Annual Report and Accounts 2024
INVEST IN
WHAT THE
WORLD NEEDS

We know what the world needs to
Grow and Progress
STRATEGIC REPORT
1 Highlights of the Year
4 At a Glance
6 Chair’s Statement
8 Chief Executive’s Review
12 Strategy
14 Business Model
16 Growth and Progress in Action
22 Business Reviews
22 DCC Energy
32 DCC Healthcare
40 DCC Technology
48 Key Performance Indicators
52 Financial Review
60 Sustainability Review
82 Risk Report
GOVERNANCE
94 Chair’s Introduction
96 Board of Directors
98 Group Management Team
100 Corporate Governance Statement
114 Governance and Sustainability
Committee Report
118 Audit Committee Report
126 Remuneration Report
152 Report of the Directors
FINANCIAL STATEMENTS
156 Statement of Directors’
Responsibilities
157 Independent Auditor’s Report
164 Financial Statements
SUPPLEMENTARY INFORMATION
244 Principal Subsidiaries and
Associates
248 Shareholder Information
250 Corporate Information
251 Independent Assurance Statement
253 Alternative Performance Measures
258 5 Year Review
259 Index
Contents
We have been doing this for 30 years as a listed company.
WE RETURN WHAT THE
WORLD NEEDS
The world needs shared
value that grows and grows.
Our purpose and strategy
generate value for our
investors – and for our
colleagues, our customers,
the societies we serve and
the planet.
WE INVEST AND REINVEST IN
WHAT THE WORLD NEEDS
Future-focused businesses
and people with the
enterprise and innovation to
make progress happen.
THE WORLD NEEDS
SOLUTIONS
for cleaner energy, lifelong
health, and the technology
to make progress happen.

2024
2023
2022
£512.0
£529.4m
£458.4m
Operating profit
£529.4m
+3.4%
2024
2023
2022
338.40p
330.24p
316.78p
EPS
330.24p
-2.4%
2024
2023
2022
£570.4m
£681.1m
£382.6m
Free cash flow
£681.1m
2024
2023
2022
15.1%
14.3%
16.5%
Return on capital employed
14.3%
1. All references to ‘adjusted operating profi t’ and
‘adjusted earnings per share’ included in the Strategic
Report are stated excluding net exceptionals and
amortisation of intangible assets. Other ‘Alternative
Performance Measures’ (‘APMs’) are detailed on
pages 253 to 257.
2. Return on capital employed excludes the impact of
IFRS 16 Leases. See APMs on page 256 for further
information.
2024
2023
2022
74.9
74.4
76.4
Carbon intensity
74.4gCOe/MJ
2024
2023
2022
187.21p
196.57p
175.78p
Dividend per share
196.57p
+5.0%
2024
2023
2022
£655.7m
£682.8m
£589.2m
Adjusted operating profit
£682.8m
+4.1%
2024
2023
2022
456.27p
455.01p
430.11p
Adjusted EPS
455.01p
-0.3%
GROWTH AND
PROGRESS
Highlights
DCC plc Annual Report and Accounts 2024 1

DCC plc Annual Report and Accounts 20242
30
Years as a Listed Company
6,413%
Total Shareholder Return
since Listing
This year, DCC celebrates 30 years as a
listed company.
Over that time, we have delivered safe
and reliable products and services to
millions of customers, we have provided
rewarding careers to thousands of
colleagues, and have generated a total
return to shareholders of 6,413%.
Highlights of the Year

Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 3
20m
Our Scope 3 carbon emissions
reduction ambition between
2019 and 2030 is 20m tonnes
COe
35%
Proportion of services,
renewables and other (‘SRO’)
EBITA in DCC Energy this year
£490m
Capital committed to
acquisitions this year
17
Businesses acquired this year
WE INVEST IN WHAT
THE WORLD NEEDS
We are working with our suppliers and
customers to deliver the lower carbon
energy solutions that the world needs.
Our ambition is to double the
profi tability of our energy business
between 2022 and 2030, while also
halving the carbon produced by the
energy we sell – reducing it from
approximately 40 mtCO

e to 20
mtCO

e.
Services, renewable and other income
(‘SRO’) accounted for 35% of EBITA in
DCC Energy this year, up from 28% in the
prior year.
Investing in entrepreneurial businesses
that deliver products and services that
the world needs is a key part of our
business model.
In the year to 31 March 2024, we
committed £490 million to acquiring
17 new businesses. Each of these
businesses expands our capabilities
and opportunities to deliver growth
and progress.
This year, our investment was
concentrated in the energy sector,
enabling DCC Energy’s transition to low
carbon energy products and services.
To Enable People and Businesses to
Grow and Progress

Employees
16,600
Over the past decade,
DCC generated total
returns of more than
124%
Compared to 76% for the FTSE 100 index
Countries
22
Continents
4
We are focused on growth
and enabling progress.
We acquire, improve and
grow diverse businesses that
provide solutions for what the
world needs.
We do this in 22 countries
across four continents
creating long-term value for
our investors, our people and
customers, society and the
planet.
We want to add value for everyone we deal with and we are
clear on where we can do this.
Climate Change and Energy Transition
People and Social
Safety and Environmental Protection
Our goal is net zero. We are committed to leading
our customers in their energy transition by providing
innovative and cleaner energy solutions, reducing
carbon emissions.
Our goal is no accidents. Safety must be grounded in
a culture that encourages every DCC employee and
contractor to identify and raise concerns.
Our goal is to provide a vibrant, diverse and innovative
place to work and be a positive member of the
communities we serve. DCC is a people business, and
developing and investing in our people is a key
strategic objective.
Our goal is to operate in accordance with the highest
standards of ethics, compliance and corporate
governance.
Governance and Compliance
DCC plc Annual Report and Accounts 202444DCC plc Annual Report and Accounts 2024
At a Glance
OUR OPERATIONS
SUSTAINABILITY

What we do
Profit by geography
Continental Europe
UK
43%
26%
20%
11%
Rest of World
Ireland
Profit by division
DCC Energy
DCC Healthcare
74%
13%
13%
DCC Technology
We invest in growth and progress in three transformative sectors
DCC ENERGY
The trusted partner for commercial and
industrial energy customers, reducing
the complexity of the energy transition
and delivering energy solutions across
processes, heating and fl eets.
DCC Energy is leading the transition for
o -grid homes, making
decarbonisation simple and a ordable.
– READ MORE PAGES 22 TO 31
Volumes (litres)
15.2bn -2.2%
Adjusted operating profi t
£503m +9.9%
Employees
8,789
DCC HEALTHCARE
A leading healthcare business,
partnering with consumer brands to
create and manufacture high quality
health and beauty products, and
supplying primary and secondary care
providers with essential products and
services.
– READ MORE PAGES 32 TO 39
Revenue
£859.4m +4.6%
Adjusted operating profi t
£88.1m -4.0%
Employees
3,269
DCC TECHNOLOGY
A leading specialist distribution partner
for global technology and appliance
brands and customers, providing reach,
simplicity and scale.
– READ MORE PAGES 40 TO 47
Revenue
£4.8bn -9.3%
Adjusted operating profi t
£91.7m -13.6%
Employees
4,562
.
6
%
0%
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 5

DEAR STAKEHOLDERS,
I am pleased to present, on behalf
of the Board, DCC’s Annual Report
and Accounts for the year ended
31 March 2024.
In our 30th year as a listed company,
DCC rea rmed its position as a leading
enabler of growth and progress,
delivering another strong set of fi nancial
results and further progress against our
strategic objectives.
Financial Performance
Adjusted operating profi t increased by
4.1% to £682.8 million. Free cash fl ow
conversion was 100%. The Group’s return
on capital employed remained strong
at 14.3%.
This performance allowed the Board to
recommend a fi nal dividend to
shareholders of 133.53p per share which,
when added to the interim dividend
paid in December, provides a total
dividend of 196.57p, representing an
annual increase of 5%.
DCC has now increased its dividend
to shareholders in every one of the
30 years since the Company listed,
growing its dividend at a compound
annual rate of 13.2%.
Strategy
The fundamental components of DCC’s
strategy have remained very consistent
over the years:
• We buy, integrate and reinvest in
businesses in sectors that provide
attractive long-term growth
opportunities.
THE WORLD
NEEDS
GROWTH
AND
PROGRESS
DCC rea rmed its position
as a leading enabler of
growth and progress,
delivering strong fi nancial
results and progress against
strategic objectives.
MARK BREUER
Chair
DCC plc Annual Report and Accounts 20246
Chair’s Statement

• We empower and support
entrepreneurial management teams to
grow and develop those businesses,
principally organically and then
through further capital deployment.
• We invest in our people, enabling
them to grow and develop. And we
bring in new talent to build the diverse
teams needed to deliver our future
success.
• We focus on creating growth that is
sustainable. We concentrate our
sustainability e orts in areas where
we can make a real contribution,
such as decarbonisation, safety and
supply chain integrity. We want to
ensure all our stakeholders benefi t
from dealing with DCC.
• This approach results in a growing,
sustainable and cash-generative
business that consistently provides
returns on capital employed
signifi cantly ahead of our cost of
capital.
These Group-wide priorities are directly
refl ected in the market-focused
strategies of each of the Group’s three
divisions. DCC Energy, DCC Healthcare
and DCC Technology each have a very
clear set of strategic objectives and the
resources in place to achieve them.
I was particularly pleased this year
by the growth and progress achieved
by DCC Energy, which increased its
adjusted operating profi t by almost
10% to £503 million, while also actively
diversifying its activities away from fossil
fuels, in line with its stated strategy.
DCC Technology and DCC Healthcare
demonstrated remarkable resilience
during the year, adapting to the
evolving needs of their sectors, despite
di cult conditions in some markets,
and continuing to make improvements
in their existing operations, which will
position them well for growth this year.
Evolving Board Leadership
The role of the Board is to provide strong
governance and strategic oversight,
enabling the Group to continue
delivering value for our shareholders
and other stakeholders.
David Jukes, who was appointed a
non-executive Director in March 2015
will retire from the Board and as Chair
of our Remuneration Committee at the
conclusion of our AGM on 11 July. As we
announced in December last year,
Katrina Cli e will become Chair of the
Remuneration Committee at that point.
I would like to thank David for his very
considerable contribution to the work
of the Board and the Remuneration
Committee.
Ensuring that the Board continues to
have the expertise and experience
needed to guide the evolution of the
Group is a priority for me as Chair and
an area where I continue to devote
considerable time.
Thank You to Our Employees
Throughout the challenges of the
last year, it was our people who made
the di erence and delivered the
performance of the Group. I extend the
gratitude of the Board to our 16,600
colleagues, led by Chief Executive
Donal Murphy and his Group
Management Team, for their
unwavering commitment, hard work
and resilience. Your dedication to our
customers, your passion for innovation,
and your commitment to DCC’s values
are the driving forces behind the
Company’s continued and future
success.
Conclusion
I conclude by thanking our existing and
new shareholders for your support for
DCC throughout the year.
MARK BREUER
Chair
13 May 2024
DCC’s strong, liquid balance sheet and
established M&A capability remain essential
enablers of our strategy.
Dividend (pence)
Years ended 31 March
2019
201820172016
2015
2014
2020 2021 2022 2023 2024
76.9
84.5
97
.2
111.8
123.0
138.4
145.3
159.8
175.8
196.57
187.2
M&A Activity
DCC’s strong, liquid balance sheet and
established M&A capability, honed over
nearly 400 acquisitions, remain essential
enablers of our strategy.
Approximately £490 million was invested
in 17 value-adding acquisitions during
the year under review. Among the
acquisitions made during the period
were Progas in Germany, one of the
leading liquid gas distributors in the
country, and Next Energy in the UK.
These are good examples of how the
Group’s M&A expertise is being utilised
to support the implementation of DCC
Energy’s growth and decarbonisation
strategy.
The Group’s M&A capabilities are also
utilised to divest businesses when
appropriate. Opportunities to transfer
businesses that are no longer aligned
with the Group’s strategic objectives
and that will do well under new
ownership are considered every year.
Sustainability
The Group’s Scope 1, 2 and 3
greenhouse gas emissions all reduced
during the year. Scope 1 and 2 emissions
reduced by 13.6% in the year and we
remain on track to reduce our Scope 1
and 2 emissions by 50% between 2019
and 2030. Scope 3 emissions reduced
by 3.1%, refl ecting the strategic shift
being implemented by DCC Energy
away from more carbon intensive forms
of energy.
Our commitment to sustainability is not
just about meeting environmental
objectives: it is also about running our
businesses safely, creating a more
equitable and inclusive workplace, and
sourcing from responsible suppliers. Key
metrics on safety, employee
engagement and supply chain integrity
were all positive. However, these are
areas where we want to continue to
improve.
Above all, safety takes priority over
every other objective that we might set.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 7

Q
It has been another year of growth
and progress for DCC. What were
the key features of this?
Thanks to the exceptional work of my
1
6,600 colleagues, this was another year
of growth and progress for DCC.
Our adjusted operating profi t was up
4.1% to £682.8 million, with free cash fl ow
conversion remaining strong at 100%.
The progress made by DCC Energy was
a feature of the year. But it was also
notable that DCC Healthcare returned
to organic growth during the second
half of the year.
I was very pleased that we achieved
this growth while continuing to reduce
our reliance on fossil fuels and achieving
another reduction in total carbon
emissions, in line with our strategic
ambitions.
DCC became a publicly-listed company
in 1994. As we refl ect on three decades
of growth and progress, I am confi dent
that DCC’s clear purpose and strategy,
deep capabilities and values-driven
culture position the Group well for
further success.
OUR
FUTURE
FOCUS IS
CLEAR
DCC’s purpose is to enable
people and businesses to
grow and progress. During the
year, our people, our greatest
asset, yet again demonstrated
our purpose in action.
o
enable
s
ses to
Durin
g
the
u
r
g
reatest
m
onstrated
on.
DONAL MURPHY
Chief Executive
DCC plc Annual Report and Accounts 20248
Chief Executive’s Review

Q
Summarise the key points of DCC
Energy’s strategy and outline the
progress you are making in its
implementation?
Our vision is to double DCC Energy’s
pr
ofi ts while halving its carbon emissions
between 2022 and 2030. We will
achieve this by reducing the carbon
intensity of the essential liquid fuels
that we supply to our customers and
by building a complementary
decentralised electron-based business
to enable our customers to manage the
major shift to electrifi ed solutions.
To reduce the carbon intensity of our
liquid fuels, we will lead in the sales,
marketing, and distribution of biofuel
products. We will accelerate the growth
of liquid gas as the lowest carbon
intensity hydrocarbon for o -grid
customers, while also increasing the
percentage of renewable liquid gases
in our mix. We will also maximise the
returns from our traditional Mobility
businesses, while growing the fl eet
services we provide.
To build our position in electrifi ed
solutions, we will continue to consolidate
the highly fragmented solar installation
market to become a pan-European
leader in solar solutions, augmenting
this with value-added products and
services, emphasising repeat and
recurring revenue opportunities. We
will buy and build complementary
commercial and industrial (‘C&I’) energy
management and services businesses,
aligned to local customer needs and
preferences, which complement solar
installation and support the customer’s
electrifi cation journey. We will also
continue to expand our domestic
energy services o erings, including heat
pump and hybrid solutions tailored to
local market regulations and
frameworks.
Our customers are at the heart of our
strategy. By implementing our strategy,
we will expand the range of products
and services we are providing to our
existing 1.7 million direct energy solutions
Our customers are at the heart of DCC
Energy’s strategy. We are committed to
being a leader in energy transition, working
closely with our customers on their unique
transition needs.
customers to support them on their
journey to net zero. We will also acquire
new customers as we continue to
consolidate the liquid gas market and
the highly fragmented solar and energy
management services sectors. With our
combined o ering, we will accelerate
organic customer growth.
The net result of this is that we will grow
our direct solutions customers to more
than two million by 2030 and will
signifi cantly increase the lifetime value
of our customers. This is why we are
convinced that Cleaner Energy in
your Power is a winning strategy both
commercially and for the planet. We
are committed to being a leader in
energy transition, working closely with
our customers on their unique
transition needs.
We have made great progress during
FY24 on implementing our strategy.
The overall contribution of DCC Energy’s
profi ts from services, renewables and
other areas where the carbon intensity
is less than or equal to 10 kgCO

e/GJ
increased to 35% in FY24 from 28% in
FY23, while the carbon intensity of DCC
Energy’s profi ts decreased by 12% over
the prior year. We increased our sales
of HVO in FY24 to 140m litres from 60m
litres in the prior year.
In liquid gas, not only did we drive
strong organic growth and complete
the development of the Avonmouth
storage facility, but we also acquired
two liquid gas businesses, a synergistic
bolt-on in the US and the strategically
important acquisition of Progas in
Germany. And fi nally, during the period,
we acquired nine energy management
services businesses signifi cantly scaling
our energy transition capabilities.
Q
AI has been a key theme this year.
What does it mean for DCC?
Like all general-purpose technologies,
A
I means lots of things to di erent
people. At DCC we have a clear AI
strategy. We are pioneering the
development of a unifi ed centralised
AI platform that embodies our
commitment to innovation, customer
engagement and operational
excellence.
This year we completed a wide-ranging
digital initiative across the Group where
we identifi ed clear innovation
opportunities. AI’s role in helping drive
our innovation agenda is clear.
Unlike purely generative AI strategies,
the DCC AI platform is designed to not
only drive business performance but
also to enhance our service o erings,
ensuring that each operating company
can leverage cutting-edge technology
for functions such as price optimisation,
customer retention, and distribution
e ciency. The unique advantage of our
approach lies in the centralisation of
this technology. By consolidating AI
development into a single, cohesive
platform, we eliminate the need for
each business unit to develop its own
systems or hire specialised data
science teams.
This not only improves e ciency but
also fosters a culture of knowledge-
sharing and continuous improvement.
Moreover, by maintaining a
standardised framework and
methodology, we ensure that our AI
initiatives are scalable and adaptable,
capable of meeting the diverse needs
of our global operations.
This strategic approach allows us to
create new ways of working and
innovative tools that are specifi cally
tailored to enhance business outcomes.
Our focus is on practical, actionable AI
solutions that drive business value,
rather than exploratory or generative
AI technologies.
We have successfully built the platform
and rolled out our initial models within
our Healthcare division focused on
enhancing revenue and increasing
customer longevity.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 9

Through this AI platform, DCC is setting
a new standard for technological
adoption in the industry. We are not just
keeping pace with technological
advancements—we are creating a
future where our operations are smarter,
our decisions faster, and our customers
more satisfi ed.
Q
You often say that people are the
key to DCC’s success. What is the
Group doing in this area?
DCC’s purpose is to enable people and
b
usinesses to grow and progress. During
the year, our people, our greatest asset,
yet again demonstrated our purpose in
action. The strong performance in the
year was as a result of the phenomenal
capability, agility and commitment of
our 16,600 colleagues who work across
the 22 counties that DCC operates in.
I’d like to say a big thank you to all my
colleagues for delivering such a strong
performance in a challenging macro
environment.
Our people live our core values of
Safety, Integrity, Partnership and
Excellence every day. They ensure our
customers receive the essential
products and services that they require.
They navigate challenging supply chain
issues to ensure our suppliers are able to
get their products to market. And they
innovate to continuously enhance our
operations.
Over recent years we have developed
our people processes, focused on
creating a culture of continuous learning
and development across the Group. By
investing in targeted training
programmes, personalised coaching,
and active career management, we are
building a highly skilled and adaptable
workforce that is equipped to tackle
current challenges and propel our future
growth.
The world is changing at a fast pace
and the skills and competencies that
our people need to grow and progress
are also changing. At the core of our
people strategy lies a dedication to
continuous learning. We aim to o er
a comprehensive and evolving system
of training designed to equip our
employees with the knowledge and
skills necessary to excel in their roles
and contribute to our organisational
objectives. This system caters to the
diverse needs of our workforce across
various business segments, ensuring
individuals possess the specifi c
expertise required for success in their
respective areas and develop the
capabilities to innovate so we continue
to grow the leadership positions we
have in our respective markets.
Q
It was another strong year for M&A
activity in DCC. What were the
highlights?
There were many highlights from an
M
&A perspective during the year which
featured a series of acquisitions that
have signifi cantly enhanced our
capabilities and our service o erings
to customers. During the year we made
great progress on our Energy division’s
energy management services (‘EMS’)
strategy and service o erings. Since our
results in May 2023, we have committed
approximately £490 million to
acquisitions, with a signifi cant portion
dedicated to adding services that
assist in the decarbonisation of our
customers. These acquisitions not only
expanded our technological and
service capabilities but also signifi cantly
strengthened our team with
entrepreneurial and dedicated people,
enriching our Group with their expertise
and commitment to excellence.
In EMS in the UK, we’ve made substantial
progress with the acquisition of Next
Energy, which has been instrumental in
advancing our energy transition
capabilities for B2C customers in the
market. We also made substantial
progress in enhancing our energy
transition capabilities in the UK for
C&I customers through a number of
acquisitions, including Centreco,
a dedicated C&I solar installation
business, eEnergy, a technology-led
business that specialises in energy
procurement and insights, and net zero
consultancy DTGen. These acquisitions
strengthen our portfolio of energy
management services by providing
comprehensive power generation
solutions, catering to a diverse client
base and focusing on the energy
reliability needs of customers.
In France, the addition of Copropriétés
Diagnostic, a provider of value-added
services for energy e ciency and
renovation projects, has expanded our
o erings to customers in the market and
complements our WeWise solar
businesses.
In the Netherlands we acquired
Isolatiespecialist, an insulation company
that has strengthened our energy
e ciency o erings in the Benelux region.
In Scandinavia, the addition of
Solcellekraft, a Norwegian solar PV
installation business, expanded our
reach in the residential and commercial
solar market, supporting our customers
in their energy transition journey.
In the liquid gas segment, we’ve added
several strong businesses this year that
have enhanced our customer reach.
Notably, the acquisition of Progas,
provides us with a substantial scale-up
in the German market and aligns with
our strategic ambition to provide
comprehensive energy solutions to the
German market, the largest energy
market in Europe.
In our Technology division, we
strengthened our position with two
modest bolt-on acquisitions in France
and the US, both of which are highly
synergistic and expand our solutions
o erings in important markets.
Our M&A activity is a critical component
of DCC’s strategy, and we remain
dedicated to pursuing opportunities
that complement our existing
businesses, enhance our customer
o erings, expand our geographic reach
and deliver sustainable value to our
stakeholders.
Q
And how is DCC’s overall approach
to capital allocation evolving?
DCC has always focused on building
a
growing, sustainable and
cash-generative business which
consistently delivers returns on capital
employed well in excess of our cost of
capital. This has been successful over
many years, because we always look
to the future for growth opportunities:
• We seek out the growth potential in
our sectors.
• We operate our businesses well and
help them to grow and progress.
• And we allocate capital across our
sectors to improve and scale our
businesses.
We invest and reinvest in essential
solutions that the world needs today
and into the future. This underpins our
sustainable growth and supports our
purpose of enabling people and
businesses to grow and progress.
We invest to grow our businesses
organically, we invest in our sectors
through M&A which strengthens and
scales our business, and we invest in
our people to enable them to grow
and progress.
DCC plc Annual Report and Accounts 202410
Chief Executive’s Review Continued

We operate and invest in sectors where
we can see a very clear purpose, solving
real needs and with macro trends that
provide us with growth opportunities.
• In the Energy sector, we believe there
is a real need for progress to cleaner
energy solutions that are secure,
a ordable and sustainable.
• In Healthcare, we see the necessity
for people to live longer and healthier
lives.
• And in Technology, we bring to market
the products and services to make a
progressive world a reality.
By pursuing our Group strategy and
deploying capital in the higher growth
segments of our sectors, the size and
shape of DCC will be very di erent by
2030. By 2030 we expect to have more
than doubled the size of the Group from
2022 and approximately 70-75% of our
profi tability will come from Energy
services and renewables, Healthcare
and Technology. We will also position
the Group to deliver a higher organic
growth rate as we scale our business
in these higher growth sectors.
Q
2024 marks DCC’s 30th year as
a listed company. As you look
ahead, what are your key priorities
for the Group?
DCC has a proven business model that
h
as consistently delivered high growth
and high returns over our 30 years as a
public company. The DNA of the
organisation and the foundations of our
success were developed and fostered
by our founder and former Chair and
Chief Executive Jim Flavin. Our Group
strategy has been largely consistent
since we went public in 1994. Over our
30 years as a public company we have
grown our adjusted operating profi ts
by 14% CAGR, had free cash fl ow
conversion of 99%, delivered unbroken
dividend growth to our shareholders of
13% CAGR, all while maintaining high
returns on capital employed. If you
invested £100,000 in DCC plc when we
fl oated 30 years ago your investment
would be worth £6.4 million today.
We achieved this growth by driving the
organic performance of our businesses,
investing and reinvesting capital and
leveraging the benefi t and resilience of
our diverse sectors. Operating across
three growth sectors, we have clear
priorities for capital allocation across
the two pillars of organic capital
expenditure and acquisitions.
In Energy, our ambition is to give all
customers the power to choose a clean
energy future today with inclusive and
independent energy solutions. Energy
transition is a phenomenal opportunity
for DCC both organically and through
acquisitions and one that I am really
excited about.
In Healthcare, our ambition is to enable
people to lead healthier lives,
throughout their lives. For patient health,
we enable healthcare providers to
diagnose and treat illness with our
products and services, helping to
improve patient outcomes. For
consumer health, we develop and
manufacture nutritional products,
enabling people to live well every day.
Healthcare is a fast growing sector and
one that DCC wants to scale in.
In Technology, our ambition is to make
progress happen with enhanced
technology solutions. We are focused
on building out the specialist capability
we have in this growth industry. We act
as an enabler between global
technology brands and the people and
businesses who use their products.
We create solutions that enhance
experiences, save time and improve
lifestyles.
We have a very clear purpose and
strategy for the Group and for each
of the sectors in which we operate.
Most importantly, we have the platforms
to drive high levels of organic growth
and the cash fl ows to deploy capital to
accelerate our growth. After 30 years as
a public company, I believe we are only
starting on our journey.
DONAL MURPHY
Chief Executive
13 May 2024
Watch Donal Murphy’s
interview on our website
www.dcc.ie
Watch Donal Murphy
’
s
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 11

A STRATEGY FIT
FOR THE FUTURE
We invest in businesses with
solutions that the world needs
and with future growth potential.
We reinvest and optimise the
performance of those businesses,
providing the support they need
to enable their future success.
WE LOOK FOR
GROWTH TRENDS
• Businesses that provide what the world needs
today and in the future.
GROWTH POTENTIAL
• Talented, entrepreneurial, values-driven
management teams.
• Opportunities for organic and inorganic
development.
SUSTAINABLE GROWTH
• People, products and services that can deliver
progress for investors, the societies we serve
and the planet.
• A strategy that is integrated with the four pillars
of our sustainability framework.
SUPPORTED BY OUR KEY ENABLERS
• Excellence in Safety and Operations
• Development of Future-Focused Skills
• Focus on Decarbonisation
WE MAKE
FUTURE-FOCUSED
DECISIONS
WE LOOK AHEAD
TO INVEST AND
REINVEST IN
FUTURE-FOCUSED
BUSINESSES
THAT CAN MAKE
PROGRESS HAPPEN.
DCC plc Annual Report and Accounts 202412
Strategy

We invest and reinvest to deliver
returns that are well in excess of
our cost of capital and that add
value for all of our stakeholders.
This future-focused
strategy delivers long-term,
sustainable value in line with
our purpose.
WE FOCUS ON
CAPITAL ALLOCATION
• Invest to generate returns well in excess of our
cost of capital.
• Convert profi ts to cash.
• Reinvest cashfl ows to enable further sustainable
growth.
• Remain an attractive buyer of new businesses.
OPTIMISING PERFORMANCE
• Proven processes for fi nancial management
and strategic development.
• Central support in key areas such as strategy,
M&A, HR, sustainability and risk management.
• Market Leadership
• Support for Innovation and Use of Technology
• Financial Discipline
WE ENABLE PEOPLE AND
BUSINESSES TO GROW
AND PROGRESS.
CLEANER
ENERGY WORLD
Our ambition is to give all customers the
power to choose a clean energy future
today with inclusive and independent
energy solutions.
– READ MORE ON PAGES 22 TO 31
HEALTHIER
WORLD
Our ambition is to enable people to lead
healthier lives, throughout their lives.
– READ MORE ON PAGES 32 TO 39
PROGRESSIVE
WORLD
Our ambition is to make progress happen
in every industry we enter with enhanced
technology solutions.
– READ MORE ON PAGES 40 TO 47
WE GROW
FUTURE-FOCUSED
BUSINESSES
WE CREATE
SUSTAINABLE
VALUE
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 13
In this Report, links to
strategy are indicated with

WE ALLOCATE CAPITAL
OUR RESOURCES
AND CAPABILITIES
– READ MORE
DCC ENERGY ON PAGES 22 TO 31
DCC HEALTHCARE ON PAGES 32 TO 39
DCC TECHNOLOGY ON PAGES 40 TO 47
A DIVERSIFIED AND
DEVOLVED BUSINESS
The sectoral and geographic diversity of our businesses gives us optionality in
capital allocation. Our compounding business model combines organic growth
with leading M&A capability.
Sectors:
Bu
sinesses:
Geographies:
People
A multinational, multicultural and
s
killed workforce of 16,600
colleagues, with shared values and a
common purpose.
Partnerships
A trusted partner to millions
of c
ustomers and the world’s leading
energy, healthcare and technology
companies.
Financial
A strong and liquid balance sheet,
e
nabling us to react quickly to
commercial opportunities.
Infrastructure
Robust and agile operating
p
latforms in a diverse range of
markets.
Intellectual
Extensive expertise, know-how and
o
ther intellectual property, providing
lasting competitive advantage.
We invest in three diverse, resilient and sustainable sectors
where demand for products and services continues to grow.
We invest and reinvest in a diversifi ed range of businesses
which provide solutions that the world needs.
This facilitates continued investment through economic cycles
and access to multiple new growth trends.
We have a diverse geographic footprint across 22 countries in
four continents.
This facilitates access to new markets and growth trends and
provides resilience to economic shocks.
WE INVEST
IN WHAT THE WORLD
NEEDS TO GROW
AND PROGRESS
We operate in diverse sectors and geographies through agile and
expert management teams. This creates resilience, drives a culture
of excellence and leads to more opportunities for growth.
DCC plc Annual Report and Accounts 202414
Business Model

THE SHARED
VALUE WE CREATE
WE OPTIMISE PERFORMANCE
We promote a culture of
best practice and high
performance through:
• Ou
r fi nancial discipline, which creates
e ciencies, stability and resilience to drive
organic growth.
• Our expertise in strategy, M&A, risk, tax, treasury,
compliance and sustainability.
• Our proven ability to operate and grow
customer-focused sales, marketing and support
services businesses.
WE CONNECT SUPPLIERS AND CUSTOMERS
By operating globally,
locally:
• We ensure deep local knowledge and focus.
• Our suppliers stay closer to our customers.
• We better understand our customers’ current
and future needs.
– READ MORE
FINANCIAL REVIEW PAGE 52
SUSTAINABILITY REVIEW PAGE 60
WE REINVEST TO GROW
WE EMPOWER DIVERSE TEAMS
Our devolved structure
supports our local
management teams with
central expertise:
• T
his gives entrepreneurs and innovators the
resources they need to excel.
• It inspires a growth mindset and a culture of
excellence, creativity and innovation and allows
local teams to be more agile.
Suppliers
£18.3bn
Goods and services supplied
Investors
14.3%
Return on capital employed
Communities and the Environment
3.1%
Reduction in Scope 3 emissions
Governments and Regulators
£89.6m
Corporate taxes
WE SUPPORT
BUSINESSES WITH
EVERYTHING THEY
NEED TO GROW
WE ENABLE
GROWTH AND
PROGRESS
Employees
£958.2m
Employee payments
Strategic Report
DCC plc Annual Report and Accounts 2024 15
Governance Financial Statements Supplementary InformationStrategic Report

GROWTH AND
PROGRESS
IN ENERGY
MANAGEMENT
SERVICES
Growing our energy
management services
(‘EMS’) business is a key
element of our strategy
for the energy sector.
By combining skills from
across the Group we are
making rapid progress.
Energy Strategy Updated
We announced an updated strategy for our energy activities
in May 2022, focused on the twin goals of continued growth
and decarbonisation.
We provided a detailed update on that strategy at our DCC
Energy Insights Day in September 2023.
A key component of that strategy is to build a comprehensive
EMS business, providing a broader range of renewable
energy products and services to our existing and new
customers, aligned with macro trends of electrifi cation
and energy e ciency.
Progress Against Strategy
Since 2022, we have grown signifi cantly in this area, largely
by identifying, acquiring and successfully integrating new
businesses into the Group. In many cases, the entrepreneurial
management teams who established these businesses
remain in place under DCC ownership. The support they
receive in scaling their operations and the access their
businesses can get to our existing large customer base are
often key factors in their decision to join and remain with
the Group.
Our EMS businesses now support customers with a wide
range of energy services including solar, insulation, energy
controls and monitoring, e cient heating systems and
backup energy systems. Demand for these products and
services is growing rapidly in many markets.
Before the fi nancial year under review, we had committed
£163 million in acquiring 10 EMS businesses. Over the course of
the year to 31 March 2024, we accelerated the implementation
of our strategy, committing a further £346 million of capital on
nine acquisitions in the EMS sector. These included Alternative
Energy Solutions in Ireland, Centreco, DTGen and Next Energy
in the UK, and SLER40 and Copropriétés Diagnostic in France.
These new businesses are being integrated into our EMS
platform and in turn provide exciting opportunities for
further growth.
Our growth to date in this area has been achieved by
blending strategic clarity, knowledge of the markets where
we operate, and a strong commitment to partnership with
core DCC skills in areas like M&A and risk management.
DCC plc Annual Report and Accounts 202416
Growth and Progress in Action

Commercial & Industrial
Customers
A key customer segment for our EMS business is large
commercial and industrial (‘C&I’) customers. These customers
often want to benefi t from the cost savings generated by
energy management programmes and then reduce the
carbon emissions from their remaining energy needs.
In the year under review we launched WeWise, a
European-wide network of DCC EMS businesses, providing
a consistent experience for C&I customers with operations
across Europe. We are continuing to invest in enhancing our
customer proposition through more integrated services
and digitisation.
Our aim is to become the leading EMS partner for C&I
customers in Europe.
Supporting Consumers
Our devolved operating model also allows us to ensure
that we tailor our EMS services to meet individual market
conditions. This is particularly relevant in the B2C market
segment, where energy transition trends vary signifi cantly
from market to market.
Our French and Dutch businesses now o er high-quality
domestic retrofi t services through their EMS businesses,
SLER40 and Isolatiespecialist. We were also very pleased to
recently incorporate signifi cant additional domestic retrofi t
capability in the UK market through the acquisition of Next
Energy. Next Energy brings deep expertise in utilising a range
of funding arrangements to help domestic customers achieve
signifi cant housing upgrades in a market that currently has
low energy e ciency.
Over the course of the year under review, our EMS business
made a signifi cant di erence in helping customers with their
energy transition needs. We installed 150 MWp of solar
systems and distributed 1.9 TWh of renewable power.
Investing in the Future
We are excited by the opportunity to use our growing EMS
capabilities to help existing and new customers transition to
modern energy systems. The Group’s long-established
expertise in acquiring, integrating and supporting the growth
of companies that provide a broad range of products and
services to large numbers of businesses and consumers
means we are very well placed to continue our growth in the
EMS sector.
SL
L
ER
R
40
0
a
nd
Isolatiespecialist. We were also very ple
tional domesti
c
t
he acquisition
p
ertise in utilisin
m
estic custom
e
a
rket that curre
v
iew, our EMS
b
p
in
g
customers
d
150 MWp of s
o
e
newab
l
e pow
e
re
o
use our growi
w
customers tra
s
long-establis
h
n
d supporting t
r
ange o
f
produ
c
ses and consu
m
o
ntinue our gro
w
S
SL
E
ER
40
0
a
a
nd Isolaties
pe
cialist. We
we
r
re
ce
e
nt
t
ly
incorporate s
ig
nifi cant add
it
c
ca
p
pa
b
bi
li
li
ty in the UK market through
t
En
n
er
g
gy
.
.
Next Energy brings deep ex
p
of
of
f
un
n
d
di
ng arrangements to help do
m
s
si
gn
n
ifi
c
c
ant housing upgrades in a
ma
lo
o
w
w
en
n
ergy e ciency.
Ov
Ov
er
t
he course of the
y
ear under re
v
m
ma
de
de
a signifi cant di erence in hel
p
e
en
er
r
gy transition needs. We installe
d
s
sy
st
t
ems and distributed 1.9 TWh of r
e
I
n
n
n
v
v
e
e
sting in the Futu
W
We
are excited b
y
the
op
po
rtunit
y
to
ca
ca
pabilities to help existing and ne
w
m
mo
dern energy systems. The Group
’s
e
ex
pertise in acquiring, integrating
an
of com
pa
nies that
pr
ovide a broad
r
services to large numbers of busin
es
means we are ver
y
well
p
laced to c
o
EM
S
se
ct
or
.
DCC plc Annual Report and Accounts 2024 17
Strategic Report Governance Financial Statements Supplementary Information

SUPPORTING
INNOVATION
AND THE USE OF
TECHNOLOGY
Supporting innovation and
the use of technology is
an enabler of our strategy.
This year we undertook
a wide-ranging digital
initiative across the Group
where we identifi ed
numerous innovation
opportunities. AI’s role
in helping drive our
innovation programme
is clear.
Optimising Performance
through Technology
We continuously look for ways to optimise the performance of
our businesses, so we can deliver increased e ciency and
better service for our suppliers and customers.
We have a strong track record of delivering innovative but
highly practical technology solutions in our operations,
blending the skills and experience of colleagues from across
the Group.
The rapid development of AI-powered tools is expected to
unlock further improvements in our operations over the
coming years.
DCC plc Annual Report and Accounts 202418
Growth and Progress in Action Continued

• An automated and data-driven approach that optimises
engagement with large ecommerce platforms such as
Amazon is critical to commercial success in many
businesses. DCC Technology has developed deep expertise
in this area, using advanced analytics and data science.
This expertise has enhanced the sales and marketing
performance of businesses across the division, including
Almo, which was acquired by DCC Technology in 2021, and
has since expanded its ecommerce support to new
customers like Walmart and Home Depot.
• Powered by integration technology and robotics, Exertis
Ireland built a platform to actively identify soon-to-expire
support contracts and then automatically present an easy
renewal option to their customers. Not only did this enhance
the customers’ experience, it also provided a value-add
service to technology vendors, enabling them to grow their
support penetration. In addition to eliminating substantial
manual e ort, renewal rates have increased by over 10%.
The following is a sample of the projects our teams
progressed over the course of the year under review:
• Butagaz in France built and deployed an AI-driven model
that helps identify liquid gas customers most at risk of
changing to another supplier, allowing Butagaz to target
their retention e orts where it matters most. As with any
business, retaining existing customers is important, but with
a focus on transitioning those customers to low-carbon
energies, it’s essential for Butagaz to trigger engagement
before they make a choice to move.
• With a large customer and employee base, Certas Energy
UK is continuously streamlining administrative processes to
deliver e ciencies and better performance. Their in-house
centre of excellence for robotic process automation (‘RPA’)
has delivered tens of thousands of hours of productivity by
automating processes such as reconciling fuel deliveries,
invoice processing and undertaking tax compliance checks.
• With a global customer base, Medi-Globe in Germany
needs to generate technical documentation for their
medical devices in many languages. An AI-based platform
is now supporting their team in content creation and
translation, saving time in the product launch cycle.
• With a high penetration of online customers in the primary
care sector in the UK, Williams Medical Supplies is working
with a centrally led DCC team to deploy proprietary AI
models to drive organic growth through increased
cross-sell. Cross-sell recommendations have historically
been driven by agent knowledge and basic data linkages.
The new approach uses advanced AI tools to look more
broadly at statistical correlations, trend-based patterns,
and customer cohorts to dynamically suggest products
with the highest propensity of uptake from the customer.
Am
m
a
z
on
n
is critical to commercial success in many
s.
DCC Technology
g
has develo
p
ed dee
y
a
, using advanced analytics and data
s
r
tise has enhanced the sales and mark
e
n
ce of businesses across the division, in
c
c
h was acquired by DCC Technology in
ex
p
an
d
e
d
i
ts ecommerce su
pp
ort to n
e
s
l
ike Wa
l
mart and Home De
p
ot.
b
y inte
g
ration technolo
g
y and robotics,
u
ilt a platform to activel
y
identif
y
soon-
t
o
ntracts and then automaticall
y
prese
n
ption to their customers. Not onl
y
did t
h
m
ers’ experience, it also provided a val
u
technolo
g
y vendors, enablin
g
them to
enetration. In addition to eliminatin
g
su

ort, renewal rates have increased b
y
o
Am
m
a
az
o
on
is
b
bu
u
u
b
s
si
n
ne
sse
in
n
n
n
thi
s
s
area
Th
T
Th
Th
is
s
is
is
exper
pe
pe
pe
p
p
f
rf
rf
orman
A
AlAl
Al
mo
mo
m
m
, whic
h
ha
s
s
since
c
cu
u
u
stomers
•
P
Po
Po
P
wered
b
I
Ir
eland
bu
su
su
su
pp
ort co
renewal o
the custom
s
se
rvice to
support p
manual e
DCC plc Annual Report and Accounts 2024 19
Strategic Report Governance Financial Statements Supplementary Information

DEVELOPING
FUTURE-FOCUSED
SKILLS
The development of
future-focused skills is one
of the enablers of our
strategy. We continue to
invest in improvements in
this area to ensure that
our people – our greatest
asset – are enabled to
grow and progress.
Developing Skills
for Today and Tomorrow
We are clear on the areas where we want to grow and
progress as a business. And we are clear on the skills and
capabilities that we need to support this growth and
progress. These include not just professional skills but also the
experience, agility and resilience needed to anticipate and
respond to evolving market conditions.
Building a Culture
of Continuous Development
We also strive to foster a culture of continuous development
for our people generally, ensuring we have the talent and
capabilities we need, now and in the future. We aim to o er
a comprehensive and evolving suite of leadership and
management programmes, designed to complement our
tailored business development programmes that support
the varied requirements of our workforce across di erent
business sectors.
Tailored Training
for Targeted Skills
We provide targeted training programmes that address
the unique needs of colleagues in specifi c roles.
We have a number of leadership and management
programmes in place. A leading example of this is our
Business Leadership Programme, operated in
partnership with Hult Ashridge Business School in the
UK. This programme is designed to support individual
development as well as deepening and broadening
the strategic perspectives that stimulate growth and
innovation. It targets experienced leaders who are
identifi ed during our annual talent processes. 117 senior
colleagues from across the Group have participated in
this programme over the last fi ve years.
DCC plc Annual Report and Accounts 202420
Growth and Progress in Action Continued

Empowering Career Progression
Employee growth is linked to career progression. We prioritise
active career management through regular performance
reviews coupled with open discussions about career
aspirations. This approach fosters communication, empowers
our employees to take ownership of their professional
development, and allows them to chart their path within
the Group.
Investing in People,
Securing the Future
Through our commitment to continuous learning, our
coaching culture, and active career management, we are
cultivating a future-focused workforce. This investment
ensures we remain equipped to navigate future challenges
and capitalise on new opportunities.
Creating a Coaching Culture
Building a feedback culture starts with better conversations
at all levels within the Group. To support this, we have rolled
out a coaching programme to enhance the coaching and
feedback culture across our businesses.
Over the last 12 months, over 120 people from across the
Group have joined this programme.
Governance Financial Statements Supplementary InformationStrategic Report
21DCC plc Annual Report and Accounts 2024

DCC plc Annual Report and Accounts 202422
Business Review

The world needs cleaner
energy to progress to net
zero and to enable
sustainable progress.
We bring decarbonisation
closer by focusing on
solutions that work for
our customers.
CLEANER
ENERGY
FOR
EVERYONE
THE WORLD NEEDS
DCC PROGRESSTREND
T
T
R
R
E
N
N
N
N
D
70%
of energy consumed by 2050 will be
electricity and renewables
1
3.4m
operational public charging points
needed within the EU by 2030
2
£346m
capital committed on 9 EMS
acquisitions in FY24
505
EV chargers across
DCC’s network
90
retail sites supplying HVO
£3.6trn
of investment required every year
to meet the Paris Agreement 2050
net zero target
1
37%
of global GHG emissions comes
from fossil fuel
3
Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 23
Strategic Report
Demand for
Clean Energy
Global energy demand
will outstrip supply to 2030.
At the same time customer
desire for renewables
is rising.
Source: 1 International Energy Agency, 2 McKinsey, 3 International Energy Agency
Demand for
Clean Mobility
Customer desire for electric
mobility will continue to rise
above clean energy supply;
therefore a multi-energy
model is needed.

