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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Irish Continental Group Plc | LSE:ICGC | London | Ordinary Share | IE00BLP58571 | UTS (COMP 1 ORD EUR0.065 & 10 RED) (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3.00 | 0.64% | 473.00 | 458.00 | 488.00 | 0.00 | 16:35:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Transportation Services, Nec | 572M | 61.6M | 0.3605 | 15.95 | 982.46M |
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TIDMICGC
Thursday 31 August 2017
Interim Management Report for the half year ended 30 June 2017
Irish Continental Group plc (ICG) the leading Irish-based maritime
transport group, reports a solid financial performance for the half year
ended 30 June 2017.
Highlights
-- Revenue up 3.7% to EUR156.1 million (2016: EUR150.5
million)
-- EBITDA (pre non-trading items) down 3.0% to EUR29.6
million (2016: EUR30.5 million)
-- Sale of the vessel MV Kaitaki yields profit after tax
of EUR25.5 million
-- Basic EPS up 121.4% to 22.8c (2016: 10.3c)
-- Adjusted basic EPS down 9.7% to 9.3c (2016: 10.3c)
-- RoRo freight volumes down 0.4% to 138,600 units
(2016: 139,100 units)
-- Cars carried up 2.3% in the period to 174,500 units
(2016: 170,500 units)
-- Container volumes shipped in the period up 6.8% to
163,100 teu (2016: 152,700 teu)
-- Port lifts handled in the period up 1.7% to 147,200
lifts (2016: 144,800 lifts)
-- Net cash EUR26.7 million at 30 June 2017 (31 December
2016 net debt EUR37.9 million)
-- IAS 19 surplus of EUR5.0 million at 30 June 2017 (31
December 2016 EUR13.5 million deficit)
-- Interim dividend 4.01 cent, up 5.0% (2016: 3.82 cent)
Commenting on the results Chairman John B McGuckian said, I am pleased
to report a strong performance in the first six months of the financial
year with growth in revenue of 3.7% to EUR156.1 million. The strong
performance for the first half of the financial year is underpinned by
increased car volumes and the consolidation of the strong RoRo growth
over the last two years in the ferries division together with strong
growth across the container and terminal division. During this period we
completed the sale of the MV Kaitaki for a profit after tax of EUR25.5
million. Summer trading remains encouraging across all business areas,
we have experienced volume growth in car and freight volumes whilst the
further weakening of Sterling is offset by easing Euro fuel prices. We
look forward to the arrival in mid-2018 of our new ship which will bring
cost savings and significant additional earnings potential to the Group.
30 August 2017
For further information please contact:
Eamonn Rothwell, Chief Executive Officer Tel: +353 1 607 5628
David Ledwidge, Chief Financial Officer Tel: +353 1 607 5628
Email: info@icg.ie
Website: www.icg.ie
RESULTS
Financial Highlights Six months to 30 June Change % Full Year
2017 2016 2016
Revenue EUR156.1m EUR150.5m +3.7% EUR325.4m
EBITDA (pre non-trading items) EUR29.6m EUR30.5m -3.0% EUR83.5m
EBIT* (including non-trading
items) EUR48.4m EUR20.8m +132.7% EUR62.6m
*Non-trading items EUR29.3 million (30 June 2016 / 31 December 2016:
EURnil)
The Board of Irish Continental Group plc (ICG) reports that, in the
seasonally less profitable first half of the year, the Group recorded
revenue of EUR156.1 million compared with EUR150.5 million in the same
period in 2016, an increase of 3.7%. Earnings before interest, tax,
depreciation and amortisation (EBITDA) were EUR29.6 million compared
with EUR30.5 million in the same period in 2016. Earnings before
interest and tax (EBIT) were EUR48.4 million compared with EUR20.8
million in 2016. Group fuel costs increased by EUR6.3 million (47.4%) to
EUR19.6 million. Profit before tax was EUR47.5 million compared with
EUR19.7 million in the first half of 2016. The tax charge amounted to
EUR4.5 million (2016: EUR0.5 million).
There was a net finance charge of EUR0.9 million (2016: EUR1.1 million)
which includes net bank interest payable of EUR0.8 million (2016: EUR1.1
million) and a net pension interest cost of EUR0.1 million (2016:
EURnil). Basic EPS was 22.8c compared with 10.3c in the first half of
2016. Adjusted EPS (before non-trading items and net pension interest
cost) amounted to 9.3c (2016: 10.3c).
OPERATIONAL REVIEW
Ferries Division
Financial Highlights Six months to 30 June Change % Full Year
2017 2016 2016
Revenue* EUR93.7m EUR91.5m +2.4% EUR209.8m
EBITDA (pre non-trading items) EUR22.9m EUR23.9m -4.2% EUR70.7m
EBIT** (including non-trading
items) EUR43.0m EUR15.4m +179.2% EUR52.3m
*Includes intersegment revenue of EUR3.4 million (30 June 2016: EUR3.2
million)
**Non-trading items EUR29.3 million (30 June 2016 / 31 December 2016:
EURnil)
Operational Highlights Six months to 30 June Change % Full Year
2017 2016 2016
Volumes '000 '000 '000
Cars 174.5 170.5 +2.3% 414.1
Passengers 700.4 688.6 +1.7% 1,622.9
RoRo freight 138.6 139.1 -0.4% 286.1
The division comprises Irish Ferries, a leading provider of passenger
and freight ferry services between Ireland and both the UK and
Continental Europe, and the chartering of vessels to third parties.
Irish Ferries operated over 2,500 sailings in the period.
Revenue in the division was EUR93.7 million (2016: EUR91.5 million)
while EBITDA was EUR22.9 million (2016: EUR23.9 million). EBIT increased
to EUR43.0 million (2016: EUR15.4 million).
In the first half of 2017 total cars carried were 174,500, up 2.3% on
the same period in the previous year. Total passenger carryings
increased by 1.7% to 700,400 in the period. RoRo freight volumes were
down 0.4% to 138,600 units, when compared with the first half of 2016.
