The profit is the final figure after everything has been paid but it's only there because the Regulator allows it to be. The Regulator and NATS agree the amount of investment required and the scales of charges are set to allow, if all the smoke and mirrors are in the right place, that amount of profit to drop out the end. The profit is then scooped up and used to pay for capital investment. If NATS used the money to fund pensions it won't drop out the end and can't be used for investment. At that point the Regulator is going to be a little bit upset because he only agreed the scale of charges on the basis that the profit would be used for investment. Now he might just say never mind but somehow I doubt it.