DCC Regulatory News (DCC)

13 Nov 2006 07:02

DCC PLC13 November 2006 Interim Results for the Six Months ended 30 September 2006 • Change on prior year Revenue 1,803.3m +18.1% Operating profit* 45.2m +17.1% Share of associates' profit after tax 4.7m -16.0% Profit before exceptional items, amortisation of intangible assets and tax 44.5m +8.3% Profit before tax 40.4m +20.2% Adjusted earnings per share* 48.95 cent +8.0% Dividend per share 17.87 cent +15.0% Net debt at 30 September 2006 127.2m * excluding exceptional items and amortisation of intangible assets DCC, the business support services group, today announced its results for thesix months ended 30 September 2006. Commenting on the results, DCC's Chief Executive/Deputy Chairman, Jim Flavin,said: "DCC achieved excellent revenue and operating profit growth in the first half to 30 September 2006. The Board's expectations for the full financial year have improved. The Boardnow believes that DCC will achieve approximately mid-teen operating profitgrowth in its seasonally more significant second half, driven by expected strongprofit growth in DCC Energy, DCC SerCom, DCC Healthcare and DCC Environmental.The previously announced short-term reduction in the profit contribution fromManor Park Homebuilders, DCC's principal associate, will hold back the growth in adjusted earnings per share this year. Arising from the improved operatingprofit growth outlook, the Board now expects that adjusted earnings per sharefor the full financial year will be close to that achieved in the year to 31March 2006." For reference, please contact: Jim Flavin, Chief Executive/Deputy Chairman Tel: +353 1 2799 400Fergal O'Dwyer, Chief Financial Officer Email: investorrelations@dcc.ieConor Murphy, Investor Relations Manager www.dcc.ie Results - Excellent operating profit growth DCC achieved excellent operating profit growth in the six months ended 30September 2006. A summary of the results is as follows: •'m Change on prior year Revenue 1,803.3 + 18.1% ------- Operating profit DCC Energy 12.3 + 14.4% DCC SerCom 11.0 + 45.3% DCC Healthcare 10.0 - 0.7% DCC Food & Beverage 7.3 - 1.4% DCC Environmental 4.6 + 64.4% -----Group operating profit* 45.2 + 17.1% Share of associates' profit after tax 4.7 - 16.0%Net financing costs (5.4) -----Profit before exceptional items, amortisation of intangible assets and tax 44.5 + 8.3% Adjusted earnings per share* 48.95 cent + 8.0% Dividend per share 17.87 cent + 15.0% * excluding exceptional items and amortisation of intangible assets DCC Energy, DCC SerCom and DCC Environmental all achieved excellent profitgrowth. DCC Healthcare achieved strong revenue growth, however, changes in itsrevenue mix, certain product shortages and investment in developing activitiescaused a reduction in its operating margin. In DCC Food & Beverage, good growthin the Irish businesses was offset by the impact of a difficult market for theUK wine business. Overall, these results drove an excellent increase in Groupoperating profit of 17.1%. As expected, there has been a short-term reduction in the contribution fromManor Park Homebuilders, DCC's principal associate, due to planning delays. Theshare of associates' profit after tax declined by 16%. The net financing cost for the period increased to €5.4 million (2005: €3.1million) driven by acquisition and share buy-back expenditure. Profit before exceptional items, amortisation of intangible assets and taxincreased by 8.3%. After lower exceptional costs of €1.0 million (2005: €5.3 million), profitbefore tax increased by 20.2%. Adjusted earnings per share for the period increased by 8.0%. Acquisitions and Development Acquisition and development expenditure in the period amounted to €87.0 millionof which €24.2 million related to capital expenditure. DCC's ongoing acquisitionsearch process has resulted in a number of acquisitions at a total committedcost of €62.8 million. The cash impact of acquisitions in the period was €62.9million. The main acquisitions during the period were the purchase of a 50% joint ventureinterest in the William Tracey group of companies (Scotland's leading recyclingand waste management business) and the acquisition of Carlton Fuels (the fastgrowing north of England based oil distribution business). In addition, theGroup acquired the remaining 50% of TechnoPharm Compounding (an Irish MedicinesBoard licensed compounding