The MV Kaitaki was sold on 25 May 2017. In the last financial year ended
31 December 2016 the charter of the vessel generated operating profits
of EUR2.1 million. The division's other vessel chartering activities
remained stable during the period. The container vessel MV Ranger
remains on time charter to a third party and is currently trading in
North West Europe while the MV Elbtrader, MV Elbcarrier and MV Elbfeeder
remain on time charter to the Group's container shipping subsidiary
Eucon. The HSC Westpac Express which was delivered to the Group on 1
June 2016 also remains on bareboat charter to a third party.
Container and Terminal Division
Financial Highlights Six months to 30 June Change % Full Year
2017 2016 2016
Revenue* EUR66.4m EUR62.8m +5.7% EUR123.9m
EBITDA EUR6.7m EUR6.6m +1.5% EUR12.8m
EBIT EUR5.4m EUR5.4m - EUR10.3m
*Includes intersegment revenue of EUR0.6 million (30 June 2016: EUR0.6
million)
Operational Highlights Six months to 30 June Change % Full Year
2017 2016 2016
Volumes '000 '000 '000
Container volumes shipped (teu*) 163.1 152.7 +6.8% 303.6
Port lifts 147.2 144.8 +1.7% 288.1
*teu: twenty foot equivalent units
The Container and Terminal Division includes the intermodal shipping
line Eucon as well as the division's strategically located container
terminals in Dublin and in Belfast.
Revenue in the division increased by 5.7% to EUR66.4 million (2016:
EUR62.8 million), EBITDA increased to EUR6.7 million (2016: EUR6.6
million) while EBIT remained at EUR5.4 million (2016: EUR5.4 million).
Total containers shipped were up 6.8% at 163,100 teu (2016: 152,700
teu). Containers handled at the Group's terminals in Dublin Ferryport
Terminals (DFT) and Belfast Container Terminal (BCT) were up 1.7% to
147,200 lifts (2016: 144,800 lifts). DFT's volumes were up 2.5%, while
BCT's lifts were up 0.5%.
GROUP FINANCIAL POSITION
A summary cash flow as at 30 June 2017 is presented below:
Cash Flow Six months to 30 June Full Year
2017 2016 2016
EURm EURm EURm
Operating profit (EBIT)* 48.4 20.8 62.6
Non trading items (29.3) - -
Depreciation 10.5 9.7 20.9
EBITDA* (pre non-trading items) 29.6 30.5 83.5
Working capital movements 19.4 27.0 4.7
Pension payments in excess of service
costs (0.5) (1.1) (1.8)
Other 0.4 0.1 0.1
Cash generated from operations 48.9 56.5 86.5
Interest paid (0.8) (1.2) (2.3)
Tax paid (0.5) (0.2) (2.1)
Capex (13.2) (17.5) (57.0)
Free cash flow* 34.4 37.6 25.1
Net asset sales 44.7 - 1.3
Dividends (14.6) (13.8) (21.0)
Share issue 0.8 2.6 2.7
Interest received - 0.1 0.1
Net flows 65.3 26.5 8.2
Opening net debt (37.9) (44.3) (44.3)
Translation/other (0.7) (1.1) (1.8)
Closing net cash / (debt) * 26.7 (18.9) (37.9)
*Additional information in relation to these Alternative Performance
Measures ("APMs") is disclosed on page 17.
The principal drivers for the movement from a net debt position of
EUR37.9 million at 31 December 2016 to a net cash position of EUR26.7
million at 30 June 2017 relate to EBITDA for the period of EUR29.6
million, the proceeds from the sale of the MV Kaitaki of EUR44.7 million
and an overall positive working capital movement of EUR19.4 million
mainly within payables as deferred revenue is at a higher level at the
end of June when compared to December, ahead of the peak summer tourism
trading. These positive movements are offset by capital expenditure in
the period of EUR13.2 million which principally comprised annual vessel
overhaul, expansion of DFT capacity and payments in relation to the
scrubber for the new build. During the period a final dividend for 2016
amounting to EUR14.6 million was paid.
A summary balance sheet as at 30 June 2017 is presented below:
Balance Sheet Six months to 30 June Full Year
2017 2016 2016
EURm EURm EURm
Property, plant & equipment and intangible
assets 192.0 180.1 205.1
Retirement benefit surplus 7.9 2.9 2.4
Other current assets 48.1 42.9 41.9
Cash and bank balances 68.7 46.9 42.2
Total assets 316.7 272.8 291.6
Non-current borrowings 1.7 48.2 1.7
Retirement benefit obligation 2.9 35.7 15.9
Other non-current liabilities 1.7 3.7 3.6
Current borrowings 40.3 17.6 78.4
Other current liabilities 78.8 74.1 47.6
Total liabilities 125.4 179.3 147.2
Total equity 191.3 93.5 144.4
Total equity and liabilities 316.7 272.8 291.6
The principal movements in the property, plant and equipment and
intangible assets in the period relates to the disposal of MV Kaitaki
which had a net book value of EUR15.4 million at the date of sale,
depreciation in the period of EUR10.5 million and scheduled replacement
expenditure.
Total borrowings have reduced by EUR38.1 million (2016: EUR3.5 million)
since year end which relates to the loan repayment of EUR37.7 million
(2016: EUR6.5 million) and lease repayments of EUR0.4 million (2016:
EUR0.6 million). At 30 June 2017 the Group had not utilised any short
term overdraft facilities (2016: EUR3.6 million).
The total net surplus of all defined benefit pension schemes at 30 June
2017 was EUR5.0 million in comparison to a net deficit of EUR13.5
million at 31 December 2016. The improvement in pension deficit since 31
December 2016 reflects an actuarial gain of EUR17.6 million, arising
from investment performance and the positive effect of an increase in
the discount rate used to value scheme liabilities.
Shareholders' equity increased to EUR191.3 million from EUR144.4 million
at 31 December 2016. The movements primarily comprised of the profit for
the financial period of EUR43.0 million and the actuarial gain arising
on retirement benefit schemes and less dividends paid of EUR14.6
million.
DIVID
The Board has declared an interim dividend of 4.01 cent per ICG Unit
payable on 6 October to shareholders on the register at 22 September
2017.
FUEL
Six months to 30 June Change % Full Year
2017 2016 2016
Fuel costs EUR19.6m EUR13.3m +47.4% EUR32.2m
Group fuel costs in the first half of 2017 amounted to EUR19.6 million
(2016: EUR13.3 million). The increase in fuel costs was due to the
increase in global US Dollar oil prices.
