We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Irish Continental Group Plc | LSE:ICGC | London | Ordinary Share | IE00BLP58571 | UTS (COMP 1 ORD EUR0.065 & 10 RED) (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 443.00 | 428.00 | 458.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Transportation Services, Nec | 572M | 61.6M | 0.3605 | 14.73 | 907.28M |
Hot Features
Premium
TIDMICGC
THURSDAY 29 AUGUST 2019
INTERIM MANAGEMENT REPORT
FOR THE HALF YEARED 30 JUNE 2019
Irish Continental Group plc (ICG) the leading Irish-based maritime
transport group, reports its financial performance for the half year
ended 30 June 2019.
Highlights
Financial summary
H1 2019* H1 2018** Change %
Revenue EUR166.8m EUR157.2m +6.1%
EBITDA (pre non-trading items) EUR30.0m EUR26.1m +14.9%
EBIT (including non-trading items) EUR26.5m EUR30.1m -12.0%
Basic earnings per share 12.8c 15.3c -16.3%
Adjusted earnings per share 4.9c 8.1c -39.5%
Net (debt)/ cash EUR(127.1)m EUR54.6m -
* H1 2019 = Half Year up to 30 June 2019, ** H1 2018 = Half Year up to
30 June 2018
Volume movements
H1 2019 H1 2018
'000 '000 Change %
Cars 161.2 170.9 -5.7%
RoRo freight 153.6 143.1 +7.3%
Containers shipped (teu*) 176.3 164.6 +7.1%
Port lifts 163.1 154.8 +5.4%
*teu: twenty foot equivalent units
-- Introduction of the EUR155.0 million W. B. Yeats cruise ferry on
scheduled services with Irish Ferries in January 2019.
-- Oscar Wilde sold in April 2019 for a deferred consideration of EUR28.9
million (profit before tax of EUR14.9 million), following the sale of the
Jonathan Swift in April 2018 for a cash consideration of EUR15.5 million
(profit before tax of EUR13.7 million).
-- Fuel costs increased by EUR3.1 million (13.8%) to EUR25.5 million.
-- Interim dividend increased by 5.0% to 4.42 cent, (2018: 4.21 cent).
-- Owned container fleet expanded to five vessels with acquisition of Thetis
D.
Commenting on the results, Chairman John B. McGuckian noted;
I am pleased to report improved revenue performance in the first six
months of the financial year with growth achieved across both of our
divisions resulting in Group revenue of EUR166.8 million, an increase of
6.1% over the prior year. This growth was supported by our fleet
investment programme, most notable the commencement of scheduled
sailings of the EUR155.0 million W.B. Yeats in January 2019. Growth in
all our businesses has continued over the period since 30 June. While we
remain positive for continued revenue growth more uncertainty than usual
exists in relation to geopolitical tensions and the mechanism for the
proposed exit of the United Kingdom from the European Union. Both these
uncertainties have the potential to affect growth in the economies in
which we operate. Notwithstanding, the Group remains in a strong
position to pursue further opportunities.
Enquiries:
Eamonn Rothwell, Chief Executive Tel: +353 1 607 5628 Email: mailto:info@icg.ie
Officer info@icg.ie
--------------------------------------------------
David Ledwidge, Chief Financial Tel: +353 1 607 5628 Email: mailto:info@icg.ie
Officer info@icg.ie
--------------------------------------------------
Media enquiries:
Q4 Public Relations Tel: +353 1 475 1444 Email: press@q4pr.ie
Results
Financial Highlights
H1 2019 H1 2018 Change % FY 2018**
Revenue EUR166.8m EUR157.2m +6.1% EUR330.2m
EBITDA (pre non-trading items) EUR30.0m EUR26.1m +14.9% EUR68.4m
EBIT* (including non-trading
items) EUR26.5m EUR30.1m -12.0% EUR60.0m
*Non-trading items H1 2019: EUR14.9 million (H1 2018: EUR13.7 million,
FY 2018: EUR13.7 million)
** FY 2018 = Year End up to 31 December 2018
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 EUR166.8 million compared with EUR157.2 million in H1 2018,
an increase of 6.1%. Earnings before interest, tax, depreciation and
amortisation (EBITDA) before non-trading items were EUR30.0 million
compared with EUR26.1 million in H1 2018. Group fuel costs increased by
EUR3.1 million (+13.8%) to EUR25.5 million from EUR22.4 million.
Non-trading items before tax comprising gains on disposal of vessels of
EUR14.9 million (2018: EUR13.7 million) were recognised in the period.
Earnings before interest and tax (EBIT) were EUR26.5 million compared
with EUR30.1 million in 2018. Profit before tax was EUR24.9 million
compared with EUR29.7 million in H1 2018.
There was a net finance charge of EUR1.6 million (2018: EUR0.4 million)
which includes net bank interest payable of EUR1.1 million (2018: EUR0.5
million), lease interest EUR0.5 million (2018: EURnil) and a net pension
interest income of EURnil (2018: cost EUR0.1 million). The tax charge
amounted to EUR0.6 million (2018: EUR0.6 million). Basic EPS was 12.8c
compared with 15.3c in H1 2018. Adjusted EPS (before non-trading items
and net pension interest cost) amounted to 4.9c (2018: 8.1c).
Operational Review
Ferries Division
Financial Highlights
H1 2019 H1 2018 Change % FY 2018
Revenue* EUR92.3m EUR90.9m +1.5% EUR196.2m
EBITDA (pre non-trading items) EUR19.7m EUR18.8m +4.8% EUR53.6m
EBIT** (including non-trading items) EUR19.2m EUR24.1m -20.3% EUR47.9m
*Includes intersegment revenue of EUR3.4 million (H1 2018: EUR3.5
million)
**Non-trading items H1 2019: EUR14.9 million (H1 2018: EUR13.7 million,
FY 2018: EUR13.7 million)
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.
Revenue in the division was EUR92.3 million (2018: EUR90.9 million)
while EBITDA was EUR19.7 million (2018: EUR18.8 million). EBIT decreased
to EUR19.2 million (2018: EUR24.1 million).
The performance of the ferries operations in H1 2019 was significantly
affected by schedule changes versus H1 2018. Chartering activities were
expanded through the acquisition of a further container vessel during H1
2019 and the benefit of the hire purchase agreement relating to the
deferred proceeds from the sale of the Oscar Wilde cruise ferry.
Tourism
Change
H1 2019 H1 2018 % FY 2018
Car volumes ('000) 161.2 170.9 -5.7% 392.7
Passenger volumes ('000) 648.0 679.7 -4.7% 1,502.4
Passenger revenue EUR44.1m EUR46.8m -5.8% EUR109.2m
In H1 2019 total cars carried were 161,200, down 5.7% on the same period
in H1 2018. Total passenger carryings were 648,000, a decrease of 4.7%
on H1 2018. Estimated overall car market performance on routes serving
the Republic of Ireland in H1 2019 versus H1 2018 was a decline of 3.1%.
The Irish Ferries tourism performance was affected by a number of
scheduling changes compared to last year. The decision in 2018 to
withdraw the Dublin Swift fastcraft services on the Dublin/ Holyhead
route over the winter months resulted in 294 less scheduled sailings up
to March. There was further curtailment of fastcraft services during May
2019 affecting 76 sailings to facilitate the installation of a new bow
thruster to improve future operational performance of the Dublin Swift.
The decision to offer a direct year round Ireland/ Continent freight
service resulted in a loss of 3 sailings on that route as an extended
freight biased schedules was offered. Carryings were further affected by
a delay in opening our booking system for car bookings on the direct
France services due to the uncertainty caused by the National Transport
Authority ("NTA") interpretation of the EU Regulation covering Sea
Passengers.
Freight
Change
H1 2019 H1 2018 % FY 2018
RoRo freight volumes ('000) 153.6 143.1 +7.3% 283.7
RoRo freight revenue EUR42.8m EUR39.6m +8.1% EUR76.8m
Freight carryings in H1 2019 were 153,600 units, an increase of 7.3%
over H1 2018. This compares to estimated overall RoRo freight market
performance of 2.7% on RoRo shipping routes into the Republic of
Ireland. Irish Ferries freight performance was positively affected by
the operation of year round direct schedule to France, a full seven day
service on the second RoPax serving Dublin/ Holyhead, and the offering
of a full Ulysses schedule during June 2019 compared to June 2018 when
that vessel suffered cancellations due to technical issues.
