Interim report Second quarter of 2018
Main features of the second quarter: Continued high level of activity in both the primary and secondary markets 12 new companies admitted to listing or trading in the quarter 29 new companies registered with VPS 158 new fixed income issues admitted to listing and 436 new fixed income issues registered with VPS Highest level of trading in shares in value terms in a single quarter since 2011. Value of shares traded up 40% and number of settlement transactions up 19% relative to the second quarter of 2017 market share of trading in OBX shares of approximately 63% (57%) in the quarter Higher costs at VPS in connection with modernising and adapting the organisation, projects and higher supervision fees Operating revenue NOK 267 million (259) EBITDA NOK 132 million (138) Earnings per share NOK 2.18 (2.65) Ordinary and extraordinary dividends of NOK 4.20 and NOK 10.00 per share paid in the quarter Business activities in the quarter (same period last year in brackets) Oslo Børs VPS Holding reports a profit of NOK 94 million for the second quarter of 2018 (NOK 114 million). Operating revenues 267 315 259 052 531 206 510 665 995 091 Operating expenses 142 398 129 532 284 960 266 983 547 960 EBITDA 131 651 137 838 259 714 261 628 481 486 Operating profit (EBIT) 124 917 129 521 246 246 243 682 447 131 Earnings for the period 93 902 113 886 186 072 200 596 356 817 Earnings per share (NOK) 2,18 2,65 4,33 4,66 8,30 Earnings per share (NOK) before amortisations and wr 2,20 2,66 4,36 4,70 8,36 The second quarter saw continued high levels of market activity in the primary and secondary equity and fixed income markets. Reported revenue for the second quarter of 2018 was NOK 267 million, which is NOK 8 million higher than in the second quarter of 2017. Reported revenue for the first six months of 2018 was NOK 21 million higher than in the first six months of 2017. Revenue from both Oslo Børs and VPS increased by approximately NOK 3 million each compared with the same quarter in 2017, while for the first six months of 2018 revenue from Oslo Børs and VPS increased by NOK 12 million and NOK 5 million respectively. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 136 million in the second quarter of 2018, an increase of NOK 14 million from the second quarter of 2017. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value for the first six months of 2018 were NOK 22 million higher than in the first six months of 2017. The increase principally relates to restructuring costs at VPS in connection with modernising and adapting the organisation to the new competitive situation, project costs at VPS (including in connection with CSDR, GDPR, share shavings accounts and a new issuer portal), and higher supervision fees payable to the Financial Supervisory Authority of Norway for all the companies in the group that require official authorisation. Net financial income for the second quarter of 2018 totalled NOK 1 million, a decrease from NOK 17 million in the same period in 2017. Net financial income for 2017 included income of NOK 15 million in connection with the group s acquisition of the remaining 50% of NOTC. With effect from the start of May 2018, the group is incurring interest expense on the bond loan it issued in May. 2
Successful bond issue In May Oslo Børs VPS Holding ASA issued an NOK 450 million bond loan with a maturity of five years and a coupon of 3M Nibor + 0.79%. The bond loan was significantly oversubscribed. An extraordinary dividend of NOK 10 per share was distributed in June in line with the purpose for which the bond was issued. Modernising and adapting VPS organisation Strategic update Since autumn 2017 VPS has been implementing changes to its management and organisation as part of its preparations for the new competitive situation. Audun Bø became the company s new CEO in October 2017, while in June 2018 Ingvild Kalleberg and Christian Aleksander Viken became the company s new CTO and head of Customer Experience and Analysis respectively. VPS has also started adapting and modernising a number of parts of its organisation, and it expects to have slightly fewer than 100 employees by the end of 2019 (down from 107 at the start of 2018). The Board of Directors of Oslo Børs VPS Holding completed a strategy process in the first six months of 2018. Oslo Børs VPS occupies a naturally strong position in the Norwegian securities market. Nearly all Norwegian equity issuers that apply for listing choose Oslo Børs, and the majority of Norwegian fixed income issuers list their debt on one of Oslo Børs marketplaces. VPS occupies an equivalent position in relation to the registration