Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Bord Gais
- 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
- Bord Gais scores 24.3/100 on Datamonitor' s European Utility Scorecard
and ranks 28 out of the 31 Key Players covered
- Bord Gais' overall ranking is below the Key Player average
- Bord Gais achieves an overall ranking of 28, with a utility score of
24.3
- Bord Gais' low overall ranking is due to below average scores in each
of the four pillars
- Bord Gais is a below average performer with an above average level of
risk (below average Exposure score)
- On Scale and Growth, Bord Gais lags the Key Player average
- Bord Gais scores below average on all Performance metrics, with a
ranking of 26
- Bord Gais' overall Performance score is 8.2, below the Key Player
average of 10.9
- Bord Gais' operating profit margin of 19.2% is only slightly under the
Key Player average of 19.7%
- Bord Gais lags most of its peers in return on investment and energy
volume
- On the Scale pillar Bord Gais ranks last, at 31
- In the Scale pillar Bord Gais ranks 31
- Bord Gais has no generation capacity
- Unlike most top ten utilities, Bord Gais is fully focused on gas
- Bord Gais' share of the gas market is negligible, with approximately
one quarter percent of Key Player gas customers
- Bord Gais' EU25 gas supply volume market share is less than one percent
- Bord Gais ranks 31 and 30 in terms of revenue and net income,
respectively
- Bord Gais ranks 23 on the Growth pillar, in spite of above average
revenue growth
- Bord Gais' profit growth is well below average, resulting in an
overall Growth ranking of 23
- Bord Gais is not a listed company, and so has no price earnings ratio
- From 2001 to 2005, Bord Gais' annual revenue growth (8.5%) outpaced
its annual profit growth (1.4%)
- Bord Gais has experienced significant declines in operating cash flow
(-11%) and gas volume (-12.5%) from 2004 to 2005
- Bord Gais has an Exposure ranking of 26, due largely to the lack of any
power supply volume
- Bord Gais ranks well below average in its gas NTR
- Bord Gais is among the 15 Key Players with no equity gas
- Bord Gais has no equity gas, resulting in a -100% (short) gas NTR
position
- Compared to the top ten utilities, Bord Gais has a roughly median debt
to equity ratio of 58.9%
- Bord Gais ranks 12 in debt leverage amongst all Key Players
- At -11%, Bord Gais' operating cash flow has declined roughly in step
with its energy volume (-12.5%)
- Bord Gais' activities are focused on Ireland
- Bord Gais does not have a presence in the power market
- Bord Gais has less than one percent 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: Bord Gais scores 24.3/100 on Datamonitor' s European Utility
Scorecard and ranks 28 out of the 31 Key Players covered
- Table 7: Bord Gais scores 8.2/25 on the Performance pillar, and ranks
26 out of 31 on this measurement
- Table 8: Bord Gais scores 0.4/25 on the Scale pillar, and ranks 31 out
of 31 on this measurement
- Table 9: Bord Gais scores 7.9/25 on the Growth pillar, and ranks 23
out of 31 on this measurement
- Table 10: Bord Gais scores 7.8/25 on the Exposure pillar, and ranks 26
out of 31 on this measurement
- Table 11: Bord Gais scores below average on all Performance metrics,
with a ranking of 26
- Table 12: On the Scale pillar Bord Gais ranks last, at 31
- Table 13: Bord Gais ranks 23 on the Growth pillar, in spite of above
average revenue growth
- Table 14: Bord Gais has an Exposure ranking of 26, due largely to the
lack of any power supply volume
- 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: 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: Bord Gais achieves an overall ranking of 28, with a utility
score of 24.3
- Figure 7: Bord Gais' low overall ranking is due to below average
scores in each of the four pillars
- Figure 8: Bord Gais is a below average performer with an above average
level of risk (below average Exposure score)
- Figure 9: On Scale and Growth, Bord Gais lags the Key Player average
- Figure 10: Bord Gais' overall Performance score is 8.2, below the Key
Player average of 10.9
- Figure 11: Bord Gais' operating profit margin of 19.2% is only
slightly under the Key Player average of 19.7%
- Figure 12: Bord Gais lags most of its peers in return on investment
and energy volume
- Figure 13: In the Scale pillar Bord Gais ranks 31
- Figure 14: Bord Gais has no generation capacity
- Figure 15: Unlike most top ten utilities, Bord Gais is fully focused
on gas
- Figure 16: Bord Gais' share of the gas market is negligible, with
approximately one quarter percent of Key Player gas customers
- Figure 17: Bord Gais' EU25 gas supply volume market share is less than
one percent
- Figure 18: Bord Gais ranks 31 and 30 in terms of revenue and net
income, respectively
- Figure 19: Bord Gais' profit growth is well below average, resulting
in an overall Growth ranking of 23
- Figure 20: Bord Gais is not a listed company, and so has no price
earnings ratio
- Figure 21: From 2001 to 2005, Bord Gais' annual revenue growth (8.5%)
outpaced its annual profit growth (1.4%)
- Figure 22: Bord Gais has experienced significant declines in operating
cash flow (-11%) and gas volume (-12.5%) from 2004 to 2005
- Figure 23: Bord Gais ranks well below average in its gas NTR
- Figure 24: Bord Gais is among the 15 Key Players with no equity gas
- Figure 25: Bord Gais has no equity gas, resulting in a -100% (short)
gas NTR position
- Figure 26: Compared to the top ten utilities, Bord Gais has a roughly
median debt to equity ratio of 58.9%
- Figure 27: Bord Gais ranks 12 in debt leverage amongst all Key Players
- Figure 28: At -11%, Bord Gais' operating cash flow has declined
roughly in step with its energy volume (-12.5%)
- Figure 29: Bord Gais does not have a presence in the power market
- Figure 30: Bord Gais has less than one percent of Key Player gas
customers
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