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| Azurix Corp. |
| 333 Clay Street, Suite 1000, Houston, TX 77002 * (713) 646-6001 |
| Business Description | Azurix is a global water company engaged in the business of acquiring, owning, operating and managing water and wastewater assets, providing water and wastewater related services and developing and managing water resources. |
| Offering Information Company has | ||||
| Trading As | AZX (NYSE) | Industry | Utilities (SIC 4941) | |
| Type of Stock Offered | Common Shares | Filing Date | 03/15/1999 | |
| Domestic Shares Offered | 29,280,000 | Offer Date | 06/09/1999 | |
| Foreign Shares Offered | 7,320,000 | Filing Range | $19.00 - $22.00 | |
| Company Shares | 17,100,000 | Offer Price | $19.00 | |
| Selling Shrhldrs Shares | 19,500,000 | Gross Spread | $1.140 | |
| Gross Proceeds | $695,400,000 | Selling | $0.700 | |
| Expenses | - - | Reallowance | $0.100 | |
| Post-IPO Shares | 117,100,000 | Employees | - - | |
| Spun out from: | Atlantic Water Trust | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| BT Alex Brown | Co-manager | (410) 727-1700 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 03/31/1995 | 03/31/1996 | 03/31/1997 | 03/31/1998 | |||
| Revenues | - | 356.300 | 376.800 | 403.100 | 436.600 | - | - |
| Income from Oper. | - | 167.800 | 189.100 | 210.500 | 232.300 | - | - |
| Net Income | - | 123.700 | 140.400 | 153.000 | 16.700 | - | - |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | 5.75 | 6.98 | 8.311 | - | ||
| Net Income Growth (%) | - | 13.50 | 8.97 | -89.08 | - | ||
| Oper. Profit Margin (%) | - | 47.10 | 50.19 | 52.22 | 53.21 | - | - |
| Net Profit Margin (%) | - | 34.72 | 37.26 | 37.96 | 3.83 | - | - |
| Cash Flow - Oper. | - | - | - | ||||
| Cash Flow - Inv. | - | - | - | ||||
| Cash Flow - Fin. | - | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 3,358.30 | Current Assets | 131.80 | Current Ratio | 0.50 |
| Total Liab. | 1,712.80 | Current Liab. | 261.40 | Debt Ratio | 51.00% |
| Total Equity | 1,645.50 | Working Cap. | -129.60 | Debt to Equity Ratio | 1.04 |
| Cash | 5.30 | Return on Assets | 0.50% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, including working capital and expansion of business through strategic acquisitions as opportunities arise. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Vinson & Elkins |
| Bank's Law Firm | Andrews & Kurth |
| Auditor | Arthur Andersen |
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| Industry Competition |
Participants in the global water market face significant challenges, including qualifying for the bidding process, obtaining and demonstrating operating experience and management depth, accessing capital, obtaining and demonstrating expertise in managing international infrastructure projects, identifying and evaluating transactions and assessing and mitigating risks, especially operational, political and regulatory risks. As a result, only a small number of companies currently compete globally in the water and wastewater privatization market. Two French companies, Suez Lyonnaise des Eaux and Compagnie Generale des Eaux, a subsidiary of Vivendi, currently are recognized as the major competitors in the international water market. These two companies are significantly larger than the next group of international competitors. These smaller competitors include privatized water and wastewater companies from the United Kingdom and some smaller French and Spanish companies. |
| Business Plan |
The company's business strategy is focused on three complementary areas in the global water industry: (i) Acquiring, owning, operating and managing water and wastewater assets; (ii) Providing water and wastewater related services, including operations, management and engineering, residuals management, and underground infrastructure development and remediation services; and (iii) Developing and managing water resources. |