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Letter from the Chairman of the Board

Tomaso Tommasi di Vignano

Once again this year our results confirm the effectiveness of the strategy we implemented and our ability to achieve our objectives. It is precisely this strategy that has allowed us to end 2009 with results that are rendered even more positive when viewed in the light of the very difficult external situation.

Our multi-business strategy has proven itself, including by actively contributing to our business development, especially as regards the electricity market. The decision to establish Herambiente, under which all the activities and plants operating in the area of waste disposal have been placed, contributed to increasing the margin from the waste management sector which counterbalanced the effects of the crisis that affected the sector.

Our plants are now fully operational. In 2009, we inaugurated the new electricity power plant at Imola and the modernisation of the waste-to-energy plants is almost concluded.

As we pursued the achievement of these goals, we paid close attention to all the implications this entailed. In 2004, Hera joined the Global Compact, an international initiative aimed at obtaining consensus and support for certain fundamental principles which relates to standards applying to work, human rights and environmental safeguards, which it continues to support.

Through our Sustainability Report we aim to show that our activities have a positive effect from many points of view and for all our stakeholders. The Report, which has by now become a customary practice, gives us an opportunity to assess the progress of our operations as compared to the strategy we had formulated and the commitments we undertook towards our stakeholders.

Tomaso Tommasi di Vignano
Chairman of the Board of Directors