Interim report Fourth quarter and second six months of 2013

Transcription

1 Interim report Fourth quarter and second six months of 2013

2 Main features of the fourth quarter: Continuing high level of activity in the fixed income market Currently increased interest in equity listings Six companies approved for listing in the fourth quarter, 12 in total for 2013 Companies listed on Oslo Børs were winners in three of the four categories of the EU Commission s awards for the best recently-listed European companies Increased savings and growth in value for VPS-registered mutual funds increases AUM Evolution gained its first Norwegian customer in the fourth quarter Oslo Børs took over NIBOR fixing in December 2013 VPS enters into collaboration with Clearstream for collateral management Continuing good performance for projects and underlying costs Operating revenue NOK million (197.8) EBITDA NOK million (113.1) Earnings per share before amortisation of excess value NOK 1.68 (1.80) Earnings per share NOK 1.33 (1.31) Proposed dividend of NOK 7.00 per share for 2013 Business activities in the fourth quarter of 2013 (same period in 2012 in brackets) Key figures for the group Oslo Børs VPS Holding reports a profit of NOK 57 million for the fourth quarter of 2013 (NOK 57 million). Operating revenues Operating expenses EBITDA Operating profit (EBIT) Earnings for the period Earnings per share (NOK) 1,33 1,31 4,98 4,51 Earnings per share (NOK) before amorisations 1,68 1,80 6,33 6,17 The level of activity in the equities and derivatives markets improved in the fourth quarter relative to the first part of the year. The year as a whole was characterised by a lower level of activity than in Oslo Børs VPS continues to experience more intense competition in the new listings market and pressure on its market share in relation to trading in equity capital instruments. In common with the rest of Europe, the fourth quarter saw lower volumes in the equities and derivatives markets. The market for new listings of shares has showed an improvement from The fixed income market (bonds and certificates) continues to show growth. Revenue reported for the fourth quarter of 2013 was NOK 45 million or 23% higher than in the fourth quarter of Revenue related to trading, clearing and settlement showed an increase of NOK 21 million. Revenue related to trading reported by Burgundy AB and Fish Pool ASA amounted to NOK 22 million in the fourth quarter. Evolution, which was purchased in early July 2013, reported revenue of NOK 4 million for the period. Listing and registrationrelated revenue increased by NOK 19 million. Revenue for the year as a whole was NOK 157 million higher. Revenue related to Burgundy, Fish Pool and Evolution totalled NOK 163 million in 2013, of which NOK 83 million represents the recognition of negative goodwill that resulted from the acquisition of Burgundy AB in January

3 Proposed dividend of NOK 7.00 per share for 2013 Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 129 million in the fourth quarter, an increase of NOK 44 million from the same period in In the fourth quarter of 2012, the group recognised nonrecurring effects in connection with changes to pension schemes which reduced costs by NOK 42 million. Other cost-increasing non-recurring items were NOK 2 million lower in the fourth quarter of 2013 than in the fourth quarter of Burgundy, Fish Pool and Evolution reported operating expenses of NOK 8 million for the fourth quarter. After adjusting for this, operating expenses for the fourth quarter were NOK 5 million or 4% lower than in the same period in For the year as a whole, operating expenses after adjusting for non-recurring items were NOK 18 million or 4% lower than in Amortisation of excess value was NOK 8 million lower in the fourth quarter and NOK 18 million lower for the full year. Excess value in respect of certain systems was fully amortised by the close of Net financial income for both the fourth quarter and for the year as a whole was in line with the equivalent periods in However, this includes the currency accounting affect of the acquisition and merger of Burgundy, which had a positive effect of NOK 3 million. Interest rates on deposits were lower in 2013 than in The Board of Oslo Børs VPS Holding intends to propose to the Annual General Meeting that a dividend of NOK 7 per share should be paid in respect of the 2013 financial year. The proposed dividend is equivalent to 111% of earnings before amortisation of excess value per share for The proposed dividend is conditional on proposed dividend payments by subsidiaries to Oslo Børs VPS Holding ASA being approved by the Ministry of Finance. MiFID II agreed In dialogue with the European Parliament and Council, the European Commission reached agreement in principle in January 2014 on the text that will provide the basis for the updated Markets in Financial Instruments Directive (MiFID II). The members of the European Parliament will shortly vote on the text of the directive. Assuming that the directive is approved, the next step will be an extended period of work on technical standards under the leadership of the European Securities and Markets Authority (ESMA). In its current form, MiFID II deviates from earlier proposals in relation to new trading facilities (OTF) for shares, and instead takes the direction of seeking to limit fragmentation and reducing OTC volumes. OTFs will apply to other types of instrument, and there are new requirements for trading in certain types of standardised cleared OTC derivatives to take place on regulated marketplaces. The text includes new rules for what is known as high frequency trading including marketplace rules and controls for such trading. MiFID II represents greater transparency for trading in shares and OTC trading through a stricter approach to the current exemptions from transparency requirements, consolidation of market information and rules to improve investor protection. The EU Commission's proposals for changes to the Markets in Financial Instruments Directive (MiFID II) were first launched on 20 October The completion of work on technical standards and the likely implementation of the new directive is not expected to take place until 2016 at the earliest. CSD Regulation agreed The EU is also working on the regulation of entities that provide securities registration services (Central Securities Depositories or CSDs) and rules for the settlement of transactions in financial instruments. Regulation in this area is intended to improve the efficiency of crossborder activities and increase competition, while also promoting financial stability. The new rules will include greater clarity on which activities a CSD is able to carry out, while at the same time seeking to increase competition in post-trade services in Europe. The EU's work in this area has fallen behind its timetable, but preliminary agreement was reached at the political level in December There is as yet no final text on the proposed regulation. Implementation will take place over time depending on when the EU publishes the necessary technical standards. Implementation of the new rules in Norway is expected to take place at the end of 2015/start of Existing CSDs will have to apply for new authorisation under the Central Securities Depository Regulation. Based on the information currently available, it does not appear that VPS will have to make any significant changes to its activities. Together with other work currently underway on rules related to securities markets and other regulation applicable to customers of CSDs, the changes that are now in progress will encourage greater focus on the division of roles between securities registers/operators of settlement systems for securities and their customers. 3

