Getlink: 2021 Revenue Reflects the Impact of the Covid-19 Crisis on Passenger Travel, Whilst Freight Has Partly Escaped This

Rhea-AI Summary

Getlink reported 2021 revenue of €774.4 million, a 6% decline from 2020. Eurotunnel's revenue fell by 9% to €644.2 million due to COVID-19 impacts, with shuttle revenue down 10% to €476.6 million. Europorte, however, saw a 6% increase in revenue to €130.2 million. Despite challenges, passenger market share reached a high, and the company successfully issued €150 million in green bonds. Key metrics included a 35% traffic decline for Eurostar and significant performance improvements in the fourth quarter, with Eurotunnel revenues up 16% compared to the previous year.

Positive

• Europorte revenue increased by 6% to €130.2 million.
• Successful placement of €150 million green bond issue.
• High passenger market share maintained despite disruptions.
• Fourth quarter saw Eurotunnel revenues increase by 16% compared to 2020.
• Achieved milestones in the ElecLink project.

Negative

• Total revenue declined by 6% compared to 2020.
• Eurotunnel revenue decreased by 9% at constant exchange rates.
• Shuttle revenue fell 10% to €476.6 million.
• Eurostar traffic dropped 35% year-over-year.

PARIS--(BUSINESS WIRE)-- Regulatory News:

Getlink (Paris:GET):

2021 revenue amounted €774.4 million, down 6% at a constant exchange rate compared to 2020¹.

► Eurotunnel:

• Shuttle revenue down 10% to €476.6 million

• Eurostar: a year severely disrupted by the Covid-19 crisis; traffic down 35% for the year as a whole

► Europorte: revenue up (+6%) to €130.2 million

► ElecLink: works in Tunnel completed and first tests successfully carried out

Yann Leriche, Group CEO, said: “2021 was a year of contrasts. The Group’s consolidated revenue has obviously been impacted by the effects of the crisis and the travel restrictions which persisted throughout the year. However, our passenger market share has never been so high, and the appetite of customers to use our services has been proven each time border crossing restrictions have been eased. Our strengthening of Europorte’s performance and the achievement of ElecLink project milestones are further positive elements. By improving our agility and adapting our work organisation, the Group has been able to maintain its status as a leader across its markets.”

► Fourth quarter 2021: key events

► Group

• Successful placement of additional ‘green’ bond issue for a total of €150 million, which supplements the senior guaranteed green bonds maturing in 2025.
• Getlink, one of the top ranked most responsible companies in the French transport sector, rewarded for its Environmental, Social and Governance performance by the Le Point Statista ranking.

► Eurotunnel

• Le Shuttle Freight:
  • Nearly 1.4 million trucks crossed the Channel with Le Shuttle Freight in 2021, confirming market leader status with 39.1% of the market.
  • Launch of truck maintenance service in the Le Truck Village parking in France.
• In 2021, Eurotunnel Le Shuttle outperformed the market with more than 960,000 tourist vehicles transported, and a car market share at an all-time high of 74.0% (+4 points).
• More than 20,700 cars transported between Friday 17 December and Sunday 19 December, the busiest departure weekend since the start of the year.
• A solid performance in the fourth quarter, with revenues up 16% in comparison to 2020.

► Europorte

• Increase in Europorte’s annual revenue (+6%) to €130.2 million.
• First French rail freight company to obtain the ERA Single Safety Certificate, valid in several countries.
• Carrying out of traction tests of the new Euro 6000 locomotive on the French rail network, with a view to gaining certification.
• Certified EcoVadis Gold for the third consecutive year, Europorte is awarded for its daily commitment to Corporate Social Responsibility (CSR).

► ElecLink

• Successful electromagnetic compatibility tests in the Tunnel.
• Awaiting final approval from the IGC for entry into service, expected for mid-2022.

►REVENUE: FULL YEAR

€ million	2021 unaudited	2020 recalculated*	Change	2020 published **
Exchange rate: £1	€1.167	€1.167		€1.126
Shuttle services	476.6	529.9	-10%	521.4
Railway network	155.5	165.9	-6%	163.3
Other	12.1	8.6	41%	8.5
Sub-total Eurotunnel	644,2	704.4	-9%	693.2
Europorte	130.2	122.7	6%	122.7
Total revenue	774.4	827.1	-6%	815.9

►REVENUE: FOURTH QUARTER

€ million	4th quarter 2021 unaudited	4th quarter 2020 recalculated	Change	4th quarter 2020 published**
Shuttle services	138.9	131.4	6%	128.1
Railway network	50.3	32.8	53%	31.8
Other	3.7	2.1	76%	2.0
Sub-total Eurotunnel	192.9	166.3	16%	161.9
Europorte	32.2	32.4	-1%	32.4
Revenues	225.1	198.7	13%	194.3

* Recalculated at the average exchange rate for 2021: £1 = €1.167
** At the average exchange rate for 2020: £1 = €1.126

A. Group

The Group’s consolidated revenues amount to €774.4 million in 2021.

