This document provides a version drafted for editorial purposes of the Annual Financial Report. It was not prepared in accord ance with the provisions of Delegated Regulation (EU) 2019/815 of the European Commission concerning a single electronic reporting format (ESEF). The Annual Financial Report prepared in accordance with the provisions of the aforementioned Delegated Regulation is published and filed in accordance wi th the provisions of the law.

TABLE OF CONTENTS

INTRODUCTION

DIRECTORS' REPORT

LETTER FROM THE CHAIRMAN TO SHAREHOLDERS

6

HERA IN A NUTSHELL

8

1.01

TRENDS AND CONTEXTS, STRATEGIC APPROACH AND GROUP MANAGEMENT POLICIES

17

1.01.01 Trends and contexts Macroeconomy and finance Businesses and regulations Climate and the environment Technology and human capital

1.01.02 Strategic approach and management policies Macroeconomy and finance

Business areas and industrial strategy

Climate and the environment: sustainable development

Technology and human capital: innovation

1.02

RISK FACTORS: ACTORS, METHODOLOGY AND AREAS OF MANAGEMENT

43

1.02.01

Risk governance

1.02.02

Management methodology

1.02.03

Risk areas: identification and management of risk factors

1.03

MAIN EVENTS OCCURRED

57

1.03.01

May 2023 flood events

1.04

OVERVIEW OF OPERATING AND FINANCIAL TRENDS AND DEFINITION OF APMs

64

1.04.01

Operating results and investments

1.04.02

Financial structure and adjusted net debt

1.04.03

Parent company management report

1.05

SHARE PERFORMANCE AND INVESTOR RELATIONS

82

1.06

SUSTAINABILITY RESULTS

84

1.07

ANALYSIS BY BUSINESS AREA

91

1.07.01

Gas

1.07.02

Electricity

1.07.03

Integrated water cycle

1.07.04

Waste management

1.07.05

Other services

1.08

SHAREHOLDERS MEETING RESOLUTIONS

115

1.09

NOTICE CONVENING THE SHAREHOLDERS MEETING

116

CONSOLIDATED FINANCIAL STATEMENTS

2.01

FINANCIAL STATEMENT FORMATS

119

2.01.01

Income statement

2.01.02

Statement of comprehensive income

2.01.03

Statement of financial position

2.01.04

Cash flow statement

2.01.05

Statement of changes in net equity

2.02

EXPLANATORY NOTES

125

2.02.01

Introduction

2.02.02

Operational and financial performance

2.02.03

Taxation

2.02.04

Equity and financial structure

2.02.05

Investment activities

2.02.06

Shareholdings

2.02.07 Derivatives and related instruments 2.02.08 Provisions and contingent liabilities

  1. Operating working capital
  2. Other information

2.03

FINANCIAL STATEMENT FORMATS AS PER CONSOB RESOLUTION 15519/2006

215

2.03.01

Income statement as per Consob resolution 15519/2006

2.03.02

Statement of financial position as per Consob resolution 15519/2006

2.03.03

Cash flow statement as per Consob resolution 15519/2006

2.03.04

Net financial debt pursuant to Consob notice DEM/6064293 of 2006

2.03.05 List of related parties

2.03.06

Commentary notes to the relations with related parties

2.04

EQUITY INVESTMENTS

225

2.04.01

List of consolidated companies

2.04.02

Key figures in the financial statements of subsidiaries and associated companies

2.05

INFORMATION REQUIRED BY LAW 124 OF 4 AUGUST 2017 ART.1 PARAGRAPHS 125-129 AND

234

FOLLOWING AMENDMENTS

2.06

OUTLINE OF ARTICLE 149-DUODECIES OF THE CONSOB ISSUER'S REGULATION

236

2.07

DECLARATION ON THE CONSOLIDATED FINANCIAL STATEMENT PURSUANT TO ART. 154-BIS

237

OF LEGISLATIVE DECREE 58/98

2.08

REPORT BY THE INDEPENDENT AUDITOR

238

Hera Group - Consolidated financial statement at 31 December 2023

6 |

Hera Group - Consolidated financial statement at 31 December 2023

7 |

Hera Group - Consolidated financial statement at 31 December 2023

8 |

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HERA S.p.A. - Holding Energia Risorse Ambiente published this content on 08 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2024 08:09:01 UTC.