Centrálny Depozitár cenných papierov SR, a.s.

CDCP maintained positive economic trend also in 2016

03.07.2017

Centrálny depozitár cenných papierov SR, a. s. (hereinafter only “CDCP” or “central depository”) continues to strengthen its position in the market and maintains a positive economic trend of the last couple of years. It concluded financial year 2016 with a profit in the amount of EUR 581.565.

„For the last five years we have been achieving a profit and in the four consecutive years our profit exceeds EUR 500 thousand. We may say that the elapsed year 2016 was a very successful one,” says Martin Wiedermann, Managing Director of CDCP.

In the year 2016 total revenues of CDCP reached the amount of EUR 10 120 849, what is almost a 16%-increase compared to year 2015. „The revenues of CDCP were affected mainly by change in accounting procedures applied towards related party and sales from own services, which increased by 6%, whereas revenues from administration of securities owner’s account showed the highest increase. Registration services for issuers of book-entry securities increased by 4% and other services increased by 171 %,” stated Pavol Vaník, Financial Director of CDCP.

Despite the overall positive development in company´s economy, year-to-year comparison reveals decrease in profit by 19% compared to year 2015. The year-on-year development in financial results was caused by expenses in the amount of EUR 9,539,284 which grew faster than revenues. Compared to year 2015 the total expenses increased by 19 %.

„The increase in expenses was caused by change in accounting procedures applied towards related party included in services which have increased by 47 %. The costs of economic activities of the company increased by 16 % mainly due to depreciation of receivables related to maintenance of securities owner’s accounts and creation and use of reserves,” details Pavol Vaník, Financial Director of CDCP. It is necessary to add that also migration of CDCP to T2S, which took place at the beginning of February 2016 after a long time of preparation, was demanding as regards the finances, time and
personnel.

„I believe that we will maintain established economic trend also in this year. The strategy of CDCP remains unchanged when it comes to improving the quality of services and increasing the efficiency while achieving the profit. The aim is to simplify the services and make them more attractive so that we can bring an added value to our customers and address the new ones,” concludes Martin Wiedermann, Managing Director of CDCP.

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