TIDMIRSH
Thursday 31 August 2023
HALF-YEARLY FINANCIAL REPORT
for the half year ended 30 June 2023
Irish Continental Group plc (ICG), the leading Irish-based
maritime transport group, reports its financial performance for the
half-year ended 30 June 2023.
This half-yearly financial report references Alternative
Performance Measures (APMs) which are not defined under
International Financial Reporting Standards and which are explained
in the Appendix to the half-year result.
Highlights
Financial summary
HY 2023* HY 2022** Change %
Revenue EUR264.0m EUR263.1m +0.3%
EBITDA*** EUR49.0m EUR47.3m +3.6%
Operating profit EUR16.2m EUR17.4m (6.9%)
Profit before tax EUR14.0m EUR15.4m (9.1%)
Basic earnings per share 7.50c 8.00c (6.3%)
Interim dividend 4.87c 4.64c +5.0%
Net debt*** EUR164.5m EUR154.5m +6.5%
Net debt (pre-IFRS 16)*** EUR116.6m EUR105.9m +10.1%
--------- --------- --------
* HY 2023: Half Year up to 30 June 2023, ** HY 2022: Half Year
up to 30 June 2022
*** Additional information in relation to these APMs is
disclosed in the Appendix
Volume movements
HY 2023 HY 2022 Change
'000 '000 %
Cars 229.1 214.2 +7.0%
RoRo freight 348.2 330.2 +5.5%
Containers shipped (teu*) 142.3 169.3 (15.9%)
Port lifts 152.5 164.9 (7.5%)
------- ------- -------
*teu: twenty-foot equivalent units
The HY 2023 result is reported against the background of the
continued return towards pre-pandemic travel patterns after the
disruption caused by Covid-19 and our continued expansion on the
Dover -- Calais route. The Group has continued to focus on
strategic development and has maintained a strong liquidity
position.
Key highlights in HY 2023 include;
-- Group revenue generated totalling EUR264.0 million, EUR0.9 million more
than HY 2022.
-- Operating profit generated was EUR16.2 million, compared to an operating
profit of EUR17.4 million in HY 2022.
-- EBITDA generated of EUR49.0 million, EUR1.7 million more than HY 2022.
-- Gross cash balances of EUR35.0 million (31 December 2022: EUR39.0
million).
-- Net debt at EUR164.5 million, EUR6.6 million lower than at the beginning
of the year.
-- The Directors have declared an interim dividend of 4.87 cent per share
(2022: 4.64 cent) payable on 6 October 2023 to shareholders on the
register on 15 September 2023.
-- In May 2023, the Group chartered the Oscar Wilde cruise ferry (ex Tallink
Star) for an initial 20 month period with further extension options. The
vessel entered service on the Rosslare -- Pembroke route, replacing the
Blue Star 1.
-- Further investment in environmentally friendly port equipment at Dublin
Ferryport Terminals with final commissioning of new heavy plant machinery
including a new ship-to-shore crane.
Commenting on the results, Chairman John B. McGuckian noted;
"HY 2023 has been a successful period for the Group. We have
benefited from the continued normalisation in passenger travel
levels post pandemic in all our markets, growth in our Roll on Roll
off (RoRo) freight carryings and the strengthening of our position
on the Dover -- Calais route.
This continued return of passenger travel alongside the
continued support of our freight customers on both our old and new
routes resulted in the highest ever revenue levels in the Ferries
Division. This has been partially offset by a reduction in revenues
in the Container and Terminal Division which has been impacted by a
significant drop in container volumes due primarily to a weakness
in the deep sea market. Despite this, the Group reports a record
level of revenue in the period of EUR264.0 million.
In May of this year, the Group took delivery of the Oscar Wilde.
The Group signed a long term charter agreement for a firm period of
20 months with the opportunity to extend the charter by 2 + 2
years. The agreement also gives the Group purchase options over the
vessel. The vessel entered service on the Rosslare -- Pembroke
route for the summer season. With the largest duty-free shopping
space for any cruise ferry on the Irish Sea of 17,000 square feet,
it is ideally suited to allow the Group to benefit from the return
of duty-free shopping on the Irish Sea.
In addition to this investment, we have continued the expansion
and modernisation of our container terminals with the latest
automated and environmentally friendly equipment as part of a
Terminal electrification programme. The final crane in this
programme is due to become operational next month. Since the start
of the year, we have commissioned five new remote controlled
semi-automated rubber-tyred gantries (RTGs) and one new
ship-to-shore crane. In our Dublin Terminal, 80% of our cranes are
now powered by electricity generated from renewable resources.
While the strong revenue performance in the Ferries Division has
continued year to date, we remain cautious over the timing of a
recovery in container shipping volumes and the impact of potential
cost increases arising out of environmental levies. Nevertheless,
given the strength of our business model, our balance sheet and the
diversity of our income flows we remain confident about our future
prospects."
Enquiries:
Eamonn Rothwell, Chief Executive Tel: +353 1 607 5628 Email: info@icg.ie
Officer
David Ledwidge, Chief Financial Tel: +353 1 607 5628 Email: info@icg.ie
Officer
Media enquiries:
Q4 Public Relations Tel: +353 1 475 1444 Email:
press@q4pr.ie
Results
Financial Highlights
Change
HY 2023 HY 2022 % FY 2022*
Revenue EUR264.0m EUR263.1m +0.3% EUR584.9m
EBITDA EUR49.0m EUR47.3m +3.6% EUR127.2m
Operating profit EUR16.2m EUR17.4m (6.9%) EUR66.7m
--------- --------- ------ ---------
* FY 2022 = Year End up to 31 December 2022
The Group recorded revenue of EUR264.0 million compared with
EUR263.1 million in HY 2022, an increase of 0.3%. Earnings before
interest, tax, depreciation and amortisation (EBITDA) were EUR49.0
million compared with EUR47.3 million in HY 2022. Group fuel costs
decreased by EUR9.0 million (15.5%) to EUR49.0 million from EUR58.0
million. Operating profit was EUR16.2 million compared with a
EUR17.4 million in HY 2022. A profit before tax of EUR14.0 million
is reported compared with a profit before tax of EUR15.4 million in
HY 2022.
There was a net finance charge of EUR2.2 million (2022: EUR2.0
million) which includes net bank interest payable of EUR2.2 million
(2022: EUR1.4 million), lease interest EUR0.7 million (2022: EUR0.7
million) and net pension interest income of EUR0.7 (2022: EUR0.1
million). The tax charge amounted to EUR1.1 million (2022: EUR0.9
million). Basic EPS was 7.5c compared with 8.0c in HY 2022.
Adjusted Basic EPS amounted to 7.1c versus 8.0c for HY 2022.
Operational Review
Ferries Division
Financial Summary
Change
HY 2023 HY 2022 % FY 2022
Revenue* EUR179.8m EUR167.9m +7.1% EUR399.9m
EBITDA EUR33.3m EUR29.8m +11.7% EUR95.7m
Operating profit EUR5.3m EUR5.7m (7.0%) EUR46.4m
--------- --------- ------ ---------
* Includes intersegment revenue of EUR16.7 million (HY 2022:
EUR15.2 million) (FY 2022: EUR35.3 million)
The division comprises Irish Ferries, a leading provider of
passenger and freight ferry services between Ireland / UK, Ireland
/ France and the UK / France as well as the chartering of
vessels.
Revenue in the division was EUR179.8 million (2022: EUR167.9
million) while EBITDA was EUR33.3 million (2022: EUR29.8 million).
Operating profit was EUR5.3 million compared to EUR5.7 million in
HY 2022.
The performance of the ferries operations in HY 2023 was
significantly improved on HY 2022 as travel patterns continued to
return towards pre-pandemic levels after the disruption caused by
Covid-19 across 2020 and 2021. The impact of the Dover -- Calais
operations, can also be seen in the result for the period as the
service operated with three vessels in HY 2023 versus 2.5 vessels
in HY 2022.
