Interim Report

RNS Number : 0473W
DCC PLC
04 November 2014
 



 

 

 

4 November 2014

 

Interim Report

For the six months ended 30 September 2014

 

 

DCC plc, the international sales, marketing, distribution and business support services group, headquartered in Dublin, today announced its results for the six months ended 30 September 2014.

 

 

RESULTS HIGHLIGHTS

 



Restated**



     2014

      £'m

      2013

       £'m

% change





Revenue

  5,514.4

  5,409.7

+1.9%

Operating profit*

       73.2

       68.8

+6.4%

Profit before net exceptional items, amortisation of intangible assets and tax

      60.3

      58.4

+3.1%

Adjusted earnings per share*

62.53 pence

58.34 pence

+7.2%

Dividend per share

28.73 pence

26.12 pence

   +10.0%

Operating cash flow

       17.9

     110.1


Net debt at 30 September

     272.8

     216.1


*     Excluding net exceptionals and amortisation of intangible assets

**  All comparative numbers presented in this report have been restated to reflect the impact of new accounting

    rules for joint ventures

 

 

 

Ø Revenue increased by 1.9% to £5.5 billion. Volumes in DCC Energy increased by 5.3% but its revenue was broadly flat, primarily due to the impact of lower oil prices. Excluding the impact of acquisitions, DCC Energy's volumes were in line with last year despite the milder weather in the current year.

 

Ø Revenue, excluding DCC Energy, was up 9.2%.

    

Ø Operating profit increased by 6.4% to £73.2 million.

 

Ø Operating profit, excluding DCC Energy, increased by 16.9%, driven by strong growth in DCC Technology and DCC Healthcare.

 

Ø Recent acquisitions are performing well.

 

Ø The Group increased its acquisition activity, with £148 million committed on acquisitions year to date.

 

Ø Agreement reached to dispose of the Irish subsidiaries of DCC Food & Beverage (Kelkin, Robert Roberts, Allied Logistics). The aggregate consideration is approximately €75 million (£60 million).

 

Ø A seasonal increase in working capital, which should largely reverse in the second half, reduced operating cash flow to £17.9 million. Working capital days remained low at 30 September 2014 (2.3 days versus 1.8 days at 30 September 2013).

 

Ø The interim dividend has been increased by 10.0% to 28.73 pence per share.

 

Ø The Group now expects that growth in operating profit and adjusted earnings per share will be in the range of 5% - 10% over the prior year (previously approximately 10% - 12%) reflecting the impact of the particularly mild weather in September and October.

 

 

Commenting on the results Tommy Breen, Chief Executive, said:

 

"In the seasonally less significant first half, operating profit of £73.2 million was 6.4% ahead of the prior year. DCC Energy's operating profit was modestly behind the prior year as its business was impacted by the very mild weather during the period particularly in the relatively important months of April, May and September. Operating profit, excluding DCC Energy, increased by 16.9% with each of the other four divisions reporting profit growth. 

 

Adjusted earnings per share increased by 7.2% to 62.53 pence.

 

The Board has decided to pay an interim dividend of 28.73 pence per share, which represents a 10.0% increase on the prior year.

 

Assuming normal winter weather conditions in the balance of the financial year, the Group now expects that the year to 31 March 2015 will show growth in operating profit and adjusted earnings per share in the range of 5% - 10% over the prior year (previously approximately 10% - 12%).

 

Good progress was made in the pursuit of the strategic objectives, in particular through the acquisitions of the Esso Express, Williams Medical and CapTech businesses and the disposal of the Group's Irish food and beverage subsidiaries. DCC remains very well placed to continue the development of its business in existing and new geographies."

 

 

For reference, please contact:

Tommy Breen, Chief Executive                                                                     Tel: +353 1 2799 400

Fergal O'Dwyer, Chief Financial Officer                                  Email:investorrelations@dcc.ie

Stephen Casey, Investor Relations Manager                                            Website: www.dcc.ie

                                                                                                                                                             



 

Interim Management Report

For the six months ended 30 September 2014

 

Results

 

A summary of the results for the six months ended 30 September 2014 is as follows:

 


Restated **



       2014

         £'m

       2013

         £'m

% change





 
Revenue

  

5,514.4

 

  5,409.7

     

+1.9%

 

Operating profit*

 




DCC Energy

        31.9

        33.5

       -4.7%

DCC Technology

        15.2

        14.1

      +7.7%

DCC Healthcare

        15.9

        12.6

    +26.7%

DCC Environmental

          7.1

          6.3

    +11.7%

DCC Food & Beverage

          3.1

          2.3

    +33.3%

Group operating profit

        73.2

        68.8

      +6.4%

Share of equity accounted investments

0.5

          0.5


Finance costs (net)

       (13.4)

       (10.9)


Profit before net exceptionals, amortisation of intangible assets and tax

        60.3

        58.4

   +3.1%  

Net exceptional credit/(charge)

          0.2

         (5.9)


Amortisation of intangible assets

       (13.0)

       (10.0)


Profit before tax

        47.5

        42.5

      +11.7%

Taxation

         (5.2)

         (7.2)


Profit after tax

        42.3

        35.3

      +19.9%

Adjusted earnings per share*

    62.53 pence

      58.34 pence

    +7.2%

Dividend per share

   28.73 pence

      26.12 pence

    +10.0%

Operating cash flow

        17.9

      110.1


Net debt at 30 September

      272.8

      216.1


*     Excluding net exceptionals and amortisation of intangible assets

**  All comparative numbers presented in this report have been restated to reflect the impact of           new accounting rules for joint ventures


 

Revenue

Revenue increased by 1.9% to £5.5 billion.

 

Volumes in DCC Energy increased by 5.3% but revenues were broadly flat primarily due to the impact of lower oil prices. Excluding the impact of acquisitions, DCC Energy volumes were in line with last year despite the milder weather in the current year, with good organic growth in non-heating volumes offsetting the weak demand for heating products, which declined by approximately 14%.

 

Excluding DCC Energy, Group revenue increased by 9.2%. Approximately half of this growth was organic, primarily driven by DCC Technology.

 

Operating profit performance

Group operating profit in the first half of £73.2 million was 6.4% ahead of the prior year.

 

DCC Energy's operating profit was 4.7% behind the prior year as its business was impacted by the very mild weather during the period which more than offset the benefit of acquisitions. Organically, operating profit in DCC Energy was approximately 15% behind the prior year which reflected the contrast between the colder than normal first half last year and the much milder conditions in the current year, particularly in the relatively important months of April, May and September.

 

Excluding DCC Energy, operating profit increased by 16.9%, with growth in each of DCC's other four divisions.  Approximately two thirds of this growth was from acquisitions.

 

In DCC Technology, the Group's second largest division, operating profit was 7.7% ahead of the prior year driven by growth in its reseller base and in the gaming console market, as well as a first time contribution from CapTech, which was acquired in September 2014.

 

DCC Healthcare traded well ahead of the prior year, benefiting from first time contributions from Williams Medical, acquired in May 2014, and Universal Products Manufacturing, acquired in January 2014.

 

DCC's two smaller divisions, DCC Environmental and DCC Food & Beverage, traded ahead of the prior year.

 

Change in accounting policy and restatement

IFRS 11 Joint Arrangements has been adopted as required by IFRS for the six months ended 30 September 2014. Whilst the impact on the comparatives is not material, they have been restated accordingly. Further details are set out in note 4.

 

Finance costs (net)

Net finance costs for the period increased to £13.4 million (2013: £10.9 million) primarily as a result of the incremental interest cost of the additional US Private Placement debt drawn down in the first half. Average net debt during the period was £339 million, compared to £361 million during the six months ended 30 September 2013.

 

Profit before net exceptionals, amortisation of intangible assets and tax

Profit before net exceptionals, amortisation of intangible assets and tax of £60.3 million increased by 3.1%.


Net exceptional gain and amortisation of intangible assets

The Group recorded an exceptional gain before tax of £0.2 million which primarily comprised credits in respect of the reorganisation of Group pension arrangements of £2.4 million, an IAS 39 credit of £0.5 million and a further net receipt in respect of ongoing litigation matters of £0.7 million, offset by acquisition costs of £2.2 million and restructuring costs of £1.3 million.

 

The charge for the amortisation of acquisition related intangible assets increased to £13.0 million from £10.0 million, primarily due to the acquisitions completed in the previous 12 months.

 

Taxation

The effective tax rate for the Group in the first half decreased to 13% compared to 16% in the first half last year. The full year tax rate in the prior year was 14%. The decrease in the current year is driven by the reduction in the UK corporation tax rate.

 

Adjusted earnings per share

Adjusted earnings per share increased by 7.2% to 62.53 pence.

 

Interim dividend increase of 10.0%

The Board has decided to pay an interim dividend of 28.73 pence per share, which represents a 10.0% increase on the prior year figure of 26.12 pence per share. This dividend will be paid on 28 November 2014 to shareholders on the register at the close of business on 14 November 2014. DCC continues to offer shareholders the option to receive their dividends in either sterling or euro.

