CCNL MULTISERVIZI 2013 PDF

Breakingviews Home Breakingview Videos. MU on Munich Stock Exchange 3. Volume 0. Vol He began his career in the Personnel sector at Sip S. Since November , di Vignano has been at the helm of the Hera Group, and as Executive Chairman managed the process of listing the company on the stock exchange, which took place in June

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Generally, an eBook can be downloaded in five minutes or less Browse by Genre Available eBooks Be the first to like this. No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Hera in fact aggregated the Acegas Aps Group, expanding the area in which it operates to encompass a territory that extends from the border with Slovenia to the northern part of the Marche region, covering most of the Adriatic coast.

Hera is now present in four regions Marche, Emilia-Romagna, Veneto and Friuli and has an annual turnover of 4. The economic and patrimonial size of the Group are now more than 4 times larger than its initial configuration; it employs over 8, people and enjoys one of the largest capitalisations in the multi-utility sector across the Country.

The company has become the most relevant player in its sector in Veneto and Friuli, where a further process of growth is expected through the consolidated aggregation model that the Group has gradually perfected in the over 20 operations carried out in 12 years, leading to a reduction of the fragmentary nature of utility companies, notable still today in comparison with European standards.

The aggregation with Acegas Aps was completed in following a successful public tender and exchange offer OPAS , which was launched at the beginning of the financial year and came to a conclusion in the second quarter, when full control of the shares was reached and Acegas Aps shares were de-listed from the stock market.

Just a few months after the integration with Acegas Aps, two further external growth operations were launched that led the Group to develop the area it covers in Friuli. The first operation concerns the dissolution of the Acegas Aps — ENI joint venture for gas and electricity distribution and sales in Gorizia. This operation is presently being approved, and will be completed within the first half of the current financial year.

This will bring about a greater exploitation of economies of scale and a further improvement in efficiency, with a consequent extraction of value for the main stakeholders. At the end of the financial year, Hera implemented a capital increase of roughly The capital increase has been fully undersigned, with an large participation of private investors, including international ones.

This has allowed the Group to reach a position of national leadership in some of its business areas, including the waste sector, and to ensure its loyal and extensive customer base that is concentrated in the main reference area. Furthermore, development strategies have been aimed at maintaining a balance between these various activities, in order to conserve a low variability profile as regards the Group's results.

To ensure higher operative efficiency and a greater exploitation of economies of scale, after the merger, each business has been integrated into the original model based on an industrial holding company. The dual-fuel strategy, an expansion of the offer of electricity services to existing customers, was supported by a parallel and prudent upstream strategy of self-generation development, complementary to market procurement sources.

All of this allowed a low risk exposure to be maintained in this business sector as well. In the waste disposal market, in which Hera is the market leader in Italy, strategies were aimed at strengthening the plant structure in the light of sustainable management and respect for the environment.

These underlying strategies, considering the forms they take with respect to the new reference scenario, have been confirmed once again in the business plan presented in October The foreseen growth satisfies the strategic objective of maintaining a policy of constant dividend distribution over the entire length of the plan. Hera continues in its strategy of defending the position it has reached in regulated activities, above all in preparation for the expiry of the concessions.

Thanks to the positive organic growth and the extraction of further synergies, at the conclusion of the financial year Hera has recorded a tangible achievement of the objectives contained in the outlook of the Business Plan through Its management strategies have been aimed at rationalising its various sectors, with the attention concentrated on the more consolidated ones and those that are more important for its customer base.

This will allow a low risk profile to be maintained in the future as well, while at the same time guaranteeing good opportunities for growth in markets in which the Group possesses competitive advantages. A balanced portfolio has been maintained even during recent aggregations, in that the groups involved were similar to Hera and focused on the same core activities. Hera is the leading domestic operator in the environment sector by quantity of waste treated.

Waste collection, regulated by concession contracts, has expanded over the years through subsequent company mergers, eventually covering all of the areas from Modena to Pesaro-Urbino and, more recently, a few areas of the Friuli and Veneto regions.

Sorted waste collection in fact allows glass, paper, plastic, metals, electronic waste and biomasses to be recycled efficiently, with direct benefits in environmental protection. The remainder of urban waste materials, collected with non-sorted methods, is almost entirely disposed of through the extraction of its energy content in waste to energy plants.

This efficient system has notably contributed to decreasing the amount of waste disposed of in landfills, reaching the same standards found in the most advanced European countries. Following the aggregation with Acegas Aps, the volume of urban waste treated has increased, leading to benefits for the Group in terms of reinforced assets and management strategies.

Waste treatment and disposal activities, managed in the free market system, have also benefited from the significant expansion and renovation of the asset base. In a multi-year plan for modernising 8 plants was completed, to which one WTE acquired from Veolia at the end of the financial year in Molise Energonut must be added.