facility producing patient-ready dosage packs ofoncology and pain management pharmaceuticals and paediatric nutritionalproducts). Today DCC announced the acquisition of a 90% shareholding in Wastecycle, a rapidly growing recycling and waste management company based in Nottingham. DCC is actively pursuing further acquisitions in each of its core areas. Financial strength At 30 September 2006, the Group had net debt of €127.2 million and total equityof €590.6 million. In line with normal seasonal trends, working capitalincreased by €26.1 million since 31 March 2006 to €146.3 million, which equatesto 13 days revenue and compares favourably with 14 days at 30 September 2005. DCC's strong financial position leaves it well placed to pursue its organic andacquisition growth objectives. Property assets The Group has a number of property assets, the value of which has benefited fromre-zoning and the overall uplift in property values in Dublin. Specifically,the Group owns a site of approximately 10.7 acres in Tallaght, Dublin 24, whichhas recently been re-zoned for mixed-use development (residential, retail andcommercial). Included in the Group's other Dublin property assets is avaluable site of approximately 1.5 acres in the Sandyford Industrial Estate,Dublin 18, which, subject to price, DCC plans to sell in the near term. Share buyback On 19 June 2006, DCC purchased 1,038,311 of its own shares, representing 1.29%of its issued share capital (excluding Treasury Shares), at a price of €17.90per share and at a total cost of €18.8 million including stamp duty andcommission. Since July 2000, DCC has bought back a total of 10,247,231 shares, being 11.61%of its current issued share capital, at an average price per share of €11.23 andat a total cost of €116.5 million including stamp duty and commission. Interim dividend increase of 15% The Board has decided to increase the interim dividend by 15% to 17.87 cent pershare. This dividend will be paid on 8 December 2006 to shareholders on theregister at the close of business on 24 November 2006. Outlook The Board's expectations for the full financial year have improved. The Boardnow believes that DCC will achieve approximately mid-teen operating profitgrowth in its seasonally more significant second half, driven by expected strongprofit growth in DCC Energy, DCC SerCom, DCC Healthcare and DCC Environmental.The previously announced short-term reduction in the profit contribution fromManor Park Homebuilders, DCC's principal associate, will hold back the growth inadjusted earnings per share this year. Arising from the improved operatingprofit growth outlook, the Board now expects that adjusted earnings per sharefor the full financial year will be close to that achieved in the year to 31March 2006. Operating review DCC Energy---------- 2006 2005 Change on prior year Revenue €996.3m €822.0m +21.2% Operating profit €12.3m €10.7m +14.4% DCC Energy achieved excellent profit growth, with the business benefiting fromgood organic growth and the first time contribution from Carlton Fuels, whichwas acquired last July. This result was achieved despite the well-above averagetemperatures experienced during September. Carlton Fuels has been successfully integrated with DCC's oil distributionbusiness in Britain. DCC Energy is now the largest oil distributor in Britainwith circa 10% market share having first entered the market in September 2001.DCC is continuing to seek acquisition opportunities in pursuit of aconsolidation strategy in the oil distribution market in Britain. DCC Energy is well placed to achieve strong profit growth in the seasonally moresignificant second half. DCC SerCom---------- 2006 2005 Change on prior year Revenue €529.2m €448.9m +17.9% Operating profit €11.0m €7.6m +45.3% Operating margin 2.1% 1.7% DCC SerCom achieved excellent profit growth, with strong performances in bothSerCom Distribution and SerCom Solutions driven by excellent sales volume growth and improved margins. SerCom Distribution, the IT & Entertainment Products business, generated excellent sales volume growth by capitalising on the growing demand for consumer digital products (including Xbox 360) and on improved demand in the Continental European enterprise infrastructure market. Like-for-like unit volume growth wasapproximately 28% and estimated product price deflation of approximately 10%resulted in organic