Irish Continental Group
Annual Report 2024

2024 Annual Report &
Financial Statements
THE LEADING 
IRISH-BASED 
MARITIME 
TRANSPORT 
GROUP

DRIVING FUTURE 
PROFITABLE  
AND SUSTAINABLE 
GROWTH
Irish Continental Group (ICG) is the leading 
Irish-based maritime transport group. We 
carry passengers and cars, Roll on Roll off freight 
(RoRo) and Container Lift on Lift off freight 
(LoLo), on routes between Ireland, Britain and 
Continental Europe. We also operate container 
terminals in the ports of Dublin and Belfast. 
We aim for continued success in our chosen 
markets and focus our efforts on the provision 
of a safe, reliable, timely, good value and high-
quality experience for all our customers in a way 
that minimises our impact on the environment.
We will achieve success by anticipating 
our customers’ needs and matching their 
requirements with superior services through 
constant innovation and the rapid application of 
technology.
We measure our success through the quality 
of our service, as seen by our customers, 
which should result in delivering sustained 
and profitable growth for the benefit of all our 
stakeholders.

Contents
STRATEGIC REPORT
Our Group at a Glance
4
Financial Highlights
6
Five Year Summary
7
Chairman’s Statement
8
Chief Executive’s Review
12
How We Create Value
16
Key Performance Indicators and Summary of 2024 Results
18
The Ferries Division
24
The Container and Terminal Division
32
Financial Review
36
Sustainability and ESG
40
Risk Management
68
Our Fleet
78
Executive Management Team
80
CORPORATE 
GOVERNANCE
The Board
84
Corporate Governance Report
86
Report of the Audit and Risk Committee
99
Report of the Nomination Committee
104
Report of the Remuneration Committee
107
Report of the Directors
127
Directors’ Responsibility Statement
131
FINANCIAL 
STATEMENTS
Independent Auditor’s Report 
134
Consolidated Income Statement
140
Consolidated Statement of Comprehensive Income
141
Consolidated Statement of Financial Position
142
Consolidated Statement of Changes in Equity
143
Consolidated Statement of Cash Flows
145
Notes to the Financial Statements
146
Company Statement of Financial Position
197
Company Statement of Changes in Equity 
198
Notes Forming Parts of the Company Financial Statements
200
INVESTOR AND OTHER 
INFORMATION
Investor Information
212
Other Information
214
These printed financial statements are 
non-statutory financial statements 
having not been prepared in 
accordance with Commission 
Delegated Regulation 2019/818 
regarding the single electronic 
reporting format (ESEF). Other than 
the addition of page references these 
non-statutory financial statements 
represent a true copy of the human 
readable layer of the statutory 
financial statements which were 
prepared in accordance with ESEF 
and are available on the Group’s 
website. 
1
Strategic Report
2024 Annual Report and Financial Statements

STRATEGIC 
REPORT
Our Group at a Glance
4
Financial Highlights
6
Five Year Summary
7
Chairman’s Statement
8
Chief Executive’s Review
12
How We Create Value
16
Key Performance Indicators and Summary of 2024 Results
18
The Ferries Division
24
The Container and Terminal Division
32
Financial Review
36
Sustainability and ESG
40
Risk Management
68
Our Fleet
78
Executive Management Team
80
2
Irish Continental Group

The Strategic Report contains certain forward-looking statements and these statements are made by the Directors in good 
faith, based on the information available to them up to the time of their approval of this report. These statements should be 
treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any 
such forward-looking information. The Strategic Report has been prepared for the Group as a whole and therefore gives 
greater emphasis to those matters which are significant to Irish Continental Group and its subsidiaries when viewed as a 
whole.
3
Strategic Report
2024 Annual Report and Financial Statements

Irish Continental Group is a customer focused 
business with a pivotal position in the logistics 
chain facilitating international trade between 
Ireland, Britain and Continental Europe.
The Group operates through two divisions;
Ferries Division
Principal activities include the chartering of vessels both internally and 
externally together with passenger and RoRo freight shipping services 
under the Irish Ferries brand.
Container and Terminal Division
Principal activities include LoLo shipping activities under the Eucon 
brand and the operation of three container terminals, Dublin Ferryport 
Terminals (DFT), and Belfast Container Terminal (BCT), within the two 
main ports on the island of Ireland, and additionally Dublin Ferryport 
Inland Depot (DFID).
Our Group at a Glance
Irish Ferries Ropax and 
Cruise Ferry Services
Irish Ferries High Speed Ferry
Ports Served By Ferries: 
Dublin, Rosslare, Holyhead, 
Pembroke, Cherbourg, Dover, 
Calais
Group Geographical Coverage
Eucon Routes
Dublin Ferryport Terminals
Dublin Ferryport Inland Depot
Belfast Container Terminal
Ports Served By Container 
Ships: Belfast, Dublin, Cork, 
Antwerp, Rotterdam
Strategic short sea RoRo 
routes operated by Irish 
Ferries providing seamless 
connections between Ireland, 
Britain and Continental Europe 
for the 767,200 RoRo units 
carried in 2024.
Fastest crossing on the Irish sea 
on board the Irish Ferries Dublin 
Swift fastcraft service with a 
sailing time of two hours between 
Dublin and Holyhead at speeds of 
up to 65 kph.
Always on, always in touch, 
our shipping and terminal 
services operate 24/7, assisted by 
investment in modern booking 
and tracking systems to ensure 
our customers can keep in touch 
over a variety of platforms. 
Reliability underpinned by 
major investment in tonnage 
and maintenance of quality 
assets ensuring the high 
levels of schedule integrity 
demanded by our customers.
4
Irish Continental Group

Estonia
Latvia
Lithuania
Denmark
Sweden
Norway
Romania
Bulgaria
Serbia
Croatia
Italy
Slovenia
Hungary
Austria
Slovakia
Switzerland
Belgium
Czech Rep.
Poland
Germany
France
United 
Kingdom
Ireland
Netherlands
Rosslare
Holyhead
Antwerp
Rotterdam
Pembroke
Dover
Cherbourg
Calais
Dublin
Belfast
Cork
Strategically located container 
terminals which handled 
339,400 container units during 
2024 in Ireland’s main ports of 
Dublin and Belfast for shipping 
operators providing services to 
key continental hub ports and 
onwards access to global markets.
Key contributor to regional 
tourism in all countries we offer 
services, Irish Ferries carried 
3,062,200 passengers and 707,300 
cars during 2024 with research 
indicating that car tourists stay 
longer and travel outside the 
main urban centres. 
Connected container 
transport services provided 
by Eucon, transporting 317,800 
teu (twenty foot equivalent) in 
2024 between Ireland and 20 
countries throughout Europe 
by sea, road, rail and barge.
High standard on-board 
experience enjoyed by 
our Irish Ferries customers 
encompasses quality food, 
beverage, entertainment and 
accommodation services. Duty 
free shopping for passengers 
travelling to and from Britain. 
Passengers are never out 
of touch with free 
satellite wi-fi services.
5
Strategic Report
2024 Annual Report and Financial Statements

Financial Highlights
Revenue 
€603.8m
+5.6%
2023: €572.0m
EBITDA*
€133.5m
+0.7%
2023: €132.6m
Operating profit
€69.1m
+1.0%
2023: €68.4m
Basic earnings per share 
36.3c
+0.3%
2023: 36.2c
Adjusted basic earnings per share*
35.5c
2023: 35.5c
Net debt*
€(162.2)m
  +12.9%
2023: €(143.7)m
Return on average capital employed*
16.9%
(0.8 pts)
2023: 17.7%
Long-term TSR 1988 to 2024*
14.3%
+0.2 pts
1988 to 2023: 14.1%
*	
The Group uses alternative performance measures “APMs” which 
are non-IFRS measures to monitor Group performance. Definitions 
and reconciliation to IFRS measures are set out in Key Performance 
Indicators and Summary of 2024 Results. 
2024
€603.8m
2023
€572.0m
€69.1m
€68.4m
2024
2023
35.5c
33.5c
2024
2023
16.9%
17.7%
2024
2023
14.3%
14.1%
2024
2023
€133.5m
€132.6m
2024
2023
36.3c
36.2c
2024
2023
€(162.2)m
€(143.7)m
2024
2023
6
Irish Continental Group

2024
2023
2022
2021
2020
€m
€m
€m
€m
€m
Summary extract of Consolidated Income Statement
Revenue
603.8
572.0
584.9
334.5
277.1
Operating expenses and employee benefits expense 
(470.3)
(439.4)
(457.7)
(282.2)
(235.0)
Depreciation and amortisation
(64.4)
(64.2)
(60.5)
(52.5)
(41.3)
69.1
68.4
66.7
(0.2)
0.8
Non-trading items 1
-
-
-
-
(11.2)
Interest (net)
(6.9)
(5.1)
(4.2)
(3.9)
(7.6)
Profit / (loss) before taxation 
62.2
63.3
62.5
(4.1)
(18.0)
Taxation
(2.3)
(1.7)
(2.7)
(0.8)
(1.0)
Profit / (loss) for the year
59.9
61.6
59.8
(4.9)
(19.0)
EBITDA
133.5
132.6
127.2
52.3
42.1
Per share information:
€cent
€cent
€cent
€cent
€cent
Earnings per share
-Basic 
36.3
36.2
33.6
(2.6)
(10.2)
-Adjusted basic 2
35.5
35.5
33.6
(2.7)
(4.3)
Dividend per share (declared)
15.54
14.80
14.09
9.00
-
Shares in issue at year end:
m
m
m
m
m
-At year end
164.6
166.2
170.8
182.8
187.0
-Average during the year
164.8
169.9
177.8
186.7
187.0
Summary extract of Consolidated Statement of Financial Position
€m
€m
€m
€m
€m
Property, plant and equipment, right-of-use and intangible assets
461.0
406.9
405.6
387.3
353.0
Retirement benefit surplus
52.3
39.4
33.6
6.7
1.0
Other assets
125.8
127.0
134.7
117.9
224.9
Total assets 
639.1
573.3
573.9
511.9
578.9
Equity capital and reserves
322.3
282.3
260.8
249.7
265.9
Retirement benefit obligation
0.5
0.5
0.4
1.4
2.2
Other non-current liabilities
194.6
71.9
195.8
154.8
141.6
Current liabilities
121.7
218.6
116.9
106.0
169.2
Total equity and liabilities
639.1
573.3
573.9
511.9
578.9
Summary extract of Consolidated Statement of Cash Flows
Net cash inflow from operating activities
131.8
128.6
126.3
57.8
46.1
Net cash (outflow) / inflow from investing activities
(29.2)
(40.2)
(72.7)
(52.7)
7.8
Net cash outflow from financing activities
(107.8)
(80.9)
(52.8)
(117.4)
(14.4)
Cash and cash equivalents at the beginning of the year
46.8
39.0
38.5
150.4
110.9
Effect of foreign exchange rate changes
(0.3)
0.3
(0.3)
0.4
-
Closing cash and cash equivalents
41.3
46.8
39.0
38.5
150.4
€m
€m
€m
€m
€m
Net debt
(162.2)
(143.7)
(171.1)
(142.2)
(88.5)
Times
Times
Times
Times
Times
Net debt / EBITDA 3
0.5x
1.0x
1.2x
2.6x
2.1x
Gearing (net debt as a percentage of shareholders’ funds)
50%
51%
66%
57%
33%
 
1.	
Non-trading items are material non-recurring items that derive from events or transactions that fall outside the ordinary activities of the Group and 
which individually, or, if of a similar type, in aggregate, are separately disclosed by virtue of their size or incidence.
2.	
Adjusted basic earnings per share exclude pension interest and non-trading items.
3.	
Calculated per bank covenant definitions to exclude effects of lease debt.
Five Year Summary
7
Strategic Report
2024 Annual Report and Financial Statements

2024 was another year of impressive 
growth across all parts of the business. 
While disruption in the Port of 
Holyhead led to a disappointing end 
to the year, it should not overshadow 
what was otherwise a successful 2024. 
The year has seen further progress and 
further growth across both Divisions. 
The year saw the signing of two 
significant agreements for the Dover 
– Calais route, with the agreement 
of a space charter with P&O Ferries 
on the channel and the signing of 
a bareboat charter agreement with 
a purchase obligation for the MV 
Oscar Wilde. These two agreements 
further strengthened our offering to 
our customers on the Channel and 
gives us the opportunity to continue 
our impressive levels of growth in 
the Division. The Ferries Division saw 
strong volume growth across all our 
markets. Significant progress has been 
made against our target of getting 
back to pre-Covid levels of passenger 
traffic. While the Container and 
Terminal Division also experienced 
strong volume growth, the profitability 
of the Division has not yet reached its 
previous peak.
The disruption in the Port of Holyhead 
in December 2024 has obviously had 
a negative impact on our financial 
results. When we became aware of 
the likely length of closure, we were 
able to redeploy our ships to minimise 
customer disruption and mitigate 
as much as possible our financial 
losses. While far from ideal, under 
these circumstances we believe we 
Chairman’s Statement
CONTINUED GROWTH 
TOWARDS A MORE 
PROFITABLE AND 
SUSTAINABLE 
FUTURE
John B. McGuckian,
Chairman
were successful in achieving this with 
the assistance of our onboard crews, 
port staff and other port authorities. 
However, none of this would have been 
possible without the flexibility shown 
by our customers. We thank them for 
that. What the disruption does show is 
the critical importance of this route for 
trade between Ireland and the UK. The 
frequency of service and ease of access 
it provides to Ireland’s motorway 
network can simply not be replaced by 
other alternative routes. While short 
term solutions were found, they were 
inferior. We welcomed the partial 
reopening of the port in January 2025 
and look forward to its full reopening in 
advance of the peak season. 
While we see encouraging signs in the 
Container and Terminal Division, it was 
another challenging year. However 
as noted in the prior year, this is set 
against a number of years of record 
growth and profitability prior to 2023. 
Container volumes in Eucon and lifts 
in our terminals grew strongly this 
year. The costs associated with this 
growth were not fully recovered due 
to yield pressures resulting in reduced 
profitability for the Division. However, 
we do see encouraging signs in the 
market and expect a further recovery 
in rates, which we stand to benefit 
from following our positioning in the 
market.
We continued our investment in the 
future growth in the Ferries Division 
during the year with the introduction 
of the Oscar Wilde (formerly the 
Spirit of Britain) on the Dover – Calais 
8
Irish Continental Group

“As in prior years, I 
would like to take this 
opportunity to thank 
all our colleagues who 
made these results 
possible.” 
route. We entered into a bareboat 
charter agreement for the ship with a 
purchase obligation. The ship entered 
into our service in June 2024, and the 
purchase obligation will be completed 
in June 2026. The entry of the ship into 
service will allow the Group to continue 
its growth on the Channel and improve 
our offering to customers. The James 
Joyce (formerly the Star) was returned 
to its owners at the end of January 
2025. 
We are delighted to announce the 
extension of our concession for the 
operation of Belfast Container Terminal 
for a further six years to 2032. This 
further extension is testament to our 
operational excellence in terminal 
operations and will allow us to build 
upon the productive partnership that 
we have shared with Belfast Harbour 
Commissioners since the concession’s 
inception in 2015.
As in prior years, I would like to take this 
opportunity to thank all our colleagues 
who made these results possible. Our 
colleagues, both those on the front line 
and those who support them, continue 
to ensure the efficient and reliable 
operation of our services and allow 
us to meet the requirements of our 
customers. 
Financial Outcome
The overall financial outcome for the 
Group was a profit before tax of €62.2 
million (2023: €63.3 million) while 
operating profit was €69.1 million (2023: 
€68.4 million). EBITDA generated was 
€133.5 million (2023: €132.6 million) from 
total revenues of €603.8 million (2023: 
€572.0 million).
In the Ferries Division, EBITDA grew 
again versus the prior year to €109.8 
million (2023: €106.9 million). The 
Division saw increased revenues from 
the recovery in our passenger markets, 
continued growth in the freight market. 
It was however negatively impacted 
by the closure of the Port of Holyhead 
in December. At a peak time for travel, 
this has significantly impacted the 
outcome for the year and means the 
full year results are not reflective of the 
underlying strong performance in the 
Ferries Division.
Despite an upturn in volumes during 
the year, depressed rates and increased 
costs resulted in a reduction in profits 
in the Container and Terminal Division. 
EBITDA of €23.7 million (2023: €25.7 
million) was down on the prior year, but 
still well ahead of historical levels pre 
2023. We believe we are well positioned 
following our strong volume growth to 
benefit from the expected upturn in 
container rates in 2025.
9
Strategic Report
2024 Annual Report and Financial Statements

2024 has seen the continuation of the 
Group’s track record in generating 
strong cash flows. The cash flow 
generation in the current year 
combined with the strength of our 
balance sheet, puts us in a prime 
position to continue our focus on 
shareholder returns and future growth. 
Cash generated from operations of 
€142.5 million (2023: €136.7 million) for 
the year. Capital expenditure of €32.4 
million and returns to shareholders 
of €33.7 million via a combination of 
dividends and share buybacks. Net 
debt at year end was €162.2 million 
(2023: €143.7 million). Net debt pre 
IFRS16 was €55.1 million (2023: €106.7 
million).
Strategic Development
The Group has continued to progress a 
number of key strategic developments 
during the year. 
Chairman’s Statement
Continued
by the end of the year. We will now 
shift our focus to work with P&O 
Ferries, to introduce this initiative for 
our passenger customers. When fully 
implemented, the agreement will 
result in greater flexibility and more 
choice for our customers. 
Building on our progress over the last 
number of years, we continue to place 
a significant focus on enhancing our 
approach to ESG and sustainability. 
This is discussed later in the 
Sustainability and ESG Report (pages 
40-67), highlights of which include the 
significant progress we have made 
in further reducing the emissions of 
our container terminal operations 
following the completion of our current 
investment programme in Dublin 
Ferryport Terminal in 2023. We are still 
on course to achieve a reduction in the 
emissions from our container terminal 
operations of 70 per cent by 2025. 
With the progress made to date and 
the expected future investment, we 
expect to achieve our target of net zero 
emissions in our container terminal 
operations by 2030. 
2024 saw the introduction of maritime 
transport into the EU Emissions 
Trading System (EU ETS). The maritime 
industry is recognised as a hard 
to abate sector due to its current 
reliance on the burning of marine 
“The Group has 
continued to progress a 
number of key strategic 
developments during 
the year.” 
The Group took delivery of the Oscar 
Wilde (previously Spirit of Britain), 
which entered service with Irish Ferries 
in June 2024. The Oscar Wilde was 
built by STX Europe in Finland in 2010, 
entering service on the Dover – Calais 
route in 2011 with P&O Ferries. The 
ship has been acquired for a total 
consideration of €89.4 million settled 
through a combination of a two-year 
charter set at €20,000 per day and a 
purchase obligation for €74.8 million at 
the end of the charter. The ship offers 
our customers enhanced comfort 
and increased capacity on the route. 
Following an initial 20 month charter, 
the vessel James Joyce (ex Star) was 
returned to her owners Tallink in 
January 2025. The Group had further 
charter extension and purchase 
options which were not exercised. 
The Group’s subsidiary Irish Ferries 
signed a space charter agreement 
for the Dover – Calais route with P&O 
Ferries, allowing for space sharing on 
each parties’ vessels encompassing 
both freight and passenger traffic. The 
initial focus was to introduce the space 
sharing for our freight customers. This 
was completed and fully operational 
10
Irish Continental Group

petroleum based fuels. Therefore, it 
is vital that the revenues raised via 
the EU ETS surcharges are effectively 
invested in the development of 
commercially viable alternatives for 
the maritime industry. It is unclear 
at this time, whether this is the case. 
This programme is being phased in 
over a period of three years with 40% 
of emissions in scope for 2024. From 
1 January 2025, 70% of emissions fall 
into the scope of the scheme in 2025 
and all emissions from 1 January 
2026. The future cost associated with 
these regulations remain uncertain, 
as they will depend on the availability 
and demand for EUA carbon credits, 
which are set by the EU. To manage 
this anticipated increase in costs, the 
Group has established transparent ETS 
surcharge mechanisms, allowing for 
the Group to pass on these additional 
costs. 
2025 will see the introduction of the 
FuelEU regulation. The aim of the 
regulation is to further penalise the 
use of carbon-intensive fuels. The 
Group is continuing to actively explore 
ways to reduce emissions through 
various projects on its vessels. However, 
the limited availability of alternative 
fuels at competitive prices remains a 
significant challenge for the industry. 
ICG would again strongly encourage 
the EU and national governments 
to reinvest the substantial revenues 
generated from these carbon taxes 
into research and development, with 
the aim of developing alternative fuels 
and technologies that are cost-effective 
for the maritime industry.
Corporate Governance
The Board acknowledges the 
importance of good corporate 
governance practices. We have 
developed a corporate governance 
framework based on the application 
of the principles and compliance with 
the provisions of the UK Corporate 
Governance Code (2018) and the Irish 
Corporate Governance Annex. I report 
on this framework in the Corporate 
Governance Report (pages 86-87).
During the year, I led the annual 
evaluation of Board performance, 
which was externally facilitated, of 
which further details are set out in 
the Corporate Governance Report 
(page 94). As Chairman, I am satisfied 
that the Board operates effectively 
to ensure the long-term success of 
the Group and that each Director 
is contributing effectively and 
demonstrating commitment to their 
role. 
Dividend and share buyback
The Directors declared and paid during 
2024 a final dividend of 9.93 cent per 
ordinary share for 2023 and an interim 
dividend of 5.11 cent per ordinary share 
for 2024. Dividends paid during the 
year totalled €24.7 million (2023: €24.4 
million). 
During the year, the Company bought 
back a total of 1.9 million shares which 
were cancelled. The total consideration 
paid for these shares was €9.0 million 
(2023: €21.4 million). The Directors are 
proposing a final dividend in respect of 
2024 of 10.43 cent per share subject to 
shareholder approval at the AGM on 8 
May 2025, which will be paid on 6 June 
2025 to shareholders on the register at 
close of business on 16 May 2025.
Outlook
The beginning of 2025 has been 
impacted by the prolonged closure of 
Holyhead Port. This has obviously had a 
detrimental impact on volumes in the 
Ferries Division. Despite that, with the 
reopening of the port, we have begun 
to see a return to a more normalised 
market. 
In the period from 1 January 2025 to 
28 February 2025, Irish Ferries carried 
49,300 cars, a decrease of 17.0% over 
the same period in the prior year. While 
it is a disappointing start to the year, 
it is over a seasonally less significant 
period for passenger travel and has 
been negatively impacted by both the 
closure of the Port of Holyhead and the 
timing of drydocks. We do not believe 
the decline is representative of the 
market and have been encouraged by 
the recovery in our volumes since the 
partial reopening of the port.
Similarly, RoRo volumes have been 
negatively impacted by the closure 
of the port and drydock timings. Irish 
Ferries’ RoRo volumes are down 4.7% 
on the same period in the prior year to 
112,200 units.
In Eucon, we have seen an 
exceptionally strong start to the year 
with volumes up 34.0%. This is not 
necessarily indicative of the underlying 
market but does offer an indication 
that we will see strong growth in 
our container business in 2025. In 
anticipation we have increased our 
fleet to seven vessels to accommodate 
these increased volumes but it will be 
important that we achieve improved 
rates to offset the additional cost. 
Port lifts have increased by 10.0% in 
the year to date, a continuation of the 
strong growth we saw in the prior 
year. This growth is testament to the 
investments we have made to our 
terminal in Dublin. 
Furthermore, we are delighted 
to announce the extension of our 
concession for the operation of Belfast 
Container Terminal for a further six 
years to 2032. This further extension 
is testament to our operational 
excellence in terminal operations 
and will allow us to build upon the 
productive partnership that we 
have shared with Belfast Harbour 
Commissioners since the concession’s 
inception in 2015.
John B. McGuckian,
Chairman 
2 March 2025
11
Strategic Report
2024 Annual Report and Financial Statements

Key Financial Highlights
EBITDA 
€133.5m +0.7%
2023: €132.6m
Operating profit
€69.1m
+1.0%
2023: €68.4m
Return on average capital 
employed
16.9%
(0.8pts)
2023: 17.7%
Adjusted basic earnings per 
share
35.5c
2023: 35.5c
Free cash flow before strategic 
capital expenditure
€115.2m
+7.6%
2023: €107.1m
2024 Performance
2024 was another successful year for 
the Group. Volumes growth in both 
Divisions were a particular highlight, 
with passenger and freight growth 
strong in the Ferries Division and 
strong volume growth in the Container 
and Terminal Division. Dover – Calais 
has continued to grow in line with 
expectations and we expect this to 
continue with the introduction of the 
Oscar Wilde onto the route. We have 
further strengthened our position 
on the Channel with the signing of a 
space charter agreement with P&O 
Ferries. This agreement materially 
increases the level of service we can 
provide to our freight customers. It 
is our intention to further develop 
this partnership with P&O Ferries in 
2025 by extending it to our passenger 
business. The agreement will provide 
our customers with far more choice 
and flexibility when using our services 
on the Channel. The disruption in 
the Port of Holyhead in December 
was disappointing. The timing of the 
incident was at one of the busiest 
times of the year for both freight and 
passenger traffic. This incident has 
obviously had a financial impact on 
the Group. Of greater importance was 
the impact it had on our customers at 
an important time of the year. I would 
like to thank our customers for the 
flexibility and patience they showed as 
we readjusted our schedule and routes 
Chief Executive’s Review
to ensure people and goods could 
travel in advance of the Christmas 
holidays. 
While the end of the year was 
disappointing, it should not take away 
from what is a record level of revenue 
and cash generation for the Group. 
The Group made a profit before tax of 
€62.2 million (2023: €63.3 million). Net 
cash inflow from operating activities 
was €131.8 million (2023: €128.6 million) 
and the Group maintained a strong 
balance sheet.
The performance in the Ferries Division 
saw an increase in EBITDA to €109.8 
million (2023: €106.9 million). As in 
the prior year, this has been primarily 
driven by strengthening our position 
on the Dover – Calais route and the 
strong growth and performance of 
duty-free sales. However, the disruption 
at the Port of Holyhead had a negative 
impact on outturn. Revenue in the 
Division increased by 5.1% to €433.5 
million (2023: €412.3 million).
Performance in the Container 
and Terminal Division was more 
challenging during the year, with 
improved volume growth offset by a 
challenging rate environment. EBITDA 
in this Division decreased by 7.9% to 
€23.7 million (2023: €25.7 million). 
While EBITDA has reduced versus the 
prior year, the strong volume growth 
A RECORD RESULT 
BUT CAPACITY 
FOR MORE
Eamonn Rothwell,
Chief Executive Officer
12
Irish Continental Group

in the Division should lead to an 
improved rate environment in 2025. 
Revenues in the Division increased 
by 4.8% to €203.5 million (2023: €194.1 
million). 
Financial Position
The Group ended the year in a strong 
position with equity attributable to 
shareholders increasing by €40.0 
million to €322.3 million, which 
was after total returns made to 
shareholders of €33.7 million. Total 
dividend payments of €24.7 million 
paid with the dividend per share 
increasing 5.0% versus 2023. In 
addition, the Group bought back 1.9 
million shares which were cancelled, 
for a total consideration of €9.0 million.
Net debt at year end was €162.2 million 
compared to net debt of €143.7 million 
in the prior year. This represents a net 
debt / EBITDA leverage of 0.5 times 
under banking covenant definitions. 
Cash generated from operations in the 
year was €142.5 million (2023: €136.7 
million). This funded strategic capital 
expenditure of €15.8 million, dividends 
paid of €24.7 million and share 
buybacks of €9.0 million. Year end net 
debt of €162.2 million comprised gross 
borrowings of €96.4 million (2023: 
€153.5 million), lease obligations of 
€107.1 million (2023: €37.0 million) less 
gross cash balances of €41.3 million 
(2023: €46.8 million). Lease obligations 
relating to right-of-use assets are 
excluded for banking covenant 
purposes. The material increase in the 
lease obligations primarily relates to 
the purchase obligation for the Oscar 
Wilde.
Strategic Performance
As Chief Executive, a key responsibility 
is maintaining our Group’s focus on 
future profitable and sustainable 
growth. I am confident that this has 
been achieved in the last number of 
years despite serious challenges such 
as the Covid-19 pandemic and the 
exit of the United Kingdom from the 
European Union. Previous investments, 
in particular in our Container and 
Terminal Division in Dublin and the 
Dover – Calais route, have given us the 
required platform for future growth.
The Group took delivery in June 2024 of 
the Oscar Wilde cruise ferry which has 
been in operation since on the Dover 
– Calais route. As already outlined by 
the Chairman, the vessel has been 
acquired for a total consideration of 
€89.4 million through a combination 
of a purchase obligation after two 
years set at €74.8 million and a two 
year charter set at €20,000 per day. 
This vessel was built in the same yard 
as the MV Ulysses and in our opinion 
is of the highest quality. The vessel is 
well suited for the Dover – Calais route 
ensuring a greater level of efficiency 
for our operations on the Channel. 
On board, the vessel enhances our 
customer offering with a wide selection 
of passenger facilities including a Duty 
Free shop designed for the Dover – 
Calais route. 
Further improving the customer 
offering and strategic position we now 
enjoy on the Channel is the signing 
of a space charter agreement with 
P&O Ferries. This agreement, already 
in place for our freight customers 
and planned to be introduced for our 
passenger customers in the summer 
greatly enhances customer choice due 
to greater frequency of service and 
flexibility around departure times. 
The expansion and modernisation of 
our container terminal in Dublin port 
was completed during the prior year. 
In 2023, we commissioned five new 
remote controlled semi-automated 
rubber-tyred gantries (RTGs) and 
one new ship-to-shore crane. This 
represented an investment of €30.4 
million in the terminal that has 
increased capacity by approximately 
20% while at the same time materially 
13
Strategic Report
2024 Annual Report and Financial Statements

reducing emissions in the terminal and 
helping us towards our Net Zero 2030 
goal for terminal operations. We give 
an update in our Sustainability and ESG 
Report (pages 40-67) on the progress 
we have made towards our terminal 
Net Zero 2030 goals. The increased 
capacity arising out of this investment 
has helped volumes grow in the Dublin 
terminal by 12.8% in 2024.
The Group’s management continually 
seeks investment opportunities which 
meet the Group’s stringent return 
hurdles both in terms of return and risk 
appetite, a policy which is promoted 
at all levels within the organisation. 
These investments are funded through 
a combination of debt and cash 
generation from existing activities.
“The Group is conscious 
that its activities have 
an environmental 
impact but notes that 
reducing that impact 
aligns with our overall 
strategy.”
Chief Executive’s Review
Continued
The inclusion of marine emissions in 
the EU Emissions Trading Scheme 
(EU ETS) from 2024 has provided 
an opportunity to drive investment 
in these alternative fuels. However, 
for this potential to be realised, it is 
essential that revenues generated 
from the EU ETS are reinvested into 
the development of commercially 
viable sustainable fuels and related 
infrastructure.
The regulatory landscape for the 
maritime industry continued to evolve 
throughout the year, and further 
changes are anticipated in 2025. These 
developments will be discussed in 
detail in our Sustainability and ESG 
Report (pages 40-67). Notably, the EU 
ETS scheme will be followed in 2025 by 
the implementation of FuelEU, which 
aims to reduce the carbon intensity of 
marine operations. Additionally, the 
International Maritime Organization 
(IMO) has set a target for net-zero 
emissions across the maritime sector 
by around 2050, marking a significant 
increase in ambition.
At ICG, we fully support these 
heightened sustainability targets 
but acknowledge the substantial 
challenges they present for the 
industry. To overcome these challenges 
and make meaningful progress, 
Strategy and the Environment
The Group recognises the 
environmental impact of its 
activities, particularly in an industry 
acknowledged as one of the most 
challenging sectors to decarbonise. 
This is largely due to the limited 
availability of cost-competitive 
alternative fuels suitable for larger 
vessels. Currently, over 95% of our Scope 
1 emissions are attributable to vessel 
operations, highlighting the need for 
the development of viable alternative 
fuels to achieve meaningful emission 
reductions.
14
Irish Continental Group

significant reinvestment of EU ETS 
and FuelEU revenues into sustainable 
fuel development is imperative. This 
investment should prioritise the 
establishment of "green corridors," 
such as the Dublin – Holyhead route, 
where focused development could 
drive significant economies of scale, 
benefiting not only our operations 
but also contributing to broader 
advancements in the maritime 
industry.
In our land-based operations, we 
have demonstrated ambition and 
success in reducing emissions where 
viable alternatives are available. 
A key achievement has been 
the electrification of heavy plant 
equipment at Dublin Ferryport 
Terminals, including the replacement 
of RTGs and ship-to-shore cranes with 
electric alternatives, resulting in a 
significant reduction in emissions. This 
progress positions us well to meet our 
net-zero ambitions for the terminal by 
2030.
We have also invested considerably 
in exhaust gas cleaning systems 
(EGCS) across both our ferry and 
container fleets. Our commitment 
to sustainability is evident 
through our investments in EGCS 
technology and the electrification 
of our container terminal. However, 
achieving decarbonisation in marine 
operations depends on the continued 
reinvestment of EU ETS and FuelEU 
revenues into the advancement of 
sustainable fuel solutions.
We recognise that our stakeholders 
expect us to prioritise environmental 
stewardship. Our commitment to 
continuous improvement spans all 
aspects of our operations, reflecting 
our determination to make a positive 
impact. Freight transportation remains 
crucial to the Irish, UK, and European 
economies, and our efforts to green 
the maritime industry play a vital role 
in advancing a sustainable European 
economy amidst the growing 
challenges of climate change.
As an island off the northwest coast of 
Europe, approximately 90% of Ireland's 
trade exports and imports depend 
on maritime access. Additionally, we 
transport over three million passengers 
annually, many of whom contribute 
significantly to regional employment 
through tourism. While these 
economic and social contributions 
are substantial, we recognise the 
need to balance them against our 
environmental footprint, which 
remains considerably lower than that 
of the airline industry.
Stakeholders
The Group’s performance is dependent 
on the support of our customers, 
suppliers and employees. I would 
like to thank all our customers for 
their support during the year. We will 
continue to work with our customers to 
meet their expectations into the future.
Our suppliers are key to our ability 
to deliver quality services to our 
customers. We continually work with 
our suppliers whether they be port 
operators, contracted service providers 
or product suppliers to improve 
efficiencies and quality. We appreciate 
the co-operation and flexibility 
achieved in delivering our 24/7 services.
As in prior years, I would like to take this 
opportunity to thank our employees 
for their continued dedication to the 
operation of our services that are 
essential to the island of Ireland. It is 
their knowledge and dedication to 
customer service that drives the future 
success of the Group. 
Outlook
Despite the slow start to the year, I 
am confident in the Group’s ability to 
deliver record results again in 2025. 
While the ending to 2024 was clearly 
disappointing, it should not take 
away from a set of record results and 
a year of further progress across all 
parts of the business. We continue to 
see freight customers returning to 
the landbridge and we expect this to 
continue into 2025. Our investment 
and work on the Dover – Calais route is 
driving growth and performance and 
will continue to do so in to 2025. 
While the strong start in our Container 
and Terminal Division may not 
continue at the same levels for all of 
2025, we do expect strong growth in 
this Division and increased profitability. 
The extension of the long-term 
concession for Belfast Container 
Terminal proves we are going in the 
right direction. 
As always, we will continue to seek 
out improvement and investment 
opportunities through the effective 
and conservative management of 
capital allocations to ensure our long 
term success.
Eamonn Rothwell,
Chief Executive Officer 
2 March 2025
15
Strategic Report
2024 Annual Report and Financial Statements

How We Create Value
OUR 
PURPOSE
FERRIES  
DIVISION
Multipurpose ferry services carrying both passengers and RoRo freight on 
strategic short sea routes.
Ireland
Britain
Britain
France
Ireland
France
Operating a fleet of seven to eight ferries
(including one chartered-in)
Capacity to operate up to 37 sailings daily
8 owned LoLo vessels 
(6 chartered internally & 2 externally) 
Customer type
Freight  
+ Haulage
Leisure  
Breaks
Revenue
€433.5m
68% of Group *
Capital Employed
€362.3m
84% of Group
EBITDA
€109.8m
82% of Group
*inclusive of inter-segment revenue
KEY STRATEGIC 
DEVELOPMENTS  
OVER THE LAST  
5 YEARS
W.B. Yeats
The introduction of the WB Yeats 
into service in 2019 has met our 
expectations both operationally 
and financially. The flexibility, 
reliability and capacity of the vessel 
has been critical in allowing the 
Ferries Division to successfully 
navigate constantly changing 
trade flows due to the twin effects 
of the UK exit from the European 
Union and the Covid-19 pandemic.
Dover to Calais route
Commencement of the Irish 
Ferries service on the Dover – Calais 
route in 2021. Introduction of a third 
ship onto the route in during 2022 
allowing us to offer 30 sailings per 
day to our customers. Introduction 
of the Oscar Wilde (ex Spirit of 
Britain) onto the route in 2024.
16
Irish Continental Group

We will create value for our 
stakeholders by anticipating 
our customers’ needs and 
matching their requirements 
with superior services 
through constant innovation 
and the rapid application of 
technology.
CONTAINER & 
TERMINAL  
DIVISION
Direct container shipping services between Ireland and Continental Europe 
together with the operation of container terminals at both Dublin and 
Belfast.
Container fleet capacity 8,500 TEU
Strategically located container terminals
Customer type
Freight  
+ Haulage
Revenue
€203.5m
32% of Group *
Capital Employed
€68.5m
16% of Group
EBITDA
€23.7m
18% of Group
*inclusive of inter-segment revenue
Dublin Ferryport Inland Depot 
(DFID)
Opening of our new terminal in the 
Dublin Ferryport Inland Depot in 
January 2022. The inland depot is 
strategically located to allow easy 
access to Ireland’s motorway system. 
This will allow ancillary services to be 
provided outside of the Dublin Port 
area, therefore increasing capacity in 
the Dublin Ferryport Terminal.  
Terminals Investment
Completed investment in 
decarbonisation of Dublin and 
Belfast Terminals. During 2023, the 
Group completed current program 
of its investment in the terminal 
with the commissioning of a further 
five electric RTGs and one ship-to-
shore crane. 
Environmental Investment
The Group has invested in exhaust 
gas cleaning systems (EGCS) on 
the W.B. Yeats, Ulysses, the Isle of 
Inishmore and six of its internally 
chartered container vessels. These 
EGCS reduce the sulphur content 
and particular matter of our 
emissions. 
17
Strategic Report
2024 Annual Report and Financial Statements

The Group uses a set of headline Key Performance Indicators (KPIs) to measure the performance of its operations and of the 
Group as a whole which are set out and defined below.
Certain financial measures used are not defined under International Financial Reporting Standards (IFRS). Presentation 
of these Alternative Performance Measures (APMs) provides useful supplementary information which, when viewed in 
conjunction with the Group’s IFRS financial information, allows for a more meaningful understanding of the underlying 
financial and operating performance of the Group. These non-IFRS measures should not be considered as an alternative to 
financial measures as defined under IFRS. Descriptions of the APMs included in this report are disclosed below.
APM
Description
Benefit of APM
EBITDA
EBITDA represents earnings before interest, tax, 
depreciation, impairment, amortisation and non-trading 
items.
Eliminates the effects of financing 
and accounting decisions to allow 
assessment of the profitability and 
performance of the Group.
EBIT
EBIT represents earnings before interest, tax and non-
trading items.
Measures the Group’s earnings from 
ongoing operations.
Free cash 
flow before 
strategic capital 
expenditure
Free cash flow before strategic capital expenditure 
comprises net cash flow from operating activities less 
maintenance capital expenditure. Maintenance capital 
expenditure comprises capital expenditure excluding 
strategic capital expenditure and includes annual overhaul 
and repairs and other expenditure undertaken to maintain 
the existing level of operations. Strategic capital expenditure 
includes investment in assets aligned with Group strategy to 
increase capacity, enhance customer experience or improve 
operational efficiencies.
Assesses the availability to the 
Group of funds for reinvestment or 
for return to shareholders.
Net debt
Net debt comprises total borrowings plus lease liabilities less 
cash and cash equivalents. 
Measures the Group’s ability to 
repay its debts if they were to fall 
due immediately.
Leverage
The debt leverage ratio is calculated per the terms of 
our lending agreement and is calculated as bank debt, 
excluding lease liabilities, expressed as times EBITDA. The 
calculation is set out at note 21 to the Financial Statements. 
Provides an indication of the 
Group’s borrowing capacity.
Adjusted Basic 
Earnings Per 
Share (EPS)
EPS is adjusted to exclude the non- trading items and net 
interest (income) / cost on defined benefit obligations.
Directors consider Adjusted Basic 
EPS to be a key indicator of long-
term financial performance and 
value creation of a public listed 
company.
ROACE
ROACE represents return on average capital employed. 
Operating profit expressed as a percentage of average 
capital employed (consolidated net assets, excluding net 
debt, retirement benefit surplus / (obligation) and asset 
under construction net of related liabilities.
Measures the Group’s profitability 
and the efficiency with which its 
capital is employed.
Long-term total 
shareholder 
return (TSR)
Long-term TSR is the total accumulated return received by a 
shareholder (through gross dividends reinvested and share 
appreciation) if €100 was invested in ICG shares in 1988.
Measures the Group’s success 
in creating long-term value for 
shareholders.
Pre-IFRS 16
Use of the term Pre-IFRS 16 denotes that the APM or IFRS 
measure has been adjusted to remove the effects of the 
application of IFRS 16: Leases.
Measurement of covenants for bank 
facility purposes
Key Performance Indicators and Summary of 2024 Results
18
Irish Continental Group

Non-Financial KPI
Description
Benefit of non-financial KPI
Schedule 
integrity 
Schedule integrity (the 
number of sailings 
completed versus scheduled 
sailings).
Schedule integrity is an important measure for Irish Ferries’ 
vessels as it reflects the reliability and punctuality of our service. 
This measure is meaningful to both our passenger and freight 
customers alike in facilitating them and their cargo to arrive on 
time at their final destination.
The following table sets forth the reconciliation from the Group’s operating profit (EBIT) for the financial year to EBITDA, free 
cash flow and net debt. See note 11 to the Consolidated Financial Statements for the calculation of Basic and Adjusted Basic 
EPS. 
Cash Flow
2024 
€m
2023 
€m
Operating profit (EBIT)
69.1
68.4
Depreciation and amortisation (note 9)
64.4
64.2
EBITDA
133.5
132.6
Working capital movements (note 33)
5.3
1.7
Retirement benefit scheme movements (note 33)
0.7
0.6
Share-based payments expense (note 30)
3.6
2.8
Other
(0.6)
(1.0)
Cash generated from operations
142.5
136.7
Interest paid
(8.6)
(5.9)
Tax paid
(2.1)
(2.2)
Maintenance capital expenditure
(16.6)
(21.5)
Free cash flow before strategic capital expenditure
115.2
107.1
Strategic capital expenditure 
(15.8)
(21.8)
Free cash flow after strategic capital expenditure 
99.4
85.3
Proceeds on disposal of property, plant and equipment
3.2
3.1
Share buybacks
(9.0)
(21.4)
Dividends paid
(24.7)
(24.4)
Settlement of employee equity plans through market purchases
(3.7)
(3.1)
Proceeds on issue of ordinary share capital
0.7
0.4
Net cash flows
65.9
39.9
Opening net debt 
(143.7)
(171.1)
Recognition of right-of-use asset lease obligations
(84.4)
(12.5)
Closing net debt 
(162.2)
(143.7)
19
Strategic Report
2024 Annual Report and Financial Statements

The following table sets forth the reconciliation from the Group’s ROACE calculation:
ROACE
2024 
€m
2023 
€m
Equity 
322.3
282.3
Net debt
162.2
143.7
Asset under construction (including prepayment deposits)
(1.9)
(0.1)
Retirement benefit obligations
0.5
0.5
483.1
426.4
Retirement benefit surplus
(52.3)
(39.4)
Capital employed
430.8
387.0
Average capital employed
408.9
385.8
Operating profit 
69.1
68.4
ROACE
16.9%
17.7%
The following table provides a reconciliation of the Group’s net debt position:
Net debt
2024  
€m
2023  
€m
Cash and cash equivalents (note 18) 
41.3
46.8
Non-current borrowings (note 21)
(89.1)
(41.1)
Current borrowings (note 21)
(7.3)
(112.4)
Non-current lease obligations (note 22)
(99.6)
(25.4)
Current lease obligations (note 22)
(7.5)
(11.6)
Net debt
(162.2)
(143.7)
Key Performance Indicators and Summary of 2024 Results
Continued
20
Irish Continental Group

The calculation and performance of KPIs and a summary of the key financial results for the year is set out in the table below. 
A detailed review of the divisional operations is set out in the Strategic Report (pages 24-35).
Ferries
Container & Terminal
Inter- Segment
Group
2024
2023
2024
2023
2024
2023
2024
2023
Comment
€m
€m
€m
€m
€m
€m
€m
€m
Revenue
433.5
412.3
203.5
194.1
(33.2)
(34.4)
603.8
572.0
EBITDA
1
109.8
106.9
23.7
25.7
-
-
133.5
132.6
Depreciation and 
amortisation
(55.4)
(54.8)
(9.0)
(9.4)
-
-
(64.4)
(64.2)
Operating profit (EBIT)
2
54.4
52.1
14.7
16.3
-
-
69.1
68.4
Finance costs (note 7)
(7.3)
(5.1)
(1.2)
(1.4)
-
-
(8.5)
(6.5)
Finance income (note 6)
1.6
1.4
-
-
-
-
1.6
1.4
Profit before tax
48.7
48.4
13.5
14.9
-
-
62.2
63.3
ROACE
3
16.1%
16.5%
20.9%
23.4%
16.9%
17.7%
EPS: (note 11)
EPS Basic 
4
36.3
36.2
EPS Adjusted Basic
4
35.5
35.5
Free cash flow
5
115.2
107.1
Comment:
Financial KPIs
1.	 EBITDA: Group EBITDA for the year increased by 0.7%, to €133.5 million (2023: €132.6 million). The increase in underlying 
EBITDA was primarily due to due to increased revenues in the Ferries Division partially offset by a reduction in EBITDA 
in the Container and Terminal Division. EBITDA in the Ferries Division increased by 2.7%, to €109.8 million, while the 
Container and Terminal Division decreased by 7.8%, to €23.7 million.
2.	EBIT: Group EBIT for the year increased to €69.1 million (2023: €68.4 million). The Ferries Division increase in underlying 
EBIT was €2.3 million, primarily due to increased revenues following further volume growth for both cars and freight, while 
the Container and Terminal Division was €1.6 million lower, as higher volumes were offset by a weak rate environment. 
3.	ROACE: The Group achieved a return on average capital employed of 16.9% (2023: 17.7%). The Ferries Division achieved a 
return on average capital employed of 16.1% (2023: 16.5%) while the Container and Terminal Division achieved 20.9% (2023: 
23.4%). 
4.	EPS: Basic EPS was 36.3 cent compared with 36.2 cent in 2023. Adjusted Basic EPS (before net interest (income) / cost on 
defined benefit obligations) was 35.5 cent which was unchanged when compared against the prior year. 
5.	Free cash flow before strategic capital expenditure: The Group’s free cash flow before strategic capital expenditure was 
€115.2 million (2023: €107.1 million). The increase in free cash flow is mainly due to working capital movements as well as 
the increase in EBITDA. Free cash flow before strategic capital expenditure is a meaningful measure of cash generated for 
investment or return to shareholders. 
Non-Financial KPIs
Schedule integrity: The Ferries Division delivered 96% of scheduled sailings across all services during 2024 (2023: 95%).
21
Strategic Report
2024 Annual Report and Financial Statements

22
Irish Continental Group

23
Strategic Report
2024 Annual Report and Financial Statements

The Ferries Division
The Ferries Division operates multipurpose ferry 
services carrying both passengers and RoRo freight 
on strategic short sea routes between Ireland and 
Britain, Britain and France and direct ferry services 
between Ireland and France. The Division also 
engages in chartering activities.
Fleet Summary
 
Operated by Ferries Division
Vessel
Type
Employment
Ulysses
Cruise ferry
Dublin – Holyhead
Isle of Inishmore
Cruise ferry
Dover – Calais
Isle of Innisfree
Cruise ferry
Rosslare – Pembroke 
James Joyce (returned to owners in 
2025)
Cruise ferry
Rosslare – Pembroke
Dublin – Holyhead / Cherbourg
Oscar Wilde
Cruise ferry
Dover – Calais 
Dublin Swift
High speed ferry
Dublin – Holyhead
W.B. Yeats 
Cruise ferry
Dublin – Holyhead / Cherbourg
Isle of Inisheer 
Ropax
Dublin – Holyhead 
 
Irish Ferries Ropax and 
Cruise Ferry Services
Irish Ferries High Speed Ferry
The ferry services trade under the Irish Ferries brand. Irish 
Ferries operates on four routes utilising a fleet of seven to 
eight vessels during the year, six of which are owned and the 
remainder chartered in. 
 
In addition to the modern fleet, Irish Ferries retains rights to 
access appropriate berthing times at key ports allowing Irish 
Ferries to facilitate its customers’ preferred sailing times. 
  
The Division also owns eight container vessels, which are 
time chartered at year end.
 
M50
M1
M2
M3
M4
M7
M50
M50
M50
M50
M50
M50
M50
M11
Dublin Port
Holyhead
Cherbourg
24
Irish Continental Group

France
United 
Kingdom
Ireland
Rosslare
Holyhead
Pembroke
Dover
Cherbourg
Calais
Dublin
Chartered out by Ferries Division
Vessel
Type
Employment
Ranger
LoLo container vessel
Charter – Inter-Group
Elbfeeder
LoLo container vessel
Charter – Inter-Group
Elbtrader
LoLo container vessel
Charter – Inter-Group
Thetis D
LoLo container vessel
Charter – 3rd Party
CT Daniel
LoLo container vessel
Charter – 3rd Party
CT Rotterdam
LoLo container vessel
Charter – Inter-Group
Elbcarrier
LoLo container vessel
Charter – Inter-Group 
CT Pachuca
LoLo container vessel
Charter – Inter-Group 
 
25
Strategic Report
2024 Annual Report and Financial Statements

The Ferries Division
Continued
Ferries Division Key Financial 
Highlights
Revenue 
€433.5m
+5.1%
2023: €412.3m
 EBITDA 
€109.8m
+2.7%
2023: €106.9m
 
Operating profit
€54.4m
 +4.4%
2023: €52.1m
ROACE
16.1%
(0.4pts)
2023: 16.5%
2024 Overall Ferries Division 
Performance
Revenue in the Division was 5.1% higher 
than the previous year at €433.5 million 
(2023: €412.3 million). Revenue in the 
first half of the year increased by 9.9% 
to €197.6 million (2023: €179.8 million), 
while in the second half revenue was 
marginally ahead of the prior year, at 
€235.6 million (2023: €232.5 million). 
EBITDA increased to €109.8 million 
(2023: €106.9 million) while EBIT was 
€54.4 million compared with €52.1 
million in 2023. 
 
Fuel costs were €91.6 million (including 
ETS costs), a decrease of €1.1 million on 
the prior year. The Division achieved 
a return on capital employed of 16.1% 
(2023: 16.5%).
 
In total, Irish Ferries operated 13,153 
sailings in 2024 (2023: 14,250).
 
Car and Passenger Markets
It is estimated that the overall car 
market1, on the routes that we 
operate (Republic of Ireland to UK/
France and the Dover Straits), grew 
by approximately 1.7% in 2024 to 
4,688,000 cars. While encouraging, 
this level of car carryings is still 14.0% 
behind 2019 levels.
“Irish Ferries’ car 
carryings during the 
year were increased 
over the previous year 
by 9.5% to 707,300 cars 
(2023: 645,700 cars).”
Irish Ferries’ car carryings during the 
year increased over the previous year 
by 9.5% to 707,300 cars (2023: 645,700 
cars). The increase in carryings versus 
2023 levels is primarily due to our 
more established presence on the 
Dover – Calais route rather than any 
further material recovery in the overall 
passenger markets.
The total sea passenger market 
(i.e. comprising car, coach and foot 
passengers on the Republic of Ireland 
to UK/France and the Dover Straits) 
increased by 1.3% on 2023 to a total of 
19.3 million passengers. Irish Ferries’ 
passenger numbers carried increased 
by 10.1% at 3,062,200 (2023: 2,781,700). 
 
The Ferries Division delivered 96% of 
scheduled sailings in 2024 compared 
with 95% in the previous year across all 
services. 
Throughout 2024, Irish Ferries 
continued to support the brand on 
all routes with its brand platform “Sea 
Travel Differently” and a new campaign 
“Fluent in Ferry” which not only 
highlighted the service and hospitality 
Irish Ferries offers, but also the benefits 
of sea travel versus air travel. Dover-
Calais route continued to be a key 
26
Irish Continental Group

focus for marketing and promotions 
activity in 2024, alongside support 
for our legacy routes.  Reflecting the 
marketing investment, there was 
increased spontaneous awareness 
levels for Irish Ferries in both the Irish 
and UK markets, particularly in key 
regions relevant for the Dover – Calais 
service.2
In line with evolving consumer 
media consumption patterns, there 
continued to be significant use of 
digital channels for our promotional 
communication including paid search, 
digital audio-visual and digital audio 
including podcasts, while broadcast 
activity was regionally focused to 
maximise return for specific routes. 
The Irish Ferries mobile application 
was relaunched for both iOS and 
Android operating systems to meet the 
growing consumer trend of turning to 
smartphones for travel research and by 
extension, mobile travel bookings.  
There was strong growth in the 
number of visits to our website, as 
well as in the corresponding number 
of bookings transacted in the year. 
Our social following increased across 
all the main platforms including X 
(formerly known as Twitter), Facebook, 
and Instagram, with fans and followers 
engaging with our content and offers. 
In addition to the ongoing availability 
of phone and email channels, AI 
enabled automated web chat was 
blended with live agent chat to handle 
routine passenger enquiries efficiently, 
all designed to ensure optimum 
customer service via whatever means 
our customers prefer.  The Irish 
Ferries loyalty programme, the Irish 
Ferries Club, continued to grow its 
membership base across all routes, 
ensuring our customers travelling with 
us are accessing savings and a range of 
travel benefits.
 
Irish Ferries continued to work 
throughout the year with relevant 
state tourism agencies on collaborative 
activities to drive destination interest 
for its key markets, and specifically 
with Tourism Ireland in Britain, France 
and Germany, with Cotentin Tourism, 
Normandy Tourism, Hauts-de-France 
and Atout France in France and Visit 
Wallonia in Belgium.  Irish Ferries 
was once again a supporter of the 
landmark tourism event in Ireland, 
the four-day programme for the St. 
Patrick’s festival which included an 
Irish Ferries sponsored performance 
group within the St. Patrick’s Day 
parade on the streets of Dublin.
 
Irish Ferries is proud to be selected 
to receive multiple awards from 
travel trade professionals in our 
key Irish and UK markets. Our 
numerous consecutive wins reflect 
our focus on delivering excellence 
in customer service and our warm 
welcome and wonderful hospitality 
on-board.  We constantly build on 
this and actively seek feedback from 
our customers via social media and 
frequent “pulse” customer experience 
surveys conducted throughout the 
year to continuously improve our 
service offering and facilities on-
board our vessels. This commitment 
to outstanding service was again 
recognised in 2024 with the following 
awards which were a welcome 
acknowledgement of the quality 
experience we offer:
•	 Ireland:
	- ‘Best Ferry Company’ awarded by 
the Irish Travel Trade News Awards 
for the 17th consecutive time.
	- 'Best Ferry Company' awarded by 
the Irish Travel Agents Association 
for the 13th consecutive time.
•	 United Kingdom:
	- ‘Best Ferry or Fixed Link Operator’ 
in the Group Leisure & Travel 
awards for the 6th consecutive 
year. This accolade was particularly 
important as we carried 
significantly higher volumes of 
groups business on the Dover 
Calais route in 2024. 
1.	
(Market figures source: Passenger Shipping 
Association and Cruise & Ferry)
2.	
(Inclusion in an online nationally 
representative omnibus survey carried 
out amongst all adults 16+ by a third-party 
market research company) 
27
Strategic Report
2024 Annual Report and Financial Statements

Duty Free Sales
With the introduction of duty-free 
sales for services to/from the UK 
since 2021, expanding and promoting 
our duty-free offering has been a 
key focus on three routes (Dublin – 
Holyhead, Rosslare – Pembroke and 
Dover – Calais). For all on-board sales, 
passengers are able to shop online 
and reserve items for “click and collect” 
once on-board. Our duty-free prices 
are competitive at around 50% lower 
than high street prices, and duty-free 
stores and their ranges continue to 
be improved. The introduction of the 
Oscar Wilde in 2024 onto the Dover 
– Calais routes offers a retail space on 
board designed specifically for the 
short Channel crossing. 
The Ferries Division
Continued
RoRo Freight
The RoRo freight market* between 
the Republic of Ireland to the UK and 
France and the Dover Straits grew 
marginally in 2024. The total number of 
trucks and trailers increased by 0.2%, to 
approximately 4,286,000 units. 
 
route during the year. This vessel 
increases our capacity on the route and 
is an upgrade in levels of comfort and 
service for freight drivers. 
In addition, we have entered into a 
further agreement with P&O Ferries 
that allows Irish Ferries to provide 
freight services on the P&O Ferries’ 
Larne – Cairnryan route. This allows us 
to offer our freight customers services 
on all three corridors on the Irish Sea.
 
As always Irish Ferries has also been 
proactive in the online environment 
for freight customers. In recent years 
high-quality mobile options have been 
developed, alongside the traditional 
desktop, whereby customers can 
access our freight reservations systems 
with ease. This has facilitated an 
increasing proportion of our business 
being booked via our website, www.
irishferriesfreight.com. 2024 has seen 
the development of a new freight 
booking system for our business. This 
will be launched in Q1 of 2025 and 
will bring our freight customers onto 
“Irish Ferries’ freight 
carryings, at 767,200 
freight units (2023: 
724,000 freight units), 
increased by 6.0% 
versus the prior year.”
Irish Ferries’ freight carryings, at 
767,200 freight units (2023: 724,000 
freight units), increased by 6.0% 
versus the prior year. The increased 
carryings over market performance 
were primarily driven by further market 
presence on the Dover – Calais route. 
The freight carryings were negatively 
impacted by the disruption in the Port 
of Holyhead in December. 
Irish Ferries has grown its presence and 
customer offering on the Dover – Calais 
route with the introduction of a space 
charter agreement with P&O Ferries. 
This materially increases the frequency 
of departures on the route that we can 
now offer to our customers. Added to 
that is the introduction of the Oscar 
Wilde (ex Spirit of Britain) onto the 
28
Irish Continental Group

the same platform as the passenger 
business. In tandem with the launch 
of the new booking engine is a 
material refresh and upgrade of www.
irishferriesfreight.com. 
We continued our focus on brand 
development in 2024, the evolving 
nature of our freight service on the 
Dover – Calais route has broadened 
our customer base, introducing the 
business to new markets across 
Continental Europe. Irish Ferries has 
increased its footprint in countries in 
central and eastern Europe who were 
unfamiliar with the Irish Ferries brand. 
We have developed strong working 
relationships with a select number 
of partners in these territories who 
support and promote our services, 
with their own teams on the ground 
growing the business on our behalf. 
Regular customer visits and training 
onsite were valuable components in 
aiding this development throughout 
the year.
 
*	
(Market figures source: Passenger Shipping 
Association and Cruise & Ferry)
Chartering
The Group continued to charter a 
number of vessels to third parties 
during 2024. Overall external charter 
revenues were €10.8 million in 2024 
(2023: €17.2 million). Of our eight 
owned LoLo container vessels, six are 
currently chartered to the Group’s 
container shipping subsidiary Eucon 
on routes between Ireland and the 
Continent whilst two are chartered 
to third parties. The GNV Allegra 
continues on a bareboat hire purchase 
agreement with MSC Mediterranean 
Shipping Company SA. This bareboat 
hire purchase agreement will conclude 
in 2025.
 
Outlook
Despite the slow start to 2025, we 
expect it to be a successful year. We 
are confident that the strong volume 
growth achieved in 2024 will continue 
into 2025 due to our increased footprint 
in our markets. 2024 was a year of 
further investment in both the fleet 
with the introduction of the Oscar 
Wilde. We expect this investment and 
the investments made in prior years to 
continue the strong growth trajectory 
we have benefited from over the last 
number of years.
29
Strategic Report
2024 Annual Report and Financial Statements

30
Irish Continental Group

31
Strategic Report
2024 Annual Report and Financial Statements

The Container and Terminal Division
The Container and Terminal Division provides 
direct container shipping services between 
Ireland and continental Europe together with 
the operation of container terminals at both 
Dublin and Belfast.
Eucon Geographical Coverage
Eucon Routes
Dublin Ferryport Terminals
Dublin Ferryport Inland Depot
Belfast Container Terminal
Ports Served by Container 
Ships: Belfast, Dublin, Cork, 
Antwerp, Rotterdam
M50
M1
M2
M3
M4
M7
M50
M50
M50
M50
M50
M50
M50
M11
Dublin Port
Dublin Ferryport 
Inland Depot
Rotterdam
Antwerp
The Division’s intermodal shipping 
line Eucon is the market leader in the 
sector, operating a core fleet of six 
chartered container vessels ranging 
in size from 750 – 1,000 teu capacity, 
connecting the Irish ports of Dublin, 
Cork and Belfast with the continental 
ports of Rotterdam and Antwerp. 
Eucon is offering feeder services to the 
Deep Sea Lines and a full intermodal 
service where Eucon deploys 4,400 
owned and leased containers 
(equivalent to 8,500 teu) of varying 
types thereby offering a full range of 
services from palletised, project and 
temperature controlled cargo to Irish 
and European importers and exporters 
from all points on the island of Ireland 
to destinations across 20 European 
countries. Door-to-door services are 
contracted to third parties utilising a 
variety of transport modes including 
road, rail and barge.
Dublin Ferryport Terminals (DFT) 
operates its Dublin Port container 
facility from a leasehold facility with 
remaining lease terms of between 71 
and 97 years, covering over 34 acres. 
The facilities comprise 480 metres 
of berths for container ships, with a 
depth of nine to eleven metres. The 
facility is equipped with three modern 
Liebherr gantry cranes (40 tonne 
capacity) and eleven rubber-tyred 
gantries (40 tonne capacity). The site 
is strategically located within three 
kilometres of Dublin city centre and 
within one kilometre of the Dublin 
Port Tunnel, providing direct access to 
32
Irish Continental Group

Estonia
Latvia
Lithuania
Denmark
Sweden
Norway
Romania
Bulgari
Serbia
Croatia
Italy
Slovenia
Hungary
Austria
Slovakia
Switzerland
Belgium
Czech Rep.
Poland
Germany
France
United 
Kingdom
Ireland
Netherlands
Antwerp
Rotterdam
Dublin
Belfast
Cork
Ireland’s motorway network. DFT now 
operates nine electrically operated 
rubber-tyred gantries incorporating 
latest technologies to allow for remote 
operation. The final commissioning of 
these cranes was completed in 2023 
and the relocation of our empty depot 
facility in January 2022 to our new 
Dublin Ferryport Inland Depot located 
at the new Dublin Inland Port has 
increased the capacity of DFT to meet 
the needs of the market.
Belfast Container Terminal (BCT) 
operates the sole container terminal 
at Belfast under a services concession 
agreement with Belfast Harbour 
Commissioners (BHC) at a 27 acre site 
in Belfast Harbour. We are delighted 
to announce the extension of our 
concession for the operation of Belfast 
Container Terminal for a further six 
years to 2032. This further extension 
is testament to our operational 
excellence in terminal operations 
and will allow us to build upon the 
productive partnership that we 
have shared with Belfast Harbour 
Commissioners since the concession’s 
inception in 2015. BHC completed 
a £40 million re-investment project 
in 2023 which included extensive 
civil works and the delivery of two 
new Liebherr gantry cranes and 
eight new electrically operated RTGs 
incorporating the latest technologies 
to allow for remote operation similar to 
the RTGs operated at DFT. 
33
Strategic Report
2024 Annual Report and Financial Statements

2024 Overall Container and 
Terminal Performance
Revenue in the Division increased to 
€203.5 million (2023: €194.1 million). 
The revenue is derived from container 
handling and related ancillary revenues 
at our terminals and in Eucon from a 
mix of domestic door-to-door, quay-
to-quay and feeder services with 
76% (2023: 78%) of shipping revenue 
generated from imports into Ireland. 
With a flexible chartered fleet and 
slot charter arrangements, Eucon was 
able to adjust capacity and thereby 
continue to meet the requirements 
of customers in a cost effective and 
efficient manner. 
The Container and Terminal Division
Continued
Container and Terminal Division 
Key Financial Highlights
Revenue
€203.5m
+4.8%
2023: €194.1m
EBITDA
€23.7m
(7.8%)
2023: €25.7m
Operating profit
€14.7m
(9.8%)
2023: €16.3m
ROACE
20.9%
(2.5pts)
2023: 23.4%
EBITDA in the Division decreased 
by 7.8% to €23.7 million (2023: €25.7 
million) while EBIT fell 9.8% to €14.7 
million (2023: €16.3 million). 
In Eucon, overall container volumes 
shipped increased by 15.4% compared 
with the previous year at 317,800 teu 
(2023: 275,500 teu). Due to a weak rate 
environment, this increase in both 
volumes and revenues did not result in 
an increase in profitability. 
Containers handled at the Group’s 
terminals in increased in both Dublin 
Ferryport Terminals (DFT) and Belfast 
Container Terminal (BCT). DFT’s 
volumes increased by 12.8%, while 
BCT’s volumes increased by 1.9%. 
Overall, terminal lifts increased by 8.6% 
to 339,400 (2023: 312,400).
34
Irish Continental Group

“DFT’s volumes 
increased by 12.8%, 
while BCT’s volumes 
increased by 1.9%. 
Overall, terminal lifts 
increased by 8.6% to 
339,400 (2023: 312,400).”
Outlook
We have enjoyed an exceptionally 
strong start to the year in Eucon, 
with growth in container volumes of 
34.0%. While this level of growth is 
not representative of a long-term rate, 
we are confident that we will benefit 
from a continued strong market into 
2025. The increased capacity we have 
put into our services is a strong vote 
of confidence in the recovery of the 
container market into Ireland, however, 
it is imperative that the recovery in 
volumes is matched with a recovery in 
the weak rate environment in the prior 
year.
Port lifts have increased by 10.0% in 
the first two months of 2025. This 
continues on from the strong growth 
in 2024. We are confident that the 
investments we have made in the 
Dublin terminal will continue to pay 
dividends for the Group. The recent 
extension of our concession with 
Belfast Harbour Commissioners for 
the operation of the Belfast Container 
Terminal to 2032 is testament to our 
operational excellence in terminal 
operations and solidifies our position 
as the number one container terminal 
operator on the island of Ireland.
35
Strategic Report
2024 Annual Report and Financial Statements

Financial Review
A YEAR OF 
STRONG CASH 
GENERATION
David Ledwidge, 
Chief Financial Officer
“Revenue for the year 
amounted to €603.8 
million (2023: €572.0 
million) while operating 
profit was €69.1 million 
compared with €68.4 
million in 2023.”
 
Results
Revenue for the year amounted to 
€603.8 million (2023: €572.0 million) 
while operating profit was €69.1 million 
compared with €68.4 million in 2023. 
The increase in revenue was driven by 
a strong revenue performance in both 
Divisions. 
Taxation
The tax charge is €2.3 million in 2024 
compared with a charge of €1.7 million 
in 2023. The corporation tax charge 
of €1.8 million (2023: €1.5 million) 
comprises Irish and UK corporation 
tax. Certain activities qualify to be 
taxed under tonnage tax (which is 
an EU approved special tax regime 
for qualifying shipping activities) in 
Ireland. A reconciliation of the tax 
charge showing the effect of the 
tonnage tax regime on the Group’s 
tax charge is shown at note 8 to the 
Financial Statements. The deferred 
tax charge was €0.5 million in 2024 
compared to a charge of €0.2 million 
in 2023. 
Earnings per share
Basic EPS was 36.3 cent in 2024 
compared with 36.2 cent in 2023. The 
primary reason for the increase was the 
rise in Group profitability versus the 
prior year.
Adjusted basic EPS (before the net 
interest (income) / cost on defined 
benefit obligations) was 35.5 cent 
which was unchanged from the prior 
year. 
Cash flow and investment
2024 was another year of strong cash 
generation. EBITDA for the year was 
€133.5 million (2023: €132.6 million). 
After adjusting for share based 
payment expense of €3.6 million, 
pension funding movements of €0.7 
million and a €0.6 million decrease 
in provisions, cash generated from 
operations amounted to €142.5 million 
(2023: €136.7 million).
Interest paid was €8.6 million (2023: 
€5.9 million) while taxation paid was 
€2.1 million (2023: €2.2 million). 
Capital expenditure outflows 
amounted to €32.4 million (2023: €43.3 
million) which included €15.8 million of 
strategic capital expenditure. Strategic 
capital expenditure included a number 
of vessel upgrades carried out during 
the year. 
Total dividends of €24.7 million were 
paid during the year (2023: €24.4 
million), €9.0 million (2023: €21.4 
million) was expended in buying 
back the Group’s equity and €3.7 
million expended on the settlement of 
employee equity plans.
The above cash flows resulted in a 
year-end net debt of €162.2 million 
(2023: €143.7 million) net debt, which 
comprised gross borrowings of €96.4 
million (2023: €153.5 million), lease 
obligations of €107.1 million (2023: 
€37.0 million) offset by cash balances 
of €41.3 million (2023: €46.8 million). 
The key net debt / EBITDA ratio was 0.5 
times (2023: 1.0 times).
36
Irish Continental Group

interest rate at 31 December 2024 
was 3.41% (2023: 2.96%). Debt interest 
cover as defined under our banking 
covenants to operating cash flows 
for the year was 26.0 times (2023: 23.7 
times).
Currency management
The Group has determined that the 
euro is the presentation currency in 
which it reports its results. The Group 
also has significant sterling and US 
dollar cash flows. The Group’s principal 
policy is to minimise currency risk 
by matching foreign currency assets 
and liabilities and to match cash flows 
of like currencies as far as possible. 
Exposure to the US dollar relates 
mainly to fuel costs. The Group has in 
place fuel surcharge arrangements 
with its commercial customers which 
recovers a portion of movements 
in euro fuel costs above a base level 
which partially mitigates the exposure 
to US dollar currency movements.
Commodity price management
Bunker oil costs constitute a separate 
and significant operational risk, partly 
as a result of historically significant 
price fluctuations. In the Container and 
Terminal Division, bunker costs above 
a base level are offset to a large extent 
by the application of prearranged 
price adjustments with our customers. 
Similar arrangements are in place 
with freight customers in the Ferries 
Division. In the passenger sector, 
changes in bunker costs are included 
in the ticket price to the extent that 
market conditions will allow. Bunker 
consumption was 168,900 tonnes 
in 2024 (2023: 169,100 tonnes). The 
average cost per tonne of heavy fuel oil 
(HFO) fuel in 2024 was 0.6% lower than 
in 2023 while marine gas oil (MGO) was 
11.4% lower than in the prior year.
Credit risk
The Group’s credit risk arising on 
its financial assets is principally 
attributable to its trade and other 
receivables as well as banks, with 
whom cash balances are held. The 
concentration of credit risk in relation 
to trade is limited due to the exposure 
being spread over a large number of 
counterparties and customers. The 
Group also has a significant long 
term receivable relating to a bareboat 
hire purchase arrangement which 
is secured by retention of title to the 
vessel. This agreement will conclude in 
2025.
Liquidity
It is Group policy to maintain available 
facilities which allow the Group to 
conduct its business in an orderly 
manner. The target level is reviewed 
from time to time in line with the 
Group’s future requirements over the 
medium term and will comprise cash 
deposits and committed banking 
facilities. Total available facilities at 31 
December 2024 amounted to €104.7 
million, comprising cash balances of 
€41.3 million together with undrawn 
committed facilities of €63.4 million 
with average maturity of 4.2 years 
(2023: 0.8 years). Total drawn facilities of 
€97.3 million had a weighted average 
maturity of 4.8 years (2023: 1.6 years) 
over remaining terms of up to 6 years 
(2023: 7 years). 
David Ledwidge, 
Chief Financial Officer 
2 March 2025
Dividend and share buybacks
The Company paid a final dividend in 
respect of financial year 2023 of 9.93 
cent per ordinary share on 7 June 2024 
to shareholders on the register at the 
close of business on 17 May 2024. The 
Company paid an interim dividend in 
respect of financial year 2024 of 5.11c 
per ordinary share. The total amount 
paid was €24.7 million.
During the year, the Group bought 
back 1.9 million shares which were 
cancelled. The total consideration paid 
for these shares was €9.0 million (2023: 
€21.4 million).
Pensions
The Group has three, separately 
funded, company-sponsored 
defined benefit obligations covering 
employees in Ireland, the UK and the 
Netherlands. A further Group scheme, 
the Ex MNOPF scheme, was wound 
up during the year. The Group also 
participates in the UK based industry-
wide scheme, the Merchant Navy 
Officers Pension Fund (MNOPF), in 
which participating employers share 
joint and several liability. Aggregate 
pension assets in the three company-
sponsored schemes at year end were 
€132.0 million (2023: €135.8 million), 
while combined pension liabilities were 
€80.2 million (2023: €96.9 million). The 
total net surplus of all defined benefit 
pension schemes at 31 December 2024 
was €51.8 million in comparison to a 
€38.9 million surplus at 31 December 
2023. 
Financial risk management
The principal objective of the Group’s 
treasury policy is the minimisation 
of financial risk at reasonable cost. 
To minimise risk the Group may use 
interest rate swaps and forward foreign 
currency contracts. The Group does 
not trade in financial instruments for 
speculative purposes.
Interest rate management
The majority of the Group’s borrowings, 
comprising term loans and loan notes 
have been fixed at a contracted rate at 
the date of drawdown with the relevant 
lender, thereby limiting exposure to 
interest rate risk. The average effective 
37
Strategic Report
2024 Annual Report and Financial Statements

38
Irish Continental Group

39
Strategic Report
2024 Annual Report and Financial Statements

Taking Action
Despite the formidable 
challenges, we are taking 
decisive action as noted in the 
environmental section of our 
report. Our approach focuses on 
reducing emissions, surpassing 
regulatory requirements, whilst 
ensuring economic viability, in 
order to deliver value for our 
shareholders.
While carbon-based fuels remain 
the primary option for now, the 
landscape is evolving rapidly, 
with promising advancements 
in alternative fuels and efficiency 
measures. At ICG, we are actively 
exploring these opportunities, 
including biofuel trials for our 
Fast Craft Dublin Swift. We are 
prepared to scale these efforts 
as reliable and cost-effective 
supplies become available.
In partnership with our ports, we 
are assessing the infrastructure 
investments required to support 
the maritime sector’s transition. 
Initiatives like shore power and 
alternative power sources will 
play a critical role as technologies 
mature, enabling retrofits or 
replacements for vessels of our 
operational scale. For further 
details on likely requirements see 
our note on Green corridors.  
Sustainability and ESG
ENVIRONMENTAL, 
SOCIAL AND 
GOVERNANCE 
REVIEW
Operating Sustainably
Sustainability is about creating a 
positive impact on people and the 
planet while achieving sustainable 
growth and delivering long-term value. 
At ICG, this philosophy is central to how 
we execute our business strategy. It 
means minimising the impact of our 
operations on the environment while 
striving to achieve ambitious growth 
targets.
ICG is a key player in maritime 
transportation, connecting Ireland, 
the United Kingdom, and Continental 
Europe through passenger services, 
Roll On/Roll Off freight, and Container 
Lift On/Lift Off freight. As a critical 
link in the transport chain, we are 
acutely aware of the broader economic 
importance of our services. While 
marine transport remains one of 
the most carbon-efficient modes of 
transportation, the scale of goods and 
passenger movement still generates 
emissions that we are committed to 
reducing.
We recognise that the maritime 
sector, classified as a hard-to-abate 
industry, faces unique challenges in its 
decarbonisation journey. Chief among 
these is the reliance on carbon-based 
fuels, which are energy-dense, cost-
effective, and supported by existing 
infrastructure but carry a substantial 
carbon footprint. Transitioning away 
from these fuels requires overcoming 
technological, regulatory, and 
economic hurdles.
Regulatory Momentum
The maritime industry is undergoing 
a transformative shift, driven by 
stringent new regulations such as 
the inclusion of maritime transport 
in the EU Emissions Trading System 
(EU ETS) in the current year and the 
implementation of FuelEU from 
2025. These measures aim to reduce 
emissions by making carbon-intensive 
activities costlier, thus accelerating 
the development of low-carbon 
alternatives. 
While these regulations pose 
challenges, we welcome the clarity and 
direction they provide for the industry’s 
decarbonisation efforts. They also 
enable long-term investment decisions 
aligned with global sustainability 
goals and offers less chance of market 
distortion leading to carbon leakage.
Last year, the International Maritime 
Organization (IMO) updated its 
strategy on reducing greenhouse 
gas emissions from ships, increasing 
its decarbonisation ambition to 
target net-zero emissions across the 
maritime sector by around 2050. 
This marks a significant shift from 
its 2018 targets. At ICG, our current 
targets are based on the IMO’s 2018 
framework, and we acknowledge the 
enhanced ambition set out in the 
2023 strategy. We are in the process of 
assessing its implications for our own 
decarbonisation pathway. We continue 
to support consistent international 
regulations as key to addressing this 
global challenge, effectively.
Additionally, we are preparing for the 
Corporate Sustainability Reporting 
Directive (CSRD) and its detailed 
reporting requirements.
The Climate Crisis
The past year was marked by record-
breaking climate extremes, with 2024 
declared the warmest year on record 
by NASA. Rising temperatures have 
intensified droughts, wildfires, and 
flash floods, impacting both human 
and animal habitats and underscoring 
the urgent need for action. 
40
Irish Continental Group

Engagement with our 
stakeholders
Effective stakeholder engagement 
is critical to the success of our 
sustainability initiatives. At ICG, we 
prioritise transparent and collaborative 
relationships with our key stakeholders, 
including customers, employees, 
investors and regulators.
We have initiated a double materiality 
assessment, as part of which we have 
broadened our engagement with 
stakeholders to better understand 
How we engage? 
Material items
Linkage to SDG’S
Employees
•	 One-to-one meetings 
•	 Team meetings
•	 Performance review 
process 
•	 Training and development 
programmes
•	 Succession planning
•	 Employee health, safety and well-
being 
•	 Diversity, Equality and Inclusion. 
•	 Rewards and recognition 
•	 Career development and 
opportunities 
•	 Business performance 
•	 Strategic developments 
Regulators 
•	 Engagement with 
government and state 
authorities 
•	 Industry associations
•	 Audits 
•	 Policy updates/changes
•	 Economic growth 
•	 Supply chain sustainability 
•	 Environment and climate 
•	 Ongoing global challenges 
•	 Compliance and engagement
Shareholders
•	 AGM 
•	 Investor meetings 
•	 Update with our analysts 
•	 Publications 
•	 Results/ Performance and forecasts. 
•	 Our strategy 
•	 Sustainability strategy 
•	 Managing risks (including climate 
change)
Customers 
•	 Ongoing engagement 
through commercial teams 
•	 Customer and industry 
conferences and events 
•	 Customer surveys
•	 Health and safety 
•	 ESG platforms 
•	 Company website 
•	 Social media 
•	 Co-creation and innovation 
•	 Consumer trends and behaviour 
•	 Climate change and carbon footprint 
•	 Product environmental and social 
impact 
•	 Responsible sourcing including 
human rights and traceability
•	 Cost/ pricing inputs
Suppliers
•	 Commercial engagement 
•	 Trade organisations 
•	 Industry conferences 
•	 ESG supplier engagement 
platforms
•	 Contingency supply Arrangements 
•	 Reliability 
•	 Health and safety 
•	 Responsible sourcing 
•	 Cost/ pricing inputs 
their expectations. We are currently 
examining the results of this 
engagement, which will be developed 
into our sustainability strategy going 
forward.
Internally, we are focusing on 
fostering employee awareness of our 
sustainability goals as part of building 
a culture of shared responsibility. 
Externally, we collaborate with industry 
associations and academic institutions 
to drive innovation and share best 
practices across the maritime sector.
By maintaining open lines of 
communication and actively 
seeking feedback, we ensure that 
our sustainability efforts reflect the 
priorities of those we serve and partner 
with, reinforcing our commitment 
to long-term value creation for all 
stakeholders.
A summary of our engagement and 
key topics covered:
41
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Decarbonising Our Vessel 
Operations
The maritime industry is recognised 
as one of the most challenging 
sectors to decarbonise due to the 
scale of operations and the current 
lack of widely available alternative 
fuels for large vessels. Our vessel 
operations represent approximately 
95% of our Scope 1 emissions. At 
ICG, our decarbonisation strategy 
focuses on two key levers: enhancing 
fuel efficiency in the short term and 
transitioning to alternative fuels in the 
long run. These measures will ensure 
we meet industry and regulatory 
expectations while advancing 
sustainability across our fleet.
Enhancing energy efficiency
Enhancing the energy efficiency 
of our fleet remains a cornerstone 
of our immediate decarbonisation 
efforts. Through initiatives like our 
Green Voyage Program, we optimise 
port operations, navigation, and 
speed management to reduce 
fuel consumption. Advanced fleet 
management software, such 
as S-Insight, provides real-time 
environmental performance data, 
enabling improved operational 
decisions. Our engine power 
management system enhances vessel 
responsiveness through real-time 
monitoring and adjustment, while 
regular hull maintenance, including 
drydocking and the application of 
innovative, non-toxic anti-fouling 
paints, reduces drag and improves 
performance.
In 2024, we also further trialled the 
use of biofuels in our ships, marking 
an important step toward integrating 
sustainable fuels into our operations. 
This trial demonstrated a measurable 
reduction in emissions and reinforced 
the potential for biofuels to play a 
larger role in our fleet’s future energy 
mix. Biofuels can reduce emissions by 
up to 80% compared to conventional 
fuel sources, although security of 
supply and cost remain significant 
issues. We see the use of biofuels 
expanding as part of our broader 
efforts to lower emissions and improve 
environmental performance.
These measures, supported by our 
experienced crews and efficient port 
operations teams, ensure precision 
and efficiency in daily operations, 
aligning with international frameworks 
like the IMO’s Ship Energy Efficiency 
Management Plans (SEEMPs) and 
energy efficiency design regulations 
(EEDI and EEXI).
Long Term decarbonisation
The transition to green fuels is critical 
for long-term decarbonisation. 
While challenges persist due to 
infrastructure and availability 
constraints, we are actively preparing 
for the adoption of alternative fuels. 
Our fleet modernisation strategy 
aims to position us for the adoption 
of energy-efficient vessels capable 
of operating on alternative fuels as 
infrastructure and technology become 
viable. Retrofitting existing vessels 
for dual-fuel capabilities is an area of 
ongoing exploration, contingent on 
future developments in fuel availability 
and infrastructure readiness. 
Additionally, our involvement in green 
corridor projects, such as the Dublin-
Holyhead Green Corridor Study, 
aims to understand the foundational 
infrastructure and partnerships 
required to support future transitions. 
Green corridors are specific shipping 
routes where low- and zero-emission 
solutions are prioritised and supported 
by enabling infrastructure, policy 
frameworks, and collaboration across 
the maritime sector. At the same time, 
we collaborate with marine technology 
innovators to trial emerging 
technologies, such as air lubrication 
systems that will further improve fleet 
efficiency.
Operational Efficiency
Our operational efficiency 
strategy is driven by improving 
the small (and not so small) 
elements of our operations 
to ultimately drive greater 
optimisation and which 
will ultimately decrease our 
emissions. This is a lever we can 
apply in the short term as the 
technologies and the supply 
chains for alternative fuels are 
being developed. 
•	 Implementing a green voyage 
program to optimise factors 
like port operations, navigation, 
and speed management. We 
continuously review all aspects 
of our operations for the 
cumulative margin impacts. 
•	 We utilise advanced fleet 
management software, 
S-Insight, for environmental 
performance monitoring and 
data analytics.
•	 Real-time vessel performance 
monitoring through an 
engine power management 
system, enhancing vessel 
responsiveness.
•	 Regular drydocking for hull 
maintenance.
•	 Deploying experienced crews 
and efficient port operations 
teams.
•	 Continuous improvement of 
vessel performance in line 
with Ship Energy Efficiency 
Management Plans (SEEMPs).
•	 Researching and trialling 
accessible alternative fuels, 
such as sustainable biofuels.
Environment
42
Irish Continental Group

ICG is also committed to integrating 
cutting-edge solutions into our 
operations. For example, we are 
experimenting with silicone-based hull 
coatings to reduce water resistance 
and improving fuel efficiency through 
upgraded turbochargers and propeller 
blades. Continuous data gathering 
under EU MRV (Monitoring, Reporting, 
and Verification) and IMO DCS (Data 
Collection System) frameworks ensures 
transparency in emissions tracking, 
enabling us to refine strategies and 
measure progress effectively.
By balancing immediate operational 
efficiencies with long-term 
investments in innovative technologies, 
ICG is charting a course toward a more 
sustainable future for the shipping 
industry. 
Collaboration for Sustainability
Addressing the significant challenge 
of decarbonising the maritime 
industry requires collective action 
and innovation. At ICG, collaboration 
remains central to our decarbonisation 
efforts. We actively engage with 
industry stakeholders, regulatory 
bodies, and technology partners to 
address shared challenges and drive 
innovation. We contribute to leading 
initiatives such as the Dublin-Holyhead 
Green Corridor Study, exploring 
the feasibility of zero-emission 
shipping routes and alternative 
fuel infrastructure. Additionally, 
our partnerships with the Smart 
Freight Centre and the Clean Cargo 
programme support the advancement 
of best practices across the sector, 
particularly in transparent and 
standardised greenhouse gas (GHG) 
emissions calculations and reporting 
within logistics. 
We embed sustainability into our 
operations by improving vessel 
efficiency, enhancing terminal 
facilities, and developing multimodal 
transport solutions. Through these 
collaborative efforts, we aim to support 
the transition to more sustainable 
practices, contributing to the ongoing 
adaptability of our sector and 
minimising environmental impacts.
43
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Metrics and targets
Over the past number of years, we have 
commenced collection and disclosure 
of a range of measures used to assess 
and manage climate-related risks and 
opportunities. We have disclosed our 
scope 1 and scope 2 emissions and 
have now developed our reporting 
on our scope 3 emissions, which is set 
out further below. ICG also adheres 
to limits on sulphur content of fuel 
oils, in relation to sulphur oxide (Sox) 
emissions from the shipping sector, 
investing approximately €25 million on 
the installation of exhaust gas cleaning 
systems (EGCS) in our owned and 
operated fleet. 
Targets 
Vessel operations
Our targets are based on the IMO 
(International Maritime Organisation, 
a UN body) 2018 specific targets. We 
note the updated 2023 strategy on 
reduction of GHG emissions from ships. 
We are still in the process of assessing 
the impact of this updated ambition 
for ourselves. 
For 2024, our targets were based on 
the 2018 IMO ambition:
•	 40 percent reduction in carbon 
intensity from shipping operations 
by 2030 compared to 2008 levels.
•	 50 percent reduction of all GHG 
from shipping operations by 2050 
compared to 2008 levels.
The IMO’s strategy to achieve these 
goals is to require ever greater levels of 
efficiency standards from the global 
fleet. As our starting point we aim to 
be compliant with all these initiatives 
over the coming years and will work 
to achieve the ever-greater levels of 
technical efficiency requirements, in 
the years to come. We expect these 
increased efficiency standards, will be 
a significant contributor to achieving 
of our carbon intensity target for 
2030. We have set the operational 
and technical measures that we are 
employing to further achieve these 
goals in the report above. 
These will be challenging targets for us 
to achieve considering our expansion 
onto the Dover – Calais route which 
significantly expands our business 
footprint. We are confident as we 
optimise our operations and new 
technologies become available, we will 
achieve our targets in due course. 
Baseline years data 
Given the length of time since our 
baseline years and the type of data 
required, there are challenges to 
estimate reliably our carbon metrics 
from those years due to the availability 
of data. We have made a best estimate 
of our footprint from our baseline years 
based on best available data. 
Our Progress to date
For our vessel targets, we are 
measuring our performance against 
baseline targets using intensity 
metrics that are based on using 
“RoRo units” carried for the RoRo fleet 
(RoRo Fleet: gC02/ RoRo Units/ NM) 
and TEU’s carried for the Container 
Fleet (Container Fleet: gC02/ TEU’s/ 
NM). Our current progress is set out 
below. Our performance on Ro Ro’s 
has remained relatively static year on 
year at 38% while our intensity values 
for our container vessels has improved 
by 12% to 58%, the increase is driven 
by increased load factors in 2024 
compared to 2023. 
On our 2050 absolute reduction 
ambitions of 50% from our 2008 
baseline, it will only be when our 
propulsion technology changes that 
we will achieve meaningful progress 
on this metric, given the growth of our 
business since 2008 and our resulting 
expanded GHG footprint. 
Green Corridors: Driving 
Decarbonisation in Maritime 
Transport
The maritime industry faces a 
monumental challenge: decarbonising 
an essential sector that underpins 
global trade. Green corridors represent 
a vital step forward, focusing on 
routes where decarbonisation can be 
accelerated. By creating the necessary 
fuel and electricity infrastructure and 
stimulating demand, green corridors 
serve as proof-of-concept projects, 
demonstrating the viability of large-
scale maritime decarbonisation.
At ICG, we are committed to 
developing green corridors as a 
pathway to achieving our long-term 
decarbonisation strategy. Collaborating 
with partners—including competitors, 
ports, and specialists—we aim to 
transform specific routes into beacons 
of sustainable innovation.
RoRo Fleet
Cargo Fleet
100%
100%
58%
62%
Shipping
Achieved
To achieve
Progress towards achievement of our targets
38%
42%
44
Irish Continental Group

“Green corridors 
represent a vital step 
forward, providing 
focused routes where 
decarbonisation can be 
accelerated.” 
The Challenge of Decarbonisation
Decarbonising the maritime sector is 
complex due to its reliance on carbon-
intensive fuels and the vast scale of 
operations. Key issues include:
•	 Fuel Infrastructure: Transitioning 
to alternative fuels like methanol, 
hydrogen, ammonia, requires 
extensive infrastructure 
development.
•	 Electricity Infrastructure: Electrifying 
operations demands robust grids 
capable of handling increased 
demand, including shore-side power 
facilities and renewable energy 
integration and generation.
Building Green Corridors
Our approach focuses on specific 
routes where resources can 
be concentrated to facilitate 
decarbonisation. By addressing fuel 
and electricity infrastructure needs, we:
•	 Build and enhance critical 
infrastructure.
•	 Stimulate demand for alternative 
fuels.
•	 Develop resilient systems supporting 
long-term sustainability.
These efforts align with ICG’s vision 
of achieving significant reductions in 
its own emissions, as we have set out 
in the environmental section of this 
report. 
Collaborating for Success
Creating a green corridor requires 
collaboration at every level. We have 
partnered with our local ports, our 
competitors and specialists to:
•	 Address technical and logistical 
barriers.
•	 Advocate for supportive policies and 
regulations.
•	 Ensure the availability of alternative 
fuels and renewable energy sources.
One such collaboration is the Dublin-
Holyhead Green Corridor Study. 
Supported by the International 
Green Corridor Fund, this initiative 
explores the feasibility of establishing 
a zero-emission shipping route 
between Dublin and Holyhead. The 
study evaluates e-methanol as a 
fuel option, alongside other low-
carbon alternatives, and assesses 
infrastructure needs and economic 
impacts. If successful, this corridor 
will serve as the first zero-emission 
route between the UK and Ireland, 
advancing ICG’s decarbonisation goals.
The Scale of the Opportunity
Decarbonising a single route 
represents a significant achievement, 
showcasing the potential of sustainable 
transformation. By focusing on green 
corridors, we:
•	 Build momentum for broader 
adoption of sustainable practices.
•	 Inspire confidence among 
stakeholders, including customers 
and governments.
The Role of Government Investment
Developing green corridor 
infrastructure requires significant 
investment. While private sector 
contributions are crucial, government 
support is vital to:
•	 Fund large-scale projects.
•	 Establish policy frameworks that 
incentivise decarbonisation.
•	 Drive innovation through research 
and development grants.
Resilient Infrastructure: A Legacy for 
the Future
Green corridors are a foundation for 
resilient infrastructure that supports 
future challenges. By prioritising 
scalability and adaptability, we aim to:
•	 Support evolving technologies and 
energy sources.
•	 Strengthen the overall resilience of 
the maritime sector.
Green corridors offer a transformative 
opportunity to decarbonise the 
maritime industry. At ICG, we are 
committed to leading this effort 
through partnerships and investments. 
Our participation in initiatives like 
the Dublin-Holyhead Green Corridor 
Study underscores our dedication to 
achieving long-term sustainability. 
With collective support, including 
significant government investment, we 
can pave the way for a cleaner, greener 
future for maritime transport.
45
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Decarbonising our Terminal 
Operations
We have set an ambitious carbon 
reduction goal for our container 
terminals of achieving a Net Zero 
Scope 1 and 2 operations by 2030 and 
achieving a 70% reduction in emissions 
by 2025. 
As part of the strategy to achieving 
these ambitious targets, we have 
undertaken significant investment in 
our terminal business of over €30.4 
million over the last few years. This 
investment has been focused on the 
electrification of our heavy equipment 
predominantly our container lifting 
cranes and the underlying electric 
infrastructure. 80% of our heavy 
equipment is now electrified and 
powered by renewable energy saving 
over 1,400 tonnes of carbon a year. 
New modern cranes
Our new modern cranes are 
designed for continuous 
operation in all but the most 
extreme weather conditions, 
enhancing reliability and 
represent a significant step 
toward our Net Zero 2030 goal for 
our terminal operations. These 
investments have increased our 
capacity by approx. 20% at our 
Dublin terminal, thus positioning 
these assets at the heart of 
Dublin Port growth ambitions 
which are forecasted to grow to 
77 million gross tonnes by 2040 
as set out in the Dublin Port 
masterplan. 
Having achieved this milestone, our 
focus has now switched to reviewing 
the remainder of our operations and 
determining what next can be done 
to achieve our net Zero goal for our 
terminal operations by 2030. 
Over recent years we have continued to 
invest in our yard tug fleet. While diesel 
powered, they are some of the most 
efficient in class. These new vehicles 
feature systems that are estimated to 
reduce NOx and Particulate matter 
by up to 93% from earlier vehicle 
types. When investing in these new 
vehicles, there were no commercially 
viable greener alternatives to diesel 
powered engines on the market that 
would suit our operational profile. We 
are now seeing this change and this 
year we were able to trial a battery-
operated yard tractor for the first time, 
while ultimately given our current 
configuration, it was not an immediate 
fit. It represents an incredibly 
encouraging milestone when looking 
at the long-term development of zero 
emissions technologies being deployed 
within our terminals. 
As an intermediate step to reduce our 
emissions from our yard vehicles, we 
are trialling the use of HVO/Biofuels 
which would further reduce our 
emissions by up to 80+% depending 
on the blend being deployed. There 
are some barriers to deployment being 
cost and operational considerations 
with the vehicles themselves. For 
our smaller transportation vehicles, 
we have been reducing our carbon 
footprint by replacing diesel-powered 
vehicles with battery-powered ones 
and investing in electric charging 
infrastructure. Company cars are being 
replaced with electric and hybrid 
models in line with replacement cycles 
with electric charging infrastructure 
available onsite. Other initiatives 
include investment in solar panels and 
Led lighting systems.  
Supporting our customers
We are also looking to see how we can 
support our customer’s ships utilising 
our terminal, for example in supporting 
the deployment of onshore power in 
collaboration with relevant harbour 
authorities over the coming years. 
The wider grid capacity continues 
to be a significant bottleneck to this 
development in the short to medium 
term. 
These will be multiyear projects 
that will require the collaboration of 
various stakeholders including the 
port authorities, the government, 
the electric supply companies given 
the infrastructure required and our 
customers. 
Targets
For our terminal operations we have 
set the following ambitious targets:
 
•	 70 percent reduction in Scope 1 and 
2 emissions by 2025. 
•	 Net zero Scope 1 and 2 operations by 
2030. 
Terminals Decarbonisation plan 
progress
On our terminal 2025 reduction targets. 
we have achieved approx. 62% of the 
target required to date, 10% of which 
was achieved during 2024. To achieve 
our 2025 goal, we are investigating 
the use of biofuels in our yard tractors, 
the other major component of our 
terminal carbon footprint, the major 
barrier being security of supply and 
cost. It is only as a last resort that 
we will consider a carbon offsetting 
programme to achieve our target.
46
Irish Continental Group

Total Global Emissions: 
In 2024, we set out our scope 3 
emissions data for the first time. 
During 2024, we completed a GHG 
foot printing exercise on our historical 
data with the aid of our consultants. 
These results were then certified to 
ensure accuracy. We then used this 
methodology to calculate our 2024 
metrics. In line with other shipping 
companies, our scope 1 emission are 
Progress towards achievement of our targets
Achieved
2030 Target
2025 Target
Terminals
To achieve
100%
100%
62%
57%
43%
38%
2022 (t CO2e)
2023 (t CO2e)
2024 (t CO2e)
Scope 3
 228,140 
 221,361 
 208,627 
Scope 2
 128 
104
178
Scope 1
 521,971 
 547,215 
 551,016 
 521,971 
 547,215 
 551,016 
 128 
104
178
 228,140 
 221,361 
 208,627 
ICG Carbon Footprint
Scope 3: Equates to 27% of total emssions: 
- Other fuel- and energy-related activities - 60%
- Purchased goods & services  - 18%
- Capital Goods - 14%
- Others - 8%
Scope 2: Equates to 0% of total emissions: 
Our market based scope 2 emissions are 
negible. This is primarily due to our use of 
renewable electricity at our terminals.
Scope 1: Equates to 73% of total emissions:
- Over 95% of our scope 1 emmissions now 
originate from our ships.
Our Multimodal approach 
Passenger Sail and Rail 
We are delighted to have partnered 
with rail services in Ireland, the UK and 
France to offer sail and rail tickets for 
passengers travel to these destinations. 
For example, these tickets now allow 
a connection from any train station in 
Ireland to over 2,400 stations in Britain 
and indeed onwards to Europe via our 
Irish/ French routes. Last year, there 
were over 20,000 tickets sold.  
over 70% of our total emissions, which 
further validates our prioritising of 
our scope 1 emission sources to date. 
We have set out our actions to reduce 
these emissions and the potential 
difficulties to do so over the long term, 
above.
On a total basis our emissions have 
decreased by approx. 1% (or 9,000 t 
Co2e) primarily due to changes in the 
fleet configuration. In the short term, 
we will continue to monitor our scope 
3 emissions, and we will continue 
to work with our suppliers to both 
improve the accuracy of our reporting 
and collaborate on ways to reduce our 
emissions going forward.
Ferries and trains are highly energy-
efficient compared to air travel, 
emitting just a fraction of CO2 per 
tonne-km. 
Container Business
At Eucon, we recognise the critical role 
container transport plays in reducing 
carbon emissions and supporting 
sustainable supply chains. Our fast, 
direct container service between 
Rotterdam and Dublin ensures that 
perishable and urgent consignments 
reach the market swiftly, minimising 
both transit times and emissions.
47
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Operating between Ireland, and 
countries across the European 
continent, our door-to-door container 
services leverage the extensive 
European road, rail, and inland 
waterway networks through the hub 
ports of Rotterdam and Antwerp. By 
offering multimodal delivery options, 
including rail and barge, we enable 
our customers to significantly lower 
their carbon footprint compared to 
traditional road transport.
In mainland Europe, our flexibility in 
delivery methods means we can tailor 
solutions that prioritise sustainability 
without compromising efficiency. Our 
modern container fleet is designed 
to optimise capacity and speed while 
reducing fuel consumption wherever 
possible.
In Ireland, while delivery options 
remain more constrained, we are 
actively exploring greener alternatives 
to support decarbonisation. Our 
commitment to sustainability drives us 
to continuously evaluate and innovate 
in our operations, ensuring that we 
provide solutions aligned with our 
customers’ environmental goals.
Our customers benefit not only from 
reliable and efficient transport but 
also from significant opportunities to 
reduce their environmental impact 
and align with their sustainability 
objectives.
Responsible consumption 
At ICG we are committed to 
minimising waste, conserving 
resources, preventing pollution, and 
protecting biodiversity. Given the 
nature of our operations, safeguarding 
marine life remains a top priority. We 
work tirelessly to prevent spills and 
accidental releases, addressing any 
incidents swiftly and effectively to 
mitigate their impact. 
Zero Tolerance for Illegal Waste 
Dumping
We uphold a strict zero-tolerance 
policy for illegal waste dumping at 
sea. Our vessels leverage high-quality 
port reception facilities, and we 
collaborate with ISO-certified waste 
management partners to ensure 
responsible collection and treatment 
of waste generated both at sea and 
on land. All our vessels are equipped 
with advanced oil recovery systems 
to recycle spent oils, and we conduct 
regular inspections of our partners’ 
facilities to ensure compliance with 
waste treatment protocols.
Environmentally Safe Practices
Our commitment to minimising 
harmful impacts on the marine 
environment includes using 
specialised, TBT-free, MARPOL-
compliant, non-toxic paints to reduce 
the release of pollutants. Additionally, 
all our vessels hold an Inventory of 
Hazardous Materials (IHM) certificate, 
demonstrating our dedication to 
controlling hazardous substances 
onboard. We fully comply with the EU 
Ship Recycling Regulation (SRR) and 
the Hong Kong Convention (HKC) for 
environmentally sound ship recycling.
Circular Economy Contributions
At our Dublin offices, we partner 
with waste management experts 
who employ Solid Recovered Fuel 
(SRF) and Refuse Derived Fuel (RDF) 
processes. These methods recover 
and recycle metals and process waste 
for alternative fuel and electricity 
production, reducing landfill usage 
and contributing to the circular 
economy. Food and garbage waste 
from our vessels is incinerated ashore 
for biosecurity reasons, further aligning 
with sustainable practices.
Minimising Plastics and Pollution
As part of the UK Chamber of Shipping 
pledge, we continuously work to 
minimise shipborne waste and 
eliminate plastics entering the sea. 
Reflecting this commitment, we have 
removed all single-use plastics from 
our vessels, supporting global efforts to 
combat marine pollution.
Promoting Awareness and 
Accountability
To ensure the success of our waste 
management initiatives, each 
department and crew has designated 
waste management champions. These 
individuals oversee compliance with 
waste segregation procedures, conduct 
regular checks at segregation areas, 
and promote awareness of responsible 
consumption practices.
Through these collective efforts, we 
strive to minimise our environmental 
footprint while upholding our 
dedication to responsible resource 
consumption and marine protection.
Water Conservation and 
Management
At ICG, we strive to optimise 
water use across our operations, 
ensuring sustainable practices 
while minimising environmental 
impact. Although we do not 
operate in areas of high-water 
stress, as identified by the World 
Resources Institute Aqueduct 
tool, we remain focused on 
conserving water resources and 
improving efficiency wherever 
possible. We have set out water 
volumes consumed within our 
environmental data tables. 
48
Irish Continental Group

Potable Water Use
Potable water is sourced from certified 
suppliers and stored onboard under 
certified sanitary conditions. For vessels 
equipped with desalination systems, 
we produce potable water directly 
from seawater, reducing reliance on 
external supply chains. Routine water 
quality testing ensures that all water—
whether sourced or produced—meets 
our stringent quality standards.
To conserve this vital resource, we 
utilise flow controllers to minimise 
consumption. Where regulations 
permit, seawater is used for non-
potable purposes, treated as necessary 
before being safely discharged back 
into the sea.
Water Recycling Initiatives
At our Dublin Inland Port facility, 
one of the most water-intensive 
locations in our terminals business, 
we have implemented an innovative 
container wash water recycling 
system. This technology reduces 
freshwater consumption by up to 90%, 
transforming used and contaminated 
wash water into clean, reusable water 
through biological and separation 
processes.
Ballast Water Management
Ballast water management is critical 
for maintaining vessel stability 
and safety, but its discharge can 
introduce invasive marine species 
and disrupt ecosystems. Our 
short-haul routes within the same 
body of water significantly reduce 
these risks compared to long-haul, 
intercontinental operations.
To further safeguard the marine 
environment, we have invested 
in Ballast Water Treatment Tank 
installation projects across our fleet. 
These systems treat ballast water to 
minimise environmental risks. 
Additionally, vessels like the Dublin 
Swift and the Isle of Innisfree either 
do not use ballast water or rely solely 
on internal tanks, completely avoiding 
external ballast water discharge risks.
Waste Management
We continue to focus on 
minimising waste, recycling 
materials where possible, we 
do this through continuous 
collaboration with ship managers 
and waste management partners 
across our office locations and 
served ports, we implement 
best practices to optimise waste 
management processes and 
minimise environmental impact.
Sustainable Crew Uniforms
For several years, we have 
equipped our crew with uniforms 
made from 95% recycled 
polyester derived from plastic 
bottles. This initiative not only 
underscores our commitment 
to sustainability but also 
prevents plastic waste from 
reaching oceans and landfills. 
By purchasing approximately 
2,288 of these garments in 
2024 alone, we recycled the 
equivalent of 41,200 plastic 
bottles. This long-standing 
programme demonstrates 
our dedication to integrating 
environmental responsibility into 
our procurement practices.
By embracing these advanced 
technologies around our Ballast 
Water Management, we are reducing 
our environmental footprint while 
supporting global efforts to protect 
water resources and marine 
biodiversity.
Sustainable Materials in Container 
Design
By 31 December 2024, approximately 
25% of the Group’s container fleet - 
1,273 containers - featured bamboo 
flooring. Bamboo is a renewable 
resource that regenerates from its 
roots, offering a more sustainable 
alternative to hardwood trees due to 
its rapid growth and self-renewing 
properties.
Containerised Provisioning
To further reduce our environmental 
footprint, we have minimised the 
number of deliveries to our vessels 
by using containerised provisioning. 
This approach reduces packaging 
waste and transportation emissions, 
contributing to more sustainable 
operations.
Embracing the Circular economy
The transition to a circular economy in 
Europe offers significant opportunities 
for ICG to contribute meaningfully 
to sustainable value chains. As a key 
logistics partner, we play a vital role in 
transporting recyclable materials to 
leading recycling facilities across the 
continent, where they are transformed 
into reusable resources.
Currently, we transport approximately 
9,500 twenty-foot equivalent 
units (TEU) of recyclable materials 
annually from Ireland to advanced 
recycling facilities in Europe. This 
effort highlights our commitment to 
enabling the repurposing of materials, 
reducing waste, and supporting the 
principles of a circular economy.
We view this as just the beginning. 
ICG is dedicated to identifying new 
opportunities to expand our role in 
this essential movement, helping to 
close the loop and contribute to a more 
sustainable future.
49
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Noise Management and 
Environmental Stewardship
At ICG, we are committed to 
minimising our environmental 
footprint, which includes addressing 
the acoustic environment within the 
ports of our transport network. We 
understand the impact that noise 
can have on local communities and 
prioritise proactive measures to 
reduce disturbances while fostering 
harmonious relationships with our 
neighbours. To ensure the safety of 
our staff and minimise disruptions to 
the broader community, we equip our 
operational vehicles with state-of-the-
art alarm technologies designed to 
dissipate noise effectively. Our RTGs 
(Rubber-Tyred Gantry Cranes) are 
engineered to use “soft” container 
landing procedures, further reducing 
operational noise. 
We regularly monitor these noise 
emissions to ensure adherence to 
local environmental guidelines. 
Within Dublin Port, external noise 
monitors are deployed to track 
activity and provide actionable data. 
This proactive approach helps us 
maintain compliance with established 
noise regulations while contributing 
to a quieter and more pleasant 
soundscape. Over the past four years, 
no noise complaints have been 
registered in relation to our activities. 
OCEAN 
PROJECT 
We are delighted to be a founding 
partner of the OCEAN Project, 
an international initiative aimed 
at assessing the causes and 
consequences of navigational 
accidents, including incidents 
involving marine mammals and 
floating objects. This project has 
received funding from the European 
Union’s Horizon Europe research 
and innovation programme.
The OCEAN Project is a pioneering 
effort that delves into, enhances, 
tests, and advances navigation 
systems and training methods. By 
equipping seafarers with a deeper 
understanding of their surroundings 
and decision-making tools, the project 
seeks to empower them to make 
informed choices.
In addition to improving navigation, 
the project also envisions the creation 
of a European navigational hazard data 
infrastructure. 
This infrastructure will gather and 
disseminate multi-source observations 
and hazard predictions, particularly in 
relation to floating containers and large 
aggregations of marine mammals. By 
integrating this information into the 
existing distributed maritime warning 
infrastructure, the project aims to 
enhance navigational safety across 
European waters.
Upon completion, the consortium 
behind the OCEAN Project intends to 
transfer this data ecosystem to relevant 
European organisations for ongoing 
deployment and maintenance. The 
potential impact of this project is 
substantial—it has the capacity to 
significantly reduce the occurrence 
of navigational accidents, thereby 
saving lives, safeguarding the 
environment, and mitigating 
economic losses.
Furthermore, the OCEAN 
Project’s efforts contribute to the 
development of new technologies 
and standards that will benefit 
maritime safety for years to come. 
This initiative exemplifies a mutual 
beneficial scenario, fostering 
progress in the industry while 
simultaneously protecting the 
environment and enhancing the 
safety of maritime operations.
50
Irish Continental Group

Task Force on Climate-Related 
Financial Disclosures (TCFD) 
We set out our disclosures that 
are aligned to the Task Force on 
Climate-Related Financial Disclosures 
framework. 
Details of how ICG is making 
progress in implementing the 
recommendations of the TCFD are 
set out below. In addition to the four 
key areas of governance, strategy, 
risk management and metrics and 
targets, a complete Appendix cross 
referencing disclosure against the 11 
recommendations are set out below. 
Governance
Climate-related risks and opportunities 
are managed and are being integrated 
as a core component of strategy 
and performance from the highest 
level of the business. As a leading 
maritime transport group, in what is 
an increasingly regulated industry, we 
recognise how important it is for us 
to play a leading role in driving more 
sustainable shipping. Our purpose and 
strategy are fully aligned to this goal 
and we ensure that climate risks and 
opportunities are at the forefront of 
day-to-day activities and operations. 
Oversight of climate-related issues 
is provided by the Board as a whole, 
with support from the Audit and Risk 
Committee, in particular in relation to 
climate risks and opportunities. We 
have set out further details of how 
climate risks and our risk management 
process interact, in our risk report. 
Management provides regular updates 
to the board on the wider sustainability 
agenda including climate risks and 
opportunities periodically throughout 
the year. 
Strategy
Through our purpose, commitments 
to contribute to the UN SDG and from 
regulation, ensuring our strategy is 
aligned with reduced impact on the 
environment is a core component of 
our efforts. It is for this reason we have 
made significant strides in detailing 
our environmental impact over the 
past years while also committing to 
reducing that impact, with data and 
effective governance at the heart of 
those steps. 
To gain a better understanding of 
how climate change might impact 
our business, we have qualitatively 
reviewed different scenarios occurring 
over the coming years. These 
assessments looked at potential 
physical and transitionary risks of a 
changing climate such as flooding 
and water stress, as well as the risks 
associated with a transition to a low-
carbon economy such as international 
climate policy and the impacts of 
carbon pricing. As an industry with 
stringent environmental-related 
regulations, the implications of 
regulatory steps have been a core part 
of our scenario analyses since before 
the introduction of the TCFD. 
 
The analysis evaluated the implications 
for ICG’s facilities, fleet and suppliers, as 
well as the impacts on our consumers. 
The analysis of both physical and 
transition risks showed that in both 
scenarios there is likely to be some 
financial risks which would need to 
be managed, but none that would 
materially impact our business model.
Risk management
Climate-related risk management 
is integrated into our enterprise risk 
management process, as detailed 
extensively in the Risk Management 
section (pages 68-77). The enterprise 
risk management process is designed 
to identify, assess, monitor and report 
on all risk related to the business. 
Through the TCFD lens, ICG prioritised 
the climate risk and opportunity 
assessment, and set out the following 
risks and opportunities related to 
climate change:
A summary of the main climate related risks is set out: 
Type
Description
Potential financial impact 
Metrics and Targets
Physical Risks
Extreme weather events
Decreased schedule integrity, 
asset damage, increased costs
Schedule integrity, 
Gross margin
Biodiversity loss
Increased cost of goods due to 
shortages
Gross margin
Transition Risks
Carbon emission allowances
Increased costs to maintain 
service levels
Gross margin
Meeting EEXI/EEDI requirements
Asset devaluation, additional 
capital investment
EEXI Ratings 
Failure of carbon reducing 
investments
Increased costs due to higher 
carbon intensity
Gross margins
Poor ESG ratings
Increase financing costs due 
to limited debt options
Achieved ESG 
Rating
Transition Risks
Unavailable debt financing for 
capital projects
Increased financing costs
Interest cover
Opportunities
Investment in fuel-efficient capital 
assets
Cost reduction, reduced 
emissions
GHG Emissions, 
Gross margin
Opportunities 
Market leadership and operational 
excellence
Increased revenues and profits
Gross margin
51
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Task Force on Climate-Related Financial Disclosures Appendix
Governance
Strategy
Risk Management
Metrics and Targets
Disclose the organisation’s 
governance around 
climate related risks and 
opportunities.
Disclose the actual and 
potential impacts of 
climate-related risks and 
opportunities on the 
organisation’s businesses, 
strategy, and financial 
planning where such 
information is material.
Disclose how the 
organisation identifies, 
assesses, and manages 
climate-related risks.
Disclose the metrics and 
targets used to assess 
and manage relevant 
climate-related risks and 
opportunities where 
such information is 
material.
Recommended 
Disclosures
(a) Describe the board’s 
oversight of climate-related 
risks and opportunities.
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Managing Climate Change 
Risks (pages 70-71)
Group Strategy and 
Corporate Governance 
(pages 88-89)
(a) Describe the 
climate-related risks 
and opportunities the 
organisation has identified 
over the short, medium, 
and long term.
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Managing Climate Change 
Risks (pages 70-71)
(a) Describe the 
organisation’s processes for 
identifying and assessing 
climate-related risks
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Managing Climate Change 
Risks (pages 70-71)
(a) Disclose the 
metrics used by the 
organisation to assess 
climate related risks and 
opportunities in line 
with its strategy and risk 
management process
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Managing Climate 
Change Risks (pages 
70-71)
(b) Describe 
management’s role in 
assessing and managing 
climate-related risks and 
opportunities.
Refer to
Managing Climate Change 
Risks (pages 70-71)
(b) Describe the impact 
of climate related risks 
and opportunities on the 
organisation’s businesses, 
strategy, and financial 
planning.
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Managing Climate Change 
Risks (pages 70-71)
(b) Describe the 
organisation’s processes for 
managing climate-related 
risks.
Refer to
Managing Climate Change 
Risks (pages 70-71)
(b) Disclose Scope 
1, Scope 2, and, if 
appropriate, Scope 3 
greenhouse gas (GHG) 
emissions, and the 
related risks.
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Environmental Data 
(pages 56-60)
(c) Describe the resilience 
of the organisation’s 
strategy, taking into 
consideration different 
climate-related scenarios, 
including a 2°C or lower 
scenario.
Refer to
Task Force on Climate-
Related Financial 
Disclosures (pages 51-52)
Managing Climate Change 
Risks (pages 70-71)
(c) Describe how processes 
for identifying, assessing, 
and managing climate-
related risks are integrated 
into the organisation’s 
overall risk management.
Refer to
Risk Management (pages 
68-77)
Managing Climate Change 
Risks (pages 70-71)
(c) Describe the 
targets used by the 
organisation to manage 
climate-related risks 
and opportunities and 
performance against 
targets.
Refer to
Metrics and targets 
(pages 44 and 47)
52
Irish Continental Group

EU Taxonomy
Background
General 
The Taxonomy is a classification system for the financial market based on Regulation (EU) 2020/852, listing economic 
activities sustainable in terms of climate and the environment. The EU Taxonomy (Taxonomy Regulation (Regulation (EU) 
2020/852)) goal is to create a “definition” of what is considered environmentally sustainable for a business and allow for 
a redirection of capital flows to more sustainable economic activities. The taxonomy creates a list of economic activities 
and then sets out a list of criteria/ standards that each activity must achieve to be taxonomy aligned and be deemed to 
be environmentally sustainable. Transport including maritime transport is included in the list, recognising its importance 
to wider economy and its potential impact on the environment. The Group has voluntarily applied certain aspects of the 
requirements of the EU Taxonomy Regulation and provided a subset of the necessary disclosures that the regulation 
requires. 
Taxonomy Reporting 
The EU defines six main environmental objectives against which the company’s different economic activities are assessed. 
These environmental objectives are: 
(a) climate change mitigation, 
(b) climate change adaptation, 
(c) sustainable use and protection of water and marine resources, 
(d) transition to a circular economy, 
(e) pollution prevention and control, and 
(f) protection and restoration of biodiversity and ecosystems. 
The process to calculate the disclosures requires us to: 
1.	 identify what activities are eligible and non-eligible under the taxonomy meaning whether our business activities are 
included on the taxonomy list or not. Those activities that meet the description on the list are deemed to be eligible. 
2.	assess whether the technical criteria or standards set out in the legislation for each activity is met by the business for 
example one of the key criteria of activity 6.10 ‘Sea and coastal freight water transport, vessels for port operations and 
auxiliary activities’ are whether the ships in use have Zero tail pipe emissions. A taxonomy aligned economic activity is an 
economic activity that meets all of the following requirements: 
	- The economic activity contributes substantially to one or more of the environmental objectives (Substantial 
Contribution)
	- It does not significantly harm any of the other environmental objectives pursuant to Art. 17 of the taxonomy regulation 
(Do no significant harm)
	- It is carried out in compliance with the minimum safeguards as per Art 18 of the taxonomy regulation, which are 
intended to ensure that an economic activity can only be considered sustainable if it also meets the international 
human rights standards. In addition to respect for human rights (including labour rights) the minimum safeguards also 
cover bribery and corruption, taxation and fair competition. 
3.	This analysis is then disclosed in KPI form based on the template provided by the regulation. 
As the reporting practice develops and expands, we will review and update the reporting of taxonomy-eligible KPIs and 
related accounting policies accordingly. 
53
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Our Economic Activities 
We examined the relevant taxonomy-eligible economic activities under the Delegated Regulation on the basis of our 
activities. ICG core businesses are the transportation of people and goods on our Ro- pax ferries and container ships on 
our designated routes. All integrated services necessary to and dependent on the operation of vessels for the combined 
transport of freight and passengers on sea or coastal waters are also considered. This includes service activities incidental to 
water transportation such as; on board passenger services, group stevedoring services and door-to-door container transport 
services that are component activities embedded within our sea transport offerings to customers. 
These business activities align to activity 6.10 Sea and coastal Freight including passenger activity in relation to the 
environmental objective of “climate mitigation”. Based on analysis of economic activity under the EU taxonomy, we did 
not identify any activities that specifically address the environmental goal of climate adaptation. In order to avoid double 
counting, the activities are also not considered taxonomy- eligible for this environmental objective. 
None of the groups activities are “aligned” for the remaining environmental objectives of Sustainable use and protection of 
water and marine resources, Transition to a circular economy, pollution prevention and control, protection and restoration 
of biodiversity and ecosystems. This means that our business activities are not listed on the areas targeted under these 
objectives. 
We have assigned our activities to the following economic activities in accordance with Annex I and II of the Climate 
Delegated Act. 
The following table shows the environmental objective to which the activities are relevant:
Economic Activity
Climate Change 
Mitigation
Climate Change 
Adaption 
Protection 
of water 
and marine 
resources
Circular 
Economy
Pollution 
Prevention
Restoration of 
Biodiversity
6.10 Sea and coastal 
freight  including 
passenger activity
Yes
No
N/a
N/a
N/a
N/a
Taxonomy Disclosures 
Activity
Total ‘M
Proportion Taxonomy 
eligible 
Proportion Taxonomy 
non eligible
Proportion Taxonomy 
Aligned 
Proportion Taxonomy 
Non Aligned
6.10 Sea and coastal freight including passenger activity
Turnover
603.8
100%
0%
0%
100%
Capex 
115.1
100%
0%
0%
100%
Op ex
534.7
100%
0%
0%
100%
Turnover KPI
The total turnover of €603.8 million for the financial year ending 31 December 2024 is the basis for the denominator for the 
turnover KPI as presented in the Consolidated Income Statement (page 140).
Assessment of Eligible activities 
The Group determines it has Taxonomy-eligible undertakings in accordance with activity 6.10 ‘Sea and coastal freight water 
transport, vessels for port operations and auxiliary activities’ (Annex I: climate change mitigation/ Annex II: climate change 
adaptation). 
All integrated services necessary to and dependent on the operation of vessels for the combined transport of freight and 
passengers on sea or coastal waters are also considered eligible and are therefore included within the reported metrics 
below. This includes service activities incidental to water transportation such as; on board passenger services, Group 
stevedoring services and quay-to-door container transport services that are component activities embedded within our sea 
transport offerings to customers. As a result, 100% of our operations are deemed eligible. 
54
Irish Continental Group

Assessment of Aligned Activities 
We have assessed the substantial contribution criteria for both the climate change mitigation criteria and the adaptation 
criteria as set out in the delegated acts. We have found that none of the eligible activities are aligned given the various 
technical criteria tests. Given the age of our vessels, notwithstanding the significant investments made, for example 
the installation of scrubbers to improve their technical ability minimising the output of sulphur and other particulate 
matters, they do not meet the technical criteria set out in the delegated acts for mitigation or adaption. From an adaption 
perspective, we do not meet the technical criteria associated with the substantial contribution criteria, as a business, we 
operate with a number of key stakeholders and the development of robust physical adaptation solutions given the low-level 
nature of the ports is challenging. 
OpEx KPI
The amounts reflecting direct non-capitalised costs relating to short-term leasing, maintenance and repair expenses and 
any other direct expenditures relating to the day-to-day servicing of Group assets or third parties to whom the activities are 
outsourced that are necessary to ensure the continued and effective functioning of such assets were considered for the 
denominator calculation. 
The numerator is derived from an analysis of the operating expenses associated with Taxonomy-eligible activities. As with 
our turnover, 0% of eligible OpEx is aligned. 
CapEx KPI
The capital expenditures amount to €115.1 million, comprising strategic and maintenance capital expenditures. The sum 
of the additions that reflect investments in Taxonomy-eligible activities forms the numerator. As with our turnover, 0% 
of eligible CapEx is aligned. Notwithstanding for example the work carried out on electrification of the terminals and the 
impact this has had on reducing our carbon footprint, our interpretation of the taxonomy legislation is this expenditure is 
not eligible for inclusion. 
EU Taxonomy Accounting policies 
The taxonomy KPIs are calculated as followed: 
•	 Taxonomy revenue KPI = Eligible revenue / Total revenue 
•	 Taxonomy opex KPI = Eligible opex / Total opex 
•	 Taxonomy capex KPI = Eligible capex (additions) / Total capex (additions)
Turnover
Turnover consists of Total operating revenues. See Consolidated Income Statement (page 140) in our Annual Report 
alongside note 4 for details of the Groups revenue generation. The associated critical accounting policies are set out in Note 
2 of our Annual Report. 
Capex 
Capex consists of additions to fixed assets and right-of-use assets. See Note 12 & 14 of the Consolidated financial statements. 
Opex 
Opex consists of Total operating expenses. See Consolidated Income Statement (page 140) of our Annual Report. The 
associated critical accounting policies are set out in Note 2 of our Annual Report.
55
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Metrics and tables
The following represents our data, the operations included, represents all assets and operations that ICG have operational 
control for the year ended 2024. 
Environmental Data
Shipping Operations
Topic
Relevant Metric
2024
2023
2022
Unit of measure
SASB Reference
Greenhouse 
gas emissions
Gross global 
Scope 1 shipping 
emissions
 548,214 
 544,663 
 519,082 
Metric tons 
(t) CO2-e
TR-MT-110a.1
Total energy 
consumed
6,959,303 
6,960,046 
6,665,199 
Gigajoules 
(GJ)
TR-MT-110a.3
Percentage heavy 
fuel oil
82.97%
76.91%
62.99%
Percentage 
(%)
TR-MT-110a.3
Average Energy 
Efficiency Design 
Index (EEDI) for 
new ships
N/a
N/a
N/a
TR-MT-110a.4
Air quality
NOx (excluding 
N20)
 10,977 
 11,242 
 10,614 
Metric tons 
(t)
TR-MT-120a.1
SOx
 1,192
 1,177
 830 
Metric tons 
(t)
TR-MT-120a.1
Particulate Matter 
(PM10)
 733 
 711 
 448 
Metric tons 
(t)
TR-MT-120a.1
Ecological 
Impacts
Shipping duration 
in marine 
protected areas or 
areas of protected 
conservation 
status
Nil
Nil
Nil
Number of 
travel days
TR-MT-160a.1
Percentage 
of fleet 
implementing 
ballast water 
exchange 
100%
100%
94.12%
Percentage 
(%)
TR-MT-160a.2
Percentage 
of fleet 
implementing 
ballast water 
treatment
100%
100%
68.75%
Percentage 
(%)
TR-MT-160a.2
Number of spills 
and releases to 
the environment
1
Nil
Nil
Number
TR-MT-160a.3
Aggregate 
volume of spills 
and releases to 
the environment
0.6
Nil
Nil
Cubic meters 
(m3)
TR-MT-160a.3
56
Irish Continental Group

Topic
Relevant Metric
2024
2023
2022
Unit of measure
SASB Reference
Workforce 
health and 
safety
Lost time 
incident rate 
from seafaring 
operations
 2.3
 2.2
 0.8
Rate/ Million 
hours
TR-MT-320a.1
Business 
ethics
Number of calls at 
ports in countries 
that have the 20 
lowest rankings 
in Transparency 
International’s 
Corruption 
Perception Index
Nil
Nil
Nil
Number
TR-MT-510a.1
Total amount of 
monetary losses 
as a result of legal 
proceedings 
associated 
with bribery or 
corruption
€Nil
€Nil
€Nil
Euro
TR-MT-510a.2
Accident 
and safety 
management
Number of 
marine casualties
1
3
1
Number
TR-MT-540a.1
Percentage 
classified as very 
serious
0%
0%
0%
Percentage 
(%)
TR-MT-540a.1
Number of port 
state detentions
Nil
Nil
3
Number
TR-MT-
540a.3
Activity
Average Number 
of shipboard 
workers
717
720
725
Number
TR-MT-000.A
Total distance 
travelled by 
vessels
1,029,621 
1,017,471 
 996,292 
Nautical 
miles (nm)
TR-MT-000.B
Operating days
 4,694 
 4,430 
 4,450 
Days
TR-MT.000.C
Deadweight 
tonnage
 125,683
 125,739 
 121,039 
Deadweight 
tons
TR-MT-000.D
Number of vessels 
in total shipping 
fleet
14
14
15
Number
TR-MT-000.E
 Owned
12
11
12
Number
Chartered in
2
3
3
Number
Number of vessel 
port calls
14,006
14,234
14,089
Number
TR-MT-000.F
Twenty-foot 
equivalent 
(TEU) capacity 
(Container fleet)
5,449
4,890
5,462
TEU
TR.MT.000.G
57
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Land Based Operations
Relevant Metric
2024
2023
2022
Unit of measure
Scope 1 emissions from land-based operations
2,802
2,752
2,890
Metric tons (t) CO2-e
Scope 2 emissions from land-based 
operations
Located based 
2,355
2,138
2,252
Metric tons (t) CO2-e
Market based
144
104
Nil
Metric tons (t) CO2-e
Total Scope 1 and 2 emissions from land-
based operations
(Using Market based scope 2 emissions)
2,946
2,825
2,890
Metric tons (t) CO2-e
Total energy consumed
67,008
66,347
69,268
Gigajoules (GJ)
Percentage renewable
45.23%
43.95%
43.59%
Percentage (%)
Overall Group 
Relevant Metric
2024
2023
2022
Unit of measure
Gross Global Scope 1 emissions
551,016
547,215
521,971
Metric tons (t) CO2-e
Gross Global Scope 2 emissions
(Using Market based scope 2 emissions)
178
104
128
Metric tons (t) CO2-e
Total Scope 1 and 2 emissions 
551,194
547,319
522,099
Metric tons (t) CO2-e
Scope 3 Emissions - Purchased goods & 
services 
36,760
32,597
33,410
Metric tons (t) CO2-e
Scope 3 Emissions - Capital goods 
7,736
11,548
18,841
Metric tons (t) CO2-e
Scope 3 Emissions - Other fuel- and energy-
related activities
124,206
124,142
117,864
Metric tons (t) CO2-e
Scope 3 Emissions - Upstream transport & 
distribution
6,333
6,365
7,438
Metric tons (t) CO2-e
Scope 3 Emissions - Generated waste
5,300
4,768
5,459
Metric tons (t) CO2-e
Scope 3 Emissions - Business travel
115
355
350
Metric tons (t) CO2-e
Scope 3 Emissions - Employee commuting
11
11
11
Metric tons (t) CO2-e
Scope 3 Emissions - Upstream leased assets
28,166
41,575
44,767
Metric tons (t) CO2-e
Total Scope 3 Emissions 
208,627
221,361
228,140
Metric tons (t) CO2-e
Total GHG Emissions
759,821
768,680
750,239
Metric tons (t) CO2-e
Total fuel consumed
172,385
171,911
163,410
Metric tons (t)
Total energy consumed
7,026,921
7,026,946
6,735,200
Gigajoules (GJ)
Waste
Total municipal Solid waste
10,362
9,465
11,571
Cubic metres (Cm)
Total waste and oil sludge
6,758
6,198
5,226
Cubic metres (Cm)
Total Freshwater consumption 
130,970
107,746
107,374
Cubic metres (Cm)
Total Water discharge
129,163
107,746
107,374
Cubic metres (Cm)
58
Irish Continental Group

Key Terms, Definitions and Commentary
Terms
Definitions
Commentary
Scope 1 
emissions
Direct GHG emissions from sources 
that are controlled by the Group.
The Group determines its Scope 1 emissions boundary 
in line with the Greenhouse Gas Protocol (GHG Protocol) 
using the principle of operational control. In establishing 
assets under operational control, consideration is 
given to the length of any charter arrangements, the 
responsibility for the purchase and consumption of the 
fuel and the responsibility for the operational activity 
of the asset being used. CO2 emissions from shipping 
are calculated using emission factors referenced in 
IMO Resolution MEPC 245 (66) 2014 “Guidelines on 
the method of calculation and the attained Energy 
Efficiency Index (EEDI) for new ships”. Scope 1 emissions 
from land-based activities are calculated in line with 
GHG Protocol calculation tools. 
There are some locations which are leased and have 
bundling arrangement on some costs, which means 
that activity-based data are not always available. We 
expect data availability to improve in the future.
Scope 2 
emissions
GHG emissions from the generation 
of purchased electricity consumed by 
the Group.
Scope 2 emissions are calculated in line with the GHG 
Protocol. 
Location based (CO2e):
All indirect emissions related to purchased energy; 
electricity or heating/cooling where ICG has operational 
control as defined by the Greenhouse Gas Protocol – 
calculated based on the emission intensity of local grid 
area where the electricity usage occurs.
Market based (CO2e)
All indirect emissions related to purchased energy; 
electricity or heating/cooling where ICG has operational 
control as defined by the Greenhouse Gas Protocol – 
calculated based on electricity consumption including 
contractual purchases of renewable energy
Scope 3 
emissions
Scope 3 emissions (CO2 e):
Emissions related to procured goods and services 
(category 1), capital goods (category 2), fuel- and energy-
related emissions (category 3), upstream transportation 
and distribution (category 4), waste (category 5) 
business travel (category 6), employee commuting 
(category 7) and Upstream leased assets (category 8). 
Scope 3 emissions are based on a mixture of spend and 
volume data. 
The emission factors primarily derive from the following 
data sources Defra/ EXIO and USEEIO data bases 
depending on the nature of the spend/ activity. 
CO2-e
Carbon dioxide equivalent units. 
CO2-e includes direct CO2 emissions plus emissions of 
other gases converted to CO2 based on their equivalent 
global warming potential. 
59
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Terms
Definitions
Commentary
NOx
Nitrogen Oxides
NOx emissions from shipping are calculated using 
guidance from the NOx Technical Code and MARPOL 
Annex VI Regulation 13, Nitrogen Oxides (NOx). 
Emissions from land-based activities are calculated in 
line with GHG Protocol calculation tools. 
SOx
Sulphur Oxides
SOx emissions are calculated by fuel-based emission 
factors. For vessels with exhaust gas cleaning systems 
(EGCS), a reported SO2/CO2 emission ratio is used 
to determine the level to which the sulphur content 
has been scrubbed down. Group SOx emissions have 
significantly reduced since the installation of exhaust 
gas cleaning systems. 
PM10
Particulate matter
The mass of PM10 is calculated by means of an energy-
based emission factor depending on engine type, 
engine tier and type of fuel consumed. Default emission 
factors proposed by the Fourth IMO GHG Study July 
2020 were applied. 
Lost Time 
Incident Rate
Lost time incidents per 1 million 
hours worked
A lost time incident is an incident that results in absence 
from work beyond the date or shift when it occurred.
Marine 
Casualties
An event, or sequence of events, 
that occurs directly in connection 
with the operations of a ship and 
results in death, serious injury or loss 
of a person from a ship or material 
damage to a ship, collision of a 
ship or material damage to marine 
infrastructure external to a ship or to 
the environment.
The reported marine casualties in 2024, related to an 
incident that occurred during the year, that resulted in 
a small fuel spill from one of the ships. It was quickly 
contained, and no long-term ecological issues were 
noted. 
Shipboard 
workers
Those who work on aboard operated 
vessels (including direct employees 
and contractors)
The Group discloses an average number of shipboard 
workers per vessel across operating vessels per year. 
Shipboard workers have remained consistent year on 
year. 
Operating 
days 
The number of available days 
in a reporting period minus the 
aggregate number of days vessels 
are off-hire due to unforeseen 
circumstances
Operating days have remained consistent year on year. 
60
Irish Continental Group

People 
At ICG, our people are the driving force 
behind our success. We take pride in 
fostering a high-performing, customer-
focused workforce built on trust, 
collaboration, and shared purpose. 
Our culture encourages vertical 
and horizontal teamwork across the 
organisation, creating an environment 
where constructive challenges to the 
status quo are embraced to achieve 
continuous improvement.
“We take pride in 
fostering a high-
performing, customer-
focused workforce built 
on trust, collaboration, 
and shared purpose.”
Focused on excellence 
Our people are driven by a shared 
commitment to delivering excellence. 
Their focus on achieving outstanding 
results is a strategic pillar that 
underpins the successful execution of 
our goals and initiatives.
A Supportive Culture
We are committed to creating a 
workplace that prioritises the well-
being, development, and recognition 
of our team members. Our approach 
integrates safety, health, and personal 
growth, fostering an environment 
where employees feel valued and 
supported. This alignment between 
individual and organisational goals 
drives engagement, boosts morale, and 
enhances productivity.
Continuous Growth
At ICG, we prioritise hiring for potential 
and cultivating the growth of our 
team members through meaningful 
and challenging opportunities. As a 
“Learning Organisation,” we foster a 
culture of continuous improvement, 
underpinned by our Learning & 
Development Policy and Talent Review 
Process. This proactive approach 
ensures our employees are consistently 
upskilling, adapting, and realising their 
full potential.
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Strategic Report
2024 Annual Report and Financial Statements

People Strategy
Our people strategy is categorised by our focus on 
these key areas: 
Leadership Focus
Strong leadership is a cornerstone of our success. Through tailored 
Leadership Programmes, we equip individuals identified through 
succession planning with the skills and support needed to advance within 
the organisation. These initiatives are designed to cultivate confident, 
capable leaders who drive our vision and inspire excellence.
Health and Wellbeing
The health and wellbeing of our team members are of utmost importance. 
We support them with flexible work practices and family-friendly policies. 
Throughout the year, we organise events that not only focus on physical 
health but also address the equally critical aspect of mental health.
Reward and Recognition
To recognise and reward the dedication and high achievements of our 
team, we offer competitive salaries along with a range of incentives. This 
ensures that our team members feel valued and appreciated for their 
contributions to our business.
Reward and recognition are not only linked to our Talent Review Process 
but is actively acknowledged throughout the year.
Safe and Supportive Environment
At ICG, we are committed to fostering a safe, inclusive, and empowering 
workplace where every team member can thrive. We champion a “speak 
up” culture that encourages open dialogue, the challenging of norms, 
and the free expression of ideas without fear of retribution. Respect and 
dignity form the foundation of our business practices, ensuring a supportive 
environment for all.
Sustainability and ESG 
Continued
Empowering Our Team
We have robust policies in place, 
including Bullying & Harassment, 
Equality, Diversity & Inclusion, Dignity 
& Respect, and Whistleblowing, to 
provide our employees with the means 
to speak up against inappropriate 
behaviour or processes. These policies 
ensure that every team member has a 
voice and a process for addressing any 
concerns.
Diversity & Inclusion
Our Commitment to Diversity & 
Inclusion
At ICG, we are committed to fostering 
a workplace where every individual is 
respected, valued, and empowered 
to thrive. We believe that a diverse 
workforce enhances our organisation, 
bringing together a rich array of skills 
and perspectives that drive creativity, 
innovation, and competitiveness.
Our Guiding Principles
Our approach to attracting, recruiting, 
developing, and retaining exceptional 
talent is built on three core principles:
•	 Diversity: We celebrate individuality 
and the unique contributions of 
each person. Our strength lies in 
embracing diversity and working 
collaboratively to deliver outstanding 
results for our people and 
stakeholders.
•	 Equality: We are dedicated to 
creating equal opportunities by 
removing barriers, challenging 
biases, and ensuring fair access for 
all.
•	 Inclusion: We foster a culture where 
differences are not just recognised 
but celebrated. Our inclusive 
environment empowers everyone to 
succeed, guided by our core values 
of impartiality, honesty, integrity, and 
objectivity.
Our Vision
We aspire to be an organisation where 
everyone feels engaged, respected, 
and integral to our shared success. 
Supporting a positive work-life balance 
is key to this vision. Through flexible 
and hybrid working arrangements, 
we ensure the needs of our team 
members are balanced with the goals 
of our business.
Advancing Diversity, Equality, and 
Inclusion
A diverse workforce is a cornerstone 
of our competitive advantage. While 
we acknowledge the maritime 
industry’s historical gender imbalance, 
we are actively working to drive 
change. By enhancing policies and 
refining recruitment processes, we 
are committed to improving the 
representation of women and fostering 
a culture of inclusion across all levels of 
our organisation.
Progress in Gender Diversity
Our recent efforts have yielded 
significant progress in achieving 
greater gender balance. Women 
now represent 33% of our Board 
members, and we have seen a year-
on-year increase of 2% in our overall 
gender balance, bringing it to 43%. We 
remain dedicated to continuing this 
momentum, recognising the vital role 
diversity plays in our success.
62
Irish Continental Group

31 Dec 2024
31 Dec 2023
31 Dec 2022
Total number of employees
290
288
290
Male
164
168
177
Female
126
120
113
% Female
43%
41%
39%
Full time
282
272
271
Part time
8
16
19
% Part Time Female
62%
83%
83%
Board members
6
6
6
Male
4
4
4
Female
2
2
2
 % Female
33%
33%
33%
Management staff 
57
51
51
Male
44
40
40
Female
13
11
11
% Female
23%
19%
22%
Total number of new employee hires
28
25
38
Total number of departures
26
31
48
Turnover rate
9.7%
10.7%
16%
Male
12%
12%
8.5%
Female
9%
9%
13%
Total number 
of female 
employees
41%
Female  
Board members
33%
Female  
management 
staff
19%
Female  
turnover rate
9%
Female  
part time
83%
Safety First 
Safety is, and always will be, our utmost 
priority.
Managing Physical Risks
Given the inherent risks in our 
operations, from handling containers 
to loading and unloading ships, 
ensuring the safety of our staff and 
customers is critical. We instil a robust 
safety culture within our organisation 
through the following measures:
•	 Annual updates to our safety 
statements, covering all policies and 
procedures.
•	 Comprehensive safety training for all 
staff in high-risk areas.
•	 Specialised training tailored to 
specific risk levels.
•	 Regular drills and exercises to 
test system efficacy and enhance 
resilience for example during the 
year, we completed a major incident 
exercise to test our readiness to 
respond to a significant incident. 
Supporting Safety Initiatives
We actively support the Dublin Safe 
Port initiative, a city-wide programme 
aimed at advancing safety culture and 
practices for all workers in Dublin Port. 
Through safety awareness campaigns, 
training, and other initiatives, we 
contribute to a safer and more 
sustainable working environment.
Adherence to International Standards
Onboard our vessels, we adhere 
strictly to the International Safety 
Management (ISM) Code, a globally 
recognised benchmark in maritime 
safety practices.
Innovating for Safety and 
Inclusion
Our RTG electrification 
programme has significantly 
enhanced safety by enabling 
remote crane operation from 
secure, office-based locations. 
This eliminates the need for 
staff to work in high-risk areas 
and expands opportunities for 
individuals previously excluded 
from these roles.
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Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Efficiency and Safety
The modernisation of our digital 
booking system for hauliers has 
improved both efficiency and safety. 
The app-based system facilitates virtual 
orders and collections, enabling “Just 
in Time” arrivals, reducing congestion, 
and minimising idling times in the port 
area.
Safe Handling of Dangerous Goods
We strictly follow all international, 
national, and local regulations 
for the transport of dangerous 
goods, including adherence to the 
International Maritime Dangerous 
Goods (IMDG) Code. Goods are 
rigorously classified based on their 
physical, chemical, and environmental 
properties, and special measures 
are implemented to ensure safe 
transport for employees, cargo, and the 
environment.
Health
Our Commitment to Health
We prioritise the health of our 
customers, employees, and contractors, 
adhering to all regulatory health 
requirements to minimise risks and 
promote well-being.
Rigorous Food Safety Measures
Onboard our vessels, we implement 
Hazard Analysis and Critical Control 
Point (HACCP) systems in all food-
handling areas. These systems 
identify, monitor, and control critical 
points in food preparation to uphold 
the highest standards of hygiene. 
Regular third-party inspections 
validate the effectiveness of our 
protocols, providing reassurance to our 
stakeholders and customers.
LTIF statistics 
Safety performance is closely 
monitored through our Lost Time 
Injury Frequency (LTIF) statistics, which 
measure workplace incidents resulting 
in lost days per million hours worked.
LTIF for Land Operations: 4 (Below the 
target threshold of <5).
LTIF for Sea Operations: 2.3 (Below the 
target threshold of <3.5).
Due to continued focus on our 
practices, our KPI’s for our land 
Operations have improved significantly 
year on year to 4, while our sea 
operations have increased slightly to 
2.3. On a combined basis our overall 
metric has decreased to 2.6 from 
3.3 in the prior year. All incidents are 
thoroughly investigated internally, 
with external authorities involved 
where necessary, to ensure lessons are 
learned and risks are mitigated. Full 
details are set out below. 
Social: Employee Health and Safety and Diversity and Inclusion
Safety Data
 
2024
2023
2022
 
Incidents 
Exposure 
hours
Lost Time 
Injury 
Frequency Fatalities  Incidents 
Exposure 
hours
Lost Time 
Injury 
Frequency Fatalities  Incidents 
Exposure 
hours
Lost Time 
Injury 
Frequency
Fatalities
ICG 
employees 
and visitors
0
 536,400 
 0
0
1
 536,400 
 1.9 
0
0
 595,200  0 
0
Key 
contractors
18
6,293,650 2.9 
0
21
6,208,998  3.4 
0
10
 
5,684,380 
 1.76 
0
Total
18
6,830,050  2.6 
0
22
6,745,398  3.3 
0
10
6,279,580  1.59 
0
2024
2023
2022
LTIF on 
land
4.1
8.2
4.6
LTIF at 
sea
 
 
2.3
 
 
 
2.2
 
 
 
0.8
 
64
Irish Continental Group

Society 
Corporate Social Responsibility (CSR)
At ICG, our dedication to corporate 
social responsibility (CSR) reflects our 
commitment to making a meaningful 
impact. We strive to actively contribute 
to the communities where we operate, 
fostering partnerships and initiatives 
that drive positive change.
Contributions to Good Causes
Our customers play a significant role 
in supporting meaningful causes, 
and we are deeply grateful for their 
generosity. Onboard Irish Ferries, we 
facilitate collections for the Royal 
National Lifeboat Association (RNLI), 
a leading charity dedicated to saving 
lives at sea across the United Kingdom, 
the Republic of Ireland, the Channel 
Islands, and the Isle of Man. This 
partnership enables our passengers to 
directly contribute to lifesaving efforts. 
Additionally, customers who opt for 
our specially marked heart-healthy 
meal options help support the Irish 
Heart Foundation, with a portion of 
proceeds dedicated to advancing vital 
heart health initiatives. These efforts 
demonstrate our shared commitment 
to fostering healthier communities and 
safer seas.
Support for the Irish Whale and 
Dolphin Association
ICG is proud to partner with the Irish 
Whale and Dolphin Association to aid 
in their vital conservation work. By 
providing logistical and operational 
support, we enable the association to 
conduct onboard activities, including 
marine observation exercises. These 
initiatives help monitor and protect 
whale and dolphin populations 
along our coastlines, contributing 
to the long-term preservation of 
marine biodiversity. Our collaboration 
highlights the critical role businesses 
can play in supporting environmental 
stewardship. 
Involvement in St. Patrick’s Festival
ICG is a proud supporter of Ireland’s 
world-renowned St. Patrick’s Festival. 
As part of our commitment to 
celebrating Irish culture and heritage, 
we provide transportation services for 
participating bands and performers 
traveling from the UK to Ireland. This 
iconic festival draws visitors from 
across the globe, showcasing Ireland’s 
vibrant traditions and fostering a spirit 
of community and celebration. For 
many families and visitors, the festival 
remains a cherished highlight of the 
year, and we are delighted to play a 
part in its success. 
Special Assistance Passengers
Inclusivity remains central to our ethos 
at ICG. Through our Special Assistance 
Program, we provide tailored support 
for passengers with unique needs, 
such as reduced mobility or additional 
requirements. Key features of the 
program include:
•	 Wheelchair Access: Ensuring seamless 
mobility within ports and onboard 
through the availability of wheelchairs.
•	 Disabled Drivers: We are pleased to 
offer special discounts off our standard 
fares for specific organisations.  In 
Ireland, this special discount is 
available to members of the Disabled 
Drivers Association (DDA) and the Irish 
Wheelchair Association (IWA), whilst 
in the UK, members of the disability 
alliance group Disabled Motoring UK 
(previously known as Mobilise) can 
receive discounts.
•	 Dedicated Seating: Reserving 
specific seating areas onboard to 
accommodate passengers requiring 
extra support.
•	 Specially Adapted Cabins: Offering 
cruise ferries equipped with cabins 
designed to enhance comfort and 
accessibility for passengers with 
specific needs.
•	 Assistance Animals: Welcoming 
registered assistance animals onboard 
to ensure comprehensive passenger 
support.
In 2024, our Disability Officer managed 
close to 1,500 special assistance cases, 
each meticulously planned to address 
individual needs. These efforts reinforce 
our commitment to creating a seamless 
and inclusive travel experience for all 
passengers.
Sunflower Lanyard Scheme
ICG takes pride in being the first Irish 
travel operator to implement the 
Sunflower Lanyard scheme. This discreet 
initiative allows passengers with hidden 
disabilities to be readily identified by our 
specially trained crew, enabling them 
to offer tailored assistance and support. 
The scheme represents our dedication 
to fostering an environment where every 
passenger feels valued and supported 
throughout their journey.
Support for Dublin Wicklow 
Mountain Rescue Team (DWMRT)
ICG has a long-standing 
partnership with the Dublin 
Wicklow Mountain Rescue Team 
(DWMRT). This dedicated team 
shares our commitment to 
the safety of our communities. 
Irish Ferries plays a crucial role 
in assisting the DWMRT by 
providing transport services for 
rescue dogs, volunteers, and 
essential equipment needed 
for critical search and training 
operations in Ireland.
65
Strategic Report
2024 Annual Report and Financial Statements

Sustainability and ESG 
Continued
Supporting Tourism and Local 
Economies
Irish Ferries collaborates closely 
with key tourism agencies, such as 
Tourism Ireland and Fáilte Ireland, 
alongside international partners like 
Normandy Tourism, Hauts-de-France, 
Atout France and Visit Wallonia. Our 
initiatives not only promote regional 
attractions but also champion local 
producers, ensuring sustainability 
remains at the heart of our operations. 
Highlights include:
•	 Local Suppliers: Partnering with Irish 
seafood, beef, dairy, and breakfast 
meat producers to deliver premium 
Origin Green-certified products 
onboard.
•	 Irish Beverages: Showcasing iconic 
Irish brands and craft beverages, 
alongside carbon-neutral coffee 
sourced from a Dublin-based 
roastery. All teas and coffees served 
onboard are fair trade certified.
•	 Regional Support: Sourcing from 
UK-based suppliers for the Dover-
Calais route and supporting socially 
impactful coffee initiatives that 
empower farmers in Guatemala, 
Tanzania, and Peru.
•	 Wine Selection: Offering a diverse 
range of Cherbourg-sourced wines, 
including special tasting events 
featuring boutique French vineyards.
•	 Plant-Based Options: Expanding 
our menus to include a wide variety 
of plant-based food and drink 
options, catering to evolving dietary 
preferences.
Through these efforts, we aim to 
provide unparalleled experiences for 
our passengers while strengthening 
the social and economic fabric of the 
regions we serve. By championing 
sustainability and local engagement, 
we remain steadfast in our mission to 
make a positive difference.
Governance
Governance forms the backbone 
of ICG’s approach to ethical and 
transparent business operations. Our 
comprehensive governance framework 
ensures that all practices align 
with globally recognised standards 
and drive sustainable, long-term 
growth. This framework supports 
our commitment to fostering trust, 
accountability, and resilience in our 
operations. We continuously enhance 
our governance policies to adapt to 
evolving standards and stakeholder 
expectations.
Competition Policy
At ICG, we are committed to fair 
competition and compliance with all 
applicable national and international 
laws, particularly regarding 
competition, bribery, and corruption. 
We ensure compliance through robust 
compliance structures and regular 
audits, reinforcing our zero-tolerance 
policy toward violations of these laws 
and regulations. Training sessions 
for employees and partners further 
strengthen our adherence to these 
principles.
66
Irish Continental Group

Anti-Bribery
We maintain a zero-tolerance stance 
against bribery and corruption 
and are dedicated to conducting 
business dealings and relationships 
professionally, fairly, and with integrity. 
Our Anti-Bribery Policy applies to 
all employees, partners, agents, 
consultants, and contractors, outlining 
strict guidelines on acceptable 
practices. Prohibited actions include 
all forms of bribery and business 
courtesies that may give the 
appearance of impropriety. In 2024, 
no investigations into allegations of 
bribery, corruption, or competition laws 
were initiated by external parties. 
Whistleblowing
ICG’s Protected Disclosure Policy 
encourages employees, board 
members, and others connected 
with the organisation to report any 
genuine concerns. This policy ensures 
confidentiality and protection against 
retaliation for whistleblowers. No 
disclosures were received under this 
policy in 2024. We remain committed 
to fostering a culture of openness and 
accountability by promoting awareness 
of the policy and its protections 
throughout the organisation.
Human Rights
ICG upholds internationally recognised 
human rights standards, including 
those outlined in the Universal 
Declaration on Human Rights and the 
International Labour Organisation’s 
Core Conventions. Our Human Rights 
Policy and Modern Slavery and 
Human Trafficking Policy reflect our 
zero-tolerance approach to modern 
slavery and human trafficking across 
our operations and supply chains. 
Measures include:
Training: Sessions to raise awareness 
of human trafficking and labour 
exploitation among employees.
Collaborations: Partnerships with 
organisations to share knowledge and 
best practices.
Proactive Monitoring: Ongoing reviews 
of reports and alerts to address 
potential concerns.
Our Supplier Code of Conduct 
underpins these efforts, ensuring 
alignment with our values across all 
suppliers and contractors. 
Taxation
ICG takes a balanced and responsible 
approach to managing tax affairs, 
aligning tax strategies with our 
business objectives. Compliance with 
legal and regulatory obligations is 
paramount. In cases of uncertainty, 
we seek external advice to ensure 
informed decision-making. Our zero-
tolerance policy against tax evasion 
reflects our commitment to ethical 
practices. We engage constructively 
with tax authorities, fostering 
transparency and cooperation. 
Supplier Relationships
Strong supplier relationships are 
essential to ICG’s operations. Our 
Supplier Code of Conduct outlines 
expectations in areas such as 
environmental sustainability, ethics, 
human rights, and health and 
safety. We prioritise continuous 
communication with suppliers 
to foster trust and collaboration, 
ensuring that values align. Payments 
are made promptly within agreed 
terms, reinforcing our commitment 
to fair and reliable partnerships. In the 
current year, we have expanded our 
understanding of our tier 1 suppliers 
to gain deeper insights into their 
operations and practices, enabling us 
to enhance collaboration and align 
more closely with our sustainability 
goals.
By embedding strong governance 
principles, ICG continues to operate 
responsibly and sustainably, meeting 
stakeholder expectations while 
maintaining the highest standards of 
integrity. Our proactive governance 
approach ensures resilience and 
positions us as a leader in responsible 
business practices.
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Strategic Report
2024 Annual Report and Financial Statements

Risk Management
Overview
Exposure to risk is an inherent part 
of the Group’s business activities. 
Effective risk management and 
internal control systems are essential 
to mitigate risks and ensure long-term 
business sustainability.
 
Risk Management Governance Framework 
The Board holds ultimate responsibility for risk management and internal control 
systems, defining the principal risks the Group is prepared to accept to achieve 
its strategic objectives. A culture of risk awareness is embedded throughout the 
organisation, ensuring that risk considerations are integral to decision-making 
processes.
The Audit and Risk Committee is responsible for reviewing and monitoring the 
effectiveness of risk management and internal control systems. It reviews and 
monitors their effectiveness throughout the year, reporting periodically to the 
Board. See pages 99-103 for a full overview of the activities of the committee 
during the year. 
Executive management is responsible for the effective operation of internal 
controls, designed to manage and mitigate the Group's risks and uncertainties. 
Risk considerations are embedded within the decision-making process.
The Risk Management Committee (RMC), comprises senior management from 
across the Group, including Board representation. Mandated by the Board and 
the Audit and Risk Committee, the RMC is tasked with:
•	 Recommending risk strategy and processes to the Board.
•	 Reviewing and monitoring the effectiveness of risk management systems.
•	 Assessing the Group's risk exposures relative to the Board's risk appetite. 
•	 Maintaining a comprehensive Group Risk Register, ensuring consistent risk 
identification and assessment across classified risk areas.
 
Board of Directors 
Audit and Risk 
Committee 
Executive 
Management 
Risk Management 
Committee
1st Line of Defence
Management Controls
Internal Control Measures
The first line of defence rests with 
management acting through 
their staff who are responsible 
for the design, implementation 
and monitoring of internal 
control measures within their 
respective business areas.
 
2nd Line of Defence
Financial Control
Risk Management
Monitoring
Compliance
The second line of defence 
comprises of oversight functions 
such as Group Finance and 
Group Marine and Safety. These 
functions are involved in policy 
setting and provide assurance 
over first line activities.
3rd Line of Defence
Internal Audit
The third line of defence 
consists of the Group Internal 
Audit function, which performs 
independent oversight of the 
first two lines and reports directly 
to the Audit and Risk Committee 
on matters of internal control, 
compliance and governance.
The Board has overall responsibility for 
risk management, internal controls, 
and defining the principal risks the 
Group is willing to accept in pursuit of 
its strategic objectives. The Board has 
delegated the oversight and appraisal 
of the Group’s risk management and 
internal control systems to the Audit 
and Risk Committee, which reviews 
and monitors the effectiveness of risk 
management processes throughout 
the year. Further details on the Audit 
and Risk Committee activities is set out 
in the Audit Committee report (pages 
99-103).
68
Irish Continental Group

Risk Management process
The Group adheres to the ISO 
31000:2018 'Risk Management – 
Guidelines' in designing its Risk 
Architecture, Strategy, and Protocols. 
Our Enterprise Risk Management 
(ERM) system aligns risk management 
with strategic objectives, fostering a 
unified and integrated approach.
 
Risk Assessment and Monitoring
The RMC leads the execution of the 
Group's Risk Management Process, 
with strategic input from the Board 
and the Audit and Risk Committee. The 
Board sets the Group's risk appetite 
for classified risk areas, communicated 
through Risk Appetite Statements. 
These statements, along with internal 
capabilities, resources, and industry 
factors, provide context for how the 
Group's strategy is pursued and how 
risks are assessed. Stakeholder views, 
particularly regarding climate and ESG 
issues, are considered by the Board 
in setting appropriate appetite levels. 
An overview of the Group's climate 
risk framework is detailed in the Task 
Force on Climate-Related Financial 
Disclosures section (pages 51-52). 
The Board maintains a low tolerance 
for risks that may impact the safety 
of vessels, workers, customers, and 
compliance with relevant laws and 
regulations.
The Group-wide nature of the 
risk assessment and monitoring 
process requires collaboration across 
departments and divisions. Each 
business owner is responsible for 
comprehensive risk identification 
and assessment within their area of 
responsibility. Risks are identified 
through various means, including an 
identification tool guiding assessors 
through several internal and external 
factors. Risks are assigned to owners 
responsible for the activity generating 
the risk. Where a risk has multiple 
causes and consequences, owners 
collaborate to perform a cause and 
consequence analysis.
Risk owners are responsible for 
completing and maintaining risk 
assessments in their respective 
areas. Risks are measured in terms 
of likelihood and impact using a 
Scope, Context, Criteria
Risk Identification
Risk Analysis
Risk Evaluation
Monitoring and Review
Recording and Reporting
Risk Assessments
Risk Treatment
Communication and Consultation
standardised scoring model, evaluated 
from a Group perspective relative to 
the Group's risk appetite. Guidance 
tools ensure consistency across 
assessments.
Existing control measures are 
documented and assessed within the 
risk assessment forms to determine 
residual risk scores. All assessments 
are reviewed by RMC members 
before being added to the Group Risk 
Register. The RMC and risk owners may 
prescribe further control measures 
during the review stage.
The Group Risk Register is the central 
online repository for documenting, 
assessing, and prioritising risks, as well 
as prescribing control measures. It 
forms a significant part of the Group's 
risk management process and is 
reviewed regularly by the RMC.
Changes to the Group Risk Register are 
made throughout the year and can be 
prompted by:
•	 The occurrence of a risk event.
•	 The identification of new emerging 
risks or changes in existing risks.
•	 Quarterly RMC meetings.
•	 Internal Audit or regulatory reviews.
•	 Annual risk owner reassessment.
•	 Changes in Key Risk Indicator 
measurements.
•	 New risk assessments completed 
within business area teams.
Information within the Group Risk 
Register is analysed to report principal 
risks to the Board and the Audit 
and Risk Committee for review and 
approval. A presentation of the Group's 
principal and emerging risks is made 
to the Board at least annually, or more 
frequently if warranted. During these 
presentations, the Board challenges 
the RMC on their processes and 
evaluations of the principal and 
emerging risks identified, considering 
the Group's risk policy, risk appetite, 
and market developments. Key Risk 
Indicators are in place for highly ranked 
individual risks to ensure exposure 
levels are monitored, flagged to the 
Board, and corrective actions are taken 
to minimise effects on the Group's 
business.
The annual Board and Audit and 
Risk Committee agendas include 
updates from executive risk owners 
regarding the Group's principal risks. 
These comprehensive updates include 
the history of the risk, key mitigating 
actions and controls, an outline of the 
residual risk, and any future actions 
planned to address potential control 
weaknesses.
 
69
Strategic Report
2024 Annual Report and Financial Statements

Risk Management 
Continued
Emerging Risks
Risk monitoring is an ongoing process 
due to the dynamic environment in 
which the Group operates. Emerging 
risks are closely monitored and 
assessed as their uncertain nature can 
result in significant impacts within a 
short timeframe. Currently, the Group 
is reviewing emerging risks related 
to proposed additional regulations 
over seafarer working conditions, 
macro-economic and supply chain 
risk, increased documentation 
requirements for travel between the 
UK and EU and advances in Artificial 
Intelligence (AI). Additionally, the 
Group remains vigilant regarding 
environmental and climate risks, 
technological advancements, data 
privacy concerns, and competition 
risks. 
Managing Cyber Security
At ICG we deploy progressively more 
sophisticated, proven technology to 
support our business, and face an ever-
evolving cyber threat landscape.  We 
are acutely aware of our responsibility 
to protect systems, particularly those 
supporting the services with which 
our customers interact, and to secure 
critically important information from 
both internal and external interference.
The board of ICG addresses cyber 
and information security risk in the 
context of its general risk management 
framework, where it continues to be 
identified as a key risk area.  Given 
its strategic importance to the 
organisation, the board is informed on 
security priorities and developments 
through regular reporting from our 
Information Technology team.  In 2024, 
reports were received on cyber security 
and related topics, including managed 
security service performance, third 
party risk management, application 
and network security testing, the 
updated NIS2 (EU Network Information 
Systems Directive), incident response 
activities, security awareness training, 
data protection and business 
continuity planning.
ICG maintains an Information Security 
Management System (ISMS) which is 
aligned with recognised standards for 
management of Information Security, 
ISO 27001 and NIST CSF.  Cyber 
security controls are selected and 
implemented based on thorough risk 
assessments, and to meet increasing 
compliance requirements such as NIS2 
and DORA.  Control effectiveness is 
continuously reviewed, and controls 
improved where necessary.  Threat 
intelligence sources are maintained 
and used to identify emerging security 
risks as they develop across the wider 
industry.  Operationally, cyber security 
is managed through a blended model 
of inhouse expertise and the use of 
best-in-class Managed Security Service 
Providers (MSSPs), which allows our 
organisation to benefit from the scale 
and expertise required to address the 
evolving threat landscape.
A culture of cyber security awareness 
is actively promoted at ICG.  All 
employees and contractors requiring 
the use of our systems must complete 
regular security training, which 
highlights and reinforces their own 
roles in protecting the organisation 
from cyber threats. Simulated phishing 
campaigns and incident reporting 
statistics are used to gauge the 
effectiveness of the security awareness 
training program.  Employees have 
a mandate to report any suspicious 
activity through established channels.
As a designated Operator of Essential 
Services (OES) supporting critical 
national infrastructure in Ireland, the 
group benefits from a relationship with 
the Irish National Cyber Security Centre 
(NCSC) and is an active participant 
in workshops, forums and simulated 
events. The group also participates 
in maritime security forums where 
interests of the sector are advanced.  
Managing Climate Change Risks
The Group's framework for managing 
climate change identifies key areas 
requiring attention to develop and 
execute its climate change risk 
management strategy. This framework 
is integrated within the Group’s Risk 
Architecture, Strategy, and Protocols 
(RASP), and related risk assessments 
are included in the Group Risk Register.
 1. Climate Change Risk Landscape
The Group identifies climate risks using 
the same processes as other emerging 
risks, with additional emphasis on 
expert climate risk publications and 
regulatory updates. Climate change 
risks are unique in their universal 
impact, long-term nature, and high 
uncertainty regarding their progression 
1. Climate Change 
Risk Landscape
2. 
Effective 
Governance 
Systems
3. 
Stakeholder 
Insights and 
Research
4.
Risk
Appetite
Setting
5. 
Materiality 
Assessment over 
Alternative 
Horizons
6. 
Strategic 
Positioning and 
Roadmap
7. 
Implementing 
Mitigation 
and Resilience 
Plans
8. 
Operationalise 
Metrics and 
Targets
70
Irish Continental Group

and effects. Therefore, the Group's 
climate risk register includes:
•	 Assessments over three time 
horizons: 0-3 years, 3-10 years, and 
>10 years, with the 0-3-year horizon 
assessments transferring to the 
Group Risk Register.
•	 Identification of impacted 
stakeholder groups for engagement 
on associated risks.
•	 Opportunities identified for each risk 
to support strategic positioning and 
resilience planning.
•	 Linkages of impacts to financial 
statement areas. 
•	 A summary of the Group’s climate 
risks, impacts and opportunities 
is disclosed in the Task Force 
on Climate-Related Financial 
Disclosures (pages 51-52). 
 
2. Effective Governance Systems
The Group applies the same risk 
governance structure to climate 
change risks as it does to all enterprise 
risks. The RMC advises the Board 
on risk appetite, risk management 
approach, and significant risk 
management issues, which are 
ultimately approved by the Board or 
used to facilitate decision-making.
The RMC presents to the Board 
during the year on all important risk 
management issues, including climate 
change and Environmental, Social, 
and Governance (ESG) risks. Recent 
Board appointments ensure adequate 
Non-Executive Director representation 
with ESG expertise to challenge the 
RMC and Executive Management on 
relevant issues.
The RMC comprises management 
across all areas of the business, 
including risk and sustainability, 
sales, operations, health and safety, 
planning, and finance. Collectively, the 
RMC has the skills, knowledge, and 
experience to manage the Group's 
climate change risks and their wide-
ranging impacts. ESG issues are 
incorporated into the incentive plans of 
Executive Management and dedicated 
management roles within the RMC. 
See the remuneration committee 
report for further details. 
 
3. Stakeholder Insights and Research
The interests and expectations 
of stakeholders are important 
considerations in the Group's climate 
risk management approach. The Group 
has undertaken a stakeholder research 
programme to gain insights on ESG 
issues facing the Group. This facilitates 
an evaluation of our core strategic, 
operational, and compliance processes 
concerning the environment and 
climate change expectations. Mapping 
these insights helps align stakeholder 
values with the Group's strategic 
objectives and core processes.
 
4. Risk Appetite Setting
Areas of highest stakeholder 
importance are considered in setting 
the appetite levels for Board approval. 
All ESG and climate change risks are 
then assessed against these levels, and 
mitigation plans updated to ensure 
they remain proportionate to the 
relevant appetite levels.
 
5. Materiality Assessment over 
Alternative Horizons
Climate change risks are assessed over 
three separate horizons: 0-3 years, 3-10 
years, and >10 years. Current known 
transition risks are most significant in 
the short and medium term and are 
expected to decline in the long term as 
the Group shifts towards a low-carbon 
economy. 
Assessments over the long-term 
horizon are most challenging to 
calculate but are key to future 
resilience planning. The Group is 
exploring further methods to help 
quantitively analyse the impact of 
certain future scenarios.
 
6. Strategic Positioning and Roadmap
Following a full assessment of risks 
and opportunities over separate 
time horizons, the Group can assess 
strategically its current position against 
long-term goals. This stage allows 
the Group to identify any changes 
to its business model necessary for 
long-term success, with a focus on 
opportunity management. Further 
climate change related controls and 
projects are then agreed. 
 
7. Implementing Mitigation and 
Resilience Plans
Further controls and projects to help 
address climate change risks are 
implemented and managed. Current 
resilience plans, including the Group’s 
Major Incident Response Plans and 
Disaster Recovery Plans are also 
reviewed and updated periodically 
for additional information gathered 
throughout the process.
 
8. Operationalise Metrics and Targets
Metrics and targets, including carbon 
intensity and absolute GHG emissions 
are monitored and reviewed. Relevant 
Key Risk Indicators are also introduced 
to monitor high residual risks, in line 
with the Group’s risk management 
process. 
 
Short Term
(1 -3 years)
Low
Impact
Physical Risk
Transition Risk
Medium
Impact
High
Impact
Medium Term
(3 -10 years)
Long Term
(>10 years)
71
Strategic Report
2024 Annual Report and Financial Statements

Significant and Emerging Risk 
Events 
Macro-Economic and supply chain risk 
In recent years, we have observed 
sustained and increasing geopolitical 
risks on the global stage. These 
include the outbreak of war in Eastern 
Europe, significant instability in the 
Middle East, increasing trade tension 
and tariffs, often due to shifts (and 
potential shifts) in policies under new 
governments. All of these factors have 
the potential to disrupt trade, global 
security and supply chain movements.
The maritime industry has responded 
flexibly to these risks, ensuring that 
supply chains remain largely resilient. 
However, the risk of significant 
volatility persists. Looking ahead 
to 2025, we anticipate continued 
elevated geopolitical risk worldwide, 
with potential volatility impacting our 
operations. In particular, the threat to 
trade flows between Southeast Asia 
and Europe via the Red Sea remains a 
key concern, alongside the potential for 
volatile fuel costs.
 
Increasing Regulations Over Seafarer 
Working Conditions
In recent years, national governments 
have introduced new regulations 
Risk Management 
Continued
concerning seafarer working 
conditions. The Group has effectively 
managed the impacts of these 
regulations through the minimisation 
of associated costs and potential 
operational disruptions. Looking 
ahead, the Group continues to 
monitor intentions to legislate further 
in this area.
 
New Travel documentation 
requirements
There are a number of new travel 
documentation requirements for travel 
between the UK, the EU Schengen 
area, and Ireland. These schemes 
are EU EES (Entry & Exit System), EU 
ETIAS (European Travel Information 
and Authorisation System) and the UK 
Electronic Travel Authorisation (ETA) / 
Universal Travel Permission (UTP). They 
will modify the current entry and exits 
rules for individuals. 
 
These regulations could potentially 
cause disruption at ports due to 
increased transaction times at 
the borders, which may then have 
an impact on our service. We are 
engaging with the ports and border 
authorities to minimise the risk of 
disruption and ensure readiness to 
comply with these new regulations. 
 
Viability assessment
The principal risks identified through 
the Group’s risk processes have been 
considered by the Directors when 
preparing the Viability Statement 
(page 128), as part of their assessment 
of the prospects for the Group.
 
Principal Risks and Uncertainties
This table presents the Board’s view 
of the Group’s principal risks and 
uncertainties and is not an exhaustive 
list of all the risks which may impact 
the Group. There are additional 
risks which are not yet considered 
material, or which are not yet known 
to the Board, which could become 
significant in the future. Likewise, 
some of the current risks may reduce 
in importance as management actions 
are implemented or changes in the 
operating environment occur. The 
Board will continue to monitor risk in 
the context of relevant factors such 
as an increased level of geopolitical 
and macroeconomic uncertainty, as 
well as other changes in the external 
environment, which may create future 
risks.
Quality Service 
People and Culture 
Financial 
Management
Safety
Sustainability
Description and Impact
Risk Treatment
2024 Developments
Strategic Risk - Commercial & Market 
The Group operates in a highly 
competitive industry with market 
risks and opportunities arising from 
uncertain political and economic 
landscapes. The Group is at risk of 
markets not performing in line with 
expected growth and at risk of loss 
in market share to competitors, 
impacting profitability.
The Group undertakes regular 
assessments of its cost base and 
performs competitor benchmarking.
 
Direct and indirect competitor 
activity and market performance is 
closely monitored which allows the 
Group to respond swiftly. 
 
The Group focuses on ensuring a 
safe, reliable and high-quality service 
is provided to customers in order to 
maintain and strengthen alliances.
There continues to be significant 
competitive pressures within our 
markets due to increased input 
costs and competitor activity 
including new capacity on 
routes between Ireland and UK/
Continental Europe.  
 
In our container shipping business 
we expanded the number of ships 
on hire from 5 to 6 responding to 
demand trends. 
 
Linkage to strategic pillars: 
72
Irish Continental Group

Description and Impact
Risk Treatment
2024 Developments
Strategic Risk - Economic and Political
Economic and political factors 
including instability and changes 
to laws on travel and trade could 
adversely impact the Group’s 
activities and demand for its services.
 
Geopolitical risks, including war 
risks could have significant Global 
impacts, including impacts to Group 
operations. 
The Group liaises with various 
associations and governmental 
bodies to share views on proposed 
legislative changes. 
 
Micro and macroeconomic activity 
is closely monitored to ensure Group 
decision making is informed and 
timely. 
Macro-economic risk continues 
to be monitored closely, including 
the instability in eastern Europe, 
greater instability in Middle East 
and the potential for the conflict 
to spread to further disrupt trade 
flows. 
These have all had a significant 
impact on the wider European 
economy especially in the areas 
of fuel and other supply chain 
inflation. 
 
The freight and passenger market 
continues to work through the 
effect of Brexit and the ongoing 
changes to administrative 
requirements on movements of 
passengers and cargo between 
the UK and Europe. 
 
Operational Risk - Business Continuity 
The Group’s operations are exposed 
to the risk of fire, flood, storms, vessel 
incidents and loss of critical supplies 
caused by accident or by natural 
disaster. 
 
Minor disruptions can impact 
revenues while major disruptive 
events can result in the loss of critical 
infrastructure causing significant 
financial loss and reputational 
damage.
The Group places strategic 
importance on investment in quality 
assets and safety, including vessels 
suitable for challenging sailing 
conditions and experienced crews 
and operations teams. 
 
The Group has detailed, coordinated 
and rehearsed business continuity 
plans containing crisis management 
and disaster recovery components 
to respond to major incidents at 
land or at sea and ensure affected 
operations can be resumed promptly 
and safely.
In December, the Port of 
Holyhead was closed temporarily 
by the port owner. There was a 
partial reopening of the port in 
January with one berth being 
made available for use. Our ships 
are now serving a full schedule 
again on the Dublin – Holyhead 
route. 
During the port closure, we 
reconfigured our fleet and routes 
in order to mitigate the impact on 
our customers. 
 
Operational Risk - Health and Safety 
The Group is inherently exposed 
to the risk of incidents, including; 
workplace accidents, vessel incidents 
and damages, hazardous cargo and 
incidents involving passengers.
 
There is also a risk of outbreak of 
contagious illness among staff, crews 
and customers.
 
These events could result in loss of 
life, serious personal injury or illness, 
asset damage and reputational 
impact concerning safety.
The Group and its service providers 
adhere to defined operating safety 
and quality policies and procedures. 
All sites are regularly inspected 
by internal second line functions 
and external regulatory bodies. 
Emergency procedures and safety 
training are conducted regularly. 
 
Hazardous cargoes are managed 
in accordance with international 
maritime regulations.
 
Group vessels, offices and facilities 
are thoroughly and frequently 
sanitised. 
Health and safety metrics for the 
year are disclosed in the Employee 
Health and Safety table (page 64). 
 
73
Strategic Report
2024 Annual Report and Financial Statements

Description and Impact
Risk Treatment
2024 Developments
Operational Risk - Operational Compliance
The Group’s activities are governed 
by a range of IMO, flag state, port 
state, EU and national governmental 
regulations. There is a risk that 
instances of non-compliance 
may occur that causes disruption, 
reputational damage or financial 
penalties.
Ongoing training is provided to 
operations staff and contractors in 
line with regulatory requirements. 
 
New regulations are discussed and 
assessed at management meetings, 
together with measures to ensure 
compliance.
 
The Group’s vessels and port 
operations are subject to regular 
inspections and audits from internal 
second line functions and external 
bodies. 
The Group will continue 
to monitor new regulatory 
developments at the IMO, EU 
and the UK and liaise with 
regional chambers of shipping, 
shipowners’ associations and 
other industry representatives as 
further information is announced. 
Compliance risks related to 
reducing emissions are managed 
within the Group’s climate change 
risk framework. 
Operational Risk - Environmental Protection 
The Group is exposed to long-term 
physical effects of climate change 
and to near and long-term transition 
risks associated with the movement 
towards a low carbon economy. 
These risks and impacts are detailed 
further in the Task Force on Climate-
Related Financial Disclosures (pages 
51-52). 
 
There is also a risk of spillages or 
incidents causing pollution and 
discharge to the sea. 
Physical and transition climate 
change risks are managed within 
the Group’s climate change risk 
framework.
 
The Group is employing a range of 
technical and operational measures 
to achieve its GHG reduction targets. 
Refer to Sustainability and ESG 
(pages 40-67) for further details.
 
The Group and its service providers 
adhere to defined operating safety 
and quality policies and procedures. 
All sites are regularly inspected 
by internal second line functions 
and external regulatory bodies. 
Emergency procedures and safety 
training are conducted regularly. 
Hazardous cargoes are managed 
in accordance with international 
maritime regulations.
The Group continues to place 
significant focus on enhancing 
its approach to ESG and 
sustainability. Refer to the 
Sustainability section (pages 
40-67) for further information 
on activities and developments 
during the year.
Operational Risk - Human Capital
There is a risk of failure to attract 
qualified and talented individuals 
and additionally a risk of losing 
key personnel. Staff could become 
unmotivated or dissatisfied with 
the working environment. These 
risks can ultimately lead to a poor 
standard of customer service and 
decision making, affecting the 
Group’s market position, reputation 
and stakeholder relationships.
Pay and conditions are reviewed and 
benchmarked to ensure the Group 
remains competitive. 
 
ICG is an equal opportunities 
employer and seeks a diverse 
workforce to promote a strong and 
accepting culture and to help make 
informed decisions.
 
Staff are encouraged and supported 
in their pursuits of further education 
and career advancement. 
 
Long-term incentive plans are in 
place to retain and motivate key 
management personnel. 
Our employee numbers have 
been stable during the year in line 
with expectations. 
Risk Management 
Continued
74
Irish Continental Group

Description and Impact
Risk Treatment
2024 Developments
IT Systems and Cyber Risk - Information Security and Cyber Threats
The Group is heavily reliant on its 
IT systems to support business 
activities. These systems are 
susceptible to data breaches 
and cyber-attacks that can result 
in disruption, heavy fines and 
reputational damage. 
The Group employs a suite of 
physical access controls and 
technical controls to prevent, detect, 
mitigate and remediate malicious 
threats and unusual activity. Such 
controls include rehearsals for 
major cyber incidents, vulnerability 
management processes and security 
awareness training for staff and key 
contractors.
Cyber-attacks continue to grow 
in volume and sophistication 
and have particularly intensified 
in recent years. We have seen 
attacks by groups, linked 
or supportive of foreign 
governments during the year. 
 
There were no significant 
disruptions to our services during 
the year. The Group remains 
vigilant and ensure all efforts to 
protect its systems are made.
 
For an overview of the Group’s 
cyber security risk management 
process, see Managing Cyber 
Security (page 70).
Financial Risk - Financial Loss 
The Group is at risk of losses caused 
by ineffective or inefficient financial 
policies or practices, such as; 
inadequate budgeting and planning, 
insurance provisioning, project 
management or credit control 
techniques.
The Group’s financial management 
activities are performed by 
experienced and knowledgeable 
personnel. Regular internal 
management reporting ensures 
negative variances and trends are 
identified timely and acted upon. 
 
Close relations with insurance 
brokers are maintained and 
emerging risks are considered when 
assessing coverage.
 
Major projects require pre-approval 
of the Board. Due diligence 
procedures are carried out for 
project contractors and new 
commercial customers while 
ongoing performance management 
of projects and debtors are in place.
We continue to invest and 
improve our analytics offerings 
to our executive management to 
monitor key operational statistics 
timely. This allows us to act 
swiftly and decisively to address 
any building trends against 
established benchmarks. 
75
Strategic Report
2024 Annual Report and Financial Statements

Description and Impact
Risk Treatment
2024 Developments
Financial Risk - Volatility 
The Group is exposed to adverse 
fluctuations in fuel prices and 
exchange rates which can reduce 
revenues, increase cost base and 
reduce overall profitability.
Group policy has been to purchase 
commodities in the spot markets 
and remain unhedged. The Group 
operates a dynamic surcharge 
mechanism with its freight 
customers which allows prearranged 
price adjustments in line with 
Euro fuel costs to help mitigate US 
Dollar exposure arising from fuel 
purchases. In the passenger sector, 
in addition to fixed environmental 
surcharges, changes in bunker costs 
are included in the ticket price to the 
extent that market conditions will 
allow. 
 
The Group employs a matching 
policy to mitigate exposure to 
Sterling. Decreases in translation 
of Sterling revenues to Euro are 
largely offset against corresponding 
decreases in translation of Sterling 
costs. 
Fuel prices in 2024 were relatively 
stable compared with previous 
years. 
Financial Risk - Retirement Benefit Scheme 
The Group’s pension liabilities 
are exposed to risks arising from 
changes in interest rates, inflation, 
demographics and market values 
of the underlying investments, 
resulting in increased scheme 
obligations or decreased scheme 
assets.
A portion of the Group’s defined 
benefit risks are transferred to a 
third-party insurance company. 
 
All actuarial assumptions are 
substantiated and challenged where 
necessary.
 
Regular communication is 
maintained with the scheme 
investment managers to monitor 
performance relative to agreed 
benchmarks.
In 2024, the Group continued its 
de-risking initiatives and active 
investment management. 
Risk Management 
Continued
76
Irish Continental Group

Description and Impact
Risk Treatment
2024 Developments
Financial Risk - Fraud
A significant volume of transactions 
is processed throughout the course 
of the year. These include a large 
amount of payment exchanges 
in the booking process, on board 
passenger vessels and at port ticket 
desks. This level of activity inherently 
carries a risk of fraud through the 
processing of improper payments or 
misappropriation of cash or assets. 
  
Any instance of fraud affecting 
ICG could result in financial loss, 
reputational and cultural damage. 
Improper payments are prevented 
by a segregation of duties within the 
payment set-up, payment approval 
and accounts posting processes. 
Further training and procedures are 
in place to ensure any requested 
changes to vendor payments are 
validated.
 
Daily reconciliations are performed 
at cash processing locations. All cash 
counts require supervisor oversight 
and CCTV cameras are installed to 
deter and capture any inappropriate 
behaviour. 
 
Internal audit procedures are 
designed with consideration for the 
scope of fraud, where relevant. 
The Group is not aware of any 
confirmed or suspected instances 
of material fraud during the year. 
 
The Group has a Protected 
Disclosure (Whistleblowing) Policy 
to encourage employees or any 
person who works or has worked 
for the Group to make a disclosure 
in respect of significant matters 
including instances of fraud. This 
policy is available on our website. 
Financial Risk - Financial Compliance
As a public listed company with 
operations in different jurisdictions, 
the Group must comply with 
multiple financial and administrative 
regulations. Any policy changes or 
instances of non-compliance could 
result in financial loss, penalties or 
reputational damage.
The Group relies on its professional 
staff to ensure necessary filings are 
timely, complete and accurate. 
 
Third party experts are engaged 
when required to advise on complex 
matters. 
 
The Group engages proactively with 
Irish tax authorities through the Co-
Operative Compliance Framework.
 
The Group is monitoring 
developments in regulations 
particularly around whether BEP’s 
Pillar 2 may affect the group in 
future periods, through increased 
tax obligations. 
The Group is also monitoring 
and assessing the financial and 
administrative impact of the EU 
emission trading scheme and a 
similar scheme proposed by the 
United Kingdom. We have put in 
place procedures to pass on the 
additional cost to our customers. 
77
Strategic Report
2024 Annual Report and Financial Statements

Isle of Inishmore
Year Built
1997
Acquired
1997
Gross Tonnage
34,031
No. Engines
4
Speed
21.5 knots
Lane Metres
2,100
Car Capacity
855
Passenger Capacity
2,200
Beds
208
Isle of Inisheer
Year Built
2000
Acquired
2022
Gross Tonnage
22,152
No. Engines
4
Speed
22.5 knots
Lane Metres
1,950
Car Capacity
500
Passenger Capacity
589
Beds
218
Isle of Innisfree
Year Built
1992
Acquired
2021
Gross Tonnage
28,833
No. Engines
4
Speed
21.0 knots
Lane Metres
2,300
Car Capacity
600
Passenger Capacity
1,140
Beds
78
W.B. Yeats
Year Built
2018
Acquired
2018
Gross Tonnage
51,388
No. Engines
4
Speed
22.5 knots
Lane Metres
2,800
Car Capacity
1,216
Passenger Capacity
1,885
Beds
1,706
Ulysses
Year Built
2001
Acquired
2001
Gross Tonnage
50,938
No. Engines
4
Speed
22 knots
Lane Metres
4,100
Car Capacity
1,342
Passenger Capacity
1,875
Beds
186
Our Fleet
Dublin Swift 
Year Built
2001
Acquired
2016
Gross Tonnage
8,403
No. Engines
4
Speed
35 knots
Lane Metres
-
Car Capacity
251
Passenger Capacity
817
Beds
-
Oscar Wilde (chartered in)
Year Built
2010
Acquired
chartered-in
Gross Tonnage
47,592
No. Engines
4
Speed
22.0 knots
Lane Metres
2,700
Car Capacity
1,059
Passenger Capacity
2,000
Beds
-
78
Irish Continental Group

Elbtrader
Year Built
2008
Acquired
2015
Gross Tonnage
8,246
Deadweight
11,153
Capacity
974 TEU
Thetis D
Year Built
2009
Acquired
2019
Gross Tonnage
17,488
Deadweight
17,861
Capacity
1,421 TEU
Elbcarrier 
Year Built
2007
Acquired
2015
Gross Tonnage
8,246
Deadweight
11,166
Capacity
974 TEU
Ranger
Year Built
2005
Acquired
2015
Gross Tonnage
7,852
Deadweight
9,300
Capacity
803 TEU
Elbfeeder
Year Built
2008
Acquired
2015
Gross Tonnage
8,246
Deadweight
11,157
Capacity
974 TEU
CT Rotterdam
Year Built
2009
Acquired
2019
Gross Tonnage
8,273
Deadweight
11,157
Capacity
974 TEU
CT Daniel
Year Built
2006
Acquired
2021
Gross Tonnage
9,990
Deadweight
11,190
Capacity
868 TEU
CT Pachuca
Year Built
2005
Acquired
2022
Gross Tonnage
6,901
Deadweight
9,235
Capacity
750 TEU
79
Strategic Report
2024 Annual Report and Financial Statements

Executive Management Team 
David Ledwidge, aged 45, was appointed to the 
Board in March 2016. David joined the Group in 
2006 from professional services firm Deloitte 
where he qualified as a Chartered Accountant. 
He has held various financial positions within 
the Group, including Group Risk Accountant and 
Finance Director of Irish Ferries. He was appointed 
to his current role as Group Chief Financial Officer 
in May 2015.
Andrew Sheen, aged 53, a Chartered Engineer, 
has been involved in shipping for over 30 years 
and has worked with Irish Ferries in a variety of 
operational roles for over 15 years. He re-joined ICG 
from the UK Maritime & Coastguard Agency and 
has been a Director of Irish Ferries since 2013. He 
was appointed to his current role as Managing 
Director of the Ferries Division in March 2015. 
He is currently President of the Irish Chamber 
of Shipping and a Director of the International 
Chamber of Shipping.
Declan Freeman, aged 49, joined the Group in 
1999 from professional services firm Deloitte 
where he qualified as a Chartered Accountant. 
He has worked in a number of financial and 
general management roles in the Group up to 
his appointment as Managing Director of Eucon 
in 2011. He was appointed to his current role as 
Managing Director of the Container and Terminal 
Division in 2012.
Eamonn Rothwell, aged 69, has been a Director 
for 38 years having been appointed as a non-
executive Director in 1987 and subsequently to 
the position of Chief Executive Officer in 1992. He 
is also a Director of Interferry European Office 
A.I.S.B.L. He is a former Director of The United 
Kingdom Mutual War Risks Association Limited, 
Interferry Inc and The United Kingdom Mutual 
Steam Ship Assurance Association (Bermuda) 
Limited. He is a past executive Director of former 
stockbrokers NCB Group, now part of Tilman 
Brewin Dolphin. Prior to that, he worked with 
Allied Irish Banks plc, Fáilte Ireland (The Irish 
Tourist Board) and as a financial journalist.
Eamonn Rothwell  
BComm, MBS, FCCA, 
CFA UK
Chief Executive Officer
Andrew Sheen 
MSc, BEng(Hons), 
CEng, FIMarEST, FRINA.
Managing Director – 
Ferries Division
David Ledwidge  
FCA, BSc (Mgmt)
Chief Financial Officer
Declan Freeman  
FCA
Managing Director - 
Container and Terminal 
Division
80
Irish Continental Group

81
Strategic Report
2024 Annual Report and Financial Statements

CORPORATE 
GOVERNANCE
The Board
84
Corporate Governance Report
86
Report of the Audit and Risk Committee
99
Report of the Nomination Committee
104
Report of the Remuneration Committee
107
Report of the Directors
127
Directors’ Responsibility Statement
131
82
Irish Continental Group

83
Corporate Governance
2024 Annual Report and Financial Statements

John B. McGuckian, aged 85, has been a Director 
for 37 years having been appointed as a non-
executive Director in 1988 and Chairman in 
2004. He has a wide range of interests, both in 
Ireland and internationally. He is also a Director 
of Cooneen Textiles Limited. He is a former 
Director of a number of listed companies and 
he has previously acted as the Chairman of; the 
International Fund for Ireland, the Industrial 
Development Board for Northern Ireland, UTV 
Media plc and as Senior Pro-Chancellor and 
Chairman of the Senate of the Queen’s University 
of Belfast.
Committee Membership: Remuneration Committee, 
Nomination Committee (Chair)
Dan Clague, aged 65, was appointed to the Board 
in August 2021. Dan has over 30 years' experience in 
investment banking and most recently held a senior 
position with investment bank Stephens Europe 
where he advised on a number of transactions in the 
transport and maritime sectors. He has previously 
held senior positions with Hawkpoint Partners, SG 
Hambros, ABN Amro and Baring Brothers. Prior to 
entering investment banking, Dan spent a number 
of years working in the maritime sector as a shipping 
and ports manager. He has global experience of both 
public and private company mergers and acquisitions 
across the transport industry including the RoRo, 
LoLo and port sectors. Dan is based in London. 
Committee Membership: Audit and Risk Committee, 
Remuneration Committee (Chair), Nomination Committee
The Board 
The Group’s non-executive Directors are:
Éimear Moloney, aged 54, was appointed to the 
Board in August 2022. Éimear has over 20 years’ 
experience in capital markets and most recently 
held a senior executive position with Zurich 
Life Assurance (Ireland) plc, with responsibility 
for managing asset allocation across various 
geographic portfolios. Éimear holds non-executive 
directorships at listed companies Kingspan Group 
plc where she is a member of the Audit Committee 
and Hostelworld Group plc where she chairs the 
Audit Committee. She also holds a number of non-
executive directorships in the private investment 
and health sectors. Éimear holds a B.A. Accounting 
and Finance and MSc. Investment and Treasury 
from Dublin City University and is a fellow of the 
Institute of Chartered Accountants in Ireland. She 
is also a member of the Institute of Directors in 
Ireland.
Committee Membership: Audit and Risk Committee (Chair), 
Remuneration Committee, Nomination Committee
Lesley Williams, aged 59, was appointed to the Board 
in January 2021. Lesley has over 25 years’ experience 
in capital markets having held senior positions with 
Investec Bank plc as Head of Irish Equities, Euronext 
Dublin (formerly the Irish Stock Exchange) as Head 
of Irish Market and Goodbody Stockbrokers as Head 
of Institutional Equity Sales. Lesley is a non-executive 
Director of Origin Enterprises plc where she is chair of 
the ESG Committee and a member of the Remuneration 
Committee. Lesley also holds a number of independent 
non-executive directorships in the asset management 
and International fund sectors. She is also a past Director 
of Dublin Port Company where she held the position 
of Chair of the Audit and Risk Committee. Lesley is an 
Associate member of the Chartered Financial Analyst 
Institute (CFA) from which she also holds a certificate in 
ESG investing and is a Fellow of the Chartered Institute 
for Securities and Investment. 
Committee Membership: Audit and Risk Committee, Remuneration 
Committee, Nomination Committee
John B. McGuckian 
BSc (Econ)
Chairman
Éimear Moloney 
FCA
Independent Director
Daniel Clague
Independent Director
Lesley Williams FCISI
Senior Independent 
Director
84
Irish Continental Group

Eamonn Rothwell, aged 69, has been a Director 
for 38 years having been appointed as a non-
executive Director in 1987 and subsequently to 
the position of Chief Executive Officer in 1992. He 
is also a Director of Interferry European Office 
A.I.S.B.L. He is a former Director of The United 
Kingdom Mutual War Risks Association Limited, 
Interferry Inc and The United Kingdom Mutual 
Steam Ship Assurance Association (Bermuda) 
Limited. He is a past executive Director of former 
stockbrokers NCB Group, now part of Brewin 
Dolphin. Prior to that, he worked with Allied Irish 
Banks plc, Fáilte Ireland (The Irish Tourist Board) 
and as a financial journalist.
Committee Membership: Nomination Committee
David Ledwidge, aged 45, was appointed to the 
Board in 2016. David joined the Group in 2006 
from professional services firm Deloitte where 
he qualified as a Chartered Accountant. He has 
held various financial positions within the Group, 
including Group Risk Accountant, and most 
recently as Finance Director of Irish Ferries. He 
was appointed to his current role as Group Chief 
Financial Officer in May 2015.
The Group’s executive Directors are:
The Company Secretary is:
Thomas Corcoran, aged 60, joined the Company 
in 1989 from the international professional 
services firm PwC, where he qualified as a 
Chartered Accountant. He has held a number 
of financial positions within the Group and was 
appointed Company Secretary in 2001.
Eamonn Rothwell 
BComm, MBS, FCCA, 
CFA UK
Chief Executive Officer
Thomas Corcoran 
BComm, FCA
Company Secretary
David Ledwidge FCA, 
BSc (Mgmt)
Chief Financial Officer
85
Corporate Governance
2024 Annual Report and Financial Statements

Corporate Governance Report
The Board 
No new appointments were to the 
Board or its committees during 2024. 
The Board comprises of six members, 
three independent non-executive 
Directors, two executive Directors and 
myself as non-executive Chairman. The 
average tenure of the independent 
non-executive Directors at the date of 
this report is 3.3 years. As detailed in 
the Corporate Governance Report, in 
relation to my own tenure as Chairman 
of the Board exceeding nine years, the 
Nomination Committee has assessed 
my performance and the Board have 
reaffirmed my continuing position as 
Chairman.
During the year I led an evaluation of 
Board performance with the assistance 
of an external evaluator and concluded 
that the Board was operating 
effectively for the long term success of 
the Group. 
Engagement
We have continued our engagement 
with stakeholders on corporate 
governance concerns, including 
sustainability interests, to help us 
understand which aspects of our 
services and practices need to be 
prioritised to ensure we continue to 
align with their interests. Progress on 
our sustainability journey is outlined 
in the Sustainability and ESG Report 
(pages 40-67). Further details on our 
engagement processes are described 
in the Corporate Governance Report 
(pages 90-91). At our AGM held on 9 
May 2024, all resolutions put to the 
meeting were passed, with all receiving 
greater than 80% support. 
Corporate Governance Code
The Group has adopted the UK 
Corporate Governance Code (2018) 
(The Code) issued by the Financial 
Reporting Council and the Irish 
Corporate Governance Annex issued 
by Euronext Dublin. Copies of these 
are available at the respective 
websites, www.frc.org.uk and www.
euronext.com.
The Group used the Code and Annex 
as a framework for developing its 
corporate governance processes. 
The Corporate Governance Report 
details how the Group has applied 
the principles and complied with 
the provisions set out in the Code. In 
certain instances where compliance 
with the provisions of the Code has 
not been achieved in the specific 
circumstances of the Group, 
explanation has been provided. 
During 2024, Euronext Dublin 
published the new Irish Corporate 
Governance Code effective from 1 
January 2025 which incorporates the 
previous Irish Corporate Governance 
Annex. As a dual listed company, 
the Euronext Dublin Listing Rules 
permit the adoption of either the Irish 
Corporate Governance Code or the 
Code. However, as a Company listed 
on the London Stock Exchange under 
the Commercial Company category, 
we will continue to apply the Code as 
mandated by the UK Listing Rules. 
The Code has been updated for 
reporting years commencing 1 January 
2025 and we will seek to incorporate 
these changes into our governance 
processes over time.
The Corporate Governance Report 
details our compliance with the Code, 
the composition of the Board, its 
corporate governance processes and 
activities during the year, together with 
the reports from each of the Board 
committees. 
Finally, I would like to thank all our 
stakeholders for their continued 
support and look forward to continued 
constructive engagement through 
2024.
John McGuckian
Chairman
2 March 2025
Dear Shareholder,
I am pleased to present 
my 2024 Report on 
Corporate Governance. 
Operating performance 
for 2024 represented a 
continued overall strong 
performance for the 
Group as we leveraged 
recent investments 
and consolidated the 
increased footprint of the 
Group. 
Philosophy
The Board is committed to maintaining 
high standards of corporate 
governance practices which support 
the delivery of our strategy. The Board 
believes that corporate governance is 
not solely concerned with Boardroom 
practices but must be intertwined with 
all activity which the Group undertakes 
affecting our employees, customers, 
suppliers and all other stakeholders 
including the wider society in which 
the Group exists. The Board sets 
the tone for corporate governance 
practices across the Group through 
engagement, communication and 
policy formulation. 
This Corporate Governance Report, 
together with the Annual Report as a 
whole, is presented with the objective 
of providing an insight into the 
corporate governance process at the 
Group.
86
Irish Continental Group

Application of the UK Corporate 
Governance Code during 2024
This Corporate Governance Report 
presented in the context of the 
full Annual Report and Financial 
Statements for the year ended 31 
December 2024 sets out how the 
Board has applied the Principles of 
the Code. This is supported through 
reporting on compliance with the 
Provisions of the Code. The Board 
considers that, other than for the 
deviations noted below which have 
been explained in this Corporate 
Governance Report, throughout 
the period under review the Group 
has been in compliance with the 
provisions of the Code and the 
requirements set out in the Irish 
Annex. 
Provision 5 of the Code requires 
the Board to describe in its Annual 
Report how the interests of key 
stakeholders and the matters set 
out in Section 172 of the United 
Kingdom Companies Act of 2006 
are addressed. While that Act does 
not apply to Irish companies, the 
Board is satisfied that these matters 
have been addressed in discussions 
and disclosures throughout this 
Annual Report including discussion on 
strategy and business model, business 
review, risk processes, sustainability 
and ESG matters and stakeholder 
engagement. Provision 5 also requires 
that employee engagement be 
facilitated by one of three prescribed 
methods. As the Board has not chosen 
one or more of these methods, it 
explains later in this Report the 
alternative arrangements which are in 
place and why it considers that they 
are effective. 
Under Provision 19 of the Code, the 
Chair should not remain in post 
beyond nine years from the date of 
their first appointment. This report 
(page 92) provides details of the 
consideration by the Board of the 
continuing tenure of Mr. John B. 
McGuckian as Chairman beyond nine 
years.
Provision 36 requires that the 
Remuneration Committee should 
develop a formal policy for post-
employment shareholding 
requirements encompassing 
both unvested and vested shares. 
The Report of the Remuneration 
Committee (page 125) sets out 
the reasoning for not establishing 
absolute levels for post-employment 
shareholdings given that the 
existing arrangements under 
the Remuneration Policy already 
provide for contractual retention of 
shareholdings for up to five years post-
employment. 
Provision 39 requires that notice or 
contract periods should be one year or 
less. The Report of the Remuneration 
Committee (page 124) sets out why 
in relation to one Director a notice 
period of two years will apply in certain 
circumstances.
Corporate Governance Framework
*The Company secretary provides a support role to the Board and its Committees in managing information flows and in supporting corporate 
government processes.
The Board is collectively responsible for the long-term sustainable success of 
the Company through provision of leadership and setting the company’s 
purpose, values and strategy within a framework of prudent and effective 
controls which enables risk to be assessed and managed.
The Board
The Board has established various committees to assist it in meeting its 
responsibilities. The Group has three standing committees with formal terms 
of reference. The Committees report to the board on all work undertaken.
Committees
Responsible for implementing 
Board strategy and policy.
Chief Executive Officer
Responsible for managing the 
financial affairs of the Group and 
optimising capital management.
Chief Financial Officer
Monitors the Group’s 
financial integrity through 
oversight of the financial 
reporting process, including 
the risk and control systems 
which underlie that process.
Audit and Risk
Committee
Establishes the framework 
for the development of an 
inclusive and high 
performing leadership team.
Nomination
Committee
Sets the remuneration 
policy and structures for 
executive directors and 
senior management.
Remuneration 
Committee
Company Secretary
87
Corporate Governance
2024 Annual Report and Financial Statements

Board Leadership and Company Purpose
The Board is collectively responsible for the long-term sustainable success of the Group through provision of leadership 
within a framework of prudent and effective controls which enables risk to be assessed and managed. Pursuant to the 
Constitution, the Directors of the Company are empowered to exercise all such powers as are necessary to manage and run 
the Company, subject to the provisions of the Companies Act 2014.
In discharging this responsibility, the Board has adopted a formal schedule of matters specifically reserved to it for decision, 
which covers key areas of the Group’s business including approval of financial statements, budgets (including capital 
expenditure), acquisitions or disposals of significant assets, dividends and share redemptions, board appointments and 
setting the risk appetite. Certain additional matters are delegated to Board Committees. 
In discharging their duties, the Board has arrangements in place for Directors to disclose any direct or indirect interests 
which may possibly conflict with the interests of the Company. Directors must abstain on any vote regarding matters where 
a conflict exists.
Group Strategy and Corporate Governance
 The Group’s Strategy and Business Model is described in the Strategic Report (pages 16-17). This strategy is supported by our 
five strategic pillars, consideration of which is interwoven throughout the Board agenda for each meeting and throughout 
this report.
Strategic pillar
Key activities during the period
Quality service
Investment in quality assets is 
essential to ensure a reliable, timely 
and high-quality service to our 
customers which is essential to 
retaining the Group’s pivotal position 
in international logistics chain and 
to driving growth in the Group’s 
business.
•	 The oversight and monitoring of performance of the fleet
•	 Evaluation and monitoring of recent investments in the expansion of the 
Group’s activities including;
•	 ferry services between Dover and Calais.
•	 Continuing modernisation and increased capacity at the Dublin container 
terminal comprising investment in environmentally friendly heavy 
equipment and recycling of older equipment.
•	 Acquisition of the Oscar Wilde (ex Spirit of Britain) deferred purchase 
obligation, replacing the chartered James Joyce (ex Star) and 
reconfiguring the fleet allocation across routes.
•	 Other vessel upgrade works involving customer facing and background 
technical improvements.
Corporate Governance Report
Continued
88
Irish Continental Group

Strategic pillar
Key activities during the period
People and culture
Our customers’ experience is directly 
affected through their interaction 
with our employees and third-party 
contractors. 
•	 Overview of service quality reports.
•	 Monitoring of feedback from staff briefing sessions.
•	 Sponsoring of talent management programme.
•	 Review of whistleblowing procedures.
Financial management
Pursuit of investment opportunities 
within stringent risk and reward 
hurdles, avoidance of speculative 
financial positions and Capital 
management.
•	 Reviewed the regular reports from the CEO and CFO regarding the 
Group’s operations.
•	 Monitored the financial liquidity and adequacy of borrowing facilities. 
•	 Consideration of opportunities to expand the Group’s operations
•	 Challenge of investment proposals presented by the executive team in 
terms of resilience and risk appetite.
•	 Consideration of the financial impacts of environmental legislation.
•	 Consideration of commodity and currency exposures.
•	 Assessed the Group’s capital allocation, dividend and buyback 
transactions.
Safety
The operational safety of our vessels 
and terminal facilities is paramount 
to maintaining the reputation of 
our brands which is vital to future 
success and a strong safety culture is 
promoted across all activities.
•	 Oversight of Group operational safety review including responses to any 
incidents which occurred.
•	 Attended briefings from the Risk Management Committee.
•	 Review of risk appetite statements.
•	 Reviewed effectiveness of the Group’s internal control and risk 
management systems.
Sustainability
The Group seeks to minimise 
the impact of its activities on the 
environment through constant 
innovation, efficiency and awareness. 
•	 Oversight of Group compliance with existing regulations and potential 
effects of new regulations. 
•	 Review of sustainability targets and roadmap
•	 Approval of projects to improve the Group’s environmental footprint.
89
Corporate Governance
2024 Annual Report and Financial Statements

Corporate Governance Report
Continued
Shareholders
The Board acknowledges its 
responsibility to engage with 
shareholders to ensure that their 
interests are being met and to listen to 
any areas of concern which they may 
raise. 
The Board encourages 
communications with shareholders 
and welcomes their participation at all 
general meetings of the Company. We 
also engaged with our shareholders 
and their advisers prior to the 2024 
AGM. Shareholders were afforded an 
opportunity at the 2024 AGM to vote 
on advisory resolutions concerning the 
2023 Annual Report which received 
100% support and on the Report of 
the Remuneration Committee which 
received 92% support. Further details 
on the matters raised concerning 
remuneration are detailed in this 
year’s Report of the Remuneration 
Committee (pages 107-126). The re-
election of Mr. McGuckian as Director 
received 84% support and further 
details on the matters raised on Mr. 
McGuckian’s re-election are discussed 
in the Report of the Nomination 
Committee (page 105).
Customers
Our strategy centres around meeting our customers 
maritime transport requirements whether that is 
being a key partner in their organisation’s international 
logistics chain or personal travel arrangements. We 
engage with our customers on a daily basis through 
the provision of our services but also proactively work 
in partnership with our customers so that they can 
achieve their objectives. Through listening to our 
customer feedback and requirements we adapt our 
offering in the provision of safe, reliable, timely, good 
value and high quality maritime transport, while 
continuing initiatives to minimise the impact of our 
operations on the environment. The Board receives 
regular updates from the CEO and senior managers 
on customer performance and market developments.
Suppliers 
The Group’s partnerships with its suppliers are 
essential to the Group’s success in delivering its 
services. We work closely with our suppliers to ensure 
the quality of supplies and services meet our exacting 
requirements. We support our suppliers with their 
innovation projects which benefit the way we can 
deliver our services. Increasingly this involves initiatives 
with an environmental benefit whether it be a new or 
improved product or a new way of doing things. We 
have in place a Supplier Code of Conduct the purpose 
of which is to ensure our procurement processes are 
aligned with our values and policies across the areas 
of environment, ethics, human rights and health and 
safety. The Board receives regular updates from the 
CEO and senior managers on the performance of key 
suppliers and innovations.
In addition to the AGM engagement, 
other than during close periods and 
subject to the requirements of the 
Takeover Code, when applicable, the 
Chief Executive and the Chief Financial 
Officer have a regular dialogue with 
its major shareholders and analysts 
throughout the year and report on 
these meetings to the Board. The 
Chairman and Senior Independent 
Director are also available to meet with 
major shareholders where requested. 
While supporting the Group’s strategy, 
an increasing area of interest to 
shareholders is our sustainability 
credentials. Our Sustainability and 
ESG Report (pages 40-67) explains our 
sustainability policy and framework 
and how we are increasingly 
embedding sustainability practices 
into our everyday operations. 
Apart from the direct engagement 
described above, regular formal 
updates are provided to shareholders 
and are available on the Group’s 
website. During 2024, these include, 
the 2023 Annual Report and Financial 
Statements, the 2024 Half-Yearly 
Financial Report, Trading Updates 
together with investor presentations. 
ICG’s website, www.icg.ie, also 
provides access to other corporate 
and financial information, including 
all regulatory announcements and a 
link to the current ICG Unit price.
The 2025 Annual General Meeting 
is scheduled for 8 May 2025. 
Arrangements will be made for 
the 2024 Annual Report and 2025 
Annual General Meeting Notice to 
be available to shareholders at least 
20 working days before the meeting 
and for the level of proxy votes cast 
for and against each resolution and 
the number of abstentions, to be 
announced at the meeting. Further 
details on the procedures applicable 
to general meetings are set out in 
this Corporate Governance Report 
under Matters Pertaining to Share 
Capital (page 95).
Further investor relations information 
is available under Investor 
Information (pages 212-214) at the 
end of this Annual Report.
Stakeholder Engagement
At ICG, we believe success in our business will deliver sustained and 
profitable growth for the benefit of all our stakeholders. To nurture this 
success, regular dialogue takes place at relevant levels within the Group and 
feedback is delivered to the Board through the CEO and presentations from 
the senior executive team.
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90
Irish Continental Group

Workforce 
We rely on our workforce to promote 
our values and deliver on our 
strategic objectives. Our customers’ 
experience and consequentially our 
success is directly affected through 
their interaction with our workforce 
comprising our own employees and 
third-party contractors. In return, 
we recognise our obligation to 
promote employee development 
in an environment which promotes 
diversity, inclusion and realisation 
of potential in a safe working 
environment.
The Board notes provision 5 of 
the Code relating to workforce 
engagement and the methods 
which might be used to effect same. 
The Board has considered these 
against the nature of the manner 
in which the Group’s activities are 
performed. As is common practice 
in the maritime sector, our vessels 
are crewed through third-party 
managers. The Group has no legal 
rights to engage with the individual 
crew members who are directed 
and controlled by the third-party 
manager.
The contracts between the Group 
and the crewing managers include 
Environment and Society
The Group acknowledges its 
societal responsibility to conduct 
business in a manner that protects 
our shared environment. We 
operate in a highly regulated 
industry which requires adherence 
to high standards of waste and 
resource management, pollution 
prevention and increasingly rigorous 
compliance measures to reduce 
greenhouse gas emissions across 
the maritime sector. This involves 
continuous engagement with port 
and flag state authorities, industry 
representative bodies, and local and 
international regulatory agencies. 
A key step in the Group’s climate 
change risk framework outlined 
detailed service level arrangements 
and requirements that the third-
party adhere to international IMO 
regulations regarding employment 
terms for seafarers. The Group monitors 
the crewing manager certification 
on an ongoing basis. The Group has 
also entered into third-party labour 
contracts with respect to its terminal 
operations.
During the 2024 peak season, the 
Group engaged in excess of 1,300 
persons, of which approximately 290 
are direct employees. The Board has 
considered that the most appropriate 
manner in which it can ensure that 
the interests of persons employed 
directly or indirectly can be considered 
is through challenging the CEO and 
divisional managing directors on their 
regular reports to the Board. 
Both formal and informal processes 
underlie engagement with the 
direct workforce. Formal processes 
include general briefing sessions to all 
employees through the management 
chain. The Group’s talent review 
programme promotes the exchange 
of views and encourages individuals to 
realise their potential through agreed 
development goals.
The Group has also formulated 
grievance and whistleblowing 
procedures whereby employees can 
report any concern in confidence. 
The Group also has arrangements 
in place for the provision of 
confidential counselling services. 
Informally, given the small direct 
workforce, there is an open access 
policy whereby any employee has 
access to any manager up to the 
CEO. Senior management also 
regularly visit all Group locations. 
Our workforce is a rich source of 
information on how the Group 
performs in both a customer facing 
roles and operationally. Within the 
processes described, executive 
management report on workforce 
matters to the Board which are 
taken into consideration in further 
developing the Group’s businesses.
The Company also facilitates Board 
visits to Group vessels and port 
operations where the Directors 
have an opportunity to meet with 
members of the workforce. 
in the Sustainability Report (pages 
40-67) is to engage with stakeholders 
and to incorporate their views on the 
environment and climate change 
expectations into the Group’s risk 
appetite setting and strategic planning 
processes. 
We engage with key customers 
and our employees to identify those 
aspects of the Group’s services 
which they value most, including 
sustainability initiatives.
ICG is recognised as a critical 
infrastructure operator in providing 
essential transport services under the 
Irish Ferries and Eucon brands. This 
requires collaboration with the Irish 
Government on areas of business 
continuity and network and 
information security. Irish Ferries is 
also a significant contributor to the 
tourism industries of Ireland, the 
UK and France and engages in co-
operative campaign programs with 
regional tourism bodies to promote 
local tourism. 
We also support various community 
initiatives and charities that align 
with our strategic pillars of safety 
and sustainability, which are 
outlined in the Sustainability Report 
(pages 40-67).
91
Corporate Governance
2024 Annual Report and Financial Statements

Corporate Governance Report
Continued
Division of Responsibilities
The Board is comprised of two 
executive and four non-executive 
Directors. The roles of Chairman and 
Chief Executive are separate, set out in 
writing and approved by the Board. 
The Board has adopted the corporate 
governance structure set out 
below which it believes provides for 
segregation of the oversight functions 
from those of executive management.
Chairman: John B. Mc Guckian 
(Appointed 2004)
The Board is led by the Chairman who 
is responsible for leading the Board, 
ensuring its effectiveness in directing 
the Group through;
•	 Setting the Board’s agenda and 
ensuring that adequate time is 
available for discussion. 
•	 Promoting a culture of openness and 
debate by facilitating the effective 
contribution of non-executive 
Directors in particular and ensuring 
constructive relations between 
executive and non-executive 
Directors.
•	 Ensuring that the Directors 
receive accurate, timely and clear 
information. 
•	 Ensuring effective communication 
with shareholders.
Chief Executive: Eamonn Rothwell 
(Appointed 1992)
The Board has delegated the 
management of the Group to the 
Executive Management Team, through 
the direction of Eamonn Rothwell. 
The Chief Executive is responsible for 
implementing Board strategy and 
policies and closely liaises with the 
Chairman and manages the Group’s 
relationship with its shareholders.
Senior Independent Director: Lesley 
Williams (Appointed 2022)
The Senior Independent Director acts 
as a sounding board for the Chairman 
and serves as an intermediary for the 
other Directors if necessary. The Senior 
Independent Director is also available 
to shareholders if they have concerns 
which have not been resolved through 
the normal channels of Chairman, Chief 
Executive or for which such contact is 
inappropriate. 
Non-executive Directors: Lesley 
Williams (Appointed 2021), Dan Clague 
(Appointed 2021) and Éimear Moloney 
(Appointed 2022) 
Non-executive Directors through their 
knowledge and experience gained 
outside the Group constructively 
challenge and contribute to the 
development of Group strategy. 
Non-executive Directors scrutinise 
the performance of management in 
meeting agreed goals and objectives 
and monitor the reporting of 
performance. They satisfy themselves 
on the integrity of financial information 
and that financial controls and systems 
of risk management are robust and 
defensible. Through their membership 
of Committees, they are responsible 
for determining appropriate levels of 
remuneration of executive Directors 
and have a prime role in appointing 
and, where necessary, removing 
executive Directors, and in succession 
planning.
Company Secretary: Thomas Corcoran 
(Appointed 2001)
The Company Secretary provides a 
support role to the Chairman and the 
Board ensuring good information flows 
within the Board and its committees 
and between senior management 
and non-executive Directors, as well as 
facilitating induction and assisting with 
professional development as required 
and advising the Board through the 
Chairman on governance matters. 
Committees: During the year ended 
31 December 2024, there were three 
standing Board Committees with 
formal terms of reference; the Audit 
and Risk Committee, the Nomination 
Committee and the Remuneration 
Committee. In addition, the Board will 
establish ad-hoc sub-committees to 
deal with other matters as necessary. All 
Board committees have written terms 
of reference setting out their authorities 
and duties delegated by the Board. 
The terms of reference are available, on 
request, from the Company Secretary 
and are available on the Group’s 
website. The reports of the committees 
are set out later in this Corporate 
Governance Report.
Independence: All of the non-executive 
Directors are considered by the Board 
to be independent of management 
and free of any relationships which 
could interfere with the exercise of their 
independent judgement. In considering 
their independence, the Board has 
taken into account a number of factors 
including their length of service on 
the Board, other directorships held 
and material business interests. The 
Nominations Committee reviews 
on an annual basis the continuing 
independence of the existing Directors 
before recommending their going 
forward for re-election at the AGM.
Mr. McGuckian, as Chairman of the 
Board, is not considered independent 
under the Code. Mr McGuckian was 
assessed to have been independent at 
the date of appointment as Chairman 
in 2004. The Board has also noted the 
Code’s requirements around Chairman 
tenure, with Mr. McGuckian having 
served on the Board for more than 
nine years since his first appointment. 
The Board, as advised by the 
Nomination Committee, considered Mr. 
McGuckian’s suitability to continue as 
Chairman of the Board and Director of 
the Company. The Board assessed Mr. 
McGuckian to possess an independent 
mindset with which he carries out his 
role. The Board also considered the 
knowledge, skills and experience that 
he contributes and considered him to 
be both independent in character and 
judgement and to be of continued 
significant benefit to the Board. While 
conscious of the recommendations of 
the UK Code, the Board – through the 
Nomination Committee – considered 
it in the best interests of the Company 
and its stakeholders for Mr. McGuckian 
to continue as Chair for 2025. Mr. 
McGuckian’s extensive knowledge 
of the business ensures appropriate 
challenge and leadership of the Board 
during this time of strategic expansion 
of activities. 
92
Irish Continental Group

Meetings: The Board agrees a 
schedule of regular meetings each 
calendar year and also meets on other 
occasions, if necessary, with contact 
between meetings as required in 
order to progress the Group’s business. 
Where a Director is unable to attend a 
meeting, they may communicate their 
views to the Chairman. The Directors 
receive regular and timely information 
in a form and quality appropriate to 
enable the Board to discharge its 
duties. Non-executive Directors are 
expected to utilise their expertise and 
experience to constructively challenge 
proposals tabled at the meetings. 
The Board has direct access to the 
Executive Management Team who 
regularly brief the Board in relation 
to operational, financial and strategic 
matters concerning the Group. 
Director attendances at scheduled 
meetings are set out below. In addition, 
there was regular contact and updates 
between these scheduled meetings. 
The Chairman also held meetings with 
the non-executive Directors without 
the executive Directors present and 
the non-executive Directors also meet 
once a year, without the Chairman 
present.
Attendance at scheduled Board 
meetings during the year ended 31 
December 2024 was as follows:
Composition, Succession and 
Evaluation
Composition: The Board comprises 
two executive and four non-executive 
Directors. Excluding the Chairman, 
a majority of the Board comprises 
independent non-executive Directors 
in line with the recommendation of the 
Code. 
Details of the professional and 
educational backgrounds of each 
Director encompassing the experience 
and expertise that they bring to the 
Board are set out in the Director 
Biographies (pages 84-85). The 
Board believes that it is of a size and 
structure and that the Directors 
bring an appropriate balance of 
skills, experience, independence 
and knowledge to enable the Board 
to discharge its respective duties 
and responsibilities effectively. The 
Board is satisfied, consistent with the 
findings of the Board evaluation, that 
no individual or group of individuals 
dominate the Board’s decision 
making. Each of the non-executive 
Directors has a broad range of business 
experience independent of the Group 
both domestically and internationally. 
The Board has established a Nomination 
Committee to lead the appointments 
process and plan for orderly succession 
at Board and senior management level. 
The Nomination Committee reviews the 
size, composition and board skillset at 
least annually taking into consideration 
the results of the Chairman led evaluation 
process. The Report of the Nomination 
Committee report is set out later in this 
Corporate Governance Report (pages 
104-106).
Appointments: All Directors are 
appointed by the Board, following a 
recommendation by the Nomination 
Committee, for an initial term not 
exceeding three years, subject to annual 
re-election at the Annual General 
Meeting. Prior to their nomination as a 
non-executive Director, an assessment 
is carried out to determine that they are 
independent. Non-executive Directors’ 
independence is thereafter reviewed 
annually, prior to recommending the 
resolution for re-election at the AGM. 
Under the Constitution each Director is 
subject to re-election at least every three 
years but in accordance with the Code, 
the Board has agreed that each Director 
will be subject to annual re-election at the 
AGM.
The terms and conditions of appointment 
of non-executive Directors appointed 
after 2002 are set out in their letters of 
appointment, which are available for 
inspection at the Company’s registered 
office during normal office hours and at 
the AGM of the Company. 
Development and Induction: On 
appointment, Directors are given the 
opportunity to familiarise themselves with 
the operations of the Group, to meet with 
executive management, and to access 
any information they may require. Each 
Director brings independent judgement 
to bear on issues of strategy, risk and 
performance. The Directors also have 
access to the Executive Management 
Team in relation to any issues concerning 
the operation of the Group.
The Board recognises the need for 
Directors to be aware of their legal 
responsibilities as Directors and it ensures 
that Directors are kept up to date on the 
latest corporate governance guidance, 
company law developments and best 
practice. 
Member
Date 
Appointed
Meetings 
Held
Meetings 
Attended
Tenure
J. B. McGuckian (Chair 
– appointed 2004) 
1988
7
7
37 years
E. Rothwell
1987
7
7
38 years
D. Ledwidge
2016
7
7
9 years
L. Williams 
2021
7
7
4 years
D. Clague 
2021
7
7
3.5 years
É. Moloney
2022
7
7
2.5 years
Access to Advice: There is a procedure for Directors in the furtherance of their 
duties to take independent professional advice, at the expense of the Group, if 
they consider this necessary. The Group carries director liability insurance which 
indemnifies Directors in respect of legal actions that may be taken against them 
in the course of discharging their duties as Directors.
All Directors have access to the advice and services of the Company Secretary, 
who is responsible to the Board for ensuring that Board procedures are followed 
and that applicable rules and regulations are complied with.
93
Corporate Governance
2024 Annual Report and Financial Statements

Performance Evaluation: The Board 
conducts an annual self-evaluation 
of the Board as a whole, the Board 
processes, its committees and 
individual Directors. The purpose 
of the evaluation process includes 
identification of improvements in 
Board procedures and to assess each 
Director’s suitability for re-election. The 
process, which is led by the Chairman, 
is forward looking in nature. On a 
triennial cycle, an independent external 
facilitator is engaged to further assist 
the process. 
The 2024 evaluation was facilitated by 
Carol Bolger (CDir) a member of the 
Institute of Directors Board Evaluation 
Panel. Carol has no connection to the 
Group and had assisted the evaluation 
performed in 2021. Carol engaged with 
the Company prior to the circulation 
of an of in-depth questionnaire for 
completion by the Board members. 
The focus areas included ensuring 
effective oversight, Board composition, 
agenda, quality of information, time 
allocation and decision making 
processes. The responses were collated 
and the external facilitator presented 
a report of the questionnaire findings 
to the Chairman together with 
observations thereon. The Chairman 
shared this report with the Board to 
lead a discussion with the Board on 
overall effectiveness. The performance 
of individual directors was also 
assessed by the Chairman following 
discussions, held by the Chairman. 
Following the conclusion of the 
process, the Chairman reported to 
the Board on the outcome of the 
evaluation process which indicated 
that the Board as a whole was 
operating effectively for the long-term 
success of the Group and that each 
Director was contributing effectively 
and demonstrating commitment to 
the role. While no areas of concern 
were highlighted, a number of 
recommendations to improve Board 
processes were agreed. 
Separately, within this evaluation 
process, the non-executive Directors 
led by the Senior Independent 
Director met with the Chairman, and 
subsequently independent of the 
Chairman to evaluate his performance 
as chairman. The Senior Independent 
Director reported to the Board that the 
non-executive Directors had concluded 
that the Chairman was providing 
effective leadership of the Board.
The results of the evaluation were 
also considered by the Nominations 
Committee in their review of Board 
composition.
Diversity
The Board has adopted a Board 
Diversity Policy in compliance with the 
European Union (Disclosure of non-
financial and diversity information by 
certain large undertakings and Groups) 
Regulation 2017. The promotion 
of a diverse Board makes prudent 
business sense, promotes effective 
decision-making and ensures stronger 
corporate governance.
The Group seeks to maintain a 
Board comprised of talented and 
dedicated Directors with a diverse 
mix of expertise, experience, skills and 
backgrounds reflecting the diverse 
nature of the business environment 
in which the Group operates. For 
purposes of Board composition, 
diversity includes, but is not limited 
to, age, gender or educational and 
professional backgrounds.
When assessing Board composition 
or identifying suitable candidates 
for appointment or re-election to 
the Board, the Group, through the 
Nomination Committee, considers 
candidates on merit against objective 
criteria having due regard to the 
benefits of diversity and the needs of 
the Board. 
The Nomination Committee will give 
due regard to diversity when reviewing 
Board composition and considering 
Board candidates. The Committee 
will report annually, in the corporate 
governance section of the Annual 
Report, on the process it has used in 
relation to any Board appointments.
Beyond the Board, of 57 individuals 
holding a managerial position, 23% 
(2023: 19%) are female and in relation to 
the total workforce 43% (2023: 41%) are 
female. The Board notes the gradual 
improvement in these ratios over 
recent years though acknowledges 
the imbalance of this ratio compared 
to society at large which it is reflective 
in part of the sector in which the 
Group operates. While the Board 
has not set any gender ratio target, 
it is committed to improving this 
ratio over time. In that regard the 
Nomination Committee and Executive 
Management Team, as appropriate, 
actively seek out diverse candidates 
when undertaking recruitment. To 
ensure that this is being implemented 
we have commenced the monitoring 
of diversity and inclusion metrics across 
the recruitment process. 
Audit, Risk and Internal Control
The Board has described the Group 
Strategy and Business Model setting 
out how the Company generates value 
over the longer term and the strategy 
for delivering the objectives of the 
Company.
The Board has overall responsibility for 
determining the Group’s risk appetite 
but has delegated responsibility for 
the review, design implementation 
and monitoring of the Group’s 
internal control system to the Audit 
and Risk Committee. These systems 
are designed to manage rather 
than eliminate the risk of failure to 
achieve business objectives, and can 
only provide reasonable, and not 
absolute, assurance against material 
misstatement or loss.
The Board confirms that there is a 
continuous process for identifying, 
evaluating and managing the 
significant risks faced by the Group, 
that it has been in place for the 
Corporate Governance Report
Continued
94
Irish Continental Group

period under review and up to the 
date of approval of the Financial 
Statements, and that this process is 
regularly monitored by the Board. The 
effectiveness of these processes in 
the Group is referenced in the Report 
of the Audit and Risk Committee 
(pages 99-103). The risk management 
framework and processes including 
the principal risks and uncertainties 
identified are set out in the Risk 
Management Report (pages 68-77).
No material weaknesses in internal 
controls were reported to the Board 
during the year.
Taking account of the Group’s current 
position and principal risks, the 
Directors have set out their assessment 
of the prospects for the Group in the 
Viability Statement contained in the 
Report of the Directors (page 128).
Reporting
The Board is committed to providing 
a fair, balanced and understandable 
assessment of the Group’s position and 
prospects to shareholders through the 
Annual Report, the Interim Statement 
and any other public statement 
issued by the Group. The Directors 
have considered this Annual Report 
based on a review performed by 
the Audit and Risk Committee and 
have concluded that it represents a 
fair, balanced and understandable 
assessment of the Group’s position and 
prospects. 
Remuneration
The Board has delegated the approval 
of remuneration structures and 
levels of the executive Directors and 
senior management remuneration 
to the Remuneration Committee. 
These are set out in the Report of the 
Remuneration Committee (pages 107-
126).
Matters Pertaining to Share 
Capital
The information set out below is 
required to be contained in the Report 
of the Directors under Regulation 
21 of the European Communities 
(Takeover Bids (Directive 2004/25/EC)) 
Regulations 2006 (S.I. 255/2006). The 
information represents the position at 
31 December 2024. 
For the purposes of Regulations 21(2)
(c), (e), (j) and (k) of the European 
Communities (Takeover Bids (Directive 
2004/25/EC)) Regulations 2006 (S.I. 
255/2006), the information given 
under the following headings: (i) 
Substantial Shareholdings (see Report 
of the Directors (page 129)); (ii) Share 
Option Plans* (page 124); (iii) Long 
Term Incentive Plan* (pages 119-121); 
(iv) Service Contracts * (page 124); 
and (v) Share-based Payments (see 
Note 30 to the Consolidated Financial 
Statements); (vi) Borrowings (see 
Note 21 to the Consolidated Financial 
Statements);; are deemed to be 
incorporated into this statement. 
(* see Report of the Remuneration 
Committee (pages 107-126))
Share Capital
The authorised share capital of the 
Company is €29,295,000 divided 
into 450,000,000 ordinary shares of 
€0.065 each (ordinary shares) and 
4,500,000,000 redeemable shares 
of €0.00001 each (redeemable 
shares). The ordinary shares 
represent approximately 99.85% and 
the redeemable shares represent 
approximately 0.15% of the authorised 
share capital. The issued share capital 
of the Company as at the date of this 
report is 164,600,565 ordinary shares. 
There are no redeemable shares 
currently in issue.
Ordinary shares and redeemable 
shares (to the extent redeemable 
shares are in issue) are inextricably 
linked as an ICG Unit. An ICG Unit is 
defined in the Constitution of the 
Company as one ordinary share in the 
Company and ten redeemable shares 
(or such lesser number thereof, if any, 
resulting from the redemption of one 
or more thereof) held by the same 
holder(s).
The rights and obligations attaching 
to the ordinary shares and redeemable 
shares are contained in the 
Constitution of the Company.
The Directors may exercise their 
power to redeem redeemable shares 
from time to time pursuant to the 
Company’s Constitution where there 
are redeemable shares in issue.
The structure of the Group’s and 
Company’s capital and movements 
during the year are set out in notes 19 
and 20 to the Financial Statements.
Dematerialisation of ICG Units
Under the EU Central Securities 
Depositories Regulation (EU) 909/2014 
(“CSDR”) and Irish company law from 
1 January 2025, there is a requirement 
for all securities in Irish issuers that had 
been admitted to trading or traded 
on trading venues in the European 
Economic Area to be represented 
in book-entry form by 1 January 
2025. “Book-entry form” means an 
electronic record of ownership without 
the need for any further document 
(e.g. a share certificate) to be issued 
to a shareholder to evidence their 
ownership of shares. In accordance 
with CSDR, since 1 January 2025 all 
issued ICG units are held in book 
entry form and previously issued 
share certificates no longer represent 
valid evidence of legal title to an ICG 
Unit. Further information on the 
implications of this change is available 
at icg.ie/investors/shareholder-
services/. The Company’s electronic 
register is maintained by our Registrar, 
Computershare Investor Services 
(Ireland) Limited.
95
Corporate Governance
2024 Annual Report and Financial Statements

Restrictions on the Transfer of Shares 
There is no requirement to obtain the 
approval of the Company, or of other 
holders of ICG Units, for a transfer of 
ICG Units. Certain restrictions may 
from time to time be imposed by laws 
or regulations such as those relating to 
insider dealing.
For so long and to the extent that 
any redeemable shares are in issue, 
transfers of ordinary shares and 
redeemable shares can, in those 
circumstances, only be effected where 
the transfer of one class of share (e.g. 
ordinary share) involves a simultaneous 
transfer of the other linked class of 
shares (e.g. redeemable share) as an 
ICG Unit. As noted, there are currently 
no redeemable shares in issue. An ICG 
Unit comprised one ordinary share and 
nil redeemable shares at 31 December 
2024 and 31 December 2023.
ICG Units are, in general, freely 
transferable but, in accordance with 
the Companies Act 2014 (as amended) 
and the Constitution, the Directors 
may in their absolute discretion decline 
to register a transfer of ICG Units 
upon notice to the transferee, within 
two months after the lodgement of 
a transfer with the Company, in the 
following cases: 
1.	 if redeemable shares are in issue, 
where the transfer of shares does not 
involve a simultaneous transfer of 
the other class of shares with which 
such shares are linked as an ICG Unit 
(as described immediately above);
2.	a lien is held by the Company; 
3.	in the case of a purported transfer 
to or by a minor or a person 
lawfully adjudged not to possess an 
adequate decision-making capacity;
4.	unless the instrument of transfer is 
accompanied by such evidence as 
the Directors may reasonably require 
to show the right of the transferor to 
make the transfer; or
5.	unless the instrument of transfer is 
in respect of one class only (unless 
redeemable shares are in issue and 
the proposed transfer is in respect of 
ICG Units).
ICG Units are transferable in 
accordance with the rules or conditions 
imposed by the operator of the 
relevant system which enables title 
to the ICG Units to be evidenced 
and transferred without a written 
instrument and in accordance with the 
Companies Act, 1990 (Uncertificated 
Securities) Regulations 1996 (S.I. 
68/1996), Sections 1085  - 1087 of the 
Companies Act 2014 (as amended) and 
the European Union (Dematerialised 
Securities) Regulations 2023 (SI1353 / 
2023).
The rights attaching to ordinary shares 
and redeemable shares comprised 
in each ICG Unit remain with the 
transferor until the name of the 
transferee has been entered on the 
Register of Members of the Company.
No person holds securities in the 
Company carrying special rights with 
regard to control of the Company. 
The Company is not aware of any 
agreements between holders of 
securities that may result in restrictions 
in the transfer of securities or voting 
rights.
The Powers of the Directors Including 
in Relation to the Issuing or Buying 
Back by the Company of its Shares
Under the Constitution of the 
Company, the business of the 
Company is to be managed by the 
Directors who may exercise all the 
powers of the Company subject to the 
provisions of the Companies Acts 2014 
(as amended), the Constitution of the 
Company and to any directions given 
by members at a General Meeting. 
The Constitution further provides 
that the Directors may make such 
arrangements as may be thought fit 
for the management of the Company’s 
affairs including the appointment 
of such attorneys or agents as they 
consider appropriate and delegate 
to such persons such powers as the 
Directors may deem requisite or 
expedient.
At the Company’s AGM held on 9 May 
2024, resolutions were passed whereby;
1.	 the Company, or any of its 
subsidiaries, were authorised to 
make market purchases of up to 
15% of the issued share capital of the 
Company; and
2.	the Directors were authorised until 
the conclusion of the next AGM, 
to allot shares up to an aggregate 
nominal value of 66.66% of the then 
present issued ordinary share capital 
and the present authorised but 
unissued redeemable share capital 
of the Company subject to the 
provision that any shares allotted in 
excess of 33.33% of the then present 
issued ordinary share capital must be 
allotted pursuant to a pre-emptive 
offer.
In line with market practice, members 
will be asked to renew these authorities 
at the 2025 AGM.
General Meetings and Shareholders 
Voting and other Rights
Under the Constitution, the power to 
manage the business of the Company 
is generally delegated to the Directors. 
However, the members retain the 
power to pass resolutions at a General 
Meeting of the Company which may 
give directions to the Directors as to 
the management of the Company.
The Company must hold an AGM each 
year in addition to any other meetings 
in that year and no more than 15 
months may elapse between the date 
of one AGM and that of the next. The 
AGM will be held at such time and 
place as the Directors determine. All 
General Meetings, other than AGMs, 
are called Extraordinary General 
Meetings. 
Extraordinary General Meetings shall 
be convened by the Directors or on 
the requisition of members holding, 
at the date of the requisition, not 
less than five percent of the paid up 
capital carrying the right to vote at 
General Meetings and in default of 
Corporate Governance Report
Continued
96
Irish Continental Group

the Directors acting within 21 days to 
convene such a meeting to be held 
within two months, the requisitionists 
(or more than half of them) may, but 
only within three months, themselves 
convene a meeting.
No business may be transacted at any 
General Meeting unless a quorum is 
present at the time when the meeting 
proceeds to business. Two or more 
members present in person or by proxy 
and entitled to vote at such meeting 
constitutes a quorum. 
The holders of ICG Units have the right 
to receive notice of, attend, speak and 
vote at all General Meetings of the 
Company. 
In the case of an AGM or of a meeting 
for the passing of a Special Resolution 
or the appointment of a Director, 21 
clear days’ notice at the least, and in 
any other case 14 clear days’ notice at 
the least (assuming that the members 
have passed a resolution to this effect 
at the previous year’s AGM), needs 
to be given in writing in the manner 
provided for in the Constitution to all 
the members, Directors, Secretary, 
the Auditor for the time being of the 
Company and to any other person 
entitled to receive notice under the 
Companies Act. 
Voting at any General Meeting is 
by a show of hands unless a poll is 
properly demanded. On a show of 
hands, every member who is present 
in person or by proxy has one vote 
regardless of the number of shares 
held by a shareholder. On a poll, every 
member who is present in person or 
by proxy has one vote for each share 
of which he/she is the holder. A poll 
may be demanded by the Chairman 
of the meeting or by at least three 
members having the right to vote 
at the meeting or by a member or 
members representing not less than 
one-tenth of the total voting rights of 
all the members having the right to 
vote at the meeting or by a member 
or members holding shares in the 
Company conferring a right to vote at 
the meeting, being shares on which 
an aggregate sum has been paid up 
equal to not less than one-tenth of 
the total sum paid up on all the shares 
conferring that right.
Deadlines for Exercising Voting Rights
Voting rights at General Meetings of 
the Company are exercised when the 
Chairman puts the resolution at issue 
to the vote of the meeting. A vote 
decided on a show of hands is taken 
forthwith. A vote taken on a poll for 
the election of the Chairman or on a 
question of adjournment is also taken 
forthwith and a poll on any other 
question is taken either immediately, 
or at such time (not being more than 
30 days from the date of the meeting 
at which the poll was demanded 
or directed) as the Chairman of the 
meeting directs. Where a person is 
appointed to vote for a member as 
proxy, the instrument of appointment 
must be received by the Company 
not less than 48 hours before the time 
appointed for holding the meeting 
or adjourned meeting at which the 
appointed proxy proposes to vote, or, 
in the case of a poll, not less than 48 
hours before the time appointed for 
taking the poll. 
EU (Shareholders' Rights) Regulations 
2020 
The holders of ICG Units have the 
right to attend, speak, ask questions 
and vote at General Meetings of the 
Company. The Company, pursuant to 
Section 1105 of the Companies Act 2014 
and Regulation 14 of the Companies 
Act 1990 (Uncertificated Securities) 
Regulations 1996, specifies record 
dates for General Meetings, by which 
date members must be registered 
in the Register of Members of the 
Company to be entitled to attend and 
vote at the meeting. 
Pursuant to Sections 1104 and 1087Gof 
the Companies Act 2014, a member, 
or a group of members who together 
hold at least three per cent of the 
issued share capital of the Company, 
representing at least three per cent 
of the total voting rights of all the 
members who have a right to vote at 
the meeting to which the request for 
inclusion of the item relates, have the 
right to put an item on the agenda, 
or to modify an agenda which has 
been already communicated, of a 
General Meeting. In order to exercise 
this right, written details of the item 
to be included in the General Meeting 
agenda must be accompanied by 
stated grounds justifying its inclusion 
or a draft resolution to be adopted at 
the General Meeting together with 
evidence of the member or group 
of members shareholding must be 
received, by the Company, 42 days in 
advance of the meeting to which it 
relates. 
The Company publishes the date of 
its AGM on its website www.icg.ie on 
or before 31 December of the previous 
financial year. 
Rights to Dividends and Return of 
Capital
Subject to the provisions of the 
Company’s Constitution, the holders 
of the ordinary shares in the capital 
of the Company shall be entitled to 
such dividends as may be declared 
from time to time on such shares. 
The holders of the redeemable shares 
(if any) shall not be entitled to any 
dividends.
On a return of capital on a winding up 
of the Company or otherwise (other 
than on a conversion, redemption or 
purchase of shares), the holders of 
the ordinary shares shall be entitled, 
pari passu with the holders of the 
redeemable shares (if any) to the 
repayment of a sum equal to the 
nominal capital paid up or credited as 
paid up on the shares held by them 
respectively. Thereafter, the holders of 
the ordinary shares shall be entitled 
to the balance of the surplus of assets 
of the Company to be distributed 
rateably according to the number of 
ordinary shares held by a member. The 
redeemable shares shall not confer 
upon the holders thereof any rights 
to participate further in the profits or 
assets of the Company.
97
Corporate Governance
2024 Annual Report and Financial Statements

Rules Concerning Amendment of the 
Company’s Constitution
As provided in the Companies 
Act 2014, the Company may, by 
special resolution, alter or add to its 
Constitution. A resolution is a special 
resolution when it has been passed 
by not less than 75 per cent of the 
votes cast by members entitled to vote 
and voting in person or by proxy, at a 
General Meeting at which not less than 
21 days’ notice specifying the intention 
to propose the resolution as a special 
resolution, has been duly given.
Rules Concerning the Appointment 
and Replacement of Directors of the 
Company
Other than in the case of a casual 
vacancy, Directors of the Company 
are appointed on a resolution of the 
members at a General Meeting, usually 
the AGM. 
No person, other than a Director 
retiring at a General Meeting is eligible 
for appointment as a Director without 
a recommendation by the Directors for 
that person’s appointment unless, not 
less than six or more than 40 clear days 
before the date of the General Meeting, 
written notice by a member, duly 
qualified to be present and vote at the 
meeting, of the intention to propose 
the person for appointment and notice 
in writing signed by the person to be 
proposed of willingness to act, if so 
appointed, shall have been given to the 
Company.
The Directors have power to fill a casual 
vacancy or to appoint an additional 
Director (within the maximum number 
of Directors fixed by the Constitution 
of the Company (as may be amended 
by the Company in a General Meeting)) 
and any Director so appointed holds 
office only until the conclusion of the 
next AGM following their appointment, 
when the Director concerned 
shall retire, but shall be eligible for 
reappointment at that meeting.
Each Director must retire from 
office no later than the third AGM 
following their last appointment or 
reappointment. In addition, one-third 
of the Directors for the time being (or if 
their number is not three or a multiple 
of three, then the number nearest to 
one-third), are obliged to retire from 
office at each AGM on the basis of the 
Directors who have been longest in 
office since their last appointment. 
The Company has adopted the 
provisions of the UK Corporate 
Governance Code in respect of the 
annual election of all Directors. All 
Directors will retire at the forthcoming 
AGM and following review are being 
recommended for re-election.
The office of a Director shall be ipso 
facto vacated, in any of the following 
circumstances:
1.	 if s/he is adjudicated bankrupt or 
being bankrupt has not obtained 
a certificate of discharge in the 
relevant jurisdiction; or
2.	if in the opinion of a majority of his/
her co-Directors, the health of the 
Director is such that he or she can 
no longer be reasonably regarded 
as possessing an adequate decision-
making capacity so that s/he may 
discharge his/her duties; or
3.	if s/he ceases to be, or is removed as 
a Director by virtue of any provision 
of the Acts or the Articles, or s/he 
becomes prohibited by law from 
being a Director or is restricted by 
law in acting as a Director; or
4.	if s/he (not being a Director holding 
for a fixed term an executive office in 
his/her capacity as a Director) resigns 
his/her office by notice in writing to 
the Company; or
Corporate Governance Report
Continued
5.	if s/he is absent for six successive 
months without permission of the 
Directors from meetings of the 
Directors held during that period 
and the Directors pass a resolution 
that by reason of such absence s/he 
has vacated office; or
6.	if s/he is removed from office by 
notice in writing served upon him/
her signed by all his/her co-Directors; 
if s/he holds an appointment to 
an executive office which thereby 
automatically determines, such 
removal shall be deemed an act of 
the Company and shall have effect 
without prejudice to any claim for 
damages for breach of any contract 
of service between him/her and the 
Company; or
7.	if s/he is convicted of an indictable 
offence not being an offence 
under the Road Traffic Act, 1961 or 
any statutory provision in lieu or 
modification thereof.
Notwithstanding anything in the 
Constitution or in any agreement 
between the Company and a Director, 
the Company may, by Ordinary 
Resolution of which the required notice 
has been given in accordance with 
Section 146 of the Companies Act 2014, 
remove any Director before the expiry 
of their period of office.
98
Irish Continental Group

Report of the Audit and Risk Committee 
Dear shareholder, 
I am pleased to present the Report of 
the Audit and Risk Committee (the 
Committee) for the year ended 31 
December 2024. I have served on the 
Committee since August 2022 and was 
appointed as Chair in November 2022. 
The Committee plays an important 
role in ensuring the Group’s financial 
integrity for shareholders through 
oversight of the financial reporting 
process, including the risk and 
control systems which underlie that 
process. This report sets out how the 
Committee fulfilled its duties under its 
Terms of Reference, the UK Corporate 
Governance Code, the Irish Annex and 
relevant legislation. 
At 31 December 2024, the Committee 
comprised of three non-executive 
Directors, all of whom have been 
determined by the Board to be 
independent. The members bring 
significant professional expertise 
to their roles gained from a broad 
level of experience gained outside 
of the Group. This, together with 
their experience as Directors of the 
Company, assures that the Committee 
as a whole has competence relevant to 
the sector in which the Group operates. 
The members’ biographies are set out 
under Director Biographies (pages 
84-85). The Board has determined 
that Éimear Moloney has recent and 
relevant financial experience. Éimear is 
a qualified chartered accountant and 
has experience of audit committee 
membership at other listed companies. 
The other members of the Committee 
have wide experience of corporate 
financial and risk matters. Overall, 
the Committee is independent and 
possesses the skills and knowledge to 
effectively discharge its duties under 
the Committee’s Terms of Reference. 
The Company Secretary acts as 
secretary to the Committee.
There were four scheduled meetings 
during the year at which all members 
attended. In addition, where requested, 
the Chief Executive Officer, the Chief 
Financial Officer, Board Chair, the 
Internal Auditor and representatives 
of the Risk Management Committee 
also attended. The scheduled meetings 
normally take place on the same day 
as Board meetings. The Chairman 
provides updates to the Board on key 
matters discussed and minutes are 
circulated to the Board.
Role and Responsibilities
The role, responsibilities and duties of the 
Committee are set out in written terms 
of reference which are reviewed annually. 
The Terms of Reference are available on 
the Group’s website www.icg.ie and were 
last updated in November 2023.
The principal responsibilities of the 
Committee cover the following areas;
•	 Supporting the Board in fulfilling 
its responsibilities in relation to the 
integrity of the financial reporting 
process including assessment of 
key estimates, critical accounting 
judgements, going concern and 
viability statements.
•	 Advise whether the Annual Report and 
Financial Statements, taken as a whole, 
is fair, balanced and understandable 
and provide the information necessary 
for shareholders to assess the 
Group and Company’s position and 
performance, business model and 
strategy. 
•	 Overseeing the functioning of the 
internal audit function.
•	 Monitor the effectiveness of the Group’s 
internal controls and risk management 
systems, including the functioning 
of the Executive Risk Management 
Committee and the structures 
and arrangements supporting the 
Directors’ Compliance Statement. 
•	 Monitor the adequacy and 
effectiveness of the Company’s 
processes for the identification of 
climate related risks and opportunities 
and the setting of environmental 
targets. 
•	 Review and approval of the content 
of disclosures to be included in the 
Annual Report concerning climate and 
sustainability having regard to required 
regulatory disclosure and best practice. 
•	 Managing the relationships with 
external financial regulatory authorities
Composition 
The Committee membership during the year is set out in the table below which 
also details attendance and tenure.
Member
Appointed to 
Committee
Meetings Held
Meetings 
Attended
Tenure
E. Moloney – Chair 
(appointed: Nov-22)
Aug-22
4
4
2.5 years
L. Williams 
May-21
4
4
3.7 years
D. Clague
Aug-21
4
4
3.5 years
99
Corporate Governance
2024 Annual Report and Financial Statements

Report of the Audit and Risk Committee
Continued
Work Performed
The principal work undertaken by the 
Committee during the period under 
review was focused on the following 
areas;
Financial Reporting
The Committee reviewed the Group’s 
Half Yearly Financial Report for the 
six months ended 30 June 2024, the 
Preliminary Statement of Results 
and Annual Report and Financial 
Statements for the financial year 
ended 31 December 2024 and the two 
Trading Statements issued during the 
year. These reviews considered;
•	 Assessment of the effects of new 
standards effective for reporting in 
financial year 2024;
•	 Other than for any new standards, 
the consistency, appropriateness 
and application of the Group’s 
accounting policies;
•	 The clarity and completeness of 
disclosures and compliance with 
financial reporting standards, 
legislative and regulatory 
requirements;
•	 Whether these reports, taken 
as a whole, were fair, balanced 
and understandable and provide 
the information necessary for 
shareholders to assess the Group’s 
position and performance, business 
model and strategy;
•	 A comparison of these results with 
management accounts; and
•	 The critical accounting judgements 
and key sources of estimation 
applied in the preparation of the 
Financial Statements.
In assessing if the Financial Statements 
have dealt appropriately with each 
area of judgement, the Committee 
challenged the key assumptions and 
methodologies used by management 
in formulating estimates. The key 
sources of estimation uncertainty and 
critical accounting judgements applied 
in the preparation of the Financial 
Statements for the financial year 
ended 31 December 2024 are set out 
below with further details at Note 3 to 
the Financial Statements.
Key Estimates
•	 Post-employment benefits 
The Group operates a number of 
Group sponsored pension schemes 
and is also a participating employer 
in the Merchant Navy Officers 
Pension Fund, a multi-employer 
scheme. Details of these schemes 
are set out in note 31 to the Financial 
Statements. The size of the pension 
obligations at €80.2 million (2023: 
€96.9 million) are material to the 
Group and sensitive to actuarial 
assumptions. The Committee 
has reviewed the advice received 
from an actuary independent of 
the schemes on the setting of 
actuarial assumptions used by the 
scheme actuaries in estimating the 
outstanding pension obligations 
at the year end. The Committee 
was satisfied that the assumptions 
used were reasonable and that the 
obligations set out in the Financial 
Statements are consistent with the 
assumptions and fairly presented. 
 
The Committee also noted that for 
certain schemes, assets exceeded 
liabilities resulting in a pension 
surplus at 31 December 2024 of 
€52.3 million (2023: €39.4 million). 
The Committee made inquiries of 
management to ensure that this 
amount represented a fair estimate 
of the unconditional right of a refund 
the Group may expect in the future.
•	 Useful lives for property, plant and 
equipment and intangible assets 
Long-lived assets comprising 
primarily of property, plant and 
equipment and intangible assets 
represent a significant portion of 
total assets. Changes in the useful 
lives may have a significant impact 
on the annual depreciation and 
amortisation charge. The Committee 
reviewed the useful life estimates 
of significant assets including 
technological developments, 
regulatory developments, operating 
performance and industry scrapping 
cycles and were satisfied that the 
estimates used were reasonable. 
The Committee noted that in respect 
of one aluminium hulled vessel 
that management had revised the 
remaining estimated useful life from 
3 years (from an original estimate of 
25 years from date of construction) 
to 8 years. While the Committee 
noted that this action was consistent 
with the approach taken in relation 
to conventional steel hulled vessels 
in the past, they also noted that it 
was not specifically addressed in 
the accounting policy for property 
plant and equipment in relation 
to aluminium hulled vessels. The 
Committee sought explanation 
for and queried management on 
the robustness of the reasoning 
for this extension. Following this 
engagement, the Committee were 
satisfied with the approach taken to 
the change in estimate.
Critical Accounting Judgements
•	 Impairment 
The Group does not have assets 
which are required to be tested 
annually for impairment. In 
relation to other significant assets, 
the Committee made inquiries 
of management to determine 
whether there were any indications 
of impairment. The Committee 
discussed with management their 
approach to the identification of 
indictors of impairment including 
management’s assessment of the 
economic performance of assets, 
technological developments, new 
rules and regulations including 
environmental regulation, 
shipbuilding costs, valuation models 
and the carrying value versus market 
capitalisation of the Group.  
 
The Committee noted the continuing 
profitability of the Irish Ferries 
branded operations and discussed 
with management general market 
conditions in the Group’s geographic 
sphere, activity levels in the vessel 
market, general condition of the 
fleet and regulatory developments 
including environmental regulations. 
The Committee also considered 
the risk of early obsolescence of 
the fleet, fleet valuations obtained 
from independent ship broker 
Simsonship AB and management’s 
own valuation models. Based on this 
100
Irish Continental Group

review, the Committee concurred 
with management’s assessment that 
in relation to the ferry fleet, there 
were no indicators of impairment at 
31 December 2024. 
 
The Committee discussed with 
management developments 
in the container vessel market 
including volatility in charter rates. 
The Committee acknowledged a 
hardening of rates through the 
second half of 2024, following a 
weakening of rates since mid-2022 
and recent fixings of certain of the 
vessels in the fleet. Notwithstanding 
these positive market indications, 
the Committee concurred with 
management’s view that the current 
level of rates compared to recent 
years and volatility around rates in 
general amounted to an indication of 
impairment of the Group’s container 
vessel fleet at 31 December 2024. 
 
The Committee reviewed 
management’s calculations of 
the recoverable value estimates 
prepared on the container vessel 
fleet which were prepared based 
on the conditions and information 
available at 31 December 2024. 
The Committee examined the 
methodology, key assumptions and 
key judgements used including 
the limitations of the independent 
vessel valuations, derivation of 
estimated future charter rates and 
the discount rate used in the value in 
use calculations. The Committee also 
considered management’s views 
on the likely effect of environmental 
regulations on premature 
obsolescence and future operating 
costs. 
 
The Committee was satisfied that 
the recoverability assessment 
performed at the reporting date 
was robust, comprehensive and 
supported the carrying value of 
the container vessel fleet as at 31 
December 2024. The Committee 
agreed with the management 
conclusion that no provision for 
impairment against the carrying 
value of the Group’s fleet was 
required at 31 December 2024. 
•	 Going concern  
The Committee reviewed the 
appropriateness of using a going 
concern assumption for the 
preparation of the Group Financial 
Statements.  
 
The Committee reviewed and 
challenged management on their 
going concern modelling including 
assumptions and sensitivities in 
a number of trading scenarios 
including the possible effects of 
reduced volumes over budget 
levels and higher fuel prices. The 
Committee also considered existing 
and future financial resources which 
could reasonably be expected to be 
available to the Group on normal 
market terms. The going concern 
modelling covered a period of 12 
months from the date of approval of 
the Financial Statements. 
 
Following completion of the above, 
the Committee were satisfied 
that the Group will have adequate 
financial resources to continue 
in operational existence for the 
foreseeable future and the use of 
the going concern basis remained 
appropriate in the preparation of 
the financial statements. The Going 
Concern Statement is set out at 
Note 3 to the Consolidated Financial 
Statements.
Accounting for obligations arising 
under the EU Emission Trading 
Scheme
The Committee considered the 
accounting process adopted in relation 
to surrender obligations under EU 
emission trading scheme (EU ETS) for 
which the Group was in scope from 
I January 2024. A liability totalling 
€10.3 million was recognised at 31 
December 2024, which is expected 
to increase significantly in future 
reporting periods as EU ETS obligations 
are phased in over a three year period. 
The Committee discussed with 
management the process involved 
in valuing the EU ETS liability and 
concluded that the accrual included 
in current liabilities on the Statement 
of Financial Position is an accurate 
assessment of the September 2025 
surrender obligation as at 31 December 
2024.
Viability Statement
The Committee reviewed and 
challenged management’s 
assumptions and scenarios together 
with the calculations supporting 
the Viability Statement set out the 
Report of the Directors (page 128). 
The Committee also considered 
the appropriateness of the five-year 
assessment time frame and that the 
Group’s principal and emerging risks 
had been appropriately considered. 
The Committee was satisfied that 
a robust assessment had been 
completed and reported this to the 
Board. 
Fair, balanced and understandable
The Committee reviewed the 
2024 Annual Report and Financial 
Statements to ensure that in its 
opinion taken as a whole, it is fair, 
balanced and understandable and 
provides the information necessary 
for shareholders to assess the Group’s 
position and performance, business 
model and strategy. 
Recommendations to the Board
Based on the work undertaken, the 
Committee reported to the Board 
that the Annual Report and Financial 
Statements for the year ended 31 
December 2024 taken as a whole, is 
fair, balanced and understandable, and 
provides the information necessary for 
shareholders to assess the Group and 
Company’s position and performance, 
business model and strategy and 
recommended that the Annual Report 
and Financial Statements be approved 
by the Board. 
The Committee had also 
recommended the approval of the 
Half Yearly Financial Report for the 
six months ended 30 June 2024 and 
the Trading Statements issued during 
2024.
101
Corporate Governance
2024 Annual Report and Financial Statements

Engagement with Regulators
The Committee oversaw management’s 
engagement with the Irish Auditing 
and Accounting Supervisory Authority 
(IAASA) regarding their inquiries into 
certain aspects of the Interim Financial 
Report for the half-year ended 30 June 
2024. The Committee noted that no 
adverse findings were assessed. 
Risk Management and Internal Control
The Board is responsible for the Group’s 
risk management and system of internal 
control. The Board’s approach to risk 
management is set out in the Risk 
Management Report (pages 68-77). 
The Committee, on behalf of the Board, 
reviews the effectiveness of the Group’s 
control environment including internal 
controls and risk identification and risk 
management systems. The Committee 
also oversees the Internal Audit 
programme.
The Risk Management Report describes 
the principal risks and uncertainties 
identified by the Group. Risks are 
grouped under strategic, operational, 
IT systems and cyber and financial 
risks. The risk management system 
is dynamic and monitors for signals 
of new emerging risks which during 
2024 included proposed additional 
regulations over seafarer working 
conditions by local governments, macro-
economic and supply chain risk, and 
increased documentation requirements 
for travel between the UK and EU. 
Further details on these are set out in 
the Risk Management Report (pages 
68-77).
The Committee oversees the work of the 
Risk Management Committee (RMC) 
which coordinates a unified system of 
ongoing identification, monitoring and 
reporting of risks throughout the Group. 
The activities of the RMC are undertaken 
alongside the activities of Internal Audit.
The Key elements of the Group’s 
system of internal controls include;
	• Clearly defined structures and lines 
of authority covering finance, IT and 
cyber security, operations, health and 
safety and governance;
	• Approval by the Board on an annual 
basis of Group risk appetite; 
	• Risk identification, assessment and 
assignment;
	• Monitoring of KRIs;
	• Annual approval of activities giving 
rise to highest risk exposures. 
During the year, the Committee 
met with members of the RMC and 
presentations were made outlining 
the work undertaken in managing risk 
monitoring systems, the categorisation 
of risks, procedures for ensuring the 
Group Risk Register is being updated 
for new and emerging risks and the 
management of exposure to principal 
risks. The work of the RMC is also 
central in putting consideration of risk 
to the fore in business decision making 
throughout the Group. In this respect 
the RMC conducted risk awareness 
workshops with employees from 
throughout the Group. The Committee 
reviewed with the RMC those activities 
assessed as creating the highest 
risk exposures and formulated a 
recommendation to the Board to 
continue those activities as being 
necessary to the Group’s operations. 
The Committee also received regular 
reports throughout the year including 
internal audit reviews, operational 
and safety risk reviews including 
information technology and cyber 
security. In addition, the Chair meets 
regularly with Group Internal Audit 
and the Committee approved the 2024 
Internal Audit Plan.
The Committee reviewed the 
effectiveness and resourcing of the 
RMC and Internal Audit activities. 
The Committee was satisfied that 
all agreed risk management and 
internal control systems had been 
in place throughout the financial 
year. In conducting the review, the 
Committee acknowledges that the 
risk management and internal control 
system is designed to manage and 
mitigate rather than eliminate risk. The 
Committee was satisfied that the RMC 
and Internal Audit were achieving their 
objectives and that the Group control 
environment remains appropriate and 
effective. This assessment has been 
reported to the Board.
The Committee also reviewed the 
effectiveness of the arrangements 
and structures which the Company 
has designed and put in place to 
secure material compliance with 
its Relevant Obligations as defined 
under Companies Act 2014. Relevant 
obligations comprise compliance 
with certain company law and tax 
obligations. The Committee reported to 
the Board that the arrangements and 
structures were sufficient to secure 
material compliance with its Relevant 
Obligations.
External Audit
The Committee is responsible for 
managing the relationship with 
the Group’s external auditor and 
monitoring their performance, 
objectivity and independence. The 
Committee evaluates on an annual 
basis, at the conclusion of the audit, 
the effectiveness of the external audit 
process.
2024 External Audit Process
The Committee met with KPMG 
prior to the commencement of the 
audit of the Financial Statements 
for the financial year ended 31 
December 2024. The Committee 
considered KPMG’s internal policies 
and procedures for maintaining 
independence and objectivity and 
their approach to audit quality. The 
Committee assessed the quality of 
the external audit plan as presented 
by KPMG and satisfied itself as to 
the expertise and resources being 
made available. The Committee also 
reviewed the terms of the Letter of 
Engagement and approved the level of 
remuneration.
Report of the Audit and Risk Committee
Continued
102
Irish Continental Group

KPMG reported their key audit 
findings to the Committee prior to the 
finalisation of the Financial Statements. 
This report, which included a schedule 
of non-material adjusted and 
unadjusted misstatements, significant 
judgements and estimations and 
key areas of risk, was considered 
by the Committee in forming their 
recommendation to the Board. The 
Committee also considered the 
representations sought by KPMG from 
the Directors.
KPMG’s key audit findings report 
included control weaknesses noted 
during their audit, none of which were 
considered significant deficiencies 
so as to cause KPMG to amend the 
scope of their original audit plan. 
The Committee has considered 
these and, having discussed with 
management, have directed remedial 
action be taken where considered 
appropriate. The Committee has 
also considered feedback from 
management involved in the audit 
process regarding interaction with 
and level of preparedness of the audit 
team. The Committee also meet with 
the audit team without the presence of 
management. 
The Committee evaluated KPMG’s 
performance which included an 
assessment of KPMG’s communication 
process with the Committee and 
senior management, knowledge of 
the Group and industry sector and 
resource commitment to the external 
audit and the Committee is satisfied 
that in conducting the audit of the 
2024 Financial Statements, KPMG were 
effective, objective and independent. 
As auditor, KPMG confirmed to the 
Company that they comply with the 
Ethical Standards for Auditors (Ireland) 
2020 as issued by IAASA and that, in 
their professional judgement, they and, 
where applicable, all KPMG network 
firms are independent and their 
objectivity is not compromised.
KPMG confirmed to the Company 
that the lead partner will be rotated 
every five years to ensure continued 
objectivity and independence. Mr. 
Colm O’Sé (who was appointed in 2021) 
has acted as lead partner for the audit 
of the 2024 Financial Statements. 
Auditor Independence
The Committee permits the external 
auditor to provide non-audit services 
where they are permitted under 
Part 27 of the Statutory Audits of 
Companies Act 2014 and are satisfied 
that they do not conflict with auditor 
independence. The Committee’s policy 
on the provision of non-audit services 
requires that each engagement for 
the provision of non-audit services 
requires approval of the Committee. 
The Committee approved the 
engagement of the external auditor to 
provide certain tax compliance services 
and reporting accountant services in 
respect of certain pension schemes in 
respect of the 2024 financial year. This 
approval was granted on the basis of 
procedural efficiency. The Committee 
must also give approval for the 
employment of any person who was 
previously employed by the external 
auditor within the previous two years 
of proposed employment by the Group.
The Audit and Risk Committee has 
considered all relationships between 
the Company and the external audit 
firm, KPMG, including the provision of 
non-audit services as disclosed in note 
9 to the financial statements which are 
within the thresholds set out in Part 27 
of the Statutory Audits of Companies 
Act 2014. The Committee does not 
consider that those relationships or 
the level of non-audit fees impair the 
auditor’s judgement or independence.
Based on consideration of the above 
the Committee concluded that it 
was satisfied with the performance, 
objectivity and independence of the 
external auditor.
Éimear Moloney
Chair of the Audit and Risk Committee
2 March 2025
103
Corporate Governance
2024 Annual Report and Financial Statements

