Preliminary Statement of Results for the year ended 31 December
2024
Preliminary Statement of Results for the year ended 31
December 2024
Irish Continental Group (ICG), the leading
Irish-based maritime transport group, reports its financial
performance for the year ended 31 December 2024.
Highlights
|
Financial Summary |
|
|
|
|
|
2024 |
2023 |
Change |
|
|
Revenue |
|
€603.8m |
€572.0m |
+5.6% |
|
|
EBITDA |
|
€133.5m |
€132.6m |
+0.7% |
|
|
Operating profit |
|
€69.1m |
€68.4m |
+1.0% |
|
|
Basic earnings per share |
|
36.3c |
36.2c |
+0.3% |
|
|
Final dividend |
|
10.43c |
9.93c |
+5.0% |
|
| Net
debt |
|
€(162.2)m |
€(143.7)m |
+12.9% |
|
| Net
debt (pre-IFRS 16) |
|
€(55.1)m |
€(106.7)m |
(48.4%) |
|
|
ROACE |
|
16.9% |
17.7% |
(0.8pts) |
|
|
Volume movements |
|
|
|
2024
‘000 |
2023
‘000 |
Change
|
| RoRo
units |
767.2 |
724.0 |
+6.0% |
| Cars |
707.3 |
645.7 |
+9.5% |
| Containers
shipped (teu) |
317.8 |
275.5 |
+15.4% |
|
Port lifts |
339.4 |
312.4 |
+8.6% |
This preliminary statement contains certain
alternative performance measures including EBITDA, EBIT, and
adjusted earnings per share. An explanation of these measures
together with other abbreviated terms is provided at note 9 of the
Condensed Financial Statements.
- Revenue
increased by €31.8 million (5.6%) to €603.8 million.
- EBITDA
increase of €0.9 million to €133.5 million due to a strong
performance in the Ferries Division. Cash generated from operations
of €142.5 million (2023: €136.7 million) was used to fund strategic
capital expenditure of €15.8 million and returns to shareholders of
€33.7 million via dividends and share buybacks. Net debt at year
end was €162.2 million (2023: €143.7 million).
- The Ferries
Division saw strong volume growth across all our markets.
Significant progress has been made against our target of getting
back to pre-Covid levels of passenger traffic. The disruption in
Holyhead Port in December 2024 had a negative impact on our
financial results. The Group was able to redeploy ships to minimise
customer disruption and mitigate as much as possible our financial
losses.
- In May 2024,
the Group chartered the Oscar Wilde cruise ferry (ex Spirit of
Britain) for an initial 24 month period with a purchase obligation
at the end of charter period. The vessel entered service in June on
the Dover – Calais route. The entry of the ship into service will
allow the Group to continue its growth on the Channel and improve
our offering to customers. The James Joyce (ex Star) was returned
to its owners at the end of January 2025.
- Irish Ferries
signed a space charter agreement for the Dover – Calais route with
P&O Ferries, allowing for space sharing on each parties’
vessels for both freight and passenger traffic. The initial focus
was to introduce the space sharing for our freight customers. This
was fully operational by year end and we have shifted our focus to
introducing this for our passenger customers.
- While we see
encouraging signs in the Container and Terminal Division, it was a
challenging year. However, this is set against a number of years of
strong growth and profitability prior to 2023. Container volumes in
Eucon and lifts in our terminals grew significantly this year but
this volume growth, particularly in Eucon, has led to higher costs.
Container rates have not yet fully recovered, resulting in reduced
profitability for the Division. We see reassuring signs in the
market and expect a further recovery in rates.
Commenting on the results, Chairman John B.
McGuckian said;
“2024 was a record year for ICG across most of
our key metrics. Our RoRo freight volumes and car volumes reached
record highs as did key financial metric of EBITDA. The closure of
Holyhead Port in December 2024 through to mid-January 2025 had a
serious impact on our customers at a key time of the year for both
RoRo freight and passenger traffic and clearly had an impact on our
financials for 2024 and into the start of 2025.
Irish Ferries is very well placed to benefit
from the continued recovery in volumes back to 2019 levels. The
Container and Terminal Division is experiencing significant
underlying growth and we are excited by the extension of our
container concession in Belfast for a further six years to 2032
which we see as a vote of confidence in our operational expertise.
Capital allocation remains a key part of our strategic focus and
our current balance sheet strength puts us in a very strong
position to avail of opportunities as they arise. I would like to
thank all my colleagues who have contributed to our journey so far
and I would like to particularly thank all of those on the front
line who help us satisfy our customer needs on a daily basis.”
3 March 2025
Enquiries: |
|
|
|
Eamonn Rothwell, Chief Executive Officer |
Tel : +353 1 607 5628 Email : info@icg.ie |
|
|
David Ledwidge, Chief Financial Officer |
Tel : +353 1 607 5628 Email : info@icg.ie |
|
|
Media enquiries: |
|
|
Q4 Public Relations |
Tel : +353 1 475 1444 Email : press@q4pr.ie |
Results
|
Financial Highlights |
|
|
|
|
|
2024 |
2023 |
Change |
|
Revenue |
|
€603.8m |
€572.0m |
+5.6% |
|
EBITDA |
|
€133.5m |
€132.6m |
+0.7% |
|
Operating profit |
|
€69.1m |
€68.4m |
+1.0% |
The overall financial outcome for the Group was
a profit before tax of €62.2 million (2023: €63.3 million) while
operating profit was €69.1 million (2023: €68.4 million). EBITDA
generated was €133.5 million (2023: €132.6 million) from total
revenues of €603.8 million (2023: €572.0 million). This is a robust
result against the disruption in Holyhead and a challenging yield
environment in the container market.
EBITDA increased on the prior year in our
Ferries Division to €109.8 million (2023: €106.9 million). The
Division saw increased revenues arising from higher volumes,
particularly on the Dover – Calais service. Fuel costs were also
lower than the prior year before the introduction of ETS charges,
however this was offset by lower surcharges. Performance in our
Container and Terminal Division was slightly behind the prior year
resulting in a decrease in EBITDA to €23.7 million (2023: €25.7
million). This was driven by lower rates, however, volumes were
much improved on the prior year and the Division is well placed
heading into 2025.
As in the prior year, when the Group also faced
challenging trading conditions, our diversified revenue streams and
flexible cost model allowed us to further strengthen our balance
sheet. Cash generated from operations amounted to €142.5 million
(2023: €136.7 million) which funded strategic capital expenditure
of €15.8 million, share buybacks of €9.0 million, dividends of
€24.7 million and net repayments of borrowings of €56.5 million.
Net debt at 31 December 2024 stood at €162.2 million (2023: €143.7
million). It is testament to the strength of the business and the
balance sheet that, despite challenging trading conditions, we had
the ability to continue investing in the future growth of our
business.
Operational Review
ICG operates through two Divisions; the Ferries
Division and the Container and Terminal Division. The Ferries
Division, which owns and manages the Group’s fleet, operates 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 terminals in Dublin and
Belfast.
Ferries Division
|
Financial summary |
|
|
|
|
2024 |
2023 |
Change |
|
Revenue* |
|
€433.5m |
€412.3m |
+5.1% |
|
EBITDA |
|
€109.8m |
€106.9m |
+2.7% |
|
Operating profit |
|
€54.4m |
€52.1m |
+4.4% |
*Includes inter-segment revenue of €32.0 million (2023: €33.2
million)
|
Operational Highlights |
|
|
| |
2024 |
2023 |
Change |
|
Volumes |
‘000 |
‘000 |
|
| Cars |
707.3 |
645.7 |
+9.5% |
|
Passengers |
3,062.2 |
2,781.7 |
+10.1% |
|
RoRo freight units |
767.2 |
724.0 |
+6.0% |
Revenue in the Division was 5.1% higher than the
previous year at €433.5 million (2023: €412.3 million). Revenue in
the first half of the year increased by 9.9% to €197.6 million
(2023: €179.8 million), while in the second half revenue increased
by 1.5%, to €235.9 million (2023: €232.5 million). EBITDA increased
to €109.8 million (2023: €106.9 million) while operating profit was
€54.4 million compared to €52.1 million in 2023.
Fuel costs were €91.6 million, a decrease of
€1.1 million on the prior year. In total, Irish Ferries operated
13,153 sailings in 2024 (2023: 14,250), the decrease due to fewer
sailings on the Irish Ferries’ Dover – Calais service.
Car and Passenger markets
It is estimated that the overall car market, on
the routes that we operate (Republic of Ireland to UK/France and
the Dover Straits), grew by approximately 1.7% in 2024 to 4,688,000
cars. While encouraging, this level of car carryings is still 14.0%
behind 2019 levels.
