Annual Report and Accounts 2014


2014 Highlights

  • Revenue increased by 6.2% to £11.2 billion, driven by acquisitions, particularly in DCC Energy, and excellent organic growth in DCC Technology (formerly DCC SerCom).
  • Operating profit increased by 11.5% to £208 million with profit growth achieved across each of DCC's five divisions.
  • Adjusted earnings per share up 11.7% to 191.20 pence.
  • Proposed 10% increase in the final dividend to give a total full year dividend of 76.85 pence, an increase of 10% over the prior year, representing the 20th consecutive year of dividend growth as a listed company.
  • Record cash generation:
    • - Operating cash flow of £349 million (£265 million in the prior year)
    • - Free cash flow (before interest and tax payments) of £278 million (£207 million in the prior year)
    • - 2.8 day improvement in working capital days to a record low level, primarily driven by a reduction in debtor days.
  • Increase in return on capital employed to 16.3%, driven by profit growth and excellent working capital management.
  • Committed acquisition expenditure of £84 million, including the recently completed acquisition of Qstar, a leading network of unmanned petrol stations in Sweden.
  • Committed US Private Placement market funding, arranged in March 2014, of $750 million (£451 million). This committed funding, together with available cash resources and committed bank term facilities, ensures that the Group retains significant financial capacity to support future growth.
  • DCC anticipates continuing growth and development in the year to 31 March 2015.

Financial Highlights


* all references to ‘operating profit̵ and ‘adjusted earnings per share̵ included in the Strategic Report are stated excluding net exceptionals and amortisation of intangible assets