Hera Group Consolidate quarterly report as at 31 march 2017

Consolidate
quarterly
report
as at 31 march 2017

TABLE OF CONTENTS
Introduction
Governance and Control Bodies 001
Mission 002
Directors’ Report
1.01 Overview of Group performance and definition of alternative performance measures 003
1.01.01 Operating and financial results 005
1.01.02 Analysis of the Group’s Financial Structure 009
1.01.03 Analysis of Net Cash (Net Borrowings) 010
1.02 Analysis by business area 012
1.02.01 Gas 013
1.02.02 Electricity 017
1.02.03 Integrated Water Cycle 020
1.02.04 Waste Management 024
1.02.05 Other Services 028
1.03 Share Performance and Investor Relations 031
1.04 Reference Scenario and Group Strategy 033
1.05 Personnel organisation 035
Hera Group Consolidated Financial Statements
2.01 Financial Statements 036
2.01.01 Income Statements 036
2.01.02 Statement of financial position 037
2.01.03 Cash flow statement 039
2.01.04 Overview of changes in the equity 040
2.01.05 Synthetic explanatory notes 041
2.02 Net financial debt 043
2.03 List of consolidated companies 044

Hera Group - Three-month consolidated financial statement as of 31 March 2017

Approved by Hera Spa's BoD of 10 May 2017 1

GOVERNANCE AND CONTROL BODIES
Until 27 April 2017
As of 28 April 2017
Board of Directors
Chairman Tomaso Tommasi di Vignano
CEO Stefano Venier
Vice President Giovanni Basile
Director Mara Bernardini
Director Forte Clò
Director Giorgia Gagliardi
Director Massimo Giusti
Director Riccardo Illy
Director Stefano Manara
Director Luca Mandrioli
Director Danilo Manfredi
Director Cesare Pillon
Director Tiziana Primori
Director Bruno Tani
Board of Statutory Auditors
Chairman Sergio Santi
Standing Auditor Antonio Gaiani
Standing Auditor Marianna Girolomini
Control and Risk Committee
Chairman Giovanni Basile
Member Massimo Giusti
Member Stefano Manara
Member Danilo Manfredi
Remuneration Committee
Chairman Giovanni Basile
Member Mara Bernardini
Member Luca Mandrioli
Member Cesare Pillon
Executive Committee
Chairman Tomaso Tommasi di Vignano
Vice President Giovanni Basile
Member Stefano Venier
Member Riccardo Illy
Ethics Committee
Chairman Massimo Giusti
Member Mario Viviani
Member Filippo Maria Bocchi
Independent auditing firm
Deloitte &Touche

Chairman Tommasi di Vignano Tomaso
CEO Venier Stefano
Vice Chairman Basile Giovanni
Director Fiore Francesca
Director Gagliardi Giorgia
Director Massimo Giusti
Director Lorenzon Sara
Director Luciano Aldo
Director Manara Stefano
Director Manfredi Danilo
Director Rauhe Erwin P.W.
Director Regoli Duccio
Director Seganti Federica
Director Vignola Marina
Director Xilo Giovanni
Chairman of the Board of Statutory Auditors Myriam Amato
Standing Auditor Marianna Girolomini
Standing Auditor Antonio Gaiani
Deloitte&Touche Spa
Board of directors
Board of Statutory Auditors
Independent auditing firm



MISSION

“Hera aims at being the best multi‐utility in Italy for its customers, workforce and shareholders. It
intends to achieve this through further development of an original corporate model capable of
innovating and of forging strong links with the areas in which it operates by respecting the local
environment”.

“For Hera, being the best is a way of creating pride and trust for: customers, who receive,
thanks to Hera’s constant responsiveness to their needs, quality services that satisfy their
expectations; the women and men who work at Hera, whose skills, engagement and passion are
the foundation of the company’s success; shareholders, confident
that the economic value of the company will continue to be
generated in full respect of the principles of social responsibility;
the reference area, because economic, social and environmental
richness represent the promise of a sustainable future; and
suppliers, key elements in the value chain and partners for
growth”.



1.01 OVERVIEW OF GROUP PERFORMANCE AND DEFINITION OF ALTERNATIVE
PERFORMANCE MEASURES
The Hera Group uses Alternative Performance Measures (APM) to more effectively convey
information about trends in the profitability of the businesses in which it operates as well as its
financial situation. In accordance with the guidelines published 5 October 2015 by the
European Securities and Markets Authority (ESMA/2015/1415) and in keeping with the
provisions of Consob communication no. 92543 of 3 December 2015, the content of and the
criteria used in defining the APMs found in this financial statement are explained below.
EBITDA is a measure of operating performance and is calculated by adding together
“Operating income” and “Depreciation, amortization and write-downs.” This measure is used
as a financial target in internal documents (business plans) and external presentations (to
analysts and investors), and is useful in evaluating the operating performance of the Group
(as a whole, and at the level of each Business Unit), also allowing for a comparison between
operating profits of the reporting period with those of previous periods. In this way it is possible
to analyze trends and compare the efficiency achieved in different periods.
Ebitda over revenues, Operating profit over revenues and net income over revenues are
used as a financial target in internal documents (business plans) and external presentations
(to analysts and investors), and measures the Group’s operating performance by representing
a proportion, in terms of percentage, of EBITDA, operating profit and net profit divided by the
value of revenues.
Net investments are defined as the sum of investments in tangible fixed assets, intangible
assets and equity investments net of capital grants. This measure is used as a financial target
in internal documents (business plans) and external presentations (to analysts and investors),
and is useful in evaluating spending capacity for the Group’s investments in maintenance and
Operating APMs and investments (€/mln) Mar 2017 Mar 2016 Abs. Change % Change
Revenue 1,585.5 1,235.4 +350.1 +28.3%
EBITDA 306.8 278.4 +28.4 +10.2%
EBITDA/Revenue ratio 19.4% 22.5% -3.1 p.p.
Operating profit 187.3 170.8 +16.5 +9.7%
Operating profit/Revenue ratio 11.8% 13.8% -2.0 p.p.
Net profit 115.3 96.8 +18.5 +19.1%
Net profit/revenue ratio 7.3% 7.8% -0.5 p.p.
Net investments 154.1 68.5 +85.6 +124.9%
Financial APMs
(€/mln)
Mar 2017 Dec 2016 Abs. Change % Change
Net non-current assets 5,663.7 5,564.5 +99.2 +1.8%
Net working capital 121.6 99.9 +21.7 +21.7%
Provisions (553.8) (543.4) -10.4 -1.9%
Net invested capital 5,231.5 5,121.0 +110.5 +2.2%
Net financial debt (2,548.7) (2,558.9) +10.2 +0.4%
Operating
APMs and
investments
Financial APMs
Definition of
Alternative
Performance
Measures
(APM)
Operating
APMs and
investments



development (as a whole and at the level of each business unit), also allowing for a
comparison with previous periods, making it possible to analyze trends.
Net fixed assets are calculated as the sum of: tangible fixed assets; intangible assets and
goodwill; equity investments; deferred tax assets and liabilities. This measure is used as a
financial target in internal documents (business plans) and external presentations (to analysts
and investors), and is useful in evaluating the Group’s net assets as a whole, also allowing for
a comparison with previous periods. In this way it is possible to analyze trends and compare
the efficiency achieved in different periods.
Net working capital is made up of the sum of: inventories; trade receivables and payables;
current tax receivables and payables; other current assets and liabilities; the current portion of
assets and liabilities for financial derivatives on commodities. This measure is used as a
financial target in internal documents (business plans) and external presentations (to analysts
and investors), and is useful in evaluating the Group’s ability to generate cash flow through
operating activities over a period of 12 months, including comparisons with previous periods.
In this way it is possible to analyze trends and compare the efficiency achieved in different
periods.
Provisions includes the sum of the items “employee severance indemnities and other
benefits” and “provisions for risks and charges”. This measure is used as a financial target in
internal documents (business plans) and external presentations (to analysts and investors),
and is useful in evaluating the Group’s ability to cope with possible future liabilities, also
allowing for a comparison with previous periods. In this way it is possible to analyze trends
and compare the efficiency achieved in different periods.
Net invested capital is determined by calculating the sum of “net fixed assets”, “net working
capital” and “provisions”. This measure is used as a financial target in internal documents
(business plans) and external presentations (to analysts and investors), and is useful in
evaluating all of the Group’s current and non-current operating assets and liabilities, as
specified above.
Net financial debt is a measure of the company’s financial structure determined in
accordance with Consob communication 15519/2006, adding the value of non-current
financial assets. This measure is therefore calculated by adding together the following items:
current and non-current financial assets; cash and cash equivalents; current and non-current
financial liabilities; current and non-current assets and liabilities for derivative financial
instruments on interest and exchange rates. This measure is used as a financial target in
internal documents (business plans) and external presentations (to analysts and investors),
and is useful in evaluating the Group's financial debt, also allowing for a comparison with prior
periods. In this way it is possible to analyze trends and compare the efficiency achieved in
different periods.
Sources of financing are obtained by adding “net financial debt” and “net equity”. This
measure is used as a financial target in internal documents (business plans) and external
presentations (to analysts and investors) and represents the breakdown of sources of
financing, distinguishing between the company’s own equity and that of third parties; it is an
indicator of the Group’s financial autonomy and solidity.
Financial APMs



1.01.01 OPERATING AND FINANCIAL RESULTS
All of the Hera Group’s operating and financial indicators for the first quarter of 2017
showed growth. EBITDA rose by 10.2%, operating profits by 9.7% and net profits by
19.1%.
These results, obtained thanks to the Group’s consolidated multi-business strategy, must
be seen within an ever more challenging competitive and regulatory context, in which the
Group operates in a balanced and agile way, combining internal and external growth.
The main corporate and business operations having an effect on the first quarter of 2017
are described, point by point, as follows:
 On 8 April 2016 Hera Comm Srl definitively won the call for tenders announced
by the Municipality of Giulianova to acquire 100% of the share capital of Julia
Servizi Più Srl, a gas and electricity sales company which operates in the
municipality of and the area surrounding Teramo.
 In September 2016 Hera Comm was awarded the Friuli Venezia-Giulia and
Emilia Romagna portions of last-resort gas service for the period 1 October 2016
– 30 September 2018, along with 5 portions of the default gas distribution service
for the period 1 October 2016 – 30 September 2018.
 As of 1 November 2016 the company Gran Sasso Srl, which is involved in free
market electricity and gas sales in the L’Aquila, Pescara and Chieti areas,
became part of the Group’s consolidated scope.
 In November 2016, in the national tender announced by the Single Purchaser for
safeguarded services in 2017-18, Hera Comm was awarded six portions for
eleven regions of Italy.
 On 1 February 2017 Waste Recycling Spa acquired the corporate branch
involving plants of the Pisa company Teseco, a leader in industrial waste
treatment and recovery.
 In January 2017 Herambiente Spa signed a binding deal with AligroupSrl to
acquire the Aliplast Group, a leader in the sector of plastic waste collection,
recycling and subsequent regeneration, in an integrated process that transforms
waste into products ready to be reused. The operation was concluded on 3 April
2017 following confirmation of the content of the caveat due to a positive
evaluation coming from the Italian competition authority. The consolidation will be
carried out in the following quarter and will be able to be implemented thanks to
the governance agreed upon by the parties.
In order to respect sector regulations concerning unbundling, with effective date 1 July
2016 Hera Spa conferred its corporate branch dealing with electricity and gas distribution
to Inrete Distribuzione Energia Spa.
Constant
growth in all
indicators

C
in
gr

Approved by H

onstant and
ncreasing
rowth
Revenues a
€ 1.6 billion
Hera Spa's BoD
As o
requ
netw
and
spec
This
IFRIC
leave
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In th
amo
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EBIT
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Pre-t
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Attrib
Shar
Non-c
at
n
of 10 May 2017
of 1 January
ested by clie
work services
third partie
cialised techn
consolidate
C12 “Service
es the resu
cession, only
following tab
he first quart
unted to €
0.1 million
235.4 million
od of 2016
ncial year,
nues and
roximately
gnized in th
the transfer
s from op
ncial account
lution 268/20
work code f
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ng activities
million and
me statement (€
enue
r operating reven
materials
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r operating costs
onnel costs
talised costs
TDA
rt. & Prov.
T
ncial operations
tax profit
s
profit for the yea
butable to:
eholders of the
controlling interes
Hera
7
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ents (service
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s, for plann
nical activitie
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e concession
ults unchang
y including ne
ble shows the
ter of 2017,
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or 28.3%
n seen in t
6. As of t
an equal a
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he income s
r of genera
erating acc
ts in sales co
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for electricity
ugust 2016.
amounting t
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ar
Parent Company
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ech has beco
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etwork servic
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over the
the same
the 2017
amount of
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illion, is
statement,
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ompanies. T
f 4 June 201
y transporta
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to roughly €
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Mar 20
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dated financial s
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nowledged in
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lved in this
igher volume
f electric raw
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1,235.4
73.7 6
(608.5) -49
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(132.9) -10
4.6 0
278.4 22
(107.6) -8
170.8 13
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96.8 7
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statement as of
any that man
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nsible, both fo
works as we
ubsidiary of
of accounti
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ers of 2016 a
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growth incl
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Inc. Abs. Chan
+35
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9.3% +12
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f 31 March 2017
6
nages works
etc.), for all
or the Group
ell as highly
Hera S.p.A.
ng principle
nciple, which
anted under
e statement.
and 2017:
ted following
the standard
n 13/2016 –
lude greater
ld coming to
for a total of
nge % Change
50.1 +28.3%
+8.4 +11.4%
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Approved by H