ENERGY
SOLUTIONS
We bring decarbonisation
closer to our customers
and focus on:
Commercial and industrial
We are the trusted partner of
commercial customers, reducing the
complexity of transition and delivering
energy solutions across processes,
heating and fl eets.
Domestic
We will lead the transition for o -grid
homes, making decarbonisation
simple and a ordable.
Key brands
ENERGY MANAGEMENT SERVICES
(‘EMS’)
AEI*, Centreco*, Copropriétés
Diagnostic*, DTGen*, eEnergy, Freedom
Heat Pumps*, Hafod*, Isolatiespecialist*,
Next Energy*, Protech*, Secundo
Photovoltaik*, Solcellekraft*, WeWise*
TRADITIONAL AND LOWER
CARBON
Benegas*, Brogan*, Bronberger &
Kessler*, Butagaz*, Butler Fuels*,
Campus*, Carlton Fuels*, Certas*, DCC
Energi*, Emo Oil*, Energie Direct*,
Flogas*, Gaz de Paris*, Gulf, Hicksgas*,
Jones*, Northeast Oil*, Pacer Propane*,
Pacifi c Coast Energy*, Progas*, Propane
Central*, QStar*, San Isabel Services
Propane*, Saveway Petroleum*, Scottish
Fuels*, Shell, Swea*, TEGA*, Texaco, Top
Oil* (in Austria), United Propane Gas*
TO GIVE ALL CUSTOMERS
THE POWER TO CHOOSE
A CLEAN ENERGY FUTURE
Ambition:
We will deliver this through our two businesses:
DCC ENERGY BUSINESSES
ENERGY
MOBILITY
We are the leading
multi-fuels network
focused on:
Retail network
We operate a network of retail
forecourts on motorways and in urban
areas providing fuel and EV charging.
Fleet Services
Multi-fuel bunkering and value add
services for small/mid-sized fl eets.
Key brands
RETAIL BRANDS
Certa*, Esso, Great Gas*, Gulf, QStar*,
Shell, Spritkonig.
FUEL CARD BRANDS
Allstar, BP, Certas*, Diesel Direct, Esso,
Fastfuels, Gulf, QStar*, Shell, TruXtop*,
UK Fuels.
* DCC-owned brands.
DCC plc Annual Report and Accounts 202424
Business Review Continued

2024
2023
2022
15.5bn
15.2bn
15.9bn
V
olume (litres)
15.2bn
-2.2%
2024
2023
2022
£457.8m
£503.0m
£407.1m
Adjusted operating profit
£503.0m
+9.9%
2024
2023
2022
2.95ppl
3.31ppl
2.57ppl
Adjusted operating profit per litre
3.31ppl
2024
2023
2022
19.0%
18.7%
18.6%
Return on capital employed
18.7%
2024
2023
2022
£573.9m
£769.8m
£518.4m
Operating cash flow
£769.8m
2024
2023
2022
15.7%
16.4%
18.8%
10-year adj. operating profit CAGR
16.4%
DCC Energy recorded operating profi t of £503.0 million, up 9.9%
(+10.8% constant currency). Organic profi t growth was 5.9%,
driven by a very strong Energy Solutions performance. In
successfully executing our strategy, DCC Energy’s share of
operating profi t from services, renewables and other (‘SRO’)
products increased to 35% from 28% in FY23 (FY22: 22%). DCC
Energy’s strong profi t growth, together with a reduction in
Scope 3 carbon emissions of 3.1%, reduced the carbon intensity
of our profi ts further by 11.8%. We committed c.£485 million
to 15 acquisitions in line with our Cleaner Energy in Your Power
strategy. In February 2024 we signifi cantly expanded our
presence in the German liquid gas market by acquiring Progas.
We completed nine acquisitions which expand our energy
management services (‘EMS’) o ering, including in solar
(Centreco in the UK and Secundo in Austria), combined heat &
power units and back-up generation services (DTGen), energy
e ciency and procurement services (eEnergy) and in domestic
energy transition services (Next Energy, as announced today).
DCC Energy Solutions
DCC Energy Solutions had an excellent year, growing
operating profi t by 14.2% (15.0% constant currency) to
£383.4 million. Our Solutions business is managed across
four operating regions: Continental Europe, UK & Ireland,
North America and the Nordics.
Our Solutions business in Continental Europe delivered very
strong growth during the year. In France, our largest market,
we delivered strong growth. The natural gas and power sector
recovered from di cult market conditions in the prior year, and
we also delivered very strong growth in our EMS (particularly
solar) o ering. We continue to build a more integrated
customer o ering in the French market and during the year
we launched our umbrella brand ‘WeWise’ to highlight our
nationwide o ering for French commercial and industrial
customers – a sector where we have built a market leadership
position. In Germany we also delivered good growth and in
February 2024 acquired Progas, which when combined with
our existing business, gives us scale and a leading position
in the liquid gas market. We plan to build on this strong
foundation in the market and add an EMS customer o ering
in Germany in due course.
Our UK & Ireland business recorded strong growth during the
year. The mild winter conditions and cost of living concerns
were a headwind for the business, particularly in the domestic
fuels sector. However, this was more than o set by a recovery
in the natural gas and power sector in Ireland, increased
market share in the liquid gas sector with commercial and
industrial customers and strong growth in our EMS o ering
to customers in both the UK and Ireland. During the year we
commissioned the Avonmouth storage facility and recently
added a new supply point in Teeside, both of which have
improved the robustness of our supply chain. In the Irish natural
gas and power market, we increased our customer numbers
and the business benefi ted from our procurement strategy.
We completed fi ve acquisitions in the UK and Ireland which
strengthen our o erings in EMS, energy transition services
and renewable fuels and these have performed well since
acquisition. While all regions saw mild winter weather
conditions the impact was most material in North America,
where domestic heating constitutes a large proportion of the
business. This resulted in profi ts declining in North America.
We continue to make progress in developing our sales and
marketing capability in the region and completed a further
bolt on acquisition in the attractive Colorado market.
We achieved very strong profi t growth in Scandinavia.
The growth was driven by a very strong performance by our
liquid gas business in Sweden and Norway. The business has
grown market share and attracted large commercial and
industrial customers seeking greater energy independence,
given the volatile energy markets of recent years.
DCC Energy Mobility
Our Mobility business performed robustly and in line with
expectations, with operating profi t broadly in line with the prior
year on a constant currency basis. Following a strong fi rst half,
the business was impacted, particularly in the third quarter, by
competitive headwinds in the French market. We achieved
good growth across the rest of the business. Our digital,
truckstop and other fl eet services performed well during
the year. We again delivered strong growth in fuelcard and
through our technology-enabled SNAP service o ering to
fl eet customers.
In France, where we have an extensive retail network, market
conditions were di cult during the second half of the year and
particularly in the third quarter. Very competitive promotional
pricing in the market impacted volumes and profi tability. Our
team responded well to this challenging environment and both
the volume and profi t trajectory improved materially during
the fourth quarter of the year, as promotional pricing eased.
We continued to invest in the network in France, increasing
our electric vehicle (‘EV’) chargers to 134 across 28 sites. In the
Nordic region, the business performed strongly. We recorded
very good growth in Sweden, where the business recovered
from a weaker performance in the prior year. In Norway, the
business also recorded strong growth. We continued to invest
in both our convenience and EV o ering where we now have
EV charging capability on 25% of our Norwegian sites.
Our ‘mobility hub’ concept, where we o er traditional fuel,
low carbon biofuel, as well as EV charging, has attracted
signifi cant market attention. In May 2024, our site at Mandal
won ‘Best EV Hub in the World’ in an international industry
competition.
PERFORMANCE FOR THE YEAR ENDED 31 MARCH 2024
Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 25
Strategic Report

Our strategy is to lead the energy transition, bringing decarbonisation
closer for our customers. We put Cleaner Energy in Your Power by selling,
marketing and distributing practical, cleaner energy solutions that assist
customers to reduce emissions from buildings, processes and transport.
STRATEGY
Growth and Progress in Action
INVESTING IN GROWTH IN LIQUID GAS
One of our strategic objectives is to grow our liquid gas
business by 50% between 2022 and 2030, including through
acquisitions. We made further strong progress against this
objective during the year under review.
Acquisition of San Isabel Services Propane
In August 2023, DCC Propane completed the acquisition of
San Isabel Services Propane in Colorado. This is the 13th
acquisition completed since our original acquisition of DCC
Propane in 2017. We expect DCC Propane to continue to
provide attractive opportunities for investment into the
future.
Acquisition of Progas
In February 2024 we completed the acquisition of Progas
GmbH. Progas is a leading distributor of liquid gas in
Germany, serving a loyal customer base of over 70,000
domestic and commercial customers. Progas distributes
the equivalent of approximately 330 million litres of liquid
gas annually through its nationwide supply (including two
importation terminals), fi lling and distribution network and
employs approximately 350 people.
Progas substantially enhances our presence in Germany
and, along with TEGA, our other German liquid gas
business, creates a strong platform to cross-sell our
growing range of Energy Management Services to German
customers.
Focus on Supply and Trading and Renewable Liquid Gases
A key component of growing our liquid gas business is
developing both our supply and trading capabilities and
our capability in renewable liquid gases. During the year we
set up a Supply and Trading hub to bring additional skills
and focus on the supply of liquid gas. In addition, we
appointed a Director of Sustainable Gas, tasked with
growing the supply of lower carbon liquid gases throughout
the division. These steps have generated immediate
commercial benefi ts while also enhancing our sourcing
capabilities in key areas.
DCC plc Annual Report and Accounts 202426
Business Review Continued

We believe energy transition is a once in a generation
transformation with important implications for all of our
stakeholders. Today’s energy system creates three main
challenges for our customers, the ‘energy trilemma’:
a ordability of energy, security of energy and reducing the
carbon content of energy. DCC Energy is extremely well
placed to support our customers through this trilemma. We
put customers fi rst, having built strong B2B and B2C business
models across our markets. We do energy di erently,
grounded in the belief that our energy is not just a utility but
a means to help our customers reach energy independence.
Our strategy is founded on our customers. We bring a mindset
of ‘best customer company in energy’. To enable this, we have
launched a customer community across our business bringing
together talented customer experts and marketers to share
proven practice. We rely on our devolved model to drive local
customisation and ensure authenticity in our customer
approach. Enabling our customers to achieve net zero
requires us to have a deep understanding of their energy
pathways. We expect customers to require essential liquid
fuels for many years more. We enable decarbonisation
through shifting to lower intensity hydrocarbons and leading
in the biofuel products we have available. In addition,
e ciency and electrifi cation are key requirements for all of our
B2B and B2C segments. We are providing new o ers for
customers to navigate the shift to electrifi cation including
solar, energy controls and associated services.
Our ambition is to give all customers the power to choose
a cleaner energy future today, with inclusive and independent
energy solutions. We want to make energy transition solutions
accessible and a ordable.
We execute our strategy through our Energy Solutions and
Mobility businesses.
Energy Solutions
Our Energy Solutions business brings decarbonisation closer
for our B2B and B2C customers. Our commercial and industrial
customers are small, medium and large businesses that
typically use traditional fuel to run industrial processes and
heat buildings. Growing engagement amongst these
customers in the net zero agenda is driving the demand for
cleaner fuel options. We are responding to this need through
growth in our liquid gas o ers – an important lower carbon
transition fuel – and leading the way in renewable molecular
energy through biofuels including leading positions in HVO
distribution.
Our domestic customers are mainly rural customers using
traditional fuels to heat their homes. The transition of their
homes to a low and zero carbon future requires a
multi-pronged approach. We believe biofuels have a
signifi cant role to play for customers that cannot a ord a full
energy system change in the short-term. For those looking to
transition their heating from liquid energy sources to hybrid or
electrifi cation we have been building our heat pump
capabilities. A ordability, reliability, and the cost of retro fi ts
are key barriers to change which we are well positioned to
help overcome. As more markets move away from natural gas
as a domestic heating solution the scale of customers
availing of these services continues to grow.
Energy Mobility
Our Mobility business is focused on building networks of
multi-energy transport hubs for customers using cars,
vans and trucks. We are creating distinctive multi-energy
networks by using our deep knowledge of mobility networks,
existing partnerships, and our growing suite of value-added
services. On our Retail networks we have been investing in
EV charging capability and new site formats focused on
multi-fuel solutions. Our Mobility services business is building
more capabilities to advise customers on the transition of
their fl eets.
Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 27
Strategic Report

1 Double EBITA target from base year of FY22.
2 Modelled customer lifetime value increases to 1.4x-4x from a FY22 base over seven years.
The roll out of biofuels has gained pace, both organically and
through acquisition, and we have established strong market
positions in HVO distribution in key markets – UK, Ireland,
Austria, Denmark and Sweden (refer to page 31 for further
detail of progress in action on HVO). We will develop more
HVO partnerships with leading suppliers and producers.
We have continued our investment in liquid gas across the
geographies in which we operate with the acquisitions of
Progas in Germany and San Isabel Services Propane in
Colorado, USA. Liquid gas is the lowest carbon intensity
hydrocarbon energy available to many of our customer
segments. Renewable liquid gases will be the next wave of
bio molecules for DCC, where we will agitate for increased
development of renewable drop-in molecules for liquid gas,
particularly rLPG and rDME.
We have accelerated our performance since entering EMS in
2022, with several acquisitions through the year and the
launch in the current year of a new brand for our B2B Energy
Management Services (‘WeWise’).
We have been executing on this strategy, with strong
momentum both organically, and through acquisition, where
we have accelerated our pace of Energy Management
acquisitions, which are giving us the right platforms for growth
and for leadership in energy transition.
In 2022 we announced a signifi cant change to our
organisation structure, establishing DCC Energy with a focus
on helping our customers through the energy transition by
being a multi-product energy provider. Since then, we have
been adding additional central capability in biofuels, supply,
strategy, EMS, people and change, HSE and M&A. We have
established cross-business communities to drive accelerated
growth and knowledge – sharing in customer experience,
biofuels, supply and EMS.
SOLAR
INSTALLATION
ENERGY
MANAGEMENT
Full service, brand,
fi nancing,
e ciency
OTHER ENERGY
SYSTEMS
Heat pumps,
hybrid
REDUCE
THE CARBON
INTENSITY OF
ESSENTIAL
LIQUID FUELS
BUILD
A LEADING
ELECTRON-
BASED ENERGY
MANAGEMENT
BUSINESS
+
THE WORLD NEEDS CLEANER ENERGY FOR EVERYONE
Our 2030 vision: double profi t and half carbon
1
Progress on Strategy Implementation
LEADER IN BIO
LIQUID GAS
TRANSITION
FUEL
MINIMISE HIGH
CARBON
OPTIMISE
MOBILITY
Cross sell electrons and bio liquid fuels
1.7M CURRENT
CUSTOMERS
NEW
CUSTOMERS
=
INCREASE
– ORGANIC CUSTOMER GROWTH
– CUSTOMER LIFETIME VALUE
2
TO
1.4X-4X
+
DCC plc Annual Report and Accounts 202428
Business Review Continued

150MWp
Solar capacity installed in FY24
Energy Solutions
Our Energy Solutions business provides a wide range of
energy solutions to domestic and commercial customers
across 12 countries.
ENERGY SOLUTIONS CONTINENTAL EUROPE
Energy Solutions Continental Europe operates in France,
the Netherlands, Belgium, Austria, Germany and Hong Kong
& Macau.
France
Butagaz is the second largest liquid gas distribution business
in France. Butagaz operates from 50 depots nationally,
distributing to 140,000 bulk customers, 16,000 points of sale
(cylinder resellers) and 8,500 B2B cylinder customers. We
estimate that Butagaz cylinders are used by approximately
4.4 million end user customers annually. Butagaz has a strong
supply base and sources liquid gas from several supply points
across France, Belgium, Spain, and Germany. Butagaz is
building a strong position in the photo-voltaic (‘PV’) solar
installation market in France, with further bolt-on acquisitions
in the current year. Butagaz now has signifi cant coverage
across the country, positioning Butagaz as a multi-energy
and multi-services energy solutions provider. Gaz Européen
is a specialist retailer of natural gas and electricity, focused
on supplying energy management solutions to companies,
apartment blocks (with collective heating systems), public
authorities and the service sector in France. Gaz Européen
supplies approximately 5.7 TwH of natural gas and power to
c.25,000 B2B sites across France. A key aim of the company
is to improve energy e ciency for its customers by providing
a range of innovative services. Furthermore, DCC Energy
continue to build a more integrated customer o ering in the
French market within energy management services, and in
FY24 launched an umbrella brand WeWise for commercial
and industrial customers, where a market leadership position
has been built through the founding businesses Solewa,
Soltea, Sys ENR and O’SiToiT. In addition, SLER40 services
domestic and commercial customers with solar PV and heat
pump design, installation, and maintenance services, and in
April 2024, DCC Energy acquired Copropriétés Diagnostic,
an energy management business providing e ciency and
renovation solutions to the multi-unit dwelling customer
segment.
The Netherlands & Belgium
In the Netherlands, DCC Energy’s liquid gas business trades
under the Benegas brand and operates from fi ve depots and
several third-party locations. The business delivers to
commercial, industrial, agricultural, and domestic customers in
The Netherlands and Belgium, and is also a signifi cant player
in the sale of liquid gas for aerosol and autogas use.
Headquartered in the Netherlands, PVO is one of the leading
solar solutions distributors in Europe, supplying approximately
400 customers including installers, engineering, procurement
and construction (‘EPC’) companies, corporates, solar
developers and wholesalers. In August 2023, DCC Energy
acquired Isolatiespecialist, a leading provider of energy
e ciency and insulation services to domestic and commercial
customers in the Netherlands.
Austria & Germany
Energie Direct manage the Austrian and German activities
related to bulk liquid fuel distribution and retail. Energie Direct
is number two in the bulk liquid fuel distribution market.
Energie Direct has its own company-owned and operated
retail portfolio with a strong convenience o er on a modest
number of sites under the Spritkonig brand. Energie Direct
also includes Bronberger & Kessler, a liquid fuel distribution
business in Bavaria, Germany. In May 2024, DCC Energy
agreed to acquire Secundo Photovoltaik, one of Austria’s
largest Solar PV businesses serving commercial customers.
The deal remains subject to approval of the Austrian
competition authority. TEGA is a liquid gas and refrigerant gas
distribution business with four operating sites based largely in
southern Germany. The refrigerants business supplies OEMs,
wholesalers and service contractors related to
air-conditioning, commercial cooling systems and
refrigerators, whereas the liquid gas business services
c.25,000 domestic and commercial customers. In February
2024, our presence in Germany was further strengthened
through the acquisition of Progas GmbH, a leading liquid gas
distributor to over 70,000 customers. Progas GmbH is
headquartered in Dortmund with a nation wide supply
infrastructure including two importation terminals.
Hong Kong and Macau
DSG Energy is the market leader in Hong Kong, supplying
piped liquid gas under long-term supply agreements and
continues to expand its operations and service o ering. The
business has a customer footprint of over 105,000 households
based in very large residential complexes. DSG Energy has a
number one position in the cylinder market and supplies
autogas through Shell’s retail network. It also has a market
leading position in the smaller Macau market. The business is
supplied via the Shell terminal on Tsing Yi Island located next
to DSG’s fi lling and storage facility and distributes
Shell-branded liquid gas under a long-term Shell brand
licence agreement.
ENERGY SOLUTIONS BRITAIN & IRELAND
Britain
Energy Solutions Britain is the leading liquid fuels and energy
management services operator in Britain, providing energy via
liquid fuels and gas to commercial and domestic customers
through our two principal businesses, Flogas Britain and
MARKETS AND
MARKET POSITION
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 29

Certas Energy. In addition, we o er energy management
services including rooftop solar installations, heat pump
distribution, combined heat and power pump and energy
e ciency management through Centreco, Protech, DTGen
and eEnergy.
Flogas Britain is the number two liquid gas operator in the
market, serving commercial, industrial and domestic
customers through a nationwide infrastructure of 60 operating
locations. The business sells both cylinder and bulk liquid gas
as well as aerosol and autogas and has successfully grown
the liquid gas market by switching more carbon intensive oil
consumers in several industrial sectors to cleaner liquid gas.
Certas Energy has grown to become, by far, the largest oil
distributor in the market with mobility and heating energy
customers in the commercial, industrial, domestic, agricultural,
retail and fuel card sectors. A core focus of the business is
converting oil customers to HVO, enabling very material
carbon reductions. In addition to fuels, Certas Energy has
a signifi cant market presence in third-party and own-brand
lubricants sales and AdBlue.
In energy management services, Centreco and Hafod o er
rooftop solar installation services to both commercial and
domestic customers. Centreco is the largest commercial and
industrial rooftop solar installer in the market. Freedom
Heatpumps operates as a distributor of heat pumps, allowing
us to support domestic customers, both on and o the natural
gas grid, in electrifying their heat requirements, thereby
reducing their carbon footprint. Protech and DTGen o er a
comprehensive range of HVAC (Heating, Ventilation, and Air
Conditioning) solutions, combined heat and power pump
maintenance services and back-up and emergency power
solutions to commercial and industrial customers.
Ireland
Energy Solutions Ireland is the leading liquid fuels and energy
management services operator in Ireland, providing energy
via liquid fuels and liquid gas to commercial and domestic
customers through our two businesses, Flogas Ireland and
Certa as well as energy management services including
electricity and natural gas retailing and rooftop solar
installations.
Flogas Ireland is the number two liquid gas supplier in Ireland.
It supplies bulk and cylinder liquid gas to a wide range of
industrial, commercial, and domestic customers, serviced by
a developed network of authorised distributors and six
depots. The liquid gas business has experienced strong
growth in customer numbers in recent years, as new o -grid
customers switch from oil to liquid gas to avail of the
increased energy e ciencies and reduced carbon emissions
o ered by liquid gas. Flogas Ireland has built an electricity
and natural gas business serving over 200,000 domestic and
commercial customers across Ireland.
Certa is a leading oil distributor in the Republic of Ireland with
mobility and heating energy customers in the commercial,
industrial, domestic, agricultural, retail and fuel card sectors.
Like Certas in Britain, Certa has developed a market-leading
HVO supply position.
AEI is Ireland’s longest established renewable energy
specialist, o ering a range of renewable energy systems
including solar PV panels and home heat pumps.
ENERGY SOLUTIONS NORDICS
Energy Solutions Nordics operates across three countries:
Denmark, Sweden and Norway. DCC Energi Denmark is the
number two liquid fuels distributor in Denmark, with a growing
business in energy services. DCC Energi Denmark, in
partnership with Shell, is also the second largest operator in
the Danish aviation market, operating in seven of the eight
largest Danish airports. The business is deploying capital into
a signifi cant roll-out of electric vehicle chargers in partnership
with Shell, and o ers e-mobility solutions from home, o ce,
forecourt and public spaces. In Sweden and Norway, Flogas
operates from fi ve locations, which include two key
importation facilities. Flogas is the market leader in both of
these markets, distributing liquid gas predominantly to large
steel and industrial customers. In September 2023, DCC
200k
Flogas Ireland domestic and
commercial customers
DCC Energy adjusted
operating profit
Energy Solutions
Energy Mobility
76%
24%
DCC Energy adjusted
operating profit by
product type
Traditional (>65 kgCOe/GJ)
Lower Carbon (≤65 kgCOe/GJ)
Services, Renewables
and Other (≤65 kgCOe/GJ)
46%
19%
35%
DCC Energy volumes
by customer segment
Commercial & Industrial
Domestic
Mobility
12%
58%
30%
DCC Energy volumes
by geography
Solutions – CE
Solutions – UK&I
Solutions – Nordics
Solutions – US
Mobility
14%
3%
32%
21%
30%
DCC plc Annual Report and Accounts 202430
Business Review Continued

completed the acquisition of Solcellekraft, one of Norway’s
largest solar PV businesses, servicing commercial and
domestic customers, expanding the energy services o ering
in the region.
ENERGY SOLUTIONS NORTH AMERICA
DCC Propane is headquartered in Illinois, operates in 22
states and services 280,000 customers. The business is now
the number seven liquid gas business in the US by volume
following the successful integration of the UPG business
acquired in December 2020 and further extended its footprint
in August 2023 through the acquisition of San Isabel Services
Propane. The business trades under seven key regional
brands – Hicksgas, Pacer Propane, Propane Central, Pacifi c
Coast Energy, Saveway Petroleum, Northeast Oil and United
Propane Gas.
Energy Mobility
DCC Energy’s Mobility businesses operate across six
countries developing networks that provide a wide range
of energies and related services for road users.
France & Luxembourg
The Esso Retail France business comprises an extensive
network of 276 Esso-branded, unmanned retail petrol stations
(63 of which include car washes), 44 Esso motorway stations
and a further 105 Esso-branded dealer-owned stations. The
business has 138 chargers at 29 motorway sites. Our Mobility
business in Luxembourg consists of eleven company-owned,
company-operated (‘COCO’) sites, three company-owned,
dealer-operated (‘CODO’) sites and four dealer-owned,
dealer-operated (‘DODO’) sites, primarily operating under the
Gulf brand. The COCO shops all operate Shoppi branded
convenience stores which is part of the Cactus Group, the
largest grocery retailer in Europe. The sites are mainly in urban
locations with a number being identifi ed as suitable for EV
charging o erings, leveraging our experience in Norway and
France. The business operates from its o ce in Paris, with
pricing, supply and back-o ce support provided by the retail
hub based in Drogheda, north of Dublin, Ireland.
Sweden
The QStar retail network is the fi fth largest retail network in
Sweden, with a nationwide footprint of 340 sites. In addition,
QStar is a leading HVO supplier in Sweden.
Norway
Our operations in Norway include a well-located Esso-
branded retail network and an Esso-branded bulk distribution
business. The Esso retail network in Norway comprises 118
company-operated stations with convenience stores
operated in partnership with Norgesgruppen, the largest
grocery retailer and wholesaler in Norway, a growing
unmanned network of 54 stations and 72 Esso-branded
dealer-owned stations. In addition, the business has been
successfully deploying EV charging stations, with 293 chargers
currently operating across 43 sites with a strong pipeline of
additional locations. The business operates from its o ce in
Sandvika in Norway, with pricing, supply and back-o ce
support provided by the retail hub based in Ireland.
Denmark
DCC Energy’s Mobility business in Denmark is the fi fth largest
player in the Danish retail petrol station market. The business
is deploying capital into a signifi cant roll-out of EV chargers in
partnership with Shell, and o ers e-mobility solutions from
home, o ce, forecourt and public spaces.
UK
DCC Energy’s Mobility business in the UK operates our retail
network along with supply to a signifi cant portion of the retail
dealer market. The business also has an extensive fuel card
business for commercial customers, along with an innovative
digitally based SNAP business providing solutions to truck
fl eet managers in the UK and Europe.
Growth and Progress in Action
GROWTH IN BIOFUELS
Greening our existing fuels business plays an important
part in our plan to both double our profi ts and halve our
carbon between 2022 and 2030. We have market
leading fuels businesses in Britain, Ireland, Denmark,
Austria and Sweden. These businesses provide an
unparalleled opportunity to lead the decarbonisation
of these markets.
Hydro-treated Vegetable Oil (‘HVO’) is a renewable
drop-in replacement for diesel which lowers carbon
emissions by up to 90%. We made considerable progress
in building our HVO business in Britain and Ireland during
the year. In Britain, we acquired the trade and assets of
Green BioFuels, a market leading HVO distributor. In
Ireland, we have built our business into the leading
distributor of HVO.
Our expertise in this area has allowed us to work closely
with many commercial customers to reduce their carbon
footprint. We have recently worked with customers like
DHL, Sky, BBC, Aggreko, AWS and Dublin Port to convert
their businesses to HVO.
We have also worked closely with supply partners such
as Neste, Shell and BP to ensure that we are supplying
high quality products to our customers.
DCC Energy has also converted a large portion of our
own truck fl eet to HVO, helping us reduce our Scope 1
and 2 carbon emissions by 15% over the prior year and
achieving a 40% reduction since 2019.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 31

Business Review
DCC plc Annual Report and Accounts 202432

Self-Care
To stay healthy for longer, more
people are taking personal
control of their wellbeing. Making
positive lifestyle changes could
enable us to enjoy extra years of
good health.
30%
of the EU population will be
65+ by 2060, 21% in 2022
1
5.8%
compound annual growth in US
nutritional supplements market
2018-2026
2
>120
Medi-Globe medical devices
products are supplied in over
120 countries globally
£40m
investment in enhanced
capability and capacity
across our health and beauty
solutions facilities over the
past 18 months
People are living longer,
and whatever stage of life
they’re at, we want them
to be healthy too. So we
support everyday health
and wellness, as well as
providing products that
enable practitioners to
diagnose and treat illness.
LIFELONG
HEALTH
THE WORLD NEEDS
DCC PROGRESSTREND
C
ar
e
al
thy for
l
onger, more
taking persona
l
h
eir we
ll
being. Making
sty
l
e changes cou
l
d
o enjoy extra years o
f
h.
of th
e
65+
b
com
p
nutri
t
20
1
8-
N
D
Ageing
Populations
Life expectancy has increased,
yet
healthy life expectancy has
stayed proportionally the same.
This means that we are
spending more years in poor
health, creating a greater need
for healthcare services.
C
a
h
S
S
e
l
f-
C
C
T
To
o
T
stay
he
e
he
he
a
p
pe
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l
e
a
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a
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c
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po
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a
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t
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g
Agein
g
a
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a
a
Life expect
a
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et
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p
sta
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m
spendin
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DCC plc Annual Report and Accounts 2024 33
Strategic Report Governance Financial Statements Supplementary Information
Source: 1 Eurostat, 2 Nutrition Business Journal

DCC VITAL
PATIENT HEALTH
What we do
We help to improve patient outcomes by providing products
and services that enable healthcare providers to diagnose and
treat illness.
How we do it
We supply healthcare providers with high-quality medical and
diagnostic products for use in hospital and primary care settings.
Key brands
BioRad, Carefusion, CSL Behring, Comfi *, Diagnostica Stago, Espiner
Medical*, Endo-Flex*, Fannin*, Fannin LIP*, ICU Medical, , Martindale
Pharma, Medi-Globe*, Medisource*, Mölnlycke, Neo*, Nova Biomedical,
Rosemont Pharma, Siemens, Skintact*, Smiths Medical, Smith &
Nephew, SP Services*, Urotech*, Urovision*, VacSax*, Williams Medical*,
Wörner Medical*.
TO ENABLE PEOPLE TO
LEAD HEALTHIER LIVES,
THROUGHOUT THEIR LIVES
Ambition:
We will deliver this through our two businesses:
DCC HEALTHCARE BUSINESSES
DCC HEALTH & BEAUTY SOLUTIONS
CONSUMER HEALTH
What we do
We help people to maintain and improve their health and wellbeing,
enabling them to live well every day with self-care products.
How we do it
We develop and manufacture nutritional supplements and beauty
products for brand owners in the growing health and beauty market.
Key brands
Alliance Pharma, Apoteket, Elemis, Estée Lauder, Force Factor, GOLO,
Glanbia, Groupe Rocher, Haleon, Healthspan, Holland & Barrett,
Lintbells, Nestlé Health Science, Omega Pharma, Orifl ame, P&G
Health, PZ Cussons (Childs Farm), Quincy Bioscience, Ren, Space NK,
Target, Unilever, Vitabiotics.
we
do
p
eople to maintain and impro
v
t
hem to live well every day wi
t
e
do
it
o
p and manufacture nutrition
a
for brand owners in the gro
win
a
nds
P
harma, Apoteket, Elemis, Esté
e
G
roupe Rocher, Haleon, Heal
th
N
estlé Health Science, Om
ega
Z Cussons (Childs Farm), Quinc
y
n
ilever, Vitabiotics.
Health
,
PZ
Target, U
n
D
CC
HE
A
CON
W
h
a
t
w
We help
p
enabling
t
H
o
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e
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o
products
Ke
y
br
a
Alliance
P
Glanbia,
G
Lintbells,
N
Health PZ
*DCC-owned brands.
DCC plc Annual Report and Accounts 202434
Business Review Continued

DCC Healthcare returned to organic profi t growth in the
second half of the fi nancial year, following a challenging
fi rst half. Operating profi t for the year declined by 4.0%
(3.6% constant currency) to £88.1 million, a decline of 11.3%
organically.
DCC Vital recorded good profi t growth. DCC Healthcare’s
operating profi t decline was driven by DCC Health &
Beauty Solutions, where reduced demand from customers
was a feature of the fi rst nine months of the year. Market
conditions for DCC Health & Beauty Solutions improved
gradually during the second half of the fi nancial year, and
the business returned to organic growth.
DCC Healthcare has made signifi cant capital investment in
recent years, both in acquisitions (in DCC Vital) and capital
expenditure (in DCC Health & Beauty Solutions). We are well
positioned to increase profi tability and returns in the
coming years, given our investments in capacity and the
improved performance in the second half of the year, and
attractive long-term market growth fundamentals.
DCC Healthcare recorded revenue of £859.4 million, an
increase of 4.6%. Organically, revenue declined by 0.3% as
growth in DCC Vital was o set by reduced demand in DCC
Health & Beauty Solutions.
DCC Vital: Patient Health
DCC Vital delivered good operating profi t growth,
benefi ting from the prior year acquisition of Medi-Globe.
The business performed well across most regions, other
than the UK, where di cult market conditions – NHS
budgetary constraints, clinical sta shortages and
industrial action by front line medical personnel – impacted
activity levels.
Following the complementary acquisition of Medi-Globe,
we now have a material international growth platform in
medical devices. DCC Vital enjoys strong market positions
in medical devices in Ireland, the UK, France and Germany,
in addition to a number of other markets. The business
delivered good organic growth in the year, with particularly
good performances in Ireland, France and Germany,
including in the gastroenterology and urology product
categories.
In primary care, we performed well in Germany, in line
with expectations, and generated very strong growth
in Switzerland, driven by market share gains. The British
business experienced weaker demand as previously
mentioned. We continued our strategic investment in
technology (ERP, digital sales and AI) to provide an
enhanced platform for growth in primary care, improved
customer experience and e ciency.
DCC Health & Beauty Solutions: Consumer Health
DCC Health & Beauty Solutions experienced a continuation
of the challenging market conditions seen in the prior year,
especially during the fi rst half of the fi nancial year. The
exceptional surge in demand during the pandemic led
ultimately to an extended period of market destocking,
which persisted longer than market participants
anticipated. Demand from our brand-owner customers
improved gradually as the second half of the year
progressed, albeit at a slower pace than we expected at
the start of the year. Given the market conditions, we
focused on driving e ciency during the year across the
business, including the consolidation of our smallest US
facility into one of our larger sites in Florida.
DCC Health & Beauty Solutions addresses a market that is
underpinned by positive long-term consumer trends
towards lifelong health. Nutritional supplements has been
a long-term growth market and industry analysts project it
to return to mid-single digit growth. We have invested
with that positive future in mind: completing two gummy
manufacturing lines during the last 12 months and
enhancing our capability in stick packs, a key packaging
format for the growing powder nutrition category. During
the year, we also enhanced our leadership and demand
creation teams to leverage our enhanced product format
capability and expanded capacity.
PERFORMANCE FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
2022
£821.5m
£859.4m
£765.2m
Revenue
£859.4m
+4.6%
2024
2023
2022
£91.8m
£88.1m
£100.4m
A
djusted operating profit
£88.1m
-4.0%
2024
2023
2022
11.2%
10.3%
13.1%
Operating margin
10.3%
2024
2023
2022
13.0%
10.2%
20.5%
Return on capital employed
10.2%
2024
2023
2022
£102.4m
£100.9m
£106.8m
Operating cash flow
£100.9m
2024
2023
2022
15.9%
12.0%
18.5%
10-year adj. operating profit CAGR
12.0%
DCC plc Annual Report and Accounts 2024 35
Governance Financial Statements Supplementary InformationStrategic Report

DCC Vital: Patient Health
We help improve patient outcomes by providing high-quality
medical, diagnostic products and services for use in hospital,
primary care and other fragmented healthcare settings. The
business has a strong track record of growth and operating
margin improvement. This has been achieved through
improving the sales mix (increasing the proportion of higher
value-added products and company-owned brands),
consolidating support function activities and relentlessly
driving e ciency in its operations. Targeted acquisition
activity by DCC Vital coupled with valuation discipline and
integration execution has resulted in:
• An international own-brand medical devices business
focused on mid-tech single use medical devices for
minimally invasive surgeries and related procedures;
• A leading position in the supply of medical consumables,
equipment and services to GPs and other primary care
providers in Britain, Germany and Switzerland; and
• An unrivalled position in the supply of healthcare products
in Ireland.
DCC Vital aims to continue this track record of sales growth
through:
• Expanding our own-brand medical products range
organically (through new product development) and by
acquisition;
• Growing our portfolio of third-party agency products;
• Continuing to grow our international presence and
infrastructure, including through acquisitions;
• Continuing to invest in technology, especially our B2B
primary care platform; and
• Developing our talent and empowering our teams to drive
growth in DCC Vital.
DCC Healthcare’s vision is to enable people to lead healthier lives,
throughout their lives. We help to improve patient outcomes by
providing products and services that enable healthcare providers to
diagnose and treat illnesses. We develop and manufacture nutritional
products which can help people to maintain and improve their health
and wellbeing, enabling them to live well every day.
STRATEGY
Growth and Progress in Action
INNOVATION IN CUSTOMER INSIGHTS AND
OPERATIONAL EFFICIENCIES
DCC Vital’s Primary Care business is a leading supplier
of medical equipment and consumables to healthcare
professionals across Europe. To maintain its market
position, we embarked on a strategic transformation,
leveraging technology to improve customer experience
and operational e ciency. This included the rollout of a
new Cloud Commerce platform and a Product
Information Management system, aimed at modernising
the customer ordering process and enhancing product
information accuracy. We also launched a new ERP
system in our UK Primary Care operations to streamline
processes and improve data integrity, and invested in
artifi cial intelligence to derive customer insights and
achieve operational e ciencies. These initatives support
strategic enhancements as part of a broader vision to
ensure sustainable and scalable growth, with the fi rst
deployment of the primary care technology ecosystem
template in Williams UK serving as a model for
subsequent rollouts in the DACH region. This
transformation journey refl ects our proactive approach
to adapting to the rapidly evolving healthcare market,
integrating technology into our core operations and
positioning ourselves for future growth.
DCC plc Annual Report and Accounts 202436
Business Review Continued

DCC Health & Beauty Solutions: Consumer Health
We partner with leading consumer healthcare and cosmetics
brands to develop and manufacture nutritional supplements
and beauty products for improved health and wellbeing and
have a long-term record of strong growth. The scale of the
business has increased signifi cantly over the last fi ve years
through a combination of market growth driven by increased
consumer demand, new product development for existing
customers, new customer acquisitions and investing to
enhance our capability in higher value, more complex
products, in addition to highly complementary acquisitions.
DCC Health & Beauty Solutions aims to continue this
growth through:
• Continuing to o er industry-leading service levels which
builds long-term partnerships with customers;
• Driving organic sales growth with existing and new
customers through our innovative product development
capability, well invested facilities and highly responsive,
fl exible customer service;
• Investing in our facilities to expand both our capability and
capacity;
• Enhancing and expanding our service o ering, organically
and by acquisition, with a particular focus on innovative
nutritional product formats; and
• Further expanding the geographic footprint of our
operations in the US and Europe.
Growth and Progress in Action
DCC INVESTS IN INNOVATIVE EQUIPMENT TO GAIN
SHARE IN A GROWTH MARKET
DCC Health & Beauty Solutions business, Ion Nutritional
Labs has invested in a highly automated gummy
manufacturing suite to meet the growing demand for
nutritional gummy products in the US market. The
gummy market is estimated at c.£4 billion (retail sale
value) and is the fastest growing supplement format. Our
strategy is to invest in gummy technology that enables
the production of complex gummies to GMP standards,
di erentiating us in the market and delivering better
margins. We have been manufacturing gummies since
2019 and have developed signifi cant expertise in
formulation and technical know-how. In 2022, we
commenced the fi rst phase of a two-stage build-out
process, completing Phase 1 in late 2023. The total
investment, after Phase 2, is expected to reach
£23 million. Our product development team is working
with customers to develop innovative products, utilising
the latest manufacturing technology. With a strong
existing base of commercial products and our
commercial drive to capture new business focused on
high value-added and complex products, we are
confi dent of delivering on our ambitions to be the
leading nutritional gummy manufacturer in North
America.
Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 37
Strategic Report

DCC Vital: Patient Health
SUPPLIERS OF MEDICAL PRODUCTS TO
HEALTHCARE PROVIDERS
DCC Vital has a broad range of high-quality own and
third-party products and comprehensive direct market
coverage in Ireland, Britain, Germany, France and Switzerland
across a range of healthcare settings including hospitals,
primary care, community and other fragmented healthcare
settings. DCC Vital’s own-brand medical devices portfolio
encompasses products across the areas of urology,
gastroenterology, laparoscopic surgery, theatre consumables,
cardiac monitoring and wound care. In primary care, DCC
Vital is a major supplier of medical products to GPs,
laboratories and other fragmented healthcare settings in
Britain, Germany and Switzerland. In addition, DCC Vital has
long-standing agency distribution relationships with a range
of leading international medical device companies.
The primary and secondary care markets in which DCC Vital
operates are large, growing and typically government funded.
During the pandemic, healthcare systems experienced a
signifi cant re-purposing of focus with medical consultations
and elective surgery signifi cantly curtailed. As countries
returned to normal activity, health systems have experienced
capacity pressures from sta shortages, a backlog of
procedures and pent-up demand for treatment. Public
healthcare policy is increasingly shifting the point of care to
the most cost-e ective location, usually away from expensive
hospital settings and into primary and community care
settings. In addition, healthcare systems are focusing more on
earlier identifi cation and diagnosis of acute and critical illness,
to allow greater focus on prevention and illness management
as opposed to urgent and acute intervention. DCC Vital is
very well placed to benefi t from these trends given its scale,
its investments in technology and people, the strength of its
relationships with international suppliers and manufacturers
and its deep understanding of the supply chain.
DCC Vital is a leader in the sales, marketing and distribution
of medical products in Germany, France, Britain and Ireland;
DCC Vital also has a growing presence in other international
markets through a combination of our own on-the-ground
sales forces and a strong distributor network. The acquisition
of Medi-Globe in October 2022 signifi cantly enhanced DCC
Vital’s product o ering and geographic footprint through its
portfolio of single use medical devices for use in acute care
settings as well as its capabilities in product development,
manufacture and distribution. DCC Vital is now one of
Europe’s largest developers and manufacturers of single-use
endoscopy and urology consumable devices. It operates a
state-of-the-art clean room manufacturing facility in Hranice,
Czechia along with signifi cant R&D capability in Germany.
DCC Vital sells its medical device products in approximately
120 countries with a direct sales presence in eight countries.
DCC Vital is the market leader in the supply of medical
consumables, equipment and services to the primary care
sector in Britain, Germany and Switzerland and has a growing
presence in other fragmented healthcare settings. DCC Vital
provides its customer base of c.8,000 British GP surgeries with
excellent service, increasingly leveraging its digital
capabilities. In 2023 the business rolled out a new
MARKETS AND
MARKET POSITION
DCC Healthcare sales split
DCC Health & Beauty Solutions
DCC Vital
42%
58%
DCC Healthcare sales by
destination
EU
US and Rest of World
UK
40%
24%
36%
DCC Vital gross profit by
channel
Hospitals
Life sciences and distributors
Primary care
57%
12%
31%
DCC Vital gross profit by
product
Own Brand
Third-party
56%44%
DCC plc Annual Report and Accounts 202438
Business Review Continued

business-wide ERP systems to support their customers’ digital
journey. In recent years, DCC Vital has strengthened its
leading position in Britain through complementary bolt-on
acquisitions and in April 2021, DCC Vital established a
European growth platform with the acquisition of Wörner, a
leading supplier of medical and laboratory products to the
primary care sector in Germany, Europe’s largest healthcare
market, and Switzerland. Wörner sells a broad product range
to approximately 20,000 customers annually, including GPs,
primary care centres, specialist medical centres and
laboratories. Wörner provides an excellent platform for
organic and acquisitive growth across the DACH region.
DCC Vital is focused on expanding its portfolio of own-brand
medical products, through investing in new product
development and complementary acquisitions. DCC Vital’s
gastroenterology and urology product range includes leading
brands such as Endo-Flex and Urotech; while its operating
theatre product range includes Espiner (tissue retrieval bags
for minimally invasive surgery), Skintact (electrodes and
electro surgical equipment), VacSax (disposable suction
devices used in operating theatres and hospital wards),
Fannin IV sets and a range of equipment used to support
anesthetics. These products are marketed by DCC Vital’s
sales teams and a range of international distributors. DCC
Vital also continually expands its portfolio of third-party
agency products. Competitors in this market include global
healthcare companies as well as a large number of smaller
medical, surgical and pharma brand owners and distributors.
DCC Health & Beauty Solutions:
Consumer Health
OUR SERVICES FOR HEALTH AND BEAUTY
BRAND OWNERS
DCC Health & Beauty Solutions provides outsourced product
development, manufacturing, packing and related services to
Health and Beauty brand owners, specialist retailers and
direct sales organisations in Europe and the US, principally in
the areas of nutrition (health supplements) and beauty
products. It operates seven high-quality contract
manufacturing facilities. Our manufacturing capability
encompasses soft gels, tablets, capsules, e ervescents,
gummies, creams, liquids, powders and sprays across a range
of packaging formats. The business operates well-invested
facilities – fi ve Good Manufacturing Practice (‘GMP’) certifi ed
facilities in Britain, four of which are licensed by the Medicines
and Healthcare Products Regulatory Agency (‘MHRA’) and
two facilities in the US which comply with FDA current Good
Manufacturing Practices (‘cGMP’) standards and are also
certifi ed by leading third-party regulatory bodies including
NSF and USDA Organic.
The business has strong market shares in Britain, Scandinavia
and Benelux, and is building market share in the US and in
other Continental European markets. The development of our
presence in the US nutritional contract manufacturing market
has been a key strategic focus in recent years. The US, the
world’s largest nutritional supplements market, is dynamic
and growing and the contract manufacturing base is highly
fragmented. These features provide signifi cant opportunities
to a growth orientated, acquisitive business like DCC Health
& Beauty Solutions for organic growth (supported by capital
investment) and further acquisitions. With its well-invested
facilities in the US and additional management capability to
support our growth, DCC Health & Beauty Solutions is
leveraging its broad and complementary nutritional product
strengths to pursue cross-selling and other synergistic
opportunities. DCC continually invests in its manufacturing
facilities to expand capacity, add fl exibility and enhance its
service o ering to customers. Gummy nutritional products
represent a high growth category within the nutritional market
and DCC Health & Beauty Solutions has been investing in
gummy manufacturing and production capability in the US
and Britain. Both these investments were successfully
commissioned during 2023 and this new capability and
capacity will enable the business to meet growing demand
for gummies and support our customers to develop innovative
and complex products. DCC Health & Beauty Solutions also
made multiple other investments to support organic growth
during the year, including increasing tableting and coating
capacity to support customer demand in both the US and
Europe. The business has a strong programme of continuous
capital investment to enhance capability and improve
operational e ciencies across all our facilities including
investing in solar panels to power our operations.
Competitors in the nutritional products sector include
Biofarma, Innovation in Nutrition and Wellness (‘INW’),
Catalent, Aenova and many smaller manufacturers in
Europe and the US. Competitors in the beauty products
sector include Meiyume, KDC/One and numerous smaller
manufacturers of cosmetic creams and liquids in Britain.
DCC Health & Beauty
Solutions sales by category
Beauty
Nutrition
24%
76%
DCC Health & Beauty
Solutions sales by
destination
UK
US
Rest of World
47%
16%
37%
DCC Health & Beauty
Solutions sales by origin
UK
US
56%44%
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 39
Strategic Report

DCC plc Annual Report and Accounts 202440
Business Review

We are progress makers.
Whatever the industry.
Whatever the challenge. We
make technology provide the
whole solution. Acting as an
enabler between global
technology brands and the
people and businesses who
use their products, we create
solutions that save time,
enhance experiences and
improve lifestyles.
PROGRESS
MAKERS
THE WORLD NEEDS
DCC PROGRESSTREND
£80bn
revenue to be added to
professional AV industry over the
next fi ve years
1
75%
of companies felt negative or
strongly negative impacts on
their business due to supply
chain disruption
2
>⁄
of homeowners
who carried out renovations
last year were focused on the
kitchen
3
#1
global AV specialist
distributor by revenue
6,000
hours saved per annum
in Exertis UK with robotic
automation in logistics and
warehousing
#1
Almo is the number 1
independent distributor
of appliances in the US
e
to
be
a
ional A
V
v
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s
1
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CC
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41DCC plc Annual Report and Accounts 2024
Governance Financial Statements Supplementary InformationStrategic Report
Source: 1 Avixa, 2 Accenture, 3 Houzz
Demand For
Better Living
The importance of the home
and shift in working patterns
over the last few years have
led to increased focus on
personal indoor and outdoor
living. Life Tech is critical to
enhancing home wellness,
from appliances to furniture
and musical instruments.
Supply Chain
Insecurity
Climate change, war, political
instability and infl ation are
negatively a ecting
businesses in all industries,
across the world. And this has
major implications for the
security of global supply
chains. Info Tech is key to
assisting these insecurities.
Powering the
Tech Future
Technology has become
increasingly ubiquitous in our
lives and experiences,
however that growth is both
seen and unseen. Whether it
is the digital signage in a
public centre, or the data
centre and networking engine
sitting behind it, these need
Pro Tech experts.

