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

The fourth quarter was characterised by a generally somewhat lower level of activity than in preceding quarters. This applies to both the primary and secondary markets. Reported revenue for the fourth quarter of 2015 was NOK 223 million, which is NOK 9 million lower than in the fourth quarter of 2014. Revenue related to listing and registration was NOK 2 million lower, while revenue related to trading and settlement was NOK 9 million lower. Revenue related to market data was NOK 1 million higher, and revenue from the mutual funds area was also NOK 1 million higher.

Reported revenue from continuing operations for 2015 as a whole was NOK 2 million higher than in 2014. After adjusting for non-recurring revenue from Burgundy in the first quarter of 2014, reported revenue for 2015 was NOK 9 million higher. Revenue related to listing and registration was NOK 3 million lower. Revenue related to market data was NOK 5 million higher, while revenue from the mutual funds area was NOK 7 million higher. Revenue related to trading and settlement was unchanged.

Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value amounted to NOK 121 million in the fourth quarter, which represents a decrease of NOK 2 million from the same period in 2014. Operating expenses before capitalisation of internal costs, depreciation and amortisation of excess value for 2015 as a whole were NOK 14 million higher than in 2014. Reasons for the increase include increases in salaries and prices, higher levels of activity at individual companies and non-recurring items.

In the fourth quarter of 2015 excess value related to Fish Pool was written down by NOK 15 million. The write-down relates to the lower level of revenue generated by the company in 2015.

Net financial income for the fourth quarter of 2015 was down NOK 3 million, principally due to lower holdings of cash and cash equivalents and lower interest rates.

The tax charge for the fourth quarter and for 2015 as a whole was affected by the reversal of a provision totalling NOK 23 million. A change in the corporate tax rate from 27% to 25% caused deferred tax assets to decrease by NOK 4 million and a tax charge of equivalent amount.
The Board of Oslo Børs VPS Holding intends to propose to the Annual General Meeting that a dividend of NOK 4.15 per share should be paid in respect of the 2015 financial year. This is in addition to the dividend of NOK 2.60 paid in December 2015. The dividends for 2015 will therefore together total NOK 6.75 per share, which is equivalent to 92% of earnings per share before amortisation and write-downs. The proposed dividend is conditional on proposed dividend payments by subsidiaries to Oslo Børs VPS Holding ASA being approved by the Ministry of Finance.

Operating expenses for 2016 before capitalisation of internal costs, depreciation and amortisation are expected to be in the order of NOK 460 million to NOK 470 million. The increase between 2015 and 2016 is principally due to non-recurring costs in connection with the modernisation program at VPS.

The group's operating revenue varies in line with the level of activity in the securities market. 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

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

Oslo Børs VPS Holding ASA issued this content on 11 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 February 2016 06:16:00 UTC

Original Document: http://www.osloborsvps.no/obvps_eng/Oslo-Boers-VPS/Press/Press-releases/Oslo-Boers-VPS-Holding-ASA-4th-quarter-2015