Oslo Børs VPS Holding ASA 2nd Quarter 2013

Transcription

1 Oslo Børs VPS Holding ASA 2nd Quarter August 213

2 2nd quarter at a glance 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 213 Increased savings and growth in value for VPS-registered mutual funds increases Assets Under Management Acquisition of Evolution strengthens VPS position in the Nordic fund services market Oslo Børs takes over NIBOR fixing 2

3 NOK million NOK million 2nd quarter at a glance Revenues up 6% to NOK 231 million from Q212 Expenses up 8% to NOK 12 million from Q212 EBITDA up 4% to NOK 111 million from Q Revenues Oslo Børs VPS Q211 Burgundy and Fish Pool revenues and EBITDA NOK 2 million and NOK 6 million respectively in Q213 EBITDA and EBITDA-margin Oslo Børs VPS % 5% 4% 3% 2% 1% % EBITDA EBITDA margin 3

4 NOK million NOK 1 Oslo Børs Revenues up 6% to NOK 18 million from Q212 EBITDA down 5% to NOK 54 million from Q212 Revenues and EBITDA from Burgundy and Fish Pool NOK 2 million and NOK 6 million in Q213 Reduced activity in equities Increased activity in fixed income instruments Revenues Oslo Børs Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other EBITDA and EBITDA-margin Oslo Børs 8% 6% 4% 2% % EBITDA EBITDA margin 4

5 Number Value No. of issuers Market cap (NOK bill) NOK 1 Oslo Børs primary market Steady increase in number of listed bonds and certificates Fixed fees from issuers up 8% from Q212 Fixed fees driven by number of issuers and market capitalisation January 1 Market cap. issuers up 4% from Revenues primary market Q3 211 Q4 211 Fixed fees- issuers Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Prospectus and admission fees Q Number and market value of listed bonds and certificates Number Value (NOK bill) Number of and market capitalisation of issuers of equity No. of issuers Market cap (NOK bill)

6 NOK million Oslo Børs primary market Prospectus and admission fees down NOK 3 million or 3% from Q212 Revenues driven by number and size of IPOs and issues One new listings in Q213 Continued low level of issues of equity High level of issues of fixed income instruments New listings No. of listings Issues of equity Issues (NOK mill) 6

7 Value Trans NOK 1 Oslo Børs secondary market Revenues from trading on Oslo Børs down 29% from Q212 Revenues from Burgundy and Fish Pool NOK 2 million Value of turnover down 21% from Q212 Value of turnover up 2% from Q113 Reduction in fees from 213 Derivatives revenues driven by activity level and composition of derivatives trading 7 - No of contracts on Oslo Børs up 8% from Q212 - Revenues up 8% from Q212 4 Revenues secondary market Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Equities trading Derivatives trading Fixed Income trading Equities - value of turnover and number of transactions Value (NOK bill) Trans (1)

8 Order book lit - market share Market share equities trading YTD 213 June 213 7% Nasdaq OMX Nordic 6 % Turquoise 3 % LSE Group 8 % Other 3 % Oslo 36 % 6% 5% 4% 47% 51% 57% 58% CHI-X 12 % 3% 2% 1% Markit BOAT 32 % % London Stockholm Frankfurt Oslo 8 Increased use of Smart Order Routers Increased internalisation in Europe (Source: Thomson Reuters)

9 NOK 1 Oslo Børs market data Revenues down 9% from Q212 Revenues primarily driven by number of professional end users of data from Oslo Børs Professional users down 9% from Q Q3 211 Revenues market data Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Q Market data - number of end-users 9

10 Key market activities Integration and marketing of Burgundy ahead of schedule - Burgundy market on Millennium June 3 - Streamlining of operations - Rebuild Burgundy market share Common marketing activities with Fish Pool - Listings on Oslo Børs - Trading on Fish Pool Nordic ABM - Nordic bond offering for high yield bonds Continous improvement of microstructure - Marketplace rules, pricing structure, technology, networks and products - New opening hours Efficient post trade - Interoperability 1

11 NOK 1 Oslo Clearing Revenues up 18% from Q212 EBITDA up to NOK 3 million Equity turnover (value) down 21% from Q212 Derivatives turnover (contracts) up 8% from Q212 Clearing revenues driven by trading activity and members choice of fee structures activity level and composition of derivatives trading Interoperability with LCH in 213 Magica increased competetiveness in clearing 11 MNOK 885 in cash collateral under management as of Q213 Development of functionality for clearing of derivatives Revenues clearing Q3 211 Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Q2 213 Equities clearing Derivatives clearing Interest margin cash collateral Derivatives - number of standardised contracts and value of turnover Contracts (1) Turnover (MNOK)