Irish Ferries’ car carryings during the year
increased over the previous year by 9.5% to 707,300 cars (2023:
645,700 cars). This increase in carryings is primarily due to our
more established presence on the Dover – Calais route rather than
any further material recovery in the overall passenger markets.
The total sea passenger market (i.e. comprising
car, coach and foot passengers on the Republic of Ireland to
UK/France and the Dover Straits) increased by 1.3% on 2023 to a
total of 19.3 million passengers. Irish Ferries’ passenger numbers
carried increased by 10.1% at 3,062,200 (2023: 2,781,700).
RoRo Freight
The RoRo freight market between the Republic of
Ireland to the UK and France and the Dover Straits grew marginally
in 2024. The total number of trucks and trailers increased by 0.2%,
to approximately 4,286,000 units.
Irish Ferries’ freight carryings, at 767,200
freight units (2023: 724,000 freight units), increased by 6.0%
versus the prior year. The increased carryings over market
performance were primarily driven by further market presence on the
Dover – Calais route. The freight carryings were negatively
impacted by the disruption in the Port of Holyhead in December.
Chartering
The Group continued to charter a number of
vessels to third parties during 2024. Overall external charter
revenues were €10.8 million in 2024 (2023: €17.2 million). Of our
eight owned LoLo container vessels, six are currently on charter to
the Group’s container shipping subsidiary Eucon on routes between
Ireland and the Continent whilst two are chartered to third
parties. The GNV Allegra continues on a bareboat hire purchase
agreement with MSC Mediterranean Shipping Company SA, ending in
April 2025.
Container and Terminal
Division
|
Financial summary |
|
|
|
|
2024 |
2023 |
Change |
|
Revenue* |
|
€203.5m |
€194.1m |
+4.8% |
|
EBITDA |
|
€23.7m |
€25.7m |
(7.8%) |
|
Operating profit |
|
€14.7m |
€16.3m |
(9.8%) |
*Includes inter-segment revenue of €1.2 million (2023: €1.2
million)
|
Operational Highlights |
|
|
|
2024 |
2023 |
Change |
|
Volumes |
‘000 |
‘000 |
|
| Containers
shipped (teu) |
317.8 |
275.5 |
+15.4% |
|
Port lifts |
339.4 |
312.4 |
+8.6% |
Revenue in the Division rose to €203.5 million
(2023: €194.1 million). The revenue is derived from container
handling and related ancillary revenues at our terminals and in
Eucon from a mix of domestic door-to-door, quay-to-quay and feeder
services with 76% (2023: 78%) of shipping revenue generated from
imports into Ireland. With a flexible chartered fleet and slot
charter arrangements, Eucon was able to adjust capacity and thereby
continue to meet the requirements of customers in a cost effective
and efficient manner. EBITDA in the Division decreased by 7.8% to
€23.7 million (2023: €25.7 million) while operating profit fell
9.8% to €14.7 million (2023: €16.3 million).
In Eucon, overall container volumes shipped were
up 15.4% compared with the previous year at 317,800 teu (2023:
275,500 teu). The revenue increase did not fully reflect the growth
in volumes due to a weak rate environment, which together with
higher capacity costs, negatively affected profitability.
Containers handled at the Group’s terminals in
Dublin Ferryport Terminals (DFT) and Belfast Container Terminal
(BCT) were up 8.6% at 339,400 lifts (2023: 312,400 lifts).
Group Finance Review
Cash Flow
A summary cash flow is presented below:
|
|
|
2024 |
2023 |
|
|
€m |
€m |
|
Operating profit (EBIT)* |
69.1 |
68.4 |
|
Depreciation and amortisation |
64.4 |
64.2 |
|
EBITDA* |
133.5 |
132.6 |
|
Working capital movements |
5.3 |
1.7 |
|
Retirement benefit scheme movements |
0.7 |
0.6 |
|
Share-based payment expense |
3.6 |
2.8 |
|
Other movements |
(0.6) |
(1.0) |
|
Cash generated from operations |
142.5 |
136.7 |
|
Interest paid |
(8.6) |
(5.9) |
|
Tax paid |
(2.1) |
(2.2) |
|
Capital expenditure excluding strategic capital expenditure |
(16.6) |
(21.5) |
|
Free cash flow before strategic capital
expenditure* |
115.2 |
107.1 |
|
Strategic capital expenditure |
(15.8) |
(21.8) |
|
Free cash flow after strategic capital
expenditure |
99.4 |
85.3 |
|
Proceeds on disposal of property, plant and equipment |
3.2 |
3.1 |
|
Share issue |
0.7 |
0.4 |
|
Settlement of employee equity plans through market purchases |
(3.7) |
(3.1) |
|
Dividends paid |
(24.7) |
(24.4) |
|
Share buyback |
(9.0) |
(21.4) |
|
Net cash flows |
65.9 |
39.9 |
*Additional information in relation to these Alternative
Performance Measures (“APMs”) is disclosed in the
Appendix.
EBITDA for the year was €133.5 million (2023:
€132.6 million). After adjusting for €5.3 million due to positive
working capital movements, retirement benefit scheme movements of
€0.7 million, share-based payment expense of €3.6 million and other
net cash outflows amounting to €0.6 million, this resulted in cash
generated from operations of €142.5 million (2023: €136.7
million).
Interest paid was €8.6 million (2023: €5.9
million) reflecting higher interest on lease liabilities driven
primarily by the addition of the Oscar Wilde. Taxation paid was
€2.1 million (2023: €2.2 million).
Capital expenditure outflows amounted to €32.4
million (2023: €43.3 million) which included €15.8 million of
strategic capital expenditure. There was a total of €33.7 million
(2023: €45.8 million) returned to shareholders during the period
which consisted of €24.7 million (2023: €24.4 million) of dividends
paid during the year together with €9.0 million (2023: €21.4
million) expended in buying back the Group’s equity.
The above cash flows resulted in year-end net
debt of €162.2 million (2023: €143.7 million), which comprised bank
borrowings of €96.4 million (2023: €153.5 million), lease
obligations of €107.1 million (2023: €37.0 million) offset by cash
balances of €41.3 million (2023: €46.8 million). The key net debt /
EBITDA ratio was 0.5 times (2023: 1.0 times) under banking covenant
definitions (see Appendix for further information).
Balance Sheet
A summary balance sheet is presented below:
|
|
|
|
| |
2024 |
2023 |
| |
€m |
€m |
| Property,
plant & equipment and intangible assets |
354.7 |
370.8 |
| Right-of-use
assets |
106.3 |
36.1 |
| Long term
receivable |
- |
7.3 |
| Retirement
benefit surplus |
52.3 |
39.4 |
| Other
assets |
84.5 |
72.9 |
|
Cash and bank balances |
41.3 |
46.8 |
|
Total assets |
639.1 |
573.3 |
|
Non-current borrowings |
89.1 |
41.1 |
| Non-current
lease liabilities |
99.6 |
25.4 |
| Retirement
benefit obligations |
0.5 |
0.5 |
| Other
non-current liabilities |
5.9 |
5.4 |
| Current
borrowings |
7.3 |
112.4 |
| Current lease
liabilities |
7.5 |
11.6 |
|
Other current liabilities |
106.9 |
94.6 |
|
Total liabilities |
316.8 |
291.0 |
|
Total equity |
322.3 |
282.3 |
|
Total equity and liabilities |
639.1 |
573.3 |
The total net surplus of all defined benefit
pension schemes at 31 December 2024 was €51.8 million in comparison
to a €38.9 million surplus at 31 December 2023. The movement
principally reflects a net actuarial gain of €11.4 million
comprising a rise in asset values reflective of the investment
market and a reduction in obligations due to higher discount rates.
Movement in property, plant and equipment and right-of-use assets
mainly relates to the addition of the Oscar Wilde (ex Spirit of
Britain) on an initial 2 year charter with purchase obligation,
partially offset by depreciation. The movement in non-current and
current borrowings principally relates to net repayments during the
year of €56.5 million.
Shareholders’ equity increased to €322.3 million
from €282.3 million at 31 December 2023. The movement includes the
profit for the financial period of €59.9 million, actuarial gains
arising on retirement benefit schemes of €11.4 million, offset by
dividends paid of €24.7 million and buyback of equity of €9.0
million.
