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Hera Group Board of Directors approves 1Q 2023 results

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10/05/2023
Hera Group Board of Directors approves 1Q 2023 results

The consolidated quarterly report at 31 March shows growth in the main operating-financial indicators, once again proving the financial solidity and strength of the Group’s multi-business model

Financial highlights

  • Revenues at 5,628.9 million euro (+6.0%)

  • Ebitda* at 410.2 million euro (+9.4%)

  • Net profit attributable to shareholders* at 128.2 million euro (+0.7%)

  • Net debt at 3,777.6 million euro, down 11% compared to 31 December 2022, with net debt/Ebitda* at 2.84x

Business highlights

  • Good contribution to growth coming from all main businesses, the energy and environment sectors in particular

  • Further development of initiatives for the ecological transition and the circular economy through state-of-the-art plants and increasingly green services

  • Ongoing growth in the energy customer base, reaching almost 3.6 million

Today, the Board of Directors of the Hera Group, chaired by Cristian Fabbri, unanimously approved the consolidated results for the first quarter of 2023.
For the Hera Group, the first quarter closed with improved operating results and investments compared to one year earlier, even though the scenario still shows a considerable amount of uncertainty, with effects on the commodity prices and a slowdown in production and international trade. Both internal and external growth drivers in Hera’s multi-business portfolio enabled it to achieve an excellent operating and financial performance while pursuing the creation of value for all stakeholders.

Cristian Fabbri, Hera Group Executive Chairman:



“The first quarter of 2023 closed with increased operating results, supported by the positive performance of the free-market energy and waste management businesses. We have thus confirmed our ability to gain new market shares, to provide services that are favoured by customers, and effectively leverage upon our competitive advantages in all our activities. The significant positive cash flow over the first quarter allowed us to reduce our debt and significantly improve the net debt/Ebitda ratio, which now stands at 2.84x.”

 

Orazio Iacono, Hera Group CEO:



“The positive operating cash flow of Q1 was able to fully cover a significant increase both in capital expenditures and investments which mainly concerned strengthening the infrastructures and plants managed, to the benefit of the quality of services provided to the customers as well as the resilience of our infrastructures and plants. We also strengthened and optimised our debt structure, thanks to the recent issue of a sustainability-linked bond worth 600 million euro and the simultaneous subscription of a 450 million euro sustainable revolving credit line. These are two additional milestones in sustainable finance and will lead us to allocate more than 1 billion euro in financing to green transition projects, to achieve the goals on the 2030 Agenda with concrete initiatives and respond to the challenges of a sustainable transition rooted in the social and industrial fabric. This operation, particularly appreciated by the market, guarantees additional financial flexibility.”

 

Revenues amounting to over 5.6 billion

In the first quarter of 2023, revenues amounted to 5,628.9 million euro, up 6% from the 5,312.0 million euro seen in the same period of 2022. The energy segments above all contributed to this result – mainly due to the higher volumes of electricity sold as a result of reinforced commercial initiatives and the safeguarded lots awarded last autumn – and the waste management area, partially due to acquisitions in the remediation and industrial waste treatment market.

Ebitda* rises to 410.2 million

Ebitda at 31 March 2023 rose to 410.2 million euro, +9.4% compared to 375.1 million euro in the first three months of 2022. This positive growth was mainly due to the overall contribution coming from the energy areas and the good performance of the waste management area.

Increased net operating result* and stable pre-tax result*

Ebit* at 31 March 2023 increased to 236.1 million euro, up 6.7% from 221.2 million euro in the first quarter of 2022. This performance was positive even after higher depreciation and amortisation due to the significant increase in investments and provisions for bad debts resulting from the increase in turnover, including last resort markets.

Net profit* rises to 140.3 million euro

Thanks to a tax rate coming to 26.8%, down from the previous year, net profit* rose to 140.3 million euro (+1.2%), as against 138.6 million euro in the first quarter of 2022. Net profit attributable to Group shareholders* settled at 128.2 million euro, up +0.7% from 127.3 million euro at 31 March 2022.

