Oslo Børs VPS Holding ASA 1st Quarter 2016

Transcription

1 Oslo Børs VPS Holding ASA 1st Quarter April 216

2 1st quarter at a glance Growth in underlying earnings despite a relatively calm market Continued growth in listing of fixed income issues new issues admitted to listing in the quarter Higher level of trading activity than in the previous three quarters Continuing high level of underlying activity in the securities registration and mutual funds areas at VPS VPS ends its agreement with Percival CSD Partners write-down of NOK 34 million Oslo Børs launches a new tradable seafood index Oslo Børs extends its technology partnership with the London Stock Exchange Group Oslo Børs launched the marketplace Merkur Market for smaller and medium-sized companies in January seven companies admitted for 2 trading

3 NOK million NOK million 1st quarter at a glance Revenues of NOK 227 million in line with 15 Expenses down NOK 2 million to NOK 119 million from 15 EBITDA up NOK 2 million to NOK 17 million from 15 Write-down of NOK 34 million on core system project Revenues Oslo Børs VPS EBITDA and EBITDA-margin Oslo Børs VPS 54% % % 16 47% 47% 12453% 52% % % 54% 52% 5% 48% 47% 46% 44% 42% 4% EBITDA EBITDA margin 3

4 NOK million NOK 1 Oslo Børs Revenues of NOK 18 million in line with 15 EBITDA up NOK 6 million to NOK 59 million from Revenues Oslo Børs 216 Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other EBITDA and EBITDA-margin Oslo Børs 55% 56% 58% 59% 57% 6% 53% 55% 54% 49% % % % EBITDA EBITDA margin 4

5 Number No. of issuers NOK 1 Oslo Børs primary market Steady increase in number of listed bonds and certificates Fixed fees from issuers NOK 25 million up NOK 1 million or 4% from Revenues primary market Fixed fees driven by number of issuers and market capitalisation January 1 - Market cap. equity issuers 1 January 216 up 4% from Fixed fees- issuers Prospectus and admission fees 1 8 Number and market value of listed bonds and certificates 2 Number of and market capitalisation of issuers of equity Number Value (NOK bill) No. of issuers Market cap (NOK bill) 5

6 NOK million Oslo Børs primary market Prospectus and admission fees down NOK 3 million to NOK 5 million in 16 Revenues driven by number and size of IPOs and issues No new equity listings on Oslo Børs or Oslo Axess in 16 Continued interest for listing of both equities and fixed income Merkur Market launched 13 January Seven companies admitted for trading New listings Oslo Børs/Oslo Axess Issues of equity

7 Value NOK 1 Oslo Børs secondary market Revenues from trading on Oslo Børs and Fish Pool up NOK 1 million to NOK 37 million from 15 Value of equity turnover on Oslo Børs down 12% from 15 - Revenues down NOK 2 million Derivatives revenues driven by activity level and composition of derivatives trading 7 - No of contracts on Oslo Børs down 5% from 15 - Volume on Fish Pool up 69% from 15 - Revenues up NOK 3 million from Revenues secondary market Equities - value of turnover and number of transactions Value (NOK bill) Trans (1) Equities trading Derivatives trading Fixed Income trading

8 NOK 1 Oslo Børs market data Revenues NOK 35 million up NOK 1 million from 15 Revenues primarily driven by number of professional end users of data from Oslo Børs Underlying number of professional users estimated down 1% from Revenues market data Market data - number of end-users

9 Key market activities Market activities to attract issuers - Domestic and international - Equities and fixed income Marketing Merkur Market Market activities to attract new trading members and increase market share in trading - Continuous improvement of microstructure - Efficient post trade Millennium release November 216 Preparing for MiFID 2 9

10 NOK million NOK 1 VPS Revenues NOK 119 million up NOK 1 million from 15 EBITDA down NOK 3 million to NOK 51 million from 15 VPS has ended the agreement with Percival CSD Partners to deliver CSD core system Revenues VPS Investor products Issuer products Settlement products Fund products Other revenues EBITDA and EBITDA-margin VPS 216 6% 54% 47% 49% 62 41% 46% 5% 49% 5% 59 38% 43% 4% % 43 2% % % EBITDA EBITDA margin 1

