Eurotunnel Group: Activity in the Third Quarter of 2013 - Strong Revenue Growth (+16%)
- Third Quarter 2013
In a heavily competitive context, total revenue for the third quarter in 2013 has increased by 16% to €309.8 million, compared to the third quarter of 20121 and by 7% excluding maritime activities.
- Cross-Channel Fixed Link
- Shuttle revenues increased by 4% to €144.1 million
- Revenues from the use of the railway network increased by 4%
- Europorte: continued revenue growth (+21%)
- MyFerryLink firmly installed in the Short Straits market with revenues of €25.2 million
Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SA stated:
“This summer, following a very positive first half year, Eurotunnel established many new records even though the previous year was exceptional due to the London Olympic Games. The upturn in the British economy has brought new impetus to our markets which we intend to make the most of”.
- First nine months of 2013: key events
- Cross-Channel Fixed Link
Transport of vehicles on Le Shuttle saw high levels of traffic during the summer period: on 17 August, the absolute one-day record was passed with 15,982 vehicles2 carried. In July, traffic levels were also very high, with the summer holiday departure weekend seeing almost 33,300 vehicles carried between Thursday 25th and Sunday 28th July.
The British and French States rejected the Reasoned Opinion addressed to them by the European Commission on the subject of access charges for the Channel Tunnel, a process in which the Commission had also requested that they guarantee the independence of the regulatory authority the Inter-Governmental Commission3. The Eurotunnel Group has commissioned an independant report which proves that the current access charges are highly competitive considering the scale of the initial investment.
After the Inter-Governmental Commission granted on 14 June 2013 the railway operator Deutsche Bahn a certificate allowing it to operate passenger services through the Channel Tunnel, Eurostar announced in September the launch of a direct service between London and
Amsterdam starting in December 2016. This is the largest aviation market in Europe with more than 3 million business and leisure passengers per year4. Eurostar will also introduce direct services between London, Lyon and Marseille in 2015, bringing additional passengers to their services. Eurostar will thus finally realise the potential in these markets which will open new horizons for Eurotunnel in terms of growth.
The ETICA programme launched by Eurotunnel in May to develop cross-Channel rail freight traffic is already bearing fruit: two new services will be launched by the year end and two more are planned for 2014, with other prospects being analysed. The first contract signed already represents a transfer to rail of 80 trucks per week.
The Channel Tunnel won the World Prize for Engineering category “Major Civil Engineering Project of the last 100 years” awarded by the International Federation of Consulting Engineers (FIDIC). It was recognised unanimously by an international jury from amongst the most remarkable human achievements of the 20th century. The longest undersea tunnel in the world and the project managers Setec and Atkins US were selected from more than 150 projects from across all five continents.
Europorte, which brings together Groupe Eurotunnel SA’s rail freight operators in France and the United Kingdom, continues to grow. GBRf has consolidated its position as 3rd largest operator in Great Britain, carrying increasing quantities of biomass, coal and aggregates. GBRf has signed a contract with Hitachi Rail Europe to organise the testing and certification process for the Class 800 and 801 trains destined for the West Coast Mainline as part of the ambitious Intercity Express Programme. GBRf was selected for its reliability and expertise and is becoming an important player in the modernisation of the British railway system. To prepare for further growth in France, despite the dominant position of the publicly owned services, Europorte continues to train locomotive drivers in France, providing the skilled employment creation necessary for growth in the freight sector.
MyFerryLink has had a very successful summer season, despite intense competition from the two other maritime operators, each of which has almost twice as many services operating on the Short Straits. The SCOP crews who operate the ships which are leased from the Group have shown that they have brought to customers a wider choice of services.
The Eurotunnel Group is awaiting the decision by the Competition Arbitration Tribunal concerning the prohibition decreed by the Competition Commission on it operating any ferry activity out of the port of Dover, a decision which was in contradiction with the opinion of the French competition authority’s decision made on 8 November 2012.
Get the full results in the attached document below.
- All comparisons with 2012 are made at the average exchange rate for the first nine months of 2013: £1=€1.182 1/8