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"fact-532": { "value": "31084000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-533": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-534": { "value": "62338000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-535": { "value": "1063439000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-536": { "value": "1119429000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-540": { "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 76 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 2026, 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. The registered number is 54858 and registered office address is DCC House, Leopardstown Road, Foxrock, Dublin 18, D18 PK00, Ireland. DCC plc is listed in the commercial companies\u2019 category of the London Stock Exchange Main Market.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-2": { "value": "DCC plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-537": { "value": "DCC plc,", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "DCC plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "publicly traded limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-538": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "DCC House, Leopardstown Road, Foxrock, Dublin 18, D18 PK00, Ireland.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-541": { "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 2026 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 Lack of Exchangeability (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 IFRS 21 The Effects of Changes in Foreign Exchange Rates: Translation of a Hyperinflationary Presentation Currency
\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. The
standard introduces a more structured statement of profit or loss, including new mandatory subtotals and the classification of
income and expenses into operating, investing and financing categories. IFRS 18 also includes new requirements relating to
aggregation and disaggregation and introduces disclosures for management-defined performance measures (\u2018MPMs\u2019). The
Group is assessing the impact of IFRS 18 on its financial reporting, including the presentation of the income statement, disclosures
in the notes and the treatment of existing alternative performance measures. The adoption of IFRS 18 is not expected to impact
the Group\u2019s reported profit or net assets.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-604": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-639": { "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 Lack of Exchangeability (Amendments to IAS 21) ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-605": { "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 Lack of Exchangeability (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 IFRS 21 The Effects of Changes in Foreign Exchange Rates: Translation of a Hyperinflationary Presentation Currency \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. The standard introduces a more structured statement of profit or loss, including new mandatory subtotals and the classification of income and expenses into operating, investing and financing categories. IFRS 18 also includes new requirements relating to aggregation and disaggregation and introduces disclosures for management-defined performance measures (\u2018MPMs\u2019). The Group is assessing the impact of IFRS 18 on its financial reporting, including the presentation of the income statement, disclosures in the notes and the treatment of existing alternative performance measures. The adoption of IFRS 18 is not expected to impact the Group\u2019s reported profit or net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-640": { "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 IFRS 21 The Effects of Changes in Foreign Exchange Rates: Translation of a Hyperinflationary Presentation Currency \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. The standard introduces a more structured statement of profit or loss, including new mandatory subtotals and the classification of income and expenses into operating, investing and financing categories. IFRS 18 also includes new requirements relating to aggregation and disaggregation and introduces disclosures for management-defined performance measures (\u2018MPMs\u2019). The Group is assessing the impact of IFRS 18 on its financial reporting, including the presentation of the income statement, disclosures in the notes and the treatment of existing alternative performance measures. The adoption of IFRS 18 is not expected to impact the Group\u2019s reported profit or net assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-606": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-542": { "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 that there are no major sources of estimation uncertainty at the end of the current reporting period that
could have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next
financial year.
The Group\u2019s principal area of estimation and uncertainty is detailed below.
GOODWILL
The Group has capitalised goodwill of \u00a31,679.3 million at 31 March 2026. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-543": { "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 plc is a leader in multi-energy sales and distribution in Europe and the US and is 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.
The Group announced on 14 July 2025 that it had entered into a definitive agreement for the sale of DCC Technology\u2019s Info Tech
business. The Group subsequently announced the completion of this sale on 3 November 2025. Consequently, this business is
presented as a discontinued operation in the Group Income Statement. The prior year segmental disclosures have been restated
as required under IFRS 8.
Discontinued operations also includes the results of the Group\u2019s former DCC Healthcare division which was presented as a
discontinued operation in the Group\u2019s 2025 financial statements.
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 leader in multi-energy sales and distribution in Europe and the US. We serve millions of customers across the
commercial & industrial, public and domestic sectors. We deliver mainly off-grid energy solutions, led by liquid gas, and operate
services stations and fleet services. We supply the secure, cleaner and competitive energy our customers need, supporting
industrial processes, heating homes, and keeping transport moving. We operate two businesses: our Solutions business brings
energy to customer sites, while our Mobility business serves transport and fleet customers. The adjusted operating profit of
Solutions represents approximately 76% of this segment\u2019s adjusted operating profit in the current year and Mobility represents
approximately 24%. DCC Energy is managed as one segment and there is no aggregation of segments.
DCC Technology (now operating under the brand name Nexora) provides intelligent technology solutions across professional AV,
audio, enterprise infrastructure, and consumer technologies. It is predominantly based in North America, with a smaller business
in Europe.
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 2026 are as follows:
INCOME STATEMENT ITEMS
Year ended 31 March 2026
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment revenue
12,990,355
2,451,507
15,441,862
Adjusted operating profit
554,169
79,803
633,972
Intangible asset amortisation and impairment
(123,469)
(20,720)
(144,189)
Net operating exceptionals (note 2.5)
(12,470)
(16,273)
(28,743)
Operating profit
418,230
42,810
461,040
Finance costs
(104,821)
Finance income
13,309
Share of equity accounted investments\u2019 profit after tax
4,590
Profit before income tax
374,118
Income tax expense
(87,154)
Profit for the year (continuing operations) 286,964
Year ended 31 March 2025 (Restated)
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment revenue
13,366,607
2,537,597
15,904,204
Adjusted operating profit
535,556
76,514
612,070
Intangible asset amortisation and impairment
(85,405)
(22,122)
(107,527)
Net operating exceptionals (note 2.5)
(9,847)
(12,828)
(22,675)
Operating profit
440,304
41,564
481,868
Finance costs
(117,172)
Finance income
13,115
Share of equity accounted investments\u2019 profit after tax
3,392
Profit before income tax
381,203
Income tax expense
(74,177)
Profit for the year (continuing operations) 307,026
BALANCE SHEET ITEMS
As at 31 March 2026
DCC DCC
Energy Technology Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment assets
5,549,007
1,185,035
6,734,042
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments
79,168
Long-term receivables
122,595
Derivative financial instruments (current and non-current)
158,980
Deferred income tax assets
89,477
Cash and cash equivalents
1,085,607
Total assets as reported in the Group Balance Sheet 8,269,869
Segment liabilities
2,827,565
395,867
3,223,432
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)
1,885,452
Lease creditors (current and non-current)
389,781
Derivative financial instruments (current and non-current)
49,608
Income tax liabilities (current and deferred)
301,226
Acquisition related liabilities (current and non-current)
53,749
Government grants (current and non-current)
3,026
Total liabilities as reported in the Group Balance Sheet 5,906,274
As at 31 March 2025 (Restated)
DCC DCC
Energy Technology Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Segment assets
5,113,541
1,775,983
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
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
OTHER SEGMENT INFORMATION
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital expenditure \u2013 additions
DCC Energy
195,126
182,946
DCC Technology (continuing)
8,320
5,663
Total (continuing)
203,446
188,609
DCC Technology (discontinued)
1,291
2,459
204,737
191,068
DCC Healthcare (discontinued)
7,552
20,602
Total 212,289 211,670
Capital expenditure \u2013 business combinations
DCC Energy
12,432
3,690
DCC Technology (continuing)
\u2013
396
Total (continuing)
12,432
4,086
DCC Technology (discontinued)
11
\u2013
12,443
4,086
DCC Healthcare (discontinued)
7,682
221
Total 20,125 4,307
Depreciation (excluding right-of-use assets)
DCC Energy
139,236
133,819
DCC Technology (continuing)
5,022
5,599
Total (continuing)
144,258
139,418
DCC Technology (discontinued)
4,981
10,675
149,239
150,093
DCC Healthcare (discontinued)
7,372
16,427
Total 156,611 166,520
Total consideration on business combinations
DCC Energy
57,728
206,237
DCC Technology (continuing)
4,240
13,697
Total (continuing)
61,968
219,934
DCC Technology (discontinued)
494
\u2013
62,462
219,934
DCC Healthcare (discontinued)
14,307
15,556
Total 76,769 235,490
Goodwill and intangible assets acquired
DCC Energy
60,435
206,473
DCC Technology (continuing)
\u2013
5,478
Total (continuing)
60,435
211,951
DCC Technology (discontinued)
539
\u2013
60,974
211,951
DCC Healthcare (discontinued)
1,820
15,752
Total 62,794 227,703
GEOGRAPHICAL ANALYSIS
On a continuing basis, the Group has a presence in 16 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
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,578,787
1,528,020
226,855
205,327
United Kingdom
4,332,899
4,413,326
1,140,928
1,259,210
France
3,110,760
3,186,335
988,433
949,261
United States
1,734,738
1,902,649
592,368
622,673
Rest of World
4,684,678
4,873,874
1,080,938
1,008,878
15,441,862 15,904,204 4,029,522 4,045,349
* 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 2026
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,578,787
\u2013
1,578,787
United Kingdom
4,173,496
159,403
4,332,899
France
2,995,927
114,833
3,110,760
North America
222,919
1,651,478
1,874,397
Rest of World
4,019,226
525,793
4,545,019
12,990,355
2,451,507
15,441,862
Products transferred at point in time
12,990,355
2,451,507
15,441,862
Energy solutions products and services
8,255,151
\u2013
8,255,151
Energy mobility products and services
4,735,204
\u2013
4,735,204
Technology products and services
\u2013
2,451,507
2,451,507
12,990,355
2,451,507
15,441,862
Year ended 31 March 2025 (Restated)
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,528,020
\u2013
1,528,020
United Kingdom
4,257,283
156,043
4,413,326
France
3,056,871
129,464
3,186,335
North America
244,183
1,809,114
2,053,297
Rest of World
4,280,250
442,976
4,723,226
13,366,607
2,537,597
15,904,204
Products transferred at point in time
13,366,607
2,537,597
15,904,204
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
2,537,597
2,537,597
13,366,607
2,537,597
15,904,204
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-607": { "value": "GEOGRAPHICAL ANALYSIS On a continuing basis, the Group has a presence in 16 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
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,578,787
1,528,020
226,855
205,327
United Kingdom
4,332,899
4,413,326
1,140,928
1,259,210
France
3,110,760
3,186,335
988,433
949,261
United States
1,734,738
1,902,649
592,368
622,673
Rest of World
4,684,678
4,873,874
1,080,938
1,008,878
15,441,862 15,904,204 4,029,522 4,045,349
* 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 2026
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,578,787
\u2013
1,578,787
United Kingdom
4,173,496
159,403
4,332,899
France
2,995,927
114,833
3,110,760
North America
222,919
1,651,478
1,874,397
Rest of World
4,019,226
525,793
4,545,019
12,990,355
2,451,507
15,441,862
Products transferred at point in time
12,990,355
2,451,507
15,441,862
Energy solutions products and services
8,255,151
\u2013
8,255,151
Energy mobility products and services
4,735,204
\u2013
4,735,204
Technology products and services
\u2013
2,451,507
2,451,507
12,990,355
2,451,507
15,441,862
Year ended 31 March 2025 (Restated)
DCC DCC
Energy Technology Total
Continuing operations \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Republic of Ireland (country of domicile)
1,528,020
\u2013
1,528,020
United Kingdom
4,257,283
156,043
4,413,326
France
3,056,871
129,464
3,186,335
North America
244,183
1,809,114
2,053,297
Rest of World
4,280,250
442,976
4,723,226
13,366,607
2,537,597
15,904,204
Products transferred at point in time
13,366,607
2,537,597
15,904,204
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
2,537,597
2,537,597
13,366,607
2,537,597
15,904,204
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-544": { "value": "
2.2 OPERATING EXPENSES AND INCOME
This note provides an analysis of amounts charged/(credited) in arriving at continuing operating profit in the Group Income
Statement.
The following amounts have been charged/(credited) in arriving at continuing operating profit:
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Cost of sales
13,079,865
13,682,540
Employee costs (note 2.3)
801,742
761,482
Outbound freight costs
106,844
110,141
Depreciation on property, plant and equipment
144,258
139,418
Depreciation on right-of-use assets
78,126
69,698
Repairs and maintenance
80,010
75,192
Net profit on disposal of property, plant and equipment
(11,891)
(17,361)
Other operating expenses
528,936
471,024
Net operating expenses included in adjusted operating profit
14,807,890
15,292,134
Intangible asset amortisation
101,031
107,527
Impairment of intangible assets and goodwill
43,158
\u2013
Net operating exceptional items (note 2.5)
28,743
22,675
Total net operating expenses 14,980,822 15,422,336
During the year the Group obtained the following services from the Group\u2019s auditor Deloitte (2025: KPMG) which include amounts
relating to discontinued operations:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Statutory auditor: Audit fees
3,177
2,063
Other assurance services
111
100
Other non-audit services
259
\u2013
3,547 2,163
Other network firms: Audit fees
969
2,458
Other assurance services
72
71
Tax advisory services
30
\u2013
1,071 2,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-641": { "value": "2.2 OPERATING EXPENSES AND INCOME This note provides an analysis of amounts charged/(credited) in arriving at continuing operating profit in the Group Income Statement. The following amounts have been charged/(credited) in arriving at continuing operating profit:
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Cost of sales
13,079,865
13,682,540
Employee costs (note 2.3)
801,742
761,482
Outbound freight costs
106,844
110,141
Depreciation on property, plant and equipment
144,258
139,418
Depreciation on right-of-use assets
78,126
69,698
Repairs and maintenance
80,010
75,192
Net profit on disposal of property, plant and equipment
(11,891)
(17,361)
Other operating expenses
528,936
471,024
Net operating expenses included in adjusted operating profit
14,807,890
15,292,134
Intangible asset amortisation
101,031
107,527
Impairment of intangible assets and goodwill
43,158
\u2013
Net operating exceptional items (note 2.5)
28,743
22,675
Total net operating expenses 14,980,822 15,422,336
During the year the Group obtained the following services from the Group\u2019s auditor Deloitte (2025: KPMG) which include amounts relating to discontinued operations:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Statutory auditor: Audit fees
3,177
2,063
Other assurance services
111
100
Other non-audit services
259
\u2013
3,547 2,163
Other network firms: Audit fees
969
2,458
Other assurance services
72
71
Tax advisory services
30
\u2013
1,071 2,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-651": { "value": "2.2 OPERATING EXPENSES AND INCOME This note provides an analysis of amounts charged/(credited) in arriving at continuing operating profit in the Group Income Statement. The following amounts have been charged/(credited) in arriving at continuing operating profit:
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Cost of sales
13,079,865
13,682,540
Employee costs (note 2.3)
801,742
761,482
Outbound freight costs
106,844
110,141
Depreciation on property, plant and equipment
144,258
139,418
Depreciation on right-of-use assets
78,126
69,698
Repairs and maintenance
80,010
75,192
Net profit on disposal of property, plant and equipment
(11,891)
(17,361)
Other operating expenses
528,936
471,024
Net operating expenses included in adjusted operating profit
14,807,890
15,292,134
Intangible asset amortisation
101,031
107,527
Impairment of intangible assets and goodwill
43,158
\u2013
Net operating exceptional items (note 2.5)
28,743
22,675
Total net operating expenses 14,980,822 15,422,336
During the year the Group obtained the following services from the Group\u2019s auditor Deloitte (2025: KPMG) which include amounts relating to discontinued operations:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Statutory auditor: Audit fees
3,177
2,063
Other assurance services
111
100
Other non-audit services
259
\u2013
3,547 2,163
Other network firms: Audit fees
969
2,458
Other assurance services
72
71
Tax advisory services
30
\u2013
1,071 2,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-654": { "value": "This note provides an analysis of amounts charged/(credited) in arriving at continuing operating profit in the Group Income Statement. The following amounts have been charged/(credited) in arriving at continuing operating profit:
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Cost of sales
13,079,865
13,682,540
Employee costs (note 2.3)
801,742
761,482
Outbound freight costs
106,844
110,141
Depreciation on property, plant and equipment
144,258
139,418
Depreciation on right-of-use assets
78,126
69,698
Repairs and maintenance
80,010
75,192
Net profit on disposal of property, plant and equipment
(11,891)
(17,361)
Other operating expenses
528,936
471,024
Net operating expenses included in adjusted operating profit
14,807,890
15,292,134
Intangible asset amortisation
101,031
107,527
Impairment of intangible assets and goodwill
43,158
\u2013
Net operating exceptional items (note 2.5)
28,743
22,675
Total net operating expenses 14,980,822 15,422,336
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-608": { "value": "During the year the Group obtained the following services from the Group\u2019s auditor Deloitte (2025: KPMG) which include amounts relating to discontinued operations:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Statutory auditor: Audit fees
3,177
2,063
Other assurance services
111
100
Other non-audit services
259
\u2013
3,547 2,163
Other network firms: Audit fees
969
2,458
Other assurance services
72
71
Tax advisory services
30
\u2013
1,071 2,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-545": { "value": "
2.3 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:
Restated
2026 2025
Number Number
DCC Energy
8,820
9,027
DCC Technology
2,491
2,249
Continuing operations
11,311
11,276
Discontinued operations
2,368
5,503
13,679 16,779
The employee benefit costs for the above, all of which were expensed, were:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
801,961
889,460
Social welfare costs
89,073
100,873
Share based payment expense (note 2.4)
3,432
7,544
Pension costs \u2013 defined contribution plans
22,460
25,895
Pension costs \u2013 defined benefit plans (note 3.16)
733
410
917,659 1,024,182
The employee benefit expense is analysed as:
Continuing operations
801,742
761,482
Discontinued operations
115,917
262,700
917,659 1,024,182
Directors\u2019 emoluments (which are included in operating costs) and interests are presented in the Remuneration Report on pages
100 to 124. Details of the compensation of key management personnel for the purposes of the disclosure requirements under
IAS 24 and Companies Act 2014 are provided in note 5.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-546": { "value": "
2.4 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 \u00a33.432 million (2025: \u00a37.544 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 2026 2025
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
(1,026)
\u2013
14 November 2019
\u00a368.80
5 years
147,939
\u00a353.32
(581)
590
12 November 2020
\u00a357.08
5 years
170,152
\u00a344.63
827
1,076
11 November 2021
\u00a361.42
3 years
171,974
\u00a346.39
\u2013
(654)
10 November 2022
\u00a345.53
3 years
271,759
\u00a331.82
(1,056)
2,470
16 November 2023
\u00a352.36
3 years
243,181
\u00a341.10
2,185
3,137
14 November 2024
\u00a354.55
3 years
211,720
\u00a339.33
2,251
925
13 November 2025
\u00a348.40
3 years
220,981
\u00a332.84
785
\u2013
16 December 2025
\u00a351.15
3 years
12,847
\u00a332.84
47
\u2013
Total expense 3,432 7,544
DCC PLC LONG-TERM INCENTIVE PLANS
At 31 March 2026, Group employees hold awards to subscribe for 767,245 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 117.
