BusinessCorporate FinanceEurotunnel accounts cause auditor worries

Eurotunnel accounts cause auditor worries

Eurotunnel's auditors reluctant to sign off accounts due to concerns over its future.

The auditors of Eurotunnel, KPMG and Mazars & Gu‚rard, are reluctant to sign off the channel tunnel operator’s accounts due to concerns over whether it has a ‘viable future’, reports The Guardian.

Link: Market round-up: Eurotunnel, funerals and gold

The struggling company has yet to set a date for its annual results, which the newspaper claimed is because Eurotunnel is struggling to persuade its auditors that it is a ‘going concern’.

Analysts expect a loss for 2004 of around £200m because a surplus on its day-to-day operation is wiped out by interest paid on its £6bn worth of debt.

A spokesman for Eurotunnel said that the ‘going concern’ presumption was nothing new and had been raised by the auditors in the 2003 accounts and the interims.

‘The issue of a going concern depends on the group’s ability to put in a refinancing plan,’ the spokesman said.

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