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FAQ

 
  • What is the organisation model of Hera?


    Hera has adopted a traditional Governance model based upon the Board of Directors and is in line with the Code of Autodiscipline promoted by the Italian Stock Exchange. To understand Hera governance please go to the interactive tool set out in the website. The entrepreneurial and organisational model of the Hera, configures the group as an aggregator and open to the entry of new shareholders, that can assume an important role in the directives of the company and maintain, locally, an operating structure capable of interpreting and providing adequate responses to the requirements of differing local needs, increasing the synergies from the merger of complimentary companies.
    For the purposes of management, the company has been divided into the following divisions: Services, Sales and Marketing, Networks and R&D, Environment and business development.
    Hera Trading, Hera Comm along with other equity interests should be included in this structure.
    View the corporate structure.


    Who are the principal shareholders of Hera?


    Hera SpA is held by 111 different public shareholders (municipalities in the region of Emilia Romagna), about 900 Italian and international institutional investors and about 21,000 private shareholders. The absence of an unique shareholder with absolute control over Hera (the largest shareholder is the municipality of Bologna with about 9.53%) is an "unicum" to the panorama of local utilities.


    Further informations

    Shareholding


    What does the sustainability report contain?


    For Hera, the Sustainability Report is a guiding tool for the management of financial, environmental and social activities. This document reports on the principles which guide corporate action, the performance achieved and the objectives reached. It also demonstrates that associated with the financial growth of recent years is a non-stop improvement of the main Key performance indicators concerning satisfying the interests of major stakeholders. At the base of this evaluation is the determination of the Added Value in accordance with principles elaborated by GRI-G3 and by GBS (Study Group for the Social Report) that provides a scheme for the calculation and the successive division of the added value between those who receive its benefit.

    For further details go the section Ethical Investor.


    What does the Internal Dealing Code contain?


    The Code of Conduct in relation to the Internal Dealing of Hera, that has introduced more stringent restrictions when compared to those required by the Italian Stock Exchange, defines the reporting obligations of the so-called Significant Persons (managers, members of the board of directors and statutory auditors) in the case of listed financial instruments issued by Hera. For further information please refer to the section Internal dealing.
    As from 1 April 2006 new norms related to Internal Dealing, regulated by Art. 114 TUF (Uniform Financial Statute) and Articles 152-sexies, 152-septies and 152-octies of Consob Regulation n. 11971 dated 14/05/1999 and subsequent amendments, have been introduced.
    The new norms redefine "relevant persons" and means to be used to report operations involving the listed issuer's financial instruments.


    What are the control committees?


    In order to guarantee adequate protection of all shareholders in relation to the primary management decisions, the Board of Directors of Hera must appoint an Executive committee, a Remuneration committee, an Risk and Control committee and an Ethics and Sustainability committee. The Remuneration committee formulates proposals for the remuneration of the Managing Director, the Chairman and the Managers of the group that cover specific roles. The Risk and Control committee evaluates the reliability of the internal control system, in order to guarantee the efficiency of the company’s operations, the reliability of the financial information and compliance with applicable legislation and regulations. The Ethics Committee has the task of monitoring the dissemination and implementation of the Code of Ethics. It receives the reports on violations of the Code and assesses whether to begin proceedings.


    Who are the managers of Hera?

    The Hera Group is guided by managers with a proven track record. Chairman of the Board of Directors is Tomaso Tommasi di Vignano, while Stefano Venier is the Managing Director.
    View the profile of the principal managers of the Hera group.


    Page updated 19 April 2019

  • When was Hera created?

    Hera was created on November 1st, 2002 from the first significant consolidation operation in the Italian multi-utility sector. Hera in fact was created from the merger of 11 enterprises in the local utility sector operating in the Emilia-Romagna region with the objective to improve the quality of service to its citizens in fundamental sectors such as energy, water and waste management services, and to realise significant synergies and efficiencies benefiting from economies of scale. The founding shareholders of Hera were 139 Municipalities in the provinces of Bologna, Ravenna, Rimini, Forlì-Cesena and the area of Imola.

    Following this first merger, Hera has continued in these last 17 years to integrate other small and mid-sized multi-utility companies operating in contiguous territories (Agea SPA - Ferrara, Meta SPA - Modena, Aspes SPA - Pesaro, Sat Spa - Sassuolo) reaching a coverage of about 70% of region Emilia-Romagna and entering in the northern Marche region.

