- Group:
- Revenue: €808 million (-14%1 due to the normalisation
of ElecLink's contribution)
- EBITDA2: €424 million (-15%) after a provision of €55
million relating to the future sharing of ElecLink’s profits
- Net profit: €173 million, an improvement of +7%
- Cash position3: €1,497 million at 30 June 2024 (an
improvement of €203 million vs. 30 June 2023)
- Target EBITDA for 2024 between €780 and €830 million
confirmed
- Eurotunnel:
- Revenue of €540 million (+1%)
- EBITDA at €291 million (+4%)
- ElecLink:
- Revenue of €185 million (vs. €330 million in H1 2023)
- EBITDA at €117 million (vs. €207 million in H1 2023), after a
provision of €55 million for future sharing of the interconnector’s
profits
- Europorte:
- Revenue of €83 million (+14%)
- EBITDA at €16 million (+23%)
Regulatory News:
Getlink SE (Paris:GET):
Yann Leriche, Getlink's Chief Executive Officer,
commented: "The half-year performance reflects the normalisation of
the energy markets and consequently ElecLink's contribution to the
Group's results. Thanks to the continuation of its operational and
commercial excellence programmes as well as the good momentum of
passenger traffic, Getlink reports solid results, enabling us to
confirm our targets for 2024.”
Half-Year Highlights
- Governance
- Yann Leriche's term of office as Chief Executive Officer
expired on 30 June 2024; the term was renewed for four years by the
Board of Directors.
- Géraldine Périchon, the Group's Chief Financial Officer since
September 2020 and a member of the Executive Committee, has been
appointed Deputy CEO.
- The Annual General Meeting held on 7 May 2024 approved the
amendment to Article 19 of the Articles of Association relating to
the age limit for the Chairman, who has reached the age of 70, to
maintain the Chairman in office until the end of his term of office
as Director, i.e. until the 2026 Annual General Meeting, approving
the financial statements for the year ending 31 December 2025.
- The Annual General Meeting also approved the renewal of the
terms of office as Directors of Sharon Flood and Jean-Marc
Janaillac for a period of four years. The meeting approved the
ratification of the co-option of Jean Mouton as Director.
- CSR strategy
- Focusing actions to achieve decarbonisation milestones by
2024-2025 in line with the Paris Agreement's 1.5°C trajectory.
- Third edition of the Rencontres du Climat held at the Ministry
of Ecological Transition and Territorial Cohesion, in the presence
of the French Minister.
- Group
- EBITDA at €424 million post-provision for ElecLink
profit-sharing of €55 million.
- Free cash flow of €274 million4.
- Distribution of €298 million in dividends (€0.55 per share) for
2023 financial year.
- Acquisition of ChannelPorts, a leader in the UK customs
services market, strengthening the Group's portfolio of smart
border solutions.
- Getlink's credit rating upgraded to BB by S&P Global
Ratings (previously BB-).
- Eurotunnel
- LeShuttle
- Decrease in traffic by 4%, with 967,962 passenger vehicles
transported, impacted by intensifying competition from ferry
companies, some of which are deviating from the social models
applicable in the United Kingdom and France.
- Confirmation of leadership position on the car market with a
59% market share.
- Continuation of the commercial excellence strategy with the
launch of new initiatives to improve customer experience: new
duty-free partner in France, new booking website, new partnerships
signed.
- LeShuttle Freight
- Truck traffic down 4%, penalised by a weak economic environment
in the United Kingdom and continuing fierce competition from ferry
operators.
- 36% market share.
- Railway network
- Eurostar traffic up 6%, with almost 5.4 million passengers,
exceeding the record level of H1 2019.
- Europorte
- Revenue growth of 14% due to acquisitions completed in 2023 and
the signing of new contracts.
- Improved profitability with EBITDA up 23%.
- ElecLink
- Revenue of €185 million, down 44%, impacted by the expected
normalisation of electricity markets.
- EBITDA at €117 million, down 43%, after taking into account a
profit-sharing provision of €55 million.
- Outstanding operational performance, with more than 3.5 TWh
transported in the first half of the year and an availability rate
of 100%.
- €139 million of revenue already contracted for H25, with 29% of
cable capacity still available for H2.
Operating profit impacted - as expected
- by the normalisation of the electricity markets
The Group's consolidated revenue for the first half of 2024 is
€808 million, down 14% compared to the first half of 2023,
reflecting the expected normalisation of the electricity markets.
Eurotunnel (+1%) and Europorte (+14%) reported solid revenue
growth.
The Group's operating costs excluding the provision for ElecLink
profit sharing were stable in H1, at €329 million. Eurotunnel
segment operating costs were down 3% to €249 million thanks to
lower energy costs and ongoing efficiency programmes.
Consolidated EBITDA for the first half amounted to €424 million,
down 15% due to the lower contribution from ElecLink (-43%), whilst
EBITDA for Eurotunnel and Europorte increased by 4% and 23%
respectively.
Net finance costs fell by 24% to €144 million for the first six
months of 2024.
Taxes represented net income of €15 million (vs. an expense of
€28 million in the first half of 2023), reflecting the lower
pre-tax income of ElecLink and the impact of the activation of tax
loss carryforwards on deferred taxes.
The Group's consolidated net profit for the first half of 2024
reaches €173 million, up 7% compared to the first six months of
2023.
Operating cash flow was €457 million in the first half of 2024,
compared with €539 million in the first half of 2023.
The Group's free cash flow was €274 million in the first half of
2024, down €81 million for the same period in 2023, due to the
lower contribution from ElecLink.
Cash position at 30 June 2024 was €1,497 million (compared with
€1,294 million at 30 June 2023).
GUIDANCE
The performance of the first half of 2024 enables the Group to
confirm its EBITDA target in 2024 to be between €780 million and
€830 million6.
This target takes into account:
- The revenue already secured for ElecLink (at 30 June, 85% of
the cable's 2024 capacity has been sold for a revenue of €324
million subject to actual delivery of the service), recent
electricity market prices and using a similar method to that used
for 2023 with regard to the provision for profit sharing.
- The implementation of EES formalities, during the 4th quarter,
on Eurotunnel’s sites, which has been the subject of intense
preparation to turn it into a competitive advantage.
In the second half of 2024, against a backdrop of very intense
competition in cross-Channel transport, Getlink will pursue its
strategy of operational excellence and strengthening its agility in
order to optimise the attractiveness of its services and its value
creation.
GROUP REVENUE
First half-year
(January-June)
€million
H1 2024*
H1 2023
restated**
Variation
H1 2023
published
Exchange rate €/£
1.172
1.172
1.146
Shuttle Services
328
343
-4%
339
Railway Network
193
181
7%
179
Other revenue
19
13
46%
13
Sub-total Eurotunnel
540
537
1%
531
Europorte
83
73
14%
73
ElecLink
185
330
-44%
330
Revenue
808
940
-14%
934
* Average exchange rate for the first half of 2024: £1=€1.172.
** Restated using the average exchange rate for the first half of
2024.
Second quarter
(April-June)
€million
Q2 2024
Q2 2023
restated
Variation
Q2 2023
published
Shuttle Services
180
187
-4%
185
Railway Network
103
99
4%
98
Other revenue
13
7
86%
7
Sub-total Eurotunnel
296
293
1%
290
Europorte
43
38
13%
38
ElecLink
78
99
-21%
99
Revenue
417
430
-3%
427
First-quarter reminder
(January-March)
€million
Q1 2024
unaudited*
Q1 2023
restated**
Variation
Q1 2023
published
Exchange rate €/£
1.169
1.169
1.138
Shuttle Services
148
156
-5%
154
Railway Network
90
82
10%
81
Other revenue
6
6
0%
6
Sub-total Eurotunnel
244
244
0%
241
Europorte
40
35
14%
35
ElecLink
107
231
-54%
231
Revenue
391
510
-23%
507
* Average exchange rate for the first quarter of 2024: £1 =
€1.169. ** Restated at the average exchange rate for the first
quarter of 2024.
EUROTUNNEL TRAFFIC
First half-year
(January-June)
H1 2024
H1 2023
Variation
Truck Shuttles
Trucks
601,710
624,435
-4%
Passenger Shuttles
Passenger vehicles*
967,962
1,009,899
-4%
High-speed passenger trains
(Eurostar)**
Passengers
5,378,082
5,091,651
6%
Rail freight trains***
Trains
670
733
-9%
Second quarter
(April-June)
Q2 2024
Q2 2023
Variation
Truck Shuttles
Trucks
299,909
302,531
-1%
Passenger Shuttles
Passenger vehicles*
586,643
622,762
-6%
High-speed passenger trains
(Eurostar)**
Passengers
2,984,603
2,885,881
3%
Rail freight trains***
Trains
357
387
-8%
First-quarter reminder
(January-March)
Q1 2024
Q1 2023
Variation
Truck Shuttles
Trucks
301,801
321,904
-6%
Passenger Shuttles
Passenger vehicles*
381,319
387,137
-2%
High-speed passenger trains
(Eurostar)**
Passengers
2,393,479
2,205,770
9%
Rail freight trains***
Trains
313
346
-10%
* Including motorbikes, vehicles with trailers, caravans,
motorhomes and coaches. ** Only passengers travelling through the
Channel Tunnel are included in this table, which excludes journeys
between continental stations (Brussels-Calais, Brussels-Lille,
Brussels-Paris, etc..). *** Trains operated by railway companies
(DB Cargo on behalf of BRB, SNCF and its subsidiaries, and GB
Railfreight) using the Tunnel.
***************************
The financial statements of the period ending 30 June 2024 were
established by the Board of Directors on 24 July 2024 and were
subject to a review by the statutory auditors.
