2015 Annual Results Increased for the Eurotunnel Group

• Revenues increased by 5% to €1.222 billion¹
• EBITDA increased to €542 million
• Net consolidated profit increased to €100 million
• A 22% increase in the dividend, to 0.22€ per share, to be proposed to the AGM on 27 April 2016

PARIS--(BUSINESS WIRE)--Regulatory News:

On 17 February 2016, the Board of Directors, chaired by Jacques Gounon, finalised the accounts for the year ending 31 December 2015.

Jacques Gounon, Chairman and Chief Executive Officer of Groupe Eurotunnel SE (Paris:GET) stated: “In a difficult environment in 2015, the Group worked with the efficiency of a private company to deliver a genuine public service. This was achieved through the commitment of its staff, close cooperation with the two governments and an exemplary capacity to react to events.”

KEY EVENTS IN THE PAST YEAR

• Channel Tunnel Fixed Link Concession
  • In 2015, Eurotunnel’s Shuttles transported 2.6 million passenger vehicles and 1.5 million trucks.
  • Le Shuttle achieved a record annual market share of 52.6% for its Passenger Shuttle car activity. The Pet Travel Service also achieved a record year, with 260,000 animals transported (+13% compared to 2014).
  • The Truck Shuttle service ended the year with a new all-time record of 1,483,741 trucks transported.
  • At €523 million, EBITDA for the Fixed Link segment increased by +€2 million compared to 2014 at a constant exchange rate.
  • The work done in co-operation with the British and French governments, who are responsible for border security and public order, and the investments delivered in very short timescales for the protection of the Coquelles terminal, have enabled Eurotunnel to provide a transport service with no disruption since October 2015.
  • The Group has inaugurated two new terminals in the UK and France, which were built as part of the Terminal 2015 project to increase and improve traffic flow and capacity.
  • The agreement with the Railways and Eurostar on the application of the Railway Usage Contract regarding the amount of their contributions to the operating costs of the Fixed Link has been renewed for 5 years.
  • Despite the context of 2015, Eurostar achieved record traffic with 10,399,267 passengers transported through the Tunnel. Eurostar also demonstrated its ability to carry more than 1 million passengers per month with 1.038 million passengers carried in July 2015.
• Europorte and its subsidiaries
  • A positive contribution to 2015 revenues (€307 million, an increase of +9%) due to the signing of new contracts and the renewal of existing agreements. Since 2015, Europorte’s business represents more than a quarter of the Group’s revenues.
  • The growth in EBITDA (+7%) validates the strategy that favours contracts with added value.
  • In France, Europorte celebrated 10 years of partnership with its biggest customer, proof of the high quality of service offered and of the daily commitment to local and regional economies.
  • GB Railfreight, the third largest rail freight operator in the UK, also continues to develop, with intermodal and bulk services having benefitted from the growth in the UK economy, and the new contract for the traction of the emblematic Caledonian Sleeper.
• Maritime activity

Following the decision by the Competition Appeal Tribunal on 9 January 2015 (confirmed by the Supreme Court on 16 December 2015), concerning the ban on operations from Dover for MyFerryLink ships after 9 July 2015, the Group was obliged to withdraw from its maritime activity.

The two ships Rodin and Berlioz are now leased to DFDS.

Since MyFerryLink is treated as a discontinued activity, only its net result (- €7 million) is included in the consolidated accounts.

• ElecLink

Having obtained authorisation from both national and European regulators to operate a private electrical interconnector between the UK and France, preferred bidder status has been awarded to suppliers for the construction of the two converter stations and for the manufacture and installation of the cable through the Tunnel.

FINANCIAL RESULTS

Consolidated revenues² for the Group for the year ending 31 December 2015 reached €1.222 billion, an increase of €54 million (+5%) compared to 2014.

Operating costs amounted to €680 million (+8%).

