Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — H1 2024 Earnings Presentation
36 slides from Irish Continental's earnings presentation, Aug 29, 2024
Slide 1: 2024 H1 Results Presentation
2024 H1 Results Presentation 29th August 2024
Slide 2: Half Year 2024 Performance Summary
Half Year 2024 Performance Summary Revenue • Revenue for the half year increased by 8.1% to €285.5 million (2023: €285.5m €264.0 million). In the Ferries Division revenue* increased by 9.9% to €197.6 million (2023: €179.8 million) while in the Container and Terminal Division revenue* increased by 1.
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 2024 H1 Results Presentation – 29th August 2024
Slide 5: Ferries Division
Ferries Division Weekly Sailings 2024 2023 Dublin - Holyhead Ulysses 28 28 Dublin Swift 281 281 James Joyce 20 20 76 76 Rosslare - Pembroke Isle of Innisfree2 28 28 Total Ireland - UK 104 104 Ireland - France W.B. Yeats 6/7 6/7 James Joyce 2 2 Total Irish Sea 112/113 112/113 Dover - Calais Isle of I
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: - 2 cruise ferries Dover Calais: 9,200 10% Sailings 22% Dover – Calais Ser
Slide 7: Ferries Division
Ferries Division CARS 2024 2023 2024 2023 2023 H1 2024 H1 2024 YTD to 24 Aug to 24 Aug H1 to 30 Jun H1 to 30 Jun Full Year v 2023 v 2019 2024 Volumes Volumes Volumes Volumes Volumes % % v 2023 Market Volume (’000s) 1,971.4 1,874 4,610.6 5.2% (12.9%) Irish Ferries (’000s) 492.5 434.3 277.2 229.1 645.
Slide 8: Ferries Division
Ferries Division RORO 2024 2023 2024 2023 2023 H1 2024 H1 2024 YTD to 24 Aug to 24 Aug H1 to 30 Jun H1 to 30 Jun Full Year v 2023 v 2019 2024 Volumes Volumes Volumes Volumes Volumes % % v 2023 Market Volume (’000s) 2,159.1 2,153.4 4,277.0 0.3% (15.4%) Irish Ferries (’000s) 497.8 457.3 384.8 348.2 72
Slide 9: Ferries Division
Ferries Division H1 H1 Change FY 2024 2023 2023 €m €m €m Revenue* 197.6 179.8 +9.9% 412.3 Operating Costs (160.2) (146.5) +9.4% (305.4) EBITDA 37.4 33.3 +12.3% 106.9 Depreciation/Amortisation (27.9) (28.0) (0.4%) (54.8) Operating Profit 9.5 5.3 +79.2% 52.1 • Passenger, car and on-board revenue up 16
Slide 10: Container and Terminal Division
Container and Terminal Division Irish Continental Group 2024 H1 Results Presentation – 29th August 2024
Slide 11: Container & Terminal Division
Container & Terminal Division • 6 chartered vessels • 4,400 owned and leased containers, 8,500 teu (20ft, 40ft, 45ft, reefers, flats, curtain siders) • Volumes to June 2024 up 8.7% at 154,700 teu • Operating between the Ports of Dublin, Cork and Belfast to Rotterdam and Antwerp • Door to Door (57%)
Slide 12: Container & Terminal Division
Container & Terminal Division Irish Continental Group 2024 H1 Results Presentation – 29th August 2024 12
Slide 13: Container & Terminal Division
Container & Terminal Division • 150 year lease in Dublin from 1972 • Volumes to June 2024 up 10.2% at 104,100 lifts • 192,800 lifts in 2023 (2022: 194,700 lifts) • Container Depot DFCD moved to Inland Port in January 2022 • Capex Project €29m including the order of 5 new electric environmentally fri
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 June 2024 up 6.4% at 61,700 lifts • 119,600 lifts in 2023 (2022: 124,900 lifts) • £40 million investment programme undertake
Slide 15: Container & Terminal Division – Volumes
Container & Terminal Division – Volumes CAGR (Terminal Volumes) H1 1 Year 3 Year 5 Year 2024 2023 2020-23 2018-23 ICG +9% -2% +2% 0% All Ireland +7% -6% +1% +1% Irish Continental Group 2024 H1 Results Presentation – 29th August 2024 15
Slide 16: Container & Terminal Division
Container & Terminal Division H1 2024 H1 2023 Change FY 2023 €m €m €m Revenue* 103.2 101.5 +1.7% 194.1 Operating Costs (90.9) (85.8) +5.9% (168.4) EBITDA 12.3 15.7 (21.7%) 25.7 Depreciation/Amortisation (4.4) (4.8) (8.3%) (9.4) Operating Profit 7.9 10.9 (27.5%) 16.3 • Container volumes up 8.7% at 15
