GET: Groupe Eurotunnel SA: Groupe Eurotunnel SA: 2013 Half Year Results and Traffic Figures

  GET: Groupe Eurotunnel SA: Groupe Eurotunnel SA: 2013 Half Year Results and
  Traffic Figures

UK Regulatory Announcement

PARIS

Groupe Eurotunnel SA (Paris:GET):

  *Revenues: a further increase to €509 million^1 (+10%)
  *EBITDA stable at €199 million.
  *Consolidated Group net result stable excluding the MyFerryLink maritime
    activities
  *Channel Tunnel Fixed Link:

  *Revenues increased to €367 million (+1%)
  *Shuttle traffic:

       *Trucks (-7%),
       *Passengers (Cars +2%, coaches +12%)

  *Railway traffic:

       *Increased number of passengers on high speed trains (+2%)
       *Significant increase in the number of rail freight trains (+12%)

  *Europorte:

  *Substantial increase in operating margin. Continuing progress for revenues
    (+11%) to €112 million.

  *MyFerryLink:

  *Market shares are 8.1% for freight and 5.8% for cars.

Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SA,
stated:

“In a hostile environment and following an exceptional year in 2012, the
Eurotunnel Group continues to strengthen its market shares across the board
and is pleased about the improved profitability of Europorte”.

^1 All comparisons with the income statement figures for the first half of
2012 are made at a constant exchange rate for the first half of 2013:
£1=€1.174.

Significant events in the half year

  *On 14 June 2013, the Intergovernmental Commission^2 granted the railway
    operator Deutsche Bahn a certificate (Certificate B) to operate passenger
    services through the Channel Tunnel. This will bring about the end of the
    Eurostar monopoly and will considerably enhance the exchanges between
    Great Britain and Northern Europe (Germany, Holland). Over time, this
    represents a potential 3 to 4 million additional passengers per year for
    the Eurotunnel Group, to add to the 10 million already using the current
    high speed train services.
  *To address the lack of specific training available in key skills, the
    Eurotunnel Group has endowed the Chair of “Railway Transport Sciences” at
    the Ecole des Ponts Paris Tech and the Fondation des Ponts, with a view to
    advancing the entire scope of railway technology (operations, traffic
    management, safety, technology lifecycles, respect for the environment and
    the economics of transport services).
  *Eurostar filed a claim with the Intergovernmental Commission, against the
    production of Eurotunnel’s 2014 Network Statement. The Eurotunnel Group
    confirms that its tarif structure is adapted, transparent and conforms to
    European legislation.
  *Eurotunnel learnt from the press on 19 June 2013 that the European
    Commission had sent a formal letter to the British and French governments
    concerning some conditions of the application of the 2001 First Railway
    Package (Directives 91/440/CEE and 2001/14/CE) relating to the Channel
    Tunnel whilst specifying that the Shuttle Services activity is not
    concerned by this issue. The states immediately refuted the findings of
    the European Commission. The Eurotunnel Group has restated that the
    private investors who, without any support raised over €14 billion for the
    construction of the Fixed Link, have a right to a legitimate return on
    their investment.
  *The Eurotunnel Group introduced ETICA (Eurotunnel Incentive for Capacity
    Additions), a system of financial support for railway operators launching
    new intermodal freight services between Great Britain and continental
    Europe, once again confirming its ambition to develop this traffic.
  *The Eurotunnel Group has appealed to the Competition Appeal Tribunal
    against the decision by the British Competition Commission on 6 June 2013
    to prohibit its operation of ferry services from the port of Dover. This
    decision goes against that of the French competition authority which gave
    its approval for the acquisition of the ferries, subject to certain
    committments, on 8 November 2012.
  *For the first time in its history Groupe Eurotunnel SA has repaid a
    portion of the capital of its debt and not simply the interest, proof
    again of the profound improvement in its financial structure.

^2 The Channel Tunnel Intergovernmental Commission was put in place by the
British and French governments.

The Fixed Link: strength in an increasingly competitive context

In the first half of the year, the growth in the Passenger Shuttle’s car
activity was above that of the Short Straits market (+0.4%), bringing market
share to 52.8% for the six-month period. The Fixed Link’s coach traffic also
leapt by 12% due to the launch of new scheduled services in the second half of
2012. Truck Shuttle traffic, which benefitted in 2012 from a volume effect
leading up to the London 2012 Olympic Games and from the end of SeaFrance
services, has not seen similar exceptional phenomena reoccur this year. The
Short Straits truck market remains 7% lower than it was in 2008, before the
economic crisis unfolded. Market share for the Truck Shuttles remains above
the average level for the years leading up to 2012, demonstrating the Group’s
remarkable strength.

In the first six months, revenues from use of the railway network increased by
2%, in line with traffic on high speed passenger trains, which took off again
in the second quarter with the leisure market showing signs of strength.

Activity from rail freight grew by 12% due to the transport of steel and the
regeneration of some intermodal flows.

Europorte: new contracts

Europorte which includes the rail freight subsidiaries of Groupe Eurotunnel SA
in France and the UK continues to see strong growth based on the signature of
new contracts and the increase in volumes in some existing contracts. GBRf has
consolidated its position as the third largest rail freight operator in Great
Britain, carrying increased amounts of biomass, coal and aggregates.

Above all, however, Europorte has made a substantial improvement in its
operating margin, as can be seen in the €9 million increase in EBITDA.

MyFerryLink: a new activity which is attracting customers seeking quality

The acquisition of the ships previously owned by SeaFrance was approved by the
French competition authority on 8 November 2012. Following a negative opinion
in its provisional findings report on 19 February 2013, the UK Competition
Commission confirmed on 6 June 2013 its decision to prohibit MyFerryLink any
activity at the port of Dover. The Eurotunnel Group and the SCOP SeaFrance
immediately appealed this decision.

This decision by the Competition Commission has created a damaging incertitude
at a time when the presence of large numbers of passengers on board the
Berlioz, the Rodin and the Nord Pas–de-Calais is witness to the
professionalism of the MyFerryLink crews and to the need for additional
options for transport professionals combined with an increased level of
quality of service.

Financial results based on cost management

The consolidated figures for the first half year show a stable EBITDA (at €199
million) despite the difficult economic environment and the launching of the
new maritime activity. The revenue and the trading result remain subject to
strong seasonal variations over the year.

The operating costs for the Fixed Link have decreased by 2% to €159 million
and the increase in Europorte’s costs has been limited to 2% even though
revenue has increased by 11%.

For the first six months of 2013, net finance costs have increased by €15
million compared to 2012, mainly due to the contractual increase in margin on
Tranche C of the debt from July 2012.

The accounting value of the debt at 30 June 2013 amounted to €3.9 billion
following the first repayment of €30 million of capital on 20 June 2013.

Cash held by the Group at the end of June amounted to €159 million (compared
to €256 million on 31 December 2012), following debt servicing, capital
investments and the payment of €65 million in dividends.

For the first half of 2013, the Eurotunnel Group recorded a net loss of €18
million.

Excluding the loss of €19 million generated by the MyFerryLink activity, the
net consolidated result for the Group remained stable at €1 million for the
first six months of 2013, compared to the same period in 2012 recalculated at
a constant exchange rate.

Press contacts:
Groupe Eurotunnel
For media enquiries contact John Keefe Consultant on + 44 (0) 1303 284491
press@eurotunnel.com
or
For investor enquiries contact Michael Schuller on +44 (0) 1303 288749
Michael.schuller@eurotunnel.com

REVENUE

First half (January - June)

                                                  
                                   1^st half              1^st half
                       1^st half
€ million                        2012       % change  2012
                       2013
                                   restated*              published**
Shuttle Services      219.6      219.2      0%        223.3
Railway network        141.1       138.3       +2%        140.8
Other revenues        6.0        5.5        +10%      5.6
Sub-total Fixed Link  366.7      363.0      +1%       369.7
Europorte             112.1      101.2      +11%      103.2
MyFerryLink           29.8       -                   -
Revenue               508.6      464.2      +10%      472.9

* Average exchange rate for the first half of 2013: £1=€1.174

** Average exchange rate for the first half of 2012: £1=€1.22

Reminder: first quarter (January - March)

                                                        
                                      1^st quarter              1^st quarter
                       1^st quarter
€ million                           2012          % change  2012
                       2013
                                      restated*                 published**
Shuttle Services      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

* Average exchange rate for the first quarter of 2013: £1=€1.183

** Average exchange rate for the first quarter of 2012: £1=€1.199

Second quarter (April - June)

                                                        
                                      2^nd quarter              2^nd quarter
                       2^nd quarter
€ million                           2012          % change  2012
                       2013
                                      restated                  published
Shuttle Services      118.7         118.1         0%        121.6
Railway network        72.9           71.3           +2%        73.4
Other revenues        3.4           3.2           +10%      3.2
Sub-total Fixed Link  195.0         192.6         +1%       198.2
Europorte             56.7          50.5          +12%      52.2
MyFerryLink           18.6          -             n/a       
Revenue               270.3         243.1         +11%      250.4

