Interim report Second quarter and first six months of 2013

Transcription

1 Interim report Second quarter and first six months of 2013

2 Main features of the second quarter: Continuing high level of activity in the fixed income market Higher activity in the secondary equities and derivatives markets than in the previous quarter Five equity listings approved so far in 2013 Increased savings and growth in value for VPS-registered mutual funds increases AUM Acquisition of Evolution strengthens VPS position in the Nordic fund services market Oslo Børs takes over NIBOR fixing Operating revenue: NOK million (217.8) EBITDA NOK million (106.6) Earnings per share before amortisation of excess value NOK 1.75 (1.63) Earnings per share NOK 1.42 (1.24) Business activities in the second quarter of 2013 (same period in 2012 in brackets) Key figures for the group Oslo Børs VPS Holding reports a profit of NOK 61 million for the second quarter of 2013 (NOK 53 million). Operating revenues Operating expenses EBITDA Operating profit (EBIT) Earnings for the period Earnings per share (NOK) 1,42 1,24 2,23 2,39 4,51 Earnings per share (NOK) before amorisations 1,75 1,63 2,89 3,18 6,17 The equities and derivatives markets in the second quarter were characterised by a lower level of activity than in the second quarter of However, the quarter saw an increase in activity relative to the first quarter of Oslo Børs VPS continues to experience more intense competition and pressure on its market share in relation to trading in equity capital instruments. In common with the rest of Europe, the second quarter saw lower volumes in the equities and derivatives markets. The market for new listings of shares so far this year has showed an improvement from The fixed income market (bonds and certificates) continues to show growth. Revenue reported for the second quarter of 2013 was NOK 13 million or 6% higher than in the second quarter of Revenue related to trading, clearing and settlement showed an increase of NOK 10 million. Revenue related to trading reported by Burgundy AB and Fish Pool ASA amounted to NOK 20 million in the second quarter. Listing and registration-related revenue increased by NOK 6 million. Revenue reported for the first six months of 2013 includes the recognition of NOK 84 million of negative goodwill that arose in connection with the acquisition of Burgundy AB in January After adjusting for this, revenue reported for the first six months of 2013 was NOK 2 million higher than in the same period in Revenue related to trading, clearing and settlement was NOK 5 million lower. Revenue related to trading reported by Burgundy AB and Fish Pool ASA for the first six months amounted to NOK 31 million. Listing and registrationrelated revenue increased by NOK 10 million. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 120 million in the second quarter, an increase of NOK 8 million or 8% from the same period in Burgundy and Fish Pool reported operating expenses of NOK 14 million for the second quarter. After adjusting for this, operating expenses were NOK 6 million lower than in the second quarter of

