21/03/2013 - 10:00

Threefold increase in net profit to €34 million (compared to €11 million in 20111) Significant increase in operating margin (EBITDA) to €461 million (+10%2)

50% increase in dividend to 12 cents of a euro to be proposed at the AGM on 15

May 2013 (8 cents of a euro in 2011)

The board of directors, at its meeting chaired by Jacques Gounon on 20 March 2013, finalised the accounts for the year to 31 December 2012:

Jacques Gounon, Chairman and Chief Executive Officer of the Eurotunnel Group, stated:

“The Eurotunnel Group had a record year in 2012 and tripled its net profit. The long-term strategy as an infrastructure manager and the solid performance in 2012 prove the quality of our business model and the capacity of the Group to produce lasting value.”



  • Channel Tunnel Fixed Link Concession
    • In October 2012, Eurotunnel celebrated the crossing of the 300 millionth passenger to use the Channel Tunnel since the start of commercial services in June 1994. The Eurotunnel Group provides a vital link between the UK and France.
    • In 2012 almost 20 million passengers and 20 million tonnes of goods used the Channel Tunnel
    • Eurotunnel Group met the challenge of the Olympic Games in London efficiently, managing the extra flows of traffic travelling to the events at the same time as the major flows of summer holiday traffic. The period saw a series of historical traffic records broken.
    • For the second year in succession, Eurotunnel’s Le Shuttle won the prize for the “Best Railway Operator” at the Guardian and Observer Travel Awards 2012.
    • Eurotunnel and the French telecoms operators realised a technological achievement in July 2012, by bringing into service a fibre optic based GSM-P system for 2G and 3G transmission of mobile telephony and internet access in the south running tunnel. This enables Le Shuttle and high-speed train passengers travelling to the United Kingdom to use their mobile devices inside the south tunnel. Eurotunnel is in discussion with the British telecoms operators to provide the same service in the north tunnel for travellers in the other direction.
    • The Truck Shuttle service saw sustained growth. During the year, Truck Shuttle traffic increased by 16%, to almost 1.5 million trucks. Eurotunnel has never before carried so many trucks, overtaking in 2012 the previous record set in 2007. The overall cross-Channel market for the Short Straits saw a further year of growth (c. +2.5%) but still remains 10% below the 2007 level.
    • Eurotunnel was recognised as the “Best Transport Operator” by coach and tourism operators for its efforts to conserve the environment in the United Kingdom. Le Shuttle won the “Green Transport” award at the Coach Monthly awards ceremony in 2012. This distinction recognises Eurotunnel’s efforts to reduce the carbon footprint of transporters, and in particular coach operators, using its services.
    • Eurostar passenger numbers grew by 2% to more than 9.9 million in 2012.


  • Europorte
    • Positive contribution to revenue growth in 2012 (€209 million or +28%). Europorte’s proposition is based on service quality and punctuality, qualities which have enabled it to win new contracts.
    • Europorte generated a positive operating margin of €3 million.
    • As part of its European operator’s licence, Europorte has gained authorisation to run trains on Infrabel, the Belgian railway network. The safety certificate enables Europorte to pursue its development in Belgium. Belgium, which is situated at the crossroads of Europe and which has a market of 6.3Gtonnes/km, provides numerous opportunities for growth for Europorte.
    • The recruitment and training of one hundred train drivers in France is part of a strategy of sustainable freight development and employment creation.
    • Rail transport is an essential element in the competitiveness of ports. Europorte has won all the recent competitive tenders in the field of infrastructure management that it has entered: Dunkirk, La Rochelle, Nantes - Saint-Nazaire, Le Havre, Bordeaux and Rouen, as well as the river ports in Paris and Strasbourg.
    • GB Railfreight (GBRf), the third largest rail freight operator in the UK, is also growing. GBRf has won a two-year contract to transport more than a million tonnes of spoil from Crossrail tunnelling to Northfleet in Kent for the creation of a wetland nature reserve.
    • GBRf won the trophy as Best Logistics operator at the McLoskey Coal Conference in 2012. GBRf transports 30% of the coal carried by rail in the UK and is developing the market in Biomass fuels.


  • MyFerryLink
    • Following the acquisition of 3 ships from the ex-SeaFrance at the start of July, the activities were unable to start until 20 August, after the end of the summer period. In the first 4 months of activity in 2012, this new structure generated revenues of €7 million. MyFerryLink demonstrated that its service met the expectations of a growing number of customers who are looking for a new maritime option for Channel crossings.
    • On 8 November 2012, the French competition authority cleared the acquisition of the SeaFrance assets by the Eurotunnel Group subject to certain commitments. The matter has been referred to the UK Competition Commission, which reported its preliminary findings on 19 February 2013. These preliminary findings concluded that the entry of the new operator MyFerryLink would be detrimental to competition, and the sale of the SeaFrance group’s assets to a different operator would have been more beneficial to competition in the cross-Channel market. The Eurotunnel Group contests this analysis. The Competition Commission is expected to publish its final conclusions in April 2013.



In November 2012, the Group reached a definitive agreement with its insurers in relation to compensation for the fire in September 2008, and consequently received and accounted for an additional €30 million of indemnities during the second half of 2012 (€29 million in 2011).

The operating margin (EBITDA) at €461 million was a significant increase compared to 2011 (+10%) and the 2012 trading profit reached €300 million.

The operating profit (EBIT) improved to €296 million, notably due to the strong revenue growth.

At €269 million, net finance charges decreased by €5 million compared to 2011 at a constant exchange rate, mainly due to the reduction in the rate of inflation in the UK.

The consolidated net result for the Eurotunnel Group for 2012 is a profit of €34 million, compared to a profit of €19 million for 2011 (restated at the 2012 exchange rate).

Investments increased to €183 million, of which €74 million was for the acquisition of the ferries (€65 million plus refurbishment costs). Investments for the Fixed Link remained at a significant level (renovation of a Shuttle, GSM-R…) to accompany both current and future growth in traffic.

The free cash flow generated totalled €133 million. The available cash at 31 December 2012 amounted to €256 million.



Activity remains positive, but as 2012 benefitted from some exceptional events (Olympics, Queen’s Jubilee), traffic is unlikely to see a repeat of 2012’s strong growth, even with the British public taking more and more short-breaks on the Continent via Le Shuttle. The Group remains confident in its capacity to generate sustainable growth and through the development of further growth vectors, to increase its resistance to the vagaries of the economy.



Get the full results in the attached document below.

  1. 2011 result at the published exchange rate of £1=€1.148.
  2. The figures for the Group’s consolidated income statement for 2011 have been recalculated at the average exchange rate for 2012 (£1=€1.23) to enable better comparison between the two periods.

File attached