11 No. of accounts (1) NOK 1 VPS investor products Revenues NOK 35 million up NOK 4 million from 15 Revenues primarily driven by number of VPS accounts and market value of holdings January 1 Increase in revenues from messages Revenues investor products Number of investor accounts and market value of holdings Income-earning accounts (1) Holdings (NOK bill) 11

12 NOK 1 VPS issuer products Revenues NOK 3 million down NOK 2 million from 15 Revenues driven by number and composition of issuers and level and composition of corporate activity - AGM-season in Additional revenue from value added products - AGM-services - Bond holders meeting - Stock purchase programs - Nominee-ID Revenues issuer products Number of companies and bond issues registered Companies Bond issues 12

13 NOK 1 VPS settlement products Revenues down NOK 2 million to NOK 25 million in 16 Revenues driven by number of participants and number of settlement transactions Revenues settlement products Number of trade transactions processed in VPS (1)

14 Nok billion NOK 1 VPS fund products Revenues in 16 up NOK 1 million to NOK 27 million from Revenues fund products Evolution up NOK.3 million 15 1 Revenues in 16 affected by windup of a customer in March Revenues in VPS primarily driven by assets under management and number of transactions Strong competition from international providers and internal IT in targeted markets Asset under management and number of transactions AUM (NOK bill) Transactions (1)

15 Oslo Market Solutions Revenues down NOK.1 million from 15 EBITDA down NOK.4 million from ,3 1,1 Revenues and EBITDA Oslo Market Solutions 5,1 1,5 4,2 5,2 5,1 5,7 4,7 5,5,5,2 1,,7, (,2) 5, Revenues EBITDA 15

16 Summary Continued relatively good activity in the capital markets Continued intense competition and pressure on market share Continuous focus on operating costs Continuous assessment of new products and new positions in order to adapt to challenging competitive environment Focus forward - Attract new listings/registrations and members - Increased sale to existing customers - Strengthen competitive position in secondary market - Reorganising the modernisation of VPS serviceplatform to a step by step approcah - Implementation of new regulation 16

17 Appendix

18 P&L 1st Quarter 1st Quarter Change 216 in % Operating revenues % Operating expenses Capitalisation of internal resources Salary and other personnel expenses Other operating expenses Depreciations and write-downs Amortisations Operating expenses before capitalisation of internal resources, depreciations and amortisations % Total operating expenses % EBITDA % Operating profit (EBIT) % Net financial items Ordinary pre-tax profit Tax Earnings for the period % Actuarial gains/losses defined benefit pension plans 8 25 Tax-effect Total comprehensive income % Earnings per share (NOK) 1,11 1,63-32 % 6,95 Diluted earnings per share (NOK) 1,11 1,63-32 % 6,95 Earnings per share (NOK) before amorisations 1,13 1,65-31 % 7,35 Earnings 18 per share (NOK) before amorisations and write-dow 1,72 1,65 5 % 7,35

19 Breakdown revenues Oslo Børs segment OSLO BØRS Revenues per area 216 Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other Total Oslo Børs Revenues per category 216 Fixed fees- issuers Trading fees Prospectus and admission fees Financial market data Other income Total Oslo Børs

20 Breakdown revenues VPS segment VPS 216 Investor products Issuer products Settlement products Fund products Other revenues Total VPS

21 Balance sheet Fixed assets 31 March 31 March 31 Dec 216 IT-systems Registrations Goodwill Deferred tax assets Tangible assets Financial fixed assets Current assets Receivables Cash and cash equivalents Assets Equity Contributed equity Non-controlling interests Total equity Liabilities 21 Pension liabilities Deferred tax liabilities Current liabilities Equity and liabilities

22 Cash flow 1st Quarter 1st Quarter 216 Cash flow from - operational activities investment activities investments in systems and tangible assets investments in subsidiaries - investments in treasury bills and bonds - received cash collateral from members - financial income financing activities Cash and cash equivalents at period's start Change in cash and cash equivalents Cash and cash equivalents at period's end Cash flow per share (NOK) 3,83 3,64-4,71 22

23 Equity 1st Quarter 1st Quarter 31 Dec Equity at period's start Total comprehensive income Dividends Purchase of own shares Acturial gains/losses in the period Change in non-controlling interests Equity at period's end Equity ratio 69 % 7 % 73 % 23

24 Largest shareholders 15 April

25 Share price Oslo Børs VPS Holding ASA 25

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