GET 2009/36
20 October 2009
For release at 07:45
Traffic and revenue figures for the Eurotunnel Group
A net improvement during the third quarter, particularly for
Passenger Shuttles
Third quarter 2009
* In a difficult economic climate, total revenues for the third
quarter of 2009 of �162.4 million (not including insurance
indemnities) show a decline of just 8%[1] compared to the third
quarter of 2008[2]:
* At �91.9 million, Shuttle revenues were 17% lower than in the
third quarter of 2008, and continue to be affected by the
consequences of the fire on the truck traffic;
* Railways revenues have increased by 8%.
* Traffic has increased by 8% for Passenger Shuttles and by 9% for
Eurostar, and there is a 3% growth for rail freight traffic.
Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel SA,
stated:
"The group's activity in the third quarter shows positive signs. On
the basis of its competitive advantages: speed, frequency and
protection of the environment, Eurotunnel is clearly starting to
regain its position as a major player for cross-Channel traffic. In a
difficult climate, the group has demonstrated the pertinence of its
quality-based proposition."
First nine months of 2009
Revenues, not including insurance indemnities, are down by 21% to
�428.5 million compared to the same period in 2008. Passenger Shuttle
traffic has regained its past levels of market share, and Eurostar
traffic has started to increase once again.
***
As expected, the return of road freight customers since the reopening
of interval 6 in February 2009 is happening only very progressively.
Eurotunnel considers that the incomparable competitive advantages
that it has - speed, frequency and a low carbon footprint - will be
taken into account by hauliers when they come to renew their annual
contracts at the end of the year. One year on from the fire in
September 2008, in a difficult economic climate, the Eurotunnel Group
has regained a competitive position for its Passenger Shuttle
services similar to that held in 2007, again demonstrating the
underlying strength of its economic model and the reactivity of its
employees.
_____________
[1] At a constant exchange rate: in other words with the first nine
months of 2008 restated at the exchange rate used for the first nine
months of 2009 of £1=�1.117
[2] It should be pointed out that any comparison of traffic and
revenues between 2008 and 2009, both for the third quarter and for
the first nine months of the year, should be considered in the
context of the disruption to traffic in the last 20 days of the month
of September 2008 following the fire on 11 September, and of the
closure of part of the Tunnel which limited its capacity until
mid-February 2009.
I. TRAFFIC
A. Traffic for the third quarter (1 July to 30 September)
+-------------------------------------------------------------------+
| | | | | Change |
| | | 2009 | 2008 | 2009/2008 |
|-------------+-----------------+-----------+-----------+-----------|
| Truck | | | | |
| Shuttles | Trucks | 189,000 | 296,054 | - 36% |
|-------------+-----------------+-----------+-----------+-----------|
| Passenger | | | | |
| Shuttles | Cars[1] | 624,815 | 580,823 | + 8% |
|-------------+-----------------+-----------+-----------+-----------|
| | Coaches | 14,047 | 13,044 | + 8% |
|-------------+-----------------+-----------+-----------+-----------|
| Eurostar[2] | Passengers | 2,592,957 | 2,374,653 | + 9% |
|-------------+-----------------+-----------+-----------+-----------|
| Rail | | | | |
| freight | Tonnes | | | |
| trains | | 297,400 | 287,897 | + 3% |
|-------------+-----------------+-----------+-----------+-----------|
| | Trains | 629 | 609 | + 3% |
+-------------------------------------------------------------------+
[1] Including motorcycles, vehicles with trailers, caravans and motor
homes.
[2] Only Eurostar passengers travelling through the Channel Tunnel
are included in this table, thus excluding journeys betweens
Paris-Calais and Brussels-Lille.
B. Traffic for the first nine months (1 January to 30
September)
+-------------------------------------------------------------------+
| | | | | Change |
| | | 2009 | 2008 | 2009/2008 |
|---------------+---------------+-----------+-----------+-----------|
| Truck | | 543,484 | 1,053,477 | - 48 % |
| Shuttles | Trucks | | | |
|---------------+---------------+-----------+-----------+-----------|
| Passenger | | | | |
| Shuttles | Cars[1] | 1,438,530 | 1,573,600 | - 9% |
|---------------+---------------+-----------+-----------+-----------|
| | Coaches | 41,848 | 47,015 | - 11% |
|---------------+---------------+-----------+-----------+-----------|
| Eurostar[2] | Passengers | 6,938,533 | 7,003,478 | - 1% |
|---------------+---------------+-----------+-----------+-----------|
| Rail freight | Tonnes | | | |
| trains | | 872,403 | 953,464 | - 9% |
|---------------+---------------+-----------+-----------+-----------|
| | Trains | 1,772 | 2,097 | - 15% |
+-------------------------------------------------------------------+
[1] Including motorcycles, vehicles with trailers, caravans and motor
homes.
[2]Only Eurostar passengers travelling through the Channel Tunnel are
included in this table, thus excluding journeys betweens Paris-Calais
and Brussels-Lille.
Eurotunnel Shuttles
* Truck Shuttle traffic was, as anticipated, still in decline
during the third quarter (-36%) but the reduction is less
pronounced than during the first half of the year (-53%). In the
current exceptional circumstances, truck traffic has increased by
3% in the third quarter compared to the previous quarter (189,000
trucks compared to 182,809 in the second quarter of 2009).
* Car traffic has grown by 8% compared to the same period in 2008.
