Half-Year Results 2020: Getlink Protects Its Fundamental Values and Announces a New EBITDA Objective of €350 Million
23 Juillet 2020 - 07:30AM
Business Wire
- Revenue: €369 million (-29%)*
- EBITDA: €123 million (-52%)
- Cash available at 30 June: €511 million compared to €525
million at 31 December
- Eurotunnel:
- Revenue: €311 million (-32%)
- EBITDA: €120 million (-52%)
- Europorte:
- Revenues: €58 million (-12%)
- EBITDA: €10 million (-€3 million)
_______________ * All comparisons with the half-year 2019 income
statement are based on the average exchange rate for the first half
of 2020 of £1=€1.146.
Regulatory News:
Jacques Gounon, Chairman of Getlink (Paris:GET), said:
"In the first half of this year, the Group immediately reacted to
deal with the COVID-19 crisis, by taking all appropriate measures
to protect the health of our teams and our customers. This made it
possible to operate our services without interruption, particularly
for key sectors of the economy, and to preserve our cash. It is
within this context of challenges and opportunities that I trust
our new CEO, Yann Leriche, with carrying through the strong
commitments we are making today.”
Yann Leriche, CEO of Getlink said: “I warmly thank
Jacques Gounon and all the teams for their kind welcome and I
salute their exceptional success over the past 15 years. I arrive
at a time when we will have to be attentive to our immediate
operational decisions whilst adapting the business to a changing
world. This is a project that we shall pursue with the Group’s
employees for the benefit of our customers and our
shareholders.”
Key events in the half
year
- Group
- Near-unanimous vote on AGM resolutions
- Withdrawal of the proposed vote on the dividend for the 2019
financial year.
- European borders closed to tourists between March and June
- Yann Leriche takes over as CEO from 1 July, with Jacques Gounon
remaining Chairman of the Board of Directors.
- Eurotunnel
- Truck and passenger traffic impacted by the COVID-19 health
crisis. Increase in the car market (+6 points) to 65.9% and
confirmation as truck market leader with a 39.2% market share.
- Eurostar traffic severely reduced following successive
decisions to close borders and introduce lockdown and quarantine
measures.
- Treaty signed on 7 July between the Dutch and British
governments, officially allowing the opening of the Eurostar direct
Amsterdam – London service later this year.
- Slowing down of the cross-Channel rail freight market due to
the ceasing of industrial production in certain sectors.
- A programme to save €17 million during the first half of the
year.
- Expenditure of €2.3 million on new health protection, and
social distancing measures.
- Development of services for truck drivers (free showers, food
truck, laundry facilities, etc.)
- Appointment of Deborah Merrens as Chief Commercial Officer for
Eurotunnel Le Shuttle.
- Support the recovery of tourism activity through communication
plans for our customers.
- Europorte
- Profitability maintained with an EBITDA of €10 million, despite
the impacts on the business of the SNCF-Réseau strike until 13
January and subsequently the COVID-19 crisis.
- Increased activity in the chemicals sector with the haulage of
trains transporting materials for making hand sanitiser.
- International development with services to Zeebrugge (Belgium)
and Trnava (Slovakia)
- Signing of a research agreement on predictive maintenance with
École Polytechnique.
- Renewal of contracts with Cérévia and K+S.
- Appointment of Raphaël Doutrebente as CEO of Europorte.
- ElecLink
- Awaiting the IGC’s decision, delayed due to the COVID-19
crisis.
- The EPSF, the French rail safety regulator, informed the IGC in
June that it was in favour of continuing the project.
- Economic and ecological importance of the project demonstrated
through a study by Altermind.
Profitability maintained
The Group's consolidated revenue for the first half of 2020
totalled €369 million, down 29% compared to the first half of 2019,
hugely impacted by the consequences of the worldwide COVID-19
crisis.
The Group's operating expenses decreased by €22 million for the
half-year. For the Eurotunnel segment, operating expenses are down
by 7% to €191 million including one-off costs of €2.3 million
relating to on-site measures for health protection and social
distancing.
Consolidated EBITDA for the first half of the year remains
positive at €123 million, of which €120 million was generated by
Eurotunnel.
