Groupe Eurotunnel: 2012 Annual Results *Threefold increase in net profit to €34 million (compared to €11 million in 2011^1) *Significant increase in operating margin (EBITDA) to €461 million (+10%^2) *50% increase in dividend to 12 cents of a euro to be proposed at the AGM on 15 May 2013 (8 cents of a euro in 2011) Business Wire PARIS -- March 21, 2013 Regulatory News: GroupeEurotunnel (Paris:GET): The board of directors, at its meeting chaired by Jacques Gounon on 20 March 2013, finalised the accounts for the year to 31 December 2012: Jacques Gounon, Chairman and Chief Executive Officer of the Eurotunnel Group, stated: “The Eurotunnel Group had a record year in 2012 and tripled its net profit. The long-term strategy as an infrastructure manager and the solid performance in 2012 prove the quality of our business model and the capacity of the Group to produce lasting value.” ^1 2011 result at the published exchange rate of £1=€1.148. ^2 The figures for the Group’s consolidated income statement for 2011 have been recalculated at the average exchange rate for 2012 (£1=€1.23) to enable better comparison between the two periods. IMPORTANT EVENTS OVER THE PAST YEAR *Channel Tunnel Fixed Link Concession *In October 2012, Eurotunnel celebrated the crossing of the 300 millionth passenger to use the Channel Tunnel since the start of commercial services in June 1994. The Eurotunnel Group provides a vital link between the UK and France. *In 2012 almost 20 million passengers and 20 million tonnes of goods used the Channel Tunnel *Eurotunnel Group met the challenge of the Olympic Games in London efficiently, managing the extra flows of traffic travelling to the events at the same time as the major flows of summer holiday traffic. The period saw a series of historical traffic records broken. *For the second year in succession, Eurotunnel’s Le Shuttle won the prize for the “Best Railway Operator” at the Guardian and Observer Travel Awards 2012. *Eurotunnel and the French telecoms operators realised a technological achievement in July 2012, by bringing into service a fibre optic based GSM-P system for 2G and 3G transmission of mobile telephony and internet access in the south running tunnel. This enables Le Shuttle and high-speed train passengers travelling to the United Kingdom to use their mobile devices inside the south tunnel. Eurotunnel is in discussion with the British telecoms operators to provide the same service in the north tunnel for travellers in the other direction. *The Truck Shuttle service saw sustained growth. During the year, Truck Shuttle traffic increased by 16%, to almost 1.5 million trucks. Eurotunnel has never before carried so many trucks, overtaking in 2012 the previous record set in 2007. The overall cross-Channel market for the Short Straits saw a further year of growth (c. +2.5%) but still remains 10% below the 2007 level. *Eurotunnel was recognised as the “Best Transport Operator” by coach and tourism operators for its efforts to conserve the environment in the United Kingdom. Le Shuttle won the “Green Transport” award at the Coach Monthly awards ceremony in 2012. This distinction recognises Eurotunnel’s efforts to reduce the carbon footprint of transporters, and in particular coach operators, using its services. *Eurostar passenger numbers grew by 2% to more than 9.9 million in 2012. *Europorte *Positive contribution to revenue growth in 2012 (€209 million or +28%). Europorte’s proposition is based on service quality and punctuality, qualities which have enabled it to win new contracts. *Europorte generated a positive operating margin of €3 million. *As part of its European operator’s licence, Europorte has gained authorisation to run trains on Infrabel, the Belgian railway network. The safety certificate enables Europorte to pursue its development in Belgium. Belgium, which is situated at the crossroads of Europe and which has a market of 6.3Gtonnes/km, provides numerous opportunities for growth for Europorte. *The recruitment and training of one hundred train drivers in France is part of a strategy of sustainable freight development and employment creation. *Rail transport is an essential element in the competitiveness of ports. Europorte has won all the recent competitive tenders in the field of infrastructure management that it has entered: Dunkirk, La Rochelle, Nantes - Saint-Nazaire, Le Havre, Bordeaux and Rouen, as well as the river ports in Paris and Strasbourg. *GB Railfreight (GBRf), the third largest rail freight operator in the UK, is also growing. GBRf has won a two-year contract to transport more than a million tonnes of spoil from Crossrail tunnelling to Northfleet in