REG - DCC PLC - Results for the six months ended 30 September 2017 <Origin Href="QuoteRef">DCC.L</Origin> - Part 2
14/11/2017 07:07
- Part 2: For the preceding part double click ID:nRSN3787Wa
102,678 242,735
Non-controlling interests 2,795 4,460 3,982
121,917 107,138 246,717
Attributable to:
Continuing operations 95,933 97,165 230,199
Discontinued operations 25,984 9,973 16,518
121,917 107,138 246,717
Group Balance Sheet
Unaudited Unaudited Audited
30 Sept. 30 Sept. 31 March
2017 2016 2017
Notes £'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 789,947 778,618 750,020
Intangible assets 1,478,296 1,345,082 1,422,572
Equity accounted investments 24,632 26,019 24,938
Deferred income tax assets 23,128 22,802 22,619
Derivative financial instruments 180,109 271,609 273,767
2,496,112 2,444,130 2,493,916
Current assets
Inventories 548,903 435,716 456,395
Trade and other receivables 1,204,122 997,017 1,222,597
Derivative financial instruments 18,479 37,132 18,233
Cash and cash equivalents 1,497,061 1,138,953 1,048,064
3,268,565 2,608,818 2,745,289
Assets classified as held for sale - - 193,170
3,268,565 2,608,818 2,938,459
Total assets 5,764,677 5,052,948 5,432,375
EQUITY
Capital and reserves attributable to owners of the Parent
Share capital 15,455 15,455 15,455
Share premium 277,211 277,211 277,211
Share based payment reserve 11 20,077 16,369 18,146
Cash flow hedge reserve 11 3,141 (207) (13,581)
Foreign currency translation reserve 11 117,802 106,859 105,537
Other reserves 11 932 932 932
Retained earnings 1,101,502 953,462 1,074,434
Equity attributable to owners of the Parent 1,536,120 1,370,081 1,478,134
Non-controlling interests 32,382 30,238 29,587
Total equity 1,568,502 1,400,319 1,507,721
LIABILITIES
Non-current liabilities
Borrowings 1,680,507 1,385,011 1,319,967
Derivative financial instruments 5,610 - 506
Deferred income tax liabilities 157,222 140,811 155,297
Post employment benefit obligations 13 (4,862) 7,045 29
Provisions for liabilities 258,909 233,079 255,650
Acquisition related liabilities 71,644 80,548 66,617
Government grants 257 752 261
2,169,287 1,847,246 1,798,327
Current liabilities
Trade and other payables 1,831,926 1,536,255 1,820,517
Current income tax liabilities 11,915 26,187 25,051
Borrowings 118,359 172,274 148,445
Derivative financial instruments 3,511 2,574 5,894
Provisions for liabilities 32,389 33,860 31,022
Acquisition related liabilities 28,788 34,233 28,300
2,026,888 1,805,383 2,059,229
Liabilities associated with assets classified as held for sale - - 67,098
2,026,888 1,805,383 2,126,327
Total liabilities 4,196,175 3,652,629 3,924,654
Total equity and liabilities 5,764,677 5,052,948 5,432,375
Net debt included above (including cash attributableto assets held for sale) 12 (112,338) (112,165) (121,949)
Group Statement of Changes in Equity
For the six months ended 30 September 2017 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 1 April 2017 15,455 277,211 1,074,434 111,034 1,478,134 29,587 1,507,721
Profit for the period - - 88,701 - 88,701 1,894 90,595
Currency translation:
- arising in the period - - - 16,813 16,813 901 17,714
- recycled to the Income Statement on disposal - - - (4,548) (4,548) - (4,548)
Group defined benefit pension obligations:
- remeasurements - - 1,702 - 1,702 - 1,702
- movement in deferred tax asset - - (268) - (268) - (268)
Movements relating to cash flow hedges - - - 20,292 20,292 - 20,292
Movement in deferred tax liability on cash flow hedges - - - (3,570) (3,570) - (3,570)
Total comprehensive income - - 90,135 28,987 119,122 2,795 121,917
Re-issue of treasury shares - - 3,309 - 3,309 - 3,309
Share based payment - - - 1,931 1,931 - 1,931
Dividends - - (66,376) - (66,376) - (66,376)
At 30 September 2017 15,455 277,211 1,101,502 141,952 1,536,120 32,382 1,568,502
For the six months ended 30 September 2016 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 1 April 2016 15,455 277,211 948,316 78,661 1,319,643 30,833 1,350,476
Profit for the period - - 65,588 - 65,588 1,979 67,567
Currency translation - - - 35,972 35,972 2,481 38,453
Group defined benefit pension obligations:
- remeasurements - - (8,014) - (8,014) - (8,014)
- movement in deferred tax asset - - 1,227 - 1,227 - 1,227
Movements relating to cash flow hedges - - - 9,409 9,409 - 9,409