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:
2026 2025
Number of Number of
share awards share awards
At 1 April
913,287
919,259
Granted
233,828
211,720
Exercised
(174,127)
(109,429)
Expired and forfeited
(205,743)
(108,263)
At 31 March 767,245 913,287
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 \u00a347.80 (2025: \u00a355.99). The share awards outstanding at the year-end have a weighted average
remaining contractual life of 5.5 years (2025: 4.9 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 2026
\u00a332.84
Granted during the year ended 31 March 2025
\u00a339.33
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:
2026
2025
Risk-free interest rate (%)
3.93
4.24
Dividend yield (%)
4.25
3.70
Expected volatility (%)
22
23
Expected life in years
5.0
5.0
Share price at date of grant
\u00a348.40
\u00a354.55
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:
2026 2025
Number of Number of
Date of grant
Date of expiry
share awards share awards
15 November 2018
15 November 2025
\u2013
22,750
14 November 2019
14 November 2026
18,951
36,282
12 November 2020
12 November 2027
54,813
110,581
11 November 2021
11 November 2028
25,345
40,894
10 November 2022
10 November 2029
57,697
253,620
16 November 2023
16 November 2030
204,156
237,440
14 November 2024
14 November 2031
178,350
211,720
13 November 2025
13 November 2032
215,086
\u2013
16 December 2025
16 December 2032
12,847
\u2013
Total outstanding at 31 March 767,245 913,287
Total exercisable at 31 March 156,806 99,926
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-547": { "value": "
2.5 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.
Restated
2026 2025
Note \u00a3\u2019000 \u00a3\u2019000
Restructuring and integration costs and other
(a)
(45,680)
(20,484)
Acquisition and related costs
(b)
(7,483)
(8,469)
Adjustments to contingent acquisition consideration
(c)
24,420
3,023
Profit on disposal of subsidiary undertaking
(h)
\u2013
3,255
(28,743)
(22,675)
Impairment of goodwill and intangible assets
(d)
(43,158)
\u2013
Net operating exceptional items
(71,901)
(22,675)
Mark-to-market of swaps and related debt (note 2.6)
(e)
166
(340)
Net exceptional items before tax from continuing operations
(71,735)
(23,015)
Income tax and deferred tax attaching to exceptional items
(f)
8,508
5,069
Net exceptional items after tax from continuing operations
(63,227)
(17,946)
Net exceptional items after tax relating to discontinued operations
(g)
(256,854)
(148,774)
Net exceptional items attributable to owners of the Parent Company (320,081) (166,720)
(a) Restructuring and integration costs and other of \u00a345.680 million (2025: \u00a320.484 million) mainly relates to the restructuring
of operations across a number of businesses and recent acquisitions. Costs were incurred in relation to our solar distribution
business in the Netherlands following the decision to exit the business in the second half of the year, reflecting a continued
deterioration in its medium-term outlook. Costs were also incurred in connection with the optimisation and integration of
continuing operations within DCC Technology in North America.
(b) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and completion of
acquisition opportunities and amounted to \u00a37.483 million (2025: \u00a38.469 million).
(c) Adjustments to contingent acquisition consideration of \u00a324.420 million (2025: \u00a33.023 million) reflects movements in provisions
associated with the expected earn-out or other deferred arrangements that arise through the Group\u2019s corporate
development activity. The credit recognised in the year primarily reflects a reduction in contingent consideration payable in
respect of UK Energy Services acquisitions, where recent trading performance has been below expectations.
(d) The Group recognised a non-cash impairment charge of \u00a343.158 million in respect of goodwill and intangible assets relating
to the exited solar distribution business in the Netherlands. There was a related tax credit of \u00a34.850 million in relation to these
charges.
(e) 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 2026, this amounted to an exceptional
non-cash credit of \u00a30.166 million (2025: charge of \u00a30.340 million). The cumulative net exceptional credit taken in respect of
IAS 39 ineffectiveness is \u00a30.369 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.
(f) There was a related income tax credit of \u00a38.508 million (2025: credit of \u00a35.069 million) in relation to certain exceptional
charges.
(g) The charge for net exceptional items on discontinued operations of \u00a3256.854 million primarily relates to the disposal of
DCC Technology\u2019s Info Tech business. The proceeds on disposal gave rise to a total loss on disposal of \u00a3278.780 million which
includes an impairment loss of \u00a3228.568 million. The Group recognised a net profit on the disposal of the Healthcare division
of \u00a349.784 million (after costs) which was completed in September 2025. The Group also recognised an impairment charge in
relation to the closure of its smaller DCC Technology business in the Netherlands.
(h) The profit on disposal of subsidiary undertakings in the prior year of \u00a33.255 million related to the disposal of the Group\u2019s
majority stake in its liquid gas business in Hong Kong.
The net cash flow impact in the current year for exceptional items was an inflow of \u00a3538.669 million (2025: an inflow of
\u00a35.548 million).
", "dimensions": { "concept": "dccplc:DisclosureOfExceptionals", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-548": { "value": "
2.6 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.
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and unsecured notes
(83,632)
(90,105)
Net cost on interest rate and currency swaps
\u2013
(9,741)
Lease interest
1
(12,979)
(10,727)
Unwinding of discount applicable to acquisition related liabilities
2
(2,424)
(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)
(831)
(783)
Facility fees
(2,308)
(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)
(75)
(168)
Other interest
(2,572)
(1,761)
(104,821)
(116,832)
Mark-to-market of swaps and related debt
3
\u2013
(340)
(104,821) (117,172)
Finance income
Interest on cash and term deposits
8,935
13,115
Net income on interest rate swaps and currency swaps
1,339
\u2013
Notional interest on proceeds receivable (note 3.5)
2,869
\u2013
13,143
13,115
Mark-to-market of swaps and related debt
3
166
\u2013
13,309 13,115
Net finance cost (91,512) (104,057)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(12,979)
(10,727)
Operations discontinued in the current year
(367)
(729)
Total (note 3.13)
(13,346)
(11,456)
Operations discontinued in the prior year
(620)
(1,425)
Total (13,966) (12,881)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations (note 3.17)
(2,424)
(1,803)
Discontinued operations
(215)
(342)
Total (2,639) (2,145)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
4,021
9,166
Cross currency interest rate swaps designated as fair value hedges
\u2013
1,407
Adjusted hedged fixed rate debt
(3,855)
(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt 166 (340)
Movement on cross currency interest rate swaps designated as cash flow hedges
(462)
(6,392)
Transferred to cash flow hedge reserve
462
6,392
Total mark-to-market of swaps and related debt 166 (340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-609": { "value": "2.6 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.
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and unsecured notes
(83,632)
(90,105)
Net cost on interest rate and currency swaps
\u2013
(9,741)
Lease interest
1
(12,979)
(10,727)
Unwinding of discount applicable to acquisition related liabilities
2
(2,424)
(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)
(831)
(783)
Facility fees
(2,308)
(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)
(75)
(168)
Other interest
(2,572)
(1,761)
(104,821)
(116,832)
Mark-to-market of swaps and related debt
3
\u2013
(340)
(104,821) (117,172)
Finance income
Interest on cash and term deposits
8,935
13,115
Net income on interest rate swaps and currency swaps
1,339
\u2013
Notional interest on proceeds receivable (note 3.5)
2,869
\u2013
13,143
13,115
Mark-to-market of swaps and related debt
3
166
\u2013
13,309 13,115
Net finance cost (91,512) (104,057)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(12,979)
(10,727)
Operations discontinued in the current year
(367)
(729)
Total (note 3.13)
(13,346)
(11,456)
Operations discontinued in the prior year
(620)
(1,425)
Total (13,966) (12,881)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations (note 3.17)
(2,424)
(1,803)
Discontinued operations
(215)
(342)
Total (2,639) (2,145)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
4,021
9,166
Cross currency interest rate swaps designated as fair value hedges
\u2013
1,407
Adjusted hedged fixed rate debt
(3,855)
(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt 166 (340)
Movement on cross currency interest rate swaps designated as cash flow hedges
(462)
(6,392)
Transferred to cash flow hedge reserve
462
6,392
Total mark-to-market of swaps and related debt 166 (340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-642": { "value": "2.6 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.
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and unsecured notes
(83,632)
(90,105)
Net cost on interest rate and currency swaps
\u2013
(9,741)
Lease interest
1
(12,979)
(10,727)
Unwinding of discount applicable to acquisition related liabilities
2
(2,424)
(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)
(831)
(783)
Facility fees
(2,308)
(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)
(75)
(168)
Other interest
(2,572)
(1,761)
(104,821)
(116,832)
Mark-to-market of swaps and related debt
3
\u2013
(340)
(104,821) (117,172)
Finance income
Interest on cash and term deposits
8,935
13,115
Net income on interest rate swaps and currency swaps
1,339
\u2013
Notional interest on proceeds receivable (note 3.5)
2,869
\u2013
13,143
13,115
Mark-to-market of swaps and related debt
3
166
\u2013
13,309 13,115
Net finance cost (91,512) (104,057)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(12,979)
(10,727)
Operations discontinued in the current year
(367)
(729)
Total (note 3.13)
(13,346)
(11,456)
Operations discontinued in the prior year
(620)
(1,425)
Total (13,966) (12,881)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations (note 3.17)
(2,424)
(1,803)
Discontinued operations
(215)
(342)
Total (2,639) (2,145)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
4,021
9,166
Cross currency interest rate swaps designated as fair value hedges
\u2013
1,407
Adjusted hedged fixed rate debt
(3,855)
(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt 166 (340)
Movement on cross currency interest rate swaps designated as cash flow hedges
(462)
(6,392)
Transferred to cash flow hedge reserve
462
6,392
Total mark-to-market of swaps and related debt 166 (340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-652": { "value": "2.6 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.
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and unsecured notes
(83,632)
(90,105)
Net cost on interest rate and currency swaps
\u2013
(9,741)
Lease interest
1
(12,979)
(10,727)
Unwinding of discount applicable to acquisition related liabilities
2
(2,424)
(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)
(831)
(783)
Facility fees
(2,308)
(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)
(75)
(168)
Other interest
(2,572)
(1,761)
(104,821)
(116,832)
Mark-to-market of swaps and related debt
3
\u2013
(340)
(104,821) (117,172)
Finance income
Interest on cash and term deposits
8,935
13,115
Net income on interest rate swaps and currency swaps
1,339
\u2013
Notional interest on proceeds receivable (note 3.5)
2,869
\u2013
13,143
13,115
Mark-to-market of swaps and related debt
3
166
\u2013
13,309 13,115
Net finance cost (91,512) (104,057)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(12,979)
(10,727)
Operations discontinued in the current year
(367)
(729)
Total (note 3.13)
(13,346)
(11,456)
Operations discontinued in the prior year
(620)
(1,425)
Total (13,966) (12,881)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations (note 3.17)
(2,424)
(1,803)
Discontinued operations
(215)
(342)
Total (2,639) (2,145)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
4,021
9,166
Cross currency interest rate swaps designated as fair value hedges
\u2013
1,407
Adjusted hedged fixed rate debt
(3,855)
(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt 166 (340)
Movement on cross currency interest rate swaps designated as cash flow hedges
(462)
(6,392)
Transferred to cash flow hedge reserve
462
6,392
Total mark-to-market of swaps and related debt 166 (340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-655": { "value": "2.6 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.
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and unsecured notes
(83,632)
(90,105)
Net cost on interest rate and currency swaps
\u2013
(9,741)
Lease interest
1
(12,979)
(10,727)
Unwinding of discount applicable to acquisition related liabilities
2
(2,424)
(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)
(831)
(783)
Facility fees
(2,308)
(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)
(75)
(168)
Other interest
(2,572)
(1,761)
(104,821)
(116,832)
Mark-to-market of swaps and related debt
3
\u2013
(340)
(104,821) (117,172)
Finance income
Interest on cash and term deposits
8,935
13,115
Net income on interest rate swaps and currency swaps
1,339
\u2013
Notional interest on proceeds receivable (note 3.5)
2,869
\u2013
13,143
13,115
Mark-to-market of swaps and related debt
3
166
\u2013
13,309 13,115
Net finance cost (91,512) (104,057)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(12,979)
(10,727)
Operations discontinued in the current year
(367)
(729)
Total (note 3.13)
(13,346)
(11,456)
Operations discontinued in the prior year
(620)
(1,425)
Total (13,966) (12,881)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations (note 3.17)
(2,424)
(1,803)
Discontinued operations
(215)
(342)
Total (2,639) (2,145)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
4,021
9,166
Cross currency interest rate swaps designated as fair value hedges
\u2013
1,407
Adjusted hedged fixed rate debt
(3,855)
(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt 166 (340)
Movement on cross currency interest rate swaps designated as cash flow hedges
(462)
(6,392)
Transferred to cash flow hedge reserve
462
6,392
Total mark-to-market of swaps and related debt 166 (340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-657": { "value": "2.6 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.
