Getlink : Revenue of €391 Million for the First Quarter of 2024 Reflecting the Expected Normalisation of ElecLink’s Contribution
2024年4月25日 - 2:30PM
ビジネスワイヤ(英語)
Regulatory News:
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: Getlink SE rating upgraded to BB (from
BB-) by S&P Global Ratings.
Yann Leriche, the Group's Chief Executive Officer,
commented: "As anticipated, the first quarter of 2024 was marked by
the normalisation of ElecLink's contribution and increased
competition from the ferries. Against this backdrop, the Group has
strengthened its operational performance in the service of its
customers, enabling Eurotunnel's revenues to show solid resilience
and Europorte to grow. We will continue to pursue our
customer-focused and cost-containment strategy, the effects of
which should be reinforced by the application of the law to combat
social dumping on cross-Channel routes in July 2024".
► First
quarter 2024: highlights
- Group
- Credit ratings: Getlink SE's rating upgraded to BB by S&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 the UK 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 since
April 2024. Reporting to Yann Leriche, she is a member of the
Executive Committee and is responsible for developing the Group's
growth opportunities.
- 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.
- 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 Eurotunnel
244
244
0%
241
Europorte
40
35
14%
35
ElecLink
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. Eurotunnel
At €244 million, Eurotunnel's revenue is stable compared
to the first quarter of 2023.
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. ElecLink
In the first quarter, ElecLink's revenue was down 54% compared
with the first quarter of 2023, reflecting the expected
normalisation of the energy market. Q1 2023 had benefitted from
particularly exceptional electricity market conditions.
As at 31 March, ElecLink had secured nearly €300 million in
revenue for 2024 (representing 76% of annual capacity).
► OUTLOOK
Getlink confirms that it expects EBITDA in 2024 to be between
€780 et €830 million in 20232.
► EUROTUNNEL TRAFFIC
First-quarter traffic (1 January 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
Channel Tunnel are included in this table, which excludes journeys
between continental stations (Bruxelles-Calais, Bruxelles-Lille,
Bruxelles-Paris, etc..). 3 Trains operated by railway companies (DB
Cargo on behalf of BRB, SNCF and its subsidiaries, GB Railfreight,
RailAdventure and Europorte) using the Tunnel.
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.
*****************************************
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
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 February 2024 based on the scope of
consolidation at that date and an exchange rate of £1= €1.15,
assuming a constant regulatory and fiscal environment.
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