TIDMICGC
Wednesday 31 August 2016
Interim Management Report for the half year ended 30 June 2016
Irish Continental Group (ICG) the leading Irish-based maritime transport
group, reports a solid financial performance for the half year ended 30
June 2016.
Highlights
-- Revenue up 5.2% to EUR150.5 million (2015: EUR143.1
million)
-- EBITDA up 19.6% to EUR30.5 million (2015: EUR25.5
million)
-- Basic EPS up 32.1% to 10.3c (2015: 7.8c)
-- RoRo freight volumes up 5.6% to 139,100 units (2015:
131,700 units)
-- Cars carried up 5.5% in the period to 170,500 units
(2015: 161,600 units)
-- Container volumes shipped in the period up 7.4% to
152,700 teu (2015: 142,200 teu)
-- Port lifts handled in the period up 39.6% to 144,800
lifts (2015: 103,700 lifts)
-- MV Kaitaki to remain on charter to June 2020
-- Net Debt down 57.3% to EUR18.9 million from EUR44.3
million at 31 December 2015
-- IAS 19 accounting deficit on retirement benefit
schemes has increased from EUR5.1 million at 31
December 2015 to EUR32.8 million at 30 June 2016
-- Interim dividend 3.820 cent, up 5.0% (2015: 3.638
cent)
Commenting on the results of Irish Continental Group, Chairman John B.
McGuckian said; "I am pleased to report a strong performance for the
first six months of the financial year underpinned by increased car and
freight volumes, lower fuel prices and increased charter revenues. In
the second half of the year the uncertainty caused by the outcome of the
UK Referendum on European Union membership held on 23 June 2016 had an
initial negative impact on tourism bookings which have since recovered.
Tourism carryings over the key summer months were broadly in line with
expectation though the continuing Sterling weakness since the end of
June has resulted in lower Euro equivalent tourism yields. The UK
Referendum result has, to date, had very little impact on RoRo freight
volumes which remain strong. Notwithstanding the impact of weaker
Sterling ICG is well placed to benefit from the underlying growth trends
in both car and freight volumes."
30 August 2016
For further information please contact:
Eamonn Rothwell, Chief Executive Officer Tel: +353 1 607 5628
David Ledwidge, Chief Financial Officer Tel: +353 1 607 5628
Email: info@icg.ie
Website: www.icg.ie
RESULTS
Financial Highlights Six months to 30 June Change % Full Year
2016 2015 2015
Revenue EUR150.5m EUR143.1m +5.2% EUR320.6m
EBITDA EUR30.5m EUR25.5m +19.6% EUR75.5m
EBIT EUR20.8m EUR16.4m +26.8% EUR57.2m
The Board of Irish Continental Group plc (ICG) reports that, in the
seasonally less profitable first half of the year, the Group recorded
revenue of EUR150.5 million compared with EUR143.1 million in the same
period in 2015, an increase of 5.2%. Earnings before interest, tax,
depreciation and amortisation (EBITDA) were EUR30.5 million compared
with EUR25.5 million in the same period in 2015. Earnings before
interest and tax (EBIT) were EUR20.8 million compared with EUR16.4
million in 2015. Group fuel costs were down EUR7.5 million (36.1%) to
EUR13.3 million. Profit before tax was EUR19.7 million compared with
EUR14.9 million in the first half of 2015. The tax charge amounted to
EUR0.5 million (2015: EUR0.4 million).
There was a net finance charge of EUR1.1 million (2015: EUR1.5 million)
which includes net bank interest payable of EUR1.1 million (2015: EUR1.3
million) and a net pension interest cost of EURnil (2015: EUR0.2
million). Basic EPS was 10.3c compared with 7.8c in the first half of
2015. Adjusted EPS (before non-trading items and net pension interest
cost) amounted to 10.3c (2015: 7.9c).
The continued recovery in the Irish economy and lower global fuel prices
has been positive for the Group with increased carryings across all
business areas. These positive benefits have been partially offset
through reduced fuel surcharges to customers and increased exchange rate
volatility. The Group is a net receiver of Sterling which means a weaker
Sterling exchange rate has had a negative effect on year on year
comparisons.
OPERATIONAL REVIEW
Ferries Division
Financial Highlights Six months to 30 June Change % Full Year
2016 2015 2015
Revenue* EUR91.5m EUR86.5m +5.8% EUR203.9m
EBITDA EUR23.9m EUR20.0m +19.5% EUR63.7m
EBIT EUR15.4m EUR12.3m +25.2% EUR48.1m
*Includes intersegment revenue of EUR3.2 million (30 June 2015: EURnil)
Operational Highlights Six months to 30 June Change % Full Year
2016 2015 2015
Volumes '000 '000 '000
Cars 170.5 161.6 +5.5% 400.9
Passengers 688.6 701.6 -1.9% 1,675.8
RoRo freight 139.1 131.7 +5.6% 272.5
The division comprises Irish Ferries, a leading provider of passenger
and freight ferry services between Ireland and both the UK and
Continental Europe, and the chartering of vessels to third parties.
Irish Ferries operated over 2,500 sailings in the period.
Revenue in the division was EUR91.5 million (2015: EUR86.5 million)
while EBITDA was EUR23.9 million (2015: EUR20.0 million). EBIT increased
to EUR15.4 million (2015: EUR12.3 million).
In the first half of 2016 total cars carried were 170,500, up 5.5% on
the same period in the previous year. Total passenger carryings
decreased by 1.9% to 688,600 in the period, primarily due to foot
passenger carryings being significantly lower than the previous year.
RoRo freight volumes were up 5.6% to 139,100 units, when compared with
the first half of 2015.
The MV Kaitaki remained on charter to KiwiRail during the period,
trading in New Zealand. The container vessel MV Ranger remains on time
charter to a third party and is currently trading in North West Europe
while the MV Elbtrader, MV Elbcarrier and MV Elbfeeder remain on time
charter to the Group's container shipping subsidiary Eucon. The HSC
Westpac Express which was delivered to the Group on 1 June 2016 was
immediately chartered to a third party and is operating in Asia.
