Notes to the Financial Statements

 

16. Profit Attributable to DCC plc

Profit after taxation for the year attributable to equity shareholders amounting to €40.444 million (2011: €10.284 million) has been accounted for in the financial statements of the Company. In accordance with Section 148(8) of the Companies Act 1963, the Company is availing of the exemption from presenting its individual Income Statement to the Annual General Meeting. The Company has also availed of the exemption from filing its individual Income Statement with the Registrar of Companies as permitted by Section 7(1A) of the Companies (Amendment) Act 1986.



17. Dividends

2012
€'000
2011
€'000
 
Dividends paid per Ordinary Share are as follows:
Final - paid 48.07 cent per share on 21 July 2011 40,061 36,296
(2011: paid 43.70 cent per share on 22 July 2010)
Interim - paid 27.42 cent per share on 2 December 2011 22,903 21,738
(2011: paid 26.11 cent per share on 3 December 2010)
62,964 58,034

The Directors are proposing a final dividend in respect of the year ended 31 March 2012 of 50.47 cent per ordinary share (€42.157 million). This proposed dividend is subject to approval by the shareholders at the Annual General Meeting.



18. Earnings per Ordinary Share

2012
€'000
2011
€'000
Profit attributable to owners of the Parent 102,428 145,109
Amortisation of intangible assets after tax 8,994 8,220
Exceptionals after tax (note 11) 24,989 15,627
Adjusted profit after taxation and non-controlling interests 136,411 168,956
2012
cent
2011
cent
Basic earnings per ordinary share
Basic earnings per ordinary share 122.78c 174.48c
Amortisation of intangible assets after tax 10.78c 9.88c
Exceptionals after tax 29.95c 18.79c
Adjusted basic earnings per ordinary share 163.51c 203.15c
 
Weighted average number of ordinary shares in issue (thousands) 83,427 83,167

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

2012
cent
2011
cent
Diluted earnings per ordinary share
Diluted earnings per ordinary share 122.46c 173.90c
Amortisation of intangible assets after tax 10.75c 9.85c
Exceptionals after tax 29.88c 18.73c
Adjusted diluted earnings per ordinary share 163.09c 202.48c
 
Weighted average number of ordinary shares in issue (thousands) 83,639 83,445

The earnings used for the purposes of the diluted earnings per share calculations were €102.428 million (2011: €145.109 million) and €136.411 million (2011: €168.956 million) for the purposes of the adjusted diluted earnings per share calculations.

The weighted average number of ordinary shares used in calculating the diluted earnings per share for the year ended 31 March 2012 was 83.639 million (2011: 83.445 million). A reconciliation of the weighted average number of ordinary shares used for the purposes of calculating the diluted earnings per share amounts is as follows:

2012
€'000
2011
€'000
Weighted average number of ordinary shares in issue 83,427 83,167
Dilutive effect of options 212 278
Weighted average number of ordinary shares for diluted earnings per share 83,639 83,445

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

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

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



19. Assets Classified as Held for Sale

On 3 April 2012 the Group announced that it had reached agreement to dispose of Altimate Group SA ('Altimate'), DCC SerCom's Enterprise distribution business, subject to competition clearance from the European Commission. The decision to dispose of Altimate is consistent with the Group's strategy to focus SerCom Distribution on the supply of IT, communications and home entertainment products to retail and reseller customers who in turn service consumers and small and medium sized businesses.

As at 31 March 2012, Altimate was 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 31 March 2012 are as follows:

2012
€'000
 
Assets
Property, plant and equipment (note 20) 2,962
Intangible assets (note 21) 29,509
Deferred income tax assets 2,493
Inventories (note 27) 4,147
Trade and other receivables (note 27) 62,689
Cash and cash equivalents (note 28) 40,814
Assets classified as held for sale 142,614
 
Liabilities
Deferred income tax liabilities (1,036)
Deferred and contingent acquisition consideration (note 34) (7,153)
Trade and other payables (note 27) (77,436)
Current income tax liabilities (802)
Provisions for liabilities and charges (note 35) (907)
Liabilities associated with assets classified as held for sale (87,334)
 
Net assets of the disposal group 55,280

The disposal is expected to give rise to a non-cash goodwill impairment loss for the Group of approximately €5.5 million resulting from the non-recovery of a portion of the goodwill arising since the acquisition of Altimate in 2000. Consequently, an impairment charge of €5.5 million has been recognised in the year ended 31 March 2012 (note 11).



20. Property, Plant and Equipment





Group


Land &
buildings
€'000

Plant &
machinery
& cylinders
€'000
Fixtures &
fittings &
office
equipment
€'000


Motor
vehicles
€'000



Total
€'000
 
Year ended 31 March 2012
Opening net book amount 145,362 150,980 35,963 63,180 395,485
Exchange differences 5,586 7,836 1,475 3,666 18,563
Acquisition of subsidiaries (note 46) 8,374 11,500 1,905 4,445 26,224
Disposal of subsidiaries - - (127) - (127)
Additions 9,363 30,493 8,914 26,355 75,125
Disposals (106) (1,131) (424) (2,115) (3,776)
Depreciation charge (3,407) (24,737) (10,154) (17,137) (55,435)
Impairment charge (note 11) (2,000) - - - (2,000)
Assets classified as held for sale (note 19) (2) (3) (2,957) - (2,962)
Reclassifications 277 (1,547) 266 1,004 -
Closing net book amount 163,447 173,391 34,861 79,398 451,097
 
At 31 March 2012
Cost 199,731 445,096 112,061 164,003 920,891
Accumulated depreciation (36,284) (271,705) (77,200) (84,605) (469,794)
Net book amount 163,447 173,391 34,861 79,398 451,097
 
Year ended 31 March 2011
Opening net book amount 138,740 138,665 27,751 52,940 358,096
Exchange differences (134) (54) (125) (60) (373)
Acquisition of subsidiaries (note 46) 1,281 13,778 6,378 1,271 22,708
Disposal of subsidiaries (3,445) (719) (383) (674) (5,221)
Additions 15,929 28,984 12,332 26,778 84,023
Disposals (783) (1,583) (325) (2,077) (4,768)
Depreciation charge (3,097) (25,036) (9,849) (14,924) (52,906)
Impairment charge (note 11) (5,401) (673) - - (6,074)
Reclassifications 2,272 (2,382) 184 (74) -
Closing net book amount 145,362 150,980 35,963 63,180 395,485
 
At 31 March 2011
Cost 173,732 392,678 106,014 135,954 808,378
Accumulated depreciation (28,370) (241,698) (70,051) (72,774) (412,893)
Net book amount 145,362 150,980 35,963 63,180 395,485

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

2012
€'000
2011
€'000
 
Cost 58,465 54,712
Accumulated depreciation (57,626) (53,215)
Net book amount 839 1,497
 
Depreciation charge for the year 881 607

(back to top)