Movement in deferred tax liability on cash flow hedges - - - (1,504) (1,504) - (1,504)
Total comprehensive income - - 58,801 43,877 102,678 4,460 107,138
Re-issue of treasury shares - - 2,065 - 2,065 - 2,065
Share based payment - - - 1,415 1,415 - 1,415
Dividends - - (55,720) - (55,720) (5,055) (60,775)
At 30 September 2016 15,455 277,211 953,462 123,953 1,370,081 30,238 1,400,319
For the year ended 31 March 2017 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 1 April 2016 15,455 277,211 948,316 78,661 1,319,643 30,833 1,350,476
Profit for the financial year - - 216,197 - 216,197 1,548 217,745
Currency translation - - - 34,650 34,650 2,434 37,084
Group defined benefit pension obligations:
- remeasurements - - (3,056) - (3,056) - (3,056)
- movement in deferred tax asset - - 413 - 413 - 413
Movements relating to cash flow hedges - - - (6,803) (6,803) - (6,803)
Movement in deferred tax liability on cash flow hedges - - - 1,334 1,334 - 1,334
Total comprehensive income - - 213,554 29,181 242,735 3,982 246,717
Re-issue of treasury shares - - 2,600 - 2,600 - 2,600
Share based payment - - - 3,192 3,192 - 3,192
Dividends - - (90,036) - (90,036) (5,228) (95,264)
At 31 March 2017 15,455 277,211 1,074,434 111,034 1,478,134 29,587 1,507,721
Group Cash Flow Statement
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2017 2016 2017
Note £'000 £'000 £'000
Cash flows from operating activities
Profit for the period 90,595 67,567 217,745
Add back non-operating expenses/(income)
- tax 13,370 13,071 49,054
- share of equity accounted investments' profit (92) (182) (712)
- net operating exceptionals (16,616) 4,416 36,297
- net finance costs 15,694 14,685 21,999
Group operating profit before exceptionals 102,951 99,557 324,383
Share-based payments expense 1,931 1,415 3,192
Depreciation 44,263 42,913 92,015
Amortisation of intangible assets 20,527 18,266 39,168
(Profit)/loss on disposal of property, plant and equipment (312) 369 (173)
Amortisation of government grants (16) (101) (235)
Other (5,552) (4,334) 4,571
(Increase)/decrease in working capital (79,817) (17,046) 83,949
Cash generated from operations before exceptionals 83,975 141,039 546,870
Exceptionals (15,197) (8,752) (31,269)
Cash generated from operations 68,778 132,287 515,601
Interest paid (32,457) (33,313) (70,108)
Income tax paid (35,905) (28,122) (62,180)
Net cash flows from operating activities 416 70,852 383,313
Investing activities
Inflows:
Proceeds from disposal of property, plant and equipment 2,525 6,076 12,315
Dividends received from equity accounted investments 1,317 121 125
Disposal of subsidiaries and equity accounted investments 8 160,054 - -
Interest received 19,001 19,191 40,966
182,897 25,388 53,406
Outflows:
Purchase of property, plant and equipment (71,592) (65,878) (143,698)
Acquisition of subsidiaries 14 (44,313) (6,609) (203,327)
Payment of accrued acquisition related liabilities (12,014) (26,200) (59,069)
(127,919) (98,687) (406,094)
Net cash flows from investing activities 54,978 (73,299) (352,688)
Financing activities
Inflows:
Proceeds from issue of shares 3,309 2,065 2,600
Net cash inflow on derivative financial instruments 13,914 1,002 14,212
Increase in interest-bearing loans and borrowings 458,593 - -
475,816 3,067 16,812
Outflows:
Repayment of interest-bearing loans and borrowings (58,132) (29,895) (108,140)
Repayment of finance lease liabilities (6) (79) (177)
Dividends paid to owners of the Parent 10 (66,376) (55,720) (90,036)
Dividends paid to non-controlling interests - (5,055) (5,228)
(124,514) (90,749) (203,581)
Net cash flows from financing activities 351,302 (87,682) (186,769)
Change in cash and cash equivalents 406,696 (90,129) (156,144)
Translation adjustment (650) 43,894 38,929
Cash and cash equivalents at beginning of period 972,822 1,090,037 1,090,037
Cash and cash equivalents at end of period 1,378,868 1,043,802 972,822
Cash and cash equivalents consists of:
Cash and short-term bank deposits 1,497,061 1,138,953 1,048,064
Overdrafts (118,193) (95,151) (88,041)
Cash and short-term deposits attributable to assets held for sale - - 12,799
1,378,868 1,043,802 972,822
Notes to the Condensed Financial Statements
for the six months ended 30 September 2017
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 2017 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 European Union.
