Getlink : Revenue of €391 Million for the First Quarter of 2024 Reflecting the Expected Normalisation of ElecLink’s Contribution
Getlink (Paris:GET):
► First quarter 2024
- The Group’s consolidated revenue for the first quarter of 2024 amounts to €391 million, 23% lower than the same period in 20231.
-
Eurotunnel : Revenue stable at €244 million.
- Europorte: Solid growth with revenue up 14% at €40 million.
-
ElecLink : revenue down 54% at €107 million in a context of the normalisation of the electricity market.
-
Credit notations:
rating upgraded to BB (from BB-) byGetlink SE S&P Global Ratings .
► First quarter 2024: highlights
-
Group
-
Credit ratings:
Getlink SE's rating upgraded to BB byS&P Global Ratings (from BB- previously) and outlook raised to "Positive" (from Neutral previously) with confirmation by Fitch Ratings of the BB rating. -
Acquisition of
ChannelPorts , a leader in theUK customs services market with revenue of around £10 million in 2023. This acquisition strengthens the Group's portfolio of smart border solutions. -
Appointment of Géraldine Périchon, Group Chief Financial Officer since
September 2020 and member of the Executive Committee, as Deputy Chief Executive Officer. -
Appointment of
Julie Bagur as Group Development Director sinceApril 2024 . Reporting toYann Leriche , she is a member of the Executive Committee and is responsible for developing the Group's growth opportunities.
-
Credit ratings:
-
Eurotunnel -
LeShuttle
- Slight fall (-2%) in the number of passenger vehicles transported in Q1 2024, in a context of intense competition based - for some ferry operators - on social dumping practices.
- Confirmation of the leadership position on the Short Straits, with a 61.5% share of the car market for Q1 2024.
-
LeShuttle Freight
- Truck Shuttle traffic down 6% in Q1, still affected by a sluggish market and fierce competition from the ferries.
- Confirmation of the leadership position on the Short Straits, with a market share of 35.8% for the first quarter of 2024.
-
Signing by the French Secretary of State for the Sea and Biodiversity of the implementing decrees for the law aimed at combating social dumping and reinforcing the safety of cross-Channel maritime transport. This law - which will come into force on
1 July 2024 - will enable a return to conditions of fair competition between the various cross-Channel transport operators. -
Railway Network
- Eurostar traffic up 9% in Q1.
-
LeShuttle
-
Europorte
- Dynamic quarter in both traction activities (particularly in the chemicals and cereals sectors) and infrastructure with new contracts starting.
-
Integration of Renofer during the quarter following the acquisition completed at the end of
December 2023 .
-
ElecLink - Excellent operating performance, with 1.6 TWh transported in the first quarter and an availability rate of 100%.
► REVENUE: FIRST QUARTER
First-quarter revenue (1 January to 31 March)
€m |
1st quarter 2024 unaudited |
1st quarter 2023 restated* |
Variation |
1st quarter 2023 published** |
Eurotunnel Shuttles |
148 |
156 |
-5% |
154 |
Railway Network |
90 |
82 |
10% |
81 |
Other revenue |
6 |
6 |
0% |
6 |
Sub-total |
244 |
244 |
0% |
241 |
Europorte |
40 |
35 |
14% |
35 |
|
107 |
231 |
-54% |
231 |
Revenue |
391 |
510 |
-23% |
507 |
*
Restated using the average exchange rate for the first quarter of 2024 of £1 = €.,169.
**
The average exchange rate for the first three months of 2023 was £1 = €1.138.
A. Group
The Group's consolidated revenue for the first quarter fell by 23% at constant exchange rates, to €391 million.
B.
At €244 million,
Shuttle revenue totalled €148 million, down 5% in the first quarter compared to the same period last year, penalised by the fall in traffic.
Railway Network revenue rose by 10% to €90 million, boosted by the increase in Eurostar traffic.
C. Europorte
Europorte reported a 14% increase in revenue to €40 million.
D.
In the first quarter,
As at 31 March,
► OUTLOOK
Getlink confirms that it expects EBITDA in 2024 to be between €780 et €830 million in 20232.
► EUROTUNNEL TRAFFIC
First-quarter traffic (1January to 31 March)
|
Q1 2024 |
Q1 2023 |
Variation |
|
Truck Shuttles |
Trucks |
301,801 |
321,904 |
-6% |
Passager Shuttles |
Passenger vehicules¹ |
381,319 |
387,137 |
-2% |
High-speed trains (Eurostar) ² |
Passengers |
2,393,479 |
2,205,770 |
9% |
Rail freight trains 3 |
Number of trains |
313 |
346 |
-10% |
1 Including motorbikes, vehicles with trailers, caravans, motorhomes and coaches.
2 Only Eurostar passengers using the
3 Trains operated by railway companies (DB Cargo on behalf of BRB,
A. Eurotunnel Shuttles
-
Passenger Shuttles activity
: Passenger Shuttle traffic fell by 2% in the first quarter of 2024, penalised by increased competition in this segment.
Eurotunnel confirmed its leadership position on the Short Straits with a 61.5% share of the car market for the quarter. -
Truck Shuttles activity
: Le Shuttle Freight truck traffic is down 6% over the first three months of 2024, in a sluggish market where competition remains very fierce.
Eurotunnel confirmed its position as the leading cross-Channel player with a 35.8% share of the truck market in the first quarter.
B. Railway Network
- High-speed trains : Eurostar recorded traffic growth of 9% in the first quarter, with almost 2.4 million passengers.
- Cross-Channel freight trains : cross-Channel rail freight traffic fell by 10% in the first three months of 2024 compared with the same period in 2023.
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About Getlink
1 All comparisons with revenues for the first quarter of 2023 are made at the average exchange rate for the first quarter of 2024 of £1 = €1.169.
2 Target set in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424288348/en/
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