Container and Terminal Division
Financial Highlights Six months to 30 June Change % Full Year
2016 2015 2015
Revenue* EUR62.8m EUR57.2m +9.8% EUR118.2m
EBITDA EUR6.6m EUR5.5m +20.0% EUR11.8m
EBIT EUR5.4m EUR4.1m +31.7% EUR9.1m
*Includes intersegment revenue of EUR0.6 million (30 June 2015: EUR0.6
million)
Operational Highlights Six months to 30 June Change % Full Year
2016 2015 2015
Volumes '000 '000 '000
Container freight (teu*) 152.7 142.2 +7.4% 286.5
Port lifts 144.8 103.7 +39.6% 248.5
*teu: twenty foot equivalent units
The Container and Terminal Division includes the intermodal shipping
line Eucon as well as the division's strategically located container
terminals in Dublin and in Belfast.
Revenue in the division was up 9.8% to EUR62.8 million (2015: EUR57.2
million), EBITDA increased to EUR6.6 million (2015: EUR5.5 million)
while EBIT rose to EUR5.4 million (2015: EUR4.1 million).
Total containers shipped were up 7.4% at 152,700 teu (2015: 142,200
teu). Containers handled at the Group's terminals in Dublin Ferryport
Terminals (DFT) and Belfast Container Terminal (BCT) were up 39.6% to
144,800 lifts (2015: 103,700 lifts). DFT's volumes were up 5.0%, while
BCT's lifts were up 149.3%. The increase in Belfast arises from the
commencement in June 2015 of the Services Concession to BCT for the
operation of a combined container terminal at Victoria Terminal 3 (VT3).
GROUP FINANCIAL POSITION
A summary cash flow as at 30 June 2016 is presented below:
Cash Flow Six months to 30 June Full Year
2016 2015 2015
EURm EURm EURm
Operating profit (EBIT)* 20.8 16.4 57.2
Depreciation 9.7 9.1 18.3
EBITDA* 30.5 25.5 75.5
Working capital movements 27.0 22.7 (1.6)
Pension payments in excess of service
costs (1.1) (1.4) (2.7)
Other 0.1 0.1 0.6
Cash generated from operations 56.5 46.9 71.8
Interest paid (1.2) (1.4) (2.8)
Tax paid (0.2) (0.3) (0.8)
Capex (17.5) (7.4) (35.0)
Free cash flow* 37.6 37.8 33.2
Asset sales - - 0.1
Dividends (13.8) (13.1) (19.9)
Share issue 2.6 2.8 3.5
Interest received 0.1 0.1 0.1
Net flows 26.5 27.6 17.0
Opening net debt (44.3) (61.3) (61.3)
Translation/other (1.1) - -
Closing net debt* (18.9) (33.7) (44.3)
*Additional information in relation to these Alternative Performance
Measures ("APMs") is disclosed on page 17.
EBITDA for the period was EUR30.5 million compared with EUR25.5 million
in the same period in 2015. Cash flow generated from operations was
EUR56.5 million versus EUR46.9 million in 2015. Due to the seasonality
of the business there is a positive working capital movement within
payables as deferred revenue is at a higher level at the end of June
when compared to December, ahead of the peak summer tourism trading.
Capital expenditure in the period was EUR17.5 million (30 June 2015:
EUR7.4 million) including EUR9.2 million on the acquisition of HSC
Westpac Express. Pension payments in excess of service costs amounted to
EUR1.1 million (30 June 2015: EUR1.4 million). Free cash flow (net cash
from operating activities after capital expenditure) was EUR37.6 million
compared with EUR37.8 million in the previous half year. During the
period the final dividend for 2015, amounting to EUR13.8 million was
paid (31 December 2015: EUR19.9 million).
Net debt at the end of the period amounted to EUR18.9 million and this
compares with EUR44.3 million at 31 December 2015. Total borrowings have
reduced by EUR3.5 million primarily reflecting EUR6.5 million term loan
repayment and utilisation of short term overdraft facilities.
A summary balance sheet as at 30 June 2016 is presented below:
Balance Sheet Six months to 30 June Full Year
2016 2015 2015
EURm EURm EURm
Property, plant & equipment and intangible
assets 180.1 153.2 170.9
Retirement benefit surplus 2.9 6.1 5.6
Other current assets 42.9 42.5 42.9
Cash and bank balances 46.9 33.5 25.0
Total assets 272.8 235.3 244.4
Non-current borrowings 48.2 52.3 55.3
Retirement benefit obligation 35.7 5.4 10.7
Other non-current liabilities 3.7 4.9 4.7
Current borrowings 17.6 14.9 14.0
Other current liabilities 74.1 68.4 44.2
Total liabilities 179.3 145.9 128.9
Total equity 93.5 89.4 115.5
Total equity and liabilities 272.8 235.3 244.4
The principal reason for the movement in the property, plant and
equipment and intangible assets in the period relates to the acquisition
of HSC Westpac Express together with scheduled replacement expenditure
and is offset by depreciation and disposals in the period.
The total net deficit of all defined benefit pension schemes at 30 June
2016 was EUR32.8 million in comparison to EUR5.1 million at 31 December
2015. The deficit increase reflects an actuarial loss of EUR28.5 million
primarily related to a decrease in high quality corporate bond yields,
which drives the discount rate used to value scheme liabilities.
Shareholders' equity decreased to EUR93.5 million from EUR115.5 million
at 31 December 2015. The main reasons for the movement were primarily
due to dividends paid of EUR13.8 million and an actuarial loss arising
on retirement benefit schemes of EUR28.5 million offset by profit for
the financial period of EUR19.2 million.
DIVID
The Board has declared an interim dividend of 3.820 cent per ICG Unit
payable on 7 October to shareholders on the register at 23 September
2016.
FUEL
Six months to 30 June Change % Full Year
2016 2015 2015
Fuel costs EUR13.3m EUR20.8m -36.1% EUR39.0
Group fuel costs in the first half of 2016 amounted to EUR13.3 million
(2015: EUR20.8 million). The reduction in fuel cost was due to the fall
in global US Dollar oil prices, offset by a stronger US Dollar versus
Euro.
