Irish Continental Group plc : Interim Management Statement
November 14 2011 - 9:00AM
UK Regulatory
TIDMICGC
INTERIM MANAGEMENT STATEMENT
Key Points
Q3 Q3 9 months to 30 September
2011 2010 2011 2010
EURm EURm EURm EURm
Turnover 84.9 81.2 211.5 203.6
EBITDA 23.9 25.0 40.0 45.0
Operating Profit 18.5 19.0 25.0 27.8
Interim Management Statement
Irish Continental Group plc (ICG) issues its second Interim Management Statement
for 2011 which covers the period from 1 July 2011.
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 turnover of EUR84.9
million (up 4.6%) and EBITDA of EUR23.9 million compared with EUR25.0 million in the
same quarter in 2010. The reduction in EBITDA is due to sustained high oil
prices (up EUR3.7 million in the quarter) and soft tourism markets partially
offset by higher yields in the car market and volume growth in freight.
Operating profit in the quarter was EUR18.5 million versus EUR19.0 million in the
same period in 2010.
Volumes July - October
In the ferries division, the trends outlined in our half yearly report continued
in the period from July to October with lower car volumes (down 6.2%) but at
higher yields. Passenger numbers were higher (up 0.3%) reflecting increased
coach, rail and foot passengers, and there was also growth in RoRo freight (up
4.7% in the 4 months). Container freight volumes for the same period were up
4.1% at 138,400 teu, while units lifted at our ports were up 12.0% at 63,700
lifts.
Year to Date Volumes
In the year to date (ten months to 31 October 2011), passengers carried were
down 1.7% at 1,353,900, while car numbers were down 4.7% at 311,000. RoRo
freight volumes in the same period were up 9.0% on last year at 161,600 units
reflecting the benefits of reduced competing capacity on the Dublin Liverpool
route. Container freight volumes, which had been 2.5% behind the previous year
at the six month stage, were in line with the previous year after 10 months at
343,700 teu, while units handled at our port terminals in Dublin and Belfast
were up by 13.4% at 157,900 lifts.
Cumulative Financial Results to 30 September (unaudited)
Group revenue for the nine months to 30(th) September 2011 was EUR211.5 million
(2010: EUR203.6 million). Revenue in the Ferries division was in line with the
comparable period in 2010, while in the Container & Terminal division cumulative
revenue was up 9.7% year on year. EBITDA for the nine months was EUR40.0 million
(2010: EUR45.0 million), while operating profit for the nine months was EUR25.0
million compared with EUR27.8 million in the same period in 2010, a reduction of
10.1%. Year to date, i.e. to 30 September 2011, fuel costs are EUR38.6 million
versus EUR30.6 million in 2010.
Financial Position
During the quarter, there was an increase in working capital for seasonal
reasons and also as a consequence of the increase in our freight business. A
dividend of EUR8.2 million was also paid during the quarter. At the end of the
quarter, net debt stood at EUR13.0 million compared with EUR14.4 million at 30 June
2011.
Outlook
The economic backdrop remains challenging. The impact of the adjustments in
public finances in both Ireland and the UK is affecting both tourism and freight
demand although the reduction in vessel capacity on Dublin Liverpool has helped
to offset the weak freight demand. Nevertheless, we have carefully managed our
cost base and our operational capacity to continue to be able to compete
successfully in this tough trading environment. The continued high level of
fuel prices (expected to result in a fuel bill for the year of approximately EUR52
million) however means that earnings for the year, as previously indicated, will
be lower than in 2010.
14 Nov 2011
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(i) the releases contained herein are protected by copyright and
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originality of the information contained therein.
Source: Irish Continental Group plc via Thomson Reuters ONE
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