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Report Highlights: Private Water Utilities

Bluefield Research
Bluefield Research

Hear the Vice President of Bluefield Research, Keith Hays, discuss the top five key takeaways from our new report titled Private Water Utilities: Global Rankings & Company Strategies. Learn more about the report's finding's at bluefieldresearch.com.

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PRIVATE WATER INSIGHT SERVICE GREENFIELD + WATER = BLUEFIELD FOCUS REPORT Private Water U2li2es: Global Rankings & Company Strategies July 2015 Water Pressure // Flickr // Cropped // Hans Splinter // CC BY-ND 2.0
PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION About This Focus Report 2 Private Water Utilities: Global Rankings & Company Strategies Publication Date: July 2015 Key Report Takeaways: 1. The 65 major companies profiled in the report supply more than 20 billion cubic meters of drinking water annually, generating over US$53 billion in revenue. 2. Movers among the top five largest groups globally were Suez surpassing Veolia for the top ranking and Thames Water overtaking American Water in the 4th position. 3. Emerging market utilities large urban service areas place them for growth, entering the rankings by population served. 4. France, the UK, USA, and Brazil host the largest private water utility markets. The USA, Brazil, Chile, Italy, and Spain topping Bluefield's 2015 market attractiveness ranking. Bluefields 110-page report is designed to support companies addressing opportunities for participation in water utilities globally with in-depth analysis, detailed company data, and multi-metric business ranking with a transparent methodology.
PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION Top 35 Consolidated Private Water Utilities by Revenues (Net Equity), 2013/2014 3 Global consolidated private water utility ranking shifts by revenues, 2013/2014 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 -500 500 1,500 2,500 3,500 4,500 5,500 6,500 7,500 US$millions 2014 2013 Change in ranking Source: Utilities, Bluefield Research Tier 1 (>US$2.0 billion) Tier 2 (US$0.5 US$2.0 billion) Tier 3 (<US$0.5 billion) Movingcloserto topoftheranking Movingclosertothe bottomoftheranking No change in ranking Annual shifts in consolidated utility ownership rankings by revenues reflect changes in company strategies as private water players respond to evolving local market conditions.
PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION Source: Utilities, Bluefield Research Tier 1 Consolidated utility revenue changes and ranking shifts, 2013-2014 Close positions between Suez and Veolia, American Water and Thames Water, have shaped key ranking shifts among Tier 1 players in 2014. 4 Tier 1 Ranking Shifts 2013-2014 ≒ Veolia and Suez, American Water and Thames Water swapped positions among the top five in 2014. ≒ Suez drove to the forefront with a 21% revenue growth in 2014, as it scaled its international positions via acquisitions in Chile, Spain, UK and US. Meanwhile Veolia deleveraged Germany and Portugal, reporting a 2% drop in revenues. ≒ Thames Water reported a 14% growth in revenues mostly owing to continued price increases, placing it in the fourth position in ranking overtaking American Water. ≒ American Water's acquisitions of several water system assets across US over the past two years have aided a 14% revenue growth in 2014, but failed to improve American Water's ranking in comparison to Thames Water. Analysis -15% -5% 5% 15% 25% Suez Thames Water United Utilities Seven Trent American Water Veolia SABESP Revenue%change -1Ranking change 0+1 -10 0 Group Ranking Change Key transactions contributed to changes, 2013-2014 Transaction Type Country Pop. Served Incremental Announced Date Suez 2 to 1 Acquisition of Bristol Water M&A UK + 360,000 2014 Increase stake in Grupo Agbar too 100% from 70.25% M&A Spain, Chile +3.8 mln in Spain + 306,388 in Chile 2014 Grupo Agbar won Barcelona concession Contract Win Spain +3.2 million 2013 Grupo Agbar sold stake in Canaragua Concesiones SA M&A Spain -429,000 2014 United Water acquired a 50- concession in Pennsylvania Tuck-ins US +8,800 2014 Veolia 1 to 2 Sale of Berlinwasser M&A Germany -1.4 million 2013 Sale of Veolia Portugal M&A Portugal -250,000 2013 The municipal of Troyes terminated contract Contract termination France -62,000 2014 American Water 4 to 5 Series of tuck-in acquisitions by American Water Tuck-ins US +61,000 2013-2014 +1
PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION Source: Utilities, Bluefield Research On an unconsolidated basis, top 50 private water utilities together serve over 328 million people in 24 reviewed countries. Global national private water utility ranking by population served, 2014 5 0 5 10 15 20 26 SABESP VeoliaFrance COPASA AmericanWater ThamesWater GrupoAgbar FozdoBrasil SuezFrance ManilaWater SODECI SANEPAR Maynilad ACEA SevernTrent PuncakNiaga Acciona AqualiaSpain UnitedUtilities GroupeSaur AnglianWater CabAmbiental SDE UnitedWater RKV YorkshireWater RKS SouthernWater NorthumbrianWater AguasAndinas GruppoHera AffinityWater RanhillUtilities Acuatico AquaAmerica Gelsenwasser AguasdeValencia Aegea GruppoIren TripleABarranquilla AguasdoBrazil SouthEastWater CaliforniaWater ApaNovaBucharest ThaiTap PhnomPenhWater SouthWestWaterUK PBAHoldings AmericanStates PVKPrague AguasNuevas PopulationServed(Million) Top 50 National Private Water Utilities by Population Served, 2014 Europe North America Latin America Southeast Asia Africa ≒ Europe's national utilities account for almost 50% of top 50 population served, led by Frances Veolia and UK's Thames Water. ≒ France's Veolia is runner up to Brazil's SABESP and UK's Thames Water to US's America Water, reflecting European players' relatively high revenues per person served. ≒ Emerging market utilities large urban service areas place firms among population served rankings, although they are absent from revenue rankings Analysis
PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION 6 Chile: Early-privatizing market, key regional entry point for European (Agbar), Japanese players (Marubeni) The private water utility model is concentrated in four regions led by Europe, followed by Latin America, with an increasing level of private participation in Southeast Asia. Brazil: Rapidly scaling private concession model led by Odebrecht Ambiental, guas do Brasil, Aegea Central/Southern Europe: France, Spain hub for global leaders Veolia, Suez, Aqualia trend towards increased municipalization Eastern Europe: Select cities within EU licensed concessions (Prague, Ostrava, Bucharest, Gdansk) Private Water Utility Model Global Footprint Overview England: Host of largest group of private utilities through monopoly market structure Malaysia: Concession restructure solidifies position of Ranhill, PBA Holdings Thailand: Bulk water supply concessions deliver scale to Thai Tap, Eastern Water Philippines: Manila private concessions builds regional player Manila Water Co. Western Africa: Frances Eranove holds beachhead positions in Senegal, Ivory Coast USA: Led by American Water, six players account for over half the investor-owned utility market Mature (>20% Private) Scaling (10-20% Private) Nascent (<10% Private) Colombia: EPM, Inassa scaling as domestic leaders expanding regionally Indonesia: Acuatico positioned with major concessions in select provinces Russia: Rosvodokanal, RKS, building concession portfolios Source: Bluefield Research
PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION 7 PRIVATE WATER: STRATEGIES & OPPORTUNITIES IN WATER ASSET OWNERSHIP & OPERATION INSIGHT SERVICE CLIENT FOCUS: The Private Water Insight Service is designed for companies that need to track market trends, competitive shifts, and unique opportunities in private water asset ownership, including: ≒ Municipal water and wastewater operators with concessions/O&M contracts ≒ Independent water (and power) providers ≒ Water infrastructure investors seeking to scale asset portfolios ≒ Water service providers seeking new industrial wastewater opportunities ≒ Water technology providers targeting private water asset owners RESEARCH COVERAGE: a 12-month cycle of data- and analytics-driven research provided in multiple formats to support client strategies, covering: ≒ Market environment attractiveness for private asset ownership ≒ Historical trends and upcoming private sector opportunities for concessions, PPPs, DBO, BOO, BOT, other contract types ≒ Private water asset portfolio rankings in terms of equity ownership, total revenues, connections, population served, location, project type ≒ Player segmentation and expansion strategy analysis including entry into emerging markets, vertical integration, and service/segment diversi鍖cation initiatives METRICS: primary