16. Profit Attributable to DCC plc

Profit after taxation for the year attributable to owners of the Parent amounting to €49.268 million (2012: €40.444 million) has been accounted for in the financial statements of the Company. In accordance with Section 148(8) of the Companies Act 1963, the Company is availing of the exemption from presenting its individual Income Statement to the Annual General Meeting. The Company has also availed of the exemption from filing its individual Income Statement with the Registrar of Companies as permitted by Section 7(1A) of the Companies (Amendment) Act 1986.

17. Dividends

 

2013

2012

Dividends paid per Ordinary Share are as follows:

€’000

€’000

 

 

 

Final - paid 50.47 cent per share on 26 July 2012

42,157

40,061

(2012: paid 48.07 cent per share on 21 July 2011)

Interim - paid 29.48 cent per share on 30 November 2012

24,657

22,903

(2012: paid 27.42 cent per share on 2 December 2011)

66,814

62,964

 

 

 

The Directors are proposing a final dividend in respect of the year ended 31 March 2013 of 56.20 cent per ordinary share (€47.036 million). This proposed dividend is subject to approval by the shareholders at the Annual General Meeting.

18. Earnings per Ordinary Share

 

2013

2012

 

€’000

€’000

 

 

 

Profit attributable to owners of the Parent

130,359

102,428

Amortisation of intangible assets after tax

13,899

8,994

Exceptionals (note 11)

31,241

24,989

Adjusted profit after taxation and non-controlling interests

175,499

136,411

 

2013

2012

Basic earnings per ordinary share

cent

cent

 

 

 

Basic earnings per ordinary share

155.96c

122.78c

Amortisation of intangible assets after tax

16.63c

10.78c

Exceptionals

37.37c

29.95c

Adjusted basic earnings per ordinary share

209.96c

163.51c

 

Weighted average number of ordinary shares in issue (thousands)

83,586

83,427

Basic earnings per share is calculated by dividing the profit attributable to owners of the Parent by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. The adjusted figures for basic earnings per ordinary share are intended to demonstrate the results of the Group after eliminating the impact of amortisation of intangible assets and net exceptionals.

 

2013

2012

Diluted earnings per ordinary share

cent

cent

 

 

 

Diluted earnings per ordinary share

155.47c

122.46c

Amortisation of intangible assets after tax

16.57c

10.75c

Exceptionals

37.26c

29.88c

Adjusted diluted earnings per ordinary share

209.30c

163.09c

 

Weighted average number of ordinary shares in issue (thousands)

83,850

83,639

The earnings used for the purposes of the diluted earnings per share calculations were €130.359 million (2012: €102.428 million) and €175.499 million (2012: €136.411 million) for the purposes of the adjusted diluted earnings per share calculations.

The weighted average number of ordinary shares used in calculating the diluted earnings per share for the year ended 31 March 2013 was 83.850 million (2012: 83.639 million). A reconciliation of the weighted average number of ordinary shares used for the purposes of calculating the diluted earnings per share amounts is as follows:

 

2013

2012

 

‘000

‘000

 

 

 

Weighted average number of ordinary shares in issue

83,586

83,427

Dilutive effect of options and awards

264

212

 

Weighted average number of ordinary shares for diluted earnings per share

83,850

83,639

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Share options and awards are the Company’s only category of dilutive potential ordinary shares.

Employee share options and awards, which are performance-based, are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. These contingently issuable shares are excluded from the computation of diluted earnings per ordinary share where the conditions governing exercisability have not been satisfied as at the end of the reporting period.

The adjusted figures for diluted earnings per ordinary share are intended to demonstrate the results of the Group after eliminating the impact of amortisation of intangible assets and net exceptionals.

19. Assets Classified as Held for Sale

As at 31 March 2012, DCC SerCom’s Enterprise distribution business Altimate Group SA (‘Altimate’) was classified as a disposal group held for sale. On 2 July 2012 the Group announced the completion of the disposal of Altimate following competition clearance from the European Commission. Details of the disposal were set out in a DCC Stock Exchange announcement on 3 April 2012.

20. Property, Plant and Equipment

Fixtures &

Plant &

fittings &

Land &

machinery

office

Motor

buildings

& cylinders

equipment

vehicles

Total

Group

€’000

€’000

€’000

€’000

€’000

 

 

 

 

 

 

Year ended 31 March 2013

 

 

 

 

 

Opening net book amount

163,447

173,391

34,861

79,398

451,097

Exchange differences

(1,557)

(4,188)

(152)

(816)

(6,713)

Arising on acquisition (note 46)

15,133

60,177

1,106

1,385

77,801

Additions

6,558

39,665

10,358

14,773

71,354

Disposals

(1,372)

(1,340)

(124)

(2,077)

(4,913)

Depreciation charge

(3,721)

(32,330)

(10,528)

(19,933)

(66,512)

Reclassifications

(1,290)

4,100

(2,805)

(5)

-

Closing net book amount

177,198

239,475

32,716

72,725

522,114

 

At 31 March 2013

Cost

221,083

612,836

118,446

170,300

1,122,665

Accumulated depreciation

(43,885)

(373,361)

(85,730)

(97,575)

(600,551)

Net book amount

177,198

239,475

32,716

72,725

522,114

 

 

 

 

 

 

Year ended 31 March 2012

 

 

 

 

 

Opening net book amount

145,362

150,980

35,963

63,180

395,485

Exchange differences

5,586

7,836

1,475

3,666

18,563

Arising on acquisition (note 46)

8,374

11,500

1,905

4,445

26,224

Disposal of subsidiaries

-

-

(127)

-

(127)

Additions

9,363

30,493

8,914

26,355

75,125

Disposals

(106)

(1,131)

(424)

(2,115)

(3,776)

Depreciation charge

(3,407)

(24,737)

(10,154)

(17,137)

(55,435)

Impairment charge (note 11)

(2,000)

-

-

-

(2,000)

Assets classified as held for sale (note 19)

(2)

(3)

(2,957)

-

(2,962)

Reclassifications

277

(1,547)

266

1,004

-

Closing net book amount

163,447

173,391

34,861

79,398

451,097

 

At 31 March 2012

Cost

199,731

445,096

112,061

164,003

920,891

Accumulated depreciation

(36,284)

(271,705)

(77,200)

(84,605)

(469,794)

Net book amount

163,447

173,391

34,861

79,398

451,097

 

 

 

 

 

 

Assets held under finance leases

The net carrying amount and the depreciation charge during the year in respect of assets held under finance leases and accordingly capitalised in property, plant and equipment are as follows:

 

2013

2012

 

€’000

€’000

 

 

 

Cost

57,337

58,465

Accumulated depreciation

(55,601)

(57,626)

Net book amount

1,736

839

 

Depreciation charge for the year

946

881

 

 

 

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