Interim report Second quarter and first six months of 2015
Main features of the second quarter: Good level of trading and settlement activity continued in the second quarter Continuing strong interest in admission of both shares and bonds to stock exchange listing - seven new listings in the quarter High level of activity and increased income from issuer services and corporate actions Reduced costs for issuers from introduction of electronic messaging to investors Oslo Børs is to open a new marketplace, Merkur Market Oslo Børs launched a new index for medium-sized companies, the Oslo Børs Mid Cap Index Operating revenue NOK 234 million (222) EBITDA NOK 124 million (120) Earnings per share of NOK 1.91 (1.56) Business activities in the quarter (same period last year in brackets) Oslo Børs VPS Holding reports a profit of NOK 82 million for the second quarter of 2015 (NOK 67 million). Oslo Clearing was sold in May 2014 and the comparison figures in the profit and loss account have been restated accordingly. Restated Restated Operating revenues 234 279 221 559 460 510 452 398 892 742 Operating expenses 122 784 134 869 257 370 282 131 569 496 EBITDA 123 950 119 584 229 588 234 807 452 917 Operating profit (EBIT) 111 495 86 690 203 140 170 267 323 246 Earnings for the period - continued operations 82 081 67 081 152 288 130 181 252 048 Earnings for the period - discontinued operations 0 48 714 0 52 078 52 078 Earnings for the period 82 081 115 794 152 288 182 258 304 126 Earnings per share (NOK) - continued operations 1,91 1,56 3,54 3,03 5,86 Earnings per share (NOK) - discontinued operations 0,00 1,13 0,00 1,21 1,21 Earnings per share (NOK) before amorisations - continued operations 1,92 1,91 3,57 3,73 7,26 The second quarter has been characterised by significant market volatility. This has led to high levels of activity in the secondary market relative to last year. Oslo Børs VPS is seeing continued interest in the listing and registration of both shares and fixed income issues. Revenue from continuing operations for the second quarter of 2015 was NOK 234 million, which is NOK 13 million higher than in the same period in 2014. Revenue related to listing and registration increased by NOK 9 million. Revenue related to market data and revenue from the mutual funds area both increased by NOK 2 million. Reported revenue for the first six months of 2015 increased by NOK 8 million relative to the same period in 2014. After adjusting for non-recurring revenue from Burgundy for the first quarter of 2014, reported revenue increased by NOK 15 million. Revenue related to listing and registration increased by NOK 4 million. Revenue related to market data increased by NOK 5 million, while revenue from the mutual funds area increased by NOK 4 million. Revenue related to trading and settlement increased by NOK 3 million. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 110 million in the second quarter, an increase of NOK 8 million from the same period in 2014. Operating expenses for the first six months were NOK 13 million higher than in the same period in 2014. Reasons for the increase in the second quarter include increases in salaries and prices, higher levels of activity at individual companies and nonrecurring items. Net financial income for the second quarter was down NOK 2 million due to lower holdings of cash and cash equivalents and lower interest rates. 2
Oslo Børs is to open a new marketplace, Merkur Market Oslo Børs is to open a new marketplace, Merkur Market, which will offer listing and electronic trading of shares and equity certificates for both small and large companies as a supplement to the regulated Oslo Børs marketplaces. The new marketplace will open in January 2016. Merkur Market will be an alternative marketplace that will be suitable for many companies, both Norwegian and international. The new marketplace will also be available to companies that are not public limited companies (ASA), and will be of interest to companies that seek greater visibility and liquidity for their shares with the opportunity of electronic share trading. The marketplaces operated