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Finance costs
On bank loans, overdrafts and unsecured notes
(83,632)
(90,105)
Net cost on interest rate and currency swaps
\u2013
(9,741)
Lease interest
1
(12,979)
(10,727)
Unwinding of discount applicable to acquisition related liabilities
2
(2,424)
(1,803)
Unwinding of discount applicable to provisions for liabilities (note 3.18)
(831)
(783)
Facility fees
(2,308)
(1,744)
Net interest expense on defined benefit pension schemes (note 3.16)
(75)
(168)
Other interest
(2,572)
(1,761)
(104,821)
(116,832)
Mark-to-market of swaps and related debt
3
\u2013
(340)
(104,821) (117,172)
Finance income
Interest on cash and term deposits
8,935
13,115
Net income on interest rate swaps and currency swaps
1,339
\u2013
Notional interest on proceeds receivable (note 3.5)
2,869
\u2013
13,143
13,115
Mark-to-market of swaps and related debt
3
166
\u2013
13,309 13,115
Net finance cost (91,512) (104,057)
1
The Group\u2019s lease interest is analysed as follows:
Continuing operations
(12,979)
(10,727)
Operations discontinued in the current year
(367)
(729)
Total (note 3.13)
(13,346)
(11,456)
Operations discontinued in the prior year
(620)
(1,425)
Total (13,966) (12,881)
2
The Group\u2019s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is
analysed as follows:
Continuing operations (note 3.17)
(2,424)
(1,803)
Discontinued operations
(215)
(342)
Total (2,639) (2,145)
3
Mark-to-market of swaps and related debt is analysed as follows:
Interest rate swaps designated as fair value hedges
4,021
9,166
Cross currency interest rate swaps designated as fair value hedges
\u2013
1,407
Adjusted hedged fixed rate debt
(3,855)
(10,913)
Mark-to-market of swaps designated as fair value hedges and related debt 166 (340)
Movement on cross currency interest rate swaps designated as cash flow hedges
(462)
(6,392)
Transferred to cash flow hedge reserve
462
6,392
Total mark-to-market of swaps and related debt 166 (340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-549": { "value": "
2.7 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:
2026 2025
Group share of: \u00a3\u2019000 \u00a3\u2019000
Revenue
208,611
267,828
Profit before tax
5,918
3,687
Income tax
(1,328)
(295)
Profit after tax 4,590 3,392
", "dimensions": { "concept": "dccplc:DisclosureOfShareOfEquityAccountedInvestmentsProfitAfterTax", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-643": { "value": "2.7 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:
2026 2025
Group share of: \u00a3\u2019000 \u00a3\u2019000
Revenue
208,611
267,828
Profit before tax
5,918
3,687
Income tax
(1,328)
(295)
Profit after tax 4,590 3,392
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%.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
71,428
32,825
Share of profit after tax
4,590
3,392
Acquisition of equity accounted investments (note 5.2)
156
35,346
Dividends received
(356)
(857)
Exchange and other
3,350
722
At 31 March 79,168 71,428
Investments in associates at 31 March 2026 include goodwill and intangible assets of \u00a368.272 million (2025: \u00a356.919 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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
104,311
124,288
Current assets
56,790
36,929
Non-current liabilities
(45,537)
(57,689)
Current liabilities
(36,396)
(32,100)
79,168 71,428
The Group\u2019s principal associate is its 36% shareholding in IP&E GBA Limited. This business is engaged in the procurement, sales, marketing and distribution of liquid gas and is based in Hong Kong. Details of the Group\u2019s other principal associates are included in the Group Directory on page 226.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-550": { "value": "
2.8 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
Restated
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Current tax
Irish corporation tax at 12.5%
6,719
10,102
United Kingdom corporation tax at 25%
22,610
23,543
Other overseas tax
86,651
85,204
Income tax credit attaching to exceptional items
(3,696)
(4,998)
(Over)/under provision in respect of prior years
(3,751)
764
Total current tax 108,533 114,615
Deferred tax
Irish at 12.5%
(2,380)
(873)
United Kingdom at 25%
(8,341)
(8,577)
Other overseas deferred tax
(5,903)
(26,501)
Deferred tax credit attaching to exceptional items
(4,812)
(71)
Under/(over) provision in respect of prior years
57
(4,416)
Total deferred tax (21,379) (40,438)
Total income tax expense 87,154 74,177
(II) DEFERRED TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Deferred tax relating to defined benefit pension obligations
(420)
(28)
Deferred tax relating to cash flow hedges
23,974
5,140
Total deferred tax charge recognised in Other Comprehensive Income 23,554 5,112
(III) RECONCILIATION OF EFFECTIVE TAX RATE
Restated
2026 2025
Continuing operations \u00a3\u2019000 \u00a3\u2019000
Profit before tax
374,118
381,203
Less: share of equity accounted investments\u2019 profit after tax
(4,590)
(3,392)
Add back: amortisation of intangible assets
101,031
107,527
Profit before share of equity accounted investments\u2019 profit after tax and amortisation of intangible assets 470,559 485,338
Add back: net exceptional items before tax
71,735
23,015
Profit before share of equity accounted investments\u2019 profit after tax, amortisation of intangible assets and net
exceptionals
542,294
508,353
Profit before tax
374,118
381,203
At the standard rate of corporation tax in Ireland of 12.5%
46,765
47,650
Amortisation and share of equity accounted investments at the standard rate of corporation tax in Ireland
of 12.5%
12,055
13,017
Adjustments in respect of prior years
(3,694)
(3,652)
Effect of earnings taxed at higher rates
46,403
38,720
Differences arising from impairment
9,452
\u2013
Other differences
7,781
7,461
Income tax expense
118,762
103,196
Income tax and deferred tax attaching to exceptional items
(8,508)
(5,069)
Deferred tax attaching to amortisation of intangible assets
(23,100)
(23,950)
Total income tax expense 87,154 74,177
2026 2025
% %
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
21.9%
20.3%
Impact of share of equity accounted investments\u2019 profit after tax, amortisation of intangible assets and net
exceptionals
1.4%
\u20130.8%
Total income tax expense as a percentage of profit before tax 23.3% 19.5%
(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 2026, 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 2026 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.
3.15 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 2026:
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 2025
44,910
161,385
(13,952)
(357)
572
(56,055)
136,503
Consolidated Income Statement
1,549
(24,411)
1,972
397
38
3,859
(16,596)
Recognised in Other Comprehensive
Income
\u2013
\u2013
\u2013
(420)
23,974
\u2013
23,554
Arising on acquisition (note 5.2)
928
8,418
(243)
(71)
\u2013
(1)
9,031
Disposal of subsidiary
(3,084)
(6,076)
\u2013
\u2013
\u2013
(1,365)
(10,525)
Exchange differences and other
176
5,009
(322)
339
\u2013
(789)
4,413
At 31 March 2026
44,479
144,325
(12,545)
(112)
24,584
(54,351)
146,380
Analysed as:
Deferred tax asset
(4,871)
(101)
(12,821)
(2,675)
\u2013
(69,009)
(89,477)
Deferred tax liability
49,350
144,426
276
2,563
24,584
14,658
235,857
44,479
144,325
(12,545)
(112)
24,584
(54,351)
146,380
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
(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
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 2026 of \u00a389.477 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 \u00a3173.2 million as at 31 March 2026 (2025:
\u00a3443.0 million).
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 \u00a393.4 million (2025: \u00a385.8 million) and a deferred tax liability of
\u00a389.8 million (2025: \u00a381.3 million) in respect of lease liabilities and right-of-use assets at 31 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-610": { "value": "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 2026, 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 2026 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:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-551": { "value": "
2.9 DISCONTINUED OPERATIONS
In the current financial year, the Group completed the disposals of the Healthcare division and DCC Technology\u2019s Info Tech
business. These units are treated as discontinued operations, the results of which are detailed separately below.
As announced in April 2025, the Group entered into an agreement to dispose of the Healthcare division and this disposal
completed in September 2025. In November 2025, DCC announced that it had completed the sale of DCC Technology\u2019s Info Tech
business. Further details on the transaction can be found in DCC\u2019s stock exchange announcements of 14 July 2025 and 3
November 2025.
The conditions for the Healthcare division and DCC Technology\u2019s Info Tech business 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. The associated assets and liabilities of DCC Healthcare were classified as assets held for sale in
the previous financial year. Discontinued operations also include the results of the smaller DCC Technology business in the
Netherlands which was closed during the year.
The following table details the results of discontinued operations included in the Group Income Statement:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Revenue
1,477,854
3,116,139
Cost of sales
(1,257,371)
(2,683,093)
Gross profit
220,483
433,046
Operating expenses
(215,787)
(341,516)
Operating profit before amortisation of intangible assets and exceptional items
4,696
91,530
Amortisation of intangible assets
(5,373)
(10,629)
Net operating exceptionals (including impairments and profit/loss on disposals)
(258,030)
(151,100)
Operating loss
(258,707)
(70,199)
Net finance costs
(1,787)
(2,153)
Loss before tax
(260,494)
(72,352)
Income tax expense
1,778
(13,453)
Loss from discontinued operations after tax
(258,716)
(85,805)
Non-controlling interests
(168)
(322)
Loss attributable to the owners of the Parent company (258,884) (86,127)
The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Net cash flow from operating activities
(3,513)
36,188
Net cash flow from investing activities
(19,990)
(40,328)
Net cash flow from discontinued operations (23,503) (4,140)
The following tables summarise the consideration received and the loss on disposal of discontinued operations:
2026
\u00a3\u2019000
Net consideration:
Proceeds received
836,469
Proceeds receivable (note 3.5)
119,726
Costs of disposal
(41,777)
Total net consideration
914,418
Assets and liabilities disposed of:
Non current asset
786,349
Current assets
745,407
Non current liabilities
(111,294)
Current liabilities
(491,012)
Non-controlling interest
(234)
Net identifiable assets disposed of
929,216
Recycling of foreign exchange gain previously recognised in foreign currency reserve
14,370
Loss on disposal of discontinued operations before asset impairments
(428)
Asset impairments
(228,568)
Loss on disposal of discontinued operations (228,996)
Net cash flow on disposal of discontinued operations:
Total proceeds received
836,469
Cash and cash equivalents disposed of
(193,803)
Net cash inflow on disposal of discontinued operations
642,666
Disposal costs paid
(41,777)
Net cash flow on disposal of discontinued operations 600,889
Lease liabilities disposed of
65,249
Total net cash/debt impact on disposal of discontinued operations 666,138
The total net loss on disposal of subsidiaries of \u00a3228.996 million comprises a gain on the disposal of the Healthcare business of
\u00a349.784 million and the balance relates to the disposal of the Info Tech business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-611": { "value": "2.9 DISCONTINUED OPERATIONS In the current financial year, the Group completed the disposals of the Healthcare division and DCC Technology\u2019s Info Tech business. These units are treated as discontinued operations, the results of which are detailed separately below. As announced in April 2025, the Group entered into an agreement to dispose of the Healthcare division and this disposal completed in September 2025. In November 2025, DCC announced that it had completed the sale of DCC Technology\u2019s Info Tech business. Further details on the transaction can be found in DCC\u2019s stock exchange announcements of 14 July 2025 and 3 November 2025. The conditions for the Healthcare division and DCC Technology\u2019s Info Tech business 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. The associated assets and liabilities of DCC Healthcare were classified as assets held for sale in the previous financial year. Discontinued operations also include the results of the smaller DCC Technology business in the Netherlands which was closed during the year. The following table details the results of discontinued operations included in the Group Income Statement:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Revenue
1,477,854
3,116,139
Cost of sales
(1,257,371)
(2,683,093)
Gross profit
220,483
433,046
Operating expenses
(215,787)
(341,516)
Operating profit before amortisation of intangible assets and exceptional items
4,696
91,530
Amortisation of intangible assets
(5,373)
(10,629)
Net operating exceptionals (including impairments and profit/loss on disposals)
(258,030)
(151,100)
Operating loss
(258,707)
(70,199)
Net finance costs
(1,787)
(2,153)
Loss before tax
(260,494)
(72,352)
Income tax expense
1,778
(13,453)
Loss from discontinued operations after tax
(258,716)
(85,805)
Non-controlling interests
(168)
(322)
Loss attributable to the owners of the Parent company (258,884) (86,127)
The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Net cash flow from operating activities
(3,513)
36,188
Net cash flow from investing activities
(19,990)
(40,328)
Net cash flow from discontinued operations (23,503) (4,140)
The following tables summarise the consideration received and the loss on disposal of discontinued operations:
2026
\u00a3\u2019000
Net consideration:
Proceeds received
836,469
Proceeds receivable (note 3.5)
119,726
Costs of disposal
(41,777)
Total net consideration
914,418
Assets and liabilities disposed of:
Non current asset
786,349
Current assets
745,407
Non current liabilities
(111,294)
Current liabilities
(491,012)
Non-controlling interest
(234)
Net identifiable assets disposed of
929,216
Recycling of foreign exchange gain previously recognised in foreign currency reserve
14,370
Loss on disposal of discontinued operations before asset impairments
(428)
Asset impairments
(228,568)
Loss on disposal of discontinued operations (228,996)
Net cash flow on disposal of discontinued operations:
Total proceeds received
836,469
Cash and cash equivalents disposed of
(193,803)
Net cash inflow on disposal of discontinued operations
642,666
Disposal costs paid
(41,777)
Net cash flow on disposal of discontinued operations 600,889
Lease liabilities disposed of
65,249
Total net cash/debt impact on disposal of discontinued operations 666,138
The total net loss on disposal of subsidiaries of \u00a3228.996 million comprises a gain on the disposal of the Healthcare business of \u00a349.784 million and the balance relates to the disposal of the Info Tech business.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-552": { "value": "
2.10 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.
2026 2025
Dividends paid per ordinary share \u00a3\u2019000 \u00a3\u2019000
Final: paid 140.21 pence per share on 17 July 2025 (2025: paid 133.53 pence per share on 18 July 2024)
140,136
131,181
Interim: paid 69.50 pence per share on 12 December 2025 (2025: paid 66.19 pence per share on
13 December 2024)
66,480
66,166
206,616 197,347
The Directors are proposing a final dividend in respect of the year ended 31 March 2026 of 14 7 .22p pence per ordinary share
(\u00a3125 . 76 1 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-612": { "value": "1.4722", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-613": { "value": "125761000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-553": { "value": "
2.11 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 2.9) Total
operations
(note 2.9) Total
2026
2026 2026
2025
2025 2025
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
Profit/(loss) attributable to owners of the Parent
272,242
(258,884)
13,358
292,617
(86,127)
206,490
Amortisation of intangible assets after tax
77,931
4,134
82,065
83,577
8,265
91,842
Exceptionals after tax (note 2.5)
63,227
256,854
320,081
17,946
148,774
166,720
Adjusted profit after tax and non-controlling interests
413,400
2,104
415,504
394,140
70,912
465,052
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
2026 2026 2026 2025 2025 2025
Basic earnings per ordinary share pence pence pence pence pence pence
Basic earnings/(loss) per ordinary share
288.52p
(274.36p)
14.16p
295.87p
(87.09p)
208.78p
Amortisation of intangible assets after tax
82.59p
4.38p
86.97p
84.50p
8.36p
92.86p
Exceptionals after tax
67.01p
272.21p
339.22p
18.13p
150.43p
168.56p
Adjusted basic earnings per ordinary share
438.12p
2.23p
440.35p
398.50p
71.70p
470.20p
Weighted average number of ordinary shares in
issue (thousands)
94,358
98,905
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
2026 2026 2026 2025 2025 2025
Diluted earnings per ordinary share pence pence pence pence pence pence
Basic diluted earnings/(loss) per ordinary share*
287.76p
(274.36p)
295.38p
(87.09p)
Dilutive effect on losses per share*
\u2013
0.72p
\u2013
0.15p
287.76p
(273.64p)
14.12p
295.38p
(86.94p)
208.44p
Amortisation of intangible assets after tax
82.37p
4.37p
86.74p
84.37p
8.34p
92.71p
Exceptionals after tax
66.84p
271.49p
338.33p
18.11p
150.18p
168.29p
Adjusted diluted earnings per ordinary share
436.97p
2.22p
439.19p
397.86p
71.58p
469.44p
Weighted average number of ordinary shares in
issue (thousands)
94,607
99,065
* In accordance with IAS 33, the dilutive effect on losses per share of discontinued operations has not been considered as this would reduce the loss per share.
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 \u00a3272.242 million
(2025: \u00a3292.617 million) and \u00a3413.400 million (2025: \u00a3394.140 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 \u00a3258.884 million
(loss) (2025: loss of \u00a386.127 million) and \u00a32.104 million (2025: \u00a370.912 million) for the purposes of the discontinued adjusted diluted
earnings per ordinary share calculations. This has been included in the table above in order to reconcile the continuing earnings
per share to the total earnings per share for the year.
The weighted average number of ordinary shares used in calculating the diluted earnings per ordinary share for the year ended
31 March 2026 was 94.607 million (2025: 99.065 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:
2026 2025
\u2018000 \u2018000
Weighted average number of ordinary shares in issue
94,358
98,905
Dilutive effect of options and awards
249
160
Weighted average number of ordinary shares for diluted earnings per share 94,607 99,065
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-554": { "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.
Fixtures,
Plant & fittings
Land & machinery & 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 2026
Opening net book amount
332,257
639,491
149,211
67,952
73,475
1,262,386
Exchange differences and other
7,504
12,647
2,125
300
2,108
24,684
Arising on acquisition (note 5.2)
205
3,209
8,242
777
10
12,443
Additions
28,725
89,811
31,257
31,037
23,907
204,737
Disposals
(4,486)
(3,789)
(766)
(18,361)
(707)
(28,109)
Depreciation charge
(18,098)
(88,429)
(29,146)
(13,566)
\u2013
(149,239)
Impairment charge
\u2013
(1,790)
(45,692)
(114)
\u2013
(47,596)
Reclassification
7,181
9,892
6,384
2,452
(25,909)
\u2013
Closing net book amount
353,288
661,042
121,615
70,477
72,884
1,279,306
At 31 March 2026
Cost
481,410
1,610,517
288,875
199,326
72,884
2,653,012
Accumulated depreciation and impairment losses
(128,122)
(949,475)
(167,260)
(128,849)
\u2013
(1,373,706)
Net book amount
353,288
661,042
121,615
70,477
72,884
1,279,306
Fixtures,
Plant & fittings
Land & machinery & 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
(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
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 70 to 77 and the Sustainability Review on pages 34 to 69. 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 167.
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.
Included in the land and buildings are investment properties with a carrying value of \u00a338.3 million. These properties, which were
retained on the disposal of the Info Tech business, have been measured initially at cost, including any directly attributable
expenditure, and subsequently measured using the cost model in accordance with IAS 40. The fair value of the investment
properties are consistent with their current carrying values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-555": { "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 (see note 3.12).
