Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — FY2022 Earnings Presentation
37 slides from Irish Continental's earnings presentation, Mar 9, 2023
Slide 1: 2022 Results Presentation
2022 Results Presentation 9th March 2023
Slide 2: Full Year 2022 Performance Summary
Full Year 2022 Performance Summary Revenue • Revenue for the year increased by 74.9% to €584.9 million (2021: €334.5 €584.9m million). In the Ferries division revenue* increased by 127.9% to €399.9 million (2021: €175.5 million) while in the Container and Terminal division revenue* increased by 27.3
Slide 3: Record Year of Growth as We Expand Our Footprint and Recover from the Pandemic
RECORD YEAR OF GROWTH AS WE EXPAND OUR FOOTPRINT AND RECOVER FROM THE PANDEMIC KEY FINANCIALS STRATEGIC DEVELOPMENT €584.9M Dover – Calais Revenue 74.9% increase over 2021 Established a three ship operation on the route and met market share targets ahead of schedule €127.2m EBITDA 143.2% increase ov
Slide 4: ICG Business Units
ICG Business Units Ferries Division Container & Terminal Division Irish Ferries, the leading ferry Eucon, the leading container shipping company operating between operator between Ireland and the Britain, Continental Europe and the Continent. Dublin Ferryport Terminals Republic of Ireland. The divis
Slide 5: Ferries Division
Ferries Division Irish Continental Group FY2022 Results Presentation – 9th March 2023
Slide 6: Ferries Division
Ferries Division Weekly Sailings 2022 2021 Dublin - Holyhead Ulysses 28 28 Dublin Swift 281 281 Epsilon 20 20 76 76 Rosslare - Pembroke Blue Star 1 28 28 Total Ireland - UK 104 104 Ireland - France W.B. Yeats 6/7 6/7 Epsilon 2 2 Total Irish Sea 112/113 112/113 Dover - Calais Isle of Inishmore 68 68
Slide 7: Ferries Division
Ferries Division Brand: Irish Ferries Sailings 2022 Holyhead: 3,200 Sailings Owned: - 4 cruise ferries 64%9% - 1 ropax ferry Pembroke: 1,300 Sailings - 1 fast ferry - 8 container ships France: 400 Sailings 3% 59% Charter in: - 1 cruise ferry 10% Dover Calais: 8,800 1 ropax ferry Sailings 23% Dover –
Slide 8: Ferries Division
Ferries Division CARS 2019 2019 2021 2022 2022 v 2019 2022 v 2021 Market ex Dover Straits Total Market Total Market Total Market Total Market Total Market Market Volume (’000s) 777.4 5,429.5 1,670.8 4,131.1 -23.9% 147.3% Irish Ferries (’000s) 401.3 401.3 203.6 573.4 42.9% 181.6% Irish Ferries Share
Slide 9: Ferries Division
Ferries Division RORO 2019 2019 2021 2022 2022 v 2019 2022 v 2021 Market ex Dover Straits Total Market Total Market Total Market Total Market Total Market Market Volume (’000s) 1,042.6 5,032.8 4,438.4 4,389.7 -12.8% -1.1% Irish Ferries (’000s) 313.2 313.2 290.0 696.6 122.4% 140.2% Irish Ferries Shar
Slide 10: Ferries Division
Ferries Division FY 2022 FY 2021 Change €m €m Revenue* 399.9 175.5 +127.9% Operating Costs (304.2) (152.3) (99.7%) EBITDA 95.7 23.2 +312.5% Depreciation/Amortisation (49.3) (40.6) (21.4%) Operating Profit / (Loss) 46.4 (17.4) • Passenger, car and on-board revenue up 175.8% to €162.7 million. • RoRo
Slide 11: Container and Terminal Division
Container and Terminal Division Irish Continental Group FY2022 Results Presentation – 9th March 2023
Slide 12: Container & Terminal Division
Container & Terminal Division • 6 chartered vessels • 4,600 owned and leased containers, 8,900 teu (20ft, 40ft, 45ft, reefers, flats, curtain siders) • Operating between the Ports of Dublin, Cork and Belfast to Rotterdam and Antwerp • Door to Door (53%) Transport plus Quay to Quay (47%) (feeder) • D
Slide 13: Container & Terminal Division
Container & Terminal Division Irish Continental Group FY2022 Results Presentation – 9th March 2023 13
