2021 Annual Results: In an extraordinary year, Getlink is controlling its costs, innovating and preparing for the recovery
- Revenues of €774 million (-6%)
- EBITDA of €297 million (-11%)
- Positive Free Cash Flow (€21 million)
- Net available cash at 31/12/2021 of €718 million (+14%)
Yann Leriche, Group Chief Executive Officer said: “In 2021, in the difficult context of the health crisis, we managed to preserve our fundamental values through strong financial discipline, allowing us once again to protect our cash flow. The development of new digital services for all our freight and passenger customers has allowed us to strengthen our leadership position while preparing for the future. In 2022, we shall continue this momentum as well as our concrete actions in terms of CSR. With the IGC approval obtained on 17 February, we are approaching the entry into service of ElecLink which will mark the start of a new activity for the Group.”
- 2022 financial outlook
- The Group will communicate objectives for its financial performance in 2022 when the trends in the evolution of the pandemic – which are currently positive – are confirmed.
- The gradual lifting of travel restrictions and the effective management of the re-establishment of EU to UK customs controls have led to a significant recovery in traffic during the first weeks of 2022 compared to the same period in 2021, with a notable return of passenger customers in line with the trends expected by the European short-haul airline market.
- Payment of a dividend of €0.10 per share subject to approval at the AGM on 27 April 2022.
- Environment Plan
- Trajectory of greenhouse gas emission reduction by 30% in 2025, validated by the SBTi initiative and supplemented by an ultimate ambition to contribute to carbon neutrality in 2050.
- Reduction of greenhouse gas emissions by 6% in 2021 compared to 2020 on a like-for-like basis.
- Alignment of 86% of the Group's revenue under the European Taxonomy.
- Reduction in operating costs of €66 million in 2021 compared to 2019 on a like-for-like basis, a performance better than the operational objective of €55 million at end of June.
- Consolidated cash at €718 million at the end of December, reflecting the Group's ability to continue to generate positive Free Cash Flow.
- Successful placement of the additional “green” bond issue for an amount of €150 million which complements the Green Bonds maturing in 2025.
- A year marked by travel restrictions (no unrestricted days in 2021) and the implementation of the Brexit agreement.
- Optimisation of Shuttle yield (+8.5%), linked for Le Shuttle passenger activity to last-minute reservations and flexible and premium tickets and the implementation of a new pricing policy, “Next Gen Pricing”.
- The Le Shuttle and Le Shuttle Freight services confirmed their leadership in the Short Straits market with market shares of 74% for cars and 39.1% for trucks.
- Nearly 1.4 million trucks travelled on board Le Shuttle Freight.
- More than 960,000 passenger vehicles crossed the Channel aboard Passenger Shuttles, a remarkable performance compared to our competitors.
- Great success for the Eurotunnel Border Pass (62% uptake) and Passenger Wallet applications (more than 80% uptake) designed for customers and optimising their travel experience.
- Signature of several partnerships to facilitate customs formalities for the truck business, such as the SGS TransitNet solution, the ICS partnerships, and the launch of additional services including a truck maintenance service in the Le Truck Village car park.
- Launch of an innovative unaccompanied freight service.
- Launch of a voluntary departure programme in the form of a collective contractual termination (RCC) procedure in France and an Expression of Interest in the United Kingdom.
- Increase in Europorte’s annual revenues (+6%) to €130.2 million, in particular due to the launch of the Flex Express service and strong commercial momentum to increase traffic flows.
- Continuation of the profitable growth strategy with an EBITDA of €27.9 million, up €0.6 million compared to 2020.
- Works in the Tunnel completed and electromagnetic compatibility tests in the Tunnel carried out successfully.
- Validation of the safety file by the IGC on 17 February 2022 guaranteeing the compatibility of the interconnector with the rail system which allows the final phase of the electricity transfer tests between national networks and which confirms the schedule for entry into commercial service expected mid-2022.
The Group’s consolidated revenue for the 2021 financial year amounts to €774 million.
Consolidated EBITDA amounts to €297 million, impacted by the Covid pandemic, down €38 million compared to 2020 at a constant exchange rate.
Trading profit was €108 million, down 28% compared to 2020.
The Group's consolidated net result for the 2021 financial year is a loss of €229 million.
The Group is now considering options for the refinancing of the C2a tranche of Eurotunnel’s Term Loan (equivalent to the CLEF A7 notes).
€718 million of cash held at 31 December 2021, up €89 million compared to 31 December 2020.
The lack of short-term visibility does not undermine the Group's confidence in the strength of its various activities, their growth potential in the medium and long term, and its ability to improve its operational and environmental performance. The Group will communicate objectives for its financial performance in 2022 when the trends in the evolution of the pandemic – which are currently positive – are confirmed.
Dates for 2022:
21 April 2022: 2022 first quarter traffic and revenue
27 April 2022: Getlink SE’s AGM
21 July 2022: 2022 half-year results
At its meeting on Wednesday 23 February 2022, the Board of Directors, under the chairmanship of Jacques Gounon, approved the financial statements for the year ending 31 December 2021.
The financial analysis of the consolidated financial statements is available on the Group’s website: www.getlinkgroup.com.
Getlink SE’s consolidated and parent company accounts for 2021 have been audited and certified by the statutory auditors.
- ^  All comparisons with the 2020 income statement are based on the average exchange rate for 2021 of £1 = €1.167.
- ^  Defined as: cash flow from operating activities of current activities less capital expenditure (excluding ElecLink) and debt service.
- ^  Rate observed from 10 January 2022 to 9 February 2022 on trucks carrying goods from the UK to the EU.