Revenue - Total
HY 2023 HY 2022 Change % FY 2022
Passenger EUR66.6m EUR58.5m +13.8% EUR162.7m
Freight EUR87.7m EUR85.5m +2.6% EUR184.7m
Charter EUR24.7m EUR23.3m +6.0% EUR51.1m
Other EUR0.8m EUR0.6m +33.3% EUR1.4m
--------- --------- -------- ---------
Total EUR179.8m EUR167.9m +7.1% EUR399.9m
---------------- --------- --------- -------- ---------
Volumes - Total
HY 2023 HY 2022 Change % FY 2022
Car volumes ('000) 229.1 214.2 +7.0% 573.4
Passenger volumes ('000) 1,091.9 894.4 +22.1% 2,315.0
RoRo freight volumes ('000) 348.2 330.2 +5.5% 696.6
------- ------- -------- -------
In HY 2023, total cars carried were 229,100, up 7.0% on the same
period in HY 2022. Total passenger carryings were 1,091,900, an
increase of 22.1% on HY 2022. This increase in carryings reflects
the continued return to normal travel patterns which commenced in
the prior year and the impact of a three ship operation on the
Dover -- Calais route. Passenger revenues increased by 13.8% over
HY 2022.
Freight carryings in HY 2023 were 348,200 units, an increase of
5.5% over HY 2022. The increase in carryings reflects the impact of
increased tonnage on the Dover -- Calais route. Freight revenues
increased by 2.6% compared with HY 2022.
The division owns eight container vessels, five of which are
chartered intra division and three chartered externally to third
parties. Charter revenue increased by 6.0% over the prior period.
Charter revenue also includes earnings from the long term
receivable relating to the bareboat hire purchase contract arising
from the disposal of the GNV Allegra in a prior period.
Costs
HY 2023 HY 2022 Change % FY 2022
Depreciation and amortisation EUR28.0m EUR24.1m +16.2% EUR49.3m
Employee benefits expense EUR10.5m EUR9.5m +10.5% EUR21.0m
Other operating costs EUR136.0m EUR128.6m +5.8% EUR283.2m
--------- --------- -------- ---------
Total operating costs EUR174.5m EUR162.2m +7.6% EUR353.5m
------------------------------ --------- --------- -------- ---------
Costs in the division increased by EUR12.3 million in HY 2023
compared to HY 2022. This increase was principally attributable to
the operational costs associated with the Dover -- Calais route due
to a third vessel in operation for the full six months in 2023.
Total divisional fuel cost decreased to EUR41.9 million in HY 2023
from EUR48.3 million in HY 2022 due to lower global fuel prices
over the period.
Container and Terminal Division
Financial Highlights
HY 2023 HY 2022 Change % FY 2022
Revenue* EUR101.5m EUR111.0m (8.6%) EUR221.5m
EBITDA EUR15.7m EUR17.5m (10.3%) EUR31.5m
Operating profit EUR10.9m EUR11.7m (6.8%) EUR20.3m
--------- --------- -------- ---------
* Includes intersegment revenue of EUR0.6 million (HY 2022:
EUR0.6 million) (FY 2022: EUR1.2 million)
Operational Highlights
HY 2023 HY 2022 Change % FY 2022
Volumes '000 '000 '000
Containers shipped (teu) 142.3 169.3 (15.9%) 322.6
Port lifts 152.5 164.9 (7.5%) 319.6
------- ------- -------- -------
The Container and Terminal Division includes the intermodal
shipping line Eucon as well as the division's strategically located
container terminals in Dublin and Belfast.
Revenue in the division decreased by 8.6% to EUR101.5 million
(2022: EUR111.0 million), EBITDA decreased to EUR15.7 million
(2022: EUR17.5 million), while operating profit decreased to
EUR10.9 million (2022: EUR11.7 million).
Total containers shipped by Eucon were down 15.9% at 142,300 teu
(2022: 169,300 teu). This decrease was driven by weak export and
import levels in China and the continued effect of over stocking
following the Covid-19 pandemic and subsequent supply chain
difficulties. Fuel costs decreased to EUR7.1 million from EUR9.7
million in HY 2022 due to a fall in global fuel prices as well as
reduced consumption. In spite of persistent inflationary pressure,
other costs decreased in line with the fall in volumes and core
fleet reduction from to six to five vessels.
Containers handled at our container terminals in Dublin and
Belfast fell 7.5% to 152,500 lifts (2022: 164,900 lifts). Dublin
Ferryport Terminals' activity was down 5.0%, and lifts at Belfast
Container Terminal were down 11.4%.
Statement of Financial Position
A summary Statement of Financial Position as at 30 June 2023 is
presented below:
30 Jun 30 Jun 31 Dec
2023 2022 2022
EURm EURm EURm
Property, plant and equipment and intangible
assets 365.5 371.4 364.2
Right-of-use assets 47.8 47.7 41.4
Long term receivable 9.0 12.1 10.5
Retirement benefit surplus 41.2 31.2 33.6
Other assets 96.1 103.1 85.2
Cash and bank balances 35.0 38.6 39.0
--------- --------- ---------
Total assets 594.6 604.1 573.9
--------------------------------------------- --------- --------- ---------
Non-current borrowings 144.3 137.2 160.4
Non-current lease liabilities 33.2 31.4 30.7
Retirement benefit obligations 0.3 0.9 0.4
Other non-current liabilities 5.6 2.5 4.7
Current borrowings 7.3 7.3 7.3
Current lease liabilities 14.7 17.2 11.7
Other current liabilities 125.8 156.5 97.9
--------- --------- ---------
Total liabilities 331.2 353.0 313.1
--------------------------------------------- --------- --------- ---------
Total equity 263.4 251.1 260.8
--------------------------------------------- --------- --------- ---------
Total equity and liabilities 594.6 604.1 573.9
--------------------------------------------- --------- --------- ---------
The analysis of key movements in the period since 31 December
2022 is set out below.
The principal movements in property, plant and equipment and
intangible assets relate to acquisition of new plant at Dublin
Ferryport Terminals and scheduled replacement expenditure less
depreciation charge in the period. The movement in right-of-use
assets mainly relates to depreciation charges offset by the
addition of the Oscar Wilde cruise ferry. The long-term receivable
relates to deferred sales proceeds receivable under the hire
purchase sale agreement entered into on the sale of a surplus
vessel in a prior period.
The increase in other current assets is attributable to
increased trade debtors relating to higher freight revenues and the
seasonal increase in tourism debtors and to prepayments on asset
purchases. The increase in other current liabilities mainly relates
to the seasonal increase in passenger deferred revenue
balances.
The assumptions used to measure pension obligations were
reviewed against the background of market conditions as at 30 June
2023. This review resulted in a change in discount and inflation
rate assumptions while other assumptions were retained at 31
December 2022 levels. A net actuarial gain of EUR6.8 million arose
in HY 2023, driven primarily by increases in the value of
assets.
Shareholders' equity increased to EUR263.4 million from EUR260.8
million over the period. The movements primarily comprised of the
profit for the financial period of EUR14.0 million, net actuarial
gains of EUR6.8 million arising on retirement benefit schemes less
payment of the 2022 final dividend of EUR16.8 million.
Cash Flow and Financing
A summary of cash flows in the half year to 30 June 2023 is
presented below:
HY 2023 HY 2022 FY 2022
EURm EURm EURm
Operating profit 16.2 17.4 66.7
Depreciation and amortisation 32.8 29.9 60.5
------- ------- -------
EBITDA* 49.0 47.3 127.2
-------------------------------------------- ------- ------- -------
Working capital movements 23.2 23.4 1.2
Retirement benefit scheme movements 0.2 0.6 1.1
Share-based payment expense 1.6 0.7 3.0
Other movements (0.5) - (0.5)
------- ------- -------
Cash generated from operations 73.5 72.0 132.0
-------------------------------------------- ------- ------- -------
Interest paid (2.8) (1.6) (4.0)
Tax paid (0.9) (0.8) (1.7)
Capital expenditure excluding strategic
capital expenditure (16.0) (10.3) (18.3)
------- ------- -------
Free cash flow before strategic capital
expenditure* 53.8 59.3 108.0
-------------------------------------------- ------- ------- -------
Strategic capital expenditure (13.6) (51.6) (57.4)
Free cash flow after strategic capital
expenditure* 40.2 7.7 50.6
-------------------------------------------- ------- ------- -------
Proceeds on disposal of property, plant
and equipment 1.5 1.5 3.0
Share issue 0.1 0.1 0.1
Settlement of employee equity plans through
market purchases (3.1) (2.9) (2.9)
Lease inception costs (1.2) - -
Dividends paid (16.8) - (24.2)
Share buyback - (17.0) (49.2)
------- ------- -------
Net cash flows 20.7 (10.6) (22.6)
Opening net debt (171.1) (142.2) (142.2)
Lease liability non-cash movements (14.3) (1.5) (6.2)
Translation / other 0.2 (0.2) (0.1)
------- ------- -------
Closing net debt (164.5) (154.5) (171.1)
-------------------------------------------- ------- ------- -------
*Additional information in relation to these Alternative
Performance Measures (APMs) is disclosed in the Appendix.