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 2024 H1 Results Presentation – 29th August 2024
Slide 18: Group - Results
Group - Results H1 2024 H1 2023 Change FY 2023 Revenue €285.5m €264.0m +8.1% €572.0m Operating Costs (exc. Depreciation) €(235.8)m €(215.0)m +9.7% €(439.4)m EBITDA €49.7m €49.0m +1.4% €132.6m Operating Profit €17.4m €16.2m +7.4% €68.4m Basic EPS 8.3c 7.5c +10.7% 36.2c Adjusted Basic EPS 7.9c 7.1c +1
Slide 19: Group - Fuel Costs
Group - Fuel Costs H1 2024 H1 2023 Change Consumption (000 tons) Heavy Fuel Oil 55.8 53.5 4.3% Marine Diesel 25.3 27.5 (8.0%) 81.1 81.0 +0.1% Average Price (€ per ton) Heavy Fuel Oil €538 €485 +10.9% Marine Diesel €753 €794 (5.2%) Brent Crude (guide) $83.4/€77.1 $80.2/€74.2 +4.0%/+3.9% Total Cost (i
Slide 20: Group - Cash Flow
Group - Cash Flow H1 2024 €m H1 2023 €m FY 2023 €m EBITDA 49.7 49.0 132.6 Working capital movement 10.8 23.2 1.7 Retirement benefit scheme movements 0.1 0.2 0.6 Other 6.5 1.1 1.8 Cash generated from operations 67.1 73.5 136.7 Interest paid (4.4) (2.8) (5.9) Tax (0.8) (0.9) (2.2) Capital expenditure
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 30/06/24: 15.3% Cash Returned to Shareholders 2008 - 2024 Year Interim Final (Cent) Total Buyback/ Average ISC Buyback Buyback (paid H1 following €m (Cent) year) (Cent) Tender Price / Sha
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 51.2 51.2 Committed lending facilities: Bank overdrafts Annually Variable 15.4 15.4 - Revolving credit Up to 2029 Variable 100.0 44.5 55.5 EIB Amortising Loan #1 2030 1.72
Slide 23: Group - Current Trading/ Outlook
Group - Current Trading/ Outlook General • Irish Ferries continued strong volume growth in 2024, with car volumes growing 13.4% year to date and RoRo freight units growing 8.9%, primarily due to further normalisation of passenger markets, growth on Dover – Calais and the reduction in competitors on
Slide 24: Appendix Fleet
Appendix Fleet Irish Continental Group 2024 H1 Results Presentation – 29th August 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 22.5kn Route Dublin - Holyhead, Dublin - Cherbourg Irish Continental Group 2024 H1 Results Presentation – 29th August 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 22kn Route Dublin - Holyhead Irish Continental Group 2024 H1 Results Presentation – 29th August 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 21.5kn Route Dover - Calais Irish Continental Group 2024 H1 Results Presentation – 29th August 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 35kn Route Dublin - Holyhead from May-September Irish Continental Group 2024 H1 Results Presentation – 29th August 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 2.4km Speed 21.0kn Route Rosslare - Pembroke Isle of Inisheer Year Built 2000 GT 22,152 tons PAX (Max) 589 Cars (Max) 500 Lane Meters 2.0km Speed 22.5kn Route Dover - Calais Irish Continental Group
Slide 30: Appendix – Fleet
Appendix – Fleet Oscar Wilde Year Built 2010 GT 47,592 tons PAX 2,000 Cars (Max) 1,059 Lane Meters 2.7km Speed 22.0kn Route Dover – Calais Irish Continental Group 2024 H1 Results Presentation – 29th August 2024 30
Slide 31: Appendix – Fleet (Chartered)
Appendix – Fleet (Chartered) James Joyce Year Built 2007 Cost Charter Vessel GT 36,249 tons PAX 1,900 Cars 520 Lane Meters 2.4km Speed 27.5kn Irish Continental Group 2024 H1 Results Presentation – 29th August 2024 31
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 2024 H1 Results Presentation – 29th
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 2024 H1 Results Presentati
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 2024 H1 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 2024 H1 Results Presentation –
Slide 36: 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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