by Oslo Børs are an important source of capital for business and industry, and the new marketplace will expand the scope of this in line with the changes made possible by EU rules and regulations. Merkur Market will offer an efficient application process for companies that wish to be admitted to trading. The admission requirements will be less extensive than is the case for admission to listing on Oslo Børs or Oslo Axess, but will nonetheless ensure that investors have access to the information they need. Oslo Børs has launched the Mid Cap Index The Oslo Børs Mid Cap Index (OSEMX), which was launched on 1 June, covers an important segment of the market and is the first index to include both equity certificates and shares. Companies with a market capitalisation of between NOK 1 billion and NOK 15 billion are eligible for inclusion in the index. The index is an investable index, which means that it is easy to buy and sell the shares and equity certificates included in the index on the market. This is of crucial importance for mutual funds and other market participants that wish to use the index as a benchmark index. It is therefore a requirement that securities included in the index are liquid securities that have been traded on at least nine out of every ten days during the six months prior to the composition of the index being decided. VPS 30 years of focusing on efficiency, quality and security On 14 June 1985 the Act relating to the Norwegian Securities Registry was adopted, making VPS, the Norwegian central securities depository, a reality. The main purpose of the newly established VPS system was to simplify the entire bureaucratic process surrounding buying and selling securities and to introduce a paperless system. This ambition resulted in Norway and VPS being the first in the world to introduce a mandatory transition to a completely electronic securities depository. In the early years, the focus was on setting up and developing the systems, and much emphasis was put on registering issuers. But as VPS acquired more and more customers, it became necessary to shift orientation towards the market and customer relations. Operational reliability then became a priority, as did allowing increased volume to benefit users through lower prices. Around the turn of the millennium, competition increased and the securities markets became more international. Steps were taken to position VPS in response to this through the development of end-user solutions such as VPS Investor Services. Further focused work was carried out on security to reduce risk for the market and the company. Now, 30 years after VPS was established, European legislation and the anticipated level of competition are making it necessary to modernise large parts of VPS s activities. The adjustments required to meet the challenges of the coming years in a proactive manner are already well underway. In order to prepare VPS for the future, a modernisation program was drawn up and started in the autumn of 2014, which will address IT systems, organisation, expertise, market practice and a new licence. VPS has served Norwegian society well over the last thirty years. The most important tasks of a central securities depository have been, and will continue to be, to deliver security and efficiency for issuers, owners and traders, and to contribute to financial stability. 3
Outlook for 2015 Operating expenses for 2015 before capitalisation of internal costs, depreciation and amortisation are expected to be in the order of NOK 450 million to NOK 460 million. Comparable expenses in 2014 were NOK 440 million. The increase is due to one-off costs associated with the modernisation program at VPS, upgrades to trading systems and normal increases in salaries and prices. 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. 4
