GETLINK SE HALF-YEAR RESULTS
23 JULY 2020
1 2020 H1 Results Getlink
GETLINK
SEPARATION OF EXECUTIVE RESPONSIBILITIES ON 1ST JULY
Governance structure adapted to support the development of the Group for the next decade
Separation of the functions of Chairman and CEO / new CEO / international, diversified and renewed Board of Directors
Jacques
GOUNON
Chairman
Yann
LERICHE
Chief Executive Officer
2 2020 H1 Results Getlink
GETLINK
SUMMARY
KEYFINANCIAL
MESSAGESRESULTS
12
3 2020 H1 Results Getlink
1
KEY MESSAGES
4 2020 H1 Results Getlink
KEY MESSAGES
FUNDAMENTALS UNCHANGED DESPITE COVID-19
Eurotunnel | Europorte | Strong liquidity | Dividend | CSR |
Priority to safety, | Solid business | maintained | Confirmed | Stakeholder |
quality of service | Still positive | €511M cash | commitment | mapping |
and wellbeing of | EBITDA | |||
staff and customers |
5 2020 H1 Results Getlink
KEY MESSAGES
QUICK REACTION TO COVID-19 CRISIS
Priority given to:
Safety along the value chain
(staff, customers, subcontractors…)
No disruption of traffic
Flexibility to adjust offer to
traffic demand
https://youtu.be/kZdV_ymGpBM
6 2020 H1 Results Getlink
KEY MESSAGES
HIGH STANDARD OF SERVICE MAINTAINED DURING COVID-19 CRISIS
Continued operations with minimal impact on customers during lockdown
Truck Shuttle missions maintained:
78% in Q2 2020 (vs Q2 2019)
vs
ferries* 68% Eurostar* 9% airlines* 15%
Committed staff
Commercial flexibility
- source: Getlink, IRN, Eurocontrol 7 2020 H1 Results Getlink
KEY MESSAGES
SAFETY AND WELLBEING OF STAFF AND CUSTOMERS
Safety & wellbeing
To protect staff, customers and
subcontractors' health
Truck Shuttle
Reduced load factor
Extra minibuses for truck drivers
Plexiglass panels installed in club cars Wellbeing for drivers: showers, food
truck, laundry facilities…
Passenger Shuttle
Contactless service: customers asked
to stay in their vehicles
€2.3M extra costs
Committed staff
Food truck & laundry facilities | Plexiglass panels in club cars | |
8 2020 H1 Results Getlink
KEY MESSAGES
FOCUS ON LIMITING CASH OUTFLOW
Opex reduction
-€17M
Reduced services: 41% of Q2 2019 missions for Passenger Shuttle and 78% for Truck Shuttle
Activité partielle and furlough
(savings of €9M)
Capex: focus on core
maintenance and safety-related
projects
9 2020 H1 Results Getlink
KEY MESSAGES
EUROTUNNEL SHUTTLE: RESILIENCE OF TRAFFIC
Truck traffic -18%
Strong resilience of essential
goods and recovery of
industry-related traffic since
lockdown easing
Car traffic -52%
Solid performance in January
and February
Record bookings since end of
June
TRUCK VOLUMES (k)
CAR VOLUMES (k)
10 2020 H1 Results Getlink
KEY MESSAGES
EUROTUNNEL SHUTTLE: YIELD POLICY UNCHANGED
Eurotunnel Shuttle Services yield increase 2015-H1 2020*
Yield increase thanks to unchanged policy & positive impact of mix and late bookings
+c.5.6% in H1 2020
vs. Eurozone inflation*
+0.7% (CPI)
vs. UK inflation*
+1.3% (CPI)
*At constant exchange rate, Source: Eurotunnel, ONS, Eurostat
11 2020 H1 Results Getlink
KEY MESSAGES
RAILWAY NETWORK: NO SURPRISE
Eurostar passengers
-62%
As airlines, very limited traffic
in Q2 (-98%)
Eurostar Amsterdam-London
treaty signed
Rail freight trains
-27%
EUROSTAR
PASSENGERS (k)
NUMBER OF RAIL FREIGHT TRAINS
12 2020 H1 Results Getlink
KEY MESSAGES
EUROPORTE: STILL POSITIVE EBITDA
Revenue
€58M
EBITDA
€10M