Kent for the creation of a wetland nature reserve. *GBRf won the trophy as Best Logistics operator at the McLoskey Coal Conference in 2012. GBRf transports 30% of the coal carried by rail in the UK and is developing the market in Biomass fuels. *MyFerryLink *Following the acquisition of 3 ships from the ex-SeaFrance at the start of July, the activities were unable to start until 20 August, after the end of the summer period. In the first 4 months of activity in 2012, this new structure generated revenues of €7 million. MyFerryLink demonstrated that its service met the expectations of a growing number of customers who are looking for a new maritime option for Channel crossings. *On 8 November 2012, the French competition authority cleared the acquisition of the SeaFrance assets by the Eurotunnel Group subject to certain commitments. The matter has been referred to the UK Competition Commission, which reported its preliminary findings on 19 February 2013. These preliminary findings concluded that the entry of the new operator MyFerryLink would be detrimental to competition, and the sale of the SeaFrance group’s assets to a different operator would have been more beneficial to competition in the cross-Channel market. The Eurotunnel Group contests this analysis. The Competition Commission is expected to publish its final conclusions in April 2013. FINANCIAL RESULTS In November 2012, the Group reached a definitive agreement with its insurers in relation to compensation for the fire in September 2008, and consequently received and accounted for an additional €30 million of indemnities during the second half of 2012 (€29 million in 2011). The operating margin (EBITDA) at €461 million was a significant increase compared to 2011 (+10%) and the 2012 trading profit reached €300 million. The operating profit (EBIT) improved to €296 million, notably due to the strong revenue growth. At €269 million, net finance charges decreased by €5 million compared to 2011 at a constant exchange rate, mainly due to the reduction in the rate of inflation in the UK. The consolidated net result for the Eurotunnel Group for 2012 is a profit of €34 million, compared to a profit of €19 million for 2011 (restated at the 2012 exchange rate). Investments increased to €183 million, of which €74 million was for the acquisition of the ferries (€65 million plus refurbishment costs). Investments for the Fixed Link remained at a significant level (renovation of a Shuttle, GSM-R…) to accompany both current and future growth in traffic. The free cash flow generated totalled €133 million. The available cash at 31 December 2012 amounted to €256 million. OUTLOOK Activity remains positive, but as 2012 benefitted from some exceptional events (Olympics, Queen’s Jubilee), traffic is unlikely to see a repeat of 2012’s strong growth, even with the British public taking more and more short-breaks on the Continent via Le Shuttle. The Group remains confident in its capacity to generate sustainable growth and through the development of further growth vectors, to increase its resistance to the vagaries of the economy. REVIEW OF THE FINANCIAL SITUATION AND THE CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012 Pursuant to EC Regulation1606/2002 of 19July2002 on the application of international accounting standards, the consolidated financial statements of GETSA for the financial year ended 31December2012 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31December2012. The following information relating to Groupe Eurotunnel SA’s financial situation and consolidated results must be read in conjunction with the consolidated financial statements contained in paragraph 20.3.1 of the 2012 Registration Document. 1. Comparison of financial years ended 31 December 2011 and 31 December 2012 In order to enable a better comparison between the two years, the 2011 consolidated income statement presented in this section has been recalculated at the exchange rate used for the 2012 income statement of £1 = €1.23. € million 2012 2011 Variance 2011 restated published Exchange rate €/£ 1.23 1.23 1.148 Fixed Link 777 711 +9% 687 Europorte 209 164 +28% 158 MyFerryLink 7 – – – Revenue 993 875 +14% 845 Other income 30 9 9 Total turnover 1,023 884 +16% 854 External operating (337) (274) +23% (267) costs Employee benefits (225) (189) +19% (184) expense Operating costs (562) (463) +21% (451) Operating margin 461 421 +10% 403 (EBITDA) Depreciation (161) (157) +3% (156) Trading profit 300 264 +14% 247 Other net operating (4) 25 25 (charges)/income Operating profit 296 289 272 (EBIT) Finance income 3 4 -24% 4 Finance costs (272) (278) -2% (268) Net finance costs (269) (274) -2% (264) Net other financial income and income 7 4 3 tax expense Profit for the year 34 19 11 Summary The Group’s consolidated revenues in 2012 amounted to €993 million, an increase of €118 million or +14% compared to 2011. Operating costs increased by €99 million to €562 million, and at €461 million EBITDA was 10% above 2011. EBITDA by business segment (excluding other income) evolved as follows: € million Fixed Europorte MyFerryLink Total Link Group EBITDA^(*^) 413 (1) – 412 2011 Change in 66 45 7 118 revenue Change in operating (38) (41) (20) (99) costs EBITDA^(*^) 441 3 (13) 431 2012 ^* EBITDA excluding other income relating to insurance indemnities for operating losses following the fire in 2008 (€30 million in 2012 and €9 million in 2011). In 2012, the Group accounted for €30 million of other income received from its insurers relating to the final settlement of insurance indemnities resulting from the fire in 2008 (2011: €9 million). The trading profit increased by €36 million, or €15 million excluding the effect of the insurance indemnities. Net finance costs reduced by 2%. The Group recorded a net profit of €34 million in 2012, an increase of €15 million compared to 2011 (profit of €19 million restated at the 2012 exchange rate). On a comparable basis, excluding the loss of €15 million by the new maritime activity (the MyFerryLink segment), profit improved by €30 million. Free Cash Flow^3 of €133 million was generated in 2012 compared to €132 million in 2011. At 31 December 2012, the Group held cash balances of €256 million (€276 million at 31 December 2011) after capital expenditure of €183 million (including €74 million paid for the acquisition and rehabilitation of the assets for the new maritime activity), payment of a dividend of €44 million, €18 million paid for the purchase of floating rate notes and €44 million spent on the share buy back programme. ^3 The Group defines its Free Cash Flow as net cash flow from operating activities less net cash flow from investing activities (excluding the initial investment in new activities and the acquisition of shareholdings in subsidiary undertakings) and net cash flow from financing activities relating to the service of the debt (Term Loan and hedging instruments) plus interest received (on cash and cash equivalents and other financial assets). The calculation is shown in section 5 below. 1.1. Fixed Link Concession segment The Group’s core business is the Channel Tunnel Fixed Link Concession which operates and directly markets its Shuttle Services and also manages the circulation of Eurostar passenger trains and the Train Operators’ Rail Freight Services through its Railway Network. This segment also includes the Group’s corporate services. € million 2012 2011 Variance restated Exchange rate €/£ 1.23 1.23 Shuttle Services 478 413 +16% Railway Network 286 288 -1% Other revenue 13 10 +28% Revenue 777 711 +9% External operating costs (188) (169) +11% Employee benefits expense (148) (129) +15% Operating costs (336) (298) +13% Operating margin (EBITDA)* 441 413 +7% EBITDA^(*^)/revenue 56.7% 58.0% -1.3pts ^* Excluding other income of €30 million in 2012 and €9 million in 2011. a) Fixed Link Concession revenues Revenue generated by this segment, which represents 78% of the Group’s total revenue, increased by 9% to €777 million in 2012, mainly due to increased Shuttle activity. i) Shuttle Services Traffic (number of vehicles) 2012 2011 Change Truck Shuttle 1,464,880 1,263,327 +16% Passenger Shuttle: Cars ^(*^) 2,424,342 2,262,811 +7% Coaches 58,966 56,095 +5% ^* Includes motorcycles, vehicles with trailers, caravans and camper vans. Shuttle Services’ revenue for 2012 amounted to €478 million, up 16% (€65 million) compared to the previous year. 2012 was marked by the demise of the historic operator SeaFrance and the resulting redistribution of traffic. Truck Shuttle The truck market continued to grow in 2012 by an estimated 2.5% compared to 2011, but nevertheless remained approximately 10% below 2007 (before the economic crisis). In 2012, the number of trucks transported by Shuttles increased by 16% compared to 2011 and exceeded the level of traffic recorded in 2007. Truck Shuttle market share increased by approximately five percentage points to 43.5%, a record since the opening of the Fixed Link. Passenger Shuttle Despite a market contraction in 2012, the Passenger Shuttle’s car market share increased by 4.4 percentage points to reach almost 51% for the year. This increase was made in the context of the demise of SeaFrance. The coach market grew slightly compared to 2011, and the Fixed Link’s share of the market increased by one percentage