Chartering
Change
H1 2019 H1 2018 % FY 2018
Charter revenue EUR5.4m EUR4.5m +20.0% EUR10.2m
The division expanded its time chartering operations during H1 2019 with
the acquisition of the container vessel Thetis D in April. The total
container fleet available for charter comprises five vessels, three of
which are chartered internally to Eucon and the remaining two vessels
chartered externally to third parties. Chartering revenues also include
the finance lease benefit relating to the bareboat hire purchase of the
Oscar Wilde which was sold during April 2019. The sale of the Oscar
Wilde generated a profit of EUR14.9 million, based on contractual
payments of EUR28.9 million (discounted value EUR24.5 million)
receivable in instalments over 72 months.
Costs
Change
H1 2019 H1 2018 % FY 2018
Operating costs EUR88.0m EUR80.5m +9.3% EUR162.0m
Costs in the division increased EUR7.5 million in H1 2019 compared to H1
2018. In addition to activity related variances, increased costs were
incurred on fuel, maintenance and depreciation. Fuel costs were EUR18.1
million (2018: EUR15.7 million), the increase related principally to a
stronger US dollar and schedule changes. Increased maintenance expenses
related to additional annual overhaul works carried out on the fleet
pertaining to technical improvements identified from the 2018 Ulysses
disruption. The increase in depreciation relates to higher depreciation
charges on the W.B. Yeats compared to Oscar Wilde and the expansion of
the container vessel fleet.
Container and Terminal Division
Financial Highlights
Change
H1 2019 H1 2018 % FY 2018
Revenue* EUR78.4m EUR70.4m +11.4% EUR143.3m
EBITDA EUR10.3m EUR7.3m +41.1% EUR14.8m
EBIT EUR7.3m EUR6.0m +21.7% EUR12.1m
*Includes intersegment revenue of EUR0.5 million (H1 2018: EUR0.6
million)
Operational Highlights
Change
H1 2019 H1 2018 % FY 2018
Volumes '000 '000 '000
Containers shipped (teu) 176.3 164.6 +7.1% 327.6
Port lifts 163.1 154.8 +5.4% 310.0
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 increased by 11.4% to EUR78.4 million (2018:
EUR70.4 million), EBITDA increased to EUR10.3 million (2018: EUR7.3
million) while EBIT increased to EUR7.3 million (2018: EUR6.0 million).
Total containers shipped by Eucon were up 7.1% at 176,250 teu (2018:
164,600 teu). The increased volumes were accommodated through increased
vessel capacity with an average weekly fleet capacity of 3,050 teu
operated in H1 2019 compared to 2,800 teu in H1 2018. Costs increased in
line with capacity additions, volumes, increased fuel costs in the
period of EUR7.4 million (2018: EUR6.7 million), and increased
depreciation on container and terminal equipment.
Containers handled at the Group's terminals in Dublin Ferryport
Terminals (DFT) and Belfast Container Terminal (BCT) were up 5.4% to
163,100 lifts (2018: 154,800 lifts). DFT's volumes were up 8.4%, while
BCT's lifts were up 1.1%.
During H1 2019 the Group agreed an extension to the existing port
operating concession agreement at Belfast Port. This agreement now
extends to 2026 during which the port owner Belfast Harbour
Commissioners will undertake significant investment in new port assets.
Statement of Financial Position
A summary Statement of Financial Position as at 30 June 2019 is
presented below:
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Property, plant & equipment and intangible
assets 316.7 289.2 308.1
Right of use assets 38.8 - -
Long term receivable 20.8 - -
Retirement benefit surplus 11.0 10.0 2.5
Other current assets 93.6 64.5 79.0
Cash and bank balances 115.7 180.0 124.7
Total assets 596.6 543.7 514.3
Non-current borrowings 234.1 124.8 204.7
Retirement benefit obligations 3.4 2.9 4.2
Other non-current liabilities 1.9 1.7 1.0
Current borrowings 8.7 0.6 0.3
Other current liabilities 79.7 173.4 51.2
Total liabilities 327.8 303.4 261.4
Total equity 268.8 240.3 252.9
Total equity and liabilities 596.6 543.7 514.3
The principal movements in the property, plant and equipment and
intangible assets in H1 2019 relate to the acquisition of the Thetis D
container vessel, upgrading of vessels, and scheduled replacement
expenditure less depreciation charge in the period. Right of use assets
have been recognised in 2019 on the adoption of accounting standard IFRS
16 Leases. The long term receivable in 2019 relates to the amounts
receivable under the hire purchase sale agreement entered in to on the
sale of the Oscar Wilde.
The movement in other current assets in the period mainly relates to an
increase in trade debtors associated with higher freight revenue and
seasonal tourism revenue. The increase in other current liabilities
relates to the seasonal increase in tourism deferred revenue balances in
advance of the peak tourism season.
The assumptions used to value pension obligations were reviewed against
the background of market conditions as at 30 June 2019 leading to a
change in discount and inflation rate assumptions while demographic and
other assumptions were retained at 31 December 2018 levels. A net
actuarial gain of EUR8.5 million arose in H1 2019 comprising gains in
assets in excess of previous assumptions offset by higher pension
obligation arising from a lower discount rate.
Shareholders' equity increased to EUR268.8 million from EUR252.9 million
at 31 December 2018. The movements primarily comprised of the profit for
the financial period of EUR24.3 million, the actuarial gain arising on
retirement benefit schemes of EUR8.5 million, less amounts returned to
shareholders comprising dividends paid of EUR16.3 million and share
buyback of EUR2.1 million.
Cash Flow
A summary of cash flows in the half year to 30 June 2019 is presented
below:
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Operating profit (EBIT)* 26.5 30.1 60.0
Non trading items (14.9) (13.7) (13.7)
Depreciation 18.4 9.7 22.1
EBITDA* (pre non-trading items) 30.0 26.1 68.4
Working capital movements 17.6 21.4 (3.8)
Pension payments in excess of service costs (0.9) (0.5) (1.6)
Other 1.4 1.2 1.7
Cash generated from operations 48.1 48.2 64.7
Interest paid (1.6) (0.4) (1.0)
Tax paid (0.7) (0.7) (2.2)
Intangible asset additions (0.1) - (0.1)
Capex excluding strategic capex (12.7) (8.9) (15.5)
Free cash flow before strategic capex* 33.0 38.2 45.9
Strategic capex (19.4) (22.7) (160.5)
Free cash flow after strategic capex* 13.6 15.5 (114.6)
Net asset sales 0.3 14.8 17.4
Dividends (16.3) (15.4) (23.5)
Share issue - 0.1 0.6
Share buyback (2.1) - -
Net cash flows (4.5) 15.0 (120.1)
Opening net (debt)/ cash (80.3) 39.6 39.6
Lease liability non-cash movements (42.5) - -
Translation/ other 0.2 - 0.2
Closing net (debt)/ cash (127.1) 54.6 (80.3)
*Additional information in relation to these Alternative Performance
Measures ("APMs") is disclosed on page 22.
Net debt increased to EUR127.1 million at 30 June 2019 from EUR80.3
million at 31 December 2018. The increase was principally attributed to
the first time application of IFRS 16 Leases which increased net debt by
EUR31.0 million, with an additional EUR11.5 million of lease liabilities
recognised on right of use assets acquired in the period. Net cash flows
comprised EBITDA (pre non-trading items) for the period of EUR30.0
million, the net proceeds from the sale of the Oscar Wilde of EUR0.3
million and an overall positive seasonal working capital movement of
EUR17.6 million. The working capital movements are largely attributable
to higher deferred revenue balances ahead of the peak summer tourism
trading offset by higher trade receivables related to higher levels of
freight activity. These positive movements are offset by capital
expenditure outflows in the period of EUR32.1 million. During the period
EUR18.4 million was returned to shareholders being the final dividend
for 2018 amounting to EUR16.3 million and share buyback of EUR2.1
million.
Financing
Net (debt)/ cash
Cash Borrowings Net Debt
EURm EURm EURm
At 31 December 2018 124.7 (205.0) (80.3)
Lease liability non-cash movements - (42.5) (42.5)
Cash flows (9.0) 4.5 (4.5)
Translation/ other - 0.2 0.2
At 30 June 2019 115.7 (242.8) (127.1)
The net debt position of the Group at 30 June 2019 was EUR127.1 million,
an increase of EUR46.8 million from the opening position at 1 January
2019. The net increase in borrowings is attributed to the recognition of
lease liabilities pertaining to right of use assets on adoption of IFRS
16.