Fixtures,
Plant & fittings
Land & machinery & office Motor
buildings & cylinders equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2026
Opening net book amount
244,470
3,177
6,072
44,313
298,032
Exchange differences and other
5,674
86
3
1,040
6,803
Arising on acquisition (note 5.2)
2,331
\u2013
\u2013
2,351
4,682
Additions
98,575
99
38
69,031
167,743
Terminations
(2,962)
\u2013
\u2013
(2,162)
(5,124)
Depreciation charge
(52,186)
(511)
(1,775)
(26,802)
(81,274)
Impairment charge
(15,253)
(262)
\u2013
(625)
(16,140)
Closing net book amount
280,649
2,589
4,338
87,146
374,722
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
(32,745)
(2,066)
(278)
(4,366)
(39,455)
Closing net book amount
244,470
3,177
6,072
44,313
298,032
3.13 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 2026 is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
313,971
362,383
Exchange differences
7,003
(4,423)
Additions
167,743
88,474
Terminations
(5,737)
(3,645)
Arising on acquisition (note 5.2)
4,682
3,343
Disposal of subsidiary
(15,678)
(3,983)
Lease repayments
(95,549)
(98,886)
Lease interest (note 2.6)
13,346
12,881
Lease creditors attributable to assets held for sale
\u2013
(42,173)
At 31 March 389,781 313,971
An analysis of the maturity profile of the discounted lease creditor arising from the Group\u2019s leasing activities as at 31 March 2026 is
as follows:
2026 2025
At 31 March \u00a3\u2019000 \u00a3\u2019000
Within one year
78,188
64,245
Between one and two years
64,314
50,473
Between two and five years
128,158
97,736
Over five years
119,121
101,517
At 31 March 389,781 313,971
Analysed as:
Non-current liabilities
311,593
249,726
Current liabilities
78,188
64,245
389,781 313,971
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:
2026
2025
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
For year ended 31 March \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Short-term leases
5,061
211
5,272
6,205
659
6,864
Leases of low-value assets
82
4
86
458
24
482
Wholly variable lease payments
59,096
\u2013
59,096
56,471
\u2013
56,471
Total
64,239
215
64,454
63,134
683
63,817
The total cash outflow for lease payments during the period was as follows:
2026
2025
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
For year ended 31 March \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
64,239
215
64,454
63,134
683
63,817
Lease payments relating to capitalised right-of-use
leased assets
92,261
8,348
100,609
86,832
12,054
98,886
Total cash outflow for lease payments
156,500
8,563
165,063
149,966
12,737
162,703
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-614": { "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 (see note 3.12).
Fixtures,
Plant & fittings
Land & machinery & office Motor
buildings & cylinders equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2026
Opening net book amount
244,470
3,177
6,072
44,313
298,032
Exchange differences and other
5,674
86
3
1,040
6,803
Arising on acquisition (note 5.2)
2,331
\u2013
\u2013
2,351
4,682
Additions
98,575
99
38
69,031
167,743
Terminations
(2,962)
\u2013
\u2013
(2,162)
(5,124)
Depreciation charge
(52,186)
(511)
(1,775)
(26,802)
(81,274)
Impairment charge
(15,253)
(262)
\u2013
(625)
(16,140)
Closing net book amount
280,649
2,589
4,338
87,146
374,722
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
(32,745)
(2,066)
(278)
(4,366)
(39,455)
Closing net book amount
244,470
3,177
6,072
44,313
298,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-556": { "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 2026
Opening net book amount
1,716,684
488,252
208,567
2,413,503
Exchange differences
26,277
5,451
6,237
37,965
Arising on acquisition (note 5.2)
27,304
26,326
7,344
60,974
Adjustments to contingent consideration (note 3.17)
(7,763)
\u2013
\u2013
(7,763)
Amortisation charge
\u2013
(88,736)
(12,295)
(101,031)
Impairment charge
(83,220)
(24,102)
\u2013
(107,322)
Closing net book amount
1,679,282
407,191
209,853
2,296,326
At 31 March 2026
Cost
1,687,109
1,091,499
293,004
3,071,612
Accumulated amortisation and impairment losses
(7,827)
(684,308)
(83,151)
(775,286)
Net book amount
1,679,282
407,191
209,853
2,296,326
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 3.17)
(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
(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 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 7.3 years (2025: 7.2 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 20.6 years (2025: 21.5 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 2026
Customer &
supplier Remaining Remaining
related amortisation Brand related amortisation
intangibles period in intangibles period in
CGU
Segment
\u00a3\u2019000 years \u00a3\u2019000 years
Butagaz
DCC Energy
57,746
4.2 years
106,880
28.6 years
Nexora North America
DCC Technology
95,752
5.4 years
1,175
12.4 years
DCC Propane
DCC Energy
56,422
6.7 years
24,663
12.2 years
Energy Solutions Germany
DCC Energy
49,020
10.7 years
36,017
12.7 years
Mobility Continental Europe
DCC Energy
33,812
10.4 years
\u2013
\u2013
Others
114,439
41,118
Closing net book amount
407,191
209,853
At 31 March 2025
Customer &
supplier Remaining Remaining
related amortisation Brand related amortisation
intangibles period in intangibles period in
CGU
Segment
\u00a3\u2019000 years \u00a3\u2019000 years
Butagaz
DCC Energy
75,581
4.8 years
106,526
29.6 years
Nexora 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
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 19 CGUs (2025: 30 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
2026 2025 2026 2025
number number \u00a3\u2019000 \u00a3\u2019000
DCC Energy
15
16
1,477,747
1,453,844
DCC Technology
4
7
201,535
262,840
19
23
1,679,282
1,716,684
Discontinued operations
\u2013
7
\u2013
420,800
19 30 1,679,282 2,137,484
In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been allocated are
as follows:
2026 2025
CGU
Segment
\u00a3\u2019000 \u00a3\u2019000
Certas Energy UK Group
DCC Energy
407,786
413,822
Butagaz
DCC Energy
268,565
257,355
Nexora North America
DCC Technology
180,734
184,866
Mobility Continental Europe
DCC Energy
157,260
151,120
DCC Propane
DCC Energy
123,931
126,765
Energy Solutions Germany
DCC Energy
106,630
104,428
Flogas Britain
DCC Energy
94,931
91,740
Others
339,445
386,588
1,679,282
1,716,684
Discontinued operations
\u2013
420,800
Closing net book amount 1,679,282 2,137,484
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 11.3% (2025: 10.8%) for the Certas Energy UK Group, Butagaz, Mobility Continental Europe and
DCC Propane, and 12.7% (2025: 12.2%) for Nexora North America. The long-term growth rates assumed for the Certas Energy UK
Group was 1.4% (2025: 1.3%), a long-term growth rate of 1.8% (2025: 2.1%) was assumed for Nexora North America and DCC
Propane and a long-term growth rate of 1.2% (2025: 1.3%) was assumed for Mobility Continental Europe. No growth was assumed
for Butagaz (2025: no growth). The remaining goodwill balance of \u00a3339.445 million is allocated across 12 CGUs (2025: \u00a3386.588
million across 16 CGUs), none of which are individually significant, and the before-tax discount rates applied to these CGUs were in
the range 11.3% to 12.7% (2025: 10.8% to 12.2%).
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 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 1.1% (2025: 1.4%).
The assumptions behind the cash flow projections also take account of the Group\u2019s assessment of the transitional and physical
impacts of climate change on its operations that are described in the Sustainability Review on page 45.
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 11.3% to 12.7% (2025: 10.8% to 12.2%).
Key assumptions include discount rates, long-term growth rates, management\u2019s estimates of future profitability, working capital
movements and capital expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts 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.
The Group recognised an impairment charge of \u00a3107.322 million (2025: \u00a379.619 million). An impairment charge was recognised in
relation to a DCC Technology business in the Netherlands following a decision to exit this business in the second half of this
financial year. The Group also recognised an impairment charge in relation to goodwill and intangible assets in our solar
distribution business in the Netherlands following a continued deterioration in the medium-term outlook for the business. In
addition, the Group recognised an impairment charge in relation to DCC Technology\u2019s Info Tech business following its classification
as an asset held for sale at 30 September 2025. The Group completed the sale of this business in the second half of this financial
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 18 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 except in the case of one CGU below.
In relation to a CGU which forms part of the DCC Technology segment, the value in use of \u00a380.1 million represented an excess of
\u00a32.3 million over its carrying value of \u00a377.8 million. The table below identifies the amounts by which each of the key assumptions
must change in order for the recoverable amount of the CGU to be equal to its carrying amount:
Increase in discount rate
0.3 percentage points
Reduction in long-term growth rate
0.5 percentage points
Reduction in cash flow
3%
This CGU exhibited an excess of carrying value over value in use of \u00a35.2 million by applying a premium of 1% to the discount rate
and a deficit of \u00a312.0m by applying a decrease in cash flows of 10%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-615": { "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 2026
Opening net book amount
1,716,684
488,252
208,567
2,413,503
Exchange differences
26,277
5,451
6,237
37,965
Arising on acquisition (note 5.2)
27,304
26,326
7,344
60,974
Adjustments to contingent consideration (note 3.17)
(7,763)
\u2013
\u2013
(7,763)
Amortisation charge
\u2013
(88,736)
(12,295)
(101,031)
Impairment charge
(83,220)
(24,102)
\u2013
(107,322)
Closing net book amount
1,679,282
407,191
209,853
2,296,326
At 31 March 2026
Cost
1,687,109
1,091,499
293,004
3,071,612
Accumulated amortisation and impairment losses
(7,827)
(684,308)
(83,151)
(775,286)
Net book amount
1,679,282
407,191
209,853
2,296,326
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 3.17)
(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
(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 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 7.3 years (2025: 7.2 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 20.6 years (2025: 21.5 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 2026
Customer &
supplier Remaining Remaining
related amortisation Brand related amortisation
intangibles period in intangibles period in
CGU
Segment
\u00a3\u2019000 years \u00a3\u2019000 years
Butagaz
DCC Energy
57,746
4.2 years
106,880
28.6 years
Nexora North America
DCC Technology
95,752
5.4 years
1,175
12.4 years
DCC Propane
DCC Energy
56,422
6.7 years
24,663
12.2 years
Energy Solutions Germany
DCC Energy
49,020
10.7 years
36,017
12.7 years
Mobility Continental Europe
DCC Energy
33,812
10.4 years
\u2013
\u2013
Others
114,439
41,118
Closing net book amount
407,191
209,853
At 31 March 2025
Customer &
supplier Remaining Remaining
related amortisation Brand related amortisation
intangibles period in intangibles period in
CGU
Segment
\u00a3\u2019000 years \u00a3\u2019000 years
Butagaz
DCC Energy
75,581
4.8 years
106,526
29.6 years
Nexora 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
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 19 CGUs (2025: 30 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
2026 2025 2026 2025
number number \u00a3\u2019000 \u00a3\u2019000
DCC Energy
15
16
1,477,747
1,453,844
DCC Technology
4
7
201,535
262,840
19
23
1,679,282
1,716,684
Discontinued operations
\u2013
7
\u2013
420,800
19 30 1,679,282 2,137,484
In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been allocated are as follows:
2026 2025
CGU
Segment
\u00a3\u2019000 \u00a3\u2019000
Certas Energy UK Group
DCC Energy
407,786
413,822
Butagaz
DCC Energy
268,565
257,355
Nexora North America
DCC Technology
180,734
184,866
Mobility Continental Europe
DCC Energy
157,260
151,120
DCC Propane
DCC Energy
123,931
126,765
Energy Solutions Germany
DCC Energy
106,630
104,428
Flogas Britain
DCC Energy
94,931
91,740
Others
339,445
386,588
1,679,282
1,716,684
Discontinued operations
\u2013
420,800
Closing net book amount 1,679,282 2,137,484
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 11.3% (2025: 10.8%) for the Certas Energy UK Group, Butagaz, Mobility Continental Europe and DCC Propane, and 12.7% (2025: 12.2%) for Nexora North America. The long-term growth rates assumed for the Certas Energy UK Group was 1.4% (2025: 1.3%), a long-term growth rate of 1.8% (2025: 2.1%) was assumed for Nexora North America and DCC Propane and a long-term growth rate of 1.2% (2025: 1.3%) was assumed for Mobility Continental Europe. No growth was assumed for Butagaz (2025: no growth). The remaining goodwill balance of \u00a3339.445 million is allocated across 12 CGUs (2025: \u00a3386.588 million across 16 CGUs), none of which are individually significant, and the before-tax discount rates applied to these CGUs were in the range 11.3% to 12.7% (2025: 10.8% to 12.2%). 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 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 1.1% (2025: 1.4%). The assumptions behind the cash flow projections also take account of the Group\u2019s assessment of the transitional and physical impacts of climate change on its operations that are described in the Sustainability Review on page 45. 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 11.3% to 12.7% (2025: 10.8% to 12.2%). Key assumptions include discount rates, long-term growth rates, management\u2019s estimates of future profitability, working capital movements and capital expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts 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. The Group recognised an impairment charge of \u00a3107.322 million (2025: \u00a379.619 million). An impairment charge was recognised in relation to a DCC Technology business in the Netherlands following a decision to exit this business in the second half of this financial year. The Group also recognised an impairment charge in relation to goodwill and intangible assets in our solar distribution business in the Netherlands following a continued deterioration in the medium-term outlook for the business. In addition, the Group recognised an impairment charge in relation to DCC Technology\u2019s Info Tech business following its classification as an asset held for sale at 30 September 2025. The Group completed the sale of this business in the second half of this financial 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 18 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 except in the case of one CGU below. In relation to a CGU which forms part of the DCC Technology segment, the value in use of \u00a380.1 million represented an excess of \u00a32.3 million over its carrying value of \u00a377.8 million. The table below identifies the amounts by which each of the key assumptions must change in order for the recoverable amount of the CGU to be equal to its carrying amount:
Increase in discount rate
0.3 percentage points
Reduction in long-term growth rate
0.5 percentage points
Reduction in cash flow
3%
This CGU exhibited an excess of carrying value over value in use of \u00a35.2 million by applying a premium of 1% to the discount rate and a deficit of \u00a312.0m by applying a decrease in cash flows of 10%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-644": { "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 2026
Opening net book amount
1,716,684
488,252
208,567
2,413,503
Exchange differences
26,277
5,451
6,237
37,965
Arising on acquisition (note 5.2)
27,304
26,326
7,344
60,974
Adjustments to contingent consideration (note 3.17)
(7,763)
\u2013
\u2013
(7,763)
Amortisation charge
\u2013
(88,736)
(12,295)
(101,031)
Impairment charge
(83,220)
(24,102)
\u2013
(107,322)
Closing net book amount
1,679,282
407,191
209,853
2,296,326
At 31 March 2026
Cost
1,687,109
1,091,499
293,004
3,071,612
Accumulated amortisation and impairment losses
(7,827)
(684,308)
(83,151)
(775,286)
Net book amount
1,679,282
407,191
209,853
2,296,326
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 3.17)
(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
(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 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 7.3 years (2025: 7.2 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 20.6 years (2025: 21.5 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 2026
Customer &
supplier Remaining Remaining
related amortisation Brand related amortisation
intangibles period in intangibles period in
CGU
Segment
\u00a3\u2019000 years \u00a3\u2019000 years
Butagaz
DCC Energy
57,746
4.2 years
106,880
28.6 years
Nexora North America
DCC Technology
95,752
5.4 years
1,175
12.4 years
DCC Propane
DCC Energy
56,422
6.7 years
24,663
12.2 years
Energy Solutions Germany
DCC Energy
49,020
10.7 years
36,017
12.7 years
Mobility Continental Europe
DCC Energy
33,812
10.4 years
\u2013
\u2013
Others
114,439
41,118
Closing net book amount
407,191
209,853
At 31 March 2025
Customer &
supplier Remaining Remaining
related amortisation Brand related amortisation
intangibles period in intangibles period in
CGU
Segment
\u00a3\u2019000 years \u00a3\u2019000 years
Butagaz
DCC Energy
75,581
4.8 years
106,526
29.6 years
Nexora 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
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 19 CGUs (2025: 30 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
2026 2025 2026 2025
number number \u00a3\u2019000 \u00a3\u2019000
DCC Energy
15
16
1,477,747
1,453,844
DCC Technology
4
7
201,535
262,840
19
23
1,679,282
1,716,684
Discontinued operations
\u2013
7
\u2013
420,800
19 30 1,679,282 2,137,484
In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been allocated are as follows:
2026 2025
CGU
Segment
\u00a3\u2019000 \u00a3\u2019000
Certas Energy UK Group
DCC Energy
407,786
413,822
Butagaz
DCC Energy
268,565
257,355
Nexora North America
DCC Technology
180,734
184,866
Mobility Continental Europe
DCC Energy
157,260
151,120
DCC Propane
DCC Energy
123,931
126,765
Energy Solutions Germany
DCC Energy
106,630
104,428
Flogas Britain
DCC Energy
94,931
91,740
Others
339,445
386,588
1,679,282
1,716,684
Discontinued operations
\u2013
420,800
Closing net book amount 1,679,282 2,137,484
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 11.3% (2025: 10.8%) for the Certas Energy UK Group, Butagaz, Mobility Continental Europe and DCC Propane, and 12.7% (2025: 12.2%) for Nexora North America. The long-term growth rates assumed for the Certas Energy UK Group was 1.4% (2025: 1.3%), a long-term growth rate of 1.8% (2025: 2.1%) was assumed for Nexora North America and DCC Propane and a long-term growth rate of 1.2% (2025: 1.3%) was assumed for Mobility Continental Europe. No growth was assumed for Butagaz (2025: no growth). The remaining goodwill balance of \u00a3339.445 million is allocated across 12 CGUs (2025: \u00a3386.588 million across 16 CGUs), none of which are individually significant, and the before-tax discount rates applied to these CGUs were in the range 11.3% to 12.7% (2025: 10.8% to 12.2%). 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 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 1.1% (2025: 1.4%). The assumptions behind the cash flow projections also take account of the Group\u2019s assessment of the transitional and physical impacts of climate change on its operations that are described in the Sustainability Review on page 45. 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 11.3% to 12.7% (2025: 10.8% to 12.2%). Key assumptions include discount rates, long-term growth rates, management\u2019s estimates of future profitability, working capital movements and capital expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts 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. The Group recognised an impairment charge of \u00a3107.322 million (2025: \u00a379.619 million). An impairment charge was recognised in relation to a DCC Technology business in the Netherlands following a decision to exit this business in the second half of this financial year. The Group also recognised an impairment charge in relation to goodwill and intangible assets in our solar distribution business in the Netherlands following a continued deterioration in the medium-term outlook for the business. In addition, the Group recognised an impairment charge in relation to DCC Technology\u2019s Info Tech business following its classification as an asset held for sale at 30 September 2025. The Group completed the sale of this business in the second half of this financial 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 18 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 except in the case of one CGU below. In relation to a CGU which forms part of the DCC Technology segment, the value in use of \u00a380.1 million represented an excess of \u00a32.3 million over its carrying value of \u00a377.8 million. The table below identifies the amounts by which each of the key assumptions must change in order for the recoverable amount of the CGU to be equal to its carrying amount:
Increase in discount rate
0.3 percentage points
Reduction in long-term growth rate
0.5 percentage points
Reduction in cash flow
3%
This CGU exhibited an excess of carrying value over value in use of \u00a35.2 million by applying a premium of 1% to the discount rate and a deficit of \u00a312.0m by applying a decrease in cash flows of 10%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-557": { "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%.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
71,428
32,825
Share of profit after tax
4,590
3,392
Acquisition of equity accounted investments (note 5.2)
156
35,346
Dividends received
(356)
(857)
Exchange and other
3,350
722
At 31 March 79,168 71,428
Investments in associates at 31 March 2026 include goodwill and intangible assets of \u00a368.272 million (2025: \u00a356.919 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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
104,311
124,288
Current assets
56,790
36,929
Non-current liabilities
(45,537)
(57,689)
Current liabilities
(36,396)
(32,100)
79,168 71,428
The Group\u2019s principal associate is its 36% shareholding in IP&E GBA Limited. This business is engaged in the procurement, sales,
marketing and distribution of liquid gas and is based in Hong Kong.