4 Oslo Børs VPS will introduce a shorter settlement cycle in October 2014 The EU is working on introducing new regulation of CSDs in Europe, which include a requirement for a maximum settlement cycle of two days (T+2) for all trades performed on exchanges and MTFs. With few exceptions all European countries currently offer a settlement cycle of T+3. However, in most countries work is underway to introduce T+2 in order to comply with the new EU-regulation (the CSD directive). Oslo Børs VPS has decided to introduce T+2 with effect from 6 October This means that securities will be settled on the investor s account in VPS two days after the transaction has taken place and consequently that the seller will receive payment after two days. Current market practice is for delivery of securities and payment to take three days. Both Nordic and international market participants have given Oslo Børs VPS feedback that they would prefer Nordic co-ordination of the migration to T+2. The Nordic securities dealers associations have recommended that T+2 should be introduced in all the Nordic countries on 6 October Oslo Børs VPS supports this recommendation, and will for this reason prepare the transfer for the Norwegian market with effect from 6 October The change is not expected to have any effect on the group's revenue and costs. Leiv Askvig has resigned as chairman of the board VPS to collaborate with Clearstream on collateral management Oslo Børs has taken over NIBOR fixing Current Oslo Børs opening hours for trading in equities to be continued Interoperability On 27 January 2014, Leiv Askvig resigned on his own initiative from his positions as chairman of the boards of directors of Oslo Børs VPS Holding ASA and Oslo Børs ASA. The reason for this was that in the late afternoon of 27 November 2013 the company Sundt AS exceeded the 20% limit for a notifiable change of shareholding in respect of EAM Solar ASA, but notification of this was not sent to Oslo Børs until 11:56 on 28 November Leiv Askvig is the Managing Director of Sundt AS. The deputy chair, Benedicte Schilbred Fasmer, will take over as acting chair of the boards of Oslo Børs VPS Holding and Oslo Børs until the annual general meeting in May Clearstream, which is a supplier of post-trade services and part of the Deutsche Börse Group, and VPS have signed a letter of intent aimed at developing new collateral management services for Norway. The new service will enable VPS to offer to Norwegian market participants the allocation, optimisation and substitution of collateral to cover domestic exposures. VPS will offer these services on a white-label basis via Clearstream s fully automated real-time collateral management engine, the Global Liquidity Hub. Finance Norway and Oslo Børs have entered into an agreement for Oslo Børs to take on the responsibility for the calculation of the Norwegian Interbank Offered Rate, NIBOR. Oslo Børs went live with the calculation of NIBOR rates on 9 December Oslo Børs also took over the supervision of the reporting of interest rates by the banks that constitute the base for the calculation of the interbank rates. Through this new scheme, Oslo Børs provides a recognised and neutral framework for determining NIBOR. NIBOR rates are distributed in the same way as other quotes and index information from Oslo Børs, and are available to the public free of charge on the Oslo Børs website with a 15- minute delay. For market participants who require NIBOR in real-time, the rates are distributed in the same way as other real-time information from Oslo Børs. After having analyzed the possible impact of reduced trading hours over the past twelve months, Oslo Børs has chosen to continue with the current opening hours for trading in equities. This means that the trading day for equities concludes with the closing auction at 16:25. In arriving at this decision, Oslo Børs has both assessed the quality of the order book and consulted with a number of the investment firms that are active in the market. Oslo Børs will review the opening hours on a regular basis, and if it decides to make any changes it will inform all market participants well in advance. The agreements for interoperability with LCH.Clearnet have been approved by the Norwegian Ministry of Finance. Subject to regulatory approval by the Bank of England and the final fulfillments of regulatory requirements, the new link is scheduled to go live in March