The H1 2024 results presentation is available at
https://www.getlinkgroup.com.
Q3 2024 revenues will be announced on 17 October 2024.
Disclaimer: All forward-looking statements in this
presentation are Getlink SE management’s present expectations of
future events and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. For a
detailed description of these factors and uncertainties, please
refer to the section “Risk Factors” in our Universal Registration
Document and documents filed by the Group with the French
securities regulator (AMF) (available on the Group’s website
https://www.getlinkgroup.com). Getlink SE undertakes no obligation
to publicly update or revise any of these forward-looking
statements.
About Getlink
Getlink SE (Euronext Paris: GET), through its subsidiary
Eurotunnel, is the concession holder until 2086 for the Channel
Tunnel infrastructure and operates Truck Shuttles and Passenger
Shuttles (cars and coaches) between Folkestone (UK) and Calais
(France). Since 31 December 2020 Eurotunnel has been developing the
smart border to ensure that the Tunnel remains the fastest, most
reliable, easiest and most environmentally friendly way to cross
the Channel. Since it opened in 1994, close to 500 million people
and more than 102 million vehicles have travelled through the
Channel Tunnel. This unique land link, which carries a quarter of
trade between the Continent and the United Kingdom, has become a
vital link, reinforced by the ElecLink electricity interconnector
installed in the Tunnel, which helps to balance energy needs
between France and the United Kingdom. Getlink completes its
sustainable mobility services with its rail freight subsidiary
Europorte. Committed to "low-carbon" services that control their
impact on the environment (through its activities, the Group avoids
the equivalent of 1.9 million tonnes of CO2 per year), Getlink has
made the place of people, nature and territories a central
concern.
https://www.getlinkgroup.com
HALF-YEAR FINANCIAL REPORT FOR THE
SIX MONTHS TO 30 JUNE 2024
CONTENTS *
HALF-YEAR ACTIVITY REPORT AT 30 JUNE
2024
1
Context of the preparation of the
half-year financial report
1
Analysis of consolidated income
statement
1
Analysis of consolidated statement of
financial position
6
Analysis of consolidated cash flows
7
Other financial indicators
8
Covenant relating to the Group’s debt
8
Outlook
9
Risks
10
Related parties
10
SUMMARY HALF-YEAR CONSOLIDATED
FINANCIAL STATEMENTS
11
Consolidated income statement
11
Consolidated statement of other
comprehensive income
11
Consolidated statement of financial
position
12
Consolidated statement of changes in
equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
A. Important events
15
B. Principles of preparation, main
accounting policies and methods
15
C. Scope of consolidation
16
D. Operating data
17
E. Personnel expenses and benefits
19
F. Intangible and tangible property, plant
and equipment
20
G. Financing and financial instruments
21
H. Share capital and earnings per
share
23
I. Income tax expense
25
J. Events after the reporting period
25
STATUTORY AUDITORS’ REVIEW REPORT ON
THE 2024 HALF-YEAR FINANCIAL INFORMATION
26
DECLARATION BY THE PERSON RESPONSIBLE
FOR THE HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2024
27
Accounting standards applied and
presentation of the consolidated financial statements
Pursuant to EC Regulation 1606/2002 of 19
July 2002 on the application of international accounting standards,
the consolidated financial statements of Getlink SE for the
six-month period 1 January to 30 June 2024 have been prepared in
accordance with International Financial Reporting Standards
(IFRS).
HALF-YEAR ACTIVITY REPORT AT 30 JUNE
2024
CONTEXT OF THE PREPARATION OF THE HALF-YEAR FINANCIAL
REPORT
The Group's results for the first half of 2024 are marked by the
expected normalisation of the energy market and of ElecLink's
contribution (compared with the first half of 2023 which benefited
from particularly exceptional electricity market conditions), as
well as by increased competition from some ferry companies
derogating from the social models in force in Great Britain and
France on the cross-Channel market.
During the first half of 2024, the Group has continued to
prepare for its future through its operational and commercial
excellence programmes and capital expenditure programmes, while
continuing its strategy of prudent cash management. The Group has
maintained its high level of liquidity, with net cash and cash
management financial assets at 30 June 2024 of €1,497 million after
a dividend distribution of €298 million.
Further details on the recent evolution of the Group's results
are given in the following sections.
ANALYSIS OF CONSOLIDATED INCOME STATEMENT
To enable a better comparison between the two periods, the
consolidated income statement for the first half of 2023 presented
in this half-year activity report has been recalculated at the
exchange rate used for the 2024 half-year income statement of
£1=€1.172.
At €808 million for the first half of 2024, the Group's
consolidated revenue decreased by €132 million (-14%) compared to
the first half of 2023 due in particular to the impact of the
normalisation of the energy market on ElecLink’s revenue. Operating
costs, which totalled €384 million in the period, decreased by €56
million (13%) compared to 2023, mainly due to the reduction between
the two periods in the charge for the provision for sharing of the
profit of the ElecLink interconnector. Therefore, current EBITDA
for the ElecLink segment was down by €90 million. The Group’s
current EBITDA was down by €76 million to €424 million. At €302
million, the operating profit for the first six months of 2024 was
down by €76 million compared to 2023. After taking into account a
reduction in net finance costs of €46 million (including other
financial income and charges) (see note 6 below), the Group’s
pre-tax result for the first half of 2024 was a profit of €158
million, a deterioration of €30 million compared to the first half
of 2023.
After taking into account a net tax income of €15 million, the
Group’s consolidated net result for the first six months of 2024
was a profit of €173 million compared to a profit of €161 million
(restated) in the first half of 2023, an increase of €12
million.
€ million
1st half 2024
1st half 2023
Change
1st half 2023
Improvement/(deterioration) of
result
*recalculated
€M
%
reported
Exchange rate €/£
1.172
1.172
1.146
Eurotunnel
540
537
3
+1
%
531
Europorte
83
73
10
+14
%
73
ElecLink
185
330
(145
)
-44
%
330
Revenue
808
940
(132
)
-14
%
934
Eurotunnel
(249
)
(257
)
8
+3
%
(255
)
Europorte
(67
)
(60
)
(7
)
-12
%
(60
)
ElecLink
(68
)
(123
)
55
+45
%
(123
)
Operating costs
(384
)
(440
)
56
+13
%
(438
)
Current EBITDA **
424
500
(76
)
-15
%
496
Depreciation
(121
)
(122
)
1
+1
%
(122
)
Trading profit
303
378
(75
)
-20
%
374
Net other operating charges and share of
result of equity-accounted companies
(1
)
–
(1
)
–
–
Operating profit (EBIT)
302
378
(76
)
-20
%
374
Net finance costs
(126
)
(190
)
64
+34
%
(188
)
Net other financial income
(18
)
–
(18
)
–
–
Pre-tax profit
158
188
(30
)
-16
%
186
Income tax (expense)/income
15
(28
)
43
+154
%
(28
)
Net profit from continuing
operations
173
160
13
+8
%
158
Net profit from discontinued
operations
–
1
(1
)
1
Net consolidated profit for the
period
173
161
12
+7
%
159
Current EBITDA / revenue
52.5
%
53.2
%
-1 pts
53.1
%
* Restated at the rate of exchange used for the 2024 half-year
income statement (£1=€1.172). ** Trading profit before depreciation
charges.
1 EUROTUNNEL SEGMENT
This segment includes the activities of the Eurotunnel sub-group
companies, as well as those of the Group’s holding company, Getlink
SE and its other direct subsidiaries excluding Europorte and
ElecLink. Eurotunnel, which represents the Group’s core business,
operates and directly markets its Shuttle Services and also
provides access, on payment of a toll, for the circulation of the
Railway Companies’ High-Speed Passenger Trains (Eurostar) and Rail
Freight Services through its Railway Network.
€ million
1st half
1st half
Change
Improvement/(deterioration) of
result
2024
2023*
€M
%
Exchange rate €/£
1.172
1.172
Shuttle Services
328
343
(15
)
-4
%
Railway Network
193
181
12
+7
%
Other revenue
19
13
6
+46
%
Revenue
540
537
3
+1
%
External operating costs
(145
)
(162
)
17
+10
%
Employee benefits expense
(104
)
(95
)
(9
)
-9
%
Operating costs
(249
)
(257
)
8
+3
%
Current EBITDA
291
280
11
+4
%
Current EBITDA / revenue
54
%
52
%
2 pts
* Restated at the rate of exchange used for the 2024 half-year
income statement (£1=€1.172).
The Eurotunnel segment’s current EBITDA for the first half of
2024 was €291 million, up 4% compared to the first half of
2023.
1.1 EUROTUNNEL SEGMENT REVENUE
Revenue generated by this segment, which in the first six months
of 2024 represented 67% of the Group’s total revenue (57% in the
first six months of 2023), amounted to €540 million, up 1% compared
to 2023.
1.1.1 Shuttle Services
Traffic (number of vehicles)
1st half 2024
1st half 2023
Change
Truck Shuttle
601,710
624,435
-4
%
Passenger Shuttle:
Cars *
961,105
999,671
-4
%
Coaches
6,857
10,228
-33
%
* Includes motorcycles, vehicles with trailers, caravans and
motor homes.
At €328 million for the first half of 2024, Shuttle Services
revenue fell by 4% compared to 2023 reflecting an increased
competition from ferry companies in the Short Straits market.
