欧州の主要ユーティリティ事業者のプロファイル: EDP社

Abstract

Introduction

The Performance pillar combines 5 financial metrics to measure business performance. The Scale pillar combines financial and operational metrics to measure the size of a utility. The Growth pillar measures the rate of growth of a utility' s financial and energy resources. The Exposure pillar combines both operational and financial measurements of risk.

Scope

• A thorough review of the key operational and financial metrics that drive utility performance.
• A comparison and ranking of key metrics across Europe' s leading utilities.

Report Highlights

The Finnish utility Fortum leads on the Performance pillar and Russia' s Gazprom on the Scale pillar whilst Denmark' s Dong leads in both the Growth and Exposure pillars

Reasons to Purchase

• See where a company ranks in European utility scorecard
• Gain a comprehensive assessment of a company' s market share across Europe
• Acquire a wealth of company data from retail volumes to structural hedge positions

Table of Contents

• CATALYST
• SUMMARY
• METHODOLOGY
• ANALYSIS
  • European Utilities Key Player Profile: EDP
  • Key Player Scorecard examines 31 leading utilities drawn from across Europe' s competitive arenas
    • Key Players dominate power generation capacity market share in the Wmed competitive arena
    • Key Players dominate power generation output market share in the Wmed and CEE competitive arenas
    • Despite ongoing industry consolidation, in no competitive arenas do Key Players dominate power supply volume market share
    • Despite ongoing industry consolidation, in no competitive arenas do Key Players dominate gas volume market share
  • The Key Player Scorecard assesses utilities across four pillars: Performance, Scale, Growth and Exposure
    • The Performance pillar combines 5 financial metrics to measure business performance
    • The Scale pillar combines financial and operational metrics to measure the size of a utility
    • The Growth pillar measures the rate of growth of a utility' s financial and energy resources
    • The Exposure pillar combines both operational and financial measurements of risk
  • EDP scores 29.3/100 on Datamonitor' s European Utility Scorecard and ranks 19 out of the 31 Key Players covered
    • EDP' s ranking varies widely across the four pillars
    • EDP achieves an overall ranking of 19, with a utility score of 29.3
    • EDP has a high level of financial Performance matched with a lower than average level of risk
    • Compared to the Key Player average and the top ten utilities, EDP lags in both Scale and Growth
  • EDP is a top Key Player on return on energy volume, contributing to an overall Performance ranking of 18
    • EDP has exactly the Key Player average level of profitability (return on sales)
    • EDP scores just below the Key Player average on operating profit, yet ranks 21 on that measure
    • EDP underperforms in return on investment, yet has a top Key Player return on energy volume score
  • Below average gas supply volume lowers EDP' s overall Scale ranking to 16
    • EDP scores below average on most Scale metrics, yet ranks above average (13) on generation capacity
    • EDP is an integrated utility, although power volume exceeds gas volumes by a 3 to 1 margin
    • EDP has a 3.5% share of Key Player power customers
    • At 70 TWh, EDP ranks 11 in terms of power supply volume
    • EDP' s share of the gas market is negligible, with one percent of Key Player gas customers
    • EDP' s EU25 gas supply volume market share is less than one percent
    • EDP ranks 17 in revenue and 16 in net income, respectively
  • Despite high revenue growth, EDP' s overall Growth rank of 15 is pulled down by declining power and gas supply volumes
    • EDP has seen a steep drop in its gas supply volume, while power volume growth was brisk
    • EDP saw average annual profit growth of 18.9% surpass revenue growth of 11.4%, from 2001 and 2005
    • From 2004-2005, EDP' s energy supply volume grew sharply (18.4%), yet operating cash flow held steady at -0.7%
  • EDP' s low power NTR contributes to an Exposure ranking of 25
    • EDP' s scores vary widely across the four Exposure metrics
    • EDP' s generation output exceeds its end user supply obligations, resulting in a long power NTR of 34633.6 GW
    • EDP' s is heavily leveraged, with a debt to equity ratio of 140.7%
    • EDP ranks 24 of the 31 Key Players in terms of debt leverage
    • From 2004-2005, EDP' s energy volume fell 9.3%, yet operating cash flow marginally declined at -0.7%
  • EDP operates in the Wmed competitive arena
    • Hydro is EDP' s main generation source
    • EDP' s generation capacity is located mostly in Portugal
    • EDP has a 3.5% share of Key Player power customers
    • EDP' s gas customers, all located in Spain, represent a very small portion of the Key Player total
• APPENDIX
  • Databook
  • Definitions
  • Definitions
  • Datamonitor Consulting
  • List of Tables
    • Table 1: The Key Players are drawn from across a diverse range of markets
    • Table 2: The Performance pillar combines 5 financial metrics to measure business performance
    • Table 3: The Scale pillar combines financial and operational metrics to measure the size of a utility
    • Table 4: The Growth pillar measures the rate of growth of a utility' s financial and energy resources
