HERA gRoup consolidAtEd And sEpARAtE finAnciAl stAtEmEnts 2016

2016 Consolidated Financial Statements

2016Consolidated Financial StatementsFocus on resultsand performance numbers

CcGaosmis

 

Approved by th

 

Contribution coming from Group’s varioareas towardsoverall EBITDshows a balamix, in line wts multi-busi

strategy

he Hera Spa Bo

1.02

An a

whic

serv

man

distr

purif

in w

cove

serv

portf

indus

area

orga

these

The

inter

The

reve

as sh

IFRIC

integ

the ous s

DA anced with

ness

oard of Directors

ANALYSIS

analysis of t

ch the Grou

ices in natu

agement; th

ibution and

fication and s

waste collect

ers services

ices. The H

folio in order

strial cogene

a, bringing it t

anizational ou

e changes.

Group’s in

rcompany tra

following a

nues and co

hown in the

C 12 are:

grated water

Hera Group

s on 21 March 2

S BY BUSIN

the results a

p operates

ural gas an

he electricity

sales; the

sewerage se

ion, treatme

in public l

era Group h

to improve a

eration busin

together with

utlook. The

ncome state

ansactions ac

nalyses of t

osts, having n

Group’s con

natural gas

cycle service

–Consolidated

2017

ESS AREA

achieved by

is provided

nd LPG dis

y area, wh

e integrated

ervices; the w

ent, recovery

lighting and

has recently

and simplify

ness has bee

h heat mana

respective 2

ements inclu

ccounted for

the single b

no impact on

nsolidated inc

s distribution

es and public

and Separated

manageme

below, incl

tribution and

hich covers

water cyc

waste mana

y and dispos

telecommu

y revised the

financial rep

en transferre

agement, whi

2015 data ha

ude corpora

at arm’s len

business are

n EBITDA, re

come statem

n services,

c lighting ser

Financial State

nt in the va

uding: the g

d sales, dis

services in

cle area, w

gement area

sal; the othe

unications, a

e arrangeme

porting on its

d from the e

ch furthermo

as been recl

ate headqua

gth.

eas take into

elated to the

ment. The bus

electricity d

rvices.

ement as at 31 D

arious busine

gas area, w

strict heatin

n electricity

which covers

a, which cov

er services

as well as

ent of its m

industrial str

electricity are

ore respects

lassified so

arter costs

o account a

application

siness areas

distribution s

December 2016

22

ess areas in

which covers

g and heat

production,

s aqueduct,

vers services

area, which

other minor

ulti-business

ructures: the

ea to the gas

the Group’s

as to reflect

and reflect

all increased

of IFRIC 12,

s affected by

services, all

6

n

s

t

,

,

s

h

r

s

e

s

s

t

t

d

,

y

l

 

Approved by th

 

Gas: slight growth in margins

Gas area EBIgrows slightl0.4%

1.4 million gacustomers

he Hera Spa Bo

1.02

At 3

and

defin

syste

775/

583/

calcu

secto

the p

relat

The

Tota

4.1.%

the

loyal

orde

and

cent

the a

Più

Com

occu

(€/m

Area

Grou

Perc

ITDA ly, by

as

oard of Directors

.01 GAS

1 December

volumes so

ned 2016 as

em for gas d

/2016/R/Gas

/2015/R/com

ulating the r

or, with the

present finan

ted to investm

following tab

al gas custo

% over 2015

commercial

lty initiatives

er to contras

a wider cus

ral Italy in

acquisition o

(later merg

mm Marche

urred in Ju

mln)

a EBITDA

up EBITDA

centage weigh

Hera Group

s on 21 March 2

r 2016 the g

old. These re

s the third ye

distribution a

. Furtherm

of 2 Dece

rate of return

aim of introd

ncial stateme

ments made

ble shows the

omers rose

, owing to bo

and custom

set in place

st competitio

tomer base,

particular w

of Julia Serv

ged into He

Srl), wh

ne 2016 a

ht

–Consolidated

2017

as area sho

esults must

ear of the fo

and metering

ore, 2016

ember 2015

n on investe

ducing great

ent, the reve

in 2016 is re

e changes oc

by

oth

mer

e in

on,

, in

with

vizi

era

ich

and

D

and Separated

wed growth

be consider

ourth regulat

g, regulated

was the

5 took effec

ed capital fo

ter stability i

nue covering

ecognized on

ccurred in te

Dec 2016

300.6

916.6

32.8%

Financial State

over 2015 a

red within a

tory period (

by resolutio

first year

t, modifying

or infrastruct

nto the regu

g the underly

n an accrual

rms of EBIT

Dec 2015

299.5

884.4

33.9%

ement as at 31 D

as regards b

a regulatory

(2014-2019)

ons 367/2014

in which

g the metho

ture services

ulatory frame

ying cost of

basis.

DA:

5 Abs. chan

5 +

4 +3

% -1.1 p

December 2016

23

both EBITDA

context that

of the tariff

4/R/Gas and

h resolution

ods used in

s in the gas

ework. As of

amortisation

ge % Chan

+1.1 +0.

32.2 +3.

p.p.

6

A

t

f

d

n

n

s

f

n

ge

4%

6%

GE

 

Approved by th

 

15.7% increavolumes sol

Gas: overall EBITDA rises

Gas revenueat euro 1,65million

he Hera Spa Bo

cont

cont

Volu

530.

from

3,91

main

tradi

millio

volum

custo

com

incre

and

Gran

millio

serv

The

Note

cogen

on the

reven

Reve

millio

millio

grow

(1.3%

inclu

natu

roug

reve

certif

incre

oblig

and

millio

appl

Incom(mln/

Reve

Oper

Perso

Capit

EBIT

ase in ld

s

es 55.3

oard of Directors

ributed with

ributed with

mes of ga

9 million m3

3,382.9 mill

3.8 in 2016

nly due to

ng volumes,

on m3 (1

mes). Volum

omers showe

pared to 20

ease in the

the contribu

n Sasso Srl,

on m3. Also

ices led to an

following tab

that pro forma d

neration busines

e 2015 data of t

nues, euro 10.5

enues went f

on in 2015

on at 31 D

wing by e

%). The main

ude: an incre

ral gas s

hly euro 65

nues for

ficates ensu

ease in price

gations assig

coming to

on, higher re

ication of ac

me statement /€)

