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Analysis of the Waste Management Area

The Waste Management area also showed a significant increase with respect to the first half of 2009, as shown in the following table:

(millions of Euro)30-06-0930-06-10Abs. Change% Change
Area EBITDA84.397.1+12.8+15.2%
Group EBITDA271.3313.5+42.2+15.6%
Percentage31.1%31.0%-0.1 p.p. 

Note that the Hera Group has been for some time an important operator in the waste management sector, capable of integrated operations over the entire waste cycle, with 77 treatment and disposal plants for urban and special waste.

The Group operates through 7 Water and Waste Regulatory Authorities in the provinces of Ravenna, Forlì-Cesena, Rimini, Bologna, Ferrara Modena and Pesaro-Urbino in the area of urban waste management services including, sweeping, collection and disposal of urban waste, as for the water cycle services. With all agencies, agreements compliant with current regulations are in operation.

An analysis of the operating results achieved in the Waste Management area is shown below:

income statement
(mln/€)
30-giu-09Inc.%30-giu-10Inc%Var. Ass.Var. %
Revenues313.3 350.8 +37.5+12.0%
Operating costs(163.5)-52.2%(183.4)-52.3%+19.9+12.2%
Personnel costs(74.6)-23.8%(76.3)-21.8%+1.7+2.3%
Capitalised costs9.22.9%6.01.7%-3.2-34.9%
EBITDA84.326.9%97.127.7%+12.8+15.2%

As at 30 June 2010, revenues showed a 12.0% increase compared to the first half of the previous year, from Euro 313.3 million to Euro 350.8 million, linked to higher volumes disposed and, to a lesser extent, to higher revenues from urban hygiene due to tariff adjustments obtained to cover a greater number of services required.

Separate waste collection, as a percentage of total volume of waste collected, reached at the end of the first half of 2010 a value of 47.0%, against 45.0% for the year 2009, up 2.0 percentage points.

The following table highlights the growth in quantities of waste disposed of, which recorded over 8 percentage points compared to 30 June 2009:

 Quantitative Data                   (thousands of tonnes)30-06-09Inc%30-06-10Inc%Abs. Change% Change
Urban waste877.436.3%930.831.6%+53.4+6.1%
Waste from the market733.730.4%810.127.5%+76.4+10.4%
Sold waste1,611.166.7%1,740.859.1%+129.7+8.1%
By-products of plants805.133.3%1,206.040.9%+400.9+49.8%
Waste treated by type2,416.3100.0%2,946.9100.0%+530.6+22.0%
Landfills647.526.8%722.524.5%+75.0+11.6%
Waste-to-energy plants368.115.2%405.113.7%+37.0+10.1%
Selection plants141.55.9%156.25.3%+14.7+10.4%
Composting plants174.07.2%232.57.9%+58.5+33.6%
Inert. and chemical plants561.123.2%674.522.9%+113.4+20.2%
Other524.121.7%756.025.7%+231.9+44.2%
Waste treated by plant2,416.3100.0%2,946.9100.0%+530.6+22.0%

N.B. the 2009 figure was reclassified for consistent comparison with the 2010 consolidation criteria

Analysis of quantitative data reveals an increase of urban waste related to the increase of population served, and a strong recovery in market waste due to a higher capacity of waste disposal and the recovery of general economic activities. It is noted that in the first half of 2009 was characterised by a sharp contraction in production activities.

The EBITDA of the Waste Management area increased from Euro 84.3 million in the first half of 2009 to Euro 97.1 million in the corresponding period of 2010, up by 15.2%, equal to Euro 12.8 million. This result is mainly attributable to the increase in volumes disposed of and the resulting increased efficiency of plants, specifically of the new WTE in Modena and Rimini.


 
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