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You are in: H1 2010 Directors' Report » Financial and Economic Results

Economic and Financial Results

Hera Group Performance as at 30 June 2010

Consolidated summary results of the Hera Group:

(millions of Euro)30-giu-09Inc.%30-giu-10Inc.%% Change
Revenues2,146.0 1,805.5 -15.9%
EBITDA271.312.6%313.517.4%+15.6%
EBIT 143.76.7%174.89.7%+21.6%
Net Profit51.82.4%69.23.8%+33.6%

Financial and Economic Results

The results of the first half of 2010 show growth in all economic indicators compared to the same period of 2009, consolidating the signs of economic recovery demonstrated at the end of the first quarter.

The increase in volumes of gas and electricity sold and distributed and district heating distributed, compared to the first six months of 2009, was confirmed, as well as the increase in volumes of waste collected and disposed.

It is noted that at the end of 2009, the Group completed the following reorganisation processes of the company structure:

  • the establishment of Herambiente S.r.l., focused on the business of waste disposal and treatment, through the transfer of all trade activities and plants;
  • the spin-off of the Territorial Operative Companies (TOC) in favour of the Parent Company Hera S.p.A. and, as for customer management activities, to the subsidiary Hera Comm.

 

The Consolidated Income Statement implements the application of the interpretation of the accounting standard IFRIC 12 “Service Concession Arrangements” which modified the method of accounting for company events for companies operating in sectors governed by specific concessions (for more details on this matter, refer to the specific section). In accounting terms, the application of this standard, which does not result in any changes in the results, requires the representation of business investments carried out on the assets under concession, limited to network services, in the income statement. As a result, the items Other operating revenues, services costs and capitalised costs implement the measurement of the activities carried out for this purpose in the part of the year in question. Therefore, we note other operating revenues Euro 65.5 million for 2010 and for Euro 75.2 million for 2009, lower capitalised costs for Euro 15.7 million in 2010 and Euro 19.2 million in 2009, and greater services costs for Euro 49.8 million in 2010 and Euro 56.0 million in 2009.

 
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