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Financial situation of the Hera Group

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

(in millions of ) 31-dic-10% Inc. 31-dic-09
aCash538.2350.3
bOther current financial receivables44.320.7
Current bank liabilities-58.4 -22.5
Current portion of bank indebtedness-71.1-75.1
Other current financial liabilities-16.6 -14.3
Financial leasing payables maturing within the next year-4.6-7.1
c Current financial indebtedness -150.7-119.1
d=a+b+cNet current financial indebtedness431.8-13.3%251.9
eNon-current financial receivables10.310.1
Non-current bank liabilities-345.8-394.0
Bonds issued -1,787.3-1,631.5
Other non-current financial liabilities-160.4 -118.9
Financial leasing payables maturing beyond the next year-8.8-9.4
g Non-current financial indebtedness -2,302.3-2,153.8
h=e+f+gNet non-current financial indebtedness-2,292.0113.3%-2,143.7
i=d+hNet financial indebtedness-1,860.2100.0%-1,891.8

The net financial position fell from Euro 1,891.8 million as at 31 December 2009 to Euro 1,860.2 million as at 31 December 2010. This improvement is due to the generation of a positive, pre-dividend cash flow and the transfer of 25% of Hera Ambiente SpA (about Euro 125 million) which more than offset the outlay from the distribution of Euro 96.8 million in dividends.

About Euro 340 million was invested during 2010.

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 "A3" and Standard & Poor's rating is "BBB+", both with a stable outlook.

 
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