Interim report Third quarter of 2012

Transcription

1 Interim report Third quarter of

2 Main features of the third quarter: Oslo Børs strengthens its position in the Nordic market with the acquisition of Burgundy AB High level of activity in the fixed income market Low level of activity in the primary and secondary equities and derivatives markets More efficient clearing system (Magica) delivered in September Work on the new trading system (Millennium Exchange) on schedule New opening hours with effect from 6 August Oslo Børs VPS makes changes to its pension arrangements Oslo Børs to reduce stock trading fees Operating revenue: NOK million (223.1) EBITDA NOK 82.3 million (118.9) Earnings per share before amortisation of excess value NOK 1.20 (1.86) Earnings per share NOK 0.80 (1.40) Business activities in the third quarter of 2012 (same period in 2011 in brackets) Key figures for the group Oslo Børs VPS Holding reports a profit of NOK 35 million for the third quarter of 2012 (NOK 60 million). Operating revenues Operating expenses EBITDA Operating profit (EBIT) Earnings for the period Earnings per share (NOK) 0,80 1,40 3,20 4,40 5,42 Earnings per share (NOK) before amorisations 1,20 1,86 4,37 5,77 7,25 The equities and derivatives markets in the third quarter were characterised by a lower level of activity than in previous quarters and the third quarter of Oslo Børs VPS continues to experience more intense competition and pressure on its market share in relation to trading in equity capital instruments. In common with the rest of Europe, the third quarter saw lower volumes in the equities and derivatives markets. The fixed income market (bonds and certificates) continued to show growth. Revenue in the third quarter of 2012 was NOK 30 million lower than in the same quarter of Revenue in the first nine months was NOK 71 million lower than in the same period in The area showing the largest reduction was revenue related to trading in, and clearing and settlement of, shares and derivatives (down by NOK 24 million in the third quarter and NOK 55 million for the year to date). Revenue from sales of market data in the third quarter and after the first nine months was down by NOK 3 million and NOK 9 million respectively. Revenue reported for 2011 was affected by non-recurring items of NOK 3 million. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value for the third quarter were NOK 6 million higher than the third quarter of After adjusting for costs incurred in the third quarter of 2012 in connection with the implementation of the new Millennium Exchange trading system for Oslo Børs (NOK 3 million), operating expenses were NOK 3 million higher than in the same period in Operating expenses for the first nine months were NOK 6 million higher than in the same period in Following adjustment for restructuring costs in 2011 (NOK 5 million) and costs in connection with Millennium Exchange in 2012 (NOK 8 million), operating expenses for the first nine months were NOK 3 million higher. The 2

