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FAQ

 
  • Higlight on financial results as at 30 June 2017

    Ebitda went up by +7.6%, standing at 505.9 million euro, compared to 470.1 of last year same period. Net profit stands at 148 million Euro. In Q2 2017 all results are up thanks to contribution of all businesses, among which significantly stands out the electricity market performance and the increase of prices and volumes in waste activities. NFP in line with end 2016, standing at 2,611.7 vs 2,558.9 of Q2 2016. Positive cash flow standing at 188,8 million euro financed M&As and dividends. These results were achieved thanks to M&As finalized in 2016 and organic growth of all businesses.

    What is Hera's market capitalisation?

    As at 31 December 2016 the market capitalization of Hera is equal to €1,489,538,745 shares, at a nominal value of 1 euro. Group capitalization, as at 3o June 2017, stands at 4.4 billion euro. View the price on the stock exchange of Hera share. A tool is available on the website to analyze stock performance with the issue of price sensitive information (such as results, dividends, AGM, etc.).

    What is the dividend policy?

    The dividend distributed in 2017 by Hera to its shareholders was of €0.09.

    Dividend was paid on June 21, 2017.
    During 2017 AGM, which took place on 28 April 2017, dividend payment was approved.
    This policy shows that Hera's dividend yield (return based on the dividends distributed) will continues to be among the highest in the sector. The new BP envisages a dividend growth up to 10 euro cents in 2020.


    What has been and what will be the profitability of Hera?

    In the last 14 years the ROE, one of the principal indicators of companies’ profitability, increased from 4.4% in 2002 to 8.6% in 2016.

    The ROI (return on invested capital) increased from 6.9% in 2002 to 8.9% in 2016 (amongst the highest in the sector). These improvements were possible thanks to important synergies and growths increasing net profit from 33 million Euro in 2002 to 220.4 million Euro in 2016.


    Page updated 24 July 2017

  • What is the organisation model of Hera?


    Hera has adopted a traditional Governance model based upon the Board of Directors and is in line with the Code of Autodiscipline promoted by the Italian Stock Exchange. To understand Hera governance please go to the interactive tool set out in the website. The entrepreneurial and organisational model of the Hera, configures the group as an aggregator and open to the entry of new shareholders, that can assume an important role in the directives of the company and maintain, locally, an operating structure capable of interpreting and providing adequate responses to the requirements of differing local needs, increasing the synergies from the merger of complimentary companies.
    For the purposes of management, the company has been divided into the following divisions: Services, Sales and Marketing, Networks and R&D, Environment and business development.
    Hera Trading, Hera Comm along with other equity interests should be included in this structure.
    View the corporate structure.


    Who are the principal shareholders of Hera?


    Hera SpA is held by 186 different public shareholders (municipalities in the region of Emilia Romagna), over 400 Italian and international institutional investors and about 21,000 private shareholders. The absence of an unique shareholder with absolute control over Hera (the largest shareholder is the municipality of Bologna with about 13.7%) is an "unicum" to the panorama of local utilities.


    Further informations

    Shareholding


    What does the sustainability report contain?


    For Hera, the Sustainability Report is a guiding tool for the management of financial, environmental and social activities. This document reports on the principles which guide corporate action, the performance achieved and the objectives reached. It also demonstrates that associated with the financial growth of recent years is a non-stop improvement of the main Key performance indicators concerning satisfying the interests of major stakeholders. At the base of this evaluation is the determination of the Added Value in accordance with principles elaborated by GRI-G3 and by GBS (Study Group for the Social Report) that provides a scheme for the calculation and the successive division of the added value between those who receive its benefit.

    For further details go the section Ethical Investor.


    What does the Internal Dealing Code contain?


