Hera BoD approves 1H 2022 results
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For the seventeenth consecutive year, we are confirmed among the leading organisations for human resources management

We have once again been ranked among the best Italian companies for people management and development policies, obtaining the Top Employer certification for the seventeenth year running.
The award recognises the Hera Group’s strategic commitment to continuous learning and organisational wellbeing, in a landscape where career longevity, talent attraction and generational inclusion are increasingly critical.
With over 10,500 employees, 96% of whom are employed on permanent contracts, we distinguish ourselves through an HR model founded on flexible welfare, 360-degree wellbeing, professional growth, the enhancement of uniqueness and a strong cultural identity. Furthermore, our multi-business nature represents a significant benchmark on the national stage, offering diverse career paths and the opportunity to develop new skills within the same organisation.
For us, continuous training is a cornerstone of its ‘people strategy’: thanks to an annual investment of approximately €15 million, over 97% of employees participate in at least one training initiative, averaging 30 hours per capita. A central role is played by HerAcademy, our corporate university, which aims to support the energy, environmental, digital and technological transitions through innovative programmes and ongoing dialogue with academia.
On the welfare front, we allocate €23 million annually to its Hextra system, which involves 99% of the workforce. The scheme offers, among other opportunities, initiatives for parenting support, health and pension services, and programmes dedicated to psychological and financial wellbeing.
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Hera BoD approves 1H 2022 results
The half-year report shows increasing revenues and Ebitda, thanks to the contribution coming from the Group’s main business areas

Financial highlights
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Revenues at 8,896.0 million euro (+112.8%)
-
Ebitda* at 631.2 million euro (+3.3%)
-
Net profit* at 201.7 million euro (-12.7%)
-
Net financial debt at 3,682.4 million euro, with Net debt/Ebitda* at 2.96x, confirming the Group’s financial solidity
Operating highlights
-
Contribution to growth comes from main businesses
-
Further development of initiatives for the ecological transition and the circular economy
-
Solid energy customer base, amounting to roughly 3.5 million
The Board of Directors of the Hera Group unanimously approved the consolidated operating results for the first half of 2022.
Despite the complicated scenario, marked by ongoing volatility on energy markets and international geopolitical conflicts, the Hera Group’s management policies and its solid and resilient business model have once again proven effective. The Group has thus achieved results that guarantee both quality and continuity of services and the constant creation of value for all stakeholders.
As regards changes in the scope of consolidation, the energy areas benefited from the acquisitions, through the subsidiary Hera Comm, of 90% of the Abruzzo company Eco Gas and 100% of the company Con Energia. Also note that Hera Comm was awarded the gradual protection service for electricity supply to SMEs in 9 Italian regions. In the waste management area, compared to June 2021, note the integration of 80% of the Vallortigara Group, which provides services to industries, public administrations and citizens and manages a multi-purpose platform for special waste treatment in the Veneto region.
Furthermore, note the acquisition on 30 June 2022, through the subsidiary Marche Multiservizi, of 70% of Macero Maceratese, which operates in the waste management sector. With this additional transaction, the Hera Group has strengthened its nationwide leadership in the waste management sector, and industrial waste management and treatment in particular.
Revenues reach roughly 8.9 billion euro
In the first half of 2022, revenues amounted to 8,896.0 million euro, with a sharp increase (+112.8%) compared to 4,179.7 million euro seen at 30 June 2021, thanks to the contribution coming from all major business areas. The energy areas in particular showed significant growth, mainly related to the increase in commodity prices. Furthermore, growth in energy services was related to energy efficiency in residential buildings (insulation bonus and 110% super-bonus) and increasing activities involving value-added services for customers.
As regards the waste management area, instead, higher revenues mainly came from energy production, the expansion of business customer base and changes in market prices.
Ebitda* increases to 631.2 million euro
Ebitda* for the first half of 2022 rose to 631.2 million euro (+3.3%), against 610.9 million euro at 30 June 2021, up 20.3 million euro, mainly due to contributions coming from the energy, waste management and water areas.
Financial operations improved, pre-tax profit and net profit substantially stable
The result of financial operations for the first six months of 2022 came to 50.9 million euro, with a 4.2 million euro improvement compared to 30 June 2021, mainly due to lower financial expenses on long-term debt (the result of debt optimisation operations) and lower expenses from discounting provisions. Compared to the equivalent figures for the previous year, pre-tax profit* thus amounted to 284.0 million euro, up slightly (+0.9%) over the 281.5 million euro seen one year earlier, while net profit* pre-minorities, equal to 201.7 million euro, remained in line with that as at 30 June 2021 (206.4 million euro).
