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Analysis of the Integrated Water Cycle Area

The Integrated Water Cycle segment, as at 30 June 2011, was in line with the same period in the previous year:

( million) 30-Jun-10 30-Jun-11 Change % change
Area EBITDA 67.5 67.5 +0.0 +0.0%
Group EBITDA 313.5 344.0 +30.5 +9.7%
Percentage weighting 21.5% 19.6% -1.9 p.p.

An analysis of the operating results for the segment is given below:

Income Statement( million) 30-Jun-10 % weight 30-Jun-11 % weight Change % change
Revenues 274.9 273.3 -1.6 -0.6%
Operating costs (162.0) -59.0% (156.1) -57.1% -5.9 -3.6%
Personnel costs (52.5) -19.1% (52.9) -19.4% +0.4 +0.8%
Capitalised costs 7.2 2.6% 3.3 1.2% -3.9 -54.1%
EBITDA 67.5 24.6% 67.5 24.7% +0.0 +0.0%

Revenues, equal to 273.3 million, fell by 0.6% compared with the first half of 2010, due to the combined effect of (i) increased revenues from administration for the services requested, (ii) the reclassifying of business segments in accordance with IFRIC 12, and (iii) lower revenues for work done by contractors, with corresponding lower operating costs.

The 3.6% decrease in operating costs is linked to the constant attention paid to operational efficiency and to the reduction in work done by contractors.

The following table shows the main quantitative indicators in the segment.

Quantitative data 30-Jun-10 30-Jun-11 Change % change
Volumes sold (millions of m)
Mains water 120.7 120.7 +0.0 +0.0%
Sewerage 105.5 104.1 -1.4 -1.3%
Purification 105.8 104.2 -1.6 -1.5%

The volumes of water supplied were in line with the first six months of 2010, while sewerage and purification decreased in the Pesaro-Urbino area due to the expiry on 1 January 2011 of AATO resolution no. 14 of 13 September 2010. EBITDA stood at 67.5 million in both the first half of 2010 and the first half of 2011.

 
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