Professional Documents
Culture Documents
2009-2014
20 2008
18 November 2008
0
2014
2014
.
.
,
,
.
.
1
750 .
~750 .
111
210
113
744
13
23
100
274 (1)
w110
(1):
Greece
&
&
,
&
(1)
(1)
,
,
,
,
(2)
(2)
(2) (3)
(2) (3)
(2)
:
:
(3):
(2)
(1)
(2)
15
27
2500 5000 kWh ( 2008)
/MWh
300
250
200
150
100
155 159
137 142 146 148
197
215
238
264
50
Denmark
Italy
Germany
Belgium
Cyprus
Austria
Ireland
Netherlands
Sweden
Luxembourg
Hungary
Portugal
United
Kingdom
Slovakia
Czech
Republic
Spain
Poland
Finland
France
Slovenia
Romania
Greece
Malta
Lithuania
Latvia
Estonia
Bulgaria
: Eurostat
(,
CO2) 5
,
( .)
292
245
317
278
75
84
409
257
301
193
293
549
627
57
461
886
574
620
672
697
678
04
05
06
07
08
CO2
,
(EBDA) ( .)
658
557
476
456
222
04
05
06
07
08
Evolution of EBDA( m)
, 2004 = 100
450
400
( , , )
350
300
250
200
150
()
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Oct-04
Jul-04
Apr-04
Jan-04
100
(ROE) 2007 (%)
(ROCE) 2007 %1)
12.5%
13.1%
10.9% 11.0%
17.1%
2) = 10.1%
7.8%
Gap 8%
1.1%
5.3%
-16
2.1%
:
1)
ROE = /
2)
4
: RWE, E.ON, EdF, ENEL
3)
TELLAS ROE
4.2%
: JCF Factset Analyst Consensus
Enel
Edf
Fortum
:
1) ROCE = EBIT / Invested Capital, Bloombergs
2) : E.ON, RWE, Enel, Edf Fortum
: Bloomberg, Booz&Co. Analysis
:
5 , 2007 %
COGS + SG&A /revenues
ROS - Return on sales
75.5%
84.1%
16.2%
5.1%
-ROCE
Depreciation/revenues
8.3%
EBIT/Revenues
10.8%
10.1%
2.1%
x
1-
EBIT/Capital employed
6.9%
CT - Capital turnover
62.5%
41.3%
Revenues/Capital employed
14.4%
Net assets/revenues
30.6%
44.3%
1)
:
1) ROCE = EBIT / Invested Capital, Bloombergs
2) : E.ON, RWE, Enel, Edf Fortum
: Bloomberg, Booz&Co. Analysis
10
2008
,
6.3 .
2/01/2008=100
[ 2/01/2008 = 8.4 , 17/11/08 = 2.1 ]
100
17 Nov.:
8.96
2/01/08:
36.16
:
6.3 .
-35.7%
3.0
75
50
2.3
-63.1%
-75.2%
25
02 08
02-Jan-08
Source: Bloomberg
17 N08
07-Nov-08
,
,
.
.
2014
2014
,
,
.
.
12
,
,
20%
:
: ,
,
,
,
,
,
13
11.5 .
2009-2014
( . )
2,075
2,027
1,957
1,928
247
155
201
1.003
1,988
139
69
274
1,549
969
2009-2014
11.5 .
1,085.
1.171
907
1.147
5,831.
634
1,240.
222
261
248
179
170
160
422
478
512
532
559
582
2009
3,085.
7.4
6.1
3.4
3.4
3.1
3.3
63
54
47
33
33
27
2010
2011
2012
2013
2014
26.7.
257.
14
2003-2008 2009-2014
( . )
1,947
2003
756
2004
739
2005
728
2006
5.0 .
1,928
2,075
1,989
1,549
1,057
724
2,027
857
2007
2008
x2.3
2009
2010
2011
2012
2013
2014
11.5 .
15
:
,
: 3,887 MW
: 640 MW
(MW)
160
2009
427
2010
800
II
(MW)
I,II
160
2011
I,II
157
2011
2012
II
29
2012
450
2013
I,II (2)
125
2014
450
2014
I,II (2)
160
2014
VI (1)
800
2014
I (1)
800
2015
: 2,400 MW
: 990MW
(MW)
(MW)
913
500+70
( VIII, IX,
)
540
120
( ,, , V)
750
120
180
200
(1): ( 200MW )
(2): ,
16
2014
,
(%)
23.6
6
0.7
15.4
23.4
6.1
11.7
41.4
33.8
2007
2014
21
6.9
0.3
21.6
15
21.2
18.9
(%)
3.0
11.8
1.8 (1)
3.8 (1)
57.7
54.9
2007
2014
(*) VI V 2014
17
CO2
NOx in interconnected (g / kWh)
CO2 (kg/kWh)
NOx (g/kWh)
-39%
-25%
1.2
1.7
0.9
2006
2015
SO2 (g/kWh)
2006
2015
PM (g/kWh)
-91%
-56%
8.3
0.7
0.7
2006
1.1
2015
2006
0.3
2015
18
: 2.8
( .)
