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HALF-YEAR RESULTS 23 JULY 2020 2020 H1 Results Getlink 1
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Page 1: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

HALF-YEAR RESULTS23 JULY 2020

2020 H1 Results Getlink1

Page 2: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

GETLINK

SEPARATION OF EXECUTIVE RESPONSIBILITIES ON 1ST JULY

2020 H1 Results Getlink2

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

Page 3: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

SUMMARY

GETLINK

2020 H1 Results Getlink3

KEY

MESSAGES

FINANCIAL

RESULTS

1 2

Page 4: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

1

KEY MESSAGES

2020 H1 Results Getlink4

Page 5: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

FUNDAMENTALS UNCHANGED DESPITE COVID-19

KEY MESSAGES

2020 H1 Results Getlink5

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

Page 6: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

KEY MESSAGES

QUICK REACTION TO COVID-19 CRISIS

2020 H1 Results Getlink6

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

https://youtu.be/kZdV_ymGpBM
Page 7: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

KEY MESSAGES

HIGH STANDARD OF SERVICE MAINTAINED DURING COVID-19 CRISIS

2020 H1 Results Getlink7

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

Page 8: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

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

Page 9: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

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

Page 10: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

KEY MESSAGES

EUROTUNNEL SHUTTLE: RESILIENCE OF TRAFFIC

2020 H1 Results Getlink10

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)

Page 11: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

KEY MESSAGES

EUROTUNNEL SHUTTLE: YIELD POLICY UNCHANGED

2020 H1 Results Getlink11

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

Page 12: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

RAILWAY NETWORK: NO SURPRISE

KEY MESSAGES

2020 H1 Results Getlink12

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

Page 13: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

EUROPORTE: STILL POSITIVE EBITDA

KEY MESSAGES

2020 H1 Results Getlink13

Revenue

€58M

EBITDA

€10M

Activité partielle put in place to

adapt to shutdown of industrial

facilities

Page 14: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

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

KEY MESSAGES

2020 H1 Results Getlink14

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

Page 15: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

CSR: STAKEHOLDER MAPPING

KEY MESSAGES

2020 H1 Results Getlink15

Page 16: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

2

H1 2020 FINANCIAL RESULTS

2020 H1 Results Getlink16

Page 17: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

€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 Getlink17

Eurotunnel + Getlink P&L

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

Increased yield for Passenger

and Truck Shuttles

Quality of service maintainedCapacity adjustment

Focus on comfort and safety€2.3M Covid-related costs: safety

measures, food truck, laundry facilities and showers for truck drivers…

Page 18: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

CONTINUED FOCUS ON OPERATIONAL EXCELLENCE

EUROPORTE IN H1 2020

2020 H1 Results Getlink18

€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

Page 19: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

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 Getlink19

Consolidated

income statement

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

Page 20: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

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 Getlink20

Cash at 30th June

€511M

(vs €525M at 31st Dec 2019)

No additional debt required

No issue on financial covenant

* FCF from continuing activities

Page 21: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

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

Page 22: HALF-YEAR RESULTS · 2 days ago · 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 19 2020

Jean Baptiste

ROUSSILLE

co-Head of IR

00 33 1 40 98 04 81

[email protected]

Michael

SCHULLER

Corporate Finance Director

co-Head of IR

00 44 1303 288 719

[email protected]

CONTACTS

22 2020 H1 Results Getlink


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