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Hera Group BoD approves results for 1Q 2024

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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

Financial highlights

  • Revenues at 3,285.8 million euro
  • Ebitda* at 417.1 million euro (+1.7%)
  • Net profit for shareholders* at 143.1 million euro (+11.6%)
  • Gross operating investments at 156.8 million euro
  • Net financial debt at 3,986.6 million euro, with Net debt / Ebitda* at 2.66x

Business highlights

  • Significant contribution to growth from the water, electricity and waste management sectors
  • Growth of energy customer base continues, now at 3.9 million
  • New avant-garde projects for the ecological transition and investments to optimise the assets managed

The Board of Directors of the Hera Group, chaired by Executive Chairman Cristian Fabbri, unanimously approved the consolidated financial results for the first quarter of 2024 and appointed the Group’s new Vice Chairman.
The first quarter of 2024 ended with increased operating results and investments compared to the same period in 2023 (year in which Hera recorded the highest growth in its history), in a market environment that was more stable than the previous year due to lower volatility in commodity prices, while still not returning to the levels seen prior to the crisis. This good performance is the result of the Group’s consolidated multi-business strategy, balanced between regulated and free-market activities.

 

Cristian Fabbri, Executive Chairman of Hera Group:

“The first quarter of 2024 closed with the main operating and financial indicators showing growth, thanks to our consolidated multi-business strategy, balanced between regulated and liberalised activities: these results confirm the targets for creating value included in our Business Plan. In fact, the good operating performance led Ebitda to reach 417.1 million euro, up from last year’s exceptional results. The gradual normalisation of the energy scenario also allowed us to achieve a double-digit growth in net profit and return on our invested capital, which stands at 9.5%. In the electricity sector, the 19% increase in the customer base confirms our Group’s commercial strength and expertise, capable as we are of growing and boosting customer loyalty with value-added services for decarbonisation and energy efficiency, and conquering new market shares, reaching a total of 3.9 million energy customers.”

 

Orazio Iacono, CEO of the Hera Group:

“The 1Q 2024 solid results highlight further growth along with the Hera Group’s confirmed focus on resilience, sustainability and innovation. Operating investments, amounting to around 160 million euro, went to upgrading and making the managed infrastructures even more efficient, to ensure service quality and continuity and improve the resilience of our assets. The activities carried out in 2023 to optimise the financial structure led to a decrease in the cost of medium- and long-term debt, generating a significant saving in financial expenses compared to the same period one year earlier. This results in an increase of about 12% in net profit attributable to shareholders, which rose to over 143 million euro. The Group’s financial solidity was also fully confirmed, with the Net debt / Ebitda* ratio standing at 2.66x, improving from previous year and essentially aligned with the figure recorded on 31 December 2023.”

 

Revenues at approximately 3.3 billion
In the first quarter of 2024, revenues amounted to 3,285.8 million euro, down significantly from 5,628.9 million euro in the same period of 2023, mainly due to lower energy commodity prices and lesser trading activities, as well as reduced opportunities related to energy efficiency incentives in residential buildings. This drop was partially offset by the higher volumes of electricity sold, as a result of significant commercial development. 

 

Ebitda* rises to 417.1 million euro
At 31 March 2024, Ebitda* rose to 417.1 million euro (+1.7%), as against 410.2 million euro for the first three months of 2023, demonstrating the resilience of the Group’s results within the normalisation of commodity prices. This growth is mainly due to the contribution coming from the water area, amounting to 9.8 million euro, the good performance of the electricity and waste areas, up 3.5 million euro and 2 million euro respectively, as well as the other services area, up 1.4 million euro, all of which offset the 9.8 million euro drop in the gas area due to the loss of the contribution coming from the super-ecobonus.

 

Ebit* and pre-tax result* increase
Ebit* at 31 March 2024 increased to 245.9 million euro, up 4.2% from 236.1 million euro in the first quarter of 2023. This performance was also supported by lower provisions for bad debts, due to the normalisation of commodity prices and lower gas volumes.

 

Net profit attributable to shareholders* up to 143.1 million euro
After taxes, which came to 28%, mainly due to lower tax benefits in the first quarter of 2024 compared to the same period in 2023, net profit* rose to 153.3 million euro (+9.3%), compared to 140.3 million euro at 31 March 2023. Net profit attributable to Group Shareholders* also rose, coming to 143.1 million euro, up (+11.6%) from the 128.2 million euro seen at 31 March 2023. These results supported the creation of value for all stakeholders, in line with the content of the Business Plan.

 

Gross operating investments rise, maintaining the Group’s solidity 
The Group’s operating investments, including capital grants, confirmed its strategic plans and were in line with the previous year, amounting to 156.8 million euro, as against 155.7 million euro at 31 March 2023, and mainly went to works on plants, networks and infrastructures. Regulatory upgrading was also carried out, mainly concerning gas distribution, with a large-scale meter replacement, and the purification and sewerage area.