Truck Shuttle
Compared with the same period in 2023, the Short Straits market
for trucks is stable in the first half of 2024. With 601,710 trucks
carried, Eurotunnel's traffic was down 4% compared to the first
half of 2023 due to strong competition in the market. In a market
that is currently in overcapacity, Eurotunnel's Truck Shuttle
service continues to be market leader with a market share of 35.7%
for the first half of 2024 (37.0% in the first half of 2023).
Passenger Shuttle
The Short Straits market in the first half of 2024 grew by 5%
compared to the first half of 2023 and Eurotunnel's car traffic
decreased by 4% due to strong competition in the market.
Eurotunnel's car traffic market share is down 5 points year-on-year
to 59.3%.
In a market that grew by 2% compared to the first half of 2023,
Eurotunnel's coach traffic decreased by 33%. The Passenger Shuttle
service’s coach market share for the first half of 2024 was 17.1%
(25.9% in the first half of 2023).
1.1.2 Railway Network
Traffic
1st half 2024
1st half 2023
Change
High-Speed Passenger Trains (Eurostar)
Passengers *
5,378,082
5,091,651
6
%
Train Operators' Rail Freight Services
**:
Number of trains
670
733
-9
%
* Only passengers travelling through the Channel Tunnel are
included in this table, excluding those who travel between
continental stations (such as Brussels-Calais, Brussels-Lille,
Brussels-Paris, etc.). ** Rail freight services by train operators
(DB Cargo for BRB, SNCF and its subsidiaries, and GB Railfreight)
using the Tunnel.
In the first half of 2024, revenues of €193 million were
generated from the use of the Tunnel’s Railway Network by
Eurostar’s high-speed passenger trains and by the cross-Channel
rail freight trains, up 7% compared to 2023 driven by continued
growth.
In the first half of 2024, 5,378,082 Eurostar passengers used
the Tunnel, 6% above the same period in 2023 and a new record for a
first half of the year.
Cross-Channel rail freight traffic was down 9% in the first half
of 2024 compared to the first half of 2023.
1.2 EUROTUNNEL SEGMENT OPERATING COSTS
At €249 million in the first half of 2024, operating expenses
were down 3% compared to 2023. This decrease of €8 million was
mainly due to the reduction in energy costs as well as to actions
to improve productivity.
2 EUROPORTE SEGMENT
The Europorte segment, which covers the entire rail freight
transport logistics chain in France as well as cross-border flows
to Belgium and Germany, includes most notably Europorte France and
Socorail.
€ million
1st half
1st half
Change
Improvement/(deterioration) of
result
2024
2023
M€
Revenue
83
73
10
External operating costs
(34
)
(31
)
(3
)
Employee benefits expense
(33
)
(29
)
(4
)
Operating costs
(67
)
(60
)
(7
)
Current EBITDA
16
13
3
Current EBITDA / revenue
19
%
18
%
1 pts
In the first half of 2024, Europorte recorded an increase of €10
million in revenue and an increase of €3 million in current EBITDA,
driven by continued growth in traction activities (particularly in
the chemicals and cereals sectors) and infrastructure activities,
with the start-up of new contracts.
3 ELECLINK SEGMENT
ElecLink’s revenues come mainly from sales of interconnector
capacity. The decrease in ElecLink's revenue in the first half of
2024 reflects the expected normalisation of the energy market.
€ million
1st half
1st half
Change
Improvement/(deterioration) of
result
2024
2023
€M
%
Revenue
185
330
(145
)
-44
%
Profit sharing
(55
)
(112
)
57
-51
%
External operating costs
(11
)
(8
)
(3
)
38
%
Employee benefits expense
(2
)
(3
)
1
-33
%
Operating costs
(68
)
(123
)
55
-45
%
Current EBITDA
117
207
(90
)
-43
%
Current EBITDA / revenue
63.2
%
62.7
%
0.5 pt
1
%
ElecLink generated revenues of €185 million and a current EBITDA
of €117 million during the first half of 2024.
During the first half of 2024, ElecLink’s operating costs
amounted €68 million, including €55 million in respect of the
estimated amount of restitution of interconnector sharing of
profits achieved during the period with the French and UK national
electricity grid operators in accordance with the exemption granted
to ElecLink in 2014 (see note D.5 to the summary consolidated
half-year financial statements at 30 June 2024).
4 CURRENT EBITDA
Current EBITDA by business segment evolved as follows:
€ million
Eurotunnel
Europorte
ElecLink
Total Group
Current EBITDA 1st half 2023 restated
*
280
13
207
500
Improvement/(deterioration):
Revenue
3
10
(145
)
(132
)
Operating costs
8
(7
)
55
56
Total changes
11
3
(90
)
(76
)
Current EBITDA 1st half 2024
291
16
117
424
* Restated at the rate of exchange used for the 2024 half-year
income statement (£1=€1.172).
The normalisation of the energy market has had a substantial
impact on the Group's current EBITDA, which reduced by 15% compared
to 2023, to €424 million for the first half of 2024. Eurotunnel’s
and Europorte’s current EBITDA were up by €11 million and €3
million respectively.
5 TRADING PROFIT AND OPERATING PROFIT (EBIT)
Depreciation charges decreased by €1 million compared to the
first half of 2023 to €121 million, of which €93 million is in the
Eurotunnel segment, €17 million is in the ElecLink segment and €11
million is in the Europorte segment. Depreciation of assets in the
ElecLink segment includes the impact of extending the depreciation
periods of certain assets whose useful lives are revised from 2024
(see note F to the summary half-year consolidated financial
statements at 30 June 2024).
Trading profit in the first half of 2024 was €303 million, down
by €75 million compared to 2023.
Operating profit for the first six months of 2024 was down by
€76 million compared to 2023, to €302 million.
6 NET FINANCIAL CHARGES
At €126 million for the first half of 2024, net finance costs
decreased by €64 million compared to 2023 at a constant exchange
rate due to lower inflation rate in the UK and France that reduced
charges on the index-linked tranches of the debt by €46 million and
an increase of €18 million in the interest received on its cash
investments during the period.
Other net financial income/charges in the first half of 2024
include interest income on the G2 bonds held by the Group of €8
million (2023: €12 million) and net foreign exchange losses of €5
million (2023: losses of €11 million). In the first half of 2024,
other net financial charges included a charge of €19 million for
the unwinding of the ElecLink profit sharing provision in
accordance with IAS 37.
7 NET CONSOLIDATED RESULT
The Group’s pre-tax result for the first six months of 2024 was
a profit of €158 million, a deterioration of €30 million compared
to 2023 at a constant exchange rate. The evolution of the pre-tax
result by segment compared to the first half of 2023 is presented
below:
€ million
Eurotunnel
Europorte
ElecLink
Total Group
Pre-tax result for the 1st half of
2023*
21
1
166
188
Improvement/(deterioration) of result:
Revenue
+3
+10
-145
-132
Operating expenses
+8
-7
+55
+56
Current EBITDA
+11
+3
-90
-76
Depreciation
-4
-
+5
+1
Trading result
+7
+3
-85
-75
Other net operating income/charges
-1
-
-
-1
Operating result (EBIT)
+6
+3
-85
-76
Net financial costs and other
+46
-
-
+46
Total changes
+52
+3
-85
-30
Pre-tax result for the 1st half of
2024
73
4
81
158
* Restated at the rate of exchange used for the 2024 half-year
income statement (£1=€1.172).
After taking into account a net tax income of €15 million
reflecting the evolution of ElecLink and Eurotunnel activities, the
Group’s net consolidated result for the first half of the 2024
financial year was a profit of €173 million compared to a profit of
€161 million at an equivalent exchange rate for the first half of
2023, an increase of €12 million.
ANALYSIS OF CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
€ million
30 June 2024
31 December 2023
Exchange rate €/£
1.182
1.151
Fixed assets
6,647
6,650
Other non-current assets
611
578
Total non-current assets
7,258
7,228
Trade and other receivables
131
113
Other current assets *
140
124
Cash and equivalents and cash management
financial assets
1,497
1,562
Total current assets
1,768
1,799
Total assets
9,026
9,027
Total equity
2,385
2,469
Financial liabilities
5,477
5,429
Interest rate derivatives
307
367
Other liabilities
857
762
Total equity and liabilities
9,026
9,027
* Cash management financial assets, recognised in the balance
sheet as current financial assets, are included in this analysis
with “Cash and cash equivalents”.
The table above summarises the Group’s consolidated statement of
financial position as at 30 June 2024 and 31 December 2023. The
main elements and changes between the two dates, presented at the
exchange rate for each period, are as follows:
- At 30 June 2024, Fixed assets include property, plant
and equipment, right-of-use assets and intangible assets amounting
to €5,627 million for the Eurotunnel segment, €888 million for the
ElecLink segment and €132 million for the Europorte segment.
- Other non-current assets at 30 June 2024 include the G2
inflation-linked notes held by the Group amounting to €360 million
and a deferred tax asset of €197 million.
- At 30 June 2024, Cash, cash equivalents and cash management
financial assets amounted to €1,497 million after a dividend
payment of €298 million, €116 million in debt service costs (net
interest, repayments and fees) and net capital expenditure of €66
million.
- Equity decreased by €84 million as a result of the
impact of payment of €298 million in dividends relating to the 2023
financial year and the impact of the change in the exchange rate on
the translation adjustment (€38 million). These reductions were
partially offset by the impact of the net result for the period
(profit of €173 million) and the change in the fair value of the
hedging instruments of €78 million.
- Financial liabilities increased by €48 million compared
to 31 December 2023 due to the impact of the change in exchange
rate on the sterling-denominated debt (€66 million) and an increase
of €31 million arising from the effect of inflation on the
index-linked debt tranches of the Term Loan. These increases have
been partially offset by contractual debt repayments of €40 million
and a decrease in lease liabilities for an amount of €9
million.
