INTERIM MANAGEMENT STATEMENT
Irish Continental Group plc (ICG) issues this Interim Management
Statement in accordance with the reporting requirements of the
Transparency Regulations 2007. The statement covers the period from 1
January 2009 to date.
It should be noted that ICG's business is significantly weighted
towards the second half of the year when normally a higher proportion
of the Group's operating profit is generated than in the first six
In the first four months of the year Group revenue was Â¤76.2 million,
a 25% decrease compared with the same period last year. This has been
partially offset by a 24% decrease in operating costs, before
depreciation, to Â¤68.2 million due to lower payroll, fuel, vessel
time charter costs and volume related port charges resulting in
earnings before interest tax and depreciation (EBITDA) of Â¤8.0
million compared with underlying EBITDA of Â¤12.2 million in the same
period in 2008
In the period up to 9 May 2009, we carried 98,000 cars, a 5%
reduction on the same period last year. Our total passenger numbers,
including lower yielding foot and coach passengers were 391,000 down
10% on the same period in 2008. In the important Easter period
however our car carryings were up 28% compared with the previous
Easter reflecting extremely competitive fare offerings which we have
introduced to the marketplace. The travel consumer is becoming more
and more price conscious and there is also a continuing trend towards
In the Roll on Roll off market, Irish Ferries carried 71,000 units
compared with 92,800 in the same period in 2008 a reduction of 23%.
This has been adversely influenced by additional capacity from
competitors on both the Dublin to Holyhead and Dublin to Liverpool
routes in a period when freight market demand is down because of the
broader economic environment.
Two vessels within the Group remained on charter to P&O Ferries
during the period.
Container & Terminal
Overall container volumes shipped fell by 29% to 133,000 teu (twenty
foot equivalent units) in the period to 9 May 2009 compared with the
same period last year. Given our flexible fleet of time chartered
vessels we have been successful in managing down our capacity and
have reduced our operational costs by 32%. Units handled at our
terminals in Dublin and Belfast decreased by 28% over the same
The Board has decided to redeem one Redeemable Share per ICG Unit for
a cash consideration of 100 cent per Redeemable Share. Payment will
be made on 29 May 2009 to Shareholders on the register at the close
of business on 15 May 2009.
Annual General Meeting
The Annual General Meeting of shareholders is scheduled to take place
on June 24th 2009. The Notice of Meeting will be sent to shareholders
in due course.
Current net debt, prior to the redemption of redeemable shares,
referred to above, is approximately Â¤38 million, down from Â¤48.7
million at 31 December 2008. Liquidity remains strong with gross cash
balances of Â¤28 million.
Notwithstanding the major restructuring of our cost base which we
implemented well in advance of the current downturn, we are
continuing to actively manage our cost base, with significant payroll
cost reductions (including a pay freeze) to leave us in a strong
position to benefit when the markets in which we operate recover.
14 May 2009
Eamonn Rothwell, CEO, +353 1 6075628
Garry O'Dea, Finance Director, +353 1 6075628
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