EuroBusiness Media (EBM): Getlink reports results for the first half of 2020. Jacques Gounon, you are the Chairman of Getlink, hello.
Jacques Gounon: Hello
EBM: Two weeks ago you welcomed a new CEO…
Jacques Gounon: Yes indeed! I have been delighted to welcome Yan Leriche who has been recruited to be the new CEO on 1st of July this year, and I trust him to make the company still progressing. I would say that we have common targets for this 2020 year, which is a challenging year. First of all, of course, based on the official forecast regarding GDP and assuming that there is no new peak of COVID in the second half, we are targeting an EBITDA full-year of €350m and of course we are still committed to serve dividends. So these are the two key priorities he has now, as a new CEO.
EBM: You are presenting Getlink half yearly results in a particular context, how do you describe them?
Jacques Gounon: Once again, very challenging, but we have been able to react immediately through the sanitary crisis and I would say there are three reasons why we have protected our business and we have given clear evidence that we have a very resilient business model, is the fact that first of all, as I was just saying, we immediately reacted in order to implement the sanitary measures for bus, protecting staff and clients, which is absolutely key. The second reason perhaps is the fact that we had a continuous service, continuous offer, no disruption, offer all around the clock, so we have been able, like the vital link we are, to offer the best UK supply, the key supply for the UK. And the third reason, which I think is quite important, is the motivation of our staff in order to deliver the best quality of service and to have innovative solutions. For instance, we offer some wellbeing for the truck drivers, like showers, like free food and things like that in order to give the best comfort to our drivers. So I think the three reasons I am mentioning is the fact that we are now fully recognised by our clients as really the vital link for the UK.
EBM: Let’s get back to the figures maybe, €369m in revenue, €123m in EBITDA?:
EBM: Not too bad, but of course no like-to-like comparison - because it’s meaningless - with 2019. What we can say, in fact, is the key indicator in the present time of course is cash, and we have been working without jeopardising the investment in order to protect the business. So we are very proud of this cash protection, which I must recognise, is due to the efforts which have been made by our shareholders because we didn’t serve the dividends. That’s the first point. The second issue is the fact that, as I mentioned, we have a very resilient business model and due to the fact that the quarantine is over, due to the fact that the lockdown is over, we have seen a very strong level of bookings for the summer, so we are pretty confident for the future, for the second half, if of course, as I said, there is not a new peak obviously. So we have in hand all the factors in order to defeat the competition and to have the best results we can achieve in these present, challenging times.
EBM: You talked about Eurotunnel but there are other activities?
Jacques Gounon: Yes indeed, which are green activities. We are very pleased to be green-oriented and for ElecLink, the new electrical interconnection, we are waiting for the ICG decision which has been impacted by the COVID crisis, because the last meeting of this intergovernmental commission was on the 24th of February and due to the COVID crisis they are announcing that the first new meeting will be only in September, so there is of course a delay in the achievement of ElecLink which is a pity. But we are obliged of course to keep confidence in the ICG decision. The second business, perhaps I would say the second business of the company is rail freight with Europorte, which is doing a very good job, which has been very active during the crisis and which has been able to deliver a positive EBITDA for the 8th semester in a row, which for the rail freight business is not too bad. And Eurostar which, as you know is an independent company – they are suffering like airlines of course – but the good news is that the famous border control treaty between the Netherlands and the UK has been signed, which means that Eurostar will be able to resume traffic without any intermediate border controls between Amsterdam and London. So this is good news for the future. And at the end of the day, the best good news for our businesses is the fact that president Macron has first of all explained that he is supporting green transport - and we aren at the heart of green transport - and that the EU has decided the famous plan in order to support activities and we hope that we can take a significant part in this new relaunching programme. So, all in all, we are confident with Yann Leriche in order to deliver what I have announced.
EBM: Jacques Gounon, you are the Chairman of Getlink, thank you for your time today.
Jacques Gounon: Thank you.
