VPS Holding ASA Report for the Second Quarter Good second quarter, high level of activity in the stock market

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1 VPS Holding ASA Report for the Second Quarter Good second quarter, high level of activity in the stock market (Figures for same period last year in brackets) In the second quarter, VPS Holding ASA achieved a profit after tax of NOK 16.6 million (7.4), while income amounted to NOK 65.5 million (52.7). The increase in income can mainly be ascribed to the continuing high number of transactions in the second quarter. All product groups showed an uptrend as a result of growth in volume and sales of services. Compared with the first quarter this year, profit fell by NOK 2.5 million (13%). The company s cost control is good. Operating costs for the second quarter totalled NOK 43 million (43.3). Earnings per share after tax were NOK 3.31 (1.48). Profi t and Loss Account Main figures in NOK Operating income Operating expenses Ordinary depreciation EBITDA Operating profit/loss (EBIT) Net financial items Profit/loss before tax Taxes Profit/loss after tax Financial key figures EBITDA margin 46.0% 35.5% 46.2% 28.0% 26.5% EBIT margin 34.4% 17.,7% 34.7% 9.6% 10.1% Earnings per share after tax Cash flow from operations per share Equity ratio 82.9% 81.7% 76.3% Return on equity 40.2% 12.8% 9.1% Current ratio EBITDA = Operating profit/loss before depreciation and amortization EBITDA margin = EBITDA as a percent age of operating income EBIT margin (operating margin) = EBIT as a percentage of operating income Earnings per share = Profit/loss after tax divided by number of shares Cash flow from operations per share = Cash flow from operating activities divided by number of shares Equity ratio = Equity as a percentage of total capital Return on equity = Profit/loss before tax as a percentage of average equity (estimated p.a.) Current ratio = Liquid assets + debtors + other liquid receivables divided by short -term liabilities 100 Total income 25 Profit/loss after tax rd Qtr 49,1 52,7 47,5 52,6 78,4 65,5 0,0 0,0 Figures in million NOK 0 3rd Qtr 0,9 7,4 3,4 4,3 19,1 16,6 0,0 0,0 Page 1 of 7

2 Income and expenses Income for the second quarter totalled NOK 65.5 million. This is NOK 9.3 million lower than for the first quarter. However, it is NOK 12.8 million (24.3%) higher than for the same period last year, due to an increase in sales and larger market volumes. A small part of the increase derives from adjustments to market prices following the privatization of the company. The accounts show that total operating expenses in the second quarter remained virtually unchanged at NOK 43 million, compared with the same period last year. Expenses for the first two quarters were NOK 91.7 million (92.0). Personnel expenses rose by NOK 6.4 million in the second quarter this year compared with last year, mainly due to the fact that in VPS covered internal costs of the conversion process through resale of shares and changes in accrual principles. After making an adjustment for this, salaries and other personnel expenses showed no change from to Production expenses, other operating expenses and depreciation were reduced by a total of NOK 8.3 million from the second quarter to. To this can be added less capitalization of systems development (NOK 1.4 million). All in all, expenses were substantially lower in the second quarter this year than in the same quarter last year. Balance sheet figures After including profit after tax for the second quarter, VPS s equity capital stood at NOK million at 30 June. The tax is not payable. Liquid res erves increased from NOK 77.5 million to NOK million in the course of the first six months of. Cash flow Net cash from operations in the second quarter amounted to NOK 49.6 million as against NOK 60.6 million in the same period last year. A total of NOK 13.7 million was spent on investment activities: NOK 6.0 million net on tangible fixed assets, NOK 6.0 million on capitalizable systems development and NOK 1.7 million on financial investment. The financial investment was a purchase of shares in FinansNett Norge. Product areas Issuers In the second quarter, 21 new joint stock companies were registered in VPS, while 26 were withdrawn as a result of mergers, acquisitions or winding up, to give a total of 1,198 registered companies at the end of the quarter. Registered bonds numbered 1,723, which is 4.7% higher than the first quarter and 9.3% higher than the first half of. Income from issuer products was NOK 21.6 million in the second quarter, which is NOK 0.5 million (2.4%) higher than in the second quarter. Mutual funds The value of VPS-registered mutual funds rose by 6% to NOK 87 bn in the second quarter, an increase of 42% compared with the same time last year. Net subscriptions were effected for about NOK 1.5 bn in the s econd quarter. The number of VPS-registered mutual funds remained stable at 598 at the end of the quarter. The number of investor holdings in mutual funds also remained stable throughout the quarter at 815,000. This corresponds to an increase of 3% compared with the second quarter No. of companies registered in VPS 3rd Qtr 3rd Qtr Capital development in VPS-registered mutual funds 3rd Qtr 3rd Qtr Page 2 of 7

