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Annual Report 2018 2018 Annual Report and Financial Statements 01 W. B. Yeats at Eastlink, Dublin Irish Continental Group 2018 Annual Report and Financial Statements Contents Our Investment Case Positioning the group for growth 04–55 Business Review Irish Continental Group (ICG) is the leading Irish-based maritime transport group. We carry passengers and cars, Roll on Roll off 06 The Group freight and Container Lift on Lift off freight, on routes between 02 08 Financial Highlights Ireland, the United Kingdom and Continental Europe. We also 03 09 Our Group at a Glance operate container terminals in the ports of Dublin and Belfast. 10 Five Year Summary 13 Chairman’s Statement We aim for continued success in our chosen markets and focus our efforts on the provision 17 Chief Executive’s Review of a safe, reliable, timely and high quality experience for all our customers. 20 Operating and Financial Review 52 Our Fleet We will achieve success by anticipating our customers’ needs and matching their 55 Executive Management Team 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 56–91 Corporate Governance shareholders and staff. 58 The Board More online at icg.ie 60 Report of the Directors 64 Corporate Governance Report 74 Report of the Audit Committee 78 Report of the Nomination Committee 80 Report of the Remuneration Committee rior customer se ROACE upe rvice 91 Directors’ Responsibilities Statement S 32.5% 2017: 39.71% M ds o an d r er B n 92–177 Financial Statements g F n le o r e t t Free Cash Flow S s Div 94 Independent Auditor’s Report rie isio a er n A t F d E y 104 Consolidated Income Statement s c v €45.9m c d a o n 105 Consolidated Statement of Comprehensive Income e n n 2017: €63.9m e c o i i e m c Leading l 106 Consolidated Statement of Financial Position d a i e u Irish marine t e s e 107 Consolidated Statement of Changes in Equity q c o d d transport h e f e C 109 Consolidated Statement of Cash Flows n s n s c o a o operator c n o l e i n a 110 Company Statement of Financial Position o e r i s t l Adjusted EPS i g r e c a v y e i 111 Company Statement of Changes in Equity n in I p e D x r al 113 Company Statement of Cash Flows S E a n t nd mi 23.1c r Ter s a e 114 Notes to the Financial Statements t s 2017: 31.0c e a g le ic l rm o e ca -t tio ng ns Lo 178–185 Other Information Net Debt/ EBITDA Le ts adi rke 1.2x ng p ma 180 Investor Information ositions in chosen 2017: Net Cash 183 Index to the Annual Report Irish Continental Group 2018 Annual Report and Financial Statements Business Review Business Review 04 The Group 06 05 Financial Highlights 08 Our Group at a Glance 09 Five Year Summary 10 Chairman’s Statement 13 Chief Executive’s Review 17 Operating and Financial Review 20 Our Fleet 52 Executive Management Team 55 Dublin Swift entering Dublin Port Irish Continental Group 2018 Annual Report and Financial Statements M1 The Group M2 M50 M50 M3 Irish Ferries Ropax and M50 Cruise ferry Services Dublin Port Irish Ferries High Speed Ferry M4 M50 M50 Holyhead Ports Served By Ferries: Dublin, Irish Continental Group (ICG) is the leading Irish-based maritime transport Roterdam Rosslare, Holyhead, Pembroke, Antwerp Cherbourg, Rosco group. We carry passengers and cars, Roll on Roll off (RoRo) freight and Business Review Container Lift on Lift off (LoLo) freight, on routes between Ireland, the Cherbourg Eucon ­eographical Coverage M50 Eucon Routes 06 United Kingdom and Continental Europe. We also operate container M7 07 terminals in the ports of Dublin and Belfast. The Group also carries out ship Dublin Ferryport Terminals chartering activities. Belfast Container Terminal Ports Served By Container Ships: M50 Belfast, Dublin, Cork, Antwerp, M11 Rotterdam 59% 41% 74% 26% 77% 23% 78% 22% M50 Operating Capital Revenue EBITDA Estonia €330.2m Prot Employed €68.4m €46.3m €145.0m Latvia Lithuania Ferries Division Container and Terminal Division Belfast Dublin Holyhead Rosslare Rotterdam U.K Poland Cork Ferries Container and Pembroke Netherlands Division Terminal Division Antwerp Belgium ermany Modern fleet of multi-purpose ferries and LoLo Container shipping services between Ireland and Czech Rep. Cherbourg container vessels operating between the Republic Continental Europe, operating modern fleet and Slovakia of Ireland and Britain and Continental Europe, and equipment, as well as stevedoring and related on charter. services for container traffic at Dublin and Belfast Austria Ports. France Hungary 1.5 million passengers carried during 2018 on up to Romania For more information see page 34. Switzerland 17 daily sailings. Slovenia Croatia Key freight positions on short sea routes between Italy Serbia the Republic of Ireland and Britain. Bulgaria Inclusive package holidays to the Republic of Ireland and Britain. For more