Oslo Børs Restated Restated Oslo Børs Operating revenues 114 482 106 669 222 464 222 730 449 014 Salary and other operating expenses 46 727 47 202 101 582 99 273 200 233 EBITDA 67 755 59 467 120 882 123 457 248 781 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 4 636 4 919 9 424 9 786 19 174 Amortisations 0 0 0 0 0 Operating profit (EBIT) 63 119 54 548 111 458 113 671 229 607 Oslo Clearing was sold in May 2014 and the comparison figures in the profit and loss account have been restated accordingly. Reported revenue for Oslo Børs for the second quarter of 2015 was 7% or NOK 8 million higher than in the second quarter of 2014. Revenue related to trading in shares, fixed income instruments and derivatives listed on Oslo Børs and Oslo Axess and revenue from the sale of market data both increased by NOK 2 million, while revenue from the primary market increased by NOK 5 million. Revenue related to trading on Fish Pool decreased by NOK 1 million. After adjusting for non-recurring revenue from Burgundy for the first quarter of 2014, revenue for the first six months of 2015 increased by NOK 7 million. The OBX Index was 568.41 at the close of the second quarter, up by 1.3% in the quarter. Seven new companies were admitted to listing on the Oslo Børs and Oslo Axess marketplaces in the second quarter. Five companies were removed from listing. At the end of the quarter, 218 companies were listed in total. In total, 1,715 fixed income issues were listed on Oslo Børs and Nordic ABM (Alternative Bond Market) at the end of the second quarter, representing an increase of 36 from the same point in 2014. Listing fees paid by issuers in the second quarter of 2015 totalled NOK 26 million, up by 8% or NOK 2 million from the same period in 2014. Document and admission to listing fees in the second quarter of 2015 totalled NOK 17 million, representing an increase of NOK 3 million. Listing fees paid by issuers in the first six months of 2015 increased by NOK 3 million, while document and admission to listing fees were down NOK 3 million. The value of shares, ETFs and equity certificates traded in the second quarter of 2015 totalled NOK 283 billion (NOK 242 billion), an increase of 17% relative to the second quarter of 2014. We estimate that in the second quarter of 2015 Oslo Børs had a market share of trading in OBX shares in excess of 60%, a slight increase from the second quarter of 2014. Oslo Børs had 50 active member firms at the end of the second quarter, of which 18 are local members and 32 are remote members. The overall level of activity in the derivatives market in the second quarter of 2015, as measured by the number of contracts traded, was approximately 19% lower than in the same period in 2014. The level of activity when measured in value terms decreased by approximately 5% compared with the same period in 2014. Fish Pool reported contract turnover of approximately 2,000 tonnes for the second quarter of 2015, representing a decrease of approximately 47% from the same period in 2014. Total revenue related to trading for Oslo Børs in the second quarter of 2015 was NOK 32 million, up from NOK 31 million in the same period in 2014. After adjusting for non-recurring revenue from Burgundy in 2014, revenue related to trading for the first six months of 2015 increased by NOK 3 million. The estimated number of end users of market data from Oslo Børs at the end of the second quarter was around 4% higher than at the end of the same period in 2014. The number of professional users increased by approximately 6%, while the number of subscriptions by private individuals decreased. Revenue from market data for the second quarter of 2015 was NOK 33 million, which is 4% or NOK 1 million higher than in the second quarter of 2014. Revenue from market data for the first six months of 2015 was NOK 5 million higher than in the first six months of 2014. Personnel expenses and other operating expenses for the second quarter of 2015 were in line with the same period in 2014. Personnel expenses and other operating expenses were NOK 2 million higher for the first six months of 2015 than in the same period in 2014. The increase was partially due to salary and price increases, and partially due to costs associated with upgrades to the Millennium Exchange trading system, including the implementation of the North Sea dark pool. Equities - value of turnover Market data - number of end users 400 350 300 250 200 150 100 50 0 344 337 291 283 247 242 230 215 193 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 50 000 40 000 30 000 20 000 10 000 0 42 043 39 960 38 660 39 316 40 338 39 039 39 351 40 369 40 707 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 5