Details of the Group\u2019s other principal associates are included in the Group Directory on page 226.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-558": { "value": "
3.5 LONG-TERM RECEIVABLES
The Group disposed of DCC Healthcare during the year ended 31 March 2026. The consideration received included an
unconditional deferred amount of \u00a3130 million receivable within two years.
The movement in the Group\u2019s long-term receivables is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
\u2013
\u2013
Arising on disposal (note 2.9)
119,726
\u2013
Unwinding of discount (note 2.6)
2,869
\u2013
At 31 March 122,595 \u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-616": { "value": "3.5 LONG-TERM RECEIVABLES The Group disposed of DCC Healthcare during the year ended 31 March 2026. The consideration received included an unconditional deferred amount of \u00a3130 million receivable within two years. The movement in the Group\u2019s long-term receivables is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
\u2013
\u2013
Arising on disposal (note 2.9)
119,726
\u2013
Unwinding of discount (note 2.6)
2,869
\u2013
At 31 March 122,595 \u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-559": { "value": "
3.6 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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Raw materials
22,428
22,712
Work in progress
7,998
14,299
Finished goods
752,141
903,148
782,567 940,159
Write-downs of inventories recognised as an expense within cost of sales amounted to \u00a36.548 million (2025: \u00a34.803 million) and
arose in the normal course of activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-560": { "value": "
3.7 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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
1,635,462
1,590,328
Allowance for impairment of trade receivables
(105,501)
(107,216)
Accrued income
212,647
194,260
Prepayments
160,147
137,577
Value-added tax recoverable
27,395
28,939
Other debtors
51,986
131,556
1,982,136 1,975,444
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 of
Gross trade receivables allowance for impairment
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Not overdue
1,286,004
1,245,696
1,268,648
1,226,678
Less than 1 month overdue
221,769
194,623
217,991
190,914
1 \u2013 3 months overdue
53,311
81,149
22,209
50,587
3 \u2013 6 months overdue
31,323
20,425
17,986
13,257
Over 6 months overdue
43,055
48,435
3,127
1,676
1,635,462 1,590,328 1,529,961 1,483,112
The movement in the allowance for impairment of trade receivables during the year is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
107,216
86,025
Allowance for impairment recognised in the year
17,757
35,956
Subsequent recovery of amounts previously provided for
(2,050)
(2,045)
Amounts written off during the year
(19,483)
(10,617)
Arising on acquisition
2,027
2,243
Disposal of subsidiary
(3,910)
(1,598)
Exchange
3,944
(1,281)
Provision for impairment of trade receivables attributable to assets held for sale
\u2013
(1,467)
At 31 March 105,501 107,216
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-561": { "value": "
3.8 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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Trade payables
1,812,789
1,715,189
Accruals
767,620
823,817
Deferred income
55,243
39,748
PAYE and National Insurance or equivalent
14,158
24,988
Value-added tax
86,873
110,404
Government grants (note 3.19)
65
23
Interest payable
44,340
35,154
Amounts due in respect of property, plant and equipment
17,056
13,858
2,798,144 2,763,181
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-617": { "value": "
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Trade payables
1,812,789
1,715,189
Accruals
767,620
823,817
Deferred income
55,243
39,748
PAYE and National Insurance or equivalent
14,158
24,988
Value-added tax
86,873
110,404
Government grants (note 3.19)
65
23
Interest payable
44,340
35,154
Amounts due in respect of property, plant and equipment
17,056
13,858
2,798,144 2,763,181
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-562": { "value": "
3.9 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 2026
At 1 April 2025
940,159
1,975,444
(2,763,181)
152,422
Assets and liabilities classified as held for sale at 31 March 2025
111,718
132,798
(127,716)
116,800
Translation adjustment
6,684
39,864
(59,198)
(12,650)
Arising on acquisition \u2013 continuing operations (note 5.2)
9,235
17,625
(14,565)
12,295
Arising on acquisition \u2013 discontinued operations
4,049
3,696
(2,704)
5,041
Disposal of subsidiaries and asset impairments
(312,516)
(342,855)
428,028
(227,343)
Exceptional items, interest accruals, capital accruals and other
\u2013
(148)
(8,443)
(8,591)
Increase/(decrease) in working capital (note 5.3)
23,238
155,712
(250,365)
(71,415)
At 31 March 2026
782,567
1,982,136
(2,798,144)
(33,441)
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
(111,718)
(132,798)
127,716
(116,800)
At 31 March 2025
940,159
1,975,444
(2,763,181)
152,422
", "dimensions": { "concept": "dccplc:DisclosureOfMovementInWorkingCapital", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-563": { "value": "
3.10 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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
512,228
632,087
Short-term deposits
573,379
456,088
1,085,607 1,088,175
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 on date of origination 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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Cash and short-term deposits
1,085,607
1,088,175
Bank overdrafts
(22,168)
(31,084)
Cash and short-term deposits attributable to assets held for sale
\u2013
62,338
1,063,439 1,119,429
Bank overdrafts are included within current borrowings (note 3.12) in the Group Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-564": { "value": "
3.11 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
notional
amount Asset Liability
At 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivatives designated as cash flow or fair value hedges:
Cash flow hedges:
- Cross currency interest rate swaps
190,601
25,199
\u2013
- Forward foreign exchange contracts
33,177
198
(218)
- Commodity price forward contracts
399,988
107,160
(13,096)
Fair value hedges:
- Interest rate swaps
314,185
598
(12,848)
133,155
(26,162)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps
375,312
5,058
(356)
Forward foreign exchange contracts
1,986
25
(5)
Commodity price forward contracts
54,203
20,742
(23,085)
25,825
(23,446)
158,980
(49,608)
Analysed as:
Non-current asset/(liability)
18,954
(14,684)
Current asset/(liability)
140,026
(34,924)
158,980
(49,608)
Contractual Carrying amount
notional
amount Asset Liability
At 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
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)
The tables below shows the effects of hedge accounting on the statement of comprehensive income:
Net carrying Change in value used for calculating
amount included hedge ineffectiveness Hedge
in derivative ineffectiveness
financial Hedging recognised in
Derivatives designated as cash flow instruments Hedged item instrument Income Statement
or fair value hedges at 31 March 2026: \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash Flow Hedges:
Cross currency interest rate swaps
25,199
462
(462)
\u2013
Forward foreign exchange contracts
(20)
3,183
(3,183)
\u2013
Commodity price forward contracts
94,064
(89,758)
90,930
1,172
119,243
(86,113)
87,285
1,172
Fair Value Hedges:
Interest rate swaps
(12,250)
(4,123)
4,289
166
(12,250)
(4,123)
4,289
166
Net carrying Change in value used for calculating
amount included hedge ineffectiveness Hedge
in derivative ineffectiveness
financial Hedging recognised in
Derivatives designated as cash flow instruments Hedged item instrument Income Statement
or fair value hedges at 31 March 2025: \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
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)
(9,109)
8,877
(232)
Cross currency interest rate swaps
\u2013
40,571
(40,679)
(108)
(16,869)
31,462
(31,802)
(340)
The effects of fair value hedges on hedged items are as follows:
Hedge
Financial ineffectiveness
statement line recognised in
item that Income
includes Carrying amount Statement
hedged item \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2026
Fair Value Hedges:
- Interest rate swaps
Borrowings
(300,968)
166
- Cross currency interest rate swaps
Borrowings
\u2013
\u2013
(300,968)
166
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)
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 2026, 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 2026 the fixed US dollar interest rates vary from 4.68% to 4.78% and the average swapped
fixed rates for sterling and euro were 4.69% and 3.66% respectively. These swaps are designated as cash flow hedges under
IAS 39.
CURRENCY SWAPS
During the year ended 31 March 2026, 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 2026 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 2026 on forward commodity contracts
designated as cash flow hedges under IAS 39 will be released to the Income Statement at various dates up to five years after the
reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-656": { "value": "3.11 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
notional
amount Asset Liability
At 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivatives designated as cash flow or fair value hedges:
Cash flow hedges:
- Cross currency interest rate swaps
190,601
25,199
\u2013
- Forward foreign exchange contracts
33,177
198
(218)
- Commodity price forward contracts
399,988
107,160
(13,096)
Fair value hedges:
- Interest rate swaps
314,185
598
(12,848)
133,155
(26,162)
Derivatives not designated as cash flow or fair value hedges:
Currency Swaps
375,312
5,058
(356)
Forward foreign exchange contracts
1,986
25
(5)
Commodity price forward contracts
54,203
20,742
(23,085)
25,825
(23,446)
158,980
(49,608)
Analysed as:
Non-current asset/(liability)
18,954
(14,684)
Current asset/(liability)
140,026
(34,924)
158,980
(49,608)
Contractual Carrying amount
notional
amount Asset Liability
At 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
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)
The tables below shows the effects of hedge accounting on the statement of comprehensive income:
Net carrying Change in value used for calculating
amount included hedge ineffectiveness Hedge
in derivative ineffectiveness
financial Hedging recognised in
Derivatives designated as cash flow instruments Hedged item instrument Income Statement
or fair value hedges at 31 March 2026: \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash Flow Hedges:
Cross currency interest rate swaps
25,199
462
(462)
\u2013
Forward foreign exchange contracts
(20)
3,183
(3,183)
\u2013
Commodity price forward contracts
94,064
(89,758)
90,930
1,172
119,243
(86,113)
87,285
1,172
Fair Value Hedges:
Interest rate swaps
(12,250)
(4,123)
4,289
166
(12,250)
(4,123)
4,289
166
Net carrying Change in value used for calculating
amount included hedge ineffectiveness Hedge
in derivative ineffectiveness
financial Hedging recognised in
Derivatives designated as cash flow instruments Hedged item instrument Income Statement
or fair value hedges at 31 March 2025: \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
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)
(9,109)
8,877
(232)
Cross currency interest rate swaps
\u2013
40,571
(40,679)
(108)
(16,869)
31,462
(31,802)
(340)
The effects of fair value hedges on hedged items are as follows:
Hedge
Financial ineffectiveness
statement line recognised in
item that Income
includes Carrying amount Statement
hedged item \u00a3\u2019000 \u00a3\u2019000
Year ended 31 March 2026
Fair Value Hedges:
- Interest rate swaps
Borrowings
(300,968)
166
- Cross currency interest rate swaps
Borrowings
\u2013
\u2013
(300,968)
166
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)
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 2026, 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 2026 the fixed US dollar interest rates vary from 4.68% to 4.78% and the average swapped fixed rates for sterling and euro were 4.69% and 3.66% respectively. These swaps are designated as cash flow hedges under IAS 39. CURRENCY SWAPS During the year ended 31 March 2026, 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 2026 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 2026 on forward commodity contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at various dates up to five years after the reporting date. 3.12 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.
2026 2025
At 31 March \u00a3\u2019000 \u00a3\u2019000
Non-current
Unsecured notes
1,653,726
1,849,217
Total borrowings
1,653,726
1,849,217
Lease creditors (note 3.13)
311,593
249,726
Total non-current borrowings and lease creditors 1,965,319 2,098,943
Current
Unsecured notes
209,558
85,741
Bank borrowings
22,168
31,084
Total borrowings
231,726
116,825
Lease creditors (note 3.13)
78,188
64,245
Total current borrowings and lease creditors 309,914 181,070
Total borrowings and lease creditors 2,275,233 2,280,013
The maturity of non-current borrowings is as follows:
2026 2025
At 31 March \u00a3\u2019000 \u00a3\u2019000
Between one and two years
386,620
263,767
Between two and five years
561,958
780,810
Over five years
1,016,741
1,054,366
1,965,319 2,098,943
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 2026 (FY25: \u00a3800 million). The Group had various other uncommitted bank facilities available at 31 March 2026.
UNSECURED NOTES
The Group\u2019s unsecured notes fall due between 2026 and 2034 and are comprised of fixed and floating debt denominated in
sterling, euro and US dollar.
The Group utilises cross currency interest rate swaps and interest rate swaps to manage currency risk and interest rate risk on
funding for acquisitions. A summary of the Group\u2019s unsecured notes is as follows:
Principal amount
*
2026 2025
Unsecured notes
Note
\u2018000 \u00a3\u2018000 \u00a3\u2018000
4.19% USD due April 2025
1, CF
111,000
\u2013
85,741
1.83% EUR due April 2026
20,000
17,366
16,708
4.55% USD due April 2026
115,500
87,223
89,217
4.68% USD due May 2026
2, CF
87,000
65,700
67,202
4.78% USD due September 2026
3, CF
52,000
39,269
40,167
Floating EUR due September 2027
6
70,000
60,781
58,478
1.96% EUR due September 2027
4, FV
185,000
155,995
149,162
2.74% GBP due September 2027
5, FV
107,500
102,530
99,725
5.89% USD due December 2028
201,500
152,167
155,647
Floating USD due December 2028
7
50,000
37,759
38,622
2.18% EUR due April 2029
30,000
26,049
25,062
4.67% USD due April 2029
72,500
54,750
56,002
Floating EUR due September 2029
6
45,000
39,074
37,593
2.17% EUR due September 2029
4, FV
30,000
24,439
23,566
2.86% GBP due September 2029
5, FV
20,000
18,003
17,588
4.98% USD due September 2029
28,000
21,145
21,628
6% USD due December 2030
80,000
60,414
61,795
2.39% EUR due April 2031
20,000
17,366
16,708
4.77% USD due April 2031
64,500
48,709
49,822
4.38% EUR EMTN due June 2031
500,000
434,150
417,700
6.7% GBP due December 2032
50,000
50,000
50,000
Floating USD due December 2032
7
50,000
37,759
38,622
6.12% USD due December 2032
282,000
212,959
217,828
2.66% EUR due April 2034
30,000
26,048
25,062
4.92% USD due April 2034
97,500
73,629
75,313
At 31 March 1,863,284 1,934,958
Analysed as:
Non-current liabilities
1,653,726
1,849,217
Current liabilities
209,558
85,741
1,863,284 1,934,958
* Amounts are displayed in the currency of the note
1 Swapped to fixed EUR and GBP ($66m and $45m respectively, cross currency interest rate swap)
2 Swapped to fixed EUR (cross currency interest rate swap)
3 Swapped to fixed GBP (cross currency interest rate swap)
4 Swapped to floating (interest rate swap), half yearly EURIBOR
5 Swapped to floating (interest rate swap), half yearly SONIA
6 Half yearly EURIBOR
7 Quarterly SOFR
CF Designated as cash flow hedge (IAS 39)
FV Designated as fair value hedge (IAS 39)
The maturity and interest profile of the unsecured notes is as follows:
At 31 March
2026
2025
Average maturity
4.0 years
4.8 years
Average fixed interest rates*:
\u2013 US dollar denominated
5.40%
5.29%
\u2013 sterling denominated
3.87%
3.87%
\u2013 euro denominated
3.49%
3.49%
Average floating rate including swaps:
\u2013 US dollar denominated
5.99%
6.66%
\u2013 sterling denominated
5.77%
6.64%
\u2013 euro denominated
3.41%
3.60%
* Issued and repayable at par.
