	 	
Movements in interest-bearing shareholders loans during the years are as follows:

 	  	EUR 000	 	
Balance at January 1, 2015	  	 	859,802	 	
Interest expenses added to loans	  	 	128,933	 	
	  	 	 	 	
Balance at December 31, 2015	  	 	988,735	 	
	  	 	 	 	
Interest expenses added to loans	  	 	148,715	 	
	  	 	 	 	
Balance at December 31, 2016	  	 	1,137,450	 	
	  	 	 	 	
The repayment dates, by currency denominated loans, of the interest bearing loans can be broken down as follows:
 
38

Yellow Maple I B.V., Amsterdam
 
2016
External Loans    

 	  	EUR
loans
EUR 000	 	  	GBP
loans
EUR 000	 	  	USD
loans
EUR 000	 	  	2016
EUR 000	 	
< 1 year	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
1 – 5 years	  	 	485,000	 	  	 	146,542	 	  	 	63,973	 	  	 	695,515	 	
> 5 years	  	 	—  	 	  	 	—  	 	  	 	68,443	 	  	 	68,443	 	
	  				  				  				  	 	 	 	
Total	  				  				  				  	 	763,958	 	
	  				  				  				  	 	 	 	
Remaining portion issuance costs	  				  				  				  	 	(12,172	) 	
	  				  				  				  	 	 	 	
Total balance at December 31, 2016	  				  				  				  	 	751,786	 	
	  				  				  				  	 	 	 	
Shareholder Loans    

 	  	EUR loans
EUR 000	 	  	GBP
loans
EUR 000	 	  	USD
loans
EUR 000	 	  	2016
EUR 000	 	
< 1 year	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
1 – 5 years	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
> 5 years	  	 	1,137,450	 	  	 	—  	 	  	 	—  	 	  	 	1,137,450	 	
	  				  				  				  	 	 	 	
Total	  				  				  				  	 	1,137,450	 	
	  				  				  				  	 	 	 	
Total balance at December 31, 2016	  				  				  				  	 	1,889,236	 	
	  				  				  				  	 	 	 	
2015
External Loans    

 	  	EUR
loans
EUR 000	 	  	GBP
loans
EUR 000	 	  	USD
loans
EUR 000	 	  	2015
EUR 000	 	
< 1 year	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
1 – 5 years	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
> 5 years	  	 	505,000	 	  	 	182,928	 	  	 	141,170	 	  	 	829,098	 	
	  				  				  				  	 	 	 	
Total	  				  				  				  				
	  				  				  				  	 	 	 	
Remaining portion issuance costs	  				  				  				  	 	(15,897	) 	
	  				  				  				  	 	 	 	
Total balance at December 31, 2015	  				  				  				  	 	813,201	 	
	  				  				  				  	 	 	 	
Shareholder Loans    

 	  	EUR
loans
EUR 000	 	  	GBP
loans
EUR 000	 	  	USD
loans
EUR 000	 	  	2015
EUR 000	 	
< 1 year	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
1 – 5 years	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
> 5 years	  	 	988,735	 	  	 	—  	 	  	 	—  	 	  	 	988,735	 	
	  				  				  				  	 	 	 	
Total	  				  				  				  	 	988,735	 	
	  				  				  				  	 	 	 	
Total balance at December 31, 2015	  				  				  				  	 	1,801,936	 	
	  				  				  				  	 	 	 	
The interest bearing loans bear variable interest rates. In November 2014 the Group entered into interest rate swaps, interest rate floors and interest rate caps for the loans with variable interest rates denominated in EUR, USD and GBP. The notional amounts of the Group’s interest rate derivatives effective as per December 31, 2016 amount to EUR 354.0 million, GBP 101.7 million and USD 116.6 million (December 31, 2015: EUR 239 million, GBP 105 million and USD 68 million).
 
39

Yellow Maple I B.V., Amsterdam
 
The contract period for the interest rate derivatives entered into in November 2014 runs from November, 2014 till September, 2019. At December 31, 2016 the net negative fair value of the derivative financial instruments amounts to EUR 8.9 million (December 31, 2015: EUR 7.6 million).
The variable interest rate loans bear interest rates plus a margin ranging from 3.75% to 15.0%. The effective interest rates of the loans during 2016 ranged from 3.75% to 15.0% (2015: from 4.0% to 15.0%).
The interest bearing loans are fully secured through pledges of all bank accounts, receivables, trademarks, copyrights/database rights and shares in consolidated subsidiaries. The loans have covenants related to the net debt to EBITDA ratio. Under this debt covenant, the net debt to EBITDA ratio is required to remain below the contractual agreed covenant of 9.00 per 31 December 2016. Based on the financial position of the Group per year-end, the Group meets the mentioned covenant per December 31, 2016.
 
24	Derivatives	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Fair value of derivative contracts (negative)	  	 	(9,741	) 	  	 	(12,532	) 	
Fair value of derivative contracts positive	  	 	837	 	  	 	4,937	 	
	  	 	 	 	  	 	 	 	
Total	  	 	(8,904	) 	  	 	(7,595	) 	

25	Employee benefits	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Net defined benefit liability	  	 	590	 	  	 	609	 	
Retirement Compensation Allowance	  	 	332	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	
Total employee benefit liability	  	 	922	 	  	 	609	 	
	  	 	 	 	  	 	 	 	
Non-current	  	 	922	 	  	 	609	 	
Current	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	
	  	 	922	 	  	 	609	 	
	  	 	 	 	  	 	 	 	
The Group has two main post-employment defined benefit plans in Switzerland and France. In Switzerland the Swiss subsidiary is affiliated to a foundation for its pension plan. The foundation is reinsured for death, disability, and longevity risks by a third party insurance company. The plan is administered by the foundation that is legally separated from the Group. In France employees that retire are entitled to an allowance more commonly known as End of Career Allowance (CPI) or Retirement Compensation Allowance (RTI). This is provided for under the collective agreement of the industry which fixes the amount according to seniority.
These defined benefit plans expose the Group to actuarial risks, such as longevity risk, currency risk, interest rate risk and market (investment) risk.
Funding
The Swiss plan is funded by the Company and its employees. The funding requirements are based on the pension fund’s actuarial measurement framework set out in the funding policies of the plan. The funding assumptions may differ from the assumptions as set out in this note. The French plan is unfunded. The Group expects to pay EUR 90,000 in contributions to its defined benefit plans in 2017.
 
40

Yellow Maple I B.V., Amsterdam
 
Movement in net defined benefit liability
The following table shows a reconciliation from the opening balances to the closing balances for the Swiss plan’s net defined benefit (asset) liability.

