Oslo Børs VPS Holding ASA 3rd Quarter 2013

Transcription

1 Oslo Børs VPS Holding ASA 3rd Quarter October 213

2 3rd quarter at a glance Continuing high level of activity in the fixed income market Two equity listings approved in, seven so far in 213 Currently increased interest for IPOs Increased savings and growth in value for VPS-registered mutual funds increases Assets Under Management Continuing good performance for projects and underlying costs 2

3 3rd quarter at a glance Revenues up NOK 26 million or 14% to NOK 219 million from 12 Expenses down NOK 5 million or 4% to NOK 16 million from 12 EBITDA up NOK 31 million or 38% to NOK 114 million from 12 Burgundy, Fish Pool and Evolution revenues and EBITDA NOK 22 million and NOK 17 million respectively in 13 NOK million NOK million Revenues Oslo Børs VPS EBITDA and EBITDA-margin Oslo Børs VPS EBITDA EBITDA margin 6% 4% 2% % 3

4 Oslo Børs Revenues up 2% or NOK 18 million to NOK 18 million from 12 EBITDA up 46% or NOK 2 million to NOK 64 million from 12 Revenues and EBITDA from Burgundy and Fish Pool NOK 19 million and NOK 16 million in 13 Increased activity in first hand market NOK 1 NOK million Revenues Oslo Børs Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other EBITDA and EBITDA-margin Oslo Børs EBITDA EBITDA margin 8% 6% 4% 2% % 4

5 Oslo Børs primary market Steady increase in number of listed bonds and certificates Fixed fees from issuers up 8% from 12 Fixed fees driven by number of issuers and market capitalisation January 1 Market cap. issuers up 4% from NOK 1 Revenues primary market 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 up NOK 5 million to NOK 8 million in 13 Revenues driven by number and size of IPOs and issues Two new listings in 13 Continued low level of issues of equity High level of issues of fixed income instruments NOK million New listings 1 1 Issues of equity Issues (NOK mill) No. of listings 6

7 Oslo Børs secondary market Revenues from trading on Oslo Børs down NOK 9 million from 12 Revenues from Burgundy and Fish Pool NOK 19 million Value of turnover down 5% from 12 Reduction in fees from 213 Derivatives revenues driven by activity level and composition of derivatives trading 7 - No of contracts on Oslo Børs down 1% from 12 - Revenues up 9% from 12 NOK 1 Value Revenues secondary market Equities - value of turnover and number of transactions Value (NOK bill) Trans (1) 213 Equities trading Derivatives trading Fixed Income trading

8 Market share equities trading YTD 213 Sept 213 6% Nasdaq OMX Nordic 7 % CHI-X 12 % Turquoise 4 % LSE Group 6 % Other 4 % Oslo 38 % Orderbook lit - market share 5% 4% 3% 2% 47% 54% 57% 54% 1% Markit BOAT 3 % % London Stockholm Frankfurt Oslo 8 Increased use of Smart Order Routers Increased internalisation in Europe (Source: Thomson Reuters)

9 Oslo Børs market data Revenues in line with 12, due to one-off item or NOK 2 million Revenues primarily driven by number of professional end users of data from Oslo Børs Professional users down 6% from 12 NOK Revenues market data Market data - number of end-users

10 Key market activities Rebuild Burgundy market share Go live with NIBOR calculation in December 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 Oslo Clearing Revenues up 1% from 12 EBITDA up to NOK 2 million Equity turnover (value) down 5% from 12 Derivatives turnover (contracts) down 1% from 12 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 NOK 157 million in cash collateral under management as of Development of functionality for clearing of derivatives NOK Revenues Oslo Clearing Equities clearing Derivatives clearing Interest margin cash collateral etc Derivatives - number of standardised contracts and value of turnover Contracts (1) Turnover (MNOK)

12 VPS Revenues up NOK 7 million or 8% to NOK 99 million from 12 EBITDA up NOK 9 millioner or 23% to NOK 48 million from 12 Increased revenue in all areas Acquisition of Evolution revenue of NOK 3 million in 13 Modernisation of core ITsystems NOK 1 NOK million Revenues VPS Investor products 211 Issuer products 213 Settlement 213products Fund products Other revenues EBITDA and EBITDA-margin VPS EBITDA EBITDA margin 8% 6% 4% 2% % 12

13 VPS investor products Revenues up 4% from 12 Revenues primarily driven by number of VPS accounts and market value of holdings January 1 NOK Revenues investor products Number of investor accounts and market value of holdings VPS accounts (1) Holdings (NOK bill)

14 VPS issuer products Revenues up 11% from 12 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 Additional revenue from value added products 14 - AGM-services - Stock purchase programs - Nominee-ID NOK Revenues issuer products Number of companies and bond issues registered Companies Bond issues

15 VPS settlement products Revenues up 3% from 12 Revenues settlement products Revenues driven by number of participants and number of settlement transactions NOK Number of trade transactions processed in VPS (1)

16 VPS fund products Revenues in 13 up NOK 4 million from 12, including NOK 3 million in revenue from Evolution Revenues primarily driven by assets under management and number of transactions Main deliveries new fund system in operation and well functioning. Project will finalize its delieveries during 13 Cairo well received in Norway 16 NOK Revenues fund products Asset under management and number of transactions AUM (NOK bill) Transactions (1)

17 Oslo Market Solutions Revenues down 9% from 12 EBITDA down 17% from 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 being 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 19 - Increased sale to existing customers, e.g. Cairo in Norway - 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

20 Appendix

21 P&L 3rd Quarter 3rd Quarter Change 3. Sept 3. Sept Change 213 in % 213 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) 1,43,8 78 % 3,66 3,2 14 % 4,51 Diluted earnings per share (NOK) 1,43,8 78 % 3,66 3,2 14 % 4,51 Earnings per share (NOK) before amorisations 1,77 1,2 48 % 4,67 4,37 7 % 6,17 21

22 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

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

24 Balance sheet Fixed assets 3. Sept 3. Sept 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 3rd Quarter 3rd Quarter 3rd Quarter 3rd 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) 3,29 15,4 3,13 12,21 9,55 Treasury bills, bonds and bank deposits Cash collateral from members Net after deduction for cash collateral from members

26 Equity 3rd Quarter 3rd Quarter 3. Sept 3. Sept 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 899 Other changes Equity at period's end Equity ratio 41 % 57 % 41 % 57 % 52 % 26

27 Largest shareholders 21 October

28 Share price Oslo Børs VPS Holding ASA 28

29