Consolidated EBITDA reached €542 million, an increase of €3 million compared to 2014 at a constant exchange rate. The security of the Fixed Link being the responsibility of the two governments, a claim for €29 million has been made via the Intergovernmental Commission, to compensate essentially the revenue losses due to migrant pressure. No revenue relating to this claim has been accounted for in 2015.

Operating profit was €387 million, an increase of €6 million (+2%).

The Group’s pre-tax profit from continuing operations for 2015 was €115 million, an improvement of €25 million compared to 2014.

The consolidated net result for the Eurotunnel Group for 2015, including the net result for discontinued operations (loss of €7 million), is a profit of €100 million, compared to a profit of €74 million in 2014.

The Free Cash Flow generated in 2015 reached €157 million, compared to €155 million in 2014. The available cash flow at 31 December 2015 was €406 million.

OUTLOOK

Business remains dynamic, led by growth in the UK economy and signs of improvement in Europe. Despite an uncertain global environment, the Group remains confident in its ability to generate sustainable growth both in cross-Channel and rail freight activities and to increase its resistance to the vagaries of the economy. The Eurotunnel Group expects growth in its EBITDA (at a constant exchange rate of £1=€1.375) in line with the following objectives:

• 2016: EBITDA of €560 million
• 2017: EBITDA of €605 million

In the medium term, there are several factors favourable to the Eurotunnel Group:

• Continuation of growth in the truck and car markets on the Short Straits
• Added capacity from 3 new Truck Shuttles,
• Launch of new high-speed rail services such as London-Amsterdam
• Prospect of rail freight growth.

REVIEW OF THE FINANCIAL SITUATION AND THE CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

Pursuant to EC Regulation 1606/2002 of 19 July 2002 on the application of international accounting standards, the consolidated financial statements of GET SE for the financial year ended 31 December 2015 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31 December 2015.

The following information relating to Groupe Eurotunnel SE’s financial situation and consolidated results must be read in conjunction with the consolidated financial statements contained in paragraph 20.3.1 of the 2015 Registration Document.

1. COMPARISON OF FINANCIAL YEARS ENDED 31 DECEMBER 2014 AND 31 DECEMBER 2015

Given the context described in note A.1 of Groupe Eurotunnel SE’s consolidated financial statements contained in paragraph 20.3.1 of the 2015 Registration Document, the Group considers that in the second half of 2015, the conditions for the application of IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations” are applicable to its maritime segment MyFerryLink (see note D to the consolidated financial statements contained in paragraph 20.3.1 of the 2015 Registration Document). Accordingly, the net result of the MyFerryLink segment for the current and previous financial year are presented as a single line in the income statement called “Net result from discontinued operations”.

In order to enable a better comparison between the two years, the 2014 consolidated income statement presented in this section has been recalculated at the exchange rate used for the 2015 income statement of £1=€1.375.

Summary

The Group’s consolidated revenues in 2015 amounted to €1,222 million, an increase of €54 million (+5%) compared to 2014. Operating costs totalled €680 million, an increase of €51 million (+8%). EBITDA, improved by €3 million to €542 million; no account has been taken of the claim made to the Intergovernmental Commission amounting to €29 million relating to the disruptions to the Fixed Link’s traffic caused by the attempted intrusions by migrants during 2015. After taking into account a €9 million reduction in depreciation charges, the trading profit improved by €12 million to €390 million. Net finance costs reduced by €22 million as a result of lower inflation rates. The Eurotunnel Group’s result for continuing activities for the 2015 financial year was a profit of €107 million, an improvement of €21 million compared to 2014.

The consolidated net result for 2015, after taking into account discontinued operations, was a profit of €100 million, an improvement of €26 million compared to the 2014 restated net result of €74 million.

Free Cash Flow⁽³⁾ of €157 million was generated in 2015 compared to €155 million in 2014. At 31 December 2015, the Group held cash balances of €406 million (€385 million at 31 December 2014).

