Slide 1: Slide 1
Slide 2: Summary
SUMMARY
Slide 3: 2020 Highlight
2020 HIGHLIGHT.
Slide 4: Slide 4
Slide 5: Pandemic: safest way to cross the Channel for passengers
PANDEMIC: SAFEST WAY TO CROSS THE CHANNEL FOR PASSENGERS STAY IN CAR CONTACTLESS FASTEST MASSIVE CAR MARKET SHARE INCREASE +13 POINTS @ 70.1%
Slide 6: Le Shuttle Freight: new services to hauliers and drivers
LE SHUTTLE FREIGHT: NEW SERVICES TO HAULIERS & DRIVERS
Slide 7: ae ri) :00 (22) #Vita
ae ri) 00 :00 50 (22) #Vita
Slide 8: Getlink share price vs GPR Getlink Index
160 150 GPR Getlink Index 140 Getlink 130 120 110 100 90 80 70 60 30 Apr July Oct Jan Apr July Oct Jan Apr July Oct 18 Feb. 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021
Slide 9: Positive ns -€92M
-24%* -41%* Positive ns -€92M **
Slide 10: 2020 Highlights
2020 HIGHLIGHTS REVENUE PROTECTION Solid diversified customer base Pricing power Safest way to cross the Channel for passengers SHARP FOCUS ON CASH MANAGEMENT FCF positive thanks to tight control of Opex/Capex Good access to credit market Waiver on DSCR covenant for 2021 CONTINUED CSR EXCELLENCE Fur
Slide 11: Revenue protection: diversified customer base
REVENUE PROTECTION: DIVERSIFIED CUSTOMER BASE TRUCKS Solid traffic after H1 Covid impact Positive pricing Market share slight decline (-0.9pt at 39.5%) because of Covid issues Stockpiling in Q4 CARS First choice of transportation for passengers during the crisis Quick traffic recovery after first lo
Slide 12: Revenue protection: long-term shuttles yield increase
REVENUE PROTECTION: LONG-TERM SHUTTLES YIELD INCREASE EUROTUNNEL SHUTTLE SERVICES Yield increase 2015-2020 140 80 Trucks Quality of service 120 drives pricing power 2020: Brexit investments justifies ‘0 0% above average price increase oe Cars Superior service, yield management and commercial innovat
Slide 13: Sharp focus on cash management
SHARP FOCUS ON CASH MANAGEMENT +€31M* FCF SHIELD PLAN Opex**: €40M saved Productivity, external costs reduction and furlough Capex: €50M deferred/adapted to traffic Focus on safety, core maintenance, and Brexit related projects * After €54M scheduled debt repayment ** Adjusted for 2019 one-offs and
Slide 14: CSR: reinforced commitment to sustainable growth
CSR: REINFORCED COMMITMENT TO SUSTAINABLE GROWTH CORPORATE SOCIAL RESPONSIBILITY GOVERNANCE Diversity and independence —— 2020 —— Separation of the functions of Chairman and Chief Executive Officer CUSTOMER SERVICE Investment and commitment to customer satisfaction —— 2020 —— Superior service mainta
Slide 15: Covid-19 social management
COVID-19 SOCIAL MANAGEMENT STAFF Furlough & activité partielle Salary reductions on voluntary basis for top executive employees (c.30 directors) CEOs AND BOARD MEMBERS CEO fixed salaries reduction (Q2 J. Gounon & Q4 Y. Leriche) CEO LTI decreased 1/3 reduction of EBITDA related criteria Board members
Slide 16: Hauling the cable
HAULING THE CABLE of cable installed completed After the installation, an in-depth testing and commissioning phase will take place before commercial launch, scheduled for mid-2022
Slide 17: Europorte EBITDA
EBITDA (+€4M vs 2019) Agile organisation Last minute “ad-hoc” services actively managed Train cancellations due to Covid more than offset Furlough put in place in H1 to adapt to shutdown of industrial facilities
Slide 18: Financial Results
47 FINANCIAL am RESULTS
Slide 19: Eurotunnel in 2020: shuttle traffic
EUROTUNNEL IN 2020: SHUTTLE TRAFFIC (ky TRUCK 7000 TRUCK VOLUMES TRAFFIC 1500 -9% 1000 Strong demand for essential goods Recovery of industry-related traffic 500 after end of first lockdown Positive impact of stockpiling 0 in November and December 2018 2019 2020 (k) CAR 00 CAR VOLUMES amp TRAFFIC 10
