Getlink SE: Half-Year 2024 Results: Robust Half-Year Results, Annual EBITDA Guidance Confirmed
-
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
-
Revenue: €808 million (-14%1
due to the normalisation of
-
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%)
PARIS--(BUSINESS WIRE)--Jul. 25, 2024--
Half-Year Highlights
-
Governance
-
Yann Leriche's term of office as Chief Executive Officer expired on30 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 ending31 December 2025 . -
The Annual General Meeting also approved the renewal of the terms of office as Directors of
Sharon Flood andJean-Marc Janaillac for a period of four years. The meeting approved the ratification of the co-option ofJean 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 theMinistry 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 theUK 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-).
-
EBITDA at €424 million post-provision for
-
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.
-
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
-
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.
-
Truck traffic down 4%, penalised by a weak economic environment in the
-
Railway network
- Eurostar traffic up 6%, with almost 5.4 million passengers, exceeding the record level of H1 2019.
-
LeShuttle
-
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.
The Group's operating costs excluding the provision for
Consolidated EBITDA for the first half amounted to €424 million, down 15% due to the lower contribution from
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
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 flowwas €457 million in the first half of 2024, compared with €539 million in the first half of 2023.
The Group's free cash flowwas €274 million in the first half of 2024, down €81 million for the same period in 2023, due to the lower contribution from
Cash position at
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
|
H1
restated** |
Variation |
H1
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 |
540 |
537 |
1% |
531 |
Europorte |
83 |
73 |
14% |
73 |
|
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
|
Q2
restated |
Variation |
Q2
published |
Shuttle Services |
180 |
187 |
-4% |
185 |
Railway Network |
103 |
99 |
4% |
98 |
Other revenue |
13 |
7 |
86% |
7 |
Sub-total |
296 |
293 |
1% |
290 |
Europorte |
43 |
38 |
13% |
38 |
|
78 |
99 |
-21% |
99 |
Revenue |
417 |
430 |
-3% |
427 |
First-quarter reminder (January-March)
€million |
Q1
|
Q1
restated** |
Variation |
Q1
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 |
244 |
244 |
0% |
241 |
Europorte |
40 |
35 |
14% |
35 |
|
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
|
H1
|
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
|
Q2
|
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
|
Q1
|
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
*** Trains operated by railway companies (DB Cargo on behalf of BRB,
***************************
The financial statements of the period ending
The H1 2024 results presentation is available at https://www.getlinkgroup.com.
Q3 2024 revenues will be announced on
Disclaimer: All forward-looking statements in this presentation are
About Getlink
HALF-YEAR FINANCIAL REPORT
FOR THE SIX MONTHS TO
CONTENTS *
HALF-YEAR ACTIVITY REPORT AT |
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 |
|
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 |
27 |
Accounting standards applied and presentation of the consolidated financial statements |
Pursuant to EC Regulation 1606/2002 of |
HALF-YEAR ACTIVITY REPORT AT
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
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
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
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
|
|
1st half
|
|
Change |
1st half
|
|
|||
Improvement/(deterioration) of result |
|
*recalculated |
|
€M |
|
% |
|
reported |
|
|
Exchange rate €/£ |
1.172 |
|
1.172 |
|
|
|
1.146 |
|
||
|
540 |
|
537 |
|
3 |
|
+1 |
% |
531 |
|
Europorte |
83 |
|
73 |
|
10 |
|
+14 |
% |
73 |
|
|
185 |
|
330 |
|
(145 |
) |
-44 |
% |
330 |
|
Revenue |
808 |
|
940 |
|
(132 |
) |
-14 |
% |
934 |
|
|
(249 |
) |
(257 |
) |
8 |
|
+3 |
% |
(255 |
) |
Europorte |
(67 |
) |
(60 |
) |
(7 |
) |
-12 |
% |
(60 |
) |
|
(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
|
|
|
|
|
||||
€ 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
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
|
1st half
|
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,
Passenger Shuttle
The Short Straits market in the first half of 2024 grew by 5% compared to the first half of 2023 and
In a market that grew by 2% compared to 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
** Rail freight services by train operators (DB Cargo for BRB,
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
|
|
|
|
|||
€ 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
|
|
|
|
|
||||
€ 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 |
% |
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
4 CURRENT EBITDA
Current EBITDA by business segment evolved as follows:
|
|
|
|
|
||||
€ million |
|
Europorte |
|
|
|
|
|
|
