Slide 1: Half-Year Results
HALF-YEAR RESULTS 23 JULY 2019 1 2019 H1 Results Getlink
Slide 2: Summary
GETLINK SUMMARY KEY FINANCIAL MESSAGES RESULTS 1 2 2 2019 H1 Results Getlink
Slide 3: Key Messages
1 KEY MESSAGES 3 2019 H1 Results Getlink
Slide 4: Good performance in a Brexit environment
KEY MESSAGES GOOD PERFORMANCE IN A BREXIT ENVIRONMENT Eurotunnel Europorte Net profit increase Dividend Pricing power Solid business “Strike adjusted” €193M distributed confirmed Growing revenue EBITDA up in H1 2019, up 20% Shuttle yield and profit +c.3.5% 4 2019 H1 Results Getlink
Slide 5: Proactive management of post Brexit traffic flows (1/3)
KEY MESSAGES PROACTIVE MANAGEMENT OF POST BREXIT TRAFFIC FLOWS (1/3) Agile border To preserve fluidity for trucks and passengers c.€15M Capex / €7M Opex budgeted in 2019 Trucks Investment in customs facilities, pit stop, IT systems, parking “export France” 5 2019 H1 Results Getlink
Slide 6: Proactive management of post Brexit traffic flows (2/3)
KEY MESSAGES PROACTIVE MANAGEMENT OF POST BREXIT TRAFFIC FLOWS (2/3) AB 123 CD CD 456 EF 6 2019 H1 Results Getlink
Slide 7: Proactive management of post Brexit traffic flows (3/3)
KEY MESSAGES PROACTIVE MANAGEMENT OF POST BREXIT TRAFFIC FLOWS (3/3) Passengers Investment in e-gates for coach passengers 7 2019 H1 Results Getlink
Slide 8: Traffic impacted by French customs strike & yellow vests
KEY MESSAGES TRAFFIC IMPACTED BY FRENCH CUSTOMS STRIKE & YELLOW VESTS Cost of French Customs’ strike: €10M Significant impact on passengers (Eurostar and Shuttle) and on truck traffic. Claim submitted Yellow vests Strong negative image of France for tourism 8 2019 H1 Results Getlink
Slide 9: Eurotunnel Shuttle: slight traffic decline due to Brexit environment
KEY MESSAGES EUROTUNNEL SHUTTLE: SLIGHT TRAFFIC DECLINE DUE TO BREXIT ENVIRONMENT 823 845 810 Truck traffic -4% TRUCK VOLUMES (k) Decline of manufacturing and car industry related traffic. Resilient perishable goods and e-commerce related traffic H1 2017 H1 2018 H1 2019 Car traffic -2% 1,138 1,163 1
Slide 10: Eurotunnel Shuttle: premium strategy paying off through pricing power
KEY MESSAGES EUROTUNNEL SHUTTLE: PREMIUM STRATEGY PAYING OFF THROUGH PRICING POWER Eurotunnel Shuttle services yield increase 2015-2019* Yield increase +c.3.5% in H1 2019 vs. Eurozone inflation* +1.4% (CPI) vs. UK inflation* +1.9% (CPI) 10 2019 H1 Results Getlink *At constant currency, Source: Eurot
Slide 11: Railway network: Amsterdam supporting growth
KEY MESSAGES RAILWAY NETWORK: AMSTERDAM SUPPORTING GROWTH Eurostar passengers 5,040 5,199 5,299 +2% EUROSTAR PASSENGERS (k) Amsterdam traffic growth more than offsets negative impact from French Customs’ strike H1 2017 H1 2018 H1 2019 Rail freight trains 1,043 1,060 1,166 +10% NUMBER OF Positive dev
Slide 12: Europorte: profitable growth
KEY MESSAGES EUROPORTE: PROFITABLE GROWTH Revenue +10% New traffic for Total and increase in petrochemical sector EBITDA +12% Focus on profitable growth 12 2019 H1 Results Getlink
Slide 13: ElecLink: looking for Safety Commission full clearance
KEY MESSAGES ELECLINK: LOOKING FOR SAFETY COMMISSION FULL CLEARANCE Converter station Helix for cable pulling INVESTMENT: €71M in H1 2019 and €524M to date Commissioning planned in 2020 13 2019 H1 Results Getlink
Slide 14: H1 2019 Financial Results
3 H1 2019 FINANCIAL RESULTS 14 2019 H1 Results Getlink
Slide 15: Eurotunnel in H1 2019: solid performance in a Brexit environment
EUROTUNNEL IN H1 2019 SOLID PERFORMANCE IN A BREXIT ENVIRONMENT Eurotunnel + Getlink P&L €M H1 2019 Change H1 2018* Stable Shuttle Services revenue, thanks to Revenue 457 +1% 452 an increase in yield for Passenger and Truck Shuttles Shuttle Services 297 - 297 Railway Network 153 +3% 148 €10M revenue
Slide 16: Europorte in H1 2019: growth in profitability
EUROPORTE IN H1 2019 GROWTH IN PROFITABILITY €M H1 2019 Change H1 2018 New contract Revenue 66 +10% 60 with Total Increased activity Operating costs -53 +10% -48 in petrochemical sector EBITDA 13 +12% 12 16 2019 H1 Results Getlink
Slide 17: Getlink SE: Net profit €41M, up 5%
GETLINK SE NET PROFIT: €41M, UP 5% In €M H1 2019 H1 2018* ∆% Revenue 523 512 +2% Operating costs -268 -252 +6% Consolidated EBITDA 255 260 -2% income statement EBIT 164 172 -5% Net finance costs -127 -136 Net consolidated profit 41 39 +5% 17 2019 H1 Results Getlink * Recalculated at H1 2019 exchange
Slide 18: Solid generation of free cash flow
GETLINK SE SOLID GENERATION OF FREE CASH FLOW In €M H1 2019 H1 2018* Operating CF 291 271 CAPEX (ex. ElecLink) -41 -31 Cash flow Debt service (and other financials) -121 -132 statement FCF 129 108 +€21M Capex ElecLink -60 -79 FCF after ElecLink 69 29 +€40M 18 2019 H1 Results Getlink * IFRS 16
Slide 19: £33M DfT settlement
GETLINK SE £33M DfT SETTLEMENT £33M settlement with DfT following our claim against their awarding of capacity contracts to the ferries £11M cash in in H1 2019. Remaining £22M in 2020/2021 No impact on P&L in 2019 New tender by the UK government Eurotunnel will participate 19 2019 H1 Results Getlink
Slide 20: Getlink: confidence in future growth despite short term uncertainty
GETLINK SE GETLINK: CONFIDENCE IN FUTURE GROWTH DESPITE SHORT TERM UNCERTAINTY Soft Brexit scenario (1) FINANCIAL OBJECTIVES 2022 HORIZON not applicable FOR 2019 + ELECLINK Brexit deal not reached in March 2019 EBITDA* EBITDA** No deal scenario (2) Scenario 1: €575M Scenario 2: €560M €735M+ retained
Slide 21: Contacts
CONTACTS Jean Baptiste Michael ROUSSILLE SCHULLER co-Head of IR Corporate Finance Director 00 33 1 40 98 04 81 co-Head of IR 00 44 1303 288 719 jean-baptiste.roussille@getlinkgroup.com michael.schuller@getlinkgroup.com 21 2019 H1 Results Getlink