R&D expenditure amounted to Euro 84 million in 2017, in line with 2016. Prysmian Group's growth strategy revolves around its commitment to R&D. In 2017, the European Investment Bank (EIB) and Prysmian Group announced the finalisation of a loan for Euro 110 million, to fund the Group's European R&D programmes over the period 2017-2020. Also thanks to EIB financing, Prysmian has been able to step up its level of investment, with cable technology proving it can make a decisive contribution to the challenge of digitalisation and the development of more efficient and environmentally sustainable power grids. Innovative optical fibres, ecofriendly cables with higher carrying capacity and ratings, and technologies for monitoring grid operating conditions are just a few of the areas on which we are focusing. The EIB loan is particularly earmarked for research on innovative materials involving the use of nanotechnology, systems for monitoring and managing underground and submarine networks, new cables and materials for more sustainable solutions and hybrid power-telecom cables. It will also serve to finance the development of new products, like underground and submarine power transmission cables and systems, high voltage P-Laser cables, cables for the renewable energy sector, high-performance optical fibres, cables for FTTH and FTTA applications, connectivity and development of smart cables and systems for sensing, monitoring and management. New investments will allow us to achieve even more significant results for the development of energy and telecom networks, like those obtained in recent years, including the new 600 kV P-Laser cable, the 600 kV XLPE and 700 kV PPL HVDC cables and the new 66 kV cable for energy applications, and for use in broadband networks, the new Flextube, the optical cable with the highest fibre density in the world. Work also continued in 2017 on the PryCam electrical grid monitoring technologies developed by Prysmian Electronics, which are proving very successful.