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Breakdown by business

An analysis of the operating results achieved in the business segments in which the Group operates is presented below:

  • distribution and sale of methane gas and LPG,
  • distribution and sale of electricity,
  • integrated water cycle (aqueduct, purification and sewerage),
  • waste management (waste collection and treatment), and
  • other activities (district heating, public lighting, heat management and other minor services).


The business segments did not undergo any substantial change in 2007 compared to 2006: with regards to the contribution towards EBITDA, there was an increase in the water cycle, electricity and other services, and a decrease in the contribution of the gas and waste management segments. In addition, the percentage importance of the gas segment decreased as regards revenues, especially for the volumes sold and distributed, while the importance of the electricity segment increased steadily mainly thanks to the acquisition of the former Enel networks in Modena and the commercial development made possible by the start up of the new plants.

In order to provide the necessary details on performance in 2007, analyses are shown of the various business segments that the Group operates in compared with 2006. The breakdown and development in the two years in terms of revenues and EBITDA are shown in the graphs below:

Breakdown of the business portfolio


The following sections present the operating results by business segment. The income statements by business segment include structural costs, including inter-divisional transactions valued at current market prices.

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 a cost adjustment as costs capitalised in the individual tables.