5 Outlook for 2014 The group s operating revenue varies in line with the level of activity in the securities market. Oslo Børs VPS is committed to offering a range of products and a pricing structure that are competitive and that encourage active use of the group's services. Oslo Børs VPS anticipates that its marketplace activities will continue to face intense competition, and it also expects increasing competition for the group s post-trade activities. Oslo Børs VPS will also in the future consider adjusting certain of its fees and prices, as well as further measures to improve the efficiency of its organisation and services for the benefit of its customers. Oslo Børs VPS Holding has agreed to sell 100% of Oslo Clearing to Swiss SIX group. Subject to satisfaction of closing conditions, the acquisition is expected to close in the second quarter of Operating expenses for 2014 before capitalisation of internal costs, depreciation and amortisation of excess value are expected to be in the order of NOK million. Comparable expenses in 2013 were in excess of NOK 440 million (after adjusting for nonrecurring items and changes in the composition of the Group). Burgundy accounted for revenue of NOK 60 million in 2013, not including the recognition of negative goodwill of NOK 84 million. Revenue from Burgundy in 2014 is expected to be NOK 8 million. 5

6 Oslo Børs Oslo Børs Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Revenue reported for the fourth quarter of 2013 amounted to NOK 123 million, up from NOK 93 million in the fourth quarter of Revenue reported by Burgundy and Fish Pool amounted to NOK 22 million in the fourth quarter. Revenue related to trading in shares, fixed income instruments and derivatives listed on Oslo Børs and Oslo Axess was NOK 4 million lower than in the same period of 2012, while revenue from the primary market and other revenue increased by NOK 12 million in total. The OBX Index was at the close of the fourth quarter, up by 9.6% in the quarter and by 22.7% for the year as a whole. Six new companies were admitted to listing on the Oslo Børs and Oslo Axess marketplaces in the fourth quarter. Five companies were removed from listing. At the end of the fourth quarter, 218 companies were listed in total, of which 32 were listed on Oslo Axess. In total 1,570 fixed income issues were listed on Oslo Børs and on Nordic ABM (Alternative Bond Market) at the end of the fourth quarter, representing an increase of 227 from the same quarter of Listing fees paid by issuers in the fourth quarter totalled NOK 23 million, up by 11% or NOK 2 million from the same period in Revenue from document inspection and admission to listing fees in the fourth quarter of 2013 totalled NOK 15 million, up by NOK 9 million. For the year as a whole, revenue from listing fees, document inspection and admission to listing fees totalled NOK 20 million. The value of shares, ETFs and equity certificates traded in the fourth quarter was NOK 247 billion (NOK 190 billion), an increase of 30% from the fourth quarter of For the year as a whole, trading was 13% lower than in Statistics published by Thomson Reuters show that Oslo Børs market share of ordinary order book trading in OBX was 58% in December 2013, unchanged from December Oslo Børs had 62 active member firms at the end of the fourth quarter, of which 20 are local members and 42 are remote members. Fish Pool reported contract turnover for the fourth quarter totalling 34,858 tonnes. This represents an increase of 177% from the same period in The increase for the year as a whole was 111%. The overall level of activity in the Oslo Børs derivatives market in the fourth quarter, as measured by the number of contracts traded, was around 29% higher than in same period in The increase for the year as a whole was 8%. Total revenue related to trading in the fourth quarter was NOK 51 million, an increase from NOK 32 million in the same period in Revenue related to trading for the year as a whole increased by NOK 30 million. Revenue from Burgundy and Fish Pool is reported as part of revenue related to trading. The estimated number of end users of market data from Oslo Børs at the end of 2013 was around 7% lower than at the end of The number of professional users fell by 4%, while subscriptions by private individuals fell by 10%. Revenue for the fourth quarter of 2013 was NOK 1.5 million or 5% lower than in the equivalent period in Revenue for the year as a whole decreased by NOK 7 million or 6%. Personnel expenses and other operating expenses for the fourth quarter were NOK 23 million higher than in the same period in In the fourth quarter of 2012, Oslo Børs recognised non-recurring items of NOK 23 million in connection with changes to pension arrangements. Other cost-increasing non-recurring items were NOK 5 million lower in the fourth quarter of 2013 than in the fourth quarter of Burgundy and Fish Pool reported operating expenses of NOK 5 million for the fourth quarter. After adjusting for this, operating expenses for the fourth quarter were in line with the same period in For the year as a whole, operating expenses reduced by NOK 2 million or 1%. Equities - value of turnover Market data - number of end users Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 0 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 6

