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Annual Report 2017 2017 Annual Report and Financial Statements Irish Continental Group (ICG) is the leading Irish based maritime transport group. We carry passengers and cars, Roll on Roll off freight and Container Lift on Lift off freight, on routes between Ireland, the United Kingdom and Continental Europe. We also operate container terminals in the ports of Dublin and Belfast. More online www.icg.ie 01 CONTENTS 04-50 Strategic Report 04 The Group 10 Chairman’s Statement 06 Financial Highlights 14 Operating and Financial Review 07 Our Group at a Glance 48 Our Fleet 08 Five Year Summary 50 Executive Management Team 54-85 Corporate Governance 54 The Board 73 Report of the Nomination Committee 56 Report of the Directors 75 Report of the Remuneration Committee 60 Corporate Governance Statement 85 Directors’ Responsibilities Statement 69 Report of the Audit Committee 88-167 Financial Statements 88 Independent Auditor’s Report 102 Company Statement of Financial Position 97 Consolidated Income Statement 103 Company Statement of Changes in Equity 98 Consolidated Statement of Comprehensive 105 Consolidated Statement of Cash Flows Income 106 Company Statement of Cash Flows 99 Consolidated Statement of Financial Position 107 Notes to the Financial Statements 100 Consolidated Statement of Changes in Equity 170-173 Other Information 170 Investor Information 173 Index to the Annual Report 02 Irish Continental Group 2017 Annual Report and Financial Statements 2017 has been a successful year for the Group, with a positive operational and financial performance in both divisions Read more from the Chairman’s Statement on page 10 Strategic Report Corporate Governance Financial Statements Other Information 03 STRATEGIC REPORT* 04 The Group 10 Chairman’s Statement 06 Financial Highlights 14 Operating and Financial Review 07 Our Group at a Glance 48 Our Fleet 08 Five Year Summary 50 Executive Management Team *As an Irish incorporated Group, The Strategic Report does not constitute a Strategic report for the purpose of the UK Companies Act 2006 (Strategic Report and Directors Report) Regulation 2013 and the large and medium –sized Companies and Groups (Accounts and Reports) (amendment) Regulation 2013, and the Remuneration Committee Report does not constitute a Remuneration Report for the purposes of the UK large and medium- sized Companies and Groups (Accounts and Reports) (amendment) Regulations. 04 Irish Continental Group 2017 Annual Report and Financial Statements THE GROUP N M1 M2 M50 M50 M3 Irish Continental Group (ICG) is the leading Irish-based M50 Dublin Port maritime transport group. We carry passengers and cars, Roll M4 M50 M50 Holyhead on Roll off (RoRo) freight and Container Lift on Lift off (LoLo) Roterdam Antwerp Irish Ferries Ropax and Eucon ­eographical freight, on routes between Ireland, the United Kingdom and Cruise ferry Services Coverage Cherbourg Continental Europe. We also operate container terminals M50 Irish Ferries High Speed Eucon Routes M7 Ferry in the ports of Dublin and Belfast. The Group division also Dublin Ferryport Terminals carries out ship chartering activities. Ports Served By Ferries: Dublin, Roslare, Holyhead, Belfast Container Terminal Pembroke, Cherbourg, M50 Rosco M11 Ports Served By Container Ships: Belfast, Dublin, Cork, Antwerp, Rotterdam M50 Estonia Latvia Revenue Operating Prot Ferries Lithuania Division Belfast 19% Dublin 39% Holyhead Modern fleet of multi-purpose ferries and Rosslare 81% LoLo container vessels operating between the Rotterdam 61% U.K Poland Republic of Ireland and Britain and Continental Cork Netherlands Europe, and on charter. Pembroke Antwerp Belgium 1.6 million passengers carried during 2017 on up ermany to 17 daily sailings. Czech Rep. Capital Employed EBITDA Cherbourg Slovakia Key freight positions on short sea routes Rosco between the Republic of Ireland and Britain. Austria 23% 17% France Hungary Romania Inclusive package holidays to the Republic of Switzerland Slovenia Ireland and Britain. Croatia 77% 83% Italy Serbia Bulgaria Container and Terminal Division Ferries Division Container and Terminal Division Container shipping services between Ireland and Continental Europe, operating modern fleet and equipment, together with container terminal operations at Dublin and Belfast Ports. Strategic Report Corporate Governance Financial Statements Other Information 05 N M1 M2 M50 M50 M3 M50 Dublin Port M4 M50 M50 Holyhead Roterdam Antwerp Irish Ferries Ropax and Eucon ­eographical Cruise ferry Services Coverage Cherbourg M50 Irish Ferries High Speed Eucon Routes M7 Ferry Dublin Ferryport Terminals Ports Served By Ferries: Dublin, Roslare, Holyhead, Belfast Container Terminal Pembroke, Cherbourg, M50 Rosco M11 Ports Served By Container Ships: Belfast, Dublin, Cork, Antwerp, Rotterdam