 

Cash flow

 

As with its operating profit, the Group's cash flow is weighted towards its second half. The cash flow generated by the Group and the deployment of cash on acquisitions and dividends to shareholders for the six months ended 30 September 2014 can be summarised as follows:

 

Six months ended 30 September


2014

£'m


2013

£'m






Operating profit

 
73.2
 
68.8
 
 
 
 
 
(Increase)/decrease in working capital
 
(82.5)
 
11.9
Depreciation and other
 
27.2
 
29.4
 
 
 
 
 
Operating cash flow
 
17.9
 
110.1
 
 
 
 
 
Capital expenditure (net)
 
(36.3)
 
(33.2)
 
 
 
 
 
Free cash flow (before interest and tax)
 
(18.4)
 
76.9
 

Interest paid                                                                                       

Tax paid

 

 

 

         (13.1)

         

(13.1)

 
 

         (8.4)

      

  (16.2)

Dividends from joint ventures
 
0.7
 
-
 
 
 
 
 
Free cash flow
 
(43.9)
 
52.3
 
 
 
 
 
Acquisitions
 
(105.5)
 
(22.8)
Dividends
 
(43.0)
 
(40.4)
Exceptional items
 
(3.6)
 
(12.6)
Share issues
 
1.7
 
1.2
 
 
 
 
 
Net outflow
 
(194.3)
 
(22.3)
 
 
 
 
 
Opening net debt
 
(87.3)
 
(186.6)
Translation and other
 
8.8
 
(7.2)
Closing net debt
 
(272.8)
 
(216.1)
 
 
 
 
 

 

Operating cash flow of £17.9 million compares to £110.1 million in the comparative period and was impacted by an increase in net working capital which should largely reverse in the second half. The cash outflow in respect of the increase in working capital reflects the impact of the seasonal unwind from a negative 0.6 days at 31 March 2014 to 2.3 days at 30 September 2014. The particularly strong operating cash flow in the comparative period had benefited from the introduction of a supply chain financing programme within DCC Technology.

 

Working capital remains tightly managed with debtor days reducing to 29.3 days at 30 September 2014 from 31.4 days at 31 March 2014 and 33.1 days at 30 September 2013.  Net working capital at 30 September 2014 was £74 million.

 

Acquisitions, divestitures and capital expenditure

In the six months ended 30 September 2014, committed acquisition and capital expenditure amounted to £184.2 million, as follows:

 


Acquisitions

Capex

Total


         £'m

    £'m

         £'m

DCC Energy

85.4

23.5

108.9

DCC Technology

15.5

5.3

20.8

DCC Healthcare

44.6

2.8

47.4

DCC Environmental

-

4.4

4.4

DCC Food & Beverage                                            

2.4

0.3

2.7

Total

147.9

36.3

184.2





 

Acquisition activity

Committed acquisition expenditure in the six months ended 30 September 2014 amounted to £147.9 million.

 

DCC Energy

As previously announced on 28 August 2014, DCC reached agreement in principle with Esso Société Anonyme Francaise ("Esso SAF") to acquire the assets that comprise the Esso Express unmanned retail petrol station network and the Esso Motorway concessions in France. Completion of the acquisition is subject to, inter alia, the conclusion of the French Works Council consultation process and EC competition clearance. The transaction is expected to complete in the first half of calendar 2015 after the relevant clearances have been received and the implementation of an IT and operational infrastructure.

 

The total consideration will be €106 million (£84 million) plus stock in tank at the date of acquisition, all payable in cash on completion.

 

The acquisition will comprise Esso SAF's network of 274 Esso Express unmanned petrol stations ("Esso Express"), 48 Esso branded motorway concessions ("Motorway Sites") and contracts to supply c. 75 Dealer Owned Dealer Operated sites (together "Esso SAF Retail"). As part of the transaction, DCC Energy will enter into a long term branded supply agreement with Esso SAF.

 

Esso SAF was the pioneer of the unmanned format for retail petrol stations in France when it converted its full service network to the Express format c. 15 years ago. Esso Express (and the related dealer supply business) sells c. 1.7 billion litres of fuel annually. The Motorway Sites comprise 48 full service petrol stations selling c. 230 million litres of fuel annually located on motorways across France. These sites are operated under concession contracts for fixed periods which are subject to a public re-tendering process at the expiry of each concession. The management of the retail operations on the Motorway Sites is outsourced to one of the world's leading operators in the contract catering and support services industry.

 

The acquired business will have annual volumes of approximately 1.9 billion litres, revenue of approximately €2.2 billion (£1.7 billion) and is expected to generate a return on invested capital of approximately 15%.

 

On completion of the acquisition, DCC Energy will operate approximately 670 retail service stations across Europe and will supply approximately 2,000 dealer owned service stations. On a pro-forma basis, DCC Energy's product split by volume will be 58% road transport fuels, 16% commercial fuels, 16% heating oil and 10% LPG.

 

The acquisition of Esso SAF Retail will be DCC Energy's first acquisition in France and the second major acquisition in the European retail petrol station market, following the acquisition of Qstar announced in February 2014. It represents a significant further step in DCC's strategy to build a larger presence in the transport fuels sector and provides DCC with an excellent platform for growth in the French market.

 

DCC Technology

In September, DCC Technology expanded its European footprint with the acquisition of CapTech Distribution AB, Sweden's largest independent technology distribution business. With revenue of approximately £140 million, CapTech has a particularly strong market position in IT hardware and AV systems. CapTech partners with many of the world's leading technology manufacturers and brand owners, including Acer, Asus, BenQ, Dell, Microsoft, NEC and Samsung, and sells to a very broad range of etail, retail and reseller customers.

 

DCC Healthcare

As previously announced on 3 June 2014, DCC Healthcare acquired Williams Medical Holdings, the market leader in the supply of medical and pharmaceutical products and related services to general practitioners in Britain. The consideration (which was paid in cash at completion) was based on an enterprise value of £45 million. Williams Medical supplies a wide range of own and third party branded products - medical equipment, consumables and pharmaceuticals - to a very broad customer base of approximately 10,000 GP practices and healthcare providers in the community care and domiciliary care sectors. The business also provides a range of services including field based testing & calibration and repair & maintenance of equipment. The Williams Medical business model, similar to that in DCC Technology, is based on telesales, e-commerce, product catalogues and key account management, supported by high quality IT systems and cost effective logistics. The acquisition of Williams Medical represents an excellent strategic fit and another material step forward for DCC Healthcare, following the acquisitions of Kent Pharma, Leonhard Lang UK and UPL over the last two years.

 

Total cash spend on acquisitions in the six months ended 30 September 2014

The acquisition of Qstar, a Swedish unmanned retail petrol station company, along with its related fuel distribution and fuel card businesses, previously announced on 17 February 2014, was completed on 12 May 2014 for a total consideration of £39.7 million. The consideration for the Esso SAF Retail transaction will not be paid until the transaction completes, which is likely to be in the first half of calendar 2015. Accordingly, the cash outflow on acquisitions in the six months ended 30 September 2014, inclusive of a net movement in deferred and contingent acquisition consideration of £1.9 million, was £105.5 million.

 

The Group continues to be very active on the development front and is in a very strong financial position to pursue a range of acquisition and organic development opportunities.

 

Divestitures

As previously announced on 30 September 2014, the Group has agreed to dispose of Robert Roberts (including Findlater Wine & Spirits) and Kelkin to Valeo Foods, a leading Irish foods group. The disposal is conditional on clearance from the Competition and Consumer Protection Commission in Ireland.

 

In October 2014, DCC agreed to dispose of Allied Logistics to Musgrave, a major food retailer and distributor in Ireland. The disposal is conditional, inter alia, on clearance from the Competition and Consumer Protection Commission in Ireland. In addition, DCC expects to conclude the disposal of a property, previously used by Allied Logistics, at Park West Industrial Park, Dublin 12.

 

The aggregate consideration from these disposals is approximately €75 million (£60 million) and any gain over their combined carrying value, including goodwill, is expected to be modest.

 

Capital expenditure 

Net capital expenditure in the first half of £36.3 million (2013: £33.2 million) compares to a depreciation charge of £30.2 million (2013: £30.1 million). 

 

Financial strength

DCC's financial position remains very strong. At 30 September 2014, the Group had net debt of £272.8 million and total equity of £925.7 million. At the same date, DCC had cash resources, net of overdrafts, of £903 million and a further £150 million of undrawn committed long term debt facilities. The Group's outstanding term debt at 30 September 2014 had an average maturity of 7.3 years. Substantially all of the Group's debt has been raised in the US Private Placement market with an average credit margin of 1.66% over floating Euribor/Libor.

 

Outlook

Following the particularly mild weather conditions in September and October, the Group now expects that the year to 31 March 2015 will show growth in operating profit and adjusted earnings per share in the range of 5% - 10% over the prior year (previously approximately 10% - 12%). This guidance continues to be set against the important assumption that there will be normal winter weather conditions in the balance of the Group's financial year.

 

DCC retains a strong equity base, long term debt maturities and significant cash resources, which leave it very well placed to continue the development of its business in existing and new geographies.

 


 

Operating review

 

DCC Energy



 

2014

2013

% change


Volumes (litres)

5.215bn

4.950bn

+5.3%


Revenue

£4,077.0m

£4,093.4m

-0.4%


Operating profit

£31.9m

£33.5m

-4.7%


 

Operating profit in DCC Energy was 4.7% behind the prior year as the business was impacted by the very mild weather in contrast to the colder than normal weather in the prior year. Organically, operating profit was approximately 15% behind the prior year but this was partially offset by the benefit of the first time contribution from Qstar, which has performed well since acquisition.

