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Economic and Financial Results

( million)30-Jun-10% weight30-Jun-11% weight% change
Revenues1,807.01,983.2+9.8%
EBITDA313.517.4%344.017.3%+9.7%
Operating margin (EBIT) 174.89.7%199.410.1%+14.1%
Net income69.23.8%83.24.2%+20.2%

Results and investments

In the first half of 2011, as in the first quarter, the Hera Group continued to record economic growth compared with the same period in 2010; all the main business areas recorded increases and all economic indicators signalled a positive trend.

Unlike the economic results, some quantitative indicators fell, with lower volumes of gas and heat sold and distributed as a result of higher average temperatures compared with the first six months of 2010, and lower volumes of urban waste collected and disposed of. Conversely, higher volumes of electricity were sold, particularly due to the allocation of a default-provider service mandate for customers in the Lombardy, Tuscany, Lazio, Abruzzo, Molise and Puglia regions for the 2011-2013 period.

Other events also occurred in the first six months of 2011, mainly affecting the waste management segment:

  • Since February 2011, HERAmbiente has consolidated its stake in Enomondo to 50%, a company that manages a 13 MWe biomass plant in a joint venture with Caviro Distillerie S.r.l.
  • Since the second half of 2010, the Marche Multiservizi Group has consolidated its stake in Naturambiente, which manages landfill operations for the Municipality of Cagli (PU).

As seen from the financial statements at 31 December 2010, the Consolidated Income Statement applies the interpretation of the IFRIC 12 accounting principle "Service Concession Arrangements", which has changed the way in which transactions are accounted for by businesses operating in industries regulated by specific concessions. At an accounting level, the impact of the application of this principle, whilst not changing the results, has meant that investments in assets under concession (network services) are reported in the income statement. Therefore, the income statement shows an increase in other operating income of 61.1 million for the first half of 2011 and 65.5 million for 2010, lower capitalised costs of 16.3 million in 2011 and 15.7 million in 2010, and increased operating costs for services, materials and other operating costs of 44.8 million in 2011 and 49.8 million in 2010.

In addition, the accounts for the first half of 2010 have been reclassified to give a better representation of the plants and other works of companies within the Group; specifically, the costs of services and capitalised costs have been increased by the same amount.