Expected Ebitda (+5,6% cagr) set out in in the business is underpinned by internal and external growth drivers. (synergies, organic growth, new plants and M&A):

The business plan envisages a further Ebitda growth based upon internal growth drivers only.

The contribution expected from “Synergies” (cost cutting, efficiency gains from operations and from organisational rationalisation) and “Organic growth” (expansion of liberalised gas, electricity and industrial waste markets, regulated tariff progressions and contributions from existing plants) is in line with last 6 years average track record.

The contribution expected from “New plants” is related to the upstream integration strategy in Waste management business to maintain market leadership and in power generation activities to sustain increased scale of sales volumes

Page updated 10 November 2011