欧州の主要ユーティリティ事業者のプロファイル: BKW社

Abstract

Overview

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.

• 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: BKW
  • Datamonitor' s 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
  • BKW scores 30.3/100 on Datamonitor' s European Utility Scorecard and ranks 18 out of the 31 Key Players covered
    • BKW' s ranking varies widely across the four pillars
    • BKW achieves an overall ranking of 18, with a utility score of 30.3
    • BKW scores above average on the Performance and Exposure pillars
    • BKW outperforms the Key Player average and several top ten utilities, with a slightly lower than average level of risk
    • BKW lags the Key Player average in both Scale and Growth
  • BKW' s Performance ranking of 9 reflects its above average scores on each metric
    • BKW' s overall financial Performance score of 13.6 exceeds the Key Player average of 10.9
    • BKW exceeds the Key Player and several top ten utilities on key Performance metrics
    • BKW surpasses the Key Player average in return on energy volume and return on investment
  • As a small utility without a gas business, BKW ranks 29 on the Scale metric
    • On the Scale pillar BKW ranks 29
    • In generation capacity, BKW ranks 27 with .55 GW
    • BKW is focused solely on power, with a supply volume of 11 TWh
    • BKW ranks in the lower half of Key Player power customer share, with less than one percent
    • At 11 TWh, BKW ranks 27 in terms of power volume
    • BKW does not have a gas business
    • BKW ranks 29 in both revenue and net income, respectively
  • Below average growth on both financial and energy metrics give BKW a ranking of 28 on that pillar
    • BKW scores well below the average on pwer supply volume growth, yet achieves a middle raning of 19 on this metric
    • BKW price earnings ratio and operating profit margin are in line with the Key Player average
    • BKW saw average annual profit growth of 9.3% outpace revenue growth of 4.2% between 2001 and 2005
    • BKW experienced slight increases in operating cash flow (0.9%) and power volume (1.9%)
  • BKW' s very low debt leverage boosts its Exposure ranking to 11
    • BKW underperforms on three of the four Exposure pillar metrics
    • BKW has a short power NTR of -18%
    • BKW' s power supply volume obligations exceed its generation output, leading to a short power NTR of 1,957 GW
    • BKW' s is lightly leveraged, with a debt to equity ratio of 3.8%
    • BKW ranks 3 of the 31 Key Players in terms of debt leverage
    • BKW' s operating cash flow grew at half the rate (0.9%) of its energy supply volume (1.9%)
  • BKW power sales are focused on its Swiss home market
    • Nuclear is BKW' s main generation source
    • Switzerland is BKW' s most significant market for power
    • BKW ranks in the lower half of Key Player power customer share, with less than one percent
• 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: BKW scores 30.3/100 on Datamonitor' s European Utility Scorecard and ranks 18 out of the 31 Key Players covered
    • Table 7: BKW scores 13.6/25 on the Performance pillar, and ranks 9 out of 31 on this measurement
    • Table 8: BKW scores 0.5/25 on the Scale pillar, and ranks 29 out of 31 on this measurement
    • Table 9: BKW scores 6.4/25 on the Growth pillar, and ranks 28 out of 31 on this measurement
    • Table 10: BKW scores 9.9/25 on the Exposure pillar, and ranks 11 out of 31 on this measurement
    • Table 11: BKW' s Performance ranking of 9 reflects its above average scores on each metric
    • Table 12: As a small utility without a gas business, BKW ranks 29 on the Scale metric
    • Table 13: Below average growth on both financial and energy metrics give BKW a ranking of 28 on that pillar
    • Table 14: BKW' s very low debt leverage boosts its Exposure ranking to 11
    • 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: BKW achieves an overall ranking of 18, with a utility score of 30.3
    • Figure 7: BKW scores above average on the Performance and Exposure pillars
    • Figure 8: BKW outperforms the Key Player average and several top ten utilities, with a slightly lower than average level of risk
    • Figure 9: BKW lags the Key Player average in both Scale and Growth
    • Figure 10: BKW' s overall financial Performance score of 13.6 exceeds the Key Player average of 10.9
    • Figure 11: BKW exceeds the Key Player and several top ten utilities on key Performance metrics
    • Figure 12: BKW surpasses the Key Player average in return on energy volume and return on investment
    • Figure 13: On the Scale pillar BKW ranks 29
    • Figure 14: In generation capacity, BKW ranks 27 with .55 GW
    • Figure 15: BKW is focused solely on power, with a supply volume of 11 TWh
    • Figure 16: BKW ranks in the lower half of Key Player power customer share, with less than one percent
    • Figure 17: At 11 TWh, BKW ranks 27 in terms of power volume
    • Figure 18: BKW does not have a gas business
    • Figure 19: BKW ranks 29 in both revenue and net income, respectively
    • Figure 20: BKW scores well below the average on pwer supply volume growth, yet achieves a middle raning of 19 on this metric
    • Figure 21: BKW price earnings ratio and operating profit margin are in line with the Key Player average
    • Figure 22: BKW saw average annual profit growth of 9.3% outpace revenue growth of 4.2% between 2001 and 2005
    • Figure 23: BKW experienced slight increases in operating cash flow (0.9%) and power volume (1.9%)
    • Figure 24: BKW underperforms on three of the four Exposure pillar metrics
    • Figure 25: BKW has a short power NTR of -18%
    • Figure 26: BKW' s power supply volume obligations exceed its generation output, leading to a short power NTR of 1,957 GW
    • Figure 27: BKW' s is lightly leveraged, with a debt to equity ratio of 3.8%
    • Figure 28: BKW ranks 3 of the 31 Key Players in terms of debt leverage
    • Figure 29: BKW' s operating cash flow grew at half the rate (0.9%) of its energy supply volume (1.9%)
    • Figure 30: Nuclear is BKW' s main generation source
    • Figure 31: Switzerland is BKW' s most significant market for power
    • Figure 32: BKW ranks in the lower half of Key Player power customer share, with less than one percent