7 VPS VPS Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Fourth quarter 2013 operating revenue for VPS totalled NOK 106 million (NOK 93 million), representing an increase of NOK 13 million or 14% from the same quarter in Operating revenue for the year as a whole was NOK 417 million, up by 5% from In the issuer area, registered securities saw an increase in the number of fixed income issues registered with VPS, but a reduction in the number of limited companies registered with VPS relative to the fourth quarter of At the end of the fourth quarter, 1,126 (1,223) limited companies and 2,292 (2,076) fixed income issues were registered with VPS. Revenue from the issuer area for the fourth quarter of 2013 increased by NOK 5 million or 17% to NOK 33 million. Revenue for the year as a whole was NOK 10 million or 8% higher than in The market value of VPS-registered mutual funds at the end of the fourth quarter was NOK 452 billion (NOK 352 billion), representing an increase of 28% from the end of the fourth quarter of The number of mutual fund transactions totalled 1.1 million in the fourth quarter, down by 9% from the same quarter of For the year as a whole, the number of transactions reduced by 8%. Revenue from the mutual funds area for the fourth quarter was NOK 5 million higher than in the fourth quarter of Evolution is included in the VPS Fund Services reporting unit. Evolution reported revenue for the fourth quarter of 2013 of NOK 4 million. Evolution gained its first Norwegian customer in the fourth quarter. The delivery project for this customer commenced in January The number of transactions in the settlements area in the fourth quarter was 14% higher than in the fourth quarter of The increase for the year as a whole was 2%. Revenue from the settlements area in the fourth quarter was NOK 1 million or 6% higher than in the same period in Revenue for the year as a whole was unchanged from In the investor area, the market value of holdings was 14% higher at the end of the fourth quarter of 2013 than at the same time in There were 1.4 million VPS accounts at the end of the fourth quarter of 2013, a reduction of 12% from the end of the fourth quarter of Fourth quarter revenue for the investor area was NOK 3 million or 13% higher than in the same quarter in For the year as a whole, revenue was NOK 10 million or 10% higher than in Number of trade transactions prossesed in VPS (1000) Personnel expenses and other operating expenses for the fourth quarter were NOK 26 million higher than in the same period in In the fourth quarter of 2012, VPS recognised non-recurring items of NOK 20 million in connection with changes to pension arrangements. Costs of NOK 3 million were incurred in the period in connection with evaluating the replacement of core systems. Evolution reported operating expenses of NOK 3 million. After adjusting for this, operating expenses for the fourth quarter were in line with the same period in For the year as a whole, operating expenses reduced by NOK 8 million or 4%. Amortisation of excess value was NOK 2 million lower than in the fourth quarter of 2012 and NOK 7 million lower for the year as a whole because excess value in respect of certain systems was fully amortised by the close of Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Accounts Number of VPS-accounts and owners of financial instruments in VPS Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q Transactions (1000) Accounts (1000) Owners (1000) 7