FIXED LINK TRAFFIC

First half

                                                             
                                           1^st half   1^st half   %
                                                              
                                           2013        2012        change
Truck Shuttles                            677,702    731,101    -7%
Passenger Shuttles           Cars*       1,071,164  1,048,719  +2%
                             Coaches     33,723     30,059     +12%
Eurostar passenger trains**  Passengers  4,944,655  4,842,280  +2%
Rail freight***              Tonnes      676,032    609,555    +11%
                             Trains      1,287      1,154      +12%

Reminder: 1st quarter

                                                                  
                                          1^st quarter   1^st quarter   %
                                                                   
                                          2013           2012           change
Truck Shuttles                           333,167       364,724       -9%
Passenger Shuttles          Cars*       445,653       427,739       +4%
                            Coaches     12,740        10,615        +20%
Eurostar passenger          Passengers  2,232,516     2,235,083     0%
trains**
Rail freight***             Tonnes      323,230       313,056       +3%
                            Trains      624           589           +6%

Second quarter

                                                                  
                                          2^nd quarter   2^nd quarter   %
                                                                   
                                          2013           2012           change
Truck Shuttles                           344,535       366,377       -6%
Passenger Shuttles          Cars*       625,511       620,980       +1%
                            Coaches     20,983        19,444        +8%
Eurostar passenger          Passengers  2,712,139     2,607,197     +4%
trains**
Rail freight***             Tonnes      352,802       296,499       +19%
                            Trains      663           565           +17%

* Including motorcycles, vehicles with trailers, caravans and motor homes.

** Only passengers using Eurostar to cross the Channel are included in this
table, thus excluding journeys between Paris-Calais and Brussels-Lille.

*** Rail freight services by trains operators (DB Schenker on behalf of BRB,
SNCF and its subsidiaries, and Europorte) using the Tunnel.

                           www.eurotunnelgroup.com

                             GROUPE EUROTUNNEL SA

       HALF-YEARLY FINANCIAL REPORT* FOR THE SIX MONTHS TO 30 JUNE 2013

* English translation of GET SA’s 2013 “rapport financier semestriel” for
information purposes only.

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2013

Half-yearly activity report

                 HALF-YEARLY ACTIVITY REPORT AT 30 JUNE 2013

To enable a better comparison between the two periods, Groupe Eurotunnel SA’s
consolidated income statement for the first half of 2012 presented in this
half-yearly activity report has been recalculated at the exchange rate used
for the 2013 half-yearly income statement of £1=€1.174.

Summary

The Group’s consolidated revenues for the first half of 2013 amounted to €509
million, an increase of €45 million or +10% compared to the first half of
2012. Operating costs increased by €45 million to €310 million. EBITDA
remained stable at €199 million despite the loss of €16 million generated by
the new maritime activity of MyFerryLink during the period. The operating
profit generated by the Fixed Link and Europorte activities improved by €11
million at a constant exchange rate. Net financial costs increased by €15
million of which €14 million was due to the effect of the contractual increase
of 2% on the margin on tranche C of the debt since July 2012.

For the first half of 2013, the Group recorded a net loss of €18 million. At a
constant exchange rate and excluding the loss generated by MyFerryLink, the
Group’s net result was stable with a profit of €1 million for the period.

The evolution of the result by segment compared to the first half of 2012 is
presented below:

                                                               
€ million                      Fixed               Total                 Total
(improvement/(deterioration)  Link   Europorte  excl.  MyFerryLink  Group
of result)                                         MFL
Net result for the first
half of 2012 restated at the  9      (7    )    2      –            2
2013 exchange rate
Changes:
Revenue                        4       11          15      30            45
Operating expenses            3     (2    )    1     (46    )     (45 )
EBITDA                         7       9           16      (16    )      –
Depreciation                  (2  )  (1    )    (3  )  (3     )     (6  )
Trading result                5     8         13    (19    )     (6  )
Operating result (EBIT)        3       8           11      (19    )      (8  )
Net financial charges and     (10 )  (2    )    (12 )  –           (12 )
tax
Total changes                 (7  )  6         (1  )  (19    )     (20 )
Net result for the first      2     (1    )    1     (19    )     (18 )
half of 2013

Free cash flow of €17 million was generated in the first half of 2013 compared
to €45 million in the same period in 2012, the decrease being mainly due to
the payment in June 2013 of the first scheduled repayment of the Term Loan
amounting to €30 million.

At 30 June 2013, the Group held cash balances of €159 million (€256 million at
31 December 2012) after capital expenditure of €42 million, payment of a
dividend of €65 million, €29 million spent on the share buy back programme and
the €30 million debt repayment.

Analysis of the result

                                                           
                         30-Jun-13  30-Jun-12                   30-Jun-12
€ million                             restated*^,**   Change         **
Exchange rate €/£        1.174      1.174          €M      %    1.220
Fixed Link                367         363             4        1%    370
Europorte                 112         101             11       11%   103
MyFerryLink              30         –              30          –
Revenue                   509         464             45       10%   473
External operating        (198)       (157)           41       26%   (160)
costs
Employee benefits        (112)      (108)          4       4%   (109)
expense
Operating costs          (310)      (265)          45      17%  (269)
Operating margin          199         199             =        =     204
(EBITDA)
Depreciation             (82)       (76)           6           (76)
Trading profit            117         123             (6)      -5%   128
Net other operating      (2)        –              (2)         –
charges
Operating profit (EBIT)   115         123             (8)      -6%   128
Finance income            1           2               (1)            2
Finance cost             (139)      (125)          14      11%  (128)
Net finance cost         (138)      (123)          15      12%  (126)
Other net financial      5          2              3           2
income and tax expense
Net result:              (18)       2              (20)        4
(loss)/profit

* Restated at the rate of exchange used for the 2013 half-year income
statement (£1=€1.174).

** Restated in accordance with the amended IAS 19 (see note 14 to the summary
consolidated half-yearly financial statements).

1. Fixed Link Concession segment

The Group’s core business is the Channel Tunnel Fixed Link Concession which
operates and directly markets its integrated vehicle transport service
(Shuttles) and also manages the circulation of the Train Operators’ services
through its Railway Network in return for the payment of a toll.

                                                    
€ million                  30 June 2013  30 June 2012  Change
Exchange rate £1=€1.174                 restated      €M  %
Shuttle Services            220            219            +1  =
Railway Network             141            139            +2   +2%
Other revenue              6             5             +1  +10%
Revenue                     367            363            +4   +1%
External operating costs    (87)           (90)           -3   -2%
Employee benefits expense  (72)          (72)          =   =
Operating costs            (159)         (162)         -3  -2%
Operating margin (EBITDA)  208           201           +7  +3%
EBITDA / revenue           56,5 %        55,5 %           +1pt

1.1. Fixed Link Concession revenues

Revenue generated by this segment, which represents 72% of the Group’s total
revenue, increased by 1% to €367 million compared to the first half of 2012.

a) Shuttle Services

                                                                      
TRAFFIC           1^st quarter (January to    2^nd quarter (April to      1^st half (January to June)
                    March)                       June)
(number of         2013     2012     %       2013     2012     %       2013       2012       %
vehicles)                               change                       change                           change
Truck Shuttle:                                                                               
        Trucks   333,167  364,724  -9%     344,535  366,377  -6%     677,702    731,101    -7%
Passenger
Shuttle:
          Cars*     445,653   427,739   4%       625,511   620,98    1%       1,071,164   1,048,719   2%
        Coaches  12,74    10,615   20%     20,983   19,444   8%      33,723     30,059     12%

* Including motorcycles, vehicles with trailers, caravans and motor homes.

At €220 million, Shuttle Services revenues remained stable in the first half
of 2013 compared to the first half of 2012.

i) Truck Shuttles

The Short Straits cross-Channel market for trucks continued to grow in 2013,
with a growth estimated at 3.5% compared to the first half of 2012, but
remains nevertheless approximately 7% below the pre-economic crisis levels of
2008. During the first half of 2013 the number of trucks transported by the
Shuttles decreased by 7% compared to the first half of 2012, but at 39.2%,
market share remains above the average levels of the years before 2012 which
was marked by the demise of the historic operator SeaFrance and the resulting
redistribution of traffic. In addition, the Truck Shuttle service was able to
withstand the intensification of competition in the Short Straits market
during the first half of 2013.

ii) Passenger Shuttles

The Short Straits cross-Channel car market returned to growth in the first
half of 2013 (estimated at 0.4%). The number of cars transported by the Fixed
Link increased by 2% and its share of the car market increased by almost one
point to reach 52.8% for the period.

