Total revenues came to 31 million euros, substantially in line with 2019 (-1 million euros; -3.1%). Excluding the items offset in costs48, total revenues amounted to 23 million euros, up by 1 million euros or 4.5%.

Regulated revenues, net of components offset in costs, was 21 million euros, up by 4 million euros (or 23.5%) on 2019. The increase is attributable to the introduction, for the fifth regulatory period in force from 1 January 2020, of a variable fee to cover energy costs (electricity and CO2), against fees for regasification capacity in line with the previous period.

Non-regulated revenues fell by 3 million euros mainly due to lower revenues coming from natural gas sales. This decrease in revenues is also reflected in corresponding lower operating costs associated with the relative warehouse withdrawals.

EBIT fell by 1 million euros with respect to 2019, essentially due to greater depreciation and amortisation related to new capitalised expense.

48 Revenues offset in costs refer to the costs that GNL charges back to its customers for use of the transportation service provided by Snam Rete Gas.

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