EBITDA at
€ 306.8 millio
(+10.2%)
Hera Spa's BoD
€ 43
by a
“reve
lesse
Othe
€ 8.4
acco
the e
com
The
show
tradi
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to €
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mark
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volum
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2016
to sa
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of In
EBIT
2016
by th
ener
profi
new
Defa
also
area
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For
analy
area
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millio
incre
on
of 10 May 2017
million. Las
a different m
enues” to th
er works in p
er operating r
4 million or 1
ounting meth
entry “other o
ing to € 3.6 m
cost of raw
wing an incre
ng, a higher
er operating
193 million
on overall (€
rating expen
snational sys
keting compa
waste collec
mes of electr
sonnel costs
6 to the € 13
alary increas
ained is expla
italised costs
€ 4.8 million
pany assets
rete and Her
TDA settled
6. This growt
he Group but
rgy areas,
ts in the sale
portions of
ault markets
came fro
as, while
ained stable.
further d
yses of eac
a.
ortisation and
on in March
eased due to
Hera
7
stly, the highe
method used
e entry “oth
progress for c
revenues inc
11.4%. This
hod used for
operating rev
million.
and other m
ease of 20,3
price of elec
costs, net of
and higher
€ 12.4 millio
nses). Menti
stems in som
anies intende
ction service
ricity sold.
rose by € 4
7.2 million se
ses provided
ained by cha
s at 31 Marc
or 104.8%,
, also involv
ratech.
at € 306.8, r
th in EBITDA
t in particular
thanks to g
es business
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om the Ne
the waste
details, see
ch single bu
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h 2016 to €
o new inves
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er regulated
d in recordin
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commissions
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growth is m
r energy effi
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ctricity raw m
f entries reg
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on in higher
on should a
me Group co
ed to widen t
and by low
4.3 million o
een at the sa
d for by the
anges in the
h 2017 rose
, owing to
ing the diffe
recording an
A can be attr
r to the
greater
for the
ed and
e result
etworks
area
e the
usiness
rose by € 1
€ 119.6 milli
stments in re
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ng energy ef
g revenues”,
s.
mpared to the
mainly due to
ciency certif
alling € 3.7 m
e by € 123.7
revenues, t
material and g
arding the a
ts amounting
r costs for s
also go to
ompanies an
the custome
wer transmiss
r 3.2%, goin
ame date in
national col
scope of ope
compared to
greater work
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increase of
ributed to go
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on in the s
egulated bus
dated financial s
n water servi
fficiency cer
amounting
same period
the abovem
ficates, from
million, and h
million comp
this rise is d
greater volum
forementione
g to € 11.7
services and
the higher
d higher cos
r base, offse
sion costs ow
ng from € 13
2017. 2.9%
llective labou
erations.
o the same d
ks on plants
ate breakdow
€ 28.4 millio
ood performa
or 11.2% ove
same period
sinesses and
statement as of
ices were pa
rtificates, fro
to € 3.7 mil
d in the prev
mentioned ch
the entry “r
higher IFRIC
pared to 31 M
due to greate
mes of gas so
ed system c
million, grew
d € 0.1 milli
costs for im
sts for the sa
et by some e
wing to the
32.9 million a
of this incre
ur agreemen
date in the p
s and work
wn linked to
on or 10.2%
ances in all a
erall, going f
d of 2017. A
d for the ch
f 31 March 2017
7
artially offset
m the entry
lion, and by
vious year by
hange in the
revenues” to
12 revenues
March 2016,
er activity in
old.
costs coming
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ion in lower
mplementing
ales force in
fficiencies in
decrease in
at 31 March
ase is linked
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revious year
s on Group
the creation
over March
areas served
from € 107.6
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EB
m

Approved by H

BIT at € 187.3
illion (+9.7%)
Net earnings
post minoriti
at € 109.9
(+20.5%)
Hera Spa's BoD
scop
debt
for S
EBIT
millio
The
millio
good
lowe
rates
than
man
place
earn
defa
safeg
In lig
grew
from
2017
Inco
rate
(33.3
from
along
conc
dedu
Net p
trime
Grou
millio
com
Marc
3
)
s
ies
of 10 May 2017
pe of operati
ts rose in pa
Safeguarded
T reached €
on seen in th
results of fin
on, with a €
d performan
er average
s obtained a
ks to the eff
agement o
e during 2
ings involv
ult inde
guarded cus
ght of the ab
w by € 19.1
the € 145.1
7.
me tax perta
of 29.8% an
3%). The rea
27.5% in p
gside the Gr
cerning in p
uctions for am
profits theref
ester of 2016
up net profits
on, rising b
pared to the
ch 2016.
Hera
7
ons concern
rticular in the
services, as
187.3 million
he same perio
nancial mana
2.6 million o
nces are d
debt, efficie
among other
fects of the
operations
2016, and
ving recove
emnities
stomers.
bove, pre-tax
1 million, p
million seen
aining to the
nd showing
asons for thi
previous fina
roup’s contin
particular tax
mortisation a
fore grew by
6 to € 115.3 m
s came to € 1
by € 18.7 m
e amount se
a Group - Three
ning sales co
e sales com
s mentioned
n in March 2
od in 2016.
agement at th
or 10.1% imp
due to
ency in
r things
liability
set in
higher
ery of
from
x profits
passing
n in March 20
e first quarte
a clear impr
s decrease
ancial years
nuous comm
x credits fo
and the paten
y 19.1% or €
million in the
109.9
million
en at
-month consolid
ompanies. A
mpany Hera C
above.
2017, up € 1
he end of the
provement o
016 to the €
r of 2017 ca
rovement co
mainly involv
to 24% as
itment to sei
or research
nt box.
18.5 million,
same period
dated financial s
Accruals to th
Comm, owing
6.5 million o
e first quarter
ver the sam
164.2 record
ame to € 48.
mpared to th
ve a fall in th
of 2017. Th
izing the ben
and develo
, going from
d of 2017.
statement as of
he provision
g to the tend
or 9.7% over
r of 2017 cam
e period in 2
ded in the fir
.9 million, de
he same pe
he Ires rate,
his must be
nefits recogn
opment, an
€ 96.8 millio
f 31 March 2017
8
for doubtful
der awarded
r the € 170.8
me to € 23.1
2016. These
rst quarter of
efining a tax
riod in 2016
, which went
e considered
nised by law,
increase in
on in the first
7
l
d
8
e
f
x
6
t
d
,
n
t

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m
in
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c
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Approved by H


1
The value of ho
the field of regen
caveat, when the
company's capita
Note furthermore
information is cu
Group’s
magnitude
ncreases
Net invested
capital reache
€ 5.2 billion
et investment
row to € 154,1
e first quarte
Hera Spa's BoD
1.01

The
sour
At 3
capit
Dece
be
acqu
Alipla
Hera
In th
Grou
to €
millio
perio
incre
inves
com
for t
Grou
abro
recyc
rege
Net
the N

oldings at 31 Marc
nerated polymers
e Italian authority
al (40%) was purc
e that a full conso
rrently unavailable
Inves
financ
Net no
Net w
(Provi
Net in
Equity
Long-
Net ca
Net de
Total
es
ts
1 in
er
of 10 May 2017
.02 ANALY
table below
rces of financ
31 March 2
tal increase
ember 2016
entirely a
uisition of
ast Group
ambiente.
he first qua
up’s net inve
154.1 millio
on compare
od in the p
ease is m
stment in
ing to € 88.5
the acquisit
up1
, which o
oad in the sec
cling an
eneration.
investments
New investm

ch 2017 reflects a
s, flexible polyethy
for competition ex
chased. The evalu
lidation was not p
e. The consolidati
sted capital and s
cing (€/mln)
on-current assets
orking capital
isions)
nvested capital
y
term borrowings
ash/short term bo
ebt
sources of finan
Hera
7
SIS OF THE
provides an
cing for the p
2017, net i
d compared
6. This chan
attributed t
a holding
by the co
arter of 201
estments am
on, rising by
ed to the
previous yea
ainly due
financial h
5 million carr
ion of the
perates in It
ctor of plastic
nd subs
benefitted fr
ments fund (F
a 100% subscriptio
ylene films and rig
xpressed its positiv
uation of the hold
possible at the dat
on will be reflecte
sources of
s
orrowings
ncing
a Group - Three
E GROUP’S
analysis of
period ended
nvested
d to 31
nge can
to the
in the
ompany
17, the
mounted
y € 85.6
same
ar. This
to an
holdings
ried out
Aliplast
taly and
c waste
sequent
rom € 10.8 m
FoNI) as fores
on in the capital o
gid PET films, for
ve opinion as to t
ing was made on
te when this repor
ed in the half-year
31 Mar 17
5.663,7
121,6
(553,8)
5.231,5
(2.682,8)
(2.757,3)
208,6
(2.548,7)
(5.231,5)
-month consolid
FINANCIAL
changes in
31 March 2
million in cap
seen by the
of Aliplast SpA, a c
r a total of € 88.5
he acquisition of t
the basis of the c
rt was completed
report, as made p
% Inc. 31
108,3% 5
2,3%
-10,6% (5
100,0% 5
51,3% (2
52,7% (2
-4,0% 1
48,7% (2
-100,0% (5
5,2
Dic 2015
Ne
dated financial s
L STRUCTU
the Group’s
017.
pital grants, o
tariff method
company based in
million, following
he company. On 3
contractual inform
because the Alipla
possible by the go
Dec 16 % In
.564,5 108,
99,9 2,0
543,4) -10,
.121,0 100,
.562,1) 50,0
.757,5) 53,8
198,6 -3,9
.558,9) 50,0
.121,0) 100,
5,1
Mar 2016
et invested ca
statement as of
URE
net invested
of which € 1
d for the Integ
n Istrana, Treviso
g confirmation of t
3 April 2017 the f
mation available at
ast Group’s opera
overnance agreed
nc. Abs. Chan
7% +99,2
0% +21,7
6% (10,4)
0% +110,5
0% (120,7)
8% +0,2
9% +10,0
0% +10,2
0% (110,5)
5,1
Dic 2016
apital (€/bln)
f 31 March 2017
9
d capital and
.3 million for
grated water
which operates in
the content of the
irst tranche of this
t the current date.
ating and financia
by the parties.
nge % Change
+1,8%
+21,7%
(1,9%)
+2,2%
(4,7%)
+0,0%
+5,0%
+0,4%
+2,2%
5,2
Mar 2017
7
d
r
r
n
e
s
.
l



service, which grew by € 6.3 million compared to the first quarter of 2016.
Including capital grants, overall Group investments amounted to € 164.9 million, up
€ 91.9 compared to the same period in the previous year.
The following table shows a subdivision by sector, with separate mention of capital
grants:
Operating investments came to € 76.2 million, increasing by 4.4% compared to the same
period in the previous year and mainly concerned interventions on plants, networks and
infrastructures, in addition to regulatory upgrading involving above all gas distribution,
with a large-scale substitution of metres, and the depuration and sewerage areas.
Remarks on investments in each single area are included in the analysis by business
area.
At Group headquarters, investments concerned interventions on corporate buildings, IT
systems and the vehicle fleet, as well as laboratories and remote control structures.
Overall investments in structures increased by € 1.1 million compared to the first quarter
of the previous year.
In March 2017 provisions amounted to € 553.8 million, up compared to December 2016
thanks to period reserves which proved to be higher than usage expenses.
Equity increased, going from € 2,562.1 million at 31 December 2016 to € 2,682.8 million
at 31 March 2017 following the contribution coming from the period’s results, amounting
to € 115.3 million.
Total investments
(€/mln)
Mar 2017 Mar 2016 Abs. Change % Change
Gas area 18.6 19.7 -1.1 -5.6%
Electricity area 4.9 3.6 +1.3 +36.1%
Water cycle area 33.4 30.1 +3.3 +11.0%
Waste management area 5.8 6.3 -0.5 -7.9%
Other services area 4.1 2.8 +1.3 +46.4%
Headquarters 9.4 10.5 -1.1 -10.5%
Total operating investments 76.2 73.0 +3.2 +4.4%
Total financial investments 88.6 0.0 +88.6 +100.0%
Total gross investments 164.9 73.0 +91.9 +125.9%
Capital contributions 10.8 4.5 +6.3 +140.0%
of which FoNI (New Investment Fund) 1.3 2.6 -1.3 -50.0%
Total net investments 154.1 68.5 +85.6 +125.0%
Provisions come
to € 553.8 million
Equity amounts
to € 2.7 billion
At Group
headquarters,
investments in
corporate
buildings, IT
systems and the
vehicle fleet
Strong
commitment
continues in
operating
investments in
plants and
infrastructures