enues

rating costs

onnel costs

talised costs

TDA

Hera Group

s on 21 March 2

h roughly 1

roughly 16 th

as sold ros

, or 15.7%, g

lion m3 in 20

. This chan

an increas

coming to 4

2.1% of

mes sold to

ed a 1.7% gr

15, thanks t

customer

ution coming

with 10.7 m

note that be

n increase in

ble summaris

data has been p

ss from the elec

this reclassificat

million in opera

from euro 1,6

to euro 1,6

December 2

euro 21.8 m

n reasons fo

ase in volum

sold coming

.1 million, h

energy sa

ing from bot

e and the gr

gned to distrib

roughly euro

evenues tied

ccounting pr

(€/mln)Dec

1.6

(1.2

(12

9

30

–Consolidated

2017

3 thousand

housand cus

e by

going

015 to

ge is

se in

472.6

total

final

rowth

to the

base

from

million m3, a

eing awarde

n volumes se

ses operating

prepared for 20

ctricity area to t

tion amounts to

ating costs and e

633.5

655.3

2016,

million

or this

mes of

g to

higher

avings

th an

reater

butors

o 46.5

to the

rinciple Ifric1

c 2016 %

655,3

241,9) -7

22,2) -

9,3

00,6 1

Thindthe

and Separated

d customers

stomers.

and from Jul

ed a higher p

erved over th

g results for t

015 in order to a

the gas area, as

o euro 3.7 million

euro 0.7 million

2 amounting

% Inc. Dec

1.6

75,0% (1.2

-7,4% (1

0,6%

8,2% 2

he 2012 to 2015dustrial cogenerae gas area. 

Financial State

, and of G

ia Servizi Pi

portion of th

e last month

the gas area

account for the r

s further describ

n in EBITDA, co

in personnel co

g to roughly

2015 % In

633,5

216,0) -74,4

29,2) -7,9

11,1 0,7

299,5 18,3

5 data reflects thation business f

ement as at 31 D

Gran Sasso

iù Srl, with r

e tender for

hs of the yea

a:

reclassification

bed in section 1

onsisting of euro

osts.

euro 4.4 m

nc. Abs.Chang

+21,

4% +25,

9% -7,

7% -1,

3% +1,

he reclassificatiofrom the electric

December 2016

24

Srl, which

roughly 15.1

r default gas

r.

of the industrial

1.02. The effect

o 14.8 million in

illion, higher

ge % Change

,8 +1,3%

,9 +2,1%

,0 -5,4%

,8 -16,2%

,1 +0,4%

on of the city area to

6

h

s

l

t

n

r

e

%

%

%

%

%

 

Approved by th

 

Gas EBITDAeuro 300.6 million

Net investmein the gas aregrow to euromillion

he Hera Spa Bo

reve

expa

cont

the

Mun

posit

euro

redu

The

euro

incre

EBIT

(0.4%

millio

at th

highe

cont

heat

in tr

regu

redu

euro

In 20

came

a eu

In g

incre

from

as p

631/

subs

class

main

also

catho

area

while

Inves

coge

line w

A:

ents ea

o 94.8

oard of Directors

nues in distr

anded scope

ributed with

sales of go

icipalities of

tive effects w

o 108.0 impa

ction in the r

increase in

o 1,216.0 mil

ease of euro

TDA rose b

%), going

on in 2015 to

he end of 20

er volumes o

ribution com

ting, which o

rading and

lated servic

ced rate

o 9.8 million i

016, investm

e to euro 94

uro 5.2 millio

as distributio

ease was s

activities in

er resolution

/13) for a

stitution, whic

s devices

ntenance on

rose, as d

odic protecti

as surroundin

e requests fo

stments also

eneration pla

with the amo

Hera Group

s on 21 March 2

rict heating a

e of operat

roughly euro

ods involvin

f Meldola a

were partially

act on sales

rate of return

revenues ha

lion in 2015

25.9 million

by euro 1.1

from euro

o euro 300.6

016, thanks

of gas sold a

ming from

offset lower m

lower reven

ces, on whi

of return

mpact.

ments in the g

4.8 million, re

n increase o

on, a euro 3

seen, mainl

n regulatory

n 554/15 (ex-

a large-sca

ch also involv

(G4-G6). N

networks a

did interven

on of gas lin

ng Padua and

or new conne

o increased

ant in Bologn

ount seen in t

–Consolidated

2017

and heat man

tions followi

o 8.1 million

ng the trans

and Forlimpo

y offset by a

s and tradin

n, amounting

ad a proporti

5 to euro 1,2

over 2015.

million

o 299.5

6 million

to both

and the

district

margins

nues in

ich the

had a

gas area

ecording

over 2015.

3.1 million

ly derived

upgrading

-resolution

ale meter

ved lower-

Non-routine

and plants

ntions for

nes in the

d Trieste,

ections recor

in district h

na. New con

the previous

and Separated

nagement se

ng the acq

and, lastly,

fer to Unica

opoli, coveri

a fall in the

ng, and low

to euro 9.8

ional effect o

241.9 million

rded a slight

heating, main

nnections fo

s year.

The 2012 to 201

cogeneration b

The 2012 to 20

cogeneration

Financial State

ervices for a t

uisition of

euro 4.1 mil

a Reti Spa

ng both wo

price of raw

wer regulated

million.

on operating

n in 2016, t

drop compar

nly for the r

r district hea

15 data reflects th

business from the

015 data reflects 

n business from th

ement as at 31 D

total of euro

Gran Sasso

llion for capi

of gas netw

orks and pla

w materials, w

d revenues

g costs, whic

thus showing

red to the pr

revamping o

ating were e

he reclassification

e electricity area 

the reclassificatio

he electricity area

December 2016

25

4 million, an

o Srl which

ital gains for

works in the

ants. These

which had a

due to the

ch grew from

g an overall

revious year.

of the Barca

essentially in

n of the industria

to the gas area.

on of the industri

a to the gas area.

6

n

h

r

e

e

a

e

m

l

a

n

al 

ial 

. 

 

Approved by th

 

Investments

2016 RAB: euro 1.066 b

he Hera Spa Bo

Deta

The 2

area t

The

Auth

For

regu

Gas(€/mNetwDH/

Tota

CapTota

s grow

billion

oard of Directors

ails of operat

2012 to 2015 d

to the gas area.