and settlement of these securities. The group has, in collaboration with Norwegian investment firms, also built up a strong position internationally within certain strong sectors (energy, seafood and shipping). With regard to trading in equity capital instruments, Oslo Børs enjoys a market share that is in line with that of other traditional stock exchanges in Europe, and it continues to be the preferred source of market data for these securities. The Norwegian market, which is the group s main market, is enjoying good growth, and Norwegian and foreign issuers are showing increasing interest in making use of Norway s securities market. In addition to the greater focus on personal saving in securities that is being driven by new savings and pension arrangements, there is a particular focus from the EU and Norwegian authorities on increasing the extent to which small and medium-sized companies use the securities market for financing. Against this background, the group expects growth in the use of its services in the coming years. The group s overall strategy is to maintain its position in the Norwegian market. We will seek to further strengthen our international position in relation to the listing, registration, trading, settlement and custody of equities and fixed income issues, both within and beyond our sectors of particular strength. Centevo and Oslo Market Solutions (OMS) have Nordic-wide offerings and will individually and in collaboration with other organisations further develop and grow their service platforms within savings, trading and information. As announced in the interim report for the fourth quarter of 2017, the Board of Directors has decided on a strategy based on organic growth for Oslo Børs. Oslo Børs is an international marketplace with a broad global offering, particularly in the energy, shipping and seafood sectors. Oslo Børs will continue to develop its marketplaces and services such that the company can further increase the level of national and international interest in listing and trading on the Oslo Børs marketplaces, including NOTC and Fish Pool. VPS is the only central securities depository in Norway and consequently occupies a unique position in the Norwegian capital market. VPS will strive to continue to be a competitive supplier of central securities depository and settlement services following the awaited implementation of CSDR in Norway in 2019. In addition to capitalising on the expected increase in usage of the Norwegian capital market, VPS will develop issuer services that are specially adapted to the SMB segment, and it will also adapt its services and seek to position itself in relation to new opportunities that result from regulatory changes. VPS will to a greater extent focus on offering standardised and entirely automated concession-regulated investor, issuer and settlement services. The delivery of such services is subject to supervision and legal requirements, including capital requirements. This may result in some services in future being offered by other companies in the group, including Centevo and OMS. This will enable Oslo Børs VPS to strengthen its competitiveness and also to support its customers need for greater efficiency through standardisation and digitalisation. Financial infrastructure is generally becoming more standardised, and this has contributed to greater collaboration between numerous different organisations. Oslo Børs will continue with its strategy of using standard technology and collaborating with the London Stock Exchange Group. However, experience from other projects/organisations indicates that purchasing CSD systems involves unpredictably large development projects that are highly complex, expensive and risky. VPS will therefore continue its work to simplify, modernise and standardise its services and technology in order to simplify the task of replacing 3
its core system in the future. VPS expects to incur costs of between around NOK 20 million to NOK 30 million a year in connection with this work over the coming years. VPS and the post-trade sector are facing a period of major change with greater international standardisation and efficiency improvements and, in the Board s view, this will increase the number of opportunities for collaborating with other organisations going forward. The Board is open to VPS working together with other organisations in order to achieve its strategic goals and thereby increase its competitiveness. Outlook Conditions in the group s markets and its revenues will vary over time, but the group has a target of generating the basis for underlying growth in its activities regardless of fluctuations in market conditions. The group has a target of over time achieving average annual growth in underlying EBITDA of 5% from 2016. The group s operating expenses before depreciation and amortisation are expected to be around NOK 540 million in 2018 and to be at the same level in the 2019-2021 period. 4
