Total revenue amounted to 24 million euro, an increase of 2 million euro, or 9.1%, compared with FY 2017. Net of components offset in costs 12, total revenue amounted to 21 million euro, up by 2 million euro, or 10.5%, compared with FY 2017. The increase is mainly due to the greater unregulated revenues from sales of natural gas made on the balancing platform.

The regulated revenues, amounting to 20 million euro, include the fees for the regasification service (17 million euro; -1 million euro on 2017) essentially relating to the share of the guarantee factor for the year 2018, 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; no change on 2017).13

EBIT amounted to 2 million euro, unchanged compared with FY 2017. The greater revenue obtained from natural gas sales was offset by the greater operating costs against the related picking from the warehouse.

12 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.

13 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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