Oslo Bors VPS : Børs VPS Holding ASA – 3rd quarter 2018

Oslo Børs VPS Holding ASA - 3rd quarter 2018

01.11.2018 07:34

http://www.osloborsvps.no

A more detailed presentation by business areas is provided in the quarterly report (enclosed).

The third quarter saw continued high levels of market activity in the primary and secondary equity and fixed income markets. Reported revenue for the third quarter of 2018 was NOK 248 million, which is NOK 15 million higher than in the third quarter of 2017. Reported revenue for the first nine months of 2018 was NOK 36 million higher than in the first nine months of 2017.

Revenue from Oslo Børs and VPS increased by approximately NOK 13 million and NOK 2 million respectively compared with the same quarter in 2017, while for the first nine months of 2018 revenue from Oslo Børs and VPS increased by NOK 26 million and NOK 7 million respectively.

Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 128 million in the third quarter of 2018, an increase of NOK 9 million from the third quarter of 2017. The increase was principally due to project costs at Oslo Børs and VPS. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value for the first nine months were NOK 31 million higher than in the first nine months of 2017.

Net financial income for the third quarter of 2018 was NOK 2 million lower than in the same period in 2017. The change was due to interest expense on the bond loan that the group issued in May.

Start-up companies often have family and friends as a source of capital and as shareholders. The new Family & Friends list will enable companies for which this is the case to acquire new owners and investors, and will facilitate access to trading shares in such companies. Family & Friends is an offer targeted at start-up companies, family businesses and other companies that wish to make interest in buying and selling their shares more visible or to identify a price for their shares.

Oslo Børs has decided to make preparations to enable shares denominated in currencies other than NOK to be listed and traded. The currencies involved are the euro, the Swedish krona and the Danish krone, which may in time be joined by other currencies. The product is expected to be in place at some point in the first six months of 2019.

Conditions in the group's markets and its revenues will vary over time, but the group has a target of generating the basis for underlying growth in its activities regardless of fluctuations in market conditions. The group has a target of over time achieving average annual growth in underlying EBITDA of 5% from 2016. The group's operating expenses before depreciation and amortisation are expected to be around NOK 550 million in 2018 and at the same level in the 2019-2021 period.

For further information, please contact:
CFO Geir Heggem, tel. [phone]
SVP Corporate Communications Per Eikrem, tel. [phone]

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