8 Oslo Clearing Oslo Clearing Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Operating revenue for the fourth quarter of 2013 was NOK 1 million higher than for the fourth quarter of Revenue generated from clearing of equity instruments amounted to NOK 9 million, an increase of NOK 1 million from the same period in Revenue generated from central counterparty clearing of derivatives instruments amounted to NOK 3 million, in line with the fourth quarter of Revenue generated from the management of cash collateral provided by members and other revenue amounted to NOK 1.5 million in the fourth quarter. Revenue for the year as a whole was NOK 3 million higher than in Personnel expenses and other operating expenses for the fourth quarter were NOK 1 million lower than in the fourth quarter of Operating expenses for the year as a whole reduced by NOK 4 million. Oslo Børs VPS Holding has agreed to sell 100% of Oslo Clearing to Swiss SIX group. Subject to satisfaction of closing conditions, the acquisition is expected to close in the second quarter of Equity market Oslo Børs - value of turnover (NOK billion) Derivatives - turnover and contracts Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Value (NOK bill) Trans (1000) Contracts (1000) Turnover (MNOK) 8

9 Oslo Market Solutions Oslo Market Solutions Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Operating revenue for the fourth quarter was NOK 1.4 million higher than in the fourth quarter of Revenue for the year as a whole reduced by NOK 0.5 million. Oslo Market Solutions operating revenue fluctuates with the timing of the implementation of customer projects and delivery of routine services. Personnel expenses and other operating expenses were in line with the same periods in Please see for further operational key figures. All figures are in thousands of Norwegian kroner and apply to the Oslo Børs VPS group unless otherwise stated. The group comprises the parent company Oslo Børs VPS Holding ASA and the subsidiaries Oslo Børs ASA, Verdipapirsentralen ASA (VPS), Oslo Clearing ASA and Oslo Market Solutions AS. The accounting information in this report has not been audited. 9

10 Profit and loss account The interim report has been prepared in accordance with IAS 34. The same accounting principles and methods of calculation are used in the interim report as in the annual accounts. Earnings per share is calculated on the basis of earnings for the period in question. 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 Tax-effect Total comprehensive income Profit/loss attributable to non-controlling interests Profit/loss attributable to owners of the parent Earnings per share (NOK) 1,33 1,31 4,98 4,51 Diluted earnings per share (NOK) 1,33 1,31 4,98 4,51 Earnings per share (NOK) before amorisations 1,68 1,80 6,33 6,17 10

11 Segment information The Oslo Børs VPS Holding group has four segments: Oslo Børs, VPS, Oslo Clearing, and Oslo Market Solutions. The segments are equivalent to the subsidiaries of the same name. The segment information reported has been prepared in accordance with IFRS 8. Oslo Børs Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) VPS Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Oslo Clearing Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Oslo Market Solutions Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Other/eliminations Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Total operating revenues Total salary and other operating expe Total EBITDA Total capitalisation of internal resourc Total depreciations and write-downs Total amortisations Total operating profit (EBIT)

12 Balance sheet Short-term receivables totalled approximately NOK 103 million at the end of the fourth quarter of Of this, trade receivables totalled NOK 72 million. Other current receivables, including prepaid expenses and income accrued but not yet invoiced, amounted to NOK 31 million. The market value of outstanding derivative positions totalled NOK 290 million. Oslo Clearing is the formal counterparty in derivative transactions traded on Oslo Børs and in derivative or securities lending transactions notified for clearing. Counterparty risk is measured by models designed in accordance with international practice. Counterparty exposure is covered by individual collateral from each customer. IFRS 39 and IAS 32 stipulate that a clearing entity must recognise the liabilities it incurs as a central counterparty to derivative contracts. The market value of positions is recognized in the balance sheet as a current liability, with a balancing entry in current assets. Receivables and liabilities that can be assigned to outstanding derivative positions are netted to the extent that set-off can be applied. Oslo Clearing is also the formal counterparty in transactions in equities, equity certificates and ETFs traded on Oslo Børs. The amounts that Oslo Clearing undertakes to pay or receive as a counterparty in the event that the financial instruments in question are not transferred on the settlement date are included in its balance sheet with liquidity effect with an offsetting entry in the form of a current liability or receivable due as appropriate. Member firms are required to provide collateral in favour of Oslo Clearing in order to participate in settlement. Following the changes made by Oslo Clearing to its clearing model in September 2012, members can provide such collateral by way of financial instruments or liquid assets. Liquid assets are transferred to Oslo Clearing. At the close of the fourth quarter of 2013, these liquid assets amounted to NOK 1,090 million. Oslo Clearing manages these liquid assets in accordance with a set investment policy. These amounts are included on the asset side of Oslo Clearing's balance sheet as part of bank deposits and financial fixed assets, with an offsetting liability entry as Cash collateral from members. Cash and cash equivalents totalled NOK 1,571 million at the end of the fourth quarter. Current liabilities amounted to approximately NOK 229 million at the end of the fourth quarter, of which tax payable accounted for NOK 104 million. 31. Dec 31. Dec Fixed assets 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 liquid assets Assets Equity Contributed equity Earned equity Non-controlling interests Total equity Liabilities Pension liabilities Deferred tax liabilities Cash collateral Market value of outstanding derivatives positions Current liabilities Equity and liabilities

