HERA S.P.A. FY 2023
Solid infrastructures for a long-term sustainable strategy
Photo by Silvia Camporesi: construction phase of the biomethane plant of Sant'Agata Bolognese
FINANCIAL RESULTS
P&L: Y2023 at a glance
Turnover
Ebitda
Ebit
(m€)
(m€)
(m€)
(26%)
+15%
+18%
20,082
1,495 741
14,897
1,295
1,219 10,555
607
628
2021
2022
2023
2021*
2022*
2023*
2021*
2022*
2023*
Energy prices normalization and improvement down to bottom line
* Data are adjusted for a temporary accounting difference in gas stock valuation. Adjustments: on Ebitda and Ebit was -4.4m€ in Y'21, +94.1m€ in Y'22 and -93.0m€ in '23; on Net Profits was -3.2m€, +67.0m€ in Y'22 and -66.2m€ in Y'23
GRUPPOHERA 01
Ebitda doubled growth track record in '23
Ebitda growth drivers
(m€)
1,295
+110
+65
+200
+25
+15.4%
1,495
2022 | Last resort | Organic | M&A | 2023 |
Eco effic. | Growth |
Resilient structural growth and strong ability to catch opportunities
GRUPPOHERA
02
Create Value
Accretive capital discipline
Market development
Efficiency gains
* Data are adjusted for a temporary accounting difference in gas stock valuation. Adjustments: on Ebitda and Ebit was -4.4m€ in Y'21, +94.1m€ in Y'22 and -93.0m€ in '23; on Net Profits was -3.2m€, +67.0m€ in Y'22 and -66.2m€ in Y'23
Enhancing value creation
GRUPPOHERA 03
Be Sustainable
92% capex taxonomy compliant*Sustainable approach to management
CAPEX
MAIN TARGETS
2022
2023
BP 2027
*Capex within taxonomy scope
CSV Ebitda
(m€, % of Group Ebitda)
670
2022
Increase
On track to meet 2030 commitments
+106
GRUPPOHERA
+16%
776
2023
04
Strong cash generation drive outperforming deleveraging
Cash flow
(m€)
Net Debt/Ebitda
(x)
3.6x
604
3.3x
(39)
2.7x
986
940
(519)
(260)
422
(240)
(64)
Op. CF
NWCProvisionsMaintenance
CapexFCFDevelopment
CapexDividend & MinoritiesM&A & OtherDebt Ch.
2021
3Q 2022
2022
Enhanced financial flexibility to catch further opportunities
2.56x
2023
GRUPPOHERA
05
Sound balance sheet
Cost of Debt
(%)
Interest rate
(%)
Ratings
Variable; 4%
2.8%
2.9%
2.6%
2021
2022
2023
Strong financial flexibility
GRUPPOHERA 06
Energy supply
Energy customersEnergy growth track record
(m€)
Ebitda growth drivers
(m€)
(mln customers)
632
449
418
368
2020
2021*
2022*
2023*
Outperform in market discontinuity
+158
+25
+93
632
449
2022*Energy SupplyEnergy efficiency &
VASGas stock adj.
2023*
* Data are adjusted for a temporary accounting difference in gas stock valuation. Adjustments: on Ebitda and Ebit was -+94.1m€ in Y'22 and -93.0m€ in '23
+0.3
+0.03
3.8
3.5
ElectricityGas
2022
1.4
2.1
ElectricityGas
2023
Increased Margin and customer base underpin ROI back to 26.7%
Electricity
ElectricityGas
Gas
Waste
Treatment growth track record | Ebitda growth drivers | Waste volumes |
(m€) | (m€) | (mln tons) |
294
+17
353
5.1
277
338
+13
4.8
+0.2
+0.1
222
(2)
(13)
191
2.8
SpecialSpecial
2.6
Urban
2.2
2.3
Urban
2020
2021
2022
2023
2022
CollectionOne offOrg. GrowthDelta perimeter
2023
2022
Constantly growing at 360 degrees
UrbanSpecial
2023
Networks | |
Regulated Asset Base | |
Networks resilience | Ebitda growth drivers |
(m€) | |
(Ebitda m€) | (m€) |
472
461
470
466
2020
2021
2022
2023
Overcoming tough inflation and flood
469
D.H.Elect. dist.
466
+9
D.H.
44
(12)
44
Elect. dist.
Gas dist.
139
137
Gas dist.
Water
262
271
Water
2022
InflationOrg. Growth
3,191
+144
Elect. dist.
375
Gas dist.
1,079
Water
1,737
2023
2022
Growth
+110bps of regulated Wacc and inflation recognition ahead
3,335
401
Elect.
dist.
1,124
Gas dist.
1,809
Water
2023
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Disclaimer
HERA S.p.A. - Holding Energia Risorse Ambiente published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 16:33:03 UTC.
