Table of Contents
- DATAMONITOR VIEW
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Eneco
- 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
- Eneco scores 27.9/100 on Datamonitor' s European Utility Scorecard and
ranks 25 out of the 31 Key Players covered
- Eneco ranks in the bottom half of Key Player utilities on three of the
four Scorecard pillars
- Eneco achieves an overall ranking of 25, with a utility score of 27.9
- Only on the Growth pillar does Eneco score the Key Player average
- Eneco performs below the Key Player average and most top ten
utilities, yet it has a slightly higher than average level of risk
- Eneco lags the Key Player average in Scale, but is roughly average in
terms of Growth
- On four of the five Performance metrics Eneco scores below the Key
Player average, for an overall ranking of 20 on this pillar
- Eneco' s overall financial Performance score of 9.8 underperforms the
Key Player average of 10.9
- Eneco mirrors the Key Player average in operating profit margin, but
underperforms on return on sales
- Eneco scores well below average on return on energy volume
- Eneco is a middle-ranked utility on gas supply volume, but ranks 27
overall on the Scale pillar
- Eneco trails the average score on each Scale metric, and ranks below
average on all but gas supply volume
- In generation capacity, Eneco ranks 25 with 0.8 GW
- Though Eneco is an integrated utility, its gas supply volume exceeds
power supply volume by almost three to one
- Eneco has a 3.5% share of Key Player power customers
- Eneco ranks 21 in terms of power supply volume
- Eneco' s share of the gas market is negligible, with less than one
percent of Key Player gas customers
- Eneco' s market share of EU25 gas supply volume is less than one percent
- Eneco ranks 26 in revenue and 24 in net income, respectively
- Eneco ranks 6 in revenue growth, yet lags on other metrics for an
overall Growth rank of 13
- Eneco falls well below the Key Player average on growth in operating
cash flow and profits
- Eneco is not a listed company, and so has no price earnings ratio
- From 2001-2005, Eneco' s average annual profit growth (8.4%) kept pace
with revenue growth of 10.5%
- Despite an increase in power supply volume of 9.2% from 2004-2005,
Eneco' s operating cash flow declined -3.6%
- Eneco has a high power NTR, pulling its Exposure ranking down to 20 out
of 31
- Eneco has lower Exposure rankings on operational than financial metrics
- Eneco has a short power and gas NTR of -74.9% and -100%, respectively
- Eneco' s power supply volume obligations exceed its generation output,
leading to a power NTR of 16,500 GW
- Eneco' s is comparatively lightly leveraged, with a debt to equity
ratio of 39.8%
- Eneco ranks 9 of the 31 Key Players in terms of debt leverage
- Though Eneco' s energy supply volume has grown 2.2%, operating cash
flow has declined -3.6%
- Eneco power and gas supply volumes are sold in the Netherlands
- Gas-fired plants are Eneco' s main generation capacity type
- Eneco has a 3.5% share of Key Player power customers
- Eneco' s share of the gas market is negligible, with less than one
percent of Key Player gas customers
- APPENDIX
- Databook
- 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: Eneco scores 27.9/100 on Datamonitor' s European Utility
Scorecard and ranks 25 out of the 31 Key Players covered
- Table 7: Eneco scores 9.8/25 on the Performance pillar, and ranks 20
out of 31 on this measurement
- Table 8: Eneco scores 0.9/25 on the Scale pillar, and ranks 27 out of
31 on this measurement
- Table 9: Eneco scores 8.9/25 on the Growth pillar, and ranks 13 out of
31 on this measurement
- Table 10: Eneco scores 8.3/25 on the Exposure pillar, and ranks 20 out
of 31 on this measurement
- Table 11: On four of the five Performance metrics Eneco scores below
the Key Player average, for an overall ranking of 20 on this pillar
- Table 12: Eneco is a middle-ranked utility on gas supply volume, but
ranks 27 overall on the Scale pillar
- Table 13: Eneco ranks 6 in revenue growth, yet lags on other metrics
for an overall Growth rank of 13
- Table 14: Eneco has a high power NTR, pulling its Exposure ranking
down to 20 out of 31
- 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: Eneco achieves an overall ranking of 25, with a utility
score of 27.9
- Figure 7: Only on the Growth pillar does Eneco score the Key Player
average
- Figure 8: Eneco performs below the Key Player average and most top ten
utilities, yet it has a slightly higher than average level of risk
- Figure 9: Eneco lags the Key Player average in Scale, but is roughly
average in terms of Growth
- Figure 10: Eneco' s overall financial Performance score of 9.8
underperforms the Key Player average of 10.9
- Figure 11: Eneco mirrors the Key Player average in operating profit
margin, but underperforms on return on sales
- Figure 12: Eneco scores well below average on return on energy volume
- Figure 13: Eneco trails the average score on each Scale metric, and
ranks below average on all but gas supply volume
- Figure 14: In generation capacity, Eneco ranks 25 with 0.8 GW
- Figure 15: Though Eneco is an integrated utility, its gas supply
volume exceeds power supply volume by almost three to one
- Figure 16: Eneco has a 3.5% share of Key Player power customers
- Figure 17: Eneco ranks 21 in terms of power supply volume
- Figure 18: Eneco' s share of the gas market is negligible, with less
than one percent of Key Player gas customers
- Figure 19: Eneco' s market share of EU25 gas supply volume is less than
one percent
- Figure 20: Eneco ranks 26 in revenue and 24 in net income, respectively
- Figure 21: Eneco falls well below the Key Player average on growth in
operating cash flow and profits
- Figure 22: Eneco is not a listed company, and so has no price earnings
ratio
- Figure 23: From 2001-2005, Eneco' s average annual profit growth (8.4%)
kept pace with revenue growth of 10.5%
- Figure 24: Despite an increase in power supply volume of 9.2% from
2004-2005, Eneco' s operating cash flow declined -3.6%
- Figure 25: Eneco has lower Exposure rankings on operational than
financial metrics
- Figure 26: Eneco has a short power and gas NTR of -74.9% and -100%,
respectively
- Figure 27: Eneco' s power supply volume obligations exceed its
generation output, leading to a power NTR of 16,500 GW
- Figure 28: Eneco' s is comparatively lightly leveraged, with a debt to
equity ratio of 39.8%
- Figure 29: Eneco ranks 9 of the 31 Key Players in terms of debt
leverage
- Figure 30: Though Eneco' s energy supply volume has grown 2.2%,
operating cash flow has declined -3.6%
- Figure 31: Gas-fired plants are Eneco' s main generation capacity type
- Figure 32: Eneco has a 3.5% share of Key Player power customers
- Figure 33: Eneco' s share of the gas market is negligible, with less
than one percent of Key Player gas customers
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