INFO TECH
WE MAKE
FASTER
CONNECTIONS
HAPPEN
Key brands
Acer, Apple, Asus, Dell, Epson, HP,
Huawei, Lenovo, LG, Logitech, Microsoft,
Netgear, Meta, Samsung, Toshiba.
LIFE TECH
WE MAKE
HIGH-QUALITY
LIFESTYLES
HAPPEN
Key brands
Electrolux (Frigidaire), LG, Marshall,
Midea, On Stage, Samsung, Washburn,
Zephyr.
We will deliver this through our three businesses:
What we do
We put the latest technology
in people’s hands, quickly.
How we do it
From laptops to mobile phones, tablets
to trackpads: when the world decides it
needs the latest piece of tech kit, it needs
it immediately. We serve B2C and B2B
markets with the latest technology, swiftly
and e ciently.
What we do
We provide technology solutions
that enrich people’s lives.
How we do it
Technology has the power to improve
lifestyles in many ways – from the
enjoyment of using smart kitchen
appliances to the excitement of playing
advanced musical instruments. Life Tech
o ers products and services designed to
enhance our quality of life.
PRO TECH
WE MAKE
ENHANCED
EXPERIENCES
HAPPEN
Key brands
Allen & Heath, Barco, Chauvet, Dell OEM,
Focusrite, Kioxia, Micron, LG, Poly,
Samsung, Sharp, NEC, SuperMicro, WD.
What we do
We bring technologies together to create
elevated experiences.
How we do it
The world needs more ways to display,
process and store information. Pro Tech
enables the seen and unseen
management and transmission of data
and content, be it solution design and
building, or installation and on-going
support, we bring them to market and
make them work for vendor, integrator,
and customer.
MAKE PROGRESS HAPPEN
IN EVERY INDUSTRY WE ENTER
WITH ENHANCED TECH SOLUTIONS
Ambition:
DCC TECHNOLOGY BUSINESSES
DCC plc Annual Report and Accounts 202442
Business Review Continued

2024
2023
2022
£5.3bn
£4.8bn
£4.6bn
Revenue
£4.8bn
-9.3%
2024
2023
2022
£106.1m
£91.7m
£81.7m
Adjusted operating profit
£91.7m
-13.6%
2024
2023
2022
2.0%
1.9%
1.8%
Operating margin
1.9%
2024
2023
2022
8.7%
7.6%
9.1%
Return on capital employed
7.6%
2024
2023
£184.4m
£125.1m
£3.2m
Operating cash flow
£125.1m
2022
2024
2023
2022
9.8%
6.7%
7.0%
10-year adj. operating profit CAGR
6.7%
DCC Technology recorded operating profi t of £91.7 million,
a decline of 13.6% (10.7% organic constant currency)
principally due to the ongoing trend of lower market
demand for consumer technology products.
Although operating in a challenging market, DCC
Technology maintained market share in key segments such
as retail within Info Tech in the UK and AV within Pro Tech in
North America.
A strong focus on operational improvements resulted in
costs being below prior year levels which limited the impact
of negative operating leverage from weak demand in most
of our markets. Our transformation plan in the UK delivered
profi t growth and created capability for the long-term.
DCC Technology remains focused on operational
improvement in the year ahead. We’ve recently created a
single North American leadership team and launched a
commercial and operational excellence programme to
drive organic profi t growth.
Revenue declined by 9.3% (7.8% organic constant currency),
driven by a weaker market for consumer technology
products. The UK and European regions were weakest, with
revenue delivery in North America impacted to a lesser
extent.
Pro Tech
DCC Technology is the leading specialist distributor of AV
products globally, having a particularly strong presence in
North America. Pro Tech performed robustly, led by good
growth in Pro Audio in North America. We continued to
make market share gains in core AV categories and
experienced strong growth in other specialist AV
categories. In Europe, our performance was mixed. We
recorded good growth in Enterprise products, which was
o set by a more challenging market elsewhere in our
European business. We completed two bolt-on acquisitions
in the year in North America and Europe, further
strengthening our existing specialisms within AV.
Info Tech
Our Info Tech business distributes high-volume consumer
and business IT products to the retail and reseller channels
in Europe, with a particularly strong presence in the UK,
Ireland and the Nordics. Despite the challenging consumer
environment which saw revenue decline, our UK business
delivered good profi t growth. We continued our
optimisation programme, which has improved
performance: we increased our market share in the retail
segment, reduced costs and improved margins. As
reported earlier in the year, we also consolidated a
secondary warehouse facility to optimise the output from
our National Distribution Centre. Our Irish business traded
robustly and in line with expectations. In Europe, operating
profi t declined as a result of weak consumer demand for
consumer technology products.
Life Tech
In Life Tech, we distribute consumer appliances and lifestyle
technology products to the retail and e-tail channels in
North America. There was mixed performance across our
product categories. We increased market share in
consumer electronics, especially in audio categories.
However, as reported earlier in the year, we experienced
weaker demand for music products and home comfort
appliances, where we also saw price discounting in certain
overstocked segments. We increased our investment in
digital marketing and this led to improved product visibility
and market share on key e-tail platforms.
PERFORMANCE FOR THE YEAR ENDED 31 MARCH 2024
DCC plc Annual Report and Accounts 2024 43
Governance Financial Statements Supplementary InformationStrategic Report

DCC Technology is a collection of distribution businesses
trading in North America and EMEA split into three key pillars
of Pro, Info, and Life Tech. We enable vendors to take their
products to market e ectively and e ciently at scale, and
support resellers and integrators selling into a variety of end
user markets. At our core, we o er vendors access to large
pools of highly relevant reseller customers, simplify complex
supply chains and win through our specialist market and
product competencies, value-added services, operational
investments and excellence, and federated model.
DCC Technology’s strategy continues to evolve, taking into
account macroeconomic shifts, industry trends and best-
practice in portfolio management and value creation. This
data-led approach combined with DCC’s strong heritage of
fi nancial discipline allows the leadership team to clearly chart
the best possible course and launch value-creation projects
most likely to deliver the highest impact.
Organic value creation projects, led by our local teams with
centralised support and expertise, have seen material cost
benefi ts, market share gains and modernised systems.
Growth through acquisition remains core to our strategy, and
DCC Technology has focused on higher margin Pro Tech
categories; the large and attractive North American market
has allowed DCC Technology to take leading positions in a
relatively short space of time in niche, growth markets with a
lower risk of commoditisation.
To Achieve our Strategy,
We Focus On
• Creating a federated, multi-country operating model, with
best-in-class operating processes and infrastructure, giving
our partners the benefi ts of our scale within our specialist
pillars, while retaining local market knowledge, expertise
and agility;
• Reinforcing our position in attractive market segments such
as Pro Tech in North America and Europe and Life Tech in
North America both organically and through strategic
bolt-on and platform acquisitions; and
• Creating value in our portfolio through operational
excellence, while expanding our capabilities in key areas
like digital through investment in people and systems.
DCC Technology provides progressive technology
the world needs. We do this by making progress
happen across three businesses: Pro Tech, Info Tech
and Life Tech.
STRATEGY
Pro Tech
We serve people and businesses: installing complex,
high-profi le and critical solutions. Our partners rely on us to
provide sophisticated product and technical knowledge and
fi rst-class service.
Pro Tech consists of categories and markets where vendors
and manufacturers require distribution partners with excellent
technical competency and specialist reseller and integrator
relationships. We have also seen bolt-ons in value-added
niche markets such as broadcast, as the professional AV
industry evolves and widens to include additional specialist
categories. Professional AV is predicted to be above GDP
growth in the US over the next few years while the expansion
of professional AV into niche categories o ers higher margin,
value-added opportunities.
In recent years, parts of the AV and enterprise technology
categories have begun to commoditise due to the growth
and proliferation of these categories and increasing overlap
of the IT Info Tech market with AV. We have been able to
defend both our position as leader and our margins thanks
to our scale and our value-added o ering to resellers and
manufacturers. Value-add ranges from essential o erings
such as the best specialist product availability and customer
reach, to high numbers of project-led deals. Our technical
teams are brought into the integrator’s business at their early
planning stage and continue as partner into post-
deployment support.
DCC plc Annual Report and Accounts 202444
Business Review Continued

Info Tech
We serve consumers and businesses who need reliable
access to technology products and services and the
manufacturers of those products who require e cient routes
to market across EMEA.
The Info Tech pillar is starting to see market normalisation
following Covid-19 which saw signifi cant demand for devices
with a subsequent drop o in demand driven by
over-consumption, disrupted upgrade cycles and infl ationary
pressures on consumer spending. Market forecasters are
expecting these markets to see stabilisation and
improvement in 2024 driven by upcoming upgrade cycles,
Windows 11 and falling infl ation and interest rates across
Europe into the second half of the year. The long-term
investments in our UK Info Tech business have seen benefi ts
from the go-live of warehouse automation systems which
materially improves pick e ciency while o ering reduced
packaging waste at better than industry-standard levels.
We still see substantial opportunity in our Info Tech pillar to
optimise operations and commercial e ectiveness,
particularly given the scale of the UK business.
Industry and market research organisations are forecasting
ongoing growth for high volume IT distribution, albeit with a
stronger-than-ever focus on core operational competencies.
Life Tech
We provide e cient routes to market for a wide variety of
products that enhance our everyday lives, from kitchen
appliances to musical instruments.
DCC Technology has maintained its position as the leading
Life Tech distributor in North America for our major categories
such as musical instruments and major kitchen appliances.
These continue to be niche areas with high barriers to entry
and exit where vendors value our ability to bring products to
market, to understand their product sets, and our ability to
reach a set of specialist independent resellers and retailers.
The Life Tech pillar o ers additional acquisition expansion
opportunities in markets and categories with similar
characteristics.
In our US ecommerce fulfi lment pillar, the investments over the
past year in leadership, technical talent, digital tools, and
relationship building with key e-tailer stakeholders have
yielded material improvements in our main marketplaces and
puts the division in a strong position for growth as the post
Covid-19 market returns to relative normality. The expansion of
ecommerce during Covid-19 presents a larger addressable
market for the pillar and we are investing in leadership for our
Life Tech pillar and are examining opportunities for additional
organic value creation.
Pro Tech
High-end audio, visual and
data centre solutions
Info Tech
Consumer technology and
services in B2C and B2B
markets
Life Tech
Premium appliances and
musical instruments
Physical and digital
product distribution
Specialist and high volume
IT distribution market
access
Custom product bundles
Solution design and build
End-to-end project
management
Marketplace enablement
Resellers and value-added
reselllers
Consumers
Installers and integrators
Small and medium sized
businesses
Government and
education
OUR VENDORS
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Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 45
Strategic Report

Pro Tech
We are the leading distributor of Pro Tech products in North
America with a strong presence in Europe. DCC Technology
is the global leader in distribution for pro audio and visual
products, the largest distributor in North America, with a
strong footprint in Europe. Our market-leading positions span
digital signage, commercial displays and professional audio
in the US and Canada. We are also the leading specialist
enterprise distributor in EMEA for key storage component
categories. In both pro audio visual and enterprise storage
components we hold number one positions with major
manufacturers, with access to the largest portfolio of key
customers in those respective segments. In Europe, our
Connect cluster of businesses includes cabling and
infrastructure solutions for specialist installer channels,
networking refurbishment services for telco providers, custom
CCTV solutions and AV technologies.
Our European businesses have a strong professional AV
o ering across all major economies following multiple
acquisitions in recent years which provides a solid platform
for expansion into new and existing territories, as well as
additional specialist niche areas outside the commercial
displays and projection categories. Exertis Enterprise
continues to be the leading storage components distributor in
value-added niche markets such as surveillance and custom
server/whitebox solutions for resellers in areas such as higher
education and academic research. We have seen market
growth in certain technical niches across Continental Europe
and see opportunities for both acquisition and organic
growth driven by macro trends such as high-performance
computing, AI, cybersecurity and other areas of needs-led
enterprise solutions. Our Pro Tech businesses represent
a high concentration of much sought-after skilled and
knowledgeable people and have reputations as the leading
and trusted names in their markets.
The Pro Tech external trading environment saw Covid-19
related volatility with initial declines in project demand during
lockdowns in 2020 and 2021, and a strong rebound in 2022 as
businesses and events restarted material spend. This in turn
led to a fall in 2023 after an extraordinary year, with demand
dampened by geopolitical instability and infl ationary
pressures combined with pockets of excess and shortages
of stock, impacting pricing and backorders respectively.
Consumer shifts to experiential spend post-lockdown
benefi ted our hospitality and live AV businesses. Market
forecasts for both AV and enterprise are positive for 2024 with
consensus of a return to more cyclical and stable spend. The
boom in AI spend in particular will continue to drive enterprise
component and custom system sales, with Exertis Enterprise
MARKETS AND
MARKET POSITION
well placed to benefi t. Despite some margin erosion in parts
of the traditional AV and enterprise markets, our value-added
di erentiation and niche sub-specialisms in product
ecosystems which are expected to increase in complexity
make Pro Tech defensible and an attractive area of future
development.
Info Tech
DCC Technology is the fourth-largest Info Tech distributor in
our European markets, and a regional champion in the UK,
Ireland, Benelux and Nordics. Info Tech consists of large and
long-established markets, with high transactional and unit
volumes requiring scale, wide customer reach and operational
expertise. We have presence in both business and consumer
IT and electrical distribution markets, with a strong legacy
serving major European retailers and e-tailers, and leadership
in the UK and Ireland, Nordics and Benelux IT (consumer
electronics) retail channels. Our UK cluster also includes o ce
supplies, mobile device refurbishment services and digital
gaming distribution. Our value-added services in Info Tech
include product customisation and cross-supplier bundling,
third-party logistics and website and web-shop development
and management. Key to the provision of these services is
access to, and interpretation of, relevant data from across the
technology supply chain.
Info Tech had substantial demand increases during the
pandemic lockdown period where distribution played a
critical role in supplying devices to businesses and consumers.
Discretionary consumer spend cooled for IT and electricals
with the return of travel and hospitality, and infl ationary
DCC Technology total
sales by origin
North America
UK & Ireland
EME
36%
17%
47%
DCC Technology total
sales by specialism
Pro Tech
Info Tech
Life Tech
32%
15%
53%
DCC plc Annual Report and Accounts 202446
Business Review Continued

pressures reduced discretionary spend. Market forecasts are
now predicting a better outlook for B2B IT channels as
equipment bought during lockdown is refreshed and
businesses move towards AI-capable computing devices and
prepare for the next Windows migration. Our cloud licensing
and infrastructure business has seen growth over the past few
years and is expected to expand as vendors target
small-medium enterprises.
We anticipate that Info Tech will see improvement in
performance over the next year as infl ationary pressures ease
and the business IT markets stabilise and return to normal
product cycles. Despite the instability of the past few years,
the Info Tech market is still larger than it was pre-pandemic
as IT and electrical products play a more signifi cant role in
society’s ‘new normal’.
Life Tech
DCC Technology is the leading distributor of Life Tech
products in North America which currently consists of large
home appliances and musical instrument o erings. Life Tech
markets are niches where the product has the potential to
enhance the lifestyle of the end customer, but not necessarily
of high technical complexity and where product knowledge,
availability and access to specialist channels are highly
valuable to vendors and customers due to their niche nature.
We are the market leader in North America for distribution of
both appliances and musical instruments, with an
unparalleled o ering of product and reseller reach. We also
o er complementary own-brand products, given our expert
knowledge of market and product. Our businesses are known
and trusted in their respective niches where personal
relationships are critical.
Since the acquisition of Almo in North America at the end of
2021, we have invested in both systems and talent in digital
marketing and e-tail execution which has seen positive results
and much improved relationships with key major retail and
e-tail partners. We see digital channels as a strong
opportunity for our North American Life Tech businesses.
The Life Tech markets in North America saw similar
performance to the overall consumer and retail markets in the
region, with a demand surge during lockdown and
reprioritised spend in 2022 and 2023, the latter impacted by
infl ationary pressures. Market data shows that regardless of
2023’s overall market performance, categories such as
musical instruments are still greatly expanded versus 2019.
Given the attractive market characteristics of Life Tech –
niche, defensible, value-add, specialised and ever-green
technology – we believe there are additional development
opportunities in our existing and new product categories.
Growth and Progress in Action
EXERTIS JAM DELIVER END-TO-END SOLUTION FOR VENDOR WITH POWERFUL RESULTS
DCC Technology’s strategy is to invest and grow in
specialist value-added distribution sectors in selected
geographic markets, with a core focus on Pro Tech. These
markets typically o er attractive gross margins, are
stickier with suppliers and customers, and provide
su cient total addressable market to enable
consolidation towards leadership positions. DCC
Technology has made multiple successful acquisitions in
Pro Tech, creating the largest specialist professional AV
distributor in the world by revenue. Sales processes in
these markets tend to be technical and solutions-focused,
where the distributor is a market enablement partner for
manufacturers. DCC Technology’s specialist businesses
provide key services and value-add to partners, including
access to specialist reseller channels, comprehensive and
relevant product o erings, market enablement,
concentration of talent and knowledge, specialist
end-market competencies (e.g., hospitality, education),
project support and managed services.
Exertis Jam, a part of DCC Technology’s Pro Tech
business, works with key resellers to provide
state-of-the-art audio mixer solutions. Timed to coincide
with the holiday purchasing season, the American Music &
Sound (‘AM&S’) division of Exertis Jam partnered with Allen
& Heath to launch their new CQ Mixers designed for
musicians, bands, home producers, small venues and AV
installers. Allen & Heath worked with AM&S during product
development and relied on their marketplace analysis to
support inventory forecasting for key North American
channel partners. The CQ Mixers launch generated over
half a million social engagements, over 25,000 video
views, and captured 52% of the press share during the
initial launch period, exceeding its sales and unit targets
and helping lift the entire brand to a double-digit sales
increase for the current fi nancial year.
Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 47
Strategic Report

FINANCIAL KPIs
Description and basis of calculation
Return on capital employed (‘ROCE’)
is defi ned as adjusted operating profi t
expressed as a percentage of the average
capital employed. The Group calculates
ROCE both including and excluding the
impact of IFRS 16 Leases as detailed
in the Group’s ‘Alternative Performance
Measures’ on page 256.
Link to strategy
ROCE is the key fi nancial benchmark
we use when evaluating both the
performance of existing businesses
and potential investments and is a
key component of our executive bonus plans
and Long-Term Incentive Plan.
FY24 comment
The Group continued to generate strong
returns on capital employed, notwithstanding
the substantial increase in the scale of the
Group in recent years. The modest decrease
in return on capital employed in DCC Energy
refl ects the substantial acquisition spend
during the year and the timing of the
acquisition of Progas, which occurred later in
the year. Returns also refl ect the organic
decline in operating profi t in DCC Healthcare
and DCC Technology, which we expect will
recover strongly in the coming years.
FY25 outlook and aims
The achievement of returns on capital
employed in excess of the Group’s cost of
capital will continue to be a key focus in order
to ensure the e cient generation of cash to
fund organic growth, acquisitions and
dividend growth.
– READ MORE
FINANCIAL REVIEW ON PAGE 57
Description and basis of calculation
The change in adjusted operating profi t
achieved in the current year compared to the
prior year.
Link to strategy
Adjusted operating profi t measures the
underlying operating performance of the
Group’s businesses and is an indicator of our
revenue generation, margin management,
cost control and performance e ciency.
FY24 comment
Strong organic growth in DCC Energy was
o set, as anticipated, by the more di cult
trading environment across DCC Healthcare
and DCC Technology.
Acquisitions completed in the current and
prior year contributed 4.5% of the reported
operating profi t growth. The material
contribution came from the prior year
acquisition of Medi-Globe and the current
year acquisition of Centreco.
Organic operating profi t growth was modest
at 0.8% and was driven by the strong organic
performance of DCC Energy. As reported
during the year, DCC Healthcare and DCC
Technology experienced more di cult market
conditions and declined organically. The
infl ationary environment continued as a
signifi cant feature of the year across each
division, with the overall organic profi t growth
achieved despite the 7.5% (or £131.2 million)
increase in the Group’s like for like overhead
cost base.
FY25 outlook and aims
DCC expects that the year ending 31 March
2025 will be a year of strong operating profi t
growth and continued development activity.
– READ MORE
FINANCIAL REVIEW ON PAGES 53 TO 54
BUSINESS REVIEWS ON PAGES 22 TO 47
Description and basis of calculation
The change in adjusted EPS achieved in the
current year compared to the prior year.
Link to strategy
Adjusted EPS is a widely accepted metric used
in determining corporate profi tability. It also
represents an important metric in determining
the generation of superior shareholder returns
and is a key component of our Long-Term
Incentive Plan.
FY24 comment
Adjusted earnings per share decreased by
0.3% (+0.9% on a constant currency basis) to
455.01 pence, refl ecting the operating profi t
growth o set, as expected, by higher
fi nancing costs and the increase in the
e ective tax rate in the year.
FY25 outlook and aims
The main driver of growth in EPS is the Group’s
operating profi t performance which, as noted
above, is expected to continue to grow.
– READ MORE
FINANCIAL REVIEW ON PAGE 54
The Group employs fi nancial key performance
indicators (‘KPIs’) to measure progress against strategy.
Each division has its own KPIs which are directly aligned
with those of the Group and are included in the
divisional Business Reviews on pages 22 to 47.
2024
2023
2022
15.1%
14.3%
16.5%
Return on capital employed (excl. IFRS 16)
14.3%
2024
2023
2022
£655.7m
£682.8m
£589.2m
Growth in adjusted operating profit
£682.8m
+4.1% (+5.3% constant currency)
2024
2023
2022
456.3p
455.0p
430.1p
Growth in adjusted earnings per share
455.0p
-0.3% (+0.9% constant currency)
DCC plc Annual Report and Accounts 202448
Key Performance Indicators

Description and basis of calculation
Cash generated from operations before
exceptional items and after net capital
expenditure.
Link to strategy
Free cash fl ow represents the funds available
for reinvestment, acquisitions and dividends,
so maintaining a high level of free cash fl ow is
key to maintaining a strong, liquid balance
sheet.
FY24 comment
The Group’s free cash fl ow amounted to
£681.1 million versus £570.4 million in the prior
year, representing an excellent 100%
conversion of adjusted operating profi t into
free cash fl ow.
There was a decrease in working capital
during the year of £56.6 million, a very good
performance given the continued volatile
supply chain environment. Net capital
expenditure amounted to £221.0 million for the
year. This refl ects continued investment in
organic initiatives across the Group,
supporting the Group’s continued growth and
development.
FY25 outlook and aims
Cash generation and working capital
management will remain a key focus of
the Group.
– READ MORE
FINANCIAL REVIEW ON PAGE 55
Description and basis of calculation
Cash spent and acquisition-related
consideration committed during the year.
Link to strategy
The Group constantly seeks to add value-
enhancing acquisitions in order to provide
shareholders with returns on capital well in
excess of our cost of capital.
FY24 comment
The Group committed £489.6 million to 17 new
acquisitions during the period.
DCC Energy has committed approximately
£485 million to 15 new acquisitions which
support its strategy to build a leading energy
management services business and further
expand its o ering in the distribution of
lower-carbon liquid gas. The largest of these
transactions was the previously announced
acquisition of Progas, and the acquisition of
Next Energy in April 2024.
FY25 outlook and aims
The Group will continue to pursue attractive
opportunities in our traditional markets as well
as looking to extend our business into
selected new geographic markets. We
continue to pursue a strong pipeline of
opportunities, but acquisition targets must
meet our demanding criteria and we will
remain disciplined in our approach to
acquisition spend.
– READ MORE
FINANCIAL REVIEW ON PAGES 56 TO 57
2024
2023
2022
£570.4m
£681.1m
£382.6m
Free cash flow
£681.1m
2024
2023
2022
£361.7m
£489.6m
£603.4m
Committed acquisition expenditure
£489.6m
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 49

NON-FINANCIAL KPIsNON-FINANCIAL KPIs
The Group employs non-fi nancial KPIs to assess
activities that are important in conducting our
operations responsibly and achieving our strategic
objective of building a sustainable business which
delivers long-term value to stakeholders.
DCC plc Annual Report and Accounts 202450
Key Performance Indicators Continued
Description and basis of calculation
Total Scope 1 and 2 (market basis) carbon
emissions expressed in kilotonnes (kts)
of CO

e. The fi gures for the current and prior
years have been presented using a market
basis; in prior years, this data was presented
using a location basis.
Link to strategy
The Group has put in place Scope 1 and 2
carbon reduction targets to achieve net zero
by 2050 or sooner.
FY24 comment
Overall, there was a 13.6% decrease in
absolute carbon emissions. This decrease was
primarily driven by an increase in the use of
HVO in our HGV fl eet and energy e ciency
measures across the Group.
FY25 outlook and aims
The Group will continue to focus on energy
e ciency initiatives to reduce energy
consumption and carbon emissions. In
addition, increased use of renewable fuels for
transport will further reduce Scope 1
emissions.
– READ MORE
SUSTAINABILITY REVIEW ON PAGE 68
Description and basis of calculation
The Group’s carbon intensity metric is
calculated by dividing total Scope 3 emissions
in a given period (as defi ned in the
Greenhouse Gas Criteria document at www.
dcc.ie) by the energy content of energy
products sold, calculated using standard
conversion factors. The result is expressed in
grams of CO

e per megajoule of energy sold.
Link to strategy
The carbon intensity metric is one of the key
measures the Group uses to measure progress
in energy transition.
FY24 comment
The reduction in the carbon intensity of the
energy we sold was driven by increased
biogenic content in liquid fuels, a rise in the
sale of low and zero carbon fuels such as HVO,
and an increase in renewable energy as part
of the overall mix of energy sales. The prior
year number has been restated, refl ecting a
more robust capture of source data, resulting
in a revised method of calculating gigajoules
from energy products sold.
FY25 outlook and aims
The Group has set a target to reach net zero
across Scopes 1, 2 and 3 by 2050 or sooner.
– READ MORE
SUSTAINABILITY REVIEW ON PAGES
68 TO 69
Description and basis of calculation
The percentage split of the overall workforce
between female and male employees.
Link to strategy
The Group benefi ts from attracting and
developing a workforce with diverse skills,
qualities and experiences.
FY24 comment
At 31 March 2024, female employees
accounted for 36% (2023: 37%) of the
overall workforce, 28% (2023: 20%) of senior
management and 40% (2023: 33%) of Board
members.
FY25 outlook and aims
The Group is committed to better gender
balance at all levels and actively supports the
development of high potential female talent.
We continue to focus on supporting the
progress of our female talent through our
annual talent review process which creates
visibility of talent across the Group.
– READ MORE
SUSTAINABILITY REVIEW ON PAGE 77
2024
2023
2022
74.9
74.4
76.4
Carbon intensity

(Scope 3)
74.4gCO
2
e/MJ
2024
2023
2022
78kts
68kts
86kts
Carbon emissions

(Scope 1 and 2)
68kts
2024
2023
2022 63
63
37
37
3664
Gender diversity
64%/36%
Male Female

Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 51
Description and basis of calculation
Lost Time Injury Frequency Rate (‘LTIFR’)
measures the number of lost time incidents
per 200,000 hours worked.
Link to strategy
The safety of our employees and the wider
community is one of our core values and
central to everything we do. A continually
improving occupational and process safety
culture is a key element in delivering on our
strategic objectives.
FY24 comment
We have achieved an LTIFR rate lower than 1.0
for the past three years and in FY24 we have
seen an improvement in the overall rate to
0.89. This refl ects the overall commitment to
safety across the Group. While some
individual businesses experienced less
favourable rates compared to the prior year,
all three divisions of DCC improved their LTI
rate in FY24. Our commitment to performance
improvement through robust risk controls, a
proactive safety culture and learning from
events remains strong, both for established
operations and those that are in the process
of developing their safety culture and
processes.
FY25 outlook and aims
The Group will continue to strengthen risk
control measures through cross-business
collaboration, sharing of good practice and
Group standards. We will also strengthen
divisional management of HSE as the DCC
group continues to grow. Our promotion of a
strong safety culture will continue, with the
development of a cultural framework and
programme supported by our Safety F1rst
toolkit. We aim to reduce the LTIFR level
further and continue to mitigate the impact of
accidents when they do happen.
– READ MORE
SUSTAINABILITY REVIEW ON PAGES
74 TO 75
Description and basis of calculation
Lost Time Injury Severity Rate (‘LTISR’)
measures the number of days lost due
to injury per 200,000 hours worked.
Link to strategy
The safety of our employees and the wider
community is one of our core values and
central to everything we do. A continually
improving occupational and process safety
culture is a key element in delivering on our
strategic objectives.
FY24 comment
The Group is aligning its reporting practices
with the OSHA 29 CFR 1904 reporting
standard, whereby lost time and restricted
work cases are capped at 180 days. The
application of this mechanism results in an
LTISR of 29 days for FY24, and re-based rates
of 27 and 25 days for FY23 and FY22
respectively. The e ect is most signifi cant in
the Energy and Technology divisions where a
small number of incidents resulted in
extended periods of absence.
FY25 outlook and aims
The Group will continue to strengthen risk
control measures, focusing on leading
indicators and identifying further
improvement opportunities. We have
undertaken to better understand our accident
profi le through our Safety Working Groups,
and strengthening our data analytics
capability. With a renewed focus on employee
education and awareness, accident
prevention through risk assessment and
control, and proactive management of work
impairment cases, we aim to further reduce
the impact of accidents when they do
happen.
– READ MORE
SUSTAINABILITY REVIEW ON PAGES
74 TO 75
2024
2023
2022
0.97
0.89
0.96
Health and safety LTIFR
0.89
2024
2023
2022
27 days
29 days
25 days
Health and safety LTISR
29 days

DCC plc Annual Report and Accounts 202452
Financial Review
growth in the second half of the year.
We are well placed to grow in the year
ahead as a result of our acquisition
activity during the current year and an
expectation of improving performance
in DCC Healthcare and DCC
Technology.
The volatile macro environment was
again a feature this year. Geo-political
risk remained elevated. Although
infl ation eased throughout the year, it
remains well above both central bank
targets and the average of the last
decade. Central banks continued to
tighten monetary policy which drove
interest rates higher during the fi rst half
of our fi nancial year. The rise in interest
rates has been a signifi cant headwind
for the Group over the last two years
and has held back our earnings growth.
We expect this headwind to ease in the
forthcoming fi nancial year.
The year under review marked 30 years
of DCC as a public company. The results
resonate with the key strategic and
fi nancial features of DCC over those
30 years. The diversity of the Group
ensured that we achieved good growth
despite headwinds in some of our
markets. The growth achieved was a mix
of organic and acquisitive growth. We
delivered excellent cash generation
again with 100% free cash fl ow
conversion. We deployed capital on
both organic capital expenditure to
strengthen our existing operations and
added new capabilities to the Group
through acquisition, while maintaining
a strong balance sheet.
It’s clear that DCC Energy drove the
performance in the year, more than
making up for more di cult market
conditions in our Healthcare and
Technology divisions. It was good to
see DCC Healthcare return to organic
It was a year of strategic progress.
We deployed signifi cant capital to
accelerate our growth in DCC Energy
in line with our Cleaner Energy in Your
Power strategy. Our DCC Energy and
Investor Relations teams delivered a
very engaging and informative event for
shareholders in our ‘Energy Insights Day’
in France in September 2023. This
showcased the strength of our customer
o erings and the capability of our team
– the materials and recordings from the
event are available at www.dcc.ie. We
invested capital in strengthening our
customer o ering in DCC Health &
Beauty Solutions and continued to
make operational improvements in our
Info Tech business in DCC Technology.
We continued to improve our
Sustainability performance during the
year. We reduced our Scope 1, 2 and 3
carbon emissions and grew our
proportion of profi ts in DCC Energy
coming from both our lower carbon and
services, renewables and other (‘SRO’)
products. Our capital expenditure and
related processes all now feature a
sustainability analysis, including
consideration of TCFD.
We achieved a strong investment grade
public credit rating for the Group during
the year – the fi rst time DCC has had a
public credit rating. Our BBB ratings with
both Standard & Poors and Fitch
broaden the potential access for DCC
to the debt capital markets. Together
with our longstanding relationships with
the private debt markets and the
support of our banking partners,
the Group has substantial liquidity and
funding optionality into the future.
During the year we also extended the
term of our committed £800 million
sustainability-linked revolving credit
facility with our banking group for a
further two years to March 2029.
We ended the year in a strong fi nancial
position with a net debt to EBITDA ratio
of 0.9x. Our continued strong cash fl ow
performance and balance sheet
strength provide us with the capability
to continue DCC’s growth and
development into the future.
The progress during the year was
delivered by our engaged teams
around the Group, who continue to go
above and beyond to deliver for all of
our stakeholders.
CONTINUED
GROWTH AND
PROGRESS IN OUR
30
TH
YEAR AS A
PUBLIC COMPANY
KEVIN LUCEY
Chief Financial O cer

Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 53
Year ended 31 March
2024
£’m
2023
£’m % change
Revenue , , -.%
Adjusted operating profi t
1
DCC Energy . . +.%
DCC Healthcare
. . -.%
DCC Technology
. . -.%
Group adjusted operating profi t
1
. . +.%
Finance costs (net) and other
(.) (.)
Profi t before net exceptionals, amortisation of intangible assets and tax . . +.%
Net exceptional charge before tax and non-controlling interests
(.) (.)
Amortisation of intangible assets
(.) (.)
Profi t before tax . . -.%
Tax
(.) (.)
Profi t after tax . .
Non-controlling interests
(.) (.)
Attributable profi t . .
Adjusted earnings per share
1
.p .p -.%
1
Excluding net exceptionals and amortisation of intangible assets.
INCOME STATEMENT REVIEW
Group revenue
Group revenue decreased by 10.6% (9.6% on a constant currency basis) to £19.9 billion, driven by the reduced wholesale cost of
energy for DCC Energy.
Revenue in DCC Energy was £14.2 billion, a decrease of 11.8% (11.0% on a constant currency basis). With like-for-like volumes
modestly behind the prior year (2.6%), the signifi cant decrease in revenue was as a result of the lower wholesale cost of energy
commodities during the year.
DCC Healthcare recorded revenues of £859.4 million, an increase of 4.6% (5.2% on a constant currency basis). The revenue
growth was driven by the acquisition of Medi-Globe completed in September 2023. Organically, revenue declined by 0.3% as
growth in DCC Vital was o set by reduced demand in DCC Health & Beauty Solutions.
Revenue in DCC Technology was £4.8 billion, a decrease of 9.3% (7.8% on an organic constant currency basis) driven by a
weaker market for consumer technology products.
Group adjusted operating profi t
Group adjusted operating profi t increased by 4.1% to £682.8 million. Strong organic growth in DCC Energy was o set, as
anticipated, by the more di cult trading environment across DCC Healthcare and DCC Technology. The impact on reported
Group adjusted operating profi t of foreign exchange (FX) translation, M&A growth and organic growth was as follows:
Period FX translation M&A Organic Reported growth
2024 -1.2% +4.5% +0.8% +4.1%
2023 +3.5% +7.6% +0.2% +11.3%
2022 -4.0% +9.0% +6.1% +11.1%
Average sterling exchange rates versus the euro were broadly consistent during the year, but sterling strengthened against the
US dollar and some Nordic currencies, which led to negative FX translation overall for the Group. The net impact of currency
translation in the current year was a headwind of 1.2%, or £7.9 million, in the reported growth in adjusted operating profi t.
Acquisitions completed in the current and prior year contributed 4.5% of the reported operating profi t growth. The material
contribution came from the prior year acquisition of Medi-Globe and the current year acquisition of Centreco.
Organic operating profi t growth was modest at 0.8% and was driven by the strong organic performance of DCC Energy. As
reported during the year, DCC Healthcare and DCC Technology experienced more di cult market conditions and declined
organically. The infl ationary environment continued as a signifi cant feature of the year across each division, with the overall
organic profi t growth achieved despite the 7.5% (or £131.2 million) increase in the Group’s like for like overhead cost base. Further
commentary on the trading performances of each of the three divisions is included in the Business Reviews on pages 22 to 47.

DCC plc Annual Report and Accounts 202454
Financial Review Continued
Finance costs (net) and other
Net fi nance costs and other, which
includes the Group’s net fi nancing costs,
lease interest and the share of profi t/
loss of associated businesses, increased
to £104.8 million (2023: £81.4 million). The
expected increase in the year primarily
refl ects increased net fi nancing costs
due to the much higher interest rate
environment.
The substantial change in the global
interest rate environment from summer
2022 onwards continued to impact the
cost of the fl oating rate element of the
Group’s gross debt, o set somewhat by
an increased return on the Group’s gross
cash. Approximately 40% of the Group’s
gross debt is at fl oating rates.
Average net debt, excluding lease
creditors, was £1.2 billion, compared to
an average net debt of £1.0 billion in the
prior year, and refl ects the substantial
acquisition activity during the year.
Interest was covered 8.9 times (using
the defi nitions contained in the Group’s
lending arrangements) by Group
adjusted operating profi t before
depreciation and amortisation of
intangible assets (2023: 11.2 times).
Profi t before net exceptional
items, amortisation of intangible
assets and tax
Profi t before net exceptional items,
amortisation of intangible assets and
tax increased by 0.6% to £578.0 million.
Adjusted Operating Profi t and Earnings per Share
FY24 FY23 % change
Adjusted operating profi t
1
H1
£’m
H2
£’m
FY
£’m
H1
£’m
H2
£’m
FY
£’m
H1
%
H2
%
FY
%
DCC Energy . . . . . . +.% +.% +.%
DCC Healthcare
. . . . . . -.% +.% -.%
DCC Technology
. . . . . . -.% -.% -.%
Group . . . . . . +.% +.% +.%
Adjusted EPS
1
(pence) . . . . . . +.% -.% -.%
1
Excluding net exceptionals and amortisation of intangible assets.
Net exceptional charge and
amortisation of intangible assets
The Group incurred a net exceptional
charge after tax and non-controlling
interests of £33.3 million (2023: net
exceptional charge of £28.7 million)
as follows:
£’m
Restructuring and integration
costs and other
(.)
Acquisition and related costs (.)
Adjustments to contingent
acquisition consideration
.
IAS 39 mark-to-market gain (.)
(.)
Tax and non-controlling interest
attaching to exceptional items
.
Net exceptional charge (.)
Restructuring and integration costs and
other of £28.1 million relates to the
restructuring and integration of
operations across a number of
businesses and acquisitions. Most of the
cost relates to optimisation and
integration of operations in DCC
Technology as well as costs incurred in
DCC Healthcare to merge operations in
North America.
Acquisition and related costs include
the professional fees and tax costs
relating to the evaluation and
completion of acquisition opportunities
and amounted to £14.4 million.
Adjustments to contingent acquisition
consideration of £3.2 million refl ects
movements in provisions associated
with the expected earn-out or other
deferred arrangements that arise
through the Group’s corporate
development activity. The credit in the
year primarily refl ects a decrease in
contingent consideration payable in
respect of acquisitions in DCC Health &
Beauty Solutions where recent trading
performance has been behind
expectations.
The level of ine ectiveness calculated
under IAS 39 on the hedging instruments
related to the Group’s US private
placement debt is charged or credited
as an exceptional item. In the year
ended 31 March 2024, this amounted to
an exceptional non-cash charge of
£0.9 million. The cumulative net
exceptional credit taken in respect of
IAS 39 ine ectiveness is £0.5 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.
There was a net cash outfl ow of
£13.3 million relating to exceptional items.
The charge for the amortisation of
acquisition-related intangible assets
increased to £114.1 million from
£111.1 million in the prior year refl ecting
acquisitions completed in the prior and
current year.
Profi t before tax
Profi t before tax decreased by 1.8% to
£423.7 million with higher fi nancing costs
and exceptional charges more than
o setting the increased adjusted
operating profi t.
Taxation
The e ective tax rate for the Group
increased to 19.7% (2023: 19.3%). The
Group’s e ective tax rate is infl uenced
by the geographical mix of profi ts
arising in any year and the tax rates
attributable to the individual
jurisdictions. The higher tax rate refl ects
corporation tax increases in a number
of jurisdictions, including the increase in
the UK corporation tax rate e ective
from 1 April 2023.
Adjusted earnings per share
Adjusted earnings per share decreased
by 0.3% (+0.9% on a constant currency
basis) to 455.01 pence, refl ecting the
operating profi t growth o set, as
expected, by higher fi nancing costs and
the increase in the e ective tax rate in
the year.

Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 55
Dividend
The Board is proposing a 5.0% increase
in the fi nal dividend to 133.53 pence per
share, which, when added to the interim
dividend of 63.04 pence per share, gives
a total dividend for the year of 196.57
pence per share. This represents a 5.0%
increase over the total prior year
dividend of 187.21 pence per share. The
dividend is covered 2.3 times by
adjusted earnings per share (2023: 2.4
times). It is proposed to pay the fi nal
dividend on 18 July 2024 to shareholders
on the register at the close of business
on 24 May 2024.
Over its 30 years as a listed company,
DCC has an unbroken record of
dividend growth at a compound annual
rate of 13.2%.
CASH FLOW AND
CAPITAL DEPLOYMENT
Free cash fl ow generation
and conversion
The Group’s free cash fl ow amounted to
£681.1 million versus £570.4 million in the
prior year, representing an excellent
100% conversion of adjusted operating
profi t into free cash fl ow.
Working capital
Working capital decreased by
£56.6 million (2023: £14.0 million
increase), a very good performance
given the continued volatile supply
chain environment. Working capital
decreased in DCC Energy, refl ecting, in
particular, the reduced wholesale cost
of natural gas and power. There was a
net investment in working capital in
certain newer product lines, such as
renewable fuels, but this was more than
o set by a strong underlying
performance across the remainder of
the Solutions and Mobility business
units. DCC Technology also recorded a
good working capital performance, with
reducing inventory levels a particular
area of focus for the business, given
reduced market demand.
DCC Technology selectively uses supply
chain fi nancing solutions to sell, on a
non-recourse basis, a portion of its
receivables relating to certain higher
volume supply chain/sales and
marketing activities. The level of supply
chain fi nancing at 31 March 2024
decreased by £5.7 million to
£145.4 million (2023: £151.1 million), due to
the reduction in revenue year on year.
Supply chain fi nancing had a positive
impact on Group working capital days
of 2.5 days (31 March 2023: 2.3 days).
The absolute value of working capital in
the Group at 31 March 2024 was
£228.0 million. Overall working capital
days were 4.0 days sales, compared to
4.1 days sales in the prior year.
Net capital expenditure
Net capital expenditure amounted to
£221.0 million for the year (2023:
£206.6 million) and was net of disposal
proceeds (£6.7 million) and government
grants received (£2.7 million). The level of
net capital expenditure refl ects
continued investment in organic
initiatives across the Group, supporting
the Group’s continued growth and
development. Net capital expenditure
for the Group exceeded the
depreciation charge of £157.4 million
(excluding right-of-use leased assets) in
the period by £63.6 million.
Capital expenditure in DCC Energy
primarily comprised expenditure on
tanks, cylinders and installations, with a
focus on supporting new and existing
liquid gas customers in Energy Solutions.
In Mobility, there was investment to
maintain and upgrade our retail sites
across the business, including adding
further lower emission product
capability, EV fast charging and related
forecourt services in the Nordics and
France in particular.
In DCC Healthcare, the spend primarily
related to increased manufacturing
capability and capacity across DCC
Health & Beauty Solutions. The business
commissioned its gummy line in Florida
earlier this year and is in the latter
stages of a project to expand
e ervescent capacity at its Minnesota
operations with expected completion in
the coming fi nancial year.
Cash fl ow
The Group generated very strong operating and free cash fl ow during the year as set out below:
Year ended 31 March
2024
£’m
2023
£’m
Group adjusted operating profi t . .
Decrease/(increase) in working capital
. (.)
Depreciation (excluding ROU leased assets) and other
. .
Operating cash fl ow (pre add-back for depreciation on ROU leased assets) . .
Capital expenditure (net)
(.) (.)
. .
Depreciation on ROU leased assets
. .
Repayment of lease creditors
(.) (.)
Free cash fl ow . .
Interest and tax paid, net of dividend from equity accounted investments
(.) (.)
Free cash fl ow (after interest and tax) . .
Acquisitions
(.) (.)
Dividends
(.) (.)
Exceptional items/disposals
(.) (.)
Share issues
. .
Net outfl ow (.) (.)
Opening net debt
(,.) (.)
Translation and other
. (.)
Closing net debt (including lease creditors) (,.) (,.)

DCC plc Annual Report and Accounts 202456
Financial Review Continued
DCC Technology capital expenditure
included continued ERP investment in
Europe and ongoing maintenance
spend.
Impact of climate-related
issues on investments
The Group has a clear process and set
of priorities for the deployment of
capital, both for organic growth and
acquisitions, which takes account of
the impact of climate-related risks
and opportunities. As a Group, our
key priorities when making capital
deployment decisions are:
• Continuing to scale DCC Health
& Beauty Solutions and building
DCC Vital into an international
healthcare solutions leader.
• Growing in high value-add sectors,
such as Pro Tech and Life Tech,
in DCC Technology.
• Accelerating decarbonisation
for customers by investment in
renewable energy products
and services in DCC Energy.
The Group continues to enhance
its processes for the assessment
of climate-related risks in individual
investment proposals to take account
of, for instance, the risk of more frequent
extreme weather events over the
medium to long-term.
Total cash spend on acquisitions
for the year ended 31 March 2023
The total cash spend on acquisitions in
the year was £288.2 million. The spend
primarily refl ects acquisitions committed
to and completed during the current
year, but also includes some smaller
acquisitions in DCC Energy (AEI, Hafod
Renewables and O’SiToiT) which were
announced in the prior year Results
Announcement in May 2023. Payment
of deferred and contingent acquisition
consideration previously provided
amounted to £50.3 million.
Committed acquisitions
DCC has committed £489.6 million to
new acquisitions since the prior year
Results Announcement. An analysis of
these commitments by division is set
out below:
Committed acquisitions
2024
£’m
2023
£’m
DCC Energy . .
DCC Healthcare
– .
DCC Technology
. –
Total . .
As can be seen from the table above,
DCC continues to be very active from
a development perspective, committing
approximately £490 million to 17 new
acquisitions during the period.
Recent acquisition activity of the Group
includes:
DCC Energy
DCC Energy has committed
approximately £485 million to 15 new
acquisitions which support its strategy
to build a leading energy management
services business and further expand its
o ering in the distribution of
lower-carbon liquid gas. The largest of
these transactions was the previously
announced acquisition of Progas, and
the acquisition of Next Energy in
April 2024.
Progas
In February 2024, DCC Energy
completed the acquisition of Progas
GmbH (‘Progas’), a leading distributor of
liquid gas in Germany, for an enterprise
value of approximately £140 million. The
synergistic acquisition represents DCC
Energy’s largest acquisition to date in
Germany, Europe’s largest energy
market, and considerably expands DCC
Energy’s customer base in the market to
over 100,000 customers. The acquisition
is expected to generate a mid-teen
return on capital employed in the fi rst
year of ownership. Further details on the
acquisition can be found in DCC’s stock
exchange announcement of
14 November 2023.
Performance Metrics
2024 2023
Growth:
DCC Energy adjusted operating profi t growth (%) +.% +.%
DCC Healthcare adjusted operating profi t growth (%)
-.% -.%
DCC Technology adjusted operating profi t growth (%)
-.% +.%
Group adjusted operating profi t growth (%)
+.% +.%
Group adjusted operating profi t growth (constant currency) (%)
+.% +.%
Adjusted earnings per share growth (%)
-.% +.%
Adjusted earnings per share growth (constant currency) (%)
+.% +.%
Return:
Return on capital employed – excluding IFRS 16 (%) .% .%
Return on capital employed – including IFRS 16 (%)
.% .%
Operating cash fl ow (before add-back for depreciation on right-of-use leased assets) (£’m)
. .
Free cash fl ow (after IFRS 16) (£’m)
. .
Conversion of adjusted operating profi t to free cash fl ow (%)
% %
Working capital days (days)
. .
Debtor days (days)
. .
Financial Strength/Liquidity/Financial Capacity for Development:
EBITDA: net interest (times) .x .x
Cash balances (net of overdrafts and short-term debt) (£’m)
. ,.
Net debt – excluding lease creditors (£’m)
(.) (.)
Net debt – including lease creditors (£’m)
(,.) (,.)
Net debt (excluding lease creditors) as a % of total equity (%)
.% .%
Net debt: EBITDA (times)
.x .x

Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 57
Next Energy
In April 2024, DCC Energy acquired Next Energy for an initial enterprise value of approximately £90 million. Next Energy is an
energy e ciency and renewable energy services provider focused on the UK domestic sector. Founded in 2016 and employing
120 people, Next Energy is a market-leading provider of retrofi t energy transition solutions with an emphasis on the government
funded market. The business supports domestic customers to improve the energy ratings of their houses. Next Energy has an
addressable market of c.16 million homes (more than half of the UK’s housing stock), of which up to c.14.5 million have either full
or partial funding for retrofi t. Services include the installation of heat pumps, heating controls, insulation, solar PV and battery.
Next Energy accelerates DCC Energy’s Cleaner Energy in Your Power strategy for UK domestic customers, complementing
existing capability. The acquisition is expected to generate a mid-teen return on capital employed in the fi rst year of ownership.
DCC Energy bolt-ons
In addition, DCC Energy committed to the following acquisitions:
• In July 2023, DCC Energy acquired Centreco, a market-leading solar PV and energy consultancy business in the UK, which
services commercial and industrial customers nationally, and SLER40, a French solar PV and heat pump business servicing
domestic and commercial customers with design, installation, and maintenance services.
• In August 2023, DCC Energy acquired Isolatiespecialist, a leading provider of energy e ciency and insulation services to
domestic and commercial customers in the Netherlands, and San Isabel Services Propane, a US liquid gas distributor which
services both domestic and commercial customers in Colorado.
• DCC Energy acquired Solcellekraft in September 2023, one of Norway’s largest solar PV businesses, servicing commercial and
domestic customers.
• In November 2023, DCC Energy acquired DTGen, a leading UK-based provider of power solutions, with a particular focus on
emergency power solutions. DTGen o ers a comprehensive service from design to supply, installation, and continuous
maintenance, catering to a diverse range of sectors, including data centres, utilities, and healthcare.
• DCC Energy completed the acquisition of the Energy Management division of eEnergy Group plc (‘EML’) in February 2024. EML
provides energy management services including energy procurement, market analysis, risk management and net zero
pathway consulting to industrial, commercial, and public sector customers in the UK. EML’s technology and services
empowers customers to identify and eliminate energy waste and reduce their carbon emissions.
• In April 2024, DCC Energy acquired Copropriétés Diagnostic, a French energy management business providing energy
e ciency and renovation solutions to the multi-unit dwelling customer segment. Services include energy audit and
administrative project management for subsidies and fi nancing.
• In May 2024, DCC Energy agreed to acquire Secundo Photovoltaik, one of Austria’s largest solar PV businesses serving
commercial customers. The transaction remains subject to approval of the Austrian competition authority.
• Complementary bolt-on acquisitions in Austria, Ireland and a renewable fuels distributor in the UK.
DCC Technology
Recently, DCC Technology completed two modest bolt-on acquisitions. The acquisitions, in France and the US, add
complementary products and services in the professional AV and Audio markets.
RETURN ON CAPITAL EMPLOYED
The creation of shareholder value through the delivery of consistent, sustainable long-term returns well in excess of its cost of
capital is one of DCC’s core strategic aims. The return on capital employed by division was as follows:
2024
excl. IFRS 16
2023
excl. IFRS 16
2024
incl. IFRS 16
2023
incl. IFRS 16
DCC Energy .% .% .% .%
DCC Healthcare
.% .% .% .%
DCC Technology
.% .% .% .%
Group .% .% .% .%
The Group continued to generate strong returns on capital employed, notwithstanding the substantial increase in the scale of
the Group in recent years. The modest decrease in return on capital employed in DCC Energy refl ects the substantial
acquisition spend during the year and the timing of the acquisition of Progas, which occurred later in the year. Returns also
refl ect the organic decline in operating profi t in DCC Healthcare and DCC Technology, which we expect will recover strongly in
the coming years.

DCC plc Annual Report and Accounts 202458
Financial Review Continued
FINANCIAL STRENGTH
DCC has always maintained a strong balance sheet and it remains an important enabler of the Group’s strategy. A strong
balance sheet provides many strategic and commercial benefi ts, including enabling DCC to take advantage of acquisitive
or organic development opportunities as they arise. At 31 March 2024, the Group had net debt (including lease creditors) of
£1.1 billion, net debt (excluding lease creditors) of £784.7 million, cash resources (net of overdrafts) of £1.1 billion and total equity
of £3.2 billion.
Substantially all of the Group’s term debt has been raised in the US private placement market and has an average maturity of
4.5 years.
DCC has taken a pro-active approach to the credit markets since going public. The Group has been active in the US private
placement debt market since 1996 and has built up a robust and well diversifi ed funding portfolio, with a balanced maturity
profi le. DCC’s long-term banking partners, investors and suppliers have always appreciated the strong credit quality of the
Company. In November 2023 S&P Global Ratings issued a BBB rating and Fitch issued a BBB rating for DCC in the fi rst public
credit rating opinions of the Company. These investment grade ratings combined with our strong balance sheet, resilient
business model, cashfl ow and a strong track record in the private debt markets, gives access to an increased array of funding
instruments to enable the continued growth and development of the Group.
Key fi nancial ratios
2024
Actual
Lender
covenants
2023
Actual
Net debt: EBITDA (times) .x .x .x
EBITDA: net interest (times)
.x .x .x
Total equity (£’m)
,. . ,.
SUSTAINABILITY
DCC’s ambition is to reduce the carbon intensity of the Group and to make progress across four sustainability pillars: climate
change and energy transition, safety and environmental protection, people and social, and governance and compliance.
In 2022, the Group set a revised increased target to reduce Scope 1 and 2 carbon emissions by 50% by 2030, having achieved
the previous interim target ahead of expectations. During the current year DCC lowered its Scope 1 and 2 emissions by 13.6%
and by 45.6% versus the 2019 baseline.
The vast majority of the Group’s Scope 3 carbon emissions derive from DCC Energy’s sales of products to customers. In the
year, DCC Energy reduced these emissions by 3.1%, equating to a reduction of 1.2 million tonnes of CO

e in the year. The Group
retained its B rating with CDP refl ecting its progress on emissions reduction and delivering on DCC Energy’s Cleaner Energy in
Your Power strategy.
Related to Scope 3, DCC Energy increased the renewable content of energy supplied to customers (in gigajoules (‘GJ’)) to 6.7%,
up from 5.7% in 2023 and 4.0% in 2022. This fi gure is a subset of the very low or zero carbon sales (SRO) of DCC Energy.
DCC Energy’s operating profi t share of services and renewables, or SRO, (with less than 10kg of CO

e per GJ sold) increased by
seven percentage points to 35% from 28% in 2023. This broader category adds operating profi t from services such as solar
installations and other very low or zero carbon services to DCC Energy’s profi t from sales of renewable energy (viz. 6.7% GJ
share above). Due to strong growth in operating profi t and the 3.1% reduction in Scope 3 carbon emissions, the carbon intensity
of DCC Energy’s operating profi t reduced by 11.8%.
Looking at sustainability beyond climate change and energy transition, DCC retained an AAA rating from MSCI, remaining
among the top 10% of peer companies.
Carbon and emissions 2024 2023 % change
% change vs.
2019 baseline
Scope 1 & 2 carbon emissions* Group . . -.% -.%
Customer Scope 3 carbon emissions* DCC Energy
. . -.% -.%
Renewable share of energy sold (GJ)
.% .%
* mtCO
2
e
KEVIN LUCEY
Chief Financial O cer
13 May 2024

Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 59
Financial Risk Management
Group fi nancial risk management is
governed by policies and guidelines
which are reviewed and approved
annually by the Board of Directors, most
recently in February 2024. 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 fi nancial risk at
reasonable cost. The Group does not
trade in fi nancial instruments, nor does
it enter into any leveraged derivative
transactions. DCC’s Group Treasury
function centrally manages the Group’s
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
subject to review by the Group Internal
Audit function.
Further detail in relation to the Group’s
fi nancial risk management and its
derivative fi nancial instrument position
is provided in note 5.7 to the fi nancial
statements.
Foreign Exchange Risk
Management
DCC’s presentation currency is sterling.
Exposures to other currencies,
principally euro and US dollar, arise in
the course of ordinary trading
A signifi cant proportion of the Group’s
profi ts is denominated in currencies
other than sterling. Approximately 74%
of the Group’s adjusted operating profi t
for the year ended 31 March 2024 was
denominated in currencies other than
sterling, primarily euro, US dollar and
Scandinavian currencies. DCC does not
hedge the translation exposure on the
profi ts of non-sterling subsidiaries.
Average sterling exchange rates
strengthened against most relevant
currencies during the year, including the
US dollar, a reversal of what was
experienced in the prior year. The net
impact of currency translation in the
current year was a negative impact of
£7.9m in the reported growth in adjusted
operating profi t.
The Group has investments in
non-sterling, primarily euro and US
dollar denominated, operations which
are cash-generative, and a signifi cant
proportion of the 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 o set by the
strong ongoing cash fl ow generated
from the Group’s non-sterling
operations, leaving DCC with a net
investment in non-sterling assets. The
loss of £66 million arising on the
translation of DCC’s non-sterling
denominated net asset position at
31 March 2024 as set out in the Group
Statement of Comprehensive Income
mainly refl ects the weakening in the
value of the euro and US dollar against
sterling with the impact of movements
against other currencies largely
o setting each other. 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.
Credit Risk Management
DCC transacts with a variety of high
credit-rated fi nancial institutions for the
purpose of placing deposits and
entering into derivative contracts. The
Group actively monitors its credit
exposure to each counterparty to
ensure compliance with limits approved
by the Board.
Interest Rate Risk and Debt/
Liquidity Management
DCC maintains a strong balance sheet
with long-term debt funding and cash
balances with deposit maturities up to
three months. In addition, the Group
maintains both committed and
uncommitted credit lines with our
relationship banks and borrows at both
fi xed and fl oating rates of interest. At
31 March 2024, 43% of the Group’s term
debt, including drawn committed credit
lines, was at or swapped to fl oating
interest rates, using interest rate and
cross currency interest rate swaps which
qualify for fair value hedge accounting
under IAS 39. The Group mitigates
interest rate risk on its borrowings by
matching, to the extent possible, the
maturity of its cash balances with the
interest rate reset periods on the swaps
related to its borrowings.
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 refl ected 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 ‘highly probable’ 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 12 months.
Fixed price supply contracts may be
provided to certain customers for
periods typically less than 12 months in
duration. DCC fi xes its purchase cost on
contracted future volumes where the
customer contract contains a
take-or-pay arrangement that permits
the customer to purchase a fi xed
amount of product for a fi xed price
during a specifi ed 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 signifi cant amounts
of commodity inventory relative to
purchases and sales; however, for
certain inventory, such as fuel oil and
natural gas, DCC may enter hedge
contracts to manage price exposures.
Across its energy activities, DCC enters
into commodity hedges to fi x a portion
of its own fuel costs.
The net debt balance at 31 March 2024
includes a mark-to-market liability
relating to the fair value of the
derivative fi nancial instruments used by
the Group to hedge commodity price
risk exposures.
Certain activities of individual
businesses are centralised under the
supervision of the DCC Group
Commodity Risk Management function.
Divisional and subsidiary management,
in conjunction with the Group’s
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
O cer and are reviewed by the Board.

