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Irish Continental Group Plc LSE:ICGC London Ordinary Share IE00BLP58571 UTS (COMP 1 ORD EUR0.065 & UP TO 10 RED)
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Travel & Leisure 357.4 61.5 31.7 10.3 611

Irish Continental Half-year Report

27/08/2020 7:00am

UK Regulatory (RNS & others)


 
TIDMICGC 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 
 
   Irish Continental Group plc (ICG) the leading Irish-based maritime 
transport group, reports its financial performance for the half year 
ended 30 June 2020. 
 
   This half-yearly financial report references alternative performance 
measures (APMs) which are not defined under International Financial 
Reporting Standards and which are explained at page 23. 
 
   Highlights 
 
 
 
 
Financial summary 
                                                        Change 
                                 HY 2020*    HY 2019**     % 
Revenue                          EUR130.8m   EUR166.8m  -21.6% 
EBITDA (pre non-trading items)    EUR10.0m    EUR30.0m  -66.7% 
EBIT (pre non-trading items)     EUR(9.5)m    EUR11.6m       - 
Basic earnings per share            (6.2)c       12.8c       - 
Adjusted earnings per share         (6.2)c        4.9c       - 
Interim dividend                       nil       4.42c       - 
Net debt                         EUR103.3m   EUR127.1m  -18.7% 
                                 ---------  ----------  ------ 
 
 
   * HY 2020 : Half Year up to 30 June 2020, ** HY 2019 : Half Year up to 
30 June 2019 
 
 
 
 
Volume movements 
                             HY 2020  HY 2019  Change 
                               '000     '000      % 
Cars                            56.6    161.2  -64.9% 
RoRo freight                   149.4    153.6   -2.7% 
Containers shipped (teu*)      155.7    176.3  -11.7% 
Port lifts                     141.0    163.1  -13.5% 
                            --------  -------  ------ 
 
 
   *teu: twenty foot equivalent units 
 
   The HY 2020 result is reported against the challenging background of 
depressed economic activity and travel restrictions imposed across the 
EU because of the Covid-19 pandemic which has led to a significant 
reduction in passenger traffic while freight activity across the Group 
has been less affected. Notwithstanding these events, the Group has 
continued to focus on its strategic development and has retained a 
strong liquidity position.  Key highlights in HY 2020 include; 
 
 
   -- Revenues generated totalled EUR130.8 million, EUR36.0 million less than 
      HY 2019. 
 
   -- EBIT generated was a loss of EUR9.5 million, EUR21.1 million less than HY 
      2019. 
 
   -- EBITDA generated of EUR10.0 million, EUR20.0 million less than HY 2019. 
 
   -- Gross cash balances EUR132.5 million (31 December 2019: EUR110.9 
      million). 
 
   -- Net Debt at EUR103.3 million is EUR25.7 million lower than at the 
      beginning of the year. 
 
   -- No interim dividend declared (2019: 4.42c per share). 
 
   -- The Group maintained services on all its shipping routes and operations 
      at its container terminals. 
 
   -- Cost containment measures introduced. 
 
   -- Return of EUR33 million deposit following termination of shipbuilding 
      contract as a consequence of the shipbuilder entering administration. 
 
   -- Environmentally friendly investment program in exhaust gas cleaning 
      systems substantially completed. 
 
   -- Further investment in environmentally friendly port equipment at Dublin 
      Ferryport Terminal. 
 
   -- Agreement signed to operate a new container depot at the new Dublin 
      Inland Port. 
 
 
 
 
 
   Page 1 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 
 
   Commenting on the results, Chairman John B. McGuckian noted; 
 
   The trading conditions faced by the Group since March 2020, particularly 
in our passenger business, have been the most challenging encountered by 
the Group in its 32 year history. Notwithstanding the travel 
restrictions imposed by governments throughout the EU, the Company has 
continued to service all its shipping routes providing critical 
logistical links to the island of Ireland. These services have also 
facilitated passenger travel, including returning medical and caring 
volunteers and technicians to fix vital equipment in our hospitals and 
care centres and an ability for our citizens to repatriate, where they 
must do so, to deal with emergencies at home and for those who must 
travel for essential reasons. On behalf of the Group I would like to 
thank our staff and crews for their tremendous efforts in maintaining 
services during these difficult times. 
 
   There are a large number of variables beyond the control of the Group 
around Covid-19 developments creating uncertainty for future passenger 
travel. However, we are encouraged by the recovering freight volumes 
since June to date.  The Group remains in a strong financial position to 
weather this Covid-19 storm, and we refer investors to our cash and 
undrawn credit facilities position at 30 June. 
 
 
 
 
 
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 
 
 
   Page 2 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Results 
 
 
 
 
Financial Highlights 
                                                           Change 
                                      HY 2020    HY 2019      %     FY 2019* 
Revenue                              EUR130.8m  EUR166.8m  -21.6%  EUR357.4m 
EBITDA (pre non-trading items)        EUR10.0m   EUR30.0m  -66.7%   EUR86.8m 
EBIT (pre non-trading items)         EUR(9.5)m   EUR11.6m       -   EUR50.0m 
EBIT (including non-trading items)   EUR(9.5)m   EUR26.5m       -   EUR64.9m 
                                     ---------  ---------  ------  --------- 
 
   Non-trading items : HY 2020 : EURnil; HY2019: EUR14.9 million; FY 2019: 
EUR14.9 million. 
 
   * FY 2019 = Year End up to 31 December 2019 
 
   ICG reports its results for HY 2020 against the challenging background 
of depressed economic activity and travel restrictions imposed across 
the EU because of the Covid-19 pandemic which has led to a significant 
reduction in passenger traffic while freight activity across the Group 
has been less affected. 
 
   The Group recorded revenue of EUR130.8 million compared with EUR166.8 
million in HY 2019, a decrease of 21.6%. Earnings before interest, tax, 
depreciation and amortisation (EBITDA) before non-trading items were 
EUR10.0 million compared with EUR30.0 million in HY 2019. Group fuel 
costs decreased by EUR8.4 million (-32.9%) to EUR17.1 million from 
EUR25.5 million. Earnings before interest and tax (EBIT) were EUR(9.5) 
million compared with EUR11.6 million in HY 2019. A loss before tax of 
EUR11.2 million is reported compared with a profit before tax EUR24.9 
million in HY 2019. 
 
   There was a net finance charge of EUR1.7 million (2019: EUR1.6 million) 
which includes net bank interest payable of EUR1.3 million (2019: EUR1.1 
million), lease interest EUR0.5 million (2019: EUR0.5 million) and a net 
pension interest income of EUR0.1 million (2019: EURnil). The tax charge 
amounted to EUR0.4 million (2019: EUR0.6 million). Basic EPS was (6.2)c 
compared with 12.8c in HY 2019. Adjusted EPS amounted to (6.2)c  versus 
4.9c for HY 2019. 
 
   Operational Review 
 
   Ferries Division 
 
 
 
 
Financial Highlights 
                                                           Change 
                                       HY 2020   HY 2019      %     FY 2019 
Revenue*                               EUR61.6m  EUR92.3m  -33.3%  EUR212.4m 
EBITDA (pre non-trading items)          EUR1.1m  EUR19.7m  -94.4%   EUR67.2m 
EBIT (pre non-trading items)         EUR(15.3)m   EUR4.3m       -   EUR36.4m 
EBIT (including non-trading items)   EUR(15.3)m  EUR19.2m       -   EUR51.3m 
                                     ----------  --------  ------  --------- 
 
   Non-trading items : HY 2020 : EURnil; HY 2019: EUR14.9 million; FY 2019: 
EUR14.9 million. 
 
   *Includes intersegment revenue of EUR3.5 million (HY 2019: EUR3.4 
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. 
 
   Revenue in the division was EUR61.6 million (2019: EUR92.3 million) 
while EBITDA was EUR1.1 million (2019: EUR19.7 million). EBIT was a loss 
of EUR15.3 million compared to a profit of EUR4.3 million in HY 2019, 
excluding the 2019 profit on disposal of the Oscar Wilde of EUR14.9 
million. 
 
   The performance of the ferries operations in HY 2020 was significantly 
affected by the imposition of travel restrictions on non-essential 
travel across the EU from mid-March as a response to the Covid-19 
pandemic. In response as a cost containment measure Irish Ferries 
suspended Dublin Swift fastcraft sailings, on a rolling basis, pending 
expected relaxation of travel restrictions. Passenger capacity was also 
restricted on its fleet of conventional ferries. As a provider of 
essential logistical links on and off the island of Ireland, Irish 
Ferries operated a full schedule on its conventional ferry services to 
service its freight customers and those passengers required to travel 
for essential reasons. 
 
   Page 3 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Operational Review -- continued 
 
   Ferries Division -- continued 
 
 
 
 
Tourism 
                                               Change 
                            HY 2020  HY 2019      %    FY 2019 
Car volumes ('000)             56.6     161.2  -64.9%     401.3 
Passenger volumes ('000)      233.9     648.0  -63.9%   1,541.0 
Passenger revenue          EUR14.3m  EUR44.1m  -67.6%  EUR112.7 
                           --------  --------  ------  -------- 
 
 
   In HY 2020 total cars carried were 56,600, down 64.9% on the same period 
in HY 2019. Total passenger carryings were 233,900, a decrease of 63.9% 
on HY 2019. This decline in carryings mainly occurred from mid-March 
following restrictions on non-essential travel related to the Covid-19 
pandemic. 
 
