Eurotunnel Announces 2001 Revenue & Traffic Figures; Transport Revenues Stable Despite a...

Business Editors

LONDON--(BUSINESS WIRE)--Jan. 22, 2002

Eurotunnel, the operator of the high-speed transport system linking the UK to Continental Europe through the Channel Tunnel, today announced its 2001 Revenue & Traffic figures.

- Freight service quality improved




				

				
				 
				


 following major investments to protect the
French terminal from asylum seekers

- Passenger traffic growth resumes in key market segments

- Continued growth in key freight market

The fall of 6% in 2001 operating revenues is entirely due to the absence of telecommunications cable sales. Shuttle Service revenue has been robust in the face of particularly difficult external events: asylum seekers, foot-and-mouth disease, and the economic slowdown throughout 2001.

(pound)millions      2001         2000       Variation        2000
                   unaudited    restated(1)  2001/2000     published

Exchange rate        1.631       1.631                       1.630
(pound)/EUR
----------------------------------------------------------------------
Shuttle Services      310          314         - 2 %          315

Railways              211          208         + 1 %          208

Transport
 activities           521          522           _            523

Non-transport
 activities            27           57        - 53 %           57

Operating
 revenue              548          579         - 6 %          580


      (1) Operating revenues have been restated at an exchange rate of
        (pound)1 = EUR 1.631 to permit a direct comparison with 2001.

Eurotunnel Shuttle Services

Revenue for Eurotunnel Shuttle Services was (pound)310 million, a fall of 2% compared with 2000 at constant exchange rates.

Freight Shuttles

Eurotunnel's freight traffic grew by 6%, despite incursions by stowaways on the Coquelles terminal which seriously disrupted the freight service from the Spring. The impact on operating revenues is estimated at (pound)20 million.

Market growth in 2001 was 7% on the Dover-Folkestone/Calais market and 10% on the short sea routes(2), although this slowed in the fourth quarter to an estimated 4% and 6% respectively. Eurotunnel maintained market share on the Dover-Folkestone/Calais freight market. Prices were unchanged against 2000, although there was some yield dilution due to customer mix.

The significant security measures taken by Eurotunnel to secure the freight loading area have successfully restored service quality.

(2) Folkestone-Dover-Ramsgate/Calais-Zeebrugge-Dunkerque

Passenger Shuttles

Eurotunnel's car traffic fell by 9%, compared with a market decline of 6%. However, Eurotunnel's traffic in the high value market segments (short breaks and long-stay holidays) increased by 3%. The resulting improvement in mix led to a 6% increase in average yield. Coach traffic fell by 5%, against a market fall of 7%.

                                               Variation     Total
                 2001           2000              %        market(3)
             ---------------------------------------------------------
Freight
 shuttles      1 197 771      1 133 146         + 6 %       + 7 %
                 trucks        trucks

Passenger  2 529 757 cars(4) 2 784 493 cars(4)  - 9 %       - 6 %
 shuttles   75 402 coaches   79 460 coaches     - 5 %       - 7 %


      (3) Dover-Folkestone/Calais market
      (4) including motorcycles, cars, trailers, caravans and campervans


      Railways

      Revenue from the Railways ((pound)211 million) was stable (+ 1%),
due to the minimum usage charge. Eurostar traffic fell by 3% compared
with 2000 and the rail freight services fell by 17%.


                     2001              2000              Variation %
----------------------------------------------------------------------

Eurostar  6 947 135 passengers(5) 7 130 417 passengers(5)    - 3 %

Freight
 trains     2 447 432 tonnes       2 947 388 tonnes         - 17 %


      (5) The passenger number given is for Eurostar passengers who
        travelled through the Channel Tunnel, and excludes passengers
        between Paris/Calais and Brussels/Lille.

Richard Shirrefs, Chief Executive, said:

"Our 2001 revenues have been impacted by the absence of sales of telecommunications cables and external factors including foot-and-mouth disease and the incursion of asylum seekers onto our terminal in Coquelles.

We have made significant progress in three key areas over the last few months by limiting the impact of asylum seekers on our service quality, increasing freight tariffs to a more realistic level, and achieving growth in our core passenger markets.

Eurotunnel's key target markets continue to grow despite the current economic uncertainty. The successes of the last few months mean that we are well positioned to compete in 2002."

Note to editors:

Eurotunnel's 2001 preliminary results will be announced on Monday February 11, 2002.

Additional information on Eurotunnel can be accessed on the company's home page: http://www.eurotunnel.com