In the reporting period the Group had not engaged in financial
derivative trading to hedge its fuel costs. The Group has in place a
transparent fuel surcharge mechanism linked to the spot market for fuel
oils. In line with the increased cost of fuel, surcharge revenues were
higher.
FLEET CHANGES
On 17 May 2017, the Group announced that it has entered into a
Memorandum of Agreement ("MOA") for the sale of the passenger ferry MV
Kaitaki to the New Zealand ferry operator KiwiRail. The vessel was
delivered to KiwiRail on 25 May 2017. The agreed consideration of
EUR45.0 million, payable in cash, was received on delivery and will be
utilised for general corporate purposes.
As previously announced in 2016, ICG has entered into an agreement with
the German company Flensburger Schiffbau-Gesselschaft & Co.KG ("FSG")
whereby FSG has agreed to build a cruise ferry for ICG at a contract
price of EUR144 million. The vessel remains on schedule for delivery
during 2018.
FINANCING
The Company has agreed term sheets with preferred long term finance
providers and additionally received firm commitments of a revolving
credit facility of EUR75 million.
RELATED PARTY TRANSACTIONS
There were no related party transactions in the half year that have
materially affected the financial position or performance of the Group
in the period. In addition, there were no changes in related party
transactions from the last annual report that could have a material
effect on the financial position or performance of the Group in the
first six months of 2017.
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 38 and 39 of the 2016 Annual Report are; safety
and business continuity, IT systems, information security and cyber
threats, commercial and market risk, commodity price risk, financial
risks and retirement benefit schemes.
These risks continue to be the most likely risks to effect the Group for
the second half of the year.
The Group notes the triggering of Article 50 of the EU Treaty by the
government of the United Kingdom on 29 March 2017 initiating a two year
process for the UK to exit the EU. This may impact on Group risks
through the creation of opportunities and threats though the impact
cannot be reliably measured at this point.
EVENTS AFTER THE REPORTING PERIOD
The Board has declared an interim dividend of 4.01 cent per ICG Unit in
respect 2017.
There have been no other material events affecting the Group to report
since 30 June 2017.
GOING CONCERN
After making enquiries and taking into account the Group's committed
existing banking facilities which extend to September 2017 and firm
commitments for replacement banking facilities of EUR75 million, the
Directors believe that the Group has adequate resources to continue in
operational existence for the foreseeable future. In forming this view
the Directors have considered the future cash requirements of the
Group's business in the context of the economic environment over the
next 12 months, the principal risks and uncertainties facing the Group,
the Group's budget plan and the medium term strategy of the Group,
including capital investment plans. The future cash requirements have
been compared to bank facilities which the Directors have negotiated.
For this reason, they continue to adopt the going concern basis in
preparing this half yearly financial report.
AUDITOR REVIEW
This half yearly financial report has neither been audited nor reviewed
by the auditors of the Group.
CURRENT TRADING & OUTLOOK
In the period from 1 July 2017 to 26 August 2017 118,900 cars were
carried on our services which is an increase of 3.1% on the same period
in 2016. Foot passengers carried, which are of lesser significance to
our tourism performance, increased by 1.7% from 1 July 2017 to 26 August
2017, resulting in an overall increase in total passengers of 2.2% in
the period.
RoRo freight carryings in the period from 1 July 2017 to 26 August 2017
increased by 0.4% over the corresponding period with total units of
43,600.
Cumulatively in the period from 1 January 2017 to 26 August 2017, Irish
Ferries carried 293,400 cars up 2.7% while the number of passengers
carried increased to 1,174,900 passengers, up 1.9%, compared with the
same period last year. In the Roll on Roll off freight market, Irish
Ferries carried 182,200 units, a decrease of 0.2% compared with the same
period in 2016.
In the period from 1 July 2017 to 26 August 2017, the Container and
Terminal division container carryings were 48,400, an increase of 4.1%
on the corresponding period last year. Port lifts were 45,100, an
increase of 2.5% compared to the same period last year.
Cumulatively in the period from 1 January 2017 to 26 August 2017,
container volumes shipped were up 6.2% at 211,500 teu compared with the
same period last year. Port lifts rose by 1.9% to 192,300 lifts year on
year.
In the absence of unforeseen circumstances, the outlook for the
remainder of the year is for a continuation of the overall business
momentum seen to date.
FORWARD-LOOKING STATEMENTS
This report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the
information available to them up to the time of their approval of this
report. These forward-looking statements should be treated with caution
due to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward- looking information.
This report has been prepared for the Group as a whole and therefore
gives greater emphasis to those matters which are significant to Irish
Continental Group plc and its subsidiaries when viewed as a whole.
Website
This half yearly financial report and Interim Management Report are
available on the Group's website www.icg.ie.
John B. McGuckian
Chairman
30 August 2017
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
2017 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 2017, and a description of the principal risks
and uncertainties for the remaining six months; and
-- the Interim Management Report includes a fair review of related party
transactions that have occurred during the first six months of the
current financial year and that have materially affected the financial
position or the performance of the Group during that period, and any
changes in the related parties transactions described in the last Annual
Report that could have a material effect on the financial position or
performance of the Group in the first six months of the current financial
year.