 
 
 
Freight 
                                                  Change 
                               HY 2020  HY 2019      %    FY 2019 
RoRo freight volumes ('000)      149.4     153.6   -2.7%     313.2 
RoRo freight revenue          EUR40.8m  EUR42.8m   -4.7%  EUR86.2m 
                              --------  --------  ------  -------- 
 
 
   Freight carryings in HY 2020 were 149,400 units, a decrease 2.7% over HY 
2019 but which have shown a steady improvement from the initial decline 
experienced following the imposition of Covid-19 measures. 
 
 
 
 
Chartering 
                                     Change 
                   HY 2020  HY 2019     %    FY 2019 
Charter revenue    EUR6.5m  EUR5.4m  +20.3%  EUR13.5m 
                  --------  -------  ------  -------- 
 
 
   The division owns six container vessels, four of which are chartered 
internally to Eucon and two chartered externally. The increase in 
revenue primarily relates to the additional charter revenues on the 
Thetis D and CT Rotterdam acquired in April 2019 and November 2019 
respectively. Charter revenue also includes earnings from the bareboat 
hire purchase contract relating to the disposal of the Oscar Wilde 
concluded in April 2019. 
 
   Page 4 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Operational Review -- continued 
 
   Ferries Division -- continued 
 
 
 
 
Costs 
                                      Change 
                   HY 2020  HY 2019      %     FY 2019 
Operating costs   EUR76.9m  EUR88.0m  -12.6%  EUR126.1m 
                  --------  --------  ------  --------- 
 
 
   Costs in the division decreased EUR11.1 million in HY 2020 compared to 
HY 2019. In addition to activity related variances on reduced volumes, 
the division was proactive in containing costs through suspension of 
fastcraft services and reduction of passenger services on-board our 
conventional vessels. Fuel costs declined to EUR11.8 million from 
EUR18.1 million in HY 2019, the decrease related both to suspended 
fastcraft sailings, lower global fuel costs and commissioning of new 
exhaust gas cleaning systems ("EGCS") on certain vessels. Maintenance 
expenses were also lower following the major works undertaken in 2019. 
 
   Container and Terminal Division 
 
 
 
 
Financial Highlights 
                                           Change 
                        HY 2020  HY 2019      %     FY 2019 
Revenue*               EUR73.2m  EUR78.4m   -6.6%  EUR143.3m 
EBITDA                  EUR8.9m  EUR10.3m  -13.6%   EUR16.1m 
EBIT                    EUR5.8m   EUR7.3m  -20.5%   EUR13.0m 
                       --------  --------  ------  --------- 
 
 
   *Includes intersegment revenue of EUR0.5 million (HY 2019: EUR0.5 
million) 
 
 
 
 
Operational Highlights 
                                              Change 
                            HY 2020  HY 2019     %    FY 2019 
Volumes                      '000     '000             '000 
Containers shipped (teu)      155.7    176.3  -11.7%    343.5 
Port lifts                    141.0    163.1  -13.5%    320.8 
                           --------  -------  ------  ------- 
 
 
   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 decreased by 6.6% to EUR73.2 million (2019: 
EUR78.4 million), EBITDA decreased to EUR8.9 million (2019: EUR10.3 
million) while EBIT decreased to EUR5.8 million (2019: EUR7.3 million). 
 
   Total containers shipped by Eucon were down 11.7% at 155,700 teu (2019: 
176,300 teu). In response to the decreased volumes attributable to 
reduced shipments in light of the Covid-19 pandemic, the division 
reduced its fleet capacity from a core six vessels to five vessels 
during April. Costs decreased in line with capacity changes and volumes, 
with decreases in fuel costs related to lower global prices and 
investment in EGCS. 
 
   Containers handled at the Group's container terminals in Dublin and 
Belfast were down 13.5% to 141,000 lifts (2019: 163,100 lifts). Dublin 
Ferryport Terminals' activity was down 11.9%, while activity at Belfast 
Container Terminal was down 16.0%. 
 
   Page 5 
 
 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Statement of Financial Position 
 
   A summary Statement of Financial Position as at 30 June 2020 is 
presented below: 
 
 
 
 
 
                                               30 Jun  30 Jun   31 Dec 
                                                2020    2019     2019 
                                                EURm    EURm    EURm 
Property, plant and equipment and intangible 
 assets                                         324.3   316.7    317.5 
Right of use assets                              31.7    38.8     36.0 
Long term receivable                             18.0    20.8     19.4 
Retirement benefit surplus                        9.5    11.0     12.5 
Other current assets                             59.4    93.6     95.5 
Cash and bank balances                          132.5   115.7    110.9 
                                               ------  ------  ------- 
Total assets                                    575.4   596.6    591.8 
                                               ------  ------  ------- 
Non-current borrowings                          219.8   234.1    227.9 
Retirement benefit obligations                    3.6     3.4      3.7 
Other non-current liabilities                     0.7     1.9      1.4 
Current borrowings                               16.0     8.7     12.0 
Other current liabilities                        65.6    79.7     58.9 
                                               ------  ------  ------- 
Total liabilities                               305.7   327.8    303.9 
                                               ------  ------  ------- 
Total equity                                    269.7   268.8    287.9 
                                               ------  ------  ------- 
Total equity and liabilities                    575.4   596.6    591.8 
                                               ------  ------  ------- 
 
 
   The analysis of key movements in the period since 31 December 2019 is 
set out below. 
 
   The principal movements in the property, plant and equipment and 
intangible assets relate to the installation of EGCS on the Ulysses and 
owned container vessels, acquisition of new plant at Dublin Ferryport 
Terminal and scheduled replacement expenditure less depreciation charge 
in the period. The movement in right of use assets mainly relates to 
depreciation of assets over the lease term. The long-term receivable 
relates to deferred sales proceeds receivable under the hire purchase 
sale agreement entered into on the sale of the Oscar Wilde. 
 
   The large reduction in other current assets mainly relates to the 
repayment of a EUR33.0 million deposit following the cancellation of the 
shipbuilding contract for a new cruise ferry. The increase in other 
current liabilities relates to the seasonal increase in passenger 
deferred revenue balances for bookings made in advance of the peak 
tourism season. With Covid-19 travel restrictions in place, advanced 
bookings were significantly lower than at the same time last year. 
 
   The assumptions used to value pension obligations were reviewed against 
the background of market conditions as at 30 June 2020. This review 
resulted in a change in discount and inflation rate assumptions while 
the valuation for the main scheme was also updated for demographic 
experience. Other assumptions were retained at 31 December 2019 levels. 
A net actuarial loss of EUR3.5 million arose in HY 2020 comprising 
losses on assets in excess of previous assumptions partly offset by 
experience gains on obligations. 
 
   Shareholders' equity declined to EUR269.7 million from EUR287.9 million 
over the period. The movements primarily comprised of the loss for the 
financial period of EUR11.6 million, net actuarial losses of EUR3.5 
million arising on retirement benefit schemes, settlement of share 
options and buyback of shares. No dividends were paid in the half year 
ended 30 June 2020. 
 
   Page 6 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Cash Flow 
 
   A summary of cash flows in the half year to 30 June 2020 is presented 
below: 
 
 
 
 
 
                                              HY 2020  HY 2019  FY 2019 
                                               EURm     EURm     EURm 
Operating (loss) / profit (EBIT)*               (9.5)     26.5     64.9 
Non trading items                                   -   (14.9)   (14.9) 
Depreciation                                     19.5     18.4     36.8 
                                              -------  -------  ------- 
EBITDA* (pre non-trading items)                  10.0     30.0     86.8 
                                              -------  -------  ------- 
Working capital movements                         6.9     17.6      2.0 
Pension payments in excess of service costs     (0.6)    (0.9)    (1.3) 
Other                                           (0.5)      1.4      2.0 
                                              -------  -------  ------- 
Cash generated from operations                   15.8     48.1     89.5 
                                              -------  -------  ------- 
Interest paid                                   (1.7)    (1.6)    (3.5) 
Tax paid                                        (0.3)    (0.7)    (1.2) 
Intangible asset additions                      (0.3)    (0.1)    (0.2) 
Capex excluding strategic capex                 (8.2)   (12.7)   (11.4) 
                                              -------  -------  ------- 
Free cash flow before strategic capex*            5.3     33.0     73.2 
                                              -------  -------  ------- 
Strategic capex                                (12.9)   (19.4)   (42.5) 
Return of vessel deposit                         33.0        -        - 
                                              -------  -------  ------- 
Free cash flow after strategic capex*            25.4     13.6     30.7 
                                              -------  -------  ------- 
Net asset sales                                   2.6      0.3      1.8 
Dividends                                           -   (16.3)   (24.7) 
Share issue                                         -        -      0.1 
Share buyback                                   (1.8)    (2.1)   (12.9) 
                                              -------  -------  ------- 
Net cash flows                                   26.2    (4.5)    (5.0) 
Opening net debt                              (129.0)   (80.3)   (80.3) 
Lease liability non-cash movements              (1.2)   (42.5)   (44.5) 
Translation/ other                                0.7      0.2      0.8 
                                              -------  -------  ------- 
Closing net debt                              (103.3)  (127.1)  (129.0) 
                                              -------  -------  ------- 
 
 
   *Additional information in relation to these Alternative Performance 
Measures ("APMs") is disclosed on page 23. 
 
   Net debt decreased to EUR103.3 million at 30 June 2020 from EUR129.0 
million at 31 December 2019. 
 