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 2017 and the comparative figures for the
six months ended 30 September 2016 are unaudited and have not been reviewed by the Auditors. The summary financial
statements for the year ended 31 March 2017 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. 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 2017 Annual Report and are described in those financial statements on
pages 179 to 187. There were no new standards effective for the Group during the period ended 30 September 2017.
The Group has not applied certain new standards, amendments and interpretations to existing standards that have been issued
but are not yet effective, the most significant of which are as follows:
Amendments to IAS 7 Statement of Cash Flows - Disclosure Initiative (not yet EU endorsed):
These amendments are intended to improve the information provided to users of financial statements regarding the entity's
financing activities.
Amendments to IAS 12 Income Taxes - Recognition of Deferred Tax Assets for Unrealised Losses (not yet EU endorsed):
These amendments clarify, inter alia, that unrealised losses on debt instruments measured at fair value (and measured at
cost for tax purposes) give rise to a deductible temporary difference regardless of whether the instrument is recovered
through sale or by holding it to maturity or whether it is probable that the issuer will pay all contractual cash flows.
Entities are therefore required to recognise deferred taxes for temporary differences from unrealised losses of debt
instruments measured at fair value if all other recognition criteria for deferred taxes are met.
IFRS 9 Financial Instruments (effective date: DCC financial year beginning 1 April 2018):
This standard is designed to replace IAS 39 Financial Instruments: Recognition and Measurement and has been completed in a
number of phases with the final version issued by the IASB in July 2014 and endorsed by the EU in November 2016. The
Standard includes requirements for recognition and measurement, classification, and de-recognition of financial
instruments, a new expected credit loss model for calculating impairment on financial assets and new rules for hedge
accounting.
The new impairment model requires the recognition of impairment provisions based on expected credit losses rather than only
incurred credit losses as is the case under IAS 39. It applies to financial assets classified at amortised cost, contract
assets under IFRS 15 Revenue from Contracts with Customers, lease receivables, loan commitments and certain financial
guarantee contracts. While the Group has not yet completed a detailed assessment of how its impairment provisions would be
affected by the new model, it may result in an earlier recognition of credit losses.
The new hedge accounting rules will align the accounting for hedging instruments more closely with the Group's risk
management practises. As a general rule, more hedge relationships may be eligible for hedge accounting, as the standard
introduces a more principles-based approach. The Group has performed an initial assessment on the impact of IFRS 9, and it
would appear that the Group's current hedge relationships would continue to qualify as hedges upon the adoption of IFRS 9.
Accordingly, the Group does not expect a significant impact on the accounting for its hedging relationships.
The new standard also introduces expanded disclosure requirements and changes in presentation. These are expected to change
the nature and extent of the Group's disclosures about its financial instruments particularly in the first year of adoption
of the new standard. The Group will apply IFRS 9 from its effective date.
