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Annual Report 2013 7534 IF Annual Report 2013_Cover AW_04/14 14/04/2014 10:10 Page 1 IRISH CONTINENTAL GROUP PLC. IRISH CONTINENTAL ANNUAL REPORT AND FINANCIAL STATEMENTS 2013 ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS 2013 7534 IF Annual Report 2013_Cover AW_04/14 14/04/2014 10:10 Page 2 Irish Continental Group plc, Ferryport, Alexandra Road, Dublin 1, Ireland. Tel +353 1 607 5628 Fax +353 1 855 2268 email [email protected] www.icg.ie Ferryport, Alexandra Road, Dublin 1, Ireland. Tel +353 1 607 5700 Fax +353 1 607 5679 email [email protected] www.irishferries.com Seattleweg 7, 3195 ND Rotterdam, Netherlands. Tel +31 10 428 3700 Fax +31 10 429 0607 email [email protected] www.eucon.nl Container Terminal, Breakwater Road Dublin 1, Ireland. email [email protected] Tel +353 1 607 5700 Fax +353 1 607 5623 Herdman Channel Road, Belfast Harbour North, BT3 9AP Belfast, Northern Ireland. Tel +44 28 9075 5843 Fax +44 28 9074 8539 email [email protected] Irish Continental Group (ICG) is the Contents leading Irish-based maritime transport group. We carry passengers and cars, Business Review The Group 3 Roll On Roll Off freight and Container Financial Highlights 5 Lift On Lift Off freight, on routes Our Group at a Glance 6 between Ireland, the United Kingdom Five Year Summary 8 Chairman’s Statement 10 and Continental Europe. We also Operating and Financial Review 13 operate container terminals in the Our Fleet 28 ports of Dublin and Belfast. Corporate Governance The Board 30 We aim for continued success in our chosen markets and focus our Report of the Directors 32 efforts on the provision of a reliable, timely and high quality Corporate Governance Statement 36 experience for all our customers. Report of the Audit Committee 45 We will achieve success by anticipating our customers’ needs and Report of the Nomination Committee 48 matching their requirements with superior services through Report of the Remuneration Committee 49 constant innovation and the rapid application of technology. Statement of Directors’ Responsibilities 53 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. Financial Statements Independent Auditor’s Report 54 Consolidated Income Statement 58 Consolidated Statement of Comprehensive Income 59 Consolidated Statement of Financial Position 60 Consolidated Statement of Changes in Equity 62 Company Statement of Financial Position 64 Company Statement of Changes in Equity 65 Consolidated Statement of Cash Flows 67 Company Statement of Cash Flows 68 Notes to the Financial Statements 69 Shareholder and other information Investor Information 133 Index to the Annual Report 136 More online. www.icg.ie 1 BUSINESS REVIEW The Group Irish Continental Group (ICG) is a leading Irish-based maritime Container and Terminal Division transport group. We carry passengers and cars, Roll On Roll Off (RoRo) freight and Container Lift On Lift Off (LoLo) freight, on routes • Container shipping services between Ireland and Continental between Ireland, the United Kingdom and Continental Europe. We Europe, operating modern fleet and equipment, including also operate container terminals in the ports of Dublin and Belfast. stevedoring and storage facilities for container traffic at Dublin and Belfast Ports. Ferries Division: • Modern fleet of multi-purpose ferries operating between the Republic of Ireland and the Britain and France, and on charter. • 1.6 million passengers carried during 2013 on up to 17 daily sailings. • Key freight positions on short sea routes between the Republic of Ireland and the Britain. • Inclusive package holidays to the Republic of Ireland and the Britain. LOCATIONS IRISH FERRIES DUBLIN FERRYPORT TERMINALS EUCON BELFAST CONTAINER TERMINAL ROUTES SERVED BY MULTI-PURPOSE FERRIES PORTS SERVED BY CONTAINER SHIPS: BELFAST, DUBLIN, CORK, RADICATEL, ANTWERP, ROTTERDAM 3 Up to 17 daily sailings carrying 1.6 million passengers. BUSINESS REVIEW Financial Highlights Revenue 2013 €264.7m 2012 €256.1m +3.4% EBITDA* (continuing basis) 2013 €49.2m 2012 €45.8m +7.4% Net Debt** 2013 €93.4m 2012 €116.0m -19.5% Adjusted EPS* (cent) 2013 137.8 2012 108.5 +27.0% * Definitions of key performance measures are set out on page 13. ** Net debt comprises of cash and bank balances less borrowings. 5 Our Group at a Glance... Good Food On the Go Our ‘Oscar Wilde’ offers a wide range of dining options to passengers on-board with approx. 28,000 litres of milk, 26,000 steaks, 42 tonnes of potatoes, 325,000 cups of tea and coffee served each year. Passengers also enjoy 125,000 pints of beer, lager and of course Guinness. Distance ‘Ulysses’ travels over 182,000 kilometres each year during service, which is the equivalent to circumnavigating the earth over 4.5 times, and has never lost a sailing due to adverse weather! Power ‘Jonathan Swift’, which can travel up to speeds of 80kph, propels itself across the Irish Sea with 4 large water jets which pump 60 tonnes of sea water per second. Navigation ‘Isle of Inishmore’ can fix it’s position within 10 metres using 8 satellites whilst completing its 250 kilometre round trip between Rosslare and Pembroke. 