Regulatory A

hority for retu

further deta

lated revenu

smln)works and plaHeat manage

al Gas Gross

pital grantsal Gas Net

Hera Group

s on 21 March 2

ing investme

data reflects the

Asset Base

rn on investe

ails on this

ues.

ntsment

–Consolidated

2017

ents in the Ga

e reclassification

(RAB), whic

ed capital, in

point, see

and Separated

as area are a

n of the industr

ch defines th

ncreased ove

paragraph 1

Dec 2016

71.023.8

94.8

0.094.8

Financial State

as follows:

rial cogeneration

e value of a

er 2015.

1.06.01, Reg

6 Dec 2015

67.922.6

90.5

0.989.6

ement as at 31 D

n business from

assets recog

gulatory fram

Abs. change

+3.1+1.2

+4.3

-0.9+5.2

December 2016

26

m the electricity

nised by the

mework and

% Change

+4.6%+5.3%

+4.8%

-100.0%+5.8%

6

y

e

d

EE34

 

Approved by th

 

Electricity: aincrease in EBITDA

ContributionEBITDA: +3.4

Electricity areEBITDA rises 4.0%

880,200 electcustomers

he Hera Spa Bo

1.02

In 20

term

Sale

crea

activ

Furth

654/

whic

the m

serv

As o

amo

The

The

saw

main

mark

conf

rece

of co

and

esta

of G

with

(€/ml

Area

Grou

Perce

an

n to 4%

a by

tricity

oard of Directors

.02 ELECTR

016, EBITDA

s and as a c

es and tradin

ted in Italy’s

vities recorde

hermore, 20

/2015/R/eel)

ch resolution

method used

ices in the el

of the prese

rtisation rela

following tab

number of

a 2.7% incr

nly due to

ket, which

irming the tr

nt years ow

ommercial a

to the w

blished in 20

Gran Sasso

roughly 3.7 t

ln)

a EBITDA

p EBITDA

entage weight

Hera Group

s on 21 March 2

RICITY

A pertaining

contribution to

ng activities

system as a

ed positive pe

016 was als

for distributio

583/2015/R/

d in calculat

lectricity bus

ent financial

ated to invest

ble shows the

f electricity

rease (23.4

growth in

came to

rend of grow

wing to a rein

activities imp

wider custom

016 with the

Srl, which c

thousand cu

–Consolidated

2017

g to the elec

o overall Gro

widened the

an effect of th

erformances

so the first

on, transmis

/com of 2 De

ting the rate

siness.

l statement,

tments made

e changes oc

customers

thousand),

the free

o 10.7%,

wth seen in

nforcement

plemented,

mer base

acquisition

contributed

stomers.

Dec 2

13

9

14

and Separated

ctricity area

oup EBITDA

e customer b

he crisis in F

s on the dispa

year of the

ssion and me

ecember 201

e of return o

the revenu

e in 2016 is r

ccurred in te

2016 De

35.3

16.6

4.8%

Financial State

grew substa

.

base and gr

rench nuclea

atching mark

e fifth regula

etering activit

15 was imple

on invested

ue covering

ecognized o

rms of EBIT

ec 2015 Abs

101.0

884.4

11.4%

ement as at 31 D

antially both

rasped the o

ar plants, an

ket.

atory period

ties, and the

emented, wh

capital for in

the underly

on an accrual

DA:

s. change

+34.3

+32.2

+3.4 p.p.

December 2016

27

in absolute

opportunities

d production

d (resolution

e first year in

hich modified

nfrastructure

ying cost of

l basis.

% Change

+34.0%

+3.6%

6

e

s

n

n

n

d

e

f

Vosl

EE3

emree

 

Approved by th

 

                     

olumes sold ightly, by 0.5

Electricity: EBITDA rises34.0%

uro 1,523.5 million in evenues in thlectricity area

he Hera Spa Bo

Volu

9,62

9,57

sligh

limite

the

com

2016

The

          Note

cogen

on the

reven

Reve

euro

2015

2016

abso

millio

decr

of en

whic

18.2

year

reve

millio

com

effec

attai

reve

millio

and

spite

millio

IncoReveOperPersCapi

EBIT

fell 5%

s by

he a

oard of Directors

mes of elect

6.0 GWh in

7.8 GWh in

ht decrease.

ed this drop

good

mercial polic

6.

following tab

that pro forma d

neration busines

e 2015 data of t

nues, euro 10.5

enues fell by

o 1,599.9 mil

5 to euro 1

6, thus sho

olute terms

on. The ma

rease lies in t

nergy (Pun,

ch dropped

% compare

r, leading

nues com

on and lowe

ing to euro

ct was part

ned mainly

nues from e

on, a greater

higher regul

e of the redu

on.

ome statement enuesrating costs

sonnel coststalised costs

TDA

Hera Group

s on 21 March 2

tricity sold we

December

n 2016, sho

. The Hera

p to 0.5% th

performanc

cies impleme

ble summaris

data has been p

ss from the elec

this reclassificat

million in opera

y 4.8%, going

llion in Dec

,525.3 milli

owing a dr

s of eur

in reason fo

the fall of the

Nationwide

on averag

d to the pre

to lower

ing to eu

r trading rev

o 63 million.

ially contain

due to the

electricity pro

r level of prod

lated revenu

uction in the

(€/mln)

–Consolidated

2017

ent from

2015 to

owing a

a Group

hanks to

ce of

ented in

ses operating

prepared for 20

ctricity area to t

tion amounts to

ating costs and e

g from

cember

ion in

rop in

ro 76.4

or this

e price

price),

ge by

evious

sales

uro 32

venues

. This

ned by high

price increa

oduction in t

duction natio

ues for the d

e rate of ret

Dec 20161,523.5

(1,349.1)(46.0)

6.9

135.3

Th

c

and Separated

g results for t

015 in order to a

the gas area, as

o euro 3.7 million

euro 0.7 million

her revenues

ase, coming

hermoelectri

onwide to ma

istribution se

turn whose

% Inc. De

-88.6% (1-3.0%0.5%

8.9%

he 2012 to 2015 d

cogeneration bus

Financial State

the area:

account for the r

s further describ

n in EBITDA, co

in personnel co

s for energ

to roughly

c plants, co

ake up for low

ervice, comin

influence ca

ec 2015 % In1,599.9

1,461.0) -91.3(46.0) -2.9

8.0 0.5

101.0 6.3

data reflects the r

iness from the el

ement as at 31 D

reclassification

bed in section 1

onsisting of euro

osts.

gy efficiency

euro 5.0 m

ming to roug

wer imports f

ng to euro 3

ame to roug

nc. Abs. chang-76

% -111% +0% -1

% +34

reclassification of

lectricity area to 

December 2016

28

of the industrial

1.02. The effect

o 14.8 million in

y certificates

illion, higher

ghly euro 12

from France,

.3 million, in

hly euro 2.9

ge % Change6.4 -4.8%1.9 -7.7%0.0 +0.0%1.1 -13.7%

4.3 +34.0%

f the industrial 

the gas area. 

