The European Energy Exchange AG (EEX) concluded the financial year 2010 with record results. The Leipzig-based energy exchange achieved high growth rates in the field of both sales revenue and earnings before tax (EBT).
The sales revenue of EEX Group increased to EUR 43.2 million compared with EUR 34.6 million in the financial year 2009. Earnings before tax (EBT) amounted to EUR 15.9 million, which corresponds to an increase of approximately 21 percent as against the previous year (EUR 13.1 million). During the past financial year equity increased to EUR 103.8 million compared with EUR 93.4 million in the previous year. “This record result brings us one important step closer to our aim of becoming the clear leader among the European energy exchanges over the next five years“, explains Iris Weidinger, Chief Financial Officer (CFO) of EEX AG.
At EUR 33.3 million (previous year: EUR 27.3 million) the business field of power once again provided the main contribution to sales revenue. The Derivatives Market (trading and clearing) accounted for EUR 27.8 million thereof (previous year: EUR 23.6 million) and revenue from clearing of Spot Market transactions on EPEX Spot accounted for EUR 5.6 million of this total (previous year: EUR 3.8 million). Sales revenue from the natural gas division increased to EUR 0.9 million which trebled compared to the previous year (2009: EUR 0.3 million). Revenue in emissions trading doubled to EUR 1.0 million compared with EUR 0.5 million generated in the previous year. The clearing cooperations contributed EUR 3.2 million to revenue, which corresponds to an increase of approximately 30 percent as against the previous year (2009: EUR 2.5 million). Compared with EUR 4.0 million in the previous year a total of EUR 4.8 million was generated through annual fees, information products and training courses. The number of employees of EEX Group increased to 105 by 31 December 2010 compared with 87 employees as of the same date in 2009. The Executive Board will propose the payment of a higher dividend for 2010.
Dr. Christoph Mura, Member of the Executive Board and Chief Operating Officer (COO) of EEX, explains the reasons for the outstanding results: “We have implemented a package of measures and, thus, created a sound basis for our further growth.” According to Dr. Mura, the factors for success include, in particular, the stronger alignment of the organisation to client and market requirements. For example, EEX has rounded off its product range on the Power Derivatives Market and increased the transactions concluded directly through the exchange through the simplification and improvement of the trading participants‘ technical connection to the EEX systems last year. “Moreover, the number of trading participants has increased to 267 participants from 22 countries in 2010 compared with 248 participants in the year before“, Christoph Mura explains further.
The launch of the Within-Day product on the gas market, which considerably increased trading in control energy on EEX, has also made a decisive contribution to the successful development. The Primary Market Auction for European Emission Allowances (EUA), which EEX has carried out on behalf of the Federal Ministry of the Environment since January 2010, has been executed securely and reliably at all times. Overall, a volume of 41.1 million tonnes of CO2 was auctioned-off on the EEX Spot and Derivatives Market in 91 auctions. Moreover, EEX also generated gains on the Secondary Market and regards its position as a trading platform for CO2 emission rights strengthened. “Thus EEX has established a good basis for its aim of winning the contract for the auctions to be held on the CO2 market from 2013 and executing these through its platform”, underlines Christoph Mura.
Last but not least EEX is well prepared for the future on account of the successes achieved in the past financial year 2010. “We are on the right track towards achieving our strategic aims until 2015“, Iris Weidinger explains, “This means generating continuous and stable growth and becoming the leading energy exchange in Europe.“ “This is to be achieved through the expansion of the business divisions of power, natural gas, emission rights and clearing“, adds Christoph Mura. To this end, EEX will rely on partnerships provided they support the achievement of the Group’s aims. The further development of security standards, transparency and system reliability still form the focus because these aspects make such an important contribution to building confidence on the market. In this connection, EEX will open an office in London. Moreover, a further expansion of the staff in Leipzig is planned.