EEX Group has reported significant growth in during the first six months of 2016, with sales revenue up by 34 per cent compared with the same period in 2015 to a total of EUR117.5 million.
In the first half of the year, earnings before taxes (EBT) were EUR45.8 million as against EUR79.7 million during the reference period in 2015. However, after adjustment for special effects from the full consolidation of EPEX SPOT in 2015, the operating result has grown by 53 per cent from EUR29.9 million.
The Power Derivatives Market accounted for the biggest contribution to revenue in the first half of the year. Transaction revenue in this segment rose by 58 per cent to EUR44.7 million in the first half of 2016 with the sales contributions of the biggest markets – Germany (EUR30.4 million, + 47 per cent), Italy (EUR6.6 million, + 64 per cent), France (EUR5.6 million, + 83 per cent) and Spain (EUR0.8 million, + 428 per cent) – growing significantly.
The transaction revenue generated on the Power Spot Markets in the first half of 2016 was EUR33.5 million as against EUR29.3 million in the previous year, rising by 14 per cent. This increase is due, in particular, to the integration of the new market areas the Netherlands, Belgium and the UK, which were transferred to EPEX SPOT in May 2015 following the APX takeover.
The transaction fees generated in the Natural Gas division rose by 68 per cent to EUR16.9 million compared with the same period in 2015 (EUR10.0 million). With a growth rate of 132 per cent, the Derivatives Market, in particular, contributed to this increase with revenue on the Spot Market growing by 44 per cent. The highest sales contribution was achieved in the Dutch TTF power futures (EUR5.0 million).
The transaction revenue in the Emission Allowances business field rose to EUR1.1 million from EUR0.7 million generated during the same period in 2015. While transaction revenue rose by 15 per cent on the primary market, EEX was able to increase revenues on the secondary market considerably, by a total of 444 per cent. In July, EEX was awarded the contract for the execution of the Europe-wide primary market auction on behalf of 25 EU member states for up to a further five years, which strengthens the EEX position in CO2 trading.
In the first half of the year, the Agriculturals business field contributed EUR0.1 million to revenue. The transaction revenue in the Global Commodities business field, which comprises the freight, iron ore, fuel oil and fertiliser markets of Cleartrade Exchange (CLTX), amounted to EUR0.6 million as against EUR0.5 million generated in the previous year.
In the first half of 2016, the revenue generated from clearing cooperations of the European Commodity Clearing (ECC) remained stable at EUR0.9 million. This business field comprises clearing for all partner exchanges that are not fully consolidated within EEX Group. Since January 2016, the Gaspoint Nordic clearing revenue has been included in the Natural Gas segment. Furthermore, as of June 2016, the Czech Power Exchange Central Europe (PXE) became part of EEX Group. As a result, the revenue from clearing cooperation now includes the contributions of HUPX, the CEGH Gas Exchange of the Vienna stock exchange as well as of NOREXECO.
Within the Info-Products segment, sales revenue rose to EUR2.2 million in the first half of the year (1st half of 2015: EUR1.4 million), which corresponds to a 57 per cent increase. Other revenue rose to EUR17.5 million (1st half of 2015: EUR16.7 million). This revenue segment includes for example, annual fees, fixed fees for technical connections and Market Coupling.
Iris Weidinger, chief financial officer of EEX, says: “We have generated growth in almost all fields of business. The significant volume increase on the Power Derivatives Market in particular has contributed to this positive development. In addition, economies of scale have had a positive effect on profits on this market. These economies of scale are due to the fact that our existing infrastructure can also cover bigger volumes without any additional investments.”
