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Shareholding Structure

Development of the ownership structure and remuneration of shareholders

The public ownership structure has mainly developed as a result of the inclusion (through reserved capital increases) of new public shareholders following various mergers.

 
Share evolution

Today, public shareholders are represented by 187 reference territory municipalities and they hold 61% of Hera’s share capital of ordinary shares, made up of 1,115,013,752 ordinary shares.

 
Sharehodings

The team has a significant presence (approximately 16.2%) of international investors and is denoted by the presence (approximately 3.5%) of private investors (around 10 thousand people) resident in the reference territory (and therefore Hera customers) who were involved in the Group’s placement on the Stock Exchange.

Since 2006, Hera has conducted a share buyback programme with a maximum of 15 million shares, for a total amount of €60 million. This programme aims to finance any opportunities to buy small companies and to rectify any unusual movement in the Group’s share price compared with its major domestic competitors. The Shareholders' Meeting on 29 April 2011 renewed the plan for the purchase of treasury shares for a further 18 months, up to a maximum total amount of €60 million. Hera held approximately 9.7 million treasury shares in its portfolio as at 31 December 2011.

Over the course of the ten years, remuneration for shareholders has always involved constant or increasing dividends, even at the most delicate times following mergers or during the macroeconomic crisis of recent years.

 
Total dividends
 2002200320042005200620072008200920102011*
Total dividends (ml€)27.642.048.271.281.382.582.588.999.9100.4
DPS (€)0.0350.0530.0570.0700.0800.0800.0800.0800.0900.090
PayOut ratio (on Hera net profit)83%85%60%70%90%85%87%125%85%96%

* To be approved by the Shareholders' Meeting of April 2012

In the period under consideration, the dividend per share went from €0.035 to €0.09 cents and the Board of Director’s proposed dividend for 2011 confirms that of 2010.