The Group funds its activities from a combination of cash
generated from day-to-day operating activities and borrowings,
including revolving credit facilities, term loans, loan notes and
leasing arrangements. Net debt at 30 June 2023 decreased to
EUR164.5 million from EUR171.1 million at 31 December 2022.
Cash generated from operations in the period amounted to EUR73.5
million, a EUR1.5 million improvement on the prior period. Total
capital expenditure including intangibles amounted to EUR29.6
million. Overall, there were net cash inflows of EUR20.7 million
which were offset by lease liability movements which resulted in
the net debt at 30 June 2023 reducing to EUR164.5 million.
An analysis of the movements in net debt are set out in the
table below.
Net debt
Bank Loans
Origination & Loan
Cash Fees Notes Lease Liabilities Net Debt
EURm EURm EURm EURm EURm
At 31 December 2022 39.0 0.5 (168.2) (42.4) (171.1)
Lease liability non-cash
movements - - - (14.3) (14.3)
Cash flows (4.5) - 16.2 9.0 20.7
Translation / other 0.5 (0.1) - (0.2) 0.2
----- ----------- ---------- ----------------- --------
At 30 June 2023 35.0 0.4 (152.0) (47.9) (164.5)
------------------------- ----- ----------- ---------- ----------------- --------
The borrowing facilities available to the Group at 30 June 2023
were as follows;
Borrowing Facilities
Committed Committed
facilities facilities
Facility Committed drawn undrawn
EURm EURm EURm EURm
Revolving credit 125.0 75.0 49.5 25.5
Private placement 253.1 50.0 50.0 -
Bank loans 52.5 52.5 52.5 -
Lease liabilities 47.9 47.9 47.9 -
Overdraft and other 15.4 15.4 - 15.4
-------- --------- ----------- -----------
493.9 240.8 199.9 40.9
--------------------- -------- --------- ----------- -----------
At 30 June 2023, the Group had total lending facilities of
EUR493.9 million available, of which EUR240.8 million were
committed facilities. EUR199.9 million of the committed facilities
were drawn. In addition to the committed lines of credit, the Group
had arranged uncommitted facilities of EUR253.1 million with
utilisation dates expiring within two years.
Dividend
The Company paid a final dividend in respect of financial year
2022 of 9.45 cent per ordinary share on 9 July 2023 to shareholders
on the register at the close of business on 19 May 2023. The total
amount paid was EUR16.8 million.
The Directors have declared an interim dividend of 4.87 cent per
share (2022: 4.64 cent) payable on 6 October 2023 to shareholders
on the register on 15 September 2023. The estimated amount payable
will be EUR8.3 million.
Fuel
Change
HY 2023 HY 2022 % FY 2022
Fuel costs EUR49.0m EUR58.0m (15.5%) EUR124.0m
-------- -------- ------- ---------
Group fuel costs in the first half of 2023 amounted to EUR49.0
million (2022: EUR58.0 million). The movement in fuel costs was due
to a reduction in average global fuel prices versus the same period
last year.
The Group has in place fuel surcharge mechanisms for freight
customers, which mitigate the effects of euro movements in fuel
costs. The Group has invested in exhaust gas cleaning systems
(EGCS) on three of its cruise ferries and five of its container
vessels, all of which are operated on Group services. EGCS allow
the consumption of lower cost fuels while meeting all current
emission regulations. Other vessels are required to consume higher
cost fuels to meet the same regulations.
While the Group complies with all current fuel and emissions
regulations, the Group notes new regulations being considered at
both the EU and global level in response to climate change
concerns. While the Company acknowledges the role it must play in
protecting the environment, the level of surcharges may have to be
adjusted to pass any increased compliance costs through the supply
chain.
In the reporting period, the Group did not engage in financial
derivative trading to hedge its fuel costs.
Strategic Developments
EU Emissions Trading System
We are entering a period of further regulatory change on
environmental matters which will have a meaningful impact on the
Group's operations and costs. These changes are emanating from the
EU, International Maritime Organization and international financial
reporting standard setters.
The EU regulations are primarily focused on increasing the cost
of inputs and outputs of carbon and are broadly known as the "Fit
for 55" Regulations.
The first of these EU regulations to come into effect is the
gradual introduction of shipping emissions from January 2024 into
the scope of the EU Emissions Trading System (EU ETS). All of these
regulations and their phasing are subject to change as politicians
weigh up the benefits of these initiatives against their social and
economic cost and the trade-offs with other societal
objectives.
The EU ETS begins with the phasing of 40% of emissions in scope
in 2024, 70% in 2025 and then full scope from 2026 onwards.
In respect of a UK ETS, the introduction of a similar scheme is
still being finalised and we expect a similar initial
implementation from 2026 onwards. Consequently, initially emissions
will only be within scope for half of voyages between the EU and
the UK due to the UK's later implementation timeline.
As the quantity of available European ETS offsets (EU Allowance
"EUA") are set by the EU and subsequent pricing will depend on
demand, it is very difficult to determine what these additional
costs will be. Funds raised by the EU could, in theory, be
channelled back into the shipping sector to provide support with
decarbonisation projects. The costs of these ETSs will increase the
cost of transporting passengers and cargo to the islands of Britain
and Ireland which will be passed on to customers. This is what
happened when lower sulphur emission regulations were introduced in
recent years.
Seafarers' legislation and proposed voluntary charters
To ensure equitable regulations in international shipping, it is
crucial that oversight is maintained at an EU and International
Labour Organisation level. This prevents market distortions and
upholds a level playing field. Upholding international principles
and centuries of precedent remains pivotal for a stable maritime
regulatory environment.
Recent legislative changes, like the UK's minimum wage
equivalent requirement in territorial waters and France's intended
implementation of minimum wages and regulated roster patterns for
specific routes, raise concerns and carry protectionist undertones.
France's approach may conflict with EU legislation, and cuts across
various freedoms established in the Treaty of the Functioning of
the European Union (TFEU). In addition, both the French and UK
Governments have also introduced voluntary charters with additional
local employment protection objectives.
Container Volumes
We have been impacted by the weak deep-sea market in the first
half of the year. This has resulted in a material drop in volumes
in our Container and Terminal Division. This is a result of
continued weak export and import levels in China and the continued
effect of over stocking following the Covid-19 pandemic and
subsequent supply chain difficulties. Our flexible business model
has allowed us to adjust our shipping capacity to match the current
demand situation.
Sustainability
We have continued to make significant progress on our Terminal
electrification programme. The final crane in this programme is due
to become operational in September. Since the start of the year, we
have commissioned five new remote controlled semi-automated
rubber-tyred gantries and one new ship-to-shore crane. Of the heavy
equipment at our Dublin Terminal, 80% is now powered by electricity
generated from renewable resources. The finalisation of this phase
of the project represents a significant milestone in achieving our
Net Zero 2030 goal for our terminal operations and represents the
cumulation of significant investment for the group of approximately
EUR26.5 million over the last number of years.
In our industry, there continues to be a significant level of
regulation change. These changes are coming from the EU, UK and the
International Maritime Organisation (IMO). We closely monitor the
impact these regulations will have on our operations. For the
first-time shipping will be included in the EU Emission Trading
System (EU ETS) commencing from 2024. These carbon taxes will
significantly increase operational costs once fully implemented
over the transition period to 2026, we expect to pass on these
additional costs as a carbon tax surcharge to our customers.
Operationally, we continue to support a number of feasibility
studies relating to new technologies that are designed to improve
our ships efficiency.
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 65 to 69 of the
2022 Annual Report are categorised as: commercial and market,
economic and political, business continuity, health and safety,
operational compliance, environmental protection, human capital,
information security and cyber threats, financial loss, fraud,
volatility, retirement benefit scheme and financial compliance.
These risks areas remain the most likely risks to affect the
Group during the second half of the financial year and the Group
will actively manage these and all other risks through its risk
management structure.
Going Concern
After making enquiries, the Directors have reasonable
expectation that the Group has adequate resources to continue in
operational existence for a period of at least 12 months. In
forming this view the Directors have considered the future cash
requirements of the Group's business in the context of the economic
environment over the next 12 months, the principal risks and
uncertainties facing the Group, the Group's budget plan and the
medium term strategy of the Group, including capital investment
plans. The future cash requirements have been compared to bank
facilities which are available or expected to be available to the
Group on normal commercial terms. On this basis the Directors
continue to adopt the going concern basis in preparing this
half-year financial report.
