Professional Documents
Culture Documents
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Dear Shareholders, Ladies and Gentlemen, The Management Board of EXAA is pleased to present the Annual Report 2011 and would like to express its appreciation for the interest taken and the trust placed in us.
Sustainability Report
06 07 08 11 13 14 EXAA on sustainable growth path for over ten years More than just gigawatt hours and euro amounts our sustainability strategy Sustainable and on the right course with our employees Sustainable and on the right course for society Sustainable and on the right course for the environment Sustainable and on the right course in business
Management Report
17 18 23 23 23 24 26 26 Economic Environment Spot Market Trading in Electric Power Spot Market Trading in Electric Power in Hungary Spot Market Trading in CO2 Emission Allowances The teem training program Assets, Earnings and Financial Position Development Prospects of the Company Risks Relating to Financial Instruments
2011
2010
Sales revenues Operating result Financial result Profit on ordinary business activity Net profit/loss for the year before changes in reserves Total assets Shareholders equity Depreciation/amortisation
Spot market electric power
In 2011, EXAA continued to grow driven by steadily expanding trading volumes in the German-Austrian electricity market.
7,558 390,236,567 71
6,410 292,146,570 90
19,179 269,072
88,401 1,260,481
Market share teem training days Staff Total no. employees Staff Employees in person/year 2 Staff Sick days ratio Staff Fluctuation (EXAA has one freelance staff member) Staff Further eduction in hours Productivity Total no. annual hours per employee Share of women Percentage of employees that travel to work by public transport
73%
70%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1) 2)
excl. trading members CO2 in 2011 person years are full and part-time employees converted into full-time equivalents
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Report 2011
> Abbreviations
Abbreviations and Definitions
ACER APCS APT APX-ENDEX Base (base load) CISMO CO2 CWE EBlT EPEXSpot EEX EStG EUA EUR EuropEX EXAA greenmarket GoO GRI Index GWh ISO KSV kWh MWh NGO Nordpool Spot NWE-Region OeKB
EXAA 11 Abbreviations and Definitions
Agency for the Cooperation of Energy Regulators APCS Power Clearing and Settlement AG Verbund Trading AG Founded in 1998 as the Amsterdam Power Exchange, remamed to APX b.V. in 2004 Base load; delivery from 0.00 hrs to 24.00 hrs, Monday to Sunday CISMO Clearing Integrated Services and Market Operations GmbH Carbon dioxide Central Western Europe; one of the eight energy regions in Europe agreed upon at the Florence Forum in September 2004 Earnings Before Interest and Taxes Spot Exchange doing business in France, Germany and Austria European Energy Exchange AG, Leipzig Income Tax Act EU Allowances is the EU authorization to emit CO2 Euro Association of European Energy Exchanges EXAA Abwicklungsstelle fr Energieprodukte AG (power exchange) Subsidiary for CO2 trade at the Bayerische Brse AG Guarantees of Origin Global Reporting Initiative Index Gigawatt hour (1 GWh = 1,000 MWh) International Organization for Standardization; ISO 9001:2008 Kreditschutzverband; www.ksv.at Kilowatt hour (1 kWh = 1,000 Wh) Megawatt hour (1 MWh = 1,000 kWh) Non-Governmental Organization Spot Exchange doing business in Scandinavia, in the Baltic Region and in Great Britain with its headquarter in Lysaker North Western Europe; Cooperation of EPEXSpot and Nordpool Spot with the target of a coordinated Price Coupling in France, BENELUX, Germany, Great Britain and Scandinavia Oesterreichische Kontrollbank Aktiengesellschaft Over the counter Peak load; delivery from 8:00 hrs to 20:00 hrs, Monday to Friday, except holidays Profit on ordinary business activity PricewaterhouseCoopers; www.pwc.at Power Exchange Central Europe EU Regulation on Energy Market Integrity and Transparency RWE Transportnetz Strom GmbH renamed Amprion GmbH in August 2009 smart technologies Management-Beratungs- u. Beteiligungsgesellschaft m.b.H. Acronym for Strengths, Weaknesses, Opportunities and Threats ton training for energy and environmental markets Terawatt hour (1 TWh = 1,000 GWh) Austrian Commercial Code Watt hour; unit of energy (power times time unit)
OTC Peak (peak load) POA PwC PXE REMIT RWE-Netz Smarttech SWOT t teem TWh UGB Wh
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Preface
Preface of the Chairman of the Supervisory Board
I am very pleased and proud to announce that EXAA Abwicklungsstelle fr Energie produkte AG has completed another extremely successful financial year in 2011. Trading volumes continued to increase significantly in 2011 and new trading participants joined the exchange. The excellent development of the past four years has also permitted us to fully recover the start-up losses and achieve a net profit. Apart from the higher electricity trading volumes, the training courses offered by EXAA for the energy market known under the name of teem were also highly successful and contributed to the good results. EXAAs excellent performance was also noticed by the general public and the newspaper Wirtschaftsblatt pronounced EXAA one of Austrias Leading Companies 2011 together with the consulting firm PwC and KSV. This distinction is especially pleasing considering that the founding years were not always smooth sailing. For the first time, this financial report also includes a separate section on sustainability. This section was prepared by the management board together with the staff in the course of the year and presents the achievements but also serves as guidance and defines goals for the coming years. This report presents the success achieved by EXAA in the previous year and is testimony to the commitment of the staff and Management Board of the company. We want to express our appreciation and recognition of the excellent work accomplished. Dear shareholders, dear ladies and gentlemen, we would like to thank you for your trust in our company and assure you that we will continue to make our best efforts to retain this trust.
