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By Dominique Vidalon
PARIS (Reuters) – Channel operator Getlink reported a record profit for 2018 on Thursday and warned of a disruption in its operations in the second quarter of this year. Brittany leaves the European Union with or without divorce in March.
Getlink, formerly known as Eurotunnel, expects earnings before interest, taxes, depreciation and amortization (EBITDA) for 2019 to decrease to 560 million euros (569 million euros). euros) against 569 million in 2018 in case of Brexit "no deal" and reach 575 million if an agreement was concluded.
"We are very cautious, even if we are confident in the commitment of Britain and France to quickly put in place effective border control procedures, without any operational discontinuity," said Jacques Gounon, CEO of Getlink, during a conference call.
"However, we anticipate disruptions in the second quarter," he added.
The stakes are high. In 2018, the group transported 21 million pbadengers, 17 million trucks, 2.7 million cars and 26% of trade between Britain and the European Union, generating thousands of jobs . There are fears that a hard Brexit would slow down
business.
Businesses warned of the long wait for trucks transporting goods between Britain and mainland Europe, and the British government said most goods from the EU would be allowed in Britain without complete customs controls for at least three months if there was no agreement on Brexit.
In January, Eurotunnel stated that it is taking steps to ensure that a Brexit without agreement has minimal impact on its transport network. Getlink has spent 13 million euros in preparations for Brexit in 2018 and up to now in 2019, said Gounon.
Earlier this month, Getlink signed a contract to equip Eurotunnel terminals in France and Great Britain with automatic face recognition technology to speed up and secure border crossings.
Getlink is also increasing the size of its French terminal, allowing more trucks to park while waiting for customs checks.
In the longer term, Getlink has said it remains confident in the solidity of its business and keeps its EBITDA target exceeding 735 million euros by 2022 and increasing the dividend by 0.05 euro per share. per year from here 2022.
Getlink transports Eurostar high-speed trains between Paris, Brussels and London, as well as shuttle trains containing pbadenger cars, coaches and freight trucks.
Its EBITDA for 2018 increased by 9% to 569 million euros, exceeding expectations, as the business turnover rose 5% to 1.079 billion.
Getlink also increased its dividend for 2018 by 20% to 0.36 euro per share, while the previous target was 0.35 euro.
The Italian group Atlantia is the largest shareholder of Getlink with a 15.49% stake, followed by the hedge fund and the activist investor The Children's Investment Fund Management (TCI) with a stake of 11.08 %.
In December, the French construction and concessions group Eiffage bought 5% of the capital. According to Gounon, he showed his confidence in society despite the Brexit.
(Report by Dominique Vidalon, edited by Leigh Thomas)
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