research and analysis is supported by proprietary market, project and company databases updated continuously: ≒ Private water asset portfolio database (water, wastewater, desalination/concession, PPP, DBO, etc.) ≒ Comparative data driving private water valuations: tari鍖s, NRW, connections, volume, cost structures ≒ M&A transaction database tracking water asset deals ≒ Country-speci鍖c private water sector data (PPPs, infrastructure spending, private ownership penetration, tari鍖s) Insight Service Description SELECT LIST OF COMPANIES COVERED: PRIVATE WATER SEGMENTS COVERED: Ownership Structures Valuation Drivers M&A Activity Regulatory Drivers Rankings MARKET SEGMENTS COVERED: Regional Analysis ≒ Asia Paci鍖c ≒ China ≒ Europe ≒ Latin America ≒ MENA ≒ North America ≒ Sub-Saharan Africa Water Treatment Desalination Utility Concessions Independent Water Producers Independent Water & Power Producers Wastewater Treatment Water Reuse
PRIVATE WATER INSIGHT SERVICE Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION 息 2015 BLUEFIELD RESEARCH, LLC. Global companies across the value chain are developing strategies to capitalize on green鍖eld opportunities in water new build, new business models, and private investment. Blue鍖eld Research supports a growing roster of companies across key technology segments and industry verticals addressing risks and opportunities in the new water landscape. Companies are turning to Blue鍖eld for in-depth, actionable intelligence into the water sector and the sector's impacts on key industries. The insights draw on primary research from the water, energy, power, mining, agriculture, 鍖nancial sectors, and their respective supply chains. Blue鍖eld works with key decision-makers at utilities, project development companies, independent water and power providers, EPC companies, technology suppliers, manufacturers, and investment 鍖rms. Blue鍖elds services gives these companies tools to de鍖ne and execute strategies. Contact Blue鍖eld Research NORTH AMERICA 34 Farnsworth St // Floor 3 Boston, MA 02210 T +1 617 910 2540 EUROPE C/ de Santa Eullia 5-9 // 3a 08012 Barcelona Spain T +34 673 408 963 sales@blue鍖eldresearch.com www.blue鍖eldresearch.com About Blue鍖eld Research PRIVATE WATER INSIGHT SERVICE GREENFIELD + WATER = BLUEFIELD

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Report Highlights: Private Water Utilities

  • 1. PRIVATE WATER INSIGHT SERVICE GREENFIELD + WATER = BLUEFIELD FOCUS REPORT Private Water U2li2es: Global Rankings & Company Strategies July 2015 Water Pressure // Flickr // Cropped // Hans Splinter // CC BY-ND 2.0
  • 2. PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION About This Focus Report 2 Private Water Utilities: Global Rankings & Company Strategies Publication Date: July 2015 Key Report Takeaways: 1. The 65 major companies profiled in the report supply more than 20 billion cubic meters of drinking water annually, generating over US$53 billion in revenue. 2. Movers among the top five largest groups globally were Suez surpassing Veolia for the top ranking and Thames Water overtaking American Water in the 4th position. 3. Emerging market utilities large urban service areas place them for growth, entering the rankings by population served. 4. France, the UK, USA, and Brazil host the largest private water utility markets. The USA, Brazil, Chile, Italy, and Spain topping Bluefield's 2015 market attractiveness ranking. Bluefields 110-page report is designed to support companies addressing opportunities for participation in water utilities globally with in-depth analysis, detailed company data, and multi-metric business ranking with a transparent methodology.
  • 3. PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION Top 35 Consolidated Private Water Utilities by Revenues (Net Equity), 2013/2014 3 Global consolidated private water utility ranking shifts by revenues, 2013/2014 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 -500 500 1,500 2,500 3,500 4,500 5,500 6,500 7,500 US$millions 2014 2013 Change in ranking Source: Utilities, Bluefield Research Tier 1 (>US$2.0 billion) Tier 2 (US$0.5 US$2.0 billion) Tier 3 (<US$0.5 billion) Movingcloserto topoftheranking Movingclosertothe bottomoftheranking No change in ranking Annual shifts in consolidated utility ownership rankings by revenues reflect changes in company strategies as private water players respond to evolving local market conditions.
