Getlink: 2020 Annual Results
25 Febbraio 2021 - 7:30AM
Business Wire
Operational and financial discipline that is
paying off to get through the health crisis and anticipate
Brexit
- Robust revenue at €816 million (-24%1)
- EBITDA down 41% to €328 million
- Net available cash of €629M (+20%) at end of December 2020
and a positive Free Cash Flow (€31M)
- Reduction in net financial debt of €92M
Regulatory News:
Getlink (Paris:GET):
Yann Leriche, Group Chief Executive Officer said: “In
2020, thanks to rigorous management and strong commitment from our
teams, Getlink delivered a solid operational and financial
performance, in an exceptional context marked by the Covid crisis
and Brexit. Our collective ability to adapt to this new economic
environment and to continue to provide a vital service to our
customers has enabled us to end this year with a historic level of
cash, confirming the Group’s resilience. This year we shall
continue to be just as disciplined in the management of our cash
flow and our costs, whilst reinforcing our CSR actions.”
ANNUAL HIGHLIGHTS
Group
- Absolute priority given to the health of our employees and our
customers.
- Change in the governance structure from 1 July 2020 with Yann
Leriche becoming Chief Executive Officer and Jacques Gounon
remaining as Chairman of the Board of Directors.
- Appointment of Géraldine Périchon as Administrative and
Financial Director.
- Strong liquidity with the refinancing of 2023 Green Bonds and
successful placement maturing in 2025, confirmed cash and credit
lines and secured covenants.
- Ranking by Sustainalytics among the best companies in the
transport sector in the most demanding category "ESG Risk Rating
Negligible".
Eurotunnel
- Yield increase of 15% due to an increase of last-minute
bookings and premium and flexible tickets. Le Shuttle and Le
Shuttle Freight services have confirmed their position as leading
market players on the Short Straits, with market shares of 70.1%
for the car activity and 39.5% for trucks respectively.
- In 2020, more than 1.4 million passenger vehicles crossed the
Channel aboard Passenger Shuttles, a remarkable performance
compared to our competitors.
- Preparation of the new procedures for Brexit using new
infrastructure and services such as the Pit-Stops, French e-gates,
customs and sanitary and phytosanitary (SPS) control centre, export
parking and the Eurotunnel Border Pass.
- Post-Brexit agreement concluded on 24 December 2020 between the
EU and the UK.
Europorte
- Europorte recorded a small decrease in annual revenue, down 2%
to €123 million, despite the impact of the pandemic.
- Europorte achieved a substantial EBITDA of €28 million, up
17%.
- Europorte recorded a positive net result before tax, confirming
its profitability.
ElecLink
- Converter stations connected to the national electricity
networks, RTE and National Grid.
- The Intergovernmental Commission (IGC) reinstated the project’s
approval on 10 December which will enable the completion of the
interconnector construction.
FINANCIAL RESULTS
The Group’s consolidated revenue for the 2020 financial year
amounts to €816 million.
Consolidated EBITDA amounts to €328 million, down €229 million
compared to 2019 at a constant exchange rate, due to the Covid
pandemic.
Operating profit was €134 million, down 67% compared to
2019.
The Group’s consolidated net loss for the 2020 financial year
was €113 million.
€629 million of cash held at the end of December 2020, up €104
million compared to the end of December 2019.
FINANCIAL OUTLOOK
In the absence of clear visibility on the future decisions by
the governments concerning the public health crisis and associated
travel restrictions, the Group is postponing any announcement
regarding its 2021 financial performance.
The lack of short-term visibility does not undermine the Group's
confidence in the strength of its various activities, their growth
potential in the medium and long term, and its ability to improve
its operational and environmental performance.
Dates for 2021:
22 April 2021: 2021 first quarter traffic and revenue 28 April
2021: AGM 22 July 2021: 2021 half-year results
Additional information:
The Board of Directors at its meeting on Wednesday 24 February
2021 under the chairmanship of Jacques Gounon, approved the
financial statements for the year ending 31 December 2020.
The financial analysis of the consolidated financial statements
is available on the Group’s website: www.getlinkgroup.com.
Getlink SE’s consolidated and parent company accounts for 2020
have been audited and certified by the statutory auditors.
1 All comparisons with the 2019 income statement are based on
the average exchange rate for 2020 of £1 = €1.126.
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version on businesswire.com: https://www.businesswire.com/news/home/20210224006035/en/
For UK media enquiries John Keefe on + 44 (0) 1303 284491
Email: press@getlinkgroup.com
For other media enquiries Anne-Laure Desclèves on +33(0)1
4098 0467
For investor enquiries Jean-Baptiste Roussille on +33
(0)1 40 98 04 81 Email:
jean-baptiste.roussille@getlinkgroup.com
Michael Schuller on +44 (0) 1303 288749 Email:
Michael.schuller@getlinkgroup.com
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