In the reporting period the Group had not engaged in financial
derivative trading to hedge its fuel costs. The Group has in place a
transparent fuel surcharge mechanism linked to the spot market for fuel
oils. In line with the reduced cost of fuel, surcharge revenues were
lower.
FLEET CHANGES
On 15 April 2016, ICG announced that it had entered into an agreement
for the purchase of the High Speed Craft 'Westpac Express' for $13.25
million. The vessel was delivered to the Group on 1 June 2016 and is
currently on charter to a third party.
On 31 May 2016, ICG announced that it had entered into an agreement with
the German company Flensburger Schiffbau-Gesselschaft & Co.KG ("FSG")
whereby FSG has agreed to build a cruise ferry for ICG at a contract
price of EUR144 million. This is scheduled for delivery during 2018 and
will be financed through a combination of cash resources and loan
facilities. This new vessel investment will support the longer term
objectives of our business. It is likely that this new cruise ferry will
be introduced on routes served by the chartered ship MV Epsilon. The
cruise ferry will be designed to best meet the seasonality of our
business. This flexibility in design includes the ability to service all
of Irish Ferries existing routes, and will provide even greater route
management options. The charter-in of the MV Epsilon has been extended
for a further period of two years. The charter will now expire in
November 2018.
KiwiRail, the charterer of MV Kaitaki, has exercised its option to
extend the charter commencing on the expiry of the current term for a
further term of three years ending June 2020.
RELATED PARTY TRANSACTIONS
There were no related party transactions in the half year that have
materially affected the financial position or performance of the Group
in the period. In addition, there were no changes in related party
transactions from the last annual report that could have a material
effect on the financial position or performance of the Group in the
first six months.
PRINCIPAL RISKS AND UNCERTAINTIES
The Group has a risk management structure in place which is designed to
identify, manage and mitigate the threats to the business on an ongoing
basis. The Board considers the principal risks and uncertainties as set
out in detail on pages 26 and 27 of the 2015 Annual Report to remain
applicable for the second half of 2016. These risks are as follows:
-- Safety and business continuity
-- IT systems, information security and cyber threats
-- Commercial and market risk
-- Commodity price risk
-- Financial risks
-- Retirement benefit schemes
The Group notes the result of the UK Referendum on the European Union
membership. The structural effect of a UK exit on the economies in our
sphere of operations will only be clearer once the exit terms are
negotiated. In the second half of 2016 the Group expects greater
volatility in its main non-operating currencies, Sterling and U.S Dollar,
affecting revenues, costs and demand for travel services to Ireland.
These risks will be managed within the Group's risk management process.
EVENTS AFTER THE REPORTING PERIOD
The Board has declared an interim dividend of 3.820 cent per ICG Unit in
respect 2016.
There have been no other material events affecting the Group to report
since 30 June 2016.
GOING CONCERN
After making enquiries and taking into account the Group's committed
banking facilities which extend to September 2017, the Directors believe
that the Group has adequate resources to continue in operational
existence for the foreseeable future. In forming this view the Directors
have considered the future cash requirements of the Group's business in
the context of the economic environment over the next 12 months, the
principal risks and uncertainties facing the Group, the Group's budget
plan and the medium term strategy of the Group, including capital
investment plans. The future cash requirements have been compared to
bank facilities which the Directors have negotiated. For this reason,
they continue to adopt the going concern basis in preparing this half
yearly financial report.
AUDITOR REVIEW
This half yearly financial report has not been audited or reviewed by
the auditors of the Group pursuant to the Auditing Practices Board
guidance on Review of Interim Financial Information.
CURRENT TRADING & OUTLOOK
The uncertainty arising from the result of the UK Referendum on European
Union membership held on 23 June 2016 had an initial negative impact on
UK consumer demand. The demand situation seems to have settled now as
the initial shock of the Referendum result has waned although the
negative Sterling impact on yields remains.
The UK Referendum result has had little impact on RoRo freight volumes
to date and it is too early to assess its future impact.
The rate of increase in tourism carryings in the peak summer season has
been lower than in the first six months. In the period from 1 July 2016
to 27 August 2016 117,400 cars were carried on our services which is an
increase of 2% on the same period in 2015. Foot passengers carried,
which are of lesser significance to our tourism performance, were down
15%, resulting in a reduction in total passengers of 3%.
RoRo freight carryings in the period from 1 July 2016 to 27 August 2016
have remained strong and are exhibiting continued growth. Total units
carried amounting to 44,200 represented an increase of 4% over the
corresponding period last year.
Cumulatively in the period from 1 January 2016 to 27 August 2016, Irish
Ferries carried 287,900 cars up 4% while the number of passengers
carried declined to 1,162,100 passengers, down 2%, compared with the
same period last year. In the Roll on Roll off freight market, Irish
Ferries carried 183,300 units, an increase of 5% compared with the same
period in 2015.
In the period from 1 July 2016 to 27 August 2016, the Container and
Terminal division container carryings were 47,300, an increase of 1% on
the corresponding period last year. Port lifts were 44,800, an increase
of 2% compared to the same period last year.
Cumulatively in the period from 1 January 2016 to 27 August 2016,
container freight volumes shipped were up 6% at 200,000 teu compared
with the same period last year. Port lifts rose by 28% to 189,600 lifts
year on year, helped by the additional operations at Belfast in the
first half of 2016.
In the absence of unforeseen circumstances, the outlook for the
remainder of the year is for a continuation of the overall business
momentum seen to date with some easing in our tourism revenues, growth
in our RoRo and LoLo revenues and increased contribution from our
external ship chartering activities.
FORWARD-LOOKING STATEMENTS
This report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the
information available to them up to the time of their approval of this
report. These forward-looking statements should be treated with caution
due to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward looking information.
This report has been prepared for the Group as a whole and therefore
gives greater emphasis to those matters which are significant to Irish
Continental Group plc and its subsidiaries when viewed as a whole.
Website
This half yearly financial report and Interim Management Report are
available on the Group's website www.icg.ie.
John B. McGuckian
Chairman
30 August 2016
RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Half Yearly Financial
Report in accordance with the Transparency (Directive 2004/109/EC)
Regulations 2007 (as amended), the related Transparency Rules of the
Central Bank of Ireland and IAS 34, 'Interim Financial Reporting' as
adopted by the European Union.