- The liability in respect of the fair value of the interest
rate derivatives decreased by €60 million mainly due to the
impact of higher long term rates on the market value of the hedging
instruments.
- Other liabilities include €857 million of trade and
other payables, provisions, deferred income, retirement and other
liabilities.
ANALYSIS OF CONSOLIDATED CASH FLOWS
Consolidated cash flows
€ million
1st half 2024
1st half 2023
Exchange rate €/£
1.182
1.165
Net cash inflow from trading
463
571
Other net operating cash flows and
taxation
(6
)
(32
)
Net cash inflow from operating
activities
457
539
Net cash outflow from investing
activities
(66
)
(52
)
Net cash outflow from financing
activities
(416
)
(402
)
Total (decrease)/increase in cash in
the period
(25
)
85
At €463 million, net cash generated from trading in the first
half of 2024 decreased by €108 million compared to the first half
of 2023. This change is explained mainly by the impact of the
normalisation of the energy market on ElecLink's contribution:
- net cash flow from Eurotunnel’s activities which decreased by
€10 million to €292 million (first half 2023: €302 million);
- net cash flow from Europorte’s activities which increased by €1
million to €10 million (first half 2023: €9 million); and
- net cash flow ElecLink’s activities which decreased by €99
million to €161 million (first half 2023: €260 million) reflecting
the normalisation of the energy market.
Other net operating and taxation cash outflows of €6 million in
the first half of 2024 are mainly related to net tax payments of €7
million.
In the first half of 2024, net cash flows from investing
activities of €66 million comprised mainly:
- net payments of €61 million relating to the Eurotunnel segment
(2023: €50 million); the main expenditure during the period
comprised €22 million on rolling stock and €15 million on
infrastructure projects;
- Europorte’s capital expenditure of €2 million (2023: €2
million);
- payments of €4 million relating to ElecLink (2023: €0 million);
and
- payments of €49 million relating to acquisitions (see notes A
and C to the summary half-year consolidated financial statements at
30 June 2024) and a decrease of €50 million in cash investments
with maturities of more than three months recognised in other
financial assets.
Net financing payments in the first half of 2024 amounted to
€416 million compared to €402 million in the first half of 2023. In
2024, cash flow from financing mainly comprised:
- dividend payment of €298 million paid in respect of the 2023
financial year (2023: €271 million);
- €116 million of net debt service costs including: - €104
million paid in interest on the Term Loan and on other borrowings
(2023: €104 million); - €40 million paid in respect of the
scheduled repayments on the Term Loan and other borrowings (2023:
€37 million); - €4 million received from the scheduled repayment of
the G2 notes held by the Group and €4 million received in interest
thereon (2023: €4 million and €4 million respectively); - €9
million paid in relation to leasing contracts (2023: €10 million)
presented in cash flows related to financing activities in
accordance with IFRS 16; - €33 million received in interest on cash
and cash equivalents (2023: €14 million) and - €3 million paid
relating to financial operations concluded in previous years (2023
: €3 million).
OTHER FINANCIAL INDICATORS
Free Cash Flow
The Group’s Free Cash Flow represents the cash generated by
current activities in the normal course of business. It can be used
to distribute dividends to shareholders and to make strategic
investments in the Group’s development. The Group defines its Free
Cash Flow as net cash flow from its current activities excluding
extraordinary or exceptional cash movements in respect of the
equity-related cash flows, financial transactions such as the
raising of new debt to help finance new activities, debt
refinancing, renegotiation or early repayment as well as investment
in new activities or the divestment of activities and related
assets, and excluding changes in the amount of cash management
financial assets.
€ million
1st half 2024
1st half 2023
Exchange rate €/£
1.182
1.165
Net cash inflow from operating
activities
457
539
Net cash outflow from investing
activities
(67
)
(52
)
Net debt service costs (interest
paid/received, fees and repayments)
(116
)
(132
)
Free Cash Flow
274
355
Dividend paid
(298
)
(271
)
Purchase of treasury shares and net
movement on liquidity contract
(2
)
1
Other investments*
(49
)
–
Use of Free Cash Flow
(349
)
(270
)
Change in cash management financial
assets
50
–
(Decrease)/increase in cash in the
period
(25
)
85
* See notes A and C to the summary half-year consolidated
financial statements at 30 June 2024.
At €274 million in the first half of 2024, Free Cash Flow has
decreased by €81 million compared to the same period in 2023 for
the reasons set out in the previous sections.
Current EBITDA to finance cost ratio
The ratio of the Group’s consolidated current EBITDA to its
finance costs (excluding interest received and indexation) as
defined in section 2.1.4.b of the 2023 Universal Registration
Document was 3.16 at 30 June 2024 (30 June 2023 restated:
3.71).
Net debt to current EBITDA ratio
The Group defines its net debt to current EBITDA ratio as the
ratio between financial liabilities less the indexed nominal value
of the G2 notes held by the Group and cash, cash equivalents and
cash management financial assets, and consolidated current EBITDA
(section 2.1.4.c of the 2023 Universal Registration Document). The
Group does not consider it appropriate to publish this ratio when
calculated based on the activity of a six-month period. At 31
December 2023, the ratio was 3.7.
COVENANT RELATING TO THE GROUP’S DEBT
The debt service cover ratio and the synthetic service cover
ratio on the Term Loan apply to the Eurotunnel Holding SAS
sub-group. These ratios are described in note G.1.2.b to the
consolidated financial statements contained in section 2.2.1 of the
2023 Universal Registration Document.
For the 12 months to 30 June 2024, Eurotunnel has respected its
financial covenants under the Term Loan.
OUTLOOK
As indicated in this half-year activity report, the Group’s
results and financial position in the first half of 2024, are lower
than in 2023, due to the expected normalisation of the electricity
market on the ElecLink segment and the decline in Shuttle traffic,
offset by the dynamism of the Rail Network business.
The Group's balanced business model enables it to limit the
impact of the deterioration in the geopolitical environment and the
economic situation in Europe and the United Kingdom on the Group's
activities, and in particular on those of Eurotunnel. Moreover, the
initiatives taken by the Group in terms of cost management and
operational productivity, as well as its strategy focused on the
customer, on quality of service and on strengthening its position
as the green leader in European transport, are creating value and
laying the foundations for the transformation of the business in
the years to come.
During the first half of 2024, Eurotunnel's Passenger
Shuttle car traffic volumes contracted as a result of the
intensification of the competition from several ferry companies
that derogate from the social models applicable in Great Britain
and France on the cross-Channel market. Eurotunnel’s teams remain
focused on delivering service quality and optimising value
creation.
The cross-Channel truck market continues to be affected by the
current economic slowdown and the long-term effects of Brexit. The
competitive environment continues to reconfigure, notably with the
signature in May 2024 of a charter agreement on the Dover-Calais
route between Irish Ferries and P&O Ferries, similar to the one
concluded between DFDS and P&O in 2021. The Group is
questioning whether this creates a dominant market position and has
referred the matter to the competition authorities.
Despite these factors and the intensification of the competitive
environment on the Short Straits market, the Truck Shuttle business
maintains its position as market leader mainly thanks to the
efficiency of its First priority service, as well as the continued
expansion of services for its customers with the development of its
dematerialised border formalities management offer, strengthened by
the acquisition of ChannelPorts in April 2024.
The Short Straits market has recently seen operators shifting
towards a business model using staff hired under conditions
different from those applicable to British and French flags. Both
in the UK and France, new regulations have been adopted to counter
this shift. The law has been in force in France since 1 July and in
the UK, the secondary legislation is expected but has been delayed
due to the general election on 4 July. These new regulations could
rebalance the cost structures of the different players.
In 2024, the Group continues to focus on its competitive
advantages - speed, simplicity, respect for the environment - and,
supported by its LeShuttle brand and an innovative,
customer-focused marketing strategy, enabling it to maintain its
premium positioning.
During the first half of 2024, the Group continued its
disciplined cost control and the implementation of productivity
measures in the Eurotunnel segment. Eurotunnel's operating expenses
also benefited from the normalisation of energy markets on a cost
basis (price effect of €19 million), the impact being offset by the
reduction in the electricity value adjustment (EVA) for Truck
Shuttle customers, recognised in revenue.
The Group is continuing its preparation for the new European
Entry System (EES) which is scheduled for the fourth quarter of
2024. Works are nearing completion on the installation of
state-of-the-art equipment and digital solutions to maintain
traffic fluidity and ensure minimal impact on journey times for
customers.
Europorte continued its strategy of profitable growth in
2024 with growth in traction and infrastructure activities.
The reduction in ElecLink's revenue to €185 million for
the first half of 2024 reflects the normalisation of electricity
markets since the first half of 2023. The operating performance of
the interconnector remains very satisfactory, with an availability
rate in the first half of 2024 of 100%.
As of 30 June 2024, ElecLink had already secured sales for 85 %
of its capacity for the year 2024, generating revenues of around
€324 million, subject to the effective delivery of the service.
Nevertheless, markets remain volatile in the current economic and
geopolitical environment and market conditions in the final quarter
of the year remain uncertain.
Discussions with national regulators on the application of the
profit-sharing mechanism provided for in the ElecLink exemption
have begun and will continue over the next few months.
The Group is pursuing its strategy of prudent cash management
and maintains its high level of liquidity, with cash and cash
management financial assets at 30 June 2024 of €1,497 million. The
Group continues to examine opportunities to optimise its financing
structure in order to minimise the cost of its debt when market
conditions allow.
