Historically, Hera has increased the dividends paid, which reached Euro 0.09 per share in 2011 (consistent with 2010 dividend). Further growth is expected.
Absolute dividend growth policy
Hera has opted for an increased dividend policy for the next 4 years to bring the unit value of the 2014 coupon to Euro 0.11 per share.
This policy, unique in the local multi-utilities sector, is typically adopted by companies with regulated activities and visible prospective results.
Thanks to the projected increase in cash flows and marked containment of investments, Hera forecasts a constant increase in dividends and, at the same time, the possibility of reducing its debt in the last year of the plan.
The forecast increase in dividends is associated with the anticipated improvement of all financial ratios, which will strengthen financial soundness (already among the best in the industry in 2010), aiming towards achieving an "A" rating from the ratings agencies by 2014.
| 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|
| Shares | ||||
| High (€) | 1.773 | 1.75 | 1.81 | 3.100 |
| Low (€) | 0.991 | 1.327 | 1.086 | 1.35 |
| Mid price (€ at 31/12) | 1.096 | 1.558 | 1.62 | 1.49 |
| N. of shares (mln) | 1,115.0 | 1,115.0 | 1,115.0 | 1,032.7 |
| Nominal value (€) | 1.00 | 1.00 | 1.00 | 1.00 |
| Market cap (bn€ at 31/12) | 1.222 | 1.737 | 1.809 | 1.539 |
| EPS (€) | 0.094 | 0.106 | 0.064 | 0.092 |
| Dividends | ||||
| DPS (€) | 0.090 | 0.090 | 0.080 | 0.080 |
| Dividend yield^ | 8.2% | 5.8% | 4.9% | 5.4% |
| Coupon | 4 june 12 | 6 june 11 | 1 june 10 | 2 june 09 |
| Payment | 7 june 12 | 9 june 11 | 4 june 10 | 5 june 09 |
| Pay out ratio | 96% | 86% | 94%** | 87% |
| Trading | ||||
| Average official price (€) | 1.406 | 1.53 | 1.544 | 2.313 |
| Average daily volume (mln) | 1.321 | 1.500 | 1.558 | 2.241 |
| Average daily trading (mln €) | 1.858 | 2.295 | 2.406 | 5.183 |
| Total return (€) | (0.372) | 0.018 | 0.210 | (1.490) |
| Total return (%) | (23.88%) | 1.11% | 14.09% | (48.69) |
*The above-mentioned 2004 amounts do not include distribution of the bonus share recognised to private shareholders who had held the shares for 12 months from the IPO date (26 June 2003).
**Calculated on Hera net profit adjusted for "Fiscal moratorium"
^DPS/Official price at 31 December
Page updated 22 March 2012
V.le Carlo Berti Pichat nr. 2/4
40127 Bologna
tel. 051 287111 - fax 051 287525
Paid-up Share Capital € 1,115,013,754
Revenue Code/VAT reg. no. and Bologna Registry of Companies
no. 04245520376
