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Vp Securities A/S
Nicolai Eigtveds Gade 8, 1402 København K, CVR 21599336
Company type
Limited Corporation
Established
1999
Size
Medium
Employees
142
Revenue
568
MDKK
Gross profit
429
MDKK
Operating Profit (EBIT)
260
MDKK
Profit for the year
213
MDKK
Equity
642
MDKK
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Rank Profit for the year
Rank in industry
3/1,298
"Top 10%"
Rank in Denmark
724/351,195
"Top 10%"
Top management top 3
| Niels Hjort Rotendahl 1 | Director |
Board top 3
| Audun Bø 1 | Chairman of board |
| Jan Walther Andersen 35 | Boardmember |
| Hans Rene Stockner 3 | Boardmember |
Legal owners top 3
| 90-99.99% | Euronext N.V. | NL |
Rights certificate
Selskabet tegnes af bestyrelsens formand i forening med en direktør eller et bestyrelsesmedlem eller af den samlede bestyrelse.
Company information based on CVR
| Name | Vp Securities A/S |
| Alternate names | Investorportalen A/S, Vp A/S, Vp Aktiebog A/S, Vp Financial Information A/S, Vp Investor Services A/S, Vp Issuer Services A/S, Vp Services A/S, Værdipapircentralen A/S Show more |
| CVR | 21599336 |
| Address | Nicolai Eigtveds Gade 8, 1402 København K |
| Industry | Other activities auxiliary to financial services, except insurance and pension funding [661900] |
| Established | 01-01-1999 (25 yr) |
| First financial statement period | 01-01-1999 to 31-12-1999 |
| Company type | Limited Corporation |
| Number of employees | 142 (man years:127) |
| Advertising protection | No |
| Auditor | Kpmg P/S since 26-04-2024 |
| Financial statement period | 01-01 to 31-12 |
| Company capital | 40,000,000 DKK 500,000 DKK (01-01-1999 - 17-05-2000) |
| Articles of assoc. last | 26-10-2020 |
Member of industries
- Other activities auxiliary to financial services, except insurance and pension fundingNACE6 containing 576 comp.
- Activities auxiliary to financial services, except insurance and pension fundingNACE3 containing 759 comp.
- Activities auxiliary to finansiel services and insurance activitiesNACE2 containing 2,707 comp.
- Financial and insurance activitiesNACE1 containing 154,138 comp.
Purpose
Selskabets formål er at drive virksomhed som værdipapircentral (CSD), samt levere accessoriske tjenesteydelser, i henhold til Europaparlamentets og Rådets Forordning (EU) nr. 909/2014 af 23. juli 2014 om forbedring af værdipapirafviklingen i Den Europæiske Union og om værdipapircentraler og anden relevant lovgivning.
Financial Statement
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Currency/unit | 000' DKK | 000' DKK | 000' DKK |
| Revenue | 568,049 +5% | 542,769 -2% | 553,114 +10% |
| Gross Profit | 429,222 +5% | 407,610 -1% | 409,734 +10% |
| Profit for the year | 212,523 +22% | 174,426 +25% | 139,232 +32% |
| Equity | 641,541 +5% | 609,170 +4% | 587,353 -14% |
| Total Assets | 765,199 +6% | 721,525 +3% | 697,697 -17% |
Mangement review summary
Description of significant activities of entity
| Primary activities |
| In August 2020, VP Securities A/S (VP) became part of Euronext, the leading pan-European market infrastructure connecting European economies to global capital markets to accelerate innovation and sustainable growth. With the acquisition of Borsa Italiana that followed in 2021, Euronext now owns and operates four central securities depositories (CSDs). |
| As the Copenhagen-based central securities depository, licensed under CSDR and with access to T2S, VP is an integrated part of the Danish and European financial ecosystem. Hence, VP forms an important part of the financial infrastructure. Its range of services include issuance, settlement and safekeeping of securities to facilitate the requirements of the financial industry in an efficient and reliable manner. In addition to CSD |
| services, VP also offers ancillary services such as Issuing Agent Services, facilitation of Annual General Meetings (AGMs) and Asset Services. |
Description of any uncertainty connected with recognition or measurement
| Uncertainty relating to recognition and measurement |
| No special uncertainties are considered for recognition and measurement in connection with the 2023 annual report. |
Description of development in activities and financial affairs
| Development in activities |
| ■ The total market value of the securities book-entered at VP at the end of 2023 amounted to DKK 11,810 billion, which is about DKK 1,080 billion higher than at the end of 2023, corresponding to an increase of 10 per cent. |
| ■ The number of securities instructions completed reached 41.9 million in 2023. This is 3.7 million lower than in 2022, corresponding to a decrease of 8 per cent. |
| ■ By the end of 2023, the number of custody accounts held at VP was 3.7 million – equivalent to the number of custody accounts held at VP by the end of 2022. |
| Financial review |
| Income Statement |
| The revenues for 2023 amounted to DKK 568 million compared to DKK 543 million in 2022. Revenue within core CSD Services increased from DKK 500 million to DKK 521 million. The main driver was an increase in asset values. |
| The cost base counted for DKK 275 million in 2023 compared to DKK 270 million in 2022, with a small increase mainly due to an increase in other external costs. |
| The operating result amounted to DKK 260 million versus DKK 242 million in 2022. The increase is primarily due to the increase of revenues. |
| Financial items (positive with DKK 13 million in 2023), are affected by fair value adjustments on the bond portfolio. The bond portfolio was reduced during 2022, but with an again more favorable market for bonds in 2023, the bond portfolio has increased during 2023. |
| The profit for the year amounts to DKK 213 million where the profit last year was DKK 174 million. |
| Actual performance in 2023 (DKK 213 million) was improved compared to expectations for 2023 (profit in the interval DKK 150 to 200 million), mainly due to higher assets values than expected which generated revenues higher than expected. |
| Balance sheet as per 31 December 2023 |
| As per 31 December 2023, VP’s balance sheet was DKK 765 million compared to DKK 722 million as per 31 December 2022. |
| Current assets increased in 2023 to DKK 580 million from DKK 570 million in 2022, where of other securities and investments increased by DKK 110 million and liquid funds decreased by DKK 107 million. |
| Equity, including the statutory non-distributable reserve, increased to DKK 642 million compared to DKK 609 million as per end of 2022. The increase of DKK 32 million attributes to the net result for 2023 and the distribution of DKK 183 million in dividend. |
| The statutory non-distributable reserve as per 31 December 2023 was increased with DKK 0.5 million to DKK 62 million. This is due to, pursuant to Section 213(2) of the Danish Financial Services Act, the interest rate being 1 per cent throughout 2023. |
| Capital surplus and dividend |
| As of 31 December 2023 the capital base of VP Securities (equity with the deduction for systems developed and systems under development) amounted to DKK 504 million and the required capital was calculated to DKK 307 million. Hence, the capital surplus as per 31 December 2023 is DKK 197 million corresponding to 64 per cent. |
| It is proposed to payout dividend of DKK 166 million, leaving a capital surplus at 10 per cent on top of required capital. |
| Treasury shares |
| The company holds 630 own shares each nominal DKK 1,000 corresponding to 1.57% of the total share capital. |
| Events after the balance sheet data |
| From the balance sheet date, up to now, there have not been any circumstances that adversely affect the assessment of the annual report. |
Description of expected development
| Outlook |
| For 2024, VP expects assets values to align with 2023. Performance is expected to be on par with 2023 (profit in the interval DKK 150 to 200 million). |
Date of general meeting: 26-04-2024