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You are in: H1 2009 Directors' Report » Financial and Economic Results

Economic and Financial Results

Consolidated summary results of the Group

(millions of €)30-giu-08Inc.%30-giu-09Inc.%Change %
Revenues1,752.4 2,146.0 +22.5%
Net Profit49.62.8%51.82.4%+4.5%

As everyone knows, the first half of 2009 was marked by a slowdown of economic activities. Specifically, there were lower delivered volumes of water, less special waste treated and a significant drop in demand for new connections and work for customers compared to the first half of 2008.

The first half of 2009 was also affected by the change in the tariff system of the gas distribution activity. Resolution 159/08 of the Authority for Electrical Energy and Gas (AEEG) profoundly changed the tariff structure of the activity by modifying, in particular, the start of the gas year for applying tariffs to make it coincide with the solar year, whereas in the past it was 1 October until 30 September of the following year, and by providing for an equalisation fund for compensating any differences compared to the standard on the volumes distributed.

During the first half of 2009 the companies Acantho Spa, Satcom Spa and Modena network Spa were also consolidated. They operate in the telecommunications sector, as is better described in the chapter of this document concerning corporate changes. The effect on the results of this operation will be dealt with in this report if relevant.

As had already taken place in 2008, the revenue agency's recovery of the so-called "State Aid" tied to the "fiscal moratorium” during the second half of 2009 as well had a negative effect. As explained in detail in the explanatory notes of the financial statements, the profit of the first half of 2009 was negatively affected by a total amount of Euro 4.8 million, of which Euro 2.7 regard recovery of taxes and Euro 2.1 interest payable, whereas the total amount in 2008 was Euro 11.2 million of which Euro 5.6 were for recovery of taxes and contributions, and the same amount for interest payable.

The following statements were prepared in full application of IAS standards, as established by the law for listed companies.

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