Slide 14: Container & Terminal Division
Container & Terminal Division • 150 year lease in Dublin from 1972 • 194,700 lifts in 2022 (2021: 203,900 lifts) • Current Design Capacity of 220,000 lifts • Container Depot DFCD moved to Inland Port in January 2022 • Capex Project €21m (2022/23) including the order of 5 new electric environmentally
Slide 15: Container & Terminal Division
Container & Terminal Division • Concession from Belfast Harbour Commissioners (BHC) extended for 6 years to 2026 (option with BHC to extend for a further 3 years) • 124,900 lifts in 2022 (2021: 131,600 lifts) • £40 million investment programme being undertaken by BHC in 2019 is ongoing • Design Capa
Slide 16: Container & Terminal Division - Container Handling Ireland
Container & Terminal Division - Container Handling Ireland CAGR (Volumes) 1 Year 3 Year 5 Year 2022 2019-22 2017-22 ICG -5% 0% 1% All Ireland -3% 2% 3% Irish Continental Group FY2022 Results Presentation – 9th March 2023 16
Slide 17: Container & Terminal Division
Container & Terminal Division FY 2022 FY 2021 Change €m €m Revenue* 221.5 174.0 +27.3% Operating Costs (190.0) (144.9) (31.1%) EBITDA 31.5 29.1 +8.2% Depreciation/Amortisation (11.2) (11.9) +5.9% Operating Profit 20.3 17.2 +18.0% • Container volumes down 6.9% at 322,600 teu. • Terminal volumes down
Slide 18: Group
Group • Results • Fuel Costs • Cash Flow • Share Performance/Dividends/Share Buybacks • Net cash and available borrowing facilities • Current Trading/Outlook Irish Continental Group FY2022 Results Presentation – 9th March 2023
Slide 19: Group - Results
Group - Results FY 2022 FY 2021 Change Revenue €584.9m €334.5m +74.9% Operating Costs (exc. Depreciation) €(457.7)m €(282.2)m (62.2%) EBITDA €127.2m €52.3m +143.2% Non-trading items - - Operating Profit / (Loss) €66.7m €(0.2)m Basic EPS 33.6c (2.6)c Adjusted EPS 33.6c (2.7)c Dividend Per Share (decl
Slide 20: Group - Fuel Costs
Group - Fuel Costs FY 2022 FY 2021 Change Consumption (000 tons) Heavy Fuel Oil 96.2 99.5 (3.3%) Marine Diesel 65.8 29.9 +120.1% 161.9 129.4 +25.1% Average Price (€ per ton) Heavy Fuel Oil €578 €392 +47.4% Marine Diesel €1,012 €488 +107.4% Brent Crude (guide) $99/€94 $71/€60 +39.4%/+56.7% Total Cost
Slide 21: Group - Cash Flow
Group - Cash Flow FY 2022 €m FY 2021 €m EBITDA 127.2 52.3 Working capital movement 1.2 11.7 Retirement benefit scheme movements 1.1 0.6 Other 2.5 2.4 Cash generated from operations 132.0 67.0 Interest paid (4.0) (8.4) Tax (1.7) (0.8) Purchases of property, plant and equipment & intangible assets bef
Slide 22: Group – Share Performance/Dividends/Share Buy Backs
Group – Share Performance/Dividends/Share Buy Backs ICG shares: Total return CAGR since flotation on 14/04/88 to 31/12/22 - 15.1% Cash Returned to Shareholders 2008 - 2022 Buyback/ Year Interim (Cent) Final (Cent) Total (Cent) €m (paid H1 following year) Tender Offer €m 2008 Nil 10.0c 10.0c 24.6 200
Slide 23: Net Cash and Available Borrowing Facilities
Net Cash and Available Borrowing Facilities Latest Maturity Fixed Rate Facility Undrawn On-hand / drawn €m €m €m Cash (39.0) (39.0) Committed lending facilities: Bank overdrafts Annually Variable 15.4 15.4 - Revolving credit Up to 2024 Variable 75.0 13.0 62.0 EIB Amortising Loan #1 2030 1.724% 56.2
Slide 24: Group - Current Trading/Outlook
Group - Current Trading/ Outlook General • Early 2022 saw the gradual lifting of the remaining Covid-19 travel restrictions. Critically for the group, these restrictions remained lifted throughout the 2022 summer season. While carryings have still not returned to pre-pandemic levels, we are hopeful
Slide 25: Appendix Fleet
