Terna is a leading energy transmission grid operator, headed by Luigi Roth, Chairman and Flavio Cattaneo, Chief Executive Officer.
The Terna Group is the first independent operator in Europe and the seventh in the world for kilometers of lines managed and is the primary owner of the National High Voltage Electricity Transmission Grid, with over 62,000 km of HV lines throughout the Italian territory. Terna is responsible for energy transmission and dispatching throughout the entire territory and therefore for the safe management of energy flows in Italy, guaranteeing the balance between electricity supply and demand, 365 days a year and 24 hours a day.
Terna is an outstanding Italian company with over 3500 employees that are daily involved in guaranteeing the electricity grid’s safety. The Company is responsible for grid planning, development and maintenance by providing know-how, technology and innovation based on the best international best practices.
Terna represents an excellent example of independent grid transmission operator, in line with the “unbundled” model envisaged by the 3rd EU Energy Package.
Shareholding structure
Terna has been listed in the Italian Stock Exchange since 2004 (ticker: Bloomberg: TRN IM; ticker Thomson- Reuters: TRN.MI). Its major shareholder is Cassa Depositi e Prestiti, with 29.94% of shares. 66% of its share capital is held by Italian investors while 34% by foreign institutional investors. Among the principal shareholders of the company: Enel with 5.1%, Pictet Funds Europe S.A. with 4.9%, Blackrock Inc. with 2,2%, Assicurazioni Generali with 2.1% and Romano Minozzi with 4,2% (data as of July 26, 2010).The remaining 55%, approximately, is held by institutional and retail investors.
Energy transmission
Terna is the company responsible for HV and EHV electricity transmission. Transmitting energy means transferring the electricity produced from the production plants to the consumption areas. To this purpose, lines and transforming stations are needed: the elements which form the Transmission Grid, the “backbone” of the Italian electricity system.
The system’s number
> 62,000 km of grid
317.6 billion kWh the 2009 demand in Italy
1,000 MW the transfer capacity of the most powerful lines
22 interconnecting lines with foreign countries
383 transforming and switching stations
1,600 meters the record-breaking depth of the SA.PE.I. cable
Environment and Sustainability
Commitment towards the environment lies at the heart of the Company’s strategic decisions.
A fundamental factor is Terna’s approach for coordinating activities with the regional (18 agreements signed) and local authorities, in part achieved by means of the Strategic Environmental Assessment system (SEA) which identifies the best solutions for matching the electricity grid development needs with the necessity of protecting the environment and the local territorial culture
In compliance with the best practices followed by leading listed companies, Terna publishes a “Sustainability Report” on the company’s non-financial performance, with special attention to the social, management and environmental impacts of its activities.
Strategy: Terna’s 2010-2014 Strategic Plan
The 2010-2014 Strategic Plan includes total investments for 4.3 billion euros, mainly for grid development, with a 900 million euro growth, equal to +26%, compared to the previous Plan (3.4 billion euros). The dividend policy was confirmed: a growth of 4% per year, with 2008 that is considered the reference year, in addition to the surplus deriving from the sale of the Brazilian assets.
Structure
2009 Financial Statements: the main results
Terna closed 2009 with revenues equal to 1,306.7 million euros, a 13.8% increase compared to 2008.
The EBIDTA, equal to 1003.2 million euros, grew by 18%, while the net income stood at 771 million euros, + 135.4% compared to 2008.
These results enabled Terna to offer a 2009 dividend equal to 19.0 euro cents per share, +20% compared to 2008, thus confirming the 4% guaranteed growth expectations announced in the Strategic Plan. The interim dividend of 7 euro cents was paid in November 2009 while the final dividend equal to 12 euro cents in June 2010.
Investments, equal to 900,4 million euros, increased by 17.7% compared to the previous year.