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Half-yearly report

ID: 1003722
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(Thomson Reuters ONE) - HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009+-----------------------------------------------------------------+| | Unaudited | Audited ||----------------------+-------------------------+----------------|| Financial Highlights | Six months to 30th June | Financial Year ||----------------------+-------------------------+----------------|| | 2009 | 2008 | 2008 ||----------------------+------------+------------+----------------|| Revenue | ?119.8m | ?166.1m | ?342.9m ||----------------------+------------+------------+----------------|| EBITDA | ?18.8m | ?29.5m | ?66.0m ||----------------------+------------+------------+----------------|| Operating Profit | ?7.1m | ?17.3m | ?41.8m ||----------------------+------------+------------+----------------|| EPS Basic | 19.9c | 67.1c | 164.7c ||----------------------+------------+------------+----------------|| EPS Adjusted | 22.3c | 58.9c | 148.9c ||----------------------+------------+------------+----------------|| Net Debt | ?48.5m | ?70.3m | ?48.7m |+-----------------------------------------------------------------+Other Key Points+------------------------------------------------------------------+| | 30th Jun 2009 | 30th Jun 2008 | % ||--------------------------+---------------+---------------+-------|| | 000 | 000 | ||--------------------------+---------------+---------------+-------|| Passengers | 621 | 681 | -8.8 ||--------------------------+---------------+---------------+-------|| Cars | 159 | 169 | -5.9 ||--------------------------+---------------+---------------+-------|| RoRo Freight | 99 | 127 | -22.0 ||--------------------------+---------------+---------------+-------|| Container Freight (teu.) | 187 | 273 | -31.5 ||--------------------------+---------------+---------------+-------|| Port Lifts | 78 | 111 | -29.7 |+------------------------------------------------------------------+teu = twenty foot equivalent unitsCommentIn a comment John B. McGuckian Chairman stated;"Levels of tourism and trade have been adversely affected by theglobal downturn and this is naturally reflected in ICG's revenuelevels. While we have not added freight capacity into the marketsince the introduction of the Ulysses in 2001, significant additionalfreight capacity has been added on both the Irish Sea and the Ireland- France routes in 2009, in a time of reduced freight demand. Giventhe mobility of such assets we would expect some of this incrementalcapacity to be moved elsewhere in the medium term. We have beendisciplined and resolute in managing our own cost base and ourcapacity levels to match the current demand environment allowing usto continue to trade profitably and remain highly cash generative.Looking to the future, we are well placed both financially andoperationally to take advantage of a resumption in economic growth."28th August 2009Enquiries: Eamonn Rothwell Tel: +353-1-607 5628 Garry O'Dea Tel: +353-1-607 5628 Email: info(at)icg.ie Website: www.icg.ieINTERIM MANAGEMENT REPORTFOR THE SIX MONTHS TO 30 JUNE 2009RESULTSThe Board of Irish Continental Group plc (ICG) reports that, in theseasonally less profitable first half of the year, the Group recordedrevenue of ?119.8 million compared with ?166.1 million in the sameperiod in 2008. Earnings before interest tax and depreciation was?18.8 million compared with ?29.5 million in the same period in 2008,while, operating profit was ?7.1 million compared with ?17.3 millionin 2008. There was a net finance charge of ?1.3 million whichincludes a net pension interest charge of ?0.6 million and net bankinterest of ?0.7 million. Profit before tax was ?5.8 million comparedwith ??¬17.5 million in the first half of 2008. The tax charge amountedto ?0.9 million (2008: ?1.0 million). Basic EPS was 19.9c comparedwith 67.1c in the first half of 2008. Adjusted EPS, (i.e. before thenet pension interest charge), amounted to 22.3c (58.9c in 2008).REDEMPTION OF REDEEMABLE SHARESOn 29 May 2009 the Board redeemed one redeemable share per ICG unitfor a consideration of 100 cent per share, which amounted to ?24.6million.OPERATIONAL REVIEWFerries DivisionThe division comprises Irish Ferries, a leading provider of passengerand freight ferry services between Ireland and both the UK andContinental Europe, and the bareboat chartering of multipurposeferries to third parties. Irish Ferries operated 2,067 sailings inthe period, down 2.9% on 2008.Revenue in the division was ?65.5 million (2008: ?83.9 million)reflecting subdued levels of both tourism traffic and Roll On RollOff freight. Profit from operations was ?3.9 million (2008: ?13.9million, including a ?3.8 million profit on disposal of the MVNormandy