The coach market experienced strong growth of approximately 8% compared to the
first half of 2012 and the Fixed Link’s share of the coach market increase by
1.4 points to 42.3% with a 12% increase in coach traffic. Coach traffic during
the first half of 2013 was boosted by new regular scheduled services which
started in the second half of 2012.

b) Railway network

                                                                                  
TRAFFIC               1^stquarter (January to March)  2^ndquarter (April to June)     1^sthalf (January to June)
                    2013       2012       %       2013       2012       %       2013       2012       %
                                                change                           change                           change
Eurostar passenger trains:                                                                               
        Passengers*  2,232,516  2,235,083  0%      2,712,139  2,607,197  4%      4,944,655  4,842,280  2%
Rail freight
trains**:
          Tonnes        323,23      313,056     3%       352,802     296,499     19%      676,032     609,555     11%
        Trains       624        589        6%      663        565        17%     1,287      1,154      12%

* Only passengers using Eurostar to cross the Channel are included in this
table, thus excluding journeys between Paris-Calais and Brussels-Lille.

** Rail freight services by trains operators (DB Schenker on behalf of BRB,
SNCF and its subsidiaries, and Europorte) using the Tunnel.

For the first half of 2013, revenues arising from the use of the Tunnel’s
railway network by Eurostar high-speed trains and rail freight trains
increased by 2% to €141 million.

The number of Eurostar passengers travelling through the Tunnel increased by
2% compared to the first half of 2012 reaching 4.9 million, boosted by a good
level of demand in the leisure travel market.

The number of rail freight trains increased by 12% as a result of an increase
in the transport of steel and the resumption of some intermodal traffic. The
issues of security and the extra toll imposed by Réseau Ferré de France on
each rail freight operator passing through the Tunnel remain the principal
obstacles to growth.

With the aim of increasing cross-Channel rail freight, Eurotunnel announced on
30 May 2013 the launch of ETICA (Eurotunnel Incentive for Capacity Additions),
a system of financial support for railway operators launching new intermodal
rail freight services through the Channel Tunnel intended to support the
operators’ initial investment.

1.2. Fixed Link Concession operating costs

At €159 million, the Fixed Link’s operating costs for the first half of 2013
reduced by 2% compared to the first half of 2012.

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 in France,
Europorte France, Socorail, Europorte Proximité and Europorte Channel.

                                                    
€ million                  30 June 2013  30 June 2012  Change
Exchange rate £1=€1.174                 restated      €M   %
Revenue                     112            101            +11  +11%
External operating costs    (65)           (67)           -2    -4%
Employee benefits expense  (40)          (36)          +4   +11%
Operating costs            (105)         (103)         +2   +2%
Operating margin (EBITDA)  7             (2)           +9   

2.1. Europorte revenues

The increase in Europorte’s revenue of €11 million (11%) was mainly generated
by new contracts starting in 2013 and the second half of 2012 as well as by an
increase in volumes on some existing contracts.

2.2. Europorte operating costs

In the context of the growth in activity levels, the increase in operating
expenses has been limited to 2% in the period reflecting the impact of
measures to improve productivity that began in 2011 and which have been
demonstrating their effectiveness since the second half of 2012 as well as
lower start-up costs for new contracts.

Europorte’s operating margin improved significantly compared to the first half
of 2012 with a positive EBITDA of €7 million, up €9 million.

3. MyFerryLink segment

The Eurotunnel Group’s maritime subsidiaries “MyFerryLink” lease their ships
to the SCOP (an operating company outside the Eurotunnel Group) and sell the
cross-Channel crossings for freight and tourist vehicles.

The Eurotunnel Group’s maritime activity began on 20 August 2012 with two of
the ferries (the Rodin and the Berlioz). Since February 2013, all three of the
ferries have been in operation on the Short Straits (including the Nord
Pas-de-Calais).

                          
€ million                  30 June 2013
Revenue                    30
Operating costs            (46     )
Operating margin (EBITDA)  (16     )

3.1. MyFerryLink revenues

The segment generated revenues of €30 million during the first half of 2013,
including €4 million from lease of the ferries. MFL’s freight activity has
increased steadily from a market share of 1.5% in December 2012 to reach 9.6%
in June 2013 and 8.1% for the half-year as a whole. With a market share of
5.8% for the half-year, the car activity has increased to reach 7.5% for the
month of June 2013.

                                                        
Traffic 2013           1^stquarter          2^ndquarter       1^sthalf
(number of vehicles)  (January to March)  (April to June)  (January to
                                                              June)
Freight               56,795              84,582           141,377
Tourist vehicles      30,323              86,562           116,885
^(*^)

* Including motorcycles, vehicles with trailers, caravans, motor homes and
coaches.

3.2. MyFerryLink operating costs

Operating costs, which consist mainly of the purchase of crossings from the
independent operating company SCOP and marketing costs, amounted to €46
million for the period.

4. Operating margin (EBITDA)

EBITDA by business segment compared to the first half of 2012 evolved as
follows:

                                                              
€ million               Fixed  Europorte  Total       MyFerryLink  Total
                         Link                excl. MFL                  Group
EBITDA 1^st half 2012   201    (2)        199         –            199
Change in revenue        4       11          15           30            45
Change in operating     3      (2)        1           (46)         (45)
costs
EBITDA 1^st half 2013   208    7          215         (16)         199

At €199 million, the Group’s consolidated operating margin remained stable
compared to the first half of 2012, and the operating margin for the Fixed
Link and Europorte activities increased by €16 million (8%).

5. Operating profit (EBIT)

Depreciation increased by €6 million to €82 million for the first half of
2013, with €3 million arising from the new maritime segment and an increase of
€1 million in the Europorte segment following the acquisition of new rolling
stock in 2012.

The operating result for the first half of 2013 was a profit of €115 million
compared to €123 million for the first half of 2012. Excluding MFL, operating
profit improved by €11 million.

6. Net finance costs, other financial income and charges and tax expense

At €138 million for the first half of 2013, net finance costs increased by €15
million compared to the first half of 2012 at a constant exchange rate, mainly
as a result of the contractual increase of 2% on the margin on tranche C of
the debt from July 2012 (€14 million).

"Other net financial income and tax expense" during the period includes
interest receivable on the floating rate notes of €3 million (2012: €2
million) and net exchange gains of €4 million (2012: net of €nil) partially
offset by the new tax of 3% on the €65 million dividend payment amounting to
€2 million.

7. Net result

During the first half of 2013, the Group recorded a net loss of €18 million.
Excluding the €19 million loss generated by MFL and at a constant exchange
rate, the Group’s net result remained stable compared to the first half of
2012, with a profit of €1 million.

Analysis of cash flows

                                                        
€ million                                   30 June 2012  30 June 2012
Exchange rate €/£                           1.167         1.239
Net cash inflow from trading                 202            198
Other operating cash flows and taxation     (2)           4
Net cash inflow from operating activities    200            202
Net cash outflow from investing activities   (48)           (61)
Net cash outflow from financing activities  (241)         (156)
Decrease in cash                            (89)          (15)

In total, the net cash outflow for the first half of 2013 was €89 million,
compared to a net cash outflow of €15 million for the same period in 2012.

At €200million for the first half of 2013, net cash inflow from operating
activities remained relatively stable compared to 2012.

At €48million, net cash outflow from investing activities decreased by €13
million compared to the first half of 2012. During the first half of 2013,
cash flow from investing activities comprised:

  *€21 million relating to the Fixed Link (€29 million in the first half of
    2012) of which €7 million was spent on the renovation and upgrade of power
    of locomotives and €6 million on the project to install the GSM-R (digital
    radio communication) system,
  *€16 million for Europorte (€24 million in the first half of 2012), mainly
    in respect of the final phase of Europorte in France’s multi-year
    programme for acquiring new locomotives,
  *€5 million by the maritime segment, mainly in respect of the
    rehabilitation of the ferries, and
  *€7 million of investment in subsidiary undertakings in ElecLink Limited, a
    joint venture 49%-owned by GETSA, whose purpose is to put in place and
    operate a new electricity interconnector between the French and British
    national grids by running two direct current cables through the Tunnel.

Net cash outflows from financing activities in the first half of 2013 amounted
to €240 million compared to €156 million in the first half of 2012. During the
first half of 2013, cash flow from financing comprised:

  *€120 million of interest paid on the Term Loan and associated hedging
    transactions (€108 million in the first half of 2012), the increase
    resulting from the application from 28 June 2012 of the additional 2%
    margin on tranche C of the Term Loan,
  *€30 million paid in respect of the first scheduled repayment of the Term
    Loan,
  *€29 million paid under the share buy back programme (2012: €11 million),
  *€65 million paid in dividends (2012: €44 million), and
  *€4 million of interest received of which €3 million related to floating
    rate notes owned by the Group (2012: €4 million of which €2 million for
    floating rate notes).