1.01.03 ANALYSIS OF NET CASH (NET BORROWINGS)
An analysis of net borrowings is provided in the following table:
Current debt is mainly made up of bank loans reaching maturity amounting to roughly
€ 71.3 million, short-term financial debt for € 88.5 million for the investment in financial
holdings for the acquisition of the Aliplast Group and short-term bank debt for use of
current credit lines coming to roughly € 18.7 million and accrued liabilities for € 36 million.
The amount of non-current bank debt and bonds is largely made up of bonds issued on
the European market and listed on the Luxembourg Stock Exchange (80.3% of the total),
with repayment at maturity.
As a whole, borrowings show an average term to maturity of roughly 8.5 years, with 69%
maturing after more than 5 years.
Net financial debt decreased from
€ 2,558.9 million in 2016 to the
€ 2,548.7 recorded at 31 March
2017. This positive variation, which
is partially natural considering
seasonal factors involved in the gas
business, is lower than the trend
recorded in the same period of the
previous year, mainly due to the
investment in financial holdings for
€ 88.5 million made for the
acquisition of the Aliplast Group.
(€/mln) 31 Mar 17 31 Dec 16
a Cash and cash equivalents 406,6 351,5
b Other current financial receivables 30,4 29,4
Current bank debt (54,8) (72,1)
Current portion of indebtness (71,3) (71,7)
Other current financial liabilities (100,0) (36,2)
Finance lease payments maturing within 12 months (2,3) (2,3)
c Current financial debt (228,4) (182,3)
d=a+b+c Net current financial debt 208,6 198,6
Non-current bank debt and other non-current source of financing (2.847,5) (2.847,8)
Other non-current financial liabilities (4,8) (5,0)
Finance lease payments maturing after 12 months (14,6) (14,9)
e Non-current financial debt (2.866,9) (2.867,7)
f=d+e Net borrowings - Consob communication n° 15519 del 28/07/2006 (2.658,3) (2.669,1)
g Non-current financial receivables 109,6 110,2
h=f+g Net financial debt (2.548,7) (2.558,9)
A solid financial
position
Net debt settles
at € 2.5 billion
2,7
2,5
2,6
2,5
Dic 2015 Mar 2016 Dic 2016 Mar 2017
Net financial debt (€/bln)



1.02 ANALYSIS BY BUSINESS AREA
An analysis of the results achieved by management in the various business areas in
which the Group operates is provided below, including: the gas area, which covers
services in natural gas and LPG distribution and sales, district heating and heat
management; the electricity area, which covers services in electricity production,
distribution and sales; the integrated water cycle area, which covers aqueduct,
purification and sewerage services; the waste management area, which covers services
in waste collection, treatment, recovery and disposal; the other services area, which
covers services in public lighting and telecommunications, as well as other minor
services. Following the second quarter of 2016, the Hera Group revised the arrangement
of its multi-business portfolio in order to improve and simplify financial reporting on its
industrial structures: the industrial cogeneration business has been transferred from the
electricity area to the gas area, bringing it together with heat management, which
furthermore respects the Group’s organizational outlook. The respective 2016 data has
been reclassified so as to reflect these changes.
The Group’s income statements include corporate headquarter costs and reflect
intercompany transactions accounted for at arm’s length.
The following analyses of the single business areas take into account all increased
revenues and costs, having no impact on EBITDA, related to the application of IFRIC 12,
as shown in the Group’s consolidated income statement. The business areas affected by
IFRIC 12 are: natural gas distribution services, electricity distribution services, all
integrated water cycle services and public lighting services.
Changes in the Group’s organisational and corporate breakdown following the creation of
Inrete and Heratech have given way to a different representation of personnel costs and
operating costs within the various business areas, which however remain congruent as
regards the total.

Contributions
coming from the
Group’s various
areas towards
overall EBITDA
show a higher
amount from the
gas area, owing to
the seasonal
factors typical of
this business.
44,2%
15,8%
17,4%
20,9%
1,8%
EBITDA March 2017
Gas Electricity Water Cycle Waste Management Other Services

G
r
C
ov
dr
G
in
1
c

Approved by H

Gas: EBITDA
rises
ontribution to
verall EBITDA
rops
Gas area EBIT
ncreases by 4
1.4 million ga
customers
Hera Spa's BoD
1.02
At th
perio
parti
the p
gas s
Hera
cost
on a
The
Tota
com
2016
com
porti
distr
gas s
base
corp
Italy:
merg
custo
com
(€/m
Area
Grou
Perc
A
o
A
TDA
4.1%
as
of 10 May 2017
.01 GAS
he end of the
od in the pre
ally obtained
period 1 Oct
service for th
a Comm. As
of amortisat
n accrual ba
following tab
al gas custom
pared to th
6. This tren
mercial ac
ons awarde
ibutions serv
services. Th
e also resu
orate acqu
: Julia Serviz
ged into He
omers; Gran
ing from the
mln)
a EBITDA
up EBITDA
centage weight
Hera
7
first quarter
evious year a
d thanks to t
tober 2016 –
he period 1 O
s regards the
tion related to
asis.
ble shows the
mers rose b
he same pe
nd is due t
ctions and
ed of defau
vices and las
e broader cu
lted from th
isitions in
zi Più (subse
ra Comm M
n Sasso Ene
new portions
a Group - Three
r of 2017 the
as regards b
the five port
– 30 Septem
October 2016
e first quarte
o investmen
e changes oc
by 4.2%
eriod in
to both
d the
ult gas
st resort
ustomer
he two
central
equently
Marche), wh
ergie, with ro
s awarded a
-month consolid
gas area sh
both EBITDA
ions of the d
mber 2018 an
6 – 30 Septe
er of 2016, t
ts made in th
ccurred in te
ich contribu
oughly 16 th
mounts to ro
M
Mar 2017
135.6
306.8
44.2%
dated financial s
owed growth
A and volum
default servic
nd the two p
ember 2018 a
the revenue
he first quart
rms of EBIT
ted with rou
ousand cust
oughly 24 tho
OL Area Gas
Mar 20
130
278
46.8
statement as of
h over the co
mes sold. Thi
ce in gas dis
portions of th
awarded to t
covering the
ter of 2017 is
DA:
ughly 13 tho
tomers. The
ousand custo
G
s Mar 2016
16 Abs. Chan
0.3 +
8.4 +2
8% -2.6 p
f 31 March 2017
13
orresponding
s result was
stribution for
he last resort
the company
e underlying
s recognized
ousand new
contribution
omers.
Gas Area;
+46,8%
nge % Chang
+5.3 +4.1
28.4 +10.2
p.p.
7
g
s
r
t
y
g
d
w
n
ge
%
%

Ga
EB

Approved by H

Increase in
volumes sol
+26.6%
as: overall
BITDA rises
Gas revenue
reach € 650.
million
Hera Spa's BoD
Volu
seen
main
volum
261.
total
sold
show
over
the i
base
com
Gran
7.5 m
highe
serve
the c
than
temp
The
Note
indus
The e
in rev
Reve
2017
or 15
new
char
trans
amo
effec
came
this
grow
busin
tradi
millio
Inco
Reve
Oper
Pers
Capi
EBIT
d:
es
.4
of 10 May 2017
mes of gas s
n at 31 Marc
nly due to
mes traded
8 million m
volumes). T
to end
wed a grow
r March 201
increase of
e and the
ing from the
n Sasso Ene
million m3
) a
er portions
ed in the firs
changes in s
the increa
peratures in t
following tab
that pro forma
trial cogeneratio
effect on the 201
venues, € 1.4 mi
enues went
7, with a grow
5.9%. Regar
accounting
rges on
sferred to op
unt of reven
ct on the fir
e to € 31 m
effect, the
wth lie in the
nesses: high
ng activities
on, higher v
me statement (
enue
rating costs
onnel costs
talised costs
TDA
Hera
7
sold rose by
ch 2016 to th
o growth i
d coming t
m3
(16.4% o
The volume
customer
wth of 7.3%
16, grazie t
the custome
contributio
e companie
ergie (roughl
and Julia Ser
awarded in
st quarter of
scope of op
ase in degr
the first quar
ble summaris
data has been
on business fro
16 data of this re
illion in operatin
from € 561.
wth of € 89.4
rding 2017, n
method for
sales com
perating on a
nues and cos
rst quarter o
million. Not in
main reas
e sales and
her revenue
s for roughl
volumes of
(€/mln) Mar
65
(48
(30
4
13
a Group - Three
335.0 millio
he 1,596.2 i
n
to
of
es
rs
%
to
er
on
es
ly
rvizi Più (rou
the tender
2017 to be i
perations, the
ree/days, w
rter of 2017.
ses operating
prepared for M
om the electricit
reclassification a
ng costs and € 0
0 million at
4 million
note the
system
mpanies,
an equal
sts. The
of 2017
ncluding
ons for
trading
es from
y € 22
natural
2017 %
50.4
88.4) -75
0.6) -4
4.2 0
35.6 20
Th
co
-month consolid
n m3
or 26,6
n the equiva
ughly 6.0 mi
for default
ncreased by
e increase in
which came
g results for t
March 2016 in o
ty area to the g
amounts to € 1.
0.2 million in per
31 March 2
% Inc. Mar 2
5
5.1% (39
4.7% (3
0.7%
0.9% 1
he 2016 data refle
ogeneration busine
dated financial s
%, going fro
alent period
llion m3
). Fu
gas service
y roughly 17
n volumes a
to 3.0%,
the gas area
order to accoun
as area, as furt
6 million in EBIT
rsonnel costs.
2016 to € 65
2016 % Inc
61.0
95.5) -70.5%
37.1) -6.6%
1.7 0.3%
30.3 23.2%
ects the reclassific
ess from the elect
statement as of
om the 1,261
in 2017. Th
urthermore, n
es allowed t
million m3
. N
amounts to 4
showing sl
a:
nt for the reclas
rther described
TDA, consisting
50.4 million a
c. Abs. Chang
+89
% +92
% -6
% +2
% +5
cation of the indus
tricity area to the g
f 31 March 2017
14
.2 million m3
is trend was
note that the
the volumes
Not including
4.6%, higher
ightly lower
sification of the
in section 1.02.
g of € 3.2 million
at 31 March
ge % Change
9.4 +15.9%
2.9 +23.5%
6.5 -17.5%
2.5 +142.9%
5.3 +4.1%
trial
gas area.
7
3
s
e
s
g
r
r
e
.
n
h
e
%
%
%
%
%