-- the Group Condensed Financial Statements for the half year ended 30 June
2016 have been prepared in accordance with the International Accounting
Standard applicable to interim financial reporting (IAS 34 Interim
Financial Reporting) adopted pursuant to the procedure provided for under
Article 6 of the Regulation (EC) No. 1606/2002 of the European Parliament
and the Council of 19 July 2002;
-- the Interim Management Report includes a fair review of the important
events that have occurred during the first six months of the financial
year, their impact on the Group Condensed Financial Statements for the
half year ended 30 June 2016, and a description of the principal risks
and uncertainties for the remaining six months; and
-- the Interim Management Report includes a fair review of related party
transactions that have occurred during the first six months of the
current financial year and that have materially affected the financial
position or the performance of the Group during that period, and any
changes in the related parties transactions described in the last Annual
Report that could have a material effect on the financial position or
performance of the Group in the first six months of the current financial
year.
On behalf of the Board
Eamonn Rothwell Chief Executive Officer
David Ledwidge Chief Financial Officer
30 August 2016
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE HALF YEARED 30 JUNE 2016
Half Half
year year Year
ended ended ended
30 Jun 30 Jun 31 Dec
2016 2015 2015
Notes EURm EURm EURm
Revenue 3 150.5 143.1 320.6
Depreciation and amortisation (9.7) (9.1) (18.3)
Employee benefits expense (9.2) (9.1) (21.4)
Other operating expenses (110.8) (108.5) (223.7)
Operating profit 20.8 16.4 57.2
Investment revenue 0.1 0.1 0.1
Finance costs (1.2) (1.6) (3.2)
Profit before taxation 19.7 14.9 54.1
Income tax expense (0.5) (0.4) (0.4)
Profit for the financial period:
all attributable to equity holders of the parent
19.2 14.5 53.7
Earnings per ordinary share - expressed in EUR cent
per share
Basic 5 10.3c 7.8c 28.9c
Diluted 5 10.2c 7.7c 28.5c
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 JUNE 2016
Half Half
year year Year
ended ended ended
30 Jun 30 Jun 31 Dec
2016 2015 2015
Notes EURm EURm EURm
Profit for the financial period 19.2 14.5 53.7
Items that may be reclassified
subsequently to profit or loss:
Cash flow hedges:
- Fair value losses arising during the financial period (0.2) (0.1) (0.2)
- Transfer to Consolidated Income Statement
net settlement of cash flow hedge 0.2 0.2 0.4
Exchange differences on translation
of foreign operations (1.7) 0.4 0.3
Exchange difference on defined benefit
pension schemes (0.3) - 0.2
Items that will not be reclassified
subsequently to profit or loss:
Actuarial (loss) / gain on defined benefit
pension schemes 11 (28.5) 23.6 16.5
Deferred tax on defined benefit pension schemes 0.8 (0.2) (0.3)
Other comprehensive (expense) / income
for the financial period (29.7) 23.9 16.9
Total comprehensive (expense) / income for the financial
period: all
attributable to equity holders of the parent
(10.5) 38.4 70.6
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
30 Jun 30 Jun 31 Dec
2016 2015 2015
Notes EURm EURm EURm
Assets
Non-current assets
Property, plant and equipment 6 179.3 152.4 170.0
Intangible assets 7 0.8 0.8 0.9
Retirement benefit surplus 11 2.9 6.1 5.6
183.0 159.3 176.5
Current assets
Inventories 2.1 2.4 1.9
Trade and other receivables 40.8 40.1 41.0
Cash and bank balances 8 46.9 33.5 25.0
89.8 76.0 67.9
Total assets 272.8 235.3 244.4
Equity and liabilities
Equity
Share capital 12.2 12.1 12.1
Share premium 15.6 12.4 13.1
Other reserves (11.7) (8.6) (9.0)
Retained earnings 77.4 73.5 99.3
Equity attributable to equity holders 93.5 89.4 115.5
Non-current liabilities
Borrowings 8 48.2 52.3 55.3
Deferred tax liabilities 3.0 4.0 3.8
Provisions 0.4 0.5 0.5
Deferred grant 0.3 0.4 0.4
Retirement benefit obligation 11 35.7 5.4 10.7
87.6 62.6 70.7
Current liabilities
Borrowings 8 17.6 14.9 14.0
Trade and other payables 72.5 66.9 43.0
Derivative financial instruments 0.5 0.6 0.5
Current income tax liabilities 0.4 0.3 0.1
Provisions 0.6 0.5 0.5
Deferred grant 0.1 0.1 0.1
91.7 83.3 58.2
Total liabilities 179.3 145.9 128.9
Total equity and liabilities 272.8 235.3 244.4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2016
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2016 12.1 13.1 (9.0) 99.3 115.5
Profit for the financial
period - - - 19.2 19.2
Other comprehensive
expense - - (1.7) (28.0) (29.7)
Total comprehensive
expense for the financial
period - - (1.7) (8.8) (10.5)
Employee share-based
payments expense - - 0.1 - 0.1
Share issue 0.1 2.5 - - 2.6
Dividends (note 4) - - - (13.8) (13.8)
Transferred to retained
earnings
on exercise of share
options - - (1.1) 1.1 -
Settlement of equity
plans
through market purchase
of shares - - - (0.4) (0.4)
0.1 2.5 (2.7) (21.9) (22.0)
Balance at 30 June 2016 12.2 15.6 (11.7) 77.4 93.5
Analysed as follows:
Share capital 12.2
Share premium 15.6
Other reserves (11.7)
Retained earnings 77.4
93.5
Other Reserves comprise the following:
Share
Capital Options Hedging Translation
Reserve Reserve Reserve Reserve Total
EURm EURm EURm EURm EURm
Balance at 1 January 2016 7.3 3.3 (0.5) (19.1) (9.0)
Other comprehensive expense - - - (1.7) (1.7)
Employee share-based
payments expense - 0.1 - - 0.1
Transferred to retained
earnings
on exercise of share options - (1.1) - - (1.1)
- (1.0) - (1.7) (2.7)
Balance at 30 June 2016 7.3 2.3 (0.5) (20.8) (11.7)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2015
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2015 12.0 9.7 (8.0) 47.6 61.3
Profit for the financial
period - - - 14.5 14.5
Other comprehensive income - - 0.5 23.4 23.9
Total comprehensive
income for the financial
period - - 0.5 37.9 38.4
