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Analysis of the Gas Area

At the end of the first half of 2010, compared to the same period of the previous year, the Gas area increased its contribution to the Groupís EBITDA margin by over one percentage point, and shows a sharply increasing result, as highlighted in the following table:

(millions of Euro)30/06/0930/06/10Abs. Change% Change
Area EBITDA90.9109.3+18.4+20.2%
Group EBITDA271.3313.5+42.2+15.6%
Percentage33.5%34.9%+1.4 p.p.

The following table shows the main quantitative indicators of the area:

Quantitative data30/06/200930/06/2010Abs. Change% Change
Gas volumes distributed (millions of m3)1,349.61,475.6+126.0+9.3%
Gas volumes sold (millions of m3)1,483.71,680.2+196.5+13.2%
- of which Trading volumes230.2368.6+138.4+60.1%
Heat volumes delivered (Gwht)271.7313.9+42.2+15.5%

The volumes of gas distributed changed from 1,349.6 million cubic meters in the first half of 2009 to 1,475.6 of the first half 2010, up 9.3%. The volumes of gas sold rose from 1,483.7 million cubic meters in 2009 to 1,680.2 in 2010, an increase of 13.2%. The volumes of heat delivered rose from 271.7 Gwht in 2009 to 313.9 in 2010, an increase of 15.5%.

A summary of the economic results in the area is shown hereunder:

Income Statement††††††††††† (millions of Euro)30/06/2009Inc.%30/06/2010Inc%Abs. Change% Change
Revenues756.5678.0-78.5-10.4%
Operating costs662.4-87.6%-548.7-80.9%-113.7-17.2%
Personnel costs-31.4-4.2%-33.6-5.0%+2.2+7.0%
Capitalised Costs28.23.7%13.52.0%-14.7-52.2%
EBITDA90.912.0%109.316.1%+18.4+20.2%

Revenues decreased by 10.4%, from Euro 756.5 million in 2009 to Euro 678.0 million in 2010, with respect to the decrease in price of raw materials, which similarly affects operating costs, but in the opposite sign: this effect prevails over the positive effect of the increase in volumes sold and distributed.

The lower capitalised costs are linked to the different accounting treatment of investment works carried out independently following the merger of the Territorial Operative Companies into the Parent Company as at 31 December 2009.

Personnel costs rose compared to the first half of the previous year in relation to the greater absorption of sales costs, in line with the development of the energy sales business.

Compared with the previous year, the Group registered an increase of the EBITDA in this area equal to Euro 18.4 million, from Euro 47.3 million to Euro 109.3 million, with an increase of the percentage profit, which rises from 16.1% in 2010 to 12.0% in 2009. This result should be viewed in relation to three main factors: (i) higher volumes of heat supplied and the lower average procurement cost of raw materials, related to the heat sold from the new cogeneration plant in Imola as regards district heating; (ii) higher revenues from gas distribution. For more information, refer to the specific section regarding the regulatory aspects of the business; and (iii) the greater gas sales volumes and the better performance in trading activities.

 
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