PARIS (dpa-AFX) - Getlink, formerly Groupe Eurotunnel SE (GETS.L), reported that its net consolidated profit for 2017 declined to 113 million euros from last year's 188 million euros in 2016. The prior year result included a gain of 50 million euros arising from the integration of ElecLink and a 64 million euros net profit arising from discontinued operations.
The consolidated EBITDA amounted to 526 million euros, an improvement of 32 million euros compared to 2016 at a constant exchange rate.
Trading profit increased by 30 million euros to reach 374 million euros.
The consolidated revenues for the Group in 2017 were 1.033 billion euros, an increase by 36 million euros or 4% compared to 2016.
The Group confirmed its financial objective of an increase in EBITDA to 545 million euros in 2018.
The start of ElecLink operations in 2020 will represent a significant step change in the Group's profitability. In total, in the current context, the Group believes it should exceed an EBITDA of 700 million euros (at £1=€1.14) in 2022.
The Group confirmed that it plans to continue with its policy of a regular growth in dividend payments to shareholders with a target increase per share of 0.05 euros per year. It announced dividend increase of 15% to 0.30 euro per share to be put to the next AGM on 18 April 2018.
Copyright RTT News/dpa-AFX