Employee share-based
payments expense - - 0.1 - 0.1
Share issue 0.1 2.7 - - 2.8
Dividends (note 4) - - - (13.1) (13.1)
Transferred to retained
earnings
on exercise of share options - - (1.2) 1.2 -
Settlement of equity plans
through market purchase of
shares - - - (0.1) (0.1)
0.1 2.7 (0.6) 25.9 28.1
Balance at 30 June 2015 12.1 12.4 (8.6) 73.5 89.4
Analysed as follows:
Share capital 12.1
Share premium 12.4
Other reserves (8.6)
Retained earnings 73.5
89.4
Other Reserves comprise the following:
Share
Capital Options Hedging Translation
Reserve Reserve Reserve Reserve Total
EURm EURm EURm EURm EURm
Balance at 1 January 2015 7.3 4.8 (0.7) (19.4) (8.0)
Other comprehensive
income - - 0.1 0.4 0.5
Employee share-based
payments expense - 0.1 - - 0.1
Transferred to retained
earnings
on exercise of share
options - (1.2) - - (1.2)
- (1.1) 0.1 0.4 (0.6)
Balance at 30 June 2015 7.3 3.7 (0.6) (19.0) (8.6)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR FINANCIALED 31 DECEMBER 2015
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2015 12.0 9.7 (8.0) 47.6 61.3
Profit for the financial year - - - 53.7 53.7
Other comprehensive income - - 0.5 16.4 16.9
Total comprehensive
income for the financial year - - 0.5 70.1 70.6
Employee share-based
payments expense - - 0.1 - 0.1
Share issue 0.1 3.4 - - 3.5
Dividends (note 4) - - - (19.9) (19.9)
Settlement of equity plans
through market purchase of shares - - - (0.1) (0.1)
Transferred to retained earnings on exercise of share
options - - (1.6) 1.6 -
0.1 3.4 (1.0) 51.7 54.2
Balance at 31 December 2015 12.1 13.1 (9.0) 99.3 115.5
Analysed as follows:
Share capital 12.1
Share premium 13.1
Other reserves (9.0)
Retained earnings 99.3
115.5
Other Reserves comprise the following:
Share
Capital Options Hedging Translation
Reserve Reserve Reserve Reserve Total
EURm EURm EURm EURm EURm
Balance at 1 January 2015 7.3 4.8 (0.7) (19.4) (8.0)
Other comprehensive income - - 0.2 0.3 0.5
Employee share-based
payments expense - 0.1 - - 0.1
Transferred to retained
earnings
on exercise of share options - (1.6) - - (1.6)
- (1.5) 0.2 0.3 (1.0)
Balance at 31 December 2015 7.3 3.3 (0.5) (19.1) (9.0)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 JUNE 2016
30 Jun 30 Jun 31 Dec
2016 2015 2015
Notes EURm EURm EURm
Net cash inflow from operating activities 12 55.1 45.2 68.2
Cash flow from investing activities
Interest received 0.1 0.1 0.1
Proceeds on disposal of property, plant and
equipment - - 0.1
Purchases of property, plant and equipment (17.4) (7.1) (34.4)
Purchase of intangible assets (0.1) (0.3) (0.6)
Net cash outflow from investing activities (17.4) (7.3) (34.8)
Cash flow from financing activities
Dividends paid to equity holders of
the Company (13.8) (13.1) (19.9)
Repayments of bank borrowings (6.5) (16.5) (28.0)
Repayments of obligations under finance leases (0.5) (0.5) (1.0)
Proceeds on issue of ordinary share capital 2.6 2.8 3.5
Settlement of equity plans through market purchase
of shares (0.4) (0.1) (0.1)
New bank loans raised - 2.5 17.5
Net cash outflow from financing activities (18.6) (24.9) (28.0)
Net increase in cash and cash equivalents 19.1 13.0 5.4
Cash and cash equivalents at the beginning
of the period 25.0 19.4 19.4
Effect of foreign exchange rate changes (0.8) 0.2 0.2
Cash and cash equivalents at the end of the
period 8 43.3 32.6 25.0
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 30 JUNE 2016
1. General information
The condensed interim financial statements are considered non-statutory
financial statements for the purposes of the Companies Act 2014 and in
compliance with section 340(4) of that Act we state that:
-- the condensed interim financial statements for the half year to 30 June
2016 have been prepared to meet our obligation to do so under the
Transparency (Directive 2004/109/EC) Regulations 2007 (as amended);
-- the condensed interim financial statements for the half year to 30 June
2016 do not constitute the statutory financial statements of the Group;
-- The figures disclosed relating to 31 December 2015 have been derived from
the statutory financial statements for the financial year ended 31
December 2015 which were audited, received an unqualified audit report
and have been filed with the Registrar of Companies.
-- The interim figures included in the condensed financial statements for
the six months ended 30 June 2016 and the comparative amounts for the six
months ended 30 June 2015 are unaudited and a statutory report under S391
of the Companies Act 2014 has not been issued by the statutory auditor.
Certain financial measures set out in our Half Yearly Report to 30 June
2016 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.
APM Description Benefit of APM
EBITDA EBITDA represents earnings before non-trading items, Eliminates the effects of financing and accounting
interest, tax, depreciation and amortisation. decisions to allow assessment of the profitability
and performance of the Group.
EBIT EBIT represents earnings before non-trading items, Measures the Group's earnings from ongoing
interest and tax. operations.
Free Free cash flow comprises operating cash flow less Assesses the availability to the Group of funds for
cash capital expenditure. reinvestment or for return to shareholders.
flow
Net Net debt comprises total borrowings less cash and Measures the Group's ability to repay its debts if
debt cash equivalents. they were to fall due immediately.
*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.
2. Accounting policies
The Group Condensed Financial Statements for the six months ended 30
June 2016 have been prepared in accordance with the Transparency
(Directive 2004/109/EC) Regulations 2007 (as amended), the related
Transparency Rules of the Central Bank of Ireland and with IAS 34
'Interim Financial Reporting' as adopted by the European Union.