Financing
The borrowing facilities available to the Group at 31 December 2024
were as follows;
|
Borrowing Facilities |
|
|
|
|
Facility |
Committed |
Committed
facilities
drawn |
Committed facilities undrawn |
| |
€m |
€m |
€m |
€m |
| Private
placement loan notes |
264.7 |
- |
- |
- |
| Bank term
loans |
41.3 |
41.3 |
41.3 |
- |
| Revolving
credit |
150.0 |
100.0 |
56.0 |
44.0 |
|
Overdraft and other |
20.0 |
20.0 |
0.6 |
19.4 |
|
|
476.0 |
161.3 |
97.9 |
63.4 |
At 31 December 2024, the Group had total lending
facilities of €476.0 million available of which €161.3 million were
committed facilities. Of these, €97.9 million have been drawn, of
which €7.3 million are classified as repayable within one year.
At 31 December 2024, the Group has borrowings
comprised of a term loan on a fixed interest rate as well as a
revolving credit facility on a floating rate for an interest period
of up to six months, calculated by reference to EURIBOR or other
reference rate depending on the currency drawn plus an agreed
margin which varies with the Group’s net debt to EBITDA ratio.
The average interest rate on borrowings at 31
December 2024 was 3.41% (2023: 2.96%) for remaining terms of
between 4.2 and 5.4 years. In addition to borrowings, the Group has
recognised lease liabilities at 31 December 2024 relating to
right-of-use assets amounting to €107.1 million.
These facilities, together with undrawn
committed facilities of €63.4 million and cash generated from
operations, will be used to support the long-term strategic
development of the Group.
Fuel
|
|
|
|
|
|
2024 |
2023 |
Change |
|
Fuel costs |
|
€109.5m |
€106.8m |
+2.5% |
Group fuel costs in 2024 including ETS costs
amounted to €109.5 million (2023: €106.8 million). Bunker
consumption was 168,900 tonnes in 2024 (2023: 169,100 tonnes). The
average cost per tonne of heavy fuel oil (HFO) fuel in 2024 was
0.6% lower than in 2023 while marine gas oil (MGO) was 11.4% lower
than in 2023.
In the Container and Terminal Division, bunker
costs above a base level are offset to a large extent by the
application of prearranged price adjustments with our customers.
Similar arrangements are in place with freight customers in the
Ferries Division. In the passenger sector, changes in bunker costs
are included in the ticket price to the extent that market
conditions will allow.
Dividend and Share Buyback
The Directors declared and paid during 2024 a
final dividend of 9.93 cent per ordinary share for 2023 and an
interim dividend of 5.11 cent per ordinary share for 2024.
Dividends paid during the year totalled €24.7 million.
During the year, the Company bought back a total
of 1.9 million shares which were cancelled. The total consideration
paid for these shares was €9.0 million (2023: €21.4 million). The
Directors are proposing a final dividend in respect of 2024 of
10.43 cent per share subject to shareholder approval at the AGM on
8 May 2025, which will be paid on 6 June 2025 to shareholders on
the register at close of business on 16 May 2025.
Strategic Developments
The Group has continued to progress a number of
key strategic developments during the year. The Group took delivery
of the Oscar Wilde (previously Spirit of Britain), which entered
service with Irish Ferries in June of this year. The Oscar Wilde
was built by STX Europe in Finland in 2010, entering service on the
Dover – Calais route in 2011 with P&O Ferries. The ship has
been acquired for a total consideration of €89.4 million settled
through a combination of a two-year charter set at €20,000 per day
and a purchase obligation for €74.8 million at the end of the
charter. The ship offers our customers enhanced comfort and
increased capacity on the route. Following an initial 20 month
charter, the vessel James Joyce (ex Star) was returned to her
owners Tallink in January 2025. The Group had further charter
extension and purchase options which were not exercised.
The Group’s subsidiary Irish Ferries signed a
space charter agreement for the Dover – Calais route with P&O
Ferries, allowing for space sharing on each parties’ vessels
encompassing both freight and passenger traffic. The initial focus
was to introduce the space sharing for our freight customers. This
was completed and fully operational by the end of the year. We will
now shift our focus to work with P&O Ferries, to introduce this
initiative for our passenger customers. When fully implemented, the
agreement will result in greater flexibility and more choice for
our customers.
We are delighted to announce the extension of
our concession for the operation of Belfast Container Terminal for
a further six years to 2032. This further extension is testament to
our operational excellence in terminal operations and will allow us
to build upon the productive partnership that we have shared with
Belfast Harbour Commissioners since the concession’s inception in
2015.
Strategy and the Environment
We continue to focus on sustainability across our operations,
recognising our stakeholders' expectations for environmental
responsibility. As a critical link in the supply chain, our freight
services support the Irish, UK, and European economies. We are
aware of the environmental impact of our activities and are working
to minimise our footprint, which remains lower than that of the
airline industry given the volume of freight we carry. Our
initiatives to green the maritime sector contribute to a more
sustainable European economy.
We have made significant progress in reducing emissions at Dublin
Ferryport Terminals following our modernisation and capacity
expansion. This includes electrifying heavy plant and replacing
RTGs and ship-to-shore cranes with electric alternatives,
significantly reducing emissions. We are on track to achieve a 70%
reduction from 2020 levels by 2025 and are progressing towards net
zero emissions at the terminal by 2030. However, decarbonising our
vessel operations remains challenging due to the current lack of
commercially viable alternative fuels for larger vessels.
We have invested in exhaust gas cleaning systems (EGCS) across
our ferry and container fleets. These initiatives, combined with
the electrification of our container terminal, demonstrate our
commitment to sustainability. Continued reinvestment of EU ETS and
FuelEU revenues is essential to support the long-term
decarbonisation of marine operations.
In 2024, maritime transport was included in the EU Emissions
Trading System (EU ETS), reflecting the industry's reliance on
marine petroleum-based fuels and its classification as a
hard-to-abate sector. The phased introduction of this scheme —
covering 40% of emissions in 2024, 70% in 2025, and full scope from
2026 — presents both challenges and opportunities. To manage costs,
we have implemented transparent ETS surcharge mechanisms. It is
important that EU ETS revenues are reinvested by the EU and its
member states to support the development of commercially viable
alternative fuels. Investment in green corridors, such as the
Dublin – Holyhead route, will promote the creation of economies of
scale, benefiting the wider maritime industry.
2025 will also see the introduction of the FuelEU regulation,
aimed at reducing the carbon intensity of marine operations. We are
actively exploring ways to further lower emissions across our
fleet, but the limited availability and high cost of alternative
fuels remain significant challenges. We encourage the reinvestment
of revenues from carbon pricing into research and development of
cost-effective, sustainable fuels.
Current Trading and
Outlook
|
2025 Trading to date |
|
|
| |
1/1/25 – 28/2/25 |
1/1/24 – 28/2/24 |
Change |
|
Volumes |
‘000 |
‘000 |
|
| Cars |
49.3 |
59.4 |
(17.0%) |
| RoRo freight
units |
112.2 |
117.7 |
(4.7%) |
| Containers
shipped (teu) |
63.8 |
47.6 |
+34.0% |
|
Port lifts |
57.3 |
52.1 |
+10.0% |
The beginning of 2025 has been impacted by the closure of
Holyhead Port. This has obviously had a detrimental impact on
volumes in the Ferries Division. Despite that, with the reopening
of the port in mid-January 2025, we have begun to see a return to a
more normalised market.
In the period from 1 January 2025 to 28 February 2025, Irish
Ferries carried 49,300 cars, a decrease of 17.0% over the same
period in the prior year. While it is a disappointing start to the
year, it is over a seasonally less significant period for passenger
travel and has been negatively impacted by both the closure of the
Port of Holyhead and the timing of drydocks. We do not believe the
decline is representative of the market and have been encouraged by
the recovery in our volumes since the partial reopening of the
port.
Similarly, RoRo volumes have been negatively impacted by the
closure of Holyhead Port and drydock timings. Irish Ferries’ RoRo
volumes are down 4.7% on the same period in the prior year to
112,200 units.
In Eucon, we have seen an exceptionally strong start to the year
with volumes up 34.0%. This is not necessarily indicative of the
underlying market but does offer an indication that we will see
strong growth in our container business in 2025. In anticipation we
have increased our core fleet to seven vessels to accommodate these
increased volumes but it will be important that we achieve improved
rates to offset the additional cost.
Port lifts have increased by 10.0% in the year to date, a
continuation of the strong growth we saw in the prior year. This
growth is testament to the investments we have made to our terminal
in Dublin.
Furthermore, we are delighted to announce the extension of our
concession for the operation of Belfast Container Terminal for a
further six years to 2032. This further extension is testament to
our operational excellence in terminal operations and will allow us
to build upon the productive partnership that we have shared with
Belfast Harbour Commissioners since the concession’s inception in
2015.
