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: Enbw
- 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
- Enbw scores 22.6/100 on Datamonitor' s European Utility Scorecard and
ranks 29 out of the 31 Key Players covered
- Enbw trails the Key Player average on each Scorecard pillar
- Enbw achieves an overall ranking of 29, with a utility score of 22.6
- Enbw comes close to the Key Payer average on the Growth pillar, yet lags at the bottom of the Exposure pillar
- Enbw sits below the Key Player average on Performance, yet the company has a higher than average level of risk
- Enbw has a Growth score consistent with many top ten utilities, yet lags on Scale
- Enbw scores below average on each Performance metric, resulting in
ranking of 27 on this pillar
- Enbw' s overall financial Performance score of 7.6 lags the Key Player average of 10.9
- Enbw has an average operating profit margin, yet underperforms on return on sales and fixed assets
- Enbw underperforms the Key Player average in both return on investment and return on energy volume
- Enbw ranks in the top half of utilities on energy metrics, yet in the
bottom half on financial metrics, for an overall Scale ranking of 17
- In terms of Scale Enbw ranks 17
- In generation capacity, Enbw ranks 12, with 14 GW
- Enbw is a well integrated utility with nearly equal gas and power supply volume (89 TWh and 72 TWh respectively)
- Enbw has a less than one percent share of Key Player power customers
- At 72 TWh, Enbw ranks 9 in terms of power supply volume
- Enbw has a less than one percent share of Key Player gas customers
- In gas supply volume Enbw has a 0.8% EU25 market share
- Enbw ranks 15 and 20 in terms of revenue and net income respectively
- With low growth in operating cash flow and power volume, Enbw ranks 18
in Growth
- Enbw' s operating cash flows and power supply volumes have declined, resulting in a Growth ranking of 18
- Enbw has a below average operating profit margin, yet an above average price earnings ratio
- From 2001 to 2005, Enbw' s annual profit growth (17.1%) outpaced its revenue growth of 6.5%
- Enbw' s operating cash flow and power supply volume have declined by 14% and 28.8%, respectively
- Enbw has the highest debt leverage of all Key Players, contributing to a
bottom Exposure ranking of 31
- Enbw has a positive power NTR, but remains fully exposed in its gas NTR
- Enbw' s power supply volume of 71 TWh is surpassed by generation output of 73 TWh, resulting in a long power NTR
- Enbw is long by 2.6% on power, but has a 100% short gas NTR position
- Enbw is highly leveraged, with a debt to equity ratio of 645.7%
- Enbw ranks 31 of the 31 Key Players in terms of debt leverage
- Enbw has experienced a decline in both operating cash flow and energy volume growth
- Enbw operates principally in the NWE competitive arena, with Germany is
its largest single market
- Enbw has a diverse generation capacity mix of nuclear, thermal and hydro power
- Enbw' s generation capacity is located exclusively in the NWE competitive arena
- Enbw has a less than one percent market share of Key Player power customers
- Enbw has less than a one percent share of Key Player gas customers
- APPENDIX
- Databook
- 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: Enbw scores 22.6/100 on Datamonitor' s European Utility Scorecard and ranks 29 out of the 31 Key Players covered
- Table 7: Enbw scores 7.6/25 on the Performance pillar, and ranks 27 out of 31 on this measurement
- Table 8: Enbw scores 2.3/25 on the Scale pillar, and ranks 17 out of 31 on this measurement
- Table 9: Enbw scores 8.6/25 on the Growth pillar, and ranks 18 out of 31 on this measurement
- Table 10: Enbw scores 4/25 on the Exposure pillar, and ranks 31 out of 31 on this measurement
- Table 11: Enbw scores below average on each Performance metric, resulting in ranking of 27 on this pillar
- Table 12: Enbw ranks in the top half of utilities on energy metrics, yet in the bottom half on financial metrics, for an overall Scale ranking of 17
- Table 13: With low growth in operating cash flow and power volume, Enbw ranks 18 in Growth
- Table 14: Enbw has the highest debt leverage of all Key Players, contributing to a bottom Exposure ranking of 31
- 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: Enbw achieves an overall ranking of 29, with a utility score of 22.6
- Figure 7: Enbw comes close to the Key Payer average on the Growth pillar, yet lags at the bottom of the Exposure pillar
- Figure 8: Enbw sits below the Key Player average on Performance, yet the company has a higher than average level of risk
- Figure 9: Enbw has a Growth score consistent with many top ten utilities, yet lags on Scale
- Figure 10: Enbw' s overall financial Performance score of 7.6 lags the Key Player average of 10.9
- Figure 11: Enbw has an average operating profit margin, yet underperforms on return on sales and fixed assets
- Figure 12: Enbw underperforms the Key Player average in both return on investment and return on energy volume
- Figure 13: In terms of Scale Enbw ranks 17
- Figure 14: In generation capacity, Enbw ranks 12, with 14 GW
- Figure 15: Enbw is a well integrated utility with nearly equal gas and power supply volume (89 TWh and 72 TWh respectively)
- Figure 16: Enbw has a less than one percent share of Key Player power customers
- Figure 17: At 72 TWh, Enbw ranks 9 in terms of power supply volume
- Figure 18: Enbw has a less than one percent share of Key Player gas customers
- Figure 19: In gas supply volume Enbw has a 0.8% EU25 market share
- Figure 20: Enbw ranks 15 and 20 in terms of revenue and net income respectively
- Figure 21: Enbw' s operating cash flows and power supply volumes have declined, resulting in a Growth ranking of 18
- Figure 22: Enbw has a below average operating profit margin, yet an above average price earnings ratio
- Figure 23: From 2001 to 2005, Enbw' s annual profit growth (17.1%) outpaced its revenue growth of 6.5%
- Figure 24: Enbw' s operating cash flow and power supply volume have declined by 14% and 28.8%, respectively
- Figure 25: Enbw has a positive power NTR, but remains fully exposed in its gas NTR
- Figure 26: Enbw' s power supply volume of 71 TWh is surpassed by generation output of 73 TWh, resulting in a long power NTR
- Figure 27: Enbw is long by 2.6% on power, but has a 100% short gas NTR position
- Figure 28: Enbw is highly leveraged, with a debt to equity ratio of 645.7%
- Figure 29: Enbw ranks 31 of the 31 Key Players in terms of debt leverage
- Figure 30: Enbw has experienced a decline in both operating cash flow and energy volume growth
- Figure 31: Enbw has a diverse generation capacity mix of nuclear, thermal and hydro power
- Figure 32: Enbw' s generation capacity is located exclusively in the NWE competitive arena
- Figure 33: Enbw has a less than one percent market share of Key Player power customers
- Figure 34: Enbw has less than a one percent share of Key Player gas customers