3 group maintains a continuous focus on its operating costs. Amortisation of excess value was NOK 4 million lower in the third quarter and NOK 12 million lower for the first nine months relative to the same periods in This was because excess value in respect of certain systems was fully amortised by the close of Net financial income for the third quarter and for the first nine months was down from the equivalent periods in 2011 by NOK 1 million and NOK 2 million respectively due to lower interest rates. Oslo Børs VPS makes changes to its pension arrangements In 2006, Oslo Børs and VPS closed their collective defined benefit pension schemes for new members. At the same time, the companies launched defined contribution pension schemes. In order to achieve predictability concerning the companies long term obligations, the collective defined benefit pension schemes will be closed for existing members 31 December Approximately 100 of the group's 250 employees are members of the defined benefit pension schemes. These employees will be transferred to the existing defined contribution pension scheme 1 January Affected employees will receive a individually calculated yearly cash compensation. Changes have also been agreed to the pension arrangements for the President/CEO of Oslo Børs. In accounting terms, these changes will have a non-recurring effect on equity (after tax) somewhat below NOK 40 million in This includes capitalisation of the discounted current value of the compensation arrangements. Oslo Børs acquires Burgundy AB. The Nordic owners of the Swedish exchange Burgundy have entered into an agreement for Oslo Børs ASA to take over 100% of the shares in the company. Together with Burgundy, Oslo Børs will offer a competitive and effective alternative in the Nordic market. Burgundy has regulatory approval to operate a regulated market, and a MTF (multilateral trading facility). The company is located in Stockholm. Burgundy offers trading in more than 1,000 listed Swedish, Norwegian, Finnish and Danish shares, in addition to other products such as warrants, ETFs and certificates. Burgundy has 34 investment firms as members, of which 23 are also members of Oslo Børs. Over the last three years, Burgundy has established a growing market share of equities trading in the Nordics. Burgundy s CEO, Olof Neiglick, continues as the company's CEO following its acquisition by Oslo Børs. Increasing competition in securities markets has resulted in a decline in market share for traditional exchanges, as well as generally lower profit margins on securities trading, particularly equities trading. Oslo Børs and Burgundy will together build a platform for growth, and will be a strong and viable competitor both for other Nordic exchanges and for foreign trading platforms that offer trading in Nordic securities. The transaction is expected to have a positive effect on EBITDA for Oslo Børs VPS Holding ASA in In 2014, the transaction is expected to have a weakly negative effect on EBITDA. The acquisition of Burgundy is subject to approval by the relevant authorities in Norway and Sweden. Oslo Børs to reduce stock trading fees Oslo Børs has decided to reduce prices and simplify the fee model for stock trading. Changes are made to strengthen the exchange s competitive position. The new fee model is scheduled to take effect from 1 January If the amendments had been introduced from 1 January 2012, the new model would have resulted in reduced revenues from stock trading in the amount of approx. NOK 19 million in the nine first months of This represents about 20% of the revenues from stock trading in this period. The new fee model will be published at least 30 days before it takes effect. Millennium Exchange trading system for Oslo Børs Work on implementation of the Millennium Exchange trading system for Oslo Børs is proceeding in accordance with the project plan. The new system will come into operation on Monday 12 November Millennium Exchange is one of the world's fastest trading systems. Speed of response has become an ever more important factor for market participants, and the implementation of Millennium Exchange will strengthen the competitive position of Oslo Børs. The system is also significantly more flexible than the current trading system, which will make it easier to implement changes in response to market developments. 3

4 The periodic operating costs for the new system will be the same as for the current system. However, introduction of the new system does require some changes to a number of the internal systems used by Oslo Børs. The project s external costs are expected to fall within an overall budget in the order of NOK 14 million. NOK 8 million has been incurred in the first nine months of Magica greater competitiveness for derivatives clearing Oslo Clearing launched new clearing functionality at the end of September (Magica) that helps to improve the competitiveness of its clearing services as well as incorporating new regulatory requirements. For our customers, this is expected to reduce the capital tied up in clearing, deliver better clearing services and improve operational efficiency. Oslo Clearing will start work in the fourth quarter on the developing new functionality for derivatives clearing. This will take the form of a replacement for the current clearing solution for derivatives. The project, which has a budget of NOK 8 million for external costs, will be completed in the first quarter of This development will result in an annual reduction in operating costs before depreciation of NOK 5 million from and including the second quarter of Interoperability Oslo Børs signed a memorandum of understanding with LCH.Clearnet in 2010 on interoperability for clearing of equities. Following an extensive process with the European supervisory authorities in relation to establishing links between European clearing houses, Oslo Børs has recently engaged in further dialogue with customers and alternative pan-european clearing houses on interoperability. Following this, Oslo Børs has decided that it wishes to continue to progress its negotiations with LCH.Clearnet. Oslo Børs and LCH.Clearnet have already implemented interoperability for derivatives clearing, and now wish to expand this collaboration to clearing for equities. Subject to the successful conclusion of contract negotiations, authorisation by the regulatory authorities etc, Oslo Børs intends to introduce interoperability in the course of the first quarter of The question of whether any additional clearing houses should be added will be evaluated after the link between LCH.Clearnet and Oslo Børs has been implemented. Action to improve quality on the Oslo Børs and Oslo Axess marketplaces Oslo Børs introduced a fee with effect from 1 September 2012 that affects unnecessarily high order activity in the stock market. The purpose of the fee is to discourage orders that do not contribute to the effective and sound conduct of stock market trading. Order activity at unnecessarily high levels has the effect of reducing the transparency of the order picture and so reducing confidence in the market. With effect from 6 August, Oslo Børs shortened the opening hours for trading equities and derivatives by one hour, and trading now closes at 16:30. Opening hours were shortened in order to improve quality and liquidity throughout the trading day and at the same time strengthen the strongest Nordic market for capital issues by allowing more time for raising capital after exchange opening hours. The new opening hours were introduced for a six-month trial period. Outlook for 2012 The group s operating revenue varies in line with activity levels. 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. Costs payable are expected to increase somewhat in 2012 due to planned projects in connection with the new Oslo Børs trading system, the extension of work on a new mutual funds system and the renewal of the VPS IT platform. 4