Oslo Børs Oslo Børs Operating revenues 135 996 132 879 269 768 257 191 505 637 Salary and other operating expenses 54 031 51 012 107 049 105 156 218 032 EBITDA 81 966 81 867 162 720 152 035 287 605 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 1 274 1 467 2 611 4 644 7 267 Amortisations 0 0 0 0 0 Operating profit (EBIT) 80 692 80 400 160 109 147 391 280 338 Reported revenue for Oslo Børs for the second quarter of 2018 was NOK 136 million (NOK 133 million), an increase of NOK 3 million from the same period in 2017. The OSEBX Index (the Benchmark Index) was 879.14 at the end of the second quarter of 2018, an increase of 9.2% in the quarter. Four companies were admitted to listing in the second quarter on the Oslo Børs and Oslo Axess marketplaces, three companies were admitted to trading on Merkur Market, and four companies were removed from listing/trading. At the end of the second quarter of 2018, a total of 215 companies were listed on Oslo Børs and Oslo Axess, while 20 companies had been admitted to trading on Merkur Market. There were 45 companies registered on the NOTC list at the end of the second quarter of 2018, with five companies admitted to registration and three companies deregistered in the quarter. A total of 2,106 fixed income issues were listed on Oslo Børs and Nordic ABM (Alternative Bond Market) at the end of the second quarter of 2018, representing an increase of 86 relative to the end of the second quarter of 2017. Listing fees paid by issuers in the second quarter of 2018 totalled NOK 37 million, an increase of NOK 5 million from the same period in 2017. Document inspection and admission to listing fees in the second quarter of 2018 totalled NOK 17 million, a decrease of NOK 9 million from the same period in 2017. Listing fees paid by issuers in the first six months of 2018 were NOK 11 million higher at NOK 72 million, while document inspection and admission to listing fees in the first six months totalled NOK 26 million, a decrease of NOK 8 million from the same period in 2017. The value of shares, ETFs and equity certificates traded in the second quarter of 2018 totalled NOK 361 billion (NOK 257 billion), an increase of 40% from the second quarter of 2017. We estimate that in the second quarter of 2018 Oslo Børs had a market share of trading in OBX shares of approximately 63%, up from approximately 57% in the second quarter of 2017. Oslo Børs had 48 member firms at the end of the second quarter of 2018, of which 18 are local firms and 30 are remote members. The overall level of activity in the derivatives market in the second quarter of 2018, as measured by the number of contracts traded, was approximately 22% higher than in the same period in 2017. The level of activity when measured in value terms was approximately 19% higher. Fish Pool reported total contract turnover of 14,203 tonnes for the second quarter of 2018, representing a decrease of approximately 29% from the same period in 2017. Total revenue related to trading in the second quarter of 2018 was NOK 38 million, an increase of NOK 4 million from the same period in 2017. Revenue related to trading in shares was NOK 7 million higher than in the second quarter of 2017, while revenue related to trading in fixed income instruments was NOK 2 million lower. Revenue related to trading in derivatives was NOK 1 million lower. Revenue from Fish Pool, which is included in revenue related to trading in derivatives, was NOK 1 million lower than in the second quarter of 2017. Total revenue related to trading in the first six months of 2018 was NOK 4 million higher at NOK 73 million. The estimated number of end users of market data from Oslo Børs at the end of the second quarter of 2018 was in line with the number at the end of the second quarter of 2017. The number of professional users was somewhat lower, while the number of private users was higher by the same amount. Non-display use of data also increased. Revenue related to market data for the second quarter of 2018 was NOK 37 million, an increase of NOK 2 million from the same period in 2018. Revenue related to market data for the first six months of 2018 was NOK 5 million higher at NOK 76 million. Salary and other operating expenses for the second quarter of 2018 totalled NOK 54 million, an increase of NOK 3 million relative to the same period in 2017. Salary and other operating expenses for the first six months of 2018 were NOK 2 million higher than in the same period in 2017. The increase is primarily due to higher supervision fees payable to the Financial Supervisory Authority of Norway. Equities - value of turnover (NOK billion) 400 350 300 250 200 150 100 50 0 264 216 267 302 257 252 288 335 361 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Financial market data - number of end-users (profesionnal and private) 60 000 50 000 40 000 30 000 20 000 10 000 0 43 874 44 225 45 950 52 555 48 300 48 085 49 708 48 308 48 227 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 5