Debt service cover ratio

Under the terms of the Term Loan, Groupe Eurotunnel SA is required to meet
certain financial covenants as described in paragraph 10.6 of the 2012
Registration Document.

At 30 June 2013, the debt service cover ratio (net operating cash flow less
capital expenditure compared to debt service costs on a rolling 12 month
period) and the synthetic debt service cover ratio (calculated on the same
basis but taking into account a hypothetical amortisation on the Term Loan)
were 1.82 and 1.81 respectively. The financial covenants for the period were
respected.

Other financial indicators

Free cash flow

The free cash flow as defined by the Group in paragraph 10.8 of the 2012
Registration Document, is the 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).

For the first six months of 2013, free cash flow amounted to €17 million
compared to €45 million for the same period in 2012, a decrease of €28 million
mainly due to the first scheduled debt repayment and the increase in interest
paid as described above.

                                                             
€ million                                     30 June  30 June  31 December
                                               2013      2012      2012
Exchange rate €/£                             1.167   1.239   1.225   
Net cash inflow from operating activities      200       202       461
Net cash outflow from investing activities     (48   )   (61   )   (183    )
Adjustment for investment in subsidiary        7         1         1
undertakings
Adjustment for the acquisition and             5         7         74
rehabilitation of maritime assets
Interest paid on loans and hedging contracts   (121  )   (108  )   (229    )
Scheduled debt repayments                      (30   )   –         –
Interest received                             4       4       9       
Free cash flow                                17      45      133     

Long-term debt to asset ratio

The long-term debt to asset ratio as defined by the Group in paragraph 10.7 of
the 2012 Registration Document is the ratio between long-term financial
liabilities less the value of the floating rate notes purchased as a
percentage of tangible fixed assets. At 56% at 30 June 2013, the ratio
remained stable compared to 31 December 2012 restated at the exchange rate
used at 30 June 2013.

                                                    
                                              30 June  31 December 2012
€ million                                       2013      restated  published
Exchange rate €/£                            1.167    1.167     1.225
Long-term financial liabilities         A       3,843     3,840      3,934
Other financial assets: floating rate  B      149      149       152
notes
Long-term financial liabilities less    A-B=C   3,694     3,691      3,782
other financial assets
Tangible fixed assets: property,       D      6,599    6,646     6,648
plant and equipment*
Long-term debt to asset ratio          C/D    56,0%    55.5%     56.9%

* Concession fixed assets are converted using historic exchange rates.

Outlook

During the first half of the year, the Group’s Shuttle Services have increased
their share of the car market and the outlook for traffic for the peak summer
season confirms this trend. Truck Shuttle Service traffic, which in 2012
benefitted from a pre-Olympic Games volume uplift and from the end of
SeaFrance’s activities, experienced a decline at the beginning of 2013. In the
context of intense competition on the cross-Channel market, Eurotunnel remains
confident that its offer, based on the quality of its service, is clearly
recognised by its customers. In 2013, the Group is pursuing its capital
investment projects to further improve the quality of its services and the
capacity of the Tunnel. The Group continues to work with other rail operators,
in particular with Deutsche Bahn which has obtained its certificate to operate
passenger services in the Tunnel, in order to develop cross-Channel rail
traffic.

During the first half of 2013, the Europorte segment benefitted from the
capital investment and initiatives taken to improve operating margins. The
Group continues to pursue its rail freight activity on the basis of its
strategy founded on quality of service and productivity, and 2013 should
confirm the progress towards financial breakeven for this activity.

The Group’s maritime activity, which began in August 2012, saw a significant
growth in traffic during the first half of 2013 following the negotiation of
annual agreements with road haulage customers and the launch of the new brand
MyFerryLink. The acquisition of the ferries was authorised by the French
competition authority on 7 November 2012. The Group considers that, despite
the decision of the UK Competition Commission (which the Group contests and is
appealing), the service offered by MyFerryLink increases competition in the
cross-Channel market and offers customers, including those that cannot use the
Tunnel, an additional choice based on the Group’s core value of service
quality.

The economic crisis, and in particular the barely-positive growth rates in the
UK and the Eurozone, make it difficult to assess the economic outlook.

The main risks and uncertainties which the Eurotunnel Group may face in the
remaining six months of the year are identified in chapter 4 “Risk Factors” of
the 2012 Registration Document filed with the Autorité des marchés financiers
(the French financial markets authority) on 25 March 2013. In respect of
recent events relating to legal risks, see note 1 to the summary consolidated
financial statements below.

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2013

Summary consolidated half-yearly financial statements

    SUMMARY CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS AT 30 JUNE 2013

Consolidated income statement

                                                         
€’000                          Note  30 June     * 30 June   * 31 December
                                       2013         2012         2012
Revenue                        3     508,623     472,929     993,148
Other income                        –          –          30,000     
Total turnover                         508,623      472,929      1,023,148
Operating expenses                     (197,718 )   (159,398 )   (336,862   )
Employee benefit expense               (112,369 )   (109,426 )   (227,370   )
Depreciation                        (81,818  )  (76,658  )  (161,380   )
Trading profit                  3      116,718      127,447      297,536
Other operating income                 739          136          1,226
Other operating expenses            (2,437   )  –          (5,556     )
Operating profit                       115,020      127,583      293,206
Finance income                         972          1,866        2,868
Finance costs                  4     (139,272 )  (127,603 )  (272,196   )
Net finance costs                      (138,300 )   (125,737 )   (269,328   )
Other financial income          5      17,056       12,752       16,307
Other financial charges         5      (9,898   )   (10,212  )   (8,276     )
Tax expense                    10    (2,034   )  (302     )  (190       )
Result for the period:              (18,156  )  4,084      31,719     
(loss)/profit
Result: Group share                    (18,156  )   4,084        31,719
Result: minority interest           –          –          –          
share
(Loss)/profit per share (€)     6      (0.03    )   0.01         0.06
(Loss)/profit per share after  6     (0.03    )  0.01       0.06       
dilution (€)

* The financial statements for the six months to 30 June 2012 and the year
ended 31 December 2012 have been restated in accordance with the amended
IAS19. The impact of the restatement is explained in note 14.

Consolidated statement of comprehensive income

                                                          
€’000                            Note  30 June    *30 June    *31 December
                                         2013        2012         2012
Items not recyclable to the                                  
income statement:
Actuarial gains and losses on     14     –           (2,360   )   (4,720    )
employee benefits
Items recyclable to the income
statement:
Foreign exchange translation             79,936      (58,681  )   (40,029   )
differences
Movement in fair value of        11    156,201   (112,565 )  (128,103  )
hedging contracts
Net profit/(loss) recognised             236,137     (173,606 )   (172,852  )
directly in equity
(Loss)/profit for the period -        (18,156 )  4,084      31,719    
Group share
Total comprehensive                      217,981     (169,522 )   (141,133  )
income/(expense) - Group share
Total comprehensive
income/(expense) - minority           –         –          –         
interest share
Total comprehensive                   217,981   (169,522 )  (141,133  )
income/(expense)

* The financial statements for the six months to 30 June 2012 and the year
ended 31 December 2012 have been restated in accordance with the amended
IAS19. The impact of the restatement is explained in note 14.

The accompanying notes form part of these financial statements.

Consolidated statement of financial position

                                                          
€’000                                     Note  30 June      * 31 December
                                                  2013          2012
ASSETS                                                      
Goodwill                                          16,531        17,364
Intangible assets                              10,075      11,139
Total intangible assets                           26,606        28,503
Concession property, plant and equipment   7      6,385,616     6,445,225
Other property, plant and equipment       7     213,695     202,425
Total property, plant and equipment               6,599,311     6,647,650
Investment in subsidiary undertakings             5             5
Other financial assets                    8.2   159,079     155,183
Total non-current assets                          6,785,001     6,831,341
Stock                                             3,486         3,250
Trade receivables                                 131,154       120,985
Other receivables                                 38,696        43,185
Other financial assets                            185           208
Cash and cash equivalents                      158,982     256,228
Total current assets                           332,503     423,856
Total assets                                   7,117,504   7,255,197
EQUITY AND LIABILITIES
Issued share capital                       9      220,000       220,000
Share premium account                             1,711,796     1,711,796
Other reserves                             10     129,314       32,339
(Loss)/profit for the period                      (18,156   )   31,719
Cumulative translation reserve                 238,217     158,281
Equity – Group share                              2,281,171     2,154,135
Minority interest share                        3           –
Total equity                                      2,281,174     2,154,135
Retirement benefit obligations                    47,844        50,474
Financial liabilities                      11     3,842,872     3,934,295
Interest rate derivatives                 11    699,816     856,017
Total non-current liabilities                     4,590,532     4,840,786
Provisions                                        1,052         1,661
Financial liabilities                      11     38,191        53,849
Trade payables                                    156,425       175,691
Other payables                                 50,130      29,075
Total current liabilities                      245,798     260,276
Total equity and liabilities                   7,117,504   7,255,197

* The financial statements for the year ended 31 December 2012 have been
restated in accordance with the amended IAS19. The impact of the restatement
is explained in note 14.