in March 2008).PassengerIrish Ferries' passenger business is focused on passengers travellingwith their own cars. Total passengers carried were down 8.8% at621,000 while total cars carried in the first half of 2009 were159,000, down 5.9% on the first half of 2008. The volume declinesreflect subdued consumer sentiment, particularly in the UK, ourlargest market for passenger traffic. We have been very proactive inoffering competitive fares in order to help stimulate the market.Weaker sterling also led to lower average yields and also adverselyaffected the travel markets from the UK.FreightThe overall Roll On Roll Off ("RoRo") freight market has declined by17% in the first six months, reflecting the world economic backdropand also the sharp reduction in economic activity in Ireland and to alesser extent in the UK. Irish Ferries' volumes were down 22% to99,000 units, when compared with the first half of 2008. Thisreflects additional competing capacity on both the Holyhead andLiverpool routes introduced earlier this year, in a time of reduceddemand for freight space.CharteringTwo vessels within the Group, the MV Pride of Bilbao and MV Kaitakiremained on charter to P&O during the period, one trading UK - Spainand the second trading in New Zealand. P&O have options to extendthese charters from 2010 to 2013, declarable in early 2010.Container and Terminal DivisionThe Container & Terminal Division includes the shipping lines Euconand Feederlink as well as the division's strategically locatedcontainer terminals in Dublin (DFT) and Belfast (BCT).Turnover in the division fell 34% to ?54.3 million (2008: ?82.2million), while profit from operations was ?3.2 million (2008: ?3.4million), the fall in revenue being off set in large measure bymanaged reductions across all cost headings.Total containers shipped were down 31.5% at 187,000 teu., while thenumber of units lifted at the division's port facilities in Dublinand Belfast were down 29.7% at 78,000 lifts. These reductions involume reflect reduced economic activity in North West Europegenerally, a sharp fall in construction related traffic into Irelandand a marked reduction in transhipment trade from the Far-East, whichcomprises a significant proportion of our shipping and terminalhandling activity.Within the division we have reduced shipping capacity byapproximately 27% on a full year basis, to match the reduced demand.This, combined with lower charter rates for the vessels we haveretained, in addition to more general reductions in operating costshas resulted in a ?26.5 million reduction in total costs in thedivision in the period.COSTSIn the light of extremely challenging trading conditions there hasbeen a continued focus on cost control, both internal and external.Total operating costs (before depreciation) across the Group were?101.0 million, down 26% on the same period in 2008. We remainunhedged on fuel costs and so were able to benefit from falling spotprices in the latter part of 2008 and the early months of 2009. Morerecently oil prices have firmed again. In the time charter marketfor container vessels we have actively managed the renewals ofcharters to take advantage of a weaker charter market. We continueto reduce direct labour costs (down from ?14.8 million to ?12.2million) with a reduction in our average number of direct staff from465 in 2008 to 423 in 2009, the related once off severance costsbeing included in other operating expenses. We are disappointed thatit has not yet been possible to negotiate lower port charges in anumber of the ports into which we operate. This is unsatisfactorygiven the new economic environment in which supplier cost reductionsare the norm.FINANCEEBITDA for the period was ?18.8 million compared with ?29.5 millionin the same period in 2008.Capital expenditure in the period was ?4.3 million (2008: ?6.1million). Net debt at the end of the period amounted to ?48.5million. This compares with ?48.7 million at 31 December 2008 withthe ?24.6 million redemption of redeemable shares offset by thestrong operating cash flow.Shareholders' equity was ?137.2 million at 30 June 2009, comparedwith ?152.2 million at 31 December 2008. The main movements in equitycomprise profit for the period of ?4.9 million, estimated actuarialloss on retirement benefits of ?4.8 million, positive exchangetranslation movements of ?9.6 million and redemption of redeemableshares of ?24.6 million.PRINCIPAL RISKS AND UNCERTAINTIESThe Group has a risk management structure in place which is designedto identify, manage and mitigate the threats to the business. The keyrisks facing the Group in the six months to 31 December 2009 includeoperational risks such as risks to safety and business continuity,commercial risks due to reduced demand for passenger and freightservices combined with the