6

l

t

n

s

r

2

,

n

9

e %%%%

%

EEe

Niae

 

Approved by th

 

 

Electricity areEBITDA at euro 135.3 m

Net investmein the electricarea reach euro 25.1 mil

he Hera Spa Bo

Ope

the d

At t

incre

(34%

millio

in 20

on s

marg

acco

dispa

regu

only

in th

euro

2016

elect

euro

incre

com

seen

The

conc

main

in

Mod

Goriz

Com

main

Requ

prev

ea

illion

ents city

lion

oard of Directors

rating costs

decrease in r

the end o

eased by

%), going

on in 2015 to

016, thanks

sales activitie

gins in electr

ount of a

atching ser

lated revenu

partially red

he rate of re

o 2.9 million.

6 investm

tricity area

o 25.1 millio

ease of e

pared to the

n in the previ

main

cerned

ntenance of

the areas

ena, Imola

zia.

mpared to the

ntenance invo

uests for new

ious year.

Hera Group

s on 21 March 2

fell by euro

revenues for

of 2016, E

euro 34.3

from euro

o euro 135.3

to higher m

es and the

ricity product

positive tre

vices and

ues in distri

duced by th

turn, for a to

ents in

amounted

on, showing

euro 0.7 m

euro 24.4 m

ous year.

interven

non-ro

plants and

s surround

, Trieste

e previous y

olving the Co

w connectio

–Consolidated

2017

111.9 million

r the lower co

EBITDA

million

o 101.0

million

margins

higher

tion, on

end in

higher

ibution,

e drop

otal of

the

d to

g an

million

million

ntions

outine

grids

ding

and

year, higher

ogen plant in

ns in this ar

The 2

cog

Th

c

and Separated

n (7.7%); thi

ost of raw ma

investments

n Imola.

rea showed

2012 to 2015 data

eneration busine

he 2012 to 2015 d

cogeneration bus

Financial State

s figure is pr

aterials.

s were seen

a slight incre

a reflects the recl

ss from the electr

data reflects the r

siness from the el

ement as at 31 D

roportionally

n, mainly for

ease with re

lassification of th

tricity area to the

reclassification of

lectricity area to 

December 2016

29

y higher than

non-routine

espect to the

he industrial 

 gas area. 

of the industrial 

the gas area. 

6

n

e

e

 

Approved by th

 

2016 RAB: euro 0.36 bil

he Hera Spa Bo

The

The 2

area t

The

Auth

For

regu

Elet(€/m

Netw

Tota

Cap

Tota

llion

oard of Directors

details of op

2012 to 2015 d

to the gas area.

Regulatory A

hority for retu

further deta

lated revenu

tricity mln)

works and pla

ale Energia E

pital grants

al Electricity

2016 

2015 

Hera Group

s on 21 March 2

perating inves

data reflects the

Asset Base

rn on investe

ails on this

ues.

nts

Elettrica Lord

Net

–Consolidated

2017

stments in th

e reclassification

(RAB), whic

ed capital, in

point, see

i

and Separated

he electricity

n of the industr

ch defines th

ncreased ove

paragraph 1

Dec 2016

25.2

25.2

0.0

25.1

Financial State

area are as

rial cogeneration

e value of a

er 2015.

1.06.01, Reg

6 Dec 20

24.4

24.4

0.0

24.4

ement as at 31 D

follows:

n business from

assets recog

gulatory fram

15 Abs. cha

+0.8

+0.8

+0.0

+0.7

December 2016

30

m the electricity

nised by the

mework and

ange % Ch

8 +3.

8 +3.

0 +0.

7 +2.

6

y

e

d

ange

3%

3%

0%

9%

 

Approved by th

 

 

 

 

Integrated wcycle: slight decrease dulower tariff revenues

Water cycle EBITDA falls1.6%

ContributionEBITDA: -1.3

1.5 million customers inwater cycle

he Hera Spa Bo

1.02

In 20

cont

This

meth

effec

whic

state

inves

 

 

 

The f

The

settle

3.3

2015

grow

by th

regio

resp

grow

num

(€/m

AreaGrouPerc

water e to

s by

n to 3%

n the

oard of Directors

.03 INTEGR

016, the inte

ribution to G

result is par

hod defined b

ct mainly lies

ch impacted

ement, the

stments mad

following tab

number o

ed at 1.5 m

thousand (

5, confirming

wth seen acro

he Group. T

on managed

onsible for

wth, thanks t

ber of new c

mln)

a EBITDAup EBITDAcentage weight

Hera Group

s on 21 March 2

RATED WAT

egrated wate

Group EBITD

rticularly pos

by the Autho

s in a reduct

Group EB

revenue co

de in 2016 is

ble shows th

of water cu

million, incre

0.2%) comp

g the trend o

oss the area

The Emilia R

d by Hera

the majority

to a recove

connections.

–Consolidated

2017

TER CYCLE

er cycle reco

DA and as t

sitive conside

ority for 2016

tion in inflati

BITDA by e

overing the

recognized

he changes o

ustomers

easing by

pared to

of internal

as served

Romagna

Spa is

y of this

ry in the

Dec 2

29

25

and Separated

E

rded a sligh

he absolute

ering that 20

6-2019 (reso

on and in th

euro 18.4 m

e underlying

on an accrua

ccurred in te

2016 De

228.8916.65.0%

Financial State

t drop comp

value of th

16 is the firs

lution 664/20

he rate of ret

illion. As o

g cost of a

al basis.

erms of EBIT

ec 2015 Ab

232.5884.4

26.3%

ement as at 31 D

pared to 201

is single bus

st year in wh

015) was ap

turn on inve

of the prese

amortisation

DA:

bs. change

(3.7)+32.2

-1.3 p.p.