€ million	2015	2014 restated^(*^,**^)	Variance		2014 published^(**^)
Exchange rate €/£	1.375	1.375	€M	%	1.258
Fixed Link	915	887	28	3%	847
Europorte	307	281	26	9%	267
Revenue	1,222	1,168	54	5%	1,114
Fixed Link	(392)	(366)	26	7%	(354)
Europorte	(288)	(263)	25	10%	(251)
Operating costs	(680)	(629)	51	8%	(605)
Operating margin (EBITDA)	542	539	3	0%	509
Depreciation	(152)	(161)	(9)	-6%	(161)
Trading profit	390	378	12	3%	348
Other net operating (charges)/income	(3)	3	6		3
Operating profit (EBIT)	387	381	6	2%	351
Share of result of equity-accounted companies	(1)	(1)			(1)
Net finance costs	(263)	(285)	(22)	-8%	(272)
Net other financial charges	(8)	(5)	(3)		(5)
Pre-tax profit from continuing operations	115	90	25	28%	73
Income tax expense	(8)	(4)	(4)		(4)
Net profit from continuing operations	107	86	21		69
Net loss from discontinued operations	(7)	(12)	5		(12)
Net consolidated profit for the year	100	74	26		57
* Restated at the rate of exchange used for the 2015 income statement (£1=€1.375).
** Restated in application of IFRS 5 following the ending of the MyFerryLink segment’s activities.

The evolution of the pre-tax result from continuing operations by segment compared to 2014 is presented below:

€ million Improvement/(deterioration) of result	Fixed Link	Europorte	Total Group
Pre-tax result: 2014 restated at the 2015 exchange rate	75	15	90
Improvement/(deterioration) of result:
Revenue	+28	+26	+54
Operating expenses	-26	-25	-51
EBITDA	+2	+1	+3
Depreciation	+10	-1	+9
Trading result	+12	–	+12
Other net operating income/(charges)	+8	-14	-6
Operating result (EBIT)	+20	-14	+6
Net financial charges and other	+22	–	+22
Net other financial charges	-3	–	-3
Total changes	+39	-14	+25
Pre-tax result from continuing operations for 2015	114	1	115

1.1. Fixed Link Concession segment

The Group’s core business is the Channel Tunnel Fixed Link Concession which operates and directly markets its Shuttle Services and also manages the circulation of High-Speed Passenger Trains (Eurostar) and the Train Operators’ Rail Freight Services through its Railway Network. This segment also includes the Group’s corporate services.

€ million	2015	2014	Variance
Exchange rate €/£	1.375	1.375	€M	%
Shuttle Services	580	552	28	+5%
Railway Network	319	319	–	+0%
Other revenue	16	16	–	+2%
Revenue	915	887	28	+3%
External operating costs	(215)	(204)	+11	+6%
Employee benefits expense	(177)	(162)	+15	+9%
Operating costs	(392)	(366)	+26	+7%
Operating margin (EBITDA)	523	521	+2	+0%
EBITDA/revenue	57.1%	58.8%

a) Fixed Link Concession revenues

Revenue generated by this segment, which in 2015 represented 75% of the Group’s total revenue, increased by 3% compared to 2014, to €915 million.

i) Shuttle Services

Traffic (number of vehicles)	2015	2014	Change
Truck Shuttle	1,483,741	1,440,214	+3%
Passenger Shuttle:
Cars ^(*^)	2,556,585	2,572,263	-1%
Coaches	58,387	63,059	-7%
* Includes motorcycles, vehicles with trailers, caravans and motor homes.

Shuttle Services’ revenue for 2015 amounted to €580 million, up 5% (€28 million) compared to the previous year.

Truck Shuttle

The strong growth in the cross-Channel Short Straits truck market in the first half of 2015 (+8%) slowed down in the second half (+1%) as a result of the problems caused by the migrant crisis in Europe and in particular in the Calais area, to give a full-year growth estimated at 4% compared to 2014. Fixed Link truck traffic increased by 3% and its market share was at 37% for the year despite the disruptions caused by the attempted intrusions by migrants, especially between June and October 2015. Following the security measures put in place around the Coquelles site, the activity improved significantly from the end of October, and the months of November and December were each record months for truck traffic. The 1,483,741 trucks carried during 2015 is the most carried in a year since the opening of the Tunnel in 1994.