risk of increased supply due to themobility of assets, and financial and commodity risks arising fromthe current financial and economic environment. * Safety & Business ContinuityThe Group is dependent on the safe operation of its vessels. There isa risk that any of the Group's vessels could be involved in anincident which could cause loss of life and cargo and causesignificant interruption to the Group's business. In mitigation, theGroup carries insurance in respect of passenger, cargo and thirdparty liabilities, but does not carry insurance for businessinterruption. The business of the Group is also exposed to the riskof interruption from incidents such as mechanical or other failureof critical port installations or vessels or from labour disputeseither within the Group or in key suppliers, for example ports orfuel suppliers, or from a loss of significant IT systems. * Commercial & Market RiskThe passenger market is subject to the current challenging economicconditions, the weakness of Sterling relative to the Euro whichimpacts on incoming demand to Ireland and to the competitive threatfrom short-haul and regional airlines.The freight market is subject to general economic conditions and inparticular the likely reduced level of international trade in NorthWest Europe for the remainder of 2009. Given the mobile nature ofships there is also the risk of additional capacity arising in any ofthe Group's trading areas at relatively short notice althoughnaturally the converse also applies. * Financial & Commodity RisksIn the light of the challenges arising in financial markets there isa higher degree of financial risk in the business in the forthcominghalf year. Specific risks include higher risk of default by debtors,reduced availability of credit insurance and potentially reducedavailability and higher cost of financing. However, the Group'sexisting committed bank facilities do not expire until October 2010.Other financial risks include the risks to the Group's definedbenefit pension schemes from changes in interest and inflation rates,and changes in the market value of investments. In terms of commodityprice risk the Group's vessels consume heavy fuel oil (HFO), marinediesel oil (MDO) and lubricating oils, all of which continue to besubject to price volatility. It is the Group's policy to purchasethese commodities in the spot markets and to remain unhedged. TheGroup must also manage the risks inherent in changes to thespecification of fuel oil which take effect on 1 January 2010 underEU law.RELATED PARTY TRANSACTIONSThere were no related party transactions in the half year that havematerially affected the financial position or performance of theGroup in the period. In addition, there were no changes in relatedparty transactions from the last annual report that could have amaterial effect on the financial position or performance of the Groupin the first six months.GOING CONCERNAfter making enquiries and taking into account the Group's committedbanking facilities which extend to October 2010, the directorsbelieve that the Group has adequate resources to continue inoperational existence for the foreseeable future. For this reason,they continue to adopt the going concern basis in preparing this halfyearly financial report.AUDITOR REVIEWThis half yearly financial report has not been audited or reviewed bythe auditors of the Group pursuant to the Auditing Practices Boardguidance on Review of Interim Financial Information.CURRENT TRADINGIn the year to date, passenger car volumes are down 5.6% at 246,000and RoRo freight volumes are down 21.5% at 127,000. In the Containerand Terminal Division, container volumes have fallen 28.7% to 245,000teu, while units lifted at DFT and BCT are down 26.8% at 102,500.FORWARD LOOKING STATEMENTSThis report contains certain forward-looking statements and thesestatements are made by the Directors in good faith based on theinformation available to them up to the time of their approval ofthis report and those statements should be treated with caution dueto the inherent uncertainties, including both economic and businessrisk factors, underlying any such forward looking information.This report has been prepared for the Group as a whole and thereforegives greater emphasis to those matters which are significant toIrish Continental Group plc and its subsidiaries when viewed as awhole.WebsiteThis half yearly financial report and Interim Management Report areavailable on the Group's website www.icg.ie.John B. McGuckianChairman28th August 2009INVESTOR PRESENTATIONThe Company will make a presentation of the results to investors. Thepresentation will be held at the offices of NCB Corporate Finance at3 George's Dock, IFSC, Dublin 1 at 11:30 a.m. on 28th August 2009.In addition, a dial-in facility will be available. Attendance