The borrowing facilities available to the Group at 30 June 2019 were as
follows;
Borrowing Facilities
Committed Committed
facilities facilities
Facility Committed drawn undrawn
EURm EURm EURm EURm
Revolving Credit 125.0 75.0 - 75.0
Private Placement 241.6 50.0 50.0 -
European Investment Bank 155.0 155.0 155.0 -
Lease liabilities 38.7 38.7 38.7 -
Overdraft and other 14.5 14.5 (0.9) 15.4
574.8 333.2 242.8 90.4
------------------------- -------- --------- ----------- -----------
At H1 2019 the Group had total lending facilities of EUR574.8 million
available of which EUR333.2 million were committed facilities. EUR242.8
million of the committed facilities were drawn. In addition to the
committed lines of credit, the Group had arranged uncommitted facilities
of EUR241.6 million with utilisation dates expiring between 1.5 and 5
years.
These facilities together with cash from operations will be used to
support the long-term investment opportunities including the delivery of
a new cruise ferry.
Dividend
The Board has declared an interim dividend of 4.42 cent per ICG Unit
payable on 4 October 2019 to shareholders on the register at 20
September 2019.
Fuel
Change
H1 2019 H1 2018 % FY 2018
Fuel costs EUR25.5m EUR22.4m +13.8% EUR48.2m
Group fuel costs in the first half of 2019 amounted to EUR25.5 million
(2018: EUR22.4 million). The increase in fuel costs was due to the
increase in the average global US Dollar cost of fuels due to a stronger
Euro/ US Dollar exchange rates and schedule changes.
The Group has in place fuel surcharge mechanisms for freight customers
across the Group which mitigated the increase in Euro fuel costs through
increased surcharge revenues. In the reporting period the Group had not
engaged in financial derivative trading to hedge its fuel costs.
Fleet Update
The W.B. Yeats delivered in December 2018 commenced sailings on 22
January 2019, initially on the Dublin/ Holyhead route before switching
to the Dublin/ France service during March, swapping with the Epsilon.
The fastcraft Dublin Swift re-entered scheduled service during March
following Winter lay-up, offering a tourism service for the Summer
season to September.
The Group entered into an agreement for the purchase of the container
vessel Thetis D, built in 2009 with a 1,421 teu container capacity. The
Group took delivery of the vessel on 4 April 2019 and she has been on
charter to a third party since acquisition. This increases the ICG owned
container fleet to 5 vessels.
On 11 April 2019, the Company announced it entered into a hire purchase
agreement for the sale of the vessel Oscar Wilde to buyers MSC
Mediterranean Shipping Company S.A. for an agreed consideration of
EUR28.9 million, payable in instalments over 72 months. The vessel was
delivered to the buyer on 25 April 2019.
In conjunction with the delivery of the W.B. Yeats, the Group took the
decision to concentrate its year round services to France solely on the
Dublin/ Cherbourg service. This was to facilitate the growth of direct
freight services to France and the majority of our customers who can
access Dublin Port more conveniently via the national motorway
network. While the Group had planned continuing an additional summer
only service out of Rosslare with the Oscar Wilde, this plan
unfortunately had to be cancelled following the National Transport
Authority's interpretation of the EU Regulation covering Sea Passengers,
which is especially penalising for operations out of peripheral ports
like Rosslare.
In January 2018 the Group 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 second cruise ferry for
ICG at a contract price of EUR165.2 million for contracted delivery in
late 2020. It is intended that this vessel will service the Dublin/
Holyhead route alongside the existing Ulysses with the chartered Epsilon
being returned to its owners.
Legal Challenge to the National Transport Authority interpretation of
the EU Regulation no 1177/2010
As previously reported Irish Ferries has commenced legal proceedings by
way of judicial review against the National Transport Authority's
interpretation of the EU Regulation no 1177/2010 in respect of the
cancellations that arose last year resulting from the delayed delivery
by FSG of our new cruise ferry W. B. Yeats ship, delivered in December
2018.
We believe this challenge is necessary, in the best interests of our
customers, to protect the viability of direct links to the Continent
which is now all the more critical against the backdrop of the proposed
UK exit from the EU. These direct links are threatened by what we
strongly believe to be the NTA's incorrect interpretation of the
Regulation.
Change in accounting standards
The Group implemented accounting standard IFRS 16: Leases with effect
from 1 January 2019 using the modified retrospective approach as
permitted by the standard. Under the modified retrospective approach the
Group as lessee has not restated comparative information and has instead
recognised the cumulative effect in the opening retained earnings. The
most significant change for the Group arising from the application of
IFRS 16 is that leases previously defined as operating leases under IAS
17 and treated as "off-balance sheet" are now required to be recognised
in the Statement of Financial Position as a "right of use" asset and a
related lease liability. The principal financial effects compared to IAS
17 treatment on the Condensed Financial Statements included in this
Interim Report are as follows;
Statement of Financial Position
1 January 2019 30 June 2019
EURm EURm
Recognition of "right of use assets" 32.2 38.8
Reclassification of property, plant
and equipment (1.2) (1.0)
Increase in lease obligations 31.0 37.9
Decrease in shareholders' equity - 0.1
Income Statement H1 2019
Ferries Container & Terminal Total
EURm EURm EURm
Decrease in operating costs/
increase in EBITDA 3.0 1.7 4.7
Increase in depreciation and
amortisation expense 2.9 1.4 4.3
Increase in finance costs 0.1 0.4 0.5
Decrease in profit for the
financial period - 0.1 0.1
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 other than in respect of remuneration and dividends paid
to key management personnel.
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 principal risks and uncertainties faced by the Group as set
out in detail on pages 44 to 47 of the 2018 Annual Report are;
competitive activity, economic and political environment, serious
accident/incident, mechanical and other failure, hazardous accidents, IT
systems failure, data breach, fuel prices, volatility, fraud risk, and
retirement benefit scheme risks.
These risks continue to be the most likely risks to affect the Group but
the following are noted as likely to impact the second half year
results;
-- Volatility in exchange rates arising from the uncertainty regarding the
proposed exit of the United Kingdom from the European Union and increased
global trade tensions affecting both sterling and US dollar being the
principal foreign currencies affecting the Group's logistical chain.
-- Volatility in fuel prices both from a geographical perspective together
with possible changed demand patterns in advance of the new emission
control regulations due to take effect from 1 January 2020.
It remains unclear what the timing and manner of the proposed exit of
the United Kingdom from the European Union will be. In as much as is
feasible we have engaged with our port operators and regulatory
authorities to minimise the possibility of any port disruptions. It is
the Group's view that over the longer term trade between Ireland and the
United Kingdom will remain strong underpinned by cultural and commercial
linkages. The Group's investment in vessels is designed to provide route
planning flexibility to adapt its schedules to customer demand over the
short and long term.
The Group actively manages these risks and all other risks through its
risk management structure.
Events after the Reporting Period
The Board has declared an interim dividend of 4.42 cent per ICG Unit in
respect of 2019.
There have been no other material events affecting the Group to report
since 30 June 2019.
Going Concern
After making enquiries, the Directors have reasonable expectation that
the Group has adequate resources to continue in operational existence
for a period of at least 12 months. 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 are available to the Group. For this reason, they
continue to adopt the going concern basis in preparing this half yearly
financial report.
Current Trading and Outlook
Ferries
Activity in the Ferries Division in the period from 1 July 2019 to 24
August 2019 compared to the same period last year is set out below.
During the comparative 2018 period significant schedule disruption was
experienced due to technical issues with the Ulysses which serves the
key Dublin/ Holyhead route.
-- Car carryings were 119,200 cars, an increase of 14.1%
-- Total passengers carried were 457,300 passengers, an increase of 13.2%
-- RoRo freight carryings were 46,500, an increase of 25.7%
Cumulatively in the period from 1 January 2019 to 24 August 2019
compared to the same period last year activity was;
-- Car carryings were 280,400 cars, an increase of 1.8%
-- Total passengers carried were 1,105,300 passengers, an increase of 2.0%
-- RoRo freight carryings were 200,200 units, an increase of 11.2%
Container and Terminal
Activity in the Container and Terminal division in the period from 1
July 2019 to 24 August 2019 compared to the same period last year was;
-- Containers shipped were 49,900 teu, an increase of 2.4%
-- Port lifts were 47,000 lifts, an increase of 2.6%
Cumulatively in the period from 1 January 2019 to 24 August 2019,
compared to the same period last year activity was;
-- Containers shipped were 226,100 teu, an increase of 6.0%
-- Port lifts were 210,000 lifts, an increase of by 4.7%
With the trading performance for the year to date across all our
business and continuing growth in the Irish economy the Group is well
placed to target volume growth in all our markets supported by our
recent strategic investments in the fleet. However more uncertainty than
usual exists at present with indications that geopolitical tensions are
leading to a slowing of economic growth internationally. Additionally
the mechanism for the proposed exit of the United Kingdom from the
European Union remains unclear. The latter has led to weakness in
sterling which is a negative in attracting British holidaymakers to
visit Ireland. Financially the Group remains in a strong position to
pursue further opportunities.
