2005 - 2006 - Pinsent Masons Water Yearbook 2012

FRANCE PART 3 (i): COMPANY ANALYSIS: MAJOR PLAYERS
The ACEA led consortium has acquired 40% of Publiacqua SpA, the holder of the 20 year concession
to operate water and wastewater services for 50 communes in Tuscany’s ATO-3. Publiacqua had a
turnover of €104 million in 2002 and net profits of €8 million. The consortium is contributing €60
million towards the €150 capital increase, with the municipalities paying the remaining €90 million. In
conjunction with the privatisation, €300 million of Publiacqua’s revenues were securitised in order to
pay for the capital increase and retire mature debt.
With ACEA and Ondeo controlling services for 2.7 million out of the 3.5 million people living in
Tuscany, a rationalisation of these concessions is planned.
Ireland
2002 Cork 22 year BOT 220,000 wastewater treatment
The €70 million contract is part of a €270 million drainage and effluent treatment scheme for the city,
which is due to be completed in 2004. The STW will have a 270,000m 3 capacity with a PE of 440,000,
half being for industrial clients.
Slovakia
1999 Trencin 20 year lease 150,000 water & wastewater
Suez’s TVS was awarded the concession for 50 local authorities in October 1999. The contract
requires €40 million in Capex, including construction of a new sewage treatment works, with €5 million
per annum in turnover at the outset. This is the first water services privatisation in the country.
Slovenia
1997 Maribor 25 year concession 190,000 wastewater treatment
In February 1997 Suez became the preferred bidder for the Maribor concession. €30 million
investment is needed and the concession project will generate a turnover of €8 million. There is an
EBRD loan attached to the project. The population equivalent for the plant is 200,000 (equivalent to
€29 per capita pa). Maribor is Slovenia’s second largest city. Suez is the largest shareholder in the
consortium (40% stake, including Degrémont as the constructor). Suez built a water treatment plant in
Kopper in 1995. This was the first BOT wastewater treatment contract to be awarded in Central and
Eastern Europe.
Hungary
With the gaining of the Budapest water provision contract, Suez’s total water services turnover in
Hungary is now in excess of €85 million per annum. The contracts serving Pecs and Kaposvar have a
total turnover of €18 million per annum. Suez has set up a holding company for all its Hungarian
water activities.
1997 Budapest 25 year water distribution 2.2 million water
Suez and RWE Aqua controls all the shares of the management company and 25% of the equity of
the asset management company. The management company formed by Suez (51%) and RWE Aqua
(49%) has a 25% stake in Fövarosi Vizmuvek (FV) for US$82 million. Suez thus holds 13% of the
asset company. FV has a €65 million turnover and employs 2,200 staff. The population currently
served is 2 million.
1995 Pecs 25 year lease 180,000 water & sewerage
Suez holds 48% of the operating company, with the municipality holding the remaining 52%.
1995 Kaposvar 25 year lease 75,000 water & sewerage
35% of the operating company’s equity is held by Suez, with the municipality holding the remaining
65%.
222
Pinsent Masons Water Yearbook 2005 – 2006