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Hera BoD approves 1Q 2019 results

Consolidated 1Q report shows growing results and a positive contribution coming from all main business areas, in particular the water cycle and gas. Focus on sustainability and circular economy confirmed


Financial Highlights

  • Revenues at 1,940,4 million euro (+11,4%)
  • Ebitda at 330,8 million euro (+2,5%)
  • Net profit at 129,7 million euro (+3,0%)
  • Net financial position at 2,622 million euro †

Operating Highlights

  • Good contribution to growth coming from all main business, above all water cycle and gas
  • Solid customer base in energy sectors, rising to approximately 2.6 million customers

Today, the Hera Groupís Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the Groupís consolidated economic results for the first quarter of 2019, which improved over the same period of the previous year, showing constant growth in all main indicators.
The companyís winning multi-business strategy was thus confirmed, balanced as it is between regulated and free market activities, with high attention given to sustainability and a circular economy. The Hera Group, indeed, pursues this model through both internal and external growth, always prepared to grasp the opportunities offered by the market also thanks to the financial solidity.
The Groupís path of 16 years of uninterrupted growth took a step further on 18 March 2019, when it was included in Borsa Italianaís FTSE MIB index, which brings together the 40 companies with the highest capitalisation on the Italian stock exchange.

In general, the results for the first quarter of 2019 benefited from the higher tariffs on regulated services introduced by the Authorityís updates, in addition to commercial expansion and the creation of efficiencies. Among the changes in the Groupís scope of operations compared to the first quarter of 2018, mention must go to Blu Ranton and Sangroservizi in Abruzzo, Megas Net in the Marche region and, as of March 1st 2019, the integration, in the Ferrara area, of the energy sales activities carried out by CMV Energia e Impianti and the natural gas distribution activities carried out by CMV Servizi, including the subsidiary company ATR. Furthermore, 9 May saw the formal acquisition of 100% of the shares of Cosea Ambiente, a company that manages urban and similar waste services owned by 20 municipalities in the Tuscan-Emilian Apennine. This operation also involved a ten-year concession for the Cosea Consorzio landfill in Gaggio Montano, effective as of the second quarter of 2019.

Revenues reach 1.94 billion euro
In the first quarter of 2019, revenues amounted to 1,940.4 million euro, rising compared to the 1,741.3 million seen in the same period of 2018. Contributions to this result came above all from growth in revenues from trading activities, power generation and waste treatment business, as well as higher revenues and higher volumes in gas and electricity sales.

Ebitda rises to 330.8 million euro
Ebitda went from 322.7 million euro in the first quarter of 2018 to 330.8 million at 31 March 2019, showing an 8.1 million increase (+2.5%). This growth is due to the good performances in all Groupís main areas, in particular the water cycle and gas. Improvement was also seen in the results from the waste management area and in other services, while the electricity area remained essentially stable.

Operating results and pre-tax profits grow
Net operating results also increased, coming to 205.0 million euro at 31 March 2019, up compared to the 197.6 million seen in the same period of 2018 (+3.7%). The change in financial operations came to 3.6 million euro, amounting to 21.1 million at the end of the first quarter, owing to lower dividends received and the application of accounting standard IFRS 16 on operating leases. Pre-tax profits grew† by 2.1%, going from 180.1 million in the first quarter of 2018 to 183.9 million euro in the same period in 2019.

Net profits up, settling at 129.7 million (+3.0%)
Net profits for the first quarter of 2019 increased to 129.7 million euro, as compared to the 125.9 million recorded one year earlier (+3.0%). Profits pertaining to Group Shareholders, instead, came to 124.2 million euro, with a 3.1% growth over the 120.5 million seen in the same period of 2018. These results, considered alongside the improved tax rate (which came to 29.5%, compared to 30.1% in the first quarter of the previous year), are due to factors including the Groupís continuous commitment towards grasping the benefits offered by current legislation, in particular through the depreciations involved in the significant investments made in the direction of Utility 4.0.

1Q2019 results
REINVENTING THE CITY Regenerating resources to move to a society based on the circular economy
REINVENTING THE CITY Regenerating resources to move to a society based on the circular economy
Sustainability and Shared value
Sostenibilitŗ e Valore condiviso
2018 Economic results
Risultati economici 2018 - Il commento del Presidente