UNIVERSAL REGISTRATION
DOCUMENT 2023
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Getlink is a major player in mobility infrastructure and international trade, a leader in environmentally-friendly transport, bringing these commercial brands together:
LOW CARBON.
HIGH SIMPLICITY.
ON THE MOVE.
MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
Outstanding 2023 results
The 2023 financial results published on 29 February 2024 are quite exceptional, with record consolidated revenue of over €1.8 billion, up 14% on 2022. The Group has also made net investments of €147m aimed at strengthening us.
It is therefore with the utmost confidence in our fundamentals that the Board wishes to share the fruits of these fantastic 2023 results by proposing a vote at the Annual General Meeting on 7 May for a further increase in the dividend per share to €0.55, an increase of 10% on the amount paid in 2023 and in line with the Group's desire to share the creation of value with its shareholders.
A fine decision to be taken the day after the 30th anniversary of the opening of the Tunnel, on 6 May 2024.
In 2023, Getlink achieved unprecedented results thanks to the exceptional performance of ElecLink and the solid results of Eurotunnel and Europorte in difficult markets. These results confirm the Group's strategic choices to offer attractive, simple and low-carbon services to its customers.
In 2024, Getlink will continue to strengthen its operational excellence and agility to increase its competitive advantages, particularly on smart borders. On 6 May 2024, the Channel tunnel will celebrate its 30th anniversary. Green, augmented and digitalised, it is the key to decarbonising cross-Channel trade. Recent announcements by new operators wishing to launch high-speed passenger train services between London and continental Europe attest to its growth potential.
Jacques Gounon Chairman
Yann Leriche Chief Executive Officer
KEY FIGURES
An outstanding performance in 2023
€1.829Bn | €638M |
CONSOLIDATED REVENUE | FREE CASH FLOW |
(+14%) | generated in 2023 |
€979M | €326M |
CONSOLIDATED EBITDA | NET CONSOLIDATED PROFIT |
(+11%) |
DIVIDEND
proposed €0.55 per share
(+10%) in 2024
EBITDA target between
€780M and €830M
(at an exchange rate of £1=€1.15 and based on the current scope of consolidation)
GOVERNANCE
Responsible governance*
42%
WOMEN
ON THE BOARD
BOARD OF DIRECTORS
Mark Cornwall
Jacques Gounon
Chairman
Staff representative Director
Jean-Marc Janaillac
Independent Director
Jean Mouton
Non independent Director
Benoît de Ruffray
Non independent Director
INDEPENDENT BOARD MEMBERS
50%
1 | |
ENVIRONMENT & CLIMATE | |
LEAD DIRECTOR | |
Bertrand Badré | |
Independent Director | |
Elisabetta De Bernardi di Valsera | Sharon Flood |
Non independent Director | Independent Director |
Marie Lemarié | Yann Leriche |
Non independent Director | Non independent Director |
Brune Poirson | Peter Ricketts |
Independent Director | Independent Director |
Stéphane Sauvage | Philippe Vanderbec |
Staff representative Director | Staff representative Director |
Independent Director
1
SENIOR INDEPENDENT
DIRECTOR
Corinne Bach
7
BOARD MEETINGS
IN 2023
97.5%
BOARD ATTENDANCE
RATE IN 2023
The Board of Directors is organised, as of 28 February 2024, into 4 committees with complementary expertise:
Sharon Flood 97%
Safety and Security Committee
*as at 28 February 2024
Getlink's climate performance
GREENHOUSE GAS REDUCTION TRAJECTORY - SCOPES 1 & 2 2019-2030
- 23.5%-30%-54%
IN 2023 V 2019
2025 TARGET
2030 TARGET
IN LINE WITH THE
SBTi CERTIFIED TRAJECTORY
70,000 60,000 50,000 40,000 30,000 20,000 10,000
57,372
54,633
51,361
49,038
43,901
40,161
26,391
tCo2eq
2019
2020
2021
2022
2023
2025
2030
93%
REVENUE ALIGNED WITH THE EUROPEAN TAXONOMY
83%
LOW-CARBON ELECTRICITY CONSUMED BY THE GROUP
5%
BIOFUEL IN EUROPORTE
TRAFFIC
2023 societal indicators
50%
WOMEN
50%
MEN
€1.3M
SPENT IN THE SHELTERED EMPLOYMENT SECTOR
CONTENTS
PRESENTATION OF THE GROUP AND ITS
1.1 The Group's profile, strategy and objectives 4
1.2 Eurotunnel activities 13
1.3 Europorte activities 29
1.4 ElecLink activities 32
1.5 Major investments 33
RESULTS AND OUTLOOK 37
2.1 Analysis of consolidated financial results 38
2.2 Annual financial statements 48
2.3 Outlook, objectives, recent and post-balance sheet
events 123
2.4 Other financial information 125
RISKS AND CONTROL 129
3.1 Risk factors 130
3.2 Legal and arbitration proceedings 143
3.3 Insurance and risk coverage 144
3.4 Internal control and risk management
arrangements 145
CORPORATE GOVERNANCE 155
4.1 Management of the Group 156
4.2 Composition and functioning of the Board of
Directors 163
4.3 Statutory auditors' report on regulated
agreements 211