Condensed Consolidated Income Statement
for the year ended 31 December 2024
|
Notes |
2024 |
2023 |
| |
|
€m |
€m |
| Revenue |
2 |
603.8 |
572.0 |
| |
|
|
|
| Depreciation
and amortisation |
|
(64.4) |
(64.2) |
| Employee
benefits expense |
|
(27.0) |
(26.2) |
|
Other operating expenses |
2 |
(443.3) |
(413.2) |
|
Operating profit |
|
69.1 |
68.4 |
| |
|
|
|
| Finance
income |
|
1.6 |
1.4 |
|
Finance costs |
|
(8.5) |
(6.5) |
|
|
|
|
|
| Profit
before taxation |
|
62.2 |
63.3 |
| |
|
|
|
|
Income tax expense |
3 |
(2.3) |
(1.7) |
|
|
|
|
|
|
Profit for the financial year: all attributable to equity
holders of the parent |
59.9 |
61.6 |
|
|
|
|
|
| |
|
|
|
Earnings per ordinary share
– expressed in euro cent per share |
|
|
|
|
|
|
|
|
|
Basic |
4 |
36.3 |
36.2 |
|
Diluted |
4 |
35.6 |
35.7 |
Condensed Consolidated Statement of Comprehensive
Income
for the year ended 31 December 2024
|
|
2024 |
2023 |
| |
Notes |
€m |
€m |
|
Profit for the financial year |
|
59.9 |
61.6 |
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss: |
|
|
| Currency
translation adjustment |
|
2.0 |
1.1 |
|
Items that will not be reclassified subsequently to profit
or loss: |
|
|
| Actuarial gain
on defined benefit obligations |
7 |
11.4 |
4.9 |
|
Deferred tax on defined benefit pension schemes |
|
(0.2) |
(0.4) |
|
|
|
|
|
|
Other comprehensive income for the financial
year |
13.2 |
5.6 |
|
|
|
|
|
|
Total comprehensive income for the financial year: all
attributable to equity holders of the parent |
|
73.1 |
67.2 |
Condensed Consolidated Statement of Financial
Position
as at 31 December 2024
|
|
2024 |
2023 |
|
Notes |
€m |
€m |
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
| Property,
plant and equipment |
|
351.9 |
368.7 |
| Intangible
assets |
|
2.8 |
2.1 |
| Right-of-use
assets |
|
106.3 |
36.1 |
| Retirement
benefit surplus |
7 |
52.3 |
39.4 |
| Finance lease
receivable |
|
- |
7.3 |
| Deferred tax
asset |
|
0.2 |
0.3 |
|
|
|
513.5 |
453.9 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
11.1 |
4.0 |
| Trade and
other receivables |
|
73.2 |
68.6 |
|
Cash and cash equivalents |
5 |
41.3 |
46.8 |
|
|
|
125.6 |
119.4 |
|
|
|
|
|
|
Total assets |
|
639.1 |
573.3 |
|
|
|
|
|
| Equity
and liabilities |
|
|
|
|
Equity |
|
|
|
| Share
capital |
|
10.7 |
10.8 |
| Share
premium |
|
21.6 |
20.9 |
| Other
reserves |
|
(3.2) |
(6.1) |
|
Retained earnings |
|
293.2 |
256.7 |
|
Equity attributable to equity holders |
|
322.3 |
282.3 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Borrowings |
5 |
89.1 |
41.1 |
| Lease
liabilities |
5 |
99.6 |
25.4 |
| Deferred tax
liabilities |
|
5.3 |
4.5 |
|
Provisions |
|
0.6 |
0.9 |
|
Retirement benefit obligation |
7 |
0.5 |
0.5 |
|
|
195.1 |
72.4 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Borrowings |
5 |
7.3 |
112.4 |
| Lease
liabilities |
5 |
7.5 |
11.6 |
| Trade and
other payables |
|
106.3 |
93.7 |
|
Provisions |
|
0.6 |
0.9 |
|
|
|
121.7 |
218.6 |
|
|
|
|
|
|
Total liabilities |
|
316.8 |
291.0 |
|
|
|
|
|
|
Total equity and liabilities |
|
639.1 |
573.3 |
Condensed Consolidated Statement of Changes in
Equity
for the year ended 31 December 2024
|
Share |
Share |
Other |
Retained |
|
|
Capital |
Premium |
Reserves |
Earnings |
Total |
|
€m |
€m |
€m |
€m |
€m |
|
Balance at 1 January 2024 |
10.8 |
20.9 |
(6.1) |
256.7 |
282.3 |
|
|
|
|
|
|
| Profit for the
financial year |
- |
- |
- |
59.9 |
59.9 |
|
Other comprehensive income |
- |
- |
2.0 |
11.2 |
13.2 |
|
|
|
|
|
|
|
Total comprehensive income for the financial
year |
- |
- |
2.0 |
71.1 |
73.1 |
|
|
|
|
|
|
| Employee
share-based payments expense |
- |
- |
3.6 |
- |
3.6 |
| Share
issue |
- |
0.7 |
- |
- |
0.7 |
| Dividends |
- |
- |
- |
(24.7) |
(24.7) |
| Share
buyback |
(0.1) |
- |
0.1 |
(9.0) |
(9.0) |
| Settlement of
employee equity plans through market purchase |
- |
- |
- |
(3.7) |
(3.7) |
|
Transferred to retained earnings on exercise of share options |
- |
- |
(2.8) |
2.8 |
- |
|
Transactions with shareholders |
(0.1) |
0.7 |
0.9 |
(34.6) |
(33.1) |
|
|
|
|
|
|
|
Balance at 31 December 2024 |
10.7 |
21.6 |
(3.2) |
293.2 |
322.3 |
|
|
|
|
|
|
|
Analysed as follows: |
|
|
|
|
|
| Share
capital |
|
|
|
|
10.7 |
| Share
premium |
|
|
|
|
21.6 |
| Other
reserves |
|
|
|
|
(3.2) |
|
Retained earnings |
|
|
|
|
293.2 |
|
|
|
|
|
322.3 |
Other Reserves comprise the following:
|
Undenominated |
Share |
|
|
|
Capital |
Options |
Translation |
|
|
Reserves |
Reserve |
Reserve |
Total |
|
€m |
€m |
€m |
€m |
|
Balance at 1 January 2024 |
8.9 |
7.0 |
(22.0) |
(6.1) |
|
|
|
|
|
| Other
comprehensive income |
- |
- |
2.0 |
2.0 |
| Employee
share-based payments expense |
- |
3.6 |
- |
3.6 |
| Share
buyback |
0.1 |
- |
- |
0.1 |
|
Transferred to retained earnings on exercise of share options |
- |
(2.8) |
- |
(2.8) |
|
0.1 |
0.8 |
2.0 |
2.9 |
|
|
|
|
|
|
Balance at 31 December 2024 |
9.0 |
7.8 |
(20.0) |
(3.2) |
Condensed Consolidated Statement of Changes in
Equity
for the year ended 31 December 2023
|
Share |
Share |
Other |
Retained |
|
|
Capital |
Premium |
Reserves |
Earnings |
Total |
| |
€m |
€m |
€m |
€m |
€m |
|
Balance at 1 January 2023 |
11.1 |
20.5 |
(8.2) |
237.4 |
260.8 |
|
|
|
|
|
|
| Profit for the
financial year |
- |
- |
- |
61.6 |
61.6 |
|
Other comprehensive income |
- |
- |
1.1 |
4.5 |
5.6 |
|
|
|
|
|
|
|
Total comprehensive income for the financial
year |
- |
- |
1.1 |
66.1 |
67.2 |
|
|
|
|
|
|
| Employee
share-based payments expense |
- |
- |
2.8 |
- |
2.8 |
| Share
issue |
- |
0.4 |
- |
- |
0.4 |
| Dividends |
- |
- |
- |
(24.4) |
(24.4) |
| Share
buyback |
(0.3) |
- |
0.3 |
(21.4) |
(21.4) |
| Settlement of
employee equity plans through market purchase |
- |
- |
- |
(3.1) |
(3.1) |
|
Transferred to retained earnings on exercise of share options |
- |
- |
(2.1) |
2.1 |
- |
|
Transactions with shareholders |
(0.3) |
0.4 |
1.0 |
(46.8) |
(45.7) |
|
|
|
|
|
|
|
Balance at 31 December 2023 |
10.8 |
20.9 |
(6.1) |
256.7 |
282.3 |
|
|
|
|
|
|
|
Analysed as follows: |
|
|
|
|
|
| Share
capital |
|
|
|
|
10.8 |
| Share
premium |
|
|
|
|
20.9 |
| Other
reserves |
|
|
|
|
(6.1) |
|
Retained earnings |
|
|
|
|
256.7 |
|
|
|
|
|
282.3 |
Other Reserves comprise the following:
|
Undenominated |
Share |
|
|
|
Capital |
Options |
Translation |
|
|
Reserves |
Reserve |
Reserve |
Total |
| |
€m |
€m |
€m |
€m |
|
Balance at 1 January 2023 |
8.6 |
6.3 |
(23.1) |
(8.2) |
|
|
|
|
|
| Other
comprehensive income |
- |
- |
1.1 |
1.1 |
| Employee
share-based payments expense |
- |
2.8 |
- |
2.8 |
| Share
buyback |
0.3 |
- |
- |
0.3 |
|
Transferred to retained earnings on exercise of share options |
- |
(2.1) |
- |
(2.1) |
|
0.3 |
0.7 |
1.1 |
2.1 |
|
|
|
|
|
|
Balance at 31 December 2023 |
8.9 |
7.0 |
(22.0) |
(6.1) |
Condensed Consolidated Statement of Cash
Flows
for the year ended 31 December 2024
|
|
|
2024 |
2023 |
| |
Notes |
€m |
€m |
| |
|
|
|
| Profit for the
financial year |
|
59.9 |
61.6 |
| |
|
|
|
| Adjustments
for: |
|
|
|
| Finance costs
(net) |
|
6.9 |
5.1 |
| Income tax
expense |
|
2.3 |
1.7 |
| Retirement
benefit scheme movements |
6 |
0.7 |
0.6 |
| Depreciation of
property, plant and equipment |
|
