2015 annual results increased for the Eurotunnel Group

18/02/2016 - 10:00
  • Revenues increased by 5% to €1.222 billion1
  • EBITDA increased to €542 million
  • Net consolidated profit increased to €100 million
  • A 22% increase in the dividend, to 0.22€ per share, to be proposed to the AGM on 27 April 2016

On 17 February 2016, the Board of Directors, chaired by Jacques Gounon, finalised the accounts for the year ending 31 December 2015.


Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SE stated:

In a difficult environment in 2015, the Group worked with the efficiency of a private company to deliver a genuine public service. This was achieved through the commitment of its staff, close cooperation with the two governments and an exemplary capacity to react to events.





  • Channel Tunnel Fixed Link Concession
    • In 2015, Eurotunnel’s Shuttles transported 2.6 million passenger vehicles and 1.5 million trucks.
    • Le Shuttle achieved a record annual market share of 52.6% for its Passenger Shuttle car activity. The Pet Travel Service also achieved a record year, with 260,000 animals transported (+13% compared to 2014).
    • The Truck Shuttle service ended the year with a new all-time record of 1,483,741 trucks transported.
    • At €523 million, EBITDA for the Fixed Link segment increased by +€2 million compared to 2014 at a constant exchange rate.
    • The work done in co-operation with the British and French governments, who are responsible for border security and public order, and the investments delivered in very short timescales for the protection of the Coquelles terminal, have enabled Eurotunnel to provide a transport service with no disruption since October 2015.
    • The Group has inaugurated two new terminals in the UK and France, which were built as part of the Terminal 2015 project to increase and improve traffic flow and capacity.
    • The agreement with the Railways and Eurostar on the application of the Railway Usage Contract regarding the amount of their contributions to the operating costs of the Fixed Link has been renewed for 5 years.
    • Despite the context of 2015, Eurostar achieved record traffic with 10,399,267 passengers transported through the Tunnel. Eurostar also demonstrated its ability to carry more than 1 million passengers per month with 1.038 million passengers carried in July 2015.


  • Europorte and its subsidiaries
    • A positive contribution to 2015 revenues (€307 million, an increase of +9%) due to the signing of new contracts and the renewal of existing agreements. Since 2015, Europorte’s business represents more than a quarter of the Group’s revenues.
    • The growth in EBITDA (+7%) validates the strategy that favours contracts with added value.
    • In France, Europorte celebrated 10 years of partnership with its biggest customer, proof of the high quality of service offered and of the daily commitment to local and regional economies.
    • GB Railfreight, the third largest rail freight operator in the UK, also continues to develop, with intermodal and bulk services having benefitted from the growth in the UK economy, and the new contract for the traction of the emblematic Caledonian Sleeper.
  • Maritime activity

Following the decision by the Competition Appeal Tribunal on 9 January 2015 (confirmed by the Supreme Court on 16 December 2015), concerning the ban on operations from Dover for MyFerryLink ships after 9 July 2015, the Group was obliged to withdraw from its maritime activity.

The two ships Rodin and Berlioz are now leased to DFDS.

Since MyFerryLink is treated as a discontinued activity, only its net result (- €7 million) is included in the consolidated accounts.

  • ElecLink

Having obtained authorisation from both national and European regulators to operate a private electrical interconnector between the UK and France, preferred bidder status has been awarded to suppliers for the construction of the two converter stations and for the manufacture and installation of the cable through the Tunnel.







Consolidated revenues2 for the Group for the year ending 31 December 2015 reached €1.222 billion, an increase of €54 million (+5%) compared to 2014.

Operating costs amounted to €680 million (+8%).

Consolidated EBITDA reached €542 million, an increase of €3 million compared to 2014 at a constant exchange rate. The security of the Fixed Link being the responsibility of the two governments, a claim for €29 million has been made via the Intergovernmental Commission, to compensate essentially the revenue losses due to migrant pressure. No revenue relating to this claim has been accounted for in 2015.

Operating profit was €387 million, an increase of €6 million (+2%).

The Group’s pre-tax profit from continuing operations for 2015 was €115 million, an improvement of €25 million compared to 2014.

The consolidated net result for the Eurotunnel Group for 2015, including the net result for discontinued operations (loss of €7 million), is a profit of €100 million, compared to a profit of €74 million in 2014.

The Free Cash Flow generated in 2015 reached €157 million, compared to €155 million in 2014. The available cash flow at 31 December 2015 was €406 million.



Business remains dynamic, led by growth in the UK economy and signs of improvement in Europe. Despite an uncertain global environment, the Group remains confident in its ability to generate sustainable growth both in cross-Channel and rail freight activities and to increase its resistance to the vagaries of the economy. The Eurotunnel Group expects growth in its EBITDA (at a constant exchange rate of £1=€1.375) in line with the following objectives:

  • 2016: EBITDA of €560 million
  • 2017: EBITDA of €605 million

In the medium term, there are several factors favourable to the Eurotunnel Group:

  • Continuation of growth in the truck and car markets on the Short Straits
  • Added capacity from 3 new Truck Shuttles,
  • Launch of new high-speed rail services such as London-Amsterdam
  • Prospect of rail freight growth.


Get the full results in the attached document below


  1. All comparisons with the 2014 income statement are made at the 2015 exchange rate of £1 = €1.375.
  2. In the context of the cessation of the MyFerryLink segment’s activity, and in application of IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the net result for the MyFerryLink segment for the year 2015 and for the comparative period is presented in a single line at the bottom of the income statement called “Net result from discontinued operations”.