Annual Results 1 2019 Annual Results of Getlink
GETLINK SUMMARY KEY FINANCIAL MESSAGES RESULTS OUTLOOK 1 2 3 2 2019 Annual Results of Getlink
1 KEY MESSAGES 3 2019 Annual Results of Getlink
2019 Key messages FOCUS ON SHAREHOLDER RETURN: SHARE PRICE OUTPERFORMANCE Getlink vs GPR Getlink index (1) (30 Apr. 2018 - 25 Feb. 2020) Market capitalisation 160 at 25 February 2020: 155 €9 Bn (top 50 of Paris stock market) 150 145 140 Share performance 135 (30/04/2018 - 25/02/2020): 130 +45% (vs +14% GPR Getlink index) 125 A unique play on green transport 120 115 110 105 Main shareholders: 100 Atlantia 15% (24% of voting rights), 95 TCI 12% (18% of voting rights), Eiffage 5% 90 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 GPR Getlink Index Getlink (1) Infrastructure index created for benchmark purpose by Getlink and GPR (Global Property Research) and monitored by GPR 4 2019 Annual Results of Getlink
2019 Key messages FOCUS ON SHAREHOLDER RETURN: COMMITMENT TO GROWING DIVIDENDS €0.41 2019 dividend as planned: €0.41 per share (1) , a 14% increase Robust long term commitment €0.36 T otal amount distributed including €0.30 share buy backs since 2008: €1.4bn €0.26 €0.22 2.5% dividend yield €0.18 comparing favourably to other French long- €0.15 term concession (AdP 2.5%), €0.12 and short-term concession groups €0.08 (Eiffage 2.9%, Vinci 3.5%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) To be submitted for approval at AGM in April 2020 5 2019 Annual Results of Getlink
2019 Key messages TURNING BREXIT INTO AN OPPORTUNITY (1/2) Brexit ready c.€35M spent in 2019 £33M DfT settlement Agile border Improve fluidity for trucks and passengers with new digital tools Enhancing the attractiveness of terminals with investment in customs facilities, pit stop, IT systems, parking “export France”, value added services (help with formalities…), e-gates for passengers… 6 2019 Annual Results of Getlink
2019 Key messages TURNING BREXIT INTO AN OPPORTUNITY (2/2) 7 2019 Annual Results of Getlink
2019 Key messages ELECLINK: SAFETY AUTHORITY TO MAKE ITS DECISION IN APRIL 2020 Converter station Helix for cable pulling CAPEX (1) : €141M in 2019 and €582M to date On budget – prospects unchanged Favourable opinion from independent experts Commissioning planned in H1 2021 (1) Cash investments 8 2019 Annual Results of Getlink
2019 Key messages STRENGTHENED COMMITMENT TO CSR PERFORMANCE Governance and robustness of operations Optimisation dynamics Customer service Environment Communities and Social Governance local development Investment and Continuous efforts Confirmed performance Separation commitment to customer to reduce impacts and increased employer of the functions Historic and sustainable satisfaction attractiveness of Chairman and Chief CO 2 emissions fall investment Executive Officer High satisfaction (87.7%) Group gender equality in local areas by more than 13% As of 1 st July 2020, charter Constructive dialogue Ambitious programmes: Waste recovery Yann Leriche is appointed with states, communities Simply Better and Smart Regular decrease in work- rate of 94.4% in France Chief Executive Officer and and regulators Loading related accidents 13% reduction in water Jacques Gounon becomes (frequency rate 3.1%) PAQTE partnership for consumption non-executive Chairman the development of priority of the Board Coastline Risk Prevention Plan neighbourhoods in Calais - Reconstruction House Presidency of the Sangatte dyke Digitalisation and Innovation 9 2019 Annual Results of Getlink
2019 Key messages A UNIQUE PLAY ON GREEN TRANSPORT Active in low-carbon mobility Getlink best prepared Getlink committed to fight company 12,000 Le Shuttle customers used Climate Change our charging stations in 2019 in transportation sector to Continuous reduction of CO 2 emissions Fleet of 43 electric vehicles face +2° Climate Change -13% greenhouse gas emissions Eco-driving of Shuttles and trains/New Europorte According to Net Environmental in 2019 vs 2018 DE18 locomotives: 20% energy saving Contribution 1.0 published in 2019 Europorte: trophy for eco- responsible transporter TKBlue in 2019 ElecLink will help in energy Green Flag to Samphire Hoe: Inclusion in the Low Carbon transition and to reduce taking action for biodiversity 100 Europe index since 2015 CO 2 emissions 40-hectare site reclaimed from the sea during Top listed companies which positively Intermittent by nature, renewable energies the digging of the Channel Tunnel and a nature contribute to fight against climate change not (wind, solar) require a multiplication of the reserve for many species of animals only through their own day-to-day exchanges and hugely diverse flora. Green Flags are performance, but also through of energy between the national networks awarded to well managed parks and green the products they sell of neighbouring countries in order spaces to guarantee reliability of energy supply 10 10 2019 Annual Results of Getlink
