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"concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-501": { "value": "36600000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-502": { "value": "62338000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-503": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-504": { "value": "1119429000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-505": { "value": "1072846000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-509": { "value": "
1.1
Statement of Compliance
International Financial Reporting Standards (\u2018IFRS\u2019) require an entity whose financial statements comply with IFRS
to make an explicit and unreserved statement of such compliance in the notes to the financial statements.
The consolidated financial statements of DCC plc have been prepared in accordance with International Financial
Reporting Standards (\u2018IFRS\u2019) and their interpretations approved by the International Accounting Standards Board
(\u2018IASB\u2019) as adopted by the European Union (\u2018EU\u2019) and those parts of the Companies Act, 2014 applicable to companies
reporting under IFRS. IFRS as adopted by the EU differ in certain respects from IFRS as issued by the IASB. Both the
Parent Company and the Group financial statements have been prepared in accordance with IFRS as adopted by
the EU and references to IFRS hereafter should be construed as references to IFRS as adopted by the EU. In
presenting the Parent Company financial statements together with the Group financial statements, the Parent
Company has availed of the exemption in Section 304(2) of the Companies Act, 2014 not to present its individual
Income Statement and related notes that form part of the approved Parent Company financial statements. The
Parent Company has also availed of the exemption from filing its individual Income Statement with the Registrar of
Companies as permitted by Section 304(2) of the Companies Act, 2014.
The Going Concern Statement on page 85 forms part of the Group financial statements. The Directors acknowledge
that based on their review of the Group\u2019s activities, cash flows, liquidity position and borrowing facilities for the
financial year ended 31 March 2025, and having assessed the principal risks facing the Group, the Board of Directors
has a reasonable expectation that DCC plc, and the Group as a whole, has adequate financial and other resources
to continue in operational existence and will be able to meet its liabilities as they fall due over the 12-month going
concern period.
DCC plc, the ultimate Parent Company, is a publicly traded limited company incorporated and domiciled in the
Republic of Ireland. DCC plc\u2019s shares have a Premium Listing on the Official List of the United Kingdom Listing
Authority and are traded solely on the London Stock Exchange.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-2": { "value": "DCC plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "DCC plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-506": { "value": "DCC plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "publicly traded limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "Republic of Ireland.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-507": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-510": { "value": "
1.2
Basis of Preparation
This section includes information on new accounting standards, amendments and interpretations, whether they
are effective for the current year or in later years, and how they are expected to impact the financial position and
performance of the Group.
The consolidated financial statements, which are presented in sterling, rounded to the nearest thousand, have been
prepared on a going concern basis under the historical cost convention, as modified by the measurement at fair
value of share-based payments at the date of grant, post-employment benefit obligations and certain financial
assets and liabilities including derivative financial instruments. The carrying values of recognised assets and liabilities
that are hedged via fair value hedges are adjusted to record changes in the fair values attributable to the risks that
are being hedged.
The material accounting policies applied in the preparation of the financial statements for the year ended 31 March
2025 are set out in note 5.9. These policies have been applied consistently by the Group\u2019s subsidiaries and equity
accounted investments for all periods presented in these consolidated financial statements.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. In addition, it requires management to exercise judgement in the process of applying the Company\u2019s
accounting policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements are detailed in note 1.4.
Adoption of IFRS and International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) Interpretations
The following changes to IFRS became effective for the Group during the year but did not result in a material change
to the Group\u2019s financial statements:
\u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
\u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21
Standards, interpretations and amendments to published standards that are not yet effective
The Group has not applied certain new standards, amendments and interpretations to existing standards that have
been issued but are not yet effective. These include:
\u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9/IFRS 7
\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9/IFRS 7
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
The Group is currently assessing how the application of IFRS 18 Presentation and Disclosure in Financial Statements,
effective for accounting periods on or after 1 January 2027, will affect the future presentation of the Group\u2019s financial
statements. While the adoption of IFRS 18 will not affect the totals of the Group\u2019s assets, liabilities, equity, income and
expenses, there will likely be changes as to how the make-up of these principal categories are presented both in the
primary statements and the notes together with additional disclosures around management performance measures.
Otherwise, the standards outlined above are not expected to result in a net material change to the Group\u2019s financial
statements.
1.3
Basis of Consolidation
This section details how the Group accounts for the different types of interests it has in subsidiaries and equity
accounted investments.
SUBSIDIARIES
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group has power over its relevant activities, is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
The results of subsidiary undertakings acquired or disposed of during the year are included in the Group Income
Statement from the date of their acquisition or up to the date of their disposal. Where necessary, adjustments are
made to the financial statements of subsidiaries to bring their accounting policies into line with those used by
the Group.
EQUITY ACCOUNTED INVESTMENTS
The Group\u2019s interests in equity accounted investments comprise interests in associates. Associates are those entities
in which the Group has significant influence, but not control or joint control, over the financial and operating policies.
They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the
consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income of
the equity accounted investments, until the date on which significant influence ceases.
TRANSACTIONS ELIMINATED ON CONSOLIDATION
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group
transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are
eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-576": { "value": "The consolidated financial statements, which are presented in sterling, rounded to the nearest thousand, have been prepared on a going concern basis under the historical cost convention, as modified by the measurement at fair value of share-based payments at the date of grant, post-employment benefit obligations and certain financial assets and liabilities including derivative financial instruments. The carrying values of recognised assets and liabilities that are hedged via fair value hedges are adjusted to record changes in the fair values attributable to the risks that are being hedged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-606": { "value": "Adoption of IFRS and International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) Interpretations The following changes to IFRS became effective for the Group during the year but did not result in a material change to the Group\u2019s financial statements: \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-577": { "value": "Adoption of IFRS and International Financial Reporting Interpretations Committee (\u2018IFRIC\u2019) Interpretations The following changes to IFRS became effective for the Group during the year but did not result in a material change to the Group\u2019s financial statements: \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 Standards, interpretations and amendments to published standards that are not yet effective The Group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. These include: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9/IFRS 7 \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9/IFRS 7 \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 The Group is currently assessing how the application of IFRS 18 Presentation and Disclosure in Financial Statements, effective for accounting periods on or after 1 January 2027, will affect the future presentation of the Group\u2019s financial statements. While the adoption of IFRS 18 will not affect the totals of the Group\u2019s assets, liabilities, equity, income and expenses, there will likely be changes as to how the make-up of these principal categories are presented both in the primary statements and the notes together with additional disclosures around management performance measures. Otherwise, the standards outlined above are not expected to result in a net material change to the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-607": { "value": "Standards, interpretations and amendments to published standards that are not yet effective The Group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. These include: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9/IFRS 7 \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9/IFRS 7 \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 The Group is currently assessing how the application of IFRS 18 Presentation and Disclosure in Financial Statements, effective for accounting periods on or after 1 January 2027, will affect the future presentation of the Group\u2019s financial statements. While the adoption of IFRS 18 will not affect the totals of the Group\u2019s assets, liabilities, equity, income and expenses, there will likely be changes as to how the make-up of these principal categories are presented both in the primary statements and the notes together with additional disclosures around management performance measures. Otherwise, the standards outlined above are not expected to result in a net material change to the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-578": { "value": "1.3 Basis of Consolidation This section details how the Group accounts for the different types of interests it has in subsidiaries and equity accounted investments. SUBSIDIARIES Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group has power over its relevant activities, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiary undertakings acquired or disposed of during the year are included in the Group Income Statement from the date of their acquisition or up to the date of their disposal. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. EQUITY ACCOUNTED INVESTMENTS The Group\u2019s interests in equity accounted investments comprise interests in associates. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income of the equity accounted investments, until the date on which significant influence ceases. TRANSACTIONS ELIMINATED ON CONSOLIDATION Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-511": { "value": "
1.4
Critical Accounting Estimates and Judgements
This section sets out the key areas of judgement and estimation that management has identified as having
a potentially material impact on the Group\u2019s consolidated financial statements.
The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and
assumptions. It also requires management to exercise its judgement in the process of applying the Group\u2019s
accounting policies. The Group\u2019s material accounting policies affecting its results of operations and financial
condition are set out in note 5.9. The Group has considered the impact of climate change on the financial statements
including impairment of non-financial and financial assets, the useful lives of assets, and provisions. Further details
are included in note 3.1 Property, Plant and Equipment and note 3.3 Intangible Assets and Goodwill. The Group also
considers the impact of climate change as part of the annual budget and strategic plans to ensure consistency with
achieving the Group\u2019s carbon reduction targets.
We continually evaluate our estimates, assumptions and judgements based on available information and
experience. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis and management has discussed its
critical accounting estimates and associated disclosures with the Audit Committee. Management considers the
accounting estimates and assumptions discussed below to be its critical accounting estimates (\u2018E\u2019) and
judgements (\u2018J\u2019):
GOODWILL (E,J)
The Group has capitalised goodwill of \u00a31,716.7 million at 31 March 2025. Goodwill is required to be tested for
impairment at least annually or more frequently if changes in circumstances or the occurrence of events indicating
potential impairment exist. The Group uses the present value of future cash flows to determine recoverable amount.
In calculating the value in use, management judgement and estimation is required in forecasting cash flows of
cash-generating units, in determining terminal growth values and in selecting an appropriate discount rate.
Sensitivities to changes in assumptions are detailed in note 3.3.
BUSINESS COMBINATIONS (E)
Business combinations are accounted for using the acquisition method which requires that the assets and liabilities
assumed are recorded at their respective fair values at the date of acquisition. The application of this method
requires certain estimates and assumptions particularly concerning the determination of the fair values of the
acquired assets and liabilities assumed at the date of acquisition.
For intangible assets acquired, the Group bases valuations on expected future cash flows. This method employs a
discounted cash flow analysis using the present value of the estimated after-tax cash flows expected to be
generated from the purchased intangible asset using risk adjusted discount rates and revenue forecasts as
appropriate. The period of expected cash flows is based on the expected useful life of the intangible asset acquired.
The Group engages a specialist valuation expert to assist with this process where appropriate.
TAXATION (E,J)
The Group is subject to income taxes in a number of jurisdictions. Provisions for tax liabilities require management to
make judgements and estimates in relation to tax issues and exposures. Amounts provided are based on
management\u2019s interpretation of country-specific tax laws and the likelihood or probability of settlement. Where the
final tax outcome is different from the amounts that were initially recorded, such differences will impact the current tax
and/or deferred tax provisions in the period in which such determination is made.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the unused tax losses and unused tax credits can be utilised. The Group estimates the most probable amount
of future taxable profits, using assumptions consistent with those employed in impairment calculations, and taking
into account applicable tax legislation in the relevant jurisdiction. These calculations require the use of estimates.
USEFUL LIVES FOR PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (E,J)
Long-lived assets comprising primarily of property, plant and equipment and intangible assets represent a significant
portion of the Group\u2019s total assets. The annual depreciation and amortisation charge depend primarily on the
estimated lives of each type of asset and, in certain circumstances, estimates of residual values. Management
regularly review these useful lives and residual values and change them if necessary to reflect current conditions. In
determining these useful lives management consider technological change, patterns of consumption, the impact of
climate change, physical condition and expected economic utilisation of the assets. Changes in the useful lives can
have a significant impact on the depreciation and amortisation charge for the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-512": { "value": "
2.1
Segment Information
The Group is organised into two operating segments. This section provides information on the financial
performance for the year on both a segmental and geographic basis.
SEGMENTAL ANALYSIS
DCC is a leading 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 (\u2018CODM\u2019). The CODM has been identified as Mr. Donal Murphy, Chief Executive and his Group
Executive Committee.
As announced on 22 April 2025, the Group entered into an agreement to dispose of its Healthcare division. Following
this change in the composition of operating segments, segmental reporting has been revised and the prior year
segmental disclosures have been restated as required under IFRS 8.
The Group is organised into two operating segments (as identified under IFRS 8 Operating Segments) and generates
revenue through the following activities:
DCC Energy is a customer-focused energy business, specialising in the sales, marketing, and distribution of secure,
cleaner and competitive energy solutions to commercial, industrial, domestic, and transport customers. We operate
two businesses: our Solutions business brings energy products and services to customer sites, while our Mobility
business serves transport and fleet customers. The adjusted operating profit of Solutions represents approximately
77% of this segment\u2019s adjusted operating profit in the current year and Mobility represents approximately 23%.
DCC Technology acts as an enabler between global technology brands and the people and businesses who use
their products. DCC Technology comprises Pro Tech, Info Tech and Life Tech. Through Pro Tech, we bring professional
technologies together to enhance audio and visual experiences. Through Info Tech, we put the latest technology in
people\u2019s hands to make faster connections happen. And through Life Tech, we provide technology to improve lifestyle
quality.
The chief operating decision maker monitors the operating results of segments separately 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 (\u2018adjusted operating
profit\u2019) and return on capital employed. 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.
Intersegment revenue is not material and thus not subject to separate disclosure.
The segment results for the year ended 31 March 2025 are as follows:
INCOME STATEMENT ITEMS
Year ended 31 March 2025
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment revenue
13,366,607
4,644,504
18,011,111
Adjusted operating profit
535,556
81,966
617,522
Intangible asset amortisation and impairment
(85,405)
(95,957)
(181,362)
Net operating exceptionals (note 2.6)
(9,847)
(29,977)
(39,824)
Operating profit
440,304
(43,968)
396,336
Finance costs
(119,131)
Finance income
14,270
Share of equity accounted investments\u2019 profit after tax
3,392
Profit before income tax
294,867
Income tax expense
(71,949)
Profit for the year (continuing operations)
222,918
Year ended 31 March 2024 (Restated)
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment revenue
14,224,938
4,629,113
18,854,051
Adjusted operating profit
502,961
97,231
600,192
Intangible asset amortisation
(77,236)
(26,289)
(103,525)
Net operating exceptionals (note 2.6)
(14,858)
(19,364)
(34,222)
Operating profit
410,867
51,578
462,445
Finance costs
(120,215)
Finance income
16,379
Share of equity accounted investments\u2019 loss after tax
604
Profit before income tax
359,213
Income tax expense
(71,667)
Profit for the year (continuing operations)
287,546
BALANCE SHEET ITEMS
As at 31 March 2025
DCC DCC Discontinued
Energy Technology operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment assets
5,113,541
1,775,983
\u2013
6,889,524
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments
71,428
Derivative financial instruments (current and non-current)
50,192
Deferred income tax assets
87,446
Cash and cash equivalents
1,088,175
Assets classified as held for sale
1,070,864
Total assets as reported in the Group Balance Sheet
9,257,629
Segment liabilities
2,356,524
764,575
\u2013
3,121,099
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)
1,966,042
Lease creditors (current and non-current)
313,971
Derivative financial instruments (current and non-current)
30,572
Income tax liabilities (current and deferred)
297,730
Acquisition related liabilities (current and non-current)
94,458
Government grants (current and non-current)
2,536
Liabilities associated with assets classified as held for sale
262,925
Total liabilities as reported in the Group Balance Sheet
6,089,333
As at 31 March 2024 (restated)
DCC DCC Discontinued
Energy Technology operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment assets
5,181,837
1,876,675
1,103,354
8,161,866
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments
32,825
Derivative financial instruments (current and non-current)
97,824
Deferred income tax assets
81,258
Cash and cash equivalents
1,109,446
Total assets as reported in the Group Balance Sheet
9,483,219
Segment liabilities
2,461,542
768,733
203,732
3,434,007
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)
1,943,518
Lease creditors (current and non-current)
362,383
Derivative financial instruments (current and non-current)
48,450
Income tax liabilities (current and deferred)
367,312
Acquisition related liabilities (current and non-current)
141,777
Government grants (current and non-current)
2,740
Total liabilities as reported in the Group Balance Sheet
6,300,187
OTHER SEGMENT INFORMATION
Year ended 31 March 2025
DCC DCC Discontinued
Energy Technology operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital expenditure \u2013 additions (note 3.1)
182,946
7,806
20,918
211,670
Capital expenditure \u2013 business combinations (note 3.1)
3,690
396
221
4,307
Depreciation (excluding right-of-use assets) (note 3.1)
133,819
15,725
16,976
166,520
Total consideration on business combinations (note 5.2)
206,237
13,697
15,556
235,490
Goodwill and intangible assets acquired (note 3.3)
206,473
5,478
15,752
227,703
Year ended 31 March 2024 (restated)
DCC DCC Discontinued
Energy Technology operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital expenditure \u2013 additions (note 3.1)
182,385
8,931
32,581
223,897
Capital expenditure \u2013 business combinations (note 3.1)
48,591
12
\u2013
48,603
Depreciation (excluding right-of-use assets) (note 3.1)
124,921
16,187
16,248
157,356
Total consideration on business combinations (note 5.2)
367,182
3,782
\u2013
370,964
Goodwill and intangible assets acquired (note 3.3)
373,868
2,499
2,768
379,135
GEOGRAPHICAL ANALYSIS On a continuing basis, the Group has a presence in 19 countries worldwide. The following represents a geographical analysis of continuing revenue and non-current assets in accordance with IFRS 8, which requires disclosure of information about the country of domicile (Republic of Ireland) and countries with material revenue and non-current assets. Revenue from operations is derived almost entirely from the sale of goods and is disclosed based on the location of the entity selling the goods. The analysis of non-current assets is based on the location of the assets. There are no material dependencies or concentrations on individual customers which would warrant disclosure under IFRS 8.
Revenue
Non-current assets*
Restated
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,838,531
1,963,090
205,327
230,348
United Kingdom
5,842,624
6,153,678
1,259,210
1,487,302
France
3,186,335
3,250,325
949,261
961,631
United States
1,902,926
1,806,187
622,673
860,514
Rest of World
5,240,695
5,680,771
1,008,878
1,410,413
18,011,111
18,854,051
4,045,349
4,950,208
* Non-current assets comprise property, plant and equipment, right-of-use leased assets, intangible assets, goodwill and equity
accounted investments.
DISAGGREGATION OF REVENUE
The following table disaggregates revenue by primary geographical market, major revenue lines and timing of
revenue recognition. The use of revenue as a metric of performance in the Group\u2019s Energy segment is of limited
relevance due to the influence of changes in underlying energy product costs on absolute revenues. Whilst changes
in underlying energy product costs will change percentage operating margins, this has little relevance in the
downstream energy distribution market in which this segment operates where elements of profitability are driven by
absolute contribution per tonne/litre of product sold, and not a percentage margin. Accordingly, management
primarily review geographic volume performance rather than geographic revenue performance for this segment as
country-specific GDP and weather patterns can influence volumes. The disaggregated revenue information
presented below for DCC Technology, which can also be influenced by country-specific GDP movements, is
consistent with how revenue is reported and reviewed internally.
Year ended 31 March 2025
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,528,020
310,511
1,838,531
United Kingdom
4,257,283
1,585,341
5,842,624
France
3,056,871
129,464
3,186,335
North America
244,183
1,809,391
2,053,574
Rest of World
4,280,250
809,797
5,090,047
13,366,607
4,644,504
18,011,111
Products transferred at point in time
13,366,607
4,644,504
18,011,111
Energy solutions products and services
8,574,805
\u2013
8,574,805
Energy mobility products and services
4,791,802
\u2013
4,791,802
Technology products and services
\u2013
4,644,504
4,644,504
13,366,607
4,644,504
18,011,111
Year ended 31 March 2024 (restated)
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,591,561
371,529
1,963,090
United Kingdom
4,501,053
1,652,625
6,153,678
France
3,115,534
134,791
3,250,325
North America
254,370
1,721,283
1,975,653
Rest of World
4,762,420
748,885
5,511,305
14,224,938
4,629,113
18,854,051
Products transferred at point in time
14,224,938
4,629,113
18,854,051
Energy solutions products and services
8,871,109
\u2013
8,871,109
Energy mobility products and services
5,353,829
\u2013
5,353,829
Technology products and services
\u2013
4,629,113
4,629,113
14,224,938
4,629,113
18,854,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-513": { "value": "
2.2
Other Operating Income/(Expenses)
This note provides an analysis of the amounts included in other operating income and expenses presented in the
Group Income Statement.
Other operating income/(expenses) comprise the following credits/(charges):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Other operating income/(expenses)
Fair value gains on non-hedge accounted derivative financial instruments \u2013 commodities
207
8,741
Fair value losses on non-hedge accounted derivative financial instruments \u2013 commodities
(207)
(8,741)
Fair value gains on non-hedge accounted derivative financial instruments \u2013 forward
exchange contracts
2,765
1,408
Fair value losses on non-hedge accounted derivative financial instruments \u2013 forward
exchange contracts
(1,933)
(815)
Property and tank rental income
24,315
21,686
Net profit on disposal of property, plant and equipment
17,337
657
Expensing of employee share options and awards (note 2.5)
(7,544)
(9,210)
Other net operating income
13,212
14,665
Net other operating income before exceptional items
48,152
28,391
Other operating income included in net exceptional items
6,956
89
Other operating expenses included in net exceptional items
(46,780)
(34,311)
Total net other operating income/(expenses)
8,328
(5,831)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-608": { "value": "2.2 Other Operating Income/(Expenses) This note provides an analysis of the amounts included in other operating income and expenses presented in the Group Income Statement. Other operating income/(expenses) comprise the following credits/(charges):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Other operating income/(expenses)
Fair value gains on non-hedge accounted derivative financial instruments \u2013 commodities
207
8,741
Fair value losses on non-hedge accounted derivative financial instruments \u2013 commodities
(207)
(8,741)
Fair value gains on non-hedge accounted derivative financial instruments \u2013 forward
exchange contracts
2,765
1,408
Fair value losses on non-hedge accounted derivative financial instruments \u2013 forward
exchange contracts
(1,933)
(815)
Property and tank rental income
24,315
21,686
Net profit on disposal of property, plant and equipment
17,337
657
Expensing of employee share options and awards (note 2.5)
(7,544)
(9,210)
Other net operating income
13,212
14,665
Net other operating income before exceptional items
48,152
28,391
Other operating income included in net exceptional items
6,956
89
Other operating expenses included in net exceptional items
(46,780)
(34,311)
Total net other operating income/(expenses)
8,328
(5,831)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-579": { "value": "2.2 Other Operating Income/(Expenses) This note provides an analysis of the amounts included in other operating income and expenses presented in the Group Income Statement. Other operating income/(expenses) comprise the following credits/(charges):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Other operating income/(expenses)
Fair value gains on non-hedge accounted derivative financial instruments \u2013 commodities
207
8,741
Fair value losses on non-hedge accounted derivative financial instruments \u2013 commodities
(207)
(8,741)
Fair value gains on non-hedge accounted derivative financial instruments \u2013 forward
exchange contracts
2,765
1,408
Fair value losses on non-hedge accounted derivative financial instruments \u2013 forward
exchange contracts
(1,933)
(815)
Property and tank rental income
24,315
21,686
Net profit on disposal of property, plant and equipment
17,337
657
Expensing of employee share options and awards (note 2.5)
(7,544)
(9,210)
Other net operating income
13,212
14,665
Net other operating income before exceptional items
48,152
28,391
Other operating income included in net exceptional items
6,956
89
Other operating expenses included in net exceptional items
(46,780)
(34,311)
Total net other operating income/(expenses)
8,328
(5,831)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-514": { "value": "
2.3
Group Profit for the Year
The Group profit for the year includes some key amounts which are presented separately below.
Group profit for the year has been arrived at after charging/(crediting) the following amounts:
2025
2024
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation on property, plant and equipment
(note 3.1)
149,544
16,976
166,520
141,108
16,248
157,356
Depreciation on right-of-use assets (note 3.2)
77,045
10,354
87,399
72,695
10,143
82,838
Amortisation of intangible assets (note 3.3)
107,527
10,629
118,156
103,525
10,550
114,075
Amortisation of government grants (note 3.18)
(314)
(9)
(323)
(367)
(9)
(376)
Foreign exchange gain
(339)
(185)
(524)
(699)
(253)
(952)
During the year the Group obtained the following services from the Group\u2019s auditors (KPMG) which include amounts
relating to discontinued operations:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
KPMG Ireland (statutory auditor):
Audit fees
2,063
2,096
Other including non-audit, audit related and assurance services
100
22
2,163
2,118
Other KPMG network firms:
Audit fees
2,458
2,462
Other including non-audit, audit related and assurance services
71
231
2,529
2,693
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-580": { "value": "2.3 Group Profit for the Year The Group profit for the year includes some key amounts which are presented separately below. Group profit for the year has been arrived at after charging/(crediting) the following amounts:
2025
2024
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Depreciation on property, plant and equipment
(note 3.1)
149,544
16,976
166,520
141,108
16,248
157,356
Depreciation on right-of-use assets (note 3.2)
77,045
10,354
87,399
72,695
10,143
82,838
Amortisation of intangible assets (note 3.3)
107,527
10,629
118,156
103,525
10,550
114,075
Amortisation of government grants (note 3.18)
(314)
(9)
(323)
(367)
(9)
(376)
Foreign exchange gain
(339)
(185)
(524)
(699)
(253)
(952)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-581": { "value": "During the year the Group obtained the following services from the Group\u2019s auditors (KPMG) which include amounts relating to discontinued operations:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
KPMG Ireland (statutory auditor):
Audit fees
2,063
2,096
Other including non-audit, audit related and assurance services
100
22
2,163
2,118
Other KPMG network firms:
Audit fees
2,458
2,462
Other including non-audit, audit related and assurance services
71
231
2,529
2,693
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-515": { "value": "
2.4
Employment
This section provides an analysis of the average number of employees in the Group by segment together with
their related payroll expense for the year. Further information on the compensation of key management personnel
is included in note 5.6, Related Party Transactions.
The average number of persons (including executive Directors) employed by the Group in continuing and
discontinued operations during the year, analysed by class of business, was:
2025 2024
Number Number
DCC Energy
9,027
8,229
DCC Technology
4,308
4,550
Continuing operations
13,335
12,779
Discontinued operations
3,444
3,507
16,779
16,286
The employee benefit expense for the above were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
889,460
827,338
Social welfare costs
100,873
93,818
Share based payment expense (note 2.5)
7,544
9,210
Pension costs \u2013 defined contribution plans
25,895
27,146
Pension costs \u2013 defined benefit plans (note 3.15)
410
689
1,024,182
958,201
The employee benefit expense is analysed as:
Continuing operations
847,059
788,473
Discontinued operations
177,123
169,728
1,024,182
958,201
Directors\u2019 emoluments (which are included in operating costs) and interests are presented in the Remuneration Report
on pages 118 to 142. Details of the compensation of key management personnel for the purposes of the disclosure
requirements under IAS 24 are provided in note 5.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-516": { "value": "
2.5
Employee Share Options and Awards
Share options and awards are used to incentivise Directors and employees of the Group. A charge is recognised
over the vesting period in the Income Statement to record the cost of these share options and awards, based on
the fair value of the share option/award at the grant date.
The Group\u2019s employee share options and awards 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 options granted. The expense reported in the Income Statement of \u00a37.544 million (2024:
\u00a39.210 million) has been arrived at by applying a Monte Carlo simulation technique for share awards issued under the
DCC plc Long-term Incentive Plans.
IMPACT ON INCOME STATEMENT
The total share option expense is analysed as follows:
Share price Minimum Number of Weighted Expense in Income Statement
at date of duration of share awards/ average 2025 2024
Date of grant grant vesting period options granted fair value \u00a3\u2019000 \u00a3\u2019000
15 November 2018
\u00a360.65
5 years
167,567
\u00a346.13
\u2013
766
14 November 2019
\u00a368.80
5 years
147,939
\u00a353.32
590
1,103
12 November 2020
\u00a357.08
5 years
170,152
\u00a344.63
1,076
853
11 November 2021
\u00a361.42
3 years
171,974
\u00a346.39
(654)
2,586
10 November 2022
\u00a345.53
3 years
271,759
\u00a331.82
2,470
2,792
16 November 2023
\u00a352.36
3 years
243,181
\u00a341.10
3,137
1,110
14 November 2024
\u00a354.55
3 years
211,720
\u00a339.33
925
\u2013
Total expense
7,544
9,210
DCC PLC LONG-TERM INCENTIVE PLANS
At 31 March 2025, Group employees hold awards to subscribe for 913,287 ordinary shares under the DCC plc
Long-term Incentive Plans.
The general terms of the DCC plc Long-term Incentive Plans are set out in the Remuneration Report on page 133.
The DCC plc Long-term Incentive Plans contain both market and non-market based vesting conditions. Accordingly,
the fair value assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is
adjusted to reflect the anticipated likelihood at the grant date of achieving the market based vesting conditions. The
cumulative non-market based charge to the Income Statement is reversed where entitlements do not vest because
non-market performance conditions have not been met or where an employee in receipt of share entitlements
relinquishes service before the end of the vesting period.
A summary of activity under the DCC plc Long-term Incentive Plans during the year is as follows:
2025 2024
Number of Number of
share awards share awards
At 1 April
919,259
842,638
Granted
211,720
243,181
Exercised
(109,429)
(101,251)
Expired and forfeited
(108,263)
(65,309)
At 31 March
913,287
919,259
The weighted average share price at the dates of exercise for share awards exercised during the year under the DCC
plc Long-term Incentive Plans was \u00a355.99 (2024: \u00a352.02). The share awards outstanding at the year-end have a
weighted average remaining contractual life of 4.9 years (2024: 5.0 years).
The weighted average fair values assigned to share awards granted under the DCC plc Long-term Incentive Plan,
which were computed in accordance with the Monte Carlo valuation methodology, were as follows:
Granted during the year ended 31 March 2025
\u00a339.33
Granted during the year ended 31 March 2024
\u00a341.10
The fair values of share awards granted under the DCC plc Long-term Incentive Plan were determined taking
account of peer group total share return volatilities and correlations together with the following assumptions:
2025
2024
Risk-free interest rate (%)
4.24
3.96
Dividend yield (%)
3.7
3.7
Expected volatility (%)
23.0
24.0
Expected life in years
5.0
5.0
Share price at date of grant
\u00a354.55
\u00a352.36
The risk free rate of return is the yield on government bonds of a term consistent with the assumed option life. The
dividend yield is based on historic dividend rates. The expected volatility is based on historic volatility over the past
three years. The expected life is the average expected period to exercise.
Analysis of closing balance:
2025 2024
Number of Number of
Date of grant
Date of expiry
share awards share awards
15 November 2018
15 November 2025
22,750
5,163
14 November 2019
14 November 2026
36,282
44,640
12 November 2020
12 November 2027
110,581
77,379
11 November 2021
11 November 2028
40,894
115,318
10 November 2022
10 November 2029
253,620
168,810
16 November 2023
16 November 2030
237,440
264,768
14 November 2024
14 November 2031
211,720
243,181
Total outstanding at 31 March
913,287
919,259
Total exercisable at 31 March
99,926
49,803
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-517": { "value": "
2.6
Exceptionals
Exceptional items are those items which, in the judgement of the Directors, need to be disclosed separately by
virtue of their scale and nature. These exceptional items, detailed below, could distort the understanding of our
underlying performance for the year and comparability between periods and are therefore presented separately.
2025 2024
Note \u00a3\u2019000 \u00a3\u2019000
Restructuring and integration costs and other
(a)
(37,042)
(20,647)
Acquisition and related costs
(b)
(9,060)
(13,664)
Profit on disposal of subsidiary undertaking
(c)
3,255
\u2013
Adjustments to contingent acquisition consideration
(d)
3,023
89
Net operating exceptional items
(39,824)
(34,222)
Impairment of goodwill
(e)
(73,835)
\u2013
Net operating exceptional items
(113,659)
(34,222)
Mark-to-market of swaps and related debt (note 2.7)
(f)
(340)
(873)
Net exceptional items before tax from continuing operations
(113,999)
(35,095)
Income tax and deferred tax attaching to exceptional items
(g)
8,240
4,558
Net exceptional items after tax from continuing operations
(105,759)
(30,537)
Net exceptional items after tax relating to discontinued operations
(h)
(60,961)
(3,227)
Non-controlling interest share of net exceptional items after tax
\u2013
449
Net exceptional items attributable to owners of the Parent Company
(166,720)
(33,315)
(a) Restructuring and integration costs and other of \u00a337.042 million (2024: \u00a320.647 million) relates to the restructuring
of operations across a number of businesses and recent acquisitions. The majority of the cost relates to the
optimisation and integration of operations in the Technology division in respect of large projects in both the UK
and the North American businesses.
(b) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and
completion of acquisition opportunities and amounted to \u00a39.060 million (2024: \u00a313.664 million).
(c) During the year, DCC Energy completed the sale of a majority stake in its liquid gas business in Hong Kong &
Macau to an industrial group already operating in Hong Kong. The transaction valued DCC\u2019s business at an initial
enterprise value of c.US$150 million (c.\u00a3117 million), on a debt-free, cash-free basis. With the two businesses being
merged post completion, DCC has retained a minority stake in the combined business. The transaction resulted in
a modest profit on disposal of \u00a33.255 million.
(d) Adjustments to contingent acquisition consideration of \u00a33.023 million (2024: \u00a30.890 million) reflects movements in
provisions associated with the expected earn-out or other deferred arrangements that arise through the Group\u2019s
corporate development activity.
(e) In accordance with IAS 36 Impairment of Assets, the Group is required to assess goodwill and other intangible
assets for impairment. Accordingly, impairment reviews are performed annually, or more frequently if there is an
indication that the carrying amount may not be recoverable. A non-cash goodwill impairment charge has been
recognised in respect of the UK component of DCC Technology\u2019s Info Tech business. While trading in the business
has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the longer
recovery trajectory and market conditions showing little signs of improving in the UK, a non-cash impairment of
\u00a373.835 million has been recognised.
(f) The level of ineffectiveness calculated under IAS 39 on the hedging instruments related to the Group\u2019s US private
placement debt is charged or credited as an exceptional item. In the year ended 31 March 2025, this amounted to
an exceptional non-cash charge of \u00a30.340 million (2024: charge of \u00a30.873 million). The cumulative net exceptional
credit taken in respect of IAS 39 ineffectiveness is \u00a30.199 million. This, or any subsequent similar non-cash charges
or gains, will net to zero over the remaining term of this debt and the related hedging instruments.
(g) There was a related income tax credit of \u00a38.240 million (2024: credit of \u00a34.558 million) in relation to certain
exceptional charges.
(h) The charge for net exceptional items on discontinued operations primarily relates to the Exertis France consumer
product business and Exertis Iberia within the Info Tech segment of DCC Technology. In April 2025 the Group
agreed to sell this business and the proceeds on disposal are expected to give rise to an impairment loss of
approximately \u00a352.227 million which has been recognised in the current year. The balance of \u00a38.734 million mainly
relates to restructuring and costs of disposal for discontinued operations.
The net cash flow impact in the current year for exceptional items was an inflow of \u00a35.548 million (2024: an outflow of
\u00a313.266 million).