The accounting policies and methods of computation applied in preparing
these condensed financial statements are consistent with those set out
in the Group Annual Report for the financial year ended 31 December
2015, which is available at www.icg.ie.
The Group did not adopt any new International Financial Reporting
Standards (IFRS) or Interpretations in the period that had a material
impact on the Group Condensed Financial Statements for the half year.
At 30 June 2016, the following Standards and Interpretations have become
effective since our last Annual Report but had no material impact on the
results or financial position of the Group:
Title Effective date -
periods beginning on
or after
IFRS 5 (Amendment) Non-current Assets Held for Sale 1 January 2016
and Discontinued Operations
IFRS 7 (Amendment) Financial Instruments: Disclosures 1 January 2016
IFRS 10 (Amendments) Consolidated Financial Statements 1 January 2016
IFRS 11 (Amendment) Joint Arrangements 1 January 2016
IFRS 12 (Amendment) Disclosure of Interests in Other 1 January 2016
Entities
IFRS 14 Regulatory Deferral Accounts 1 January 2016
IAS 1 (Amendment) Presentation of Financial Statements 1 January 2016
IAS 16 (Amendments) Property, Plant and Equipment 1 January 2016
IAS 19 (Amendment) Employee Benefits 1 January 2016
IAS 27 (Amendment) Consolidated and Separate Financial 1 January 2016
Statements
IAS 28 (Amendments) Investments in Associates 1 January 2016
IAS 34 (Amendment) Interim Financial Reporting 1 January 2016
IAS 38 (Amendment) Intangible Assets 1 January 2016
IAS 41 (Amendment) Agriculture 1 January 2016
There have been no material changes in estimates in these half yearly
financial information based on the estimates that have previously been
made in the prior year financial statements to 31 December 2015. The net
deficit in retirement benefit schemes has increased by EUR27.7 million
since 31 December 2015, primarily related to a decrease in high quality
corporate bond yields, which drives the discount rate used to value
scheme liabilities. Other than the item noted above there has been no
other material change in estimates.
3. Segmental information: Analysis by class of business
The 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 & Terminal. These segments are
the basis on which the Group reports internally and are the only two
revenue generating segments of the Group. The principal activities of
the Ferries segment are the operation of combined RoRo passenger ferries
and chartering of vessels. The principal activities of the Container &
Terminal segment are the provision of door-to-door and feeder LoLo
freight services, stevedoring and other related terminal services. There
has been no change in the basis of segmentation or in the basis
measurement of segment profit or loss in the period. Under IFRS 8:
Operating Segments, the Group has determined that the operating segments
are (i) Ferries and (ii) Container and Terminal.
Half year ended Year ended
30 Jun 2016 30 Jun 2015 31 Dec 2015
Profit Profit
External Profit External before External before
Revenue before tax Revenue tax Revenue tax
EURm EURm EURm EURm EURm EURm
Ferries 91.5 15.4 86.5 12.3 203.9 48.1
Container and
Terminal 62.8 5.4 57.2 4.1 118.2 9.1
Inter-segment
Revenue (3.8) - (0.6) - (1.5) -
Operating
profit - 20.8 - 16.4 - 57.2
Net Interest -
Ferries - (1.0) - (1.4) - (2.9)
Net interest -
Container
and Terminal - (0.1) - (0.1) - (0.2)
Total 150.5 19.7 143.1 14.9 320.6 54.1
Revenue in the Group's Ferries Division is weighted towards the second
half of the year due to patterns of passenger demand.
There has been no material change in the share of total assets /
liabilities between segments from the share disclosed in the prior year
financial statements to 31 December 2015.
4. Dividend
Half year Half year Year
ended ended ended
30 Jun 2016 30 Jun 2015 31 Dec 2015
EURm EURm EURm
Interim dividend - - 6.8
Final dividend 13.8 13.1 13.1
13.8 13.1 19.9
In June 2016 a final dividend of 7.387 cent per ICG Unit was declared
and paid for the financial year ended 31 December 2015. In June 2015 a
final dividend of 7.035 cent per ICG Unit was paid for the year ended 31
December 2014. In September 2015 an interim dividend of 3.638 cent per
ICG Unit was paid for the year ended 31 December 2015.
5. Earnings per share
Half year Half year Year
ended ended ended
30 Jun 2016 30 Jun 2015 31 Dec 2015
Number of shares '000 '000 '000
Weighted average number of ordinary
shares for
the purpose of basic earnings per
share 186,803 185,275 185,776
Effect of dilutive potential ordinary
shares: Share
options 1,811 2,739 2,806
Weighted average number of ordinary
shares for
the purpose of diluted adjusted
earnings per share 188,614 188,014 188,582
The denominator for the purposes of calculating both basic and diluted
earnings per share has been adjusted to reflect shares issued during the
period.
The earnings used in both the adjusted basic and diluted earnings per
share have been adjusted to take into account non-trading items and the
net interest cost on defined benefit pension schemes.
