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Oslo Børs VPS Holding ASA1st Quarter 2016
28 April 2016
1st quarter at a glance• Growth in underlying earnings despite a relatively calm market
• Continued growth in listing of fixed income issues - 127 new issues admitted to listing in the quarter
• Higher level of trading activity than in the previous three quarters
• Continuing high level of underlying activity in the securities registration and mutual funds areas at VPS
• VPS ends its agreement with Percival CSD Partners – write-down of NOK 34 million
• Oslo Børs launches a new tradable seafood index
• Oslo Børs extends its technology partnership with the London Stock Exchange Group
• Oslo Børs launched the marketplace Merkur Market for smaller and medium-sized companies in January – seven companies admitted for trading2
1st quarter at a glance
• Revenues of NOK 227 million –in line with Q115
• Expenses down NOK 2 million to NOK 119 million from Q115
• EBITDA up NOK 2 million to NOK 107 million from Q115
• Write-down of NOK 34 million on core system project
231 222209
232 226 234211
223 227
0
50
100
150
200
250
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
NO
K m
illio
n
Revenues Oslo Børs VPS
115 120109 109 106
124110 102 10750%
54%52%
47% 47%
53% 52%
46%47%
40%42%44%46%48%50%52%54%56%
020406080
100120140
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
NO
K m
illio
n
EBITDA and EBITDA-margin Oslo Børs VPS
EBITDA EBITDA margin
3
Oslo Børs
• Revenues of NOK 108 million –in line with Q115
• EBITDA up NOK 6 million to NOK 59 million from Q115
64 59 61 6453
6859 60 59
55% 56% 58%53%
49%59% 57% 55% 54%
0%
20%
40%
60%
0
20
40
60
80
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
NO
K m
illio
n
EBITDA and EBITDA-margin Oslo Børs
EBITDA EBITDA margin
0
50 000
100 000
150 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues Oslo Børs
Equity Markets Fixed Income Markets Derivatives Markets Financial Market data Other
4
Oslo Børs – primary market
• Steady increase in number of listed bonds and certificates
• Fixed fees from issuers NOK 25 million – up NOK 1 million or 4% from Q115
• Fixed fees driven by number of issuers and market capitalisation January 1
- Market cap. equity issuers 1 January 2016 up 4% from 2015
0
10 000
20 000
30 000
40 000
50 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues primary market
Fixed fees- issuers Prospectus and admission fees
213 216 219 220 216 218 215 213 212
2003 2145 2097 1955 2088 2091 1939 20421777
-500
500
1500
2500
0
100
200
300
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
No.
of i
ssue
rs
Number of and market capitalisation of issuers of equity
No. of issuers Market cap (NOK bill)
1 6131 679 1 690 1 695 1 709 1 715 1 713 1 721 1 735
1442 1454 1475 15091571 1546 1571 1580
1635
1000
1500
2000
1 000
1 200
1 400
1 600
1 800
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Num
ber
Number and market value of listed bonds and certificates
Number Value (NOK bill)
5
Oslo Børs – primary market
• Prospectus and admission fees down NOK 3 million to NOK 5 million in Q116
• Revenues driven by number and size of IPOs and issues
• No new equity listings on Oslo Børs or Oslo Axess in Q116
• Continued interest for listing of both equities and fixed income
• Merkur Market launched 13 January 2016
- Seven companies admitted for trading
1
76
5
3
7
02
0012345678
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
New listings Oslo Børs/Oslo Axess
02 0004 0006 0008 000
10 00012 00014 00016 000
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
NO
K m
illio
n
Issues of equity
6
Oslo Børs – secondary market
• Revenues from trading on Oslo Børs and Fish Pool up NOK 1 million to NOK 37 million from Q115
• Value of equity turnover on Oslo Børs down 12% from Q115
- Revenues down NOK 2 million
• Derivatives revenues driven by activity level and composition of derivatives trading
- No of contracts on Oslo Børs down 5% from Q115
- Volume on Fish Pool up 690% from Q115
- Revenues up NOK 3 million from Q115
291242 230
344 337283 262 283 297
5 529 4 982 5 460
7 878 7 4795 989 6 002 6 170
6 837
0
2 000
4 000
6 000
8 000
0
100
200
300
400
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Valu
e
Equities - value of turnover and number of transactions
Value (NOK bill) Trans (1000)
0
10 000
20 000
30 000
40 000
50 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues secondary market
