On 26 February 2013 the Group announced that from the financial year beginning 1 April 2013 it will be changing the currency in which it presents its financial results from euro to UK pounds sterling (‘sterling’). To assist shareholders during this change, comparative financial information for the financial years ending 31 March 2010, 2011, 2012 and 2013 is re-presented in sterling below.

Basis of preparation

DCC plc will present its results in sterling with effect from 1 April 2013. For the financial years ending 31 March 2010, 2011, 2012 and 2013, the Company has presented a condensed Group Income Statement, Group Balance Sheet and Group Cash Flow Statement as at 31 March for each of these years. This financial information will form the basis of the comparative financial information expected to be included in the first complete set of financial statements of the Group presented in sterling for the year ended 31 March 2014.

In order to satisfy the requirements of IAS 21 with respect to a change in presentation currency, the statutory financial information as previously reported in the Group’s Annual Reports for the years ended 31 March 2010, 2011, 2012 and 2013 has been restated from euro into sterling using the procedures outlined below:

  • assets and liabilities of foreign operations where the functional currency is other than sterling were translated into sterling at the relevant closing rates of exchange. Non-sterling trading results were translated into sterling at the relevant average rates of exchange. Differences arising from the retranslation of the opening net assets and the results for the year have been taken to the foreign currency translation reserve;
  • the cumulative foreign currency translation reserve was set to nil at 1 April 2004, the date of transition to IFRS. All subsequent movements comprising differences on the retranslation of the opening net assets of non-sterling subsidiaries have been taken to the foreign currency translation reserve. Share capital, share premium and other reserves were translated at the historic rates prevailing at the dates of transactions; and
  • all exchange rates used were extracted from the Group’s underlying financial records.

The exchange rates used were as follows:

 

2013

2012

2011

2010

Euro/sterling exchange rate

 

 

 

 

Closing rate

0.846

0.834

0.884

0.889

Average rate

0.815

0.868

0.852

0.887

 

Condensed Group Income Statement
For the year ended 31 March

 

 

2013

2012

2011

2010

£’000

£’000

£’000

£’000

 

 

 

 

Revenue

10,572,686

9,283,492

7,397,584

5,967,067

Operating profit before exceptional items and
amortisation of intangible assets

186,862

160,677

195,682

171,101

Net operating exceptionals

(23,817)

(19,415)

(10,780)

(8,664)

Amortisation of intangible assets

(14,420)

(9,882)

(9,342)

(5,457)

Operating profit

148,625

131,380

175,560

156,980

Finance costs (net)

(15,444)

(14,936)

(13,806)

(10,798)

Share of associates’ loss after tax

(259)

(962)

(204)

135

Profit before tax

132,922

115,482

161,550

146,317

Income tax expense

(26,288)

(25,997)

(37,301)

(29,465)

Profit after tax for the financial year

106,634

89,485

124,249

116,852

 

Profit attributable to:

Owners of the Parent

106,295

88,948

123,663

116,061

Non-controlling interests

339

537

586

791

 

106,634

89,485

124,249

116,852

Earnings per ordinary share

Basic

127.17p

106.62p

148.69p

140.87p

Diluted

126.77p

106.34p

148.20p

140.12p

 

Adjusted earnings per ordinary share

Basic

171.20p

141.99p

173.12p

157.93p

Diluted

170.66p

141.63p

172.55p

157.09p

 

Condensed Group Balance Sheet
As at 31 March

2013
£’000

2012
£’000

2011
£’000

2010

ASSETS

 

   

£’000

Non-current assets

 

 

 

 

Property, plant and equipment

441,500

376,170

349,490

318,491

Intangible assets

749,317

654,782

562,134

529,273

Investments in associates

808

978

2,016

2,128

Deferred income tax assets

9,478

5,334

8,243

10,820

Derivative financial instruments

125,912

112,185

74,563

90,649

 

1,327,015

1,149,449

996,446

951,361

Current assets

Inventories

389,526

282,000

219,272

208,918

Trade and other receivables

1,139,266

1,077,147

913,989

820,044

Derivative financial instruments

11,794

3,581

3,148

1,194

Cash and cash equivalents

518,925

525,376

618,890

635,847

 

2,059,511

1,888,104

1,755,299

1,666,003

Assets classified as held for sale

-

118,926

-

-

 

2,059,511

2,007,030

1,755,299

1,666,003

Total assets

3,386,526

3,156,479

2,751,745

2,617,364

 

EQUITY

Capital and reserves attributable to owners of the Parent

Share capital

14,688

14,688

14,688

14,688

Share premium

83,032

83,032

83,032

83,032

Other reserves - share options

9,445

8,367

7,890

6,706

Cash flow hedge reserve

(677)