Auditor Review
This half yearly financial report has not been audited or reviewed by
the auditors of the Group.
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
https://www.globenewswire.com/Tracker?data=o4sfASs8KdzAggc2DpOUscBJ05gclBA-EL8hU8lvYBTN5DPii_VyfnQ298aMb39g
www.icg.ie.
John B. McGuckian
Chairman
28 August 2019
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.
Each of the directors confirm that to the best of their knowledge and
belief:
-- the Group Condensed Financial Statements for the half year ended 30 June
2019 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 2019, 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 David Ledwidge
Director Director
28 August 2019
CONDENSED CONSOLIDATED
INCOME STATEMENT
FOR THE HALF YEARED 30 JUNE 2019
Notes H1 2019 H1 2018 FY 2018
Unaudited Unaudited Audited
EURm EURm EURm
Revenue 4 166.8 157.2 330.2
Depreciation and amortisation (18.4) (9.7) (22.1)
Employee benefits expense (10.2) (11.3) (22.8)
Other operating expenses (126.6) (119.8) (239.0)
11.6 16.4 46.3
Non- trading items 6 14.9 13.7 13.7
Operating profit 26.5 30.1 60.0
Finance income 0.1 0.1 0.2
Finance costs (1.7) (0.5) (1.0)
Profit before taxation 24.9 29.7 59.2
Income tax expense (0.6) (0.6) (1.4)
Profit for the financial period:
all attributable to equity holders
of the parent 4 24.3 29.1 57.8
Earnings per ordinary share
-- expressed in cent per share
Basic 7 12.8c 15.3c 30.4c
Diluted 7 12.7c 15.2c 30.2c
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 JUNE 2019
H1 2019 H1 2018 FY 2018
Unaudited Unaudited Audited
Notes EURm EURm EURm
Profit for the financial period 24.3 29.1 57.8
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation
of foreign operations - - (0.1)
Items that will not be reclassified
subsequently to profit or loss:
Actuarial gain/ (loss) on defined
benefit pension schemes 14 8.5 1.8 (8.1)
Deferred tax on defined benefit
pension schemes 0.1 (0.2) 0.1
Other comprehensive income for the
financial period 8.6 1.6 (8.1)
Total comprehensive income for the
financial period: all attributable
to equity holders of the parent 32.9 30.7 49.7
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUNE 2019
H1 2019 H1 2018 FY 2018
Unaudited Unaudited Audited
Notes EURm EURm EURm
Assets
Non-current assets
Property, plant and equipment 8 316.3 288.8 307.7
Right of use assets 10 38.8 - -
Intangible assets 0.4 0.4 0.4
Long term receivable 9 20.8 - -
Retirement benefit surplus 14 11.0 10.0 2.5
387.3 299.2 310.6
Current assets
Inventories 3.0 2.8 3.3
Trade and other receivables 90.6 61.7 75.7
Cash and bank balances 11 115.7 180.0 124.7
209.3 244.5 203.7
Total assets 596.6 543.7 514.3
Equity and liabilities
Equity
Share capital 12.4 12.4 12.4
Share premium 19.4 18.9 19.4
Other reserves (9.4) (11.9) (10.8)
Retained earnings 246.4 220.9 231.9
Equity attributable to equity holders 268.8 240.3 252.9
Non-current liabilities
Borrowings 11 234.1 124.8 204.7
Deferred tax liabilities 0.8 1.0 0.6
Provisions 1.1 0.5 0.4
Deferred grant - 0.2 -
Retirement benefit obligations 14 3.4 2.9 4.2
239.4 129.4 209.9
Current liabilities
Borrowings 11 8.7 0.6 0.3
Trade and other payables 79.1 172.0 49.7
Current income tax liabilities - 0.8 0.2
Provisions 0.6 0.5 1.3
Deferred grant - 0.1 -
88.4 174.0 51.5
Total liabilities 327.8 303.4 261.4
Total equity and liabilities 596.6 543.7 514.3
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2019 - UNAUDITED
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2019 12.4 19.4 (10.8) 231.9 252.9
Profit for the financial
period - - - 24.3 24.3
Other comprehensive income - - - 8.6 8.6
Total comprehensive income
for the financial period - - - 32.9 32.9
Employee share-based payments
expense - - 1.4 - 1.4
Share issue - - - - -
Share buy back - - - (2.1) (2.1)
Dividends (note 5) - - - (16.3) (16.3)
- - 1.4 14.5 15.9
Balance at 30 June 2019 12.4 19.4 (9.4) 246.4 268.8
Analysed as follows:
Share capital 12.4
Share premium 19.4
Other reserves (9.4)
Retained earnings 246.4
268.8
Other Reserves comprise the following:
Share
Capital Options Translation
Reserve Reserve Reserve Total
EURm EURm EURm EURm
Balance at 1 January 2019 7.3 3.8 (21.9) (10.8)
Employee share-based payments
expense - 1.4 - 1.4
- 1.4 - 1.4
------------------------------ ------- ------- ----------- ------
Balance at 30 June 2019 7.3 5.2 (21.9) (9.4)
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2018 - UNAUDITED
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2018 12.3 18.9 (13.1) 205.7 223.8
Impact of adopting IFRS 15
at 1 January 2018 - - - (0.1) (0.1)
Restated balance at 1 January
2018 12.3 18.9 (13.1) 205.6 223.7
Profit for the financial
period - - - 29.1 29.1
Other comprehensive income - - - 1.6 1.6
Total comprehensive income
for the financial period - - - 30.7 30.7
Employee share-based payments
expense - - 1.2 - 1.2
Share issue 0.1 - - - 0.1
Dividends (note 5) - - - (15.4) (15.4)
0.1 - 1.2 15.3 16.6
Balance at 30 June 2018 12.4 18.9 (11.9) 220.9 240.3
Analysed as follows:
Share capital 12.4
Share premium 18.9
Other reserves (11.9)
Retained earnings 220.9
240.3
Other Reserves comprise the following:
Share
Capital Options Translation
Reserve Reserve Reserve Total
EURm EURm EURm EURm
Balance at 1 January 2018 7.3 1.5 (21.9) (13.1)
Employee share-based payments
expense - 1.2 - 1.2
- 1.2 - 1.2
------------------------------ ------- ------- ----------- ------
Balance at 30 June 2018 7.3 2.7 (21.9) (11.9)
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE YEAR FINANCIALED 31 DECEMBER 2018 - AUDITED
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2018 12.3 18.9 (13.1) 205.7 223.8
Impact of adopting IFRS 15
at 1 January 2018 - - - (0.1) (0.1)
Restated balance at 1 January
2018 12.3 18.9 (13.1) 205.6 223.7
Profit for the financial
year - - - 57.8 57.8
Other comprehensive expense - - - (8.1) (8.1)
Total comprehensive income
for the financial year - - - 49.7 49.7
Employee share-based payments
expense - - 2.4 - 2.4
Share issue 0.1 0.5 - - 0.6
Dividends (note 5) - - - (23.5) (23.5)
Transferred to retained earnings
on exercise of share options - - (0.1) 0.1 -
0.1 0.5 2.3 26.3 29.2
Balance at 31 December 2018 12.4 19.4 (10.8) 231.9 252.9
Analysed as follows:
Share capital 12.4
Share premium 19.4
Other reserves (10.8)
Retained earnings 231.9
252.9
Other Reserves comprise the following:
Share
Capital Options Translation
Reserve Reserve Reserve Total
EURm EURm EURm EURm
Balance at 1 January 2018 7.3 1.5 (21.9) (13.1)
Employee share-based payments
expense - 2.4 - 2.4
Transferred to retained earnings
on exercise of share options - (0.1) - (0.1)
- 2.3 - 2.3
Balance at 31 December 2018 7.3 3.8 (21.9) (10.8)
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE HALF YEARED 30 JUNE 2019
H1 2019 H1 2018 FY 2018
Unaudited Unaudited Audited
Notes EURm EURm EURm
Net cash inflow from operating
activities 15 45.8 47.1 61.5
Cash flow from investing activities
Net proceeds on disposal of property,
plant and equipment 6 0.3 14.8 17.4
Purchases of property, plant and
equipment 8 (32.1) (31.6) (176.1)
Purchases of intangible assets (0.1) - (0.1)
Net cash (outflow) from investing
activities (31.9) (16.8) (158.8)
Cash flow from financing activities
Dividends paid to equity holders
of the Company 5 (16.3) (15.4) (23.5)
Repayments of obligations under
finance leases (4.5) (0.3) (0.7)
Proceeds on issue of ordinary share
capital - 0.1 0.6
Share buy back (2.1) - -
New bank loans raised 11 - 75.0 155.0
Net cash (outflow)/ inflow from
financing activities (22.9) 59.4 131.4
Net (decrease)/ increase in cash
and cash equivalents (9.0) 89.7 34.1
Cash and cash equivalents at the
beginning of the period 124.7 90.3 90.3
Effect of foreign exchange rate
changes - - 0.3
Cash and cash equivalents at the
end of the period 11 115.7 180.0 124.7
NOTES TO THE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE HALF YEARED 30 JUNE 2019
1. General information
The Group Condensed 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 Group Condensed Financial Statements for the half year to 30 June
2019 have been prepared to meet our obligation to do so under the
Transparency (Directive 2004/109/EC) Regulations 2007 (as amended);
-- the Group Condensed Financial Statements for the half year to 30 June
2019 do not constitute the statutory financial statements of the Group;
-- the figures disclosed relating to 31 December 2018 have been derived from
the statutory financial statements for the financial year ended 31
December 2018 which were audited, received an unqualified audit report
and have been filed with the Registrar of Companies; and
-- the interim figures included in the Group Condensed Financial Statements
for the six months ended 30 June 2019 and the comparative amounts for the
six months ended 30 June 2018 have been neither audited nor reviewed by
the auditors of the Group.