    The Code of Conduct in relation to the Internal Dealing of Hera, that has introduced more stringent restrictions when compared to those required by the Italian Stock Exchange, defines the reporting obligations of the so-called Significant Persons (managers, members of the board of directors and statutory auditors) in the case of listed financial instruments issued by Hera. For further information please refer to the section Internal dealing.
    As from 1 April 2006 new norms related to Internal Dealing, regulated by Art. 114 TUF (Uniform Financial Statute) and Articles 152-sexies, 152-septies and 152-octies of Consob Regulation n. 11971 dated 14/05/1999 and subsequent amendments, have been introduced.
    The new norms redefine "relevant persons" and means to be used to report operations involving the listed issuer's financial instruments.


    What are the control committees?


    In order to guarantee adequate protection of all shareholders in relation to the primary management decisions, the Board of Directors of Hera must appoint an Executive committee, a Remuneration committee, an Risk and Control committee and an Ethics committee. The Remuneration committee formulates proposals for the remuneration of the Managing Director, the Chairman and the Managers of the group that cover specific roles. The Risk and Control committee evaluates the reliability of the internal control system, in order to guarantee the efficiency of the company’s operations, the reliability of the financial information and compliance with applicable legislation and regulations. The Ethics Committee has the task of monitoring the dissemination and implementation of the Code of Ethics. It receives the reports on violations of the Code and assesses whether to begin proceedings.


    Who are the managers of Hera?

    The Hera Group is guided by managers with a proven track record. Chairman of the Board of Directors is Tomaso Tommasi di Vignano, while Stefano Venier is the Managing Director.
    View the profile of the principal managers of the Hera group.


    Page updated 14 May 2014

  • When was Hera created?


    Hera was created on November 1st, 2002 from the first significant consolidation operation in the Italian multi-utility sector. Hera in fact was created from the merger of 11 enterprises in the local utility sector operating in the Emilia-Romagna region with the objective to improve the quality of service to its citizens in fundamental sectors such as energy, water and waste management services, and to realise significant synergies and efficiencies benefiting from economies of scale. The founding shareholders of Hera were 139 Municipalities in the provinces of Bologna, Ravenna, Rimini, Forlì-Cesena and the areo of Imola. Following this first merger, Hera has continued in these last 7 years to integrate other small-mid sized multi-utility companies operating in contiguous territories (Agea SPA - Ferrara, Meta SPA - Modena, Aspes SPA - Pesaro, Sat Spa - Sassuolo) reaching a coverage of about 70% of region Emilia-Romagna and entering in the northern Marche region. Starting in 2013, the Group began expanding its perimeter also in the rich Veneto and Friuli regions. The Padua and Trieste multi utility company Acegas Aps was merged. This operation was followed, in 2014, by the merger of Isontina Reti Integrate and Est Reti Elettriche. The last financial year ended with the merger of the multi utility company Amga – Udine, Ecoenergy (Mantova area) and Fucino gas (L’Aquila area). In 2015 the group further expanded in gas sales, through the acquisition of Alento Gas in Abruzzo, increased its waste activity, merging with Waste Recycling (Pisa) and acquiring branches of activity of Geo Nova, in the Pordenone, Treviso and Verona Provinces.


    In the previous fiscal year the Group consolidated its presence in Abruzzo, through two important acquisitions: Julia Servizi Più, a company bought from Comune di Giulianova, selling gas and electricity and Gran Sasso, operating in the same business areas but in the provinces of l’Aquila, Pescara and Chieti.


    Further information

    History and timeline


    What is Hera's position in the Italian utility sector?


    Hera is among the leading Italian local multi-utility. It is the national leader in waste management, second in water, third in the gas and eight in electricity. Including contribution from the different companies that merged with the Group through the years, Hera's figures can be broken down as follows: 3.4 billion mc of gas sold in 2015; 2.0 million tons of urban waste treated and 300 million mc of water distributed, with a 70% territorial coverage in the Emilia Romagna region.


    Further information

    Benchmark


    When was Hera listed?

    Hera was listed on the Blue Chip segment of the Italian Stock Exchange at a price of Euro 1.25 on June 26, 2003. Since the quotation, Hera's stock shows a positive performance and triplicated its value.



    Further information

    Stock performance


    Which are the aggregation and mergers completed by Hera?