46.9 |
45.1 |
| Depreciation of
right-of-use assets |
|
17.0 |
18.7 |
| Amortisation of
intangible assets |
|
0.5 |
0.4 |
| Share-based
payment expense |
|
3.6 |
2.8 |
| Decrease in
provisions |
|
(0.6) |
(1.0) |
|
Working capital movements |
6 |
5.3 |
1.7 |
|
Cash generated from operations |
|
142.5 |
136.7 |
| Income taxes
paid |
|
(2.1) |
(2.2) |
|
Interest paid |
|
(8.6) |
(5.9) |
|
|
|
|
|
|
Net cash inflow from operating activities |
|
131.8 |
128.6 |
|
|
|
|
|
| Cash
flow from investing activities |
|
|
|
| Net proceeds on
disposal of property, plant and equipment |
|
3.2 |
3.1 |
| Lease inception
costs |
|
(2.5) |
(1.4) |
| Purchases of
property, plant and equipment and intangible assets |
6 |
(29.9) |
(41.9) |
|
|
|
|
|
|
Net cash outflow from investing activities |
|
(29.2) |
(40.2) |
|
|
|
|
|
| Cash
flow from financing activities |
|
|
|
| Share
buybacks |
|
(9.0) |
(21.4) |
| Dividends |
|
(24.7) |
(24.4) |
| Repayment of
lease liabilities |
6 |
(14.6) |
(18.0) |
| Repayment of
bank loans |
|
(94.0) |
(40.0) |
| Drawdown of
bank loans |
|
37.5 |
25.6 |
| Settlement of
employee equity plans through market purchases |
|
(3.7) |
(3.1) |
| Proceeds on
issue of ordinary share capital |
|
0.7 |
0.4 |
|
|
|
|
|
|
Net cash outflow from financing activities |
|
(107.8) |
(80.9) |
|
|
|
|
|
| Net (decrease)
/ increase in cash and cash equivalents |
|
(5.2) |
7.5 |
| |
|
|
|
| Cash
and cash equivalents at the beginning of the year |
|
46.8 |
39.0 |
| |
|
|
|
|
Effect of foreign exchange rate changes |
|
(0.3) |
0.3 |
|
|
|
|
|
|
Cash and cash equivalents at the end of the
year |
5 |
41.3 |
46.8 |
Notes to the Condensed Financial Statements
for the year ended 31 December 2024
1. Accounting policies
The financial information presented in this
report has been prepared using accounting policies consistent with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union and as set out in the Group’s annual financial
statements in respect of the year ended 31 December 2023 except as
noted below. The financial information does not include all the
information and disclosures required in the annual financial
statements. The 2024 Annual Report will be distributed to
shareholders and made available on the Company’s website www.icg.ie
in due course. It will also be filed with the Company’s annual
return in the Companies Registration Office. The auditor has
reported on the financial statements for the year ended 31 December
2024 and their report was unqualified and did not contain any
matters to which attention was drawn by way of emphasis. The
financial information for the year ended 31 December 2023
represents an abbreviated version of the Group’s statutory
financial statements on which an unqualified audit report was
issued and which have been filed with the Companies Registration
Office.
Basis of preparation and accounting
policies
The financial information contained in this
Preliminary Statement has been prepared in accordance with the
accounting policies set out in the last annual financial
statements. New and revised accounting standards and
interpretations have been issued which are set out below.
Standards effective for the Group from 1 January
2024
|
Standard |
Description |
Effective Date for periods commencing |
|
IAS 1 (amendments) |
Non-current Liabilities with Covenants |
1 January 2024 |
|
IAS 1 (amendments) |
Classification of Liabilities as Current or Non-current |
1 January 2024 |
|
IFRS 16 (amendments) |
Lease Liability in a Sale and Leaseback |
1 January 2024 |
|
IAS 7 and IFRS 7 (amendments) |
Supplier Finance Arrangements |
1 January 2024 |
The above amended standards have been applied in
the preparation of the financial statements for the year ended 31
December 2024. These new standards and interpretations did not have
any material impact on the results or financial position of the
Group.
Standards effective for the Group from 1 January 2024 or
later
|
Standard |
Description |
Effective Date for periods commencing |
|
IAS 21 (amendments) |
Lack of Exchangeability |
1 January 2025 |
|
IFRS 7 and IFRS 9 (amendments) |
Classification and Measurement of Financial Instruments |
1 January 2026 |
|
IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7 |
Annual Improvements to IFRS Accounting Standards |
1 January 2026 |
|
IFRS 9 |
Settlement by Electronic Payments |
1 January 2026 |
|
IFRS 18 |
Presentation and Disclosure in Financial Statements |
1 January 2027 |
|
IFRS 19 |
Subsidiaries without Public Accountability: Disclosures |
1 January 2027 |
|
IFRS 10 Consolidated Financial Statements and IAS 28 Investments in
Associates and Joint Ventures (amendments) |
Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture |
Effective date has been deferred indefinitely |
The above standards and amendments standards
have not been applied in the preparation of the financial
statements for the year ended 31 December 2024. The Group is
currently assessing how the application of IFRS 18: Presentation
and Disclosure in Financial Statements, effective for accounting
periods on or after 1 January 2027, will affect the future
presentation of the Company and Consolidated Financial Statements.
While the adoption of IFRS 18 will not affect the totals of the
Group or Company assets, liabilities, equity, income and expenses,
there will likely be changes as to how the make-up of these
principal categories are presented both in the primary statements
and the notes together with additional disclosures around
management performance measures. Otherwise, the standards above are
not expected to have a material impact on the results or financial
position of the Group when applied in future periods.
2. Segmental information
The Executive Board is deemed the chief
operating decision maker within the Group. For management purposes,
the Group is currently organised into two operating segments:
Ferries and Container and Terminal.
Revenue has been disaggregated into categories
which reflect how the nature, amount, timing and uncertainty of
revenue and cash flows are affected by economic factors. As
revenues are recognised over short time periods of no more than
days, a key determinant to categorising revenues is whether they
principally arise from a business to customer or a business to
business relationship as this impacts directly on the uncertainty
of cash flows.
i) Revenue analysis
By business segment:
|
|
2024 |
2023 |
| |
€m |
€m |
|
Ferries |
|
|
| Passenger |
196.5 |
181.1 |
| Freight |
194.2 |
180.8 |
|
Charter and other |
42.8 |
50.4 |
|
433.5 |
412.3 |
|
Container and Terminal |
|
|
|
Freight |
203.5 |
194.1 |
|
|
|
|
Inter-segment revenue |
(33.2) |
(34.4) |
|
Total |
603.8 |
572.0 |
By geographic origin of booking:
|
|
2024 |
2023 |
| |
€m |
€m |
| Ireland |
189.8 |
186.6 |
| United
Kingdom |
180.8 |
154.2 |
|
Netherlands |
100.9 |
96.1 |
| Belgium |
37.2 |
38.0 |
| France |
27.6 |
23.5 |
| Poland |
15.7 |
16.0 |
| Germany |
8.2 |
9.3 |
| Austria |
9.3 |
9.0 |
|
Other |
34.3 |
39.3 |
|
603.8 |
572.0 |
No single external customer in the current or prior financial
year amounted to 10 per cent of the Group’s revenues.