Objectives
The Group has set a target of consolidated current EBITDA for
the 2024 financial year of between €780 million and €830 million,
based on the current scope of consolidation, an exchange rate of
£1=€1.15 and a constant regulatory and tax environment, taking into
account in particular:
- The revenue already secured by ElecLink (85 % of the capacity
of the cable has been sold and revenue of €324 million for the 2024
year has been secured subject to the actual delivery of the
service), recent prices in the electricity market (which show a
foreseeable normalisation of Franco-British spreads compared with
the unusual levels recorded in 2022 and 2023) and using a similar
method to that adopted for 2023 with regard to the provision for
profit sharing recorded in operating costs.
- The implementation of EES formalities from the fourth quarter
of 2024 on Eurotunnel sites, which has been the subject of intense
preparation to make it a competitive advantage.
In the second half of 2024, against a backdrop of very intense
competition in cross-Channel transport, Getlink will pursue its
strategy of operational excellence and strengthening its agility in
order to optimise the attractiveness of its services and its value
creation. In this context, the Group confirms its consolidated
current EBITDA target for 2024 of between €780 million and €830
million.
RISKS
The principal risks and uncertainties that the Group may face in
the remaining six months of the financial year are identified in
chapter 3 "Risks and Control" of the 2023 Universal Registration
Document which includes a detailed description of the risk factors
to which the Group is exposed, and in particular, those relating to
the competitive environment and the geopolitical and economic
context. However, other risks, not identified at the date of
publication of this half-year financial report, may exist.
RELATED PARTIES
In the first half of 2024, the Group did not have any related
parties transactions as defined by IAS 24.
SUMMARY HALF-YEAR CONSOLIDATED
FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
€ million
Note
1st half 2024
1st half 2023
Full year 2023
Revenue
D.2
808
934
1,829
Operating expenses
D.3
(245
)
(312
)
(578
)
Employee benefits expense
E
(139
)
(126
)
(272
)
Current EBITDA *
D.1
424
496
979
Depreciation
F
(121
)
(122
)
(244
)
Trading profit
303
374
735
Other operating income
D.4
1
4
7
Other operating expenses
D.4
(2
)
(7
)
(17
)
Operating profit
302
371
725
Share of result of equity-accounted
companies
–
3
3
Operating profit after share of result
of equity-accounted companies
302
374
728
Finance income
G.6
34
16
43
Finance costs
G.6
(160
)
(204
)
(363
)
Net finance costs
(126
)
(188
)
(320
)
Other financial income
G.7
9
14
18
Other financial charges
G.7
(27
)
(14
)
(12
)
Pre-tax profit from continuing
operations
158
186
414
Income tax income/(expense) of continuing
operations
I.1
15
(28
)
(88
)
Net profit from continuing
operations
173
158
326
Net profit from discontinued
operations
–
1
–
Net profit for the period
173
159
326
Net profit attributable to:
Group share
173
159
326
Earnings per share (€):
H.3
Basic earnings per share: Group share
0.32
0.29
0.60
Diluted earnings per share: Group
share
0.32
0.29
0.60
Basic earnings per share from continuing
operations
0.32
0.29
0.60
Diluted earnings per share from continuing
operations
0.32
0.29
0.60
* Trading profit before depreciation charges.
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
€ million
Note
1st half 2024
1st half 2023
Full year 2023
Result for the year: Group share
profit/(loss)
173
159
326
Items that will never be reclassified
to the income statement:
Revaluation of defined benefit
liabilities/assets
E.2
(4
)
(6
)
(5
)
Related tax
I
–
–
(1
)
Items that are or may be reclassified
to the income statement:
Foreign exchange translation
differences
(38
)
(39
)
(24
)
Movement in market value of cash flow
hedging swaps
G.2
58
25
(37
)
Recycling of the fair value on the cash
flow hedging swaps
G.2
25
(10
)
50
Related tax
I
(5
)
(5
)
(11
)
Other elements of comprehensive
income
36
(35
)
(28
)
Total comprehensive income
209
124
298
- Group share
209
124
298
- non-controlling interests
–
–
–
The accompanying notes form an integral part of these summary
half-year consolidated financial statements. The exchange rates
used for the preparation of these financial statements are set out
in note B.2 below.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ million
Note
30 June 2024
31 December 2023
ASSETS
Goodwill
65
20
Intangible assets ElecLink
147
151
Intangible assets Concession
14
11
Other intangible assets
8
8
Total intangible assets
F
234
190
Right-of-use assets (IFRS 16)
65
74
Concession property, plant and
equipment
5,542
5,579
Other property, plant and equipment
806
807
Of which ElecLink
721
732
Europorte
69
70
Total property, plant and
equipment
F
6,348
6,386
Equity accounted companies
–
–
Deferred tax asset
I.2
197
170
Other financial assets
G.3
414
408
Total non-current assets
7,258
7,228
Inventories
3
3
Trade receivables
131
113
Other receivables
116
96
Other financial assets
G.3
259
312
Cash and cash equivalents
1,259
1,275
Total current assets
1,768
1,799
Total assets
9,026
9,027
EQUITY AND LIABILITIES
Issued share capital
H.1
220
220
Share premium account
1,657
1,657
Other reserves
H.4
115
8
Profit for the period
173
326
Cumulative translation reserve
220
258
Equity - Group share
2,385
2,469
Non-controlling interests
–
–
Total equity
2,385
2,469
Provisions
D.5
372
298
Retirement benefit obligations
E.2
5
5
Other non-current liabilities
5
–
Financial liabilities
G.1
5,290
5,237
Other financial liabilities
G.4
79
86
Interest rate derivatives
G.2
307
367
Total non-current liabilities
6,058
5,993
Provisions
D.5
23
22
Financial liabilities
G.1
91
87
Other financial liabilities
G.4
17
19
Trade payables
273
290
Other payables and deferred income
179
147
Total current liabilities
583
565
Total equity and liabilities
9,026
9,027
The accompanying notes form an integral part of these summary
half-year consolidated financial statements. The exchange rates
used for the preparation of these financial statements are set out
in note B.2 below.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
€ million
Issued share capital
Share premium account
* Consolidated
reserves
Result
Cumulative translation
reserve
Group share
Non-controlling
interests
Total
1 January 2023
220
1,712
(34
)
252
282
2,432
–
2,432
Transfer to consolidated reserves
–
–
252
(252
)
–
–
–
–
Payment of dividend
–
(55
)
(216
)
–
–
(271
)
–
(271
)
Share based payments
–
–
8
–
–
8
–
8
Acquisition of treasury shares
–
–
(100
)
–
–
(100
)
–
(100
)
Sale of treasury shares
–
–
102
–
–
102
–
102
Result for the year
–
–
–
326
–
326
–
326
Income and expenses recognised directly in
equity
–
–
(4
)
–
(24
)
(28
)
–
(28
)
31 December 2023
220
1,657
8
326
258
2,469
–
2,469
Transfer to consolidated reserves
–
–
326
(326
)
–
–
–
–
Payment of dividend
–
–
(298
)
–
–
(298
)
–
(298
)
Changes in consolidation scope and
other
–
–
3
–
–
3
–
3
Share based payments
–
–
4
–
–
4
–
4
Acquisition of treasury shares
–
–
(46
)
–
–
(46
)
–
(46
)
Sale of treasury shares
–
–
44
–
–
44
–
44
Result for the period
–
–
–
173
–
173
–
173
Income and expenses recognised directly in
equity
–
–
74
–
(38
)
36
–
36
30 June 2024
220
1,657
115
173
220
2,385
–
2,385
* See note H.4 below.
The accompanying notes form an integral part of these summary
half-year consolidated financial statements. The exchange rates
used for the preparation of these financial statements are set out
in note B.2 below.
CONSOLIDATED STATEMENT OF CASH FLOWS
€ million
Note
1st half 2024
1st half 2023
Full year 2023
Current EBITDA
D.1
424
496
979
Restatement for exchange rates
*
1
3
(1
)
(Increase)/decrease in trade and other
receivables
(43
)
(54
)
(34
)
Increase in trade and other payables
81
126
149
Net cash inflow from trading
463
571
1,093
Other net operating cash flows
1
(3
)
(3
)
Taxation paid
(7
)
(29
)
(54
)
Net cash inflow from operating
activities
457
539
1,036
Acquisition of property, plant and
equipment net of subsidies
(67
)
(52
)
(144
)
Other investments
C, G.3
1
–
(3
)
Net cash outflow from investing
activities
(66
)
(52
)
(147
)
Capital transactions:
Dividend paid
H.4
(298
)
(271
)
(271
)
Liquidity contract (net)
(2
)
1
3
Financial transactions:
Other financial investments
–
–
(11
)
Net debt service cost:
Fees paid on loans
G.4
(3
)
(3
)
(6
)
Interest paid on loans
G.6
(104
)
(104
)
(206
)
Interest paid on leasing obligations
(1
)
(1
)
(2
)
Scheduled repayment of loans
G.1
(40
)
(37
)
(76
)
Repayment of leasing obligations
G.4
(9
)
(9
)
(18
)
Cash received from scheduled repayment of
G2 notes
G.3
4
4
8
Interest received on other financial
assets (G2 notes)
G.7
4
4
8
Interest received on cash and cash
equivalents
G.6
33
14
38
Net cash outflow from financing
activities
(416
)
(402
)
(533
)
(Decrease)/increase in cash in the
period
(25
)
85
356
* The adjustment relates to the restatement of elements of the
income statement at the exchange rate ruling at the period end.