", "dimensions": { "concept": "dccplc:DisclosureOfExceptionals", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-518": { "value": "
2.7
Finance Costs and Finance Income
This note details the interest income generated by our financial assets and the interest expense incurred on our
financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on
interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank
borrowings and lease creditors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and Unsecured Notes
(91,344)
(90,204)
Net cost on interest rate and currency swaps
(9,741)
(10,316)
Lease interest
1
(11,456)
(10,001)
Unwinding of discount applicable to acquisition related liabilities
2
(1,803)
(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)
(783)
(962)
Facility fees
(1,744)
(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)
(168)
\u2013
Other interest
(1,752)
(896)
(118,791)
(119,342)
Mark-to-market of swaps and related debt
3
(340)
(873)
(119,131)
(120,215)
Finance income
Interest on cash and term deposits
14,270
16,007
Net interest income on defined benefit pension schemes (note 3.15)
\u2013
372
14,270
16,379
Net finance cost
(104,861)
(103,836)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(11,456)
(10,001)
Discontinued operations
(1,425)
(1,485)
Total (note 3.12)
(12,881)
(11,486)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations
(1,803)
(5,383)
Discontinued operations
(342)
\u2013
Total (note 3.16)
(2,145)
(5,383)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
9,166
9,416
Cross currency interest rate swaps designated as fair value hedges
1,407
2,610
Adjusted hedged fixed rate debt
(10,913)
(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt
(340)
(873)
Movement on cross currency interest rate swaps designated as cash flow hedges
(6,392)
(3,375)
Transferred to cash flow hedge reserve
6,392
3,375
\u2013
\u2013
Total mark-to-market of swaps and related debt
(340)
(873)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-621": { "value": "2.7 Finance Costs and Finance Income This note details the interest income generated by our financial assets and the interest expense incurred on our financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank borrowings and lease creditors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and Unsecured Notes
(91,344)
(90,204)
Net cost on interest rate and currency swaps
(9,741)
(10,316)
Lease interest
1
(11,456)
(10,001)
Unwinding of discount applicable to acquisition related liabilities
2
(1,803)
(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)
(783)
(962)
Facility fees
(1,744)
(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)
(168)
\u2013
Other interest
(1,752)
(896)
(118,791)
(119,342)
Mark-to-market of swaps and related debt
3
(340)
(873)
(119,131)
(120,215)
Finance income
Interest on cash and term deposits
14,270
16,007
Net interest income on defined benefit pension schemes (note 3.15)
\u2013
372
14,270
16,379
Net finance cost
(104,861)
(103,836)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(11,456)
(10,001)
Discontinued operations
(1,425)
(1,485)
Total (note 3.12)
(12,881)
(11,486)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations
(1,803)
(5,383)
Discontinued operations
(342)
\u2013
Total (note 3.16)
(2,145)
(5,383)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
9,166
9,416
Cross currency interest rate swaps designated as fair value hedges
1,407
2,610
Adjusted hedged fixed rate debt
(10,913)
(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt
(340)
(873)
Movement on cross currency interest rate swaps designated as cash flow hedges
(6,392)
(3,375)
Transferred to cash flow hedge reserve
6,392
3,375
\u2013
\u2013
Total mark-to-market of swaps and related debt
(340)
(873)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-619": { "value": "2.7 Finance Costs and Finance Income This note details the interest income generated by our financial assets and the interest expense incurred on our financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank borrowings and lease creditors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and Unsecured Notes
(91,344)
(90,204)
Net cost on interest rate and currency swaps
(9,741)
(10,316)
Lease interest
1
(11,456)
(10,001)
Unwinding of discount applicable to acquisition related liabilities
2
(1,803)
(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)
(783)
(962)
Facility fees
(1,744)
(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)
(168)
\u2013
Other interest
(1,752)
(896)
(118,791)
(119,342)
Mark-to-market of swaps and related debt
3
(340)
(873)
(119,131)
(120,215)
Finance income
Interest on cash and term deposits
14,270
16,007
Net interest income on defined benefit pension schemes (note 3.15)
\u2013
372
14,270
16,379
Net finance cost
(104,861)
(103,836)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(11,456)
(10,001)
Discontinued operations
(1,425)
(1,485)
Total (note 3.12)
(12,881)
(11,486)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations
(1,803)
(5,383)
Discontinued operations
(342)
\u2013
Total (note 3.16)
(2,145)
(5,383)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
9,166
9,416
Cross currency interest rate swaps designated as fair value hedges
1,407
2,610
Adjusted hedged fixed rate debt
(10,913)
(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt
(340)
(873)
Movement on cross currency interest rate swaps designated as cash flow hedges
(6,392)
(3,375)
Transferred to cash flow hedge reserve
6,392
3,375
\u2013
\u2013
Total mark-to-market of swaps and related debt
(340)
(873)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-609": { "value": "2.7 Finance Costs and Finance Income This note details the interest income generated by our financial assets and the interest expense incurred on our financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank borrowings and lease creditors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and Unsecured Notes
(91,344)
(90,204)
Net cost on interest rate and currency swaps
(9,741)
(10,316)
Lease interest
1
(11,456)
(10,001)
Unwinding of discount applicable to acquisition related liabilities
2
(1,803)
(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)
(783)
(962)
Facility fees
(1,744)
(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)
(168)
\u2013
Other interest
(1,752)
(896)
(118,791)
(119,342)
Mark-to-market of swaps and related debt
3
(340)
(873)
(119,131)
(120,215)
Finance income
Interest on cash and term deposits
14,270
16,007
Net interest income on defined benefit pension schemes (note 3.15)
\u2013
372
14,270
16,379
Net finance cost
(104,861)
(103,836)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(11,456)
(10,001)
Discontinued operations
(1,425)
(1,485)
Total (note 3.12)
(12,881)
(11,486)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations
(1,803)
(5,383)
Discontinued operations
(342)
\u2013
Total (note 3.16)
(2,145)
(5,383)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
9,166
9,416
Cross currency interest rate swaps designated as fair value hedges
1,407
2,610
Adjusted hedged fixed rate debt
(10,913)
(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt
(340)
(873)
Movement on cross currency interest rate swaps designated as cash flow hedges
(6,392)
(3,375)
Transferred to cash flow hedge reserve
6,392
3,375
\u2013
\u2013
Total mark-to-market of swaps and related debt
(340)
(873)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-582": { "value": "2.7 Finance Costs and Finance Income This note details the interest income generated by our financial assets and the interest expense incurred on our financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank borrowings and lease creditors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and Unsecured Notes
(91,344)
(90,204)
Net cost on interest rate and currency swaps
(9,741)
(10,316)
Lease interest
1
(11,456)
(10,001)
Unwinding of discount applicable to acquisition related liabilities
2
(1,803)
(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)
(783)
(962)
Facility fees
(1,744)
(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)
(168)
\u2013
Other interest
(1,752)
(896)
(118,791)
(119,342)
Mark-to-market of swaps and related debt
3
(340)
(873)
(119,131)
(120,215)
Finance income
Interest on cash and term deposits
14,270
16,007
Net interest income on defined benefit pension schemes (note 3.15)
\u2013
372
14,270
16,379
Net finance cost
(104,861)
(103,836)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(11,456)
(10,001)
Discontinued operations
(1,425)
(1,485)
Total (note 3.12)
(12,881)
(11,486)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations
(1,803)
(5,383)
Discontinued operations
(342)
\u2013
Total (note 3.16)
(2,145)
(5,383)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
9,166
9,416
Cross currency interest rate swaps designated as fair value hedges
1,407
2,610
Adjusted hedged fixed rate debt
(10,913)
(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt
(340)
(873)
Movement on cross currency interest rate swaps designated as cash flow hedges
(6,392)
(3,375)
Transferred to cash flow hedge reserve
6,392
3,375
\u2013
\u2013
Total mark-to-market of swaps and related debt
(340)
(873)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-617": { "value": "2.7 Finance Costs and Finance Income This note details the interest income generated by our financial assets and the interest expense incurred on our financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank borrowings and lease creditors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and Unsecured Notes
(91,344)
(90,204)
Net cost on interest rate and currency swaps
(9,741)
(10,316)
Lease interest
1
(11,456)
(10,001)
Unwinding of discount applicable to acquisition related liabilities
2
(1,803)
(5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17)
(783)
(962)
Facility fees
(1,744)
(1,580)
Net interest expense on defined benefit pension schemes (note 3.15)
(168)
\u2013
Other interest
(1,752)
(896)
(118,791)
(119,342)
Mark-to-market of swaps and related debt
3
(340)
(873)
(119,131)
(120,215)
Finance income
Interest on cash and term deposits
14,270
16,007
Net interest income on defined benefit pension schemes (note 3.15)
\u2013
372
14,270
16,379
Net finance cost
(104,861)
(103,836)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(11,456)
(10,001)
Discontinued operations
(1,425)
(1,485)
Total (note 3.12)
(12,881)
(11,486)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations
(1,803)
(5,383)
Discontinued operations
(342)
\u2013
Total (note 3.16)
(2,145)
(5,383)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
9,166
9,416
Cross currency interest rate swaps designated as fair value hedges
1,407
2,610
Adjusted hedged fixed rate debt
(10,913)
(12,899)
Mark-to-market of swaps designated as fair value hedges and related debt
(340)
(873)
Movement on cross currency interest rate swaps designated as cash flow hedges
(6,392)
(3,375)
Transferred to cash flow hedge reserve
6,392
3,375
\u2013
\u2013
Total mark-to-market of swaps and related debt
(340)
(873)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-519": { "value": "
2.8
Share of Equity Accounted Investments\u2019 Profit after Tax
Share of equity accounted investments\u2019 profit after tax represents the results of businesses we do not control, but
instead exercise significant influence and generally have an equity holding of up to 50%.
The Group\u2019s share of equity accounted investments\u2019 (i.e. associates) profit after tax is equity accounted and
presented as a single line item in the Group Income Statement. The profit after tax generated by the Group\u2019s equity
accounted investments is analysed as follows under the principal Group Income Statement captions:
2025 2024
Group share of: \u00a3\u2019000 \u00a3\u2019000
Revenue
267,828
53,404
Operating profit before tax
3,687
623
Income tax
(295)
(19)
Profit after tax
3,392
604
", "dimensions": { "concept": "dccplc:DisclosureOfShareOfEquityAccountedInvestmentsProfitAfterTax", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-610": { "value": "2.8 Share of Equity Accounted Investments\u2019 Profit after Tax Share of equity accounted investments\u2019 profit after tax represents the results of businesses we do not control, but instead exercise significant influence and generally have an equity holding of up to 50%. The Group\u2019s share of equity accounted investments\u2019 (i.e. associates) profit after tax is equity accounted and presented as a single line item in the Group Income Statement. The profit after tax generated by the Group\u2019s equity accounted investments is analysed as follows under the principal Group Income Statement captions:
2025 2024
Group share of: \u00a3\u2019000 \u00a3\u2019000
Revenue
267,828
53,404
Operating profit before tax
3,687
623
Income tax
(295)
(19)
Profit after tax
3,392
604
3.4 Equity Accounted Investments Equity accounted investments represent the Group\u2019s interests in certain entities where we exercise significant influence and generally have an equity holding of up to 50%.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
32,825
47,789
Share of profit after tax
3,392
604
Acquisition of equity accounted investments
35,346
5,530
Disposals
\u2013
(18,224)
Dividends received
(857)
(1,261)
Exchange and other
722
(1,613)
At 31 March
71,428
32,825
The acquisition of equity accounted investments in the current year of \u00a335.346 million comprises the non-controlling interest retained on the disposal of the group\u2019s liquid gas business in Hong Kong & Macau (note 2.6). Investments in associates at 31 March 2025 include goodwill and intangible assets of \u00a356.919 million (2024: \u00a318.553 million). Summarised financial information for the Group\u2019s share of its investment in associates which are accounted for using the equity method is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
124,288
49,650
Current assets
36,929
21,050
Non-current liabilities
(57,689)
(17,101)
Current liabilities
(32,100)
(20,774)
71,428
32,825
Details of the Group\u2019s principal associates are included in the Group Directory on page 241.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-520": { "value": "
2.9
Income Tax Expense
Tax is payable in the jurisdictions in which we operate. This note details the current tax charge which is the tax
payable on this year\u2019s taxable profits and the deferred tax charge which represents the tax expected to arise in
the future due to differences in the accounting and tax bases of assets and liabilities.
(I) INCOME TAX EXPENSE RECOGNISED IN THE INCOME STATEMENT
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current tax
Irish corporation tax at 12.5%
11,807
10,866
United Kingdom corporation tax at 25% (2024: 25%)
19,716
18,605
Other overseas tax
85,944
78,515
Income tax credit attaching to exceptional items
(8,169)
(4,393)
Under/(over) provision in respect of prior years
1,064
(4,278)
Total current tax
110,362
99,315
Deferred tax
Irish at 12.5%
(873)
(1,008)
United Kingdom at 25%
(8,203)
(5,194)
Other overseas deferred tax
(26,501)
(26,640)
Deferred tax credit attaching to exceptional items
(71)
(165)
(Over)/under provision in respect of prior years
(2,765)
5,359
Total deferred tax
(38,413)
(27,648)
Total income tax expense
71,949
71,667
(II) DEFERRED TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred tax relating to defined benefit pension obligations
(28)
117
Deferred tax relating to cash flow hedges
5,140
6,937
Total deferred tax charge recognised in Other Comprehensive Income
5,112
7,054
(III) RECONCILIATION OF EFFECTIVE TAX RATE
2025 2024
Continuing operations \u00a3\u2019000 \u00a3\u2019000
Profit before tax
294,867
359,213
Add back: share of equity accounted investments\u2019 profit after tax
(3,392)
(604)
Add back: amortisation of intangible assets
107,527
103,525
Profit before share of equity accounted investments\u2019 profit after tax and amortisation
of intangible assets
399,002
462,134
Add back: net exceptional items before tax
113,999
35,095
Profit before share of equity accounted investments\u2019 profit after tax, amortisation of
intangible assets and net exceptionals
513,001
497,229
Profit before tax
294,867
359,213
At the standard rate of corporation tax in Ireland of 12.5%
36,858
44,902
Amortisation and share of equity accounted investments at the standard rate of
corporation tax in Ireland of 12.5%
13,017
12,865
Adjustments in respect of prior years
(1,701)
1,081
Effect of earnings taxed at higher rates
33,590
37,957
Differences arising from impairment
14,989
\u2013
Other differences
7,386
1,149
Income tax expense
104,139
97,954
Income tax and deferred tax attaching to exceptional items
(8,240)
(4,558)
Deferred tax attaching to amortisation of intangible assets
(23,950)
(21,729)
Total income tax expense
71,949
71,667
2025 2024
% %
Income tax expense as a percentage of profit before share of equity accounted
investments\u2019 profit after tax, amortisation of intangible assets and net exceptionals
20.3%
19.7%
Impact of share of equity accounted investments\u2019 profit after tax, amortisation of
intangible assets and net exceptionals
4.1%
0.3%
Total income tax expense as a percentage of profit before tax
24.4%
20.0%
(IV) FACTORS THAT MAY AFFECT FUTURE TAX RATES AND OTHER DISCLOSURES
No change has been enacted to the standard rate of corporation tax in the Republic of Ireland which is currently 12.5%.
On 18 December 2023, the Republic of Ireland enacted legislation, under which the Group is subject to the Global
Anti-Base Erosion Model Rules (\u2018Pillar 2\u2019) from 1 April 2024. In respect of the year ended 31 March 2025, the Group is
expected to qualify for the transitional safe harbour exemptions in the majority of the jurisdictions in which it operates.
The Group\u2019s Pillar 2 tax charge is immaterial for the year ended 31 March 2025 and is included in the total income
tax expense.
The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar 2 income taxes, as provided in the amendments to IAS 12 issued in May 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-583": { "value": "
2.10
Discontinued operations
Following agreements to dispose of the Healthcare division and a Technology business unit, these units are
treated as discontinued operations, the results of which are detailed separately below.
As announced on 22 April 2025, the Group entered into an agreement to dispose of the Healthcare division. The
disposal is expected to complete in the third quarter of this calendar year at which time control of the Healthcare
businesses will pass to the acquirer. The transaction is expected to give rise to an exceptional profit in the year ending
31 March 2026. In addition, DCC Technology signed an exclusivity agreement for the sale of the Exertis France
consumer product business and Exertis Iberia (\u2018Exertis France & Iberia\u2019) in April 2025. The transaction is expected to
close within three months, subject to regulatory approvals.
The conditions for the Healthcare division and Exertis France & Iberia to be classified as discontinued operations
have been satisfied, and, accordingly, the results of these businesses are presented separately as discontinued
operations in the Group Income Statement and the associated assets and liabilities are classified as assets held for
sale at the balance sheet date. The following table details the results of discontinued operations included in the
Group Income Statement:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
1,009,232
1,004,712
Cost of sales
(752,921)
(748,218)
Gross profit
256,311
256,494
Operating expenses
(170,233)
(173,906)
Operating profit before amortisation of intangible assets and exceptional items
86,078
82,588
Amortisation of intangible assets
(10,629)
(10,550)
Net operating exceptionals
(60,116)
(5,087)
Operating profit
15,333
66,951
Net finance costs
(1,349)
(2,413)
Profit before tax
13,984
64,538
Income tax expense
(15,681)
(11,546)
Profit from discontinued operations after tax
(1,697)
52,992
Non-controlling interests
(322)
(330)
Profit attributable to the owners of the Parent company
(2,019)
52,662
The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net cash flow from operating activities
62,381
78,064
Net cash flow from investing activities
(38,282)
(28,628)
Net cash flow from discontinued operations
24,099
49,436
The fair value less costs to sell of the major classes of assets and liabilities held for sale as at 31 March 2025 are
as follows:
2025
Assets \u00a3\u2019000
Property, plant and equipment
155,314
Right-of-use leased assets
39,455
Intangible assets
567,847
Deferred income tax assets
1,394
Inventories
111,718
Trade and other receivables
132,786
Interest receivable
12
Cash and cash equivalents
62,338
Assets classified as held for sale
1,070,864
2025
Liabilities \u00a3\u2019000
Trade and other payables
(127,704)
Amounts due in respect of property, plant and equipment
(3)
Current income tax liabilities
(16,727)
Deferred income tax liabilities
(43,466)
Lease creditors
(42,173)
Provisions for liabilities and charges
(22,805)
Acquisition related liabilities
(9,864)
Government grants
(183)
Liabilities associated with assets classified as held for sale
(262,925)
Net assets of the disposal groups
807,939
The proceeds on disposal of the Healthcare division are expected to exceed the carrying value of the related net assets and accordingly no impairment losses have been recognised on the classification of these operations as held for sale. The proceeds on disposal of Exertis France & Iberia are expected to give rise to an impairment loss of approximately \u00a352.227 million which has been recognised in the year under review.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-521": { "value": "2.10 Discontinued operations Following agreements to dispose of the Healthcare division and a Technology business unit, these units are treated as discontinued operations, the results of which are detailed separately below. As announced on 22 April 2025, the Group entered into an agreement to dispose of the Healthcare division. The disposal is expected to complete in the third quarter of this calendar year at which time control of the Healthcare businesses will pass to the acquirer. The transaction is expected to give rise to an exceptional profit in the year ending 31 March 2026. In addition, DCC Technology signed an exclusivity agreement for the sale of the Exertis France consumer product business and Exertis Iberia (\u2018Exertis France & Iberia\u2019) in April 2025. The transaction is expected to close within three months, subject to regulatory approvals. The conditions for the Healthcare division and Exertis France & Iberia to be classified as discontinued operations have been satisfied, and, accordingly, the results of these businesses are presented separately as discontinued operations in the Group Income Statement and the associated assets and liabilities are classified as assets held for sale at the balance sheet date. The following table details the results of discontinued operations included in the Group Income Statement:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
1,009,232
1,004,712
Cost of sales
(752,921)
(748,218)
Gross profit
256,311
256,494
Operating expenses
(170,233)
(173,906)
Operating profit before amortisation of intangible assets and exceptional items
86,078
82,588
Amortisation of intangible assets
(10,629)
(10,550)
Net operating exceptionals
(60,116)
(5,087)
Operating profit
15,333
66,951
Net finance costs
(1,349)
(2,413)
Profit before tax
13,984
64,538
Income tax expense
(15,681)
(11,546)
Profit from discontinued operations after tax
(1,697)
52,992
Non-controlling interests
(322)
(330)
Profit attributable to the owners of the Parent company
(2,019)
52,662
The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net cash flow from operating activities
62,381
78,064
Net cash flow from investing activities
(38,282)
(28,628)
Net cash flow from discontinued operations
24,099
49,436
The fair value less costs to sell of the major classes of assets and liabilities held for sale as at 31 March 2025 are as follows:
2025
Assets \u00a3\u2019000
Property, plant and equipment
155,314
Right-of-use leased assets
39,455
Intangible assets
567,847
Deferred income tax assets
1,394
Inventories
111,718
Trade and other receivables
132,786
Interest receivable
12
Cash and cash equivalents
62,338
Assets classified as held for sale
1,070,864
2025
Liabilities \u00a3\u2019000
Trade and other payables
(127,704)
Amounts due in respect of property, plant and equipment
(3)
Current income tax liabilities
(16,727)
Deferred income tax liabilities
(43,466)
Lease creditors
(42,173)
Provisions for liabilities and charges
(22,805)
Acquisition related liabilities
(9,864)
Government grants
(183)
Liabilities associated with assets classified as held for sale
(262,925)
Net assets of the disposal groups
807,939
The proceeds on disposal of the Healthcare division are expected to exceed the carrying value of the related net
assets and accordingly no impairment losses have been recognised on the classification of these operations as held
for sale. The proceeds on disposal of Exertis France & Iberia are expected to give rise to an impairment loss of
approximately \u00a352.227 million which has been recognised in the year under review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-522": { "value": "
2.11
Dividends
Dividends represent one type of shareholder return and are paid as an amount per ordinary share held. The
Group retains part of the profits generated in the year to meet future growth plans.
2025 2024
Dividends paid per ordinary share \u00a3\u2019000 \u00a3\u2019000
Final: paid 133.53 pence per share on 18 July 2024
(2024: paid 127.17 pence per share on 20 July 2023)
131,181
126,444
Interim: paid 66.19 pence per share on 13 December 2024
(2023: paid 63.04 pence per share on 15 December 2023)
66,166
62,373
197,347
188,817
The Directors are proposing a final dividend in respect of the year ended 31 March 2025 of 14 0.2 1p pence per ordinary
share (\u00a3138.760 million). This proposed dividend is subject to approval by the shareholders at the Annual
General Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-585": { "value": "1.4021", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-584": { "value": "138760000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-523": { "value": "
2.12
Earnings per Ordinary Share
Earnings per ordinary share (\u2018EPS\u2019) is the amount of post-tax profit attributable to each ordinary share. Basic EPS
is the amount of profit for the year divided by the weighted average number of shares in issue during the year.
Diluted EPS shows what the impact would be if all outstanding and exercisable options were exercised and
treated as ordinary shares at year end.
Discontinued
Discontinued
Continuing
operations
Continuing
operations
operations
(note 2.10) Total
operations
(note 2.10) Total
2025
2025 2025
2024
2024 2024
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
Profit attributable to owners of the Parent
208,509
(2,019)
206,490
273,593
52,662
326,255
Amortisation of intangible assets after tax
83,577
8,265
91,842
81,796
8,161
89,957
Exceptionals after tax (note 2.6)
105,759
60,961
166,720
30,088
3,227
33,315
Adjusted profit after tax and non-controlling
interests
397,845
67,207
465,052
385,477
64,050
449,527
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
2025 2025 2025 2024 2024 2024
Basic earnings per ordinary share pence pence pence pence pence pence
Basic earnings per ordinary share
210.82p
(2.04p)
208.78p
276.94p
53.30p
330.24p
Amortisation of intangible assets after tax
84.50p
8.36p
92.86p
82.79p
8.27p
91.06p
Exceptionals after tax
106.93p
61.63p
168.56p
30.45p
3.26p
33.71p
Adjusted basic earnings per ordinary share
402.25p
67.95p
470.20p
390.18p
64.83p
455.01p
Weighted average number of ordinary shares
in issue (thousands)
98,905
98,794
Basic earnings per ordinary share is calculated by dividing the profit attributable to owners of the Parent Company
by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by
the Company and held as treasury shares. The adjusted figures for basic earnings per ordinary share (a non-GAAP
financial measure) are intended to demonstrate the results of the Group after eliminating the impact of amortisation
of intangible assets and net exceptionals.
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
2025 2025 2025 2024 2024 2024
Diluted earnings per ordinary share pence pence pence pence pence pence
Diluted earnings per ordinary share
210.48p
(2.04p)
208.44p
276.61p
53.24p
329.85p
Amortisation of intangible assets after tax
84.37p
8.34p
92.71p
82.70p
8.25p
90.95p
Exceptionals after tax
106.75p
61.54p
168.29p
30.42p
3.27p
33.69p
Adjusted basic earnings per ordinary share
401.60p
67.84p
469.44p
389.73p
64.76p
454.49p
Weighted average number of ordinary shares
in issue (thousands)
99,065
98,909
Diluted earnings per ordinary share is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares. Share options and awards are the
Company\u2019s only category of dilutive potential ordinary shares. The adjusted figures for diluted earnings per ordinary
share (a non-GAAP financial measure) are intended to demonstrate the results of the Group after eliminating the
impact of amortisation of intangible assets and net exceptionals.
The earnings used for the purposes of the continuing diluted earnings per ordinary share calculations were
\u00a3208.509 million (2024: \u00a3273.593 million) and \u00a3397.845 million (2024: \u00a3385.477 million) for the purposes of the continuing
adjusted diluted earnings per ordinary share calculations.
The earnings used for the purposes of the discontinued diluted earnings per ordinary share calculations were
\u00a32.019 million (loss) (2024: profit of \u00a352.662 million) and \u00a367.207 million (2024: \u00a364.050 million) for the purposes of the
discontinued adjusted diluted earnings per ordinary share calculations.
The weighted average number of ordinary shares used in calculating the diluted earnings per ordinary share for the
year ended 31 March 2025 was 99.065 million (2024: 98.909 million). A reconciliation of the weighted average number
of ordinary shares used for the purposes of calculating the diluted earnings per ordinary share amounts is as follows:
2025 2024
\u2018000 \u2018000
Weighted average number of ordinary shares in issue
98,905
98,794
Dilutive effect of options and awards
160
115
Weighted average number of ordinary shares for diluted earnings per share
99,065
98,909
Employee share options and awards, which are performance-based, are treated as contingently issuable shares
because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage
of time. These contingently issuable shares are excluded from the computation of diluted earnings per ordinary share
where the conditions governing exercisability would not have been satisfied as at the end of the reporting period if
that were the end of the vesting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-524": { "value": "
3.1
Property, Plant and Equipment
This note details the tangible assets utilised by the Group to generate revenues and profits. The cost of these
assets primarily represents the amounts originally paid for them. All assets are depreciated over their useful
economic lives.
Plant & Fixtures,
Land & machinery fittings & office Motor Capital work
buildings & cylinders equipment vehicles in progress Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2025
Opening net book amount
409,408
693,262
172,185
65,335
90,323
1,430,513
Exchange differences and other
(4,408)
(6,710)
(1,032)
(1,152)
(1,421)
(14,723)
Arising on acquisition (note 5.2)
1,291
698
974
1,200
144
4,307
Disposal of subsidiary
\u2013
(15,439)
(306)
\u2013
(1,099)
(16,844)
Additions
16,684
110,502
26,773
20,017
37,694
211,670
Disposals
(17,682)
(4,144)
(1,400)
(4,371)
(17)
(27,614)
Depreciation charge
(21,041)
(96,533)
(34,249)
(14,697)
\u2013
(166,520)
Impairment charge
\u2013
(620)
(2,469)
\u2013
\u2013
(3,089)
Assets classified as held for sale
(note 2.10)
(70,151)
(53,504)
(15,760)
(371)
(15,528)
(155,314)
Reclassification
18,156
11,979
4,495
1,991
(36,621)
\u2013
Closing net book amount
332,257
639,491
149,211
67,952
73,475
1,262,386
At 31 March 2025
Cost
448,573
1,499,621
353,648
187,476
73,475
2,562,793
Accumulated depreciation and
impairment losses
(116,316)
(860,130)
(204,437)
(119,524)
\u2013
(1,300,407)
Net book amount
332,257
639,491
149,211
67,952
73,475
1,262,386
Plant & Fixtures,
Land & machinery fittings & office Motor Capital work
buildings & cylinders equipment vehicles in progress Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2024
Opening net book amount
405,689
601,406
165,345
65,640
116,726
1,354,806
Exchange differences and other
(8,584)
(11,011)
(2,272)
(6,257)
(1,655)
(29,779)
Arising on acquisition (note 5.2)
8,002
32,483
1,436
3,478
3,204
48,603
Additions
21,422
109,090
29,512
13,572
50,301
223,897
Disposals
(706)
(2,965)
(780)
(728)
(339)
(5,518)
Depreciation charge
(19,472)
(89,960)
(33,550)
(14,374)
\u2013
(157,356)
Impairment charge
(919)
(1,770)
(534)
(1)
(916)
(4,140)
Reclassification
3,976
55,989
13,028
4,005
(76,998)
\u2013
Closing net book amount
409,408
693,262
172,185
65,335
90,323
1,430,513
At 31 March 2024
Cost
529,376
1,569,819
374,482
186,668
90,323
2,750,668
Accumulated depreciation and
impairment losses
(119,968)
(876,557)
(202,297)
(121,333)
\u2013
(1,320,155)
Net book amount
409,408
693,262
172,185
65,335
90,323
1,430,513
USEFUL ECONOMIC LIVES OF ASSETS
The Group\u2019s assessment of the risks and opportunities created by climate change to its existing and future operations
is outlined in the Risk Report on pages 76 to 86 and the Sustainability Review on pages 39 to 75. The Group\u2019s energy
strategy has allowed the Group to commit to reducing its carbon emissions from its own activities (Scope 1 and 2) and
from the energy it sells (Scope 3) to net zero by 2050 or sooner. Due consideration is given to these factors when
determining the useful lives of the Group\u2019s assets. Importantly, many of the Group\u2019s existing assets, such as depots,
storage equipment and trucks will continue to be used for the distribution of lower carbon forms of fuel, such as
biofuels. Capital expenditure will continue to be required in relation to these assets in the short and medium-term.
The Group therefore considers that these assets will continue to be an integral part of the total asset portfolio of the
Group in the short and medium-term. Further information is included in note 3.3 Intangible Assets and Goodwill on
page 182.
There remains a risk that the useful lives of the assets created by future capital expenditure may differ from current
assumptions. For instance, governments in some of the Group\u2019s operating locations could take measures to restrict
the use of certain fossil-based assets which could affect the estimated useful lives of those assets. However, for the
reasons stated, there were no significant changes in the estimates of useful lives during the current financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-525": { "value": "
3.2
Right-Of-Use Leased Assets
This note details the right-of-use leased assets utilised by the Group to generate revenues and profits. All assets
are depreciated over their lease term.
Plant & Fixtures,
Land & machinery fittings & office Motor
buildings & cylinders equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2025
Opening net book amount
293,271
3,576
525
52,553
349,925
Exchange differences and other
(3,838)
(72)
(69)
(279)
(4,258)
Arising on acquisition (note 5.2)
2,945
\u2013
12
386
3,343
Disposal of subsidiary
(7,552)
\u2013
\u2013
\u2013
(7,552)
Additions
53,086
3,183
7,917
22,202
86,388
Terminations
(1,399)
(92)
(383)
(702)
(2,576)
Depreciation charge
(58,914)
(1,352)
(1,652)
(25,481)
(87,399)
Impairment charge
(384)
\u2013
\u2013
\u2013
(384)
Assets classified as held for sale
(note 2.10)
(32,745)
(2,066)
(278)
(4,366)
(39,455)
Closing net book amount
244,470
3,177
6,072
44,313
298,032
Year ended 31 March 2024
Opening net book amount
285,119
4,299
958
45,845
336,221
Exchange differences and other
(5,448)
(339)
(421)
4,383
(1,825)
Arising on acquisition (note 5.2)
7,618
140
93
2,712
10,563
Additions
68,840
1,138
334
24,375
94,687
Terminations
(3,183)
(16)
(17)
(635)
(3,851)
Depreciation charge
(56,643)
(1,646)
(422)
(24,127)
(82,838)
Impairment charge
(3,032)
\u2013
\u2013
\u2013
(3,032)
Closing net book amount
293,271
3,576
525
52,553
349,925
3.12
Lease Creditors
Lease creditors represent the present value of the Group\u2019s lease commitments. Lease creditors are initially
measured at the present value of the future minimum lease payments, discounted using the incremental
borrowing rate over the remaining lease term.
The movement in the Group\u2019s lease creditors during the year ended 31 March 2025 is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
362,383
346,546
Exchange differences
(4,423)
(6,788)
Additions
88,474
98,892
Terminations
(3,645)
(4,029)
Arising on acquisition (note 5.2)
3,343
9,949
Disposal of subsidary
(3,983)
\u2013
Lease repayments
(98,886)
(93,673)
Lease interest (note 2.7)
12,881
11,486
Lease creditors attributable to assets held for sale (note 2.10)
(42,173)
\u2013
At 31 March
313,971
362,383
An analysis of the maturity profile of the discounted lease creditor arising from the Group\u2019s leasing activities as at
31 March 2024 is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Within one year
64,245
77,527
Between one and two years
50,473
60,105
Between two and five years
97,736
111,929
Over five years
101,517
112,822
At 31 March
313,971
362,383
Analysed as:
Non-current liabilities
249,726
284,856
Current liabilities
64,245
77,527
313,971
362,383
The Group has availed of the exemption from capitalising lease costs for short-term leases and low-value assets
where the relevant criteria are met. Wholly variable lease payments directly linked to sales or usage are also
expensed as incurred. The following lease costs have been charged to the Income Statement as incurred:
2025
2024
Continued Discontinued Continued Discontinued
operations operations Total operations operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Short-term leases
6,205
659
6,864
4,297
910
5,207
Leases of low-value assets
458
24
482
443
41
484
Wholly variable lease payments
56,471
\u2013
56,471
66,682
\u2013
66,682
Total
63,134
683
63,817
71,422
951
72,373
The total cash outflow for lease payments during the period was as follows:
2025
2024
Continued Discontinued Continued Discontinued
operations operations Total operations operations Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash outflow for short-term leases,
leases of low value assets and
wholly variable lease payments
63,134
683
63,817
71,422
951
72,373
Lease payments relating to
capitalised right-of-use leased
assets
86,832
12,054
98,886
82,133
11,540
93,673
Total cash outflow for lease payments
149,966
12,737
162,703
153,555
12,491
166,046
Lease commitments for short-term leases at the Balance Sheet date are not materially different to the short-term
lease costs expensed during the year.