3 Operating expenses for the first six months of 2013 were NOK 79 million higher than for the same period in After adjusting for non-recurring items in connection with headcount reductions at Oslo Børs (NOK 6 million), provisions for restructuring costs in connection with Burgundy (NOK 59 million), and costs in connection with the trading system and core system (NOK 2 million in the first six months of 2013 compared to NOK 5 million for the first six months of 2012), operating expenses were NOK 17 million higher than in the same period in Burgundy and Fish Pool incurred operating expenses (after non-recurring items) of NOK 24 million in the first six months. After adjusting for this, operating expenses were NOK 7 million lower than in the first half of The group continues to maintain a close focus on its operating costs. Amortisation of excess value was NOK 4 million lower in the second quarter relative to the same period in Excess value in respect of certain systems was fully amortised by the close of Net financial income for the second quarter was NOK 2 million higher than in the equivalent period in The accounting recognition of the currency effects of the purchase and takeover by merger of Burgundy represented a positive effect of NOK 3 million. VPS strengthens its position in the Nordic fund services market acquisition of Evolution On 9 July 2013, VPS acquired 100% of the shares in Evolution Software Sweden AB and its wholly-owned subsidiary Evolution Financial Services AB (together referred to as Evolution). The acquisition will strengthen the position of both VPS and Evolution in the Nordic investment fund market. Acquisition of Fish Pool and merger with Burgundy now completed Evolution offers Cairo, an efficient and flexible solution for portfolio management and reporting, to all types of asset managers. Evolution delivers its services to fund managers and other asset management clients in both Sweden and Finland. VPS is confident that there will be further growth in the investment funds and asset management industry and intends, together with Evolution, to offer a competitive and efficient alternative to fund managers and distributors in the Nordic market. The companies currently have products and services that complement each other, and will be able to provide a strong offer to the market while at the same time strengthening their presence in several of the Nordic countries. Both VPS and Evolution have recently renewed their respective services and are accordingly well-positioned to meet the market s requirements. Oslo Børs acquired 100% of the shares in Burgundy AB in January Burgundy was merged with Oslo Børs in June, with Oslo Børs as the acquiring company. On 3 June, the Oslo Børs Millennium Exchange trading system was introduced for Burgundy. Through Burgundy, trading is available in equities and ETFs listed on the stock exchanges in Stockholm, Copenhagen and Helsinki, in addition to the Swedish marketplaces Nordic Growth Market (NGM), AktieTorget and First North. The trades are cleared through EMCF, Euro CCP and SIX x-clear. Use of the Millennium Exchange system for Burgundy is one of the synergies of the transaction. Burgundy s agreement for delivery of the trading system from Cinnober has been terminated. In February 2013, Oslo Børs acquired 90.2% of the shares in Fish Pool ASA. A further 4% of the shares were acquired in March In respect of the acquisition of Fish Pool ASA, NOK 11 million and NOK 3 million of the total purchase price of NOK 26 million has been allocated to goodwill and licenses respectively. Further information on the background for these acquisitions is provided in press releases and earlier interim reports. Oslo Børs takes over NIBOR fixing Finance Norway wants Oslo Børs to be responsible for the calculation of the Norwegian Interbank Offered Rate, NIBOR. Oslo Børs will also undertake the supervision of the reporting of interest rates by the banks that constitute the base for the calculation of the interbank rate. Through this new scheme, Oslo Børs will provide a recognised and neutral framework for determining NIBOR. Finance Norway and Oslo Børs will now initiate a process to establish a formal agreement with Oslo Børs as calculation agent for NIBOR and the supervision of the reference rates. NIBOR rates will be distributed in the same way as other quotes and index information from Oslo Børs, and will be available to the public free of charge on the Oslo Børs website with a 15-3

4 minute delay. For market participants who require NIBOR in real-time, the rates will be distributed in the same way as other real-time information from Oslo Børs. Interoperability Oslo Børs signed a memorandum of understanding with LCH.Clearnet in 2010 on interoperability for clearing of equities. Oslo Børs and LCH.Clearnet have already implemented interoperability for derivatives clearing, and now wish to expand this collaboration to clearing for equities. Oslo Børs oil service index becomes tradable Oslo Børs has entered into an agreement on interoperability with LCH.Clearnet. The agreements between Oslo Clearing and LCH.Clearnet have been submitted to the regulatory authorities for consideration. Oslo Børs will introduce interoperability as soon as the necessary approvals by the regulatory authorities are in place. Oslo Børs is one of the world s largest stock exchanges for the oil service sector, and in 2010 the exchange launched the first European oil service index, OBOSX. On 18 March, Oslo Børs introduced the opportunity to trade futures on the oil services index for investors seeking a broad exposure to the development of the companies in the oil services sector. The oil service index currently includes the following companies: Aker Solutions, EMGS, Fred. Olsen Energy, PGS, Prosafe, Seadrill, Songa Offshore, Subsea 7 and TGS. Oslo Børs emphasises the Nordic dimension for the bond market Outlook for 2013 As part of Oslo Børs Nordic focus, Oslo ABM changed its name to Nordic ABM on 3 April. Nordic ABM targets fixed income issuers throughout the Nordic region. In connection with the Burgundy markets becoming part of the Oslo Børs offer in June, a new fixed income market will be added to the trading system that will allow trading in fixed income instruments intended for Swedish investors that are denominated in Swedish kronor. The group s operating revenue varies in line with the level of activity in the securities market. Oslo Børs VPS is committed to offering a range of products and a pricing structure that are competitive and that encourage active use of the group's services. Oslo Børs VPS anticipates that its marketplace activities will continue to face intense competition, and it also expects increasing competition for the group s post-trade activities. Oslo Børs VPS will also in the future consider adjusting certain of its fees and prices, as well as further measures to improve the efficiency of its organisation and services for the benefit of its customers. Before allowing for the consolidation of Burgundy AB and Fish Pool ASA, operating expenses for 2013 before capitalisation of internal costs, depreciation and amortisation of excess value are expected to be in the order of NOK million. Comparable expenses in 2012 were NOK 469 million (after adjusting for non-recurring items). It is anticipated that ordinary operating revenue and operating expenses for Burgundy and Fish Pool will be a little under NOK 70 million and a little under NOK 50 million respectively in Operating revenue in 2014 is expected to be in the order of NOK million. Operating expenses are expected to be in the order of NOK 15 million. 4