  • 4. PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION Source: Utilities, Bluefield Research Tier 1 Consolidated utility revenue changes and ranking shifts, 2013-2014 Close positions between Suez and Veolia, American Water and Thames Water, have shaped key ranking shifts among Tier 1 players in 2014. 4 Tier 1 Ranking Shifts 2013-2014 ≒ Veolia and Suez, American Water and Thames Water swapped positions among the top five in 2014. ≒ Suez drove to the forefront with a 21% revenue growth in 2014, as it scaled its international positions via acquisitions in Chile, Spain, UK and US. Meanwhile Veolia deleveraged Germany and Portugal, reporting a 2% drop in revenues. ≒ Thames Water reported a 14% growth in revenues mostly owing to continued price increases, placing it in the fourth position in ranking overtaking American Water. ≒ American Water's acquisitions of several water system assets across US over the past two years have aided a 14% revenue growth in 2014, but failed to improve American Water's ranking in comparison to Thames Water. Analysis -15% -5% 5% 15% 25% Suez Thames Water United Utilities Seven Trent American Water Veolia SABESP Revenue%change -1Ranking change 0+1 -10 0 Group Ranking Change Key transactions contributed to changes, 2013-2014 Transaction Type Country Pop. Served Incremental Announced Date Suez 2 to 1 Acquisition of Bristol Water M&A UK + 360,000 2014 Increase stake in Grupo Agbar too 100% from 70.25% M&A Spain, Chile +3.8 mln in Spain + 306,388 in Chile 2014 Grupo Agbar won Barcelona concession Contract Win Spain +3.2 million 2013 Grupo Agbar sold stake in Canaragua Concesiones SA M&A Spain -429,000 2014 United Water acquired a 50- concession in Pennsylvania Tuck-ins US +8,800 2014 Veolia 1 to 2 Sale of Berlinwasser M&A Germany -1.4 million 2013 Sale of Veolia Portugal M&A Portugal -250,000 2013 The municipal of Troyes terminated contract Contract termination France -62,000 2014 American Water 4 to 5 Series of tuck-in acquisitions by American Water Tuck-ins US +61,000 2013-2014 +1
  • 5. PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION Source: Utilities, Bluefield Research On an unconsolidated basis, top 50 private water utilities together serve over 328 million people in 24 reviewed countries. Global national private water utility ranking by population served, 2014 5 0 5 10 15 20 26 SABESP VeoliaFrance COPASA AmericanWater ThamesWater GrupoAgbar FozdoBrasil SuezFrance ManilaWater SODECI SANEPAR Maynilad ACEA SevernTrent PuncakNiaga Acciona AqualiaSpain UnitedUtilities GroupeSaur AnglianWater CabAmbiental SDE UnitedWater RKV YorkshireWater RKS SouthernWater NorthumbrianWater AguasAndinas GruppoHera AffinityWater RanhillUtilities Acuatico AquaAmerica Gelsenwasser AguasdeValencia Aegea GruppoIren TripleABarranquilla AguasdoBrazil SouthEastWater CaliforniaWater ApaNovaBucharest ThaiTap PhnomPenhWater SouthWestWaterUK PBAHoldings AmericanStates PVKPrague AguasNuevas PopulationServed(Million) Top 50 National Private Water Utilities by Population Served, 2014 Europe North America Latin America Southeast Asia Africa ≒ Europe's national utilities account for almost 50% of top 50 population served, led by Frances Veolia and UK's Thames Water. ≒ France's Veolia is runner up to Brazil's SABESP and UK's Thames Water to US's America Water, reflecting European players' relatively high revenues per person served. ≒ Emerging market utilities large urban service areas place firms among population served rankings, although they are absent from revenue rankings Analysis
  • 6. PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION 6 Chile: Early-privatizing market, key regional entry point for European (Agbar), Japanese players (Marubeni) The private water utility model is concentrated in four regions led by Europe, followed by Latin America, with an increasing level of private participation in Southeast Asia. Brazil: Rapidly scaling private concession model led by Odebrecht Ambiental, guas do Brasil, Aegea Central/Southern Europe: France, Spain hub for global leaders Veolia, Suez, Aqualia trend towards increased municipalization Eastern Europe: Select cities within EU licensed concessions (Prague, Ostrava, Bucharest, Gdansk) Private Water Utility Model Global Footprint Overview England: Host of largest group of private utilities through monopoly market structure Malaysia: Concession