In , the plant base was enriched with 2 additional WTEs in Trieste and in Padua with the aggregation of Acegas Aps, effective as of 1 January ; lastly, the Group has begun procedures to request authorisation for the construction of 1 WTE in Florence.

With a generation of over 1. Since its establishment, Hera has also been active in integrated water service management, from the distribution of drinking water to the collection and purification of waste water, and has the exclusive right to these services in seven provinces of Emilia Romagna and the northern Marche, on the basis of long-term concessions on average until Following the mergers that have taken place, and with the physiological development of the activities and investments carried out, the Group has essentially more than doubled its customer base.

Remote monitoring of networks optimised maintenance and supervision processes, ensuring greater efficiency and lower running costs. The system of environmental control, from the analysis of water before distribution to the collection and purification of waste water, has also shown major progress, guaranteeing high service quality and maximum customer safety.

The Group has an almost complete coverage of its reference area in the gas sector as well. This includes services in distribution and in methane gas sales and trading, as well as district heating management. Since the liberalisation of the sales market in , the Group has developed its original customer base, reaching 1. The contribution of Acegas APS has allowed the customer base to be significantly widened and new markets to be opened. With this aggregation, the Group has reached the third position in the national market.

Sales have also more than doubled over time, bringing the volumes handled to almost 3. The distribution network, developed through direct investments and the acquisition of companies, now has a length of over 16 thousand km. Acegas Aps also brings an important contribution of plant assets, that allow the Group to look optimistically towards future tenders for gas distribution concessions in all reference areas.

The unstable situation of energy markets over the last decade has led the Group to follow prudent and flexible procurement policies. Hera has a multi-year capacity of gas importation that reaches almost million cubic metres per annum, through the TAG gas pipeline Russian gas. The agreement will be implemented upon completion of the infrastructures that are currently under construction. The volume of sales relating to district heating has also more than doubled over the last 11 years.

This way of transforming energy into heat is more efficient and has less impact on the environment than independent home heating systems. The district heating network has been developed in various urban areas across the territory, some of which are near the large waste-to-energy and co-generation plants built in the last 11 years, thereby exploiting heat sources that would otherwise not be used.

This strategy has proved to be capable of defending existing customers in the gas sector, achieving important domestic market shares with annual sales of roughly 10 TWh, and increasing tenfold, in just a few years, the customer base, which now reaches thousand customers, in spite of a very competitive market due to the presence of competitors whose size is considerable.

Commercial development in the electricity sector has been accompanied by a parallel cautious development in electricity generation, to manage customer demand in a sustainable way.

Over the years, Hera has acquired minority shares in generation companies and built a few modestly sized conventional generation plants. Hera continues to be an operator with a relatively contained presence in generation activities; the greater part of end customer electricity demand is in fact prevalently covered by a widely diversified portfolio of bilateral supply contracts and by activities in market trading.

The contribution resulting from the Acegas Aps aggregation is important in this sector as well, in particular for the commercial development potentiality that those markets can offer to the integrated dimensions of the new Group. In , the amount of a out by the G The share p 11X and a book value, company sh At 31 Dece based, whic the Hera Spa B rformance 3 the share tperforming e of the sha ares.

Over a compared to arket capitali ti-utility comp pital increase e continues t e liquidity lev approximatel Group, partic price at the e dividend yie , which is ab hare. This was ew shares iss implied an As of 31 De wer than the mong its sha ately D number of internationa Hera had fo dealing with started for early The main to all the stak the Hera Spa B year the num n with Acega to pay for A ble, as in the d actively in ed by the p f a sharehold , Hera has a mpanies and rder to redu profile for inv of the share hares.

In e by Banca I establish an e ith its shareh l investors, p Consolidated y In , a e banking se hly qualified , Intermonte and no nega fact, at the IMI, Goldma even broade holders is its bondholders d Financial Rep on, or The Board eeting, is to ade in the bu nd foreign fin the number about r ector that led d coverage, and Kepler ative views.

Currently, t 3 various ac ediobanca qualified cov hich can be a ial analysts December the business hares, which shareholder us year, who der base is der and the tanding. In addition, saw the introduction of the new section of the web site devoted to investors, where a simpler and more pleasant navigation allows access to financial information in an easier and timelier manner. Internet-based communication was designed to increase the amount of information that can be used also by individual investors, through such interactive tools as the navigable annual report including the six-monthly one , the description of corporate governance and an analysis of the changes in the share price and opinions on the share, as expressed by independent financial analysts.

Also in , communication with retail investors was inspired by transparency, with the publication of a quarterly internet newsletter illustrating financial results, the merger with Acegas APS and the capital action undertaken by the Group.

Every issue of the newsletter contains a short and extremely accurate overview of the share performance, the views of independent financial analysts and significant events during the period, which may affect such performance.

ISTOTA SOCJOLOGII EARL BABBIE PDF

Hera SpA (HRA.MU)

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CASSANDRA CLAIRE DRACO DORMIENS PDF

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