The Group\u2019s business model is that of a distributor and, therefore, maintaining flexibility in the Group\u2019s cost base is of
significant importance. Substantially all of the Group\u2019s variable lease payments arise from two types of contracts
which give rise to the following costs:
(i) transport costs (primarily for the transport of liquid gas) which vary depending on kilometers and hours of truck
travel (i.e. deliveries outside of normal working hours can incur a premium). Given that the variable costs arising on
liquid gas transport contracts are linked to hours and distance travelled by the trucks, these costs will vary in line
with demand patterns.
(ii) third party petrol forecourts costs which vary based primarily on volume of fuel sold and margin achieved. These
costs will vary in line with demand patterns.
There are no other significant factors that can influence the variability of the Group\u2019s variable lease payments other
than those mentioned above.
The effect of excluding future cash outflows arising from termination options and leases not yet commenced from
lease creditors was not material for the Group. Income from subleasing and gains/losses on sales and leaseback
transactions were not material for the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-526": { "value": "
3.3
Intangible Assets and Goodwill
The Group Balance Sheet contains significant intangible assets and goodwill. Goodwill, customer and supplier
relationships and brands can arise on the acquisition of a business. Goodwill arises when we pay an amount
which is higher than the fair value of the net assets acquired (primarily due to expected synergies). This goodwill
is not amortised but is subject to annual impairment reviews whereas customer and supplier relationships and
brands are amortised over their useful economic lives.
Customer &
supplier related Brand related
Goodwill intangibles intangibles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2025
Opening net book amount
2,190,147
708,551
238,247
3,136,945
Exchange differences
(30,638)
(13,513)
(5,007)
(49,158)
Arising on acquisition (note 5.2)
137,893
85,410
4,400
227,703
Disposal of subsidiary
(54,407)
(56,066)
\u2013
(110,473)
Adjustments to contingent consideration (note 3.16)
(25,892)
\u2013
\u2013
(25,892)
Amortisation charge
\u2013
(105,308)
(12,848)
(118,156)
Impairment charge
(79,619)
\u2013
\u2013
(79,619)
Assets classified as held for sale (note 2.10)
(420,800)
(130,822)
(16,225)
(567,847)
Closing net book amount
1,716,684
488,252
208,567
2,413,503
At 31 March 2025
Cost
1,803,884
1,100,952
277,444
3,182,280
Accumulated amortisation and impairment losses
(87,200)
(612,700)
(68,877)
(768,777)
Net book amount
1,716,684
488,252
208,567
2,413,503
Customer &
supplier related Brand related
Goodwill intangibles intangibles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2024
Opening net book amount
2,029,620
727,365
200,644
2,957,629
Exchange differences
(43,902)
(18,190)
(5,910)
(68,002)
Arising on acquisition (note 5.2)
222,171
102,859
54,105
379,135
Adjustments to contingent consideration (note 3.16)
(17,742)
\u2013
\u2013
(17,742)
Amortisation charge
\u2013
(103,483)
(10,592)
(114,075)
Closing net book amount
2,190,147
708,551
238,247
3,136,945
At 31 March 2024
Cost
2,228,686
1,324,746
297,740
3,851,172
Accumulated amortisation and impairment losses
(38,539)
(616,195)
(59,493)
(714,227)
Net book amount
2,190,147
708,551
238,247
3,136,945
Customer and supplier related intangible assets principally comprise contractual and non-contractual customer and
supplier relationships arising from business combinations and are amortised over their estimated useful lives. The
weighted average remaining amortisation period for customer related intangibles is 9.0 years (continuing operations:
7.2 years) (2024: 10.5 years). Brand related intangible assets comprise registered trade names and logos which are well
established and recognised within the industries in which the Group operates. The weighted average remaining
amortisation period for brand related intangibles is 21.2 years (continuing operations: 21.5 years) (2024: 22.2 years).
There are no internally generated brand related intangibles recognised on the Group Balance Sheet.
In accordance with IAS 38 Intangible Assets, details of individually significant intangible assets and their remaining
amortisation periods are as follows:
At 31 March 2025
Customer &
supplier related Remaining Brand related Remaining
intangibles amortisation intangibles amortisation
CGU
Segment
\u00a3\u2019000 period in years \u00a3\u2019000 period in years
Butagaz
DCC Energy
75,581
4.8 years
106,526
29.6 years
Exertis North America
DCC Technology
118,233
6.4 years
1,297
13.4 years
DCC Propane
DCC Energy
66,835
7.6 years
27,354
13.2 years
Energy Solutions Germany
DCC Energy
53,844
11.3 years
37,399
13.6 years
Others
173,759
35,991
488,252
208,567
Discontinued operations
130,822
16,225
Closing net book amount
619,074
224,792
At 31 March 2024
Customer &
supplier related Remaining Brand related Remaining
intangibles amortisation intangibles amortisation
CGU
Segment
\u00a3\u2019000 period in years \u00a3\u2019000 period in years
Butagaz
DCC Energy
84,793
5.9 years
112,814
30.6 years
Almo
DCC Technology
128,301
7.6 years
\u2013
\u2013
DCC Vital
DCC Healthcare
103,651
17.7 years
17,556
18.5 years
DCC Propane
DCC Energy
80,379
8.2 years
30,187
14.1 years
Energy Solutions Germany
DCC Energy
60,206
12.2 years
41,091
14.6 years
DSG Hong Kong & Macau
DCC Energy
57,162
18.8 years
\u2013
\u2013
Others
194,059
36,599
Closing net book amount
708,551
238,247
CASH-GENERATING UNITS
Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units (\u2018CGUs\u2019) that
are expected to benefit from that business combination. A CGU is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The
CGUs represent the lowest level within the Group at which the associated goodwill is assessed for internal
management purposes and are not larger than the operating segments determined in accordance with IFRS 8
Operating Segments.
A total of 30 CGUs (2024: 32 CGUs) have been identified and these are analysed between the Group\u2019s operating
segments below together with a summary of the allocation of the carrying value of goodwill by segment.
Cash-generating units
Goodwill
2025 2024 2025 2024
number number \u00a3\u2019000 \u00a3\u2019000
DCC Energy
16
17
1,453,844
1,422,918
DCC Technology
7
8
262,840
336,789
23
25
1,716,684
1,759,707
Discontinued operations
7
7
420,800
430,440
30
32
2,137,484
2,190,147
As announced on 12 November 2024, the Group is integrating the operations of DCC Technology\u2019s North American
operations in order to drive financial and operational improvements. This process will involve the integration of the
Group\u2019s Almo and Jam businesses in North America. Management considered the new management structures,
independence of cash flows, how performance will be monitored, shared IT platforms and ongoing synergies. Arising
from this review, Management have identified a new CGU \u201cExertis North America\u201d which consolidates the Group\u2019s
former Almo and Jam CGUs. The comparative data in the table overleaf has been adjusted accordingly.
In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been
allocated are as follows:
2025 2024
CGU
Segment
\u00a3\u2019000 \u00a3\u2019000
Certas Energy UK Group
DCC Energy
413,822
377,474
Butagaz
DCC Energy
257,355
236,953
Mobility Continental Europe
DCC Energy
151,120
156,242
Exertis North America
DCC Technology
184,866
183,765
DCC Propane
DCC Energy
126,765
129,396
Others
582,756
675,877
1,716,684
1,759,707
Discontinued operations
420,800
430,440
Closing net book amount
2,137,484
2,190,147
For the purpose of impairment testing, the before-tax discount rates applied to these CGUs to which significant
amounts of goodwill have been allocated were 10.8% (2024: 10.4%) for the Certas Energy UK Group, Butagaz, Mobility
Continental Europe and DCC Propane, and 12.2% (2024: 11.8%) for Exertis North America. The long-term growth rates
assumed for the Certas Energy UK Group was 1.3%, a long-term growth rate of 2.1% was assumed for Exertis North
America and DCC Propane and a long-term growth rate of 1.3% was assumed for Mobility Continental Europe. No
growth was assumed for Butagaz. The remaining goodwill balance of \u00a3582.756 million is allocated across 18 CGUs
(2024: \u00a3675.877 million across 19 CGUs), none of which are individually significant, and the before-tax discount rates
applied to these CGUs were in the range 10.8% to 12.2% (2024: 10.4% to 11.8%).
IMPAIRMENT TESTING OF GOODWILL
Goodwill acquired through business combinations has been allocated to CGUs for the purpose of impairment testing.
Impairment of goodwill occurs when the carrying value of a CGU is greater than the present value of the cash that it
is expected to generate (i.e. the recoverable amount). The Group reviews the carrying value of each CGU at least
annually or more frequently if there is an indication that the CGU may be impaired.
The recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for
this computation are based on divisional forecasts that have been formally approved by the Board of Directors and
specifically excludes future acquisition activity. These cash flow forecasts are consistent with those used for the
Group\u2019s going concern and viability assessments. Cash flows are forecasted up to 5 years using the assumptions
underlying the divisional forecasts. Cash flow forecasts include consideration of past performance along with
reflecting management\u2019s best estimates of future developments in each of the Group\u2019s markets. Net cash flows
include consideration of the estimated capital expenditure required to achieve the Group\u2019s 2030 and 2050 emissions
commitments. A long-term growth rate reflecting the lower of the extrapolated cash flow projections and the
long-term GDP rate for the country of operation is applied to the year five cash flows. The weighted average
long-term growth rate used in the impairment testing was 1.4% (2024: 1.4%).
The assumptions behind the cash flow projections also take account of the the Group\u2019s assessment of the transitional
and physical impacts of climate change on its operations that are described in the Sustainability Review on pages 54
and 55.
In relation to transitional risks, the assessment considered the impact of changing societal responses to climate
change on our energy activities in a number of scenarios, including one consistent with 1.5\u00b0C warming by 2050. The
assessment considered that while there will be evolution in the legal environment, the pace of technological change
and the introduction of new forms of energy, which may see a reduction in demand for fossil fuels over the medium to
long-term, there is also a significant opportunity available to our energy businesses to support existing and new
customers as they reduce their use of fossil fuels over the coming decades. In particular, our energy businesses can
add to the range of products and services that we offer while continuing to use the assets that we currently own.
In relation to physical risks, such as increased frequency of extreme weather events, the Group\u2019s risk assessment
considered the impacts of climate change on certain of the Group\u2019s assets in an adverse scenario consistent with
4.0\u00b0C warming by 2050. This risk assessment considered both the risk of physical damage to assets and the potential
disruption to our wider operations that would be caused if sites were inoperable for a certain period because of more
frequent adverse weather conditions. The Group concluded that whilst there is a risk in the medium-term to these
assets, these risks can be fully mitigated through increased physical mitigation measures and business continuity
planning. In addition, the Group maintains insurance cover against physical damage and/or business interruption.
The geographical diversity of the Group and potential alternative sources of supply also means that the risk to the
Group as a whole is unlikely to be material.
Having assessed these scenarios the Group continues to conclude that, while climate change is an existing and
evolving risk, it does not warrant any amendments to the assumptions used in the Group\u2019s impairment testing.
A present value of the future cash flows is calculated using a before-tax discount rate representing the Group\u2019s
estimated before-tax weighted average cost of capital, adjusted to reflect risks associated with each CGU. The
range of discount rates applied ranged from 10.8% to 12.2% (2024: 10.4% to 11.8%).
Key assumptions include management\u2019s estimates of future profitability, working capital movements and capital
expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts and key assumptions are
generally determined based on historical performance together with management\u2019s expectation of future trends
affecting the industry and other developments and initiatives in the business.
Applying these techniques, an impairment charge arose in 2025 of \u00a379.619 million (2024: nil). This impairment charge
arose primarily in relation to the Exertis UK business which is part of the Group\u2019s Technology division. While trading in
the business has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the
longer recovery trajectory and market conditions showing little signs of improving in the UK, the goodwill in this CGU
was reduced by \u00a373.835 million as determined by a value in use computation using a pre-tax discount rate of 12.2%. In
addition, as detailed in note 2.10 the Group signed an exclusivity agreement in April 2025 for the sale of the Exertis
France consumer product business and Exertis Iberia. This disposal is subject to regulatory approvals and is expected
to give rise to a non-cash goodwill impairment loss of \u00a35.784 million which has been provided for in the current year.
SENSITIVITY ANALYSIS
Sensitivity analysis was performed by increasing the discount rate by 1%, reducing the long-term growth rate by
0.3% and decreasing cash flows by 10% which resulted in an excess in the recoverable amount of all CGUs over their
carrying amount under each approach. Management believes that any reasonable change in any of the key
assumptions would not cause the carrying value of goodwill to exceed the recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-611": { "value": "3.3 Intangible Assets and Goodwill The Group Balance Sheet contains significant intangible assets and goodwill. Goodwill, customer and supplier relationships and brands can arise on the acquisition of a business. Goodwill arises when we pay an amount which is higher than the fair value of the net assets acquired (primarily due to expected synergies). This goodwill is not amortised but is subject to annual impairment reviews whereas customer and supplier relationships and brands are amortised over their useful economic lives.
Customer &
supplier related Brand related
Goodwill intangibles intangibles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2025
Opening net book amount
2,190,147
708,551
238,247
3,136,945
Exchange differences
(30,638)
(13,513)
(5,007)
(49,158)
Arising on acquisition (note 5.2)
137,893
85,410
4,400
227,703
Disposal of subsidiary
(54,407)
(56,066)
\u2013
(110,473)
Adjustments to contingent consideration (note 3.16)
(25,892)
\u2013
\u2013
(25,892)
Amortisation charge
\u2013
(105,308)
(12,848)
(118,156)
Impairment charge
(79,619)
\u2013
\u2013
(79,619)
Assets classified as held for sale (note 2.10)
(420,800)
(130,822)
(16,225)
(567,847)
Closing net book amount
1,716,684
488,252
208,567
2,413,503
At 31 March 2025
Cost
1,803,884
1,100,952
277,444
3,182,280
Accumulated amortisation and impairment losses
(87,200)
(612,700)
(68,877)
(768,777)
Net book amount
1,716,684
488,252
208,567
2,413,503
Customer &
supplier related Brand related
Goodwill intangibles intangibles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2024
Opening net book amount
2,029,620
727,365
200,644
2,957,629
Exchange differences
(43,902)
(18,190)
(5,910)
(68,002)
Arising on acquisition (note 5.2)
222,171
102,859
54,105
379,135
Adjustments to contingent consideration (note 3.16)
(17,742)
\u2013
\u2013
(17,742)
Amortisation charge
\u2013
(103,483)
(10,592)
(114,075)
Closing net book amount
2,190,147
708,551
238,247
3,136,945
At 31 March 2024
Cost
2,228,686
1,324,746
297,740
3,851,172
Accumulated amortisation and impairment losses
(38,539)
(616,195)
(59,493)
(714,227)
Net book amount
2,190,147
708,551
238,247
3,136,945
Customer and supplier related intangible assets principally comprise contractual and non-contractual customer and supplier relationships arising from business combinations and are amortised over their estimated useful lives. The weighted average remaining amortisation period for customer related intangibles is 9.0 years (continuing operations: 7.2 years) (2024: 10.5 years). Brand related intangible assets comprise registered trade names and logos which are well established and recognised within the industries in which the Group operates. The weighted average remaining amortisation period for brand related intangibles is 21.2 years (continuing operations: 21.5 years) (2024: 22.2 years). There are no internally generated brand related intangibles recognised on the Group Balance Sheet. In accordance with IAS 38 Intangible Assets, details of individually significant intangible assets and their remaining amortisation periods are as follows:
At 31 March 2025
Customer &
supplier related Remaining Brand related Remaining
intangibles amortisation intangibles amortisation
CGU
Segment
\u00a3\u2019000 period in years \u00a3\u2019000 period in years
Butagaz
DCC Energy
75,581
4.8 years
106,526
29.6 years
Exertis North America
DCC Technology
118,233
6.4 years
1,297
13.4 years
DCC Propane
DCC Energy
66,835
7.6 years
27,354
13.2 years
Energy Solutions Germany
DCC Energy
53,844
11.3 years
37,399
13.6 years
Others
173,759
35,991
488,252
208,567
Discontinued operations
130,822
16,225
Closing net book amount
619,074
224,792
At 31 March 2024
Customer &
supplier related Remaining Brand related Remaining
intangibles amortisation intangibles amortisation
CGU
Segment
\u00a3\u2019000 period in years \u00a3\u2019000 period in years
Butagaz
DCC Energy
84,793
5.9 years
112,814
30.6 years
Almo
DCC Technology
128,301
7.6 years
\u2013
\u2013
DCC Vital
DCC Healthcare
103,651
17.7 years
17,556
18.5 years
DCC Propane
DCC Energy
80,379
8.2 years
30,187
14.1 years
Energy Solutions Germany
DCC Energy
60,206
12.2 years
41,091
14.6 years
DSG Hong Kong & Macau
DCC Energy
57,162
18.8 years
\u2013
\u2013
Others
194,059
36,599
Closing net book amount
708,551
238,247
CASH-GENERATING UNITS Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units (\u2018CGUs\u2019) that are expected to benefit from that business combination. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The CGUs represent the lowest level within the Group at which the associated goodwill is assessed for internal management purposes and are not larger than the operating segments determined in accordance with IFRS 8 Operating Segments. A total of 30 CGUs (2024: 32 CGUs) have been identified and these are analysed between the Group\u2019s operating segments below together with a summary of the allocation of the carrying value of goodwill by segment.
Cash-generating units
Goodwill
2025 2024 2025 2024
number number \u00a3\u2019000 \u00a3\u2019000
DCC Energy
16
17
1,453,844
1,422,918
DCC Technology
7
8
262,840
336,789
23
25
1,716,684
1,759,707
Discontinued operations
7
7
420,800
430,440
30
32
2,137,484
2,190,147
As announced on 12 November 2024, the Group is integrating the operations of DCC Technology\u2019s North American operations in order to drive financial and operational improvements. This process will involve the integration of the Group\u2019s Almo and Jam businesses in North America. Management considered the new management structures, independence of cash flows, how performance will be monitored, shared IT platforms and ongoing synergies. Arising from this review, Management have identified a new CGU \u201cExertis North America\u201d which consolidates the Group\u2019s former Almo and Jam CGUs. The comparative data in the table overleaf has been adjusted accordingly. In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been allocated are as follows:
2025 2024
CGU
Segment
\u00a3\u2019000 \u00a3\u2019000
Certas Energy UK Group
DCC Energy
413,822
377,474
Butagaz
DCC Energy
257,355
236,953
Mobility Continental Europe
DCC Energy
151,120
156,242
Exertis North America
DCC Technology
184,866
183,765
DCC Propane
DCC Energy
126,765
129,396
Others
582,756
675,877
1,716,684
1,759,707
Discontinued operations
420,800
430,440
Closing net book amount
2,137,484
2,190,147
For the purpose of impairment testing, the before-tax discount rates applied to these CGUs to which significant amounts of goodwill have been allocated were 10.8% (2024: 10.4%) for the Certas Energy UK Group, Butagaz, Mobility Continental Europe and DCC Propane, and 12.2% (2024: 11.8%) for Exertis North America. The long-term growth rates assumed for the Certas Energy UK Group was 1.3%, a long-term growth rate of 2.1% was assumed for Exertis North America and DCC Propane and a long-term growth rate of 1.3% was assumed for Mobility Continental Europe. No growth was assumed for Butagaz. The remaining goodwill balance of \u00a3582.756 million is allocated across 18 CGUs (2024: \u00a3675.877 million across 19 CGUs), none of which are individually significant, and the before-tax discount rates applied to these CGUs were in the range 10.8% to 12.2% (2024: 10.4% to 11.8%). IMPAIRMENT TESTING OF GOODWILL Goodwill acquired through business combinations has been allocated to CGUs for the purpose of impairment testing. Impairment of goodwill occurs when the carrying value of a CGU is greater than the present value of the cash that it is expected to generate (i.e. the recoverable amount). The Group reviews the carrying value of each CGU at least annually or more frequently if there is an indication that the CGU may be impaired. The recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for this computation are based on divisional forecasts that have been formally approved by the Board of Directors and specifically excludes future acquisition activity. These cash flow forecasts are consistent with those used for the Group\u2019s going concern and viability assessments. Cash flows are forecasted up to 5 years using the assumptions underlying the divisional forecasts. Cash flow forecasts include consideration of past performance along with reflecting management\u2019s best estimates of future developments in each of the Group\u2019s markets. Net cash flows include consideration of the estimated capital expenditure required to achieve the Group\u2019s 2030 and 2050 emissions commitments. A long-term growth rate reflecting the lower of the extrapolated cash flow projections and the long-term GDP rate for the country of operation is applied to the year five cash flows. The weighted average long-term growth rate used in the impairment testing was 1.4% (2024: 1.4%). The assumptions behind the cash flow projections also take account of the the Group\u2019s assessment of the transitional and physical impacts of climate change on its operations that are described in the Sustainability Review on pages 54 and 55. In relation to transitional risks, the assessment considered the impact of changing societal responses to climate change on our energy activities in a number of scenarios, including one consistent with 1.5\u00b0C warming by 2050. The assessment considered that while there will be evolution in the legal environment, the pace of technological change and the introduction of new forms of energy, which may see a reduction in demand for fossil fuels over the medium to long-term, there is also a significant opportunity available to our energy businesses to support existing and new customers as they reduce their use of fossil fuels over the coming decades. In particular, our energy businesses can add to the range of products and services that we offer while continuing to use the assets that we currently own. In relation to physical risks, such as increased frequency of extreme weather events, the Group\u2019s risk assessment considered the impacts of climate change on certain of the Group\u2019s assets in an adverse scenario consistent with 4.0\u00b0C warming by 2050. This risk assessment considered both the risk of physical damage to assets and the potential disruption to our wider operations that would be caused if sites were inoperable for a certain period because of more frequent adverse weather conditions. The Group concluded that whilst there is a risk in the medium-term to these assets, these risks can be fully mitigated through increased physical mitigation measures and business continuity planning. In addition, the Group maintains insurance cover against physical damage and/or business interruption. The geographical diversity of the Group and potential alternative sources of supply also means that the risk to the Group as a whole is unlikely to be material. Having assessed these scenarios the Group continues to conclude that, while climate change is an existing and evolving risk, it does not warrant any amendments to the assumptions used in the Group\u2019s impairment testing. A present value of the future cash flows is calculated using a before-tax discount rate representing the Group\u2019s estimated before-tax weighted average cost of capital, adjusted to reflect risks associated with each CGU. The range of discount rates applied ranged from 10.8% to 12.2% (2024: 10.4% to 11.8%). Key assumptions include management\u2019s estimates of future profitability, working capital movements and capital expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts and key assumptions are generally determined based on historical performance together with management\u2019s expectation of future trends affecting the industry and other developments and initiatives in the business. Applying these techniques, an impairment charge arose in 2025 of \u00a379.619 million (2024: nil). This impairment charge arose primarily in relation to the Exertis UK business which is part of the Group\u2019s Technology division. While trading in the business has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the longer recovery trajectory and market conditions showing little signs of improving in the UK, the goodwill in this CGU was reduced by \u00a373.835 million as determined by a value in use computation using a pre-tax discount rate of 12.2%. In addition, as detailed in note 2.10 the Group signed an exclusivity agreement in April 2025 for the sale of the Exertis France consumer product business and Exertis Iberia. This disposal is subject to regulatory approvals and is expected to give rise to a non-cash goodwill impairment loss of \u00a35.784 million which has been provided for in the current year. SENSITIVITY ANALYSIS Sensitivity analysis was performed by increasing the discount rate by 1%, reducing the long-term growth rate by 0.3% and decreasing cash flows by 10% which resulted in an excess in the recoverable amount of all CGUs over their
carrying amount under each approach. Management believes that any reasonable change in any of the key
assumptions would not cause the carrying value of goodwill to exceed the recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-586": { "value": "3.3 Intangible Assets and Goodwill The Group Balance Sheet contains significant intangible assets and goodwill. Goodwill, customer and supplier relationships and brands can arise on the acquisition of a business. Goodwill arises when we pay an amount which is higher than the fair value of the net assets acquired (primarily due to expected synergies). This goodwill is not amortised but is subject to annual impairment reviews whereas customer and supplier relationships and brands are amortised over their useful economic lives.
Customer &
supplier related Brand related
Goodwill intangibles intangibles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2025
Opening net book amount
2,190,147
708,551
238,247
3,136,945
Exchange differences
(30,638)
(13,513)
(5,007)
(49,158)
Arising on acquisition (note 5.2)
137,893
85,410
4,400
227,703
Disposal of subsidiary
(54,407)
(56,066)
\u2013
(110,473)
Adjustments to contingent consideration (note 3.16)
(25,892)
\u2013
\u2013
(25,892)
Amortisation charge
\u2013
(105,308)
(12,848)
(118,156)
Impairment charge
(79,619)
\u2013
\u2013
(79,619)
Assets classified as held for sale (note 2.10)
(420,800)
(130,822)
(16,225)
(567,847)
Closing net book amount
1,716,684
488,252
208,567
2,413,503
At 31 March 2025
Cost
1,803,884
1,100,952
277,444
3,182,280
Accumulated amortisation and impairment losses
(87,200)
(612,700)
(68,877)
(768,777)
Net book amount
1,716,684
488,252
208,567
2,413,503
Customer &
supplier related Brand related
Goodwill intangibles intangibles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2024
Opening net book amount
2,029,620
727,365
200,644
2,957,629
Exchange differences
(43,902)
(18,190)
(5,910)
(68,002)
Arising on acquisition (note 5.2)
222,171
102,859
54,105
379,135
Adjustments to contingent consideration (note 3.16)
(17,742)
\u2013
\u2013
(17,742)
Amortisation charge
\u2013
(103,483)
(10,592)
(114,075)
Closing net book amount
2,190,147
708,551
238,247
3,136,945
At 31 March 2024
Cost
2,228,686
1,324,746
297,740
3,851,172
Accumulated amortisation and impairment losses
(38,539)
(616,195)
(59,493)
(714,227)
Net book amount
2,190,147
708,551
238,247
3,136,945
Customer and supplier related intangible assets principally comprise contractual and non-contractual customer and supplier relationships arising from business combinations and are amortised over their estimated useful lives. The weighted average remaining amortisation period for customer related intangibles is 9.0 years (continuing operations: 7.2 years) (2024: 10.5 years). Brand related intangible assets comprise registered trade names and logos which are well established and recognised within the industries in which the Group operates. The weighted average remaining amortisation period for brand related intangibles is 21.2 years (continuing operations: 21.5 years) (2024: 22.2 years). There are no internally generated brand related intangibles recognised on the Group Balance Sheet. In accordance with IAS 38 Intangible Assets, details of individually significant intangible assets and their remaining amortisation periods are as follows:
At 31 March 2025
Customer &
supplier related Remaining Brand related Remaining
intangibles amortisation intangibles amortisation
CGU
Segment
\u00a3\u2019000 period in years \u00a3\u2019000 period in years
Butagaz
DCC Energy
75,581
4.8 years
106,526
29.6 years
Exertis North America
DCC Technology
118,233
6.4 years
1,297
13.4 years
DCC Propane
DCC Energy
66,835
7.6 years
27,354
13.2 years
Energy Solutions Germany
DCC Energy
53,844
11.3 years
37,399
13.6 years
Others
173,759
35,991
488,252
208,567
Discontinued operations
130,822
16,225
Closing net book amount
619,074
224,792
At 31 March 2024
Customer &
supplier related Remaining Brand related Remaining
intangibles amortisation intangibles amortisation
CGU
Segment
\u00a3\u2019000 period in years \u00a3\u2019000 period in years
Butagaz
DCC Energy
84,793
5.9 years
112,814
30.6 years
Almo
DCC Technology
128,301
7.6 years
\u2013
\u2013
DCC Vital
DCC Healthcare
103,651
17.7 years
17,556
18.5 years
DCC Propane
DCC Energy
80,379
8.2 years
30,187
14.1 years
Energy Solutions Germany
DCC Energy
60,206
12.2 years
41,091
14.6 years
DSG Hong Kong & Macau
DCC Energy
57,162
18.8 years
\u2013
\u2013
Others
194,059
36,599
Closing net book amount
708,551
238,247
CASH-GENERATING UNITS Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units (\u2018CGUs\u2019) that are expected to benefit from that business combination. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The CGUs represent the lowest level within the Group at which the associated goodwill is assessed for internal management purposes and are not larger than the operating segments determined in accordance with IFRS 8 Operating Segments. A total of 30 CGUs (2024: 32 CGUs) have been identified and these are analysed between the Group\u2019s operating segments below together with a summary of the allocation of the carrying value of goodwill by segment.
Cash-generating units
Goodwill
2025 2024 2025 2024
number number \u00a3\u2019000 \u00a3\u2019000
DCC Energy
16
17
1,453,844
1,422,918
DCC Technology
7
8
262,840
336,789
23
25
1,716,684
1,759,707
Discontinued operations
7
7
420,800
430,440
30
32
2,137,484
2,190,147
As announced on 12 November 2024, the Group is integrating the operations of DCC Technology\u2019s North American operations in order to drive financial and operational improvements. This process will involve the integration of the Group\u2019s Almo and Jam businesses in North America. Management considered the new management structures, independence of cash flows, how performance will be monitored, shared IT platforms and ongoing synergies. Arising from this review, Management have identified a new CGU \u201cExertis North America\u201d which consolidates the Group\u2019s former Almo and Jam CGUs. The comparative data in the table overleaf has been adjusted accordingly. In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been allocated are as follows:
2025 2024
CGU
Segment
\u00a3\u2019000 \u00a3\u2019000
Certas Energy UK Group
DCC Energy
413,822
377,474
Butagaz
DCC Energy
257,355
236,953
Mobility Continental Europe
DCC Energy
151,120
156,242
Exertis North America
DCC Technology
184,866
183,765
DCC Propane
DCC Energy
126,765
129,396
Others
582,756
675,877
1,716,684
1,759,707
Discontinued operations
420,800
430,440
Closing net book amount
2,137,484
2,190,147
For the purpose of impairment testing, the before-tax discount rates applied to these CGUs to which significant amounts of goodwill have been allocated were 10.8% (2024: 10.4%) for the Certas Energy UK Group, Butagaz, Mobility Continental Europe and DCC Propane, and 12.2% (2024: 11.8%) for Exertis North America. The long-term growth rates assumed for the Certas Energy UK Group was 1.3%, a long-term growth rate of 2.1% was assumed for Exertis North America and DCC Propane and a long-term growth rate of 1.3% was assumed for Mobility Continental Europe. No growth was assumed for Butagaz. The remaining goodwill balance of \u00a3582.756 million is allocated across 18 CGUs (2024: \u00a3675.877 million across 19 CGUs), none of which are individually significant, and the before-tax discount rates applied to these CGUs were in the range 10.8% to 12.2% (2024: 10.4% to 11.8%). IMPAIRMENT TESTING OF GOODWILL Goodwill acquired through business combinations has been allocated to CGUs for the purpose of impairment testing. Impairment of goodwill occurs when the carrying value of a CGU is greater than the present value of the cash that it is expected to generate (i.e. the recoverable amount). The Group reviews the carrying value of each CGU at least annually or more frequently if there is an indication that the CGU may be impaired. The recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for this computation are based on divisional forecasts that have been formally approved by the Board of Directors and specifically excludes future acquisition activity. These cash flow forecasts are consistent with those used for the Group\u2019s going concern and viability assessments. Cash flows are forecasted up to 5 years using the assumptions underlying the divisional forecasts. Cash flow forecasts include consideration of past performance along with reflecting management\u2019s best estimates of future developments in each of the Group\u2019s markets. Net cash flows include consideration of the estimated capital expenditure required to achieve the Group\u2019s 2030 and 2050 emissions commitments. A long-term growth rate reflecting the lower of the extrapolated cash flow projections and the long-term GDP rate for the country of operation is applied to the year five cash flows. The weighted average long-term growth rate used in the impairment testing was 1.4% (2024: 1.4%). The assumptions behind the cash flow projections also take account of the the Group\u2019s assessment of the transitional and physical impacts of climate change on its operations that are described in the Sustainability Review on pages 54 and 55. In relation to transitional risks, the assessment considered the impact of changing societal responses to climate change on our energy activities in a number of scenarios, including one consistent with 1.5\u00b0C warming by 2050. The assessment considered that while there will be evolution in the legal environment, the pace of technological change and the introduction of new forms of energy, which may see a reduction in demand for fossil fuels over the medium to long-term, there is also a significant opportunity available to our energy businesses to support existing and new customers as they reduce their use of fossil fuels over the coming decades. In particular, our energy businesses can add to the range of products and services that we offer while continuing to use the assets that we currently own. In relation to physical risks, such as increased frequency of extreme weather events, the Group\u2019s risk assessment considered the impacts of climate change on certain of the Group\u2019s assets in an adverse scenario consistent with 4.0\u00b0C warming by 2050. This risk assessment considered both the risk of physical damage to assets and the potential disruption to our wider operations that would be caused if sites were inoperable for a certain period because of more frequent adverse weather conditions. The Group concluded that whilst there is a risk in the medium-term to these assets, these risks can be fully mitigated through increased physical mitigation measures and business continuity planning. In addition, the Group maintains insurance cover against physical damage and/or business interruption. The geographical diversity of the Group and potential alternative sources of supply also means that the risk to the Group as a whole is unlikely to be material. Having assessed these scenarios the Group continues to conclude that, while climate change is an existing and evolving risk, it does not warrant any amendments to the assumptions used in the Group\u2019s impairment testing. A present value of the future cash flows is calculated using a before-tax discount rate representing the Group\u2019s estimated before-tax weighted average cost of capital, adjusted to reflect risks associated with each CGU. The range of discount rates applied ranged from 10.8% to 12.2% (2024: 10.4% to 11.8%). Key assumptions include management\u2019s estimates of future profitability, working capital movements and capital expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts and key assumptions are generally determined based on historical performance together with management\u2019s expectation of future trends affecting the industry and other developments and initiatives in the business. Applying these techniques, an impairment charge arose in 2025 of \u00a379.619 million (2024: nil). This impairment charge arose primarily in relation to the Exertis UK business which is part of the Group\u2019s Technology division. While trading in the business has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the longer recovery trajectory and market conditions showing little signs of improving in the UK, the goodwill in this CGU was reduced by \u00a373.835 million as determined by a value in use computation using a pre-tax discount rate of 12.2%. In addition, as detailed in note 2.10 the Group signed an exclusivity agreement in April 2025 for the sale of the Exertis France consumer product business and Exertis Iberia. This disposal is subject to regulatory approvals and is expected to give rise to a non-cash goodwill impairment loss of \u00a35.784 million which has been provided for in the current year. SENSITIVITY ANALYSIS Sensitivity analysis was performed by increasing the discount rate by 1%, reducing the long-term growth rate by 0.3% and decreasing cash flows by 10% which resulted in an excess in the recoverable amount of all CGUs over their
carrying amount under each approach. Management believes that any reasonable change in any of the key
assumptions would not cause the carrying value of goodwill to exceed the recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-527": { "value": "
3.4
Equity Accounted Investments
Equity accounted investments represent the Group\u2019s interests in certain entities where we exercise significant
influence and generally have an equity holding of up to 50%.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
32,825
47,789
Share of profit after tax
3,392
604
Acquisition of equity accounted investments
35,346
5,530
Disposals
\u2013
(18,224)
Dividends received
(857)
(1,261)
Exchange and other
722
(1,613)
At 31 March
71,428
32,825
The acquisition of equity accounted investments in the current year of \u00a335.346 million comprises the non-controlling
interest retained on the disposal of the group\u2019s liquid gas business in Hong Kong & Macau (note 2.6).
