 | |
.jpg) Getlink head office in Paris | |
| Company type | Public |
|---|---|
| Euronext Paris: GET CAC Next 20 Component | |
| ISIN | FR0010533075 |
| Industry | Rail transport |
| Founded | August 1986; 39 years ago (1986-08) |
| Headquarters | Paris, France |
Key people | |
| Services | Operation ofChannel Tunnel infrastructure;freight rail transport;car shuttle train services |
| Revenue |  €1.614 billion(2024)[1] |
| €317 million(2024)[1] | |
Number of employees | 3,539 |
| Subsidiaries | |
| Website | www |
Getlink S.E., formerlyGroupe Eurotunnel, is a European public company based inParis that manages and operates the infrastructure of theChannel Tunnel betweenFrance and theUnited Kingdom, operates theLeShuttle railway service, and earns revenue on other trains that operate through the tunnel (Eurostar passenger andDB Schenker freight).[2]
Groupe Eurotunnel was established on 13 August 1986 to finance, build, and operate the Channel Tunnel under a concession granted by the French and British governments. The tunnel was constructed between 1988 and 1994 byTransManche Link (TML) under a contract issued by Groupe Eurotunnel; construction costs would overrun considerably, from TML's original estimate of £4.7 billion to the final cost of £9.5 billion. On 6 May 1994, the completed tunnel was officially opened. Its rail infrastructure comprises 50.45 kilometres (31.35 miles) ofdouble track railway in the main tunnels, plus extensive surface-level terminal facilities atFolkestone in England andCalais in France. The rail network for operation of the Eurotunnel Shuttle train services is entirely self-contained, with connections near the two terminals to the respective national railway networks. Signalling and electric traction supply are also under Getlink control.
In 1995, a loss of £925 million was reported by Groupe Eurotunnel; this was partly due to many of the planned services to use the tunnel not yet being permitted. On 2 August 2006, following faileddebt restructuring plans, Groupe Eurotunnel was placed intobankruptcy protection; a restructuring plan that involved a £2.8 billion funding arrangement and a debt-for-equity swap was approved by shareholders in May 2007. That same year, it reported a net profit of €1 million, the company's first profitable year. In December 2009, Groupe Eurotunnel andSNCF acquired the French rail freight operatorVeolia Cargo, gaining multiple subsidiaries in the process. In June 2010, the company acquired British rail freight companyFirst GBRf for £31 million fromFirstGroup. In 2012, Groupe Eurotunnel acquired three Channel ferries formerly belonging to the liquidatedSeaFrance ferry service, establishingMyFerryLink to operate them, although this was discontinued due tomonopoly allegations after a brief period. On 20 November 2017, Groupe Eurotunnel changed its name to Getlink. In March 2018, the Italianholding companyAtlantia acquired the 15.49% stake ofGoldman Sachs in Getlink, for roughly €1 billion.
Getlink's origins can be traced to the formation ofGroupe Eurotunnel on 13 August 1986; it was established in accordance with theConcession Agreement of 1986 between the governments of France and the United Kingdom with the goal of financing, building and operation of atunnel between England and France.[3][4] Groupe Eurotunnel awarded a contract for the tunnel's construction to the bi-national project organisationTransManche Link (TML).[5] Furthermore, the company employedMaître d'Œuvre to act as a supervisory engineering body under the terms of the concession that monitored and reported on the project.[6]
While TML designed and built the tunnel, financing was handled by Groupe Eurotunnel; however, the British and French governments controlled final engineering and safety decisions, later formalised through theChannel Tunnel Safety Authority. The British and French governments gave Eurotunnel a 55-year operating concession, originally running from 1987; this was extended by 10 years to 65 years in 1993.[7] Private funding for such a complex infrastructure project was of unprecedented scale. An initial equity of £45 million was raised, then increased by £206 million private institutional placement, £770 million was raised in a public share offer that included press and television advertisements, a syndicated bank loan andletter of credit arranged £5 billion.[5] The final cost for the tunnel's construction came to around £9.5 billion, roughly double TML's original estimate of £4.7 billion.[8][9] This overrun has been attributed, in part, as a response to enhanced safety, security, and environmental demands.[10] Financing costs were 140% higher than forecast.[11]
Construction of the tunnel took place between 1988 and 1994; at the peak of construction activity, roughly 15,000 people were employed while in excess of £3 million was being expended each day.[12] On 6 May 1994, the completed tunnel was officially opened byQueen Elizabeth II and PresidentFrançois Mitterrand; regular services commenced later that same month.[3] In its first year of operation, Groupe Eurotunnel lost £925 million, which was attributed to disappointing revenue from both passengers and freight traffic, as well as heavy interest charges on its £8 billion of debt.[13] The poor fiscal performance can also be partially attributed to the phased opening of the tunnel; various services awaited approval from the Channel Tunnel Safety Authority, some of which did not receive permission to commence until over a year after the tunnel's official opening date.[14]
