ICGC Irish Continental Group Plc

 
TIDMICGC 
 
 
   TRADING UPDATE 
 
   Volumes (Year to date, 13 May 2017) 
 
 
 
 
                           2017     2016    Change 
Cars                      103,200  103,900   -0.7% 
RoRo Freight              100,300  102,000   -1.7% 
Container Freight (teu)   119,500  114,400   +4.5% 
Terminal Lifts            107,600  107,450   +0.1% 
 
 
   Irish Continental Group (ICG) issues this trading update which covers 
carryings for the year to date to 13 May 2017 and financial information 
for the first four months of 2017, i.e. 1 January to 30April with 
comparisons against the corresponding period in 2016. All figures are 
unaudited. 
 
   Consolidated Group revenue in the period was EUR95.1 million, an 
increase of 4.0% compared with last year. Net debt at the end of April 
was EUR24.5 million compared with EUR37.9 million at 31 December 2016. 
 
   It should be noted that ICG's business is significantly weighted towards 
the second half of the year when a higher proportion of the Group's 
operating profit is normally generated than in the first six months. 
 
   Ferries Division 
 
   Total revenues recorded in the period to 30 April amounted to EUR53.6 
million (including intra-division charter income), a 3.9% increase on 
the prior year. 
 
   For the year to 13 May, in this seasonally less significant period for 
tourism, Irish Ferries carried 103,200 cars, a decrease of 0.7% on the 
previous year, while freight carryings were 100,300 RoRo units, a 
decrease of 1.7% compared with 2016.The decline this year reflects the 
tougher comparisons due to the outperformance in the same period in 2016 
and is primarily related to drydocking schedules. 
 
   The passenger ferry MV Kaitaki remained on charter, operating in New 
Zealand, while the four container ships were fully deployed in the 
period. 
 
   In 2016 the charterer of the HSC "Westpac Express", exercised their 
option to extend the charter for a further period of up to 12 months to 
October 2017. The charter is subject to usual US government procurement 
regulations and the charterer has further options to extend the charter 
up to mid-2021. 
 
   In relation to the construction of a new cruise ferry announced on 31 
May 2016 Flensburger Schiffbau-Gesellschaft MBH & CO. ("FSG") have 
informed us that the ship remains on schedule for delivery in June 2018. 
 
   Container and Terminal Division 
 
   Total revenues recorded in the period to 30 April amounted to EUR44.1 
million, a 4.3% increase on the prior year. 
 
   For the year to 13 May container freight volumes shipped were up 4.5% on 
the previous year at 119,500 teu (twenty foot equivalent units), while 
units handled at our terminals in Dublin and Belfast increased 0.1% year 
on year to 107,600 lifts. 
 
   Sale of Kaitaki (Ex Isle of Innisfree) 
 
   ICG announces that it has entered into a Memorandum of Agreement ("MOA") 
for the sale of the passenger ferry Kaitaki to the New Zealand ferry 
operator KiwiRail. 
 
   The agreed consideration of EUR45.0 million is payable in cash 
comprising  an initial 10% deposit with the balance payable on delivery 
which under the MOA shall be completed by 8 June 2017. 
 
   The Kaitaki which was commissioned by and delivered to ICG in 1995 
became surplus to ICG's operational requirements following delivery of 
our cruise ferry Ulysses in 2001.  Kaitaki has been on charter outside 
the Group since 2002, most recently to the buyers KiwiRail who operate 
the vessel in New Zealand.  Delivery will take place in New Zealand. 
 
   In the last financial year ended 31 December 2016 the charter of the 
vessel generated operating profits of EUR2.1 million and had a year-end 
net book value of EUR16.1 million. The vessel will remain on charter up 
to the date of delivery. 
 
   The proceeds will be used for general corporate purposes. 
 
   Dublin 
 
   17 May 2017 
 
   Enquiries 
 
   Eamonn Rothwell, CEO,    +353 1 607 5628 
 
   David Ledwidge, CFO,       +353 1 607 5628 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Irish Continental Group plc via Globenewswire 
 
 
  http://www.icg.ie/ 
 

(END) Dow Jones Newswires

May 17, 2017 02:00 ET (06:00 GMT)

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