On behalf of the Board
Eamonn Rothwell Chief Executive Officer
David Ledwidge Chief Financial Officer
30 August 2017
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE HALF YEARED 30 JUNE 2017
Year
Half year ended
ended 30 31 Dec
Half year ended 30 Jun 2017 Jun 2016 2016
Pre Non -
non-trading trading
Notes items items Total
Unaudited Unaudited Unaudited Unaudited Audited
EURm EURm EURm EURm EURm
Revenue 3 156.1 - 156.1 150.5 325.4
Depreciation and amortisation (10.5) - (10.5) (9.7) (20.9)
Employee benefits expense (10.0) - (10.0) (9.2) (22.0)
Other operating expenses (116.5) - (116.5) (110.8) (219.9)
19.1 - 19.1 20.8 62.6
Non- trading items 5 - 29.3 29.3 - -
Operating profit 19.1 29.3 48.4 20.8 62.6
Investment revenue - - - 0.1 0.1
Finance costs (0.9) - (0.9) (1.2) (2.3)
Profit before taxation 18.2 29.3 47.5 19.7 60.4
Income tax expense (0.7) (3.8) (4.5) (0.5) (1.6)
Profit for the financial period: all attributable
to equity holders of the parent
17.5 25.5 43.0 19.2 58.8
Earnings per ordinary share - expressed in EUR cent
per share
Basic 6 - - 22.8c 10.3c 31.4c
Diluted 6 - - 22.6c 10.2c 31.1c
The accompanying notes form an integral part of the half-yearly report.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 JUNE 2017
Half
year Half year Year
ended ended ended
30 Jun 30 Jun 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
Notes EURm EURm EURm
Profit for the financial period 43.0 19.2 58.8
Items that may be reclassified
subsequently to profit or loss:
Cash flow hedges:
- Fair value losses arising during the financial
period - (0.2) (0.1)
- Transfer to Condensed Consolidated Income Statement
net settlement of cash flow hedge 0.2 0.2 0.4
Exchange differences on translation
of foreign operations 0.2 (2.0) (2.8)
Items that will not be reclassified
subsequently to profit or loss:
Actuarial gain / (loss) on defined benefit
pension schemes 12 17.6 (28.5) (9.6)
Deferred tax on defined benefit pension schemes (0.1) 0.8 0.7
Other comprehensive income / (expense)
for the financial period 17.9 (29.7) (11.4)
Total comprehensive income / (expense)
for the financial period: all attributable to equity
holders of the parent
60.9 (10.5) 47.4
The accompanying notes form an integral part of the half-yearly report.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
30 Jun 30 Jun 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
Notes EURm EURm EURm
Assets
Non-current assets
Property, plant and equipment 7 191.4 179.3 204.3
Intangible assets 8 0.6 0.8 0.8
Retirement benefit surplus 12 7.9 2.9 2.4
199.9 183.0 207.5
Current assets
Inventories 2.2 2.1 2.3
Trade and other receivables 45.9 40.8 39.6
Cash and bank balances 9 68.7 46.9 42.2
116.8 89.8 84.1
Total assets 316.7 272.8 291.6
Equity and liabilities
Equity
Share capital 12.3 12.2 12.2
Share premium 16.4 15.6 15.7
Other reserves (12.2) (11.7) (11.8)
Retained earnings 174.8 77.4 128.3
Equity attributable to equity holders 191.3 93.5 144.4
Non-current liabilities
Borrowings 9 1.7 48.2 1.7
Deferred tax liabilities 0.9 3.0 2.7
Provisions 0.6 0.4 0.6
Deferred grant 0.2 0.3 0.3
Retirement benefit obligation 12 2.9 35.7 15.9
6.3 87.6 21.2
Current liabilities
Borrowings 9 40.3 17.6 78.4
Trade and other payables 72.3 72.5 46.7
Derivative financial instruments - 0.5 0.2
Current income tax liabilities 5.8 0.4 -
Provisions 0.6 0.6 0.6
Deferred grant 0.1 0.1 0.1
119.1 91.7 126.0
Total liabilities 125.4 179.3 147.2
Total equity and liabilities 316.7 272.8 291.6
The accompanying notes form an integral part of the half-yearly report.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2017 - UNAUDITED
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January
2017 12.2 15.7 (11.8) 128.3 144.4
Profit for the
financial period - - - 43.0 43.0
Other comprehensive
(expense) / income - - (0.1) 18.0 17.9
Total comprehensive
(expense) /
income for the
financial period - - (0.1) 61.0 60.9
Employee share-based
payments expense - - 0.4 - 0.4
Share issue 0.1 0.7 - - 0.8
Dividends (note 4) - - - (14.6) (14.6)
Transferred to retained
earnings
on exercise of share
options - - (0.7) 0.7 -
Settlement of equity
plans
through market purchase
of shares - - - (0.6) (0.6)
0.1 0.7 (0.4) 46.5 46.9
Balance at 30 June 2017 12.3 16.4 (12.2) 174.8 191.3
Analysed as follows:
Share capital 12.3
Share premium 16.4
Other reserves (12.2)
Retained earnings 174.8
191.3
Other Reserves comprise the following:
Share
Capital Options Hedging Translation
Reserve Reserve Reserve Reserve Total
EURm EURm EURm EURm EURm
Balance at 1 January 2017 7.3 2.4 (0.2) (21.3) (11.8)
Other comprehensive income /
(expense) - - 0.2 (0.3) (0.1)
Employee share-based
payments expense - 0.4 - - 0.4
Transferred to retained
earnings
on exercise of share options - (0.7) - - (0.7)
- (0.3) 0.2 (0.3) (0.4)
Balance at 30 June 2017 7.3 2.1 - (21.6) (12.2)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2016 - UNAUDITED
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2016 12.1 13.1 (9.0) 99.3 115.5
Profit for the financial
period - - - 19.2 19.2
Other comprehensive
expense - - (1.7) (28.0) (29.7)
Total comprehensive
expense for the financial
period - - (1.7) (8.8) (10.5)
Employee share-based
payments expense - - 0.1 - 0.1
Share issue 0.1 2.5 - - 2.6
Dividends (note 4) - - - (13.8) (13.8)
Transferred to retained
earnings
on exercise of share
options - - (1.1) 1.1 -
Settlement of equity
plans
through market purchase
of shares - - - (0.4) (0.4)
0.1 2.5 (2.7) (21.9) (22.0)
Balance at 30 June 2016 12.2 15.6 (11.7) 77.4 93.5
Analysed as follows:
Share capital 12.2
Share premium 15.6
Other reserves (11.7)
Retained earnings 77.4
93.5
Other Reserves comprise the following:
Share
Capital Options Hedging Translation
Reserve Reserve Reserve Reserve Total
EURm EURm EURm EURm EURm
Balance at 1 January 2016 7.3 3.3 (0.5) (19.1) (9.0)
Other comprehensive expense - - - (1.7) (1.7)
Employee share-based
payments expense - 0.1 - - 0.1
Transferred to retained
earnings
on exercise of share options - (1.1) - - (1.1)
- (1.0) - (1.7) (2.7)
Balance at 30 June 2016 7.3 2.3 (0.5) (20.8) (11.7)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR FINANCIALED 31 DECEMBER 2016 - AUDITED
Share Share Other Retained
Capital Premium Reserves Earnings Total
EURm EURm EURm EURm EURm
Balance at 1 January 2016 12.1 13.1 (9.0) 99.3 115.5
Profit for the financial year - - - 58.8 58.8
Other comprehensive expense - - (1.9) (9.5) (11.4)
Total comprehensive
(expense) / income for the financial year - - (1.9) 49.3 47.4
Employee share-based
