Oslo Børs VPS Holding ASA 1st Quarter 2015

Transcription

1 Oslo Børs VPS Holding ASA 1st Quarter April 215

2 1st quarter at a glance Good level of trading activity continued in the first quarter Share trading volume up by 16% from the first quarter of Continuing strong interest in admission of both shares and bonds to stock exchange listing Three new companies admitted to listing in the quarter New record set for the number of listed bonds and certificates Launch of 13 new bond indices Planned launch of Oslo Børs Mid Cap Index Launch of North Sea dark pool in April Oslo Børs has launched list for green bonds Trading on Burgundy to be discontinued as of May 1 Intention to make dividend payments twice a year (June and December) 2

3 1st quarter at a glance Revenues down NOK 5 million to NOK 226 million from 14 - After correction for Burgundy organic growth NOK 2 million Expenses up NOK 5 million to NOK 121 million from 14 - Salary and price increases NOK million Revenues Oslo Børs VPS Technology upgrades EBITDA down NOK 1 million from 14 - After correction for Burgundy down NOK 3 million NOK million EBITDA and EBITDA margin Oslo Børs VPS 56% 19 54% 53% % % 52% 5% 5% 5% 48% 48% 47% 47% 46% 44% 42% EBITDA EBITDA margin 3 Oslo Clearing is presented as discontinued operation. Revenues and EBITDA 13 to 14 are restated.

4 Oslo Børs Revenues down 7% or NOK 8 million to NOK 18 million from 14 - Down 1% or NOK 1 million adjusted for Burgundy EBITDA down 17% or NOK 11 million to NOK 53 million from 14 - Down 7% or NOK 4 million adjusted for Burgundy NOK 1 NOK million Revenues Oslo Børs Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other EBITDA and EBITDA margin Oslo Børs 215 8% 64 59% 69 56% 64 55% 56% % 6% 64 5% 53% 54 49% 53 4% 2% EBITDA EBITDA margin % 4

5 Oslo Børs primary market Steady increase in number of listed bonds and certificates Fixed fees from issuers up 5% from 14 Fixed fees driven by number of issuers and market capitalisation January 1 Market cap. issuers 215 down 1% from NOK Revenues primary market 215 Fixed fees- issuers Prospectus and admission fees Number Number and market value of listed bonds and certificates Number Value (NOK bill) No. of issuers Number of and market capitalisation of issuers of equity No. of issuers Market cap (NOK bill)

6 Oslo Børs primary market Prospectus and admission fees down NOK 7 million to NOK 7 million in 15 Revenues driven by number and size of IPOs and issues Three new listings in 15 Continued interest for listing of both equities and fixed income New listings No. of listings Issues of equity NOK million Issues (NOK mill) 6

7 Oslo Børs secondary market Revenues from trading on Oslo Børs and Fish Pool up NOK 1 million from 14 Revenues from Burgundy NOK 7 million in 14 Value of equity turnover on Oslo Børs up 16% from 14 - Revenues up NOK 4 million Derivatives revenues driven by activity level and composition of derivatives trading 7 - No of contracts on Oslo Børs down 26% from 14 - Volume on Fish Pool down 9% from 14 - Revenues down 25% or NOK 3 million from 14 NOK 1 Value Revenues secondary market Equities - value of turnover and number of transactions Value (NOK bill) Trans (1) Equities trading Derivatives trading Fixed Income trading

8 Oslo Børs market data Revenues up NOK 4 million or 12% from 14 Revenues primarily driven by number of professional end users of data from Oslo Børs Professional users estimated up 1% from 14 NOK 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 - MIFID II opportunity for new products and services Common marketing activities with Fish Pool - Listings on Oslo Børs - Trading on Fish Pool Nordic ABM - Nordic bond offering for high yield bonds Continuous improvement of microstructure - Marketplace rules, pricing structure, technology, networks and products Efficient post trade - Choice of Oslo Clearing and LCH.Clearnet as clearing provider 9

