Interim Results
DCC PLC
13 November 2006
Interim Results for the Six Months ended 30 September 2006
€ Change on prior year
Revenue 1,803.3m +18.1%
Operating profit* 45.2m +17.1%
Share of associates' profit after tax 4.7m -16.0%
Profit before exceptional items,
amortisation of intangible assets and tax 44.5m +8.3%
Profit before tax 40.4m +20.2%
Adjusted earnings per share* 48.95 cent +8.0%
Dividend per share 17.87 cent +15.0%
Net debt at 30 September 2006 127.2m
* excluding exceptional items and amortisation of intangible assets
DCC, the business support services group, today announced its results for the
six months ended 30 September 2006.
Commenting on the results, DCC's Chief Executive/Deputy Chairman, Jim Flavin,
said:
'DCC achieved excellent revenue and operating profit growth in the first half
to 30 September 2006.
The Board's expectations for the full financial year have improved. The Board
now believes that DCC will achieve approximately mid-teen operating profit
growth in its seasonally more significant second half, driven by expected strong
profit growth in DCC Energy, DCC SerCom, DCC Healthcare and DCC Environmental.
The previously announced short-term reduction in the profit contribution from
Manor Park Homebuilders, DCC's principal associate, will hold back the growth
in adjusted earnings per share this year. Arising from the improved operating
profit growth outlook, the Board now expects that adjusted earnings per share
for the full financial year will be close to that achieved in the year to 31
March 2006.'
For reference, please contact:
Jim Flavin, Chief Executive/Deputy Chairman Tel: +353 1 2799 400
Fergal O'Dwyer, Chief Financial Officer Email: investorrelations@dcc.ie
Conor Murphy, Investor Relations Manager www.dcc.ie
Results - Excellent operating profit growth
DCC achieved excellent operating profit growth in the six months ended 30
September 2006. A summary of the results is as follows:
€'m Change on prior year
Revenue 1,803.3 + 18.1%
-------
Operating profit
DCC Energy 12.3 + 14.4%
DCC SerCom 11.0 + 45.3%
DCC Healthcare 10.0 - 0.7%
DCC Food & Beverage 7.3 - 1.4%
DCC Environmental 4.6 + 64.4%
-----
Group operating profit* 45.2 + 17.1%
Share of associates' profit after tax 4.7 - 16.0%
Net financing costs (5.4)
-----
Profit before exceptional items,
amortisation of intangible assets and tax 44.5 + 8.3%
Adjusted earnings per share* 48.95 cent + 8.0%
Dividend per share 17.87 cent + 15.0%
* excluding exceptional items and amortisation of intangible assets
DCC Energy, DCC SerCom and DCC Environmental all achieved excellent profit
growth. DCC Healthcare achieved strong revenue growth, however, changes in its
revenue mix, certain product shortages and investment in developing activities
caused a reduction in its operating margin. In DCC Food & Beverage, good growth
in the Irish businesses was offset by the impact of a difficult market for the
UK wine business. Overall, these results drove an excellent increase in Group
operating profit of 17.1%.
As expected, there has been a short-term reduction in the contribution from
Manor Park Homebuilders, DCC's principal associate, due to planning delays. The
share of associates' profit after tax declined by 16%.
The net financing cost for the period increased to €5.4 million (2005: €3.1
million) driven by acquisition and share buy-back expenditure.
Profit before exceptional items, amortisation of intangible assets and tax
increased by 8.3%.
After lower exceptional costs of €1.0 million (2005: €5.3 million), profit
before tax increased by 20.2%.
Adjusted earnings per share for the period increased by 8.0%.
Acquisitions and Development
Acquisition and development expenditure in the period amounted to €87.0 million
of which €24.2 million related to capital expenditure. DCC's ongoing acquisition
search process has resulted in a number of acquisitions at a total committed
cost of €62.8 million. The cash impact of acquisitions in the period was €62.9
million.
The main acquisitions during the period were the purchase of a 50% joint venture
interest in the William Tracey group of companies (Scotland's leading recycling
and waste management business) and the acquisition of Carlton Fuels (the fast
growing north of England based oil distribution business). In addition, the
Group acquired the remaining 50% of TechnoPharm Compounding (an Irish Medicines
Board licensed compounding facility producing patient-ready dosage packs of
oncology and pain management pharmaceuticals and paediatric nutritional
products).
