Notes to the Financial Statements

 

41. Non-Controlling Interests

Group 2012
€'000
2011
€'000
At 1 April 2,234 3,249
Share of profit for the financial year 618 688
Dividends to non-controlling interests (196) (219)
Disposal of subsidiaries - (1,457)
Exchange and other adjustments - (27)
At 31 March 2,656 2,234



42. Cash Generated from Operations

Group 2012
€'000
2011
€'000
 
Profit for the financial year 103,046 145,797
Add back non-operating expenses
- tax (note 15) 29,937 43,771
- share of loss from associates (note 14) 1,108 239
- net operating exceptionals (note 11) 22,357 12,650
- net finance costs (note 12) 17,199 16,201
Operating profit before exceptionals 173,647 218,658
- share-based payments expense (note 10) 549 1,389
- depreciation (note 20) 55,435 52,906
- amortisation (note 21) 11,379 10,962
- profit on sale of property, plant and equipment (838) (818)
- amortisation of government grants (note 36) (604) (730)
- other (8,840) (1,927)
Changes in working capital (excluding the effects of acquisition and exchange differences on consolidation):
- inventories (note 27) (56,372) (4,669)
- trade and other receivables (note 27) (158,819) (75,562)
- trade and other payables (note 27) 261,785 69,363
Cash generated from operations 277,322 269,572
 
Company 2012
€'000
2011
€'000
 
Profit for the financial year 40,444 10,284
Add back non-operating (income)/expense
- impairment of associate company investment 994 -
- net finance income (11,452) (13,241)
- dividend income (30,000) -
Operating loss (14) (2,957)
Changes in working capital:
- trade and other receivables (note 27) 4,658 7,148
- trade and other payables (note 27) 15,333 30,565
Cash generated from operations 19,977 34,756



43. Contingencies

Guarantees
The Company and certain subsidiaries have given guarantees of €1,390.175 million (2011: €1,173.393 million) in respect of borrowings and other obligations arising in the ordinary course of business of the Company and other Group undertakings.

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



44. Capital Expenditure Commitments

Group

2012
€'000
2011
€'000
Capital expenditure on property, plant and equipment that has been contracted for but has not been provided for in the financial statements 3,541 4,109
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not yet been contracted for 61,614 75,024
65,155 79,133



45. Commitments under Operating and Finance Leases

Group

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

2012
€'000
2011
€'000
Within one year 26,059 12,962
After one year but not more than five years 59,449 41,050
More than five years 91,999 77,094
177,507 131,106

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

During the year ended 31 March 2012, €27.096 million (2011: €25.510 million) was recognised as an expense in the Income Statement in respect of operating leases.

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

2012 2011

Minimum
payments
€'000
Present
value of
payments
€'000

Minimum
payments
€'000
Present
value of
payments
€'000
Within one year 243 241 478 475
After one year but not more than five years 295 287 423 413
538 528 901 888
Less: amounts allocated to future finance costs (10) - (13) -
Present value of minimum lease payments 528 528 888 888
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