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- This article is about the Eurotunnel company.
- Not to be confused with the Channel Tunnel describing the underground infrastructures.
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| Type | Société Anonyme (S.A.) (LSE: GETS, Euronext: GET) |
|---|---|
| Founded | 1986 |
| Headquarters | Paris, France |
| Key people | Jacques Gounon (Chairman and CEO) |
| Industry | Transport |
| Revenue | € 775 million (2007) |
| Operating income | € 136 million (2007) |
| Website | www.eurotunnel.com |
Groupe Eurotunnel S.A. (LSE: GETS, Euronext: GET) manages and operates the Channel Tunnel between the United Kingdom and France. The Company operates the car shuttle services and earns revenue on other trains (freight by EWS and SNCF and passenger service by Eurostar) passing through the tunnel. It is listed both on the London Stock Exchange and the Euronext.
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History
The Company was formed on 13 August 1986 with the objective of financing, building and operating a tunnel between the United Kingdom and France.1
The Company let a contract for the construction of the tunnel to TransManche Link. The tunnel cost around £9.5bn to build, about double its original estimate of £4.7bn.2 The tunnel, which was financed partly from investment by shareholders and partly from £8bn of debt, was officially opened on 6 May 1994.1 In its first year of operation the Company lost £925m because of disappointing revenues from passengers and freight together with heavy interest charges on its £8bn of debt.3
In April 2004, a dissident shareholder group led by Nicholas Miguet succeeded in taking control of the board.4 However in February 2005 Jean-Louis Raymond, the Chief Executive who had been appointed following the boardroom coup during the previous year, resigned and Jacques Gounon took complete control becoming Chief Executive as well as Chairman.4
In July 2006, shareholders voted on a deal which would have seen half the debt, by then reduced to £6.2bn, exchanged for 87% of the equity.56 However, this plan failed and, on 2 August 2006 the company was placed into bankruptcy protection by a French court for six months.7
In May 2007 a new restructuring plan was approved by shareholders whereby Deutsche Bank, Goldman Sachs and Citigroup agreed to provide £2.8m of long term funding, the balance of the debt was exchanged for equity, and the shareholders agreed to waive the perks that they had enjoyed for years.8
Following the restructuring, Eurotunnel was able to announce a small profit - €1 million for 2007 - for the first time in its existence.9 Half-year earnings for 2008 have risen to €26 million (£20.6m).10
Operations
Car shuttle
The Company operates the car shuttle services with the use of the following locomotives:
Diesel
- Eurotunnel Class 0001 - used to rescue failed trains
- Eurotunnel Class 0031 - diesel shunting locomotives
Electric
Electric locomotives operate vehicle shuttles.
- Eurotunnel Class 9
- British Rail Class 92 - for use by freight subsidiary Europorte 2
Eurostar and other services
Eurotunnel also earns revenue by levying charges on Eurostar (currently £25 per passenger per return journey) and other operators for use of the tunnel.11
References
- ^ a b Eurotunnel: History
- ^ Channel tunnel project has made Britain £10bn poorer
- ^ Bank debt causes £925m loss at Eurotunnel
- ^ a b Chief of Eurotunnel quits amid turmoil on board
- ^ "Eurotunnel faces debt opposition", BBC News (2006-06-04).
- ^ "Eurotunnel blames Deutsche as it files for bankruptcy protection", The Independent (2006-07-14).
- ^ "Eurotunnel gets court protection", BBC News (2006-08-02). Retrieved on 3 August 2006.
- ^ "Eurotunnel 'saved' by investors", BBC News (2007-05-25). Retrieved on 26 May 2007.
- ^ "Pour la première fois de son histoire, Eurotunnel est devenu bénéficiaire", Le Monde (2008-04-08). Retrieved on 19 July 2008.
- ^ "Eurotunnel profits steam ahead", money.aol.co.uk (2008-07-18). Retrieved on 18 July 2008.
- ^ Interview with Eurostar Chief Executive
See also
External links
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Wikipedia content modification information:
- This page was last modified on 2 January 2009, at 08:35.
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