Hansjrg Tengg
Hansjrg Tengg
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> Preface
Preface of the Management Board
Dear Shareholders, Ladies and Gentlemen, This report is different from our reports up to now. It illustrates how EXAA has been able not only to attain sustainable economic development, but also to pursue a policy of sustainability for our staff, society and the environment. For us, sustainability describes a dynamic process that covers all aspects of a companys development and secures the continued existence of an organization over the long term, and thereby benefits employees and stakeholders.
Rudolf Schneider
Since our foundation in 2001, we have improved transparency, equilibrium and efficiency on the liberalized energy market of Central Europe. We have succeeded in continuously expanding sales revenues and productivity every year up to now. During the same period, the number of our employees has also doubled. We are proud of having been able to retain highly qualified and committed employees for many years and to have jointly achieved the position of service leader in the market. Apart from the steady improvement in trading volumes, we have also positioned our training program teem as a center of competence and education for the energy market, thereby contributing to the creation of know-how and awareness in Austria and Central Europe.
Jrgen Wahl
We have also been constantly developing our ecology division. In June 2005, the start of trading in European CO2 emissions allowances marked the opening of the market segment for environmental products. Due to the very difficult framework conditions in CO2 trading, we have entered into a cooperation agreement with greenmarket exchange, a subsidiary of Bayerische Brse in Munich and have discontinued trading in CO2 allowances on EXAA as of August 2011. In the spring of 2012, we will bring our first green electricity product to the market, which for the first time guarantees simultaneous physical production and trading. We hope to stay on this course of sustainability we have been pursuing for the past ten years and establish ourselves as a benchmark for the industry. Our special thanks go to our employees for their dedication and hard work which have helped to ensure the success of our company. The Management Board would like to thank the shareholders and the members of the Supervisory Board for their trust. We will continue to work hard to meet your expectations. Vienna, May 2012
Rudolf Schneider
Jrgen Wahl
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1st Quarter
New two-day teem module for gas starts in January. EXAA participates as exhibitor in E-World Fair in Essen, Germany. EXAA goes mobile: The EXAA app for iPhone and Android cellular phones becomes available. Daily record hit on 25 March 2011: 34,803.30 MWh. Trading volume in March 2011 reaches 707,801.30 MWh, making it the best month since market start.
2nd Quarter
On 20 June, EXAA held its annual trader group meeting. June 2011: The new version of the EXAA app becomes available. Publication of version 1.1 for Android, iPhone and Blackberry. Possibility for registered traders to obtain prices and quantities immediately after close of trading.
3rd Quarter
August 2011: greenmarket (subsidiary of Bayerische Brse) and EXAA start cooperation in CO2 emissions allowances trading. EXAA wins the tender for the Twinning Project in Croatia. The bid was done together with Energie-Control Austria.
4th Quarter
Lichtblick AG from Hamburg is 70th trading member to join the electricity market at the end of September. The October date of teem is held for the first time with a GoO module. In total, 402 training days are booked in 2011. October: The newspaper Wirtschaftsblatt pronounces EXAA one of Austrias Leading Companies 2011 together with the consulting firm PwC and KSV EXAA ranks in 6th place in Austria for small businesses in the category of sustainability and creditworthiness. November: EXAA wins the tender for the joint execution of a Twinning Project with EnergieControl Austria in Georgia. The increase of the upper bid limit for block products from 500 MW to 1,000 MW adds liquidity and raises trading volumes. New record-breaking year on EXAA: Trading volume reaches 7,558,106.50 MWh in 2011. This corresponds to a rise of 18% versus the previous year and an average daily volume of 20,707.14 MWh. Furthermore, a new all-time high is attained in December 2011 on EXAA with an average daily trading volume of 23,226.43 MWh and a total of 720,019.40 MWh. On 31 December 2011, 71 members from 14 countries traded electricity on EXAA.
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As an independent trading platform, our duty is to serve all trading participants equally and to guarantee the fair and equal treatment of all actors. As an energy exchange, we play an important role for maintaining a functioning energy market and stand for certain values, namely a liberalized market, a stance we hope finds expression in this report. For several years, EXAA has been working intensely to help build up the markets of Central and Southeast Europe. EXAAs diverse contacts to the electricity industry of the region and the highly sought-after consulting and advisory services it offers jointly with other stakeholders permit EXAA to play an active role in the creation of a coordinated and integrated energy market in the region and for all of Europe. On 28 December 2011, REMIT the EU Regulation on Energy Market Integrity and Transparency entered into force. REMIT has the aim of preventing inside dealings and market manipulation on energy markets. A major element of the Regulation is market supervision by ACER. Therefore, REMIT concerns not only the energy market actors but also energy exchanges.
