Ladies and gentlemen, thank you for standing by. I'm Poppy, your conference operator. Welcome, and thank you for joining the Hellenic Exchanges-Athens Stock Exchange conference call to present and discuss the first quarter 2022 financial results. All participants will be in a listen only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Nikos Koskoletos, CFO, and Mr. Stelios Konstantinou, Head of Investor Relations. Gentlemen, you may now proceed.
Good afternoon, ladies and gentlemen, and good morning as always to those of you listening to us from the other side of the Atlantic. We would like to present the financial results of the group for the first quarter of 2022, which were published yesterday and are available on the IR section of our website, and then take any questions that you might have. We remind you that since we changed reporting on our P&L in the fourth quarter of last year, we have made available on our website the P&L yearly and quarterly data from 2017 to 2021 in the new format. I'll pass the floor to Nick.
Thank you, Stelios. Good afternoon and good morning to all. Just wanted to note a couple of drivers that impacted our Q1 performance. First, we had the average daily traded value, which stood at 24% higher at close to EUR 93 million per day versus EUR 75 million in Q1 of 2021. The average market cap also stood 24% higher than the respective period of 2021, and we see that the listed banks market cap increased by 80%. The market cap of the rest of the market increased by 16%.
In addition, another element that impacted our Q1 performance was the EUR 625 ,000 one-off income item regarding the return of paid taxes following an audit that we had underwent five years ago. In terms of how things are shaping up in 2022 so far, we have a new CEO that started at the beginning of March. We've been very active in meeting with all involved stakeholders, both domestically and abroad. We're working on incorporating the feedback that we've been receiving, and we'll be taking those items into account with regards to our future actions and undertaking possibly some corrective actions where required on things that we've already embarked on.
Seem to be holding up for the most part, while we note that the conflict in Ukraine does not directly impact the group, we do not have any exposure there, and obviously, we are following development closely there. In addition, another notable item is, as it's widely known, the second half of 2021, we have seen a sharp increase in energy prices. Mainly electricity is a small part of our operating expenses, however, it is something that we do monitor. Our electricity bill in Q1 2022 was at EUR 320,000 compared to EUR 175,000 for the same period last year. That's an 83% increase.
Energy costs are expected to increase overall for the year, compared to what we have seen in 2021. At this point, I'd like to pass it back to Stelios to go through our Q1 2022 performance in more detail.
Let's start with the overview of our first quarter 2022 financial performance. The consolidated turnover of the group in the first quarter of this year was EUR 9.9 million compared to EUR 8.4 million from last year. That's up 18.1%. If we go through the lines, we see that trading-based revenue, i.e., from trading and post-trading, was up 18% on the back of higher ADTV in the cash market in the first quarter of this year compared to last year. Market cap-based revenue, i.e., from listings and other services to issuers, was up 53%, again mainly due to a significantly higher activity on corporate actions in the first quarter of this year. Revenue from services was also up 7%.
Revenue from Trading represents 19% of total consolidated turnover, and in the first quarter of this year, it was up 22% at EUR 1.8 million compared to EUR 1.5 million from last year. Revenue from Post trading made up 41% of total turnover and amounted to EUR 4.1 million compared to EUR 3.5 million in the first quarter of last year, up 17%. This increase is due to a 26% increase in clearing revenue in the cash market, while derivatives revenue was up 3.6%.
In Post trading, revenue from operator subscriptions increased by 49% to EUR 493 ,000, compared to EUR 328 ,000 in the first quarter of last year, due to changes in the fee policy of our subsidiary, ATHEX CSD, that became effective on 12 April 2021. As far as revenue from the derivatives market, both in Trading and Post-trading, is concerned, in the first quarter of this year, trading activity, i.e., number of contracts, dropped by 19%. However, revenue was up 3.8%, and the average revenue per contract was up 24.6% to 0.215 EUR per contract, compared to 0.172 EUR per contract last year.
Lastly, on derivatives, Trading and Post-Trading revenue in the first quarter of this year was EUR 576 ,000, compared to EUR ,000, and that corresponds to 9.8% of total Trading and Post-Trading revenue. Revenue from Listing makes up 12% of total turnover, and this line includes the quarterly subscription fees paid by listed companies, fees on licenses, IPOs, and other services to issuers, and that came in at EUR 1.2 million, up 53%, compared to the first quarter of last year. Revenue from Data Services makes up 9% of total turnover, includes the fees that we collect from data vendors for the provision of Athens Exchange market data, as well as revenue from InBroker.
The fees that we collect from market data depend essentially on the number of data terminals to which the data vendors disseminate our market data to, and that increased by 15%. As you know, following a review of our prices there, we have been gradually increasing our data feed price, and that's reflected in the top line there. Revenue from IT and digital services makes up 16% of total turnover and includes revenue from digital services, infrastructure, and technological solutions to the Energy Exchange Group and Boursa Kuwait. The same category includes revenue from electronic book building services, AXIAl ine, AXIA e-Shareholders Meeting, colocation, and some other licenses. Revenue from IT and digital services overall was up 15%.
Finally, revenue from ancillary services makes up 3% of total turnover in the first quarter of this year. It was down 36% to EUR 250 ,000, compared to EUR 400,000 in the first quarter of last year. There, ancillary services mainly includes revenue from support services to the Energy Exchange and some others, like rents. Moving on now to the expense side. Total operating expenses increased by 5.1% in the first quarter of this year to EUR 4.9 million, compared to EUR 4.7 million last year. If we break down OpEx, we see that personnel costs are up 3.1% in the first quarter at EUR 2.64 million, compared to EUR 2.56 million last year.