    Starting in 2013, the Group began expanding its perimeter also in the rich Veneto and Friuli regions. After the Padua and Trieste multi utility company Acegas Aps, in 2014 the group has merged 5 more companies: Isontina Reti Integrate, Amga-Udine and Est Reti Elettriche in Friuli Region; Ecoenergy in Mantova area and Fucino gas close to L’Aquila area. In 2015 the group further expanded in gas sales sector through the acquisition of Alento Gas in Abruzzo, increased its waste activity merging with Waste Recycling (Pisa) and acquiring branches of activity of Geo Nova, in the Pordenone, Treviso and Verona Provinces. The next year, the Group made two important acquisitions in Abruzzo: Julia Servizi Più, and Gran Sasso.

    As for 2017, Hera consolidated 80% of the Treviso company Aliplast, a company specializing in the conversion of plastic from separate waste collection into virgin raw material. Also, of particular importance was the acquisition by its subsidiary Waste Recycling of the plant branch of the Teseco company, a leading company in the treatment and recovery of industrial waste, which further expands the commercial offer and the important plant Herambiente, already a leader in Italy in this sector. 

    In 2018, instead, Sangroservizi and Blu Ranton (companies operating in the energy selling business) were merged, together with CMV Servizi and CMV Energia e Impianti, which are companies operating in the sector of gas selling and distribution in the Ferrara greater area.

    During the past year, the Group made further investments in the waste management area with the acquisition of Cosea Ambiente Spa and the entire stake of Pistoia Ambiente Srl, responsible for managing a special waste disposal site. Last December,thanks to a partnership with Ascopiave S.p.a., a transaction was finalized to give birth to EstEnergy, nowthe largest energy operator in North-Eastern Italy.


    Further information

    History and timeline


    What is Hera's position in the Italian utility sector?

    Hera is among the leading Italian local multi-utility. It is the national leader in waste managementsecond in waterthird in the gas, fourth in public lighting and fifth in electricity. Including contribution from the different companies that merged with the Group through the years, Hera's figures can be broken down as follows: 3 million mc of gas sold in 2019; 7,3 million tons of waste treated and 288.5 million mc of water distributed.


    Further information

    Benchmark


    When was Hera listed?

    Hera was listed on the Blue-Chip segment of the Italian Stock Exchange at a price of Euro 1.25 on June 26, 2003. Since the quotation, Hera's stock shows a positive performance and has quintupled its value.


    Further information

    Hera on stock exchange


    Which are the aggregation and mergers completed by Hera?

    Hera is the first operator in Italy to have successfully developed the aggregation strategy of local utilities. Created from the integration of 11 public service management companies operating in the municipalities and in the province of Emilia Romagna, even after its listing, Hera continued its consolidation process. In July 2003, the Group expanded with the aggregation of Geat (multi-utility company of Riccione) and, in 2004, with the consolidation of Agea (multi-utility company of Ferrara) and the acquisition of the Ravenna Ecologic Centre (a company specialised in the disposal of industrial waste).
    In 2005 the merger of Meta into Hera was completed, which resulted in the Group becoming the largest Italian local multi-utility with 2.4 million customers.
    In June 2006 the purchase of Enel’s distribution network in 18 municipalities of the Modena Province was completed; in July 2006 the Hera Group expanded (until 49.79%) its sharing in Aspes Multiservizi, the company involved in water, energetic and environmental services in the Pesaro area. In October 2006 the agreement for the purchase of 46.5% of SAT S.p.A. was signed (SAT is a company involved in environmental, gas distribution and water services). In July 2007 has been established Marche Multiservizi from the merger between Aspes of Pesaro and Megas of Urbino, in which Hera has a 49.6% stake; approved by the BoD of July 2007 the merger of SAT S.p.A. into Hera S.p.A., afterwards approved by the Shareholders' Meeting of October 16th 2007. In September 2007 underwritten a letter of intents between the State of San Marino, Hera Group and VNG to support the develop for energy supply in the State of San Marino. In January 2008 the merger of SAT Sassuolo into Hera was completed. In July 2008 Hera finalized the acquisition of Megas Trade, the leading gas and electricity provider in the Province of Urbino, whereas in December 2008 the Group consolidates its presence in the electrical energy sector through the 32% acquisition of Tamarete Energia, a company based in Ortona, Chieti province. In October 2009 Hera increases its reference territory acquiring a 25% stake in Aimag, the multi-utility operating in Modena and Mantua province involved in waste management, water management and energy. In July 2012 Hera signs an agreement with AcegasAps to complete a merger project which was concluded in the first months of 2013 and let the Group to expand its presence in the rich Italian north-east.