1,052

878

(214)

Foreign currency translation reserve

57,017

55,201

63,751

61,531

Other reserves

932

932

932

932

Retained earnings

725,514

680,070

650,351

574,798

 

889,951

843,342

821,522

741,473

Non-controlling interests

2,391

2,215

1,974

2,890

Total equity

892,342

845,557

823,496

744,363

 

LIABILITIES

Non-current liabilities

Borrowings

672,715

707,452

673,595

705,884

Derivative financial instruments

13,436

14,587

26,636

17,193

Deferred income tax liabilities

32,897

26,694

22,476

20,882

Post employment benefit obligations

19,352

12,296

17,086

21,070

Provisions for liabilities and charges

17,141

12,874

12,598

10,165

Deferred and contingent acquisition consideration

56,558

71,107

57,607

43,893

Government grants

1,574

2,050

2,531

3,271

 

813,673

847,060

812,529

822,358

Current liabilities

Trade and other payables

1,463,330

1,279,102

1,016,068

924,655

Current income tax liabilities

29,304

32,366

52,516

63,769

Borrowings

154,060

59,206

35,827

51,736

Derivative financial instruments

2,372

851

471

495

Provisions for liabilities and charges

12,044

8,311

2,747

5,667

Deferred and contingent acquisition consideration

19,401

11,198

8,091

4,321

 

1,680,511

1,391,034

1,115,720

1,050,643

Liabilities associated with assets classified as held for sale

-

72,828

-

-

 

1,680,511

1,463,862

1,115,720

1,050,643

Total liabilities

2,494,184

2,310,922

1,928,249

1,873,001

Total equity and liabilities

3,386,526

3,156,479

2,751,745

2,617,364

 

Condensed Consolidated Cash Flow Statement
For the year ended 31 March

 

 

2013

2012

2011

2010

£’000

£’000

£’000

£’000

 

 

 

 

Cash generated from operations

264,614

240,827

229,729

264,200

Exceptionals

(25,179)

(2,409)

(7,614)

(11,395)

Interest paid

(39,970)

(37,390)

(36,880)

(14,179)

Income tax paid

(31,273)

(43,272)

(48,016)

(18,232)

Net cash flows from operating activities

168,192

157,756

137,219

220,394

Investing activities

Inflows

Proceeds from disposal of property, plant and equipment

5,042

4,007

4,760

8,723

Government grants received

-

11

533

1,596

Disposal of subsidiaries

11,722

(1,116)

24,229

734

Interest received

25,593

23,581

26,255

3,112

 

42,357

26,483

55,777

14,165

Outflows

Purchase of property, plant and equipment

(62,508)

(60,987)

(71,057)

(41,941)

Acquisition of subsidiaries

(156,177)

(139,010)

(63,586)

(114,919)

Deferred and contingent acquisition consideration paid

(11,970)

(7,002)

(3,161)

(3,662)

 

(230,655)

(206,999)

(137,804)

(160,522)

Net cash flows from investing activities

(188,298)

(180,516)

(82,027)

(146,357)

Financing activities

Inflows

Re-issue of treasury shares

1,702

2,060

3,268

6,794

Increase in finance lease liabilities

1,425

-

-

918

Increase in interest-bearing loans and borrowings

-

-

561

260,483

 

3,127

2,060

3,829

268,195

Outflows

Repayment of interest-bearing loans and borrowings

-

(5,289)

(18,030)

(38,530)

Repayment of finance lease liabilities

(564)

(345)

(1,052)

(548)

Dividends paid to owners of the Parent

(54,480)

(54,678)

(49,457)

(46,302)

Dividends paid to non-controlling interests

(200)

(170)

(187)

(244)

 

(55,244)

(60,482)

(68,726)

(85,624)

Net cash flows from financing activities

(52,117)

(58,422)

(64,897)

182,571

 

Change in cash and cash equivalents

(72,223)

(81,182)

(9,705)

256,608

Translation adjustment

2,891

(7,069)

(1,948)

(5,491)

Cash and cash equivalents at beginning of year

500,406

588,657

600,310

349,193

Cash and cash equivalents at end of year

431,074

500,406

588,657

600,310

Cash and cash equivalents consists of:

Cash and short term bank deposits

518,925

525,376

618,890

635,847

Overdrafts

(87,851)

(59,005)

(30,233)

(35,537)

Cash and short term bank deposits attributable to asset held for sale

-

34,035

-

-

 

431,074

500,406

588,657

600,310

 

 

 

 

 

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