Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — FY2015 Earnings Presentation
31 slides from Irish Continental's earnings presentation, Mar 7, 2016
Slide 1: 2015 Results Presentation
2015 Results Presentation 7th March 2016
Slide 2: Full Year 2015 Performance Summary
Full Year 2015 Performance Summary Revenue EBITDA Net Debt Adjusted EPS €320.6 m €75.5 m €44.3 m 29.1 c +10.5% +49.5% -27.7% +87.7% • Revenue for the year grew 10.5% to €320.6 million (2014: €290.1 million). In the Ferries division revenue* increased by 10.5% to €203.6 million (2014: €184.3 million)
Slide 3: ICG Business Units
ICG Business Units Ferries Division Container & Terminal Division Irish Ferries, the leading ferry company operating Eucon, the leading container shipping operator between the UK/Continent and the Republic of between Ireland and the Continent. Dublin Ireland. The division is also engaged in ship Fer
Slide 4: Ferries Division
Ferries Division 2015 Results Presentation (7th March 2016) 4
Slide 5: Ferries Division - Routes
Ferries Division - Routes Weekly Sailings Dublin - Holyhead Ulysses 28 Jonathan Swift 28 Epsilon 18 74 Rosslare - Pembroke Isle of Inishmore 28 Total Ireland - UK 102 Ireland - France Oscar Wilde 7 Epsilon 2 9 Total 111 2015 Results Presentation (7th March 2016) 5
Slide 6: Ferries Division
Ferries Division France 400 sailings 8% • Brand: Irish Ferries Pembroke • 4 Conventional combined 1,400 sailings Car/RoRo ferries 27% • 1 fast car carrying ferry Holyhead • 1 ferry on charter to Kiwi Rail 3,400 sailings (New Zealand) to June 2017 65% • 4 container ships on Charter Always On Power ir
Slide 7: Ferries Division
Ferries Division Revenue 2015 (Exclusive of Chartering activities) Costs 2015 (Exclusive of Chartering activities) Other 16% Payroll 26% Freight Depreciation 39% Cars & 9% Passengers 61% Repairs/Insurance 6% Port Costs Fuel 24% 19% 2015 Results Presentation (7th March 2016) 7
Slide 8: Ferries Division - Car Market
Ferries Division - Car Market CAGR (Volumes) 1 Year H2 H1 3 Year 7 Year 15 Years 2015 2015 2015 2012 – 2015 2008 – 2015 1992 - 2007 Irish Ferries +5% +3% +7% +5% +1% +4% Republic of Ireland +1% +1% +1% +1% -1% +2% All Ireland 0% 0% -1% +1% -1% +2% 2015 Results Presentation (7th March 2016) 8
Slide 9: Ferries Division - RoRo Market
Ferries Division - RoRo Market CAGR (Volumes) 1 Year H2 H1 3 Year 7 Year 15 Years 2015 2015 2015 2012 – 2015 2008 – 2015 1992 - 2007 Irish Ferries +10% +8% +12% +14% +2% +12% Republic of Ireland +6% +6% +6% +6% 0% +10% All Ireland +4% +4% +4% +3% 0% +6% 2015 Results Presentation (7th March 2016) 9
Slide 10: Ferries Division - Ship Chartering activities
Ferries Division -Ship Chartering activities • Revenue from ship chartering activities amounted to €4.3 million in 2015. • The ’Kaitaki’ (22,365 GT) delivered in 1995 which has a capacity of 1.7km (lane metres) has remained on charter to KiwiRail during the year, operating in New Zealand. The charte
Slide 11: Ferries Division
Ferries Division 2015 2014 Change €m €m Revenue* 203.9 184.3 10.6% Operating Costs (140.2) (141.2) -0.7% EBITDA 63.7 43.1 47.8% Depreciation/Amortisation (15.6) (15.1) 3.3% Operating Profit 48.1 28.0 71.8% • Passenger, Car & On Board revenue up 12.2% to €122.7 million. • RoRo Freight revenue up 8.4%
Slide 12: Container & Terminal Division
Container & Terminal Division 2015 Results Presentation (7th March 2016) 12
Slide 13: Container & Terminal Division
Container & Terminal Division • 5 chartered vessels • 3,200 owned and leased containers, 6,200 teu (20ft, 40ft, 45ft, reefers, flats, curtain siders) • Operating between the Ports of Dublin, Cork and Belfast to Rotterdam and Antwerp • Door to Door (54%) Transport plus Quay to Quay (46%) (feeder) • D
Slide 14: Container & Terminal Division
Container & Terminal Division 2015 Results Presentation (7th March 2016) 14
Slide 15: Container & Terminal Division - Terminals
Container & Terminal Division - Terminals 2 strategically located container handling terminals at Dublin (DFT) and Belfast (BCT). • 150 year lease in Dublin from 1972 • Concession from Belfast Harbour • Annual throughput of 162,000 lifts Commissioners (BHC) for 5 years from (2014: 151,900 lifts) Jun
Slide 16: Container & Terminal Division - Container Handling Irl.
