Getlink: 2020 Annual Results - Operational and financial discipline that is paying off to get through the health crisis and anticipate Brexit
- Robust revenue at €816 million (-24%)
- EBITDA down 41% to €328 million
- Net available cash of €629M (+20%) at end of December 2020 and a positive Free Cash Flow (€31M)
- Reduction in net financial debt of €92M
Yann Leriche, Group Chief Executive Officer said: “In 2020, thanks to rigorous management and strong commitment from our teams, Getlink delivered a solid operational and financial performance, in an exceptional context marked by the Covid crisis and Brexit. Our collective ability to adapt to this new economic environment and to continue to provide a vital service to our customers has enabled us to end this year with a historic level of cash, confirming the Group’s resilience. This year we shall continue to be just as disciplined in the management of our cash flow and our costs, whilst reinforcing our CSR actions.”
- 2021 financial outlook
- In the absence of clear visibility on the future decisions by the governments concerning the public health crisis and associated travel restrictions, the Group is postponing any announcement regarding its 2021 financial performance.
- Payment of a dividend of €0.05 per share subject to approval at the AGM on 28 April 2021.
- Absolute priority given to the health of our employees and our customers.
- Change in the governance structure from 1 July 2020 with Yann Leriche becoming Chief Executive Officer and Jacques Gounon remaining as Chairman of the Board of Directors.
- Appointment of Géraldine Périchon as Administrative and Financial Director.
- Strong liquidity with the refinancing of 2023 Green Bonds and successful placement maturing in 2025, confirmed cash and credit lines and secured covenants.
- Ranking by Sustainalytics among the best companies in the transport sector in the most demanding category "ESG Risk Rating Negligible".
- Yield increase of 15% due to an increase of last-minute bookings and premium and flexible tickets. Le Shuttle and Le Shuttle Freight services have confirmed their position as leading market players on the Short Straits, with market shares of 70.1% for the car activity and 39.5% for trucks respectively.
- In 2020, more than 1.4 million passenger vehicles crossed the Channel aboard Passenger Shuttles, a remarkable performance compared to our competitors.
- Preparation of the new procedures for Brexit using new infrastructure and services such as the Pit-Stops, French e-gates, customs and sanitary and phytosanitary (SPS) control centre, export parking and the Eurotunnel Border Pass.
- Post-Brexit agreement concluded on 24 December 2020 between the EU and the UK.
- Europorte recorded a small decrease in annual revenue, down 2% to €123 million, despite the impact of the pandemic.
- Europorte achieved a substantial EBITDA of €28 million, up 17%.
- Europorte recorded a positive net result before tax, confirming its profitability.
- Converter stations connected to the national electricity networks, RTE and National Grid.
- The Intergovernmental Commission (IGC) reinstated the project’s approval on 10 December which will enable the completion of the interconnector construction.
The Group’s consolidated revenue for the 2020 financial year amounts to €816 million.
Consolidated EBITDA amounts to €328 million, down €229 million compared to 2019 at a constant exchange rate, due to the Covid pandemic.
Operating profit was €134 million, down 67% compared to 2019.
The Group’s consolidated net loss for the 2020 financial year was €113 million.
€629 million of cash held at the end of December 2020, up €104 million compared to the end of December 2019.
In the absence of clear visibility on the future decisions by the governments concerning the public health crisis and associated travel restrictions, the Group is postponing any announcement regarding its 2021 financial performance.
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.
- All comparisons with the 2019 income statement are based on the average exchange rate for 2020 of £1 = €1.126.