 	  	2016	 	 	2015	 	
 	  	Benefit
obligation
EUR 000	 	 	Fair value
of plan
assets
EUR 000	 	 	Net defined
benefit (asset)
liability
EUR 000	 	 	Benefit
obligation
EUR 000	 	 	Fair value
of plan
assets	 	 	Net defined
benefit (asset)
liability	 	
Balance at January 1	  	 	2,401	 	 	 	(1,793	) 	 	 	608	 	 	 	1,776	 	 	 	(1,333	) 	 	 	443	 	
Included in profit or loss	  				 				 				 				 				 				
Current service cost	  	 	412	 	 	 	—  	 	 	 	412	 	 	 	272	 	 	 	—  	 	 	 	272	 	
Interest cost	  	 	14	 	 	 	(11	) 	 	 	3	 	 	 	10	 	 	 	(8	) 	 	 	2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	426	 	 	 	(11	) 	 	 	415	 	 	 	282	 	 	 	(8	) 	 	 	274	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in other comprehensive income	  				 				 				 				 				 				
Remeasurement loss / (gain):	  				 				 				 				 				 				
- Economic	  	 	(268	) 	 	 	—  	 	 	 	(268	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
- Experience adjustment	  	 	292	 	 	 	—  	 	 	 	292	 	 	 	248	 	 	 	—  	 	 	 	248	 	
- Return on plan assets	  	 	—  	 	 	 	(153	) 	 	 	(153	) 	 	 	—  	 	 	 	(167	) 	 	 	(167	) 	
- Other	  	 	(52	) 	 	 	—  	 	 	 	(52	) 	 	 	(36	) 	 	 	—  	 	 	 	(36	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	(28	) 	 	 	(153	) 	 	 	(181	) 	 	 	212	 	 	 	(167	) 	 	 	45	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other	  				 				 				 				 				 				
Contribution paid by employee	  	 	44	 	 	 	(365	) 	 	 	(321	) 	 	 	28	 	 	 	(233	) 	 	 	(205	) 	
Benefits paid	  	 	93	 	 	 	(93	) 	 	 	—  	 	 	 	103	 	 	 	(103	) 	 	 	—  	 	
Other	  	 	—  	 	 	 	69	 	 	 	69	 	 	 	—  	 	 	 	52	 	 	 	51	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	137	 	 	 	(389	) 	 	 	(252	) 	 	 	131	 	 	 	(284	) 	 	 	(154	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31	  	 	2,936	 	 	 	(2,346	) 	 	 	590	 	 	 	2,401	 	 	 	(1,792	) 	 	 	609	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Plan assets
The plan assets of the Swiss plan comprise the following for 2016.

 	  	EUR 000	 	  	Asset allocation	 	
Cash	  	 	30	 	  	 	1	% 	
Equity securities	  	 	610	 	  	 	26	% 	
Debt securities	  	 	843	 	  	 	36	% 	
Real estate	  	 	266	 	  	 	11	% 	
Alternatives	  	 	456	 	  	 	19	% 	
Other	  	 	141	 	  	 	7	% 	
	  	 	 	 	  	 	 	 	
	  	 	2,346	 	  	 	100	% 	
	  	 	 	 	  	 	 	 	
The asset value corresponds to the sum of the vested benefit obligation of each member as at December 31, 2016, adjusted with the premium account balance held in the name of the Swiss subsidiary at the insurer. The value of the reinsured death and disability benefits is also considered in the plan assets.
The breakdown of asset categories reflects the asset allocation of the foundation. The Group has no influence on the investment strategy.
Defined benefit obligation
Actuarial assumptions
The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages) for the Swiss plan.
 
41

Yellow Maple I B.V., Amsterdam

 	  	2016	 	 	2015	 	
Discount rate	  	 	0.70	% 	 	 	0.60	% 	
Interest credit rate*	  	 	0.40	% 	 	 	1.25	% 	
Salary increase	  	 	1.00	% 	 	 	1.00	% 	
Social security increase	  	 	1.00	% 	 	 	1.00	% 	
Mortality	  	 	100% LPP 2015 Generational	 	 	 	100% LPP 2015 Generational	 	
For the French plan the discount rate utilized is 1.4%. Assumptions regarding future mortality have been based on published statistics and mortality tables.
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the Swiss defined benefit obligation by a decrease of EUR 121 thousand in case of an increase in the discount rate by 0.25% (increase of EUR 133 thousand in case of a decrease in the discount rate by 0.25%).
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.
 
26	Deferred revenue	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Annual licensing fees Co Published Products	  	 	158,031	 	  	 	153,513	 	
BvD Custom licenses	  	 	6,004	 	  	 	6,099	 	
BvD hosting and support	  	 	2,570	 	  	 	2,219	 	
	  	 	 	 	  	 	 	 	
Total	  	 	166,605	 	  	 	161,831	 	
	  	 	 	 	  	 	 	 	
The remaining contract period for the annual licensing fees revenue has been deferred in order to cover the expected cost of the post-selling services, together with a reasonable profit on those services. The relating costs of sales on these licensing fees are deferred in line with the income deferral.
 
27	Other current payables	

 	  	December 31,
2016
EUR 000	 	  	December 31,
2015
EUR 000	 	
Invoices to be received	  	 	21,205	 	  	 	23,208	 	
VAT payables	  	 	9,930	 	  	 	9,013	 	
Other taxes and social security	  	 	1,846	 	  	 	1,682	 	
Bonus and commission payables	  	 	6,100	 	  	 	5,348	 	
Accrued employee expenses	  	 	3,869	 	  	 	3,525	 	
Accrued expenses	  	 	385	 	  	 	464	 	
Other payables	  	 	136	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	
Total	  	 	43,471	 	  	 	43,240	 	
	  	 	 	 	  	 	 	 	
Invoices to be received relate to services provided by third parties.
 
42

Yellow Maple I B.V., Amsterdam
 
28 Commitments
There are no commitments for capital expenditure at December 31, 2016 (December 31, 2015: nil).
At December 31, the future minimum rental payments arising under long term non-cancellable leases, which approximate the present value of the net minimum lease payments, are as follows:

 	  	December 31,
2016	 	  	December 31,
2015	 	
 	  	EUR 000	 	  	EUR 000	 	
Within one year	  	 	4,564	 	  	 	3,860	 	
After one year but not more than five years	  	 	8,304	 	  	 	8,931	 	
More than five years	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	
Total	  	 	12,867	 	  	 	12,791	 	
	  	 	 	 	  	 	 	 	
The Group provided the following guarantees at December 31, 2016, amounting to EUR 1.4 million (2015: EUR 1.4 million):
 
 	•	 	Guarantees under lease agreements of EUR 0.6 million (2015: EUR 0.6 million). No liabilities are expected to arise;	
 
 	•	 	Contractual warranties provided to customers in the event that services of Bureau van Dijk cannot be provided. Total warranties amount to EUR 0.8 million (2015: EUR 0.8 million).	
29 Related party disclosures
Consolidated subsidiaries
The list of consolidated subsidiaries is as follows:

Name	  	Country of registration	  	% owned	 	
•       Yellow Maple II B.V.	  	The Netherlands	  	 	100	 	
•       Yellow Maple Holding B.V.	  	The Netherlands	  	 	100	 	
•       Bureau van Dijk Electronic Publishing B.V.	  	The Netherlands	  	 	100	 	
•       Bureau van Dijk Electronic Publishing GmbH	  	Germany	  	 	100	 	
•       Bureau van Dijk Electronic Publishing Ltd.	  	United Kingdom	  	 	100	 	
•       Zephus Ltd.	  	United Kingdom	  	 	100	 	
•       Bureau van Dijk Electronic Publishing Inc.	  	USA	  	 	100	 	
•       Bureau van Dijk Editions Electroniques S.A.	  	Switzerland	  	 	100	 	
•       Bureau van Dijk Publicaciones Electronicas S.A.	  	Spain	  	 	100	 	
•       Bureau van Dijk Electronic Publishing Pte Ltd.	  	Singapore	  	 	100	 	
•       Bureau van Dijk Electronic Publishing ApS	  	Denmark	  	 	100	 	
•       Bureau van Dijk Editions Electroniques S.A.	  	Belgium	  	 	100	 	
•       Bureau van Dijk Editions Electroniques SAS	  	France	  	 	100	 	
•       Bureau van Dijk Edizioni Elettroniche S.p.A.	  	Italy	  	 	100	 	
•       Bureau van Dijk Electronic Publishing (Beijing) Ltd.	  	China	  	 	100	 	
•       Bureau van Dijk Electronic Publishing GmbH	  	Austria	  	 	100	 	
•       Bureau van Dijk Electronic Publishing Unipessoal Lda	  	Portugal	  	 	100	 	
•       Bureau van Dijk Electronic Publishing AB	  	Sweden	  	 	100	 	
•       Bureau van Dijk Electronic Publishing S.A. de CV	  	Mexico	  	 	100	 	
•       Bureau van Dijk Electronic Publishing Limited Company	  	South Korea	  	 	100	 	
•       Bureau van Dijk Electronic Publishing KK	  	Japan	  	 	100	 	
•       Bureau van Dijk Electronic Publishing JLT	  	Dubai	  	 	100	 	
•       Bureau van Dijk Electronic Publishing South Africa Proprietary Ltd.	  	South Africa	  	 	100	 	
•       Bureau van Dijk Electronic Publishing PTY	  	Australia	  	 	100	 	
•       Bureau van Dijk Electronic Publishing Hong Kong Ltd.	  	Hong Kong	  	 	100	 	
•       Bureau van Dijk Publicaçao Eletronica LTDA	  	Brazil	  	 	100	 	
 