Certain financial measures set out in our Half Yearly Report to 30 June
2019 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 Group'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 Eliminates the effects
non-trading items*, interest, of financing and
tax, depreciation and amortisation. accounting decisions
to allow assessment
of the profitability
and performance of
the Group.
EBIT EBIT represents earnings before Measures the Group's
interest and tax. earnings from ongoing
operations.
Free cash flow Free cash flow comprises operating Assesses the availability
before strategic cash flow less capital expenditure to the Group of funds
capex before strategic capex which comprises for reinvestment
expenditure on vessels excluding or for return to
annual overhaul and repairs, and shareholders.
other assets with an expected
economic life of over 10 years
which increases capacity or efficiency
of operations.
Net debt Net debt comprises total borrowings Measures the Group's
less cash and cash equivalents. ability to repay
its debts if they
were to fall due
immediately.
Adjusted EPS EPS is adjusted to exclude non-trading A key indicator of
items and net interest cost on long term financial
defined benefit obligations. performance and value
creation of a public
listed company.
*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.
In addition to the above APMs the Group utilises additional APMs of
Return on Average Capital Employed and Schedule Integrity in relation to
full year performance which are not meaningful at the half year due to
seasonality.
2. Accounting policies
The Group Condensed Financial Statements for the six months ended 30
June 2019 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 Group Condensed Financial Statements are consistent with those set
out in the Group Annual Report for the financial year ended 31 December
2018, which is available at www.icg.ie, except for the application of
new IFRS 16 Leases and amendments to other standards as described below.
IFRS 16 Leases
In the current period the Group has applied IFRS 16: Leases for the
first time. The date of initial application was 1 January 2019.
IFRS 16 replaces IAS 17: Leases and related interpretations setting out
the principle for the recognition, measurement, presentation and
disclosure of leases for both lessee and lessor. A significant change
arising from the application of IFRS 16 for leases is that leases
previously defined as operating leases under IAS 17 and treated as
"off-balance sheet" are now required to be recognised in the Statement
of Financial Position as a "right of use" asset and a related lease
liability. There has been no significant changes in accounting by
lessors.
The Group has decided to apply IFRS 16 using the modified retrospective
approach as permitted by the standard. Under the modified retrospective
approach the Group as leasee has not restated comparative information
and has instead recognised the cumulative effect in opening retained
earnings.
The Group has availed of the following practical expedients as permitted
by the standard;
i) Short-term leases where the lease term is or the remaining lease term
at date of adoption was 12 months or less,
ii) Leases where the underlying asset is of low value,
iii) Adoption of a portfolio approach to individual containers leased
under a master agreement,
iv) Non separation of the non-lease components from the lease component
attaching to short term vessel leases.
The Group recognises the lease payments associated with those leases at
(i) and (ii) above as an expense on a straight line basis over the lease
term.
The majority of leases held by the Group in terms of contractual
commitment relate to property and vessel charters all of which were
previously classified as operating leases. At 1 January 2019, the
principal property leases related to leases of property with outstanding
terms of between 77 and 103 years with 7 year rent reviews. Vessel
charters included short term time charters and a bareboat charter of a
Ro-Pax vessel. These leases, after allowing for the practical expedients
availed of, were recognised as a lease liability at the date of adoption
measured at the present value of the remaining lease payments discounted
using the Group's incremental borrowing rate. The Group also recognised
a right of use asset equal to the lease liability, adjusted for rentals
prepaid or accrued which were not material.
In relation to the bareboat charter of the Ro-Pax vessel, the Group
assessed the contractual terms and determined that the future lease
rentals applying to an extension option should be added to the
contractual commitments previously disclosed under IAS 17 as the Group
was reasonably certain to exercise that option based on the conditions
which existed as at 1 January 2019.
The Group does not classify that element of a contract as a lease where
the right to control the use of an identified asset for a period of time
is based on variable consideration based on activity levels. In these
circumstances any variable consideration is expensed to Income Statement
as the right is consumed.
The effects from adopting the standard were;
-- On the opening statement of consolidated financial position at 1
January 2019; an increase the carrying value of right of use assets of
EUR32.2 million, a reduction in the carrying value of property, plant
and equipment of EUR1.2 million, an increase in lease obligations of
EUR31.0 million and a net nil adjustment to equity attributable to
shareholders.
-- In the reporting period H1 2019: a reduction in operating
expenses of EUR4.7 million, an increase in depreciation of EUR 4.3
million, an increase in finance costs of EUR0.5 million giving a net
reduction in profit before tax of EUR0.1 million.
The adoption of IFRS 16 has not affected the Group's lessor accounting
in respect of charter revenues receivable.
In accordance with IFRS 16 Leases the deferred consideration receivable
in relation to bareboat hire purchase sale agreement pertaining to the
disposal of the Oscar Wilde in April 2019 has been treated as a finance
lease receivable at an amount equivalent to the net investment in the
lease.
Further detail of the effects of the adoption of IFRS 16 is given in
note 10.
Arising from the adoption of IFRS 16 the Group's accounting policy for
leases has been updated as set out below.
Identifying a lease
Under IFRS 16, a contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period
of time in exchange for consideration.
1. As Lessee
Where the Group acts as a lessee the Group recognises a right of use
asset and lease liability at the lease commencement date, which is the
date the underlying asset is available for our use.
Right of use assets are initially measured at cost, and subsequently
measured at cost less any accumulated depreciation and impairment losses
(if any), and adjusted for certain remeasurement of lease liabilities.
The recognised right of use assets are depreciated on a straight-line
basis over the shorter of their estimated useful lives and the lease
term. Right of use assets are subject to impairment under IAS 36
'Impairment of assets'. Right of use assets are presented as a separate
line item in the Statement of Financial Position.
Lease liabilities are initially measured at the present value of lease
payments that are not paid at the commencement date, discounted using
the incremental borrowing rate if the interest rate implicit in the
lease is not readily determinable. The lease liability is subsequently
increased by the interest cost on the lease liability and decreased by
lease payments made. In the Condensed Consolidated Cash Flow Statement
the payments made are separated in to the principal portion (presented
within financing activities), and interest (presented in operating
activities). It is remeasured if there is a change in future lease
payments, a change in the lease term, or as appropriate, a change in the
assessment of whether an extension option is reasonably certain to be
exercised or a termination option is reasonable certain not to be
exercised.
The Group has applied judgement in determining the non-cancellable term
of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is reasonably certain
not to be exercised. The assessment of whether the Group is reasonably
certain to exercise such options impacts the lease term, which
significantly affects the amount of lease liabilities and right of use
assets recognised. The Group also applies judgement in estimating the
incremental borrowing rate applicable to a lease.
1. As Lessor
The Group treats bareboat hire purchase sale agreements in relation to
the disposal of vessels as finance leases. The sales proceeds recognised
at the commencement of the lease term by the Group is that implied by
the fair value of the asset, which together with any initial direct
costs equal the net investment in the lease and is presented as a
receivable in the Statement of Financial Position. Following initial
measurement finance lease income is recognised in Revenue and is
allocated to accounting periods so as to reflect a constant periodic
rate of return on the outstanding net investment.