10 VPS Revenues up NOK 3 million or 3% to NOK 118 million from 14 EBITDA up NOK 1 million or 1% to NOK 54 million from 14 Modernisation of core IT-system on track NOK Revenues VPS Investor products Issuer products Settlement products Fund products Other revenues 215 NOK million EBITDA and EBITDA margin VPS 6% 54% 51% 48% 47% 62 49% 43% 57 41% 54 41% 54 46% 5% 4% % 2% 1% % EBITDA EBITDA margin 1

11 VPS investor products Revenues in line with 14 Revenues investor products Revenues primarily driven by number of VPS accounts and market value of holdings January 1 - Accounts and holdings in level with NOK Number of investor accounts and market value of holdings 5 NOK million 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 VPS issuer products Revenues in line with 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 NOK Revenues issuer products Number of companies and bond issues registered Companies Bond issues 12

13 VPS settlement products Revenues up 6% to NOK 27 million in 15 Revenues driven by number of participants and number of settlement transactions NOK Revenues settlement products Number of trade transactions processed in VPS (1)

14 VPS fund products Revenues in 15 up NOK 2 million from 14 Evolution up NOK 2 million Revenues in VPS primarily driven by assets under management and number of transactions Nordic Fund Managers and distributors still attractive customers for VPS However, strong competition from international providers and internal IT in targeted 14markets NOK Revenues fund products Asset under management and number of transactions AUM (NOK bill) Transactions (1)

15 Oslo Market Solutions Revenues down NOK 1.2 million from 14 EBITDA down NOK 1 million 5 from , Revenues and EBITDA Oslo Market Solutions 4,8 5,1,7 1, 6,5 1,7 6,3 5,1 4,2 5,2 5,1 -, ,1 1,5,5,2 Revenues EBITDA 15

16 European regulation implications MiFID II and MiFIR - More level playing field and increased transparency expected into force January 217 CSD-Regulation - Published in Official Journal in September - CSDs must comply with regulation and apply for authorisation in Increased competition cross-border 16

17 Summary Continued 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, e.g. Cairo in Norway - Strengthen competitive position in secondary market - Successful execution of projects - modernisation of VPS IT 17

18 Appendix

19 P&L 1st Quarter 1st Quarter Change 215 in % 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 1,63 1,47 11 % 5,86 Diluted earnings per share (NOK) - continued operations 1,63 1,47 11 % 5,86 19 Earnings per share (NOK) - discontinued operations,,8-1 % 1,21 Diluted earnings per share (NOK) - discontinued operations,,8-1 % 1,21 Earnings per share (NOK) before amorisations 1,65 1,9-13 % 8,5

20 Breakdown revenues Oslo Børs segment OSLO BØRS Revenues per area 215 Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other Total Oslo Børs Revenues per category 215 Fixed fees- issuers Trading fees Prospectus and admission fees Financial market data Other income Total Oslo Børs

21 Breakdown revenues VPS segment VPS 215 Investor products Issuer products Settlement products Fund products Other revenues Total VPS

22 Balance sheet 31 March 31 March 31 Dec 215 Fixed assets IT-systems Customer relations Registrations Goodwill Deferred tax assets Tangible assets Financial fixed assets Current assets Market value of outstanding derivativ Receivables Treasury bills and bonds Cash and cash equivalents Assets Equity Contributed equity Non-controlling interests Total equity Liabilities Pension liabilities Deferred tax liabilities Cash collateral Market value of outstanding derivativ Current liabilities Equity and liabilities

23 Cash flow 1st Quarter 1st Quarter 215 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) 3,64 9,79-18,37 Treasury bills, bonds and bank deposits Cash collateral from members Net after deduction for cash collateral from members

24 Equity 31 Mar 31 Mar 215 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

25 Largest shareholders 2 April

26 Share price Oslo Børs VPS Holding ASA 26

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