On 10 July 1997, a financial restructuring plan was approved by Groupe Eurotunnel's shareholders.[3] On 19 December, both the British and French governments officially agreed to extend its concession to 2086. On 7 April 1998, the financial restructuring process was officially completed. On 30 December 1999, as required by the Concession Agreement, Groupe Eurotunnel presented a road tunnel project to the British and French governments.[3]
On 13 February 2004, Groupe Eurotunnel was granted a rail operator's licence in France, becoming the first company ever to possess such status.[3]
In April 2004, a dissident shareholder group led by Nicolas Miguet succeeded in taking control of Groupe Eurotunnel's board. However, during February 2005, Jean-Louis Raymond, theChief Executive appointed as a consequence of the boardroom coup, resigned andJacques Gounon took complete control, becoming bothChairman and Chief Executive.[15] During July 2006, shareholders voted on a deal that would have seen half the debt, by then reduced to £6.2 billion, exchanged for 87% of the equity.[16][17] However, this plan failed, and on 2 August 2006, Groupe Eurotunnel was placed intobankruptcy protection by a French court for six months.[18] In May 2007, a restructuring plan was approved by shareholders, wherebyDeutsche Bank,Goldman Sachs, andCitigroup agreed to provide £2.8 billion of long-term funding and the balance of the debt being exchanged for equity, and the shareholders agreed to waive numerous perks, such as unlimited free travel, that they had previously been entitled to.[19]
During June 2007, the company entered into a partnership through subsidiaryEuroporte 2 with the Port of Dunkirk relating to rail freight traffic. Under this partnership, Groupe Eurotunnel was to operate trains from Dunkirk to the Delta 3 logistics terminal atDourges, and collaborate on container shipments to the United Kingdom, using the port of Dunkirk via the tunnel.[20][21]
Following the restructuring, Groupe Eurotunnel was able to announce a small net profit of €1 million in 2007, reportedly for the first time in the company's existence.[22][23] Half-year earnings for 2008 rose to €26 million (£20.6 million), while net profit was €40 million, despite the costs associated with traffic loss from September 2008 to February 2009 following a fire in the tunnel; this allowed Eurotunnel to issue its first-ever dividend of €0.04 per euro value.[24][25]
The return to financial health allowed Groupe Eurotunnel to announce, on 28 October 2009, the anticipated voluntary redemption of some of its convertible debt. By anticipating to November 2009 the reimbursement of debt due in July 2010, it aimed to issue up to 119.4 million new ordinary shares, and thus shore up its capital while reducing its debt load.[26]
In December 2009, Groupe Eurotunnel and the French state railway operatorSNCF acquired the French rail freight operatorVeolia Cargo, splitting the business between them. The company took over French operations:Veolia Cargo France,Veolia Cargo Link, andCFTA Cargo are expected to be rebrandedEuroporte France,Europorte Link andEuroporte proximity and become part of itsEuroporte freight business.Socorail has not been announced as being rebranded.[27]
In January 2010, the Port of Dunkirk awarded Eurotunnel a seven-year concession to operate its 200 km (124 miles) railway system.[28]
In June 2010, the company acquired British railfreight company First GBRf for £31 million fromFirstGroup, to be merged into itsEuroporte subsidiary. It was rebrandedGB Railfreight.[29][30]
On 11 June 2012, a bid by Groupe Eurotunnel for three Channel ferries belonging to former operatorSeaFrance (inliquidation) for lease to another operator was accepted,[31] and Eurotunnel acquired the SeaFrance ferriesBerlioz,Rodin andNord Pas-de-Calais. Eurotunnel was chartered to start theMyFerryLink ferry company on 20 August 2012.[32] After years of legal fights over accusations that Eurotunnel operating a ferry line was uncompetitive, the company stopped operating MyFerryLink on 1 July 2015.[33]
Groupe Eurotunnel transferred its listing from theLondon Stock Exchange toEuronext London on 19 July 2012.[34][35]
For the year 2015, statistics estimated that over 10.5 million passengers travelled on the Eurotunnel with 2,556,585 cars, 58,387 coaches and 1,483,741 goods vehicles.[36]
On 20 November 2017, Groupe Eurotunnel changed its name to Getlink.[37][38]
In March 2018, the Italianholding companyAtlantia acquired the 15.49% stake ofGoldman Sachs in Getlink and its 26.66% voting rights, for around €1 billion.[39][40]
In June 2018, Getlink and auditorEY jointly presented a recent study on UK–Europe trade flows via the Channel Tunnel to theEuropean Commission. Findings of this study included that, in 2016, the Channel Tunnel facilitated €138 billion of trade, believed to be roughly 26% of the total trade flows between Britain and continental Europe with an equal balance of imports and exports.[41][42]
In May 2019, Getlink celebrated 25 years of operation of the Channel Tunnel with the creation of a monumental fresco by street-art artist YZ on the Tunnel's French-side entrance.[citation needed]