43

Yellow Maple I B.V., Amsterdam
 
Compensation of key management personnel

 	  	December 31,
2016	 	  	December 31,
2015	 	
 	  	EUR 000	 	  	EUR 000	 	
Short-term employee benefits	  	 	2,117	 	  	 	1,938	 	
Post-employment pension and medical benefits	  	 	—  	 	  	 	—  	 	
	  	 	 	 	  	 	 	 	
Total	  	 	2,117	 	  	 	1,938	 	
	  	 	 	 	  	 	 	 	
Compensation of key management personnel for the period ended December 31, 2016 amounts to EUR 2.1 million (2015: EUR 1.9 million). All compensation is of a fixed nature, except for a part of EUR 0.8 million (2015: EUR 0.8 million) which is of a variable nature.
Related party transactions
Below amounts relate to services rendered during the period from other companies which are (owned by the) directors, supervisory board members, or shareholders of Yellow Maple 1 B.V:

 	  	2016	 	  	2015	 	
 	  	EUR 000	 	  	EUR 000	 	
DCarnoy SPRL	  	 	838	 	  	 	751	 	
Ecosse Enterprises (Singapore) Pte Ltd	  	 	555	 	  	 	556	 	
Lansrode BVBA	  	 	80	 	  	 	100	 	
CVG Consulting SPRL	  	 	210	 	  	 	187	 	
CNC Consult BVBA	  	 	162	 	  	 	151	 	
Sama BVBA	  	 	267	 	  	 	181	 	
SDMS Consulting SPRL	  	 	73	 	  	 	54	 	
Octagram	  	 	123	 	  	 	61	 	
	  	 	 	 	  	 	 	 	
Total	  	 	2,308	 	  	 	2,041	 	
	  	 	 	 	  	 	 	 	
For the shareholders loan between Yellow Maple I B.V and Yellow Maple II B.V. reference is made to note 23.
The transactions with related parties are at arm’s length.
30 Events after balance sheet date
To reduce its interest exposure, in 2017 the Group has made one additional voluntary repayment of USD 17 million of the USD second lien facility. Furthermore, a full refinancing of the USD second lien has been performed in February 2017 by increasing the USD senior facility to USD 122.5 million and a repayment of the full second lien facility in USD.
On August 10, 2017, Moody’s Corporation (“Moody’s”) and Moody’s Holdings NL B.V. (the “Buyer”) completed the acquisition (the “Acquisition”) of Yellow Maple I B.V., as the indirect parent company of Bureau van Dijk Electronic Publishing B.V., a provider of business intelligence and company information products, by the purchase of all of the issued and outstanding securities of Yellow Maple I B.V., Yellow Maple Syrup I B.V. and Yellow Maple Syrup II B.V. (collectively, the “Target Companies”) pursuant to the Securities Purchase Agreement (the “SPA”), dated May 15, 2017, by and among Moody’s, the Buyer, the Target Companies, Yellow Maple Coöperatief U.A., Yellow Maple Holding Guernsey Limited, CCP IX LP No. 1, CCP IX LP No. 2, CCP IX Co-Investment LP, Broad Street Principal Investments LLC, HX Luxembourg I S.À. R.L. and the other sellers identified in the SPA.
The Buyer completed the acquisition by the purchase of all of the issued and outstanding securities of the Target Companies pursuant to the SPA for a total purchase price of €3.015 billion ($3.542 billion), comprised of €2.292 billion ($2.692 billion) in cash and retirement of approximately €723 million ($850 million) of outstanding indebtedness of the Target Companies.
 
44

Yellow Maple I B.V., Amsterdam
 
As at the acquisition date all loans of Yellow Maple I B.V. have been repaid.
Amsterdam, October 26, 2017
Directors

/s/ M. Wessels                	  	/s/ D. Platt	  		
 
45

Exhibit 99.2
MOODY’S CORPORATION
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
As used in this report, except where the context indicates otherwise, the terms “Moody’s” or the “Company” refer to Moody’s Corporation, a Delaware corporation, and its subsidiaries.
On May 15, 2017, Moody’s and Moody’s Holdings N.L. B.V. (the “Buyer”) entered into a Securities Purchase Agreement (the “SPA”) with Yellow Maple I B.V., an indirect parent company of Bureau van Dijk Electronic Publishing B.V. (“Bureau van Dijk”), Yellow Maple Syrup I B.V., and Yellow Maple Syrup II B.V. (collectively the “Target Companies”) and Yellow Maple Coöperatief U.A., Yellow Maple Holding Guernsey Limited, CCP IX LP No. 1, CCP IX LP No. 2, CCP IX Co-Investment LP, Broad Street Principal Investments LLC, HX Luxembourg I S.À. R.L. and the other sellers identified in the SPA (collectively the “Sellers”). Bureau van Dijk, is a provider of business intelligence and company information products. As used in this report, except where the context indicates otherwise, Bureau van Dijk refers to Yellow Maple I B.V.
On August 10, 2017 (the “Acquisition Date”), the Buyer completed the acquisition of Bureau van Dijk, by the purchase of all of the issued and outstanding securities of the Target Companies pursuant to the SPA (“the Acquisition”) for a total purchase price of €3.015 billion ($3.542 billion), comprised of €2.292 billion ($2.692 billion) in cash and retirement of approximately €723 million ($850 million) of outstanding indebtedness of the Target Companies.
The following unaudited pro forma condensed combined financial statements are presented in accordance with the rules specified by Article 11 of Regulation S-X promulgated by the SEC and have been prepared using the acquisition method of accounting under U.S. GAAP. The unaudited pro forma condensed combined financial statements are based on Moody’s historical consolidated financial statements and Bureau van Dijk’s historical consolidated financial statements as adjusted to give effect to the Company’s acquisition of Bureau van Dijk. The unaudited pro forma condensed combined statements of operations for the year ended December 31, 2016 and the six months ended June 30, 2017 give effect to the Acquisition as if it had occurred on January 1, 2016. The unaudited pro forma condensed combined balance sheet as of June 30, 2017 gives effect to the Acquisition as if it had occurred on June 30, 2017.
The historical financial statements of Bureau van Dijk have been prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The pro forma financial information reflects certain adjustments to Bureau van Dijk’s financial statements to align those financial statements with the Company’s accounting policies based on U.S. GAAP. In addition, Bureau van Dijk’s historical financial statements have been translated from euros to U.S. dollars using historical exchange rates as discussed further in Note 2 to the unaudited pro forma condensed combined financial statements.
The unaudited pro forma condensed combined financial information has been presented for informational purposes only. The allocation of the purchase price used in the unaudited pro forma condensed combined financial information is based on the best estimate of management, but is subject to adjustment during the measurement period (up to one year from the Acquisition Date) to reflect new information obtained about facts and circumstances that existed as of the Acquisition Date. The unaudited pro forma condensed combined statements of operations are not necessarily indicative of Moody’s future operating results, and do not include the impact of any (i) cost or revenue synergies; (ii) potential restructuring actions or (iii) non-recurring transaction-related costs.
The unaudited pro forma condensed combined financial statements, including the related notes, are derived from, and should be read in conjunction with: (i) Moody’s audited consolidated financial statements available on Form 10-K for the year ended December 31, 2016 ; (ii) Moody’s unaudited condensed consolidated financial statements, which are available in its Quarterly Report on Form 10-Q for the period ended June 30, 2017; (iii) Bureau van Dijk ’s audited consolidated financial statements for the year ended December 31, 2016 and 2015, which are available in Exhibit 99.1 to this Moody’s Current Report on Form 8-K/A filed with the SEC; and (iv) the accompanying notes to these unaudited pro forma condensed combined financial statements. Certain financial information of Bureau van Dijk as presented in its consolidated financial statements have been reclassified to conform to the historical presentation of the Company’s consolidated financial statements for purposes of preparation of the unaudited pro forma condensed combined financial information. Refer to in Note 6 to the unaudited pro forma condensed combined financial statements for further information on these reclassifications.
 