2009-2014 2.1 .
, MW
2009-2014
2009-2014 2.8
2.8 .
.
950
950 MW
MW
2014
2014
35
152
440
60
39
60
158
609
45
409
183
91
116
394
272
194
2009e
294
252
47
144
2010e
2011e
2012e
2013e
RWE
:
e =
SENCAP
2014e
369
2009e
367
237
2010e
2011e
432
465
512
2012e
2013e
2014e
19
(%)
85.7%
-13.7
72.0%
- 30.7
55.0%
2007
2014
20
,
,
.
.
2014
2014
.
.
.
21
,
( ,
)
/ ,
(net debt/EBITDA)
16.7
11,3
2009- 2014
4.4
4.9
-6148
2012
2014
-2425
-8,573
CO2 2013 2014 2012
CO2 2013 2014
=
22
: ,
13.5 .
:
-
-
-
500
. 2014
. ( 2008)
144
(1)
141
13
19
130
11
500
33
23
3
110
18
111
26
129
42
1): 100
24
500 .
2014
( ., )
634
:
2.2 .
539
95
444
95
95
317
127
127
127
190
127
127
127
127
127
127
127
127
127
63
63
63
63
63
63
2009
2010
63
2011
2012
2013
= 500 .
( 2008)
2014
25
,
2007 ( .)
75%
9%
16%
1458
643
4372
309
78
1418
= 1,883 .
166
X%
299
26
( . 2007 )
1,418
1,883
453
500
965
166
30
299
1,383
17
149
269
27
30
25
20
15
10
5
0
<20
20-24
25-29
30-34
35-39
RWE
40-44
45-49
EON
50-54
55-59
>60
Iberdrola
28
( . 2008)
60
57
70
24
25
55
55
23
487
23
32
32
202
36
33
30
60
40
25
130
285
35
52
285 .
6,566
487
.
6,566
78
FTE
2008
2009
2010
2011
2012
2013
2014
Total
1,724
823
945
763
803
754
754
6,566
: 21-30
29
(
)
)
( )
)
30
31
Po, Pt
, 2004 = 100 ( )
( )
450
400
Po, +20%
Po, +10%
350
Po,
300
250
Brent
200
-08
-08
-08
-08
-07
-07
-07
-07
-06
-06
-06
-06
-05
-05
-05
-05
-04
-04
-04
-04
QHFO
Q
Po, -20%
100
Po, -10%
150
( )
Po, Pt
32
( .)
2009 ( m)
84
55
-22
2009
2009
2009
-22
2009
09
09
09
09
5.6%
-1.69%
-5.05%
0%
:
33
( .)
1. :
600 528
400
2.
.
509 554
592 631
620
2012e
2014e
200
0
2009e
2010e
2011e
2013e
3.
34
CO2
5%
6
2009
2010
2011
2012
2013
2014
1%
5%
5%
5%
4%
3%
3%
3%
3%
3%
3%
3%
-2%
2%
2%
2%
1%
0%
1.4
( / MWh)
97.6
2008e
114.7
2012e
122.1
2014e
(%)
100%
2008e
84%
2012e
79%
2014e
,
( bn)
15.5
0.9
1.4
2.2
10.7
2.8
1.6
0.4
15.5
1.8
4.5
4.7
,
(EBITDA margin) (%)
35.6%
40.9%
/ ,
(Net Debt / EBITDA)
4.5x
15.9%
2007
2012e
2014e
( / EBITDA)
2007
0.73
0.62
2.1%
2012e
2014e
2007
3.0x
2012e
2014e
(ROCE))
2.3
2007
3.3x
10.1%
10.8%
2012e
2014e
38
EBITDA/
/
140%
120%
100%
80%
60%
40%
20%
0%
2007
2008e
2009e
2010e
2011e
EBITDA/
CO2 : CO2 2013 2014, 2012
2012e
2013e
2014e
8,0
7,5
7,0
6,5
6,0
5,5
5,0
4,5
4,0
3,5
3,0
2,5
2,0
1,5
1,0
0,5
0,0
39
: CO2
2012
13.5 .
:
-
-
-
2012
1.4
CO2
2013
2014
CO2 (EUR)
1,379,000,000
1,360,000,000
(/ MWh)
26
26
(/ MWh)
10.8 (42%)
503,000,000
662,000,000
41
CO2
17%
6
2009
2010
2011
2012
2013
2014
1%
5%
5%
5%
13%
6%
3%
3%
3%
3%
3%
3%
-2%
2%
2%
2%
10%
3%
,
CO2,
,
(EBITDA margin) (%)
35.6%
31.3%
/ ,
(Net Debt / EBITDA)
4.5x
3.3x
3.9x
15.9%
2007
2012e
2014e
( / EBITDA)
2007
10.1%
0.73
0.74
2.1%
2012e
2014e
2007
2014e
(ROCE)
2.3
2007
2012e
2012e
8.3%
2014e
43
()
44
.
.
45
18 November 2008
46