VPS VPS Operating revenues 129 628 126 478 258 485 253 276 486 899 Salary and other operating expenses 77 394 68 881 156 887 140 089 286 703 EBITDA 52 234 57 597 101 598 113 187 200 196 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 4 498 5 886 8 930 11 370 23 227 Amortisations 940 940 1 880 1 879 3 759 Operating profit (EBIT) 46 796 50 772 90 788 99 938 173 210 Second-quarter operating revenue for VPS totalled NOK 130 million (NOK 126 million), an increase of NOK 3 million from the second quarter of 2017. In the issuer area, registered securities saw a decrease in the number of limited companies registered with VPS but an increase in the number of fixed income issues registered relative to the second quarter of 2017. At the end of the second quarter of 2018, 995 (1,003) limited companies and 3,223 (3,032) fixed income issues were registered with VPS. Revenue from the issuer area for the second quarter of 2018 totalled NOK 45 million, in line with the same period in 2017. Revenue from the issuer area for the first six months of 2018 was also in line with the same period in 2017 at NOK 81 million. In the investor area, the market value of holdings at the end of the second quarter of 2018 was 14% higher than at the end of the second quarter of 2017. 1.36 million VPS accounts were registered at the end of the second quarter of 2018, up from 1.22 million at the end of the second quarter of 2017. Revenue from the investor area for the second quarter of 2018 was NOK 42 million, an increase of NOK 5 million relative to the same period in 2017. Revenue from the investor area for the first six months of 2018 was NOK 10 million higher at NOK 88 million. The number of transactions in the settlement area in the second quarter of 2018 was 19% higher than in the same period in 2017. Revenue from the settlement area for the second quarter of 2018 totalled NOK 30 million, an increase of NOK 5 million from the same period in 2017. Revenue from the settlement area for the first six months of 2018 was NOK 4 million higher at NOK 59 million. Revenue from Centevo in the second quarter of 2018 totalled NOK 11 million, a decrease of NOK 5 million from the same period in 2017. This represents a decrease of NOK 5 million as a result of a loss of customers. Salary and other operating expenses for the second quarter of 2018 were NOK 8 million higher at NOK 77 million. Salary and other operating expenses for the first six months of 2018 were NOK 17 million higher. The increase to a large extent relates to restructuring costs in connection with modernising and adapting the organisation to the new competitive situation, project costs (including in connection with CSDR, GDPR, share savings accounts and a new issuer portal), higher supervision fees, and a planned increase in resource usage at Centevo. Number of trade transactions (1000) Investor accounts and value of holdings 4 500 1 600 7 000 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 3 024 2 820 3 429 3 851 2 824 3 022 3 286 3 206 3 361 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 1 400 1 200 1 000 800 600 400 200 0 4607 4700 4997 5075 5106 5409 5602 5572 5821 6 000 5 000 4 000 3 000 2 000 1 000 1121 1131 1082 1108 1 124 1154 1248 1341 1360 0 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 # income-earning accounts (1000) Holdings (NOK bill) 6
Oslo Market Solutions Oslo Market Solutions Operating revenues 5 273 5 648 10 780 11 039 24 222 Salary and other operating expenses 5 451 5 275 11 263 10 695 22 256 EBITDA -178 373-483 344 1 966 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 21 24 47 52 102 Amortisations 0 0 0 0 0 Operating profit (EBIT) -199 349-530 292 1 864 Operating revenue for the second quarter of 2018 was NOK 0.4 million lower than in the same period in 2017, while operating expenses were NOK 0.2 million higher. Oslo Market Solutions operating revenue fluctuates with the timing of the implementation of customer projects and the delivery of routine services. Please see www.osloborsvps.no 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) and Oslo Market Solutions AS. The accounting information in this report has not been audited. 7