Events after the Reporting Period
There have been no material events affecting the Company since
30 June 2023.
Current Trading and Outlook
Trading volumes in the period 1 July to 26 August 2023 are as
follows:
H2 2023 Trading to date
1/7/23 -- 26/8/23 1/7/22 -- 26/8/22 Change %
Volumes '000 '000
Cars 214.1 181.1 18.2%
RoRo freight units 112.5 112.5 -
Containers shipped (teu) 41.8 50.7 (17.6%)
Port lifts 47.1 49.2 (4.3%)
----------------- ----------------- --------
Cumulatively to 26 August 2023, trading volumes are:
FY 2023 Trading to date
1/1/23 -- 26/8/23 1/1/22 -- 26/8/22 Change %
Volumes '000 '000
Cars 443.2 395.3 +12.1%
RoRo freight units 460.7 442.7 +4.1%
Containers shipped (teu) 184.1 220.0 (16.3%)
Port lifts 199.6 214.1 (6.8%)
----------------- ----------------- --------
The trading performance for the year to date across the Ferries
Division has been strong with growth in both car and RoRo freight
units. The performance of the Container and Terminal Division has
been disappointing with a material fall in container volumes.
Despite significant cost pressures in both divisions, we have
managed to maintain and grow profitability at an EBITDA level.
The Ferries Division has benefited from both the continued
return to more normalised levels of passenger traffic and a bedded
in three vessel service on the Dover -- Calais route. Car volumes
have increased by 12.1% year to date, and improved over the peak
summer season with growth of 18.2% since 30 June.
Freight RoRo has grown at the strong level of 4.1% year to date.
Volumes have remained steady since 30 June, suggesting a slowdown
in volume growth in H2 to date, however we note that the same
period in the prior year was particularly strong due to competitor
disruption on the Dover -- Calais route.
Taking the above into account, trading in the key summer months
of July and August was in line with expectations in the Ferries
Division.
The Container and Terminal Division has seen a worsening of the
weak volume trends experienced in the first half of the year, with
container volumes down 16.3% year to date and down 17.6% since 30
June. Port lifts have declined 6.8% year to date and 4.3% since 30
June.
We have used our flexible business model in the Container and
Terminal Division to materially reduce costs by matching our
shipping capacity to the current demand situation. This has allowed
us to maintain profitability at acceptable levels. We remain
hopeful of an increase in export and import levels in China in the
second half of the year and an end to the current levels of
overstocking following the pandemic and subsequent supply chain
issues.
Auditor Review
This half-yearly financial report has not been audited or
reviewed by the auditors of the Group.
Forward-Looking Statements
This report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the
information available to them up to the time of their approval of
this report. These forward-looking statements should be treated
with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such
forward-looking information.
This report has been prepared for the Group as a whole and
therefore gives greater emphasis to those matters which are
significant to Irish Continental Group plc and its subsidiaries
when viewed as a whole.
Website
This half-yearly financial report is available on the Group's
website www.icg.ie.
John B. McGuckian
Chairman
30 August 2023
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
2023 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 2023, 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
30 August 2023
CONDENSED CONSOLIDATED
INCOME STATEMENT
FOR THE HALF YEARED 30 JUNE 2023
Notes HY 2023 HY 2022 FY 2022
Unaudited Unaudited Audited
EURm EURm EURm
Revenue 4 264.0 263.1 584.9
Depreciation and amortisation (32.8) (29.9) (60.5)
Employee benefits expense (13.0) (12.1) (26.8)
Other operating expenses (202.0) (203.7) (430.9)
--------- --------- -------
Operating profit 16.2 17.4 66.7
Finance income 0.7 0.1 0.1
Finance costs (2.9) (2.1) (4.3)
--------- --------- -------
Profit before taxation 14.0 15.4 62.5
Income tax expense (1.1) (0.9) (2.7)
--------- --------- -------
Profit for the financial period:
all attributable to equity holders
of the parent 4 12.9 14.5 59.8
----- --------- --------- -------
Earnings per ordinary share
-- expressed in cent per share
Basic 6 7.5c 8.0c 33.6c
------------------------------------ ----- --------- --------- -------
Diluted 6 7.5c 7.9c 33.2c
------------------------------------ ----- --------- --------- -------
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 JUNE 2023
HY 2023 HY 2022 FY 2022
Unaudited Unaudited Audited
Notes EURm EURm EURm
Profit for the financial period 12.9 14.5 59.8
--------- --------- -------
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation
of foreign operations 1.7 (1.0) (2.5)
Items that will not be reclassified
subsequently to profit or loss:
Actuarial gain on defined benefit
pension schemes 13 6.8 25.5 29.4
Deferred tax on defined benefit
pension schemes (0.6) (1.2) (2.4)
--------- --------- -------
Other comprehensive income for the
financial period 7.9 23.3 24.5
--------- --------- -------
Total comprehensive income for the
financial period: all attributable
to equity holders of the parent 20.8 37.8 84.3
--------- --------- -------
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 Jun 30 Jun 31 Dec
23 22 22
Unaudited Unaudited Audited
Notes EURm EURm EURm
Assets
Non-current assets
Property, plant and equipment 7 363.5 369.5 362.3
Right-of-use assets 8 47.8 47.7 41.4
Intangible assets 2.0 1.9 1.9
Long term receivable 9 9.0 12.1 10.5
Retirement benefit surplus 13 41.2 31.2 33.6
Deferred tax asset 0.1 0.1 0.1
--------- --------- -------
463.6 462.5 449.8
-------------------------------------- ----- --------- --------- -------
Current assets
Inventories 4.3 5.9 5.2
Trade and other receivables 91.7 97.1 79.9
Cash and cash equivalents 10 35.0 38.6 39.0
----- --------- --------- -------
131.0 141.6 124.1
-------------------------------------- ----- --------- --------- -------
Total assets 594.6 604.1 573.9
--------- --------- -------
Equity and liabilities
Equity
Share capital 11.1 11.6 11.1
Share premium 20.6 20.5 20.5
Other reserves (7.0) (9.5) (8.2)
Retained earnings 238.7 228.5 237.4
--------- --------- -------
Equity attributable to equity holders 263.4 251.1 260.8
-------------------------------------- ----- --------- --------- -------
Non-current liabilities
Borrowings 10 144.3 137.2 160.4
Lease liabilities 10 33.2 31.4 30.7
Deferred tax liabilities 4.6 2.4 3.6
Provisions 1.0 0.1 1.1
Retirement benefit obligations 13 0.3 0.9 0.4
----- --------- --------- -------
183.4 172.0 196.2
-------------------------------------- ----- --------- --------- -------
Current liabilities
Borrowings 10 7.3 7.3 7.3
Lease liabilities 10 14.7 17.2 11.7
Trade and other payables 124.5 137.3 96.2
Dividend payable - 16.1 -
Provisions 1.3 3.1 1.7
--------- --------- -------
147.8 181.0 116.9
-------------------------------------- ----- --------- --------- -------
Total liabilities 331.2 353.0 313.1
--------- --------- -------
Total equity and liabilities 594.6 604.1 573.9
--------- --------- -------
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE HALF YEARED 30 JUNE 2023 (UNAUDITED)
Share
Share Share Capital Options Translation Retained
Capital Premium Reserve Reserve Reserve Earnings Total
EURm EURm EURm EURm EURm EURm EURm
Balance at 1 January
2023 11.1 20.5 8.6 6.3 (23.1) 237.4 260.8
------- ------- ------- ------- ----------- -------- ------
Profit for the financial
period - - - - - 12.9 12.9
Other comprehensive
income - - - - 1.7 6.2 7.9
------- ------- ------- ------- ----------- -------- ------
Total comprehensive
income for the
financial period - - - - 1.7 19.1 20.8
Employee share-based payments
expense - - - 1.6 - - 1.6
Share issue - 0.1 - - - - 0.1
Dividends - - - - - (16.8) (16.8)
Settlement of share
options through
market purchase - - - - - (3.1) (3.1)
Transfer to retained
earnings on exercise
of options - - - (2.1) - 2.1 -
Total movements
in the financial
period - 0.1 - (0.5) 1.7 1.3 2.6
Balance at 30 June
2023 11.1 20.6 8.6 5.8 (21.4) 238.7 263.4
------------------------------ ------- ------- ------- ------- ----------- -------- ------
FOR THE HALF YEARED 30 JUNE 2022 (UNAUDITED)
Share
Share Share Capital Options Translation Retained
Capital Premium Reserve Reserve Reserve Earnings Total
EURm EURm EURm EURm EURm EURm EURm
Balance at 1 January
2022 11.9 20.4 7.8 4.7 (20.6) 225.5 249.7
------- ------- ------- ------- ----------- -------- ------
Profit for the financial
period - - - - - 14.5 14.5
Other comprehensive
income - - - - (1.0) 24.3 23.3
------- ------- ------- ------- ----------- -------- ------
Total comprehensive
income for the financial
period - - - - (1.0) 38.8 37.8
Employee share-based
payments expense - - - 0.7 - - 0.7
Share issue - 0.1 - - - - 0.1
Share buyback (0.3) - 0.3 - - (18.2) (18.2)