Sharp increase in operating investments and Group solidity reinforced

The Group’s capital expenditures, including capital grants, amounted to 155.7 million euro, up sharply (+20.5%) compared to 129.2 million euro at 31 March 2022, and mainly involved work on plants, networks and infrastructures. Regulatory upgrading, instead, mainly concerned gas distribution, with a large-scale meter replacement, and the purification and sewerage area.

 

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31/07/2024

Hera Group: 1H 2024 results approved

The consolidated half-year report at 30 June indicates growth in the Group’s main operating-financial indicators and shows its considerable financial solidity, fully in line with the targets set out in the Business Plan.
31/07/2024

Hera Group Italy’s first multi-utility with a Net Zero target

The Hera Group’s climate change mitigation strategy is now enriched with the definition of the Climate Transition Plan and the goal of reaching Net Zero by 2050 as regards direct and indirect emissions
18/07/2024

Circular economy: partnership with Fincantieri

A newco will be born aimed at managing almost 100,000 tonnes per year of industrial waste produced in its shipyards, and creating a new integrated waste management system, intended to reduce waste and enhance recovery with a view to the circular economy
19/06/2024

We rank first in the 2024 ESG Identity Corporate Index

For the fourth consecutive year, we are on the podium of the overall index ranking, which rewards Italian companies that stand out for integrating ESG factors into their governance
14/05/2024

Hera Group BoD approves results for 1Q 2024

The consolidated quarterly report at 31 March shows improvement in the main operating and financial indicators
30/04/2024

Hera Shareholders Meeting: 2023 financial statements approved and dividend increased to 14 cents

The Group continues along its path of uninterrupted growth, closing 2023 with record performance in the main operating and financial indicators, thus constantly creating value for its stakeholders
26/03/2024

Hera Group approves results as at 31/12/2023

The year closed with main financial indicators rising and the targets included in the strategic Plan to 2026 exceeded three years ahead of schedule
04/03/2024

The passing of Hera S.p.A.'s Vice Chairman, Mr. Gabriele Giacobazzi

We hereby inform you that on March 3, 2024, the Vice Chaiman of the Board of Directors, Mr. Gabriele Giacobazzi, passed away.

04/03/2024

Hera Group and Panasonic Industry together for the diffusion of NexMeter on the national market

The Japanese electronics leader collaborates with the multi-utility to distribute the NexMeter 4.0 gas meter, with advanced features in the field of measurement
06/02/2024

Over 1 million new electricity customers as of 1 July

With the 7 lots awarded in the tender for the Gradual Protection Service for non-vulnerable household customers, the Hera Group consolidates its position as the sector’s third largest operator in Italy
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31/01/2023

We are in the 2023 Bloomberg Gender-Equality Index

Always concerned with implementing policies concerning gender equality and enhancing diversity in the workplace, in 2023 as well we have been counted among the most inclusive companies worldwide. Today, we were confirmed – for the fourth consecutive year – as part of the Bloomberg Gender-Equality Index, which analyses the performance of companies engaged in supporting gender equality by developing dedicated active policies and transparency in communicating information. In the 2023 edition, which includes 484 listed companies, based in over 45 countries, selected out of more than 11,700 businesses, we confirmed our results in all areas under analysis with an overall score of 80.1%, above the Italian average (78.27%). The Group stood out in particular for equal pay, an inclusive culture and harassment prevention. This important result confirms our desire to keep valorising the uniqueness of people in a working context highly exposed to change, constantly committing ourselves to promoting and creating fair and inclusive workplaces, thanks to the development of dedicated policies and projects. This path stretches quite far into the past and has been enriched over time, starting with the signing of the Charter for equal opportunities and equality in the workplace in 2009 and the introduction – as early as 2011 – of the figure of the Diversity Manager who undertakes to promote the enhancement of diversity inside and outside the company, with dedicated awareness-raising initiatives. For further information Press release Hera Diversity and Inclusion Bloomberg Gender-Equality Index primo_piano.png We have been included for the fourth year in a row in the international index that assesses outstanding companies for their policies relating to gender equality, diversity and inclusion centrata GEI-Member 2023_110.png
17/01/2023

