POWER_G by factica

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									                                         POWER
                                           GLOBAL COMPARISON
  FY09 / CY08                     Unit    NTPC*     Huaneng Power Korea Electric AES Corp. Progress Energy
  Revenues                        US$ m    9,067               9,912            25,191      16,070               9,167
  EBIDTA margin                   %          25.5                  9.9            10.0        27.0                28.8
  Net profit margins              %          18.3                 -6.7           -12.0         7.7                 9.1
  Return on capital employed      %          14.0                 -0.5            -5.6        21.1                 8.4
  Return on equity                %          14.1               -12.3            -10.8        33.6                 9.5
  Generation capacity             MW      27,850              39,203            63,519      43,000              21,000
  Revenue per MW                  US$ m       0.3                  0.3             0.4         0.4                  0.4
  Employees                       Nos.    23,639              28,130            38,599      25,000              11,000
  Employee per MW                 Nos.        0.8                  0.7             0.6         0.6                 0.5
  Price/Earnings (TTM)            x          19.5                 10.1             NA         15.2                13.5
* Year ended March 2009. For others, figures are for year ended December 2008

                                             HUANENG POWER (CHINA)

Huaneng Power International Inc. develops, constructs, operates and manages large thermal power plants in
China. The company is one of the largest independent power producers in China which had a total generation
capacity of 39,203 MW as of April 2009. The company was incorporated in June 1994. During the last few years, the
company has continuously expanded the scale of its operations and increased its profitability through project
development and asset acquisitions. The total generation capacity has increased from 2,900 MW to over 39,200
MW currently. As of April 2009, the company owned 17 power plants, had controlling interest in 13 power plants and
had minority interest in 5 power plants, all of which are highly advanced, efficient and reliable. These power plants
are located in 12 provinces and 2 municipalities along China's economically vibrant east coast.

                                      KOREA ELECTRIC POWER (SOUTH KOREA)

Founded in 1961, Korea Electric Power engages in the generation, transmission and distribution of electricity and
development of electric power resources in the Republic of Korea. At the end of 2008, it had in operation 693
substations with an installed transformer capacity of 237,000 MVA, transmission system of approximately 29,929
circuit kilometers of lines of 765 KV and distribution system that comprised 96,866 MVA of transformer capacity and
8 m units of support with a total line length of 410,015 circuit kilometers. The company provides electricity primarily
to industrial, commercial, residential customers, as well as to educational, agricultural and street lighting customers.

                                                       AES (US)

Formed in 1981, the AES Corporation engages in the ownership and operation of electric power generation and
distribution businesses worldwide. It operates in four segments: Contract Generation, Competitive Supply, Large
Utilities and Growth Distribution. The Contract Generation segment supplies wholesale electricity under long-term
contracts. The Competitive Supply segment supplies wholesale electricity pursuant to short-term contracts or to
spot electricity markets. It also owns power plants, which sell electricity to wholesale customers. The Large Utility
segment owns utilities that maintain a franchise within a defined service area. Growth Distribution segment operates
electricity distribution facilities, which offers generation, transmission, distribution and related services. As of
December 2008, AES Corp. owned and operated a portfolio of electricity generation and distribution facilities with
generation capacity of approximately 43,000 megawatts in 29 countries on 5 continents.

                                              PROGRESS ENERGY (US)

Progress Energy, together with its subsidiaries, operates as an integrated energy company serving the southeast
region of the United States. It engages in the generation, transmission, distribution and sale of electricity in North
Carolina, South Carolina and west central Florida. The company also provides coal terminal services, which include
procuring and processing coal, and transloading and marketing synthetic fuels. It offers its coal terminal services
in Kentucky and West Virginia. As of December 31, 2008, it had approximately 21,000 megawatts of regulated
electric generation capacity and served approximately 3.1 million retail electric customers. Progress Energy, formerly
known as CP&L Energy, was founded in 1925 and is headquartered in Raleigh, North Carolina.


Source: Equitymaster Research, Company Annual Reports, Yahoo Finance                        TTM - Trailing twelve months

								
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