Our Sustainability Framework summarises the
sustainability topics that are most material to our
activities today and how we measure progress against
them. They are directly related to our purpose and
strategic objectives.
THE WORLD NEEDS
PROGRESS FOR ALL
WE ENABLE PEOPLE AND BUSINESSES
TO GROW AND PROGRESS
CLEANER ENERGY
WORLD
Our ambition is to give all customers the power
to choose a clean energy future today with
inclusive and independent energy solutions.
– READ MORE ON PAGES 22 TO 31
HEALTHIER
WORLD
Our ambition is to enable people to lead
healthier lives, throughout their lives.
– READ MORE ON PAGES 32 TO 39
PROGRESSIVE
WORLD
Our ambition is to make progress happen
with enhanced technology solutions.
– READ MORE ON PAGES 40 TO 47
WE CREATE
SUSTAINABLE VALUE
WE LOOK AHEAD
TO INVEST AND
REINVEST IN
FUTURE-FOCUSED
BUSINESSES THAT
CAN MAKE
PROGRESS
HAPPEN
DCC plc Annual Report and Accounts 202460
Sustainability Review

Our purpose, strategy and business model aim to generate
returns. This encompasses not only economic benefi ts for our
shareholders but benefi ts for all our other stakeholders,
including reduced carbon emissions, safe operations, inclusive
and dynamic work environments, and adherence to high
standards of governance and compliance. Our sustainability
framework, which is integral to our purpose and strategic
objectives, rests on four foundational pillars. These pillars are
shaped by a well-defi ned understanding of the most
signifi cant sustainability challenges for DCC, informed by
engagement with our stakeholders. They sharpen the focus of
our sustainability e orts and enable us to track our progress
throughout the Group, as well as within our three divisions and
individual businesses.
SUSTAINABILITY PILLARS WHY IS THIS IMPORTANT TO DCC AND
OUR STAKEHOLDERS
CLIMATE CHANGE &
ENERGY TRANSITION
The world needs to transition to lower carbon
forms of energy. We are working to achieve net
zero across our Group. In particular, DCC Energy
is reducing the carbon in the energy it sells to its
customers.
SAFETY &
ENVIRONMENTAL
PROTECTION
Our people drive trucks and operate machinery.
They work in energy facilities and warehouses.
Some of our products can be dangerous if not
stored and transported carefully. We are
focused on keeping our people and the
communities where we operate safe at all times.
PEOPLE &
SOCIAL
DCC is a people business. Developing our
people is critical to our current and future
success. We do this by investing in training,
actively developing careers and building a
supportive culture that values diversity and
innovation. We also value the relationships that
we have with the many local communities where
we operate and that we serve.
GOVERNANCE &
COMPLIANCE
Good governance and compliance with the
laws and ethical standards that apply to our
activities are fundamental to how we do
business. We also recognise the positive
contribution to society that can be made by
working with suppliers and customers who share
our values.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 61

Highlights of the year
AAA rated
Maintained our AAA rating
with MSC
I
B rated
Maintained our B rating with CDP
Top rated
Included in Sustainalytics’ Top
Rated ESG Companies List for 2024
EXTERNAL
RATINGS
DCC plc Annual Report and Accounts 202462
Sustainability Review

13.6%
Reduced our Scope 1 and 2 carbon
emissions by 13.6% and by 45.6%
against our 2019 baseline
Strong
performance
on process safety
Maintained
very high standards of corporate
governance, with full compliance with the
UK Corporate Governance Code
40%
Board gender diversity
3.1%
Reduced our absolute Scope 3
emisions by 3.1% equating to a
reduction of 1.2 million tonnes of
COe in the year
Maintained
our lost time injury frequency rate (‘LTIFR’)
below 1 incident for every 200,000 hours
worked
Enhanced
colleagues’ awareness of key supply chain,
human rights, corruption and privacy risks,
with 7,979 colleagues completing online
compliance training
Implemented
new and expanded organisational structure
in DCC Energy to deliver on strategy
£346m
£346m invested in nine energy
management services acquisitions
Delivered
new Group-wide Health & Safety
system, enabling enhanced reporting
and insights
PEOPLE
& SOCIAL
ENERGY TRANSITION
& CLIMATE CHANGE
SAFETY &
ENVIRONMENTAL
PROTECTION
GOVERNANCE &
COMPLIANCE
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 63

SUSTAINABILITY PILLARS MATERIAL TOPICS UN SDGS OUR OVERALL
GOALS
OUR OBJECTIVES
CLIMATE CHANGE & ENERGY
TRANSITION
• Climate Change
• Energy Transition
Our goal is
net zero.
We will reduce our
Scope 3 emissions
to net zero by 2050
or sooner.
We will decarbonise
our operations to
net zero by 2050 or
sooner and by 50%,
against an FY19
baseline, by 2030.
SAFETY & ENVIRONMENTAL
PROTECTION
• Diversity &
Inclusion
• Health & Safety
Our goal is
no accidents.
We keep our people
safe.
We protect the
environment in
communities we
serve.
PEOPLE & SOCIAL
• Circular Product
Design & Materials
• Culture &
Engagement
Our goal is
to provide a vibrant,
diverse and innovative
place to work and be
a positive member of
the communities we
serve.
We actively support
the development of
our people.
We actively support
inclusion and
diversity.
GOVERNANCE &
COMPLIANCE
• Data Security &
Privacy
• Supply Chain
Sustainability
Our goal is
to operate in
accordance with the
highest standards of
ethics, compliance
and corporate
governance.
We protect human
rights.
We sell safe
products.
We prevent
corruption.
DCC SUSTAINABILITY FRAMEWORK
We want to enable the growth and progress of all our
stakeholders. We are clear on the best ways in which
we can achieve this and how we measure the progress
we make.
Our Sustainability Framework
DCC plc Annual Report and Accounts 202464
Sustainability Review Continued

OUR METRICS OUR PROGRESS READ MORE
• Carbon intensity of energy sold
(gCO

e/MJ).
• Biogenic content of energy sold (%).
• Scope 3 emissions (mtCO

e).
• Reduced the carbon intensity of the energy sold by
DCC Energy to 74.4 gCO

e/MJ.
• Increased the biogenic content of energy sold by
DCC Energy from 5.7% to 6.7%.
• Reduced our absolute Scope 3 emissions from DCC
Energy by 3.1% compared to 2023 and by 8.7% since
our 2019 baseline year.
DCC ENERGY BUSINESS
REVIEW ON PAGE 22
CLIMATE CHANGE &
ENERGY TRANSITION
ON PAGES 68 AND 69
• Scope 1 and 2 carbon emissions,
adjusted to refl ect acquisitions.
• Reduced our absolute Scope 1 and 2 emissions by
45.6% against our 2019 baseline.
CLIMATE CHANGE &
ENERGY TRANSITION
ON PAGE 68
• Lost Time Injuries (‘LTIs’).
• Serious Safety Events.
• Maintained an LTI Frequency Rate below 1 incident
for every 200,000 hours worked and continued
good performance on process safety.
SAFETY &
ENVIRONMENTAL
PROTECTION
ON PAGE 74
• Spills requiring remediation.
• Zero.
• Employee engagement.
• Performance reviews completed.
• Employee engagement score improved with a
strong participation rate
• High engagement in our annual performance
review process.
PEOPLE & SOCIAL
ON PAGE 76
• Senior management gender diversity.
• Progress made in supporting gender diversity
across the Group. 40% gender diversity on DCC plc
Board.
• Human rights issues in our operations
or our supply chain.
• No breaches of human rights identifi ed within the
Group’s operations or supply chains. Modern
Slavery Act Statement published containing more
detail on our activities in this area available at
www.dcc.ie.
GOVERNANCE &
COMPLIANCE
ON PAGE 80
• Product safety failures.
• No material product safety failures across the
Group.
• Incidents of bribery and corruption in
our operations or our supply chain.
• No incidents of bribery and corruption identifi ed.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 65

– Data Security & Privacy
– Circular Product Design &
Materials
– Culture & Engagement
– Climate Change
– Energy Transition
– Supply Chain Sustainability
– Health & Safety
– Technological Innovation
– Just Transition to
Low-Carbon Economy
– Waste Management
– Competitive Behaviour
– Product Quality & Safety
– Workforce Human Rights
& Labour Practices
– Corporate Governance
& Ethics
– Diversity & Inclusion
– Equitable Healthcare
– Responsible Marketing
Practices
– Local Community
& Economy Support
– Water & Wastewater
Management
– Nature & Biodiversity
LOW PRIORITY
IMPACT MATERIALITY
MEDIUM PRIORITY HIGH PRIORITY
LOW PRIORITY
FINANCIAL MATERIALITY
MEDIUM PRIORITY HIGH PRIORITY
Material Topics
We updated our materiality assessment
in 2023 on a double-materiality basis.
The double materiality assessment
exercise was a comprehensive
evaluation process designed to identify
and assess the fi nancial impact of
environmental, social, and governance
(‘ESG’) factors on the Group and its
divisions, as well as the impact of the
Group’s operations on society and the
environment.
The assessment also considered how
these factors should infl uence our future
strategic direction.
Through extensive engagement with
employees and key stakeholders,
complemented by research and expert
interviews, we identifi ed 20 topics that
are important to DCC’s sustainability
and ranked these according to their
fi nancial and impact materiality.
The most material topics identifi ed from
this materiality assessment align very
closely with our existing sustainability
priorities, as set out in the four pillars of
our Sustainability Framework. This
reinforces our view that we are working
on the right areas.
This double materiality assessment has
been an important step in helping us
prepare for the Corporate Sustainability
Reporting Directive (‘CSRD’). We have
a programme mobilised to understand
CSRD requirements and identify where
we have further work to do to be ready
for reporting in 2026. This programme is
overseen by our Executive Sustainability
Committee as well as a dedicated
Steering Group comprising fi ve
members of the Group Management
Team. We plan to update our materiality
assessment in 2025 in advance of our
CSRD disclosures in 2026.
DCC plc Annual Report and Accounts 202466
Sustainability Review Continued

EU Taxonomy
Background
As part of the EU Green Deal agreed in
2019, the European Union introduced the
Taxonomy Regulation in 2020.
The Regulation introduces a
classifi cation system (‘the Taxonomy’) of
environmentally sustainable economic
activities. It is intended to become an
important enabler of increased
investment in those activities and in the
wider implementation of the Green
Deal.
The Taxonomy establishes six
environmental objectives:
1. Climate change mitigation;
2. Climate change adaptation;
3. Sustainable use and protection of
water and marine resources;
4. Transition to a circular economy;
5. Pollution prevention and control;
and
6. Protection and restoration of
biodiversity and ecosystems.
An activity qualifi es as a
Taxonomy-aligned economic activity
if it:
(a) makes a substantial contribution to
at least one of these six
environmental objectives;
(b) does no signifi cant harm to any of
the other fi ve;
(c) is carried out in compliance with
minimum safeguards set out by the
EU Commission; and
(d) complies with technical screening
criteria (specifi c environmental
performance requirements) also
established by the EU Commission.
A Taxonomy-eligible activity is one that
is listed in the delegated acts published
under the Taxonomy Regulation,
irrespective of whether the economic
activity meets the criteria above to be
Taxonomy-aligned.
The Taxonomy requires key performance
indicators (‘KPIs’) to be disclosed relating
to the share of turnover, capital
expenditure and operating expenditure
associated with Taxonomy-eligible and
non-eligible activities.
Our Taxonomy Preparations
DCC will be required to provide EU
Taxonomy-compliant disclosures in our
2026 Annual Report, which is the fi rst
year in which we will be subject to the
EU Corporate Sustainability Reporting
Directive.
In this Report, we have elected to
provide an update on our EU Taxonomy
assessment work to date.
We launched Group-wide
communication and learning sessions
during the year to outline what is
required under the Taxonomy. This
allowed us to undertake an assessment
of all our businesses to identify current
Taxonomy-eligible activities. This
involved a review of capital and
operational spending across all divisions
and functions, as well as the breakdown
of revenue against activities relating to
the six Taxonomy objectives listed
above.
As the Group is focused on halving our
Scope 1 and 2 carbon emissions by 2030
against a 2019 baseline and on
reducing our Scope 3 carbon emissions,
most notably through the
implementation of DCC Energy’s
strategy, our Taxonomy assessment has
and will continue to be mainly focused
on the Climate Delegated Act, Annex 1.
Group businesses are involved in a small
number of other eligible activities
relating to some of the other objectives
covered by the Taxonomy.
At present the Taxonomy does not cover
all sustainable activities and sustainable
classifi cation criteria are not yet
available for many of our activities. For
instance, while the Group continues to
increase sales of lower carbon fuels,
such as HVO, to replace higher carbon
fossil fuels, these activities are not yet
covered by the Taxonomy and therefore
cannot be included as Taxonomy-
eligible. Consequently, a low proportion
of our activities are currently considered
Taxonomy-eligible. As the classifi cation
criteria are extended into areas relevant
to DCC, we will evolve our Taxonomy
reporting accordingly.
The Group intends to provide a further
update on the application of the EU
Taxonomy, refl ecting additional
guidance and best practice, in our 2025
Annual Report.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 67

Energy Use and
Carbon Emissions
CLIMATE
CHANGE &
ENERGY
TRANSITION
The world needs to transition to
lower carbon forms of energy. We
are working to achieve net zero
across our Group. In particular,
DCC Energy is reducing the carbon
in the energy it sells to its
customers.
OUR GOALS
• Achieve net zero carbon
emissions across Scopes 1, 2 and
3 by 2050 or sooner
• Decarbonise our operations by
50% by 2030 (against an FY19
baseline)
PILLAR ONE
OUR APPROACH
We recognise that reaching net zero
greenhouse gas emissions is essential
for a sustainable future. This means that
we decarbonise our own operations
and help our stakeholders to do the
same where we can. In particular, in
DCC Energy, we are moving our
customers’ homes and businesses to
low-carbon energy while ensuring their
existing supplies are safe, reliable and
e cient. This aligns our energy
operations with our long-term energy
strategy of achieving net zero, while
maintaining supplies of energy for our
customers and returns for investors.
Further details on the progress being
made by DCC Energy in implementing
its strategy are available in its Business
Review on page 22.
OUR PROGRESS AND KEY
INITIATIVES
Energy Use and Scope 1 and 2
Emissions
Decreasing our own operational energy
use is an essential driver in reducing our
Scope 1 and 2 greenhouse gas (‘GHG’)
emissions. We used 1.5 million gigajoules
of energy during the year, which was a
3.3% decrease over the prior year. This
decrease refl ects a mix of energy
e ciency initiatives, including improved
logistics e ciencies and the use of
energy management controls and
systems.
The chart below shows DCC’s absolute
Scope 1 and 2 GHG emissions (‘000s
tonnes) against our yearly targets.
In FY24, our total Scope 1 and 2
(market-based) emissions reduced by
13.6% against the prior year and we
achieved a 45.6% reduction against our
2019 baseline, making good progress
towards our target of a 50% reduction
by 2030. The signifi cant increase in the
use of HVO in HGV fl eets in Certas UK,
Flogas Britain, Qstar, Certa Ireland and
Flogas Ireland has reduced Scope 1
emissions by 10,000 tonnes against the
prior year.
Over 95% of all electricity procured by
DCC businesses is now from renewable
sources or matched with Renewable
Energy Certifi cates (‘RECs’) in the US.
Scope 2 emissions (using the GHG
Protocol market based approach) are
now below 1,000 tonnes per annum.
Scope 2 emissions, using location based
approach, which uses the grid average
emission factors in each jurisdiction, was
20.7 ktCO

e in FY24.
Scope 3 Emissions
To meet our net zero target, we are
working towards reducing Scope 3
emissions and only using o sets for
residual emissions.
For most organisations, Scope 3
emissions account for the majority of
total value chain emissions, and DCC is
no exception. While it is important to
continue to reduce Scope 1 and 2
emissions, we are also focused on
working in partnership with our suppliers
and customers to identify opportunities
to reduce emissions in the wider value
chain.
There has been extensive work
undertaken on benchmarking and
measuring Scope 3 emissions from DCC
Energy over the last three years.
Two categories account for over 90% of
our Scope 3 emissions:
• Category 3: fuel and energy-related
activities not included in Scope 1 and
2. These are the upstream (often
called well-to-tank) emissions
associated with the energy sold by
DCC Energy.
• Category 11: Use of sold products.
These are the emissions generated
when customers use the energy
products sold by DCC Energy.
Reducing these emissions while
continuing to meet our customers’ need
for reliable and e cient forms of energy,
is a core component of our energy
strategy. More detail on DCC Energy’s
strategy is set out in the DCC Energy
Business Review on page 22.
Scope 1 and 2 emissions (’000 tonnes)
FY19 FY20 FY21 FY22 FY23

FY24

16
30
16
108
104
99
113
118
124
78
78
77
14
77
84
2
1
67
1
Target Line
Scope 1
Scope 2
Re-base for acquisitions
Refer to EY report on page 251
Numbers have been rounded
DCC plc Annual Report and Accounts 202468
Sustainability Review Continued

CDP REPORTING
In the year under review, DCC’s B rating by CDP was maintained. This compares
to a sector-level and global average CDP score of C.
Three key metrics measure our Scope 3 emissions performance:
• Absolute Scope 3 emissions (Category 3 and 11 emissions from DCC Energy);
• Carbon intensity of the energy we sell; and
• Biogenic content of the energy we sell.
The table below shows how each of these metrics has developed over the last
six years:
Metric Unit FY19 FY20 FY21 FY22 FY23

FY24

Absolute DCC
Energy Scope 3
Emissions
mtCO

e 41.5 39.8 35.9 41.2 39.1 37.9
Carbon Intensity gCO

e/MJ 81.2 79.3 76.5 76.4 74.9* 74.4
Biogenic Content % biogenic
energy content
of energy sold
3.2% 3.2% 4.0% 4.0% 5.7%* 6.7%

Refer to EY report on page 251.
* Prior year number restated to refl ect more robust capture of source data, resulting in a more
accurate method of calculating gigajoules from energy products sold.
Our absolute Scope 3 emissions decreased by 3.1% in the year under review,
refl ecting an increase in sales of renewable fuels as a percentage of overall sales
volumes.
Sustainability in Action
SCOPE 3 EMISSIONS – HEALTHCARE
Last year, work was undertaken to determine the Scope 3
footprint for the Healthcare and Technology divisions
using a spend-based approach. This work enabled a
better understanding of the relative importance of Scope
3 categories so that reduction e orts could be focused
on the most material categories.
This year we worked with two of our businesses in DCC
Healthcare to expand this work to use more specifi c
industry emissions factors to arrive at a Scope 3 emissions
baseline for each of those businesses. The two
companies, Fannin Group and Thompson & Capper
account for 36% of the revenue of the Healthcare division.
Category 1 of the Scope 3 emissions categories relating
to purchased goods and services is the most material for
both businesses. Category 4, relating to the upstream
transport of goods, was signifi cant for both companies.
Categories 11 and 12 (relating to the use of sold products
and end-of-life treatment of products) were signifi cant for
the Fannin Group due to the special disposal of products
sold into hospitals.
The exercise then identifi ed the material decarbonisation
levers helping to inform a roadmap of actions to achieve
signifi cant emissions reductions to 2030.
Thompson & Capper Supplier
Emissions Concentration
FY23, kg CO

e
The top 30
suppliers
account for
77% of
emissions for
Thompson &
Capper and
91% for Fannin.
Top 30
Suppliers
77%
23%
% of Emissions
Rest
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 69

Our assessment of climate risks is
primarily based on our climate scenario
analysis (‘CSA’). We began this work in
2022 by conducting a qualitative study
to identify our most material climate
risks and opportunities. We then
undertook further quantitative analysis
to develop our understanding of a
carefully selected group of those risks
and opportunities. The CSA process
looked at climate-related e ects on our
business under two scenarios, both
consistent with the scenario
assumptions used by the IPCC
(Intergovernmental Panel on Climate
Change). The fi rst was a scenario where
decarbonisation is achieved in line with
a 1.5°C temperature rise. The second
scenario assumed a temperature rise of
4°C to help illustrate physical
climate-related risks.
These scenarios align with the two key
frameworks used by the climate science
community: Shared Socioeconomic
Pathways (’SSP‘), which describe
di erent socioeconomic futures, and
Representative Concentration Pathways
(’RCP‘), which model di erent emission
pathways and the associated impact
on climate. The fi rst scenario we used is
based on SSP1 and RCP1.9. Our second
scenario is based on SSP5 and RCP8.5.
We also undertook a detailed
assessment of the likely evolution of the
principal energy markets where we work.
We identifi ed a signifi cant opportunity
to support existing and new customers
as they reduce their use of fossil fuels
over the coming decades. We also
identifi ed several material climate risks,
such as the impact of an extreme 4°C
warming scenario on the operation of
two of our energy facilities, a liquid gas
import terminal and an oil import
terminal located in coastal regions.
The risks identifi ed covered both the
transitional risk associated with energy
transition and our response to it, as well
as physical risks from assets that could
be a ected by changing weather
conditions.
OUR APPROACH
Climate risks and opportunities are
assessed and managed as a
fundamental part of our governance
and business management processes.
Our materiality assessment, outlined on
page 66, confi rms climate change and
energy transition as key risks and
opportunities for the DCC Group.
Central to our response to this has been
the defi nition of an updated growth and
net zero strategy for our energy
activities and setting Scope 1, 2 and 3
carbon emission reduction targets.
Governance and Management of
Climate-Related Risks and
Opportunities
In the Corporate Governance
Statement on page 100, we describe
the Board’s oversight of climate-related
issues and the role of management in
assessing and managing
climate-related issues. In the Risk Report
on pages 83 and 87, we explain how
climate-related risk is integrated into
the risk processes that operate
throughout the Group. In the table on
pages 72 and 73, we describe our
assessment of the physical and
transitional impacts of climate change
on the Group’s operations in terms of
both risks and opportunities.
Assessment of Climate-Related
Risks and Opportunities
We assess the impact of climate
change on our activities principally by
considering both transitional and
physical e ects over short-term (within
three years), medium-term (between
three and ten years) and long-term
(more than ten years) periods. Within this
framework, we consider scenarios, using
reasonable assumptions as to how
certain factors, such as regulation,
product availability and customer
demand, are likely to develop to
estimate the impact of climate change
on our activities. This analysis informs
the strategic choices we make
regarding the future development of the
Group and our three divisions.
The CSA process also assessed the
opportunity available to our Technology
division as the market for recycled
technology products develops.
The results of the CSA were assessed
within our wider Group risk management
framework, which is used to determine
the potential impact of risks of all types
across the Group.
We are currently expanding our
assessment of physical risk to cover 100
of our most critical facilities to
understand the impact under a number
of scenarios. The analysis examines
atmospheric data related to
temperature, precipitation, drought,
wildfi re, as well as other data related to
coastal fl ooding, tropical cyclones,
water stress, and fl ooding in order to
provide an estimate of risk under various
conditions.
TCFD also recommends the
development of relevant metrics and
targets. The targets and metrics we
have selected form a prominent part of
the Sustainability Framework covered
on pages 64 and 65. Further detail on
our approach to reporting on Scope 1, 2
and 3 carbon emissions is set out on
pages 68 and 69.
Climate Change
DCC plc Annual Report and Accounts 202470
Sustainability Review Continued

TCFD Reference Table
Core elements Recommended Disclosures Principal Section of Annual Report
Governance
Disclose the
organisation’s
governance around
climate-related risks
and opportunities.
a) Describe the Board’s oversight
of climate-related risks and opportunities.
Corporate Governance Statement
pages 100 to 113
Governance and Sustainability
Committee Report pages 114 to 117
b) Describe management’s role in assessing
and managing climate-related risks and
opportunities.
Corporate Governance Statement
pages 100 to 113
Risk Report pages 83 and 87
DCC Energy Business Review
pages 22 to 31
Strategy
Disclose the actual
and potential
impacts of
climate-related risks
and opportunities on
the organisation’s
businesses, strategy,
and fi nancial
planning where such
information is
material.
a) Describe the climate-related risks and
opportunities the organisation has identifi ed
over the short, medium, and long-term.
Chief Executive’s Review pages
8 to 11
Sustainability Review pages 72
to 73
b) Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy, and fi nancial planning.
Financial Review pages 56, 58
DCC Energy Business Review
pages 22 to 30
Audit Committee Report pages
118 to 125
Financial Statements pages 170,
171, 187, 190
Remuneration Report pages 130,
132, 134, 141
c) Describe the resilience of
the organisation’s strategy, considering
di erent climate-related scenarios, including
a 2°C or lower scenario.
Sustainability Review pages 72
to 73
Risk
Management
Disclose how the
organisation
identifi es, assesses,
and manages
climate-related risks.
a) Describe the organisation’s processes for
identifying and assessing climate-related
risks.
Sustainability Review page 70
Risk Report pages 82 to 92
b) Describe the organisation’s processes for
managing climate-related risks.
Sustainability Review page 70
Risk Report pages 82 to 92
c) Describe how processes for identifying,
assessing, and managing climate-related
risks are integrated into the organisation’s
overall risk management.
Risk Report pages 82 to 92
Metrics
& Targets
Disclose the metrics
and targets used to
assess and manage
relevant
climate-related risks
and opportunities
where such
information is
material.
a) Disclose the metrics used by
the organisation to assess climate-related
risks and opportunities in line with its strategy
and risk management process.
Sustainability Review pages 64, 65
DCC Energy Business Review
pages 26 to 28
b) Disclose Scope 1, Scope 2,
and, if appropriate, Scope 3 greenhouse gas
(‘GHG’) emissions and the related risks.
Sustainability Review pages 68, 69
c) Describe the organisation’s targets to
manage climate-related risks, opportunities,
and performance against targets.
Sustainability Review pages 64, 65,
68, 69
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 71

Risk/Opportunity Principal Scenario Impact Assessment Actions
Transitional
impacts of
climate
change on our
energy
activities
We undertook a detailed
assessment of the likely
evolution of each of the
principal energy markets
where we operate
(geographic and customer
markets), including a
transition compatible with
1.5°C warming. This
scenario was based on
SSP1/RCP 1.9. This work
included an assessment of
the evolution of our policy
and legal environment
(such as the level of carbon
pricing), the development
of technology (such as
improvements in EV
technology) and the
introduction of new forms
of energy (such as biofuels
and hydrogen). We also
considered how these and
other relevant factors
would infl uence the
markets where we operate
over the short, medium and
long-term.
We concluded that there is a
signifi cant opportunity available to
the Group to support existing and
new customers as they reduce their
use of fossil fuels over the next few
decades. We can achieve this by
adding to the range of products
and services we o er while
continuing to use our current
assets to serve existing markets.
The transition to lower carbon
forms of energy will, over the
medium to long-term, see a
reduction in demand for fossil fuels.
A failure to adapt to this change
would create a material risk to our
existing energy operations in the
long-term.
Businesses in our Energy division
are decarbonising their
operations and helping their
customers move to lower carbon
forms of energy.
We have changed our
organisation structure,
establishing DCC Energy with a
focus on helping our customers
through the energy transition by
being a multi-product energy
provider.
We have set a strategy to lead in
the energy transition. We aim to
do this by growing our business
while reducing the carbon
intensity of the liquid fuels we sell
and building a leading
electron-based energy
management business.
We invested £346 million in
acquiring nine energy
management services businesses
in the year under review. We have
established cross-business
communities to drive accelerated
growth and knowledge sharing in
customer experience, biofuels,
supply and Energy Management
Services.
Physical
impacts of
climate
change on our
energy
activities
We assessed the impact of
an extreme 4°C warming
scenario on the operation
of two of our energy
facilities, a liquid gas
import terminal and an oil
import terminal, both
located in coastal regions.
This scenario was based
on SSP5/RCP8.5. This work
focused on assessing the
risk of physical damage to
those assets. We also
considered the disruption
to our wider operations
that could be caused if
they were inoperable for a
certain period.
In the medium to long-term, these
facilities are slightly more likely to
experience acute physical impacts
because of adverse weather and
sea level rise. If no mitigation
measures were taken and no
insurance was in place, the
fi nancial implications of one of
these sites being rendered wholly
inoperable will likely be less than
£10 million in current value. This is
not a material amount in the
context of the Group. Assuming
mitigation measures are taken, and
insurance is in place, the fi nancial
impact of these events will be
substantially less. DCC Energy’s
wider strategic resilience to climate
change is addressed above and in
the DCC Energy Business Review
on pages 26 to 28.
Within the timeframes
considered, these impacts can
be fully mitigated through
increased physical mitigation
measures and business continuity
planning. In particular, alternative
means of obtaining product are
likely to be available. In addition,
the Group maintains insurance
against physical damage and
business interruption.
There is further work being
undertaken on assessing a wider
set of physical assets across the
Group for physical risk which will
be complete in the coming year.
Analysis of Key Climate Scenarios
We analysed the resilience of our Group and divisional
strategies against various climate-related scenarios. This
process involved an initial qualitative assessment of
climate-related risks and opportunities.
More detailed qualitative assessments were then undertaken
on four relevant scenarios. In each case, our analysis was
supported by suitable external expert advice. The results of
this are summarised in the following table.
DCC plc Annual Report and Accounts 202472
Sustainability Review Continued

Risk/Opportunity Principal Scenario Impact Assessment Actions
Physical
impacts of
climate
change on our
healthcare
activities
We assessed the impact that
an extreme 4°C warming
scenario would have on the
operation of one of our
healthcare businesses in the
USA which operates from two
sites. This scenario was based
on SSP5/RCP8.5. This work
focused on assessing the risk
of physical damage to the
business due to wind or
fl ooding. We also considered
the disruption to our
operations that could be
caused if either site was
inoperable for a certain
period.
This facility is more likely to
experience acute physical
impacts from adverse weather
and sea level rises in the medium
to long-term. If no mitigation
measures were taken and no
insurance was in place, the
fi nancial impact of one of these
sites being rendered wholly
inoperable is likely to be less than
£10 million in current value. This is
not a material amount in the
context of the Group. Assuming
mitigation measures are taken,
and insurance is in place, the
fi nancial impact of these events
will be substantially less. DCC
Healthcare’s strategy is
considered highly resilient to
climate-related risks and
opportunities.
Within the timeframes
considered, these impacts can
be fully mitigated through
increased physical mitigation
measures and business
continuity planning. In addition,
the Group maintains insurance
against physical damage and
business interruption.
There is further work being
undertaken on assessing a
wider set of physical assets
across the Group for physical
risk.
Transitional
impacts of a
move to a
circular use of
technology
products
As steps are taken to increase
the reuse of the materials
used in manufacturing
technology products, we
assessed the possible timing
and scale of a change in the
global technology market
from purchasing products to
their supply as a service. This
scenario was based on SSP1/
RCP 1.9. This work included an
assessment of the evolution of
the relevant policy and legal
environment (such as more
compulsory recycling of
technology products) and the
development of technology
(including manufacturers
designing products to
support increased reuse of
materials). We also
considered how these and
other relevant factors, such as
demand from retailers and
end users, would infl uence the
technology markets where we
operate over the short,
medium and long-term.
We consider that a signifi cant
market for recycled technology
products and related services will
likely develop over the medium to
long-term. The evolution of this
market represents an opportunity
for our Technology division
because technology suppliers
and customers are likely to need
support in moving products back
up the supply chain for reuse.
However, the scale and timing of
this change, particularly within
individual geographic markets,
are subject to very high levels of
uncertainty. DCC Technology’s
strategy is considered highly
resilient to climate-related risks
and opportunities.
Work has been undertaken
within the Technology division to
assess circular economy
opportunities. While there will be
a reduction in demand for new
product, and increased
demand for renewed product,
over time the market is still very
immature outside of
smartphones and notebooks.
We will continue to closely
monitor developments in the
markets where we operate,
including through discussions
with our suppliers, customers
and relevant policymakers.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 73

Health and Safety
SAFETY &
ENVIRONMENTAL
PROTECTION
We keep our people, communities,
and environment safe.
OUR GOALS
• Keep our people safe
• Protect the environment in the
communities we serve
• Zero harm to people and the
environment
PILLAR TWO
OUR APPROACH
Safety Governance
Safety is a core value of DCC. We
believe that a successful approach to
safety must be grounded in a culture
that encourages every DCC employee
and contractor to identify and raise
concerns, whether it is about safety or
any other aspect of operating
responsibly. We have governance
structures and management processes
in place to ensure a safe working
environment for all our colleagues and
partners and the management and
mitigation of potentially negative
environmental impacts from our
operations.
This year we have signifi cantly added
to our governance and management
of Health, Safety and Environment (‘HSE’)
matters by beginning the process to
recruit divisional HSE leads, the fi rst of
whom is now appointed in the Energy
division. We also reviewed our overall
HSE governance process and made
changes to emphasise the critical role
line management play in the
management of safety.
During the year we conducted divisional
safety stand downs in our Energy and
Healthcare divisions. In each case, daily
tasks across each division were put to
one side to allow time for team-level
discussions on a range of safety topics.
The output from these discussions was
used to make immediate improvement
actions as well as to inform the
Three-Year Safety Plan of each
business.
HSE Three-Year Plan
Our Three-Year Plan for HSE outlines our
priorities and objectives in specifi c
areas such as leadership, culture and
governance, operational execution,
competence and training, knowledge
sharing and management reporting.
This year, good progress was made in
line with the plan.
Process Safety
Process safety management is a
framework for managing the integrity
of hazardous operating systems and
processes by applying sound design
principles, engineering controls and
operating practices. It deals with the
prevention and control of incidents
involving the release of hazardous
materials or energy, such as fi re or
explosion during the movement of fuel,
fi re within fuel vapour recovery systems,
loss of containment leading to the
formation of a vapour cloud or a
hydrocarbon spill.
During the year we conducted an
external review of our process safety
governance, procedures, and
performance in the Energy division.
While this assessment was positive
overall, it identifi ed a range of
improvement opportunities which we
are now working through with the help
of individual locations and our Process
Safety Working Group.
Culture of Safety
For DCC, a strong safety culture is key
to everything we do. It starts with the
declaration from our Chief Executive
that “nothing is so important that it
cannot be done safely”. Employee
Engagement Surveys provide feedback
on safety leadership within each
business. Training in risk assessment and
incident investigation includes
considering human, organisational and
cultural factors, both in terms of how the
process is conducted and, in the case of
incident investigation, considering
causal factors.
Employees are expected to play an
active role in maintaining a safe
workplace, including the proactive
reporting of near misses, unsafe acts
and unsafe conditions, which they do
through our HSE IT reporting platform.
They are empowered to stop work when
they consider it unsafe to continue.
We use technology to support our
processes where we can. For instance,
our HGV fl eet operations in the Energy
division employ in-vehicle technology to
monitor driver actions and performance,
to record vital information in the event of
an incident and provide opportunities
for driver coaching.
OUR PROGRESS AND KEY
INITIATIVES
Occupational Safety
DCC is committed to striving for zero
harm to our people. This means a
sustained reduction in Lost Time Injury
(‘LTI’) and recordable injury rates, no Tier
1 or Tier 2 process safety incidents (as
defi ned in API-754), and no employee or
contractor fatalities. Although DCC has
performed well in relation to most of
these measures, we very sadly lost a
colleague during the year. In May 2023,
an employee was fatally injured in our
Amacom warehouse in the Netherlands.
We continue to support everyone
involved in this tragic incident and have
DCC plc Annual Report and Accounts 202474
Sustainability Review Continued

shared and learned the lessons from it
across the Group.
LTIs, defi ned as an accident resulting in
at least one day lost after the date of
the accident, remain an essential
indicator of occupational safety
performance. Most LTIs recorded across
the Group are relatively minor, including
slips, trips, and manual handling injuries
such as sprains and strains. In recent
years our lost time injury frequency rate
(‘LTIFR’) has been around 1 incident per
200,000 hours worked. Last year we
reported a 0.97 LTIFR. This year we
made further signifi cant progress in
reducing our LTIFR to 0.89 incidents per
200,000 hours worked. This signifi cant
improvement refl ects an increased
focus on safety right across the Group.
Our total recordable injury rate (‘TRIR’)
this year was 1.16, compared to 1.46 in
the prior year. A recordable injury for this
purpose is one that results in a fatality,
days away from work, restricted work or
job transfer, medical treatment beyond
fi rst aid, loss of consciousness, or a
diagnosed signifi cant injury/illness, as
defi ned by US OSHA.
This year, as part of an updated
Reporting Standard, we have aligned
our LTI severity rate (‘LTISR’) with the
OSHA standard. This means that all LTIs
have a maximum of 180 days restriction/
absence when the rate is calculated.
Under this new method, the LTI severity
rate for this year was 29 days per
200,000 hours worked, which compares
to a reported rate of 32 days in the prior
year. The comparable severity rate
fi gure for this year, calculated under the
former method was 39 days lost per
200,000 hours worked. During this year
the severity rate had spiked early in the
year due to several long-term open
cases most of which are now resolved.
We had 12 occupational illness cases
this year, which included
musculoskeletal conditions, employee
mental health and workplace
exposures.
The Near Miss Frequency Rate per
200,000 hours worked was 23.59,
compared to a rate of 27.12 in the
prior year.
All incidents, including personal injuries,
road tra c accidents and near misses,
are recorded to evaluate actual and
potential consequences, identify
underlying causes and control system
weaknesses, and to identify and
implement improvements.
The fi gures reported above include DCC
employees, temporary workers, and
agency-supplied sta , but do not
include third-party contractors. There
were 31 accidents at our facilities
resulting in personal injury to third-party
contractors during the reporting period.
Environmental Protection
DCC strives for zero harm to the
environment and communities in which
we operate. The most material risk to
the environment in the communities
where Group businesses operate is the
occurrence of a material spill of liquid
fuel, such as home heating oil, petrol
or diesel.
Asset management and employee
training and competence are critical
to spill prevention, as is our ability to
respond quickly and appropriately to
such incidents should they occur. We
have actions in place to assess,
maintain and upgrade our fi xed and
mobile assets, including storage
facilities and delivery infrastructure.
In contrast to liquid fuels, the loss of
liquid gas can present a signifi cant
safety risk but does not typically
damage the local environment.
Our Energy division experienced an
overall spill rate of 3.5 spills per 10,000
deliveries made, compared to a spill
rate of 3.0 spills per 10,000 deliveries
made in the prior year.
In contrast, operations in our Healthcare
and Technology divisions do not
generate material risks of local
environmental damage.
Lost Time Injury (’LTI’) Rates
2020 2021 2022 2023 2024
27
25
29
22
18
LTI severity rate LTI frequency rate
1.07
1.04
0.97
0.96
0.89
Sustainability in Action
2024 HSE CONFERENCE
We held our Group HSE conference in April 2024 in
Dublin. This was the second in-person Group Safety
Conference since the end of Covid-related
restrictions. We welcomed over 100 delegates from
across the Group. This included HSE professionals and
members of management from key Group businesses.
Delegates met in divisional groups and attended
workshops on safety-related topics as well as hearing
from senior leaders and external speakers on a range
of safety subjects. The Conference provides a strong
foundation for the HSE Three-Year Planning process
that takes place each summer.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 75

Our People
PEOPLE
& SOCIAL
Our goal is to provide a vibrant,
diverse and innovative place to
work and be a positive member of
the communities we serve.
Developing and investing in our
people is a key strategic objective.
OUR GOALS
• Support the development of our
people
• Support inclusion and diversity
PILLAR THREE
ENABLING AN ENGAGED
AND DIVERSE TEAM
DCC is a people business, and our
success relies on our 16,600 people
across 22 countries. We strive to create
a workforce that is as diverse as our
customers and communities and build
inclusive work environments where
everyone has the same opportunity to
develop and progress.
The development of our people is a
strategic objective for the Group. We
focus on growing our talent, fi nding
better ways of working, building
partnerships and supporting innovation.
As the Group continues to grow, the
depth and quality of our talent is a key
contributor to our future success.
At 31 March 2024, we employed 16,600
people, which is a 3% increase on the
prior year. Our employee turnover rate
during the year was 23% and new joiners
amounted to 22% of all employees.
These turnover numbers are in line with
expectations and are a refl ection of the
wider employee environment, albeit
lower than last year.
Both of these fi gures include our
seasonal workforce, who support our
businesses in peak periods of trading,
many of whom return year after year to
work with us.
Employee Engagement
We strive to provide an employee
experience where everyone can feel
safe, valued and included, and where
every colleague can make their unique
contribution.
Our Employee Engagement Survey
provides a valuable perspective on the
culture and ‘lived experience’ of our
colleagues. In 2023, all of our colleagues
across 22 countries in 76 businesses
were given the opportunity to have their
voices heard by participating in the
survey.
Employees
16,600
Countries
22
OUR VALUES
Safety
Our fi rst priority is the safety of our colleagues,
contractors, customers and other persons who
may be a ected by our business activities.
Nothing we do is so important that it cannot be
done safely, every time.
We believe safety to be a foundation of our
sustainable business success and that is why we
continuously look for ways to improve our safety
culture, systems and processes.
Integrity
Being honest, open, accountable and fair is in our
nature. These traits are the pillars on which our
business has been built.
We believe in doing the right thing and inspiring
others by being true to ourselves and treating
people with respect and dignity.
We are committed and responsible employers. We
lead by example and take pride in delivering on
our promises.
Partnership
Our business is all about creating sustainable
partnerships. By working together as a team with
those stakeholders who share our values, our
passion and our drive – we become stronger.
We seek to develop mutually benefi cial, long-term
relationships, founded on trust and respect and
place signifi cant value on commitment and
loyalty.
Excellence
We believe great performance comes from
preparation, focus on the detail, relentless
determination, a sense of urgency and a genuine
hunger for success.
These are the hallmarks of our people. We have a
passion for accuracy and getting it right fi rst time,
every time. We share a collective entrepreneurial
spirit. We are agile, responsive and continuously
looking for ways to improve what we do.
DCC plc Annual Report and Accounts 202476
Sustainability Review Continued

We achieved an excellent participation
rate which is refl ective of how much our
colleagues value the chance to share
their insights and feedback.
We are delighted to report that we have
seen a year-on-year improvement in our
overall engagement score across the
Group with material progress in the
engagement levels for some of our
larger colleague populations.
Colleagues gave us feedback on a
number of areas which allows us to
identify common themes across the
Group, as well as compare progress
year-on-year and gain insights where
our action planning is making a
di erence and where we need to
continue to improve. In line with our
devolved operating model, our process
enables our businesses to seek
feedback on additional areas that are
of particular importance to that
business, division or country.
Every people manager across our
business with fi ve or more team
members receives the feedback and
results for their team. To support our
managers in sharing results with their
teams, leading conversations and
agreeing actions, training and materials
were rolled out across the Group. Our
ability to monitor the impact of the
actions we take through movements in
engagement scores is a great step
forward and builds confi dence with our
colleagues that action will be taken as
a result of their feedback.
This annual initiative continues to
reinforce the strengths of our devolved
business model. The results highlighted
that our colleagues have a strong sense
of purpose and understand why their
work matters. Our people are also
invested in the future of the Group and
feel fairness and respect are at the
heart of our working relationships.
Encouragingly, our people also feel real
accountability for our safety culture, a
core value for DCC.
While the results were very positive
overall, we also identifi ed a number of
areas that need improvement. Our
businesses and managers have
implemented action plans at a local
and team level to ensure that DCC
businesses continue to be great places
to work.
Building an Inclusive and Diverse
Culture
We aim to create an environment where
every individual feels a sense of
belonging and can thrive and
contribute to their fullest in our
businesses. That means embracing
diversity in the broadest possible sense,
including gender, ethnicity, ability, age,
sexual orientation, education, and ways
of thinking. We believe that to reap the
benefi ts of our diverse and talented
workforce we need inclusive work
environments where all of our
colleagues have the freedom to achieve
their ambitions and a culture that
cultivates the energy and passion our
colleagues bring to work.
Our focus has been on targeting greater
gender diversity, with a particular focus
on developing a diverse pipeline of
talented future leaders for the Group.
Our Inclusion and Diversity Policy, ‘You
Belong Here’, lays fi rm foundations to
bring our inclusion and diversity strategy
to life in a meaningful way. We remain
committed to increasing diversity and
inclusion within our workforce at all
levels. 36% of the people we employ
across our global business are women.
We continued to make progress on
initiatives to enhance diversity and
inclusion throughout the year. In FY24,
a number of our businesses rolled out
Employee Resource Groups which
provide colleagues with a supportive
space to connect and share
experiences.
As a Group, we recognise the
importance of workforce turnover as
a sustainability metric and, like most
companies, we are experiencing strong
competition for talent. Our employee
turnover rate during this fi nancial year
was 23%. We continue to place great
emphasis on our ability to attract,
develop and retain talent and identify
this as a key risk, as highlighted in the
Risk Report on page 88. We will continue
to further enhance our diversity-led
activities including the requirement for
diverse candidate lists for senior open
roles, providing unconscious bias
training for thousands of our colleagues
across the Group, taking opportunities
to celebrate diversity and most
importantly listening to the views of
our people.
Celebrating Diverse Cultures
and Traditions
DCC is committed to having a
workplace culture where everyone feels
welcomed, respected and valued and
has the freedom to achieve their
ambitions.
With over 16,600 colleagues across 22
countries, DCC is a multinational and
multicultural organisation. We recognise
the opportunity that global cultural
events provide, to raise awareness and
understanding of our di erences, as well
as our common interests. These global
awareness days create visibility and
instill a sense of pride to ensure all our
colleagues feel respected and valued.
Over the course of the year, we held
activities to mark celebrations such as
World Mental Health Day, International
Women’s Day, International Men’s Day
and Black History Month.
Group
Gender Diversity as at 31 March 2024
36%
64%
Senior Management
28%
72%
Board
40%
60%
Male Female
We recognise the benefi ts of diversity at
Board level as well. Our Board is fully
compliant with the requirements of the
UK Listing Rules in regard to gender
diversity. More detail on this is contained
in the Governance Report.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 77

DEVELOPING OUR
DIVERSE WORKFORCE
DCC Graduate Programme
The DCC Graduate Programme is an
integral part of the Group’s talent
development process, designed to
create a pipeline of high potential,
internationally mobile, early career
talent for the Group. Each year, we
select graduates from a broad range of
backgrounds and nationalities ensuring
diversity in this talent pool at this early
career stage.
We place our graduates according to
genuine business needs ensuring
graduates can make real contributions
from the start.
DCC is a fast-paced environment and
graduates on our two-year programme
are provided with a wide range of
opportunities to support their learning
and development. Many are given the
opportunity to undertake international
work placements and assignments
where they benefi t from the diversity of
markets and geographies in which we
operate. We have a commitment to
continuous on-the-job training and
coaching for all graduates, maximising
the benefi ts of this programme. More
information is available at
www.dccgraduateprogramme.com.
Talent planning and career
pathing
DCC has a strong record of developing
its talent; most of our senior leadership
have progressed their careers through
a succession of exciting roles in diverse
businesses across the Group.
Throughout the year, we continued to
identify and develop talent to meet the
future needs of our businesses through
our annual talent planning process.
All our businesses actively engage in
the annual talent process and use a
consistent approach to focus on
succession planning for high impact
roles and identify talent for
development purposes. Through this
annual process we ensure a continued
focus on the visibility and development
of our diverse talent on an ongoing
basis. This will lead to greater diversity
and balance in our management teams
over time.
The number of roles in scope for
succession planning has grown
considerably over the past number of
years in line with our growth over the
same period. We strive to make talent
visible and identify career paths for
people within their own business as well
as across the Group. About 83% of our
management team positions currently
have internally identifi ed successors
from within our Group. Of those, all
identifi ed critical positions have
succession coverage and we have
worked hard to create visibility of our
internal talent options.
We aim to create an
environment where every
individual feels a sense of
belonging and can thrive
and contribute to their fullest
in our business.
Employees by geography
UK
Continental Europe
30%
16%
8%
1%
North America
Ireland
Rest of World
45%
Employees by division
DCC Energy
DCC Healthcare
53%
1%
19%
27%
DCC Technology
DCC Corporate
DCC plc Annual Report and Accounts 202478
Sustainability Review Continued

Talent management system
We continue to invest in our Group-wide
talent platform to help us identify
internal talent and ensure talent
management processes are embedded
consistently across the Group. The
platform currently supports the
automation of succession planning,
reward and performance management
processes. As more of our businesses
have recognised the value of the
system, we have had a 6% increase in
the number of users over the last year.
High-performance culture
Our people are driven to achieve and
have an unwavering focus on results.
We are open and transparent on
performance and constantly measure
our progress. Every member of our
business management teams actively
engages in our annual performance
review process. To support and drive
our high-performance culture, we o er
regular coaching skills training to our
business management teams at key
points during the performance cycle.
Developing leaders
We strive to foster a culture of
continuous development for our
people, ensuring we have the talent
and capabilities we need, now and
in the future.
There are many existing Group-wide
training programmes, including the DCC
Management Essentials programme,
DCC Finance for Non-Finance
Managers programme and our fl agship
DCC Business Leadership Development
programme.
Each business within DCC is empowered
to create and deliver customised
training and development programs,
addressing local requirements, with the
goal of boosting performance at local
business level.
Sustainability in Action
CREATING A FUTURE OF EQUITY AND BELONGING
IN THE WORKPLACE
We are dedicated to nurturing an inclusive
environment that embraces the unique qualities
of our colleagues, ensuring everyone feels valued,
respected and empowered. In doing so, we
strengthen our ability to positively impact our
people, business, customers and the communities
we serve worldwide.
In recent years, DCC Technology has implemented
various initiatives to foster empowerment and unity
among all members of our workforce. Education and
awareness play vital roles in equipping our people
with the cultural competence and empathy
necessary to e ectively collaborate with individuals
from diverse backgrounds.
This year, our focus has been on raising awareness
of barriers that some colleagues may face due to
certain aspects of their identity and providing
resources to ensure adequate support. To facilitate
this, DCC Technology launched Winning Hearts and
Minds, a campaign aimed at increasing awareness,
along with an online hub hosting multiple resources
to assist colleagues at all levels in creating more
equitable and inclusive workplaces.
Additionally, DCC Technology has introduced
Employee Resource Group (‘ERG’) guidance across its
businesses, with current emphasis on supporting
women, young professionals, LGBTQIA+ colleagues,
individuals from underrepresented ethnicities, and
people with disabilities.
In the year under review, DCC Technology released its
inaugural Diversity, Equity, and Inclusion (‘DE&I’)
report, marking a signifi cant milestone in its ongoing
commitment to ensuring equal opportunity and
inclusion for all. The report comprises four sections,
each focusing on di erent aspects of DCC
Technology’s DE&I e orts: Analysis, Actions,
Accomplishments and Aspirations.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 79

