Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: CEZ
- 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
- CEZ scores 34.4/100 on Datamonitor' s European Utility Scorecard and
ranks 13 out of the 31 Key Players covered
- CEZ ranks above average on three of the four Scorecard pillars
- CEZ achieves an overall ranking of 13, with a utility score of 34.4
- Only on the Scale pillar does CEZ score well below the Key Player
average
- CEZ outperforms many top ten utilities, yet with an average level of
risk
- CEZ outperforms the Key Player average on Growth, but lags on Scale
- CEZ has the highest Key Player operating profit margin, lifting its
overall Performance ranking to 6
- But for return on fixed assets, CEZ ranks above average on each
Performance metric
- CEZ is more profitable than many top ten utilities
- CEZ has a return on investment higher than the Key Player average and
several top ten utilities
- CEZ slightly underperforms the Key Player average in Scale, with a
ranking of 19
- The absence of a gas business and relatively low revenue pull CEZ' s
Scale ranking below average
- In generation capacity, CEZ ranks 11 with 14 GW
- CEZ is a power-focused utility, with supply volume of 70 TWh
- CEZ has approximately 5.4% of Key Player power customers
- CEZ ranks 10 in terms of Key Player power supply volume
- CEZ is not active in the gas market
- CEZ is not active in the gas market
- CEZ ranks 25 and 19 in terms of revenue and net income, respectively
- CEZ' s Growth ranking of 17 reflects above average scores on each metric
- CEZ tops the Key Players in terms of revenue growth
- CEZ' s price earnings ratio is well above the Key Player average of 15,
yet the company posts a leading operating profit margin
- From 2001 to 2005, CEZ' s average annual profit growth (22.8%) slightly
exceeded its revenue growth (20.6%)
- From 2004 to 2005, CEZ experienced robust growth in both power supply
volume (64.8%) and operating cash flow 28.6%
- CEZ' s low debt leverage lifts its Exposure ranking to 15
- CEZ ranks above the Key Player average on power NTR and debt leverage
- With no gas business, CEZ only has exposure to power supply obligations
- CEZ' s power NTR of -10.5%, results in a ranking of 15
- CEZ has less debt leverage and a higher operating profit margin than
all top ten utilities
- CEZ has a debt to equity ratio of 19.6%, and a ranking of 6 on this
metric
- CEZ' s power supply volume has grown at over twice the rate of
operating cash flow
- Though focused on its Czech home market, CEZ has operations in the EUCC
- Coal dominates CEZ' s power generation capacity
- CEZ' s power sales are concentrated in the Czech republic
- CEZ owns generation capacity in three countries
- CEZ has a 5.4% share of Key Player power 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: CEZ scores 34.4/100 on Datamonitor' s European Utility
Scorecard and ranks 13 out of the 31 Key Players covered
- Table 7: CEZ scores 14.9/25 on the Performance pillar, and ranks 6 out
of 31 on this measurement
- Table 8: CEZ scores 1.8/25 on the Scale pillar, and ranks 19 out of 31
on this measurement
- Table 9: CEZ scores 8.8/25 on the Growth pillar, and ranks 17 out of
31 on this measurement
- Table 10: CEZ scores 9/25 on the Exposure pillar, and ranks 15 out of
31 on this measurement
- Table 11: CEZ has the highest Key Player operating profit margin,
lifting its overall Performance ranking to 6
- Table 12: CEZ slightly underperforms the Key Player average in Scale,
with a ranking of 19
- Table 13: CEZ' s Growth ranking of 17 reflects above average scores on
each metric
- Table 14: CEZ' s low debt leverage lifts its Exposure ranking to 15
- 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: CEZ achieves an overall ranking of 13, with a utility score
of 34.4
- Figure 7: Only on the Scale pillar does CEZ score well below the Key
Player average
- Figure 8: CEZ outperforms many top ten utilities, yet with an average
level of risk
- Figure 9: CEZ outperforms the Key Player average on Growth, but lags
on Scale
- Figure 10: But for return on fixed assets, CEZ ranks above average on
each Performance metric
- Figure 11: CEZ is more profitable than many top ten utilities
- Figure 12: CEZ has a return on investment higher than the Key Player
average and several top ten utilities
- Figure 13: The absence of a gas business and relatively low revenue
pull CEZ' s Scale ranking below average
- Figure 14: In generation capacity, CEZ ranks 11 with 14 GW
- Figure 15: CEZ is a power-focused utility, with supply volume of 70 TWh
- Figure 16: CEZ has approximately 5.4% of Key Player power customers
- Figure 17: CEZ ranks 10 in terms of Key Player power supply volume
- Figure 18: CEZ is not active in the gas market
- Figure 19: CEZ is not active in the gas market
- Figure 20: CEZ ranks 25 and 19 in terms of revenue and net income,
respectively
- Figure 21: CEZ tops the Key Players in terms of revenue growth
- Figure 22: CEZ' s price earnings ratio is well above the Key Player
average of 15, yet the company posts a leading operating profit margin
- Figure 23: From 2001 to 2005, CEZ' s average annual profit growth
(22.8%) slightly exceeded its revenue growth (20.6%)
- Figure 24: From 2004 to 2005, CEZ experienced robust growth in both
power supply volume (64.8%) and operating cash flow 28.6%
- Figure 25: CEZ ranks above the Key Player average on power NTR and
debt leverage
- Figure 26: With no gas business, CEZ only has exposure to power supply
obligations
- Figure 27: CEZ' s power NTR of -10.5%, results in a ranking of 15
- Figure 28: CEZ has less debt leverage and a higher operating profit
margin than all top ten utilities
- Figure 29: CEZ has a debt to equity ratio of 19.6%, and a ranking of 6
on this metric
- Figure 30: CEZ' s power supply volume has grown at over twice the rate
of operating cash flow
- Figure 31: Coal dominates CEZ' s power generation capacity
- Figure 32: CEZ' s power sales are concentrated in the Czech republic
- Figure 33: CEZ owns generation capacity in three countries
- Figure 34: CEZ has a 5.4% share of Key Player power customers
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