payments expense - - 0.2 - 0.2
Share issue 0.1 2.6 - - 2.7
Dividends (note 4) - - - (21.0) (21.0)
Settlement of equity plans
through market purchase of shares - - - (0.4) (0.4)
Transferred to retained earnings on exercise of share
options - - (1.1) 1.1 -
0.1 2.6 (2.8) 29.0 28.9
Balance at 31 December 2016 12.2 15.7 (11.8) 128.3 144.4
Analysed as follows:
Share capital 12.2
Share premium 15.7
Other reserves (11.8)
Retained earnings 128.3
144.4
Other Reserves comprise the following:
Share
Capital Options Hedging Translation
Reserve Reserve Reserve Reserve Total
EURm EURm EURm EURm EURm
Balance at 1 January 2016 7.3 3.3 (0.5) (19.1) (9.0)
Other comprehensive income /
(expense) - - 0.3 (2.2) (1.9)
Employee share-based
payments expense - 0.2 - - 0.2
Transferred to retained
earnings
on exercise of share options - (1.1) - - (1.1)
- (0.9) 0.3 (2.2) (2.8)
Balance at 31 December 2016 7.3 2.4 (0.2) (21.3) (11.8)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 JUNE 2017
30 Jun 30 Jun 31 Dec
2017 2016 2016
Unaudited Unaudited Audited
Notes EURm EURm EURm
Net cash inflow from operating activities 13 47.6 55.1 82.1
Cash flow from investing activities
Interest received - 0.1 0.1
Net proceeds on disposal of property, plant and
equipment 44.7 - 1.3
Purchases of property, plant and equipment (13.2) (17.4) (56.7)
Purchase of intangible assets - (0.1) (0.3)
Net cash inflow / (outflow) from investing
activities 31.5 (17.4) (55.6)
Cash flow from financing activities
Dividends paid to equity holders of
the Company (14.6) (13.8) (21.0)
Repayments of bank borrowings (37.7) (6.5) (13.0)
Repayments of obligations under finance leases (0.4) (0.5) (1.1)
Proceeds on issue of ordinary share capital 0.8 2.6 2.7
Settlement of equity plans through market purchase
of shares (0.6) (0.4) (0.4)
New bank loans raised - - 25.0
Net cash outflow from financing activities (52.5) (18.6) (7.8)
Net increase in cash and cash equivalents 26.6 19.1 18.7
Cash and cash equivalents at the beginning
of the period 42.2 25.0 25.0
Effect of foreign exchange rate changes (0.1) (0.8) (1.5)
Cash and cash equivalents at the end of the
period 9 68.7 43.3 42.2
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 30 JUNE 2017
1. General information
The Group Condensed Financial Statements are considered non-statutory
financial statements for the purposes of the Companies Act 2014 and in
compliance with section 340(4) of that Act we state that:
-- the Group Condensed Financial Statements for the half year to 30 June
2017 have been prepared to meet our obligation to do so under the
Transparency (Directive 2004/109/EC) Regulations 2007 (as amended);
-- the Group Condensed Financial Statements for the half year to 30 June
2017 do not constitute the statutory financial statements of the Group;
-- The figures disclosed relating to 31 December 2016 have been derived from
the statutory financial statements for the financial year ended 31
December 2016 which were audited, received an unqualified audit report
and have been filed with the Registrar of Companies; and
-- The interim figures included in the Group Condensed Financial Statements
for the six months ended 30 June 2017 and the comparative amounts for the
six months ended 30 June 2016 have been neither audited nor reviewed.
Certain financial measures set out in our Half Yearly Report to 30 June
2017 are not defined under International Financial Reporting Standards
(IFRS). Presentation of these Alternative Performance Measures ("APMs")
provides useful supplementary information which, when viewed in
conjunction with the Company's IFRS financial information, allows for a
more meaningful understanding of the underlying financial and operating
performance of the Group. These non-IFRS measures should not be
considered as an alternative to financial measures as defined under
IFRS. Descriptions of the APMs included in this report are disclosed
below.
APM Description Benefit of APM
EBITDA EBITDA represents earnings before non-trading items*, Eliminates the effects of financing and accounting
interest, tax, depreciation and amortisation. decisions to allow assessment of the profitability
and performance of the Group.
EBIT EBIT represents earnings before interest and tax. Measures the Group's earnings from ongoing
operations.
Free Free cash flow comprises operating cash flow less Assesses the availability to the Group of funds for
cash capital expenditure. reinvestment or for return to shareholders.
flow
Net Net debt comprises total borrowings less cash and Measures the Group's ability to repay its debts if
debt cash equivalents. they were to fall due immediately.
*Non-trading items are material non-recurring items that derive from
events or transactions that fall outside the ordinary activities of the
Group and which individually, or, if of a similar type, in aggregate,
are separately disclosed by virtue of their size or incidence.
2. Accounting policies
The Group Condensed Financial Statements for the six months ended 30
June 2017 have been prepared in accordance with the Transparency
(Directive 2004/109/EC) Regulations 2007 (as amended), the related
Transparency Rules of the Central Bank of Ireland and with IAS 34
'Interim Financial Reporting' as adopted by the European Union.
The accounting policies and methods of computation applied in preparing
these Group Condensed Financial Statements are consistent with those set
out in the Group Annual Report for the financial year ended 31 December
2016, which is available at www.icg.ie.
The Group did not adopt any new International Financial Reporting
Standards (IFRS) or Interpretations in the period that had a material
impact on the Group Condensed Financial Statements for the half year.
There are a number of new standards, amendments to standards and
interpretations that are not yet effective and have not been applied in
preparing the Group Condensed Financial Statements. The principal new
standards, amendments to standards and interpretations, none of which
have been EU endorsed, are as follows:
Title Effective date - periods
beginning on or after
IFRS 9 Financial Instruments (2009 and subsequent 1 January 2018
amendments in 2010 and 2013)
IFRS 15 Revenue from contracts with customers 1 January 2018
IFRS 16 Leases 1 January 2019
IFRS 15 Revenue from contracts with customers and IFRS 9 Financial
Instruments (2009 and subsequent amendments in 2010 and 2013) are not
expected to have a material impact on the Group's financial statements.