December 2016

31

5, both as a

siness area.

hich the tariff

plied, whose

ested capital,

ent financial

related to

% Change

(1.6%)+3.6%

6

a

.

f

e

,

l

o

3wt

Ici

Nw

 

Approved by th

 

300 million mwater managthe aqueduct

Integrated wacycle: decreain EBITDA

Non-revenuewater stable

he Hera Spa Bo

The

Volu

incre

purif

dispe

activ

regu

regu

reco

volum

Non-

repre

and

syste

The

Inco

ReveOperPersCapiEBIT

m3 of ed in t

ater ase

e

oard of Directors

main quantit

mes dispen

ease was se

fication (roug

ensed, follow

vities in the g

lations tha

lated reve

gnised ind

mes distribut

-billed w

esents the

efficiency of

em, is in line

table below

ome statement

enuesrating costs

sonnel coststalised costs

TDA

Hera Group

s on 21 March 2

tative indicat

sed through

een in the am

ghly 0.7%) c

wing AEEG

geographical

t call for

enue to

ependently

ted.

water, wh

effectivene

f the distribut

with 2015.

synthesises

(€/mln) De

((

–Consolidated

2017

tors of the ar

h the aqued

mount mana

compared to

GSI resolutio

l areas it ser

a

be

of

hich

ess

tion

the income s

ec 2016 %

807.7(420.6) -5(161.9) -2

3.6 0228.8 28

and Separated

rea are as fol

uct were es

aged in sewe

o the quanti

on 664/2015

rves, and are

statement fo

% Inc. Dec

- 7952.1% (4120.0% (150.4% 38.3% 23

The 2016 dat

Financial State

llows:

ssentially in

erage (comin

ties of the p

, are an in

e subject to

r the water a

2015 % In

96.2 -5.5) -52.2

51.2) -19.03.0 0.4%32.5 29.2

ta is provisional, 

readin

ement as at 31 D

line with 20

ng to roughly

previous yea

ndicator of t

equalisation

area:

nc. Abs. cha

+11.52% +5.10% +10.7% +0.62% (3.7)

pending definitiv

ngs 

December 2016

32

015: a small

y 0.2%) and

ar. Volumes

the Group’s

n pursuant to

ange % Chan

5 +1.4%1 +1.2%7 +7.1%

6 +19.8%) (1.6%

ve meter 

6

l

d

s

s

o

 

nge

%%%%

%)

Rtwam

 

Approved by th

 

Revenues frohe integrated

water cycle arat euro 807.7 million

EBITDA at euro 228.8 million

he Hera Spa Bo

Reve1.4%millioeuroeuropartithat by eeffecthe milliothe umenrederegureveand millioprinc

Ope

of a

subc

for e

stand

EBIT

fallin

going

2015

This

reve

millio

in th

parti

and

conn

m d rea

oard of Directors

enues show%, going on at 31 Do 807.7 millioo 11.5 millcularly signdistribution

euro 8.6 millct embracingrate of ret

on, higher runderlying ctioned ab

efinition of thlatory periodnues for subgreater con

on. Lastly, nciple Ifric12, a

rating costs

accounting p

contracted w

efficiencies a

dards.

TDA show

ng by euro 3

g from eur

5 to euro 228

was due to

nues com

on, mainly du

e rate of ret

ally offset

higher rev

nections.

Hera Group

s on 21 March 2

ed an increfrom euro

December 20on in 2016ion growtificant consrevenues drion, as an g the reducturn for eurrevenues coost of amort

bove, and he restrictiond 2016-2019 bcontracted ntributions anote the incamounting to

rose by euro

principle Ifric

orks. Keepin

and skills in

ed a slight

3.7 million (-

o 232.5 mill

8.8 million in

o lower disp

ing to eu

ue to the red

urn. This dro

by subcont

venues from

–Consolidated

2017

ease of o 796.2 015 to

6. This th is idering ropped overall

ction in ro 18.4 overing tisation

the n on revenue (Mti-2). A pworks, eurobove all in crease in reo euro 5.2 m

o 5.1 million

c12 coming

ng the opera

n implement

t drop,

-1.6%),

lion in

n 2016.

pensing

uro 8.6

duction

op was

racting

m new

and Separated

es provided positive impao 1.1 million

the North-Eevenues dueillion. 

(1.2%), owin

to euro 5.2

ational cost fi

ation, maint

Financial State

for by the Act came fromin higher re

East amounte to the ap

ng to higher

2 million an

xed, the Gro

aining const

ement as at 31 D

Authority form euro 4.7 mevenues for ting to rougpplication of

costs for the

nd a higher

oup continua

tantly increa

December 2016

33

the secondmillion higher

connectionshly euro 3.0f accounting

e application

r amount of

ally searches

asing quality

6

d r s 0 g

n

f

s

y

Niwe

Soiasp

 

Approved by th

 

Net investmen the integra

water cycle aeuro 111.8 mi

Significant operating nvestments o

aqueducts, sewerage andpurification

he Hera Spa Bo

Net i

cycle

millio

prev

the

rece

cont

euro

millio

euro

The

exte

upgr

Inves

euro

Amo

the

trans

syste

Plan

the

rede

head

of th

serve

Serv

Requ

rema

Capi

tariff

Deta

Wat(€/mAquPuriSewTotaCap o

Tota

ents ated area: illion

on

d

oard of Directors

investments

e area amo

on, falling

ious year bu

higher amo

ived (+7.8 m

ribution, in

o 4.6 million

on seen in

o 131.8 millio

intervention

nsions, recla

rades involvin

stments tota

o 32.7 million

ong the more

historical ce

sportation lin

em; in sewe

, including th

creation of

evelopment o

d tank of the

e oxygen pr

ed by Acega

vola, Cà Nord

uests for n

aining rather

ital grants am

f component

ails of operat

ter Cycle Busmln)

eductfication

wageal Water Cycl

pital grantsf which FoNI (N

al Water Cycl

Hera Group

s on 21 March 2

in the integr

ounted to e

compared

ut only as a

ount of cap

million). Incl

nvestments

over the e

n 2015, c

n.

ns mainly

amations an

ng above all

alled euro 6

in purificatio

e significant w

entre of Bolo

ne Crealis, a

erage, contin

he first phase

the souther

of the sewera

Riccione pu

oduction fac

asApsAmga,

dio and Aban

ew water a

low nonethe

mounting to

provided for

ing investme

siness

le Gross

New Investment

le Net

–Consolidated

2017

rated water

euro 111.8

to the

n effect of

ital grants

luding this

rose by

euro 127.2

coming to

concerned

nd network

purification a

61.5 in the

on.

