- Third quarter 2023
- Group revenue for the third quarter of 2023 reached €472.5
million, up 1% on the same period in 20221 .
- Eurotunnel: Revenue up 4% to €338.5 million, driven by
growth in Railway Network revenue and the roll-out of marketing
initiatives.
- Europorte: 15% growth in revenue to €38 million.
- ElecLink: Revenue of €96 million fell by 11%, reflecting the
volatility of the energy markets.
- Increased confidence in Getlink’s capacity to exceed EBITDA
of €910 million in 20232.
Regulatory News:
Getlink SE (Paris:GET):
Yann Leriche, the Group's Chief Executive Officer, added:
"In the third quarter, all the Group's entities delivered an
excellent operational performance, to the benefit of our customers.
The attractiveness of the Channel Tunnel was reaffirmed with
Evolyn's decision to launch a new high-speed passenger train
service between Great Britain and continental Europe from 2025,
confirming the strong growth potential of low-carbon cross-Channel
traffic."
► Third
quarter 2023: highlights
- Group
- The second session of the “Rencontres du Climat”, organised by
Getlink in association with the Toulouse School of Economics on the
impact of climate action by companies on their cost of capital, was
a great success.
- As part of the continuous optimisation of the Group's financial
structure, Getlink has cancelled the €75 million credit facility
put in place in 2020. This facility - which was due to expire in
April 2024 - has not been used. At 30 June 2023, the Group had cash
and cash equivalents of €1.3 billion.
- Eurotunnel
- LeShuttle
- 8% increase in Passenger Shuttle traffic in the first nine
months of the year.
- Slight fall (-1%) in the number of passenger vehicles in Q3,
due to the impact of the urban riots in France on traffic in July
and August, which was almost made up for by the good momentum
generated by the Rugby World Cup.
- Confirmation of leadership position in the Short Straits
market, with a 51.2% share of the car market in the third quarter
of 2023.
- Launch of an invitation to tender for the operation of the
duty-free shopping area in the French passenger and freight
terminals. Tenders are due to close in January 2024, with
operations starting at the end of April 2024.
- LeShuttle Freight
- Truck Shuttle traffic down 15% in Q3, penalised by the economic
environment in the United Kingdom.
- Confirmation of leadership position on the Short Straits
market, with a market share of 34.7% in the third quarter of
2023.
- Railway Network
- Excellent momentum in Eurostar traffic, up 16% in Q3.
- Announcement by the new rail operator Evolyn of the launch of a
new high-speed passenger service via the Channel Tunnel to link
London and continental Europe from 2025.
- Europorte
- Start of new rail traction contracts, notably in the automotive
sector, as well as new rail infrastructure contracts such as at the
Port of Sète. The industrial business is also expanding, with the
start-up of management of a multimodal platform specialising in
chemicals.
- Reinforcement of the homologation activity for new locomotives,
Alstom's Traxx MS3, designed for the freight and passenger
markets.
- ElecLink
- Excellent operational performance, with 1.2 TWh transported in
the third quarter and an availability rate of 100%.
► REVENUE: THIRD
QUARTER
Third-quarter revenue (1 July to 30
September)
€m
3rd quarter
2023
unaudited
3rd quarter
2022
restated*
Variation
3rd quarter
2022
published**
Eurotunnel Shuttles
231.5
235.1
-2%
235.1
Railway Network
99.8
84.5
18%
84.3
Other revenue
7.2
6.4
13%
6.4
Sub-total Eurotunnel
338.5
326.0
4%
325.8
Europorte
38.0
32.9
15%
32.9
ElecLink
96.0
107.4
-11%
107.4
Revenue
472.5
466.3
1%
466.1
*
Restated using the average
exchange rate for the first nine months of 2023 of £1 = €1.154.
**
The average exchange rate for the
first nine months of 2022 was £1 = €1.173.
A. Group
The Group's consolidated revenue for the third quarter rose by
1% at a constant exchange rate, to €472.5 million.
B. Eurotunnel
At €338.5 million, Eurotunnel's revenue is 4% up on the third
quarter of 2022.
Shuttle revenue totalled €231.5 million, down 2% in the third
quarter compared with the same period last year.
Railway Network revenue rose by 18% to €99.8 million, driven by
the increase in Eurostar traffic.
C. Rail freight operators: Europorte and its
subsidiaries
After a first half impacted by strikes by the operator of
France's public rail network, Europorte posted a 15% increase in
sales to €38 million in the third quarter.
D. ElecLink
At 30 September, ElecLink had secured more than €550 million in
revenue for 2023 (representing 95% of capacity) and more than €250
million for 2024 (52% of capacity), subject to the effective
delivery of the service.
In the third quarter, ElecLink's revenue was mechanically down
by 11% compared with the third quarter of 2022, due to the
reduction in Franco-British spreads on the electricity markets.
► OUTLOOK
Getlink reiterates its confidence in its ability to exceed
EBITDA of €910 million in 2023.