IFRS 15 Revenue from Contracts with Customers (effective date: DCC financial year beginning 1 April 2018):
This standard will replace IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. IFRS 15 was endorsed
by the EU in September 2016. The standard establishes principles for reporting useful information to users of financial
statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with
customers. It specifies how and when revenue should be recognised as well as requiring enhanced disclosures. Revenue is
recognised when an identified performance obligation has been met and the customer can direct the use of, and obtain
substantially all the remaining benefits from, a good or service as a result of obtaining control of that good or service.
The Group is continuing to assess the potential impact resulting from the application of IFRS 15. The Group will apply IFRS
15 from its effective date.
IFRS 16 Leases (effective date: DCC financial year beginning 1 April 2019):
This standard will replace IAS 17 Leases. IFRS 16 is not yet endorsed by the EU. The changes under IFRS 16 are significant
and will predominantly affect lessees, the accounting for which is substantially reformed. The lessor accounting
requirements contained in IFRS 16's predecessor, IAS 17, will remain largely unchanged. The main impact on lessees is that
almost all leases will be recognised on the balance sheet as the distinction between operating and finance leases is
removed for lessees. Under IFRS 16, an asset (the right to use the leased item) and a financial liability to pay rentals
are recognised. The only exemptions are short-term and low-value leases. The standard introduces new estimates and
judgemental thresholds that affect the identification, classification and measurement of lease transactions. More extensive
disclosures, both qualitative and quantitative, are also required.
At transition date, the Group will calculate the lease commitments outstanding at that date and apply appropriate discount
rates to calculate the present value of the lease commitment which will be recognised as a liability and a right of use
asset on the Group's Balance Sheet. In the Income Statement, the Group currently recognises operating lease rentals in
operating expenses. Under the new standard, a right of use asset will be capitalised and depreciated over the term of the
lease with an associated finance cost applied annually to the lease liability.
As detailed in note 5.4 of the 2017 Annual Report, the Group's future minimum rentals payable under non-cancellable
operating leases at 31 March 2017 amounted to £236.7 million and the charge recognised in the Income Statement for the year
ended 31 March 2017 amounted to £51.7 million. These amounts provide an indication of the scale of leases held at 31 March
2017 but should not be used as a proxy for the impact of IFRS 16 on the Consolidated Balance Sheet as a number of factors
impact the calculation such as the discount rate, the expected term of leases including renewal options and exemptions for
short-term leases and low-value leases.
The Group is continuing to assess its portfolio of leases to calculate the impact of the new standard. The Group will apply
IFRS 16 from its effective date, subject to EU endorsement.
3. Going Concern
Having reassessed the principal risks facing the Group (as detailed on pages 15 to 17 of the 2017 Annual Report), the
Directors believe that the Group is well placed to manage these risks successfully.
The Directors have a reasonable expectation that DCC plc, and the Group as a whole, has 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 of accounting in preparing the condensed interim
financial statements.
4. Reporting Currency
The Group's financial statements are presented in sterling, denoted by the symbol '£'. Results and cash flows of operations
based in non-sterling countries have been translated into sterling at average rates for the period, and the related balance
sheets have been translated at the rates of exchange ruling at the balance sheet date. The principal exchange rates used
for translation of results and balance sheets 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
2017 2016 2017 2017 2016 2017
Stg£1= Stg£1= Stg£1= Stg£1= Stg£1= Stg£1=
Euro 1.1391 1.2364 1.1956 1.1340 1.1614 1.1689
Swedish Krona 10.9425 11.5928 11.3729 10.9424 11.1742 11.1423
Danish Krone 8.4795 9.2173 8.9150 8.4399 8.6542 8.6942
Norwegian Krone 10.6565 11.5655 10.9811 10.6742 10.4373 10.7169
5. Segmental Reporting
DCC is an international sales, marketing and 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. Donal Murphy, Chief Executive and his executive management team.
As announced on 31 May 2017, the Group completed the disposal of its Environmental division. In addition, and as noted in
the Group's results for the year ended 31 March 2017, DCC is presenting DCC LPG and DCC Retail & Oil as separate reportable
segments from 1 April 2017, in line with the revised management and organisational structures of the businesses.
Previously, these two segments comprised the Group's former DCC Energy segment. Following these changes in the composition
of operating segments, segmental reporting has been revised and the comparative disclosures have been restated as required
under IFRS 8.