 

Tommaso Rotella becomes Vice Chairman of Hera
The Board of Directors assigned the position of (non-executive) Vice Chairman to Mr. Tommaso Rotella, who was appointed as a board director during the Shareholders Meeting held on April 30. 
Mr Rotella was also appointed Vice Chairman of Hera S.p.A.’s Executive Committee and Chairman of both the Remuneration Committee and the Risk and Control Committee (also acting as the Committee for Transactions with Related Parties).
Rotella will remain in office as Vice President until the Shareholders’ Meeting held to approve the 2025 financial statements.

* In order to ensure that the results presented reflect the actual performance of the gas business more closely, and are thus more easily comparable, the figures with an asterisk include a managerial adjustment for 2023 based on a valuation of stocked gas at prices pertaining to the period of injection. See the paragraph entitled “Special items and managerial adjustments / IFRS balance sheet reconciliation”, which contains a comparison between the managerial statement and the IFRS balance sheets.
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11/11/2015

Hera's Board of Directors approves the results for the third quarter of 2015

Financial highlights Revenues of € 3,246.4 million (+8.5%) EBITDA of € 640.2 million (+2.2%) Net profit post minorities at € 125.0 million (+12.3%) Net debt stable at € 2,638.6 million Operational highlights Benefits deriving from the consolidation ofAmga Udine Excellent performance of the gas business, also in relation to greater volumes sold Good contribution of the water business to growth The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements as of 30 September 2015, which show positive and growing results in all its figures, including net profit, thanks to the good performance of the Hera perimeter alone, external growth with the merger of Amga Udine (dated 1 July 2014) and the extraction of synergies from integration activities, thus contributing to improve the Group’s financial strength. Gas For the period ended 30 September 2015, EBITDA in the gas business - which includes distribution and sales of gas methane, LPG, district heating and heat management – stood at € 203.6 million, +11.8%, compared to € 182.2 million at 30 September 2014. The excellent performance of the gas business was due to greater volumes sold, the consolidation of Amga Udine and the default gas contract awarded to Hera Comm for two years starting 1 October 2014 in Emilia Romagna, Friuli Venezia-Giulia, Toscana, Umbria and Marche. The segment accounted for 31.8% of the Group’s EBITDA, reflecting an increase on the comparable period of 2014. Water In the first nine months of 2015, this segment – which includes aqueduct, purification and sewerage services - grew on the comparable year earlier period, both in absolute terms and in terms of contribution to the Group’s EBITDA. EBITDA rose from € 165.2 million at 30 September 2014 to € 174.7 million at 30 September 2015 (+5.7%), benefitting in particular from the coming into force of the new water tariff method set by AEEGSII for the 2014-2015 period and the efficiency improvement activities undertaken by the Group. The segment accounted for 27.3% of the Group’s EBITDA. Waste management EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from € 176.5 million for the period ended 30 September 2014 to € 172.5 million for the period ended 30 September 2015 (-2.3%). This decline, which reflects a slight improvement on the comparable figure for the first quarter 2015, was due mainly to the lower number of landfills available, which had an impact on volumes processed; this effect was partly offset by positive trends in the waste treatment market prices and the improved efficiency of waste collection. The percentage of sorted waste collection in the geographies served by the Group was up again, as it went from 52.8% for the first nine months of 2014 to 54.9% at 30 September 2015, thanks to the large number of projects implemented in the different areas. The segment accounted for 26.9% of the Group’s EBITDA. Electricity EBITDA for the electric energy business – which includes production, distribution and sales of electricity - went from € 87.3 million for the first nine months of 2014 to € 74.7 million for the nine months ended 30 June 2015. The lower EBITDA (-14.5%) was due mainly to non-recurring effects, such as lower extraordinary revenues from the regulated distribution business determined bythe specific equalization effect occurred in the area of Gorizia in 2014. In the first nine months of 2015, volumes of elecricity sold rose thanks to a larger marketing effort and higher consumption, especially in the summer months. Margins in commercial activities improved while the contribution from the market for dispatching services was down. The segment accounted for 11.7% of the Group’s EBITDA. 9M 2015 2015-11-11 9M 2015 The financial report as of 30 September 2015 showsimprovement in all the main indicators, thanks to internal growth, external growth and the synergies deriving from integration M&A centrata 110x150.1447241996.jpg
30/10/2015