Investments in associates at 31 March 2025 include goodwill and intangible assets of \u00a356.919 million (2024:
\u00a318.553 million).
Summarised financial information for the Group\u2019s share of its investment in associates which are accounted for using
the equity method is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
124,288
49,650
Current assets
36,929
21,050
Non-current liabilities
(57,689)
(17,101)
Current liabilities
(32,100)
(20,774)
71,428
32,825
Details of the Group\u2019s principal associates are included in the Group Directory on page 241.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-528": { "value": "
3.5
Inventories
Inventories represent assets that we intend to convert or sell in order to generate revenue in the short-term. The
Group\u2019s inventory consists primarily of finished goods, net of an allowance for obsolescence.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Raw materials
22,712
67,962
Work in progress
14,299
8,683
Finished goods
903,148
995,416
940,159
1,072,061
Write-downs of inventories recognised as an expense within cost of sales amounted to \u00a34.803 million (2024:
\u00a314.670 million) and arose in the normal course of activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-529": { "value": "
3.6
Trade and Other Receivables
Trade and other receivables mainly consist of amounts owed to the Group by customers, net of an allowance for
bad and doubtful debts, together with prepayments and accrued income.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
1,590,328
1,782,513
Allowance for impairment of trade receivables
(107,216)
(86,025)
Prepayments and accrued income
331,837
346,327
Value-added tax recoverable
28,939
28,510
Other debtors
131,556
101,097
1,975,444
2,172,422
Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade receivables is
included in note 5.7. The aged analysis of these balances is as follows:
Trade receivables net
Gross trade receivables of allowance for impairment
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Not overdue
1,245,696
1,440,447
1,226,678
1,422,526
Less than 1 month overdue
194,623
197,862
190,914
190,931
1 \u2013 3 months overdue
81,149
83,696
50,587
69,836
3 \u2013 6 months overdue
20,425
26,004
13,257
11,801
Over 6 months overdue
48,435
34,504
1,676
1,394
1,590,328
1,782,513
1,483,112
1,696,488
The movement in the allowance for impairment of trade receivables during the year is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
86,025
73,110
Allowance for impairment recognised in the year
35,956
25,242
Subsequent recovery of amounts previously provided for
(2,045)
(791)
Amounts written off during the year
(10,617)
(17,363)
Arising on acquisition
2,243
7,311
Disposal of subsidiary
(1,598)
\u2013
Exchange
(1,281)
(1,484)
Provision for impairment of trade receivables attributable to assets held for sale
(1,467)
\u2013
At 31 March
107,216
86,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-530": { "value": "
3.7
Trade and Other Payables
The Group\u2019s trade and other payables mainly consist of amounts we owe to our suppliers that have been either
invoiced or accrued and are due to be settled within 12 months.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
1,715,189
1,953,551
Other creditors and accruals
863,565
935,151
PAYE and National Insurance or equivalent
24,988
24,896
Value-added tax
110,404
101,531
Government grants (note 3.18)
23
36
Interest payable
35,154
21,369
Amounts due in respect of property, plant and equipment
13,858
17,574
2,763,181
3,054,108
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-531": { "value": "
3.8
Movement in Working Capital
Working capital represents the net of inventories, trade and other receivables and trade and other payables. This
note details the overall movement in the year under each of these headings.
Trade Trade
and other and other
Inventories receivables payables Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2025
At 1 April 2024
1,072,061
2,172,422
(3,054,108)
190,375
Translation adjustment
(15,325)
(26,884)
32,996
(9,213)
Arising on acquisition (note 5.2)
29,548
42,973
(42,751)
29,770
Disposal of subsidiary
(2,180)
(12,956)
10,098
(5,038)
Exceptional items, interest accruals, capital accruals
and other
(17,172)
(49,828)
36,565
(30,435)
(Decrease)/increase in working capital (note 5.3)
(15,055)
(17,485)
126,303
93,763
Assets and liabilities classified as held for sale (note 2.10)
(111,718)
(132,798)
127,716
(116,800)
At 31 March 2025
940,159
1,975,444
(2,763,181)
152,422
Year ended 31 March 2024
At 1 April 2023
1,192,803
2,312,269
(3,279,898)
225,174
Translation adjustment
(21,684)
(43,565)
57,932
(7,317)
Arising on acquisition (note 5.2)
23,708
59,945
(61,022)
22,631
Exceptional items, interest accruals, capital accruals
and other
\u2013
855
5,603
6,458
(Decrease)/increase in working capital (note 5.3)
(122,766)
(157,082)
223,277
(56,571)
At 31 March 2024
1,072,061
2,172,422
(3,054,108)
190,375
", "dimensions": { "concept": "dccplc:DisclosureOfMovementInWorkingCapital", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-532": { "value": "
3.9
Cash and Cash Equivalents
The majority of the Group\u2019s cash and cash equivalents are held in current accounts and deposit accounts with
maturities of up to three months.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
632,087
684,991
Short-term deposits
456,088
424,455
1,088,175
1,109,446
Cash at bank earns interest at floating rates based on daily bank deposit rates. The short-term deposits, which
include bank and money market deposits, are for periods up to three months and earn interest at the respective
short-term deposit rates. Cash and cash equivalents include the following for the purposes of the Group Cash
Flow Statement:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash and short-term deposits
1,088,175
1,109,446
Bank overdrafts
(31,084)
(36,600)
Cash and short-term deposits attributable to assets held for sale (note 2.10)
62,338
\u2013
1,119,429
1,072,846
Bank overdrafts are included within current borrowings (note 3.11) in the Group Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-533": { "value": "
3.10
Derivative Financial Instruments
Derivatives are financial instruments that derive their value from the price of underlying items such as interest
rates, foreign exchange rates, commodities or other indices. This note details the derivative financial instruments
used by the Group to hedge certain risk exposures arising from operational, financing and investment activities.
These derivatives are held at fair value.
Contractual Carrying amount
At 31 March 2025
notional amount
Asset
Liability
Derivatives designated as cash flow or fair value hedges:
Cash flow hedges
Cross currency interest rate swaps
256,380
38,337
\u2013
Forward foreign exchange contracts
124,100
620
(439)
Commodity price forward contracts
340,576
10,071
(9,705)
Fair value hedges
Interest rate swaps
307,111
\u2013
(16,869)
49,028
(27,013)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps
461,541
433
(2,825)
Forward foreign exchange contracts
13,730
276
(22)
Commodity price forward contracts
58,166
455
(712)
1,164
(3,559)
50,192
(30,572)
Analysed as:
Non-current asset/(liability)
24,871
(19,224)
Current asset/(liability)
25,321
(11,348)
50,192
(30,572)
Contractual Carrying amount
At 31 March 2024
notional amount
Asset
Liability
Derivatives designated as cash flow or fair value hedges:
Cash Flow Hedges
Cross currency interest rate swaps
188,190
45,377
\u2013
Forward foreign exchange contracts
143,709
980
(372)
Commodity price forward contracts
258,151
9,303
(20,283)
Fair Value Hedges
Interest rate swaps
414,826
\u2013
(26,035)
Cross currency interest rate swaps
146,951
40,683
\u2013
96,343
(46,690)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps
21,859
143
(382)
Forward foreign exchange contracts
11,490
25
(1)
Commodity price forward contracts
43,667
1,313
(1,377)
1,481
(1,760)
97,824
(48,450)
Analysed as:
Non-current asset/(liability)
42,760
(27,536)
Current asset/(liability)
55,064
(20,914)
97,824
(48,450)
The tables below shows the effects of hedge accounting on the statement of comprehensive income:
Hedge ineffectiveness
Change in value used for recognised in
Net carrying amount calculating hedge ineffectiveness Income Statement
Derivatives designated as cash flow included in derivative Hedging
or fair value hedges at March 2025: financial instruments
instrument
Hedged item
Net finance costs
Cash Flow Hedges
Cross currency interest rate swaps
38,337
(6,392)
6,392
\u2013
Forward foreign exchange contracts
181
794
(794)
\u2013
Commodity price forward contracts
366
23,162
(23,162)
\u2013
38,884
17,564
(17,564)
\u2013
Fair Value Hedges
Interest rate swaps
(16,869)
8,877
(9,109)
(232)
Cross currency interest rate swaps
\u2013
(40,679)
40,571
(108)
(16,869)
(31,802)
31,462
(340)
Hedge ineffectiveness
Change in value used for recognised in
Net carrying amount calculating hedge ineffectiveness Income Statement
Derivatives designated as cash flow included in derivative Hedging
or fair value hedges at March 2024: financial instruments
instrument
Hedged item
Net finance costs
Cash Flow Hedges
Cross currency interest rate swaps
45,377
(3,375)
3,375
\u2013
Forward foreign exchange contracts
608
1,854
(1,854)
\u2013
Commodity price forward contracts
(10,980)
(106,554)
106,554
\u2013
35,005
(108,075)
108,075
\u2013
Fair Value Hedges
Interest rate swaps
(26,035)
8,898
(9,378)
(480)
Cross currency interest rate swaps
40,683
(41,561)
41,168
(393)
14,648
(32,663)
31,790
(873)
The effects of fair value hedges on hedged items are as follows:
Financial Hedge
Statement line ineffectiveness
item that includes recognised in
hedged item
Carrying amount
Income Statement
Year ended 31 March 2025
Fair Value Hedges
Interest rate swaps
Borrowings
(290,043)
(232)
Cross currency interest rate swaps
Borrowings
\u2013
(108)
(290,043)
(340)
Year ended 31 March 2024
Fair Value Hedges
Interest rate swaps
Borrowings
(388,354)
(480)
Cross currency interest rate swaps
Borrowings
(187,526)
(393)
575,880
(873)
The full fair value of a hedging derivative is classified as a non-current asset or non-current liability if the remaining
maturity of the hedged item is more than 12 months and as a current asset or current liability if the maturity of the
hedged item is less than 12 months.
INTEREST RATE SWAPS
At 31 March 2025, the fixed interest rates vary from 1.96% to 2.86% and the floating rates are based on sterling SONIA
and EURIBOR.
CROSS CURRENCY INTEREST RATE SWAPS
The Group utilises cross currency interest rate swaps to swap fixed rate US dollar denominated debt into fixed rate
sterling debt and fixed rate euro debt. At 31 March 2025 the fixed US dollar interest rates vary from 4.19% to 4.78% and
the average swapped fixed rates for sterling and euro were 4.47% and 3.74% respectively. These swaps are
designated as cash flow hedges under IAS 39.
The Group utilises a cross currency interest rate swap to swap fixed rate sterling denominated debt into fixed rate
euro debt. At 31 March 2025 the fixed sterling interest rate is 5.60% and the swapped fixed rate for euro Is 4.38%. This
swap is designated as a cash flow hedge under IAS 39.
CURRENCY SWAPS
During the year ended 31 March 2025, the Group entered into currency swaps to manage currency risk related to the
funding of certain acquisitions.
FORWARD FOREIGN EXCHANGE CONTRACTS
Gains and losses recognised in the cash flow hedge reserve in equity (note 4.2) at 31 March 2025 on forward foreign
exchange contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at
various dates up to 12 months after the reporting date.
COMMODITY PRICE FORWARD CONTRACTS
Gains and losses recognised in the cash flow hedge reserve in equity (note 4.2) at 31 March 2025 on forward
commodity contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at
various dates up to 5 years after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-534": { "value": "
3.11
Borrowings and Lease Creditors
The Group utilises long-term debt funding together with committed credit lines with our relationship banks. We
use derivatives to manage risks associated with interest rates and foreign exchange.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current
Unsecured Notes
1,849,217
1,540,570
Bank borrowings
\u2013
34,205
Total borrowings
1,849,217
1,574,775
Lease creditors (note 3.12)
249,726
284,856
Total non-current borrowings and lease creditors
2,098,943
1,859,631
Current
Unsecured Notes
85,741
332,143
Bank borrowings
31,084
36,600
Total borrowings
116,825
368,743
Lease creditors (note 3.12)
64,245
77,527
Total current borrowings and lease creditors
181,070
446,270
Total borrowings and lease creditors
2,280,013
2,305,901
The maturity of non-current borrowings is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Between 1 and 2 years
263,767
147,901
Between 2 and 5 years
780,810
867,730
Over 5 years
1,054,366
844,000
2,098,943
1,859,631
BANK BORROWINGS
Interest on bank borrowings is at floating rates set in advance for periods ranging from overnight to six months by
reference to inter-bank interest rates (EURIBOR, sterling SONIA and US$ SOFR) and consequently fair value
approximates carrying amounts.
The Group has a \u00a3800 million committed revolving credit facility with ten relationship banks: Barclays, BNP Paribas,
Danske Bank, HSBC, ING, J.P. Morgan, National Westminster Bank, Bank of Ireland, Citibank and Toronto Dominion.
The facility matures in March 2029 and \u00a3800 million remained undrawn at 31 March 2025. The Group had various other
uncommitted bank facilities available at 31 March 2025.
UNSECURED NOTES
The Group\u2019s Unsecured Notes which fall due between 2025 and 2034 are comprised of fixed rate debt of
US$111.0 million issued in 2013 and maturing in 2025 (the \u20182025 Notes\u2019), fixed rate debt of US$167.0 million issued in 2014
and maturing in 2026 and 2029 (the \u20182026/29 Notes\u2019), fixed rate debt of \u00a3127.5 million and \u20ac215.0 million issued in
September 2017 and maturing in 2027 and 2029 (the \u20182027/29 Notes\u2019), floating rate debt of \u20ac115.0 million issued in
September 2017 and maturing in 2027 and 2029 (the \u20182027/29 Notes\u2019), fixed rate debt of US$350.0 million and
\u20ac100.0 million issued in April 2019 and maturing in 2026, 2029, 2031 and 2034 (the \u20182026/29/31/34 Notes\u2019), fixed rate
debt of US$563.5 million and \u00a350.0 million issued in December 2022 and maturing in 2028, 2030, and 2032 (the
\u20182028/30/32 Notes\u2019), and floating rate debt of US$100.0 million issued in December 2022 and maturing in 2028 and
2032 (the \u20182028/32 Notes\u2019).
In June 2024 the Group established a Euro Medium Term Note (EMTN) programme and issued its inaugural public
market debt instrument, a fixed rate \u20ac500 million seven-year senior unsecured bond maturing in 2031 (the
\u20182031 Notes\u2019).
Of the 2025 Notes denominated in US dollars, $66.0 million has been swapped (using cross currency interest rate
swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates and $45.0 million has been
swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to
fixed sterling rates.
Of the 2026/29 Notes denominated in US dollars, $87.0 million has been swapped (using cross currency interest rate
swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates, $52.0 million has been
swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to
fixed sterling rates.
The 2027/29 Notes denominated in sterling have been swapped (using interest rate swaps designated as fair value
hedges under IAS 39) to floating sterling rates, repricing half yearly based on sterling SONIA. Of the 2027/29 Notes
denominated in euro, \u20ac215.0 million has been swapped (using interest rate swaps designated as fair value hedges
under IAS 39) to floating euro rates, repricing half yearly based on EURIBOR. The remaining 2027/29 Notes are at
floating euro rates, repricing half yearly based on EURIBOR.
The 2026/29/31/34 Notes and 2028/30/32 Notes have not been swapped.
The 2028/32 Notes are at floating US rates, repricing quarterly based on SOFR.
The maturity and interest profile of the Unsecured Notes is as follows:
2025
2024
Average maturity
4.8 years
4.5 years
Average fixed interest rates*:
\u2013 US$ denominated
5.29%
5.16%
\u2013 sterling denominated
3.87%
4.04%
\u2013 euro denominated
3.49%
2.26%
Average floating rate including swaps:
\u2013 US$ denominated
6.66%
7.66%
\u2013 sterling denominated
6.64%
7.16%
\u2013 euro denominated
3.60%
5.27%
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3.13
Analysis of Net Debt
Net debt is a key metric of the Group and represents cash and cash equivalents less borrowings, derivative
financial instruments and lease creditors.
RECONCILIATION OF OPENING TO CLOSING NET DEBT
The reconciliation of opening to closing net debt for the year ended 31 March 2025 is as follows:
Fair value adjustment
At 1 April Cash/debt Income Cash Flow Translation At 31 March
2024 movements Statement Hedge Reserve adjustment 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash and short-term deposits
1,109,446
57,745
\u2013
\u2013
(16,678)
1,150,513
Overdrafts
(36,600)
5,252
\u2013
\u2013
264
(31,084)
1,072,846
62,997
\u2013
\u2013
(16,414)
1,119,429
Bank loans and loan notes
(34,205)
33,181
\u2013
\u2013
1,024
\u2013
Unsecured Notes
(1,872,713)
(93,391)
(10,913)
\u2013
42,059
(1,934,958)
Derivative financial instruments
49,374
(52,045)
10,573
14,932
(3,214)
19,620
Group net debt (excl. lease creditors)
(784,698)
(49,258)
(340)
14,932
23,455
(795,909)
Lease creditors
(362,383)
1,816
\u2013
\u2013
4,423
(356,144)
Group net debt (incl. cash attributable
to assets classified as held for sale)
(1,147,081)
(47,442)
(340)
14,932
27,878
(1,152,053)
Group net debt (excl. cash attributable
to assets classified as held for sale)
(1,156,908)
(57,454)
(340)
14,932
27,552
(1,172,218)
The reconciliation of opening to closing net debt for the year ended 31 March 2024 is as follows:
Fair value adjustment
At 1 April Cash/debt Income Cash Flow Translation At 31 March
2023 movements Statement Hedge Reserve adjustment 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash and short-term deposits
1,421,749
(289,684)
\u2013
\u2013
(22,619)
1,109,446
Overdrafts
(50,543)
13,665
\u2013
\u2013
278
(36,600)
1,371,206
(276,019)
\u2013
\u2013
(22,341)
1,072,846
Bank loans and loan notes
(35,168)
\u2013
\u2013
\u2013
963
(34,205)
Unsecured Notes
(2,168,904)
270,836
(12,899)
\u2013
38,254
(1,872,713)
Derivative financial instruments (net)
65,531
(67,474)
12,026
39,594
(303)
49,374
Group net debt (excl. lease creditors)
(767,335)
(72,657)
(873)
39,594
16,573
(784,698)
Lease creditors
(346,546)
(22,625)
\u2013
\u2013
6,788
(362,383)
Group net debt (incl. lease creditors)
(1,113,881)
(95,282)
(873)
39,594
23,361
(1,147,081)
CURRENCY PROFILE
The currency profile of net debt (excluding cash/debt attributable to assets held for sale) is as follows:
Cash and cash Borrowings and
equivalents lease creditors* Derivatives Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2025
Euro
485,288
(904,327)
11,646
(407,393)
Sterling
177,921
(301,217)
7,420
(115,876)
US dollar
196,847
(1,030,962)
403
(833,712)
Danish krone
85,951
(14,848)
121
71,224
Swedish krona
83,576
(8,633)
\u2013
74,943
Norwegian krone
47,630
(16,417)
3
31,216
Other
10,962
(3,609)
27
7,380
At 31 March 2025
1,088,175
(2,280,013)
19,620
(1,172,218)
At 31 March 2024
Euro
363,766
(894,903)
35,293
(495,844)
Sterling
315,144
(514,518)
14,544
(184,830)
US dollar
214,513
(841,177)
698
(625,966)
Danish krone
64,979
(15,217)
(1,164)
48,598
Swedish krona
78,724
(11,558)
\u2013
67,166
Norwegian krone
43,878
(16,860)
(8)
27,010
Hong Kong dollar
12,734
(4,925)
\u2013
7,809
Other
15,708
(6,743)
11
8,976
At 31 March 2024
1,109,446
(2,305,901)
49,374
(1,147,081)
* Euro, sterling and US dollar borrowings reflect the cross currency interest rate swaps referred to in note 3.10.
INTEREST RATE PROFILE
Cash and cash equivalents at 31 March 2025 and 31 March 2024 have maturity periods up to three months (note 3.9).
Bank borrowings are at floating interest rates for periods up to six months while the Group\u2019s Unsecured Notes due
2025 to 2034 comprises debt swapped to a combination of fixed rates and floating rates which reset on a quarterly
and semi-annual basis, and debt at fixed rates which has not been swapped.
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3.14
Deferred Income Tax
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future as a result of
differences in the accounting and tax bases of assets and liabilities.
The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by
the Group for the year ended 31 March 2025:
Short-term
Property, Retirement Derivative temporary
plant and Intangible Tax losses benefit financial differences
equipment assets and credits obligations instruments and other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2024
47,900
217,306
(12,318)
(233)
(4,497)
(43,199)
204,959
Consolidated Income Statement
3,056
(27,368)
(1,557)
248
(71)
(14,523)
(40,215)
Recognised in Other Comprehensive
Income
\u2013
\u2013
\u2013
(28)
5,140
\u2013
5,112
Arising on acquisition (note 5.2)
107
22,796
(366)
\u2013
\u2013
361
22,898
Disposal of subsidiary
(1,683)
(9,251)
\u2013
\u2013
\u2013
\u2013
(10,934)
Exchange differences and other
Deferred tax attributable to assets
33
(4,306)
278
20
\u2013
730
(3,245)
held for sale (note 2.10)
(4,503)
(37,792)
11
(364)
\u2013
576
(42,072)
At 31 March 2025
44,910
161,385
(13,952)
(357)
572
(56,055)
136,503
Analysed as:
Deferred tax asset
(4,301)
(132)
(14,091)
(2,935)
\u2013
(65,987)
(87,446)
Deferred tax liability
49,211
161,517
139
2,578
572
9,932
223,949
44,910
161,385
(13,952)
(357)
572
(56,055)
136,503
The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by
the Group for the year ended 31 March 2024:
Short-term
Property, Retirement Derivative temporary
plant and Intangible Tax losses benefit financial differences
equipment assets and credits obligations instruments and other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2023
36,980
205,972
(11,760)
1,651
(11,269)
(27,004)
194,570
Consolidated Income Statement
11,188
(23,808)
(1,012)
(388)
(165)
(15,958)
(30,143)
Recognised in Other Comprehensive
Income
\u2013
\u2013
\u2013
117
6,937
\u2013
7,054
Arising on acquisition (note 5.2)
9
40,724
149
(1,621)
\u2013
(702)
38,559
Exchange differences and other
(277)
(5,582)
305
8
\u2013
465
(5,081)
At 31 March 2024
47,900
217,306
(12,318)
(233)
(4,497)
(43,199)
204,959
Analysed as:
Deferred tax asset
(5,415)
(206)
(12,523)
(3,360)
(4,497)
(55,257)
(81,258)
Deferred tax liability
53,315
217,512
205
3,127
\u2013
12,058
286,217
47,900
217,306
(12,318)
(233)
(4,497)
(43,199)
204,959
Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised.
In particular, significant judgement is used when assessing the extent to which deferred tax assets should be
recognised, with consideration given to the timing and level of future taxable income in the relevant jurisdiction. The
majority of the deferred tax asset at 31 March 2025 of \u00a387.446 million is expected to be settled/recovered more than
12 months after the reporting date. The Group has not recognised a deferred tax asset in respect of unutilised interest
deductions of \u00a3443.0 million as at 31 March 2025.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred income
tax has not been recognised for withholding and other taxes that may be payable on the unremitted earnings of
certain subsidiaries and equity accounted investments as the timing of the reversal of these temporary differences is
controlled by the Group and it is probable that these temporary differences will not reverse in the foreseeable future.
The deferred tax assets and liabilities related to leases are offset on an individual entity basis and presented net in
the statement of financial position. The Group has a deferred tax asset of \u00a385.8 million and a deferred tax liability of
\u00a381.3 million in respect of lease liabilities and right-of-use assets at 31 March 2025.
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3.15
Post-Employment Benefit Obligations
The Group operates a number of defined benefit and defined contribution pension schemes for our employees.
All of the Group\u2019s defined benefit pension schemes are closed to new members.
The Group operates defined benefit and defined contribution schemes. The pension scheme assets are held in
separate trustee administered funds.
The Group operates five defined benefit pension schemes in the Republic of Ireland (\u2018ROI\u2019), three in the UK and six in
Germany. The projected unit credit method has been employed in determining the present value of the defined
benefit obligation arising, the related current service cost and, where applicable, past service cost.
Full actuarial valuations were carried out between 31 August 2021 and 1 April 2024. In general, actuarial valuations are
not available for public inspection, although the results of valuations are advised to the members of the various
pension schemes. Actuarial valuations have been updated to 31 March 2025 for IAS 19 by a qualified actuary.
The schemes expose the Group to a number of risks, the most significant of which are as follows:
DISCOUNT RATES
The calculation of the present value of the defined benefit obligation is sensitive to changes in the discount rate. The
discount rate is based on the interest yield at the reporting date on high-quality corporate bonds of a currency and
term consistent with the currency and term of the post-employment benefit obligation. Changes in the discount rate
can lead to volatility in the Group\u2019s Balance Sheet, Income Statement and Statement of Comprehensive Income.
ASSET VOLATILITY
The scheme assets are reported at fair value using bid prices where relevant. The majority of the Group\u2019s scheme
assets comprise of bonds. A decrease in corporate bond yields will increase the value of the Group\u2019s bond holdings
although this will be partially offset by an increase in the value of the scheme\u2019s liabilities. The Group also holds a
significant proportion of equities which are expected to outperform corporate bonds in the long-term while providing
some volatility and risk in the short-term. External consultants periodically conduct investment reviews to determine
the most appropriate asset allocation, taking account of asset valuations, funding requirements, liability duration
and the achievement of appropriate returns.
INFLATION RISK
The majority of the Group\u2019s defined benefit obligations are linked to inflation and higher inflation will lead to higher
scheme liabilities although caps are in place to protect the schemes against extreme inflation.
MORTALITY RISK
The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of
plan participants. An increase in the life expectancy of the plan participants will increase the defined
benefit obligation.
The principal actuarial assumptions used were as follows:
2025
2024
Republic of Ireland schemes
Rate of increase in salaries
n/a*
n/a*
Rate of increase in pensions in payment
1.25% \u2013 2.50%
1.25% \u2013 2.50%
Discount rate
3.90%
3.60%
Inflation assumption
2.10%
2.30%
UK schemes
Rate of increase in salaries
0.00% \u2013 3.15%
0.00% \u2013 3.25%
Rate of increase in pensions in payment
2.95% \u2013 4.00%
3.25% \u2013 4.00%
Discount rate
5.85%
4.90%
Inflation assumption
3.15%
3.25%
German schemes
Rate of increase in salaries
3.10%
3.30%
Rate of increase in pensions in payment
2.10%
2.30%
Discount rate
3.80%
3.60%
Inflation assumption
2.10%
2.30%
* There is no future service accrual for the Irish schemes.
The post-retirement mortality assumptions employed in determining the present value of scheme liabilities under IAS
19 are set based on advice from published statistics and experience in the relevant geographic regions and are in
accordance with the underlying funding valuations.
The mortality assumptions disclosed for \u2018current retirees\u2019 relate to assumptions based on longevity, in years, following
retirement at the balance sheet date, with \u2018future retirees\u2019 being that relating to an employee retiring in 25 years\u2019 time.
The mortality assumptions are as follows:
2025 2024
Years Years
Current retirees
Male
22.0
22.0
Female
24.9
24.9
Future retirees
Male
24.6
24.6
Female
27.3
27.3
The Group does not operate any post-employment medical benefit schemes.
The net pension liability recognised in the Balance Sheet is analysed as follows:
2025
ROI UK Germany Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Equities
6,570
1,002
\u2013
7,572
Bonds
32,721
12,119
\u2013
44,840
Property
19
\u2013
\u2013
19
Cash
1,994
1,897
1,030
4,921
Total fair value at 31 March 2025
41,304
15,018
1,030
57,352
Present value of scheme liabilities
(27,976)
(9,467)
(25,793)
(63,236)
Net pension asset/(liability) at 31 March 2025
13,328
5,551
(24,763)
(5,884)
2024
ROI UK Germany Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Equities
9,481
1,034
\u2013
10,515
Bonds
34,080
11,971
\u2013
46,051
Property
22
\u2013
\u2013
22
Cash
1,571
3,288
981
5,840
Total fair value at 31 March 2024
45,154
16,293
981
62,428
Present value of scheme liabilities
(30,929)
(10,743)
(27,313)
(68,985)
Net pension asset/(liability) at 31 March 2024
14,225
5,550
(26,332)
(6,557)
The amounts recognised in the Group Income Statement in respect of defined benefit pension schemes are
as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current service cost
(229)
(492)
Administration expenses
(181)
(197)
Total, included in employee benefit expense (note 2.4)
(410)
(689)
Interest cost on scheme liabilities
(2,555)
(2,362)
Interest income on scheme assets
2,387
2,734
Net interest (expense)/income, included in net finance (costs)/income
(168)
372
Based on the assumptions employed for the valuation of assets and liabilities at 31 March 2025, the net charge in the
Group Income Statement in the year ending 31 March 2026 is expected to be broadly in line with the current
year figures.
Remeasurements recognised in Other Comprehensive Income are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Return on scheme assets excluding interest income
(4,147)
(1,078)
Experience variations
(142)
2,313
Actuarial gain from changes in demographic assumptions
\u2013
652
Actuarial gain/(loss) from changes in financial assumptions
3,957
(1,863)
Total, included in Other Comprehensive Income
(332)
24
Cumulatively since transition to IFRS on 1 April 2004, \u00a346.358 million has been recognised as a charge in the Group
Statement of Comprehensive Income.
The movement in the fair value of plan assets is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
62,428
65,569
Interest income on scheme assets
2,387
2,734
Remeasurements:
\u2013 return on scheme assets excluding interest income
(4,147)
(1,078)
Contributions by employers
1,303
615
Contributions by members
33
35
Administration expenses
(181)
(197)
Benefit and settlement payments
(3,431)
(3,932)
Exchange
(1,040)
(1,318)
At 31 March
57,352
62,428
The actual return on plan assets was a loss of \u00a31.760 million (2024: gain of \u00a31.656 million).
The movement in the present value of defined benefit obligations is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
68,985
53,848
Current service cost
229
492
Interest cost
2,555
2,362
Remeasurements:
\u2013 experience variations
142
(2,313)
\u2013 actuarial gain from changes in demographic assumptions
\u2013
(652)
\u2013 actuarial (gain)/loss from changes in financial assumptions
(3,957)
1,863
Contributions by members
33
35
Benefit and settlement payments
(3,431)
(3,932)
Arising on acquisition (note 5.2)
\u2013
18,647
Exchange
(1,320)
(1,365)
At 31 March
63,236
68,985
The weighted average duration of the defined benefit obligation at 31 March 2025 was 12.6 years (2024: 13.3 years).
Employer contributions for the forthcoming financial year are estimated at \u00a31.9 million. The difference between the
actual employer contributions paid in the current year of \u00a31.3 million and the expectation of \u00a32.1 million included in the
2024 Annual Report was primarily due to the timing of contributions and settlements in certain of the Group\u2019s pension
schemes which could not have been anticipated at the time of preparation of the 2024 financial statements.
SENSITIVITY ANALYSIS FOR PRINCIPAL ASSUMPTIONS USED TO MEASURE SCHEME LIABILITIES
There are inherent uncertainties surrounding the financial assumptions adopted in calculating the actuarial valuation
of the Group\u2019s defined benefit pension schemes. The following table analyses, for the Group\u2019s Irish, UK and German
pension schemes, the estimated impact on plan liabilities resulting from changes to key actuarial assumptions, whilst
holding all other assumptions constant.
Impact on German plan
Assumption
Change in assumption
Impact on Irish plan liabilities
Impact on UK plan liabilities
liabilities
Discount rate
Increase/decrease by 0.25%
Decrease/increase by 3.4%
Decrease/increase by 3.7%
Decrease/increase by 2.7%
Price inflation
Increase/decrease by 0.25%
Increase/decrease by 1.6%
Increase/decrease by 3.1%
Increase/decrease by 2.3%
Mortality
Increase/decrease by 1 year
Increase/decrease by 3.2%
Increase/decrease by 3.0%
Increase/decrease by 4.5%
SPLIT OF SCHEME ASSETS
Republic of Ireland
UK
Germany
Total
2025 2024 2025 2024 2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Investments quoted in active markets:
Equity instruments:
\u2013 developed markets
6,542
9,299
1,002
1,034
\u2013
\u2013
7,544
10,333
\u2013 emerging markets
28
182
\u2013
\u2013
\u2013
\u2013
28
182
Debt instruments:
\u2013 non government debt instruments
4,105
4,804
2,848
2,387
\u2013
\u2013
6,953
7,191
\u2013 government debt instruments
28,616
29,276
9,271
9,584
\u2013
\u2013
37,887
38,860
Cash and cash equivalents
1,994
1,571
1,897
3,288
1,030
981
4,921
5,840
Unquoted investments:
Property
19
22
\u2013
\u2013
\u2013
\u2013
19
22
41,304
45,154
15,018
16,293
1,030
981
57,352
62,428
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-538": { "value": "
3.16
Acquisition Related Liabilities
Acquisition related liabilities arising on business combinations comprise debt like items and contingent
consideration. Contingent consideration arises when a portion of the purchase price is deferred into the future
and represents the fair value of the estimate of amounts payable to acquire the remaining shareholding.