   Net cash flows comprised EBITDA for the period of EUR10.0 million, the 
return of the vessel deposit following cancellation of a contract for a 
new vessel and an overall positive seasonal working capital movement of 
EUR6.9 million. The working capital movements are largely attributable 
to higher deferred revenue balances ahead of the peak summer passenger 
season, though due to the uncertainty surrounding Covid-19 travel 
restrictions advance bookings were significantly lower than at the same 
time last year. These positive movements are offset by capital 
expenditure outflows in the period of EUR21.4 million. During the period 
EUR1.8 million was returned to shareholders through a buyback of shares. 
The Group did not proceed with payment of the 2019 final dividend due to 
the effects of Covid-19 travel restrictions on trading. 
 
   Page 7 
 
 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Financing 
 
 
 
 
Net debt 
                                  Inception   Bank Loans 
                           Cash      Fees     & PP Notes  Lease Liabilities  Net Debt 
                            EURm     EURm           EURm               EURm    EURm 
At 31 December 2019        110.9        1.1      (205.0)             (36.0)   (129.0) 
Lease liability non-cash 
 movements                     -                       -              (1.2)     (1.2) 
Cash flows                  21.6                       -                4.6      26.2 
Translation/ other             -      (0.1)            -                0.8       0.7 
                           -----  ---------  -----------  -----------------  -------- 
At 30 June 2020            132.5        1.0      (205.0)             (31.8)   (103.3) 
                           -----  ---------  -----------  -----------------  -------- 
 
 
   The net debt position of the Group at 30 June 2020 was EUR103.3 million, 
a decrease of EUR25.7 million from the opening position at 1 January 
2020. 
 
   The borrowing facilities available to the Group at 30 June 2020 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             245.6       50.0         50.0            - 
European Investment Bank      155.0      155.0        155.0            - 
Lease liabilities              31.8       31.8         31.8            - 
Overdraft and other            15.4       15.4            -         15.4 
                           --------  ---------  -----------  ----------- 
                              572.8      327.2        236.8         90.4 
                           --------  ---------  -----------  ----------- 
 
 
   At 30 June 2020 the Group had total lending facilities of EUR572.8 
million available of which EUR327.2 million were committed facilities. 
EUR236.8 million of the committed facilities were drawn. In addition to 
the committed lines of credit, the Group had arranged uncommitted 
facilities of EUR245.6 million with utilisation dates expiring between 6 
months and 4 years. 
 
   Dividend 
 
   On 1 July the Group announced that due to the effects of Covid-19 on 
current trading and notwithstanding that the Group retained a strong 
liquidity position, the Directors had considered it prudent not to 
proceed with the 2019 final dividend previously announced on 5 March 
2020. Consequently no dividends were paid during the half year ended 30 
June 2020. 
 
   In light of the result to 30 June 2020 combined with trading to date and 
the uncertain outlook for the remainder of the year particularly related 
to passenger travel the Directors also consider it prudent not to 
declare an interim dividend at this time. 
 
   Page 8 
 
 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Fuel 
 
 
 
 
 
                                 Change 
             HY 2020   HY 2019      %    FY 2019 
Fuel costs   EUR17.1m  EUR25.5m  -32.9%  EUR49.3m 
             --------  --------  ------  -------- 
 
 
   Group fuel costs in the first half of 2020 amounted to EUR17.1 million 
(2019: EUR25.5 million). The movement in fuel costs was due to lower 
global fuel costs, suspension of fastcraft sailings, reduction in the 
operated container fleet partially offset by compliance with the new IMO 
2020 fuel regulations requiring consumption of more expensive grade fuel 
oils pending completion of the Group's EGCS installation program. 
 
   The Group has in place fuel surcharge mechanisms for freight customers 
which mitigates the effects of movements in Euro fuel costs and the 
additional costs in ensuring compliance with IMO 2020, effective since 1 
January 2020. IMO 2020 reduced the permissible maximum sulphur content 
of exhaust gases and compliance can be achieved either through 
consumption of higher cost fuel oils or investment in EGCS. The Group 
has opted to invest in EGCS on its owned vessels operated on Group 
services. In the reporting period the Group had not engaged in financial 
derivative trading to hedge its fuel costs. 
 
   Strategic Developments 
 
   The Group has terminated its contract with the German shipbuilder FSG, 
who were contracted to build a new vessel for service with Irish 
Ferries. This followed FSG making an application through the German 
courts to be placed in debtor in possession management under the 
oversight of an Insolvency Monitor. As part of the original contract 
with the yard, ICG had paid a deposit on this vessel for 20% (EUR33.0 
million) of the EUR165.2 million purchase price with the remaining 80% 
due on delivery of the ship. This deposit was protected by third party 
guarantees and was repaid to ICG in June. 
 
   Following the termination, the Group has entered into an agreement with 
the owners of the chartered vessel Epsilon to extend that charter for an 
additional year up to November 2021, with options to further extend. 
This will ensure seamless continuation of services on our existing 
routes. The Group has also entered preliminary discussions with a number 
of other shipyards for the construction of a vessel of similar design to 
that previously contracted with FSG. 
 
   Arising from the collapse of passenger carryings following imposition of 
Covid-19 travel restrictions, the Dublin Swift fastcraft, which was 
scheduled to commence operations in April, was placed on standby mode 
pending expected relaxation of travel restrictions in advance of the 
traditional peak travel period. The vessel will proceed to deep lay-up 
for winter 20/21 later in the year as previously scheduled. 
 
   New low sulphur fuel regulations, IMO 2020, became effective from 1 
January 2020. IMO 2020 requires all our vessels operating outside of 
sulphur emission control areas to reduce sulphur emissions to a level 
equivalent to consuming 0.5% sulphur content fuel oils compared to the 
previously generally permitted 1.5%. On its owned and operated fleet the 
Group had taken the decision to install EGCS to comply with the latest 
requirements. EGCS allows a vessel to consume cheaper fuel oils while 
cleaning the exhaust emissions to within the levels mandated by IMO 
2020. The W.B. Yeats was delivered with an EGCS system while the Dublin 
Swift by design consumes marine gas oil which typically has a sulphur 
content of less than 0.1%. 
 
   The installation and commissioning of new EGCS plant on the Ulysses has 
been completed. A decision was taken not to proceed with a similar 
installation on the Isle of Inishmore as a consequence of shipyard 
delays which would have meant the vessel being out of service during the 
summer season and with an uncertain date for return to service. This 
work is planned to be completed during 2021. The Group also completed 
the installation of EGCS plant on the four owned container vessels 
utilised on Eucon services. 
 
   Page 9 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Strategic Developments - continued 
 
   The Group took delivery of and commissioned two electrically powered 
remotely operated rubber-tyred gantries at its Dublin Ferryport Terminal 
following the previous successful commissioning of two similar units 
during 2019. At the Belfast Container Terminal three units were 
delivered which brings the total delivered at Belfast since December 
2019 to eight units. These are currently undergoing commissioning by the 
port owner together with a new ship-to-shore crane. 
 
   During HY 2020 the Group was successful in the public tender to operate 
a container depot at the new Dublin Inland Port. The Group has signed an 
agreement to enter into a 20-year lease for this operation on completion 
of certain civil works by the landlord. The facility is expected to 
become operational during 2021. This facility will be used for the 
remote storage, maintenance and upgrade of empty container boxes, 
releasing valuable capacity for the handling of containers in the port 
area. The Dublin Inland Port will be located adjacent to Dublin Airport 
with direct access to the M50 Motorway (Dublin Ring Road) and the Port 
Tunnel. 
 
   Legal Challenge to the National Transport Authority interpretation of 
the EU Regulation No 1177/2010 
 
   We continue to pursue the legal challenge to the National Transport 
Authority ("NTA") interpretation of the EU Regulation No 1177/2010 
concerning the rights of passengers when travelling by sea and inland 
waterway. This is in progress by way of judicial review which has been 
admitted to the High Court of Ireland who have referred certain 
questions for interpretation to the European Court of Justice. 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 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. 
 
   Government support for essential shipping services during Covid-19 
 
   With the severe decline of passenger business during the Covid-19 
outbreak some ferry routes out of Ireland which are critically important 
in providing essential services became cash negative. Recognising the 
need to help certain routes remain open the Irish Government adopted a 
Public Services Obligation (PSO) model covering the shortfall between 
variable revenue and certain variable costs. This was not an approach 
that we supported as we believe this model was liable to create 
distortions in the marketplace and could be open to legal challenge. For 
these reasons we decided not to participate in this PSO model, but we 
committed, without any Government support, to continue operating our 
lossmaking routes which provide a vital lifeline service to our Island. 
 
   We will continue to work closely with all relevant authorities and 
closely monitor the developing situation. The Group, where appropriate, 
has availed of Governments' staff retention support schemes across 
Europe. 
 
   Exit of United Kingdom from the European Union 
 
   The UK exited the EU on 31 January 2020 and entered a transition period 
with a current end date of December 2020 during which negotiations of 
new rules on trade, travel and business between the UK and the EU are 
taking place. There remains uncertainty over the nature of the 
relationship post 2020. The Group's ferry division is highly dependent 
on trade flows between Ireland and the UK. Therefore any slowdown in 
either economy as a result of the exit of the UK from the EU will likely 
have an effect on Irish Ferries carryings. 
 
   Retention of the Common Travel Area (CTA) between Britain and Ireland is 
of major benefit to the tourism and hospitality sectors in Ireland. The 
current Irish Government position, of asking people from Britain who 
visit Ireland to restrict their movements for two weeks, is not 
consistent with that of the British Government who do not require people 
travelling to Britain from Ireland to restrict their movements. In 
addition, there is nothing to stop people from Britain visiting Ireland 
by travelling through Belfast and Larne without the requirement to 
self-isolate which is clearly anomalous.  We have written to the Irish 
Government on this issue. 
 
