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 
 
 
 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Irish Continental Group plc via Thomson Reuters ONE 
 
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