5 Oslo Børs Oslo Børs Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Oslo Børs reports total revenue for the third quarter of 2012 of NOK 90 million (NOK 112 million), representing a decline of NOK 22 million or 20% from the third quarter of Revenue for the first nine months was down by NOK 50 million or 14%. The year-on-year decrease relates principally to revenue related to trading in equities and derivatives (NOK 15 million in the third quarter and NOK 35 million for the first nine months). Revenue from sales of market data for the third quarter and for the first nine months was down by NOK 3 million and NOK 6 million respectively. Revenue reported for 2011 was affected by nonrecurring items of NOK 3 million. The OBX Index was at the close of the third quarter, up by 10.6% in the quarter. Two new companies were admitted to listing on the Oslo Børs and Oslo Axess marketplaces in the third quarter. Five companies were removed from listing. For the first nine months, four companies have been admitted to listing while 12 companies have been removed from listing. At the end of the third quarter, 229 companies were listed in total, of which 36 were listed on Oslo Axess. In total 1,296 fixed income issues were listed on Oslo Børs and on Oslo ABM (Alternative Bond Market) at the end of the third quarter, representing an increase of 127 from the same quarter of Listing fees paid by issuers were 2% or NOK 0.4 million lower in the third quarter than for the same period in Listing fees for the first nine months showed a decline of 2% or NOK 1.5 million. Revenue from document inspection and admission to listing fees in the third quarter of 2012 was down by 57% or NOK 4 million from the third quarter of 2011, bringing the reduction for the year to date to 25% or NOK 6 million relative to the first nine months of The value of shares, ETFs and equity certificates traded in the third quarter was NOK 204 billion (NOK 363 billion), a decrease of 44% from the third quarter of Trading volume for the first nine months was down by 34%. Statistics published by Thomson Reuters show that Oslo Børs held a market share of total trading in OBX securities, in value terms, of 52% in September 2012 as compared to 51% in September These statistics also show that the market share of ordinary order book trading fell from 74% in September 2011 to 67% in September In addition, off-order book (OTC) trading accounted for a larger proportion of total trading. There were 54 active member firms at the end of the third quarter, of which 20 are local members and 34 are remote members. The overall level of activity in the derivatives market in the third quarter, as measured by the number of contracts traded, was around 20% lower than in same period in The reduction in activity for the first nine months was 26%. Fixed and variable revenue from trading was around 30% or NOK 14 million lower than in the third quarter of Revenue for the first nine months was 23% or NOK 34 million lower. The estimated number of end users of market data from Oslo Børs at the end of the third quarter was 4% lower than at the end of the third quarter of The number of subscriptions by private individuals increased, but there was some decline in the number of professional users. Revenue for the third quarter of 2012 was down by 9% or NOK 3 million compared to the equivalent period in Revenue for the first nine months was down by 9% or NOK 9 million. Revenue reported for 2011 was affected by non-recurring items of NOK 3 million. Personnel expenses and other operating expenses for the third quarter of 2012 were NOK 2 million higher than in the same period in The equivalent increase for the first nine months was NOK 2 million. Work on preparations for the implementation of Millennium Exchange incurred costs of NOK 3 million in the third quarter of 2012 and NOK 8 million for the first nine months. 600 Equities - value of turnover Marked data - number of end users Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Value (NOK bill) Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q