3 The number of mutual funds transactions maintained the same high level as in the previous quarter, and the accumulated figure is now 39% higher than at the same time in. Income from mutual funds products for the second quarter amounted to NOK 6.0 million, which is NOK 0.6 million (11%) higher than in the second quarter. However, this is NOK 1.1 million lower than in the previous quarter owing to seasonal fluctuations in activity No. of transactions in mutual funds 3rd Qtr 3rd Qtr Investors The number of investor holdings in VPS increased by 54,000 (2.9%) from the second quarter to the second quarter. During the same period, the number of holdings in shares rose by 1% to 924,000 and holdings in primary capital certificates increased by 11,000 (30.5%) to a total of 47,000. Holdings in bonds increased by 8,000 (6.3%) to 136,000. No. of investor holdings registered in VPS rd Qtr 3rd Qtr The number of VPS accounts and holders of securities has remained virtually unchanged over the past year. The use of online investor services is steadily growing and 252,000 investors now have access to these services. Income from investor products in the second quarter was NOK 13.6 million or NOK 5.3 million (63.9%) higher than in the second quarter No. of accounts and no. of owners Series1 Series rd Qtr 3rd Qtr Clearing and settlement Income from clearing and settlement products is linked No. of trade transactions processed in VPS with activity in the secondary market through the number of trade transactions that are settled in the VPS system So far this year activity has been very high. With the exception of May, all of this year s six months have shown record-high figures. However, activity was slower in the second quarter than in the previous quarter. In the second quarter, VPS handled 2 million trade rd Qtr 3rd Qtr transactions, which is 16% higher than the same quarter last year. Income from clearing and settlement products amounted to NOK 24.2 million in the second quarter this year, that is NOK 6.3 million (35.2%) higher than in the second quarter. Future prospects The first half of was good compared with last year. Experience has always shown, however, that activity on the stock market tends to go up and down. There is therefore some uncertainty linked with activity in the second half of the year as regards volumes of transactions. We anticipate a stable situation for other products. Page 3 of 7

4 20 largest shareholders at 18 Aug. Name Number % DnB NOR Bank ASA* ,55 Arendals Fossekompani ,98 Morgan Stanley (NOM) ,83 Nordea Bank Norge ASA ,16 Norsk Hydros Pensjonskasse ,18 Oslo Børs ASA ,54 Skandinaviska Enskilda Banken ,82 KLP Forsikring ,69 Sundt AS ,58 Odin Norge Pareto AS ,49 Vital Forsikring ASA* ,03 Erik Must AS ,82 Sparebanken Vest ,62 Telenor P ensjonskasse ,15 Havfonn AS ,00 JP Morgan Chase Bank (NOM) ,00 Statoils Pensjonskasse ,97 Bergesen d.y. s Familielegat ,80 Snefonn AS ,79 Total ,92 * DnB NOR Bank ASA and Vital Forsikring ASA belong to the DnB NOR ASA Group, which thus holds a total of 16.58% of the shares in VPS Holding ASA As a result of the merger between Gjensidige NOR Sparebank ASA and Den Norske Bank ASA, the two companies shares in VPS Holding ASA exceeded the statutory 10% shareholder limit. Following an application from DnB NOR ASA, the Ministry has granted the company permission to own 16.58% of the shares in VPS Holding ASA for three years. The Ministry has made it a condition that, at meetings of the shareholders in VPS Holding ASA, DnB NOR ASA may not vote for more than 10% of the votes in the company or for more than 20% of the votes represented at the meeting. Page 4 of 7

5 PROFIT AND LOSS ACCOUNT 1 Jan.-30 June 1 Jan.-30 June at 31 Dec. OPERATING INCOME Production income Other income Total operating income OPERATING EXPENSES Capitalization of systems development ( ) ( ) ( ) ( ) ( ) Salaries and other personnel expenses Depreciation Security and production expenses Other admin. and operating expenses Total operating expenses Operating profit/loss FINANCIAL INCOME AND EXPENSES Interest received Other financial expenses Net financial items Ordinary profit/loss before tax Tax Profit/loss Page 5 of 7

6 BALANCE SHEET at 30 June at 30 June at 31 Dec. FIXED ASSETS Systems development Deferred tax asset Total intangible assets Vehicles, movables Computer hardware, software Structural installations Total tangible fixed assets Investment in associated companies Pension funds Loans to employees Total financial fixed assets Total fixed assets CURRENT ASSETS Receivables, customers Other receivables Total receivables Bank deposits, cash, etc Total current assets Total assets EQUITY CAPITAL Share capital Share premium account Total contributed capital Other equity capital Total other capital Total equity capital LIABILITIES Accounts payable, suppliers Tax payable Unpaid government charges Unpaid dividends Other short -term liabilities Total short -term liabilities Total liabilities Total equity capital and liabilities Page 6 of 7

7 FUNDS FLOW STATEMENT 1 Jan. 30 June Liquid assets generated by/used for operations Profit/loss before tax (Gain)/Loss on sale of operating assets Tax paid during the period 0 (2 184) Ordinary depreciation (Increase)/Decrease in receivables, customers ( ) ( ) Increase/(Decrease) in accounts payable, suppliers ( ) Difference between debited and paid pension costs ( ) ( ) (Increase)/Decrease in loans to employees ( ) ( ) Increase/(Decrease) in other short -term liabilities ( ) ( ) (Increase)/Decrease in other time-limited items Net cash flow from operations Inpayments tangible fixed assets Outpayments tangible fixed assets ( ) ( ) Outpayments relating to systems developments ( ) ( ) Outpayments relating to financial investment ( ) 0 Net cash flow from investment activities ( ) ( ) Contributed capital Increase/(Decrease) in long-term liabilities 0 0 Net cash flow from financing activities 0 0 Net change in cash assets Liquid assets at start of period Liquid assets at end of period Including tied-up funds amounting to Board of Directors of VPS Holding ASA, 18 August Page 7 of 7