atthe presentation and dial-in will be strictly limited to investorswho register in advance to attend. To register to attend thepresentation, either in person or via the dial-in facility, investorsshould contact Triona O' Reilly at +353 1 607 5628. A copy of thepresentation will also be posted on the Company's web-site,www.icg.ieRESPONSIBILITY STATEMENTThe Directors are responsible for preparing the Half Yearly FinancialReport in accordance with the Transparency (Directive 2004/109/EC)Regulations 2007, the related Transparency Rules of the IrishFinancial Services Regulatory Authority and with IAS 34, InterimFinancial Reporting as adopted by the European Union.The Directors confirm that, to the best of their knowledge: * the Group Condensed Financial Statements for the half year ended 30 June 2009 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 2009, and a description of the principal risks and uncertainties for the remaining six months; * 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.Eamonn Rothwell Chief Executive OfficerGarry O'Dea Finance Director28th August 2009CONDENSED CONSOLIDATED INCOME STATEMENTFOR THE SIX MONTHS ENDED 30 JUNE 2009+--------------------------------------------------------------------+| | | |Unaudited| |Unaudited| |Audited||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 30 Jun | | 30 Jun | |31 Dec ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 2009 | | 2008 | | 2008 ||----------------------------+-----+-+---------+-+---------+-+-------|| |Notes| | ?m| | ?m| | ?m||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Continuing operations | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Revenue | | | 119.8| | 166.1| | 342.9||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Depreciation and | | | (11.7)| | (12.2)| | (24.2)||amortisation | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Employee benefits expense | | | (12.2)| | (14.8)| | (29.9)||----------------------------+-----+-+---------+-+---------+-+-------||Other operating expenses | | | (88.8)| | (121.8)| |(247.0)||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Operating profit | | | 7.1| | 17.3| | 41.8||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Investment revenue | | | 6.2| | 9.7| | 19.6||----------------------------+-----+-+---------+-+---------+-+-------||Finance costs | | | (7.5)| | (9.5)| | (18.4)||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Profit before taxation | | | 5.8| | 17.5| | 43.0||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Income tax expense | | | (0.9)| | (1.0)| | (2.5)||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Profit for the period: all | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||attributable to equity | | | | | | | ||holders of the | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||parent | | | 4.9| | 16.5| | 40.5||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Earnings per ordinary share | | | | | | | ||(cent) | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||All from continuing | | | | | | | ||operations | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||-basic | 5 | | 19.9| | 67.1| | 164.7||----------------------------+-----+-+---------+-+---------+-+-------||-diluted | 5 | | 19.7| | 66.3| | 162.8||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | |+--------------------------------------------------------------------+CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE SIX MONTHS ENDED 30 JUNE 2009+---------------------------------------------------------------------+| | | |Unaudited| |Unaudited| |Audited||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | 30 Jun | | 30 Jun | |31 Dec ||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | 2009 | | 2008 | | 2008 ||-----------------------------+-----+-+---------+-+---------+-+-------|| |Notes| | ?m| | ?m| | ?m||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Profit for the period | | | 4.9| | 16.5| | 40.5||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Fair value movement on cash | | | 0.2| | -| | (0.7)||flow hedges | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Exchange differences on | | | | | | | ||translation of foreign | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||operations | | | 9.6| | (9.0)| | (24.1)||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Actuarial loss on retirement | 10 | | (4.8)| | (19.5)| | (55.9)||benefit obligations | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Deferred Tax movements | | | (0.2)| | 0.6| | 2.6||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Exchange difference on | | | | | | | ||defined benefit | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||schemes | | | (0.3)| | 0.5| | 1.3||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Other