The Group\u2019s acquisition related liabilities of \u00a394.458 million (2024: \u00a3141.777 million) as stated on the Balance Sheet are
payable as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Within one year
10,911
69,768
Between one and two years
38,056
48,847
Between two and five years
45,491
23,162
94,458
141,777
Analysed as:
Non-current liabilities
83,547
72,009
Current liabilities
10,911
69,768
94,458
141,777
The currency profile of the Group\u2019s acquisition related liabilities, which are stated at fair value, is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Euro
53,848
57,222
Sterling
34,004
66,229
US dollar
6,418
11,551
Hong Kong dollar
\u2013
6,413
Other
188
362
94,458
141,777
The movement in the Group\u2019s acquisition related liabilities is as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
141,777
127,393
Arising on acquisition (note 5.2)
68,196
82,809
Unwinding of discount applicable to acquisition related liabilities (note 2.7)
2,145
5,383
Adjustments to contingent consideration (adjustment to goodwill) (note 3.3)
(25,892)
(17,742)
Adjustments to contingent consideration (recognised in the Income Statement)
(note 2.6)
(5,079)
(3,180)
Paid during the year
(75,170)
(50,334)
Exchange and other
(1,655)
(2,552)
Acquisition related liabilities attributable to assets held for sale (note 2.10)
(9,864)
\u2013
At 31 March
94,458
141,777
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-539": { "value": "
3.17
Provisions for Liabilities
A provision is recorded when an obligation exists, resulting from a past event and it is probable that cash will be
paid to settle it but there is uncertainty over either the amount or timing of the outflow. The main provisions held
by the Group are in relation to reorganisation programmes, environmental obligations, cylinder and tank deposits
and insurance liabilities.
The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2025 is as follows:
Rationalisation,
restructuring Environmental Cylinder and Insurance
and redundancy and remediation tank deposits and other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2024
25,693
90,176
200,913
56,596
373,378
Provided during the year
34,396
5,401
8,095
14,414
62,306
Unwinding of discount applicable to
provisions for liabilities (note 2.7)
\u2013
428
355
\u2013
783
Utilised during the year
(16,117)
(686)
(8,800)
(7,877)
(33,480)
Unutilised/reversed during the year
(11)
(7,007)
(1,176)
(2,492)
(10,686)
Arising on acquisition (note 5.2)
\u2013
\u2013
\u2013
1,274
1,274
Disposal of subsidiary
\u2013
(1,950)
(6,761)
(82)
(8,793)
Exchange and other
Provisions for liabilities attributable to assets
(2,123)
(2,385)
(4,489)
(923)
(9,920)
held for sale (note 2.10)
(20,143)
(2,066)
\u2013
(596)
(22,805)
At 31 March 2025
21,695
81,911
188,137
60,314
352,057
Analysed as:
Non-current liabilities
11,988
76,746
167,225
27,438
283,397
Current liabilities
9,707
5,165
20,912
32,876
68,660
21,695
81,911
188,137
60,314
352,057
The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2024 is as follows:
Rationalisation,
restructuring Environmental Cylinder and Insurance
and redundancy and remediation tank deposits and other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2023
28,516
88,795
182,517
53,588
353,416
Provided during the year
2,571
3,826
13,214
9,333
28,944
Unwinding of discount applicable to
provisions for liabilities (note 2.7)
\u2013
235
727
\u2013
962
Utilised during the year
(4,507)
(670)
(4,007)
(2,916)
(12,100)
Unutilised/reversed during the year
(280)
(403)
(3,459)
(4,182)
(8,324)
Arising on acquisition (note 5.2)
\u2013
460
17,137
2,567
20,164
Exchange and other
(607)
(2,067)
(5,216)
(1,794)
(9,684)
At 31 March 2024
25,693
90,176
200,913
56,596
373,378
Analysed as:
Non-current liabilities
12,724
82,371
181,722
29,550
306,367
Current liabilities
12,969
7,805
19,191
27,046
67,011
25,693
90,176
200,913
56,596
373,378
RATIONALISATION, RESTRUCTURING AND REDUNDANCY This provision relates to various rationalisation and restructuring programmes across the Group. The Group expects that the majority of this provision will be utilised within two years. ENVIRONMENTAL AND REMEDIATION This provision relates to obligations governing site remediation and improvement costs to be incurred in compliance with environmental regulations together with the costs associated with removing liquid gas tanks from customer sites. The net present value of the estimated costs is capitalised as property, plant and equipment. The unwinding of the discount element on the provision is reflected in the Income Statement. Ongoing costs incurred during the operating life of the sites are written off directly to the Income Statement and are not charged to the provision. The majority of the obligations will unwind over a 30-year timeframe but the exact timing of settlement of these provisions is not certain. CYLINDER AND TANK DEPOSITS This provision relates to DCC Energy\u2019s operations where an obligation arises from the receipt of deposit fees paid by customers for liquid gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This deposit will subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank together with the original deposit receipt. Cylinder and tank deposits acquired through business combinations are measured initially at their fair value at the acquisition date (i.e. net present value) and the unwinding of the discount element is reflected in the Income Statement. The majority of this obligation will unwind over a 25-year timeframe but the exact timing of settlement of this provision is not certain. INSURANCE AND OTHER The Group operates a level of self-insurance for motor liability and public and products liability. Under these arrangements the Group retains certain insurance exposure up to pre-determined self-insurance thresholds. This provision reflects an estimation of claims that are classified as incurred but not reported and also the outstanding loss reserve. A significant element of the provision is subject to external assessments. The utilisation of the provision is dependent on the timing of settlement of the outstanding claims. Historically, the average time for settlement of outstanding claims ranges from one to three years from the date of the claim.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-587": { "value": "3.17 Provisions for Liabilities A provision is recorded when an obligation exists, resulting from a past event and it is probable that cash will be paid to settle it but there is uncertainty over either the amount or timing of the outflow. The main provisions held by the Group are in relation to reorganisation programmes, environmental obligations, cylinder and tank deposits and insurance liabilities. The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2025 is as follows:
Rationalisation,
restructuring Environmental Cylinder and Insurance
and redundancy and remediation tank deposits and other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2024
25,693
90,176
200,913
56,596
373,378
Provided during the year
34,396
5,401
8,095
14,414
62,306
Unwinding of discount applicable to
provisions for liabilities (note 2.7)
\u2013
428
355
\u2013
783
Utilised during the year
(16,117)
(686)
(8,800)
(7,877)
(33,480)
Unutilised/reversed during the year
(11)
(7,007)
(1,176)
(2,492)
(10,686)
Arising on acquisition (note 5.2)
\u2013
\u2013
\u2013
1,274
1,274
Disposal of subsidiary
\u2013
(1,950)
(6,761)
(82)
(8,793)
Exchange and other
Provisions for liabilities attributable to assets
(2,123)
(2,385)
(4,489)
(923)
(9,920)
held for sale (note 2.10)
(20,143)
(2,066)
\u2013
(596)
(22,805)
At 31 March 2025
21,695
81,911
188,137
60,314
352,057
Analysed as:
Non-current liabilities
11,988
76,746
167,225
27,438
283,397
Current liabilities
9,707
5,165
20,912
32,876
68,660
21,695
81,911
188,137
60,314
352,057
The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2024 is as follows:
Rationalisation,
restructuring Environmental Cylinder and Insurance
and redundancy and remediation tank deposits and other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2023
28,516
88,795
182,517
53,588
353,416
Provided during the year
2,571
3,826
13,214
9,333
28,944
Unwinding of discount applicable to
provisions for liabilities (note 2.7)
\u2013
235
727
\u2013
962
Utilised during the year
(4,507)
(670)
(4,007)
(2,916)
(12,100)
Unutilised/reversed during the year
(280)
(403)
(3,459)
(4,182)
(8,324)
Arising on acquisition (note 5.2)
\u2013
460
17,137
2,567
20,164
Exchange and other
(607)
(2,067)
(5,216)
(1,794)
(9,684)
At 31 March 2024
25,693
90,176
200,913
56,596
373,378
Analysed as:
Non-current liabilities
12,724
82,371
181,722
29,550
306,367
Current liabilities
12,969
7,805
19,191
27,046
67,011
25,693
90,176
200,913
56,596
373,378
RATIONALISATION, RESTRUCTURING AND REDUNDANCY
This provision relates to various rationalisation and restructuring programmes across the Group. The Group expects
that the majority of this provision will be utilised within two years.
ENVIRONMENTAL AND REMEDIATION
This provision relates to obligations governing site remediation and improvement costs to be incurred in compliance
with environmental regulations together with the costs associated with removing liquid gas tanks from customer sites.
The net present value of the estimated costs is capitalised as property, plant and equipment. The unwinding of the
discount element on the provision is reflected in the Income Statement. Ongoing costs incurred during the operating
life of the sites are written off directly to the Income Statement and are not charged to the provision. The majority of
the obligations will unwind over a 30-year timeframe but the exact timing of settlement of these provisions is
not certain.
CYLINDER AND TANK DEPOSITS
This provision relates to DCC Energy\u2019s operations where an obligation arises from the receipt of deposit fees paid by
customers for liquid gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the
deposit received. This deposit will subsequently be refunded at an amount equal to the original deposit on return of
the cylinder or tank together with the original deposit receipt. Cylinder and tank deposits acquired through business
combinations are measured initially at their fair value at the acquisition date (i.e. net present value) and the
unwinding of the discount element is reflected in the Income Statement. The majority of this obligation will unwind
over a 25-year timeframe but the exact timing of settlement of this provision is not certain.
INSURANCE AND OTHER
The Group operates a level of self-insurance for motor liability and public and products liability. Under these
arrangements the Group retains certain insurance exposure up to pre-determined self-insurance thresholds. This
provision reflects an estimation of claims that are classified as incurred but not reported and also the outstanding
loss reserve. A significant element of the provision is subject to external assessments. The utilisation of the provision
is dependent on the timing of settlement of the outstanding claims. Historically, the average time for settlement of
outstanding claims ranges from one to three years from the date of the claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-540": { "value": "
3.18
Government Grants
Government grants relate to capital grants received by the Group and are amortised to the Income Statement
over the estimated useful lives of the related capital assets.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
2,740
477
Government grants received in year
340
2,669
Arising on acquisition (note 5.2)
1
\u2013
Amortisation in year
(323)
(376)
Exchange
(39)
(30)
Government grants attributable to assets held for sale (note 2.10)
(183)
\u2013
At 31 March
2,536
2,740
Analysed as:
Non-current liabilities
2,513
2,704
Current liabilities (note 3.7)
23
36
2,536
2,740
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-541": { "value": "
4.1
Share Capital and Share Premium
The ordinary shareholders of DCC plc own the Company. This note details how the total number of ordinary shares
in issue has changed during the year and how many of these ordinary shares are held as treasury shares.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Authorised
152,368,568 ordinary shares of \u20ac0.25 each
25,365
25,365
Issued
Number of Share capital Share premium Total
Year ended 31 March 2025 shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2024 (including 2,481,405 ordinary shares held
as treasury shares)
101,333,904
17,422
883,890
901,312
Premium arising on re-issue of treasury shares
\u2013
\u2013
19
19
At 31 March 2025 (including 2,367,725 ordinary shares held
as treasury shares)
101,333,904
17,422
883,909
901,331
Number of Share capital Share premium Total
Year ended 31 March 2024 shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2023 (including 2,586,698 ordinary shares held
as treasury shares)
101,333,904
17,422
883,669
901,091
Premium arising on re-issue of treasury shares
\u2013
\u2013
221
221
At 31 March 2024 (including 2,481,405 ordinary shares held
as treasury shares)
101,333,904
17,422
883,890
901,312
As at 31 March 2025, the total authorised number of ordinary shares is 152,368,568 shares (2024: 152,368,568 shares)
with a par value of \u20ac0.25 per share (2024: \u20ac0.25 per share). Share premium relates to the share premium arising on the
issue of shares.
During the year the Company re-issued 113,680 treasury shares for a consideration of \u00a30.019 million.
All shares, with the exception of ordinary shares held as treasury shares, whether fully or partly paid, carry equal
voting rights and rank for dividends to the extent to which the total amount payable on each share is paid up.
Details of share options and awards granted under the Company\u2019s share option and award schemes and the terms
attaching thereto are provided in note 2.5 to the financial statements and in the Remuneration Report on pages 118
to 142.
RESTRICTION ON TRANSFER OF SHARES
The Directors may, at their absolute discretion and without giving any reason, refuse to register the transfer of a share,
or any renunciation of any allotment made in respect of a share, which is not fully paid, or any transfer of a share to a
minor or a person of unsound mind.
The Directors may also refuse to register any transfer (whether or not it is in respect of a fully paid share) unless (i) it is
lodged at the Company\u2019s Registered Office or at such other place as the Directors may appoint and is accompanied
by the certificate (if any) for the shares to which it relates and such other evidence as the Directors may reasonably
require to show the right of the transferor to make the transfer (ii) it is in respect of only one class of shares and (iii) it is
in favour of not more than four transferees.
RESTRICTION OF VOTING RIGHTS
If at any time the Directors determine that a \u2018Specified Event\u2019 as defined in the Articles of Association of DCC plc has
occurred in relation to any share or shares, the Directors may serve a notice to such effect on the holder or holders
thereof. Upon the expiry of 14 days from the service of any such notice, for so long as such notice shall remain in force,
no holder or holders of the share or shares specified in such notice shall be entitled to attend, speak or vote either
personally, by representative or by proxy at any general meeting of the Company or at any separate general meeting
of the holders of the class of shares concerned or to exercise any other right conferred by membership in relation to
any such meeting. The Directors shall, where the specified shares represent not less than 0.25% of the class of shares
concerned, be entitled to withhold payment of any dividend or other amount payable (including shares issuable in
lieu of dividends) in respect of the shares specified in such notice and/or, in certain circumstances, to refuse to register
any transfer of the specified shares or any renunciation of any allotment of new shares or debentures made in respect
thereof unless such transfer or renunciation is shown to the satisfaction of the Directors to be an arm\u2019s length transfer
or a renunciation to another beneficial owner unconnected with the holder or any person appearing to have an
interest in the specified shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-588": { "value": "4.1 Share Capital and Share Premium The ordinary shareholders of DCC plc own the Company. This note details how the total number of ordinary shares in issue has changed during the year and how many of these ordinary shares are held as treasury shares.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Authorised
152,368,568 ordinary shares of \u20ac0.25 each
25,365
25,365
Issued
Number of Share capital Share premium Total
Year ended 31 March 2025 shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2024 (including 2,481,405 ordinary shares held
as treasury shares)
101,333,904
17,422
883,890
901,312
Premium arising on re-issue of treasury shares
\u2013
\u2013
19
19
At 31 March 2025 (including 2,367,725 ordinary shares held
as treasury shares)
101,333,904
17,422
883,909
901,331
Number of Share capital Share premium Total
Year ended 31 March 2024 shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2023 (including 2,586,698 ordinary shares held
as treasury shares)
101,333,904
17,422
883,669
901,091
Premium arising on re-issue of treasury shares
\u2013
\u2013
221
221
At 31 March 2024 (including 2,481,405 ordinary shares held
as treasury shares)
101,333,904
17,422
883,890
901,312
As at 31 March 2025, the total authorised number of ordinary shares is 152,368,568 shares (2024: 152,368,568 shares) with a par value of \u20ac0.25 per share (2024: \u20ac0.25 per share). Share premium relates to the share premium arising on the issue of shares. During the year the Company re-issued 113,680 treasury shares for a consideration of \u00a30.019 million. All shares, with the exception of ordinary shares held as treasury shares, whether fully or partly paid, carry equal voting rights and rank for dividends to the extent to which the total amount payable on each share is paid up. Details of share options and awards granted under the Company\u2019s share option and award schemes and the terms attaching thereto are provided in note 2.5 to the financial statements and in the Remuneration Report on pages 118 to 142. RESTRICTION ON TRANSFER OF SHARES The Directors may, at their absolute discretion and without giving any reason, refuse to register the transfer of a share, or any renunciation of any allotment made in respect of a share, which is not fully paid, or any transfer of a share to a minor or a person of unsound mind. The Directors may also refuse to register any transfer (whether or not it is in respect of a fully paid share) unless (i) it is lodged at the Company\u2019s Registered Office or at such other place as the Directors may appoint and is accompanied by the certificate (if any) for the shares to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer (ii) it is in respect of only one class of shares and (iii) it is in favour of not more than four transferees. RESTRICTION OF VOTING RIGHTS If at any time the Directors determine that a \u2018Specified Event\u2019 as defined in the Articles of Association of DCC plc has occurred in relation to any share or shares, the Directors may serve a notice to such effect on the holder or holders thereof. Upon the expiry of 14 days from the service of any such notice, for so long as such notice shall remain in force, no holder or holders of the share or shares specified in such notice shall be entitled to attend, speak or vote either personally, by representative or by proxy at any general meeting of the Company or at any separate general meeting of the holders of the class of shares concerned or to exercise any other right conferred by membership in relation to any such meeting. The Directors shall, where the specified shares represent not less than 0.25% of the class of shares concerned, be entitled to withhold payment of any dividend or other amount payable (including shares issuable in lieu of dividends) in respect of the shares specified in such notice and/or, in certain circumstances, to refuse to register any transfer of the specified shares or any renunciation of any allotment of new shares or debentures made in respect thereof unless such transfer or renunciation is shown to the satisfaction of the Directors to be an arm\u2019s length transfer or a renunciation to another beneficial owner unconnected with the holder or any person appearing to have an interest in the specified shares. 4.2 Other Reserves This note details the movement in the Group\u2019s other reserves which are treated as different categories of equity as required by accounting standards.
Foreign
Share based Cash flow currency
payment hedge translation Other
reserve
1
reserve
2
reserve
3
reserves
4
Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2023
54,596
(48,280)
128,529
932
135,777
Currency translation
\u2013
\u2013
(63,656)
\u2013
(63,656)
Cash flow hedges:
\u2013 fair value gain in year \u2013 private placement debt
\u2013
(3,375)
\u2013
\u2013
(3,375)
\u2013 fair value \u2013 transferred to the income statement
\u2013
(2,532)
\u2013
\u2013
(2,532)
\u2013 fair value loss in year \u2013 other
\u2013
(104,700)
\u2013
\u2013
(104,700)
\u2013 tax on fair value net gains
\u2013
23,046
\u2013
\u2013
23,046
\u2013 transfers to sales
\u2013
90
\u2013
\u2013
90
\u2013 transfers to cost of sales
\u2013
146,872
\u2013
\u2013
146,872
\u2013 transfers to operating expenses
\u2013
762
\u2013
\u2013
762
\u2013 tax on transfers
\u2013
(29,983)
\u2013
\u2013
(29,983)
Share based payment
9,210
\u2013
\u2013
\u2013
9,210
At 31 March 2024
63,806
(18,100)
64,873
932
111,511
Currency translation
\u2013 arising in the year
\u2013
\u2013
(41,508)
\u2013
(41,508)
\u2013 recycled to the Income Statement on disposal
\u2013
\u2013
(13,041)
\u2013
(13,041)
Cash flow hedges:
\u2013 fair value loss in year \u2013 private placement debt
\u2013
(7,978)
\u2013
\u2013
(7,978)
\u2013 fair value \u2013 transferred to the income statement
\u2013
3,474
\u2013
\u2013
3,474
\u2013 fair value gain in year \u2013 other
\u2013
25,542
\u2013
\u2013
25,542
\u2013 tax on fair value net loss
\u2013
(4,270)
\u2013
\u2013
(4,270)
\u2013 transfers to sales
\u2013
(73)
\u2013
\u2013
(73)
\u2013 transfers to cost of sales
\u2013
(3,970)
\u2013
\u2013
(3,970)
\u2013 transfers to operating expenses
\u2013
8,328
\u2013
\u2013
8,328
\u2013 tax on transfers
\u2013
(870)
\u2013
\u2013
(870)
Share based payment
7,544
\u2013
\u2013
\u2013
7,544
At 31 March 2025
71,350
2,083
10,324
932
84,689
1. The share-based payment reserve comprises the amounts expensed in the Income Statement in connection with share based payments. 2. The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. 3. The Group\u2019s foreign currency translation reserve represents foreign exchange differences arising from the translation of the net assets of the Group\u2019s non-sterling denominated operations, including the translation of the profits and losses of such operations from the average rate for the year to the closing rate at the reporting date. 4. The Group\u2019s other reserves principally comprises a capital conversion reserve fund. 4.3 Retained Earnings Retained Earnings represents the accumulated earnings of the Group not distributed to shareholders and is shown net of the cost to the Group of acquiring shares held as treasury shares.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
2,078,568
1,941,223
Net income recognised in Income Statement
206,490
326,255
Net income recognised in Other Comprehensive Income:
\u2013 remeasurements of defined benefit pension obligations
(332)
24
\u2013 deferred tax on remeasurements
28
(117)
Dividends
(197,347)
(188,817)
At 31 March
2,087,407
2,078,568
The cost to the Group and the Company of \u20ac35.600 million (2024: \u20ac37.057 million) to acquire the 2,367,725 shares (2024: 2,481,405 shares) held in Treasury has been deducted from the Group and Company Retained Earnings. These shares were acquired at prices ranging from \u20ac12.80 to \u20ac17.90 each (average: \u20ac15.04) between 17 May 2004 and 19 June 2006 and are primarily held to satisfy exercises under the Group\u2019s share options and awards schemes. 4.4 Non-Controlling Interests Non-controlling interests principally comprises the 40% equity interest in our Danish subsidiary DCC Holding Denmark A/S which is not controlled by the Group.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
91,641
80,219
Share of profit for the financial year
14,731
14,283
Dividends to non-controlling interests
(9,322)
(310)
Exchange and other
(2,181)
(2,551)
At 31 March
94,869
91,641
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-542": { "value": "4.2 Other Reserves This note details the movement in the Group\u2019s other reserves which are treated as different categories of equity as required by accounting standards.
Foreign
Share based Cash flow currency
payment hedge translation Other
reserve
1
reserve
2
reserve
3
reserves
4
Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2023
54,596
(48,280)
128,529
932
135,777
Currency translation
\u2013
\u2013
(63,656)
\u2013
(63,656)
Cash flow hedges:
\u2013 fair value gain in year \u2013 private placement debt
\u2013
(3,375)
\u2013
\u2013
(3,375)
\u2013 fair value \u2013 transferred to the income statement
\u2013
(2,532)
\u2013
\u2013
(2,532)
\u2013 fair value loss in year \u2013 other
\u2013
(104,700)
\u2013
\u2013
(104,700)
\u2013 tax on fair value net gains
\u2013
23,046
\u2013
\u2013
23,046
\u2013 transfers to sales
\u2013
90
\u2013
\u2013
90
\u2013 transfers to cost of sales
\u2013
146,872
\u2013
\u2013
146,872
\u2013 transfers to operating expenses
\u2013
762
\u2013
\u2013
762
\u2013 tax on transfers
\u2013
(29,983)
\u2013
\u2013
(29,983)
Share based payment
9,210
\u2013
\u2013
\u2013
9,210
At 31 March 2024
63,806
(18,100)
64,873
932
111,511
Currency translation
\u2013 arising in the year
\u2013
\u2013
(41,508)
\u2013
(41,508)
\u2013 recycled to the Income Statement on disposal
\u2013
\u2013
(13,041)
\u2013
(13,041)
Cash flow hedges:
\u2013 fair value loss in year \u2013 private placement debt
\u2013
(7,978)
\u2013
\u2013
(7,978)
\u2013 fair value \u2013 transferred to the income statement
\u2013
3,474
\u2013
\u2013
3,474
\u2013 fair value gain in year \u2013 other
\u2013
25,542
\u2013
\u2013
25,542
\u2013 tax on fair value net loss
\u2013
(4,270)
\u2013
\u2013
(4,270)
\u2013 transfers to sales
\u2013
(73)
\u2013
\u2013
(73)
\u2013 transfers to cost of sales
\u2013
(3,970)
\u2013
\u2013
(3,970)
\u2013 transfers to operating expenses
\u2013
8,328
\u2013
\u2013
8,328
\u2013 tax on transfers
\u2013
(870)
\u2013
\u2013
(870)
Share based payment
7,544
\u2013
\u2013
\u2013
7,544
At 31 March 2025
71,350
2,083
10,324
932
84,689
1. The share-based payment reserve comprises the amounts expensed in the Income Statement in connection with share based payments. 2. The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. 3. The Group\u2019s foreign currency translation reserve represents foreign exchange differences arising from the translation of the net assets of the Group\u2019s non-sterling denominated operations, including the translation of the profits and losses of such operations from the average rate for the year to the closing rate at the reporting date. 4. The Group\u2019s other reserves principally comprises a capital conversion reserve fund. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-543": { "value": "
4.3
Retained Earnings
Retained Earnings represents the accumulated earnings of the Group not distributed to shareholders and is
shown net of the cost to the Group of acquiring shares held as treasury shares.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
2,078,568
1,941,223
Net income recognised in Income Statement
206,490
326,255
Net income recognised in Other Comprehensive Income:
\u2013 remeasurements of defined benefit pension obligations
(332)
24
\u2013 deferred tax on remeasurements
28
(117)
Dividends
(197,347)
(188,817)
At 31 March
2,087,407
2,078,568
The cost to the Group and the Company of \u20ac35.600 million (2024: \u20ac37.057 million) to acquire the 2,367,725 shares (2024:
2,481,405 shares) held in Treasury has been deducted from the Group and Company Retained Earnings. These shares
were acquired at prices ranging from \u20ac12.80 to \u20ac17.90 each (average: \u20ac15.04) between 17 May 2004 and 19 June 2006
and are primarily held to satisfy exercises under the Group\u2019s share options and awards schemes.
", "dimensions": { "concept": "dccplc:DisclosureOfRetainedEarnings", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-544": { "value": "
4.4
Non-Controlling Interests
Non-controlling interests principally comprises the 40% equity interest in our Danish subsidiary DCC Holding
Denmark A/S which is not controlled by the Group.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 April
91,641
80,219
Share of profit for the financial year
14,731
14,283
Dividends to non-controlling interests
(9,322)
(310)
Exchange and other
(2,181)
(2,551)
At 31 March
94,869
91,641
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-545": { "value": "
5.1
Foreign Currency
This note details the exchange rates used to translate non-sterling Income Statement and Balance Sheet
amounts into sterling, which is the Group\u2019s presentation currency.
The Group\u2019s financial statements are presented in sterling, denoted by the symbol \u2018\u00a3\u2019. Results and cash flows of
operations based in non-sterling countries have been translated into sterling at average rates for the year, 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
2025 2024 2025 2024
Stg\u00a31= Stg\u00a31= Stg\u00a31= Stg\u00a31=
Euro
1.1893
1.1563
1.1970
1.1695
Danish krone
8.8706
8.6183
8.9314
8.7218
Swedish krona
13.6338
13.2851
12.9866
13.4780
Norwegian krone
13.9167
13.3529
13.6617
13.6814
US dollar
1.2767
1.2541
1.2946
1.2643
Canadian dollar
1.7722
1.6932
1.8593
1.7158
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-546": { "value": "
5.2
Business Combinations
The Group acquired a number of businesses during the year. This note provides details on the consideration paid
and/or payable as well as the provisional fair values of the net assets acquired.
A key strategy of the Group is to create and sustain market leadership positions through acquisitions in markets it
currently operates in, together with extending the Group\u2019s footprint into new geographic markets. In line with this
strategy, the principal acquisitions completed by the Group during the year, together with percentages acquired
were as follows:
\u2022 The acquisition by DCC Energy of 100% of Next Energy in April 2024, for an initial enterprise value of approximately
\u00a390 million. Next Energy is an energy efficiency and renewable energy services provider focused on the UK
domestic sector;
\u2022 The acquisition by DCC Technology of 100% of MDM Commercial Inc (\u2018MDM\u2019) in April 2024. MDM is a distributor of
hospitality and healthcare professional AV equipment in the US;
\u2022 The acquisition by DCC Energy of 100% of Secundo Photovoltaik (\u2018Secundo\u2019) in June 2024. Secundo is one of
Austria\u2019s largest solar PV businesses serving commercial customers;
\u2022 The acquisition by DCC Energy of 100% of WIRSOL Roof Solutions (\u2018Wirsol\u2019) in July 2024. Wirsol is a German based
provider of solar PV and battery storage solutions;
\u2022 The acquisition by DCC Energy of 100% of Cubo in July 2024. Cubo is a fleet telematics business which provides
integrated telematics and communication storage solutions in the UK and Ireland;
\u2022 The acquisition by DCC Energy of 100% of Acteam ENR (\u2018Acteam\u2019) in September 2024. Acteam is a French solar PV
business providing project development, engineering, project management along with construction support and
supervision services for commercial solar PV projects; and
\u2022 The acquisition by DCC Energy of 100% of MG Habitat in November 2024. MG Habitat is a French energy services
business providing design, installation and maintenance services for solar PV, heat-pumps and other energy
installations.
The acquisition data presented below reflects the fair value of the identifiable net assets acquired (excluding net
cash/debt acquired) in respect of acquisitions completed during the year.
Total Total
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Assets
Non-current assets
Property, plant and equipment (note 3.1)
4,307
48,603
Right-of-use leased assets (note 3.2)
3,343
10,563
Intangible assets (note 3.3)
89,810
156,964
Equity accounted investments (note 3.4)
\u2013
5,530
Deferred income tax assets
5
2,467
Total non-current assets
97,465
224,127
Current assets
Inventories (note 3.8)
29,548
23,708
Trade and other receivables (note 3.8)
42,973
59,945
Total current assets
72,521
83,653
Liabilities
Non-current liabilities
Deferred income tax liabilities
(22,903)
(41,026)
Post employment benefit obligations (note 3.15)
\u2013
(18,647)
Provisions for liabilities
(673)
(13,245)
Lease creditors
(2,427)
(6,742)
Government grants (note 3.18)
(1)
\u2013
Total non-current liabilities
(26,004)
(79,660)
Current liabilities
Trade and other payables (note 3.8)
(42,751)
(61,022)
Provisions for liabilities
(601)
(6,919)
Current income tax liabilities
(2,117)
(8,179)
Lease creditors
(916)
(3,207)
Total current liabilities
(46,385)
(79,327)
Identifiable net assets acquired
97,597
148,793
Goodwill (note 3.3)
137,893
222,171
Total consideration
235,490
370,964
Satisfied by:
Cash
178,048
327,354
Net cash and cash equivalents acquired
(10,754)
(39,199)
Net cash outflow
167,294
288,155
Acquisition related liabilities (note 3.16)
68,196
82,809
Total consideration
235,490
370,964
None of the business combinations completed during the period were considered sufficiently material to warrant
separate disclosure of the fair values attributable to those combinations. The carrying amounts of the assets and
liabilities acquired, determined in accordance with IFRS, before completion of the combination together with the
adjustments made to those carrying values disclosed above were as follows:
Fair value
Book value adjustments Fair value
Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets (excluding goodwill)
7,655
89,810
97,465
Current assets
78,365
(5,844)
72,521
Non-current liabilities
(3,208)
(22,796)
(26,004)
Current liabilities
(43,838)
(2,547)
(46,385)
Identifiable net assets acquired
38,974
58,623
97,597
Goodwill arising on acquisition
196,516
(58,623)
137,893
Total consideration
235,490
\u2013
235,490
The initial assignment of fair values to identifiable net assets acquired has been performed on a provisional basis in
respect of a number of the business combinations above given the timing of closure of these transactions. Any
amendments to fair values within the 12 month timeframe from the date of acquisition will be disclosable in the 2026
Annual Report as stipulated by IFRS 3.
The principal factors contributing to the recognition of goodwill on business combinations entered into by the Group
are the expected profitability of the acquired business and the realisation of cost savings and synergies with existing
Group entities.
\u00a31.108 million of the goodwill recognised in respect of acquisitions completed during the financial year is expected to
be deductible for tax purposes.
Acquisition and related costs included in other operating expenses (continuing operations) in the Group Income
Statement amounted to \u00a39.060 million (note 2.6).
No contingent liabilities were recognised on the acquisitions completed during the financial year or the prior financial
years.
The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to
\u00a345.216 million. The fair value of these receivables is \u00a342.973 million (all of which is expected to be recoverable) and is
inclusive of an aggregate allowance for impairment of \u00a32.243 million.
The fair value of contingent consideration recognised at the date of acquisition is calculated by discounting the
expected future payment to present value at the acquisition date. In general, for contingent consideration to
become payable, pre-defined profit thresholds must be exceeded. On an undiscounted basis, the future payments
for which the Group may be liable for acquisitions in the current year range from nil to \u00a3120 million.
The post-acquisition impact of business combinations completed during the year on the Group\u2019s continuing revenue
and profit for the financial year was as follows:
2025
\u00a3\u2019000
Revenue
204,123
Profit for the financial year attributable to owners of the Parent Company
16,465
The revenue and profit of the Group for the financial year on a continuing basis determined in accordance with IFRS
as though the acquisition date for all business combinations effected during the year had been the beginning of that
year would be as follows:
2025
\u00a3\u2019000
Revenue
18,050,560
Profit for the financial year attributable to owners of the Parent Company
210,759
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-547": { "value": "
5.3
Cash Generated from Operations
This note reconciles how the Group\u2019s profit for the year translates into cash flows generated from
operating activities.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit for the financial year
221,221
340,538
Add back non-operating expenses/(income):
\u2013 tax
87,630
83,213
\u2013 share of equity accounted investments\u2019 profit after tax
(3,392)
(604)
\u2013 net operating exceptionals
173,775
39,309
\u2013 net finance costs
106,210
106,249
Operating profit before exceptionals
585,444
568,705
\u2013 share-based payments expense (note 2.5)
7,544
9,210
\u2013 depreciation (including right-of-use leased assets)
253,919
240,194
\u2013 amortisation of intangible assets (note 3.3)
118,156
114,075
\u2013 profit on disposal of property, plant and equipment
(17,225)
(1,148)
\u2013 amortisation of government grants (note 3.18)
(323)
(376)
\u2013 other
Changes in working capital (excluding the effects of acquisition and exchange
3,009
8,562
differences on consolidation):
\u2013 inventories (note 3.8)
15,055
122,766
\u2013 trade and other receivables (note 3.8)
17,485
157,082
\u2013 trade and other payables (note 3.8)
(126,303)
(223,277)
Cash generated from operations before exceptionals
856,761
995,793
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-548": { "value": "
5.4
Commitments
A commitment represents an obligation to make a payment in the future as long as the counterparty meets its
obligations, and mainly relates to agreements to buy capital assets. These amounts are not included in the
Group\u2019s Balance Sheet as we have not yet received the goods or services from the supplier.