IFRS 16 Leases sets out the principle for the recognition, measurement,
presentation and disclosure of leases for both lessee and lessor. It
eliminates the classification of leases as either operating leases or
finance leases and introduces a single lessee accounting model where the
lessee is required to recognise assets and liabilities for all material
leases that have a term of greater than a year. The Group is currently
evaluating the impact that IFRS 16 will have on its financial
statements. On adoption of the standard the effects on the Group's
financial statements will be dependent on the transition option chosen,
the contractual terms at date of adoption and the Group's marginal
borrowing costs. The principal known material long term leases that are
expected to exist on the latest adoption date relate to long term leases
of property. The application of IFRS16 to these leases is not expected
to have a material effect on Group net assets, but may have a material
effect individually on lease asset totals and lease liability totals.
The effects on Group profits are also expected to be immaterial on a net
basis with higher depreciation and interest charges largely offset by a
reduction in operating expenses. IFRS 16 is expected to be endorsed by
the EU during 2017.
Other than the changes to assumptions used in relation to the valuation
of retirement benefit obligations there have been no material changes in
estimates in these half yearly financial information based on the
estimates that have previously been made in the prior year financial
statements to 31 December 2016.
3. Segmental information: Analysis by class of business
The Board is deemed the chief operating decision maker within the Group.
For management purposes, the Group is currently organised into two
operating segments; Ferries and Container & Terminal. These segments are
the basis on which the Group reports internally and are the only two
revenue generating segments of the Group. The principal activities of
the Ferries segment are the operation of combined RoRo passenger ferries
and chartering of vessels. The principal activities of the Container &
Terminal segment are the provision of door-to-door and feeder LoLo
freight services, stevedoring and other related terminal services. There
has been no change in the basis of segmentation or in the basis
measurement of segment profit or loss in the period. Under IFRS 8:
Operating Segments, the Group has determined that the operating segments
are (i) Ferries and (ii) Container and Terminal.
Half year ended Year ended
30 Jun 2017 30 Jun 2016 31 Dec 2016
Profit Profit
External Profit External before External before
Revenue before tax Revenue tax Revenue tax
EURm EURm EURm EURm EURm EURm
Ferries 93.7 13.7 91.5 15.4 209.8 52.3
Container and
Terminal 66.4 5.4 62.8 5.4 123.9 10.3
Inter-segment
Revenue (4.0) - (3.8) - (8.3) -
Operating
profit - 19.1 - 20.8 - 62.6
Non trading
items - 29.3
Net Interest -
Ferries - (0.9) - (1.0) - (2.1)
Net interest -
Container
and Terminal - - - (0.1) - (0.1)
Total 156.1 47.5 150.5 19.7 325.4 60.4
Revenue in the Group's Ferries Division is weighted towards the second
half of the year due to patterns of passenger demand.
Net Assets (equity attributable to equity holders)
Half year ended Half year ended 30 Year ended 31 Dec
30 Jun 2017 Jun 2016 2016
EURm EURm EURm
Ferries 136.9 92.2 158.0
Container and
Terminal 27.7 20.2 24.3
164.6 112.4 182.3
Net cash / (debt) 26.7 (18.9) (37.9)
Total 191.3 93.5 144.4
There has been no material change in the share of total assets /
liabilities between segments from the share disclosed in the prior year
financial statements to 31 December 2016.
4. Dividend
Half year Half year Year
ended ended ended
30 Jun 2017 30 Jun 2016 31 Dec 2016
EURm EURm EURm
Interim dividend - - 7.2
Final dividend 14.6 13.8 13.8
14.6 13.8 21.0
In June 2017 a final dividend of 7.760 cent per ICG Unit was declared
and paid for the financial year ended 31 December 2016. In June 2016 a
final dividend of 7.387 cent per ICG Unit was paid for the year ended 31
December 2015. In September 2016 an interim dividend of 3.82 cent per
ICG Unit was paid for the year ended 31 December 2016.
5. Non-trading items
On 17 May 2017, the Group completed the sale of the vessel MV Kaitaki to
KiwiRail of New Zealand.
The MV Kaitaki which was commissioned by and delivered to ICG in 1995
became surplus to ICG's operational requirements following delivery of
our cruise ferry Ulysses in 2001. MV Kaitaki has been on charter
outside the Group since 2002, most recently to the buyers KiwiRail who
operate the vessel in New Zealand.
Half year ended 30 June 2017
EURm
Consideration
Total consideration 45.0
Gain on disposal of vessel
Consideration 45.0
Disposal costs (0.3)
Net proceeds 44.7
NBV of vessel disposed of (15.4)
Gain on disposal 29.3
Total consideration 45.0
Tax payable (2017: 12.5%) 5.6
Deferred tax credit on disposal of vessel (1.8)
Tax on disposal 3.8
The gain on disposal of the vessel is included in the profit for the
period and is disclosed on a separate line in the Condensed Consolidated
Income Statement.
6. Earnings per share
Half year Half year Year
ended ended ended
30 Jun 2017 30 Jun 2016 31 Dec 2016
Number of shares '000 '000 '000
Weighted average number of ordinary
shares for
the purpose of basic earnings per
share 188,332 186,803 187,536
Effect of dilutive potential ordinary
shares: Share
options 1,842 1,811 1,692
Weighted average number of ordinary
shares for
the purpose of diluted earnings per
share 190,174 188,614 189,228
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 earnings used in both the adjusted basic and adjusted diluted
earnings per share have been adjusted to take into account the
non-trading items together with the net interest on defined benefit
pension obligations.
