HALF-YEAR RESULTS 23 JULY 2020 1 2020 H1 Results Getlink GETLINK - - PowerPoint PPT Presentation

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HALF-YEAR RESULTS 23 JULY 2020 1 2020 H1 Results Getlink GETLINK - - PowerPoint PPT Presentation

Jun 11, 2023 32 likes •253 views

HALF-YEAR RESULTS 23 JULY 2020 1 2020 H1 Results Getlink GETLINK SEPARATION OF EXECUTIVE RESPONSIBILITIES ON 1ST JULY Governance structure adapted to support the development of the Group for the next decade Separation of the functions of

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SLIDE 1

HALF-YEAR RESULTS

23 JULY 2020

2020 H1 Results Getlink 1

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SLIDE 2

GETLINK

SEPARATION OF EXECUTIVE RESPONSIBILITIES ON 1ST JULY

2020 H1 Results Getlink 2

Jacques

GOUNON

Chairman

Yann

LERICHE

Chief Executive Officer

Governance structure adapted to support the development of the Group for the next decade

Separation of the functions of Chairman and CEO / new CEO / international, diversified and renewed Board of Directors

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SLIDE 3

SUMMARY

GETLINK

2020 H1 Results Getlink 3

KEY MESSAGES FINANCIAL RESULTS

1 2

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SLIDE 4

1

KEY MESSAGES

2020 H1 Results Getlink 4

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SLIDE 5

FUNDAMENTALS UNCHANGED DESPITE COVID-19

KEY MESSAGES

2020 H1 Results Getlink 5

Eurotunnel

Priority to safety, quality of service and wellbeing of staff and customers

Europorte

Solid business Still positive EBITDA

Strong liquidity maintained

€511M cash

Dividend

Confirmed commitment

CSR

Stakeholder mapping

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SLIDE 6

KEY MESSAGES

QUICK REACTION TO COVID-19 CRISIS

2020 H1 Results Getlink 6

https://youtu.be/kZdV_ymGpBM

Priority given to:

Safety along the value chain (staff, customers, subcontractors…) No disruption of traffic Flexibility to adjust offer to traffic demand

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SLIDE 7

KEY MESSAGES

HIGH STANDARD OF SERVICE MAINTAINED DURING COVID-19 CRISIS

2020 H1 Results Getlink 7

Continued operations with minimal impact on customers during lockdown

Truck Shuttle missions maintained: 78% in Q2 2020 (vs Q2 2019) vs ferries* 68% Eurostar* 9% airlines* 15% Committed staff Commercial flexibility

* source: Getlink, IRN, Eurocontrol

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SLIDE 8

KEY MESSAGES

8 2020 H1 Results Getlink

Safety & wellbeing

To protect staff, customers and subcontractors’ health Truck Shuttle Reduced load factor Extra minibuses for truck drivers Plexiglass panels installed in club cars Wellbeing for drivers: showers, food truck, laundry facilities… Passenger Shuttle Contactless service: customers asked to stay in their vehicles €2.3M extra costs

SAFETY AND WELLBEING OF STAFF AND CUSTOMERS

Committed staff Food truck & laundry facilities Plexiglass panels in club cars

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SLIDE 9

FOCUS ON LIMITING CASH OUTFLOW

KEY MESSAGES

9

Opex reduction

  • €16M

Reduced services: 41% of Q2 2019 missions for Passenger Shuttle and 78% for Truck Shuttle Activité partielle and furlough (savings of €9M) Capex: focus on core maintenance and safety-related projects

2020 H1 Results Getlink

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SLIDE 10

KEY MESSAGES

EUROTUNNEL SHUTTLE: RESILIENCE OF TRAFFIC

2020 H1 Results Getlink 10

Truck traffic -18%

Strong resilience of essential goods and recovery of industry-related traffic since lockdown easing

Car traffic -52%

Solid performance in January and February Record bookings since end of June

TRUCK VOLUMES (k) CAR VOLUMES (k)

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SLIDE 11

KEY MESSAGES

EUROTUNNEL SHUTTLE: YIELD POLICY UNCHANGED

2020 H1 Results Getlink 11

Eurotunnel Shuttle Services yield increase 2015-H1 2020*

  • vs. Eurozone inflation*

+0.7% (CPI)

  • vs. UK inflation*

+1.3% (CPI)

*At constant exchange rate, Source: Eurotunnel, ONS, Eurostat

Yield increase thanks to unchanged policy & positive impact of mix and late bookings +c.5.6% in H1 2020

