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Economic and Financial Results

Consolidated summary results of the Hera Group:

(€ million)31-dic-10% inc.31-dic-11% inc.% Change
Revenues3,666.9 4,105.7 +12.0%
Operating margin (EBIT)315.48.6%334.58.1%+6.1%
Net profit142.13.9%126.83.1%-10.8%

Financial and economic results and investments

The results for 2011, in spite of the continuing particularly unfavourable economic situation, show growth as far as all the main economic and quantitative indicators are concerned. The main business areas continue to grow constantly compared with the previous financial year, with the exception of the waste management segment, where the impact of the slowdown in production activities is more obvious.

Economic and operating results have all increased. Net profit also increased compared with the previous year, taking into account the positive non-recurring effects of higher redemption transactions not fiscally recognised (€25.1 million in 2010 and €7.6 million in 2011.

Quantitative indicators have, in the main, increased: greater volumes of electricity were sold, also thanks to the management of service protection customers in the regions of Lombardy, Tuscany, Lazio, Abruzzo, Molise and Puglia, for the three-year period 2011-2013, and greater volumes of water managed. On the other hand, note lower volumes of gas and heat sold as a result of higher average temperatures compared with the previous year. They were, however, offset by greater volumes traded and lower volumes of commercialised waste.

Also note the following events which took place during 2011:

  • Since February 2011, Herambiente has consolidated its stake in Enomondo to 50%, a company that manages a 13 MWe biomass power plant, in a joint venture with Caviro Distillerie S.r.l.
  • In July 2011, Hera Comm Marche incorporated Sadori Gas, which has a customer portfolio of more than 34,000 contracts and is capable of producing and selling more than 47 million cubic metres of gas per year, distributed throughout 42 municipalities in the provinces of Pesaro-Urbino, Ancona and L’Aquila.
  • Hera S.p.A. expanded its gas distribution service activities by winning the public tender for the municipality of Formignana (FE) from 1 July 2011 and by acquiring the networks of the municipalities of Pievepelago, Riolunato and Fiumalbo (Mo) from 1 June 2011; annual volumes distributed will rise to approximately 4 million cubic metres.


As seen from the financial statements as at 31 December 2010, the Consolidated Income Statement considers the interpretation of the IFRIC 12 accounting principle "Service Concession Arrangements". At an accounting level, the impact of this interpretation, whilst not changing the results, has meant that investments in assets under concession (network services) are reported in the income statement. Therefore, the income statement shows an increase in other operating income of €143.6 million for 2011 and €135.2 million for 2010, lower capitalised costs of €35.5 million in 2011 and €35.4 million in 2010, and increased operating costs for services, materials and other operating costs of €108.1 million in 2011 and €99.8 million in 2010.