GET: Groupe Eurotunnel SA: Groupe Eurotunnel SA: Results and Traffic up in the First Half of 2014

  GET: Groupe Eurotunnel SA: Groupe Eurotunnel SA: Results and Traffic up in
  the First Half of 2014

UK Regulatory Announcement

PARIS

Groupe Eurotunnel SA (Paris:GET):

  *Revenues: a further increase to €559 million (+8%^1)
  *EBITDA progresses by 6% to €216 million.
  *Channel Tunnel Fixed Link Concession:

       *Revenues increased to €393 million (+5%)
       *Railway traffic:

            *Growth in the number of passengers on high-speed trains (+2%)
            *Strong increase in the number of rail freight trains (+15%)

  *Europorte:

       *Continuing growth in revenues (+10%) to €127 million.

  *MyFerryLink:

       *Increase in revenues by 31% to €39 million.

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

“All areas of our business are growing. The Fixed Link achieved a record level
of operating margin in a very active cross-Channel market. The new
environmental constraints which will be imposed on the ferry companies from 1
January 2015 reinforce the attractiveness of the Fixed Link.”

_____________________
^1 All comparisons with the income statement figures for the first half of
2013 are made at the exchange rate used for the first half of 2014: £1=€1.229.

Significant events in the half year

  *The European Commission indicated in April to the French and British
    governments that it has dropped its objections set out in its reasoned
    opinion of 20 June 2013 linked to the level of access charges for the
    Channel Tunnel, thereby validating Eurotunnel’s charging structure and
    economic model.
  *The Competition and Markets Authority (CMA) has prohibited MyFerryLink
    from operating the Berlioz and the Rodin from Dover within 6 months from
    the date of the official order, even though this decision was rejected on
    appeal in December 2013.

The Fixed Link: solid growth in a highly competitive environment

During the first half of 2014, revenues from Shuttle Services increased by 6%,
by comparison to the first half of 2013. The car activity has been sustained
with 1,120,487 vehicles (+5%) and a very strong market share of 54% in a
slightly growing cross-Channel market (+1%), Truck traffic has increased by 3%
to 698,531 trucks. Eurotunnel continues to benefit from the upturn in the UK
economy and to attract customers with its frequent shuttle departures. In a
growing market, Eurotunnel has maintained its established market share at 38%.

Revenues from the railway network increased by 3% in the first half year. For
Eurostar, this positive trend slowed during in the spring and was affected by
the SNCF strikes in June (no Eurostar cancellations, but as connections were
not guaranteed, some passengers were dissuaded from taking the train) and
limited passenger growth to just 2% compared to the first half of 2013, the 5
million passenger mark has been passed for the first time.

Eurostar has also announced that the arrival of the new Siemens Velaro trains
which will significantly increase the comfort and attractiveness of its
services.

The rail freight business grew substantially (+15%) due to the commercial
impact of the ETICA (Eurotunnel Incentive for Capacity Additions) scheme which
provides support for start-ups and despite the impact of the SNCF strike
during the month of June which caused major disturbance to traffic.

Europorte: new contracts

Europorte, which comprises the rail freight subsidiaries of Groupe Eurotunnel
SA in France and the United Kingdom, continues to see strong growth in
revenues (+10%) as a result of new contracts. These require additional start
up costs, which explains the 13% increase in operating costs; the SNCF strike
which prevented Europorte trains from circulating in France in June also
contributed to the deterioration in the operating margin.

GB Railfreight, the third largest freight operator in the UK also continued to
grow thanks to the strengthening of growth areas in the United Kingdom
particularly where intermodal and bulk transport activities have benefitted
from the economic upturn. Amongst the numerous contracts signed, the 11 train
per week Sibelco contract to transport silica sand from Kings Lynn in Norfolk
to Goole in Yorkshire stands out.

MyFerryLink: a credible alternative in the cross-Channel market

Freight traffic has leapt by 30% despite the series of negative announcements
from the CMA, which is a clear indication of customer support for MyFerryLink.
For cars, a continuing lack of awareness of MyFerryLink is slowing its
progression.

It is on behalf of the customers who are attracted in significant numbers to
the quality service offered by this maritime operator that Eurotunnel is
appealing the prohibition, decreed by the CMA, from operating out of Dover.
This decision, if it is confirmed, would lead immediately to a reduction in
consumer choice across the Channel and would probably increase prices for
consumers.

A reduction in net finance costs

The consolidated figures for the first half of the year show an increase of
€12 million in EBITDA to €216 million despite a highly competitive market.
Revenues and the operating result are subject to significant seasonal
variations through the year.

For the Fixed Link, this is the fifth year in succession with an increase in
EBITDA, which has reached a record level (€221 million).

Operating costs for the Fixed Link have increased by 6% to €172 million,
although comparison with the previous year must take into account an
exceptional insurance indemnity received in 2013.

For the first six months of the year, net finance costs have reduced by €6
million as a result of the impact of the reduction in the inflation rate in
the UK on the cost of the indexed tranche of the debt and of debt repayments.

Free cash flow at the end of June amounted to €215 million.

For the first half of 2014, the Group has recorded a net loss of €11 million.
Excluding the losses from MyFerryLink, the consolidated net result for the
Group is positive at €3 million.

REVENUE

First half (January - June)

                                       1^st half                1^st half
                         1^st half                   %
€ million                          2013                 2013
                         2014                        change
                                       restated*                published**
Shuttle Services       236.9       224.4       +6%      219.6
Railway network          149.1         144.3         +3%        141.1
Other revenues         6.6         6.1         +8%      6.0
Sub-total Fixed Link   392.6       374.8       +5%      366.7
Europorte              126.9       114.7       +10%     112.1
MyFerryLink            39.1        29.9        +31%     29.8
Revenue                558.6       519.4       +8%      508.6

* Average exchange rate for the first half of 20134: £1=€1.229
** Average exchange rate for the first half of 2013: £1=€1.174

Reminder: first quarter (January - March)

                         1^st         1^st quarter                1^st quarter
                         quarter                       %
€ million                         2013                    2013
                         2014                          change
                                      restated*                   published**
Shuttle Services       106.5      101.8          +5%      100.9
Railway network          70.2         68.9             +2%        68.2
Other revenues         3.1        2.6            +20%     2.6
Sub-total Fixed Link   179.8      173.3          +4%      171.7
Europorte              62.4       56.0           +11%     55.4
MyFerryLink            18.3       11.2           +64%     11.2
Revenue                260.5      240.5          +8%      238.3

* Average exchange rate for the first quarter of 2014: £1=€1.207
** Average exchange rate for the first quarter of 2013: £1=€1.183

Second quarter (April - June)

                         2^nd         2^nd quarter                2^nd quarter
                         quarter                       %
€ million                         2013                    2013
                         2014                          change
                                      restated                    published
Shuttle Services       130.4      122.6          +6%      118.7
Railway network          78.9         75.4             +5%        72.9
Other revenues         3.5        3.5            0%       3.4
Sub-total Fixed Link   212.8      201.5          +6%      195.0
Europorte              64.5       58.7           +10%     56.7
MyFerryLink            20.8       18.7           +12%     18.6
Revenue                298.1      278.9          +7%      270.3
                                                                  

