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Full Year Results 2017

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Full Year Results 2017 8 March 2018 Preliminary Statement of Results for the year ended 31 December 2017 Irish Continental Group (ICG) the leading Irish-based maritime transport group, reports a solid financial performance for the year ended 31 December 2017. Highlights Revenue up 3.0% to €335.1 million (2016: €325.4 million) EBITDA down 3.0% to €81.0 million (2016: €83.5 million) Basic EPS up 40.4% to 44.1c (2016: 31.4c) RoRo freight volumes up 0.5% to 287,500 units (2016: 286,100 units) Cars carried up 2.4% in the year to 424,000 units (2016: 414,100 units) Container volumes shipped in the year up 5.9% to 321,400 teu* (2016: 303,600 teu) Port lifts handled in the year up 3.0% to 296,800 lifts (2016: 288,100 lifts) Sale of the vessel MV Kaitaki yields profit after tax of €24.9 million Net cash of €39.6 million (31 December 2016: net debt €37.9 million) IAS 19 net retirement benefit surplus of €4.7 million at 31 December 2017 (31 December 2016: €13.5 million deficit) Final dividend 8.15 cent, up 5.0% (2016: 7.76 cent) *teu = twenty foot equivalent units Commenting on the results Chairman John B McGuckian said, “2017 was another successful year for the Group. Despite the headwinds of increased fuel costs and weaker Sterling, the company delivered EBITDA of €81.0 million with revenues increasing by 3.0% to €335.1 million. This was achieved due to the continued volume growth in all of its operations. The company also completed the sale of the MV Kaitaki during the year yielding a profit after tax of €24.9 million, which assisted in a 40.4% increase in basic EPS to 44.1c and in the Group’s net cash position at year end of €39.6 million. In the next phase of the Group’s development we are looking forward to the arrival of the new cruise ferry MV W.B. Yeats in summer 2018”. 7 March 2018 For further information please contact: Eamonn Rothwell, Chief Executive Officer Tel: +353 1 607 5628 David Ledwidge, Chief Financial Officer Tel: +353 1 607 5628 Email: [email protected] Website: www.icg.ie 1 RESULTS Financial Highlights 2017 2016 Change % Revenue €335.1m €325.4m +3.0% EBITDA (pre non-trading items*) €81.0m €83.5m -3.0% EBIT (including non-trading items*) €89.0m €62.6m +42.2% *Non-trading items €28.7 million (31 December 2016: €nil) Irish Continental Group (ICG) produced another resilient performance in the face of continued increasing fuel costs as a result of a rise in global US Dollar oil prices. Group fuel costs increased by 25.2% to €40.3 million (2016: €32.2 million). Notwithstanding this, 2017 has been a successful year for the Group, with a positive operational and financial performance in both divisions building upon the continued Irish economic recovery. Revenue for the year grew by 3.0% to €335.1 million (2016: €325.4 million). EBITDA for the year decreased by 3.0% to €81.0 million (2016: €83.5 million) primarily as a result of the aforementioned €8.1 million year on year increase in fuel costs. During this period we completed the sale of the MV Kaitaki generating a profit on sale before tax of €28.7 million. The subsequent reduced charter earnings on the MV Kaitaki for the remainder of the year were largely offset by the increased earnings on the HSC Westpac Express. Overall Group operating profit was €89.0 million (2016: €62.6 million). On 17 May 2017, the Group announced that it had entered into a Memorandum of Agreement (“MOA”) for the sale of the passenger ferry MV Kaitaki to the New Zealand ferry operator KiwiRail. The vessel was delivered to KiwiRail on 25 May 2017. The agreed consideration of €45.0 million, payable in cash, was received on delivery and is being utilised for general corporate purposes. On 2 January 2018, ICG announced that it had entered into an agreement with the German company Flensburger Schiffbau-Gesselschaft & Co.KG (“FSG”) whereby FSG has agreed to build a cruise ferry for ICG at a contract price of €165.2 million which is scheduled for delivery during 2020. The cruise ferry is being built specifically for Irish Ferries Dublin - Holyhead services. The investment provides Irish Ferries with a significant increase in both its freight and tourism carrying capacity on this fast-growing route. ICG intend to utilise credit facilities to finance this investment. When completed, the vessel will be the largest cruise ferry in the world in terms of vehicle capacity. On 19 January 2018, the cruise ferry MV W.B. Yeats was formally named and the completed hull launched into the water. The