ii) Profit for the financial
year
|
Ferries |
Container & Terminal |
Group Total |
|
2024
€m |
2023
€m |
2024
€m |
2023
€m |
2024
€m |
2023
€m |
| Operating
profit |
54.4 |
52.1 |
14.7 |
16.3 |
69.1 |
68.4 |
| Finance
income |
1.6 |
1.4 |
- |
- |
1.6 |
1.4 |
| Finance
costs |
(7.3) |
(5.1) |
(1.2) |
(1.4) |
(8.5) |
(6.5) |
|
Profit before tax |
48.7 |
48.4 |
13.5 |
14.9 |
62.2 |
63.3 |
|
Income tax expense |
(1.5) |
(0.9) |
(0.8) |
(0.8) |
(2.3) |
(1.7) |
|
Profit for the financial year |
47.2 |
47.5 |
12.7 |
14.1 |
59.9 |
61.6 |
iii) Other operating
expenses
|
Ferries |
Container & Terminal |
Group Total |
|
2024
€m |
2023
€m |
2024
€m |
2023
€m |
2024
€m |
2023
€m |
| Fuel |
91.6 |
92.7 |
17.9 |
14.1 |
109.5 |
106.8 |
| Labour |
55.2 |
52.6 |
14.4 |
12.8 |
69.6 |
65.4 |
| Port costs |
91.3 |
80.3 |
35.8 |
33.2 |
127.1 |
113.5 |
| Haulage |
- |
- |
54.9 |
51.4 |
54.9 |
51.4 |
| Other |
64.2 |
58.7 |
51.2 |
51.8 |
115.4 |
110.5 |
|
Inter-segment |
(1.2) |
(1.2) |
(32.0) |
(33.2) |
(33.2) |
(34.4) |
|
Other operating expenses |
301.1 |
283.1 |
142.2 |
130.1 |
443.3 |
413.2 |
iv) Statement of Financial Position
|
Ferries |
Container & Terminal |
Group Total |
|
2024
€m |
2023
€m |
2024
€m |
2023
€m |
2024
€m |
2023
€m |
|
Assets |
|
|
|
|
|
|
| Segment
assets |
494.5 |
420.3 |
103.3 |
106.2 |
597.8 |
526.5 |
|
Cash and cash equivalents |
30.6 |
39.5 |
10.7 |
7.3 |
41.3 |
46.8 |
|
Consolidated total assets |
525.1 |
459.8 |
114.0 |
113.5 |
639.1 |
573.3 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
| Segment
liabilities |
78.1 |
66.2 |
35.3 |
34.4 |
113.4 |
100.6 |
|
Borrowings and lease liabilities |
176.0 |
158.6 |
27.4 |
31.8 |
203.4 |
190.4 |
|
Consolidated total liabilities |
254.1 |
224.8 |
62.7 |
66.2 |
316.8 |
291.0 |
3. Income tax expense
|
|
2024 |
2023 |
|
€m |
€m |
| Current
tax |
1.8 |
1.5 |
|
Deferred tax |
0.5 |
0.2 |
|
Income tax expense for the year |
2.3 |
1.7 |
The Company and its Irish tax resident
subsidiaries, where appropriate, have elected to be taxed under the
Irish tonnage tax method. Under the tonnage tax method, taxable
profit on eligible activities is calculated on a specified notional
profit per day related to the tonnage of the vessels utilised.
In accordance with the IFRIC guidance on IAS
12 Income Taxes, the tonnage tax charge is not considered an
income tax expense and has been included in other operating
expenses in the Consolidated Income Statement.
Domestic income tax is calculated at 12.5% of
the estimated assessable profit for the year for all activities
which do not fall to be taxed under the tonnage tax system.
Taxation for other jurisdictions is calculated at the rates
prevailing in the relevant jurisdictions. The income tax expense
for the year includes a current tax charge of €1.8 million (2023:
€1.5 million) and a deferred tax charge of €0.5 million (2023: €0.2
million).
The total expense for the year is reconciled to
the accounting profit as follows:
|
|
2024 |
2023 |
| |
€m |
€m |
| Profit before
tax |
62.2 |
63.3 |
| |
|
|
| Tax at the
domestic income tax rate of 12.5% (2023: 12.5%) |
7.8 |
7.9 |
| |
|
|
| Effect of tonnage
relief |
(6.6) |
(6.9) |
| Difference in
effective tax rates |
0.6 |
0.5 |
|
Other items |
0.5 |
0.2 |
|
Income tax expense recognised in the Consolidated
Income Statement |
2.3 |
1.7 |
4. Earnings per share
|
2024 |
2023 |
|
Number of shares |
’000 |
’000 |
| Shares in issue
at the beginning of the year |
166,217 |
170,823 |
| Effect of shares
issued during the year |
161 |
70 |
|
Effect of share buybacks and cancellation in the year |
(1,543) |
(960) |
|
Weighted average number of ordinary shares for the purpose
of basic earnings per share |
164,835 |
169,933 |
|
Dilutive effect of employee equity plans where vesting conditions
not met |
3,203 |
2,645 |
|
Weighted average number of ordinary shares for the purposes
of diluted earnings per share |
168,038 |
172,578 |
Denominator for earnings and diluted earnings per share
calculations
Share option awards under the ICG Performance
Share Plan are treated as contingently issued shares because any
shares which may in future be issued are contingent on the
satisfaction of performance conditions set at the date of grant, in
addition to the passage of time. Where the performance conditions
have been met at the end of the performance period and the options
remain unexercised, they are no longer treated as contingently
issuable and are treated as issued shares from the end of the
performance period and included in the weighted average number of
ordinary shares for the purpose of basic earnings per share.
Those contingently issuable shares for which the
performance period has not yet expired, are included in the
weighted average number of ordinary shares for the purposes of
diluted earnings per share unless the performance conditions
governing their exercisability have not been met at the reporting
date.
A total of 564,944 (2023: 838,954) unvested
share options outstanding at the reporting date have been excluded
from the weighted average number of ordinary shares for the
purposes of diluted earnings per share as they were either
antidilutive or had not met the performance conditions governing
their exercisability.