Profit attributable to ordinary shareholders
The calculation of the basic and diluted earnings
per share attributable to the ordinary equity
holders of the parent is based on the following data:
Half year Half year Year
ended ended ended
30 Jun 2017 30 Jun 2016 31 Dec 2016
Earnings EURm EURm EURm
Earnings for the purpose of basic and
diluted
earnings per share - Profit for the
financial period
attributable to equity holders of the
parent 43.0 19.2 58.8
Effect of non-trading items (25.5) - -
Effect of net interest expense on
defined benefit
pension schemes 0.1 - -
Earnings for the purpose of adjusted
earnings per
share 17.6 19.2 58.8
Cent Cent Cent
Basic earnings per share 22.8 10.3 31.4
Diluted earnings per share 22.6 10.2 31.1
Adjusted basic earnings per share 9.3 10.3 31.4
Adjusted diluted earnings per share 9.3 10.2 31.1
7. Property, plant and equipment
Assets under Plant and Land and
construction Vessels Equipment Vehicles Buildings Total
EURm EURm EURm EURm EURm EURm
Cost
At 1 January 2017 31.8 342.2 56.5 1.0 26.5 458.0
Additions 5.7 7.0 0.3 0.2 - 13.2
Disposals - (63.7) (0.7) (0.2) - (64.6)
Exchange
differences - (0.2) (0.1) - - (0.3)
1.0
At 30 June 2017 37.5 285.3 56.0 26.5 406.3
Accumulated
depreciation
At 1 January 2017 - 203.1 41.1 0.7 8.8 253.7
Charge for period - 8.6 1.5 0.1 0.2 10.4
Disposals - (48.3) (0.7) (0.2) - (49.2)
Exchange
differences - - - - - -
0.6
At 30 June 2017 - 163.4 41.9 9.0 214.9
Carrying amount
At 1 January 2017 31.8 139.1 15.4 0.3 17.7 204.3
At 30 June 2017 37.5 121.9 14.1 0.4 17.5 191.4
At 30 June 2016 - 146.5 15.8 0.4 16.6 179.3
8. Intangible assets
Software
EURm
Cost
At 1 January 2017 10.5
Additions -
At 30 June 2017 10.5
Amortisation
At 1 January 2017 9.7
Charge for the period 0.2
At 30 June 2017 9.9
Carrying amount
At 1 January 2017 0.8
At 30 June 2017 0.6
At 30 June 2016 0.8
9. Net debt and cash
Cash Overdrafts Loans Leases Total
EURm EURm EURm EURm EURm
At 1 January 2017
Current assets 42.2 - - - 42.2
Creditors due within one year - - (77.7) (0.7) (78.4)
Creditors due after one year - - - (1.7) (1.7)
42.2 - (77.7) (2.4) (37.9)
Cash flow 26.5 - - - 26.5
Foreign exchange rate changes - - - - -
Drawdown - - - - -
Repayment - - 37.7 0.4 38.1
26.5 - 37.7 0.4 64.6
At 30 June 2017
Current assets 68.7 - - - 68.7
Creditors due within one year - - (40.0) (0.3) (40.3)
Creditors due after one year - - - (1.7) (1.7)
68.7 - (40.0) (2.0) 26.7
At 30 June 2016
Current assets 46.9 - - - 46.9
Creditors due within one year - (3.6) (13.0) (1.0) (17.6)
Creditors due after one year - - (46.2) (2.0) (48.2)
46.9 (3.6) (59.2) (3.0) (18.9)
Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash
equivalents include cash on hand and in banks net of outstanding bank
overdrafts. Cash and cash equivalents at the end of the reporting period
as shown in the statement of cash flows can be reconciled as follows:
30 Jun 30 Jun 31 Dec
2017 2016 2016
EURm EURm EURm
Cash and bank balances 68.7 46.9 42.2
Bank overdraft - (3.6) -
Cash and cash equivalents 68.7 43.3 42.2
10. Tax
Corporation tax for the interim period is estimated based on the best
estimates of the weighted average annual corporation tax rate expected
to apply to each taxable entity for the full financial year.
The Company and subsidiaries that are within the EU approved Tonnage Tax
jurisdictions have elected to be taxed under the tonnage tax scheme.
Under the tonnage tax scheme, taxable profit on eligible activities is
calculated on a specified notional profit per day related to the tonnage
of the ships utilised.
11. Financial instruments and risk management
The Groups activities expose it to a variety of financial risks
including interest rate risk, foreign currency risk, liquidity risk and
credit risk. The Group's funding, liquidity and exposure to interest and
foreign exchange rate risks are managed by the Group's treasury and
accounting departments. A combination of derivative financial
instruments and treasury management techniques are used to manage these
underlying risks. These interim condensed financial statements do not
include all financial risk management information and disclosures
required in the annual financial statements, and should be read in
conjunction with the 2016 Annual Report. There have been no changes to
the risk management procedures or policies since the 2016 year end.
Fair value hierarchy
The Group has adopted the following fair value measurement hierarchy for
financial instruments:
-- Level 1: quoted (unadjusted) prices in active markets for identical
assets and liabilities.
-- Level 2: other techniques for which all inputs that have a significant
effect on the recorded fair value are observable, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
-- Level 3: techniques that use inputs which have a significant effect on
the recorded fair value that are not based on observable market data.
The fair value of financial assets and financial liabilities that are
carried in the Condensed Consolidated Statement of Financial Position at
fair value are classified within Level 2 of the fair value hierarchy as
market observable inputs (forward rates and yield curves) are used in
arriving at fair values. There have been no movement between levels in
the current period.
Valuation techniques and inputs used are as described in Note 21 of the
2016 Annual Report.
Fair value of financial assets and financial liabilities measured at
amortised cost
At 30 June 2017 the carrying value and fair value of borrowings was
EUR42.0 million and EUR42.1 million respectively (31 December 2016:
EUR80.1 million and EUR80.5 million respectively), which consists of the
bank overdraft, loans and leases in Note 9.
The fair value of borrowings at 30 June 2017 was higher than the
carrying value reflecting a reduction in the estimated discount rate of
the Group's own credit risk.
The fair value of the following financial assets and financial
liabilities approximate their carrying value:
-- Trade and other receivables
-- Cash and bank balances
-- Trade and other payables
Fair value of derivative financial instruments
Derivative financial instruments are measured in the Condensed
Consolidated Statement of Financial Position at fair value. The fair
values of derivative financial instruments are based on market price
calculations using financial models based on market observable rates.
The fair value of derivative financial instruments was EURnil as at 30
June 2017 (31 December 2016: a liability of EUR0.2 million) which
consisted of interest rate swaps. All cash flow hedges were effective
and fair value losses of EURnil (31 December 2016: losses of EUR0.1
million) were recorded in other comprehensive income and net settlements
amounted to EUR0.2 million (31 December 2016: EUR0.4 million).