Passenger Shuttle

The cross-Channel Short Straits car market grew by approximately 3% in the first half of 2015 but was badly affected by the migrant situation in the Calais area from June 2015 and by the terrorist attacks in Paris in November, and as a result contracted by 3% for the year as a whole compared to 2014. Despite this market contraction, the Fixed Link’s share of the car market increased by a point to 52.6% for 2015, a record since operations began.

Also affected by the disturbing events of the year and in particular by the terrorist attacks and the states of emergency in Paris and Brussels from mid-November, the cross-Channel Short Straits coach market contracted by approximately 3% compared to 2014, and the Fixed Link’s share of the coach market reduced by two points to 37.7%.

ii) Railway Network

Traffic	2015	2014	Change
High-Speed Passenger Trains (Eurostar):
Passengers^(*^)	10,399,267	10,397,894	+0%
Train Operators’ Rail Freight Services^(**^):
Number of tonnes	1,420,826	1,648,047	-14%
Number of trains	2,421	2,900	-17%
* Only passengers travelling through the Channel Tunnel are included in this table, excluding those who travel between Paris-Calais and Brussels-Lille.
** Rail freight services by train operators (DB Schenker on behalf of BRB, the SNCF and its subsidiaries, and Europorte) using the Tunnel.

The Eurotunnel Group earned revenues of €319 million in 2015 from the use of its Railway Network by Eurostar’s High-Speed Passenger Trains and by the Train Operators’ Rail Freight Services.

The number of Eurostar passengers using the Tunnel remained stable in 2015 compared to 2014. Traffic at the beginning of the year had been affected by the terrorist attacks in Paris in January, but then went on to benefit both from growth in demand and the launch of a direct service from London to Lyon and Marseille. In the third quarter of 2015, traffic was impacted firstly by the migrant crisis, and then, more significantly from mid-November, by the attacks in Paris and the states of emergency in Paris and Brussels.

The number of rail freight trains increased by 4% in the first half of 2015, mainly due to an increase in intermodal transport and to the favourable impact of ETICA (Eurotunnel Incentive for Capacity Additions), the financial assistance scheme to start up new services. However, the many incidents related to intrusions by migrants at the SNCF site at Calais Frethun from June, badly affected the rail freight activity and forced railway operators to periodically suspend night-time rail freight traffic. As a result, the number of rail freight trains was sharply down, by 17%, for the year as a whole.

b) Fixed Link Concession operating costs

The Fixed Link segment’s operating costs amounted to €392 million in 2015, an increase of 7% compared to 2014. This €26 million increase was due mainly to:

• the impact of increased activity on staff costs, maintenance and other operating costs totalling €15 million, and

• €8 million additional costs resulting from increased security measures following the significant influx of migrants to the Calais area (€7 million, net of reimbursements received from the authorities) and the introduction of the new passport controls for people leaving the UK imposed by the UK government from April 2015 (€1 million).

1.2. Europorte segment

The Europorte segment covers the entire rail freight transport logistical chain in France and the UK. It includes GBRf in the UK and Europorte France and Socorail in France.

€ million	2015	2014	Variance
Exchange rate €/£	1.375	1.375	€M	€M
Revenue	307	281	26	+9%
External operating costs	(178)	(163)	+15	+9%
Employee benefits expense	(110)	(100)	+10	+10%
Operating costs	(288)	(263)	25	+10%
Operating margin (EBITDA)	19	18	+1	+7%

a) Europorte revenues

The increase of €26 million in Europorte’s revenues (9%) has been generated mainly by new contracts started in 2015 and by the full-year effect of contracts started in 2014.

b) Europorte operating costs

Operating costs increased by 10% reflecting both the growth in activity as well as the additional costs resulting from the start-up of new contracts concluded in 2015.