comprehensive income | | | 4.5| | (27.4)| | (76.8)||for the period | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||Total comprehensive income | | | | | | | ||for the period: | | | | | | | ||-----------------------------+-----+-+---------+-+---------+-+-------||all attributable to equity | | | 9.4| | (10.9)| | (36.3)||holders of the parent | | | | | | | |+---------------------------------------------------------------------+CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE SIX MONTHS ENDED 30 JUNE 2009+---------------------------------------------------------------------------------------------------+| | | | | Share | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | Share | Share |Capital|Options|Hedging|Translation|Retained| ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| |Capital|Premium|Reserve|Reserve|Reserve| Reserve |Earnings|Total ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | ?m | ?m | ?m | ?m | ?m | ?m | ?m | ?m ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Balance at 1 January 2009 | 16.6| 48.7| 2.2| 1.5| (0.7)| (33.6)| 117.5| 152.2||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Total comprehensive income | | | | | | | | ||for the period | -| -| -| -| 0.2| 9.6| (0.4)| 9.4||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Redemption of redeemable share | | | | | | | | ||capital (note 4) | -| -| -| -| -| -| (24.6)|(24.6)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Employee share options expense | -| -| -| 0.2| -| -| -| 0.2||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | -| -| -| 0.2| 0.2| 9.6| (25.0)|(15.0)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Balance at 30 June 2009 | 16.6| 48.7| 2.2| 1.7| (0.5)| (24.0)| 92.5| 137.2||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Analysed as follows: | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share capital | | | | | | | | 16.6||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share premium | | | | | | | | 48.7||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Other reserves | | | | | | | |(20.6)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Retained earnings | | | | | | | | 92.5||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | 137.2|+---------------------------------------------------------------------------------------------------+CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE SIX MONTHS ENDED 30 JUNE 2008+---------------------------------------------------------------------------------------------------+| | | | | Share | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | Share | Share |Capital|Options|Hedging|Translation|Retained| ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| |Capital|Premium|Reserve|Reserve|Reserve| Reserve |Earnings|Total ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | ?m | ?m | ?m | ?m | ?m | ?m | ?m | ?m ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Balance at 1 January 2008 | 16.5| 48.1| 2.2| 1.0| 0.6| (9.5)| 153.4| 212.3||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Total comprehensive income | | | | | | | | ||for the period | -| -| -| -| -| (9.0)| (1.9)|(10.9)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Exercise of share options - | | | | | | | | ||shares | | | | | | | | ||issued at premium | 0.1| 0.6| -| -| -| -| -| 0.7||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Redemption of redeemable share | | | | | | | | ||capital (note 4) | -| -| -| -| -| -| (24.5)|(24.5)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | 0.1| 0.6| -| -| -| (9.0)| (26.4)|(34.7)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Balance at 30 June 2008 | 16.6| 48.7| 2.2| 1.0| 0.6| (18.5)| 127.0| 177.6||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Analysed as follows: | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share capital | | | | | | | | 16.6||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share premium | | | | | | | | 48.7||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Other reserves | | | | | | | |(14.7)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Retained earnings | | | | | | | | 127.0||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | 177.6|+---------------------------------------------------------------------------------------------------+CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2008+---------------------------------------------------------------------------------------------------+| | | | | Share | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | Share | Share |Capital|Options|Hedging|Translation|Retained| ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| |Capital|Premium|Reserve|Reserve|Reserve| Reserve |Earnings|Total ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | ?m | ?m | ?m | ?m | ?m | ?m | ?m | ?m ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Balance at 1 January 2008 | 16.5| 48.1| 2.2| 1.0| 0.6| (9.5)| 153.4| 212.3||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Total comprehensive income for | | | | | | | | ||the period | -| -| -| -| (0.7)| (24.1)| (11.5)|(36.3)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Transfer to Income Statement - | | | | | | | | ||Net settlement on cash flow | | | | | | | | ||hedges | -| -| -| -| (0.6)| -| -| (0.6)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share issue | 0.1| -| -| -| -| -| -| 0.1||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Exercise of share options - | | | | | | | | ||shares | | | | | | | | ||issued at premium | -| 0.6| -| -| -| -| -| 0.6||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Employee share options expense | -| -| -| 0.6| -| -| -| 0.6||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Redemption of redeemable share | | | | | | | | ||capital (note 4) | -| -| -| -| -| -| (24.5)|(24.5)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Transfer to retained earnings | | | | | | | | ||on | | | | | | | | ||exercise of share options | -| -| -| (0.1)| -| -| 0.1| -||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | 0.1| 0.6| -| 0.5| (1.3)| (24.1)| (35.9)|(60.1)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Balance at 31 December 2008 | 16.6| 48.7| 2.2| 1.5| (0.7)| (33.6)| 117.5| 152.2||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Analysed as follows: | | | | | | | | ||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share capital | | | | | | | | 16.6||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Share premium | | | | | | | | 48.7||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Other reserves | | | | | | | |(30.6)||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------||Retained earnings | | | | | | | | 117.5||-------------------------------+-------+-------+-------+-------+-------+-----------+--------+------|| | | | | | | | | 152.2|+---------------------------------------------------------------------------------------------------+CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2009+--------------------------------------------------------------------+| | | |Unaudited| |Unaudited| |Audited||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 30 Jun | | 30 Jun | |31 Dec ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 2009 | | 2008 | | 2008 ||----------------------------+-----+-+---------+-+---------+-+-------|| |Notes| | ?m| | ?m| | ?m||----------------------------+-----+-+---------+-+---------+-+-------||Assets | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Non-current assets | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Property, plant and | 6 | | 239.0| | 260.7| | 236.4||equipment | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Intangible assets | 7 | | 1.5| | 2.3| | 1.8||----------------------------+-----+-+---------+-+---------+-+-------||Long term receivables | | | 3.2| | 4.5| | 3.0||----------------------------+-----+-+---------+-+---------+-+-------||Retirement benefit surplus | 10 | | 3.2| | 17.2| | 2.7||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 246.9| | 284.7| | 243.9||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Current assets | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Inventories | | | 0.9| | 1.6| | 0.8||----------------------------+-----+-+---------+-+---------+-+-------||Trade and other receivables | | | 34.3| | 46.6| | 38.1||----------------------------+-----+-+---------+-+---------+-+-------||Derivative financial | | | -| | 0.6| | -||instruments | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Cash and cash equivalents | | | 35.4| | 23.8| | 28.5||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 70.6| | 72.6| | 67.4||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Total assets | | | 317.5| | 357.3| | 311.3||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Equity and liabilities | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Equity | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Share capital | | | 16.6| | 16.6| | 16.6||----------------------------+-----+-+---------+-+---------+-+-------||Share premium | | | 48.7| | 48.7| | 48.7||----------------------------+-----+-+---------+-+---------+-+-------||Other reserves | | | (20.6)| | (14.7)| | (30.6)||----------------------------+-----+-+---------+-+---------+-+-------||Retained earnings | | | 92.5| | 127.0| | 117.5||----------------------------+-----+-+---------+-+---------+-+-------||Equity attributable to | | | 137.2| | 177.6| | 152.2||equity holders | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Non-current liabilities | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Borrowings | | | 66.5| | 78.0| | 