Q3 2020 Confirms Getlink Strong Fundamentals
19 Ottobre 2020 - 07:30AM
Business Wire
- Third quarter 2020
- 3rd quarter revenue in 2020 decreased by 17%1compared to the
same period in 2019 to €252.1 million, due to the effects of the
COVID-19 pandemic
- Increased net cash position at the end of September: €596
million (+€85 million vs. €511 million in June 2020)
- Eurotunnel
- Shuttle revenue down by only 2% to €181.2 million despite a
challenging environment
- Railway Network revenue down by 57% to €36.1 million due to
travel restrictions
- Europorte: strong operational performance with revenue up by
3% to €32.2 million
- Group’s EBITDA target: due to travel restrictions, EBITDA
target announced in July is no longer valid despite our confidence
in the robustness of our results
Regulatory News:
GETLINK S.E. (Paris:GET)
Yann Leriche, Group Chief Executive Officer commented:
"In the third quarter, the Group has served its customers by
providing excellent sanitary conditions. We have used our flexible
offering by providing services to meet very high demand on certain
days, while adapting very quickly when travel restrictions are
announced. Our financial leeway is preserved by rigorous cost
management and the remarkable commitment of our teams. The Group is
well prepared to make the most of the future post Brexit on 1
January 2021 as well as the changes unfolding in the world.”
► Q3 2020: key events
- Group
- Implementation on 1 July 2020 of the separation of the roles of
Chairman of the Board and Chief Executive Officer: Yann Leriche
took over as Chief Executive Officer whilst Jacques Gounon remains
as Chairman of the Board of Directors.
- On 7 September 2020, the Group appointed Géraldine Périchon as
Chief Financial Officer.
- Nomination of a new Executive Committee.
- In the context of the economic uncertainty caused by the
COVID-19 pandemic, the Group has launched an action plan, with
immediate focus on cost reduction and strict cash management,
including furlough and activité partielle for its Eurotunnel
teams.
- Solid cash position at the end of September (€596
million).
- Flexible financial structure management: as a precaution, the
Group has secured a waiver on the Eurotunnel Term Loan’s principal
financial covenant2.
- Eurotunnel
- Eurotunnel’s Le Shuttle car activity has performed well
compared to others in the transport industry with record bookings
at the beginning of July at the end of the first UK quarantine, and
strong traffic before the second quarantine period (-5% vs 2019 for
the first week of August), leading to a 72.4% Q3 market share
confirming its unquestionable leading position in the Short Straits
market.
- Strong performance in September for Le Shuttle Freight with
traffic up 2% compared to September 2019.
- Robust performance of Le Shuttle revenues; yield increase due
to positive impact of mix with Flexiplus and late Passenger Shuttle
bookings.
- Strong negative impact of quarantine for Eurostar.
- Europorte
- Solid performance for Europorte during the health crisis,
thanks to its agility and ability to provide spot (“last minute”)
trains for its customers.
- Renewal of contract at the Port of Dunkirk for 7 years.
- Renewal of several large mainline traction contracts.
- ElecLink
- Authorisation granted by the IGC for converter stations to be
tested and connected to the French and UK grids.
- Waiting for the IGC final approval regarding the installation
of the cable in the Tunnel. The decision is expected by the end of
the year.
► REVENUES: THIRD
QUARTER
Revenues for the third quarter (1 July
to 30 September)
Revenue
(€ million)
3rd quarter 2020
un-audited
3rd quarter 2019
restated*
Change
3rd quarter 2019
published**
Shuttle Services
181.2
185.5
-2%
185.8
Railway Network
36.1
83.7
-57%
83.9
Other revenues
2.5
3.6
-31%
3.6
Sub-total Eurotunnel
219.8
272.8
-19%
273.3
Europorte
32.2
31.4
+3%
31.4
Getlink
0.1
0.4
-75%
0.4
Revenue
252.1
304.6
-17%
305.1
* Restated using the average exchange rate for the first nine
months of 2020: £1=€1.130. ** Average exchange rate for the first
nine months of 2019: £1=€1.131.
A. Group
Due to the ongoing impact of the COVID-19 pandemic, the Group’s
consolidated revenue reduced by 17% in Q3 2020 compared to the same
period in 2019 at a constant exchange rate, to €252.1 million.
B. Eurotunnel
Eurotunnel’s revenue was €219.8 million in the third
quarter of 2020, 19% below the same period last year. Total
Eurotunnel revenues for the quarter declined to a lesser extent
than in the first half of the year (-32%) thanks to the relatively
good performance of the Group’s Shuttle activities.
At €181.2 million, Eurotunnel’s Shuttle revenue was down
by only 2% in the third quarter of 2020 as a result of the bounce
back observed following the temporary lifting of UK quarantine
measures during Le Shuttle’s peak summer season, the resilience of
the Truck Shuttle’s traffic and the positive effects of the Group’s
yield management strategy.
Railway Network revenue dropped by 57%, due to lower
Eurostar passenger numbers and to a reduction in the number of
cross-Channel rail freight trains.
C. Rail freight operators: Europorte and its
subsidiaries
Europorte’s revenue increased by 3% for the third quarter of
2020 to €32.2 million, reflecting the segment’s recovery.
Revenues for the first nine months (1
January to 30 September)
Revenue
(€ million)
Year to date 30 Sept 2020
un-audited
Year to date 30 Sept 2019
restated*
Change
Year to date 30 Sept 2019
published**
Exchange rate €/£
1.130
1.130
1.131
Shuttle Services
393.3
482.4
-18%
482.6
Railway Network
131.5
237.6
-45%
237.7
Other revenues
6.1
9.5
-36%
9.5
Sub-total Eurotunnel
530.9
729.5
-27%
729.8
Europorte
90.3
97.3
-7%
97.3
Getlink
0.4
1.0
-60%
1.0
Revenue
621.6
827.8
-25%
828.1
* Restated at the average exchange rate for the first nine
months of 2020: £1=€1.130. ** Average exchange rate for the first
nine months of 2019: £1=€1.131.