6 VPS VPS Operating revenues Salary and other operating expenses EBITDA Capitalisation of internal resources Depreciations and write-downs Amortisations Operating profit (EBIT) Third quarter 2012 operating revenue for VPS totalled NOK 92 million (NOK 94 million), representing a decrease of NOK 2 million or 2% from the same quarter in Operating revenue for the first nine months shows a decrease of NOK 3 million. The issuer area saw an increase in the number of fixed issues registered with VPS, but a reduction in the number of limited companies registered relative to the third quarter of At the end of the third quarter, 1,248 (1,328) limited companies and 2,010 (1,977) fixed income issues were registered with VPS. Revenue from the issuer area for the third quarter of 2012 was in line with the same period in Revenue for the first nine months was NOK 1 million higher than in same period in This is due in part to a change in the mix of registered companies and issues, and in part to the transfer in 2012 of an area of revenue generation to VPS from Oslo Market Solutions. There were fewer corporate actions in the third quarter than in the same period in The market value of VPS-registered mutual funds at the end of the third quarter was NOK 333 billion (NOK 376 billion), representing a decline of 11% from the end of the third quarter of The number of mutual fund transactions totalled 1.2 million in the third quarter, down by 22% from the same quarter of Revenue from the mutual funds area for the third quarter was NOK 3 million lower than in the third quarter of Revenue for the first nine months showed a reduction of NOK 3 million. The expected decline in customer numbers in 2012 previously reported cause a reduction of NOK 2 million in third quarter revenue relative to the second quarter of The number of transactions in the settlements area in the third quarter of 2012 was 16% lower than in the third quarter of Revenue from the settlements area in the third quarter was down by NOK 3 million or 13% relative to the same period in For the first nine months of the year, the number of transactions shows a decline of 11%. Revenue for the first nine months of the year was down by NOK 5 million or 7%. Revenue from supplementary services has shown an increase in In the investor area, the market value of holdings was 10% higher at the end of the third quarter of 2012 than at the same time in There were 1.6 million VPS accounts at the end of the third quarter of 2012, a reduction of 6% from the end of the third quarter of Third quarter revenue for the investor area was NOK 3 million or 15% higher than in the same quarter in Revenue for the first nine months was NOK 6 million higher than in Personnel expenses and other operating expenses for the third quarter of 2012 were NOK 3 million higher than in the same period in A significant proportion of the increase is the result of non-recurring costs in the third quarter of The first nine months show a reduction in personnel expenses and other operating expenses of NOK 1 million. After adjusting for restructuring costs in the first quarter of 2011 (NOK 5 million), personnel and other operating expenses were NOK 4 million higher in the first nine months of Amortisation of excess value was NOK 4 million lower than in the third quarter of 2011 and NOK 12 million lower for the first nine months. This was because excess value in respect of certain systems was fully amortised by the close of Number of trade transactions prossesed in VPS (1000) Number of VPS-accounts and owners of financial instruments in VPS Accounts Owners Transactions (1000) Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Accounts (1000) Owners (1000)

7 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 third quarter of 2012 was NOK 5 million lower than for the same period in Revenue generated from clearing of equity instruments amounted to NOK 8 million, down by NOK 5 million from the third quarter of The reduction is due in part to decisions by customers to change the pricing tariff they use as part of the overall price structure offered by Oslo Clearing, and in part to a lower level of market activity. These changes have caused a reduction in the revenue generated by each transaction relative to previous quarters. Revenue generated from central counterparty clearing of derivatives instruments amounted to NOK 3 million, down from NOK 4 million in the third quarter of This was the result of a lower level of activity. Total revenue for the first nine months shows a reduction of NOK 15 million. Personnel expenses and other operating expenses for the third quarter of 2012 were NOK 1 million higher than in the third quarter of Personnel and other operating expenses for the first nine months of the year were NOK 4 million higher than in This related to a large extent to the implementation of the Magica project. 600 Equity market Oslo Børs - value of turnover (NOK billion) Derivatives - turnover and revenues (TNOK) Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Value (NOK bill) rans (1000) Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 - Contracts (1000) Turnover (MNOK)

8 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 third quarter of 2012 was NOK 0.7 million lower than in the third quarter of Operating revenue for the first nine months of the year was NOK 3 million lower than in This was to a large extent the result of the transfer of an area of revenue generation to VPS in Oslo Market Solutions operating revenue fluctuates with the timing of the implementation of customer projects and annual system licences. Personnel expenses and other operating expenses were NOK 0.5 million lower in the third quarter and NOK 2 million lower in the first nine months of the year relative to the same periods in These reductions were similarly largely the result of the transfer of an area of revenue generation to VPS 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. 8

9 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 Earnings per share (NOK) 0,80 1,40 3,20 4,40 5,42 Diluted earnings per share (NOK) 0,80 1,40 3,20 4,40 5,42 Earnings per share (NOK) before amorisations 1,20 1,86 4,37 5,77 7,25 9

