A business plan still marked by growth, thanks to the solid positioning of the Group, whose activities are concentrated in areas that have been continuously monitored for over a decade, and to the expected contribution from internal growth and M&A operations. At individual supply chain level, the Hera spa energy group confirms the strategies that have guided the company up to now, placing "a greater focus on excellence, growth, efficiency and innovation".
These are the cornerstones of the Bolognese group's Business Plan to 2018, approved this morning by the multi-utility's Board of Directors: "A Plan that continues its growth path while discounting the effects of a still difficult context and a macroeconomic recovery that still slow to manifest itself in our country ", reads the note.
By 2018, the Plan projects a production value of 5,8 billion euros (compared to 4,7 billion in 2013), a gross operating margin (EBITDA) of 1.020 million (compared to 810 million in 2013) and earnings per share growing at an average annual rate of around 5%. The ratio between the net financial position and EBITDA, already among the best in the sector today, is expected to drop to 2,8 times (it was 3,1 in 2013), confirming the maintenance of sustainable growth also from the point of view of solidity financial. The focus on invested capital and profitability make it possible to project a ROI (Return on Invested Capital) for 2018 of 9,1% (approximately +100 basis points compared to 2013).
Over 1 billion EBITDA by 2018: focus on organic growth, efficiency, synergies and external growth
The growth in EBITDA of 210 million euros over the course of the Plan will be driven by significant organic growth, by the expected success in the tenders for gas distribution in the reference territories and by a further expansion of the corporate perimeter, through two further integration (M&A) following the one with Amga Udine, effective from 1 July 2014.
As far as organic growth is concerned, initiatives aimed at streamlining and cost containment amount to approximately 80 million (equal to approximately 10% of 2013 EBITDA), of which 28 million relate to synergies that will be extracted from the integration operations already concluded (AcegasAps, Isontina Reti Gas, Est Reti Elettriche and Amga Udine). This will make it possible to further improve the already high profitability per employee, which is expected to grow by around 13% over the next five years compared to 2013 values.
