Chairman's message

Dear Terna's Shareholders and Stakeholders,

Luigi Roth Presidente

once again this year we are presenting you a Financial Statement that confirms the capability of this Group to grow and produce excellent results. A capability which we are all the more proud of because it involves, for the role that Terna holds in the electric system, positive effects for the country, tested during a prolonged period of continuing and increased economic, political and social crisis.

Investments exceeded Euro 1,200 million for the second consecutive year, a record level which was achieved partly thanks to the constant, profuse commitment of everyone involved to identify localisation solutions compatible with the requirements of the territory whilst also respecting the environment. The grid development activity, which is carried out with ever closer attention to sustainability, sense of responsibility and respect for the stakeholders, allows us today to achieve several objectives simultaneously: provide the country with efficient transmission infrastructures in line with the requirements of the production system, create employment with over 150 sites open in Italy, and contribute to reducing the CO2 emissions of the electric system. All this with realisation costs systematically lower than the economic benefits generated for the system. The environmental restoration programme carried out in the Gran Sasso Park in Abruzzo, in cooperation with the WWF is just one of many examples.

Responsible behaviour and a relationship of trust with the stakeholders are both the foundation and objectives of our business, as well as a way of taking care of future generations. By no coincidence, the reorganisation of the Group, implemented in 2012, entailed the adoption of the Code of Ethics by all the companies, in order to guarantee the widespread sharing of our principles and values.

Listening to the opinions of our stakeholders also feeds into the production of new proposals, paths to follow and possible improvements and innovations. We believe that listening and dialogue are valuable and irreplaceable instruments. Among the many discussions held last year, those relative to the Grid Development Plan are particularly notable: the presentation organised by the Authority for Electricity and Gas with the sector operators and the meetings with the consumer associations requested by Terna were important opportunities for discussing and understanding the positions of the stakeholders.

On the internal front, we took care as always of the reinforcement of skills through substantial investment in training, only marginally slowed down by the aforementioned organisational changes. In 2012, we inaugurated the new Campus, our company university established in an electricity station at the gates of Rome (in a building originally intended for maintenance), restructured and equipped with the latest technologies, allowing better organisation and use of training courses. The teaching positions are held by expert employees, guaranteeing continuous training oriented at the dissemination of the specific technical knowledge of Terna, fundamental during a phase of generational turnover. This turnover involves the insertion of young employees into the group’s workforce, including a growing component of female workers, with an increasing presence in managerial positions, and contributes to maintaining professional excellence.

2012 was once again a year of successes, which the strategic objectives of the Group project forward into the coming years. Our continuous commitment to process improvement and the capability of creating value for the shareholders and all stakeholders, allow us to confidently face future challenges. Confidence which concerns Terna first of all, and, we hope, the whole country.

The Chairman

Luigi Roth

Luigi Roth