Activité partielle put in place to adapt to shutdown of industrial facilities
13 2020 H1 Results Getlink
KEY MESSAGES
ELECLINK: POSITIVE REPORT FROM EPSF* TO CONTINUE WITH INSTALLATION WORK
Converter station | Helix for cable pulling | |
Positive report from EPSF* to continue with installation work
ICG meetings postponed because of Covid-19
Full commercial service now expected to start in 2022
- EPSF: Établissement public de sécurité ferroviaire / French railway safety regulator 14 2020 H1 Results Getlink
KEY MESSAGES
CSR: STAKEHOLDER MAPPING
15 2020 H1 Results Getlink
2
H1 2020 FINANCIAL RESULTS
16 2020 H1 Results Getlink
EUROTUNNEL IN H1 2020
FOCUS ON STAFF AND CUSTOMER WELLBEING
Increased
yield for Passenger and Truck Shuttles
Quality of service maintained
Capacity adjustment
Focus on comfort and safety
€2.3M Covid-related costs: safety
measures, food truck, laundry facilities
and showers for truck drivers…
Eurotunnel + Getlink P&L
€MH1 2020 Change H1 2019*
Revenue | 311 | -32% | 457 |
Shuttle Services | 212 | -29% | 297 |
Railway Network | 95 | -38% | 153 |
Other | 4 | -43% | 7 |
Operating costs | -198 | -8% | -214 |
EBITDA | 113 | -53% | 243 |
* At H1 2020 exchange rate: £1 = €1.146
17 2020 H1 Results Getlink
EUROPORTE IN H1 2020
CONTINUED FOCUS ON OPERATIONAL EXCELLENCE
Key transporter for essential
goods
Agile organisation
last minute "ad-hoc" services
€M | H1 2020 | Change | H1 2019 |
Revenue | 58 | -12% | 66 |
Operating costs | -48 | -9% | -53 |
EBITDA | 10 | -23% | 13 |
18 2020 H1 Results Getlink
GETLINK SE IN H1 2020
POSITIVE EBITDA
Consolidated
income statement
In €M | H1 2020 | Change | H1 2019* |
Revenue | 369 | -29% | 523 |
Operating costs | -246 | -8% | -268 |
EBITDA | 123 | -52% | 255 |
EBIT | 31 | nm | 164 |
Net finance costs | -116 | nm | -127 |
Net consolidated results | -79 | nm | 41 |
* At H1 2020 exchange rate: £1 = €1.146
19 2020 H1 Results Getlink
GETLINK SE
STRONG LIQUIDITY MAINTAINED AFTER DEBT SERVICE
Cash at 30th June
€511M
(vs €525M at 31st Dec 2019)
No additional debt required
No issue on financial covenant
In €M | H1 2020 | Change | H1 2019 |
Operating CF | 172 | -41% | 291 |
CAPEX (ex. ElecLink) | -38 | -5% | -41 |
Debt service (and other financials) | -123 | +2% | -121 |
FCF * | 11 | nm | 129 |
Capex ElecLink | 2 | nm | -60 |
FCF after ElecLink | 13 | nm | 69 |
* FCF from continuing activities |
20 2020 H1 Results Getlink
GETLINK SE
GETLINK: CONFIDENCE IN H2 IF NO SECOND LOCKDOWN
New post Covid-19 2020 EBITDA
guidance* €350M
Based on BoE and BdF latest economic
growth assumption.
Resilient truck traffic + good Passenger
Shuttle summer bookings
IGC delay on ElecLink decision
No guidance for 2022
Intention to resume dividend in
2021
FINANCIAL OBJECTIVES | LONGER TERM | |
FOR 2020 | ||
DIVIDEND
EBITDA*Commitment
€350Mconfirmed
* at an exchange rate of £1: €1.14 and using current scope of consolidation (see details in the half year report)
21 2020 H1 Results Getlink
CONTACTS
Jean Baptiste | Michael |
ROUSSILLE | SCHULLER |
co-Head of IR | Corporate Finance Director |
00 33 1 40 98 04 81 | co-Head of IR |
jean-baptiste.roussille@getlinkgroup.com | 00 44 1303 288 719 |
michael.schuller@getlinkgroup.com | |
22 2020 H1 Results Getlink
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Getlink SE published this content on 23 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2020 05:50:06 UTC