B. Eurotunnel

At €644.2 million in 2021, Eurotunnel’s revenues decreased by 9% at a constant exchange rate.

Revenue from Shuttle services decreased by 10% to €476.6 million compared to 2020, in a context of reduced traffic due to the Covid-19 crisis and travel restriction policies.

Revenue from the railway network decreased by 6% to €155.5 million as a result of the sharp reduction in train journeys due to health protection measures taken by the British and European governments.

C. Europorte

Europorte’s revenue was up 6% in 2021 driven by the launch of new national traffic and international services.

EUROTUNNEL TRAFFIC: FULL YEAR

		2021	2020	Change
Truck Shuttles	Trucks	1,361,529	1,451,556	-6%
Passenger Shuttles	Passenger Vehicles1	960,205	1,413,433	-32%
High speed trains2	Eurostar passengers	1,637,687	2,503,419	-35%
Rail freight trains3	Trains	1,654	1,736	-5%

EUROTUNNEL TRAFFIC: FOURTH QUARTER

		Q4 2021	Q4 2020	Change
Truck Shuttles	Trucks	375,982	420,017	-10%
Passenger Shuttles	Passenger Vehicles1	328,190	230,119	43%
High speed trains2	Eurostar passengers	992,774	170,010	484%
Rail freight trains3	Number of trains	375	468	-20%

¹ Includes cars, motorcycles, vehicles with trailers, caravans, camper vans and coaches.
² Only passengers travelling through the Channel Tunnel are included in this table (excluding those who travel between Brussels-Calais, Brussels-Lille, Brussels-Amsterdam, etc)
³ Rail freight services by train operators (DB Cargo on behalf of BRB, SNCF and its subsidiaries, GB Railfreight, Rail Operations Group, RailAdventure and Europorte) using the Tunnel.

The advantages of the Tunnel, namely its health safety, reliability, speed, frequency and environmentally friendly status are still widely appreciated by our customers.

A. Shuttle Services

• Truck Shuttles: Le Shuttle Freight carried nearly 1.4 million trucks in 2021, confirming its place as market leader, with market share of 39.1% for the year.

• Passenger Shuttles: Passenger traffic saw a 32% decline, being strongly affected by the Covid crisis and travel restrictions between the UK and continental Europe. However, traffic remains higher than it competitors thanks to the advantages of travelling by Le Shuttle, notably in terms of Covid security. In 2021, more than 960,000 passenger vehicles crossed the Channel with Le Shuttle. With a 74.0% share of the car market in 2021, up 4 points, Le Shuttle has significantly outperformed the market and confirms its status as market leader on the Short Straits.

B. Railway network

• High-speed passenger trains: Eurostar saw a 35% decline in traffic over the year as a whole, due to travel restrictions between the UK and continental Europe. However, a reversal of this trend was seen during the fourth quarter with the temporary easing of restrictions, during which Eurostar transported more than 990,000 passengers (representing more than 60% of its traffic for the year).

• Cross-Channel rail freight is down 5% in 2021.

The Group’s annual results will be published on Thursday 24 February before markets open.

_____________________
¹ All comparisons with 2020 are made using the average 2021 exchange rate of £1=€1.167.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220119005993/en/

For UK media enquiries contact

John Keefe on + 44 (0) 1303 284491

Email: press@getlinkgroup.com

For other media enquiries contact

Romain Dufour on +33(0)1 4098 0464

For investor enquiries contact:

Jean-Baptiste Roussille on +33 (0)1 40 98 04 81

Email: jean-baptiste.roussille@getlinkgroup.com

Michael Schuller on +44 (0) 1303 288749

Email: Michael.schuller@getlinkgroup.com

Source: Getlink S.E.

FAQ

What was the total revenue of Getlink in 2021?

Getlink's total revenue for 2021 was €774.4 million.

How did Eurotunnel's revenue perform in 2021?

Eurotunnel's revenue decreased by 9% to €644.2 million in 2021.

What factors contributed to the decline in Eurostar traffic?

Eurostar traffic declined by 35% due to COVID-19 and travel restrictions.

What financial instruments did Getlink issue recently?

Getlink successfully issued €150 million in green bonds.

How did Europorte's revenue change in 2021?

Europorte's revenue increased by 6% to €130.2 million in 2021.