* Coach traffic has also shown an increase of 8% for the third
quarter. Since reopening, customers are returning in force, drawn
to the frequent Shuttle departures. The shorter Channel crossing
time via the Tunnel constitutes a major advantage over the
competition.
Railways
2,592,957 Eurostar passengers travelled through the Channel Tunnel in
the third quarter, representing an increase of 9% compared to the
third quarter of 2008. Eurostar traffic which had been affected by
the fire in September 2008, has started to increase once more.
The number of rail freight trains travelling through the Channel
Tunnel during the third quarter of 2009 increased by 3% to 629,
compared to 609 trains during the same period in 2008. This activity
has increased not only in terms of the number of trains, but also in
the number of tonnes of freight transported, and is showing clear
progress compared to the previous quarters (-31% in the first quarter
and -15% in the second).
II. REVENUES (excluding insurance indemnities)
A. Revenues for the third quarter (1 July to 30 September)
+----------------------------------------------------------------------+
| | | | | |
| | 3rd | 3rd | Change | 3rd quarter |
| | quarter |quarter | 2009/2008 | 2008 |
|Revenue | 2009 | 2008 | | published** |
|(� million) |un-audited|restated*| | |
| | | | | |
|---------------------+----------+---------+------------+--------------|
|Shuttle | | | | |
|services | 91.9 | 110.9 | - 17% | 118.9 |
|---------------------+----------+---------+------------+--------------|
|Railways | 67.8 | 62.7 | + 8% | 67,1 |
|---------------------+----------+---------+------------+--------------|
|Other revenues | 2.7 | 3.1 | - 12% | 3.2 |
|---------------------+----------+---------+------------+--------------|
|Revenue | 162.4 | 176.7 | - 8% | 189.2 |
+----------------------------------------------------------------------+
* Average exchange rate for the first nine months of 2009, and 2008
restated: £1=�1.117.
** Average exchange rate for the first nine months of 2008:
£1=�1.261.
At �162.4 million, Eurotunnel's total revenue for the third quarter
of 2009 has decreased by only 8% at a constant exchange rate compared
to the third quarter in 2008, before taking into account insurance
indemnities.
* Shuttle Service revenues have decreased by 17% to �91.9 million.
* Revenues from the railways (�67.8 million) have increased by 8%,
mainly as a result of the increase in the number of Eurostar
passengers.
B. Revenues for the first nine months (1 January to 30
September)
+-------------------------------------------------------------------+
| | Year to | | | |
| | date | Year to | | Year to |
| | 30 Sep | date | Change | date |
| Revenue | 2009 | 30 Sep | 2009/2008 | 30 Sep 2008 |
| (� million) | un-audited | 2008 | | published** |
| | | restated* | | |
|----------------+------------+-----------+-----------+-------------|
| Shuttles | | | | |
| services | 234.7 | 346.2 | - 32% | 364.9 |
|----------------+------------+-----------+-----------+-------------|
| Railways | 186.3 | 188.6 | - 1% | 199.5 |
|----------------+------------+-----------+-----------+-------------|
| Other revenues | 7.5 | 10.2 | - 27 % | 10.6 |
|----------------+------------+-----------+-----------+-------------|
| Revenue | 428.5 | 545.0 | - 21 % | 575.0 |
+-------------------------------------------------------------------+
* Average exchange rate for the first nine months of 2009, and 2008
restated: £1=�1.117.
** Average exchange rate for the first nine months of 2008:
£1=�1.261.
For the first nine months of the year, up to the end of September
2009, revenues totalled �428.5 million excluding including insurance
indemnities, a reduction of 21% at a constant exchange rate compared
to the same period in 2008 due to the fire in September 2008 and to
the economic climate. It should be remembered that full capacity in
the Tunnel was only restored on 10 February 2009 for Eurotunnel
Shuttles, with Eurostar resuming full services from 23 February,
which alters the comparison with the first nine months of 2008. As
such:
* Shuttle Service revenues reduced by 32%, to �234.7 million.
* Revenues from the railways (�186.3 million) are almost stable.
* Other revenues have decreased by 27% compared to the same period
in 2008, to �7.5 million.
III. OTHER INFORMATION
A. Insurance indemnities
Groupe Eurotunnel's operating losses resulting from the fire have
given rise to payments on account from the insurers in the first half
totalling �36 million. An agreement has been reached for a further
amount of �25 million, bringing the compensation for operating losses
to date to �105 million.
B. Acquisition of the French subsidiaries of Veolia Cargo
In its first foray into external growth, the Eurotunnel Group
announced its acquisition of the French subsidiaries of Veolia Cargo:
Veolia Cargo France, CFTA Cargo, Veolia Cargo Link and Socorail. The
transaction will be completed before the end of the year. The
transaction involves 600 employees and revenue of approximately �50
million in 2008. It will enable the Eurotunnel Group to enhance its
freight transport service proposition.
C. Capital structure
The number of ordinary shares making up the capital of Groupe
Eurotunnel SA increased on 30 September 2009 following redemptions of
SDES, to 406,281,851 ordinary shares, each with a nominal value of
�0.40. This has led two investment funds of Goldman Sachs and M&G to
declare their crossing of shareholding thresholds, respectively
upwards and downwards.
For media enquiries contact on + 44 (0) 1303 284491
Email: press@eurotunnel.com
For investor enquiries contact Michael Schuller on +44 (0) 1303
288749
Email: Michael.schuller@eurotunnel.com
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