Oslo Børs VPS Holding ASA 2nd Quarter 2015

Transcription

1 Oslo Børs VPS Holding ASA 2nd Quarter August 215

2 2nd quarter at a glance Good level of trading and settlement activity continued in the quarter Continuing strong interest in admission of both shares and bonds to stock exchange listing - seven new listings in the quarter High level of activity and increased income from issuer services and corporate actions Reduced costs for issuers from introduction of electronic messaging to investors Oslo Børs to open a new marketplace Merkur Market Oslo Børs has launched a new index for medium-sized companies Oslo Børs Mid Cap Index 2

3 NOK million NOK million 2nd quarter at a glance Revenues up NOK 13 million to NOK 234 million from 14 Expenses up NOK 8 million to NOK 11 million from 14 EBITDA up NOK 4 million to NOK 124 million from Revenues Oslo Børs VPS EBITDA and EBITDA-margin Oslo Børs VPS 53% 54% 48% 5% 52% 53% 5% 47% 47% % % 2% 1% % EBITDA EBITDA margin 3 Oslo Clearing is presented as discontinued operation. Revenues and EBITDA 13 to 14 are restated.

4 NOK million NOK 1 Oslo Børs Revenues up NOK 8 million to NOK 115 million from 14 EBITDA up NOK 8 million to NOK 68 million from Revenues Oslo Børs Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other EBITDA and EBITDA-margin Oslo Børs 7% 59% 69 56% 55% 56% 58% 59% 6% 53% % 5% 53 4% 3% 2% 1% % EBITDA EBITDA margin 4

5 Number No. of issuers NOK 1 Oslo Børs primary market Steady increase in number of listed bonds and certificates 5 Revenues primary market Fixed fees from issuers up NOK 2 million to NOK 26 million from Fixed fees driven by number of issuers and market capitalisation January Market cap. issuers 215 down 1% from Fixed fees- issuers Prospectus and admission fees Number and market value of listed bonds and certificates 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 up NOK 3 million to NOK 17 million in 15 Revenues driven by number and size of IPOs and issues Seven new listings in 15 Continued interest for listing of both equities and fixed income New listings 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 33 million from 14 Value of equity turnover on Oslo Børs up 17% from 14 - Revenues up NOK 2 million Revenues secondary market Equities trading Derivatives trading Fixed Income trading 215 Derivatives revenues driven by activity level and composition of derivatives trading 7 - No of contracts on Oslo Børs down 19% from 14 - Volume on Fish Pool down 47% from 14 - Revenues down NOK 1 million from Equities - value of turnover and number of transactions Value (NOK bill) Trans (1)

8 NOK 1 Oslo Børs market data Revenues up NOK 1 million to NOK 33 million from 14 Revenues primarily driven by number of professional end users of data from Oslo Børs Professional users estimated up 6% from Revenues market data 213 Market data - number of end-users

9 Key market activities Market activities to attract issuers - Domestic and international - Equities and fixed income - MIFID II opportunity for new products and services - Establishing Merkur Market Market activities to attract new trading members and increase market share in trading - Continuous improvement of microstructure - Efficient post trade 9

10 NOK million NOK 1 VPS Revenues up NOK 5 million to NOK 119 million from 14 EBITDA down NOK 3 million to NOK 59 million from 14 Modernisation of core IT-system following plan Revenues VPS Investor products Issuer products Settlement products Fund products Other revenues EBITDA and EBITDA-margin VPS 54% 55% 51% 48% 47% 49% 5% 46% 45% % 41% % % 15% 5% -5% EBITDA EBITDA margin 1

11 NOK million NOK 1 VPS investor products Revenues up NOK 2 million to NOK 29 million from 14 Revenues primarily driven by number of VPS accounts and market value of holdings January 1 - Accounts and holdings January in level with January Revenues investor products Number of investor accounts and market value of holdings Income-earning accounts (1) Holdings (NOK bill) 4 11 Please note change from gross number of investor accounts to number of investor accounts that directly affect the revenues of Investor products

12 NOK 1 VPS issuer products Revenues up NOK 2 million to NOK 41 million from 14 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 Number of companies and bond issues registered Revenues issuer products Companies Bond issues

13 NOK 1 VPS settlement products Revenues down NOK 1 million to NOK 25 million in 15 Revenues driven by number of participants and number of settlement transactions Revenues settlement products Number of trade transactions processed in VPS (1)

14 NOK 1 VPS fund products Revenues in 15 up NOK 2 million to NOK 22 million from 14 Evolution up NOK 1.5 million Revenues in VPS primarily driven by assets under management and number of transactions Strong competition from international providers and internal IT in targeted markets Revenues fund products 213 Asset under management and number of transactions AUM (NOK bill) Transactions (1) 14

15 Oslo Market Solutions Revenues up NOK.6 million from 14 8 Revenues and EBITDA Oslo Market Solutions EBITDA down NOK.5 million from ,8 5,1 6,5 6,3 5,1 4,2 5,2 5,1 5,7,7 1, 1,7 1,5 1,1,5,2 1, 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 - Successful execution of projects - modernisation of VPS IT 16

17 Appendix

18 P&L 2nd Quarter 2nd Quarter Change 3 June 3 June Change 215 in % 215 in % 213 Restated Restated 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 - continued operations % % Earnings for the period - discontinued operations % % Earnings for the period % % Actuarial gains/losses defined benefit pension plans Tax-effect Total comprehensive income % % Earnings per share (NOK) - continued operations 1,91 1,56 22 % 3,54 3,3 17 % 5,86 Diluted earnings per share (NOK) - continued operations 1,91 1,56 22 % 3,54 3,3 17 % 5,86 Earnings per share (NOK) - discontinued operations, 1,13-1 %, 1,21-1 % 1,21 Diluted earnings per share (NOK) - discontinued operations, 1,13-1 %, 1,21-1 % 1,21 Earnings per share (NOK) before amorisations 1,92 3,4-37 % 3,57 4,94-28 % 8,5 18

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

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

21 Balance sheet Fixed assets 3 June 3 June 31 Dec 215 IT-systems Customer relations 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 Pension liabilities Deferred tax liabilities Current liabilities Equity and liabilities

22 Cash flow 2nd Quarter 2nd Quarter 3 June 3 June 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) -7,51-27,16-3,87-17,37-18,37 22

23 Equity 2nd Quarter 2nd Quarter 3 June 3 June 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 67 % 75 % 67 % 75 % 73 % 23

24 Largest shareholders 1 August

25 Share price Oslo Børs VPS Holding ASA 25

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