GOVERNANCE &
COMPLIANCE
We embed and uphold high
standards of governance and
compliance across all our
operations
OUR GOALS
• Protect Human Rights
• Prevent Bribery and Corruption
• Sell Safe Products
PILLAR FOUR
OUR APPROACH
DCC is committed to operating to the
highest standards of corporate
governance. For more detail on our
governance structure, see the
Corporate Governance Statement on
page 100.
We also seek to operate to the highest
legal and ethical standards. We want to
benefi t society by enabling businesses
to grow and the world to progress. We
do this by working with suppliers and
customers who share our values.
Code of Conduct
Our Group Code of Conduct, available
on our website, sets out the standards
that are expected of our employees in
a range of areas, including anti-bribery
and corruption, supply chain integrity,
the protection of personal information
and competition law. The Code refl ects
our values and our desire to do things
the right way for each other and in
accordance with the law. It helps to
ensure we lead and operate in
accordance with our core value of
Integrity.
Aligned with our commitment to uphold
exemplary standards of business
conduct, we constantly refi ne and
enhance our awareness. Training is
provided to every employee when they
join the Group along with a copy of the
Code. Code of Conduct training is
then provided to all employees every
two years.
The Code also explains how employees
can ask questions about compliance
issues and raise concerns if they believe
that something wrong is happening.
Compliance Policies and Training
The Group maintains more detailed
policies on a range of relevant areas,
complementing the general
requirements set out in the Code of
Conduct. The areas covered by more
detailed policies include health and
safety, anti-bribery and corruption,
supply chain integrity, human rights,
competition law, data protection,
information security, diversity and
inclusion and share dealing. Depending
on the nature of their role, employees of
the Group may receive more detailed
training on those policies.
7,979 colleagues did online compliance
training during the year. In addition to
this, businesses also provide in-person
training to employees across the Group.
Whistleblowing
Employees across the Group are
required to raise a concern if any of our
activities are being undertaken in a
manner that may not be legal or ethical
and are supported if they do so.
Concerns can be raised with a member
of management in the business where
the employee works, with the Head of
Group Compliance, or externally with
Safecall, a third-party facility which is
independent of DCC and available in
multiple languages on a 24-hour basis.
Employees may raise concerns
anonymously if they wish. Our internal
policies make clear that retaliation
against any employee who raises a
concern is prohibited.
Our Human Rights Policy also sets out
the ways in which non-employees can
raise concerns in relation to any breach
of human rights that may have occurred
within our operations or our supply
chains. Where concerns are raised, they
are investigated in an appropriate and
independent manner.
The Audit Committee has oversight
responsibility for our whistleblowing
facilities and how they operate. This is
referred to on page 122, as part of the
Audit Committee Report.
Sustainable Partners and Supply
Chains
DCC’s dedication to integrity and
sustainability extends to our supply
chains and third-party partners. We
expect our suppliers, distributors and
other business partners to share our
commitment to ethical business
practices, as articulated in our Supplier
Code of Practice. The Supplier Code of
Practice emphasises crucial areas such
as human rights, health and safety
standards and environmental
stewardship.
We engage closely with our partners
and have detailed due diligence
processes that underpin our
integrity-driven approach to these
partnerships. We intend to progress
initiatives over the coming year that will
further promote sustainability and
resilience in our third party relationships.
Compliance
DCC plc Annual Report and Accounts 202480
Sustainability Review Continued

Human Rights and Labour
Practices
As set out in our Human Rights Policy, we
are committed to protecting the human
rights of those that may be impacted by
activities in our value chain.
We have clear internal policies for
protecting human rights within our
operations and supply chains. These
include measures to identify and
prevent slavery, forced and compulsory
labour, child labour and human
tra cking. We provided online training
covering the importance of protecting
human rights to 6,297 employees across
the Group over the course of the year.
During the year no breaches of human
rights were identifi ed in our operations
or supply chains. The Board approved
DCC’s Modern Slavery Act statement for
the year. The statement is available on
our website.
Bribery & Corruption Prevention
DCC has a detailed Anti-Bribery and
Corruption Policy in place, which states
that no employee or representative of
any Group business is to o er or accept
any bribe, including small facilitation
payments, or engage in any other form
of corrupt practice. During the year, over
3,500 employees completed training on
the prevention of bribery and corruption.
No Group business was involved in any
public legal case regarding corruption
during the year under review.
Inclusion and Diversity
The Group actively supports the
development of a diverse and inclusive
workplace. Details on our Inclusion and
Diversity Policy, ‘You Belong Here’, and
the other measures we take in this area
are set out in the People and Social
section of the Sustainability Review on
page 77. Where allegations of
discrimination are made, they are
investigated, and suitable action is
taken in response. In the year under
review, there were no fi ndings by any
court or similar body that any DCC
Group businesses had engaged in
discrimination.
We provided training
covering the importance of
protecting human rights to
6,297 employees across the
Group over the course of
the year.
Data Security & Privacy
DCC’s privacy statement outlines the
Group’s policy on managing the
personal data of individuals we deal
with. In the year under review, we
identifi ed and monitored several
cyber-attacks on Group businesses, but
no leaks, thefts, or losses of customer
data were identifi ed as a result of these.
In the same period, no substantiated
complaints were received concerning
breaches of customer privacy.
Product Quality and Safety
Group businesses have suitable
processes and procedures in place that
are designed to ensure that the
products that they sell are safe and
meet applicable regulatory
requirements. There was no monetary
loss from legal proceedings associated
with product safety during the year.
Compliance Monitoring
All businesses in the Group report in
detail twice a year on their compliance
controls. A report on these controls is
provided to the Executive Risk
Committee and the Audit Committee.
In addition to these self-assessment
reports, the Group Internal Audit team
and the Group Legal & Compliance
team, with the assistance of external
advisors from time to time, monitor
compliance with the Code and a range
of compliance risks as part of their audit
programmes. More information on how
compliance risks are addressed within
the Group is set out in the Corporate
Governance Statement on page 100.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 81

RISK MANAGEMENT STRATEGY
DCC’s strategy, diversifi ed business activities and devolved
operating model support the e ective management of risks
and make the Group resilient to a wide range of adverse
events.
• We are a broadly-diversifi ed Group, with operations in
three growing industries across 22 countries. This protects
the Group against many local market cycles and
adverse events.
• We operate a devolved management structure, with
talented, experienced and highly-motivated teams
leading businesses across the Group. This means we remain
close to our customers and trends in individual markets and
can respond rapidly to changes.
• We have a strong culture focused on our core values of
Safety, Integrity, Partnership and Excellence – and work
hard to maintain and monitor this culture in every area of
our operations.
• Our fi nancial strength, built on the profi table and
cash-generative nature of the businesses in the Group, our
focus on returns from all capital invested, and our strong
and liquid balance sheet, create additional resilience.
• We focus on maintaining robust internal controls that are
aligned to the principal risks facing the Group and each of
the businesses within it.
MANAGING RISK
THROUGH STRATEGY
AND STRONG INTERNAL
CONTROLS
This Risk Report concentrates on the fi nal of these elements
of our risk management strategy – formal risk management
processes and related internal controls. Our Group and
divisional strategies and business models are addressed in
more detail in the Strategy section on page 12, the summary
of our Business Model on page 14 and the Business Reviews
on pages 22 to 47. Our culture is covered in the People and
Social part of the Sustainability Review on page 76 and in the
Governance Report on page 110. Our fi nancial position
is addressed in the Financial Review on page 52.
DCC plc Annual Report and Accounts 202482
Risk Report

Risk in Action
CLIMATE RISK
We assess the impact of climate change on our activities
principally by considering both transitional and physical
e ects over short-term (within three years), medium-term
(between three and ten years) and long-term (more than
ten years) periods.
Within this framework, we consider scenarios – using
reasonable assumptions as to how certain factors, such as
regulation, product availability and customer demand, are
likely to develop – to estimate the impact of climate change
on our activities. This analysis informs the strategic choices
we make regarding the future development of the Group and
its divisions.
There are three principal elements to our process for
identifying, assessing, and managing climate-related risks:
• Each business in the Group considers climate risks
(including physical risks and transitional risks such as
changes in regulation) as part of our general risk
management processes;
• Businesses in the Group then refl ect their assessment of
climate (and other risks) in their strategic planning; and
• The impact of climate risks, including their potential scale
and scope and their signifi cance relative to other risks, are
also considered when risk and strategy are considered at
divisional and Group levels.
We have put in place common risk defi nitions as part of our
overall risk process (covering both the likelihood and impact/
materiality of particular risks), which are applied to
climate-related risks.
Responses to climate-related risks (including their mitigation,
transfer, acceptance, or control) are considered as part of
our strategic planning processes, which involve an annual
review of strategy at business, divisional and Group level.
Progress against strategy and the implementation of specifi c
actions are monitored as an integrated part of our wider
management processes.
The Board maintains oversight of the Company’s response to
climate change. The overall role of the Board in this respect is
summarised in the Risk Management Governance diagram
on page 84 and in the Governance Report on page 94.
DCC Energy’s strategy is directly informed by our assessment
of the physical and transitional impacts of climate change on
its activities. Progress being made in the implementation of
DCC Energy’s strategy is addressed in the DCC Energy
Business Review on page 22.
Climate risk is also considered as part of our capital
expenditure approval process. More information on that
subject is contained in the Financial Review on page 52.
The need to respond to climate change – most notably by
reducing our carbon emissions – is a fundamental
component of our Sustainability Strategy. The Sustainability
Review on page 60 summarises the progress we are making
in that area.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 83

DCC plc Board
The Board is ultimately responsible for ensuring that appropriate risk management and
internal control structures are in place across the Group. The Board has approved a Risk
Management Policy and Risk Appetite Statement which respectively set out the Group’s
approach to the overall assessment and management of risk and appetite for specifi c
forms of risk. The Board receives regular reports from management on the Group’s
principal current and emerging risks, on mitigation actions and internal controls, on the
e ectiveness of existing controls and opportunities for their development. Strategic risks
and opportunities and HSE risks are overseen by the Board directly. Other risks are
considered by the Audit Committee before also being considered by the Board.
Group Management Team
The Group Management Team oversees the operations of the Group. This includes
ensuring that existing and emerging risks are assessed, managed and reported on
e ectively in line with the Risk Management Policy and Risk Appetite Statement
approved by the Board.
First Line of Defence
Management teams in divisions and
Group businesses are responsible for
day-to-day risk management
activity including maintaining risk
registers, identifying emerging risks
and designing, implementing and
maintaining e ective internal
controls. Divisional management
regularly review and consider the
status of risks with subsidiary
management.
Second Line of Defence
Group functional teams ensure the
fi rst line of defence is operating as
designed. They advise on Group
policies, provide oversight of
operations, and give technical
support and advice to colleagues in
Group businesses. These Group
functions include Finance, HSE, Legal
& Compliance, IT and Risk.
Third Line of Defence
The Group Internal Audit function
(including IT Assurance) provides
independent assurance over the
Group’s control environment. The
team reviews risk management and
control processes in businesses
across the Group, in accordance
with a risk-based audit plan
approved by the Audit Committee.
The team then reports on those
audits to the Executive Risk
Committee and the Audit
Committee.
Executive Risk Committee
Chaired by the Chief Executive and comprised of
senior members of Group management, this
Committee oversees the Group’s risk management
processes in detail, including through the review of
detailed reports from relevant Group functions such
as Group HSE, Group Legal & Compliance, Group
Risk and Group Internal Audit.
Audit Committee
The Audit Committee assists the Board in assessing
relevant risks and by reviewing the Group’s risk
management and internal control systems in detail.
The Committee considers for this purpose reports
from management on relevant areas of risk,
including from the Group Internal Audit, Group Risk
and Group Legal & Compliance functions. Strategic
risks and opportunities and HSE risks are
considered by the Board.
RISK MANAGEMENT GOVERNANCE
DCC plc Annual Report and Accounts 202484
Risk Report Continued

RISK MANAGEMENT PROCESSES
Risk management processes are in place across the Group to enable risk-informed decision making. The principal
elements of these processes are summarised below.
Risk Management
Processes
Monitor and
Report
Identify and
Analyse Risks
RISK IDENTIFICATION AND ANALYSIS
Risk identifi cation and analysis is built into the Group’s core
management processes. This facilitates the frequent review
and updating of subsidiary and divisional risk registers and, in
turn, the Group Risk Register.
The risk management process involves an assessment and
evaluation of the impact and likelihood of occurrence of each
risk. New or emerging risks are added to risk registers when
they are considered to have become material.
The principal risks and uncertainties relating to the Group’s
strategic priorities, based on this risk identifi cation and
analysis process, are set out on pages 87 to 91.
DETERMINATION OF RISK APPETITE
The assessment of risk appetite involves setting tolerance
levels for each principal area of risk and then agreeing and
monitoring relevant key risk indicators in those areas.
Risk appetite and key risk indicators are reviewed and
updated periodically to refl ect changes in the Group’s risk
environment.
RISK MANAGEMENT
Individual risks are managed as part of the Group’s core
management processes, including the strategy review
process and the oversight of operations within Group
businesses.
Internal controls are designed to ensure that risks are
managed within the risk appetite defi ned for each area of risk.
Compliance with internal controls is reviewed by the functions
that operate in the second and third lines of defence as
outlined on the previous page. The Group has a process in
place to track the completion of actions agreed as part of
internal audits.
The Group’s culture, based on our Values, is an important part
of our risk management framework. It supports good decision
making by management teams across the Group, within the
context of the Group’s internal control framework. Further
details on how culture is monitored are set out on page 110
of the Corporate Governance Statement.
RISK MONITORING AND REPORTING
Risk reporting includes reports from fi rst, second and third line
functions, using the key risk indicators defi ned for each key
risk area.
The Executive Risk Committee considers detailed reports on
risks and related internal controls, in particular reports from
the Group HSE, Group Legal & Compliance, Group Risk, and
Group Internal Audit teams. It meets fi ve times annually.
In addition, the Group Management Team considers the
development of the Group’s overall risk environment and
related mitigating actions, including internal controls, on
a regular basis. This process is supported by reports from
and discussions with the Group’s key second and third line
functions and discussions on the Group Risk Register.
The work of the Executive Risk Committee and the Group
Management Team on risks and internal controls is then
presented to the Audit Committee and the Board, as part of
the Risk Management Governance structures outlined on the
previous page. Relevant risks are considered further as part of
the Group’s strategy processes.
Communications to support risk management include
guidance on risk management frameworks and processes for
Group businesses, alerts issued by fi rst, second and third line
functions, the publication of learnings from events and
discussions at management meetings and conferences on
relevant areas of risk.
Determine
Risk Appetite
Manage
Risks
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 85

EMERGING RISKS
The Group recognises that it faces certain emerging risks
that have the potential to become principal risks in the future.
In some cases, there may be insu cient information to
understand or quantify the impact, scale or likelihood of a
risk. This uncertainty may limit management’s ability to defi ne
a response to the risk. Emerging risks are regularly reviewed
and reported on as part of our overall risk process.
Key emerging risks at present include how AI will impact
the way work is done within DCC and with our suppliers,
customers and other stakeholders. New risks are also
emerging as a result of the unstable geopolitical situation,
with direct impacts on certain markets where the Group
operates, on the supply chains maintained by Group
businesses and on regulatory priorities.
ASSESSMENT OF THE EFFECTIVENESS OF RISK
MANAGEMENT AND INTERNAL CONTROLS
The risk management governance framework and processes
summarised above support the Directors and senior
management in assessing the Group’s risks and ensuring that
suitable mitigating measures and controls are in place in
respect of them.
As well as receiving reports on specifi c areas of risk and
internal control, the Group Management Team and Audit
Committee receive reports from the Group Risk function on
the Group’s overall risk environment, mitigation measures and
internal controls. As part of this process, the Group
Management Team, Audit Committee and Board review the
e ectiveness of the Group’s risk management and internal
control systems annually.
Opportunities to enhance our risk management processes
are considered regularly. In the year under review, this
included complementing the reports that the Audit
Committee receives from Group Finance, Group Legal &
Compliance, and Group Internal Audit with reports from
divisional management teams on the key risks and related
internal controls in their division.
The review of the Group’s risk management and internal
control processes that was undertaken during the year
concluded that our risk management and internal control
framework continues to operate e ectively. As usual, it
identifi ed some opportunities for enhancement. Those
enhancements will be actioned over the course of the year,
and reported to the Group Management Team, Audit
Committee and Board in due course.
Risk in Action
CYBER RISKS
We recognise the critical importance of safeguarding our
digital assets against cyber threats. In response to the
evolving nature of these threats, which could pose
signifi cant challenges to our operations, we have
implemented a range of preventative cybersecurity
programmes. These are supported by a robust internal IT
controls framework aligned with recognised industry
guidelines.
Our risk management framework in this area includes:
• Investment in Security Infrastructure: We maintain a
programme of vulnerability management and
penetration testing using industry-leading technologies
and best practices to detect, prevent, and respond to
cyber threats e ectively.
• Employee Training and Awareness: We recognise the
critical role of employees in maintaining cybersecurity.
Therefore, we provide regular training and awareness
programmes to equip our workforce with the knowledge
and skills necessary to identify and mitigate cyber risks.
• Continuous Monitoring and Incident Response: We have
implemented a continuous monitoring programme to
promptly detect any suspicious activities or potential
breaches. In the event of a cyber incident, we have
established response protocols to minimise disruption
and mitigate any potential impact on our operations and
stakeholders.
• Collaboration and Information Sharing: We actively
engage with industry peers, regulatory bodies, and
cybersecurity experts to stay informed about emerging
threats and best practices. This collaborative approach
enables us to strengthen our cyber resilience and better
protect our businesses.
• Regulatory Compliance: We adhere to relevant
regulatory requirements and industry standards
concerning cybersecurity, ensuring compliance with data
protection laws and regulations to safeguard the
confi dentiality, integrity, and availability of sensitive
information.
Despite these measures, we recognise that the cyber threat
landscape is dynamic and constantly evolving, including
because of the increasing use of AI. Therefore, we
continuously reassess and, where necessary, enhance our
cybersecurity posture to address emerging threats
e ectively.
Looking ahead, we will continue to invest in cybersecurity
capabilities, talent development, and strategic
partnerships to strengthen our cyber resilience.
DCC plc Annual Report and Accounts 202486
Risk Report Continued

Risk and Link to Strategy
Trend Principal Mitigation Measures Developments and Areas of Focus
STRATEGIC RISKS
Changing Markets
and Supply Chains
External factors outside the direct infl uence
of the Group, such as economic cycles and
technological changes, can signifi cantly
impact on performance. Specifi cally, the
impact of infl ation, rising energy prices, and
geopolitical developments can result in
changes in customer demand and to supply
chains.
The impact of changing market
forces is mitigated through the
Group’s diversifi ed activities and
devolved operating model, a
focus on fi nancial management,
strong culture and careful
geographic expansion.
After a period of upward
trending, risk in this area has
stabilised, albeit at a higher level
than in previous years.
The Group’s diversity of sectoral
focus, customer and supplier
breadth and geographic mix
contribute to our resilience as
these market dynamics evolve.
Emerging Risks
Emerging risks in this area include geopolitical
tensions and their impact on supply chains and the
impacts of new technology, such as AI.
Climate Change
Transitional climate change risks and
opportunities, including changes in policy,
regulation, technologies and societal views,
may impact demand for some of the Group’s
products.
Physical climate change risks, such as
extreme weather events and the related loss
of biodiversity could a ect the activities of a
large proportion of Group businesses.
DCC Energy is putting
relationships and structures in
place to enable our customers’
energy transition, including
introducing lower carbon forms of
energy. This will help reduce
Scope 3 carbon emissions.
Progress in the implementation of
our strategy for the energy sector
is set out in the DCC Energy
Business Review on page 22.
The Group is also making progress
in reducing our Scope 1 and 2
carbon emissions. The
Sustainability Review on page 60
covers this in more detail.
The Board and the Group
Management Team oversee key
sustainability initiatives.
The Group’s businesses have
appropriate business continuity
and crisis management plans in
place.
DCC has undertaken a Climate
Scenario Analysis (‘CSA’) to
assess the transitional and
physical implications of climate
change on the Group’s
operations. More detail on this
is contained on pages 72 to 73.
This will be updated over the
course of the fi nancial year
commencing 1 April 2024.
Management will continue to
monitor transitional and physical
climate change risks to consider
their impact on the Group and
ensure appropriate mitigation
measures are maintained.
Emerging Risks
Emerging risks in this area include both increased
climate activism, on the one hand, and, on the other
hand, the risk that interest in critical sustainability
questions such as climate change diminishes.
PRINCIPAL RISKS AND UNCERTAINTIES
The table on pages 87 to 91 summarises the principal risks and uncertainties to the successful achievement of the Group’s
strategic objectives.
Strategic Risks Internal or external factors that threaten the viability of the Group’s strategy and its ability to achieve its
long-term objectives.
Operational Risks Potential disruptions arising from internal processes, people, systems, or external events that could
negatively impact our e ciency, profi tability, or reputational standing.
Financial and
Compliance Risks
The potential for losses due to inadequate fi nancial controls, market fl uctuations, or non-adherence to
regulations. This could include fraud, errors, or legal penalties.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 87

Risk and Link to Strategy
Trend Principal Mitigation Measures Developments and Areas of Focus
Recruitment and Retention of Talented
People
The Group’s devolved management
structure has been fundamental to its
success. A failure to attract, retain and
develop talent, particularly in new markets
and in recent acquisitions, could impact the
attainment of strategic objectives. In
addition, employees of the Group need to
be supported in adapting to changes in
technology, in particular the impact of AI.
The Group maintains a constant
focus on this area in line with our
purpose and strategy, supporting
the development of our people
and ensuring that our workplaces
are inclusive and diverse.
Key mitigation measures include
our:
• Annual succession planning
cycle which focuses on business
continuity risk;
• Talent review process which
identifi es high-performing and
high-potential talent for the
future;
• International mobility practices
which support the transfer of
talent across our Group for
professional development
purposes as well as business
need, particularly supporting
the integration of new
acquisitions;
• Core leadership development
programmes which support
development at key career
stages; and
• Annual remuneration cycle,
which ensures incentives are
competitive from a retention
perspective and aligned with
the Group’s culture of long-term
performance.
These programmes form part of
the overall Group Talent and
People Strategy, which is reviewed
regularly by the Chief People
O cer, divisional management,
the Chief Executive and the
Board.
The Group will continue to focus
on developing and embedding
its HR programmes in the current
fi nancial year, particularly in
recently-acquired businesses,
and on adapting to new ways
of working.
The Group is focused on
ensuring that DCC continues to
be a great place to work for all
of our colleagues. HR initiatives
support key areas of culture and
engagement, inclusion and
diversity, and employee
experience.
The impact of AI on key business
processes and on working
practices is being actively
considered.
The development of our people
is described in more detail in the
Growth and Progress in Action
section on page 20 to 21 and in
the Sustainability Review on
page 76.
Emerging Risks
Emerging risks in this area include how new
technology, such as AI, will a ect the scale and nature
of skills needed within the Group and the steps the
Group should take to develop and retain these.
Acquisitions and Disposals
A failure to identify and execute suitable
acquisitions and disposals could impact
profi t targets, returns targets and impede
the strategic development of the Group.
Group and divisional
management teams engage in
a continuous and active review
of potential acquisitions and
disposals.
Potential acquisitions are subject
to an assessment of their ability to
generate a return on capital
employed well in excess of the
Group’s cost of capital and of
their strategic fi t within the Group.
The Group conducts a stringent
internal evaluation process and
due diligence before completing
any acquisition or disposal.
Performance against original
acquisition proposals is reported
to the Board annually and
account is taken of lessons
learned from this.
The Group continues to be
active from a development
perspective, including several
acquisitions in the Energy
division in the year.
Acquisition and disposal activity
in the current fi nancial year will
continue to be subject to robust
internal evaluation processes
and due diligence.
M&A execution remains a core
competency of the Group. The
Group has published clear
priorities for capital allocation,
including as part of the
implementation of DCC Energy’s
strategy.
Emerging Risks
Emerging risks in this area include the impact of
expected changes in interest rates and wider
fi nancing conditions on M&A activity.
DCC plc Annual Report and Accounts 202488
Risk Report Continued

Risk and Link to Strategy
Trend Principal Mitigation Measures Developments and Areas of Focus
OPERATIONAL RISKS
Project and Change Management
A failure to e ectively complete change
management programmes or other
signifi cant projects, including the integration
of acquisitions, could impact profi t targets,
returns targets and impede the strategic
development of the Group.
Projects and change
management programmes,
including the integration of
acquisitions, are resourced by
dedicated and appropriately
qualifi ed internal personnel and
supported by external expertise.
Signifi cant projects or
programmes are subject to
oversight by steering groups as
well as by divisional and Group
management and the Board.
A number of important change
management initiatives and
other projects will be underway
across the Group at any stage.
The implementation of DCC
Energy’s strategy will continue to
be a priority in the current year.
More detail on that subject is
contained in the DCC Energy
Business Review on page 22.
Emerging Risks
Emerging risks in this area arise principally from
change processes undertaken as part of the strategic
development of the Group.
Major Safety or Environmental
Incident
The Group is subject to safety and
environmental laws, regulations and
standards across multiple jurisdictions.
Principal HSE risks relate to fi re, explosion or
multiple vehicle accidents, an incident
resulting in signifi cant environmental
damage and an HSE or security event
requiring the activation of our crisis
management plan.
Such risks may give rise to injuries or
fatalities, legal liability, signifi cant costs and
damage to the Group’s reputation.
HSE management systems are
maintained in proportion to the
nature and scale of applicable
risks. Inspection and auditing
processes concerning HSE
management systems are
conducted by subsidiary
management, by the Group HSE
team, and by external assurance
providers, as appropriate.
There is a strong focus on process
safety and ongoing
communication with the relevant
safety authorities, particularly
within the Energy Division.
Emergency response and
business continuity plans are in
place and tested to minimise the
impact of any signifi cant
incidents.
Insurance cover is maintained at
the Group level for signifi cant
insurable risks.
While there have been no
signifi cant changes to the
assessment of these risks,
management continued to
evolve HSE practices during the
year. For more detail, see the
Sustainability Review on
page 60.
Further development of HSE
controls and management
systems will continue in the
current year in line with our
Three-Year HSE Plan, including
completing the implementation
of a new HSE reporting system
across all Group businesses.
Emerging Risks
Emerging risks in this area include the safety risks
generated as Group businesses expand into new
markets and/or types of activity, such as the
installation of solar panels.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 89
Link strategy

Risk and Link to Strategy
Trend Principal Mitigation Measures Developments and Areas of Focus
Major IT Failure, Cybercrime Incident
or Data Loss
Our IT systems and infrastructure may be
a ected by the loss of service or system
availability, signifi cant system changes or
upgrades or cybercrime, which could result
in fi nancial or reputational damage.
The personal data we hold may be a ected
by accidental exposure or deliberate theft of
sensitive or personal information, which
could result in a regulatory breach or
fi nancial or reputational damage.
Dedicated IT personnel in Group
subsidiaries implement IT
standards, oversee IT security
and are provided with technical
expertise and support from
Group IT.
Cybersecurity reviews are
performed by a dedicated
internal IT Assurance team and
external technical experts to
provide independent assurance
over the Group’s controls in this
area.
Group businesses maintain
appropriate business continuity,
IT disaster recovery and crisis
management plans. DCC
maintains a level of cyber
insurance.
Our Group Data Protection Policy,
supported by detailed guidelines,
requires Group businesses to
ensure appropriate controls over
personal data.
Page 86 sets out the steps that
we take to identify and manage
cyber risks in more detail.
The devolved structure of the
Group limits the potential impact
of IT system failure or cybercrime.
As global cybercrime trends
continue to evolve, the Group
strengthens its mitigation
measures and resources in this
area.
Group IT and Group IT
Assurance will continue to focus
on raising awareness of cyber
threats in the current fi nancial
year. We will ensure that the
Group’s IT standards and
policies are consistently applied.
Emerging Risks
Emerging risks in this area include the increased
sophistication of cyberthreats because of AI.
Geopolitical and Naturally-Occurring
Events
Geopolitical confrontation, military confl ict,
a systemic fi nancial crisis, major adverse
public policy change, or the emergence of a
new public health emergency such as a
further pandemic could have a signifi cant
impact on the Group’s operations.
The Group’s crisis management
and business continuity plans
would be implemented in
response to sudden adverse
events, taking lessons learned
during the Covid-19 crisis into
account.
Key elements of the Group’s
business model, including our
diversifi ed operations and
fi nancial strength, enhance our
resilience to these events should
they occur.
Management monitor emerging
risks in this area on a continuous
basis. Changes to the Group’s
risk environment will continue to
be refl ected in changes to the
Group’s operations as they arise.
The Group has and will continue
to adapt to new ways of working
and doing business while
protecting the safety of our
employees, customers, suppliers,
and other stakeholders.
Emerging Risks
Emerging risks in this area include the impact of the
numerous elections taking place in 2024 and early
2025 in countries where Group busnesses operate.
DCC plc Annual Report and Accounts 202490
Risk Report Continued

Risk and Link to Strategy
Trend Principal Mitigation Measures Developments and Areas of Focus
FINANCIAL AND COMPLIANCE RISKS
Corporate Reporting and Financial
Management
Failure to accurately report fi nancial or
non-fi nancial performance through error or
fraud could result in regulatory sanctions
and damage the Group’s reputation.
Failure to manage exposure to fi nancial risks
resulting from the Group’s transactions, such
as tax or foreign exchange risks, could
negatively impact on fi nancial performance.
Group fi nancial risks are
managed by experienced Group
fi nance teams and governed by
policies reviewed and approved
annually by the Board.
Standard reporting packs are
prepared, including weekly
forecasts and monthly
submissions, and are subject to
review by local, divisional and
Group management as well as
Group Internal Audit.
We will continue to develop our
internal processes and reporting
systems so that the Group can
e ciently meet additional
corporate reporting and
assurance requirements,
including the EU Corporate
Sustainability Reporting
Directive.
Emerging Risks
Emerging risks in this area include implementation of
increased non-fi nancial reporting obligations and
related requirements for enhanced assurance.
Compliance with Legal and Ethical
Standards
A material failure to comply with applicable
legal and ethical standards could result in
penalties, costs, reputational harm and
damage to relationships with suppliers or
customers.
The Group promotes a culture of
compliance and ‘Doing the Right
Thing’ in all activities, consistent
with our value of Integrity.
Sta surveys include an
assessment of the Group’s
compliance culture.
A Code of Conduct is in place
and is supported by more
detailed policies where needed,
including a Supply Chain Integrity
Policy, a Human Rights Policy, an
Anti-Bribery and Corruption Policy
and a Data Protection Policy.
Training programmes are
provided for employees on key
compliance risks.
All employees can raise concerns
using the Group’s whistleblowing
facilities.
The Group Legal & Compliance
function performs compliance
audits, and Group Internal Audit
reviews a range of compliance
controls as part of their audits.
Group businesses actively
manage compliance with
relevant requirements within
the framework of our existing
compliance procedures.
Emerging Risks
Emerging risks in this area include a further increase in
trade sanctions because of wider geopolitical
tensions and changes to rules or enforcement
approaches regarding environmental statements.
Strategic Report Governance Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 91

GOING CONCERN AND VIABILITY STATEMENT
In accordance with the relevant provisions set out in the UK
Corporate Governance Code, the Board has taken account
of the principal risks and uncertainties, as set out in the table
on pages 87 to 91, in considering the statements to be made
in regard to the going concern basis of accounting and the
viability statement. These statements are set out below:
Going Concern
The Company’s business activities, together with the factors
likely to a ect its future development, performance and
position, are set out in the Strategic Report.
The fi nancial position of the Company, its cash fl ows, liquidity
position and borrowing facilities are described in the Financial
Review on page 52. In addition, note 5.7 to the fi nancial
statements includes the Company’s objectives, policies and
processes for managing its capital, its fi nancial risk
management objectives, details of its fi nancial instruments
and hedging activities and its exposures to credit risk and
liquidity risk.
The Company has very considerable fi nancial resources and
a broad spread of businesses with a large number of
customers and suppliers across di erent geographic areas
and industries.
Having assessed the relevant business risks, the Directors
believe that the Company is well placed to manage its
business risks successfully.
The Directors have a reasonable expectation that the
Company, and the Group as a whole, have adequate
resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the
going concern basis in preparing the fi nancial statements,
notwithstanding the turbulent economic and political
environment.
Viability Statement
The Directors confi rm that they have a reasonable
expectation that the Group will continue to operate and meet
its liabilities, as they fall due, for the next three years to
31 March 2027. The Directors’ assessment has been made with
reference to the resilience of the Group and its strong fi nancial
position, the Group’s current strategy, the Board’s risk appetite
and the Group’s principal risks and how these are managed
and, again, with regard to ongoing economic and political
uncertainty globally.
Period of Viability Statement
In accordance with Provision 31 of the UK Corporate
Governance Code, the Directors have considered the length
of time to be reviewed in the context of the Viability
Statement.
The Directors believe that the three-year period to 31 March
2027 represents an appropriate period. The length of this
period aligns with the Group’s annual strategic review period,
which is a bottom-up review prepared business by business,
which considers the risks, opportunities and development
plans for each business and is ultimately approved by the
Board. The period also aligns with the period used for a
number of other Group matters, including the performance
period for the Group’s Long-Term Incentive Plan. Finally,
inherent uncertainty increases with regard to longer-term
fi nancial forecasting as time horizons extend. A three-year
period is deemed to provide an appropriate balance
between near-term and medium- to long-term infl uences.
Approach to Assessing Viability
In making a viability statement, the Directors are required to
consider DCC’s ability to meet its liabilities as they fall due,
taking into account the Group’s current position and
principal risks.
The Group operates a devolved operational structure and
has sales, marketing and support services operations across
a diverse mix of industry sectors. The Group has an extensive
spread of customers and suppliers across 22 countries, four
continents and distinct market sectors. Importantly, the Group
is supported by a very well-funded, liquid balance sheet and
strong operational cash fl ows.
A robust fi nancial model of the Group is built on a
business-by-business basis. This model is subjected to
sensitivity analysis, and those sensitivities are reviewed
periodically to ensure they remain appropriate given
changing circumstances in the business, markets and
economies. This sensitivity review focuses on the Group’s
liquidity, solvency and gearing metrics, with particular
consideration given to the Group’s principal debt covenants,
including its Net Debt: EBITDA and Interest Cover covenants.
Given the diverse nature of the Group’s activities, the principal
sensitivities considered in the review are those where negative
economic and other impacts could be experienced across
the entire range of the Group’s activities. These sensitivities
consider situations from depressed activity levels globally to
material and persistent rebasing of the Group’s profi tability
due to a range of factors. The Group also reviewed a
sensitivity to consider the potential impact of a very material
‘shock’ which would have a signifi cant and immediate impact
on profi tability and cash fl ows and where recovery would take
a number of years. Finally, the review considered a ‘reverse’
stress test to determine what level of disruption would need to
be experienced before a breach of the Group’s debt
covenants was unavoidable.
This review and analysis also considers the principal risks
facing the Group, as described on pages 87 to 91, and the
potential impacts these risks would have on the Group’s
business model, future performance, solvency or liquidity over
the assessment period. The Group has operated through
periods where a number of these strategic risks have been
evident in the marketplace, including in recent years. The
business model has proven to be robust during these periods.
The Board considers that the diverse nature of the sectors
and geographies in which the Group operates acts
signifi cantly to mitigate the impact any of these risks might
have on the Group.
DCC plc Annual Report and Accounts 202492
Risk Report Continued

GOVERNANCE
DCC plc Annual Report and Accounts 2024 93
94 Chair’s Introduction
96 Board of Directors
98 Group Management Team
100 Corporate Governance Statement
114 Governance and Sustainability Committee Report
118 Audit Committee Report
126 Remuneration Report
152 Report of the Directors

DEAR SHAREHOLDER,
On behalf of the Board, I am pleased to
present our Governance Report for the
year ended 31 March 2024.
This Report summarises our corporate
governance framework, including how
we apply the principles and provisions
of the UK Corporate Governance Code
(‘the Code’).
Priorities and Progress
Our governance framework is focused
on generating long-term value for the
Group’s investors and other
stakeholders through clear strategic
development, robust risk management
and operational excellence.
Despite a challenging operating
environment, the Group made further
progress in all of these areas during the
year. Highlights included:
• A continued focus on the strategic
development of the Group and its
three divisions. The Board devoted
considerable time to the strategic
development of DCC Energy, DCC
Technology and DCC Healthcare and
of the Group as a whole during the
year.
• The continued integration of
sustainability into Group and
divisional strategies and preparation
for more detailed reporting under EU
sustainability reporting standards.
• Monitoring the Group’s culture,
including through a series of
successful visits to Group businesses.
Strategy
The Board’s primary focus when
considering the Group’s strategy is the
creation of value for our shareholders
and other stakeholders. We have made
progress in the strategic development
of the Group in recent years and this will
remain our focus for the year ahead.
We set out a revised strategy for the
energy sector in May 2022 which
described how we would expand our
energy business to provide low-carbon
energy and related services to
customers while continuing to meet
existing energy demands. We provided
a detailed update on progress against
that strategy – including updated
ambitions for growth and
decarbonisation – in September 2023.
More detail on the progress being made
in this area is set out in the DCC Energy
Business Review on page 22.
As in previous years, the Board also
spent considerable time during the year
looking at the strategic development of
our Technology and Healthcare
divisions. Again, more detail on the
evolution of these two divisions is
contained in their Business Reviews on
pages 32 and 40.
Sustainability
The Board and myself as Chair have
ultimate responsibility for the long-term
sustainability of DCC. With e ect from
1 April 2024, all sustainability matters are
addressed by the Board directly. The
ambit of the Governance
and Sustainability Committee has
been adjusted accordingly from the
same date.
The work of the Governance and
Sustainability Committee on
sustainability matters is described in its
report on page 114. More information on
DCC’s sustainability generally, including
its relationship to our strategy, is
contained in the Sustainability Review
on page 60.
Culture and Values
Our clear purpose and strong culture
and values are the foundation for the
Group’s activities. Our commitment to
our values of Safety, Integrity,
Partnership and Excellence is an
essential part of the success of the
Group to date and its future
development. The Board spent a good
deal of time during the year reviewing
aspects of the Group’s culture. More
detail on this is provided on page 110.
Board Visits to Group Businesses
The Board undertook a number of visits
to Group businesses in Austria and
Germany during the year. These visits
typically included a tour of facilities at
the business in question as well as a
discussion with colleagues on strategy,
development areas, risks and
opportunities, safety, compliance and
people. Members of the Board found
this additional engagement with the
workforce extremely useful. More detail
on the Board visits undertaken this year
is set out on page 113.
GOVERNANCE
FOCUSED ON
VALUE CREATION
DCC plc Annual Report and Accounts 202494
Chair’s Introduction

Risk Management
The e ective but e cient management
of risks remains a core component of our
governance framework. Health, Safety
and Environment (‘HSE’) matters are
overseen directly by the Board. The
management of other risks is considered
by the Audit Committee and then by the
Board. More detail on the Group’s
processes in this area, and how they are
developing, is contained in the Audit
Committee’s Report on page 118 and in
the Risk Report on page 82.
Board Composition and Diversity
On 1 May 2023, we welcomed Katrina
Cli e as a non-executive Director and
as a member of the Remuneration
Committee. She will succeed David
Jukes as Chair of the Remuneration
Committee on Mr Jukes’ retirement from
the Board and Committee at the
conclusion of our 2024 AGM.
The Board recognises the benefi ts that
diversity of thought and perspective
bring to our discussions and decision
making. We updated our Board
Diversity Policy during the year to
underline this and it is available on the
Company’s website. I am very pleased
that as at 13 May 2024, 40% of the
Board are women. The Board meets all
of the requirements of the UK Listing
Rules on diversity.
In the year under review, all of our Board
meetings and Audit Committee
meetings were held in person. A number
of the meetings of the Remuneration
Committee and Governance and
Sustainability Committee were held
virtually.
Board Committees
All of our Board Committees continued
to perform very e ectively during the
year. The reports from each Committee
contained in this Report provide details
on their activities over this period and
their priorities for the current year.
Board Evaluation
The Board and its Committees review
their performance each year and
consider where improvements can be
made. The process this year was, as
always, very useful and provided some
further areas for development in our
governance processes. A summary of
the process, the areas for improvement
identifi ed and the steps we are taking in
relation to them are set out on page 112.
Compliance with the UK
Corporate Governance Code
DCC complied fully with the Code
during the year under review.
Priorities for the Year Ahead
Our primary objectives for the year to
31 March 2025 will be:
• Delivering growth, both organically
and through continued careful capital
allocation;
• Overseeing the implementation of
DCC Energy’s strategy; and
• Making continued progress on
sustainability, including related
reporting requirements.
MARK BREUER
Chair
13 May 2024
The Board’s primary focus when
considering the Group’s strategy is the
creation of value for our shareholders and
other stakeholders.
MARK BREUER
Chair
DCC plc Annual Report and Accounts 2024 95
Financial Statements Supplementary InformationStrategic Report Governance

LAURA ANGELINI
Non-executive Director
Date of appointment: July 2021
Expertise: Laura has extensive knowledge
of the healthcare sector in Europe and the
US. She has more than 30 years of
experience in medical devices across
multiple therapies and business models,
including hospital products, consumer
MedTech and home therapies. In 2021,
Laura retired as General Manager of
Baxter International’s global Renal Care
business, having joined Baxter in 2016 in
this role. She previously held senior roles in
Johnson & Johnson from 1991 to 2016.
Laura’s leadership experience, healthcare
expertise and knowledge of the North
American markets enhances the Board’s
knowledge in key areas.
Key external appointments: Non-
e xecutive director of Identiv, Inc. and
member of the Board of Trustees of
Jacksonville University.
KEVIN LUCEY
Chief Financial O cer
Date of appointment: July 2020
Expertise: Kevin joined DCC in 2010 as
Finance & Development Director of the
Technology division and since then has
held a number of senior Group fi nance
roles, including, most recently, Head of
Capital Markets. Kevin is a Chartered
Accountant and has extensive
international M&A, capital markets and
operational fi nance experience. Prior to
joining DCC, Kevin was CFO and a
principal of a leading Irish private equity
fi rm. Kevin was appointed Chief Financial
O cer in July 2020.
Key external appointments: None.
DONAL MURPHY
Chief Executive
Date of appointment: December 2008
Expertise: Donal joined DCC in 1998 and
has a detailed knowledge of the
operations of the Group, having held a
number of senior leadership roles,
including Managing Director of DCC
Technology from 2004 to 2006 and
Managing Director of DCC Energy from
2006 to 2017. He led the very signifi cant
growth of the Energy division and its
transition from a small UK and Irish business
to a substantial international business
operating in 13 countries.
Donal was appointed Chief Executive in
July 2017.
Key external appointments: None.
MARK BREUER
Non-executive Chair
Date of appointment: Mark joined the
Board in November 2018 and was
appointed non-executive Chair in
July 2021.
Expertise: Mark is a highly experienced
corporate fi nancier and has operated at
senior levels in the UK and abroad. He
worked in investment banking for 30 years,
the last 20 of which were for J. P. Morgan,
where he served in numerous client facing
and management roles, delivering mergers
and acquisitions and broader corporate
fi nance advice to both domestic and
international clients. Mark’s wide-ranging
corporate fi nance experience is
particularly relevant given DCC’s
acquisition focus.
Key external appointments: Chair
and non-executive director of Derwent
London plc.
The Board continues to evolve and
develop to refl ect the current and future
needs of the Group.
BOARD OF
DIRECTORS
G
R
C G
Committee Membership Key:
A
Audit Committee member
G
Governance and Sustainability Committee member
R
Remuneration Committee member
C
Committee Chair
DCC plc Annual Report and Accounts 202496
Governance Continued

LILY LIU
Non-executive Director
Date of appointment: July 2021
Expertise: Lily has more than 20 years’
experience in fi nance roles and is the
current Chief Financial O cer of
Synthomer plc, a leading global provider
of chemical solutions and a member of the
FTSE 250. Lily joined Synthomer plc in 2022
as Chief Financial O cer, having previously
been Chief Financial O cer of Essentra
plc, Xaar plc and Smiths Detection.
Lily’s current role as CFO in a global
business brings international fi nancial
experience to the Board and Audit
Committee.
Key external appointments: Chief Financial
O cer of Synthomer plc.
ALAN RALPH
Non-executive Director
Date of appointment: November 2021
Expertise: Alan is a very experienced
business and fi nance leader having spent
almost 20 years with UDG Healthcare plc
(formerly United Drug plc). Alan spent
10 years leading UDG’s largest business
unit before supporting its strategic
transformation as Chief Financial O cer
for fi ve years.
Alan’s fi nancial expertise, business
leadership experience and knowledge of
the healthcare sector complements the
Board’s knowledge.
Key external appointments: Non-
executive director of Origin Enterprises plc
and J & E Davy.
MARK RYAN
Non-executive Director
Date of appointment: November 2017
Expertise: Mark is a highly experienced
board director and business leader who
has successfully operated at senior
management levels in Ireland and
internationally. Mark was Country
Managing Director of Accenture in Ireland
between 2005 and 2014. Mark served in
numerous management and executive
roles in delivering major strategy, IT and
business change programmes both locally
and internationally. Mark was previously a
non-executive director of Immedis and
Wells Fargo Bank International.
Mark brings strong commercial leadership
and project management experience to
the Board.
Key external appointments: Chair and
non-executive Director of Publicis Ireland
and Kefron Group and non-executive
Chair of PWC Ireland’s Public Interest Body.
Non-executive director of St. Vincent’s
Healthcare Group.
KATRINA CLIFFE
Non-executive Director
Date of appointment: May 2023
Expertise: Katrina is an experienced
business leader and non-executive
director and has held senior executive
roles in a number of fi nancial institutions,
including American Express and Lloyds
TSB, where she had a particular focus on
product development, sales and
operations. She was previously Senior
Independent Director and Chair of the
Remuneration Committee at HomeServe
plc. She was also previously a non-
executive director of Naked Wines plc.
Katrina’s business leadership and board
experience, together with her expertise in
the development and marketing of
consumer services enhances the Board’s
knowledge in key areas.
Key external appointments: Non-
executive director of International Personal
Finance plc and Vue International.
CAROLINE DOWLING
Non-executive Director,
Senior Independent Director
Date of appointment: May 2019
Expertise: Caroline is a highly experienced
business leader with extensive global
knowledge in the technology sector,
specifi cally electronic, technical and
logistic services. Caroline was, until her
retirement in February 2018, the Business
Group President of Flex, an industry-
leading, Fortune Global 500 company with
operations in 30 countries. In this role, she
led the Telecommunications, Enterprise
Compute, Networking and Cloud Data
Centre businesses and was also responsible
for managing the Global Services Division,
supporting complex supply chains. Caroline
was previously a non-executive director of
the Irish Industrial Development Agency.
Caroline’s leadership experience and areas
of expertise are particularly relevant to key
sectors in which DCC operates.
Key external appointments: Non-
executive director of CRH plc and IMI plc.
A
R R C R
DAVID JUKES
Non-ex ecutive Director
Date of appointment: March 2015
Expertise: David has over 40 years of
international chemical distribution
experience. In May 2018, he was appointed
President and CEO and a director of Univar
Solutions Inc. Prior to this appointment, he
held a number of senior positions with
Univar across global locations including
President and Chief Operating O cer.
Other previous roles include Senior Vice
President of Global Sales, Marketing and
Industry Relations for Omnexus and VP
Business Development for Ellis &
Everard plc.
David’s distribution experience brings
valuable perspectives to the Board.
Key external appointments: President
and Chief Executive O cer of Univar
Solutions Inc.
C
A A
G
A
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 97
Strategic Report Governance

GROUP
MANAGEMENT
TEAM
CONOR COSTIGAN
Chief Executive O cer,
DCC Healthcare
Conor has been the Chief Executive O cer
of DCC Healthcare since 2006. Conor
joined DCC in 1997 and has held a number
of senior leadership roles within the Group,
including in the Food & Beverage division
and Investor Relations. Conor moved into
the Healthcare division in 2003, initially
as Finance & Development Director
before being appointed Managing
Director in 2006.
CLIVE FITZHARRIS
Chief Executive O cer,
DCC Technology
Clive was appointed as Chief Executive
O cer of DCC Technology in September
2022 having previously been the Managing
Director of Exertis operations in North
America and Continental Europe since May
2020. Clive joined DCC in 2009 and has
held a number of senior leadership roles
within the Group, including in the Energy
division as Development Director and
Managing Director of Oil Europe. Clive was
the Head of Group Strategy &
Development for the DCC Group from 2017
to 2020.
Prior to joining DCC, Clive held a variety of
banking and investment roles at AIB and in
private equity.
KEVIN LUCEY
Chief Financial O cer
See Kevin’s biography on page 96.
DONAL MURPHY
Chief Executive
See Donal’s biography on page 96.
FABIAN ZIEGLER
Chief Executive O cer,
DCC Energy
Fabian joined DCC in November 2022 as
Chief Executive O cer of DCC Energy.
Fabian has extensive senior leadership
experience in the energy sector having
held various senior management roles in
Shell plc during his 26-year career. Prior
to joining DCC, Fabian was Country Chair
of Shell Germany and Chair of the
Management Board with responsibility
for Shell’s businesses (upstream,
downstream, power and renewables) in
the DACH region.
DCC plc Annual Report and Accounts 202498
Governance Continued

EDDIE O’BRIEN
Chief Strategy and Sustainability
O cer
Eddie was appointed Chief Strategy and
Sustainability O cer in November 2022.
Eddie had been the Managing Director of
DCC Retail & Oil since 2018. Eddie joined
DCC in 2012 as the Managing Director of
Oil and was subsequently Managing
Director of Retail & Fuel Cards. Prior to
joining DCC, Eddie was CEO at Topaz
Energy, Ireland’s largest fuel and
convenience brand. Before this, he spent
13 years at Statoil across a number of
fi nance, pricing, commercial and
leadership roles, including Vice President
Finance and Vice President Retail
Operations at Statoil Fuel and Retail
in Oslo.
DARRAGH BYRNE
Chief Risk O cer and General Counsel
Darragh joined DCC in 2012. He held a
number of senior legal roles within the
Group before being appointed to his
present position in October 2020 where he
has responsibility for the Group HSE, Risk,
Legal, Compliance and Company
Secretarial teams. Darragh is the Group
Company Secretary.
Before joining DCC, Darragh established
and led legal teams in several other
organisations and worked as a lawyer in
private practice. He is qualifi ed as a
solicitor in Ireland and in England
and Wales.
PETER QUINN
Chief Information O cer
Peter has been Chief Information O cer
since he joined DCC in 2004. He also spent
three years as Chief Operating O cer of
DCC’s largest oil distribution business,
Certas Energy UK. Prior to joining DCC,
Peter worked as an IT consultant with an
international fi rm where he specialised in
the delivery of complex IT solutions across
a range of business sectors. He had
previously worked in the food and
transport industries in a variety of IT
leadership roles.
NICOLA MCCRACKEN
Chief People O cer
Nicola has been the Chief People O cer
since she joined DCC in May 2016. Prior to
joining DCC, Nicola was the HR Director
responsible for Talent and Reward at CRH
plc from 2007 to 2016. Prior to that, she
enjoyed a consulting career with
PricewaterhouseCoopers in Europe and
North America, where she helped global
organisations from multiple industry
sectors adapt their human capital
strategies to improve business
performance.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 99
Strategic Report Governance