cruise ferry, is scheduled to commence sailing between Ireland and France on the Dublin-Cherbourg route in summer 2018. ICG announced on 30 January 2018 that it has entered into a Memorandum of Agreement ("MOA") for the sale of the HSC Jonathan Swift to Balearia Eurolineas Maritimas S.A for an agreed consideration of €15.5 million. This vessel will be delivered to the buyer in April 2018 and will be replaced in our fleet by the 2001 built HSC Westpac Express, which was recently redelivered following a period of twenty months on external charter. This vessel will provide the Group with increased capacity on its popular fast craft service. She is currently undergoing a refurbishment programme to bring her up to Irish Ferries passenger service standards and will be renamed HSC Dublin Swift prior to entering service. The container vessel MV Ranger remains on time charter to a third party and is currently trading in North West Europe while the MV Elbtrader, MV Elbcarrier and MV Elbfeeder remain on time charter to the Group’s container shipping subsidiary Eucon. The charter-in of the Ropax vessel MV Epsilon will expire in November 2018. The company has two further one year options on the vessel. OPERATIONAL REVIEW Irish Continental Group operates through two divisions; the Ferries Division operating under the Irish Ferries brand offering passenger and RoRo freight services. The division is also engaged in ship chartering activities with vessels chartered within the Group and to third parties. The Container and Terminal Division includes the intermodal shipping line Eucon as well as the division’s strategically located container terminal in Dublin and its terminal operations in Belfast. 2 FERRIES DIVISION Financial Highlights 2017 2016 Change % Revenue* €212.1m €209.8m +1.1% EBITDA (pre non-trading items**) €67.3m €70.7m -4.8% EBIT (including non-trading items**) €77.8m €52.3m +48.8% *Includes intersegment revenue of €7.7 million (2016: €7.1 million) **Non-trading items €28.7 million (31 December 2016: €nil) Operational Highlights 2017 2016 Change % Volumes ‘000 ‘000 Cars 424.0 414.1 +2.4% Passengers 1,649.8 1,622.9 +1.7% RoRo freight 287.5 286.1 +0.5% Despite the increased fuel costs, the division had a strong year with increased volumes and the consolidation of the strong RoRo growth over the last two years. Revenue was 1.1% higher at €212.1 million (2016: €209.8 million). EBITDA in the division decreased by 4.8% to €67.3 million (2016: €70.7 million) primarily due to higher fuel costs which increased by €5.2 million. EBIT rose by 48.8% to €77.8 million (2016: €52.3 million) principally due to the sale of the MV Kaitaki for a profit before tax of €28.7 million. Car and Passenger markets It is estimated that the overall car market, to and from the Republic of Ireland, grew by approximately 1.7% in 2017 to 807,400 cars, while the all-island market, i.e. including routes into Northern Ireland, is estimated to have grown by 1.8%. Irish Ferries’ car carryings performed strongly during the year, at 424,000 cars, (2016: 414,100 cars), up 2.4% on the previous year. In the first half of the year Irish Ferries grew its car volumes by 2.3% while in the second half of the year, which includes the busy summer holiday season, volumes grew by 2.4%. The total sea passenger market (i.e. comprising car, coach and foot passengers) to and from the Republic of Ireland increased by 1.0% on 2016 to a total of 3.13 million passengers, while the all-island market increased by 1.9%. Irish Ferries’ passenger numbers carried increased by 1.7% at 1.650 million (2016: 1.623 million). In the first half of the year, Irish Ferries passenger volumes grew by 1.7% and in the second half of the year, which is seasonally more significant, the increase in passenger numbers was 1.6%. RoRo Freight The RoRo freight market between the Republic of Ireland, and the U.K. and France, continued to grow in 2017 on the back of the Irish economic recovery, with the total number of trucks and trailers up 5.1%, to approximately 998,200 units. On an all-island basis, the market increased by approximately 3.8% to 1.82 million units. Irish Ferries’ carryings, at 287,500 freight units (2016: 286,100 freight units), increased by 0.5% in the year with volumes down 0.4% in the first half and up 1.3% in the second half. The strong growth in the freight market in 2017 reflects the continued strong performance of the Irish economy. The Irish Ferries performance represents a consolidation of previously reported average growth of 7.4% in 2015 and 2016.
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