restructure solidifies position of Ranhill, PBA Holdings Thailand: Bulk water supply concessions deliver scale to Thai Tap, Eastern Water Philippines: Manila private concessions builds regional player Manila Water Co. Western Africa: Frances Eranove holds beachhead positions in Senegal, Ivory Coast USA: Led by American Water, six players account for over half the investor-owned utility market Mature (>20% Private) Scaling (10-20% Private) Nascent (<10% Private) Colombia: EPM, Inassa scaling as domestic leaders expanding regionally Indonesia: Acuatico positioned with major concessions in select provinces Russia: Rosvodokanal, RKS, building concession portfolios Source: Bluefield Research
  • 7. PRIVATE WATER INSIGHT SERVICE MARKET INSIGHT Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION 7 PRIVATE WATER: STRATEGIES & OPPORTUNITIES IN WATER ASSET OWNERSHIP & OPERATION INSIGHT SERVICE CLIENT FOCUS: The Private Water Insight Service is designed for companies that need to track market trends, competitive shifts, and unique opportunities in private water asset ownership, including: ≒ Municipal water and wastewater operators with concessions/O&M contracts ≒ Independent water (and power) providers ≒ Water infrastructure investors seeking to scale asset portfolios ≒ Water service providers seeking new industrial wastewater opportunities ≒ Water technology providers targeting private water asset owners RESEARCH COVERAGE: a 12-month cycle of data- and analytics-driven research provided in multiple formats to support client strategies, covering: ≒ Market environment attractiveness for private asset ownership ≒ Historical trends and upcoming private sector opportunities for concessions, PPPs, DBO, BOO, BOT, other contract types ≒ Private water asset portfolio rankings in terms of equity ownership, total revenues, connections, population served, location, project type ≒ Player segmentation and expansion strategy analysis including entry into emerging markets, vertical integration, and service/segment diversi鍖cation initiatives METRICS: primary research and analysis is supported by proprietary market, project and company databases updated continuously: ≒ Private water asset portfolio database (water, wastewater, desalination/concession, PPP, DBO, etc.) ≒ Comparative data driving private water valuations: tari鍖s, NRW, connections, volume, cost structures ≒ M&A transaction database tracking water asset deals ≒ Country-speci鍖c private water sector data (PPPs, infrastructure spending, private ownership penetration, tari鍖s) Insight Service Description SELECT LIST OF COMPANIES COVERED: PRIVATE WATER SEGMENTS COVERED: Ownership Structures Valuation Drivers M&A Activity Regulatory Drivers Rankings MARKET SEGMENTS COVERED: Regional Analysis ≒ Asia Paci鍖c ≒ China ≒ Europe ≒ Latin America ≒ MENA ≒ North America ≒ Sub-Saharan Africa Water Treatment Desalination Utility Concessions Independent Water Producers Independent Water & Power Producers Wastewater Treatment Water Reuse
  • 8. PRIVATE WATER INSIGHT SERVICE Private Water U2li2es: Global Rankings & Company Strategies ANALYST PRESENTATION 息 2015 BLUEFIELD RESEARCH, LLC. Global companies across the value chain are developing strategies to capitalize on green鍖eld opportunities in water new build, new business models, and private investment. Blue鍖eld Research supports a growing roster of companies across key technology segments and industry verticals addressing risks and opportunities in the new water landscape. Companies are turning to Blue鍖eld for in-depth, actionable intelligence into the water sector and the sector's impacts on key industries. The insights draw on primary research from the water, energy, power, mining, agriculture, 鍖nancial sectors, and their respective supply chains. Blue鍖eld works with key decision-makers at utilities, project development companies, independent water and power providers, EPC companies, technology suppliers, manufacturers, and investment 鍖rms. Blue鍖elds services gives these companies tools to de鍖ne and execute strategies. Contact Blue鍖eld Research NORTH AMERICA 34 Farnsworth St // Floor 3 Boston, MA 02210 T +1 617 910 2540 EUROPE C/ de Santa Eullia 5-9 // 3a 08012 Barcelona Spain T +34 673 408 963 sales@blue鍖eldresearch.com www.blue鍖eldresearch.com About Blue鍖eld Research PRIVATE WATER INSIGHT SERVICE GREENFIELD + WATER = BLUEFIELD