Top Employer for the 14th consecutive year

We have been certified as a Top Employer for the 14th consecutive time, standing out for its job policies and ranking among the top 3 in Italy out of 1,600 companies analysed. The well-being of people, training, professional growth and transformation of skills are the main strengths that have allowed us to receive this prestigious award. It was conferred by the Institute based in Holland, a global body certifying corporate excellence in the HR field, after a close analysis that becomes increasingly selective every year and concerns specific parameters such as adequate salaries, working conditions, career opportunities, corporate culture, training and people development. With our pioneering vision, concrete decisions and increasing investments in human resources and training, we continue to take on the challenges of change, aiming at developing new skills and competencies. In this sense, a central role is played by HerAcademy, the corporate University founded precisely with the desire to generate new knowledge in response to the trends seen in the context, including an ongoing debate on current issues and collaborations with major national and international institutions. All training activities for Hera’s over 9,000 employees fall within this scope, so that continuous learning and people development are at the heart of the strategy, in line with the growing demand for profiles capable of overcoming the challenges of the transitions currently underway (digital, energy and environmental). In 2022 alone, 97% of the corporate population, including the most operational ones, attended training courses, totalling approximately 270 thousand hours, or roughly 30 hours of training per capita, well above the sector average. In line with this same vision, and above all as a response to the challenge of the energy transition, we have also launched a major talent acquisition campaign throughout Italy in recent months. The goal is to select and train, in collaboration with ManpowerGroup, 300 new resources with technical and operational profiles and include them, within 2023, in the Group’s various companies and in supplier companies. For further information Press release Working in Hera Group HerAcademy primo_piano_Hera Top Employer 2023_870.jpg Early 2023 sees us confirmed among the best companies in human resource management, thanks in particular to substantial investments in welfare, training and skills development Hera Top Employer 2023_110.jpg
29/12/2022

Hera Group and Ascopiave have signed contracts for the acquisition of 92% of Asco TLC

Following the press release issued on 29th November 2022, the Hera Group and the Ascopiave Group here in announce that they have signed the contract deliverables governing the acquisition of 92% of Asco TLC from Asco Holding and the Treviso-Belluno C.C.I.A.A. (Chamber of Commerce, Industry, Crafts and Agriculture). The transfer of the Asco TLC shares will take place upon the closing of the transaction, which is scheduled in the first quarter of 2023. This partnership represents a strategic step in the evolution of Ascopiave and the Hera Group's business portfolio in the IT-TLC sector, consistent with the industrial plans of the two groups. For additional information on the details of the transaction, please refer to the press release dated 29th November 2022. For further information Press release Press release dated 29th November 2022 GH-Ascopiave_870_primo_piano.jpg GH-Ascopiave_110.png
19/12/2022

We are among the best utilities in S&P Global Ratings ESG evaluations

We once again rank among the companies that pay the most attention to sustainability and ESG aspects internationally. Our latest ESG Evaluation, carried out by the Sustainable Finance analysts of S&P Global Ratings, has indeed also been published. This is a cross-industry assessment of our ability to effectively manage, in the medium and long term, our exposure to environmental, social and governance risks, as well as to grasp opportunities arising from the changes required by a constantly evolving international context. This year, we obtained an overall score of 81/100, making it one of the best companies internationally as assessed by S&P Global Ratings. This comes as further important recognition for the attention that we dedicate to ESG aspects in pursuing a strategy of sustainable, long-term growth, which has characterised us since Hera was established in 2002, and which complements and goes hand in hand with our financial solidity. In particular, in the ESG Evaluation just published, we are assessed by S&P Global Ratings as being strongly prepared to implement our strategy of creating shared value, contributing to the transition towards a circular and low-emission economy. We have, in fact, shown ourselves ready to face the potential risks arising from the energy crisis, thanks to our ability to balance the need for transition with the security and availability of energy sources. For further information Press release Hera ESG rating S&P ESG Evaluation primo_piano_s-p-global-ratings-logo_870.png Among the top positions in the international ranking of Utility Networks assessed by S&P Global for our focus on sustainability and our ability to create shared value by contributing to the energy transition s-p-global-ratings-logo_110.jpg
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