The Group utilised interest rate swaps during the period ended 30 June
2017 and year ended 31 December 2016 whereby it swapped its entire
EURIBOR floating interest rate exposure under the amortising term loan
facility for fixed interest rates. This contract terminated during the
period and the notional capital amount outstanding on this contract at
30 June 2017 was EURnil (31 December 2016: EUR37.7 million). Notional
amounts for all future periods match the amortising schedule of the loan
agreement. The estimated fair value of EURnil (31 December 2016: EUR0.2
million) has been accumulated in equity.
The Group utilises currency derivatives to hedge future cash flows in
the management of its exchange rate exposures. At 30 June 2017 and 31
December 2016 there were no material outstanding forward foreign
exchange contracts.
12. Retirement benefit schemes
Retirement benefit scheme valuations have been updated at the half year.
Scheme assets have been valued as per investment managers' valuations at
30 June 2017. In consultation with the actuary to the principal group
defined benefit pension schemes, the discount rate used in relation to
the pension scheme liabilities is 1.90% for Euro liabilities (31
December 2016: 1.70%) and 2.45% for Sterling liabilities (31 December
2016: 2.50%).
At 30 June 2017 the Group's total obligation in respect of defined
benefit schemes totals EUR273.8 million (31 December 2016: EUR288.3
million). The schemes held assets of EUR278.8 million (31 December 2016:
EUR274.8 million), giving a net pension surplus of EUR5.0 million (31
December 2016: EUR13.5 million net deficit).
The principal assumptions used for the purpose of the actuarial
valuations which are reflective of market conditions that exist at 30
June 2017, were as follows:
Year
Half year ended ended
31 Dec
30 Jun 2017 30 Jun 2016 2016
Sterling Euro Sterling Euro Sterling Euro
Discount
rate 2.45% 1.90% 2.70% 1.40% 2.50% 1.70%
Inflation
rate 2.45% 1.50% 2.90% 1.40% 3.45% 1.60%
Rate of
increase of
pensions in 0.60% - 0.50% - 0.70% -
payment 3.15% 0.70% 2.75% 0.60% 3.15% 0.80%
Rate of
pensionable
salary 0.00% - 0.00% - 0.00% - 0.00% -
increases 1.00% 1.00% 1.36% 1.00% 1.00% 1.00%
Movement in retirement benefit schemes
net deficit Half year Half year Year
ended ended ended
30 Jun 2017 30 Jun 2016 31 Dec 2016
EURm EURm EURm
Opening deficit (13.5) (5.1) (5.1)
Current service cost (0.9) (0.9) (1.9)
Employer contributions paid 1.4 2.0 3.7
Net interest cost (0.1) - -
Actuarial gain / (loss) 17.6 (28.5) (9.6)
Other 0.5 (0.3) (0.6)
Net surplus / (deficit) 5.0 (32.8) (13.5)
Schemes in surplus 7.9 2.9 2.4
Schemes in deficit (2.9) (35.7) (15.9)
Net surplus / (deficit) 5.0 (32.8) (13.5)
The improvement in pension deficit since 31 December 2016 reflects an
actuarial gain of EUR17.6 million (31 December 2016: actuarial loss
EUR9.6 million), arising from investment performance and the positive
effect of an increase in the discount rate used to value scheme
liabilities.
No provision has been made against scheme surpluses as the Group believe
having reviewed the rules of the relevant schemes, the surplus will
accrue to the Group in the future.
13. Net cash from operating activities
Half year ended Half year ended Year ended
30 Jun 30 Jun 31 Dec
2017 2016 2016
EURm EURm EURm
Operating activities
Profit for the financial period
/ year 43.0 19.2 58.8
Adjustments for:
Finance costs (net) 0.9 1.1 2.2
Income tax expense 4.5 0.5 1.6
Retirement benefit schemes -
current service cost 0.9 0.9 1.9
Retirement benefit schemes -
payments (1.4) (2.0) (3.7)
Depreciation of property, plant
and equipment 10.4 9.6 20.6
Amortisation of intangible
assets 0.2 0.2 0.4
Amortisation of deferred grant (0.1) (0.1) (0.1)
Share-based payment expense 0.4 0.1 0.2
Gain on disposal of property,
plant and equipment (29.3) - (0.3)
Increase in provisions - - 0.2
Operating cash flow before
movements in
working capital 29.5 29.5 81.8
Decrease / (increase) in
inventories 0.1 (0.2) (0.4)
(Increase) / decrease in
receivables (6.3) 0.2 1.4
Increase in payables 25.6 27.0 3.7
Cash generated from operations 48.9 56.5 86.5
Income taxes paid (0.5) (0.2) (2.1)
Interest paid (0.8) (1.2) (2.3)
Net cash generated from
operating activities 47.6 55.1 82.1
At 30 June 2017 and 30 June 2016 the overall working capital movements
amounted to EUR19.4 million and EUR27.0 million respectively, which
relate to seasonal working capital inflows that are expected to unwind
in the second half of the year.
14. 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 2017 there were no material changes
to, or material transactions between Irish Continental Group plc and its
key management personnel or members of their close family, other than in
respect of remuneration and dividends. There were no other material
related party transactions in the period.
15. Contingent assets / liabilities
There have been no material changes in contingent assets or liabilities
as reported in the Group's financial statement for the year ended 31
December 2016.
16. 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.
17. Composition of the entity
There have been no changes in the composition of the entity during the
period ended 30 June 2017.
18. Commitments
30 Jun 30 Jun 31 Dec
2017 2016 2016
EURm EURm EURm
Commitments for the acquisition of property, plant
and equipment - approved and contracted for 116.9 147.1 122.2
19. Events after the reporting period
The Board has declared an interim dividend of 4.01 cent per ICG Unit in
respect of 2017.
There have been no other material events affecting the Group to report
since 30 June 2017.
20. Board approval
This interim report was approved by the Board of Directors of Irish
Continental Group plc on 30 August 2017.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Irish Continental Group plc via Globenewswire
http://www.icg.ie/
(END) Dow Jones Newswires
August 31, 2017 02:00 ET (06:00 GMT)
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