    Hera is the first operator in Italy to have successfully developed the aggregation strategy of local utilities. Created from the integration of 11 public service management companies operating in the municipalities and in the province of Emilia Romagna, even after its listing, Hera continued its consolidation process. In July 2003, the Group expanded with the aggregation of Geat (multi-utility company of Riccione) and, in 2004, with the consolidation of Agea (multi-utility company of Ferrara) and the acquisition of the Ravenna Ecologic Centre (a company specialised in the disposal of industrial waste).
    In 2005 the merger of Meta into Hera was completed, which resulted in the Group becoming the largest Italian local multi-utility with 2.4 million customers.
    In June 2006 the purchase of Enel’s distribution network in 18 municipalities of the Modena Province was completed; in July 2006 the Hera Group expanded (until 49.79%) its sharing in Aspes Multiservizi, the company involved in water, energetic and environmental services in the Pesaro area. In October 2006 the agreement for the purchase of 46.5% of SAT S.p.A. was signed (SAT is a company involved in environmental, gas distribution and water services). In July 2007 has been established Marche Multiservizi from the merger between Aspes of Pesaro and Megas of Urbino, in which Hera has a 49.6% stake; approved by the BoD of July 2007 the merger of SAT S.p.A. into Hera S.p.A., afterwards approved by the Shareholders' Meeting of October 16th 2007. In September 2007 underwritten a letter of intents between the State of San Marino, Hera Group and VNG to support the develop for energy supply in the State of San Marino. In January 2008 the merger of SAT Sassuolo into Hera was completed. In July 2008 Hera finalized the acquisition of Megas Trade, the leading gas and electricity provider in the Province of Urbino, whereas in December 2008 the Group consolidates its presence in the electrical energy sector through the 32% acquisition of Tamarete Energia, a company based in Ortona, Chieti province. In October 2009 Hera increases its reference territory acquiring a 25% stake in Aimag, the multi-utility operating in Modena and Mantua province involved in waste management, water management and energy. In July 2012 Hera signs an agreement with AcegasAps to complete a merger project which was concluded in the first months of 2013 and let the Group to expand its presence in the rich Italian north-east. In 2014 were merged Isontina Reti Integrate and Est Reti, to end with the Udine multi utility Amga. In 2014 Hera also expanded through the acquisition of Ecoenergy (Mantua province) and Fucino gas (L’Aquila province).
    In 2015 the group further expanded in gas sales, through the acquisition of Alento Gas in Abruzzo, increased its waste activity, merging with Waste Recycling (Pisa) and acquiring branches of activity of Geo Nova, in the Pordenone, Treviso and Verona Provinces. On the top of that, Hera stock in Akron and Romagna Compost is now 100%.


    In the previous fiscal year the Group consolidated its presence in Abruzzo, through two important acquisitions: Julia Servizi Più, a company bought from Comune di Giulianova, selling gas and electricity and Gran Sasso, operating in the same business areas but in the provinces of l’Aquila, Pescara and Chieti.

    Further information

    M&A, divestments and track records


    Page updated 21 March 2017

  • In which sectors does Hera operate?


    Hera is a multi-utility company operating in the Energy, Gas, Water and Waste Management sectors. The Group has a relevant market position in all the mentioned sectors. Further details are available in the section financial results.


    In which geographical area does Hera operate?

    The Hera Group operates in the public utility services in over 200 municipalities of the Emilia Romagna region and in the north of Marche region, in the provinces of Bologna, Rimini, Ravenna, Forlì-Cesena, Ferrara, Modena and Pesaro, in an area with a GDP and per capita consumption among the highest in Europe where the quality and the provision of local public services has always represented a typical trait in the economic and social development.

    In January 2013 became effective the merger with Acegas Holding, followed by the merger with Amga Udine in 2014. These important operations took Hera to operate also in the rich north eastern Italian area, specifically in Trieste, Udine, Gorizia and Padua. Hera has today a leading position in its business and it is considered as the main possible consolidating Company in the sector.