4.4 Shareholder communications and
investor relations 212
BOARD AND SENIOR MANAGEMENT
REMUNERATION 215
5.1 Chief Executive Officer, Chairman and Board remuneration 216
5.2 Summary tables of remuneration paid or awarded to the Chairman and the chief executive officer in respect of the 2023 financial year 233
5.3 Share option plans/allocations of preference
shares: past allocations to executive officers 238
5.4 Senior management remuneration 239
NON-FINANCIAL PERFORMANCE 241
6.1 Non-Financial Performance Statement 242
6.2 Stakeholders and material challenges 243
6.3 Active governance for sustainable growth 246
6.4 Environmental protection 248
6.5 Social and societal 283
6.6 Governance 307
6.7 Methodology 312
6.8 GRI cross-reference table 323
6.9 Table of concordance with the TCFD 328
6.10 List of non-financial indicators 330
6.11 Report by the independent third party 338
SHARE CAPITAL AND OWNERSHIP 343
7.1 Share capital 344
7.2 Dividend distribution policy 346
7.3 Share buyback 347
7.4 Major shareholders 348
7.5 Travel privileges 351
ADDITIONAL INFORMATION 353
8.1 Regulatory framework 354
8.2 Material contracts 358
8.3 Constitutional document and Articles of
Association 367
8.4 Information on shareholdings 369
8.5 Statutory auditors 372
8.6 Responsible person 372
8.7 Information received from third parties,
statements of experts and interested parties 372
GLOSSARY 373 UNIVERSAL REGISTRATION DOCUMENT
CHECKLIST 377
TABLE OF CROSS-REFERENCES 380
All photographs are from the Group's photographic stock: photographers Jacky Lannoy, Yann Manac'h, Addy Kerry, Rémi Daugeron.
2023
UNIVERSAL REGISTRATION DOCUMENT *
This Universal Registration Document was filed on 19 March 2024 with the Autorité des marchés financiers (the French financial market regulator, or AMF), in its capacity as the competent authority under (EU) Regulation n° 2017/1129 without prior approval in accordance with article 9 of the said Regulation. The Universal Registration Document may be used for the purposes of an offer of financial securities to the public or the admission of financial securities to trading on a regulated market only when accompanied by a securities note and, when appropriate, a summary and the amendments made to the universal registration document. The documentation as a whole is approved by the AMF in accordance with (EU)°Regulation 2017/1129.
This Universal Registration Document is a reproduction in PDF format of the official version of the Universal Registration Document prepared in XHTML format, filed with the AMF on 19 March 2024 and available on the websites of the AMF (www.amf-france.org) and Getlink SE(www.getlinkgroup.com). PDF version accessible to the visually impaired atwww.getlinkgroup.com
The term "Getlink SE" in this Universal Registration Document refers to the holding company which is governed by French law. The term "Group" refers to the economic grouping consisting of Getlink SE and all its subsidiaries.
Unless otherwise indicated, the information in this Universal Registration Document originates from sources within the Group. The internet source references, such as those mentioned in the footnotes, are not part of this Universal Registration Document.
Unless indicated otherwise, all the figures in this Universal Registration Document have been calculated by applying either the euro/sterling exchange rate on 31 December 2023 (£1=€1.151) for balance sheet items, or the average rate for 2023 (£1=€1.153) for elements of the income statement.
* This document (the "2023 Universal Registration Document") is a free English language translation of Getlink SE's "Document d'Enregistrement Universel 2023" filed with the AMF on 19 March 2024. In the event of any inconsistencies between this document and the original French document (which is available on the Group's website), the text of the French document shall be considered authoritative.
PRESENTATION OF THE GROUP AND ITS BUSINESSES
1.1 THE GROUP'S PROFILE, STRATEGY AND OBJECTIVES 4
1.1.1 Getlink today 4
1.1.2 Business model 5
1.1.3 Group strategy and objectives 7
1.1.4 Group structure 11
1.2 EUROTUNNEL ACTIVITIES 13
1.2.1 Eurotunnel's main markets 13
1.2.2 Eurotunnel's activities 16
1.2.3 Eurotunnel: capacity of the Fixed Link 26
1.2.4 Eurotunnel: reliability of the System 27
1.3 EUROPORTE ACTIVITIES 29
1.3.1 Europorte's main markets 29
1.3.2 Europorte's activities 29
1.4 ELECLINK ACTIVITIES 32
1.5 MAJOR INVESTMENTS 33
1.5.1 Major investments 33
1.5.2 Trademarks, patents and licences 35
GETLINK SE - 2023 UNIVERSAL REGISTRATION DOCUMENT - 3
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Getlink SE published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 17:57:07 UTC.