Iren closed the first nine months of the year with revenues of 2.363,7 million euro (-1,4% on the same period of 2010) and a net profit of 100,1 million euro (+0,3%) net of non-recurring tax effects. The net accounting result amounted to 95,0 million, down by 13,3% compared to 109,6 million in the same period of 2010 due to non-recurring tax effects, which in relation to the period had an impact of 9,7 million, and by the new formulation of the Robin tax introduced in 2011. The gross operating margin (Ebitda) amounted to 409,7 million euros, in line with 2010, while the operating result rose by 3,8% to 216,8 million. Profit before tax also increased, rising by 3,1% to 181,5 million. Net financial debt at 30 September 2011 amounted to 2.688 million euros, against 2.660 at the end of 2010.
However, Iren underlines that "the cost of debt for the group will remain decidedly below the value taken as a reference in the 2011 budget and communicated to the market" while "to date, medium and long-term debt maturities are covered throughout 2011 and substantially throughout 2012”.
In the period under review, the Integrated Water Service sector recorded revenues of 323,2 million euros, up (+3,5%) compared to 312,2 million euros in the first nine months of 2010 due to the tariff plans approved by the reference ATOs. In the waste-to-energy sector, revenues amounted to 161,2 million euros, down (-5,5%) compared to 170,5 million in the first nine months of 2010, mainly due to lower electricity revenues from the Piacenza waste-to-energy plant , resulting in the reduction of the volumes produced for plant maintenance and at the end, starting from 1 October 2010, of the CIP6 incentives, as well as the cessation of the management of some ancillary services. The services sector recorded revenues of 79,0 million euros compared to 73,2 million in the same period of 2010.
