Groupe Eurotunnel: A satisfactory first half-year delivers a net profit of €26 million

• Traffic growth for both Eurotunnel and Eurostar services
• • Trucks (+7%), cars (+4%), coaches (+5%)

• • Strong increase in the number of Eurostar passengers through the Tunnel (+18%)

• • Decline in rail freight (-7%)
• Revenues (€386 million) increased by 11% compared to the first half of 2007 at a constant exchange rate²
  • Shuttle revenues up by 10%
• • Railway revenues up 13%
• Strong growth in operating margin (EBITDA) at €221 million, up 16% at a constant exchange rate
  • Operating expenses 6% higher, reflecting the growth in traffic and the increase in costs linked to new maintenance cycles
• • Operating margin improved by 16% with a ratio of operating margin to revenue of 57%
• Operating profit (EBIT) at €163 million, an increase of €52 million compared to the first half of 2007 at a constant exchange rate
• Net profit of €26 million, compared to a pro forma² profit of €1 million for the first half of 2007 recalculated at a constant exchange rate

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

“In the first half of 2008, Groupe Eurotunnel has continued its two-figure growth for both revenues and operating margin.

The success of the capital increases initiated by the group during the first half of the year have enabled a significant reduction in the group’s financial interest payments, a very positive event in the current uncertain economic situation.

With a significant growth in net profit, Groupe Eurotunnel is ahead of its forecasts and enters the second half of 2008 in a position of strength.”

1. At a constant exchange rate.

2. The comparable figures for 2007 used in the financial analysis of the first half of 2008 are drawn from the consolidated pro forma income statement for the first half of 2007, which shows the impact on that period of the new financing as if it had been put in place on the theoretical date of 1 January 2007. In order to enable a better comparison between the two periods, they have been recalculated at the exchange rate used for the results of the first half of 2008, £1=€1.259.

Get the full results in document attached below.