12 NOK million NOK 1 VPS Revenues up 5% to NOK 111 million from Q212 EBITDA up 1% to NOK 57 million from Q212 Increased investor revenues Increase in yearly registration fees from issuers Increased savings in mutual funds Modernisation of core ITsystems Acquisition of Evolution Revenues VPS Q3 211 Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Q2 213 Investor products Issuer products Settlement products Fund products Other revenues EBITDA and EBITDA-margin VPS EBITDA EBITDA margin 8% 6% 4% 2% % 12

13 Accounts Holdings NOK 1 VPS investor products Revenues up 11% from Q212 Revenues primarily driven by number of VPS accounts and market value of holdings January 1 Changes to price structures in Q3 211 Revenues investor products Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Q2 213 Number of investor accounts and market 44 value of holdings VPS accounts (1) Holdings (NOK bill)

14 NOK 1 VPS issuer products Revenues up 12% from Q212 Increase in yearly registration fees, but reduced activity in corporate actions Revenues driven by number and composition of issuers and level and composition of corporate activity - AGM-season in Q2 Additional revenue from value added products - AGM-services - Stock purchase programs - Nominee-ID Changes to price structures in Q Q3 211 Revenues issuer products Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Number of companies and bond issues registered Q2 213 Companies Bond issues

15 NOK 1 VPS settlement products Revenues up 2% from Q212 Revenues settlement products Revenues driven by number of participants and number of settlement transactions Q3 211 Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Q Number of trade transactions processed in VPS (1)

16 NOK 1 VPS fund products Revenues down 9% from Q212 Revenues primarily driven by assets under management and number of transactions Changes to price structures in 213 Main deliveries new fund system in operation and well functioning. Project will finalize its delieveries during Q Revenues fund products Q3 211Q4 211Q1 212Q2 212Q3 212Q4 212Q1 213Q2 213 Asset under management and number of transactions AUM (NOK bill) Transactions (1)

17 NOK million Oslo Market Solutions Revenues down 12% from Q212 EBITDA down 55% from Q Revenues and EBITDA Oslo Market Solutions Revenues EBITDA 17

18 European regulation - implications MiFID II and MiFIR EMIR - More level playing field and increased transparency - Opportunity for CCPs in mandatory clearing - Requirements for CCPs organisation, capital and access and interoperability CSD-legislation - Increased competition opportunity and threat Limited political support for implementation of financial transactions tax in Norway for the time beeing 18

19 Summary Continued low activity in the capital markets Continued intense competition and pressure on market share Continuous focus on operating costs Structural changes to take new positions and adapt to challenging competitive environment Focus forward - Attract new listings/registrations and members - Increased sale to existing customers - Strengthen competitive position in secondary market - Successful execution of projects - Magica, Fund project, modernisation of VPS IT - Market activities with Burgundy, Fish Pool and Evolution 19

20 Appendix

21 P&L 2nd Quarter 2nd Quarter Change 3. June 3. June Change in % in % 211 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 19 7 Tax-effect Total comprehensive income % % Earnings per share (NOK) 1,42 1,24 14 % 2,23 2,39-7 % 4,51 Diluted earnings per share (NOK) 1,42 1,24 14 % 2,23 2,39-7 % 4,51 Earnings per share (NOK) before amorisations 1,75 1,63 7 % 2,89 3,18-9 % 6,17 21

22 Breakdown revenues Oslo Børs segment Revenues per area Q2 213 Q Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other Total Oslo Børs Revenues per category Q2 213 Q Fixed fees- issuers Trading fees Prospectus and admission fees Financial market data Other income Total Oslo Børs

23 Breakdown revenues VPS segment VPS Q2 213 Q Investor products Issuer products Settlement products Fund products Other revenues Total VPS

24 Balance sheet Fixed assets 3. June 3. June 31. Dec 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 cash equivalents Assets Equity Contributed equity Earned equity Total equity Liabilities Pension liabilities Deferred tax liabilities Cash collateral Market value of outstanding derivatives positions Current liabilities Equity and liabilities

25 Cash flow 2nd Quarter 2nd Quarter 2nd Quarter 2nd Quarter Cash flow from - operational activities investment activities investments in systems and tangible assets 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 -,16-2,83 9,55 Treasury bills, bonds and bank deposits Cash collateral from members Net after deduction for cash collateral from members

26 Equity 2nd Quarter 2nd Quarter 3. June 3. June 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 % 26

27 Largest shareholders 5 August

28 Share price Oslo Børs VPS Holding ASA 28

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