   Page 10 
 
 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Exit of United Kingdom from the European Union - continued 
 
   Irish Ferries has engaged with its port operators and regulatory 
authorities to minimise the effect of any port disruptions on its 
services following the UK exit. Irish Ferries' deployment of the W.B. 
Yeats on Dublin/ Cherbourg has already added significant capacity to the 
direct continental services which will lessen the effect of any port 
delays which might occur in the short-term on Irish sea services while 
new cross border procedures settle in. In addition, due to the fleet 
configuration, Irish Ferries has the ability to offer additional 
frequency on its direct continental services should demand justify it. 
 
   The exit of the UK from the EU is expected to have a lesser effect on 
our container shipping operations between Ireland and the Continent. 
There is a risk of delays or congestion at European ports with some 
potential for increased business, dependent on Irish economic growth. 
 
   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 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 52 to 57 of the 2019 Annual Report are; 
 
 
   -- Commercial & market -- Service disruption 
 
   -- Health & safety -- Hazardous cargo and risk of injury. 
 
   -- Operational Compliance -- People trafficking. 
 
   -- Financial loss -- Major project failure and inadequate insurance. 
 
   -- Fraud -- Payment diversion 
 
   -- Volatility -- Fuel costs 
 
   -- Information security 
 
   -- Cyber Threats 
 
 
   These risks together with the uncertainty around the continuing 
disruption to travel and trade surrounding Covid-19 measures remain the 
most likely risks to affect the Group during the second half of the 
financial year. Following the imposition of the Covid-19 measures, the 
Group has continually serviced all its shipping routes providing 
essential logistical links on and off the island of Ireland.  The 
continuing shutdown of certain sectors of the economy will prolong the 
effect on the Group's financial outcome, notwithstanding the cost 
containment initiatives introduced by the Group.  It is very difficult 
to estimate the full year financial impact on the Group, but the 
reduction in passenger revenue will be material given the loss of peak 
summer travel. 
 
   Following the exit of the UK from the EU, the nature of the trading 
arrangements between the EU and UK post the current transition period 
remain unclear. 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 UK 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 will actively manage these and all other risks through its 
risk management structure. 
 
   Page 11 
 
 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Events after the Reporting Period 
 
   There have been no other material events affecting the Group to report 
since 30 June 2020. 
 
   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 from the date of approval of this 
half-yearly financial report. For this reason, they consider it 
appropriate to continue to adopt the going concern basis in preparing 
this half-yearly financial report. 
 
   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, lending 
covenants and the medium term strategy of the Group, including capital 
investment plans. There is uncertainty around the timing of the lifting 
of travel restrictions on non-essential travel and the return of 
previous travel patterns, and the effects of Brexit. The Group has 
modelled a number of scenarios including emergence of a Covid-19 "second 
wave" with the continuation of travel restrictions into 2021. The future 
cash requirements under these scenarios have been compared to bank 
facilities which are reasonably expected to be available to the Group on 
normal market terms. 
 
 
 
   Page 12 
 
 
 
   Half-Yearly Financial Report 
 
   for the half year ended 30 June 2020 - Continued 
 
   Current Trading and Outlook 
 
   The second half of 2020 has continued to be affected by the retention of 
the Covid-19 measures introduced by governments earlier in the year. 
While recent levels of freight carrying compared to the same period last 
year have remained robust against the continuing shutdown of certain 
economic sectors, passenger carryings are materially affected having 
already lost a significant amount of peak season passenger travel. 
 
   Ferries 
 
   Activity in the Ferries Division in the period from 1 July 2020 to 22 
August 2020 compared to the same period last year is set out below; 
 
 
   -- Car carryings were 30,000 cars, a decrease of 73.8% 
 
   -- RoRo freight carryings were 49,100, an increase of 9.6% 
 
 
   Cumulatively in the period from 1 January 2020 to 22 August 2020 
compared to the same period last year activity was; 
 
 
   -- Car carryings were 86,600 cars, a decrease of 68.6% 
 
   -- RoRo freight carryings were 198,500, an increase of 0.1% 
 
 
   Container and Terminal 
 
   Activity in the Container and Terminal division in the period from 1 
July 2020 to 22 August 2020 compared to the same period last year was; 
 
 
   -- Containers shipped were 45,700 teu, a decrease of 7.1% 
 
   -- Port lifts were 41,300 lifts, an decrease of 11.3% 
 
 
   Cumulatively in the period from 1 January 2020 to 22 August 2020, 
compared to the same period last year activity was; 
 
 
   -- Containers shipped were 201,400 teu, a decrease of 10.5% 
 
   -- Port lifts were 182,200 lifts, an decrease of 12.9% 
 
 
   There are a large number of variables beyond the control of the Group 
around Covid-19 developments creating an uncertain trading environment 
in the second half of 2020. It is very difficult to estimate the full 
year financial impact on the Group, as the reduction in passenger 
revenue will be material, though recovering freight activity since 1 
July to date is encouraging. The Group remains in a strong financial 
position to weather this Covid-19 storm with cash and undrawn committed 
lending facilities totalling EUR222.9 million at 30 June. 
 
   Auditor Review 
 
   This half-yearly financial report has not been audited or reviewed by 
the auditors of the Group. 
 
   Page 13 
 
 
 
   Half-Yearly Financial Report 
 
   for the HALF YEAR ended 30 June 2020 - Continued 
 
   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 is available on the Group's website 
https://www.globenewswire.com/Tracker?data=ZGNnOI0Wzx2VQGIcEsk2OThzcxbD5RaCRosViAtH0kS9FvCWQzJeYK3JJz46qblL 
www.icg.ie. 
 
   John B. McGuckian 
 
   Chairman 
 
   26 August 2020 
 
   Page 14 
 
   Half-Yearly Financial Report 
 
   for the HALF YEAR ended 30 June 2020 - Continued 
 
   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 
      2020 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 2020, 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 
 
 
   26 August 2020 
 
   Page 15 
 
 
 
   CONDENSED CONSOLIDATED 
 
   INCOME STATEMENT 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
 
 
 
                                      Notes   HY 2020    HY 2019   FY 2019 
                                             Unaudited  Unaudited  Audited 
                                               EURm       EURm      EURm 
Revenue                                   4      130.8      166.8    357.4 
 
Depreciation and amortisation                   (19.5)     (18.4)   (36.8) 
Employee benefits expense                       (11.1)     (10.2)   (23.8) 
Other operating expenses                       (109.7)    (126.6)  (246.8) 
                                             ---------  ---------  ------- 
                                                 (9.5)       11.6     50.0 
 
Non-trading items                         6          -       14.9     14.9 
                                      -----  ---------  ---------  ------- 
Operating (loss) / profit                        (9.5)       26.5     64.9 
 
Finance income                                     0.1        0.1      0.1 
Finance costs                                    (1.8)      (1.7)    (3.5) 
                                             ---------  ---------  ------- 
 
(Loss) / profit before taxation                 (11.2)       24.9     61.5 
 
Income tax expense                               (0.4)      (0.6)    (1.3) 
                                             ---------  ---------  ------- 
 
(Loss) / profit for the financial 
 period: all attributable to equity 
 holders of the parent                    4     (11.6)       24.3     60.2 
                                      -----  ---------  ---------  ------- 
 
 
Earnings per ordinary share 
 -- expressed in cent per share 
 
Basic                                     7     (6.2)c      12.8c    31.7c 
                                      -----  ---------  ---------  ------- 
Diluted                                   7     (6.2)c      12.7c    31.5c 
                                      -----  ---------  ---------  ------- 
 
   Page 16 
 
 
 
   CONDENSED CONSOLIDATED STATEMENT 
 
   OF COMPREHENSIVE INCOME 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
 
 
 
                                                      HY 2020       HY 2019       FY 2019 
                                                     Unaudited     Unaudited      Audited 
                                              Notes    EURm           EURm         EURm 
(Loss) / profit for the financial 
 period                                                 (11.6)              24.3     60.2 
                                                     ---------  ----------------  ------- 
 
Items that may be reclassified subsequently 
 to profit or loss: 
Exchange differences on translation 
 of foreign operations                                   (1.2)                 -      1.2 
Items that will not be reclassified 
 subsequently to profit or loss: 
Actuarial (loss) / gain on defined 
 benefit pension schemes                         14      (3.5)               8.5      9.0 
Deferred tax on defined benefit 
 pension schemes                                           0.4               0.1        - 
                                                     ---------  ----------------  ------- 
 
Other comprehensive income for the 
 financial period                                        (4.3)               8.6     10.2 
                                                     ---------  ----------------  ------- 
 
Total comprehensive income for the 
 financial period: all attributable 
 to equity holders of the parent                        (15.9)              32.9     70.4 
                                                     ---------  ----------------  ------- 
 
 
   Page 17 
 
 
 
   CONDENSED CONSOLIDATED STATEMENT 
 
   OF FINANCIAL POSITION 
 
   AS AT 30 JUNE 2020 
 
 
 
 
                                                  30 Jun     30 Jun    31 Dec 
                                                     20         19        19 
                                                 Unaudited  Unaudited  Audited 
                                    Notes          EURm       EURm      EURm 
Assets 
Non-current assets 
Property, plant and 
 equipment                                    8      323.7      316.3    317.1 
Right of use assets                           9       31.7       38.8     36.0 
Intangible assets                                      0.6        0.4      0.4 
Long term receivable                         10       18.0       20.8     19.4 
Retirement benefit surplus                   14        9.5       11.0     12.5 
                              -----------------  ---------  ---------  ------- 
                                                     383.5      387.3    385.4 
                                                 ---------  ---------  ------- 
 
