Getlink S.E.: Half-Year Results 2021: Satisfactory Results in Context of the Covid-19 Pandemic
22 Luglio 2021 - 7:30AM
Business Wire
Competitiveness and customer experience
reinforced by performance measures
- Revenue: €326 million (-12%)1
- EBITDA: €100 million (-19%)
- Cash available at 30 June 2021: €549 million
- Fixed Link:
- Revenue: €260 million (-17%)
- EBITDA: €86 million (-24%)
- Europorte:
- Revenue: €66 million (+14%)
- EBITDA: €14 million (+42%)
_______________________ 1 All comparisons with the half-year
2020 income statement are based on the average exchange rate for
the first half of 2021 of £1=€1.157.
Regulatory News:
Getlink S.E. (Paris:GET):
Yann Leriche, CEO of Getlink said: “In the first half of
the year we have delivered satisfactory results given the market
conditions thanks to improved cost control and the implementation
of our WAYforward transformation programme, focused on customer
service and operational excellence. These have helped us to achieve
a cash position of €549 million at the end of June, and to
strengthen our environmental and operational advantages. The low
immediate visibility therefore does not affect the underlying
strength of the Group in its various businesses.”
Key events in the half
year
- Group
- First half of the year marked by the effects of the pandemic as
well as by the new administrative formalities for Brexit.
- Reduction in operating expenses of €45 million in the first
half compared to the same period in 2019 on a like-for-like basis,
i.e. a performance for this half-year alone above the target set
for the whole year.
- An all-time high for a first half-year for cash available at
€549 million.
- Alongside this, the WAYforward programme which aims to increase
the Group’s competitive position, already reflected in the new Next
Gen Pricing policy for Le Shuttle, and the launch of the Passenger
Wallet for tourists to streamline border controls from July 2021
and the launch of the smart loading app for Le Shuttle
Freight.
- Launch of the Environment Plan, with the ambition of a 30%
reduction in greenhouse gas emissions by 2025.
- Distribution of a €0.05 dividend for the 2020 fiscal year.
- Appointment of Yann Leriche, CEO, as a board member.
- Mark Cornwall, British staff representative, joined the Board
of Directors.
- Appointment of two new Executive Committee members: Guillaume
Rault, Eurotunnel COO and Laetitia Brun, Chief Human Resources
Officer.
- Eurotunnel
- Truck traffic inevitably impacted over the first three months
of the year due to stockpiling before the end of the transition
period at the end of December and the adaptation to new
administrative formalities, picked up in the second quarter.
- Eurotunnel Le Shuttle Freight confirms its status as market
leader with 38.9% market share.
- Passenger traffic heavily impacted by the Covid-19 crisis and
travel restrictions put in place by various governments. Increase
in car market share (+ 13 points) to 78.8%.
- Eurostar traffic severely disrupted as a result of government
travel restrictions.
- Authorisation by the French Government for the reinstatement of
Duty Free at the Coquelles terminal.
- Partial reimbursement by the French and British states of
Brexit related investments.
- Europorte
- Profitability up 42%, with an EBITDA of €14 million.
- Agreement with Saipol (Avril group) to trial the use of
Oleo100, a 100% French rapeseed biofuel.
- Launch of the Flex Express rail service between France, Germany
and Benelux.
- Renewal of the rail infrastructure manager contract in
Hauts-de-France for the rail routes Saint Quentin-Origny and Berry
au bac – Guignicourt.
- ElecLink
- Completion of Tunnel cable connection work ahead of schedule
(best case scenario).
- Launch of the test phases for final interconnector
authorisation by the IGC.
- Start of operations planned mid-2022.
Profitability preserved
The Group’s consolidated revenue for the first half of 2021
totalled €326 million, down 12% compared to the first half of 2020,
strongly impacted by the consequences of the Covid-19 worldwide
pandemic and of Brexit.
The Group’s operating expenses fell by €17 million for the
half-year. For the Eurotunnel segment, operating expenses were down
10% to €172 million.
First half consolidated EBITDA remains positive at €100
million.
Net financial expenses increased by €15 million for the first
six months of 2021, mainly due to the effects of rising inflation
rates in the UK and France on the cost of the indexed tranche of
the debt.
Operating cash flow from continuing operations amounted to €125
million in the first half of 2021, compared to €172 million in the
first half of 2020.
Free Cash Flow from continuing operations was €-28 million in
the first half of 2021, compared to €+11 million in the first half
of 2020.