VPS Restated Restated VPS Operating revenues 118 568 113 982 236 422 228 471 440 769 Salary and other operating expenses 59 715 52 477 123 314 113 253 229 771 EBITDA 58 853 61 504 113 108 115 218 210 997 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 6 963 7 206 15 310 14 411 28 190 Amortisations 815 20 963 1 631 41 927 83 853 Operating profit (EBIT) 51 075 33 335 96 168 58 880 98 954 Oslo Clearing was sold in May 2014 and the comparison figures in the profit and loss account have been restated accordingly. Second quarter operating revenue for VPS totalled NOK 119 million (NOK 114 million), representing an increase of 4% or NOK 5 million from the same quarter in 2014. Operating revenue for the first six months of 2015 increased by NOK 8 million. In the issuer area, registered securities saw a reduction in the number of limited companies and fixed income issues registered with VPS relative to the second quarter of 2014. At the end of the second quarter, 1,056 (1,104) limited companies and 2,332 (2,378) fixed income issues were registered with VPS. Revenue from the issuer area for the second quarter of 2015 was NOK 2 million higher than in the same period in 2014. Revenue from the issuer area for the first six months of 2015 increased by NOK 2 million relative to the same period in 2014. The market value of VPS-registered mutual funds at the end of the second quarter was NOK 536 billion (NOK 499 billion), representing an increase of 7% from the end of the second quarter of 2014. The number of mutual fund transactions totalled 0.9 million in the second quarter of 2015, up 5% from the same period in 2014. Revenue from the mutual funds area for the second quarter of 2015 was NOK 2 million higher than in the second quarter of 2014. Evolution is included in the VPS Fund Services reporting unit. Evolution reported revenue of NOK 6 million for the second quarter of 2015, up by NOK 1.5 million from the second quarter of 2014. Revenue from the mutual funds area for the first six months of 2014 was NOK 4 million higher than in the equivalent period in 2014, with NOK 3.5 million of this increase attributable to Evolution. The number of transactions in the settlement area in the second quarter of 2015 was 5% higher than in the second quarter of 2014. Revenue from the settlement area in the second quarter of 2015 was 3% or NOK 1 million lower than in the second quarter of 2014. Revenue from the settlement area for the first six months of 2015 was NOK 1 million higher than in the same period last year. In the investor area, the market value of holdings at the end of the second quarter of 2015 was 1% lower than at the end of the second quarter of 2014. 1.29 million VPS accounts were registered at the end of the second quarter of 2015, 1.09 million of which are income-earning for the investor area (the other accounts affect income in the funds area). The total number of income-earning accounts at the end of the second quarter was up 3% compared to the end of the second quarter of 2014. Revenue from the investor area for the second quarter of 2015 was 7% or NOK 2 million higher than in the same period in 2014. Revenue from the investor area for the first six months of 2015 was NOK 2 million higher than in the same period in 2014. Personnel expenses and other operating expenses for the second quarter of 2015 were NOK 7 million higher than in the same period in 2014. Personnel expenses and other operating expenses for the first six months of 2015 were NOK 10 million higher than in the same period in 2014. Reasons for the increase include increases in salaries and prices, a higher level of activity at Evolution and non-recurring items. Amortisation of excess value decreased as a consequence of the excess value that arose from the merger between Oslo Børs Holding and VPS Holding becoming fully amortised. Number of settlement transactions processed in VPS (1000) Number of VPS accounts and value of holdings in VPS 4 000 1500 5000 3 000 2 000 1 000 2 516 2 467 2 758 3 027 2 760 2 784 3 450 3 366 2 896 1000 500 1227 1204 4317 4781 4743 4773 4737 1084 1063 4641 4589 1066 1076 1065 1077 1098 4581 4370 4800 4600 4400 4200 0 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 0 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 4000 Income-earning accounts (1000) Holdings (NOK bill) 6