Profit attributable to ordinary shareholders
The calculation of the basic and diluted earnings
per share attributable to the ordinary equity
holders of the parent is based on the following data:
Half year Half year Year
ended ended ended
30 Jun 2016 30 Jun 2015 31 Dec 2015
Earnings EURm EURm EURm
Earnings for the purpose of basic and
diluted
earnings per share - Profit for the
financial period
attributable to equity holders of the
parent 19.2 14.5 53.7
Earnings for the purpose of adjusted
earnings per
share - Profit for the financial period
attributable
to equity holders of the parent 19.2 14.5 53.7
Effect of net interest expense on
defined benefit
pension schemes - 0.2 0.4
Earnings for the purpose of adjusted
earnings per
share 19.2 14.7 54.1
Cent Cent Cent
Basic earnings per share 10.3 7.8 28.9
Diluted earnings per share 10.2 7.7 28.5
Adjusted basic earnings per share 10.3 7.9 29.1
Adjusted diluted earnings per share 10.2 7.8 28.7
6. Property, plant and equipment
Plant and Land and
Vessels equipment Vehicles buildings Total
EURm EURm EURm EURm EURm
Cost
At 1 January 2016 327.7 57.5 1.1 25.2 411.5
Additions 19.4 0.3 0.2 - 19.9
Disposals (6.0) (0.1) (0.2) - (6.3)
Exchange differences (0.7) (0.6) - - (1.3)
At 30 June 2016 340.4 57.1 1.1 25.2 423.8
Accumulated depreciation
At 1 January 2016 192.0 40.2 0.8 8.5 241.5
Charge for period 7.9 1.5 0.1 0.1 9.6
Disposals (6.0) (0.1) (0.2) - (6.3)
Exchange differences - (0.3) - - (0.3)
At 30 June 2016 193.9 41.3 0.7 8.6 244.5
Carrying amount
At 1 January 2016 135.7 17.3 0.3 16.7 170.0
At 30 June 2016 146.5 15.8 0.4 16.6 179.3
At 30 June 2015 117.7 17.4 0.4 16.9 152.4
At 30 June 2016 the Group has entered into commitments to the value of
EUR147.1 million (2015: EUR2.3 million) for the purchase of fixed
assets.
7. Intangible assets
Software
EURm
Cost
At 1 January 2016 10.2
Additions 0.1
At 30 June 2016 10.3
Amortisation
At 1 January 2016 9.3
Charge for the period 0.2
At 30 June 2016 9.5
Carrying amount
At 1 January 2016 0.9
At 30 June 2016 0.8
At 30 June 2015 0.8
8. Net debt and cash
Cash Overdrafts Loans Leases Total
EURm EURm EURm EURm EURm
At 1 January 2016
Current assets 25.0 - - - 25.0
Creditors due within one year - - (13.0) (1.0) (14.0)
Creditors due after one year - - (52.7) (2.6) (55.3)
25.0 - (65.7) (3.6) (44.3)
Cash flow 23.2 - - - 23.2
Foreign exchange rate changes (1.3) - - 0.1 (1.2)
Drawdown - (3.6) - - (3.6)
Repayment - - 6.5 0.5 7.0
21.9 (3.6) 6.5 0.6 25.4
At 30 June 2016
Current assets 46.9 - - - 46.9
Creditors due within one year - (3.6) (13.0) (1.0) (17.6)
Creditors due after one year - - (46.2) (2.0) (48.2)
46.9 (3.6) (59.2) (3.0) (18.9)
At 30 June 2015
Current assets 33.5 - - - 33.5
Creditors due within one year - (0.9) (13.0) (1.0) (14.9)
Creditors due after one year - - (49.2) (3.1) (52.3)
33.5 (0.9) (62.2) (4.1) (33.7)
The loan drawdown and repayments have been made under the Group's loan
facilities.
Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash
equivalents include cash on hand and in banks net of outstanding bank
overdrafts. Cash and cash equivalents at the end of the reporting period
as shown in the statement of cash flows can be reconciled as follows:
30 Jun 30 Jun 31 Dec
2016 2015 2015
EURm EURm EURm
Cash and bank balances 46.9 33.5 25.0
Bank overdraft (3.6) (0.9) -
Cash and cash equivalents 43.3 32.6 25.0
9. Tax
Corporation tax for the interim period is estimated based on the best
estimates of the weighted average annual corporation tax rate expected
to apply to each taxable entity for the full financial year.
The Company and subsidiaries that are within the EU approved Tonnage Tax
jurisdictions have elected to be taxed under the tonnage tax scheme.
Under the tonnage tax scheme, taxable profit on eligible activities is
calculated on a specified notional profit per day related to the tonnage
of the ships utilised.
10. Financial instruments and risk management
The Groups activities expose it to a variety of financial risks
including interest rate risk, foreign currency risk, liquidity risk and
credit risk. The Group's funding, liquidity and exposure to interest and
foreign exchange rate risks are managed by the Group's treasury and
accounting departments. A combination of derivative financial
instruments and treasury management techniques are used to manage these
underlying risks. These interim condensed financial statements do not
include all financial risk management information and disclosures
required in the annual financial statements, and should be read in
conjunction with the 2015 Annual Report. There have been no changes to
the risk management procedures or policies since the 2015 year end.
Fair value hierarchy
The Group has adopted the following fair value measurement hierarchy for
financial instruments:
-- Level 1: quoted (unadjusted) prices in active markets for identical
assets and liabilities.
-- Level 2: other techniques for which all inputs that have a significant
effect on the recorded fair value are observable, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
-- Level 3: techniques that use inputs which have a significant effect on
the recorded fair value that are not based on observable market data.
The fair value of financial assets and financial liabilities that are
carried in the Statement of Financial Position at fair value are
classified within Level 2 of the fair value hierarchy as market
observable inputs (forward rates and yield curves) are used in arriving
at fair values. There have been no movement between levels in the
current period.
Fair value of financial assets and financial liabilities measured at
amortised cost
At 30 June 2016 the carrying value and fair value of borrowings was
EUR65.8 million and EUR66.3 million respectively (31 December 2015:
EUR69.3 million and EUR66.3 million respectively), which consists of the
bank overdraft, loans and leases in Note 8.
The fair value of borrowings at 30 June 2016 was higher than the
carrying value reflecting a reduction in the estimated discount rate of
the Group's own credit risk.
The fair value of the following financial assets and financial
liabilities approximate their carrying value:
-- Trade and other receivables
-- Cash and bank balances
-- Trade and other payables
Fair value of derivative financial instruments
Derivative financial instruments are measured in the Statement of
Financial Position at fair value. The fair values of derivative
financial instruments are based on market price calculations using
financial models based on market observable rates.
The fair value of derivative financial instruments was a liability of
EUR0.5 million as at 30 June 2016 (31 December 2015: a liability of
EUR0.5 million) which consisted of interest rate swaps. All cash flow
hedges were effective and fair value losses of EUR0.2 million (31
December 2015: losses of EUR0.2 million) were recorded in other
comprehensive income and net settlements amounted to EUR0.2 million (31
December 2015: EUR0.4 million).
