Annual Report and Accounts 2006 - DCC plc

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74 notes to the financial statements8. Proportionate consolidation of joint venturesImpact on group income statementYear ended 31 March 2006 2005Group share of: €’000 €’000Revenue 20,283 16,801Cost of sales (11,985) (9,624)Gross profit 8,298 7,177Operating costs (5,495) (5,387)Operating profit 2,803 1,790Finance costs (net) (66) (64)Profit before income tax 2,737 1,726Income tax expense (404) (288)Group profit for the financial year 2,333 1,438Impact on group balance sheetAs at 31 MarchGroup share of:Non-current assets 9,597 8,902Current assets 2,983 9,172Total assets 12,580 18,074Total equity 8,077 13,151Non-current liabilities 1,224 1,332Current liabilities 3,279 3,591Total liabilities 4,503 4,923Total equity and liabilities 12,580 18,074Impact on group cash flow statementYear ended 31 MarchGroup share of:Net cash flow from operating activities 2,484 1,274Net cash flow from investing activities (1,314) (1,626)Net cash flow from financing activities (125) (2,004)Net increase/(decrease) in cash and cash equivalents 1,045 (2,356)Cash and cash equivalents at beginning of year 479 2,835Cash and cash equivalents at end of year 1,524 479Reconciliation of cash and cash equivalents to net cash/(debt)Cash and cash equivalents as above 1,524 479Interest-bearing loans and borrowings (current and non-current) (1,055) (1,180)Net cash/(debt) at 31 March 469 (701)Details of the Group’s principal joint ventures are shown on page 116.
notes to the financial statements759. EmploymentThe average weekly number of persons (including executive Directors and the Group’s share of employees of jointventures, applying proportionate consolidation) employed by the Group during the year analysed by class of business was:2006 2005number numberDCC Energy 1,779 1,733DCC SerCom 1,321 1,284DCC Healthcare 929 742DCC Food & Beverage 907 833DCC Environmental 173 1545,109 4,746The staff costs for the above were: 2006 2005€’000 €’000Wages and salaries 174,860 157,924Social welfare costs 18,033 16,679Share based payment expense (note 10) 1,840 1,003Pension costs - defined contribution plans 4,816 3,639Pension costs - defined benefit plans (note 32) 3,062 3,421202,611 182,66610. Employee share optionsThe Group’s employee share options are equity-settled share-based payments as defined in IFRS 2 Share-based Payment.The IFRS requires that a recognised valuation methodology be employed to determine the fair value of share optionsgranted. The expense reported in the Income Statement of €1.840 million (2005: €1.003 million) has been arrived atthrough applying the binomial model, which is a lattice option-pricing model, for options issued under the DCC plc 1998Employee Share Option Scheme and the Black Scholes option valuation model for options issued under the DCCSharesave Scheme 2001.Impact on income statementIn compliance with the transitional provisions set out in IFRS 2 Share-based Payment the Group has elected to implementthe measurement requirements of the IFRS in respect of share options that were granted after 7 November 2002 thathad not vested as at 1 January 2005, the effective date of the standard.The total expense is analysed as follows:WeightedExpense inGrant Duration Number of average income statementprice of vesting options fair value 2006 2005Date of grant € period granted € €’000 €’000DCC plc 1998 Employee Share Option Scheme12 November 2002 10.38 3 and 5 years 609,500 2.81 349 39422 December 2003 10.70 3 and 5 years 132,000 2.76 94 9418 May 2004 12.75 3 and 5 years 162,500 3.42 150 1259 November 2004 15.65 3 and 5 years 219,500 4.15 269 9015 December 2005 16.70 3 and 5 years 215,000 4.52 79 -941 703DCC Sharesave Scheme 200110 December 2004 12.63 3 and 5 years 716,010 4.67 899 300Total expense 1,840 1,003
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Annual Reportand Accounts2006
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Group at a Glance 2Board of Directo
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3Market positionGrowth focusGrowth
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6board of directors
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8senior managementgroup and divisio
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10chairman’s statement“ Over th
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12chief executive’s review“ The
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peopleWe recognise that our employe
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17Performance for the year to 31 Ma
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Page 25 and 26: 23Performance for the year to 31 Ma
Page 27: 25Performance for the year to 31 Ma
Page 30 and 31: 28financial reviewOverview of resul
Page 32 and 33: 30financial reviewgenerated from op
Page 34: 32financial reviewsubsidiary manage
Page 38: qualityDCC Food & Beveragemarkets q
Page 41 and 42: corporate governance39written terms
Page 43 and 44: corporate governance41achieve busin
Page 46 and 47: 44report of the remuneration commit
Page 48 and 49: 46 report of the remuneration commi
Page 50 and 51: 48statement of directors’responsi
Page 52 and 53: 50 report of the independent audito
Page 54 and 55: 52financial statementsgroup stateme
Page 56 and 57: 54 financial statementsgroup cash f
Page 58 and 59: 56financial statementscompany state
Page 60 and 61: 58notes to the financial statements
Page 62: 60notes to the financial statements
Page 65 and 66: notes to the financial statements63
Page 75: notes to the financial statements73
Page 106 and 107: 104notes to the financial statement
Page 110 and 111: 108 notes to the financial statemen
Page 112 and 113: 110 notes to the financial statemen
Page 116 and 117: 114group directory>DCC SerComCompan
Page 118 and 119: 116group directory>DCC Environmenta
Page 120 and 121: 118corporate informationAuditorsPri
Page 122 and 123: 120indexpageReceivables, Trade and
Page 124: DCC plcDCC House, Brewery Road,Stil
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