    In 2014 the group has merged 5 more companies: Isontina Reti Integrate, Amga-Udine and Est Reti Elettriche in Friuli Region; Ecoenergy in Mantova area and Fucino gas close to L’Aquila area. In 2015 the group further expanded in gas sales, through the acquisition of Alento Gas in Abruzzo, increased its waste activity, merging with Waste Recycling (Pisa) and acquiring branches of activity of Geo Nova, in the Pordenone, Treviso and Verona Provinces. The next year, the Group made two important acquisitions in Abruzzo: Julia Servizi Più, and Gran Sasso.

    As for 2017, Hera consolidated 80% of the Treviso company Aliplast, a company specializing in the conversion of plastic from separate waste collection into virgin raw material. Also, of particular importance was the acquisition by its subsidiary Waste Recycling of the plant branch of the Teseco company, a leading company in the treatment and recovery of industrial waste, which further expands the commercial offer and the important plant Herambiente, already a leader in Italy in this sector.

    In 2018, instead, Sangroservizi and Blu Ranton (companies operating in the energy selling business) were merged, together with CMV Servizi and CMV Energia e Impianti, which are companies operating in the sector of gas selling and distribution in the Ferrara greater area.

    During the previous year, the Group made further investments in the waste management area with the acquisition of Cosea Ambiente Spa and the entire stake of Pistoia Ambiente Srl, responsible for managing a special waste disposal site. Last December,Hera Group and Ascopiave S.p.a. finalised a transaction to formalise the birth of EstEnergy, the largest operator in the energy sector in North-Eastern Italy.


    Further information

    M&A, divestments and track records


    Page updated 25 March 2020

  • What was the performance of Hera's economic results as at 31 December 2019?

    Ebitda came to 1085.1 million euro, showing a +5.4% rise, Ebit totalled 542.5 million euro, up +6.4%, and net profits reached 402.0 million euro, up +35.5%.

    This growth was sustained by the Group’s various business activities, mainly thanks to a good performance in the gas area, with positive contributions also coming from the water and waste management areas.

    The Hera Group’s 2019 turnover rose to 7,443.6 million euro, with an 817.2 million increase (+12.3% compared to the 6,626.4 seen in 2018), thanks in particular to trading and higher volumes of gas and electricity sold, as well as higher revenues for waste treatment.

    Adjusted net debt, excluding the transaction with Ascopiave, settled at 2,690.8 million euro, rising compared to the previous year (2,585.6 million in 2018), mainly as a result of adopting the new accounting standard IFRS 16. Further improvement was seen in the Net debt/Ebitda ratio, which fell to 2.48x (compared to 2.51 in 2018), not including the financial impact of the Ascopiave transaction; including the latter, this indicator came to 3.02x.


    What is Hera's market capitalization?

    As at 31 December 2019 the market capitalization of Hera is equal to 1,489,538,745 shares, at a nominal value of 1 euro. Group capitalization, as at 31 December 2019, stands at around 5.8 million euro. 
    View the price on the stock exchange of Hera share.
    A tool is available on the website to analyze stock performance with the issue of price sensitive information (such as results, dividends, AGM, etc.).


    What is the dividend policy?

    The dividend distributed in 2019 by Hera to its shareholders was of €0.10.
    The new Business Plan envisages a dividend growth up to €0.12 in 2023.
    During 2019 AGM, which took place on 30 April 2019, dividend payment of 10 euro cents per share was approved and it has been paid on June 26, 2019.


    What does the financial policy foresees?

    The new Business Plan envisages an industrial and financial investment plan for approximately 2.9 billion euros by 2023.

    Further information
    Financial profile  

    When is the next financial report expected to be published?

    Check the Group’s financial calendar


    Page updated 25 March 2020

  • In which sectors does Hera operate?


    Hera is a multi-utility company operating in the EnergyGasWater and Waste Management sectors. The Group has a relevant market position in all the mentioned sectors. Further details are available in the section financial results.


    In which geographical area does Hera operate?

    The Hera Group operates in the public utility services in over 200 municipalities of the Emilia Romagna region and in the north of Marche region, in the provinces of provinces of Bologna, Rimini, Ravenna, Forlì-Cesena, Ferrara, Modena and in Pesaro-Urbino located in Marche region. This area has one of the highest GDP and per capita consumption in Europe and here the quality and the provision of local public services has always represented a typical trait in the economic and social development.

    In January 2013 became effective the merger with Acegas Holding, followed by the merger with Amga Udine in 2014. These important operations took Hera to operate also in the rich north eastern Italian area, specifically in Trieste, Udine, Gorizia and Padua. Hera has today a leading position in its business and it is considered as the main possible consolidating Company in the sector. That is shown in the recent acquisitions: the distribution Company in Gorizia and the merger with AcegasAps, which was effective from 1 July 2014 which contributed to Group’s results since 2014.