The Group is organised into four operating segments: DCC LPG, DCC Retail & Oil, DCC Healthcare and DCC Technology.
DCC LPG is a leading liquefied petroleum gas ('LPG') sales and marketing business in Europe, with a developing business in
the retailing of natural gas.
DCC Retail & Oil is a leader in the sales, marketing and retailing of transport fuels and commercial fuels, heating oils
and related products and services in Europe.
DCC Healthcare is a leading healthcare business, providing products and services to healthcare providers and health and
beauty brand owners.
DCC Technology is a leading route-to-market and supply chain partner for global technology brands.
The chief operating decision maker monitors the operating results of segments separately in order to allocate resources
between segments and to assess performance. Segment performance is predominantly evaluated based on operating profit before
amortisation of intangible assets and net operating exceptional items. 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.
The consolidated total assets of the Group as at 30 September 2017 amounted to £5.765 billion. This figure was not
materially different from the equivalent figure at 31 March 2017 (apart from cash and derivative financial instruments
which are managed centrally) 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 2017
DCC LPG DCC Retail & Oil DCC Healthcare DCC Technology Total
£'000 £'000 £'000 £'000 £'000
Segment revenue 501,951 4,331,596 244,995 1,370,930 6,449,472
Adjusted operating profit* 44,077 42,159 22,047 14,215 122,498
Amortisation of intangible assets (10,562) (3,944) (3,676) (2,345) (20,527)
Net operating exceptionals (note 6) (602) (4,376) (1,324) (6,824) (13,126)
Operating profit 32,913 33,839 17,047 5,046 88,845
5,046
88,845
Unaudited six months ended 30 September 2016 (restated)
DCC LPG DCC Retail & Oil DCC Healthcare DCC Technology Total
£'000 £'000 £'000 £'000 £'000
Segment revenue 367,859 3,750,915 244,283 1,144,229 5,507,286
Adjusted operating profit* 36,987 39,046 19,760 11,302 107,095
Amortisation of intangible assets (8,562) (4,828) (3,307) (1,481) (18,178)
Net operating exceptionals (note 6) (205) (1,614) (1,361) (1,236) (4,416)
Operating profit 28,220 32,604 15,092 8,585 84,501
Audited year ended 31 March 2017 (restated)
DCC LPG DCC Retail & Oil DCC Healthcare DCC Technology Total
£'000 £'000 £'000 £'000 £'000
Segment revenue 1,073,212 8,000,923 506,562 2,689,105 12,269,802
Adjusted operating profit* 160,462 94,479 48,944 41,120 345,005
Amortisation of intangible assets (18,277) (9,962) (7,258) (3,633) (39,130)
Net operating exceptionals (note 6) (6,854) (13,633) (2,695) (13,115) (36,297)
Operating profit 135,331 70,884 38,991 24,372 269,578
* Operating profit before amortisation of intangible assets and net operating exceptionals
(b) By geography
The Group has a presence in 15 countries worldwide. The following represents a geographical revenue analysis about the
country of domicile (Republic of Ireland) and countries with material revenue.
Restated
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2017 2016 2017
£'000 £'000 £'000
Republic of Ireland 426,442 322,824 759,439
United Kingdom 3,590,870 3,349,051 7,239,193
France 1,235,359 1,038,271 2,402,290
Other 1,196,801 797,140 1,868,880
6,449,472 5,507,286 12,269,802
6. Exceptionals
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2017 2016 2017
£'000 £'000 £'000
Restructuring costs (9,742) (2,280) (19,345)
Acquisition and related costs (3,512) (1,374) (10,308)
Adjustments to contingent acquisition consideration 140 73 (5,114)
Impairment of property, plant and equipment - (684) (1,164)
Legal and other operating exceptional items (12) (151) (366)
Net operating exceptional items (13,126) (4,416) (36,297)
Mark to market of swaps and related debt (2) 1,901 10,101
Net exceptional items before taxation (13,128) (2,515) (26,196)
Tax attributable to net exceptional items 157 (386) (1,756)
Net exceptional items after taxation (continuing operations) (12,971) (2,901) (27,952)
Net profit on disposal of Environmental division (note 8) 29,742 - -
16,771 (2,901) (27,952)
Non-controlling interest share of net exceptional items after taxation 816 - 3,138
Net exceptional items attributable to owners of the Parent 17,587 (2,901) (24,814)
The Group has focused on the efficiency of its operating infrastructures and sales platforms, particularly in areas where
it has been acquisitive in recent years. Restructuring costs amounted to £9.742 million and were principally incurred in
the restructuring and integration work resulting from the acquisition of Dansk Fuels and also the implementation of the new
national distribution centre in the Technology division's UK business.