Dividends - - - - - (16.1) (16.1)
Settlement of share
options through
market purchase - - - - - (2.9) (2.9)
Transfer to retained
earnings on exercise
of options - - - (1.4) - 1.4 -
Total movements
in the financial
period (0.3) 0.1 0.3 (0.7) (1.0) 3.0 1.4
Balance at 30 June
2022 11.6 20.5 8.1 4.0 (21.6) 228.5 251.1
-------------------------- ------- ------- ------- ------- ----------- -------- ------
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE FINANCIAL YEARED 31 DECEMBER 2022 (AUDITED)
Share
Share Share Capital Options Translation Retained
Capital Premium Reserve Reserve Reserve Earnings Total
EURm EURm EURm EURm EURm EURm EURm
Balance at 1 January
2022 11.9 20.4 7.8 4.7 (20.6) 225.5 249.7
------- ------- -----------
Profit for the
financial period - - - - - 59.8 59.8
Other comprehensive
income - - - - (2.5) 27.0 24.5
------- ------- ------- ------- ----------- -------- ------
Total comprehensive
income for the
financial period - - - - (2.5) 86.8 84.3
------------------------ ------- ------- ------- ------- ----------- -------- ------
Employee share-based
payments expense - - - 3.0 - - 3.0
Share issue - 0.1 - - - - 0.1
Dividends - - - - - (24.2) (24.2)
Share buyback (0.8) - 0.8 - - (49.2) (49.2)
Settlement of employee
equity plans through
market purchase - - - - - (2.9) (2.9)
Transfer to retained
earnings on exercise
of options - - - (1.4) - 1.4 -
Total movements
in the financial
period (0.8) 0.1 0.8 1.6 (2.5) 11.9 11.1
Balance at 31 December
2022 11.1 20.5 8.6 6.3 (23.1) 237.4 260.8
------------------------ ------- ------- ------- ------- ----------- -------- ------
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE HALF YEARED 30 JUNE 2023
HY 2023 HY 2022 FY 2022
Unaudited Unaudited Audited
Notes EURm EURm EURm
Profit for the financial year 12.9 14.5 59.8
Adjustments for:
Finance costs (net) 2.2 2.0 4.2
Income tax expense 1.1 0.9 2.7
Retirement benefit scheme movements 14 0.2 0.6 1.1
Depreciation of property, plant and
equipment 23.3 18.9 38.5
Amortisation of intangible assets 0.2 0.2 0.4
Depreciation of right-of-use assets 9.3 10.8 21.6
Share-based payment expense 1.6 0.7 3.0
Decrease in provisions (0.5) - (0.5)
Working capital movements 14 23.2 23.4 1.2
----- --------- --------- -------
Cash generated from operations 73.5 72.0 132.0
---------------------------------------- ----- --------- --------- -------
Income taxes paid (0.9) (0.8) (1.7)
Interest paid (2.8) (1.6) (4.0)
--------- --------- -------
Net cash inflow from operating
activities 69.8 69.6 126.3
---------------------------------------- ----- --------- --------- -------
Cash flow from investing activities
Proceeds on disposal of property,
plant and equipment 1.5 1.5 3.0
Purchases of property, plant and
equipment and intangible assets 14 (29.6) (61.9) (75.7)
Lease inception costs (1.2) - -
Net cash outflow from investing
activities (29.3) (60.4) (72.7)
--------- --------- -------
Cash flow from financing activities
Share buyback - (17.0) (49.2)
Dividends 5 (16.8) - (24.2)
Repayment of lease liabilities 14 (9.0) (10.4) (21.0)
Proceeds on issue of ordinary share
capital 0.1 0.1 0.1
Repayments of bank loans (16.2) (3.8) (7.6)
Drawdown of bank loans - 25.0 52.0
Settlement of employee equity plans
through market purchases (3.1) (2.9) (2.9)
--------- --------- -------
Net cash outflow from financing
activities (45.0) (9.0) (52.8)
Net (decrease) / increase in cash
and cash equivalents (4.5) 0.2 0.8
Cash and cash equivalents at the
beginning of the period 39.0 38.5 38.5
Effect of foreign exchange rate changes 0.5 (0.1) (0.3)
--------- --------- -------
Cash and cash equivalents at the
end of the period 10 35.0 38.6 39.0
----- --------- --------- -------
NOTES TO THE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE HALF YEARED 30 JUNE 2023
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
2023 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
2023 do not constitute the statutory financial statements of the Group;
-- the figures disclosed relating to 31 December 2022 have been derived from
the statutory financial statements for the financial year ended 31
December 2022 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 2023 and the comparative amounts for the
half year ended 30 June 2022 have been neither audited nor reviewed by
the auditors of the Group.
2. Accounting policies
The Group Condensed Financial Statements for the six months
ended 30 June 2023 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 2022, which is available at www.icg.ie.
Amendments to accounting standards IAS 1, IFRS 17, IAS 8, IAS 12
and IFRS 16 became effective for the Group commencing 1 January
2023. The adoption of these amendments did not have a material
impact on these financial statements. Information about the impact
of new accounting standards that are not effective for the current
reporting period are set out on page 131 of the Group's Annual
Report for the year ended 31 December 2022.
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 2022. 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 and adoption of the going concern assumption.
In relation to the valuation of retirement benefit obligations
set out in note 13 to these Condensed Consolidated Financial
Statements there have been changes made to the discount rate and
inflation assumptions compared to those used at 31 December 2022
which have resulted in a material reduction in the valuation of
retirement benefit obligations reflected through an actuarial
credit which together with experience adjustments on both scheme
obligations and assets resulted in a EUR6.8 million actuarial gain
being recorded in the Statement of Comprehensive Income. Other than
noted in the foregoing, there have been no material changes to key
estimates that had previously been made in the prior year financial
statements to 31 December 2022.
Impairment
At 31 December 2022, the Group reported that it had performed an
assessment of possible indicators of impairment with a focus on the
economic performance of assets, technological developments, new
rules and regulations including environmental regulation,
shipbuilding costs and carrying value versus market capitalisation.
The Group noted at that time that container vessel charter rates
had declined in the final quarter of 2022, a trend which continued
into early 2023. This was assessed as an indicator of impairment
and on that basis the Group undertook an exercise to assess the
recoverable amount of its fleet assets based on the conditions
existing at 31 December 2022. The Group performed a fair value less
cost of disposal assessment but acknowledging the limitations of
the independent valuations supplemented that exercise with a value
in use assessment. On consideration of the results of these
assessments the Directors concluded that no provision for
impairment against the carrying value of its fleet assets was
required at 31 December 2022.
At 30 June 2023, the Group has performed an updated assessment
of possible indicators of impairment. In considering economic
performance, the Group notes that the half-year result to 30 June
2023 was broadly aligned with the base scenario used for the value
in use exercise at 31 December 2022. The Group was also satisfied
that there was no indication of declines in the market value of
vessels more than expected from normal use. The Group has also
considered the potential impacts of the latest developments and
clarifications in likely environmental requirements particularly
around the EU Fit for 55 initiatives and updated IMO proposals, in
particular the EU Emission Trading Scheme due to commence from 1
January 2024. The Group, as with the previous costs associated with
IMO2020 and SECA regulations, will be passing the increased costs
of new regulations to our customers. Following these
considerations, the Group concluded that no indicators of
impairment existed at 30 June 2023 and a recoverability assessment
for impairment purposes was not required.
Going Concern
The Company had previously reported in its 2022 Annual Report
that the Directors had considered a number of trading scenarios.
The base scenario had assumed a moderate level of growth across the
Group's businesses whereas the downside scenario had assumed lower
levels of activity related to macro-economic uncertainty around
growth rates in the economies in which we provide services together
with inflationary pressures. The Group has extended the outlook
period for these projections to August 2024 based on economic
conditions existing at 30 June 2023, 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. These projections indicate that the Group expects to
generate sufficient cash from operations to enable it to retain
sufficient liquidity to operate and meet its financial obligations
for at least the period up to August 2024. The Directors therefore
considered it appropriate to continue to adopt the going concern
assumption in the preparation of these Condensed Financial
Statements.