M50 Estonia Latvia Revenue Operating Prot Lithuania Belfast 19% Dublin 39% Holyhead Rosslare 81% Rotterdam 61% U.K Poland Cork Pembroke Netherlands Antwerp Belgium ermany Czech Rep. Capital Employed EBITDA Cherbourg Slovakia Rosco Austria 23% 17% France Hungary Switzerland Romania Slovenia Croatia 77% 83% Italy Serbia Bulgaria Ferries Division Container and Terminal Division 06 Irish Continental Group 2017 Annual Report and Financial Statements FINANCIAL HIGHLIGHTS REVENUE €335.1m 2017 €335.1m +3.0% (2016: €325.4m) 2016 €325.4m EBITDA* €81.0m 2017 €81.0m -3.0% (2016: €83.5m) 2016 €83.5m NET CASH / (DEBT)* €39.6m 2017 €39.6m +€77.5m (2016: (€37.9m)) 2016 (€37.9m) BASIC EPS 44.1 cent 2017 44.1 cent +40.4% (2016: 31.4 cent) 2016 31.4 cent ROACE* 39.7% 2017 39.7% up 1.6 percentage points (2016: 38.1%) 2016 38.1% *Definitions of alternative performance measures are set out on page 21. Strategic Report Corporate Governance Financial Statements Other Information 07 OUR GROUP AT A GLANCE Irish Continental Group is a customer focussed business with a pivotal position in the logistics chain facilitating Ireland’s international trade and tourism. Strategic short sea RoRo Reliability underpinned by Strategically located container Connected container shipping routes operated by Irish investment in maintaining terminals which handled services provided by Eucon, Ferries providing a seamless quality assets ensuring 296,800 container units transporting 321,400 teu connection from Ireland to the we meet our customer during 2017 in Ireland’s main (twenty foot equivalent) in UK and Continental motorway expectations, achieving 92% ports of Dublin and Belfast for 2017 between Ireland and 20 network for the 287,500 RoRo schedule integrity over all shipping operators providing countries throughout Europe units carried in 2017. our RoRo services in 2017, services to key continental by sea, road, rail and barge. with 99% schedule integrity hub ports and onwards access achieved on our conventional to global markets. RoRo cruise ferries. Always on, always in touch Fastest crossing on the Irish Key contributor to regional High standard on-board our shipping and terminal sea on board the Irish Ferries tourism in Ireland, Irish Ferries experience enjoyed by our services operate 24/7, assisted Jonathan Swift fastcraft carried 1.65 million passengers Irish Ferries customers by investment in modern service with a sailing time of and 424,000 cars during 2017 encompasses quality food, booking and tracking systems under 2 hours between Dublin with research indicating that beverage, entertainment and to ensure our customers can and Holyhead at speeds of up car tourists stay longer and accommodation services. keep in touch over a variety of to 80 kph. travel outside the main urban Passengers are never out of platforms. centres. touch with free satellite wi-fi services. 08 Irish Continental Group 2017 Annual Report and Financial Statements FIVE YEAR SUMMARY Non Statutory Income Statement Information 2017 2016 2015 2014 2013 €m €m €m €m €m Revenue 335.1 325.4 320.6 290.1 264.7 Other operating expenses and employee benefits expense (254.1) (241.9) (245.1) (239.6) (215.5) Depreciation and amortisation (20.7) (20.9) (18.3) (17.8) (19.2) 60.3 62.6 5 7.2 32.7 30.0 Non-trading items 1 28.7 - - 28.7 - Interest (net) (1.3) (2.2) (3.1) (4.7) (6.3) Profit before taxation 8 7.7 60.4 54.1 56.7 23.7 Taxation (4.4) (1.6) (0.4) (0.7) (0.4) Profit from continuing operations 83.3 58.8 53.7 56.0 23.3 Discontinued operations Profit from discontinued operations - - - - - Non-trading items1: Gain on disposal of discontinued operations - - - - 3.5 Total discontinued operations - - - - 3.5 Profit for the year 83.3 58.8 53.7 56.0 26.8 EBITDA (including trading from discontinued operations) 81.0 83.5 75.5 50.5 49.2 Per share information: €cent €cent €cent €cent €cent Earnings per share -Basic 44.1 31.4 28.9 30.4 14.6 -Adjusted 2 29.0 31.4 29.1 15.5 13.8 Dividend per share 12.160 11.580 11.025 10.500 10.000 Shares in issue excluding treasury shares: m m m m m At year end 189.9 188.3 186.4 184.5 184.0 Average during the year 188.8 1 8 7.5 185.8 184.4 183.7 1. Non-trading items are material non-recurring items that derive from events or transactions that fall outside the ordinary activities of the Group and which individually, or, if of a similar type, in aggregate, are separately disclosed by virtue of their size or incidence. 2. Adjusted earnings exclude pension interest and non-trading items. Strategic Report Corporate Governance Financial Statements Other Information 09 Non Statutory Consolidated Statement 2017 2016 2015 2014 2013 of Financial Position €m €m €m €m €m Property, plant and equipment and intangible assets 250.0 205.1 170.9 154.7 164.3 Retirement benefit surplus 8.1
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