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Analysis by Business Segment

Starting from the financial statements as at 30 June 2009, the Hera Group revised the classification of its businesses in specific business areas, to better focus its industrial structures, reclassifying the results of the previous years in each quarterly report, for the purpose of consistent comparison. Starting from this accounting deadline, therefore, this operation is no longer required on the previous years.

An analysis is presented below of the operating results achieved in the business areas in which the Group operates: (i) Gas sector, concerned with the distribution and sale of methane gas and LPG, District heating and Heat Management (ii) Electricity sector, regarding the production, distribution and sale of Electricity, (iii) Integrated Water Cycle sector, including Aqueducts, Purification and Sewerage, (iv) Waste Management sector, including Waste Collection, Treatment and Disposal and (v) Other Services sector, including Public Lighting, Telecommunications and other minor services.

In light of the above, the breakdown and development over the years in terms of Revenues and EBITDA is illustrated in the following charts:

Breakdown of the business portfolio

In the following chapters the operating performance of the various business areas is analysed. Income statements by business area include structural costs, and inter-divisional transactions valued at current market prices.

The analysis by business area does not consider the measurement of the greater revenues and higher costs, without any impact on the EBITDA, relating to the application of IFRIC 12, as illustrated, on the Group Consolidated Statement of Income. The increases in construction on a time and materials basis/work in progress represented in the business areas regard solely the costs for works carried out internally which, starting from the financial statements as at 31 December 2009 were subject to different accounting treatment, due to the spin-off of the Territorial Operative Companies. Therefore, external costs no longer pass through the income statement.


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