Ups and downs of Eurotunnel
LONDON, England (Reuters) -- Anglo-French Channel Tunnel operator Eurotunnel posted a 1.9 billion euro ($2.42 billion) net loss for 2003 due to big write downs on Monday, and proposed significant cuts to access rates to ramp up rail traffic.
Eurotunnel, which runs the undersea link between Britain and France, also said it needed to reduce interest payments and its nine billion euros of debt.
Here is a short chronology on Eurotunnel since 1975.
1975 -- Britain halts tunnel project due to spiraling costs, shortly after digging begins. The project was based on a 1964 agreement between France and Britain to build a subsea tunnel, an idea under discussion since the mid-18th century. Advocates included Napoleon.
September 11, 1981 -- French President Francois Mitterrand and British Prime Minister Margaret Thatcher agree to study tunnel. Thatcher insists on private sector financing.
January 20, 1986 -- Eurotunnel rail tunnel project is chosen.
November 27, 1987 -- Eurotunnel shares floated at 350 pence in London and 35 francs in Paris.
December 1, 1990 -- British worker Graham Fagg shakes hands with French counterpart Philippe Cozette through a gap in the service tunnel reached three years after start of tunneling.
February 26, 1994 -- Eurotunnel celebrates completion of project -- nearly a year behind schedule due to cost overruns.
May 3, 1994 -- Cost of Channel Tunnel construction estimated at £10 billion ($18.57 billion) -- more than double the original estimate.
May 6, 1994 -- Queen Elizabeth and Mitterrand formally open the Channel tunnel.
May 19, 1994 -- Eurotunnel begins freight service.
November 14, 1994 -- Eurotunnel begins Paris-London Eurostar high-speed passenger rail service.
December 22, 1994 -- Eurotunnel begins "Le Shuttle'' train service running passengers and their cars.
February 10, 1995 -- Eurotunnel says 1994 revenues of 30.6 million sterling well below target.
April 10, 1995 -- Eurotunnel co-chairmen caution in joint statement, "Our debt service costs may overwhelm us.''
September 14, 1995 -- Eurotunnel stops paying interest on its 62 billion franc bank debt, seeks help from France and Britain.
November 18, 1996 -- Fire breaks out in one of the two traffic tunnels and temporarily closes the tunnel.
April 24, 1997 -- Eurotunnel and lead banks agree on debt rescheduling plan covering 70 billion francs of junior debt.
Eurotunnel posts net loss of 6.1 billion francs for 1996.
May 29, 1997 -- Eurotunnel presents debt restructuring prospectus. Company forecasts profit in 2005, dividend in 2006, under "base scenario'' assuming debt plan is approved.
July 1, 1997 -- French finance ministry says France and Britain are prepared to extend Eurotunnel's operating license to 99 years from 65.
July 10, 1997 -- Shareholders give overwhelming support to a 70 billion franc ($11.7 billion) debt restructuring deal meant to put an end to crippling financial problems.
July 20, 1999 -- Eurotunnel says the abolition of duty free sales in the European Union would harm profits over the next year, but enhance performance thereafter.
January 5, 2000 -- A motorway under the sea between Britain and France is proposed in a study issued by Eurotunnel on a second cross-channel link. Eurotunnel must decide before 2010.
January 22, 2002 -- Eurotunnel says its operating revenue fell six percent in 2001, due in part to disruption by stowaways which cost the company an estimated £20 million.
February 10, 2003 -- Eurotunnel posts 508 million euros net profit in 2002 from a loss of 188 million in 2001, due to a 686 million euro exceptional gain mostly from a debt buyback.
February 9, 2004 -- Eurotunnel posts a 1.9 billion euro ($2.42 billion) net loss for 2003 due to big write downs.
Copyright 2004
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
