Irish Continental Group plc : Completion of sal...

Irish Continental Group plc

Irish Continental Group plc completes the sale of container shipping subsidiary, Feederlink Shipping & Trading b.v.

Completion of sale of Feederlink
Irish Continental Group, plc ("ICG") announces that it has now completed the sale of its container shipping subsidiary Feederlink Shipping & Trading b.v. ("Feederlink") to Danish logistic company Unifeeder A/S.

Feederlink, which was incorporated in 1993, provides container shipping services on routes between the port of Rotterdam and the East Coast of the UK, utilising a fleet of time chartered vessels.  In 2011 Feederlink carried 138,500 teu (twenty foot equivalent units).

The initial consideration, €20 million, was received on closing on 12 December 2012, and up to €9 million in further consideration is receivable, in three tranches, deferred up to 12 months after closing, conditional on certain conditions being met during the 12 months. Feederlink had net assets at closing of approximately €1 million.  Feederlink had sales of €21.6 million in 2011 and recorded profit before tax of €1.8 million.

Current Trading
With regard to general ICG Group trading, updated year to date traffic volumes are as follows (up to 8 December);
In the Ferries Division, Irish Ferries' passenger numbers in the year to date are up 1% at 1.47 million and car volumes are up 0.6% on 2011 at 334,000 cars. Freight volumes are down 4.9% on the previous year at 175,000 freight units.

In the Container and Terminal Division, container volumes carried by Eucon & Feederlink are down 6.1% year to date at 365,000 teu, while port lifts at the Group's terminals in Dublin and Belfast are down 2.3% at 174,000 lifts.

Enquiries

Eamonn Rothwell   Chief Executive Officer
Garry O' Dea     Finance Director
[phone]

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Source: Irish Continental Group plc via Thomson Reuters ONE

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