Lease payments receivable arising from the grant of a right to use
vessel not relating to a sale is recognised as Revenue on a straight
line basis over the term of the relevant charter.
Other Standards
The following standards and interpretations effective from 1 January
2019 did not have any impact on these condensed financial statements;
-- IFRIC 23 -- Uncertainty over Income Tax Treatments
-- Amendments to IFRS 9 Prepayments features with Negative Compensation
-- Amendments to IAS 28 Long-term interests in Associates Ventures
-- Annual Improvements to IFRS Standards 2015 -- 2017 Cycle
-- IFRS 3 Business Combinations
-- IFRS 11 Joint Arrangements
-- IAS 23 Borrowing Costs
-- Amendment to IAS 19 Plan Amendment, Curtailment or Settlement
IFRS 17 Insurance Contracts will be affective from 1 January 2020. The
Group is currently evaluating the impact IFRS 17 may have on the Group
financial statements which is currently not expected to be material.
Other than the changes to assumptions used in relation to the valuation
of retirement benefit obligations 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 2018.
3. Critical Accounting Estimates and Judgements
In the application of the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the
carrying amounts of assets and liabilities. In preparing these Condensed
Financial Statements the approach to the making of these judgements,
estimates and assumptions is consistent with that used in the Group
Annual Report for the financial year ended 31 December 2018, other than
judgements and estimates made in applying IFRS 16 Leases (page 24). In
applying IFRS 16 the Directors exercised judgement in determining the
incremental borrowing rate.
The Group used estimates of its incremental borrowing rate to calculate
the present value of future lease payments at the date of adoption. For
terms of up to 12 years the Group calculated its incremental borrowing
rate based on existing loan facility arrangements. In relation to
significant long term lease obligations extending for up to 103 years
the Group modelled estimates of borrowing rates for similar terms,
currency, counterparty risk and security. The weighted average
incremental borrowing rate applied to lease liabilities at adoption was
3.0%.
4. Segmental information
The Board is deemed the chief operating decision maker within the Group.
Under IFRS 8: Operating Segments, the Group has determined that the
operating segments are (i) Ferries and (ii) Container and 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 and 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.
i) Revenue Analysis
By business segment:
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Ferries
Passenger 44.1 46.8 109.2
Freight 42.8 39.6 76.8
Charter 5.4 4.5 10.2
92.3 90.9 196.2
Container and Terminal
Freight 78.4 70.4 143.3
Inter segment revenue (3.9) (4.1) (9.3)
Total 166.8 157.2 330.2
----------------------- ------- ------- -------
The nature, amount, timing and uncertainty of revenue and cash flows are
affected by economic factors. As revenues are recognised over short time
periods of no more than days, a key determinant to categorising revenues
is whether they principally arise from a business to customer (passenger
contracts) or a business to business relationship (freight and charter
contracts) as this impacts directly on the uncertainty of cash flows. On
this basis, revenue by business segment is a reasonable approximation of
revenue disaggregation.
By geographic origin of booking:
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Ireland 69.4 65.6 156.7
United Kingdom 36.1 39.2 64.3
Netherlands 33.2 30.9 60.8
Belgium 16.4 14.6 29.9
France 0.4 3.5 6.3
Other 11.3 3.4 12.2
166.8 157.2 330.2
No single external customer in the current or prior financial periods
amounted to 10 per cent of the Group's revenues.
ii) Profit for the financial year
Ferries Container & Terminal Group Total
H1 2019 H1 2018 FY 2018 H1 2019 H1 2018 FY 2018 H1 2019 H1 2018 FY 2018
EURm EURm EURm EURm EURm EURm EURm EURm EURm
Operating
profit 4.3 10.4 34.2 7.3 6.0 12.1 11.6 16.4 46.3
Finance income 0.1 0.1 0.2 - - - 0.1 0.1 0.2
Finance costs (1.0) (0.5) (0.6) (0.7) - (0.4) (1.7) (0.5) (1.0)
Non-trading
items 14.9 13.7 13.7 - - - 14.9 13.7 13.7
Profit before
tax 18.3 23.7 47.5 6.6 6.0 11.7 24.9 29.7 59.2
Income tax
expense (0.1) (0.2) (0.5) (0.5) (0.4) (0.9) (0.6) (0.6) (1.4)
Profit for
the financial
year 18.2 23.5 47.0 6.1 5.6 10.8 24.3 29.1 57.8
iii) Statement of Financial Position
Ferries Container & Terminal Group Total
H1 2019 H1 2018 FY 2018 H1 2019 H1 2018 FY 2018 H1 2019 H1 2018 FY 2018
EURm EURm EURm EURm EURm EURm EURm EURm EURm
Assets
Segment assets 391.5 309.3 334.4 89.4 54.4 55.2 480.9 363.7 389.6
Cash and
cash equivalents 85.7 150.8 94.5 30.0 29.2 30.2 115.7 180.0 124.7
Consolidated
total assets 477.2 460.1 428.9 119.4 83.6 85.4 596.6 543.7 514.3
Liabilities
Segment liabilities 56.9 150.9 31.9 28.1 27.1 24.5 85.0 178.0 56.4
Borrowings 182.3 124.6 204.3 60.5 0.8 0.7 242.8 125.4 205.0
Consolidated
total liabilities 239.2 275.5 236.2 88.6 27.9 25.2 327.8 303.4 261.4
iv) Seasonality
Group revenue and profit before tax is weighted towards the second half
of the year principally due to passenger demand patterns in the Ferries
Division whereas operating costs are more evenly distributed over the
year. In the Ferries Division for financial year 2018, 44% of tourism
cars and 57% of RoRo freight carryings were carried in the first half of
the year. Container freight carryings and port lifts are more evenly
distributed throughout the year. Consequently 48% of Group revenues and
65% Group operating profit respectively were earned in the first half of
2018.
5. Dividend
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Interim dividend - - 8.1
Final dividend 16.3 15.4 15.4
16.3 15.4 23.5
----------------- ------- ------- -------
In June 2019 a final dividend of 8.56 cent per ICG Unit was paid for the
financial year ended 31 December 2018. In June 2018 a final dividend of
8.15 cent per ICG Unit was paid for the year ended 31 December 2017. In
October 2018 an interim dividend of 4.21 cent per ICG Unit was paid for
the year ended 31 December 2018.
6. Non-trading items
H1 2019 H1 2018 FY 2018
Gain on disposal EURm EURm EURm
Consideration 28.9 15.5 15.5
Gain on disposal of vessel
Consideration (net of commissions) 28.2 15.1 15.1
Effect of discounting (3.7) - -
Present value of net consideration (note
9) 24.5 15.1 15.1
NBV of vessels disposed (8.6) (1.1) (1.1)
Disposal costs (0.7) (0.1) (0.1)
Performance pay associated with disposal (0.3) (0.2) (0.2)
Gain on disposal 14.9 13.7 13.7
On 11 April 2019, the Company announced it entered into a hire purchase
agreement for the sale of the vessel Oscar Wilde, which had become
surplus to operational requirements, to buyers MSC Mediterranean
Shipping Company SA for an agreed consideration of EUR28.9 million,
payable in instalments over 6 years. The vessel was delivered to the
buyer on 25 April.
Of the net consideration of EUR24.5 million, net receipts of EUR23.5
million are represented by the lease receivable (note 9) at 30 June
2019. EUR0.3 million of disposal costs were accrued at 30 June 2019. Net
cash flows of EUR0.3 million relating to the non-trading item are
disclosed in the Condensed Consolidated Statement of Cash Flows.
In the prior period the Group sold the fastcraft Jonathan Swift. As both
vessels had been used in the Group's Irish tonnage tax trade, no tax
arose on either disposal.
These gains on disposal of the vessels are included in the profit for
the relevant period and are disclosed as non-trading items in the
Condensed Consolidated Income Statement.
7. Earnings per share
H1 2019 H1 2018 FY 2018
Number of shares '000 '000 '000
Weighted average number of ordinary shares
for the purpose of basic earnings per
share 190,237 190,004 190,037
Effect of dilutive potential ordinary
shares: Share options 1,263 1,420 1,405
Weighted average number of ordinary shares
for the purpose of diluted earnings per
share 191,500 191,424 191,442
The denominator for the purposes of calculating both basic and diluted
earnings per share has been adjusted to reflect shares issued during the
period and excludes treasury shares.
