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A N N U A L R E P O R T A N D 2014 F I N A N C I A L S T A T E M E N T S WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da IRISH CONTINENTAL GROUP 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. We aim for continued success in our chosen markets, and focus our efforts on the provision of a reliable, timely and high quality experience for all our customers. We will achieve success by anticipating our customers’ needs and matching their requirements with superior services through constant innovation and the rapid application of technology. We measure our success through the quality of our service, as seen by our customers, which should result in delivering sustained and profitable growth for the benefit of our shareholders and staff. WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 2014 ANNUAL REPORT AND FINANCIAL STATEMENTS 1 Contents Business Review 4 The Group 5 Financial Highlights 6 Our Group at a Glance 8 Five Year Summary 10 Chairman’s Statement 14 Operating and Financial Review 32 Our Fleet Corporate Governance 36 The Board 38 Report of the Directors 42 Corporate Governance Statement 51 Report of the Audit Committee 54 Report of the Nomination Committee 55 Report of the Remuneration Committee 59 Statement of Directors’ Responsibilities Financial Statements 62 Independent Auditor’s Report 65 Consolidated Income Statement 66 Consolidated Statement of Comprehensive Income 67 Consolidated Statement of Financial Position 68 Consolidated Statement of Changes in Equity 70 Company Statement of Financial Position 71 Company Statement of Changes in Equity more online 73 Consolidated Statement of Cash Flows www.icg.ie 74 Company Statement of Cash Flows 75 Notes to the Financial Statements Shareholder and other information 136 Investor Information 139 Index to the Annual Report WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 2 IRISH CONTINENTAL GROUP WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 2014 ANNUAL REPORT AND FINANCIAL STATEMENTS 3 BUSINESS in this section 4 The Group 5 Financial Highlights REVIEW 6 Our Group at a Glance 8 Five Year Summary 10 Chairman’s Statement 14 Operating and Financial Review 32 Our Fleet Business Review Business Revenue for the year grew 9.6% to €290.1 million while EBITDA was up 2.6%, at €50.5 Financial Statements information Governance and other Shareholder Corporate million. Adjusted EPS, which excludes non-trading items, and the net interest cost on defined benefit pension schemes, was 12.3% higher at 15.5 cent. Read more from the Chairman’s Statement on page 10 WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 4 IRISH CONTINENTAL GROUP Business Review The Group Container and Irish Continental Group (ICG) is Ferries Division Terminal Division the leading Irish-based maritime transport group. We carry Modern fleet of multi-purpose Container shipping services passengers and cars, Roll On Roll ferries operating between the between Ireland and Continental Off (RORO) freight and Container Republic of Ireland and Britain and Europe, operating modern Lift On Lift Off (LOLO) freight, on France, and on charter. fleet and equipment, as well as Revenue EBITDA* routes between Ireland, the United stevedoring and related services Kingdom and Continental Europe. 1.6 million passengers carried for container traffic at Dublin and We also operate container terminals during 2014 on up to 17 daily Belfast Ports. in the ports of Dublin and Belfast. sailings. Key freight positions on short sea routes between the Republic of up 9.6 up 2.6 % % Ireland and Britain. Inclusive package holidays to the 2014 €290.1m 2014 €50.5m Republic of Ireland and Britain. 2013 €264.7m 2013 €49.2m Net Debt** Adjusted EPS*(cent) Belfast down 34.4% up 12.3% Dublin Holyhead 2014 €61.3m 2014 15.5 cent Rotterdam Rosslare 2013 €93.4m 2013 13.8 cent Pembroke Antwerp Cork IRISH FERRIES EUCON DUBLIN FERRYPORT TERMINALS BELFAST CONTAINER TERMINAL Cherbourg ROUTES SERVED BY MULTI-PURPOSE FERRIES Roscoff PORTS SERVED BY CONTAINER SHIPS: BELFAST, DUBLIN, CORK, ANTWERP, ROTTERDAM WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 2014 ANNUAL REPORT AND FINANCIAL STATEMENTS 5 Business Review Financial Highlights Revenue EBITDA* Business Review Business up 9.6 up 2.6 % % Corporate Governance Financial Statements information Governance and other Shareholder Corporate 2014 €290.1m 2014 €50.5m 2013 €264.7m 2013 €49.2m Net Debt** Adjusted EPS*(cent) Belfast down 34.4% up 12.3% Dublin Holyhead 2014 €61.3m 2014 15.5 