5 Oslo Børs Oslo Børs Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Revenue reported for the second quarter of 2013 amounted to NOK 108 million, up from NOK 102 million in the second quarter of Revenue reported by Burgundy and Fish Pool ASA amounted to NOK 20 million in the second quarter. Revenue related to trading in shares and derivatives listed on Oslo Børs and Oslo Axess was NOK 12 million lower than in the same period of Revenue from sales of market data for the second quarter was down by NOK 3 million. Revenue reported for the first six months of 2013, which totalled NOK 290 million, includes the recognition of NOK 84 of negative goodwill that arose in connection with the acquisition of Burgundy AB in January After adjusting for this, Oslo Børs reports revenue for the first six months of 2013 of NOK 207 million, which was in line with the same period in Revenue reported by Burgundy and Fish Pool ASA for the first six months amounted to NOK 31 million. Revenue related to trading in shares and derivatives listed on Oslo Børs and Oslo Axess was NOK 31 million lower than in the same period of Revenue from sales of market data was down by NOK 6 million. The OBX Index was at the close of the second quarter, down by 0.7% in the quarter. One new company was admitted to listing on the Oslo Børs and Oslo Axess marketplaces in the second quarter. Six companies were removed from listing. At the end of the second quarter, 223 companies were listed in total, of which 35 were listed on Oslo Axess. In total 1,507 fixed income issues were listed on Oslo Børs and on Nordic ABM (Alternative Bond Market) at the end of the second quarter, representing an increase of 260 from the same quarter of Listing fees paid by issuers in the second quarter totalled NOK 21 million, up by 8% or NOK 2 million from the same period in Revenue from document inspection and admission to listing fees in the second quarter of 2013 totalled NOK 6 million, down by 30% or NOK 3 million. For the first six months of the year, revenue from listing fees and from inspection and admission to listing fees amounted to NOK 42 million and NOK 14 million respectively, as compared to NOK 39 million and NOK 14 million in the same period in The value of shares, ETFs and equity certificates traded in the second quarter was NOK 215 billion (NOK 273 billion), a decrease of 21% from the second quarter of Statistics published by Thomson Reuters show that Oslo Børs market share of ordinary order book trading in OBX fell from 64% in June 2012 to 58% in June Oslo Børs had 63 active member firms at the end of the second quarter, of which 19 are local members and 44 are remote members. Fish Pool reported contract turnover for the second quarter totalling 28,657 tonnes. This represents an increase of 82% from the same period in Turnover for the first six months of the year totalled 46,502 tonnes, up by 79% from The overall level of activity in the Oslo Børs derivatives market in the second quarter, as measured by the number of contracts traded, was around 8% higher than in same period in Total revenue related to trading in the second quarter was NOK 46 million, an increase from NOK 37 million in the same period in For the first six months of 2013 as a whole, total revenue from trading was NOK 82 million as compared to NOK 81 million in the same period in Revenue from Burgundy and Fish Pool is reported as part of revenue related to trading. The estimated number of end users of market data from Oslo Børs at the end of the second quarter was around 30% lower than at the end of the second quarter of The number of professional users fell by 9%, while subscriptions by private individuals fell by 47%. Revenue for the second quarter of 2013 was down by 9% or NOK 3 million compared to the equivalent period in Revenue for the first six months of 2013 was down by NOK 6 million. Personnel expenses and other operating expenses for the second quarter of 2013 were NOK 9 million higher than in the same period in The first six months of 2013 showed an increase in costs of NOK 82 million. Non-recurring items in connection with headcount reductions and the acquisition of Burgundy amounted to NOK 65 million. Burgundy and Fish Pool incurred operating expenses (after non-recurring items) for the second quarter and the first six months of NOK 14 million and NOK 24 million respectively. Oslo Børs incurred non-recurring costs in respect of Millennium Exchange of NOK 2 million and NOK 5 million for the second quarter of 2012 and the first six months of 2012 respectively. 5

