Oslo Børs Holding ASA recorded post-tax profit of NOK 61.8 (39.6) million for the fourth quarter of 2006. Revenues totalled NOK 132.6 (104.5) million in the fourth quarter. As in previous quarters, the fourth quarter was characterised by high activity, and Oslo Børs experienced record levels in all areas in 2006. The Board of Directors intends to propose to the general meeting that a dividend of NOK 30 per share should be distributed.
The value of shares and primary capital certificates traded in the fourth quarter was NOK 684 billion (454), an increase of 51%. This represents an increase of 25% from the third quarter. The number of transactions in the equity market in the fourth quarter totalled 2,221,000 (1,716,000), an increase of 30%. This also represents an increase of 13% from the third quarter.
At the end of the fourth quarter, 744 (837) bond loans and other interest bearing securities were listed on the stock exchange. In addition, 182 (30) loans were listed on the ABM (Alternative Bond Market).
The overall level of activity in the derivatives market in the fourth quarter was higher than in the same quarter of 2005. Turnover in options and futures was lower, but turnover in index futures was significantly higher. The fourth quarter generally sees a lower level of activity than the preceding quarter of the year.
The number of end-users with access to market data from Oslo Børs was around 6% higher at the end of the fourth quarter than at the end of the previous quarter, and around 29% higher than at the same time in 2005. The strongest growth was seen in the number of private individual users without access to order depth information, with the slowest growth being in professional end-users. The price tariff for private end-users was significantly reduced with effect from the fourth quarter.
Fourth quarter operating costs amounted to NOK 47.7 (49.6) million, a reduction of NOK 2 million or 4%. Salary and staff costs totalled NOK 21.6 (29.3) million in the fourth quarter, a decrease of NOK 8 million or 26%. In the fourth quarter, Oslo Børs launched a defined contribution pension scheme for some of its employees. The effect of the migration from a defined benefit scheme to a defined contribution scheme is estimated at NOK 2.6 million (cost reduction), and was recognized in the fourth quarter accounts. In addition, salary and staff costs for the fourth quarter of 2005 included non-recurring items totalling NOK 7.8 million in respect of variable salary payments and the effect of changes in the basis for pension calculations made in this quarter. After correcting for these items, salary and staff costs show a year-on-year increase of NOK 2.7 million equivalent to 13%. The increase reflects the annual salary increase on 1 January and an increase in the number of employees from the fourth quarter of 2005.
Oslo Børs expects that its total operating costs for 2007 will be a little over NOK 230 million. Additional resources will be allocated in 2007 to systems adaptation, expanding capacity, sales, marketing and product development.
Webcast of the 4th quarter presentation is available on the Oslo Børs website www.oslobors.no/ob/.
Report 4th quarter 2006
