This document is Hera Group's business plan from 2014 to 2018. It outlines Hera's strategy to grow its EBITDA above 1 billion Euros through organic growth and mergers and acquisitions (M&A). The plan focuses on four strategic priorities: excellence, growth, innovation, and efficiency. Hera aims to lead industry consolidation in Italy and expand in waste, energy, and liberalized markets. The business plan forecasts EBITDA growth across Hera's key business areas of networks, waste, and energy through various organic growth initiatives and M&A targets. Hera's capex plan of 2.1 billion Euros over the period is expected to support this growth while enhancing returns.
Dürr AG Conference Call - preliminary figures fiscal year 2018Dürr
Dürr achieves new records for incoming orders and sales
Preliminary figures for fiscal 2018
- Incoming orders and sales increase by 5.2 % and 6.1 %, respectively, adjusted for currency fluctuations
- Service sales exceed € 1 billion for the first time
- Operating EBIT margin of 7.1 % within target range
- Operating cash flow 35.5 % above previous year’s level
- E-mobility and environmental technology as growth drivers
- Strong fourth quarter: highest levels of incoming orders and sales in company history, operating EBIT 20.2 % above Q4 2017
For further information please read our press release: http://bit.ly/2Sr25UY
Dürr AG Conference Call - preliminary figures fiscal year 2018Dürr
Dürr achieves new records for incoming orders and sales
Preliminary figures for fiscal 2018
- Incoming orders and sales increase by 5.2 % and 6.1 %, respectively, adjusted for currency fluctuations
- Service sales exceed € 1 billion for the first time
- Operating EBIT margin of 7.1 % within target range
- Operating cash flow 35.5 % above previous year’s level
- E-mobility and environmental technology as growth drivers
- Strong fourth quarter: highest levels of incoming orders and sales in company history, operating EBIT 20.2 % above Q4 2017
For further information please read our press release: http://bit.ly/2Sr25UY
Chief Executive Officer Alessandro Profumo presented on March 14th the FY2018 Results along with:
- Alessandra Genco - Chief Financial Officer
- Norman Bone - MD Electronics Division
- Gian PIero Cutillo - MD Helicopter Division
- Lucio Valerio Cioffi - MD Aircarft Division
- William J. "Bill" Lynn - CEO of Leonardo DRS
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
4. Hera’s model effectively tackling a turbulent environment
Hera cumulated growth vs. GDP Italy
Meta
Integration
0%
SAT
Integration
Acegas Aps
Integration
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Gas market
liberalization
Mild winter
Water CCI review
referendum
Lehman
Brothers default
HERA Ebitda
CAGR +14.0%
GDP Italy
CAGR -0.2%
Ukraine crisis European crisis
Warm winter
Hera shows a constant growth despite everything
Main macro
events
5 GRUPPOHERA
5. Lead sector consolidation process exploiting industry
momentum and following a “multi-utility” strategy. In addition
expand in liberalised markets (eg. Waste and Energy supply)
Exploit our key distinctive strengths to grow profitability
Plan to reach a scale overcoming 1 billion Ebitda in next 5Y
Our ambitions
Leading industry change to become the first Italian multi-utility
6 GRUPPOHERA
6. Business plan embeds a few concrete M&A targets out of 5x bigger opportunities
GRUPPOHERA
Italian Government discussing to introduce incentives that might reshaped the industry
Industry
governance
Italian Government pushing for consolidation
Incentives for public shareholders to divest from local utilities
Impact for listed companies: preferred vehicle for
municipalities owning local utilities
M&A business plan target vs. opportunities and track records
(m€, n. target)
Trackrecord
+550 Ebitda
Target to’18
5Y average
track record
Disciplined selection of several potential targets
7
Hera potentials
+11 companies
+100 Ebitda
+3 companies
+154 Ebitda
+5 companies
2009-2013
track record
+180 Ebitda
+3 companies
2004-2008
track record
+127 Ebitda
+6 companies
7. OUR TOP STRENGTHS
M&A execution
Financial soundness
Loyal and large customer base
Business expertise
Compact multi-regional presence
Hera Governance
Exploit a proven set of strengths
Promptly seize opportunities to further enhance Group’s value
8 GRUPPOHERA
8. Target to go beyond 1 billion Euro Ebitda
+100
