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All for an annual budget of EUR 3 millionA world populated by wildebeest and penguinsThe offer of the Nyse today seems to be winningThe monopoly is more fragile than it seemsThe Fabec including will be in service of air routes more directAn argument repeated yesterday by François Fillon5 in 2007 while it increased during the same period in the EU27 from 20This is not to say that to be walking on the feetHappy initiative because since that time society Ulmann 12The anglonéerlandais especially has no other choiceJacques Gounon, President and CEO of Groupe Eurotunnel SA, was confident, yesterday, at the announcement of the results of the first half of 2010, and this despite a loss of EUR 44.8 million, more than for the same period last year. The fault, according to the CEO, to the freezing of the benefits of insurance to the fire of September 2008 in the tunnel.
Indeed, Eurostar and SNCF have presented in chambers, in May 2009, a claim for compensation in the amount of EUR 48 million, which led the Court to freeze nearly EUR 59 million. Group Eurotunnel asks 296 million and has already received 157. If the folder does not unblocks, "off benefits insurance, Eurotunnel recovered at least 45 million or $ 50 million at the end of the year." "With the correct amount of compensation, it would balance". The group is still confident, as the activity is sustained, since the turnover of 331 million is an increase of 22 over a year, and the operating margin is also in progress of 3 to 143 million. Traffic, it develops at a good pace, as well for shuttle Eurotunnel - trucks ( 41) and passengers ( 17 for cars) and 8 for coaches - for Eurostar ( 6). Jacques Gounon thus welcomed of "traffic and sales on the rise, which is a true reason for satisfaction in the current context of economic crisis". However, he tempered, "If the insurance indemnities remain blocked, we cannot be beneficiaries this year". It is also necessary that losses (4 million in the first half) charged by Europorte, the railway undertaking of the group, to be offset by GBRf (GB Railfreight) profits, the operator of cargo "at the profitable business." Acquired by the Group last may, he holds 8 of market share to the United Kingdom.
Reduce operating costs
Group Eurotunnel seeks out red including by reducing operating costs (some maintenance tasks have been internalised) but also by developing certain activities. The consortium GB Speedrail, composed of Eurotunnel, Infracapital Partners and Goldman Sachs Infrastructure Partners, thus wishes to acquire High Speed One, the first line high speed of the United Kingdom put on sale by the Government. The Eurotunnel Group also seeks to develop the European network high-speed closer Deutsche Bahn since January, and on rail freight high speed with Carex.
He must also face the war prices conducted by operators of ferries as SeaFrance threatened judicial remedy and which continues nevertheless to - for the moment - an aggressive pricing policy. "SeaFrance made anything," said Jacques Gounon yesterday. This competition has undermined Eurotunnel in attacking the market of large carriers. The Group therefore refocused on the market of small carriers, or almost a third of the crossings of trucks in the first half of 2010. The Group also wishes to invest in safety (SAFE stations into the tunnel, European system GSM - R) and in the increase of power of the locomotives.
Eurotunnel expected much finally of the Olympic Games to London in 2012. Including strengthening its partnerships with the Pas-de-Calais which could prove to be a strategic rear base for the countries participating in the Olympic Games.