4. Segmental information
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 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 Ferries segment derives its revenue from the operation of
combined RoRo passenger ferries and the chartering of vessels. The
Container and Terminal segment derives its revenue from the
provision of door-to-door and feeder LoLo freight services,
stevedoring and other related terminal services.
Segment information about the Group's operations is presented
below.
i) Revenue Analysis
By business segment:
HY 2023 HY 2022 FY 2022
EURm EURm EURm
Ferries
Passenger 66.6 58.5 162.7
Freight 87.7 85.5 184.7
Charter 24.7 23.3 51.1
Other 0.8 0.6 1.4
------- ------- -------
179.8 167.9 399.9
----------------------- ------- ------- -------
Container and Terminal
Freight 101.5 111.0 221.5
------- ------- -------
Inter-segment revenue (17.3) (15.8) (36.5)
------- ------- -------
Total 264.0 263.1 584.9
----------------------- ------- ------- -------
Travel patterns continued to return towards pre-pandemic levels
after the disruption caused by Covid-19 across 2020 and 2021. HY
2023 also shows the results of our Dover -- Calais operations
operating with three vessels for the full period for the first
time.
As revenues are recognised over short time periods of no more
than days, a key determinant to categorising revenues is whether
they principally arise from a business to customer (passenger
contracts) or a business to business relationship (freight and
charter contracts) as this impacts directly on the uncertainty of
cash flows. On this basis, revenue by business segment is a
reasonable approximation of revenue disaggregation.
By geographic origin of booking:
HY 2023 HY 2022 FY 2022
EURm EURm EURm
Ireland 90.0 87.2 202.4
United Kingdom 59.1 64.4 142.2
Netherlands 48.6 47.9 99.7
Belgium 20.1 24.0 47.7
France 10.3 7.6 20.2
Poland 7.3 7.6 18.8
Austria 4.9 5.2 10.8
Other 23.7 19.2 43.1
------- ------- -------
264.0 263.1 584.9
--------------- ------- ------- -------
No single external customer in the current or prior financial
periods amounted to 10 per cent of the Group's revenues.
ii) Profit for the financial year
Ferries Container and Terminal Group Total
HY 2023 HY 2022 FY 2022 HY 2023 HY 2022 FY 2022 HY 2023 HY 2022 FY 2022
EURm EURm EURm EURm EURm EURm EURm EURm EURm
Operating
profit 5.3 5.7 46.4 10.9 11.7 20.3 16.2 17.4 66.7
Finance income 0.7 0.1 0.1 - - - 0.7 0.1 0.1
Finance costs (2.2) (1.5) (3.1) (0.7) (0.6) (1.2) (2.9) (2.1) (4.3)
Profit before
tax 3.8 4.3 43.4 10.2 11.1 19.1 14.0 15.4 62.5
Income tax
expense (0.3) (0.1) (1.3) (0.8) (0.8) (1.4) (1.1) (0.9) (2.7)
------- ------- ------- ------- ------- ------- ------- ------- -------
Profit for
the financial
year 3.5 4.2 42.1 9.4 10.3 17.7 12.9 14.5 59.8
--------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
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
23 22 22 23 22 22 23 22 22
EURm EURm EURm EURm EURm EURm EURm EURm EURm
Assets
Segment assets 447.8 446.2 422.5 111.8 119.3 112.4 559.6 565.5 534.9
Cash and
cash equivalents 31.9 36.8 34.5 3.1 1.8 4.5 35.0 38.6 39.0
------ ------ ------ ------ ------ ------- ------ ------ ------
Consolidated
total assets 479.7 483.0 457.0 114.9 121.1 116.9 594.6 604.1 573.9
-------------------- ------ ------ ------ ------ ------ ------- ------ ------ ------
Liabilities
Segment liabilities 98.8 100.2 66.7 32.9 42.5 36.3 131.7 142.7 103.0
Borrowings
and lease
liabilities 156.6 154.9 174.6 42.9 38.1 35.5 199.5 193.0 210.1
------ ------ ------ ------ ------ ------- ------ ------ ------
Consolidated
total liabilities* 255.4 255.1 241.3 75.8 80.6 71.8 331.2 335.7 313.1
-------------------- ------ ------ ------ ------ ------ ------- ------ ------ ------
* Consolidated total Group liabilities for HY 2022 exclude
EUR17.3 million of liabilities relating to dividends payable of
EUR16.1 million and share buyback consideration accrued of EUR1.2
million which are not allocated at a divisional level (HY 2023:
EURnil; FY 2022: EURnil).
iv) Seasonality
Group revenue and profit before tax is 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.
5. Dividends paid
HY 2023 HY 2022 FY 2022
EURm EURm EURm
Interim dividend (RE current financial
year) - - 8.1
Final dividend (RE prior financial year) 16.8 - 16.1
------- ------- -------
Total dividends paid in period 16.8 - 24.2
----------------------------------------- ------- ------- -------
The Company paid a final dividend in respect of financial year
2022 of 9.45 cent per ordinary share on 9 July 2023 to shareholders
on the register at the close of business on 19 May 2023. The total
amount paid was EUR16.8 million.
The Directors have declared an interim dividend of 4.87 cent per
share (2022: 4.64 cent) payable on 6 October 2023 to shareholders
on the register on 15 September 2023.
6. Earnings per share
HY 2023 HY 2022 FY 2022
Number of shares '000 '000 '000
Shares in issue at the beginning of the
year 170,823 182,795 182,795
Effect of shares issued during the year 41 10 23
Effect of share buybacks and cancellation
in the year - (1,627) (5,044)
--------- --------- ---------
Weighted average number of ordinary shares
for the purpose of basic earnings per
share 170,864 181,178 177,774
Dilutive effect of employee equity plans
where vesting conditions not met 2,261 1,869 2,363
--------- --------- ---------
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share 173,125 183,047 180,137
------------------------------------------- --------- --------- ---------
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
impact of contingently issuable shares on the weighted average
number of ordinary shares for the purposes of diluted earnings per
share in HY2022 has been corrected resulting in an adjustment to
the previously reported diluted earnings per share of 0.1 cent per
share.
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 2023 HY 2022 FY 2022
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 12.9 14.5 59.8
Effect of net interest income on defined
benefit pension schemes (0.7) (0.1) (0.1)
------- ------- -------
Earnings for the purpose of adjusted earnings
per share 12.2 14.4 59.7
------------------------------------------------ ------- ------- -------
Cent Cent Cent
------- ------- -------
Basic earnings per share 7.5 8.0 33.6
------------------------------------------------ ------- ------- -------
Diluted earnings per share 7.5 7.9 33.2
------------------------------------------------ ------- ------- -------
Adjusted basic earnings per share 7.1 8.0 33.6
------------------------------------------------ ------- ------- -------
Adjusted diluted earnings per share 7.0 7.9 33.1
------------------------------------------------ ------- ------- -------
7. 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
2022 4.6 534.1 65.5 28.3 632.5
Additions 3.8 19.5 1.7 0.7 25.7
Disposals - (5.4) (0.3) - (5.7)
Reclassification (8.3) 8.3 (2.4) - (2.4)
Currency
adjustment - 1.7 0.1 - 1.8
------------------- ------- ------------- ---------- -----
At 30 June 2023 0.1 558.2 64.6 29.0 651.9
------------------ ------------------- ------- ------------- ---------- -----
Accumulated
depreciation
At 31 December
2022 - 213.8 45.5 10.9 270.2
Charge for period - 21.4 1.6 0.3 23.3
Disposals - (5.4) (0.3) - (5.7)
Currency
adjustment - 0.5 0.1 - 0.6
------------------- ------- ------------- ---------- -----
At 30 June 2023 - 230.3 46.9 11.2 288.4
------------------- ------- ------------- ---------- -----
Carrying amount
At 30 June 2023 0.1 327.9 17.7 17.8 363.5
------------------ ------------------- ------- ------------- ---------- -----
At 31 December
2022 4.6 320.3 20.0 17.4 362.3
------------------ ------------------- ------- ------------- ---------- -----
At 30 June 2022 2.0 335.0 14.8 17.7 369.5
------------------ ------------------- ------- ------------- ---------- -----
8. Right-of-use assets
Plant,
Equipment Land and
Vessels and Vehicles Buildings Total
EURm EURm EURm EURm
Cost
At 31 December 2022 49.2 15.2 34.1 98.5
Additions 15.5 0.2 - 15.7
Disposals (23.6) (0.5) - (24.1)
Currency adjustment - - 0.2 0.2
------- ------------- ---------- ------
At 30 June 2023 41.1 14.9 34.3 90.3
------- ------------- ---------- ------
Accumulated depreciation
At 31 December 2022 41.7 7.1 8.3 57.1
Charge for period 7.0 1.2 1.1 9.3
Disposals (23.6) (0.5) - (24.1)
Currency adjustment - - 0.2 0.2
------- ------------- ---------- ------
At 30 June 2023 25.1 7.8 9.6 42.5
------- ------------- ---------- ------
Carrying amount
At 30 June 2023 16.0 7.1 24.7 47.8
------------------------- ------- ------------- ---------- ------
At 31 December 2022 7.5 8.1 25.8 41.4
------------------------- ------- ------------- ---------- ------
At 30 June 2022 13.1 7.6 27.0 47.7
------------------------- ------- ------------- ---------- ------
Additions of right-of-use assets include EUR1.2 million (2022:
EURnil) of directly attributable costs relating to new leases
commenced in the period.