Nine-month revenue (1 January to 30
September)
€ million
Year to date
30 Sept 2023
unaudited
Year to date
30 Sept 2022
restated*
Variation
Year to date
30 Sept 2022
published**
Eurotunnel Shuttles
570.3
565.2
1%
570.2
Railway Network
279.1
212.2
32%
214.0
Other revenue
20.1
16.7
20%
16.8
Sub-total Eurotunnel
869.5
794.1
9%
801.0
Europorte
111.1
100.5
11%
100.5
ElecLink
425.7
142.1
200%
142.0
Revenue
1,406.3
1,036.7
36%
1,043.5
*
Restated at the average exchange
rate for the first nine months of 2023 of £1 = €1.154.
**
The average exchange rate for the
first nine months of 2022 was £1 = €1.173.
For the first nine months of the year, Group revenue reached
€1.406 billion, up 36% compared with 2022, driven in particular by
ElecLink revenues over the entire period and growth in Railway
Network revenues.
- Eurotunnel's revenue rose by 9% to €869.5 million.
- Europorte's revenue rose by 11% to €111.1 million.
- ElecLink's revenue rose by 200% to €425.7 million, with
ElecLink commencing operations on 25 May 2022.
► EUROTUNNEL TRAFFIC
Third-quarter traffic (1 July to 30
September)
Q3 2023
Q3 2022
Variation
Truck Shuttles
Trucks
283,655
335,541
-15%
Passenger Shuttles
Passenger vehicles1
779,966
788,560
-1%
High-speed trains (Eurostar)
2
Passengers
3,011,519
2,591,245
16%
Rail freight trains 3
Number of trains
366
379
-3%
1
Including motorbikes, vehicles
with trailers, caravans, motorhomes and coaches.
2
Only Eurostar passengers using
the Channel Tunnel are included in this table, which excludes
journeys between continental stations (Brussels-Calais,
Brussels-Lille, Brussels-Amsterdam, etc.).
3
Trains operated by railway
companies (DB Cargo on behalf of BRB, SNCF and its subsidiaries, GB
Railfreight, RailAdventure and Europorte) using the Tunnel.
Nine-month traffic (1 January to 30
September)
Year to 30
Sept 2023
Year to 30
Sept 2022
Variation
Truck Shuttles
Trucks
908,090
1,102,374
-18%
Passenger Shuttles
Passenger vehicles1
1,789,865
1,661,019
8%
High-speed trains (Eurostar)
2
Passengers
8,103,170
5,894,180
37%
Rail freight trains 3
Number of trains
1,099
1,133
-3%
1
Including motorbikes, vehicles
with trailers, caravans, motorhomes and coaches.
2
Only Eurostar passengers using
the Channel Tunnel are included in this table, which excludes
journeys between continental stations (Brussels-Calais,
Brussels-Lille, Brussels-Amsterdam, etc.).
3
Trains from railway companies (DB
Cargo on behalf of BRB, SNCF and its subsidiaries, GB Railfreight,
RailAdventure and Europorte) using the Tunnel.
A. Eurotunnel Shuttles
- Passenger Shuttle activity: In a dynamic market,
Eurotunnel confirms its leading position on the Short Straits with
a 51.2% share of the car market in the third quarter, and an
increase in traffic with almost 1.8 million passenger vehicles
transported over the first nine months of the year.
- Truck Shuttle activity: LeShuttle Freight traffic is
down 18% for the January-September period compared to 2022,
penalised by a difficult economic environment in the UK and strong
competition. Eurotunnel confirms its position as the leading
cross-Channel player with a 34.7% share of the truck market in the
third quarter.
B. Railway Network
- High-speed passenger trains: Eurostar recorded very
strong growth in traffic in the third quarter, with more than 3
million passengers. In the first nine months of the year, more than
8.1 million passengers crossed the Channel.
- Cross-Channel freight trains: Cross-Channel rail freight
traffic fell by 3% in the first nine months of 2023 compared with
the same period in 2022.
*****************************************
About Getlink
Getlink SE (Euronext Paris: GET), through its subsidiary
Eurotunnel, holds the concession for the Channel Tunnel
infrastructure until 2086 and operates Truck and Passenger Shuttle
services (cars and coaches) between Folkestone (UK) and Calais
(France). Eurotunnel is the fastest, most reliable, easiest and
most environmentally friendly way to cross the Channel. Since its
inauguration in 1994, more than 490 million people and 101 million
vehicles have travelled through the Channel Tunnel. This unique
land link, which carries 25% of trade between the Continent and the
United Kingdom, has become a vital link strengthened by the
ElecLink electricity interconnector installed in the Tunnel.
Getlink complements its sustainable mobility services with its rail
freight subsidiary Europorte, which offers a wide range of
integrated rail transport services. Committed to "low-carbon"
services that control their impact on the environment (through its
activities, the Group avoids the equivalent of 2 million tonnes of
CO2 per year), Getlink has made the place of people, nature and
territories a central concern.
https://www.getlinkgroup.com
_________________________ 1 All comparisons with revenue for the
first nine months of 2022 are made at the average exchange rate for
the first nine months of 2023 of £1 = €1.154. 2 Objective set in
February 2023 based on the scope of consolidation at that date and
an exchange rate of £1=€1.15, assuming a constant regulatory and
tax environment.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231018003453/en/
Press contacts : Anne-Sophie
de Faucigny: +33 (0)6 46 01 52 86
Analyst and investor contacts
: Virginie Rousseau: +33 (0)6 77 41 03 39
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