2021 annual results: in an exceptional year, Getlink controls its costs, innovates and prepares for recovery

PARIS–(BUSINESS WIRE)–Regulatory news:

Getlink (Paris:GET):

Yann Leriche, Group CEO noted: “In 2021, in the difficult context of the health crisis, we were able to preserve our fundamental values ​​thanks to strong financial discipline, once again allowing us to protect our cash. The development of new digital services for all of our freight and passenger customers has enabled us to strengthen our leadership position while preparing for the future. In 2022, we will continue this momentum as well as our concrete actions in terms of CSR. With the IGC approval obtained on February 17, we are approaching the commissioning of ElecLink, which will mark the start of a new activity for the Group.

  • Financial outlook 2022
    • The Group will communicate financial performance objectives in 2022 when the pandemic evolution trends, currently positive, are confirmed.

    • The gradual lifting of travel restrictions and the effective management of the re-establishment of customs controls from the EU to the UK have led to a significant recovery in traffic in the first weeks of 2022 compared to the same period in 2021, with a noticeable return of passenger customers in line with the trends expected by the European short-haul airline market.

  • Dividend
    • Payment of a dividend of €0.10 per share subject to the approval of the General Meeting of April 27, 2022.


  • Environment plan
    • Greenhouse gas emission reduction trajectory of 30% in 2025, validated by the SBTi initiative and supplemented by an ultimate ambition to contribute to carbon neutrality in 2050.

    • Reduction of greenhouse gas emissions by 6% in 2021 compared to 2020 at constant scope.

    • Alignment of 86% of the Group’s turnover under the European Taxonomy.

  • Group
    • Reduction in operating expenses of 66 million euros in 2021 compared to 2019 at constant scope, a performance better than the operational objective of 55 million euros at the end of June.

    • Consolidated cash of 718 million euros at the end of December, reflecting the Group’s ability to continue to generate positive Free Cash Flow.

    • Successful placement of the additional “green” bond issue for an amount of 150 million euros which completes the green bonds maturing in 2025.

  • Eurotunnel
    • A year marked by travel restrictions (no free days in 2021) and the implementation of the Brexit agreement.

    • Optimization of Shuttle performance (+8.5%), linked for Le Shuttle passenger activity to last-minute reservations and flexible and premium tickets and the implementation of a new pricing policy, “Next Gen Pricing “.

    • The Le Shuttle and Le Shuttle Freight services confirmed their leadership in the Detroit market with market shares of 74% for cars and 39.1% for trucks.

      • Nearly 1.4 million trucks traveled on Shuttle Freight.

      • More than 960,000 passenger vehicles crossed the Channel aboard the Passenger Shuttles, a remarkable performance compared to our competitors.

    • Great success for the Eurotunnel Pass Frontière (62% participation3) and Passenger Wallet applications (more than 80% adoption) designed for customers and optimizing their travel experience.

    • Signing of several partnerships to facilitate customs formalities for the truck business, such as the SGS TransitNet solution, ICS partnerships, and the launch of additional services including a truck maintenance service in the Le Truck Village car park.

    • Launch of an innovative unaccompanied freight service.

    • Launch of a voluntary redundancy program in the form of a collective contractual termination procedure (RCC) in France and an Expression of Interest in the United Kingdom.

  • Europorte
    • Increase in Europorte’s annual turnover (+6%) to €130.2 million, in particular thanks to the launch of the Flex Express service and strong commercial momentum to increase traffic flows.

    • Continuation of the profitable growth strategy with an EBITDA of €27.9m, up €0.6m compared to 2020.

  • ElecLink
    • The work in the tunnel has been completed and the electromagnetic compatibility tests in the tunnel have been successfully completed.

    • Validation of the safety file by the CIG on February 17, 2022 guaranteeing the compatibility of the interconnection with the rail system which allows the final phase of the electricity transfer tests between the national networks and which confirms the planned commercial commissioning schedule mid-2022.


The Group’s consolidated revenue for the 2021 financial year amounts to 774 million euros.

Consolidated EBITDA amounted to €297 million, impacted by the Covid pandemic, down €38 million compared to 2020 at constant exchange rates.

COI amounted to 108 million euros, down 28% compared to 2020.

The Group’s consolidated net income for the 2021 financial year is a loss of 229 million euros.

The Group is now studying options for the refinancing of the C2a tranche of the Eurotunnel Term Loan (equivalent to CLEF A7).

€718 million in cash held at December 31, 2021, up €89 million compared to December 31, 2020.


The lack of short-term visibility does not call into question the Group’s confidence in the solidity of its various activities, their medium and long-term growth potential, and its ability to improve its operational and environmental performance. The Group will communicate financial performance objectives in 2022 when the pandemic evolution trends, currently positive, are confirmed.

Dates for 2022:

April 21, 2022: traffic and revenue for the first quarter of 2022

April 27, 2022: General Meeting of Getlink SE

July 21, 2022: 2022 half-year results

Further information:

During its meeting on Wednesday February 23, 2022, the Board of Directors, chaired by Jacques Gounon, approved the financial statements for the year ended December 31, 2021.

The financial analysis of the consolidated financial statements is available on the Group’s website: www.getlinkgroup.com.

The consolidated and corporate accounts of Getlink SE for 2021 have been audited and certified by the statutory auditors.

1 All comparisons with the 2020 income statement are based on the average exchange rate for 2021 of £1 = €1.167.

2 Defined as: cash flow from operating activities from current activities less capital expenditure (excluding ElecLink) and debt service.

3 Rate observed from 10 January 2022 to 9 February 2022 on trucks transporting goods from the UK to the EU.

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