欧州の主要ユーティリティ事業者のプロファイル: Dong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.

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: Dong
  • 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
  • Dong scores 47.2/100 on Datamonitor' s European Utility Scorecard and ranks 4 out of the 31 Key Players covered
    • Dong is top-ranked in both the Growth and Exposure pillars
    • Dong achieves an overall ranking of 4, with a utility score of 47.2
    • On the Scale pillar Dong scores significantly below average
    • Dong performs only slightly better than average, but with a very low level of risk
    • In terms of Scale, Dong underperforms the Key Player average, while it ranks highly in Growth
  • On return on sales and operating profit margin Dong ranks above average, lifting its overall Performance ranking to 14
    • Dong' s overall financial Performance score of 11.5 exceeds the Key Player average of 10.9
    • Dong is more profitable than the Key Player average and several top ten utility peers
    • Dong underperforms on the return on investment metric
  • Dong attains a rank of 25 on the Scale pillar, due to low scores in power volume and financial metrics
    • Dong scores below average on each Scale metric
    • In generation capacity Dong ranks 10, with 19 GW
    • Dong is a gas-focused utility, with supply volumes of 83 TWh compared to power supply volume of 16 TWh
    • Dong ranks in the bottom five Key Players in terms of power accounts, with a less than one percent Key Player market share
    • At 16 TWh, Dong ranks 24 in terms of power volume
    • Dong has a less than one percent share of Key Player gas customers
    • In gas supply volume Dong has a 0.3% EU25 market share
    • Dong ranks 28 and 23 in terms of revenue and net income, respectively
  • Dong' s top power supply volume growth contributes to a Growth rank of 1
    • Dong' s Growth ranking of 1 is due its top position in power supply growth
    • Dong is not a listed company, and so has no price earnings ratio
    • Between 2001 and 2005, Dong' s average annual profit growth (11.2%) outpaced growth in revenue (7.8%)
    • Dong turned around a € -154.8m operating cash flow in 2004 to € 27.6m in 2005
  • Dong scores highly in each Exposure metric, for an overall ranking of 1
    • Dong is top-ranked in two of the Exposure metrics
    • Dong has a surplus (long) power NTR of 218.4% and a negative (short) gas NTR of -90.6%
    • Dong is long in power because its generation output exceeds the company' s end user supply commitments
    • Dong has a debt to equity ratio of 43.8%
    • Dong ranks 10 of the 31 Key Players in terms of debt leverage
    • Dong' s energy supply volume has fallen, yet the company has turned around a negative operating cash flow
  • Dong principally operates in Denmark
    • Most of Dong' s generation capacity is based in Denmark
    • Dong ranks in the bottom five Key Players in terms of power accounts, with a less than one percent Key Player market share
    • Dong has a less than one percent share of Key Player gas customers
• 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: Dong scores 47.2/100 on Datamonitor' s European Utility Scorecard and ranks 4 out of the 31 Key Players covered
    • Table 7: Dong scores 11.5/25 on the Performance pillar, and ranks 14 out of 31 on this measurement
    • Table 8: Dong scores 1.1/25 on the Scale pillar, and ranks 25 out of 31 on this measurement
    • Table 9: Dong scores 15.6/25 on the Growth pillar, and ranks 1 out of 31 on this measurement
    • Table 10: Dong scores 18.9/25 on the Exposure pillar, and ranks 1 out of 31 on this measurement
    • Table 11: On return on sales and operating profit margin Dong ranks above average, lifting its overall Performance ranking to 14
    • Table 12: Dong attains a rank of 25 on the Scale pillar, due to low scores in power volume and financial metrics
    • Table 13: Dong' s top power supply volume growth contributes to a Growth rank of 1
    • Table 14: Dong scores highly in each Exposure metric, for an overall ranking of 1
    • 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: Dong achieves an overall ranking of 4, with a utility score of 47.2
    • Figure 7: On the Scale pillar Dong scores significantly below average
    • Figure 8: Dong performs only slightly better than average, but with a very low level of risk
    • Figure 9: In terms of Scale, Dong underperforms the Key Player average, while it ranks highly in Growth
    • Figure 10: Dong' s overall financial Performance score of 11.5 exceeds the Key Player average of 10.9
    • Figure 11: Dong is more profitable than the Key Player average and several top ten utility peers
    • Figure 12: Dong underperforms on the return on investment metric
    • Figure 13: Dong scores below average on each Scale metric
    • Figure 14: In generation capacity Dong ranks 10, with 19 GW
    • Figure 15: Dong is a gas-focused utility, with supply volumes of 83 TWh compared to power supply volume of 16 TWh
    • Figure 16: Dong ranks in the bottom five Key Players in terms of power accounts, with a less than one percent Key Player market share
    • Figure 17: At 16 TWh, Dong ranks 24 in terms of power volume
    • Figure 18: Dong has a less than one percent share of Key Player gas customers
    • Figure 19: In gas supply volume Dong has a 0.3% EU25 market share
    • Figure 20: Dong ranks 28 and 23 in terms of revenue and net income, respectively
    • Figure 21: Dong' s Growth ranking of 1 is due its top position in power supply growth
    • Figure 22: Dong is not a listed company, and so has no price earnings ratio
    • Figure 23: Between 2001 and 2005, Dong' s average annual profit growth (11.2%) outpaced growth in revenue (7.8%)
    • Figure 24: Dong turned around a € -154.8m operating cash flow in 2004 to € 27.6m in 2005
    • Figure 25: Dong is top-ranked in two of the Exposure metrics
    • Figure 26: Dong has a surplus (long) power NTR of 218.4% and a negative (short) gas NTR of -90.6%
    • Figure 27: Dong is long in power because its generation output exceeds the company' s end user supply commitments
    • Figure 28: Dong has a debt to equity ratio of 43.8%
    • Figure 29: Dong ranks 10 of the 31 Key Players in terms of debt leverage
    • Figure 30: Dong' s energy supply volume has fallen, yet the company has turned around a negative operating cash flow
    • Figure 31: Most of Dong' s generation capacity is based in Denmark
    • Figure 32: Dong ranks in the bottom five Key Players in terms of power accounts, with a less than one percent Key Player market share
    • Figure 33: Dong has a less than one percent share of Key Player gas customers