Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: BKW
- Datamonitor' s 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
- BKW scores 30.3/100 on Datamonitor' s European Utility Scorecard and
ranks 18 out of the 31 Key Players covered
- BKW' s ranking varies widely across the four pillars
- BKW achieves an overall ranking of 18, with a utility score of 30.3
- BKW scores above average on the Performance and Exposure pillars
- BKW outperforms the Key Player average and several top ten utilities,
with a slightly lower than average level of risk
- BKW lags the Key Player average in both Scale and Growth
- BKW' s Performance ranking of 9 reflects its above average scores on each
metric
- BKW' s overall financial Performance score of 13.6 exceeds the Key
Player average of 10.9
- BKW exceeds the Key Player and several top ten utilities on key
Performance metrics
- BKW surpasses the Key Player average in return on energy volume and
return on investment
- As a small utility without a gas business, BKW ranks 29 on the Scale
metric
- On the Scale pillar BKW ranks 29
- In generation capacity, BKW ranks 27 with .55 GW
- BKW is focused solely on power, with a supply volume of 11 TWh
- BKW ranks in the lower half of Key Player power customer share, with
less than one percent
- At 11 TWh, BKW ranks 27 in terms of power volume
- BKW does not have a gas business
- BKW ranks 29 in both revenue and net income, respectively
- Below average growth on both financial and energy metrics give BKW a
ranking of 28 on that pillar
- BKW scores well below the average on pwer supply volume growth, yet
achieves a middle raning of 19 on this metric
- BKW price earnings ratio and operating profit margin are in line with
the Key Player average
- BKW saw average annual profit growth of 9.3% outpace revenue growth of
4.2% between 2001 and 2005
- BKW experienced slight increases in operating cash flow (0.9%) and
power volume (1.9%)
- BKW' s very low debt leverage boosts its Exposure ranking to 11
- BKW underperforms on three of the four Exposure pillar metrics
- BKW has a short power NTR of -18%
- BKW' s power supply volume obligations exceed its generation output,
leading to a short power NTR of 1,957 GW
- BKW' s is lightly leveraged, with a debt to equity ratio of 3.8%
- BKW ranks 3 of the 31 Key Players in terms of debt leverage
- BKW' s operating cash flow grew at half the rate (0.9%) of its energy
supply volume (1.9%)
- BKW power sales are focused on its Swiss home market
- Nuclear is BKW' s main generation source
- Switzerland is BKW' s most significant market for power
- BKW ranks in the lower half of Key Player power customer share, with
less than one percent
- 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: BKW scores 30.3/100 on Datamonitor' s European Utility
Scorecard and ranks 18 out of the 31 Key Players covered
- Table 7: BKW scores 13.6/25 on the Performance pillar, and ranks 9 out
of 31 on this measurement
- Table 8: BKW scores 0.5/25 on the Scale pillar, and ranks 29 out of 31
on this measurement
- Table 9: BKW scores 6.4/25 on the Growth pillar, and ranks 28 out of
31 on this measurement
- Table 10: BKW scores 9.9/25 on the Exposure pillar, and ranks 11 out
of 31 on this measurement
- Table 11: BKW' s Performance ranking of 9 reflects its above average
scores on each metric
- Table 12: As a small utility without a gas business, BKW ranks 29 on
the Scale metric
- Table 13: Below average growth on both financial and energy metrics
give BKW a ranking of 28 on that pillar
- Table 14: BKW' s very low debt leverage boosts its Exposure ranking to
11
- 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: BKW achieves an overall ranking of 18, with a utility score
of 30.3
- Figure 7: BKW scores above average on the Performance and Exposure
pillars
- Figure 8: BKW outperforms the Key Player average and several top ten
utilities, with a slightly lower than average level of risk
- Figure 9: BKW lags the Key Player average in both Scale and Growth
- Figure 10: BKW' s overall financial Performance score of 13.6 exceeds
the Key Player average of 10.9
- Figure 11: BKW exceeds the Key Player and several top ten utilities on
key Performance metrics
- Figure 12: BKW surpasses the Key Player average in return on energy
volume and return on investment
- Figure 13: On the Scale pillar BKW ranks 29
- Figure 14: In generation capacity, BKW ranks 27 with .55 GW
- Figure 15: BKW is focused solely on power, with a supply volume of 11
TWh
- Figure 16: BKW ranks in the lower half of Key Player power customer
share, with less than one percent
- Figure 17: At 11 TWh, BKW ranks 27 in terms of power volume
- Figure 18: BKW does not have a gas business
- Figure 19: BKW ranks 29 in both revenue and net income, respectively
- Figure 20: BKW scores well below the average on pwer supply volume
growth, yet achieves a middle raning of 19 on this metric
- Figure 21: BKW price earnings ratio and operating profit margin are in
line with the Key Player average
- Figure 22: BKW saw average annual profit growth of 9.3% outpace
revenue growth of 4.2% between 2001 and 2005
- Figure 23: BKW experienced slight increases in operating cash flow
(0.9%) and power volume (1.9%)
- Figure 24: BKW underperforms on three of the four Exposure pillar
metrics
- Figure 25: BKW has a short power NTR of -18%
- Figure 26: BKW' s power supply volume obligations exceed its generation
output, leading to a short power NTR of 1,957 GW
- Figure 27: BKW' s is lightly leveraged, with a debt to equity ratio of
3.8%
- Figure 28: BKW ranks 3 of the 31 Key Players in terms of debt leverage
- Figure 29: BKW' s operating cash flow grew at half the rate (0.9%) of
its energy supply volume (1.9%)
- Figure 30: Nuclear is BKW' s main generation source
- Figure 31: Switzerland is BKW' s most significant market for power
- Figure 32: BKW ranks in the lower half of Key Player power customer
share, with less than one percent
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