TIDMICGC 
 
 
   INTERIM MANAGEMENT STATEMENT 
 
 
 
 
                                      9 months to the 
                        Q3    Q3     end of September 
Financial Highlights   2014  2013    2014      2013 
                       EURm  EURm    EURm      EURm 
Revenue                93.4  84.7     224.1     205.6 
EBITDA                 28.1  26.9      42.1      42.7 
Operating Profit       23.8  22.3      29.0      28.7 
 
 
   Current trading 
 
   In the seasonally most significant quarter of the year, the three months 
to the end of September, Group revenue rose 10.3% to EUR93.4 million 
(2013: EUR84.7 million) while EBITDA rose to EUR28.1 million, compared 
with EUR26.9 million in the same quarter in 2013. Operating profit in 
the quarter was EUR23.8 million versus EUR22.3 million in the same 
period in 2013. Summer trading has been encouraging across most business 
areas, with volume and revenue growth in the passenger, car and Roll on 
Roll Off (RoRo) segments, partially offset by weaker container freight 
volumes. Fuel costs in the quarter were EUR14.3 million (2013: EUR12.7 
million) due to the additional sailings of the Epsilon, partially offset 
by lower fuel prices. 
 
   Volumes 1 July - 15 November 
 
   In the 20 weeks from 1 July 2014 to 15 November 2014 total passengers 
carried increased by 8%, while cars carried increased by 11%. In the 
RoRo freight market, Irish Ferries volumes were up 26% in the four and a 
half months. Container freight volumes for the same period were down 4% 
at 105,000 teu, due to lower feeder traffic, while units lifted at our 
ports were up 5% at 73,000 lifts. 
 
   Year to Date Volumes 
 
   Cumulatively, in the 46 weeks to 15 November 2014, total passengers 
carried were up 5% at 1,507,500, while cars carried were up 9% at 
347,200. RoRo freight volumes in the same period were up 22% on last 
year at 216,200 units. Container freight volumes were down 1% at 247,700 
teu, while units handled at our port terminals in Dublin and Belfast 
rose by 6% to 165,700 lifts. 
 
   Cumulative Financial Results to the end of September (unaudited) 
 
   Group revenue for the nine months to the end of September 2014 was 
EUR224.1 million (2013: EUR205.6 million), up 9.0%. Revenue in the 
Ferries division was up 13.0% compared with the comparable period in 
2013, while in the Container & Terminal division cumulative revenue was 
up 2.5% year on year. EBITDA for the nine months was EUR42.1 million 
(2013: EUR42.7 million), reflecting the additional operational costs of 
the Epsilon which was introduced in late 2013. Operating profit for the 
nine months was EUR29.0 million compared with EUR28.7 million in the 
same period in 2013. Net debt at the end of September was EUR57.6 
million compared with EUR71.9 million at 30 June 2014. Subsequent to the 
quarter end the interim dividend of EUR6.4 million was paid. 
 
   Pensions 
 
   Separately, on 16 October 2014, the company announced that the Pensions 
Authority had sanctioned the implementation of the deficit funding 
proposal in respect of the main Irish Ferries Pension Scheme. Under the 
terms of the proposal, the company will make deficit payments to the 
scheme of EUR1.5 million per annum for a projected period of 10 years to 
2023, or, until the deficit is eliminated, if earlier, with additional 
payments of EUR0.5 million per annum to an escrow account over the same 
period, the balance of which will also be payable to the Scheme in 
certain circumstances. 
 
   Sulphur Directive 
 
   The EU Sulphur Directive will come into force on the North Sea and the 
English Channel in approximately six weeks (1 January 2015). This will 
reduce the permissible level of sulphur in fuel consumed in those areas 
from 1% to 0.1 %. For the Group the main impact will be to require 
vessels in the Eucon fleet to burn 0.1 % sulphur fuel while in the 
English Channel. In Irish Ferries (until 2020 at least) the impact will 
be limited to the section of the Ireland / France route which falls 
within the English Channel. As 0.1% sulphur fuel is considerably more 
expensive than fuel with 1% sulphur content, the Group is engaging with 
its customers on the requirement to recover this additional 
environmental cost, which must be borne by the end user. 
 
   Dublin 
 
   17 November 2014 
 
   Enquiries 
 
   Eamonn Rothwell, CEO,                +353 1 607 5628 
 
   Garry O'Dea, Finance Director,     +353 1 607 5628 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 
 
   HUG#1871715 
 
 
  www.icg.ie
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