Equities trading Derivatives trading Fixed Income trading
7
Oslo Børs – market data
• Revenues NOK 35 million – up NOK 1 million from Q115
• Revenues primarily driven by number of professional end users of data from Oslo Børs
• Underlying number of professional users estimated down 1% from Q115
40 338 39 039 39 351 40 36942 043 40 707 40 272 40 785 41 901
0
10 000
20 000
30 000
40 000
50 000
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Market data - number of end-users
05 000
10 00015 00020 00025 00030 00035 00040 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues market data
8
Key market activities
• Market activities to attract issuers- Domestic and international
- Equities and fixed income
• Marketing Merkur Market
• Market activities to attract new trading members and increase market share in trading
- Continuous improvement of microstructure
- Efficient post trade
• Millennium release November 2016
• Preparing for MiFID 2
9
VPS
• Revenues NOK 119 million – up NOK 1 million from Q115
• EBITDA down NOK 3 million to NOK 51 million from Q115
• VPS has ended the agreement with Percival CSD Partners to deliver CSD core system
0
50 000
100 000
150 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues VPS
Investor products Issuer products Settlement productsFund products Other revenues
5462
49 4654 59
5243
51
47%54%
49%41%
46%50% 49%
38%43%
0%10%20%30%40%50%60%
0
20
40
60
80
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
NO
K m
illio
n
EBITDA and EBITDA-margin VPS
EBITDA EBITDA margin
10
VPS – investor products
• Revenues NOK 35 million –up NOK 4 million from Q115
• Revenues primarily driven by number of VPS accounts and market value of holdings January 1
• Increase in revenues from messages
05 000
10 00015 00020 00025 00030 00035 00040 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues investor products
1063 1066 1076 1065 1077 1098 1102 1094 1114
4641 4781 4743 4581 4773 4737 4575 4659 4524
2000
3000
4000
5000
600
800
1000
1200
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
No.
of a
ccou
nts (
1000
)
Number of investor accounts and market value of holdings
Income-earning accounts (1000) Holdings (NOK bill)
11
VPS – issuer products
• Revenues NOK 30 million – down NOK 2 million from Q115
• Revenues driven by number and composition of issuers and level and composition of corporate activity
- AGM-season in Q2
• Additional revenue from value added products
- AGM-services
- Bond holders’ meeting
- Stock purchase programs
- Nominee-ID
0
10 000
20 000
30 000
40 000
50 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues issuer products
1 102 1 104 1 098 1 097 1 063 1 056 1 042 1 038 1 024
2338 2378 2383 2354 2341 2332 2337 2317 2307
0
1 000
2 000
3 000
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Number of companies and bond issues registered
Companies Bond issues
12
VPS – settlement products
• Revenues down NOK 2 million to NOK 25 million in Q116
• Revenues driven by number of participants and number of settlement transactions 0
5 000
10 000
15 000
20 000
25 000
30 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues settlement products
3 0272 760 2 784
3 450 3 3662 896 2 966 3 155 2 978
0
1 000
2 000
3 000
4 000
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Number of trade transactions processed in VPS (1000)
13
VPS – fund products
• Revenues in Q116 up NOK 1 million to NOK 27 million from Q115
• Evolution up NOK 0.3 million
• Revenues in Q116 affected by windup of a customer in March
• Revenues in VPS primarily driven by assets under management and number of transactions
• Strong competition from international providers and internal IT in targeted markets
05 000
10 00015 00020 00025 00030 000
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
NO
K 10
00
Revenues fund products
461499 498 508
542 536 514 539
432
1015 901 884 919 989 945 946 986
1302
0
500
1000
1500
300
400
500
600
700
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Nok
bill
ion
Asset under management and number of transactions
AUM (NOK bill) Transactions (1000)
14
Oslo Market Solutions
• Revenues down NOK 0.1 million from Q115
• EBITDA down NOK 0.4 million from Q115
6,3
5,14,2
5,2 5,15,7
4,75,5
5,0
1,1 1,50 0,5 0,2 1,0 0,7 0,7
(0,2)-101234567
Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116
Revenues and EBITDA Oslo Market Solutions
Revenues EBITDA
15
Summary
• Continued relatively good activity in the capital markets