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Sustainability Report
Our sustainability strategy
EXAA, as a clearing and settlement agent has been regulated and supervised up to now under the Austrian Stock Exchange Act. The supervision of the commodity exchanges is the competence of the Federal Ministry for the Economy, Family and Youth. What is new is that with the entry into force of REMIT, EXAA now has to report suspected inside dealings, market manipulation and irregularities to the national regulatory bodies within the scope of market supervision. ACER has set up a reporting platform for this purpose. Reporting obligations for exchange transactions executed, but also for OTC transactions will enter into force within the next 18 months.
2. More than just gigawatt hours and euro amounts our sustainability strategy
At the end of 2011, the Management Board started a process to develop a mission statement together with all employees in order to define EXAAs profile (our identity), tasks (our mission), goals (our vision) and principles (our values). Our sustainability strategy rests on this foundation EXAA has pursued a corporate strategy of sustainability since its foundation in 2001. This means that the economic success of our company is not achieved at the expense of our employees, society or the environment. On the contrary: Our goal is to create added value in all four areas. Sustainable behavior is viewed as a value driver at EXAA (innovation and new products, higher efficiency, motivation of employees, sustainability as selling point, etc.). We do not want to hide behind the excuse that we are too small. The Management Board has overall responsibility for the sustainability of the companys actions and business activities. All employees are involved in the efforts to achieve this goal. This report has four sections: staff, society, environment and economy. The content of the first three sections was developed in collaboration with external sustainability experts and with the involvement of employees. The fourth section meets the requirements of an annual report and contains all essential information for our shareholders.
EXAA 11 Our sustainability strategy
As a basis for identifying the areas of key importance for us, we conducted an in-depth analysis of our strengths, weaknesses, opportunities and risks and summarized these in a SWOT analysis. EXAA took guidance from the Global Reporting Initiative Level C when preparing its Annual and Sustainability Report, but we would like to point out that we have not carried out a GRI check yet. However, we plan to do so for our next Annual and Sustainability Report 2012.
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3.2. Innovation and participation EXAA depends on the power of innovation and the commitment of its employees. We strive for open dialogue on equal terms, encouraging our employees to voice criticism and come up with ideas of their own. We always try to think ahead, and sometimes also out-of-the-box, and also see ourselves in the role of visionaries and pioneers in our industry. Employee diversity and individuality is regarded as an added value, and there is no discrimination based on sex, origin or religion. Goals Identifying and leveraging the potential for innovation Stepping up the number of innovations over time, if possible Measures already implemented Indicators Weekly team meetings Innovation and strategy workshops once or twice a year A corporate culture characterized by openness Fostering diversity Annual appraisal interviews with 360 feedback Number of new products over time (5 new products in 2011)
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Sustainability Report
Sustainable and on the right course with our employees
3.3. Employee development and appreciation We want to offer our employees interesting and challenging tasks as well as continued professional development. As our employees do not report to us directly, but are employed by the CISMOgroup, it is all the more important to us to take measures to honor personal commitment and good performance. Goals Possibility of offering performance-linked pay to all employees Retaining annual continued professional development hours per employee Measures Training and development plan for each employee at an annual already appraisal interview implemented Performance-linked pay with bonuses every employee can get up to two months pay per year as a bonus Indicators Employee further education in hours was 205.3/employee in 2011
3.4. My EXAA Sustainable and on the right course We asked all of our employees within the scope of a mission-defining process which images (see photographs below) they associate with EXAA and in which form. The most expressive images are presented here.
My EXAA is like a compass: We are always on the lookout for new areas of development and show the world the right way, offering guidance and inspiring confidence.
My EXAA has a lot in common with this chart: While the trend is upwards, success is not linear and is not at all a matter of course.
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My EXAA is like a band of pirates: We are creative, innovative, confident, proud, committed and courageous and decidedly not on the side of the French garde nationale.
My EXAA is like this eagle: As a neutral exchange, we stand for independence, with trading volumes soaring high these past few years.
My EXAA is like a team of astronauts: We know the big picture without losing sight of what is truly important, we play well together and stick to our mission; and the members know they can rely on each another.
My EXAA has members from 14 European countries: Our goal for the future is to have participants from all over Europe.
My EXAA is like a sailboat: We work as a dynamic team in a dynamic environment, we are flexible and innovative, and in the spirit of true sportsmanship we always play by the rules.
My EXAA is like a treasure hunt: A treasure hunt is exciting. Where will our treasure be hidden in the future?
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Sustainability Report
Sustainable and on the right course for society
4. Sustainable and on the right course for society
Management approach and priority goal:
Our goal is to assume social responsibility for our professional and private activities, to raise awareness for responsible energy management in Austria and to promote knowhow transfer also outside of Austria.