revenue growth of 15%. SerCom Solutions, the procurement and supply chain management business, had anexcellent first half due to increased demand from key customers. The businessopened an office in China during the first half, which strengthened itsprocurement service capability. It is expected that DCC SerCom will achieve strong profit growth in the secondhalf. DCC Healthcare-------------- 2006 2005 Change on prior year Revenue €112.2m €101.6m +10.4% Operating profit €10.0m €10.1m -0.7% Operating margin 8.9% 9.9% DCC Healthcare achieved strong revenue growth. However, changes in the revenuemix, certain product shortages and investment in developing activities caused areduction in the operating margin. Acute and community care activities generated good revenue growth, particularlyin pharmaceutical products and related devices in Ireland and Britain. DCC'sIrish pharmaceutical compounding facility performed well and recently won thenational contract for paediatric nutrition. DCC Nutraceuticals, which provides contract services to the health and beautysector, achieved strong revenue and profit growth. Continued strong revenue growth is expected in the second half and improvedmargins should result in good profit growth for the full financial year in DCCHealthcare. DCC Food & Beverage------------------- 2006 2005 Change on prior year Revenue €136.5m €139.7m - 2.3% Operating profit €7.3m €7.4m - 1.4% Operating margin 5.4% 5.3% DCC Food & Beverage's activities in Ireland achieved good profit growth in thefirst half. However this performance was offset by very difficult tradingconditions in the UK wine market. In Ireland good growth was achieved in snackfoods, confectionery, soft drinks,logistics (frozen and chilled) and healthfoods, which benefited from increasedinvestment in the Kelkin brand and new Kelkin product development. In the UK, the wine market was flat, which caused a build up of stocks in that market. This had a negative impact on the revenue and margins of Bottle Green, DCC's British based wine subsidiary. It is expected that continuing difficult trading conditions in the UK winemarket will impact the result for the full financial year in DCC Food &Beverage. DCC Environmental----------------- 2006 2005 Change on prior year Revenue €29.1m €15.3m + 90.5% Operating profit €4.6m €2.8m + 64.4% Operating margin 16.0% 18.5% DCC Environmental achieved excellent profit growth, benefiting from theacquisition last May of a 50% shareholding in the William Tracey groupof companies ("Traceys"), which has performed ahead of expectations. Traceys is Scotland's leading recycling and waste management business and the acquisition achieved the dual objective of entering the British market and expanding into the non-hazardous waste business. The acquisition, announced today, of Wastecycle, a rapidly growing recycling and waste management company based in Nottingham, is an important further development of DCC Environmental's business in Britain. DCC's Irish based environmental service subsidiaries were all recentlyre-branded "enva". This has facilitated more effective marketing, under the envabrand, of the licensed facilities and expertise within the business in theprovision of a broad range of environmental services in Ireland. Accelerated profit growth is expected in DCC Environmental in the second half. Associates---------- 2006 2005 Change on prior year Share of associates' profitafter tax €4.7m €5.7m - 16.0% As expected, planning delays have caused a short-term reduction in thecontribution from Manor Park Homebuilders, DCC's principal associate. Thesedelays, also as expected, will reduce the contribution in the second half.However, a number of planning decisions are imminent. Manor Park has a large landbank for housing development and has otherdevelopment projects in the pipeline from which it should earn substantialprofits in the future. Forward-looking statements This announcement contains some forward-looking statements that represent DCC'sexpectations for its business, based on current expectations about futureevents, which by their nature involve risks and uncertainties. DCC believes that its expectations and assumptions with respect to these forward-lookingstatements are reasonable. However, because they involve risk and uncertainty,which are in some cases beyond DCC's control, actual results or performance may differ materially from those expressed or implied by such forward-lookinginformation. This announcement and further information on DCC is available on the web atwww.dcc.ie There will be a presentation of these results to analysts and investors/fundmanagers in Dublin at 8:45 am today. The slides for this presentation can bedownloaded from DCC's website www.dcc.ie. A dial-in facility will be availablefor this meeting: Ireland: + 353 1 2421074 International: + 44 20 8974 7916 Passcode: C 369022 Group Income Statementfor the six months ended 30 September 2006 Unaudited 6 months ended Unaudited 6 months ended Audited year ended 30 September 2006 30 September 2005 31 March 2006 --------------------------------- --------------------------------- ----------------------------------- Pre Exceptionals Pre Pre exceptionals (note 4) Total exceptionals Exceptionals Total exceptionals Exceptionals Total Notes •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 Revenue 3 1,803,345 1,803,345 1,527,500 1,527,500 3,436,292 3,436,292 Cost of sales (1,572,214) (1,572,214) (1,313,596) (1,313,596) (2,992,240) (2,992,240) Gross profit 231,131 231,131 213,904 213,904 444,052 444,052 Operating costs (185,897) (961) (186,858) (175,289) (4,187) (179,476) (320,457) 2,841 (317,616) Operating profitbefore amortisationof intangible assets 45,234 (961) 44,273 38,615 (4,187) 34,428 123,595 2,841 126,436 Amortisation of intangible assets (3,135) (3,135) (2,153) (2,153) (4,956) (4,956) Operating profit 3 42,099 (961) 41,138 36,462 (4,187) 32,275 118,639 2,841 121,480 Finance costs (net) (5,444) (5,444) (3,133) (1,145) (4,278) (7,041) (1,145) (8,186) Share ofassociates'profit after tax 4,754 4,754 5,660 5,660 25,474 25,474 Profit before tax 41,409 (961) 40,448 38,989 (5,332) 33,657 137,072 1,696 138,768 Income tax expense (4,161) (3,548) (13,479) Profit after tax for the financial period 36,287 30,109 125,289 Profitattributable to:Equity holders of the Company 35,827 29,197 123,764Minority interests 460 912 1,525 Profit after tax for the financial period 36,287 30,109 125,289 Earnings perordinary share - basic 5 44.61c 36.35c 153.92c Dilutedearnings perordinary share - basic 5 43.70c 35.49c 150.46c Dividend perordinary share(cent) 6 17.87c 15.54c 42.85c Group Balance Sheetas at 30 September 2006 Unaudited Unaudited Audited 30 Sept. 30 Sept. 31 March 2006 2005 2006 Note •'000 •'000 •'000ASSETSNon-current assetsProperty, plant and equipment 297,422 263,458 267,494Intangible assets 294,180 246,207 248,475Investments in associates 82,440 57,304 76,789Deferred income tax assets 6,937 7,518 4,596Derivative financial instruments 5,678 9,086 8,989 686,657 583,573 606,343Current assetsInventories 156,795 142,521 138,734Trade and other receivables 525,471 436,714 522,143Derivative financial instruments 93 519 144Cash and cash equivalents 296,584 287,817 345,280 978,943 867,571 1,006,301 Total assets 1,665,600 1,451,144 1,612,644 EQUITYCapital and reserves attributable to the Company's equity holdersEquity share capital 22,057 22,045 22,057Share premium account 124,687 124,528 124,687Other reserves 1,400 2,432 1,400Other reserves - share options 3,902 1,400 3,392Cash flow hedge reserve (2,470) 182 20Foreign currency translation reserve (1,265) (1,144) (10,344)Retained earnings 438,033 349,094 439,477Minority interests 4,266 4,453 4,714Total equity 590,610 502,990 585,403 LIABILITIESNon-current liabilitiesBorrowings 286,267 309,042 292,793Derivative financial instruments 33,384 19,306 27,077Deferred income tax liabilities 11,854 10,762 10,718Retirement benefit obligations 20,069 27,753 20,679Provisions for liabilities and charges 6,110 - -Deferred acquisition consideration 13,447 16,316 18,808Capital grants 2,497 914 1,991Total non-current liabilities 373,628 384,093 372,066 Current liabilitiesTrade and other payables 533,658 449,399 543,913Current income tax liabilities 43,319 37,816 36,697Borrowings 107,009 63,568 67,151Derivative financial instruments 2,905 184 73Provisions for liabilities and charges 5,469 6,046 3,785Deferred acquisition consideration 9,002 7,048 3,556Total current liabilities 701,362 564,061 655,175 Total liabilities 1,074,990 948,154 1,027,241 Total equity and liabilities 1,665,600 1,451,144 1,612,644 Net debt 7 (127,210) (94,678) (32,681) Group Cash Flow Statementfor the six months ended 30 September 2006 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006 •'000 •'000 •'000Cash flows from operating activitiesGroup operating profit before exceptional items 42,099 36,462 118,639Depreciation 17,512 16,785 34,142Share-based payments expense 510 880 1,840Amortisation of intangible assets 3,135 2,153 4,956Increase in working capital (26,068) (32,884) (11,162)Profit on disposal of property, plant and equipment (1,028) (420) (1,295)Amortisation of capital grants (122) (44) (112)Dividends received from associates - 581 1,028Other (2,908) (2,513) (5,114)Cash generated from operations 33,130 21,000 142,922Exceptional items (1,200) (11,727) (15,377)Interest paid (11,380) (9,417) (20,573)Income tax received/(paid) 472 (3,403) (12,157)Net cash flows from operating activities 21,022 (3,547) 94,815 Cash flows from investing activitiesInflowsProceeds from disposal of fixed assets 2,331 4,637 11,223Capital grants received - - 1,174Interest received 6,448 7,096 13,650 8,779 11,733 26,047OutflowsPurchase of property, plant and equipment (24,176) (27,620) (57,652)Acquisition of subsidiaries (57,507) (45,295) (48,625)Purchase of minority interests (1,276) (506) (506)Deferred acquisition consideration paid (4,153) (2,272) (5,580) (87,112) (75,693) (112,363)Net cash flows from investing activities (78,333) (63,960) (86,316) Cash flows from financing activitiesInflowsProceeds from issue of shares 4,274 586 3,344Increase in interest-bearing loans and borrowings 34,058 35,666 36,624Increase in finance lease liabilities 2,602 - - 40,934 36,252 39,968OutflowsShare buyback (18,818) - -Repayment of interest-bearing loans and borrowings (170) - (663)Repayment of finance lease liabilities (71) - (5,973)Dividends paid to equity holders of the Company (22,044) (19,073) (31,568)Dividends paid to minority interests (14) (147) (201) (41,117) (19,220) (38,405)Net cash flows from financing activities (183) 17,032 1,563 Change in cash and cash equivalents (57,494) (50,475) 10,062Translation adjustment 3,818 2,766 (4,541)Cash and cash equivalents at beginning of period 319,918 314,397 314,397Cash and cash equivalents at end of period 266,242 266,688 319,918 Cash and cash equivalents consists of:Cash at bank and short term deposits 296,584 287,817 345,280Overdrafts (30,342) (21,129) (25,362) 266,242 266,688 319,918 Group Statement of Recognised Income and Expensefor the six months ended 30 September 2006 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006 •'000 •'000 •'000 Items of income/(expense) recognised directly within equity: Currency translation 9,079 4,421 (4,779)Group defined benefit pension schemes: - actuarial (loss)/gain (932) (4,257) 1,779 - deferred tax asset 236 406 82 (Losses)/gains relating to cash flow hedges (net) (2,490) 182 23 Deferred tax recognised through equity 13 13 22 Net income/(expense) recognised directly within equity 5,906 765 (2,873) Profit after tax for the period 36,287 30,109 125,289 Total recognised income and expense for the period 42,193 30,874 122,416 Attributable to: Equity holders of the Company 41,733 29,962 120,891 Minority interests 460 912 1,525 Total recognised income and expense for the period 42,193 30,874 122,416 Group Statement of Changes in Equityfor the six months ended 30 September 2006 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006 •'000 •'000 •'000 At beginning of period 585,403 492,219 492,219 Impact of adoption of IAS 32 and 39 - (1,689) (1,689) At beginning of period as adjusted 585,403 490,530 490,530 Issue of share capital 4,274 586 3,344 Share based payment 510 880 1,840 Share buyback (18,818) - - Dividends (22,044) (19,073) (31,568)Movement in minority interest (448) 105 366 Total recognised income and expense for the period attributable to equity holders 41,733 29,962 120,891 At end of period 590,610 502,990 585,403 Notes to the Interim Resultsfor the six months ended 30 September 2006 1. Basis of Preparation The financial information presented in this Interim Report has been prepared inaccordance with the Group's accounting policies under International FinancialReporting Standards (IFRS) as set out in the financial statements for the yearended 31 March 2006. The interim financial statements for the six months ended 30 September 2006 andthe comparative figures for the six months ended 30 September 2005 areunaudited. The summary financial statements for the year ended 31 March 2006represent an abbreviated version of the Group's full accounts for that year, onwhich the Auditors issued an unqualified audit report and which have been filedwith the Registrar of Companies. 