In early 2020, Getlink announced the separation of the position of chairman of the supervisory board from that of chief executive officer from July 2020; accordingly,Jacques Gounon remained President and Yann Leriche became CEO.[43] In June 2020, the company dropped its listing on the London stock exchange; it remains listed on theEuronext Paris market.[44]
Following theBrexit vote for theUnited Kingdom to leave theEuropean Union, Getlink and subsidiary company Eurotunnel made preparations for impending border control changes. Accordingly, an additional 290 truck parking spaces at the Coquelles terminal were constructed, while all the truck controls have been grouped into a single point, the Pit-Stop. Three additional border control lanes at the Coquelles terminal and two lanes at the Folkestone were created. A smart border has been developed in collaboration with Customs and a Customs-SIVEP center to carry out additional veterinary and phytosanitary controls has been built.[45]
SAS PARAFE, for the identity check of coach passengers, were installed on the two terminals in 2019; furthermore, 300 French and English staff were trained in administrative and customs formalities, veterinary and phytosanitary procedures, checks and document scanning, support and information for customers.[46]
Throughout the early 21st century, French construction companyEiffage has progressively increased its stake in Getlink.[47] During October 2022, it was announced that Eiffage has become the largest shareholder of GetLink by increasing its stake in the firm to 20.76 per cent.[48][49]
Getlink operates two types of shuttle trains that transport vehicles through the Channel Tunnel along with two terminals to support the operation of the trains. LeShuttle trains transport personal vehicles and coaches, while LeShuttle Freight transports large trucks. Operations of the LeShuttle services comprise nearly 70% of Getlink's revenue.[50]
 | This sectiondoes notcite anysources. Please helpimprove this section byadding citations to reliable sources. Unsourced material may be challenged andremoved.(November 2024) (Learn how and when to remove this message) |
Europorte operates cross channel freight trains and freight trains within France. The company was formed by the merger ofEuroporte 2 andVeolia Cargo's French operations in September 2009.
Getlink hosts, but does not operate, passenger train services through the Channel Tunnel. As of 2020[update],Eurostar is the only passenger train operator that uses the tunnel, offering services that connect the United Kingdom with France, Belgium & The Netherlands.[citation needed]
Eurostar trains are operated byEurostar International Limited, whose majority owner isSNCF, the national railway of France. Eurostar International is the largest customer of Getlink, which levies charges (currently £25 per passenger per return journey) for use of the tunnel.[51]
| This sectiondoes notcite anysources. Please helpimprove this section byadding citations to reliable sources. Unsourced material may be challenged andremoved.(November 2024) (Learn how and when to remove this message) |
ElecLink is a 1,000 MWhigh-voltage direct current electricalinterconnector between the UK and France, passing through the Channel Tunnel. The 51 km (32 mi) cable runs via the Channel Tunnel between converter stations atPeuplingues in France and Folkestone in the UK, with an additional 14.5 km (9.0 mi) of underground AC cable on the English side to a substation and 3.5 km (2.2 mi) on the French side to a substation. ElecLink commenced operations on 25 May 2022.
| This sectiondoes notcite anysources. Please helpimprove this section byadding citations to reliable sources. Unsourced material may be challenged andremoved.(November 2024) (Learn how and when to remove this message) |
The company also owns the small Samphire Hoe nature reserve on the coast ofKent, England, which was created from Channel Tunnel spoil during construction in the 1980s/90s. The road tunnel down, the ventilation area and the reserve itself are all owned by Eurotunnel.
In August 2018,Bloomberg Businessweek reported that Getlink is interested in setting up anOuigo-style low cost high speed rail service between London and Paris, travelling between the railway stations ofStratford International andCharles-de-Gaulle.[52] In March 2022, Getlink was reportedly examining the prospects of establishing its ownrolling stock leasing company in order to lower the costs involved in operating trains through the Channel Tunnel and launching such services.[53]
In September 2020, Getlink announces a partnership withRATP Dev to jointly bid under the "Régionéo" brand name for regional rail services in France which will gradually opened to competitive tendering.[54][55]
| Class | Image | Propulsion | Top speed | Number | Built | Notes |
|---|---|---|---|---|---|---|
| Class 9 |  | Electric | 160 km/h (99 mph) | 58 | 1993 | Used forLeShuttle vehicle shuttles |
| Class 92 |  | 140 km/h (87 mph) | 16[56] | Used byEuroporte for freight services | ||
| Class 0001 | Diesel | 100 km/h (62 mph) | 10 | 1992 | Used for tunnel rescues/maintenance | |
| Class 0031 | 50 km/h (31 mph) | 12 | 1990 | Used forshunting |
{{cite magazine}}:Missing or empty|title= (help){{cite web}}: CS1 maint: archived copy as title (link){{cite web}}: CS1 maint: archived copy as title (link)
CAC Next 20 companies of France(as of 1 October 2023[update]) | |
|---|---|
