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Consolidate Half-Year Financial Report -- As At U t Consolidate halfhalf-year-year financial report report -- as at 30 June 2020 uutmi • t GR UP 0 t TABLE OF CONTENTS INTRODUCTION Mission e strategystrategy GovernanceGovernance system CHAPTERCHAPTER 1 DIRECTORS'DIRECTORS’ REPORT 1.01 TrendsTrends and contexts 001 1.01.01 MacroeconomyMacroeconomy and finance 001 1.01.02 Business, Environment, Regulation, Human Capital and Technology 002 1.02 AreasAreas of risk management and Covid-19Covid-19 emergency 009009 1.03 Overview of operating and financial trends and definition of alternative performance measuresmeasures 011 1.03.011.03.01 Hera —– Ascopiave Partnership 013 1.03.02 Operating and financial results 015015 1.03.031.03.03 Analysis of the Group’sGroup's financial structure and investments 020 1.03.041.03.04 Analysis of net cash (net borrowings) 024024 1.04 Share performance and investor relations 026026 1.051.05 AnalysisAnalysis by business area 028028 1.05.011.05.01 Gas 029029 1.05.021.05.02 ElectricityElectricity 033033 1.05.031.05.03 Integrated water cycle 037037 1.05.041.05.04 Waste management 041041 1.05.051.05.05 Other services 047047 1.06 Significant events occurred during the half--yearyear 050050 CHAPTER 2 HERA GROUP CONSOLIDATED FINANCIAL STATEMENTS 2.01 Financial statement formats 2.01.01 Income statement 052052 2.01.02 Statement of comprehensive income 053053 2.01.03 Statement of financial position 054054 2.01.04 Cash flflowow statement 056056 2.01.05 Statement of changes in net equity 057057 2.02 Explanatory notes 058058 2.02.01 Accounting policies and evaluation principles 058058 2.02.022.02.02 Scope of consolidationconsolidation 061061 2.02.032.02.03 Changes in international accounting standards 064064 2.02.042.02.04 CommentaryCommentary notes to the financial statement formats 066066 2.02.052.02.05 Reporting by operational sector 100 2.03 Net financial indebtedness 102102 2.03.01 NetNet financial indebtedness 101022 2.03.02 NetNet financial indebtedness according to Consob Dem/6064293 communication of 2006 101033 2.04 Financial statement formats as per Consob resolution 15519/2006 104104 2.04.01 Income statement as per Consob resolution 15519/2006 101055 2.04.02 Statement of financial position as per Consob resolution 15519/2006 101066 2.04.03 Financial statement as per Consob resolution 15519/2006 101088 2.04.04 List of related parties 101099 2.04.05 Commentary notes to the relations with related parties 111111 2.05 Equity investments: list of consolidated companies 113113 2.06 Declaration on the consolidated financial statement pursuant to Art. 154-bis154-bis of Legislative Decree 58/98 115115 2.07 ReportReport by the independent auditor 116116 IntroductionIntroduction .• - _ • • 77. 1 • , ••• ..-• • - .!. __ - -,—.:__7. -n a•- •.••••••...= 1 4,..4.---7 ..---.- . ... .0.4..z-r7 .........,7 ▪ ,.,,, - ......-•••• `. fi.. •r --•, Irl a .- - , . d._ m. _ _-. - , ■L - 1I II I . 0Ia 4; 4 . _ ....r.- _:' !,. -_ ... ••-- pq....6 ..„5.7.1c 7 . ±.F.:.... .id....impin- __ ...r • . _ :...-_-.; : - ,47. 7 ••-7d. ..m 1.10111 ---. .s."--4 5 4k3L. gkL, - ... ._,.., . .- •- . ..• . _ _....a ., .... .-...- T., _ -,...,.„,.t.:-_. • . ja •••1.••-•- - • - • .,.,,,• j roor.7-.........,-- ,„ .....rnr-- L'--. •"' . • •" 1"..•'.7. •-• -•a•r: 45!P..jr .:-7 r .7 -71'2'2 _ .-r••41,....altr-r.-. ... = ._IL1 07.7 .. .. j:m1..ja . -:;• J.,,7..;...0i.kin. 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"Wr• - • • :P ..11% ...T ia• ' •••`..•r : 30f •P' • . .• 1...1%- ,.i.4 '.1..'? • .r.".- 1. ..et ;.;!1114. 14+,41;14 rC'4r fj . .i1' 4.4 " -.21' :,.„1,r;a21M...v,!,A r...4.f. i. a IA 11, Mission ........ "Hera“Hera aims at being the best multimulti-utility-utility in Italy •• for its customers, workforce and shareholders. It intends to achieve this by further developing an original corporate model capable of innovating and forging strong links with the areas served by respecting the local environment:environment.”