Gas tender M&A E2018
Tenders scheduled
starting from next year
Aiming at confirming
current concessions
over contiguous
territories
Ebitda growth target
810
+89 +21
2013* Org. growth &
Synergies
Organic Growth Merger synergies
Waste
+56m€
Networks
+47m€
Energy
(42m€)
AcegasAps
+23m€
Amga Udine
+5m€
1,020
Gas tenders M&A
AMGA Udine
+25m€
2 Multi utility targets in
reference territory
+75m€
All visible levers to replicate growth in line with track record
* Restated applying IFRS11 criteria in force starting from 01/01/2014
9 GRUPPOHERA
10. Next future combines opportunities and challenges
Water tariff system full deployment
Industry fragmentation/M&A opportunities
Long and liquid commodity markets
Shortage in waste treatment capacity
Higher perception on sustainable issues
Macro-economic scenario
Increased market competition
Competitive tender in regulated businesses
Increasing capex requirements
Higher efficiency std request from Authorities
Fast moving, competitiveness, and scale become crucial
1 0 GRUPPOHERA
11. Growth
Higher market shares
and new M&A
opportunities
Our 4 strategic priorities
Excellence
Pushing all Group
practices to make a
step forward
Dimension/scale External growth
Innovation
Focused innovation
on key industrial
processes and
market approach
Competitiveness Time to market
Efficiency
Keep on deploying
economies of scale
and focus on
profitability
To keep on moving a further step on creating value
1 1 GRUPPOHERA
12. 319
174
Above 1 Billion Ebitda growth comes from all top ranked businesses
28
499
239
178
Ebitda by strategy area
(m€)
24
369
Regulated 57%
Ebitda 2013*
810 m€
+130
+80 (4)
Networks Waste Energy
Ebitda E2018
1,020m€
Regulated 53%
Liberalised 47% Liberalised 43%
* Restated applying IFRS11 criteria in force starting from 01/01/2014
Networks
Energy
Waste
2013 E2018
1 2 GRUPPOHERA
13. NETWORKS: step change in management approach to create value
Strategic pillars
EXCELLENCE
Outperform regulatory quality standards
Strengthen commercial culture in all
“regulated” activities
GROWTH
Confirm Hera concessions
Improve margins on services/works for
customers
Exploit opportunities in water tariff
evolution
INNOVATION
EFFICIENCY
Increase cost-efficient management
Reduce leakages
Spread out “real-time” WFM
Smart metering
Technological evolution applied in water
management activities
Become an enabler for “Smart” cities
Ebitda growth drivers
(m€)
310 369
+13
+47 +21
2002 2007 2012 2013* Synergies Org.
growth
Gas tender M&A E2018
Developing our “safety box”
120
239
* Restated applying IFRS11 criteria in force starting from 01/01/2014
499
+49
1 3 GRUPPOHERA
14. Gas distribution tender schedule
Padua 1
Ferrara
Modena 1-2
Bologna 1-2
Imola
Forlì-Cesena
Water Leakages
(%)
30%
Udine
Ravenna
Rimini
Pesaro-Urbino
29%
2013 E2018
NETWORKS: developing our “safety box”
Gorizia
Trieste
within 2015
within 2016
within 2017
within 2018
RAB evolution
(b€)
2.7
+0.47
+0.01 +0.14
2013 Gas Electricity Water E2018
The sustainable enhancement of our business
Capex plan: 1.38 b€
(m€)
258
21
340
314
103 95
249
15
221
221 237 237 219 234
E2014 E2015 E2016 E2017 E2018
3.4
Tenders
Networks
1 4 GRUPPOHERA
15. WASTE: a further step up
Complete set of treatment techn./plants
Fine tune effective marketing tools
Confirm Hera concessions in collection
Further evolve collection management
Exploit new technologies in biogas
Enhance energy efficiency in all plants
Increase recycling quality/profitability
Fully deploy benefit of WFM tech
319
2002 2007 2012 2013* Synergies Org. growth M&A E2018
1
Strategic pillars
EXCELLENCE GROWTH
Further enhance quality of customer
service with a “one stop shop” proposal
Target maximum exploitation of value
contained into the waste
EFFICIENCY INNOVATION
Target higher urban sorted collection std
enhancing recycling/reducing disposals
Streamline procedure/organization.
Further rationalize of group structure
Plant optimization
Ebitda breakdown
(m€)
156
202 239
+7
+56
+17
Replicating fast growth track records
58
* Restated applying IFRS11 criteria in force starting from 01/01/2014
1 5 GRUPPOHERA
16. Facing tenders from a strong competitive Expand market with a “one stop shop” proposal position
S. W. Hera volume treatm.
(mton)
1,6
1,9
3,5
2012 2013 E2018
Avg cost per family
(2013 cost €)
25% lower cost
161
211
Hera Avg Italy
WASTE: exploit our unique expertise
’E18 treatm. mix urban W.