    In 2015 Hera kept on growing through the acquisition of Alento Gas in Abruzzo, increased its waste activity, merging with Waste Recycling (Pisa) and acquiring branches of activity of Geo Nova, in the Pordenone, Treviso and Verona Provinces.

    In 2016 the Group consolidated its presence in Abruzzo, through two important acquisitions: Julia Servizi Più, a company bought from Comune di Giulianova, selling gas and electricity and Gran Sasso, operating in the same business areas but in the provinces of l’Aquila, Pescara and Chieti.

    As for 2017, Hera consolidated 80% of the Treviso company Aliplast, a company specializing in the conversion of plastic from separate waste collection into virgin raw material.

    Also, of particular importance was the acquisition by its subsidiary Waste Recycling of the plant branch of the Teseco company, a leading company in the treatment and recovery of industrial waste, which further expands the commercial offer and the important plant Herambiente, already a leader in Italy in this sector. In 2018, instead, Sangroservizi and Blu Ranton (companies operating in the energy selling business) were merged, together with CMV Servizi and CMV Energia e Impianti, which are companies operating in the sector of gas selling and distribution in the Ferrara greater area.

    More recently, in the previous year,the Group made further investments in the Waste management area with the acquisition of Cosea Ambiente Spa, a company operating in Bologna province, and Pistoia Ambiente Srl, responsible for managing a special waste disposal site in Pistoia province. Furthermore, thanks to a partnership with Ascopiave, concluded last December, Hera has consolidated its presence also in the regions of Veneto, Friuli-Venezia Giulia and Lombardy. Indeed, a transaction between Hera Group and Ascopiave S.p.a. formalised the birth of EstEnergy which now became the largest energy operator in North-Eastern Italy  


    Further informations

    Geographical presence


    What are the objectives of the business plan?

    Hera has defined its Plan to 2023 by elaborating marketing and industrial growth strategies based on an increasingly sustainable business model, making the most of the opportunities offered by new technologies and digital evolution.

    The new business plan pursues a multi-business growth strategy. In 2023 the plan aims to achieve an Ebitda of 1,250 m €, through the usual balance between internal and external development, and between regulated and free market activities.

    Attention towards sustainability remains a fundamental aspect of the Group’s strategy: almost 3/4 of the growth expected over the period covered by the Plan will be sustained by projects that respond to UN “call to action”, thus bringing shared value Ebitda to reach 530 million euro in 2023 (or 42% of overall Ebitda).

    Group financial soundness leads the investment plan of the period, which stands at 2.9 b€, completely supported by the cash generation and positive results that exceeded expectations in 2019.

    Dividend per share will raise by +20%, up to 12 €cent as at 2023. Net financial debt/Ebitda at 2.8x confirms Group’s financial flexibility, so to underpin a further growth not included in the new BP.


    Page updated 25 March 2020

  • What is Hera's market capitalisation?

    As at 31 December 2019 the market capitalization of Hera is equal to €1,489,538,745 shares, at a nominal value of 1 euro. Group capitalization, as at 31 December 2019, stands at 5.8 million euro. 

    View the price on the stock exchange of Hera share. A tool is available on the website to analyze stock performance with the issue of price sensitive information (such as results, dividends, AGM, etc.).


    What is the dividend policy?

    Taking these positive results and the financial soundness into account, Hera B.o.D. will propose to the AGM (which will be held on 29 April 2020) a 10.5 €cent/share dividend, increased if compared to the 10.0 €cent of the last year and consistent with the BP to 2023. Coupon will be clipped on 06 July 2020.

    New business plan forecasts a still growing dividend of 12 €cent as at 2023.


    Further informations

    Dividends & share key data


    What indexes is Hera part of?

    Hera has been listed on the Milan Stock Exchange since June 26, 2003 and is part of the FTSE Mid Cap, FTSE All Share and FTSE Italia Servizi Pubblici of Borsa Italiana. The Hera Group is also included in six ethical indices: FTSE Environmental Opportunities All Share Index, Thomson Reuters Diversity and Inclusion Index, Integrated Governance Index  and TR top 100 global energy leader. 
    Since 18 March  2019, Hera share is included in  the FTSE Mib index; its tickers are::

    • Bloomberg: HER IM
    • Reuters: HRA.MI


    Page updated 25 March 2020

How to contact Hera Investor relations team?

Please use following channels:

Jens Klint Hansen, Investor relations Manager
jens.hansen@gruppohera.it
Viale Berti Pichat, 2/4 40127 Bologna
Ph. +39 051 28 77 37

 
 
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