Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — H1 2019 Earnings Presentation
33 slides from Irish Continental's earnings presentation, Aug 29, 2019
Slide 1: 2019 Half Year Results Presentation
2019 Half Year Results Presentation 29th August 2019 Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 1
Slide 2: Half Year 2019 Performance Summary
Half Year 2019 Performance Summary • Revenue for the half year grew 6.1% to €166.8 million (2018: €157.2 Revenue million). In the Ferries division revenue* increased by 1.5% to €92.3 €166.8m million (2018: €90.9 million) while in the Container and Terminal division revenue* increased by 11.4% to €78
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 the operator between Ireland and the UK/Continent and the Republic of Continent. Dublin Ferryport Terminals Ireland. The division is also
Slide 4: Ferries Division
Ferries Division Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 4
Slide 5: Ferries Division - Routes
Ferries Division - Routes Weekly Sailings 2018 2019 Dublin - Holyhead Ulysses 28 28 Dublin Swift 28 28* Epsilon / W.B. Yeats 18 26/28 74 82/84 Rosslare - Pembroke Isle of Inishmore 28 28 Total Ireland - UK 102 110/112 Ireland - France Oscar Wilde 7 - Epsilon / W.B. Yeats 2 6/7 Total Ireland-France 9
Slide 6: Ferries Division
Ferries Division Sailings 2018 Brand: Irish Ferries Owned: - 3 cruise ferries 7% - 1 fast ferry 26% Holyhead: 3,100 Sailings - 5 container ships 29% Pembroke: 1,400 On order: - 1 cruise ferry 66% Sailings Charter in: - 1 ropax ferry 64% France: 350 Sailings Always On irishferries.com Strategic route
Slide 7: Ferries Division
Ferries Division Car Market CAGR (Volumes) YTD July/ H1 1 Year 3 Years 5 Years 10 Years 26 Years August 2019 2018 2015 – 2013 - 2008 - 1992 - 2018 2018 2018 2018 Irish Ferries 1.8% 14.1% -5.7% -8% -1% +3% +0% +2% Republic of -3.1% -2% +0% +1% +0% +1% Ireland All Ireland -1.0% -2% +1% +1% -1% +1% RoR
Slide 8: Ferries Division - Ship Chartering activities
Ferries Division -Ship Chartering activities Ship Chartering Revenue H1 2019 H1 2018 FY 2018 €m €m €m External 2.0 1.0 2.1 Internal 3.4 3.5 8.1 Total 5.4 4.5 10.2 • External charter revenues up €1.0 million due to (i) introduction of Thetis D container ship which has been chartered to a third party
Slide 9: Cruise Ferry Investments
Cruise Ferry Investments General • Two new cruise ferries contracted with German yard FSG for intended deployment on Irish Ferries services. • Total contract value €314 million. • W.B. Yeats construction was completed in 2018 and the ship was delivered to Irish Ferries in December 2018. • The invest
Slide 10: New Cruise Ferry, Hull 777, ordered from Flensburger (FSG)
New Cruise Ferry, Hull 777, ordered by ICG from Flensburger (FSG) for Dublin/ Holyhead route (for delivery late 2020) New Build 2 (Hull 777) MV Ulysses Effective Peak Freight Capacity 300 200 Passenger/Crew Capacity 1,800 1,875 Cars 1,526 1,342 Engine output (4 engines) 33,600kw 31,200kw Speed 23.0
Slide 11: Ferries Division
Ferries Division H1 H1 Change FY 2018 2019 2018 €m €m €m Revenue* 92.3 90.9 +1.5% 196.2 Operating Costs (72.6) (72.1) +0.7% (142.6) EBITDA 19.7 18.8 +4.8% 53.6 Non-trading item 14.9 13.7 +8.8% 13.7 Depreciation/Amortisation (15.4) (8.4) +83.3% (19.4) Operating Profit 19.2 24.1 -20.3% 47.9 • Passenge
Slide 12: Container & Terminal Division
Container & Terminal Division Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 12
Slide 13: Container & Terminal Division
Container & Terminal Division • 6 chartered vessels • 3,800 owned and leased containers, 7,400 teu (20ft, 40ft, 45ft, reefers, flats, curtain siders) • Operating between the Ports of Dublin, Cork and Belfast to Rotterdam and Antwerp • Door to Door (52%) Transport plus Quay to Quay (48%) (feeder) • D
Slide 14: Container & Terminal Division
Container & Terminal Division Irish Continental Group 2019 Results Presentation – 29th August 2019 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 182,500 lifts Commissioners (BHC) extended for 6 (2017: 172,800 lifts) years
Slide 16: Container & Terminal Division - Container Handling Irl.
