Irish Continental Group Plc · EURONEXT:IR5B
Irish Continental — H1 2023 Earnings Presentation
36 slides from Irish Continental's earnings presentation, Aug 31, 2023
Slide 1: FY23 H1 Results Presentation
FY23 H1 Results Presentation 31st August 2023
Slide 2: Half Year 2023 Performance Summary
Half Year 2023 Performance Summary Revenue • Revenue for the half year increased by 0.3% to €264.0 million (2022: €264.0m €263.1 million). In the Ferries Division revenue* increased by 7.1% to €179.8 million (2022: €167.9 million) while in the Container and Terminal Division revenue* decreased by 8.
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 H1 Results Presentation – 31st August 2023
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 Epsilon 2 2 Total Irish Sea 112/113 112/113 Dover - Calais Isle of Inishmore 68 68
Slide 6: Ferries Division
Ferries Division Brand: Irish Ferries Sailings 2022 Holyhead: 3,200 Sailings Owned: - 4 cruise ferries 64%9% - 1 ropax ferry Pembroke: 1,300 Sailings - 1 fast ferry France: 400 Sailings - 8 container ships 3% 59% Charter in: - 1 cruise ferry 10% Dover Calais: 8,800 1 ropax ferry Sailings 23% Dover –
Slide 7: Ferries Division
Ferries Division CARS 2023 2022 2023 2022 2022 H1 2023 H1 2023 YTD to 26 Aug to 26 Aug H1 to 30 Jun H1 to 30 Jun Full Year v 2022 v 2019 2023 Volumes Volumes Volumes Volumes Volumes % % v 2022 Market Volume (’000s) 1,874 1,539 4,131 21.8% (17.2%) Irish Ferries (’000s) 443 395 229 214 573 7.0% 12.1%
Slide 8: Ferries Division
Ferries Division RORO 2023 2022 2023 2022 2022 H1 2023 H1 2023 YTD to 26 Aug to 26 Aug H1 to 30 Jun H1 to 30 Jun Full Year v 2022 v 2019 2023 Volumes Volumes Volumes Volumes Volumes % % v 2022 Market Volume (’000s) 2,153 2,242 4,390 (4.0%) (15.7%) Irish Ferries (’000s) 461 443 348 330 697 5.5% 4.1%
Slide 9: Ferries Division
Ferries Division H1 H1 Change FY 2023 2022 2022 €m €m €m Revenue* 179.8 167.9 +7.1% 399.9 Operating Costs (146.5) (138.1) (6.1%) (304.2) EBITDA 33.3 29.8 +11.7% 95.7 Depreciation/Amortisation (28.0) (24.1) (16.2%) (49.3) Operating Profit 5.3 5.7 (7.0%) 46.4 • Passenger, car and on-board revenue up 1
Slide 10: Container and Terminal Division
Container and Terminal Division Irish Continental Group FY23 H1 Results Presentation – 31st August 2023
Slide 11: Container & Terminal Division
Container & Terminal Division • 5 chartered vessels • 4,600 owned and leased containers, 8,900 teu (20ft, 40ft, 45ft, reefers, flats, curtain siders) • Volumes to June 2023 down 15.9% at 142,300 teu • Operating between the Ports of Dublin, Cork and Belfast to Rotterdam and Antwerp • Door to Door (53
Slide 12: Container & Terminal Division
Container & Terminal Division Irish Continental Group FY23 H1 Results Presentation – 31st August 2023 12
Slide 13: Container & Terminal Division
Container & Terminal Division • 150 year lease in Dublin from 1972 • Volumes to June 2023 down 5% at 94,500 lifts • 194,700 lifts in 2022 (2021: 203,900 lifts) • Container Depot DFCD moved to Inland Port in January 2022 • Capex Project €22m (2022/23) including the order of 5 new electric environment
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 2023 down 11.4% at 58,000 lifts. • 124,900 lifts in 2022 (2021: 131,600 lifts) • £40 million investment programme being
Slide 15: Container & Terminal Division – Volumes
Container & Terminal Division – Volumes CAGR (Container Volumes) H1 1 Year 3 Year 5 Year 2023 2022 2019-22 2017-22 ICG -13% -3% +2% +3% All Ireland -10% -3% +2% +3% CAGR (Terminal Volumes) H1 1 Year 3 Year 5 Year 2023 2022 2019-22 2017-22 ICG -8% -5% 0% 1% All Ireland -10% -3% 2% 3% Irish Continenta
Slide 16: Container & Terminal Division