CAPITAL EXPENDITURE COMMITMENTS
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital expenditure on property, plant and equipment that has been contracted for
but has not been provided for in the financial statements
63,704
49,974
Capital expenditure on property, plant and equipment that has been authorised by
the Directors but has not yet been contracted for
86,221
112,375
149,925
162,349
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-589": { "value": "5.4 Commitments A commitment represents an obligation to make a payment in the future as long as the counterparty meets its obligations, and mainly relates to agreements to buy capital assets. These amounts are not included in the Group\u2019s Balance Sheet as we have not yet received the goods or services from the supplier. CAPITAL EXPENDITURE COMMITMENTS
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital expenditure on property, plant and equipment that has been contracted for
but has not been provided for in the financial statements
63,704
49,974
Capital expenditure on property, plant and equipment that has been authorised by
the Directors but has not yet been contracted for
86,221
112,375
149,925
162,349
5.5 Contingencies Contingent liabilities include guarantees given in respect of borrowings and other obligations arising in the ordinary course of business. GUARANTEES The Company has given guarantees of \u00a32,100.531 million (2024: \u00a32,133.199 million) in respect of borrowings and other obligations arising in the ordinary course of business of the Company and other Group undertakings. OTHER Pursuant to the provisions of Section 357 of the Companies Act, 2014, the Company has guaranteed the commitments of the following Irish subsidiaries and, as a result, these companies will be exempted from the filing provisions of Sections 347 and 348 of the Companies Act, 2014: Alvabay Limited, Budget Energy Limited, Budget Energy Holdings Limited, Campus Oil Limited, CC Lubricants Limited, Certa Ireland Limited (formerly Emo Oil Limited ), Certas Energy Ireland Limited, DCC Corporate Funding Unlimited Company, DCC Corporate Partners Unlimited Company, DCC Corporate 2007 dac, DCC Corporate Services dac, DCC Energy Limited, DCC Finance Limited, DCC Finance Holdings Limited, DCC Finance & Treasury dac, DCC Financial Services Unlimited Company, DCC Financial Services Holdings Unlimited Company, DCC Financial
Services International dac, DCC Financial Services International Holdings Limited, DCC Financial Services Investments
CLG, DCC Financial Services Ireland Unlimited Company, DCC Funding 2007 dac, DCC Fund Services Unlimited
Company, DCC Group Finance (Ireland) dac (formerly DCC Treasury Ireland 2013 dac), DCC Healthcare Limited, DCC
Management Services Limited, DCC Nominees Unlimited Company, DCC Technology Limited, DCC Treasury 2010
dac, DCC Treasury Management Unlimited Company, DCC Treasury Services Unlimited Company, DCC Treasury
Solutions Unlimited Company, Energy Procurement Limited, Energy Procurement Ireland 2013 Limited, Flogas Enterprise
Solutions Limited (formerly Naturgy Limited), Flogas Ireland Limited, Flogas Natural Gas Limited, Jones Oil Limited,
SerCom (Holdings) Limited, Source LS Global Limited and Starata Limited.
Seven of the Group\u2019s German subsidiaries, EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik
GmbH, DCC Germany Holding GmbH, Progas Holding GmbH, PROGAS GmbH & Co. KG, PROGAS GmbH and Progeha
Unterst\u00fctzungseinrichtung e.V. availed of disclosure exemptions pursuant to Section 264 of the German Commercial
Code (HGB) and are therefore exempted from the obligations to prepare and disclose audited financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-549": { "value": "
5.5
Contingencies
Contingent liabilities include guarantees given in respect of borrowings and other obligations arising in the
ordinary course of business.
GUARANTEES
The Company has given guarantees of \u00a32,100.531 million (2024: \u00a32,133.199 million) in respect of borrowings and other
obligations arising in the ordinary course of business of the Company and other Group undertakings.
OTHER
Pursuant to the provisions of Section 357 of the Companies Act, 2014, the Company has guaranteed the
commitments of the following Irish subsidiaries and, as a result, these companies will be exempted from the filing
provisions of Sections 347 and 348 of the Companies Act, 2014:
Alvabay Limited, Budget Energy Limited, Budget Energy Holdings Limited, Campus Oil Limited, CC Lubricants Limited,
Certa Ireland Limited (formerly Emo Oil Limited ), Certas Energy Ireland Limited, DCC Corporate Funding Unlimited
Company, DCC Corporate Partners Unlimited Company, DCC Corporate 2007 dac, DCC Corporate Services dac,
DCC Energy Limited, DCC Finance Limited, DCC Finance Holdings Limited, DCC Finance & Treasury dac,
DCC Financial Services Unlimited Company, DCC Financial Services Holdings Unlimited Company, DCC Financial
Services International dac, DCC Financial Services International Holdings Limited, DCC Financial Services Investments CLG, DCC Financial Services Ireland Unlimited Company, DCC Funding 2007 dac, DCC Fund Services Unlimited Company, DCC Group Finance (Ireland) dac (formerly DCC Treasury Ireland 2013 dac), DCC Healthcare Limited, DCC Management Services Limited, DCC Nominees Unlimited Company, DCC Technology Limited, DCC Treasury 2010 dac, DCC Treasury Management Unlimited Company, DCC Treasury Services Unlimited Company, DCC Treasury Solutions Unlimited Company, Energy Procurement Limited, Energy Procurement Ireland 2013 Limited, Flogas Enterprise Solutions Limited (formerly Naturgy Limited), Flogas Ireland Limited, Flogas Natural Gas Limited, Jones Oil Limited, SerCom (Holdings) Limited, Source LS Global Limited and Starata Limited. Seven of the Group\u2019s German subsidiaries, EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik GmbH, DCC Germany Holding GmbH, Progas Holding GmbH, PROGAS GmbH & Co. KG, PROGAS GmbH and Progeha Unterst\u00fctzungseinrichtung e.V. availed of disclosure exemptions pursuant to Section 264 of the German Commercial Code (HGB) and are therefore exempted from the obligations to prepare and disclose audited financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-590": { "value": "
5.6
Related Party Transactions
The Group\u2019s principal related parties are the Group\u2019s subsidiaries, associates and key management personnel of
the Group.
The principal related party relationships requiring disclosure in the consolidated financial statements of the Group
under IAS 24 Related Party Disclosures relate to the existence of subsidiaries and associates and transactions with
these entities entered into by the Group and the identification and compensation of key management personnel as
addressed in more detail below.
SUBSIDIARIES AND ASSOCIATES
The consolidated financial statements include the financial statements of the Parent Company and its subsidiaries
and associates as documented in the accounting policies in note 5.9 and the basis of consolidation in note 1.3. A
listing of the principal subsidiaries and associates is provided in the Group Directory on pages 238 to 241 of this
Annual Report.
Transactions are entered into in the normal course of business on an arm\u2019s length basis. Sales to and purchases from,
together with outstanding payables and receivables to and from subsidiaries are eliminated in the preparation of the
consolidated financial statements.
COMPENSATION OF KEY MANAGEMENT PERSONNEL
For the purposes of the disclosure requirements under IAS 24, the term \u2018key management personnel\u2019 (i.e. those persons
having authority and responsibility for planning, directing and controlling the activities of the Company) comprises
the Board of Directors which manages the business and affairs of the Company. Key management remuneration
amounted to:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term benefits
4,910
3,916
Post-employment benefits
193
190
Share-based payment (calculated in accordance with the principles disclosed in note 2.5)
1,416
1,692
6,519
5,798
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-550": { "value": "5.6 Related Party Transactions The Group\u2019s principal related parties are the Group\u2019s subsidiaries, associates and key management personnel of the Group. The principal related party relationships requiring disclosure in the consolidated financial statements of the Group under IAS 24 Related Party Disclosures relate to the existence of subsidiaries and associates and transactions with these entities entered into by the Group and the identification and compensation of key management personnel as addressed in more detail below. SUBSIDIARIES AND ASSOCIATES The consolidated financial statements include the financial statements of the Parent Company and its subsidiaries and associates as documented in the accounting policies in note 5.9 and the basis of consolidation in note 1.3. A listing of the principal subsidiaries and associates is provided in the Group Directory on pages 238 to 241 of this Annual Report. Transactions are entered into in the normal course of business on an arm\u2019s length basis. Sales to and purchases from, together with outstanding payables and receivables to and from subsidiaries are eliminated in the preparation of the consolidated financial statements. COMPENSATION OF KEY MANAGEMENT PERSONNEL For the purposes of the disclosure requirements under IAS 24, the term \u2018key management personnel\u2019 (i.e. those persons having authority and responsibility for planning, directing and controlling the activities of the Company) comprises the Board of Directors which manages the business and affairs of the Company. Key management remuneration amounted to:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term benefits
4,910
3,916
Post-employment benefits
193
190
Share-based payment (calculated in accordance with the principles disclosed in note 2.5)
1,416
1,692
6,519
5,798
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-551": { "value": "
5.7
Financial Risk and Capital Management
This note details the Group\u2019s treasury management and financial risk management objectives and policies.
Information is also provided regarding the Group\u2019s exposure and sensitivity to capital risk, credit risk, liquidity risk,
foreign exchange risk, interest rate risk and commodity price risk, and the policies in place to monitor and manage
these risks.
CAPITAL RISK MANAGEMENT
The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a
going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong
balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor,
creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group.
To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue
new shares or buy back existing shares, increase or reduce debt or sell assets.
The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further
details on this are outlined in the \u2018liquidity risk management\u2019 section of this note.
The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit
maturities up to three months.
The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent
Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
FINANCIAL RISK MANAGEMENT
Group financial risk management is governed by policies and guidelines which are reviewed and approved annually
by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk,
liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies
and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various
derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity
contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative
transactions. DCC\u2019s Group Treasury function centrally manages the Group\u2019s funding and liquidity requirements.
Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in
conjunction with Group Commodity Risk Management, manage commodity price exposures, within approved policies
and guidelines. Compliance with the policies and guidelines is reviewed by the Group Internal Audit function.
The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet
management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash
equivalents of \u00a31,150,513 million (note 3.13) and \u00a3800 million undrawn under its committed revolving credit facility (note
3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of
\u00a3795.909 million.
(i) Credit risk management
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents
including deposits with banks and financial institutions and derivative financial instruments.
The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied
customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit
risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of
risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing
the financial reliability of customers, considering their financial position, past experience and other factors. The
utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance.
The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial
Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables.
The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number
of small balances. Loss rates are based on actual credit loss experience.
As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to
\u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not
significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade
receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which
are over six months overdue.
Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on
a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing
activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has
been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues
relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025
amounted to \u00a3674.941 million (2024: \u00a3690.265 million).
Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled
within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to
any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of
placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The
Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk
limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of
\u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market
funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2%
(\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2
(Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling
systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties
with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The
Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at
31 March 2025.
Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to
credit risk is represented by the carrying amount of each asset.
(ii) Liquidity risk management
The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities
up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury
department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies,
contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does
not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition,
the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with
the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using
various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to
31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all
covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants
is included in the Financial Review.
The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising
from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include
the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the
interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and
trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will
be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the
raising of additional long-term debt.
(III) MARKET RISK MANAGEMENT
Foreign exchange risk management
DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised
assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies.
Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures
within approved policies and guidelines using forward currency contracts.
The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on
the basis that there is no commitment or intention to remit earnings.
The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash
generative and a significant proportion of cash generated from these operations is reinvested in development
activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency
translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the
relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by
the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment
in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset
position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening
in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely
offsetting each other.
The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units
in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the
local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between
50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of
anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying
as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes.
Sensitivity to currency movements
A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact
on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change
the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an
insignificant amount of transactional currency exposure.
Interest rate risk management
On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD
SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion
of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency
interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit
interest income earned.
Sensitivity of interest charges to interest rate movements
Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average
floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax.
Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10
and 3.11.
Commodity price risk management
DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil
products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that
commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal
price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions,
with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward
purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected
future sales, typically for periods of less than 24 months.
Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in
duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a
take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during
a specified period and requires payment even if the customer does not take delivery of the product. Where a
take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume
recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of
factors, including the weather.
DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain
inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures.
Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs.
Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk
Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk
Management function, manage commodity price exposures within approved policies and guidelines.
All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer
and are reviewed by the Board.
Sensitivity to commodity price movements
Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of
oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on
the Group\u2019s equity (2024: immaterial).
The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the
commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations,
competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to
quantify but would not be material.
Fair values of financial assets and financial liabilities
The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are
measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future
payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to
the future payments which are based on forecasted operating profits of the acquired entity over the relevant period.
The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents
approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance
of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The
following is a comparison by category of book values and fair values of the Group\u2019s financial assets and
financial liabilities:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
50,192
50,192
97,824
97,824
Trade and other receivables
1,975,444
1,975,444
2,172,422
2,172,422
Cash and cash equivalents
1,088,175
1,088,175
1,109,446
1,109,446
3,113,811
3,113,811
3,379,692
3,379,692
Financial liabilities
Borrowings (excluding lease creditors)
1,966,042
1,996,543
1,943,518
1,975,789
Derivative financial instruments
30,572
30,572
48,450
48,450
Acquisition related liabilities
94,458
94,458
141,777
141,777
Trade and other payables
2,763,181
2,763,181
3,054,108
3,054,108
4,854,253
4,884,754
5,187,853
5,220,124
The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial
liabilities that are carried in the Balance Sheet at fair value as at the year end:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either
directly (as prices) or indirectly (derived from prices); and
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement:
The specific valuation techniques used to value financial instruments that are carried at fair value using level 2
valuation techniques are:
\u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of
the estimated future cash flows based on observable yield curves;
\u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the
reporting date with the resulting value discounted back to present value; and
\u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the
reporting date with the resulting value discounted back to present value.
Level 3 fair value measurement:
Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are
included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair
value using level 3 valuation techniques are:
\u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent
consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out
arrangement; and
\u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate
where the time value of money is material.
The significant unobservable inputs are as follows:
\u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and
\u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%).
The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/
(lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a
reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs
constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
(ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements
above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial
assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and
liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement
will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of
each agreement, an event of default includes failure by a party to make payment when due, failure by a party to
perform any obligation required by the agreement (other than payment) if such a failure is not remedied within
periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-624": { "value": "5.7 Financial Risk and Capital Management This note details the Group\u2019s treasury management and financial risk management objectives and policies. Information is also provided regarding the Group\u2019s exposure and sensitivity to capital risk, credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk, and the policies in place to monitor and manage these risks. CAPITAL RISK MANAGEMENT The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or buy back existing shares, increase or reduce debt or sell assets. The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further details on this are outlined in the \u2018liquidity risk management\u2019 section of this note. The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to three months. The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
FINANCIAL RISK MANAGEMENT Group financial risk management is governed by policies and guidelines which are reviewed and approved annually by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative transactions. DCC\u2019s Group Treasury function centrally manages the Group\u2019s funding and liquidity requirements. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in conjunction with Group Commodity Risk Management, manage commodity price exposures, within approved policies and guidelines. Compliance with the policies and guidelines is reviewed by the Group Internal Audit function. The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash equivalents of \u00a31,150,513 million (note 3.13) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3795.909 million. (i) Credit risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance. The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number of small balances. Loss rates are based on actual credit loss experience. As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to \u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025 amounted to \u00a3674.941 million (2024: \u00a3690.265 million). Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of \u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2% (\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2 (Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at 31 March 2025. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. (ii) Liquidity risk management The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to 31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants is included in the Financial Review. The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt. (III) MARKET RISK MANAGEMENT Foreign exchange risk management DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved policies and guidelines using forward currency contracts. The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that there is no commitment or intention to remit earnings. The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative and a significant proportion of cash generated from these operations is reinvested in development activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely offsetting each other. The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes. Sensitivity to currency movements A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an insignificant amount of transactional currency exposure. Interest rate risk management On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. Sensitivity of interest charges to interest rate movements Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax. Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11. Commodity price risk management DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months. Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of factors, including the weather. DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk Management function, manage commodity price exposures within approved policies and guidelines. All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are reviewed by the Board. Sensitivity to commodity price movements Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on the Group\u2019s equity (2024: immaterial). The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material. Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The following is a comparison by category of book values and fair values of the Group\u2019s financial assets and financial liabilities:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
50,192
50,192
97,824
97,824
Trade and other receivables
1,975,444
1,975,444
2,172,422
2,172,422
Cash and cash equivalents
1,088,175
1,088,175
1,109,446
1,109,446
3,113,811
3,113,811
3,379,692
3,379,692
Financial liabilities
Borrowings (excluding lease creditors)
1,966,042
1,996,543
1,943,518
1,975,789
Derivative financial instruments
30,572
30,572
48,450
48,450
Acquisition related liabilities
94,458
94,458
141,777
141,777
Trade and other payables
2,763,181
2,763,181
3,054,108
3,054,108
4,854,253
4,884,754
5,187,853
5,220,124
The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial liabilities that are carried in the Balance Sheet at fair value as at the year end: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement: The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation techniques are: \u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date with the resulting value discounted back to present value; and \u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date with the resulting value discounted back to present value. Level 3 fair value measurement: Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3 valuation techniques are: \u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and \u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the time value of money is material. The significant unobservable inputs are as follows: \u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and \u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%). The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
(ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due, failure by a party to perform any obligation required by the agreement (other than payment) if such a failure is not remedied within periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-623": { "value": "5.7 Financial Risk and Capital Management This note details the Group\u2019s treasury management and financial risk management objectives and policies. Information is also provided regarding the Group\u2019s exposure and sensitivity to capital risk, credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk, and the policies in place to monitor and manage these risks. CAPITAL RISK MANAGEMENT The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or buy back existing shares, increase or reduce debt or sell assets. The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further details on this are outlined in the \u2018liquidity risk management\u2019 section of this note. The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to three months. The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
FINANCIAL RISK MANAGEMENT Group financial risk management is governed by policies and guidelines which are reviewed and approved annually by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative transactions. DCC\u2019s Group Treasury function centrally manages the Group\u2019s funding and liquidity requirements. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in conjunction with Group Commodity Risk Management, manage commodity price exposures, within approved policies and guidelines. Compliance with the policies and guidelines is reviewed by the Group Internal Audit function. The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash equivalents of \u00a31,150,513 million (note 3.13) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3795.909 million. (i) Credit risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance. The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number of small balances. Loss rates are based on actual credit loss experience. As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to \u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025 amounted to \u00a3674.941 million (2024: \u00a3690.265 million). Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of \u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2% (\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2 (Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at 31 March 2025. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. (ii) Liquidity risk management The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to 31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants is included in the Financial Review. The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt. (III) MARKET RISK MANAGEMENT Foreign exchange risk management DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved policies and guidelines using forward currency contracts. The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that there is no commitment or intention to remit earnings. The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative and a significant proportion of cash generated from these operations is reinvested in development activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely offsetting each other. The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes. Sensitivity to currency movements A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an insignificant amount of transactional currency exposure. Interest rate risk management On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. Sensitivity of interest charges to interest rate movements Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax. Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11. Commodity price risk management DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months. Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of factors, including the weather. DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk Management function, manage commodity price exposures within approved policies and guidelines. All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are reviewed by the Board. Sensitivity to commodity price movements Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on the Group\u2019s equity (2024: immaterial). The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material. Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The following is a comparison by category of book values and fair values of the Group\u2019s financial assets and financial liabilities:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
50,192
50,192
97,824
97,824
Trade and other receivables
1,975,444
1,975,444
2,172,422
2,172,422
Cash and cash equivalents
1,088,175
1,088,175
1,109,446
1,109,446
3,113,811
3,113,811
3,379,692
3,379,692
Financial liabilities
Borrowings (excluding lease creditors)
1,966,042
1,996,543
1,943,518
1,975,789
Derivative financial instruments
30,572
30,572
48,450
48,450
Acquisition related liabilities
94,458
94,458
141,777
141,777
Trade and other payables
2,763,181
2,763,181
3,054,108
3,054,108
4,854,253
4,884,754
5,187,853
5,220,124
The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial liabilities that are carried in the Balance Sheet at fair value as at the year end: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement: The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation techniques are: \u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date with the resulting value discounted back to present value; and \u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date with the resulting value discounted back to present value. Level 3 fair value measurement: Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3 valuation techniques are: \u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and \u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the time value of money is material. The significant unobservable inputs are as follows: \u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and \u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%). The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
(ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due, failure by a party to perform any obligation required by the agreement (other than payment) if such a failure is not remedied within periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-622": { "value": "5.7 Financial Risk and Capital Management This note details the Group\u2019s treasury management and financial risk management objectives and policies. Information is also provided regarding the Group\u2019s exposure and sensitivity to capital risk, credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk, and the policies in place to monitor and manage these risks. CAPITAL RISK MANAGEMENT The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or buy back existing shares, increase or reduce debt or sell assets. The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further details on this are outlined in the \u2018liquidity risk management\u2019 section of this note. The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to three months. The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
FINANCIAL RISK MANAGEMENT Group financial risk management is governed by policies and guidelines which are reviewed and approved annually by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative transactions. DCC\u2019s Group Treasury function centrally manages the Group\u2019s funding and liquidity requirements. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in conjunction with Group Commodity Risk Management, manage commodity price exposures, within approved policies and guidelines. Compliance with the policies and guidelines is reviewed by the Group Internal Audit function. The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash equivalents of \u00a31,150,513 million (note 3.13) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3795.909 million. (i) Credit risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance. The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number of small balances. Loss rates are based on actual credit loss experience. As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to \u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025 amounted to \u00a3674.941 million (2024: \u00a3690.265 million). Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of \u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2% (\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2 (Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at 31 March 2025. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. (ii) Liquidity risk management The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to 31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants is included in the Financial Review. The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt. (III) MARKET RISK MANAGEMENT Foreign exchange risk management DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved policies and guidelines using forward currency contracts. The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that there is no commitment or intention to remit earnings. The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative and a significant proportion of cash generated from these operations is reinvested in development activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely offsetting each other. The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes. Sensitivity to currency movements A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an insignificant amount of transactional currency exposure. Interest rate risk management On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. Sensitivity of interest charges to interest rate movements Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax. Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11. Commodity price risk management DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months. Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of factors, including the weather. DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk Management function, manage commodity price exposures within approved policies and guidelines. All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are reviewed by the Board. Sensitivity to commodity price movements Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on the Group\u2019s equity (2024: immaterial). The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material. Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The following is a comparison by category of book values and fair values of the Group\u2019s financial assets and financial liabilities:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
50,192
50,192
97,824
97,824
Trade and other receivables
1,975,444
1,975,444
2,172,422
2,172,422
Cash and cash equivalents
1,088,175
1,088,175
1,109,446
1,109,446
3,113,811
3,113,811
3,379,692
3,379,692
Financial liabilities
Borrowings (excluding lease creditors)
1,966,042
1,996,543
1,943,518
1,975,789
Derivative financial instruments
30,572
30,572
48,450
48,450
Acquisition related liabilities
94,458
94,458
141,777
141,777
Trade and other payables
2,763,181
2,763,181
3,054,108
3,054,108
4,854,253
4,884,754
5,187,853
5,220,124
The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial liabilities that are carried in the Balance Sheet at fair value as at the year end: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement: The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation techniques are: \u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date with the resulting value discounted back to present value; and \u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date with the resulting value discounted back to present value. Level 3 fair value measurement: Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3 valuation techniques are: \u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and \u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the time value of money is material. The significant unobservable inputs are as follows: \u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and \u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%). The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
(ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due, failure by a party to perform any obligation required by the agreement (other than payment) if such a failure is not remedied within periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-620": { "value": "5.7 Financial Risk and Capital Management This note details the Group\u2019s treasury management and financial risk management objectives and policies. Information is also provided regarding the Group\u2019s exposure and sensitivity to capital risk, credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk, and the policies in place to monitor and manage these risks. CAPITAL RISK MANAGEMENT The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or buy back existing shares, increase or reduce debt or sell assets. The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further details on this are outlined in the \u2018liquidity risk management\u2019 section of this note. The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to three months. The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
FINANCIAL RISK MANAGEMENT Group financial risk management is governed by policies and guidelines which are reviewed and approved annually by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative transactions. DCC\u2019s Group Treasury function centrally manages the Group\u2019s funding and liquidity requirements. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in conjunction with Group Commodity Risk Management, manage commodity price exposures, within approved policies and guidelines. Compliance with the policies and guidelines is reviewed by the Group Internal Audit function. The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash equivalents of \u00a31,150,513 million (note 3.13) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3795.909 million. (i) Credit risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance. The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number of small balances. Loss rates are based on actual credit loss experience. As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to \u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025 amounted to \u00a3674.941 million (2024: \u00a3690.265 million). Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of \u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2% (\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2 (Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at 31 March 2025. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. (ii) Liquidity risk management The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to 31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants is included in the Financial Review. The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt. (III) MARKET RISK MANAGEMENT Foreign exchange risk management DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved policies and guidelines using forward currency contracts. The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that there is no commitment or intention to remit earnings. The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative and a significant proportion of cash generated from these operations is reinvested in development activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely offsetting each other. The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes. Sensitivity to currency movements A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an insignificant amount of transactional currency exposure. Interest rate risk management On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. Sensitivity of interest charges to interest rate movements Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax. Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11. Commodity price risk management DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months. Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of factors, including the weather. DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk Management function, manage commodity price exposures within approved policies and guidelines. All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are reviewed by the Board. Sensitivity to commodity price movements Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on the Group\u2019s equity (2024: immaterial). The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material. Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The following is a comparison by category of book values and fair values of the Group\u2019s financial assets and financial liabilities:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
50,192
50,192
97,824
97,824
Trade and other receivables
1,975,444
1,975,444
2,172,422
2,172,422
Cash and cash equivalents
1,088,175
1,088,175
1,109,446
1,109,446
3,113,811
3,113,811
3,379,692
3,379,692
Financial liabilities
Borrowings (excluding lease creditors)
1,966,042
1,996,543
1,943,518
1,975,789
Derivative financial instruments
30,572
30,572
48,450
48,450
Acquisition related liabilities
94,458
94,458
141,777
141,777
Trade and other payables
2,763,181
2,763,181
3,054,108
3,054,108
4,854,253
4,884,754
5,187,853
5,220,124
The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial liabilities that are carried in the Balance Sheet at fair value as at the year end: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement: The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation techniques are: \u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date with the resulting value discounted back to present value; and \u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date with the resulting value discounted back to present value. Level 3 fair value measurement: Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3 valuation techniques are: \u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and \u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the time value of money is material. The significant unobservable inputs are as follows: \u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and \u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%). The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
(ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due, failure by a party to perform any obligation required by the agreement (other than payment) if such a failure is not remedied within periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-612": { "value": "5.7 Financial Risk and Capital Management This note details the Group\u2019s treasury management and financial risk management objectives and policies. Information is also provided regarding the Group\u2019s exposure and sensitivity to capital risk, credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk, and the policies in place to monitor and manage these risks. CAPITAL RISK MANAGEMENT The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or buy back existing shares, increase or reduce debt or sell assets. The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further details on this are outlined in the \u2018liquidity risk management\u2019 section of this note. The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to three months. The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
FINANCIAL RISK MANAGEMENT Group financial risk management is governed by policies and guidelines which are reviewed and approved annually by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative transactions. DCC\u2019s Group Treasury function centrally manages the Group\u2019s funding and liquidity requirements. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign exchange, and, in conjunction with Group Commodity Risk Management, manage commodity price exposures, within approved policies and guidelines. Compliance with the policies and guidelines is reviewed by the Group Internal Audit function. The Group has a consistent focus on maintaining financial strength through a disciplined approach to balance sheet management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash equivalents of \u00a31,150,513 million (note 3.13) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3795.909 million. (i) Credit risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance. The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number of small balances. Loss rates are based on actual credit loss experience. As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to \u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025 amounted to \u00a3674.941 million (2024: \u00a3690.265 million). Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of \u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2% (\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2 (Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at 31 March 2025. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. (ii) Liquidity risk management The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to 31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants is included in the Financial Review. The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt. (III) MARKET RISK MANAGEMENT Foreign exchange risk management DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved policies and guidelines using forward currency contracts. The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that there is no commitment or intention to remit earnings. The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative and a significant proportion of cash generated from these operations is reinvested in development activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely offsetting each other. The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes. Sensitivity to currency movements A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an insignificant amount of transactional currency exposure. Interest rate risk management On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. Sensitivity of interest charges to interest rate movements Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax. Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11. Commodity price risk management DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months. Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of factors, including the weather. DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk Management function, manage commodity price exposures within approved policies and guidelines. All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are reviewed by the Board. Sensitivity to commodity price movements Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on the Group\u2019s equity (2024: immaterial). The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material. Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The following is a comparison by category of book values and fair values of the Group\u2019s financial assets and financial liabilities:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
50,192
50,192
97,824
97,824
Trade and other receivables
1,975,444
1,975,444
2,172,422
2,172,422
Cash and cash equivalents
1,088,175
1,088,175
1,109,446
1,109,446
3,113,811
3,113,811
3,379,692
3,379,692
Financial liabilities
Borrowings (excluding lease creditors)
1,966,042
1,996,543
1,943,518
1,975,789
Derivative financial instruments
30,572
30,572
48,450
48,450
Acquisition related liabilities
94,458
94,458
141,777
141,777
Trade and other payables
2,763,181
2,763,181
3,054,108
3,054,108
4,854,253
4,884,754
5,187,853
5,220,124
The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial liabilities that are carried in the Balance Sheet at fair value as at the year end: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs, other than quoted prices included within level 1, that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement: The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation techniques are: \u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date with the resulting value discounted back to present value; and \u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date with the resulting value discounted back to present value. Level 3 fair value measurement: Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3 valuation techniques are: \u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and \u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the time value of money is material. The significant unobservable inputs are as follows: \u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and \u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%). The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-591": { "value": "CAPITAL RISK MANAGEMENT The Group\u2019s objectives when managing its capital structure are to safeguard the Group\u2019s ability to continue as a going concern to provide returns to shareholders and benefits for other stakeholders, while maintaining a strong balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor, creditor and market confidence. Return on capital employed (\u2018ROCE\u2019) is a key performance indicator for the Group. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or buy back existing shares, increase or reduce debt or sell assets. The Group includes borrowings in its measure of capital. The Group\u2019s borrowings are subject to covenants. Further details on this are outlined in the \u2018liquidity risk management\u2019 section of this note. The policy for net debt/cash is to ensure a structure of longer-term debt funding and cash balances with deposit maturities up to three months. The capital structure of the Group, which comprises capital and reserves attributable to the owners of the Parent Company, net debt, lease creditors and acquisition related liabilities, may be summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
3,073,427
3,091,391
Net debt (excl. lease creditors) (note 3.13)
795,909
784,698
Lease creditors (note 3.13)
356,144
362,383
Acquisition related liabilities
104,322
141,777
At 31 March
4,329,802
4,380,249
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-592": { "value": "(i) Credit risk management Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer base spread throughout the Group\u2019s operations and, as such, there is no significant concentration of credit risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of risk of loss. The Group\u2019s credit risk management policy in relation to trade receivables involves periodically assessing the financial reliability of customers, considering their financial position, past experience and other factors. The utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance. The Group applies the simplified approach to providing for expected credit losses (\u2018ECL\u2019) permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL\u2019s of trade receivables, which comprises a very large number of small balances. Loss rates are based on actual credit loss experience. As detailed in note 3.6, the Group\u2019s trade receivables at 31 March 2025 (excluding assets held for sale) amount to \u00a31,590,328 million (2024: \u00a31,782.513 million). Customer credit risk arising in the context of the Group\u2019s operations is not significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group\u2019s gross trade receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. Where appropriate, certain of the Group\u2019s operations selectively utilise supply chain financing solutions to sell, on a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The level of supply chain financing at 31 March 2025 was \u00a3155.985 million (2024: \u00a3145.386 million) and has been derecognised from \u2018Trade and other receivables\u2019 in accordance with the Group\u2019s accounting policy. Revenues relating to the non-recourse sale of receivables included in overall Group revenues in the year ended 31 March 2025 amounted to \u00a3674.941 million (2024: \u00a3690.265 million). Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of \u00a31,150,513 million, 22.9% (\u00a3263.322million) was with money market funds, 97.1% (\u00a31,117.233 million) was with money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (Moody\u2019s) and 97.2% (\u00a31,118.241 million) was with money market funds or financial institutions with minimum short-term ratings of A-2 (Standard and Poor\u2019s) or P-2 (Moody\u2019s). In the normal course of business, the Group operates notional cash pooling systems, where a legal right of set-off applies. As at 31 March 2025, derivative transactions were with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances at 31 March 2025. Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the carrying amount of each asset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-593": { "value": "(ii) Liquidity risk management The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies, contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition, the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with the Group\u2019s debt covenants is monitored continually based on management accounts. Sensitivity analysis using various scenarios are applied to forecasts to assess their impact on covenants and net debt/cash. During the year to 31 March 2025, all covenants have been complied with and based on current forecasts, it is expected that all covenants will continue to be complied with for the foreseeable future. Further analysis of the Group\u2019s debt covenants is included in the Financial Review. The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group\u2019s trade and other payables, gross debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the interest and foreign exchange rates applying at the end of the relevant financial year.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(2,763,181)
\u2013
\u2013
\u2013
(2,763,181)
Interest bearing loans and borrowings
(116,827)
(213,294)
(700,143)
(952,850)
(1,983,114)
Interest payments on interest bearing loans and
borrowings
(86,145)
(77,745)
(186,449)
(98,607)
(448,946)
Lease creditors
(64,245)
(50,473)
(97,736)
(101,517)
(313,971)
Interest payments on lease creditors
(9,033)
(8,847)
(16,462)
(39,626)
(73,968)
Acquisition related liabilities
(10,911)
(38,056)
(45,491)
\u2013
(94,458)
Cross currency swaps \u2013 gross cash outflows
(81,079)
(90,989)
(17,043)
(108,483)
(297,594)
Other derivative financial instruments
(11,348)
(1,684)
(671)
\u2013
(13,703)
Interest rate swaps \u2013 net cash outflows
(7,485)
(7,687)
(5,698)
\u2013
(20,870)
(3,150,254)
(488,775)
(1,069,693)
(1,301,083)
(6,009,805)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
95,426
113,108
13,158
105,679
327,371
Other derivative financial instruments
11,450
398
7
\u2013
11,855
106,876
113,506
13,165
105,679
339,226
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade and other payables
(3,054,108)
\u2013
\u2013
\u2013
(3,054,108)
Interest bearing loans and borrowings
(369,797)
(87,796)
(777,079)
(736,037)
(1,970,709)
Interest payments on interest bearing loans and
borrowings
(77,432)
(71,113)
(165,416)
(110,728)
(424,689)
Lease creditors
(77,527)
(60,105)
(111,929)
(112,822)
(362,383)
Interest payments on lease creditors
(11,317)
(9,049)
(17,338)
(39,680)
(77,384)
Acquisition related liabilities
(69,768)
(48,847)
(21,942)
(1,220)
(141,777)
Cross currency swaps \u2013 gross cash outflows
(174,092)
(80,745)
(92,301)
(18,180)
(365,318)
Other derivative financial instruments
(20,548)
(1,294)
(573)
\u2013
(22,415)
Interest rate swaps \u2013 net cash outflows
(3,374)
(3,142)
(6,596)
(595)
(13,707)
(3,857,963)
(362,091)
(1,193,174)
(1,019,262)
(6,432,490)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
215,325
94,337
114,652
22,678
446,992
Other derivative financial instruments
11,000
632
132
\u2013
11,764
226,325
94,969
114,784
22,678
458,756
The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the raising of additional long-term debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-594": { "value": "(III) MARKET RISK MANAGEMENT Foreign exchange risk management DCC\u2019s presentation currency is sterling. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations giving rise to exposure to other currencies. Divisional and subsidiary management, in conjunction with Group Treasury, manage foreign currency exposures within approved policies and guidelines using forward currency contracts. The Group does not hedge translation exposure on the translation of the profits of foreign currency subsidiaries on the basis that there is no commitment or intention to remit earnings. The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash generative and a significant proportion of cash generated from these operations is reinvested in development activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by the strong ongoing cash flow generated from the Group\u2019s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of \u00a343.7 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely offsetting each other. The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as \u2018highly probable\u2019 forecast transactions for IAS 39 hedge accounting purposes. Sensitivity to currency movements A change in the value of other currencies by 10% against sterling would have a \u00a324.9 million (2024: \u00a329.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3188.1 million and change the Group\u2019s net debt by \u00a3106.7 million (2024: \u00a3210.3 million and \u00a397.2 million respectively). The Group has an insignificant amount of transactional currency exposure. Interest rate risk management On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. Sensitivity of interest charges to interest rate movements Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.0 million (2024: \u00a34.9 million) impact on the Group\u2019s profit before tax. Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11. Commodity price risk management DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions, with such transactions qualifying as \u2018highly probable\u2019 for IAS 39 hedge accounting purposes. DCC uses both forward purchase contracts and derivative commodity instruments to support its pricing strategy for a portion of expected future sales, typically for periods of less than 24 months. Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during a specified period and requires payment even if the customer does not take delivery of the product. Where a take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of factors, including the weather. DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Divisional and subsidiary management, in conjunction with the Group\u2019s Commodity Risk Management function, manage commodity price exposures within approved policies and guidelines. All derivative commodity hedging counterparties are approved by the Chief Executive and the Chief Financial Officer and are reviewed by the Board. Sensitivity to commodity price movements Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of oil would have an immaterial impact on the Group\u2019s profit before tax (2024: immaterial) and an immaterial impact on the Group\u2019s equity (2024: immaterial). The impact on the Group\u2019s profit before tax and on the Group\u2019s equity of an increase or decrease of 10% in the commodity cost price of liquid gas, natural gas or electricity would be dependent on seasonal variations, competitive pressures and the underlying absolute cost of the commodity at the time and, as such, is difficult to quantify but would not be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-626": { "value": "Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-625": { "value": "Fair values of financial assets and financial liabilities The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to the future payments which are based on forecasted operating profits of the acquired entity over the relevant period. The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance of trade receivables and payables approximate to their fair values, largely due to their short-term maturities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-618": { "value": "
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.10)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
Level 1 Level 2 Level 3 Total
Fair value measurement as at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.10)
\u2013
97,824
\u2013
97,824
\u2013
97,824
\u2013
97,824
Financial liabilities
Acquisition related liabilities (note 3.16)
\u2013
\u2013
141,777
141,777
Derivative financial instruments (note 3.10)
\u2013
48,450
\u2013
48,450
\u2013
48,450
141,777
190,227
Level 2 fair value measurement: The specific valuation techniques used to value financial instruments that are carried at fair value using level 2 valuation techniques are: \u2022 the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date with the resulting value discounted back to present value; and \u2022 the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date with the resulting value discounted back to present value. Level 3 fair value measurement: Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in note 3.16. The specific valuation techniques used to value contingent consideration that is carried at fair value using level 3 valuation techniques are: \u2022 the expected future payments are determined by forecasting the acquiree\u2019s relevant basis for the contingent consideration (i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specific contractual earn out arrangement; and \u2022 the present value of the estimated future expected payments are discounted using a risk-adjusted discount rate where the time value of money is material. The significant unobservable inputs are as follows: \u2022 forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and \u2022 risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%). The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/ (lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs constant, would have the following effects:
2025 2024
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
1,730
1,814
Risk adjusted discount rate (0.5% movement)
1,066
1,478
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-595": { "value": "
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
(i) Financial assets
The following financial assets are subject to offsetting, enforceable master netting arrangements or
similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
(ii) Financial liabilities
The following financial liabilities are subject to offsetting, enforceable master netting arrangements or
similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due, failure by a party to perform any obligation required by the agreement (other than payment) if such a failure is not remedied within periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-613": { "value": "(i) Financial assets The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
36,751
\u2013
36,751
(8,428)
\u2013
28,323
Cash and cash equivalents
494,735
\u2013
494,735
(23,401)
\u2013
471,334
531,486
\u2013
531,486
(31,829)
\u2013
499,657
Gross amounts
of recognised Net amounts of Related amounts not set off in the
financial financial assets Balance Sheet
Gross amounts liabilities set off presented in
of recognised in the Balance the Balance Financial Cash collateral
financial assets Sheet Sheet liabilities received Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
86,060
\u2013
86,060
(21,163)
\u2013
64,897
Cash and cash equivalents
506,506
\u2013
506,506
(34,274)
\u2013
472,232
592,566
\u2013
592,566
(55,437)
\u2013
537,129
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-614": { "value": "(ii) Financial liabilities The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
16,869
\u2013
16,869
(8,428)
\u2013
8,441
Bank borrowings
23,402
\u2013
23,402
(23,402)
\u2013
\u2013
40,271
\u2013
40,271
(31,830)
\u2013
8,441
Net amounts
Gross amounts of financial Related amounts not set off in the
Gross amounts of recognised liabilities Balance Sheet
of recognised financial assets presented in
financial set off in the the Balance Financial Cash collateral
liabilities Balance Sheet Sheet assets provided Net amount
As at 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
26,035
\u2013
26,035
(21,163)
\u2013
4,872
Bank borrowings
34,274
\u2013
34,274
(34,274)
\u2013
\u2013
60,309
\u2013
60,309
(55,437)
\u2013
4,872
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-553": { "value": "
5.8
Events after the Balance Sheet Date
This note provides details on material events which have occurred between the year end date of 31 March and the
date of approval of the financial statements.