4.2. Capacity-building and know-how transfer Our activities in the energy sector are not limited to Austria. With our training modules and by promoting development projects, we also contribute to capacity-building and knowhow transfer in the emerging energy markets in other European countries, in particular, in Central and Eastern Europe. One of our aims in this context is to support international cooperation efforts in Central and Southeast Europe and to strengthen collaboration with our neighboring countries.
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Indicators Number of training days booked per financial year (402 training days booked in 2011) Training and consulting sales per business year (EUR 181,258.50 in 2011)
Goals
To provide assistance for the expansion and development of energy markets in Central and Eastern Europe To support one development project per year by means of specific donations. The project should be energy-related, benefit the bottom of the pyramid and provide significant leverage (benefit for society) for the capital invested
Measures Donation to Life Earth support for a photovoltaic system already for a medical clinic in Tanzania, in cooperation with implemented CISMOgroup companies Indicators Expenditure for the above mentioned development project Life Earth of EUR 1,635 in 2011
4.3. Responsible dialogue with society Beyond our training programs and consulting projects, we are also involved in initiatives on regulatory themes and social policy issues, and are therefore, in constant dialogue with society and policymakers. However, we also have to safeguard our independence and integrity as a marketplace at all times. List of 1) Clients: trading members, utilities, financial service providers in stakeholders physical trading in electricity 2) Owners and suppliers: Wiener Brse AG as licensor, OeKB as clearing partner, smart technologies as software supplier 3) Public institutions: European institutions such as the European Commission, the EU Agency for the Cooperation of Energy Regulators ACER, the Association of European Energy Exchanges EuropEX, the Austrian and German Ministries of Economics, the Austrian and German energy regulators, the Austrian Ministry of the Environment, NGOs active in the fields of energy and environment such as Greenpeace und Global 2000 as well as associations like the Austrian Energy Agency or Austrias energy and green electricity associations
4) German and Austrian transmission network operators
5) Other suppliers such as Cismo GmbH for infrastructure, tax advisors, management consultants, lawyers, etc. Measures Ongoing participation in EuropEX Working Groups and already in the development and amendment of laws and standards implemented in Austria and Europe
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Sustainability Report
Sustainable and on the right course for the environment
5. Sustainable and on the right course for the environment
Management approach and priority goal:
Our goal is to reduce our companys ecological footprint. As a service business, we do not manufacture any products ourselves, and therefore, do not have any major energy or resource consumption. Moreover, we can still make a significant contribution by taking measures in the area of procurement and employee mobility. However, the most important leverage we can achieve is in developing ecologically benign products.
Measures Organic food (if seasonally available): already fruit, fair-trade coffee, preferably regional products implemented
Goals
Measures Carbon compensation for air travel, if possible planned Introduction of a special allowance for the use of public transport, if possible Indicators Percentage of employees using public transport, walking or cycling to travel to work (in 2011, 73% of employees came to work by public transport)
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5.2. Ecologically benign mobility Even though two thirds of our employees travel to work by public transport or on foot, we still believe there is need for action in the area of employee mobility. Given our interna tional activities, our employees travel frequently throughout Europe. However, to keep the ecological footprint of these travel activities as low as possible, we have planned several measures in this respect.
6.1. Sustainable growth The net profit we achieved for the first time in 2011 has helped put EXAA on a healthy economic footing. Being a profit and performance-driven company, we also need longer-term financial backing for our activities. For this reason, we will stay on course for sustainable growth, strengthening our core business while also opening up new fields. We work hard to achieve sustainable success, because reaching our present position was not an easy task and retaining it in the future will not be so either.
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Sustainability Report
Sustainable and on the right course in business
Goals Secure the role of EXAA as Austrias energy exchange at the national and European level for the long term Measures already implemented Indicators See report of the Management Board
Trading volumes in GWh (7,558 GWh in the year 2011) Clearing volumes in euro (EUR 390,236,567 in the year 2011) Operating output (EUR 2,324,492.95 in the year 2011) EBIT (EUR 761,271.92 in the year 2011) Profit after taxes (EUR 738,513.25 in the year 2011)
6.2. Security and transparency Our core business is to ensure fair and verifiable price discovery based on the free interplay of supply and demand, to ensure transparency by publishing price and volume data as well as to provide the diverse services demanded by our customers and stakeholders (training, consulting, etc.). Our risk management system has proven its efficiency, especially since the beginning of the banking crisis in 2008. As an independent exchange, we are equally committed to all market participants, guaranteeing non-discriminatory access to energy trading. Goals Maximum transaction security for us and our clients
Indicators Amount of collateral deposited (in 2011, the amount of the collateral deposited was EUR 49,830,639.06)
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Measures Continuous improvement of our risk management system and already our clearing and settlement rules as well as ongoing adjustments implemented to increasing trade volumes Continuous improvement of our internal audit and quality management systems. Having undergone ISO 9001:2008 certification in 2010, EXAA successfully carried out a surveillance audit in August 2011 VAT fraud in energy trading: Proactive cooperation with stake holders and competent public bodies including information activities in Austria, Germany and at the EU level to prevent any risks to which EXAA may be exposed
Indicators Results of regular client satisfaction surveys (in response to the question Would you recommend EXAA? 54 out of 56 trading participants interviewed answered yes in 2011. One trading participant gave an answer with qualifications and one trading participant refrained from answering the question)
This report refers to the financial year 2011 and covers only EXAA AG seated in Vienna. The CISMOgroup is not covered in this report. EXAA does not have any subsidiaries or affiliated companies.
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17
2010
2011
The chart above reveals that the trend of higher hourly traded volumes continued in 2011. There were no hours with trading volumes lower than 200 MW. The traded volume was below 400 MW only in less than 2% of the hours and the share of hours with more than 1,000 MW reached nearly 27%. In total, 7,558 GWh were traded on EXAA in 2011. This is an increase of around 18% over the previous year. This volume corresponds to around 13.1% of domestic electricity consumption. The average daily traded volume was 20,707 MWh. The month of December
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626,511.00
603,305.20
2011 recorded the highest trading volume at 720,019.40 MWh. At year-end, there were 71 market participants from 14 different countries on EXAAs electricity market.
Trading procedures on EXAA On EXAA, electricity is traded for each of the 24 hours and for 14 blocks that consist of several hours for all days of the year. Trading takes place on workdays from Monday through Friday from 8:00 to 10:12 hrs. During this period, trading participants may enter their quotes into the system. When this phase ends, an auction is held with a view to matching as many orders as possible. After the auction, market participants may buy or sell surplus quantities from the auction procedure during the post-trading phase at the market clearing prices determined. At the latest by 10:30 hrs, the participants are informed of trading results.
EXAA 11 Trading Procedures on EXAA
Price stiffness at EXAA Due to the timing of the auction at EXAA with the first auction results for the day traders take guidance from current OTC market prices. This means that even in the case of low trading volumes, larger volumes are only just above or below the market clearing price. A simulation with real-time data with the additional entry of fictitious market orders of 50, 100 and 200 MW for every individual hour showed that the price situation remained very stable. Even in the case of large market orders, the clearing price usually changed only by a few percentage points (see chart below).
559,407.50
720,019.40
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-200 MW
100 MW
-100 MW
50 MW
- 50 MW
Correlation of prices on EXAA with prices on the OTC market Precise observers are surprised time and again at how similar the prices determined at EXAA auctions are to those of bilateral spot trades during the same periods. This even results in EXAA being informally referred to as the OTC exchange at expert talks. In the scant two hours after the EXAA auction (10:15 hrs) in the same, German-Austrian market of EPEXSpot (12:00 hrs), this is not seen as often (see chart below). What is the reason? When a trader has an interest in also executing buy or sell quantities still open for the next day during the later, and therefore, last auction of the delivery day of EPEX (traders must often enter quotes as market orders) to avoid the risk of otherwise unfavorable balancing energy payments, they have the possibility at 10:15 hrs to enter price limits that match their own expectations without taking this risk. In fact, the share of quotes entered in EXAA without price limits is around 80 percent. The consequence is that the so-called market clearing price determined based on supply and demand of all participants really is representative for current market consensus. Moreover, at EPEX there is also a high share of comparably hard-to-predict electricity feeds of, according to the German market model, electricity quantities being entered that are not contingent on prices from wind farms and photovoltaic plants and this creates frequent upward and downward price fluctuations.
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EXAA_Base_Diff
20.00
10.00
Source: DowJones German Power Index Apr 09 May 09 Jan 09 Jul 09 Dec 09 Feb 09 Oct 09 Mar 10 May 10 Oct 10 Dec 10 Jan 11 Jul 10 Mar 11 May 11 Jun 11 Sep 09
0.00
-10.00
-20.00
-30.00
Aug 10 Aug 11 Feb 10
EXAA traders, most of which have market access to EPEXSpot, appreciate not only the solid price basis in this environment for portfolio optimization, but also use EXAA price signals as valuable guidance for OTC trades concluded after 10:15 hrs.
Prices were slightly higher in 2011 versus the previous year within a range seen already at the end of 2010. The average base price was around 16% higher than in the previous year, and the peak price was up by almost 12% in 2011. The higher prices were driven by the sustained recovery of the economy and resulted in a gradual increase in demand in the market. Market prices on other power exchanges showed similar trends during the same period.
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EXAA market prices In the year 2011, the average EXAA base price was EUR 51.80 / MWh and the EXAA peak price was EUR 57.94 / MWh. Prices developed remarkably stable over the course of the year despite the exit from nuclear power in Germany and apart from weather and seasonal fluctuations.
Base
Base (Average)
Peak (Average)
1.2.2. Risk management on the EXAA spot market for electric power
EXAA guarantees the financial fulfillment of exchange trades in its function as a central counterparty. The settlement of trades is governed by special clearing and settlement rules that are binding on all exchange members. As a clearing agent, EXAA organizes and supervises the timely fulfillment of all trades and the proper depositing of collateral by the trading participants.