66.5||----------------------------+-----+-+---------+-+---------+-+-------||Deferred tax liabilities | | | 3.4| | 5.2| | 3.2||----------------------------+-----+-+---------+-+---------+-+-------||Provisions | | | 0.3| | 0.3| | 0.3||----------------------------+-----+-+---------+-+---------+-+-------||Deferred grant | | | 1.1| | 1.2| | 1.2||----------------------------+-----+-+---------+-+---------+-+-------||Retirement benefit | 10 | | 32.6| | 8.7| | 27.4||obligation | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 103.9| | 93.4| | 98.6||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Current liabilities | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Borrowings | | | 17.4| | 16.1| | 10.7||----------------------------+-----+-+---------+-+---------+-+-------||Derivative financial | | | 0.5| | -| | 0.7||instruments | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Trade and other payables | | | 55.2| | 62.1| | 44.5||----------------------------+-----+-+---------+-+---------+-+-------||Current tax liabilities | | | 2.9| | 7.6| | 4.2||----------------------------+-----+-+---------+-+---------+-+-------||Provisions | | | 0.3| | 0.4| | 0.3||----------------------------+-----+-+---------+-+---------+-+-------||Deferred grant | | | 0.1| | 0.1| | 0.1||----------------------------+-----+-+---------+-+---------+-+-------|| | | | 76.4| | 86.3| | 60.5||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Total liabilities | | | 180.3| | 179.7| | 159.1||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | ||----------------------------+-----+-+---------+-+---------+-+-------||Total equity and liabilities| | | 317.5| | 357.3| | 311.3||----------------------------+-----+-+---------+-+---------+-+-------|| | | | | | | | |+--------------------------------------------------------------------+CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED 30 JUNE 2009+-------------------------------------------------------------------+| | | | Unaudited | | Unaudited | | Audited ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | 30 Jun | | 30 Jun | | 31 Dec ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | 2009 | | 2008 | | 2008 ||-------------+-------+---+-----------+---+-----------+---+---------|| | Notes | | ?m | | ?m | | ?m ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Net cash | 11 | | 28.9 | | 28.4 | | 51.3 || from | | | | | | | || operating | | | | | | | || activities | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Cash flow | | | | | | | || from | | | | | | | || investing | | | | | | | || activities | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Interest | | | 0.3 | | 0.5 | | 1.4 || received | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Proceeds on | | | | | | | || disposal of | | | | | | | || property, | | | | | | | || plant and | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| equipment | | | 0.1 | | 14.4 | | 13.2 ||-------------+-------+---+-----------+---+-----------+---+---------|| Payment | | | - | | - | | 2.3 || received on | | | | | | | || long term | | | | | | | || receivable | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Purchases | | | (4.1) | | (5.5) | | (7.5) || of | | | | | | | || property, | | | | | | | || plant and | | | | | | | || equipment | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Purchase of | | | (0.2) | | (0.6) | | (0.9) || intangible | | | | | | | || assets | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Net cash | | | (3.9) | | 8.8 | | 8.5 || (used in) / | | | | | | | || from | | | | | | | || investing | | | | | | | || activities | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Cash flow | | | | | | | || from | | | | | | | || financing | | | | | | | || activities | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Redemption | | | (24.6) | | (24.5) | | (24.5) || of | | | | | | | || redeemable | | | | | | | || shares | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Repayments | | | (17.5) | | (38.0) | | (66.9) || of | | | | | | | || borrowings | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Repayments | | | (0.9) | | (1.1) | | (2.2) || of | | | | | | | || obligations | | | | | | | || under | | | | | | | || finance | | | | | | | || leases | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Proceeds on | | | - | | 0.7 | | 0.7 || issue of | | | | | | | || ordinary | | | | | | | || share | | | | | | | || capital | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| New bank | | | 18.0 | | 34.5 | | 49.5 || loans | | | | | | | || raised | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Increase / | | | 7.2 | | 3.4 | | (0.1) || (decrease) | | | | | | | || in bank | | | | | | | || overdrafts | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| New finance | | | 0.1 | | - | | - || leases | | | | | | | || raised | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Net