Bluefield’s report, Europe Private Water Utility Rankings: Markets & Company Strategies, details the impacts of economic, policy, and competitive shifts on company strategies and market trends. These factors have created a unique competitive environment in Europe in which leading players are solidifying their core market positions through complementary acquisitions while weighing heavily opportunities to expand abroad.

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MARKET
INSIGHT
Europe
Private
Water
U/lity
Rankings:
Markets
&
Company
Strategies
18
May
2015

2. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Europe
Private
Water
U9lity
Rankings:
Markets
&
Company
Strategies
MARKET
INSIGHT
2
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Suez Veolia Thames Water United Utilities Severn Trent Anglian Water
Group
Yorkshire
Water
Saur FCC Aqualia Southern
Water
US$millions
Poland
Romania
Czech Republic
Italy
Spain
UK
France
Top 10 European Private Water Utility Groups
Revenues 2013/2014
In revenue terms, Suez and Veolia nearly double the nearest European competitors at over $6
billion in annual turnover.
Consolidated Rankings Distance Suez, Veolia as Regional Players

3. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Europe
Private
Water
U9lity
Rankings:
Markets
&
Company
Strategies
MARKET
INSIGHT
Notes: *Common shareholder Veolia. **Common shareholder Suez Environnement. ***Common shareholder FCC Aqualia
Sources: Utilities, Bluefield Research Estimates.
0
5
10
15
20
25
30
PopulationServed,Million
Top National Private Water Utilities by Population Served, 2013/2014
In terms of population served, Europe’s leading private utilities include geographically diversified
national players (ie Veolia, Aqualia), regionally entrenched firms (ie ACEA, English utilities), and
companies serving key cities (ie PVK Prague, Apa Nova Bucharest).
Leading Players Serve 156 Million Concentrated in Seven Countries
France
UK
Spain
Italy
Germany
Czech Rep.
Romania
3

4. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Europe
Private
Water
U9lity
Rankings:
Markets
&
Company
Strategies
MARKET
INSIGHT
M&A Target markets
Market Entrant M&A Overview
Year Asset % Stake Buyer US$ million
2012 Bristol Water 20% Itochu 69
2012 Veolia Water UK 90%
Infracapital, Morgan
Stanley
Infrastructure
Partners, Beryl
Datura investments
1,920
2013 SmVaK 49% Mitsui 124
2013 Veolia Portugal 100%
Beijing Enterprises
Water Group
127
2014 FCC (Aqualia) 26%
Inmobiliaria Carso
SA de CV
1,200
2014 AGS 100% Marubeni N/A
2014 Canaraguas 33% Itochu 48
2015
Bournemouth
Water
100%
Pennon Group Plc
(South West Water
owner)
150
2015
Nantaise des
Eaux
100%
Suez
Environnement
N/A
Deleveraging by larger players Veolia, Agbar, and FCC Aqualia have afforded entry opportunities
to create a more diversified field of private utility investors.
Investment firms tap into stable
utility returns as industrial players
deleverage in UK.
Veolia, Sacyr divest from
Portugal to deleverage, open
doors to Asian players (BEWG,
Marubeni).
• Itochu enters Spanish market
through Canaraguas (Agbar)
minority stake.
• Inmobiliaria Carso positions in
FCC corporate.
FCC Aqualia reduces SmVaK
stake partnered with Mitsui.
Italy becomes target market
going forward as sector
consolidates.
Larger Players Deleveraging Opens Doors for Investment
4

5. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Europe
Private
Water
U9lity
Rankings:
Markets
&
Company
Strategies
MARKET
INSIGHT
Section 1 – Overview
1. Summary
2. Europe Private Water Utility Analysis – Methodology Overview
Section 2 – Europe Private Water Utility Market Trends & Analysis
3. Drivers of Private Investment Stable in Most European Markets
4. Core Group of Countries Hosts Major Water Utilities
5. Private Water Utility Presence in Western Europe
6. Larger Players Deleveraging Opens Doors for Investment
7. French Players Contend with Municipal Push-back, Look Abroad
8. UK Utilities Adjust to Price Review Determinations, Increased Competition
9. Spain Restructures Around Key Utility Groups
10. Italian Market Edges Toward Consolidation
11. German Market Centers around Regional Public Entities
Section 3 – Europe Private Water Utility Rankings
12. Large Scale Private Utilities Break out into Two Major Groups
13. Suez, Veolia Lead Europe Drinking Water Volume Supplied
14. Leading Players Serve 154 Million Concentrated in Seven Countries
15. Revenues Stable for Most Players with Minor Uptick in 2013/2014
16. Private Water Utility Presence in Western Europe
17. Ownership Footprints Overview – Key Assets of Utility Groups
18. Consolidated Rankings Distance Suez, Veolia as Regional Players
19. Consolidated Rankings by Volume Present Three Tiers of Players
20. Consolidated Rankings Population Served
21. Rankings Outlook – Key Inputs
• This Market Insight highlights the following:
- Critical policies and drivers shaping private investment in
European water utilities
- Historical evolution of European utilities and private investment
trends
- Competitive landscape of private water utilities markets,
including rankings of key players, M&A activity, and analysis of
entrenched and emerging asset owners
- Company profiles and portfolio analysis of 25 companies,
including key concession assets, European footprint, population
served, performance characteristics, ownership structure, and
recent activities
• This report is part of Bluefield Research’s Private Water Insight
Service, which provides continuous monitoring and in-depth
analysis of private water participation in global markets.
Market Insight Details Analysis
• Data Analyzed
- Period analyzed: 2013-2014
- 25 Water Utilities and Owners / Investors by Ownership Stake
- Top Private Water Utilities by Volume Supplied
- Top Private Water Utilities by Population Served
- Top Private Water Utilities by Revenues
- Private / Mixed Supplied Drinking Water by Country (%)
- Key Utility Concession New Wins, Renewals, Expirations
- M&A Activity by Utility
About This Market Insight
Europe Private Water Utility Rankings: Markets & Company
Strategies 2013-2014 is part of Bluefield’s Private Water Insight
Service. Bluefield’s Private Water Insight Service provides
clients with research and analysis on the private sector’s growing
role in the ownership & management of water production and
distribution, including the tracking of private utilities,
independently owned water systems, concessions, and
investment strategies.
Companies / Utilities Profiled
Acciona Ÿ ACEA Ÿ Affinity Water Ÿ Agbar Ÿ Aguas de Valencia Ÿ Anglian Water Group Ÿ Apa
Nova Bucuresti Ÿ Bristol Water Ÿ FCC Aqualia Ÿ Gelsenwasser Ÿ Groupe Saur Ÿ Gruppo Hera
Ÿ Gruppo Iren Ÿ Northumbrian Water Ÿ PVK Prague Ÿ Severn Trent Ÿ SmVaK Ÿ South East
Water Ÿ Southern Water Ÿ South West Water Ÿ Suez Environnement Ÿ Thames Water Ÿ
United Utilities Ÿ Valoriza Water Ÿ Veolia CGE Ÿ Yorkshire Water
Utility Shareholders Positions Analyzed
3i Ÿ Areva Ÿ Beta Asociados Ÿ BNP Paribas Ÿ Caisse Des Depots Ÿ Capstone Infrastructure Ÿ
Colonial First State Ÿ CPP Investment Board Ÿ Cymofag Ÿ DISA Corporacion Petrolifera Ÿ
Entreazca BV Ÿ Fomento Urbano de Castellon Ÿ GBL Ÿ GDF Suez Ÿ Groupe BPCE Ÿ Groupe
Marcel Dassault Ÿ Grupo Corporativo Fuertes Ÿ Grupo Slim Ÿ HDF Holdings Ÿ ifm Investors Ÿ
Itochu Ÿ Kelda Group Ÿ Macquarie Group Ÿ Mitsui Ÿ Mr. Caltagirone Ÿ Prilomi Ÿ Taube
Hodson Stonex Partners Ÿ Tussen de Grachten BV Ÿ UK Water Ÿ William H. Gates, III
5
Section 4 – Company Profiles & Analysis

6. PRIVATE WATER INSIGHT SERVICE
MARKET INSIGHT
Europe
Private
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U9lity
Rankings:
Markets
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Strategies
MARKET
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6
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