Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — FY2007 Earnings Presentation
32 slides from Irish Continental's earnings presentation, 2008
Slide 1: Irish Continental Group plc 2007 Results Presentation
Irish Continental Group plc 2007 Results Presentation
Slide 2: ICG Profile
ICG Profile Capital 1. Irish Ferries Employed • Leading ferry company operating between UK/ Continent and Republic of Ireland 59% 2. Ship Chartering Division • 2 vessels on long‐term charter 26% 3. Container Division • Container stevedoring terminals in Dublin & Belfast 15% • Leading container opera
Slide 3: ICG – Group Results
ICG – Group Results 2007 2006 Change Turnover €355.8m €312.1m +14% EBITDA €80.2m €59.7m +34% Profit From Operations €50.1m €32.2m +56% Non Trading Items €(10.1)m €0.7m Adjusted EPS* 178.6c 108.5c +65% Underlying EPS** 203.3c 134.4c +51% Basic EPS 160.9c 137.4c +17% Redemption per Unit 100.0c Equity
Slide 4: Non trading item and Redemption
Non trading item • Professional fees in relation to offers for Company ‐ €10.1m Redemption • No redemptions during 2007 due to offers for Company • Redemption of 100 cent payable in April 2008 • Base going forward of 75 cent per share
Slide 5: ICG Cash Flow
ICG Cash Flow 2007 2006 €m €m EBITDA 80.2 59.7 Working Capital Movement 4.8 (7.9) Operating Cash Flow 85.0 51.8 Interest (5.2) (5.7) Tax (1.0) (1.7) Capex (58.3) (11.8) Restructuring Payments (‐) (35.4) Share Issue 8.1 1.1 Dividends/Redemptions ____ (7.2) Net Flows 28.6 (8.9) Opening Debt (113.8) (1
Slide 6: Capex
Capex 2007 2006 €m €m Oscar Wilde 44.6 ‐ DFT terminal Dublin 6.5 1.8 Maintenance capex (net) 7.2 10.0 58.3 11.8
Slide 7: ICG Fuel Costs
ICG Fuel Costs 2007 2006 2005 Consumption (000 tons) Heavy Fuel Oil 101.5 96.7 96.6 Marine Diesel 15.3 15.1 20.9 116.8 111.8 117.5 Price (€ per ton) Heavy Fuel Oil €279 €258 €216 Marine Diesel €465 €454 €384 €36m €33m €29m
Slide 8: Ferries Division
Ferries Division Irish Ferries • 4100 sailings ‐ UK • 300 sailings ‐ France Ship Chartering • 2 Ferries on charter to P&O firm to 2010 • 7 months charter back of Kronprins Harald to Color Line
Slide 9: Ferries Division
Ferries Division 2007 2006 Change €m €m Turnover 197.9 170.0 +16% EBITDA 68.3 52.8 +29% Depreciation/Amortisation (27.2) (24.2) +12% Operating Profit 41.1 28.6 +44%
Slide 10: Irish Ferries Routes
Irish Ferries Routes 16 Ships 13 Ports 17 Routes
Slide 11: Irish Ferries - Fleet
Irish Ferries ‐ Fleet Ulysses GT 50,900 tons PAX 1875 Cars 1342 Jonathan Swift Lane Metres 4.1km Speed 22 knots Challenger Jonathan Swift GT 6,000 tons PAX 800 Cars 200 Speed 39 knots
Slide 12: Irish Ferries - Fleet
Irish Ferries ‐ Fleet Isle of Inishmore GT 34,000Swift Ulysses & Jonathan tons PAX 2200 Cars 855 Lane Metres 2.1km Speed 21.5 knots Challenger Oscar Wilde GT 32,000 tons PAX 1458 Beds 1376 Cars 580 Lane Metres 1.2km Speed 21.5 knots
Slide 13: Passenger Market
Passenger Market CAGR 1 Year 3 Year 5 Year Irish Ferries 12% ‐1% ‐2% Republic of Ireland 2% ‐3% ‐3% All Ireland 3% ‐3% ‐3%
Slide 14: Cars Market
Cars Market CAGR 1 Year 3 Year 5 Year Irish Ferries 14% 2% 0% Republic of Ireland 4% ‐2% ‐2% All Ireland 5% ‐1% ‐1%
Slide 15: Market Share - Cars
Market Share ‐ Cars Republic of Ireland – UK & France 000’s 1000 900 800 700 600 500 400 300 Others 200 44% 48% Irish Ferries 100 0 2006 2007
