Total Shareholder Return

The most complete measure of the value created by a company for its shareholders is the TSR (Total Shareholder Return)i, which is calculated by adding together the increase in the price of the shares in a given period of time and the effect of the dividend per share paid in the same period.

The calculation of the TSR thus shows the annual rate of return for an investor who buys Terna shares on day X and sells them on day Y. This calculation takes into account all the dividends paid by the Company that have been reinvested in Terna shares as of the ex dividend date of the related coupon.

For a shareholder holding Terna shares on December 30, 2009, the last day on which the market was open in 2009, the total return was thus:

  • since the IPO: 142.3% – (FTSEMib: 3.1%)
  • since December 30, 2008: 37.2% – (FTSEMib: 23.9%). With this TSR, Terna ranked first among European utilities, as well as among Italian blue-chip utilities.

Dividends distributed by Terna S.p.A. in the last six years (1)

Ex dividend date
PaymentDividend (euros)
Interim dividend 20042004October 18
October 21
Dividend balance 20042005May 23
May 26
Interim dividend 20052005November 21 November 240.050
Dividend balance 20052006June 19
June 22
Interim dividend 20062006November 20
November 23
Dividend balance 20062007June 18
June 210.087
Interim dividend 20072007November 19
November 22
Dividend balance 20072008June 23
June 26
Interim dividend 20082008November 24
November 27
Dividend balance 20082009June 22
June 250.0988
Interim dividend 20092009November 23
Novemebr 26
Dividend balance 20092010June 21
June 24


(1) Terna has adopted a policy that provides for the payment of dividends twice a year.