FIXED LINK TRAFFIC

First half

                                    1^st half     1^st half     %
                                                        
                                    2014          2013          change
Truck Shuttles                    698,531     677,702     +3%
Passenger Shuttles  Cars*        1,120,487   1,071,164   +5%
                    Coaches      33,188      33,723      -2%
High-Speed

Passenger Trains    Passengers   5,041,375   4,944,655   +2%

(Eurostar)**
Rail freight***      Tonnes       839,753     676,032     +24%
                    Trains       1,483       1,287       +15%
                                                         

Reminder: 1st quarter

                                    1^st quarter     1^st quarter     %
                                                              
                                    2014             2013             change
Truck Shuttles                    347,021        333,167        +4%
Passenger Shuttles  Cars*        448,481        445,653        +1%
                    Coaches      11,963         12,740         -6%
High-Speed

Passenger Trains    Passengers   2,305,578      2,232,516      +3%

(Eurostar)**
Rail freight***      Tonnes       399,991        323,230        +24%
                    Trains       706            624            +13%
                                                               

Second quarter

                                    2^nd quarter     2^nd quarter     %
                                                              
                                    2014             2013             change
Truck Shuttles                    351,510        344,535        +2%
Passenger Shuttles  Cars*        672,006        625,511        +7%
                    Coaches      21,225         20,983         +1%
High-Speed

Passenger Trains    Passengers   2,735,797      2,712,139      +1%

(Eurostar)**
Rail freight***      Tonnes       439,762        352,802        +25%
                    Trains       777            663            +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.
      

MYFERRYLINK TRAFFIC

First half

            1^st half     1^st half     %
                                
            2014          2013          change
Freight   183 913     141 377     +30%
Cars*     108 825     116 606     -7%
Coaches   932         279         +234%
                                 

Reminder: 1st quarter

            1^st quarter     1^st quarter     %
                                      
            2014             2013             change
Freight   91 450         56 795         +61%
Cars*     35 474         30 308         +17%
Coaches   420            15             -
                                       

Second quarter

            2^nd quarter     2^nd quarter     %
                                      
            2014             2013             change
Freight   92 463         84 582         +9%
Cars*     73 351         86 298         -15%
Coaches   512            264            +94%
                                       

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

                           www.eurotunnelgroup.com

                             GROUPE EUROTUNNEL SA
                        HALF-YEARLY FINANCIAL REPORT*
                      FOR THE SIX MONTHS TO 30 JUNE 2014

* English translation of GET SA’s 2014 “rapport financier semestriel” for
information purposes only.

Contents

HALF-YEARLY ACTIVITY REPORT AT 30 JUNE 2014                               1
Summary                                                                     1
Analysis of cash flows                                                      6
Other financial indicators                                                  7
Outlook                                                                     8
SUMMARY CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS AT 30 JUNE 2014       9
Consolidated income statement                                               9
Consolidated statement of other comprehensive income                        9
Consolidated statement of financial position                                10
Consolidated statement of changes in equity                                 11
Consolidated statement of cash flows                                        12
Notes to the summary financial statements                                   13
1 Important events                                                          13
2 Basis of preparation and significant accounting policies                  13
3 Segment reporting                                                         15
4 Finance costs                                                             15
5 Other financial income and (charges)                                      16
6 Income tax expense                                                        16
7 Earnings per share                                                        17
8 Property, plant and equipment                                             17
9 Financial assets and liabilities                                          17
10 Share capital                                                            18
11 Changes in equity                                                        20
12 Financial liabilities                                                    20
13 Related party transactions                                               21
14 Events after the reporting period                                        21
DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEARLY FINANCIAL         22
REPORT AT 30 JUNE 2014
STATUTORY AUDITORS’ REPORT ON THE 2014 HALF-YEARLY FINANCIAL                23
INFORMATION
                                                                            

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2014
Half-yearly activity report

                 HALF-YEARLY ACTIVITY REPORT AT 30 JUNE 2014

To enable a better comparison between the two periods, Groupe Eurotunnel SA’s
consolidated income statement for the first half of 2013 presented in this
half-yearly activity report has been recalculated at the exchange rate used
for the 2014 half-yearly income statement of £1=€1.229.

SUMMARY

The Group’s consolidated revenues for the first half of 2014 amounted to €559
million, an increase of €40 million or +8% compared to the first half of 2013.
Operating costs of €343 million increased by €28 million compared to the first
half of 2013 of which €18 million arose from the activities of Europorte and
MyFerryLink and €10 million from those of the Fixed Link (including €4 million
relating to an insurance indemnity received in 2013). EBITDA improved by €12
million to €216 million, and at €132 million the operating profit improved by
€11 million. Net financial costs decreased by €6 million.

For the first half of 2014, the Group recorded a net loss of €11 million
(including a loss of €14 million for the MyFerryLink segment) after an income
tax charge of €2 million.

Free cash flow generated changed from €17 million in the first half of 2013 to
€12 million in the first half of 2014 mainly as a result of increased capital
expenditure.

At 30 June 2014, the Group held cash balances of €215 million (€277 million at
31 December 2013) after capital expenditure of €60 million, payment of a
dividend of €81 million and €16 million in debt repayments.

                          30 June  30 June      Change       30 June 2013
                            2014      2013
€ million                             restated *                  published
Exchange rate €/£         1.229    1.229        €M    %     1.174
Fixed Link                  393       374           +19   +5%    367
Europorte                   127       115           +12    +10%   112
MyFerryLink               39       30           +9    +31%  30
Revenue                     559       519           +40    +8%    509
Fixed Link                  (172)     (162)         +10    +6%    (159)
Europorte                   (121)     (107)         +14    +13%   (105)
MyFerryLink               (50)     (46)         +4    +9%   (46)
Operating costs           (343)    (315)        +28   +9%   (310)
Operating margin            216       204           +12    +6%    199
(EBITDA)
Depreciation              (82)     (82)         –     –     (82)
Trading profit              134       122           +12    +9%    117
Net other operating       (2)      (1)          +1         (2)
charges
Operating profit (EBIT)     132       121           +11    +9%    115
Net finance cost            (136)     (142)         (6)    -4%    (138)
Other net financial       (5)      7            (12)       7
(charges)/income
Pre-tax result: loss      (9)      (14)         +5         (16)
Income tax expense        (2)      (2)                    (2)
Net result: loss          (11)     (16)         +5         (18)

* Restated at the rate of exchange used for the 2014 half-year income
statement (£1=€1.229).

The evolution of the pre-tax result by segment compared to the first half of
2013 is presented below:

€ million                          Fixed                               Total
Improvement/(deterioration) of   Link     Europorte  MyFerryLink  Group
result
Pre-tax result for the first
half of 2013 restated at the     5        –          (19    )     (14  )
2014 exchange rate
Improvement/(deterioration) of
result:
Revenue                            +19       +12         +9            +40
Operating expenses               (10  )   (14   )    (4     )     (28  )
EBITDA                             +9        (2    )     +5            +12
Depreciation                     (1   )   1         –           –    
Trading result                     +8        (1    )     +5            +12
Net other operating              (1   )   –         –           (1   )
income/charges
Operating result (EBIT)            7         (1    )     +5            +11
Net finance cost                   +6        –           –             +6
Other net financial charges      (13  )   +1        –           (12  )
Total changes                    –       –         +5          +5   
Pre-tax result for the first     5       –         (14    )     (9   )
half of 2014
                                                                       

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. This segment
also includes the Group’s corporate services.