1

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
As of June 30, 2017
(Amounts in millions, except share and per share data)

 	  	Moody’s
Historical	 	 	Bureau van
Dijk
Historical
(U.S. GAAP)	 	 	Pro Forma
Adjustments
(Note 5)	 	 	Notes	  	Pro Forma
Combined	 	
ASSETS	  				 				 				 		  				
Current assets:	  				 				 				 		  				
Cash and cash equivalents	  	$	3,280.9	 	 	$	38.2	 	 	$	(2,517.6	) 	 	[a]	  	$	801.5	 	
Short-term investments	  	 	86.3	 	 	 	—  	 	 	 	—  	 	 		  	 	86.3	 	
Accounts receivable, net of allowances	  	 	916.5	 	 	 	100.5	 	 	 	—  	 	 		  	 	1,017.0	 	
Other current assets	  	 	275.4	 	 	 	37.0	 	 	 	(46.7	) 	 	[a] [m]	  	 	265.7	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total current assets	  	 	4,559.1	 	 	 	175.7	 	 	 	(2,564.3	) 	 		  	 	2,170.5	 	
Property and equipment, net	  	 	329.7	 	 	 	3.9	 	 				 		  	 	333.6	 	
Goodwill	  	 	1,054.5	 	 	 	1,071.3	 	 	 	1,598.4	 	 	[b]	  	 	3,724.2	 	
Intangible assets, net	  	 	287.1	 	 	 	746.5	 	 	 	566.2	 	 	[c]	  	 	1,599.8	 	
Deferred tax assets, net	  	 	135.3	 	 	 	2.3	 	 	 	(0.8	) 	 	[g]	  	 	136.8	 	
Other assets	  	 	170.6	 	 	 	1.1	 	 	 	—  	 	 		  	 	171.7	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total assets	  	$	6,536.3	 	 	$	2,000.8	 	 	$	(400.5	) 	 		  	$	8,136.6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ DEFICIT	  				 				 				 		  				
Current liabilities:	  				 				 				 		  				
Accounts payable and accrued liabilities	  	$	490.4	 	 	$	45.1	 	 	$	43.8	 	 	[a] [d] [e]	  	$	579.3	 	
Commercial paper	  	 	—  	 	 	 	—  	 	 	 	414.1	 	 	[e]	  	 	414.1	 	
Deferred revenue	  	 	746.8	 	 	 	165.7	 	 	 	(56.8	) 	 	[f]	  	 	855.7	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total current liabilities	  	 	1,237.2	 	 	 	210.8	 	 	 	401.1	 	 		  	 	1,849.1	 	
Non-current portion of deferred revenue	  	 	132.2	 	 	 	3.7	 	 	 	(1.3	) 	 	[f]	  	 	134.6	 	
Long-term debt	  	 	4,887.1	 	 	 	2,207.8	 	 	 	(1,708.5	) 	 	[e]	  	 	5,386.4	 	
Deferred tax liabilities, net	  	 	107.6	 	 	 	94.3	 	 	 	252.1	 	 	[g]	  	 	454.0	 	
Unrecognized tax benefits	  	 	213.6	 	 	 	94.0	 	 	 	—  	 	 		  	 	307.6	 	
Other liabilities	  	 	426.1	 	 	 	16.2	 	 	 	(8.0	) 	 	[h] [i]	  	 	434.3	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total liabilities	  	 	7,003.8	 	 	 	2,626.8	 	 	 	(1,064.6	) 	 		  	 	8,566.0	 	
Contingencies	  	 	—  	 	 	 	—  	 	 	 	—  	 	 		  	 	—  	 	
Shareholders’ deficit:	  				 				 				 		  				
Preferred stock, par value $.01 per share; 10,000,000 shares authorized; no shares issued and outstanding	  	 	—  	 	 	 	—  	 	 	 	—  	 	 		  	 	—  	 	
Series common stock, par value $.01 per share; 10,000,000 shares authorized; no shares issued and outstanding	  	 	—  	 	 	 	—  	 	 	 	—  	 	 		  	 	—  	 	
Common stock, par value $.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at June 30, 2017	  	 	3.4	 	 	 	4.8	 	 	 	(4.8	) 	 	[j]	  	 	3.4	 	
Capital surplus	  	 	465.5	 	 	 	—  	 	 				 		  	 	465.5	 	
Retained earnings (deficit)	  	 	7,269.6	 	 	 	(629.3	) 	 	 	667.4	 	 	[a] [j]	  	 	7,307.7	 	
Treasury stock, at cost; 151,865,749 shares of common stock at June 30, 2017	  	 	(8,108.6	) 	 	 	—  	 	 	 	—  	 	 		  	 	(8,108.6	) 	
Accumulated other comprehensive loss	  	 	(309.7	) 	 	 	(1.5	) 	 	 	1.5	 	 	[j]	  	 	(309.7	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total Moody’s shareholders’ deficit	  	 	(679.8	) 	 	 	(626.0	) 	 	 	664.1	 	 		  	 	(641.7	) 	
Noncontrolling interests	  	 	212.3	 	 	 	—  	 	 	 	—  	 	 		  	 	212.3	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total shareholders’ deficit	  	 	(467.5	) 	 	 	(626.0	) 	 	 	664.1	 	 		  	 	(429.4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
Total liabilities, noncontrolling interests and shareholders’ deficit	  	$	6,536.3	 	 	$	2,000.8	 	 	$	(400.5	) 	 		  	$	8,136.6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.
 
2

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
Six Months Ended June 30, 2017
(Amounts in millions, except per share data)

 	  	Moody’s
Historical	 	 	Bureau
van Dijk
Historical
(U.S.
GAAP)	 	 	Pro Forma
Adjustments
(Note 5)	 	 	Notes	 	 	Pro
Forma
Combined	 	
Revenue	  	$	1,975.7	 	 	$	140.7	 	 	$	(1.1	) 	 	 	[f]	 	 	$	2,115.3	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Expenses	  				 				 				 				 				
Operating	  	 	563.2	 	 	 	55.7	 	 	 	—  	 	 				 	 	618.9	 	
Selling, general and administrative	  	 	439.6	 	 	 	23.0	 	 	 	—  	 	 				 	 	462.6	 	
Depreciation and amortization	  	 	65.4	 	 	 	26.4	 	 	 	7.3	 	 	 	[c]	 	 	 	99.1	 	
Acquisition-Related Expenses	  	 	6.6	 	 	 	0.8	 	 	 	(7.4	) 	 	 	[d]	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Total expenses	  	 	1,074.8	 	 	 	105.9	 	 	 	(0.1	) 	 				 	 	1,180.6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Operating income	  	 	900.9	 	 	 	34.8	 	 	 	(1.0	) 	 				 	 	934.7	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Non-operating (expense) income, net	  				 				 				 				 				
Interest expense, net	  	 	(87.4	) 	 	 	(116.2	) 	 	 	101.8	 	 	 	[e]	 	 	 	(101.8	) 	
Other non-operating income (expense), net	  	 	(1.1	) 	 	 	13.5	 	 	 	(2.6	) 	 	 	[h]	 	 	 	9.8	 	
Purchase Price Hedge Gain	  	 	41.2	 	 	 	—  	 	 	 	(41.2	) 	 	 	[k]	 	 	 	—  	 	
CCXI Gain	  	 	59.7	 	 	 	—  	 	 	 	—  	 	 				 	 	59.7	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Non-operating (expense) income, net	  	 	12.4	 	 	 	(102.7	) 	 	 	58.0	 	 				 	 	(32.3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Income (loss) before provision for income taxes	  	 	913.3	 	 	 	(67.9	) 	 	 	57.0	 	 				 	 	902.4	 	
Provision for income taxes	  	 	253.8	 	 	 	16.8	 	 	 	(26.8	) 	 	 	[l]	 	 	 	243.8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net income (loss)	  	 	659.5	 	 	 	(84.7	) 	 	 	83.8	 	 				 	 	658.6	 	
Less: Net income attributable to noncontrolling interests	  	 	1.7	 	 	 	—  	 	 	 	—  	 	 				 	 	1.7	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net income (loss) attributable to Moody’s	  	$	657.8	 	 	$	(84.7	) 	 	$	83.8	 	 				 	$	656.9	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Earnings per share	  				 				 				 				 				
Basic	  	$	3.44	 	 				 				 				 	$	3.44	 	
	  	 	 	 	 				 				 				 	 	 	 	