 

The average temperatures in the UK, DCC Energy's largest market, in April, May and September were milder than the 10 year average and significantly milder than the prior year. DCC Energy's other key markets similarly experienced milder weather. This continued the trend of mild weather conditions which the business had also encountered in the second half of the prior year and has significantly impacted on demand for heating products. 

 

DCC Energy sold 5.2 billion litres of product during the period, an increase of 5.3% over the first half of the prior year, driven by acquisitions. Despite the weak demand for heating products, with volumes approximately 14% behind, overall volumes were in line with the prior year on a like for like basis reflecting good organic growth in the non-heating segments of the market. 

 

Good progress was made in DCC's strategy to build a larger presence in transport fuels and particularly in unmanned petrol stations. In May, DCC completed the acquisition of Qstar, the fifth largest retail petrol station network in Sweden. In August, DCC announced that it had reached agreement in principle with Esso Societé Anonyme Francaise to acquire the assets that comprise the Esso Express unmanned retail petrol station network and the Esso motorway concessions in France. These acquisitions will result in DCC Energy's pro-forma transport fuels volume increasing from 50% to 58% of total volumes. 

 

The fuelcard business again achieved strong organic volume growth as it continues to grow its market share in Britain.

 

The LPG business performed robustly, benefiting from good organic volume growth in commercial volumes, which partially mitigated the adverse impact of the milder weather.  The LPG business also benefited from good cost control and the achievement of synergies from the integration of the former BP LPG business in Britain. 

 

On a pro-forma basis, DCC Energy will sell approximately 12.5 billion litres of product per annum across 10 countries and is well positioned to drive further growth in its existing markets and to continue to expand into new geographies. 


 

DCC Technology



 

2014

2013

% change


Revenue

£1,037.9m

£959.3m

+8.2%


Operating profit

£15.2m

£14.1m

+7.7%


Operating margin

1.5%

1.5%



 

DCC Technology achieved operating profit growth of 7.7%, reflecting good growth across the business.

 

In the UK & Ireland, the business maintained its position as the leading distributor of IT, mobile and home electronics products into the retail channel including high street, etail and catalogue retail customers.  This position is underpinned by its commitment to delivering a range of value adding retail services and a continuous emphasis on product range development.  Current areas of focus in this regard include wearable technology, consumer electronics and small domestic appliances.  In addition, in retail, the business benefited from growth in the market for gaming consoles and improved demand for PC products, which offset weaker markets in tablets, DVD and audio. 

 

The business in the UK & Ireland also achieved strong growth in its reseller business as it won new customers and gained market share with existing customers.  Growth was achieved in the server, security and PC product categories as the business has strengthened its services and technical capability.

 

During the period, DCC Technology further integrated its UK businesses under the Exertis brand, as part of its strategy to offer an enhanced sales proposition to its entire customer base.  In addition, the business has commenced a programme to upgrade its IT and logistics infrastructure to support future growth in a cost effective manner.

 

In Continental Europe, the business improved its performance in what remains a difficult market. It also benefited from the acquisition of CapTech Distribution AB, the third largest distributor of IT products in Sweden which has been rebranded under the Exertis name.  CapTech has an extensive retail and reseller customer base and has a particularly strong share of the audio visual and components product segments with a growing presence in the computing market.  It is intended to expand the product and vendor portfolio of the business and to use the acquisition as the foundation for a more broadly based business covering the wider Nordic region.  DCC Technology continues to seek opportunities to expand its presence in other geographic markets.


 

DCC Healthcare

 

2014

2013*

% change*


Revenue

£236.9m

£189.1m

+25.3%


Operating profit

£15.9m

£11.7m

+35.8%


Operating margin

6.7%

6.2%



 

* Adjusted to exclude Virtus Inc which was disposed of in March 2014

 

DCC Healthcare achieved operating profit growth of 35.8%, benefiting from acquisitions completed in the current and prior year, as well as strong organic profit growth in DCC Health & Beauty Solutions.

 

DCC Vital, which is focused on the sales, marketing and distribution of pharmaceuticals and medical devices in Britain and Ireland, recorded strong operating profit growth driven by acquisition activity.  In May 2014, it acquired Williams Medical ("Williams"), the leading provider of medical supplies and services to GP surgeries in Britain, with a growing business in supplying healthcare providers in the evolving community and domiciliary care sectors.  Williams has performed well since acquisition and has expanded DCC Vital's market reach, giving it the most comprehensive sales channel coverage in the British and Irish healthcare markets. 

 

In Britain, DCC Vital recorded good sales growth in own licence generic pharmaceuticals, particularly in the respiratory area, and also in medical devices following the acquisition last year of Leonhard Lang UK, the market leader in electrodes and diathermy consumables.  In Ireland, the trading environment remained challenging, particularly for DCC's pharma compounding activity.

 

DCC Health & Beauty Solutions, which provides outsourced solutions to nutrition and beauty brand owners in Europe, generated very strong operating profit growth. In nutrition, the business benefited from the integration of its Swedish tablet manufacturing operations into its larger facility in Britain. Sales, business development and regulatory personnel have been retained in Sweden and remain focused on driving continued growth in the Nordic region. In beauty, the business benefited from the acquisition of Universal Products Manufacturing ("UPL") in January 2014.  The process of combining UPL with DCC Health & Beauty Solutions' existing creams and liquids activities is on track to deliver the targeted commercial benefits and cost savings.

 

DCC Environmental




 

2014

2013

% change


Revenue

£73.6m

£64.9m

+13.3%


Operating profit

£7.1m

£6.3m

+11.7%


Operating margin

9.6%

9.7%



 

Operating profit in DCC Environmental increased by 11.7%.  DCC Environmental's significant recycling infrastructure in Britain, particularly across the central belt of Scotland and the East Midlands, has positioned the business well to benefit from the improved market conditions, driven by a more favourable economic backdrop and some consolidation within the market.  The non-hazardous business benefited from negotiating lower disposal costs for non-recyclable waste, while the Scottish hazardous waste business gained some significant new contracts.  

 

 

DCC Food & Beverage




 

2014

2013

% change


Revenue

£89.0m

£97.1m

-8.3%


Operating profit

£3.1m

£2.3m

+33.3%


Operating margin

3.5%

2.4%



 

DCC Food & Beverage achieved operating profit growth of 33.3%, primarily driven by a strong performance in its wine business in Britain and Ireland.

 


Forward-looking statements

This report contains some forward-looking statements that represent DCC's expectations for its business, based on current expectations about future events, which by their nature involve risks and uncertainties. DCC believes that its expectations and assumptions with respect to these forward-looking statements are reasonable; however because they involve risk and uncertainty, which are in some cases beyond DCC's control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.

 

Principal Risks and Uncertainties

The Board of DCC is responsible for the Group's risk management and internal control systems, which are designed to identify, manage and mitigate potential material risks to the achievement of the Group's strategic and business objectives. The Board has approved a Risk Management Policy which sets out delegated responsibilities and procedures for the management of risk across the Group.

 

The principal risks and uncertainties facing the Group in the short to medium term, as set out on pages 18 and 19 of the 2014 Annual Report (together with the principal mitigation measures), continue to be the principal risks and uncertainties facing the Group for the remaining six months of the financial year.

 

This is not an exhaustive statement of all relevant risks and uncertainties. Matters which are not currently known to the Board or events which the Board considers to be of low likelihood could emerge and give rise to material consequences. The mitigation measures that are maintained in relation to these risks are designed to provide a reasonable and not an absolute level of protection against the impact of the events in question.

 

Presentation of results and dial-in facility

There will be a presentation of these results to analysts and investors/fund managers in London at 9.00 am today.  The slides for this presentation can be downloaded from DCC's website, www.dcc.ie. A dial-in facility will be available for this meeting:

 

Ireland:            1800 937 657

 

UK:                  0800 279 4977

 

International:   +44 (0) 20 3427 1900

 

Passcode:       982 1763

 

This report and further information on DCC is available at www.dcc.ie

 

 


Group Income Statement














 





Restated


Restated

 



Unaudited 6 months ended


Unaudited 6 months ended


Audited year ended

 



30 September 2014


30 September 2013


31 March 2014

 



Pre exceptionals

Exceptionals

(note 7)

 

Total


Pre exceptionals

 

 Exceptionals

 

Total


Pre exceptionals

 

Exceptionals

 

Total

 


Notes

£'000

£'000

£'000


£'000

£'000

£'000


£'000

£'000

£'000

 














 

Revenue 

6

5,514,356

-

5,514,356


5,409,676

-

5,409,676


11,210,832

-

11,210,832

 














 

Cost of sales


(5,117,593)

-

(5,117,593)


(5,032,301)

-

(5,032,301)


(10,412,238)

-

(10,412,238)

 

Gross profit


396,763

-

396,763


377,375

-

377,375


798,594

-

798,594

 














 

Administration expenses


(134,169)

-

(134,169)


(131,783)

-

(131,783)


(255,305)

-

(255,305)

 

Selling and distribution expenses

(194,532)

-

(194,532)


(179,209)

-

(179,209)


(353,012)

-

(353,012)

 

Other operating income


7,738

3,583

11,321


6,349

5,730

12,079


19,833

31,101

50,934

 

Other operating expenses


(2,557)

(3,835)

(6,392)


(3,887)

(7,296)

(11,183)


(2,844)

(44,384)

(47,228)

 














 

Operating profit before amortisation of intangible assets

 

73,243

 

(252)

 

72,991


 

68,845

 

(1,566)

 

67,279


 

207,266

 

(13,283)

 

193,983

 














 

Amortisation of intangible assets

         (13,009)

-

(13,009)


         (10,038)

-

(10,038)


(20,416)

-

(20,416)

 














 

Operating profit

6

60,234

(252)

59,982


58,807

(1,566)

57,241


186,850

(13,283)

173,567

 














 

Finance costs


(29,825)

-

(29,825)


(27,601)

(4,336)

(31,937)


(50,824)

(2,128)

(52,952)

 

Finance income


16,439

471

16,910


16,695

-

16,695


29,413

-

29,413

 

Share of equity accounted investments

401

-

401


481

-

481


997

-

997

 














 

Profit before tax


47,249

219

47,468


48,382

(5,902)

42,480


166,436

(15,411)

151,025

 














 

Income tax expense

8

(5,173)

-

(5,173)


(7,211)

-

(7,211)


(21,827)

(5,255)

(27,082)

 

Profit after tax for

the financial period                           

                      

           42,076

 

219

 

42,295


 

           41,171

 

(5,902)

 

35,269


 

144,609

 

(20,666)

 

123,943

 














 

Profit attributable to:













 

Owners of the Parent



42,310




35,019




121,234

 

Non-controlling interests




(15)




250




2,709

 

 

 


 

42,295




 

35,269




 

123,943

 














 

Earnings per ordinary share











 

Basic

9



50.40p




41.82p




144.70p

 

Diluted

9



50.03p




41.59p




143.90p

 














 

Adjusted earnings per ordinary share













Basic

9



62.53p




58.34p




191.20p

 

Diluted

9



62.07p




58.02p




190.14p

 


Group Statement of Comprehensive Income

 

 



Unaudited


Unaudited


Audited

 



6 months


6 months


year

 



ended


ended


ended

 



30 Sept.


30 Sept.


31 March

 



2014


2013


2014

 



£'000


£'000


£'000

 








 

Profit for the period


42,295


35,269


123,943

 








 

Other comprehensive income:






 

Items that may be reclassified subsequently to profit or loss







Currency translation:







 

- arising in the period


(7,903)


(4,019)


(7,575)

 

- recycled to the Income Statement on disposal of subsidiary


-


-


324

 

Movements relating to cash flow hedges


(4,004)


(2,766)


(3,455)

 

Movement in deferred tax liability on cash flow hedges


20


198


288

 


(11,887)


(6,587)


(10,418)

 

Items that will not be reclassified to profit or loss






 

Group defined benefit pension obligations:






 

- actuarial loss

(12,129)


(1,309)


(835)

 

- movement in deferred tax asset

1,443


164


152

 


(10,686)


(1,145)


(683)

 







 

Other comprehensive income for the period, net of tax

(22,573)


(7,732)


(11,101)

 








 

Total comprehensive income for the period


19,722


27,537


112,842

 








 

Attributable to:







 

Owners of the Parent


20,034


27,305


110,189

 

Non-controlling interests


(312)


232


2,653

 








 



19,722


27,537


112,842

 

 

 

 

 



Group Balance Sheet

 

 





Restated


Restated



Unaudited


Unaudited


Audited



30 Sept.


30 Sept.


31 March



2014


2013


2014


Notes

£'000


£'000


£'000

ASSETS







Non-current assets







Property, plant and equipment


483,919


439,368


464,864

Intangible assets


784,608


754,217


742,516

Equity accounted investments


5,305


6,294


6,124

Deferred income tax assets


10,431


9,376


11,251

Derivative financial instruments


95,709


73,548


56,240



1,379,972


1,282,803


1,280,995








Current assets







Inventories


399,395


474,477


501,408

Trade and other receivables


938,228


1,033,283


957,821

Derivative financial instruments


5,747


8,846


1,221

Cash and cash equivalents


1,075,909


875,152


962,139



2,419,279


2,391,758


2,422,589

Assets classified as held for sale

16

57,624


-


-



2,476,903


2,391,758


2,422,589

Total assets


3,856,875


3,674,561


3,703,584















EQUITY







Capital and reserves attributable to owners of the Parent





Share capital


14,688


14,688


14,688

Share premium


83,032


83,032


83,032

Share based payment reserve

11

11,649


10,116


10,630

Cash flow hedge reserve

11

(7,828)


(3,245)


(3,844)

Foreign currency translation reserve

11

42,216


53,016


49,822

Other reserves

11

932


932


932

Retained earnings


776,509


720,347


786,158



921,198


878,886


941,418

Non-controlling interests


4,525


2,414


4,837

Total equity


925,723


881,300


946,255








LIABILITIES







Non-current liabilities







Borrowings


1,209,269


796,322


725,831

Derivative financial instruments


16,177


41,236


45,636

Deferred income tax liabilities


26,892


30,136


27,518

Retirement benefit obligations

13

15,053


18,067


16,033

Provisions for liabilities and charges


36,213


17,859


24,157

Deferred and contingent acquisition consideration


40,285


51,149


36,949

Government grants


1,461


1,394


1,323



1,345,350


956,163


877,447








Current liabilities







Trade and other payables


1,287,277


1,456,506


1,489,054

Current income tax liabilities


25,057


23,566


32,244

Borrowings


218,222


321,193


316,726

Derivative financial instruments


7,992


14,918


18,699

Provisions for liabilities and charges


5,335


4,330


6,785

Deferred and contingent acquisition consideration


10,389


16,585


16,374



1,554,272


1,837,098


1,879,882

Liabilities associated with assets classified as held for sale

16

31,530


-


-



1,585,802


1,837,098


1,879,882

Total liabilities


2,931,152


2,793,261


2,757,329








Total equity and liabilities


3,856,875


3,674,561


3,703,584








Net debt included above (including cash attributable to assets held for sale)

 

12

 

(272,828)


 

(216,123)


 

(87,292)

 



Group Statement of Changes in Equity

 

For the six months ended 30 September 2014

Attributable to owners of the Parent







Other


Non-



Share

Share

Retained

reserves


controlling

Total


capital

premium

earnings

(note 11)

Total

interests

equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000









At beginning of period

    14,688

83,032

  786,158

   57,540

  941,418

         4,837

  946,255









Profit for the period

-

-

    42,310

             -

    42,310

            (15)

    42,295

Currency translation

              -

                 -

              -

    (7,606)

     (7,606)

          (297)

     (7,903)

Group defined benefit pension obligations:

               

                  

               


               



- actuarial loss

              -

-

   (12,129)

             -

   (12,129)

                -

   (12,129)

- movement in deferred tax asset

              -

-

      1,443

             -

      1,443

                -

      1,443

Movements relating to cash flow hedges

              -

-

              -

    (4,004)

     (4,004)

                -

     (4,004)

Movement in deferred tax liability on cash flow hedges

              -

-

              -

          20

           20

                -

           20

Total comprehensive income

              -

-

    31,624

  (11,590)

    20,034

          (312)

    19,722

Re-issue of treasury shares

              -

-

      1,717

             -

      1,717

                -

      1,717

Share based payment

              -

-

              -

     1,019

       ,019

                -

      1,019

Dividends

              -

-

   (42,990)

             -

   (42,990)

                -

   (42,990)









At end of period

    14,688

83,032

  776,509

   46,969

  921,198

         4,525

  925,723

 

For the six months ended 30 September 2013

Attributable to owners of the Parent







Other


Non-



Share

Share

Retained

reserves


controlling

Total


capital

premium

earnings

(note 11)

Total

interests

equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000









At beginning of period

    14,688

83,032

  725,514

   66,717

  889,951

         2,391

  892,342









Profit for the period

-

-

    35,019

             -

    35,019

            250

    35,269

Currency translation

              -

                 -

              -

    (4,001)

     (4,001)

            (18)

     (4,019)

Group defined benefit pension obligations:

               

                  

               


               



- actuarial loss

              -

-

     (1,309)

             -

     (1,309)

                -

     (1,309)

- movement in deferred tax asset

              -

-

         164

             -

         164

                -

         164

Movements relating to cash flow hedges

              -

-

              -

    (2,766)

     (2,766)

                -

     (2,766)

Movement in deferred tax liability on cash flow hedges

              -

-

              -

        198

         198

                -

         198

Total comprehensive income

              -

-

    33,874

    (6,569)

    27,305

            232

    27,537

Re-issue of treasury shares

              -

-

      1,179

             -

      1,179

                -

      1,179

Share based payment

              -

-

              -

        671

         671

                -

         671

Dividends

              -

-

   (40,220)

             -

   (40,220)

          (209)

   (40,429)









At end of period

    14,688

83,032

  720,347

   60,819

  878,886

         2,414

  881,300

 

For the year ended 31 March 2014

Attributable to owners of the Parent







Other


Non-



Share

Share

Retained

reserves


controlling

Total


capital

premium

earnings

(note 11)

Total

interests

equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000









At beginning of period

14,688

83,032

725,514

66,717

889,951

2,391

892,342









Profit for the period

-

-

   121,234

             -

   121,234

         2,709

   123,943

Currency translation:








- arising in the period

              -

                 -

              -

    (7,519)

     (7,519)

            (56)

     (7,575)

- recycled to the Income Statement on disposal of subsidiary

  -

                 -

             -

        324

          324

                -

          324

Group defined benefit pension obligations:

               

                  

               


               



- actuarial loss

              -

-

        (835)

             -

        (835)

                -

        (835)

- movement in deferred tax asset

              -

-

          152

             -

          152

                -

          152

Movements relating to cash flow hedges

              -

-

              -

    (3,455)

     (3,455)

                -

     (3,455)

Movement in deferred tax liability on cash flow hedges

              -

-

              -

        288

          288

                -

          288

Total comprehensive income

              -

-

   120,551

  (10,362)

   110,189

         2,653

   112,842

Re-issue of treasury shares

              -

-

       1,981

             -

       1,981

                -

       1,981

Share based payment

              

-

              -

     1,185

       1,185

                -

       1,185

Dividends

              -

-

   (61,888)

             -

   (61,888)

          (207)

   (62,095)









At end of period

    14,688

83,032

   786,158

   57,540

   941,418

         4,837

   946,255



Group Cash Flow Statement





Restated


Restated



Unaudited


Unaudited


Audited



6 months


6 months


year



ended


ended


ended



30 Sept.


30 Sept.


31 March



2014


2013


2014



£'000


£'000


£'000

Cash flows from operating activities







Profit for the period


42,295


35,269


123,943

Add back non-operating expenses







-  tax


5,173


7,211


27,082

-  share of equity accounted investments


(401)


(481)


(997)

-  net operating exceptionals


252


1,566


13,283

-  net finance costs


12,915


15,242


23,539

Group operating profit before exceptionals


60,234


58,807


186,850

Share-based payment


1,019


671


1,185

Depreciation


30,222


30,097


55,402

Amortisation of intangible assets


13,009


10,038


20,416

Profit on disposal of property, plant and equipment


(643)


(432)


(1,783)

Amortisation of government grants


(179)


(194)


(383)

Other


(3,342)


(782)


(1,779)

(Increase)/decrease in working capital


(82,462)


11,871


86,955

Cash generated from operations before exceptionals


17,858


110,076


346,863

Exceptionals


(3,631)


(12,625)


(21,097)

Cash generated from operations


14,227


97,451


325,766

Interest paid


(27,513)


(24,828)


(50,011)

Income tax paid


(13,066)


(16,197)


(33,033)

Net cash flows from operating activities


(26,352)


56,426


242,722

 







Investing activities







Inflows







Proceeds from disposal of property, plant and equipment


3,249


1,174


8,579

Government grants received


52


-


100

Dividends received from equity accounted investments


647


-


633

Disposal of subsidiaries


-


-


11,073

Interest received


14,383


16,462


30,210



18,331


17,636


50,595

Outflows







Purchase of property, plant and equipment


(39,588)


(34,374)


(78,557)

Acquisition of subsidiaries


(97,260)


(15,720)


(39,876)

Deferred and contingent acquisition consideration paid


(8,215)


(7,046)


(10,196)



(145,063)


(57,140)


(128,629)

Net cash flows from investing activities


(126,732)


(39,504)


(78,034)








Financing activities







Inflows







Re-issue of treasury shares


1,717


1,179


1,981

Increase in interest-bearing loans and borrowings


448,989


341,705


342,950

Net cash inflow on derivative financial instruments


-


-


4,554

Increase in finance lease liabilities


-


-


324



450,706


342,884


349,809

Outflows







Repayment of interest-bearing loans and borrowings


(124,305)


-


(60,364)

Net cash outflow on derivative financial instruments


(13,869)


-


-

Repayment of finance lease liabilities


(551)


(823)


(499)

Dividends paid to owners of the Parent


(42,990)


(40,220)


(61,888)

Dividends paid to non-controlling interests


-


(209)


(207)



(181,715)


(41,252)


(122,958)

Net cash flows from financing activities


268,991


301,632


226,851








Change in cash and cash equivalents


115,907


318,554


391,539

Translation adjustment


(26,222)


(4,135)


(8,355)

Cash and cash equivalents at beginning of period


813,561


430,377


430,377

Cash and cash equivalents at end of period


903,246


744,796


813,561








Cash and cash equivalents consists of:







Cash and short term bank deposits


1,075,909


875,152


962,139

Overdrafts


(174,130)


(130,356)


(148,578)

Cash and short term deposits attributable to assets held for sale


1,467


-


-



903,246


744,796


813,561










Notes to the Group Condensed Interim Financial Statements

for the six months ended 30 September 2014

 

 

1.         Basis of Preparation

 

The Group Condensed Interim Financial Statements which should be read in conjunction with the annual financial statements for the year ended 31 March 2014 have been prepared in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007, the related Transparency rules of the Irish Financial Services Regulatory Authority and in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34) as adopted by the EU.

 

The preparation of the interim financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of certain assets, liabilities, revenues and expenses together with disclosure of contingent assets and liabilities.  Estimates and underlying assumptions are reviewed on an ongoing basis. 

 

These condensed interim financial statements for the six months ended 30 September 2014 and the comparative figures for the six months ended 30 September 2013 are unaudited and have not been reviewed by the Auditors.  The summary financial statements for the year ended 31 March 2014 represent a restated (as detailed below), abbreviated version of the Group's full accounts for that year, on which the Auditors issued an unqualified audit report and which have been filed with the Registrar of Companies. 

 

 

2.         Accounting Policies

 

The accounting policies and methods of computation adopted in the preparation of the Group Condensed Interim Financial Statements are consistent with those applied in the Annual Report for the financial year ended 31 March 2014 and are described in those financial statements on pages 128 to 139.

 

The following standard was mandatory for the first time for the financial year beginning 1 April 2014:

·        IFRS 11 Joint Arrangements. Under IAS 31 Interests in Joint Ventures, the Group's net interests in its joint arrangements were classified as joint ventures and the Group's share of assets, liabilities, revenue, income and expense were proportionately consolidated.  IFRS 11 makes equity accounting mandatory for participants in joint ventures. The change to equity accounting had no impact on the Group's profit after tax but impacted each line item in the Consolidated Income Statement.  Similarly, the Consolidated Balance Sheet was impacted on a line by line basis but net assets remained unchanged.

 

As required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the nature and effect of changes arising as a result of the adoption of IFRS 11 on the Consolidated Income Statement, Consolidated Statement of Cash Flows and Consolidated Balance Sheet are disclosed in note 4.  Under the transitional provisions of IFRS 11 the Group is not required to disclose the impact that the adoption of IFRS 11 has had on the current period. 

 

There are a number of other amendments to existing standards that were effective for the Group for the first time from 1 April 2014.  None of these had a material impact on the Group.

 

3.         Going Concern

 

The Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, a period of not less than twelve months from the date of this report.  For this reason, the Directors continue to adopt the going concern basis in preparing the condensed interim financial statements.

 

  

4.         Adoption of New Accounting Standards

 

As noted under Accounting Policies above, the Group adopted IFRS 11 Joint Arrangements on 1 April 2014. As required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the financial impact of the adoption of this standard is outlined below.

 

Impact on Group Income Statement

 


6 months ended 30 Sept. 2013


Year ended 31 March 2014

 


As


  Change in




As


Change in   




reported


accounting


Restated


reported


 accounting


Restated


Unaudited


  policy


Unaudited


Audited


   policy


 Unaudited


£'000


     £'000


         £'000


£'000


     £'000


       £'000

 













 

Revenue

5,419,907


(10,231)


5,409,676


11,231,666


(20,834)


11,210,832

 

Operating profit before exceptional items and amortisation of

intangible assets

 

 

69,355


 

 

(510)


 

 

68,845


 

 

208,403


 

 

(1,137)


 

 

207,266

 

Net operating exceptionals

(1,566)


-


(1,566)


(13,283)


-


(13,283)

 

Amortisation of intangible assets

(10,038)


-


(10,038)


(20,416)


-


(20,416)

 

Operating profit

57,751


(510)


57,241


174,704


(1,137)


173,567

 

Finance costs (net)

(15,242)


-


(15,242)


(23,539)


-


(23,539)

 

Share of equity accounted investments

4


477


481


33


964


997

 

Profit before tax

42,513


(33)


42,480


151,198


(173)


151,025

 

Income tax expense

(7,244)


33


(7,211)


(27,255)


173


(27,082)

 

Profit after tax for the period

35,269


-


35,269


123,943


-


123,943

 













 

Earnings per ordinary share












 

Basic

     41.82p


               -


     41.82p


   144.70p


               -


   144.70p

 

Diluted

     41.59p


               -


     41.59p


   143.90p


               -


   143.90p

 













 

Adjusted earnings per ordinary share












 

Basic

     58.34p


               -


     58.34p


   191.20p


               -


   191.20p

 

Diluted

     58.02p


               -


     58.02p


   190.14p


               -


   190.14p

 








 








 

Impact on Group Balance Sheet

 







 


As at 30 Sept. 2013


As at 31 March 2014

 


As


 Change in




As


Change in




reported


accounting


Restated


reported


 accounting


Restated


Unaudited


    policy


Unaudited


Audited


    policy


 Unaudited


£'000


   £'000


         £'000


£'000


    £'000


       £'000

 













 

ASSETS












 

Non-current assets

1,282,766


(6,257)


1,276,509


1,280,990


(6,119)


1,274,871

 

Equity accounted investments

802


5,492


6,294


824


5,300


6,124

 

Current assets

2,394,827


(3,069)


2,391,758


2,425,785


(3,196)


2,422,589

 

Total assets

3,678,395


(3,834)


3,674,561


3,707,599


(4,015)


3,703,584

 













 

EQUITY












 

Total equity

881,300


-


881,300


946,255


-


946,255

 













 

LIABILITIES












 

Non-current liabilities

956,171


(8)


956,163


877,455


(8)


877,447

 

Current liabilities

1,840,924


(3,826)


1,837,098


1,883,889


(4,007)


1,879,882

 

Total liabilities

2,797,095


(3,834)


2,793,261


2,761,344


(4,015)


2,757,329

 

Total equity and liabilities

3,678,395


(3,834)


3,674,561


3,707,599


(4,015)


3,703,584

 













 

Net debt included above

(215,633)


(490)


(216,123)


(86,287)


(1,005)


(87,292)

 













 

 

 Impact on Group Cash Flow Statement

 


6 months ended 30 Sept. 2013


Year ended 31 March 2014

 


As


  Change in    




As


Change in  




reported


accounting


Restated


reported


accounting


Restated


Unaudited


   policy


Unaudited


Audited


    policy


 Unaudited


£'000


  £'000


         £'000


£'000


   £'000


       £'000

 













 

Net cash flows from operating activities

56,622


(196)


56,426


244,363


(1,641)


242,722

 

Net cash flows from investing activities

(39,904)


400


(39,504)


(79,346)


1,312


(78,034)

 

Net cash flows from financing activities

301,632


-


301,632


226,851


-


226,851

 

Change in cash and cash equivalents

318,350


204


318,554


391,868


(329)


391,539

 

Translation adjustment

(4,138)


3


(4,135)


(8,376)


21


(8,355)

 

Opening cash and cash equivalents

431,074


(697)


430,377


431,074


(697)


430,377

 

Closing cash and cash equivalents

745,286


(490)


744,796


814,566


(1,005)


813,561

 

 

 

5.         Reporting Currency

 

The Group's financial statements are prepared in sterling, denoted by the symbol £. The exchange rates used in translating non-sterling Income Statement and Balance Sheet amounts into sterling were as follows:

 



Average rate


          Closing rate


 


      6 months

        6 months

               Year


      6 months

        6 months

               Year


           ended

           Ended

             ended


           ended

             ended

             ended


        30 Sept.

          30 Sept.

        31 March


         30 Sept.

          30 Sept.

        31 March


             2014

              2013

                2014


              2014

               2013

               2014


         Stg£1=

           Stg£1=

            Stg£1=


          Stg£1=

            Stg£1=

            Stg£1=









Euro

           1.2361

           1.1700

            1.1847


           1.2865

            1.1960

             1.2074

Danish Krone

           9.2234

           8.7251

            8.8386


           9.5756

            8.9200

             9.0146

Swedish Krona

         11.2682

         10.0853

          10.3362


         11.7670

          10.3546

           10.8045

Norwegian Krone

         10.2270

           9.0815

            9.5103


         10.4451

            9.7046

             9.9674

 

6.         Segmental Reporting

 

DCC is an international sales, marketing, distribution and business support services group headquartered in Dublin, Ireland.  Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.  The chief operating decision maker has been identified as Mr. Tommy Breen, Chief Executive and his executive management team.  The Group is organised into five operating segments: DCC Energy, DCC Technology, DCC Healthcare, DCC Environmental and DCC Food & Beverage.

 

DCC Energy markets and sells oil products and services for transport, commercial/industrial, marine, aviation and home heating use in Britain, Ireland and Continental Europe.  DCC Energy also owns, operates and supplies unmanned and manned retail service stations in Britain, Ireland and Continental Europe.  DCC Energy markets and sells liquefied petroleum gas for similar uses in Britain, Ireland and Continental Europe. 

 

DCC Technology sells, markets and distributes a broad range of consumer and SME focussed technology products in Europe.

 

DCC Healthcare sells, markets and distributes pharmaceutical and medical devices in British and Irish markets. DCC Healthcare also provides outsourced product development, manufacturing, packaging and other services to health and beauty brand owners in Europe. 

 

DCC Environmental provides a broad range of waste management and recycling services to the industrial, commercial, construction and public sectors in Britain and Ireland.

 

DCC Food & Beverage markets and sells food and beverages in Ireland and wine in Britain. DCC Food & Beverage is also a provider of frozen food supply chain services in Ireland.



 

Net finance costs and income tax are managed on a centralised basis and therefore these items are not allocated between operating segments for the purpose of presenting information to the chief operating decision maker and accordingly are not included in the detailed segmental analysis below.

 

The consolidated total assets of the Group as at 30 September 2014 of £3.857 billion were not materially different from the equivalent figure at 31 March 2014 and therefore the related segmental disclosure note has been omitted in accordance with IAS 34 Interim Financial Reporting.

 

Intersegment revenue is not material and thus not subject to separate disclosure.

 

An analysis of the Group's performance by segment and geographic location is as follows:

 

(a)           By operating segment



 


                          Unaudited six months ended 30 September 2014

 

 

 

                                                                                  DCC              DCC                  DCC                DCC           DCC Food

                                                                            Energy    Technology      Healthcare   Environmental    & Beverage             Total                                                  


£'000


£'000


        £'000


£'000


£'000


£'000













Segment revenue

4,076,971


  1,037,877


    236,922


73,562


        89,024


5,514,356













Operating profit*

31,934


15,204


      15,902


7,058


          3,145


        73,243

Amortisation of intangible assets

(7,450)


(1,402)


       (3,074)


(394)


            (689)


      (13,009)

Net operating exceptionals (note 7)

(1,788)


(965)


           308


(31)


          2,224


           (252)

Operating profit

22,696


12,837


      13,136


6,633


          4,680


        59,982

 



 


                          Unaudited six months ended 30 September 2013 (restated)

                                                                              DCC              DCC                   DCC                 DCC             DCC Food

                                                                             Energy      Technology        Healthcare   Environmental      & Beverage              Total


£'000


£'000


         £'000


£'000


£'000


£'000













Segment revenue

4,093,358


     959,257


    195,088


64,908


        97,065


5,409,676













Operating profit*

33,502


14,115


      12,553


6,316


          2,359


        68,845

Amortisation of intangible assets

(6,823)


(990)


       (1,167)


(673)


            (385)


      (10,038)

Net operating exceptionals (note 7)

455


(689)


       (1,332)


-


                  -


        (1,566)

Operating profit

27,134


12,436


      10,054


5,643


          1,974


        57,241

 

 


                                            Audited year ended 31 March 2014 (restated)

                                                                                        DCC             DCC                   DCC                 DCC             DCC Food

                                                                             Energy      Technology        Healthcare   Environmental      & Beverage              Total


£'000


£'000


         £'000


£'000


£'000


£'000













Segment revenue

8,243,645


  2,263,973


    406,510


130,635


      166,069


11,210,832













Operating profit*

110,467


48,092


      30,392


11,746


          6,569


      207,266

Amortisation of intangible assets

(13,686)


(1,974)


       (2,711)


(1,285)


            (760)


      (20,416)

Net operating exceptionals (note 7)

(4,219)


(11,371)


        3,285


3,743


         (4,721)


      (13,283)

Operating profit

92,562


34,747


      30,966


14,204


          1,088


      173,567

 

* Operating profit before amortisation of intangible assets and net operating exceptionals



  

(b)           By geography



       Unaudited six months ended 30 September 2014

 

                                                                                                                                                            Republic of           Rest of

                                                                                                                                UK               Ireland          the World               Total








£'000


£'000


£'000


          £'000















Segment revenue







   4,108,866


394,232


1,011,258


   5,514,356















Operating profit*







        57,040


3,700


12,503


        73,243

Amortisation of intangible assets


         (7,784)


(1,279)


        (3,946)


       (13,009)

Net operating exceptionals (note 7)




         (1,487)


1,885


           (650)


            (252)

Operating profit







        47,769


4,306


          7,907


        59,982

 

 



Unaudited six months ended 30 September 2013 (restated)

                                                                                                                                                              Republic of               Rest of

                                                                                                                                UK                 Ireland              the World             Total








          £'000


£'000


£'000


          £'000















Segment revenue







   4,069,259


438,015


902,402


   5,409,676















Operating profit*







        56,243


4,122


8,480


        68,845

Amortisation of intangible assets


         (5,674)


(1,076)


        (3,288)


       (10,038)

Net operating exceptionals (note 7)




         (5,289)


556


          3,167


         (1,566)

Operating profit







        45,280


3,602


          8,359


        57,241

 

 



               Audited year ended 31 March 2014 (restated)

                                                                                                                                                              Republic of                Rest of

                                                                                                                                UK                 Ireland              the World             Total








£'000


£'000


£'000


          £'000















Segment revenue







   8,386,565


889,804


1,934,463


11,210,832















Operating profit*







      158,735


22,062


26,469


      207,266

Amortisation of intangible assets


       (11,721)


(2,075)


        (6,620)


       (20,416)

Net operating exceptionals (note 7)




          2,812


(13,963)


        (2,132)


       (13,283)

Operating profit







      149,826


6,024


        17,717


      173,567

 

* Operating profit before amortisation of intangible assets and net operating exceptionals

 

 

 

7.         Exceptional Items







 


Unaudited


Unaudited


Audited

 


6 months


6 months


year

 


ended


ended


ended

 


30 Sept.


30 Sept.


31 March

 


2014


2013


2014

 


£'000


£'000


£'000

 







 

Restructuring costs

(1,353)


(4,514)


(19,720)

 

Impairment of goodwill

  -


-


(13,923)

Acquisition and related costs

     (2,243)


  (2,182)


(5,638)

Impairment of property, plant and equipment

   -


-


(550)

Adjustments to deferred and contingent acquisition consideration

       202


   4,274


16,165

Net profit on disposal of subsidiaries

             -


               -


5,294

 

Restructuring of Group defined benefit pension schemes

2,424


1,456


1,435

 

Litigation and other operating exceptional items

718


(600)


3,654

 

Operating exceptional items

(252)


(1,566)


(13,283)

 

Mark to market gains (included in interest)

471


(4,336)


(2,128)

 

Tax on Taiwanese legal claim

-


-


(5,255)

 

Net exceptional items after taxation

219


(5,902)


(20,666)

 







 

Non-controlling interest share of profit on disposal of subsidiary

-


-


(2,055)

 

Net exceptional items

219


(5,902)


(22,721)

 







 

The Group recorded a net exceptional credit of £0.219 million during the six months ended 30 September 2014.

 

The Group incurred an exceptional charge of £1.353 million in relation to additional restructuring incurred in both acquired and existing businesses.

 

Acquisition and related costs include the professional and tax costs (such as stamp duty) relating to the evaluation and completion of acquisition opportunities. During the first half these costs amounted to £2.243 million.

 

Deferred and contingent consideration is measured at fair value at the time of the business combination with any subsequent changes to the liability being recognised in the Income Statement.  The net reduction in deferred and contingent consideration payable by the Group amounted to £0.202 million in the period.

Restructuring of certain of the Group's pension arrangements during the period gave rise to an exceptional gain of £2.424 million.

 

The Group recorded a net receipt in respect of ongoing litigation matters amounting to £0.718 million.

 

Most of the Group's debt has been raised in the US Private Placement debt market and swapped, using long term interest, currency and cross currency derivatives to floating rate sterling and euro. Under IAS 39, after marking to market swaps designated as fair value hedges and the related fixed rate debt, the level of ineffectiveness is taken to the Income Statement. Normal volatility in capital markets has given rise to a net mark to market gain of £0.471 million.

 

 

8.         Taxation

 

The taxation expense for the interim period is based on management's best estimate of the weighted average tax rate that is expected to be applicable for the full year.  The Group's effective tax rate for the period was 13.0% (six months ended 30 September 2013: 16.0% and year ended 31 March 2014: 14.0%).  The decrease in the Group's effective tax rate in the current year is primarily driven by the reduction in the UK corporation tax rate.


 

 

9.         Earnings per Ordinary Share and Adjusted Earnings per Ordinary Share

 


Unaudited


Unaudited


Audited


6 months


6 months


year


ended


ended


ended


30 Sept.


30 Sept.


31 March


2014


2013


2014


£'000


£'000


£'000







Profit attributable to owners of the Parent

42,310


35,019


121,234

Amortisation of intangible assets after tax

10,401


7,930


16,237

Exceptionals after tax (note 7)

(219)


5,902


22,721







Adjusted profit after taxation and non-controlling interests

52,492


48,851


160,192







Basic earnings per ordinary share

pence


pence


pence







Basic earnings per ordinary share

50.40p


41.82p


144.70p







Adjusted basic earnings per ordinary share

62.53p


58.34p


191.20p







Weighted average number of ordinary shares in

issue (thousands)

 

83,948


 

83,742


 

83,781







Diluted earnings per ordinary share

pence


pence


pence







Diluted earnings per ordinary share

50.03p


41.59p


143.90p







Adjusted diluted earnings per ordinary share

62.07p


58.02p


190.14p







Diluted weighted average number of ordinary shares in issue (thousands)

 

84,565


 

84,194


 

84,250

 

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

 

 

10.        Dividends

 



Unaudited


Unaudited


Audited



6 months


6 months


year



ended


ended


ended



30 Sept.


30 Sept.


31 March



2014


2013


2014



£'000


£'000


£'000








Interim - paid 26.12 pence per share on 29 November 2013

                        -


                        -


22,167

Final - paid 50.73 pence per share on 24 July 2014

   (paid 56.20 cent per share on 25 July 2013)

 

42,990


 

40,220


 

39,721



 

              42,990

 

              

 

40,220


 

61,888

 

On 3 November 2014, the Board approved an interim dividend of 28.73 pence per share (£24.138 million).  These condensed consolidated interim financial statements do not reflect this dividend payable.  The 2012/2013 final dividend which was paid during the year ended 31 March 2014 was declared in euro and has been translated to sterling using the average sterling/euro exchange rate for the year ended 31 March 2014. 


 

 

11.        Other Reserves







For the six months ended 30 September 2014



Foreign




Share based

Cash flow

currency


Total


payment

hedge

translation

Other

other


reserve

reserve

reserve

reserves

reserves


£'000

£'000

£'000

£'000

£'000








                   

                   




At beginning of period

10,630

(3,844)

49,822

932

57,540







Currency translation

-

-

(7,606)

-

(7,606)

Movements relating to cash flow hedges

-

(4,004)

-

-

(4,004)

Movement in deferred tax liability on cash flow hedges                                                                                       -

 

20

 

-

 

-

 

20

Share based payment

1,019

-

-

-

1,019







At end of period

11,649

(7,828)

42,216

932

46,969













For the six months ended 30 September 2013



Foreign




Share based

Cash flow

currency


Total


payment

hedge

translation

Other

other


reserve

reserve

reserve

reserves

reserves


£'000

£'000

£'000

£'000

£'000








               

               




At beginning of period

9,445

(677)

57,017

932

66,717







Currency translation

-

-

(4,001)

-

(4,001)

Movements relating to cash flow hedges

-

(2,766)

-

-

(2,766)

Movement in deferred tax liability on cash flow hedges                    -

198

-

-

198

Share based payment

671

-

-

-

671







At end of period

10,116

(3,245)

53,016

932

60,819













For the year ended 31 March 2014



Foreign




Share based

Cash flow

currency


Total


payment

hedge

translation

Other

other


reserve

reserve

reserve

reserves

reserves


£'000

£'000

£'000

£'000

£'000








                   

                   




At beginning of period

9,445

(677)

57,017

932

66,717







Currency translation






- arising in the year

-

-

(7,519)

-

(7,519)

- recycled to the Income Statement on disposal of subsidiary

-

-

324

-

324

Movements relating to cash flow hedges

-

(3,455)

-

-

(3,455)

Movement in deferred tax liability on cash flow hedges                    -

288

-

-

288

Share based payment

1,185

-

-

-

1,185







At end of period

10,630

(3,844)

49,822

932

57,540








 

12.        Analysis of Net Debt

 




Restated


Restated


Unaudited


Unaudited


Audited


30 Sept.


30 Sept.


31 March


2014


2013


2014


£'000


£'000


£'000

Non-current assets:






Derivative financial instruments

95,709


73,548


56,240







Current assets:






Derivative financial instruments

5,747


8,846


1,221

Cash and cash equivalents

1,075,909


875,152


962,139


1,081,656


883,998


       963,360

Non-current liabilities:






Borrowings

(205)


(274)


            (619)

Derivative financial instruments

(16,177)


(41,236)


       (45,636)

Unsecured Notes

(1,209,064)


(796,048)


     (725,212)


(1,225,446)


(837,558)


     (771,467)

Current liabilities:






Borrowings

(174,474)


(130,589)


     (149,079)

Derivative financial instruments

(7,992)


(14,918)


       (18,699)

Unsecured Notes

(43,748)


(190,604)


     (167,647)


(226,214)


(336,111)


     (335,425)







Net debt excluding cash attributable to assets held for sale

(274,295)


(216,123)


(87,292)

Cash and short term deposits attributable to assets held for sale

1,467


-


-







Net debt including cash attributable to assets held for sale

(272,828)


(216,123)


(87,292)







 

13.        Retirement Benefit Obligations

 

The Group's defined benefit pension schemes' assets were measured at fair value at 30 September 2014.  The defined benefit pension schemes' liabilities at 30 September 2014 have been updated based on market conditions at that date.

 

The deficit on the Group's retirement benefit obligations increased from £16.033 million at 31 March 2014 to £21.949 million at 30 September 2014 (including the defined benefit schemes associated with assets held for sale at 30 September 2014). The increase in the deficit was primarily driven by an actuarial loss on liabilities which arose from a reduction in the discount rate used to value these liabilities.

 

 

14.        Changes in Estimates and Assumptions

 

The following actuarial assumptions have been made in determining the Group's retirement benefit obligation for the six months ended 30 September 2014:


Unaudited


Unaudited


Audited


6 months


6 months


year


ended


ended


ended


30 Sept.


30 Sept.


31 March


2014


2013


2014

Discount rate






- Republic of Ireland

2.50%


3.70%


3.40%

- UK

4.00%


4.55%


4.50%


 

15.        Business Combinations

 

A key strategy of the Group is to create and sustain market leadership positions through bolt-on acquisitions in markets it currently operates in together with extending the Group's footprint into new geographic markets.  In line with this strategy, the principal acquisitions completed by the Group during the six months ended 30 September 2014 were as follows:

·     the acquisition of 100% of Qstar Försäljning AB, a Swedish unmanned petrol station company, along with its related fuel distribution and fuel card businesses ('Qstar'), completed in May 2014; and

·     the acquisition in June 2014 of 100% of Williams Medical Holdings ('Williams'), a UK based business which supplies medical and pharmaceutical products and related services to general practitioners in Britain; and

·     the acquisition in September 2014 of CapTech Distribution AB, Sweden's largest independent technology distribution business.