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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
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 2026. 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 2026, the Group had cash and cash equivalents of \u00a31,085.607 million (note 3.14) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3690.473 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 forward looking in nature and forecasted using actual credit loss experience. As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million (2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. 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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at 31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral balances. 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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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 gain of \u00a39.6 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the weakening in the value of the US dollar against sterling. 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 \u00a328.6 million (2025: \u00a324.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12. 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, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025: 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:
2026
2025
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
158,980
158,980
50,192
50,192
Trade and other receivables
1,982,136
1,982,136
1,975,444
1,975,444
Cash and cash equivalents
1,085,607
1,085,607
1,088,175
1,088,175
3,226,723
3,226,723
3,113,811
3,113,811
Financial liabilities
Borrowings (excluding lease creditors)
1,885,452
1,910,611
1,966,042
1,996,543
Derivative financial instruments
49,608
49,608
30,572
30,572
Acquisition related liabilities
53,749
53,749
94,458
94,458
Trade and other payables
2,798,144
2,798,144
2,763,181
2,763,181
4,786,953
4,812,112
4,854,253
4,884,754
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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and \u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%). 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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (I) FINANCIAL ASSETS The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
(II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-565": { "value": "
3.12 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.
2026 2025
At 31 March \u00a3\u2019000 \u00a3\u2019000
Non-current
Unsecured notes
1,653,726
1,849,217
Total borrowings
1,653,726
1,849,217
Lease creditors (note 3.13)
311,593
249,726
Total non-current borrowings and lease creditors 1,965,319 2,098,943
Current
Unsecured notes
209,558
85,741
Bank borrowings
22,168
31,084
Total borrowings
231,726
116,825
Lease creditors (note 3.13)
78,188
64,245
Total current borrowings and lease creditors 309,914 181,070
Total borrowings and lease creditors 2,275,233 2,280,013
The maturity of non-current borrowings is as follows:
2026 2025
At 31 March \u00a3\u2019000 \u00a3\u2019000
Between one and two years
386,620
263,767
Between two and five years
561,958
780,810
Over five years
1,016,741
1,054,366
1,965,319 2,098,943
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 2026 (FY25: \u00a3800 million). The Group had various other
uncommitted bank facilities available at 31 March 2026.
UNSECURED NOTES The Group\u2019s unsecured notes fall due between 2026 and 2034 and are comprised of fixed and floating debt denominated in sterling, euro and US dollar. The Group utilises cross currency interest rate swaps and interest rate swaps to manage currency risk and interest rate risk on funding for acquisitions. A summary of the Group\u2019s unsecured notes is as follows:
Principal amount
*
2026 2025
Unsecured notes
Note
\u2018000 \u00a3\u2018000 \u00a3\u2018000
4.19% USD due April 2025
1, CF
111,000
\u2013
85,741
1.83% EUR due April 2026
20,000
17,366
16,708
4.55% USD due April 2026
115,500
87,223
89,217
4.68% USD due May 2026
2, CF
87,000
65,700
67,202
4.78% USD due September 2026
3, CF
52,000
39,269
40,167
Floating EUR due September 2027
6
70,000
60,781
58,478
1.96% EUR due September 2027
4, FV
185,000
155,995
149,162
2.74% GBP due September 2027
5, FV
107,500
102,530
99,725
5.89% USD due December 2028
201,500
152,167
155,647
Floating USD due December 2028
7
50,000
37,759
38,622
2.18% EUR due April 2029
30,000
26,049
25,062
4.67% USD due April 2029
72,500
54,750
56,002
Floating EUR due September 2029
6
45,000
39,074
37,593
2.17% EUR due September 2029
4, FV
30,000
24,439
23,566
2.86% GBP due September 2029
5, FV
20,000
18,003
17,588
4.98% USD due September 2029
28,000
21,145
21,628
6% USD due December 2030
80,000
60,414
61,795
2.39% EUR due April 2031
20,000
17,366
16,708
4.77% USD due April 2031
64,500
48,709
49,822
4.38% EUR EMTN due June 2031
500,000
434,150
417,700
6.7% GBP due December 2032
50,000
50,000
50,000
Floating USD due December 2032
7
50,000
37,759
38,622
6.12% USD due December 2032
282,000
212,959
217,828
2.66% EUR due April 2034
30,000
26,048
25,062
4.92% USD due April 2034
97,500
73,629
75,313
At 31 March 1,863,284 1,934,958
Analysed as:
Non-current liabilities
1,653,726
1,849,217
Current liabilities
209,558
85,741
1,863,284 1,934,958
* Amounts are displayed in the currency of the note 1 Swapped to fixed EUR and GBP ($66m and $45m respectively, cross currency interest rate swap) 2 Swapped to fixed EUR (cross currency interest rate swap) 3 Swapped to fixed GBP (cross currency interest rate swap) 4 Swapped to floating (interest rate swap), half yearly EURIBOR 5 Swapped to floating (interest rate swap), half yearly SONIA 6 Half yearly EURIBOR 7 Quarterly SOFR CF Designated as cash flow hedge (IAS 39) FV Designated as fair value hedge (IAS 39) The maturity and interest profile of the unsecured notes is as follows:
At 31 March
2026
2025
Average maturity
4.0 years
4.8 years
Average fixed interest rates*:
\u2013 US dollar denominated
5.40%
5.29%
\u2013 sterling denominated
3.87%
3.87%
\u2013 euro denominated
3.49%
3.49%
Average floating rate including swaps:
\u2013 US dollar denominated
5.99%
6.66%
\u2013 sterling denominated
5.77%
6.64%
\u2013 euro denominated
3.41%
3.60%
* Issued and repayable at par. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-566": { "value": "
3.14 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 2026 is as follows:
Fair value adjustment
Cash Flow
At 1 April Cash/debt Income Hedge Translation At 31 March
2025 movements Statement Reserve adjustment 2026
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash and short-term deposits
1,150,513
(88,064)
\u2013
\u2013
23,158
1,085,607
Overdrafts
(31,084)
8,717
\u2013
\u2013
199
(22,168)
1,119,429
(79,347)
\u2013
\u2013
23,357
1,063,439
Unsecured notes
(1,934,958)
85,741
(3,855)
\u2013
(10,212)
(1,863,284)
Derivative financial instruments
19,620
(17,392)
5,192
103,503
(1,551)
109,372
Group net debt (excl. lease creditors)
(795,909)
(10,998)
1,337
103,503
11,594
(690,473)
Lease creditors
(356,144)
(26,323)
\u2013
\u2013
(7,314)
(389,781)
Group net debt (incl. cash attributable to assets
classified as held for sale)
(1,152,053)
(37,321)
1,337
103,503
4,280
(1,080,254)
Group net debt (excl. cash attributable to assets
classified as held for sale)
(1,172,218)
(16,750)
1,337
103,503
3,874
(1,080,254)
Financing liabilities
(2,271,220)
44,176
166
(462)
(19,355)
(2,246,695)
The reconciliation of opening to closing net debt for the year ended 31 March 2025 is as follows:
Fair value adjustment
Cash Flow
At 1 April Cash/debt Income Hedge Translation At 31 March
2024 movements Statement 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)
Financing liabilities
(2,209,276)
(99,274)
(340)
(6,392)
44,062
(2,271,220)
CURRENCY PROFILE
The currency profile of net debt (excluding cash/debt attributable to assets held for sale) is as follows:
Borrowings
Cash and cash and lease
equivalents creditors* Derivatives Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2026
Euro
437,813
(959,962)
67,741
(454,408)
Sterling
164,750
(310,606)
33,231
(112,625)
US dollar
267,368
(930,297)
6,317
(656,612)
Danish krone
83,022
(44,585)
2,135
40,572
Swedish krona
71,279
(9,809)
\u2013
61,470
Norwegian krone
52,620
(17,617)
(53)
34,950
Other
8,755
(2,357)
1
6,399
At 31 March 2026
1,085,607
(2,275,233)
109,372
(1,080,254)
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)
* Euro, sterling and US dollar borrowings reflect the cross currency interest rate swaps referred to in note 3.11.
INTEREST RATE PROFILE
Cash and cash equivalents at 31 March 2026 and 31 March 2025 have maturity periods up to three months (note 3.10).
Bank borrowings are at floating interest rates for periods up to six months while the Group\u2019s unsecured notes due 2026 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-618": { "value": "3.15 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 2026:
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 2025
44,910
161,385
(13,952)
(357)
572
(56,055)
136,503
Consolidated Income Statement
1,549
(24,411)
1,972
397
38
3,859
(16,596)
Recognised in Other Comprehensive
Income
\u2013
\u2013
\u2013
(420)
23,974
\u2013
23,554
Arising on acquisition (note 5.2)
928
8,418
(243)
(71)
\u2013
(1)
9,031
Disposal of subsidiary
(3,084)
(6,076)
\u2013
\u2013
\u2013
(1,365)
(10,525)
Exchange differences and other
176
5,009
(322)
339
\u2013
(789)
4,413
At 31 March 2026
44,479
144,325
(12,545)
(112)
24,584
(54,351)
146,380
Analysed as:
Deferred tax asset
(4,871)
(101)
(12,821)
(2,675)
\u2013
(69,009)
(89,477)
Deferred tax liability
49,350
144,426
276
2,563
24,584
14,658
235,857
44,479
144,325
(12,545)
(112)
24,584
(54,351)
146,380
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
(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
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 2026 of \u00a389.477 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 \u00a3173.2 million as at 31 March 2026 (2025: \u00a3443.0 million). 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 \u00a393.4 million (2025: \u00a385.8 million) and a deferred tax liability of \u00a389.8 million (2025: \u00a381.3 million) in respect of lease liabilities and right-of-use assets at 31 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-567": { "value": "
3.16 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 1 January 2022 and 31 March 2026. 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 2026 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:
2026
2025
Republic of Ireland schemes
Rate of increase in salaries
n/a*
n/a*
Rate of increase in pensions in payment
1.25% \u2013 3.00%
1.25% \u2013 2.50%
Discount rate
4.35%
3.90%
Inflation assumption
2.20%
2.10%
UK schemes
Rate of increase in salaries
0.00% \u2013 3.45%
0.00% \u2013 3.15%
Rate of increase in pensions in payment
3.30% \u2013 4.00%
2.95% \u2013 4.00%
Discount rate
6.20%
5.85%
Inflation assumption
3.45%
3.15%
German schemes
Rate of increase in salaries
3.20%
3.10%
Rate of increase in pensions in payment
2.20%
2.10%
Discount rate
4.25%
3.80%
Inflation assumption
2.20%
2.10%
* 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:
2026 2025
Years Years
Current retirees
Male
21.8
22.0
Female
24.8
24.9
Future retirees
Male
24.5
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:
2026
ROI UK Germany Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Equities
6,445
1,163
\u2013
7,608
Bonds
33,632
4,335
\u2013
37,967
Insurance contracts
\u2013
6,128
\u2013
6,128
Cash
2,333
483
1,138
3,954
Total fair value at 31 March 2026
42,410
12,109
1,138
55,657
Present value of scheme liabilities
(26,224)
(9,310)
(25,787)
(61,321)
Net pension asset/(liability) at 31 March 2026
16,186
2,799
(24,649)
(5,664)
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)
The amounts presented on the Group Balance Sheet are analysed as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Non-current assets: post-employment benefit surplus
18,985
\u2013
Non-current liabilities: post-employment benefit obligations
(24,649)
(5,884)
Net pension liability at 31 March (5,664) (5,884)
The amounts recognised in the Group Income Statement in respect of defined benefit pension schemes are as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Current service cost
(338)
(229)
Past service cost
(135)
\u2013
Administration expenses
(260)
(181)
Total, included in employee benefit expense (note 2.3) (733) (410)
Interest cost on scheme liabilities
(2,599)
(2,555)
Interest income on scheme assets
2,524
2,387
Net interest expense, included in net finance costs (note 2.6) (75) (168)
Based on the assumptions employed for the valuation of assets and liabilities at 31 March 2026, the net charge in the Group
Income Statement in the year ending 31 March 2027 is expected to be broadly in line with the current year figures.
Remeasurements recognised in Other Comprehensive Income are as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Return on scheme assets excluding interest income
(2,871)
(4,147)
Experience variations
(35)
(142)
Actuarial gain from changes in demographic assumptions
165
\u2013
Actuarial gain from changes in financial assumptions
2,288
3,957
Total, included in Other Comprehensive Income (453) (332)
Cumulatively since transition to IFRS on 1 April 2004, \u00a346.811 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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
57,352
62,428
Interest income on scheme assets
2,524
2,387
Remeasurements:
\u2013 return on scheme assets excluding interest income
(2,871)
(4,147)
Contributions by employers
1,867
1,303
Contributions by members
30
33
Administration expenses
(260)
(181)
Benefit and settlement payments
(4,654)
(3,431)
Exchange
1,669
(1,040)
At 31 March 55,657 57,352
The actual return on plan assets was a loss of \u00a30.347 million (2025: loss of \u00a31.760 million). The movement in the present value of defined benefit obligations is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
63,236
68,985
Current and past service cost
473
229
Interest cost
2,599
2,555
Remeasurements:
\u2013 experience variations
35
142
\u2013 actuarial gain from changes in demographic assumptions
(165)
\u2013
\u2013 actuarial gain from changes in financial assumptions
(2,288)
(3,957)
Contributions by members
30
33
Benefit and settlement payments
(4,654)
(3,431)
Exchange
2,055
(1,320)
At 31 March 61,321 63,236
The weighted average duration of the defined benefit obligation at 31 March 2026 was 11.8 years (2025: 12.6 years). Employer contributions for the forthcoming financial year are estimated at \u00a32.0 million. The actual employer contributions paid in the current year of \u00a31.9 million were in line with the expectation included in the 2025 Annual Report.
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.
Assumption
Change in assumption
Impact on Irish plan liabilities
Impact on UK plan liabilities
Impact on German plan liabilities
Discount rate
Increase/decrease by 0.25%
Decrease/increase by 3.2%
Decrease/increase by 3.4%
Decrease/increase by 2.5%
Price inflation
Increase/decrease by 0.25%
Increase/decrease by 1.3%
Increase/decrease by 3.3%
Increase/decrease by 2.2%
Mortality
Increase/decrease by 1 year
Increase/decrease by 3.0%
Increase/decrease by 2.9%
Increase/decrease by 3.3%
SPLIT OF SCHEME ASSETS
Republic of Ireland
UK
Germany
Total
2026 2025 2026 2025 2026 2025 2026 \u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 2025
Investments quoted in active markets:
Equity instruments:
\u2013 developed markets
5,710
6,542
1,163
1,002
\u2013
\u2013
6,873
7,544
\u2013 emerging markets
735
28
\u2013
\u2013
\u2013
\u2013
735
28
Debt instruments:
\u2013 non government debt instruments
2,663
4,105
526
2,848
\u2013
\u2013
3,189
6,953
\u2013 government debt instruments
30,969
28,616
3,809
9,271
\u2013
\u2013
34,778
37,887
Insurance contracts
\u2013
\u2013
6,128
\u2013
\u2013
\u2013
6,128
\u2013
Cash and cash equivalents
2,333
1,994
483
1,897
1,138
1,030
3,954
4,921
Unquoted investments:
Property
\u2013
19
\u2013
\u2013
\u2013
\u2013
\u2013
19
42,410 41,304 12,109 15,018 1,138 1,030 55,657 57,352
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-568": { "value": "
3.17 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 \u00a353.749 million (2025: \u00a394.458 million) as stated on the Balance Sheet are payable
as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Within one year
13,154
10,911
Between one and two years
26,727
38,056
Between two and five years
13,868
45,491
53,749 94,458
Analysed as:
Non-current liabilities
40,595
83,547
Current liabilities
13,154
10,911
53,749 94,458
The currency profile of the Group\u2019s acquisition related liabilities, which are stated at fair value, is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Euro
31,064
53,848
Sterling
17,344
34,004
US dollar
4,842
6,418
Other
499
188
53,749 94,458
The movement in the Group\u2019s acquisition related liabilities is as follows:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
94,458
141,777
Arising on acquisition
1,608
68,196
Unwinding of discount applicable to acquisition related liabilities (note 2.6)
2,424
2,145
Adjustments to contingent consideration (adjustment to goodwill) (note 3.3)
(7,763)
(25,892)
Adjustments to contingent consideration (recognised in the Income Statement) (note 2.5)
(24,420)
(5,079)
Paid during the year
(14,388)
(75,170)
Exchange and other
1,830
(1,655)
Acquisition related liabilities attributable to assets held for sale
\u2013
(9,864)
At 31 March 53,749 94,458
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-569": { "value": "
3.18 PROVISIONS AND OTHER 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 and other liabilities 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 and other liabilities for the year ended 31 March 2026 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 2025
21,695
81,911
188,137
60,314
352,057
Provided during the year
1,826
5,907
17,183
43,627
68,543
Unwinding of discount applicable to provisions for liabilities
(note 2.6)
\u2013
501
300
30
831
Utilised during the year
(3,600)
(1,802)
(6,509)
(15,246)
(27,157)
Unutilised/reversed during the year
\u2013
\u2013
(25,037)
(1,654)
(26,691)
Arising on acquisition (note 5.2)
721
\u2013
13,142
2,339
16,202
Disposal of subsidiary
(2,845)
\u2013
\u2013
\u2013
(2,845)
Exchange and other
3,714
5,594
6,637
3,819
19,764
At 31 March 2026
21,511
92,111
193,853
93,229
400,704
Analysed as:
Non-current liabilities
11,350
85,513
170,412
40,425
307,700
Current liabilities
10,161
6,598
23,441
52,804
93,004
21,511
92,111
193,853
93,229
400,704
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 2.6)
\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
(2,123)
(2,385)
(4,489)
(923)
(9,920)
Provisions for liabilities attributable to assets held for sale
(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
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 liability relates to DCC Energy\u2019s operations where an obligation arises to refund deposits received from customers in respect
of 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. The deposit liability reflects the expected amount refundable to customers, having regard to the expected rate
of return and estimated number of cylinders and tanks in circulation. 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.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-619": { "value": "3.18 PROVISIONS AND OTHER 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 and other liabilities 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 and other liabilities for the year ended 31 March 2026 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 2025
21,695
81,911
188,137
60,314
352,057
Provided during the year
1,826
5,907
17,183
43,627
68,543
Unwinding of discount applicable to provisions for liabilities
(note 2.6)
\u2013
501
300
30
831
Utilised during the year
(3,600)
(1,802)
(6,509)
(15,246)
(27,157)
Unutilised/reversed during the year
\u2013
\u2013
(25,037)
(1,654)
(26,691)
Arising on acquisition (note 5.2)
721
\u2013
13,142
2,339
16,202
Disposal of subsidiary
(2,845)
\u2013
\u2013
\u2013
(2,845)
Exchange and other
3,714
5,594
6,637
3,819
19,764
At 31 March 2026
21,511
92,111
193,853
93,229
400,704
Analysed as:
Non-current liabilities
11,350
85,513
170,412
40,425
307,700
Current liabilities
10,161
6,598
23,441
52,804
93,004
21,511
92,111
193,853
93,229
400,704
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 2.6)
\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
(2,123)
(2,385)
(4,489)
(923)
(9,920)
Provisions for liabilities attributable to assets held for sale
(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
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 liability relates to DCC Energy\u2019s operations where an obligation arises to refund deposits received from customers in respect of 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. The deposit liability reflects the expected amount refundable to customers, having regard to the expected rate of return and estimated number of cylinders and tanks in circulation. 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. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-570": { "value": "
3.19 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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
2,536
2,740
Government grants received in year
817
340
Arising on acquisition (note 5.2)
\u2013
1
Amortisation in year
(419)
(323)
Exchange
92
(39)
Government grants attributable to assets held for sale
\u2013
(183)
At 31 March 3,026 2,536
Analysed as:
Non-current liabilities
2,961
2,513
Current liabilities (note 3.8)
65
23
3,026 2,536
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-571": { "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.
