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
