欧州の主要ユーティリティ事業者のプロファイル: Atel社

Abstract

Introduction

The European Utilities Key Player Profiles are based on Datamonitor' s unique utility scorecard. The scorecard examines 31 leading utilities drawn from across Europe and assesses them across four pillars: Scale, Performance, Growth and Exposure.

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 Datamonitor' s 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: Atel
  • 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
  • Atel scores 32.8/100 on Datamonitor' s European Utility Scorecard and ranks 15 out of the 31 Key Players covered
    • Atel' s ranking varies widely across the four pillars
    • Atel achieves an overall ranking of 15, with a utility score of 32.8
    • Atel' s better than average Growth and Exposure scores lift its overall ranking
    • Atel' s financial Performance lags the Key Player average, though the company has a lower than average level of risk
    • Atel lags the top ten utilities in Scale, yet beats most in Growth
  • Atel' s Performance ranking of 23 reflects its poor results in most Performance metrics
    • Atel' s overall financial Performance score of 9 lags the Key Player average of 10.9
    • Atel underperforms the Key Player average in return on sales and operating profit margin, yet pulls ahead on return on fixed assets
    • Atel surpasses the Key Player average and the top ten utilities in return on investment
  • Atel underperforms on the Scale pillar with a ranking of 22, despite higher than average power supply volume
    • On the Scale pillar Atel ranks 22
    • In generation capacity, Atel ranks 22 with 3.6 GW
    • Atel is focused solely on power, with a supply volume of 93 TWh
    • Atel ranks in the lower half of Key Player power customer rankings, with a less than one percent share
    • At 93 TWh, Atel ranks 8 in terms of power volume
    • Atel ranks 22 in both revenue and net income
  • Atel has a high Growth ranking of 3, despite a lack of gas supply volumes
    • Atel has a Growth ranking of 3 despite more average profit and power supply volume growth
    • Atel' s price earnings ratio is in line with the Key Player average (15), yet far below the average operating profit margin (21%)
    • Atel saw annual profit growth (19.5%) outpace annual revenue growth (18.3%) from 2001 and 2005
    • Atel expanded operating cash flow 153.5% from 2004 to 2005, despite only moderate power supply volume growth of 2.4%
  • Atel' s strong operating cash flow lifts its Exposure ranking to 7
    • Atel is more highly leveraged and has a larger negative power NTR than the Key Player averages
    • Atel has a negative (short) power NTR position of -63.3%
    • Atel' s power supply obligations exceed its generation output, resulting in a short power NTR position of -171749 GW
    • Compared to the average Key Player, Atel has a smaller operating profit margin and higher debt to equity ratio (206%)
    • Atel ranks 27 of the 31 Key Players in terms of debt leverage
    • Atel' s energy volume only grew 2%, despite a massive 153.5% growth in operating cash flow
  • Atel' s principal geographic area of operations is the NWE competitive arena
    • Atel sells power to countries neighbouring its home market of Switzerland
    • Atel owns only hydro generating capacity, located in Switzerland, and has a less than 1% share of Key Player power customers
• APPENDIX
  • Databook
  • Definitions
  • 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: Atel scores 32.8/100 on Datamonitor' s European Utility Scorecard and ranks 15 out of the 31 Key Players covered
    • Table 7: Atel scores 9/25 on the Performance pillar, and ranks 23 out of 31 on this measurement
    • Table 8: Atel scores 1.5/25 on the Scale pillar, and ranks 22 out of 31 on this measurement
    • Table 9: Atel scores 11.3/25 on the Growth pillar, and ranks 3 out of 31 on this measurement
    • Table 10: Atel scores 10.9/25 on the Exposure pillar, and ranks 7 out of 31 on this measurement
    • Table 11: Atel' s Performance ranking of 23 reflects its poor results in most Performance metrics
    • Table 12: Atel underperforms on the Scale pillar with a ranking of 22, despite higher than average power supply volume
    • Table 13: Atel has a high Growth ranking of 3, despite a lack of gas supply volumes
    • Table 14: Atel' s strong operating cash flow lifts its Exposure ranking to 7
    • 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: Atel achieves an overall ranking of 15, with a utility score of 32.8
    • Figure 7: Atel' s better than average Growth and Exposure scores lift its overall ranking
    • Figure 8: Atel' s financial Performance lags the Key Player average, though the company has a lower than average level of risk
    • Figure 9: Atel lags the top ten utilities in Scale, yet beats most in Growth
    • Figure 10: Atel' s overall financial Performance score of 9 lags the Key Player average of 10.9
    • Figure 11: Atel underperforms the Key Player average in return on sales and operating profit margin, yet pulls ahead on return on fixed assets
    • Figure 12: Atel surpasses the Key Player average and the top ten utilities in return on investment
    • Figure 13: On the Scale pillar Atel ranks 22
    • Figure 14: In generation capacity, Atel ranks 22 with 3.6 GW
    • Figure 15: Atel is focused solely on power, with a supply volume of 93 TWh
    • Figure 16: Atel ranks in the lower half of Key Player power customer rankings, with a less than one percent share
    • Figure 17: At 93 TWh, Atel ranks 8 in terms of power volume
    • Figure 18: Atel ranks 22 in both revenue and net income
    • Figure 19: Atel has a Growth ranking of 3 despite more average profit and power supply volume growth
    • Figure 20: Atel' s price earnings ratio is in line with the Key Player average (15), yet far below the average operating profit margin (21%)
    • Figure 21: Atel saw annual profit growth (19.5%) outpace annual revenue growth (18.3%) from 2001 and 2005
    • Figure 22: Atel expanded operating cash flow 153.5% from 2004 to 2005, despite only moderate power supply volume growth of 2.4%
    • Figure 23: Atel is more highly leveraged and has a larger negative power NTR than the Key Player averages
    • Figure 24: Atel has a negative (short) power NTR position of -63.3%
    • Figure 25: Atel' s power supply obligations exceed its generation output, resulting in a short power NTR position of -171749 GW
    • Figure 26: Compared to the average Key Player, Atel has a smaller operating profit margin and higher debt to equity ratio (206%)
    • Figure 27: Atel ranks 27 of the 31 Key Players in terms of debt leverage
    • Figure 28: Atel' s energy volume only grew 2%, despite a massive 153.5% growth in operating cash flow
    • Figure 29: Atel sells power to countries neighbouring its home market of Switzerland
    • Figure 30: Atel owns only hydro generating capacity, located in Switzerland, and has a less than 1% share of Key Player power customers