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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Groupe Euro. | LSE:GETS | London | Ordinary Share | FR0010533075 | ORD EUR0.4 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.835 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Groupe Eurotunnel (Paris:GET)
-- Revenues: further increase to EUR473 million (+14%) -- EBITDA improved to EUR205 million (+3%) -- Growth in trading profit to EUR129 million (+6%) -- Net profit of EUR5 million -- The cross-Channel Fixed Link:Revenues increased significantly to EUR370 million (+10%),
including an 18% increase in Shuttle revenuesTraffic growth:
Truck Shuttles (+20%), Passenger Shuttles (cars +4%, coaches
+6%)
Eurostar passengers travelling through the Tunnel (+3%)
-- Europorte : continued growth in revenues (+36%)
Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SA, stated,"This first half year has been very satisfactory: traffic has continued to grow in a highly competitive market due to a distinct service offering. The financial performance is sound, generating a very good level of cash-flow."
Key events in the first half of the year
-- Eurotunnel has prepared for the Olympic Games with the addition of
an extra half Shuttle, to transport passenger vehicles through the
Channel Tunnel. At the same time, the speed of the Passenger Shuttles
has been increased to 160 kph (normally 140kph), reducing the crossing
time to 30 minutes (normally 35 minutes). As part of its ongoing
partnership with Eurolines, coach transport provider for the Olympic
Games, the timetable has been intensified in order to enable high
levels of coaches to cross early in the morning, to ensure that
spectators can arrive in London in time for the morning sessions of
the Olympic events. Additional booths have been put into service to
speed up frontier controls and increase the flow of traffic. During
the Olympic Games significant peaks of traffic are expected between
the Continent and the UK.
-- Eurotunnel Le Shuttle broke new traffic records during the The
Queen's Diamond Jubilee celebrations, transporting for the first time
more than 10,000 passenger vehicles in 24 hours in one direction, from
Folkestone (Kent) to Coquelles (Pas-de-Calais). On Friday 1 June
10,380 cars and 128 coaches travelled to the continent by Shuttle. In
three days, Eurotunnel transported 26,000 passenger vehicles from
Folkestone to Coquelles.
-- The Eurotunnel Group opened CIFFCO (the Cote d'Opale International
Railway Training Centre) in order to share its railway expertise with
other players in the industry. This is the first training centre of
its kind, open to all European railway companies, infrastructure
managers and subcontractors to train railway technicians of all types
who work on the French and neighbouring networks.
-- In partnership with the French telecoms operators, Eurotunnel
announced another new service for its customers in March. A GSM-P
fibre optic transmission system for 2G and 3G mobile telephone
communications, which will enable Shuttle and high speed train
passengers to use their mobile telephones inside the Channel Tunnel.
-- On 11 June the Paris Commercial Court accepted Eurotunnel's
proposal to acquire the assets of SeaFrance, following its
liquidation. The Eurotunnel Group has purchased the ships Berlioz,
Rodin and Nord Pas-de-Calais for EUR65 million, in
order to lease them to an independent operating company, My Ferry
Link. With the transfer of ownership taking place on 2 July, the
residual payment of EUR58.5 million was made after 30 June.
-- On 19 July, Groupe Eurotunnel transferred dealing in its shares
from the London Stock Exchange to the NYSE Euronext London, to
increase liquidity and to give direct, simplified access to its many
European investors. This transfer gives the investor community a
European platform for trading Eurotunnel shares, with one order book
in euros across the whole market.
Fixed Link: Sustained performance
Eurotunnel continues to see strong progress in the performance of Passenger and Truck Shuttle services and Eurostar passenger numbers, despite the highly competitive market.
Although the truck market has increased by 3% in the first half year, it remains, nonetheless, 10% below the levels of 2008.
Europorte: New contracts
Europorte, the rail freight subsidiary of Groupe Eurotunnel SA, continues to grow strongly in its different areas of business:
- Infrastructure management: Europorte won a contract for the maintenance of the ports at Le Havre and Rouen which started in January 2012. Ports de Paris has chosen Europorte in partnership with Colas Rail to operate and maintain the railway infrastructure at its ports in Gennevilliers (92), Bonneuil-sur-marne (94) and Limay (78). Ports de Paris, which has 60km of railway infrastructure, is the largest inland port in France and the second largest in Europe.
- Railway operations: the major contract with the European transport and logistics leader, Gefco, is operating as planned with weekly services between Gevrey, Amberieu, Fos-sur-mer, Marseille, Toulouse and Bordeaux.
GBRf, the third largest rail freight operator in the UK, also continues to grow. It has won a two-year contract to transport more than a million tonnes of spoil from a subcontractor of Crossrail, the cross London tunnel.
Sound financial results
The figures for the first half year show an increase in EBITDA (+3% at a constant exchange rate). Operating costs for the Group have increased by EUR45 million (20%) over the same period, reflecting the increase of Europorte's activity and the increase in Shuttle traffic.
At EUR126 million for the first half of 2012, the net cost of finance and debt service has decreased by EUR9 million compared to the first half of 2011 at a constant exchange rate, due to the reduction in the rate of inflation and its impact on the nominal value of the index-linked tranche of the debt.
For the first six months of 2012, free cash flow was EUR45 million. Over the same period in 2011, after having received EUR66 million in insurance indemnities, the cash flow was EUR16 million higher at EUR61 million. Available cash flow at the end of June was EUR267 million, compared to EUR276 at 31 December 2011), after the purchase of floating rate notes, share buybacks and the continuing programme of capital expenditure.
Finally, the consolidated net profit is stable at EUR5 million for the first six months of 2012, recalculated at a constant exchange rate. On a comparable basis, excluding the EUR29 million of insurance indemnities accounted for in 2011, the net profit has increased by EUR29 million.