1.3. Operating margin (EBITDA)

EBITDA by business segment evolved as follows:

€ million	Fixed Link	Europorte	Total Group
EBITDA 2014 restated	521	18	539
Improvement/(deterioration):
Revenue	+28	+26	+54
Operating costs	-26	-25	-51
Total	+2	+1	+3
EBITDA2015	523	19	542

At €542 million in 2015, the Group’s operating margin improved by €3 million compared to 2014. The Fixed Link’s EBITDA was affected by the impact of the terrorist attacks in Paris in particular on Passenger Shuttle and Eurostar traffic, as well as by the consequences on revenue and operating costs of the attempted intrusions by migrants. A claim for €29 million has been made to the Intergovernmental Commission relating to the disruptions to the Fixed Link’s traffic caused by the attempted intrusions by migrants during 2015. As at 31 December 2015, no income has been accounted for in respect of this claim.

1.4. Operating profit (EBIT)

Depreciation charges reduced by €9 million as a result of the end of depreciation on certain Fixed Link assets which were amortised over 20 years.

The operating profit for the 2015 financial year was €387 million compared to €380 million in 2014.

1.5. Net result from continuing operations

At €263 million in 2015, net finance costs decreased by €22 million compared to 2014 as a consequence of the decrease in inflation rates and the resulting beneficial effect on the interest and on the revaluation of the index-linked tranche of the debt. The transaction to simplify the debt structure (see note A.2 to the consolidated financial statements contained in paragraph 20.3.1 of the 2015 Registration Document) was carried out near the end of 2015 and so had no impact on the interest charges for the period.

The ratio of the Group’s consolidated EBITDA to its finance costs (excluding indexation) is 2.1 at 31 December 2015 (2014: 2.1).

“Net other financial income and charges” in 2015 include €17.5 million consent fees relating to the transaction to simplify the debt concluded in 2015 (see note A.2 to the consolidated financial statements contained in paragraph 20.3.1 of the 2015 Registration Document), and €3 million of net exchange gains compared to €13 million of net exchange losses in 2014. This line also includes interest receivable on the floating rate notes of €7 million (2014: €7 million).

The Eurotunnel Group’s pre-tax result for continuing operations for the 2015 financial year was a profit of €115 million, an increase of €25 million compared to 2014 at a constant exchange rate.

In 2015, income tax expense included a charge of €3 million relating to tax on dividends (3% of the €97 million dividend paid in 2015), an income tax charge of €12 million and a net deferred tax credit of €7 million.

The Eurotunnel Group’s post-tax result for continuing operations for the 2015 financial year was a profit of €107 million, an increase of €21 million at a constant exchange rate.

1.6. Net result from discontinued operations: MyFerryLink segment

The Eurotunnel Group’s maritime subsidiaries “MyFerryLink” leased their three ships to SCOP SeaFrance (an operating company outside the Eurotunnel Group) and marketed the cross-Channel crossings for tourist and freight vehicles. The Group’s three ferries operated on the cross-Channel Short Straits market between Dover and Calais until the end of June 2015.

€ million	2015	2014
Revenue	52	93
Operating costs	(57)	(104)
Operating margin (EBITDA)	(5)	(11)
Depreciation	(4)	(5)
Trading loss	(9)	(16)
Other net operating charges	(1)	–
Operating loss	(10)	(16)
Income tax expense	3	4
Net result of discontinued operations	(7)	(12)

The segment generated revenues of €52 million in 2015, of which €6 million was from the lease of the ferries to SCOP SeaFrance in the first half of the year.

Operating costs of €57 million for 2015 mainly comprise the purchase of ferry crossings from SCOP SeaFrance as well as port fees linked to traffic transported, commercial and administrative costs.

Other net operating charges represent cost associated with the cessation of the maritime activity.

1.7. Net consolidated result

The net consolidated result after tax for the Eurotunnel Group for the 2015 financial year was a profit of €100 million compared to a profit of €74 million restated for 2014, an improvement of €26 million.

