欧州の主要ユーティリティ事業者のプロファイル: Electrabel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: Electrabel
  • 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
  • Electrabel scores 39.4/100 on Datamonitor' s European Utility Scorecard and ranks 6 out of the 31 Key Players covered
    • In each of the four Scorecard pillars, Electrabel ranks above the Key Player average
    • Electrabel achieves an overall ranking of 6, with a utility score of 39.4
    • Electrabel scores significantly above the Key Player average on the Performance pillar
    • Electrabel' s Performance ranks amongst the best of all Key Players, with a slightly lower than average level of risk
    • In terms of Scale, Electrabel is slightly behind the Key Player average, while in Growth it is the median top ten utility
  • Electrabel has the highest return on fixed assets of all Key Players, with an overall Performance rank of 3
    • Electrabel' s overall financial Performance score of 15.2 exceeds the Key Player average of 10.9
    • Electrabel has an average operating profit margin, but top return on fixed assets
    • Electrabel lags most of its top ten utility peers on return on energy volume and return on investment
  • Electrabel ranks in the top half of utilities on each Scale metric, for an overall ranking of 10 on this pillar
    • In terms of Scale, Electrabel ranks 10
    • In generation capacity, Electrabel ranks 7 with 29 GW
    • Electrabel is more focused on power (132 TWh supply volume) than gas (73 TWh supply volume)
    • Electrabel has approximately three percent of Key Player power customers
    • At 132 TWh, Electrabel ranks 6 in terms of power volume
    • Electrabel has a 2.5% percent share of Key Player gas customers
    • In gas volume Electrabel has a 0.7% market share of the EU25
    • Electrabel ranks 13 and 10 in terms of revenue and net income, respectively
  • Despite very low revenue growth, Electrabel has an overall rank of 6 in the Growth pillar
    • Electrabel' s Growth ranking of 6 is constrained by its low revenue growth
    • Electrabel' s price earnings ratio and operating profit margin trail the Key Player average (15 and 21%, respectively)
    • Despite revenues declining on average by 0.6% each year between 2001 and 2005, Electrabel' s profits surged 18% annually
    • Electrabel saw strong cash flow (57.9%) and power volume growth (7.4%), while gas supply volume growth lagged at 5%
  • Electrabel' s high debt leverage and short gas NTR position leads to an Exposure ranking of 9
    • Electrabel beats the Key Player average in power NTR, but is tied for last place with its gas NTR
    • Electrabel has a short position in both power and gas NTR of -0.7% and -100% of its supply obligations, respectively
    • Electrabel is short on power as its generation capacity does not meet the company' s supply commitments
    • Electrabel has a higher than average debt to equity ratio of 129.2%
    • Electrabel ranks 22 of the 31 Key Players in terms of debt leverage
    • Electrabel' s operating cash flow has grown eight times faster than the company' s energy volume
  • The bulk of Electrabel' s operations are centred in Belgium
    • Gas is Electrabel' s main power generation fuel
    • Belgium is Electrabel' s main power market, yet the company has a presence across Europe
    • Electrabel owns generation capacity in three competitive arenas
    • Electrabel has approximately three percent of Key Player power customers
    • Electrabel has a 2.5% 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: Electrabel scores 39.4/100 on Datamonitor' s European Utility Scorecard and ranks 6 out of the 31 Key Players covered
    • Table 7: Electrabel scores 15.2/25 on the Performance pillar, and ranks 3 out of 31 on this measurement
    • Table 8: Electrabel scores 4.1/25 on the Scale pillar, and ranks 10 out of 31 on this measurement
    • Table 9: Electrabel scores 9.8/25 on the Growth pillar, and ranks 6 out of 31 on this measurement
    • Table 10: Electrabel scores 10.3/25 on the Exposure pillar, and ranks 9 out of 31 on this measurement
    • Table 11: Electrabel has the highest return on fixed assets of all Key Players, with an overall Performance rank of 3
    • Table 12: Electrabel ranks in the top half of utilities on each Scale metric, for an overall ranking of 10 on this pillar
    • Table 13: Despite very low revenue growth, Electrabel has an overall rank of 6 in the Growth pillar
    • Table 14: Electrabel' s high debt leverage and short gas NTR position leads to an Exposure ranking of 9
    • 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: Electrabel achieves an overall ranking of 6, with a utility score of 39.4
    • Figure 7: Electrabel scores significantly above the Key Player average on the Performance pillar
    • Figure 8: Electrabel' s Performance ranks amongst the best of all Key Players, with a slightly lower than average level of risk
    • Figure 9: In terms of Scale, Electrabel is slightly behind the Key Player average, while in Growth it is the median top ten utility
    • Figure 10: Electrabel' s overall financial Performance score of 15.2 exceeds the Key Player average of 10.9
    • Figure 11: Electrabel has an average operating profit margin, but top return on fixed assets
    • Figure 12: Electrabel lags most of its top ten utility peers on return on energy volume and return on investment
    • Figure 13: In terms of Scale, Electrabel ranks 10
    • Figure 14: In generation capacity, Electrabel ranks 7 with 29 GW
    • Figure 15: Electrabel is more focused on power (132 TWh supply volume) than gas (73 TWh supply volume)
    • Figure 16: Electrabel has approximately three percent of Key Player power customers
    • Figure 17: At 132 TWh, Electrabel ranks 6 in terms of power volume
    • Figure 18: Electrabel has a 2.5% percent share of Key Player gas customers
    • Figure 19: In gas volume Electrabel has a 0.7% market share of the EU25
    • Figure 20: Electrabel ranks 13 and 10 in terms of revenue and net income, respectively
    • Figure 21: Electrabel' s Growth ranking of 6 is constrained by its low revenue growth
    • Figure 22: Electrabel' s price earnings ratio and operating profit margin trail the Key Player average (15 and 21%, respectively)
    • Figure 23: Despite revenues declining on average by 0.6% each year between 2001 and 2005, Electrabel' s profits surged 18% annually
    • Figure 24: Electrabel saw strong cash flow (57.9%) and power volume growth (7.4%), while gas supply volume growth lagged at 5%
    • Figure 25: Electrabel beats the Key Player average in power NTR, but is tied for last place with its gas NTR
    • Figure 26: Electrabel has a short position in both power and gas NTR of -0.7% and -100% of its supply obligations, respectively
    • Figure 27: Electrabel is short on power as its generation capacity does not meet the company' s supply commitments
    • Figure 28: Electrabel has a higher than average debt to equity ratio of 129.2%
    • Figure 29: Electrabel ranks 22 of the 31 Key Players in terms of debt leverage
    • Figure 30: Electrabel' s operating cash flow has grown eight times faster than the company' s energy volume
    • Figure 31: Gas is Electrabel' s main power generation fuel
    • Figure 32: Belgium is Electrabel' s main power market, yet the company has a presence across Europe
    • Figure 33: Electrabel owns generation capacity in three competitive arenas
    • Figure 34: Electrabel has approximately three percent of Key Player power customers
    • Figure 35: Electrabel has a 2.5% percent share of Key Player gas customers