GET: Groupe Eurotunnel SA: Groupe Eurotunnel revenue and traffic figures for
the first quarter 2013
UK Regulatory Announcement
*Consolidated revenues increased by 8%^1 to €238.3 million
*Channel Tunnel Fixed Link Concession
*Shuttle revenues: €100.9 million
*Eurostar: 2.2 million passengers
*Europorte: Revenues €55.4 million, increased by 9%
*MyFerryLink: Revenues €11.2 million
Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SA
(Paris:GET), stated: “The start of the year has been marked by a severe winter
which disrupted both road and rail traffic on several occasions. In a
difficult economic climate and in the absence of the positive leverage brought
by the London 2012 Olympic Games, the Eurotunnel Group has maintained, an
attractive and efficient level of service across all segments of activity, as
reflected in the rise in revenues”.
Total revenue for the Eurotunnel Group for the first quarter of 2013 increased
to €238.3 million, an increase of 8% compared to 2012 (€221.1 million) at a
constant exchange rate of £1=€1.183. It should be noted that, as 2012 was a
leap year, the first quarter in 2013 comprises approximately 1% less activity
than the same period in the previous year.
1^st Quarter 1^st Quarter 1^st Quarter
2013 2012 Change 2012
unaudited recalculated* published**
Eurotunnel Shuttles 100.9 101.1 0% 101.7
Railway network 68.2 67.0 +2% 67.5
Other revenues 2.6 2.3 +10% 2.3
Sub-total Fixed Link 171.7 170.4 +1% 171.5
Europorte 55.4 50.7 +9% 51.0
MyFerryLink 11.2 - N/A -
Revenue 238.3 221.1 +8% 222.5
* Exchange rate 1^st quarter 2013: £1 = €1.183
** Exchange rate 1^st quarter 2012: £1 = €1.199
A. Channel Tunnel Fixed Link Concession
The Fixed Link segment recorded a 1% growth in revenues for the first quarter
of 2013 at a constant exchange rate to €171.7 million.
Revenues from the core business, the transport of trucks and passenger
vehicles on board the Shuttle Services, represent €100.9 million. The
competitive advantages of Eurotunnel’s Shuttles, their speed, ease of use and
reliability, are recognised by the customers who appreciate the “premium”
nature of the service and there are many to appreciate it.
Revenues from payments made by the rail operators reached €68.2 million, an
increase of 2% for the first quarter.
Other revenues increased by 10% to €2.6 million.
B. Rail freight Operators: Europorte and its subsidiaries
The rail freight subsidiaries generated €55.4 million in the first quarter, a
9% increase in revenues for the period.
From a standing start in 2012, MyFerryLink had to wait until road hauliers
were free from their contracts with its competitors before it could attract
traffic to the three recently acquired ferries. Revenues at €11.2 million for
the quarter, show the increasing performance of MyFerryLink.
1^st Quarter 1^st Quarter
Truck Shuttles 333,167 364,724 -9%
Passenger Shuttles Cars* 445,653 427,739 +4%
Coaches 12,740 10,615 +20%
Passenger trains Passengers 2,232,516 2,235,083 0%
Rail freight trains *** Tonnes 323,230 313,056 +3%
Trains 624 589 +6%
* Includes motorcycles, vehicles with trailers, caravans and camper vans.
** 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 (DB Schenker on behalf of BRB,
the SNCF and its subsidiaries, and Europorte) using the Tunnel.
A. Channel Tunnel Fixed Link Concession
Le Shuttle: An absolute record
The number of cars transported increased by 4% to 445,653: the Le Shuttle car
segment continues to grow and increased its market share by nearly 1 point.
Coach volumes grew by 20%, largely as a result of passengers using “IDBUS” the
new, SNCF run, long distance bus service linking major European cities, which
started in July 2012.
Le Shuttle has again broken the record for vehicles carried. On 29 March (Good
Friday), 10,646 cars (including motorcycles, vehicles with trailers, caravans
and campervans) and 131 coaches travelled by Shuttle from Folkestone to
Coquelles, the highest volume of traffic ever achieved since the opening of
the Channel Tunnel.
Truck Shuttle traffic is naturally enough 9% lower, at 333,167 vehicles, due
to the bad weather over the particularly harsh winter, which led to
significant disruption on both sides of the Channel. Otherwise the first
quarter of 2012 also benefited from the end of SeaFrance services (which
ceased in November 2011). Traffic volumes nonetheless remain 11% higher than
in the first quarter of 2011.
In a context where road hauliers are still suffering from the economic crisis,
their loyalty to the Eurotunnel service is a source of satisfaction as traffic
levels remain high. A positive indicator is that the truck market continues to
grow, even though it is still below the levels seen before the economic crisis
in 2007. All else being equal, it is now possible to identify the positive
impact that the preparations for the London 2012 Olympic Games had on the
market in 2012: Eurotunnel estimates that this brought 10,000 trucks over the
With 2,232,516 passengers, Eurostar suffered from the heavy snow that fell
during the winter, particularly on 12 March, when all Eurostar services on the
French national railway network were cancelled by SNCF.
Rail freight trains
The number of rail freight trains increased by 6% during the first quarter to
624 trains. The activity was helped by the return of some intermodal services
and by the transport of steel, even though the additional toll imposed by
Reseau Ferré de France on each train travelling through the Tunnel remains an
obstacle to growth.
B. Rail freight operators: Europorte and its subsidiaries
Europorte, which is composed of the rail freight subsidiaries of the
Eurotunnel Group, continues on the path to growth by being selective in the
contracts it seeks, in order to optimise its cost structure. The first quarter
has seen notably an expansion in the cereals sector with an increase in
volumes and a geographical coverage (Belgium, South of France and Eastern
France), from a base of grain production centred on Dijon and la Bourgogne
Champagne, making Europorte the principal operator in this sector in the
GB Railfreight, the third largest rail freight operator in the UK also
continues to expand. Amongst numerous contracts, the completion of the
Bluebell line stands out for its innovation. Following 18 months of clearing
and removing rubbish from a cutting, GB Railfreight’s work has enabled the
historic Bluebell line to be reopened all the way from Sheffield Park to East
Grinstead for the first time in 50 years. GB Railfreight used Class 66 locos
hauling 20 wagon trains to transport the rubble. Each train removed 100 truck
movements from local roads in Sussex.
The Opale Coast International Railway Training Centre (CIFFCO) continues to
train railway staff in many different railway specialisations, both for the
group and for third parties. Europorte which employs many of the trainees at
the end of their courses is working to ensure that its employees have
favourable working conditions, in line with strict railway safety standards.
MyFerryLink, which has magnificently overcome all the handicaps which have
been imposed on it as a result of its late start up (in August), has seen its
traffic volumes increase each day, an indication that customers are looking
for an alternative maritime operator and real choice in cross-Channel ferry
services. The number of trucks carried increased to 56,795 for the first
quarter and the number of passenger vehicles to 30,323. The ships demonstrate
their suitability for the Dover-Calais market every day and the SCOP staff has
more than proven its skill and professionalism. However, the preliminary
report from the British Competition Commission, in complete contradiction to
the verdict reached by the French Competition Authorities (which gave the
green light to the acquisition of the ships by the Eurotunnel Group on 8
November 2012), and incompatible with the decision of the Paris Commercial
Court, could, if it is confirmed, lead to a situation which would penalise
customers. The Eurotunnel Group considers that this maritime activity has
demonstrated its relevance, its value and its potential for customers.
^1 All comparisons with 2012 have been made using the exchange rate for the
first quarter of 2013 of £1=€1.183
For media enquiries contact John Keefe Consultant on + 44 (0) 1303 284491
For investor enquiries contact Michael Schuller on +44 (0) 1303 288749
Groupe Eurotunnel SA
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