The Group utilised interest rate swaps during the period ended 30 June
2016 and year ended 31 December 2015 whereby it swapped its entire
EURIBOR floating interest rate exposure under the amortising term loan
facility for fixed interest rates. The notional capital amount
outstanding of this contract at 30 June 2016 was EUR44.2 million (31
December 2015: EUR50.7 million) and the notional amounts for all future
periods match the amortising schedule of the loan agreement. The
estimated fair value has been accumulated in equity and will be
subsequently recognised in the Consolidated Income Statement in the same
period as the hedged expense.
The Group utilises currency derivatives to hedge future cash flows in
the management of its exchange rate exposures. At 30 June 2016 and 31
December 2015 there were no material outstanding forward foreign
exchange contracts.
11. Retirement benefit schemes
Retirement benefit scheme valuations have been updated at the half year.
Scheme assets have been valued as per investment managers valuations at
30 June 2016. In consultation with the actuary to the principal group
defined benefit pension schemes, the discount rate used in relation to
the pension scheme liabilities is 1.40% for Euro liabilities (31
December 2015: 2.20%) and 2.70% for Sterling liabilities (31 December
2015: 3.75%).
At 30 June 2016 the Groups total obligation in respect of defined
benefit schemes totals EUR299.0 million (31 December 2015: EUR268.8
million). The schemes held assets of EUR266.2 million (31 December 2015:
EUR263.7 million), giving a net pension deficit of EUR32.8 million (31
December 2015: EUR5.1 million).
The principal assumptions used for the purpose of the actuarial
valuations were as follows:
Half year ended Year ended
30 Jun 2016 30 Jun 2015 31 Dec 2015
Sterling Euro Sterling Euro Sterling Euro
Discount
rate 2.70% 1.40% 3.65% 2.40% 3.75% 2.20%
Inflation
rate 2.90% 1.40% 3.30% 1.75% 3.10% 1.50%
Rate of
increase of
pensions in 0.50% - 0.80% - 0.60% -
payment 2.75% 0.60% 3.00% 0.90% 2.90% 0.70%
Rate of
pensionable
salary 0.00% - 0.00% -
increases 1.36% 1.00% 1.52% 1.10% 1.44% 1.00%
The deficit increase reflects an actuarial loss of EUR28.5 million
primarily related to a decrease in high quality corporate bond yields,
which drives the discount rate used to value scheme liabilities. The
reduction in the inflation assumptions reflects the change in the
differential between yields between fixed interest and index linked
Government bonds. This also reduces the assumption used for pension and
salary increases.
Movement in retirement benefit schemes
net deficit Half year Half year Year
ended ended ended
30 Jun 2016 30 Jun 2015 31 Dec 2015
EURm EURm EURm
Opening deficit (5.1) (24.1) (24.1)
Current service cost (0.9) (1.0) (1.9)
Employer contributions paid 2.0 2.2 4.3
Past service credit - 0.2 0.3
Net interest cost - (0.2) (0.4)
Actuarial (loss) / gain (28.5) 23.6 16.5
Other (0.3) - 0.2
Net (deficit) / surplus (32.8) 0.7 (5.1)
Schemes in surplus 2.9 6.1 5.6
Schemes in deficit (35.7) (5.4) (10.7)
Net (deficit) / surplus (32.8) 0.7 (5.1)
12. Net cash from operating activities
30 Jun 30 Jun 31 Dec
2016 2015 2015
EURm EURm EURm
Operating activities
Profit for the financial year 19.2 14.5 53.7
Adjustments for:
Finance costs (net) 1.1 1.5 3.1
Income tax expense 0.5 0.4 0.4
Retirement benefit schemes - current service cost 0.9 1.0 1.9
Retirement benefit schemes - payments (2.0) (2.2) (4.3)
Retirement benefit schemes - past service credit - (0.2) (0.3)
Depreciation of property, plant and equipment 9.6 9.0 18.0
Amortisation of intangible assets 0.2 0.2 0.4
Amortisation of deferred grant (0.1) (0.1) (0.1)
Share-based payment expense 0.1 0.1 0.1
Gain on disposal of property, plant and equipment - - (0.1)
Impairment - - 0.6
Operating cash flow before movements in
working capital 29.5 24.2 73.4
(Increase) / decrease in inventories (0.2) (0.4) 0.1
Decrease / (increase) in receivables 0.2 (5.4) (6.3)
Increase in payables 27.0 28.5 4.6
Cash generated from operations 56.5 46.9 71.8
Income taxes paid (0.2) (0.3) (0.8)
Interest paid (1.2) (1.4) (2.8)
Net cash generated from operating activities 55.1 45.2 68.2
At 30 June 2016 and 30 June 2015 the increase in payables is due to the
seasonality of the business, giving rise to an increase in deferred
revenue, as at 30 June 2016 and 2015.
13. Related party transactions
Transactions between the company and its subsidiaries, which are related
parties, have been eliminated on consolidation.
During the six months ended 30 June 2016 there were no material changes
to, or material transactions between Irish Continental Group plc and its
key management personnel or members of their close family, other than in
respect of remuneration and dividends.
14. Contingent assets / liabilities
There have been no material changes in contingent assets or liabilities
as reported in the Group's financial statement for the year ended 31
December 2015.
15. Impairment
Under IFRS, goodwill and other indefinite-lived intangible assets are
required to be tested at least annually for impairment. As the Group
does not have these assets no impairment review is required.
In relation to assets other than those listed above, the Group assessed
those assets to determine if there were any indications of impairment.
No internal or external indications of impairment were identified and
consequently no impairment review was performed.
16. Composition of the entity
There have been no changes in the composition of the entity during the
period ended 30 June 2016.
17. Commitments
30 Jun 30 Jun 31 Dec
2016 2015 2015
EURm EURm EURm
Commitments for the acquisition of property, plant
and equipment - approved and contract for 147.1 2.3 10.1
18. Events after the reporting period
The Board has declared an interim dividend of 3.820 cent per ICG Unit in
respect of 2016.
There have been no other material events affecting the Group to report
since 30 June 2016.
19. Board approval
This interim report was approved by the Board of Directors of Irish
Continental Group plc on 30 August 2016.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.icg.ie/
(END) Dow Jones Newswires
August 31, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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