Net results* at 201.7 million
Net profit* at 30 June 2022 amounted to 201.7 million euro, down from 231.1 million in the first half of 2021, which included non-recurring items amounting to 24.7 million, caused by a tax realignment and the partial repurchase of some bonds.
Investments rise; net financial debt affected by the higher value of gas storage
In the first half of 2022, the Group’s operating investments, including capital grants, amounted to 287.1 million euro, up sharply (+16.3%) compared to the 246.9 million euro seen during the same period of the previous year, and were mainly related to works on plants, networks and infrastructures. Alongside the latter, regulatory adjustments mainly concerned gas distribution, with a large-scale replacement of meters, and the purification and sewerage area.
Net financial debt went from 3,261.3 million euro at 31 December 2021 to 3,682.4 million euro at 30 June 2022, showing an increase coming to roughly 421.1 million euro. This was mainly due to a change in net working capital*, due to the higher value of stored gas, already contracted to better serve the needs of the upcoming thermal season and guarantee quality and continuity of service to customers. The net debt/Ebitda* ratio increased slightly, reaching 2.96x.
| Conto economico (mln €) |
giu-22 | Inc.% | giu-21 | Inc.% | Var. Ass. | Var.% |
|---|---|---|---|---|---|---|
|
Revenues |
8,896.0 |
|
4,179.7 |
|
+4,716.3 |
+112.8% |
|
Other operating revenues |
219.4 |
2.5% |
140.2 |
3.4% |
+79.2 |
+56.5% |
|
Raw and other materials |
(7,062.2) |
-79.4% |
(2,135.5) |
-51.1% |
+4,926.7 |
+230.7% |
|
Service costs |
(1,105.2) |
-12.4% |
(1,260.1) |
-30.1% |
-154.9 |
-12.3% |
|
Other operating expenses |
(39.3) |
-0.4% |
(37.9) |
-0.9% |
+1.4 |
+3.7% |
|
Personnel costs |
(308.7) |
-3.5% |
(301.8) |
-7.2% |
+6.9 |
+2.3% |
|
Capitalised costs |
31.2 |
0.4% |
26.3 |
0.6% |
+4.9 |
+18.7% |
|
Ebitda* |
631.2 |
7.1% |
610.9 |
14.6% |
+20.3 |
+3.3% |
|
Amortization, depreciation and provisions |
(296.3) |
-3.3% |
(274.3) |
-6.6% |
+22.0 |
+8.0% |
|
Ebit* |
334.9 |
3.8% |
336.6 |
8.1% |
1.7 |
-0.5% |
|
Financial operations |
(50.9) |
-0.6% |
(55.1) |
-1.3% |
-4.2 |
-7.6% |
|
Pre-tax result* |
284.0 |
3.2% |
281.5 |
6.7% |
+2.5 |
+0.9% |
|
Taxes |
(82.3) |
-0.9% |
(75.1) |
-1.8% |
+7.2 |
+9.6% |
|
Net result* |
201.7 |
2.3% |
206.4 |
4.9% |
-4.7 |
-2.3% |
|
Result from special items |
- |
0.0% |
24.7 |
0.6% |
-24.7 |
+100.0% |
|
Net profit for the period* |
201.7 |
2.3% |
231.1 |
5.5% |
-29.4 |
-12.7% |
|
Invested capital and sources of financing (mn€) |
June 22 | % Inc. | Dec 21 | %Inc. |
Abs. change |
% change |
|---|---|---|---|---|---|---|
|
Net non-current assets* |
7,385.5 |
104.7% |
7,308.3 |
109.4% |
+77.2 |
+1.1% |
|
Net working capital* |
297.4 |
4.2% |
2.4 |
0.1% |
+295.0 |
+12,291.7% |
|
(Provisions) |
(626.6) |
(8.9)% |
(633.4) |
(9.5%) |
+6.8 |
+1.1% |
|
Net invested capital* |
7,056.5 |
100.0% |
6,677.3 |
+100.0% |
+379.0 |
+5.7% |
|
Equity* |
3,373.9 |
47.8% |
3,416.0 |
51.2% |
(42.1) |
(1.2)% |
|
Long-term borrowings |
4,085.1 |
57.9% |
3,633.1 |
54.4% |
+452.0 |
+12.4% |
|
Net current financial debt |
(402.7) |
(5.7)% |
(371.8) |
(5.6%) |
(30.9) |
(8.3)% |
|
Net debt |
3,682.4 |
52.2% |
3,261.3 |
48.8% |
+421.1 |
+12.9% |
|
Total sources of financing* |
7,056.3 |
100.0% |
6,677.3 |
100.0% |
+379.0 |
+5.7% |
* Adjusted results
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