The accompanying notes form an integral part of these financial statements.

Consolidated statement of changes in equity

                                                                                                
                   Issued      Share         Consolidated               Cumulative                  Minority
€’000             share      premium      reserves      Result     translation  Group Share  interests  Total
                   capital     account                                  reserve
1 ^ January 2012  224,229    1,769,895    196,147       11,272     198,813      2,400,356               2,400,356
Transfer to
consolidated                                 11,272         (11,272 )                 –                         –
reserves
Payment of                                   (44,105   )                              (44,105   )               (44,105   )
dividend
Share issue                    (100      )                                            (100      )               (100      )
costs
Share based                                  5,219                                    5,219                     5,219
payments
Acquisition/sale
of treasury                                  (44,842   )                              (44,842   )               (44,842   )
shares
Cancellation of    (4,229  )   (57,999   )   62,228                                   –                         –
treasury shares
Result of the                                               34,025                    34,025                    34,025
period
Net profit /
(loss) recorded                         (128,103  )             (40,029  )   (168,132  )            (168,132  )
directly in
equity
31 December 2012   220,000     1,711,796     57,816         34,025      158,784       2,182,421     –           2,182,421
as published
Restatement for
amendment to IAS
19: adjustment
of actuarial
liability: **
  *at 1 January                             (20,757   )                              (20,757   )               (20,757   )
    2012
  *for the 2012
    financial                           (4,720    )   (2,306  )  (503     )   (7,529    )            (7,529    )
    year
31 December 2012   220,000     1,711,796     32,339         31,719      158,281       2,154,135     –           2,154,135
adjusted **
Transfer to
consolidated                                 31,719         (31,719 )                 –                         –
reserves
Payment of
dividend (note                               (65,265   )                              (65,265   )               (65,265   )
10)
Share based                                  2,951                                    2,951                     2,951
payments*
Acquisition/sale
of treasury                                  (28,631   )                              (28,631   )               (28,631   )
shares
Result of the                                               (18,156 )                 (18,156   )               (18,156   )
period
Change in scope                                                                                     3           3
of consolidation
Net profit /
(loss) recorded                         156,201                79,936      236,137               236,137   
directly in
equity
30 June 2013      220,000   1,711,796   129,314      (18,156 )  238,217     2,281,171   3          2,281,174 

* Of which €1,923,000 in respect of free shares and €1,028,000 in respect of
share options.

** The financial statements for the year ended 31 December 2012 have been
restated in accordance with the amended IAS19. The impact of the restatement
is explained in note 14.

The accompanying notes form an integral part of these financial statements.

Consolidated statement of cash flows

                                                      
€’000                        30 June 2013  30 June 2012  **31 December 2012
Result for the period:       (18,156   )   4,084         31,719
(loss)/profit
Tax expense                   2,034          302            190
Net other financial income    (7,158    )    (2,540    )    (8,031       )
Net finance costs             138,300        125,737        269,328
Other operating               1,698          (136      )    4,330
expenses/(income)
Depreciation                 81,818       76,658       161,380      
Trading profit before         198,536        204,105        458,916
depreciation
Exchange adjustment           (739      )    2,026          1,151
Increase in inventories       (252      )    (639      )    (986         )
Increase in trade and other   (8,738    )    (16,679   )    (21,317      )
receivables
Increase in trade and other  13,328       9,564        21,222       
payables
Net cash inflow from          202,135        198,377        458,986
trading
Other operating cash flows    (2,451    )    3,742          1,773
Taxation received/(paid)     32           (172      )   (158         )
Net cash inflow from         199,716      201,947      460,601      
operating activities
Payments to acquire
property, plant and           (42,376   )    (61,563   )    (183,826     )
equipment
Sale of property, plant and   1,307          1,472          1,421
equipment
Investment in subsidiary     (7,190    )   (569      )   (1,091       )
undertakings
Net cash outflow from        (48,259   )   (60,660   )   (183,496     )
investing activities
Dividend paid                 (65,265   )    (44,105   )    (44,105      )
Share issue costs             –              (460      )    (697         )
Purchase of floating rate     –              (18,400   )    (18,400      )
notes
Purchase of treasury shares   (29,418   )    (11,477   )    (43,604      )
Exercise of 2007 Warrants     –              2,932          2,932
Interest paid on Term Loan    (88,084   )    (84,242   )    (176,745     )
Interest paid on hedging      (31,184   )    (23,424   )    (50,892      )
instruments
Scheduled repayment of Term   (29,573   )    –              –
Loan
Cash received from loans      –              18,500         25,028
Fees paid on other loans      –              –              (191         )
Interest paid on other        (693      )    –              (891         )
loans
Repayment of other loans      (623      )    –              (767         )
Interest received on cash     979            1,926          3,151
and cash equivalents
Interest received on other    3,095          2,238          5,832
financial assets
Net payments on liquidity    790          332          (1,241       )
contract
Net cash outflow from        (239,976  )   (156,180  )   (300,590     )
financing activities
Decrease in cash in period   (88,519   )   (14,893   )   (23,485      )

* The adjustment relates to the restatement of elements of the income
statement at the exchange rate ruling at the yearend.

* The financial statements for the six months to 30 June 2012 and the year
ended 31 December 2012 have been restated in accordance with the amended
IAS19. The impact of the restatement is explained in note 14.

                                                        
Movement during the year       30 June 2013  30 June 2012  31 December 2012
€’000
Cash and cash equivalents at   256,228       275,522       275,522
1 January
Effect of movement in           (8,720    )    6,730          4,473
exchange rate
Decrease in cash in the         (88,519   )    (14,893   )    (23,485     )
period
Decrease in interest           (7        )   (133      )   (282        )
receivable in the period
Cash and cash equivalents at   158,982      267,226      256,228     
the end of the period

The accompanying notes form an integral part of these consolidated financial
statements.

Notes to the summary financial statements

Groupe Eurotunnel SA is the consolidating entity of the Eurotunnel Group,
whose registered office is at 3rue La Boétie, 75008 Paris, France and whose
shares are listed on Euronext Paris and on NYSE Euronext London. The term
“Groupe EurotunnelSA” or “GETSA” refers to the holding company which is
governed by French law. The term “Group” or “the Eurotunnel Group” refers to
Groupe EurotunnelSA and all its subsidiaries.

The activities of the Group are the design, financing, construction and
operation of the Fixed Link in accordance with the terms of the Concession
(which will expire in 2086), as well as rail freight and maritime activities.

1 Important events

1.1 Maritime activity: UK Competition Commission

On 6 June 2013, the UK Competition Commission published its decision in
relation to the acquisition by the Eurotunnel Group in July 2012 of certain
assets of the SeaFrance group in liquidation consisting notably of the ferries
the Berlioz, the Rodin and the Nord Pas-de-Calais. The UK Competition
Commission, contrary to the French competition authority, decided to prohibit
Groupe EurotunnelSA (or any connected party) from operating either directly
or indirectly ferry services out of the port of Dover for a period of ten
years for the Berlioz and the Rodin, and for a period of two years for any
other ferry. The decision will only become binding when the UK Competition
Commission issues an order and the prohibition to operate will begin six
months after that date.

The Group has appealed this decision (judicial review) to the Competition
Appeals Tribunal (“CAT”). The result of this appeal should be known before the
end of 2013.

The Eurotunnel Group confirms its determination to continue its maritime
activity and maintains its position that the acquisition of the ex-SeaFrance
ferries nine months after the liquidation of SeaFrance and the cessation of
its activity, as well as the start-up of the new operator MyFerryLink,
increase competition on the cross-Channel market and offer customers,
including those who cannot use the Tunnel, an additional choice to the
existing offers.

In this context, the financial statements at 30 June 2013 do not include any
potential financial impacts that may arise from this process.

1.2 Eurostar claim

On 4 June 2013, the Intergovernmental Commission for the Channel Tunnel (IGC)
announced that Eurostar had filed a claim against the structure of the track
access charges for using the Tunnel in the Eurotunnel Network Statement 2014.
The Group contests both the reality of the prejudice alleged by Eurostar and
the competency and the independence of the IGC to rule on the matter.

1.3 Reasoned opinion issued by the European Commission on the implementation
of the first railway package

On 20 June 2013, the European Commission issued a formal request to France and
the United Kingdom in the form of a “reasoned opinion”, asking the French and
UK authorities to comply with the provisions of the 2001 first railway package
(Directives 91/440/EEC and 2001/14/EC) with respect to the track access
charges for railway operators using the Channel Tunnel. The Commission also
considers that the independence of the IGC is not guaranteed, and also states
that the Shuttle activity is not affected by this procedure. The French and UK
authorities have two months in which to respond to the reasoned opinion. If
they fail to do so, the Commission may bring the matter to the European Court
of Justice.

