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Analysis of the Integrated Water Cycle Area

The result for the Integrated Water Cycle, as well, at the end of the first half of 2010 increased with respect to the same period of the previous year:

(millions of Euro)30-06-0930-06-10Abs. Change% Change
Area EBITDA59.567.5+8.0+13.5%
Group EBITDA271.3313.5+42.2+15.6%
Percentage21.9%21.5%-0.4 p.p. 

An analysis of the operating results achieved in the area is shown below:Income Statement
(millions of Euro)

 30-06-09Inc.%30-06-10Inc%Var. Ass.Var. %
Revenues219.6 231,9 +12.3+5.6%
Operating costs-161.5-73.6%-123.3-53.2%-38.2-23.6%
Personnel costs-51.8-23.6%-52.5-22.6%+0.7+1.4%
Capitalised costs53.224.2%11.44.9%-41.8-78.6%
EBITDA59.527.1%67.529.1%+8.0+13.5%

Revenues, equal to Euro 231.9 million, are up 5.6% over the first half of 2009, in connection with the combined effect of higher supply revenues, resulting from the application of the tariff indications approved by the Water and Waste Regulatory Authorities, and the lower revenues from connection.

The decrease in operating costs is linked to the different accounting treatment of capitalised costs for investment works carried out on a time and materials basis.

The following table reports the main quantitative indicators in the area:

Quantitative data30-06-0930-g06-10Abs. Change% Change
Volumes sold (millions of m3)    
Aqueducts120.7120.7+0.0+0.0%
Sewage104.5105.5+1.0+1.0%
Purification104.5105.8+1.3+1.2%

Delivered volumes of water showed a substantial alignment with the first six months of 2009, while there was slight growth in treated volumes in the sewerage and purification services.

The EBITDA at the end of the first half of 2010 increased by Euro 8.0 million, from Euro 59.5 million in 2009 to Euro 67.5 million in the current year (+13.5%) due to the tariff increases to cover the services provided.

 
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