Diluted	  	$	3.39	 	 				 				 				 	$	3.38	 	
	  	 	 	 	 				 				 				 	 	 	 	
Weighted average shares outstanding	  				 				 				 				 				
Basic	  	 	191.1	 	 				 				 				 	 	191.1	 	
	  	 	 	 	 				 				 				 	 	 	 	
Diluted	  	 	194.1	 	 				 				 				 	 	194.1	 	
	  	 	 	 	 				 				 				 	 	 	 	
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.
 
3

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
Year Ended December 31, 2016
(Amounts in millions, except per share data)

 	  	MCO
Historical	 	 	Burea
van Dijk
Historical
U.S. GAAP	 	 	Pro Forma
Adjustments
Note 5	 	 	Notes	 	  	Pro
Forma
Combined	 	
Revenue	  	$	3,604.2	 	 	$	279.9	 	 	$	(58.3	) 	 	 	[f]	 	  	$	3,825.8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Expenses	  				 				 				 				  				
Operating	  	 	1,026.6	 	 	 	98.8	 	 				 				  	 	1,125.4	 	
Selling, general and administrative	  	 	936.4	 	 	 	56.8	 	 	 	(6.3	) 	 	 	[d] [m]	 	  	 	986.9	 	
Restructuring	  	 	12.0	 	 	 	—  	 	 				 				  	 	12.0	 	
Depreciation and amortization	  	 	126.7	 	 	 	53.7	 	 	 	14.4	 	 	 	[c]	 	  	 	194.8	 	
Settlement Charge	  	 	863.8	 	 	 	—  	 	 	 	—  	 	 				  	 	863.8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Total expenses	  	 	2,965.5	 	 	 	209.3	 	 	 	8.1	 	 				  	 	3,182.9	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Operating income (loss)	  	 	638.7	 	 	 	70.6	 	 	 	(66.4	) 	 				  	 	642.9	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Non-operating (expense) income, net	  				 				 				 				  				
Interest expense, net	  	 	(137.8	) 	 	 	(217.5	) 	 	 	173.2	 	 	 	[e]	 	  	 	(182.1	) 	
Other non-operating income, net	  	 	57.1	 	 	 	7.0	 	 	 	1.1	 	 	 	[h]	 	  	 	65.2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Non-operating (expense) income, net	  	 	(80.7	) 	 	 	(210.5	) 	 	 	174.3	 	 				  	 	(116.9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Income (loss) before provision for income taxes	  	 	558.0	 	 	 	(139.9	) 	 	 	107.9	 	 				  	 	526.0	 	
Provision for income taxes	  	 	282.2	 	 	 	35.7	 	 	 	(41.7	) 	 	 	[l]	 	  	 	276.2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Net income (loss)	  	 	275.8	 	 	 	(175.6	) 	 	 	149.6	 	 				  	 	249.8	 	
Less: Net income attributable to noncontrolling interests	  	 	9.2	 	 	 	—  	 	 	 	—  	 	 				  	 	9.2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Net income (loss) attributable to Moody’s	  	$	266.6	 	 	$	(175.6	) 	 	$	149.6	 	 				  	$	240.6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				  	 	 	 	
Earnings per share	  				 				 				 				  				
Basic	  	$	1.38	 	 				 				 				  	$	1.25	 	
	  	 	 	 	 				 				 				  	 	 	 	
Diluted	  	$	1.36	 	 				 				 				  	$	1.23	 	
	  	 	 	 	 				 				 				  	 	 	 	
Weighted average shares outstanding	  				 				 				 				  				
Basic	  	 	192.7	 	 				 				 				  	 	192.7	 	
	  	 	 	 	 				 				 				  	 	 	 	
Diluted	  	 	195.4	 	 				 				 				  	 	195.4	 	
	  	 	 	 	 				 				 				  	 	 	 	
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.
 
4

NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
(tabular dollar amounts in millions except exchange rate data)
NOTE 1. BASIS OF PRESENTATION
The unaudited pro forma condensed combined financial statements were derived from the historical audited consolidated financial statements and unaudited condensed consolidated financial statements of Moody’s and Bureau van Dijk, and give effect to the Acquisition: (i) as if it occurred on January 1, 2016 with respect to the unaudited pro forma condensed combined statements of operations and (ii) as if the Acquisition occurred on June 30, 2017 with respect to the unaudited pro forma condensed combined balance sheet.
The pro forma adjustments are based upon available information and assumptions about events that are: (i) directly attributable to the Acquisition, (ii) factually supportable and (iii) in the case of the unaudited pro forma condensed combined statements of operations, are expected to have a continuing impact on the operations of Moody’s.
Certain reclassifications have been made to Bureau van Dijk’s historical financial information to conform to Moody’s financial statement presentation. Such reclassifications had no effect on Bureau van Dijk’s previously reported financial results. Refer to Note 6 for further information on these reclassifications.
NOTE 2. FOREIGN CURRENCY TRANSLATION
The Bureau van Dijk historical financial information and pro forma adjustments have been translated from euro to U.S. dollars using historical exchanges rates. The average exchange rates applicable to Bureau van Dijk during the periods presented for the unaudited pro forma condensed combined statements of operations and the period end exchange rate for the unaudited pro forma condensed combined balance sheet are as follows:

Period Presented	  	Exchange rate	  	Euro / U.S. Dollar	
June 30, 2017	  	Period end spot rate	  	$1.1406 to €1	
Six Months Ended June 30, 2017	  	Average spot rate	  	$1.0873 to €1	
Year Ended December 31, 2016	  	Average spot rate	  	$1.1051 to €1	
NOTE 3. IFRS TO U.S. GAAP ADJUSTMENTS
The following adjustments have been made to align the Bureau van Dijk IFRS financial information on a consistent basis with Moody’s U.S. GAAP accounting policies:
Capitalized Software Development Costs
Adjustments were recorded to operating expenses on Bureau van Dijk’s historical statements of operations to expense $8.1 million and $15.2 million for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively, relating to software development costs incurred by Bureau van Dijk which were capitalized under IFRS but should be expensed under U.S. GAAP. In addition, adjustments were recorded to eliminate the amortization of those capitalized costs recorded within depreciation and amortization during those periods in the amounts of $6.5 million and $11.9 million, respectively. These adjustments resulted in a net increase to total expenses of $1.6 million and $3.3 million for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively. A corresponding $32.5 million adjustment has also been made to Bureau van Dijk’s historical balance sheet as of June 30, 2017 to eliminate the unamortized capitalized software development asset.
Revenue recognition
Adjustments of $1.7 million and $(5.8) million have been recorded to increase (decrease) revenue for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively, to conform with the Company’s U.S. GAAP revenue recognition policies, primarily with respect to the period of recognition, as well as the impact of foreign exchange. Additionally, a $4.2 million decrease to deferred revenue was recorded on the balance sheet as of June 30, 2017.
Sales commissions
An adjustment of $0.2 million has been recorded to reduce selling, general and administrative costs for the six months ended June 30, 2017 related to sales commissions that were expensed under IFRS, but would have been capitalized and amortized under U.S. GAAP. Additionally, an adjustment was recorded on the balance sheet as of June 30, 2017 to capitalize $5.5 million of sales commissions in other current assets.
 