€ million                   30 June 2014  30 June 2014  Change
Exchange rate £1=€1.229                  restated      €M   %
Shuttle Services              237            224            +13  +6%
Railway Network               149            144            +5    +3%
Other revenue               7             6             +1   +8%
Revenue                       393            374            +19   +5%
External operating costs      (97)           (89)           +8    +9%
Employee benefits expense   (75)          (73)          +2   +3%
Operating costs             (172)         (162)         +10  +6%
Operating margin (EBITDA)   221           212           +9   +4%
EBITDA / revenue            56.2 %        56.8 %            -0.6pt
                                                                  

1.1. Fixed Link Concession revenues

Revenue generated by this segment, which represents 70% of the Group’s total
revenue, increased by 5% to €393 million compared to the first half of 2013.

a) Shuttle Services

Traffic      1^st quarter (January to    2^nd quarter (April to      1^st half (January to June)
              March)                       June)
(number of   2014     2013     %       2014     2013     %       2014       2013       %
vehicles)                         change                       change                           change
Truck                                                                                  
Shuttle:
  Trucks   347,021  333,167  +4%     351,510  344,535  +2%     698,531    677,702    +3%
Passenger
Shuttle:
  Cars*     448,481   445,653   +1%      672,006   625,511   +7%      1,120,487   1,071,164   +5%
   Coaches  11,963   12,740   -6%     21,225   20,983   +1%     33,188     33,723     -2%

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

At €237 million, Shuttle Services revenues increased by 6% compared to the
first half of 2013.

i) Truck Shuttles

The Short Straits cross-Channel market for trucks has continued to grow in
2014, up by an estimated 7% compared to the first half of 2013. During the
first half of 2014 the number of trucks transported by the Shuttles increased
by 3% compared to the first half of 2013 and the Truck Shuttle’s market share
was 38%, a decrease of 1.4 points.

ii) Passenger Shuttles

The Short Straits cross-Channel car market grew in the first half of 2014 by
an estimated 1%. The number of cars transported by the Shuttles increased by
5% and the Passenger Shuttle’s share of the car market increased by two points
to reach 54.5% for the period.

The number of coaches transported by the Fixed Link during the half-year
decreased by 2% and its market share was at 41%.

b) Railway network

Traffic          1^stquarter (January to March)  2^ndquarter (April to June)     1^sthalf (January to June)
                2014       2013       %       2014       2013       %       2014       2013       %
                                          change                           change                           change
High-Speed
Passenger
                                                                                                   
Trains
Eurostar:
  Passengers*  2,305,578  2,232,516  +3%     2,735,797  2,712,139  +1%     5,041,375  4,944,655  +2%
Train
Operators’ Rail

Freight
Services**:
  Tonnes        399,991     323,230     +24%     439,762     352,802     +25%     839,753     676,032     +24%
   Trains       706        624        +13%    777        663        +17%    1,483      1,287      +15%

* 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 2014, revenues arising from the use of the Tunnel’s
railway network by Eurostar high-speed trains and rail freight trains
increased by 3% to €149 million.

The number of Eurostar passengers travelling through the Tunnel increased by
2% compared to the first half of 2013, reaching 5.0 million.

The number of rail freight trains increased by 15%, primarily as a result the
ETICA (Eurotunnel Incentive for Capacity Additions) programme launched by
Eurotunnel to support the start-up of new rail freight services through the
Channel Tunnel.

1.2. Fixed Link Concession operating costs

At €172 million, the Fixed Link’s operating costs for the first half of 2014
increased by 6% compared to the first half of 2013. Excluding the impact of a
one-off €4 million insurance indemnity received in 2013, operating costs
increased by 3.5%.

2. Europorte Segment

The Europorte segment covers the entire rail freight transport logistics chain
in France and the UK. It includes GBRf in the UK, and Europorte France and
Socorail in France.

€ million                   30 June 2014  30 June 2013  Change
Exchange rate £1=€1.229                  restated      €M   %
Revenue                       127            115            +12  +10%
External operating costs      (75)           (66)           +9    +14%
Employee benefits expense   (46)          (41)          +5   +12%
Operating costs             (121)         (107)         +14  +13%
Operating margin (EBITDA)   6             8             (2)  -21%
                                                                  

2.1. Europorte revenues

The increase of €12 million (10%) in Europorte’s revenue was mainly generated
by new contracts starting in the first half of 2014. Europorte France’s
activity was affected significantly by the SNCF strike in June 2014 (estimated
impact of €1 million).

2.2. Europorte operating costs

Operating costs increased by 13% reflecting the increase in activity as well
as the additional costs generated by the start-up of several new contracts
during the first half of 2014.

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
cross-Channel crossings for freight and tourist vehicles. The three ferries
operate in the Short Straits cross-Channel market between Dover and Calais.

€ million                   30 June 2014  30 June 2013  Change
                                                     €M  %
Revenue                       39             30             +9  +31%
Operating costs             (50)          (46)          +4  +9%
Operating margin (EBITDA)   (11)          (16)          +5  +31%
                                                                 

3.1. MyFerryLink revenues

Traffic     1^stquarter (January to   2^ndquarter (April to     1^sthalf (January to June)
              March)                     June)
(number                         %                          %                            %
of          2014    2013    change  2014    2013    change  2014     2013     change
vehicles)
Freight       91,450  56,795  +61%    92,463  84,582  +9%     183,913  141,377  +30%
Cars^(*^)     35,474   30,308   +17%     73,351   86,298   -15%     108,825   116,606   -7%
Coaches     420     15      ns      512     264     +94%    932      279      +234%

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

The segment generated revenues of €39 million during the first half of 2014,
including €6 million from leasing the ferries, an increase of 31% compared to
the first half of 2013. MFL’s freight activity has increased its market share
compared to the first half of 2013 to 9.8% and the market share for its car
activity was 5.4%.

3.2. MyFerryLink operating costs

Operating costs of €50 million for the period comprise mainly the purchase of
crossings from the SCOP, port fees linked to traffic transported (€8 million)
and commercial and administrative costs.

The segment’s operating margin improved by €5 million (31%) in the first half
of 2014 compared to the same period last year, reflecting the improved load
factors.

4. Operating margin (EBITDA)

EBITDA by business segment compared to the first half of 2013 evolved as
follows:

€ million                 Fixed Link  Europorte  MyFerryLink  Total Group
EBITDA 1^st half 2013     212         8          (16    )     204
Change in revenue           +19          +12         +9            +40
Change in operating       (10    )    (14   )    (4     )     (28    )
costs
EBITDA 1^st half 2014     221        6         (11    )     216    
                                                                   

At €216 million, the Group’s consolidated operating margin improved by €12
million compared to the first half of 2013.

5. Operating profit (EBIT)

Depreciation charges remained stable at €82 million for the first half of
2014.

The operating profit for the first half of 2014 was €132 million compared to
€121 million for the first half of 2013.

