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Oslo Børs VPS Holding ASA – 4th quarter 2011
Oslo Børs VPS Holding reports a profit of NOK 44 million for the fourth quarter of 2011 (NOK 60 million). The group reports a profit for the year as a whole of NOK 233 million (NOK 277 million). The Board of Directors of Oslo Børs VPS Holding ASA propose a dividend of NOK 6.00 per share for 2011.
A more detailed presentation of the group accounts and business areas is provided in the quarterly report (enclosed).
Revenue in the fourth quarter of 2011 was NOK 218.7 million, NOK 14 million lower than in the same quarter of 2010.
Several business areas reported a fall in revenue for the fourth quarter. Oslo Børs reported a reduction of NOK 8 million in revenue from prospectus and admission to listing fees as compared to the fourth quarter of 2010. For the year as a whole, Oslo Børs VPS saw a reduction of NOK 20 million in total revenue. Combined revenue from the VPS settlements area and central counterparty for equities in Oslo Clearing fell by NOK 29 million as a result of the introduction of a central counterparty for equities in June 2010.
Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value for the fourth quarter were NOK 9 million higher than both the fourth quarter of 2010 and for 2010 as a whole. After adjusting for non-recurring costs, operating expenses for both the fourth quarter and the year as a whole were respectively NOK 1 million and NOK 4 million lower than in the same periods in 2010.
Market conditions in the fourth quarter were characterised by a somewhat lower level of activity than in earlier quarters of 2011 and the fourth quarter of 2010. Oslo Børs VPS again experienced more intense competition in the quarter, with a reduction in its market share of trading in equity capital instruments.
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 projects that are planned in connection with the new Oslo Børs trading system.
For further information, please contact:
CFO Geir Heggem, tel. +47 22 34 17 22 / +47 952 38 811
SVP Corporate Communications Per Eikrem, tel. +47 22 34 17 40 / +47 930 60 000