Current assets 
Inventories                                            1.9        3.0      3.1 
Trade and other receivables                           57.5       90.6     92.4 
Cash and bank balances                       11      132.5      115.7    110.9 
                              -----------------  ---------  ---------  ------- 
                                                     191.9      209.3    206.4 
                                                 ---------  ---------  ------- 
 
Total assets                                         575.4      596.6    591.8 
                                                 ---------  ---------  ------- 
 
Equity and liabilities 
Equity 
Share capital                                         12.2       12.4     12.2 
Share premium                                         19.5       19.4     19.5 
Other reserves                                      (10.1)      (9.4)    (7.3) 
Retained earnings                                    248.1      246.4    263.5 
                                                 ---------  ---------  ------- 
Equity attributable to 
 equity holders                                      269.7      268.8    287.9 
                                                 ---------  ---------  ------- 
 
Non-current liabilities 
Borrowings                                   11      192.7      204.2    200.3 
Lease liabilities                            11       27.1       29.9     27.6 
Deferred tax liabilities                               0.3        0.8      0.7 
Provisions                                             0.4        1.1      0.7 
Retirement benefit 
 obligations                                 14        3.6        3.4      3.7 
                              -----------------  ---------  ---------  ------- 
                                                     224.1      239.4    233.0 
                                                 ---------  ---------  ------- 
 
Current liabilities 
Borrowings                                   11       11.3      (0.1)      3.6 
Lease liabilities                            11        4.7        8.8      8.4 
Trade and other payables                              63.7       79.1     57.4 
Current income tax 
 liabilities                                           0.3          -      0.2 
Provisions                                             1.6        0.6      1.3 
                                                 ---------  ---------  ------- 
                                                      81.6       88.4     70.9 
                                                 ---------  ---------  ------- 
 
Total liabilities                                    305.7      327.8    303.9 
                                                 ---------  ---------  ------- 
 
Total equity and liabilities                         575.4      596.6    591.8 
                                                 ---------  ---------  ------- 
 
 
   Page 18 
 
   CONDENSED CONSOLIDATED STATEMENT 
 
   OF CHANGES IN EQUITY 
 
   FOR THE HALF YEARED 30 JUNE 2020  (UNAUDITED) 
 
 
 
 
                                 Share    Share      Other    Retained 
                                Capital   Premium   Reserves   Earnings   Total 
                                 EURm      EURm      EURm       EURm      EURm 
Balance at 1 January 2020          12.2      19.5      (7.3)      263.5   287.9 
 
Loss for the financial period         -         -          -     (11.6)  (11.6) 
Other comprehensive income            -         -      (1.2)      (3.1)   (4.3) 
                                -------  --------  ---------  ---------  ------ 
 
Total comprehensive income 
 for the financial period             -         -      (1.2)     (14.7)  (15.9) 
 
Employee share-based payments 
 expense                              -         -        1.0          -     1.0 
Settlement of share options 
 through market purchase              -         -      (1.5)          -   (1.5) 
Transfer to retained earnings 
 on exercise of options               -         -      (1.1)        1.1       - 
Share buy back                        -         -          -      (1.8)   (1.8) 
                                -------  --------  ---------  ---------  ------ 
                                      -         -      (2.8)     (15.4)  (18.2) 
 
 
  Balance at 30 June 2020          12.2      19.5     (10.1)      248.1   269.7 
                                -------  --------  ---------  ---------  ------ 
 
Analysed as follows: 
Share capital                                                              12.2 
Share premium                                                              19.5 
Other reserves                                                           (10.1) 
Retained earnings                                                         248.1 
                                                                         ------ 
                                                                          269.7 
                                                                         ------ 
 
 
   Other Reserves comprise the following: 
 
 
 
 
                                          Share 
                                Capital  Options  Translation 
                                Reserve  Reserve    Reserve     Total 
                                 EURm     EURm       EURm       EURm 
Balance at 1 January 2020           7.5      5.9       (20.7)   (7.3) 
                                -------  -------  -----------  ------ 
 
Other comprehensive income                              (1.2)   (1.2) 
Employee share-based payments 
 expense                              -      1.0            -     1.0 
Settlement of share options 
 through market purchase              -    (1.5)            -   (1.5) 
Transfer to retained earnings 
 on exercise of options               -    (1.1)            -   (1.1) 
                                -------           -----------  ------ 
                                      -    (1.6)        (1.2)   (2.8) 
                                -------  -------  -----------  ------ 
 
Balance at 30 June 2020             7.5      4.3       (21.9)  (10.1) 
                                -------  -------  -----------  ------ 
 
   Page 19 
 
 
 
   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) 
                                -------  -------  -------------------  ------ 
 
 
 
 
 
   Page 20 
 
   CONDENSED CONSOLIDATED STATEMENT 
 
   OF CHANGES IN EQUITY 
 
   FOR THE FINANCIAL YEARED 31 DECEMBER 2019 (AUDITED) 
 
 
 
 
                                  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 year          -        -                   -               60.2             60.2 
Other comprehensive income             -        -                 1.2                9.0             10.2 
                                 -------  -------  ------------------  -----------------  --------------- 
 
Total comprehensive income for 
 the financial year                    -        -                 1.2               69.2             70.4 
                                 -------  -------  ------------------  -----------------  --------------- 
 
Employee share-based payments 
 expense                               -        -                 2.1                  -              2.1 
Share issue                            -      0.1                   -                  -              0.1 
Dividends                              -        -                   -             (24.7)           (24.7) 
Share buyback                      (0.2)        -                 0.2             (12.9)           (12.9) 
                                 -------  -------  ------------------  -----------------  --------------- 
                                   (0.2)      0.1                 2.3             (37.6)           (35.4) 
                                 -------  -------  ------------------  -----------------  --------------- 
 
Balance at 31 December 2019         12.2     19.5               (7.3)              263.5            287.9 
                                 -------  -------  ------------------  -----------------  --------------- 
 
Analysed as follows: 
Share capital                                                                                        12.2 
Share premium                                                                                        19.5 
Other reserves                                                                                      (7.3) 
Retained earnings                                                                                   263.5 
                                                                                          --------------- 
 
                                                                                            287.9 
 
 
   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                              -                2.1                       -             2.1 
Other comprehensive expense           -                  -                     1.2             1.2 
Share buyback                       0.2                  -                       -             0.2 
                                -------  -----------------  ----------------------  -------------- 
                                    0.2                2.1                     1.2             3.5 
                                -------  -----------------  ----------------------  -------------- 
 
Balance at 31 December 2019         7.5                5.9                  (20.7)           (7.3) 
                                -------  -----------------  ----------------------  -------------- 
 
 
 
 
 
   Page 21 
 
   CONDENSED CONSOLIDATED STATEMENT 
 
   OF CASH FLOWS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
 
 
 
 
 
                                                                HY 2020            HY 2019           FY 2019 
                                                               Unaudited          Unaudited          Audited 
                                              Notes              EURm               EURm               EURm 
Net cash inflow from operating 
 activities                                            15               13.8               45.8              84.8 
                                        -----------------  -----------------  -----------------  ---------------- 
 
Cash flow from investing activities 
Net proceeds on disposal of property, 
 plant and equipment                                                     2.6                0.3               1.8 
Refund of vessel deposit                                                33.0                  -                 - 
Purchases of property, plant and 
 equipment                                              8             (21.1)             (32.1)            (53.9) 
Purchases of intangible assets                                         (0.3)              (0.1)             (0.2) 
                                                           -----------------  -----------------  ---------------- 
 
Net cash (outflow) from investing 
 activities                                                             14.2             (31.9)            (52.3) 
                                                           -----------------  -----------------  ---------------- 
 
Cash flow from financing activities 
Dividends paid to equity holders 
 of the Company                                         5                  -             (16.3)            (24.7) 
Repayment of lease liabilities                                         (4.6)              (4.5)             (9.0) 
Proceeds on issue of ordinary share 
 capital                                                                   -                  -               0.1 
Share buy back                                                         (1.8)              (2.1)            (12.9) 
                                                           -----------------  -----------------  ---------------- 
 
Net cash (outflow)/ inflow from 
 financing activities                                                  (6.4)             (22.9)            (46.5) 
 
Net (decrease)/ increase in cash 
 and cash equivalents                                                   21.6              (9.0)            (14.0) 
 
Cash and cash equivalents at the 
 beginning of the period                                               110.9              124.7             124.7 
 
Effect of foreign exchange rate 
 changes                                                                   -                  -               0.2 
                                                           -----------------  -----------------  ---------------- 
 
Cash and cash equivalents at the 
 end of the period                                     11              132.5              115.7             110.9 
                                        -----------------  -----------------  -----------------  ---------------- 
 
   Page 22 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   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 ended 30 June 
      2020 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 ended 30 June 
      2020 do not constitute the statutory financial statements of the Group; 
 
   -- the figures disclosed relating to 31 December 2019 have been derived from 
      the statutory financial statements for the financial year ended 31 
      December 2019 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 half year ended 30 June 2020 and the comparative amounts for the 
      half year ended 30 June 2019 have been neither audited nor reviewed by 
      the auditors of the Group. 
 
 
   Certain financial measures set out in our Half-Yearly Financial Report 
to 30 June 2020 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. 
 
   Page 23 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   2. Accounting policies 
 
   The Group Condensed Financial Statements for the six months ended 30 
June 2020 have been prepared in accordance with the Transparency 
(Directive 2004/109/EC) Regulations 2007 (as amended), the Central Bank 
(Investment Market Conduct) Rules 2019 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 
2019, which is available at www.icg.ie. 
 