9. Lease receivable
30 Jun 30 Jun 31 Dec
23 22 22
EURm EURm EURm
Operating activities
Current finance lease receivable 3.1 3.0 3.1
Non-current finance lease receivable 9.0 12.1 10.5
------ ------ ------
Total 12.1 15.1 13.6
------------------------------------- ------ ------ ------
Beginning of reporting period 13.6 16.6 16.6
Amounts received (1.8) (1.8) (3.6)
Net benefit recognised in period 0.3 0.3 0.6
------ ------ ------
End of reporting period 12.1 15.1 13.6
------------------------------------- ------ ------ ------
The long term receivable relates to amounts due under a bareboat
hire purchase sale agreement for the disposal of the vessel GNV
Allegra in FY 2019. The deferred consideration has been treated as
a finance lease receivable at an amount equivalent to the net
investment in the lease. Capital amounts received in the financial
period are classified as net proceeds on disposal of property,
plant and equipment in the Condensed Consolidated Statement of Cash
Flows.
None of the lease receivable at 30 June 2023 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.
10. Net debt and borrowing facilities
i) The components of the Group's net debt position at the
reporting date and the movements in the period are set out in the
following table:
Bank Loan Lease Origination
Cash loans notes liabilities fees Total
EURm EURm EURm EURm EURm EURm
At 1 January 2023
Current assets 39.0 - - - - 39.0
Creditors due within
one year - (7.5) - (11.7) 0.2 (19.0)
Creditors due after
one year - (110.7) (50.0) (30.7) 0.3 (191.1)
----- ------- ------ ------------ ----------- -------
39.0 (118.2) (50.0) (42.4) 0.5 (171.1)
--------------------- -----
Movements during the
period
Cash flow changes
Repayments - 16.2 - 9.0 - 25.2
Other movements (4.5) - - - - (4.5)
Non cash flow changes
Amortisation - - - - (0.1) (0.1)
Lease liabilities
recognised - - - (14.3) - (14.3)
Currency adjustment 0.5 - - (0.2) - 0.3
----- ------- ------ ------------ ----------- -------
4.0 16.2 - (5.5) (0.1) 6.6
--------------------- ----- ------- ------ ------------ ----------- -------
At 30 June 2023
Current assets 35.0 - - - - 35.0
Creditors due within
one year - (7.5) - (14.7) 0.2 (22.0)
Creditors due after
one year - (94.5) (50.0) (33.2) 0.2 (177.5)
----- ------- ------ ------------ ----------- -------
35.0 (102.0) (50.0) (47.9) 0.4 (164.5)
--------------------- ----- ------- ------ ------------ ----------- -------
At 30 June 2022
Current assets 38.6 - - - - 38.6
Creditors due within
one year - (7.5) - (17.2) 0.2 (24.5)
Creditors due after
one year - (87.5) (50.0) (31.4) 0.3 (168.6)
----- ------- ------ ------------ ----------- -------
38.6 (95.0) (50.0) (48.6) 0.5 (154.5)
--------------------- ----- ------- ------ ------------ ----------- -------
ii) The maturity profile and available borrowing and cash
facilities available to the Group at 30 June 2023 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 - - 35.0 - - - -
-------- ------- -------- ------- ------- ------- ---------
Committed lending
facilities
Bank overdrafts 15.4 15.4 - - - - -
Bank loans 127.5 25.5 102.0 7.5 57.0 22.5 15.0
Loan notes 50.0 - 50.0 - 50.0 - -
Leases 47.9 - 47.9 14.7 8.2 6.1 18.9
Origination fees (0.4) - (0.4) (0.2) (0.1) (0.1) -
-------- ------- -------- ------- ------- ------- ---------
Committed lending
facilities 240.4 40.9 199.5 22.0 115.1 28.5 33.9
-------------------- -------- ------- -------- ------- ------- ------- ---------
Uncommitted lending
facilities
Bank loans 50.0
Loan notes 203.1
--------
Uncommitted lending
facilities 253.1
-------------------- -------- ------- -------- ------- ------- ------- ---------
Bank overdrafts are stated net of trade guarantee facilities
utilised of EUR0.6 million.
At 30 June 2023 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.
11. 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.
12. 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 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 2022 Annual Report. There have been no changes to the risk
management procedures or policies since the 2022 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 23 30 Jun 22 31 Dec 22
Carrying Carrying Carrying
value Fair value value Fair value value Fair value
EURm EURm EURm EURm EURm EURm
Financial
assets
Lease
receivable 12.1 12.1 15.1 14.5 13.6 13.6
Trade and
other
receivables 88.6 88.6 94.0 94.0 76.8 76.8
Cash and
cash
equivalents 35.0 35.0 38.6 38.6 39.0 39.0
-------- ---------- -------- ---------- -------- ----------
Total
financial
assets 135.7 135.7 147.7 147.1 129.4 129.4
-------- ---------- -------- ---------- -------- ----------
Financial
liabilities
Borrowings 151.6 143.2 144.5 136.4 167.7 169.0
Dividend
payable - - 16.1 16.1 - -
Trade and
other
payables 84.3 84.3 92.5 92.5 79.7 79.7
-------- ---------- -------- ---------- -------- ----------
Total
financial
liabilities 235.9 227.5 253.1 245.0 247.4 248.7
------------ -------- ---------- -------- ---------- -------- ----------
ii) Fair value hierarchy
The Group has adopted the following fair value measurement
hierarchy for financial assets and liabilities:
-- Level 1: quoted (unadjusted) prices in active markets for identical
assets and liabilities.
-- Level 2: other techniques for which all inputs that have a significant
effect on the recorded fair value are observable, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
-- Level 3: techniques that use inputs which have a significant effect on
the recorded fair value that are not based on observable market data.
The Group did not hold any financial assets or financial
liabilities at the reporting dates required to be carried at fair
value in the Condensed Statement of Consolidated Financial
Position.
iii) Fair value of financial assets and financial liabilities measured at amortised cost
With the exception of the financial liabilities related to
borrowings set out in the table at (i) above it is considered that
the carrying amounts of financial assets and financial liabilities
recognised at amortised cost in these half year financial
statements approximate their fair values.
The fair value of borrowings are classified within Level 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 2023, 31 December 2022, and 30 June 2022, the Group
did not hold any positions relating to derivative financial
instruments.
13. Retirement benefit schemes
The assumptions used to value pension obligations were reviewed
against the background of market conditions as at 30 June 2023,
leading to a change in discount and inflation rate assumptions,
while demographic and other assumptions were retained at 31
December 2022 levels. Scheme assets have been valued as per
investment managers' valuations at 30 June 2023. 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 3.60% for Euro liabilities (31 December 2022: 3.65%)
and 5.20% for Sterling liabilities (31 December 2022: 4.75%).
At 30 June 2023, the Group's total obligation in respect of
defined benefit schemes totals EUR91.4 million (31 December 2022:
EUR91.6 million). The schemes held assets of EUR132.3 million (31
December 2022: EUR124.8 million), giving a net pension surplus of
EUR40.9 million (31 December 2022: EUR33.2 million).