Appendix 1: Traffic and revenue figures for the first half of 2012
Appendix 2: Half-Yearly Financial Report at 30 June 2012
APPENDIX 1: TABLES SHOWING REVENUE AND TRAFFIC FOR THE FIRST HALF OF 2012
REVENUE
First half (January - June)
1st half 1st half 1st half EUR million 2012 2011 % 2011 restated* change published** Shuttle Services 223.3 189.7 +18% 181.8 Railway network 140.8 142.2 -1% 136.7 Other revenues 5.6 5.5 +1% 5.3 Sub-total Fixed Link 369.7 337.4 +10% 323.8 Europorte 103.2 75.7 +36% 72.4 Revenue 472.9 413.1 +14% 396.2
*Average exchange rate for the first half of 2012: GBP1=EUR1.22
**Average exchange rate for the first half of 2011: GBP1=EUR1.119
Reminder: first quarter (January - March)
1st quarter 1st quarter 1st quarter EUR million 2012 2011 % 2011 restated* change published** Shuttle Services 101.7 83.9 +21% 81.7 Railway network 67.5 61.5 +10% 59.9 Other revenues 2.3 2.0 +18% 1.9 Sub-total Fixed Link 171.5 147.4 +16% 143.5 Europorte 51.0 36.8 +38% 35.7 Revenue 222.5 184.2 +21% 179.2
*Average exchange rate for the first quarter of 2012: GBP1=EUR1.199
**Average exchange rate for the first quarter of 2011: GBP1=EUR1.132
Second quarter (April - June)
2nd quarter 2nd quarter 2nd quarter EUR million 2012 2011 % 2011 restated* change published** Shuttle Services 121.6 105.8 +15% 100.2 Railway network 73.4 80.6 -9% 76.7 Other revenues 3.2 3.6 -9% 3.4 Sub-total Fixed Link 198.2 190.0 +4% 180.3 Europorte 52.2 38.9 +34% 36.6 Revenue 250.4 228.9 +9% 216.9
*Average exchange rate for the first half of 2012: GBP1=EUR1.22
**Average exchange rate for the first half of 2011: GBP1=EUR1.119
TRAFFIC
First half
1st half 1st half % 2012 2011 change Truck Shuttles 731,101 608,632 +20% Passenger Shuttles Cars* 1,048,719 1,006,405 +4% Coaches 30,059 28,420 +6% Eurostar** Passengers 4,842,280 4,706,253 +3% Rail freight*** Tonnes 609,555 709,861 -14% Trains 1,154 1,276 -10%
Reminder: 1st quarter
1st quarter 1st quarter % 2012 2011 change Truck Shuttles 364,724 301,074 +21% Passenger Shuttles Cars* 427,739 399,869 +7% Coaches 10,615 9,544 +11% Eurostar** Passengers 2,235,083 2,152,369 +4% Rail freight*** Tonnes 313,056 305,789 +2% Trains 589 589 -
Second quarter
2nd quarter 2nd quarter % 2012 2011 change Truck Shuttles 366,377 307,558 +19% Passenger Shuttles Cars* 620,980 606,536 +2% Coaches 19,444 18,876 +3% Eurostar** Passengers 2,607,197 2,553,884 +2% Rail freight*** Tonnes 296,499 404,072 -27% Trains 565 687 -18%
*Including motorcycles, vehicles with trailers, caravans and motor homes.
**Only passengers using Eurostar to cross the Channel are included in this table, thus excluding journeys between Paris-Calais and Brussels-Lille.
***Rail freight services by trains operators (DB Schenker on behalf of BRB, SNCF and its subsidiaries, and Europorte) using the Tunnel.
1 All comparisons with the results for the first half of 2011 are made at the constant exchange rate for the first half of 2012 of GBP1= EUR1.22.
www.eurotunnelgroup.com
GROUPE EUROTUNNEL SAHALF-YEARLY FINANCIAL REPORT*FOR THE SIX MONTHS TO 30 JUNE 2012
*English translation of GET SA's 2012 "rapport financier semestriel" for information purposes only.
Contents HALF-YEARLY ACTIVITY REPORT AT 30 JUNE 2012 1 Summary 1 Analysis of the result 1 Revenues 2 Analysis of cash flows 4 Other financial indicators 5 Outlook 6 SUMMARY CONSOLIDATED HALF-YEARLY FINANCIAL 7 STATEMENTS AT 30 JUNE 2012 Consolidated income statement 7 Consolidated statement of comprehensive income 7 Consolidated balance sheet 8 Consolidated statement of changes in equity 9 Consolidated statement of cash flows 10 Notes to the summary financial statements 11 1 Important events 11 2 Basis of preparation and significant accounting policies 11 3 Segment reporting 12 4 Other operating income and (expenses) 12 5 Gross cost of servicing debt 13 6 Other financial income and (charges) 13 7 Earnings per share 14 8 Property, plant and equipment 14 9 Other financial assets 14 10 Share capital 15 11 Changes in equity 16 12 Financial liabilities 16 13 Litigation for which no provision has been made 17 14 Provisions 17 15 Related party transactions 17 16 Post balance sheet events 17 DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEARLY 18 FINANCIAL REPORT AT 30 JUNE 2012 STATUTORY AUDITORS' REPORT ON THE 2012 19 HALF-YEARLY FINANCIAL INFORMATION
GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30 JUNE 2012
Half-yearly activity report
HALF-YEARLY ACTIVITY REPORT AT 30 JUNE 2012
For a better comparison between the two periods, Groupe Eurotunnel SA's consolidated income statement for the first half of 2011 presented in this half-yearly activity report has been recalculated at the exchange rate used for the 2012 half-yearly income statement of GBP1=EUR1.22.
Summary
The Eurotunnel Group achieved a strong performance during the first half of 2012. Consolidated revenues for the first half of 2012 totalled EUR473 million, an increase of EUR60 million (14%) compared to the first half of 2011. This increase reflects organic growth from the activities of the Fixed Link (EUR33 million) and Europorte (EUR27 million). Operating costs increased by EUR45 million, EUR28 million of which resulted from increased Europorte activity. In the first half of 2011, the Group accounted for non-recurrent income totalling EUR29 million in respect of insurance indemnities following the 2008 fire, of which EUR9 million in other income related to operating losses and EUR20 million in other operating income related to rolling stock damage. Excluding the effect of these items, the operating margin improved by 8% to EUR205 million and the operating profit improved by EUR14 million to EUR129 million.
The net cost of financing and debt service amounted to EUR126 million, the reduction of EUR9 million (7%) reflecting the effect of the decrease in inflation rates on the index-linked tranche of the debt.
With a profit of EUR5 million, the Eurotunnel Group SA's consolidated net result for the first six months of 2012 was at the same level as in the first half of 2011 (restated at a constant exchange rate). On an equivalent basis excluding the insurance indemnities accounted for in 2011, the net result improved by EUR29 million.
The free cash flow generated in the first half of 2012 amounted to EUR45 million, compared to EUR61 million in the first half of 2011 which included receipts of EUR66 million relating to insurance indemnities. At 30 June 2012, the Group's held balances of cash or cash equivalents of EUR267 million (EUR276 million at 31 December 2011) after EUR61 million of capital expenditure (including a deposit of EUR6.5 million paid for the acquisition of the SeaFrance group's assets), the payment of dividends of EUR44 million, EUR18 million paid for the acquisition of floating rate notes and EUR11 million spent on the share buy back programme.
On 2 July 2012, the Eurotunnel Group paid the remaining balance of EUR58.5 million for the acquisition of the SeaFrance group's assets.
