欧州の主要ユーティリティ事業者のプロファイル: EDF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: EDF
  • 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
  • EDF scores 38.2/100 on Datamonitor' s European Utility Scorecard and ranks 7 out of the 31 Key Players covered
    • EDF' s ranking varies widely across the four pillars
    • EDF achieves an overall ranking of 7, with a utility score of 38.2
    • EDF' s high overall ranking is driven by significantly higher than average Scale and Growth scores
    • EDF underperforms its Key Player peers in Performance, yet has higher levels of risk (a lower Exposure score)
    • EDF outperforms its Key Player peers on both Growth and Scale pillars
  • EDF falls below average on the Performance pillar, attaining a ranking of 29
    • EDF' s overall financial Performance lags the Key Player average, with a score of 7.3
    • EDF lags the Key Player average in both operating profit margin (15.8%) as well as its return on energy volume (0.5%)
    • In both return on investment and return on fixed assets, EDF ranks towards the bottom of the Key Player range
  • In terms of Scale, EDF has the largest Key Player power business, leading to a ranking of 4
    • EDF exceeds Key Player averages on Scale metrics, except for gas supply volume
    • In terms of generation capacity EDF ranks 1 with 136 GW
    • EDF' s power supply volume is four times its gas volume
    • EDF has a 17% share of Key Player power customers
  • At 543 TWh, EDF ranks 1 in terms of power volume
    • EDF has a 1.6% share of Key Player gas customers
    • EDF ranks 9 in terms of gas volume, with 139 GWh
    • EDF ranks 3 and 6 in terms of revenue and net income respectively
  • EDF nearly tops the Key Player Growth ranking, led by strong increases in profit and gas volume
    • EDF' s profit and gas supply volume growth metrics are well above average
    • EDF' s price earnings ratio is in the Key Player top 5, despite lower than average operating profit margins
    • From 2001 to 2005 EDF' s annual profit growth (31%) far exceeded its revenue growth (4.6%)
    • EDF' s growth in cash flow (5.8%) lags gas (123.9%) and power (16.1%) volume growth from 2004 to 2005
  • EDF' s high gas net trade requirement and debt leverage give it an Exposure ranking of 30
    • EDF' s Exposure scores vary widely across the four metrics
    • EDF' s gas NTR as a proportion of its gas supply obligations is higher than the Key Player average
    • EDF' s generation output exceeds its power volume by 13.8%, leading to a positive net trade requirement of 74 TWh
    • With a debt to equity ratio of 550%, EDF is the third most leveraged Key Player
    • EDF carries the highest long term debt of all Key Players, with €110,822m
    • EDF' s growth in operating cash flow has lagged behind its growth in energy volume by -22.9%
  • EDF operations are concentrated in France: 73% of its generation capacity and 75% of its power volume
    • Nuclear contributes the bulk of EDF' s 136 GW of power generation capacity
    • EDF power sales are concentrated in the North West Europe competitive arena
    • EDF sells gas in four countries
    • EDF owns significant power capacity in eight countries
    • EDF ranks first in terms of the number of power customers
    • EDF ranks 12th amongst Key Players in terms of the number of 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: EDF scores 38.2/100 on Datamonitor' s European Utility Scorecard and ranks 7 out of the 31 Key Players covered
    • Table 7: EDF scores 7.3/25 on the Performance pillar, and ranks 29 out of 31 on this measurement
    • Table 8: EDF scores 13.1/25 on the Scale pillar, and ranks 4 out of 31 on this measurement
    • Table 9: EDF scores 13.2/25 on the Growth pillar, and ranks 2 out of 31 on this measurement
    • Table 10: EDF scores 4.6/25 on the Exposure pillar, and ranks 30 out of 31 on this measurement
    • Table 11: EDF falls below average on the Performance pillar, attaining a ranking of 29
    • Table 12: In terms of Scale, EDF has the largest Key Player power business, leading to a ranking of 4
    • Table 13: EDF nearly tops the Key Player Growth ranking, led by strong increases in profit and gas volume
    • Table 14: EDF' s high gas net trade requirement and debt leverage give it an Exposure ranking of 30
    • 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: EDF achieves an overall ranking of 7, with a utility score of 38.2
    • Figure 7: EDF' s high overall ranking is driven by significantly higher than average Scale and Growth scores
    • Figure 8: EDF underperforms its Key Player peers in Performance, yet has higher levels of risk (a lower Exposure score)
    • Figure 9: EDF outperforms its Key Player peers on both Growth and Scale pillars
    • Figure 10: EDF' s overall financial Performance lags the Key Player average, with a score of 7.3
    • Figure 11: EDF lags the Key Player average in both operating profit margin (15.8%) as well as its return on energy volume (0.5%)
    • Figure 12: In both return on investment and return on fixed assets, EDF ranks towards the bottom of the Key Player range
    • Figure 13: EDF exceeds Key Player averages on Scale metrics, except for gas supply volume
    • Figure 14: In terms of generation capacity EDF ranks 1 with 136 GW
    • Figure 15: EDF' s power supply volume is four times its gas volume
    • Figure 16: EDF has a 17% share of Key Player power customers
    • Figure 17: At 543 TWh, EDF ranks 1 in terms of power volume
    • Figure 18: EDF has a 1.6% share of Key Player gas customers
    • Figure 19: EDF ranks 9 in terms of gas volume, with 139 GWh
    • Figure 20: EDF ranks 3 and 6 in terms of revenue and net income respectively
    • Figure 21: EDF' s profit and gas supply volume growth metrics are well above average
    • Figure 22: EDF' s price earnings ratio is in the Key Player top 5, despite lower than average operating profit margins
    • Figure 23: From 2001 to 2005 EDF' s annual profit growth (31%) far exceeded its revenue growth (4.6%)
    • Figure 24: EDF' s growth in cash flow (5.8%) lags gas (123.9%) and power (16.1%) volume growth from 2004 to 2005
    • Figure 25: EDF' s Exposure scores vary widely across the four metrics
    • Figure 26: EDF' s gas NTR as a proportion of its gas supply obligations is higher than the Key Player average
    • Figure 27: EDF' s generation output exceeds its power volume by 13.8%, leading to a positive net trade requirement of 74 TWh
    • Figure 28: With a debt to equity ratio of 550%, EDF is the third most leveraged Key Player
    • Figure 29: EDF carries the highest long term debt of all Key Players, with €110,822m
    • Figure 30: EDF' s growth in operating cash flow has lagged behind its growth in energy volume by -22.9%
    • Figure 31: Nuclear contributes the bulk of EDF' s 136 GW of power generation capacity
    • Figure 32: EDF power sales are concentrated in the North West Europe competitive arena
    • Figure 33: EDF sells gas in four countries
    • Figure 34: EDF owns significant power capacity in eight countries
    • Figure 35: EDF ranks first in terms of the number of power customers
    • Figure 36: EDF ranks 12th amongst Key Players in terms of the number of gas customers