Today DCC announced the acquisition of a 90% shareholding in Wastecycle, a
rapidly growing recycling and waste management company based in Nottingham.
DCC is actively pursuing further acquisitions in each of its core areas.
Financial strength
At 30 September 2006, the Group had net debt of €127.2 million and total equity
of €590.6 million. In line with normal seasonal trends, working capital
increased by €26.1 million since 31 March 2006 to €146.3 million, which equates
to 13 days revenue and compares favourably with 14 days at 30 September 2005.
DCC's strong financial position leaves it well placed to pursue its organic and
acquisition growth objectives.
Property assets
The Group has a number of property assets, the value of which has benefited from
re-zoning and the overall uplift in property values in Dublin. Specifically,
the Group owns a site of approximately 10.7 acres in Tallaght, Dublin 24, which
has recently been re-zoned for mixed-use development (residential, retail and
commercial). Included in the Group's other Dublin property assets is a
valuable site of approximately 1.5 acres in the Sandyford Industrial Estate,
Dublin 18, which, subject to price, DCC plans to sell in the near term.
Share buyback
On 19 June 2006, DCC purchased 1,038,311 of its own shares, representing 1.29%
of its issued share capital (excluding Treasury Shares), at a price of €17.90
per share and at a total cost of €18.8 million including stamp duty and
commission.
Since July 2000, DCC has bought back a total of 10,247,231 shares, being 11.61%
of its current issued share capital, at an average price per share of €11.23 and
at a total cost of €116.5 million including stamp duty and commission.
Interim dividend increase of 15%
The Board has decided to increase the interim dividend by 15% to 17.87 cent per
share. This dividend will be paid on 8 December 2006 to shareholders on the
register at the close of business on 24 November 2006.
Outlook
The Board's expectations for the full financial year have improved. The Board
now believes that DCC will achieve approximately mid-teen operating profit
growth in its seasonally more significant second half, driven by expected strong
profit growth in DCC Energy, DCC SerCom, DCC Healthcare and DCC Environmental.
The previously announced short-term reduction in the profit contribution from
Manor Park Homebuilders, DCC's principal associate, will hold back the growth in
adjusted earnings per share this year. Arising from the improved operating
profit growth outlook, the Board now expects that adjusted earnings per share
for the full financial year will be close to that achieved in the year to 31
March 2006.
Operating review
DCC Energy
----------
2006 2005 Change on prior year
Revenue €996.3m €822.0m +21.2%
Operating profit €12.3m €10.7m +14.4%
DCC Energy achieved excellent profit growth, with the business benefiting from
good organic growth and the first time contribution from Carlton Fuels, which
was acquired last July. This result was achieved despite the well-above average
temperatures experienced during September.
Carlton Fuels has been successfully integrated with DCC's oil distribution
business in Britain. DCC Energy is now the largest oil distributor in Britain
with circa 10% market share having first entered the market in September 2001.
DCC is continuing to seek acquisition opportunities in pursuit of a
consolidation strategy in the oil distribution market in Britain.
DCC Energy is well placed to achieve strong profit growth in the seasonally more
significant second half.
DCC SerCom
----------
2006 2005 Change on prior year
Revenue €529.2m €448.9m +17.9%
Operating profit €11.0m €7.6m +45.3%
Operating margin 2.1% 1.7%
DCC SerCom achieved excellent profit growth, with strong performances in both
SerCom Distribution and SerCom Solutions driven by excellent sales volume growth
and improved margins.
SerCom Distribution, the IT & Entertainment Products business, generated
excellent sales volume growth by capitalising on the growing demand for consumer
digital products (including Xbox 360) and on improved demand in the Continental
European enterprise infrastructure market. Like-for-like unit volume growth was
approximately 28% and estimated product price deflation of approximately 10%
resulted in organic revenue growth of 15%.
SerCom Solutions, the procurement and supply chain management business, had an
excellent first half due to increased demand from key customers. The business
opened an office in China during the first half, which strengthened its
procurement service capability.
It is expected that DCC SerCom will achieve strong profit growth in the second
half.