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:
H1 2019 H1 2018 FY 2018
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 24.3 29.1 57.8
Effect of non-trading items after tax (14.9) (13.7) (13.7)
Effect of net interest income on defined
benefit pension schemes - (0.1) (0.1)
Earnings for the purpose of adjusted earnings
per share 9.4 15.3 44.0
Cent Cent Cent
Basic earnings per share 12.8 15.3 30.4
Diluted earnings per share 12.7 15.2 30.2
Adjusted basic earnings per share 4.9 8.1 23.1
Adjusted diluted earnings per share 4.9 8.0 23.0
8. Property, plant and equipment
Plant,
Assets Equipment Land and
under construction Vessels and Vehicles Buildings Total
EURm EURm EURm EURm EURm
Cost
At 31 December 2018 161.0 278.1 63.4 25.9 528.4
Adjustment on initial application
of IFRS 16 - - (4.7) - (4.7)
At 1 January 2019 (note 10) 161.0 278.1 58.7 25.9 523.7
Additions 3.2 27.3 1.5 0.1 32.1
Disposals - (47.5) (0.3) - (47.8)
Reclassification (155.7) 155.5 0.2 - -
At 30 June 2019 8.5 413.4 60.1 26.0 508.0
---------------------------------- ------------------- ------- -------------- ----------- ------
Accumulated depreciation
At 31 December 2018 - 166.7 45.1 8.9 220.7
Adjustment on initial application
of IFRS 16 - - (3.5) - (3.5)
At 1 January 2019 (note 10) - 166.7 41.6 8.9 217.2
Charge for period - 12.0 1.5 0.2 13.7
Disposals - (38.9) (0.3) - (39.2)
Reclassification - - - - -
At 30 June 2019 - 139.8 42.8 9.1 191.7
Carrying amount
At 31 December 2018 161.0 111.4 18.3 17.0 307.7
At 1 January 2019 (note 10) 161.0 111.4 17.1 17.0 306.5
At 30 June 2019 8.5 273.6 17.3 16.9 316.3
At 30 June 2018 137.0 118.2 15.9 17.7 288.8
9. Lease receivable
H1 2019
EURm
Current finance lease receivable 2.7
Non -- current finance lease receivable 20.8
23.5
At 1 January 2019 -
Additions 24.5
Amounts received (1.1)
Net benefit recognised in period 0.1
At 30 June 2019 23.5
During the period, the Group entered into a bareboat hire purchase sale
agreement for the disposal of the vessel Oscar Wilde (note 6). In
accordance with IFRS 16 Leases the deferred consideration has been
treated as a finance lease receivable at an amount equivalent to the net
investment in the lease.
10. Impact of the first time application of IFRS 16 Leases
The Group's approach to the application of IFRS 16 Leases with effect
from 1 January 2019 is set out at note 2 Accounting Policies. At initial
application, the Group recognised right of use assets and related lease
liabilities by adjusting the opening balances brought forward from the
Statement of Financial Position reported at 31 December 2018. The impact
of the application of IFRS 16 is set out below.
i) Reconciliation of opening lease liabilities
H1 2019
EURm
Operating Lease contractual commitments at 31 December 2018 70.9
Commitments relating to extension options not contracted for at
31 December 2018 and assessed as reasonably certain to be exercised
as at 1 January 2019 5.7
Commitments related to leases previously classified as finance
leases 1.1
Commitments relating to leases treated as short term leases (0.7)
Gross lease commitments at 1 January 2019 77.0
Effect of discounting (45.0)
Lease liability at 1 January 2019 32.0
Present value of lease commitments previously classified as finance
leases (1.0)
Additional lease liabilities recognised on adoption of IFRS 16 31.0
ii) Reconciliation of the opening position as per Statement of Financial
Position
Carrying
amount under Carrying amount
IAS 17 as under IFRS
at 31 December Effect of IFRS 16 as at 1
2018 16 January 2019
EURm EURm EURm
Assets
Non-Current assets
Property, plant and
equipment 307.7 -1.2 306.5
Right of use assets - 32.2 32.2
Non-Current liabilities
Borrowings 204.7 22.6 227.3
Current liabilities
Borrowings 0.3 8.4 8.7
iii) Effect on the Income Statement from the date of adoption of IFRS 16
compared to IAS 17 in the period
H1 2019
EURm
Reduction in operating lease expenses included in other operating
costs (4.7)
Reduction in depreciation of property plant and equipment (0.2)
Increase in depreciation and amortisation expense arising from
depreciation of right of use assets 4.5
Increase in finance costs 0.5
Net effect on operating profit in the period from the adoption
of IFRS 16 (0.1)
iv) Movements in the Consolidated Statement of Financial Position in the
reporting period
Plant and Land and
Right of use assets Vessels Equipment Buildings Total
EURm EURm EURm EURm
Cost
At 31 December 2018 - - - -
Re-classed from property,
plant & equipment - 4.7 - 4.7
Initial application of IFRS
16 10.9 2.4 17.7 31.0
At 1 January 2019 10.9 7.1 17.7 35.7
Additions - 0.7 10.8 11.5
Disposals - - - -
Currency adjustment - - (0.3) (0.3)
At 30 June 2019 10.9 7.8 28.2 46.9
---------------------------- ------- ----------- ----------- -----
Accumulated depreciation
At 31 December 2018 - - - -
Re-classed from property,
plant & equipment - 3.5 - 3.5
Initial application of IFRS
16 - - - -
At 1 January 2019 - 3.5 - 3.5
Charge for period 2.8 0.8 1.0 4.6
Disposals - - - -
At 30 June 2019 2.8 4.3 1.0 8.1
Carrying amount
At 31 December 2018 - - - -
At 1 January 2019 10.9 3.6 17.7 32.2
At 30 June 2019 8.1 3.5 27.2 38.8
At 30 June 2018 - - - -
v) Amounts recognised in the Condensed Consolidated Income Statement
H1 2019
EURm
Depreciation 4.6
Interest on lease liabilities 0.5
Operating costs:
- Expenses relating to short term leases 3.2
- Variable lease payments not included in the measurement of lease
liabilities 0.2
Amounts recognised in the Condensed Consolidated Income Statement 8.5
11. Net cash and borrowing facilities
i) The components of the Groups net cash/ (debt) position at the
reporting date and the movements in the period are set out in the
following table.
Bank Loan Origination
Cash Loans Notes Leases fees Total
EURm EURm EURm EURm EURm
At 31 December 2018
Current assets 124.7 - - - - 124.7
Creditors due within
one year - - - (0.3) - (0.3)
Creditors due after
one year - (155.0) (50.0) (0.7) 1.0 (204.7)
124.7 (155.0) (50.0) (1.0) 1.0 (80.3)
IFRS 16 adoption - - - (31.0) - (31.0)
At 1 January 2019 124.7 (155.0) (50.0) (32.0) 1.0 (111.3)
Movements during the
period
Cash flow (9.0) - - - - (9.0)
Inception of leases - - - (11.5) - (11.5)
Payments - - - 4.5 - 4.5
Amortised - - - - (0.1) (0.1)
Foreign exchange
movements - - - 0.3 - 0.3
(9.0) - - (6.7) (0.1) (15.8)
At 30 June 2019
Current assets 115.7 - - - - 115.7
Creditors due within
one year - - - (8.8) 0.1 (8.7)
Creditors due after
one year - (155.0) (50.0) (29.9) 0.8 (234.1)
115.7 (155.0) (50.0) (38.7) 0.9 (127.1)
At 30 June 2018
Current assets 180.0 - - - - 180.0
Creditors due within
one year - - - (0.7) 0.1 (0.6)
Creditors due after
one year - (75.0) (50.0) (0.7) 0.9 (124.8)
180.0 (75.0) (50.0) (1.4) 1.0 54.6
ii) The maturity profile and available borrowing and cash facilities
available to the Group at 30 June 2019 are set out in the following
table.
Maturity Profile
Less Between Between
On-hand than 1 -- 2 2 -- 5 More than
Facility Undrawn / drawn 1 year years years 5 years
EURm EURm EURm EURm EURm EURm EURm
Cash - - 115.7 115.7 - - -
Committed lending
facilities
Bank overdrafts 15.4 15.4 - - - - -
Bank loans 230.0 75.0 155.0 - 11.5 46.5 97.0
Loan notes 50.0 - 50.0 - - - 50.0
Leases 38.7 - 38.7 8.8 5.1 6.3 18.5
Committed lending
facilities 334.1 90.4 243.7 8.8 16.6 52.8 165.5
Uncommitted lending
facilities
Bank loans 50.0
Loan notes 191.6
Uncommitted lending
facilities 241.6
Bank overdrafts are stated net of trade guarantee facilities utilised of
EUR0.6 million.