G
€
€

Approved by H

Gas EBITDA:
€ 135.6 millio
Net investme
in the Gas Ar
€ 18.6 million
Hera Spa's BoD
gas
serv
the a
Furth
roug
Ifric1
to pa
reve
The
whic
perio
to th
syste
EBIT
pass
quar
seen
volum
scop
serv
Inves
€ 1.1
€ 1.7
to ac
per d
for a
whic
devic
main
and
prote
and
Requ
were
prev
Inves
the r
a few
heat
Sine
New
:
on
ents
rea at
n
of 10 May 2017
sold coming
ice coming t
acquisition of
hermore, not
hly € 3.0 mi
12 and third
ast items fou
nues coverin
increase in
ch went from
od of 2017, t
he greater vo
em charges o
TDA rose by
sing from € 1
rter of 2016
n in 2017,
mes of gas
pe of opera
ice.
stments in th
1 million dec
7 million was
ctivities in reg
decree 554/1
a large-scal
ch also in
ces (G4
ntenance on
interventi
ection of the
Trieste areas
uests for n
e in line with
ious year.
stments fell
revamping in
w plants car
t manageme
ergie, which h
w connections
Hera
7
g to roughly
to roughly €
f Gran Sasso
te the highe
llion and hig
parties. Reve
nd in the firs
ng amortisati
revenues h
€ 432.5 mil
hus showing
olumes sold
on sales com
y € 5.3 million
30.3 million
to the € 13
, thanks to
s sold and
ations for th
he Gas Area
crease compa
s seen, mai
gulatory ada
15 (ex-decre
e meter su
ncluded lo
4-G6), no
networks a
ons for
network in t
s.
ew gas co
the first qua
in district hea
nterventions
ried out in 2
ent, mainly c
had anticipat
s in district he
a Group - Three
€ 16 million
7.5 million, a
o Energie, w
r revenues f
gher revenue
enues from t
st quarter of 2
ion costs.
had a propor
lion overall a
g an overall g
d, greater ac
mpanies, tran
n or 4.1%,
in the first
5.6 million
o greater
the wider
he default
in the first q
ared to the p
nly owing
ptation as
ee 631/13)
ubstitution,
ower-class
on-routine
and plants
cathodic
the Padua
onnections
arter of the
ating due to
concerning
2016 and, in
concerned a
ted a few inte
eating dropp
-month consolid
n, the new p
and the incre
hich contribu
from the ser
es tied to the
the regulated
2016, only pa
rtional effect
at 31 March
growth of € 8
ctivity in trad
nsferred to o
quarter of 20
previous yea
reas in the
erventions in
ped slightly c
The 2016 d
cogeneratio
area.
The 2016 da
cogeneration
area.
dated financial s
ortions awar
eased scope
uted with rou
rvice of distri
e application
d distribution
artially offset
on operatin
2016 to € 5
86.5 million.
ding and the
perating cos
17 came to €
ar. In gas dis
Triveneto re
the first qua
ompared to t
ata reflects the re
on business from t
ta reflects the rec
n business from th
statement as of
rded for the
e of operatio
ughly € 4.5.
ict heating a
n of account
n service fell
t by the abov
ng and pers
519.0 million
This trend is
e roughly € 3
sts.
€ 18.6 million
stribution, an
egion with th
arter of 2016
the previous
eclassification of th
the electricity area
classification of the
he electricity area
f 31 March 2017
15
default gas
ns thanks to
amounting to
ting principle
overall, due
vementioned
onnel costs,
in the same
s mainly due
31 million of
n, showing a
n increase of
he company
.
s year.
he industrial
a to the gas
e industrial
to the gas
7
s
o
o
e
e
d
,
e
e
f
a
f
y



Details of operating investments in the Gas Area are as follows:
Pro forma data has been prepared for 2016 in order to account for the reclassification of the industrial
cogeneration business from the electricity area to the gas area, amounting to € 0.3 million overall.
Gas
(€/mln)
Networks and plants 15.0 13.3 +1.7 +12.8%
RH/Heat management 3.6 6.4 -2.8 -43.8%
Total Gas Gross 18.6 19.7 -1.1 -5.6%
Total Gas Net 18.6 19.7 -1.1 -5.6%
Significant
operating
investments on
networks and
plants

Approved by H

Electricity:
increase in
earnings
Contribution
Group EBITD
+4.4%
Electricity ar
EBITDA grow
53.2%
911.3 thousa
electricity
customers
Hera Spa's BoD
1.02
The
to G
Sale
tend
six p
lastly
mark
As r
amo
accr
The
The
show
thou
free
trend
was
reinf
imple
base
acqu
Ener
3.7 t
(€/m
Area
Grou
Perc
to
DA:
rea
ws by
and
of 10 May 2017
.02 ELECTR
Electricity A
roup EBITDA
es activities e
er announce
portions for e
y, production
ket.
regards the
rtisation rela
ual basis.
following tab
number of
wed an inc
sand), main
market, co
d of growth
confirmed
forcement o
emented and
e reached
uisition of the
rgie, which c
housand cus
ln)
a EBITDA
up EBITDA
centage weight
Hera
7
RICITY
rea EBITDA
A, compared
enlarged the
ed by the Sin
eleven regio
n activities re
first quarte
ated to invest
ble shows the
f electricity
crease of 5
ly due to gr
oming to 1
seen in re
d, owing
of commerc
d the broade
in 2016
e company G
contributed w
stomers.
a Group - Three
grew signific
d to the first q
e customer b
ngle Purchas
ons of Italy, w
ecorded posi
er of 2016,
tments made
e changes oc
customers
5,6% (48.7
rowth in the
0.7%. The
ecent years
to the
cial actions
er customer
with the
Gran Sasso
with roughly
-month consolid
cantly, both
quarter of 20
base and He
ser for safeg
with a differe
tive performa
the revenu
e in the first
ccurred in te
Mar 2017
48.4
306.8
15.8%
dated financial s
in its own rig
16.
ra Comm wa
uarded serv
ent mix than
ances once a
e covering
quarter of 2
rms of EBIT
Mar 2016
31.6
278.4
11.4%
statement as of
ght and as a
as awarded
vices in 2017
n in the prev
again on the
the underly
2017 is recog
DA:
Abs. Change
+16.8
+28.4
+4.4 p.p.
f 31 March 2017
17
contribution
the national
7-18, winning
vious tender;
e dispatching
ying cost of
gnized on an
% Chang
+53.2
+10.2
7
n
l
g
;
g
f
n
ge
2%
2%

Sl
am
so
E
E
53
R
el
€

Approved by H

ight drop in
mount of volu
old: -1.8%
lectricity:
BITDA rises
3.2%
Revenues from
lectricity at
634.1 million
Hera Spa's BoD
The
from
2.47
2017
1.8%
mark
conta
the s
to t
assig
less
The
Note
indus
The e
in rev
Reve
€ 35
2016
as
para
acco
char
€ 16
unde
an i
(Pun
com
whic
highe
reve
by ro
abov
The
pers
millio
Inco
Reve
Ope
Pers
Cap
EBIT
umes
by
m
n
of 10 May 2017
volumes of
2,524.2 GW
8,9 GWh in
7, with an
%. Volumes
ket, which
ained the fal
safeguarded
the differen
gned, which
energy than
following tab
that pro forma
trial cogeneratio
effect on the 201
venues, € 1.4 mi
enues rose b
9.8 million i
6 to € 634.1
already des
agraphs, th
ounting meth
rges, respo
2 million.
erlying the re
ncrease in
n, nationwid
pared to th
ch gave way
er sales rev
nues for ene
oughly € 3.5
vementioned
increase in
onnel costs,
on in the sa
ome statemen
enue
erating costs
sonnel costs
italised costs
TDA
Hera
7
electricity so
Wh in March
n the first qu
overall decr
sold on t
grew by
ll in volumes
service, ma
nt mix of
proved to c
the previous
ble summaris
data has been
on business fro
16 data of this re
illion in operatin
by 76.2%, go
n the first q
million in 20
scribed in
e change
hod used fo
onsible for
The main
emaining gro
the price o
e price), up
he previous
y to € 43 mi
enues, € 63
ergy product
5 million. Rev
revenues co
n revenues
, which wen
ame period o
nt (€/mln) M
a Group - Three
old went
2016 to
uarter of
rease of
the free
y 6.2%,
s seen in
ainly due
portions
consume
s ones.
ses operating
prepared for M
om the electricit
reclassification a
ng costs and € 0
oing from
quarter of
017. Note,
previous
in the
or system
roughly
n factors
owth are:
of energy
p 26%
s year,
illion in
million in h
tion in therm
venues for r
overing amo
was propo
t from € 329
of 2017, thu
Mar 2017
634.1
(577.2) -
(10.9)
2.4
48.4
Th
co
-month consolid
g results in th
March 2016 in o
ty area to the g
amounts to € 1.
0.2 million in per
igher trading
moelectric pla
regulated se
rtisation cost
rtionally refl
9.6 million o
us showing a
% Inc. M
91.0%
-1.7%
0.4%
7.6%
he 2016 data refle
ogeneration busine
48
Mar
dated financial s
he area:
order to accoun
as area, as furt
6 million in EBIT
rsonnel costs.
g revenues a
ants. Revenu
ervices incre
ts.
ected in gr
verall at 31
an overall in
ar 2016 % I
359.8
(318.1) -88.4
(11.5) -3.2
1.4 0.4
31.6 8.8
ects the reclassific
ess from the elect
8,4
r 2017
MOL (m
statement as of
nt for the reclas
rther described
TDA, consisting
and € 9 milli
ues for volum
ased slightly
rowth in op
March 2016
ncrease of €
nc. Abs. Cha
+2
4% +2
2%
4%
8% +
cation of the indus
tricity area to the g
31,
Mar 2
ln/euro)
f 31 March 2017
18
sification of the
in section 1.02.
g of € 3.2 million
on in higher
mes sold fell
y due to the
perating and
6 to € 588.1
€ 258.5. This
ange % Cha
274.3 +76
259.1 +81
-0.6 -5
+1.0 +71
+16.8 +53
strial
gas area.
6
2016
7
e
.
n
r
l
e
d
s
ange
6.2%
1.5%
5.2%
1.8%
3.2%

E
a
N
i
A

Approved by H

Electricity EB
at € 48.4 milli
Net investme
n the Electric
Area: € 4.9 m
Hera Spa's BoD
trend
€ 16
At t
2017
or 5
at 31
the s
due
and
activ
elect
posit
serv
In th
incre
prev
The
conc
on p
in th
Goriz
Com
highe
for
HT/M
Requ
in lin
Ope
Pro f
cogen
Elet
(€/m
Netw
Tota
Cap
Tota
BITDA
on
nts
city
illion
of 10 May 2017
d is mainly
2 million tran
he end of
7, EBITDA ro
3.2%, going
1 March 201
same period
to higher ea
safeguard
vities, and
tricity produc
tive trend s
ices.
he Electricity
ease of € 1
ious year.
interventions
cern non-rec
plants and d
he Modena,
zia areas.
mpared to t
er investme
non-recurrin
MT stations.
uests for new
ne with the sa
rating invest
forma data has
neration busines
ricity
mln)
works and plan
al Electricty G
ital contribution
al Electricity N
Hera
7
due to the s
nsferred to o
the first qu
ose by € 16.
from € 31.6
6 to € 48.4 m
d of 2017. T
rnings in free
ed market
higher earn
ction, thanks
seen in dis
Area, first q
.3 million o
s set in place
curring main
distribution n
Imola, Trie
the previou
ents were re
g maintena
w connectio
ame period in
ments in the
s been prepare
ss from the elec
nts
ross
ns
Net
a Group - Three
system char
perating cos
uarter of
8 million
6 million
million in
This was
e market
t sales
nings in
s to the
patching
quarter 2017
over the
e mainly
tenance
networks
este and
s year,
ecorded
ance on
ns were
n the previou
e Electricity A
ed for 2016 in
ctricity area to th
T
c
-month consolid
rges for sale
sts, and to an
7 investments
us year.
Area were as
order to acco
he gas area, am
Mar 2017
4.9
4.9
0.0
4.9
The 2016 data refl
cogeneration busin
dated financial s
es companie
n increase in
s amounted
follows:
ount for the rec
mounting to € 0.3
Mar 2016
3.6
3.6
0.0
3.6
lects the reclassifi
ness from the elec
statement as of
es amounting
the cost of m
to € 4.9 mil
eclassification o
3 million overall
Abs. Change
+1.3
+1.3
+0.0
+1.3
fication of the indu
ctricity area to the
f 31 March 2017
19
g to roughly
materials.
lion, with an
of the industrial
l.
% Change
+36.1%
+36.1%
+0.0%
+36.1%
ustrial
e gas area.
7
y
n
l

Approved by H

Integrated W
Cycle: increa
area EBITDA
Water Cycle
EBITDA grow
6.9%
Contribution
Group EBITD
-0.5%
1.5 million W
Cycle custom
Hera Spa's BoD
1.02
In the
amoun
secon
664/20
underl
recogn
2016,
and fu
this re
introdu

The f
The
settle
thou
the
high
grow
area
Rom
Hera
The
the a
(€/m
Area
Grou
Perc
Water
ase in
A
Area
ws by
n to
DA:
Water
mers
of 10 May 2017
.03 INTEGR
e first quarte
nting to € 3.5
d year in w
015) is applie
lying cost of
nized on an
minimum co
urther specif
esolution, me
uced.
following tab
number of
ed at 1.5 m
sand increas
first quarte
lights the
wth in the G
as, in particu
magna regio
a Spa.
main quanti
area are as fo
mln)
a EBITDA
up EBITDA
centage weight
Hera
7
RATED WAT
er of 2017, t
5 million, or
which the ta
ed, and that
f amortisation
accrual bas
ontract quali
fic obligation
echanisms t
ble shows th
water cust
million, with
se, or +0.3%
er of 2016.
trend of o
Group’s refe
ular in the
on, manage
tative indicat
ollows:
a Group - Three
TER CYCLE
the integrate
6.9%. From
ariff method
as regards t
n related to
sis. Furtherm
ty standards
ns concernin
through whic
he changes o
tomers
a 4.6
% over
. This
organic
erence
Emilia
ed by
tors of
Mar
1
-month consolid
E
ed water cyc
a regulatory
defined by
he first quart
investments
more, with re
s have been
g help desk
ch commerc
ccurred in te
r 2017 M
53.3
306.8
17.4%
dated financial s
cle area sho
y point of vie
AEEGSI fo
ter of 2016, t
made in the
solution 655
defined, bo
ks, invoices
ial quality is
erms of EBIT
Mar 2016 A
49.8
278.4
17.9%
statement as of
owed growth
ew, note that
r 2016-2019
the revenue
e first quarte
5/15, effectiv
oth with a ge
and estimat
s recognised
DA:
Abs. Change
+3.5
+28.4
-0.5 p.p.
f 31 March 2017
20
h in EBITDA
t 2017 is the
9 (resolution
covering the
er of 2017 is
ve as of July
eneral scope
es. Through
d have been
% Change
+6.9%
+10.2%
7
A
e
n
e
s
y
e
h
n
e
%
%