As announced on 22 April 2025, the Group entered into a definitive agreement for the sale of its Healthcare division.
The proposed transaction values DCC Healthcare at a total enterprise value of \u00a31,050 million on a cash-free,
debt-free basis. The proposed transaction is subject to receipt of customary regulatory approvals and is expected to
complete in the third quarter of this calendar year.
In April 2025, DCC Technology signed an exclusivity agreement for the sale of the Exertis France consumer product
business and Exertis Iberia. The transaction is expected to close within three months, subject to regulatory approvals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-508": { "value": "
5.9
Summary of Material Accounting Policies
This section sets out the Group\u2019s material accounting policies which are applied in recognising and measuring
transactions and balances arising in the year
REVENUE RECOGNITION
Revenue comprises the fair value of the sale of goods and services to external customers net of applicable sales
taxes, volume and promotional rebates, allowances and discounts. Revenue is generally recognised on a duty
inclusive basis where applicable. The Group is deemed to be a principal in an arrangement when it controls a
promised good or service before transferring them to a customer, and accordingly recognises revenue on a gross
basis. Where the Group is determined to be an agent in a transaction, based on the principle of control, the net
amount retained after the deduction of any costs to the principal is recognised as revenue.
The Group operates across a wide range of business segments and jurisdictions with varying customer credit terms
which are in line with normal credit terms offered in that business segment and/or country of operation. Given the
short-term nature of these credit terms, no element of financing is deemed present. Group revenues do not include
any significant level of variable consideration.
Revenue is recorded when the collection of the amount is reasonably assured and when specific criteria have been
met for each of the Group\u2019s activities as detailed below.
Sales of goods
Revenue from the sale of goods is measured based on the consideration specified in the contract with the customer.
The Group recognises revenue when it transfers control over a good or service to a customer. This generally arises on
delivery or in accordance with specific terms and conditions agreed with individual customers. In the case of
consignment stock arrangements, revenue is recognised on the date that legal title passes. Rebates, allowances,
and discounts are recorded in the same period as the original revenue.
DCC Energy derives most of its revenue from the sale of transport and commercial fuels, heating oils and related
products, liquid gas, refrigerants, electricity and natural gas. Revenue is also derived from activities which fall under
services, renewables and other (\u2018SRO\u2019) such as the sale and installation of solar panels and energy efficiency offerings.
The customer obtains control when the goods are delivered to the customer. The performance is satisfied once the
customer accepts the delivery. Products can be sold under short or long-term agreements at prevailing market prices
or at fixed prices for which DCC Energy will have fixed supply prices.
DCC Technology derives most of its revenue from the sale of consumer and SME focused technology products. The
Group recognises the revenue, generally, when dispatch occurs. The performance obligation is then deemed to have
been satisfied. Should volume and promotional rebates be granted to customers they are recognised as a reduction
in sales revenue at the time of the sale based on managements\u2019 estimate of the likely rebate to be awarded to
customers. Estimates are based on historical results, taking into consideration the type of customer, the type of
transaction and the specific facts of each arrangement.
DCC Healthcare derives its revenue from the sale of a broad range of third-party and own-branded medical devices and pharmaceuticals. Revenue is also generated from the manufacture of products for health and beauty brand owners. The customer obtains control when the products are delivered to the customer and the performance is satisfied once the customer accepts the products. Revenue is recognised at this point in the majority of cases. Sales of services Revenue from the rendering of services is recognised in the period in which the services are rendered. Contracts do not contain multiple performance obligations as defined by IFRS 15. Service revenue in DCC Energy is generated from a variety of value-added services provided to customers. Revenue is recognised when the performance obligation is met which is as the service is provided. DCC Technology generates service revenue from providing a range of value-added services to both its customers and suppliers including third party logistics, web site development and management, outsourced managed services, training and certain supply chain management services such as quality assurance and compliance. Revenue relating to these services is recognised when the performance obligation is deemed to be met which is as the service is provided. DCC Healthcare generates service revenue from a variety of sources such as logistics services including stock management, distribution services to hospitals and healthcare manufacturers as well as engineering and preventative maintenance services. Revenue is recognised as the service is rendered and completed, when the performance obligation is deemed to be met. Rental income Rental income principally comprises property and liquid gas tank rental income and rental income from operating leases is recognised on a straight-line basis over the term of the lease. The related assets are recorded within property, plant and equipment and are depreciated on a straight-line basis over the useful lives of the assets. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments. The Group has determined that it has two reportable operating segments: DCC Energy and DCC Technology. FOREIGN CURRENCY TRANSLATION Functional and presentation currency The functional currency of the Company is euro. The consolidated financial statements are presented in sterling which is the Company\u2019s and the Group\u2019s presentation currency, and a significant portion of the Group\u2019s revenue and operating profit is generated in sterling. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates. Transactions and balances Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Currency translation differences on monetary assets and liabilities are taken to the Group Income Statement except when cash flow or net investment hedge accounting is applied. Group companies Results and cash flows of the parent and its subsidiaries and associates which do not have sterling as their functional currency are translated into sterling at average exchange rates for the year. Average exchange rates are a reasonable approximation of the cumulative effect of the rates on the transaction dates. The related balance sheets are translated at the rates of exchange ruling at the reporting date. Adjustments arising on translation of the results of such subsidiaries and associates at average rates, and on the restatement of the opening net assets at closing rates, are dealt with in a separate translation reserve within equity, net of differences on related currency instruments designated as hedges of such investments. On disposal of a foreign operation, such cumulative currency translation differences are recognised in the Income Statement as part of the overall gain or loss on disposal. In accordance with IFRS 1, cumulative currency translation differences arising prior to the transition date to IFRS (1 April 2004) have been set to zero for the purposes of ascertaining the gain or loss on disposal of a foreign operation. Goodwill and fair value adjustments arising on acquisition of a foreign operation are regarded as assets and liabilities of the foreign operation, are expressed in the functional currency of the foreign operation, and are recorded at the exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates.
FINANCE COSTS
Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, net losses
on hedging instruments that are recognised in the Income Statement, facility fees and the unwinding of discounts on
provisions and acquisition related liabilities. The interest expense component of lease creditor payments is
recognised in the Income Statement using the effective interest rate method. The net finance cost/income on defined
benefit pension scheme assets or obligations are recognised in the Income Statement in accordance with IAS 19.
The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency
swaps and related debt are included in \u2018Finance Costs\u2019 in the case of a net loss. The mark-to-market of designated
swaps and related debt comprises the gain or loss on interest rate swaps and cross currency interest rate swaps that
are in hedge relationships with borrowings, together with the gain or loss on the hedged borrowings which is
attributable to the hedged risk.
The mark-to-market of undesignated swaps and related debt comprises the gain or loss on currency swaps which
are not designated as hedging instruments, but which are used to offset movements in foreign exchange rates on
certain borrowings, along with the currency movement on those borrowings.
FINANCE INCOME
Finance income is recognised in the Income Statement as it accrues, using the effective interest method, and includes
net gains on hedging instruments that are recognised in the Income Statement.
The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency
swaps and related debt, both as defined above, are included in \u2018Finance Income\u2019 in the case of a net gain.
EXCEPTIONAL ITEMS
The Group has adopted an Income Statement format which seeks to highlight significant items within the Group
results for the year. Such items may include restructuring, profit or loss on disposal or termination of operations,
litigation costs and settlements, profit or loss on disposal of investments, profit or loss on disposal of property, plant
and equipment, IAS 39 ineffective mark-to-market movements together with gains or losses arising from currency
swaps offset by gains or losses on related fixed rate debt, acquisition costs, profit or loss on defined benefit pension
scheme restructuring, adjustments to contingent acquisition consideration, the impact on deferred tax balances as a
result of changes to enacted corporation tax rates and impairment of assets. Judgement is used by the Group in
assessing the items, which by virtue of their scale and nature, should be presented in the Income Statement and
disclosed in the related notes as exceptional items.
INCOME TAX
Current tax
The Group\u2019s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various
allowances and reliefs available to the Group in the multiple tax jurisdictions in which it operates. The determination
of the Group\u2019s provision for income tax requires certain judgements and estimates in relation to matters where the
ultimate tax outcome may not be certain. The recognition or non-recognition of deferred tax assets as appropriate
also requires judgement as it involves an assessment of the future recoverability of those assets. In addition, the
Group is subject to tax audits which can involve complex issues that could require extended periods to conclude, the
resolution of which is often not within the control of the Group. Although management believes that the estimates
included in the Consolidated Financial Statements and its tax return positions are correct, there is no certainty that
the final outcome of these matters will not be different to that which is reflected in the Group\u2019s historical income tax
provisions and accruals. Whilst it is possible, the Group does not currently anticipate that any such differences could
have a material impact on the income tax provision and profit for the period in which such a determination is made
nor does it expect any significant impact on its financial position in the near term. This is based on the Group\u2019s
knowledge and experience, as well as the profile of the individual components which have been reflected in the
current tax liability, the status of the tax audits, enquiries and negotiations in progress at each year end.
Current tax represents the expected tax payable or recoverable on the taxable profit for the year using tax rates
enacted or substantively enacted at the reporting date and considering any adjustments stemming from prior years.
Any interest or penalties arising are included within current tax. Where items are accounted for outside of profit or
loss, the related income tax is recognised either in other comprehensive income or directly in equity as appropriate.
Deferred tax
Deferred tax is provided using the liability method on all temporary differences at the reporting date which is defined
as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial
statements. Deferred tax assets and liabilities are not subject to discounting and are measured using the tax rates
that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that
have been enacted or substantively enacted by the end of the reporting period.
Deferred tax liabilities are recognised for all taxable temporary differences except for the following:
\u2022 where the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or a
liability in a transaction that is not a business combination and affects neither the accounting profit nor the taxable
profit or loss at the time of the transaction; and
\u2022 where, in respect of taxable temporary differences associated with investments in subsidiaries and associates, the
timing of the reversal of the temporary difference is subject to control by the Group and it is probable that reversal
will not occur in the foreseeable future.
Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax
credits and unused tax losses to the extent that it is probable that taxable profits will be available against which to
offset these items except:
\u2022 where the deferred tax asset arises from the initial recognition of an asset or a liability in a transaction that is not
a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the
transaction; and
\u2022 where, in respect of deductible temporary differences associated with investment in subsidiaries and associates,
a deferred tax asset is recognised only if it is probable that the deductible temporary difference will reverse in the
foreseeable future and that sufficient taxable profits will be available against which the temporary difference can
be utilised.
The carrying amounts of deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable that sufficient taxable profits would be available to allow all or part of the deferred tax asset
to be utilised.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation is provided on a straight-line basis at the rates stated below, which are estimated to reduce
each item of property, plant and equipment to its residual value level by the end of its useful life.
Annual Rate
Freehold buildings
2%
Plant and machinery
5% \u2013 33
1
/
3
%
Cylinders
6
2
/
3
% \u2013 10%
Motor vehicles
10% \u2013 33
1
/
3
%
Fixtures, fittings & office equipment
10% \u2013 33
1
/
3
%
Land is not depreciated. The residual values and useful lives of property, plant and equipment are reviewed, and
adjusted if appropriate, at each reporting date.
In accordance with IAS 36 Impairment of Assets, the carrying amounts of items of property, plant and equipment are
reviewed at each reporting date to determine whether there is any indication of impairment. An impairment loss is
recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
Impairment losses are recognised in the Income Statement. Following the recognition of an impairment loss, the
depreciation charge applicable to the asset or cash-generating unit is adjusted prospectively to systematically
allocate the revised carrying amount, net of any residual value, over the remaining useful life.
Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
replaced item can be measured reliably. All other repair and maintenance costs are charged to the Income
Statement during the financial period in which they are incurred.
Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part
of the cost of those assets.
INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
Investments in subsidiaries are stated at cost less any accumulated impairments and are reviewed for impairment
if there are indications that the carrying value may not be recoverable.
BUSINESS COMBINATIONS
Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair values at the
acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured
at acquisition date fair value. For each business combination, the acquirer measures the non-controlling interest in
the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition
costs are expensed as incurred.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances and pertinent
conditions as at the acquisition date.
If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held
equity interest in the acquiree is remeasured to fair value at the acquisition date through the Income Statement.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.
The fair value of contingent consideration is arrived at through discounting the expected payment to present value.
Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will
be recognised in the Income Statement.
Goodwill is initially measured at cost being the excess of the fair value of the aggregate of the consideration
transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and
liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired in the
case of a bargain purchase, the difference is recognised in the Income Statement.
A financial liability is recognised in relation to the non-controlling shareholder\u2019s option to put its shareholding back to
the Group, being the fair value of the estimate of amounts payable to acquire the non-controlling interest. The
financial liability is included in acquisition related liabilities. The discount component is unwound as an interest charge
in the Income Statement over the life of the obligation. Subsequent changes to the financial liability are recognised in
the Income Statement.
GOODWILL
Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included
at its carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1,
the accounting treatment of business combinations undertaken prior to the transition date was not reconsidered and
goodwill amortisation ceased with effect from the transition date.
Goodwill on acquisitions is initially measured as the excess of the fair value of consideration paid for the business
combination plus any non-controlling interest, over the net fair value of the identifiable assets, liabilities and
contingent liabilities. Goodwill acquired in a business combination is allocated, from the acquisition date to the
cash-generating units or groups of cash-generating units that are expected to benefit from the business
combination in which the goodwill arose.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is
reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying
value may be impaired.
The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in
associates under the equity method in the Group Balance Sheet.
Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of
impairment is considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual
period. Impairment is determined by assessing the recoverable amount of the cash-generating unit to which the
goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an
impairment loss is recognised. Impairment losses arising in respect of goodwill are not reversed following recognition.
Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the
profit or loss arising on disposal.
Where goodwill forms part of a cash-generating unit and part of the operations within that unit are disposed of, the
goodwill associated with the operation disposed of is included in the carrying amount of the operation when
determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured
based on the relative values of the operation disposed of and the proportion of the cash-generating unit retained.
INTANGIBLE ASSETS
Intangible assets acquired separately are capitalised at cost. Intangible assets acquired in the course of a business
combination are capitalised at fair value being their deemed cost as at the date of acquisition.
Following initial recognition, intangible assets which have a finite life are carried at cost less any applicable
accumulated amortisation and any accumulated impairment losses. Where amortisation is charged on assets with
finite lives this expense is taken to the Income Statement.
The amortisation of intangible assets is calculated to write off the book value of intangible assets over their useful
lives on a straight-line basis on the assumption of zero residual value. In general, finite-lived intangible assets are
amortised over periods ranging from two to 40 years, depending on the nature of the intangible asset.
The carrying amount of finite-lived intangible assets are reviewed for indicators of impairment at each reporting date
and are subject to impairment testing when events or changes in circumstances indicate that the carrying values
may not be recoverable. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units).
The Group does not have any indefinite-lived intangible assets.
INVENTORIES
Inventories are valued at the lower of cost and net realisable value.
Cost is determined on a first in first out basis and in the case of raw materials, bought-in goods and expense
inventories, comprises purchase price plus transport and handling costs less trade discounts and subsidies. Cost, in
the case of products manufactured by the Group, consists of direct material and labour costs together with the
relevant production overheads based on normal levels of activity. Net realisable value represents the estimated
selling price less costs to completion and appropriate selling and distribution costs.
Provision is made, where necessary, for slow moving, obsolete and defective inventories.
FINANCIAL INSTRUMENTS
A financial instrument is recognised when the Group becomes a party to its contractual provisions. Financial assets
are derecognised when the Group\u2019s contractual rights to the cash flows from the financial assets expire, are
extinguished, or transferred to a third party. Financial liabilities are derecognised when the Group\u2019s obligations
specified in the contracts expire, are discharged, or cancelled.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method less allowance for impairment.
An allowance for impairment of trade receivables is established based on both expected credit losses and
information available that the Group will not be able to collect all amounts due according to the original terms of the
receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial
reorganisation, and default in payments are considered indicators that the trade receivable is impaired. The amount
of the allowance is the difference between the asset\u2019s carrying amount and the present value of estimated future
cash flows. The amount of the allowance is recognised in the Income Statement.
The Group derecognises a receivable only when the contractual rights to the cash flows from the receivable expire, or
when it transfers the receivable and substantially all of the risks and rewards of ownership of the asset to another
entity. The Group applies several tests to receivable purchase agreements to determine whether derecognition is
appropriate or not. These tests are applied to the entire portfolio of receivables rather than to each individual
receivable as the receivables comprise \u2018a group of similar assets\u2019 in accordance with IFRS 9. The testing procedure
includes consideration of the following; whether the arrangement represents a qualifying transfer of assets, whether
substantially all of the risks and rewards of the receivable transferred from the Group and whether the Group has lost
control of the receivable.
On derecognition of a receivable the difference between the asset\u2019s carrying amount and the sum of the
consideration received and receivable and the cumulative gain or loss that had been recognised in other
comprehensive income and accumulated in equity is recognised in the Income Statement. Following derecognition,
receivables arising from non-recourse sales are excluded from \u2018Trade and other receivables\u2019 in the Group Balance
Sheet. The Group presents cash flows arising from non-recourse sales as part of operating activities in the Group
Cash Flow Statement.
TRADE AND OTHER PAYABLES
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, which
approximates to fair value given the short-dated nature of these liabilities.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of
three months or less.
For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents
as defined above, net of bank overdrafts.
INTEREST-BEARING LOANS AND BORROWINGS All loans and borrowings are initially recorded at fair value, net of transaction costs incurred. Loans and borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. LEASES The Group enters leases for a range of assets, principally relating to property. These property leases have varying terms and renewal rights, including periodic rent reviews linked with indices. The Group also leases motor vehicles, plant, machinery, and other equipment. The terms and conditions of these leases do not impose significant financial restrictions on the Group. A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a period in exchange for consideration, which is assessed at inception. A right-of-use asset and lease creditor are recognised at the commencement date for contracts containing a lease, except for leases with a term of 12 months or less, leases where the underlying asset is of low value and leases with associated payments that vary directly in line with usage or sales (such lease costs continue to be expensed in the Income Statement as incurred). The commencement date is the date at which the asset is made available for use by the Group. Lease creditors are initially measured at the present value of the future lease payments, discounted using the incremental borrowing rate over the remaining lease term. Lease payments include fixed payments, variable payments that are dependent on an index known at the commencement date, payments for an optional renewal period and termination option payments, if the Group is reasonably certain to exercise those options. The lease term is the non-cancellable period of the lease adjusted for any renewal or termination options which are reasonably certain to be exercised. Management applies judgement in determining whether it is reasonably certain that a renewal or termination option will be exercised. Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding the lease and the term and currency of the lease. After initial recognition, lease creditors are measured at amortised cost using the effective interest method. They are remeasured when there is a change in future lease payments or when the Group changes its assessment of whether it is reasonably certain to exercise an option within the contract. A corresponding adjustment is made to the carrying amount of the right-of-use asset. The right-of-use asset is initially measured at cost, which comprises the lease creditor adjusted for any payments made at or before the commencement date, initial direct costs incurred, lease incentives received and an estimate of the cost to dismantle or restore the underlying asset or the site on which it is located at the end of the lease term. The right-of-use asset is depreciated over the lease term and is tested periodically for impairment if an impairment indicator is considered to exist. DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments (principally interest rate, currency and cross currency interest rate swaps and forward foreign exchange and commodity contracts) to hedge its exposure to interest rate and foreign exchange risks and to changes in the prices of certain commodity products arising from operational, financing and investment activities. Derivative financial instruments are recognised at inception at fair value, being the present value of estimated future cash flows. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Changes in the fair value of currency swaps that are hedging borrowings and for which the Group has not elected to apply hedge accounting, along with changes in the fair value of derivatives hedging borrowings, that are part of designated fair value hedge relationships, are reflected in the Income Statement in \u2018Finance Costs\u2019. Changes in the fair value of other derivative financial instruments for which the Group has not elected to apply hedge accounting are reflected in the Income Statement, in \u2018Other Operating Income/Expenses\u2019. HEDGING For the purposes of hedge accounting, hedges are designated either as fair value hedges (which hedge the exposure to movements in the fair value of recognised assets or liabilities or firm commitments that are attributable to hedged risks) or cash flow hedges (which hedge exposures to fluctuations in future cash flows derived from a particular risk associated with recognised assets or liabilities or highly probable forecast transactions). The Group documents, at the inception of the transactions, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments are disclosed in note 3.10 and the movements on the cash flow hedge reserve in equity are shown in note 4.2. The full fair value of a derivative is classified as a non-current asset or non-current liability if the remaining maturity of the derivative is more than 12 months and as a current asset or current liability if the remaining maturity of the derivative is less than 12 months. Fair value hedge In the case of fair value hedges which satisfy the conditions for hedge accounting, any gain or loss arising from the remeasurement of the fair value of the hedging instrument is reported in the Income Statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. As a result, the gain or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with borrowings are included within \u2018Finance Income\u2019 or \u2018Finance Costs\u2019. In the case of the related hedged borrowings, any gain or loss on the hedged item which is attributable to the hedged risk is adjusted against the carrying amount of the hedged item and reflected in the Income Statement within \u2018Finance Costs\u2019 or \u2018Finance Income\u2019. The gain or loss on commodity derivatives that are designated as fair value hedges of firm commitments are recognised in the Income Statement. Any change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or liability on the Balance Sheet with a corresponding gain or loss in the Income Statement. If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item is amortised to the Income Statement over the period to maturity. Cash flow hedge Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised as a separate component of equity. The ineffective portion is reported in the Income Statement in \u2018Finance Income\u2019 and \u2018Finance Costs\u2019 where the hedged item is private placement debt, and in \u2018Other Operating Income/Expenses\u2019 for all other cases. When a forecast transaction results in the recognition of an asset or a liability, the cumulative gain or loss is removed from equity and included in the initial measurement of the asset or liability. Otherwise, the associated gains or losses that had previously been recognised in equity are transferred to the Income Statement in the same reporting period as the hedged transaction in Revenue or Cost of Sales (depending on whether the hedge related to a forecasted sale or purchase). When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement. PROVISIONS A provision is recognised in the Balance Sheet when the Group has a present obligation (either legal or constructive) because of a past event, and it is probable that a transfer of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and announced its main provisions. Provisions arising on business combinations are only recognised to the extent that they would have qualified for recognition in the financial statements of the acquiree prior to the acquisition. A contingent liability is not recognised but is disclosed where the existence of the obligation will only be confirmed by future events or where it is not probable that an outflow of resources will be required to settle the obligation or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefits is probable. Environmental provisions The Group has certain site remediation obligations to be incurred in compliance with local or national environmental regulations together with constructive obligations stemming from established best practice. The measurement of these provisions is based on the evaluation of currently available facts with respect to each individual site and is adjusted periodically as remediation efforts progress or as additional information becomes available. Inherent uncertainties exist in such measurements primarily due to unknown timing, site conditions and changing regulations. Full provision is made for the net present value of the estimated costs in relation to the Group\u2019s environmental liabilities. The net present value of the estimated costs is capitalised as property, plant and equipment and the unwinding of the discount element on the environmental provision is reflected in the Income Statement.
Cylinder and tank deposits provisions
In certain DCC Energy operations, an obligation arises from the receipt of deposit fees paid by customers for liquid
gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This
deposit will subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank
together with the original deposit receipt. Cylinder and tank deposits acquired through business combinations are
measured initially at their fair value at the acquisition date (i.e., net present value) and the unwinding of the discount
element is reflected in the Income Statement.
PENSION AND OTHER POST-EMPLOYMENT OBLIGATIONS
The Group operates defined contribution and defined benefit pension schemes.
The costs arising in respect of the Group\u2019s defined contribution schemes are charged to the Income Statement in the
period in which they are incurred. The Group has no legal or constructive obligation to pay further contributions after
payment of fixed contributions.
The Group operates several defined benefit pension schemes which require contributions to be made to separately
administered funds. The liabilities and costs associated with the Group\u2019s defined benefit pension schemes are
assessed based on the projected unit credit method by qualified actuaries and are arrived at using actuarial
assumptions based on market expectations at the reporting date. The Group\u2019s net obligation in respect of defined
benefit pension schemes is calculated separately for each plan by estimating the number of future benefits that
employees have earned in return for their service in the current and prior periods. That benefit is discounted to
determine its present value, and the fair value of any plan asset is deducted. Plan assets are measured at fair values.
The discount rate employed in determining the present value of the schemes\u2019 liabilities is determined by reference to
market yields at the reporting date on high-quality corporate bonds of a currency and term consistent with the
currency and term of the associated post-employment benefit obligations.
The deferred tax impact of pension scheme surpluses and deficits is disclosed separately within deferred tax liabilities
or assets as appropriate. Remeasurements, comprising actuarial gains and losses and the return on plan assets
(excluding net interest) are recognised immediately in the Group Balance Sheet with a corresponding entry to
retained earnings through Other Comprehensive Income in the period in which they occur. Remeasurements are not
reclassified to profit or loss in subsequent periods.
The defined benefit pension asset or liability in the Group Balance Sheet comprises the total for each plan of the
present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be
settled directly. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance
policies. Fair value is based on market price information, and, in the case of published securities, it is the published bid
price. The value of any defined benefit asset is limited to the present value of any economic benefits available in the
form of refunds from the plan and reductions in the future contributions to the plan.
A curtailment arises when the Group is demonstrably committed to make a significant reduction in the number of
employees covered by a plan. A past service cost, negative or positive, arises following a change in the present
value of the defined benefit obligation for employee service in prior periods, resulting in the current period from the
introduction of, or changes to, post-employment benefits. A settlement arises where the Group is relieved of
responsibility for a pension obligation and eliminates significant risk relating to the obligation and the assets used to
affect the settlement. Past-service costs, negative or positive, are recognised immediately in the Income Statement.
Losses arising on settlement or curtailment not allowed for in the actuarial assumptions are measured at the date on
which the Group becomes demonstrably committed to the transaction.
Gains arising on a settlement are measured at the date on which all parties whose consent is required are irrevocably
committed to the transaction. Settlement gains and losses are dealt with in the Income Statement.
SHARE-BASED PAYMENT TRANSACTIONS
Certain employees (including Directors) of the Group receive remuneration in the form of share-based payment
transactions, whereby employees render service in exchange for shares or rights over shares.
The fair value of share entitlements granted is recognised as an employee expense in the Income Statement with a
corresponding increase in equity. At the end of each reporting period, the Group revises its estimates of the number
of options that are expected to vest based on the non-market vesting conditions and service conditions. It
recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding
adjustment to equity. The fair value at the grant date is determined using a Monte Carlo simulation technique for the
DCC plc Long-term Incentive Plan.
The DCC plc Long-term Incentive Plan contains both market and non-market based vesting conditions. Accordingly, the fair value assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is adjusted to reflect the anticipated likelihood at the grant date of achieving the market based vesting conditions. The cumulative non-market-based charge to the Income Statement is reversed where entitlements do not vest because non-market performance conditions have not been met or where an employee in receipt of share entitlements relinquishes service before the end of the vesting period. Where the share-based payments give rise to the issue of new equity share capital, the proceeds received by the Company are credited to Share Capital (nominal value) and Share Premium when the share entitlements are exercised. Where the share-based payments give rise to the re-issue of shares from treasury shares, the proceeds of issue are credited to shareholders equity. The measurement requirements of IFRS 2 have been implemented in respect of share options entitlements granted after 7 November 2002. In accordance with the standard, the disclosure requirements of IFRS 2 have been applied to all outstanding share-based payments regardless of their grant date. The Group does not operate any cash-settled share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2. EQUITY Treasury shares Where the Company purchases the Company\u2019s equity share capital, the consideration paid is deducted from total equity and classified as treasury shares until they are cancelled. Where such shares are subsequently sold or re-issued, any consideration received is included in share premium. Dividends Dividends on Ordinary Shares are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved by the shareholders of the Company. Proposed dividends that are approved after the reporting date are not recognised as a liability at that reporting date but are disclosed in the dividends note. Non-controlling interests Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet, distinguished from shareholders\u2019 equity attributable to owners of the Parent Company. Acquisitions of non-controlling interests are accounted for as transactions with equity holders in their capacity as equity holders and therefore no goodwill is recognised because of such transactions. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-552": { "value": "REVENUE RECOGNITION Revenue comprises the fair value of the sale of goods and services to external customers net of applicable sales taxes, volume and promotional rebates, allowances and discounts. Revenue is generally recognised on a duty inclusive basis where applicable. The Group is deemed to be a principal in an arrangement when it controls a promised good or service before transferring them to a customer, and accordingly recognises revenue on a gross basis. Where the Group is determined to be an agent in a transaction, based on the principle of control, the net amount retained after the deduction of any costs to the principal is recognised as revenue. The Group operates across a wide range of business segments and jurisdictions with varying customer credit terms which are in line with normal credit terms offered in that business segment and/or country of operation. Given the short-term nature of these credit terms, no element of financing is deemed present. Group revenues do not include any significant level of variable consideration. Revenue is recorded when the collection of the amount is reasonably assured and when specific criteria have been met for each of the Group\u2019s activities as detailed below. Sales of goods Revenue from the sale of goods is measured based on the consideration specified in the contract with the customer. The Group recognises revenue when it transfers control over a good or service to a customer. This generally arises on delivery or in accordance with specific terms and conditions agreed with individual customers. In the case of consignment stock arrangements, revenue is recognised on the date that legal title passes. Rebates, allowances, and discounts are recorded in the same period as the original revenue. DCC Energy derives most of its revenue from the sale of transport and commercial fuels, heating oils and related products, liquid gas, refrigerants, electricity and natural gas. Revenue is also derived from activities which fall under services, renewables and other (\u2018SRO\u2019) such as the sale and installation of solar panels and energy efficiency offerings. The customer obtains control when the goods are delivered to the customer. The performance is satisfied once the customer accepts the delivery. Products can be sold under short or long-term agreements at prevailing market prices or at fixed prices for which DCC Energy will have fixed supply prices. DCC Technology derives most of its revenue from the sale of consumer and SME focused technology products. The Group recognises the revenue, generally, when dispatch occurs. The performance obligation is then deemed to have been satisfied. Should volume and promotional rebates be granted to customers they are recognised as a reduction in sales revenue at the time of the sale based on managements\u2019 estimate of the likely rebate to be awarded to customers. Estimates are based on historical results, taking into consideration the type of customer, the type of transaction and the specific facts of each arrangement.
