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Analysis by Business Segment

Analysis by Business Segment

An analysis of the operating results achieved in the business segments in which the Group operates is presented below: (i) sector concerned with the distribution and sale of methane gas and LPG, (ii) sector regarding 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 Services (District Heating, Public Lighting, Heat Management, Industrial microgeneration and other minor services).

An analysis of the breakdown of EBITDA by business segment, compared to the previous year, shows: (i) growth in the gas area, positively affected by increased volumes from extension of the business area and the more favourable weather conditions of the first quarter; (ii) growth in the waste management area, benefiting from the full entry into operation of the new WTEs and increased quantities treated; (iii) growth in the electricity area, which consistently increases its business volume; (iv) the resulting reduction of the contribution of other areas in terms of percentage impact, though still growing in terms of absolute margin.

The breakdown and development over the years in terms of Revenues and EBITDA is illustrated in the following charts:


Breakdown of the business portfolio

In order to provide a more detailed picture of 2008 performance, the following chapters analyse the Group's various business segments, compared with the corresponding period of 2007.

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 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.