Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: EDP
- 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
- EDP scores 29.3/100 on Datamonitor' s European Utility Scorecard and
ranks 19 out of the 31 Key Players covered
- EDP' s ranking varies widely across the four pillars
- EDP achieves an overall ranking of 19, with a utility score of 29.3
- EDP has a high level of financial Performance matched with a lower
than average level of risk
- Compared to the Key Player average and the top ten utilities, EDP lags
in both Scale and Growth
- EDP is a top Key Player on return on energy volume, contributing to an
overall Performance ranking of 18
- EDP has exactly the Key Player average level of profitability (return
on sales)
- EDP scores just below the Key Player average on operating profit, yet
ranks 21 on that measure
- EDP underperforms in return on investment, yet has a top Key Player
return on energy volume score
- Below average gas supply volume lowers EDP' s overall Scale ranking to 16
- EDP scores below average on most Scale metrics, yet ranks above
average (13) on generation capacity
- EDP is an integrated utility, although power volume exceeds gas
volumes by a 3 to 1 margin
- EDP has a 3.5% share of Key Player power customers
- At 70 TWh, EDP ranks 11 in terms of power supply volume
- EDP' s share of the gas market is negligible, with one percent of Key
Player gas customers
- EDP' s EU25 gas supply volume market share is less than one percent
- EDP ranks 17 in revenue and 16 in net income, respectively
- Despite high revenue growth, EDP' s overall Growth rank of 15 is pulled
down by declining power and gas supply volumes
- EDP has seen a steep drop in its gas supply volume, while power volume
growth was brisk
- EDP saw average annual profit growth of 18.9% surpass revenue growth
of 11.4%, from 2001 and 2005
- From 2004-2005, EDP' s energy supply volume grew sharply (18.4%), yet
operating cash flow held steady at -0.7%
- EDP' s low power NTR contributes to an Exposure ranking of 25
- EDP' s scores vary widely across the four Exposure metrics
- EDP' s generation output exceeds its end user supply obligations,
resulting in a long power NTR of 34633.6 GW
- EDP' s is heavily leveraged, with a debt to equity ratio of 140.7%
- EDP ranks 24 of the 31 Key Players in terms of debt leverage
- From 2004-2005, EDP' s energy volume fell 9.3%, yet operating cash flow
marginally declined at -0.7%
- EDP operates in the Wmed competitive arena
- Hydro is EDP' s main generation source
- EDP' s generation capacity is located mostly in Portugal
- EDP has a 3.5% share of Key Player power customers
- EDP' s gas customers, all located in Spain, represent a very small
portion of the Key Player total
- APPENDIX
- Databook
- Definitions
- Definitions
- Datamonitor Consulting
- 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: EDP scores 29.3/100 on Datamonitor' s European Utility
Scorecard and ranks 19 out of the 31 Key Players covered
- Table 7: EDP scores 10.2/25 on the Performance pillar, and ranks 18
out of 31 on this measurement
- Table 8: EDP scores 2.4/25 on the Scale pillar, and ranks 16 out of 31
on this measurement
- Table 9: EDP scores 8.8/25 on the Growth pillar, and ranks 15 out of
31 on this measurement
- Table 10: EDP scores 7.9/25 on the Exposure pillar, and ranks 25 out
of 31 on this measurement
- Table 11: EDP is a top Key Player on return on energy volume,
contributing to an overall Performance ranking of 18
- Table 12: Below average gas supply volume lowers EDP' s overall Scale
ranking to 16
- Table 13: Despite high revenue growth, EDP' s overall Growth rank of 15
is pulled down by declining power and gas supply volumes
- Table 14: EDP' s low power NTR contributes to an Exposure ranking of 25
- 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: EDP achieves an overall ranking of 19, with a utility score
of 29.3
- Figure 7: EDP exceeds Key Player average scores in the Performance and
Exposure pillars
- Figure 8: EDP has a high level of financial Performance matched with a
lower than average level of risk
- Figure 9: Compared to the Key Player average and the top ten
utilities, EDP lags in both Scale and Growth
- Figure 10: EDP has exactly the Key Player average level of
profitability (return on sales)
- Figure 11: EDP scores just below the Key Player average on operating
profit, yet ranks 21 on that measure
- Figure 12: EDP underperforms in return on investment, yet has a top
Key Player return on energy volume score
- Figure 13: EDP scores below average on most Scale metrics, yet ranks
above average (13) on generation capacity
- Figure 14: In generation capacity EDP ranks 13, with 12 GW
- Figure 15: EDP is an integrated utility, although power volume exceeds
gas volumes by a 3 to 1 margin
- Figure 16: EDP has a 3.5% share of Key Player power customers
- Figure 17: At 70 TWh, EDP ranks 11 in terms of power supply volume
- Figure 18: EDP' s share of the gas market is negligible, with one
percent of Key Player gas customers
- Figure 19: EDP' s EU25 gas supply volume market share is less than one
percent
- Figure 20: EDP ranks 17 in revenue and 16 in net income, respectively
- Figure 21: EDP has seen a steep drop in its gas supply volume, while
power volume growth was brisk
- Figure 22: EDP' s price earnings ratio and operating profit margin are
below the Key Player averages of 15 and 21%, respectively
- Figure 23: EDP saw average annual profit growth of 18.9% surpass
revenue growth of 11.4%, from 2001 and 2005
- Figure 24: From 2004-2005, EDP' s energy supply volume grew sharply
(18.4%), yet operating cash flow held steady at -0.7%
- Figure 25: EDP' s scores vary widely across the four Exposure metrics
- Figure 26: EDP is long on power, with an NTR of -40.5%
- Figure 27: EDP' s generation output exceeds its end user supply
obligations, resulting in a long power NTR of 34633.6 GW
- Figure 28: EDP' s is heavily leveraged, with a debt to equity ratio of
140.7%
- Figure 29: EDP ranks 24 of the 31 Key Players in terms of debt leverage
- Figure 30: From 2004-2005, EDP' s energy volume fell 9.3%, yet
operating cash flow marginally declined at -0.7%
- Figure 31: Hydro is EDP' s main generation source
- Figure 32: EDP' s generation capacity is located mostly in Portugal
- Figure 33: EDP has a 3.5% share of Key Player power customers
- Figure 34: EDP' s gas customers, all located in Spain, represent a very
small portion of the Key Player total
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