16x Irish Ferries was delighted to be awarded ‘Best Ferry Company’ at the Irishferries.com ‘Irish Travel Trade News Awards’ and at Our passenger booking website irishferries.com generated almost 5 the ‘Irish Travel Industry Awards’. million visits in 2013, processing over 80% of car bookings received The award from the ‘Irish Travel Trade last year. News Awards’ was the 16th time the Company has achieved this accolade since their inception 22 years ago. 6 Report And Financial Statements 2013 BUSINESS REVIEW RoRo Freight The Group transported over 200,000 RoRo freight units into and out of Ireland during 2013, offering a market leading service with a cutting edge online booking facility and the continuous monitoring of both bookings and sailings available at the touch of a button. Free WiFi is offered as standard, across all routes, on all sailings. Priority Boarding, Club Class and Speedy Exit options all enhance the customer experience. Container Shipping Eucon, the winner of the Irish Exporters Association Short Sea Shipping Company of the Year 2013, transported just under 280,000 teu in 2013 while providing shipping services to 20 countries throughout Europe. Our strategically located terminals in Dublin and Belfast handled 180,000 containers over our terminals, with up to 1,000 truck moves per day handled at our Dublin terminal alone. 7 Five Year Summary 2013 20121 20111 2010 2009 Non-Statutory Income Statement Information €m €m €m €m €m Revenue 264.7 256.1 251.7 262.2 260.5 Other operating expenses and employee benefits expense (215.5) (210.3) (204.4) (208.6) (209.8) Depreciation and amortisation (19.2) (19.3) (20.2) (22.1) (24.2) 30.0 26.5 27.1 31.5 26.5 Non trading items2 - (2.1) - 9.4 - Interest (net) (6.3) (3.4) (0.7) (0.8) (1.6) Profit before taxation 23.7 21.0 26.4 40.1 24.9 Taxation (0.4) (0.5) (0.8) (1.1) 0.3 Profit from continuing operations 23.3 20.5 25.6 39.0 25.2 Discontinued operations - Profit from discontinued operations - 0.92.1-- Non-trading items2: Gain on disposal of discontinued operations 3.5 21.0--- Total discontinued operations 3.5 21.92.1-- Profit for the year 26.8 42.4 27.7 39.0 25.2 EBITDA (including trading from discontinued operations) 49.2 46.5 49.1 53.6 50.7 EBITDA (excluding trading from discontinued operations) 49.2 45.8 47.3 53.6 50.7 Per share information (€cent): Earnings per share Overall: - Basic 145.9 183.2 111.1 156.8 102.4 - Adjusted3 137.8 108.5 109.9 121.0 107.7 Continuing basis: - Basic 126.9 88.6 102.7 156.8 102.4 - Adjusted3 137.8 104.6 101.5 121.0 107.7 Dividend / redemption per share 100.0 100.0 100.0 100.0 100.0 1 In 2012, the Group announced its decision to sell 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 Adjusted earnings exclude pension interest and non-trading items. 8 Report And Financial Statements 2013 BUSINESS REVIEW 2013 2012 2011 2010 2009 Shares in issue at year end m mmmm - ICG Units including treasury shares 18.4 18.3 25.8 25.9 25.5 - treasury shares - -0.90.90.9 Average shares in issue 18.4 23.1 24.9 24.9 24.6 Number Number Number Number Number Number of shareholdings 1,716 1,830 1,673 1,551 1,421 2013 2012 2011 2010 2009 Non-Statutory Consolidated Statement of Financial Position €m €m €m €m €m Property, plant and equipment and intangible assets 164.3 175.0 182.9 194.9 224.3 Retirement benefit surplus 4.7 3.7 4.4 4.0 2.4 Other assets 68.9 80.0 67.3 76.2 47.2 Total assets 237.9 258.7 254.6 275.1 273.9 Equity capital and reserves 42.2 18.0 151.6 178.0 152.3 Retirement benefit obligation 41.4 58.3 36.9 21.5 29.6 Other non-current liabilities 100.7 129.0 23.1 29.4 5.9 Current liabilities 53.6 53.4 43.0 46.2 86.1 237.9 258.7 254.6 275.1 273.9 Net debt 93.4 116.0 7.8 6.3 21.7 Net Debt / EBITDA 1.9x 2.5x 0.2x 0.1x 0.4x Gearing (Net debt as a percentage of shareholders’ funds) 221% 644% 5% 4% 14% 2013 2012 2011 2010 2009 Non-Statutory Consolidated Statement of Cash flows €m €m €m €m €m Net cash inflow from operating activities 35.6 26.9 36.5 42.8 51.3 Net cash inflow / (outflow) from investing activities 4.2 13.4 (1.8) (5.0) - Net cash outflow from financing activities (43.7) (27.4) (42.3) (37.6) (62.7) Cash and cash equivalents at the beginning of the year 22.3 9.5 17.2 17.0 28.5 Effect of foreign exchange rate changes 0.1 (0.1) (0.1) - (0.1) Closing cash and cash equivalents 18.5 22.3 9.5 17.2 17.0 9 Chairman’s Statement 2013 Dividend Performance During the year the Group paid the final dividend for 2012 of 67 cent.
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