Slide 16: Distribution
Distribution Internet Call Centres Travel Trade Ports
Slide 17: RoRo Market
RoRo Market CAGR 1 Year 3 Year 5 Year Irish Ferries 11% 9% 7% Republic of Ireland 6% 6% 6% All Ireland 5% 4% 4%
Slide 18: Market Share - Ro Ro
Market Share – Ro Ro Republic of Ireland – UK & France 000’s 1000 900 800 700 600 500 400 300 Others 200 26% 28% Irish Ferries 100 0 2006 2007
Slide 19: RoRo Capacity
RoRo Capacity Central & Southern Corridors ( incl. Warrenpoint ) 2007 2008 Units Units Change 000’s 000’s Central Corridor Est. F’cast Heysham ( Seatruck / Norfolk ) 190 220 16% Liverpool ( P&O / Seatruck / Norfolk ) 500 550 10% Holyhead ( Irish Ferries / Stena) 820 820 0% Southern Corridor Pembroke
Slide 20: Irish Ferries Revenues
Irish Ferries Revenues 2007 Foot Passengers On Board 5% Sales12% Holidays 2% Freight 41% Cars 40%
Slide 21: Irish Ferries Costs
Irish Ferries Costs 2007 Sales & Marketing Depreciation 7% 6% Other 1% Port Charges 29% Cost of goods sold 12% Repairs/Insurance Fuel 16% 14% Payroll 15%
Slide 22: New Vessel
New Vessel Oscar Wilde • Ireland / France routes 2008 • Major quality upgrade – Cruise standard • Increased Freight capacity • €51 million investment including modifications
Slide 23: Ship Chartering
Ship Chartering ‘Pride of Bilbao’ GT 37,500 tons PAX 2500 Beds 2447 Cars Kronprins 580 Harald Lane Metres 1km Speed 22 knots Challenger ‘Kaitaki’ GT 22,300 tons PAX 1650 Beds 274 Cars 600 Lane Metres 1.7km Speed 19 knots
Slide 24: Ship Chartering
Ship Chartering Pride of Bilbao and Kaitaki on charter to 2010. P&O has options to renew to 2013 Oscar Wilde was on 7 month charter to Color Line prior to entering service with Irish Ferries Charter Income 2006 €10.8m 2007 €9.0m* 2008 € 7.5m 2009 € 7.5m *Excludes short term charter to Color Li
Slide 25: Container Division
Container Division 2007 2006 Change €m €m Turnover 157.9 142.1 +11% EBITDA 12.1 7.7 +57% Depreciation/Amortisation (3.0) (3.3) ‐9% Operating Profit 9.1 4.4 +107% Start up costs Belfast ‐ (0.8) 9.1 3.6
Slide 26: Operations
Operations Container Routes • Ireland / Continent ‐ Door to Door plus Quay to Quay • UK / Continent ‐ Quay to Quay container movement Port Terminals • DFT Terminal in Dublin ‐ €30m expansion, 2008 – 2009 • BCT Terminal in Belfast ‐ 2007 first full year
Slide 27: Container Routes
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Slide 28: Container Routes
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Slide 29: Container Terminals
Container Terminals •Dublin Ferryport Terminal (DFT) 1.5 Million Teu in 2007 •150 year lease of 33 acres from 1972 • Direct access to new Port Tunnel • 480 metres of berths – 300m at 9.5m depth and 180m at 11m depth
Slide 30: Container Terminals
Container Terminals •Belfast Container Terminal (BCT) •11.5 acre site •150m quay wall at 7.5m depth
Slide 31: Container Handling Irl.
Container Handling Irl. Market Share 21% in 2007 CAGR 1 Year 3 Year 5 Year ICG 6% 7% 7% All Ireland 6% 8% 8%
Slide 32: Outlook
Outlook • 2008 ‐ More challenging trading environment • First Half 2007 – Once‐off benefits from competitor disruption • Benefit from Oscar Wilde additional Freight capacity • Additional DFT capacity at Dublin Port • Higher Fuel Costs • Speculation on the future of Dublin Port ?
Irish Continental Group — FY2007 Earnings Presentation on 6ix