6. Net finance costs

At €136 million for the first half of 2014, net finance costs decreased by €6
million compared to the first half of 2013 at a constant exchange rate, mainly
as a result of the impact of lower UK inflation rates on the index-linked
tranche of the debt and of the first contractual debt repayments in 2013.

“Other net financial income and charges” during the period included net
exchange losses of €8 million compared to net exchange gains of €4 million in
the first half of 2013 (an unfavourable variance of €12 million) principally
arising from unrealised exchange differences generated on the revaluation of
intra-group balances in sterling held by French subsidiaries These intra-group
balances arise primarily from funding flows between the Concessionaires and
GETSA. “Other net financial income and charges” also includes interest
receivable on the floating rate notes of €3 million (2013: €3 million).

7. Net result

After a tax charge relating to the dividend tax of €2 million in the first
half of 2014, the Group recorded a net loss of €11 million.

ANALYSIS OF CASH FLOWS

€ million                                    30 June 2014  30 June 2013
Exchange rate €/£                            1.248         1.167
Net cash inflow from trading                   211            202
Other operating cash flows and taxation      (3)           (2)
Net cash inflow from operating activities      208            200
Net cash outflow from investing activities     (60)           (48)
Net cash outflow from financing activities   (216)         (241)
Decrease in cash                             (68)          (89)
                                                              

The net cash outflow for the first half of 2014 was €68 million, compared to a
net cash outflow of €89 million for the same period in 2013. At €208 million,
net cash inflow from operating activities improved by €8 million compared to
the first half of 2013.

At €60million, net cash outflow from investing activities increased by €12
million compared to the first half of 2013. During the first half of 2014,
cash flow from investing activities comprised:

  *€18 million relating to the Fixed Link (€21 million in the first half of
    2013) of which €5 million was spent on the replacement of rails in the
    Tunnel,
  *€38 million for Europorte (€16 million in the first half of 2013), mainly
    in respect of the acquisition of new locomotives in the United Kingdom and
    in France to support the development of this activity. It is intended that
    this investment will be refinanced, and
  *€3 million of investment in subsidiary undertakings in ElecLink Limited.

Net cash outflows from financing activities in the first half of 2014 amounted
to €216 million compared to €241 million in the first half of 2013. During the
first half of 2014, cash flow from financing comprised:

  *€122 million of interest paid on the Term Loan and associated hedging
    transactions (at the same level as for the first half of 2013),
  *€16 million paid in respect of the scheduled repayment of the Term Loan
    (€30 million in the first half of 2013),
  *€81 million paid in dividends (2013: €65 million), and
  *€4 million of interest received of which €3 million related to floating
    rate notes owned by the Group (2013: €4 million of which €3 million was
    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 2013
Registration Document.

At 30 June 2014, 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 1.66 and 1.66 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 2013
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 (loans and hedging instruments) plus interest received (on cash and cash
equivalents and other financial assets).

For the first six months of 2014, free cash flow amounted to €12 million
compared to €17 million for the same period in 2013, a decrease of €5 million
mainly due to higher capital expenditure.

€ million                                    30 June  30 June  31 December
                                               2014      2013      2013
Exchange rate €/£                            1.248    1.167    1.199
Net cash inflow from operating activities      208       200       453
                                                                   
Net cash outflow from investing activities     (60)      (48)      (49)
Adjustment for investment in subsidiary        –         7         –
undertakings*
Adjustment for the acquisition and             –         5         6
rehabilitation of maritime assets
                                                                   
Interest paid on loans and hedging             (122)     (121)     (242)
contracts
Scheduled debt repayments                      (18)      (30)      (47)
Interest received                            4        4        8
Free cash flow                               12       17       129

* As ElecLink Limited was consolidated for the first time at 31 December 2013,
advances made to it by the Group are treated as normal investment activity.

Long-term debt to asset ratio

The long-term debt to asset ratio as defined by the Group in paragraph 10.7 of
the 2013 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 58.7% at 30 June 2014, the ratio
remained stable compared to 31 December 2013 restated at the exchange rate
used at 30 June 2014.

                                             30 June  31 December 2013
€ million                                       2014      restated  published
Exchange rate €/£                           1.248    1.248     1.199
Long-term financial liabilities         A       3,966     3,968      3,890
Other financial assets: floating      B      154      154       151
rate notes
Long-term financial liabilities         A-B=C   3,812     3,814      3,739
less other financial assets
Tangible fixed assets: property,      D      6,493    6,530     6,529
plant and equipment*
Long-term debt to asset ratio         C/D    58.7%    58.4%     57.3%

* 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. In a cross-Channel truck market boosted by the
upturn in the UK economy, and to a lesser extent by that of the Euro Zone, the
number of trucks supported by Shuttles increased by 3% in the first half of
the year in a market which remains highly competitive. Building on its core
advantages of speed, frequency, safety and quality of service, the Group has
launched significant new capital investment projects relating to the extension
of its two terminals and the acquisition of three new Truck Shuttles, in order
to support long-term performance and value creation.

During the first half of 2014, the Group announced initiatives relating to the
development of cross-Channel rail freight, in particular the extension of the
ETICA programme (Eurotunnel Incentive for Capacity Additions) to support the
launch of new rail freight services and the reduction of certain tariffs for
the passage of rail freight trains through the Tunnel at off-peak times. In
addition, the Group continues to work actively with the rail operators on the
development of new high-speed passenger rail services.

For the Europorte segment, the first half of 2014 was marked by the
consolidation of its activities in France with a number of new developments in
the cereals sector and in the transport of hazardous materials, and by the
pursuit of its growth in the United Kingdom where the intermodal and bulk
transport activities have benefitted from the economic upturn. The Group is
continuing with its plans to extend and improve the reliability of its rolling
stock fleet in order to support the development of its rail freight activity.

During the first half of 2014, the Group’s maritime activity, which operates
under the MyFerryLink name, continued to strengthen its position in the Short
Straits cross-Channel market despite difficult market conditions. The future
of this activity remains uncertain following the final decision published by
the UK’s Competition and Markets Authority at the end of June prohibiting it
to operate in and out of the port of Dover. The Group disputes this decision
and has decided to appeal.

In this context, the Group confirms its financial target published in its 2013
annual report of a consolidated EBITDA of €460 million for the 2014 financial
year. This target is based on data, assumptions and estimations considered
reasonable but which may nevertheless change or be modified due to
uncertainties relating to the economic, financial, competitive or regulatory
environments.

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 2013 Registration Document filed with the Autorité des marchés financiers
(the French financial markets authority) on 21 March 2014. In respect of
recent events see note 1 to the summary consolidated financial statements
below.

