In 2001, VP Securities Services (VP) achieved a profit of DKK 40.8 million before tax compared to DKK 47.4 million in 2000. Profit for the year after tax amounted to DKK 27.5 million compared to DKK 33.8 million in 2000. This means that the return on net capital in 2001 was 15 per cent.
On its meeting on 27 February 2002, the board of VP adopted the accounts for 2001. The board of directors expressed its satisfaction with the result and opted to propose to the AGM that profit for the year 2001 be transferred to the net capital, which will then stand at DKK 202.5 million.
VP’s Chairman, Sven E. Lystbk, says: “The board finds it essential that VP has the capital resources to invest in new business opportunities. The competition in the securities market is constantly increasing and investments in new opportunities will help to maintain and develop VP’s strong position.”
The slight drop in turnover was to be expected, and is primarily due to the fact that turnover in 2000 was characterised by extraordinary high activity in the securities market as a result of increased securities trade and several large mergers in the financial sector. 2001 was marked by a slightly lower level of activity in the securities market, partly due to the drop in share prices that took hold at the beginning of 2001 and which was reinforced during the autumn of 2001. VP’s turnover has thus decreased from DKK 202 million in 2000 to DKK 196 million in 2001.
VP is expected to make a profit in 2002 at a slightly lower level than in 2001. The reason for this is that in 2001, VP ceased to be responsible for the development and operation of systems for trading securities and derivatives for the Copenhagen Stock Exchange. Turnover for 2002 is expected to remain at the same level as for 2001.