Eurotunnel results third quarter of 2007
Eurotunnel* revenue and traffic for the: Third quarter of 2007, First nine months of 2007
- Strong revenue growth in 3rd quarter of 2007: up 10% (pro forma) to €214.2 million;
- Pro forma revenue growth for the first nine months of 2007 up 8% to €587.3 million.
1 – Revenues
a) Third quarter revenues (July to September)
At €214.2 million, Eurotunnel’s total pro forma revenues for the third quarter of 2007 improved by 10% on a comparable basis (excluding the MUC) compared to the same period in 2006 , and in total are only slightly down (-2%) in spite of the loss of the guaranteed payments (MUC) from the Railways. This is due to the substantial increase in revenues from Shuttle Services but also in those from the Railways without the MUC.
- At €140.6 million, Shuttle Services revenues were 11% above the same period in 2006, due mainly to strong traffic growth from Truck and Car activities (up 12% and 5% respectively). In a buoyant summer market, strengthened by the Rugby World Cup, the growth in Truck traffic is due notably to the choices made by many transport professionals who preferred to use Eurotunnel’s fleet of sixteen dedicated Truck Shuttles.
- Excluding the €22.4 million (restated) MUC revenue for the third quarter of 2006, revenues from the Railways increased by 8% to €70.1 million. This growth was largely driven by the increase in Eurostar passenger numbers which were boosted during September by supporters travelling to the Rugby World Cup.
b) Revenues for the nine months to 30 September
For the first nine months of the year, up to the end of September 2007, Eurotunnel revenues increased to €587.3 million, an improvement of 8% compared to the same period in 2006, on a comparable basis.
- Shuttle Services revenues increased by 9% to €380.3 million for the period.
- At €197.1 million, Railways revenues were 7% above 2006 compared to the same period in 2006 excluding the €77.6 million (restated at a constant exchange rate) MUC revenue during that period.
- Other revenues were €1.1 million below 2006.
2 – Traffic
Eurotunnel’s Truck traffic continued to grow during the third quarter of 2007 in a buoyant market where regular customers recognise the competitive advantage that using Eurotunnel can add to their business through the speed, ease and reliability of its service. 343,919 trucks were carried during the quarter, an increase of 12% compared to the same period in 2006, bringing the year to date growth to 10%.
The 658,824 cars carried during the third quarter of 2007 represent an increase of 5% and bring the increase over the first nine months to 7% compared to the same period in 2006, although coach traffic decreased by 3% during the quarter, with 16,765 coaches, a year to date decrease of 2% at the end of September.
The signature of an agreement with the ADEME (French environmental agency), on 20 September 2007, reaffirms Eurotunnel’s already strong ecological credentials: the Tunnel is the most ecological means of crossing the Channel, and should attract even more customers with a shared interest in the protection of the environment.
With 2,230,360 Eurostar passengers travelling through the Tunnel during the third quarter of 2007, Eurostar has recorded growth similar to that achieved in the first half of the year. During the third quarter of 2007, the number of Eurostar passengers has grown by 4% compared to the same period in 2006 and by 4% over the first nine months of the year, compared to the same period in 2006.
Rail freight volumes using the Tunnel during the third quarter of 2007 remained disappointing with 278,612 tonnes carried, a decrease of 25% compared to the same period in 2006, bringing a year to date decline in tonnage of 18%.
Eurotunnel will announce in the coming weeks its new strategy for developing rail freight in the Tunnel.
Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel, declared, “A favourable climate in the third quarter has enabled us to consolidate Eurotunnel’s substantial and consistent growth since the start of the year. 2007 looks set to be an excellent year for Eurotunnel”.
* Groupe Eurotunnel announces its consolidated revenue for the third quarter of 2007 together with the cumulative combined revenue for the first nine months of 2007 for TNU SA and TNU PLC and their subsidiaries (TNU).
N.B. Since the completion at the end of June 2007 of the exchange tender offer launched by Groupe Eurotunnel SA, TNU has been a subsidiary of Groupe Eurotunnel SA.