Appendix Fleet Irish Continental Group FY2022 Results Presentation – 9th March 2023
Slide 26: Appendix – Fleet
Appendix – Fleet Ulysses Year Built 2001 Cost €106m GT 50,938 tons PAX 1875 Cars 1342 Lane Meters 4.1km Speed 22 knots Route Dublin / Holyhead Irish Continental Group FY2022 Results Presentation – 9th March 2023 26
Slide 27: Appendix – Fleet
Appendix – Fleet Isle of Inishmore Year Built 1997 Cost €81m GT 34,031 tons PAX 2200 Cars 855 Lane Meters 2.1km Speed 21.5 knots Route Dover / Calais Irish Continental Group FY2022 Results Presentation – 9th March 2023 27
Slide 28: Appendix – Fleet
Appendix – Fleet Dublin Swift Year Built 2001 (refurbished 2018) Cost $13.25m GT 8,403 tons PAX 817 Cars 250 Speed 35 knots Route Dublin/ Holyhead from March-September Irish Continental Group FY2022 Results Presentation – 9th March 2023 28
Slide 29: Appendix – Fleet
Appendix – Fleet W.B Yeats Delivery 2018 Cost (incl. Scrubber) €151m GT 50,000 tons PAX 1,885 Beds 1,706 Cars (Max) 1,216 Lane Meters (excl Car 2.8km Deck) Speed 22.5 knots Route Dublin/ Holyhead, Dublin/ France Irish Continental Group FY2022 Results Presentation – 9th March 2023 29
Slide 30: Appendix – Fleet
Appendix – Fleet Isle of Innisfree Year Built 1992 GT 28,833 tons PAX 1,140 Cars (Max) 600 Lane Meters 2,365 Speed 21.0k Route Dover - Calais Isle of Inisheer Year Built 2000 GT 25,152 tons PAX (Max) 589 Cars (Max) 500 Lane Meters 1,950 Speed 22.5k Route Dover - Calais Irish Continental Group FY2022
Slide 31: Appendix – Fleet (Chartered)
Appendix – Fleet (Chartered) Epsilon Year Built 2011 Cost Charter Vessel GT 26375 PAX 530 Cars 733 Lane Meters 2,868 Speed 22.75k Route Dublin-Holyhead / Dublin-Cherbourg Blue Star 1 Year Built 2000 Cost Charter Vessel GT 29858 PAX 1890 Cars 700 Lane Meters 2,224 Speed 28.0k Route Rosslare-Pembroke
Slide 32: Appendix – Fleet
Appendix – Fleet Ranger IMO 9322542 Built 2005 LOA 140.59 Breadth 21.8 GT 7,852 Dead Weight 9,300 Size TEU 803 TEU @ 14tns 518 Elbfeeder IMO 9388522 Built 2008 LOA 139.60 Breadth 22.0 GT 8,246 Dead Weight 11,157 Size TEU 974 TEU @ 14tns 580 Irish Continental Group FY2022 Results Presentation – 9th M
Slide 33: Appendix - Fleet
Appendix - Fleet CT Rotterdam IMO 9395575 Built 2009 LOA 139.60 Breadth 22 GT 8,273 Dead Weight 11,157 Size TEU 974 TEU @ 14tns 580 Thetis D IMO 9372274 Built 2009 LOA 168.11 Breadth 26.8 GT 17,488 Dead Weight 17,861 Size TEU 1,421 TEU @ 14tns 1,039 Irish Continental Group FY2022 Results Presentatio
Slide 34: Appendix – Fleet
Appendix – Fleet Elbtrader IMO 9388534 Built 2008 LOA 139.60 Breadth 22.0 GT 8,246 Dead Weight 11,153 Size TEU 974 TEU @ 14tns 580 Elbcarrier IMO 9388510 Built 2007 LOA 139.60 Breadth 22.0 GT 8,246 Dead Weight 11,166 Size TEU 974 TEU @ 14tns 580 Irish Continental Group FY2022 Results Presentation –
Slide 35: Appendix – Fleet
Appendix – Fleet CT Daniel IMO 9326988 Built 2006 LOA 134.44 Breadth 22.5 GT 9,990 Dead Weight 11,190 Size TEU 868 TEU @ 14tns 595 CT Pachuca IMO 9344253 Built 2005 LOA 139.81 Breadth 19.4 GT 6,901 Dead Weight 9,235 Size TEU 750 TEU @ 14tns 448 Irish Continental Group FY2022 Results Presentation – 9
Slide 36: Appendix – Fleet (Chartered)
Appendix – Fleet (Chartered) MS Mirror IMO 9328041 Built 2007 LOA 140.593 Breadth 22.01 GT 7,852 Dead Weight 9,300 Size TEU 803 TEU @ 14tns 518 Irish Continental Group FY2022 Results Presentation – 9th March 2023 36
Slide 37: Disclaimer
Disclaimer This presentation may contain certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. These forward-looking statements should be treated with caution due
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