Analysis of the result
30 June 2012 30 June 2011 30 June 2011 EUR million restated* % Exchange rate EUR/GBP 1.220 1.220 change 1.119 Shuttle services 223 190 +18% 182 Railway network 141 141 = 137 Other revenue 6 6 = 5 Sub-total Fixed Link 370 337 +10% 324 Europorte 103 76 +36% 72 Revenue 473 413 +14% 396 Other income - 9 9 Total turnover 473 422 +12% 405 External operating (160) (133) +19% (129) expenses Employee benefit (108) (90) +20% (87) expense Operating margin 205 199 +3% 189 (EBITDA) Depreciation (76) (77) (77) Trading profit 129 122 +6% 112 Net other operating - 22 23 income Operating profit (EBIT) 129 144 135 Income from cash and 2 2 1 cash equivalents Gross cost of servicing (128) (137) (130) debt Net cost of financing (126) (135) -7% (129) and debt service Other net financial 2 (4) (4) income/(charges) and income tax expense Net result: profit 5 5 2 EBITDA**/ revenue 43% 46% -3pts
*Restated at the rate of exchange used for the 2012 half-year income statement (GBP1=EUR1.22).
** EBITDA less other income (EUR9 million in 2011).
Revenues
At EUR370 million, Fixed Link revenues for the first half of 2012 grew by 10% compared to the first half of 2011 at a constant exchange rate. Europorte's revenues increased by EUR27 million (36%) to EUR103 million.
Consolidated revenues for the first half of 2012 totalled EUR473 million, an increase of EUR60 million (14%) compared to the first half of 2011.
Shuttle services
TRAFFIC 1stquarter (January to March) 2ndquarter (April to June) 1sthalf (January to June) 2012 2011 % change 2012 2011 % change 2012 2011 % change Truck Shuttle: Trucks 364,724 301,074 +21% 366,377 307,558 +19% 731,101 608,632 +20% Passenger Shuttle: Cars(*) 427,739 399,869 +7% 620,980 606,536 +2% 1,048,719 1,006,405 +4% Coaches 10,615 9,544 +11% 19,444 18,876 +3% 30,059 28,420 +6%
*Including motorcycles, vehicles with trailers, caravans and motor homes.
At EUR223 million, Shuttle Services revenues increased by 18% compared to the first half of 2011.
Truck Shuttles
The Short Straits cross-Channel market for trucks continued to grow, with a growth estimated at 3% in the first half of 2012, but remains nevertheless approximately 10% below 2008 levels. However, compared to the first half of 2011 the number of trucks transported by Eurotunnel increased by 20% during the first half of 2012, and market share increased by approximately 6 points due in part to the cessation of SeaFrance's operations towards the end of 2011.
Passenger Shuttles
The Short Straits cross-Channel car market contracted by approximately 3% in the first half of 2012 compared to the same period in 2011. Despite this trend, Eurotunnel's car traffic continued to grow during the first half of 2012, with a 4% increase in the number of cars transported by the Shuttles due to a 3 point improvement in market share.
In a coach market that grew by approximately 3% in the first half of 2012, Eurotunnel increased its traffic by 6%.
Railway network
TRAFFIC 1st quarter (January to March) 2nd quarter (April to June) 1st half (January to June) 2012 2011 %change 2012 2011 %change 2012 2011 %change Eurostar passenger trains: Passengers* 2,235,083 2,152,369 +4% 2,607,197 2,553,884 +2% 4,842,280 4,706,253 +3% Rail freight trains**: Tonnes 313,056 305,789 +2% 296,499 404,072 -27% 609,555 709,861 -14% Trains 589 589 - 565 687 -18% 1,154 1,276 -10%
*Only passengers using Eurostar to cross the Channel are included in this table, thus excluding journeys between Paris-Calais and Brussels-Lille.
**Rail freight services by trains operators (DB Schenker on behalf of BRB, SNCF and its subsidiaries, and Europorte) using the Tunnel.
The Eurotunnel Group's revenues arising from the use of the Tunnel's railway network by Eurostar passenger trains and the freight train services of the rail companies during the first half of 2012 amounted to EUR141 million, a level comparable to that of the first half of 2011.
The number of Eurostar passengers travelling through the Tunnel increased by 3% during the first half. The 10% decrease in the number of rail freight trains using the Tunnel in the first half of 2012 to 1,154 is the combined result of the impact of the short-term transportation of the steel during the first half of 2011 and the introduction of the extra toll imposed by Réseau Ferré de France at Frethun on each operator passing through the Tunnel which has slowed the momentum in growth of rail freight traffic.
Europorte
At EUR103 million, Europorte's revenue for the first half of 2012 increased by EUR27 million compared to the same period in 2011, driven by the start-up of new contracts and increased activity in existing contracts for GBRf in the UK and for Europorte France.
Total turnover
No other income was accounted for in the first half of 2012. An income of EUR9 million was accounted for in the first half of 2011 following the payments received from insurers relating to operating losses following the fire in 2008.
Operating margin (EBITDA)
The Group's operating costs increased by EUR45 million (20%) for the first half of 2012.
This increase was mainly due to the growth in Europorte's activity following the start of new contracts, with an increase in staff costs of EUR9 million (32%) and an increase in other costs of EUR19 million (40%).
Operating costs of the Fixed Link increased by EUR17 million reflecting the increased levels of activity of the Shuttle Services in the first six months of 2012.
At EUR205 million, the Group's operating margin for the first half of 2012 improved by EUR6 million (3%) compared to the first half of 2011. Excluding the insurance indemnities accounted for in 2011, the operating margin improved by 8%. Of the Group's operating margin of EUR205 million, a profit of EUR207 million is attributable to the Fixed Link and a loss of EUR2 million is attributable to Europorte.
Operating profit (EBIT)
Depreciation for the first half of 2012 remained stable.
The operating profit for the first half of 2012 was EUR129 million compared to EUR144 million for the first half of 2011, a decrease of EUR15 million. Excluding the insurance indemnities accounted for in 2011, the operating result improved by EUR14 million.
Net cost of financing and debt service
At EUR128 million for the first half of 2012, the gross cost of servicing debt reduced by EUR9 million compared to the first half of 2011 at a constant exchange rate, mainly as a result of lower British inflation rates (estimated at 3% for 2012 at 30 June 2012 compared to 5% for 2011 at 30 June 2011) and its effect on the nominal value of the of the index-linked tranche of the debt.
Net result
Other net financial income and charges in the first half of 2012 included an income of EUR2 million relating to interest on the floating rate notes acquired by the Group at the end of 2011 and in the first half of 2012.
With a profit of EUR5 million, the Eurotunnel Group's consolidated net result for the first six months of 2012 was at the same level as in the first half of 2011 (restated at a constant exchange rate). On an equivalent basis excluding the insurance indemnities accounted for in 2011, the net result improved by EUR29 million.