point to 41.2% leading to an increase in coach traffic of 5% in 2012 compared to 2011. ii) Railway Network Traffic 2012 2011 Change High-speed passenger trains (Eurostar): Passengers^(*^) 9,911,649 9,679,764 +2% Rail freight trains ^ (**^): Number of tonnes 1,227,139 1,324,673 -7% Number of trains 2,325 2,388 -3% ^* Only passengers travelling through the Channel Tunnel are included in this table, excluding those who travel between Paris- ^Calais and Brussels-Lille. ^** Rail freight services by train operators (DBSchenker on behalf of BRB, the SNCF and its subsidiaries, and Europorte) using theTunnel. The Eurotunnel Group earned revenues of €286 million in 2012 from the use of its Railway Network by Eurostar’s high-speed passenger trains and by rail freight trains. In 2012, the number of Eurostar passengers using the Tunnel reached 9.9 million, an increase of 2% compared to 2011. Rail freight train activity decreased by 3% in 2012 reflecting the fact that SNCF stopped its cross-Channel wagon load business and that RFF imposed a surcharge on customers at Frethun. b) Fixed Link Concession operating costs The Fixed Link segment’s total operating costs for 2012 amounted to €336 million, an increase of €38 million (13%) compared to 2011. This increase is made up of €19 million (11%) additional external operating costs and €19 million (15%) additional staff costs. This evolution can be analysed as follows: *half (€19 million) is due to additional operational costs directly linked to increased Shuttle Services activity (electricity and operational costs, regular maintenance, and staff bonuses), and *the remainder is due to a variation in non-recurrent costs (cyclical large scale maintenance and projects, exceptional items related to UK retirement liabilities, release of provisions). 1.2. Europorte segment The Europorte segment covers the entire rail freight transport logistical chain in France and the UK. It includes GBRf in the UK, and Europorte France, Socorail, Europorte Proximité and Europorte Channel. € million 2012 2011 Variance restated Exchange rate €/£ 1.23 1.23 Revenue 209 164 +28% External operating costs (129) (105) +24% Employee benefits expense (77) (60) +28% Operating costs (206) (165) +25% Operating margin (EBITDA) 3 (1) +€4m a) Europorte revenues Europorte’s revenues increased by €45 million (28%), most of which was generated by GBRf and Europorte France as a result of new contracts started in 2012, the full-year effect of new contracts started in 2011 and a small increase in volumes on existing contracts. b) Europorte operating costs Up 25% to €206 million in 2012, Europorte’s operating costs have increased to a lesser extent than its revenue. Europorte’s operating margin improved by €4 million compared to 2011 reflecting the effect of the productivity initiatives launched in 2011. For the first time since it was acquired by the Group, the Europorte segment generated a positive EBITDA of €3 million in 2012. 1.3. MyFerryLink segment The Eurotunnel Group’s maritime subsidiaries “MyFerryLink” lease their ships to the SCOP (an operating company outside the Eurotunnel Group) and market the cross-Channel crossings for freight and tourist vehicles. Following the acquisition of certain ex-SeaFrance assets at the beginning of July 2012, the Eurotunnel Group’s maritime activity began on 20 August 2012 with two of the ferries (the Rodin and the Berlioz) after their rehabilitation. € million 2012 Exchange rate €/£ 1.23 Revenue 7 Operating costs (20) Operating margin (EBITDA) (13) a) MyFerryLink revenues Traffic 2012 Freight 11,417 Cars ^(*^) 45,908 Coaches 11 ^* Includes motorcycles, vehicles with trailers, caravans and camper vans. The segment generated revenues of €7 million in the four and a half months of operations in 2012. This activity started at the end of the tourist market’s peak summer season and before the annual negotiations with freight transporters. As a result, revenues generated in 2012 are not representative of the potential for this business. b) MyFerryLink operating costs Operating costs of €20 million for the period mainly comprise the purchase of ferry crossings from the SCOP. 1.4. Other income Other income of €30 million in 2012 relates to cash received in the year for the final settlement of insurance indemnities arising from the fire in 2008. €9 million was accounted for in 2011 relating to indemnities for operating losses. 1.5. Operating margin (EBITDA) At €461 million, the Group’s operating margin improved by €40 million compared to 2011, or by €19 million (5%) excluding the impact of the insurance indemnities for operating losses. 