DCC Healthcare derives its revenue from the sale of a broad range of third-party and own-branded medical devices
and pharmaceuticals. Revenue is also generated from the manufacture of products for health and beauty brand
owners. The customer obtains control when the products are delivered to the customer and the performance is
satisfied once the customer accepts the products. Revenue is recognised at this point in the majority of cases.
Sales of services
Revenue from the rendering of services is recognised in the period in which the services are rendered. Contracts do
not contain multiple performance obligations as defined by IFRS 15.
Service revenue in DCC Energy is generated from a variety of value-added services provided to customers. Revenue
is recognised when the performance obligation is met which is as the service is provided.
DCC Technology generates service revenue from providing a range of value-added services to both its customers
and suppliers including third party logistics, web site development and management, outsourced managed services,
training and certain supply chain management services such as quality assurance and compliance. Revenue relating
to these services is recognised when the performance obligation is deemed to be met which is as the service is
provided.
DCC Healthcare generates service revenue from a variety of sources such as logistics services including stock
management, distribution services to hospitals and healthcare manufacturers as well as engineering and
preventative maintenance services. Revenue is recognised as the service is rendered and completed, when the
performance obligation is deemed to be met.
Rental income
Rental income principally comprises property and liquid gas tank rental income and rental income from operating
leases is recognised on a straight-line basis over the term of the lease. The related assets are recorded within
property, plant and equipment and are depreciated on a straight-line basis over the useful lives of the assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-554": { "value": "
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker who is responsible for allocating resources and assessing performance of the operating segments.
The Group has determined that it has two reportable operating segments: DCC Energy and DCC Technology.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-555": { "value": "
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
The functional currency of the Company is euro. The consolidated financial statements are presented in sterling which
is the Company\u2019s and the Group\u2019s presentation currency, and a significant portion of the Group\u2019s revenue and
operating profit is generated in sterling. Items included in the financial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which the entity operates.
Transactions and balances
Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at
the reporting date. Currency translation differences on monetary assets and liabilities are taken to the Group Income
Statement except when cash flow or net investment hedge accounting is applied.
Group companies
Results and cash flows of the parent and its subsidiaries and associates which do not have sterling as their functional
currency are translated into sterling at average exchange rates for the year. Average exchange rates are a
reasonable approximation of the cumulative effect of the rates on the transaction dates. The related balance sheets
are translated at the rates of exchange ruling at the reporting date. Adjustments arising on translation of the results
of such subsidiaries and associates at average rates, and on the restatement of the opening net assets at closing
rates, are dealt with in a separate translation reserve within equity, net of differences on related currency instruments
designated as hedges of such investments.
On disposal of a foreign operation, such cumulative currency translation differences are recognised in the Income
Statement as part of the overall gain or loss on disposal. In accordance with IFRS 1, cumulative currency translation
differences arising prior to the transition date to IFRS (1 April 2004) have been set to zero for the purposes of
ascertaining the gain or loss on disposal of a foreign operation.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are regarded as assets and liabilities
of the foreign operation, are expressed in the functional currency of the foreign operation, and are recorded at the
exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-596": { "value": "Functional and presentation currency The functional currency of the Company is euro. The consolidated financial statements are presented in sterling which is the Company\u2019s and the Group\u2019s presentation currency, and a significant portion of the Group\u2019s revenue and operating profit is generated in sterling. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-597": { "value": "FINANCE COSTS Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, net losses on hedging instruments that are recognised in the Income Statement, facility fees and the unwinding of discounts on provisions and acquisition related liabilities. The interest expense component of lease creditor payments is recognised in the Income Statement using the effective interest rate method. The net finance cost/income on defined benefit pension scheme assets or obligations are recognised in the Income Statement in accordance with IAS 19. The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency swaps and related debt are included in \u2018Finance Costs\u2019 in the case of a net loss. The mark-to-market of designated swaps and related debt comprises the gain or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with borrowings, together with the gain or loss on the hedged borrowings which is attributable to the hedged risk. The mark-to-market of undesignated swaps and related debt comprises the gain or loss on currency swaps which are not designated as hedging instruments, but which are used to offset movements in foreign exchange rates on certain borrowings, along with the currency movement on those borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-558": { "value": "FINANCE COSTS Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, net losses on hedging instruments that are recognised in the Income Statement, facility fees and the unwinding of discounts on provisions and acquisition related liabilities. The interest expense component of lease creditor payments is recognised in the Income Statement using the effective interest rate method. The net finance cost/income on defined benefit pension scheme assets or obligations are recognised in the Income Statement in accordance with IAS 19. The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency swaps and related debt are included in \u2018Finance Costs\u2019 in the case of a net loss. The mark-to-market of designated swaps and related debt comprises the gain or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with borrowings, together with the gain or loss on the hedged borrowings which is attributable to the hedged risk. The mark-to-market of undesignated swaps and related debt comprises the gain or loss on currency swaps which are not designated as hedging instruments, but which are used to offset movements in foreign exchange rates on certain borrowings, along with the currency movement on those borrowings. FINANCE INCOME Finance income is recognised in the Income Statement as it accrues, using the effective interest method, and includes net gains on hedging instruments that are recognised in the Income Statement. The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency swaps and related debt, both as defined above, are included in \u2018Finance Income\u2019 in the case of a net gain. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-556": { "value": "EXCEPTIONAL ITEMS The Group has adopted an Income Statement format which seeks to highlight significant items within the Group results for the year. Such items may include restructuring, profit or loss on disposal or termination of operations, litigation costs and settlements, profit or loss on disposal of investments, profit or loss on disposal of property, plant and equipment, IAS 39 ineffective mark-to-market movements together with gains or losses arising from currency swaps offset by gains or losses on related fixed rate debt, acquisition costs, profit or loss on defined benefit pension scheme restructuring, adjustments to contingent acquisition consideration, the impact on deferred tax balances as a result of changes to enacted corporation tax rates and impairment of assets. Judgement is used by the Group in assessing the items, which by virtue of their scale and nature, should be presented in the Income Statement and disclosed in the related notes as exceptional items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-557": { "value": "INCOME TAX Current tax The Group\u2019s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various allowances and reliefs available to the Group in the multiple tax jurisdictions in which it operates. The determination of the Group\u2019s provision for income tax requires certain judgements and estimates in relation to matters where the ultimate tax outcome may not be certain. The recognition or non-recognition of deferred tax assets as appropriate also requires judgement as it involves an assessment of the future recoverability of those assets. In addition, the Group is subject to tax audits which can involve complex issues that could require extended periods to conclude, the resolution of which is often not within the control of the Group. Although management believes that the estimates included in the Consolidated Financial Statements and its tax return positions are correct, there is no certainty that the final outcome of these matters will not be different to that which is reflected in the Group\u2019s historical income tax provisions and accruals. Whilst it is possible, the Group does not currently anticipate that any such differences could have a material impact on the income tax provision and profit for the period in which such a determination is made nor does it expect any significant impact on its financial position in the near term. This is based on the Group\u2019s knowledge and experience, as well as the profile of the individual components which have been reflected in the current tax liability, the status of the tax audits, enquiries and negotiations in progress at each year end. Current tax represents the expected tax payable or recoverable on the taxable profit for the year using tax rates enacted or substantively enacted at the reporting date and considering any adjustments stemming from prior years. Any interest or penalties arising are included within current tax. Where items are accounted for outside of profit or loss, the related income tax is recognised either in other comprehensive income or directly in equity as appropriate. Deferred tax Deferred tax is provided using the liability method on all temporary differences at the reporting date which is defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured using the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are recognised for all taxable temporary differences except for the following: \u2022 where the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the transaction; and \u2022 where, in respect of taxable temporary differences associated with investments in subsidiaries and associates, the timing of the reversal of the temporary difference is subject to control by the Group and it is probable that reversal will not occur in the foreseeable future. Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which to offset these items except: \u2022 where the deferred tax asset arises from the initial recognition of an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the transaction; and \u2022 where, in respect of deductible temporary differences associated with investment in subsidiaries and associates, a deferred tax asset is recognised only if it is probable that the deductible temporary difference will reverse in the foreseeable future and that sufficient taxable profits will be available against which the temporary difference can be utilised. The carrying amounts of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that sufficient taxable profits would be available to allow all or part of the deferred tax asset to be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-598": { "value": "Deferred tax Deferred tax is provided using the liability method on all temporary differences at the reporting date which is defined as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets and liabilities are not subject to discounting and are measured using the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are recognised for all taxable temporary differences except for the following: \u2022 where the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the transaction; and \u2022 where, in respect of taxable temporary differences associated with investments in subsidiaries and associates, the timing of the reversal of the temporary difference is subject to control by the Group and it is probable that reversal will not occur in the foreseeable future. Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which to offset these items except: \u2022 where the deferred tax asset arises from the initial recognition of an asset or a liability in a transaction that is not a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the transaction; and \u2022 where, in respect of deductible temporary differences associated with investment in subsidiaries and associates, a deferred tax asset is recognised only if it is probable that the deductible temporary difference will reverse in the foreseeable future and that sufficient taxable profits will be available against which the temporary difference can be utilised. The carrying amounts of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that sufficient taxable profits would be available to allow all or part of the deferred tax asset to be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-599": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided on a straight-line basis at the rates stated below, which are estimated to reduce each item of property, plant and equipment to its residual value level by the end of its useful life.
Annual Rate
Freehold buildings
2%
Plant and machinery
5% \u2013 33
1
/
3
%
Cylinders
6
2
/
3
% \u2013 10%
Motor vehicles
10% \u2013 33
1
/
3
%
Fixtures, fittings & office equipment
10% \u2013 33
1
/
3
%
Land is not depreciated. The residual values and useful lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each reporting date. In accordance with IAS 36 Impairment of Assets, the carrying amounts of items of property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the Income Statement. Following the recognition of an impairment loss, the depreciation charge applicable to the asset or cash-generating unit is adjusted prospectively to systematically allocate the revised carrying amount, net of any residual value, over the remaining useful life. Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the replaced item can be measured reliably. All other repair and maintenance costs are charged to the Income Statement during the financial period in which they are incurred. Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-559": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided on a straight-line basis at the rates stated below, which are estimated to reduce each item of property, plant and equipment to its residual value level by the end of its useful life.
Annual Rate
Freehold buildings
2%
Plant and machinery
5% \u2013 33
1
/
3
%
Cylinders
6
2
/
3
% \u2013 10%
Motor vehicles
10% \u2013 33
1
/
3
%
Fixtures, fittings & office equipment
10% \u2013 33
1
/
3
%
Land is not depreciated. The residual values and useful lives of property, plant and equipment are reviewed, and adjusted if appropriate, at each reporting date. In accordance with IAS 36 Impairment of Assets, the carrying amounts of items of property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the Income Statement. Following the recognition of an impairment loss, the depreciation charge applicable to the asset or cash-generating unit is adjusted prospectively to systematically allocate the revised carrying amount, net of any residual value, over the remaining useful life. Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the replaced item can be measured reliably. All other repair and maintenance costs are charged to the Income Statement during the financial period in which they are incurred. Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-560": { "value": "INVESTMENTS IN SUBSIDIARY UNDERTAKINGS Investments in subsidiaries are stated at cost less any accumulated impairments and are reviewed for impairment if there are indications that the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-561": { "value": "BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs are expensed as incurred. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the Income Statement. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. The fair value of contingent consideration is arrived at through discounting the expected payment to present value. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in the Income Statement. Goodwill is initially measured at cost being the excess of the fair value of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the Income Statement. A financial liability is recognised in relation to the non-controlling shareholder\u2019s option to put its shareholding back to the Group, being the fair value of the estimate of amounts payable to acquire the non-controlling interest. The financial liability is included in acquisition related liabilities. The discount component is unwound as an interest charge in the Income Statement over the life of the obligation. Subsequent changes to the financial liability are recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-600": { "value": "BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs are expensed as incurred. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the Income Statement. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. The fair value of contingent consideration is arrived at through discounting the expected payment to present value. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in the Income Statement. Goodwill is initially measured at cost being the excess of the fair value of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the Income Statement. A financial liability is recognised in relation to the non-controlling shareholder\u2019s option to put its shareholding back to the Group, being the fair value of the estimate of amounts payable to acquire the non-controlling interest. The financial liability is included in acquisition related liabilities. The discount component is unwound as an interest charge in the Income Statement over the life of the obligation. Subsequent changes to the financial liability are recognised in the Income Statement. GOODWILL Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included at its carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1, the accounting treatment of business combinations undertaken prior to the transition date was not reconsidered and goodwill amortisation ceased with effect from the transition date. Goodwill on acquisitions is initially measured as the excess of the fair value of consideration paid for the business combination plus any non-controlling interest, over the net fair value of the identifiable assets, liabilities and contingent liabilities. Goodwill acquired in a business combination is allocated, from the acquisition date to the cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in associates under the equity method in the Group Balance Sheet. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual period. Impairment is determined by assessing the recoverable amount of the cash-generating unit to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised. Impairment losses arising in respect of goodwill are not reversed following recognition. Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the profit or loss arising on disposal. Where goodwill forms part of a cash-generating unit and part of the operations within that unit are disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the proportion of the cash-generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-615": { "value": "GOODWILL Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included at its carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1, the accounting treatment of business combinations undertaken prior to the transition date was not reconsidered and goodwill amortisation ceased with effect from the transition date. Goodwill on acquisitions is initially measured as the excess of the fair value of consideration paid for the business combination plus any non-controlling interest, over the net fair value of the identifiable assets, liabilities and contingent liabilities. Goodwill acquired in a business combination is allocated, from the acquisition date to the cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in associates under the equity method in the Group Balance Sheet. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual period. Impairment is determined by assessing the recoverable amount of the cash-generating unit to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised. Impairment losses arising in respect of goodwill are not reversed following recognition. Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the profit or loss arising on disposal. Where goodwill forms part of a cash-generating unit and part of the operations within that unit are disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the proportion of the cash-generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-562": { "value": "GOODWILL Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included at its carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1, the accounting treatment of business combinations undertaken prior to the transition date was not reconsidered and goodwill amortisation ceased with effect from the transition date. Goodwill on acquisitions is initially measured as the excess of the fair value of consideration paid for the business combination plus any non-controlling interest, over the net fair value of the identifiable assets, liabilities and contingent liabilities. Goodwill acquired in a business combination is allocated, from the acquisition date to the cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in associates under the equity method in the Group Balance Sheet. Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual period. Impairment is determined by assessing the recoverable amount of the cash-generating unit to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised. Impairment losses arising in respect of goodwill are not reversed following recognition. Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the profit or loss arising on disposal. Where goodwill forms part of a cash-generating unit and part of the operations within that unit are disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the proportion of the cash-generating unit retained. INTANGIBLE ASSETS Intangible assets acquired separately are capitalised at cost. Intangible assets acquired in the course of a business combination are capitalised at fair value being their deemed cost as at the date of acquisition. Following initial recognition, intangible assets which have a finite life are carried at cost less any applicable accumulated amortisation and any accumulated impairment losses. Where amortisation is charged on assets with finite lives this expense is taken to the Income Statement. The amortisation of intangible assets is calculated to write off the book value of intangible assets over their useful lives on a straight-line basis on the assumption of zero residual value. In general, finite-lived intangible assets are amortised over periods ranging from two to 40 years, depending on the nature of the intangible asset. The carrying amount of finite-lived intangible assets are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group does not have any indefinite-lived intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-616": { "value": "INTANGIBLE ASSETS Intangible assets acquired separately are capitalised at cost. Intangible assets acquired in the course of a business combination are capitalised at fair value being their deemed cost as at the date of acquisition. Following initial recognition, intangible assets which have a finite life are carried at cost less any applicable accumulated amortisation and any accumulated impairment losses. Where amortisation is charged on assets with finite lives this expense is taken to the Income Statement. The amortisation of intangible assets is calculated to write off the book value of intangible assets over their useful lives on a straight-line basis on the assumption of zero residual value. In general, finite-lived intangible assets are amortised over periods ranging from two to 40 years, depending on the nature of the intangible asset. The carrying amount of finite-lived intangible assets are reviewed for indicators of impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group does not have any indefinite-lived intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-563": { "value": "INVENTORIES Inventories are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis and in the case of raw materials, bought-in goods and expense inventories, comprises purchase price plus transport and handling costs less trade discounts and subsidies. Cost, in the case of products manufactured by the Group, consists of direct material and labour costs together with the relevant production overheads based on normal levels of activity. Net realisable value represents the estimated selling price less costs to completion and appropriate selling and distribution costs. Provision is made, where necessary, for slow moving, obsolete and defective inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-564": { "value": "FINANCIAL INSTRUMENTS A financial instrument is recognised when the Group becomes a party to its contractual provisions. Financial assets are derecognised when the Group\u2019s contractual rights to the cash flows from the financial assets expire, are extinguished, or transferred to a third party. Financial liabilities are derecognised when the Group\u2019s obligations specified in the contracts expire, are discharged, or cancelled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-565": { "value": "TRADE AND OTHER RECEIVABLES Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less allowance for impairment. An allowance for impairment of trade receivables is established based on both expected credit losses and information available that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default in payments are considered indicators that the trade receivable is impaired. The amount of the allowance is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows. The amount of the allowance is recognised in the Income Statement. The Group derecognises a receivable only when the contractual rights to the cash flows from the receivable expire, or when it transfers the receivable and substantially all of the risks and rewards of ownership of the asset to another entity. The Group applies several tests to receivable purchase agreements to determine whether derecognition is appropriate or not. These tests are applied to the entire portfolio of receivables rather than to each individual receivable as the receivables comprise \u2018a group of similar assets\u2019 in accordance with IFRS 9. The testing procedure includes consideration of the following; whether the arrangement represents a qualifying transfer of assets, whether substantially all of the risks and rewards of the receivable transferred from the Group and whether the Group has lost control of the receivable. On derecognition of a receivable the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in the Income Statement. Following derecognition, receivables arising from non-recourse sales are excluded from \u2018Trade and other receivables\u2019 in the Group Balance Sheet. The Group presents cash flows arising from non-recourse sales as part of operating activities in the Group Cash Flow Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-566": { "value": "TRADE AND OTHER PAYABLES Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, which approximates to fair value given the short-dated nature of these liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-567": { "value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of bank overdrafts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-570": { "value": "
INTEREST-BEARING LOANS AND BORROWINGS
All loans and borrowings are initially recorded at fair value, net of transaction costs incurred. Loans and borrowings
are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the Income Statement over the period of the borrowings using the effective
interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-569": { "value": "
LEASES
The Group enters leases for a range of assets, principally relating to property. These property leases have varying
terms and renewal rights, including periodic rent reviews linked with indices. The Group also leases motor vehicles,
plant, machinery, and other equipment. The terms and conditions of these leases do not impose significant financial
restrictions on the Group.
A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a
period in exchange for consideration, which is assessed at inception. A right-of-use asset and lease creditor are
recognised at the commencement date for contracts containing a lease, except for leases with a term of 12 months
or less, leases where the underlying asset is of low value and leases with associated payments that vary directly in
line with usage or sales (such lease costs continue to be expensed in the Income Statement as incurred). The
commencement date is the date at which the asset is made available for use by the Group.
Lease creditors are initially measured at the present value of the future lease payments, discounted using the
incremental borrowing rate over the remaining lease term. Lease payments include fixed payments, variable
payments that are dependent on an index known at the commencement date, payments for an optional renewal
period and termination option payments, if the Group is reasonably certain to exercise those options. The lease term
is the non-cancellable period of the lease adjusted for any renewal or termination options which are reasonably
certain to be exercised. Management applies judgement in determining whether it is reasonably certain that a
renewal or termination option will be exercised.
Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding
the lease and the term and currency of the lease.
After initial recognition, lease creditors are measured at amortised cost using the effective interest method. They are
remeasured when there is a change in future lease payments or when the Group changes its assessment of whether
it is reasonably certain to exercise an option within the contract. A corresponding adjustment is made to the carrying
amount of the right-of-use asset.
The right-of-use asset is initially measured at cost, which comprises the lease creditor adjusted for any payments
made at or before the commencement date, initial direct costs incurred, lease incentives received and an estimate of
the cost to dismantle or restore the underlying asset or the site on which it is located at the end of the lease term. The
right-of-use asset is depreciated over the lease term and is tested periodically for impairment if an impairment
indicator is considered to exist.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-568": { "value": "
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments (principally interest rate, currency and cross currency interest rate
swaps and forward foreign exchange and commodity contracts) to hedge its exposure to interest rate and foreign
exchange risks and to changes in the prices of certain commodity products arising from operational, financing and
investment activities.
Derivative financial instruments are recognised at inception at fair value, being the present value of estimated future
cash flows. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument, and if so, the nature of the item being hedged.
Changes in the fair value of currency swaps that are hedging borrowings and for which the Group has not elected to
apply hedge accounting, along with changes in the fair value of derivatives hedging borrowings, that are part of
designated fair value hedge relationships, are reflected in the Income Statement in \u2018Finance Costs\u2019.
Changes in the fair value of other derivative financial instruments for which the Group has not elected to apply hedge
accounting are reflected in the Income Statement, in \u2018Other Operating Income/Expenses\u2019.
HEDGING
For the purposes of hedge accounting, hedges are designated either as fair value hedges (which hedge the
exposure to movements in the fair value of recognised assets or liabilities or firm commitments that are attributable
to hedged risks) or cash flow hedges (which hedge exposures to fluctuations in future cash flows derived from a
particular risk associated with recognised assets or liabilities or highly probable forecast transactions).
The Group documents, at the inception of the transactions, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.
The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows
of hedged items.
The fair values of various derivative instruments are disclosed in note 3.10 and the movements on the cash flow hedge
reserve in equity are shown in note 4.2. The full fair value of a derivative is classified as a non-current asset or
non-current liability if the remaining maturity of the derivative is more than 12 months and as a current asset or current
liability if the remaining maturity of the derivative is less than 12 months.
Fair value hedge
In the case of fair value hedges which satisfy the conditions for hedge accounting, any gain or loss arising from the
remeasurement of the fair value of the hedging instrument is reported in the Income Statement, together with any
changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. As a result, the gain
or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with borrowings
are included within \u2018Finance Income\u2019 or \u2018Finance Costs\u2019. In the case of the related hedged borrowings, any gain or loss
on the hedged item which is attributable to the hedged risk is adjusted against the carrying amount of the hedged
item and reflected in the Income Statement within \u2018Finance Costs\u2019 or \u2018Finance Income\u2019. The gain or loss on commodity
derivatives that are designated as fair value hedges of firm commitments are recognised in the Income Statement.
Any change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or
liability on the Balance Sheet with a corresponding gain or loss in the Income Statement.
If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of the hedged
item is amortised to the Income Statement over the period to maturity.
Cash flow hedge
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset
or liability or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial
instrument is recognised as a separate component of equity. The ineffective portion is reported in the Income
Statement in \u2018Finance Income\u2019 and \u2018Finance Costs\u2019 where the hedged item is private placement debt, and in \u2018Other
Operating Income/Expenses\u2019 for all other cases. When a forecast transaction results in the recognition of an asset or
a liability, the cumulative gain or loss is removed from equity and included in the initial measurement of the asset or
liability. Otherwise, the associated gains or losses that had previously been recognised in equity are transferred to the
Income Statement in the same reporting period as the hedged transaction in Revenue or Cost of Sales (depending
on whether the hedge related to a forecasted sale or purchase).
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast
transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to
occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-601": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments (principally interest rate, currency and cross currency interest rate swaps and forward foreign exchange and commodity contracts) to hedge its exposure to interest rate and foreign exchange risks and to changes in the prices of certain commodity products arising from operational, financing and investment activities. Derivative financial instruments are recognised at inception at fair value, being the present value of estimated future cash flows. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Changes in the fair value of currency swaps that are hedging borrowings and for which the Group has not elected to apply hedge accounting, along with changes in the fair value of derivatives hedging borrowings, that are part of designated fair value hedge relationships, are reflected in the Income Statement in \u2018Finance Costs\u2019. Changes in the fair value of other derivative financial instruments for which the Group has not elected to apply hedge accounting are reflected in the Income Statement, in \u2018Other Operating Income/Expenses\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-602": { "value": "HEDGING For the purposes of hedge accounting, hedges are designated either as fair value hedges (which hedge the exposure to movements in the fair value of recognised assets or liabilities or firm commitments that are attributable to hedged risks) or cash flow hedges (which hedge exposures to fluctuations in future cash flows derived from a particular risk associated with recognised assets or liabilities or highly probable forecast transactions). The Group documents, at the inception of the transactions, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments are disclosed in note 3.10 and the movements on the cash flow hedge reserve in equity are shown in note 4.2. The full fair value of a derivative is classified as a non-current asset or non-current liability if the remaining maturity of the derivative is more than 12 months and as a current asset or current liability if the remaining maturity of the derivative is less than 12 months. Fair value hedge In the case of fair value hedges which satisfy the conditions for hedge accounting, any gain or loss arising from the remeasurement of the fair value of the hedging instrument is reported in the Income Statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. As a result, the gain or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with borrowings are included within \u2018Finance Income\u2019 or \u2018Finance Costs\u2019. In the case of the related hedged borrowings, any gain or loss on the hedged item which is attributable to the hedged risk is adjusted against the carrying amount of the hedged item and reflected in the Income Statement within \u2018Finance Costs\u2019 or \u2018Finance Income\u2019. The gain or loss on commodity derivatives that are designated as fair value hedges of firm commitments are recognised in the Income Statement. Any change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or liability on the Balance Sheet with a corresponding gain or loss in the Income Statement. If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item is amortised to the Income Statement over the period to maturity. Cash flow hedge Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised as a separate component of equity. The ineffective portion is reported in the Income Statement in \u2018Finance Income\u2019 and \u2018Finance Costs\u2019 where the hedged item is private placement debt, and in \u2018Other Operating Income/Expenses\u2019 for all other cases. When a forecast transaction results in the recognition of an asset or a liability, the cumulative gain or loss is removed from equity and included in the initial measurement of the asset or liability. Otherwise, the associated gains or losses that had previously been recognised in equity are transferred to the Income Statement in the same reporting period as the hedged transaction in Revenue or Cost of Sales (depending on whether the hedge related to a forecasted sale or purchase). When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-571": { "value": "
PROVISIONS
A provision is recognised in the Balance Sheet when the Group has a present obligation (either legal or constructive)
because of a past event, and it is probable that a transfer of economic benefits will be required to settle the
obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation
at the reporting date and are discounted to present value where the effect is material.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and
announced its main provisions.
Provisions arising on business combinations are only recognised to the extent that they would have qualified for
recognition in the financial statements of the acquiree prior to the acquisition.
A contingent liability is not recognised but is disclosed where the existence of the obligation will only be confirmed by
future events or where it is not probable that an outflow of resources will be required to settle the obligation or where
the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised
but are disclosed where an inflow of economic benefits is probable.
Environmental provisions
The Group has certain site remediation obligations to be incurred in compliance with local or national environmental
regulations together with constructive obligations stemming from established best practice. The measurement of
these provisions is based on the evaluation of currently available facts with respect to each individual site and is
adjusted periodically as remediation efforts progress or as additional information becomes available. Inherent
uncertainties exist in such measurements primarily due to unknown timing, site conditions and changing regulations.
Full provision is made for the net present value of the estimated costs in relation to the Group\u2019s environmental
liabilities. The net present value of the estimated costs is capitalised as property, plant and equipment and the
unwinding of the discount element on the environmental provision is reflected in the Income Statement.
Cylinder and tank deposits provisions In certain DCC Energy operations, an obligation arises from the receipt of deposit fees paid by customers for liquid gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This deposit will subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank together with the original deposit receipt. Cylinder and tank deposits acquired through business combinations are measured initially at their fair value at the acquisition date (i.e., net present value) and the unwinding of the discount element is reflected in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-573": { "value": "PENSION AND OTHER POST-EMPLOYMENT OBLIGATIONS The Group operates defined contribution and defined benefit pension schemes. The costs arising in respect of the Group\u2019s defined contribution schemes are charged to the Income Statement in the period in which they are incurred. The Group has no legal or constructive obligation to pay further contributions after payment of fixed contributions. The Group operates several defined benefit pension schemes which require contributions to be made to separately administered funds. The liabilities and costs associated with the Group\u2019s defined benefit pension schemes are assessed based on the projected unit credit method by qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the reporting date. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each plan by estimating the number of future benefits that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any plan asset is deducted. Plan assets are measured at fair values. The discount rate employed in determining the present value of the schemes\u2019 liabilities is determined by reference to market yields at the reporting date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated post-employment benefit obligations. The deferred tax impact of pension scheme surpluses and deficits is disclosed separately within deferred tax liabilities or assets as appropriate. Remeasurements, comprising actuarial gains and losses and the return on plan assets (excluding net interest) are recognised immediately in the Group Balance Sheet with a corresponding entry to retained earnings through Other Comprehensive Income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. The defined benefit pension asset or liability in the Group Balance Sheet comprises the total for each plan of the present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be settled directly. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance policies. Fair value is based on market price information, and, in the case of published securities, it is the published bid price. The value of any defined benefit asset is limited to the present value of any economic benefits available in the form of refunds from the plan and reductions in the future contributions to the plan. A curtailment arises when the Group is demonstrably committed to make a significant reduction in the number of employees covered by a plan. A past service cost, negative or positive, arises following a change in the present value of the defined benefit obligation for employee service in prior periods, resulting in the current period from the introduction of, or changes to, post-employment benefits. A settlement arises where the Group is relieved of responsibility for a pension obligation and eliminates significant risk relating to the obligation and the assets used to affect the settlement. Past-service costs, negative or positive, are recognised immediately in the Income Statement. Losses arising on settlement or curtailment not allowed for in the actuarial assumptions are measured at the date on which the Group becomes demonstrably committed to the transaction. Gains arising on a settlement are measured at the date on which all parties whose consent is required are irrevocably committed to the transaction. Settlement gains and losses are dealt with in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-572": { "value": "SHARE-BASED PAYMENT TRANSACTIONS Certain employees (including Directors) of the Group receive remuneration in the form of share-based payment transactions, whereby employees render service in exchange for shares or rights over shares. The fair value of share entitlements granted is recognised as an employee expense in the Income Statement with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The fair value at the grant date is determined using a Monte Carlo simulation technique for the DCC plc Long-term Incentive Plan.
The DCC plc Long-term Incentive Plan contains both market and non-market based vesting conditions. Accordingly,
the fair value assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is
adjusted to reflect the anticipated likelihood at the grant date of achieving the market based vesting conditions. The
cumulative non-market-based charge to the Income Statement is reversed where entitlements do not vest because
non-market performance conditions have not been met or where an employee in receipt of share entitlements
relinquishes service before the end of the vesting period.
Where the share-based payments give rise to the issue of new equity share capital, the proceeds received by the
Company are credited to Share Capital (nominal value) and Share Premium when the share entitlements are
exercised. Where the share-based payments give rise to the re-issue of shares from treasury shares, the proceeds
of issue are credited to shareholders equity.
The measurement requirements of IFRS 2 have been implemented in respect of share options entitlements granted
after 7 November 2002. In accordance with the standard, the disclosure requirements of IFRS 2 have been applied to
all outstanding share-based payments regardless of their grant date. The Group does not operate any cash-settled
share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-574": { "value": "
EQUITY
Treasury shares
Where the Company purchases the Company\u2019s equity share capital, the consideration paid is deducted from total
equity and classified as treasury shares until they are cancelled. Where such shares are subsequently sold or
re-issued, any consideration received is included in share premium.
Dividends
Dividends on Ordinary Shares are recognised as a liability in the Group\u2019s financial statements in the period in which
they are approved by the shareholders of the Company. Proposed dividends that are approved after the reporting
date are not recognised as a liability at that reporting date but are disclosed in the dividends note.
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly
to the Parent Company and are presented separately in the Group Income Statement and within equity in the Group
Balance Sheet, distinguished from shareholders\u2019 equity attributable to owners of the Parent Company. Acquisitions of
non-controlling interests are accounted for as transactions with equity holders in their capacity as equity holders and
therefore no goodwill is recognised because of such transactions. On an acquisition-by-acquisition basis, the Group
recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
", "dimensions": { "concept": "dccplc:DescriptionOfAccountingPolicyForEquity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-603": { "value": "Treasury shares Where the Company purchases the Company\u2019s equity share capital, the consideration paid is deducted from total equity and classified as treasury shares until they are cancelled. Where such shares are subsequently sold or re-issued, any consideration received is included in share premium. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-604": { "value": "Dividends Dividends on Ordinary Shares are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved by the shareholders of the Company. Proposed dividends that are approved after the reporting date are not recognised as a liability at that reporting date but are disclosed in the dividends note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-605": { "value": "Non-controlling interests Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the Parent Company and are presented separately in the Group Income Statement and within equity in the Group Balance Sheet, distinguished from shareholders\u2019 equity attributable to owners of the Parent Company. Acquisitions of non-controlling interests are accounted for as transactions with equity holders in their capacity as equity holders and therefore no goodwill is recognised because of such transactions. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-575": { "value": "
5.10
Approval of Financial Statements
The financial statements were approved by the Board of Directors on 12 May 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "Leopardstown Road, Foxrock, Dublin 18, D18 PK00, Ireland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }