41. Non-Controlling Interests

 

2013

2012

Group

€’000

€’000

 

 

 

At 1 April

2,656

2,234

Share of profit for the financial year

416

618

Dividends to non-controlling interests

(245)

(196)

At 31 March

2,827

2,656

 

 

42. Cash Generated from Operations

 

2013

2012

Group

€’000

€’000

 

 

 

Profit for the financial year

130,775

103,046

Add back non-operating expenses

- tax (note 15)

32,239

29,937

- share of loss from associates (note 14)

318

1,108

- net operating exceptionals (note 11)

29,209

22,357

- net finance costs (note 12)

18,941

17,199

Operating profit before exceptionals

211,482

173,647

- share-based payments expense (note 10)

1,322

549

- depreciation (note 20)

66,512

55,435

- amortisation (note 21)

17,684

11,379

- profit on sale of property, plant and equipment

(1,271)

(838)

- amortisation of government grants (note 36)

(584)

(604)

- other

(5,212)

(8,840)

Changes in working capital (excluding the effects of acquisition and exchange differences on consolidation):

- inventories (note 27)

(108,070)

(56,372)

- trade and other receivables (note 27)

(26,662)

(158,819)

- trade and other payables (note 27)

169,318

261,785

Cash generated from operations

324,519

277,322

 

 

 

 

2013

2012

Company

€’000

€’000

 

 

 

Profit for the financial year

49,268

40,444

Add back non-operating (income)/expense

- net operating exceptionals

350

994

- net finance income

(12,279)

(11,452)

- dividend income

(36,062)

(30,000)

Operating profit/(loss) before exceptionals

1,277

(14)

Changes in working capital:

- trade and other receivables (note 27)

36,292

4,658

- trade and other payables (note 27)

(16,052)

15,333

Cash generated from operations

21,517

19,977

 

43. Contingencies

Guarantees

The Company and certain subsidiaries have given guarantees of €1,578.791 million (2012: €1,390.175 million) in respect of borrowings and other obligations arising in the ordinary course of business of the Company and other Group undertakings.

Other

Pursuant to the provisions of Section 17, Companies (Amendment) Act, 1986, the Company has guaranteed the liabilities of the following subsidiaries; Alvabay Limited, DCC Business Expansion Fund Limited, DCC Corporate Partners Limited, DCC Energy Limited, DCC Finance Limited, DCC Funding 2007 Limited, DCC Healthcare Limited, DCC Management Services Limited, DCC Nominees Limited, DCC SerCom Limited, Emo Oil Limited, Energy Procurement Limited, Fannin Limited, Fannin Compounding Limited, Flogas Ireland Limited, Great Gas Petroleum (Ireland) Limited, Lotus Green Limited, SerCom (Holdings) Limited, SerCom Distribution Limited, SerCom Property Limited, Shannon Environmental Holdings Limited and Sharptext Limited. As a result, these companies will be exempted from the filing provisions of Section 7, Companies (Amendment) Act, 1986.

44. Capital Expenditure Commitments

 

2013

2012

Group

€’000

€’000

 

 

 

Capital expenditure on property, plant and equipment that has been contracted for but has not been provided for in the financial statements

2,387

3,541

Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not yet been contracted for

87,248

61,614

89,635

65,155

 

 

45. Commitments under Operating and Finance Leases

Group

Operating leases

Future minimum rentals payable under non-cancellable operating leases at 31 March are as follows:

 

2013

2012

 

€’000

€’000

 

 

 

Within one year

23,729

26,059

After one year but not more than five years

56,647

59,449

More than five years

81,281

91,999

161,657

177,507

 

 

 

The Group leases a number of properties under operating leases. The leases typically run for a period of 10 to 25 years. Rents are generally reviewed every five years.

During the year ended 31 March 2013, €31.885 million (2012: €27.096 million) was recognised as an expense in the Income Statement in respect of operating leases.

Finance leases

Future minimum lease payments under finance leases together with the present value of the net minimum lease payments are as follows:

 

2013

2012

 

Present

Present

 

Minimum

value of

Minimum

value of

 

payments

payments

payments

payments

 

€’000

€’000

€’000

€’000

 

 

 

 

 

Within one year

857

854

243

241

After one year but not more than five years

749

733

295

287

 

1,606

1,587

538

528

Less: amounts allocated to future finance costs

(19)

-

(10)

-

Present value of minimum lease payments

1,587

1,587

528

528

 

 

 

 

 

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