6 Equities - value of turnover Market data - number of end users Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 6

7 VPS VPS Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Second quarter 2013 operating revenue for VPS totalled NOK 111 million (NOK 105 million), representing an increase of NOK 5 million or 5% from the same quarter in Operating revenue for the first six months of 2013 was NOK 212 million, up from NOK 211 million in the first six months of The number of securities registered in the issuer area saw an increase in fixed income issues registered with VPS, but a reduction in the number of limited companies registered relative to the second quarter of At the end of the second quarter, 1,158 (1,267) limited companies and 2,223 (1,969) fixed income issues were registered with VPS. Revenue from the issuer area for the second quarter of 2013 was NOK 4 million or 12% higher than in There have been fewer corporate actions than in The market value of VPS-registered mutual funds at the end of the second quarter was NOK 389 billion (NOK 318 billion), representing an increase of 22% from the end of the second quarter of The number of mutual fund transactions totalled 1.2 million in the second quarter, down by 6% from the same quarter of Revenue from the mutual funds area for the second quarter was NOK 2 million lower than in the second quarter of Revenue for the first six months of 2013 was NOK 3 million lower than in the equivalent period in The previously reported decline in customer numbers in 2012 is causing a reduction in the volume of business in 2013, with an effect of NOK 8 million per annum. The number of transactions in the settlements area in the second quarter of 2013 was 6% higher than in the second quarter of Revenue from the settlements area in the second quarter was in line with the same period in Revenue for the first six months of 2013 was NOK 2 million or 4% lower than in the same period in In the investor area, the market value of holdings was 7% higher at the end of the second quarter of 2013 than at the same time in There were 1.5 million VPS accounts at the end of the second quarter of 2013, a reduction of 7% from the end of the second quarter of Second quarter revenue for the investor area was NOK 3 million or 11% higher than in the same quarter in Revenue for the first six months of 2013 was NOK 3 million higher. Personnel expenses and other operating expenses for the second quarter of 2013 were in line with the same period in Costs of NOK 2 million were incurred in the period in connection with evaluating the replacement of core systems. Amortisation of excess value was NOK 2 million lower than in the second quarter of This was because excess value in respect of certain systems was fully amortised by the close of Number of trade transactions prossesed in VPS (1000) Number of VPS accounts and owners of financial instruments in VPS Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Accounts Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q Accounts (1000) Owners (1000) 7

8 Oslo Clearing Oslo Clearing Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Operating revenue for the second quarter of 2013 was NOK 2 million higher than for the same period in Revenue generated from clearing of equity instruments amounted to NOK 9 million, in line with the second quarter of Revenue generated from central counterparty clearing of derivatives instruments amounted to NOK 2 million, down from NOK 3 million in the second quarter of This was the result of a lower level of activity. Revenue generated from the management of cash collateral provided by members amounted to NOK 2 million in the first quarter. Personnel expenses and other operating expenses for the second quarter of 2013 were NOK 1 million lower than in the second quarter of Oslo Børs VPS Holding has agreed to sell 100% of Oslo Clearing to Swiss SIX group. The acquisition is subject to approval by the authorities and other conditions, and is therefore expected to close in Q Finanstilsynet (the Financial Supervisory Authority of Norway) notified SIX in June 2013 that it has no objection to SIX being the owner of Oslo Clearing Equity market Oslo Børs - value of turnover (NOK billion) Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Value (NOK bill) Trans (1000) Derivatives - number of standardised contracts and value of turnover Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Kontrakter (1000) Omsetning (MNOK)

