欧州の主要ユーティリティ事業者のプロファイル: Delta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: Delta
  • 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
  • Delta scores 26.8/100 on Datamonitor' s European Utility Scorecard and ranks 26 out of the 31 Key Players covered
    • Delta ranks below the Key Player average on each of the four Scorecard pillars
    • Delta achieves an overall ranking of 26, with a utility score of 26.8
    • Only on Scale does Delta score significantly below the Key Player average
    • Delta scores below the Key Player average on Performance, yet with a slightly higher level of risk
    • Delta is one of the smallest Key Player utilities, yet scores above average in terms of Growth
  • Delta' s low operating profit margin pulls its Performance ranking down to 21
    • Delta has a relatively strong return on its fixed assets, but significantly lags the average in operating profit margin
    • Delta beats the Key Player average on return on fixed assets
    • In return on investment, Delta outperforms the Key Player average and several top ten utilities
  • Delta is a smaller utility, ranking 30 on the Scale pillar
    • In Scale, Delta scores worse in net income and revenue metrics, ranking 29 and 30, respectively
    • In terms of generation capacity, Delta ranks 28 with 3.3 GW
    • Delta is a power-focused utility, with power supply volume 79% that of gas supply volume
    • Delta has approximately 0.1% of Key Player power customers
    • At 19 TWh, Delta ranks 23 in terms of power volume
    • Delta has a gas supply volume market share of 0.2%
    • Delta ranks 19 in terms of gas supply volume
    • Delta ranks 30 and 29 terms of revenue and net income, respectively
  • Delta has grown well in energy metrics, but poorly in financial metrics, for a Growth pillar ranking of 19
    • Delta' s growth in gas and power supply volume is in the top ten of all Key Players
    • As an unlisted Company, Delta does not have a price earnings ratio
    • From 2001 to 2005, on average Delta' s profits decreased -10.1% annually, even though its revenues grew 4.7% annually
    • From 2004-2005, Delta' s operating cash flow declined -45.8%, despite significant power and gas supply volume growth
  • Delta is the least leveraged Key Player, yet has seen its operating cash flow decrease, resulting in an Exposure rank of 23
    • Delta' s Exposure scores vary widely across financial and operational metrics
    • Delta has a lower gas NTR than the Key Player average
    • Delta' s power supply volume is almost balanced by its generation output, leading to a power NTR rank of 11
    • Amongst Key Players Delta is the least leveraged, with a debt to equity ratio of 1.7%
    • On debt leverage, Delta ranks 1 among all Key Players
    • Delta' s operating cash flow has dropped sharply, despite a 34.3% growth in energy supply volume
  • Delta' s gas and power sales are focused in the Netherlands
    • Delta has a Key Player power customer market share of less than one percent
    • Delta has a Key Player gas customer market share of less than one percent
• APPENDIX
  • Databook
  • Definitions
  • 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: Delta scores 26.8/100 on Datamonitor' s European Utility Scorecard and ranks 26 out of the 31 Key Players covered
    • Table 7: Delta scores 9.5/25 on the Performance pillar, and ranks 21 out of 31 on this measurement
    • Table 8: Delta scores 0.5/25 on the Scale pillar, and ranks 30 out of 31 on this measurement
    • Table 9: Delta scores 8.6/25 on the Growth pillar, and ranks 19 out of 31 on this measurement
    • Table 10: Delta scores 8.2/25 on the Exposure pillar, and ranks 23 out of 31 on this measurement
    • Table 11: Delta' s low operating profit margin pulls its Performance ranking down to 21
    • Table 12: Delta is a smaller utility, ranking 30 on the Scale pillar
    • Table 13: Delta has grown well in energy metrics, but poorly in financial metrics, for a Growth pillar ranking of 19
    • Table 14: Delta is the least leveraged Key Player, yet has seen its operating cash flow decrease, resulting in an Exposure rank of 23
    • 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: Delta achieves an overall ranking of 26, with a utility score of 26.8
    • Figure 7: Only on Scale does Delta score significantly below the Key Player average
    • Figure 8: Delta scores below the Key Player average on Performance, yet with a slightly higher level of risk
    • Figure 9: Delta is one of the smallest Key Player utilities, yet scores above average in terms of Growth
    • Figure 10: Delta has a relatively strong return on its fixed assets, but significantly lags the average in operating profit margin
    • Figure 11: Delta beats the Key Player average on return on fixed assets
    • Figure 12: In return on investment, Delta outperforms the Key Player average and several top ten utilities
    • Figure 13: In Scale, Delta scores worse in net income and revenue metrics, ranking 29 and 30, respectively
    • Figure 14: In terms of generation capacity, Delta ranks 28 with 3.3 GW
    • Figure 15: Delta is a power-focused utility, with power supply volume 79% that of gas supply volume
    • Figure 16: Delta has approximately 0.1% of Key Player power customers
    • Figure 17: At 19 TWh, Delta ranks 23 in terms of power volume
    • Figure 18: Delta has a gas supply volume market share of 0.2%
    • Figure 19: Delta ranks 19 in terms of gas supply volume
    • Figure 20: Delta ranks 30 and 29 terms of revenue and net income, respectively
    • Figure 21: Delta' s growth in gas and power supply volume is in the top ten of all Key Players
    • Figure 22: As an unlisted Company, Delta does not have a price earnings ratio
    • Figure 23: From 2001 to 2005, on average Delta' s profits decreased -10.1% annually, even though its revenues grew 4.7% annually
    • Figure 24: From 2004-2005, Delta' s operating cash flow declined -45.8%, despite significant power and gas supply volume growth
    • Figure 25: Delta' s Exposure scores vary widely across financial and operational metrics
    • Figure 26: Delta has a lower gas NTR than the Key Player average
    • Figure 27: Delta' s power supply volume is almost balanced by its generation output, leading to a power NTR rank of 11
    • Figure 28: Amongst Key Players Delta is the least leveraged, with a debt to equity ratio of 1.7%
    • Figure 29: On debt leverage, Delta ranks 1 among all Key Players
    • Figure 30: Delta' s operating cash flow has dropped sharply, despite a 34.3% growth in energy supply volume
    • Figure 31: Delta has a Key Player power customer market share of less than one percent
    • Figure 32: Delta has a Key Player gas customer market share of less than one percent