EXAA 11 Risk management on the EXAA spot market
The daily valuation of all open positions ensures that the collateral deposited by the trad ing participants is always maintained at sufficient levels. In this manner, EXAA ensures the financial settlement of trades in all cases. EXAA accepts cash deposits, certain securities and bank guarantees as collateral for trades. Oesterreichische Kontrollbank (OeKB) is responsible for the banking procedures relating to clearing. The daily calculation of collateral levels is based on the average net buy amount of five open trading days and the statistically assessed fluctuation of amounts over 30 trading days. At the same time, the open positions of participants are checked on every trading day to ensure that they do not exceed the defined limit. This risk management system has been working efficiently since the start of the banking crisis in September 2008, and even during this difficult phase, the settlement of trades worked securely and without problems. The amount of collateral deposited was EUR 49,830,639.06 as of 31 December 2011.
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23
24
2,500,000.00
2,000,000.00
1,500,000.00
1,000,000.00
500,000.00
0.00 Jan 11 Feb 11 Jun 11 Apr 11 Jul 11 Aug 11 Sep 11 Mar 11 Dec 11 May 11 Nov 11 Jan 12 Oct 11
2.4. Events of material significance after the close of the financial year
As CO2 trading failed to develop satisfactorily in the last financial year due to the adverse overall conditions, EXAA entered into a cooperation agreement with greenmarket, a subsidiary of Bayerische Brse in August 2011. The CO2 spot market on EXAA was discontinued. The cooperation entered into with the Czech electricity exchange PXE in May 2010 will also be discontinued in the course of the financial year 2012 due to lacking liquidity and restructuring at our business partner. There was no spending on research and development. EXAA does not operate any branches. Furthermore, there were no open cases of litigation at the end of the financial year. In 2011, the tasks of EXAA were taken over by the employees of CISMO GmbH. Their labor and expert knowledge is purchased by EXAA under a service contract or contracted from freelance staff.
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EXAA 11 Events of material significance after the close of the financial year
In the case of open trade receivables in the amount of EUR 268,325 these refer mostly to the variable business fees of the trading participants on the electricity market that were collected in full at the beginning of January 2012. The other receivables of EUR 298,690 are value added tax claims with domestic tax authorities. The total of bank deposits amounted EUR 2,711,862 at banks with top credit ratings (of which EUR 524,613 was collateral received) at the end of 2011. Vienna, on March 30, 2012
Management Board
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Rudolf Schneider
Jrgen Wahl
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Assets
1 2
in EUR
2011
2010
4 5 6
A. Fixed Assets I. Intangible assets 1. Industrial property rights and similar rights and inducements II. Property, plant and equipment 1. Fixtures, furniture and office equipment B. Current Assets I. Accounts receivable and other assets 1. Accounts receivable trade 2. Amounts owed by companies to which it is related by participating interests 3. Other receivables and assets II. Cash and balances with central banks and giro banks C. Prepaid expenses and deferred charges
0,36 0,36
0,39 0,39
Please note that the figures use the German notation, i.e., comas are periods and vice versa.
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Notes >
2011
2010
A. Shareholders equity I. Nominal capital 1. Share capital II. Capital reserves 1. appropriated reserves III. Net profit/Net loss Thereof profit/loss carryforward B. Provisions 1. Provisions for corporation tax 2. Other provisions C. Liabilities 1. Amounts owed to credit institutions 2. Accounts payable trade 3. Other liabilities Thereof taxes
1.612.000,00 1.612.000,00
1.612.000,00 1.612.000,00
9 806.000,00 806.000,00 6.042,84 -732.470,41 2.424.042,84 806.000,00 806.000,00 -732.470,41 -1.250.849,94 1.685.529,59 10
11 12
13 769.068,15 9.732,39 9.732,39 778.800,54 3.306.433,38 719,18 22.556,23 285.626,36 285.626,36 308.901,77 2.262.695,12
14
Contingent liabilities
30.000,00
30.000,00
15
Please note that the figures use the German notation, i.e., comas are periods and vice versa.