7
m
a
In
C
g
R
th
W
€

Approved by H

71.1 million m
managed in t
aqueduct
ntegrated Wa
Cycle: EBITDA
grows
Revenues from
he Integrated
Water Cycle a
€ 201.8 million
Hera Spa's BoD
Volu
2016
Bolo
sewe
Volu
Grou
purs
of vo
The

Reve
from
to €
of
resp
reve
to ro
over
by th
2),
unde
the
qual
reve
millio
Inco
Reve
Oper
Pers
Capi
EBIT
m
3
he
ater
A
m
d
at
n
of 10 May 2017
mes dispens
6 (roughly 1.
ogna area. F
erage (roug
mes dispen
up’s activitie
uant to regu
olumes distrib
table below
enues rose
€ 179.4 mil
201.8 million
2017. Var
onsible fo
nues for dis
oughly € 8.5
rall effects of
he AEEGSI
higher re
erlying amor
recognition
ity; furth
nues for the
on were seen
me statement (
enue
rating costs
onnel costs
talised costs
TDA
Hera
7
sed through
.9%): this ca
Furthermore
hly 1.7%) a
nsed, followi
s in the geo
ulations that
buted.
synthesises
by 12.5%,
lion at March
n in the first
ious factor
or this:
spensing am
million due
f tariffs provi
for 2016-201
evenues c
rtisation cos
n of com
hermore,
e application
n, along with
(€/mln) Ma
2
(1
(4
5
a Group - Three
the aquedu
an be traced
e, a slight g
and purificat
ng AEEGSI
ographical a
call for a reg
the income s
, going
h 2016
quarter
rs are
higher
mounting
e to the
ided for
19 (Mti-
covering
sts and
mmercial
higher
of accountin
h higher reve
ar 2017 % I
201.8 -
06.5) -52
42.9) -21
0.8 0.4
53.3 26.
-month consolid
ct showed a
d to higher c
growth was
ion (roughly
resolution
areas it serv
gulated reve
statement fo
ng principle
enues for sub
Inc. Mar 20
- 179.
.8% (94.3
.2% (35.7
4% 0.5
4% 49.8
dated financial s
a 1.3 million
consumption,
seen in th
y 2.1%) com
664/2015, a
es, and are
nue to be re
r the water a
IFRIC12 am
bcontracted w
016 % Inc.
4 -
3) -52.6%
7) -19.9%
0.3%
8 27.8%
statement as of
m3
increase
, mainly rec
he amount
mpared to M
are an indic
e subject to
ecognised in
area:
mounting to r
works comin
Abs. Chang
+22.4
% +12.2
% +7.2
+0.3
+3.5
f 31 March 2017
21
over March
orded in the
managed in
March 2016.
cator of the
equalisation
dependently
oughly € 0.9
ng to roughly
ge % Change
+12.5%
+12.9%
+20.2%
+63.6%
+6.9%
7
h
e
n
.
e
n
y
9
y

N
in
W
€

Approved by H

EBITDA at €
million
et investmen
n the Integrat
Water Cycle A
22.7 million
Hera Spa's BoD
€ 1.8
€ 1.0
equa
com
Ope
due
purc
appl
work
EBIT
incre
€ 49
€ 53
2017
deliv
in s
equa
lowe
highe
Net
com
the l
millio
recla
plant
regu
abov
sewe
Inves
amo
aque
sewe
purif
Amo
work
aque
upgr
sewe
the
inter
Sant
purif
upgr
€ 53.3
nts
ed
Area:
of 10 May 2017
8 million and
0 million. Las
al amount o
panies.
rating and p
to an incre
hased in wa
ication of acc
ks capitalised
TDA showe
ease, or 6.
.8 million se
.3 million in
7, thanks to
very coming t
spite of hig
alisation com
er revenues
er personnel
investments
pared to the
latter, interv
on seen th
amations an
t upgrading
latory upg
ve all p
erage.
stments
unting to € 1
educt, € 7
erage and
fication.
ong the m
ks, note in
educt, upgra
rading and r
erage, contin
first phase
rventions in
tarcangelo;
fication plant
rading the lar
Hera
7
d higher con
stly, following
of costs, we
personnel cos
ease in the
ater raw ma
counting prin
d among Gro
ed a € 3
.9%, going
een in Marc
n the same
higher reve
to roughly €
gher costs
ming to € 3
from conne
l costs.
in the Integ
previous ye
entions in th
e previous
nd network
, in additio
grades invo
purification
were m
12.8 million i
7.8 million
€ 12.8 millio
more signi
particular: in
ading conne
eclamation o
nued progres
of the Au
the sewe
in purificatio
t, and, in th
rge purificatio
a Group - Three
ntributions ab
g the birth of
ere seen for
sts rose by
price of e
aterials, high
nciple IFRIC
oup compani
.5 million
from the
ch 2016 to
e period of
enues from
8.5 million,
subject to
3.4 million,
ections and
grated Wate
ear owing to t
his area tota
year. The
and
on to
olving
and
made
in the
in
on in
ificant
n the
ections in t
of a dorsal a
ss in works fo
usa basin,
erage syste
on, note the
he areas se
on plants in S
-month consolid
bove all in th
f Heratech, h
r actions an
€ 19.4 millio
electricity for
her costs fo
12 and, lastly
es.
r Cycle Area
the increase
alled € 33.4
investments
the Modena
adduction co
or the Rimini
in addition
m in the
e creation o
erved by Ac
Servola, Cà
dated financial s
he North-Ea
higher revenu
nd works ca
on overall, or
r plant oper
or subcontrac
y, the costs p
a amounted
seen in cap
million, as c
s consisted
a water sys
onduit in the
i Seawater P
to redevelo
e municipal
of the head
cegasApsAm
Nordio and A
statement as of
ast amountin
ues, corresp
apitalised am
r 14.9%; this
rations, high
cted works
previously m
to € 22.7 m
pital grants. N
compared to
mainly in
stem and a
e province o
Protection Pla
opment and
ities of Ca
d tank of th
mga, continue
Abano Term
f 31 March 2017
22
g to roughly
onding to an
mong Group
s increase is
her volumes
and for the
mentioned for
million, falling
Not including
o the € 30.1
extensions,
an important
f Ferrara; in
an, including
d upgrading
attolica and
he Riccione
ed works in
e.
7
y
n
p
s
s
e
r
g
g
,
t
n
g
g
d
e
n



Requests for new water and sewerage connections dropped compared to the same
period in the previous year.
Capital grants amounting to € 10.8 million included € 1.3 million pertaining to the tariff
component provided for by tariff method for the New Investments Fund (FoNI), and rose
overall compared to the previous year by € 6.3 million.
Details of operating investments in the integrated water cycle are as follows:

Water Cycle Area
(€/mln)
Aqueduct 12.8 15.1 -2.3 -15.2%
Purification 12.8 6.9 +5.9 +85.5%
Sewage 7.8 8.1 -0.3 -3.7%
Total Water Cycle Gross 33.4 30.1 +3.3 +11.0%
of which FoNI (New Investment Fund) 1.3 2.6 -1.3 -50.0%
Total Water Cycle Net 22.7 25.6 -2.9 -11.3%
Significant
operating
investments on
the aqueduct,
sewerage and
purification

W
m
a
i

Approved by H

Waste
management
area: EBITDA
ncreases
Market wast
+7.9%
Hera Spa's BoD
1.02
In th
EBIT
three
The
Volum
An a
main
plant
base
Urba
mix,
The
trace
(€/m
Area
Grou
Perc
Quan
Urba
Mark
Wast
Plant
Wast
A
te:
of 10 May 2017
.04 WASTE
he first quart
TDA came to
e months of 2
following tab
mes markete
analysis of t
nly due to a
t saturation,
e, for the acq
an waste was
that saw sor
fall in by-pr
eable to lowe
mln)
a EBITDA
up EBITDA
centage weight
ntitative data (th
n waste
ket waste
te marketed
t by-products
te treated by typ
Hera
7
E MANAGEM
er of 2017, t
o 20.9%, wit
2016.
ble shows the
d and treated
the volumes
7.9% rise in
intermediat
quisition of th
s in line with
rted waste in
roducts was
er rainfall.
t
housand of tonn
pe
a Group - Three
MENT
the waste m
th an area E
e changes oc
d by the Gro
treated sho
n market wa
tion channel
he corporate
h the first qua
ncrease by 2
mainly due
nes)
-month consolid
management
EBITDA that
ccurred in te
oup are as fo
ows a 4.4%
aste, thanks
s and new
branch invol
arter of 2016
.6% and non
e to a lesser
Mar 201
64
306
20.9%
Mar 2017
471.7
627.0
1,098.7
588.3
1,687.0
dated financial s
area’s contr
grew by 2.6
rms of EBIT
llows:
increase in
to the comm
markets, an
ving plants o
6: this trend is
n-sorted wast
r production
17 Mar 2016
.0 62.4
.8 278.4
% 22.4%
Mar 2016
471.0
581.0
1,052.0
625.7
1,677.7
statement as of
ribution to ov
6% compare
DA:
n commercia
mercial actio
nd a growth
of the compa
s the result o
te decrease
of leachate
6 Abs. Chang
4 +1
4 +28
% -1.5 p.
Abs. Change
+0.7
+46.0
+46.7
-37.4
+9.3
f 31 March 2017
24
verall Group
d to the first
alised waste,
ons aimed at
in the plant
any Teseco.
of a different
by 2.5%.
e in landfills,
ge % Change
.6 +2.6%
8.4 +10.2%
.p.
e % Change
+0.1%
+7.9%
+4.4%
-6.0%
+0.6%
7
p
t
,
t
t
t
,
e
%
%
e

Grow
dispo
+1
w

Approved by H

wth in waste
osal
1.3% in sorte
waste
Hera Spa's BoD
Sorte
furth
in M
quar
three
man
wast
man
rose
area
The
treat
plant
Tese
tanka
Was
2016
Rave
landf
diffe
main
class
Quan
Land
Was
Sele
Com
Stab
Othe
Wast
ed
of 10 May 2017
ed urban
er progress,
arch 2016 to
rter of 2017
e months of
aged by H
te increased
aged by Ma
by 2.2% an
a growth settl
Hera Group
tment and d
ts, 11 compo
eco contribut
age plant.
ste treatment
6. As regard
enna and Im
fills. As rega
rent schedul
ntenance. Th
sification of
ntitative data (th
dfills
ste-to-energy pl
ecting plant and
mposting and sta
bilisation and ch
er plants
te treated by pla
Hera
7
wasted re
going from
o 57.5% in t
7. During th
2017, in the
Hera Spa
by 1.3%, in
arche Multise
nd in the Tri
ed at 0.9%.
p operates in
disposal plan
osters/digest
ted with thre
t showed gr
s landfills, th
mola (Tremon
ards waste t
ling than in
he drop in qu
some plan
housand of tonn
ants
other
abilisation plant
hemical-physica
ant
a Group - Three
corded
56.2%
he first
he first
e areas
sorted
n those
ervizi it
iveneto
n the entire
nts, the mos
ters and 9 se
ee chemical-
rowth amou
he quantitativ
nti), followin
to energy pla
the same pe
uantity in the
ts, now “Ot
nes)
ts
al plants
-month consolid
waste cycle
st important
electing plan
-physical pla
nting to 0.6
ve increase
g the author
ants, the red
eriod of 201
e selection p
ther plants”
Mar 2017
220.1
320.7
115.3
91.8
269.0
670.2
1,687.0
dated financial s
e, with 85 u
of which a
ts. The acqu
ants, one sta
% compared
is due to the
risations obt
duction in wa
6 for plant s
plants can be
. The drop
Mar 2016
176.5
364.8
192.9
98.0
322.1
523.4
1,677.7
statement as of
urban and sp
are: 10 wast
uired corpora
abilisation pla
d to the firs
e availability
tained for th
waste treated
suspension a
e attributed t
in quantity
Abs. Change
+43.6
-44.1
-77.6
-6.2
-53.1
+146.8
+9.3
f 31 March 2017
25
pecial waste
te to energy
ate branch of
ant and one
st quarter of
y of plants in
e respective
is due to a
and planned
to a different
concerning
e % Change
+24.7%
-12.1%
-40.2%
-6.3%
-16.5%
+28.0%
+0.6%
7
e
y
f
e
f
n
e
a
d
t
g
e