The French and UK government contest this interpretation and consider that the
rules that apply to the Channel Tunnel are consistent with the first railway
package.

The Commission acknowledges that the Group’s Shuttle activity is exempt from
the first railway package. The structure for the track access charges to the
Channel Tunnel is defined by the Railway Usage Contract (RUC) that was signed
by the state rail companies SNCF and BRB. The structure of the charges
complies with the regulations and is reasonable in the context of the more
than €14 billion investment in the Tunnel’s construction, and of the long-term
and on-going maintenance costs of an exceptional infrastructure which crosses
a natural barrier and which was financed wholly by the private sector.

Even if the process initiated by the EC is directed at the two States and not
at the Group itself, Eurotunnel is working with the French and UK governments
in order to demonstrate the validity of its position.

2 Basis of preparation and significant accounting policies

2.1 Statement of compliance

The half-year summary consolidated financial statements have been prepared in
accordance with IAS34 and accordingly do not contain all the information
necessary for complete annual financial statements and must be read in
conjunction with Groupe Eurotunnel SA’s consolidated financial statements for
the year ended 31 December 2012.

The half-year summary consolidated financial statements for 2013 were drawn up
by the board of directors on 24 July 2013.

2.2 Scope of consolidation

The half-year summary consolidated financial statements for Groupe
EurotunnelSA and its subsidiaries are prepared as at 30 June. The basis of
consolidation at 30 June 2013 is the same as that used for Groupe Eurotunnel
SA’s annual financial statements to 31 December 2012 with the exception of the
creation of Bourgogne Fret Services, a joint-venture with Cérévia, of which
the Group holds a 66% share and which had no significant activity during the
period.

2.3 Basis of preparation and presentation of the consolidated financial
statements

The half-year summary consolidated financial statements have been prepared
using the principles of currency conversion as defined in the 2012 annual
financial statements.

The average and closing exchange rates used in the preparation of the 2013 and
2012 half-year accounts and the 2012 annual accounts are as follows:

                                       
€/£           30 June 2013  30 June 2012  31 December 2012
Closing rate  1.167         1.239         1.225
Average rate  1.174         1.220         1.230

2.4 Principal accounting policies

The half-year summary consolidated financial statements have been prepared in
accordance with IFRS. The accounting principles and bases of calculation used
for these half-year summary consolidated financial statements are consistent
in all significant aspects with those used for GET SA’s 2012 annual
consolidated financial statements, with the exception of the following
standards published by the IASB and adopted by the European Union and which
became applicable to the Group on 1 January 2013:

  *The amendment to IAS19 “Employee benefits”. The main impact of this
    revision has been to remove the option adopted by the Group which allowed,
    when outside the 10% corridor, the depreciation of the unrecognised
    actuarial differences to be spread. These unrecognised actuarial
    differences will now have to be immediately accounted for in equity. The
    application of this standard on 1 January 2013 has retrospectively changed
    the comparative exercise (2012) to show it as would have been had the
    standard been applied since 1 January 2012. The impact of these
    restatements on the financial statements at 30 June 2012 and 31 December
    2012 is given in note 14 below.
  *Amendment to IFRS 7 “Financial Instruments: Disclosures – Offsetting
    Financial Assets and Financial Liabilities”. This amendment has not had an
    impact on the Group’s financial statements.
  *IFRS13 “Fair Value Measurement”, which has led to the presentation of
    information relating to the hierarchy of fair value in note 8 below.

The following texts which have been published by the IASB and adopted by the
European Union for mandatory application for accounting periods commencing on
or after 1 January 2014 have not been adopted early by the Eurotunnel Group:

  *The amendment to IAS32 “Offsetting Financial Assets and Financial
    Liabilities”.
  *IFRS10 “Consolidated Financial Statements” which will replace IAS27
    “Consolidated and Separate Financial Statements” for the part relating to
    consolidated financial statements as well as the interpretation SIC12
    “Consolidation-Special Purpose Entities”.
  *IFRS11 “Joint Arrangements” which will replace IAS31 “Interests in Joint
    Ventures” as well as the interpretation SIC13 “Jointly Controlled
    Entities– Non-Monetary Contributions byVenturers”.
  *IFRS12 “Disclosure of Involvement with Other Entities”.
  *Revision to IAS27 renamed “Separate Financial Statements” and IAS28
    “Investments in Associates and Joint Ventures”.

The application of IFRS 10 (single definition of control) and IFRS 11
(eliminating the proportionate consolidation for joint ventures) is being
studied, although the Group does not expect it to have a significant effect on
the way in which it consolidates its subsidiaries.

The main text which may be applicable to the Group that has been published by
the IASB but is not yet in force (not adopted by the European Union) is IFRS 9
“Financial Instruments: Classification and measurement of financial assets and
liabilities”. Subject to its being adopted by the European Union, this
standard will be mandatory for accounting periods commencing on or after 1
January 2015.

The other standards, interpretations and amendments to existing standards are
not applicable to the Group.

2.5 Seasonal variations

The revenue and the trading result generated in each reporting period are
subject to seasonal variations over the year, in particular for the Passenger
Shuttle’s car activity during the peak summer season. Therefore the results
for the first half of the year cannot be extrapolated to the full year.

3 Segment reporting

The Group is structured around the following three activities which correspond
to the internal information reviewed and used by the main operational decision
makers (the Executive Committee):

  *the “Concession for the cross-Channel Fixed Link” segment which includes
    the Group’s corporate services,
  *the “Europorte” segment the main activity of which is that of rail freight
    operator, which includes the activities of Europorte SAS and its
    subsidiaries (Europorte Channel, Europorte France, Europorte Proximité,
    Socorail, Eurosco and GBRf), and
  *the “MyFerryLink” segment, the main activity of which is the lease of
    ferries and the sale of cross-Channel crossings. The segment includes the
    Euro-TransManche companies and the company MyFerryLink SAS. The ferries
    are leased to SCOP SeaFrance which is an operating company outside the
    Eurotunnel Group.

                                                           
€’000                      Fixed Link  Europorte  MyFerryLink  Total
At 30 June 2013                                               
Revenue                     366,669      112,093     29,861        508,623
EBITDA                      207,294      7,475       (16,233  )    198,536
Trading profit/(loss)       133,423      1,943       (18,648  )    116,718
Net result before           3,174        1           (19,297  )    (16,122   )
taxation
Investment in property,     14,463       16,262      4,023         34,748
plant and equipment
Property, plant and        6,386,176   164,748   74,993      6,625,917 
(intangible and tangible)
At 30 June 2012 *
Revenue                     369,729      103,200     –             472,929
EBITDA                      206,032      (1,927  )   –             204,105
Trading profit/(loss)       133,758      (6,311  )   –             127,447
Net result before           11,047       (6,661  )   –             4,386
taxation
Investment in property,     25,107       25,368      6,500         56,975
plant and equipment
Property, plant and        6,498,985   142,089   –           6,641,074 
(intangible and tangible)
At 31 December 2012 *
Revenue                     776,708      209,484     6,956         993,148
EBITDA                      468,596      2,826       (12,505  )    458,917
Trading profit/(loss)       318,884      (7,394  )   (13,954  )    297,536
Net result before           56,604       (9,307  )   (15,388  )    31,909
taxation
Investment in property,     57,051       49,254      75,834        182,139
plant and equipment
Property, plant and        6,445,738   157,030   73,385      6,676,153 
(intangible and tangible)

* The financial statements for the six months to 30 June 2012 and the year
ended 31 December 2012 have been restated in accordance with the amended
IAS19. The impact of the restatement is explained in note 14.

MyFerryLink began operations on 20 August 2012.

4 Finance costs

                                                        
€’000                                    30 June  30 June  31 December 2012
                                          2013      2012
Interest on loans before hedging         88,836   83,423   178,878
Adjustments relating to hedging           31,209    23,536    51,505
instruments
Effective rate adjustment                509      470      990
Sub-total                                 120,554   107,429   231,373
Inflation indexation of the nominal      18,718   20,174   40,823
Total finance costs after hedging        139,272  127,603  272,196

Since 28 June 2012, interest on loans before hedging has included the
additional margin of 2% on the nominal value of tranches C1 and C2 which for
the first half of 2013 amounts to €14 million.

At the end of June, the inflation indexation of the nominal reflects the
estimated effect of annual French and British inflation rates on the nominal
amount of tranches A1 and A2 of the Term Loan as described in note U of the
annual consolidated financial statements at 31 December 2012.