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2011
2010
17
b. Revenues from exchange activities Membership fees Business fees Transaction Fees Training fees Data vending Settlement compensation c. Revenues teem 2. Other operating income a. Income from the reversal of provisions b. Other operating income 3. Personnel expenses 4. Depreciation/amortisation a. Depreciation of intangible assets and tangible assets 5. Other operating expenses a. Taxes except for income tax b. Other expenses 6. Operating income (subtotal of line 1 to 5) 7. Other interest and similar income 8. Interest and similar expenses 9. Financial result (subtotal of line 7 to 8) 10. Profit on ordinary business activity (POA)
90.000,00 869.025,00 1.091.480,59 36.895,46 8.062,50 19.800,00 2.115.263,55 181.258,50 2.296.522,05 8.837,32 19.133,58 2.324.492,95
92.000,00 817.125,00 942.820,47 43.379,12 8.010,00 15.214,75 1.918.549,34 98.012,15 2.016.561,49 13.597,31 2.030.158,80
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-6.071,87 -6.071,87 -166,90 -1.556.982,26 -1.557.149,16 761.271,92 26.696,14 -0,39 26.695,75 787.967,67 -49.454,42 738.513,25 -732.470,41 6.042,84
-18.741,19 -18.741,19 -522,40 -1.466.050,00 -1.466.572,40 544.845,21 9.427,92 -1.247,77 8.180,15 553.025,36 -34.645,83 518.379,53 -1.250.849,94 -732.470,41
EXAA 11 Profit and Loss Account for the Financial Year 2011
19
20
11. Taxes on income 12. Net profit/loss for the year 13. Loss carried forward from previous year
21
Please note that the figures use the German notation, i.e., comas are periods and vice versa.
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1. Fixed Assets
1.1. Intangible assets
Intangible assets acquired have been recognized at cost of acquisition, less scheduled depreciation on the basis of their usable life. A usable life of 1 to 7 years has been assumed. Software extensions purchased during the business year were immediately depreciated in full. There were no unscheduled write-offs.
Tangible assets have been valued at cost of acquisition and cost of production, less cumu lative scheduled depreciation continued in the reporting year 2011. Depreciation rates have generally been calculated according to the linear depreciation method. The usable life of the individual groups of fixed assets is as follows: Fixtures, furniture and office equipment one to four years Low-value assets in the meaning of Sec. 13 Income Tax Act 1988 of the financial year have been fully written off in the year of acquisition and reported in the table of changes in fixed assets under additions and disposals. There was no extraordinary depreciation/amortization. Fixed unchanging values pursuant to Sec. 209 par. 1 have not been recognized.
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3. Provisions
3.1. Tax provisions
Provisions for taxes refer to provisions for corporation tax not yet assessed for collection.
4. Liabilities
Liabilities have been valued at their repayment amounts in accordance with the principle of conservatism.
5. Currency translation
The foreign exchange rate on the due dates has been applied for the conversion of receivables and liabilities, taking into account foreign exchange losses due to changes in exchange rates as compared to the balance sheet cut-off date.
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> 1
954,821.94 894,821.94
0.00 0.00
60,000.00 0.00
954,821.55 894,821.58
0.39 0.36
0.00 0.00
> 2
> 3
2. Current Assets
2.1. Accounts receivable and other assets
The table below presents the remaining time to maturity of the receivables reported in the balance sheet:
With a remaining Time to Total maturity of up to 1 year EUR EUR Accounts receivable trade Previous year
Amounts owed by companies to which it is related by participating interests Previous year
> 4
278,000.00 610,186.62
9,675.00 11,724.00
278,000.00 610,186.62
9,675.00 11,724.00
Other receivables and assets Previous year Total receivables Previous year
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> 6
> 7
LIABILITIES
4. Shareholders equity
> 8
> 9
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> 10
5. Provisions
5.1. Provisions for taxes
Tax provisions concern projected payments due for past corporation taxes for the year 2011 based on the results for the year.
> 11
> 12
6. Liabilities
The table below shows the maturities of the liabilities reported in the balance sheet:
With a remaining time to Total maturity ofup to one year EUR EUR Accounts payable banks Previous year Accounts payable trade Previous year Other liabilities Previous year
Thereof for taxes Previous year
> 13
778,800.54 308,901.77
778,800.54 308,901.77
> 14
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7.1. Liabilities
The following liabilities were reported off the balance sheet pursuant to Sec. 199 Commercial Code: 1. Bank guarantee from Die Erste Bank der oesterreichischen Sparkassen AG for EUR 30,000.00 in favor of the RWE control area.
1. Sales revenues
Although trading volumes are attributable to the respective trading members in commercial terms, sales revenues from trading activities (buying and selling) are reported under sales revenues, and amounts for power billed to third parties are reported under revenues and expenses. Revenues (sell) Expenses (buy) 2011 2011 EUR 390,505,389.62 EUR 390,505,389.62 2010 2010 EUR 292,146,570.29 EUR 292,146,570.29
The sales revenues contain those amounts that EXAA collects as set out in the pub lished Schedule of Fees of Wiener Brse AG from exchange members for operating and making the exchange trading system available. The membership fees are collected only once at the time exchange membership is granted. The business fees are due annually. The transaction fees depend on the respective members trading volume and are invoiced to the buyer and the seller on every trading day. The proceeds from transaction fees in electricity spot trading for Germany / Austria of EUR 1,090,897.48 (prev. year EUR 940,857.58) result from the electricity trading volume of 1 January 2011 to 31 December 2011 of 7,558,106.5 MWh (prev. year: 6,410,043.2 MWh) with a traded value of EUR 390,236,567 (prev. year: EUR 290,886,089 ). The transaction fees from CO2 emission allowances trading amounted to EUR 583.11 (prev. year EUR 1,962.89) and result from the trading volumes of 1 January 2011 to 31 December 2011 of 19,179 t (prev. year: 88.401 t) with a traded volume of EUR 269,071.89 (prev. year: EUR 1,260,481.04).