Movement during the period
€ million
1st half 2024
1st half 2023
Full year 2023
Cash and cash equivalents at 1 January
1,275
1,196
1,196
Effect of movement in exchange rate
9
11
7
Increase/(decrease) in cash in the
period
(25
)
85
356
Change in cash management financial
assets
–
–
(287
)
Increase/(decrease) in interest receivable
in the period
–
2
3
Cash and cash equivalents at the period
end
1,259
1,294
1,275
The accompanying notes form an integral part of these summary
half-year consolidated financial statements. The exchange rates
used for the preparation of these financial statements are set out
in note B.2 below.
NOTES TO THE FINANCIAL STATEMENTS
Getlink SE is the Group’s consolidating entity. Its registered
office is at 37-39 rue de la Bienfaisance, 75008 Paris, France, and
its shares are listed on Euronext Paris. The term “Getlink SE”
refers to the holding company which is governed by French law. The
term “Group” refers to Getlink SE and all its subsidiaries.
The main activities of the Group are the design, financing,
construction and operation by the Eurotunnel segment of the Fixed
Link’s infrastructure and transport system in accordance with the
terms of the Concession (which will expire in 2086), the rail
freight activity of the Europorte segment as well as the
construction and operation of the 1 GW electricity interconnector
in the Tunnel by ElecLink.
The summary half-year consolidated financial statements for 2024
were approved by the Board of Directors at its meeting held on 24
July 2024.
A. Important events
Acquisition of the companies ChannelPorts Limited and
CustomsPro Limited
On 11 April 2024, the Group concluded the acquisition of the
British companies ChannelPorts Limited and CustomsPro Limited for
£42 million (€49 million). As at 30 June 2024, the Group recognised
a provisional goodwill of €44 million in the consolidated statement
of financial position (see note C below).
B. Principles of preparation, main accounting policies and
methods
B.1 Statement of compliance
The summary half-year consolidated financial statements have
been prepared in accordance with IFRS as adopted by the European
Union and applicable on 30 June 2024. They have been prepared in
accordance with IAS 34 and therefore do not contain all the
information required for complete annual financial statements and
must be read in conjunction with Getlink SE’s consolidated
financial statements for the year ended 31 December 2023.
B.2 Basis of preparation and presentation of the consolidated
financial statements
The summary half-year consolidated financial statements for
Getlink SE and its subsidiaries are prepared as at 30 June.
The summary half-year consolidated financial statements have
been prepared using the principles of currency conversion as
defined in the annual financial statements as at 31 December
2023.
The average and closing exchange rates used in the preparation
of the 2024 and 2023 half-year accounts and the 2023 annual
accounts are as follows:
€/£
30 June 2024
30 June 2023
31 December 2023
Closing rate
1.182
1.165
1.151
Average rate
1.172
1.146
1.153
B.3 Changes in accounting standards as at 30 June
2024
The standards and interpretations used and described in the
annual financial statements as at 31 December 2023 have been
supplemented by the standards, amendments and interpretations whose
application is mandatory for financial years beginning on or after
1 January 2024.
B.3.1 Texts adopted by the European Union whose application
is compulsory
The following texts, concerning accounting rules and methods
specifically applied by the Group, have been approved by the
European Union:
- amendments to IAS 1 - classification of liabilities as current
or non-current (including the latest amendments published on 31
October 2022);
- amendments to IFRS 16 - lease liabilities under sale and
leaseback transactions (published by the IASB on 22 September
2022); and
- amendments to IAS 7 and IFRS 7 - supplier finance arrangements
(published by the IASB on 25 May 2023).
These amendments and interpretations do not have a material
impact on the Group's consolidated financial statements.
B.3.2 Texts adopted by the European Union but not yet
compulsory
The following texts, concerning accounting rules and methods
specifically applied by the Group, has been approved by the
European Union but whose application is not yet mandatory:
- amendments to IAS 21 - Absence of convertibility (published by
the IASB on 15 August 2023);
- amendments to IFRS 9 and IFRS 7 - Classification and
Measurement of Financial Instruments (published by the IASB on 30
May 2024);
- IFRS 18 - Presentation and Disclosure in Financial Statements
(which replaces IAS 1), for periods beginning on or after 1 January
2027; and
- IFRS 19 - Disclosure by Subsidiaries without a requirement to
disclose publicly (published by the IASB on 9 May 2024).
B.3.3 Texts and amendments published by the IASB but not yet
approved by the European Union
The following texts concerning accounting rules and methods
specifically applied by the Group have not yet been approved by the
European Union:
- amendments to IAS 7 and IFRS 7 - supplier finance arrangements
(published by the IASB on 25 May 2023); and
- amendments to IAS 21 - absence of convertibility (published by
the IASB on 15 August 2023).
The potential impact of these texts will be assessed by the
Group in subsequent years.
B.4 Use of estimates and judgements
The preparation of the consolidated financial statements
requires estimates and assumptions to be made that affect the
reported amounts of assets and liabilities and the reported amounts
of revenues and expenses for the period. The Group’s management and
Board of Directors periodically review its valuations and estimates
based on their experience and various other factors considered
relevant for the determination of reasonable and appropriate
estimates of the assets’ and liabilities’ carrying value. In
addition, the estimates underlying the preparation of these
half-year consolidated financial statements to 30 June 2024 have
been established in the current economic and geopolitical context.
Depending on the evolution of these assumptions, actual results may
differ from current estimates.
The use of estimations concerns mainly the evaluation of
provisions and in particular the provision for the profit-sharing
for the ElecLink activity (note D.5), the evaluation of the Group’s
deferred tax situation (note I), the valuation of the Group’s
retirement liabilities (note E) and certain elements of the
valuation of financial assets and liabilities (note G.5).
C. Scope of consolidation
The scope of consolidation at 30 June 2024 is the same as that
at 31 December 2023, with the exception of:
- the dissolution of Cheriton Resources 1 Limited and Cheriton
Resources 2 Limited on 16 January 2024 and EurotunnelPlus Limited
on 21 May 2024, and
- the entry into consolidation of the following companies: TS
Rail SAS, Renofer SAS, ChannelPorts Limited and CustomsPro
Limited.
Acquisition of TS Rail SAS
TS Rail SAS, 20% of which was acquired by Socorail SAS (a
subsidiary of Europorte SAS), has been consolidated in the Group's
consolidated financial statements using the equity method at 20%
since 1 January 2024.
Acquisition of Renofer SAS
Renofer SAS, 67% of which was acquired by Socorail SAS (a
subsidiary of Europorte SAS), has been fully consolidated in the
Group's consolidated financial statements since 1 January 2024. The
goodwill arising on the acquisition of Renofer, amounting to €0.4
million was recognised as an asset in the consolidated balance
sheet at 30 June 2024. The Group expects to allocate the goodwill
between the assets, liabilities and contingent liabilities.
Acquisition of ChannelPorts Limited and CustomsPro
Limited
On 11 April 2024, Getlink, through its subsidiary Getlink
Services SAS, acquired the entire share capital of ChannelPorts and
CustomsPro, a leading UK customs services company, for a purchase
price of £42 million.
This acquisition is at the heart of transport challenges and the
need to simplify cross-Channel trade. Getlink is thus creating a
unique range of services and support to facilitate the exchange of
goods between Europe and the United Kingdom, fully in line with the
Group's strategy, embodying the Low Carbon - High Simplicity
ambition.
ChannelPorts and CustomsPro have been fully consolidated in the
Group's accounts since 11 April 2024, the date on which Getlink
Services, a subsidiary of Getlink SE, took control of them and they
are reported in the Eurotunnel segment.
The goodwill arising on the acquisition of ChannelPorts and
CustomsPro, amounting to £36.6 million and corresponding to the
excess of the acquisition cost in ChannelPorts and CustomsPro
compared to the net assets acquired, including an earn-out, was
recognised as an asset in the consolidated balance sheet at 30 June
2024. The Group plans to allocate the goodwill between the
identifiable assets and contingent liabilities of ChannelPorts and
CustomsPro, during the 2025 financial year.
D. Operating data
D.1 Segment information
The Group is organised around the following three sectors, which
correspond to the internal information reviewed and used by the
main operational decision makers (the Executive Committee):
- the “Eurotunnel” segment, includes the activities of the
Eurotunnel sub-group companies, as well as those of the Group's
parent company, Getlink SE and its other direct subsidiaries
excluding Europorte and ElecLink,
- the “Europorte” segment, the main activity of which is that of
rail freight operator, and
- the “ElecLink” segment, whose activity is the construction and
operation of a 1 GW electricity interconnector running through the
Channel Tunnel.
Information by segment
€ million
Eurotunnel
Europorte
ElecLink
Total
30 June 2024
Revenue
540
83
185
808
Current EBITDA
291
16
117
424
Trading profit/(loss)
198
5
100
303
Pre-tax result
73
4
81
158
Net consolidated result
173
Investment in property, plant and
equipment
60
2
2
64
Intangible property, plant and
equipment
65
2
167
234
Right-of-use property, plant and
equipment
4
61
–
65
Tangible property, plant and equipment
5,558
69
721
6,348
External financial liabilities
5,372
9
–
5,381
At 30 June 2023
Revenue
531
73
330
934
Current EBITDA
276
13
207
496
Trading profit/(loss)
187
2
185
374
Pre-tax result
19
1
166
186
Net consolidated result
159
Investment in property, plant and
equipment
58
2
1
61
Intangible property, plant and
equipment
13
2
174
189
Right-of-use property, plant and
equipment
12
45
1
58
Tangible property, plant and equipment
5,601
69
745
6,415
External financial liabilities
5,354
10
–
5,364
At 31 December 2023
Revenue
1,121
150
558
1,829
Current EBITDA
582
29
368
979
Trading profit/(loss)
403
7
325
735
Pre-tax result
115
5
294
414
Net consolidated result
326
Investment in property, plant and
equipment
140
6
5
151
Intangible property, plant and
equipment
18
1
171
190
Right-of-use property, plant and
equipment
5
68
1
74
Tangible property, plant and equipment
5,584
70
732
6,386
External financial liabilities
5,314
10
–
5,324
D.2 Revenue
Revenue is analysed as follows:
€ million
1st half 2024
1st half 2023
Full year 2023
Shuttle Services
328
339
726
Railway Network
193
179
369
Other revenues
19
13
26
Sub-total Eurotunnel
540
531
1,121
ElecLink
185
330
558
Europorte
83
73
150
Total
808
934
1,829
The first half of 2024 is marked by the normalisation of
ElecLink's contribution and increased competition from the
ferries.