Analysis of cash flows
EUR million 30 June 2012 30 June 2011 Exchange rate EUR/GBP 1.239 1.108 Net cash inflow from trading 198 195 Other operating cash flows and taxation 4 (1) Net cash inflow from operating activities 202 194 Net cash outflow from investing activities (61) (33) Net cash outflow from financing activities (156) (121) (Decrease)/increase in cash (15) 40
In total, the net cash outflow for the first half of 2012 was EUR15 million, compared to a net cash inflow of EUR40 million for the same period in 2011 which included receipts of EUR66 million relating to insurance indemnities relating to the fire in 2008.
At EUR202 million, net cash inflow from operating activities increased by EUR8 million in 2012 compared to 2011. Excluding the effect of the insurance indemnities relating to operating losses received in the first half of 2011 (EUR46 million), net cash inflow from operating activities increased by EUR54 million, principally as a result of a EUR42 million increase in receipts from Fixed Link revenues mainly from Shuttle Services. Operating expenditure for the Fixed Link and net cash flows for the Europorte companies remained stable.
At EUR61 million, net cash outflow from investing activities increased by EUR28 million compared to 2011. Excluding the effect of the insurance indemnities relating to rolling stock received in the first half of 2011 (EUR20 million), net cash outflow from investing activities increased by EUR8 million. During the first half of 2012, cash flow from investing activities comprised:
-- EUR29 million relating to the Fixed Link (EUR30 million in the first half
of 2011) of which EUR11 million was spent on the renovation and upgrade
of power of locomotives and EUR6 million on the project to install the
GSM-R (digital radio communication system),
-- EUR24 million for Europorte (EUR23 million in the first half of 2011),
mainly for the acquisition of new locomotives as part of Europorte's
development plan, and
-- a deposit of EUR6.5 million paid in respect of the acquisition of assets
from the SeaFrance group (total offer of EUR65 million); the balance
(EUR58.5 million) was paid on 2 July 2012.
Net cash outflows from financing activities in the first half of 2012 amounted to EUR156 million compared to EUR121 million in the first half of 2011. During the first half of 2012, cash flow from investing financing comprised:
-- EUR108 million of interest paid on the term loan and associated hedging
transactions (EUR102 million in the first half of 2011),
-- EUR18 million paid for the acquisition of floating rate notes, -- EUR11 million paid under the share buy back programme, -- EUR44 million paid in dividends (EUR21 million 2011), -- EUR3 million received in respect of the exercise of the 2007 Warrants,
and
-- EUR18 million received following the partial refinancing of the
locomotives purchased by Europorte in 2011 and 2012.
Debt service cover ratio
Under the terms of the term loan, Groupe Eurotunnel SA is required to meet certain financial covenants as described in paragraph 10.6 of the 2011 Registration Document.
At 30 June 2012, the debt service cover ratio (net operating cash flow less capital expenditure compared to net financial expenses on a rolling 12 month period) and the synthetic debt service cover ratio (calculated on the same basis but taking into account a hypothetical amortisation on the Term Loan) were 1.74 and 1.53 respectively. Thus the financial covenants for the period were respected.
Other financial indicators
Free cash flow
The free cash flow as defined by the Group in paragraph 10.8 of the 2011 Registration Document, is the net cash flow from operating activities less net cash flow from investing activities (excluding investment in subsidiary undertakings) and net cash flow from financing activities relating to the service of the debt (term loan and hedging instruments) plus interest received (on cash and cash equivalents and other financial assets). For the first six months of 2012, free cash flow amounted to EUR45 million compared to EUR61 million for the same period in 2011, a decrease of EUR16 million mainly due to the absence of non-recurrent receipts relating to insurance indemnities received in 2011 (EUR66 million).
30 June 30 June 31 December EUR'000 2012 2011 2011 Exchange rate EUR/GBP 1.239 1.108 1.197 Net cash inflow from operating activities 201,947 194,397 415,983 Net cash outflow from (60,660) (33,183) (77,377) investing activities Investment in subsidiary undertakings 569 - - Deposit for the purchase of assets 6,500 - - of the SeaFrance group Interest paid on the term loan (84,242) (76,476) (161,525) Interest paid on hedging instruments (23,424) (25,140) (49,063) Interest received on cash 1,926 1,199 3,421 and cash equivalents Interest received on other 2,238 17 698 financial assets Free cash flow 44,854 60,814 132,137
Long-term debt to asset ratio
The long-term debt to asset ratio as defined by the Group in paragraph 10.7 of the 2011 Registration Document, is the ratio between long-term financial liabilities less the value of the floating rate notes purchased as a percentage of tangible fixed assets. At 30 June 2012, the ratio remained stable at 57.4% compared to 31 December 2011 restated at the exchange rate used at 30 June 2012.
30 June 2012 31 December 2011 EUR'000 restated published Exchange rate EUR/GBP 1.239 1.239 1.197 Long-term financial A 3,947,178 3,939,095 3,871,622 liabilities Other financial assets: B 152,861 134,241 131,931 floating rate notes Long-term financial A-B=C 3,794,317 3,804,854 3,739,691 liabilities less other financial assets Tangible fixed assets: D 6,611,680 6,627,525 6,626,841 property, plant and equipment Long-term debt C/D 57.4% 57.4% 56.4% to asset ratio
*Concession fixed assets are converted using historic exchange rates.
Outlook
The main risks and uncertainties by which the Eurotunnel Group may be confronted in the remaining six months of the year have not evolved significantly compared to those identified in chapter 4 "Risk Factors" of the 2011 Registration Document filed with the Autorité des marchés financiers (the French financial markets authority) on 1 March 2012. The economic crisis, and in particular the crisis in public finances in some eurozone countries, make it difficult to assess the economic outlook.
During the first half of the year, the Group has to a certain extent benefited more from a pre-Olympic Games volume uplift, than from a transfer of ex-SeaFrance customers who, being more accustomed to the ferries, have mostly transferred towards the other operators. In this context, Eurotunnel has continued to successfully improve the visibility and the quality of its offer. Faced with increased competition on the cross-Channel market between Le Havre and Dunkirk, Eurotunnel remains confident that its offer, which is based on the quality of its service, remains clearly identifiable by its customers.
During the first half of 2012, the Europorte segment has experienced significant growth in revenues for its rail freight activities in France and the UK. During the second half, the Group plans to continue its development plan for this segment and, as part of this, Europorte continues to invest significantly in rolling stock and recruitment. These initiatives, together with an extensive review of its operating and administrative costs, should enable this segment to continue its progress towards breakeven.
On 2 July 2012, the Group acquired from the company in liquidation SeaFrance the three ships (the Berlioz, the Rodin and the Nord Pas-de-Calais) and entered into contracts with the cooperative company formed by ex-SeaFrance employees which will be responsible for their operation. This new activity should allow the Group to expand its offer on the cross-Channel market. The outlook for this activity in 2012 remains modest, but the structures and the organisation which will be put in place will create the basis for development in the future.
GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30 JUNE 2012
Summary consolidated half-yearly financial statements
SUMMARY CONSOLIDATED HALF-YEARLY FINANCIAL STATEMENTS AT 30 JUNE 2012
Consolidated income statement
30 June 30 June 31 December EUR'000 Note 2012 2011 2011 Revenue 3 472,929 396,175 844,839 Other income - 9,321 9,322 Total turnover 472,929 405,496 854,161 Operating expenses (159,398) (128,780) (266,496) Employee benefit expense (108,273) (87,358) (184,431) Depreciation (76,658) (77,206) (156,089) Trading profit 3 128,600 112,152 247,145 Other operating income 4 136 22,669 27,602 Other operating expenses 4 - (29) (2,796) Operating profit 128,736 134,792 271,951 Income from cash and 1,866 1,475 3,628 cash equivalents Gross cost of servicing debt 5 (127,603) (130,201) (267,466) Net cost of financing (125,737) (128,726) (263,838) and debt service Other financial income 6 12,752 6,625 16,840 Other financial charges 6 (10,212) (10,516) (13,185) Income tax expense (302) (291) (496) Result for the period 5,237 1,884 11,272 Result : Group share 5,237 1,884 11,272 Result : minority interest share - - - Profit per share (EUR) 7 0.01 N/S 0.02 Profit per share after 7 0.01 N/S 0.02 dilution (EUR)
Consolidated statement of comprehensive income
30 June 31 December EUR'000 Note 2012 2011 Foreign exchange translation differences (58,681) (49,028) Movement in fair value of hedging contracts 12 (112,565) (335,643) Total items recycled in the net result * (171,246) (384,671) Net loss recognised directly in equity (171,246) (384,671) Profit for the period - Group share 5,237 11,272 Total comprehensive income/(expense) (166,009) (373,399) - Group share Total comprehensive income/(expense) - - - minority interest share Total comprehensive income/(expense) (166,009) (373,399)
*Neither in the first half of 2012 nor in 2011 are there any elements of comprehensive income that cannot be recycled in the net result.
The notes form part of these financial statements.
Consolidated balance sheet
30 June 31 December EUR'000 Note 2012 2011 ASSETS Goodwill 17,564 16,965 Intangible assets 11,830 11,971 Total intangible assets 29,394 28,936 Concession property, plant and equipment 8 6,494,525 6,538,386 Other property, plant and equipment 8 117,155 88,455 Total property, plant and equipment 6,611,680 6,626,841 Non-current financial assets Investment in subsidiary undertakings 10 5 Other financial assets 9 155,272 133,467 Total non-current assets 6,796,356 6,789,249 Stock 2,906 2,258 Trade receivables 127,257 105,960 Other receivables 47,328 44,575 Other financial assets 130 135 Cash and cash equivalents 267,226 275,522 Total current assets 444,847 428,450 Total assets 7,241,203 7,217,699 EQUITY AND LIABILITIES Issued share capital 10 224,229 224,229 Share premium account 1,769,795 1,769,895 Other reserves 11 41,656 196,147 Profit for the period 5,237 11,272 Cumulative translation reserve 140,132 198,813 Total equity 2,181,049 2,400,356 Retirement benefit obligations 22,010 26,187 Financial liabilities 12 3,947,178 3,871,622 Interest rate derivatives 12 840,479 727,914 Total non-current liabilities 4,809,667 4,625,723 Provisions 14 1,527 2,343 Financial liabilities 12 36,359 5,127 Other financial liabilities 2 7 Trade payables 162,849 159,084 Other payables 49,750 25,059 Total current liabilities 250,487 191,620 Total equity and liabilities 7,241,203 7,217,699
The notes form part of these financial statements.
Consolidated statement of changes in equity
Other Issued Share equity Cumulative share premium Consolidated and similar Retained translation EUR'000 capital account reserves instruments earnings reserve Total 1 January 213,684 1,812,316 606,964 - (56,800) 244,248 2,820,412 2011 Transfer (56,800) 56,800 - to non-distributable reserves Payment of (20,938) (20,938) dividend Share issue (1,232) (1,232) costs Allocation 959 30 (989) - of loyalty shares for 2008 rights issue and adjustment of special reserve Conditional (404) (404) additional return on SDES Exercise 12,986 (4) 12,982 of 2007 Warrants Cancellation (3,400) (40,811) 44,211 - of treasury share Share based 2,170 2,170 payments Acquisition/sale (39,235) (39,235) of treasury shares Result 11,272 11,272 of the period Input (3,593) 3,593 - of conversion difference on partial redemption of loan with UK subsidiary Net profit (335,643) (49,028) (384,671) / (loss) recorded directly in equity At 224,229 1,769,895 196,147 - 11,272 198,813 2,400,356 31 December 2011 Transfer 11,272 (11,272) - to non-distributable reserves Payment of (44,105) (44,105) dividend (note 11) Share issue (100) (100) costs Share based * 2,050 2,050 payments Acquisition/sale (11,143) (11,143) of treasury shares Result 5,237 5,237 of the period Net (112,565) (58,681) (171,246) profit/(loss) recorded directly in equity 30 June 2012 224,229 1,769,795 41,656 - 5,237 140,132 2,181,049
*Of which EUR1,364,000 in respect of free shares (see note 10.3) and EUR686,000 in respect of share options.
The notes form part of these financial statements.
Consolidated statement of cash flows
*The adjustment relates to the restatement of elements of the income statement at the exchange rate ruling at the period end
30 June 30 June 31 December EUR'000 Note 2012 2011 2011 Result for the period: profit 5,237 1,884 11,272 Income tax expense 302 291 496 Other financial (income) (2,540) 3,891 (3,655) and expenses Net cost of financing 125,737 128,726 263,838 and debt service Other net operating income (136) (22,640) (24,806) Depreciation 76,658 77,206 156,089 Trading profit before 205,258 189,358 403,234 depreciation Exchange adjustment* 2,026 (1,047) 10,377 Increase in inventories (639) (634) (833) (Increase)/decrease in trade (16,679) 1,388 260 and other receivables Increase in trade and 8,411 6,460 4,781 other payables Net cash inflow from trading 198,377 195,525 417,819 Other net operating cash flows 3,742 (922) (1,630) Taxation (172) (206) (206) Net cash inflow from 201,947 194,397 415,983 operating activities Payments to acquire property, (61,563) (53,070) (97,503) plant and equipment Sale of property, plant 1,472 7 246 and equipment Investment in subsidiary (569) - - undertakings Receipt of compensation - 19,880 19,880 for rolling stock Net cash outflow from (60,660) (33,183) (77,377) investing activities Dividend paid (44,105) (20,938) (20,938) Share issue costs (460) (780) (1,167) Acquisition of floating (18,400) - (128,258) rate notes Draw down of bank loan 12 18,500 - - Payments relating to - (403) - equity operations Share buy back programme (11,477) - (39,217) Exercise of 2007 Warrants 2,932 - 9,892 Interest paid on Term Loan (84,242) (76,476) (161,525) Interest paid on hedging (23,424) (25,140) (49,063) instruments Interest received on cash 1,926 1,199 3,421 and cash equivalents Other interest received 2,238 17 698 Net proceeds from sale 332 1,001 (489) of treasury shares Net cash outflow from (156,180) (121,520) (386,646) financing activities Increase in cash in period (14,893) 39,694 (48,040)
Movements during the period
30 June 30 June 31 December EUR'000 2012 2011 2011 Cash and cash equivalents at 1 January 275,522 316,323 316,323 Increase in cash in the period (14,893) 39,694 (48,040) Increase in interest receivable (133) 245 214 in the period Effect of movement in exchange rate 6,730 (10,495) 7,025 Cash and cash equivalents 267,226 345,767 275,522 at the end of the period
The notes form part of these financial statements.
GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30 JUNE 2012
Summary consolidated half-yearly financial statements
Notes to the summary financial statements
Groupe Eurotunnel SA (GET SA) refers to the holding company governed by French law, whose registered office is at 3 rue La Boétie, 75008 Paris, France. GET SA is the consolidating entity of the Group and its shares are listed on Euronext Paris and the London Stock Exchange. The shares will be admitted to trading on NYSE Euronext London on 19 July 2012 and their listing on the London Stock Exchange will cease on 20 July 2012.
The term "Group" or "Eurotunnel Group" refers to Groupe Eurotunnel SA and all its subsidiaries.
The principal activities of the Group are the design, financing, construction and operation of the Fixed Link in accordance with the terms of the Concession, and rail freight activity. The Concession will expire in 2086.
1Important events
On 11 June 2012, the Paris Commercial Court decided to accept the offer made by the Eurotunnel Group for the acquisition of the assets of the SeaFrance group in liquidation which constitute mainly of the ships the Berlioz, the Rodin and the Nord Pas-de-Calais, for a total of EUR65 million. The transfer of ownership of these assets occurred on 2 July 2012 and as a consequence, these assets were not accounted for in Groupe Eurotunnel SA's financial statements at 30 June 2012 (see note 16 below for significant post balance sheet events).
2Basis of preparation and significant accounting policies
2.1Statement of compliance
The half-year summary consolidated financial statements have been prepared in accordance with IAS 34 and accordingly do not contain all the information necessary for complete annual financial statements and must be read in conjunction with Groupe Eurotunnel SA's consolidated financial statements for the year ended 31 December 2011.
The half-year summary consolidated financial statements for 2012 were drawn up by the board of directors on 20 July 2012.
2.2Scope of consolidation
The half-year summary consolidated financial statements for Groupe Eurotunnel SA and its subsidiaries are prepared as at 30 June. The basis of consolidation at 30 June 2012 is the same as that used for Groupe Eurotunnel SA's annual financial statements to 31 December 2011.
2.3Basis of preparation and presentation of the consolidated financial statements
The half-year summary consolidated financial statements have been prepared using the principles of currency conversion as defined in the 2011 annual financial statements.
The average and closing exchange rates used in the preparation of the 2012 and 2011 half-year accounts and the 2011 annual accounts are as follows:
EUR/GBP 30 June 2012 30 June 2011 31 December 2011 Closing rate 1.239 1.108 1.197 Average rate 1.220 1.119 1.148
2.4Principal accounting policies
The half-year summary consolidated financial statements have been prepared in accordance with IFRS. The accounting principles and bases of calculation used for these half-year summary consolidated financial statements are consistent in all significant aspects with those used for GET SA's 2011 annual consolidated financial statements, with the exception of the amendment to IAS 1 relating to the presentation of other comprehensive income (see the Consolidated statement of comprehensive income on page 7) which is compulsory for periods beginning on or after 1 July 2012 and which the Eurotunnel Group has decided to apply in advance at 30 June 2012.
The following amendment, published by the IASB and adopted by the European Union has not been applied in advance by the Eurotunnel Group:
-- the amendment to IAS19 "Employee Benefits".
The main texts published by the IASB but not yet in force (not adopted by the European Union) and which therefore have not been applied early by the Group are as follows:
-- IFRS 9 "Financial Instruments: Classification and measurement of
financial assets and liabilities".
-- IFRS 10 "Consolidated Financial Statements" which will replace IAS 27
"Consolidated and Separate Financial Statements" for the part related
to consolidated financial statements as well as the interpretation
SIC 12 "Consolidation - Special Purpose Entities".
-- IFRS 11 "Joint Arrangements" which will replace IAS 31 "Interests in
Joint Ventures" as well as the interpretation SIC 13 "Jointly
Controlled Entities - Non-monetary Contributions by Venturers".
-- IFRS 12 "Disclosure of Interests in Other Entities". -- IFRS 13 "Fair Value Measurement". -- Amendment to IAS 28 "Investments in Associates and Joint Ventures".
The analysis of the impacts of these standards on the financial statements of the Group is currently being studied, in particular those resulting from the revision of IAS 19 whose main consequence is the removal of the corridor method currently used by the Group leading to the correction of the provision and the opening equity for unrecognised actuarial differences.
3Segment reporting
The Group is structured around the following two activities which correspond to the internal information reviewed and used by the main operational decision makers (the Executive Committee):
-- the segment "Concession for the cross-Channel Fixed Link", and -- the segment "Europorte" which includes the activities of Europorte SAS
and its subsidiaries (Europorte Channel, Europorte France, Europorte
Proximité, Socorail, Eurosco and GBRf).
At 30 June 2012 At 30 June 2011 At 31 December 2011 EUR'000 Revenue Trading result Revenue Trading result Revenue Trading result Fixed Link 369,729 134,619 323,782 116,427 686,964 255,643 Europorte 103,200 (6,019) 72,392 (4,275) 157,875 (8,498) Total 472,929 128,600 396,175 112,152 844,839 247,145
4Other operating income and (expenses)
30 June 30 June 31 December EUR'000 2012 2011 2011 Net profit on disposal 44 19,890 19,333 or write-off of assets Other 92 2,779 8,269 Other operating income 136 22,669 27,602 Other - (29) (2,796) Other operating charges - (29) (2,796) Total 136 22,640 24,806
In 2011, the net profit on disposal or write-off of assets included EUR19.9 million relating to the final compensation for the rolling stock considered irreparable following the fire in September 2008 and written off during 2008 and 2009.
5Gross cost of servicing debt
30 June 30 June 31 December EUR'000 2012 2011 2011 Interest on loans before hedging 83,423 76,829 158,568 Adjustments relating to hedging instruments 23,536 25,069 48,193 Effective rate adjustment 470 414 878 Sub-total 107,429 102,312 207,639 Inflation indexation of the nominal 20,174 27,889 59,827 Total gross cost of servicing 127,603 130,201 267,466 debt after hedging
With effect from 28 June 2012, interest on loans before hedging includes the additional margin of 2% on the nominal value of tranches C1 and C2.