works, note

ogna, carried

and an upgr

nued progres

e of the Aus

rn ridge with

age network

rification pla

cility in the Id

continued w

no Terme.

and sewerag

eless due to

euro 20.0 m

r by tariff met

ents in the int

t Fund)

and Separated

and plant u

and sewerag

aqueduct, e

in particular

d out at the

rading of inte

ss in works

sa basin with

h the Hospi

in other area

nt, upgrading

dar purificatio

works in upgr

ge connecti

the situation

million includ

thod for the N

tegrated wat

Dec 2016

61.532.737.6

131.820.07.3

111.8

Financial State

upgrading, in

ge.

euro 37.6 m

: in the aque

e same time

erconnection

for the Rim

the undergr

tal laminatio

as; in purifica

g on the Catt

on plant in Bo

rading the la

ons rose o

in the const

ed euro 7.3

New Investm

ter cycle are

Dec 2015

59.133.834.3

127.212.22.3

114.9

ement as at 31 D

n addition to

million in sew

educt, upgra

e as the cre

ns in the Mo

mini Seawate

round beach

on basin, in

cation, the cre

tolica purifie

ologna and,

arge purificat

over the pre

truction secto

million perta

ments Fund (

as follows:

Abs. change

+2.4-1.1+3.3+4.6+7.8+5.0-3.1

December 2016

34

o regulatory

werage and

ading lines in

eation of the

odena water

er Protection

section and

addition to

eation of the

r, revamping

in the areas

tion plants in

evious year,

or.

aining to the

FoNI).

% Change

+4.1%-3.3%+9.6%+3.6%

+63.9%+217.4%

-2.7%

6

y

d

n

e

r

n

d

o

e

g

s

n

,

e

e

 

Approved by th

 

he Hera Spa Bo

The

Auth

to th

the e

oard of Directors

Regulatory A

hority for retu

he decrease

effects of the

Hera Group

s on 21 March 2

Asset Base

urn on investe

in net opera

e new 2016-2

–Consolidated

2017

(RAB), whic

ed capital, d

ating capital,

2019 regulato

and Separated

ch defines th

ropped sligh

for the high

ory framewo

Financial State

e value of a

htly compared

er funds tha

rk (Mti-2).

ement as at 31 D

assets recog

d to 2015, m

at lower the R

December 2016

35

nised by the

mainly owing

RAB and for

6

e

g

r

 

Approved by th

 

Waste area:slight growtin EBITDA

Commerciawaste: +16.9

he Hera Spa Bo

1.02

At 3

came

The

Volu

An a

a ris

the l

signi

2015

stran

to th

(€/m

AreaGrouPerc

Quan

UrbanCommWastePlant Waste

: th

l 9%

oard of Directors

.04 WASTE

31 Decembe

e to 25.2%, p

e following ta

mes markete

analysis of th

se in comme

ate-2015 ac

ificant impet

5, thanks to

nd waste and

e corporate

ln)

a EBITDAup EBITDAentage weight

ntitative data (tho

n wastemercial wastee marketedby-productse treated by type

Hera Group

s on 21 March 2

E MANAGEM

er 2016 the

presenting s

ble shows th

ed and treate

e volumes tr

rcial waste c

quisitions of

tus to industr

an increase

d the reductio

acquisitions

ousand of tonne

e

–Consolidated

2017

MENT

waste man

light growth

he changes o

ed by the Gr

reated shows

coming to 16

f Waste Rec

rial waste ma

in sorted wa

on in non-so

mentioned a

es) D

and Separated

agement are

in its own EB

occurred in te

roup in 2016

s an 8.5% in

6.9%. This g

ycling and th

anagement.

aste which o

orted waste. T

above.

Dec 2016

230.7916.6

25.2%

Dec 2016

2,047.72,340.64,388.32,479.36,867.6

Financial State

ea’s contribu

BITDA comp

erms of EBIT

are as follow

ncrease in wa

growth is acc

he Geo Nova

Urban waste

offset the 10.

The rise in b

6 Dec 2015

7 230.06 884.4

% 26.0%

Dec 2015

2,040.72,002.14,042.82,182.96,225.7

ement as at 31 D

ution to Gro

pared to 2015

TDA:

ws:

aste markete

counted for

a Srl plants,

e increased c

.8 thousand

by-products is

Abs. change

+0.7+32.2

-0.8 p.p.

Abs. change

+7.0+338.5+345.5+296.4+641.9

December 2016

36

oup EBITDA

5.

ed, thanks to

above all by

which gave

compared to

tonne fall in

s mainly due

% Change

+0.3%+3.6%

% Change

+0.3%+16.9%+8.5%

+13.6%+10.3%

6

A

o

y

e

o

n

e

Sharpin thelandfi

+w

 

Approved by th

 

p decrease e use of ills

1.0% in sortewaste

he Hera Spa Bo

Sortefurth55.4wastby HmanSpa area

The treatplantcomcorp

Washigheoperlandf

Quan

LandWastSelecCompStabiOtheWaste

ed

oard of Directors

ed urban er progress% to 56.4%te grew in thHera Spa baged by Mby 2.3%, an

a growth reac

Hera Grouptment and dts, 11 comppanies Biogorate branch

ste treatmenter volumes mrations mentifill usage tha

ntitative data (tho

fillte-to-energy placting plant and oposting and stalisation and cher plantse treated by plan

Hera Group

s on 21 March 2

waste recs, passing

%. In 2016, she areas may 0.8%, in arche Multis

nd in the Trivched 2.5%.

p operates indisposal planposters/digesgas 2015 Srh containing a

t increased bmanaged in oned above,

at had alread

ousand of tonne

antsotherbilisation plantsemical-physical

nt

–Consolidated

2017

corded from

sorted naged those

servizi veneto

n the entire nts, the mossters and 9rl and Wasta few Geo N

by 10.3% ovthe “other p, and an incr

dy been seen

es) D

plants

and Separated

waste cyclest important 9 selecting pte Recycling

Nova Srl plan

ver 2015. Thlants” sectio

rease in intern in 2015.