DCC is subject to the UK Corporate Governance Code.
This statement details how DCC applied the principles
and met the provisions of the Code during the year
under review.
CORPORATE
GOVERNANCE
STATEMENT
HIGHLIGHTS OF THE YEAR
Board Leadership and
Company Purpose
• Continued growth and progress
against clear strategic objectives
• Growth in profi ts and reduction in
carbon emissions
• Focus on culture and employee
engagement
Division of
Responsibilities
• Clear delineation of
responsibilities between Board
and management
• Enhanced Board focus on
sustainability
Composition, Succession
and Evaluation
• Continued Board renewal, with
Katrina Cli e joining as a
non-executive Director in May
2023
• 40% female representation on
Board
• Externally-facilitated Board
evaluation process undertaken
Audit, Risk and
Internal Control
• Robust internal control
framework maintained
• External audit tender process
defi ned
• Preparations underway for new
corporate governance and
sustainability reporting
requirements
Remuneration
• Review of Remuneration Policy,
including detailed shareholder
consultation, resulting in few
changes to Policy
• Succession of Katrina Cli e as
Chair from July 2024
READ MORE
FURTHER DETAILS ON REMUNERATION
ARE SET OUT ON PAGES 126 TO 151.
READ MORE
FURTHER DETAILS ON COMPOSITION,
SUCCESSION AND EVALUATION ARE
SET OUT ON PAGES 102 TO 112.
READ MORE
FURTHER DETAILS ON AUDIT, RISK AND
INTERNAL CONTROLS ARE SET OUT ON
PAGES 82 TO 92 AND 118 TO 125.
READ MORE
FURTHER DETAILS ON OUR BOARD ARE
SET OUT ON PAGES 96 TO 97.
READ MORE
FURTHER DETAILS ON DIVISION OF
RESPONSIBILITIES ARE SET OUT ON
PAGES 102 TO 103.
Full Compliance with UK
Corporate Governance
Code
DCC plc Annual Report and Accounts 2024100
Governance Continued

Board of Directors
The Board is collectively responsible for the long-term success of the Group. Its role is to provide leadership, to establish
purpose, values and strategy, to oversee management and to ensure that the Company provides its stakeholders with
a balanced and understandable assessment of the Group’s current position and prospects.
It is also responsible for establishing a framework to assess and manage risk, including climate risk.
The Board receives reports at its meetings from the Chair of each of the Committees and from the Workforce
Engagement Director on their current activities.
Chief Executive
The responsibilities of the Chief Executive are set out on page 102.
Executive Risk
Committee
The responsibilities of the
Executive Risk Committee are
set out in the Risk Report on
pages 82 to 92.
Governance and
Sustainability Committee
• Considers the composition
and structure of the Board
and succession planning
• Reviews leadership needs
of the organisation, both
executive and non-executive
• Monitors the Company’s
compliance with legal and
regulatory requirements in
relation to corporate
governance
• Supported the Board’s
oversight of the Group’s
sustainability activities
READ MORE
FURTHER DETAILS OF THE
ACTIVITIES OF THE GOVERNANCE
AND SUSTAINABILITY COMMITTEE
ARE SET OUT IN ITS REPORT ON
PAGES 114 TO 117.
Remuneration
Committee
• Monitors the Company’s
Remuneration Policy
• Determines the remuneration
packages of the Chair,
executive Directors and senior
management
• Oversees the remuneration of
other Group executives and
subsidiary remuneration
structures
• Oversees the operation of the
Company’s long-term
incentive schemes
READ MORE
FURTHER DETAILS OF THE
ACTIVITIES OF THE
REMUNERATION COMMITTEE ARE
SET OUT IN THE REMUNERATION
REPORT ON PAGES 126 TO 151.
Audit
Committee
• Assists the Board in assessing
the principal and emerging
risks facing the Company and
monitoring the e ectiveness
of risk management and
internal control systems
• Monitors the integrity of the
Group’s fi nancial statements,
including reviewing signifi cant
fi nancial reporting
judgements contained in
them
• Reviews the operation of the
Group Internal Audit function
• Oversees the relationship with
the external auditor
READ MORE
FURTHER DETAILS OF THE
ACTIVITIES OF THE AUDIT
COMMITTEE ARE SET OUT IN ITS
REPORT ON PAGES 118 TO 125.
Group Management
Team
Supports the Chief Executive in
executing his responsibilities.
Reports to the Chief Executive at
weekly management meetings.
Executive Sustainability
Committee
Supervises and makes
operational decisions in relation
to the Group’s sustainability
activities.
CORPORATE GOVERNANCE FRAMEWORK
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 101
Strategic Report Governance

ACTIVITIES OF THE BOARD OF DIRECTORS
Composition
The Board of DCC currently comprises the non-executive
Chair, seven other non-executive Directors and two executive
Directors, including the Chief Executive.
Independence
The Board carried out an evaluation of the independence of
each of its non-executive Directors, taking account of the
relevant provisions of the Code, namely whether the Directors
are independent in character and judgement and free from
relationships or circumstances which are likely to a ect, or
could appear to a ect, the Directors’ judgement.
The Board is satisfi ed that each of the current non-executive
Directors fulfi ls the independence requirements of the Code.
Mark Breuer was appointed Chair of the Company on 16 July
2021. On his appointment as a non-executive Director in 2019,
the Board was satisfi ed he was independent. While Mr Breuer
holds another directorship outside of the DCC Group, the
Board is satisfi ed that it has not interfered with the
performance of his duties to DCC.
Leadership
The Board’s leadership responsibilities involve working with
management to monitor the Group’s purpose and values, and
to develop strategy, including deciding which risks it is
prepared to take in pursuing its strategic objectives.
Oversight
The Board’s oversight responsibilities involve it constructively
challenging the management team in relation to operational
aspects of the business, including the approval of budgets,
and probing whether risk management and internal controls
Chair
A clear division of responsibility exists between
the Chair, who is non-executive, and the Chief
Executive.
The Chair’s primary responsibility is to lead the
Board, to ensure that it has a common
purpose, is e ective as a group and at
individual Director level, and that it upholds
and promotes high standards of integrity,
probity and corporate governance.
Senior Independent Director
The Senior Independent Director acts as an
intermediary for other Directors, if necessary, and is
available to shareholders who may have concerns
that cannot be addressed through the Chair or
Chief Executive.
The Senior Independent Director had an
active role in the annual Board evaluation
process.
Chief Executive and Chief Financial O cer
The Chief Executive is responsible for
day-to-day management of the Group’s
operations, for the implementation of
Group and divisional strategy, and instilling
the Company’s purpose, values and culture
standards throughout the Group.
Company Secretary
The Directors have access to the advice and
services of the Company Secretary, whose
responsibilities include assisting the Chair in
relation to corporate governance matters and
ensuring compliance by the Company with
applicable legal and regulatory requirements.
Non-Executive Directors
The Board consists of an appropriate
combination of a non-executive Chair,
two executive Directors and seven
independent non-executive Directors,
such that no one individual or small group
of individuals dominates the Board’s
decision making.
There is a clear division of responsibilities between the
leadership of the Board and the
executive leadership of the business.
Non-executive Directors scrutinise and hold to account
the performance of management and individual executive
Directors against agreed performance objectives.
The Chair holds meetings with the non-executive Directors
without the executive Directors present.
Roles and Responsibilities
I
n
d
e
p
e
n
d
e
n
t
O
v
e
r
s
i
g
h
t
L
e
a
d
e
r
s
h
i
p
Non-Executive
Directors
Executive Directors &
Company Secretary
are sound. It is also responsible for ensuring that accurate,
timely and understandable information is provided about the
Group to investors, regulators and the Group’s other
stakeholders.
Appointment of Directors
The Governance and Sustainability Committee agrees criteria
for new non-executive Director appointments, including
experience of the industry sectors and geographies in which
the Group operates, and professional background, and has
regard to the need for a balance in relation to diversity. More
detail on the appointment process is set out in the
Governance and Sustainability Committee Report on
page 114.
Following appointment by the Board, all Directors are, in
accordance with the Articles of Association, subject to
election at the following AGM.
In accordance with the provisions of the Code, all Directors
submit to re-election at each AGM. David Jukes will not
submit to re-election at the 2024 AGM as he is due to retire
at the AGM.
The expectation is that non-executive Directors serve for
a term of six years and may also be invited to serve an
additional period after that, generally not extending beyond
nine years in total.
After three years’ service, and again after six years’ service,
each non-executive Director’s performance is reviewed by the
Governance and Sustainability Committee, with a view to
recommending to the Board whether a further period of
service is appropriate, subject to the usual annual approval
by shareholders at the AGM.
DCC plc Annual Report and Accounts 2024102
Corporate Governance Statement Continued

Schedule of Matters Reserved for Board Decision
The table below summarises the key matters that are required to be considered by the Board:
Group Strategy
and Investment
• The Group’s strategic objectives
• Annual operating and capital expenditure budgets
• Material acquisitions
Structure and Capital
• Changes to the Group’s capital structure including reduction of capital, share issues and
share buybacks
• Changes to the Company’s listing arrangements
Corporate Reporting
• Final and interim results announcements
• Annual Report and Accounts
• Dividends
• Signifi cant changes in accounting policies or practices
• Oversight of internal control and risk management frameworks, including to refl ect
climate-related risks
Sustainability,
including
Climate Change
• Oversight of the Group Sustainability Programme, including considering recommendations
from the Governance and Sustainability Committee in respect of the sustainability issues
and related objectives that are material to the Group as a whole, including climate
change and energy transition
• Considering climate-related issues when reviewing and guiding Group and divisional
strategy, investment proposals, budgets, and management objectives
Leadership
and People
• Composition of the Board, including the CEO and CFO
• Succession planning for the Board and senior management
• Board Committee constitution
• Appointment of the Company Secretary
Stakeholders
• Oversight of engagement with shareholders and other stakeholders
• Reviewing mechanisms for engagement with other stakeholders
• Designating a non-executive Director for engagement with the workforce
Attendance at Meetings during the Year Ended 31 March 2024
Board
Audit
Committee
Remuneration
Committee
Governance and
Sustainability
Committee
Meetings held during the
year ended 31 March 2024

Mark Breuer  – – 
Laura Angelini  –  
Katrina Cli e
1
––
Caroline Dowling    –
David Jukes  –  –
Lily Liu   – –
Kevin Lucey –––
Donal Murphy
2
–––
Alan Ralph   – –
Mark Ryan   – 
1. Katrina Cli e was appointed as a Director
and member of the Remuneration
Committee on 1 May 2023.
2. Donal Murphy was unable to attend one
Board meeting during the year.
There was full attendance at all Board and
Committee meetings during the year, other
than as stated.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 103
Strategic Report Governance

Experience and Skills of the Directors as at 31 March 2024
Enterprise Leadership
Relevant Industry
Capital Markets
Sustainability ⁄ ESG
Digital
Other Supply Chain ⁄ Distribution
Mergers & Acquisitions
Financial Expertise
Remuneration
Other Board Experience
Board
Independence
Independent
Non-independent
(Chair and Executive Directors)
70%
30%
Executive and
Non-executive Directors
Non-executive
Executive
20%
80%
Gender
Diversity
Male
Female
60%
40%
Geographic Location
of Directors
Ireland
US
50%
30%
20%
UK
Years on Board as at 31 March 2024
Mark Breuer
NON-EXECUTIVE
EXECUTIVE
Caroline Dowling
Katrina Clie
David Jukes
Lily Liu
Alan Ralph
Mark Ryan
Donal Murphy
Kevin Lucey
Laura Angelini
6.5
3.7
2.4
2.7
9. 0
4.8
2.7
5.4
15.3
0.9
10
8
4
7
6
5
7
5
5
6
DCC plc Annual Report and Accounts 2024104
Corporate Governance Statement Continued

The terms and conditions of appointment of non-executive
Directors are set out in their letters of appointment, which are
available for inspection at the Company’s registered o ce
during normal o ce hours and at the AGM of the Company.
Details of the length of tenure of each Director on the Board
as at 31 March 2024 are set out in the chart on page 104.
Induction and Development
New non-executive Directors undertake a structured
induction process which includes a series of meetings with
Group and divisional management, detailed divisional
presentations, visits to key subsidiary locations and a briefi ng
with the external auditor.
The Board encourages visits to Group businesses, including
meetings with local management and meetings with
members of the wider workforce, as these are instrumental in
gaining a better understanding of the Group’s diverse
businesses, their culture and the environments in which they
operate.
External experts are invited to attend certain Board meetings
to address the Directors on relevant matters, including
developments in relevant product or geographic markets,
corporate governance, investor relations, risk management
and executive remuneration.
The Chair and Company Secretary review Directors’ training
needs, in conjunction with individual Directors, at least
annually, and match those needs with appropriate external
seminars and speakers. The Chair also discusses individual
training and development requirements for each Director as
part of the annual evaluation process, and Directors are
encouraged to undertake appropriate training on relevant
matters. In addition, all Directors have access to online
resources, which are regularly updated to include relevant
publications.
All Directors are encouraged to avail of opportunities to hear
the views of and meet with the Group’s shareholders and
analysts.
There is an established procedure for Directors to take
independent professional advice in the furtherance of their
duties, if they consider this to be necessary.
Strategy
DCC’s Group strategy is set out on pages 12 and 13, with
detail on divisional strategies provided on pages 22 to 47. The
Board’s responsibilities in regard to strategy are summarised
on page 94.
Risk Management and Internal Control
The Board is responsible for the Group’s system of risk
management and internal control. It is designed to manage
rather than eliminate the risk of failure to achieve business
objectives and provides reasonable but not absolute
assurance against material misstatement or loss. Details on
the Group’s risk management structures are set out in the Risk
Report on page 82.
The Board has delegated responsibility for the detailed
monitoring of the e ectiveness of this system to the
Audit Committee. Details on the Audit Committee’s work in
this regard are set out in the Audit Committee Report on
page 118.
Governance in Action
SETTING AND OVERSEEING STRATEGY IN DCC ENERGY
A signifi cant proportion of the Board’s time over the last few
years has been invested in the evolution of DCC’s strategy for
its energy businesses.
This included detailed discussions with management on a
range of possible options for those businesses. The likely
evolution of customer needs, the impact of changes in public
policy, and the availability of new forms of energy were all
taken into account.
The objectives of the Board in this process were to continue
building a growing, sustainable and cash generative energy
business that serves our customers’ need for reliable forms of
energy – but to do so while also achieving net zero and
safeguarding our employees.
The revised strategy was initially made public in May 2022.
The Board continues to allocate a good deal of time to
overseeing the implementation of this strategy, including
detailed updates from the DCC Energy management team
twice a year. Visits by the Board to businesses in DCC Energy
provide an important opportunity for the Directors to meet
with members of the workforce who are putting the new
strategy into practice.
FOR MORE DETAIL SEE THE DCC ENERGY BUSINESS REVIEW ON
PAGE 22.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 105
Strategic Report Governance

There is an ongoing process for identifying, evaluating and
managing any signifi cant risks faced by the Group, including
climate-related risks, which was in place for the year under
review and up to the date of approval of the fi nancial
statements. This process is regularly reviewed by the Board.
The Board has considered a report from the Audit Committee
on the conduct of and the fi ndings and agreed actions from
the annual assessment of risk management and internal
control. Further details on this annual assessment are set out
in the Risk Report on page 86 and in the Audit Committee
Report on page 118.
The consolidated fi nancial statements are prepared subject
to the oversight and control of the Chief Financial O cer,
ensuring correct data is captured from Group locations and
all required information for disclosure in the consolidated
fi nancial statements is provided. A control framework has
been put in place around the recording of appropriate
eliminations and other adjustments. The consolidated
fi nancial statements are reviewed by the Audit Committee
and approved by the Board.
Board Meetings
The table of Board attendance is set out on page 103. All of
the Board meetings held during the year were in person.
Site Visits
Board members visit Group businesses each year in order to
meet local management teams, members of the wider
workforce, see operations and experience the culture of the
business in question.
These visits include a tour of the business as well as a
presentation from local management teams, allowing time for
questions and answers.
In advance of a visit, the Directors are provided with
information on the business covering fi nancial performance,
development areas, risks and opportunities, safety and
compliance and employee engagement.
Details of the principal site visits undertaken by the Board
during the year are set out on page 113.
Share Ownership and Dealing
Details of the Directors’ interests in DCC shares are set out in
the Remuneration Report on page 145.
The DCC Share Dealing Code (‘the Dealing Code’) applies to
dealings in DCC shares by the Directors and Company
Secretary of DCC and certain employees. Under the Dealing
Code, Directors and relevant executives are required to
obtain clearance from the Chair or Chief Executive before
dealing in DCC shares and are prohibited from dealing in the
shares during prohibited periods, as defi ned by the Dealing
Code.
In addition, the Dealing Code specifi es preferred periods for
share dealing by Directors and relevant executives, being the
four 21-day periods following the updating of the market on
the Group’s trading position through the preliminary results
announcement in May, the Interim Management Statement in
July (at the AGM), the interim results announcement in
November and the Interim Management Statement in
February.
Compliance Statement
DCC has complied, throughout the year ended 31 March 2024,
with the provisions set out in the Code.
Board Discussions During the Year
A detailed calendar of subjects for discussion at Board
meetings is in place to ensure that the Directors discuss a
suitable range of topics throughout the year, linked to the key
opportunities and risks facing the Group. This is reviewed by
the Governance and Sustainability Committee and by the
Board in advance of the commencement of the fi nancial year.
Board papers are circulated one week in advance of meetings.
The Board met six times during the year. Additional meetings
are arranged if necessary for the Board to properly discharge
its duties.
Governance in Action
SUPPORTING INNOVATION
Supporting innovation is a strategic objective for DCC and
over the past year, signifi cant e orts have been made, with
the support and oversight of the Board, to develop our
business processes in this area.
One key area of focus has been the development of digital
and AI skills among employees. Through targeted training
and development programmes, the Group has sought to
equip employees with the skills and knowledge needed to
thrive in an increasingly digital world. This has included
initiatives to identify and nurture talent in areas such as
data analytics, machine learning, and artifi cial intelligence.
These e orts are delivering, with the Group seeing
improvements in operations from initiatives in areas such as
process automation, data-driven decision making, and
customer engagement.
More detail on the individual initiatives that the Group is
taking in this area is contained in the Growth and Progress
in Action section on page 18.
DCC plc Annual Report and Accounts 2024106
Governance Continued

Principal Activities Key Topics Discussed During the Year
Strategy
• The Board reviewed the strategy of each of the Group’s divisions during the year, based on detailed
reports and discussions with management, at separate meetings over the course of the year.
• The Board also considered specifi c aspects of the Group’s strategy, including its long-term fi nancing,
attracting and retaining talented employees and supporting the e ective use of technology across the
Group, at Board meetings during the year.
• Having reviewed individual aspects of the Group’s strategic development in detail, options for the Group’s
overall development, focused on delivering long-term sustainable value for shareholders and other
stakeholders, were the subject of a detailed review at a dedicated strategy Board meeting in December.
Budgets and
Financial
Performance
• Having approved in March 2023 the Group’s budget for the year commencing 1 April 2023, the Board
reviewed reports on the Group’s fi nancial performance, covering performance across the Group’s divisions
and principal business units, over the course of the year, including at every Board meeting.
• The Board approved the Group budget for the year commencing 1 April 2024 at its meeting in March 2024.
Acquisitions and
Development
• Key development opportunities are discussed by the Board as part of the strategy updates outlined
above. Approved initiatives are then refl ected in each annual budget, which is also approved by the Board.
• Individual development opportunities of a material nature or value are then brought to the Board over the
course of the year as they arise. The majority of these are M&A opportunities. For instance, the Board
approved during the year the acquisitions by DCC Energy of Progas in Germany and Next Energy in the UK.
• The Board received a report at each Board meeting on M&A opportunities that are being considered by
management and on progress against key internal projects.
Risk
Management
and Internal
Control
• The Board considered reports on the Group’s principal risks and related internal controls in advance of
approving the Company’s Interim Results in November and Preliminary Results and Annual Report and
Accounts in May.
• Over the course of the year, the Board also considered reports from Group functions on relevant risks and
related controls, including the Group HSE team (on safety and environmental risk management), the Group
Sustainability team (on physical and transitional climate-related risks), the Group HR team (on attracting
and retaining skilled employees), the Group IT team (on IT and cyber risk management) and the Group
Legal & Compliance team (on legal and compliance risks).
• In addition, the Board considered reports from the management teams in the Group’s three divisions on
key risks and related internal controls as part of the divisional strategy updates described above.
• The Chair of the Audit Committee provided updates to the Board after each meeting of the Committee in
relation to the Committee’s detailed assessment of risks and related internal controls, including fi nancial
and operational controls, IT controls and compliance controls.
Leadership
Development
and Succession
Planning
• Reports from the Chief People O cer on the Group’s talent development processes, succession planning
for key roles and the wider ability of the Group to attract and retain the talented people needed to ensure
its future success were provided to the Board over the course of the year.
• Strategy updates from each division to the Board, described above, addressed how management
structures are aligned with the overall strategic objectives of the division.
Culture and
Stakeholder
Engagement
• The Board discussed the results of the annual Employee Engagement Survey, including a discussion on
results within individual Group businesses, with management.
• The Board received an update at each meeting from the Workforce Engagement Director on his activities.
• The Board also considered reports from management, the Company’s brokers and the Chair on investor
relations at several meetings during the year. The Board considered and approved the interim and fi nal
dividend.
• Supplier and customer relationships were reviewed with management of the Group’s three divisions as part
of their strategy updates to the Board during the year. The Directors also discussed supplier and customer
relationships with management in Group businesses as part of their site visits.
• Relationships with key regulators, for instance safety regulators, were reviewed by the Board in the context
of discussions with relevant members of management.
Governance
and Reporting
• The Board carried out a detailed annual review of its performance, including the performance of its
Committees, with support from an external facilitator, in accordance with the UK Corporate Governance
Code.
• The Board also considered the impact of relevant external developments on the Company’s governance,
including the introduction of a revised UK Corporate Governance Code and new sustainability reporting
requirements.
• The Board received a report at each meeting from the Chair of the Governance and Sustainability
Committee.
• The Board also reviewed and approved the Company’s key external communications, including the Annual
Report and Accounts, Preliminary Results Announcement, Interim Results Announcement and Interim
Management Statements.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 107
Strategic Report Governance

STAKEHOLDER ENGAGEMENT
Creating value for all of DCC’s stakeholders is a key aim of the
Group’s purpose and strategy. Maintaining strong
engagement and clear communication with those
stakeholders is therefore an essential part of the Group’s
current activities and future success.
Employees and the Wider Workforce
DCC’s greatest asset is its experienced, diverse and
dedicated workforce. The Board invests a considerable
amount of time each year in considering the views of the
workforce, the culture of the Group and how these can
be developed. More detail on these subjects is available
in the following sections of this Report:
• Growth and Progress in Action Case Study on page 20.
• Sustainability Review on page 60.
• Governance in Action Case Study on page 113.
• How the Board Monitors Culture on page 110.
• Report of the Workforce Engagement Director on page 111.
Suppliers and Customers
The interests of suppliers and customers are central to the
market strategies of the Group’s businesses and divisions.
Detailed reports from each of the Group’s divisions on the
evolution of their strategy and progress against it are
provided to the Board over the course of the year. These
reports address factors such as developments in supplier and
customer needs and how businesses within the division are
developing to meet and exceed them.
More detail on the strategies of the Group’s three divisions are
contained in the Business Reviews on pages 22 to 47.
Governments and Regulators
Our key strategic objectives are strongly aligned with public
policy aims in all of the countries where we operate. Examples
of this include supporting the transition to lower carbon forms
of energy, while also meeting current energy demand, and
providing e cient access to healthcare products and
services for ageing populations.
DCC Group businesses engage with policy makers and
regulators in these areas to ensure that markets are e ective
in providing these essential products and services.
The Board discusses relevant changes in public policy and
regulation over the course of the year, including as part of
strategy updates from each of the Group’s divisions. The Audit
Committee also reviews a detailed report twice a year on
notable dealings with relevant regulators, including any
enforcement activity.
Communities and the Environment
We aim to be a force for good in the communities we serve.
The transition to lower carbon forms of energy and achieving
net zero emissions is an issue of critical importance for every
community we serve.
The Board actively oversees the implementation of DCC
Energy’s strategy to deliver continued growth while also
moving to lower carbon forms of energy. The Board also
receives reports during the year from the Group Sustainability
team on the Group’s overall carbon emissions and measures
being taken to reduce them. The Board is also briefed during
the year on DCC’s support for selected community
organisations, such as our longstanding support for Social
Entrepreneurs Ireland.
Investors
The Board actively encourages engagement with investors,
including the Company’s major shareholders and shareholder
representative bodies.
Members of management held 194 meetings with investors
over the course of the year. One of these was the DCC Energy
Insights Day held in Paris in September 2023. That event
provided an update on DCC Energy’s strategy and progress
against it. The event was well attended and o ered an
important opportunity for investors to fully understand the
Group’s plans for growth and decarbonisation in the energy
sector. Materials from the event are available on the DCC
website.
In addition to meetings with management, shareholders were
also o ered the opportunity to engage with non-executive
Directors during the year. The Chair of the Board wrote to the
Company’s top ten shareholders in July 2023 and o ered
them a meeting with him. A number of shareholders accepted
this o er. The Remuneration Committee also consulted with
the Company’s principal shareholders in early 2024 in relation
to the proposed changes to the Company’s Remuneration
Policy, which are described in the Remuneration Report on
pages 133 to 139. Again, several shareholders responded to
this consultation process.
The Board was kept informed of investor views throughout the
year through reports from the executive Directors and the
Company’s brokers. The Chair of the Board and the Chair of
the Remuneration Committee also briefed the Board on their
engagements with shareholders.
The Company’s AGM provides shareholders with an
opportunity to raise questions with the Board. As usual,
several questions were raised and addressed at the 2023
AGM. All of the resolutions put to shareholders at the AGM
were strongly supported.
Engagements with
Institutional Investors
Meetings 194
Capital market conferences 9
Sales desk briefings 12
Number of Meetings
Held During the Year
Group Management and
Investor Relations
Investor Relations
Chair and Company Secretary
72%
2%
26%
DCC plc Annual Report and Accounts 2024108
Corporate Governance Statement Continued

Governance in Action
BOARD REVIEW OF EMPLOYEE ENGAGEMENT SURVEY
The oversight and development of the Group’s culture is
a priority for the Board. The results of the annual
employee engagement survey provide an important
opportunity for the Directors to consider the Group’s
culture and the steps that should be taken to support it.
Each year, the Board is briefed in detail by the Chief
People O cer on the results of the annual employee
engagement survey carried out across the Group. This
survey provides valuable insights into the views and
opinions of employees and helps to identify areas where
improvements can be made to enhance engagement.
The report from the Chief People O cer set outs the key
fi ndings of the survey for the Group, its three divisions
and in individual business units. Any areas of concern are
highlighted. The report also includes recommendations
for actions that can be taken to deliver improvements in
engagement.
The Workforce Engagement Director then invests
additional time with the Chief People O cer and with
other members of the HR community across the Group
over the course of the year to discuss the results of the
survey and the actions being taken in response.
In addition, the Board reviews employee engagement
with management of the Group’s three divisions when
they report on divisional strategy. These discussions
focus on how employee engagement can be integrated
into wider divisional strategic objectives and how
agreed actions are being progressed.
The annual employee engagement survey and
subsequent actions taken by the Board and
management teams reinforce the Group’s commitment
to its employees and its focus on creating a positive and
engaging work environment.
FURTHER DETAILS ON OUR PEOPLE ARE SET OUT ON PAGE 76.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 109
Strategic Report Governance

FOSTERING OUR CULTURE
The Board promotes the Group’s purpose and values through
its interactions with management, including discussions as
part of Board and Board Committee meetings, and site visits
to Group businesses throughout the year.
The Board monitors the culture within the Group’s divisions
and within individual businesses to ensure that is it is aligned
with the Group’s purpose, values and overall culture.
The following table summarises the principal methods used by
the Board in monitoring the culture of the Group and the
businesses within it.
Methods How this Allows the Board to Monitor Culture
Outcomes in the Financial Year Ended
31 March 2024
Employee Surveys,
including the
annual Employee
Engagement
Survey
The primary survey carried out during the year is the annual
employee engagement survey. More details on this are set out
in the Case Study on page 109. In addition, online compliance
training undertaken by several thousand employees across
the Group each year also surveys employees’ views on
relevant compliance questions. The results of these surveys,
including results that are outside the norm, are reported to the
Board and Audit Committee. Action plans are put in place to
deliver improvements where this is needed.
The Board received a detailed report on the
results of the most recent employee
engagement survey during the year.
Businesses across the Group put in place
tailored plans to address any matters identifi ed
by their employee engagement survey.
Workforce
Engagement
Director
Mark Ryan, in his role as Workforce Engagement Director, is
actively engaged with the Group HR community and with the
wider workforce and reports on his activities to the Board at
each meeting. In the year under review, Mark attended the
Group HR Forum, where over 50 members of the HR
community from across the Group came together to discuss
key HR-related themes.
A report from Mark Ryan, as Workforce
Engagement Director, is set out on the opposite
page.
Audit Reports
Audits on individual Group businesses are conducted across
the year by members of the Group Internal Audit, Group HSE
and Group Legal & Compliance teams. These audits give the
Board an insight into not just the specifi c controls addressed
by each report, but also the wider control environment and
culture within the businesses in question.
During the year, the Audit Committee received
reports from divisional management teams on
the key risks and internal controls within their
divisions. This provided an additional
perspective on the culture and control
framework within the relevant division.
Site Visits
Visits to Group businesses, involving discussions with senior
management and with wider members of the workforce,
provide a very valuable opportunity for the Directors to assess
the culture within the businesses in question.
During the year, the Board visited Group
businesses in Austria and Germany. More
information on that visit are set out in the Case
Study on page 113.
Meetings with
Management
In addition to visiting Group businesses, a number of events
are held during the year which are attended by members of
senior management from within the Group as well as Board
members. These provide a further opportunity for informal
discussion regarding the activities of individual divisions,
businesses and functions.
Directors attended events over the year and
discussed various aspects of the Group’s
current performance and future development
with members of management.
Whistleblowing
The Audit Committee receives a report three times each year
on the rate of whistleblowing reports made from within the
Group. Where any business or function is the source of an
unusual number of reports, this is stated. The Committee also
reviews individual reports, and the action that has been taken
to address them.
The number and nature of reports received
during the year was consistent with prior years.
The Audit Committee concluded that the
Group’s whistleblowing facilities operate
e ectively.
Safety Incidents
and Performance
The approach taken to safety is one of the most critical
aspects of the Group’s culture. Every member of the workforce
should be clear that nothing is ever more important than
acting safely. The Board receives reports on leading and
lagging safety indicators and is briefed on safety every
quarter by the Head of Group HSE. Divisional Strategy
Updates to the Board also address safety performance.
The Board continued to monitor safety KPIs over
the course of the year. Safety performance was
also discussed with management at relevant
opportunities during the year.
Disputes and
Regulatory Matters
The Audit Committee receives a detailed report twice a year
on all legal disputes and regulatory matters in which Group
businesses are involved. This provides a further perspective to
the members of the Committee on where tensions may exist
between Group businesses and their stakeholders.
The Committee discussed a number of the
matters covered by this report in detail with
members of management.
DCC plc Annual Report and Accounts 2024110
Corporate Governance Statement Continued

Over the last 12 months the DCC
Group has continued to make good
progress in relation to our workforce
engagement focus and key people
support initiatives. We are now in the
third year of our employee
engagement survey where we have
the opportunity to analyse, compare
and assess direct feedback from our
employees at every level across
divisions, companies and
geographies. The feedback from the
employee engagement survey has
proved hugely helpful in providing us
with employee insights (i.e. the
employee voice) and for the
businesses to focus on what is
important to our people. These
insights and feedback incorporate the
fi ve key themes in the survey including:
Purpose, Enablement, Autonomy,
Reward and Leadership. This enables
our HR teams to develop and rollout
numerous employee support initiatives
which we know will make a di erence
to our people. It is also worth noting
that the employee engagement
survey results have huge visibility
across the Group, divisional and
company management levels and
receive the appropriate attention and
focus in this regard.
These employee engagement
initiatives, designed and driven by HR,
cover a range of di erent areas
including: Employee Experience,
Leadership Development, Career
Development, Fairness & Equality,
Performance Management & Rewards
and Succession Planning. In the past
year we have also conducted a
Group-wide employee survey on
Inclusion & Diversity to get feedback
and commentary on how our
employees are feeling about these
important areas.
Throughout the past 12 months I have
met Nicola McCracken, Chief People
O cer, on an ongoing basis to discuss
the feedback from these employee
surveys, the key areas for focus and
the status of the di erent HR initiatives
in progress. This enables me as the
Workforce Engagement Director to
provide the Board members with
ongoing updates throughout the year
on the status of our employee
engagement initiatives across the
Group.
In October the Board travelled to
Austria and Germany where we met
and engaged with employees from
di erent companies across our three
divisions. As part of these visits, I took
the opportunity to meet directly with
local HR management to talk about
what was on their minds and to get
their feedback on local employee
engagement. In addition to this visit,
Board members have also visited
other companies in the Group over
the course of the year and engaged
directly with a range of di erent
employees.
The Group continues to make strong
progress on its employee
engagement focus and the
implementation of initiatives which
make a di erence to our people. This
progress is supported by strong
overall engagement scores and also
improved scores in other key areas in
our employee engagement survey.
The overall goal is to ensure that all
businesses promote a ‘Great Place to
Work’ culture enabled by
management with strong support
from HR.
I am also delighted to report that I am
given the opportunity at every Board
meeting to report directly on the
status of employee engagement
matters across the Group.
STRENGTHENING
ENGAGEMENT WITH
OUR EMPLOYEES
Mark Ryan,
Workforce Engagement Director
During the year, the Board visited Comm-Tec, Germany and met with management
and employees.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 111
Strategic Report Governance

MARK BREUER, DONAL MURPHY
Directors
13 May 2024
2024 BOARD EVALUATION
This year’s Board evaluation was externally-facilitated by
Independent Audit. It followed the principles set out in the UK
Corporate Governance Code and best practice in board
evaluation. A combination of methods were employed in the
review, including:
• a survey of the Directors’ views on the work of the Board
and its Committees;
• interviews with each Director, relevant members of
management, the Company’s external auditors and
remuneration advisors; and
• an extensive review of materials, including board papers
and minutes.
The Directors concluded that the Board and its Committees
continue to operate e ectively, with a constructive and
challenging dynamic. The Board is well informed on the key
strategic issues facing the Group, but remains keen to
deepen its knowledge in relevant subjects such as AI and
sustainability. There are clear processes for performance
evaluation, risk management, and succession planning. Board
composition refl ects a good balance of skills, experience, and
diversity, including gender and ethnicity.
The following table summarises the principal
recommendations from the process and the steps that will
be taken in response over the course of the current fi nancial
year. These subjects are consistent with and build on the
recommendations of evaluation processes undertaken in
prior years.
Topic Area Identifi ed for Action
Implementation
of Strategy
With the Group and its three divisions having clear strategic objectives in place, the focus of the
Board will be on tracking the successful attainment of those objectives.
Growth A combination of organic growth and sound capital deployment has always been a core component
of the Group’s business model. Ensuring that each of the Group’s principal business units achieve
satisfactory levels of growth will remain an area of focus for the Board.
Management
Development
DCC has a long history of developing talented business leaders. This process needs to continue to
evolve to ensure that the skills that the Group will need in the future, for instance in relation to the use
of technology, are being developed and retained.
Board Composition Consistent with this, the Board itself also needs to evolve, not only through the appointment of
additional Directors as part of the normal evolution of its membership, but also thoughtful training
and development for existing Board members.
Sustainability The ambit (and title) of the Governance and Sustainability Committee has been adjusted with e ect
from April 2024 to refl ect an increased focus by the full Board on sustainability, with the Board taking
direct responsibility for all sustainability matters.
Site Visits The practice introduced in recent years of the Board visiting a number of businesses in October,
coupled with additional visits by smaller groups of Directors to other businesses, should continue and
be enhanced.
Board Papers A number of adjustments will be made to the format of Board papers to ensure that they facilitate
very e ective discussions at Board and Committee meetings.
DCC plc Annual Report and Accounts 2024112
Corporate Governance Statement Continued

Governance in Action
BOARD VISIT TO GROUP BUSINESSES IN GERMANY
AND AUSTRIA
In October 2023, the Directors visited DCC Energi in Austria
and Medi-Globe and Comm-Tec in Germany. These visits
provided an important opportunity for the Board to meet
with management teams and the wider workforce and to
gain a deeper understanding of key operations.
During each visit, the Board focused on several key issues,
including strategic objectives and progress against them,
employee engagement and culture, and safety.
Overall, these visits provide a valuable opportunity for the
Board to engage with the businesses and to gain a
deeper understanding of their operations, opportunities
and challenges. The insights gained help to inform the
Board’s wider decision making and ensure that the Group
continues to support the growth and success of the
businesses within it.
Board visit at DCC Energi, Austria
Board visit at Comm-Tec, Germany
Board visit at Medi-Globe, Germany
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 113
Strategic Report Governance

CHAIR’S INTRODUCTION
The Governance and Sustainability
Committee was responsible during
the year under review for monitoring the
composition and development of the
Board, reviewing the leadership needs
of the Group, supporting the Group’s
sustainability activities and monitoring
the Company’s compliance with
corporate governance requirements.
This report summarises the Committee’s
activities during the year ended
31 March 2024 and sets out the
Committee’s priorities for the current
year ending 31 March 2025.
In the year under review, there were
a number of changes to the Board.
Katrina Cli e joined the Board and the
Remuneration Committee on 1 May
2023. She will succeed as Chair of the
Remuneration Committee when David
Jukes retires as Director and Chair of the
Remuneration Committee at the
conclusion of the Company’s AGM on
11 July 2024.
Board Diversity
The Board supports and values the
benefi ts of diversity. The Board meets
the requirements of the UK Listing Rules,
with 40% female directors and one
director from an ethnic minority
background.
Board Evaluation
The Board, with support from the
Committee, conducted an
externally-facilitated evaluation of the
e ectiveness of the Board and its
Committees during the year.
More information on the Board
evaluation, including an update on
actions identifi ed last year and
improvements to be implemented this
year, is set out on page 112 as part of
the Corporate Governance Statement.
Sustainability
One of the decisions taken by the Board
on foot of the evaluation process was
that all aspects of the Company’s
sustainability activities should, from
1 April 2024, be addressed by the Board
and that the ambit of the Committee
would focus on matters of succession
planning and corporate governance.
The name of the Committee has
therefore been amended from the same
date to the Nomination and
Governance Committee.
During the year under review, the
Committee considered reports on
the development of the Group’s
Sustainability Programme, including
the recruitment of a new Head of Group
Sustainability, preparations for future
sustainability reporting requirements
under the EU Corporate Sustainabilty
Reporting Directive and the
implementation of actions across the
Group under the four pillars of our
Sustainability Framework.
More details on our Sustainability
Programme are contained in the
Sustainability Review on page 60.
Further information on the governance
of sustainability within DCC, including
climate change, is set out on page 117.
Mark Breuer (Chair)
Laura Angelini
Mark Ryan
Years on the Governance and
Sustainability Committee
as at 31 March 2024
2.7
2.7
2.4
GOVERNANCE AND
SUSTAINABILITY
COMMITTEE REPORT
DCC plc Annual Report and Accounts 2024114
Governance and Sustainability Committee Report

The Corporate Governance Statement
on page 100 summarises how the Board
considered stakeholder interests during
the year.
Corporate Governance
In addition to considering regulatory
developments in relation to
sustainability reporting, the Committee
and the Board also considered
developments in relation to corporate
governance more generally. These
included changes to the new UK
Corporate Governance Code which will
largely apply to DCC from our fi nancial
year commencing 1 April 2025.
Priorities
The priorities for the Committee in the
fi nancial year ending 31 March 2025
will be:
• Implementing the recommendations
of this year’s Board evaluation
process;
• Monitoring the continued evolution of
the Board and its Committees; and
• Overseeing preparations to comply
with the new UK Corporate
Governance Code.
On behalf of the Committee.
MARK BREUER
Chair
13 May 2023
A strong Board, a talented
management team and a commitment
to sustainability remain key to the future
success of the Group.
MARK BREUER
Chair
DCC plc Annual Report and Accounts 2024 115
Financial Statements Supplementary InformationStrategic Report Governance

ROLE OF THE COMMITTEE
Responsibilities
The responsibilities of the Committee are
set out in full in its Terms of Reference
which are available on the Company’s
website. There was a change in the
Committee’s Terms of Reference with
e ect from 1 April 2024 to refl ect the fact
that the Board now addresses all
sustainability matters directly.
Committee Composition,
Attendance and Tenure
The members of the Governance and
Sustainability Committee are Mark
Breuer (Chair) and two independent
non-executive Directors: Laura Angelini
and Mark Ryan.
Biographical details for the members of
the Committee are set out on pages 96
to 97.
The Company Secretary is the Secretary
to the Committee.
Meetings
The Committee met fi ve times during
the year ended 31 March 2024 and there
was full attendance by all members of
the Committee.
The Chief Executive and the Company
Secrerary are invited to attend all
meetings of the Committee. Other
Directors, executives and external
advisors are invited to attend as
necessary.
The Committee may also meet
separately, as required, to discuss
matters in the absence of any invitees.
No such meetings took place during the
year under review.
Annual Evaluation of
Performance
The Board conducts an annual
evaluation of its own performance and
that of its Committees, Committee
Chairs and individual Directors in
accordance with the UK Corporate
Governance Code.
In 2023, this evaluation was internally
facilitated. The 2024 evaluation was
externally facilitated by Independent
Audit.
A report on the principal fi ndings of the
2024 evaluation is contained on
page 112, as part of the Corporate
Governance Statement.
The Committee as part of the Board
evaluation process reviewed its own
performance and Terms of Reference
during the year. The principal change
made as a result of this review refl ected
the change of responsibilities of the
Committee in relation to sustainability
matters.
Reporting to the Board
The Chair of the Governance and
Sustainability Committee reports to the
Board at each meeting on the activities
of the Committee.
Consultation with Shareholders
The Chair of the Committee is available
at the Annual General Meeting to
answer questions on the report on the
Committee’s activities and matters
within the scope of the Committee’s
responsibilities.
PRINCIPAL ACTIVITIES
Board Composition and Renewal
The Committee reviews the composition
of the Board and its Committees to
ensure that they have an appropriate
balance of skills, knowledge, experience,
gender and ethnicity, taking account of
the nature, scale and location of the
Group’s operations and the tenure of
existing Directors.
Extensive and tailored induction
programmes for each new Director are
put in place at the time of their
appointment. These inductions include
reviewing information on the Company,
meetings with fellow Directors, members
of the Group Management Team and
the senior management in signifi cant
Group businesses.
External Commitments
Directors can bring valuable
perspectives to the Board as a result
of other appointments, such as
directorships of other companies. In
accordance with the UK Corporate
Governance Code, Directors must seek
the prior approval of the Board in
advance of accepting any additional
external appointments.
This requirement has been included in
all letters of appointment and in the list
of Matters Reserved for Board Decision.
Before the Board approves any
additional external appointment, the
Committee considers the impact on the
Company, including the time required
for the role and any confl icts of interest
that might arise from it.
The Committee is satisfi ed that the
existing external commitments of the
Directors do not confl ict in any way with
their duties and commitments to the
Company and that all Directors
dedicate appropriate time to their
responsibilities to the Company and are
also available at short notice for any
unscheduled Board meetings.
Diversity
In reviewing the composition of the
Board and giving consideration to the
appointment of new non-executive
Directors, the Committee takes into
account the benefi ts that diverse skills,
experience and backgrounds, including
gender and ethnic diversity, bring to
the Board.
Since 1 May 2023, the Board has been
comprised of 40% female Directors and
has had one Director from an ethnic
minority background. This meets the
current requirements of the UK Listing
Rules.
A table detailing the diversity of the
Board and senior management is set
out on page 117.
The Board Diversity Policy was updated
in May 2023 and is available on our
website.
Succession Planning
In addition to its work on the
development of the Board, the
Governance and Sustainability
Committee considers succession
planning for executive Director
positions. This is done within the context
of the Group’s overall talent
development and succession planning
structures. Those structures have been
developed over the last few years to
refl ect the Group’s greater scale. More
detail on the changes made in this
regard in recent years are set out in the
Growth and Progress in Action Case
Study on page 20. The Directors receive
an update annually from the Chief
People O cer on Group talent
development and succession planning
process. This covers in detail succession
planning for senior management roles.
Tenure of Directors
A number of recommendations in
respect of renewed Board and
Committee membership were made
to the Board by the Committee during
the year.
The Company announced Mr David Jukes’
intention to retire as a Director with
e ect from the conclusion of the
Company’s Annual General Meeting
on 11 July 2024, at which point he will
have been on the Board for just over
nine years.
DCC plc Annual Report and Accounts 2024116
Governance and Sustainability Committee Report Continued

This extension allows Mr Jukes to attend
the Company’s AGM in July and address
any questions shareholders may have
regarding the Remuneration Report.
The tenure of the Directors on the Board
is set out on page 104. The tenure of
members of Committees is dealt with in
the relevant Committee reports.
Sustainability, including Climate
Change
During the year under review, the Board
oversaw sustainability matters, including
climate-related issues. The Governance
and Sustainability Committee
supported the work of the Board during
the year by reviewing the development
of the Group’s sustainability activities,
including steps taken to meet regulatory
requirements. The Committee was
updated at every meeting on
sustainability-related work within the
Group, including the work of the
Executive Sustainability Committee.
The Chair of the Governance and
Sustainability Committee briefed the
Gender Representation as at 31 March 2024
The following tables set out the information required to be included in the Annual Report under the UK Listing Rule
9.8.6R(10), as set out in Annex 2 to UKLR 9, as at 31 March 2024.
For the purposes of these tables, executive management is as defi ned in the UK Listing Rules, being the executive
committee or most senior executive or managerial management body below the board (or where there is no such formal
committee or body, the most senior level of managers reporting to the chief executive), including the company secretary
but excluding administrative and support sta . For DCC, this is the Group Management Team.
As at 31 March 2024, there were 40% female directors on the Board. On 1 May 2023, Katrina Cli e was appointed to the
Board which met the target of having 40% female directors on the Board. Caroline Dowling has held the position of Senior
Independent Director with e ect from 16 July 2021. The Company has also met the requirement to have one Board member
from an ethnic minority background since 16 July 2021.
Number of
Board
members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
Men  %   %
Women  %   %
Other – – – – –
Not specifi ed/prefer not to say – – – – –
Number of
Board
members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
White British or other White (including minority-white groups)  %   %
Mixed/Multiple Ethnic Groups – – – – –
Asian/Asian British  % – – –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specifi ed/prefer not to say – – – – –
Board on the work of the Committee
after each meeting.
The Board also received reports on
sustainability questions during the year,
including detailed reports on the areas
covered by the Group’s Sustainability
Framework. Pillar 1 (Energy Transition and
Carbon Emissions) is mainly addressed
by reports on the implementation of
DCC Energy’s strategy. Pillar 2 (Safety
and Environmental Protection) is covered
at every Board meeting, with a detailed
report presented by the Head of Group
HSE at least quarterly. Pillar 3 (People
and Social) is addressed principally
through reports from the Chief People
O cer who presents to the Board twice
annually. Finally, Pillar 4 (Governance
and Compliance) is addressed through
reports to the Board and the Audit
Committee over the course of the year.
Our 2024 Annual Report includes
disclosures that meet all recommended
disclosures of the TCFD reporting
framework.
Corporate Governance
The Committee advises the Board on
signifi cant developments in corporate
governance and monitors the
Company’s compliance with corporate
governance best practice.
During the year, the Committee
considered a number of corporate
governance developments, including
the new UK Corporate Governance
Code and more detailed sustainability
reporting requirements.
The Company operated in full
compliance with the Code during the
year ended 31 March 2024.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 117
Strategic Report Governance

CHAIR’S INTRODUCTION
I am pleased to present the report of
the Audit Committee for the year ended
31 March 2024.
This report summarises the work of the
Committee during the year and sets out
our priorities for the year ahead.
Role of the Committee
The Committee supports the Board in
meeting a number of its principal
corporate governance responsibilities,
including reviewing the Group’s risk
management and internal control
processes, overseeing the activities of
the Group Internal Audit (‘GIA’) team and
external auditor KPMG and monitoring
the Company’s external reporting.
Risk Management and Internal
Control
The Committee supports the Board in
considering the principal risks and
uncertainties, including emerging risks,
facing the Group. These include the
impact of climate change, IT and cyber
risks and changes in the Group’s legal
and regulatory environment. Safety
matters are addressed directly by
the Board.
In fulfi lling this role, the Committee
reviewed key components of the
Group’s internal control framework
during the year, including fi nancial
reporting and control, compliance and
IT security.
This work was supported by reports from
the management teams in the Group’s
three divisions on key risks and related
internal controls within their businesses.
In addition to these specifi c
assessments, the Committee reviewed
reports on the Group’s principal risks
and internal controls as a whole. These
overviews provided a useful additional
lens on DCC’s risk management
framework.
More details on the Group’s risk
management processes are set out
in the Risk Report on page 82.
Reporting
Monitoring the integrity of the
Company’s reporting processes and its
external reporting is a core component
of the Committee’s work. During the
year, the Committee considered these
subjects in detail with members of
management and KPMG.
This included a detailed assessment by
the Committee of the work done to
support the Company’s Going Concern
and Viability Statements, including the
impact of climate change.
The Committee also reviewed the
principal accounting judgements and
estimates refl ected in the Company’s
consolidated fi nancial statements. More
details on the principal matters
considered as part of this process are
set out on page 125.
As a result of this work, the Committee
was satisfi ed, and advised the Board,
that the Annual Report and Financial
Statements are fair, balanced and
understandable and provide the
information necessary for shareholders
to assess the Group’s performance,
business model and strategy.
Our focus remains on
ensuring sound risk
management and internal
controls across the Group.
Highlights of the year
• Robust internal control framework
maintained.
• Progress made in preparing for
increased sustainability reporting
requirements.
• Preparation for 2024 external
audit tender process.
Alan Ralph (Chair)
Caroline Dowling
Lily Liu
Mark Ryan
Years on the Audit Committee
as at 31 March 2024
2.4
3.8
2.7
6.0
AUDIT COMMITTEE
REPORT
DCC plc Annual Report and Accounts 2024118
Governance Continued