The Group’s consolidated net result for the first six months of
2021 was a loss of €123 million.
Cash available at 30 June 2021 totalled €549 million.
OUTLOOK
The lack of short-term visibility does not affect the strength
or long-term competitive advantages, including environmental
advantages, of the Group or of its various businesses, nor their
growth potential in the medium and long term.
The Group confirms its willingness to improve its financial,
operational and environmental performance.
As long as the governments fail to take a stable long-term
position on international travel restrictions, the Group will not
be able to provide guidance on its profit trajectory.
GROUP REVENUE
First half (January –
June)
€ million
1st half 2021*
1st half 2020
recalculated**
Change
1st half 2020
published
Exchange rate £1 = €
1.157
1.157
1.146
Shuttle services
189
213
-11%
212
Railway network
66
96
-31%
95
Other revenues
5
3
67%
4
Sub-total Eurotunnel
260
312
-17%
311
Europorte
66
58
14%
58
Getlink
0
0
0%
0
Total
326
370
-12%
369
* Average exchange rate for the first half
of 2021: £1 = €1.157. ** Recalculated at the average exchange rate
for the first half of 2021.
Second quarter (April –
June)
€ million
2nd quarter
2021
2nd quarter 2020
recalculated
Change
2nd quarter 2020
published
Shuttle services
101.0
79.9
26%
78.5
Railway network
33.4
29.6
13%
28.8
Other revenues
3.4
1.7
100%
1.7
Sub-total Eurotunnel
137.8
111.2
24%
109.0
Europorte
33.8
27.4
23%
27.4
Getlink
0,1
0.1
0%
0.1
Total
171.7
138.7
24%
136.5
First quarter (January –
March)
€ million
1st quarter
2021*
1st quarter 2020
recalculated**
Change
1st quarter 2020
published
Exchange rate £1 = €
1.152
1.152
1.165
Shuttle services
87.8
133.0
-34%
133.6
Railway network
32.6
66.2
-51%
66.6
Other revenues
2.0
1.9
3%
1.9
Sub-total Eurotunnel
122.4
201.1
-39%
202.1
Europorte
31.9
30.7
4%
30.7
Getlink
0.1
0.2
-46%
0.2
Total
154.4
232.0
-33%
233.0
* Average exchange rate for the first
quarter 2021: £1 = €1.152. ** Recalculated at the average exchange
rate for the first quarter of 2021.
EUROTUNNEL TRAFFIC
First half (January –
June)
1st half year
2021
1st half year
2020
Change
Truck Shuttles
646,372
665,348
-3%
Passenger Shuttles
Cars*
247,957
545,215
-55%
Coaches
3,411
9,362
-64%
High-speed passenger trains
(Eurostar)**
Passengers
202,022
1,993,210
-90%
Rail freight trains***
Trains
873
857
+2%
Second quarter (April –
June)
2nd quarter
2021
2nd quarter
2020
Change
Truck Shuttles
341,269
278,100
23%
Passenger Shuttles
Cars*
133,675
132,581
1%
Coaches
1,636
1,824
-10%
High-speed passenger trains
(Eurostar)**
Passengers
113,971
68,659
66%
Rail freight trains***
Trains
431
366
18%
First quarter (January –
March)
1st quarter
2021
1st quarter
2020
Change
Truck Shuttles
305,103
387,248
-21%
Passenger Shuttles
Cars*
114,282
412,634
-72%
Coaches
1,775
7,538
-76%
High-speed passenger trains
(Eurostar)**
Passengers
88,051
1,924,551
-95%
Rail freight trains***
Trains
442
491
-10%
* Including motorcycles, vehicles with
trailers, caravans and motorhomes. ** Only passengers using
Eurostar to cross the Channel are included in this table, excluding
those who travel between Continental stations (such as
Brussels-Calais, Brussels-Lille, Brussels-Amsterdam, etc,). ***
Rail freight services by train operators (DB Cargo on behalf of
BRB, SNCF and its subsidiaries, GB Railfreight, Rail Operations
Group, RailAdventure and Europorte) using the Tunnel.
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Eurotunnel Contacts For
UK media enquiries contact: John Keefe on + 44 (0) 1303
284491 Email: press@getlinkgroup.com
For other media enquiries contact: Anne-Laure Desclèves
on +33(0)1 4098 0467
For investor enquiries contact: 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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