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
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
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
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 |
|
|
Europorte |
|
|
|
Total
|
|
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
ANALYSIS OF CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
|
||
€ million |
30 June
|
31 December
|
||
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
-
At
30 June 2024 , Fixed assets include property, plant and equipment, right-of-use assets and intangible assets amounting to €5,627 million for theEurotunnel segment, €888 million for theElecLink 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
|
|
1st half
|
|
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
- 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
|
|
1st half
|
|
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
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
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
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
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
The Group's balanced business model enables it to limit the impact of the deterioration in the geopolitical environment and the economic situation in
During the first half of 2024,
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
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
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
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
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
As of
Discussions with national regulators on the application of the profit-sharing mechanism provided for in the
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
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
|
|
1st half
|
|
Full year
|
|
|
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
|
|
1st half
|
|
Full year
|
|
|
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
|
31 December
|
|||
ASSETS |
|
|
|
|||
|
|
65 |
20 |
|||
Intangible assets |
|
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 |
|
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
|
|
* Consolidated
|
|
Result |
|
Cumulative
|
|
Group
|
|
Non-controlling
|
|
Total |
|
|
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 |
) |
||
|
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 |
|
||
|
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
|
|
1st half
|
|
Full year
|
|
|
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
|
|
1st half
|
Full year
|
|
|
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
The main activities of the Group are the design, financing, construction and operation by the
The summary half-year consolidated financial statements for 2024 were approved by the Board of Directors at its meeting held on
A. Important events
Acquisition of the companies
On
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
B.2 Basis of preparation and presentation of the consolidated financial statements
The summary half-year consolidated financial statements for
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
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
|
30 June
|
31 December
|
|||
Closing rate |
1.182 |
1.165 |
1.151 |
|||
Average rate |
1.172 |
1.146 |
1.153 |
B.3 Changes in accounting standards as at
The standards and interpretations used and described in the annual financial statements as at
B.3.1 Texts adopted by the
The following texts, concerning accounting rules and methods specifically applied by the Group, have been approved by the
-
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
The following texts, concerning accounting rules and methods specifically applied by the Group, has been approved by the
-
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
The following texts concerning accounting rules and methods specifically applied by the Group have not yet been approved by the
-
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
The use of estimations concerns mainly the evaluation of provisions and in particular the provision for the profit-sharing for the
The scope of consolidation at
-
the dissolution of
Cheriton Resources 1 Limited andCheriton Resources 2 Limited on16 January 2024 andEurotunnelPlus Limited on21 May 2024 , and -
the entry into consolidation of the following companies: TS Rail SAS, Renofer SAS,
ChannelPorts Limited andCustomsPro 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
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
Acquisition of
On
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
The goodwill arising on the acquisition of
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 andElecLink , - 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 |
|
|
Europorte |
|
|
|
Total |
|
|
|
|
|
|
||||
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 |
|
|
|
|
||||
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 |
|
|
|
|
||||
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
|
|
1st half
|
|
Full year
|
|
Shuttle Services |
328 |
339 |
726 |
|||
Railway Network |
193 |
179 |
369 |
|||
Other revenues |
19 |
13 |
26 |
|||
Sub-total |
540 |
531 |
1,121 |
|||
|
185 |
330 |
558 |
|||
Europorte |
83 |
73 |
