INTERIM RESULTS: FOURTH QUARTER - 2005
[First published: Tuesday 14 February 2006 9:22:29 am]
Quarterly Highlights:
- Group operating revenue was NOK 25.4 million in the fourth quarter of 2005 (37.4)1
- Profit after taxes was NOK 3.0 million (9.7), including an operating profit of NOK 0.1 million (15.2) and net financial items of NOK 1.4 million (-2.6)
- A market based valuation of the investment in NOS ASA shares increased the equity by NOK 10.7 million in the fourth quarter and by NOK 30.7 million for the whole of 2005
- The number of trades was 1 699 in the fourth quarter (1 498), the number of lots traded was 40 317 (68 235) and the nominal trade value was USD 758 million (1 236)
- The number of exchange and clearing members at the end of the quarter was 112 (75)
- Bunker fuel oil derivatives trading commenced in December
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The Imarex business case
Imarex is the leading player in the global freight derivatives market ...
Imarex is uniquely positioned as the central market for global freight derivatives, a market which is set to grow to ten times its current size of around USD 20 billion per year. Imarex delivered 50 % customer growth in 2005, and expects to deliver strong growth in 2006.
In spite of a generally weaker shipping market in 2005, Imarex delivered 42 % growth in transaction volumes, compared to 2004. Imarex is the world’s only electronic market for freight, with almost all cleared volumes world wide traded via the exchange.
The market is served by Imarex 24 hours per day from offices in Oslo, Singapore and Houston. Imarex made substantial investments for growth during 2004 and 2005. These investments resulted in an increased customer base, two new markets, increased organisational capacity, improved infrastructure and higher distribution. Equity was up 30 % compared to 2004.
Imarex has seen its market share grow in all sectors, and is staying ahead of the competition. By investing in infrastructure and superior customer service, Imarex freight derivatives are being embedded in the core business of the biggest customers.
Increased participation from financial players is proving that the Imarex business model is a winner in the fight for supremacy in the maritime derivatives market.
... and will participate in the development of European commodity markets
As the leading player in freight derivatives, Imarex recognises that freight is key part of almost every commodity value chain.
A clear and growing trend towards electronic links between different commodity markets, means that customers will trade multiple commodities simultaneously, and look for competitive trading synergies.
Imarex believes in an integration and organisation of European commodity markets, where customers will benefit from electronic one-stop-shopping.
Imarex has the customer base, infrastructure and organisation to participate in this development. The Imarex business model and ability to execute, gives Imarex the strength to deliver multiple commodity markets on one electronic screen.
In short, Imarex has strength and ability to deliver major markets to its customers and will use its current strength to become a key player in the further development of the European commodities market.
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