Total revenue amounted to €22 million, down by €3 million (15.8%) compared with 2016.Excluding components that are offset in costs 19, total revenues amounted to 19 million euros, which was unchanged when compared to 2016.

The regulated revenues, amounting to € 21 million, include the fees for the regasification service (€ 18 million, in line with 2016) essentially relating to the share of the guarantee factor for the year 2017, provided for in art. 18 of Annex A to Resolution 438/2013/R/gas, and the chargeback to users of charges relating to the natural gas transportation service provided by Snam Rete Gas S.p.A.(3 million euro).20

The operating profit amounts to € 2 million, against an operating loss of € 5 million recorded in 2016. The positive change of € 7 million was mainly due to lower amortisation and depreciation, following the effects of the write-down made on tangible assets in 2016 (€ 7 million).

19 Revenues offset in costs refer to the costs that GNL charges back to its own customers for using the transportation service provided by Snam Rete Gas.

20 For the purposes of the consolidated financial statements, this revenue is eliminated, along with transportation costs, by GNL Italia S.p.A. in order to represent the substance of operations.

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