2026 2025
\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 2026 shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2025 (including 2,367,725 ordinary shares held as treasury shares)
101,333,904
17,422
883,909
901,331
Share buyback
(13,724,675)
(2,962)
\u2013
(2,962)
Reduction in share premium
\u2013
\u2013
(883,909)
(883,909)
Premium arising on re-issue of treasury shares
\u2013
\u2013
449
449
At 31 March 2026 (including 2,185,094 ordinary shares held as treasury shares)
87,609,229
14,460
449
14,909
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
As at 31 March 2026, the total authorised number of ordinary shares is 152,368,568 shares (2025: 152,368,568 shares) with a par
value of \u20ac0.25 per share (2025: \u20ac0.25 per share). Share premium relates to the share premium arising on the issue of shares.
During the year the Company re-issued 182,631 treasury shares for a consideration of \u00a30.449 million.
On 20 August 2025, the Company received the approval of the High Court of Ireland for the reduction of the Company\u2019s share
capital by cancelling the entire amount of the Company\u2019s share premium account as at 31 March 2025, as described in the
Company\u2019s Notice of Annual General Meeting sent to shareholders on 10 June 2025. The reserve resulting from this cancellation
of share premium will be treated as profits available for distribution by the Company as defined by Section 117 of the Companies
Act 2014. A copy of the aforementioned order of the High Court was filed with the Companies Registration Office in Ireland on
20 August 2025.
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 2.4 to the financial statements and in the Remuneration Report on pages 100 to 124.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-620": { "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.
2026 2025
\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 2026 shares \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2025 (including 2,367,725 ordinary shares held as treasury shares)
101,333,904
17,422
883,909
901,331
Share buyback
(13,724,675)
(2,962)
\u2013
(2,962)
Reduction in share premium
\u2013
\u2013
(883,909)
(883,909)
Premium arising on re-issue of treasury shares
\u2013
\u2013
449
449
At 31 March 2026 (including 2,185,094 ordinary shares held as treasury shares)
87,609,229
14,460
449
14,909
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
As at 31 March 2026, the total authorised number of ordinary shares is 152,368,568 shares (2025: 152,368,568 shares) with a par value of \u20ac0.25 per share (2025: \u20ac0.25 per share). Share premium relates to the share premium arising on the issue of shares. During the year the Company re-issued 182,631 treasury shares for a consideration of \u00a30.449 million. On 20 August 2025, the Company received the approval of the High Court of Ireland for the reduction of the Company\u2019s share capital by cancelling the entire amount of the Company\u2019s share premium account as at 31 March 2025, as described in the Company\u2019s Notice of Annual General Meeting sent to shareholders on 10 June 2025. The reserve resulting from this cancellation of share premium will be treated as profits available for distribution by the Company as defined by Section 117 of the Companies Act 2014. A copy of the aforementioned order of the High Court was filed with the Companies Registration Office in Ireland on 20 August 2025. 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 2.4 to the financial statements and in the Remuneration Report on pages 100 to 124. 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 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: private placement debt
\u2013
(7,978)
\u2013
\u2013
(7,978)
\u2013 fair value: transferred to the Income Statement
\u2013
3,474
\u2013
\u2013
3,474
\u2013 fair value gain in year: other
\u2013
25,542
\u2013
\u2013
25,542
\u2013 tax on fair value net gains
\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
Currency translation
\u2013 arising in the year
\u2013
\u2013
5,981
\u2013
5,981
\u2013 recycled to the Income Statement on disposal
\u2013
\u2013
(14,370)
\u2013
(14,370)
Cash flow hedges:
\u2013 fair value loss in year: private placement debt
\u2013
(3,418)
\u2013
\u2013
(3,418)
\u2013 fair value: transferred to the income statement
\u2013
(15,242)
\u2013
\u2013
(15,242)
\u2013 fair value gain in year: other
\u2013
89,531
\u2013
\u2013
89,531
\u2013 tax on fair value net loss
\u2013
(15,563)
\u2013
\u2013
(15,563)
\u2013 transfers to sales
\u2013
414
\u2013
\u2013
414
\u2013 transfers to cost of sales
\u2013
20,096
\u2013
\u2013
20,096
\u2013 transfers to operating expenses
\u2013
17,894
\u2013
\u2013
17,894
\u2013 tax on transfers
\u2013
(8,411)
\u2013
\u2013
(8,411)
Share buyback
\u2013
\u2013
\u2013
2,962
2,962
Share based payment
3,432
\u2013
\u2013
\u2013
3,432
At 31 March 2026
74,782
87,384
1,935
3,894
167,995
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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
2,087,407
2,078,568
Net income recognised in Income Statement
13,358
206,490
Net income recognised in Other Comprehensive Income:
\u2013 remeasurements of defined benefit pension obligations
(453)
(332)
\u2013 deferred tax on remeasurements
420
28
Share buyback
(700,000)
\u2013
Reduction in share premium
883,909
\u2013
Dividends
(206,616)
(197,347)
At 31 March 2,078,025 2,087,407
The cost to the Group and the Company of \u20ac32.860 million (2025: \u20ac35.600 million) to acquire the 2,185,094 shares (2025: 2,367,725 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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
94,869
91,641
Share of profit for the financial year
14,890
14,731
Dividends to non-controlling interests
(10,455)
(9,322)
Disposal of non-controlling interest
(234)
\u2013
Exchange and other
3,596
(2,181)
At 31 March 102,666 94,869
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-572": { "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 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: private placement debt
\u2013
(7,978)
\u2013
\u2013
(7,978)
\u2013 fair value: transferred to the Income Statement
\u2013
3,474
\u2013
\u2013
3,474
\u2013 fair value gain in year: other
\u2013
25,542
\u2013
\u2013
25,542
\u2013 tax on fair value net gains
\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
Currency translation
\u2013 arising in the year
\u2013
\u2013
5,981
\u2013
5,981
\u2013 recycled to the Income Statement on disposal
\u2013
\u2013
(14,370)
\u2013
(14,370)
Cash flow hedges:
\u2013 fair value loss in year: private placement debt
\u2013
(3,418)
\u2013
\u2013
(3,418)
\u2013 fair value: transferred to the income statement
\u2013
(15,242)
\u2013
\u2013
(15,242)
\u2013 fair value gain in year: other
\u2013
89,531
\u2013
\u2013
89,531
\u2013 tax on fair value net loss
\u2013
(15,563)
\u2013
\u2013
(15,563)
\u2013 transfers to sales
\u2013
414
\u2013
\u2013
414
\u2013 transfers to cost of sales
\u2013
20,096
\u2013
\u2013
20,096
\u2013 transfers to operating expenses
\u2013
17,894
\u2013
\u2013
17,894
\u2013 tax on transfers
\u2013
(8,411)
\u2013
\u2013
(8,411)
Share buyback
\u2013
\u2013
\u2013
2,962
2,962
Share based payment
3,432
\u2013
\u2013
\u2013
3,432
At 31 March 2026
74,782
87,384
1,935
3,894
167,995
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-573": { "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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
2,087,407
2,078,568
Net income recognised in Income Statement
13,358
206,490
Net income recognised in Other Comprehensive Income:
\u2013 remeasurements of defined benefit pension obligations
(453)
(332)
\u2013 deferred tax on remeasurements
420
28
Share buyback
(700,000)
\u2013
Reduction in share premium
883,909
\u2013
Dividends
(206,616)
(197,347)
At 31 March 2,078,025 2,087,407
The cost to the Group and the Company of \u20ac32.860 million (2025: \u20ac35.600 million) to acquire the 2,185,094 shares (2025:
2,367,725 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-574": { "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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
At 1 April
94,869
91,641
Share of profit for the financial year
14,890
14,731
Dividends to non-controlling interests
(10,455)
(9,322)
Disposal of non-controlling interest
(234)
\u2013
Exchange and other
3,596
(2,181)
At 31 March 102,666 94,869
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-575": { "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
2026 2025 2026 2025
Stg\u00a31= Stg\u00a31= Stg\u00a31= Stg\u00a31=
Euro
1.1585
1.1893
1.1517
1.1970
Danish krone
8.6483
8.8706
8.6065
8.9314
Swedish krona
12.6482
13.6338
12.6028
12.9866
Norwegian krone
13.4862
13.9167
12.9132
13.6617
US dollar
1.3385
1.2767
1.3242
1.2946
Canadian dollar
1.8524
1.7722
1.8452
1.8593
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-576": { "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 In September 2025, DCC Energy completed the acquisition of 100% of Wex Europe Services AS (\u2018Wex\u2019), the Norwegian branch
of Wex Europe Services. Wex services both fleet and truck commercial customers in the Norwegian market with the Esso
branded fuel card and is a complementary business to our existing service station portfolio in Norway;
\u2022 DCC Energy acquired 100% of FLAGA GmbH (\u2018Flaga\u2019) in October 2025. Flaga is a leading distributor of liquid gas in Austria
and sells and distributes approximately 45 million litres of liquid gas annually via its nationwide supply, filling and distribution
network;
\u2022 DCC Energy acquired 100% of the AvantiGas liquid gas cylinder business in the UK in October 2025;
\u2022 DCC Technology acquired the trade and certain assets of 100% of Septon Group AB, a small complementary bolt-on for our
existing Nordics Pro Tech business; and
\u2022 DCC Energy also completed a number of small bolt-on acquisitions in the year.
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. The Healthcare division was presented as an asset held for sale at
31 March 2025. Accordingly, the fair value of identifiable assets and liabilities acquired in the current year in relation to this division
have been presented separately below.
Total Total
2026 2025
At 31 March \u00a3\u2019000 \u00a3\u2019000
Assets
Non-current assets
Property, plant and equipment (note 3.1)
12,443
4,307
Right-of-use leased assets (note 3.2)
4,682
3,343
Intangible assets (note 3.3)
33,670
89,810
Equity accounted investments (note 3.4)
156
\u2013
Deferred income tax assets
243
5
Total non-current assets
51,194
97,465
Current assets
Inventories (note 3.9)
9,235
29,548
Trade and other receivables (note 3.9)
17,625
42,973
Total current assets
26,860
72,521
Liabilities
Non-current liabilities
Deferred income tax liabilities
(9,274)
(22,903)
Provisions for liabilities
(15,053)
(673)
Lease creditors
(3,423)
(2,427)
Government grants (note 3.19)
\u2013
(1)
Total non-current liabilities
(27,750)
(26,004)
Current liabilities
Trade and other payables (note 3.9)
(14,565)
(42,751)
Provisions for liabilities
(1,149)
(601)
Current income tax liabilities
1,827
(2,117)
Lease creditors
(1,259)
(916)
Total current liabilities
(15,146)
(46,385)
Identifiable net assets acquired
35,158
97,597
Goodwill (note 3.3)
27,304
137,893
Identifiable net assets acquired in the current year associated with assets held for sale in the prior year
12,487
\u2013
Goodwill in the current year associated with assets held for sale in the prior year
1,820
\u2013
Total consideration 76,769 235,490
Satisfied by:
Cash
81,151
178,048
Net cash and cash equivalents acquired
(9,684)
(10,754)
Net cash outflow
71,467
167,294
Acquisition related liabilities
5,302
68,196
Total consideration 76,769 235,490
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)
17,524
33,670
51,194
Current assets
28,887
(2,027)
26,860
Non-current liabilities
(19,332)
(8,418)
(27,750)
Current liabilities
(15,146)
\u2013
(15,146)
Identifiable net assets acquired
11,933
23,225
35,158
Goodwill arising on acquisition
50,529
(23,225)
27,304
Identifiable net assets acquired (discontinued operations)
12,487
\u2013
12,487
Goodwill arising on acquisition (discontinued operations)
1,820
\u2013
1,820
Total consideration
76,769
\u2013
76,769
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 2027 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.
None 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 \u00a37.483 million (note 2.5).
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 \u00a319.652 million
(continuing operations). The fair value of these receivables is \u00a317.625 million (all of which is expected to be recoverable) and is
inclusive of an aggregate allowance for impairment of \u00a32.027 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
completed in the current year range from nil to \u00a31.325 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:
2026
\u00a3\u2019000
Revenue
51,674
Profit for the financial year attributable to owners of the Parent Company
5,314
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:
2026
\u00a3\u2019000
Revenue
15,463,421
Profit for the financial year attributable to owners of the Parent Company
14,390
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-577": { "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.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Profit for the financial year
28,248
221,221
Add back non-operating expenses/(income):
\u2013 tax
85,376
87,630
\u2013 share of equity accounted investments\u2019 profit after tax
(4,590)
(3,392)
\u2013 net operating exceptionals
329,931
173,775
\u2013 net finance costs
93,299
106,210
Operating profit before exceptionals
532,264
585,444
\u2013 share-based payments expense (note 2.4)
3,432
7,544
\u2013 depreciation (including right-of-use leased assets)
241,986
253,919
\u2013 amortisation of intangible assets
106,404
118,156
\u2013 profit on disposal of property, plant and equipment
(12,437)
(17,225)
\u2013 amortisation of government grants
(432)
(323)
\u2013 other
Changes in working capital (excluding the effects of acquisition and exchange
15,708
3,009
differences on consolidation):
\u2013 inventories (note 3.9)
(23,238)
15,055
\u2013 trade and other receivables (note 3.9)
(155,712)
17,485
\u2013 trade and other payables (note 3.9)
250,365
(126,303)
Cash generated from operations before exceptionals 958,340 856,761
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-578": { "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
2026 2025
\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
57,453
63,704
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not
yet been contracted for
86,534
86,221
143,987 149,925
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-621": { "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
2026 2025
\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
57,453
63,704
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not
yet been contracted for
86,534
86,221
143,987 149,925
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 \u00a32,020.037 million (2025: \u00a32,100.531 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 Unlimited Company, 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, SerCom (Holdings) Limited and Starata Limited.
Five of the Group\u2019s German subsidiaries EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik GmbH, DCC
Energy Germany GmbH (formerly DCC Germany Holding GmbH), Progas Holding GmbH and PROGAS GmbH (formerly Progas
GmbH & Co. KG) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-579": { "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 \u00a32,020.037 million (2025: \u00a32,100.531 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 Unlimited Company, 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, SerCom (Holdings) Limited and Starata Limited. Five of the Group\u2019s German subsidiaries EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik GmbH, DCC Energy Germany GmbH (formerly DCC Germany Holding GmbH), Progas Holding GmbH and PROGAS GmbH (formerly Progas GmbH & Co. KG) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-580": { "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 224 to 226 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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Short-term benefits (salaries, fees and other short-term benefits)
5,345
4,910
Post-employment benefits
249
193
Share-based payment charge
1,785
1,416
7,379 6,519
Retirement benefit charges of \u00a30.249 million (2025: \u00a30.193 million) arise under a defined contribution scheme relating to one
Director (2025: one Director) and a cash allowance in lieu of pension contributions relating to two Directors (2025: one Director).
