Oslo Børs VPS Holding reports a profit of NOK 63 million for the fourth quarter of 2014 (NOK 57 million). The group reports a profit for the year as a whole of NOK 304 million (NOK 214 million). The Board of Directors of Oslo Børs VPS Holding ASA propose a dividend of NOK 8.20 per share for 2014.
A more detailed presentation of the group accounts and business areas is provided in the quarterly report (enclosed).
The fourth 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 listing and registration of both shares and fixed income issues. Revenue from continuing operations for the fourth quarter of 2014 was NOK 232 million, which is NOK 1 million higher than in the same period in 2013. Revenue from Burgundy for the fourth quarter of 2013 was NOK 17 million. After adjusting for this, revenue from continuing operations for the fourth quarter of 2014 was up by NOK 18 million. After adjusting for Burgundy, revenue related to trading and settlement showed an increase of NOK 10 million, while revenue related to listing and registration and revenue related to market data both increased by NOK 4 million.
After adjusting for the recognition to revenue of NOK 84 million of negative goodwill in 2013, reported revenue for 2014 was up by NOK 34 million. After adjusting for the acquisition of Burgundy in 2013 and its revenue, reported revenue for 2014 was up by NOK 76 million. Revenue related to trading and settlement showed an increase of NOK 30 million. Revenue related to listing and registration increased by NOK 36 million, while revenue related to market data increased by NOK 7 million.
Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 155 million in the fourth quarter of 2014, a decrease of NOK 3 million from the same period in 2013. After adjusting for non-recurring items in 2013 as well as for costs related to purchased companies (Burgundy, Fish Pool and Evolution) and other non-recurring items, operating expenses in the fourth quarter of 2014 were virtually unchanged.
The Board of Oslo Børs VPS Holding intends to propose to the Annual General Meeting that a dividend of NOK 8.20 per share should be paid in respect of the 2014 financial year. The proposed dividend is equivalent to 111% of earnings per share for 2014 before amortisation of excess value and after adjusting for the gain on the sale of the shares in Oslo Clearing. The proposed dividend is conditional on proposed dividend payments by subsidiaries to Oslo Børs VPS Holding being approved by the Ministry of Finance.
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. This increase is partially due to costs associated with the modernisation program at VPS and partially due to normal increases in salaries and prices.