(%)
Compo
st; 17%
1
Tender schedule
Main clients
The sustainable enhancement of our business
Sorted collection
(%)
2015 2017 Natural
Bologna
Ferrara
Forlì
Ravenna
Rimini
Modena
end
Pesaro-
Urbino
Padova
Trieste
Total capex: 0.53 b€
(m€)
78
122 120 120
89
E2014 E2015 E2016 E2017 E2018
53%
64%
2013 E2018
Landfill
; 9%
Select.;
16%
WTE;
29%
3rd
parties;
29%
1 6 GRUPPOHERA
17. ENERGY: expanding market presence through all levers
Strategic pillars
EXCELLENCE GROWTH
Further “tailored” commercial offering
Customer care beyond bench mark
Develop markets and reduce churn
Confirm at least 50% of current
“safeguarded” customers served
Further exploit benefit from energy
savings incentives
EFFICIENCY INNOVATION
Keep on serving with high quality and
low cost to serve
Optimize procurement/plant mgmt
Minimize power generation cost
Ebitda growth drivers
(m€)
Create new marketing proposals
Promote partnership with clients in
micro-cogen. and energy mgmt
43
151
178
+5 174
(42)
2002 2007 2012 2013* Synergies Org. growth M&A E2018
…to tackle margin normalization
15
* Restated applying IFRS11 criteria in force starting from 01/01/2014
+33
1 7 GRUPPOHERA
18. ENERGY: enlarging customer base to offset lower consumptions/margins
Expanding downstream keeping short upstream
Enel;
34.9%
Maintain Gas customer base and market share
Gas Market Electricity Market
Gas supply
Electricity supply
Customers
(m)
1.3 1.3
2013* E2018
3.0 3.2 9.2 9.5
Edison;
Eni; 7.3%
Acea;4 .1%
3.9%
Other
Hera;
3.8%
Eni;
29.4%
Enel;
8.8%
Edison;
Iren; 7.8%
5.1%
Other
Hera;
4.8%
2.2 1.9
0.8 1.3
2013 E2018
Direct supplies National
0.7 1.0
2013 E2018
7.7 7.8
1.5 1.7
2013 E2018
Own production Market
Sources
(bcm)
*Includes AMGA Udine *Includes AMGA Udine
Customer satisfaction Cross selling potentials
0,7
0.5
0.2
1,3
0.9
0.4
Electricity Gas
Dual Fuel Single service
Customers
(m)
Sources
(bcm)
=
Targeting 2.3m Energy customer base
The sustainable enhancement of our business
Power generation mix
(TWh)
Total capex: 0.11 b€
(m€)
18
24 23 24
20
2014 2015 2016 2017 2018
“Delighted”
2013 2015 E2018
1.5
1.7
1.0 1.1
0.5 0.6
2013 E2018
Green Fossil
1 8 GRUPPOHERA
19. Capex plan: 2.1 b€ to sustain low risk growth and efficiency gains
2.1 b€ Capex breakdown by legal entity
(m€)
417
18
21
498 473
20 20
103 95
373
30
15
379 375 357 328
332
332
2014 2015 2016 2017 2018
Development/Maintenance & Regulated/liberalised
(b€)
72%
28%
Hera Group Gas tenders M&A target
Liberalised
Regulated
2.09
1.89
Cum. Capex Cum. D&A
Gas tenders
Enhancing return on invested capital by ~100 basis points
1 9 GRUPPOHERA
20. Cumulating financial “firepower” to face future challenges…
Refinanced debt in last 12 months
+500
+200
+500
Sept. '13
Bond
Oct. '13
EIB loan
June '14
Green
Bond
E2018 Cash flows
(m€)
+641 +268 (373)
Free cash flows*
*Before M&A and dividends
FFO/Net Debt
(%)
20%
24%
2013 E2018
*FFO calculated as the sum of reported net profit + D&A + provision (non adjusted)
- in last 18 months
Current ratings Debt/Ebitda
BBB/Stable
Baa1/negative
(x)
and grow safe and sound
1,200
Total
issued
3.1x
1/3rd of gross debt refinanced
Debt structure as of 1H ‘14
Average maturity >8 Years
4.1% avg cost of debt
46% variable and 54% fixed
- interest rates
2.8x
2013 E2018
Operating cash
flows
Capex &
Investments
Fai vedere senza M&2 0 A e Gare debt/ebitda GRUPPOHERA
21. Closing remarks
Hera aims at leading industry transformation moving
from a solid position thanks to the distinctive advantages
built through a consistent strategy over the past years.