information see page 28. Irish Continental Group 2018 Annual Report and Financial Statements Financial Highlights Our Group at a Glance Revenue Irish Continental Group is a customer focussed business with 2018 €330.2m a pivotal position in the logistics chain facilitating Ireland’s Business Review international trade and tourism. €330.2m 2017 €335.1m 08 (2017: €335.1m) 09 EBIT 2018 €46.3m €46.3m 2017 €60.3m (2017: €60.3m) Strategic short Reliability underpinned Strategically located Connected container sea RoRo routes by major investment container terminals transport services operated by Irish in tonnage and which handled 310,000 provided by Eucon, Ferries providing a maintenance of quality container units during transporting 327,600 EBITDA* seamless connection assets ensuring the 2018 in Ireland’s main teu (twenty foot 2018 €68.4m from Ireland to the high levels of schedule ports of Dublin and equivalent unit) in 2018 UK and Continental integrity demanded by Belfast for shipping between Ireland and 20 2017 €81.0m €68.4m motorway network for our customers. operators providing countries throughout (2017: €81.0m) the 283,700 RoRo units services to key Europe by sea, road, carried in 2018. continental hub ports rail and barge. and onwards access to Net (debt)/ cash* global markets. 2018 (€80.3m) (€80.3m) 2017 €39.6m (2017: €39.6m) Basic EPS Always on, always in Fastest crossing on Key contributor to High standard on- 2018 30.4 cent touch our shipping the Irish sea on board regional tourism in board experience 30.4 cent 2017 44.1 cent and terminal services the Irish Ferries Dublin Ireland, Irish Ferries enjoyed by our Irish (2017: 44.1 cent) operate 24/7, assisted Swift fastcraft service carried 1.5 million Ferries customers by investment in with a sailing time passengers and encompasses quality modern booking and of 2 hours between 392,700 cars during food, beverage, tracking systems to Dublin and Holyhead at 2018 with research entertainment and Adjusted EPS* ensure our customers speeds of up to 65 kph. indicating that car accommodation 2018 23.1 cent can keep in touch over tourists stay longer and services. Passengers a variety of platforms. travel outside the main are never out of touch 2017 31.0 cent 23.1 cent urban centres. with free satellite wi-fi (2017: 31.0 cent) services. ROACE* 2018 32.5% 32.5% 2017 39.7% (2017: 39.7%) *Definitions of alternative performance measures are set out on page 24. Irish Continental Group 2018 Annual Report and Financial Statements Five Year Summary Condensed Income Statement Information 2018 2017 2016 2015 2014 Condensed Consolidated Statement of Financial Position 2018 2017 2016 2015 2014 €m €m €m €m €m €m €m €m €m €m Business Review Revenue 330.2 335.1 325.4 320.6 290.1 Property, plant and equipment and intangible assets 308.1 250.0 205.1 170.9 154.7 10 11 Operating expenses and employee benefits expense (261.8) (254.1) (241.9) (245.1) (239.6) Retirement benefit surplus 2.5 8.1 2.4 5.6 5.4 Depreciation and amortisation (22.1) (20.7) (20.9) (18.3) (17.8) Other assets 203.7 135.2 84.1 6 7.9 59.4 46.3 60.3 62.6 5 7.2 32.7 Total assets 514.3 393.3 291.6 244.4 219.5 Non-trading items1 13.7 28.7 - - 28.7 Interest (net) (0.8) (1.3) (2.2) (3.1) (4.7) Equity capital and reserves 252.9 223.8 144.4 115.5 61.3 Profit before taxation 59.2 8 7.7 60.4 54.1 56.7 Retirement benefit obligation 4.2 3.4 15.9 10.7 29.5 Taxation (1.4) (4.4) (1.6) (0.4) (0.7) Other non-current liabilities 205.7 51.5 5.3 60.0 71.5 Profit for the year 5 7.8 83.3 58.8 53.7 56.0 Current liabilities 51.5 114.6 126.0 58.2 5 7.2 Total equity and liabilities 514.3 393.3 291.6 244.4 219.5 EBITDA (excluding non-trading items) 68.4 81.0 83.5 75.5 50.5 Condensed Consolidated Statement of Cash flows Per share information: €cent €cent €cent €cent €cent Net cash inflow from operating activities 61.5 71.8 82.1 68.2 39.7 Earnings per share Net cash (outflow)/ inflow from investing activities (158.8) 2 7.7 (55.6) (34.8) 10.0 -Basic 30.4 44.1 31.4 28.9 30.4 Net cash inflow/ (outflow) from financing activities 131.4 (51.3) ( 7.8 ) (28.0) (48.9) -Adjusted2 23.1 31.0 31.4 29.1 15.5 Cash and cash equivalents at the beginning of the year 90.3 42.2 25.0 19.4 18.5 Effect of foreign exchange rate changes 0.3 (0.1) (1.5) 0.2 0.1 Dividend per share 12.770 12.160 11.580 11.025 10.500 Closing cash and cash equivalents 124.7 90.3 42.2 25.0 19.4 Shares in issue at year end: m m m m m €m €m €m €m €m At year end 190.3 189.9 188.3 186.4 184.5 Net (debt)/ cash (80.3) 39.6 ( 3 7.9 ) (44.3) (61.3) Average during the year 190.0 188.8 1 8 7.5 185.8 184.4 Times Times Times Times Times Net debt/ EBITDA 1.2x N/A 0.5x 0.6x 1.2x Gearing (Net debt as a percentage of shareholders’ funds) 32% N/A 26% 38% 100% 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.
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