The financial report for the quarter ended 31 March 2015 shows positive and rising amounts, up to and including net profit, thanks in particular to gas and water
Financial highlights
- Revenues of €1,311.9 million (+7.1%)
- EBITDA of €277.2 million (+1.1%)
- Net profit of €92.5 million (+3.8%)
- Net debt of €2,556.7million
Operational highlights
- Benefits deriving from the consolidation of Amga Udine
- Excellent performance of the gas business, not only thanks to Amga’s consolidation, but also to increase in volumes sold
- Good contribution of water to growth, thanks to improved efficiency and alignment of tariffs to the new regulated method
- Expanded footprint in electricity as customer base exceeds 800,000
The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements for the three months ended 31 March 2015. Results were up compared to the same period of 2014, thanks to the consolidation of new companies and the good performance of the Hera operations.
For the three months ended 31 March 2015,EBITDA in the gas segment - which includes distribution and sales of gas methane, LPG, district heating and heat management – enhanced to €128.4 million, +10.2%, compared to €116.6 million at 31 March 2014, increasing also its contribution to the Group’s EBITDA in both absolute and percentage terms, compared to first quarter 2014. This result was due to the consolidation of AMGA Udine operations, greater volumes sold - thanks to colder weather, compared to the first quarter of 2014 – 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. Thanks to the default gas activities and the integration of Amga, the number of gas customers went up to 1.315 million, with an increase of nearly 100,000 customers from the comparable year-earlier quarter. The segment’s EBITDA accounted for 46.3% of the Group’s EBITDA.
In the first quarter 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 €47.3 million in the first quarter of 2014 to €50.5 million for the first quarter of 2015 (+6.9%), due to greater revenues from works subcontracted by third parties and the coming into force of the new water tariff method set by AEEGSII for the 2014-2015 period (resolution number 643/2014), which calls for full cost coverage. The segment accounted for 18.2% of the Group’s EBITDA.
EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from €69.8 million for the first quarter of 2014 to €64.9 million for the three months ended 31 March 2015 (-7%), mainly due to earlier-than-scheduled maintenance activities on 4 WTE plants (out of 10 Group plants) and the decline in the results of the energy activities. Recovery and disposal activities focused on higher-value-added waste, which highlighted slightly increase in market prices, compared to the same period of the previous year. All of the Company’s plants have been operating at full capacity since the end of the quarter, benefiting also from the expansion of Herambiente Servizi Industriali’s customer base. The percentage of sorted waste collection in the geographies served by the Group is markedly higher, as it went from 52% for the first quarter of 2014 to 55.2% at 31 March 2015, thanks to the large number of projects implemented in all the areas, especially in the new markets of Veneto and Friuli Venezia-Giulia. The segment accounted for 23.4% of the Group’s EBITDA.
EBITDA for the electric energy segment - which includes electricity production, distribution and sales - wentfrom €36.2 million for the first quarter of 2014 to €29.3 million for the three months ended 31 March 2015. The lower EBITDA (-19.1%) was due mainly to extraordinary items, including lower regulated revenues from the distribution service determined by the equalization effect in the area of Gorizia in the first quarter of 2014. Without considering these extraordinary effects, the results would have been largely in line with those of the comparable quarter in 2014. Electricity customer base rose to 808,200, up 9.3%, thanks to the contribution of Amga Energia & Servizi and to the growth in the free market. The segment accounted for 10.6% of the Group's EBITDA.
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