Directors' Reports and Financial Statements - DCC plc

DCC plc Annual Report & Accounts 2000Notes to the Financial Statementsfor the year ended 31 March 200044. Capital CommitmentsGroup2000 1999E’000 e’000Capital expenditure that has been contracted forbut has not been provided for in the financial statements 4,248 7,004Capital expenditure that has been authorised by thedirectors but has not yet been contracted for 12,707 11,48245. Operating Lease CommitmentsAt 31 March 2000 the Group had annual commitments under operating leases as follows:Accounts762000 1999Land andLand andBuildings Other Buildings OtherE’000 E’000 e’000 e’000Expiring within one year 178 73 59 50Expiring between two and five years 173 648 519 425Expiring after five years 1,547 - 1,352 -1,898 721 1,930 47546. Contingent Liabilities(a) Bank and Other LoansThe parent undertaking and certain subsidiaries have given guarantees of up to e454,280,000 (1999: e330,943,000) inrespect of borrowings by the parent undertaking itself and other group undertakings.(b) GrantsIn certain circumstances capital grants amounting to a maximum of e4,759,000 (1999: e4,797,000) and revenue grantsamounting to a maximum of nil (1999: e863,000) may become repayable.(c) OtherIncluded in trade creditors are amounts of approximately e8,909,000 (1999: e7,860,000) due to creditors who havereserved title to goods supplied. Since the extent to which these creditors are effectively secured at any time dependson a number of conditions, the validity of some of which is not readily determinable, it is not possible to indicate howmuch of the above amount was effectively secured by reservation of title. However, the amount referred to above ismatched in terms of net book value of fixed assets and stocks of raw materials in the possession of the Group whichwere supplied subject to reservation of title and accordingly the creditors referred to could be regarded as effectivelysecured to the extent of at least this amount.Pursuant to the provisions of Section 17, Companies (Amendment) Act, 1986, the Company has guaranteed the liabilitiesof Alvabay Limited, Atlas Oil Refining Company Limited, Classic Fuel and Oil Limited, DCC Energy Limited, DCC SerComLimited, Emo Oil Limited, Emo Oil Services Limited and Flogas Ireland Limited and, as a result, these companies havebeen exempted from the filing provisions of Section 7, Companies (Amendment) Act, 1986.