Seventh edition of the "In buone acque" ("In good waters") report is published

In buone acque You can trust tap water: it is good, safe and scrupulously controlled (on average, 99.9% of annual analyses meet legal parameters). It is also good for the environment, since it avoids the CO2 generated by the bottled water production cycle. All of this information can be found in the new "In buone acque" report: a unique document in Italy (now in its seventh edition), in which the multi-utility company presents data on water quality in the areas in which it manages the water supply service. Many good reasons to drink tap water Aside from safety, there are many reasons to prefer tap water. It is environmentally friendly, since it limits the use of plastics: Italy is in fact one of the largest bottled water consumers. In 2013 alone, at least 6 billion bottles were produced, with significant environmental impact, including in terms of CO2 emissions caused by the transport and recovery of packaging. It is cost effective: by not purchasing bottled water, you can save up to €300 per year. On the other hand, for less than €2, one thousand litres of water are available to you from the supply network. Lastly, it is safe, convenient and good: it saves you the effort of transporting cases of water home, since it comes straight from the tap, and it is also excellent to drink. Does it taste too much like chlorine? Just leave it in a pitcher for a while, or drink it cold. The numbers illustrating the dimensions of Hera's integrated water services paint an impressive picture: over 230 municipalities in Emilia-Romagna, the Northeast and Le Marche and 3.6 million residents served, an aqueduct network of over 35,000 km, 464 water treatment plants and a further 356 production and purification plants. This entire "machine" is kept efficient thanks to daily operations and investments amounting to €114.8 million in 2014. "In buone acque" was developed in collaboration with the Emilia-Romagna regional local government authority, the ARPA regional environmental protection authority, regional AUSL health authorities and Romagna Acque. The report includes a map that identifies the plants and sampling points, as well as tables broken down by province that provide the results of analyses based on 13 parameters, including a comparison with mineral water values. The full online report is enhanced by the contribution of Vincenzo Cennamo, Head of Gastroenterology at the Bologna Local Health Authority. The expert seeks to debunk some common misconceptions about water, such as the idea that tap water causes kidney stones, or that sparkling water is bad for your health. In buone acque 2015-11-02 Copia_di_LAYOUT_IN_BUONE_ACQUE_v0_pagina_interna.1446451314.jpg Over 1,900 controls per day, savings of up to €300 per year, investments of over €100 million in 2014: the new "In buone acque" report contains all of the data on the quality of tap water. LAYOUT_IN_BUONE_ACQUE_v0_2.1446451174.jpg
30/09/2015

HERGOAMBIENTE: the technology that is transforming the world of waste collection

Real demonstration 2015-09-30 IMG_2002.1443625059.JPG An innovative information system for the integrated management of all the Environmental Services activities of the HERA Group, enhancing their quality, effectiveness and efficiency and ensuring flow traceability. hergoambiente_110.bmp
22/09/2015

Separating works: recovery of waste collected by Hera rises to 94.3%

Sulle tracce dei rifiuti Tracking the recycling chain, giving guarantees on the effective recovery of separate waste collection, contributing to the transparency of the process, which is in progress thanks to the efforts of citizens and the support of the company. These are the goals of "Sulle tracce dei rifiuti" ("Tracking down waste"), the report now in its sixth edition in which Hera Group annually illustrates the data on the effective recovery of separate waste collection. Efforts to be transparent to highlight the company's strong commitment with regards to sustainability, which unfolds during the entire waste management process, from collection until the final recovery: a key chain in the so-called circular economy and the green economy. The data in "Sulle tracce dei rifiuti" ("Tracking down waste"), verified this year too by the independent DNV-GL certification body, take into account the results achieved in Emilia-Romagna, Le Marche and the North East, which speak for themselves: in 2014 94.3% of green, organic, paper, plastic, glass, wood, metal and iron waste was recovered, a 93.8% increase compared with the previous year. On average, therefore, the quantity of waste rejected by the plants in the recovery process (because, for example, it is unsuitable for recycling or it is polluted by foreign bodies) is barely 5.7% in total. The report contains 8 maps, one for each type of material collected, which make it possible to discover the main plants involved in the final recovery of waste and where they are located. In total, 188 plants are involved, 6 of which in the Bologna area (mainly composting plants), run by 167 companies, 46 of which are located in the area served by the Hera Group. The 188 plants, with a turnover of around € 10 billion, provide employment for a total of 17,000 people. Figures which demonstrate a high degree of progress in the transition from a linear economy, in which products are destined to become waste and end up in landfills, to an economy with more recovery, known for this reason as "circular". The improvement in the percentage of waste collected is also connected to the good progress in separate waste collection: in the provinces of Emilia-Romagna served by Hera the figure reached 56% in the first 8 months of 2015 (14 percentage points above the national average of 42.3%), thanks to the numerous projects activated in the various areas. In Bologna, the figure for separate waste collection reached 51.6% in August 2015, also thanks to the first results of the projects in the provincial capital. All the data is available online in the interactive section, which can be found at www.gruppohera.it/sulletraccedeirifiuti. Sulle tracce dei rifiuti 2015-09-23 banner_870x320.1443003650.jpg Sulle tracce dei rifiuti
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