10 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 expenses Total EBITDA Total capitalisation of internal resources Total depreciations and write-downs Total amortisations Total operating profit (EBIT)

11 Balance sheet Short-term receivables totalled approximately NOK 80 million at the end of the third quarter of Of this, trade receivables totalled NOK 51 million. Other current receivables, including prepaid expenses and income accrued but not yet invoiced, amounted to NOK 29 million. The market value of outstanding derivative positions totalled NOK 418 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. 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 third quarter of 2012, these liquid assets amounted to NOK 772 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 1,418 million at the end of the third quarter. In addition, NOK 32 million of liquid assets are classified as financial fixed assets. Current liabilities amounted to approximately NOK 238 million at the end of the third quarter, of which tax payable accounted for NOK 114 million and prepayments from customers totalled NOK 40 million. Fixed assets 30. Sept 30. Sept IT systems Customer relations Registrations Goodwill Deferred tax assets Tangible assets Financial fixed assets Current assets Market value of outstanding derivatives positions Receivables Investments Cash and liquid assets 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

12 Cash flow Cash flow is reported in accordance with IAS 7. Financial fixed assets, investments (currents assets) and bank deposits etc. increased by NOK 817 million in the third quarter and NOK 694 million year to date. Of this increase, NOK 772 million relates to the increase in cash collateral at the close of the quarter. The receipt of collateral from members of Oslo Clearing is, in 2012, classified as part of investment activities. Net increase in collateral was NOK 772 million in the third quarter of 2012, and NOK 739 for the first nine months. Changes in placements of liquidity in treasury bills and bonds are classified as investment activities. Investments in such instruments increased by NOK 170 million both in the third quarter of 2012 and the first nine months. The net increase in investment in such instruments in both the equivalent periods in 2011 was NOK 20 million. The group's financial income is included in investment activities, and its financial expenses are included in financing activities. Financial income amounted to NOK 5 million in the third quarter of 2012 and NOK 17 million for the first nine months. Financial income for the equivalent periods in 2011 was NOK 6 million and NOK 19 million respectively. Oslo Børs VPS Holding recorded an increase in cash and cash equivalents of NOK 647 million in the third quarter. The majority of this increase relates to the receipt of collateral from members of Oslo Clearing. Cash and cash equivalents held at the end of the quarter totalled NOK 1,418 million. In addition, NOK 32 million of liquid assets are classified as financial fixed assets. Cash flow from - operational activities investment activities 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) 15,04 1,64 12,21-1,90-0,14 Equity Equity amounted to NOK 1,381 million at the end of the third quarter and the equity ratio was 45%. Equity at period's start Total comprehensive income Dividends Purchase of own shares Acturial gains/losses in the period Equity at period's end Equity ratio 45 % 48 % 45 % 48 % 62 % 12

13 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 three years. The company has issued 43,004,000 shares. Approximately 0.6 million shares were traded in the third quarter of 2012, with prices from NOK 49 to NOK 54. The last registered trade in the quarter was at NOK 50. Oslo Børs VPS Holding ASA 20 largest shareholders at 22 October

14 Key figures Financial Earnings per share (NOK) 0,80 1,40 3,20 4,40 5,42 Diluted earnings per share (NOK) 0,80 1,40 3,20 4,40 5,42 Change in cash per share (NOK) 15,04 1,64 12,21-1,90-0,14 Return on equity 9,2 % 16,0 % 12,1 % 16,7 % 15,4 % Return on total capital 7,1 % 11,4 % 9,5 % 12,0 % 10,9 % Net operating margin 22,5 % 34,8 % 27,6 % 34,8 % 32,1 % Operational OBX index at period's end 415,42 322,92 415,42 322,92 357,60 Change in period 10,6 % -16,5 % 16,2 % -19,4 % -10,7 % 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: Profit for the period divided by the average no. of shares Net cash flow per share: Net change in cash and cash equivalents divided by the average no. of shares Return on equity: Profit for the period (annualised) divided by the average book equity through the year on a monthly basis Return on total capital: Profit before tax for the period (annualised) divided by the average total assets through the year on a monthly basis Net operating margin: Operating profit divided by operating revenues The Board of Directors of Oslo Børs VPS Holding ASA Oslo, 24 October

15 Oslo Børs VPS Holding ASA PO Box 460 Sentrum 0105 Oslo 15