The earnings used in both the adjusted basic and
adjusted diluted earnings per share are adjusted to take into
account the net interest on defined benefit obligations and the
effect of non-trading items after tax. The calculation of the basic
and diluted earnings per share attributable to ordinary equity
holders of the parent is based on the following data:
|
|
2024 |
2023 |
|
Earnings |
€m |
€m |
Earnings for
the purpose of basic and diluted earnings per share –
Profit for the financial period attributable to equity holders of
the parent |
59.9 |
61.6 |
|
Net interest income on defined benefit assets |
(1.4) |
(1.3) |
|
Earnings for the purpose of adjusted basic and adjusted
diluted earnings per share |
58.5 |
60.3 |
|
|
|
|
|
|
Cent |
Cent |
|
Basic earnings per share |
36.3 |
36.2 |
|
Diluted earnings per share |
35.6 |
35.7 |
|
Adjusted basic earnings per share |
35.5 |
35.5 |
|
Adjusted diluted earnings per share |
34.8 |
34.9 |
5. Net debt and borrowing facilities
i) The components of the Group’s net debt position at the
reporting date and the movements in the period are set out in the
following table:
|
Cash |
Bank Loans |
Loan Notes |
Lease Obligations |
Origination Fees |
Total |
| |
€m |
€m |
€m |
€m |
€m |
€m |
| At 1
January 2024 |
|
|
|
|
|
|
| Current
assets |
46.8 |
- |
- |
- |
- |
46.8 |
| Creditors due
within one year |
- |
(62.5) |
(50.0) |
(11.6) |
0.1 |
(124.0) |
|
Creditors due after one year |
- |
(41.3) |
- |
(25.4) |
0.2 |
(66.5) |
|
|
46.8 |
(103.8) |
(50.0) |
(37.0) |
0.3 |
(143.7) |
|
|
|
|
|
|
|
|
| Changes from
cash flows: |
|
|
|
|
|
|
| Repayment of
borrowings |
- |
44.0 |
50.0 |
- |
- |
94.0 |
| Lease
payments |
- |
- |
- |
18.4 |
- |
18.4 |
| Lease
interest |
- |
- |
- |
(3.8) |
- |
(3.8) |
| Loan
drawdown |
- |
(37.5) |
- |
- |
- |
(37.5) |
| Arrangement
expenses |
- |
- |
- |
- |
0.8 |
0.8 |
| Net decrease in
cash and cash equivalents |
(5.2) |
- |
- |
- |
- |
(5.2) |
| Non-cash flow
changes: |
|
|
|
|
|
|
|
Amortisation |
- |
- |
- |
- |
(0.2) |
(0.2) |
| Lease
liabilities recognised |
- |
- |
- |
(84.1) |
- |
(84.1) |
| Lease
remeasurement |
- |
- |
- |
(0.3) |
- |
(0.3) |
|
Currency adjustment |
(0.3) |
- |
- |
(0.3) |
- |
(0.6) |
|
|
(5.5) |
6.5 |
50.0 |
(70.1) |
0.6 |
(18.5) |
| At 31
December 2024 |
|
|
|
|
|
|
| Current
assets |
41.3 |
- |
- |
- |
- |
41.3 |
| Creditors due
within one year |
- |
(7.5) |
- |
(7.5) |
0.2 |
(14.8) |
|
Creditors due after one year |
- |
(89.8) |
- |
(99.6) |
0.7 |
(188.7) |
|
|
41.3 |
(97.3) |
- |
(107.1) |
0.9 |
(162.2) |
ii) The maturity profile and available
borrowing and cash facilities available to the Group at 31 December
2024 are set out in the following table:
|
|
|
|
Maturity Profile |
|
Facility |
Undrawn |
On-hand / drawn |
Less than 1 year |
Between 1 – 2 years |
Between 2 – 5 years |
More than 5 years |
| |
€m |
€m |
€m |
€m |
€m |
€m |
€m |
|
Cash |
- |
- |
41.3 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
| Committed
lending facilities |
|
|
|
|
|
|
|
| Bank
overdrafts |
19.4 |
19.4 |
- |
- |
- |
- |
- |
| Bank loans |
141.3 |
44.0 |
97.3 |
7.5 |
7.5 |
78.5 |
3.8 |
| Origination
fees |
(0.9) |
- |
(0.9) |
(0.2) |
(0.2) |
(0.4) |
(0.1) |
|
Leases |
107.1 |
- |
107.1 |
7.5 |
79.9 |
3.5 |
16.2 |
|
|
|
|
|
|
|
|
|
Committed lending facilities |
266.9 |
63.4 |
203.5 |
14.8 |
87.2 |
81.6 |
19.9 |
|
|
|
|
|
|
|
|
|
|
Uncommitted lending facilities |
|
|
|
|
|
|
|
| Bank loans |
50.0 |
|
|
|
|
|
|
|
Loan notes |
264.7 |
|
|
|
|
|
|
|
Uncommitted lending facilities |
314.7 |
|
|
|
|
|
|
Bank overdrafts facilities are stated net of
trade guarantee facilities utilised of €0.6 million (2023: €0.6
million).
Obligations under the Group borrowing facilities
have been cross guaranteed by the parent company and certain
subsidiaries but are otherwise unsecured except for lease
obligations which are secured by the lessors’ title to the leased
assets.
6. Cash flow components
|
|
2024 |
2023 |
| |
€m |
€m |
|
Pension scheme movements |
|
|
| Retirement
benefit obligations – current service cost |
0.7 |
0.8 |
| Retirement
benefit obligations – past service cost |
- |
0.2 |
| Retirement
benefit obligations – curtailment gain |
(0.6) |
- |
| Retirement
benefit obligations – refund of contributions on scheme wind
up |
1.0 |
- |
|
Retirement benefit obligations – payments |
(0.4) |
(0.4) |
|
Total retirement benefit scheme movements |
0.7 |
0.6 |
|
|
|
|
|
Repayments of lease liabilities |
|
|
| Lease
payments |
(18.4) |
(19.5) |
|
Interest element of lease payments |
3.8 |
1.5 |
|
Capital element of lease payments |
(14.6) |
(18.0) |
|
|
|
|
|
Purchases of property, plant and equipment and intangible
assets |
|
|
| Purchases of
property, plant and equipment |
(28.5) |
(50.7) |
| Purchases of
intangible assets |
(1.2) |
(0.6) |
|
(Increase) / decrease in capital asset prepayments |
(0.2) |
9.4 |
|
Total purchases of property, plant and equipment and
intangible assets |
(29.9) |
(41.9) |
|
|
|
|
Changes in working capital |
|
|
| (Increase) /
decrease in inventories |
(7.1) |
1.2 |
| (Increase) /
decrease in receivables |
(0.3) |
2.0 |
|
Increase / (decrease) in payables |
12.7 |
(1.5) |
|
Total working capital movements |
5.3 |
1.7 |
7. Retirement benefit schemes
The principal assumptions used for the purpose of the actuarial
valuations were as follows:
|
|
2024 |
2023 |
| |
Sterling |
Euro |
Sterling |
Euro |
| Discount
rate |
5.45% |
3.45% |
4.50% |
3.15% |
| Inflation
rate |
2.85% |
2.20% |
2.75% |
2.30% |
| Rate of
increase of pensions in payment |
2.20% - 3.25% |
1.20% |
2.15% - 3.20% |
1.30% |
|
Rate of pensionable salary increases |
1.15% |
0.00% - 1.30% |
1.10% |
0.00% - 1.30% |
The average life expectancy used in the
principal Group schemes at age 60 is as follows:
|
|
2024 |
2023 |
| |
Male |
Female |
Male |
Female |
| Irish
Schemes: |
|
|
|
|
| Current
retirees |
26.8 years |
29.7 years |
26.8 years |
29.7 years |
| Future
retirees |
29.2 years |
31.7 years |
29.2 years |
31.7 years |
| UK
Schemes: |
|
|
|
|
| Current
retirees |
27.8 years |
29.7 years |
27.8 years |
29.6 years |
|
Future retirees |
29.4 years |
31.2 years |
29.3 years |
31.1 years |
The amount recognised in the balance sheet in
respect of the Group’s defined benefit obligations, is as
follows:
|
Schemes
with Liabilities in
Sterling
|
Schemes with
Liabilities in
Euro |
| |
| |
| |
2024 |
2023 |
2024 |
2023 |
|
€m |
€m |
€m |
€m |
| Equities |
10.8 |
10.4 |
50.7 |
57.6 |
| Bonds |
22.1 |
21.5 |
40.1 |
33.7 |
| Insurance
contracts |
- |
- |
7.7 |
7.9 |
|
Other |
0.1 |
0.3 |
0.5 |
4.4 |
|
Market value of scheme assets |
33.0 |
32.2 |
99.0 |
103.6 |
|
Present value of scheme liabilities |
(17.3) |
(18.2) |
(62.9) |
(78.7) |
|
Surplus in schemes |
15.7 |
14.0 |
36.1 |
24.9 |
The movement during the year is reconciled as follows:
|
2024 |
2023 |
|
Movement in retirement benefit schemes |
€m |
€m |
| Opening
surplus |
38.9 |
33.2 |
| Current
service cost |
(0.7) |
(0.8) |
| Past service
cost |
- |
(0.2) |
| Employer
contributions paid |
0.4 |
0.4 |
| Net interest
income |
1.4 |
1.3 |
| Curtailment
gain |
0.6 |
- |
| Refund of
contributions on scheme wind up |
(1.0) |
- |
| Actuarial
gain |
11.4 |
4.9 |
|
Other |
0.8 |
0.1 |
|
Net surplus |
51.8 |
38.9 |
|
|
|
|
| Schemes in
surplus |
52.3 |
39.4 |
|
Schemes in deficit |
(0.5) |
(0.5) |
|
Net surplus |
51.8 |
38.9 |
8. Related party transactions
Transactions between the Company and its
subsidiaries, which are related parties, have been eliminated on
consolidation. During the year ended 31 December 2024, the material
transactions between Irish Continental Group plc and its key
management personnel were the remuneration of employees and
Directors and the provision of professional services at arm’s
length basis.
9. General information
The Condensed Financial Statements in this
preliminary announcement do not constitute full statutory financial
statements (“Financial Statements”), a copy of which is required to
be annexed to the annual return to the Companies Registration
Office. A copy of the financial statements in respect of the
financial year ended 31 December 2024 will be annexed to the annual
return for 2024. The auditor has made a report, without any
qualification on their audit, of the financial statements in
respect of the financial year ended 31 December 2024 and the
Directors approved the financial statements in respect of the
financial year ended 31 December 2024 on 2 March 2025. A copy of
the financial statements in respect of the year ended 31 December
2023 has been annexed to the annual return for 2024 filed at the
Companies Registration Office.
