Tag: Color Group | Ferry Shipping News

Key highlights H1:

• Group revenue generated totalling €264.0 million, €0.9 million more than H1, 2022.
• Operating profit generated was €16.2 million, compared to an operating profit of €17.4 million in H1, 2022.
• EBITDA generated of €49.0 million, €1.7 million more than H1, 2022.
• Gross cash balances of €35.0 million (31 December 2022: €39.0 million).
• Net debt at €164.5 million, €6.6 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’s 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.

“H1, 2023 has been a successful period for Irish Continental Group. We have benefited from the continued normalisation in passenger travel levels post pandemic in all our markets, growth in our Ro-Ro 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 €264.0 million.”

Irish Continental Group Chairman, John B. McGuckian

Ferries Division

* Includes intersegment revenue of €16.7 million (HY 2022: €15.2 million) (FY 2022: €35.3 million)

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Color Line’s operating income was NOK 2.7 billion and the operating result was NOK 467 million in the first half of 2023, driven by high demand in the Norwegian and foreign markets, stable operational operations and a positive development in ticket revenues, customer values ​​and the freight market.

• 1,536,514 pax (1,405,360)
• 97,021 freight units (86,348)
• Operating revenues NOK 2,733 million (NOK 2,230 million)
• Freight income accounts for NOK 311 million of this figure
• Operating expenses NOK -2,266 (NOK -1,992 million in 2022)
• Operating earnings before depreciation and amortisation and other exceptional items amounted to NOK 467 million (NOK 238 million). This figure includes NOK 52 million deriving from the sale of Ro-Pax COLOR VIKING.
• EBIT NOK 175 million (NOK -59 million).
• Net financial items amounted to NOK -151 million (NOK -94 million) and include net unrealised foreign exchange gains on the Group’s foreign currency borrowings, as well as a net increase in the market values of the Group’s interest rate/currency derivatives, the overall effect being NOK -13 million (NOK 50 million in 2022). To this can be added the positive effect on earnings of NOK 41 million contributed by ONS Ship Finance AS (primarily deriving from the sale of M/S EDDA SUN).
• Interest payable (NOK 71 million in the first six months of the year) relating to the perpetual bond loan COLG17 is charged directly to equity.
• Earnings before tax costs amounted to NOK 24 million (NOK -153 million in 2022). Post-tax earnings amounted to NOK 28 million (NOK -119 million in 2022).
• Other revenues and expenses developed favourably, amounting to NOK 16 million, largely related to unrealised gains (after tax) on the company’s future bunker fuel contracts, as well as translation differences (foreign exchange).
• Total comprehensive income amounted to NOK 44 million (NOK -107 million in 2022).