1.6. Operating profit (EBIT) At €161 million in 2012, depreciation charges increased by €4 million, of which €3 million was in the Europorte segment following their acquisition of new rolling stock in 2011 and 2012. Excluding the insurance indemnities relating to operating losses in 2012 and 2011 and the losses incurred in 2012 by the new maritime activity of €14 million, the trading profit improved by €29 million compared to 2011 (+11%). In 2012, other net operating charges amounted to €4 million compared to net income of €25 million in 2011 (of which €20 million related to insurance indemnities in respect of the final compensation for rolling stock damaged by the fire in 2008). The operating profit in 2012 was €296 million (of which €30 million related to insurance indemnities for the fire in 2008), compared to €289 million in 2011 (including a total of €29 millions of insurance indemnities). On a comparable basis (excluding the effect on 2012 of the new maritime activity) the operating profit improved by €22 million (+7%). 1.7. Net finance costs At €269 million in 2012, net finance costs decreased by €5 million compared to 2011, at a constant exchange rate, as a result of the decrease in the UK inflation rate and the resulting effect on the nominal value of the index-linked tranche of the debt, partially compensated by the impact of the additional 2% margin on tranche C of the debt from July 2012. 1.8. Net result The consolidated net result for the Eurotunnel Group for the 2012 financial year was a profit of €34 million compared to a profit of €19 million in 2011 (restated at the 2012 exchange rate). On a comparable basis (excluding the €15 million loss from the new maritime activity in 2012) the net result improved by €30 million. 2. CASH FLOWS IN 2012 AND 2011 Year ended Year ended € million 31 December 31 December 2012 2011 Exchange rate €/£ 1.225 1.197 Net cash inflow from trading 459 418 Other operating cash flows and taxation 2 (2) Net cash inflow from operating activities 461 416 Net cash outflow from investing activities (183) (77) Net cash outflow from financing activities (301) (387) Decrease in cash in year (23) (48) In total, the net cash outflow in 2012 was €23 million, compared to a net cash outflow of €48 million in 2011. 2.1. Cash flow from operating activities At €461 million the net cash inflow from operating activities increased by €45 million in 2012 compared to 2011. This increase is explained mainly by: *an increase in Fixed Link revenue receipts of €81 million, mainly for Shuttle Services, *a net reduction of €12 million in the amount received from insurers in respect of the fire in 2008, *an increase of €11 million in Fixed Link operating expenses, mainly as a consequence of carrying additional traffic, *a net increase of €2 million in Europorte’s operating cash flows, and *a net operating cash out flow of €21 million in 2012 in connection with the start up of the MyFerryLink business. 2.2. Cash flow from investing activities Cash flow from investing activities increased from €77 million in 2011 to €183 million in 2012: *€59 million relating to the Fixed Link (€51 million in 2011) of which €20 million was spent on the renovation and upgrade of power of locomotives and €9 million on the project to install the GSM-R (digital radio communication system), *€51 million for Europorte (€46 million in 2011), mainly for the acquisition of locomotives as part of the development of the this segment, and *€74 million paid in respect of the acquisition of certain assets from the SeaFrance group and investments in relation to the putting back into service of the three ferries. In 2011, €20 million of insurance indemnities were received relating to the rolling stock damaged in the fire in 2008. 2.3. Cash flow from financing activities Net cash outflows from financing activities in 2012 amounted to €301 million compared to €387 million in 2011. During 2012, it comprised mainly: *€228 million of interest paid on the Term Loan and associated hedging transactions (€211 million in 2011), the increase resulting from the application of the 2% step-up on the margin applicable to the index-linked debt from 28 June 2012, *€18 million paid for the acquisition of floating rate notes (€128 million in 2011), *€44 million paid under the share buy back programme (€39 million in 2011), *€44 million paid in dividends (€21 million 2011), *€25 million received following the partial refinancing of locomotives purchased by Europorte in 2011 and 2012, and *interest received totalling €9 million of which €6 million was in respect of the floating rate notes owned by the Group (2011: €3 million of which €0.7 million in respect of the floating rate notes). 