The financial statements have been prepared in
accordance with IFRS as adopted by the European Union and therefore
the Group’s financial statements comply with Article 4 of the IAS
Regulations. The consolidated financial statements have also been
prepared in accordance with the Companies Act 2014, and the Listing
Rules of Euronext Dublin and the UK Listing Authority. The
financial statements have been prepared on the historical cost
basis.
Certain financial measures set out in our
Preliminary Statement of Results for the year ended 31 December
2024 are not defined under International Financial Reporting
Standards (IFRS). Presentation of these Alternative Performance
Measures ("APMs") provides useful supplementary information which,
when viewed in conjunction with the Company's IFRS financial
information, allows for a more meaningful understanding of the
underlying financial and operating performance of the Group. These
non-IFRS measures should not be considered as an alternative to
financial measures as defined under IFRS. Descriptions of the APMs
included in this report are disclosed below. Reconciliations of
these APMs outlined below are contained in the Appendix to this
statement.
|
APM |
Description |
Benefit of APM |
|
EBITDA |
EBITDA represents earnings before interest, tax, depreciation,
impairment and amortisation. |
Eliminates the effects of financing and accounting decisions to
allow assessment of the profitability and performance of the
Group. |
EBIT
|
EBIT represents earnings before interest and tax. |
Measures the Group’s earnings from ongoing operations. |
|
Free cash flow before strategic capital expenditure |
Free cash flow before strategic capital expenditure comprises net
cash flow from operating activities less maintenance capital
expenditure. Maintenance capital expenditure comprises capital
expenditure excluding strategic capital expenditure and includes
annual overhaul and repairs and other expenditure undertaken to
maintain the existing level of operations. Strategic capital
expenditure includes investment in assets aligned with Group
strategy to increase capacity, enhance customer experience or
improve operational efficiencies. |
Assesses the availability to the Group of funds for reinvestment or
for return to shareholders. |
|
Net debt |
Net debt comprises total borrowings less cash and cash
equivalents. |
Measures the Group's ability to repay its debts if they were to
fall due immediately. |
|
Leverage |
Measured based on bank covenant definitions being net debt
excluding lease liabilities over EBITDA adjusted for net lease
effects and non-cash trading items. |
Measures the Group’s ability to draw funding. |
|
Adjusted Basic Earnings Per Share (EPS) |
EPS is adjusted to exclude the non- trading items and net interest
(income) / cost on defined benefit obligations. |
Directors consider Adjusted Basic EPS to be a key indicator of
long-term financial performance and value creation of a public
listed company. |
|
ROACE |
ROACE represents return on average capital employed. Operating
profit (before non-trading items) expressed as a percentage of
average capital employed (consolidated net assets, excluding net
(debt) / cash, retirement benefit surplus / (obligation) and asset
under construction net of related liabilities. |
Measures the Group’s profitability and the efficiency with which
its capital is employed. |
|
Pre-IFRS 16 |
Use of the term pre-IFRS 16 denotes that the APM or IFRS measure
has been adjusted to remove the effects of the application of IFRS
16: Leases. |
Measurement of covenants for bank facility purposes |
|
Terms and abbreviations |
|
teu |
20 foot equivalent unit, an industry standard measurement for
container units. |
|
RoRo unit |
Roll on, Roll off freight unit of any length either accompanied or
unaccompanied carried on Ropax ferries. |
|
LoLo unit |
Lift on, Lift off container unit of any size. |
|
Ropax |
A cruise ferry capable of carrying both passengers and RoRo
freight. |
|
ICG Unit |
ICG Unit is a stock exchange trading unit of ICG equity with each
unit comprising one ordinary share and up to ten redeemable shares
(if any in issue). |
10. Events after the Reporting
Date
The Board is proposing a final dividend of 10.43
cent per ordinary share amounting to €17.2 million out of the
distributable reserves of the Company.
There have been no other material events
affecting the Group since 31 December 2024.
11. Board Approval
This preliminary announcement was approved by
the Board of Directors of Irish Continental Group plc on 2 March
2025.
12. Annual Report and Annual General
Meeting
The Group’s Annual Report and notice of Annual
General Meeting, which will be held on Thursday 8 May 2025, will be
notified to shareholders in April 2025.
Appendix: Reconciliation of APMs
for the year ended 31 December 2024
Alternative Performance
Measures
Certain financial measures set out in our
Preliminary Statement of Results for the year ended 31 December
2024 are not defined under International Financial Reporting
Standards (IFRS). Presentation of these Alternative Performance
Measures (APMs) provides useful supplementary information which,
when viewed in conjunction with the Group’s IFRS financial
information, allows for a more meaningful understanding of the
underlying financial and operating performance of the Group. These
non-IFRS measures should not be considered as an alternative to
financial measures as defined under IFRS.
Descriptions of the APMs included in this report
are disclosed below.
(i) EBITDA
EBITDA represents earnings before non-trading
items, interest, tax, depreciation and amortisation. As it
eliminates the effects of financing and depreciation decisions, it
allows for the assessment of underlying cash profit generated from
operations.
| |
Financial Statement Reference |
2024 |
2023 |
|
|
€m |
€m |
| Operating
profit |
Condensed Consolidated Income Statement |
69.1 |
68.4 |
|
Depreciation and amortisation |
Condensed Consolidated Income Statement |
64.4 |
64.2 |
|
EBITDA |
|
133.5 |
132.6 |
(ii) Free Cash Flow
Free cash flow comprises Net Cash Inflow from
Operating Activities less capital expenditure. It is presented both
before and after strategic capital expenditure. Capital expenditure
comprises purchases of property, plant and equipment and intangible
assets. Strategic capital expenditure comprises expenditure on
vessels excluding annual overhaul and repairs, and other assets
with an expected economic life of over 10 years which increases
capacity or efficiency of operations.
It is presented as a measure of the availability
to the Group of funds for reinvestment or for return to
shareholders.
|
Financial Statement Reference |
2024 |
2023 |
|
|
€m |
€m |
| Net cash inflow
from operating activities |
Condensed Consolidated Statement of Cash Flows |
131.8 |
128.6 |
|
Capital expenditure excluding strategic capital expenditure |
Condensed Consolidated Statement of Cash Flows * |
(16.6) |
(21.5) |
|
Free cash flow before strategic capital
expenditure |
|
115.2 |
107.1 |
|
Strategic capital expenditure |
Condensed Consolidated Statement of Cash Flows * |
(15.8) |
(21.8) |
|
Free cash flow after strategic capital
expenditure |
|
99.4 |
85.3 |
* The total of the capital expenditure amounts
set out above comprises the line items ‘purchases of property,
plant and equipment and intangible assets’ and ‘lease inception
costs’ reported in the Condensed Consolidated Statement of Cash
Flows.
(iii) Net Debt (Pre-IFRS
16)
|
Financial Statement Reference |
2024 |
2023 |
|
|
€m |
€m |
| Cash and cash
equivalents |
Condensed Consolidated Statement of Financial Position |
(41.3) |
(46.8) |
| Borrowings |
Condensed Consolidated Statement of Financial Position |
96.4 |
153.5 |
|
Net Debt (pre-IFRS 16) |
|
55.1 |
106.7 |
(iv) Leverage
The debt leverage ratio is based on the
definition in our lending agreements. The debt leverage ratio
provides an indication of the Group’s debt capacity. The below
table sets out the ratio at the reporting date:
|
Financial Statement Reference |
2024 |
2023 |
|
|
€m |
€m |
| EBITDA |
See Note (i) |
133.5 |
132.6 |
| Capital repayment
on lease receivable |
Condensed Consolidated Statement of Cash Flows* |
1.7 |
3.1 |
|
Lease payments |
Note 6 |
(18.4) |
(19.5) |
|
EBITDA for covenant purposes |
|
116.8 |
116.2 |
*For financial year 2024, only a portion of the
movement in the lease receivable is recognisable under the banking
agreement for covenant purposes.
| |
Financial Statement Reference |
2024 |
2023 |
|
|
€m |
€m |
| Net Debt (pre
IFRS 16) |
Note (iii) |
55.1 |
106.7 |
| Bank deposits
subject to lien |
|
- |
3.5 |
| Trade
guarantees |
Note 5 |
0.6 |
0.6 |
|
Origination fees |
Note 5 |
0.9 |
0.3 |
|
Net Debt for covenant purposes |
|
56.6 |
111.1 |
|
Covenant Level (Times) |
Times |
Times |
|
Leverage ratio |
Max 3.0x |
0.5 |
1.0x |
(v) Adjusted Basic EPS
Basic EPS is adjusted to exclude non-trading
items and net interest cost on defined benefit obligations.
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.
It is used as a key indicator of long-term
financial performance and value creation of a public listed
company.
The calculation of adjusted basic EPS is set out
at note 4.
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