Slide 20: Eurotunnel in 2020: railway network
EUROTUNNEL IN 2020: RAILWAY NETWORK (k) EUROSTAR tran0 PASSENGERS ‘0000 8000 6000 4000 “ Ea 0 2018 2019 2020 NUMBER OF 2500 RAIL FREIGHT TRAINS zoed) 1500 1736 1000 500 0 2018 2019 2020 As with airlines, very limited traffic since Q1 (-93% Apr.-Dec. 2020 vs 2019) Direct Amsterdam-London service laun
Slide 21: Eurotunnel in 2020: strong push on cost reduction
EUROTUNNEL IN 2020: STRONG PUSH ON COST REDUCTION... (€M) 450 -10% OPEX 430 (13) -€40M 410 . . AD cost reduction effort in 2020 3 Acceleration of productivity measures 390 Reduction of external costs (consultants, outsourcing, SG&A...) 370 Furlough and activité partielle 350 330 7 T T T OPEX Furloug
Slide 22: Eurotunnel in 2020: revenue and EBITDA
EUROTUNNEL IN 2020: REVENUE AND EBITDA Revenue protection thanks to solid truck traffic, yield increase, market share gains for Passenger and fixed element of Railway Usage Contract revenue EBITDA protected thanks to cost reduction programme EUROTUNNEL + GETLINK SEGMENT P&L €M 2020 2019” CHANGE Reve
Slide 23: Europorte in 2020: profitability improvement
EUROPORTE IN 2020: PROFITABILITY IMPROVEMENT EUROPORTE €M 2020 2019” CHANGE Revenue 123 126 -2% Operating costs (95) (102) 7% GROWING EBITDA EBITDA 28 24 (1) At 2020 exchange rate: £1 = €1.126
Slide 24: Getlink in 2020: consolidated P&L
GETLINK IN 2020: CONSOLIDATED P&L €M 2020 2019” A % 2020 vs 2019 Revenue 816 1,080 -24% Operating costs (488) (523) -7% Operating margin (EBITDA) 328 557 -41% Operating profit (EBIT) 134 405 -67% Net finance costs (255) (252) +2% Net consolidated result from continuing activities (121) 155 ns Net co
Slide 25: Getlink in 2020: positive free cash flow
GETLINK IN 2020: POSITIVE FREE CASH FLOW (eM) (35) FREE CASH FLOW mC “ (82) | | + €31M (after €54M scheduled debt 375 repayment) ro (262) DECREASE IN NET DEBT 3800 - €92M 3600 + + r r , T T Net fin. Cash flow Debt Investments Investments Dividends Fx rate, IFRS. Net fin. debt 2019 from op. service f
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Slide 27: Leading the present: focus on cash
LEADING THE PRESENT: FOCUS ON CASH CURRENT ENVIRONMENT: LOW VISIBILITY Vaccination campaign, lockdown and travel restrictions remain uncertain Brexit: border rules clarified, but impact of destocking and ongoing adaptation to new procedures + FURTHER COST SAVINGS AND CAPEX DEFERRAL: SHIELD PLAN 2021
Slide 28: Preparing the future: way forward
PREPARING THE FUTURE: WAY FORWARD - OUR PROGRAMME FOR LEADERSHIP CUSTOMER FOCUS & OPERATIONAL EXCELLENCE Smart border Lean management Digital transformation Continue to enhance yield (Next Generation Passenger pricing) Rolling stock and rail infrastructure renovation programmes SUSTAINABILITY COMMIT
Slide 29: Shareholder return remains a priority
In the absence of clear visibility on the future Shareholder return remains a priority decisions by the governments concerning the public health crisis and associated travel restrictions, the Group is postponing any Intention to resume dividend announcement regarding its 2021 financial (€0.05/share
Slide 30: Contact
® CONTACT JEAN BAPTISTE ROUSSILLE co-Head of IR 00 33 1 40 98 04 81 Jean-baptiste.roussille@getlinkgroup.com MICHAEL SCHULLER Corporate Finance Director co-Head of IR 00 44 1303 288 719 Michael.schuller@getlinkgroup.com
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Slide 32: Appendix
APPENDIX
Slide 33: Getlink in 2020: financial debt
GETLINK IN 2020: FINANCIAL DEBT FIXED INTEREST RATE LONG AVERAGE DURATION INFLATION-LINKED TRANCHES ALIGNED WITH RAILWAYS USAGE CONTRACT REVENUE CURRENCY MATCHING REVENUE AMORTISING REPAYMENT SCHEDULE FIRST CONTRACTUAL BULLET REPAYMENT IN 2025 €M 2020 Financial liabilities (4,990) Eurotunnel inflati