Part 2 : For preceding part double click [nRn1S7225U]
Note E'000 E'000
Cash flows from operating activities
Group operating profit before exceptionals 159,252 133,424
Depreciation 45,445 39,461
Share-based payments expense 1,844 1,415
Amortisation of intangible assets 7,928 6,660
Increase in working capital (84,380) (49,656)
Profit on disposal of property, plant and equipment (751) (1,362)
Amortisation of capital grants (288) (276)
Other (7) (2,245)
Cash generated from operations 129,043 127,421
Exceptionals (4,168) (4,916)
Interest paid (38,541) (29,331)
Income tax paid (21,902) (10,058)
Net cash flows from operating activities 64,432 83,116
Investing activities
Inflows
Dividend received from associate 172,000 -
Proceeds on disposal of associate 8,880 -
Proceeds from disposal of property, plant and equipment 7,781 44,394
Interest received 23,560 20,211
Capital grants received 92 -
212,313 64,605
Outflows
Purchase of property, plant and equipment (87,526) (60,651)
Acquisition of subsidiaries (166,584) (100,213)
Purchase of minority interests - (1,276)
Deferred acquisition consideration paid (9,987) (4,176)
(264,097) (166,316)
Net cash flows from investing activities (51,784) (101,711)
Financing activities
Inflows
Proceeds from issue of shares 4,060 6,098
Increase in finance lease liabilities 873 3,545
Increase in interest-bearing loans and borrowings 202,049 56,303
206,982 65,946
Outflows
Share buyback - (18,818)
Repayment of interest-bearing loans and borrowings (43,490) (1,240)
Repayment of finance lease liabilities (6,523) (4,801)
Dividends paid to equity holders of the Company
9 (41,813) (36,381)
Dividends paid to minority interests (2,725) (38)
(94,551) (61,278)
Net cash flows from financing activities 112,431 4,668
Change in cash and cash equivalents 125,079 (13,927)
Translation adjustment (39,220) 4,196
Cash and cash equivalents at beginning of year 310,187 319,918
Cash and cash equivalents at end of year 396,046 310,187
Cash and cash equivalents consists of:
Cash and short term bank deposits 485,840 337,079
Overdrafts (89,794) (26,892)
396,046 310,187
Group Statement of Recognised Income and Expense
for the year ended 31 March 2008
2008 2007
Eā 000 Eā 000
Items of income and expense recognised directly within equity:
Currency translation effects (64,310) 7,430
Group defined benefit pension obligations:
- actuarial (loss)/gain (9,086) 1,576
- movement in deferred tax asset 1,200 (169)
Deferred tax on share based payment 25 25
Gains/(losses) relating to cash flow hedges (net) 385 (159)
Movement in deferred tax liability on cash flow hedges (46) 22
Net (expense)/income recognised directly in equity (71,832) 8,725
Group profit for the year 165,174 141,105
Total recognised income and expense for the year 93,342 149,830
Attributable to:
Equity holders of the Company 92,659 148,911
Minority interest 683 919
Total recognised income and expense for the year 93,342 149,830
Notes to the Preliminary Results
for the year ended 31 March 2008
1. Basis of Preparation
The financial information, from the Group Income Statement to Note 11, of this
preliminary results statement has been extracted from the Group financial
statements for the year ended 31 March 2008 and is presented in euro, rounded to
the nearest thousand. The financial information presented in this report has
been prepared in accordance with the Listing Rules of the Irish Stock Exchange
and the accounting policies that the Group has adopted for 2008 and are
consistent with those applied in the prior year.
2. Statutory Accounts
The financial information prepared in accordance with IFRSs as adopted by the
European Union included in this report do not comprise "full group accounts"
within the meaning of Regulation 40(1) of the European Communities (Companies:
Group Accounts) Regulations, 1992 of Ireland insofar as such group accounts
would have to comply with the disclosure and other requirements of those
Regulations. The information included has been extracted from the Group's
financial statements which have been approved by the Board of Directors on 16
May 2008. The financial statements will be filed with the Irish Registrar of
Companies and circulated to shareholders in due course.
3. Comparative Amounts
It has been DCC's policy to allocate Group central costs against operating
profit and against the share of profit after tax of associates. In the current
year, DCC has allocated all Group central costs against operating profit. For
consistency, the comparative divisional operating profit and total operating
profit and share of profit after tax of associates for the year ended 31 March
2007 have been amended to reflect the accounting approach adopted in the current
year. As a result the comparative operating profit amount for that year has been
reduced by E2.9 million and the Group's share of profit after tax of associates
has been increased by a similar amount. These adjustments have no impact on the
profit before tax or earnings per share previously reported for the year ended
31 March 2007.
4. Reporting Currency
The Group's financial statements are prepared in euro denoted by the symbol E.
The exchange rates used in translating sterling balance sheet and income
statement amounts were as follows:
2008 2007
E1=Stg£ E1=Stg£
Balance sheet (closing rate) 0.795 0.680
Income statement (average rate) 0.702 0.680
5. Revenue
2008 2007
E'000 E'000
DCC Energy 3,420,026 2,247,858
DCC SerCom 1,423,357 1,218,047
DCC Healthcare 286,782 234,276
DCC Food & Beverage 310,119 279,471
DCC Environmental 91,678 66,466
Revenue 5,531,962 4,046,118
Of which acquisitions contributed 618,957 411,207
6. Operating Profit
2008 2007
E'000 E'000
DCC Energy 74,339 59,486
DCC SerCom 40,062 32,603
DCC Healthcare 23,440 22,485
DCC Food & Beverage 15,301 15,065
DCC Environmental 14,038 10,445
167,180 140,084
Amortisation of intangible assets (7,928) (6,660)
Exceptional profit (net) 39,605 24,516
Operating profit 198,857 157,940
Of which acquisitions contributed 11,622 10,586
7. Exceptional Profit (net)
The Group had a net exceptional profit before tax of E39.6 million in the year
ended 31 March 2008.
A profit of E85.7 million arose from a dividend received from Manor Park
Homebuilders Limited and a further profit of E9.0 million arose on the
subsequent disposal of the Group's 49% interest in that company.
A charge of E50.0 million was incurred in respect of the settlement of the
Fyffes action and associated costs.
The Group incurred other net exceptional restructuring, legal and related costs
of E5.1 million.
The tax charge relating to the net exceptional profit was E1.8 million.
8. Earnings per Ordinary Share and Adjusted Earnings per Ordinary Share
2008 2007
Eā 000 Eā 000
Profit after taxation and minority interests 164,491 140,186
Amortisation of intangible assets (net of tax) 6,269 5,119
Exceptionals after tax (37,849) (16,816)
Adjusted profit after taxation and minority interests 132,911 128,489
Basic earnings per ordinary share cent cent
Basic earnings per ordinary share 204.28c 174.59c
Adjusted basic earnings per ordinary share* 165.06c 160.02c **
Weighted average number of ordinary shares inissue during 80,522 80,294
the period (ā 000)
Diluted earnings per ordinary share cent cent
Diluted earnings per ordinary share 200.31c 170.83c
Adjusted diluted earnings per ordinary share* 161.85c 156.58c **
Diluted weighted average number of ordinary shares (ā 000) 82,119 82,061
* adjusted to exclude amortisation of intangible assets and exceptionals after
tax.
** excluding the E13.256 million contribution from Manor Park Homebuilders
Limited in the year ended 31 March 2007, the adjusted earnings per ordinary
share for the year ended 31 March 2007 was 143.51 cent per share and the
adjusted fully diluted earnings per ordinary share for the year ended 31 March
2007 was 140.42 cent per share.
9. Dividends
2008 2007
E'000 E'000
Interim 2007/2008 dividend of 20.55 cent per share
(2006/2007: 17.87 cent per share) 16,555 14,337
Final 2006/2007 dividend of 31.41 cent per share
(2005/2006: 27.31 cent per share) 25,258 22,044
41,813 36,381
On 16 May 2008, the Board proposed a final 2007/2008 dividend of 36.12 cent per
share. The financial statements for the year ended 31 March 2008 do not reflect
this proposed dividend which is subject to approval by the shareholders at the
Annual General Meeting.
10. Movement in Total Equity
2008 2007
E'000 E'000
At beginning of year 687,730 585,403
Issues of share capital 4,060 6,098
Share based payment 1,844 1,415
Share buyback - (18,818)
Dividends (41,813) (36,381)
Movement in minority interest (2,045) 1,102
Total recognised income and expense for the year attributable
to equity holders 92,659 148,911
At end of year 742,435 687,730
11. Analysis of Net Debt
2008 2007
E'000 E'000
Non-current assets:
Derivative financial instruments 25,347 3,091
Current assets:
Derivative financial instruments 1,523 51
Cash and cash equivalents 485,840 337,079
487,363 337,130
Non-current liabilities:
Borrowings (4,548) (3,117)
Derivative financial instruments (43,558) (45,944)
Unsecured Notes due 2008 to 2016 (353,571) (265,462)
(401,677) (314,523)
Current liabilities:
Borrowings (217,546) (125,978)
Derivative financial instruments (17,206) (236)
(234,752) (126,214)
Net debt (123,719) (100,516)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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