DCC Healthcare
--------------
2006 2005 Change on prior year
Revenue €112.2m €101.6m +10.4%
Operating profit €10.0m €10.1m -0.7%
Operating margin 8.9% 9.9%
DCC Healthcare achieved strong revenue growth. However, changes in the revenue
mix, certain product shortages and investment in developing activities caused a
reduction in the operating margin.
Acute and community care activities generated good revenue growth, particularly
in pharmaceutical products and related devices in Ireland and Britain. DCC's
Irish pharmaceutical compounding facility performed well and recently won the
national contract for paediatric nutrition.
DCC Nutraceuticals, which provides contract services to the health and beauty
sector, achieved strong revenue and profit growth.
Continued strong revenue growth is expected in the second half and improved
margins should result in good profit growth for the full financial year in DCC
Healthcare.
DCC Food & Beverage
-------------------
2006 2005 Change on prior year
Revenue €136.5m €139.7m - 2.3%
Operating profit €7.3m €7.4m - 1.4%
Operating margin 5.4% 5.3%
DCC Food & Beverage's activities in Ireland achieved good profit growth in the
first half. However this performance was offset by very difficult trading
conditions in the UK wine market.
In Ireland good growth was achieved in snackfoods, confectionery, soft drinks,
logistics (frozen and chilled) and healthfoods, which benefited from increased
investment in the Kelkin brand and new Kelkin product development.
In the UK, the wine market was flat, which caused a build up of stocks in that
market. This had a negative impact on the revenue and margins of Bottle Green,
DCC's British based wine subsidiary.
It is expected that continuing difficult trading conditions in the UK wine
market will impact the result for the full financial year in DCC Food &
Beverage.
DCC Environmental
-----------------
2006 2005 Change on prior year
Revenue €29.1m €15.3m + 90.5%
Operating profit €4.6m €2.8m + 64.4%
Operating margin 16.0% 18.5%
DCC Environmental achieved excellent profit growth, benefiting from the
acquisition last May of a 50% shareholding in the William Tracey group
of companies ('Traceys'), which has performed ahead of expectations. Traceys is
Scotland's leading recycling and waste management business and the acquisition
achieved the dual objective of entering the British market and expanding into
the non-hazardous waste business. The acquisition, announced today, of
Wastecycle, a rapidly growing recycling and waste management company based in
Nottingham, is an important further development of DCC Environmental's business
in Britain.
DCC's Irish based environmental service subsidiaries were all recently
re-branded 'enva'. This has facilitated more effective marketing, under the enva
brand, of the licensed facilities and expertise within the business in the
provision of a broad range of environmental services in Ireland.
Accelerated profit growth is expected in DCC Environmental in the second half.
Associates
----------
2006 2005 Change on prior year
Share of associates' profit
after tax €4.7m €5.7m - 16.0%
As expected, planning delays have caused a short-term reduction in the
contribution from Manor Park Homebuilders, DCC's principal associate. These
delays, also as expected, will reduce the contribution in the second half.
However, a number of planning decisions are imminent.
Manor Park has a large landbank for housing development and has other
development projects in the pipeline from which it should earn substantial
profits in the future.
Forward-looking statements
This announcement 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
information.
This announcement and further information on DCC is available on the web at
www.dcc.ie
There will be a presentation of these results to analysts and investors/fund
managers in Dublin at 8:45 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: + 353 1 2421074
International: + 44 20 8974 7916
Passcode: C 369022
Group Income Statement
for the six months ended 30 September 2006
Unaudited 6 months ended Unaudited 6 months ended Audited year ended
30 September 2006 30 September 2005 31 March 2006
--------------------------------- --------------------------------- -----------------------------------
Pre Exceptionals Pre Pre
exceptionals (note 4) Total exceptionals Exceptionals Total exceptionals Exceptionals Total
Notes €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Revenue 3 1,803,345 1,803,345 1,527,500 1,527,500 3,436,292 3,436,292
Cost of sales (1,572,214) (1,572,214) (1,313,596) (1,313,596) (2,992,240) (2,992,240)
Gross profit 231,131 231,131 213,904 213,904 444,052 444,052
Operating costs (185,897) (961) (186,858) (175,289) (4,187) (179,476) (320,457) 2,841 (317,616)
Operating profit
before amortisation
of intangible
assets 45,234 (961) 44,273 38,615 (4,187) 34,428 123,595 2,841 126,436
Amortisation of
intangible
assets (3,135) (3,135) (2,153) (2,153) (4,956) (4,956)
Operating
profit 3 42,099 (961) 41,138 36,462 (4,187) 32,275 118,639 2,841 121,480
Finance costs
(net) (5,444) (5,444) (3,133) (1,145) (4,278) (7,041) (1,145) (8,186)
Share of
associates'
profit after
tax 4,754 4,754 5,660 5,660 25,474 25,474
Profit
before tax 41,409 (961) 40,448 38,989 (5,332) 33,657 137,072 1,696 138,768
Income tax
expense (4,161) (3,548) (13,479)
Profit after
tax for the
financial period 36,287 30,109 125,289
Profit
attributable to:
Equity holders
of the Company 35,827 29,197 123,764
Minority interests 460 912 1,525
Profit after
tax for the
financial period 36,287 30,109 125,289
Earnings per
ordinary share
- basic 5 44.61c 36.35c 153.92c
Diluted
earnings per
ordinary share
- basic 5 43.70c 35.49c 150.46c
Dividend per
ordinary share
(cent) 6 17.87c 15.54c 42.85c
Group Balance Sheet
as at 30 September 2006
Unaudited Unaudited Audited
30 Sept. 30 Sept. 31 March
2006 2005 2006
Note €'000 €'000 €'000
ASSETS
Non-current assets
Property, plant and equipment 297,422 263,458 267,494
Intangible assets 294,180 246,207 248,475
Investments in associates 82,440 57,304 76,789
Deferred income tax assets 6,937 7,518 4,596
Derivative financial instruments 5,678 9,086 8,989
686,657 583,573 606,343
Current assets
Inventories 156,795 142,521 138,734
Trade and other receivables 525,471 436,714 522,143
Derivative financial instruments 93 519 144
Cash and cash equivalents 296,584 287,817 345,280
978,943 867,571 1,006,301
Total assets 1,665,600 1,451,144 1,612,644
EQUITY
Capital and reserves attributable to
the Company's equity holders
Equity share capital 22,057 22,045 22,057
Share premium account 124,687 124,528 124,687
Other reserves 1,400 2,432 1,400
Other reserves - share options 3,902 1,400 3,392
Cash flow hedge reserve (2,470) 182 20
Foreign currency translation reserve (1,265) (1,144) (10,344)
Retained earnings 438,033 349,094 439,477
Minority interests 4,266 4,453 4,714
Total equity 590,610 502,990 585,403
LIABILITIES
Non-current liabilities
Borrowings 286,267 309,042 292,793
Derivative financial instruments 33,384 19,306 27,077
Deferred income tax liabilities 11,854 10,762 10,718
Retirement benefit obligations 20,069 27,753 20,679
Provisions for liabilities and charges 6,110 - -
Deferred acquisition consideration 13,447 16,316 18,808
Capital grants 2,497 914 1,991
Total non-current liabilities 373,628 384,093 372,066
Current liabilities
Trade and other payables 533,658 449,399 543,913
Current income tax liabilities 43,319 37,816 36,697
Borrowings 107,009 63,568 67,151
Derivative financial instruments 2,905 184 73
Provisions for liabilities and charges 5,469 6,046 3,785
Deferred acquisition consideration 9,002 7,048 3,556
Total current liabilities 701,362 564,061 655,175
Total liabilities 1,074,990 948,154 1,027,241
Total equity and liabilities 1,665,600 1,451,144 1,612,644
Net debt 7 (127,210) (94,678) (32,681)
Group Cash Flow Statement
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
€'000 €'000 €'000
Cash flows from operating activities
Group operating profit before
exceptional items 42,099 36,462 118,639
