15/01/2008 - Eurotunnel 2007 Traffic and Revenue figures: a remarkable year
- Revenues increased: €775 million (+6% pro forma*)
- Strong revenue growth from Shuttle activity (+8%)
- First Europorte 2 trains
2007 was a remarkable year for Eurotunnel, with significant pro forma growth in revenues and traffic through the Tunnel confirming, for the third successive year, its continued growth. The end of 2007 also saw the start of a new activity for Eurotunnel with the launch of services by its subsidiary Europorte 2.
Revenues reached €775 million, an increase of almost €50 million, or 6% on a comparable basis (i.e. at a constant exchange rate and without the guaranteed payments from the Railways (MUC) which ceased contractually at the end of November 2006).
For reference, Eurotunnel received €95 million under the MUC in 2006. This significant loss of revenue was largely compensated in 2007 by an unprecedented development of activity in Eurotunnel’s recent history.
The growth in revenue (excluding MUC) is, for the third consecutive year, largely the result of Eurotunnel’s operation of its Passenger and Truck Shuttles, its core business, which grew by 8%, reaching the symbolic threshold of €500 million.
Eurotunnel also saw growth in its main traffic through the Channel Tunnel: during the past year Eurotunnel’s Shuttles transported 1,414,709 trucks (+9%) and 2,141,573 cars** (+6%) between Folkestone and Calais-Coquelles, and Eurostar carried 8,260,980 passengers between London, Paris and Brussels (+5%).
Eurotunnel considers that this success is proof that its millions of customers appreciate the Group's constant efforts to improve the quality of its service and its environmentally considerate transport system.
Rail freight traffic was the only activity to decline in 2007, as was anticipated. Eurotunnel made all possible efforts to participate in the re-launch of rail freight activity, with the announcement on 23 October of a new pricing strategy in favour of open access and by launching operations for its subsidiary Europorte 2 on 26 November, including responsibility for the traction of SNCF trains between Frethun (Pas de Calais) and Dollands Moor (Kent).
Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel SA, declared, “For the third year in succession Eurotunnel has significantly increased* revenues. This is an unprecedented moment in the Eurotunnel’s recent history. We are now substantially ahead of the business plan for the financial restructuring. These remarkable results and the future value represented by the Channel Tunnel Concession enable us to start 2008 with confidence and determination.”
* At a constant exchange rate and without the payments from the Railways guaranteed under the Minimum Usage Charge (MUC) which ceased contractually at the end of November 2006.
** Includes motorcycles, vehicles with trailers, caravans and camper vans.
›› 2007 REVENUES
|
|
|
|
|
|
|
WITHOUT MUC |
|
|
2007 |
2006 |
2007/2006 |
2006 |
|
2006 |
2007/2006 |
|
In € million |
|
restated |
change |
published |
|
restated |
change |
|
Exchange rate €/£ |
1.437 |
1.437* |
|
1.462 |
|
1.437* |
|
|
Shuttle Services |
500 |
461 |
+8% |
465 |
|
461 |
+8% |
|
Railways (without MUC) |
262 |
254 |
-25% |
255 |
|
254 |
+3% |
|
MUC |
- |
94 |
95 |
|
|
|
|
Other revenues |
13 |
14 |
-8% |
15 |
|
14 |
-8% |
|
Total revenues |
775 |
823 |
-6% |
830 |
|
729 |
+6% |
Total revenues for Eurotunnel reached €775 million in 2007. In 2006, revenues totaled €823 million (restated), but this included €94 million (restated) of MUC revenue, the guaranteed fixed minimum payments from the Railways which ceased contractually at the end of November 2006.
On a comparable basis, at a constant exchange rate and without the MUC, Eurotunnel’s revenues have grown by 6% in 2007. The Group’s revenues increased by +1% in 2005 and by +5% in 2006.
The principal driver of this growth has been from Shuttle operations transporting trucks and passenger vehicles via the Channel Tunnel between Folkestone (England) and Coquelles (France): Shuttle Services revenues grew by 8% to €500 million. This core activity now represents almost 65% of the Group’s total revenues, with the transport of trucks being the larger part.
