1.
PERFORMANCE OF THE GROUP
Consolidated revenues for 2008 came in at € 4,728.7 million, up from € 4,214.9 million in 2007, with a rise of € 513.8 million (+12.2%). Consolidated revenues can be broken down by business sector as follows: (in millions of euro)
Change absolute
2008
%
2007
%
Utilities Sorgenia Group
2,433.7
51.5
1,861.7
44.2
572.0
30.7
Media Espresso Group
1,025.5
21.7
1,098.2
26.1
(72.7)
(6.6)
Automotive components Sogefi Group
1,017.5
21.5
1,071.8
25.4
(54.3)
(5.1)
246.3
5.2
182.9
4.3
63.4
34.7
5.7
0.1
0.3
-
5.4
-
Total consolidated revenues
4,728.7
100.0
4,214.9
100.0
513.8
12.2
of which: ITALY
3,786.3
80.1
3,248.9
77.1
537.4
16.5
942.4
19.9
966.0
22.9
(23.6)
(2.4)
Healthcare HSS Group Other sectors
FOREIGN COUNTRIES
%
The key figures of the consolidated income statement are as follows: (in millions of euro)
2008
%
2007
%
4,728.7
100.0
4,214.9
100.0
Consolidated gross operating margin (EBITDA) (1)
461.5
9.7
504.8
12.0
Consolidated operating income (EBIT)
320.1
6.7
382.7
9.1
(44.2)
(0.9)
(81.2)
(1.9)
(98.8)
(2.1)
(100.6)
(2.4)
-
-
0.1
-
Net income including minority interests
177.1
3.7
201.0
4.8
Net income attributable to minority interests
(81.6)
(1.7)
(118.4)
(2.8)
95.5
2.0
82.6
2.0
Revenues
Financial management result Income taxes Net income (loss) on assets held for disposal
Net income of the Group
(2)
1) This balance is the sum of the items “earnings before interest and taxes (EBIT)” and “amortization, depreciation and write-downs” in the consolidated income statement 2) This balance is the sum of the items “financial income”, “financial expense”, “dividends”, “gains from trading securities”, “ losses from trading securities” and “adjustments to the value of financial assets” in the consolidated income statement
The consolidated gross operating margin (EBITDA) was € 461.5 million (9.7% of revenues) in 2008 down from € 504.8 million in 2007 (12% of revenues), with a decline of € 43.3 million (-8.6%). This result was determined by the following factors: - The sizeable fall in the profitability of the Espresso and Sogefi groups, which was due to lower revenues and to the restructuring costs incurred. - The rise in the profitability of the Sorgenia and HSS groups.
16
Report on Operations