For the first nine months of 2020, the Group’s revenue decreased
by -25% to €621.6 million:
- Eurotunnel revenue decreased by 27% to €530.9 million;
- Railway Network revenue decreased by 45% to €131.5 million;
and
- Europorte revenue decreased by 7% to €90.3 million.
► EUROTUNNEL TRAFFIC
Third quarter traffic (1 July to 30
September)
Q3 2020
Q3 2019
Change
Truck Shuttles
Trucks
366,191
379,129
-3%
Passenger Shuttles
Cars¹
625,933
894,370
-30%
Coaches
2,804
10,877
-74%
High-speed passenger trains²
(Eurostar)
Passengers
340,199
3,122,468
-89%
Rail freight trains 3
Trains
411
537
-23%
1Including motorcycles, vehicles with trailers, caravans and
motor homes. 2Only Eurostar passengers travelling through the
Channel Tunnel are included in this table, excluding those who
travel between continental stations (such as Brussels-Calais,
Brussels-Lille, Brussels-Amsterdam, etc.). 3 Rail freight services
by train operators (DB Cargo for BRB, the SNCF and its
subsidiaries, GB Railfreight, RailAdventure, Rail Operations Group
and Europorte) using the Tunnel.
First nine months traffic (1 January to
30 September)
Year to date 30 Sept
2020
Year to date 30 Sept
2019
Change
Truck Shuttles
Trucks
1,031,539
1,188,750
-13%
Passenger Shuttles
Cars¹
1,171,148
2,033,519
-42%
Coaches
12,166
37,831
-68%
High-speed passenger trains²
(Eurostar)
Passengers
2,333,409
8,421,665
-72%
Rail freight trains3
Trains
1,268
1,703
-26%
1Including motorcycles, vehicles with trailers, caravans and
motor homes. 2Only Eurostar passengers travelling through the
Channel Tunnel are included in this table, excluding those who
travel between continental stations (such as Brussels-Calais and
Brussels-Lille, Brussels-Amsterdam, etc.). 3 Rail freight services
by train operators (DB Cargo for BRB, the SNCF and its
subsidiaries, GB Railfreight, RailAdventure, Rail Operations Group
and Europorte) using the Tunnel.
A. Eurotunnel Shuttles
- Passenger Shuttles: The lifting on 10 July of the 14-day
quarantine in the UK for all arrivals from certain countries
including France and Belgium resulted in a sharp increase in
bookings for the car activity’s peak summer period. The
announcement by the UK government of the re-introduction of a
14-day quarantine for travellers from Belgium with effect from 8
August and from France and the Netherlands with effect from 15
August prompted an intense but brief rush of UK inbound traffic
over a very short period. Since 15 August, reservations for the
Passenger service have fallen, although they remain significantly
above the levels experienced during the strict lockdown period. In
the third quarter of 2020, the Passenger Shuttle Service
outperformed its market with a car market share which increased
significantly to 72.4% for the quarter, compared to 51.5% for the
same period in 2019. This relatively strong performance reflects
the safety advantages recognised by customers who travel in their
own vehicle throughout the journey with no-contact with other
people. The cross-Channel car market contracted by 50.3% in Q3
2020.
- Truck Shuttles: Le Shuttle Freight traffic remains
strong thanks to its vital role in ensuring the flow of essential
goods between the UK and continental Europe. The Truck Shuttle
Service’s traffic fell by -3% in the third quarter of 2020 (-13%
for the nine months to 30 September 2020) in a market that
contracted by 2.8% in the quarter (-11.3% for the nine months to 30
September 2020). Le Shuttle Freight confirmed its leading position
with a market share of 39.3% in the third quarter.
B. Railway Network
- High-speed trains: Since the beginning of the pandemic
and the introduction of the various lockdown and quarantine
restrictions imposed by the British and French governments and
Belgian and Dutch, Eurostar’s traffic has been severely impacted.
In response, Eurostar have reduced the number of daily departures
to between three and six returns per day, compared with up to 25
before the COVID-19 pandemic. In the third quarter of 2020, 340,199
Eurostar passengers used the Tunnel.
- Cross-Channel rail freight: Cross-Channel rail freight
has also been impacted by the ongoing COVID-19 pandemic, with the
suspension of steel and automobile flows, and by the restructuring
of steel customers. As a result, the number of freight trains
crossing the Channel decreased in the third quarter of 2020 by 23%
compared to the third quarter of 2019.
The forecasts prepared by the Group in July were based on the
absence of new confinement or travel restrictions. Given the second
wave of the sanitary crisis, the Group has decided to withdraw its
guidance announced on 23 July 2020 of a consolidated EBITDA target
for 2020 of €350 million, as it was based on assumptions that are
no longer valid.
_________________________ 1 All comparisons with revenue for the
first nine months of 2019 are at the average exchange rate for the
first nine months of 2020: £1=€1.130. 2 The waiver, which will
apply for the next three testing dates (from and including December
2020 to and including December 2021) unless the Group determines
that such waiver is not required by no later than two months prior
to a particular testing date, is subject to certain conditions
including the holding of a minimum cash balance at the level of the
Eurotunnel sub-group on the relevant testing date.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201018005063/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
Grafico Azioni Getlink (EU:GET)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Getlink (EU:GET)
Storico
Da Mar 2023 a Mar 2024