Depreciation 17,512 16,785 34,142
Share-based payments expense 510 880 1,840
Amortisation of intangible assets 3,135 2,153 4,956
Increase in working capital (26,068) (32,884) (11,162)
Profit on disposal of property, plant
and equipment (1,028) (420) (1,295)
Amortisation of capital grants (122) (44) (112)
Dividends received from associates - 581 1,028
Other (2,908) (2,513) (5,114)
Cash generated from operations 33,130 21,000 142,922
Exceptional items (1,200) (11,727) (15,377)
Interest paid (11,380) (9,417) (20,573)
Income tax received/(paid) 472 (3,403) (12,157)
Net cash flows from operating activities 21,022 (3,547) 94,815
Cash flows from investing activities
Inflows
Proceeds from disposal of fixed assets 2,331 4,637 11,223
Capital grants received - - 1,174
Interest received 6,448 7,096 13,650
8,779 11,733 26,047
Outflows
Purchase of property, plant and equipment (24,176) (27,620) (57,652)
Acquisition of subsidiaries (57,507) (45,295) (48,625)
Purchase of minority interests (1,276) (506) (506)
Deferred acquisition consideration paid (4,153) (2,272) (5,580)
(87,112) (75,693) (112,363)
Net cash flows from investing activities (78,333) (63,960) (86,316)
Cash flows from financing activities
Inflows
Proceeds from issue of shares 4,274 586 3,344
Increase in interest-bearing loans
and borrowings 34,058 35,666 36,624
Increase in finance lease liabilities 2,602 - -
40,934 36,252 39,968
Outflows
Share buyback (18,818) - -
Repayment of interest-bearing loans
and borrowings (170) - (663)
Repayment of finance lease liabilities (71) - (5,973)
Dividends paid to equity holders of
the Company (22,044) (19,073) (31,568)
Dividends paid to minority interests (14) (147) (201)
(41,117) (19,220) (38,405)
Net cash flows from financing activities (183) 17,032 1,563
Change in cash and cash equivalents (57,494) (50,475) 10,062
Translation adjustment 3,818 2,766 (4,541)
Cash and cash equivalents at
beginning of period 319,918 314,397 314,397
Cash and cash equivalents at end of
period 266,242 266,688 319,918
Cash and cash equivalents consists of:
Cash at bank and short term deposits 296,584 287,817 345,280
Overdrafts (30,342) (21,129) (25,362)
266,242 266,688 319,918
Group Statement of Recognised Income and Expense
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
€'000 €'000 €'000
Items of income/(expense) recognised
directly within equity:
Currency translation 9,079 4,421 (4,779)
Group defined benefit pension schemes:
- actuarial (loss)/gain (932) (4,257) 1,779
- deferred tax asset 236 406 82
(Losses)/gains relating to cash flow
hedges (net) (2,490) 182 23
Deferred tax recognised through equity 13 13 22
Net income/(expense) recognised
directly within equity 5,906 765 (2,873)
Profit after tax for the period 36,287 30,109 125,289
Total recognised income and expense
for the period 42,193 30,874 122,416
Attributable to:
Equity holders of the Company 41,733 29,962 120,891
Minority interests 460 912 1,525
Total recognised income and expense
for the period 42,193 30,874 122,416
Group Statement of Changes in Equity
for the six months ended 30 September 2006
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
€'000 €'000 €'000
At beginning of period 585,403 492,219 492,219
Impact of adoption of IAS 32 and 39 - (1,689) (1,689)
At beginning of period as adjusted 585,403 490,530 490,530
Issue of share capital 4,274 586 3,344
Share based payment 510 880 1,840
Share buyback (18,818) - -
Dividends (22,044) (19,073) (31,568)
Movement in minority interest (448) 105 366
Total recognised income and expense
for the period attributable
to equity holders 41,733 29,962 120,891
At end of period 590,610 502,990 585,403
Notes to the Interim Results
for the six months ended 30 September 2006
1. Basis of Preparation
The financial information presented in this Interim Report has been prepared in
accordance with the Group's accounting policies under International Financial
Reporting Standards (IFRS) as set out in the financial statements for the year
ended 31 March 2006.
The interim financial statements for the six months ended 30 September 2006 and
the comparative figures for the six months ended 30 September 2005 are
unaudited. The summary financial statements for the year ended 31 March 2006
represent an 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. Reporting Currency
The Group's financial statements are prepared in euro denoted by the symbol €.
