Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — FY2023 Earnings Presentation
35 slides from Irish Continental's earnings presentation, Mar 7, 2024
Slide 1: FY23 Results Presentation
FY23 Results Presentation 7th March 2024
Slide 2: Full Year 2023 Performance Summary
Full Year 2023 Performance Summary Revenue • Revenue for the year decreased by 2.2% to €572.0 million (2022: €584.9 €572.0m million). In the Ferries Division revenue* increased by 3.1% to €412.3 million (2022: €399.9 million) while in the Container and Terminal Division revenue* decreased by 12.4% t
Slide 3: 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 4: Ferries Division
Ferries Division Irish Continental Group FY23 Results Presentation – 7th March 2024
Slide 5: Ferries Division
Ferries Division Weekly Sailings 2023 2022 Dublin - Holyhead Ulysses 28 28 Dublin Swift 281 281 Epsilon 20 20 76 76 Rosslare - Pembroke Oscar Wilde2 28 28 Total Ireland - UK 104 104 Ireland - France W.B. Yeats 6/7 6/7 Epsilon³ 2 2 Total Irish Sea 112/113 112/113 Dover - Calais Isle of Inishmore 68 6
Slide 6: Ferries Division
Ferries Division Brand: Irish Ferries Sailings 2023 Holyhead: 3,200 Sailings Owned: - 4 cruise ferries 9% 65% - 1 ropax ferry Pembroke: 1,400 Sailings - 1 fast ferry - 8 container ships France: 400 Sailings 3% 59% Charter in: - 1 cruise ferry Dover Calais: 9,200 1 ropax ferry 10% Sailings 22% Dover
Slide 7: Ferries Division
Ferries Division CARS 2019 2019 2022 2023 2023 v 2019 2023 v 2022 Market ex Dover Straits Total Market Total Market Total Market Total Market Total Market Market Volume (’000s) 777.4 5,429.5 4,131.1 4,610.6 (15.1%) +11.6% Irish Ferries (’000s) 401.3 401.3 573.4 645.7 +60.9% +12.6% Irish Ferries Shar
Slide 8: Ferries Division
Ferries Division RORO 2019 2019 2022 2023 2023 v 2019 2023 v 2022 Market ex Dover Straits Total Market Total Market Total Market Total Market Total Market Market Volume (’000s) 1,042.6 5,032.8 4,389.7 4,277.0 (15.0%) (2.6%) Irish Ferries (’000s) 313.2 313.2 696.6 724.0 +131.2% +3.9% Irish Ferries Sh
Slide 9: Ferries Division
Ferries Division FY 2023 FY 2022 Change €m €m Revenue* 412.3 399.9 +3.1% Operating Costs (305.4) (304.2) +0.4% EBITDA 106.9 95.7 +11.7% Depreciation/Amortisation (54.8) (49.3) +19.3% Operating Profit 52.1 46.4 +12.3% • Passenger, car and on-board revenue up 11.3% to €181.1 million. • RoRo freight re
Slide 10: Container and Terminal Division
Container and Terminal Division Irish Continental Group FY23 Results Presentation – 7th March 2024
Slide 11: Container & Terminal Division
Container & Terminal Division • 5/6 chartered vessels • 4,400 owned and leased containers, 8,500 teu (20ft, 40ft, 45ft, reefers, flats, curtain siders) • Volumes to December 2023 down 14.6% at 275,500 teu (2022: 322,600 teu) • Operating between the Ports of Dublin, Cork and Belfast to Rotterdam and
Slide 12: Container & Terminal Division
Container & Terminal Division Irish Continental Group FY23 Results Presentation – 7th March 2024 12
Slide 13: Container & Terminal Division
Container & Terminal Division • 150 year lease in Dublin from 1972 • Volumes to December 2023 down 1% at 192,800 lifts (2022: 194,700 lifts) • Container Depot DFCD moved to Inland Port in January 2022 • Capex Project €28.7m including the order of 5 new electric environmentally friendly semi-automate
Slide 14: 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) • Volumes to December 2023 down 4.2% at 119,600 lifts (2022: 124,900 lifts) • £40 million investment programme undertaken by BHC in 2019
Slide 15: Container & Terminal Division – Volumes
Container & Terminal Division – Volumes CAGR (Container Volumes) 1 Year 3 Year 5 Year 2023 2020-23 2018-23 ICG -13% -1% 0% All Ireland -6% +1% +1% CAGR (Terminal Volumes) 1 Year 3 Year 5 Year 2023 2020-23 2018-23 ICG -2% +2% 0% All Ireland -6% +1% +1% Irish Continental Group FY23 Results Presentatio
Slide 16: Container & Terminal Division
Container & Terminal Division FY 2023 FY 2022 Change €m €m Revenue* 194.1 221.5 (12.4%) Operating Costs (168.4) (190.0) (11.4%) EBITDA 25.7 31.5 (18.4%) Depreciation/Amortisation (9.4) (11.2) (16.1%) Operating Profit 16.3 20.3 (19.7%) • Container volumes down 14.6% at 275,500 teu • Terminal volumes