2. CASH FLOWS IN 2014 AND 2015

In order to enable a better comparison between the two years, the 2014 cash flow presented in this section has been recalculated at the exchange rate used for the statement of financial position at 31 December 2015 of £1=€1.362.

€ million	2015	2014 restated^(*^)	Variance	2014 published
Exchange rate €/£	1.362	1.362		1.284
Net cash inflow from trading	556	508	+48	498
Other operating cash flows and taxation	(12)	5	-17	4
Net cash inflow from operating activities	544	513	+31	502
Net cash outflow from investing activities	(106)	(78)	-28	(77)
Net cash outflow from financing activities	(432)	(335)	-97	(329)
Increase in cash in year	6	100	-94	96
* Restated at the rate of exchange used for the statement of financial position at 31 December 2015 (£1=€1.362).

a) Cash flow from operating activities

Net cash inflow from trading in 2015 increased by €48 million at a constant exchange rate compared to 2014, to €556 million.

Net other operating cash flows and taxation decreased by €17 million as a result of a one-off indemnity received in 2014 and an increase in taxation paid of €5 million.

Net cash inflow from operating activities increased by €31 million to €544 million. This is explained mainly by:

• a net increase of €32 million for the Fixed Link activity;

• stable operating cash flows for the Europorte activity; and
• a net improvement of €18 million in operating cash flows from the MyFerryLink segment’s activity which reflects the termination of the activity at the end of June and includes the recovery of debts in the second half of the year.

b) Cash flow from investing activities

Net cash flow from investing activities increased from €78 million in 2014 (restated at the 2015 exchange rate) to €106 million in 2015. In 2015, this included:

• net payments of €74 million relating to the Fixed Link (2014: €40 million) of which €19 million was spent on the Terminal 2015 project, €15 million on rolling stock, €8 million (net of reimbursements received) on the security reinforcements, €7 million on replacing rail in the Tunnel and €7 million on the GSM-R project;
• net payments of €59 million for Europorte, mainly as part of the acquisition of new locomotives in the UK and France to develop the activity. Expenditure of €26 million was subsequently refinanced by sale and lease back transactions; and
• net receipts of €2 million, including the reimbursement of a guarantee deposit relating to ElecLink Limited’s activity.

c) Cash flow from financing activities

Net cash outflow from financing activities in 2015 amounted to €432 million compared to €335 million in 2014 restated at the 2015 exchange rate. During 2015, it comprised mainly:

• €254 million of interest paid on the Term Loan, associated hedging transactions and other loans (2014 restated: €255 million),
• €39 million paid in respect of scheduled repayments on the Term Loan and other loans (2014 restated: €36 million),
• €97 million paid in dividends (2014: €81 million),
• €42 million paid in respect of consent fees in relation to the transaction to simplify the debt structure (see note A.2 to the consolidated financial statements contained in paragraph 20.3.1 of the 2015 Registration Document),
• €14 million paid in respect of the share buy back programme,
• €4 million received in respect of a finance lease taken out to refinance the re-engineering of locomotives by GBRf,
• €3 million received in relation to the exercise of share options, and
• interest received totalling €9 million of which €6 million was in respect of the floating rate notes owned by the Group (2014: €9 million of which €6 million was in respect of the floating rate notes).

3. DEBT SERVICE COVER RATIOS

The debt service cover ratio and the synthetic service cover ratio for Groupe Eurotunnel SE at 31 December 2015 were 1.83 and 1.64 respectively, and thus the financial covenants for the period were respected.

4. NET DEBT TO EBITDA RATIO

The Group defines its net debt to EBITDA ratio as the ratio between financial liabilities less the value of the floating rate notes and cash and cash equivalents held by the Group, and consolidated EBITDA. At 31 December 2015, the ratio was 6.5 compared to 7.0 at 31 December 2014.