Container & Terminal Division HY 2023 HY 2022 Change FY 2022 €m €m €m Revenue* 101.5 111.0 (8.6%) 221.5 Operating Costs (85.8) (93.5) +8.2% (190.0) EBITDA 15.7 17.5 (10.3%) 31.5 Depreciation/Amortisation (4.8) (5.8) +17.2% (11.2) Operating Profit 10.9 11.7 (6.8%) 20.3 • Container volumes down 15.9%
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 H1 Results Presentation – 31st August 2023
Slide 18: Group - Results
Group - Results HY 2023 HY 2022 Change FY 2022 Revenue €264.0m €263.1m +0.3% €584.9m Operating Costs (exc. Depreciation) €(215.0)m €(215.8)m +0.4% €(457.7)m EBITDA €49.0m €47.3m +3.6% €127.2m Non-trading items - - - Operating Profit €16.2m €17.4m (6.9%) €66.7m Basic EPS 7.5c 8.0c (6.3%) 33.6c Adjust
Slide 19: Group - Fuel Costs
Group - Fuel Costs HY 2023 HY 2022 Change Consumption (000 tons) Heavy Fuel Oil 53.5 47.8 11.9% Marine Diesel 27.5 29.9 (8.0%) 81.0 77.7 +4.2% Average Price (€ per ton) Heavy Fuel Oil €485 €599 (19.0%) Marine Diesel €794 €955 (16.9%) Brent Crude (guide) $80.2/€74.2 $104.0/€95.1 (22.9%)/(22.0%) Total
Slide 20: Group - Cash Flow
Group - Cash Flow HY 2023 €m HY 2022 €m FY 2022 €m EBITDA 49.0 47.3 127.2 Working capital movement 23.2 23.4 1.2 Retirement benefit scheme movements 0.2 0.6 1.1 Other 1.1 0.7 2.5 Cash generated from operations 73.5 72.0 132.0 Interest paid (2.8) (1.6) (4.0) Tax (0.9) (0.8) (1.7) Purchases of propert
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 31/12/22 - 15.1% 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 35.0 35.0 Committed lending facilities: Bank overdrafts Annually Variable 15.4 15.4 - Revolving credit Up to 2024 Variable 75.0 25.5 49.5 EIB Amortising Loan #1 2030 1.724
Slide 23: Group - Current Trading/ Outlook
Group - Current Trading/ Outlook General • 2023 has seen the continued trend of returning passengers post pandemic. The total market for cars grew 22% year on year alongside total passenger growth of 28%. However, passenger levels across the total market for the half year remain down on 2019 levels
Slide 24: Appendix Fleet
Appendix Fleet Irish Continental Group FY23 H1 Results Presentation – 31st August 2023
Slide 25: Appendix – Fleet
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/ Cherbourg Irish Continental Group FY23 H1 Results Presentation – 31st August 2023 25
Slide 26: Appendix – Fleet
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 FY23 H1 Results Presentation – 31st August 2023 26
Slide 27: Appendix – Fleet
Appendix – Fleet 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 Dover / Calais Irish Continental Group FY23 H1 Results Presentation – 31st August 2023 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 H1 Results Presentation – 31st August 2023 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 25,152 tons PAX (Max) 589 Cars (Max) 500 Lane Meters 1,950 Speed 22.5k Route Dover - Calais Irish Continental Group FY23 H
Slide 30: Appendix – Fleet (Chartered)
Appendix – Fleet (Chartered) Oscar Wilde Year Built 2007 Cost Charter Vessel GT 36249 PAX 1900 Cars 520 Lane Meters 2,380 Speed 27.5k Route Rosslare-Pembroke Irish Continental Group FY23 H1 Results Presentation – 31st August 2023 30
Slide 31: Appendix – Fleet (Chartered)
Appendix – Fleet (Chartered) Epsilon Year Built 2011 Cost Charter Vessel GT 26375 PAX 530 Cars 733 Lane Meters 2,868 Speed 22.75k Route Dublin-Holyhead / Dublin-Cherbourg Irish Continental Group FY23 H1 Results Presentation – 31st August 2023 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 FY23 H1 Results Presentation – 31st
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 FY23 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 FY23 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 FY23 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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