    • Table 5: The Exposure pillar combines both operational and financial measurements of risk
    • Table 6: EDP scores 29.3/100 on Datamonitor' s European Utility Scorecard and ranks 19 out of the 31 Key Players covered
    • Table 7: EDP scores 10.2/25 on the Performance pillar, and ranks 18 out of 31 on this measurement
    • Table 8: EDP scores 2.4/25 on the Scale pillar, and ranks 16 out of 31 on this measurement
    • Table 9: EDP scores 8.8/25 on the Growth pillar, and ranks 15 out of 31 on this measurement
    • Table 10: EDP scores 7.9/25 on the Exposure pillar, and ranks 25 out of 31 on this measurement
    • Table 11: EDP is a top Key Player on return on energy volume, contributing to an overall Performance ranking of 18
    • Table 12: Below average gas supply volume lowers EDP' s overall Scale ranking to 16
    • Table 13: Despite high revenue growth, EDP' s overall Growth rank of 15 is pulled down by declining power and gas supply volumes
    • Table 14: EDP' s low power NTR contributes to an Exposure ranking of 25
    • Table 15: Return on fixed assets
    • Table 16: Return on sales
    • Table 17: Operating profit margin
    • Table 18: Return on energy volume
    • Table 19: Return on investment
    • Table 20: Generation Capacity / EU25 market total
    • Table 21: Power Supply Volume / EU25 market total
    • Table 22: Gas Supply Volume / EU25 market total
    • Table 23: Net income / Net income of 94 leading utilities
    • Table 24: Revenue / Revenue of 94 leading utilities
    • Table 25: Revenue growth, 2001-2005 CAGR
    • Table 26: Profit growth, 2001-2005 CAGR
    • Table 27: Growth in operating cash flow, 2004 to 2005
    • Table 28: Gas supply volume growth, 2004-2005
    • Table 29: Growth in power supply volume, 2004 to 2005
    • Table 30: Power NTR / Power supply volume
    • Table 31: Gas NTR / Gas supply volume
    • Table 32: Debt leverage
    • Table 33: Growth in operational cash flow - Growth in energy volume
  • List of Figures
    • Figure 1: Datamonitor' s Key Player Scorecard examines 31 leading utilities drawn from across Europe' s competitive arenas
    • Figure 2: Key Players dominate power generation capacity market share in the Wmed competitive arena
    • Figure 3: Key Players dominate power generation output market share in the Wmed and CEE competitive arenas
    • Figure 4: Despite ongoing industry consolidation, in no competitive arenas do Key Players dominate power supply volume market share
    • Figure 5: Despite ongoing industry consolidation, in no competitive arenas do Key Players dominate gas volume market share
    • Figure 6: EDP achieves an overall ranking of 19, with a utility score of 29.3
    • Figure 7: EDP exceeds Key Player average scores in the Performance and Exposure pillars
    • Figure 8: EDP has a high level of financial Performance matched with a lower than average level of risk
    • Figure 9: Compared to the Key Player average and the top ten utilities, EDP lags in both Scale and Growth
    • Figure 10: EDP has exactly the Key Player average level of profitability (return on sales)
    • Figure 11: EDP scores just below the Key Player average on operating profit, yet ranks 21 on that measure
    • Figure 12: EDP underperforms in return on investment, yet has a top Key Player return on energy volume score
    • Figure 13: EDP scores below average on most Scale metrics, yet ranks above average (13) on generation capacity
    • Figure 14: In generation capacity EDP ranks 13, with 12 GW
    • Figure 15: EDP is an integrated utility, although power volume exceeds gas volumes by a 3 to 1 margin
    • Figure 16: EDP has a 3.5% share of Key Player power customers
    • Figure 17: At 70 TWh, EDP ranks 11 in terms of power supply volume
    • Figure 18: EDP' s share of the gas market is negligible, with one percent of Key Player gas customers
    • Figure 19: EDP' s EU25 gas supply volume market share is less than one percent
    • Figure 20: EDP ranks 17 in revenue and 16 in net income, respectively
    • Figure 21: EDP has seen a steep drop in its gas supply volume, while power volume growth was brisk
    • Figure 22: EDP' s price earnings ratio and operating profit margin are below the Key Player averages of 15 and 21%, respectively
    • Figure 23: EDP saw average annual profit growth of 18.9% surpass revenue growth of 11.4%, from 2001 and 2005
    • Figure 24: From 2004-2005, EDP' s energy supply volume grew sharply (18.4%), yet operating cash flow held steady at -0.7%
    • Figure 25: EDP' s scores vary widely across the four Exposure metrics
    • Figure 26: EDP is long on power, with an NTR of -40.5%
    • Figure 27: EDP' s generation output exceeds its end user supply obligations, resulting in a long power NTR of 34633.6 GW
    • Figure 28: EDP' s is heavily leveraged, with a debt to equity ratio of 140.7%
    • Figure 29: EDP ranks 24 of the 31 Key Players in terms of debt leverage
    • Figure 30: From 2004-2005, EDP' s energy volume fell 9.3%, yet operating cash flow marginally declined at -0.7%
    • Figure 31: Hydro is EDP' s main generation source
    • Figure 32: EDP' s generation capacity is located mostly in Portugal
    • Figure 33: EDP has a 3.5% share of Key Player power customers
    • Figure 34: EDP' s gas customers, all located in Spain, represent a very small portion of the Key Player total