9 Oslo Market Solutions Oslo Market Solutions Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Operating revenue for the second quarter of 2013 was NOK 0.6 million lower than in the second quarter of Oslo Market Solutions operating revenue fluctuates with the timing of the implementation of customer projects and annual system licences. Personnel expenses and other operating expenses were NOK 0.2 million higher than in the second quarter of Please see for further operational key figures. All figures are in thousands of Norwegian kroner and apply to the Oslo Børs VPS group unless otherwise stated. The group comprises the parent company Oslo Børs VPS Holding ASA and the subsidiaries Oslo Børs ASA, Verdipapirsentralen ASA (VPS), Oslo Clearing ASA and Oslo Market Solutions AS. The accounting information in this report has not been audited. 9

10 Profit and loss account The interim report has been prepared in accordance with IAS 34. The same accounting principles and methods of calculation are used in the interim report as in the annual accounts. Earnings per share is calculated on the basis of earnings for the period in question. 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 Tax-effect Total comprehensive income Profit/loss attributable to non-controlling interests Profit/loss attributable to owners of the parent Earnings per share (NOK) 1,42 1,24 2,23 2,39 4,51 Diluted earnings per share (NOK) 1,42 1,24 2,23 2,39 4,51 Earnings per share (NOK) before amorisations 1,75 1,63 2,89 3,18 6,17 EBITDA= Operating revenues - Salary and other personnel expenses - Other operating expenses 10

11 Segment information The Oslo Børs VPS Holding group has four segments: Oslo Børs, VPS, Oslo Clearing, and Oslo Market Solutions. The segments are equivalent to the subsidiaries of the same name. The segment information reported has been prepared in accordance with IFRS 8. Oslo Børs Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) VPS Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Oslo Clearing Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Oslo Market Solutions Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Other/eliminations Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Total operating revenues Total salary and other operating expenses Total EBITDA Total capitalisation of internal resources Total depreciations and write-downs Total amortisations Total operating profit (EBIT)

12 Balance sheet Short-term receivables totalled approximately NOK 112 million at the end of the second quarter of Of this, trade receivables totalled NOK 71 million. Other current receivables, including prepaid expenses and income accrued but not yet invoiced, amounted to NOK 41 million. The market value of outstanding derivative positions totalled NOK 333 million. Oslo Clearing is the formal counterparty in derivative transactions traded on Oslo Børs and in derivative or securities lending transactions notified for clearing. Counterparty risk is measured by models designed in accordance with international practice. Counterparty exposure is covered by individual collateral from each customer. IFRS 39 and IAS 32 stipulate that a clearing entity must recognise the liabilities it incurs as a central counterparty to derivative contracts. The market value of positions is recognized in the balance sheet as a current liability, with a balancing entry in current assets. Receivables and liabilities that can be assigned to outstanding derivative positions are netted to the extent that set-off can be applied. Oslo Clearing is also the formal counterparty in transactions in equities, equity certificates and ETFs traded on Oslo Børs. The amounts that Oslo Clearing undertakes to pay or receive as a counterparty in the event that the financial instruments in question are not transferred on the settlement date are included in its balance sheet with liquidity effect with an offsetting entry in the form of a current liability or receivable due as appropriate. Member firms are required to provide collateral in favour of Oslo Clearing in order to participate in settlement. Following the changes made by Oslo Clearing to its clearing model in September 2012, members can provide such collateral by way of financial instruments or liquid assets. Liquid assets are transferred to Oslo Clearing. At the close of the second quarter of 2013, these liquid assets amounted to NOK 885 million. Oslo Clearing manages these liquid assets in accordance with a set investment policy. These amounts are included on the asset side of Oslo Clearing's balance sheet as part of bank deposits and financial fixed assets, with an offsetting liability entry as Cash collateral from members. Cash and cash equivalents totalled NOK 1,288 million at the end of the second quarter. Current liabilities amounted to approximately NOK 275 million at the end of the second quarter, of which tax payable accounted for NOK 37 million, and prepayments from customers accounted for NOK 87 million. 30. June 30. June Fixed assets IT systems Customer relations Registrations Goodwill Deferred tax assets Tangible assets Treasury bills and bonds Financial fixed assets Current assets Market value of outstanding derivatives positions Receivables Treasury bills and bonds Cash and liquid assets Assets Equity Contributed equity Earned equity Non-controlling interests 924 Total equity Liabilities Pension liabilities Deferred tax liabilities Cash collateral Market value of outstanding derivatives positions Current liabilities Equity and liabilities