/ / ............. ......... For Hera, being the best is a way of creating pride and trust for: our customers,customers, our employees,employees, our shareholders,shareholders, the local areas our suppliers,suppliers, who receive because the women confident that that the the served,served, because because they are key quality services and men who work economic value economic, social elements in the value that satisfy their for the company, of the company and environmental chain and partners expectations, thanks with their skills, will continue to wealth represents in growth. to Hera'sHera’s constant engagement and be generated in the promise of a responsiveness; passion, are the full respect of the sustainable future; foundation of its principles of social success; responsibility; Strategy .... ..... ..... .... .. ...... ..... ..... ... ... •••• ....... ••••• Tz- ... •• ...... .... •••... •... ••••• ...... Hera pursues a The Group is distinguished Effective long-term risk Measuring the shared value multimulti-business-business growth by its search for excellent management is another generated for the local strategy concentrated on management models that characteristic of the area provides tangible, three core business areas: embody the principles of a Group'sGroup’s strategy, as it is quantifiable evidence evidence waste managem.management , circular economy,economy, making required to guarantee the that Hera has adopted a water services and the most of emerging fundamental services sustainable growth model. energy.energy. This allows us technological innovations. it provides to all, even in to maintain a balanced extreme or extraordinary Overall, the Group'sGroup’s portfolio that includes both circumstances. strategy combines business regulated and free-market development with the needs activities, and that lays the of the ecosystem in which foundations for a path of it operates, enhancing steady growth. the reciprocal trusttrust-based-based relationship it enjoys with its local areas. Governance system Hera'sHera’s corporate governance is aimed at understanding and evaluating the stimuli from an increasingly complex context in order to continue growing and, at the same time, further consolidate the close links with the area served that have distinguished the Group since its establishment. Constant dialogue and specific knowledge knowledge of of the the actors actors involved involved have have led led us us to to developdevelop an an open open and and transparent transparent way way of of doing doing business. This distinctive trait has been implemented over the years thanks to the creation of corporate bodies that are integrated with each other and, in line with the Corporate governance code and the Code of ethics,ethics, enable the expectations of all those interacting with Hera to be satisfied. Shareholders meeting Independent auditing firm IndependentSocietà di revisione L Board of Directors Board of Statutory Auditors Ethics Internal Executive Remuneration sustainability Internal control committee committee and sustainability and risks committee committee committee committee risks committee Executive Chairman CEO Vice Chairman Shareholders meeting Board of Statutory Independent Board of Directors Auditors auditing firm Remuneration Internal control Ethics and Executive Remuneration sustainability Chairman: Deloitte Member Office committee committee and risks sustainability committee committee cocommitteemmittee committee* Myriam Amato &Touche& Touche Spa Tomaso Tommasi di Vignano Executive Chairman 0 C Standing auditors: Stefano Venier CEO M Antonio Gaiani Gabriele Giacobazzi Vice Chairman 0M 0C 0C Marianna Girolomini Fabio Bacchilega Member M Danilo Manfredi Member Alessandro Melcarne Member M Lorenzo Minganti Member M Monica Mondardini Member M Erwin Paul Walter Rauhe Member M Manuela Cecilia Rescazzi Member Key Paola Gina Maria Schwizer Member M Federica Seganti Member 0C 0C Chairman of the Committee Bruno Tani Member M Member of the Committee Alice Vatta Member M M * The other members of the Ethics and sustainability Marina Vignola Member committee are Filippo Maria Bocchi and Cristiana Rogate 1 f, Directors'Directors’ ReportReport lil .ttd ) ';al>. /11 =III ----.---.r--_•.- - ' - 1 Gruppo Hera - bilancio consolidato e separato 2017 chapter 11— – Directors'Directors’ report 1.011.01 TrendTrendss and contexts Hera makes ongoing efforts to interpret the signs coming from the contexts in which it operates, in an attempt to obtain an overall view of what lies ahead for the Group and its stakeholders. In order to anticipate future developments, and thus base its opoperationserations on an original business model, able to continually innovate and maintain its strong local roots and respect for the environment, the
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