cash | | | (17.7) | | (25.0) | | (43.5) || used in | | | | | | | || financing | | | | | | | || activities | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Net | | | 7.3 | | 12.2 | | 16.3 || increase in | | | | | | | || cash and | | | | | | | || cash | | | | | | | || equivalents | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Cash and | | | | | | | || cash | | | | | | | || equivalents | | | | | | | || at the | | | | | | | || beginning | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| of the year | | | 28.5 | | 12.4 | | 12.4 ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Effect of | | | (0.4) | | (0.8) | | (0.2) || foreign | | | | | | | || exchange | | | | | | | || rate | | | | | | | || changes | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Cash and | | | | | | | || cash | | | | | | | || equivalents | | | | | | | || at the end | | | | | | | || of the | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| year | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| Bank | | | 35.4 | | 23.8 | | 28.5 || balances | | | | | | | || and cash | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | ||-------------+-------+---+-----------+---+-----------+---+---------|| | | | | | | | |+-------------------------------------------------------------------+NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE HALF YEAR ENDED 30 JUNE 20091. General InformationThese condensed financial statements do not comprise the statutoryaccounts within the meaning of Section 19 of the Companies(Amendment) Act 1986. The summary financial statements for the yearended 31 December 2008, as presented in this Interim Report,represent an abbreviated version of the Group's full financialstatements for that year. Those financial statements contained anunqualified audit report without reference to any matters of emphasisand have been filed with the Companies Registration Office inIreland.The interim figures included in the condensed financial statementsfor the six months ended 30 June 2009 and the comparative amounts forthe six months ended 30 June 2008 are unaudited.2. Accounting policiesThe Group Condensed Financial Statements for the six months ended 30June 2009 have been prepared in accordance with the Transparency(Directive 2004/109/EC) Regulations 2007, the related TransparencyRules of the Irish Financial Services Regulatory Authority and withIAS 34 'Interim Financial Reporting' as adopted by the EuropeanUnion.The accounting policies and methods of computation applied inpreparing these condensed financial statements are consistent withthose set out in the Group Annual Report for the financial year ended31 December 2008, which is available at www.icg.ie.The Group did not adopt any new International Financial ReportingStandards (IFRS) or Interpretations in the period that had a materialimpact on the Group Condensed Financial Statements for the half year.The amendment to IAS 1: Presentation of Financial Statementsintroduced a number of terminology changes including revised titlesfor the condensed financial statements but had no impact on thereported results or the financial position of the Group.At 30 June 2009, the following Standards and Interpretations havebecome effective since our last Annual Report:* IAS 1 (Amendment) Presentation of Financial Statements (effective for accounting periods beginning on or after 1 January 2009);* IAS 16 (Amendment) Property, Plant and Equipment (effective for accounting periods beginning on or after 1 January 2009);* IAS 19 (Amendment) Employee Benefits (effective for accounting periods beginning on or after 1 January 2009);* IAS 20 (Amendment) Accounting for Government Grants and disclosure of Government assistance (effective for accounting periods beginning on or after 1 January 2009);* IAS 23 (Amendment) Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009);* IAS 27 (Amendment) Consolidated and Separate Financial Statements (effective for accounting periods beginning on or after 1 January 2009);* IAS 28 (Amendment) Investments in Associates (effective for accounting periods beginning on or after 1 January 2009);* IAS 29 (Amendment) Financial Reporting in Hyperinflation Economies (effective for accounting periods beginning on or after 1 January 2009);* IAS 31 (Amendment) Interest in Joint Ventures (effective for accounting periods beginning on or after 1 January 2009);* IAS 32 (Amendment) Financial Instruments: Presentation (effective for accounting periods beginning on or after 1 January 2009);* IAS 36 (Amendment) Impairment of Assets (effective for accounting period



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Date: 08/28/2009 - 08:04
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News-ID 1003722
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