Performance by geographic area

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The presentation of the financial highlights for the Group by operating segment may be found in the section “Operating segments” of the notes to the Terna Group financial statements.
The table below summarises the main figures on consolidated financial performance for 2009 and 2008 by geographic segment outside Italy. These numbers refer, in particular, to the discontinued operations in Brazil, which are shown in accordance with the Parent’s accounting policies and grouped under profit for the year from discontinued operations and assets held for sale in the Group’s consolidated income statement (see the section “Profit for the year from discontinued operations and assets held for sale” of the notes to the financial statements).

DISCONTINUED OPERATIONS

In millions of euros 2009* 2008
Total revenue 198.8 199.4
Total operating expenses 62.3 55.1
EBITDA (1) 136.5 144.3
Amortisation and depreciation 9.8 26.9
EBIT 126.7 117.4
Net financial income/(expense) -28.7 -58.1
Profit before taxes 98 59.3
Income taxes 31.9 18.4
Profit for the year from discontinued operations 66.1 40.9
Profit for the year from discontinued operations attributable to the shareholders of the Parent 43.6 27.0

(*) First ten months of 2009 (until the date of sale of the Brazilian companies).
(1) EBITDA (gross operating profit) is determined by adding amortisation and depreciation to EBIT (operating profit).

Exchange rates

During the first ten months of 2009, the Brazilian real strengthened against the US dollar, reaching R$1.7280 to the dollar at the end of October 2009, as compared with the R$2.3307 recorded in December 2008. During the same period, the euro weakened against the real by about 21.2%.

END-MONTH SPOT EXCHANGE RATES*Dec. 2008Oct. 2009
USD/BRL 2.3307 1.7280
EUR/BRL 3.2436 2.5574
EUR/USD 1.3917 1.4800

(*) Source: Ufficio Italiano Cambi.

The average EUR/BRL exchange rate over the first ten months of 2009 saw the euro appreciate by 5.4% compared with the same period of last year, rising to an average exchange rate of 2.8079.

AVERAGE EXCHANGE RATE OVER THE PERIOD*2008First ten months of 2009
EUR/BRL 2.66522.8079

(*) Source: Ufficio Italiano Cambi.