Table of Contents
DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
METHODOLOGY 1
ANALYSIS
2
European Utilities Key Player Profile: Gas Natural 2
Datamonitor' s
Key Player Scorecard examines 31 leading utilities drawn from across Europe' s
competitive arenas 4
Key Players dominate power generation capacity market
share in the Wmed competitive arena 5
Key Players dominate power
generation output market share in the Wmed and CEE competitive arenas 6
Despite ongoing industry consolidation, in no competitive arenas do Key
Players dominate power supply volume market share 7
Despite ongoing
industry consolidation, in no competitive arenas do Key Players dominate gas
volume market share 8
The Key Player Scorecard assesses utilities across
four pillars: Performance, Scale, Growth and Exposure 9
The Performance
pillar combines 5 financial metrics to measure business performance 10
The
Scale pillar combines financial and operational metrics to measure the size of
a utility 11
The Growth pillar measures the rate of growth of a utility' s
financial and energy resources 12
The Exposure pillar combines both
operational and financial measurements of risk 13
Gas Natural scores
31.7/100 on Datamonitor' s European Utility Scorecard and ranks 16 out of the
31 Key Players covered 14
Gas Natural' s ranking varies across the four
pillars 17
Gas Natural achieves an overall ranking of 16, with a utility
score of 31.7 22
Only on the Exposure pillar does Gas Natural exceed the
Key Player average 23
Gas Natural' s financial Performance trails the Key
Player average, though with a lower than average level of risk 24
In terms
of Scale Gas Natural lags the Key Player average, while in the Growth Pillar
it is roughly equal 25
Gas Natural scores well on return on fixed assets,
but lags in on other financial metrics, for a Performance ranking of 19 26
Gas Natural' s overall financial Performance score of 10 slightly trails the
Key Player average of 10.9 27
Gas Natural lags in operating profit margin
and return on sales, but outperforms on return on fixed assets 28
Gas
Natural' s weakest Performance metric is return on energy volume 29
Gas
Natural has a below average ranking of 18 on the Scale pillar, due to low
scores in four of the five Scale metrics 30
In terms of Scale, Gas Natural
ranks 18 31
In generation capacity Gas Natural ranks 24, with 3.1 GW
32
Gas Natural is heavily focused on gas, with a supply volume of 237 TWh
for gas compared to 6 TWh for power 33
Gas Natural ranks in the lower half
of Key Players in terms of power customers, with a less than one percent share
34
At 6 TWh, Gas Natural ranks 28 in terms of power volume 35
Gas
Natural has approximately 6% of Key Player gas customers 36
In gas volume
Gas Natural has a 2.2% EU25 market share 37
Gas Natural ranks 18 in both
revenue and net income 38
Gas Natural' s high growth in power supply volume
and revenue lifts its Growth ranking to 11 39
Gas Natural' s Growth ranking
of 11 is due to strong revenue and power supply growth scores 40
Gas
Natural price earnings ratio of 13 is slightly below the Key Player average
ratio 41
From 2001 to 2005, Gas Natural saw profits grow 8.1% annually, in
tandem with revenue (8.9%) 42
Gas Natural experienced growth in operating
cash flow (10.6%) from 2004 to 2005, despite a decline in gas volume of 6.9%
43
Gas Natural has above average scores in Exposure metrics, leading to a
ranking of 6 44
Gas Natural outperforms in its power NTR metric and debt
leverage metric 45
Gas Natural has a long power NTR position of 41.6%, but
with no gas equity its gas NTR is -100% 46
Because generation output
exceeds power volume, Gas Natural has a long power NTR position of 2,608 GW
47
Gas Natural is comparatively lightly leveraged, with a debt to equity
ratio of 62.4% 48
Gas Natural ranks 13 of the 31 Key Players in terms of
debt leverage 49
Gas Natural' s energy volume has declined by 6%, however
the company' s operating cash flow has grown by 10.5% 50
Gas Natural' s
principal area of operations is the WMED competitive arena 51
Gas is Gas
Natural' s main generation source 52
100% of Gas Natural' s power sales are
in Spain, with gas sales similarly concentrated on its home market 53
Gas
Natural ranks in the lower half of Key Players in terms of power customers,
with a less than one percent share 54
Gas Natural has approximately 6% of
Key Player gas customers 55
APPENDIX 56
Databook 56
Definitions
75
Datamonitor Consulting 75
List of Tables
Table 1: The Key
Players are drawn from across a diverse range of markets 3
Table 2: The
Performance pillar combines 5 financial metrics to measure business
performance 10
Table 3: The Scale pillar combines financial and
operational metrics to measure the size of a utility 11
Table 4: The
Growth pillar measures the rate of growth of a utility' s financial and energy
resources 12
Table 5: The Exposure pillar combines both operational and
financial measurements of risk 13
Table 6: Gas Natural scores 31.7/100 on
Datamonitor' s European Utility Scorecard and ranks 16 out of the 31 Key
Players covered 15
Table 7: Gas Natural scores 10/25 on the Performance
pillar, and ranks 19 out of 31 on this measurement 18
