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Economic and Financial Results

Consolidated summary results of the Hera Group:
(millions of )31-dic-09% Inc.31-dic-10% Inc.% Change
Revenues4,204.23,668.6-12.7%
EBITDA567.313.5%607.316.6%+7.1%
EBIT291.36.9%315.48.6%+8.3%
Net profit85.02.0%142.13.9%+67.2%

Financial and economic results

The 2010 economic results of the Hera Group are improved over the 2009 results as already seen in previous quarters.

Even the main quantitative indicators are up compared to the previous year, especially the increase in volumes of gas and electricity sold and distributed and district heating distributed, as well as the increase in waste collected and disposed.

At the end of 2009, the Group completed the following reorganisation processes of the company structure:

  • the establishment of Herambiente S.p.A., focused on the business of waste disposal and treatment, through the transfer of all trade activities and plants;
  • the spin-off of the Territorial Operating 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 application of the interpretation of accounting standard IFRIC 12 Service concession arrangements which changed the accounting methods for corporate affairs with respect to the companies that operate in sectors regulated by specific concessions (please refer to the explanatory notes of the financial statements for more information). At an accounts level, the effect of applying this standard, which did not result in any changes to the results, is the representation of the investments made in assets under licence, limited to the network services, on the income statement. Therefore the other operating revenues are higher by Euro 135.2 million for 2010 and by Euro 151.9 million for 2009, capitalised costs are lower by Euro 35.4 million in 2010 and Euro 39.0 million in 2009 and operating service costs for services, materials and other operating expenses are higher by Euro 99.8 million in 2010 and Euro 112.9 million in 2009.

Apart from the above, the 2009 accounts were reclassified in order to improve representation of the construction of plants and other facilities between the companies operating within the Group; specifically, the costs for services and capitalised costs were increased by the same amount.