External Audit
The Committee oversees the
relationship with and work of the
Company’s external auditor on behalf
of the Board. This includes the approval
of their remuneration and audit plan
and an ongoing assessment of their
performance and independence. A
detailed review of the audit process is
undertaken in July each year by
management and considered by the
Committee with the auditors and
management.
The Committee approved KPMG’s audit
plan in November 2023. This discussion
addressed key audit risks identifi ed by
KPMG, materiality thresholds, and the
oversight and review by the Irish fi rm of
audits undertaken in Group businesses.
The Committee reviewed progress
against that plan with KPMG at
Committee meetings in February and
April. At our meeting in May we received
a detailed report from KPMG on their
audit fi ndings.
Further details on the audit process,
including the principal areas
considered, are set out on pages 122
to 125.
Internal Audit
The Committee received detailed
reports from the Group Internal Audit
team at each of its meetings over the
course of the year. These included a
summary of key themes emerging from
the team’s audit work, progress in
completing audit actions and the results
of recent audits, including steps agreed
with management to improve controls
where needed.
The Group Internal Audit plan for the
year under review was implemented in
full and a suitable plan for the year
commencing 1 April 2024 has been
approved by the Committee.
The Head of Group Internal Audit meets
with the Committee in private session
several times over the course of the year
and has a direct reporting line to me as
Chair of the Committee.
Priorities for the Year Ahead
The fi nancial year that commenced
on 1 April 2024 will be a particularly
important one for the Committee.
KPMG’s initial ten-year term as the
Company’s external auditors will come
to an end in 2025. The Committee will
shortly commence a tender process to
identify the Company’s external auditor
for the next period of up to ten years.
This will be conducted in accordance
with relevant regulatory standards.
The Committee will also oversee the
Company’s ongoing preparations to
report under the EU Corporate
Sustainability Reporting Directive
(‘CSRD’) which will fi rst apply to DCC
in 2026.
The Committee will, in addition, be
considering with management the
impact of the changes made to the UK
Corporate Governance Code which will
largely come into e ect from 1 January
2025.
These initiatives will be undertaken while
maintaining strong systems of risk
management and internal control
across the Group.
I trust this report is helpful for
shareholders in understanding the
activities of the Committee.
On behalf of the Audit Committee.
ALAN RALPH
Chair
Audit Committee
13 May 2024
The Committee reviewed key
components of the Group’s internal
control framework during the year.
ALAN RALPH
Chair
DCC plc Annual Report and Accounts 2024 119
Financial Statements Supplementary InformationStrategic Report Governance

ROLE OF THE COMMITTEE
Responsibilities
The responsibilities of the Committee
are set out in its Terms of Reference,
which are available on the Company
website.
Composition, Attendance and
Tenure
The Audit Committee comprises four
independent non-executive Directors:
Alan Ralph (Chair), Caroline Dowling, Lily
Liu, and Mark Ryan. Biographical details
for the members of the Committee are
set out on pages 96 and 97. The tenure
of the members of the Committee is set
out at the start of this report.
The Board is satisfi ed that the members
of the Committee bring a suitably diverse
range of skills, expertise and experience
in commercial, fi nancial and audit
matters arising from the senior positions
they hold or held in other organisations
and that the Committee as a whole has
competence relevant to the sectors in
which DCC operates. The Board is also
satisfi ed that Alan Ralph and Lily Liu
meet the specifi c requirements of the
UK Corporate Governance Code for
recent and relevant fi nancial experience.
The Company Secretary is the Secretary
to the Committee.
Meetings
The Committee met fi ve times during
the year ended 31 March 2024 and there
was full attendance by all members of
the Committee.
The Chief Executive, Chief Financial
O cer, Company Secretary, Group
Financial Controller, Head of Group
Internal Audit, Head of Group IT
Assurance, Head of Group Compliance,
and representatives of the external
auditor are typically invited to attend all
meetings of the Committee. The Chair
of the Board attends a number of the
Committee’s meetings every year. Other
Directors and executives are invited to
attend as necessary.
Principal Activities Key Topics Discussed During the Year
Risk
Management
and Internal
Control
• The Committee considered and approved in November 2023 the audit plan prepared by the
Company’s external auditors in respect of the fi nancial year ending 31 March 2024, including areas
on which the external audit would focus and the materiality levels to be applied in the audit.
• The external auditor then reported to the Committee on progress in its audit at Committee
meetings in February and April before presenting its fi nal report in May.
• The Committee considered reports on the Group’s principal risks and related internal controls at
a number of meetings during the year, in advance of recommending to the Board that the
Company’s Interim Results, Preliminary Results and Annual Report and Accounts be approved.
• The Committee considered reports from the Group Finance team, the Group Legal & Compliance
team, the Group IT team and from divisional management teams on compliance with applicable
standards and the management of risks and within their areas of responsibility.
• In addition, members of management from each of the Group’s divisions reported to the
Committee on key risks and related internal controls within their divisions.
Governance
and Reporting
• Having considered the Group’s fi nancial and non-fi nancial reporting and key risks and internal
controls, the Committee considered the Company’s Interim Results Announcement in November
and Preliminary Results Announcement and Annual Report and Accounts in May and
recommended to the Board that they be approved.
External Audit
• In addition to approving the external auditor’s annual audit plan and overseeing the annual audit,
the Committee received updates from the external auditor on relevant developments relating to
the Company’s activities, including on the new UK Corporate Governance Code and on new
sustainability reporting requirements.
• The Committee oversaw the annual review of the e cacy of the external audit process, including
a report from management on the process.
• With the initial term of the Company’s existing auditor coming to an end in 2025, the Committee
approved a tender process for the Company’s external audit, which will take place later in 2024.
Internal Audit
• The Committee approved the annual audit plan of the Group Internal Audit team before the
commencement of the fi nancial year and reviewed progress against it over the course of the year.
• The Committee received a report from the Group Internal Audit team at each meeting with the
results of recent audits, progress in closing actions from previous audits, and wider
recommendations in relation to the Group’s internal control framework.
Whistleblowing
• The Committee received reports from the Group Legal & Compliance team in April, May and
November on any whistleblowing incidents received and steps taken to address them.
DCC plc Annual Report and Accounts 2024120
Audit Committee Report Continued

The Committee meets a number of
times each year with the Company’s
external auditor and with the Head of
Group Internal Audit without other
members of management being
present. The Committee also holds
discussions after most of its meetings
in the absence of any invitees.
Evaluation of Performance
The 2024 Board evaluation process,
which was externally facilitated by
Independent Audit, concluded that the
Audit Committee and the Chair of the
Committee are operating e ectively.
The Committee, as part of the Board
evaluation process, reviewed its Terms
of Reference during the year. No
material changes were made to the
Committee’s Terms of Reference as
a result of this review.
All actions from the 2023 Board
evaluation process in relation to the
Committee were fully implemented
during the year.
Reporting to the Board
The Chair of the Audit Committee
reports to the Board at each meeting
on the activities of the Committee since
the previous Board meeting.
Consultation with Shareholders
The Chair of the Audit Committee
attends the Annual General Meeting to
answer questions from shareholders on
the report on the Committee’s activities
and matters within the Committee’s
areas of responsibility.
Governance in Action
SUSTAINABILITY REPORTING
As an Irish company whose shares are listed on a stock
exchange outside the European Union, the provisions of the EU
Corporate Sustainability Reporting Directive (‘CSRD’) will be
applicable to DCC with e ect from the fi nancial year
commencing 1 April 2025. The requirements of CSRD will
therefore apply to the Company’s 2026 Annual Report and
Accounts.
The Group has a project underway to meet the requirements of
CSRD. In large part, this builds on work done across the Group in
recent years to develop our reporting in the areas that are most
relevant to the Group’s sustainability – decarbonising our
activities and successfully navigating the energy transition,
ensuring high standards of safety, developing a diverse and
engaged workforce, supporting the communities we serve, and
maintaining high standards of governance and compliance.
These subjects are refl ected in our existing Sustainability
Framework. More detail on our sustainability priorities and our
reporting against them is contained in the Sustainability Review
on page 60.
The requirements of CSRD will allow us to enhance our reporting
against our existing Sustainability Framework over the coming
years.
The Audit Committee will have an important role to play in
overseeing internal controls and reporting processes being put
in place to ensure that DCC’s reporting under CSRD and in
relation to non-fi nancial matters more generally remains
accurate and provides a balanced view of the Group’s progress
in this important area.
Financial Statements Supplementary InformationStrategic Report Governance
DCC plc Annual Report and Accounts 2024 121

PRINCIPAL ACTIVITIES
Risk Management and
Internal Control
The Committee reviews on behalf of
the Board the key processes for
managing risk across the Group. These
include the use of risk registers at Group,
divisional and business-level, reports on
the Group’s principal risks and related
internal controls and regular reports
from relevant functions such as Finance,
Legal & Compliance and Group Internal
Audit (‘GIA’). In addition, the Committee
receives complementary reports on risks
and internal controls from the
management teams of each of the
Group’s three divisions over the course
of the year. The Committee monitors a
range of emerging risks as part of this
process.
The Committee’s work in this area
includes an assessment of whether
relevant risks are subject to suitable
internal controls and where existing
internal controls should be adjusted to
refl ect new or emerging risks.
An annual review of the Group’s risks
and related internal controls, including
recommendations for their
development, is prepared by
management and reviewed by the
Committee each year as part of the risk
management process described above.
Key areas of risk and internal control
considered as part of this process
during the year included project
implementation and the management
of IT recovery and cyber risks.
The Chair of the Committee reports to
the Board on risk management and
internal controls after each Committee
meeting. The Board also considers the
annual review of risks and internal
controls referred to above.
More details on the Group’s system of
risk management and internal control
are set out in the Risk Report on
pages 82 to 92. The Board’s statement
on Risk Management and Internal
Control is included in the Corporate
Governance Statement on page 105.
Whistleblowing
The Board has delegated responsibility
to the Audit Committee for ensuring
that the Group maintains suitable
whistleblowing arrangements for its
workforce. Those arrangements are
outlined in the Sustainability Review on
page 80 and are also described in our
Code of Conduct, which is available on
the Company’s website.
The Committee reviewed the operation
of the Group’s whistleblowing facilities,
including the matters raised and how
they were resolved, during the year.
A summary of whistleblowing reports
received is provided to the Committee
each April and November. A detailed
report on concerns raised and the steps
taken to address them is also presented
to the Committee in May.
External Audit
The Audit Committee is responsible for
overseeing and assessing DCC’s
external audit, including the work of the
Company’s external auditor, KPMG. The
Committee seeks to create a culture
that recognises the work of, and
encourages challenge by, the external
auditor.
The Committee monitors KPMG’s
independence and objectivity
throughout the year.
The Committee considers and approves
the annual audit plan at the
commencement of the external audit
process. Details of the areas considered
as part of the approval of the audit plan
for the year under review are set out in
the Chair’s Introduction on page 118.
The Committee also reviews and
approves the annual audit fee.
The Audit Committee meets with the
external auditor without the presence
of management during the year.
The Audit Committee is required to
make a recommendation to the Board
on the appointment, reappointment
and removal of the external auditor.
KPMG were appointed as the Group’s
external auditor on 17 July 2015. As
noted above in the Chair’s Introduction,
the Committee will shortly commence
a tender process to appoint the
Company’s external auditor. A timeline
of the principal steps in this process is
set out in the diagram above.
E ectiveness
As part of its annual review of the
e ectiveness of the external audit
process, the Committee reviews the
results of the external audit
e ectiveness questionnaire. This
process involves the Chief Financial
O cer obtaining the views of fi nance
executives at Group level and across
Group businesses.
Their responses and recommendations
for improvements in future audits are
summarised in a report to the Audit
Committee.
Based on its consideration of this report
and its own interactions with KPMG the
Audit Committee considers whether
External Audit Tender Process
2. August & September 2024
Tendering fi rms submit proposals.
Detailed review meetings held with management and members of the
Audit Committee.
3. October & November 2024
Shortlisted fi rms present to the Audit Committee.
Audit Committee makes recommendation to the Board.
Board considers recommendation of the Audit Committee.
1. June & July 2024
Requests for proposals issued to selected fi rms of auditors, including
‘challenger’ fi rms.
Data room of information made available to tendering fi rms.
Briefi ng meetings with management and members of the Audit Committee.
DCC plc Annual Report and Accounts 2024122
Audit Committee Report Continued

the external audit process remains
e ective. Its conclusions are then
conveyed to the Board.
The Committee concluded on the basis
of this process that the external audit
process in respect of the year ended
31 March 2023 was e ective.
Independence
The Audit Committee has processes in
place to ensure that the independence
of the external audit is not
compromised. These include monitoring
the nature and extent of services
provided by the external auditor
through an annual review of fees paid to
the external auditor for non-audit work,
which is described in more detail below.
In addition, the Committee obtains
confi rmation from the external auditor
that they are in compliance with
relevant ethical and professional
guidance and that, in their professional
judgement, they remain independent.
On the basis of these processes, the
Committee was satisfi ed that KPMG
remain independent and have
communicated this to the Board.
The Audit Committee has also
approved a policy on the employment
of employees or former employees of
the external auditor. This policy provides
that the Chief Executive will consult with
the Chair of the Audit Committee prior
to appointing to a senior fi nancial
reporting position, to a senior
management role or to a Company
o cer role any employee or former
employee of the external auditor, where
such a person was a member of the
external audit team in the previous
two years.
No person who was a member of the
KPMG external audit team in the
previous two years was appointed to
such a role during the period under
review.
Non-Audit Services
The Audit Committee has approved
a policy on the engagement of the
external auditor to provide non-audit
services. This provides that the external
auditor is permitted to provide non-audit
services that are not, or are not
perceived to be, in confl ict with external
auditor independence, providing they
have the competence to carry out the
work and are the most appropriate to
undertake it. A number of specifi c types
of non-audit services are prohibited
under the policy.
The policy also provides that any
non-audit services that would result in
the aggregate of non-audit fees paid
to the external auditor exceeding 50%
of annual audit fees must be approved
in advance by the Chief Executive and
the Chair of the Audit Committee.
Non-audit assignments undertaken by
the external auditor during the year
under review were subject to
appropriate review and approval.
Details of the amounts paid to the
external auditor during the year for
non-audit services are set out in note
2.3 on page 177. The chart above sets
out the audit and non-audit fees paid
to the external auditor over the
fi ve-year period from 2020 to 2024
inclusive. All of the non-audit services
undertaken during the year by the
external auditor were directly related to
the audit services they provided.
Internal Audit
Group Internal Audit
The Audit Committee approves the
Group Internal Audit annual plan and
reviews reports on audits undertaken by
the GIA team. The Head of GIA and the
Head of IT Assurance, together with
other executives from the GIA team as
needed, report at each meeting of the
Committee on:
• the fi ndings from each audit, IT audit
and any special investigations
completed;
• reviews undertaken on
newly-acquired businesses;
• audits in progress;
• the timely implementation of agreed
audit actions; and
• progress on other projects including
the implementation of improvements
agreed under the most recent
External Quality Assessment.
Actions agreed as part of GIA team
audits are tracked. The timely
completion of audit actions is then
tracked as part of the normal
management process and is also linked
to management bonuses. The Audit
Committee reviews progress on the
completion of these actions with the
Head of GIA and other members of
management at each of its meetings.
External Quality Assessments (‘EQAs’) by
independent external consultants are
conducted at least every fi ve years to
confi rm compliance by the GIA team
with the International Standards for the
Professional Practice of Internal Auditing
(IIA Standards). An internal review
against the same standards is
completed on an annual basis. The
most recent EQA was completed in 2021
by EY.
The Audit Committee ensures
co-ordination between GIA and the
external auditor, with regular meetings
held each year between them to
maximise the benefi ts of clear
communication and co-ordination
of their activities.
The Head of GIA has direct access to
the Chair of the Audit Committee and
the Audit Committee meets with the
Head of GIA on a regular basis without
other members of management.
IT Assurance
The IT Assurance team forms part of
the wider GIA team. In addition to IT
audit reports, the Head of GIA and
Head of IT Assurance report to the
Audit Committee on initiatives being
undertaken around the Group in
relation to cybersecurity and IT
project management. This includes
compliance with the Group Information
Security Policy.
Audit vs Non-Audit Fees
2024 5%4,558 253
Non-Audi
t
as % of Audit
2023 4%
3,671 159
2022 4
%3,594 140
2021 3
%3,267 111
862020 3
%2,930
Audit £’000 Non-Audit £’000
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 123
Strategic Report Governance

Reporting
Reporting Processes
An important part of the Committee’s
role is to ensure that the Company’s
reporting, including its half-year
unaudited accounts and Annual Report
and Accounts, are supported by
suitably detailed records and analysis.
The Committee reports its fi ndings and
makes recommendations to the Board
on the Company’s external reporting
accordingly.
KPMG, as the Company’s external
auditor, supports the Committee in this
role. In the course of its annual audit, it
considers whether accounts have been
prepared in accordance with IFRS and
whether adequate accounting records
have been kept. The independent
auditor’s report to shareholders can
be found on pages 157 to 163.
The GIA team also contributes to this
assurance process by reviewing
compliance with internal fi nancial
reporting processes.
As part of its review of the 2024 Annual
Report and Accounts, the Committee
assessed whether suitable accounting
policies had been adopted and
whether management had made
appropriate estimates and judgements
in applying them. The Committee
obtained support from the external
auditor in making these assessments.
The Committee focused on matters it
considered to be important by virtue of
their impact on the Group’s results and
particularly those which involved a
relatively higher level of complexity,
judgement or estimation by
management. The table on page 125
sets out the signifi cant matters
considered by the Committee in relation
to the fi nancial statements for the year
ended 31 March 2024.
Management confi rmed to the
Committee that they were not aware
of any material misstatements in the
fi nancial statements for the year ended
31 March 2024 and KPMG confi rmed
that they had found no material
misstatement in the course of their work.
Distributable Reserves
The Committee reviews the position
regarding distributable reserves in order
to recommend payment of the interim
and fi nal dividends.
Going Concern and Viability Statement
The Audit Committee reviews the draft
Going Concern and Viability Statements
prior to recommending them for
approval by the Board. These
statements are included in the Risk
Report on page 92.
Fair, Balanced and Understandable
As required by the Code, the Board
should present a fair, balanced and
understandable assessment of the
Company’s position and prospects,
and specifi cally confi rm that it considers
that the Annual Report and Accounts,
taken as a whole, is fair, balanced and
understandable and provides the
information necessary for shareholders
to assess the Company’s performance,
business model and strategy.
At the request of the Board, the
Committee considered whether the
2024 Annual Report and Accounts met
these requirements.
The Committee considered and
discussed with management the
processes followed in the preparation of
the 2024 Annual Report and Accounts,
in particular planning, co-ordination
and review processes. The Committee
also noted the formal review of the
Annual Report and Accounts undertaken
by KPMG. This enabled the Committee
and then the Board to conclude that
the Annual Report and Accounts, taken
as a whole, is fair, balanced and
understandable and that it provides the
necessary information for shareholders
to assess the Group’s performance,
business model and strategy.
DCC plc Annual Report and Accounts 2024124
Audit Committee Report Continued

SIGNIFICANT MATTERS IN RELATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Goodwill and Intangible Assets
As set out in note 3.3 to the fi nancial
statements, the Group had goodwill
and intangible assets of £3,136.9 million
at 31 March 2024 (2023: £2,957.6 million).
To satisfy itself that this balance was
appropriately stated, the Committee
considered the impairment reviews
carried out by management. The
Group’s annual impairment review was
carried out using the carrying values of
subsidiaries at 31 January 2024 and
the latest three-year business plans
prepared by the subsidiaries.
In performing their impairment reviews,
management determined the
recoverable amount of each cash
generating unit (‘CGU’) and compared
this to the carrying value at the date
of testing. The recoverable amount of
each CGU is the higher of its fair value
less costs to sell and its value in use.
Management uses the present value
of future cash fl ows to determine the
value in use. In calculating the value in
use, management judgement is
required in forecasting cash fl ows of
CGUs, in determining the long-term
growth rate and selecting an
appropriate discount rate.
Management reported to the
Committee that future cash fl ows of
each CGU had been estimated based
on the most up to date three-year
plan for the business in question and
discounted using discount rates that
refl ected the risks associated with
each CGU. Sensitivity analysis was
performed by adjusting the discount
rate, cash fl ows and the long-term
growth rate. The Committee
considered and discussed with
management the key assumptions
used in this review to understand their
impact on the CGUs’ recoverable
amounts. The Committee in particular,
considered and discussed with
management the assumptions in
relation to one CGU where the
sensitivity analysis, under certain
scenarios, indicated that the value in
use was lower than the carrying value.
The Committee was satisfi ed that the
signifi cant assumptions used for
determining the recoverable amounts
had been appropriately scrutinised,
challenged and were su ciently
robust. The Committee agreed with
management’s conclusion that the
cash fl ow forecasts supported the
carrying value of goodwill and
intangible assets.
Business Combinations
As set out in note 5.2 to the Group
fi nancial statements, the Group
completed a number of acquisitions
during the year, the most signifi cant of
which were the acquisitions of Progas
and Centreco. The Group deployed
£371.0 million (2023: £365.1 million) in
total consideration to acquisitions
completed during the year. This total
consideration was satisfi ed by a net
cash outfl ow of £288.2 million (2023:
£318.5 million) and acquisition related
liabilities of £82.8 million (2023:
£46.6 million).
Business combinations are accounted
for using the acquisition method which
requires that the assets and liabilities
assumed are recorded at their
respective fair values at the date of
acquisition, being the date the Group
obtains control of the business being
acquired. The application of this
method requires certain estimates and
assumptions, particularly concerning
the determination of the fair values of
the acquired assets and liabilities
assumed at the date of acquisition.
Management reported to the
Committee that in conducting their
review of the fair values of the
acquired assets and liabilities at the
date of acquisition, identifi able net
assets of £148.8 million (2023:
£134.6 million), non-controlling interests
of nil (2023: £0.2 million) and goodwill
of £222.2 million (2023: £230.8 million)
were acquired. Management
engaged independent experts to
assist with the valuation of intangible
assets on Progas and Centreco. In
addition the Committee discussed
and agreed with management’s
recommendations on the estimated
useful lives of intangible assets arising
on the Group’s acquisitions.
The Committee considered and
discussed with management the key
assumptions used in determining the
fair value of assets and liabilities
acquired and was satisfi ed that the
process and assumptions used in
determining the fair values of assets
and liabilities had been appropriately
scrutinised and challenged and were
su ciently robust. The Committee
agreed with management’s
assessment of the fair values of assets
and liabilities acquired through
business combinations and was
satisfi ed that the related disclosures
required under IFRS 3 were complete,
accurate and understandable.
Impact of Climate Change
The Committee considered the
Company’s approach to the reporting
of the impact of climate change on its
activities in the fi nancial statements
for the year ended 31 March 2024,
including compliance with the
recommendations of the Taskforce on
Climate-related Financial Disclosures
(‘TCFD’). More detail on compliance
with TCFD is contained in the
Sustainability Review on page 60.
Other Matters
The Committee considered and is
satisfi ed with a number of other
judgements which have been made
by management including revenue
recognition, exceptional items, lease
accounting, provisioning for
impairment of trade receivables and
inventories, tax provisioning and the
carrying amounts of the parent
company’s investments in subsidiary
undertakings and the amounts owed
by these subsidiary undertakings.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 125
Strategic Report Governance

CHAIR’S INTRODUCTION
I am pleased to present our Directors’
Remuneration Report for the year
ended 31 March 2024.
The Report includes this introductory
overview, a Remuneration at a Glance
section, details of our proposed
updated Remuneration Policy, a look
back at outcomes for the year ended
31 March 2024 and fi nally a section on
how the proposed new Policy will
operate in the year ending 31 March
2025, if approved by shareholders.
Review of Remuneration Policy
During the year, the Remuneration
Committee conducted our triennial
review of the Directors’ Remuneration
Policy.
The Committee believes that the
remuneration opportunity available to
DCC’s executive Directors should
incentivise delivery of the Group’s
strategic ambitions which are detailed
in other sections of our Annual Report.
In particular, we believe that
remuneration should be weighted
toward variable, rather than fi xed, pay
components, to ensure that outcomes
for executives are closely aligned with
those for other stakeholders, and that
additional reward opportunities should
crystallise only when the business
performs well.
Our current Policy was designed to
refl ect these key design principles. It
received strong support from
shareholders at the 2021 AGM and has
served DCC well over the last three
years.
As our current Policy expires at the 2024
AGM, the Committee undertook a
comprehensive review of our current
pay structure over the course of the
year to assess its continued
appropriateness for DCC.
The Committee concluded that the
current Policy remains fi t for purpose, in
the context both of incentivising delivery
of the Company’s strategy and
refl ecting the governance practices
expected of a FTSE100 company (such
as mandatory bonus deferral, post-vest
LTIP holding periods and post
termination shareholding requirements).
Accordingly, we are proposing only two
changes to our existing Policy:
• Increasing the normal annual
maximum LTIP opportunity from 200%
to 250% of salary. At this level, the
award opportunity will be brought
into line with the median opportunity
observed at FTSE companies of
similar size, which has increased since
the last Policy renewal. No change is
proposed to the existing exceptional
award limit of 300% of salary.
• Introducing corporate failure as a
stated trigger to the existing malus
and clawback provisions attaching
to bonus and LTIP awards, in line with
recommended best practice.
No other changes are proposed to the
existing Policy. The proposed new Policy
is set out in detail on pages 132 to 139.
Performance for the Year
Over the last year, we delivered
continued high returns and strong
growth.
Executive remuneration
continues to reward
business performance and
strategic progress.
Highlights of the year
• Appointment of Katrina Cli e as
Chair of Remuneration
Committee.
• Detailed review of the Company’s
Remuneration Policy, including
extensive consultation with
shareholders, before a
shareholder vote at July AGM.
David Jukes (Chair)
Katrina Clie
Caroline Dowling
Laura Angelini
Years on the
Remuneration Committee
as at 31 March 2024
5.5
0.8
4.8
1.5
REMUNERATION
REPORT
DCC plc Annual Report and Accounts 2024126
Governance Continued

Group adjusted operating profi t was
4.1% ahead of the prior year. Return on
capital employed, a key metric for DCC,
was 13.5% (14.3% excl. IFRS 16) and was
again substantially in excess of the
Group’s cost of capital. It is proposed
that the total dividend for the year will
be increased by 5%.
DCC has generated a strong
shareholder return over the last ten
years, as illustrated in the chart below.
The Committee is satisfi ed that the
executive Directors’ remuneration
refl ects the Group’s strong performance
in the year.
Remuneration of Executive
Directors for the Year
Salaries
As explained in detail in last year’s
Report, the Chief Executive’s salary was
increased by 4% and the CFO’s salary
was increased by 9% for the year ended
31 March 2024.
Further details regarding remuneration
arrangements for the year ended
31 March 2024 are set out on page 140.
Bonuses
The annual bonuses for the executive
Directors in respect of the year ended
31 March 2024 were based on
performance against targets for growth
in adjusted operating profi t (up to 70%
of maximum potential), along with
overall contribution and attainment of
strategic and sustainability targets (up
to 30% of maximum potential).
Group and individual Director
performance against these targets has
been refl ected in a bonus outcome for
the Chief Executive of 133.3% of salary
(compared to a maximum potential of
200%). For the CFO the bonus outcome
is 106.6% of salary (compared to a
maximum potential of 160%).
The Committee reviewed the calculated
outcomes in the context of the strong
performance of the Group and
determined that the bonus payouts
were appropriate at that level and that
no discretion should be exercised when
approving the bonus outcome.
Further details of the performance
targets and achievement against those
targets are set out on pages 140 to 141.
Long-Term Incentives
The extent of vesting of the Long-Term
Incentive Plan (‘LTIP’) awards granted in
November 2021 was based on DCC’s
Return on Capital Employed (‘ROCE’),
Earnings per Share (‘EPS’) and Total
Shareholder Return (‘TSR’) performance
over the three-year period ended
31 March 2024. While the extent of
vesting will be formally determined by
the Remuneration Committee in
November 2024, it is expected that 54%
of the share options granted will vest.
The earliest exercise date of these
options will be November 2024, with a
two-year post-vest sale restriction (to
November 2026) for the executive
Directors.
Regarding the prior year, the
Remuneration Committee determined
that the LTIP awards granted in
November 2020 would vest at 69%,
based on DCC’s ROCE, EPS and TSR
performance over the three-year period
ended 31 March 2023. This was
consistent with the estimated vesting of
69% disclosed in last year’s Report. The
earliest exercise date for the awards
granted in November 2020 will be
November 2025.
Further details on this subject are set
out on page 142.
Details of LTIP awards granted to the
executive Directors in November 2023
are contained in the table on page 146.
Remuneration for the Year
Ahead
Salaries
For the year ending 31 March 2025, the
Committee agreed to increase the Chief
Executive’s salary by 4% and the CFO’s
salary by 4%. In determining these
changes, the Committee considered
the levels of salary increases for the
general workforce.
Bonuses
For the year ending 31 March 2025, the
bonuses for the executive Directors will
be consistent with the proposed new
Remuneration Policy, with the maximum
award opportunity for the year being
DCC
0
2014
2015 2016 2017 2018 2019 2020 2021 2022 2023
2024
FTSE 100
£250
£200
£150
£100
£50
DCC’s 10 year TSR performance versus
the FTSE 100
Value of £100 invested on 31 March 2014
£300
The Committee undertook a
comprehensive review of our current pay
structure over the course of the year.
DAVID JUKES
Chair
DCC plc Annual Report and Accounts 2024 127
Financial Statements Supplementary InformationStrategic Report Governance

200% of salary for both the Chief
Executive and CFO. The CFO’s annual
bonus opportunity will be aligned with
the CEO’s, as we consider the alignment
of the bonus opportunity for all
executive Directors to be more
consistent with our approach internally
as well as typical market norms.
Outcomes will be based 70% on growth
in Group adjusted operating profi t and
30% on strategic objectives.
Long-Term Incentives
In the year ending 31 March 2025, the
executive Directors will be granted LTIP
awards consistent with the proposed
new Remuneration Policy.
The grant value is expected to be up to
250% of salary for the Chief Executive
and up to 225% of salary for the CFO.
The extent of vesting will be based on
performance over the three fi nancial
years ending 31 March 2027, with a
further two-year post-vesting sale
restriction also applying for the
executive Directors. As in recent years,
vesting will be based 40% on ROCE, 40%
on Adjusted EPS growth, and 20% on
TSR compared to the FTSE 100.
The performance ranges for Adjusted
EPS and TSR will also remain consistent
with recent years. The ROCE
performance range this year will be
10.5% to 15%, refl ecting the signifi cant
level of capital deployed in recent years
on acquisitions.
Further details on this subject are set
out on page 148.
Non-executive Director Fees
For the year ending 31 March 2025, the
non-executive Director’s basic fee and
the total Chair fee will increase by 4%, in
line with the salary increases for the
general workforce.
In addition, the fee payable to the Chair
of the Remuneration Committee will
increase by €2,000 and the fee payable
to the Workforce Engagement Director
will increase by €1,000.
The fees payable to the Chair of the
Audit Committee, to the Chair of the
Governance and Sustainability
Committee and to the Senior
Independent Director will remain
unchanged.
Full details of these fees are set out on
page 149.
Shareholder Engagement
The Committee engages with major
shareholders on remuneration matters,
particularly on signifi cant policy
changes, and considers the views of
shareholder organisations and proxy
voting agencies.
In recent months, we engaged with our
largest shareholders to o er them the
opportunity to give us their views on
proposed changes to our Remuneration
Policy that are contained in this Report.
I am pleased to state that support for
the new Policy was extremely strong.
More generally, the Committee
welcomes input from our investors and
other stakeholders on the Company’s
approach to remuneration. Specifi cally,
the Committee recognises that
shareholders have a right to a ‘say on
pay’. At the 2024 AGM, advisory
resolutions on the Remuneration Report
and on the Remuneration Policy will be
put to shareholders.
Employee Engagement
The Remuneration Committee considers
broader company pay policies at
various meetings throughout the year.
The Committee considers these and
more general pay practices and trends
when making compensation decisions
for executive Directors.
A copy of the Annual Report is issued to
every business in the Group. Internal
communication events, such as town
halls, then allow employees to raise any
questions that they may have on this
and other issues.
Further details on the Committee’s
approach to employee engagement
are included on page 136.
UK Companies (Miscellaneous
Reporting) Regulations 2018 and
Shareholders Rights Directive II
As an Irish-incorporated company, DCC
is not subject to the 2018 Regulations.
However, given our listing on the London
Stock Exchange, we continue our
practice of substantially applying these
regulations voluntarily.
Following the implementation of the EU
Shareholder Rights Directive II (SRD II)
into Irish law in March 2020, Irish
company law requires an advisory
shareholder vote on remuneration
reports and remuneration policies
at AGMs.
However, the SRD II requirements only
apply to companies whose shares are
admitted to trading on an EU-regulated
market, which, following Brexit, does not
include DCC. As in prior years, in this
year’s Report we have substantially
reported against SRD II requirements as
a matter of good practice.
Committee Succession
We announced during the year that I
will be retiring from the Board and the
Remuneration Committee at the
conclusion of our 2024 AGM in July.
I would like to thank my fellow Board
and Committee members, Donal
Murphy and his management team, and
our external advisors for all their support
during my tenure as Chair of the
Committee. I wish my successor, Katrina
Cli e, the very best in this role.
Conclusion
I believe that the Remuneration
Committee has implemented the
current Remuneration Policy in a way
that suitably refl ects the performance
of the Group in the year.
I strongly recommend that shareholders
vote in favour of the 2024 Remuneration
Policy and Remuneration Report at the
2024 AGM.
On behalf of the Remuneration
Committee
DAVID JUKES
Chair
Remuneration Committee
13 May 2024
DCC plc Annual Report and Accounts 2024128
Remuneration Report Continued

Q&A with Katrina Cli e, incoming Chair of the Remuneration Committee
Katrina Cli e joined the Board of DCC
plc in May 2023. She will succeed David
Jukes as Chair of the Remuneration
Committee in July 2024.
Q
What attracted you to join the
Board of DCC plc?
DCC is a company that I had followed
for some time. Its devolved business
model, with Group businesses being
encouraged to remain close to the
needs of their suppliers and customers,
together with the Group’s focus on
performance and disciplined capital
allocation, is a model I like.
And of course, DCC also operates in
some very interesting sectors. The
energy, technology and healthcare
industries provide essential services to
businesses and individuals. DCC’s
commitment to ‘Invest in What the
World Needs’ in these areas – to make
practical progress on important
questions such as climate change –
was also appealing.
I am very pleased to have been invited
to succeed David as Chair of our
Remuneration Committee, a role I have
also fi lled in other companies where I
have been a director.
Q
What will your key areas of focus
be for the Remuneration
Committee in the year ahead and
beyond?
We are putting a small number of
proposed changes to our Remuneration
Policy to shareholders at our 2024 AGM.
These are incremental changes to our
existing Remuneration Policy and are
designed to ensure that executive
remuneration in DCC remains
competitive while also being very
directly linked to the experience of our
shareholders and other stakeholders.
The Committee invested a good deal of
time over the course of the last year in
considering di erent options for our
Remuneration Policy. The fact that we
are now recommending a modest
number of changes indicates that our
existing Policy has served the Company
and its investors well and will continue to
do so in largely the same form.
Looking ahead, the Committee will
continue to carefully consider how
executive remuneration in DCC is
aligned with the strategic objectives of
the Group, including its sustainability
objectives. We will pay careful regard to
the views of our investors and the wider
governance community in this regard.
Q
How will you engage with
shareholders and other
stakeholders who may be
interested in DCC’s approach to
remuneration?
It is essential that we continue to take
a balanced apprach to executive
remuneration – one that has regard
to the interests of key stakeholders in
the Group such as our investors, our
employees and wider society.
The changes we have proposed to our
Remuneration Policy are an example of
this. We consulted extensively with our
principal shareholders on the proposed
changes and were very pleased with
the level of support and engagement
we received.
The Committee will continue to pay
close attention to the views of our
investors and other stakeholders as
we put the updated Policy into e ect.
Clearly, the AGM provides a very
important opportunity for this, but we
remain available for discussions on
remuneration questions at other times
of the year as well.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 129
Strategic Report Governance

REMUNERATION AT A GLANCE
Components of Executive Remuneration and 2024 Policy Changes
Fixed Pay Short-Term Incentive Long-Term Incentive Total Pay
Salary, Benefi ts and Pension
A fair, fi xed remuneration
refl ecting the executive’s
role, experience and
competitive market practice
which attracts and retains
high calibre talent necessary
for the delivery of the
Group’s strategy.
Annual Bonus
A variable remuneration
which rewards the
achievement of annual
pre-determined
performance targets,
including Group adjusted
operating profi t and
strategic objectives.
Executive share plan
An annual award which
aligns the interests of
executives with those of the
Group’s shareholders and
refl ects the Group’s culture of
long-term performance-
based incentivisation.
Revised
Policy
Changes
Introduction of corporate
failure to existing malus and
clawback provisions.
Increase in the annual
maximum opportunity from
200% to 250%.
++=
Annual Bonus Outcome for Year Ended 31 March 2024
Chief Executive Chief Financial O cer
Bonus Potential (200% of Salary of €945,890) Bonus Potential (160% of Salary of €556,227)
Group Operating
Profi t
70% of Bonus
Potential
Strategic
Objectives
15% of Bonus
Potential
ESG
Objectives
15% of Bonus
Potential
Group Operating
Profi t
70% of Bonus
Potential
Strategic
Objectives
15% of Bonus
Potential
ESG
Objectives
15% of Bonus
Potential
Performance:
36.6%
Performance:
15%
Performance:
15%
Performance:
36.6%
Performance:
15%
Performance:
15%
Total Performance:
66.6% of Bonus Potential
133.3% of salary = €1,260,512
Total Performance:
66.6% of Bonus Potential
106.6% of salary = €592,991
1/3 Deferred and
Converted to DCC Shares
2/3 Paid in Year
1/3 Deferred and
Converted to DCC Shares
2/3 Paid in Year
FURTHER DETAILS ON BONUS OUTCOMES ARE SET OUT ON PAGE 140.
ROCE EPS Growth TSR Outperformance of FTSE 100
15.5% 9%
Upper Quartile
11.5%
Actual: 14.3%
MAXMIN
Extent of vesting Extent of vesting Extent of vesting
31% 23% 0%
MAXMIN MAXMIN
Actual: 5.6% Actual: nil
3%
Below Median Median
Total amount of 2021 LTIP awards that will vest in November 2024: 54%
There is a two-year post-vest sale restriction (to November 2026) for the executive Directors.
FURTHER DETAILS ON LTIP ARE SET OUT ON PAGE 142.
2021 LTIP Award Outcome Based on Results in Three-Year Period Ended 31 March 2024
FURTHER DETAILS ON
REMUNERATION POLICY
ARE SET OUT ON PAGE 132.
DCC plc Annual Report and Accounts 2024130
Remuneration Report Continued

Executive Directors’ Shareholdings
Policy requirement
This graph shows DCC plc shares held by the executive
Directors, including shares held as part of the deferred
bonus arrangement outlined above, as at 31 March 2024.
In both cases, the executive Directors’ shareholdings are
in excess of policy requirements.
FURTHER DETAILS ON SHARE OWNERSHIP ARE SET OUT ON
PAGE 147.
Chief Executive CFO
Multiple of salary
Holding = 12.2x
Holding = 2.3x
Multiple of salary
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
0
1
2
3
4
5
Fixed Pay (Salary, Benefi ts,
Pension)
FURTHER DETAILS ON
TOTAL REMUNERATION ARE
SET OUT ON PAGE 140.
Annual Bonus
LTIP
This diagram illustrates in which fi nancial years the various payments in the charts above are made or released to
executive Directors.
Total pay over fi ve years
Fixed Pay
Year 1 Year 2 Year 3 Year 4 Year 5
Payment Schedule
Salary, Benefi ts,
Pension
Annual Bonus
2/3rd Paid
in Year 1
1/3rd Invested in DCC Shares for Three Years
Long-Term Incentive
Three-Year Vesting Period Two-Year Holding Period
Executive Directors’ Total Remuneration
CEO
CFO
3,319
2024
0 1,000 2,000 3,000 4,000€’000
2024
2023
2023
3,106
1,741
1,528
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 131
Strategic Report Governance

REMUNERATION POLICY REPORT
DCC’s revised Remuneration Policy (‘the Policy’) is set out
below. As an Irish-incorporated company, DCC is not required
to comply with UK regulations that require UK companies to
submit their remuneration policies to a binding shareholder
vote. In addition, following Brexit, requirements under Irish
company law implemented to give e ect to the Shareholders
Rights Directive II only apply to companies whose shares are
admitted to trading on an EU-regulated market. However, the
Board recognises the need for our remuneration policies,
practices and reporting to refl ect best corporate governance
practice and has substantially applied these regulations.
As such, we will be submitting the revised Remuneration Policy
to an advisory, non-binding vote at the 2024 AGM, refl ecting
the changes outlined in the Chair’s Introduction and set out in
detail on pages 133 to 139. Subject to this shareholder
approval, the Company intends to operate its remuneration
arrangements in line with the proposed new Remuneration
Policy, from the date of the 2024 AGM.
The Policy is designed and managed to support a
high-performance and entrepreneurial culture, taking into
account competitive market positioning.
The Board seeks to align the interests of executive Directors
and other senior executives with those of shareholders within
the framework set out in the UK Corporate Governance Code
(‘the Code’). Central to this Policy is the Group’s belief in
long-term, performance-based incentivisation and the
encouragement of share ownership.
The primary Policy objective is to have overall remuneration
refl ect performance and contribution, while maintaining
salary rates and the short-term element of incentive
payments that are broadly in line with arrangements for
companies of similar size, scale and complexity.
DCC’s strategy of fostering entrepreneurship requires
well-designed incentive plans that reward the creation of
shareholder value through organic and acquisitive growth
while maintaining high returns on capital employed, strong
cash generation and a focus on sound risk management.
The typical elements of the remuneration package for
executive Directors are base salary, pension and other
benefi ts, annual performance-related bonuses and
participation in long-term performance plans, which promote
the creation of sustainable shareholder value.
The Remuneration Committee seeks to ensure:
• that the Group will attract, motivate and retain individuals
of the highest calibre;
• that executives are rewarded in a fair and balanced way
for their individual and team contributions to the Group’s
performance;
• that executives receive a level of remuneration that is
appropriate to their scale of responsibility and individual
performance;
• that the overall approach to remuneration aligns with the
sectors and geographies within which the Group operates
and the markets from which it draws its executives; and
• that risk is properly considered in setting remuneration
policy and determining remuneration packages.
The Remuneration Committee takes external advice from
remuneration consultants on market practice within
similar-sized UK-listed and Irish companies to ensure that
remuneration remains competitive and structures continue to
support the key remuneration policy objectives. Benchmarking
data is used to inform remuneration decisions, but does not
drive changes.
The Committee is mindful of managing any confl icts of
interest. No individual is involved in determining their own
remuneration arrangements.
The design of executive Director remuneration concerning the application of the Code is laid out in the table below:
Clarity Our Remuneration Policy and the approach to its implementation are clearly communicated to
shareholders and well understood by participants.
Simplicity We operate a simple market-aligned salary and benefi ts structure, with annual and long-term
performance-based incentives with payouts linked to only a small number of performance
measures.
Risk We manage risk by carefully setting performance targets in the context of a wide range of
reference points. The Committee retains the discretion to moderate outcomes in the context of
underlying performance. The senior executive remuneration structure is heavily weighted to
longer-term or deferred elements of pay, helping to ensure our pay structure reinforces a long time
horizon.
Predictability There are defi ned threshold and maximum pay scenarios described on page 138.
Proportionality Remuneration is weighted towards fi nancial and non-fi nancial performance, measures for which
are selected to align with strategy. We set challenging performance targets that are
commensurate with the incentive opportunities awarded.
Alignment to culture The remuneration design aligns closely with DCC’s performance culture and values, which reinforce
longer-term decision making and collective e orts. Our annual bonus plan includes sustainability/
ESG targets.
DCC plc Annual Report and Accounts 2024132
Remuneration Report Continued

Element and link to strategy Operation Maximum opportunity Policy changes
BASE SALARY
Attract and retain skilled
and experienced senior
executives.
Base salaries are reviewed annually on
1 April.
The factors taken into account include:
• Role and experience
• Company performance
• Personal performance
• Competitive market practice
• Salary increases across the Group
• Benchmarking versus companies of similar
size and complexity within the UK and Irish
markets
When setting pay policy, account is taken of
movements in pay generally across the
Group.
There is no prescribed
maximum base salary or
maximum annual
increase.
The general intention is
that any increases will
align with the increase
across the Group’s
workforce.
Increases may be higher
in certain circumstances,
such as role and
responsibility changes or
signifi cant market
practice changes.
No change
BENEFITS
To provide market
competitive benefi ts.
Benefi ts include the use of a company car,
life/disability cover, health insurance and
club subscriptions.
No maximum level has
been set as payments
depend on individual
circumstances.
No change
PENSION
To reward sustained
contribution.
The executive Directors are eligible to
participate in a defi ned contribution pension
scheme (or receive cash in lieu of
contributions to a defi ned contribution
pension scheme).
Pension contributions
(paid into the defi ned
contribution scheme or
paid as cash in lieu) for
existing executive
Directors are capped at
15% of base salary, in line
with the broader
workforce.
Newly appointed
executive Directors will
receive pension
contributions in line with
the broader workforce.
Pensionable salary is
defi ned as base salary.
No change
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 133
Strategic Report Governance

Element and link to strategy Operation Maximum opportunity Policy changes
ANNUAL BONUS
To reward the
achievement of annual
performance targets.
Bonus payments to executive Directors are
based upon meeting pre-determined
targets for several key measures, including
Group adjusted operating profi t and overall
contribution and attainment of strategic
objectives. The strategic targets focus on
areas such as delivery of strategy,
organisational development, IT, investor
relations, fi nancing, risk management,
sustainability/ESG and talent development/
succession planning.
The measures, their weighting and the
targets are reviewed annually.
The Committee determines bonus levels
based on actual performance after the year
end. The Committee can apply appropriate
discretion in specifi c circumstances
regarding determining the bonuses to be
awarded. In particular, the Committee has
the discretion to reduce bonuses if a
pre-determined target return on capital
employed is not achieved.
Regarding the executive Directors, 33% of
any bonus earned, once the appropriate tax
and social security deductions have been
made, will be invested in DCC shares and
made available to them, with accrued
dividends, after three years or earlier if their
employment terminates.
A formal clawback policy is in place for the
executive Directors, under which bonuses are
subject to clawback for three years in the
event of a material restatement of fi nancial
statements or other specifi ed events. Further
details on the clawback policy are set out on
page 136.
The Committee has discretion in relation to
bonus payments to joiners and leavers.
The maximum bonus
potential for the
executive Directors,
permitted under the
Policy, is 200% of base
salary.
The Remuneration
Committee will set a
maximum to apply for
each fi nancial year,
which will be disclosed in
the Annual Report on
Remuneration.
A defi ned target level of
performance has been
set for which 50% of the
maximum bonus is
payable.
Corporate failure is being
introduced as a stated
trigger to the existing
malus and clawback
provisions attaching to
bonus.
DCC plc Annual Report and Accounts 2024134
Remuneration Report Continued

Element and link to strategy Operation Maximum opportunity Policy changes
LONG-TERM INCENTIVE PLAN (‘LTIP’)
To align the interests of
executives with those of
the Group’s shareholders
and to refl ect the
Group’s culture of
long-term
performance-based
incentivisation.
The LTIP provides for the Remuneration
Committee to grant nominal cost (€0.25)
options to acquire shares to Group employees,
including executive Directors.
The vesting period is typically three years from
the date of grant, with the extent of vesting
being determined over three years, based on
the performance conditions set out in the
Annual Report on Remuneration.
The executive Directors have a two-year hold
period as a post-vest sale restriction.
In addition to the detailed performance
conditions, an award will not vest unless the
Remuneration Committee is satisfi ed that the
Company’s underlying fi nancial performance
has shown a sustained improvement in the
three-year period since the award date.
Vesting will be determined by the
Remuneration Committee, in its absolute
discretion, based on the performance
conditions set out in the Annual Report on
Remuneration each year.
No re-testing of the performance conditions is
permitted.
The performance conditions and their relative
weighting may be modifi ed by the
Remuneration Committee in accordance with
the Rules of the LTIP, provided that they remain
no less challenging and are aligned with the
interests of the Company’s shareholders.
A formal clawback policy is in place, under
which awards are subject to clawback in the
event of a material restatement of fi nancial
statements or other specifi ed events, including
corporate failure. Further details on this
clawback policy are set out on page 136.
The market value of
the shares subject to
the options granted in
respect of any
accounting period
may not normally
exceed 250% of base
salary.
In exceptional
circumstances, the
market value of the
shares subject to the
options granted in
respect of any
accounting period
may not exceed 300%
of base salary. This
higher limit will only be
used in exceptional
circumstances, for
example, in the case
of external
recruitment.
The normal annual
maximum LTIP
opportunity to increase
from 200% to 250% of
salary.
There is no change to the
existing exceptional
award limit of 300% of
salary.
Corporate failure is being
introduced as a stated
trigger to the existing
malus and clawback
provisions attaching to
LTIP.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 135
Strategic Report Governance