Approved by H

Waste
managemen
EBITDA
increases
Waste
revenues at
€ 240.2 milli
Waste area
EBITDA at
€ 64.0 millio
Hera Spa's BoD
Stab
follow
from
few p
The
Reve
millio
the h
mark
Furth
ensu
prod
plant
incre
(ince
Ope
2017
prev
effici
set i
and
costs
wast
costs
a few
EBIT
Marc
same
an o
2.6%
perfo
busin
effici
mate
the
com
Inco
Reve
Oper
Pers
Capit
EBIT
nt:
t
ion
on
of 10 May 2017
bilisation and
wing favoura
higher activ
plants, as pr
table below
enues for the
on in March 2
higher volum
ket prices f
hermore, me
uing from th
uction comin
ts, only par
ease in the
entives and m
rating costs
7 were essen
ious year,
iency enha
in place abo
sweeping,
s derived fr
te treated a
s tied to ma
w disposal pl
TDA went fro
ch 2016 to €
e period in 2
verall growth
%. This is
ormances of
ness for
iencies and
erials, and in
highe
mercialised
me statement (
enue
rating costs
onnel costs
talised costs
TDA
Hera
7
d chemical-p
able meteoro
vity in interme
eviously men
summarises
e first quarte
2016 to € 24
mes treated t
for special w
ention should
he loss of
ng from som
rtially offset
e price of
market).
in the first qu
ntially in line
thanks
ancement in
ove all in co
despite the
rom the incr
and an incr
aintenance w
ants.
om € 62.4 mi
€ 64.0 million
2017, thus sh
h of € 1.6 mil
due to the
the urban hy
the ope
sales of reco
n disposal in
er vo
in spite of th
(€/mln) Mar 2
240
(130
(47
1.
64
a Group - Three
physical plan
ological cond
ediation and
ntioned.
s the income
er of 2017 ro
40.2 million in
thanks to co
waste, whic
d go to the lo
energy ince
me WTE
by the
energy
uarter of
with the
to the
nitiatives
ollection
e higher
rease in
rease in
works on
llion in
n in the
howing
llion or
good
ygiene
erating
overed
nvolves
olumes
e drop
2017 %
0.2
0.0) -54
7.6) -19
.4 0
4.0 26
-month consolid
nts is due to
ditions. Lastl
d the differen
statement fo
ose by 2.0%
n the same p
ommercial ac
ch was pos
ower revenu
entive for so
Inc. Mar 20
23
.1% (129
.8% (43
.6%
.6% 6
dated financial s
o a reduction
ly, the “Othe
t representa
or the waste
or € 4.8 mil
period of 201
ctivity develo
sitive in the
es from elec
ome plants
016 % Inc.
35.4
9.7) -55.1%
3.9) -18.7%
0.6 0.3%
62.4 26.5%
statement as of
n in by-prod
er plants” be
ation in this c
managemen
llion, going f
17. This grow
opment and
e first quarte
ctricity produ
and the lo
Abs. Change
+4.8
+0.3
+3.7
+0.8
+1.6
f 31 March 2017
26
ducts treated
enefited both
category of a
nt area:
from € 235.4
wth is due to
the trend in
er of 2017.
uction mainly
ower energy
% Change
8 +2.0%
3 +0.2%
7 +8.4%
8 +130.1%
6 +2.6%
7
d
h
a
4
o
n
.
y
y

Approved by H

Net investme
in the Waste
Management
amount to €
million
Hera Spa's BoD
in re
Net
upgr
quar
in
subs
prev
on t
Sant
com
tanka
The
on
inter
9th
s
the
com
enla
The
inves
main
The
the R
islan
ascr
quar
Deta
Was
(€/m
Com
Land
WTE
RS P
Ecol
Tran
Tota
Capi
Tota
ents
t Area
5.8
of 10 May 2017
venues in en
investments
rading and a
rter of 2016.
the compo
sector were
ious year, a
he biometha
t’Agata p
partmentalis
age area of
€ 1.7 million
landfills
rventions aim
ector of the
first quarte
pensated by
rgement.
WTE subse
stments tied
ntenance on
Special Wa
Ravenna pla
nds and coll
ibed to the
rter of the pre
ails of operat
ste Manageme
mln)
mposting/Digest
dfills
E
Plants
ogical areas an
nsshipment, sel
al Waste Mana
ital contribution
al Waste Mana
Hera
7
nergy manag
s in the W
amounted to
. The figures
osting / d
in line wi
nd work con
ane project f
lant and
ation of
the Cesena
n fall in inves
mainly co
med at creati
Ravenna lan
er of 2016
y works in 20
ector showe
d to projects
the Modena
ste Plants s
ants, was in
ection equip
different pla
evious year.
ing investme
ent
tors
nd gathering eq
lection and oth
agement Gross
ns
agement Net
a Group - Three
gement.
Waste Manag
o € 5.8 millio
s seen
igester
ith the
ntinued
for the
the
the
a plant.
stments
oncerns
ing the
ndfill in
6, not
017 for the 4
d an increa
s aimed at
, Rimini and
subsector, w
line with the
pment and s
anning for m
ents in the W
quipment
er plants
s
-month consolid
gement area
on, falling by
4th
sector in
ase of € 1.0
modifying th
Forlì plants.
hich mainly
e previous ye
selection an
maintenance
Waste Manag
Mar 2017
0.3
1.8
1.6
0.3
0.9
0.9
5.8
0.0
5.8
dated financial s
a involved p
y € 0.5 millio
Loria and the
million over
he Pozzilli g
concerns m
ear, while ch
nd transhipm
intervention
ement area a
7 Mar 2016
0.3
3.5
0.6
0.3
1.2
0.6
6.3
0.0
6.3
statement as of
plant mainte
on compared
e beginning
r the previo
generator, in
maintenance
hanges in th
ment subsec
ns compared
are as follow
Abs. Change
+0.0
-1.7
+1.0
+0.0
-0.3
+0.3
-0.5
+0.0
-0.5
f 31 March 2017
27
enance and
d to the first
of the Pago
us year, for
n addition to
activities for
he ecological
ctors can be
d to the first
ws:
e % Change
+0.0%
-48.6%
+166.7%
+0.0%
-25.0%
+50.0%
-7.9%
+0.0%
-7.9%
7
d
t
o
r
o
r
l
e
t

Approved by H

Other
services:
EBITDA grow
Increase in
contribution
overall EBIT
Growth in
Other Servic
Area EBITDA
525.4
thousand
lighting poin
Hera Spa's BoD
1.02
The
inclu
In th
30.2
three
The
The
An a
point
the H
The
the p
point
prov
loss
most
lighti
(€/m
Area
Grou
Perc
Qua
Publ
Light
Muni
ws
to
DA
ces
A
nts
of 10 May 2017
.05 OTHER
other servic
uding public l
he first quart
% over the p
e months of 2
following tab
following tab
analysis of th
ts and an inc
Hera Group
most signific
provinces of
ts) and in th
inces of Por
of roughly 5
t significant
ing points in
mln)
a EBITDA
up EBITDA
centage weight
ntative data
lic Lighting
ting points (thou
icipalities serve
Hera
7
SERVICES
ces area br
ighting, telec
ter of 2017,
previous yea
2016 to € 5.5
ble shows the
ble shows the
he data rega
crease of 6
acquired ro
cant acquisit
Brescia, Be
he Triveneto
rdenone, Tre
50 thousand
decrease c
the municipa
t
usands)
d
a Group - Three
S
rings togethe
communicati
the results o
ar: EBITDA in
5 million in th
e changes oc
e area’s mai
arding public
municipalitie
oughly 24 tho
tions were in
ergamo and
o region (rou
eviso and P
lighting poin
concerns the
ality of Rimin
Mar 2017
499.6
157.0
-month consolid
er all minor
ons and cem
of the other
n fact went fr
he same peri
ccurred in te
n indicators a
c lighting sho
es managed.
ousand light
Lombardy (
Cremona), A
ughly 13 tho
adua). Thes
nts and 12 m
e loss of ma
ni.
Mar 2017
5.5
306.8
1.8%
7 Mar 20
525.
151.
dated financial s
r services m
metery servic
services are
rom the € 4.2
iod of 2017.
rms of EBIT
as regards p
ows a drop o
Over the fir
ting points in
(roughly 6 th
Abruzzo (rou
ousand lighti
se increases
municipalities
anagement o
Mar 2016
4.2
278.4
1.5%
016 Abs.C
4 (2
0 +
statement as of
managed by
ces.
ea increased
2 million see
DA:
public lighting
of 25.8 thous
rst three mon
n 18 new m
ousand light
ughly 5 thous
ing points m
s only partial
s managed,
of roughly 2
Abs. Change
+1.3
+28.4
+0.3 p.p
Change %
25.8)
+6.0
f 31 March 2017
28
the Group,
d, coming to
en in the first
g services:
sand lighting
nths of 2016
unicipalities.
ting points in
sand lighting
mainly in the
ly offset the
of which the
29 thousand
e % Change
3 +30.2%
4 +10.2%
p.
% Change
(4.9%)
+4.0%
7
,
o
t
g
6
.
n
g
e
e
e
d

O
r
O
€

Approved by H

Other Service
revenues inc
Revenues for
Other Service
€ 33.8 million
EBITDA incr
by € 1.3 mill
Net
investme
reach € 4
million
Hera Spa's BoD
The
Area
to M
from
in M
first
incre
lighti
44%
from
roug
cons
man
Area
amo
first
due
lighti
perfo
com
East
telec
Inves
Area
millio
in the
In te
were
TLC
serv
com
€ 0.5
In pu
millio
Inco
Reve
Oper
Pers
Capi
EBIT
es:
crease
r
es at
n
reases
ion
ents
4.1
of 10 May 2017
area’s opera
a revenues i
arch 2016 by
€ 31.2 milli
March 2017.
quarter is
ease in reve
ing business
%, and the
telecommu
hly 30%, w
sists in the
aged by Ace
a EBITDA
unting to €
quarter of
to higher
ing, cause
ormances of
panies oper
t, and hig
communicatio
stments in
a came to €
on compared
e previous y
elecommunic
e invested in
and IDC (In
ices, with
pared to 2
5 million.
ublic lighting
on in investm
me statement (
enue
rating costs
onnel costs
talised costs
TDA
Hera
7
ating results a
ncreased co
y € 2.6 millio
ion to € 33.8
This growth
due to b
enues in the
s, coming to
contribution
nications, co
while the re
cemetery
egasApsAmg
showed
1.3 million o
2016. This
earnings in
ed by the
both Hera L
rating in the
gher earni
ons services
the Other S
4.1 million, u
d to the sam
ear.
cations, € 2.9
n the network
nternet Data
a slight i
016, amoun
g services, th
ments went
(€/mln) Mar
33
(23
(5
0
5
a Group - Three
are as follow
ompared
on, going
8 million
h in the
both an
e public
o roughly
coming
oming to
emainder
services
ga.
growth
over the
trend is
n public
e good
Luce and
e North-
ings in
s.
Services
up € 1.3
e period
9 million
k and in
Center)
increase
nting to
he € 1.3
towards
2017 %
3.8
3.6) -69
5.2) -15
0.5
5.5 16
-month consolid
ws:
% Inc. Mar 2
9.8% (2
5.4%
1.6%
6.4%
dated financial s
2016 % In
31.2
22.5) -72.2
(4.8) -15.3
0.4 1.1
4.2 13.6
statement as of
c. Abs.Chang
+2
% +1
% +0
% +0
% +1
f 31 March 2017
29
ge % Change
2.6 +8.3%
.1 +4.9%
0.4 +8.4%
0.1 +28.5%
.3 +30.2%
7
e
%
%
%
%
%



maintaining, enhancing and modernising lampposts, with an overall increase of € 0.9
million that concerned both the company Hera Luce and service management in the area
falling under the scope of AcegasApsAmga.
Details of operating investments in the Other Services Area are as follows:

Other Services
(€/mln)
TLC 2.9 2.4 +0.5 +20.8%
Public Lighting and Street Lights 1.3 0.4 +0.9 +225.0%
Total Other Services Gross 4.1 2.8 +1.3 +46.4%
Total Other Services Net 4.1 2.8 +1.3 +46.4%



