Auditors averse to sign off Eurotunnel results

2nd March 2005, Comments 0 comments

LONDON, March 2 (AFP) - Eurotunnel, which operates a rail service linking France and Britain beneath the English Channel, was struggling to persuade its auditors to sign off its annual results, the Guardian newspaper said Wednesday.

LONDON, March 2 (AFP) - Eurotunnel, which operates a rail service linking France and Britain beneath the English Channel, was struggling to persuade its auditors to sign off its annual results, the Guardian newspaper said Wednesday.

The company's two auditors, KPMG and Mazars and Guerard, have cast doubts over Eurotunnel's long term future, the daily said.

A date for its annual results, usually due in the second week of February, was yet to be fixed, it added.

"The auditors are very nervous about defining Eurotunnel as a going concern," a City source was quoted as saying.

It was expected to report a full-year loss of around GBP 200 million (EUR 291 million, USD 382 million), according to analysts' consensus forecasts.

Eurotunnel said last month that 2004 sales fell four percent to EUR 789 million from the previous year.

The company was meanwhile in talks with its creditors about the repayment schedule for its EUR 9.5 billion debt.

© AFP

Subject: French News

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