European Utilities Key Player Profiles: Bord Gais

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