1.03 SHARE PERFORMANCE AND INVESTOR RELATIONS
The first quarter of 2017 ended with positive performance of all major European and US
stock exchange listings, as a result of the expected acceleration of global economy and
reduction of the perception of political risk in the eurozone.
Piazza Affari, which in 2016 had experienced the worst performance in Europe, also
benefited from the overall increase of confidence in the financial markets, marking a rise
of + 7.8% .
Within this context, Hera stock amply outperformed both the Italian stock exchange index
and its own sector, thanks to the introduction of a new industrial plan, which was highly
appreciated by the financial community, and the publication of the 2016 results, higher
than the analysts' expectations. At 31 March 2017 the listings closed at an official price of
Euro 2.602 per share, increasing +19.0 from the beginning of the year.
The increase in the price of the share and the constant distribution of dividends beginning
from the initial listing enabled the total shareholders' return to reach + 191.6% at the end
of the quarter.
The Hera Group's market capitalization, at the end of the same period, came to Euro 3.9
billion, contributing to placing Hera stock at the top of the reserve list to be included in the
FTSE Mib, the main Italian stock exchange index listing the country's major companies.
At the end of the first quarter of 2017, the majority of financial analysts covering the title
(Banca Akros, Banca IMI, Equita Sim, Fidentiis, ICBPI, Intermonte, Kepler Cheuvreux,
MainFirst and Mediobanca) confirm positive "Buy / Outperform" opinion , while the
consensus target price was adjusted upwards after the publication of the annual results,
from € 2.77 to € 2.84.
Hera; +19,0%
FTSE All shares;
+7,8%
Local Utilities,
+12.2%
(5%)
+0%
+5%
+10%
+15%
+20%
+25%
30/12/2016 18/01/2017 06/02/2017 23/02/2017 14/03/2017 31/03/2017
+191.6%
Total
shareholders’
return from IPO
2.84 €
The average target
price, adjusted
upwards after the
release of the
reports
+19.0%
the increase of Hera
stock at the end of the
first quarter of 2017.
Hera outperforms
the market and its
own sector



Breakdown of Group shareholders at 31/03/2017
At 31 March, the corporate structure shows its usual balance, with 51.3% of shares
belonging to 118 public shareholders located across the geographical areas served and
regulated by a Stockholders' Agreement signed on 26 June 2015 and in force for three
years.
Since 2006, Hera has adopted a share buyback program, renewed by the Shareholders'
Meeting of 27 April 2017 for 18 further months, for an overall maximum amount of Euro
180 million. This plan is aimed at financing M&A opportunities involving smaller
companies, and smoothing out any anomalous market price fluctuations vis-à-vis those of
the main comparable Italian companies. At the end of the first quarter, Hera held 19.1
million treasury shares.
Following the publication of the new 2016-2020 Business Plan, Hera's Top Management
took part in a Road Show in major European and North American financial markets to
illustrate the Group's growth targets to investors. This intense activity has received
considerable attention from institutional investors, as a reward for the performance of the
share in the reference period.
The intensity and commitment that the Group puts into communicating with investors has
helped reinforce its market reputation, which is now an intangible asset that provides a
clear advantage for Hera's stock and its stakeholders.
Flottante; 48,7%
Patto soci
pubblici; 51,3%
51.3%
share capital held
by members of the
Stockholders'
Agreement made
up of public
Contact with the
market: a major
intangible asset



1.04 REFERENCE SCENARIO AND GROUP STRATEGY

The Group's strategy was geared towards growth in the first three months of 2017 as
well, pursued organically on both free and regulated markets. The enlargement of the
customer base and new batches for the management of customers in protected
categories, obtained through participation in calls for tenders towards the end of 2016,
have contributed to the development of every activities for the period. Continued work in
terms of gaining efficiency and attention to improving the quality of services, on the other
hand, have supported the positive performance of network activities. The Group’s
strategy has thus allowed it to maintain an ideal balance between regulated and
liberalized activities in its core business areas.
Exposure to market risks and competition has been contained through a carefully
considered management of the Group's risk profile and return on activities. This was
responsible for the choice to expand the activities of waste treatment needed to sustain
the services offered and to aim towards commercial development in the sector of energy
service sales. The Group's risk adverse strategy was also confirmed by gas stocking with
short-term contracts instead of turning to long-term supplying which, even while providing
guarantees, is more exposed to the risk of fluctuation in demand and prices.
The evolution of the sector at present cannot avoid issues such as circular economy,
industry 4.0 and customer experience. These trends, while requiring the company's
model to be deeply rethought, accelerate the time involved in change and revolutionize
our way of conceiving production processes, products and customer relations.
The business plan up to 2020, presented in early January 2017, confirms the Group's
current strategic outlook and aspires to continue pursuing sustainable growth in EBITDA,
rising above one billion euro at the end of the period, with a target of roughly 200 million
euro of growth over five years. The amount of growth foreseen will be sustained by the
habitual development model, based on the propulsive force of two historical motors:
internal and external growth. The investment plan, amounting to roughly 2.5 billion euro,
will be fully financed with the generation of cash flow, bringing additional improvement to
the Group's financial solidity, even making room for an 11% increase in dividends per
share, to be implemented progressively until 2020.
Confirming the content of the previous business plan, this strategy will be supported by
the usual four growth levers: growth, efficiency, innovation and excellence. This
orientation, which has already proven its validity over recent years, is at the root of all
main strategic projects envisaged for the next four years. A new elements has
furthermore been introduced into the most recent plan: agility, which answers the need to
adapt to industrial factors following the high pace set by the evolution of the external
scenario.
The operating levers and the main factors driving the Group's growth have been fully
confirmed by the results of the previous financial statements and are in line with the
targets set. The novelty of the strategy to 2020 consists, rather, in the way in which
objectives will be pursued.
A risk adverse
strategy through
a balanced
portfolio of
activities
Future
prospectives for
the sector
The new business
plan up to 2020
The results of
organic growth



The strategy calls for an implementation of digitization in all business areas; this is a
preparatory measure for a future transformation of processes, plants and infrastructures
into smart networks, an internet of things, and the use of innovative technologies to
improve energy and operational efficiency. Thanks to the use of advanced
telecommunications tools (satellites, internet), the Group intends to move towards the
utility 4.0 within the period of time considered in the plan.
The strategy through to 2020 also proves to be in line with the philosophy of a circular
economy, that drives sustainable management beyond the limits of reuse and recycling of
materials coming from sorted waste.
The Group, which in this area has reached the targets set by international organizations
(EU and UN) well in advance, over the next five years will take a decisive step towards
directly producing goods that can be re-located on the market, through the use of
recycled materials.
Lastly, the plan to 2020 includes a strong focus on customer experience and related
activities that enable customer relationship management tools to evolve.
The target is an increasing capacity and speed in analyzing big data in order to put
together strategies which improve the quality of the services offered, as well as to identify
commercial offers that better respond to customer demands.
The current strategic framework, consisting of the lines of development pursued in the
past, is fully confirmed in the new plan and driven to physiological evolution, moving
towards new imperatives of development.

Strategic answers
to new and
evolving trends



1.05 PERSONNEL ORGANIZATION
Hera Group's employees with open-ended contracts as of 31 March 2017 equal 8,397
(consolidated scope) and are distributed by role as: executive managers (151), middle
managers (524), office clerks (4,544), and workers (3,178).
Such organization was determined by the following moves: employments (49) and
dismissals (72) as well as the change in the scope due to the entrance of Teseco (46).
Specifically, the effective moves are as follows:
The changes for the period are mainly due to:
 consolidation of contracts, from short-term to long-term contracts
 addition of new professional positions not previously present in the Group
 The reduction in the number of workers is balanced by the addition of analogous
long-term hires who o gradually entered into open-ended processes of
consolidation.
 changes in the scope due to the entrance of Teseco company
31 Mar 17 31 Dec 16 Change
Executive Managers 151 151 0
Middle Managers 524 524 0
Clerks 4,544 4,514 30
Workers 3,178 3,185 ‐7
Total 8,397 8,374 23
Resources as of December 2015 8,374
Entries 49
Leaving ‐72
Net flows ‐23
Change in the scope 46
Resources as of 31 March 2016 8,397

chapter 2
consolidated
financial statements
of the hera group



2.01 FINANCIAL STATEMENT
2.01.01 Income statement
€/mln
31-Mar-2017
(3 months)
31-Mar-2016
(3 months)
31-Dec-2016
(12 months)
Revenue 1,585.5 1,235.4 4,460.2
Other operating revenues 82.1 73.7 403.4
Use of raw materials and consumables (732.2) (608.5) (2,176.8)
Service costs (488.8) (281.7) (1,198.8)
Personnel costs (137.2) (132.9) (524.1)
Other operating costs (12.0) (12.1) (75.0)
Capitalised costs 9.4 4.6 27.8
Amortisation, depreciation,provisions (119.5) (107.6) (459.6)
Operating profit 187.3 170.9 457.1
Portion of profits (loss) pertaining to joint ventures and associated companies 6.5 4.8 13.8
Financial income 23.3 29.7 80.1
Financial expense (52.9) (60.2) (211.3)
Financial operations (23.1) (25.7) (117.4)
Other non-recurring non-operating income - - -
Pre-tax profit 164.2 145.2 339.7
Taxes (48.9) (48.4) (119.3)
Net profit 115.3 96.8 220.4
Attributable to:
Shareholders of the Parent Company 109.9 91.2 207.3
Non-controlling interests 5.4 5.6 13.1
Earnings per share
basic 0.075 0.062 0.141
diluted 0.075 0.062 0.141



2.01.02 Statement of financial position
cont.d
€/mln 31 Mar 17 31 Dec 16
ASSETS
Non-current assets
Property, plant and equipment 2,012.3 2,019.2
Intangible assets 2,979.2 2,968.0
Goodwill 375.7 375.7
Non-controlling interests 243.6 148.5
Non-current financial assets 109.6 110.2
Deferred tax assets 78.7 80.3
Financial instruments - derivatives 112.5 109.5
Total non-current assets 5,911.6 5,811.4
Current assets
Inventories 74.3 104.5
Trade receivables 1,944.1 1,665.5
Current financial assets 30.4 29.4
Current tax assets 33.9 33.9
Other current assets 255.0 232.4
Cash and cash equivalents 406.6 351.5
Total current assets 2,776.6 2,473.7
Non-current assets held for sale
TOTAL ASSETS 8,688.2 8,285.1



€/mln 31 Mar 17 31 Dec 16
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital and reserves
Share capital 1,470.2 1,468.1
Reserves 953.0 742.5
Profit (loss) for the period 109.9 207.3
Group equity 2,533.1 2,417.9
Non-controlling interests 149.7 144.2
Total equity 2,682.8 2,562.1
Non-current liabilities
Non-current financial liabilities 2,938.6 2,933.1
Employee leaving indemnity and other benefits 144.8 145.8
Provisions for risks and charges 409.0 397.6
Deferrred tax liabilities 25.9 27.2
Total non-current liabilities 3,559.1 3,547.8
Current liabilities
Current financial liabilities 228.4 182.3
Trade payables 1,234.9 1,270.8
Current tax liabilities 70.0 21.0
Other current liabilities 875.4 636.3
Total current liabilities 2,446.3 2,175.2
TOTAL LIABILITIES 6,005.4 5,723.0
TOTAL EQUITY AND LIABILITIES 8,688.2 8,285.1



2.01.03 Cash flow statement
€/mln 31 Mar 17 31 Mar 16
Pre-tax profit 164.2 145.2
Adjustments to reconcile net profit to the cashflow from operating activities:
Amortisation and impairment of property, plant and equipment 41.2 39.2
Amortisation and impairment of intangible assets 46.4 44.9
Allocations to provisions 31.9 23.5
Effect of valuation using the equity method (6.5) (4.8)
Financial expense / (Income) 29.6 30.5
(Capital gains) / Losses and other non-monetary elements
(including valuation of commodity derivatives)
(4.8) (4.8)
Change in provisions for risks and charges (6.2) (8.1)
Change in provisions for employee benefits (1.9) (2.2)
Total cash flow before changes in net working capital 293.9 263.4
(Increase) / Decrease in inventories 30.5 50.3
(Increase) / Decrease in trade receivables (303.4) (169.2)
Increase / (Decrease) in trade payables (35.9) (41.6)
(Increase) / Decrease in other current assets/ liabilities 217.8 147.9
Change in working capitals (91.0) (12.6)
Dividends collected - 0.3
Interests income and other financial income collected 6.8 5.2
Interests expense and other financial charges paid (43.0) (51.7)
Taxes paid - -
Cash flow from (for) operating activities (a) 166.7 204.6
Investments in property, plant and development (18.7) (21.4)
Investments in intangible fixed assets (57.7) (51.6)
Investments in companies and business units net of cash and cash equivalents (45.4) -
Sale price of property,plant and equipment and intangible assets
(including lease-back transations)
0.2 0.7
Divestment of unconsolidated companies and contingent consideration - -
(Increase) / Decrease in other investment activities - (0.9)
Cash flow from (for) investing activities (b) (121.6) (73.2)
New issues of long-term bonds - -
Repayments and other net changes in borrowings 5.4 (283.0)
Lease finance payments (0.7) (0.6)
Investments in consolidated companies - -
Share capital increase - -
Dividends paid out to Hera shareholders and non-controlling interests - (1.0)
Change in treasury shares 5.3 (3.6)
Other minor changes - -
Cash flow from (for) financing activities (c) 10.0 (288.2)
Effect of change in exchange rates on cash and cash equivalents (d) - -
Increase / (Decrease) in cash and cash equivalents (a+b+c+d) 55.1 (156.8)
Cash and cash equivalents at the end of the period 351.5 541.6
Cash and cash equivalents at the end of the period 406.6 384.8