At the end of June, the inflation indexation of the nominal reflects the estimated effect of annual French and British inflation rates on the nominal amount of tranches A1 and A2 of the Term Loan as described in note U.1i of the annual consolidated financial statements at 31 December 2011.
6Other financial income and (charges)
30 June 30 June 31 December EUR'000 2012 2011 2011 Unrealised exchange gains* 8,431 5,767 13,769 Realised exchange gains 1,845 858 2,166 Interest received on floating rate notes 2,381 - 836 Other 95 - 69 Other financial income 12,752 6,625 16,840 Unrealised exchange losses* (9,083) (9,631) (12,060) Realised exchange losses (1,129) (885) (1,125) Other financial charges (10,212) (10,516) (13,185) Total 2,540 (3,891) 3,655
*Resulting from the re-evaluation of intra-group debtors and creditors. 30 June 2012: net loss of EUR652,000 (30 June 2011: net loss of EUR3,864,000, 31 December 2011: net gain of EUR1,709,000).
7Earnings per share
30 June 30 June 31 December 2012 2011 2011 Weighted average number: - of issued ordinary shares 560,572,129 531,602,705 535,886,473 - of treasury shares (9,226,383) (8,219,714) (6,531,074) Number of shares used 551,345,746 523,382,991 529,355,399 to calculate the result per share (A) - conversion of 2007 Warrants - 35,588,160 - - share options i - 125,591 54,658 - free shares ii 1,737,307 664,600 651,698 Potential number of ordinary 1,737,307 36,378,351 706,356 shares (B) Number of shares used 553,083,053 559,761,342 530,061,755 to calculate the diluted result per share (A+B) Profit (EUR'000) (C) 5,237 1,884 11,272 Profit per share (EUR) (C/A) 0.01 N/S 0.02 Profit per share after 0.01 N/S 0.02 dilution (EUR) (C/(A+B))
The calculations were made on the following bases:
(i) on the assumption of the exercise of the maximum number of options issued on 16 July 2010 and 21 July 2011 and remaining in issue at 30 June 2012 (when the average price of the share during the period exceeds the exercise price of options). The exercise of these options is conditional on attaining the targets described in note S of the consolidated financial statements at 31 December 2011; and
(ii) on the assumption of the acquisition of the maximum number of free shares issued to staff (see note 10.3 below).
8Property, plant and equipment
At 30 June 2012, the Eurotunnel Group has not identified any indication of impairment.
Intangible assets are mainly composed of the rolling stock owned by the subsidiaries of Europorte.
9Other financial assets
30 June 31 December EUR'000 2012 2011 Floating rate notes 152,861 131,931 Other 2,411 1,536 Total non-current 155,272 133,467 Accrued interest on floating rate notes 130 135 Other - - Total current 130 135
Other financial assets consist mainly of floating rate notes. As in 2011, during the first half of 2012, the Group acquired notes issued by Channel Link Enterprises Finance (CLEF), the structure that securitised the Group's debt in 2007. These purchases, carried out by way of private transactions for EUR18 million, related to floating rate notes with a nominal value of EUR20 million, representing an average discount of approximately 8%. These notes correspond to the securitisation of tranche C of the Group's debt and have the same characteristics in terms of maturity and interest as described in note P.2 of the consolidated financial statements to 31 December 2011.
The accounting value of the floating rate notes is made up as follows:
EUR'000 Notes in GBP Notes in EUR Total Nominal value 75,090 94,650 169,740 Discount (net of acquisition (7,264) (9,615) (16,879) costs) Accounting value 67,826 85,035 152,861 Maturity 20/06/2046 20/06/2041 -20/06/2050 -20/06/2050 Interest rate (*)Libor +3.25% (*)Euribor +3.25%
*1.25% prior to 28 June 2012.
10Share capital
10.1Share capital evolution
At 30 June 2012 and 31 December 2011, the issued share capital of GET SA amounted to EUR224,228,851.60 divided into 560,572,129 fully paid-up GET SA ordinary shares with a nominal value of EUR0.40 each.
10.2Treasury shares
Movements in the number of treasury shares during the period were as follows:
Share buyback Liquidity programme contract Total At 1 January 2012 8,827,660 337,399 9,165,059 Share buyback programme 1,867,709 - 1,867,709 Net purchase/(sale) under - (41,399) (41,399) liquidity contract At 30 June 2012 10,695,369 296,000 10,991,369
Treasury shares held as part of the share buy back programme renewed by the general meeting of shareholders and implemented by decision of the board of directors on 26 April 2012 are allocated, in particular, to cover share option plans and the grant of free shares, whose implementation was approved by the general meetings of shareholders in 2010 and 2011.
10.3Free shares
Following the approval by the general meeting of shareholders on 28 April 2011 of a plan to issue free shares, the board of directors of GET SA proceeded on 26 April 2012 to a second grant for a total of 1,102,360 GET SA ordinary shares (310 shares per employee) to all employees of GET SA and companies which are linked to it (with the exception of executive and corporate officers). The definitive acquisition of these shares by the employees is subject to them remaining in employment with the Group for a minimum period of 4 years.
Number of shares In issue at 1 January 2012 644,400 Granted during the year 1,102,360 Cancelled during the year (20,230) Exercised during the year - Expired during the year - In issue at 30 June 2012 1,726,530 Exercisable at 30 June 2012 -
The assumptions used to measure the fair value of the free shares were as follows:
Fair value of free shares and assumptions 2012 plan 2011 plan Fair value of free shares on grant date (EUR) 5.89 6.62 Share price on grant date (EUR) 6.26 7.232 Number of beneficiaries 3,556 3,302 Risk-free interest rate (based on government bonds) 1.05% 2.25%
A charge of EUR1,379,000 (at the exchange rate used to calculate the income statement) relating to the free shares was made in the half year accounts to 30 June 2012.
11Changes in equity
Dividend
On 26 April 2012, Groupe Eurotunnel SA's shareholders' general meeting approved the payment of a dividend relating to the financial year ended 31 December 2011, of 8 cents of a euro per share. This dividend was paid on 25 May 2012 for a total of EUR44.1 million.
12Financial liabilities
The movements in financial liabilities during the period were as follows:
31 December 31 December Interest, 2011 2011 Draw down Reclass- indexation 30 June EUR'000 published restated* of loan ification and fees 2012 Non-current financial liabilities Term 3,871,622 3,939 095 - (30,500) 20,896 3,929,491 loan Other - - 17,687 - - 17,687 loans Total 3,871,622 3,939 095 17,687 (30,500) 20,896 3,947,178 non-current financial liabilities Current financial liabilities Term - - - 30,500 - 30,500 Loan Accrued 5,127 5,214 - - (172) 5,042 interest on term loan Other - - 813 - 4 817 loans Total 5,127 5,214 813 30,500 (168) 36,359 current financial liabilities Total 3,876,749 3,944,309 18,500 - 20,728 3,983,537
*The financial liabilities at 31 December 2011 (calculated at the year end exchange rate of GBP1=EUR1.197) have been recalculated at the exchange rate at 30 June 2012 (GBP1=EUR1.239) in order to facilitate comparison.