Revenues coming from the Railways are up by 3%, on a comparable basis, to €262 million, but are down by 25% taking in to account the significant contribution made by the MUC in 2006.
Other revenues (€13 million) remain relatively marginal.
›› 2007 TRAFFIC
|
|
|
Year |
|
2007 |
2006 |
change |
|
Truck Shuttles |
Trucks |
1,414,709 |
1,296,269 |
+9% |
|
Passenger Shuttles |
Cars ¹ |
2,141,573 |
2,021,543 |
+6% |
|
|
Coaches |
65,331 |
67,201 |
-3% |
|
Eurostar ² |
Passengers |
8,260,980 |
7,858,337 |
+5% |
|
Rail freight |
Tonnes |
1,213,647 |
1,569,429 |
-23% |
|
|
Trains ³ |
2,840 |
3,786 |
-25% |
¹ Including vehicles with trailers, motorcycles and camper vans.
² Only passengers using Eurostar to cross the Channel are included in this table, thus excluding journeys betweens Paris-Calais and Brussels-Lille.
³ The new pricing structure in place since October 2007 invoices by train and not by tonne. Traffic will from now on be counted in number of trains.
The quality of service provided by Eurotunnel, the Speed, Ease and Reliability of its transport system, has led several million customers to choose the Eurotunnel Shuttles to cross the Channel in 2007. In a growing market, Eurotunnel’s principal traffic has made significant progress.
›› Eurotunnel Shuttles
1,414,709 trucks, the equivalent of approximately 18 million tonnes of goods, were loaded onto shuttles in 2007. This is 9% higher than 2006, and is also higher than 2005, which was a record year for Eurotunnel due to the transfer of traffic from the port of Calais.
Passenger Shuttles carried 2,141,573 cars* (+6%) and 65,331 coaches (-3%), equating to almost 8 million people.
›› Railway Operators
. Eurostar
The high speed Eurostar trains carried 8,260,980 passengers between London, Paris and Brussels via the Channel Tunnel in 2007, an increase of more than 5%. This growth accelerated in the fourth quarter with the opening, on 14 November, of the new international station at St Pancras and the entry into service of the high speed line, High Speed One, which reduced journey time from London to Paris by up to 20 minutes. This is further supported by Eurostar punctuality which is helped by the priority that Eurotunnel gives to their passage through the Tunnel.
. Freight Trains
- The fall in rail freight traffic through the Channel Tunnel continued in 2007. Only 2,840 trains (946 less than the previous year) made the crossing, carrying just 1,213,647 tonnes of goods (-23% compared to 2006). To bring an end to this situation, Eurotunnel has implemented a new pricing structure which is identical for all rail freight operators (existing and new entrants), simple (one tariff per train, irrespective of load) and competitive (€4,500 per train).
- Eurotunnel’s subsidiary Europorte 2 began operations on 26 November 2007. Currently this consists of traction for SNCF trains via the Channel Tunnel between Frethun and Dollands Moor and, in concert with SNCF, the ground operations of the frontier rail yard at Frethun.
›› ANNEXE 1 :
›› REVENUE FOR THE 4th QUARTER 2007 (October-December)
|
|
|
|
|
|
|
|
2007 |
2006 |
2007/2006 |
2006 |
|
In € million |
|
restated |
change |
actual |
|
Exchange rate €/£ |
¹ |
¹ |
|
2 |
|
Shuttle Services |
120 |
113 |
+6% |
117 |
|
Railways (without MUC) |
65 |
69 |
-24% |
72 |
|
MUC |
- |
16 |
18 |
|
Other revenues |
3 |
3 |
-2% |
3 |
|
Total revenues |
188 |
201 |
-7% |
210 |
¹ The exchange rate which applies to the 2007 annual and 2006 annual (restated) revenues is £1 = €1.437.
² The average exchange rate for 2007 was £1 = €1.462.
›› TRAFFIC FOR THE 4th QUARTER 2007 (October-December)
¹ Including vehicles with trailers, motorcycles and camper vans.
² Only passengers using Eurostar to cross the Channel are included in this table, thus excluding journeys betweens Paris-Calais and Brussels-Lille.
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Information published on 15 January 2008