Irish Continental Trading Update

 
TIDMICGC 
 
 
 
 
 
   IRISH CONTINENTAL GROUP ("ICG" or the Group) 
 
 
 
   Volumes (Year to date, 25 July 2020) 
 
 
 
 
                           2020     2019    Change 
Cars                       68,900  209,900  -67.2% 
RoRo Freight              173,500  175,400   -1.1% 
Container Freight (teu)   178,300  199,200  -10.5% 
Terminal Lifts            160,100  185,300  -13.6% 
 
 
   Volumes (Half Year 30 June 2020) 
 
 
 
 
                           2020     2019    Change 
Cars                       56,600  161,200  -65.0% 
RoRo Freight              149,400  153,600   -2.7% 
Container Freight (teu)   155,700  176,300  -11.7% 
Terminal Lifts            141,000  163,100  -13.5% 
 
 
   ICG issues this trading update which covers carryings for the year to 
date to 25 July 2020 and carrying and financial information for the 
first six months of 2020, i.e. 1 January to 30 June with comparisons 
against the corresponding period in 2019. All figures are unaudited. 
 
   Consolidated Group revenue in the period to 30 June 2020 was EUR130.8 
million, a decrease of 21.6% compared with last year. Net debt at the 
end of June was EUR103.3 million (EUR71.8 million pre IFRS16) million 
compared with EUR129.0 million (EUR93.5 million pre IFRS16) at 31 
December 2019. 
 
   Ferries Division 
 
   Total revenues recorded in the period to 30 June amounted to EUR61.6 
million (including intra-division charter income), a 33.3% decrease on 
the prior year. The decrease was principally due to lower passenger 
volumes resulting from the travel restrictions introduced across the EU 
due to the Covid-19 pandemic. 
 
   For the year to 25 July, Irish Ferries carried 68,900 cars, a decrease 
of 67.2% on the previous year. Freight carryings were 173,500 RoRo units, 
a decrease of 1.1% compared with 2019. 
 
   Container and Terminal Division 
 
   Total revenues recorded in the period to 30 June amounted to EUR73.2 
million, a 6.6% decrease on the prior year. This decrease is principally 
related to supply chain disruption due to the effects of Covid-19. 
 
   For the year to 25 July container freight volumes shipped were down 
10.5% on the previous year at 178,300 teu (twenty-foot equivalent 
units). Units handled at our terminals in Dublin and Belfast decreased 
13.6% year on year to 160,100 lifts. 
 
   Group Development 
 
   The key challenge for ICG during the Covid-19 pandemic has been 
maintaining our shipping schedules which are critical to the supply 
chain on and off the Island of Ireland. These services have provided a 
vital lifeline service to our Island and beyond for food, 
pharmaceuticals, medical supplies and in more recent times a high level 
of e-commerce goods. In the absence of airline capacity, we have also 
offered a vital lifeline service for essential passenger travel, 
including returning medical and caring volunteers and technicians to fix 
vital equipment in our hospitals and care centres. We have also provided 
an ability for our citizens to repatriate, where they must do so, to 
deal with emergencies at home. While we have been successful in meeting 
this challenge, the continuation of travel restrictions throughout our 
peak summer season has had a material impact on our passenger carryings 
on ICG's Irish Ferries services. We have raised our concerns with the 
Irish Government on the current policy of asking people from Britain who 
visit Ireland to self-isolate for two weeks, while allowing unrestricted 
transit via Northern Ireland. We believe this is clearly anomalous and 
puts the retention of the Common Travel Area between Ireland and Britain 
at risk. 
 
   Irish Ferries subsidiary Dublin Ferryport Terminal (DFT), was successful 
in the public tender to operate a new Container Depot at the new Dublin 
Inland Port. DFT has signed an agreement to enter into a 20-year lease 
for this operation on completion of certain civil works by the landlord. 
These works are expected to commence in August, with the facility 
becoming 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. 
 
   We would again like to take this opportunity to thank the crews on our 
ships, our terminal and office staff, our passengers who have travelled 
for essential reasons, our freight customers and their drivers who 
continue to work in these very difficult circumstances. 
 
   The Group is in a strong financial position to weather this Covid-19 
storm and we would refer investors to our cash and undrawn credit 
facilities position at 31 December 2019. 
 
   Dublin. 
 
   28 July 2020 
 
   Enquiries 
 
   Eamonn Rothwell, CEO,                                                    [phone] 
 
 
   David Ledwidge, CFO,                                                        [phone] 
 
 
 
 
 

(END) Dow Jones Newswires

July 28, 2020 02:00 ET (06:00 GMT)

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