Acquisition related costs amounted to £3.512 million and include the professional fees and tax costs (such as stamp duty)
relating to the evaluation and completion of acquisition opportunities.
The Group recorded a net profit on disposal of the Environmental division of £29.742 million, the sale of which was
completed in May 2017.
There was a net tax credit of £0.157 million and a non-controlling interest credit of £0.816 million in relation to the
above net exceptional items.
7. 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 18% (six months ended 30
September 2016: 17.5% and year ended 31 March 2017: 17.5%).
8. Discontinued Operations
As announced on 31 May 2017, the Group completed the disposal of the Environmental division. The proceeds on disposal will
be used to fund the continued development of DCC's continuing operations. The conditions for the segment to be classified
as a discontinued operation were satisfied during the year ended 31 March 2017 and the results of the Environmental segment
were presented separately in the 2017 Annual Report as discontinued operations in the Group Income Statement and the assets
and liabilities of this segment were classified as an asset held for sale at the balance sheet date. Accordingly, the
results for the six months ended 30 September 2016 have been restated.
The following table summarises the consideration received, the profit on disposal of discontinued operations and the net
cash flow arising on the disposal of this segment:
Unaudited
6 months
ended
30 Sept.
2017
Profit on disposal of discontinued operations £'000
Net consideration:
Net proceeds received 164,517
Costs of disposal (4,463)
Total net consideration 160,054
Assets and liabilities disposed of:
Non-current assets 145,761
Current assets 34,261
Non-current liabilities (4,357)
Current liabilities (40,805)
Net identifiable assets and liabilities disposed of 134,860
Recycling of foreign exchange gain previously recognised in foreign currency translation reserve (4,548)
130,312
Profit on disposal of discontinued operations 29,742
Net cash flow on disposal of discontinued operations:
Total proceeds received 174,321
Cash and cash equivalents disposed of (9,804)
Net cash inflow from disposal of discontinued operations 164,517
Disposal costs paid (4,463)
Net cash flow on disposal of discontinued operations: 160,054
The following table details the results of discontinued operations included in the Group Income Statement for the six
months ended 30 September 2017, together with comparative figures:
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2017 2016 2017
£'000 £'000 £'000
Revenue 29,602 89,258 175,232
Cost of sales (20,285) (61,238) (119,654)
Gross profit 9,317 28,020 55,578
Operating expenses (8,337) (17,292) (37,032)
Operating profit before amortisation of intangible assets 980 10,728 18,546
Amortisation of intangible assets - (88) (38)
Operating profit 980 10,640 18,508
Net finance costs (16) (73) (163)
964 10,567 18,345
Profit on disposal of discontinued operations 29,742 - -
30,706 10,567 18,345
Income tax expense (174) (1,848) (3,185)
Profit from discontinued operations after tax 30,532 8,719 15,160
The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement for the
six months ended 30 September 2017, together with comparative figures:
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2017 2016 2017
£'000 £'000 £'000
Net cash flow from operating activities (5,599) 12,022 22,461
Net cash flow from investing activities (1,331) (2,916) (6,661)
Net cash flow from discontinued operations (6,930) 9,106 15,800
9. Earnings per Ordinary Share
6 months ended 30 September 2017 6 months ended 30 September 2016
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
£'000 £'000 £'000 £'000 £'000 £'000
- More to follow, for following part double click ID:nRSN3787WcRecent news on DCC
See all newsREG - Allianz Global Invs - Top 10 Holdings
AnnouncementREG - DCC PLC - Holding in Company
AnnouncementREG - DCC PLC - Total Voting Rights
AnnouncementREG - DCC PLC - Interim Management Statement
AnnouncementREG - Allianz Global Invs - Top 10 Holdings
Announcement