2.01.04 Overview of changes in the equity
€/mln
Share
capital
Reserves
hedging
derivatives
Employee
benefits plan
Profit for the
period
Equity
Non-
controlling
interests
Total
Balance at 31 December 2015 1,474.0 730.0 (1.0) (25.0) 180.0 2,358.0 145.0 2,503.0
Profit for the period 91.0 91.0 6.0 97.0
Other components of comprehensive income at 31 March 2016:
Fair value of derivatives, change in the period - -
Actuarial income/(losses) post-employment benefits - -
Other comprehensive income items companies measured with the equity method - -
Total comprehensive Income for the period - - - 91.0 91.0 6.0 97.0
Change in treasury shares (1.0) (2.0) (3.0) (3.0)
Payment for non-controlling shares - -
Change in equity interests - -
Change in the scope of consolidation - -
Other movements - -
Allocation of 2015 profit :
- dividends paid out - - - - -
- allocation to ohter reserves 172.0 (172.0) - -
- allocation to retained earnings 8.0 (8.0) - -
Balance at 31 March 2016 1,473.0 908.0 (1.0) (25.0) 91.0 2,446.0 151.0 2,597.0
Balance at 31 December 2016 1,468.1 772.4 (0.4) (29.5) 207.3 2,417.9 144.2 2,562.1
Profit for the period 109.9 109.9 5.4 115.3
Other components of comprehensive income at 31 March 2017:
Fair value of derivatives, change in the period - -
Actuarial income/(losses) post-employment benefits - -
Other comprehensive income items companies measured with the equity method - -
Total comprehensive Income for the period - - - 109.9 109.9 5.4 115.3
Change in treasury shares 2.1 3.2 5.3 5.3
Payment for non-controlling shares - - -
Change in equity interests - -
Change in the scope of consolidation - -
Other movements - 0.1 0.1
Allocation of 2016 profit :
- dividends paid out - - -
- allocation to ohter reserves 144.7 (144.7) - -
- undistributed profits to retained earnings 62.6 (62.6) - -
Balance at 31 March 2017 1,470.2 982.9 (0.4) (29.5) 109.9 2,533.1 149.7 2,682.8



2.01.05 Synthetic explanatory notes
As set forth in article 82-ter "Informazioni finanziarie periodiche aggiuntive" (additional periodic financial information) of
the Issuers' Regulation, the Hera Group has voluntarily decided to publish the consolidated three-month report as of 31
March 2017.
This consolidated three-month report was not prepared in accordance with the accounting principle regarding the sub-
annual financial statement (IAS 34 "Interim Financial Reporting").
The preparation of this three-month report required estimates and assumptions to be made that affect the reported
amounts of revenues, expenses, assets and liabilities as of the reporting date. If, in future, such estimates and
assumptions, which are based on the management's best judgment, should differ from actual events, they will be
adjusted accordingly in order to give an accurate representation of management operations. It should also be noted that
some measurement methods, particularly the more complex ones, such as detecting any impairment of non current
assets, are generally entirely applied only during the preparation of the annual financial statements, unless there are
indications of impairment which require an immediate impairment test.
Income taxes are recognized based on the best estimate of the weighted average rate for the entire financial year.
The figures in this consolidated three-month report are comparable to those of previous periods, taking into account the
provisions of paragraph 1.01.01, in particular with regard to the effects of the reporting in the income statement the costs
associated with the electricity system. The comparison of the individual items of the income and financial position
statements must also take into account the changes in the scope of consolidation outlined in the dedicated section.
Financial statement formats
The formats used are the same as those used for the consolidated financial statements as of and for the year ended 31
December 2016. A vertical format has been used for the income statement, with individual items analyzed by type. This
presentation, also used by the company's major competitors, is considered consistent with international practice and is
the one that best represents the company's performance. The other components of comprehensive income are shown
separately in the Statement of changes in equity. The Statement of financial position makes the distinction between
current and non-current assets and liabilities. The Cash flow statement has been prepared using the indirect method.
The financial reports include as a separate document any potential non-current expenses and revenues.
The financial statements contained in this consolidated three-month report are expressed in millions of Euros, unless
otherwise indicated.
Scope of consolidation
This consolidated three-month report includes the financial statements of the parent company, Hera Spa, and its
subsidiaries. Control is obtained when the Parent Company has the power to determine the financial and operational
policies of a company, by way of currently valid rights, in such a way as to obtain benefits from the company's activity.
Small-scale subsidiaries and those in which the exercise of voting rights is subject to substantial and long-term
restrictions as well as companies acquire over the course of the most recent period and not yet integrated in the Group’s
accounting processes are excluded from line-by-line consolidation and valued at cost.
Equity investments in joint ventures, in which the Hera Group exercises joint control with other companies, are
consolidated with the equity method. The equity method is also used to evaluate equity investments in companies over
which a significant influence is exercised. Small-scale subsidiaries are carried at cost.
Companies held exclusively for future sale are excluded from consolidation and valued at their fair value or, if fair value
cannot be determined, at cost.
The lists of the companies included in the scope of consolidation are shown at the end of these notes.



Changes in the scope of consolidation
On 1 February 2017, Waste Recycling Spa acquired from Teseco Srl the corporate branch "Business Unit Impianti",
comprising the assets organized for carrying out waste treatment and recovery.
Other corporate operations
With effect beginning 1 January 2017, the parent company Hera Spa transferred to the subsidiary HERAtech Srl the
business branches of "Direzione Ingegneria" and "Direzione Tecnica Clienti" and, simultaneously, the subsidiary
acquired the business branch "Gestione dei laboratori di analisi" from the Group's company AcegasApsAmga Spa.
Effective as of 1 January 2017, the subsidiary company Biogas 2015 Srl was merged by incorporation into the parent
company Herambiente Spa.
Effective as of 1 January 2017, Marche Multiservizi Spa transferred to its subsidiary Marche Multiservizi Falconara Srl
the business branch tasked with providing public utility services in the municipality of Falconara.
The value of the equity investments as at 31 March, 2017 reflects a 100% recording in the capital of Aliplast Spa, a
company based in Istrana (Treviso) operating in the sector of regenerated polymers, polyethylene flexible films and PET
films for a total of 88.5 million euros, following the realization of the established condition, with the issuing of AGCM's
positive opinion on the acquisition of the company. As of 3 April 2017 the first part of this company's capital was
purchased (40%). The valorization of this investment was carried out on the basis of contractual information available as
of today. It should also be noted that full consolidation at the date of this report was not possible since the Aliplast
Group's economic and financial information is unavailable. The consolidation will be recorded in the six-month period
report and will be possible by means of the agreed governance between the parties.
Profit per share
Here below is the table regarding the profit per share, calculated on the basis of the economic profit to be allocated to the
holders of ordinary shares in the parent company.
Other information
This consolidated three-month financial statement as at 31 March 2017 was drawn up by the Board of Directors and
approved by the same at the meeting held on 22 May 2017.
31-Mar-2017
(3 months)
31-Mar-2016
(3 months)
Profit (loss) for the period attributable to holders of ordinary shares of the Parent Company (A) 109.9 91.2
Weighted average number of shares outstanding for the purposes of calculation of earnings (loss)
- basic (B) 1,470,855,758 1,473,184,790
- diluted (C) 1,470,855,758 1,473,184,790
Earnings (loss) per share (euro)
- basic (A/B) 0.075 0.062
- diluted (A/C) 0.075 0.062



2.02 NET FINANCIAL DEBT
€/mln 31 Mar 17 31 Dec 16
a Cash and cash equivalents 406,6 351,5
b Other current financial receivables 30,4 29,4
Current bank debt (54,8) (72,1)
Current portion of bank debt (71,3) (71,7)
Finance lease payments maturing within 12 months (2,3) (2,3)
c Current financial debt (228,4) (182,3)
d=a+b+c Net current financial debt 208,6 198,6
Non-current bank debt and bonds issued (2.847,5) (2.847,8)
Finance lease payments maturing after 12 months (14,6) (14,9)
e Non-current financial debt (2.866,9) (2.867,7)
f=d+e Net borrowings - Consob communication n° 15519/2006 (2.658,3) (2.669,1)
g Non-current financial receivables 109,6 110,2
h=f+g Net financial debt (2.548,7) (2.558,9)



2.03 LIST OF CONSOLIDATED COMPANIES
Subsidiaries
Name Registered office Share capital
Total
interest
direct indirect
Parent Company: Hera Spa Bologna 1,489,538,745
Acantho Spa Imola (BO) 23,573,079 77.36% 77.36%
AcegasApsAmga Spa Trieste 284,677,324 100.00% 100.00%
Amga Calore & Impianti Srl Udine 119,000 100.00% 100.00%
Amga Energia & Servizi Srl Udine 600,000 100.00% 100.00%
ASA Scpa Castelmaggiore (BO) 1,820,000 38.25% 38.25%
Aresgas AD Sofia (Bulgaria) 22.572.241 Lev 99.98% 99.98%
Black Sea Gas Company E. o.o.d Varna (Bulgaria) 5.000 Lev 99.98% 99.98%
EnergiaBaseTrieste Srl Trieste 180,000 100.00% 100.00%
Feronia Srl Finale Emilia (MO) 2,430,000 52.50% 52.50%
Frullo Energia Ambiente Srl Bologna 17,139,100 38.25% 38.25%
Gran Sasso Srl Pratola Peligna (AQ) 148,000 100.00% 100.00%
Herambiente Spa Bologna 271,648,000 75.00% 75.00%
Herambiente Servizi Industriali Srl Bologna 1,748,472 75.00% 75.00%
Heratech Srl Bologna 1,000,000 100.00% 100.00%
Hera Comm Srl Imola (BO) 53,536,987 100.00% 100.00%
Hera Comm Marche Srl Urbino (PU) 1,977,332 72.01% 72.01%
Hera Luce Srl San Mauro Pascoli (FC) 1,000,000 100.00% 100.00%
Hera Servizi Energia Srl Forlì 1,110,430 57.89% 57.89%
Hera Trading Srl Trieste 22,600,000 100.00% 100.00%
HestAmbiente Srl Trieste 1,010,000 82.50% 82.50%
Inrete Distribuzione Energia Spa Bologna 10,000,000 100.00% 100.00%
Marche Multiservizi Spa Pesaro 13,484,242 49.59% 49.59%
Marche Multiservizi Falconara Srl Falconara Marittima (AN) 100,000 49.59% 49.59%
Medea Spa Sassari 4,500,000 100.00% 100.00%
SiGas d.o.o Pozega (Serbia) 263.962.537 Rsd 95.78% 95.78%
Sinergie Spa Padova 11,168,284 100.00% 100.00%
Sviluppo Ambiente Toscana Srl Bologna 10,000 95.00% 3.75% 98.75%
Tri-Generazione Scarl Padova 100,000 70.00% 70.00%
Uniflotte Srl Bologna 2,254,177 97.00% 97.00%
Waste Recycling Spa Santa Croce sull'Arno (PI) 1,100,000 75.00% 75.00%
% held



Jointly Controlled Companies
Total
interest
direct indirect
Enomondo Srl Faenza (RA) 14,000,000 37.50% 37.50%
Estenergy Spa Trieste 1,718,096 51.00% 51.00%
Associated Companies
Total
interest
direct indirect
Aimag Spa* Mirandola (MO) 78,027,681 25.00% 25.00%
Q.Thermo Srl Florence 10,000 39.50% 39.50%
Set Spa Milan 120,000 39.00% 39.00%
So.Sel Spa Modena 240,240 26.00% 26.00%
Sgr Servizi Spa Rimini 5,982,262 29.61% 29.61%
Tamarete Energia Srl Ortona (CH) 3,600,000 40.00% 40.00%
* The Company's share capital is composed of € 67,577,681 of ordinary shares and € 10,450,000 of related shares
% held
% held

Hera S.p.A.
Registered Office: Viale C. Berti Pichat 2/4 - 40127 Bologna
phone: +39 051.28.71.11 fax: +39 051.28.75.25
www.gruppohera.it
Share capital Euro 1.489.538.745 fully paid up
Tax code/VAT and Bologna Business Reg. no. 04245520376

Hera Group Consolidate quarterly report as at 31 march 2017

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