5

Pension and other retirement benefits
Adjustments were made to Bureau van Dijk’s pension liability to account for pension and other retirement plans in accordance with U.S. GAAP. Adjustments of $0.2 million and $(0.9) million were recorded to increase (decrease) operating expenses for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively. Additionally, an adjustment of $1.8 million to increase other liabilities was made to the June 30, 2017 balance sheet.
Accrued and prepaid expenses
Adjustments of $3.4 million and $0.2 million were recorded to increase operating expenses for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively, to accrue certain costs in accordance with the Company’s U.S. GAAP accounting policies. Additionally, corresponding entries were recorded to the June 30, 2017 balance sheet to decrease other current assets and increase accounts payable and accrued liabilities by $0.8 million and $1.9 million, respectively. The $1.9 million increase to accounts payable and accrued liabilities is net of a $0.8 benefit to income taxes payable related to the adjustments made to align with Moody’s U.S. GAAP accounting policies.
Income taxes
A $94.0 million adjustment was made to the balance sheet at June 30, 2017 to record a reserve for unrecognized tax benefits based on the Company’s assessment of uncertain tax positions at Bureau van Dijk based on the recognition and measurement principles under U.S. GAAP. An adjustment was also made to accrue tax-related penalties of $0.7 million and $2.8 million for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively, within other non-operating income, net and to accrue $4.7 million of tax-related interest within other liabilities. In addition, adjustments are reflected to increase Bureau van Dijk’s provision for income taxes for $9.4 million and $23.5 million for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively, to conform with the aforementioned accounting for unrecognized tax benefits. Furthermore, adjustments were made to decrease deferred tax assets and deferred tax liabilities by $1.1 million and $2.8 million, respectively, related to the aforementioned adjustments made to align with Moody’s U.S. GAAP accounting policies
NOTE 4. PRELIMINARY PURCHASE PRICE ALLOCATION
The acquisition of Bureau van Dijk has been accounted for as a business combination using the acquisition method of accounting, which results in acquired assets and assumed liabilities being measured at their estimated fair values as of the acquisition date. This allocation is dependent upon completion and management review of the valuation of acquired intangible assets and Bureau van Dijk’s balance sheet at the acquisition date, including the estimated useful lives of acquired intangible assets, which have not been finalized as of the filing of this Form 8-K/A. Accordingly, the pro forma purchase price allocation is subject to further adjustment as additional information becomes available and as additional analyses and final valuations are completed.
 
6

Shown in the following table is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, including a preliminary estimate of the useful lives of acquired intangible assets, at the acquisition date (assumed to be on June 30, 2017 with respect to the unaudited pro forma condensed combined balance sheet):

 	  	(in millions)	 	
Current assets	  				  	$	170.2	 	
Property and equipment, net	  				  	 	3.9	 	
Intangible assets :	  				  				
Customer relationships (23 year weighted average life)	  	$	969.5	 	  				
Product technology (12 year weighted average life)	  	 	250.9	 	  				
Trade name (18 year weighted average life)	  	 	79.8	 	  				
Database (10 year weighted average life)	  	 	12.5	 	  				
	  	 	 	 	  				
Total intangible assets	  				  	 	1,312.7	 	
Other assets	  				  	 	2.6	 	
Goodwill	  				  	 	2,669.7	 	
Deferred revenue	  				  	 	(108.9	) 	
Other current liabilities	  				  	 	(57.2	) 	
Deferred tax liabilities, net	  				  	 	(346.4	) 	
Other liabilities	  				  	 	(104.6	) 	
	  				  	 	 	 	
Net assets acquired	  				  	$	3,542.0	 	
	  				  	 	 	 	
NOTE 5. PRO FORMA ADJUSTMENTS
The following pro forma adjustments were included in the unaudited pro forma condensed combined financial statements:
 
 	(a)	Cash	
Represents the portion of the purchase price paid with cash on hand of $2,628.7 million net of the cash received of $111.1 million related to the purchase price hedge gain (see Pro Forma Adjustment Note (k) below), $41.2 million of which was included within other current assets on the balance sheet as of June 30, 2017. A $69.9 million gain on the purchase price hedge recorded during the third quarter of 2017 was reflected in retained earnings, net of the $25.5 million of income taxes payable on the gain which was included as an increase to accounts payable and accrued liabilities. The $2,628.7 million of cash on hand used to finance the acquisition includes $985.9 million in proceeds from senior note issuances which occurred during the second quarter of 2017 as further discussed in Pro Forma Adjustment Note (e).
 
 	(b)	Goodwill	
Adjustment represents the estimated fair value of the goodwill of $2,669.7 million resulting from the Acquisition, net of Bureau van Dijk’s historical goodwill of $1,071.3 million.
 
 	(c)	Intangible assets	
Adjustment reflects the estimated fair value of the acquired identified intangible assets and an estimate of their useful lives, as noted in the table below, on the unaudited pro forma condensed combined balance sheet and related amortization of those intangible assets on the unaudited pro forma condensed combined statements of operations. The fair value of the identified intangible assets and the estimated useful lives were determined primarily using the income approach.
The following table summarizes the estimated fair values and estimated useful lives of Bureau van Dijk’s identifiable intangible assets and assumes a straight-line method of amortization:
 
7

																	
 	  	 	 	  	 	 	  	Amortization Expense	 	
(amounts in millions)	  	Fair value	 	  	Weighted Avg.
Useful Life	 	  	Six Months Ended
June 30, 2017	 	  	Year Ended
December 31,
2016	 	
Customer relationships	  	$	969.5	 	  	 	23 years	 	  	$	20.1	 	  	$	40.8	 	
Product technology	  	 	250.9	 	  	 	12 years	 	  	$	10.0	 	  	 	20.3	 	
Trade name	  	 	79.8	 	  	 	18 years	 	  	$	2.1	 	  	 	4.3	 	
Database	  	 	12.5	 	  	 	10 years	 	  	$	0.6	 	  	 	1.2	 	
	  	 	 	 	  				  	 	 	 	  	 	 	 	
	  	$	1,312.7	 	  				  	$	32.8	 	  	$	66.6	 	
Historical Bureau van Dijk carrying value and amortization expense	  	 	(746.5	) 	  				  	 	(25.5	) 	  	 	(52.2	) 	
	  	 	 	 	  				  	 	 	 	  	 	 	 	
Pro forma adjustments	  	$	566.2	 	  				  	$	7.3	 	  	$	14.4	 	
 
 	(d)	Transaction costs	
The Company incurred $12.8 million in transaction costs directly related to the Bureau van Dijk acquisition, of which $6.6 million were recorded during the six months ended June 30, 2017 and $6.2 million were incurred subsequent to June 30, 2017. In addition, Bureau van Dijk incurred $14.4 million in transaction costs directly related to the Acquisition, of which $0.8 million was incurred in both the six months ended June 30, 2017 and the year ended December 31, 2016, and $12.8 million of transaction costs were incurred subsequent to June 30, 2017. These costs included legal and consulting fees, accounting fees and investment banking fees.
The Company recorded an adjustment to accounts payable and accrued liabilities on the balance sheet as of June 30, 2017 for all factually supportable transaction costs not yet recognized as of the balance sheet date. These costs are non-recurring in nature, accordingly they were not included in the pro forma income statements and all of the aforementioned non-recurring transaction costs recorded during the six months ended June 30, 2017 and the year ended December 31, 2016 were eliminated.
 