• Continued intense competition and pressure on market share
• Continuous focus on operating costs
• Continuous assessment of new products and new positions in order to adapt to challenging competitive environment
• Focus forward
- Attract new listings/registrations and members
- Increased sale to existing customers
- Strengthen competitive position in secondary market
- Reorganising the modernisation of VPS serviceplatform to a step by step approcah
- Implementation of new regulation
16
Appendix
P&L 1st Quarter 1st Quarter Change 2016 2015 in % 2015
Operating revenues 226 606 226 231 0 % 894 858
Operating expenses
Capitalisation of internal resources 0 0 0Salary and other personnel expenses 73 286 71 214 267 094Other operating expenses 46 052 49 379 186 563Depreciations and write-downs 44 463 13 178 49 267Amortisations 940 815 3 261
Operating expenses before capitalisation of internal resources, depreciations and amortisations 119 338 120 593 -1 % 453 657Total operating expenses 164 741 134 586 22 % 521 278
EBITDA 107 269 105 638 2 % 441 201
Operating profit (EBIT) 61 866 91 645 -32 % 373 580
Net financial items 1 891 3 650 14 382
Ordinary pre-tax profit 63 757 95 295 387 962
Tax 15 939 25 088 89 269
Earnings for the period 47 818 70 207 -32 % 298 693
Actuarial gains/losses defined benefit pension plans 0 0 8 025Tax-effect 0 0 -2 167
Total comprehensive income 47 818 70 207 -32 % 304 551
Earnings per share (NOK) 1,11 1,63 -32 % 6,95Diluted earnings per share (NOK) 1,11 1,63 -32 % 6,95Earnings per share (NOK) before amorisations 1,13 1,65 -31 % 7,35Earnings per share (NOK) before amorisations and write-dow 1,72 1,65 5 % 7,3518
Breakdown revenues – Oslo Børs segmentOSLO BØRSRevenues per area Q1 2016 Q1 2015 2015
Equity Markets 47 038 51 828 211 071Fixed Income Markets 12 056 11 791 48 707Derivatives Markets 10 881 7 539 33 025Financial Market data 34 250 33 580 132 393Other 3 348 3 244 10 867
Total Oslo Børs 107 573 107 982 436 063
Revenues per category Q1 2016 Q1 2015 2015
Fixed fees- issuers 25 489 24 510 102 665Trading fees 36 788 35 998 134 526Prospectus and admission fees 4 616 7 400 42 372Financial market data 34 250 33 580 132 393Other income 6 429 6 494 24 107
Total Oslo Børs 107 573 107 982 436 063
19
Breakdown revenues – VPS segmentVPS Q1 2016 Q1 2015 2015
Investor products 35 119 31 211 117 669Issuer products 30 183 32 558 133 760Settlement products 25 083 27 293 105 923Fund products 26 673 25 262 91 576Other revenues 1 482 1 530 5 770
Total VPS 118 540 117 854 454 698
20
Balance sheet 31 March 31 March 31 Dec 2016 2015 2015Fixed assets
IT-systems 62 247 87 942 93 143 Registrations 6 200 9 700 6 200 Goodwill 491 551 500 988 491 551
Deferred tax assets 52 602 59 580 52 496 Tangible assets 46 947 57 773 51 745 Financial fixed assets 18 989 18 034 18 989
Current assets
Receivables 116 515 106 312 97 480 Cash and cash equivalents 743 043 937 725 578 482
Assets 1 538 094 1 778 054 1 390 086
Equity
Contributed equity 1 065 225 1 246 137 1 017 774 Non-controlling interests 356 603 337 Total equity 1 065 581 1 246 740 1 018 111
Liabilities
Pension liabilities 158 118 167 832 158 265 Deferred tax liabilities 3 824 4 772 4 031 Current liabilities 310 571 358 710 209 679
Equity and liabilities 1 538 094 1 778 054 1 390 086 21
Cash flow 1st Quarter 1st Quarter2016 2015 2015
Cash flow from
- operational activities 172 106 164 901 298 307
- investment activities -7 780 -7 776 -37 620 - investments in systems and tangible assets -9 709 -11 506 -51 370 - investments in subsidiaries 0 0 0 - investments in treasury bills and bonds 0 0 0 - received cash collateral from members 0 0 0 - financial income 1 929 3 730 13 750
- financing activities 235 -617 -463 422
Cash and cash equivalents at period's start 578 482 781 217 781 217Change in cash and cash equivalents 164 561 156 508 -202 735Cash and cash equivalents at period's end 743 043 937 725 578 482
Cash flow per share (NOK) 3,83 3,64 -4,71
22
Equity 1st Quarter 1st Quarter 31 Dec
2015 2014 2015
Equity at period's start 1 018 111 1 177 430 1 177 430Total comprehensive income 47 818 70 207 298 693Dividends 0 0 -462 975Purchase of own shares 273 -537 9Acturial gains/losses in the period 0 0 5 858Change in non-controlling interests -622 -360 -904Equity at period's end 1 065 581 1 246 740 1 018 111
Equity ratio 69 % 70 % 73 %
23
Largest shareholders 15 April 2016
24
Share price Oslo Børs VPS Holding ASA
25