3. DEBT SERVICE COVER RATIOS The debt service cover ratio and the synthetic service cover ratio for Groupe Eurotunnel SA at 31 December 2012 were 2.04 and 1.77 respectively, and thus the financial covenants for the period were respected. 4. LONG TERM DEBT TO ASSET RATIO The Group defines its Long Term Debt to Asset Ratio as the ratio between long-term financial liabilities less the value of the floating rate notes held by the Group as a percentage of tangible fixed assets. At 31December2012, the ratio remained stable at 56.9% compared to 57.1% at 31December2011 (restated at the exchange rate at 31 December 2012). 31 31 December December 2011 2012 €’000 restated published Exchange rate €/£ 1.225 1.225 1.197 Long-term financial A 3,934,295 3,916,560 3,871,622 liabilities Other financial assets: floating B 152,274 133,470 131,931 rate notes Long-term financial liabilities less A-B=C 3,782,021 3,783,090 3,739,691 other financial assets Tangible fixed assets: property, D 6,647,650 6,627,296 6,626,841 plant and equipment^(*^) Long-Term Debt to C/D 56.9% 57.1% 56.4% Asset Ratio ^* Concession fixed assets are converted using historic exchange rates. 5. FREE CASH FLOW The Group defines its Free Cash Flow as net cash flow from operating activities less net cash flow from investing activities (excluding the initial investment in new activities and the acquisition of shareholdings in subsidiary undertakings) and net cash flow from financing activities relating to the service of the debt (Term Loan and hedging instruments) plus interest received (onCash and cash equivalents and other financial assets). €’000 31 December 31 December 2012 2011 Exchange rate €/£ 1.225 1.197 Net cash inflow from operating activities 460,601 415,983 Net cash outflow from investing activities (183,496) (77,377) Adjustment for investment in subsidiary 1,091 – undertakings Adjustment for the acquisition and 73,631 – rehabilitation of the maritime assets Interest paid on the Term Loan (176,745) (161,525) Interest paid on the hedging instruments (50,892) (49,063) Interest received on cash and cash 3,151 3,421 equivalents Interest received on other financial 5,832 698 assets Free Cash Flow 133,173 132,137 6. CONSOLIDATED STATEMENT OF FINANCIAL POSITION €’000 31 December 31 December 2012 2011 ASSETS Goodwill 17,364 16,965 Intangible assets 11,139 11,971 Total intangible assets 28,503 28,936 Concession property, plant and equipment 6,445,225 6,538,386 Other property, plant and equipment 202,425 88,455 Total property, plant and equipment 6,647,650 6,626,841 Investment in subsidiary undertakings 5 5 Other financial assets 155,183 133,467 Total non-current assets 6,831,341 6,789,249 Inventories 3,250 2,258 Trade receivables 120,985 105,960 Other receivables 43,185 44,575 Other financial assets 208 135 Cash and cash equivalents 256,228 275,522 Total current assets 423,856 428,450 Total assets 7,255,197 7,217,699 EQUITY AND LIABILITIES Issued share capital 220,000 224,229 Share premium account 1,711,796 1,769,895 Other reserves 57,816 196,147 Profit for the year 34,025 11,272 Cumulative translation reserve 158,784 198,813 Total equity 2,182,421 2,400,356 Retirement benefit obligations 22,188 26,187 Financial liabilities 3,934,295 3,871,622 Interest rate derivatives 856,017 727,914 Total non-current liabilities 4,812,500 4,625,723 Provisions 1,661 2,343 Financial liabilities 53,849 5,127 Other financial liabilities – 7 Trade payables 175,691 159,084 Other payables 29,075 25,059 Total current liabilities 260,276 191,620 Total equity and liabilities 7,255,197 7,217,699 Forthcoming events in 2013: 24 April 2013: traffic and revenue for first quarter of 2013 15 May 2013: Groupe Eurotunnel SA AGM Additional information: Groupe Eurotunnel files its annual financial report for the year ending 31 December 2012 with the Autorité des marches financiers (AMF). Groupe Eurotunnel SA’s consolidated and company accounts for the year ended 31 December 2012 were finalised by the board of directors on 20 March 2013. Status of the accounts for the year 2012, in respect of the statutory audit: accounts certified. This press release and the 2012 Registration Document (including Groupe Eurotunnel SA’s annual accounts for the year ended 31 December 2012) will be available on our website: www.eurotunnelgroup.com under the heading “regulatory information”. Contact: Groupe Eurotunnel Press For media enquiries John Keefe, + 44 (0) 1303 284491 Consultant firstname.lastname@example.org or For investor enquiries Michael Schuller, +44 (0) 1303 288749 Michael.email@example.com
Groupe Eurotunnel: 2012 Annual Results
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