2007 Reference Document for Groupe Eurotunnel SA PDF file size

1. PERSONS RESPONSIBLE1.1 Person responsible for the Reference Document and the financial informationName and capacity of person responsible: Jacques Gounon, Chairman of the board of directors and Chiefexecutive officer of GET SA.E-mail: PresidentGET@eurotunnel.com1.2 Declaration by the person responsible for the Reference Document‘‘I declare, having taken all reasonable care to ensure that such is the case, that the information contained in thisReference Document and its annexes is, to the best of my knowledge, in accordance with the facts and contains noomission likely to affect its significance.I declare that, to the best of my knowledge: (i) the accounts for Groupe Eurotunnel SA have been prepared inaccordance with the applicable accounting standards and represent an accurate view of the assets, financialsituation and results of Groupe Eurotunnel SA and of the companies comprised in the consolidation; and (ii) themanagement report, made up of sections of this Reference Document, as listed in the table of cross references inAnnex XIII of this Reference Document, represents an accurate view of the development of the business, of theresults and of the financial situation of Groupe Eurotunnel SA and of the companies comprised in the consolidation,as well as a description of the main risks and uncertainties facing them.I have been provided with a final report (lettre de fin de travaux) from the Commissaires aux Comptes in which theyindicated that they had verified the information relating to the financial situation and to the accounting datacontained in this Reference Document and had read the whole document.This letter contains no observations relating to this Reference Document but contains a reminder of the followingobservations made by the Commissaires aux Comptes in their report related to the historic financial information:‘‘Our report on the combined accounts of Groupe Eurotunnel S.A. for the year ended 31 December 2007 includesthe following observation:Without calling into question the above opinion, we draw attention to notes 2.1.i and 2.3 of the accompanying notesto the consolidated accounts, relating to the principles of preparation and presentation of the consolidated accountsand the pro forma financial information. These two notes highlight, respectively, the accounting treatment of thefinancial restructuring and the impact of the reduction of the gross cost of servicing debt in the pro forma incomestatement for the period from 1st January to 31 December 2007, assuming the implementation of the financialrestructuring at a theoretical date of 1 January 2007.Our report on the Eurotunnel Combined Accounts for the year ended 31 December 2006 includes the followingobservations:Going ConcernThe Eurotunnel Combined Accounts have been prepared on a going concern basis, which is directly dependent onthe successful implementation of the financial restructuring as stated by the Safeguard Plan which was approved bythe Paris Commercial Court on 15 January 2007. This implies in particular the success of the Tender Offer, thedrawing of the Term Loan, the failure of any legal or administrative actions aimed at blocking the Safeguard Plan andthe absence of any significant changes to the implementation of the Safeguard Plan, the nature and impact of whichcannot be gauged at this stage.In the event that all of the elements of the Safeguard Plan are not put in place, Eurotunnel’s ability to trade as a goingconcern would not be assured. The Combined Accounts would then be subject to certain adjustments, the amountsof which cannot be measured at present. They would relate to the impairment of assets to their net realisable value,the recognition of potential liabilities and the classification of non-current assets and liabilities as current assetsand liabilities.1