Eurotunnel accounts cause auditor worries

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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