The share-based payment charge is
calculated in accordance with the principles disclosed in note 2.4.
For the purposes of Section 305 of the Companies Act 2014 (Ireland), the aggregate gains by Directors on the exercise of share
options during the year ended 31 March 2026 was \u00a30.876 million (2025 \u00a30.252 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-622": { "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 224 to 226 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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Short-term benefits (salaries, fees and other short-term benefits)
5,345
4,910
Post-employment benefits
249
193
Share-based payment charge
1,785
1,416
7,379 6,519
Retirement benefit charges of \u00a30.249 million (2025: \u00a30.193 million) arise under a defined contribution scheme relating to one Director (2025: one Director) and a cash allowance in lieu of pension contributions relating to two Directors (2025: one Director). The share-based payment charge is calculated in accordance with the principles disclosed in note 2.4. For the purposes of Section 305 of the Companies Act 2014 (Ireland), the aggregate gains by Directors on the exercise of share options during the year ended 31 March 2026 was \u00a30.876 million (2025 \u00a30.252 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-581": { "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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
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 2026. 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 2026, the Group had cash and cash equivalents of \u00a31,085.607
million (note 3.14) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital
structure, as summarised above had net debt excluding lease creditors of \u00a3690.473 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 forward looking in nature and forecasted using actual credit loss experience.
As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million
(2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The
allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue.
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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market
funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term
ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with
counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s.
The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at
31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral
balances.
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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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 gain of \u00a39.6 million arising on the
translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of
Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the
weakening in the value of the US dollar against sterling.
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 \u00a328.6 million (2025: \u00a324.9 million) impact on the
Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net
debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating
interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12.
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,
DCC may enter hedge contracts to manage price exposures.
Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs.
Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management
function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025:
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:
2026
2025
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
158,980
158,980
50,192
50,192
Trade and other receivables
1,982,136
1,982,136
1,975,444
1,975,444
Cash and cash equivalents
1,085,607
1,085,607
1,088,175
1,088,175
3,226,723
3,226,723
3,113,811
3,113,811
Financial liabilities
Borrowings (excluding lease creditors)
1,885,452
1,910,611
1,966,042
1,996,543
Derivative financial instruments
49,608
49,608
30,572
30,572
Acquisition related liabilities
53,749
53,749
94,458
94,458
Trade and other payables
2,798,144
2,798,144
2,763,181
2,763,181
4,786,953
4,812,112
4,854,253
4,884,754
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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and
\u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%).
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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
(I) FINANCIAL ASSETS
The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
(II) FINANCIAL LIABILITIES
The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-645": { "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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
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 2026. 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 2026, the Group had cash and cash equivalents of \u00a31,085.607 million (note 3.14) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3690.473 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 forward looking in nature and forecasted using actual credit loss experience. As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million (2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. 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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at 31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral balances. 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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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 gain of \u00a39.6 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the weakening in the value of the US dollar against sterling. 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 \u00a328.6 million (2025: \u00a324.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12. 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, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025: 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:
2026
2025
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
158,980
158,980
50,192
50,192
Trade and other receivables
1,982,136
1,982,136
1,975,444
1,975,444
Cash and cash equivalents
1,085,607
1,085,607
1,088,175
1,088,175
3,226,723
3,226,723
3,113,811
3,113,811
Financial liabilities
Borrowings (excluding lease creditors)
1,885,452
1,910,611
1,966,042
1,996,543
Derivative financial instruments
49,608
49,608
30,572
30,572
Acquisition related liabilities
53,749
53,749
94,458
94,458
Trade and other payables
2,798,144
2,798,144
2,763,181
2,763,181
4,786,953
4,812,112
4,854,253
4,884,754
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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and \u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%). 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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-658": { "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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
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 2026. 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 2026, the Group had cash and cash equivalents of \u00a31,085.607 million (note 3.14) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3690.473 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 forward looking in nature and forecasted using actual credit loss experience. As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million (2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. 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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at 31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral balances. 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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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 gain of \u00a39.6 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the weakening in the value of the US dollar against sterling. 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 \u00a328.6 million (2025: \u00a324.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12. 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, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025: 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:
2026
2025
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
158,980
158,980
50,192
50,192
Trade and other receivables
1,982,136
1,982,136
1,975,444
1,975,444
Cash and cash equivalents
1,085,607
1,085,607
1,088,175
1,088,175
3,226,723
3,226,723
3,113,811
3,113,811
Financial liabilities
Borrowings (excluding lease creditors)
1,885,452
1,910,611
1,966,042
1,996,543
Derivative financial instruments
49,608
49,608
30,572
30,572
Acquisition related liabilities
53,749
53,749
94,458
94,458
Trade and other payables
2,798,144
2,798,144
2,763,181
2,763,181
4,786,953
4,812,112
4,854,253
4,884,754
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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and \u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%). 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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (I) FINANCIAL ASSETS The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
(II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-659": { "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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
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 2026. 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 2026, the Group had cash and cash equivalents of \u00a31,085.607 million (note 3.14) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3690.473 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 forward looking in nature and forecasted using actual credit loss experience. As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million (2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. 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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at 31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral balances. 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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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 gain of \u00a39.6 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the weakening in the value of the US dollar against sterling. 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 \u00a328.6 million (2025: \u00a324.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12. 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, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025: 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:
2026
2025
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
158,980
158,980
50,192
50,192
Trade and other receivables
1,982,136
1,982,136
1,975,444
1,975,444
Cash and cash equivalents
1,085,607
1,085,607
1,088,175
1,088,175
3,226,723
3,226,723
3,113,811
3,113,811
Financial liabilities
Borrowings (excluding lease creditors)
1,885,452
1,910,611
1,966,042
1,996,543
Derivative financial instruments
49,608
49,608
30,572
30,572
Acquisition related liabilities
53,749
53,749
94,458
94,458
Trade and other payables
2,798,144
2,798,144
2,763,181
2,763,181
4,786,953
4,812,112
4,854,253
4,884,754
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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and \u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%). 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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (I) FINANCIAL ASSETS The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
(II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-660": { "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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
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 2026. 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 2026, the Group had cash and cash equivalents of \u00a31,085.607 million (note 3.14) and \u00a3800 million undrawn under its committed revolving credit facility (note 3.12). At 31 March 2026, the capital structure, as summarised above had net debt excluding lease creditors of \u00a3690.473 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 forward looking in nature and forecasted using actual credit loss experience. As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million (2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. 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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at 31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral balances. 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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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 gain of \u00a39.6 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the weakening in the value of the US dollar against sterling. 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 \u00a328.6 million (2025: \u00a324.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12. 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, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025: 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:
2026
2025
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments
158,980
158,980
50,192
50,192
Trade and other receivables
1,982,136
1,982,136
1,975,444
1,975,444
Cash and cash equivalents
1,085,607
1,085,607
1,088,175
1,088,175
3,226,723
3,226,723
3,113,811
3,113,811
Financial liabilities
Borrowings (excluding lease creditors)
1,885,452
1,910,611
1,966,042
1,996,543
Derivative financial instruments
49,608
49,608
30,572
30,572
Acquisition related liabilities
53,749
53,749
94,458
94,458
Trade and other payables
2,798,144
2,798,144
2,763,181
2,763,181
4,786,953
4,812,112
4,854,253
4,884,754
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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and \u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%). 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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (I) FINANCIAL ASSETS The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
(II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-623": { "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:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Capital and reserves attributable to the owners of the Parent Company
2,260,929
3,073,427
Net debt (excl. lease creditors) (note 3.14)
690,473
795,909
Lease creditors (note 3.14)
389,781
356,144
Acquisition related liabilities (note 3.17)
53,749
104,322
At 31 March 3,394,932 4,329,802
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-624": { "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 forward looking in nature and forecasted using actual credit loss experience. As detailed in note 3.7, the Group\u2019s trade receivables at 31 March 2026 (excluding assets held for sale) amount to \u00a31,635.462 million (2025: \u00a31,590.328 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 6.5% of the Group\u2019s gross trade receivables (2025: 6.7%). The allowance for impairment mainly relates to trade and other receivables balances which are over six months overdue. 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 2026 of \u00a31,085.607 million, 27.6% (\u00a3299.391 million) was with AAA rated money market funds and 98.6% (\u00a31,070.386 million) was with AAA rated money market funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor\u2019s) or P-1 (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 2026, currency and interest rate derivative transactions were with counterparties with ratings ranging from AA- to A (long-term) with Standard and Poor\u2019s or Aa1 to A1 (long-term) with Moody\u2019s. The Group does not expect any loss in relation to its cash and cash equivalents or its currency and interest derivative balances at 31 March 2026. Credit risk is partially managed through offsetting gross commodity mark to market positions with cash collateral balances. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-625": { "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 2026, 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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities \u2013 cash outflows
Trade payables
(1,812,789)
\u2013
\u2013
\u2013
(1,812,789)
Interest bearing loans and borrowings
(231,726)
(328,917)
(437,406)
(900,620)
(1,898,669)
Interest payments on interest bearing loans and borrowings
(76,417)
(70,385)
(161,186)
(49,884)
(357,872)
Lease creditors
(78,188)
(64,314)
(128,158)
(119,121)
(389,781)
Interest payments on lease creditors
(7,742)
(6,138)
(13,029)
(43,316)
(70,225)
Acquisition related liabilities
(13,154)
(26,727)
(13,868)
\u2013
(53,749)
Cross currency swaps \u2013 gross cash outflows
(93,064)
(5,681)
(17,028)
(102,802)
(218,575)
Other derivative financial instruments
(34,924)
(1,836)
\u2013
\u2013
(36,760)
Interest rate swaps \u2013 net cash outflows
(6,812)
(3,725)
(1,440)
\u2013
(11,977)
(2,354,816)
(507,723)
(772,115)
(1,215,743)
(4,850,397)
Derivative financial instruments \u2013 cash inflows
Cross currency swaps \u2013 gross cash inflows
110,850
4,559
13,663
105,283
234,355
Other derivative financial instruments
121,406
18,356
\u2013
\u2013
139,762
232,256
22,915
13,663
105,283
374,117
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 payables
(1,715,189)
\u2013
\u2013
\u2013
(1,715,189)
Interest bearing loans and borrowings
(116,825)
(213,294)
(700,143)
(952,850)
(1,983,112)
Interest payments on interest bearing loans and borrowings
(86,147)
(77,745)
(186,449)
(98,607)
(448,948)
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)
(2,102,262)
(488,775)
(1,069,693)
(1,301,083)
(4,961,813)
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
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-626": { "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 gain of \u00a39.6 million arising on the translation of DCC\u2019s non-sterling denominated net asset position at 31 March 2026 as set out in the Group Statement of Comprehensive Income mainly reflects the strengthening in the value of the euro against sterling offset somewhat by the weakening in the value of the US dollar against sterling. 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 \u00a328.6 million (2025: \u00a324.9 million) impact on the Group\u2019s profit before tax and exceptional items, would change the Group\u2019s equity by \u00a3147.6 million and change the Group\u2019s net debt by \u00a397.8 million (2025: \u00a3188.1 million and \u00a3106.7 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 2026 a one percentage point (100 basis points) change in average floating interest rates would have a \u00a31.4 million (2025: \u00a31.0 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 3.11 and 3.12. 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, DCC may enter hedge contracts to manage price exposures. Some DCC energy businesses enter into commodity hedges to fix a portion of their own fuel costs. Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk Management function. Regional 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 (2025: immaterial) and an immaterial impact on the Group\u2019s equity (2025: 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-662": { "value": "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. 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-661": { "value": "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-653": { "value": "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 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Derivative financial instruments (note 3.11)
\u2013
158,980
\u2013
158,980
\u2013
158,980
\u2013
158,980
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
53,749
53,749
Derivative financial instruments (note 3.11)
\u2013
49,608
\u2013
49,608
\u2013
49,608
53,749
103,357
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 3.11)
\u2013
50,192
\u2013
50,192
\u2013
50,192
\u2013
50,192
Financial liabilities
Acquisition related liabilities (note 3.17)
\u2013
\u2013
94,458
94,458
Derivative financial instruments (note 3.11)
\u2013
30,572
\u2013
30,572
\u2013
30,572
94,458
125,030
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 3.17. 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 7.0% to 96.0% (2025: 1.0% to 27.0%); and \u2022 risk adjusted discount rate 8.7% to 9.8% (2025: 7.8% to 9.8%). 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 2026, holding the other inputs constant, would have the following effects:
2026 2025
Impact on the carrying value of contingent consideration \u00a3\u2019000 \u00a3\u2019000
Forecasted average adjusted operating profit growth rate (1% movement)
998
1,730
Risk adjusted discount rate (0.5% movement)
778
1,066
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-627": { "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:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
(II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-646": { "value": "(I) FINANCIAL ASSETS The following financial assets are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
158,980
\u2013
(42,099)
116,881
Cash and cash equivalents
397,811
\u2013
(21,856)
375,955
556,791
\u2013
(63,955)
492,836
Net amounts of Related amounts not set off in the Balance Sheet
financial assets
presented in the Cash collateral Financial
Balance Sheet received liabilities Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
50,192
\u2013
(19,938)
30,254
Cash and cash equivalents
494,735
\u2013
(23,401)
471,334
544,927
\u2013
(43,339)
501,588
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-647": { "value": "(II) FINANCIAL LIABILITIES The following financial liabilities are subject to offsetting, enforceable master netting arrangements or similar agreements:
Net amounts of Related amounts not set off in the Balance Sheet
financial liabilities
presented in the Cash collateral Financial
Balance Sheet received assets Net amount
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
49,608
\u2013
(42,099)
7,509
Bank borrowings
21,856
\u2013
(21,856)
\u2013
71,464
\u2013
(63,955)
7,509
Net amounts of Related amounts not set off
financial liabilities in the Balance Sheet
presented in the Financial Cash collateral
Balance Sheet assets provided Net amount
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Derivative financial instruments
30,572
(19,938)
\u2013
10,634
Bank borrowings
23,402
(23,402)
\u2013
\u2013
53,974
(43,340)
\u2013
10,634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-582": { "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.
Subsequent to the financial year end, on 29 April 2026, the Board of DCC announced that it had received an indicative cash
proposal from Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. to acquire the Company. On 30 April, the
Board announced that it had rejected that proposal. No adjustment has been made in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-539": { "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 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.
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.
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 or alternatively in goodwill if the subsequent change arises from a measurement period adjustment.
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.
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 change 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 2 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 initially measured at fair value, which for trade receivables is equal to the consideration expected
to be received from the satisfaction of performance obligations, 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. Changes to the amount of the allowance are 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 AND LIABILITIES
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 LIABILITIES
In certain DCC Energy operations, the Group has a legal or constructive obligation to refund deposits received from customers in
respect of liquid gas cylinders and tanks. A deposit is generally charged to the customer and is refundable on return of the cylinder
or tank, together with the original deposit receipt.
The Group recognises a deposit liability when such a legal or constructive obligation exists. The deposit liability reflects the
expected amount refundable to customers and is measured having regard to the estimated number of cylinders and tanks held by
customers, the expected rate of return and the applicable deposit values.
Deposit liabilities acquired as part of a business combination are recognised initially at fair value at the acquisition date, being the
present value of the expected future cash outflows. The unwinding of the discount element is recognised 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.
Where shares are issued by the Parent Company to employees of a subsidiary, the share based payment is recognised through
intercompany balances, which are subsequently settled rather than being recognised as a capital contribution.
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.
5.10 APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved by the Board of Directors on 18 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-583": { "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 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-584": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-585": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-628": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-629": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-586": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-587": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-588": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-630": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-631": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-589": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-590": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-632": { "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 or alternatively in goodwill if the subsequent change arises from a measurement period adjustment. 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. 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 change 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-591": { "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 or alternatively in goodwill if the subsequent change arises from a measurement period adjustment. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-648": { "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 change 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-592": { "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 change 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 2 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-649": { "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 2 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-593": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-594": { "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. 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. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-595": { "value": "TRADE AND OTHER RECEIVABLES Trade and other receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected to be received from the satisfaction of performance obligations, 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. Changes to the amount of the allowance are 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-596": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-597": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-633": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-598": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-650": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-634": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-635": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-599": { "value": "PROVISIONS AND LIABILITIES 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 LIABILITIES In certain DCC Energy operations, the Group has a legal or constructive obligation to refund deposits received from customers in respect of liquid gas cylinders and tanks. A deposit is generally charged to the customer and is refundable on return of the cylinder or tank, together with the original deposit receipt. The Group recognises a deposit liability when such a legal or constructive obligation exists. The deposit liability reflects the expected amount refundable to customers and is measured having regard to the estimated number of cylinders and tanks held by customers, the expected rate of return and the applicable deposit values. Deposit liabilities acquired as part of a business combination are recognised initially at fair value at the acquisition date, being the present value of the expected future cash outflows. The unwinding of the discount element is recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-600": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-601": { "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. Where shares are issued by the Parent Company to employees of a subsidiary, the share based payment is recognised through intercompany balances, which are subsequently settled rather than being recognised as a capital contribution. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-636": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-602": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-637": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-638": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-603": { "value": "5.10 APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors on 18 May 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800UPS1QEE4TD3T45", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }