Color Group H1 Interim Report

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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.


Financial summary ICG    
H1 2023 H1 2022 Change %
Revenue €264.0m €263.1m +0.3%
EBITDA*** €49.0m €47.3m +3.6%
Operating profit €16.2m €17.4m -6.9%
Profit before tax €14.0m €15.4m -9.1%
Basic earnings per share 7.50c 8.00c -6.3%
Interim dividend 4.87c 4.64c +5.0%
Net debt*** €164.5m €154.5m +6.5%
Net debt (pre-IFRS 16)*** €116.6m €105.9m +10.1%

“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

Volume movements ICG
H1 2023
H1 2022
Change %
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%

Ferries Division

Financial Summary Ferries Division
H1 2023 H1 2022 Change %
Revenue* €179.8m €167.9m 7.10%
EBITDA €33.3m €29.8m 11.70%
Operating profit €5.3m €5.7m -7.00%

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

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Color Group H1 Interim Report

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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).

Stena AB H1 Interim Report

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H1 (1 January – 30 June 2023) in million SEK

  • Consolidated EBITDA: 6,458 (5,547)
  • Consolidated Operational EBITDA, excluding net gain on sale of assets and change in fair value of investment properties: 6,356 (4,978)
  • Result before taxes: 485 (82)
  • Liquidity position remains strong: SEK 24.0 billion

FERRY OPERATIONS: Increased car- and passenger volumes partly offset by lower freight volumes compared to the same period last year.

  • Operational EBITDA decreased by SEK 376 million to SEK 1,686 (2,062) mainly due to higher costs. Freight volumes decreased 3% compared to last year, car volumes increased 2% and passenger volumes increased 5%.

SHIPPING: Increased operational EBITDA as a result of strong rates within Tanker operations together with increased operational EBITDA within the RoRo segment due to larger fleet in operation compared to the same period last year.


  • Operational EBITDA from chartering out Ro-Ro vessels increased by SEK 153 million to SEK 444 (291) million in H1, mainly due to larger fleet in operation.


Revenues and expenses, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the U.S. dollar, the British pound and the Euro.

Revenues in Q2: 28% USD | 21% EUR | 15% GBP | 25% SEK