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Hera Group Investments

The tangible and intangible assets of the Group amounted to Euro 391.5 million compared with Euro 419.7 million in the corresponding period last year. In the same period, financial investments were also made for Euro 36.8 million. These investments refer to the increased potentiality in the energy sectors through equity investments in new plants such as, by way of illustration, the Galsi pipeline, and a financial investment in the multiutility AIMAG.

The table below lists the investments for the period by business sector:

Total Investments
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change
Gas area67.664.1-3.5 -5.2%
Electricity area48.937.9-11.0 -22.5%
Integrated water cycle area114.1105.4-8.7 -7.6%
Waste management area125.2118.1-7.1 -5.7%
Other services area6.312.0+5.7+89.8%
Central structure57.554.0-3.5 -6.1%
Total operating investments419.7391.5-28.2 -6.7%
Total financial Investments9.936.8+26.9+270.5%
Total429.7428.3-1.4 -0.3%

Investments relating to the Gas service in the area in question, regarded expansion, enhancement and upgrading of networks and plant systems.  District heating service investments concerned extension work to the service, mainly in the areas of Bologna (Euro 5.4 million), Imola (Euro 6.2 million), Forlì Cesena (Euro 9.1 million), and Ferrara (Euro 2.9 million) whereas Heat Management service investments concerned structural work on thermal plants operated by companies of the Group. Others investments related to the acquisition of rights of way on foreign pipelines to transport raw material.

Gas
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change
Hera SpA network35.028.8-6.2 -17.7%
Marche/Sardinia network2.42.4+0.0+0.0%
TLR/Heat management29.927.4-2.5 -8.4%
Other0.25.4+5.2+2407.5%
Total Gas67.664.1-3.5 -5.2%

Investments in the Electricity Area concerned the extended service and to extraordinary maintenance of plants and distribution networks in the territories of Modena and Imola, and the network service support. Compared to the same period in the previous year, worthy of mention is the mass replacement effort of electronic meters, in order to comply with the substitution plan resolved by the AEEG (Euro 5.2 million). Investments in plants producing electricity and heat (CCGT) related to the construction of the co-generation plant in Imola, now completing the start-up phase, whilst co-generation investments were aimed at the construction of new facilities at the local companies.

Electricity
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change  
Territory21.619.0-2.6 -12.0%
CCGT Imola24.913.6-11.3 -45.4%
Ind. co-generation 2.55.3+2.8+113.9%
Total Electricity48.937.9-11.0 -22.5%

With regard to the Integrated Water Cycle, it saw an overall reduction of operations compared to the same period last year, due to the significant streamlining of activities and a reduced demand for new connections. The Purification system appeared to go against the overall trend, by virtue of enhancement and regulatory compliance initiatives.

Integrated Water Cycle
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change 
Aqueduct system67.954.2-13.7 -20.2%
Purification system10.920.1+9.2+84.2%
Sewage system35.331.1-4.2 -11.9%
Total Integrated water cycle 114.1105.4-8.7 -7.6%

With regard to Waste Management, it saw an overall reduction of operations, compared to the same period last year, of maintenance and upgrade of the existing facilities in the area. Investments in incinerators plants were mainly linked to the completion of the Forlì plant and the construction of the plants of Modena and Rimini.

Waste Management
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change
Existing plants57.649.2-8.4 -14.6%
New plants:   
WTE Canal Bianco (FE)18.90.1-18.8 -99.7%
WTE Modena27.130.6+3.5+12.9%
WTE Forlì11.113.0+1.9+17.0%
WTE Rimini9.925.2+15.3+154.2%
Other0.70.0-0.7 -106.1%
Total Waste Management125.2118.1-7.1 -5.7%

With regard to Other Services, it experienced an increase in telecommunications networks investments due to the consolidation of Acantho and Satcom, and an investment reduction in the Public Lighting service.

Other Services
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change
TLC1.08.1+7.1+694.8%
Public lighting and traffic lights3.73.1-0.6 -16.1%
Others1.60.8-0.8 -49.7%
Total Other Services6.312.0+5.7+89.8%

There was an overall decrease, in comparison to the same period last year, in investments within the Central Structure due to the completion of the restructuring of company information systems and the rationalization of the operating fleet. Operations were up slightly due to the work carried out in the Group offices. Other investments included assistance for completing the labs and other minor investments.

Central Structure
(millions of €)
31-Dec-200831-Dec-2009Abs. Change% Change
Buildings17.120.9+3.8+22.2%
Information systems16.615.5-1.1 -6.6%
Vehicle fleet13.910.0-3.9 -28.1%
Other investments9.97.6-2.3 -23.1%
Total Central Structure57.554.0-3.5 -6.1%
 
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