5 Other financial income and (charges)

                                                        
€’000                                 30 June   30 June    31 December 2012
                                       2013       2012
Unrealised exchange gains*            8,305     8,431      7,673
Other exchange gains                   5,383      1,845       2,204
Interest received on floating rate     3,293      2,381       6,236
notes
Other                                 75       95        194        
Other financial income                 17,056     12,752      16,307
Unrealised exchange losses*            (8,684 )   (9,083  )   (6,586     )
Other exchange losses                 (1,214 )  (1,129  )  (1,690     )
Other financial charges               (9,898 )  (10,212 )  (8,276     )
Total                                 7,158    2,540     8,031      

* Resulting from the re-evaluation of intra-group debtors and creditors. 30
June 2013: net loss of €379,000 (30 June 2012: net loss of €652,000, 31
December 2012: net gain of €1,087,000).

6 Earnings per share

                                                      
                          30 June        30 June        31 December 2012
                              2013            2012
Weighted average                                         
number:
- of issued ordinary          550,000,000     560,572,129     559,792,218
shares
- of treasury shares       (6,652,243  )  (9,226,383  )  (11,066,246   )
Number of shares used
to calculate the           543,347,757   551,345,746   548,725,972   
result per share (A)
                                                              
- impact of share        i    –               –               –
options
- impact of free        ii  1,544,610     1,737,307     1,375,858     
shares
Potential number of        1,544,610     1,737,307     1,375,858     
ordinary shares (B)
                                                      
Number of shares used
to calculate the           544,892,367   553,083,053   550,101,830   
diluted result per
share (A+B)
                                                              
(Loss)/profit (€’000)         (18,156     )   4,084           31,719
(C)
(Loss)/profit per             (0.03       )   0.01            0.06
share (€) (C/A)
(Loss)/profit per
share after dilution       (0.03       )  0.01          0.06          
(€) (C/(A+B))

The calculations were made on the following bases:

(i) on the assumption of the exercise of the maximum number of options issued
and still in issue at 30 June 2013 (when the average price of the share during
the period exceeds the exercise price of the options). The exercise of these
options is conditional on attaining the targets described in note S of the
consolidated financial statements at 31 December 2012; and

(ii) on the assumption of the acquisition of the maximum number of free shares
issued to staff. During the first half of 2013, 411,000 of the free shares
issued in 2011 were acquired by staff. Details of the free shares are
described in note S.2 to Groupe Eurotunnel SA’s annual financial accounts for
the year ending 31 December 2012.

7 Property, plant and equipment

At 30 June 2013, the Eurotunnel Group has not identified any indication of
impairment in either its tangible or intangible assets.

“Other property, plant and equipment” consists mainly of the rolling stock
owned by the subsidiaries of Europorte and the ferries owned by the maritime
companies.

8 Financial assets and liabilities

8.1 Hierarchy of fair value

The table below analyses the financial instruments which are accounted for at
their fair value, according to their method of valuation. The different levels
are defined in noteB.4to Groupe Eurotunnel SA’s annual financial accounts
for the year ending 31 December 2012. Financial liabilities are accounted for
at their amortised cost and are therefore not included in the table below.

                                                             
€ million                             Level 1  Level 2  Level 3  Total
Assets                                                          
At 30 June 2013:
Other financial assets                 –         –         –         –
Cash and cash equivalents             159      –        –        159
At 31 December 2012:
Other financial assets                 –         –         152       152
Cash and cash equivalents             256      –        –        256
Liabilities
At 30 June 2013:
Interest rate swaps used for hedging  –        700      –        700
At 31 December 2012:
Interest rate swaps used for hedging  –        856      –        856

Other financial assets consist mainly of floating rate notes. At 30 June 2013,
the Group revised the categorisation of the floating rate notes. These notes
correspond to the securitisation of tranche C of the Group’s debt and have the
same characteristics in terms of maturity and interest. They are not quoted or
traded on any active financial market, and have been reclassified in the
“loans and receivables” category at 30 June 2013.

8.2 Other financial assets

                                                
€’000                                    30 June  31 December
                                          2013      2012
Floating rate notes                      149,320  152,274
Other                                    * 9,759  2,909
Total non-current                        159,079  155,183
Accrued interest on floating rate notes  185      208
Total current                            185      208

* Of which €8 million relates to investments in subsidiary undertakings in
ElecLink.

9 Share capital

9.1 Share capital evolution

At 30 June 2013, the issued share capital of GET SA amounted to
€220,000,000.00divided into 550,000,000 fully paid-up GETSA ordinary shares
with a nominal value of €0.40 each, unchanged compared to 31 December 2012.

9.2 Treasury shares

Movements in the number of treasury shares during the period were as follows:

                                                            
                                Share buyback   Liquidity     Total
                                  programme        contract
At 1 January 2013                5,626,760       585,000       6,211,760
Share buyback programme           5,000,000                       5,000,000
Shares transferred to staff       (411,310    )                   (411,310   )
(free share plan)
Net purchase/(sale) under                       (150,000  )   (150,000   )
liquidity contract
At 30 June 2013                  10,215,450     435,000      10,650,450 

Treasury shares held as part of the share buy back programme renewed by the
general meeting of shareholders and implemented by decision of the board of
directors on 15 may 2013 are allocated, in particular, to cover share option
plans and the grant of free shares, whose implementation was approved by the
general meetings of shareholders in 2010 and 2011.

10 Changes in equity

Dividend

On 15 May 2013, Groupe Eurotunnel SA’s shareholders’ general meeting approved
the payment of a dividend relating to the financial year ended 31 December
2012, of 12 cents of a euro per share. This dividend was paid on 5 June 2013
for a total of €65.3 million (before 3% tax on dividends amounting to €2.0
million).

11 Financial liabilities

The movements in financial liabilities during the period were as follows:

                                                                              
              31          31 December                                        Interest,
€’000        December   2012               Reclassification  Repayment  indexation  30 June
              2012        ^(*^)recalculated                                  and costs    2013
              published
Term Loan    3,911,903  3,817,660          (15,623     )                19,117      3,821,154
Other loans   17,267      17,267              (428        )                               16,839
Finance      5,125      4,879                                                    4,879
leases
Total
non-current  3,934,295  3,839,806          (16,051     )     –         19,117     3,842,872
financial
liabilities
Term Loan     46,337      45,196              15,623             (29,573 )                31,246
Other loan    832         832                 428                (412    )                848
Finance       1,039       989                                    (211    )   20           798
leases
Accrued
interest:
-on Term      5,620       5,489                                              (190    )    5,299
Loan
-on other    21         21                                            (21     )   –
loans
Total
current      53,849     52,527             16,051           (30,196 )  (191    )   38,191
financial
liabilities
Total        3,988,144  3,892,333          –                (30,196 )  18,926     3,881,063

* The financial liabilities at 31 December 2012 (calculated at the year end
exchange rate of £1=€1.225) have been recalculated at the exchange rate at 30
June 2013 (£1=€1.167) in order to facilitate comparison.

The repayment of tranche B of the Term Loan began on 20 June 2013 (see notes U
and V of the Group’s consolidated financial statements at 31 December 2012)
with a payment of €29.6 million.

At 30 June 2013, the Group has not identified any factors that would modify
the information relating to the fair value of the financial liabilities as
described in note W.2 of the annual consolidated financial statements to 31
December 2012.

Interest rate exposure

The Eurotunnel Group has hedging contracts in place to cover its floating rate
loans (tranches C1 and C2) in the form of swaps for the same duration and for
the same value (EURIBOR against a fixed rate of 4.90% and LIBOR against a
fixed rate of 5.26%). The nominal value of the swaps is €953 million and £350
million.

These derivatives generated a net charge of €31,209,000 during the first six
months of 2013 which has been accounted for in the income statement (a net
charge of €23,536,000 during the first six months of 2012).

These derivatives have been measured at their fair value on the balance sheet
as follows:

                                                        
                   Market value of hedging contracts      *Changes in market
€’000              30 June 2013       31 December 2012   value
Contracts in        Liability of       Liability of        (99,332)
euros               531,069             630,401
Contracts in       Liability of       Liability of       (56,869)
sterling            168,747             225,616
Total              Liability of       Liability of       (156,201)
                    699,816             856,017

* Recorded directly in equity.

12 Related party transactions

12.1 Eurotunnel Group subsidiaries

All Eurotunnel Group subsidiaries were fully consolidated at 30 June 2013.

12.2 Other related parties

During the financial restructuring in 2007, the Eurotunnel Group concluded
interest rate hedging contracts with financial institutions, in the form of
swaps (see note 11 above). Goldman Sachs International was one of the
counterparties to these hedging contracts, and at 30 June 2013 held 2.7% of
the contracts, representing a charge of €0.8 million in the first half of 2013
and a liability of €18.8 million at 30 June 2013.