   The following amendments to standards became effective for the Group 
commencing 1 January 2020; 
 
 
   -- Amendments to the Conceptual Framework for Financial Reporting, including 
      amendments to the Conceptual Framework in IFRS Standards 
 
   -- Amendments to IFRS 3 -- Definition of a Business 
 
   -- Amendments to IAS 1 & IAS 8 -- Definition of Material 
 
   -- Amendments to IAS 39, IFRS 7 & IFRS 9 -- Interest Rate Benchmark Reform 
 
 
   The adoption of these amendments did not have a material impact on these 
financial statements. 
 
   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 2019. Key sources 
of estimation uncertainty relate to post-employment benefits and 
assessment of useful lives for property plant and equipment.  Critical 
accounting judgements are made in respect of identifying indications of 
impairment, assessment of non-cancellable lease terms and incremental 
borrowing rate and adoption of the going concern assumption. 
 
   Other than the changes to assumptions used in relation to the valuation 
of retirement benefit obligations set out in note 14 to these Condensed 
Consolidated Financial Statements there have been no material changes in 
estimates that had previously been made in the prior year financial 
statements to 31 December 2019. 
 
   Impact of Covid-19 
 
   The Group has considered the impact of Covid-19 in respect of the 
accounting judgements and estimates made in the preparation of these 
Condensed Consolidated Financial Statements. Key considerations included 
whether the impact of Covid-19 affected indications of impairment and 
recoverability of receivables. There is uncertainty around the timing of 
the lifting of travel restrictions on non-essential travel and return of 
previous travel patterns. However, the Group does not believe that the 
decline experienced in 2020 to date will give rise to a material long 
term change in the travel patterns of the Group's customer base. In 
respect of the carrying value of its vessels, the Group did not consider 
trading in the year to date amounted to an indication of impairment. In 
addition the Group has been monitoring the market in vessels and while 
activity is reduced there were no indications that the market value of 
second-hand vessels had materially declined. 
 
   In respect of receivables including the long term receivable, the Group 
actively manages its working capital and monitors changes in days 
outstanding and bad debt experience. An expected credit loss assessment 
of receivables as at 30 June 2020 was performed with no material change 
in the provision for expected credit losses over that provided at 31 
December 2019. 
 
   Page 24 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   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: 
 
 
 
 
                         HY 2020  HY 2019  FY 2019 
                          EURm     EURm     EURm 
Ferries 
Passenger                   14.3     44.1    112.7 
Freight                     40.8     42.8     86.2 
Charter                      6.5      5.4     13.5 
                         -------  -------  ------- 
                            61.6     92.3    212.4 
                         -------  -------  ------- 
Container and Terminal 
Freight                     73.2     78.4    154.4 
                         -------  -------  ------- 
 
Inter segment revenue      (4.0)    (3.9)    (9.4) 
                         -------  -------  ------- 
Total                      130.8    166.8    357.4 
                         -------  -------  ------- 
 
 
   Depressed economic activity and travel restrictions imposed across the 
EU because of the Covid-19 pandemic led to a significant reduction in 
passenger traffic and a lesser reduction in freight activity in the half 
year ended 2020 compared to the half year ended 30 June 2019. 
 
   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. 
 
   Page 25 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   4. Segmental information -- continued 
 
   i) Revenue Analysis - continued 
 
   By geographic origin of booking: 
 
 
 
 
                 HY 2020  HY 2019  FY 2019 
                  EURm     EURm      EURm 
Ireland             63.6     69.4    177.9 
United Kingdom      16.5     36.1     66.7 
Netherlands         29.8     33.2     63.8 
Belgium             15.4     16.4     32.8 
France               0.4      0.4      5.8 
Other                5.1     11.3     10.4 
                 -------  -------  ------- 
                   130.8    166.8    357.4 
                 -------  -------  ------- 
 
 
   No single external customer in the current or prior financial periods 
amounted to 10 per cent of the Group's revenues. 
 
   ii) (Loss) / Profit for the financial year 
 
 
 
 
                          Ferries                  Container and Terminal         Group Total 
                 HY 2020  HY 2019  FY 2019  HY 2020       HY 2019        FY 2019  HY 2020  HY 2019  FY 2019 
                   EURm     EURm     EURm     EURm          EURm           EURm     EURm     EURm     EURm 
Operating 
 (loss) / 
 profit           (15.3)      4.3     36.4      5.8                 7.3     13.6    (9.5)     11.6     50.0 
Finance income       0.1      0.1      0.1        -                   -        -      0.1      0.1      0.1 
Finance costs      (1.1)    (1.0)    (2.0)    (0.7)               (0.7)    (1.5)    (1.8)    (1.7)    (3.5) 
Non-trading 
 items                 -     14.9     14.9        -                   -        -        -     14.9     14.9 
                 -------  -------  -------  -------  ------------------  -------  -------  -------  ------- 
(Loss) / 
 profit before 
 tax              (16.3)     18.3     49.4      5.1                 6.6     12.1   (11.2)     24.9     61.5 
Income tax 
 expense               -    (0.1)    (0.4)    (0.4)               (0.5)    (0.9)    (0.4)    (0.6)    (1.3) 
                 -------  -------  -------  -------  ------------------  -------  -------  -------  ------- 
(Loss) / 
 profit for 
 the financial 
 year             (16.3)     18.2     49.0      4.7                 6.1     11.2   (11.6)     24.3     60.2 
                 -------  -------  -------  -------  ------------------  -------  -------  -------  ------- 
 
   Page 26 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   4. Segmental information -- continued 
 
   iii) Statement of Financial Position 
 
 
 
 
                            Ferries          Container and Terminal   Group Total 
                     30 Jun  30 Jun  31 Dec  30 Jun  30 Jun  31 Dec   30 Jun  30 Jun  31 Dec 
                       20      19      19      20      19       19      20      19      19 
                      EURm    EURm    EURm    EURm    EURm     EURm    EURm    EURm    EURm 
Assets 
Segment assets        355.0   391.5   391.1    87.9    89.4     89.8   442.9   480.9   480.9 
Cash and 
 cash equivalents     105.0    85.7    79.8    27.5    30.0     31.1   132.5   115.7   110.9 
                     ------  ------  ------  ------  ------  -------  ------  ------  ------ 
Consolidated 
 total assets         460.0   477.2   470.9   115.4   119.4    120.9   575.4   596.6   591.8 
                     ------  ------  ------  ------  ------  -------  ------  ------  ------ 
 
Liabilities 
Segment liabilities    41.6    56.9    34.6    28.3    28.1     29.4    69.9    85.0    64.0 
Borrowings            180.3   182.3   183.3    55.5    60.5     56.6   235.8   242.8   239.9 
                     ------  ------  ------  ------  ------  -------  ------  ------  ------ 
Consolidated 
 total liabilities    221.9   239.2   217.9    83.8    88.6     86.0   305.7   327.8   303.9 
                     ------  ------  ------  ------  ------  -------  ------  ------  ------ 
 
 
   iv) Seasonality 
 
   In prior periods Group revenue and profit before tax was weighted 
towards the second half of the year principally due to passenger revenue 
patterns in the Ferries division whereas operating costs are more evenly 
distributed over the year. The disruption to travel in HY 2020 from the 
imposition of travel restrictions by government authorities in response 
to the Covid-19 pandemic has affected these seasonality weightings. 
 
   5. Dividend 
 
 
 
 
                   HY2020  HY 2019  FY 2019 
                    EURm    EURm     EURm 
Interim dividend        -        -      8.4 
Final dividend          -     16.3     16.3 
                   ------  -------  ------- 
                        -     16.3     24.7 
                   ------  -------  ------- 
 
 
   No dividends were paid in the six months ended 30 June 2020. In June 
2019 a final dividend of 8.56 cent per ICG Unit was paid for the year 
ended 31 December 2018. 
 
   In October 2019 an interim dividend of 4.42 cent per ICG Unit was paid 
for the year ended 31 December 2019. No interim dividend in respect of 
2020 had been declared by the Directors at the date of approval of these 
Condensed Financial Statements. 
 
   Page 27 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   6. Non-trading items 
 
   In the prior period the Group sold the vessel Oscar Wilde by way of a 
bareboat hire purchase agreement for an agreed consideration of EUR28.9 
million, payable in instalments over six years, generating an after tax 
gain on disposal of EUR14.9 million.  The deferred consideration is 
treated as a lease receivable (note 10).The gain on disposal of the 
vessel was included in the profit for the relevant period and was 
disclosed as a non-trading item in the Condensed Consolidated Income 
Statement. 
 
   7. Earnings per share 
 
 
 
 
                                             HY 2020  HY 2019  FY 2019 
Number of shares                              '000     '000     '000 
Weighted average number of ordinary shares 
 for the purpose of basic earnings per 
 share                                       187,076  190,237  189,797 
Effect of dilutive potential ordinary 
 shares: Share options                             -    1,263    1,143 
                                             -------  -------  ------- 
Weighted average number of ordinary shares 
 for the purpose of diluted earnings per 
 share                                       187,076  191,500  190,940 
                                             -------  -------  ------- 
 
 
   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. The dilutive effect of share 
options capable of exercise during the period ended 30 June 2020 was 
922,000 shares which have been excluded from the weighted average number 
of ordinary shares for the purpose of diluted earnings per share as they 
are antidilutive. 
 
