2017 Half year results : 15th consecutive half year of revenue growth

25/07/2017 - 06:30

Revenue: further increase to €497 million (+3%)

EBITDA increased by 8% to €242 million

Net profit increased to €30 million (+20%)1

€550 million of available cash at 30 June 2017

Resounding success of partial debt refinancing in June, 2.5 times oversubscribed, reducing the cost of the debt to less than 4%

  • Channel Tunnel Fixed Link Concession:
    • Revenue increased to €438 million (+3%) Increase in average yields +3.7%
    • Recovery in high-speed train passenger traffic (+1%)
    • EBITDA increased by 6% up to €240 million
  • Europorte
    • EBITDA positive at €3 million

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

Over the past 10 years, the Group has focused its business model on value creation through the quality of service provided. The success of the partial refinancing of the debt shows the confidence of the markets in the strength of this model. The economic outlook for the next two years remains good and enables us to confirm our objectives.

All comparisons with the results for the first half of 2016 are made at the average exchange rate for the first half of 2017 of £1=€1.161 and after retreatment of 2016 for the application of IFRS 5 in relation to the sale of GB Railfreight Ltd in November 2016.


Key events in the half year

  • Channel Tunnel Fixed Link Concession

Increase in average yields of 3.7% for the first half of the year

Increase in market share for cars on the Passenger Shuttles (+1 point) to 57.9%, and slight decrease in truck market share to 39.2%

Slight reduction in costs, acceleration of the digital programme

Return to growth for Eurostar traffic (+1%) and for cross-Channel rail freight trains (+20%)

  • Europorte and its subsidiaries

Slight increase in revenues (+2%) from winning new contracts

Reduction in costs of €3 million, due particularly to the optimisation of transport and shift planning together with the optimisation of the shunting fleet

EBITDA positive at €3 million

  • ElecLink

The foundation stone for the future electricity convertor station was laid in Folkestone on 23 February by Jesse Norman, then Minister for Industry and Energy

Preparatory works inside the Tunnel have also begun


Continued growth in operating profit

Consolidated revenues for the Group during the first half of 2017 reached €497 million, an increase of €14 million, or +3%, compared to the first half of 2016.

The consolidated figures for the first half show an increase of €17 million in EBITDA to €242 million

Operating costs for the Group have reduced by €3 million for the first half year. For the Fixed Link, operating costs have been reduced by 1% to €198 million

For the Fixed Link, this is the 8th consecutive year of first-half EBITDA growth.

It should be noted that revenues and trading profit are characterised by significant seasonal variation across the year and should therefore not be extrapolated to the whole financial year.

Net financial charges have increased by €9 million for the first six months of 2017, due to the impact of the increase in UK and French inflation rates on the cost of the indexed tranches of the debt.

The partial refinancing of the debt, completed in June 2017 has enabled a reduction in the average annual interest rate excluding indexation on the Term Loan to below 4% being a saving on interest payments of approximately €60 million per year proforma, for at least the next five years. Its effect will begin in the second half of the year.

For the first half of 2017, the Group recorded a net consolidated profit of €35 million.

The free cash flow for the first half of 2017 increased strongly (+€49 million) to €111 million compared to €62 million (recalculated) for the first half of 2016.



According to the Bank of England and the European Central Bank, the outlook for the UK and European economies for 2017, 2018 and 2019 is positive.

In this context, the Group remains confident in its capacity to generate sustainable growth and continues to anticipate growth in its EBITDA. The Group therefore re-confirms its objectives for EBITDA and dividends.

Objective for 2017: EBITDA €530 million at an exchange rate of £1=€1.175 and for the current scope of consolidation

Dividend 2017: €0.30

Objective for 2018: EBITDA €560 million at an exchange rate of £1=€1.175 and for the current scope of consolidation

Dividend 2018: €0.35


Get the full results in the attached document below.

  1. Net profit from continuing operations, presented in accordance with IFRS 5.