Net finance costs and other net financial income decreased by
€11 million in the first six months of 2020, mainly due to the
impact of lower UK and French inflation rates on the indexed
element of the debt.
Free Cash Flow from continuing operations is €11 million in the
first half of 2020 compared to €129 million in the first half of
2019.
Cash available at 30 June 2020 amounted to €511 million.
OUTLOOK
Within a global context of the COVID-19 pandemic since mid-March
and, taking into account the related uncertainties that remain, the
Group gives an indication of €350 million for EBITDA in 2020, based
on the growth assumptions set out by the BoE and the BoF, and on
the assumption that there is no reintroduction of lockdown
measures. The 2022 objective has been withdrawn within the context
of the COVID-19 pandemic.
GROUP REVENUE
First half (January –
June)
€ million
1st half 2020*
1st half 2019
Restated**
Change
1st half 2019
published
Exchange rate £1 = €
1.146
1.146
1.145
Shuttle Services
212
297
-29%
297
Railway Network
95
153
-38%
153
Other revenues
4
6
-33%
6
Sub-total Eurotunnel
311
456
-32%
456
Europorte
58
66
-12%
66
Getlink
0
1
-100%
1
Total
369
523
-29%
523
*Average exchange rate for the first half
of 2020: £1 = €1.146.
**Recalculated at the average exchange
rate for the first half of 2020.
Second quarter (April –
June)
€ million
2nd quarter
2020
2nd quarter 2019
restated
Change
2nd quarter 2019
published
Shuttle Services
78.5
149.6
-48%
149.9
Railway Network
28.8
81.9
-65%
82.0
Other revenues
1.7
2.8
-39%
2.8
Sub-total Eurotunnel
109.0
234.3
-53%
234.7
Europorte
27.4
33.6
-18%
33.6
Getlink
0.1
0.3
-67%
0.3
Total
136.5
268.2
-49%
268.6
Reminder: first quarter (January –
March)
€ million
1st quarter
2020*
1st quarter 2019
restated**
Change
1st quarter 2019
published
Exchange rate £1 = €
1.165
1.165
1.157
Shuttle Services
133.6
147.3
-9%
146.9
Railway Network
66.6
72.0
-8%
71.8
Other revenues
1.9
3.1
-38%
3.1
Sub-total Fixed-Link
202.1
222.4
-9%
221.8
Europorte
30.7
32.3
-5%
32.3
Getlink
0.2
0.3
-49%
0.3
Total
233.0
255.0
-9%
254.4
*Average exchange rate for the first
quarter 2020: £1 = €1.165.
**Recalculated at the average exchange
rate for the first quarter of 2020.
EUROTUNNEL TRAFFIC
First half (January –
June)
1st half year
2020
1st half year
2019
Change
Truck Shuttles
665,348
809,621
-18%
Passenger Shuttles
Cars*
545,215
1,139,149
-52%
Coaches
9,362
26,954
-65%
High-speed passenger trains
(Eurostar)**
Passengers
1,993,210
5,299,197
-62%
Rail freight trains***
Trains
857
1 166
-27%
Second quarter (April –
June)
2nd quarter 2020
2nd quarter 2019
Change
Truck Shuttles
278,100
369,609
-25%
Passenger Shuttles
Cars*
132,581
660,655
-80%
Coaches
1,824
16,184
-89%
High-speed passenger trains
(Eurostar)**
Passengers
68,659
2,902,937
-98%
Rail freight trains***
Trains
366
567
-35%
First quarter (January –
March)
1st quarter 2020
1st quarter 2019
Change
Truck Shuttles
387,248
440,012
-12%
Passenger Shuttles
Cars*
412,634
487,494
-14%
Coaches
7,538
10,770
-30%
High-speed passenger trains
(Eurostar)**
Passengers
1,924,551
2,396,260
-20%
Rail freight trains***
Trains
491
599
-18%
* 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 For UK media
enquiries John Keefe on + 44 (0) 1303 284491
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 jean-baptiste.roussille@getlinkgroup.com
Michael Schuller on +44 (0) 1303 288749
Michael.schuller@getlinkgroup.com
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