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2014
Summary consolidated half-yearly financial statements

    SUMMARY CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS AT 30 JUNE 2014

CONSOLIDATED INCOME STATEMENT

€’000                             Note  30 June    30 June    31 December
                                           2014        2013        2013
Revenue                           3     558,600    508,623    1,091,986
Operating expenses                         (221,777)   (197,718)   (411,698)
Employee benefit expense                   (121,091)   (112,369)   (231,227)
Depreciation                           (81,838)   (81,818)   (166,149)
Trading profit                      3      133,894     116,718     282,912
Other operating income                     881         739         4,207
Other operating expenses               (2,881)    (2,437)    (2,122)
Operating profit                           131,894     115,020     284,997
Share of result of                     (125)      –          (1,220)
equity-accounted companies
Operating profit after share of
result of equity-accounted                 131,769     115,020     283,777
companies
Finance income                             1,196       972         1,918
Finance costs                     4     (136,803)  (139,272)  (271,399)
Net finance costs                          (135,607)   (138,300)   (269,481)
Other financial income              5      12,659      17,056      14,894
Other financial charges           5     (17,399)   (9,898)    (8,762)
Pre-tax result for the period:         (8,578)    (16,122)   20,428
(loss)/profit
Income tax expense                6     (2,448)    (2,034)    80,934
Result for the period:                 (11,026)   (18,156)   101,362
(loss)/profit
Result: Group share                        (10,877)    (18,156)    101,361
Result: minority interest share        (149)      –          1
(Loss)/profit per share (€)         7      (0.02)      (0.03)      0.19
(Loss)/profit per share after     7     (0.02)     (0.03)     0.19
dilution (€)
                                                                   

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

€’000                              Note  30 June    30 June   31 December
                                            2014        2013       2013
Items not recyclable to the                                  
income statement:
Actuarial gains and losses on               –           –          7,515
employee benefits
Related tax                                 –           –          2,086
Items recyclable to the income
statement:
Foreign exchange translation                (61,838)    79,936     36,799
differences
Movement in fair value of            12     (188,374)   156,201    229,092
hedging contracts
Related tax                             2,372      –         42,388
Net (loss)/profit recognised
directly in other comprehensive             (247,480)   236,137    317,880
income
(Loss)/profit for the period -          (10,877)   (18,156)  101,361
Group share
Total comprehensive                         (258,357)   217,981    419,241
(expense)/income - Group share
Total comprehensive
(expense)/income) - minority            (148)      –         5
interest share
Total comprehensive                     (258,505)  217,981   419,246
(expense)/income
                                                                   

The accompanying notes form part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€’000                                      Note  30 June    31 December
                                                    2014        2013
ASSETS                                                     
Goodwill                                            17,680      16 997
Intangible assets                               9,641      9 814
Total intangible assets                             27,321      26 811
Concession property, plant and equipment     8      6,269,526   6 333 187
Other property, plant and equipment        8     223,219    195 858
Total property, plant and equipment                 6,492,745   6 529 045
Investment in subsidiary undertakings               1,086       880
Deferred tax asset                                  130,259     127 496
Other financial assets                     9.2   163,013    157 259
Total non-current assets                            6,814,424   6 841 491
Stock                                               3,519       3 622
Trade receivables                                   143,450     130 600
Other receivables                                   49,280      30 280
Other financial assets                              193         207
Cash and cash equivalents                       215,249    276 725
Total current assets                            411,691    441 434
Total assets                                    7,226,115  7 282 925
EQUITY AND LIABILITIES
Issued share capital                         10     220,000     220 000
Share premium account                               1,711,796   1 711 796
Other reserves                               11     90,178      252 328
(Loss)/profit for the period                        (10,877)    101 361
Cumulative translation reserve                  133,242    195 080
Equity – Group share                                2,144,339   2 480 565
Minority interest share                         (143)      5
Total equity                                        2,144,196   2 480 570
Retirement benefit obligations                      44,279      43 203
Financial liabilities                        12     3,965,939   3 889 951
Interest rate derivatives                  12    815,299    626 925
Total non-current liabilities                       4,825,517   4 560 079
Provisions                                          772         907
Financial liabilities                        12     40,936      39 527
Trade payables                                      154,287     170 837
Other payables                                  60,407     31 005
Total current liabilities                       256,402    242 276
Total equity and liabilities                    7,226,115  7 282 925
                                                                

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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                     Issued    Share       Consolidated               Cumulative    Group       Minority
€’000              share    premium    reserves      Result     translation  Share      interests  Total
                     capital   account                                reserve
1 ^ January 2013   220,000  1,711,796  32,339        31,719     158,281      2,154,135  –          2,154,135
Transfer to
consolidated                               31,719         (31,719)                  –                       –
reserves
Payment of                                 (65,189)                                 (65,189)                (65,189)
dividend
Share based                                5,390                                    5,390                   5,390
payments
Acquisition/sale
of treasury                                (33,012)                                 (33,012)                (33,012)
shares
Result for the                                            101,361                   101,361     1           101,362
period
Net profit /
(loss) recorded
directly in                          281,081                 36,799       317,880    4          317,884
other
comprehensive
income
31 December 2013     220,000   1,711,796   252,328        101,361     195,080       2,480,565   5           2,480,570
Transfer to
consolidated                               101,361        (101,361)                 –                       –
reserves
Payment of
dividend (note                             (80,886)                                 (80,886)                (80,886)
11)
Share based                                2,594                                    2,594                   2,594
payments^(*)
Acquisition/sale
of treasury                                423                                      423                     423
shares
Result for the                                            (10,877)                  (10,877)    (149)       (11,026)
period
Profit / (loss)
recorded
directly in
other
comprehensive
income:
  *Movement in
    fair value                             (188,374)                                (188,374)               (188,374)
    of hedging
    contracts
  *Related tax                            2,732                                    2,732                   2,732
  *Minority                                                                        –           1           1
    interests
  *Foreign
    exchange                                                (61,838)     (61,838)             (61,838)
    translation
    differences
30 June 2014       220,000  1,711,796  90,178        (10,877)   133,242      2,144,339  (143)      2,144,196

* Of which €1,308,000 in respect of free shares, €1,026,000 in respect of
share options and €260,000 in respect of free preference shares.

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

CONSOLIDATED STATEMENT OF CASH FLOWS

€’000                              30 June 2014  30 June 2013  31 December
                                                                   2013
Result for the period:             (11,026)      (18,156)      101,362
(loss)/profit
Tax expense                          2,448          2,034          (80,934)
Net other financial                  4,740          (7,158)        (6,132)
charges/(income)
Net finance costs                    135,607        138,300        269,481
Share of result of                   125            –              1,220
equity-accounted companies
Other operating                      2,000          1,698          (2,085)
expenses/(income)
Depreciation                       81,838        81,818        166,149
Trading profit before                215,732        198,536        449,061
depreciation
Exchange adjustment*                 2,131          (739)          3,019
Increase in inventories              117            (252)          (371)
Increase in trade and other          (26,299)       (8,738)        2,847
receivables
Increase in trade and other        19,664        13,328        4,457
payables
Net cash inflow from trading         211,345        202,135        459,013
Other operating cash flows           (1,254)        (2,451)        (4,487)
Taxation (paid)/received           (2,447)       32            (1,943)
Net cash inflow from operating     207,644       199,716       452,583
activities
Payments to acquire property,        (57,336)       (42,376)       (74,937)
plant and equipment
Sale of property, plant and          9              1,307          31,235
equipment
Change in loans and advances       (3,014)       (7,190)       (4,858)
Net cash outflow from investing    (60,341)      (48,259)      (48,560)
activities
Dividend paid                        (80,886)       (65,265)       (65,189)
Purchase of treasury shares          –              (29,418)       (35,447)
Interest paid on Term Loan           (90,199)       (88,084)       (177,756)
Interest paid on hedging             (31,599)       (31,184)       (63,086)
instruments
Scheduled repayment of Term Loan     (16,166)       (29,573)       (45,835)
Interest paid on other loans         (662)          (693)          (1,374)
Repayment of other loans             (603)          (623)          (1,443)
Interest received on cash and        1,195          979            1,864
cash equivalents
Interest received on other           3,178          3,095          6,217
financial assets
Net payments on liquidity          424           790           2,304
contract
Net cash outflow from financing    (215,318)     (239,976)     (379,745)
activities
(Decrease)/increase in cash in     (68,015)      (88,519)      24,278
period