Oslo Market Solutions Restated Restated Oslo Market Solutions Operating revenues 5 748 5 095 10 818 11 393 20 783 Salary and other operating expenses 4 737 3 650 9 640 8 849 17 672 EBITDA 1 011 1 445 1 178 2 544 3 111 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 40 63 83 125 163 Amortisations 0 0 0 0 0 Operating profit (EBIT) 971 1 382 1 095 2 419 2 948 Oslo Clearing was sold in May 2014 and the comparison figures in the profit and loss account have been restated accordingly. Operating revenue for the second quarter of 2015 was NOK 0.7 million higher than in the same period in 2014. Revenue from external customers increased, while revenue from other companies in the group was in line with the same period in 2014. Oslo Market Solutions operating revenue fluctuates with the time of the implementation of customer projects and 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. Oslo Clearing is presented as a discontinued operation. The comparable figures have been restated. All revenue and costs related to Oslo Clearing are combined in the line entry Earnings for the period discontinued operations. A breakdown of these figures is provided on page 11. All other lines related to earnings in the profit and loss account below consequently refer only to continued operations. Restated Restated Operating revenues 234 279 221 559 460 510 452 398 892 742 Operating expenses Capitalisation of internal resources 0-258 0-1 709-1 709 Salary and other personnel expenses 61 635 57 549 132 849 125 969 261 573 Other operating expenses 48 694 44 426 98 073 91 622 178 252 Depreciations and write-downs 11 639 12 188 24 817 24 322 47 527 Amortisations 816 20 964 1 631 41 927 83 853 Operating expenses before capitalisation of internal resources, depreciations and amortisations 110 329 101 975 230 922 217 591 439 825 Total operating expenses 122 784 134 869 257 370 282 131 569 496 EBITDA 123 950 119 584 229 588 234 807 452 917 Operating profit (EBIT) 111 495 86 690 203 140 170 267 323 246 Net financial items 3 447 4 889 7 097 7 451 19 284 Ordinary pre-tax profit 114 942 91 579 210 237 177 718 342 530 Tax 32 862 24 498 57 950 47 537 90 482 Earnings for the period - continued operations 82 081 67 081 152 288 130 181 252 048 Earnings for the period - discontinued operations 0 48 714 0 52 078 52 078 Earnings for the period 82 081 115 794 152 288 182 258 304 126 Actuarial gains/losses defined benefit pension plans 0 0 0 0-21 055 Tax-effect 0 0 0 0 5 685 Total comprehensive income 82 081 115 794 152 288 182 258 288 756 Profit/loss attributable to non-controlling interests -19 3-84 0 61 Profit/loss attributable to owners of the parent 82 100 115 791 152 372 182 258 288 695 Earnings per share (NOK) - continued operations 1,91 1,56 3,54 3,03 5,86 Diluted earnings per share (NOK) - continued operations 1,91 1,56 3,54 3,03 5,86 Earnings per share (NOK) - discontinued operations 0,00 1,13 0,00 1,21 1,21 Diluted earnings per share (NOK) - discontinued operations 0,00 1,13 0,00 1,21 1,21 Earnings per share (NOK) before amorisations - continued operations 1,92 1,91 3,57 3,73 7,26 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. The segment information reported has been prepared in accordance with IFRS 8. Oslo Clearing, which ceased to be part of the group on 2 May 2014, is presented as a discontinued operation and no longer constitutes a segment. The comparable figures have been restated. Restated Restated Oslo Børs Operating revenues 114 482 106 669 222 464 222 730 449 014 Salary and other operating expenses 46 727 47 202 101 582 99 273 200 233 EBITDA 67 755 59 467 120 882 123 457 248 781 