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History

Hera was established in November 2002 through the merger of 11 local council-owned companies. On 26 June 2003, only seven months after the merger, the privatisation process was brought to a conclusion through listing on the Milan Stock Exchange. In the years that followed the Group conducted further integration projects for an enterprise value of €1 billion. In particular, were merged through incorporation: Geat Rimini (which took place in the same year as the listing on the Stock Exchange), Agea Ferrara in 2004, Meta Modena in 2005, Sat Sassuolo in 2006, the acquisition of Aspes Pesaro (now Marche Multiservizi Spa) in 2007 and the acquisition of 25% of Aimag in 2009, operating in the province of Modena. These transactions led the Group, which began its operations in five provinces in the Emilia-Romagna region, to covering 70% of Emilia-Romagna, continuously and evenly, and crossing over the borders in the north into Le Marche.

The mergers and acquisitions made the management of the initial integration process more coordinated, but, at the same time, led to a creation of value through the synergy and rationalisation of activities throughout the entire ten-year period.

Through the original organisational model, the single management of the territories covered allowed shareholding structure rationalisation actions to be undertaken through concentration of personnel, purchasing, administration, finance and control, planning, legal affairs and operational management activities into one industrial holding. Sixty subsidiaries/companies, deemed not to be strategic, were sold, procedures and operating activities were standardised, and IT systems were also standardised. This contributed to transforming the collection of original businesses into an efficient and integrated Group.

Hera’s development over the decade has, through efficiency measures, investment and corporate mergers, allowed it to consolidate competitive advantages in all core businesses, gaining the leading position in terms of efficiency and size in Italy. The Group has also promoted growth in electricity sales (originally managed by the Group in the Imola area only) at a faster rate than any other company, encompassing various regions in Italy. Market research has also shown that, as far as customer satisfaction is concerned, there have been constant improvements made, culminating in “complete satisfaction” for the large majority of the persons interviewed.

In 2012, with the approval of the Board of Directors for the Acegas Aps integration project, the Group prepared to implement the largest project since its establishment and cross the borders between Emilia-Romagna and the richest regions of Veneto and Friuli Venezia Giulia, with a view to taking up a primary position in the domestic reference market.