• Reduction in turnover of 4% due to reduced shuttle activity (- 7%), in declining passenger market and in the context of a price war
  • Operating margin reduced (- 6%)
  • Operating profit slightly higher (+2%)
  • Financial charges lower by 5%, adding to an improvement in the underlying loss of 14%
  • Net loss of £570 million, following an impairment charge of £395 million (£1.334 million last year after an impairment charge of £1.3 billion)

Jacques Gounon, Chairman of the Joint Board of Eurotunnel, said:

The 2004 results are the continuation of previous years. The further reduction in total and in Shuttle Services revenue is the consequence of insufficient reaction to major evolutions in the cross-Channel market over the past few years.

“Project DARE was launched at the end of October 2004, as a commercial and operational response to this situation. I anticipate that this reorientation will start to bear fruit during 2005 and that we will see its full impact from 2006 onwards.

“We have satisfactorily obtained the waiver to the Credit Agreements, allowing us at last to begin negotiations with our creditors.

“I am determined to protect the interests of this company and to reduce the burden of the financial charges on Eurotunnel to a level that the company can support, thus ensuring its future growth and development.”




Notes to editors:

  1. The Eurotunnel financial analysis is attached
  1. Conference call for UK Media will be held at 1400 (UK time) today. Tel: +44 (0) 207 154 2666.

Replay of the call will be available from the UK on +44 (0) 208 515 2499 (code: 447020#)