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 4 636 4 919 9 424 9 786 19 174 Amortisations 0 0 0 0 0 Operating profit (EBIT) 63 119 54 548 111 458 113 671 229 607 VPS Operating revenues 118 568 113 982 236 422 228 471 440 769 Salary and other operating expenses 59 715 52 477 123 314 113 253 229 771 EBITDA 58 853 61 504 113 108 115 218 210 997 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 6 963 7 206 15 310 14 411 28 190 Amortisations 815 20 963 1 631 41 927 83 853 Operating profit (EBIT) 51 075 33 335 96 168 58 880 98 954 Oslo Market Solutions Operating revenues 5 748 5 095 10 818 11 393 20 783 Salary and other operating expenses 4 737 3 650 9 640 8 849 17 672 EBITDA 1 011 1 445 1 178 2 544 3 111 Capitalisation of internal resources 0 0 0 0 0 Depreciations and write-downs 40 63 83 125 163 Amortisations 0 0 0 0 0 Operating profit (EBIT) 971 1 382 1 095 2 419 2 948 Other/eliminations Operating revenues -4 520-4 187-9 194-10 196-17 824 Salary and other operating expenses -851-1 354-3 614-3 784-7 852 EBITDA -3 669-2 832-5 580-6 412-9 972 Capitalisation of internal resources 0-258 0-1 709-1 709 Depreciations and write-downs 0 0 0 0 0 Amortisations 0 1 0 0 0 Operating profit (EBIT) -3 669-2 575-5 580-4 703-8 263 Total operating revenues 234 279 221 559 460 510 452 398 892 742 Total salary and other operating expenses 110 329 101 975 230 922 217 591 439 825 Total EBITDA 123 950 119 584 229 588 234 807 452 917 Total capitalisation of internal resources 0-258 0-1 709-1 709 Total depreciations and write-downs 11 639 12 188 24 817 24 322 47 527 Total amortisations 816 20 964 1 631 41 927 83 853 Total operating profit (EBIT) 111 495 86 690 203 140 170 267 323 246 9
Further information related to the presentation of Oslo Clearing as a discontinued operation Earnings from discontinued operations 1st Quarter 2nd Quarter 2014 2014 2014 Operating revenues - external 15 257 4 380 19 637 Operating revenues - internal Salaries 4082 1 894 5 976 Depreciation 431 279 710 Depreciation internal gain on sale - Other operating expenses - external 5 126 1 100 6 226 Other operating expenses - internal 3 157 830 3 987 Operating expenses 12 796 4 103 16 899 Operating profit 2 461 277 2 738 Financial income 2 487 345 2 832 Financial expenses -337-12 -349 Tax -1 245-153 -1 398 Gain on sale of shares 48 255 48 255 Earnings for the period 3 366 48 712 52 078 Earnings per share 0,08 1,13 1,21 Diluted earnings per share correspond to earnings per share. 10
Balance sheet Short-term receivables totalled approximately NOK 112 million at the end of the second quarter. Of this, trade receivables totalled NOK 77 million. Other current receivables, including prepaid expenses and income accrued but not yet invoiced, amounted to NOK 35 million. Cash and cash equivalents held at the end of the second quarter totalled NOK 615 million. Current liabilities amounted to approximately NOK 313 million, of which advance payments by customers and tax payable accounted for NOK 102 million and NOK 111 million respectively. The figures reported on the balance sheet for the market value of the outstanding derivative positions, treasury bills and bonds, as well as the cash collateral belonging to member firms, reflect exceptional changes due to Oslo Clearing ASA leaving the group in the second quarter of 2014. The balance sheet has not been restated. Fixed assets 30 June 30 June 31 Dec 2015 2014 2014 IT systems 91 681 126 047 89 082 Customer relations - 7 731 - Registrations 9 700 9 700 9 700 Goodwill 500 988 498 381 500 988 Deferred tax assets 59 580 55 597 59 580 Tangible assets 55 098 53 329 59 120 Financial fixed assets 17 899 15 567 18 034 Current assets Receivables 112 214 104 828 93 903 Cash and liquid assets 614 830 824 190 781 217 Assets 1 461 991 1 695 370 1 611 624 Equity Contributed equity 976 169 1 202 953 1 176 298 Other equity - 59 757 - Non-controlling interests 510 1 005 1 132 Total equity 976 679 1 263 715 1 177 430 Liabilities Pension liabilities 167 768 146 510 167 711 Deferred tax liabilities 4 593 16 923 4 951 Current liabilities 312 952 268 222 261 532 Equity and liabilities 1 461 991 1 695 370 1 611 624 11