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

Movement during the year           30 June 2014  30 June 2013  31 December
€’000                                                              2013
Cash and cash equivalents at 1     276,725       256,228       256,228
January
Effect of movement in exchange       6,471          (8,720)        (3,838)
rate
(Decrease)/increase in cash in       (68,015)       (88,519)       24,278
the period
(Decrease)/increase in interest    68            (7)           57
receivable in the period
Cash and cash equivalents at the   215,249       158,982       276,725
end of the period
                                                                   

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

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2014

Summary consolidated half-yearly 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: procedure before the UK Competition and Markets
Authority

In 2012, the Eurotunnel Group created the company Euro-TransManche Holding SAS
as part of the project to acquire certain assets of the SeaFrance group in
liquidation, including notably the ferries the Berlioz, the Rodin and the Nord
Pas-de-Calais. The transfer of ownership of these assets occurred on 2 July
2012 (with a clause prohibiting the transfer of the ferries for a period of
five years imposed by the French Tribunal de Commerce). The ferries are owned
by three subsidiaries of Euro-TransManche Holding SAS. The commercial activity
is carried out by another subsidiary of Euro-TransManche Holding SAS,
MyFerryLink SAS.

Following the appeal by Groupe Eurotunnel SA and SCOP SeaFrance, the
Competition Appeal Tribunal issued its judgement on 4 December 2013. This
judgement quashed the decision by the UK Competition Commission of 6 June 2013
which prohibited Groupe EurotunnelSA (or any connected party) from operating
ferry services out of the port of Dover, either directly or indirectly, for a
period of ten years using the ferries the Berlioz and the Rodin, and for a
period of two years for any other ship.

The Tribunal considered that the Competition Commission (which has since
become the Competition and Markets Authority), having failed to demonstrate
that Groupe EurotunnelSA had acquired an enterprise and not just individual
assets, had not justified that it had jurisdiction in the matter. The Tribunal
therefore remitted to the Competition Commission the question of whether the
Eurotunnel Group had acquired an enterprise.

On 27 June 2014, the Competition Commission confirmed that it had jurisdiction
in the matter as it considered that the Eurotunnel Group had acquired
SeaFrance giving rise to a merger under the UK’s merger regime, and concluded
that MyFerryLink must cease activities within six months from the date of the
official order which the Competition and Markets Authority must publish for
its decision to be effective.

The Eurotunnel Group will lodge its appeal of this decision before the
Competition Appeals Tribunal before the deadline of 24 July.

The Eurotunnel Group confirms its determination to continue its maritime
activity and maintains its position that the acquisition of the ferries from
the former SeaFrance, nine months after it ceased operations, does not
constitute the acquisition of an enterprise that would fall within the
Competition and Markets Authority’s jurisdiction. The Eurotunnel Group
believes that the performance of MyFerryLink increases competition in a
cross-Channel market which has evolved significantly since the cessation of
SeaFrance’s activities. Furthermore, the Group underlines the disproportionate
character of the remedies imposed by the UK Competition and Markets Authority
as well as their inconsistency with those required by the French competition
authority, the Group’s compliance with which is monitored by an independent
trustee.

In this context, the Group’s financial statements at 30 June 2014 have been
prepared on the basis that the maritime business will continue.

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

During the first half of 2014, the European Commission announced that it had
dropped the objections set out in the “reasoned opinion” issued to the French
and British governments on 20 June 2013 concerning the track access charges
for railway operators using the Channel Tunnel.

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 2013.

The half-year summary consolidated financial statements for 2014 were prepared
under the responsibility of the meeting of the Board of Directors which was
held on 21 July 2014.

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 2014 is the same as that used for Groupe Eurotunnel
SA’s annual financial statements to 31 December 2013.

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 2013 annual
financial statements.

The average and closing exchange rates used in the preparation of the 2014 and
2013 half-year accounts and the 2013 annual accounts are as follows:

€/£            30 June 2014   30 June 2013   31 December 2013
Closing rate   1.248          1.167          1.199
Average rate   1.229          1.174          1.187
                                                   

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 2013 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 2014:

  *The amendments to IAS32 “Offsetting Financial Assets and Financial
    Liabilities”, IAS36 “Recoverable Amount Disclosures for Non-Financial
    Assets” and IAS39 “'Novation of Derivatives and Continuation of Hedge
    Accounting”.
  *IFRS10 “Consolidated Financial Statements” which will replace IAS27
    “Consolidated and Separate Financial Statements” for the part relating to
    consolidated financial statements as well as 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”.

No significant impact resulting from the initial application of these
standards has been identified.

The interpretation IFRIC 21 “levies imposed by governments” published by the
IASB has been adopted by the European Union for mandatory application for
accounting periods commencing on or after 1 January 2015. This interpretation
states that the obligating event that gives rise to a liability to pay a levy
is the activity described in the relevant legislation that triggers the
payment of the levy. The Group does not expect any significant effect to arise
from the application of this standard.

The main texts which may be applicable to the Group that have been published
by the IASB but are not yet in force (not adopted by the European Union) are:

  *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 2018 following the decision by the IASB in February
    2014,
  *IFRS 15 “Revenue from Contracts with Customers” for accounting periods
    commencing on or after 1 January 2017,
  *revision to IFRS 11 “Joint Arrangements” for accounting periods commencing
    on or after 1 January 2016,
  *revision to IAS 16 “Property, Plant and Equipment” and IAS 38 “Intangible
    Assets” for accounting periods commencing on or after 1 January 2016.

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 and MyFerryLink’s car activities 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 and ElecLink Limited,
  *the “Europorte” segment the main activity of which is that of rail freight
    operator, and
  *the “MyFerryLink” segment, the main activity of which is the lease of
    ferries and the sale of cross-Channel crossings. 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 2014                                                
Revenue                       392,592      126,869     39,139        558,600
EBITDA                        220,811      6,153       (11,232)      215,732
Trading profit/(loss)         146,613      887         (13,606)      133,894
Net result before             5,957        (63)        (14,472)      (8,578)
taxation
Investment in property,       12,277       32,884      331           45,493
plant and equipment
Property, plant and         6,270,594   179,434    70,038       6,520,066
(intangible and tangible)
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 31 December 2013
Revenue                       779,188      238,493     74,305        1,091,986
EBITDA                        452,212      19,241      (22,392)      449,061
Trading profit/(loss)         303,780      8,324       (29,192)      282,912
Net result before             43,715       7,215       (30,502)      20,428
taxation
Investment in property,       37,442       31,445      5,495         74,382
plant and equipment
Property, plant and         6,334,257   149,519    72,080       6,555,856
(intangible and tangible)
                                                                     

4 Finance costs

€’000                                        30 June  30 June  31 December
                                               2014      2013      2013
Interest on loans before hedging             90,007   88,836   178,157
Adjustments relating to hedging                31,416    31,209    62,868
instruments
Effective rate adjustment                    563      509      1,034
Sub-total                                      121,986   120,554   242,059
Inflation indexation of the nominal          14,817   18,718   29,340
Total finance costs after hedging            136,803  139,272  271,399
                                                                   

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 V of the
annual consolidated financial statements at 31 December 2013.