While on the other hand, other expenses increased by about EUR 160,000, and that's up 7.5%. The main driver behind the increase in our OpEx is the EUR 150,000 increase in electricity costs that Nick previously mentioned. Now, personnel remuneration and expenses accounts for 54% of total operating expenses, and that's about the same as in the first quarter of last year. Headcount at the group at the end of March 2022 was 221, compared to 231 at the end of 2021.
Turning to the bottom line, the earnings before interest and taxes of the group increased by 50.4% to EUR 3.4 million, compared to EUR 2.3 million in the first quarter of last year. In the first quarter of this year, we also booked EUR 625,000 in revenue from tax returns, resulting from a favorable court judgment concerning the return of tax and penalties that were assessed following a tax audit for fiscal years 2008, 2009, and 2010. At the end of the day, the net after-tax earnings of the group amounted to EUR 3.3 million, compared to EUR 2 million in the first quarter of last year, and that's a 68% increase. Moving on to the balance sheet.
The cash and cash equivalents of the group at the end of March 2022 increased to EUR 74 million, compared to EUR 71.9 million at the end of 2021. Approximately 12% of the cash, i.e., EUR 8.7 million at the end of the first quarter, is kept at the central bank, where interest rates continue to remain negative, currently at -0.5%. On the balance sheet, a further EUR 231.6 million, rather, that we report as both an asset and a liability, are third-party cash assets and customer margins that our subsidiary, ATHEXClear, receives from its members in the cash and derivatives market. These funds are also deposited at the Bank of Greece.
With this comment, this concludes our comments for the first quarter of 2022 financial results of the group. I would like now to open the call to any questions that you might have. Thank you.
Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from the line of Memisoglu Osman with Ambrosia Capital. Please go ahead.
Hello, many thanks for your time as usual. Just a couple on my side. First, on the Ancillary services, is there a reason for the decline or because we have quite a bit of a decline both on a year-over-year basis and Q-on-Q basis. Just wanted to get your thoughts on the outlook. Also on the IT and digital services, should we look at this with seasonality in mind, given that it's up year-over-year but down Q-on-Q? And any color on the cost outlook?
Okay.
Thank you.
Oh, that was the third question, the cost outlook?
Any color on cost outlook?
Okay.
It seems to be quite a bit of a decline in personnel costs, which I thought inflation could be a problem, but you seem to be doing, I guess, better than expected or what's the outlook there?
On the cost side, what we did have is our headcount. There was a headcount reduction. We ended the quarter with 221 FTEs, full-time equivalents, from 231 that we had at the end of last year. We have some attrition there, and that's what has basically offset what the cost that we would have.
Mm-hmm
The cost inflation that we would have normally seen. Overall, though, it doesn't change the fact that we are heading into a higher cost base, along the lines of what we've been discussing. The non-performance there, the fact that you have not seen any increase, I think it has to do with the headcount reduction that is not a structural one, but rather a timing one because we had a situation of, you know, increased attrition in the first quarter. That's with regards to that element. On the element of the ancillary services, actually last year we had booked a
I think it was close to EUR 70,000 that were related to a grant that we had received because of our participation in a small EU-funded program. Very, very small, but what happened is that we booked that revenue in that quarter, and obviously this quarter we don't have that, and that's why you have that base effect. The Ancillary services overall do not see any particular moving parts that would be alarming to the overall performance that is expected for that line. It's pretty stable to what was the case in 2021.
Aside from a smaller element that relates to some services that we have reclassified into the digital services, and that's why maybe the Q-on-Q comparison doesn't come through as it ought to. So it's close to on the first quarter, it's close to EUR 70,000 that have been reclassified and will be part of our services as well, the digital and IT services. So that's with regards to the Q-on-Q comment. The year-over-year, as I mentioned, last year's was overstated.
With regards to the question on the technology and IT and digital services, with regards to seasonality, there are elements in there that do have a seasonality, and those are the ones that refer to services that we offer to issuers along the season of their general meeting, along the GM season that we usually have. It peaks in June and a little bit of July. There's that seasonality there. I would overall look at it at an annual basis with a very significant milestone being the first half of the year.
Understood. Regarding headcount, you said not a structural one. Does that mean you're looking to increase headcount in the next quarters?
We-
Yes.
We will definitely look. The reason I said it's not structural is that, you know, we will be looking at going back to, you know, the attrition that we had. Was not because of our choice. There's gonna be replacements. We're seeking replacement of the attrition that we had. I think good guidance would be that we will at least go to the number that we were at year-end. Then if we do see that we will be going to a bit higher level than that, it is very possible. It will definitely go to last year's numbers.
Okay. Final thing on my side regarding third party, which is mostly consulting from my memory. Should we expect similar levels to last year or, how should we model that line?
No, I think it's similar levels to last year. We're talking about third party, the relationships that we have with EnEx and Boursa Kuwait. Is that what you're referring to?
On the cost side, third party remuneration and expenses.
On the cost side, the third party. Okay. On the third party cost side, I think you will have a small increase relative to last year's figures as well.
Perfect. Thank you.
As a reminder, if you would like to ask a question, please press star and one on your telephone. Once again, to register for a question, please press star and one on your telephone. As a final reminder, to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you.
Okay, thank you very much, everyone for your participation. Have a good evening, and looking forward to speaking to you again, at the end of July with our Q2 numbers. Thank you.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling and have a good afternoon.