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SLIDE 12

RAILWAY NETWORK: NO SURPRISE

KEY MESSAGES

2020 H1 Results Getlink 12

Eurostar passengers

  • 62%

As airlines, very limited traffic in Q2 (-98%) Eurostar Amsterdam-London treaty signed

Rail freight trains

  • 27%

EUROSTAR PASSENGERS (k) NUMBER OF RAIL FREIGHT TRAINS

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SLIDE 13

EUROPORTE: STILL POSITIVE EBITDA

KEY MESSAGES

2020 H1 Results Getlink 13

Revenue €58M EBITDA €10M

Activité partielle put in place to adapt to shutdown of industrial facilities

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SLIDE 14

ELECLINK: POSITIVE REPORT FROM EPSF* TO CONTINUE WITH INSTALLATION WORK

KEY MESSAGES

2020 H1 Results Getlink 14

Positive report from EPSF* to continue with installation work ICG meetings postponed because of Covid-19 Full commercial service now expected to start in 2022

Converter station Helix for cable pulling

* EPSF: Établissement public de sécurité ferroviaire / French railway safety regulator

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SLIDE 15

CSR: STAKEHOLDER MAPPING

KEY MESSAGES

2020 H1 Results Getlink 15

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SLIDE 16

2

H1 2020 FINANCIAL RESULTS

2020 H1 Results Getlink 16

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SLIDE 17

€M H1 2020 Change H1 2019*

Revenue

311

  • 32%

457

Shuttle Services

212

  • 29%

297

Railway Network

95

  • 38%

153

Other

4

  • 43%

7

Operating costs

  • 198
  • 8%
  • 214

EBITDA

113

  • 53%

243

FOCUS ON STAFF AND CUSTOMER WELLBEING

EUROTUNNEL IN H1 2020

2020 H1 Results Getlink 17

Eurotunnel + Getlink P&L

* At H1 2020 exchange rate: £1 = €1.146

Increased

yield for Passenger and Truck Shuttles

Quality of service maintained

Capacity adjustment

Focus on comfort and safety

€2.3M Covid-related costs: safety measures, food truck, laundry facilities and showers for truck drivers…

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SLIDE 18

CONTINUED FOCUS ON OPERATIONAL EXCELLENCE

EUROPORTE IN H1 2020

2020 H1 Results Getlink 18

€M H1 2020 Change H1 2019 Revenue

58

  • 12%

66

Operating costs

  • 48
  • 9%
  • 53

EBITDA

10

  • 23%

13

Key transporter for essential goods Agile organisation

last minute “ad-hoc” services

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SLIDE 19

In €M H1 2020 Change H1 2019* Revenue

369

  • 29%

523

Operating costs

  • 246
  • 8%
  • 268

EBITDA

123

  • 52%

255

EBIT

31 nm 164

Net finance costs

  • 116

nm

  • 127

Net consolidated results

  • 79

nm 41

POSITIVE EBITDA

GETLINK SE IN H1 2020

2020 H1 Results Getlink 19

Consolidated income statement

* At H1 2020 exchange rate: £1 = €1.146

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SLIDE 20

In €M H1 2020 Change H1 2019 Operating CF

172

  • 41%

291

CAPEX (ex. ElecLink)

  • 38
  • 5%
  • 41

Debt service (and other financials)

  • 123

+2%

  • 121

FCF *

11 nm 129

Capex ElecLink 2 nm

  • 60

FCF after ElecLink 13 nm 69

STRONG LIQUIDITY MAINTAINED AFTER DEBT SERVICE

GETLINK SE

2020 H1 Results Getlink 20

Cash at 30th June €511M (vs €525M at 31st Dec 2019) No additional debt required No issue on financial covenant

* FCF from continuing activities

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SLIDE 21

GETLINK: CONFIDENCE IN H2 IF NO SECOND LOCKDOWN

GETLINK SE

21

FINANCIAL OBJECTIVES FOR 2020 EBITDA*

€350M

New post Covid-19 2020 EBITDA guidance* €350M

Based on BoE and BdF latest economic growth assumption. Resilient truck traffic + good Passenger Shuttle summer bookings

IGC delay on ElecLink decision

No guidance for 2022

Intention to resume dividend in 2021 LONGER TERM DIVIDEND

Commitment confirmed

* at an exchange rate of £1: €1.14 and using current scope of consolidation (see details in the half year report) 2020 H1 Results Getlink

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SLIDE 22

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

CONTACTS

22 2020 H1 Results Getlink