The exchange rates used in translating sterling balance sheet and profit and
loss amounts were as follows:
6 months 6 months Year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
€1=Stg£ €1=Stg£ €1=Stg£
Balance sheet (closing rate) 0.677 0.683 0.697
Profit and loss (average rate) 0.688 0.682 0.682
3. Analysis of Revenue and Operating Profit by Business Segment
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
Revenue €'000 €'000 €'000
DCC Energy 996,325 822,026 1,831,608
DCC SerCom 529,245 448,890 1,084,606
DCC Healthcare 112,157 101,605 211,701
DCC Food & Beverage 136,506 139,701 276,917
DCC Environmental 29,112 15,278 31,460
Revenue 1,803,345 1,527,500 3,436,292
Of which acquisitions contributed 129,923 51,785 119,348
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
Operating Profit €'000 €'000 €'000
DCC Energy 12,278 10,734 55,965
DCC SerCom 10,971 7,550 25,015
DCC Healthcare 10,005 10,072 21,636
DCC Food & Beverage 7,326 7,428 15,467
DCC Environmental 4,654 2,831 5,512
45,234 38,615 123,595
Amortisation of intangible assets (3,135) (2,153) (4,956)
Operating exceptional items (961) (4,187) 2,841
Operating profit 41,138 32,275 121,480
Of which acquisitions contributed 3,616 2,451 8,121
4. Exceptional Items
Exceptional costs of €0.961 million were incurred in the six months ended 30
September 2006 primarily in relation to legal cases ongoing from the previous
financial year.
5. 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
2006 2005 2006
€'000 €'000 €'000
Profit after taxation and minority
interests 35,827 29,197 123,764
Amortisation of intangible assets
after tax 2,521 1,895 4,361
Exceptional items 961 5,332 (1,696)
Adjusted profit after taxation and
minority interests 39,309 36,424 126,429
Basic earnings per ordinary share cent cent cent
Basic earnings per ordinary share 44.61c 36.35c 153.92c
Adjusted basic earnings per ordinary
share* 48.95c 45.34c 157.23c
Weighted average number of ordinary
shares in issue during the period ('000) 80,311 80,327 80,408
Diluted earnings per ordinary share cent cent cent
Diluted earnings per ordinary share 43.70c 35.49c 150.46c
Adjusted diluted earnings per ordinary
share* 47.95c 44.28c 153.70c
Diluted weighted average number of
ordinary shares ('000) 81,976 82,258 82,255
*adjusted to exclude amortisation of intangible assets and exceptional items.
6. Dividends
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2006 2005 2006
€'000 €'000 €'000
Interim-paid 15.54 cent per share on 1 December 2005 - - 12,495
Final-paid 27.31 cent per share on 14 July 2006
(paid 23.75 cent per share on 11 July 2005) 22,044 19,073 19,073
------------------------------
22,044 19,073 31,568
On 10 November 2006, the Board approved an interim dividend of 17.87 cent per
share (2005/2006 interim dividend: 15.54 cent per share). These interim accounts
do not reflect this dividend payable.
7. Analysis of Net Debt
Unaudited Unaudited Audited
30 Sept. 30 Sept. 31 March
2006 2005 2006
€'000 €'000 €'000
Non-current assets:
Derivative financial instruments 5,678 9,086 8,989
Current assets:
Derivative financial instruments 93 519 144
Cash and term deposits 296,584 287,817 345,280
296,677 288,336 345,424
Non-current liabilities:
Borrowings (8,170) (11,568) (6,327)
Derivative financial instruments (33,384) (19,306) (27,077)
Unsecured Notes due 2008 to 2016 (278,097) (297,474) (286,466)
(319,651) (328,348) (319,870)
Current liabilities:
Borrowings (107,009) (63,568) (67,151)
Derivative financial instruments (2,905) (184) (73)
(109,914) (63,752) (67,224)
Net debt (127,210) (94,678) (32,681)
Including Group share of joint
ventures' net cash/(debt) 4,508 (563) 469
8. Distribution of Interim Report
This announcement and further information on DCC is available at the Company's
website www.dcc.ie. A printed copy of this report is being posted to
shareholders and will be available to the public at the Company's registered
office at DCC House, Stillorgan, Blackrock, Co. Dublin, Ireland.
This information is provided by RNS
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