Dec 2016

777.71,336.3535.5388.2

1,154.22,675.86,867.6

Financial State

e, with 82 uof which a

plants. Noteg Spa werets.

his trend is n, owing to trmediation, w

Dec 2015

918.51,390.3432.7455.3

1,141.61,887.26,225.7

ement as at 31 D

urban and spare: 10 waste that in late acquired,

mainly explathe changes

which mitigat

Abs. change

-140.8-54.0

+102.8-67.1+12.6

+788.6+641.9

December 2016

37

pecial wastete to energyte 2015 theas was the

ained by thes in scope ofted the fall in

% Change

-15.3%-3.9%

+23.8%-14.7%+1.1%+41.8%+10.3%

6

e y e e

e f n

WiE

 

Approved by th

 

Waste: slight ncrease in

EBITDA

Waste revenues come to euro 967.3

Waste EBITat euro 230.million

he Hera Spa Bo

The

Reveeuroeuroeuroreasincremethincenrecoformof ththe hygieoffseCip6plantprice

Opetreatdesc

EBITin 20thus termThis partistronmaneuropriceenerperfobusinin vo

Incom

Reve

OperPersoCapit

EBIT

TDA .7

oard of Directors

table below

enues rose o 73.0 milo 894.3 millioo 967.3 milons behind

ease in volumhod used ntives that gnised as of revenues

he cost for ghigher re

ene coveringet by lower 6/Cec unit prts. Lastly, th

e of special w

rating costs ted and the cribed above

TDA went fro015 to euro 2

showing as of euro 0

growth mcularly posng drop in agement, a

o 16 million, es of electrrgy certificormances inness and in

olumes mark

me statement (

enues

rating costsonnel coststalised costs

TDA

Hera Group

s on 21 March 2

summarises

in 2016 bylion, goinn at the end lion in 20this growth

mes treated, in recordin

as of 2incentives

s instead of agreen certificvenues frog the greate

revenues frice and the

he changes swaste in all co

rose by euroeffect of the.

om euro 230230.7 million

growth in 0.7 million, omust be cositive, recalrevenues inmounting to

due to thricity produccates. Then the urban recovered meted, as men

(€/mln) Dec

96

(56(17

6

23

–Consolidated

2017

s the income

y 8.2% or ng from of 2015 to 016. The include an a different

ng energy 2016 are under the a reduction cates, and om urban er services rfrom electric

e reduction iseen in the ommercial a

o 65.6 millione different ac

.0 million n in 2016,

absolute or 0.3%.

onsidered ling the n energy o roughly he lower ced and e good

hygiene materials salentioned abov

2016 %

67.3

68.4) -5874.4) -186.3 0

30.7 23

and Separated

statement fo

requested. Tcity productn the recogprice of was

assortments.

n in 2016, in ccounting me

es should alsve.

% Inc. Dec 2

8

8.8% (508.0% (160.7%

3.9% 2

Financial State

or the waste

These positivion followingnition of greste confirm t

line with theethod used f

so be underl

2015 % In

894.3

02.8) -56.2%66.0) -18.6%

4.5 0.5%

230.0 25.7%

ement as at 31 D

managemen

ve effects wg the decreeen certificathe positive

e higher amofor green ce

lined, along

c. Abs. chang

+73

% +65% +8% +1

% +0

December 2016

38

nt area:

were partiallyease in thetes in sometrend in the

ount of wasteertificates, as

with the rise

ge % Change

3.0 +8.2%

5.6 +13.0%8.4 +5.1%.8 +40.3%

0.7 +0.3%

6

y e e e

e s

e

e

%

%%%

%

Nimae

Oii

 

Approved by th

 

Net investmein the waste managementamounting toeuro 50.6 mil

Operating investments increase

he Hera Spa Bo

Net

upgr

seen

subs

prev

carri

Cese

done

proje

The

landf

can

crea

Rave

work

note

and

WTE

Mod

incre

In ec

due

Term

the i

syste

serv

plan

In se

attrib

com

biolo

Deta

Was(€/mComLandWTERS PEcoloTranTotaCapiTota

ents

t area o lion

oard of Directors

investments

rading and a

n in the co

sector were

ious year:

ed out in

ena compos

e on the Sa

ect.

increase

fills, coming

primarily

tion of the

enna landfil

ks on the 5th

the interven

a biogas inta

E subsector s

ena, Ferrara

eases mainly

cological isla

to investmen

me, in additio

mplementati

em that offer

ices, manag

ning, operati

election and

butable to th

pletion of wo

ogical purifier

ails of operat

te Managemeln)

mposting/DigestdfillEPlantsogical areas ansshipment, sel

al Waste Manatal grants

al Waste Mana

Hera Group

s on 21 March 2

s in the wa

mounted to e

omposting /

e in line w

intervention

the Ozza

sters, and w

nt’Agata bio

in investm

to euro 10.8

be traced

e 9th sector

l, the begi

sector of th

ntions on the

ake network

showed a sli

a and Pozz

y concerned

ands and col

nts for sorted

on to interven

on in the Tr

rs integrated

ging a netw

onal program

transhipme

he consolida

orks on the c

r and the new

ing investme

ent

tors

nd gathering election and oth

agement Gros

agement Net

–Consolidated

2017

aste manag

euro 50.6 mi

digester

with the

ns were

ano and

work was

omethane

ents for

8 million,

to the

r of the

nning of

he Sommaca

e Tre Monti

k, as well as

ight increase

zilli plants, w

maintenance

llecting equip

d waste in th

ntions for the

riveneto regio

d manageme

work of peop

mming and o

ent plants, th

ation of the

chemical-ph

w distilling pl

ents in the wa

quipmenther plantss

and Separated

gement area

illion, up euro

ampagna lan

landfill, invo

works on la

e over the pr

while in the

e works on th

pment, an in

he areas sur

e Collection C

on of HergoA

ent of all the

ple and dev

on-field imple

he euro 1.9

company W

ysical treatm

ant for solve

aste manage

Dec 2016

3.217.09.42.912.35.850.70.150.6

Financial State

a involved p

o 15.5 million

dfill and the

lving the ins

ndslide repa

revious year,

special was

he Ravenna

ncrease of eu

rrounding Pa

Centre in Pe

Ambiente, th

activities of

vices, interc

ementation.

million incre

Waste Recy

ment plant, c

ent recovery.

ement area a

Dec 2015

3.26.29.12.5

10.33.9

35.20.6

34.6

ement as at 31 D

plant mainte

n over 2015

4th sector o

stallation of a

air and road

, for interven

ste plant su

plants.