Dear shareholder,
I am pleased to present the Report 
of the Nomination Committee (the 
Committee) for the year ended 31 
December 2024.
This Report sets out how the 
Committee fulfilled its duties under 
its terms of reference and the UK 
Corporate Governance Code, the Irish 
Annex and relevant legislation.
The Board is comprised of four non-
executive Directors and two executive 
Directors. There were no changes to 
the Board during 2024. The focus of 
the Committee during the period was 
to ensure that the Board continued 
to possess the necessary skills to lead 
the Group in a dynamic business 
environment. 
The Committee recognises that at 
the heart of every organisation are its 
people, culture and values and against 
that backdrop the Committee sets 
the framework for the development 
of an inclusive and high-performing 
leadership team and workforce.
Committee Membership
The Committee membership is set out in the table below which also details 
attendance and tenure. All Directors bring significant professional expertise to 
their roles on this Committee as set out in their professional biographies (pages 
84-85).
Member
Appointed to 
Committee
Meetings 
Held
Meetings 
Attended
Tenure
J.B. McGuckian – Chair 
(appointed: Nov-22)
Aug-22
1
1
2.5 years
L. Williams* 
May-21
1
1
3.7 years
D. Clague*
Aug-21
1
1
3.5 years
E. Moloney*
Aug-22
1
1
2.5 years
E. Rothwell
Dec-99
1
1
25 years
* Independent Director
In addition to the scheduled meeting, there was significant engagement 
between Committee members throughout the period to progress the 
Committee’s business.
Report of the Nomination Committee 
Role and Responsibilities
The role, responsibilities and duties of 
the Committee are set out in written 
terms of reference and are reviewed 
annually. The Terms of Reference are 
available on the Group’s website www.
icg.ie.
Its duties are to regularly evaluate 
the balance of skills, knowledge, 
experience and diversity of the Board 
and Committees and lead the process 
for appointments, ensure plans are in 
place for orderly succession to both 
the Board and senior management 
positions and overseeing the 
development of a diverse pipeline 
for succession. The Committee also 
reviews director independence, outside 
appointments and conflict of interests. 
The Committee’s effectiveness is 
evaluated within the overall Board 
evaluation process outlined in the 
Corporate Governance Report (page 
94). No matters of concern were 
noted in relation to the Committee’s 
effectiveness.
Board Composition and Renewal
The Committee considered the 
results of the Board evaluation. The 
Committee was satisfied that the 
Board continues to be of adequate 
size and composition to suit the 
current scale of its operations and 
has an appropriate balance of skills, 
knowledge, experience and diversity 
to enable it to effectively discharge its 
duties. 
The Committee continues to place a 
particular focus on succession planning 
both at Board and senior management 
level. We are cognisant of the gender 
imbalance in the organisation and 
have taken steps to encourage greater 
female participation at the recruitment 
stage. We are confident that the 
improvements in the gender balance 
seen during 2024 will continue in the 
periods ahead. Outside of gender and 
ethnic diversity, as a Committee, we are 
confident the current Board’s diverse 
skillset ensures the ability to oversee 
management and contribute to the 
development of strategy. 
104
Irish Continental Group

The Committee notes the Code’s 
comments on non-executive Director 
tenure and the tenure profile of the 
existing non-executive Directors. The 
average tenure of the non-executive 
Directors, including the Chairman, is 
11.7 years and 3.3 years excluding the 
Chairman.
Appointments
There were no new appointments to 
the Board or senior leadership team 
during the period.
All non-executive Directors receive 
a letter of appointment setting 
out the terms of the appointment, 
responsibilities and expected time 
commitments. Copies of these letters 
are available for inspection at the 
Annual General Meeting (AGM) and at 
the Company’s registered office. 
In compliance with the provisions 
of the Code, any person co-opted to 
the Board during the year will seek 
re-election at the next AGM together 
with all the Directors. All newly 
appointed Directors will as part of 
the induction process be provided 
with comprehensive information on 
the Group’s strategy, structure and 
performance reporting. They will also 
be afforded opportunity to meet senior 
management and visit Group sites.
Engagement
The Committee welcomed the results 
on the individual Director re-election 
resolutions tabled at the 2024 Annual 
General Meeting where support for 
the re-election of all Directors was 
above the threshold set in the Code. 
Notwithstanding the Committee 
noted the 16% of votes against the 
re-election of the John. B. McGuckian, 
Chairman of the Board. The Company 
maintains an ongoing dialogue 
with major shareholders and had 
engaged extensively with them in 
advance of the 2024 Annual General 
Meeting. The general consensus 
was that, notwithstanding Mr. 
McGuckian’s tenure, our shareholders 
were supportive of Mr. McGuckian 
continuing as a Director and Chairman 
of the Board in the circumstances 
where the Group had recently 
undertaken major strategic initiatives 
together with consideration of the 
short tenure of the other non-executive 
directors, one of whom has been 
nominated as the Senior Independent 
Director. A minority of shareholders 
had expressed a reservation around 
succession planning and voted against 
the re-election of Mr. McGuckian in 
his role as Chair of the Nomination 
Committee. The Committee is 
cognisant of the importance of 
succession planning for senior roles 
and while it reviews this on an ongoing 
basis considers it inappropriate to 
provide details in advance of any 
succession event.
Director Independence
The Committee reviewed ongoing 
Director independence and did not 
identify any issues that were likely to 
impair, or could appear to impair the 
independence of the non-executive 
Directors, Lesley Williams, Dan Clague 
and Éimear Moloney. 
In considering the independence of 
Dan Clague, the Committee noted that 
Dan, through an associated company 
European Marine Advisors Limited, 
had provided certain consultancy 
services to the Group. The Committee 
considered the guidance offered 
by Provision 10 of the UK Code on 
assessing director independence. The 
Committee concluded that the total 
fees of €35,000 paid in connection 
with this assignment, which has been 
completed, were not of a sufficient 
level that would create a material 
business relationship likely to impair 
Dan’s independent judgement. On 
that basis the Committee determined 
that Dan remained independent.
The Committee also recommended 
to the Board the re-appointment of 
all the Directors at the Company’s 
AGM. In considering the proposals for 
the re-election, the Committee had 
particular regard to the tenure of John 
B. McGuckian. Mr. McGuckian has 
served as Chairman of the Board since 
2004 and as a non-executive Director 
since 1988. This recommendation was 
proposed following a robust review of 
the knowledge, skills and experience 
that he contributes, in the interests 
of the Company and stakeholders. 
The Committee assessed him to be 
both independent in character and 
judgement and to be of continued 
significant benefit to the Board. 
Recognising the provisions of the 
UK Code, the Committee was also 
cognisant of the appointment of 
Mr. McGuckian well in advance of 
the revisions to market expectations 
on Chair tenure. The Committee 
expects to align with the provisions 
of the UK Code on this issue in the 
future. However, at this time, and 
particularly in light of the recent 
strategic expansion of the Group, the 
Committee determined it appropriate 
for Mr. McGuckian to continue as 
Chair and leader of the Board. The 
Committee was also satisfied that the 
role of the Senior Independent Director 
further ensures clear division between 
management and oversight.
No Committee member voted on a 
matter concerning their position as a 
Director.
105
Corporate Governance
2024 Annual Report and Financial Statements

Inclusion and Diversity
The Committee reviewed the processes 
agreed in respect of workforce 
engagement described earlier in 
the Corporate Governance Report 
(page 91) and was satisfied that these 
arrangements remain appropriate to 
the Group’s circumstances.
The Group values diversity and the 
benefits it can provide in promoting 
the success of the business. The 
Board’s Diversity Policy is discussed 
in the Corporate Governance 
Report (page 94). In considering 
any appointment to the Board the 
Committee identifies the set of skills 
and experience required. Individuals 
are selected based on the required 
competencies of the role with due 
regard for the benefits of diversity. 
The Group’s gender diversity is set 
out in the Corporate Governance 
Report (page 94). Currently, the female 
composition of the Board is 33% 
(2023: 33%), 23% (2023: 19%) among 
senior managers and 43% (2023: 
41%) across the organisation as a whole. While this indicates some progress in 
addressing gender imbalance , the Committee continues to focus on improving 
these ratios. In relation to future Board and senior manager appointments the 
Committee continues to actively seek out a greater pool of female candidates 
for consideration. The Committee has also requested executive management 
to ensure this requirement is followed for recruitment across all levels of the 
organisation. 
External search agencies independent of the Group are engaged to assist where 
appropriate and their mandates include considerations of diversity.
The Committee notes the requirements of UK Listing Rule 9.8.6 concerning 
certain Board diversity disclosures on an aggregated basis. The Board has 
considered this requirement and concluded that due to the small the size of 
the Board that compliance with this requirement would not be consistent with 
the Company’s data processing obligations under Irish and EU data protection 
legislation.
The Committee reports the following Board balance statistics at 31 December 
2024:
Gender
67% male / 33% Female
Independence
50% independent / 50% non-independent
Independence 
(excluding Chair)
60% independent / 40% non-independent
Age
Average age 63 years in a range 45 to 85 years
Tenure
Average tenure 17 years in a range 3 to 38 years
John B. McGuckian 
Chair of the Nomination Committee
2 March 2025
Report of the Nomination Committee
Continued
106
Irish Continental Group

Dear Shareholder, 
I am pleased present the Directors’ 
Remuneration Report for year ended 
31 December 2024. I have served on 
the Committee since August 2021 and 
was appointed as Chair in November 
2022. This report describes the 
Company’s remuneration framework 
and sets out how the Company’s 
current remuneration policy was 
applied during 2024, together with 
background to the Remuneration 
Policy proposed for the period 2026 to 
2029.
The Remuneration Committee 
The Remuneration Policy and 
Framework is overseen by the 
Remuneration Committee. Committee 
membership during 2024 is set out 
in the table below which also details 
attendance and tenure. All Directors 
bring significant professional expertise 
to their roles on this Committee as 
described in the Director Biographies 
(pages 84-85). 
Report of the Remuneration Committee
As an Irish-incorporated company and 
in compliance with the Shareholder 
Rights Directive II (SRDII), the Company 
is seeking approval of an updated 
remuneration policy for the four-year 
period 2026 to 2029.This will be put 
to a shareholder vote as an advisory 
resolution at the 2025 AGM.
Proposed Remuneration Policy 
2026 to 2029
The current Remuneration Policy was 
approved by shareholders at the 2021 
AGM by way of an advisory resolution 
which received 87% approval. The 
application of the policy as reported 
for years 2022 and 2023 received 88.7% 
and 91.6% support respectively.
The existing Remuneration Policy was 
designed to ensure that remuneration 
structures and levels are set to attract 
and retain high calibre individuals 
necessary at executive Director and 
senior manager level and to motivate 
them to deliver strategy in the 
interests of our shareholders and wider 
stakeholders. In considering various 
possible amendments the Committee 
concluded that the performance-
focused incentive framework 
comprising an annual bonus and an 
LTIP continues to be appropriate to the 
Group’s business needs and strategy. 
Only minor changes are proposed to 
the existing policy. No changes to the 
maximum level of participation in the 
incentive schemes are proposed. 
Member
Appointed to 
Committee
Meetings 
Held
Meetings 
Attended
Tenure
D. Clague (Chair – 
appointed: Nov-22)
Aug-21
2
2
3.5 years
L. Williams 
May-21
2
2
3.7 years
E. Moloney
Aug-22
2
2
2.5 years
The Committee met twice during the period with follow up contacts between 
meetings. The Chairman provided an update to the Board on key matters 
discussed.
Role and Responsibilities
The role, responsibilities and duties of 
the Committee are set out in written 
terms of reference which are reviewed 
annually. The Terms of Reference are 
available on the Group’s website www.
icg.ie.
The Committee’s responsibilities are to 
establish a remuneration framework 
that;
•	 Will attract, motivate and retain high 
calibre individuals;
•	 Will reward individuals appropriately 
according to their level of 
responsibility and performance;
•	 Will motivate individuals to 
perform in the best interest of the 
shareholders; and
•	 Will not encourage individuals to 
take risks in excess of the Company’s 
risk appetite.
Within this framework the Committee 
has formulated a Remuneration Policy 
which was submitted to shareholders 
at the 2021 AGM by way of an advisory 
resolution which received 87% approval 
and is effective up to and including 
financial year 2025. This Remuneration 
Report sets out how we have applied 
the current Remuneration Policy 
during financial year 2024 and this 
will be put to a shareholder vote as an 
advisory resolution at the 2025 AGM.
107
Corporate Governance
2024 Annual Report and Financial Statements

As part of this review, the Committee sought to compare reward structures to other companies of a comparable size and 
complexity. The Committee noted that the small population of Irish listed companies was insufficient to allow for objective 
comparison and therefore relied on comparisons against the FTSE 250. While the Company is not a member of the FTSE 
250, this was considered consistent with the Company’s London Stock Exchange listing, adoption of the UK Code and the 
exposure of the Company to the UK economy. A comparison to FTSE 250 companies with a market capitalisation of up £1.3 
billion indicated that the existing salary of the CEO, appointed in 1992, is between median and upper quartile. The existing 
salary of the CFO, appointed in 2016, is between the lower quartile and median levels. The Committee considered these 
levels were commensurate with tenure and performance. Executive director salaries were last rebased effective 1 January 
2022. The levels of annual and long-term incentives are considered in line with market practice with the holding period of 
five years applicable to any portion of same remunerated through equity being more stringent than market norms. 
Remuneration Policy Table 2026 to 2029
Element & Purpose
Operation
Maximum Opportunity
Base Salary
To attract and retain 
high calibre experienced 
individuals possessing 
skill sets relevant to 
the business through 
the provision of an 
appropriate level of fixed 
remuneration.
Base salaries may be reviewed by the 
Remuneration Committee annually.
Factors taken into account in the review 
include the individual’s role and level 
of responsibility, personal performance 
and general developments in pay in the 
market generally and across the Group.
There is no prescribed maximum salaries 
or maximum increases.
Increases will broadly reflect increases 
across the Group and in the market 
generally.
Increases may be higher to reflect 
changes in responsibility or market 
changes and in the case of newly 
appointed individuals to progressively 
align salary with market norms.
Retirement Benefits
To attract and retain 
high calibre individuals 
possessing skill sets 
relevant to the business 
through provision of 
market competitive 
pension arrangements.
Where individuals are eligible to be a 
member of a Group defined benefit 
pension scheme, contributions are 
determined by the scheme actuary 
pursuant to the benefits offered under 
the scheme rules. 
Other individuals and new entrants 
may become members of a Group 
defined contribution pension scheme 
or other similar arrangement where the 
Group has discretion to pay appropriate 
contributions as a percentage of base 
salary as agreed by the Company 
and individual under their contract of 
employment.
In certain circumstances, the Company 
may provide an equivalent cash 
payment in lieu of pension contributions.
There are no prescribed maximum 
amounts of pension contributions, 
though executive Director participation 
is substantially on the same terms as the 
workforce generally.
No element of remuneration other than 
base salary is pensionable.
Other Benefits
To be competitive with 
the market.
Benefits may include the use of a 
company car or an equivalent cash 
amount, club subscriptions, professional 
subscriptions, travel benefits, life and 
health insurance.
No maximum levels are prescribed as 
benefits will be related to each individual 
circumstance.
Report of the Remuneration Committee
Continued
108
Irish Continental Group

Element & Purpose
Operation
Maximum Opportunity
Annual Bonus
To reward achievement 
of annual financial and 
strategic targets and 
individual contribution.
Individuals will receive annual bonus 
awards based on the achievement of 
financial targets and personal objectives 
agreed prior to the start of each financial 
year. 
On achievement of the threshold 
performance level 25% of maximum 
bonus will normally be paid with a 
payment of 50% of maximum bonus for 
on target performance.
Due to commercial sensitivity, the 
targets will not be disclosed in advance 
but may be disclosed retrospectively.
For executive Directors and members 
of the Executive Management Team, a 
maximum of 50% of any annual award 
may be remunerated in cash, with 50% 
to be applied towards the acquisition of 
ICG equity (inclusive of payroll taxes).
Equity must be held for a period of 5 
years from the date of receipt of the 
award. 
A formal malus and clawback policy 
applies whereby awards are subject 
to clawback in certain circumstances. 
Further details of the clawback policy are 
set out later.
The Committee retains discretion 
to adjust any award to reflect the 
underlying financial position of the 
Company. 
The maximum award in any period of 12 
months may not exceed 200% of base 
salary in the case of the CEO and 150% 
of base salary in the case of any other 
individual.
25% of the maximum award will be based 
on the achievement of non-financial 
goals, which may include personal, 
strategic and sustainability goals.
The Committee may exercise discretion 
in exceptional cases to adjust previously 
set targets or outcomes for unforeseen 
circumstances within the limits set out 
above.
An existing contractual annual bonus 
arrangement will continue to apply to 
the current CEO Mr. Eamonn Rothwell in 
lieu of the arrangements described here 
and is explained in further detail below.
109
Corporate Governance
2024 Annual Report and Financial Statements

Report of the Remuneration Committee
Continued
Element & Purpose
Operation
Maximum Opportunity
Performance Share Plan 
(PSP)
To align the interests of 
individuals with the long 
term interests of the 
Company’s shareholders 
through focus on 
long-term financial 
performance.
The Committee will grant nominal cost 
options to individuals to acquire equity 
in the Company.
Vesting is subject to the achievement of 
performance conditions set at the date 
of grant. The performance conditions are 
normally measured over three financial 
years using targets which are aligned 
with the Company’s strategy and 
shareholder interests and disclosed in 
the annual Remuneration Report.
30% normally vests at threshold 
performance and 100% vests at 
maximum with pro-rata vesting 
between these two levels.
Any vesting of awards is subject to 
Committee discretion that it is satisfied 
that the Company’s underlying 
performance has shown a sustained 
improvement in the period since the 
date of grant.
No re-testing of the vesting performance 
conditions is permitted. Options will 
normally be exercised upon vesting and 
any ICG equity delivered to an individual 
will be held for a period of five years 
(extending to post-employment) except 
to the extent that the Committee allow 
such number of the shares delivered 
to be sold to facilitate the discharge of 
any tax liabilities. Market standard good 
leaver / bad leaver provisions will apply.
The Committee in exercising its 
discretion under the rules of the PSP 
may (i) re-calibrate the performance 
conditions and change their relative 
weightings (ii) introduce new and retire 
old performance measures; provided 
that any changes are no less challenging, 
are aligned with shareholder’ interests 
and are disclosed in the Committee’s 
report to shareholders.
A formal malus and clawback policy 
applies whereby awards are subject to 
clawback in certain circumstamces. 
Further details of the clawback policy are 
set out below.
The market value of any PSP awards in 
any period of 12 months may not exceed 
200% of base salary in the case of the 
CEO and 150% of base salary in the case 
of any other individual.
In exceptional situations, including 
recruitment, higher awards may be 
granted but not exceeding 300% of base 
salary.
110
Irish Continental Group

Element & Purpose
Operation
Maximum Opportunity
Shareholding 
Requirement
To align the interests 
of individuals with the 
long- term interests of the 
Company’s shareholders.
All executive Directors and members 
of the Executive Management Team 
are expected to maintain a minimum 
shareholding of three times base salary. 
Individuals are allowed a five-year 
period from date of first appointment to 
achieve the required holding.
The market value of vested options and 
any shares held under the Company’s 
restricted share arrangements will count 
towards determining an individual’s 
holdings.
Not applicable.
Post-Employment 
Shareholdings
Alignment of executive 
interests with that of the 
Company’s shareholders 
post- employment
The Company’s incentive structure 
by design will normally ensure that 
participants contractually retain 
substantial shareholdings post-
employment for periods of up to 5 years. 
On that basis, the Company has not set 
absolute targets but will disclose details 
of restricted equity held by executive 
directors in the annual Remuneration 
Report. 
The Committee may exercise discretion 
to impose absolute post-employment 
holding requirements in circumstances 
where market expectations are expected 
to be materially under achieved.
This ensures strong alignment with 
investors and other stakeholders post-
employment and ensures that departing 
executives retain an interest in the 
business for a significant period post 
leaving the Company.
Not applicable.
Legacy Arrangements
In addition to the elements of remuneration set out above, which will apply to all future appointments and to Mr. Ledwidge 
the current CFO, Mr. Rothwell the current CEO has a confidential legacy contractual provision in place that will operate as 
part of the policy. This was agreed to attract Mr. Rothwell to join the Group. It will solely apply to Mr. Rothwell and will be 
relinquished upon his departure from the Company.
The following are the key provisions of the CEO’s legacy contractual bonus arrangement.
Element & Purpose
Operation
CEO’s Annual Bonus
To reward achievement of annual 
financial targets while promoting 
strong alignment with shareholders 
through a sharp focus on equity.
The CEO is entitled to bonus payouts based on EPS performance, subject 
to adjustment for share capital transactions.
For the CEO, a maximum of 50% of any annual award may be 
remunerated in cash, and 50% to be applied towards the acquisition of 
ICG equity (inclusive of payroll taxes). Equity must be held for a period of 
five years from the date of receipt of the award. In addition to ensuring 
a long-term orientation and alignment with shareholder interests, this 
structure, in effect, creates a post- employment holding structure. Equity 
received must be retained for a five-year period even where Mr Rothwell is 
no longer in employment of the Company.
111
Corporate Governance
2024 Annual Report and Financial Statements

Report of the Remuneration Committee
Continued
Malus and Clawback arrangements
The Committee recognises that there 
could potentially be circumstances 
in which performance related pay 
(either annual bonuses, and/or longer 
term incentive awards) is paid based 
on misstated results or inappropriate 
conduct resulting in material damage 
to the Company. Whilst the Company 
has robust management and internal 
controls in place to minimise any 
such risk, the Committee will operate 
clawback arrangements for the 
protection of the Company and its 
investors. The clawback of performance 
related pay comprising the annual 
bonus and PSP awards would apply in 
certain circumstances including:
•	 a calculation error in relation to a 
performance metric;
•	 a material misstatement of the 
Company’s financial results;
•	 a material breach of an executive’s 
contract of employment; 
•	 any wilful misconduct, recklessness, 
and / or fraud resulting in serious 
injury to the financial condition or 
business reputation of the Company; 
or
•	 The appointment of a receiver or 
liquidator over a material part of the 
Company’s assets or investments 
or otherwise the entering into 
arrangement with its creditors.
For executive Directors and members 
of the Executive Management Team, 
50% of the annual bonus will be 
invested in ICG equity which must be 
held for a period of five years, which will 
be subject to clawback for a period of 
two years per the circumstances noted 
above. Any awards granted under the 
PSP will be subject to clawback during 
the vesting period and any shares 
delivered on vesting will be subject to 
clawback for an initial two year period 
per the circumstances noted above.
Dilution Limits
An award may not be granted if the 
result would be that the aggregate 
number of shares delivered or 
deliverable by way of newly issued 
shares or shares out of treasury 
pursuant to awards granted under 
the PSP or under any other employee 
share scheme operated by a member 
of the Group in the 10 years preceding 
the award date would exceed 10% of 
the Company’s issued ordinary share 
capital at the award date.
Discretion
The Committee retains discretion 
to override maximum thresholds or 
formulaic outcomes in circumstances 
which it considers exceptional or in its 
opinion produces an unfair result. If 
such discretion is exercised in favour 
of an individual(s) the Committee will 
clearly set out its reasons for doing so 
in its next report to shareholders. Also, 
in exceptional circumstances including 
significant change in legislation 
the Committee may derogate from 
the policy where it believes that the 
derogation is in the best interests of 
the Company. Any such derogation will 
be clearly explained by the Committee 
in its annual report and where it is 
material and continuing a revised 
remuneration policy will be presented 
for approval.
Workforce considerations
In setting remuneration levels for the 
executive Directors, the Committee 
will take into consideration general 
pay arrangements applying to the 
wider workforce. The remuneration 
framework for other employees is 
based on broadly consistent principles 
used to determine the policy for 
Executive Directors. All executives and 
senior managers are generally eligible 
to participate in the annual bonus 
plan and the PSP. Individual salary 
levels and incentive award sizes vary 
according to the level of seniority and 
responsibility, benchmarked against 
market levels. PSP performance 
conditions are consistent across all 
participants.
Recruitment
The remuneration package for any new 
Executive Director will be set under the 
terms of the Policy Table. Salaries will 
be set at an appropriately competitive 
level to reflect the role and the skills 
and experience of the individual.
Where an individual forfeits contractual 
entitlements with a previous employer 
as a result of an appointment to 
the Company, the committee may 
offer compensatory payments or 
awards to facilitate recruitment. Any 
such payments or awards would be in 
such form as the committee considers 
appropriate and would normally 
reflect the nature, time horizons, and 
performance requirements attaching to 
that remuneration. There is no limit on 
the value of such compensatory awards, 
but would be expected to be limited to 
the value forfeited.
The maximum level of variable 
remuneration which may be awarded 
going forward is limited to the current 
limits applicable to the CEO under the 
annual bonus and PSP. In addition the 
Committee may assist with relocation on 
a basis considered reasonable.
Where an internal candidate is promoted 
to the Board, legacy terms and conditions 
subsisting under employment law 
will be honoured, but otherwise the 
remuneration package will be aligned 
with the policy table.
Loss of Office
Other than for a legacy arrangement 
applying to Mr. Eamonn Rothwell, notice 
periods will not exceed 12 months. 
Termination payments are negotiable 
in the context of the circumstances 
of termination but restricted to a 
maximum of 12 months’ salary and 
other contractual benefits other 
than where higher amounts may be 
required under employment legislation 
or exceptionally at the Committees 
discretion. The annual bonus is payable 
at the discretion of the Committee, 
considering the circumstances of 
cessation, for performance in the financial 
year of cessation, normally pro-rata for 
time served, and may be paid through a 
combination of cash and equity.
The Committee will determine the 
retention and vesting of any awards under 
the Group’s PSP with pro-rating to time 
served normally applying and subject to 
normal good leaver / bad leaver terms. 
Any annual performance award will be 
determined based on an individual’s 
contribution in the year of leaving.
Mr. Rothwell has a contractual 
arrangement entitling him to a 24 month 
notice period in certain circumstances. 
Non-executive Directors do not have 
notice periods and the Company has no 
obligation to pay compensation when 
their appointment ceases.
112
Irish Continental Group

Change of Control
Unvested PSP awards may vest early in the event of a takeover, merger, scheme of arrangement or other similar event 
involving a change of control of the Company, subject to the pro-rating of the share awards, to reflect the shortened 
performance period since the date of grant, though the Committee can exercise its discretion not to apply pro-rating if it 
considers it to be inappropriate given any particular circumstances.
Policy table for non-executive directors
Element & Purpose
Operation
Opportunity
To attract and retain non-
executive directors with 
the required qualities, 
skills, and experience.
Fees for the Chair are determined by the remuneration 
committee.
Fees for non-executive directors other than the Chair are 
determined the Board. 
The chair receives a single fee. NED fees include a base 
fee and may include additional fees for other Board 
or Committee duties or to reflect additional time 
commitment.
The Chair and non-executive directors do not participate 
in any incentive plan or pension arrangement. 
The Chair and non-executive directors may be reimbursed 
for business expenses incurred when travelling in the 
performance of duties.
There is no prescribed 
maximum annual 
increase or fee level.
Fee levels are reviewed 
periodically, with 
reference to the time 
commitment of the 
role and market 
levels (for example, 
in companies of 
comparable size and 
complexity).
Illustration of application of Remuneration Policy 2026 – 2029
The chart below illustrates the composition of the Executive Directors' remuneration packages at different levels of 
performance, both as a percentage of total remuneration opportunity and as a total value.
The above are all calculated based on 1 January 2025 salary levels where;
	
−Target levels assume an award of 50% of maximum annual bonus potential and 30% vesting of the long-term incentive.
	
−Maximum levels assume award of 100% of maximum annual bonus potential and 100% vesting of the long-term incentive.
	
−No assumption is made for the effect of share price movements on the future value of the long-term incentive.
	
−The target and maximum amounts shown for the CEO are those which might apply to a future CEO if awarded a base 
salary equivalent to the current CEO. The current CEO has a legacy arrangement whereby the annual bonus only may 
exceed the limits set in the proposed policy illustrated above.
€,1,996,000
€3,807,000
Chief Executive Officer
Target
Maximum
39%
38%
23%
20%
40%
40%
€1,075,000
€1,786,000
Chief Financial Officer
Target
Maximum
46%
30%
24%
28%
36%
36%
Fixed Salary and Benefits
Annual Bonus
Long-term incentive
113
Corporate Governance
2024 Annual Report and Financial Statements

Report of the Remuneration Committee
Continued
Consideration of the UK Corporate Governance Code
In reviewing the new Remuneration Policy, the Committee considered whether the policy addressed the pillars set out in 
the Code as follows;
Pillar
How this is addressed in the Remuneration Policy
Clarity
Remuneration arrangements consist of a fixed and variable elements biased to variable 
remuneration to establish clear linkage with performance, together with a focus on 
long termism through deferred equity arrangements consistent with the Company’s 
principal investments in long life assets.
Simplicity
With the focus on variable pay, there is significant linkage between Company 
performance and remuneration 
Risk
The remuneration policy is designed to encourage risk taking in line with the overall 
risk appetite. Malus and clawback policies, together with the structuring of incentive 
schemes generates alignment with shareholder interests over the long-term to ensure 
a focus on delivering sustainable performance. 
Predictability
The Company maintains consistent metrics for the award and vesting of variable 
remuneration, and limits the value of awards as set out in the policy. 
Proportionality
Remuneration structures are strongly aligned to company performance and delivery of 
growth over the long term
Alignment to culture
Strong alignment with shareholder interests over long term will drive behaviours 
consistent with our Mission Statement
The Committee also reviewed whether other requirements of the Code had been met.
Requirement
How this is addressed in the Remuneration Policy
Promote long-term 
hareholding
A minimum of 50% of the annual incentive is remuneration and 100% of the vesting 
long term incentive is remunerated in equity with a five-year disposal restriction. This 
applies irrespective of whether the minimum shareholding requirement of three 
times salary has been achieved.
Post-employment holding
While the policy does not state an absolute post-employment shareholding 
requirement, the 5 year disposal restriction on equity received under the annual and 
long term incentives ensures that post employment holdings exceed current market 
expectations both in quantum and holding period. 
Use of discretion
The Committee retains discretion to adjust formulaic outcomes and has exercised this 
in the past.
Pensionable salary
Only basic salary is pensionable and executive directors participate in the Company’s 
retirement schemes on the same basis as the general workforce.
Notice periods
Other than in specific circumstances under a contractual arrangement in relation 
to the existing CEO, letters of appointment for executive directors do not provide for 
compensation for loss of office other than for payments in lieu of notice where, except 
as may be required under Irish employment law, the maximum amount payable on 
termination is limited to 12 months. 
The committee believes that an approach to remuneration grounded in pay for performance with a bias to long term 
remuneration delivered in equity is the most effective way of aligning management’s interests to those of our stakeholders. 
Remuneration levels and awards are based on an individual’s contribution to the Company against the background of 
underlying Company financial performance having regard to comparable companies in both size and complexity.
114
Irish Continental Group

Remuneration Policy and Shareholder 
Engagement
In our engagement with shareholders, 
some had noted that the terms and 
disclosure of metrics around the CEO 
bonus arrangements and potential 
for uncapped payments are distinct 
compared to certain market peers. 
The Committee acknowledges this 
view but notes that the CEO bonus 
arrangements has been an effective 
structure for motivational reward 
in alignment with the Group’s 
performance, long-term strategy and 
shareholder interests. The Committee 
noted that no bonus was paid relating 
to financial year 2020 and 2021 due 
to the effects of the Covid pandemic 
on company performance. The 
Committee further notes that the CEO 
bonus had been fully remunerated 
in equity with a holding period in 
excess of five years. The Committee is 
satisfied that this level of deferral and 
focus on equity is market leading and 
is comfortable that it should remain 
a key part of the framework for the 
current CEO. Nonetheless recognising 
that that certain shareholders have 
provided feedback on aspects of this 
arrangement the Committee confirms 
that it will not apply to any future CEO 
appointment.
The Committee refers below to 
other aspects of the Company’s 
Remuneration Policy which create 
some of the most stringent deferral 
and holding mechanisms in the Irish 
and UK markets, including;
•	 A minimum of 50% of annual bonus 
(after tax liabilities) to be invested 
in equity, with the Committee 
discretion to apply a higher 
percentage. 
•	 A five-year contractual holding 
requirement applies to the entire 
portion of the annual bonus 
reinvested in equity.
•	 A five-year contractual holding 
requirement applies to any awards 
vesting under the Performance 
Share Plan following the three-year 
performance period creating a total 
eight-year time horizon from grant 
to release; and
•	 The five-year contractual holding 
requirement extends post-
employment creating post-
employment holding commitments 
of up to five years.
•	 Any vesting of Performance 
Share Plan awards retained post-
employment also remain subject to 
the 5 year disposal restriction 
•	 Shareholding guidelines for all 
executive Directors and members 
of the Executive Committee of a 
minimum three times base salary 
to be achieved within five years of 
appointment.
•	 The equity investment requirement 
under the annual bonus and 
performance share plan apply 
irrespective of whether minimum 
shareholding requirements have 
been achieved.
Integrating ESG Measures
The Committee acknowledges 
the increasing focus on ESG and 
sustainability, with investors and wider 
stakeholders raising expectations as 
to how companies are embedding 
environmental, social and governance 
criteria into strategies and everyday 
operations. As outlined in the 
Environmental, Social and Governance 
Review, during the last year the 
business has continued to advance its 
integration of a range of ESG factors 
into the risk management and strategy 
frameworks. At this point in our ESG 
maturity, we have advanced the 
development of frameworks, policies 
and formally integrated ESG into 
decision making in all aspects of our 
business. The maritime sector faces 
challenges to decarbonisation over 
the short to medium term due to lack 
of available alternative lower carbon 
fuels and technology. In recognition, 
the Committee considers that the 
element of remuneration linked to 
ESG is, at this time, best assessed on 
a qualitative basis. The Committee 
will keep abreast of developments 
and if considered appropriate may 
incorporate quantitative ESG targets 
into the remuneration structure during 
the policy cycle.
115
Corporate Governance
2024 Annual Report and Financial Statements

Annual Remuneration Report 2024 
Overview of Performance
The Group is reporting an operating profit of €69.1 million for 2024 (2023: €68.4 
million). Operating profit in the Ferries Division was €54.4 million a 4.4% increase 
on 2023. This improvement was principally related to strong underlying growth 
in both passenger and freight volumes, which was interrupted by the December 
closure of Holyhead port. The Container and Terminal Division is reporting 
an operating profit of €14.7 million, a 9.8% decrease on 2023. While growth in 
volumes was strong with 15.4% more container shipments on our vessels and 8.6% 
more containers handled at our terminals, weak shipping rates and an increase in 
shipping capacity weighted on profit contribution. Cash generated from Group 
operations was €142.5 million (2023: €136.7 million). This has been applied towards 
continuing investment in our businesses with strategic capital expenditure 
amounting to €15.8 million (2023: €21.5 million) and returns to shareholders of 
€33.7 million (2023: €43.8 million) through dividends and share buyback.
The Committee acknowledges the strong contribution of the Executive Directors 
and their team in delivering these results including managing the difficulties 
presented by the closure of Holyhead Port. Of similar importance has been the 
sustained focus on the strategic aspects and maintaining a strong financial 
position to underpin future growth. Of note during 2024 has been development 
of the ferry fleet and space sharing arrangement on the Dover – Calais service 
together with the continuing modernisation and increased capacity of our 
container terminals. 
Our approach to remuneration has remained consistent with a focus on variable 
remuneration and equity reinvestment of same over the long term. This creates a 
strong linkage with long-term financial performance of the Group and alignment 
of interests between management, shareholders and other stakeholders.
The Committee noted that the 2024 financial performance was below the 
threshold for achieving maximum bonus opportunity. Notwithstanding that 
certain factors affecting this performance were outside the direct control 
of management, the Committee did not consider it appropriate to make 
adjustments to any formulaic outcome in respect of performance pay. The 
Committee noted the contractual legacy arrange which applies to the current 
CEO.
The Committee is satisfied that the remuneration outcomes reported below are 
aligned with the philosophy of the remuneration policy approved by shareholders 
at the 2021 AGM for the period 2022 to 2025, which favours long-term equity 
ownership over short-term remuneration. 
Report of the Remuneration Committee
Continued
116
Irish Continental Group

Remuneration Outcomes for executive Directors in 2024
The total Directors’ single figure remuneration for the year was €6,717,000 compared with €4,825,000 in 2023 and details 
are set in the table below:
Base salary
Performance pay
Benefits
Pension
Options / 
PSP1
Fees
Total 
2024
Restricted 
shares
Cash
€’000
€’000
€’000
€’000
€’000
€’000
€’000
€’000
Executive Directors
E. Rothwell
736
1,466
-
35
-
2,230
-
4,467
D. Ledwidge
420
466
-
23
40
956
-
1,905
Total for executives
1,156
1,932
-
58
40
3,186
-
6,372
Non-executive Directors
J. B. McGuckian
-
-
-
-
-
-
150
150
L. Williams
-
-
-
-
-
-
65
65
D. Clague
-
-
-
-
-
-
65
65
E. Moloney
-
-
-
-
-
-
65
65
Total for non-executives
-
-
-
-
-
-
345
345
Total 
1,156
1,932
-
58
40
3,186
345
6,717
1.	
100% of the options granted on 11 March 2022 under the PSP are expected to vest during 2025 based on the 3 year performance period to 31 
December 2024. The value of any options vesting will be based on the actual share price at date of vesting. For the purposes of the above disclosure, 
the value of an option has been based on the difference between the option subscription price and the average closing price of an ICG Unit between 
1 October and 31 December 2024.
Details of Directors’ remuneration for the year ended 31 December 2023 are set out below:
Base salary
Performance pay
Benefits
Pension
Options / 
PSP1
Fees
Total 
2023
Restricted 
shares
Cash
€’000
€’000
€’000
€’000
€’000
€’000
€’000
€’000
Executive Directors
E. Rothwell
718
1,390
-
35
-
1,003
-
3,146
D. Ledwidge
410
397
42
22
52
411
-
1,334
Total for executives
1,128
1,787
42
57
52
1,414
-
4,480
Non-executive Directors
J. B. McGuckian
-
-
-
-
-
-
150
150
L. Williams
-
-
-
-
-
-
65
65
D. Clague
-
-
-
-
-
-
65
65
E. Moloney
-
-
-
-
-
-
65
65
Total for non-executives
-
-
-
-
-
-
345
345
Total 
1,128
1,787
42
57
52
1,414
345
4,825
1.	
The value of options expected to vest based on the 3 year performance period to 31 December 2023 reported in the prior year was based on the 
average closing price of an ICG Unit between 1 October 2023 and 31 December 2023. This has been restated based on the actual closing price on the 
vesting date. The restatement amounted to an increase to the previously reported benefit in respect of Eamonn Rothwell of €42,000 and in respect 
of David Ledwidge €17,000. 
117
Corporate Governance
2024 Annual Report and Financial Statements

Base Salary
The Committee noted that the salaries 
of the CEO and CFO had most recently 
been rebased for financial year 2022 
following a comprehensive review of 
the salaries against market competitive 
levels for similar sized ISEQ and FTSE 
companies. This was to ensure that 
both executive Directors are retained to 
execute on recent significant strategic 
initiatives, including an expansion of 
Group activities. Base salaries have 
increased at the rate of 2.5% per annum 
since then to the reported levels. The 
Committee reviewed current salary 
levels during 2024 and are satisfied 
that they remain appropriate. For the 
CEO the 2024 salary was assessed as 
being between the median and upper 
quartile of companies of comparable 
scale in the FTSE250. The CFO salary 
had been assessed as being between 
the lower quartile and median of 
companies of comparable scale in the 
FTSE250. 
The Committee again reviewed 
salary levels at the end of 2024 in 
light of financial performance of the 
Group’s businesses and the market 
generally. The Committee considered 
it appropriate that any salary increase 
should be in line with the increases 
awarded to the workforce generally. 
In that respect, increases of 2.5% were 
awarded to the CEO and CFO effective 
from 1 January 2025.
Director’s Pension Benefits
The aggregate pension benefits 
attributable to the executive Directors 
at 31 December 2024 are set out below:
There were no pension benefits 
attributable to Eamonn Rothwell as 
he has reached normal retirement age 
under the pension scheme rules and 
pension benefits have vested. 
With regard to David Ledwidge, costs 
incurred in relation to defined benefit 
pension arrangements were €17,000 
(2023: €20,000) with a further €23,000 
(2023: €32,000) related to the defined 
contribution pension arrangements. 
The Company also provides lump 
sum death in service benefits and 
the premiums paid during the year 
amounted to €6,000 and €1,000 in 
relation to Eamonn Rothwell and David 
Ledwidge respectively.
Executive Directors participation in 
Group sponsored pension schemes 
is on similar terms as apply to Group 
employees in Ireland.
Performance Related Pay
Eamonn Rothwell
Eamonn Rothwell has been with ICG 
since its inception as a public company 
and flotation in 1988. As detailed in 
the Remuneration Policy passed at 
the 2021 AGM, a legacy contractual 
arrangement continues to govern Mr. 
Rothwell’s performance related pay.
The CEO annual bonus performance 
award is predominantly driven by a 
formula based on basic EPS growth 
which incorporates an adjustment for 
share buybacks and rights issues. The 
Committee also retains discretion to 
make adjustments for any non-cash 
non-trading items. The Company 
believes that EPS is consistent and 
transparent. EPS growth drives 
long-term value creation for all 
stakeholders and has increased in 
line with the company’s scaling over 
the past two decades. EPS is one of 
the key performance indicators by 
which the Board assesses the overall 
performance of the Company and, 
as such, the Committee deems it 
an appropriate incentive for the 
Company’s most senior employee. 
The Committee reassessed the CEO 
performance incentive arrangements 
and in its view the arrangements 
remain an effective means of driving 
performance and aligning the interests 
of the CEO, shareholders and wider 
stakeholders. 
The Committee considered the 
performance of Mr. Rothwell both in 
terms of operating challenges posed 
by external factors and the significant 
effort expended in managing the 
Group’s strategic direction while also 
noting that the Company returned 
€33.7 million (2023: €45.8 million) to 
shareholders through a combination of 
dividends and share buybacks.
The Committee assessed the formulaic 
outcome from the long-standing 
legacy arrangement and did not 
consider it appropriate to exercise 
discretion to adjust the formulaic 
outcome. The Committee is cognisant 
                    D. Ledwidge
Total 
2024
Total 
2023
€’000
€’000
Increase in accumulated accrued annual benefits (excluding inflation) in the period
1
1
Transfer value of the increase in accumulated accrued benefits (excluding inflation) at year 
end*
6
5
Accumulated accrued annual benefits on leaving service at year end
22
21
*	
Note: Calculated in accordance with actuarial guidance note GNII.
Report of the Remuneration Committee
Continued
118
Irish Continental Group

that the consistent application of the performance-related pay formula remains appropriate based on the two key factors, 
simplicity and performance alignment. When financial performance is strong and shareholder experience is healthy, 
payouts will accrue. When the converse is the case, performance related pay will be correspondingly reduced to a minor 
or nil amount, which runs in contrast to more complex schemes commonplace at listed companies. Based on the above 
considerations, the Committee approved a performance bonus of €1,466,000 be paid to the CEO in line with the formulaic 
outcome.
David Ledwidge
The Committee assessed Mr. Ledwidge’s performance in his role over the period and concluded that Mr. Ledwidge was 
performing in line with expectations and contributing positively to the longer term development of the Group. 
The Committee considered it appropriate to retain for Mr. Ledwidge the maximum annual bonus opportunity of 150% 
current year salary, as per the Remuneration Policy, against the following parameters;
•	 75% based on Group financial outturn with the targets based off 2024 budget;
•	 15% based on personal objectives including completion of certain operational projects and input into strategic 
development;
•	 10% on the continuing development of an ESG framework into the overall risk framework and enhancement of ESG 
reporting.
Based on the 2024 financial outturns, the Committee determined that out of a maximum bonus potential of €472,000 on 
the financial outturn element, a bonus amount of €309,000 was eligible to be awarded.
The Committee also assessed the personal objectives set and noted Mr. Ledwidge’s significant effort during the year in 
managing the Group’s capital facilitating a return to shareholders of €33.7 million in addition to the €45.8 million in the prior 
year and his contribution to strategic initiatives to position the Group for future growth. The Committee further noted the 
work achieved to date on ESG frameworks and reporting, including the successful recovery of ETS charges effective from 
2024 and the significant preparations in advance of additional reporting obligations. The Committee considered that Mr. 
Ledwidge’s efforts merited full payout on both personal and ESG factors and concluded that a payment of €157,000 under 
these criteria was appropriate. 
The Committee considered the aggregate bonus award of €466,000 and did not consider it appropriate to exercise 
discretion to adjust the outcome. 
Restricted Shares
In relation to both Mr. Rothwell and Mr. Ledwidge, their full annual bonus award rather than the required minimum of 50%, 
was remunerated in equity through the Group’s restricted share scheme, which is subject to a disposal restriction of greater 
than 5 years. 277,547 and 88,263 ICG Units at a market price of €5.282 were allocated to Mr. Rothwell and Mr. Ledwidge 
respectively.
Long Term Incentive
(i) Options expected to vest during 2025 based on performance to 31 December 2024
The Committee has considered the performance conditions attaching to the options granted under the PSP on 11 March 
2022 which are tested against Group performance up to 31 December 2024. The 2024 outcomes have been adjusted for the 
effects of the application of IFRS 16 Leases so that the diluted earnings per share, return on average capital employed and 
free cash flow ratio metrics align with the definitions per the Plan rules. The overall vesting rate is expected to be 100.0% 
(2023: 81.3%) and the table below details the expected vesting on each metric.
Performance Condition
Weighting
Threshold
Maximum
Actual 
Outcome
Adjusted diluted earnings per share
25%
0.1c
n/a
37.6c
25% out of 25%
Return on average capital employed
25%
13%
20%
20.0%
25% out of 25%
Free cash flow ratio
25%
100%
130%
152%
25% out of 25%
Total shareholder return 
Versus peer group
12.5%
8.2%
18.2%
34.8%
12.5% out of 12.5%
Versus FTSE 250
12.5%
(6.3)%
27.3%
34.8%
12.5% out of 12.5%
119
Corporate Governance
2024 Annual Report and Financial Statements

Report of the Remuneration Committee
Continued
30% vesting occurs at threshold performance increasing pro-rata up to the maximum vesting threshold. Vesting will be 
conditional on the continued employment of the option holders at the vesting date in 2024 or subject to good leaver 
determination. The Committee has reviewed each vesting rate and considered the overall vesting rate. The Committee 
noted the full vesting on the EPSd metric, which was referenced of a nominal base amount of 0.1c per ICG Unit. This nominal 
amount was indicative of losses incurred in the reference year, financial year 2021, together with the continuing uncertainty 
at the original award date due to the effects of the Covid 19 pandemic. In granting full vesting on this metric the Committee 
has considered the absolute EPS reported for financial year 2024 noting that it is 58% higher than the 2019 reported figure 
which was the last full financial year pre pandemic. Taking cognisance of the circumstances surrounding the setting the 
nominal base amount and the overall vesting rate over the life of the scheme of 59.6%, the Committee were satisfied that 
there were no windfall gains and the vesting rate should not be adjusted.
At 31 December 2024, there were 1,531,805 outstanding options granted on 11 March 2022, including 416,500 and 178,500 
options in favour of Mr. Rothwell and Mr. Ledwidge respectively of which all are expected to vest during 2025 under the 
above performance outturns.
The gross value of those options expected to vest in favour of the executive Directors based on performance to 31 December 
2024 has been included in the total Director remuneration table for year ended 31 December 2024, based on an estimated 
share price of €5.42, being the average closing price of an ICG Unit between 1 October 2024 and 31 December 2024.
 (ii) Options Vested during 2024
During 2024, the Committee determined, based on performance up to 31 December 2023, the vesting of the options 
granted under the PSP on 12 March 2021 at an exercise price of €0.065 at a vesting rate of 81.3 per cent, vesting 825,780 
options in total. 
Mr. Rothwell held 221,136 of the PSP vested options. Share option remuneration of €1,003,000 based on the market price at 
the vesting date has been disclosed in the 2023 remuneration table (adjusting the €961,000 previously disclosed last year 
which was estimated based on average prices in the last quarter of 2023). Under the rules of the PSP, the 221,136 PSP options 
which vested were exercised and all the delivered shares are subject to retention in trust for a period of five years.
Mr. Ledwidge held 90,650 of the PSP vested options. Share option remuneration of €411,000 based on the market price at 
the vesting date has been disclosed in the 2023 remuneration table (adjusting the €394,000 previously disclosed last year 
which was estimated based on average prices in the last quarter of 2023). Under the rules of the PSP, the 90,650 PSP options 
which vested were exercised and all of the delivered shares are subject to retention in trust for a period of five years.
The share price at date of vesting was €4.60. 
(iii) Grants during 2024
The long-term incentive scheme applicable for the 2024 financial year was the PSP approved by shareholders on 17 May 
2017. The Committee had suspended future awards under the legacy 2009 Share Option Plan which remains in place to 
facilitate the administration of previously granted options. 
On 8 March 2024, the Committee granted options over 1,338,500 (2023: 1,293,500) ICG Units to employees of the Group. These 
included an annual award of options granted to Mr. Rothwell and Mr. Ledwidge in line with the annual limits set out in the 
PSP rules being 200% and 150% of salary respectively. The total number of options granted to Mr. Rothwell and Mr. Ledwidge 
based on a share price of €4.64 were 317,000 (2023: 304,500) and 135,500 (2023: 130,500) respectively.
Vesting of these awards are based on the achievement of the following performance conditions over a three-year vesting 
period;
•	 Adjusted Diluted Earnings per Share (EPSd)
•	 Return on Average Capital Employed (ROACE)
•	 Free Cash Flow Ratio (FCFR)
•	 Total Shareholder Return (TSR)
120
Irish Continental Group

Each condition is equally weighted and in all cases 30% vests at threshold performance and 100% vests at maximum with 
pro-rata vesting between these two levels.
The performance levels were calibrated as follows;
Vesting Threshold
Minimum
Maximum
Adjusted diluted earnings per share
5%
12%
Return on average capital employed
13%
20%
Free cash flow ratio
100%
130%
Total shareholder return
Median
Top Quartile
TSR is measured against a combination of the performance of the FTSE 250 index and a grouping of peer companies 
comprising DFDS, Tallink Grupp, Viking Line, Air-France KLM Group., Ryanair Group, EasyJet, Getlink, Origin Enterprises, 
Dalata Hotel Group and C&C Group.
The Committee considered the timing of grant of awards in the first quarter of 2024 and whether there were circumstances 
which may create a perception that participants benefitted from windfall gains. The Committee noted that they were not 
aware of any factors which may be specifically affecting the Company’s share price other than factors affecting the stock 
markets generally. The Committee further noted that the price used was calculated as per the rules of the scheme and that 
the timing of the grants was consistent with that of previous grant dates. As with each award, the Committee will review any 
outcome at the time of vesting to ensure that there has not been any disproportionate windfall to any participant based on 
external factors. 
The 2024 PSP awards granted were calculated based on a share price of €4.64, the closing share price on the day preceding 
the award date. In 2023, the PSP awards granted were calculated based on a share price of €4.71.
Consideration of Discretion 
The Committee reviewed the outcomes of both the annual bonus and long-term incentive plan and considered the results 
both against the relevant performance targets and the wider internal and external context. 
In relation to the CEO, the formulaic calculations based on Group performance indicated that a bonus would be payable 
under his legacy arrangement. The Committee considered that the formulaic outcome was consistent with performance 
achieved and that an adjustment was not warranted, noting that the full award, rather than the minimum 50%, was invested 
in equity through the Group’s restricted share scheme which creates a five year disposal restriction. 
In relation to the CFO, the Committee considered that the formulaic outcomes fairly reflected Group and personal 
performance and that it was appropriate not to exercise discretion to adjust these formulaic outcomes. This decision was 
also applied in the case of other members of the senior management team. 
With regard to the vesting outcomes under the long-term incentive plan, the Committee agreed that the formulaic 
vesting outcomes were appropriate given performance against the three-year targets and concluded that a reduction in 
vesting outcome was not required. One of the strengths of our approach to remuneration is the market leading deferral 
requirements which, unlike the vast majority of our listed peers, allows us the flexibility to restrict the disposal of vested 
awards for up to five years. 
121
Corporate Governance
2024 Annual Report and Financial Statements

Options Held
Details of movements in share options granted to Directors under the Performance Share Plan and the legacy Share Option 
Plan are set out in the table below:
E. Rothwell
Option Type
Date of 
Grant
31-Dec-23
Granted
Exercised
Lapsed
31-Dec-24
Option Price 
(€)
Earliest 
Vesting 
Date
Latest 
Expiry Date
Unvested 
Performance Share Plan 
12-Mar-21
272,000
-
(221,136)
(50,864)
-
0.065
-
-
Performance Share Plan 1
11-Mar-22
416,500
416,500
0.065
3-Mar-25
-
Performance Share Plan 2
10-Mar-23
304,500
304,500
0.065
10-Mar-
26
-
Performance Share Plan 2
8-Mar-24
-
317,000
-
-
317,000
0.065
8-Mar-27
 -
Vested but not yet 
exercised
5-Mar-15
700,000
-
-
-
700,000
3.58
-
4-Mar-25
1,693,000
317,000
(221,136)
(50,864) 1,738,000
D. Ledwidge
Option Type
Date of 
Grant
31-Dec-23
Granted
Exercised
Lapsed
31-Dec-24
Option Price 
(€)
Earliest 
Vesting 
Date
Latest 
Expiry Date
Unvested 
Performance Share Plan 
12-Mar-21
111,500
-
(90,650)
(20,850)
-
0.065
-
-
Performance Share Plan 1
11-Mar-22
178,500
-
-
-
178,500
0.065
3-Mar-25
-
Performance Share Plan 2
10-Mar-23
130,500
-
-
-
130,500
0.065
10-Mar-
26
-
Performance Share Plan 2
8-Mar-24
-
135,500
-
-
135,500
0.065
8-Mar-27
 -
Vested but not yet 
exercised
5-Mar-15
150,000
-
-
-
150,000
3.58
-
4-Mar-25
570,500
135,500
(90,650)
(20,850)
594,500
1.	
These are expected to vest during 2025 at a vesting rate of 100.0% based on performance to 31 December 2024 and the gross value has been 
included in the Director remuneration schedule. The delivered shares less any permitted sales to discharge tax liabilities, will be held in trust for a 
period of five years from the exercise date.
2.	
These will normally vest and become exercisable three years from the third anniversary of grant in accordance with achievement of the performance 
conditions set at date of grant. These options will normally have to be exercised on or shortly after the vesting date and the delivered shares, less any 
permitted sales to discharge tax liabilities, held in trust for a period of five years from the exercise date.
Remuneration for executive Directors in 2025
The Committee will continue to apply the existing Remuneration Policy, approved by shareholders in May 2021, during 
financial year 2025. A revised Remuneration Policy will be put to an advisory vote of shareholders at the 2025 AGM which will 
apply for financial year 2026.
Base Salary
The Committee noted that the salary levels of the executive Directors had been reset effective 1 January 2022 following a 
review against market rates offered by similarly sized companies and that a further in-depth review was not warranted at 
this time. Salary levels had been increased by 2.5% during 2024. The Committee considered it appropriate to increase salaries 
for 2025 by a further 2.5%, having considered inflation rates and salary increases applied across the workforce generally. 
Having reviewed market developments the Committee remain satisfied that these salary levels are commensurate to 
market levels
Report of the Remuneration Committee
Continued
122
Irish Continental Group

Pension arrangements and other benefits
Pension arrangements and other benefits will be unchanged from 2024.
Annual Bonus
The Committee following review has retained the long-standing legacy CEO bonus arrangements for FY2025. The 
Committee remains satisfied that the outcomes under this arrangement reflect Group performance, in line with its 
straightforward alignment structure between Group performance and payouts, with a particular focus on EPS.
In relation to the CFO, he will be eligible for an annual bonus award with maximum opportunity of 150% of base salary. In line 
with 2024, any award of bonus is weighted 75% on the Group achieving stretching financial targets, benchmarked against 
budget levels, 10% on ESG related measures and 15% on personal objectives. The Committee retains discretion to adjust the 
formulaic outcome.
Long-term incentive
The Committee will make an annual award of options under the PSP in line with the plan limits of 200% of base salary 
for the CEO and 150% for the CFO. The performance metrics, EPS growth, return on average capital employed, cash flow 
generation and relative TSR will be retained and set at the same range levels as for the 2024 awards.
Other Matters
Minimum Shareholding Requirements
The Company encourages individuals to acquire and retain significant shareholdings to align interests of management 
with those of shareholders. The Company has a minimum shareholding requirement of three times base salary. The holding 
levels are expected to be met within five years from the date of appointment. The Committee considers these minimum 
holding requirements to exceed market norms. The market value inherent in vested options and any shares held under the 
Company’s restricted share arrangements will count towards determining an individual’s holdings.
The market value of the holdings of executive Directors and executive management at 31 December 2024 as a multiple of 
base salary at that date are shown in the following table:
Salary multiple held
Eamonn Rothwell
222.5 times
David Ledwidge
7.2 times
Other executive management
9.8 times
Non–Executive Directors 
The Committee is responsible for reviewing non-executive fee levels to ensure that they are set at a level sufficient to 
attract and retain high quality candidates. The directors fee payable to the Board Chairman is approved by the Committee, 
while the directors’ fees payable to other non-executive Directors are approved by the Board. Non-executive directors do 
not participate in any of the Company’s performance award plans or pension schemes. The level of fees payable to non-
executive Directors was last adjusted with effect from 1 January 2023. During 2024, the Committee reviewed the current 
level of fees and while noting that they remained in the lower quartile of companies of comparable size recommended that 
any increase be restricted to levels commensurate with increases awarded to the workforce generally. Following this review, 
the Committee approved an increase of €10,000 to the Board Chairman’s fee to €160,000. The Board approved an increase 
in fees payable to other non-executive Directors of €5,000 to €70,000. These increased rates are effective from 1 January 
2025.
Non-executive Directors do not have notice periods and the Company has no obligation to pay compensation when their 
appointment ceases. The letters of appointment are available for inspection at the Company’s registered office during 
normal business hours and at the 2025 AGM. 
123
Corporate Governance
2024 Annual Report and Financial Statements

Director’s Service contracts 
Non-executive Directors have been appointed under letters of appointment for periods of three years subject to annual re-
election at the AGM. 
In respect of Mr. Rothwell, CEO, there is an agreement between the Company and Mr. Rothwell that, for management 
retention reasons, in the event of a change in control of the Company (where over 50% of the Company is acquired by a 
party or parties acting in concert, excluding Mr. Rothwell) he will have the right to extend his notice period to two years or to 
receive remuneration in lieu thereof. 
This amendment to Mr. Rothwell’s contract of employment was agreed by the Remuneration Committee a number of years 
ago to retain and motivate the CEO during a series of attempted corporate takeover actions. No future executive contracts 
will include similar change of control provisions.
The letters of appointment for other executive Directors do not provide for any compensation for loss of office other than for 
payments in lieu of notice and, except as may be required under Irish law, the maximum amount payable upon termination 
is limited to 12 months equivalent. 
On termination, outstanding options may at the absolute discretion of the Committee, be retained by the departing 
individual in accordance with the good leaver / bad leaver provisions of the relevant plan. Any shares delivered to an 
individual which are subject to a retention period will remain unavailable to the individual until the end of the retention 
period and where applicable will be subject to clawback under the provisions of the Clawback Policy.
Share Option Schemes
There were no long-term incentive plans in place during the year other than the Group’s 2009 share option plans 
(suspended as regards new grants) and the PSP.
The purpose of the share option plans is to encourage identification of option holders with shareholders’ longer-term 
interests. Under the plans, options have been granted both to Directors and to employees of the Group. The options were 
granted by the Committee on a discretionary basis, based on the employees’ expected contribution to the Group in the 
future. Non-executive Directors are not eligible to participate in the plan. 
In the ten year period ended 31 December 2024, the total number of options granted, net of options lapsed amounted to 
5.1% of the issued share capital of the Company at 31 December 2024. 
A charge is recognised in the Consolidated Income Statement in respect of share options issued to executive Directors. The 
charge in respect of executive Directors for the financial year ended 31 December 2024 is €1,284,300 (2023: €1,017,026).
Clawback Policy
The Committee recognises that there could potentially be circumstances in which performance related pay (either annual 
bonuses, and / or longer term incentive awards) is paid based on misstated results or inappropriate conduct resulting in 
material damage to the Company. Whilst the Company has robust management and internal controls in place to minimise 
any such risk, the Committee has in place formal clawback arrangements for the protection of the Company and its 
investors. The clawback of performance related pay comprising the annual bonus and PSP awards would apply in certain 
circumstances including;
•	 a material misstatement of the Company’s financial results; 
•	 a material breach of an executive’s contract of employment; 
•	 any wilful misconduct, recklessness, and / or fraud resulting in serious injury to the financial condition or business 
reputation of the Company. 
For executive Directors and members of the Executive Management Team, a minimum of 50 per cent of the annual bonus 
will be invested in ICG equity which must be held for a period of five years, which will be subject to clawback for a period 
of two years per the circumstances noted above. Any awards granted under the PSP will be subject to clawback during 
the vesting period and any shares delivered on vesting will be subject to clawback for an initial two year period per the 
circumstances noted above. 
Report of the Remuneration Committee
Continued
124
Irish Continental Group

Post-employment holdings
The Committee, in designing its performance pay initiatives, as explained below, has ensured that executive Directors 
and senior managers contractually retain an appropriate level of shareholding post-employment. For over ten years, the 
Company has had a structure in place under which all equity awarded to executives (either under the annual bonus plan or 
PSP) is placed in a trust for a period of five years. Executives are restricted from disposing of those shares during this five-
year period even in circumstances where they are no longer in the employment of the Company. This ensures continuing 
strong alignment with investors and other stakeholders’ post-employment and ensures that departing executives retain an 
interest in the business for a significant period after leaving the Company.
Under the annual bonus scheme, a minimum of 50% of an annual award must be invested in shares and held in trust for a 
holding period of five years. Similarly, any shares delivered pursuant to the vesting of options under the PSP must normally 
be held in trust for a holding period of five years (for a total time horizon of eight years from date of grant). Therefore, at 
termination executive Directors and senior management participating in these schemes will contractually retain an interest 
in shares for up to a period of five years post-employment, proportional to the amount of variable pay awarded over the 
final five years of employment. In addition, these arrangements also apply to the vesting of any PSP awards an executive is 
permitted to retain on good leaver grounds on leaving employment. 
At 31 December 2024, the following vested share awards were held in employee trusts relating to executive Directors and 
members of the executive management team with release dates between January 2025 and January 2030.
No. shares 
Held in Trust 
Value 
€m
Salary multiple 
held
Weighted release 
profile
Release timeframe
Eamonn Rothwell
1,950,163
10.1
13.7 times
2.8 years
Jan 2025 to Jan 2030
David Ledwidge
537,247
2.8
6.6 times
2.6 years
Jan 2025 to Jan 2030
Other executive 
management
1,855,116
9.6
8.6 times
2.4 years
Jan 2025 to Jan 2030
 The Committee is satisfied that while not setting an absolute post-employment equity retention requirement, that the 
above contractual arrangements achieve the objective of Provision 36 of the UK Corporate Governance Code and are 
expected to ensure post-employment equity holdings in excess of market expectations.
External Appointments
No executive Director retained any remuneration receivable in relation to external board appointments.
Payments to former Directors
There were no pension payments or other payments for loss of office paid to any former Directors during the year.
Workforce Remuneration
As a Remuneration Committee, we are always mindful of the extent to which the remuneration of the executives aligns 
with the experience of our stakeholder groups. The Committee has received regular updates on relevant matters affecting 
the workforce and have overseen the implementation of a range of measures to help and support its direct employees. 
The team continued to perform extremely well managing the return of business post pandemic and the expansion of 
the Group’s activities. The Committee hopes to oversee further staff development, including reward frameworks that are 
increasingly aligned with sustainable practices and the development of succession planning. 
125
Corporate Governance
2024 Annual Report and Financial Statements

Employee Average Remuneration
The annual percentage change in payments to Directors and an average full time equivalent employee across the Group 
over the past five years, together with the annual change in the ISEQ index and Company annual total shareholder return 
were as follows;
2024
2023
2022
2021
2020
Eamonn Rothwell
6.9%
29.3%
168.6%
(27.7%)
(44.0%)
David Ledwidge
5.6%
28.4%
76.9%
0.5%
18.0%
John B. McGuckian
0.0%
20.0%
0.0%
0.0%
0.0%
Non-Executive Directors
0.0%
30.0%
0.0%
0.0%
0.0%
FTE Employee
6.0%
2.2%
 4.2%
24.2%
(4.2%)
ISEQ
11.4%
23.2%
(15.8%)
14.5%
2.7%
ICG TSR
23.0%
4.4%
(2.1%)
0.6%
(7.0%)
The payments to Directors and employees include base salaries, overtime, allowances, bonuses, pension costs, other 
benefits and Directors’ fees paid to or on behalf of employees and Directors together with profits earned on the exercise of 
share options in the financial year but exclude employer costs expensed to the Income Statement relating to social welfare 
contributions.
External Advisers
The Committee’s independent advisor during the year was Ellason LLP, who provide advice and external market 
perspectives on remuneration for the Executive Directors. During the year, this included advice on general remuneration 
developments and provision of market data on base salaries. Ellason LLP is a member of the UK’s Remuneration Consultants 
Group and a signatory to its Code of Conduct. Other than the services above, Ellason LLP did not provide any other services 
to the Group in the period from 1 January 2024 to the date of this report.
Market price of shares
The closing price of an ICG Unit on Euronext Dublin on 31 December 2024 was €5.18 and the range during the year was 
€4.43 to €5.80, with an average daily closing price of €5.24.
Dan Clague
Chair of the Remuneration Committee 
2 March 2025
Report of the Remuneration Committee
Continued
126
Irish Continental Group