 	(e)	Debt financing	
The Company partially funded the Acquisition through the issuance of $1.9 billion of debt (net of total debt discounts and debt issuance costs totaling $15.8 million) from the following sources:

(dollar amounts in millions)	  	 	 	 	 	 	
Source	  	Wtd Avg Interest
Rate	 	 	Face Value	 	
2017 Private Placement Notes Due 2023	  	 	2.625	% 	 	$	500.0	 	
2017 Private Placement Notes Due 2028	  	 	3.250	% 	 	 	500.0	 	
2017 Term Loan Facility Due 2020	  	 	2.437	% 	 	 	500.0	 	
Commercial Paper (7 - 90 days)	  	 	1.501	% 	 	 	415.0	 	
The 2017 Private Placement Notes Due 2023 and 2028 were issued during the second quarter of 2017 and therefore, the associated carrying value of these issuances are included in Moody’s historical balance sheet at June 30, 2017.
Adjustments have been made to the pro forma condensed combined balance sheet at June 30, 2017 to reflect the elimination of Bureau van Dijk’s existing debt and shareholder loans which were extinguished upon completion of the Acquisition. Adjustments were also made to reflect additional financing by Moody’s under the 2017 Term Loan Facility and the Company’s commercial paper program during the third quarter of 2017 which were used to partially finance the Acquisition as follows:
 
8

									
(amounts in millions)	  	Commercial
paper	 	  	Long-term debt	 	
Decrease for the extinguishment of existing Bureau van Dijk debt (1)	  	$	—  	 	  	$	(2,207.8	) 	
Increase for issuance of new Moody’s debt (2)	  	 	414.1	 	  	 	499.3	 	
	  	 	 	 	  	 	 	 	
Net increase (decrease) in debt	  	$	414.1	 	  	$	(1,708.5	) 	
 
(1)	Net of approximately $6.1 million for issuance discount and capitalized debt issuance costs.	
(2)	Net of approximately $1.6 million for issuance discount and capitalized debt issuance costs.	
The net decrease to interest expense, net resulted from the following:
 
 	1.	elimination of interest expense on Bureau van Dijk’s outstanding debt and interest rate hedging-related obligations which were extinguished at the Acquisition Date (Bureau van Dijk’s debt-related hedging instruments are discussed in Pro Forma Note (h));	
 
 	2.	elimination of fees related to the bridge financing facility Moody’s had in place prior to securing permanent financing for the Acquisition, which is included in Moody’s historical results for the six months end June 30, 2017. As this bridge facility was terminated and replaced by long-term financing prior to the Acquisition Date, fees relating to this facility will not have a continuing impact on Moody’s operations; and	
 
 	3.	the addition of interest expense on new Moody’s debt to finance the Acquisition that is expected to have a continuing impact on the Company beyond twelve months.	
Amounts relating to these adjustments to interest expense, net are summarized in the table below:
 
9

									
(amounts in millions)	  	Six Months
Ended
June 30, 2017	 	  	Year Ended
December 31,
2016	 	
Elimination of interest expense and amortization of debt issuance costs — outstanding Bureau van Dijk debt	  	$	(113.1	) 	  	$	(213.7	) 	
Elimination of interest expense on Bureau van Dijk interest rate hedges	  	 	(3.1	) 	  	 	(4.8	) 	
Elimination of debt issuance costs associated with Moody’s bridge financing	  	 	(5.7	) 	  	 	—  	 	
Addition of interest expense and amortization of debt discount and debt issuance costs on new Moody’s debt (1)	  	 	20.1	 	  	 	45.3	 	
	  	 	 	 	  	 	 	 	
Total pro forma adjustments	  	$	(101.8	) 	  	$	(173.2	) 	
 
(1)	Pro forma adjustment excludes $1.6 million of interest expense for debt issued in the second quarter of 2017 to finance	
the Acquistion, which is recorded in Moody’s historical results for the six months ended June 30, 2017.
In addition, accrued interest of $0.7 million on Bureau van Dijk’s debt was eliminated from the pro forma condensed combined balance sheet at June 30, 2017.
 
(f)	Deferred revenue	
Represents an estimated $58.1 million adjustment to decrease the deferred revenue obligation assumed in the Acquisition to a fair value of $111.3 million, of which $56.8 million is classified as current and $1.3 million is classified as non-current deferred revenue, respectively. The fair value was determined based on the estimated costs to fulfill the remaining obligations plus a normal profit margin. This adjustment will reduce revenue related to the performance obligations as services are provided beyond twelve months. Accordingly, there is a pro forma adjustment to reduce revenue by $1.1 million for the six months ended June 30, 2017 and $58.3 million for the year ended December 31, 2016.
 
(g)	Deferred taxes	
A $346.4 million deferred tax liability has been established based primarily upon the difference between the book and tax basis of acquired intangible assets resulting from the Acquisition as presented in Note (c). The pro forma adjustment of $252.1 million primarily relates to the $328.2 million deferred tax liability associated with the acquired intangibles partially offset by an $89.5 million deferred tax liability recorded in Bureau van Dijk’s historical balance sheet. An adjustment of $13.4 million was also recorded to establish a deferred tax liability associated with the deferred revenue adjustment discussed in Note (f). In addition, an adjustment was made to reduce the Bureau van Dijk deferred tax asset by $0.8 million primarily related to the adjustment of deferred revenue to fair value. This estimate of deferred income tax balances is preliminary and subject to change based on management’s final determination of the fair value of assets acquired and liabilities assumed by jurisdiction.
 
(h)	Debt-related hedging instruments	
Includes a pro forma adjustment to eliminate the $7.2 million liability included in the unaudited pro forma condensed combined balance sheet related to Bureau van Dijk’s outstanding interest rate hedges associated with its existing debt arrangements, both of which were extinguished upon the completion of the Acquisition.    In addition, the gain (loss) for the six months ended June 30, 2017 and the year ended December 31, 2016 of $2.6 million and $(1.1) million on the unaudited pro forma condensed combined statement of operations with respect to Bureau van Dijk’s existing interest rate hedges was eliminated as it is not expected to have a continuing impact on Moody’s results of operations.
 
10

(i)	Deferred rent liability	
Includes a $0.8 million adjustment to reduce Bureau van Dijk’s historical deferred rent liability balance to fair value.
 
(j)	Shareholders’ deficit	
These adjustments represent (a) elimination of Bureau van Dijk’s historical common stock, retained losses and other comprehensive loss, (b) an increase to Moody’s retained earnings for the portion of the gain on the purchase price hedge not yet recognized (net of taxes) as of June 30, 2017 and (c) a reduction to retained earnings for transaction costs which were incurred after June 30, 2017.
 
(k)	Purchase price hedge gain	
Adjustment to eliminate a $41.2 million gain on the FX collar entered into to hedge the euro denominated purchase price for Bureau van Dijk which will not have a continuing impact on Moody’s combined statements of operations.
 
(l)	Provision for income taxes	
The above adjustments with respect to Bureau van Dijk’s financial statements have been tax effected using their effective tax rate of 23% or the prevailing statutory rate where a specific tax jurisdiction associated with adjustment was identifiable. The above adjustments with respect to Moody’s financial statements primarily reflect the estimated blended federal and state statutory tax rate of 38.5% for the six months ended June 30, 2017 and the year ended December 31, 2016, respectively. The weighted-average statutory tax rate is not necessarily indicative of the effective tax rate of the combined company. The effective tax rate of the combined company could be significantly different (either higher or lower) depending on post-acquisition activities, repatriation decisions, cash needs, the geographical mix of income and changes in tax law.
 
