Annual Report and Accounts 2006 - DCC plc

More documents

Recommendations

Info

86notes to the financial statements20. Intangible assets - continuedThe recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for thiscomputation are extracted from a three year plan and specifically exclude future acquisition activity. Cash flows for afurther two years are based on the assumptions underlying the three year plan. A terminal value reflecting inflation isapplied to the year five cash flows. A present value of the future cash flows is calculated using a before-tax discount raterepresenting the Group’s estimated before-tax average cost of capital (6.8%). Applying these techniques, no impairmentarose in 2006 (2005: nil).Key assumptions include management’s estimates of future profitability, capital expenditure requirements, working capitalinvestment and tax considerations. Forecasts are generally based on historical performance together with management’sexpectation of future trends affecting the industry and other developments and initiatives in the business.Useful lives of intangible assetsThe useful lives of all intangible assets (excluding goodwill) are finite and range from three to five years depending on thenature of the asset.21. Investments in associates2006 2005Group €’000 €’000At 1 April 51,384 42,001Acquired as a subsidiary (note 45) - (7,916)Share of profit less dividends 26,098 17,470Exchange adjustments and other (693) (171)At 31 March 76,789 51,384Details of the Group’s principal associates are shown on page 116.Investments in associates at 31 March 2006 includes goodwill of €1.201 million (2005: €1.201 million).The Group’s geographical share of the assets (including goodwill) and liabilities of its associates is as follows:Non-current Current Non-current Current Netassets assets liabilities liabilities assets€’000 €’000 €’000 €’000 €’000As at 31 March 2006Ireland 1,681 105,044 (1,858) (29,760) 75,107USA 818 2,082 - (1,218) 1,6822,499 107,126 (1,858) (30,978) 76,789As at 31 March 2005Ireland 2,625 62,015 (13,017) (2,459) 49,164USA 786 2,476 - (1,042) 2,2203,411 64,491 (13,017) (3,501) 51,3842006 2005Company €’000 €’000At 31 March 1,300 1,300
notes to the financial statements8722. Investments in subsidiary undertakings2006 2005Company €’000 €’000At 1 April 145,814 145,814Additions 15,258 -At 31 March 161,072 145,814Details of the Group’s principal operating subsidiaries are shown on pages 113 to 116. All of these subsidiaries are whollyowned except Broderick Bros. Limited (93.8%), Virtus Limited (51.0%), Laleham Healthcare Limited (80.5%) where putand call options exist to acquire the remaining 19.5%, Physio-Med Services Limited (76.0%) where put and call optionsexist to acquire the remaining 24.0% and Distrilogie SA (98.36%) where put and call options exist to acquire theremaining 1.64%.The Group’s principal overseas holding company subsidiaries are DCC Limited, a company operating, incorporated andregistered in England and Wales and DCC International Holdings B.V., a company operating, incorporated and registered inThe Netherlands. The registered office of DCC Limited is at Days Healthcare UK Limited, North Road, Bridgend IndustrialEstate, Bridgend, CF31 3TP, Wales. The registered office of DCC International Holdings B.V. is Teleport Boulevard 140,1043 EJ Amsterdam, The Netherlands.23. Inventories2006 2005Group €’000 €’000Raw materials 5,105 5,935Work in progress 1,730 1,855Finished goods 131,899 116,259138,734 124,04924. Trade and other receivables2006 2005Group €’000 €’000Amounts falling due within one year:Trade receivables 487,231 378,563Provision for impairment of trade receivables (11,673) (11,151)Prepayments and other debtors 29,367 24,505Value added tax recoverable 7,458 9,953Other debtors 7,379 4,560519,762 406,430Amounts falling due after more than one year:Prepayments and other debtors 2,381 3,760522,143 410,1902006 2005Company €’000 €’000Amounts falling due within one year:Amounts owed by subsidiary undertakings 261,646 276,698Prepayments 120 1,021Value added tax recoverable 1,421 80263,187 277,799
Page 1 and 2:
Annual Reportand Accounts2006
Page 3 and 4:
Group at a Glance 2Board of Directo
Page 5:
3Market positionGrowth focusGrowth
Page 8 and 9:
6board of directors
Page 10 and 11:
8senior managementgroup and divisio
Page 12 and 13:
10chairman’s statement“ Over th
Page 14 and 15:
12chief executive’s review“ The
Page 16:
peopleWe recognise that our employe
Page 19 and 20:
17Performance for the year to 31 Ma
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27:
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 87: notes to the financial statements85
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
show all

Annual Report and Accounts 2006 - DCC plc

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?