13 Cash flow Cash flow is reported in accordance with IAS 7. At the end of the fourth quarter, the group held Treasury bills and bonds, together with bank deposits, totalling NOK 1,935 million. Cash collateral received from member firms amounted to NOK 1,090 million at the end of the fourth quarter. The receipt of collateral from members of Oslo Clearing is, since 2012, classified as part of investment activities. The group's financial income is included in investment activities, and its financial expenses are included in financing activities. Oslo Børs VPS Holding recorded an increase in cash and cash equivalents of NOK 133 million in the fourth quarter. Cash flow from investment activities was affected by a decrease in holdings of Treasury bills and bonds totalling NOK 9 million, while cash collateral from members increased by NOK 33 million. Cash and cash equivalents held at the end of the quarter totalled NOK 1,571 million. 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) 3,10-2,66 6,23 9,55 Treasury bills, bonds and bank deposits Cash collateral from members Net after deduction for cash collateral from members Equity Equity amounted to NOK 1,383 million at the end of the fourth quarter, and the equity ratio was 44%. Equity at period's start Total comprehensive income Dividends Purchase of own shares Acturial gains/losses in the period Change in non-controlling interests etc Equity at period's end Equity ratio 44 % 57 % 44 % 57 % 13

14 Shareholder information Oslo Børs VPS Holding ASA share price: The graph shows movements in the share price of Oslo Børs VPS Holding ASA over the last five years. The company has issued 43,004,000 shares. Approximately 0.7 million shares were traded in the fourth quarter of 2013, with prices from NOK 53 to NOK 61. For 2013 as a whole, approximately 12 million shares were traded. The last registered trade in the fourth quarter was at NOK 61. Oslo Børs VPS Holding ASA 20 largest shareholders at 3 February

15 Key figures Financial Earnings per share (NOK) 1,33 1,31 4,98 4,51 Diluted earnings per share (NOK) 1,33 2,31 4,98 4,51 Earnings per share (NOK) before amorisations 1,68 3,31 6,33 4,51 Change in cash per share (NOK) 3,10-2,66 6,23 9,55 Return on equity 17,1 % 16,1 % 15,4 % 13,3 % Return on total capital 10,3 % 9,9 % 9,7 % 9,7 % Net operating margin 31,8 % 36,5 % 28,1 % 29,7 % Operational OBX index at period's end 503,58 410,30 503,58 410,30 Change in period 9,6 % -1,2 % 22,7 % 14,7 % Equities - no. of transactions (1000s) Equities - value of turnover (NOKbn) Equities - market value listed companies (NOKbn) No. of companies listed Change in period Number of trade transactions processed in VPS (1000s) Number of VPS-accounts (1000s) Derivatives - no. of contracts traded (1000s) Turnover derivatives (NOK million) Financial market data - number of end-users Earnings per share: Net cash flow per share: Return on equity: Return on total capital: Net operating margin: Profit for the period divided by the average no. of shares Net change in cash and cash equivalents divided by the average no. of shares Profit for the period (annualised) divided by the average book equity through the year on a monthly basis Profit before tax for the period (annualised) divided by the average total assets through the year on a monthly basis Operating profit divided by operating revenues We hereby confirm that, to the best of our knowledge, the summarised half-yearly accounts for the period 1 July to 31 December 2013 have been prepared in accordance with IAS 34 Interim Financial Reporting, and that the information contained in the half-yearly report gives a true and fair view of the assets, liabilities, financial position and profit or loss of the company and group taken as a whole, and provides a true and fair summary of the information mentioned in Section 5-6, fourth paragraph, of the Securities Trading Act. The Board of Directors of Oslo Børs VPS Holding ASA Oslo, 12 February 2014 Benedicte Schilbred Fasmer Chair of the Board Ottar Ertzeid Member of the Board Harald Espedal Member of the Board Wenche Agerup Member of the Board Christian Fredrik Falkenberg Kjøde Sissel Bakker Bente A. Landsnes Member of the Board Member of the Board Group CEO 15

16 OSLO BØRS VPS ASA PO Box 460 Sentrum 0105 Oslo Telephone: