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Analysis by Business Segment

Starting from 2009, the Hera Group has revised the configuration of its business segments to better bring its own industrial structures into focus. Specifically, in the Gas area the District Heating and Heat Management business segments have been taken from the Other Services area, and the Industrial Micro-cogeneration activity, previously part as well of the Other Services area, has been assigned to the Electricity area.

An analysis of the operating results achieved in the business segments in which the Group operates is presented below: (i) Gas sector, which includes the methane and LPG distribution and sales services, district heating and heat management (ii) Electricity sector, which includes the Electricity production, distribution and sales services (iii) Integrated Water Cycle sector, which includes the Aqueducts, Purification and Sewerage services (iv) Waste Management sector, which includes the waste Collection, Treatment and Disposal services (v) Other Services sector, which includes the Public Lighting, Telecommunications services and other minor services.

In view of what is reported, the analysis by the various business areas in which the Group operates compared with the data of the same period of 2008, reclassified according to the criteria for allocating business segments to the activity areas, is shown below in order to provide the necessary in-depth information on the trend of the first half of 2009. The composition and the evolution in time, in terms of Revenues and EBITDA, is outlined in the graphs below:


Analysis by Business Segment

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.

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