2 2019 FINANCIAL RESULTS 11 11 2019 Annual Results of Getlink
2019 Getlink Financial Results GOOD PERFORMANCE AGAINST A DIFFICULT BACKGROUND Stable Revenues (1) : EBITDA (1) : Growing: Net profit (1) (+20%) - Eurotunnel traffic very limited decline (-2%) thanks to strong Dividend (+14%) resilience and pricing cost control (despite power confirmed €18M impact of strikes) - Solid growth for Europorte (1) At 2019 exchange rate: £1 = €1.14 12 12 2019 Annual Results of Getlink
2019 Getlink Financial Results NET PROFIT UP 20% (1) In €M 2019 2018 Δ % 2019 vs 2018 Revenue 1,085 1,084 +0% Operating costs (525) (512) +3% Operating margin (EBITDA) 560 572 -2% Operating profit (EBIT) 409 396 +3% Net finance costs (253) (265) -5% Net consolidated profit from continuing activities 132 +20% 158 Net consolidated profit 159 132 +20% (1) Recalculated at 2019 exchange rate of £1 = €1.14 13 13 2019 Annual Results of Getlink
2019 Getlink Financial Results FREE CASH FLOW Free cash flow: €241M (o.w. €52M debt repayment) Cash flow from operations up 4,241 4,078 €25M 4200 (76) (187) (141) 3900 FCF (1) €241M 598 (105) 3600 (252) vs €252M in 2018 4165 3300 +€25M 3978 3837 Brexit: c.€30M spent 3732 vs 2018 3000 3480 3480 DfT settlement: £11M cash received in 2700 2019 with additional £22M to be received in 2020 & 2021 2400 Net fin. Cash flow Debt Investments Investments Dividends Forex Net fin. debt 2018 from op. service ElecLink & other debt 2019 (1) Excluding ElecLink 14 14 2019 Annual Results of Getlink
2019 Getlink Financial Results LONG-DATED FINANCING FOR THE GROUP (1) €550M In €M 2019 Green Fixed interest rate Getlink SE Bond due 2023 Financial liabilities (1) (4,998) Long average duration Term Loan Inflation-linked tranches aligned Eurotunnel inflation-linked Europorte ElecLink due 2019- (2) 232 with Railways Usage Contract revenue notes (G2) held by Getlink 2050 Currency matching revenue Cash 525 Eurotunnel Holding SAS Amortising repayment schedule Net financial debt (4,241) First contractual bullet repayment The Channel in 2023 France Tunnel Manche SA Group Ltd Average cost of debt (3) 3.8% (1) At £1 = €1.175 (2) Valued at €348M in the Group’s balance sheet (3) Cash interest/gross debt 15 15 2019 Annual Results of Getlink
2019 FINANCIAL RESULTS E UROTUNNEL 16 16 2019 Annual Results of Getlink
2019 Eurotunnel Financial Results SOLID PROFITS DESPITE IMPACT OF BREXIT AND FRENCH STRIKES 5 3 1 4 2 6 but Shuttle market Eurostar 3.0% yield Eurostar Solid profits: Cost hit by Brexit traffic and increase Amsterdam EBITDA +1% ex control service and strike : Europorte hit 150bp strike impact truck market -5% by strikes above commercial car market -6% inflation success * At 2019 exchange rate of £1 = €1.14 17 17 2019 Annual Results of Getlink
2019 Eurotunnel Financial Results SHUTTLES: LONG-TERM YIELD AND MARKET SHARE GAINS Truck Car Eurotunnel Shuttle services yield increase 2015-2019 Vital link Meeting customers for the modern expectations: speed, comfort, reliability, economy: e-commerce, 120 ease of use Yield increase just-in-time logistics, 115 +c.3.0% in 2019 115 fresh food… 2019: +3.0% 110 Strong performance +3.2% 2019: Eurozone inflation (1) for summer and Christmas +3.8% 105 +1.2% (CPI) Traffic impacted but impact of Brexit on Easter 100 +3.8% by Brexit uncertainty holidays, May & June 100 and French customs strike weekends and November UK inflation (1) 95 traffic +1.7% (CPI) Customers ready 90 to pay a premium Excess demand for a premium service on peak days promotes 85 315bp market share dynamic pricing 80 gain vs 2015 430bp market share 2015 2016 2017 2018 2019 2019 gain vs 2015 (1) Source: Eurostat, ONS 18 18 2019 Annual Results of Getlink
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