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Hera Group Investments

The Groups tangible and intangible investments totalled Euro 345.8 million, compared to Euro 392.5 million in the same period of the previous year. In the same period, financial investments were also made for Euro 8.1 million. These investments refer to the increased potential in the energy sectors through equity investments in new plants such as construction of the Galsi pipeline and the biomass combustion plant of Enomondo. In 2010, facilities, networks and telematic equipment for a total value of Euro 12 million were disposed of in cost-cutting measures.

The table below lists the investments, including the assets disposed of, for the period broken down by business sector:

Total Investiment
(mln )
31-dic-09 31-dic-10Var. Ass.Var. %
Gas area64.148.8-15.3-23.9%
Electricity area37.939.0+1.1+2.9%
Integrated water cycle area105.494.2-11.2-10.6%
Waste management area119.198.7-20.4-17.1%
Other services area 12.0 13.3+1.3+10.8%
Central structure54.051.8-2.2-4.1%
Total operating investments392.5345.8-46.7-11.9%
Total financial investments36.88.1-28.7-78.0%
Total429.3353.9-75.4-17.6%

N.B. The 2009 investments were reclassified in order to more clearly represent the plant construction and other facilities between companies operating within the Group.

Investments in the Gas area went down on the whole, compared to the same period of the previous year, mainly due to the lower requests for extension interventions of the District Heating network. Investments relating to the GAS service in the area in question regarded network 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 3.4 million), Imola (Euro 4.6 million), Forl Cesena (Euro 7.5 million), and Ferrara (Euro 1.8 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 long-term rights of way on foreign pipelines to transport raw material.

Investments in the Electricity area, mainly including extension of the service and extraordinary maintenance of plants and distribution networks in the territories of Modena and Imola and the network service support, are up in relation to development of new electricity production plants from renewable sources, including the photovoltaic plant built near the Bologna freight terminal (2 MW). The mass replacement of current meters with electronic meters in order to comply with the substitution plan resolved by AEEG is significant (Euro 5.0 million), and in line with the same period of the previous year. The investments in plants producing electricity and heat (CCGT) refer to the construction of the co-generation plant in Imola, now at the definitive start-up phase, whilst co-generation investments are aimed at the construction of new facilities at the local companies.

Electricity
(mln )
31-dic-09 31-dic-10Var. Ass.Var. %
Territory19.027.0+8.0+42.1%
CCGT Imola13.67.3-6.3-46.3%
Industrial cogeneration 5.34.7-0.6-11.3%
Total Electricity37.939.0+1.1+2.9%

With regard to the Integrated Water Cycle, there was an overall reduction of operations compared to the same period of the previous year due to the significant streamlining of the activities. They mainly regard expansion, enhancement and upgrading of networks and plant systems, and regulatory adjustment, in particular with regard to sewer systems.

Integrated Water Cycle
(millions of )
31-dic-09 31-dic-10Change% Change
Aqueduct system54.250.0-4.2-7.7%
Purification system20.119.2-0.9-4.5%
Sewage system31.124.9-6.2-19.9%
Total Integrated Water Cycle105.494.2-11.2-10.6%

With regard to Waste Management, it is in line with the previous year with respect to the maintenance and upgrade of the existing facilities in the area. Regarding investments in waste-to-energy plants (WTE), interventions were aimed at completing expansion of the Modena plant and creating the Rimini plant, since the waste-to-energy plants in Ferrara and Forl are already complete and operational.

waste management
(mln )
31-dic-09 31-dic-10Var. Ass.Var. %
Existing plants49.249.6+0.4+0.8%
New plants:
WTE Canal Bianco (FE)0.10.0-0.1-100.0%
WTE Modena31.617.8-13.8-43.7%
WTE Forl13.00.7-12.3-94.6%
WTE Rimini25.230.6+5.4+21.4%
Total Waste management119.198.7-20.4-17.1%

With respect to the Other Services area, there has been an increase in investments in telecommunications with respect to the extension of the optic fibre network, including in city areas, in new customer access connections for new customers, and in modernising the Data Centre. Investments in the Public Lighting service are down compared to 2009; investments in cemetery services are included under the item Other.

Other services
(mln )
31-dic-09 31-dic-10Var. Ass.Var. %
TLC8.110.4+2.3+28.4%
Public Lighting and Traffic lights3.12.1-1.0-32.3%
Other0.80.9+0.1+12.5%
Total Other Services12.013.3+1.3+10.8%

There was an overall decrease, in comparison to the previous 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 maintenance of the Group real estate assets. Completion of laboratories and other minor investments related to the territorial operational structures are included in the item other investments.

Central structure
(mln )
31-dic-09 31-dic-10Var. Ass.Var. %
Buildings20.924.1+3.2+15.3%
Information systems15.5 14.7-0.8-5.2%
Vehicle fleet10.09.4-0.6-6.0%
Other investments7.63.5-4.1-53.9%
Total Central Structure54.051.8-2.2-4.1%