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> 17
3. Personnel expenses
No personnel were employed in the financial year. The work usually performed by employees is purchased from external suppliers and reported under the item other operating expenses.
> 18
> 19
The corporation tax changed versus the previous year by EUR 14,808.59 and was EUR 49,454.42 in the financial year 2011.
6. Net profit
The net profit for the financial year 2011 was EUR 738,513.25 and changed versus the pre vious year by EUR 220,133.72 (prev. year: EUR 518,379.53). The release of the loss carried forward from financial year 2010 in an amount of EUR -732,470.41 results in a net profit of EUR 6,042.84.
> 21
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> 20
4. The exception rule according to Sec. 241 para. 4 Austrian Commercial Code has been applied. 5. Other explanations required on the grounds of materiality: Since May 2010, there has been a cooperation agreement with Power Exchange Central Europe, a.s., Rybn 14/682, CZ-110 05 Prague. On 16 August 2011, trading in emissions allowances on EXAA was discontinued and a cooperation agreement for allowances trading was entered into with greenmarket, an independent market segment of Bayerische Brse AG.
EXAA 11 Notes to the Financial Statements
Rudolf Schneider
Jrgen Wahl
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Audit Opinion
Audit Opinion
Report on the Financial Statements We have audited the accompanying financial statements, including the accounting, of
039 39
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This report is a translation of the original report in German, which is solely valid. Puplication of the financial statements together with our auditors opinion may only be made if the financial statements and the management report are identifical with the audited version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial Code) applies.
Report
Report of the Supervisory Board
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EXAA
Shareholders as of 31 December 2011
Ownership structure as of 31 December 2011
Shareholders APCS Power Clearing and Settlement AG Wiener Brse AG Share % 34.56 25.12
smart technologies Management-Beratungs- u. Beteiligungsgesellschaft m.b.H. 8.06 Oesterreichische Kontrollbank Aktiengesellschaft VERBUND Trading AG e&t Energie Handelsgesellschaft m.b.H. KELAG-Krntner Elektrizitts-Aktiengesellschaft STEWEAG-STEG GmbH TIWAG Tiroler Wasserkraft Aktiengesellschaft Vorarlberger Kraftwerke Aktiengesellschaft Energie Graz GmbH & Co KG OMV Power International GmbH 8.06 3.04 3.04 3.04 3.04 3.04 3.04 2.98 2.98 100.00
OeKB 8.06%
Others 24.20%
STEWEAG-STEG 3.04% TIWAG 3.04% VKW 3.04% OMV 2.98% Energie Graz 2.98%
APCS 34.56%
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KELAG 3.04%
> Members
Supervisory Board and Management Board
Supervisory Board
Hansjrg Tengg Herbert Seidlmann Heinrich Schaller Chairman Vice-Chairman Vice-Chairman
Wolfgang Aubrunner Hermann Egger Robert Hager Franz Keuschnig Helmut Mennel Ludwig Nieen Peter Riedler Gabriela Riha
Member Member Member Member Member Member Member Member until 1 Oct. 2011
Management Board
EXAA 11 Supervisory Board and Management Board
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Members
Supervisory Board Committees
Supervisory Board Committees
(as of 31 December 2011) Audit Committee Hansjrg Tengg Herbert Seidlmann Heinrich Schaller Wolfgang Aubrunner Robert Hager
Appointment Committee Hansjrg Tengg Herbert Seidlmann Heinrich Schaller Wolfgang Aubrunner
Strategy Committee Hansjrg Tengg Herbert Seidlmann Heinrich Schaller Wolfgang Aubrunner Robert Hager Franz Keuschnig
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Media owner: EXAA Abwicklungsstelle fr Energieprodukte AG FN 210730y, Commercial Court of Vienna Type: Martina Gaigg Printed: PrePress & Print Advice Service Druckberatung GmbH Place: A-1230 Wien, Liesinger-Flur Gasse 8 Translation: CAMELS Capital Markets English Language Services Logo: Created by MCB Mothwurf Photography credits: Cover: kindly supported by Daniel Kovac Page 03: smart technologies Management-Beratungs- und Beteiligungsgesellschaft mbH. Page 04: Foto Wilke, CISMO Clearing Integrated Services and Market Operations GmbH Page 910: finnegan fotolia; Luftbildfotograf fotolia; The Image Bank/Candela Foto Art/Kreuziger/Getty Images; m_reinhardt fotolia; Flickr/Roberto Muoz/Getty Images; matttilda fotolia; linous fotolia; Balthazar fotolia
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Contact
EXAA Abwicklungsstelle fr Energieprodukte AG A-1090 Vienna, Alserbachstrae 1416 Phone: +43 1 253 72 72-0 Fax: +43 1 253 72 72-96 E-Mail: office@exaa.at, www.exaa.at