Report of the Directors
The Directors present their Report 
together with the audited Financial 
Statements of the Group for the 
financial year ended 31 December 
2024.
Results for the year and Business 
Developments 
Details of the results for the financial 
year are set out in the Consolidated 
Income Statement and in the related 
notes forming part of the Financial 
Statements. The fair review of the 
development of the business of the 
Company and its subsidiaries is set 
out in the Strategic Report. This 
includes a description of the principal 
activities, principal risks, uncertainties, 
alternative performance measures and 
environmental and employee matters.
Research and Development
The Group actively monitors 
developments in vessel design and 
vessel availability with an emphasis on 
product improvement, environmental 
efficiency and achievement of 
economies of scale. During the 
reporting period, the Group has 
worked with external suppliers to 
adopt new technologies and fuels into 
its operations, both on its vessels and 
onshore.
Dividend and Share Buyback
The Company paid dividends during 
financial year 2024, returning €24.7 
million to shareholders. The Company 
is proposing to pay a final dividend in 
respect of the financial year ended 31 
December 2024 of 10.43 cent per ICG 
Unit on 6 June 2025 to shareholders on 
the register at the close of business on 
16 May 2025. The cumulative payment 
to all shareholders in respect of this 
dividend is estimated at €17.2million. 
Irish dividend withholding tax will be 
deducted where applicable. Payment 
of this dividend is subject to the 
approval of shareholders at the AGM 
scheduled for 8 May 2025. 
The Company has adopted a 
progressive approach to returning 
cash to shareholders, through a 
combination of dividends and share 
buybacks. The Company during 
financial year 2024 bought back 
1,893,983 (2023: 4,752,000) of its 
shares, representing 1.1% (2023: 2.8%) 
of its issued share capital at the 
beginning of the financial year for 
a total consideration of €9.0 million 
(2023: €21.4 million). Further details are 
contained at note 19 to the financial 
statements.
Dividends are declarable at the 
discretion of the Directors, and as with 
buybacks, following assessment of 
the Company’s performance, its cash 
resources and distributable reserves. 
At 31 December 2024, the Company’s 
retained earnings amounted to €133.8 
million, substantially all of which were 
considered to be distributable.
Board of Directors
The Company’s Constitution requires 
that one third of the Directors are 
required to retire from office at each 
AGM of the Company. However, 
in accordance with the provisions 
contained in the UK Corporate 
Governance Code, the Board has 
decided that all Directors should retire 
at the 2025 AGM and offer themselves 
for re-election. Biographical details 
of the Directors are set out in the 
Director Biographies (pages 84-85) 
of this Annual Report and the result 
of the annual board evaluation is set 
out in the Corporate Governance 
Report (page 94). There were no Board 
changes during 2024.
Accounting Records
The Directors believe that they have 
complied with the requirements of 
Section 281 to 285 of the Companies 
Act 2014 with regard to maintaining 
adequate accounting records by 
employing accounting personnel with 
appropriate expertise and by providing 
adequate resources to the finance 
function. The accounting records of 
the Company are maintained at the 
Company’s registered office, Irish 
Continental Group plc, Ferryport, 
Alexandra Road, Dublin 1, Ireland.
Non-Financial information
The Group is not subject to the 
reporting requirements of the 
European Union (Disclosure of Non-
Financial and Diversity Information by 
certain large undertakings and groups) 
Regulations 2017 (as amended). 
Notwithstanding the Group provides 
certain non-financial information in its 
Sustainability and ESG Report (pages 
40-67). 
Going Concern
The Financial Statements have been 
prepared on the going concern basis. 
The Directors report that, after making 
inquiries, they have a reasonable 
expectation at the time of approving 
the Financial Statements, that the 
Group and Company are going 
concerns, having adequate financial 
resources to continue in operational 
existence for the foreseeable future. 
In forming this view, the Directors 
have considered the future cash 
requirements of the Group and 
Company in the context of the 
economic environment of 2025, the 
principal risks and uncertainties facing 
the Group (see Risk Management 
Report (pages 68-77)), the Group’s 2025 
budget plan and the medium-term 
strategy of the Group, including capital 
investment plans. The future cash 
requirements have been compared to 
bank facilities which are available to 
the Group and Company and available 
for drawing at the date of approval of 
the financial statements.
In making their going concern 
assessment, the Directors have 
considered a number of trading 
scenarios including lower trading 
activity. This modelling assumed 
maintenance of a full schedule of 
services and cash management within 
the terms of the Group’s existing 
financing arrangements. Based on 
this modelling, the Directors believe 
the Group retains sufficient liquidity 
to operate for at least the period up to 
March 2026.
127
Corporate Governance
2024 Annual Report and Financial Statements

Viability Statement
The Directors have assessed ICG’s 
viability over a timeframe of five 
years which the Directors believe 
reflects an appropriate timeframe 
for performing realistic assessments 
of future performance given the 
dynamic nature of our markets as 
regards the competitive landscape, 
economic activity, long-life assets and 
the continued capital investment 
commitments related to our 
operations.
In making their assessment, the 
Directors took account of ICG’s current 
financial and operational positions 
and contracted capital expenditure. 
These positions were then rolled 
forward based on a set of assumptions 
on expected outcomes to arrive at a 
base projection. Sensitivity analysis 
was then performed on the base 
projection against potential financial 
and operational impacts, in severe but 
plausible scenarios, of the principal 
risks and uncertainties (see Risk 
Management Report (pages 68-77)) 
and the likely degree of effectiveness 
of current and available mitigating 
actions. It was further assumed that 
functioning financial markets exist 
throughout the assessment period 
with bank lending available to the 
Group on normal terms and covenants. 
The process, which was performed 
by management, was subject to 
examination and challenge by the 
Audit and Risk Committee and the 
Board.
Based on this assessment, the 
Directors have a reasonable 
expectation that the Company and 
the Group will be able to continue in 
operation and meet all their liabilities 
as they fall due over the five year 
assessment period.
Directors’ Compliance Statement
The Directors acknowledge that 
they are responsible for securing 
compliance by the Company with its 
Relevant Obligations as defined by 
the Companies Act 2014 (the Relevant 
Obligations).
The Directors confirm that they 
have drawn up and adopted a 
compliance policy statement setting 
out the Company’s policies that, in 
the Directors’ opinion, are appropriate 
to the Company with respect 
to compliance with its Relevant 
Obligations. 
The Directors further confirm the 
Company has put in place appropriate 
arrangements or structures that are, 
in the Directors’ opinion, designed 
to secure material compliance with 
its Relevant Obligations. For the year 
ended 31 December 2024, the Directors 
have reviewed the effectiveness of 
these arrangements and structures 
during the financial year to which this 
Report relates.
In discharging its obligations under the 
Companies Act 2014, as set out above, 
the Directors have relied on the advice 
of persons employed by the Company 
or retained by it under a contract for 
services, who the Directors believe 
to have the requisite knowledge and 
experience to advise the Company 
on compliance with its Relevant 
Obligations.
Disclosure of Information to 
Statutory Auditors
In accordance with the provisions of 
Section 330 of the Companies Act 
2014, each Director of the Company 
at the date of approval of this report 
individually confirms that;
•	 So far as they are aware, there is 
no relevant audit information, as 
defined in the Companies Act 2014, 
of which the Statutory Auditor is 
unaware; and
•	 They have taken all the steps that 
they ought to have taken as a 
Director to make themselves aware 
of any relevant audit information 
(as defined) and to ensure that the 
Statutory Auditor is aware of such 
information.
International Financial Reporting 
Standards
ICG presents its Financial Statements 
in accordance with International 
Financial Reporting Standards (IFRS) as 
adopted by the European Union. The 
Group has adopted all of the new and 
revised Standards and Interpretations 
issued by the International Accounting 
Standards Board (IASB) and the 
International Financial Reporting 
Interpretations Committee (IFRIC) 
of the IASB that are relevant to its 
operations and effective for accounting 
periods beginning on 1 January 2024 
and that have been adopted by the 
European Union.
Principal Risks and Uncertainties
The Group has a risk management 
structure in place which is designed 
to identify, manage and mitigate 
the threats to the business. The 
key risks facing the Group include 
strategic, operational, financial and 
information technology and cyber 
risks arising in the ordinary course of 
business. Further details of risks and 
uncertainties are set out in the Risk 
Management Report (pages 68-77).
Report of the Directors
Continued
128
Irish Continental Group

Substantial Shareholdings
The latest notifications of interests of 3 per cent or more in the share capital of the Company received by the Company on or 
before 2 March 2025 and as at 31 December 2024 were as follows:
Beneficial Holder as Notified
2 March 2025
31 December 2024
Number of Units
% of Issued Units
Number of Units
% of Issued Units
Eamonn Rothwell 
31,396,076
19.0%
31,396,076
19.0%
Wellington Management Company, LLP
14,805,815
8.9%
15,816,5455
9.6%
Kinney Asset Management, LLC
9,347,515
5.6%
9,347,515
5.6%
FMR, LLC
8,425,187
5.1%
7,631,644
4.6%
Marathon Asset Management, LLP
8,289,538
5.0%
8,289,538
5.0%
Ameriprise Financial Inc.
6,517,249
3.9%
6,517,249
3.9%
 Sretaw Private Equity Unlimited Company
6,020,000
3.6%
6,020,000
3.6%
Brewin Dolphin Wealth Management
5,895,833
3.5%
5,895,833
3.5%
Directors, Secretary and their Interests
The interests of the Directors and Secretary of the Company and their spouses and minor children in the share capital of the 
Company at 31 December 2024 and 1 January 2024 all of which were beneficial, were as follows:
31/12/2024 
ICG Units
01/01/2024 
ICG Units
31/12/2024 
Share Options
01/01/2024 
Share Options
Director
John B. McGuckian
296,140
296,140
-
-
Eamonn Rothwell
31,505,173
31,006,127
1,738,000
1,693,000
David Ledwidge
537,247
383,526
594,500
570,500
Lesley Williams
15,000
10,000
-
-
Dan Clague
-
-
-
-
Éimear Moloney
30,000
10,000
-
-
Company Secretary
Thomas Corcoran	
502,944
459,777
350,000
345,500
ICG Units are explained under Investor Information at the end of this Annual Report (page 212).
Auditors
KPMG, Chartered Accountants, were 
appointed statutory auditor on 12 May 
2021 by the shareholders voting on 
an ordinary resolution tabled at the 
AGM and have been re-appointed 
annually since that date. Pursuant to 
Section 383(2) of the Companies Act 
2014, KPMG, Chartered Accountants, 
will continue in office. Section 383 
of the Companies Act 2014 provides 
for the automatic re-appointment of 
the auditor of an Irish company at a 
company’s AGM, unless the auditor 
has given notice in writing of his 
unwillingness to be re-appointed or 
a resolution has been passed at that 
meeting appointing someone else or 
providing expressly that the incumbent 
auditor shall not be re-appointed.
As required under Section 381(1)
(b) of the Companies Act 2014, the 
AGM agenda will include a resolution 
authorising the Directors to fix the 
remuneration of the auditor.
Corporate Governance
During the reporting period, the Group 
applied the principles and provisions 
of The UK Corporate Governance 
Code (2018) as adopted by Euronext 
Dublin and the UK Financial Conduct 
Authority and of the Irish Corporate 
Governance Annex (the Irish Annex) 
issued by Euronext Dublin. The 
Corporate Governance Report (pages 
86-98) provides details as to how these 
were applied by the Company during 
2024 and is incorporated into this 
Report by cross reference.
The Group has established an Audit 
and Risk Committee whose Report is 
cross referenced (See Report of the 
Audit and Risk Committee (pages 99-
103)).
129
Corporate Governance
2024 Annual Report and Financial Statements

Key Performance Indicators
The Group uses a set of headline 
Key Performance Indicators (KPIs) 
to measure the performance of its 
operations. These KPIs are set out in 
the Strategic Report (pages 18-21) and 
are incorporated into this report by 
cross reference.
Future Developments
2024 was a successful year with volume 
growth achieved across all parts of 
the Group. Operating profit and cash 
generation increased over the prior 
year, notwithstanding the impact 
of the disruption to ferry operations 
during December due to the closure 
of the Port of Holyhead. In the 
Ferries Division we strengthened our 
position on the Dover – Calais route, 
commenced during 2021, with the 
introduction of the Oscar Wilde and 
agreeing a space charter agreement 
with P&O Ferries. We look forward to 
driving future growth on the back of 
these initiatives. In the Container and 
Terminal Division volumes shipped and 
containers handled increased 15.4% 
and 8.6% respectively. However, the 
benefits of this volume growth were 
offset by a weak rate environment and 
increased capacity costs resulting in 
reduced profitability for the Division 
over the prior year. The focus moving 
forward will be to address low rates 
and leverage the investment in our 
terminals.
We note the ever increasing 
expectations and regulatory 
requirements to reduce the effects of 
our operations on the environment. 
While the Group acknowledges that its 
operations have an inevitable effect on 
the environment, reducing this effect is 
embedded within the Group’s strategy 
through achievement of efficiencies 
and reflected in our capital investment 
program. We remain committed 
to our decarbonization targets set 
out in the Sustainability and ESG 
Report (pages 40-67). Nevertheless, 
evolving regulatory requirements 
will present challenges and any 
increased costs will have to be passed 
through to customers. We also urge 
policy makers to ensure that there is 
significant reinvestment of EU ETS and 
Fuel EU levies into development of 
decarbonisation technologies.
While geopolitical events continue to 
create global economic uncertainty 
and continued volatility in fuel prices 
we look forward to continued growth 
during 2025 through the leveraging 
of our recent investments and 
operational developments in our 
operations. We will continue to offer 
our customers a high level of service 
and adapt to their requirements.
Events after the Reporting Period
Details of subsequent events which 
have occurred between 31 December 
2024 and the date of approval of these 
Financial Statements are set out at 
Note 36 to the Consolidated Financial 
Statements.
Annual Report and Financial 
Statements
This Annual Report together with the 
Financial Statements for the financial 
year ended 31 December 2024 was 
approved by the Directors on 2 March 
2025. The Directors consider that 
the Annual Report and Financial 
Statements, taken as a whole, is fair, 
balanced and understandable and 
provides the information necessary for 
shareholders to assess the Company’s 
position and performance, business 
model and strategy.
Annual General Meeting
Notice of the AGM, which will be held 
on 8 May 2025, will be notified to 
shareholders during April 2025.
On behalf of the Board
Eamonn Rothwell, 
Director
David Ledwidge, 
Director
2 March 2025
Registered Office: Ferryport, Alexandra 
Road, Dublin 1, Ireland.
Report of the Directors
Continued
130
Irish Continental Group

Directors’ Responsibility Statement
The Directors are responsible for 
preparing the annual report and the 
financial statements in accordance 
with applicable law and regulations.
Company law requires the Directors 
to prepare Group and Company 
financial statements for each financial 
year. Under that law, the Directors are 
required to prepare the Group financial 
statements in accordance with IFRS 
as adopted by the European Union 
and applicable law including Article 
4 of the IAS Regulation. The Directors 
have elected to prepare the Company 
financial statements in accordance 
with IFRS as adopted by the European 
Union as applied in accordance with 
the provisions of Companies Act 2014.
Under company law the Directors must 
not approve the Group and Company 
financial statements unless they are 
satisfied that they give a true and 
fair view of the assets, liabilities and 
financial position of the Group and 
Company and of the Group’s profit or 
loss for that year.
In preparing the Group and Company 
financial statements, the Directors are 
required to:
•	 select suitable accounting policies 
and then apply them consistently;
•	 make judgements and estimates 
that are reasonable and prudent;
•	 state whether applicable Accounting 
Standards have been followed, 
subject to any material departures 
disclosed and explained in the 
financial statements; 
•	 assess the Group and Company’s 
ability to continue as a going 
concern, disclosing, as applicable, 
matters related to going concern; 
and
•	 use the going concern basis of 
accounting unless they either intend 
to liquidate the Group or Company 
or to cease operations, or have no 
realistic alternative but to do so. 
The Directors are also required by the 
Transparency (Directive 2004/109/
EC) Regulations 2007 and the 
Transparency Rules of the Central Bank 
of Ireland to include a management 
report containing a fair review of the 
business and a description of the 
principal risks and uncertainties facing 
the Group.
The Directors are responsible for 
keeping adequate accounting records 
which disclose with reasonable 
accuracy at any time the assets, 
liabilities, financial position and profit 
or loss of the Company and which 
enable them to ensure that the 
financial statements comply with the 
provision of the Companies Act 2014. 
The Directors are also responsible for 
taking all reasonable steps to ensure 
such records are kept by its subsidiaries 
which enable them to ensure that 
the financial statements of the Group 
comply with the provisions of the 
Companies Act 2014 including Article 
4 of the IAS Regulation. They are 
responsible for such internal controls 
as they determine is necessary to 
enable the preparation of financial 
statements that are free from material 
misstatement, whether due to fraud or 
error, and have general responsibility 
for safeguarding the assets of the 
Group, and hence for taking reasonable 
steps for the prevention and detection 
of fraud and other irregularities. The 
Directors are also responsible for 
preparing a Directors’ report that 
complies with the requirements of the 
Companies Act 2014.
The Directors are responsible for 
the maintenance and integrity 
of the corporate and financial 
information included on the Group’s 
and Company’s website www.icg.ie. 
Legislation in the Republic of Ireland 
concerning the preparation and 
dissemination of financial statements 
may differ from legislation in other 
jurisdictions.
Responsibility statement as 
required by the Transparency 
Directive and UK Corporate 
Governance Code
Each of the Directors, whose names 
and functions are listed in the Directors 
Biographies (pages 84-85) of this 
Annual Report, confirm that, to the 
best of each person’s knowledge and 
belief:
•	 The Group financial statements, 
prepared in accordance with IFRS as 
adopted by the European Union and 
the Company financial statements 
prepared in accordance with IFRS 
as adopted by the European Union 
as applied in accordance with the 
provisions of Companies Act 2014, 
give a true and fair view of the assets, 
liabilities, and financial position 
of the Group and Company at 31 
December 2024 and of the profit or 
loss of the Group for the year then 
ended; 
•	 The Directors’ report contained in 
the Annual Report includes a fair 
review of the development and 
performance of the business and the 
position of the Group and Company, 
together with a description of the 
principal risk and uncertainties that 
they face; and
•	 The Annual Report and financial 
statements, taken as a whole, 
provides the information necessary 
to assess the Group’s performance, 
business model and strategy and is 
fair, balanced and understandable 
and provides the information 
necessary for shareholders to 
assess the Company's position and 
performance, business model and 
strategy.
On behalf of the Board
Eamonn Rothwell, 
Director
David Ledwidge, 
Director
2 March 2025
131
Corporate Governance
2024 Annual Report and Financial Statements

FINANCIAL 
STATEMENTS
Independent Auditor’s Report 
134
Consolidated Income Statement
140
Consolidated Statement of Comprehensive Income
141
Consolidated Statement of Financial Position
142
Consolidated Statement of Changes in Equity
143
Consolidated Statement of Cash Flows
145
Notes to the Financial Statements
146
Company Statement of Financial Position
197
Company Statement of Changes in Equity 
198
Notes Forming Parts of the Company Financial Statements
200
132
Irish Continental Group

133
Financial Statements
2024 Annual Report and Financial Statements

Report on the audit of the non-
statutory financial statements
Opinion
We have audited the non-statutory 
financial statements (the ‘financial 
statements’) of Irish Continental 
Group plc (‘the Company’) and 
its consolidated undertakings 
(‘the Group’) for the year ended 31 
December 2024 set out on pages 140 
to 211, which comprise the Consolidated 
Income Statement, the Consolidated 
Statement of Comprehensive Income, 
the Consolidated Statement of 
Financial Position, the Consolidated 
Statement of Changes in Equity, the 
Consolidated Statement of Cash Flows; 
Company Statement of Financial 
Position, Company Statement of 
Changes in Equity and related notes, 
including the summary of material 
accounting policies set out in note 2.
The financial reporting framework 
that has been applied in their 
preparation is Irish Law, including the 
Commission Delegated Regulation 
2019/815 regarding the single 
electronic reporting format (ESEF) 
and International Financial Reporting 
Standards (IFRS) as adopted by the 
European Union and, as regards 
the Company financial statements, 
as applied in accordance with the 
provisions of the Companies Act 2014.
In our opinion:
•	 the financial statements give a true 
and fair view of the assets, liabilities 
and financial position of the Group 
and Company as at 31 December 
2024 and of the Group’s profit for the 
year then ended;
•	 the Group financial statements 
have been properly prepared in 
accordance with IFRS as adopted by 
the European Union;
•	 the Company financial statements 
have been properly prepared in 
accordance with IFRS as adopted 
by the European Union, as applied 
in accordance with the provisions of 
the Companies Act 2014; and
•	 the Group and Company financial 
statements have been properly 
prepared in accordance with the 
requirements of the Companies 
Act 2014 and, as regards the Group 
financial statements, Article 4 of the 
IAS Regulation.
Basis for opinion
We conducted our audit in accordance 
with International Standards on 
Auditing (Ireland) (ISAs (Ireland)) and 
applicable law. Our responsibilities 
under those standards are 
further described in the Auditor’s 
Responsibilities section of our report. 
We believe that the audit evidence 
we have obtained is a sufficient and 
appropriate basis for our opinion. Our 
audit opinion is consistent with our 
report to the audit committee.
We were appointed as auditor by 
the shareholders on 12 May 2021. 
The period of total uninterrupted 
engagement is the 4 years ended 31 
December 2024. We have fulfilled our 
ethical responsibilities under, and we 
remained independent of the Group in 
accordance with, ethical requirements 
applicable in Ireland, including the 
Ethical Standard issued by the Irish 
Auditing and Accounting Supervisory 
Authority (IAASA) as applied to public 
interest entities. No non-audit services 
prohibited by that standard were 
provided.
Other matter non-statutory financial 
statements
The non-statutory financial statements 
of Irish Continental Group plc (‘the 
Company’) and its consolidated 
undertakings for the year ended 
31 December 2024 are a true copy 
of the human readable layer of the 
statutory financial statements which 
are prepared in accordance with 
Commission Delegated Regulation 
2019/815 regarding the single electronic 
reporting format (ESEF) whereas the 
non-statutory financial statements are 
not prepared in accordance with ESEF. 
The non-statutory financial statements 
apply the provisions of the Companies 
Act 2014 as if those requirements were 
to apply.
Conclusions relating to going 
concern
In auditing the financial statements, 
we have concluded that the director's 
use of the going concern basis of 
accounting in the preparation of the 
financial statements is appropriate. Our 
evaluation of the director’s assessment 
of the Group’s and Company’s ability to 
continue to adopt the going concern 
basis of accounting included:
•	 Obtaining, inspecting and 
challenging management’s 
assessment of going concern and 
underlying budgets and forecasts;
•	 Obtaining debt covenant 
calculations as at 31 December 
2024 and inspecting the headroom 
available under those covenants;
•	 Assessing the adequacy of the 
disclosures included within the 
Annual Report relating to Going 
Concern. 
Based on the work we have performed, 
we have not identified any material 
uncertainties relating to events 
or conditions that, individually or 
collectively, may cast significant doubt 
on the Group or the Company’s ability 
to continue as a going concern for a 
period of at least twelve months from 
the date when the financial statements 
are authorised for issue.
Our responsibilities and the 
responsibilities of the directors with 
respect to going concern are described 
in the relevant sections of this report.
In relation to the Group and the 
Company’s reporting on how they have 
applied the UK Corporate Governance 
Code and the Irish Corporate 
Governance Annex, we have nothing 
material to add or draw attention to 
in relation to the directors’ statement 
in the financial statements about 
whether the directors considered 
it appropriate to adopt the going 
concern basis of accounting.
Independent Auditor’s Report to the Members on the Non-
Statutory Financial Statements of Irish Continental Group plc
134
Irish Continental Group

Detecting irregularities including 
fraud
We identified the areas of laws and 
regulations that could reasonably be 
expected to have a material effect on 
the financial statements and risks of 
material misstatement due to fraud, 
using our understanding of the entity's 
industry, regulatory environment and 
other external factors and inquiry 
with the directors. In addition, our risk 
assessment procedures included:
•	 Inquiring with the directors and 
other management as to the 
Group’s policies and procedures 
regarding compliance with laws and 
regulations, identifying, evaluating 
and accounting for litigation and 
claims, as well as whether they have 
knowledge of non-compliance or 
instances of litigation or claims.
•	 Inquiring of directors and the Audit 
and Risk Committee as to the 
Group’s policies and procedures to 
prevent and detect fraud, as well as 
whether they have knowledge of any 
actual, suspected or alleged fraud.
•	 Inquiring of directors and the Audit 
and Risk Committee regarding 
their assessment of the risk that 
the financial statements may 
be materially misstated due to 
irregularities, including fraud.
•	 Inspecting selected regulatory and 
legal correspondence.
•	 Reading Board minutes and Audit 
and Risk, Remuneration and 
Nomination Committee minutes.
•	 Considering remuneration incentive 
schemes and performance targets 
for management.
•	 Performing analytical procedures 
to identify any usual or unexpected 
relationships.
We discussed identified laws and 
regulations, fraud risk factors and the 
need to remain alert among the audit 
team.
Firstly, the Group is subject to laws 
and regulations that directly affect 
the financial statements including 
companies and financial reporting 
legislation, taxation legislation and 
distributable profits legislation. We 
assessed the extent of compliance with 
these laws and regulations as part of 
our procedures on the related financial 
statement items, including assessing 
the financial statement disclosures 
and agreeing them to supporting 
documentation when necessary.
Secondly, the Group is subject to many 
other laws and regulations where the 
consequences of non-compliance 
could have a material effect on 
amounts or disclosures in the financial 
statements, for instance through 
the imposition of fines or litigation. 
We identified the following areas as 
those most likely to have such an 
effect: health and safety, anti-bribery, 
employment law, environmental law, 
environmental regulation, maritime 
law, liquidity and certain aspects of 
company legislation.
Auditing standards limit the required 
audit procedures to identify non-
compliance with these non-direct 
laws and regulations to inquiry of the 
directors and inspection of regulatory 
and legal correspondence, if any. These 
limited procedures did not identify 
actual or suspected non-compliance.
We assessed events or conditions 
that could indicate an incentive or 
pressure to commit fraud or provide 
an opportunity to commit fraud. As 
required by auditing standards, we 
performed procedures to address 
the risk of management override of 
controls and the risk of fraudulent 
revenue recognition. We did not 
identify any additional fraud risks.
In response to the fraud risks, we also 
performed procedures including:
•	 Identifying journal entries to test 
based on risk criteria and comparing 
the identified entries to supporting 
documentation
•	 Assessing significant accounting 
estimates for bias
•	 Assessing the disclosures in the 
financial statements
Our assessment of risks involved 
obtaining an understanding of the 
legal and regulatory framework that 
the Group operates and gaining 
an understanding of the control 
environment including the entity’s 
procedures for complying with 
regulatory requirements.
Owing to the inherent limitations 
of an audit, there is an unavoidable 
risk that we may not have detected 
some material misstatements in the 
financial statements, even though we 
have properly planned and performed 
our audit in accordance with auditing 
standards. For example, the further 
removed non-compliance with laws 
and regulations (irregularities) is from 
the events and transactions reflected 
in the financial statements, the less 
likely the inherently limited procedures 
required by auditing standards would 
identify it.
In addition, as with any audit, there 
remains a higher risk of non-detection 
of irregularities, as these may 
involve collusion, forgery, intentional 
omissions, misrepresentations, or the 
override of internal controls. We are 
not responsible for preventing non-
compliance and cannot be expected 
to detect non-compliance with all laws 
and regulations.
Key audit matters: our assessment of 
risks of material misstatement
Key audit matters are those matters 
that, in our professional judgement, 
were of most significance in the audit 
of the financial statements and include 
the most significant assessed risks of 
material misstatement (whether or not 
due to fraud) identified by us, including 
those which had the greatest effect on: 
the overall audit strategy; the allocation 
of resources in the audit; and directing 
the efforts of the engagement team. 
These matters were addressed in the 
context of our audit of the financial 
statements as a whole, and in forming 
our opinion thereon, and we do not 
provide a separate opinion on these 
matters.
In arriving at our audit opinion above, 
the key audit matters, in decreasing 
order of audit significance, were as 
follows (unchanged from 2023):
135
Financial Statements
2024 Annual Report and Financial Statements

Independent Auditor’s Report to the Members on the Non-
Statutory Financial Statements of Irish Continental Group plc
Continued
Group key audit matters
Valuation of vessels - Group €299.3m (2023: €315.7m) and Company €127.8m (2023: €133.1m)
Refer to note 2 (accounting policy) and notes 12 and 39 (financial disclosures)
The key audit matter
How the matter was addressed in our audit
Property, plant and equipment 
amounted to €351.9 million (Company: 
€128.3 million) as of 31 December 2024, 
of which €299.3 million (Company: 
€127.8 million) related to owned vessels. 
The vessel-related depreciation charge 
for the year ended 31 December 2024 
was €42.7 million (Company: €5.7 
million) 
This key audit matter consists of the 
evaluation of:
•	 The key assumptions used in 
estimating the periodic depreciation 
of vessels, including the key 
assumptions relating to useful 
economic lives and expected residual 
values; and
•	 the approach to impairment 
assessments performed by the Group 
and Company, including its evaluation 
of potential indicators of impairment 
and, where indicators are identified, 
its approach to the calculation of 
recoverable amounts, including 
the selection of key assumptions 
regarding future revenue.
This area was identified as a key audit 
matter having regard to the amount 
of the Group’s capital invested in these 
assets and because of the judgements 
involved.
For the reasons outlined above the 
engagement team determine this 
matter to be a key audit matter.
Estimated useful economic lives and expected residual values of vessels
•	 We assessed the useful lives applied by the Group and Company by 
comparing these to a) the Group’s historic experience and past practices of 
operating and disposing of vessels and b) to published estimates of other 
companies and appropriate corroborative independent data, where available.
•	 We assessed the Group and Company’s estimates in respect of residual values, 
which were based on the scrap metal value of individual vessels at end of life, 
to published metal prices.
Vessel impairment considerations
•	 We made inquiries regarding the process undertaken by the Group and 
Company to identify and consider potential indicators of impairment in each 
Cash Generating Unit (CGU) and assessed their determination as to whether 
indicators of impairment existed for relevant assets.
•	 We considered the completeness of the potential indicators identified 
by management and challenged the appropriateness of the Group and 
Company’s conclusions.
•	 We evaluated the completeness, accuracy and relevance of disclosures 
required by the relevant accounting standards, including disclosures about 
sensitivities and key sources of estimation uncertainty.
•	 We inspected the asset valuations obtained from experts engaged by the 
Group and Company, and considered whether they corroborate the Group and 
Company’s impairment assessments at 31 December 2024.
Where impairment indicators were identified we:
•	 Considered the methodology applied by the Group in its recoverable 
amount calculations and verified the mathematical accuracy of the Group’s 
calculations.
•	 Assessed and challenged the reasonability of the key judgements and 
assumptions, including those relating to the potential impact of climate 
change and related regulation, used by the Group and considered whether 
the assumptions and judgements applied were reasonable and appropriate.
•	 Compared the future cash flow projections used to projections used in the 
Group’s going concern and viability statement analyses.
•	 Considered the sources of information used by the Group and corroborated 
market assumptions to external sources, where available.
•	 Assessed the reasonability of the discount rate used with reference to the 
Group’s cost of capital.
•	 Performed sensitivity analysis over the Group’s key assumptions with regard 
to cash flows and discount rates, to assess the impact of changes to those key 
assumptions on the Group’s determination of the recoverability of vessels.
As a result of our work performed, we found that the judgements made by the 
Group in relation to:
•	 key assumptions used in estimating the periodic depreciation of vessels, 
including the key assumptions relating to useful economic life and expected 
residual values; and
•	 assessment of the recoverable value of vessels including key assumptions
were reasonable.
We found the related disclosures to be appropriate.
136
Irish Continental Group

Valuation of defined benefit pension obligations - Group only
Valuation of the defined benefit pension obligations of €80.2m (2023: obligations of €96.9m).
Refer to note 2 (accounting policy) and note 31 (financial disclosures)
The key audit matter
How the matter was addressed in our audit
The Group has a number of defined 
benefit pension schemes and there is 
a risk that inappropriate assumptions 
are used in determining the pension 
obligations, which may have a material 
impact on the measurement of the 
obligations.
The measurement of defined benefit 
pension obligations involves the 
selection of key assumptions which 
include judgements and inherent 
uncertainty, particularly in the selection 
of the discount rates used.
For the reasons outlined above the 
engagement team determine this 
matter to be a key audit matter.
•	 We assessed and documented the qualifications as well as the 
independence and objectivity of the actuary employed by the Group to 
perform actuarial calculations over the Group’s defined benefit obligations.
•	 We made inquiries to understand the process applied in the selection of key 
assumptions used in calculating the defined benefit obligations.
•	 We engaged our own actuarial specialists to inspect the valuation 
assessments, assess the methodology applied and the key assumptions 
applied throughout the Group.
•	 With the support of our own actuarial specialist, we challenged the key 
actuarial assumptions applied in the calculation of the valuation of the 
defined benefit pension obligations. The most significant judgements 
related to the evaluation of the appropriateness of the discount rate 
assumptions. We also assessed the inflation rates and mortality/life 
expectancies used. This included a comparison of these assumptions against 
externally available benchmarks.
•	 We considered the adequacy of the Group’s disclosures, including in respect 
of the sensitivity of the obligations to changes in key assumptions.
•	 We found the assumptions used in, and the resulting valuation of the 
defined benefit pension obligations to be reasonable and the related 
disclosures to be adequate.
Company key audit matter
In addition to the two matters noted above which applied to the Group and Company, the following additional key audit 
matter applied to the Company only.
Valuation of investment in subsidiaries (Company only): €16.0m (2023: €16.0m).
Refer to note 37 (accounting policy) and note 41 (financial disclosures)
The key audit matter
How the matter was addressed in our audit
Investments in subsidiary undertakings 
are carried on the Company balance 
sheet at cost less provisions for 
impairment.
There is a risk that the carrying 
value of investments in subsidiaries 
may be subject to misstatement 
(overstatement) if the expected future 
performance and cashflows of such 
subsidiaries, which are highly correlated 
to the valuation of vessels they hold and 
operate, is not sufficient to support the 
recovery of the Company’s investments.
We focused on this area as a key audit 
matter due to the significance of the 
balance to the Company balance sheet. 
For the reasons outlined above the 
engagement team determine this 
matter to be a key audit matter.
•	 We updated our understanding of the Company’s process for monitoring 
the carrying values of investments in subsidiaries.
•	 We considered the Company’s assessment of impairment indicators by 
comparing the carrying value of investments in the Company’s Balance 
Sheet to the net assets of the subsidiary financial statements and to the 
market capitalisation of the Company.
•	 We also considered the audit procedures performed in relation to the 
impairment assessments prepared by the Group and Company over the 
carrying value of vessels as outlined in the key audit matter above, in 
particular the assumptions relating to the forecasting of future performance 
and cashflows.
•	 As a result of our audit work performed, we found that the Company’s 
assessment of the valuation of investments in subsidiary undertakings to be 
appropriate.
137
Financial Statements
2024 Annual Report and Financial Statements

Our application of materiality and an 
overview of the scope of our audit
Materiality for the Group financial 
statements and Company financial 
statements as a whole was set 
at €2.99m (2023: €2.95m) and 
€1.29m (2023:€1.30m) respectively, 
determined with reference to 
benchmarks of forecasted profit 
before tax for the Group and total 
assets for the Company of which it 
represents 5% (2023: 5%) and 0.7% 
(2023: 0.8%) respectively.
In applying our judgement to 
determine the most appropriate 
benchmark, the factor which had 
the most significant impact was our 
understanding that the principal 
item on which the attention of 
the users of the Group’s financial 
statements tends to be focused on 
is, profit before tax. Profit before tax 
is the principal financial statement 
metric used by Management in 
assessing performance. In applying 
our judgement in determining the 
percentage to be applied to the 
benchmark, we considered that the 
Group has a high public profile and 
operates in a regulated environment 
and has debt arrangements which 
include covenants linked to operating 
results.
In applying our judgement in 
determining the most appropriate 
benchmark for Company materiality, 
we considered the elements of the 
financial statements and the nature 
of the Company and the fact that the 
Company is an investment holding 
company for the Group.
In applying our judgement in 
determining the percentage to 
be applied to the benchmark, we 
considered that the Company is listed 
and has a high public profile.
Performance materiality for the 
Group financial statements and 
Company financial statements as 
a whole was set at €2.24m (2023: 
€2.22m) and €0.97 (2023:€0.97m) 
respectively, determined with 
reference to benchmarks of forecasted 
profit before tax for the Group and 
total assets for the Company of 
which it represents 75% (2023: 75%) 
and 75% (2023: 75%) respectively. 
We use performance materiality to 
reduce to an appropriately low level 
the probability that the aggregate 
of uncorrected and undetected 
misstatements exceeds overall 
materiality. In applying our judgement 
in determining performance 
materiality, we considered a number 
of factors including; the low number 
and value of misstatements detected 
and the low number and severity 
of deficiencies in control activities 
identified in the prior year financial 
statement audit.
We reported to the Audit Committee 
any corrected or uncorrected 
identified misstatements exceeding 
€150,000 (2023: €150,000) for the 
Group and €64,000 (2023: €64,000) 
for the Company, in addition to 
other identified misstatements that 
warranted reporting on qualitative 
grounds.
Of the Group’s 13 reporting 
components, we subjected all to full 
scope audits for Group purposes. 
The structure of the Group’s finance 
function is such that certain 
transactions and balances are 
accounted for by the central Group 
finance team, with the remainder audit 
procedures, including those in relation 
to the key audit matters as set out 
above, on those transactions accounted 
for at Group and component level. 
The scope of our audits covered 100% 
of total Group revenue and 100% of 
Group total assets, including 100% 
of the Company’s revenue and total 
assets. The work on all components 
was performed by the Group team. The 
audits undertaken for Group reporting 
purposes at the reporting components 
were all performed to component 
materiality levels. These component 
materiality levels were set individually 
for each component and ranged from 
€30,000 to €2.2 million. The Group 
audit team were also auditors to all of 
the Group’s components.
Our audit was undertaken to 
the materiality and performance 
materiality level specified above 
and was all performed by a single 
engagement team in Dublin.
Other information
The directors are responsible for 
the other information presented in 
the Annual Report together with 
the financial statements. The other 
information comprises the information 
included in the Directors’ Report, 
the Strategic Report, the Corporate 
Governance Report and the Investor 
and Other Information Report. The 
financial statements and our auditor’s 
report thereon do not comprise part of 
the other information. Our opinion on the 
financial statements does not cover the 
other information and, accordingly, we do 
not express an audit opinion or, except 
as explicitly stated below, any form of 
assurance conclusion thereon.
Our responsibility is to read the other 
information and, in doing so, consider 
whether, based on our financial 
statements audit work, the information 
therein is materially misstated or 
inconsistent with the financial 
statements or our audit knowledge. 
Based solely on that work we have not 
identified material misstatements in the 
other information.
Based solely on our work on the other 
information undertaken during the 
course of the audit, we report that:
•	 we have not identified material 
misstatements in the directors’ report;
•	 in our opinion, the information given in 
the directors’ report is consistent with 
the financial statements;
•	 in our opinion, those parts of the 
directors’ report specified for our 
review, which does not include 
sustainability reporting when required 
by Part 28 of the Companies Act 2014, 
have been prepared in accordance with 
the Companies Act 2014.
Corporate governance statement
We have reviewed the directors’ 
statement in relation to going concern, 
longer-term viability, that part of the 
Corporate Governance Statement 
relating to the Company’s compliance 
with the provisions of the UK Corporate 
Governance Code and the Irish Corporate 
Governance Annex specified for our 
review by the Listing Rules of Euronext 
Dublin and the UK Listing Authority.  
Based on the work undertaken as part of 
our audit, we have concluded that each of 
the following elements of the Corporate 
Governance Statement is materially 
consistent with the financial statements 
and our knowledge obtained during the 
audit:
•	 Directors' statement with regards the 
appropriateness of adopting the going 
concern basis of accounting and any 
material uncertainties identified;
•	 Directors’ explanation as to their 
assessment of the Group's prospects, 
the period this assessment covers and 
why the period is appropriate;
Independent Auditor’s Report to the Members on the Non-
Statutory Financial Statements of Irish Continental Group plc
Continued
138
Irish Continental Group

•	 Director’s statement on whether it 
has a reasonable expectation that 
the Group will be able to continue in 
operation and meet its liabilities;
•	 Directors' statement on fair, 
balanced and understandable 
and the information necessary for 
shareholders to assess the Group's 
position and performance, business 
model and strategy;
•	 Board’s confirmation that it has 
carried out a robust assessment of 
the emerging and principal risks and 
the disclosures in the Annual Report 
that describe the principal risks and 
the procedures in place to identify 
emerging risks and explain how they 
are being managed or mitigated;
•	 Section of the Annual Report that 
describes the review of effectiveness 
of risk management and internal 
control systems; and;
•	 Section describing the work of the 
Audit and Risk Committee.    
The Listing Rules of Euronext Dublin 
also requires us to review certain 
elements of disclosures in the report to 
shareholders by the Board of Directors’ 
remuneration committee.
We have nothing to report in this 
regard
In addition as required by the 
Companies Act 2014, we report, in 
relation to information given in the 
Corporate Governance Statement that:
•	 based on the work undertaken 
for our audit, in our opinion, the 
description of the main features 
of internal control and risk 
management systems in relation 
to the financial reporting process, 
and information relating to voting 
rights and other matters required 
by the European Communities 
(Takeover Bids (Directive 2004/EC) 
Regulations 2006 and specified for 
our consideration, is consistent with 
the financial statements and has 
been prepared in accordance with 
the Act;
•	 based on our knowledge and 
understanding of the Company 
and its environment obtained 
in the course of our audit, we 
have not identified any material 
misstatements in that information; 
and
•	 the Corporate Governance 
Statement contains the information 
required by the European Union 
(Disclosure of Non-Financial and 
Diversity Information by certain 
large undertakings and groups) 
Regulations 2017.
We also report that, based on 
work undertaken for our audit, 
the information required by the 
Act is contained in the Corporate 
Governance Statement.
Our opinions on other matters 
prescribed by the Companies Act 
2014 are unmodified
We have obtained all the information 
and explanations which we consider 
necessary for the purposes of our 
audit.
In our opinion the accounting records 
of the Company were sufficient to 
permit the financial statements to be 
readily and properly audited and the 
financial statements are in agreement 
with the accounting records.
We have nothing to report on other 
matters on which we are required 
to report by exception
The Companies Act 2014 requires us to 
report to you if, in our opinion:
•	 the disclosures of directors’ 
remuneration and transactions 
required by Sections 305 to 312 of the 
Act are not made;
•	 the Company has not provided the 
information required by Section 
1110N in relation to its remuneration 
report for the financial year 31 
December 2023.
We have nothing to report in this 
regard.
Respective responsibilities and 
restrictions on use
Responsibilities of directors for the 
financial statements
As explained more fully in the 
directors’ responsibilities statement, 
the directors are responsible for: 
the preparation of the financial 
statements including being satisfied 
that they give a true and fair view; such 
internal control as they determine is 
necessary to enable the preparation of 
financial statements that are free from 
material misstatement, whether due 
to fraud or error; assessing the Group 
and Company’s ability to continue as a 
going concern, disclosing, as applicable, 
matters related to going concern; 
and using the going concern basis of 
accounting unless they either intend to 
liquidate the Group or the Company or 
to cease operations, or have no realistic 
alternative but to do so.
Auditor’s responsibilities for the audit 
of the financial statements
Our objectives are to obtain reasonable 
assurance about whether the financial 
statements as a whole are free from 
material misstatement, whether due to 
fraud or error, and to issue an auditor’s 
report that includes our opinion.  
Reasonable assurance is a high level 
of assurance, but is not a guarantee 
that an audit conducted in accordance 
with ISAs (Ireland) will always detect a 
material misstatement when it exists. 
Misstatements can arise from fraud 
or error and are considered material 
if, individually or in the aggregate, 
they could reasonably be expected to 
influence the economic decisions of 
users taken on the basis of these financial 
statements.  
A fuller description of our responsibilities 
is provided on IAASA’s website at https://
iaasa.ie/publications/description-of-the-
auditors-responsibilities-for-the-audit-of-
the-financial-statements/.
The purpose of our audit work and to 
whom we owe our responsibilities
Our report is made solely to the 
Company’s members, as a body, in 
accordance with Section 391 of the 
Companies Act 2014. Our audit work 
has been undertaken so that we might 
state to the Company’s members 
those matters we are required to state 
to them in an auditor’s report and for 
no other purpose. To the fullest extent 
permitted by law, we do not accept or 
assume responsibility to anyone other 
than the Company and the Company’s 
members, as a body, for our audit work, 
for this report, or for the opinions we have 
formed.
3 March 2025
Colm O’Sé
for and on behalf of  
KPMG 
Chartered Accountants, Statutory Audit 
Firm 
1 Stokes Place 
St. Stephen's Green 
Dublin 2 
D02 DE03
139
Financial Statements
2024 Annual Report and Financial Statements

Notes
2024
2023
€m
€m
Revenue 
4
603.8
572.0
Depreciation and amortisation
9
(64.4)
(64.2)
Employee benefits expense
5
(27.0)
(26.2)
Other operating expenses
9
(443.3)
(413.2)
Operating profit
69.1
68.4
Finance income
6
1.6
1.4
Finance costs
7
(8.5)
(6.5)
Profit before tax
62.2
63.3
Income tax expense
8
(2.3)
(1.7)
Profit for the financial year: all attributable to equity holders of the parent
9
59.9
61.6
Earnings per share – expressed in euro cent per share
Basic
11
36.3
36.2
Diluted
11
35.6
35.7
Consolidated Income Statement 
for the year ended 31 December 2024
140
Irish Continental Group

Notes
2024
2023
€m
€m
Profit for the financial year
59.9
61.6
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment
2.0
1.1
Items that will not be reclassified subsequently to profit or loss:
Actuarial gain on defined benefit obligations
31 viii
11.4
4.9
Deferred tax on defined benefit obligations
24
(0.2)
(0.4)
Other comprehensive income for the financial year
13.2
5.6
Total comprehensive income for the financial year: all attributable to equity 
holders of the parent
73.1
67.2
Consolidated Statement of Comprehensive Income 
for the year ended 31 December 2024
141
Financial Statements
2024 Annual Report and Financial Statements

2024
2023
Notes
€m
€m
Assets
Non-current assets
Property, plant and equipment
12
351.9
368.7
Intangible assets
13
2.8
2.1
Right-of-use assets
14
106.3
36.1
Retirement benefit surplus
31 iv
52.3
39.4
Finance lease receivable
15
-
7.3
Deferred tax asset
24
0.2
0.3
513.5
453.9
Current assets
Inventories
16
11.1
4.0
Trade and other receivables
17
73.2
68.6
Cash and cash equivalents
18
41.3
46.8
125.6
119.4
Total assets
639.1
573.3
Equity and liabilities
Equity
Share capital
19
10.7
10.8
Share premium
20
21.6
20.9
Other reserves
20
(3.2)
(6.1)
Retained earnings
293.2
256.7
Equity attributable to equity holders of the parent
322.3
282.3
Non-current liabilities
Borrowings
21
89.1
41.1
Lease liabilities
22
99.6
25.4
Deferred tax liabilities
24
5.3
4.5
Provisions
26
0.6
0.9
Retirement benefit obligation
31 iv
0.5
0.5
195.1
72.4
Current liabilities
Borrowings
21
7.3
112.4
Lease liabilities
22
7.5
11.6
Trade and other payables
25
106.3
93.7
Provisions
26
0.6
0.9
121.7
218.6
Total liabilities
316.8
291.0
Total equity and liabilities
639.1
573.3
The Financial Statements were approved by the Board of Directors on 2 March 2025 and signed on its behalf by:
Eamonn Rothwell 
Director
David Ledwidge 
Director
Consolidated Statement of Financial Position 
as at 31 December 2024
142
Irish Continental Group

Share 
Capital
Share 
Premium
Undenominated 
Capital 
Reserves
Share 
Options 
Reserve
Translation 
Reserve
Retained 
Earnings
Total
€m
€m
€m
€m
€m
€m
€m
Balance at 1 January 2024
10.8
20.9
8.9
7.0
(22.0)
256.7
282.3
Profit for the financial year
-
-
-
-
-
59.9
59.9
Other comprehensive income
-
-
-
-
2.0
11.2
13.2
Total comprehensive income for the 
financial year
-
-
-
-
2.0
71.1
73.1
Employee share-based payments expense
-
-
-
3.6
-
-
3.6
Share issue
-
0.7
-
-
-
-
0.7
Dividends
-
-
-
-
-
(24.7)
(24.7)
Share buyback
(0.1)
-
0.1
-
-
(9.0)
(9.0)
Settlement of employee equity plans 
through market purchase
-
-
-
-
-
(3.7)
(3.7)
Transferred to retained earnings on exercise 
of share options
-
-
-
(2.8)
-
2.8
-
Transactions with shareholders
(0.1)
0.7
0.1
0.8
-
(34.6)
(33.1)
Balance at 31 December 2024
10.7
21.6
9.0
7.8
(20.0)
293.2
322.3
Consolidated Statement of Changes in Equity 
For the year ended 31 December 2024
143
Financial Statements
2024 Annual Report and Financial Statements

Share 
Capital
Share 
Premium
Undenominated 
Capital 
Reserves
Share 
Options 
Reserve
Translation 
Reserve
Retained  
Earnings
Total
€m
€m
€m
€m
€m
€m
€m
Balance at 1 January 2023
11.1
20.5
8.6
6.3
(23.1)
237.4
260.8
Profit for the financial year
-
-
-
-
-
61.6
61.6
Other comprehensive income
-
-
-
-
1.1
4.5
5.6
Total comprehensive income for the 
financial year
-
-
-
-
1.1
66.1
67.2
Employee share-based payments expense
-
-
-
2.8
-
-
2.8
Share issue
-
0.4
-
-
-
-
0.4
Dividends
-
-
-
-
-
(24.4)
(24.4)
Share buyback
(0.3)
-
0.3
-
-
(21.4)
(21.4)
Settlement of employee equity plans 
through market purchase
-
-
-
-
-
(3.1)
(3.1)
Transferred to retained earnings on exercise 
of share options
-
-
-
(2.1)
-
2.1
-
Transactions with shareholders
(0.3)
0.4
0.3
0.7
-
(46.8)
(45.7)
Balance at 31 December 2023
10.8
20.9
8.9
7.0
(22.0)
256.7
282.3
Consolidated Statement of Changes in Equity 
For the year ended 31 December 2023
144
Irish Continental Group

2024
2023
Notes
€m
€m
Profit for the financial year
59.9
61.6
Adjustments for:
Finance costs (net)
6.9
5.1
Income tax expense
2.3
1.7
Retirement benefit scheme movements
33
0.7
0.6
Depreciation of property, plant and equipment
46.9
45.1
Amortisation of intangible assets
0.5
0.4
Depreciation of right-of-use assets
17.0
18.7
Share-based payment expense
3.6
2.8
Decrease in provisions
(0.6)
(1.0)
Working capital movements
33
5.3
1.7
Cash generated from operations
142.5
136.7
Income taxes paid
(2.1)
(2.2)
Interest paid
(8.6)
(5.9)
Net cash inflow from operating activities	
131.8
128.6
Cash flow from investing activities
Proceeds on disposal of property, plant and equipment
3.2
3.1
Lease inception costs
(2.5)
(1.4)
Purchases of property, plant and equipment and intangible assets
33
(29.9)
(41.9)
Net cash outflow from investing activities
(29.2)
(40.2)
Cash flow from financing activities
Share buyback 
(9.0)
(21.4)
Dividends
(24.7)
(24.4)
Repayments of leases liabilities
33
(14.6)
(18.0)
Repayments of bank loans
(94.0)
(40.0)
Drawdown of bank loans
37.5
25.6
Settlement of employee equity plans through market purchases
(3.7)
(3.1)
Proceeds on issue of ordinary share capital
0.7
0.4
Net cash outflow from financing activities
(107.8)
(80.9)
Net (decrease) / increase in cash and cash equivalents
(5.2)
7.5
Cash and cash equivalents at beginning of year
46.8
39.0
Effect of foreign exchange rate changes
(0.3)
0.3
Cash and cash equivalents at end of year
18
41.3
46.8
Consolidated Statement of Cash Flows
for the financial year ended 31 December 2024
145
Financial Statements
2024 Annual Report and Financial Statements

1. General information
Irish Continental Group plc (ICG) is a public limited company incorporated in Ireland (Company registration number: 41043) 
and listed on Euronext Dublin and the London Stock Exchange. The addresses of its registered office and principal places of 
business are disclosed on the inside back cover of the Annual Report. 
The Group carries passengers and cars, RoRo freight and container LoLo freight, on routes between Ireland, Britain and 
Continental Europe. The Group also operates container terminals in the ports of Dublin and Belfast.
The Company charters vessels and is the holding Company of a number of subsidiary companies.
2. Summary of accounting policies
Statement of Compliance
The consolidated and the Company financial statements have been prepared in accordance with International Financial 
Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and interpretations issued by 
the IFR Interpretations Committee (IFRIC) as adopted by the EU and those parts of the Companies Act 2014 applicable to 
companies reporting under IFRS and Article 4 of the IAS Regulation. The Company has availed of the exemption in Section 
304 of the Companies Act 2014 and has not presented the Company Income Statement, which forms part of the Company’s 
financial statements, to its members and the Registrar of Companies.
Basis of preparation
The Financial Statements have been prepared on the going concern basis and the historical cost convention, as modified by:
•	 measurement at fair value of share based payments at initial date of award;
•	 recognition of the defined benefit surplus as plan assets at fair value less the present value of the defined benefit 
obligation
All figures presented in the Financial Statements are in euro and are rounded to the nearest one hundred thousand except 
where otherwise indicated.
These printed financial statements are non-statutory financial statements having not been prepared in accordance with 
Commission Delegated Regulation 2019/818 regarding the single electronic reporting format (ESEF). Other than the addition 
of page references these non-statutory financial statements represent a true copy of the human readable layer of the 
statutory financial statements which were prepared in accordance with ESEF and are available on the Group’s website.
Basis of consolidation
The Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the 
Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company:
•	 has the power over the investee;
•	 is exposed, or has rights, to variable return from its involvement with the investee; and
•	 has the ability to use its power to affect its return.
In assessing control, potential voting rights that are currently exercisable or convertible are taken into account.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company 
loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in 
the Consolidated Income Statement from the date the Company gains control until the date the Company ceases to control 
the subsidiary.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
New standards and interpretations
New and revised accounting standards and interpretations have been issued which are set out below. These have been 
adopted by the Group from the effective dates.
Notes Forming Part of the Consolidated Financial Statements 
for the financial year ended 31 December 2024 
146
Irish Continental Group

Standards effective for the Group from 1 January 2024 
Standard
Description
Effective date for periods commencing
IAS 1 (amendments)
Non-current Liabilities with Covenants
1 January 2024
IAS 1 (amendments)
Classification of Liabilities as Current or 
Non-current
1 January 2024
IFRS 16 (amendments)
Lease Liability in a Sale and Leaseback
1 January 2024 
IAS 7 and IFRS 7 (amendments)
Supplier Finance Arrangements
1 January 2024
The above amended standards have been applied in the preparation of the financial statements for the year ended 31 
December 2024.
The Group has been in scope of the EU Emissions Trading System (EU ETS) since 1 January 2024 in respect of its shipping 
operations. This will require the Group to surrender carbon credits (EUAs) to the EU based on its verified carbon emissions 
in the period. These must be surrendered by September 2025. The Group has recognised a new material obligation totalling 
€10.3 million at 31 December 2024 which has been included within Trade and other payables under Current Liabilities in the 
Consolidated Statement of Financial Position as at 31 December 2024.
Surrender obligations at 31 December 2024 have been based on estimated carbon emissions and those amounts 
represented by EUA’s held in inventory have been valued at cost, amounts due to be delivered by charterers at a future date 
were valued at the 31 December 2024 spot price with the balance valued at the rates under forward contracts concluded 
by the Group as at 31 December 2024. Purchased EUA’s held by the Group at 31 December 2024 have been included in 
inventories at cost.
Other than noted above the new standards and interpretations did not have any material impact on the results or financial 
position of the Group.
Standards effective for the Group from 1 January 2025 or later
Standard
Description
Effective date for periods commencing
IAS 21 (amendments)
Lack of Exchangeability
1 January 2025
IFRS 7 and IFRS 9 (amendments)
Classification and Measurement of 
Financial Instruments
1 January 2026
IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7
Annual Improvements to IFRS 
Accounting Standards
1 January 2026
IFRS 9
Settlement by Electronic Payments
1 January 2026
IFRS 18
Presentation and Disclosure in 
Financial Statements
1 January 2027
IFRS 19
Subsidiaries without Public 
Accountability: Disclosures
1 January 2027
IFRS 10 Consolidated Financial Statements 
and IAS 28 Investments in Associates and 
Joint Ventures (amendments)
Sale or Contribution of Assets 
between an Investor and its Associate 
or Joint Venture
Effective date has been deferred 
indefinitely
The above standards and amendments to standards have not been applied in the preparation of the financial statements 
for the year ended 31 December 2024. The Group is currently assessing how the application of IFRS 18: Presentation 
and Disclosure in Financial Statements, effective for accounting periods on or after 1 January 2027, will affect the future 
presentation of the Company and Consolidated Financial Statements. While the adoption of IFRS 18 will not affect the 
totals of the Group or Company assets, liabilities, equity, income and expenses, there will likely be changes as to how the 
make-up of these principal categories are presented both in the primary statements and the notes together with additional 
disclosures around management performance measures. Otherwise, the standards above are not expected to have a 
material impact on the results or financial position of the Group when applied in future periods.
2. Summary of accounting policies (continued)
147
Financial Statements
2024 Annual Report and Financial Statements

Accounting policies applied in the preparation of the Financial Statements for the financial year ended 31 December 
2024
Revenue recognition
Revenue is measured based on the consideration specified in a contract concluded with a customer and excludes any 
amounts collected on behalf of third parties including taxes. 
The principal activities from which the Group generates its revenue are set out below.
Ferries Division
Product or Service
Nature and satisfaction of performance obligation 
Passenger 
Transport
Passenger revenue is recognised over time as services are provided. Contracts are concluded during 
the booking process with a high degree of probability of collection of the sales proceeds. Sales 
proceeds are recognised as deferred revenue where the single performance obligation from the 
departure point to destination point are subsequently released to revenue over the elapsed time 
taken to complete the single performance obligation being the provision of transport between the 
departure point and destination point. The price is fixed at the time of booking. Where a customer 
is eligible to participate in loyalty programmes, the price is allocated based on the relative stand-
alone selling price or expected selling price based on company data.
Deferred revenue is reduced for any refund paid to a customer where the Company is unable to 
complete the performance obligation. Ticket breakage, i.e. deferred untravelled revenue for no 
shows, is recognised in full once the original booked travel date has expired based on a no refund 
policy.
RoRo Freight
RoRo freight revenue is recognised over time as services are provided. Contracts are concluded 
during the booking process with a high degree of probability of collection of the sales proceeds. 
Sales proceeds are recognised as deferred revenue which are subsequently released to revenue 
over the elapsed time taken to complete the single performance obligation being the provision 
of transport between the departure point and destination point. The price is fixed at the time of 
booking or is otherwise variable if the customer has an active rebate arrangement. The contract 
price less the estimates of the most probable rebate amount is allocated to the performance 
obligation with the rebate amount retained in deferred revenue until paid. 
Onboard Sales
Revenue from sales in bars and restaurants is recognised at the time of sale. The Group recognises 
a single contract for all goods and services in a transaction basket at the time of transaction with 
payment received at the same time. There is a single identifiable obligation to transfer title with the 
price fixed at the time of transaction.
Retail 
Concessions
Revenues earned from retail concessions is recognised over time based on declarations received 
up to the reporting date. For each concession the Group recognises a single contract involving 
the grant of a licence or creation of a right to provide services onboard vessels creating a single 
identifiable obligation. The price is variable being based on a profit share model. 
Notes Forming Part of the Consolidated Financial Statements
Continued
2. Summary of accounting policies (continued)
148
Irish Continental Group

Container and Terminal Division
Product or Service
Nature and satisfaction of performance obligation 
Container 
Shipping
LoLo container shipping revenue is recognised over time as services are provided. Contracts are 
concluded during the booking process with a high degree of probability of collection of the sales 
proceeds. Sales proceeds are recognised as deferred revenue which are subsequently released to 
revenue over the time based on effort expended on each activity (collection, shipping and delivery) 
undertaken in fulfilment of the single performance obligation being the provision of transport 
between the departure point and destination point. The price is fixed at the time of booking.
Stevedoring
Stevedoring revenue is recognised over time in line with the number of containers loaded or 
discharged onto vessels in fulfilment of obligations. Contracts are concluded with customers 
covering services to be provided over time with a high degree of probability of collection of the 
sales proceeds. Sales proceeds are recognised once the performance obligations are satisfied i.e. 
the loading or discharge of a vessel. The price is fixed at the time of contract or is otherwise variable 
if the customer has an active rebate arrangement. The contract price less the best estimate of the 
most probable rebate amount is allocated to the performance obligation with the rebate amount 
retained in deferred revenue. As rebates are paid to customers, amounts included in deferred 
revenue are released with experience adjustments included as revenue.
Leasing
Identifying a lease 
Where a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration 
it is treated as a lease.
a) As Lessee
Where the Group acts as a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement 
date, which is the date the underlying asset is available for our use.
Right-of-use assets are initially measured at cost plus initial direct costs incurred in arranging a lease, and subsequently 
measured at cost less any accumulated depreciation and impairment losses (if any) and adjusted for certain remeasurement 
of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of their 
estimated useful lives and the lease term. Right-of-use assets are subject to impairment under IAS 36 Impairment of assets. 
Right-of-use assets are presented as a separate line item in the Statement of Financial Position. 
Lease liabilities are initially measured at the present value of lease payments that are not paid at the commencement date, 
discounted using the incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. The 
lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In 
the Consolidated Statement of Cash Flows the payments made are separated into the principal portion (presented within 
financing activities), and interest (presented in operating activities). Lease liabilities are remeasured and a corresponding 
adjustment is made to right of use assets if there is a change in future lease payments, a change in the lease term, or 
as appropriate, a change in the assessment of whether an extension option is reasonably certain to be exercised or a 
termination option is reasonably certain not to be exercised. 
The Group applies the short-term lease recognition exemption to leases that have a lease term of 12 months or less from 
the commencement date. The Group also applies the lease of low-value assets recognition exemption to leases that are 
considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an 
expense on a straight-line basis over the term of the lease. The Group also avails of practical expedients permitted under 
IFRS 16 Leases. The portfolio approach is applied to both leases of containers where a master leasing agreement exists 
and also in relation to the time charter of vessels where the Group does not separate non-lease components from lease 
components, recognising each time charter as a single component.
2. Summary of accounting policies (continued)
149
Financial Statements
2024 Annual Report and Financial Statements

b) As Lessor
The Group treats bareboat hire purchase sale agreements in relation to the disposal of vessels as finance leases where 
it transfers substantially all the risks and rewards incidental to ownership of the underlying vessel to the charterer. The 
sales proceeds recognised at the commencement of the lease term by the Group are that implied by the fair value of the 
asset, which together with any initial direct costs equal to the net investment in the lease and are presented as a finance 
lease receivable in the Statement of Financial Position. Loss allowances on the finance lease receivables are estimated at 
an amount equal to lifetime expected credit losses. Following initial measurement finance lease income is recognised in 
revenue and is allocated to accounting periods so as to reflect a constant periodic rate of return on the outstanding net 
investment.
Lease payments receivable arising from the grant of a right-of-use vessel which do not meet the requirement of a finance 
lease are recognised as revenue on a straight-line basis over the term of the relevant charter. The provision of operation and 
maintenance services is recognised on a daily basis at the applicable daily rate under the terms of the charter.
Concession and Licence agreements
Payments made under concession arrangements, where the Group benefits from the use of an asset or right and the 
obligation to make the payments has not been recognised in the Statement of Financial Position as a lease obligation, are 
charged to the Consolidated Income Statement as the rights conferred under the terms of the arrangement are consumed. 
Benefits received and receivable as an incentive to enter into a concession agreement are also spread on a straight-line 
basis over the agreement term as a reduction of the expense.
The Group does not recognise that element of a contract as a lease in the Statement of Financial Position where the right to 
control the use of an identified asset for a period of time is based on variable consideration based on activity levels. In these 
circumstances any variable consideration is expensed to the Income Statement as the right is consumed. 
Foreign currencies
The individual financial statements of each Group entity are prepared in the currency of the primary economic environment 
in which the entity operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results 
and financial position of each entity are expressed in euro, which is the functional currency of the Company, and the 
presentation currency for the Consolidated Financial Statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity’s 
functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. 
At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the rates 
prevailing on the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are 
not retranslated. Exchange differences arising on the settlements of monetary items and on the retranslation of monetary 
items, are included in the Consolidated Income Statement for the financial year and presented in euro.
For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group’s foreign operations 
are expressed in euro using exchange rates prevailing on the reporting date. Income and expense items are translated at 
the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case the 
exchange rates at the date of transactions are used.
Exchange differences arising on the translation of foreign currency subsidiaries, if any, are recognised in the Consolidated 
Statement of Comprehensive Income and accumulated in equity in the translation reserve. On disposal of a foreign 
subsidiary the cumulative translation difference for that foreign subsidiary is transferred to the Consolidated Income 
Statement as part of the gain or loss on disposal.
Finance costs
Finance costs comprise interest expense on borrowings, negative interest on bank deposits, interest on lease obligations 
and interest on net defined benefit pension scheme liabilities. All borrowing costs are recognised in the Consolidated 
Income Statement under finance costs using the effective interest method.
Notes Forming Part of the Consolidated Financial Statements
Continued
2. Summary of accounting policies (continued)
150
Irish Continental Group

Finance income
Finance income comprises interest income on bank deposits, interest earned on finance lease receivables, interest on the 
net defined benefit pension scheme assets and interest on any other interest bearing financial assets. Interest income is 
recognised in the Consolidated Income Statement under finance income using the effective interest method.
Retirement benefit schemes
Defined benefit obligations
For defined benefit obligations, the cost of providing the benefits and the liabilities of the schemes are determined using 
the projected unit credit method with assets valued at bid price and actuarial valuations being carried out by independent 
and professionally qualified actuaries at each reporting date. Current service costs, past service cost, or credit, and net 
interest expense or income are recognised in the Consolidated Income Statement. Adjustments in respect of a settlement, 
a curtailment and past service cost, or credit, are recognised in the Consolidated Income Statement in the period of a plan 
amendment. Remeasurement comprising actuarial gains and losses is reflected in the Consolidated Statement of Financial 
Position with a charge or credit recognised in the Consolidated Statement of Comprehensive Income in the period in which 
they occur. 
The net interest income on defined benefit obligations has been recorded in the Consolidated Income Statement under 
finance income. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined 
benefit liability or asset.
In addition to the pension schemes operated by the Group, certain former employees are members of the Merchant Navy 
Officers Pension Fund (MNOPF). As the Group has no control over the calls for contributions made from the MNOPF, it has 
determined that the fund should be accounted for as a defined benefit obligation and its liability recognised accordingly. 
The Group’s share of the MNOPF deficit as advised by the trustees is included with the other Group schemes. 
The retirement benefit obligation recognised in the Consolidated Statement of Financial Position represents the deficit or 
surplus in the Group’s defined benefit obligations. Any surplus resulting from this calculation is limited to past service cost, 
plus the present value of available refunds and reductions in future contributions to the scheme.
Defined contribution pension schemes
Payments to defined contribution pension schemes are recognised as an expense as they fall due. Any contributions 
outstanding at the period end are included as an accrual in the Consolidated Statement of Financial Position.
Employee benefits expense
Wages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the period in which 
the associated services are rendered by the employees of the Group. A liability for a termination benefit is recognised at the 
earlier of when an entity can no longer withdraw the offer of the termination benefit and the entity recognises any related 
restructuring costs.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are 
measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value 
determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, based on the Group’s estimate of the shares expected to vest as a result of the effect of non-market based 
vesting conditions.
For awards where vesting will be determined by market based vesting conditions, those granted prior to 1 January 2019 were 
fair value measured using a binomial pricing model. Monte-Carlo modelling was used for awards granted after 1 January 
2019. 
The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
2. Summary of accounting policies (continued)
151
Financial Statements
2024 Annual Report and Financial Statements

Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based 
on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because 
it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are 
never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or 
substantively enacted by the reporting date. A provision is recognised for those matters for which the tax determination 
is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are 
measured at the best estimate of the amount expected to become payable.
A proportion of the Group’s profits fall within the charge to tonnage tax, under which regime taxable profits are relieved 
to an amount based on the tonnage of vessels employed during the year. In accordance with the IFRIC guidance on IAS 12 
Income Taxes, the tonnage tax charge is included within other operating expenses in the Consolidated Income Statement.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and 
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is 
accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised 
for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable 
profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not 
recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other 
than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the 
accounting profit and does not give rise to equal taxable and deductible temporary difference.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where 
the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not 
reverse in the foreseeable future. 
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset 
realised based on tax laws and rates that have been enacted or substantively enacted at the statement of financial position 
date. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or 
credited directly to the Consolidated Statement of Comprehensive Income or is dealt with in equity.
Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets 
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group 
intends to settle its current tax assets and liabilities on a net basis.
Property, plant and equipment
Vessels
Vessels are stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation on vessels is charged so as to write off the cost less residual value over the estimated economic useful life on 
a straight-line basis. The amount initially recognised in respect of Ropax vessels less estimated residual value, is allocated 
between hull and machinery and hotel and catering elements for depreciation purposes. In respect of LoLo vessels, all value 
is attributed to hull and machinery.
In considering residual values of vessels, the Directors have taken into account the valuation of the scrap value of the ships 
per light displacement tonne. Residual values are reviewed annually and updated if required. Estimations of economic life of 
vessels are a key accounting judgement and estimate in the financial statements. Any change in estimates are accounted 
for prospectively. 
Notes Forming Part of the Consolidated Financial Statements
Continued
2. Summary of accounting policies (continued)
152
Irish Continental Group

The estimated economic useful lives of vessels are as follows: 
Hull and Machinery
•	 Conventional Ropax vessels
30 - 35 years
•	 Fast ferries
25 - 30 years
•	 LoLo
25 years
Hotel and Catering
10 years
For the ferry fleet, hull and machinery components are depreciated over an initial estimated useful life of 30 years (fast 
ferries 25 years) but this is reviewed on a periodic basis for vessels remaining in service 25 years (fast ferries 20 years) after 
original construction.
Drydocking
Costs incurred in renewing the vessel certificate are capitalised as a separate component under vessels in property, plant 
and equipment and depreciated over the period to the next expected drydocking required for certificate renewal. Costs and 
accumulated depreciation relating to expired certificates are treated as disposals. The estimated useful lives for drydock 
assets are as follows:
Passenger vessels
1 – 2 years
Container vessels
1 – 5 years
Estimations of economic life and residual values are reassessed at each reporting date. Any change in estimates are 
accounted for prospectively.
Other assets
Property, plant and equipment, other than freehold land, are stated at cost less accumulated depreciation and any 
accumulated impairment losses. Freehold land is stated at cost and is not depreciated. Cost comprises purchase price and 
directly attributable costs. 
The amount initially recognised in respect of an item of other assets is allocated to its significant parts and each such part is 
depreciated separately. In respect of stevedoring equipment related costs are allocated between superstructure and plant.
With the exception of freehold land and assets under construction, depreciation on property, plant and equipment is 
charged so as to write off the cost over the estimated economic useful lives, using the straight-line method, on the following 
bases:
Buildings
10 – 100 years
Plant, equipment and vehicles
4 – 25 years
Plant superstructure
12 – 20 years
Assets under construction, the construction of which takes a substantial period of time are recorded at the cost incurred 
to date less any impairment loss and no depreciation is charged on these amounts. Depreciation commences when the 
assets are ready for their intended use. Cost includes borrowing costs capitalised in accordance with the Group’s accounting 
policies. Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part of 
the cost of the assets up to the date of substantial completion.
Gains or losses on the disposal of property, plant and equipment represent the difference between the net proceeds and the 
carrying value at the date of sale. Income is accounted for when there is an unconditional exchange of contracts, or when all 
necessary terms and conditions have been fulfilled.
2. Summary of accounting policies (continued)
153
Financial Statements
2024 Annual Report and Financial Statements

Intangible assets
Costs incurred on the acquisition and commissioning of computer software are capitalised, as are costs directly associated 
with developing computer software programmes, if it is probable that the expected future economic benefits that are 
attributable to these assets will flow to the Group and the cost of these assets can be measured reliably. Computer software 
costs recognised as assets are written off on a straight-line basis over their estimated useful lives, which is normally between 
five and ten years.
Impairment of property, plant and equipment and intangible assets 
At each reporting date, the Group performs a review to ascertain whether there are any indications of impairment which 
may affect carrying amounts of its property, plant and equipment and intangible assets. If any such indications exist, the 
recoverable amount of the asset is estimated in order to determine whether the affected assets have actually suffered an 
impairment loss. Where an asset does not generate cash flows that are independent from other assets, the Group estimates 
the recoverable amount of the cash generating unit to which the asset belongs. 
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated 
future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market 
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have 
not been adjusted. 
If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying 
amount of the asset or cash generating unit is reduced to its recoverable amount. An impairment loss is recognised as an 
expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to 
the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying 
amount that would have been determined had no impairment loss been recognised for the assets (cash generating units) 
in prior years. A reversal of an impairment loss is recognised as income immediately.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost represents suppliers’ invoiced cost net of any related 
discounts etc. determined on a first in, first out basis. Net realisable value represents the estimated selling price less all costs 
to be incurred in marketing, selling and distribution. EUAs purchased and held in inventories for the purpose of settlement 
of obligations under the EU Emissions Trading System are included at cost. 
Treasury shares
Consideration paid to purchase the Company’s equity share capital is deducted from the total shareholders’ equity and 
classified as treasury shares until such shares are cancelled. No gain or loss is recognised on the purchase, sale, issue or 
cancellation of the treasury shares. Where such shares are subsequently sold or reissued, any consideration received is 
included in total shareholders’ equity.
Where shares are cancelled an amount equivalent to the nominal value of the cancelled shares is transferred from retained 
earnings to the undenominated capital reserve.
Financial instruments
Financial assets and financial liabilities are recognised on the Group and Company’s Statement of Financial Position when 
the Group and Company becomes a party to the contractual provisions of the instrument.
Trade receivables
Trade and other receivables are initially recognised at transaction price and subsequently carried at amortised cost, net of 
allowance for expected credit losses. Any trade and other receivables included in non-current assets are carried at amortised 
cost in accordance with the effective interest rate method.
Notes Forming Part of the Consolidated Financial Statements
Continued
2. Summary of accounting policies (continued)
154
Irish Continental Group

The Group applies the simplified approach to providing for expected credit losses (ECL) under IFRS 9 Financial Instruments, 
which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses 
an allowance matrix to measure the ECL of trade receivables based on its credit loss rates. Expected loss rates are based 
on historical payment profiles of sales and the corresponding historical credit loss experience. The historical loss rates are 
adjusted to reflect current and forward economic factors if there is evidence to suggest these factors will affect the ability 
of the customer to settle receivables. The Group has determined the ECL default rate using market default risk probabilities 
with regards to its key customers. Balances are written off when the probability of recovery is assessed as being remote. 
Trade receivables are derecognised when the Group no longer controls the contractual rights that comprise the receivables, 
which is normally the case when the asset is sold or the rights to receive cash flows from the asset have expired, and the 
Group has not retained substantially all the credit risks and control of the receivable has transferred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and on demand deposits.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual 
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group 
after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are 
set out below.
Borrowings
Interest-bearing loans and overdrafts are initially recorded at fair value, net of transaction costs incurred. Overdrafts are set 
off against cash balances in accordance with the contractual terms of any set off agreement. Finance charges, including 
premiums payable on settlement or redemption and direct issue costs, are expensed in the Consolidated Income Statement 
using the effective interest rate method and any unamortised costs at the reporting date are deducted from the carrying 
amount of the instrument. Borrowings are classified as financial liabilities and are measured subsequently at amortised cost 
using the effective interest rate method.
Trade payables
Trade payables are classified as other financial liabilities, are initially measured at fair value, and are subsequently measured 
at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received in share capital with any premium over 
nominal value recorded in the share premium account. Any associated issue costs are deducted from retained earnings.
Contingent liability
A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the 
Group will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure 
required to settle the obligation at the statement of financial position date and are discounted to present value where the 
effect is material.
Distributions
Distributions are accounted for when they are paid, through retained earnings. Dividend income from investments is 
recognised when the shareholders’ rights to receive payment have been established (provided that it is probable that the 
economic benefits will flow to the Group and the amount of revenue can be measured reliably). Dividends received from 
fellow subsidiaries are eliminated on consolidation.
Operating profit
Operating profit is stated after non-trading items arising from continuing operations. 
2. Summary of accounting policies (continued)
155
Financial Statements
2024 Annual Report and Financial Statements

3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s and Company’s accounting policies, the Directors are required to make judgements, 
estimates and assumptions about the carrying amounts of assets and liabilities. The estimates and associated assumptions 
are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 
amounts. The estimates and underlying assumptions are reviewed on an ongoing basis.
Key sources of estimation uncertainty and critical accounting judgements are as follows:
Estimation Uncertainty
Recoverable Value Estimates Container Vessel Fleet 
The Group has undertaken an impairment test to assess the recoverable value of its container vessel fleet assets based on 
the conditions and information available at the reporting date.
The Group engaged independent shipbroker Ernst Russ Shipbrokers GMBH& Co KG to provide valuations on its fleet. These 
valuations are prepared on standard market terms on the assumption of assets being encumbrance free with a willing 
buyer and seller. The Group adjusted these valuations for an estimate of disposal costs to arrive at a fair value less cost of 
disposal (FVLCOD) valuation of the fleet. The Group was satisfied that the carrying value of the fleet as a whole was strongly 
supported by the FVLCOD estimate at 31 December 2024 but noted that two vessels had a carrying value in excess of the 
valuations received.
Notwithstanding the headroom over carrying value indicated by the FVLCOD estimate for the six other vessels, the Group 
acknowledges the potential shortcoming limitations of such valuation estimates where there are limited transactions and 
true value can only be assessed if offered for sale to one or more willing purchasers. Against that background, the Group 
sought to derive its own valuations through performance of a value in use exercise for each of the 8 owned vessels, which are 
each identified as individual cash-generating units as there is no interdependence between vessels.
 
The value in use exercise involved projecting cash flows over the shorter of a ten year period or remaining economic useful 
life and discounting these to a present value using an estimate of the weighted average cost of capital. Vessels were 
assigned a terminal value at the end of the projection period equivalent to scrap value. Estimation of charter rates from 
the expiration of current charter terms was based on management’s estimate of the long-term charter rate derived from 
the estimated cost of building a comparable vessel informed by discussions with shipbrokers, discounted for age and 
technological efficiencies versus the older vessels in the Group’s fleet. The cash flow projections included an allowance for 
maintenance capital principally comprising estimated drydock costs based on each vessel’s maintenance plan. Crewing and 
technical management were assumed at current pricing plus annual inflation. The cashflow projections for years 1 to 5 were 
consistent with the base scenario used in the viability assessment.
Sensitivity on this base scenario was performed for a number of downside scenarios flexing the charter rates, the discount 
rate and terminal values. The Directors are satisfied that the value in use projections supported the carrying value of the fleet 
at 31 December 2024. The Directors have reviewed the methodology, key assumptions and the results of the impairment 
testing as described above. 
Consequently, the Directors concluded that the recoverability assessment described above, supported the carrying value of 
the Group’s container fleet assets and that no provision for impairment was required at 31 December 2024. 
Post-employment benefits
The Group’s and Company’s total obligation in respect of defined benefit pension obligations is calculated by independent, 
qualified actuaries, updated at least annually. The size of the obligation is sensitive to actuarial assumptions. These include 
demographic assumptions covering mortality and longevity, and economic assumptions covering price inflation, benefit 
and salary increases together with the discount rate used. The size of the scheme assets is also sensitive to asset return 
levels and the level of contributions from the Group and Company. Further details are set out in note 31. Many of the 
actuarial assumptions are dependent on market developments and are outside the control of the Company and Group and 
movements may give rise to material adjustments in future estimates of post-employment obligations. 
The Group and Company is a participating employer in the Merchant Navy Officer Pension Fund (MNOPF), a multi-employer 
defined benefit pension scheme. The MNOPF was in surplus at the most recent valuation date of 31 March 2021. Under the 
rules of the fund, all employers are jointly and severally liable for any deficit. The deficit included in the financial statements 
for the Group and Company represents an apportionment of the overall scheme deficit based on the most recent 
Notes Forming Part of the Consolidated Financial Statements
Continued
156
Irish Continental Group

notification received from the trustees dated May 2013 and which was 1.04% for the Group and 0.33% for the Company, less 
any deficit payments made. Should other participating employers’ default on their obligations, the Group and Company will 
be required to absorb a larger share of the scheme deficit calculated in the same manner as the current apportionment.
Useful lives for property, plant and equipment 
Long lived assets comprising primarily of property, plant and equipment represent a significant portion of total assets. 
The annual depreciation and amortisation charge depends primarily on the estimated useful lives of each type of 
asset. Management regularly reviews these useful lives and change them, if necessary, to reflect current conditions. In 
determining these useful lives, management considers regulatory and technological changes, patterns of consumption, 
physical condition and expected economic utilisation of the asset. Changes in the useful lives may have a significant impact 
on the annual depreciation and amortisation charge. Details of the useful lives are included in the accounting policy headed 
property, plant and equipment. Further details are set out in note 12.
Critical accounting judgements 
Vessel assets - Indicators of Impairment 
The Group does not hold any assets, including goodwill, which requires an annual assessment of recoverable amount.
In line with the requirements of IAS36 : Impairment of assets, the Group assessed its property, plant and equipment 
and intangible assets to determine if there were any indications of impairment. Factors considered in carrying out this 
assessment included the economic performance of assets, technological developments, new rules and regulations 
including environmental regulation, shipbuilding costs and carrying value versus market capitalisation of the Group.
The performance of the Group is dependent to a significant degree on macro-economic factors including economic growth 
both local and global, inflation, interest rates and exchange rates. The Group has demonstrated as part of its business model 
its capacity to mitigate the effects of volatility in these factors on Group performance. Management’s assessment of market 
conditions at 31 December 2024 did not raise any concerns around the possible existence of any indicators of impairment 
related to macro-economic factors.
The Directors also considered known and expected environmental regulation expected over the remaining life of its existing 
fleet. While the Group has mapped known requirements against the current status of its fleet, it is not in a position to cost 
compliance as in many cases technological solutions are currently not commercially available or developed. Given the 
current low rate of renewal of global fleets, partially related to the absence of proven pathways to compliance with new 
regulation, the directors consider that the additional regulation will not lead to accelerated obsolescence of its fleet but may 
result in increased costs. The most significant item in the short term has been the increased scope of the Emissions Trading 
System to include shipping on a phased basis over three years which commenced on 1 January 2024. The EU ETS requires 
the payment of a levy based on the volume of emissions. Similar to the actions taken in relation to other regulations which 
resulted in increased costs the Group introduced additional charges to customers effective from 1 January 2024 to recover 
the costs associated with EU ETS.
The IMO long term CO2 reduction targets equate to near net zero by 2050. This will be an ambitious target for shipowners 
to achieve, and the pathway to compliance is not clear and again will require even more revolutionary advances in new 
technologies of scale and supply to be made before that deadline. However, we do not see this change increasing the 
obsolescence risk of our existing fleet, as due to their age, they will be expected to be replaced with vessels incorporating 
newer technologies by this deadline.
In relation to our ferry fleet, given our engagement with the market during 2024, we maintain fluid dialogue with market 
makers and transacted one long-term ferry charter with a purchase obligation. While the market was somewhat more 
liquid than in previous years vessel values and charter rates remained robust. As further evidence we sought valuations of 
our ferry fleet at 31 December 2024 from independent shipbroker Simsonship AB, which indicated that there was no decline 
in value more than expected from normal operational use and passage of time since their last valuation. We further sought 
to ground these valuations with our own discounted cashflow models. Following this review, there is no indication that 
movements in the market value of ferries constitute an indicator of impairment at 31 December 2024.
The general decline in market charter rates for container vessels of the type owned by the Group since mid-2022, reversed 
in the second half of 2024, a trend which has continued through to the early part of 2025. Certain of our vessels have been 
renewed at rates higher than the expiring rate. Notwithstanding the positive market indications, the current level of market 
rates compared to recent years and the volatility around rates in general were assessed as an indicator of impairment for 
container fleet assets at 31 December 2024. 
3. Critical accounting judgements and key sources of estimation uncertainty (continued)
157
Financial Statements
2024 Annual Report and Financial Statements

Going Concern 
The Financial Statements have been prepared on the going concern basis. The Directors report that, after making inquiries, 
they have a reasonable expectation at the time of approving the Financial Statements, that the Group and Company are 
going concerns, having adequate financial resources to continue in operational existence for the foreseeable future. In 
forming this view, the Directors have considered the future cash requirements of the Group and Company in the context of 
the economic environment at the reporting date, the principal risks and uncertainties facing the Group, the Group’s 2025 
budget plan and the medium-term strategy of the Group, including capital investment plans. The future cash requirements 
have been compared to bank facilities which are available to the Group and Company.
In the financial year the Group generated cash from operations of €142.5 million (2023: €136.7 million), with free cash 
flow after maintenance capital expenditure of €115.2 million (2023: €107.1 million). The Group retained liquidity reserves 
comprising cash balances and committed undrawn facilities at 31 December 2024 of €104.7 million (2023: €82.2 million). 
The leverage covenant under the Group’s loan facilities at 31 December 2024, was 0.5 times EBITDA, within the maximum 
permitted levels of 3.0 times.
In making their going concern assessment, the Directors have considered a number of scenarios, The base scenario 
assumptions assume trading patterns in line with conditions existing at the date of approval. A downside scenario was 
also prepared based on lower activity levels across our businesses having considered current macro-economic risks in 
the economies in which we provide services, including continuing inflationary and interest rate pressures, together with 
geo-political tensions in Europe and middle east and global demand risks generally. Notwithstanding this lower activity 
assumption, the downside modelling assumed a full schedule of services being maintained by the Group. Based on this 
modelling, the Directors believe the Group retains sufficient liquidity to operate for at least the period up to March 2026.
4. Segmental information
Business segments
The Executive Board is deemed the chief operating decision maker within the Group. For management purposes, the Group 
is currently organised into two operating segments; Ferries and Container and Terminal. These segments are the basis on 
which the Group reports internally and are the only two revenue generating segments of the Group.
The Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of 
vessels. The Container and Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight 
services, stevedoring and other related terminal services.
Segment information about the Group’s operations is presented below.
Ferries
Container & 
Terminal
Inter- segment
Total 
€m
€m
€m
€m
Revenue
2024
External revenue
401.5
202.3
-
603.8
Inter-segment revenue	
32.0
1.2
(33.2)
-
Total
433.5
203.5
(33.2)
603.8
2023
External revenue
379.1
192.9
-
572.0
Inter-segment revenue	
33.2
1.2
(34.4)
-
Total
412.3
194.1
(34.4)
572.0
Inter-segment revenue is at best estimates of prevailing market prices. The inter-segment revenue in the Ferries Division 
in 2024 of €32.0 million (2023: €33.2 million) primarily relates to container vessels which are on time charter to the Group’s 
container shipping subsidiary, Eucon.
Notes Forming Part of the Consolidated Financial Statements
Continued
3. Critical accounting judgements and key sources of estimation uncertainty (continued)
158
Irish Continental Group

Revenue has been disaggregated into categories which reflect how the nature, amount, timing and uncertainty of revenue 
and cash flows are affected by economic factors. As revenues are recognised over short time periods, a key determinant to 
categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to 
business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.
Ferries
Container & Terminal
Total
2024
2023
2024
2023
2024
2023
€m
€m
€m
€m
€m
€m
Revenue
Passenger
196.5
181.1
-
-
196.5
181.1
Freight
194.2
180.8
202.3
192.9
396.5
373.7
Chartering
10.8
17.2
-
-
10.8
17.2
Total
401.5
379.1
202.3
192.9
603.8
572.0
For the year ended 31 December 2024, €548.9 million was recognised over time (2023: €530.6 million) and €54.9 million 
was recognised at a point in time (2023: €41.4 million). No single external customer in the current or prior financial year 
amounted to 10 per cent or more of the Group’s revenues. Of total Group revenues of €603.8 million (2023: €572.0 million), 
€10.4 million (2023: €16.7 million), all of which relates to the Ferries Division, is recognised under IFRS 16 with the remainder 
being recognised as revenue under IFRS 15.
Ferries
Container & Terminal
Total
2024
2023
2024
2023
2024
2023
€m
€m
€m
€m
€m
€m
Result
Operating profit
54.4
52.1
14.7
16.3
69.1
68.4
Finance income
1.6
1.4
-
-
1.6
1.4
Finance costs
(7.3)
(5.1)
(1.2)
(1.4)
(8.5)
(6.5)
Profit before tax
48.7
48.4
13.5
14.9
62.2
63.3
Income tax expense
(1.5)
(0.9)
(0.8)
(0.8)
(2.3)
(1.7)
Profit for the financial year
47.2
47.5
12.7
14.1
59.9
61.6
Statement of Financial Position
Assets
Segment assets
494.5
420.3
103.3
106.2
597.8
526.5
Cash and cash equivalents
30.6
39.5
10.7
7.3
41.3
46.8
Consolidated total assets
525.1
459.8
114.0
113.5
639.1
573.3
Liabilities
Segment liabilities
78.1
66.2
35.3
34.4
113.4
100.6
Borrowings and lease liabilities
176.0
158.6
27.4
31.8
203.4
190.4
Consolidated total liabilities
254.1
224.8
62.7
66.2
316.8
291.0
Consolidated net assets
271.0
235.0
51.3
47.3
322.3
282.3
Other segment information
Capital additions
27.9
34.3
1.8
17.0
29.7
51.3
Right-of-use asset additions
84.4
15.4
2.2
0.3
86.6
15.7
Depreciation and amortisation
55.4
54.8
9.0
9.4
64.4
64.2
4. Segmental information (continued)
159
Financial Statements
2024 Annual Report and Financial Statements

Ferries
Container & Terminal
Total
2024
2023
2024
2023
2024
2023
€m
€m
€m
€m
€m
€m
Other operating expenses
Fuel 
91.6
92.7
17.9
14.1
109.5
106.8
Labour
55.2
52.6
14.4
12.8
69.6
65.4
Port costs
91.3
80.3
35.8
33.2
127.1
113.5
Haulage
-
-
54.9
51.4
54.9
51.4
Other
64.2
58.7
51.2
51.8
115.4
110.5
Inter-segment
(1.2)
(1.2)
(32.0)
(33.2)
(33.2)
(34.4)
Total other operating expenses
301.1
283.1
142.2
130.1
443.3
413.2
Geographic analysis of revenue by origin of booking
2024
2023
€m
€m
Revenue
Ireland
189.8
186.6
United Kingdom
180.8
154.2
Netherlands
100.9
96.1
Belgium
37.2
38.0
France
27.6
23.5
Poland
15.7
16.0
Germany
8.2
9.3
Austria
9.3
9.0
Other
34.3
39.3
Total
603.8
572.0
For the year ended 31 December 2024, the ‘other’ revenue balance of €34.3 million did not contain revenue attributable to 
any single country in excess of €8.2 million. 
Geographic location of non-current assets
2024
2023
€m
€m
At Sea and in transit
Vessels
381.0
324.8
Containers
7.5
7.7
388.5
332.5
On Shore
Ireland
67.2
67.1
Other
5.3
7.3
72.5
74.4
Carrying amount at 31 December
461.0
406.9
Non-current assets set out above exclude finance lease receivable, retirement benefit assets and deferred tax assets. Due to 
the mobile nature of certain assets in property, plant and equipment, their geographic location is not always fixed.
Notes Forming Part of the Consolidated Financial Statements
Continued
4. Segmental information (continued)
160
Irish Continental Group

5. Employee benefits expense
The average number of employees during the financial year was as follows:
2024
2023
Ferries	
205
204
Container and Terminal
84
86
289
290
The number of employees at financial year-end was
290
288
Aggregate costs of employee benefits were as follows:
2024
2023
€m
€m
Wages and salaries
20.8
20.0
Social insurance costs
1.8
1.8
Amounts recognised in respect of defined benefit obligations (note 31 vii)
0.1
1.0
Defined contribution pension scheme – pension cost (note 31)
0.7
0.6
Share-based payment expense (note 30)
3.6
2.8
Total employee benefit costs incurred
27.0
26.2
There were no staff costs capitalised during the financial year (2023: €nil) in relation to management and supervision of the 
contracts for the construction of new vessels. 
6. Finance income
2024
2023
€m
€m
Net interest income on defined benefit assets (note 31 vii)
1.4
1.3
Interest on bank deposits
0.2
0.1
Total finance income
1.6
1.4
7. Finance costs
2024
2023
€m
€m
Interest on bank overdrafts and loans	
4.7
5.0
Interest on lease obligations 
3.8
1.5
Total finance costs
8.5
6.5
161
Financial Statements
2024 Annual Report and Financial Statements

8. Income tax expense
2024
2023
€m
€m
Current tax
1.8
1.5
Deferred tax (note 24)
0.5
0.2
Total income tax expense for the financial year
2.3
1.7
The Company and its Irish tax resident subsidiaries have elected to be taxed under the Irish tonnage tax scheme. Under the 
tonnage tax scheme, taxable profit on eligible activities is calculated on a specified notional profit per day related to the 
tonnage of the vessels utilised. In accordance with the IFRIC clarification of tonnage taxes issued May 2009, the tonnage 
tax charge is not considered an income tax expense under IAS 12 Income Taxes, and has been included in other operating 
expenses in the Consolidated Income Statement. 
Domestic income tax is calculated at 12.5% of the estimated assessable profit for the year for all activities which do not fall to 
be taxed under the tonnage tax scheme. Taxation for other jurisdictions is calculated at the rates prevailing in the relevant 
jurisdictions. The income tax expense for the year includes a current tax charge of €1.8 million (2023: €1.5 million) and a 
deferred tax charge of €0.5 million (2023: €0.2 million).
The total tax expense for the financial year is reconciled to the accounting profit as follows:
2024
2023
€m
€m
Profit before tax
62.2
63.3
Tax at the domestic income tax rate of 12.5% (2023: 12.5%)
7.8
7.9
Effect of tonnage relief
(6.6)
(6.9)
Difference in effective tax rates
0.6
0.5
Other items
0.5
0.2
Income tax expense recognised in the Consolidated Income Statement
2.3
1.7
Notes Forming Part of the Consolidated Financial Statements
Continued
162
Irish Continental Group

9. Profit for the year
2024
2023
€m
€m
Profit for the year arrived at after charging:
Depreciation of property, plant and equipment (note 12)
46.9
45.1
Amortisation of intangible assets (note 13)
0.5
0.4
Depreciation of right-of-use assets (note 14)
17.0
18.7
Depreciation and amortisation costs
64.4
64.2
Fuel
109.5
106.8
Labour
69.6
65.4
Port costs
127.1
113.5
Haulage
54.9
51.4
Other 
82.2
76.1
Other operating expenses
443.3
413.2
Foreign exchange losses / (gains)
0.1
(0.1)
Expenses relating to lease payments not included in the measurement of the lease liability
Short-term leases
4.9
1.9
Variable lease payments
2.6
1.9
Group Auditor’s remuneration:
€’000
€’000
The audit of the Group financial statements
297.5
290.0
Other assurance services
27.0
40.0
Tax advisory and compliance
78.0
70.0
402.5
400.0
The portion of the above audit fees attributable to the Company financial statements payable to KPMG was €85,000 (2023: 
€83,000).
10. Dividends
2024
2023
€m
€m
Final dividend of 9.93c per ICG Unit RE: financial year ended 31 December 2023 (2022: 9.45c)
16.3
16.1
Interim dividend of 5.11c per ICG Unit RE: the financial year ended 31 December 2024 (2023: 
4.87c)
8.4
8.3
24.7
24.4
The Board is proposing a final dividend of 10.43 cent per ordinary share amounting to €17.2 million out of the distributable 
reserves of the Company.
163
Financial Statements
2024 Annual Report and Financial Statements

11. Earnings per share
2024
2023
’000
’000
Shares in issue at the beginning of the year
166,217
170,823
Effect of shares issued during the year
161
70
Effect of share buybacks and cancellation in the year
(1,543)
(960)
Weighted average number of ordinary shares for the purpose of basic earnings per share
164,835
169,933
Dilutive effect of employee equity plans where vesting conditions not met
3,203
2,645
Weighted average number of ordinary shares for the purposes of diluted earnings per share
168,038
172,578
Denominator for earnings and diluted earnings per share calculations 
Share option awards under the ICG Performance Share Plan are treated as contingently issued shares because any shares 
which may in future be issued are contingent on the satisfaction of performance conditions set at the date of grant, in 
addition to the passage of time. Where the performance conditions have been met at the end of the performance period 
and the options remain unexercised, they are no longer treated as contingently issuable and are treated as issued shares 
from the end of the performance period and included in the weighted average number of ordinary shares for the purpose of 
basic earnings per share.
Those contingently issuable shares for which the performance period has not yet expired, are included in the weighted 
average number of ordinary shares for the purposes of diluted earnings per share unless the performance conditions 
governing their exercisability have not been met at the reporting date.
A total of 564,944 (2023: 838,954) unvested share options outstanding at the reporting date have been excluded from the 
weighted average number of ordinary shares for the purposes of diluted earnings per share as they were either antidilutive 
or had not met the performance conditions governing their exercisability.
The earnings used in both the adjusted basic and adjusted diluted earnings per share are adjusted to take into account the 
net interest on defined benefit obligations and the effect of non-trading items after tax. The calculation of the basic and 
diluted earnings per share attributable to ordinary equity holders of the parent is based on the following data:
2024
2023
€m
€m
Earnings
Earnings for the purposes of basic and diluted earnings per share -
Profit for the financial year attributable to equity holders of the parent
59.9
61.6
Net interest income on defined benefit assets (note 31 vii)
(1.4)
(1.3)
Earnings for the purposes of adjusted basic and adjusted diluted earnings per share
58.5
60.3
2024
2023
Cent
Cent
Basic earnings per share
36.3
36.2
Diluted earnings per share
35.6
35.7
Adjusted basic earnings per share
35.5
35.5
Adjusted diluted earnings per share
34.8
34.9
Notes Forming Part of the Consolidated Financial Statements
Continued
164
Irish Continental Group

12. Property, plant and equipment 
Assets under 
Construction
Vessels
Plant, 
Equipment and 
Vehicles
Land and 
Buildings
Total
€m
€m
€m
€m
€m
Cost
At 1 January 2023
4.6
534.1
65.5
28.3
632.5
Additions
6.1
24.8
18.2
1.6
50.7
Reclassification
(10.7)
10.7
-
-
-
Disposals
-
(16.1)
(4.8)
-
(20.9)
Currency adjustment
-
1.0
0.1
-
1.1
At 31 December 2023
-
554.5
79.0
29.9
663.4
Additions
1.6
24.8
1.3
0.8
28.5
Disposals
-
(13.8)
(0.9)
-
(14.7)
Currency adjustment
-
2.6
0.2
-
2.8
At 31 December 2024
1.6
568.1
79.6
30.7
680.0
Accumulated depreciation
At 1 January 2023
-
213.8
45.5
10.9
270.2
Depreciation charge for the financial year
-
40.8
3.7
0.6
45.1
Eliminated on disposals
-
(16.1)
(4.8)
-
(20.9)
Currency adjustment
-
0.3
-
-
0.3
At 31 December 2023
-
238.8
44.4
11.5
294.7
Depreciation charge for the financial year
-
42.7
3.6
0.6
46.9
Eliminated on disposals
-
(13.8)
(0.9)
-
(14.7)
Currency adjustment
-
1.1
0.1
-
1.2
At 31 December 2024
-
268.8
47.2
12.1
328.1
Carrying amount
At 31 December 2024
1.6
299.3
32.4
18.6
351.9
At 31 December 2023
-
315.7
34.6
18.4
368.7
In accordance with IAS 16, the property, plant and equipment of the Group and Company has been reviewed in relation to 
the residual values used for the purpose of depreciation calculations. In considering residual values of passenger vessels, the 
Directors have taken into consideration the valuation of the scrap value of the vessels per light displacement tonne. Residual 
values are reviewed annually and updated where the Directors consider the latest estimates of residual value estimates 
would lead to a significant change in depreciation charges.
Estimations of economic life of vessels are a key judgemental estimate in the financial statements and further details are 
set out in note 3. In relation to the remaining estimated economic life of the vessels, a one year increase/ decrease would 
have a €2.9 million (2023: €2.6 million) decrease/ €4.2 million (2023: €3.7 million) increase in depreciation in the Consolidated 
Income Statement, and a €2.9 million (2023: €2.6 million) increase/ €4.2 million (2023: €3.7 million) decrease on the carrying 
value of property, plant and equipment in the Statement of Financial Position.
165
Financial Statements
2024 Annual Report and Financial Statements

During the reporting period, management reassessed the remaining economic life of the Dublin Swift fastcraft. 
Management considered the technical condition of the vessel noting that the initial useful economic life estimate had 
been based on a more intensive use of the vessel that what had actually occurred and that there were no obsolescence 
issues that would prevent the vessel from continuing to operate safely and effectively beyond the initial useful life estimate. 
Management further considered the valuation estimates received on the vessel which indicated a surplus over carrying 
value. Following consideration of the above management expect that the vessel can continue in economic operation for at 
least another five years beyond the originally projected end-of-life date. The remaining economic life estimate was increased 
from three to eight years from the beginning of the reporting period. No change was made to the residual value estimate. It 
was further noted that this decision was consistent with the treatment applied to the Group’s conventional ferries. The effect 
of the increase in useful life was to reduce the depreciation charge in the reporting period by €1.4 million.
During the years ended 31 December 2024 and 2023, no staff costs or interest costs were included in additions. Assets under 
construction at 31 December 2024 of €1.6 million (2023: €nil) relate to construction completed on assets not in operation at 
the year end. 
13. Intangible assets
2024
2023
€m
€m
Cost
At 1 January 
13.5
12.9
Additions
1.2
0.6
At 31 December 
14.7
13.5
Amortisation
At 1 January 
11.4
11.0
Charge for the financial year
0.5
0.4
At 31 December 
11.9
11.4
Carrying amount
At 31 December
2.8
2.1
At 1 January
2.1
1.9
The intangible assets included above, all computer software, have finite useful lives of five years over which the assets are 
amortised. Amortisation is on a straight-line basis.
Notes Forming Part of the Consolidated Financial Statements
Continued
12. Property, plant and equipment  (continued)
166
Irish Continental Group

14. Right-of-use assets
Vessels
  Plant and 
Equipment 
   Land and 
Buildings 
Total
€m
€m
€m
€m
Cost
At 1 January 2023
49.2
15.2
34.1
98.5
Additions
15.5
0.2
-
15.7
Lease remeasurement
-
-
(2.4)
(2.4)
Derecognition on lease expiry
(49.3)
(0.8)
-
(50.1)
Currency adjustment
-
-
0.3
0.3
At 31 December 2023
15.4
14.6
32.0
62.0
Additions
84.4
2.2
-
86.6
Lease remeasurement
-
-
0.3
0.3
Derecognition on lease expiry
-
(1.5)
-
(1.5)
Currency adjustment 
-
-
0.8
0.8
At 31 December 2024
99.8
15.3
33.1
148.2
Accumulated depreciation 
At 1 January 2023
41.7
7.1
8.3
57.1
Charge for the period
13.8
2.3
2.6
18.7
Derecognition on lease expiry
(49.3)
(0.8)
-
(50.1)
Currency adjustment
-
-
0.2
0.2
At 31 December 2023
6.2
8.6
11.1
25.9
Charge for period
11.9
2.2
2.9
17.0
Derecognition on lease expiry
-
(1.5)
-
(1.5)
Currency adjustment 
-
-
0.5
0.5
At 31 December 2024
18.1
9.3
14.5
41.9
Carrying amount
At 31 December 2024
81.7
6.0
18.6
106.3
At 31 December 2023
9.2
6.0
20.9
36.1
Right-of-use assets are depreciated on a straight-line basis over the lease term. Where a lease contract contains extension 
options, the Group includes such option periods in its valuation of right-of-use assets where it is reasonably certain to 
exercise the option. Initial direct costs incurred in the period relating to the acquisition of leases and included in additions 
amounted to €2.2 million (2023: €1.4 million). 
Plant and equipment mainly relates to containers used in the Group’s container fleet leased under various master 
agreements with an average remaining term of 3.2 years (2023: 3.1 years). Land and buildings comprised (i) leased land at 
Dublin Port from which the Group operates a container terminal where the average remaining lease term was 90 years 
(2023: 91 years); (ii) a concession agreement at Belfast Harbour from which the Group operates a container terminal where 
the average remaining lease term was 1.7 years (2023: 2.7 years) and (iii) land leased during 2021 at Dublin Inland Port from 
which the Group operates a container depot where the average remaining lease term was 17.0 years (2023: 18.0 years).
Related lease liabilities of €107.1 million (2023: €37.0 million) are disclosed in note 22 to the Consolidated Financial 
Statements. 
167
Financial Statements
2024 Annual Report and Financial Statements

15. Finance lease receivable
 2024
 2023
€m
€m
At 1 January
10.5
13.6
Amounts received
(3.6)
(3.6)
Net benefit recognised in revenue
0.4
0.5
At 31 December 
7.3
10.5
In 2019, the Group entered into a bareboat hire purchase sale agreement for the disposal of a vessel. Legal title to the vessel 
transfers to the lessor only on payment of the final instalment. The deferred consideration has been treated as a finance 
lease receivable at an amount equivalent to the net investment in the lease.
Amounts received less the net benefit recognised in revenue, a total of €3.2 million (2023: €3.1 million) has been recognised 
in the Consolidated Statement of Cash Flows as proceeds on disposal of property, plant and equipment.
The amounts receivable under the agreement at 31 December were as follows:
2024
2023
€m
€m
Within one year
7.3
3.6
Between one and two years
-
7.3
Undiscounted payments receivable
7.3
10.9
Unearned income
-
(0.4)
Present value of payments receivable / Net investment in the lease
7.3
10.5
Analysed as:
Current finance lease receivable
7.3
3.2
Non-current finance lease receivable
-
7.3
7.3
10.5
The Group is not exposed to foreign currency risk as a result of the lease arrangement, as it is denominated in euro. Residual 
value risk on the vessel under lease is not significant, because of the existence of a secondary market in vessels. 
The Directors of the Company estimate the loss allowance on the finance lease receivable at 31 December at an amount 
equal to lifetime expected credit losses. None of the finance lease receivable at 31 December 2024 was past due. Taking into 
account the historical payment experience up to the date of approval of these financial statements has been in line with 
the agreed contractual arrangement together with the retention of legal title, the Directors of the Group consider that the 
allowance for expected credit losses is immaterial. 
Notes Forming Part of the Consolidated Financial Statements
Continued
168
Irish Continental Group

16. Inventories
2024
2023
€m
€m
Fuel and lubricating oil
4.2
3.5
Catering and other stocks
0.8
0.5
EU carbon credits (EUAs)
6.1
-
11.1
4.0
All inventories have been valued at cost. The Directors consider that the carrying amount of fuel and catering inventories 
approximate their replacement value. EUAs held will be used to settle surrender obligations recognised within current 
liabilities. 
Cost of inventories recognised as an expense in the Consolidated Income Statement amounted to €122.7 million during the 
financial year (2023: €118.4 million).
17. Trade and other receivables
2024
2023
€m
€m
Trade receivables
59.3
60.6
Allowance for expected credit losses
(2.2)
(2.3)
57.1
58.3
Prepayments
  Deposits relating to property, plant and equipment
0.3
0.1
  Other prepayments
4.4
4.1
Finance lease receivable (note 15)
7.3
3.2
Other receivables
4.1
2.9
73.2
68.6
The Group and Company extend credit to certain trade customers after conducting a credit risk assessment. Year-end trade 
receivables represent 36 days sales at 31 December 2024 (2023: 39 days). Deposits paid relating to other property, plant and 
equipment include advance payments for services or goods where title has not transferred at the period end. 
The Group’s trade receivables are analysed as follows:
Gross value
Expected credit 
losses
Net value
Gross value
Expected credit 
losses
Net value
2024
2024
2024
2023
2023
2023
€m
€m
€m
€m
€m
€m
Not past due
Within terms
56.2
(1.1)
55.1
55.2
(1.4)
53.8
Past due
Within 3 months
2.6
(0.6)
2.0
4.7
(0.5)
4.2
After 3 months
0.5
(0.5)
-
0.7
(0.4)
0.3
59.3
(2.2)
57.1
60.6
(2.3)
58.3
169
Financial Statements
2024 Annual Report and Financial Statements

Expected credit losses
The Group has applied the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as 
these items do not have a significant financing component. The concentration of credit risk is limited due to the exposure 
being spread over a large number of counterparties and customers. In measuring the expected credit losses, the trade 
receivables have been grouped by shared credit risk characteristics and by days past due. The expected loss rates are heavily 
influenced by the past rate of actual credit losses. Trade receivables are written off when there is no reasonable expectation 
of recovery. The Group also considers expected credit losses in relation to prepaid capital purchases such as vessel building 
deposits as there is a risk of non-delivery. The Group has a limited history of credit losses.
2024
2023
€m
€m
Movement in the allowance for expected credit losses
Balance at beginning of the financial year
2.3
2.6
Decrease in allowance during the financial year	
(0.1)
(0.3)
Balance at end of the financial year
2.2
2.3
18. Cash and cash equivalents
For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash on hand and in banks. There were 
no bank overdrafts outstanding at 31 December which met the offsetting conditions under IAS 32 Financial Instruments. 
Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows were:
2024
2023
€m
€m
Cash and cash equivalents	
41.3
46.8
Cash and cash equivalents comprise cash held by the Group and Company and short-term bank deposits with an original 
maturity of three months or less. The carrying amount of these assets approximates their fair value. 95 per cent of the cash 
and cash equivalents were on deposit in institutions rated A2 or above by Moodys. The Directors consider the credit risk of 
these counterparties to be compatible with the Group’s credit policy and operational requirements.
The geographic spread by deposit institution for the Group was as follows:
2024
2023
€m
€m
Ireland
38.9
44.4
United Kingdom
2.3
2.3
Europe
0.1
0.1
Total
41.3
46.8
Notes Forming Part of the Consolidated Financial Statements
Continued
17. Trade and other receivables (continued)
170
Irish Continental Group

19. Share capital
Group and Company
Authorised
2024
2024
2023
2023
Number
€m
Number
€m
Ordinary shares of par value €0.065 each
450,000,000
29.3
450,000,000
29.3
Redeemable shares of par value
€0.00001 each
4,500,000,000
-
4,500,000,000
-
29.3
29.3
Allotted, called up and fully paid 
2024
2024
2023
2023
Number
€m
Number
€m
Ordinary shares
At beginning of the financial year
166,217,207
10.8
170,823,142
11.1
Share issue
257,341
-
146,065
-
Share buyback
(1,893,983)
(0.1)
(4,752,000)
(0.3)
At end of the financial year
164,580,565
10.7
166,217,207
10.8
There were no redeemable shares in issue at 31 December 2024 or 31 December 2023.
The Company has one class of share unit, an ICG Unit, which at 31 December 2024 comprised one ordinary share and nil 
redeemable shares. The share unit, nor any share therein, does not carry any right to fixed income.
The number of ICG Units issued during the year was 257,341 (2023: 146,065) and total consideration received amounted to 
€0.7 million (2023: €0.4 million). These ICG Units were issued under the Group’s and Company’s share option plans.
During the year, the Company bought back 1,893,983 (2023: 4,752,000) ICG Units on the market at prices ranging between 
€4.50 and €5.00 and at a weighted average price of €4.74 per ICG Unit. Total consideration paid of €9.0 million (2023: €21.4 
million) was charged against retained earnings. The nominal value of the shares cancelled of €123,000 (2023: €309,000) was 
retained in a undenominated capital redemption reserve. The buybacks were conducted in line with the Group’s capital 
management policy at prices which the Directors considered were in the best interests of the remaining shareholders.
Holders of ordinary shares are entitled to such dividends that may be declared from time to time on such shares and are 
entitled to attend, speak and vote at the Annual General Meeting of the Company. On return of capital on a winding up, the 
holder of ordinary shares is entitled to participate in a distribution of surplus assets of the Company.
Redeemable shares do not entitle holders to any dividend nor any right to participate in the profit or assets of the Company 
other than to the repayment of a sum equal to the nominal value of 0.001 cent per share on a winding up of the Company. 
Redeemable shares do not entitle the holder to attend, speak or vote at the Annual General Meeting.
171
Financial Statements
2024 Annual Report and Financial Statements

20. Analysis of Equity 
Group and Company
Share premium
The share premium account comprises the excess of monies received in respect of share capital over the nominal value of 
shares issued.
Capital reserves
This consists of reserves arising on consolidation and the undenominated capital redemption reserve. 
Reserves arising on consolidation relate to the acquisition of a subsidiary. At 31 December 2024, the reserve balance was €0.1 
million. The balance is unchanged from 31 December 2023, 1 January 2024 and 1 January 2023. 
The undenominated capital redemption reserve represents the nominal value of share capital repurchased. During the year, 
€0.1 million was transferred from retained earnings representing the nominal value of shares cancelled. At 31 December 
2024, the reserve balance stands at €8.9 million (2023: €8.8 million).
Share options reserve
The share options reserve represents the cumulative charge to the Consolidated Income Statement of share options issued 
which are not yet exercised.
Translation reserve
Exchange differences relating to the translation of the net assets and results of the Group’s foreign currency denominated 
subsidiaries, from their functional currency into the Group’s presentational currency, being euro, are recognised directly in 
the translation reserve.
21. Borrowings
2024
2023
€m
€m
Bank loans
97.3
103.8
Private placement loan notes
-
50.0
Origination fees 
(0.9)
(0.3)
96.4
153.5
On demand or within one year
7.3
112.4
In the second year
7.3
7.4
In the third year
7.4
7.5
In the fourth year
7.4
7.5
Fifth year and after
67.0
18.7
96.4
153.5
Less: Amount due for settlement within 12 months 
(7.3)
(112.4)
Amount due for settlement after 12 months
89.1
41.1
Obligations under the Group borrowing facilities have been cross guaranteed by Irish Continental Group plc and certain 
subsidiaries within the Group but are otherwise unsecured. 
The currency profile of the Group’s borrowings is set out in note 23 (iii).
Notes Forming Part of the Consolidated Financial Statements
Continued
172
Irish Continental Group

Borrowing facilities
2024
2023
€m
€m
Overdraft and trade guarantee facilities
Amounts utilised – trade guarantee (note 35)
0.6
0.6
Amounts undrawn
19.4
15.4
Total committed overdraft facilities
20.0
16.0
Committed loan facilities
Amounts drawn
97.3
153.8
Amounts undrawn
44.0
20.0
Total committed loan facilities
141.3
173.8
Uncommitted facilities
314.7
248.9
At 31 December 2024, the Group had total committed loan and overdraft facilities of €161.3 million (2023: €189.8 million) 
which comprised of amounts utilised (including trade guarantees of €0.6 million (2023: €0.6 million)) of €97.9 million (2023: 
€154.2 million) and amounts undrawn of €63.4 million (2023: €35.4 million). Uncommitted facilities relate to bank and 
private placement shelf agreements which are available for drawing at the discretion of the relevant lender. All borrowings 
at 31 December 2024 were denominated in euro. 
The Group’s borrowing facilities comprise of the following;
i) A bank overdraft and trade guarantee facility with permitted drawing amounts of €20.0 million. At 31 December 2024, 
€0.6 million (2023: €0.6 million) was utilised on this facility by way of trade guarantees and €nil (2023: €nil) was utilised as an 
overdraft. Interest rates are calculated by reference to the lender’s prime rate plus a fixed margin. This facility, available for 
drawing by the Company and certain subsidiaries, is reviewed annually and is repayable on demand. 
ii) A multicurrency revolving credit facility with permitted drawing amounts of €100.0 million, which may be increased 
to €150.0 million in total at the discretion of the lenders on application. At 31 December 2024, €56.0 million (2023: €55.0 
million) was drawn under this facility. Interest rates are arranged at floating rates for an interest period of up to six months, 
calculated by reference to EURIBOR or other reference rate depending on the currency drawn plus an agreed margin 
which varies with the Group’s net debt to EBITDA ratio, which creates a cash flow interest rate risk. This facility is available for 
drawing by the Company and certain subsidiaries and has a maturity date of 29 March 2029 but is extendable for up to two 
years at the lenders’ discretion.
iii) Amortising term loan facility totalling €41.3 million (2023: €48.8 million) made available by the European Investment 
Bank to fund the construction of a new cruise ferry which was delivered in December 2018. This facility had been drawn 
in full and is repayable in equal instalments over a ten year period commencing December 2020 and ending during 2030. 
Interest rates were fixed for the duration of the term at a rate of 1.724%. 
iv) Multicurrency private placement loan note shelf agreements agreed with a number of investors with a potential drawing 
amount of €264.7 million. Loan notes for a total amount of €50.0 million with a maturity of 30 November 2024 at an interest 
rate of 1.40% were repaid during FY2024 under this facility. The facility is available for drawing at the discretion of investors 
up to 6 October 2026, having been extended during 2023 for an additional 3 years. Interest rates are set at each drawing 
date and the maturity of any loan note issued may extend for up to 15 years from the date of issue.
21. Borrowings (continued)
173
Financial Statements
2024 Annual Report and Financial Statements

The weighted average interest rates paid during the financial year were as follows:
2024
2023
Bank overdrafts
4.53%
4.24%
Borrowings
2.86%
2.82%
The average interest rates reflect the terms of the refinancing arrangements concluded in prior periods. There was €37.5 
million (2023: €25.6 million) worth of bank loans drawn during 2024 from an existing loan facility. Interest rates on all 
bank loans drawn in prior periods were fixed at date of drawdown with resetting occurring every three to six months. The 
Group’s financing facilities contain provisions that where there is a change in control of the Company, lenders may cancel 
the facilities and declare all utilisations immediately due and payable. A change of control is where any person or group of 
persons acting in concert becomes the owner of more than 50 per cent of the voting share capital of the Company.
The borrowing agreements contain a range of undertakings and negative pledges including conduct of business in 
compliance with laws and regulations, maintenance of assets, insurance and take-on of additional borrowing facilities. 
In certain circumstances, proceeds from the disposal of key assets must be applied towards repayment of borrowings. In 
the opinion of the Directors, the Group and Company are in compliance with the covenants contained in its borrowing 
agreements as of 31 December 2024. 
The two key financial covenants cover leverage which is borrowings expressed as times EBITDA and interest cover which is 
EBITDA expressed as times interest on borrowings. The calculation of these ratios and reconciliation to IFRS measures is set 
out below.
EBITDA for covenant purposes
2024
2023
€m
€m
Operating profit
69.1
68.4
Depreciation and amortisation
64.4
64.2
EBITDA
133.5
132.6
Movement in lease receivable (note 15)*
1.7
3.1
Lease payments (note 22)
(18.4)
(19.5)
EBITDA for covenant purposes
116.8
116.2
*For the financial year ended 2024, only a portion of the movement in the lease receivable is recognisable under the banking 
agreement for covenant purposes.  
Net debt for covenant purposes
2024
2023
€m
€m
Cash (note 18)
(41.3)
(46.8)
Bank deposits subject to lien (note 18)
-
3.5
Borrowings (note 21)
96.4
153.5
Origination fees (note 21)
0.9
0.3
Trade guarantees (note 35)
0.6
0.6
Net debt for covenant purposes
56.6
111.1
Notes Forming Part of the Consolidated Financial Statements
Continued
21. Borrowings (continued)
174
Irish Continental Group

Bank loan interest expense
2024
2023
€m
€m
Finance income (note 6)
(1.6)
(1.4)
Finance costs (note 7)
8.5
6.5
Net finance costs
6.9
5.1
Net interest income on defined benefit assets (note 6)
1.4
1.3
Interest expense on lease liabilities (note 7)
(3.8)
(1.5)
Bank loan interest expense
4.5
4.9
Times
Times
Covenant
Covenant Level 
Leverage ratio
Max 3.0x
0.5x
1.0x
Interest service ratio
Min 4.0x
26.0x
23.7x
22. Lease liabilities
 2024
 2023
€m
€m
At 1 January 
37.0
42.4
Additions 
84.1
14.3
Payments
(18.4)
(19.5)
Lease interest expense recognised in period
3.8
1.5
Lease remeasurement
0.3
(1.8)
Currency adjustment
0.3
0.1
At 31 December 
107.1
37.0
Analysed as:
Current liabilities
7.5
11.6
Non-current liabilities
99.6
25.4
107.1
37.0
The maturity profile of lease liabilities is set out below:
2024
2023
€m
€m
Committed lease obligations
Within one year
7.5
11.6
Between one and two years
79.9
3.6
Between two and three years
1.4
3.1
Between three and four years
1.3
1.0
Between four and five years
0.8
0.9
Between five and 10 years
1.5
1.9
Greater than 10 years
14.7
14.9
107.1
37.0
21. Borrowings (continued)
175
Financial Statements
2024 Annual Report and Financial Statements

Outstanding lease terms vary from one month to eight years except in the case of leasehold land where the terms vary 
between 17 and 97 years. At 31 December 2024, the average incremental borrowing rate applying to lease liabilities was 
4.6% (2023: 3.8%) for periods of between one month and 97 years. These rates were based on the incremental borrowing 
rate (“IBR”) which in the case of lease liabilities recognised on application of IFRS 16 was estimated at 1 January 2019 and in 
all other cases at the date of commencement of the lease. Leases are remeasured at the existing IBR estimate where there 
are changes to rentals previously contemplated based on changes in an index or market rate. Leases are also remeasured at 
latest IBR estimates where modifications to the lease are made which were not previously contemplated. The incremental 
borrowing rate is estimated as that rate of interest available to the Group for borrowings over a similar term as the obligation 
to acquire a similar asset. The Group’s obligations are secured by lessors’ title to the leased assets.
All lease contracts relating to land and property contain market review clauses. The leases for land and property in Dublin 
contain seven yearly upward only rent reviews based on market rates. The next review is due on 1 January 2031. The lease 
contract relating to land and property in Belfast includes an annual review based on UK Retail Price Inflation. 
The above lease liabilities do not include any variable payments based on throughput of leased facilities, short term leases of 
less than one year or leases relating to low value assets. These are expensed as incurred and disclosed at note 9. 
Related right-of-use assets of €106.3 million (2023: €36.1 million) are disclosed in note 14 to the Consolidated Financial 
Statements. Expenses of €7.5 million (2023: €3.8 million) relating to short-term leases, variable lease payments and leases 
of low-value assets were recognised in the income statement and are disclosed in note 9 to the Consolidated Financial 
Statements. 
23. Financial instruments and risk management
The Group’s activities expose it to a variety of financial risks including market risk (such as interest rate risk, foreign currency 
risk, commodity price risk), liquidity risk and credit risk. The Group’s funding, liquidity and exposure to interest and foreign 
exchange rate risks are assessed within the Group’s risk management systems and included on the Group’s risk register. 
Risk mitigation measures may include use of financial derivatives, foreign currency forward contracts, interest rate swaps 
and cash flow matching. 
i) Categories of financial instruments
Financial assets and liabilities
2024
Loans and 
receivables at 
amortised cost
Financial 
liabilities at 
amortised cost
Carrying value
Fair value
€m
€m
€m
€m
Finance lease receivable
7.3
-
7.3
7.3
Trade and other receivables
61.2
-
61.2
61.2
Cash and cash equivalents
41.3
-
41.3
41.3
Borrowings
-
96.4
96.4
94.3
Trade and other payables
-
94.3
94.3
94.3
2023
Loans and 
receivables at 
amortised cost
Financial 
liabilities at 
amortised cost
Carrying value
Fair value
€m
€m
€m
€m
Finance lease receivable
10.5
-
10.5
10.5
Trade and other receivables
61.2
-
61.2
61.2
Cash and cash equivalents
46.8
-
46.8
46.8
Borrowings
-
153.5
153.5
148.4
Trade and other payables
-
80.5
80.5
80.5
Notes Forming Part of the Consolidated Financial Statements
Continued
22. Lease liabilities (continued)
176
Irish Continental Group

Fair value hierarchy
The Group does not have any financial assets or financial liabilities that are carried at fair value in the Consolidated 
Statement of Financial Position at 31 December 2024 and 31 December 2023. In relation to those financial assets and 
financial liabilities where fair value is required to be disclosed in the Notes to the Consolidated Financial Position, these 
financial assets and financial liabilities are classified within Level 3 (2023: Level 3) of the fair value hierarchy as market 
observable inputs (forward rates and yield curves) which are used in arriving at fair values.
The Group has adopted the following fair value measurement hierarchy for financial instruments:
•	 Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities;
•	 Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either 
directly (i.e. as prices) or indirectly (i.e. derived from prices); and
•	 Level 3: techniques that use inputs which have a significant effect on the recorded fair value that are not based on 
observable market data.
The following are the significant methods and assumptions used to estimate fair values of financial assets and financial 
liabilities:
Finance lease receivable
Finance lease recognised based on the estimated net investment in the lease being the present value of the contractual 
future cash flows discounted at the rate implicit in the lease. The final lease payment is due within 4 months of the year 
ended 31 December 2024, and as such it was determined that the fair value of the lease approximates carrying value. 
Trade and other receivables / payables
For trade receivables and trade payables, with average settlement periods of 36 days (2023: 39 days) and 78 days (2023: 71 
days) respectively, the carrying value less allowance for expected credit losses, where appropriate, is estimated to reflect fair 
value due to their short-term nature.
Cash and cash equivalents
For cash and cash equivalents, all with a maturity of three months or less, the nominal amount is estimated to reflect fair 
value.
Borrowings
The fair value of bank loans has been determined based on a discounted cash flow analysis with the most significant input 
being the discount rate reflecting the Group’s own credit risk. For leases, the incremental borrowing rates applicable in the 
majority of the Group’s leases has been recently set, therefore the carrying value approximates fair value.
Derivative financial instruments
There are no derivative financial instruments outstanding at 31 December 2024 and 31 December 2023 and none were 
entered into in either 2024 or 2023.
Financial guarantee contracts
Financial guarantee contracts issued by the Group in favour of third parties are measured initially at fair value and thereafter 
at the higher of (i) any expected credit loss allowance and (ii) the initial fair value amount recognised less any cumulative 
amount recognised as income. There were no such contracts outstanding at 31 December 2024 and 2023, other than cross 
group guarantees which are eliminated on consolidation.
23. Financial instruments and risk management (continued)
177
Financial Statements
2024 Annual Report and Financial Statements

ii) Interest rate risk
At 31 December 2024, interest rates on short-term bank deposits were contracted for terms of less than three months at 
average effective rates of 1.9% (2023: 2.0%). 
As referenced in note 21, Group borrowings at 31 December 2024 comprise two term loans, of which one is on a fixed rate. 
The second term loan is arranged at floating rates for an interest period of up to six months, calculated by reference to 
EURIBOR or other reference rate depending on the currency drawn plus an agreed margin which varies with the Group’s 
net debt to EBITDA ratio, which creates a cash flow interest rate risk. The average interest rate at 31 December 2024 was 
3.41% (2023: 2.96%) for remaining terms of between 4.2 and 5.4 years. 
The interest rates on all lease liabilities at 31 December 2024 were fixed at the incremental borrowing rate at the later of the 
IFRS 16 effective application date of 1 January 2019 or lease commencement date. 
Sensitivity to interest rates
As outlined in note 21, the Group has a multicurrency revolving credit facility of which €56.0 million (2023: €55.0 million) was 
drawn at 31 December 2024. Interest rates are arranged at floating rates for an interest period of up to six months, calculated 
by reference to EURIBOR or other reference rate depending on currency drawn plus an agreed margin which varies with 
the Group’s net debt to EBITDA ratio. Based on the average amounts drawn during the year ended 31 December 2024, a 
one percentage point (100 basis points) change in average floating interest rates would have had a €0.5 million (2023: €0.7 
million) impact on the Group’s profit before tax. Aside from its overdraft facility, the Group’s other facilities are on fixed rates.
iii) Foreign currency risk management
The Group publishes its consolidated financial statements in euro and conducts business in different foreign currencies. As a 
result, it is subject to foreign exchange risk due to exchange rate movements which will affect the Group’s transaction costs 
and the translation of the results and underlying net assets of its foreign operations. 
Sterling denominated profits are translated to euro at the average rate of exchange for the financial year. The average rate at 
which sterling profits were translated during the year was €1:£0.8466 (2023: €1:£0.8698). 
Exchange rate exposures are managed within approved policy parameters. The Group did not utilise forward foreign 
exchange contracts during the year ended 31 December 2024 or 31 December 2023.
Sensitivity
The currency risk sensitivity analysis is set out below: 
Under the assumptions; (i) a 10% strengthening in euro exchange rates against all currencies, profit before tax would have 
decreased by €0.3 million (2023: decrease of €2.0 million) and equity (before tax effects) would have decreased by €3.4 
million (2023: decrease of €6.1 million); (ii) a 10% weakening in euro exchange rates against all currencies, profit before tax 
would have increased by €0.4 million (2023: increase of €3.1 million) and equity (before tax effects) would have increased by 
€4.2 million (2023: increase of €8.1 million). The above movements for financial year 2024 include the embedded mitigating 
effects of fuel surcharges and the prior year movements have been recalculated accordingly.
Notes Forming Part of the Consolidated Financial Statements
Continued
23. Financial instruments and risk management (continued)
178
Irish Continental Group

The Group’s exposure to transactional foreign currency risk is as follows:
2024
Euro
Sterling
US Dollar
Total
€m
€m
€m
€m
Trade receivables (net)
0.8
5.6
0.8
6.4
Cash and cash equivalents
2.6
4.5
0.7
7.8
Total assets
3.4
10.1
1.5
14.2
Trade and other payables
0.8
13.7
7.1
20.8
Lease liabilities
-
-
0.7
0.7
Total liabilities
0.8
13.7
7.8
21.5
Net assets / (liabilities) 
2.6
(3.6)
(6.3)
(7.3)
2023
Euro
Sterling
US Dollar
Total
€m
€m
€m
€m
Trade receivables (net)
-
5.4
0.1
5.5
Cash and cash equivalents
1.9
10.3
-
12.2
Total assets
1.9
15.7
0.1
17.7
Trade and other payables
-
14.1
7.4
21.5
Lease liabilities
-
-
0.9
0.9
Total liabilities
-
14.1
8.3
22.4
Net assets / (liabilities)
1.9
1.6
(8.2)
(4.7)
iv) Commodity price risk
In terms of commodity price risk, the Group’s vessels consume heavy fuel oil (HFO), marine diesel / gas oil (MDO / MGO) 
and lubricating oils, all of which continue to be subject to price volatility. The Group must also manage the risks inherent in 
changes to the specification of fuel oil which are introduced under international and EU law from time to time.
The Group’s policy has been to purchase these commodities in the spot markets and to remain unhedged. In the Container 
and Terminal Division, movements in fuel costs are offset to a large extent by the application of pre-arranged price 
adjustments with our customers. Similar arrangements are in place with freight customers in the Ferries Division. In the 
passenger sector, changes in fuel costs are included in the ticket price to the extent that market conditions will allow.
v) Liquidity risk
The Group and Company are exposed to liquidity risk which arises primarily from the maturing of short-term and long-
term debt obligations. There were no open derivative contracts at 31 December 2024 or 31 December 2023. The Group 
and Company’s policy is to ensure that sufficient resources are available either from cash balances, cash flows or undrawn 
committed bank facilities, to ensure all obligations can be met as they fall due. To achieve this objective, the Group and 
Company:
•	 monitor credit ratings of institutions with which the Group and Company maintain cash balances;
•	 limit maturity of cash balances; and
•	 borrow the bulk of its debt needs under committed bank lines or other term financing and by policy maintains a 
minimum level of undrawn committed facilities.
23. Financial instruments and risk management (continued)
179
Financial Statements
2024 Annual Report and Financial Statements