€ million	31 December 2015	31 December 2014
Non-current financial liabilities	4,017	4,040
Current financial liabilities	47	44
Total financial liabilities	4,064	4,084
Floating rate notes	(161)	(156)
Cash and cash equivalents	(406)	(385)
Net debt	3,497	3,543
EBITDA ^(*^)	542	509
Net debt / EBITDA	6,5	7.0
Statement of financial position exchange rate €/£	1.362	1.284
Income statement exchange rate €/£	1.375	1.258
* EBITDA 2014 restated in application of IFRS 5 following the cessation of the MyFerryLink segment’s activities.

The Group believes this ratio to be more appropriate and better adapted to its structure and performance than the long term debt to asset ratio presented until 2014.

5. FREE CASH FLOW

The Group defines its Free Cash Flow as net cash flow from operating activities less net cash flow from investing activities (excluding the initial investment in new activities and the acquisition of shareholdings in subsidiary undertakings) and net cash flow from financing activities relating to debt service plus interest received (on cash and cash equivalents and other financial assets).

At €157 million in 2015, Free Cash Flow is at the same level as in 2014 (restated at the exchange rate at 31 December 2015) despite increased capital expenditure, mainly as a result of the increase in operating cash flows (see paragraph 2 above for more details).

	31 December 2015	31 December 2014
€ million		restated	published
Exchange rate €/£	1.362	1.362	1.284
Net cash inflow from operating activities	544	513	502
Net cash outflow from investing activities	(106)	(78)	(77)
Interest paid on loans and hedging instruments	(254)	(255)	(248)
Scheduled debt repayments	(39)	(36)	(35)
Interest received and other receipts	12	13	13
Free Cash Flow	157	157	155

6. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€’000	31 December 2015	31 December 2014
ASSETS
Goodwill	19,308	18,193
Intangible assets	6,958	9,337
Total intangible assets	26,266	27,530
Concession property, plant and equipment	6,166,615	6,229,499
Other property, plant and equipment	183,079	220,967
Total property, plant and equipment	6,349,694	6,450,466
Equity-accounted companies	3,897	1,693
Deferred tax asset	149,497	140,759
Other financial assets	167,031	166,564
Total non-current assets	6,696,385	6,787,012
Inventories	3,540	3,531
Trade receivables	129,442	145,655
Other receivables	62,882	42,511
Other financial assets	192	174
Cash and cash equivalents	405,912	384,723
Sub-total current assets	601,968	576,594
Assets held for sale	64,675	–
Total current assets	666,643	576,594
Total assets	7,363,028	7,363,606
EQUITY AND LIABILITIES
Issued share capital	220,000	220,000
Share premium account	1,711,796	1,711,796
Other reserves	(337,877)	(315,094)
Profit for the year	100,451	57,225
Cumulative translation reserve	(30,911)	84,155
Equity – Group share	1,663,459	1,758,082
Minority interest share	(342)	(109)
Total equity	1,663,117	1,757,973
Retirement benefit obligations	98,301	81,298
Financial liabilities	4,017,341	4,040,311
Other financial liabilities	79,177	–
Interest rate derivatives	1,170,242	1,199,459
Total non-current liabilities	5,365,061	5,321,068
Provisions	8,265	1,845
Financial liabilities	46,914	43,505
Other financial liabilities	17,353	–
Trade payables	222,727	199,635
Other payables	39,591	39,580
Total current liabilities	334,850	284,565
Total equity and liabilities	7,363,028	7,363,606

Dates for your diary in 2016:

27 April 2016: Groupe Eurotunnel SE AGM

Additional information:

The financial analysis as well as the balance sheet of the consolidated accounts, as stated by the board of directors on 17 February 2016, are available on the website of the Eurotunnel Group: www.eurotunnelgroup.com.

The accounts for 2015 have been certified by the statutory auditors

¹ All comparisons with the 2014 income statement are made at the 2015 exchange rate of £1 = €1.375.

² In the context of the cessation of the MyFerryLink segment’s activity, and in application of IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the net result for the MyFerryLink segment for the year 2015 and for the comparative period is presented in a single line at the bottom of the income statement called “Net result from discontinued operations”.

³ The calculation of Free Cash Flow is shown in section 5 below.