Business plan aims at reaching a scale of above 1 billion
Ebitda factoring in only visible drivers balancing well
known Organic and M&A drivers in line with track
record. Ebitda growth transferred down to bottom line
(EPS expected to grow at +5% cagr).
Business mix and proven strategy underpin plan reliability.
Financial soundness targeted to enhance solidity and to create room for further
potential growth opportunities beyond planned targets.
Dividend policy confirmed at a floor of 9c€ DPS per annum up to 2018.
Ready to lead the industry change and create further value
2 1 GRUPPOHERA
23. Assumptions
2013 E2015 E2018
Brent (Dollar/Barrel) 108 103 105
Exchange ratio €/$ 1.33 1.30 1.30
PUN (€/MWh) 63.0 60.5 67.7
Inflation (5Y moving average) 1.9% 1.5% 1.5%
Italian GDP trend (%CAGR) +1.1%
Green certificate (€/MWh) 89 91 85
White certificates (€/TEP) 76 119 122
CO2 certificates (€/ton) 4 8 10
2 2 GRUPPOHERA
24. Consolidated Group Ebitda growth track record
Ebitda growth track record
(m€)
* Restated applying IFRS11 criteria in force starting from 01/01/2014
2 3 GRUPPOHERA
25. Consolidated Group Ebit target
Ebit by strategic area
(m€)
Ebit 2013* Ebit E2018
107
116
169
8
400
162
11
518
241 104
Networks
Energy
* Restated applying IFRS11 criteria in force starting from 01/01/2014 Waste
2 4 GRUPPOHERA
26. Refinancing needs to 2018
(m€)
298
282 68 47
2.847
3.869
327 1.022
2014 2015 2016 2017 2018 post plan Total
• Maintain financial liabilities homogeneous
with investment time horizons
• Non speculative financing
• Optimize mix variable/fixed to stabilise
related cash flows
Pursuing balanced interest nature
(%)
Variable
Fixed 45%
55%
Hera Group financial strategy
Rates
Financial Strategy
2 5 GRUPPOHERA
28. Waste to Energy plants as of today
Market leader by volume treated from third parties
(about 4 million ton in 2013. In 1H 2014 market expansion
progressed). Special waste volume treated signed +25%
Y/Y.
Fully integrated and diversified asset base
allows to offer 360 degree services to industrial customers.
10 WTE and other treatment plants produce energy
from waste (about 1 TWh produced in ’13 of which 86%
generated by WTEs).
Waste To Energy Plants (in 2013)
Ferrara
Ravenna
Installed capacity
Ravenna F3
Forlì
Rimini
Modena
Bologna
Isernia
Padova
Trieste
(MWh)
E.E. produced
(GWh)
Waste treated
(kton.)
13.1
6.2
4.2
10.9
10.9
24.8
22.0
13.4
69.8
30.2
22.5
66.7
82.2
123.2
149.3
98.2
129.9
47.8
38.3
119.9
139.8
190.8
199.1
93.5
31.3 220.7 345.3
Total 136.8 862.8 1,304.4
2 7 GRUPPOHERA
29. Regulated infrastructures
Hera RAB 2014*
(b€)
3.1
1.4 Water
1.0
0.3
0.4
Gas distrib.
Elect. distrb.
Other reg.
Hera returns on RAB
Breakdown by business Reg.
period
Concession
length
Allowed
returns
Water ‘14-’15 ~’24 6.8%
Gas distribution ‘14-’19 ‘14-’18 6.9%
Electricity distribution ‘12-’15 ’30 6.4%
Water development capex driven by new regulation
framework (2nd national player).
Gas and Electricity distribution:
well proven regulation supervised by AEEGSI.
Regulatory framework protects returns from
volume fluctuation risk.
*include Amga Udine RAB consolidated since 07/01/2014
2 8 GRUPPOHERA
30. Disclaimer
This presentation contains forward-looking statements regarding future events (which impact the Hera
Group’s future results) that are based on current expectations, estimates and opinions of management.
These forward-looking statements are subject to risks, uncertainties and events that are unpredictable
and depend on circumstances that might change in future.
As a result, any expectation on Group results and estimates set out in this presentation may differ
significantly depending on changes in the unpredictable circumstances on which they are based.
Therefore, any forward -looking statement made by or on behalf of the Hera Group refer on the date
they are made.
The Hera Group shall not undertake to update forward-looking statements to reflect any changes in the
Group’s expectations or in the events, conditions or circumstances on which any such statements are
based.
Nevertheless, the Hera Group has a “profit warning policy” , in accordance with Italian laws, that shall
notify the market (under “price-sensitive” communication rules) regarding any “sensible change” that
might occur in Group expectations on future results.
2 9 GRUPPOHERA