ETL Eutelsat Communications S.a.

RNS Number:7663X
Eurotunnel PLC/Eurotunnel S.A.
20 April 2004

EMBARGO: Not for release before 0730 hours (UK time) on Tuesday, 20 April 2004

                 TRADING STATEMENT: Q1 2004 REVENUE & TRAFFIC

  * 7% increase in truck carryings with two-point increase in market share
  * Car market share stable at 55% in a contracting market
  * 4% fall in operating revenue

Eurotunnel, operator of the Channel Tunnel, today announced its revenue and
traffic for the first quarter of 2004.

Operating Revenue

Despite the strong volume performance from Eurotunnel's truck shuttle business,
total shuttle revenues declined by 8% at constant exchange rates compared to the
first quarter of 2003. This was mainly due to lower truck yields. Eurotunnel
maintained its car market share and achieved higher yields than in the same
period last year, but the reduction in the number of vehicles carried also
contributed to the decline in revenues.

Railways revenue increased by 2% to #57.5 million. This amount included payments
due under the Minimum Usage Charge arrangements.

# million                  Q1 2004         Q1 2003     % change     Q1 2003
                         Unaudited*      Restated*                 reported**
                    
Shuttle services             64.1           69.9          - 8%        71.4
Railways                     57.5           56.6          + 2%        57.5
Transport activities        121.6          126.5          - 4%       128.9
Non-transport activities      4.0            3.6          + 7%         3.7
Operating revenue           125.6          130.1          - 4%       132.6


* exchange rate #1= Euro 1.502 (2003 operating revenue has been restated at an
exchange rate of #1=Euro1.502 to permit a direct comparison with 2004)

** exchange rate #1= Euro 1.450

Eurotunnel Shuttle Services

Truck shuttles

The short straits truck market returned to growth during the first quarter,
showing a 2% increase.

Eurotunnel carried 326,003 trucks in the first quarter of 2004, an increase of
7% compared to 2003. Market share for the quarter improved by two-points to 43%.
Average yields were substantially lower than in the first quarter of 2003,
resulting in lower revenues. The market remains intensely competitive.

Passenger shuttles

The short straits market contracted by 13% during the quarter compared to the
first quarter of 2003, during which traffic was supported by day trip price
promotions. The short straits market also continues to suffer from competition
from low-cost airlines.

Eurotunnel was able to maintain its market share at 55% in a very competitive
market place.

The coach market declined by 8%, with Eurotunnel volumes falling by 17% for the
quarter compared to the same period in 2003. Market share fell by four points to
38%. Scheduled coach services were significantly reduced due to competition from
low-cost airlines.

                             Q1 2004           Q1 2003     % change     Market(1)
Truck shuttles          326,003 trucks     305,946 trucks     + 7%        + 2%
Passenger shuttles      421,070 cars(2)    483,654 cars(2)      - 13%     - 13%
                         11,867 coaches     14,219 coaches    - 17%       - 8%

(1) the reference market is short straits: Folkestone-Dover-Ramsgate/
    Calais-Zeebrugge-Dunkerque

(2) including motorcycles, cars, vehicles with trailers, caravans and campervans

Railways (Eurostar & rail freight)

The Channel Tunnel is also used by other rail services not managed by Eurotunnel
- Eurostar for high-speed passenger-only services on London/Paris and London/
Brussels, and EWS and SNCF for international rail freight services.

Eurostar

Eurostar passengers* travelling through the Channel Tunnel in the first quarter
of 2004 increased by 19% compared to the first quarter of 2003, continuing the
strong growth achieved since the opening of the first section of the UK
high-speed rail link.

Rail freight

The volume of rail freight transported through the Channel Tunnel continues to
recover with 468,390 tonnes carried in the first quarter, an increase of 7%.

Revenues from Eurostar and rail freight services through the Channel Tunnel are
protected by the Minimum Usage Charge (MUC) paid to Eurotunnel by the Railways.
This payment continues until November 2006.

                                    Q1 2004                 Q1 2003           % change
Eurostar                     1,606,789 passengers     1,346,502 passengers      + 19%
Rail freight (SNCF/EWS)        468,390 tonnes           438,870 tonnes          + 7%


* The passenger number given is for Eurostar passengers who travelled through
the Channel Tunnel, and excludes passengers between Paris/Calais and Brussels/
Lille.

Enquiries:

Kevin Charles, tel: + 44 (0) 1303 288728

Eurotunnel manages the infrastructure of the Channel Tunnel and operates
accompanied truck shuttle and passenger shuttle (car and coach) services between
Folkestone, UK and Coquelles, France. It is market leader for cross-Channel
travel. Eurotunnel also earns toll revenue from other train operators (Eurostar
for rail passengers, and EWS and SNCF for rail freight) which use the Tunnel.
Eurotunnel is quoted in London, Paris and Brussels.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

TSTEAKLNFDLLEFE

Eutelsat Communications (LSE:ETL)
Historical Stock Chart
From Jul 2024 to Aug 2024

Eutelsat Communications (LSE:ETL)
Historical Stock Chart
From Aug 2023 to Aug 2024