Profit and loss account This 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 267 315 259 052 531 206 510 665 995 091 Operating expenses Salary and other personnel expenses 74 321 69 756 158 748 148 520 305 706 Other operating expenses 61 343 51 458 112 744 100 517 207 899 Depreciations and write-downs 5 794 7 378 11 588 16 067 30 596 Amortisations 940 940 1 880 1 879 3 759 Operating expenses before capitalisation of internal resources, depreciations and amortisations 135 664 121 214 271 492 249 037 513 605 Total operating expenses 142 398 129 532 284 960 266 983 547 960 EBITDA 131 651 137 838 259 714 261 628 481 486 Operating profit (EBIT) 124 917 129 521 246 246 243 682 447 131 Net financial items 1 042 17 393 2 786 18 803 23 366 Ordinary pre-tax profit 125 959 146 914 249 032 262 485 470 497 Tax 32 058 33 028 62 960 61 889 113 680 Earnings for the period 93 902 113 886 186 072 200 596 356 817 Actuarial gains/losses defined benefit pension plans 0 0 0 0 123 Tax-effect 0 0 0 0-31 Total comprehensive income 93 902 113 886 186 072 200 596 356 909 Profit/loss attributable to non-controlling interests 3 16-17 12 23 Profit/loss attributable to owners of the parent 93 899 113 870 186 089 200 584 356 886 Earnings per share (NOK) 2,18 2,65 4,33 4,66 8,30 Diluted earnings per share (NOK) 2,18 2,65 4,33 4,66 8,30 EBITDA = Operating revenues - Salary and other personnel expenses - Other operating expenses 8
Segment information The Oslo Børs VPS Holding group has three segments: Oslo Børs, VPS, and Oslo Market Solutions. The segments are equivalent to the subsidiaries of the same name. Fish Pool and NOTC are included in the Oslo Børs segment. Centevo is included in the VPS segment. Oslo Børs Operating revenues 135 996 132 879 269 768 257 191 505 637 Salary and other operating expenses 54 031 51 012 107 049 105 156 218 032 EBITDA 81 966 81 867 162 720 152 035 287 605 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 1 274 1 467 2 611 4 644 7 267 Amortisations 0 0 0 0 0 Operating profit (EBIT) 80 692 80 400 160 109 147 391 280 338 VPS Operating revenues 129 628 126 478 258 485 253 276 486 899 Salary and other operating expenses 77 394 68 881 156 887 140 089 286 703 EBITDA 52 234 57 597 101 598 113 187 200 196 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 4 498 5 886 8 930 11 370 23 227 Amortisations 940 940 1 880 1 879 3 759 Operating profit (EBIT) 46 796 50 772 90 788 99 938 173 210 Oslo Market Solutions Operating revenues 5 273 5 648 10 780 11 039 24 222 Salary and other operating expenses 5 451 5 275 11 263 10 695 22 256 EBITDA -178 373-483 344 1 966 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 21 24 47 52 102 Amortisations 0 0 0 0 0 Operating profit (EBIT) -199 349-530 292 1 864 Other/eliminations Operating revenues -3 580-5 953-7 825-10 841-21 670 Salary and other operating expenses -1 212-3 954-3 707-6 903-13 386 EBITDA -2 368-1 999-4 118-3 938-8 284 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 0 0 0 0 0 Amortisations 0 0 0 0 0 Operating profit (EBIT) -2 368-1 999-4 118-3 938-8 284 Total operating revenues 267 315 259 052 531 206 510 665 995 091 Total salary and other operating expenses 135 664 121 214 271 492 249 037 513 605 Total EBITDA 131 651 137 838 259 714 261 628 481 486 Total capitalisation of internal resources 0 0 0 0 0 Total depreciations and write-downs 5 794 7 378 11 588 16 067 30 596 Total amortisations 940 940 1 880 1 879 3 759 Total operating profit (EBIT) 124 917 129 521 246 246 243 682 447 131 9
Balance sheet Current receivables totalled approximately NOK 117 million at the end of the second quarter. Of this, trade receivables totalled NOK 76 million, and other current receivables, including prepaid expenses and income accrued but not yet invoiced, amounted to NOK 40 million. Cash and cash equivalents held at the end of the second quarter totalled NOK 655 million. Current liabilities, which consist of other non-interest-bearing liabilities, amounted to approximately NOK 341 million, of which prepayments from customers and tax payable accounted for NOK 137 million and NOK 90 million respectively. Interest-bearing debt consists of a bond loan that matures in May 2023 with a coupon of 3M Nibor +0.79% Fixed assets 30 June 30 June 31 Dec 2018 2017 2017 IT systems 18 930 32 042 25 277 Registrations 6 200 6 200 6 200 Goodwill 534 459 534 459 534 459 Deferred tax assets 49 801 51 934 49 565 Tangible assets 47 100 59 349 50 789 Financial fixed assets 8 891 8 217 8 896 Current assets Receivables 116 644 122 507 106 612 Treasury bills 99 576 - - Cash and liquid assets 654 563 664 001 629 255 Assets 1 536 164 1 478 709 1 411 053 Equity Contributed equity 583 209 1 024 117 1 008 923 Non-controlling interests 466 472 483 Total equity 583 675 1 024 589 1 009 406 Liabilities Pension liabilities 159 870 162 878 162 551 Deferred tax liabilities 1 964 2 790 2 377 Interest bearing debt 450 000 - - Current liabilities 340 655 288 452 236 719 Equity and liabilities 1 536 164 1 478 709 1 411 053 10
