Directors' Reports and Financial Statements - DCC plc

DCC plc Annual Report & Accounts 2000Notes to the Financial Statementsfor the year ended 31 March 20005. Goodwill Amortisation2000 1999E’000 e’000Amortisation of capitalised goodwill arising on the acquisitionof subsidiaries after 1 April 1998 (note 16) 2,710 830Amortisation of goodwill included in the carrying value ofassociated undertakings (note 18) 825 7273,535 1,5576. Net Exceptional Gains on Sale of Associated and Subsidiary Undertakings2000 1999E’000 e’000Profit on sale of associated undertaking 76,000 -Profit on sale of subsidiary net tangible assets 18,000 -Other (1,902) -92,098 -Goodwill previously eliminated against reserves (20,733) -71,365 -Taxation (8,000) -AccountsIn February 2000 the Group sold its holding of ordinary shares in its associated undertaking, Fyffes plc. The Group still holds4,621,901 Convertible Preference shares in Fyffes plc.In March 2000 the Group unconditionally contracted to sell its 90% interest in International Translation and PublishingLimited, the consideration for which is receivable in cash on 16 May 2000.537. Net Interest Payable and Similar Charges - Parent and Subsidiary Undertakings2000 1999E’000 e’000Interest receivable and similar incomeInterest on cash and term deposits 19,496 17,792Other interest receivable 4 25919,500 18,051Interest payable and similar chargesOn bank loans, overdrafts and Unsecured Notes due 2008/11- repayable within 5 years, not by instalments (11,968) (8,171)- repayable within 5 years, by instalments (73) (310)- repayable wholly or partly in more than 5 years (9,042) (8,293)On loan notes- repayable within 5 years, not by instalments (50) (296)- repayable wholly or partly in more than 5 years (1,551) (1,663)On finance leases (2,637) (3,484)Notional interest (311) (198)(25,632) (22,415)(6,132) (4,364)Where acquisitions involve further payments which are deferred or contingent on levels of performance achieved in theyears following acquisition, the profit and loss account is charged with notional interest to eliminate the benefit which theGroup is temporarily deriving. The notional interest charge is calculated by reference to the period of deferral, currentinterest rates and the amount of the likely payments.