Total Shareholder Return

The most complete measure of the value created by a company for its shareholders is TSR (total shareholder return), which is calculated by adding the increase in the price of the shares in a given period of time and the effect of the dividends per share paid in the same period.

The calculation of the TSR thus shows the annual rate of return for an investor who bought Ternai shares on date X and sold them on date Y. This calculation considers all the dividends paid by the Company as of the ex-dividend date of the related coupon.    

The Company’s generous dividend policy boosted the TSR, which amounted to 12% in 2010. In the same period the returns of the Italian blue chip and the European utility indexes were negative (FTSE-MIB -10% and DJ Stoxx Utilities -3%).

The total return for a shareholder owning Terna shares at the end of 2010 was:

  • from the IPO: 172% (FTSE MIB: -7%);
  • from December 30, 2009: 12% (FTSE MIB: -10%).

DIVIDENDS DISTRIBUTED BY TERNA S.P.A. (1)

  Year
Ex-dividend date Payment Dividend (euro)
Interim dividend 2004
2004 October 18
21 ottobre 0.045
Dividend balance 2004 2005 May 23
May 26
0.070
Interim dividend 2005 2005 November 21 November 24 0.050
Dividend balance 2005 2006 June 19 June 22 0.080
Interim dividend 2006
2006 November 20
November 23
0.053
Dividend balance 2006 2007 June 18
June 21
0.087
Interim dividend 2007
2007 November 19
November 22
0.056
Dividend balance 2007 2008 June 23
June 26 0.095
Interim dividend 2008
2008 November 24
November 27 0.0592
Dividend balance 2008 2009 June 22
June 25
0.0988
Interim dividend 2009 2009 November 23
November 26 0.07
Dividend balance 2009 2010 June 21
June 24
0.12
Interim dividend 2010 2010 November 22
November 25
0.08
Dividend balance 2010 2011 June 20
June 23
0.13

(1) Ternai has adopted a policy providing for the payment of dividends twice a year.