Table 8: Gas Natural
scores 1.8/25 on the Scale pillar, and ranks 18 out of 31 on this measurement
19
Table 9: Gas Natural scores 9/25 on the Growth pillar, and ranks 11 out
of 31 on this measurement 20
Table 10: Gas Natural scores 10.9/25 on the
Exposure pillar, and ranks 6 out of 31 on this measurement 21
Table 11:
Gas Natural scores well on return on fixed assets, but lags in on other
financial metrics, for a Performance ranking of 19 26
Table 12: Gas
Natural has a below average ranking of 18 on the Scale pillar, due to low
scores in four of the five Scale metrics 30
Table 13: Gas Natural' s high
growth in power supply volume and revenue lifts its Growth ranking to 11
39
Table 14: Gas Natural has above average scores in Exposure metrics,
leading to a ranking of 6 44
Table 15: Return on fixed assets 56
Table
16: Return on sales 57
Table 17: Operating profit margin 58
Table 18:
Return on energy volume 59
Table 19: Return on investment 60
Table 20:
Generation Capacity / EU25 market total 61
Table 21: Power Supply Volume /
EU25 market total 62
Table 22: Gas Supply Volume / EU25 market total
63
Table 23: Net income / Net income of 94 leading utilities 64
Table
24: Revenue / Revenue of 94 leading utilities 65
Table 25: Revenue growth,
2001-2005 CAGR 66
Table 26: Profit growth, 2001-2005 CAGR 67
Table 27:
Growth in operating cash flow, 2004 to 2005 68
Table 28: Gas supply volume
growth, 2004-2005 69
Table 29: Growth in power supply volume, 2004 to 2005
70
Table 30: Power NTR / Power supply volume 71
Table 31: Gas NTR /
Gas supply volume 72
Table 32: Debt leverage 73
Table 33: Growth in
operational cash flow - Growth in energy volume 74
List of Figures
Figure 1: Datamonitor' s Key Player Scorecard examines 31 leading utilities
drawn from across Europe' s competitive arenas 4
Figure 2: Key Players
dominate power generation capacity market share in the Wmed competitive arena
5
Figure 3: Key Players dominate power generation output market share in
the Wmed and CEE competitive arenas 6
Figure 4: Despite ongoing industry
consolidation, in no competitive arenas do Key Players dominate power supply
volume market share 7
Figure 5: Despite ongoing industry consolidation, in
no competitive arenas do Key Players dominate gas volume market share 8
Figure 6: Gas Natural achieves an overall ranking of 16, with a utility score
of 31.7 22
Figure 7: Only on the Exposure pillar does Gas Natural exceed
the Key Player average 23
Figure 8: Gas Natural' s financial Performance
trails the Key Player average, though with a lower than average level of risk
24
Figure 9: In terms of Scale Gas Natural lags the Key Player average,
while in the Growth Pillar it is roughly equal 25
Figure 10: Gas Natural' s
overall financial Performance score of 10 slightly trails the Key Player
average of 10.9 27
Figure 11: Gas Natural lags in operating profit margin
and return on sales, but outperforms on return on fixed assets 28
Figure
12: Gas Natural' s weakest Performance metric is return on energy volume 29
Figure 13: In terms of Scale, Gas Natural ranks 18 31
Figure 14: In
generation capacity Gas Natural ranks 24, with 3.1 GW 32
Figure 15: Gas
Natural is heavily focused on gas, with a supply volume of 237 TWh for gas
compared to 6 TWh for power 33
Figure 16: Gas Natural ranks in the lower
half of Key Players in terms of power customers, with a less than one percent
share 34
Figure 17: At 6 TWh, Gas Natural ranks 28 in terms of power
volume 35
Figure 18: Gas Natural has approximately 6% of Key Player gas
customers 36
Figure 19: In gas volume Gas Natural has a 2.2% EU25 market
share 37
Figure 20: Gas Natural ranks 18 in both revenue and net income
38
Figure 21: Gas Natural' s Growth ranking of 11 is due to strong revenue
and power supply growth scores 40
Figure 22: Gas Natural price earnings
ratio of 13 is slightly below the Key Player average ratio 41
Figure 23:
From 2001 to 2005, Gas Natural saw profits grow 8.1% annually, in tandem with
revenue (8.9%) 42
Figure 24: Gas Natural experienced growth in operating
cash flow (10.6%) from 2004 to 2005, despite a decline in gas volume of 6.9%
43
Figure 25: Gas Natural outperforms in its power NTR metric and debt
leverage metric 45
Figure 26: Gas Natural has a long power NTR position of
41.6%, but with no gas equity its gas NTR is -100% 46
Figure 27: Because
generation output exceeds power volume, Gas Natural has a long power NTR
position of 2,608 GW 47
Figure 28: Gas Natural is comparatively lightly
leveraged, with a debt to equity ratio of 62.4% 48
Figure 29: Gas Natural
ranks 13 of the 31 Key Players in terms of debt leverage 49
Figure 30: Gas
Natural' s energy volume has declined by 6%, however the company' s operating
cash flow has grown by 10.5% 50
Figure 31: Gas is Gas Natural' s main
generation source 52
Figure 32: 100% of Gas Natural' s power sales are in
Spain, with gas sales similarly concentrated on its home market 53
Figure
33: Gas Natural ranks in the lower half of Key Players in terms of power
customers, with a less than one percent share 54
Figure 34: Gas Natural
has approximately 6% of Key Player gas customers 55
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