5 Other financial income and (charges)

€’000                                       30 June   30 June  31 December
                                              2014       2013      2013
Unrealised exchange gains*                  8,041     12,934   6,112
Other exchange gains                          1,078      754       1,856
Interest received on floating rate notes      3,378      3,293     6,689
Other                                       162       75       221
Other financial income                        12,659     17,056    14,878
Unrealised exchange losses*                   (16,291)   (9,155)   (7,278)
Other exchange losses                       (1,108)   (743)    (1,468)
Other financial charges                     (17,399)  (9,898)  (8,746)
Total                                       (4,740)   7,158    6,132
Of which net unrealised exchange            (8,250)   3,779    (1,166)
gains/(losses)

* Mainly arising from the re-evaluation of intra-group debtors and creditors.

6 Income tax expense

€’000               30 June  30 June  31 December
                      2014      2013      2013
Current tax:                         
Income tax            (21)      (78)      (133)
Tax on dividends    (2,427)  (1,956)  (1,956)
Total current tax     (2,448)   (2,034)   (2,089)
Deferred tax        –        –        83,023
Total               (2,448)  (2,034)  80,934
                                          

The current tax charge relates to amounts paid or to be paid in the short term
to the tax authorities in relation to the period in accordance with the rules
in force in the different countries and specific conventions. In the first
half of 2014, income tax for the period relates to taxes to be paid outside
France and the UK.

At 30 June 2014, in view of the result for the period and the prospect of a
profit for the 2014 financial year, the Eurotunnel Group has not accounted for
charges in relation to its income tax positions in France or the UK. In light
of the forecasts set out in its business plan the Group still considers the
deferred tax asset recognised at 31 December 2013 to be recoverable.

7 Earnings per share

                                 30 June       30 June      31 December
                                      2014           2013          2013
Weighted average number:                                     
- of issued ordinary shares           550,000,000    550,000,000   550,000,000
- of treasury shares              (11,195,296)  (6,652,243)  (9,038,787)
Number of shares used to
calculate the result per          538,804,704   543,347,757  540,961,213
share (A)
                                                                   
- impact of share options        i    706,057        –             –
- impact of free shares        ii  1,138,855     1,544,610    1,398,503
Potential number of ordinary      1,844,912     1,544,610    1,398,503
shares (B)
                                                          
Number of shares used to
calculate the diluted result      540,649,616   544,892,367  542,359,716
per share (A+B)
                                                                   
(Loss)/profit (€’000) (C)             (10,877)       (18,156)      101,362
(Loss)/profit per share (€)           (0.02)         (0.03)        0.19
(C/A)
(Loss)/profit per share           (0.02)        (0.03)       0.19
after dilution (€) (C/(A+B))
                                                                   

The calculations were made on the following bases:

(i) on the assumption of the exercise of all the options issued and still in
issue at 30 June 2014 when the average share price during the period exceeds
the exercise price of the options (which was not the case in 2013). The
exercise of these options is conditional on attaining the targets described in
note T of the consolidated financial statements at 31 December 2013; and

(ii) on the assumption of the acquisition of:

  *all the free shares issued to staff. During the first half of 2014,
    667,430 of the free shares issued in 2012 were acquired by staff. Details
    of the free shares are described in note T.2 of the consolidated financial
    statements at 31 December 2013, and
  *free preference shares issued and still in issue at 30 June 2014 in
    accordance with the applicable terms of conversion as described in note
    10.3i below and taking into account average share price over the period.
    Conversion of these preference shares is subject to achieving certain
    targets and remaining in the Group’s employment.

8 Property, plant and equipment

“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.

In relation to its maritime assets, the Eurotunnel Group confirms that their
recoverable amount at 30 June 2014 remains higher than their net accounting
value. The recoverable amount was estimated using the studies by independent
experts as at 31 December 2013.

The Group has not identified any indication of impairment in either the
tangible or intangible assets of its Concession and Europorte activities.

9 Financial assets and liabilities

9.1 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 the consolidated financial statements at 31
December 2013.

€’000         Carrying amount                                                             Fair value
                Assets
                at fair   Available-                               Liabilities
Class of        value     for-sale     Loans and     Hedging       at            Total net
financial     through  financial   receivables  instruments  amortised    carrying   Level 1  Level 2  Level 3    Total
instrument      profit    assets                                   cost          value
                and
                loss
Financial
assets                                                                                                           
measured at
fair value
Other
non-current   n/a      n/a         n/a          n/a          n/a          n/a        n/a      n/a      n/a        n/a
financial
assets
Financial
assets not
measured at
fair value
Other
current and
non-current                            163,206                                   163,206     na        na        na          na
financial
assets
Trade                                  143,450                                   143,450     na        na        na          na
receivables
Cash and
cash          215,249                                                 215,249    215,249                    215,249
equivalents
Financial
liabilities                                                                      ,
measured at
fair value
Interest
rate                             ,            815,299                  815,299            815,299            815,299
derivatives
Financial
liabilities
not                                                                              ,
measured at
fair value
Financial                                                          4,006,875     4,006,875                       4,883,834   4,883,834
liabilities
Trade                                                    154,287      154,287    na       na       na         na
payables
                                                                                                                             

Other financial assets which are not measured at fair value consist mainly of
floating rate notes.

At 30 June 2014, the information relating to the fair value of the financial
liabilities remains as described in note W of the annual consolidated
financial statements at 31 December 2013, the reduction being the nominal debt
repaid during the period.

9.2 Other financial assets

€’000                                     30 June  31 December
                                            2014      2013
Floating rate notes                       154,237  151,357
Other                                     8,776    5,902
Total non-current                         163,013  157,259
Accrued interest on floating rate notes   193      207
Total current                             193      207
                                                  

10 Share capital

10.1 Share capital evolution

At 30 June 2014, 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 2013.

10.2 Treasury shares

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

                                     Share buyback  Liquidity  Total
                                        programme       contract
At 1 January 2014                     11,215,450     220,000    11,435,450
Shares transferred to staff (free       (667,430)                   (667,430)
share plan)
Net purchase/(sale) under liquidity                 (37,500)   (37,500)
contract
At 30 June 2014                       10,548,020     182,500    10,730,520
                                                                    

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 29 April 2014 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, 2011, 2013 and 2014.

10.3 Share-based payments

i. Preference shares convertible into ordinary shares

Preference share plan (treated as an equity instrument)

On 29 April 2014, the general meeting of shareholders authorised the board of
directors to grant to executives and senior staff of GETSA and its
subsidiaries preference shares with a nominal value of €0.01 each with no
voting rights which are convertible into GETSA ordinary shares subject to
performance conditions at the end of a four-year period. The total number of
preference shares may not give the right to more than 1,500,000 ordinary
shares of a nominal value of €0.40each. Under this scheme, the board of
directors approved on 29 April 2014 the grant of 300 preference shares, each
convertible at the end of the four-year period into a maximum of 5,000
ordinary shares.

