Debit and rates 1

The goal of the Group's financial operations is to maintain an adequate current and projected balance between investments and the use of capital on the one hand, and sources of financing on the other, in terms of both repayment plans and types of interest.

In order to maintain the low risk profile it has reached, Hera counts on improving the Group's financial structure, setting as a target in the plan to 2024 a Net debt/Ebitda ratio coming to 2.8x, in line with the previous Plan.

Indexes E2024
Debt/Equity

~ 1x

Debt/Ebitda

~ 2.8x


The increase in investments foreseen in the new Business Plan was made possible not only by the positive results reached in 2020, but also by Hera’s financial solidity, which leaves room to manoeuvre with additional unforeseen investments.

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Debit and rates 2 accordion


summary of Hera's financial profile

MLN € 2019 2018 2017 2016 2015 2014
Average cost of money (%) 3.5 3.7 3.6 3.7 3.8 4.0
Short t. fin. debt 109.2 (26.8) 212.4 198.6 91.9 328.9
Long t. fin. debt (3,383.4) (2,588.8) (2,735.4) (2,757.5) (2,743.6) (2,969.3)
Net financial position (3,274.2) (2,585.6) (2,523.0) (2,558.9) (2,651.7) (2,640.4)
Total Net Equity* 3,010.00 2,846.7 2,706.0 2,562.1 2,503.1 2,459.0
Debt/Equity (x) 1.09 0.91 0.93 1.00 1.06 1.07
Ebitda 1,085.1 1,031.1 984.6 916.6 884.4 867.8
Debt/Ebitda (x) 3.0 2.5 2.6 2.8 3.0 3.0
FFO/Debt 29% 27% 26% 23% 21% 20%


* Book Value


reached in 2019:
Hera’s rating better than the country’s

INDEXES HERA A2A ACEA IREN
Net financial debt (mln€) 2,691 3,154 3,063 2,706
Debt/Equity (x) 1.09 0.86 1.45 1.20
Debt/Ebitda (x) 2.5x 2.6x 2.9x 3.0x
Long term rating        
Standard&Poor’s BBB/A-2 BBB/A-2 n.a. n.a.
Moody’s Baa2 Baa2 Baa2 n.a.

Source: companies’ annual reports as at 31 December 2018 and communications to financial market.

Debit and rates 3

Page update 13 gennaio 2021

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