    That is shown in the recent acquisitions: the distribution Company in Gorizia and the merger with AcegasAps, which was effective from 1 July 2014 which contributed to Group’s results since 2014.

    In 2015 Hera kept on growing through the acquisition of Alento Gas in Abruzzo, increased its waste activity, merging with Waste Recycling (Pisa) and acquiring branches of activity of Geo Nova, in the Pordenone, Treviso and Verona Provinces.


    In the previous fiscal year the Group consolidated its presence in Abruzzo, through two important acquisitions: Julia Servizi Più, a company bought from Comune di Giulianova, selling gas and electricity and Gran Sasso, operating in the same business areas but in the provinces of l’Aquila, Pescara and Chieti.


    Further informations

    Geographical presence


    What are the objectives of the business plan?

    The new business plan pursues a multi-business growth strategy that have been already effective in the liberalization of energy sales activities in the past years and that is currently offsetting the economic slow down of the macro scenario.

    In 2019 the plan aims to achieve an Ebitda of 1,030 m € (compared to 867.8 m€ recorded in 2014), through a further external growth, which is meant to support the policy of enlargement in the liberalized Gas and Electric markets and in the waste treatment business. Besides that, the Group will keep on pursuing efficiency in all sectors and will adjust the tariffs in accordance to the new regulation in force.

    This plan envisages an improved financial return, with a cash generation able to finance a five-year investment plan of around € 2.2 billion. A constant dividend of 9 euro cents per share every is forecasted up to 2019, together with a further improvement of the already sound financial profile.


    Page updated 21 March 2017

  • What is Hera's market capitalisation?

    As at 31 December 2016 the market capitalization of Hera is equal to €1,489,538,745 shares, at a nominal value of 1 euro. Group capitalization, as at 31 December 2016, stands at 3.3 million euro. View the price on the stock exchange of Hera share. A tool is available on the website to analyze stock performance with the issue of price sensitive information (such as results, dividends, AGM, etc.).


    What is the dividend policy?

    The dividend distributed in 2016 by Hera to its shareholders was of €0.09. During 2016 AGM, which took place on 28 April 2016, a dividend in line with the previous years has been approved.
    This policy shows that Hera's dividend yield (return based on the dividends distributed) will continues to be among the highest in the sector. Dividend was paid June 22, 2016.
    The new BP envisages a dividend growth up to 10 euro cents in 2020.


    Further informations

    Dividends & share key data


    How do the analysts and rating agencies view Hera?

     

    Hera share coverage is one of the widest for the sector in Italy, owning to the following national and international independent institutes covering it. Hera analyst coverage and updated consensus target price.

     

    What is the consensus of the analysts on Hera?

     

    View the updated consensus, on the principal economic data on the period covering the last industrial plan of Hera Group. Data is elaborated by Hera on the basis of the researches published by the financial analysts.


    What indexes is Hera part of?

     

    The 26th June 2003 Hera had been listed on the stock exchange in Milan. As from March 21st, 2005, Hera is part of the Midex index. Hera is also part of the "Dow Jones Stoxx TMI" and "TMI Utilità" indices, in addition to the ethical indices "Axia Ethical Index" and "Kempen SNS Smaller Europe SRI Index". At the end of November 2007 Hera shares were also included on the MSCI small cap index. The increase in liquidity levels in Hera shares between 2003 and today led to its inclusion in the Dow Jones Stoxx 600 on 25 March 2008. This includes the 600 most highly capitalised companies in 18 European countries. Since 2008 Hera share is included also in "ECPI Ethical Index Euro" which is formed by 150 european companies considered ethical investments. Since 1st June 2009, Hera share is listed in new indexes FTSE Italia All-Shares and FTSE Italia Mid Cap. Its tickers are:

    • Bloomberg: HER IM
    • Reuters: HRA.MI




    Page updated 21 March 2017

How to contact Hera Investor relations team?

Please use following channels:

Jens Klint Hansen, Investor relations Manager
jens.hansen@gruppohera.it
Viale Berti Pichat, 2/4 40127 Bologna
Ph. +39 051 28 77 37

 
 
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