Obligations under the Group borrowing facilities have been cross
guaranteed by the parent company and certain subsidiaries but are
otherwise unsecured except for lease obligations which are secured by
the lessors' title to leased assets.
12. Tax
Corporation tax for the interim period is estimated based on the best
estimate 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 Irish Resident for tax purposes
have elected to be taxed under the Irish 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.
13. Financial instruments and risk management
The Group's activities expose it to a variety of financial risks
including market risk (such as interest rate risk, foreign currency risk,
commodity price 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.
Treasury management practices which may include the use of derivative
financial instruments 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
2018 Annual Report. There have been no changes to the risk management
procedures or policies since the 2018 year end.
i) Carrying value and fair value estimation of financial assets and
liabilities
The table below sets out the carrying value and fair values of the
Group's financial assets and liabilities at the reporting date.
H1 2019 H1 2018 FY 2018
Carrying Carrying Carrying
value Fair value value Fair value value Fair value
EURm EURm EURm EURm EURm EURm
Financial
assets
Long term
receivable 20.8 20.8 - - - -
Trade and
other
receivables 90.6 90.6 61.7 61.7 75.7 75.7
Cash and
cash
equivalents 115.7 115.7 180.0 180.0 124.7 124.7
Total
financial
assets 227.1 227.1 241.7 241.7 200.4 200.4
Financial
liabilities
Borrowings 242.8 251.2 125.4 125.9 205.0 205.2
Trade and
other
payables 79.1 79.1 172.0 172.0 49.7 49.7
Total
financial
liabilities 321.9 330.3 297.4 297.9 254.7 254.9
ii) Fair value hierarchy
The Group has adopted the following fair value measurement hierarchy for
financial assets and liabilities:
-- 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 Group did not hold any financial assets or financial liabilities at
the reporting dates required to be carried at fair value in the
Condensed Statement of Consolidated Financial Position.
iii) Fair value of financial assets and financial liabilities measured
at amortised cost
With the exception of the financial liabilities related to borrowings
set out in the table at (i) above it is considered that the carrying
amounts of financial assets and financial liabilities recognised at
amortised cost in these half year financial statements approximate their
fair values.
The fair value of borrowings are classified within Level 2 of the fair
value hierarchy. Fair value has been estimated based on discounted cash
flow analysis using interest rates reasonably expected to be available
to the Group for similar products derived from observable market
interest rates at the reporting date and observable credit spread market
movements since inception of the borrowings.
iv) Derivative financial instruments
At 30 June 2019, 31 December 2018, and 30 June 2018 the Group did not
hold any material opening positions relating to derivative financial
instruments.
The Group does not currently utilise interest rate derivatives to manage
its interest rate exposure as it contracts fixed rate borrowings
directly with lenders.
The Group does not currently utilise commodity derivatives to hedge its
fuel costs purchasing its fuel requirements at spot.
14. Retirement benefit schemes
The assumptions used to value pension obligations were reviewed against
the background of market conditions as at 30 June 2019 leading to a
change in discount and inflation rate assumptions while demographic and
other assumptions were retained at 31 December 2018 levels. Scheme
assets have been valued as per investment managers' valuations at 30
June 2019. 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 1.10% for Euro liabilities (31
December 2018: 1.80%) and 2.20% for Sterling liabilities (31 December
2018: 2.65%).
At 30 June 2019 the Group's total obligation in respect of defined
benefit schemes totals EUR279.8 million (31 December 2018: EUR266.0
million). The schemes held assets of EUR287.4 million (31 December 2018:
EUR264.3 million), giving a net pension surplus of EUR7.6 million (31
December 2018: EUR1.7 million net deficit).
The principal assumptions used for the purpose of the actuarial
valuations have been set after considering independent actuarial advice
and which are reflective of market conditions that existed at 30 June
2019, were as follows:
H1 2019 H1 2018 FY 2018
Sterling Euro Sterling Euro Sterling Euro
Discount rate 2.20% 1.10% 2.50% 1.80% 2.65% 1.80%
Inflation rate 2.45% 1.10% 3.30% 1.60% 3.45% 1.50%
Rate of increase 0.20% - 0.70% - 0.60% -
of pensions in payment 3.15% 0.30% 3.05% 0.80% 3.15% 0.70%
Rate of pensionable 0.00% - 0.00% - 0.00% - 0.00% -
salary increases 1.00% 0.90% 0.90% 1.00% 1.00% 1.00%
The movements in the net surplus on the retirement benefit schemes were
as follows:
H1 2019 H1 2018 FY 2018
Movement in retirement benefit schemes
net surplus EURm EURm EURm
Opening (deficit)/ surplus (1.7) 4.7 4.7
Current service cost (0.7) (0.9) (1.7)
Curtailment gain 0.2 - 0.5
Employer contributions paid 1.4 1.4 2.8
Net interest income - 0.1 0.1
Actuarial gain/ (loss) 8.5 1.8 (8.1)
Currency adjustment (0.1) - -
Net surplus/ (deficit) 7.6 7.1 (1.7)
Schemes in surplus 11.0 10.0 2.5
Schemes in deficit (3.4) (2.9) (4.2)
Net surplus/ (deficit) 7.6 7.1 (1.7)
The improvement in pension deficit since 31 December 2018 includes
actuarial gains which are recognised in the Condensed Consolidated
Statement of Comprehensive Income.
H1 2019 H1 2018 FY 2018
Actuarial gains/ (losses) recognised in
the Condensed Consolidated Statement of
Comprehensive Income EURm EURm EURm
Return on scheme assets in excess/ (less
than) of interest income 26.1 (2.7) (14.7)
Remeasurement adjustments on scheme liabilities
- Changes in demographic assumptions - - (1.9)
- Changes in financial assumptions (17.5) 0.8 3.9
- Experience adjustments (0.1) 3.7 4.6
Actuarial gains/ (losses) recognised in
the Condensed Consolidated Statement of
Comprehensive Income 8.5 1.8 (8.1)
------------------------------------------------ ------- ------- -------
No provision has been made against scheme surpluses as the Group believe
having reviewed the rules of the relevant schemes, the surplus will
accrue to the Group in the future.
15. Net cash inflow from operating activities
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Operating activities
Profit for the financial period/ year 24.3 29.1 57.8
Adjustments for:
Finance costs (net) 1.6 0.4 0.8
Income tax expense 0.6 0.6 1.4
Retirement benefit scheme funding in excess
of amounts expensed to Income Statement (0.9) (0.5) (1.6)
Depreciation and amortisation expense 18.4 9.7 22.1
Share-based payment expense 1.4 1.2 2.4
Gain on disposal of property, plant and
equipment (14.9) (13.7) (15.1)
Decrease in provisions - - 0.7
Operating cash flow before movements in
working capital 30.5 26.8 68.5
Decrease/ (increase) in inventories 0.3 (0.1) (0.6)
Increase in receivables (12.0) (4.6) (4.6)
Increase in payables 29.3 26.1 1.4
Cash generated from operations 48.1 48.2 64.7
Income taxes paid (0.7) (0.7) (2.2)
Interest paid (1.6) (0.4) (1.0)
Net cash inflow from operating activities 45.8 47.1 61.5
At 30 June 2019 and 30 June 2018 the overall working capital movements
amounted to EUR17.6 million and EUR21.4 million respectively, which
relate to seasonal working capital inflows that are expected to unwind
in the second half of the year. Working capital movements exclude
accruals of EURnil million (31 December 2018: EURnil million, 30 June
2018: EUR97.7 million) relating to vessel work in progress balances not
yet paid and prepayments in line with contractual terms for works not
yet undertaken of EUR28.9 million (31 December 2018: EUR28.9 million,
and 30 June 2018: EUR14.9 million). Movements in these accrual and
prepayments are included as purchases of property, plant and equipment
in the Condensed Consolidated Statement of Cash Flows.
16. 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 2019 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. There were no other material
related party transactions in the period.
17. 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 2018.
18. 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 types of 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.
19. Composition of the entity
There have been no changes in the composition of the entity during the
period ended 30 June 2019.
20. Commitments
H1 2019 H1 2018 FY 2018
EURm EURm EURm
Commitments for the acquisition of property,
plant and equipment -- approved and contracted
for 143.1 272.7 136.3
21. Events after the reporting period
The Board has declared an interim dividend of 4.42 cent per ICG Unit in
respect of 2019.
There have been no other material events affecting the Group to report
since 30 June 2019.
22. Board approval
This interim report was approved by the Board of Directors of Irish
Continental Group plc on 28 August 2019.
(END) Dow Jones Newswires
August 29, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
1 Year Irish Continental Chart |
1 Month Irish Continental Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