The principal assumptions used for the purpose of the actuarial
valuations at 30 June 2023 were derived using techniques consistent
with those used for the assumptions for the 31 December 2022
valuations. The assumptions, which were set after considering
independent actuarial advice and which are reflective of market
conditions that existed at 30 June 2023, were as follows:
30 Jun 23 30 Jun 22 31 Dec 22
Sterling Euro Sterling Euro Sterling Euro
Discount rate 5.20% 3.60% 3.65% 3.40% 4.75% 3.65%
Inflation rate 2.95% 2.40% 3.60% 2.30% 2.90% 2.50%
Rate of increase of 2.20% - 2.20% - 2.20% -
pensions in payment 3.35% 1.40% 3.40% 1.30% 3.30% 1.50%
Rate of pensionable 0.00% - 0.00% - 0.00% -
salary increases 1.20% 1.35% 1.10% 1.30% 1.15% 1.40%
-------- ------- -------- -------- -------- -------
The movements in the net surplus on the retirement benefit
schemes were as follows:
HY 2023 HY 2022 FY 2022
Movement in retirement benefit schemes
net surplus EURm EURm EURm
Opening surplus 33.2 5.3 5.3
Current service cost (0.4) (0.9) (1.7)
Employer contributions paid 0.2 0.3 0.6
Net interest income 0.7 0.1 0.1
Actuarial gain 6.8 25.5 29.4
Currency adjustment / other 0.4 - (0.5)
------- ------- -------
Net surplus 40.9 30.3 33.2
--------------------------------------- ------- ------- -------
Schemes in surplus 41.2 31.2 33.6
Schemes in deficit (0.3) (0.9) (0.4)
------- ------- -------
Net surplus 40.9 30.3 33.2
--------------------------------------- ------- ------- -------
The movement in the net pension surplus since 31 December 2022
includes actuarial gains which are recognised in the Condensed
Consolidated Statement of Comprehensive Income.
HY 2023 HY 2022 FY 2022
Actuarial gains recognised in the Condensed
Consolidated Statement of Comprehensive
Income EURm EURm EURm
Return on scheme assets excluding amounts
recognised as finance income 5.4 0.4 (18.7)
Remeasurement adjustments on scheme liabilities
- Changes in demographic assumptions - - -
- Changes in financial assumptions 2.3 38.3 46.9
- Experience adjustments (0.9) (13.2) 1.2
------- ------- -------
Actuarial gains recognised in the Condensed
Consolidated Statement of Comprehensive
Income 6.8 25.5 29.4
------------------------------------------------ ------- ------- -------
The actuarial gain arising on scheme assets, which are mainly
invested across a number of equity and bond funds, is reflective of
market movements while there were also reductions in liabilities
attributable to the change in financial assumptions.
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.
14. Cash flow components
HY 2023 HY 2022 FY 2022
EURm EURm EURm
Pension scheme movements
Retirement benefit obligations -- current
service cost 0.4 0.9 1.7
Retirement benefit obligations -- payments (0.2) (0.3) (0.6)
------- ------- -------
Total retirement benefit scheme movements 0.2 0.6 1.1
-------------------------------------------- ------- ------- -------
Repayments of lease liabilities
Lease payments (9.7) (11.1) (22.3)
Interest element of lease payments 0.7 0.7 1.3
------- ------- -------
Capital element of lease payments (9.0) (10.4) (21.0)
-------------------------------------------- ------- ------- -------
Purchases of property, plant and equipment
and intangible assets
Purchases of property, plant and equipment (25.7) (61.1) (74.4)
Purchases of intangible assets (0.3) (0.1) (0.4)
Increase in capital asset prepayments (3.6) (0.7) (0.9)
------- ------- -------
Total purchases of property, plant and
equipment and intangible assets (29.6) (61.9) (75.7)
-------------------------------------------- ------- ------- -------
Changes in working capital
Decrease / (increase) in inventories 0.9 (2.1) (1.4)
Increase in receivables (5.8) (34.5) (17.0)
Increase in payables 28.1 60.0 19.6
------- ------- -------
Total working capital movements 23.2 23.4 1.2
-------------------------------------------- ------- ------- -------
Share buybacks
Charge against retained earnings - (18.2) -
Amounts settled post period end - 1.2 -
------- ------- -------
Total cash payments in period - (17.0) -
-------------------------------------------- ------- ------- -------
Share-based payments
Share-based payment expense** 1.6 0.7 3.0
Settlement of employee equity plans through
market purchases** (3.1) (2.9) (2.9)
------- ------- -------
Net impact (1.5) (2.2) 0.1
-------------------------------------------- ------- ------- -------
** In reporting HY2022, these amounts were offset within Cash
generated from operations. In HY2023, they have been represented
separately within Cash generated from operations and net cash
outflow from financing activities respectively.
At 30 June 2023 and 30 June 2022, the overall working capital
movements amounted to EUR23.2 million and EUR23.4 million
respectively, which principally relate to seasonal working capital
inflows that are expected to unwind in the second half of the
year.
During the six months ended 30 June 2023, 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.
15. Related party transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation.
16. 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 2022.
17. Composition of the entity
There have been no changes in the composition of the entity
during the half year ended 30 June 2023.
18. Commitments
HY 2023 HY 2022 FY 2022
EURm EURm EURm
Commitments for the acquisition of property,
plant and equipment -- approved and contracted
for, but not accrued 2.8 13.1 12.4
------- ------- -------
19. Events after the reporting period
There have been no material events occurring after the period
ended 30 June 2023.
20. Board approval
This interim report was approved by the Board of Directors of
Irish Continental Group plc on 30 August 2023.
APPIX: RECONCILIATION OF APMS
FOR THE HALF YEARED 30 JUNE 2023
Alternative Performance Measures
Certain financial measures set out in our Half-Yearly Financial
Report to 30 June 2023 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.
EBITDA
EBITDA represents earnings before non-trading items, interest,
tax, depreciation and amortisation. As it eliminates the effects of
financing and depreciation decisions it allows for the assessment
of underlying cash profit generated from operations.
Financial Statement Reference HY 2023 HY 2022 FY 2022
EURm EURm EURm
Condensed Consolidated Income
Operating profit Statement 16.2 17.4 66.7
Depreciation and Condensed Consolidated Income
amortisation Statement 32.8 29.9 60.5
------------------------------ ------- ------- -------
EBITDA 49.0 47.3 127.2
------------------------------------------------- ------- ------- -------
Free Cash Flow
Free cash flow comprises Net Cashflow from Operating Activities
less capital expenditure. It is presented both before and after
strategic capital expenditure. Capital expenditure comprises
purchases of property, plant and equipment and intangible assets.
Strategic capital expenditure comprises expenditure on vessels
excluding annual overhaul and repairs, and other assets with an
expected economic life of over 10 years which increases capacity or
efficiency of operations.
It is presented as a measure of the availability to the Group of
funds for reinvestment or for return to shareholders.
Financial Statement Reference HY 2023 HY 2022 FY 2022
EURm EURm EURm
Net cash inflow Condensed Consolidated Statement
from operating activities of Cash Flows 69.8 69.6 126.3
Capital expenditure
excluding strategic Condensed Consolidated Statement
capital expenditure of Cash Flows (16.0) (10.3) (18.3)
---------------------------------
Free cash flow before
strategic capital
expenditure 53.8 59.3 108.0
Strategic capital Condensed Consolidated Statement
expenditure of Cash Flows (13.6) (51.6) (57.4)
---------------------------------
Free cash flow after
strategic capital
expenditure 40.2 7.7 50.6
-------------------------------------------------------------- ------- ------- -------
The total of the capital expenditure amounts set out above in
included as a single line item in the Condensed Consolidated
Statement of Cash Flows
Net Debt
Net debt comprises total borrowings and lease liabilities
included as current and non-current liabilities less cash and cash
equivalents.
Net debt is a measure of the Group's ability to repay its debts
if they were to fall due immediately. Net debt (pre-IFRS16) is a
measure of net debt for banking covenant purposes which excludes
IFRS 16 lease liabilities.
Financial Statement
Reference HY 2023 HY 2022 FY 2022
EURm EURm EURm
Net Debt Note 10 164.5 154.5 171.1
Current lease liabilities Note 10 (14.7) (17.2) (11.7)
Non-current lease
liabilities Note 10 (33.2) (31.4) (30.7)
------------------------ ------- ------- -------
Net Debt (pre-IFRS
16) 116.6 105.9 128.7
--------------------------------------------------- ------- ------- -------
Adjusted Basic EPS
Basic EPS is adjusted to exclude non-trading items and net
interest cost on defined benefit obligations. 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.
It is used as a key indicator of long-term financial performance
and value creation of a public listed company.
The calculation of adjusted basic EPS is set out at Note 6.
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.
(END) Dow Jones Newswires
August 31, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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