Cash flow Cash flow is reported in accordance with IAS 7. Oslo Clearing ASA ceased to be part of the group in the second quarter of 2014. This influenced the total cash and cash equivalents held by the group as well as the entries for investments in Treasury bills and bonds, and cash collateral received. Oslo Børs VPS Holding recorded a decrease in cash and cash equivalents of NOK 323 million in the second quarter. A dividend totalling NOK 351 million was paid during the second quarter. Cash and cash equivalents held at the end of the second quarter totalled NOK 615 million. Cash flow from - operational activities 37 957 42 481 202 858 217 150 382 344 - investment activities -10 047-909 098-17 823-661 611-676 373 - investments in systems and tangible assets -13 519-191 -25 025-5 609-33 343 - investments in subsidiaries 0 59 286 0 59 286 62 588 - investments in treasury bills and bonds 0 446 524 0 362 912 362 912 - received cash collateral from members 0-1 420 352 0-1 090 075-1 090 075 - financial income 3 472 5 635 7 202 11 875 21 545 - financing activities -350 805-301 467-351 422-302 639-496 044 Cash and cash equivalents at period's start 937 725 1 992 274 781 217 1 571 290 1 571 290 Change in cash and cash equivalents -322 895-1 168 084-166 387-747 100-790 073 Cash and cash equivalents at period's end 614 830 824 190 614 830 824 190 781 217 Cash flow per share (NOK) -7,51-27,16-3,87-17,37-18,37 Equity Equity amounted to NOK 977 million at the end of the quarter, and the equity ratio was 67%. 31 Dec Equity at period's start 1 246 740 1 449 383 1 177 430 1 382 670 1 382 670 Total comprehensive income 82 081 115 794 152 288 182 260 304 126 Dividends -351 194-300 950-351 194-300 950-494 504 Purchase of own shares 414-124 -123 232 196 Acturial gains/losses in the period 0 0 0 0-15 370 Change in non-controlling interests etc -1 362-387 -1 722-497 312 Equity at period's end 976 679 1 263 715 976 679 1 263 715 1 177 430 Equity ratio 67 % 75 % 67 % 75 % 73 % 12
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 2.9 million shares were traded in the second quarter, with prices from NOK 90 to NOK 99. The share went ex-dividend during the quarter. The last registered trade in the second quarter of 2015 was NOK 91. Oslo Børs VPS Holding ASA 20 largest shareholders at 10 August 2015 13
Key figures Financial Earnings per share (NOK) - continued operations 1,91 1,56 3,54 3,03 5,86 Earnings per share (NOK) - discontinued operations 0,00 1,13 0,00 1,21 1,21 Earnings per share (NOK) before amorisations - continued operations 1,92 1,91 3,57 3,73 7,26 Change in cash per share (NOK) -7,51-27,16-3,87-17,37-18,37 Return on equity 29,6 % 32,4 % 26,5 % 14,7 % 23,3 % Return on total capital 28,4 % 20,0 % 25,2 % 8,3 % 14,5 % Net operating margin 47,6 % 38,6 % 44,1 % 37,6 % 36,2 % Operational OBX index at period's end 568,41 566,95 568,41 566,95 523,68 Change in period 1,3 % 10,4 % 8,5 % 12,6 % 4,0 % Equities - no. of transactions (1000s) 5 989 4 982 13 468 10 511 23 849 Equities - value of turnover (NOKbn) 283 242 620 533 1 107 Equities - market value listed companies (NOKbn) 2 091 2 145 1 955 No. of companies listed 218 216 220 Change in period -2-2 2 Number of trade transactions processed in VPS (1000s) 2 896 2 760 6 262 5 787 12 021 Number of VPS-accounts (1000s) 0 1 098 1 319 1 065 Derivatives - no. of contracts traded (1000s) 2 852 2 589 4 878 6 343 11 823 Turnover derivatives (NOK million) 42 970 45 935 86 248 91 500 194 041 Financial market data - number of end-users 40 707 39 039 40 369 We hereby confirm that, to the best of our knowledge, the summarised half-yearly accounts for the period 1 January to 30 June 2015 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, 11 August 2015 Benedicte Schilbred Fasmer Chair of the Board Harald Espedal Deputy chair of the Board Ottar Ertzeid Member of the Board Wenche Agerup Member of the Board Widar Salbuvik Member of the Board Christian Fredrik Falkenberg Kjøde Member of the Board Sissel Bakker Member of the Board Bente A. Landsnes Group CEO 14
OSLO BØRS VPS ASA PO Box 460 Sentrum 0105 Oslo Telefone: +47 22 34 17 00 www.osloborsvps.no