cent Rotterdam Rosslare 2013 €93.4m 2013 13.8 cent Pembroke Antwerp Cork IRISH FERRIES EUCON DUBLIN FERRYPORT TERMINALS BELFAST CONTAINER TERMINAL Cherbourg ROUTES SERVED BY MULTI-PURPOSE FERRIES Roscoff *Definitions of key performance measures are set out on page 16. ** Net debt comprises of cash and bank balances less borrowings. PORTS SERVED BY CONTAINER SHIPS: BELFAST, DUBLIN, CORK, ANTWERP, ROTTERDAM WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 6 IRISH CONTINENTAL GROUP Business Review Our Group at a Glance Reliability Power Accuracy Always On irishferries.com ‘Ulysses’ has never lost ‘Jonathan Swift’, which ‘Isle of Inishmore’ can Our passenger booking a sailing due to adverse can travel up to speeds fix its position within 10 website irishferries.com weather despite travelling of 80kph, propels itself metres using 8 satellites received almost 5.5 million over 182,000 kilometres across the Irish Sea with whilst completing its visits in 2014 delivering each year during service, 4 large water jets which 250 kilometre round trip over 80% of the car and which is the equivalent to pump 60 tonnes of sea between Rosslare and passenger bookings circumventing the earth water per second. Pembroke. transacted last year. over 4.5 times! In 2014, we were delighted to be voted by travel trade professionals as the ‘Best Ferry Company’ for the 8th time in a row at the ‘Irish Travel Trade News Awards’, and for the 5th time in a row at the ‘Irish Travel Industry Awards’. Read more from the Operating Review on page 18 WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 2014 ANNUAL REPORT AND FINANCIAL STATEMENTS 7 Business Review Business RORO Freight Customer First Connected Container Strategic Terminal Shipping Locations Financial Statements information Governance and other Shareholder Corporate With a cutting edge Passengers are never Eucon transported just Our strategically located online booking facility out of touch with a over 277,000 teu in 2014 terminals in Dublin and and the continuous complimentary Wi-Fi while providing shipping Belfast handled 187,000 monitoring of bookings service offered on all services to 20 countries containers over our and sailings available at sailings across all routes. throughout Europe. terminals, with up to the touch of a button, 1,000 truck moves per day the Group transported Priority Boarding, Speedy handled at our almost 248,000 RORO Exit and Club Class Dublin terminal alone. freight units into and out Lounges are also available of Ireland during 2014, to enhance the customer offering a market leading experience. service. WorldReginfo - a4ee58ae-ec10-488c-a84b-7a824ae4f1da 8 IRISH CONTINENTAL GROUP Business Review Five Year Summary Non Statutory Income Statement Information 2014 2013 20121 20111 2010 €m €m €m €m €m Revenue 290.1 264.7 256.1 251.7 262.2 Other operating expenses and employee benefits expense (239.6) (215.5) (210.3) (204.4) (208.6) Depreciation and amortisation (17.8) (19.2) (19.3) (20.2) (22.1) 32.7 30.0 26.5 27.1 31.5 Non-trading items2 28.7 - (2.1) - 9.4 Interest (net) (4.7) (6.3) (3.4) (0.7) (0.8) Profit before taxation 56.7 23.7 21.0 26.4 40.1 Taxation (0.7) (0.4) (0.5) (0.8) (1.1) Profit from continuing operations 56.0 23.3 20.5 25.6 39.0 Discontinued operations Profit from discontinued operations - - 0.9 2.1 - Non-trading items2: Gain on disposal of discontinued operations - 3.5 21.0 - - Total discontinued operations - 3.5 21.9 2.1 - Profit for the year 56.0 26.8 42.4 27.7 39.0 EBITDA 50.5 49.2 46.5 49.1 53.6 Per share information: €cent €cent €cent €cent €cent Earnings per share3 -Basic 30.4 14.6 18.3 11.1 15.7 -Adjusted4 15.5 13.8 10.9 11.0 12.1 Dividend per share3 10.5 10.0 10.0 10.0 10.0 Shares in issue at year end3: m m m m m -ICG Units including treasury shares 184.5 184.0 183.4 257.7 258.9 -Treasury shares - - - 9.0 9.0 Average shares in issue 184.5 183.7 231.4 249.3 248.7 Number Number Number Number Number Number of shareholdings 1,729 1,716 1,830 1,673 1,551 1 In 2012, the Group sold its North Sea feeder operations. Accordingly, these operations have been treated as discontinued in 2012. The 2011 statistics have been re-presented to be consistent with 2012. Years prior to 2011 have not been re-presented. 2 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. 3 The comparative information has been adjusted for the 10-for-1 sub-division of ICG Units which became effective on 9 June 2014. 4 Adjusted earnings exclude pension interest and non-trading items.
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