At 30 June 2024, ElecLink had already secured sales for 85% of
its capacity for 2024 and revenues of €324 million, subject to
effective delivery of the service.
D.3 Operating costs
Operating costs are analysed as follows:
€ million
1st half 2024
1st half 2023
Full year 2023
Operations and maintenance:
sub-contracting and spares
61
61
128
Electricity *
32
49
97
Cost of sales and commercial costs **
12
10
32
Regulatory costs, insurance and local
taxes
26
28
45
General overheads and centralised
costs
14
13
34
Sub-total Eurotunnel
145
161
336
Profit sharing (see note D.5)
55
112
156
Other
11
8
28
Sub-total ElecLink
66
120
184
Europorte
34
31
58
Total
245
312
578
* Net of a credit of €6 million in the first half of 2023
relating to EDF energy certificates in respect of the operation of
the new Truck Shuttles. ** Including new activities.
D.4 Other operating income and (expenses)
€ million
1st half 2024
1st half 2023
Full year 2023
Other operating income
1
4
7
Sub-total other operating
income
1
4
7
Net loss on disposal or write-off of
assets
–
(1
)
(9
)
Voluntary departure plans
–
(2
)
(4
)
Other
(2
)
(4
)
(4
)
Sub-total other operating
expenses
(2
)
(7
)
(17
)
Total
(1
)
(3
)
(10
)
D.5 Provisions
€ million
1 January 2024
Charge to income
statement
Release of unspent
provisions
Provisions utilised
Exchange difference
30 June 2024
ElecLink profit sharing
298
74
–
–
–
372
Total non-current
298
74
–
–
–
372
Litigation
18
–
–
–
–
18
Other
4
1
–
–
–
5
Total current
22
1
–
–
–
23
Provision for ElecLink profit sharing
The exemption granted to ElecLink in 2014 by the European
Commission and the national regulators includes a profit sharing
condition according to which, above a certain cumulative level in
absolute value of return on investment, profits in excess of this
return from the interconnector must be shared between ElecLink and
the national grids, National Grid and RTE. The definitive rules for
the application of this profit-sharing condition need to be
clarified. Nevertheless, on the basis of this regulatory
commitment, it is highly likely that the financial profit realised
by ElecLink since the start of its operations as well as those
estimated over the duration of the exemption will lead ElecLink to
reach the contractual level of return on investment in absolute
terms. In this context, the Group has recognised in its
consolidated accounts at 30 June 2024 a provision of €372 million
(31 December 2023: €298 million) in respect of the sharing of the
profits of the interconnector in accordance with IAS 37 (see notes
D.3 and G.7). There is now an unwinding of the discounting for the
period that is booked under other financial expenses (see note
G.3). The total provision was adjusted at 30 June 2024 on the basis
of updated underlying assumptions that take account of the
normalisation of electricity market trends. The amount of this
provision has been established with the help of external experts,
based on in-depth analyses and by performing sensitivity tests of
the main key assumptions. However, this amount is subject to many
assumptions and factors, including a highly volatile macroeconomic
environment and uncertainties related to the components and the
calculation method. Discussions with national regulators will
continue in 2024. There were no cash outflows linked to this
profit-sharing mechanism since the start of commercial
operations.
E. Personnel expenses and benefits
E.1 Share-based payments
Free share plans with no performance conditions
Following the approval by the general meeting of shareholders on
7 May 2024 of the plan to issue existing free shares, Getlink SE’s
Board of Directors decided on 7 May 2024 to grant a total of
448,240 Getlink SE ordinary shares (130 shares per employee) to all
employees of Getlink SE and its related companies with the
exception of executive and corporate officers of Getlink SE. The
vesting period for these shares is one year and is followed by a
three-year lock-up period.
During the first half of 2024, 391,500 free shares issued in
2023 were acquired by employees.
Movements on the free share plans with no performance
conditions
Number of shares
2024
2023
In issue at 1 January
400,375
320,100
Granted during the period
448,240
410,250
Renounced during the period
(8,875
)
(11,825
)
Acquired during the period
(391,500
)
(318,150
)
In issue at the end of the
period
448,240
400,375
Assumptions used for the fair value measurement on the grant
date
Year of grant
2024
Fair value of free shares on grant date
(€)
16.04
Share price on grant date (€)
16.64
Number of beneficiaries
3,448
Charges to income statement
€ million
1st half 2024
1st half 2023
Full year 2023
Free shares with no performance
conditions
3
3
6
Preference shares and free shares with
performance conditions
1
1
2
Total
4
4
8
E.2 Retirement benefits
At 30 June 2024, the Group reviewed the main assumptions used in
its actuarial calculations and updated the amount of its pension
obligations in respect of its defined benefit pension scheme in the
United Kingdom, The Channel Tunnel Group Pension Fund. On this
basis, as at 30 June 2024, the UK pension asset has decreased by €2
million compared to 31 December 2023 mainly due to higher discount
rates
F. Intangible and tangible property, plant and
equipment
Indications of impairment and impairment tests
As at 30 June 2024, the Group has not identified any impairment
of the assets of the Concession, Europorte or ElecLink, nor of the
various goodwill assets.
Revision of depreciation periods for the ElecLink
segment
The technical studies carried out by the Group, assisted by its
advisers, during the first half of 2024 show that a significant
proportion of ElecLink's assets have a useful life in excess of the
exemption period of between 30 and 40 years. On this basis and in
light of the current market outlook, the Group has extended the
depreciation periods of the assets concerned, resulting in a
reduction in the annual depreciation charge of approximately €10
million, i.e. €5 million at 30 June 2024.
G. Financing and financial instruments
G.1 Financial liabilities
The movements in financial liabilities during the period were as
follows:
€ million
31 December 2023
published
Impact of change in exchange
rate*
Reclassification
Repayment
Interest, indexation and
fees
30 June 2024
Green Bonds
847
–
–
–
1
848
Term Loan
4,382
65
(30
)
–
18
4,435
Europorte loan
8
–
(1
)
–
–
7
Total non-current financial
liabilities
5,237
65
(31
)
–
19
5,290
Term Loan
80
–
30
(39
)
12
83
Europorte loans
2
–
1
(1
)
–
2
Accrued interest on loans:
Term Loan
5
1
–
–
–
6
Total current financial
liabilities
87
1
31
(40
)
12
91
Total
5,324
66
–
(40
)
31
5,381
* Impact of recalculation of financial liabilities at 31
December 2023 (calculated at the year-end exchange rate of
£1=€1.151) at the exchange rate at 30 June 2024 (£1=€1.182).
G.2 Hedging instruments
In 2007, the Group put in place hedging contracts 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 SONIA plus a spread of 0.2766% (previously LIBOR)
against a fixed rate of 5.26%). The nominal value of hedging swap
is €953 million and £350 million. These derivatives were partially
terminated as part of the refinancing of tranche C of the Term Loan
in June 2017 and of tranche C2A in May 2022.
These derivatives have been measured at their fair value as a
liability on the statement of financial position as follows:
€ million
Contracts in euros
Contracts in sterling
Total
At 31 December 2023
289
78
367
Changes in market value *
(32
)
(30
)
(62
)
Exchange difference
–
2
2
At 30 June 2024
257
50
307
* Recorded directly in equity.
The amount of negative reserves for hedging instruments changed
as follows:
€ million
Contracts in euros
Contracts in sterling
Total
At 31 December 2023
464
162
626
Recycling of partial terminations 2017 and
2022
(17
)
(8
)
(25
)
Changes in market value
(32
)
(30
)
(62
)
Exchange difference
–
4
4
At 30 June 2024
415
128
543
These derivatives generated a net charge to the income statement
of €25 million for the first half of 2024 (a charge of €25 million
for the first half of 2023).
G.3 Other financial assets
€ million
30 June 2024
31 December 2023
G2 notes
360
351
Net assets on retirement liabilities (see
note E.2)
8
10
Other*
46
47
Total non-current
414
408
Cash management financial assets
238
287
Other*
21
25
Total current
259
312
Total
673
720
* Including €31 million held in the DSRA in accordance with the
terms of the Senior Secured Notes’ Trust Deed and €21 million in
guarantees paid by ElecLink project at 30 June 2024 (31 December
2023: €31 million and €24 million respectively).
G.4 Other financial liabilities
€ million
30 June 2024
31 December 2023
Fees on financial operations
28
28
IFRS 16 Lease obligations
51
58
Total non-current
79
86
Fees on financial operations
2
2
IFRS 16 Lease obligations
15
17
Total current
17
19
Total
96
105
G.5 Matrix of class of financial instrument and recognition
categories and fair value
The table below presents the carrying amount and fair value of
financial assets and liabilities. The different levels of fair
value are defined in note G.9 to the consolidated financial
statements at 31 December 2023.