2. Reporting Currency The Group's financial statements are prepared in euro denoted by the symbol •.The exchange rates used in translating sterling balance sheet and profit andloss amounts were as follows: 6 months 6 months Year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006 €1=Stg£ €1=Stg£ €1=Stg£ Balance sheet (closing rate) 0.677 0.683 0.697Profit and loss (average rate) 0.688 0.682 0.682 3. Analysis of Revenue and Operating Profit by Business Segment Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006Revenue •'000 •'000 •'000 DCC Energy 996,325 822,026 1,831,608DCC SerCom 529,245 448,890 1,084,606DCC Healthcare 112,157 101,605 211,701DCC Food & Beverage 136,506 139,701 276,917DCC Environmental 29,112 15,278 31,460 Revenue 1,803,345 1,527,500 3,436,292 Of which acquisitions contributed 129,923 51,785 119,348 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006Operating Profit •'000 •'000 •'000 DCC Energy 12,278 10,734 55,965 DCC SerCom 10,971 7,550 25,015 DCC Healthcare 10,005 10,072 21,636 DCC Food & Beverage 7,326 7,428 15,467 DCC Environmental 4,654 2,831 5,512 45,234 38,615 123,595 Amortisation of intangible assets (3,135) (2,153) (4,956) Operating exceptional items (961) (4,187) 2,841 Operating profit 41,138 32,275 121,480 Of which acquisitions contributed 3,616 2,451 8,121 4. Exceptional Items Exceptional costs of €0.961 million were incurred in the six months ended 30September 2006 primarily in relation to legal cases ongoing from the previousfinancial year. 5. Earnings per Ordinary Share and Adjusted Earnings per Ordinary Share Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006 •'000 •'000 •'000 Profit after taxation and minority interests 35,827 29,197 123,764Amortisation of intangible assets after tax 2,521 1,895 4,361Exceptional items 961 5,332 (1,696) Adjusted profit after taxation and minority interests 39,309 36,424 126,429 Basic earnings per ordinary share cent cent cent Basic earnings per ordinary share 44.61c 36.35c 153.92c Adjusted basic earnings per ordinary share* 48.95c 45.34c 157.23c Weighted average number of ordinaryshares in issue during the period ('000) 80,311 80,327 80,408 Diluted earnings per ordinary share cent cent cent Diluted earnings per ordinary share 43.70c 35.49c 150.46c Adjusted diluted earnings per ordinary share* 47.95c 44.28c 153.70c Diluted weighted average number of ordinary shares ('000) 81,976 82,258 82,255 *adjusted to exclude amortisation of intangible assets and exceptional items. 6. Dividends Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30 Sept. 30 Sept. 31 March 2006 2005 2006 •'000 •'000 •'000 Interim-paid 15.54 cent per share on 1 December 2005 - - 12,495 Final-paid 27.31 cent per share on 14 July 2006 (paid 23.75 cent per share on 11 July 2005) 22,044 19,073 19,073 ------------------------------ 22,044 19,073 31,568 On 10 November 2006, the Board approved an interim dividend of 17.87 cent pershare (2005/2006 interim dividend: 15.54 cent per share). These interim accountsdo not reflect this dividend payable. 7. Analysis of Net Debt Unaudited Unaudited Audited 30 Sept. 30 Sept. 31 March 2006 2005 2006 •'000 •'000 •'000Non-current assets:Derivative financial instruments 5,678 9,086 8,989 Current assets:Derivative financial instruments 93 519 144Cash and term deposits 296,584 287,817 345,280 296,677 288,336 345,424Non-current liabilities:Borrowings (8,170) (11,568) (6,327)Derivative financial instruments (33,384) (19,306) (27,077)Unsecured Notes due 2008 to 2016 (278,097) (297,474) (286,466) (319,651) (328,348) (319,870)Current liabilities:Borrowings (107,009) (63,568) (67,151)Derivative financial instruments (2,905) (184) (73) (109,914) (63,752) (67,224) Net debt (127,210) (94,678) (32,681) Including Group share of joint ventures' net cash/(debt) 4,508 (563) 469 8. Distribution of Interim Report This announcement and further information on DCC is available at the Company'swebsite www.dcc.ie. A printed copy of this report is being posted toshareholders and will be available to the public at the Company's registeredoffice at DCC House, Stillorgan, Blackrock, Co. Dublin, Ireland. This information is provided by RNS The company news service from the London Stock Exchange