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Financial situation of the Hera Group

The breakdown and changes in net financial indebtedness are analysed in the following table:

millions of €31-Dec-2009% Inc.31-Dec-2008% Inc.Abs Change% Change 
aCash 350.3 193.60.0% +0.0%
        
bOther current financial receivables20.7 6.80.0% +0.0%
 Current bank liabilities-22.5 -109.70.0% +0.0%
 Current portion of bank indebtedness-75.1 -79.30.0% +0.0%
 Other current financial liabilities-14.3 -15.00.0% +0.0%
 Financial leasing payables maturing within the next year-7.1 -4.70.0% +0.0%
cCurrent financial indebtedness-119.1 -208.70.0% +0.0%
        
d=a+b+cNet current financial indebtedness251.9-13.3%-8.30.5%(260.2)+3134.9%
        
eNon-current financial receivables10.1 8.50.0% +0.0%
 Non-current bank liabilities-394.0 -439.40.0% +0.0%
 Bonds issued-1,631.5 -999.70.0% +0.0%
 Other non current  financial indebtedness-118.9 -121.40.0% +0.0%
 Financial leasing payables maturing beyond the next financial year-9.4 -11.20.0% +0.0%
gNon-current financial indebtedness-2,153.8 -1,571.70.0% +0.0%
        
h=e+f+gNet non-current financial indebtedness-2,143.7113.3%-1,563.299.5%580.5-37.1%
        
i=d+hNet financial indebtedness-1,891.8100.0%-1,571.5100.0%320.3-20.4%

The net financial position rose from Euro 1,571.5 million as at 31 December 2008 to Euro 1,891.8 million as at 31 December 2009. The increase was due, other than to the changed consolidation perimeter for approximately Euro 20 million and to the repayment of the so-called "state aid" amounting to Euro 27.6 million, to the increased turnover and investments made.

An indebtedness mainly comprising medium/long term debt covering over 95% of total indebtedness, is confirmed, dully offsetting the Group's equity structure characterized by a high fixed assets value.

Hera S.p.A.'s long-term rating issued by Moody's is "A2" and Standard & Poor's rating is "A-" ,both with negative outlook.

 
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