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Analysis of the Waste Management Area

The Waste Management Segment shows an increase in EBITDA compared with the first half of 2010 by 8.3%, as seen in the table below:

( million)30-Jun-1030-Jun-11Change% change
Area EBITDA97.1105.2+8.1+8.3%
Group EBITDA313.5344.0+30.5+9.7%
Percentage weighting31.0%30.6%-0.4 p.p.

Hera Group operates in an integrated way in the complete waste cycle, with 80 urban waste and special waste treatment and disposal plants.

Compared with the first six months of the previous year, the Group consolidated its stake in Enomondo S.r.l., which has a new 120 thousand tonne biomass plant and a composting plant, to 50%.

Moreover, in the second half of 2010, the scope of activities was extended through the consolidation of Naturambiente S.r.l., which operates in the urban hygiene and waste disposal sectors of the Marche Multiservizi Group.

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

Income Statement
( million)
30-Jun-10% weight30-Jun-11% weightChange% change
Revenues347.3370.4+23.1+6.7%
Operating costs(189.3)-54.5%(195.4)-52.8%+6.1+3.2%
Personnel costs(76.3)-22.0%(76.4)-20.6%+0.1+0.1%
Capitalised costs15.44.4%6.71.8%-8.7-56.4%
EBITDA97.128.0%105.228.4%+8.1+8.3%

Revenues as at 30 June 2011 show an increase of 6.7% compared with the same period in the previous year, going from 347.3 million to 370.4 million thanks to greater revenues from electricity production and, to a lesser extent, increased revenues from urban hygiene through rate adjustments to cover the increase in services requested.

Separated waste collection accounted for 49.6% of the total volumes collected at the end of the first half of 2011, compared with 47.0% for the same period in 2010, an increase of 2.6 percentage points. The percentage represented by separated waste collection for the whole of 2010 was not yet affected by the modification to Regional Government Decree 1620-01 which excludes the non-reusable fractions of multi-material collections from the calculation of separated waste collection. Based on a standardised comparison of the figures, the percentage represented by separated collection would increase in the first six months of 2011 by 2.9 percentage points.

Below is a breakdown of the volumes sold and treated by the Group in the first half of 2011 compared with the same period in 2010:

Quantitative Data (thousands of tonnes) 30-Jun-10 % weight 30-Jun-11 % weightChange % change
Urban waste 930.8 31.6% 904.1 33.2% -26.7 -2.9%
Market waste 810.1 27.5% 817.1 30.0% +7.0 +0.9%
Commercialised waste 1,740.8 59.1% 1,721.2 63.2% -19.6 -1.1%
Plant by-products 1,206.0 40.9% 1,000.9 36.8% -205.1 -17.0%
Waste treated by type 2,946.9 100.0% 2,722.1 100.0% -224.8 -7.6%
Landfills 722.5 24.5% 632.5 23.2% -90.0 -12.5%
Waste-to-energy plants 405.1 13.7% 489.6 18.0% +84.5 +20.9%
Selection plants 156.2 5.3% 151.2 5.6% -5.0 -3.2%
Composting plants 232.5 7.9% 284.1 10.4% +51.6 +22.2%
Stabilisation and physicochemical treatment plants 674.5 22.9% 479.8 17.6% -194.7 -28.9%
Other 756.0 25.7% 685.0 25.2% -71.0 -9.4%
Waste treated by plant 2,946.9 100.0% 2,722.1 100.0% -224.8 -7.6%

The breakdown of the quantitative data shows a fall of 1.1% in commercialised waste, due, in the main, to the decrease in urban waste (-2.9%), which was offset by an increase in market waste (+0.9%). The increase in market waste was made possible by the increased disposal capacity and more intensive marketing activities in the reference areas. The decrease in by-products from plants, on the other hand, should be related to the different weather conditions, especially the lower rainfall compared with the first six months of 2010, which resulted in lower leachate generation.

The development of disposal flows recorded should also be stressed, since, as a result of the availability of new WTE plants and the further development of separated recovery and collection activities, it saw a significant growth in volumes destined for WTE plants and composting plants, against a decrease in the use of landfills.

EBITDA in the Waste Management segment increased by 8.1 million compared with the previous year, going from 97.1 million for the first half of 2010 to 105.2 million in 2011, an increase of 8.3%, tanks to all the activities of the integrate cycle.

 
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