Container & Terminal Division - Container Handling Irl. CAGR (Volumes) 1 Year 3 Year 5 Year ICG 33% 10% 8% ICG*Excl. Belfast 7% 5% 5% All Ireland 8% 6% 2% (Estimate) 2015 Results Presentation (7th March 2016) 16
Slide 17: Container & Terminal Division
Container & Terminal Division 2015 2014 Change €m €m Revenue* 118.2 107.0 +10.5% Operating Costs (106.4) (99.6) +6.8% EBITDA 11.8 7.4 +59.5% Depreciation/Amortisation (2.7) (2.7) 0% Operating Profit 9.1 4.7 +93.6% • Container volumes up 3.4% at 286,500 teu. • Terminal volumes up 32.9% at 248,500 lif
Slide 18: Group
Group • Results • Operating Profit Bridge • Fuel Costs • Dividends/Share Buybacks • Outlook/Current Trading 2015 Results Presentation (7th March 2016) 18
Slide 19: Group - Results
Group - Results 2015 2014 Change Revenue €320.6m €290.1m +10.5% Operating Costs (exc. Dep) €245.1m €239.6m +2.3% EBITDA €75.5m €50.5m +49.5% Operating Profit €57.2m €32.7m +74.9% Non – Trading Items (Pension curtailment gain) - €28.7m -100% Basic EPS 28.9c 30.4c -4.9% Adjusted EPS 29.1c 15.5c +87.7%
Slide 20: Group - 2015 EBITDA Profit Bridge
Group - 2015 EBITDA Profit Bridge 2015 Results Presentation (7th March 2016) 20
Slide 21: Group - Fuel Costs
Group - Fuel Costs FY 2015 FY 2014 Change 2015 v’s 2014 Consumption (000 tons) Heavy Fuel Oil 69.2 92.3 -25.0% Marine Diesel 38.5 15.1 +155.0% 107.7 107.4 +0.3% Average Price (€ per ton) Heavy Fuel Oil €288 €452 -36.3% Marine Diesel €468 €665 -29.6% Brent Crude (guide) $53.6/€48.3 $99.6/€74.9 -35.5%
Slide 22: Group - Cash Flow
Group - Cash Flow FY 2015 FY 2014 EBITDA 75.5 50.5 Working Capital Movement (1.6) (2.2) Pension Payments (2.7) (3.9) Other 0.6 - Cash Generated from Operations 71.8 44.4 Interest paid (2.8) (3.6) Tax (0.8) (1.1) Capex (inclusive of €24.2m container vessels) (35.0) (8.0) Free Cash Flow 33.2 31.7 Asse
Slide 23: Group - Dividend / Share Buybacks
Group - Dividend / Share Buybacks Cash Returned to Shareholders 2007 - 2015 Year Interim (Cent) Final (Cent) Total (Cent) €m Buyback/ Tender Offer €m 2007 Nil 10.0c 10.0c 24.5 2008 Nil 10.0c 10.0c 24.6 2009 Nil 10.0c 10.0c 25.0 2010 Nil 10.0c 10.0c 25.1 2011 3.3c 6.7c 10.0c 24.9 4.0 2012 3.3c 6.7c 1
Slide 24: Group - Current Trading
Group - Current Trading General • Irish and UK economies growing. Continued efforts to stimulate Eurozone economy. • Irish GDP growth forecast to exceed all other Eurozone countries. Consensus Irish GDP growth of 4.7% in 2016, consensus UK GDP of 2.2% in 2016. Eurozone GDP growth forecast of 1.7% in
Slide 25: Appendix Fleet
Appendix Fleet 2015 Results Presentation (7th March 2016) 25
Slide 26: Appendix – Fleet
Appendix – Fleet Ulysses Year Built 2001 Cost €106m GT 50,900 tons PAX 1875 Cars 1342 Lane Meters 4.1km Speed 22 knots Route Dublin/Holyhead Isle of Inishmore Year Built 1997 Cost €81m GT 34,000 tons PAX 2200 Cars 855 Lane Meters 2.1km Speed 21.5 knots Route Rosslare/Pembroke 2015 Results Presentati
Slide 27: Appendix – Fleet
Appendix – Fleet Jonathan Swift Year Built 1999 Cost €38m GT 6,000 tons PAX 800 Cars 200 Speed 39 knots Route Dublin/Holyhead Oscar Wilde Year Built 1987 Purchased in 2007 - plus upgrade €51m GT 32,000 tons PAX 1458 Beds 1376 Cars 580 Lane Meters 1.2km Speed 21.5 knots Route Rosslare/France 2015 Res
Slide 28: Appendix – Fleet
Appendix – Fleet Epsilon Year Built 2011 GT 26,375 tons PAX 500 Beds 272 Lane Meters 2.8km Speed 23 knots Route Dublin/Holyhead, Dublin/France Kaitaki Year Built 1995 Cost €62m GT 22,300 tons PAX 1650 Beds 274 Cars 600 Lane Meters 1.7km Speed 19 knots Route Chartered Out 2015 Results Presentation (7
Slide 29: 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 GT 8,246 Dead Weight 11,157 Size TEU 974 TEU @ 14tns 580 2015 Results Presentation (7th March 2016) 29
Slide 30: Appendix – Fleet
Appendix – Fleet Elbtrader IMO 9388534 Built 2008 LOA 139.60 Breadth 22 GT 8,246 Dead Weight 11,153 Size TEU 974 TEU @ 14tns 580 Elbcarrier IMO 9388510 Built 2007 LOA 139.60 Breadth 22 GT 8,246 Dead Weight 11,166 Size TEU 974 TEU @ 14tns 580 2015 Results Presentation (7th March 2016) 30
Slide 31: 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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