Two of Goldman Sachs’s infrastructure funds (GS Global Infrastructure Partners
I, L.P., and GS International Infrastructure Partners I, L.P., together known
as GSIP) hold approximately (on the basis of the last declaration of threshold
crossing in September 2011) 16% of GET SA’s share capital at 30 June 2013 and
26% of voting rights.

13 Events after the reporting period

Nothing to report.

14 Application of IAS 19 revised

This note outlines the main impacts of the first-time adoption of the revised
IAS 19 on the consolidated financial statements for the first half of 30 June
2012 and the year ended 31 December 2012.

14.1 Transition from the published income statement to the restated income
statement

                                                    
                30 June 2012                          31 December 2012
                              Adjustment                              Adjustment
€’000           Published   for IAS 19  Restated    Published    for IAS 19  Restated
                              revised                                 revised
Total turnover   472,929                 472,929      1,023,148                1,023,148
External
operating        (159,398 )                (159,398 )   (336,862  )                (336,862  )
costs
Employee
benefits         (108,273 )   (1,153  )    (109,426 )   (225,064  )   (2,306  )    (227,370  )
expense
Depreciation    (76,658  )             (76,658  )  (161,380  )             (161,380  )
Trading profit   128,600      (1,153  )    127,447      299,842       (2,306  )    297,536
Net other
operating       136                   136        (4,330    )             (4,330    )
income/charges
Operating        128,736      (1,153  )    127,583      295,512       (2,306  )    293,206
profit
Net finance      (125,737 )                (125,737 )   (269,328  )                (269,328  )
cost
Other net
financial
income/charges  2,238                 2,238      7,841                  7,841     
and tax
expense
Net result:     5,237      (1,153  )   4,084      34,025      (2,306  )   31,719    
(loss)/profit
Result : Group   5,237        (1,153  )    4,084        34,025        (2,306  )    31,719
share
Result :
minority        –                     –          –                      –         
interest share
(Loss)/profit    0.01                      0.01         0.06                       0.06
per share (€)
(Loss)/profit
per share       0.01                  0.01       0.06                   0.06      
after dilution
(€)

14.2 Transition from the published statement of comprehensive income to the
restated statement of comprehensive income

                                                      
                  30 June 2012                          31 December 2012
                                Adjustment                             Adjustment
€’000             Published   for IAS 19  Restated    Published   for IAS 19  Restated
                                revised                                revised
Items not
recyclable to                                                                 
the income
statement:
Actuarial gains
and losses on      –            (2,360  )    (2,360   )   –            (4,720  )    (4,720   )
employee
benefits
Items recyclable
to the income
statement:
Foreign exchange
translation        (58,681  )                (58,681  )   (40,029  )                (40,029  )
differences
Movement in fair
value of hedging  (112,565 )             (112,565 )  (128,103 )             (128,103 )
contracts
Net loss
recognised        (171,246 )  (2,360  )   (173,606 )  (168,132 )  (4,720  )   (172,852 )
directly in
equity
Profit/(loss)
for the period -  5,237      (1,153  )   4,084      34,025     (2,306  )   31,719   
Group share
Total
comprehensive      (166,009 )                (169,522 )   (134,107 )   (7,026  )    (141,133 )
expense - Group
share
Total
comprehensive
income/(expense)  –                     –          –                     –        
- minority
interest share
Total
comprehensive     (166,009 )  (3,513  )   (169,522 )  (134,107 )  (7,026  )   (141,133 )
expense

14.3 Transition from the published statement of financial position to the
restated statement of financial position

                               
                                31 December 2012
€’000                           Published  Adjustment for IAS 19  Restated
                                             revised
ASSETS                                                            
Total non-current assets         6,831,341   –                       6,831,341
Total current assets            423,856    –                     423,856
Total assets                    7,255,197  –                     7,255,197
EQUITY AND LIABILITIES
Issued share capital             220,000                             220,000
Share premium account            1,711,796                           1,711,796
Other reserves                   57,816      (25,477       )         32,339
Profit/(loss) for the period     34,025      (2,306        )         31,719
Cumulative translation reserve  158,784    (503          )        158,281
Total equity                     2,182,421   (28,286       )         2,154,135
Retirement benefit obligations   22,188      28,286                  50,474
Financial liabilities            3,934,295                           3,934,295
Interest rate derivatives       856,017                          856,017
Total non-current liabilities   4,812,500  28,286                4,840,786
Total current liabilities       260,276    –                     260,276
Total equity and liabilities    7,255,197  –                     7,255,197

14.4 Transition from the published statement of cash flows to the restated
statement of cash flows

                                                       
                   30 June 2012                          31 December 2012
                                 Adjustment                             Adjustment
€’000              Published   for IAS 19  Restated    Published   for IAS 19  Restated
                                 revised                                revised
Result for the
period:             5,237       (1,153  )   4,084       34,025      (2,306  )   31,719
profit/(loss)
Tax expense         302                       302          190                       190
Other financial     (2,540   )                (2,540   )   (8,031   )                (8,031   )
income
Net finance costs   125,737                   125,737      269,328                   269,328
Other operating     (136     )                (136     )   4,330                     4,330
expenses/(income)
Depreciation       76,658                76,658     161,380               161,380  
Trading profit
before              205,258      (1,153  )    204,105      461,222      (2,306  )    458,916
depreciation
Exchange            2,026                     2,026        1,151                     1,151
adjustment
Increase in         (639     )                (639     )   (986     )                (986     )
inventories
Increase in trade
and other           (16,679  )                (16,679  )   (21,317  )                (21,317  )
receivables
Increase in trade
and other          8,411      1,153      9,564      18,916     2,306,     21,222   
payables
Net cash inflow     198,377      –            198,377      458,986      –            458,986
from trading
Other operating     3,742                     3,742        1,773                     1,773
cash flows
Taxation           (172     )             (172     )  (158     )             (158     )
received/(paid)
Net cash inflow
from operating     201,947    –          201,947    460,601    –          460,601  
activities
Net cash outflow
from investing     (60,660  )  –          (60,660  )  (183,496 )  –          (183,496 )
activities
Net cash outflow
from financing     (156,180 )  –          (156,180 )  (300,590 )  –          (300,590 )
activities
Decrease in cash   (14,893  )  –          (14,893  )  (23,485  )  –          (23,485  )
in period

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2013

Declaration by the person responsible for the half-yearly financial report

DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEARLY FINANCIAL REPORT AT
                                 30 JUNE 2013

I declare that, to the best of my knowledge, these summary half-year
consolidated financial statements have been prepared in accordance with
applicable accounting standards and present fairly the assets, financial
situation and results of Groupe Eurotunnel SA and of all the companies
included in the consolidation, and that this half-yearly financial report
presents fairly the important events of the first six months of the financial
year, their effect on the summary half-year consolidated financial statements,
the main transactions between related parties, and a description of the main
risks and uncertainties for the remaining six months of the financial year.

                                                               Jacques Gounon,
                 Chairman and Chief Executive Officer of Groupe Eurotunnel SA,
                                                                  24 July 2013

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2013

Statutory auditors’ report on the half-yearly financial information

   STATUTORY AUDITORS’ REPORT ON THE 2013 HALF-YEARLY FINANCIAL INFORMATION

This is a free translation into English of the statutory auditors’ review
report issued in French and is provided solely for the convenience of
English-speaking readers. This report should be read in conjunction with, and
is construed in accordance with, French law and professional auditing
standards applicable in France.

To the Shareholders,

Following our appointment as statutory auditors by your Annual General Meeting
and in accordance with article L.451-1-2 III of the French Monetary and
Financial Law (“Code monétaire et financier”), we hereby report to you on:

  *the review of the accompanying condensed half-yearly consolidated
    financial statements of Groupe Eurotunnel SA for the six-month period
    ended 30 June 2013,
  *the verification of information contained in the half-yearly management
    report.

These condensed half-yearly consolidated financial statements are the
responsibility of the board of directors. Our role is to express a conclusion
on these financial statements based on our review.

I. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable
in France. A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
professional standards applicable in France and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.

Based on our review, nothing has come to our attention that causes us to
believe that the accompanying condensed half-yearly consolidated financial
statements are not prepared in all material respects in accordance with IAS 34
- the standard of the IFRS as adopted by the European Union applicable to
interim financial statements.

II. Specific verification

We have also verified information given in the half-yearly management report
on the condensed half-yearly consolidated financial statements subject to our
review. We have no matters to report as to its fair presentation and
consistency with the condensed half-yearly consolidated financial statements.

The statutory auditors
Paris La Défense, 24 July 2013  Courbevoie, 24 July 2013
KPMG Audit                       Mazars
Department of KPMG S.A.
                                 
Fabrice Odent                    Jean-Marc Deslandes
Partner                          Partner

Contact:

Groupe Eurotunnel

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