Slide 17: Group
Group • Results • Fuel Costs • Cash Flow • Share Performance/Dividends/Share Buybacks • Net cash and available borrowing facilities • Current Trading/Outlook Irish Continental Group FY23 Results Presentation – 7th March 2024
Slide 18: Group - Results
Group - Results FY 2023 FY 2022 Change Revenue €572.0m €584.9m (2.2%) Operating Costs (exc. Depreciation) €(439.4)m €(457.7)m (4.0%) EBITDA €132.6m €127.2m +4.2% Non-trading items - - Operating Profit €68.4m €66.7m +2.5% Basic EPS 36.2c 33.6c +7.7% Adjusted Basic EPS 35.5c 33.6c +5.7% Dividend Per S
Slide 19: Group - Fuel Costs
Group - Fuel Costs FY 2023 FY 2022 Change Consumption (000 tons) Heavy Fuel Oil 112.0 96.2 16.5% Marine Diesel 57.1 65.8 (13.2%) 169.1 161.9 +4.5% Average Price (€ per ton) Heavy Fuel Oil €519 €578 (10.3%) Marine Diesel €815 €1,012 (19.5%) Brent Crude (guide) $82/€76 $99/€94 (16.7%)/(18.9%) Total Co
Slide 20: Group - Cash Flow
Group - Cash Flow FY 2023 €m FY 2022 €m EBITDA 132.6 127.2 Working capital movement 1.7 1.2 Retirement benefit scheme movements 0.6 1.1 Other 1.8 2.5 Cash generated from operations 136.7 132.0 Interest paid (5.9) (4.0) Tax (2.2) (1.7) Purchases of property, plant and equipment & intangible assets be
Slide 21: 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 31/12/23: 14.7% Cash Returned to Shareholders 2008 - 2022 Year Interim Final (Cent) Total Buyback/ Average ISC Buyback Buyback €m (Cent) (paid H1 following year) (Cent) Tender Price / as
Slide 22: Net Debt and Available Borrowing Facilities
Net Debt and Available Borrowing Facilities Latest Maturity Fixed Rate Facility Cash & Undrawn Net Debt €m Facilities €m €m Cash 46.8 46.8 Committed lending facilities: Bank overdrafts Annually Variable 15.4 15.4 - Revolving credit Up to 2024* Variable 75.0 20.0 55.0 EIB Amortising Loan #1 2030 1.72
Slide 23: Group - Current Trading/ Outlook
Group - Current Trading/ Outlook General • Irish Ferries grew volumes in a slightly weaker freight market. Irish Ferries RoRo volumes grew 4% versus total market decline of 3%. Irish Ferries benefited from additional tonnage on the Dover – Calais route for the first half of 2023. • Passengers have c
Slide 24: Appendix Fleet
Appendix Fleet Irish Continental Group FY23 Results Presentation – 7th March 2024
Slide 25: Appendix – Fleet
Appendix – Fleet W.B Yeats Delivery 2018 Cost (incl. Scrubber) €151m GT 51,388 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/ Cherbourg Irish Continental Group FY23 Results Presentation – 7th March 2024 25
Slide 26: Appendix – Fleet
Appendix – Fleet Ulysses Year Built 2001 Cost €106m GT 50,938 tons PAX 1,875 Cars 1,342 Lane Meters 4.1km Speed 22 knots Route Dublin / Holyhead Irish Continental Group FY23 Results Presentation – 7th March 2024 26
Slide 27: Appendix – Fleet
Appendix – Fleet Isle of Inishmore Year Built 1997 Cost €81m GT 34,031 tons PAX 2,200 Cars 855 Lane Meters 2.1km Speed 21.5 knots Route Dover / Calais Irish Continental Group FY23 Results Presentation – 7th March 2024 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 FY23 Results Presentation – 7th March 2024 28
Slide 29: 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 22,152 tons PAX (Max) 589 Cars (Max) 500 Lane Meters 1,950 Speed 22.5k Route Dover - Calais Irish Continental Group FY23 R
Slide 30: Appendix – Fleet (Chartered)
Appendix – Fleet (Chartered) Oscar Wilde Year Built 2007 Cost Charter Vessel GT 36,249 PAX 1,900 Cars 520 Lane Meters 2,380 Speed 27.5k Irish Continental Group FY23 Results Presentation – 7th March 2024 30
Slide 31: 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 FY23 Results Presentation – 7th Mar
Slide 32: 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 FY23 Results Presentation
Slide 33: 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 FY23 Results Presentation – 7t
Slide 34: 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 FY23 Results Presentation – 7th
Slide 35: 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
Irish Continental Group — FY2023 Earnings Presentation on 6ix