2005 - 2006 - Pinsent Masons Water Yearbook 2012

THE NETHERLANDS PART 3 (i): COMPANY ANALYSIS: MAJOR PLAYERS
Nuon NV
Nuon NV is a Dutch energy utility company, supplying electricity to five million people in the
Netherlands. Nuon was formed in 1999 through the merger of four regional Dutch utility companies
and is held by two groups of municipal shareholders. Shareholders are currently considering a partial
sale of its equity in the wake of the liberalisation of the Dutch electricity market in July 2004. The first
such share sale is not currently expected to take place before 2007.
Waterbedrijf Gelderland NV (WGld), Nuon NV's water unit, was sold to the municipally held Vitens in
2002 for a net gain of €57 million. This was after the Dutch Government ruled in 2001 that Nuon
would have to divest its domestic water activities if it was to contemplate privatisation. With Nuon’s
560,000 water customers in Gelderland and Friesland (2002 turnover of €106 million), including a
contract for the supply of water to the municipally held DZH for 132,000 customers in the Lieden area,
Vitens serves 1.6 million customers (approximately 4 million people) in the provinces of Friesland,
Verijssel and Gelderland and parts of the provinces of Flevoland and Drenthe. Vitens is 36% held by
Nuon.
Nuon NV, profit and loss account
Y/E 31/12 (€million) 2000 2001 2002 2003 2004
Turnover 3,716 4,742 4,728 5,095 4,398
Operating profits 327 489 350 536 511
Net income 352 375 152 259 387
In March 2000, Nuon acquired a 50% stake in Biwater Capital BV, creating the Cascal JV. Biwater
Capital is the operations and investments arm of Biwater Plc (See separate company entry). Nuon
paid US$130 million for its holding in the JV. The intention is first to increase market share within the
Netherlands via Biwater’s capabilities and then to market Biwater internationally through Nuon’s
international experience. This contract ceased to apply for concessions gained by Biwater from the
start of 2001. In 2005, Nuon sold Utilities Inc in the USA and has decided to concentrate on its core
power related activities. At present, no announcement has been made as to Nuon’s holding in Cascal.
Details about Cascal are included in the Biwater company entry.
USA: Utilities Inc
Nuon sold Utilities Inc to Hydro Star in May 2005. Hydro Star is a subsidiary of AIG Highstar Capital II,
L.P., a private equity fund which invests in infrastructure related assets and business and is sponsored
by the US insurer AIG’s AIG Global Investment Group (AIGGIG).
Contact Details
Name: Nuon NV
Address: Spaklerweg 20, 1096 BA, Amsterdam, The Netherlands
Tel: +31 20 597 43 35
Fax: +31 20 597 42 20
Web: www.nuon.com
Ludo Van Halderen (Chairman)
Peter Erich (COO)
Henk Spaan (CFO)
Contact Details
Name: Cascal BV
Address: PO Box 41920, 1009 DC, Amsterdam, The Netherlands
Tel: +31 20 597 4222
Fax: +31 20 597 2324
Web: www.cascal.nl
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Pinsent Masons Water Yearbook 2005 – 2006