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Analysis of the Electricity Area

At the end of 2011, the Electricity segment continues to record considerable growth compared with 2010, both in absolute terms and in terms of the contribution to the Group's overall EBITDA, which rose from 9.8% to 11.4%, as seen in the table below:

(€ million)31-dic-1031-dic-11Abs. Change% Change
Segment EBITDA59.873.2+13.4+22.5%
Group EBITDA607.3644.8+37.5+6.2%
Percentage weighting9.8%11.4%+1.6 p.p. 

EBITDA went from €59.8 million in 2010 to €73.2 million as at 31 December 2011, a percentage increase of 22.5%.

The quantitative figures for the segment, which do not include trading activities, are given in the table below:

Quantitative data31-dic-1031-dic-11Abs. Change% Change
Number of customers (thousands of units)382.5482.1+99.6+26.0%
Volumes sold (Gw/h)7,744.09,996.1+2,252.1+29.1%
Volumes distributed (Gw/h)2,237.82,303.9+66.1+3.0%

The increase in volumes distributed, equal to +3.0%, shows a recovery in consumption, which in the area served by Imola and Modena was higher than both the average for Emilia-Romagna and Tuscany (+1.7%) and the national average (+0.6%), mainly due to flows in the Modena area.

The +29.1% increase in sales volumes was also caused both by the solid performance of sales activities and the acquisition of new service protection customers, with a total of more than 99,000 new supply points net of the churn-rate. The sales company was assigned the task of managing electricity-supply service protection customers in Lombardy, Tuscany, Lazio, Abruzzo, Molise and Puglia for the three-year period 2011-2013, which resulted in over 21,000 new customers.

An analysis of the main segment results is given below:

Income statement
(€ million)
31-dic-10% inc.31-dic-11% inc.Abs. Change% Change
Revenues1,468.3 1,585.2 +116.9+8.0%
Operating costs(1,399.2)-95.3%(1,497.0)-94.4%+97.8+7.0%
Personnel costs(23.8)-1.6%(26.4)-1.7%+2.6+10.9%
Capitalised costs14.51.0%11.40.7%-3.1-21.4%

Revenues climbed from €1,468.3 million for 2010 to €1,585.2 million in 2011, an increase of 8.0% due mainly to the higher sales volumes.

The increase in sales volumes was also reflected in the increase in operating costs for the purchase of raw materials and greater electricity delivery costs.

It should be stressed that activities launched in previous years involving renewable sources and industrial cogeneration contributed to the increase in margins for the segment to the tune of 5%.

The EBITDA margin therefore increased from 4.1% in 2010 to 4.6% in 2011 as a result of the aforementioned mix.

At the end of 2011, as stated previously, EBITDA went from €59.8 million in 2010 to €73.2 million, an increase of 22.5%.


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