 

The carrying amounts of the assets and liabilities acquired (excluding net cash/debt acquired), determined in accordance with IFRS before completion of the business combinations, together with the fair value adjustments made to those carrying values were as follows:

 


Unaudited

30 Sept.

2014


Unaudited

30 Sept.

2014


Unaudited

30 Sept.

2014


Unaudited

30 Sept.

2014


£'000


£'000


£'000


£'000


Williams


Qstar


Others


Total

Assets








Non-current assets








Property, plant and equipment

2,598


27,101


537


30,236

Intangible assets - other intangible assets

11,827


6,983


2,766


21,576

Deferred income tax assets

30


37


-


67

Total non-current assets

14,455


34,121


3,303


51,879









Current assets








Inventories

2,536


5,811


12,344


20,691

Trade and other receivables

6,817


28,596


14,537


49,950

Total current assets

9,353


34,407


26,881


70,641









Liabilities








Non-current liabilities








Deferred income tax liabilities

(2,365)


(1,536)


(284)


(4,185)

Provisions for liabilities and charges

-


(15,112)


-


(15,112)

Government grants

(281)


-


-


(281)

Total non-current liabilities

(2,646)


(16,648)


(284)


(19,578)









Current liabilities








Trade and other payables

(8,307)


(36,801)


(12,651)


(57,759)

Current income tax liabilities

(65)


-


60


(5)

Total current liabilities

(8,372)


(36,801)


(12,591)


(57,764)









Identifiable net assets acquired

12,790


15,079


17,309


45,178

Intangible assets - goodwill

31,628


24,597


376


56,601

Total consideration (enterprise value)

44,418


39,676


17,685


101,779









Satisfied by:








Cash

47,928


37,325


4,383


89,636

Net (cash)/debt acquired

(3,510)


-


9,322


5,812

Net cash outflow

44,418


37,325


13,705


95,448

Deferred and contingent acquisition consideration

-


2,351


3,980


6,331

Total consideration

44,418


39,676


17,685


101,779









 

 



The acquisitions of Williams and Qstar have been deemed to be substantial transactions and separate disclosure of the fair values of the identifiable assets and liabilities has therefore been made.  None of the remaining business combinations completed during the period were considered sufficiently material to warrant separate disclosure of the fair values attributable to those combinations.  The carrying amounts of the assets and liabilities acquired, determined in accordance with IFRS, before completion of the combination together with the adjustments made to those carrying values disclosed above were as follows:

 

 


Book

value


Fair value

adjustments


Fair

value

Williams

£'000


£'000


£'000







Non-current assets (excluding goodwill)

2,628


11,827


14,455

Current assets

9,353


-


9,353

Non-current liabilities and non-controlling interests

(281)


(2,365)


(2,646)

Current liabilities

(8,372)


-


(8,372)

Identifiable net assets acquired

3,328


9,462


12,790

Goodwill arising on acquisition

41,090


(9,462)


31,628

Total consideration (enterprise value)

44,418


-


44,418

 


Book

value


Fair value

adjustments


Fair

value

Qstar

£'000


£'000


£'000







Non-current assets (excluding goodwill)

27,138


6,983


34,121

Current assets

34,407


-


34,407

Non-current liabilities and non-controlling interests

(15,112)


(1,536)


(16,648)

Current liabilities

(36,801)


-


(36,801)

Identifiable net assets acquired

9,632


5,447


15,079

Goodwill arising on acquisition

30,044


(5,447)


24,597

Total consideration (enterprise value)

39,676


-


39,676

 


Book

value


Fair value

adjustments


Fair

value

Other acquisitions

£'000


£'000


£'000







Non-current assets (excluding goodwill)

537


2,766


3,303

Current assets

26,881


-


26,881

Non-current liabilities and non-controlling interests

(284)


-


(284)

Current liabilities

(12,591)


-


(12,591)

Identifiable net assets acquired

14,543


2,766


17,309

Goodwill arising on acquisition

3,142


(2,766)


376

Total consideration (enterprise value)

17,685


-


17,685

 


Book

value


Fair value

adjustments


Fair

value

Total

£'000


£'000


£'000







Non-current assets (excluding goodwill)

30,303


21,576


51,879

Current assets

70,641


-


70,641

Non-current liabilities and non-controlling interests

(15,677)


(3,901)


(19,578)

Current liabilities

(57,764)


-


(57,764)

Identifiable net assets acquired

27,503


17,675


45,178

Goodwill arising on acquisition

74,276


(17,675)


56,601

Total consideration (enterprise value)

101,779


-


101,779



 

The initial assignment of fair values to identifiable net assets acquired has been performed on a provisional basis in respect of a number of the business combinations above given the timing of closure of these acquisitions, with any amendments to these fair values to be finalised within a twelve month timeframe from the dates of acquisition.  There were no adjustments processed during the six months ended 30 September 2014 to the fair value of business combinations completed during the preceding twelve months.

 

The principal factors contributing to the recognition of goodwill on business combinations entered into by the Group are the expected profitability of the acquired business and the realisation of cost savings and synergies with existing Group entities.

 

£0.671 million of the goodwill recognised in respect of acquisitions completed during the period is expected to be deductible for tax purposes.

 

Acquisition and related costs included in the Group Income Statement amounted to £2.243 million.

 

No contingent liabilities were recognised on the acquisitions completed during the period or in prior financial years.

 

The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to £50.092 million.  The fair value of these receivables was £49.950 million (all of which is expected to be recoverable) and is inclusive of an aggregate allowance for impairment of £0.142 million.

 

The fair value of contingent consideration recognised at the date of acquisition is calculated by discounting the expected future payment to present value at the acquisition date.  In general, for contingent consideration to become payable, pre-defined profit thresholds must be exceeded.  On an undiscounted basis, the future payments for which the Group may be liable for acquisitions in the current period range from £2.840 million to £14.350 million.

 

The acquisitions during the period contributed £253.739 million to revenues and £8.343 million to operating profit before amortisation of intangible assets and net operating exceptionals.  Had all the business combinations effected during the period occurred at the beginning of the period, total Group revenue for the six months ended 30 September 2014 would be £5,555.789 million and total Group operating profit before amortisation of intangible assets and net operating exceptionals would be £73.589 million.

 

 

16.        Assets Classified as Held for Sale

 

On 30 September 2014 the Group announced that it had reached agreement to dispose of Robert Roberts and Kelkin ('the businesses') to Valeo Foods. The disposal is conditional on clearance from the Competition and Consumer Protection Commission in Ireland. The total consideration for the businesses is expected to be approximately €60 million (£47 million) less debt and debt like items, payable in cash on completion.  

 

As at 30 September 2014, the businesses were classified as a disposal group held for sale. The fair value less costs to sell of the major classes of assets and liabilities held for sale as at 30 September 2014 were as follows:

 


             30 Sept.


2014


£'000

Assets


Property, plant and equipment

6,299

Intangible assets

8,844

Equity accounted investments

212

Deferred income tax assets

882

Inventories

17,017

Trade and other receivables

22,903

Cash and cash equivalents

1,467

Assets classified as held for sale

57,624



Liabilities


Deferred income tax liabilities

(235)

Retirement benefit obligations

(6,896)

Deferred and contingent acquisition consideration

(78)

Trade and other payables

(23,629)

Current income tax liabilities

(692)

Liabilities associated with assets classified as held for sale

(31,530)



Net assets of the disposal group

26,094



 

17.        Seasonality of Operations

 

The Group's operations are significantly second-half weighted primarily due to the demand for a significant proportion of DCC Energy's products being weather dependent and seasonal buying patterns in DCC Technology.

 

 

18.        Goodwill

 

Goodwill is subject to impairment testing on an annual basis and more frequently if an indicator of impairment is considered to exist.  There were no other indicators of impairment during the six months ended 30 September 2014.  The Board is satisfied that the carrying value of goodwill at 30 September 2014 has not been impaired.        

 

 

19.       Related Party Transactions

 

There have been no related party transactions or changes in related party transactions other than those described in the Annual Report in respect of the year ended 31 March 2014 that could have a material impact on the financial position or performance of the Group in the six months ended 30 September 2014.

 

 

20.       Events After the Balance Sheet Date

 

In October 2014, DCC agreed to dispose of Allied Logistics to Musgrave, a major food retailer and distributor in Ireland. The disposal is conditional, inter alia, on clearance from the Competition and Consumer Protection Commission in Ireland.

 

 

21.        Distribution of Interim Report

 

This report and further information on DCC is available at the Company's website www.dcc.ie.  A printed copy is available to the public at the Company's registered office at DCC House, Leopardstown Road, Foxrock, Dublin 18, Ireland.



 

Statement of Directors' Responsibilities

 

We confirm that to the best of our knowledge:

 

1.   the condensed set of interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

 

2.   the interim management report includes a fair review of the information required by:

 

Regulation 8(2) of the Transparency (Directive 2004/109/EC) Regulations 2007, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

 

Regulation 8(3) of the Transparency (Directive 2004/109/EC) Regulations 2007, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

 

 

 

On behalf of the Board

 

 

John Moloney                                                           Tommy Breen

Chairman                                                                  Chief Executive

 

3 November 2014

 

 

 

 


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