At 30 June 2024
€ million
Carrying amount
Fair value
Class of financial instrument
Assets at fair value through
profit and loss
Securities at amortised
cost
Receivables at amortised
cost
Hedging instruments
Liabilities at amortised
cost
Total net carrying
value
Level 1
Level 2
Level 3
Total
Financial assets measured at fair
value
Other non-current financial assets
–
–
–
–
–
–
–
–
–
–
Financial assets not measured at fair
value
Trade receivables
–
–
131
–
–
131
–
131
–
131
Other current and non-current financial
assets (note G.3)
–
673
–
–
–
673
292
13
279
584
Cash and cash equivalents
1,259
–
–
–
–
1,259
1,259
–
–
1,259
Financial liabilities measured at fair
value
Interest rate derivatives (note G.2)
–
–
–
307
–
307
–
307
–
307
Financial liabilities not measured at
fair value
Financial liabilities (note G.1)
–
–
–
–
5,381
5,381
–
843
4,463
5,306
Other financial liabilities (note G.4)
–
–
–
–
96
96
–
96
–
96
Trade payables
–
–
–
–
273
273
–
273
–
273
At 30 June 2024, information relating to the fair value of the
financial liabilities takes into account the evolution of the yield
curves at 30 June 2024 and remains as described in note G.9 to the
annual consolidated financial statements at 31 December 2023.
G.6 Net finance costs
€ million
1st half 2024
1st half 2023
Full year 2023
Finance income
34
16
43
Total finance income
34
16
43
Interest on loans before hedging: Term
Loan and other
(89
)
(88
)
(177
)
Amortisation of hedging costs related to
partial termination
(25
)
(25
)
(50
)
Interest on loans: Getlink
(15
)
(15
)
(30
)
Impact of the effective interest rate
(5
)
(5
)
(11
)
Sub-total
(134
)
(133
)
(268
)
Inflation indexation of the nominal
(26
)
(71
)
(95
)
Total finance costs
(160
)
(204
)
(363
)
Total net finance costs
(126
)
(188
)
(320
)
The inflation indexation of the loan principal estimated at 30
June 2024 reflects the estimated effect of annual French and
British inflation rates on the principal amount of the A tranches
of the Term Loan as described in note G.1.2 of the annual
consolidated financial statements at 31 December 2023.
G.7 Other financial income and (charges)
€ million
1st half 2024
1st half 2023
Full year 2023
Interest received on G2 notes owned by the
Group (see note G.3)
8
12
16
Other
1
2
2
Other financial income
9
14
18
Costs related to financial operations
(2
)
(2
)
(4
)
Net exchange losses*
(5
)
(11
)
(6
)
Interest charges on IFRS 16 lease
contracts
(1
)
(1
)
(2
)
Unwinding of the discount on ElecLink's
provision for profit sharing
(19
)
–
–
Other financial charges
(27
)
(14
)
(12
)
Total
(18
)
–
6
Of which net unrealised exchange
(losses)/gains
(8
)
(17
)
(19
)
* Mainly arising from the re-evaluation of intra-group debtors
and creditors.
In the first half of 2024, the Group recognised a charge of €19
million in respect of the unwinding of the ElecLink profit sharing
provision in accordance with IAS 37 (see note D.5 above).
H. Share capital and earnings per share
H.1 Changes in share capital
€
30 June 2024
31 December 2023
550,000,000 fully paid-up ordinary shares
each with a nominal value of €0.40
220,000,000.00
220,000,000.00
Total
220,000,000.00
220,000,000.00
H.2 Treasury shares
The movements in the number of own shares held during the period
were as follows:
Share buyback
programme
Liquidity contract
Total
At 1 January 2024
8,752,216
187,922
8,940,138
Shares transferred to staff (free share
scheme)
(391,500
)
–
(391,500
)
Net purchase/(sale) under liquidity
contract
–
137,336
137,336
At 30 June 2024
8,360,716
325,258
8,685,974
Treasury shares held as part of the share buyback programme
approved by the general meetings of shareholders and implemented by
decisions of the Board of Directors are allocated, in particular,
to cover the grant of free shares.
H.3 Earnings per share
H.3.1 Number of shares
1st half 2024
1st half 2023
Full year 2023
Weighted average number:
– of issued ordinary shares
550,000,000
550,000,000
550,000,000
– of treasury shares
(8,912,528
)
(9,304,400
)
(9,168,794
)
Number of shares used to calculate the
result per share (A)
541,087,472
540,695,600
540,831,206
– effect of free shares
1,095,227
953,672
1,099,517
Potential number of ordinary shares
(B)
1,095,227
953,672
1,099,517
Number of shares used to calculate the
diluted result per share (A+B)
542,182,699
541,649,272
541,930,723
The calculations were made on the following bases:
- on the assumption of the acquisition of all the free shares
allocated to staff (details of free shares are given in note E.1
above and note E.4.1 to the consolidated financial statements at 31
December 2023); and
- on the assumption of the acquisition of all the free shares
with performance conditions attached and still in issue at 30 June
2024. Conversion of these shares is subject to achieving certain
targets and remaining in the Group’s employment as described in
note E.4.2 to the consolidated financial statements at 31 December
2023.
H.3.2 Earnings per share
1st half 2024
1st half 2023
Full year 2023
Group share: profit/(loss)
Net result (€ million) (C)
173
159
326
Basic earnings per share (€)
(C/A)
0.32
0.29
0.60
Diluted earnings per share (€)
(C/(A+B))
0.32
0.29
0.60
H.4 Detail of consolidated reserves by origin
€ million
30 June 2024
31 December 2023
Hedging contracts
(543
)
(626
)
Share based payments and treasury
shares
(52
)
(54
)
Retirement liability
57
61
Deferred tax
59
64
Retained earnings
594
563
Total
115
8
Dividend
On the 7 May 2024, the ordinary general meeting of Getlink SE
decided on the payment of the dividend for the financial year 2023,
for an amount of €0.55 per share. This dividend was paid in June
2024 for a total amount of €298 million.
I. Income tax expense
I.1 Tax accounted for through the income statement
€ million
1st half 2024
1st half 2023
Full year 2023
Current income tax
(14
)
(31
)
(65
)
Deferred tax
29
3
(23
)
Total
15
(28
)
(88
)
The tax charge is accounted for by integrating into the half
year’s result the estimated effective tax rate, based on internal
forecasts for the full year. The determination of deferred taxes
was based on the latest business plan presented to the Board of
Directors.
I.2 Changes to deferred tax during the period
2024 impact on:
€ million
At 31 December 2023
published
At 31 December 2023
restated
Impact of change in exchange
rate
income statement
change in consolidation
scope
other comprehensive
income
At 30 June 2024
Tax effects of temporary differences
related to:
Property, plant and equipment
(80
)
(90
)
(10
)
(4
)
–
–
(94
)
Intangible ElecLink
(28
)
(28
)
–
1
–
–
(27
)
Deferred taxation of restructuring
profit
(352
)
(352
)
–
–
–
–
(352
)
Hedging contracts
65
65
–
–
–
(5
)
60
Tax losses and other
565
578
13
32
–
–
610
Net tax assets/(liabilities)
170
173
3
29
–
(5
)
197
J. Events after the reporting period
Nothing to report.
STATUTORY AUDITORS’ REVIEW REPORT ON THE
2024 HALF-YEAR FINANCIAL INFORMATION
This is a free translation into English of the statutory
auditors’ review report on the half-year 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-year activity 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 the general
meeting and in accordance with the requirements of article L.
451-1-2 III of the French Monetary and Financial Code ("Code
monétaire et financier"), we hereby report to you on:
- the review of the accompanying summary half-year consolidated
financial statements of Getlink SE, for the period from 1 January
to 30 June 2024,
- the verification of the information presented in the half-year
activity report.
These summary 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 summary half-year
consolidated financial statements are not prepared, in all material
respects, in accordance with IAS 34 - standard of the IFRS 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 activity report on the summary half-yearly consolidated
financial statements subject to our review.
We have no matters to report as to its fair presentation and
consistency with the summary half-yearly consolidated financial
statements.
The statutory auditors, Paris La Défense,
24 July 2024,
KPMG S.A. French original signed
by Philippe Cherqui Partner
Forvis Mazars Eddy
Bertelli Partner
DECLARATION BY THE PERSON RESPONSIBLE FOR
THE HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2024
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 Getlink SE and of
all the companies included in the consolidation, and that this
half-year 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.
Yann Leriche Chief Executive Officer of Getlink
SE 24 July 2024
_______________________ 1 All comparisons with the income
statement for the first half of 2023 are made at the average
exchange rate for the first half of 2024 of £1=€1.172. 2 In this
release, “EBITDA” is equivalent to “current EBITDA” as defined in
note D.4 of the 2023 consolidated financial statements: it is
calculated by adding back depreciation charges to the trading
profit. 3 In this release, “cash” includes cash, cash equivalents
and cash management financial assets. 4 Free cash flow represents
the cash generated by current activities. This indicator is defined
in “other financial indicators” section of the Group’s 2024
half-year financial report. This indicator does not include
payments linked to the interconnector profit-sharing mechanism. 5
At 30 June 2024, subject to actual delivery of service. 6 Target
set based on the current scope of consolidation and an exchange
rate of £1=€1.15, assuming a constant regulatory and fiscal
environment. * English translation of Getlink SE’s “rapport
financier semestriel” for information purposes only.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724552970/en/
Press contacts: Anne-Sophie
de Faucigny: +33 (0)6.46.01.52.86 Laurence Bault: +33
(0)6.83.61.89.96
Analyst and investor
contacts: Virginie Rousseau: +33 (0)6.77.41.03.39
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