Container & Terminal Division - Container Handling Irl. CAGR (Volumes) H1 1 3 Year 5 Year 2019 Year ICG 5% 4% 8% 12% ICG*Excl. Belfast 8% 6% 4% 5% All Ireland 6% 4% 4% 5% Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 16
Slide 17: Container & Terminal Division
Container & Terminal Division H1 H1 Change FY 2018 2019 2018 €m €m €m Revenue* 78.4 70.4 +11.4% 143.3 Operating Costs (68.1) (63.1) +7.9% (128.5) EBITDA 10.3 7.3 +41.1% 14.8 Depreciation/Amortisation (3.0) (1.3) +130.8% (2.7) Operating Profit 7.3 6.0 +21.7% 12.1 • Container volumes up 7.1% at 176,25
Slide 18: Group
Group • Results • Fuel Costs • Cash Flow • Share Performance/Dividends/Share Buybacks • Net cash and available borrowing facilities • Current Trading/Outlook • Refinancing of Group Debt Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 18
Slide 19: Group - Results
Group - Results H1 2019 H1 2018 Change FY 2018 Revenue €166.8m €157.2m +6.1% €330.2m Operating Costs (exc. Dep) €136.8m €131.1m +4.3% €261.8m EBITDA €30.0m €26.1m +14.9% €68.4m Non-trading items €14.9m €13.7m +8.8% €13.7m Operating Profit €26.5m €30.1m -12.0% €60.0m Basic EPS 12.8c 15.3c -16.3% 30.4
Slide 20: Group - Fuel Costs
Group - Fuel Costs H1 2019 H1 2018 Change FY 2018 Consumption (000 tons) Heavy Fuel Oil 42.6 33.5 +27.2% 69.6 Marine Diesel 16.9 20.1 -15.9% 39.0 59.5 53.6 +11.0% 108.6 Average Price (€ per ton) Heavy Fuel Oil €395 €359 +10.0% €376 Marine Diesel €516 €514 +0.4% €543 Brent Crude (guide) $66.0/€58.4 $
Slide 21: Group - Cash Flow
Group - Cash Flow H1 2019 €m H1 2018 €m FY 2018 €m EBITDA 30.0 26.1 68.4 Working Capital Movement 17.6 21.4 (3.8) Pension Payments (0.9) (0.5) (1.6) Other - - (0.7) Share-based payments 1.4 1.2 2.4 Cash Generated from Operations 48.1 48.2 64.7 Interest paid (1.6) (0.4) (1.0) Tax (0.7) (0.7) (2.2) Pu
Slide 22: Group – Share Performance/Dividends/Share Buy Backs
Group – Share Performance/Dividends/Share Buy Backs ICG shares: Total return CAGR last 10 years to 31/12/18 13.9% Total return CAGR since flotation on 14/04/88 16.1% Cash Returned to Shareholders 2008 - 2019 Buyback/ Year Interim (Cent) Final (Cent) Total (Cent) €m Tender Offer €m 2008 Nil 10.0c 10.
Slide 23: Net Cash and Available Borrowing Facilities
Net Cash and Available Borrowing Facilities Latest Fixed Rate Facility Undrawn On-hand / drawn Maturity €m €m €m Cash - 115.7 115.7 Committed lending facilities: Bank overdrafts Annually Variable 15.4 15.4 - Revolving credit Up to 2024 Variable 75.0 75.0 - EIB Amortising Loan #1 2030 1.724% 75.0 - 7
Slide 24: Group - Current Trading/ Outlook
Group - Current Trading/ Outlook General • There is heightened uncertainty at the moment over the manner of the proposed exit of the United Kingdom from the European Union. This is likely to affect the timing of corporate investment decisions and continued uncertainty may have a negative impact on c
Slide 25: Appendix Fleet
Appendix Fleet Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 25
Slide 26: Appendix – Fleet: Ulysses
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 2019 Half Year Results Presentation – 29th August 2019 26
Slide 27: Isle of Inishmore
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 Rosslare/ Pembroke Irish Continental Group 2019 Half Year Results Presentation – 29th August 2019 27
Slide 28: Appendix – Fleet: Dublin Swift
Appendix – Fleet Dublin Swift (formerly Westpac Express) 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 2019 Half Year Results Presentation – 29th August 2019 28
Slide 29: Appendix – Fleet: W.B Yeats
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 2019 Half Year Results Presentation – 29th August 2019 29
Slide 30: Appendix – Fleet: New Build and Thetis D
Appendix – Fleet New Build for Dublin - Holyhead Hull 777 (under construction) Contracted Delivery 2020 Cost (incl. Scrubber) €165.2m GT 67,300 tons Passenger and Crew Capacity 1,800 Cars (Max) 1,526 Lane Meters 5,610km Speed 23 knots Thetis D IMO 9372274 Built 2009 LOA 168.11 Breadth 26.8 GT 17,488
Slide 31: Appendix – Fleet: Ranger and Elbfeeder
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 2019 Half Year Results Presentation
Slide 32: Appendix – Fleet: Elbtrader and Elbcarrier
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 2019 Half Year Results Present
Slide 33: 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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