uro 2.0 millio

adua, Trieste

esaro. Note,

he innovative

the Hera Gr

connected to

ease recorde

ycling, and

covering the

are as follows

Abs. change

+0.0+10.8+0.3+0.4+2.0+1.9+15.5-0.5

+16.0

December 2016

39

enance and

. The figures

of Loria. Also

a new motor

access. The

ntions on the

ubsector the

on was seen

e and Abano

furthermore,

e information

roup’s waste

o administer

ed is largely

involves the

basin of the

s:

% Change

+0.0%+174.2%

+3.3%+16.0%+19.4%+48.7%+44.0%-83.3%+46.2%

6

d

s

o

r

e

e

e

n

o

,

n

e

r

y

e

e

 

Approved by th

 

Other services: EBITDA stab

Slight drop icontributionoverall EBIT

Slight decrease in other servicarea EBITDA

517.0 thousand lighting poin

he Hera Spa Bo

1.02

The

inclu

Durin

the p

in 20

The

The

An a

lighti

Grou

signi

conc

thou

main

highe

(€/m

Area

Grou

Perc

ble

in n to TDA

ces A

nts

oard of Directors

.05 OTHER

other servic

uding public l

ng 2016, the

previous yea

016.

changes occ

following tab

analysis of t

ing points an

up acquired

ificant acquis

centrated in

sand lighting

nly in the pr

er number o

ln)

a EBITDA

up EBITDA

centage weight

Hera Group

s on 21 March 2

SERVICES

ces area br

ighting, telec

e results of t

ar, with EBIT

curred in EBI

ble shows the

the data reg

nd a loss of

roughly 21 t

sition were i

the province

g points and

rovinces of P

of service req

t

–Consolidated

2017

S

rings togethe

communicati

the other se

TDA going fro

ITDA are as

e area’s mai

garding publ

4 municipal

thousand lig

in Lombardy

es of Brescia

in the Triven

Pordenone,

quests in mu

Dec

9

and Separated

er all minor

ons and cem

ervices area

om euro 21.4

follows:

n indicators a

ic lighting s

ities served.

ghting points

y, with rough

a, Bergamo

neto area wit

Treviso and

unicipalities a

2016 De

21.3

916.6

2.3%

Financial State

r services m

metery servic

remained fu

4 million in 2

as regards p

hows an de

Over the co

in 14 new m

hly 5 thousan

and Varese,

th roughly 8

d Padua, to

already mana

ec 2015 Abs

21.4

884.4

2.4%

ement as at 31 D

managed by

ces.

undamentally

2015 to euro

public lighting

ecrease of 6

ourse of 201

municipalitie

nd lighting p

, in Lazio wi

thousand lig

which one

aged by the

s. change

-0.1

+32.2

-0.1 p.p.

December 2016

40

the Group,

y in line with

o 21.3 million

g services:

6.7 thousand

16, the Hera

s. The most

points mainly

th roughly 2

ghting points,

must add a

Group. The

Change %

-0.6%

+3.6%

6

,

h

n

d

a

t

y

2

,

a

e

Nofm

 

Approved by th

 

Other servicerevenues rise

Revenues foother servicearea at euro million

EBITDA fallseuro 0.1 mil

et investmenf euro 15.8

million

he Hera Spa Bo

year

mun

The

Reve

the

trans

com

Tras

Aceg

both

reve

busin

area

EBIT

euro

This

in

and

the

men

highe

illum

perfo

Inves

area

incre

the p

In te

com

mad

(Inte

a slig

Inco(€/m

Reve

Oper

Pers

Capi

EBIT

es: e

r the es 131.8

s by lion

nts

oard of Directors

r’s increases

icipalities ma

operating re

enues in the

previous yea

sfer in lat

pany Tries

sporti Funeb

gasApsAmga

the incr

nues in th

ness in the

a and telecom

TDA showed

o 0.1 million c

trend is due

telecommun

cemetery s

late-2015

tioned abo

er margi

mination, du

ormances of

stments in

a reached

easing by e

previous yea

elecommunic

ing to euro

e in network

ernet Data Ce

ght fall comp

ome statementmln)

enues

rating costs

sonnel costs

italised costs

TDA

Hera Group

s on 21 March 2

s allowed t

anaged, abov

sults of the a

e area grew

ar, in spite

te 2015 o

ste Onoran

bri Srl, he

a Spa, than

rease graz

he public l

e Emilia-Rom

mmunications

d a slight d

compared to

e to lower m

nications se

services, ow

company tr

ove, despite

ns in

ue to the

Hera Luce.

the other s

euro 15.8

uro 0.5 millio

r. 

cations, inve

o 8.9 million

ks and TLC a

entre) servic

pared to 2015

Dec

13

(9

(1

2

–Consolidated

2017

he loss of

ve all in Lazi

area are as f

w over

of the

of the

nze e

eld by

nks to

zie in

ighting

magna

s.

drop of

o 2015.

margins

ervices

wing to

ransfer

e the

public

good

services

million,

on over

estments

n were

and IDC

ces, with

5.

c 2016

31.8

92.7) -7

19.6) -1

1.7

21.3 1

and Separated

roughly 28

io and Lomb

follows:

Inc% Dec

70.4%

14.8%

1.3%

16.1%

Financial State

8 thousand

ardy, to be c

c 2015 %

126.2

(88.3) -70.

(18.4) -14.

1.9 1.

21.4 16.

ement as at 31 D

lighting poi

contained.

Inc. Abs. chan

+

.0% +

.6% +

.5% -

.9% -

December 2016

41

nts and 18

nge % Chang

+5.6 +4.4

+4.4 +5.0

+1.2 +6.5

-0.2 -10.6

-0.1 -0.6

6

8

ge

4%

0%

5%

6%

6%

Hera Group –Consolidated and Separated Financial Statement as at 31 December 2016

 

Approved by the Hera Spa Board of Directors on 21 March 2017 42 

 

Investments totalling euro 7.0 million in public lighting services mainly went to

maintaining, enhancing and modernising lampposts, with an overall increase of euro 1.0

million that included both the company Hera Luce Srl and management of services in

AcegasApsAmga’s operating area.

Details of operating investments in the other services area are as follows:

   

Other Services(€/mln)

Dec 2016 Dec 2015 Abs. change % Change

TLC 8.9 9.3 -0.4 -4.3%

Public Lighting and Street Lights 7.0 6.0 +1.0 +16.7%

Total Other Services Gross 15.9 15.3 +0.6 +3.9%

Capital grants 0.2 0.0 +0.2 +100.0%

Total Other Services Net 15.8 15.3 +0.5 +3.3%