Table of Contents
DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
METHODOLOGY 1
ANALYSIS
2
European Utilities Key Player Profile: Nuon 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
Nuon scores 35/100 on
Datamonitor' s European Utility Scorecard and ranks 12 out of the 31 Key
Players covered 14
Nuon' s overall ranking is above the Key Player average
16
Nuon achieves an overall ranking of 12, with a utility score of 35
21
Nuon' s overall ranking is helped by its above average Performance and
Exposure scores 22
Nuon is a top performer, yet with a below average level
of risk (above average Exposure score) 23
In terms of Scale and Growth,
Nuon significantly lags the Key Player average 24
Nuon' s solid overall
Performance metrics contribute to a Performance ranking of 2 25
Nuon' s
overall financial Performance score is 15.6, surpassing the Key Player average
of 10.9 26
Nuon outperforms the average on return on sales and fixed
assets 27
Nuon ranks 3 in return on investment but reflects the average in
return on energy volume (0.9%) 28
Nuon lags the Key Player average in
Scale, attaining a score of 1.6 29
Nuon lags the Key Player averages on
each Scale metric, for a rank of 20 30
In generation capacity Nuon ranks
21 with 4 GW 31
Nuon' s gas volume is 7.2 times its power volume 32
Nuon has a less than one percent share of Key Player power customers 33
At
15 TWh, Nuon ranks 25 in terms of power volume 34
Although Nuon has a
significant gas supply volume of 108 TWh, customer numbers are not available
35
Nuon has a one percent share of the total EU25 gas supply volume 36
Nuon ranks 23 and 15 in terms of revenue and net income respectively 37
Nuon' s Growth ranking of 24 is due to below average metrics for all but profit
growth 38
Most of Nuon' s Growth metrics lag the Key Player average,
resulting in a ranking of 24 39
As Nuon' s shares are not publicly listed,
there is no price earnings ratio for the company 40
From 2001 to 2005,
Nuon' s annual profit growth (25%) far outstripped its revenue growth (2%)
41
From 2004 to 2005, Nuon' s power volume (-61%) declined at a greater
rate than operating cash flow (-24%) and gas volume (-3%) 42
Nuon' s low
debt leverage boosts its Exposure ranking to 10 43
Nuon only has two above
average Exposure metrics: power NTR and debt leverage 44
Nuon has no
equity gas holdings, resulting in a -100% gas NTR position 45
Nuon has a
long power NTR position of 0.7% 46
Compared to top ten utilities, Nuon is
lightly leveraged with a debt to equity ratio of 19.5% 47
Nuon ranks 4 in
terms of Key Player debt leverage 48
Nuon' s operating cash flow has
declined at a slightly faster rate than its energy volume 49
The
Netherlands is Nuon' s main arena of operations 50
Nuon' s generation
capacity is focused on gas-fired plants 51
Nuon' s market share of Key
Player power customers is a fraction of one percent 52
APPENDIX 53
Databook 53
Definitions 72
Datamonitor Consulting 72
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: Nuon
scores 35/100 on Datamonitor' s European Utility Scorecard and ranks 12 out of
the 31 Key Players covered 15
Table 7: Nuon scores 15.6/25 on the
Performance pillar, and ranks 2 out of 31 on this measurement 17
Table 8:
Nuon scores 1.6/25 on the Scale pillar, and ranks 20 out of 31 on this
measurement 18
Table 9: Nuon scores 7.8/25 on the Growth pillar, and ranks
24 out of 31 on this measurement 19
Table 10: Nuon scores 10/25 on the
Exposure pillar, and ranks 10 out of 31 on this measurement 20
Table 11:
Nuon' s solid overall Performance metrics contribute to a Performance ranking
of 2 25
Table 12: Nuon lags the Key Player average in Scale, attaining a
score of 1.6 29
Table 13: Nuon' s Growth ranking of 24 is due to below
average metrics for all but profit growth 38
Table 14: Nuon' s low debt
leverage boosts its Exposure ranking to 10 43
Table 15: Return on fixed
assets 53
Table 16: Return on sales 54
Table 17: Operating profit
margin 55
Table 18: Return on energy volume 56
Table 19: Return on
investment 57
Table 20: Generation Capacity / EU25 market total 58
Table 21: Power Supply Volume / EU25 market total 59
Table 22: Gas Supply
Volume / EU25 market total 60
Table 23: Net income / Net income of 94
leading utilities 61
Table 24: Revenue / Revenue of 94 leading utilities
62
Table 25: Revenue growth, 2001-2005 CAGR 63
Table 26: Profit
growth, 2001-2005 CAGR 64
Table 27: Growth in operating cash flow, 2004 to
2005 65
Table 28: Gas supply volume growth, 2004-2005 66
Table 29:
Growth in power supply volume, 2004 to 2005 67
Table 30: Power NTR / Power
supply volume 68
Table 31: Gas NTR / Gas supply volume 69
Table 32:
Debt leverage 70
Table 33: Growth in operational cash flow - Growth in
energy volume 71
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: Nuon achieves an overall
ranking of 12, with a utility score of 35 21
Figure 7: Nuon' s overall
ranking is helped by its above average Performance and Exposure scores 22
Figure 8: Nuon is a top performer, yet with a below average level of risk
(above average Exposure score) 23
Figure 9: In terms of Scale and Growth,
Nuon significantly lags the Key Player average 24
Figure 10: Nuon' s
overall financial Performance score is 15.6, surpassing the Key Player average
of 10.9 26
Figure 11: Nuon outperforms the average on return on sales and
fixed assets 27
Figure 12: Nuon ranks 3 in return on investment but
reflects the average in return on energy volume (0.9%) 28
Figure 13: Nuon
lags the Key Player averages on each Scale metric, for a rank of 20 30
Figure 14: In generation capacity Nuon ranks 21 with 4 GW 31
Figure 15:
Nuon' s gas volume is 7.2 times its power volume 32
Figure 16: Nuon has a
less than one percent share of Key Player power customers 33
Figure 17: At
15 TWh, Nuon ranks 25 in terms of power volume 34
Figure 18: Although Nuon
has a significant gas supply volume of 108 TWh, customer numbers are not
available 35
Figure 19: Nuon has a one percent share of the total EU25 gas
supply volume 36
Figure 20: Nuon ranks 23 and 15 in terms of revenue and
net income respectively 37
Figure 21: Most of Nuon' s Growth metrics lag
the Key Player average, resulting in a ranking of 24 39
Figure 22: As
Nuon' s shares are not publicly listed, there is no price earnings ratio for
the company 40
Figure 23: From 2001 to 2005, Nuon' s annual profit growth
(25%) far outstripped its revenue growth (2%) 41
Figure 24: From 2004 to
2005, Nuon' s power volume (-61%) declined at a greater rate than operating
cash flow (-24%) and gas volume (-3%) 42
Figure 25: Nuon only has two
above average Exposure metrics: power NTR and debt leverage 44
Figure 26:
Nuon has no equity gas holdings, resulting in a -100% gas NTR position 45
Figure 27: Nuon has a long power NTR position of 0.7% 46
Figure 28:
Compared to top ten utilities, Nuon is lightly leveraged with a debt to equity
ratio of 19.5% 47
Figure 29: Nuon ranks 4 in terms of Key Player debt
leverage 48
Figure 30: Nuon' s operating cash flow has declined at a
slightly faster rate than its energy volume 49
Figure 31: Nuon' s
generation capacity is focused on gas-fired plants 51
Figure 32: Nuon' s
market share of Key Player power customers is a fraction of one percent 52
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