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Market Research Report

European Utilities Key Player Profiles: CEZ

Published by Datamonitor
Published February, 2007 Product code 49805
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This publication has been discontinued on July 19, 2011.

Introduction

Abstract

Introduction

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.

Scope

  • A thorough review of the key operational and financial metrics that drive utility performance.
  • A comparison and ranking of key metrics across Europe' s leading utilities.

Report Highlights

The Finnish utility Fortum leads on the Performance pillar and Russia' s Gazprom on the Scale pillar whilst Denmark' s Dong leads in both the Growth and Exposure pillars

Reasons to Purchase

  • See where a company ranks in European utility scorecard
  • Gain a comprehensive assessment of a company' s market share across Europe
  • Acquire a wealth of company data from retail volumes to structural hedge positions

Table of Contents

  • CATALYST
  • SUMMARY
  • METHODOLOGY
  • ANALYSIS
    • European Utilities Key Player Profile: CEZ
    • 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
    • CEZ scores 34.4/100 on Datamonitor' s European Utility Scorecard and ranks 13 out of the 31 Key Players covered
      • CEZ ranks above average on three of the four Scorecard pillars
      • CEZ achieves an overall ranking of 13, with a utility score of 34.4
      • Only on the Scale pillar does CEZ score well below the Key Player average
      • CEZ outperforms many top ten utilities, yet with an average level of risk
      • CEZ outperforms the Key Player average on Growth, but lags on Scale
    • CEZ has the highest Key Player operating profit margin, lifting its overall Performance ranking to 6
      • But for return on fixed assets, CEZ ranks above average on each Performance metric
      • CEZ is more profitable than many top ten utilities
      • CEZ has a return on investment higher than the Key Player average and several top ten utilities
    • CEZ slightly underperforms the Key Player average in Scale, with a ranking of 19
      • The absence of a gas business and relatively low revenue pull CEZ' s Scale ranking below average
      • In generation capacity, CEZ ranks 11 with 14 GW
      • CEZ is a power-focused utility, with supply volume of 70 TWh
      • CEZ has approximately 5.4% of Key Player power customers
      • CEZ ranks 10 in terms of Key Player power supply volume
      • CEZ is not active in the gas market
      • CEZ is not active in the gas market
      • CEZ ranks 25 and 19 in terms of revenue and net income, respectively
    • CEZ' s Growth ranking of 17 reflects above average scores on each metric
      • CEZ tops the Key Players in terms of revenue growth
      • CEZ' s price earnings ratio is well above the Key Player average of 15, yet the company posts a leading operating profit margin
      • From 2001 to 2005, CEZ' s average annual profit growth (22.8%) slightly exceeded its revenue growth (20.6%)
      • From 2004 to 2005, CEZ experienced robust growth in both power supply volume (64.8%) and operating cash flow 28.6%
    • CEZ' s low debt leverage lifts its Exposure ranking to 15
      • CEZ ranks above the Key Player average on power NTR and debt leverage
      • With no gas business, CEZ only has exposure to power supply obligations
      • CEZ' s power NTR of -10.5%, results in a ranking of 15
      • CEZ has less debt leverage and a higher operating profit margin than all top ten utilities
      • CEZ has a debt to equity ratio of 19.6%, and a ranking of 6 on this metric
      • CEZ' s power supply volume has grown at over twice the rate of operating cash flow
    • Though focused on its Czech home market, CEZ has operations in the EUCC
      • Coal dominates CEZ' s power generation capacity
      • CEZ' s power sales are concentrated in the Czech republic
      • CEZ owns generation capacity in three countries
      • CEZ has a 5.4% share of Key Player power 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: CEZ scores 34.4/100 on Datamonitor' s European Utility Scorecard and ranks 13 out of the 31 Key Players covered
      • Table 7: CEZ scores 14.9/25 on the Performance pillar, and ranks 6 out of 31 on this measurement
      • Table 8: CEZ scores 1.8/25 on the Scale pillar, and ranks 19 out of 31 on this measurement
      • Table 9: CEZ scores 8.8/25 on the Growth pillar, and ranks 17 out of 31 on this measurement
      • Table 10: CEZ scores 9/25 on the Exposure pillar, and ranks 15 out of 31 on this measurement
      • Table 11: CEZ has the highest Key Player operating profit margin, lifting its overall Performance ranking to 6
      • Table 12: CEZ slightly underperforms the Key Player average in Scale, with a ranking of 19
      • Table 13: CEZ' s Growth ranking of 17 reflects above average scores on each metric
      • Table 14: CEZ' s low debt leverage lifts its Exposure ranking to 15
      • 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: CEZ achieves an overall ranking of 13, with a utility score of 34.4
      • Figure 7: Only on the Scale pillar does CEZ score well below the Key Player average
      • Figure 8: CEZ outperforms many top ten utilities, yet with an average level of risk
      • Figure 9: CEZ outperforms the Key Player average on Growth, but lags on Scale
      • Figure 10: But for return on fixed assets, CEZ ranks above average on each Performance metric
      • Figure 11: CEZ is more profitable than many top ten utilities
      • Figure 12: CEZ has a return on investment higher than the Key Player average and several top ten utilities
      • Figure 13: The absence of a gas business and relatively low revenue pull CEZ' s Scale ranking below average
      • Figure 14: In generation capacity, CEZ ranks 11 with 14 GW
      • Figure 15: CEZ is a power-focused utility, with supply volume of 70 TWh
      • Figure 16: CEZ has approximately 5.4% of Key Player power customers
      • Figure 17: CEZ ranks 10 in terms of Key Player power supply volume
      • Figure 18: CEZ is not active in the gas market
      • Figure 19: CEZ is not active in the gas market
      • Figure 20: CEZ ranks 25 and 19 in terms of revenue and net income, respectively
      • Figure 21: CEZ tops the Key Players in terms of revenue growth
      • Figure 22: CEZ' s price earnings ratio is well above the Key Player average of 15, yet the company posts a leading operating profit margin
      • Figure 23: From 2001 to 2005, CEZ' s average annual profit growth (22.8%) slightly exceeded its revenue growth (20.6%)
      • Figure 24: From 2004 to 2005, CEZ experienced robust growth in both power supply volume (64.8%) and operating cash flow 28.6%
      • Figure 25: CEZ ranks above the Key Player average on power NTR and debt leverage
      • Figure 26: With no gas business, CEZ only has exposure to power supply obligations
      • Figure 27: CEZ' s power NTR of -10.5%, results in a ranking of 15
      • Figure 28: CEZ has less debt leverage and a higher operating profit margin than all top ten utilities
      • Figure 29: CEZ has a debt to equity ratio of 19.6%, and a ranking of 6 on this metric
      • Figure 30: CEZ' s power supply volume has grown at over twice the rate of operating cash flow
      • Figure 31: Coal dominates CEZ' s power generation capacity
      • Figure 32: CEZ' s power sales are concentrated in the Czech republic
      • Figure 33: CEZ owns generation capacity in three countries
      • Figure 34: CEZ has a 5.4% share of Key Player power customers
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