ICGC Irish Continental Group Plc

 
TIDMICGC 
 
INTERIM MANAGEMENT STATEMENT 
 
 Key Points 
 
                     Q3     Q3    9 months to 30 September 
 
                    2010   2009    2010         2009 
 
                     EURm     EURm      EURm           EURm 
 
 Turnover           81.2   80.6   203.6         200.4 
 
 EBITDA             25.0   22.9     45.0         41.7 
 
 Operating Profit   19.0   17.0     27.8         24.1 
 
 
Interim Management Statement 
Irish Continental Group plc (ICG) issues its second Interim Management Statement 
for 2010 which covers the period from 1 July 2010. 
It should be noted that ICG's business is seasonally weighted towards the second 
half  of the year (and  particularly the third quarter)  where normally a higher 
proportion  of the Group's operating  profit is generated than  in the first six 
months. 
In  the three months to 30 September, the Group recorded a 9% increase in EBITDA 
to EUR25.0m and a 12% increase in operating profit to EUR19.0m on turnover of EUR81.2m 
(2009 EUR80.6m). 
 
Volumes July - October 
In the ferries division, the trends outlined in our half yearly report continued 
in  the period from July to October with higher passenger numbers (up 5.9%), and 
better  yields  but  continued  weakness  in  RoRo freight (down 10.1% in the 4 
months).   Container freight  volumes for  the same  period were down 2.4% as we 
declined  some flows of business at uneconomic  rates, while units lifted at our 
ports were down 3%. 
 
Year to Date Volumes 
In  the year to date (ten months to 31 October 2010), passengers carried were up 
8.9% at  1,377,000, while car  numbers were  down 1.0% at  326,300. RoRo freight 
volumes  in  the  same  period  were  down  10.4% on last year at 148,300 units. 
Container  freight volumes were  4.1% higher than the  previous year at 343,500 
teu, while units handled at our port terminals were up by 1.6% at 139,200 lifts. 
 
 
 
 
 
 
Cumulative Financial Results to 30 September (unaudited) 
Group  revenue for the  nine months to  30(th) September 2010 was EUR203.6 million 
(2009:  EUR200.4 million, restated).  Revenue in the Ferries division was up 4% in 
the  nine months, while in the  Container & Terminal division cumulative revenue 
was down 2%. EBITDA for the nine months was EUR45.0 million (2009: EUR41.7 million), 
while operating profit for the nine months was EUR27.8 million compared with EUR24.1 
million in the same period in 2009, an increase of 15.4%. 
 
Financial Position 
Net debt at 30 September 2010, was EUR13.8 million, down from EUR26.9 million at 30 
June 2010. 
 
Outlook 
The  economic  backdrop  remains  challenging.   The  impact  of  the  impending 
adjustments in public finances in both Ireland and the UK is uncertain both with 
regard  to tourism and freight demand.   Nevertheless, we have carefully managed 
our  cost base and  our operational capacity  to continue to  be able to compete 
profitably in this environment. 
 
18 Nov 2010 
 
 
[HUG#1463573] 
 
 
 
 
 
 
 
 
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Source: Irish Continental Group plc via Thomson Reuters ONE 
 

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