GET: Groupe Eurotunnel SA: Groupe Eurotunnel: 2012 Annual Results

  GET: Groupe Eurotunnel SA: Groupe Eurotunnel: 2012 Annual Results

UK Regulatory Announcement

  *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)

PARIS

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
press@eurotunnel.com
or
For investor enquiries
Michael Schuller, +44 (0) 1303 288749
Michael.schuller@eurotunnel.com
 
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