"Other loans" in the table above represent a bank loan of EUR18.5 million taken out in June 2012 by Europorte SAS as part of the refinancing of the acquisition of certain locomotives by its subsidiaries. This loan carries a fixed rate of interest of 4.14% and is repayable over seven years.
The repayment of tranche B of the term loan will begin on 20 June 2013 (see notes U and V of the Group's consolidated financial statements at 31 December 2011) with a payment of EUR30.5 million.
At 30 June 2012, the Group has not identified any new factors that would modify the information relating to the fair value of the financial liabilities as described in note W.2 of the annual consolidated financial statements to 31 December 2011.
Interest rate exposure
The Eurotunnel Group has hedging contracts in place to cover its floating rate loans (tranches C1 and C2) in the form of swaps for the same duration and for the same value (EURIBOR against a fixed rate of 4.85% and LIBOR against a fixed rate of 5.2%). No premiums were paid to obtain these contracts. The nominal value of the swaps is EUR953 million and GBP350 million.
These derivatives generated a net charge of EUR23,536,000 during the first six months of 2012 which has been accounted for in the income statement (a net charge of EUR25,069,000 during the first six months of 2011).
These derivatives have been measured at their fair value on the balance sheet as follows:
Market value of hedging contracts *Changes in market value EUR'000 30 June 2012 31 December 2011 Contracts in euros Liability of 617 553 Liability of 516 568 (100 985) Contracts in sterling Liability of 222 926 Liability of 211 346 (11 580) Total Liability of 840 479 Liability of 727 914 (112 565)
*Recorded directly in equity.
13Litigation for which no provision has been made
The judgments of 2 August 2006, by which the Paris Commercial Court opened safeguard procedures in favour of TNU PLC, Eurotunnel Services Limited, EurotunnelPlus Limited, Eurotunnel Finance Limited and CTG, were subject to third-party opposition by certain Elliot companies. These third-party proceedings were rejected by the Paris Commercial Court in five judgments dated 15 January 2007. The appeal lodged by the Elliot companies in relation to this first series of decisions was rejected by five orders of the Paris Court of Appeal (Cour d'appel de Paris) delivered on 29 November 2007 (see paragraph 20.7.1 of the 2008 Reference Document). On 30 June 2009, the Supreme Court of Appeal (Cour de cassation) quashed the five orders of the Paris Court of Appeal in so far as they related to the admissibility of this appeal and referred the matter back to the Paris Court of Appeal.
On 26 June 2012, the Supreme Court of Appeal, within the limited scope of the appeal brought before it, rejected Elliott's claims and declared inadmissible the appeal on the ground of the alleged lack of knowledge of the legal basis on which the safeguard procedure was opened. The Paris Court of Appeal has confirmed its judgment of 15 January 2007 in respect of the following five companies: TNU PLC (now merged with GET SA), Eurotunnel Services Limited, EurotunnelPlus Limited, Eurotunnel Finance and CTG.
This procedure has not challenged the validity of the safeguard plan and its result is consistent with the assessment which had been made by the Group.
14Provisions
Charge to Release of 1 January income unspent Provisions 30 June EUR'000 2012 statement provisions utilised 2012 Restructuring 539 539 Other 1,804 37 (853) 988 Total 2,343 37 - (853) 1,527
15Related party transactions
15.1Eurotunnel Group subsidiaries
All Eurotunnel Group subsidiaries were fully consolidated at 30 June 2012.
15.2Other related parties
During the financial restructuring in 2007, the Eurotunnel Group concluded interest rate hedging contracts with financial institutions, in the form of swaps (see note 12 above). Goldman Sachs International was one of the counterparties to these hedging contracts, and at 30 June 2012 held 2.6% of the contracts, representing a charge of EUR0.6 million in the first half of 2012 and a liability of EUR22 million at 30 June 2012.
Two of Goldman Sachs's infrastructure funds (GS Global Infrastructure Partners I, L.P., and GS International Infrastructure Partners I, L.P., together known as GSIP) hold approximately 16% of GET SA's share capital at 30 June 2012 and 26% of voting rights.
16Post balance sheet events
On 2 July 2012, the Eurotunnel Group acquired the assets of the SeaFrance group for a total of EUR65 million. These assets consisted mainly of the ships the Berlioz, the Rodin and the Nord Pas-de-Calais.
GROUPE EUROTUNNEL SA: HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS TO 30 JUNE 2012
Declaration by the person responsible for the half-yearly financial report
DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2012
I declare that, to the best of my knowledge, these summary half-year consolidated financial statements have been prepared in accordance with applicable accounting standards and present fairly the assets, financial situation and results of Groupe Eurotunnel SA and of all the companies included in the consolidation, and that this half-yearly financial report presents fairly the important events of the first six months of the financial year, their effect on the summary half-year consolidated financial statements, the main transactions between related parties, and a description of the main risks and uncertainties for the remaining six months of the financial year.
Jacques Gounon,Chairman and Chief Executive Officer of Groupe Eurotunnel SA,20 July 2012
STATUTORY AUDITORS' REPORT ON THE 2012 HALF-YEARLY FINANCIAL INFORMATION
This is a free translation into English of the statutory auditors' report issued in the French language and is provided solely for the convenience of English speaking readers.
This report should be read in conjunction with, and is construed in accordance with, French Law and professional auditing standards applicable in France.
To the Shareholders,
Following our appointment as statutory auditors by your Annual General Meeting and in accordance with article L. 451-1-2 III of the French Monetary and Financial Law ("Code monétaire et financier"), we hereby report to you on:
-- the review of the accompanying condensed half-year consolidated
financial statements of Groupe Eurotunnel SA for the six-month period
ended 30 June 2012, as attached to the present report ;
-- the verification of the information contained in the half-year
management report.
These condensed half-year consolidated financial statements are the responsibility of the board of directors. Our role is to express a conclusion on these financial statements based on our review.
I. Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-year consolidated financial statements are not prepared in all material respects in accordance with IAS 34 - the standard of the IFRSs as adopted by the European Union applicable to interim financial information.
II. Specific verification
We have also verified the information given in the half-year management report on the condensed half-year consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-year consolidated financial statements.
The statutory auditors Paris La Défense, 20 July 2012 Courbevoie, 20 July 2012 KPMG Audit Mazars Department of KPMG S.A. Philippe Cherqui Jean-Marc Deslandes Partner Partner
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