(m)	Deferred sales commission	
Includes the impact of a $5.5 million adjustment to reduce Bureau van Dijk’s acquisition date deferred sales commission asset to fair value on the unaudited pro forma condensed combined balance sheet as of June 30, 2017. A corresponding $5.5 million adjustment was recorded to the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2016 to reduce selling, general and administrative expenses for the effects of the reduction in deferred sales commission balance.
 
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NOTE 6. RECLASSIFICATION TO BUREAU VAN DIJK’S HISTORICAL FINANCIAL STATEMENTS
Certain reclassifications have been made to Bureau van Dijk’s historical financial statements to conform to Moody’s financial statement presentation.
The following tables present Bureau van Dijk’s balance sheet in the format presented under IFRS next to Moody’s format after reclassifications have been made to conform with the presentation under U.S. GAAP.

					
Bureau van Dijk Historical U.S. GAAP before reclassifications
(in millions)	 	
  	  	June 30, 2017	 	
Assets	  				
Property, plant and equipment	  	$	3.9	 	
Intangible assets and goodwill	  	 	1,817.8	 	
Non-current receivables	  	 	1.1	 	
Deferred tax assets	  	 	2.3	 	
	  	 	 	 	
Non-current assets	  	 	1,825.1	 	
	  	 	 	 	
Trade and other receivables	  	 	100.5	 	
Prepayments and deferred costs	  	 	37.0	 	
Cash and cash equivalents	  	 	38.2	 	
	  	 	 	 	
Current assets	  	 	175.7	 	
	  	 	 	 	
Total assets	  	$	2,000.8	 	
	  	 	 	 	
Liabilities	  				
Bank loan	  	$	817.7	 	
Shareholder loan	  	 	1,390.1	 	
Deferred tax liabilities	  	 	94.3	 	
Derivatives	  	 	7.2	 	
Employee benefits	  	 	2.9	 	
Provisions	  	 	100.1	 	
	  	 	 	 	
Non-current liabilities	  	 	2,412.3	 	
	  	 	 	 	
Trade payables	  	 	31.4	 	
Current income taxes payable	  	 	10.6	 	
Other interest expenses payable	  	 	0.7	 	
Deferred revenue	  	 	169.4	 	
Other current payables	  	 	2.4	 	
	  	 	 	 	
Current liabilities	  	 	214.5	 	
	  	 	 	 	
Total Liabilities	  	 	2,626.8	 	
	  	 	 	 	
Equity	  				
Share capital	  	 	4.8	 	
Reserves	  	 	(1.5	) 	
Retained earnings	  	 	(629.3	) 	
	  	 	 	 	
Total equity	  	 	(626.0	) 	
	  	 	 	 	
Total equity and liabilities	  	$	2,000.8	 	

					
Bureau van Dijk Historical U.S. GAAP after reclassifications
(in millions)	 	
 	  	June 30, 2017	 	
ASSETS	  				
Current assets:	  				
Cash and cash equivalents	  	$	38.2	 	
Accounts receivable, net of allowances	  	 	100.5	 	
Other current assets	  	 	37.0	 	
	  	 	 	 	
Total current assets	  	 	175.7	 	
	  	 	 	 	
Property and equipment, net	  	 	3.9	 	
Goodwill	  	 	1,071.3	 	
Intangible assets, net	  	 	746.5	 	
Deferred tax assets, net	  	 	2.3	 	
Other assets	  	 	1.1	 	
	  	 	 	 	
Total assets	  	$	2,000.8	 	
	  	 	 	 	
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ DEFICIT	  				
Current liabilities:	  				
Accounts payable and accrued liabilities	  	$	45.1	 	
Deferred revenue	  	 	165.7	 	
	  	 	 	 	
Total current liabilities	  	 	210.8	 	
	  	 	 	 	
Non-current portion of deferred revenue	  	 	3.7	 	
Long-term debt	  	 	2,207.8	 	
Deferred tax liabilities, net	  	 	94.3	 	
Unrecognized tax benefits	  	 	94.0	 	
Other liabilities	  	 	16.2	 	
	  	 	 	 	
Total liabilities	  	 	2,626.8	 	
	  	 	 	 	
Shareholders’ deficit:	  				
Common stock	  	 	4.8	 	
Retained earnings	  	 	(629.3	) 	
Accumulated other comprehensive loss	  	 	(1.5	) 	
	  	 	 	 	
Total Moody’s shareholders’ deficit	  	 	(626.0	) 	
	  	 	 	 	
Noncontrolling interests	  				
Total shareholders’ deficit	  	 	(626.0	) 	
	  	 	 	 	
Total liabilities, noncontrolling interests and shareholders’ deficit	  	$	2,000.8	 	

 
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The following tables present Bureau van Dijk’s statements of operations in the format presented under IFRS next to Moody’s format after reclassifications have been made to conform with the presentation under U.S. GAAP.

									
Burea van Dijk Historical U.S. GAAP before reclassifications
(in millions)	 	
  	  	Six months
ended June 30,
2017	 	 	Year ended
December 31,
2016	 	
Revenues	  	$	140.7	 	 	$	279.3	 	
Other operating income	  	 	—  	 	 	 	0.6	 	
	  	 	 	 	 	 	 	 	
Total Income	  	 	140.7	 	 	 	279.9	 	
	  	 	 	 	 	 	 	 	
Cost of information providers	  	 	25.1	 	 	 	51.6	 	
Salaries and employee benefits	  	 	36.1	 	 	 	71.2	 	
Depreciation	  	 	0.7	 	 	 	1.8	 	
Amortization	  	 	25.7	 	 	 	51.9	 	
Other operational expenses	  	 	18.3	 	 	 	32.8	 	
	  	 	 	 	 	 	 	 	
Total expenses	  	 	105.9	 	 	 	209.3	 	
	  	 	 	 	 	 	 	 	
Operating income	  	 	34.8	 	 	 	70.6	 	
	  	 	 	 	 	 	 	 	
Finance income	  	 	17.5	 	 	 	68.0	 	
Finance expenses	  	 	(120.2	) 	 	 	(278.5	) 	
	  	 	 	 	 	 	 	 	
Net finance costs	  	 	(102.7	) 	 	 	(210.5	) 	
	  	 	 	 	 	 	 	 	
Loss before tax	  	 	(67.9	) 	 	 	(139.9	) 	
	  	 	 	 	 	 	 	 	
Income tax expense	  	 	16.8	 	 	 	35.7	 	
	  	 	 	 	 	 	 	 	
Loss	  	$	(84.7	) 	 	$	(175.6	) 	

									
Burea van Dijk Historical U.S. GAAP after reclassifications
(in millions)	 	
  	  	Six months
ended June 30,
2017	 	 	Year ended
December 31,
2016	 	
Revenue	  	$	140.7	 	 	$	279.9	 	
	  	 	 	 	 	 	 	 	
Expenses	  				 				
Operating	  	 	55.7	 	 	 	98.8	 	
Selling, general and administrative	  	 	23.0	 	 	 	56.8	 	
Depreciation and amortization	  	 	26.4	 	 	 	53.7	 	
Acquisition-related expenses	  	 	0.8	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	
Total expenses	  	 	105.9	 	 	 	209.3	 	
	  	 	 	 	 	 	 	 	
Operating income	  	 	34.8	 	 	 	70.6	 	
	  	 	 	 	 	 	 	 	
Non-operating (expense) income, net	  				 				
Interest expense, net	  	 	(116.2	) 	 	 	(219.2	) 	
Other non-operating income, net	  	 	13.5	 	 	 	8.7	 	
	  	 	 	 	 	 	 	 	
Non-operating (expense) income, net	  	 	(102.7	) 	 	 	(210.5	) 	
	  	 	 	 	 	 	 	 	
Loss before provision for income taxes	  	 	(67.9	) 	 	 	(139.9	) 	
Provision for income taxes	  	 	16.8	 	 	 	35.7	 	
	  	 	 	 	 	 	 	 	
Net loss	  	$	(84.7	) 	 	$	(175.6	) 	

 
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