Cash flow Cash flow is reported in accordance with IAS 7. Oslo Børs VPS Holding recorded a decrease in cash and cash equivalents of NOK 216 million in the second quarter. In connection with adjusting to CSDR, NOK 100 million was invested in the quarter in government bonds with a maturity of twelve months or less. In the second quarter an ordinary dividend of NOK 181 million was distributed (NOK 166 million in 2017). In addition, an extraordinary dividend of NOK 430 million was paid after the group issued a bond loan totalling NOK 450 million. Cash and cash equivalents held at the end of the second quarter totalled NOK 654 million. Cash flow from - operational activities 44 409 44 053 285 753 260 826 397 333 - investment activities -99 977-20 982-98 910-33 233-32 687 - investments in systems and tangible assets -2 697-13 944-3 432-28 035-29 119 - investments in subsidiaries 0-13 706 0-13 706-16 206 - investments in treasury bills -99 576 0-99 576 0 0 - financial income 2 296 6 668 4 098 8 508 12 638 - financing activities -160 557-167 005-161 535-167 454-339 253 Cash and cash equivalents at period's start 870 688 807 935 629 255 603 862 603 862 Change in cash and cash equivalents -216 125-143 934 25 308 60 139 25 393 Cash and cash equivalents at period's end 654 563 664 001 654 563 664 001 629 255 Cash flow per share (NOK) -5,03-3,35 0,59 1,40 0,59 Equity Equity amounted to NOK 584 million at the end of the second quarter, and the equity ratio was 38%. Equity was affected by the NOK 450 million bond loan issued by the group and the subsequent distribution of an extraordinary dividend totalling NOK 430 million. 31 Dec Equity at period's start 1 099 956 1 077 130 1 009 406 990 375 990 375 Total comprehensive income 93 902 113 886 186 072 200 596 356 817 Dividends -610 418-165 535-610 418-165 535-337 535 Purchase of own shares 1 115-1 066 195-1 085-666 Acturial gains/losses in the period 0 0 0 0 92 Change in non-controlling interests etc -880 175-1 580 239 323 Equity at period's end 583 675 1 024 589 583 675 1 024 589 1 009 406 Equity ratio 38 % 71 % 38 % 71 % 72 % 11
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 0.9 million shares were traded in the second quarter, with prices from NOK 112 to NOK 129. The last registered trade in the second quarter of 2018 was at NOK 115. Dividends last five years 2012 2013 2014 2015 2016 2017 2018 Ordinary dividend per share (NOK) 7,00 7,00 8,20 6,75 6,45 8,20 Payout ratio vs EPS adjusted for amortisations and write-downs 113 % 111 % 111 % 92 % 93 % 98 % Special dividend 4,50 10,00 Oslo Børs VPS Holding ASA 20 largest shareholders at 13 August 2018 12
Key figures Financial Earnings per share (NOK) 2,18 2,65 4,33 4,66 8,30 Diluted earnings per share (NOK) 2,18 2,65 4,33 4,66 8,30 Change in cash per share (NOK) -5,03-3,35 0,59 1,40 0,59 Return on equity 35,7 % 43,5 % 35,3 % 38,8 % 33,7 % Return on total capital 31,5 % 38,5 % 31,1 % 34,7 % 31,2 % Net operating margin 46,7 % 50,0 % 46,4 % 47,7 % 44,9 % Operational OSEBX index at period's end 879,14 698,58 879,14 698,58 814,45 Change in period 9,2 % 1,6 % 7,9 % 2,2 % 19,1 % Equities - no. of transactions (1000s) 8 344 5 799 16 171 12 423 24 935 Equities - value of turnover (NOKbn) 361 257 696 559 1 098 Equities - market value listed companies (NOKbn) 2 774 2 155 2 535 No. of companies listed 215 211 214 Change in period 1-1 2 Number of trade transactions processed in VPS (1000s) 3 361 2 824 6 567 6 675 12 984 Number of VPS-accounts (1000s) 1 360 1 124 1 248 Derivatives - no. of contracts traded (1000s) 2 168 1 779 4 863 3 964 7 530 Turnover derivatives (NOK million) 54 285 45 686 105 243 93 722 191 919 Financial market data - number of end-users 48 227 48 300 49 708 We hereby confirm that, to the best of our knowledge, the summarised half-yearly accounts for the period 1 January to 30 June 2018 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, 15 August 2018 Catharina E. Hellerud Chair of the Board Ottar Ertzeid Deputy Chair of the Board Øyvind G. Schanke Board member Silvija Seres Board member Roy Myklebust Board member Thomas B. Skjønhaug Board member Stina Hauknes Board member Bente A. Landsnes CEO 13
OSLO BØRS VPS HOLDING ASA PO Box 460 Sentrum 0105 Oslo www.osloborsvps.no