At each year-end, the Group’s rolling liquidity reserve (which comprises cash and undrawn committed facilities and which 
represents the amount of available cash headroom in the Group funding structure) was as follows:
2024
2023
€m
€m
Cash and cash equivalents
41.3
46.8
Committed undrawn facilities
63.4
35.4
Liquidity reserve
104.7
82.2
Management monitors rolling cash flow forecasts on an ongoing basis to determine the adequacy of the liquidity position 
of the Group. This process also incorporates a longer term liquidity review to ensure refinancing risks are adequately catered 
for as part of the Group’s strategic planning.
Liquidity analysis
The following table sets out the maturity and liquidity analysis of the Group’s financial liabilities into the relevant maturity 
groupings based on the remaining period at the reporting date to the contractual maturity date:
Liquidity Table 2024
Weighted 
average 
period until 
maturity
Carrying 
amount
Contractual 
amount
Less than 1 
year
Between 1 – 
2 years
Between 2 – 
5 years
Between 5 – 
10 years
More than 
10 years
Years
€m
€m
€m
€m
€m
€m
€m
Liabilities
Trade and other payables
-
98.9
98.9
98.9
-
-
-
-
Borrowings
4.8
96.4
99.1
8.6
7.8
79.0
3.7
-
Lease liabilities
12.3
107.1
157.7
12.6
81.7
5.8
4.9
52.7
Total liabilities
302.4
355.7
120.1
89.5
84.8
8.6
52.7
Liquidity Table 2023
Weighted 
average 
period until 
maturity
Carrying 
amount
Contractual 
amount
Less than 1 
year
Between 1 – 
2 years
Between 2 – 
5 years
Between 
5-10 years
More than 
10 years
Years
€m
€m
€m
€m
€m
€m
€m
Liabilities
Trade and other payables
-
84.5
84.5
84.5
-
-
-
-
Borrowings
1.6
153.5
157.9
114.7
8.1
23.7
11.4
-
Lease liabilities
32.3
37.0
84.3
13.8
4.5
7.0
5.3
53.7
Total liabilities
275.0
326.7
213.0
12.6
30.7
16.7
53.7
vi) Credit risk 
The Group and Company monitors its credit exposure to its counterparties via their credit ratings (where applicable) and 
where possible limits its exposure to any one party to ensure that there are no significant concentrations of credit risk. 
Notwithstanding the foregoing, due to the nature of the underlying transaction there is a material exposure to a single 
counterparty in relation to the lease receivable. Mitigation of this exposure to finance lease receivables is explained at note 
15. Credit risk in relation to trade and other receivables and cash and cash equivalents has been discussed in notes 17 and 
18 respectively. The maximum exposure to credit risk is represented by the carrying amounts in the Statement of Financial 
Position.
Notes Forming Part of the Consolidated Financial Statements
Continued
23. Financial instruments and risk management (continued)
180
Irish Continental Group

vii) Capital management
The objective when managing capital is to safeguard the Group’s ability to continue in business and provide returns for 
shareholders together with maintaining the confidence of all stakeholders. No changes were made in the objectives, 
policies or processes for managing capital during the financial years ended 31 December 2024 and 31 December 2023.
The capital structure of the Group consists of net debt (borrowings as detailed in note 21 offset by cash and cash equivalents) 
and equity of the Group (comprising issued capital, reserves and retained earnings as detailed in notes 19 and 20). The Group 
seeks to maintain an optimal capital structure to reduce the overall cost of capital while balancing the benefits of different 
capital sources. Within this framework the Group considers the amount and tenor of borrowings and distributions to 
shareholders either through dividends or buybacks. 
During the year, the Company bought back 1.9 million ICG units at a cost of €9.0 million. The Group reduced bank 
borrowings (net of drawdowns) by €57.1 million, lease liabilities increased by €70.1 million (driven primarily by the addition of 
the Oscar Wilde vessel) and cash and cash equivalents decreased by €5.5 million. 
The Group actively monitors the externally imposed capital requirements contained in our debt facilities which set a 
maximum leverage ratio of net debt to earnings before interest tax depreciation and amortisation. Having agreed a 
temporary increase in this leverage ratio against the background of the Covid-19 pandemic to 4 times which applied during 
the financial year ended 2021, this reverted to 3 times for testing dates after 1 January 2022. At 31 December 2024, the 
leverage ratio under covenant definitions was 0.5 times (2023: 1.0 times). 
At 31 December 2024, the net debt position of the Group was €162.2 million (2023: net debt of €143.7 million) and total equity 
balances amounted to €322.3 million (2023: €282.3 million).
24. Deferred tax 
Companies within the Group where appropriate, have elected to be taxed under the Irish tonnage tax scheme in respect of 
all eligible shipping activities. Certain activities will not fall within the tonnage tax scheme and will continue therefore to be 
subject to standard rates of corporation tax. These activities give rise to deferred tax assets and liabilities and the impact of 
these is shown below.
Deferred tax assets arise where taxable losses in excess of expected future reversing taxable temporary differences have 
been incurred that are available for offset against future taxable profits. Deferred tax assets are recognised to the extent 
that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits 
can be utilised. A deferred tax asset of €0.1 million (2023: €0.1 million) has not been recognised in respect of tax losses as 
suitable taxable profits are not expected to arise. The Group estimates the probable amount of future taxable profits, using 
assumptions consistent with those employed in the Group’s financial planning process, and taking into consideration 
applicable tax legislation in the relevant jurisdiction. These calculations require the use of estimates.
The Group has not provided deferred tax in relation to temporary differences applicable to investments in subsidiaries on 
the basis that the Group can control the timing and realisation of these temporary differences and it is probable that the 
temporary difference would be immaterial and will not reverse in the foreseeable future. 
23. Financial instruments and risk management (continued)
181
Financial Statements
2024 Annual Report and Financial Statements

The following are the deferred tax liabilities and assets recognised by the Group, and the movements thereon, during the 
current and prior reporting periods:
2024
Net 
balance at 
1 January
Recognised 
in Income 
Statement
Recognised 
in SOCI
Currency 
translation 
adjustment
Net 
balance 
at 31 
December
Non-
current 
deferred 
tax assets
Non-current 
deferred tax 
liabilities
€m
€m
€m
€m
€m
€m
€m
Accelerated tax depreciation (including ROU assets)
(3.4)
(0.4)
-
-
(3.8)
-
(3.8)
Lease liabilities
3.0
0.2
-
-
3.2
3.2
-
Retirement benefit obligation
(3.8)
(0.3)
(0.2)
(0.2)
(4.5)
-
(4.5)
Tax assets / (liabilities) before set-off
(4.2)
(0.5)
(0.2)
(0.2)
(5.1)
3.2
(8.3)
Set-off tax
-
-
-
-
-
(3.0)
3.0
Net tax assets / (liabilities)
(4.2)
(0.5)
(0.2)
(0.2)
(5.1)
0.2
(5.3)
2023
Net 
balance at 
1 January
Recognised 
in Income 
Statement
Recognised 
in SOCI
Currency 
translation 
adjustment
Net 
balance 
at 31 
December
Non-
current 
deferred 
tax assets
Non-current 
deferred tax 
liabilities
€m
€m
€m
€m
€m
€m
€m
Accelerated tax depreciation (including ROU assets)
(3.8)
0.4
-
-
(3.4)
0.1
(3.5)
Lease liabilities
3.3
(0.3)
-
-
3.0
3.0
-
Retirement benefit obligation
(3.0)
(0.3)
(0.4)
(0.1)
(3.8)
-
(3.8)
Tax assets / (liabilities) before set-off
(3.5)
(0.2)
(0.4)
(0.1)
(4.2)
3.1
(7.3)
Set-off tax
-
-
-
-
-
(2.8)
2.8
Net tax assets / (liabilities)
(3.5)
(0.2)
(0.4)
(0.1)
(4.2)
0.3
(4.5)
Deferred tax is recognised in the Consolidated Statement of Comprehensive Income to the extent it arises on profits or 
losses recognised in that statement.
Notes Forming Part of the Consolidated Financial Statements
Continued
24. Deferred tax (continued)
182
Irish Continental Group

25. Trade and other payables
2024
2023
€m
€m
Within one year
Trade and other payables
53.9
52.3
Accruals
40.4
28.2
94.3
80.5
Deferred revenue
7.4
9.2
Payroll taxes
1.4
1.4
Social insurance cost
0.6
0.4
Corporation tax
0.3
0.3
Value-added tax
2.3
1.9
106.3
93.7
Trade payables and accruals comprise amounts outstanding for trade purchases and ongoing costs and are non-interest 
bearing. Accruals include an amount of €10.3 million (2023: €nil) for EU ETS surrender obligations under which the Group is 
in scope from 1 January 2024. They also include deferred revenue amounts of €7.4 million (2023: €9.2 million) relating to cash 
received in respect of performance obligations outstanding not yet complete by the Group. Movements in deferred revenue 
balances during the period were as follows:
2024
2023
€m
€m
At 1 January
9.2
11.8
Passenger revenue
(196.5)
(181.7)
Cash received
194.7
179.1
At 31 December
7.4
9.2
The average trade credit period outstanding was 78 days at 31 December 2024 (2023: 71 days). Certain suppliers reserve the 
right to charge interest on balances past their due date.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
183
Financial Statements
2024 Annual Report and Financial Statements

26. Provisions 
2024
2023
€m
€m
Claims provision
At beginning of the financial year
1.8
2.8
Utilisation of provision
-
-
Decrease in provision
(0.6)
(1.0)
At end of the financial year
1.2
1.8
Analysed as follows:
Current liabilities
0.6
0.9
Non-current liabilities
0.6
0.9
1.2
1.8
The claims provision comprises;
(i) the insurance excess payable by the Group and Company in a number of potential compensation claims, arising in the 
normal course of business. Provision is made for incidents reported prior to the reporting date but for which no claim has 
been received. No provision has been recognised for incidents that may have occurred prior to the reporting date, but which 
had not been reported to the Group, as based on past experience these are not expected to be material; 
(ii) provisions relate to claims lodged and expected to be lodged with the Group based on events which have occurred prior 
to the reporting date, where a future cash flow is expected to occur.
27. Commitments
2024
2023
€m
€m
Commitments for the acquisition of property, plant and equipment – approved and 
contracted for, but not accrued 
Approved and contracted
2.1
5.5
Less accrued at 31 December 
(0.7)
(3.9)
Approved and contracted for not accrued
1.4
1.6
28. Short-term lease obligations 
2024
2023
€m
€m
Within one year
-
2.1
There was €nil million of outstanding commitments at 31 December 2024 (2023: €2.1 million) relating to a short-term vessel 
charter. An expense of €7.5 million (2023: €3.8 million) was recognised in the period where the related rights were not 
recognised as a right-of-use asset. The 2024 expense is analysed in note 9. 
Notes Forming Part of the Consolidated Financial Statements
Continued
184
Irish Continental Group

29. Operating lease income
The aggregate future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
€m
€m
Within one year
3.6
4.8
3.6
4.8
The lease payments receivable relate to the charter of container vessels.
30. Share-based payments 
The Group operates two equity-settled share option schemes under which certain employees have been issued with share 
options as described below.
The Performance Share Plan (PSP) is the active plan under which option awards may be granted. Details of the award and 
vesting conditions are set out in the Report of the Remuneration Committee (pages 119-121). Vesting is contingent on a 
market condition based on total shareholder return and non-market conditions including earnings per share, free cash flow 
and return on average capital employed. During the year, 1,338,500 (2023: 1,293,500) options were granted under the PSP 
with vesting measured over a performance period of three years. 
The 2009 Share Option Plan remains in place with respect to outstanding grants made prior to 2016 but no new grants will 
be made following the adoption of the PSP. The number of shares over which options may be granted may not exceed 10 
per cent of the shares of the Company in issue.
Options are forfeited where the grantee ceases employment with the Group unless retention, is permitted by the 
Remuneration Committee under good leaver rules. The Scheme Rules allow for the early exercise of outstanding options 
upon a change in control of the Company.
The number and weighted average exercise price of share options granted under the above plans is as follows:
2024
2023
Number of share 
options
Weighted 
average exercise 
price
Number of share 
options
Weighted 
average exercise 
price
€
€
Outstanding at 1 January
5,621,987
1.167
5,529,536
1.257
Granted during the year
1,338,500
0.065
1,293,500
0.065
Exercised during the year
(1,060,051)
0.756
(841,477)
0.536
Forfeited during the year
(210,576)
0.065
(359,572)
0.065
Outstanding at 31 December
5,689,860
1.02
5,621,987
1.167
Exercisable at 31 December
1,550,000
3.58
1,780,000
3.546
Weighted average share price at date of exercise of options
4.75
4.495
Weighted average remaining contractual life of options 
outstanding at year-end
0.9
1.2 years
In settlement of the options exercised during the year, the Company issued 257,341 (2023: 93,979) new ICG units with the 
balance of 801,842 (2023: 747,498) settled through market purchase.
185
Financial Statements
2024 Annual Report and Financial Statements

The exercise prices of options outstanding at 31 December are as follows:
2024
2023
Price
Options
Options
€
Exercisable:
2009 Share Option Plan
  Vested Options
-
100,000
2.97
  Vested Options
1,550,000
1,680,000
3.58
Exercisable at 31 December
1,550,000
1,780,000
Not Exercisable:
Performance Share Plan
4,139,860
3,841,987
0.065
Outstanding at 31 December
5,689,860
5,621,987
Options issued under the 2009 Share Option Plan were market priced options with a maximum life of 10 years. These had 
been measured at fair value using a binomial option pricing model. All options issued under the 2009 Option Plan have 
vested to participants and the fair value of these has been expensed to the Income Statement over the period from date of 
grant to date of vesting determination.
Options granted under the PSP are priced at the nominal price of the shares comprised in an ICG unit. Vesting of options 
under the PSP are contingent on the achievement of certain market and non-market performance hurdles. The fair value of 
options subject to market conditions is estimated using Monte-Carlo simulation. The fair value of options subject to non-
market conditions is estimated based on the market value at date of grant adjusted for the effects of non-transferability, 
exercise restrictions and behavioural considerations. The fair value is expensed to the Income Statement evenly over the 
performance period of three years with an adjustment made at each reporting period for the estimated vesting rate for 
those options subject to non-market vesting conditions.
Outstanding options had been granted on 5 March 2015, 6 March 2020, 12 March 2021, 11 March 2022, 10 March 2023 and 8 
March 2024. The estimated fair values of the options are as follows:
Year of Grant
2024
2023
2022
2021
2020
2015
2015
Share Plan
PSP
PSP
PSP
PSP
PSP
2009 Plan
2009 Plan
Basic Tier
Second Tier
Fair value of option at grant date:
Options subject to market performance 
conditions
€1.93
€2.04
€1.29
€2.15
€0.96
€0.4528
€0.5581
Options subject to non-market 
performance conditions
€3.31
€3.34
€2.30
€3.63
€3.07
-
-
Notes Forming Part of the Consolidated Financial Statements
Continued
30. Share-based payments (continued)
186
Irish Continental Group

The inputs into the valuation model in the respective years of grant were as follows:
Year of Grant
2024
2023
2022
2021
2020
2015
2015
Basic Tier
Second Tier
At date of grant:
Weighted average share price
€4.64
€4.71
€3.36
€4.26
€3.77
€3.580
€3.580
Weighted average exercise price
€0.065
€0.065
€0.065
€0.065
€0.065
€3.580
€3.580
Expected volatility
31%
35%
45%
43%
29%
29%
31%
Expected life
3 years
3 years
3 years
3 years
3 years
7 years
9 years
Risk free rate
2.55%
2.90%
(0.141%)
(0.562%)
(0.462%)
0.090%
0.299%
Expected dividend yield
3.51%
3.32%
4.41%
2.15%
3.70%
5.16%
4.72%
Expected volatility was determined by calculating the historical volatility of the Company’s share price. 
In 2024, the share-based payment expense recognised in the Consolidated Income Statement was €3.6 million (2023: €2.8 
million).
The share-based payment expense has been classified in the Consolidated Income Statement as follows:
 2024
 2023
 €m
 €m
Employee benefits expense
3.6
2.8
Share-based payment expense of €1.3 million (2023: €1.0 million) relates to the Directors of the Company. The balance on 
the share option reserve in the Consolidated Statement of Financial Position at 31 December 2024 is €7.8 million (2023: €7.0 
million).
31. Retirement benefit schemes
The Group operates defined contribution pension schemes in all of its main operating locations. The Group also has defined 
benefit obligations as set out below. Scheme assets are held in separate trustee administered funds.
Defined Contribution Scheme
The Group operates a defined contribution pension scheme, which provides retirement and death benefits for all recently 
hired employees. The total cost charged in the Consolidated Income Statement of €0.7 million (2023: €0.6 million) 
represents employer contributions payable to the externally administered defined contribution pension scheme at rates 
specified in the rules of the scheme. There was €nil in outstanding contributions included in trade and other payables at 31 
December 2024 (2023: €nil). 
Defined Benefit Obligations
i) Group sponsored schemes
The Group operates contributory defined benefit obligations, which provide retirement and death benefits for other 
employees who are not members of the defined contribution pension scheme. The defined benefit obligations provide 
benefits to members in the form of a guaranteed level of pension payable for life, where the level of the benefits depend on 
the member’s length of service and salary. 
The assets of these schemes are held separately from those of the Group in schemes under the control of trustees. The 
trustees are responsible for ensuring the schemes are run in accordance with the applicable trust deed and the pension 
laws of the relevant jurisdiction. The trustees invest the funds in a range of assets with the objective of maximising the 
fund return whilst minimising the cost of funding the scheme at an acceptable risk profile. In assessing the risk profile, the 
trustees take account of the nature and duration of the liabilities and review investment strategy regularly.
30. Share-based payments (continued)
187
Financial Statements
2024 Annual Report and Financial Statements

The pension charges and payments in respect of the schemes are in accordance with the advice of professionally qualified 
actuaries. The latest actuarial valuation reports for these schemes, which are not available for public inspection, are dated 
between 31 October 2021 and 31 March 2024. The valuations employed for disclosure purposes have been based on the 
most recent funding valuations for each scheme adjusted by the independent actuaries to allow for the accrual of liabilities 
up to 31 December 2024 and to take account of financial conditions at this date. The present value of the defined benefit 
obligation, and the related current service cost and past service credit, were measured using the projected unit credit 
method and assets have been valued at bid value.
During the year, the Trustee of the Group’s principal defined benefit contribution scheme made an enhanced transfer value 
offer to members of the scheme with deferred benefits to transfer the obligations related to their deferred benefits to a 
third party insurer. The amount paid was €12.7 million and this gave rise to a €0.6 million curtailment gain which was the 
difference between the amount paid and the present value of the liabilities transferred. 
The pension contributions paid in the year ended 31 December 2024 amounted to €0.4 million (2023: €0.4 million) while the 
current service cost charged to the Consolidated Income Statement amounted to €0.7 million (2023: €0.8 million). A past 
service cost of €nil million (2023: €0.2 million) was also charged to the Consolidated Income Statement.
The profile of membership across all schemes at 31 December was as follows;
2024
2023
Current employees
82
91
Members with deferred benefits
305
466
Pensioners
194
183
Total
581
740
Netherlands Scheme
The Group operates a defined benefit pension scheme for certain employees based in The Netherlands. All the liabilities 
of this scheme are matched by insurance contracts other than for inflation adjustment to accrued benefits for current 
employees.
The Irish Ferries Limited (Ex MNOPF) Pension Scheme
The Group operated a small defined benefit scheme for certain former employees which was subject to an annuity buyout 
during the year ended 31 December 2023. At the time of the buyout, the scheme held assets of €1.8 million. It paid a sum 
of €0.8 million to an insurance company in order to discharge the pensioner liabilities in full. In the prior year, the Group 
recognised a settlement cost of €0.2 million in respect of this transaction. In the current financial year, the remaining €1.0 
million pension asset was refunded to the Group and the Scheme was wound up.
The Irish Ferries (UK) Limited Pension Scheme
The Group operates a defined benefit pension scheme for certain employees based in the UK. During the prior year, 30 
active members of the scheme ceased future accrual and voluntarily opted to take up a different contract of employment 
with the Group, a condition of which was the provision of a defined contribution pension going forward. As such, these 
employees became deferred members of the scheme. The impact was to increase the defined benefit obligation by €0.3 
million which was treated as an actuarial loss due to experience in the year ended 31 December 2023. 
ii) Merchant Navy Officers Pension Fund (MNOPF)
In addition to the pension schemes operated by the Group, the Group has obligations in respect of past service of certain 
former employees who are members of the MNOPF, an industry wide multi-employer scheme and which is closed to 
future accrual. The latest actuarial valuation of the scheme, which is available for public inspection, is dated 31 March 2021 
and disclosed a net past service surplus of £55.0 million, equivalent to a gross funding level of 102%. The Group’s share of 
the MNOPF obligations, as most recently advised by the trustees, is 1.04% (2023: 1.04%). The obligation valuation in these 
financial statements at 31 December 2024 is based on the actuarial deficit contribution demands notified to the Group and 
which remain outstanding at the reporting date. The last deficit demand received by the Group was dated May 2013 and has 
been fully paid.
Notes Forming Part of the Consolidated Financial Statements
Continued
31. Retirement benefit schemes (continued)
188
Irish Continental Group

On this basis, the share of the overall deficit in the MNOPF estimated to be attributable to the Group at 31 December 2024 is 
€nil (2023: €nil). During the year, the Group made payments of €nil (2023: €nil) to the trustees.
iii) Principal risks and assumptions
The Group is exposed to a number of actuarial risks as set out below:
Investment risk
The pension schemes hold investments in asset classes such as equities which are expected to provide higher returns than 
other asset classes over the long term, but may create volatility and risk in the short term. The present value of the defined 
benefit obligations liability is calculated using a discount rate by reference to high quality corporate bond yields; if the 
future achieved return on scheme assets is below this rate, it will create a deficit. IAS 19 Employee Benefits provides that 
the discount rate used to value retirement benefits should be determined by reference to market yields on high quality 
corporate bonds consistent with the duration of the liabilities. Due to a narrow bond universe, the Group defines high quality 
bonds in the Eurozone as those rated AA or higher by at least one rating agency. In respect of sterling schemes, corporate 
bonds must be rated AA, or higher, by at least two rating agencies.
Salary risk
The present value of the defined benefit liability is calculated by reference to the projected salaries of scheme participants 
at retirement based on salary inflation assumptions. As such, any variation in salary versus assumption will vary the schemes’ 
liabilities.
Life expectancy risk
The present value of the defined benefit obligations liability is calculated by reference to the best estimate of the mortality 
of scheme participants both during and after their employment. An increase in the life expectancy of the scheme 
participants will change the scheme liabilities.
Inflation risk
A significant proportion of the benefits under the plans are linked to inflation with higher inflation leading to higher 
liabilities.
The Directors have taken independent actuarial advice on the key judgements used in the estimate of retirement benefit 
scheme assets and liabilities.
The principal assumptions used for the purpose of the actuarial valuations were as follows:
Sterling liabilities
Euro liabilities
2024
2023
2024
2023
Discount rate
5.45%
4.50%
3.45%
3.15%
Inflation rate
2.85%
2.75%
2.20%
2.30%
Rate of annual increase of pensions in payment
2.20% - 3.25%
2.15% - 3.20%
1.20%
1.30%
Rate of increase of pensionable salaries
1.15%
1.10% 0.00% - 1.30%
0.00% - 1.30%
The euro and sterling discount rates have been determined in consultation with the Group’s independent actuary, who has 
devised proprietary models referencing market yields at the balance sheet date on high quality corporate bonds consistent 
with the duration of the liabilities. For 31 December 2024, the high quality corporate bond population include those rated AA 
or higher by at least two rating agencies. 
Sterling obligations include the effects of the UK GMP equalisation court decisions, which has the effect of increasing the 
estimate of the UK scheme obligations by 0.1%. 
31. Retirement benefit schemes (continued)
189
Financial Statements
2024 Annual Report and Financial Statements

The average life expectancy used in the principal Group schemes at age 60 is as follows:
2024
2023
Male
Female
Male
Female
Irish Schemes:
Current retirees
26.8 years
29.7 years
26.8 years
29.7 years
Future retirees
29.2 years
31.7 years
29.2 years
31.7 years
UK Schemes:
Current retirees
27.8 years
29.7 years
27.8 years
29.6 years
Future retirees
29.4 years
31.2 years
29.3 years
31.1 years
Assumptions regarding life expectancies are set based on actuarial advice in accordance with published statistics and 
experience in each jurisdiction.
Sensitivity of pension liability judgemental assumptions
The Group’s total obligation in respect of defined benefit obligations is calculated by independent, qualified actuaries, 
updated at least annually and totals €80.2 million at 31 December 2024 (2023: €96.9 million). At 31 December 2024, the 
Group also has scheme assets totalling €132.0 million (2023: €135.8 million), giving a net pension surplus of €51.8 million 
(2023: surplus of €38.9 million). The size of the obligation is sensitive to actuarial assumptions. The sensitivity analyses below 
are based on a change in an assumption while holding all other assumptions constant with the exception of the rate of 
inflation assumption which impacts other inflation linked assumptions. The sensitivity analysis intends to provide assistance 
in understanding the sensitivity of the valuation of pension liabilities to market movements on discount rates, inflation 
rates and mortality assumptions for scheme beneficiaries. The analyses are for illustrative purposes only as in practice 
assumptions rarely change in isolation. 
There has been no change from the prior year in the methods and assumptions used in preparing the sensitivity analyses 
below.
2024
Assumption
Change in assumption
Impact on euro schemes 
liabilities
Impact on sterling scheme 
liabilities
Combined impact on 
liabilities
Discount rate
0.5% increase in discount 
rate
7.7% decrease in 
liabilities
5.8% decrease in 
liabilities
7.3% decrease in 
liabilities
Rate of inflation*
0.5% increase in price 
inflation
7.7% increase in 
liabilities
5.0% increase in 
liabilities
7.1% increase in 
liabilities
Rate of mortality
Members assumed to live 
one year longer
3.1% increase in 
liabilities
2.8% increase in 
liabilities
3.0% increase in 
liabilities
2023
Assumption
Change in assumption
Impact on euro schemes 
liabilities
Impact on sterling scheme 
liabilities
Combined impact on 
liabilities
Discount rate
0.5% increase in discount 
rate
8.4% decrease in 
liabilities
6.4% decrease in 
liabilities
8.0% decrease in 
liabilities
Rate of inflation*
0.5% increase in price 
inflation
8.6% increase in 
liabilities
4.9% increase in 
liabilities
7.9% increase in 
liabilities
Rate of mortality
Members assumed to live 
one year longer
2.9% increase in 
liabilities
3.1% increase in 
liabilities
2.9% increase in 
liabilities
*	
The rate of inflation sensitivity includes its impact on the rate of annual increase of pensions in payment assumption and the rate of increase of 
pensionable salaries assumption as they are both inflation linked assumptions.
Notes Forming Part of the Consolidated Financial Statements
Continued
31. Retirement benefit schemes (continued)
190
Irish Continental Group

The size of the scheme assets which are also sensitive to asset return levels and the level of contributions from the Group are 
analysed by asset class in part (iv) of this note.
iv) Retirement benefit assets and liabilities
The amount recognised in the Consolidated Statement of Financial Position in respect of the Group’s defined benefit 
obligations is as follows:
Scheme with liabilities in sterling
Schemes with liabilities in euro
Total
2024
2023
2024
2023
2024
2023
€m
€m
€m
€m
€m
€m
Equities
10.8
10.4
50.7
57.6
61.5
68.0
Bonds
22.1
21.5
40.1
33.7
62.2
55.2
Insurance contracts
-
-
7.7
7.9
7.7
7.9
Other
0.1
0.3
0.5
4.4
0.6
4.7
Fair value of scheme assets
33.0
32.2
99.0
103.6
132.0
135.8
Present value of scheme liabilities
(17.3)
(18.2)
(62.9)
(78.7)
(80.2)
(96.9)
Surplus in schemes
15.7
14.0
36.1
24.9
51.8
38.9
Three of the defined benefit obligation schemes accounted for by the Group are in a net surplus position and are shown 
in non-current assets in the Consolidated Statement of Financial Position. One of the defined benefit obligation schemes 
accounted for by the Group is in a net deficit position and is shown in non-current liabilities. 
The overall weighted average duration of the Group’s defined benefit obligations is 15.8 years (2023: 16.4 years). The weighted 
average duration of euro scheme obligations was 16.5 years (2023: 17.0 years) and of sterling scheme obligations was 13.2 
years (2023: 13.9 years).
The split between the amounts shown in each category is as follows:
2024
2023
€m
€m
Non-current assets – retirement benefit surplus
52.3
39.4
Non-current liabilities – retirement benefit obligation
(0.5)
(0.5)
Net surplus in pension schemes
51.8
38.9
31. Retirement benefit schemes (continued)
191
Financial Statements
2024 Annual Report and Financial Statements

v) Movements in retirement benefit assets
Movements in the fair value of scheme assets in the current year were as follows:
2024
Schemes in 
sterling
Schemes in euro
Total
€m
€m
€m
At beginning of the financial year
32.2
103.6
135.8
Interest income
1.4
3.0
4.4
Actuarial (loss) / gain
(1.5)
8.9
7.4
Exchange difference
1.6
-
1.6
Employer contributions
0.2
0.2
0.4
Contributions from scheme members
-
0.2
0.2
Refund of employer contributions
-
(1.0)
(1.0)
Transfer of assets
-
(12.7)
(12.7)
Benefits paid
(0.9)
(3.2)
(4.1)
At end of the financial year
33.0
99.0
132.0
2023
Schemes in 
sterling
Schemes in euro
Total
€m
€m
€m
At beginning of the financial year
28.3
96.5
124.8
Interest income
1.3
3.5
4.8
Actuarial gain
2.7
7.6
10.3
Exchange difference
0.5
-
0.5
Employer contributions
0.2
0.2
0.4
Contributions from scheme members
-
0.2
0.2
Benefits paid
(0.8)
(4.4)
(5.2)
At end of the financial year
32.2
103.6
135.8
vi) Movement in retirement benefit liabilities
Movements in the present value of defined benefit obligations in the year were as follows:
2024
Schemes in 
sterling
Schemes in euro
Total
€m
€m
€m
At beginning of the financial year
18.2
78.7
96.9
Service cost
0.1
0.6
0.7
Interest cost
0.8
2.2
3.0
Contributions from scheme members
-
0.2
0.2
Actuarial gain
(1.7)
(2.3)
(4.0)
Curtailment gain
-
(0.6)
(0.6)
Exchange difference
0.8
-
0.8
Transfer of liabilities
-
(12.7)
(12.7)
Benefits paid	
(0.9)
(3.2)
(4.1)
At end of the financial year
17.3
62.9
80.2
Notes Forming Part of the Consolidated Financial Statements
Continued
31. Retirement benefit schemes (continued)
192
Irish Continental Group

2023
Schemes in 
sterling
Schemes in euro
Total
€m
€m
€m
At beginning of the financial year
16.5
75.1
91.6
Service cost
-
1.0
1.0
Interest cost
0.8
2.7
3.5
Contributions from scheme members
-
0.2
0.2
Actuarial loss
1.3
4.1
5.4
Exchange difference
0.4
-
0.4
Benefits paid	
(0.8)
(4.4)
(5.2)
At end of the financial year
18.2
78.7
96.9
vii) Amounts recognised in the Consolidated Income Statement
Amounts recognised in the Consolidated Income Statement in respect of the defined benefit obligations are as follows:
2024
2023
€m
€m
Charges to employee benefits expense
Current service cost
0.7
0.8
Past service cost
-
0.2
Curtailment gain
(0.6)
-
0.1
1.0
2024
2023
€m
€m
Recognised in finance income
Interest income on scheme assets
(4.4)
(4.8)
Interest on scheme liabilities
3.0
3.5
Net interest income on defined benefit obligations (note 6)
(1.4)
(1.3)
The estimated amounts of employer contributions expected to be paid to the schemes during 2025 is €0.3 million based on 
current funding agreements.
31. Retirement benefit schemes (continued)
193
Financial Statements
2024 Annual Report and Financial Statements

viii) Amounts recognised in the Consolidated Statement of Comprehensive Income 
Amounts recognised in the Consolidated Statement of Comprehensive Income in respect of the defined benefit obligations 
are as follows:
2024
2023
€m
€m
Actuarial gains and losses
Actual total return on scheme assets
11.6
15.1
Interest income on scheme assets
(4.4)
(4.8)
Return on scheme assets (excluding amounts included in net interest cost)
7.2
10.3
Remeasurement adjustments on scheme liabilities:
  Losses arising from changes in demographic assumptions
(0.3)
-
  Gains / (losses) arising from changes in financial assumptions
5.9
(4.8)
  Losses arising from experience adjustments
(1.4)
(0.6)
Actuarial gain recognised in the Consolidated Statement of Comprehensive Income
11.4
4.9
2024
2023
€m
€m
Exchange movement
Exchange gain on scheme assets
1.6
0.5
Exchange loss on scheme liabilities
(0.8)
(0.4)
Net exchange gain recognised in the Consolidated Statement of Comprehensive Income
0.8
0.1
32. Related party transactions
During the financial year, Group entities incurred costs of €0.5 million (2023: €0.5 million) through provision of 
administration and accounting services to Irish Ferries Limited Pension Scheme and Irish Ferries (UK) Limited Pension 
Scheme, related parties that are not members of the Group. These related parties provide pension benefits to employees of 
the Group. 
Compensation of key management personnel
The Group’s key management comprise the Board of Directors and senior management having authority and responsibility 
for planning, directing and controlling the activities of the Group.
The remuneration of key management, including Directors, during the financial year was as follows:
2024
2023
€m
€m
Short-term benefits
6.6
6.1
Post-employment benefits
0.3
0.3
Share-based payment expense
2.5
2.0
9.4
8.4
The above amounts relate to 13 (2023: 12) individuals. Short-term benefits comprise salary, performance pay and other short-
term employee benefits. Post-employment benefits comprise the past and current service cost calculated in accordance 
with IAS 19 Employee Benefits. Share-based payment expense represents the cost charged in respect of equity-settled 
share-based payments.
Notes Forming Part of the Consolidated Financial Statements
Continued
31. Retirement benefit schemes (continued)
194
Irish Continental Group

In the reporting period, Dan Clague, non-executive Director, was a director at European Marine Advisors Limited, which 
received fees of €35,000 (2023: nil) in relation to services provided to the Group.
The remuneration of Directors and key management is determined by the Remuneration Committee having regard to the 
performance of individuals, market trends and the performance of the Group and Company.
Details of the remuneration of the Group’s individual Directors, together with the number of ICG shares owned by them and 
their outstanding share options are set out in the Report of the Remuneration Committee (page 117) and the Report of the 
Directors (page 129).
Dividends
The Company paid a final dividend in respect of 2023 on 7 June 2024 and an interim dividend in respect of 2024 on 4 
October 2024. The total amounts received by key management including Directors in respect of these dividend payments 
was €4.9 million (2023: €4.7 million). 
Share options
Share options exercised by the Company’s Directors are set out in the Report of the Remuneration Committee (page 122).
33. Cash flow components
2024
2023
€m
€m
Retirement benefit scheme movements
Retirement benefit obligations – current service cost
0.7
0.8
Retirement benefit obligations – past service cost
-
0.2
Retirement benefit obligations – curtailment gain
(0.6)
-
Retirement benefit obligations – refund of contributions on scheme wind up
1.0
-
Retirement benefit obligations – payments
(0.4)
(0.4)
Total retirement benefit scheme movements 
0.7
0.6
Repayments of lease liabilities 
Lease payments (note 22)
(18.4)
(19.5)
Interest element of lease payments (note 7 & 22)
3.8
1.5
Capital element of lease payments
(14.6)
(18.0)
Purchases of property, plant and equipment and intangible assets
Purchases of property, plant and equipment (note 12)
(28.5)
(50.7)
Purchases of intangible assets (note 13)
(1.2)
(0.6)
(Increase) / decrease in capital asset prepayments (note 17)
(0.2)
9.4
Total purchases of property, plant and equipment and intangible assets
(29.9)
(41.9)
Changes in working capital
(Increase) / decrease in inventories
(7.1)
1.2
(Increase) / decrease in receivables
(0.3)
2.0
Increase / (decrease) in payables
12.7
(1.5)
Total working capital movements
5.3
1.7
32. Related party transactions (continued)
195
Financial Statements
2024 Annual Report and Financial Statements

34. Change in financing liabilities
The changes in liabilities arising from financing activities during the year ended 31 December 2024 were as follows:
Bank loans
Loan notes
Origination fees
Lease liabilities
Total
€m
€m
€m
€m
€m
At 1 January 2024
103.8
50.0
(0.3)
37.0
190.5
Changes from cash flows
   Repayment of borrowings
(44.0)
(50.0)
-
-
(94.0)
   Lease payments
-
-
-
(18.4)
(18.4)
   Interest on lease liabilities
-
-
-
3.8
3.8
   Loan drawdown
37.5
-
-
-
37.5
   Arrangement expenses
-
-
(0.8)
-
(0.8)
Non-cash flow changes
  Amortisation 
-
-
0.2
-
0.2
  Lease liabilities recognised
-
-
-
84.1
84.1
  Lease remeasurement
-
-
-
0.3
0.3
  Currency adjustment
-
-
-
0.3
0.3
At 31 December 2024
97.3
-
(0.9)
107.1
203.5
Bank loans comprise amounts drawn under the revolving credit and amortising facilities. 
35. Contingent liabilities
The Group has issued counter indemnities to Allied Irish Banks plc in relation to bonds required by regulatory authorities 
and suppliers amounting to €0.6 million (2023: €0.6 million). The Group has classified these as financial guarantee contracts 
and are treated as financial instruments (note 23). No claims have been notified to the Group in respect of these contracts.
The Group is a participating employer in the Merchant Navy Officer Pension Fund (MNOPF), a multi-employer defined 
benefit pension scheme. The MNOPF is closed to future accrual. Under the rules of the fund, all employers are jointly and 
severally liable for any past service deficit of the fund. The last notification from the trustees showed that the Group’s share 
of any deficit would be 1.46%. Should other participating employers’ default on their obligations, the Group will be required 
to absorb a larger share of the scheme deficit. If the Group were to terminate their obligations to the fund, voluntarily or 
otherwise, the Group may incur a statutory debt under Section 75 of the United Kingdom Pensions Act 1995 amended by 
the Pensions Act 2004. The calculation of such statutory debt is prescribed in legislation and is on a different basis from 
the current deficit calculations. This would likely be a greater amount than the net position included in these financial 
statements and the Directors consider that this amount is not quantifiable unless and until such an event occurs. 
In the ordinary course of business, the Group is exposed to legal proceedings from various sources including employees, 
customers, suppliers and regulatory authorities. It is the opinion of the Directors that losses, if any, arising in connection with 
these matters will not be materially in excess of provisions made in the financial statements.
36. Events after the reporting period 
The Board is proposing a final dividend of 10.43 cent per ordinary share amounting to €17.2 million out of the distributable 
reserves of the Company.
There have been no other material events affecting the Group since 31 December 2024. 
Notes Forming Part of the Consolidated Financial Statements
Continued
196
Irish Continental Group

2024
2023
Notes
€m
€m
Assets
Non-current assets
Property, plant and equipment
39
128.3
133.3
Intangible assets
40
0.1
0.2
Investments in subsidiaries
41
16.0
16.0
Retirement benefit surplus
46 iv
-
1.0
144.4
150.5
Current assets
Trade and other receivables
42
28.4
28.2
Cash and cash equivalents
17.7
15.9
46.1
44.1
Total assets
190.5
194.6
Equity and liabilities
Equity
Share capital
43
10.7
10.8
Share premium
21.6
20.9
Other reserves
16.7
15.8
Retained earnings
133.8
142.3
Equity attributable to equity holders
182.8
189.8
Current liabilities
Trade and other payables
45
7.7
4.8
7.7
4.8
Total liabilities
7.7
4.8
Total equity and liabilities
190.5
194.6
The Company reported a profit for the financial year ended 31 December 2024 of €26.1 million (2023: €78.0 million).
The financial statements were approved by the Board of Directors on 2 March 2025 and signed on its behalf by:
Eamonn Rothwell 
Director
David Ledwidge 
Director
Company Statement of Financial Position
as at 31 December 2024
197
Financial Statements
2024 Annual Report and Financial Statements

Share 
Capital
Share 
Premium
Capital 
Reserve
Share 
Options 
Reserve
Retained  
Earnings
Total
€m
€m
€m
€m
€m
€m
Balance at 1 January 2024
10.8
20.9
8.8
7.0
142.3
189.8
Profit for the financial year
-
-
-
-
26.1
26.1
Other comprehensive income
-
-
-
-
-
-
Total comprehensive income for the financial year
-
-
-
-
26.1
26.1
Share issue
-
0.7
-
-
-
0.7
Share buyback
(0.1)
-
0.1
-
(9.0)
(9.0)
Dividends
-
-
-
-
(24.7)
(24.7)
Movement related to share options granted to 
employees in subsidiaries (note 41)
-
-
-
3.6
-
3.6
Settlement of employee equity plans through market 
purchase
-
-
-
-
(3.7)
(3.7)
Transferred to retained earnings on exercise of share 
options
-
-
-
(2.8)
2.8
-
Transactions with shareholders
(0.1)
0.7
0.1
0.8
(34.6)
(33.1)
Balance at 31 December 2024
10.7
21.6
8.9
7.8
133.8
182.8
Company Statement of Changes in Equity 
For the financial year ended 31 December 2024
198
Irish Continental Group

Share 
Capital
Share 
Premium
Capital 
Reserve
Share 
Options 
Reserve
Retained 
Earnings
Total
€m
€m
€m
€m
€m
€m
Balance at 1 January 2023
11.1
20.5
8.5
6.3
111.0
157.4
Profit for the financial year
-
-
-
-
78.0
78.0
Other comprehensive income
-
-
-
-
0.1
0.1
Total comprehensive income for the financial year
-
-
-
-
78.1
78.1
Share issue
-
0.4
-
-
-
0.4
Share buyback
(0.3)
-
0.3
-
(21.4)
(21.4)
Dividends
-
-
-
-
(24.4)
(24.4)
Movement related to share options granted to 
employees in subsidiaries (note 41)
-
-
-
2.8
-
2.8
Settlement of employee equity plans through market 
purchase
-
-
-
-
(3.1)
(3.1)
Transferred to retained earnings on exercise of share 
options
-
-
-
(2.1)
2.1
-
Transactions with shareholders
(0.3)
0.4
0.3
0.7
(46.8)
(45.7)
Balance at 31 December 2023
10.8
20.9
8.8
7.0
142.3
189.8
Company Statement of Changes in Equity 
For the financial year ended 31 December 2023
199
Financial Statements
2024 Annual Report and Financial Statements

37. Company Statement of Accounting Policies
Basis of preparation 
The Company Financial Statements of Irish Continental Group plc (the Company) were prepared under the historical cost 
convention, in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101). In preparing these 
Financial Statements, the Company applies the recognition, measurement and presentation requirements of International 
Financial Reporting Standards as adopted by the EU (Adopted IFRSs), but makes amendments where necessary in order to 
comply with the Companies Act 2014 and has set out below where the disclosure exemptions available under FRS 101 have 
been taken.
In these Financial Statements, the Company has applied the exemptions available under FRS 101 in respect of the following 
disclosures:
•	 Presentation of Company Statement of Cash Flows;
•	 Disclosures in respect of capital management; 
•	 The effects of new but not yet effective IFRSs; and 
•	 Disclosures in respect of the compensation of key management personnel. 
As the Consolidated Financial Statements of the Group are prepared in accordance with IFRS as adopted by the EU and 
include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the 
following disclosures: 
•	 Certain disclosures required by IFRS 2 Share-based Payments and; 
•	 Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial 
Instruments: disclosures. 
The accounting policies used in the preparation of the Company Financial Statements are consistent with the accounting 
policies used in the preparation of the Consolidated Financial Statements set out in the Summary of Accounting Policies at 
note 2. Unless otherwise stated, these have been applied consistently to all periods presented in these Company Financial 
Statements. The Financial Statements have been prepared in euro and are rounded to the nearest hundred thousand. 
These printed financial statements are non-statutory financial statements having not been prepared in accordance with 
Commission Delegated Regulation 2019/818 regarding the single electronic reporting format (ESEF). Other than the addition 
of page references these non-statutory financial statements represent a true copy of the human readable layer of the statutory 
financial statements which were prepared in accordance with ESEF and are available on the Group’s website.
Accounting policies applying only to the Company Financial Statements
Investments in subsidiaries
Investments in subsidiaries held by the Company are carried at cost less any accumulated impairment losses. Equity-settled 
share-based payments granted by the Company to employees of subsidiary companies are accounted for as an increase or 
decrease in the carrying value of the investment in subsidiary companies and the share options reserve.
Financial guarantee contracts
Where the Company guarantees the borrowings of subsidiaries it treats these guarantees as financial guarantee contracts and 
classifies them as financial instruments. The carrying value of these financial guarantee contracts are initially measured at fair 
value and thereafter at the higher of (i) any expected credit loss allowance and (ii) the initial fair value amount recognised less 
any cumulative amount recognised in income. The impact of this guarantee is not considered significant and no amounts have 
been recognised.
Notes Forming Parts of the Company Financial Statements
200
Irish Continental Group

38. Company profit for the period
The profit attributable to equity shareholders dealt with in the Financial Statements of the Company was €26.1 million 
(2023: €78.0 million). In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption 
from presenting its individual Income Statement to the Annual General Meeting and from filing it with the Registrar of 
Companies. 
Disclosure of Directors’ remuneration paid in the reporting period ended 31 December 2024 and 2023 as required by Section 
305 of the Companies Act 2014, is set out below.
2024
2023
€’000
€’000
Directors remuneration:
Emoluments
3,492
3,367
Pension contributions paid – Defined benefit
16
-
Pension contributions paid – Defined contribution
23
32
Gains from the exercise of options
1,414
1,254
4,945
4,653
There were no employees in the Company during the financial year ended 31 December 2024 (2023: nil). Costs of €5.6 million 
(2023: €5.5 million) were recharged to the Company from subsidiary companies in relation to management services. 
39. Property, plant and equipment 
Company
Assets under 
Construction
Vessels
Plant, 
Equipment 
and Vehicles
Land and 
Buildings
Total
€m
€m
€m
€m
€m
Cost
At 1 January 2023
-
161.3
4.0
0.1
165.4
Additions
-
0.1
0.2
-
0.3
At 31 December 2023
-
161.4
4.2
0.1
165.7
Additions
-
0.4
0.3
-
0.7
At 31 December 2024
-
161.8
4.5
0.1
166.4
Accumulated depreciation
At 1 January 2023
-
22.5
3.7
0.1
26.3
Depreciation charge for the financial year
-
5.8
0.3
-
6.1
At 31 December 2023
-
28.3
4.0
0.1
32.4
Depreciation charge for the financial year
-
5.7
-
-
5.7
At 31 December 2024
-
34.0
4.0
0.1
38.1
Carrying amount
At 31 December 2024
-
127.8
0.5
-
128.3
At 31 December 2023
-
133.1
0.2
-
133.3
201
Financial Statements
2024 Annual Report and Financial Statements

40. Intangible assets
2024
2023
€m
€m
Cost
At 1 January 
10.4
10.4
Additions
-
-
At 31 December 
10.4
10.4
Amortisation
At 1 January 
10.2
10.1
Charge for the financial year
0.1
0.1
At 31 December 
10.3
10.2
Carrying amount
At 31 December 
0.1
0.2
At 1 January 
0.2
0.3
The intangible assets included above, all computer software, have finite useful lives of five years, over which the assets are 
amortised. Amortisation is on a straight-line basis.
41. Investment in subsidiaries
2024
2023
€m
€m
Investment in subsidiaries at beginning of the financial year
16.0
16.5
Movement related to share options allocated to employees in subsidiaries
3.6
2.8
Payments received on exercise of options
(3.6)
(3.3)
Investment in subsidiaries at end of the financial year
16.0
16.0
Notes Forming Part of the Company Financial Statements 
Continued
202
Irish Continental Group

The Company’s principal subsidiaries at 31 December 2024 are as follows:
Name of subsidiary
Country of incorporation and operation
Principal activity
Irish Ferries Limited*
Ireland
Ferry operator
Eucon Shipping & Transport Limited*
Ireland
Container shipping services
Irish Continental Line Limited*
Ireland
Ship leasing
Irish Ferries Services Limited*
Ireland
Administration services
Belfast Container Terminal (BCT) 
Limited
Northern Ireland
Container handling 
Irish Ferries (U.K.) Limited
United Kingdom
Shipping & forwarding agents
Eurofeeders Limited
United Kingdom
Non-trading
Irish Ferries (U.K.) Services Limited
United Kingdom
Administration services
Zatarga Limited
Isle of Man
Ship leasing
Contarga Limited*
Ireland
Ship leasing
Irish Ferries Finance DAC*
Ireland
Administration services
ICG Shipping (W. B. Yeats) Limited
Ireland
Non-trading
Irish Ferries International Limited*
Ireland
Ferry operator
*Companies availing of Companies Act 2014 exemption under S357 
The Company in all instances owns 100 per cent of the issued ordinary share capital and voting rights attaching thereto in 
respect of all subsidiary companies.
The registered office for Irish Ferries Limited, Eucon Shipping & Transport Limited, Irish Continental Line Limited, Contarga 
Limited, Irish Ferries Services Limited, Irish Ferries Finance DAC, ICG Shipping (W.B. Yeats) Limited, and Irish Ferries 
International Limited is Ferryport, Alexandra Road, Dublin 1.
The registered office for Belfast Container Terminal (BCT) Limited is 1 Lanyon Place, The Soloist Building, Belfast BT1 3LP, 
Northern Ireland. The registered office for Irish Ferries (U.K.) Limited and Irish Ferries (U.K.) Services Limited is The Plaza Suite 
4D, 100 Old Hall Street, Liverpool L3 9QJ, England. The registered office for Eurofeeders Limited is Collins House, Rutland 
Square, Edinburgh, Midlothian EH1 2AA, Scotland. The registered office for Zatarga Limited is 2nd Floor, St Mary’s Court, 20 
Hill Street, Douglas, Isle of Man, IM1 1EU.
42. Trade and other receivables
2024
2023
€m
€m
Amounts due from subsidiary companies (note 47)
25.9
27.9
Other receivables
2.5
0.3
28.4
28.2
Amounts due from subsidiary companies are repayable on demand. The Company has assessed credit losses as if the 
receivable had been demanded at the statement of financial position date. As all amounts are due from subsidiaries which 
were in a net asset position at the reporting date, the Company concluded that no allowance for credit losses was required 
as it would be immaterial. 
41. Investment in subsidiaries (continued)
203
Financial Statements
2024 Annual Report and Financial Statements

43. Share capital
Details of the Company’s equity share capital are set out at note 19 to the Consolidated Financial Statements. 
44. Deferred tax liabilities 
There are no deferred tax liabilities and assets recognised by the Company during the current and prior reporting periods. 
The Company’s taxable income was fully taxable within the Irish tonnage tax system.
The estimated value of deferred tax assets not recognised is €0.1 million (2023: €0.1 million). Deferred tax assets are not 
recognised as it is not probable that taxable profits will be available against which deductible temporary differences can be 
utilised. 
45. Trade and other payables
2024
2023
€m
€m
Within 1 year
Amounts due to subsidiary companies (note 47)
4.6
3.1
Other payables
3.1
1.7
7.7
4.8
Other payables include provisions of €nil at 31 December 2024 (2023: €0.4 million).
The amounts owed by the Company to its subsidiaries is represented as follows:
2024
2023
€m
€m
Trading balances
4.6
3.1
Financing balances
-
-
4.6
3.1
Trading balances owed to subsidiary companies are subject to normal credit terms. 
The average interest rate paid on borrowings advanced during the year was 3.06% (2023: 3.23%). There were no financing 
balances outstanding at 31 December 2024 (2023: €nil).
Notes Forming Part of the Company Financial Statements 
Continued
204
Irish Continental Group

46. Retirement benefit schemes 
i) Company sponsored / Group affiliated schemes 
Certain former employees of the Company were members of a defined benefit scheme which is sponsored by another 
Group Company, Irish Ferries Limited. The stated policy between the sponsoring entity and the Company does not require 
the Company to recognise the net defined benefit in its individual financial statements. Detailed information in respect of 
this scheme is given in note 31 to the Consolidated Financial Statements. Other former employees were members of the Ex 
Merchant Navy Officers Pension Fund (Ex MNOPF), of which the Company is the sponsoring employer.
The contributory defined benefit schemes sponsored by the Company and the Group companies provide retirement 
and death benefits for former employees. The defined benefit schemes provide benefits to members in the form of a 
guaranteed level of pension payable for life, the level of the benefits depend on the member’s length of service and salary. 
The assets of these schemes are held separately from those of the Company and Group in schemes under the control 
of trustees. The trustees are responsible for ensuring the schemes are run in accordance with the applicable trust deeds 
and the pension laws of the relevant jurisdiction. The pensions charge and payments in respect of the schemes are in 
accordance with the advice of professionally qualified actuaries.
The latest actuarial valuation report for the Ex MNOPF Scheme, which is not available for public inspection, is dated 29 
June 2021. The valuation employed for disclosure purposes has been based on the most recent funding valuations for the 
schemes adjusted by the independent actuaries to allow for the accrual of liabilities up to 31 December 2024 and to take 
account of financial conditions at this date. During the year ended 31 December 2023, the obligations to existing pensioners 
were exchanged for insurance annuities whereby the insurance company assumed the obligations for payment of the 
pensioner benefits. A premium of €1.0 million was paid and a settlement loss of €0.2 million was recognised in the prior 
year. The Scheme was formally wound up during the year end 31 December 2024. 
The present value of the defined benefit obligation, and the related current service cost and past service credit, were 
measured using the projected unit credit method and assets have been valued at bid value.
ii) Merchant Navy Officers Pension Fund (MNOPF)
In addition to the pension schemes operated by the Company, certain former employees are members of the MNOPF, an 
industry wide multi-employer scheme. The latest actuarial valuation of the scheme, which is available for public inspection, 
is dated 31 March 2021 and disclosed a net past service surplus of £55.0 million, equivalent to a gross funding level of 
102%. The Company’s share of the MNOPF obligations, as most recently advised by the trustees, is 0.33% (2023: 0.33%). 
The obligation valuation in these financial statements at 31 December 2024 is based on the actuarial deficit contribution 
demands notified to the Company and which remain outstanding at the reporting date. The last deficit demand received by 
the Company was dated May 2013 which has been fully paid.
The share of the overall deficit in the MNOPF apportioned to the Company is €nil at 31 December 2024 (2023: €nil). During 
the year the Company made payments of €nil (2023: €nil) to the trustees.
iii) Principal risks and assumptions
The principal risks and assumptions used for the purpose of the actuarial valuations are set out in note 31 (iii) of the 
Consolidated Financial Statements.
The Company’s total obligation in respect of the defined benefit schemes is calculated by independent, qualified actuaries, 
updated at least annually and totals €nil at 31 December 2024 (2023: €nil). At 31 December 2024, the Company also has 
scheme assets totalling €nil (2023: €1.0 million) giving a net pension surplus of €nil (2023: €1.0 million). The size of the 
obligation is sensitive to actuarial assumptions.
205
Financial Statements
2024 Annual Report and Financial Statements

iv) Retirement benefit assets and liabilities
The amount recognised in the Statement of Financial Position in respect of the Company’s defined benefit schemes, is as 
follows:
2024
2023
€m
€m
Equities
-
-
Bonds
-
-
Property
-
-
Other
-
1.0
Fair value of scheme assets
-
1.0
Present value of scheme liabilities
-
-
Surplus in schemes
-
1.0
The retirement benefit scheme sponsored by the Company was wound up during the year. The Company’s share of the 
deficit in the industry wide scheme, the MNOPF, based on the last actuarial valuation as at 31 March 2021 is €nil (2023: €nil). 
The total surplus of €nil (2023: €1.0 million) is shown under non-current assets in the Statement of Financial Position. 
v) Movement in retirement benefit assets
Movements in the fair value of scheme assets in the financial year were as follows:
€m
2024
At beginning of the financial year
1.0
Refund of employer contributions
(1.0)
At end of the financial year
-
2023
At beginning of the financial year
1.7
Benefits paid
(0.8)
Actuarial gain
0.1
At end of the financial year
1.0
46. Retirement benefit schemes (continued)
Notes Forming Part of the Company Financial Statements 
Continued
206
Irish Continental Group

vi) Movement in retirement benefit liabilities
Movements in the present value of defined benefit obligations in the financial year were as follows:
€m
2024
At beginning of the financial year
-
At end of the financial year
-
2023
At beginning of the financial year
0.7
Benefits paid
(0.8)
Settlement loss
0.2
Actuarial gain
(0.1)
At end of the financial year
-
The present value of scheme liabilities at the financial year ended 31 December 2024 and 31 December 2023 relate to wholly 
funded plans.
vii) Amounts recognised in the Company Income Statement
There were no amounts recognised in the Company Income Statement in respect of defined benefit obligations in the 
period (2023: €nil). 
The estimated amounts of contributions expected to be paid by the Company to the schemes during 2024 is €nil based on 
current funding agreements.
viii) Amounts recognised in the Company Statement of Comprehensive Income
Amounts recognised in the Company Statement of Comprehensive Income in respect of defined benefit obligations are as 
follows:
Actuarial gains and losses:
2024
2023
€m
€m
Actual return on scheme assets
-
-
Interest income on scheme assets
-
-
Return on scheme assets (excluding amounts included in net interest cost)	
-
-
Remeasurement adjustments on scheme liabilities:
  Gains arising from experience adjustments 
-
0.1
  Gains arising from changes in financial assumptions
-
0.1
Actuarial gain recognised in Statement of Comprehensive Income
-
0.2
46. Retirement benefit schemes (continued)
207
Financial Statements
2024 Annual Report and Financial Statements

47. Related party transactions
The Company’s profit for the year includes transactions with subsidiary companies comprising principally comprising of 
charter income of €18.6 million (2023: €18.6 million), dividends received of €20.7 million (2023: €71.2 million) and interest 
payable of €0.1 million (2023: €0.1 million). Details of loan balances to / from subsidiaries are provided in the Company 
Statement of Financial Position in note 45 ‘Trade and other payables’, in note 42 ‘trade and other receivables’ and in the 
table below.
The Company has provided Letters of Financial Support for certain of its other subsidiaries.
At 31 December the following amounts were due to or from the Company by its subsidiaries:
2024
2023
€m
€m
Amounts due from subsidiary companies (note 42)
25.9
27.9
Amounts due to subsidiary companies (note 45)
(4.6)
(3.1)
21.3
24.8
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. Certain of 
the balances are trading balances and will be settled on normal credit terms. Other balances are repayable on demand.
48. Financial instruments
Where the Company participates in a cross guarantee arrangement acting as guarantor on borrowings advanced by 
third parties to its subsidiaries, the guarantee is classified as a financial guarantee contract and is treated as a financial 
instrument. These are measured initially at fair value and thereafter at the higher of (i) any expected credit loss allowance 
and (ii) the initial fair value amount recognised less any cumulative amount recognised in income. The guaranteed 
borrowings have not been secured against any assets of the Company and the significant majority of the Group’s 
consolidated earnings and cashflows are generated by the Company’s subsidiaries. The Company has therefore estimated 
that the guarantee has a negligible effect on the cost of borrowing by its subsidiaries and therefore initial fair value has been 
estimated at €nil. Expected credit losses have also been estimated at €nil.
Notes Forming Part of the Company Financial Statements 
Continued
208
Irish Continental Group

49. Contingent liabilities
The Company is a participating employer in the Merchant Navy Officer Pension Fund (MNOPF), a multi-employer defined 
benefit pension scheme. The MNOPF is closed to future accrual. Under the rules of the fund all employers are jointly and 
severally liable for any past service deficit of the fund. The last notification from the trustees showed that the Company’s 
share of any deficit would be 0.47%. Should other participating employers default on their obligations, the Company will 
be required to absorb a larger share of the scheme deficit. If the Company were to terminate their obligations to the fund, 
voluntarily or otherwise, the Company may incur a statutory debt under Section 75 of the United Kingdom Pensions Act 
1995 amended by the Pensions Act 2004. The calculation of such statutory debt is prescribed in legislation and is on a 
different basis from the current deficit calculations. This would likely be a greater amount than the net position included in 
these financial statements and the Directors consider that this amount is not quantifiable unless and until such an event 
occurs. 
The Company acts as guarantor to lending arrangements concluded by certain of its subsidiaries. The Group has classified 
these arrangements as financial guarantee contracts and are treated as financial instruments (note 48). No claims have 
been notified to the Group in respect of these contracts.
The Company has also guaranteed the liabilities and commitments of certain of its Irish subsidiaries for the financial year 
ended 31 December 2024 pursuant to the provision of Section 357 of the Companies Act 2014. The Company has treated 
these guarantees as a contingent liability until as such time it becomes probable that the Company will be required to make 
a payment under the guarantee. The Company has carried out a review based on the latest financial information available 
regarding these subsidiaries and assessed that as at 31 December 2024 it was not probable that the Company would be 
required to make a payment under any of these guarantees. Details of the Group’s principal subsidiaries have been included 
in note 41.
50. Events after the reporting period
The Board is proposing a final dividend of 10.43 cent per ordinary share amounting to €17.2 million out of the distributable 
reserves of the Company.
There have been no other material events affecting the Group since 31 December 2024.
51. Approval of financial statements
The Financial Statements were approved by the Board of Directors and authorised for issue on 2 March 2025.
209
Financial Statements
2024 Annual Report and Financial Statements

Investor Information
212
Other Information
214
INVESTOR 
AND OTHER 
INFORMATION
210
Irish Continental Group

211
Investor and Other Information
2024 Annual Report and Financial Statements

ICG Units
An ICG Unit consists of one ordinary share and nil redeemable shares at 31 December 2024 and 31 December 2023. The 
shares comprising a unit are not separable for sale or transfer purposes.
The number of redeemable shares comprised in an ICG Unit at any particular time will be displayed on the Irish Continental 
Group plc. website www.icg.ie. The redemption of redeemable shares is solely at the discretion of the Directors.
At 2 March 2025, an ICG Unit consisted of one ordinary share and nil redeemable shares.
Payments to shareholders
Shareholders are offered the option of having any distributions paid in euro or sterling and made by way of cheque payment 
or electronic transfer. Shareholders should contact the Company’s Registrar for further information.
The Company is obliged to deduct Dividend Withholding Tax (DWT) at a rate of 25% from dividends paid to its shareholders, 
unless a shareholder is entitled to an exemption from DWT and has returned a declaration form to the Company's Registrar 
claiming such entitlement.
ICG Unit price data (€)
High
Low
Year end
Year ended 31 December 2024
5.80
4.43
5.18
Year ended 31 December 2023
4.90
4.20
4.33
Share listings
ICG Units are quoted on the official lists of both Euronext Dublin and the UK Listing Authority.
ICG's ISIN code is IE00BLP58571.
Investor Relations
Please address investor enquiries to:
Irish Continental Group plc 
Ferryport
Alexandra Road
Dublin 1
Telephone: +353 1 607 5628
Email: investorrelations@icg.ie
Investor Information
212
Irish Continental Group

Registrar
The Company’s Registrar deals with all administrative queries about the holding of ICG Units. 
Shareholders should contact the Registrar in order to:
•	 Register to receive shareholder information electronically;
•	 Elect to receive any distributions from the Company by bank transfer; and
•	 Amalgamate accounts where shareholders have multiple accounts in their name, to avoid duplicate sets of Company 
mailings being sent to one shareholder.
The Company’s Registrar is:
Computershare Investor Services (Ireland) Limited
3100 Lake Drive
Citywest Business Campus
Dublin 24
D24 AK82
Telephone: +353 1 447 5483
Fax: +353 1 447 5571
Email: webqueries@computershare.ie
Financial calendar 2025
Announcement of Preliminary Statement of Results to 31 December 
2024
3 March 2025
Annual General Meeting
8 May 2025
Half year results announcement
28 August 2025
Travel discounts for shareholders 
Registered shareholders of 1,000 or more ICG shares can avail of a discount when travelling with Irish Ferries. The availability 
of the discount, the conditions applicable and the level of discount are subject to review and are varied from time to time. 
The principal features of the scheme at 2 March 2025 are:
•	 20% discount on passenger and car ferry services between Ireland and Britain, and Britain and France;
•	 10% discount on passenger and car ferry services between Ireland and France (direct sailings only); and
•	 5% discount on Irish Ferries inclusive package holidays (incorporating travel with Irish Ferries).
To qualify for the discount the person travelling must be the registered holder of the shares, book online at www.irishferries.
com, and apply for the discount at the time of booking.  The discount is not available in conjunction with any other 
discount scheme.
Full details and terms and conditions are available at www.icg.ie. For further information please contact Irish Ferries 
Customer Support in Dublin on + 353 1 607 5700 or email shareholders@irishferries.com.
213
Investor and Other Information
2024 Annual Report and Financial Statements

Other information
Registered office
Ferryport
Alexandra Road
Dublin 1, Ireland.
Solicitors
A&L Goodbody, Dublin
Auditors
KPMG
Chartered Accountants, Statutory Audit Firm
1 Stokes Place, St. Stephen’s Green, Dublin 2
Principal bankers
AIB Group plc, Dublin
Bank of Ireland Group plc, Dublin
Stockbrokers
Goodbody Stockbrokers, Dublin
Registrars
Computershare Investor Services (Ireland) Limited
3100 Lake Drive
Citywest Business Campus
Dublin 24
D24 AK82
Website
www.icg.ie 
Email
info@icg.ie
Euronext Dublin 	
London Stock Exchange
Reuters
IR5B_u.I 	
ICG_u.L
Bloomberg
IR5B 	
ICGC
ISE Xetra
IR5B 
 
Investor Information
Continued
214
Irish Continental Group

Irish Continental Group plc, 
Ferryport, Alexandra Road, Dublin 1, Ireland.
Tel: +353 1 607 5628 
email: info@icg.ie 
Website: www.icg.ie
Irish Ferries, 
Ferryport, Alexandra Road, Dublin 1, Ireland.
Tel: +353 1 607 5700 
email: info@irishferries.com
Website: www.irishferries.com
Eucon Shipping & Transport Ltd,
Irish Ferries, Breakwater Road South, 
Ferryport, Alexandra Road, Dublin 1, Ireland.
Tel: +353 1 607 5555
email: info@eucon.ie 
Website: www.eucon.ie
Dublin Ferryport Terminals,
Container Terminal, Breakwater Road, Dublin 1, Ireland. 
Tel: +353 1 607 5700 
email: info@dft.ie
Belfast Container Terminal, 
Victoria Terminal 3, West Bank Road,
Belfast BT3 9JL, Northern Ireland.
Tel: +44 7901 825387 
email: info@bcterminal.com
Dublin Ferryport Inland Depot
Cedar Drive, Dublin Airport Logistics Park, 
Saint Margarets, Co Dublin, K67 Y6Y8.
215
Investor and Other Information
2024 Annual Report and Financial Statements

216
Irish Continental Group

www.sourcedesign.ie

Irish Continental Group plc , Ferryport
Alexandra Road, Dublin 1, Ireland, D01W2F5.