Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Dong
- 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
- Dong scores 47.2/100 on Datamonitor' s European Utility Scorecard and
ranks 4 out of the 31 Key Players covered
- Dong is top-ranked in both the Growth and Exposure pillars
- Dong achieves an overall ranking of 4, with a utility score of 47.2
- On the Scale pillar Dong scores significantly below average
- Dong performs only slightly better than average, but with a very low
level of risk
- In terms of Scale, Dong underperforms the Key Player average, while it
ranks highly in Growth
- On return on sales and operating profit margin Dong ranks above average,
lifting its overall Performance ranking to 14
- Dong' s overall financial Performance score of 11.5 exceeds the Key
Player average of 10.9
- Dong is more profitable than the Key Player average and several top
ten utility peers
- Dong underperforms on the return on investment metric
- Dong attains a rank of 25 on the Scale pillar, due to low scores in
power volume and financial metrics
- Dong scores below average on each Scale metric
- In generation capacity Dong ranks 10, with 19 GW
- Dong is a gas-focused utility, with supply volumes of 83 TWh compared
to power supply volume of 16 TWh
- Dong ranks in the bottom five Key Players in terms of power accounts,
with a less than one percent Key Player market share
- At 16 TWh, Dong ranks 24 in terms of power volume
- Dong has a less than one percent share of Key Player gas customers
- In gas supply volume Dong has a 0.3% EU25 market share
- Dong ranks 28 and 23 in terms of revenue and net income, respectively
- Dong' s top power supply volume growth contributes to a Growth rank of 1
- Dong' s Growth ranking of 1 is due its top position in power supply
growth
- Dong is not a listed company, and so has no price earnings ratio
- Between 2001 and 2005, Dong' s average annual profit growth (11.2%)
outpaced growth in revenue (7.8%)
- Dong turned around a € -154.8m operating cash flow in 2004 to € 27.6m
in 2005
- Dong scores highly in each Exposure metric, for an overall ranking of 1
- Dong is top-ranked in two of the Exposure metrics
- Dong has a surplus (long) power NTR of 218.4% and a negative (short)
gas NTR of -90.6%
- Dong is long in power because its generation output exceeds the
company' s end user supply commitments
- Dong has a debt to equity ratio of 43.8%
- Dong ranks 10 of the 31 Key Players in terms of debt leverage
- Dong' s energy supply volume has fallen, yet the company has turned
around a negative operating cash flow
- Dong principally operates in Denmark
- Most of Dong' s generation capacity is based in Denmark
- Dong ranks in the bottom five Key Players in terms of power accounts,
with a less than one percent Key Player market share
- Dong has a less than one percent share of Key Player gas customers
- APPENDIX
- Databook
- Definitions
- 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: Dong scores 47.2/100 on Datamonitor' s European Utility
Scorecard and ranks 4 out of the 31 Key Players covered
- Table 7: Dong scores 11.5/25 on the Performance pillar, and ranks 14
out of 31 on this measurement
- Table 8: Dong scores 1.1/25 on the Scale pillar, and ranks 25 out of
31 on this measurement
- Table 9: Dong scores 15.6/25 on the Growth pillar, and ranks 1 out of
31 on this measurement
- Table 10: Dong scores 18.9/25 on the Exposure pillar, and ranks 1 out
of 31 on this measurement
- Table 11: On return on sales and operating profit margin Dong ranks
above average, lifting its overall Performance ranking to 14
- Table 12: Dong attains a rank of 25 on the Scale pillar, due to low
scores in power volume and financial metrics
- Table 13: Dong' s top power supply volume growth contributes to a
Growth rank of 1
- Table 14: Dong scores highly in each Exposure metric, for an overall
ranking of 1
- 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: Dong achieves an overall ranking of 4, with a utility score
of 47.2
- Figure 7: On the Scale pillar Dong scores significantly below average
- Figure 8: Dong performs only slightly better than average, but with a
very low level of risk
- Figure 9: In terms of Scale, Dong underperforms the Key Player
average, while it ranks highly in Growth
- Figure 10: Dong' s overall financial Performance score of 11.5 exceeds
the Key Player average of 10.9
- Figure 11: Dong is more profitable than the Key Player average and
several top ten utility peers
- Figure 12: Dong underperforms on the return on investment metric
- Figure 13: Dong scores below average on each Scale metric
- Figure 14: In generation capacity Dong ranks 10, with 19 GW
- Figure 15: Dong is a gas-focused utility, with supply volumes of 83
TWh compared to power supply volume of 16 TWh
- Figure 16: Dong ranks in the bottom five Key Players in terms of power
accounts, with a less than one percent Key Player market share
- Figure 17: At 16 TWh, Dong ranks 24 in terms of power volume
- Figure 18: Dong has a less than one percent share of Key Player gas
customers
- Figure 19: In gas supply volume Dong has a 0.3% EU25 market share
- Figure 20: Dong ranks 28 and 23 in terms of revenue and net income,
respectively
- Figure 21: Dong' s Growth ranking of 1 is due its top position in power
supply growth
- Figure 22: Dong is not a listed company, and so has no price earnings
ratio
- Figure 23: Between 2001 and 2005, Dong' s average annual profit growth
(11.2%) outpaced growth in revenue (7.8%)
- Figure 24: Dong turned around a € -154.8m operating cash flow in 2004
to € 27.6m in 2005
- Figure 25: Dong is top-ranked in two of the Exposure metrics
- Figure 26: Dong has a surplus (long) power NTR of 218.4% and a
negative (short) gas NTR of -90.6%
- Figure 27: Dong is long in power because its generation output exceeds
the company' s end user supply commitments
- Figure 28: Dong has a debt to equity ratio of 43.8%
- Figure 29: Dong ranks 10 of the 31 Key Players in terms of debt
leverage
- Figure 30: Dong' s energy supply volume has fallen, yet the company has
turned around a negative operating cash flow
- Figure 31: Most of Dong' s generation capacity is based in Denmark
- Figure 32: Dong ranks in the bottom five Key Players in terms of power
accounts, with a less than one percent Key Player market share
- Figure 33: Dong has a less than one percent share of Key Player gas
customers
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