Sunday 24th Sep 2017 - Logistics & Supply Chain

Sales rise at Eurotunnel

Eurotunnel saw a three per cent rise in sales in the first half of 2017 to €497m while EBITDA was up by eight per cent to €242m.

The number of trucks using the shuttle service fell by one per cent to 823,000 but rail freight through the tunnel was up by 17 per cent to 601,000 tonnes.

The group is carrying some €5 billion of debt relating to the construction costs of the tunnel. Partial refinancing of group’s debt, completed in June 2017, has enabled a reduction in the average annual interest rate excluding indexation on the Term Loan to below 4 per cent giving a saving on interest payments of some €60 million per year.

Chairman and chief executive Jacques Gounon, said: “Over the past 10 years, the Group has focused its business model on value creation through the quality of service provided. The success of the partial refinancing of the debt shows the confidence of the markets in the strength of this model. The economic outlook for the next two years remains good and enables us to confirm our objectives.”

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