+255%
total yield
of the stock
compared to
its 2003 price
9.5
euro cent
dividend
per share
1,248
million euro
of added value distributed
to local stakeholders

A number of litigation proceedings were brought against the Public Administration Authorities.

By means of an appeal filed in 2014 before the Emilia-Romagna Regional Administrative Court against the Emilia-Romagna Regional Authority and against Atersir, Herambiente requested the cancellation of the Emilia-Romagna Regional Authority’s Decision no. 380 dated 24 March 2014, containing “Amendments to the Regional Authority Decision 135/13 – Provisions concerning the definition, and handling of the increase limit, of the fee for the disposal of municipal waste”. Resolution 380/2014 was challenged with regard to the part where it has the effect of laying down the full deduction, from the waste disposal fee, of the revenues from incentives to generate electricity from renewable sources. At the date of drafting of this report, the date of the trial hearing is yet to be scheduled.

By means of an appeal filed in 2015 by Herambiente before the Emilia-Romagna Regional Administrative Court against the Emilia-Romagna Regional Authority and against Atersir, cancellation was requested of resolution 467 of the Regional Council of the Emilia-Romagna Regional authority dated 27 April 2015, concerning “the criteria to define the fee for the disposal of municipal waste and similar pursuant to art. 16(1) of Regional Law 23 of 2011. The appeal presented objects, in particular, to two aspects of resolution no. 467, considered illegitimate, i.e.:

  • the erroneous inclusion of revenue from incentives for renewable electricity generation among the amounts to deduct from fees expected;
  • the lack of specific mention of taxes among the costs incurred by Herambiente that the contested resolution does not recognise.

At the date of drafting of this report, the date of the trial hearing is yet to be scheduled.

With separate appeals, which were then united, Herambiente challenged the following acts before the Regional Administrative Court of Molise:

  • Challenge of Regional Government Decree no. 231 of 19 May 2015 which identifies as substantial variations the introduction of the CER code 19.12.12, the adjustment of the authorisation for saturation of the thermal load and the introduction of a shredder.
  • Challenge of EIA regarding the plant of Pozzilli and, for additional reasons, the Integrated Authorisation.
  • Challenge of Regional Council resolution no. 341 of 28 December 2015 regarding the “Regional plan for waste management”. Italian Leg. Dec. 152/2006 Conclusion of the Strategic Environmental Assessment procedure. Adoption of Plan proposal.”

The Regional Administrative Court of Molise did not uphold the appeals of Herambiente that on 23 October 2017, challenged the ruling before the Council of State. A hearing has not yet been set.

With distinct appeals in 2015 before the Regional Administrative Court of Emilia-Romagna against Atersir, and against Hera Spa as other party, the Sassuolo municipality, on the one hand, and the Maranello, Fiorano and Formigine municipalities, on the other hand, have sought cancellation of Area Council Resolution 6/2015, issued on 10 June 2015, containing the “Economic and Financial Plan for 2015”. The municipalities that are applicants include the Sassuolo municipality, which, in addition to the above resolution, appealed against the Local Council of Modena’s decision 3/2015 of 13 April 2015 and every other prerequisite and consequential measure. The municipalities that filed the application complained, mainly, of the lack of discussion to agree on the Economic-Financial Plan, that the cost elements therein were expressed in an aggregated form instead showing the unit cost of services for each entry and the alleged unjustified increase of the costs of the service for municipal and similar-to-municipal waste. Hera Spa appeared before the court disputing what had been claimed in fact and law by the municipalities that filed the application. At the date of drafting of this report, the date of the trial hearing is yet to be scheduled.

With further appeals notified in 2016, again before the Regional Administrative Court of Emilia-Romagna against Atersir, and against Hera Spa as the other party to the proceedings, the above municipalities sought the cancellation of Area Council Resolution 25/2016, published on 11 May 2016 on “Approval of economic/financial plans for the municipal waste management service for the year 2016”. Hera Spa has appeared before the court and at the date of drafting of this report, the date of the trial hearing is yet to be scheduled.

With further appeals notified in 2017 before the Regional Administrative Court of Emilia Romagna against Atersir, and against Hera S.p.A, as joint interested party, the Municipalities of Sassuolo, Maranello, Fiorano, Formigine, Predappio, Tredozio, Rocca San Casciano, Bertinoro, Forlimpopoli, Galeata, Premilcuore, Meldola, Savignano sul Rubicone, Borghi, Sogliano al Rubicone, San Mauro Pascoli, Longiano, Gambettola, Roncofreddo, Santa Sofia, Castelnuovo Rangone, Castelvetro di Modena, Savignano sul Panaro, Spilamberto, Vignola, Guiglia, Marano sul Panaro and Zocca challenged, within their area of responsibility, resolution no. 27 of 24 March 2017 and resolution no. 17 of 15 March 2017 adopted by the Authority Council of Atersir and through which the Economic and Financial Plans for the 2017 municipal waste management service covering the local areas related to the above municipalities were approved. A hearing is yet to be scheduled.