   (Loss) / 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: 
 
 
 
 
                                                HY 2020  HY 2019  FY 2019 
Earnings                                         EURm     EURm     EURm 
Earnings for the purpose of basic and diluted 
 earnings per share -- (Loss) / profit for 
 the financial period attributable to equity 
 holders of the parent                           (11.6)     24.3     60.2 
Effect of non-trading items after tax                 -   (14.9)   (14.9) 
Effect of net interest income on defined 
 benefit pension schemes                          (0.1)        -        - 
Earnings for the purpose of adjusted earnings 
 per share                                       (11.7)      9.4     45.3 
                                                -------  -------  ------- 
 
                                                   Cent     Cent     Cent 
                                                -------  -------  ------- 
Basic earnings per share                          (6.2)     12.8     31.7 
                                                -------  -------  ------- 
Diluted earnings per share                        (6.2)     12.7     31.5 
                                                -------  -------  ------- 
Adjusted basic earnings per share                 (6.2)      4.9     23.8 
                                                -------  -------  ------- 
Adjusted diluted earnings per share               (6.2)      4.9     23.7 
                                                -------  -------  ------- 
 
 
   Page 28 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   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 
 2019                               6.9    429.1            60.4          26.0   522.4 
Additions                           1.5     18.0             1.6             -    21.1 
Disposals                         (5.4)    (8.0)           (0.2)             -  (13.6) 
Reclassification                    2.6      3.9               -             -     6.5 
Currency 
 adjustment                           -    (1.4)           (0.2)             -   (1.6) 
                    -------------------  -------  --------------  ------------  ------ 
 
  At 30 June 2020                   5.6    441.6            61.6          26.0   534.8 
                    -------------------  -------  --------------  ------------  ------ 
 
Accumulated 
depreciation 
At 31 December 
 2019                                 -    152.1            43.9           9.3   205.3 
Charge for period                     -     13.0             1.4           0.1    14.5 
Disposals                             -    (8.0)           (0.2)             -   (8.2) 
Currency 
 adjustment                           -    (0.4)           (0.1)             -   (0.5) 
                    -------------------  -------  --------------  ------------  ------ 
 
At 30 June 2020                       -    156.7            45.0           9.4   211.1 
                    -------------------  -------  --------------  ------------  ------ 
 
Carrying amount 
At 30 June 2020                     5.6    284.9            16.6          16.6   323.7 
                    -------------------  -------  --------------  ------------  ------ 
At 31 December 
 2019                               6.9    277.0            16.5          16.7   317.1 
                    -------------------  -------  --------------  ------------  ------ 
At 30 June 2019                     8.5    273.6            17.3          16.9   316.3 
                    -------------------  -------  --------------  ------------  ------ 
 
 
   During the period deposits totalling EUR6.5 million at 31 December 2019, 
included in prepayments, were transferred to property plant and 
equipment as the related assets were delivered to the Group. Certain of 
these assets were undergoing commissioning at 30 June 2020 and are 
classified as assets under construction. 
 
   Disposals of assets under construction in the period ended 30 June 2020 
include a refund of a vessel deposit, part of which had been included in 
cost as at 31 December 2019 based on an estimate of work completed at 
that date. Disposal of vessels relate to drydock expenditure previously 
capitalised and fully expensed to the Income Statement. 
 
 
 
   Page 29 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   9. Right of Use Assets 
 
 
 
 
                                        Plant, 
                                       Equipment       Land and 
                           Vessels    and Vehicles     Buildings  Total 
                            EURm         EURm           EURm      EURm 
Cost 
At 31 December 2019           10.9             8.2          29.5   48.6 
Additions                        -             1.3             -    1.3 
Currency adjustment              -               -         (1.0)  (1.0) 
                           -------  --------------  ------------  ----- 
 
  At 30 June 2020             10.9             9.5          28.5   48.9 
                           -------  --------------  ------------  ----- 
 
Accumulated depreciation 
At 31 December 2019            5.7             4.7           2.2   12.6 
Charge for period              2.9             0.9           1.0    4.8 
Currency adjustment              -               -         (0.2)  (0.2) 
                           -------  --------------  ------------  ----- 
 
At 30 June 2020                8.6             5.6           3.0   17.2 
                           -------  --------------  ------------  ----- 
 
Carrying amount 
At 30 June 2020                2.3             3.9          25.5   31.7 
                           -------  --------------  ------------  ----- 
At 31 December 2019            5.2             3.5          27.3   36.0 
                           -------  --------------  ------------  ----- 
At 30 June 2019                8.1             3.5          27.2   38.8 
                           -------  --------------  ------------  ----- 
 
 
   10. Lease receivable 
 
 
 
 
                                          30 Jun   30 Jun   31 Dec 
                                            20       19       19 
                                           EURm     EURm     EURm 
Operating activities 
Current finance lease receivable             2.8       2.7     2.7 
Non -- current finance lease receivable     18.0      20.8    19.4 
                                          ------  --------  ------ 
Total                                       20.8      23.5    22.1 
                                          ------  --------  ------ 
 
  Beginning of reporting period             22.1         -       - 
Additions                                      -      24.5    24.5 
Amounts received                           (1.7)     (1.1)   (2.9) 
Net benefit recognised in period             0.4       0.1     0.5 
                                          ------  --------  ------ 
End of reporting period                     20.8      23.5    22.1 
                                          ------  --------  ------ 
 
 
   The long term receivable relates to amounts due under a bareboat hire 
purchase sale agreement for the disposal of the vessel Oscar Wilde (note 
6). The deferred consideration has been treated as a finance lease 
receivable at an amount equivalent to the net investment in the lease. 
 
   None of the lease receivable at 30 June 2020 was past due and taking 
into account the payment experience up to the date of approval of these 
Condensed Financial Statements together with retention of legal title no 
provision for expected credit losses was considered to be required. 
 
 
 
   Page 30 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   11. Net cash and borrowing facilities 
 
   i) The components of the Groups net debt position at the reporting date 
and the movements in the period are set out in the following table. 
 
 
 
 
                                Bank                            Lease      Origination 
                        Cash    Loans       Loan Notes        Liabilities      fees      Total 
                        EURm    EURm                             EURm         EURm       EURm 
At 1 January 2020 
Current assets          110.9        -                    -             -            -    110.9 
Creditors due within 
 one year                   -        -                    -         (8.4)            -    (8.4) 
Creditors due after 
 one year                   -  (155.0)               (50.0)        (27.6)          1.1  (231.5) 
                        -----  -------  -------------------  ------------  -----------  ------- 
                        110.9  (155.0)               (50.0)        (36.0)          1.1  (129.0) 
                        -----  -------  -------------------  ------------  -----------  ------- 
 
Movements during the 
 period 
Cash flow                21.6        -                    -           4.6            -     26.2 
Non cashflow changes 
  Amortisation              -        -                    -             -        (0.1)    (0.1) 
  Right of use assets 
   recognised               -        -                    -         (1.3)            -    (1.3) 
  Early termination         -        -                    -           0.1            -      0.1 
  Currency adjustment       -        -                    -           0.8            -      0.8 
                        -----  -------  -------------------  ------------  -----------  ------- 
                         21.6        -                    -           4.2        (0.1)     25.7 
                        -----  -------  -------------------  ------------  -----------  ------- 
 
At 30 June 2020 
Current assets          132.5        -                    -             -            -    132.5 
Creditors due within 
 one year                   -   (11.5)                    -         (4.7)          0.2   (16.0) 
Creditors due after 
 one year                   -  (143.5)               (50.0)        (27.1)          0.8  (219.8) 
                        -----  -------  -------------------  ------------  -----------  ------- 
                        132.5  (155.0)               (50.0)        (31.8)          1.0  (103.3) 
                        -----  -------  -------------------  ------------  -----------  ------- 
 
 
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) 
                        -----  -------  -------------------  ------------  -----------  ------- 
 
 
 
 
 
   Page 31 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   11. Net cash and borrowing facilities -- continued 
 
   ii) The maturity profile and available borrowing and cash facilities 
available to the Group at 30 June 2020 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                         -        -     132.5             132.5                    -                    -                  - 
                      --------  -------  --------  ----------------  -------------------  -------------------  ----------------- 
 
Committed lending 
 facilities 
Bank overdrafts           15.4     15.4         -                 -                    -                    -                  - 
Bank loans               230.0     75.0     155.0              11.5                 15.5                 46.5               81.5 
Loan notes                50.0        -      50.0                 -                    -                 50.0                  - 
Leases                    31.8        -      31.8               4.7                  2.7                  7.8               16.6 
Origination Fees         (1.0)        -     (1.0)             (0.2)                (0.2)                (0.4)              (0.2) 
                      --------  -------  --------  ----------------  -------------------  -------------------  ----------------- 
Committed lending 
 facilities              326.2     90.4     235.8              16.0                 18.0                103.9               97.9 
                      --------  -------  --------  ----------------  -------------------  -------------------  ----------------- 
 
Uncommitted lending 
 facilities 
Bank loans                50.0 
Loan notes               195.6 
                      -------- 
Uncommitted lending 
 facilities              245.6 
                      -------- 
 
 
   Bank overdrafts are stated net of trade guarantee facilities utilised of 
EUR0.6 million. 
 
   At 30 June 2020 and the date of approval of these Condensed Financial 
Statements the Group satisfies the conditions for drawing under the 
committed facilities. 
 
   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. 
 
 
 
   Page 32 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   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 
2019 Annual Report. There have been no changes to the risk management 
procedures or policies since the 2019 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. 
 
