EuroBusiness Media (EBM): Hello and thank you very much for joining us today. I have the pleasure of meeting with Jacques Gounon, You are the Chairman and CEO of Groupe Eurotunnel SE. We are going to look back at your latest results: we are talking about a 9% hike in your turnover, also a 9% rise in your EBITDA. What do you make of this last semester?
Jacques Gounon: Very good news indeed. We have a very significant growth, the 9% you are mentioning, but on top of that I would like to add another figure which is absolutely key: the fact that it’s the 11th semester that we have a continuous growth, which is absolutely key and which I would say is clear evidence that the fixed link under the Channel is really performing and is a clear driver of the vitality of the economy between Great Britain and Continental Europe.
EBM: What do you believe is behind that growth?
Jacques Gounon: It’s quite clear that the British economy, which is very strong, is positive news. On top of that it’s quite clear that the appreciation of the sterling against the euro is quite good news for the Group because we have more British tourists and more importation from the UK. We have a very strong market share, 55% of passengers, 38.5% market share in June for trucks, so it’s quite booming. And on top of that, I would like to pay tribute to Eurostar which has announced that for the last quarter they had the best levels of traffic ever. So very good news all in all.
EBM: We are going to talk a little bit about the news now. First of all, the images of the huge numbers of migrants that have been arriving at Calais seeking to cross the channel. Is that not something that is likely to cause problems for Eurotunnel in the months to come?
Jacques Gounon: It’s an issue more for the external world than for the internal world where our staff is really performing and very cautious regarding all these aspects. There are more migrants in the Calais area than the public forces are recognising. I think more than 5,000, something like that. Having said that, we have a huge mechanism in order to look at trucks in order to be sure there are no migrants and I would say that regarding the UK side we are safe on this topic. It’s quite clear that this does not damage our frequency, which is our key differentiation factor to the maritime competition.
EBM: Also in the news these last few weeks, these regular strikes over at SeaFrance, that leave P&O Ferries as the only operator on the Channel. What are your shareholders to make of this situation?
Jacques Gounon: I think that in the long term they could be very comfortable due to the fact that less maritime competition which is something that is quite good news for the tunnel itself. Presently, of course, there is a very damaging situation for the employees within this scope who are not employees of the Eurotunnel Group and we are working with all the people involved, including DFDS, which has decided to lease our vessels to find a suitable solution for everyone, but at the end of the day, it’s the responsibility of the public authorities to have free access both to the tunnel and in the port.
EBM: It’s been an eventful semester and yet, looking ahead, you are maintaining your forecasts?
Jacques Gounon: Yes, indeed. It’s quite clear that all the positive factors that I mentioned are something that is quite good in order to sustain and, let’s say, perhaps to boost the performance of the Group. We are very cautious but we do think that we are able to deliver what we said. And regarding dividend policy, it’s quite clear that we can confirm that we could increase our dividend policy, because with less maritime competition, with a market which is booming, we have in hand all the elements in order to deliver what we promised to do.
EBM: Jacques Gounon, Chairman and CEO of Groupe Eurotunnel SE, thank you very much indeed.
Jacques Gounon: Thank you.