Characteristics and conditions of the preference share plan

Date of grant /     Number of      Conditions for acquiring           Vesting
main staff        preference   rights                           period
concerned           shares
                                   Staff must remain as employees
                                   of the Group.

Preference                         Market performance condition:
shares granted                     calculated on a tapering scale
to key                             corresponding to the
executives and    300          percentage achievement of the    4 years
senior staff on                    target share-price increase
29 April 2014                      after a period of four years
                                   with a minimum target of an
                                   average price of €9.335 and a
                                   maximum target of an average
                                   price of €11.50.
                                                               

Information on the preference share plan

                             2014
In issue at 1 January         –
Granted during the period       300
Renounced during the period     –
Exercised during the period     –
Expired during the period     –
In issue at 30 June 2014      300
Exercisable at 30 June 2014   –
                                

Assumptions used for the fair value measurement on the grant date

The fair value on grant date of the rights granted to staff as part of the
plan (the 1,500,000 ordinary shares on conversion of the preference shares)
was calculated by using the Monte Carlo valuation model. The assumptions used
to measure the fair value of the plan on grant date were asfollows:

Fair value of shares and assumptions                  2014 plan
Fair value on grant date (€)                          2.68
Share price on grant date (€)                           9.68
Number of beneficiaries                                 36
Risk-free interest rate (based on government bonds)   0.5831%
                                                        

ii. Grant of free shares

Following the approval by the general meeting of shareholders on 29April2014
of the plan to issue existing free shares, GETSA’s board of directors decided
on 29 April 2014 to grant a total of 369,100GETSA Shares (100 shares per
employee) to all employees of GETSA and its related companies with the
exception of executive and corporate officers. The definitive acquisition of
these shares by the employees is subject to their remaining in employment with
the Group and they cannot be sold for a minimum period of 4years.

On 26 April 2014, 667,430 free shares issued in 2012 were acquired by
employees.

Number of shares              2014       2013
In issue at 1 January         1,254,090  1,700,470
Granted during the period       369,100     –
Renounced during the period     (15,840)    (35,070)
Acquired during the period      (667,430)   (411,310)
Expired during the period     –          –
In issue at 30 June 2014      939,920    1,254,090
                                            

The assumptions used to measure the fair value of the free shares were
asfollows:

Fair value of free shares and assumptions             2014 grant
Fair value of free shares on grant date (€)           9.28
Share price on grant date (€)                           9.68
Number of beneficiaries                                 3,691
Risk-free interest rate (based on government bonds)   0.33%
                                                        

A charge of €2,621,000was made for the first half of 2014 relating to the
free shares, stock options and preference shares (first half of 2013:
€2,832,000).

11 Changes in equity

Changes in equity during the period including the movement in the fair value
of hedging contracts (see note 12) and the payment of the dividend are set out
in the consolidated statement of changes in equity on page 11.

Dividend

On 29 April 2014, Groupe Eurotunnel SA’s shareholders’ general meeting
approved the payment of a dividend relating to the financial year ended 31
December 2013, of €0.15 per share. This dividend was paid on 28 May 2014 for a
total of €80.9 million (before 3% tax on dividends amounting to €2.4 million).

12 Financial liabilities

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

                31          31 December                                       Interest,
€’000         December   2013              Reclassification  Repayment  indexation  30 June
                2013        ^(*)recalculated                                  and          2014
                published                                                     costs
Term Loan     3,868,491  3,946,253         (17,078)                     15,580      3,944,755
Other loans     16,401      16,401             (447)                                       15,954
Finance       5,059      5,262             (32)                                   5,230
leases
Total
non-current   3,889,951  3,967,916         (17,557)          –          15,580      3,965,939
financial
liabilities
Term Loan       32,582      33,246             17,078             (16,166)                 34,158
Other loans     867         867                447                (429)                    885
Finance         559         581                32                 (174)                    439
leases
Accrued
interest on   5,519      5,627                                        (173)       5,454
Term Loan
Total
current       39,527     40,321            17,557            (16,769)   (173)       40,936
financial
liabilities
Total         3,929,478  4,008,237         –                 (16,769)   15,407      4,006,875

* The financial liabilities at 31 December 2013 (calculated at the year end
exchange rate of £1=€1.199) have been recalculated at the exchange rate at 30
June 2014 (£1=€1.248) in order to facilitate comparison.

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 €31,416,000 during the first six
months of 2014 which has been accounted for in the income statement (a net
charge of €31,209,000 during the first six months of 2013).

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

               Market value of hedging contracts   *Changes in market value
€’000          30 June 2014    31 December 2013  
Contracts in     Liability of    Liability of        161,468
euros            627,529          466,061
Contracts in   Liability of    Liability of       26,906
sterling         187,770          160,864
Total          Liability of    Liability of       188,374
                 815,299          626,925

* Recorded directly in other comprehensive income.

13 Related party transactions

13.1 Eurotunnel Group subsidiaries

All Eurotunnel Group subsidiaries were fully consolidated at 30 June 2014
except for ElecLink as described in note P to the annual consolidated
financial statements at 31 December 2013.

13.2 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 12 above). Goldman Sachs International was one of the
counterparties to these hedging contracts, and at 30 June 2014 held 2.7% of
the contracts, representing a charge of €0.8 million in the first half of 2013
and a liability of €22 million at 30 June 2014.

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 (on the basis of the last declaration of threshold crossing in
September 2011) approximately 15.5% of GET SA’s share capital at 30 June 2014.

14 Events after the reporting period

Nothing to report.

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2014
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 2014

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,
                                                                  21 July 2014

GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30
JUNE 2014
Statutory auditors’ report on the half-yearly financial information

   STATUTORY AUDITORS’ REPORT ON THE 2014 HALF-YEARLY FINANCIAL INFORMATION

This is a free translation into English of the statutory auditors’ review
report on the half-yearly financial information issued in French and is
provided solely for the convenience of English-speaking users. This report
includes information relating to the specific verification of information
given in the Group’s half-yearly management report. This report should be read
in conjunction with, and construed in accordance with, French law and
professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by your general assembly and
in accordance with the requirements of article L.451-1-2III of the French
Monetary and Financial Code ("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 period from 1
    January 2014 to 30 June 2014,
  *the verification of the information presented 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 - standard of the IFRSs as adopted by the European Union applicable to
interim financial information.

II. Specific verification

We have also verified the information presented 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, 21 July 2014      Courbevoie, 21 July 2014
KPMG Audit                               Mazars
Department of KPMG S.A.
                                         
                                         
Fabrice Odent                            Jean-Marc Deslandes
Partner                                  Partner
                                         

Eurotunnel Contacts:
For UK media enquiries:
John Keefe, 44 (0) 1303 284491
press@eurotunnel.com
or
For investor enquiries:
Jean-Baptiste Roussille, +33 (0)1 40 98 04 81
jean-baptiste.roussille@eurotunnel.com
or
Michael Schuller, +44 (0) 1303 288749
Michael.schuller@eurotunnel.com

Contact:

Groupe Eurotunnel SA

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