150 |
|||
Total |
808 |
934 |
1,829 |
The first half of 2024 is marked by the normalisation of
At
D.3 Operating costs
Operating costs are analysed as follows:
|
|
|
|
|||
€ million |
1st half
|
|
1st half
|
|
Full year
|
|
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 |
145 |
161 |
336 |
|||
Profit sharing (see note D.5) |
55 |
112 |
156 |
|||
Other |
11 |
8 |
28 |
|||
Sub-total |
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
|
|
1st half
|
|
Full year
|
|
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
|
|
Charge to
|
|
Release of
|
|
Provisions
|
|
Exchange
|
|
30 June
|
|
|
298 |
74 |
– |
– |
– |
372 |
||||||
Total non-current |
298 |
74 |
– |
– |
– |
372 |
||||||
Litigation |
18 |
– |
– |
– |
– |
18 |
||||||
Other |
4 |
1 |
– |
– |
– |
5 |
||||||
Total current |
22 |
1 |
– |
– |
– |
23 |
Provision for
The exemption granted to
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
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
|
|
1st half
|
|
Full year
|
|
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
F. Intangible and tangible property, plant and equipment
Indications of impairment and impairment tests
As at
Revision of depreciation periods for the
The technical studies carried out by the Group, assisted by its advisers, during the first half of 2024 show that a significant proportion of
G. Financing and financial instruments
G.1 Financial liabilities
The movements in financial liabilities during the period were as follows:
|
|
|
|
|
|
|
||||||
€ million |
31 December
|
|
Impact of
|
|
Reclassification |
|
Repayment |
|
Interest,
|
|
30 June
|
|
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
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
These derivatives have been measured at their fair value as a liability on the statement of financial position as follows:
|
|
|
|
|||
€ million |
Contracts in
|
|
Contracts in
|
|
Total |
|
At |
289 |
|
78 |
|
367 |
|
Changes in market value * |
(32 |
) |
(30 |
) |
(62 |
) |
Exchange difference |
– |
|
2 |
|
2 |
|
At |
257 |
|
50 |
|
307 |
|
* Recorded directly in equity.
The amount of negative reserves for hedging instruments changed as follows:
|
|
|
|
|||
€ million |
Contracts in
|
|
Contracts in
|
|
Total |
|
At |
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 |
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
|
31 December
|
||
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
G.4 Other financial liabilities
|
|
|
||
€ million |
30 June
|
31 December
|
||
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
At
|
|
|
|
|
|
|
|
|
|
|
||||||||||
€ million |
|
Carrying amount |
Fair value |
|||||||||||||||||
Class of financial instrument |
Assets at
|
|
Securities
|
|
Receivables
|
|
Hedging
|
|
Liabilities
|
|
Total net
|
|
Level
|
|
Level
|
|
Level
|
|
Total |
|
Financial assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
||||||||||
Other non-current
|
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||
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
G.6 Net finance costs
|
|
|
|
|||
€ million |
1st half
|
|
1st half
|
|
Full year
|
|
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
G.7 Other financial income and (charges)
|
|
|
|
|||
€ million |
1st half
|
|
1st half
|
|
Full year
|
|
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 |
(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
H. Share capital and earnings per share
H.1 Changes in share capital
|
|
|
||
€ |
30 June
|
31 December
|
||
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
The movements in the number of own shares held during the period were as follows:
|
|
|
|
|||
|
Share buyback
|
|
Liquidity
|
|
Total |
|
At |
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 |
8,360,716 |
|
325,258 |
8,685,974 |
|
H.3 Earnings per share
H.3.1 Number of shares
|
|
|
|
|||
|
1st half
|
|
1st half
|
|
Full year
|
|
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 at31 December 2023 .
H.3.2 Earnings per share
|
|
|
|
|||
|
1st half
|
|
1st half
|
|
Full year
|
|
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
|
|
31 December
|
|
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
I. Income tax expense
I.1 Tax accounted for through the income statement
|
|
|
|
|||
€ million |
1st half
|
|
1st half
|
|
Full year
|
|
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
|
|
At 31
|
|
Impact of
|
|
income
|
|
change in
|
|
other
|
|
At 30 June
|
|
Tax effects of temporary differences related to: |
|
|
|
|
|
|
|
|||||||
Property, plant and equipment |
(80 |
) |
(90 |
) |
(10 |
) |
(4 |
) |
– |
– |
|
(94 |
) |
|
Intangible |
(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
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 to30 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
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
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, |
|
|
Forvis Mazars
|
DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AT
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
Chief Executive Officer of
_______________________
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
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.
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