 
 
 
                   30 Jun 20             30 Jun 19        31 Dec 19 
              Carrying              Carrying              Carrying 
                value   Fair value    value   Fair value    value   Fair value 
                EURm       EURm       EURm       EURm       EURm       EURm 
Financial 
assets 
Lease 
 receivable       20.8        20.8      23.5        23.5      22.1        22.1 
Trade and 
 other 
 receivables      54.7        54.7      87.9        87.9      89.7        89.7 
Cash and 
 cash 
 equivalents     132.5       132.5     115.7       115.7     110.9       110.9 
              --------  ----------  --------  ----------  --------  ---------- 
 
Total 
 financial 
 assets          208.0       208.0     227.1       227.1     222.7       222.7 
              --------  ----------  --------  ----------  --------  ---------- 
 
Financial 
liabilities 
Borrowings       204.0       211.9     204.1       212.5     203.9       214.5 
Lease 
 liabilities      31.8        31.8      38.7        38.7      36.0        36.0 
Trade and 
 other 
 payables         63.7        63.7      79.1        79.1      57.4        57.4 
              --------  ----------  --------  ----------  --------  ---------- 
Total 
 financial 
 liabilities     299.5       307.4     321.9       330.3     297.3       307.9 
              --------  ----------  --------  ----------  --------  ---------- 
 
 
   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. 
 
   Page 33 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   13. Financial instruments and risk management -- continued 
 
   iii)  Fair value of financial assets and financial liabilities measured 
at amortised cost - continued 
 
   The fair value of borrowings are classified within Level 3 of the fair 
value hierarchy. Fair value has been estimated based on discounted cash 
flow analysis with the most significant input being the discount rate 
reflecting the Group's own credit risk. The discount rate is derived 
from observable market interest rates at the reporting date and 
observable credit spread market movements since inception of the 
borrowings. For lease liabilities the Group considers that the 
incremental borrowing rate used to calculate the carrying value includes 
a fair estimate of counterparty risk and the carrying value approximates 
fair value. 
 
   iv)  Derivative financial instruments 
 
   At 30 June 2020, 31 December 2019, and 30 June 2019 the Group did not 
hold any material positions relating to derivative financial 
instruments. 
 
   14. Retirement benefit schemes 
 
   The assumptions used to value pension obligations were reviewed against 
the background of market conditions as at 30 June 2020 leading to a 
change in discount and inflation rate assumptions while demographic and 
other assumptions were retained at 31 December 2019 levels. Scheme 
assets have been valued as per investment managers' valuations at 30 
June 2020. 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 0.90% for Euro liabilities (31 
December 2019: 1.00%) and 1.55% for Sterling liabilities (31 December 
2019: 1.85%). 
 
   At 30 June 2020 the Group's total obligation in respect of defined 
benefit schemes totals EUR277.2 million (31 December 2019: EUR289.6 
million). The schemes held assets of EUR283.1 million (31 December 2019: 
EUR298.4 million), giving a net pension surplus of EUR5.9 million (31 
December 2019: EUR8.8 million net surplus). 
 
   The principal assumptions used for the purpose of the actuarial 
valuations at 30 June 2020 were derived using techniques consistent with 
those used for the assumptions used for the 31 December 2019. The 
assumptions, which were set after considering independent actuarial 
advice and which are reflective of market conditions that existed at 30 
June 2020, were as follows: 
 
 
 
 
                            30 Jun 20             30 Jun 19       31 Dec 19 
                      Sterling    Euro    Sterling   Euro    Sterling   Euro 
Discount rate            1.55%      0.9%     2.20%    1.10%     1.85%    1.00% 
Inflation rate           3.05%     1.10%     2.45%    1.10%     3.20%    1.30% 
Rate of increase 
 of pensions                     0.20% -            0.20% -            0.40% - 
 in payment              2.85%     0.30%     3.15%    0.30%     2.95%    0.50% 
Rate of pensionable              0.00% -            0.00% -            0.00% - 
 salary increases        0.85%     0.80%     1.00%    0.90%     0.90%    0.90% 
                      --------  --------  --------  -------  --------  ------- 
 
 
   Page 34 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   14. Retirement benefit schemes -- continued 
 
   The movements in the net surplus on the retirement benefit schemes were 
as follows: 
 
 
 
 
                                          HY 
                                         2020        HY 2019          FY 2019 
Movement in retirement benefit schemes 
 net surplus                             EURm         EURm              EURm 
Opening surplus/ (deficit)                 8.8              (1.7)           (1.7) 
Current service cost                     (0.7)              (0.7)           (1.5) 
Curtailment gain                             -                0.2             0.1 
Employer contributions paid                1.3                1.4             2.7 
Net interest income                        0.1                  -               - 
Actuarial (loss) / gain                  (3.5)                8.5             9.0 
Currency adjustment                      (0.1)              (0.1)             0.2 
                                         -----  -----------------  -------------- 
Net surplus                                5.9                7.6             8.8 
                                         -----  -----------------  -------------- 
 
Schemes in surplus                         9.5               11.0            12.5 
Schemes in deficit                       (3.6)              (3.4)           (3.7) 
                                         -----  -----------------  -------------- 
Net surplus                                5.9                7.6             8.8 
                                         -----  -----------------  -------------- 
 
 
   The movement in the net pension surplus since 31 December 2019 includes 
actuarial losses which are recognised in the Condensed Consolidated 
Statement of Comprehensive Income. 
 
 
 
 
                                              HY 2020  HY 2019     FY 2019 
Actuarial (losses) / gains recognised in 
 the Condensed Consolidated Statement of 
 Comprehensive Income                          EURm     EURm         EURm 
Return on scheme assets excluding amounts 
 recognised as finance income                  (11.7)     26.1            38.0 
Remeasurement adjustments on scheme 
liabilities 
- Changes in demographic assumptions              6.7        -             0.1 
- Changes in financial assumptions                1.4   (17.5)          (25.8) 
- Experience adjustments                          0.1    (0.1)           (3.3) 
                                              -------  -------  -------------- 
 Actuarial (losses) / gains recognised in 
  the Condensed Consolidated Statement of 
  Comprehensive Income                          (3.5)      8.5             9.0 
                                              -------  -------  -------------- 
 
 
   The actuarial loss arising on scheme assets, which are mainly invested 
in across a number of equity and bond funds, is reflective of market 
movements. The gain relating to demographic assumptions principally 
relates to an update of pensioner data. 
 
   No provision has been made against scheme surpluses as the Group expect, 
having reviewed the rules of the relevant schemes, that the surplus will 
accrue to the Group in the future. 
 
   Page 35 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEARED 30 JUNE 2020 
 
   15. Net cash inflow from operating activities 
 
 
 
 
                                                HY      HY 
                                               2020    2019       FY 2019 
                                               EURm    EURm         EURm 
Operating activities 
(Loss) / profit for the financial period 
 / year                                       (11.6)    24.3              60.2 
 
Adjustments for: 
Finance costs (net)                              1.7     1.6               3.4 
Income tax expense                               0.4     0.6               1.3 
Retirement benefit scheme funding in excess 
 of amounts expensed to Income Statement       (0.6)   (0.9)             (1.3) 
Depreciation and amortisation expense           19.5    18.4              36.8 
Share-based payment expense less cost of 
 options settled                               (0.5)     1.4               1.9 
Gain on disposal of property, plant and 
 equipment                                         -  (14.9)            (15.1) 
Decrease in provisions                             -       -               0.3 
                                              ------  ------  ---------------- 
 
Operating cash flow before movements in 
 working capital                                 8.9    30.5              87.5 
 
Decrease in inventories                          1.2     0.3               0.2 
Increase in receivables                        (0.6)  (12.0)             (4.7) 
Increase in payables                             6.3    29.3               6.5 
                                              ------  ------  ---------------- 
 
Cash generated from operations                  15.8    48.1              89.5 
 
Income taxes paid                              (0.3)   (0.7)             (1.2) 
Interest paid                                  (1.7)   (1.6)             (3.5) 
                                              ------  ------  ---------------- 
 
Net cash inflow from operating activities       13.8    45.8              84.8 
                                              ------  ------  ---------------- 
 
 
   At 30 June 2020 and 30 June 2019, the overall working capital movements 
amounted to EUR6.9 million and EUR17.6 million respectively, which 
relate to seasonal working capital inflows that are expected to unwind 
in the second half of the year. 
 
   Working capital movements in the period ended 30 June 2020 exclude the 
return to the Group of the EUR33.0 million deposit paid to the Group 
following termination of a shipbuilding contract, of which EUR28.9 
million had been included in prepayments at 31 December 2019.  This 
amount is included within cashflows from investing activities on the 
Condensed Consolidated Statement of Cash Flows. 
 
   A decrease in other prepayments totalling EUR6.5 million in the period 
ended 30 June 2020 have been reclassified to property, plant and 
equipment in the Condensed Consolidated Statement of Financial Position 
(note 8). 
 
   Page 36 
 
 
 
   NOTES TO THE CONDENSED CONSOLIDATED 
 
   FINANCIAL STATEMENTS 
 
   FOR THE HALF YEAR ENDED 30 JUNE 2020 
 
   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 2020 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. 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 statements for the year ended 31 
December 2019. 
 
   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. In assessing the 
existence of internal or external indications of impairment, the Group 
considered the impacts of Covid-19. 
 
   19. Composition of the entity 
 
   There have been no changes in the composition of the entity during the 
half year ended 30 June 2020. 
 
   20. Commitments 
 
 
 
 
                                                  HY 2020  HY 2019  FY 2019 
                                                   EURm     EURm     EURm 
Commitments for the acquisition of property, 
 plant and equipment -- approved and contracted 
 for                                                  3.6    143.1    144.1 
                                                  -------  -------  ------- 
 
 
   21. Events after the reporting period 
 
   There have been no other material events affecting the Group to report 
since 30 June 2020. 
 
   22. Board approval 
 
   This interim report was approved by the Board of Directors of Irish 
Continental Group plc on 26 August 2020. 
 
   Page 37 
 
   END. 
 
 
 
 
 
 

(END) Dow Jones Newswires

August 27, 2020 02:00 ET (06:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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