• Revenues increased for the third year in succession: +6%, to €775 million
• Shuttle revenues, Eurotunnel’s core activity, increased by 8%, to €500 million
• A net improvement in EBITDA to €439 million (+12%), more than €50 million above business plan forecasts²
• A new rise in profitability, with a ratio of EBITDA to revenues which has increased from 54% in 2006 to 57% in 2007
• Pro forma net profit: €3.324 billion as a consequence of the massive reduction in debt. Excluding this exceptional amount, the first result is a net profit of €1 million.

Outlook

An exceptional first quarter of 2008 which underlines the Group’s progress
 

• Estimated revenues: €187.6 million in the first quarter of 2008, an increase of 15% compared to the first quarter of 2007, at a constant exchange rate³
• Continuing growth in Shuttle traffic, amplified by favourable market conditions
  
  
  • Passenger Shuttles: 454,076 cars,  +11%,
  • Truck Shuttles: 385,145 trucks, +10%
• Outstanding growth from Eurostar, following the opening of the final section of the High Speed Line
• Partial compensation for “Sangatte” litigation from the French government (awaiting ratification)
• In 2011, 43% of the warrants issued in 2007 will be exercisable, on the basis of value already created

Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel, declared:

“2007 shows that the new Groupe Eurotunnel is nothing like the old. Our Group recorded a pro forma profit of €1 million (excluding the exceptional profit of €3.3 billion).

The results are due to remarkable levels of performance and to strict management of operating costs.
They also benefit from the massive reduction in debt achieved through the financial restructuring.

The excellent level of activity in the first quarter of 2008 confirms our rapid progress.

These results and the future value represented by the Channel Tunnel Concession enable us to look forward to 2008 with confidence and determination.”

xxx

[pdf] - Appendix: Financial analysis and extracts from GET SA’ consolidated accounts for the year ended 31 December 2007.

Forthcoming dates in 2008:

• 15 April: publication of 1st quarter 2008 revenues
• 27 June: Groupe Eurotunnel SA AGM

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¹Groupe Eurotunnel SA’s pro forma consolidated income statement for 2007 are intended to present the impact on the year of the implementation of the new financing; it consists of the combined income statement of TNU up to the operating result and of the gross cost of servicing debt using the hypothesis of an implementation of the financial restructuring on the theoretical date of 1 January 2007 for the first half of the year, and of the consolidated income statement of GET SA for the second half year. The comparative figures for 2006 are extracts from the combined accounts of the TNU Group, and to allow a better comparison between the two years, they have been restated to exclude the impact of the MUC top up and at a constant exchange rate of £1=€1.437.

²Safeguard Plan Business plan prepared using exchange rate of £1=€1.4

³Exchange rate used for the revenues for the first quarter of 2008 is: £1 = €1.257. The comparative figures for 2007 are those for the TNU Group.

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Information published on 8 April 2008