Eurotunnel: results for the first half of 2007 for TNU (formerly ESA / EPLC)*

• Revenues (€373 million) increased by 7% pro forma, not taking into account the ending of the Minimum Usage Charge (MUC) paid by the Railways, declining by 8% taking into account loss of MUC, compared to the same period in 2006:
• • • Shuttle revenues increased by 8%

• • • Railway revenues (reduced by €55 million from the MUC) increased by 6% on a comparable basis
• Operating margin (EBITDA) of €208 million improved by 15% excluding the impact of the MUC:
  • Operating costs reduced by 2%
• • Margin increased, excluding MUC, by 15% (-12% taking into account the impact of the MUC) with a ratio margin/revenue of 56%
• Pro forma operating profit (EBIT) of €128 million increased by €44 million, although in accounting terms it decreased by €11 million by comparison to 2006
• TNU net result: loss of €32 million, compared to a loss of €105 million in 2006 (pro forma €160 million) in a transitional year
• TNU still has negative equity of €2.3 billion, and must be recapitalised.

Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel SA declared:

“We have made very tangible progress in our operations and the company is ahead of its business plan. To fully appreciate our performance, it is important to take into account the loss of the MUC, which represented, for the first half of 2006, 14% of total revenue and which has been almost half compensated for in this first six months. All other things being equal, our revenue has increased by 7% pro forma.

Whilst traffic is increasing, operating costs continue nevertheless to decrease. As a result of this, the pro forma EBITDA shows substantial improvement (+15%) and the operating margin has reached 56% (+4 points pro forma).

The results of the first half of 2007 show a loss for TNU, much reduced compared to 2006.”

*The accounts presented here are those for TNU (formerly Eurotunnel SA / Eurotunnel P.L.C.) which was the object of a takeover by Groupe Eurotunnel SA, following the Exchange Tender Offer finalised in June 2007. The accounts for Groupe Eurotunnel SA will be prepared for the year ended 31 December 2007.

Get the full results in the attached document below.