13 Cash flow Cash flow is reported in accordance with IAS 7. At the end of the second quarter, the group held Treasury bills and bonds, together with bank deposits, totalling NOK 1,630 million. Cash collateral received from member firms amounted to NOK 885 million at the end of the second quarter. The receipt of collateral from members of Oslo Clearing is, since 2012, classified as part of investment activities. The group's financial income is included in investment activities, and its financial expenses are included in financing activities. Oslo Børs VPS Holding recorded a decrease in cash and cash equivalents of NOK 255 million in the second quarter. Cash flow from investment activities was affected by an increase in holdings of Treasury bills and bonds totalling NOK 70 million, while cash collateral from members increased by NOK 76 million. Dividend totalling NOK 301 million was paid in the second quarter. Cash and cash equivalents held at the end of the quarter totalled NOK 1,297 million. 2nd Quarter 2nd Quarter 2nd Quarter 2nd Quarter Cash flow from - operational activities investment activities investments in systems and tangible asset 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) -5,93-5,56-0,16-2,83 9,55 Treasury bills, bonds and bank deposits Cash collateral from members Net after deduction for cash collateral from members Equity Equity amounted to NOK 1,247 million at the end of the second quarter, and the equity ratio was 42%. Equity at period's start Total comprehensive income Dividends Purchase of own shares -295 Acturial gains/losses in the period Change in non-controlling interests Translation effects Equity at period's end Equity ratio 42 % 57 % 42 % 57 % 52 % 13

14 Shareholder information Oslo Børs VPS Holding ASA share price: The graph shows movements in the share price of Oslo Børs VPS Holding ASA over the last three years. The company has issued 43,004,000 shares. Approximately 3.3 million shares were traded in the second quarter of 2013, with prices from NOK to NOK The share became ex-dividend in the second quarter, with a dividend payment of NOK 7 per share. The last registered trade in the quarter was at NOK 50. Oslo Børs VPS Holding ASA 20 largest shareholders at 14 August

15 Key figures Financial Earnings per share (NOK) 1,42 1,24 2,23 2,39 4,51 Diluted earnings per share (NOK) 1,42 1,24 2,23 2,39 4,51 Change in cash per share (NOK) -5,93-5,56-0,16-2,83 9,55 Return on equity 16,9 % 14,2 % 13,2 % 13,6 % 13,3 % Return on total capital 11,1 % 11,0 % 8,7 % 10,6 % 9,7 % Net operating margin 33,1 % 31,3 % 22,9 % 29,9 % 29,7 % Operational OBX index at period's end 431,03 375,55 431,03 375,55 410,30 Change in period -0,7 % -4,8 % 5,1 % 5,0 % 14,7 % Equities - no. of transactions (1000s) Equities - value of turnover (NOKbn) Equities - market value listed companies (NOKbn) No. of companies listed Change in period Number of trade transactions processed in VPS (1000s) Number of VPS-accounts (1000s) Derivatives - no. of contracts traded (1000s) Turnover derivatives (NOK million) Financial market data - number of end-users We hereby confirm that, to the best of our knowledge, the summarised half-yearly accounts for the period 1 January to 30 June 2013 have been prepared in accordance with IAS 34 Interim Financial Reporting, and that the information contained in the half-yearly report gives a true and fair view of the assets, liabilities, financial position and profit or loss of the company and group taken as a whole, and provides a true and fair summary of the information mentioned in Section 5-6, fourth paragraph, of the Securities Trading Act. The Board of Directors of Oslo Børs VPS Holding ASA Oslo, 14 August 2013 Leiv Askvig Chairman of the Board Benedicte Schilbred Fasmer Deputy Chair of the Board Ottar Ertzeid Member of the Board Harald Espedal Member of the Board Wenche Agerup Member of the Board Bente A. Landsnes Group CEO 15

16 OSLO BØRS VPS ASA PO Box 460 Sentrum 0105 Oslo Telephone: