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Breakdown by business

An analysis is presented below of the operating results achieved in the business segments in which the Group operates: (i) sector concerned with the distribution and sale of methane gas and LPG, (ii) sector concerned with the distribution and sale of Electricity, (iii) Integrated Water Cycle sector (Aqueducts, Purification and Sewerage), (iv) Waste Management Sector (Waste Collection and Treatment) and (v) other activities (District Heating, Public Lighting, Heat Management and other minor services).

The business areas did not undergo any substantial change in 2007: the importance of the Waste Management area increased and that of the gas area decreased with regards to the contribution towards EBITDA. With regards to revenues, the percentage-related importance of the Energy segment dropped especially in relation to the consolidation of the Pesaro company which does not perform activities in this business area.

In order to provide the necessary details on performance in 2006, an analysis is shown of the various business segments in which the Group operates, presented on a comparative basis with the 2005 figures inclusive of the former Meta areas. The breakdown and evolution for the corresponding periods of 2005 and 2006 in terms of Revenues and EBITDA are shown in the graphs below:

Composition of the Business Portfolio


The following sections contain an analysis of the operating results generated by business segment. The income statements by business segment include structural costs, including inter-divisional economic transactions valued at current market prices and, for 2005, as, envisaged, have been made consistent including the figures relating to the integrated Modena area.

It should also be noted that the analysis of the business segments includes the increases in construction on a time and materials basis/work in progress and, therefore, the related costs. These items, as envisaged in the indications of the IAS standards, are indicated by way of adjustment of the costs as costs capitalised in the individual tables.