Remuneration Committee Discretion
The discretion available to the Committee in respect of the various elements of executive remuneration is summarised below.
Pay element Discretion available
Bonus The Committee can apply appropriate discretion regarding the fi nancial and non-fi nancial/strategic targets in
specifi c circumstances. In particular, the Committee has the discretion to reduce bonuses if a pre-determined
target return on capital employed is not achieved.
LTIP Vesting is determined by the Remuneration Committee, at its absolute discretion, based on certain
performance conditions.
Payments from Existing Awards
Subject to the achievement of the applicable performance conditions, executive Directors are eligible to receive payment from
any award made prior to the approval and implementation of the Remuneration Policy detailed in this Report.
Clawback Policy
Bonus payments may be subject to clawback for three years from payment in certain circumstances, including:
• a material restatement of the Company’s audited fi nancial statements;
• a material breach of applicable health and safety regulations;
• business or reputational damage to the Company or a subsidiary arising from a criminal o ence, serious misconduct or gross
negligence by the individual executive; or
• corporate failure.
The LTIP allows the Remuneration Committee to reduce or impose further conditions on awards prior to vesting in some
circumstances as outlined above.
Remuneration Policy for Recruitment of New Executive Directors
In determining the remuneration package for a new executive Director, the Remuneration Committee would be guided by the
principle of o ering such remuneration as is required to attract, retain and motivate a candidate with the particular skills and
experience required for a role, provided the remuneration package o ered is in the best interests of the Company and the
shareholders. The Remuneration Committee will generally set a remuneration package in accordance with the terms of the
approved Remuneration Policy in force at the time of the appointment. However, the Committee may make payments outside
of the Policy if required in particular circumstances and if in the Company’s and the shareholders’ best interests. Any such
payments related to the buyout of variable pay (bonuses or awards) from a previous employer will be based on matching the
estimated fair value of that variable pay and will take account of the performance conditions and the time until vesting of that
variable pay.
For an internal appointment, any variable pay element awarded in respect of the prior role and any other ongoing
remuneration obligations existing prior to appointment would be honoured.
Remuneration Policy for Other Employees
While the Remuneration Committee’s specifi c oversight of individual executive remuneration packages extends only to the
executive Directors and a number of senior Group executives, it aims to create a broad policy framework, to be applied by
management to senior executives throughout the Group, through its oversight of remuneration structures for other Group and
subsidiary senior management and of any major changes in employee benefi ts structures throughout the Group.
DCC employs 16,600 people in 22 countries. Remuneration arrangements across the Group di er depending on the specifi c
role being undertaken, the industry in which the business operates, the level of seniority and responsibilities, the location of the
role and local market practice.
Consultation with Employees
The Remuneration Committee considers wider company pay policies at various meetings throughout the year. The Committee
considers these and broader pay practices and trends when making executive Directors’ compensation decisions. The Annual
Report sets out the relationship between executive Director pay and Group employees average remuneration and how
executive Directors’ salary increases, and pension contributions align with the broader workforce. A copy of the Annual Report
is issued to every business in the Group. Internal communication events, such as town halls, then allow employees to raise any
questions that they may have on this and other issues.
Each of our businesses is responsible for engaging with their respective workforces in relation to remuneration. The Committee
believes such an approach is suitable in light of DCC’s decentralised business model. However, the Committee has oversight of
workforce pay and policies at a Group level and at a business unit executive level, which enables it to ensure that the
approach taken to executive remuneration is consistent with those workforces.
Given the divergent nature of our businesses, the Committee does not believe that a standardised approach to remuneration
is appropriate. However, it does pay particular attention to whether each element of remuneration is consistent with the
Company’s remuneration philosophy.
DCC plc Annual Report and Accounts 2024136
Remuneration Report Continued

Consultation with Shareholders
The Committee engages in dialogue with major shareholders on remuneration matters, particularly in relation to planned
signifi cant changes to the Policy. The Committee also takes into account the views of shareholder organisations and proxy
voting agencies.
The Committee acknowledges that shareholders have a right to a ‘say on pay’ by putting the Remuneration Report and the
Remuneration Policy, as required, to advisory votes at the AGM.
Exit Payments Policy
The provisions on exit in respect of each of the elements of pay are as follows:
Salary and Benefi ts
Exit payments are made only in respect of base salary for the relevant notice period. The Committee may, at its discretion, also
allow for the payment of benefi ts (such as payments in lieu of defi ned contribution pension) for the notice period. The notice
period applies to both the Company and the executive in all cases.
Annual Bonus
The Remuneration Committee can apply appropriate discretion in determining the bonuses to be awarded based on actual
performance achieved and the period of employment during the fi nancial year.
In relation to deferred bonuses which have been invested in DCC shares, they will be made available on the participant’s
cessation date, together with accrued dividends.
Long-Term Incentive Plan
To the extent that a share award or option has vested on the participant’s cessation date, the participant may exercise the
share award or option during a specifi ed period following such a date. In no event may the share award or option be exercised
later than the expiry date as defi ned in the award certifi cate.
Generally, a share award or option that has not vested on the participant’s cessation date immediately lapses.
The Committee would typically exercise its discretion when dealing with a participant who ceases to be an employee because
of certain exceptional circumstances e.g. death, injury or disability, redundancy, retirement or any other exceptional
circumstances. In such circumstances, any share award or option that has not already vested on the participant’s cessation
date would be eligible for vesting on a date determined by the Remuneration Committee. The number of shares, if any, in
respect of which the share award or option vests would be determined by the Remuneration Committee.
The approach for ‘good leavers’ is to pro-rate awards based on time served as a proportion of the three-year vesting period.
The extent of vesting under the performance conditions will be determined in the usual way at the end of the three-year
vesting period.
If a participant ceases to be an employee due to termination of his employment for serious misconduct, each share award and
option held by the participant, whether or not vested, will automatically lapse immediately upon the service of notice of such
termination, unless the Committee in its sole discretion, determines otherwise.
Pension
The rules of the Company’s defi ned contribution pension scheme contain detailed provisions in respect of the termination of
employment.
Service Contracts
Donal Murphy has a service agreement with the Company with a notice period of six months. This service agreement provides
that either he or the Company could terminate his employment by giving six months’ notice in writing. At its sole discretion, the
Company may require that Mr Murphy ceases employment immediately instead of working out the notice period, in which case
he would receive compensation in the form of base salary only in respect of the notice period. The service contract also
provides for summary termination (i.e. without notice) in a number of circumstances, including material breach or grave
misconduct. The service agreement does not include any provisions for compensation due to loss of o ce, other than the
notice period provisions set out above.
Kevin Lucey has a letter of appointment which provides for a six-month notice period. This letter of appointment provides that
either he or the Company could terminate his employment by giving six months’ notice in writing. At its sole discretion, the
company may require that Mr Lucey ceases employment immediately instead of working out the period of notice, in which case
he would receive compensation in the form of base salary only in respect of the notice period. The letter of appointment also
provides for summary termination (i.e. without notice) in a number of circumstances, including material breach or grave
misconduct. The letter of appointment does not include any provisions for compensation for loss of o ce, other than the notice
period provisions set out above.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 137
Strategic Report Governance

Scenario Charts
Set out below is an illustration of the potential future remuneration that each executive Director could receive for the year
ending 31 March 2025 at minimum, median and maximum performance (assuming (i) a constant share price and (ii) an uplift of
50% in the share price).
As the Directors are paid in euro, the Remuneration Committee considers it appropriate that the fi gures disclosed in this Report
continue to be presented in euro.
Donal Murphy, Chief Executive Kevin Lucey, Chief Financial Ocer
Fixed
Minimum
€
Median Maximum
(constant
share price)
Maximum
(share price
+50%)
Minimum Median Maximum
(constant
share price)
Maximum
(share price
+50%)
Long-Term Incentive PlanAnnual Bonus
100%
€1.21m
€3.42m
€5.64m
€6.87m
€0.70m
€1.93m
€3.16m
€3.81m
35%
29%
36%
21%
44%
35%
18%
54%
28%
7. 0 m
6.0m
5.0m
4.0m
3.0m
2.0m
1.0m
0m
€
7. 0 m
6.0m
5.0m
4.0m
3.0m
2.0m
1.0m
0m
100% 36%
30%
34%
22%
41%
37%
18%
51%
31%
Notes:
Minimum Performance comprises:
• Fixed pay – base salary, benefi ts and retirement benefi t expense.
• No annual bonus payout.
• No LTIP vesting.
Median Performance comprises:
• Fixed pay – base salary, benefi ts and retirement benefi t expense.
• 50% annual bonus payout, i.e. 100% of salary.
• 50% vesting of LTIP i.e. 125% of salary for CE and 112.5% of salary for CFO.
Maximum Performance (constant share price) comprises:
• Fixed pay – base salary, benefi ts and retirement benefi t expense.
• 100% annual bonus payout, i.e. 200% of salary.
• 100% vesting of LTIP, i.e. 250% of salary for CE and 225% of salary for CFO.
Maximum Performance (share price + 50%) comprises:
• Fixed pay – base salary, benefi ts and retirement benefi t expense.
• 100% annual bonus payout, i.e. 200% of salary.
• 100% vesting of LTIP and 50% uplift in share price, equating to 375% of salary for CE and 337.5% for CFO.
Share Ownership Guidelines
DCC’s Remuneration Policy has at its core a recognition that the spirit of ownership and entrepreneurship is essential to
creating long-term high performance. DCC also acknowledges that share ownership is important in aligning the interests
of executive Directors and other senior Group executives with those of shareholders.
A set of share ownership guidelines is in place under which the Chief Executive, other executive Directors and other senior
Group executives are encouraged to build, over a fi ve-year period from appointment, a shareholding in the Company with
a valuation relative to base salary as follows:
Executive
Share ownership guideline
(multiple of base salary)
Chief Executive  x
Other Executive Directors  x
Senior Group Executives  x
Compliance with the Share Ownership Guidelines is reviewed annually by the Remuneration Committee. The executive
Directors’ position as at 31 March 2024 is set out in the Annual Report on Remuneration on page 147.
DCC plc Annual Report and Accounts 2024138
Remuneration Report Continued

Post-Employment Share Ownership Requirements
In accordance with the requirements of Provision 36 of the UK Corporate Governance Code, the Remuneration Committee
introduced Post-Employment Share Ownership Requirements under which the Chief Executive and other executive Directors
are required, after leaving the Group, including through retirement, to maintain a shareholding in the Company for a two-year
period, as below:
Executive
Ratio of Share Ownership
to Base Salary
Chief Executive 3 x
Other executive Directors 2 x
Base salary will be the Director’s base salary in e ect at the date of ceasing employment.
For the purposes of these Requirements, share ownership will include shares, vested share options, unvested options no longer
subject to performance conditions, deferred bonus share awards, restricted stock awards and any other vested or unvested
share awards made under incentive plans operated by the Company which are not subject to performance conditions.
Shares held by a Director’s spouse and/or minor children and shares held in any trust for the benefi t of the Director and/or their
spouse and minor children will be counted towards the share ownership requirement.
The valuation of the shareholdings in the Company will be reviewed at the end of each year based on the closing market price
of the Company’s shares. If the required ratio fails to be met due to factors other than a decrease in the market price of the
Company’s shares, the Director will be allowed an additional period of 12 months or such other period as the Remuneration
Committee may determine, to bring the shareholding back to the required level.
Policy on External Board Appointments
Executive Directors may accept external non-executive directorships with the Board’s prior approval. The Board recognises the
benefi ts that such appointments can bring to the Company and the Director in terms of broadening their knowledge and
experience. The executive Directors may retain the fees received for such roles.
Mr Murphy and Mr Lucey do not currently hold any external board appointments.
Policy for Non-executive Directors
Fees Operation Maximum Opportunity
The fees paid to non-executive Directors
refl ect their experience and ability and
the time demands of their Board and
Board Committee duties.
A basic non-executive Director fee is
paid for Board membership. Additional
fees are paid to the chairs of Board
Committees, to the Board Chair, to the
Senior Independent Director and to the
Workforce Engagement Director.
Additional fees may be paid in respect of
Company advisory boards.
The remuneration of the Board Chair is
determined by the Remuneration
Committee for approval by the Board.
The Board Chair absents himself from
the Committee meeting while this
matter is being considered.
The remuneration of the other
non-executive Directors is determined
by the Board Chair and the Chief
Executive for approval by the Board.
The fees are reviewed annually, taking
account of any changes in
responsibilities and the level of fees in a
range of comparable Irish and UK
companies.
No prescribed maximum annual
increase.
In accordance with the Articles of
Association, shareholders set the
maximum aggregate ordinary
remuneration (basic fees, excluding
chair fees and additional fees). The
current limit of €950,000 was set at the
2023 AGM.
Non-executive Directors do not
participate in the Company’s LTIP or
receive any pension benefi ts from the
Company.
Non-executive Directors’ Letters of Appointment
The terms and conditions of appointment of non-executive Directors are set out in their letters of appointment. The letters
of appointment are available for inspection at the Company’s registered o ce during normal o ce hours and at the AGM of
the Company.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 139
Strategic Report Governance

ANNUAL REPORT ON REMUNERATION IN THE YEAR
ENDED 31 MARCH 2024
This section of the Remuneration Report gives details of remuneration outcomes for the year ended 31 March 2024. It also sets
out how the proposed new Remuneration Policy will operate in the year ending 31 March 2025, and provides additional
information on the operation of the Remuneration Committee.
Remuneration Outcomes for the Year Ended 31 March 2024
The table below sets out the total remuneration and breakdown of the elements received by each executive Director in relation
to the year ended 31 March 2024, together with prior year comparatives. An explanation of how the fi gures are calculated
follows the table.
Executive Directors’ Remuneration Details
Salary Benefi ts
Retirement
Benefi t
Expense Bonus LTIP Audited Total
Sub-
Total of
Fixed
Pay
Sub-
Total of
Variable
Pay
Sub-
Total of
Fixed
Pay
Sub-
Total of
Variable
Pay
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2024
€’000
2023
€’000
2023
€’000
Donal
Murphy
      , ,   , , , , , ,
Kevin
Lucey
          , ,  ,  
, ,     , , , , , , , , , ,
Fixed remuneration comprises Salary, Benefi ts and Retirement Benefi t Expense. Variable remuneration comprises Bonus and
LTIP. The proportion of fi xed and variable remuneration for the year ended 31 March 2024 for Mr Murphy was 35:65 and for
Mr Lucey was 39:61.
Salary
As explained in detail in last year’s Annual Report on Remuneration, the executive Directors’ salaries for the year ended
31 March 2024 were increased from the prior year, as shown in the table below.
Salary
€
Increase
%
Donal Murphy , %
Kevin Lucey , %
Benefi ts
Benefi ts included the use of a company car and related costs, life/disability cover, health insurance and club subscriptions.
Determination of Bonuses for the Year Ended 31 March 2024
For the year ended 31 March 2024, the executive Directors participated in the bonus plan, as per the Remuneration Policy, as
set out below:
Executive Director Maximum bonus potential Deferral of bonus
Donal Murphy 200% of salary
33% of any bonus earned is deferred
into DCC shares for three years.
Kevin Lucey 160% of salary
Bonuses were based 70% on growth in Group operating profi t and 30% on strategic and ESG objectives.
Financial Targets – Group Adjusted Operating Profi t
Growth in Group adjusted operating profi t was measured against a pre-determined range, with zero payment below the
threshold up to full payment at the maximum of the range. The table below sets out the performance in the year ended
31 March 2024 in terms of growth in Group adjusted operating profi t compared to the performance target range set for
the year.
Target
Minimum (below
which nil payout)
Maximum
(full payout) Outcome
Group Adjusted Operating Profi t .m .m .m
Based on the Group adjusted operating profi t outcome, the Remuneration Committee determined that 52.3% of the bonuses
related to this performance target should be paid.
DCC plc Annual Report and Accounts 2024140
Remuneration Report Continued

Non-Financial Targets – Strategic and ESG
Regarding the achievement of targets set for strategic and ESG objectives, the Remuneration Committee carefully considered
the achievement of the objectives outlined in the table below. It concluded that 100% of this element of the bonus should be
awarded to both the Chief Executive and CFO.
CHIEF EXECUTIVE – DONAL MURPHY
Category Objective Measure of success Outcome
Strategic Objectives
Maximum of 15%
bonus payable
Implementation of DCC Energy’s growth
and decarbonisation strategy.
Delivery of key interim milestones, aligned with
stated 2030 growth and decarbonisation
ambitions.
Enhance processes to support delivery of
key projects, innovation and use of new
technology, including, AI, across the Group.
Implementation of enhanced management
processes for innovative technology initiatives.
Successful delivery of initial projects.
ESG Objectives
Maximum of 15%
bonus payable
Reduce Scope 1 and 2 carbon emissions in
line with the Group’s 50% reduction target.
Scope 1 and 2 mtCO

e.
Provide visible leadership on safety and
demonstrate continuous improvement on
safety.
Safety tours and safety leadership initiatives.
Lost time injury frequency rate (‘LTIFR’).
Drive a great place to work culture. Employee engagement score.
Deliver Group-wide improvement in closing
internal audit actions on time.
Rate of internal audit actions closed on time.
CFO – KEVIN LUCEY
Category Objective Measure of success Outcome
Strategic Objectives
Maximum of 15%
bonus payable
Implementation of DCC Energy’s growth
and decarbonisation strategy.
Delivery of key interim milestones, aligned with
stated 2030 growth and decarbonisation
ambitions.
Enhance processes to support delivery of
key projects, innovation and use of new
technology, including, AI, across the Group.
Implementation of enhanced management
processes for innovative technology initiatives.
Successful delivery of initial projects.
ESG Objectives
Maximum of 15%
bonus payable
Reduce Scope 1 and 2 carbon emissions in
line with the Group’s 50% reduction target.
Scope 1 and 2 mtCO

e.
Provide visible leadership on safety and
demonstrate continuous improvement on
safety.
Safety tours and safety leadership initiatives.
Lost time injury frequency rate (‘LTIFR’).
Drive a great place to work culture. Employee engagement score.
Deliver Group-wide improvement in closing
internal audit actions on time.
Rate of internal audit actions closed on time.
Fully met Partially met Not met
The resultant bonus payout levels for the year ended 31 March 2024 were therefore calculated as follows:
Chief Executive – % of Salary CFO – % of Salary
Component % of Max % of Salary % of Max % of Salary
Group Adjusted Operating Profi t .% .% .% .%
Strategic and ESG Performance .% .% .% .%
.% .% .% .%
The Remuneration Committee considered the outcomes as set out above and satisfi ed itself that the pre-determined target
ROCE was also achieved. It concluded that the outcomes were appropriate in the circumstances, refl ected the Group’s strong
performance in the year and no discretion was applied.
In accordance with the Remuneration Policy, 33% of bonuses for the Chief Executive and CFO, net of tax and social security
deductions, will be invested in DCC shares. These shares and accrued dividends will be made available to them after three
years or earlier if their employment terminates.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 141
Strategic Report Governance

Retirement Benefi t Expense
Retirement Benefi t Expense for Donal Murphy comprised 15% of base salary in the form of a cash allowance, in lieu of
contribution to a defi ned contribution pension scheme. Kevin Lucey is part of a defi ned contribution pension scheme in which a
14% of salary employer contribution is in place.
Vesting under Long-Term Incentive Plan
The value of the LTIP, as shown in the table on page 140 for 2024, is explained in further detail below.
The LTIP award granted in November 2021 was subject to performance over the three-year period ended 31 March 2024. The
performance conditions attached to this award and actual performance against these conditions were as follows:
Performance
condition
% of total award
(potential) Vesting rule Threshold target Maximum target
Actual
performance
Vesting
level
ROCE
1
40% Threshold vesting is 25% of maximum,
with vesting determined on a
straight-line basis between 25% and
100% for performance between
threshold and maximum.
11.5% 15.5% 14.3% 31%
EPS growth 40% 3% p.a 9% p.a 5.6% 23%
TSR 20% Median of
FTSE 100
Upper quartile
of FTSE 100
Below median 0%
Total vesting 54%
1. ROCE targets include the impact of IFRS 16 Leases.
As a result, vesting of the 2021 LTIP award is 54%. The earliest exercise date will be November 2024. The executive Directors have
a two-year hold period as a post-vest sale restriction to November 2026.
The value of the LTIP as recorded in the table on page 140 for the year ended 31 March 2024 is based on the vesting
percentage of 54% and the share price at 31 March 2024 of €67.36 (£57.60) less the amount payable to purchase the shares
(i.e. the exercise cost). As the share price at the end of the performance period on 31 March 2024 was lower than the share
price at the date of grant, there is no value attributable to a share price uplift to be disclosed.
Grants under Long-Term Incentive Plan
The following awards were granted during the year ended 31 March 2024 under the 2021 LTIP.
Executive Director Date of grant % of salary
Market price at
date of award
Number of
shares
Face value of
award £’000
% vesting at
threshold
performance
Vesting determined by
performance period
Chief Executive 16 November
2023
200% £52.36 31,501 £1,649 25% Three years to
31 March 2026, with
a 2-year post-vest
sale restriction
CFO 16 November
2023
200% £52.36 18,524 £970 25%
The extent of vesting of these awards will be determined in the table below.
Performance condition % of total award (potential) Vesting rule Threshold target Maximum target
ROCE
1
40% Threshold vesting is 25%
of maximum, with
vesting determined on
a straight-line basis
between 25% and 100%
for performance
between threshold and
maximum.
11.5% 15.5%
EPS growth 40% 3% p.a 9% p.a
TSR 20% Median of FTSE 100 Upper quartile of
FTSE 100
1
ROCE targets include the impact of IFRS 16 Leases.
Further details of previous year’s awards are set out on page 146.
DCC plc Annual Report and Accounts 2024142
Remuneration Report Continued

Changes in Remuneration of the Directors
Details of the percentage change in the salary, benefi ts and annual bonus of each individual who served as a Director during
the year under review, along with the average total remuneration of Group employees, for each of the last three years, are set
out in the table below.
Those Directors who did not serve as a Director at any point during the year under review have not been included. The
percentage changes in their remuneration for prior years (and in which they were a Director) are disclosed in the relevant
previous Annual Reports.
% change between
FY23 and FY24
% change between
FY22 and FY23
% change between
FY21 and FY22
% change between
FY20 and FY21
Salary/
Fees Benefi ts Bonus
Salary/
Fees Benefi ts Bonus
Salary/
Fees Benefi ts Bonus
Salary/
Fees Benefi ts Bonus
Executive Directors
Donal Murphy +% +% +% +% % -% +% +% +% % -% +%
Kevin Lucey +% -% +% +% % -% +% +% +% n/a n/a n/a
Non-executive Directors
1
Mark Breuer +% +% +% +%
Laura Angelini +% +% n/a n/a
Katrina Cli e
2
n/a n/a n/a n/a
Caroline Dowling +% +% +% +%
David Jukes +% +% +% +%
Lily Liu +% +% n/a n/a
Alan Ralph +% +% n/a n/a
Mark Ryan +% +% +% %
Average remuneration of
Group employees
3
+% +% +% +%
1. The increases for the non-executive Directors primarily refl ect Committee membership and role changes and to a lesser extent fee increases.
2. Katrina Cli e joined the Board on 1 May 2023.
3. This is the average increase for all Group employees as a whole.
Comparison of Company Performance and Chief Executive Remuneration
The chart below shows the trend in EPS, and DCC’s TSR relative to the FTSE 100 Index and the median of DCC’s selected peer
group, over the last ten years (using a base of 100 for 2014 for comparative purposes).
The table underneath the chart summarises the Chief Executive’s single fi gure of remuneration, annual bonus and LTIP payouts
as a percentage of the maximum opportunity for the year ended 31 March 2024 and the previous nine years.
The Committee is satisfi ed that, over time, there is a reasonable correlation between Chief Executive pay and returns to
shareholders.
DCC plc
0
2014 2015 2016 2017 2018 2019 2020 2021 20232022 2024
£
300
200
250
150
100
50
Peer medianFTSE 100 Index EPS
Years Ended 31 March 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total remuneration €4.78m €4.29m €5.32m €2.92m €3.09m €2.61m €3.73m €3.70m €3.11m €3.32m
Bonus payout (% max) 62% 100% 100% 84% 88% 53% 100% 98% 55% 67%
LTIP vesting (% max) 100% 100% 100% 100% 80% 63% 64% 64% 69% 54%
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 143
Strategic Report Governance

Chief Executive Pay Ratio
As an Irish registered company, DCC is not subject to the Companies (Miscellaneous Reporting) Regulations 2018 in the UK
which stipulate how a CE pay ratio is determined.
That said, we take account of these regulations and based on available information, we are disclosing the ratio of the Chief
Executive’s total pay to the median UK employee’s total pay of 78 times. The median employee for this analysis was selected
based on UK gender pay gap data.
In addition, the Chief Executive’s total remuneration for the year ended 31 March 2024 is 55 times that of the average employee
across the entire Group for the same period.
Relative Importance of Spend on Pay
The chart below shows the amount paid in remuneration to all Group employees compared to dividends to shareholders for
2024 and 2023.
2024
Dividends
£’m
Remuneration received
by all employees
2023
0
100
200
300
400
500
600
700
800
900
£189m
£178m
£827m
£760m
Non-executive Directors’ Remuneration Details
The remuneration paid to the non-executive Directors for the year ended 31 March 2024 is set out below.
Non-executive Directors were paid a basic fee, with additional fees paid to the Board Chair, Board Committee Chairs, the
Senior Independent Director and the Workforce Engagement Director.
Basic Fee
1
Benefi ts
2
Other Fees
1, 3
Audited Total
4
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2023
€’000
2024
€’000
2023
€’000
Mark Breuer    –    
Laura Angelini   – – –   
Katrina Cli e
5
 – – – – –  –
Caroline Dowling   – –    
David Jukes   – –    
Lily Liu   – – –   
Alan Ralph   – –    
Mark Ryan   – –    
Total 

  –   , 
1. The non-executive Director fee structure is set out in the table on page 149.
2. Benefi ts include payments made to reconcile income tax on Directors’ fees, which have been grossed up for Irish tax purposes.
3. Other fees include Chair, Committee Chair, Senior Independent Director and Workforce Engagement director fees.
4. All the above fees are considered fi xed remuneration under the Shareholders Rights Directive II.
5. Katrina Cli e joined the Board on 1 May 2023.
6. Compares to the current shareholder limit of €950,000.
DCC plc Annual Report and Accounts 2024144
Remuneration Report Continued

Total Directors’ Remuneration
Audited Total
2024
€’000
2023
€’000
Executive Directors
Salary , ,
Benefi ts  
Retirement Benefi t Expense  
Bonus , ,
LTIP , ,
Total executive Directors’ remuneration , ,
Non-executive Directors
Basic Fees  
Benefi ts  –
Other Fees  
Total non-executive Directors’ remuneration , 
Total Directors’ remuneration , ,
Executive and Non-executive Directors’ and Company Secretary’s Interests
The interests of the Directors and the Company Secretary (including shares held by connected persons) in the share capital of
DCC plc at 31 March 2024 (together with their interests at 31 March 2023) are set out below:
No. of Ordinary
Shares at
31 March 2024
No. of Ordinary
Shares at
31 March 2023
Directors
Mark Breuer , ,
Donal Murphy
1
, ,
Laura Angelini – –
Katrina Cli e , –
Caroline Dowling  
David Jukes  
Lily Liu – –
Kevin Lucey
2
, ,
Alan Ralph , ,
Mark Ryan , ,
Company Secretary
Darragh Byrne , ,
1. Donal Murphy’s 2024 and 2023 holdings include 10,061 and 9,011 shares respectively, held under the deferred bonus arrangement as detailed on page 134.
2. Kevin Lucey’s 2024 and 2023 holdings include 4,041 and 2,789 shares respectively, held under the deferred bonus arrangement as detailed on page 134.
All of the above interests were benefi cially owned. Apart from the interests disclosed above, the Directors and the Company
Secretary had no interests in the Company’s share capital or loan stock or any other Group undertaking at 31 March 2024.
There were no changes in the above Directors’ and Secretary’s interests between 31 March 2024 and 13 May 2024. Details of the
share ownership guidelines that apply to the executive Directors are on page 138 of this Report.
The Company’s Register of Directors’ Interests (which is open to inspection) contains full details of the Directors’ shareholdings
and share options.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 145
Strategic Report Governance

Executive Directors’ and Company Secretary’s Long-Term Incentives
DCC plc Long-Term Incentive Plan
Details of the executive Directors’ and the Company Secretary’s awards, in the form of nominal cost (€0.25) options, under the
Company’s LTIP are set out below:
Number of options Market
price at
date of
exercise
£
At
31 March
2023
Granted
in year
Exercised
in year
Lapsed
in year
At
31 March
2024
Date
of grant
Market
price on
grant
Three-year
performance
period end Normal exercise period
Executive Directors
Donal
Murphy
, – (,) – – .. . 31 Mar 2019 10 Feb 2022–09 Feb 2024 .
, – (,) – – .. . 31 Mar 2020 16 Nov 2022–15 Nov 2024 .
, – – – , .. . 31 Mar 2021 15 Nov 2023–14 Nov 2025
, – – – , .. . 31 Mar 2022 14 Nov 2024–13 Nov 2026
, – (,) , .. £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027
, – – – , .. . 31 Mar 2024 11 Nov 2024–10 Nov 2028
, – – – , .. . 31 Mar 2025 10 Nov 2025–9 Nov 2029
– , – – , .. . 31 Mar 2026 16 Nov 2026–15 Nov 2030
, , (,) (,) ,
Kevin
Lucey
, – (,) – – .. . 31 Mar 2020 16 Nov 2022–15 Nov 2024 .
, – – – , .. . 31 Mar 2021 15 Nov 2023–14 Nov 2025
, – – – , .. . 31 Mar 2022 14 Nov 2024–13 Nov 2026
, – (,) , .. . 31 Mar 2023 12 Nov 2025–11 Nov 2027
, – – – , .. . 31 Mar 2024 11 Nov 2024–10 Nov 2028
, – – – , .. . 31 Mar 2025 10 Nov 2025–9 Nov 2029
– , – – , .. . 31 Mar 2026 16 Nov 2026–15 Nov 2030
, , (,) (,) ,
Company Secretary
Darragh
Byrne
, – (,) – – .. . 31 Mar 2021 15 Nov 2023–14 Nov 2025 .
, – – – , .. . 31 Mar 2022 14 Nov 2024–13 Nov 2026
, – – (,) , .. . 31 Mar 2023 12 Nov 2025–11 Nov 2027
, – – – , .. . 31 Mar 2024 11 Nov 2024–10 Nov 2028
, – – – , .. . 31 Mar 2025 10 Nov 2025–9 Nov 2029
– , – – , .. . 31 Mar 2026 16 Nov 2026–15 Nov 2030
, , (,) (,) ,
The LTIP awards made on and after 11 November 2021 were granted under the DCC plc Long-Term Incentive Plan 2021. Previous
years’ awards (up to and including awards granted on 12 November 2020) were granted under the DCC plc Long-Term Incentive
Plan 2009. The primary change with the 2021 LTIP was that awards have a three-year vesting period, with a two-year post-vest
sale restriction for the executive Directors.
The extent of vesting of the LTIP awards granted in November 2023 will be based on the three-year performance period from
1 April 2023 to 31 March 2026. The requirements/ranges set by the Remuneration Committee regarding these performance
conditions are summarised on page 142.
As at 31 March 2024, the total number of options granted under the LTIP, net of options lapsed, amounted to 2.1% of issued share
capital, of which 0.9% is currently outstanding.
DCC plc Annual Report and Accounts 2024146
Remuneration Report Continued

Other Information
The market price of DCC shares on 31 March 2024 was £57.60 and the range during the year was £41.71 to £58.26.
Additional information in relation to the DCC plc Long-Term Incentive Plan 2009 and the DCC plc Long-Term Incentive Plan 2021
appears in note 2.5 to the fi nancial statements on page 178.
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 2024 was €1.5 million (2023: €0.9 million).
Share Ownership Guidelines
The executive Directors’ shareholdings as of 31 March 2024 are shown below.
Executive
Number of
shares held as
at 31 March 2024
Shareholding as a
multiple of base salary
for the year ended
31 March 2024
Share ownership
guideline
(multiple of salary)
Donal Murphy , . 
Kevin Lucey , . 
The shareholdings in the table comprise the shares held by the executive Directors (including those shares held in trust as part
of the deferred bonus arrangement), valued based on the share price at 31 March 2024 of €67.36 (£57.60). Unvested and
unexercised share options are not included.
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 147
Strategic Report Governance

EXPECTED APPLICATION OF REMUNERATION POLICY IN
THE YEAR ENDING 31 MARCH 2025
Salary
The Committee approved the following increases to the executive Directors’ salaries for the year ending 31 March 2025:
Executive Director
Year ending
31 March 2025
€
Increase %
Year ended
31 March 2024
€
Donal Murphy , % ,
Kevin Lucey , % ,
In determining the increases of 4%, the Committee took into account the expected workforce salary increases.
Benefi ts
Benefi ts payable to the executive Directors for the year ending 31 March 2025 include the use of a company car and related
costs, life/disability cover, health insurance and club subscriptions.
Bonus
For the year ending 31 March 2025, the bonuses for the executive Directors will, consistent with the proposed new Remuneration
Policy, be based as follows:
Executive Director Maximum bonus potential Deferral of bonus
Donal Murphy 200% of salary
33% of any bonus earned will be deferred
into DCC shares for three years.
Kevin Lucey 200% of salary
The CFO’s annual bonus opportunity will be aligned with the CEO’s, as we consider the alignment of the bonus opportunity for
all executive Directors to be more consistent with our approach internally as well as typical market norms. Bonuses will be
based 70% on growth in Group adjusted operating profi t and 30% on strategic objectives. In addition, the Committee has the
discretion to reduce bonuses in the event that a pre-determined target return on capital employed is not achieved. Growth in
Group adjusted operating profi t will be measured against a pre-determined range, with zero payment below threshold up to
full payment at the maximum of the range. The strategic objectives are aligned with DCC’s short-term and medium-term
strategic objectives that promote long-term performance and include sustainability/ESG targets.
The adjusted operating profi t range and details of the strategic objectives are commercially confi dential, but, to the extent no
longer commercially confi dential, will be disclosed on a retrospective basis in next year’s Annual Report.
The Committee will keep the performance targets under review in light of acquisition and other development activity during the
year ending 31 March 2025.
Retirement Benefi ts
Donal Murphy’s retirement benefi ts comprise a cash allowance, paid in lieu of contributions to a defi ned contribution pension
plan, at a rate of 15% of base salary. Kevin Lucey is entitled to contributions to a defi ned contribution pension plan at a rate of
14% of base salary.
Long-Term Incentives
For the year commencing 1 April 2024, LTIP awards of up to 250% of salary will be granted to the Chief Executive and up to 225%
of salary to the CFO. The extent of vesting will be based on performance over the three fi nancial years ending 31 March 2027,
with a further two-year post-vesting sale restriction also applying in both cases. Vesting will be based 40% on ROCE, 40% on
Adjusted EPS growth, and 20% on TSR vs the FTSE 100, using the performance ranges as set out below. The performance
ranges for Adjusted EPS and TSR will remain consistent with recent years. The ROCE performance range this year will be 10.5%
to 15%, refl ecting the signifi cant level of capital deployed in recent years on acquisitions.
Performance condition % of total award (potential) Vesting rule Threshold target Maximum target
ROCE
1
40% Threshold vesting is 25% of
maximum, with vesting determined
on a straight-line basis between 25%
and 100% for performance between
the Threshold and the Maximum
10.5% 15%
EPS 40% 3% 9%
TSR 20% Median of FTSE 100 Upper quartile of
FTSE 100
1. ROCE targets include the impact of IFRS 16 Leases.
DCC plc Annual Report and Accounts 2024148
Remuneration Report Continued

Non-executive Directors’ Remuneration
The Remuneration Committee reviews the fee for the Board Chair. The Chief Executive and the Board Chair review the fees for
the other non-executive Directors. This means that no Director is involved in reviewing his/her own remuneration.
The Board has agreed the following changes for the year ending 31 March 2025:
• The non-executive Director’s basic fee and the Chair’s total fee will be increased by 4%.
• The fee payable to the Chair of the Remuneration Committee will be increased by €2,000 from €15,000 to €17,000.
• The fee payable to the Workforce Engagement Director will be increased by €1,000 from €12,500 to €13,500.
The fees payable to the Chair of the Audit Committee and the Governance and Sustainability Committee as well as the Senior
Independent Director fee will remain unchanged.
The following table summarises the fee structure for the year ending 31 March 2025 with that of the current year.
Total fee
Year ending
31 March 2025
Total fee
Year ended
31 March 2024
Chair , €363,900
Basic Fee , €87,500
Additional Fees:
Audit Committee Chair , €20,000
Remuneration Committee Chair , ,
Senior Independent Director Fee , €21,000
Workforce Engagement Director Fee , ,
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 149
Strategic Report Governance

GOVERNANCE
Committee Composition, Attendance and Tenure
At the date of this Report, the Remuneration Committee comprised four independent non-executive Directors: David Jukes
(Chair), Laura Angelini, Katrina Cli e and Caroline Dowling.
The members of the Committee have signifi cant fi nancial and business experience, including in executive remuneration. Each
member’s length of tenure at 31 March 2024 is set out in the chart on page 126. Further biographical details regarding the
members of the Remuneration Committee are set out on pages 96 and 97.
The Committee met fi ve times during the year ended 31 March 2024 and attendance details are set out in the table on
page 103 of the Corporate Governance Statement.
The Company Secretary is the Secretary to the Remuneration Committee.
Meetings
The principal activities of the Committee and key topics discussed during the year ended 31 March 2024 are summarised in the
table below.
Typically, the Chief Executive, the Chief People O cer and representatives of the remuneration advisors to the Committee are
invited to attend all meetings of the Committee. Other Directors and executives may also be invited to attend meetings of the
Committee, except when their remuneration is being discussed. No Director is involved in the consideration of their
remuneration. Other external advisors are invited to attend meetings when required.
The Committee also meets separately, as required, to discuss matters in the absence of any invitees.
Principal Activities Key Topics Discussed During the Year
Executive
Remuneration
• The Committee conducted a detailed review of the Company’s Remuneration Policy, including
consultation with the Company’s principal shareholders.
• The Committee approved changes in remuneration, including base salary, bonus potential,
and long-term incentives for the Company’s executive Directors and other members of the Group
Management Team.
• The Committee exercised oversight of executive remuneration for other members of senior
management within the Group.
• The Committee approved the grant of share options under the Company’s LTIP and the vesting
outcome under LTIP grants made in 2020.
Non-Executive
Director
Remuneration
• The Committee considered and approved the fee payable to the Chair of the Board.
Governance
and Reporting
• The Committee reviewed and approved the Remuneration Report to be included in the 2024
Annual Report and Accounts.
• The Committee considered a number of reports from the Committee’s independent remuneration
advisors in relevant trends and regulatory changes.
DCC plc Annual Report and Accounts 2024150
Remuneration Report Continued

Reporting
The Chair of the Remuneration Committee reports to the Board at each meeting on the activities of the Committee.
The Chair of the Remuneration Committee attends the AGM to answer questions on the Report and the Committee’s activities
and matters within the scope of its responsibilities. The Committee welcomes any feedback from shareholders on this Report,
the remuneration structure and Policy, and decisions taken by the Committee.
Role and Responsibilities
The role and responsibilities of the Committee are set out in full in its Terms of Reference, which are available on the Company’s
website.
Annual Evaluation of Performance
The 2024 Board evaluation process concluded that the performance of the Remuneration Committee and of the Chair of the
Committee was satisfactory. The Committee will focus on a small number of agreed actions arising from the 2024 Board
evaluation process.
Gender Pay Gap Reporting
Under Gender Pay Gap Regulations, UK and Irish employers with more than 250 employees published key metrics on their
gender pay gap during the year. The Remuneration Committee reviewed the work carried out in our a ected businesses,
subject to these Regulations. They received a full briefi ng before publishing their reports on the businesses’ websites.
External Advice
During the year under review, Ellason advised the Remuneration Committee in relation to market trends, competitive positioning
and developments in remuneration policy and practice. Ellason is a signatory to the Remuneration Consultants Group Code of
Conduct and any advice was provided in accordance with this code. In light of this and the nature of the service received, the
Committee was satisfi ed that the advice was objective and independent.
In the year ended 31 March 2024, Ellason received fees of €97,944 in respect of advice provided to the Committee regarding
executive Director remuneration. They also provided services to the Group on incentive design.
In the year ended 31 March 2024, Mercer received fees of €1,230 as pension advisors to the Committee. Mercer also provides
specifi c advice on pension practice and developments and act as actuaries and pension advisors to a number of companies
in the Group.
AGM Votes on last year’s Annual Report on Remuneration (2023) and the most recent Remuneration Policy (2021)
This table shows the voting outcome at the 2023 AGM in relation to the Annual Report on Remuneration as well as the voting
outcome at the 2021 AGM in relation to the Remuneration Policy.
Vote Total votes cast Total votes for Total votes against Total abstentions
Advisory vote on 2023 Annual Report on Remuneration ,, ,, ,, ,
(%) (%)
Advisory vote on 2021 Remuneration Policy ,, ,, , ,
(.%) (.%)
Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 151
Strategic Report Governance

DCC plc Annual Report and Accounts 2024152
Report of the Directors
The Directors of DCC plc present
their report and the audited fi nancial
statements for the year ended
31 March 2024.
Principal Activities
DCC plc is an international sales,
marketing and support services group
headquartered in Dublin with
operations in Europe, North America,
South America and Asia. DCC has three
divisions – DCC Energy, DCC Healthcare
and DCC Technology. DCC employs
16,600 people in 22 countries. DCC plc’s
shares are listed on the London Stock
Exchange and are included in the FTSE
100 Index.
Results and Review of Activities
Revenue for the year amounted to
£19,859.0 million (2023: £22,205.0 million).
The profi t for the year attributable to
owners of the Parent Company
amounted to £326.3 million (2023:
£334.0 million). Adjusted earnings per
share amounted to 455.01 pence (2023:
456.27 pence). Further details of the
results for the year are set out in the
Group Income Statement on page 164.
The Chair’s Statement on pages 6 and 7,
the Chief Executive’s Review on pages 8
to 11, the Business Reviews on pages 22
to 47 and the Financial Review on
pages 52 to 59 contain a review of the
development and performance of the
Group’s business during the year, of the
state of a airs of the business at
31 March 2024, of recent events and of
likely future developments. Key
Performance Indicators are set out on
pages 48 to 51. Information in respect of
events since the year end is included in
these sections and in note 5.8 on
page 226.
Dividends
An interim dividend of 63.04 pence per
share, amounting to £62.4 million, was
paid on 15 December 2023. The
Directors recommend the payment of
a fi nal dividend for the year ended
31 March 2024 of 133.53 pence per share,
amounting to £131.9 million (based on
the number of shares in issue at 13 May
2024). Subject to shareholders’ approval
at the AGM on 11 July 2024, this dividend
will be paid on 18 July 2024 to
shareholders on the register at the close
of business on 24 May 2024. The
ex-dividend date is 23 May 2024. The
total dividend for the year ended
31 March 2024 amounts to 196.57 pence
per share, a total of £194.4 million. This
represents an increase of 5.0% on the
prior year’s total dividend per share.
The profi t attributable to owners of the
Parent Company, which has been
transferred to reserves, and the
dividends paid during the year ended
31 March 2024 are shown in note 4.3 on
page 213.
Share Capital and Treasury
Shares
DCC’s authorised share capital is
152,368,568 ordinary shares of €0.25
each, of which 98,852,499 shares
(excluding treasury shares) and
2,481,405 treasury shares were in issue
at 31 March 2024. All of these shares are
of the same class. With the exception of
treasury shares, which have no voting
rights and no entitlement to dividends,
they all carry equal voting rights and
rank for dividends.
The number of shares held as treasury
shares at the beginning of the year (and
the maximum number held during the
year) was 2,586,698 (2.62% of the then
issued share capital (excluding treasury
shares)) with a nominal value of
€0.647 million.
A total of 105,293 shares (0.1% of the
issued share capital (excluding treasury
shares)) with a nominal value of
€0.026 million were re-issued during the
year consequent to the exercise of
share options under the DCC plc
Long-term Incentive Plan 2009 (101,251
shares at a price of €0.25 per share) and
the deferred bonus arrangements for
executive Directors (4,042 shares at a
price of €57.20 per share), leaving a
balance held as treasury shares at
31 March 2024 of 2,481,405 shares (2.51%
of the issued share capital (excluding
treasury shares)) with a nominal value of
€0.620 million.
At the Annual General Meeting (‘AGM’)
held on 13 July 2023:
• The Company was granted authority
to purchase up to 9,876,621 of its own
shares (10% of the issued share capital
(excluding treasury shares)) with a
nominal value of €2.469 million.
• The Directors were given authority
to exercise all the powers of the
Company to allot shares up to an
aggregate amount of €8.23 million,
representing approximately one-third
of the issued share capital (excluding
treasury shares) of the Company. They
were also given authority to allot
shares for cash, other than strictly
pro-rata to existing shareholdings.
This authority was limited to the
allotment of shares in specifi c
circumstances relating to rights issues
and other issues up to approximately
5% of the issued share capital
(excluding treasury shares) of the
Company.
• In addition, the Directors were given
authority to allot additional shares for
cash other than strictly pro-rata to
existing shareholdings. This authority
was limited to the allotment of shares
for cash up to approximately 5% of
the issued share capital (excluding
treasury shares) and would only be
used in connection with an acquisition
or other capital investment of a kind
contemplated by the Statement of
Principles for the disapplication of
pre-emption rights most recently
published by the Pre-Emption Group
prior to the date of the notice of the
2023 AGM.
These authorities have not been
exercised and will expire on 11 July 2024,
the date of the next AGM of the
Company.
At the 2024 AGM:
• The Directors will seek authority to
purchase up to 10% of its own shares
(the issued share capital (excluding
treasury shares)) with a nominal value
of €2.47 million.
• The Directors will seek authority to
exercise all the powers of the
Company to allot shares up to an
aggregate amount of €8.24 million,
representing approximately one-third
of the issued share capital (excluding
treasury shares).
• The Directors will also seek authority
to allot shares for cash, other than
strictly pro-rata to existing
shareholdings. This proposed
authority is limited to the allotment of
shares in specifi c circumstances
relating to rights issues and other
issues up to approximately 5% of the
issued share capital (excluding
treasury shares).
• In addition, the Directors will seek
authority to allot additional shares for
cash other than strictly pro-rata to
existing shareholdings. This proposed
authority is limited to the allotment of
shares for cash up to approximately
5% of the issued share capital
(excluding treasury shares) and will
only be used in connection with an
acquisition or other capital investment
of a kind contemplated by the
Statement of Principles for the
disapplication of pre-emption rights
most recently published by the
Pre-Emption Group prior to the date
of that the notice of the 2024 AGM.

Financial Statements Supplementary Information
DCC plc Annual Report and Accounts 2024 153
Strategic Report Governance
The Directors will have due regard to the
Pre-Emption Group 2022 Statement of
Principles for the dis-application of
pre-emption rights in relation to any
exercise of this power and in particular:
• As regards the fi rst 5%, the Directors
will take account of the requirement
for advance consultation and
explanation before making any
non-pre-emptive cash issue pursuant
to this resolution which exceeds 7.5%
of the Company’s issued share capital
in any rolling three-year period; and
• As regards the second 5%, the
Directors confi rm that they intend to
use this power only in connection with
an acquisition or specifi ed capital
investment of a kind contemplated by
the most recent Statement of
Principles for the disapplication of
pre-emption rights most recently
published by the Pre-Emption Group.
Details of the share capital of the
Company are set out in note 4.1 on
page 211 and are deemed to form part
of this Report.
Non-Financial Information
Pursuant to the European Union
(Disclosure of Non-Financial and
Diversity Information by certain large
undertakings and groups) Regulations
2017, the Group is required to report on
certain non-fi nancial information to
provide an understanding of its
development, performance, position
and the impact of its activities, relating
to, at least, environmental matters,
social matters, employee matters,
respect for human rights, and bribery
and corruption. Information on these
matters can be found in the following
sections of the Annual Report, which are
deemed to form part of this Report: the
Sustainability Review on pages 60 to 81,
the Business Model on pages 14 and 15,
the Risk Report on pages 82 to 92 and
the Key Performance Indicators on
pages 48 to 51.
The Board has approved a formal Board
Policy on Diversity, which applies to the
Board of DCC plc. Details of the policy,
its objectives and its application in the
current fi nancial year are set out in the
Governance and Sustainability
Committee Report on pages 114 to 117.
Principal Risks and Uncertainties
Under Section 327(1)(b) of the
Companies Act 2014 and Rule 4.1.8 R of
the UK Disclosure Guidance and
Transparency Rules, DCC is required to
give a description of the principal risks
and uncertainties facing the Group.
These are addressed in the Risk Report
on pages 82 to 92.
Directors
The names of the Directors and a short
biographical note on each Director
appear on pages 96 and 97. In
accordance with the UK Corporate
Governance Code, all Directors submit
to re-election at each AGM. Donal
Murphy has a service agreement with
the Company with a notice period of six
months. Kevin Lucey has a letter of
appointment which provides for a
six-month notice period. Details of the
Directors’ and Company Secretary’s
interests in the share capital of the
Company are set out in the
Remuneration Report on pages 126 to
151.
Corporate Governance
The Corporate Governance Statement
on pages 100 to 112 sets out the
Company’s application of the principles
and compliance with the provisions of
the UK Corporate Governance Code
and the Group’s system of risk
management and internal control. The
Corporate Governance Statement shall
be treated as forming part of this Report.
DCC plc is fully compliant with the 2018
version of the UK Corporate Governance
Code, which applied to the Company
for the year ended 31 March 2024.
Details concerning the appointment
and the re-election of Directors are set
out in the Corporate Governance
Statement.
General Meetings
The Company’s AGM provides
shareholders the opportunity to
question the Chair, the Board and the
Chairs of the Audit, Remuneration and
Governance and Sustainability
Committees. The Chief Executive
presents at the AGM on the Group’s
business and its performance during the
prior year and answers questions from
shareholders.
Notice of the AGM, the Form of Proxy
and the Annual Report are sent to
shareholders at least 20 working days
before the AGM. At the AGM, resolutions
are voted on a poll. The votes of
shareholders present and voting at the
AGM are added to the proxy votes
received in advance of the AGM and
the total number of votes for, against
and withheld for each resolution are
announced.
All other general meetings are called
Extraordinary General Meetings (‘EGM’).
An EGM called for the passing of a
special resolution must be called by at
least 21 clear days’ notice.
A quorum for an AGM or an EGM of the
Company is constituted by two persons
entitled to vote upon the business to be
transacted, each being a member or a
proxy for a member or a duly authorised
representative of a corporate member.
The passing of resolutions at a general
meeting, other than special resolutions,
requires a simple majority of the votes
cast. To be passed, a special resolution
requires a majority of at least 75% of the
votes cast.
Shareholders have the right to attend,
speak, ask questions and vote at general
meetings. In accordance with Irish
company law, the Company specifi es
record dates for general meetings, by
which date shareholders must be
registered in the Register of Members of
the Company to be entitled to attend,
speak, ask questions and vote. Record
dates are specifi ed in the notes to the
Notice convening the meeting.
Shareholders may exercise their right
to vote by appointing a proxy/proxies,
by electronic means or in writing, to vote
on some or all of their shares. The
requirements for the receipt of valid
proxy forms are set out in the notes to
the Notice convening the meeting.
A shareholder or a group of shareholders,
holding at least 10% of the issued share
capital of the Company, has the right to
requisition a general meeting.
The AGM will be held at 2.00 pm on
11 July 2024 at The Powerscourt Hotel,
Powerscourt Estate, Enniskerry, Co.
Wicklow, A98 DR12. Shareholders should
monitor the Company’s website for
further information in this regard.
Memorandum and Articles of
Association
The Company’s Memorandum of
Association sets out the objects and
powers of the Company. The Articles of
Association detail the rights attaching
to shares, the method by which the
Company’s shares can be purchased
or re-issued, the provisions which apply
to the holding of and voting at general
meetings and the rules relating to the
Directors, including their appointment,
retirement, re-election, duties and
powers.
The Company’s Articles of Association
may be amended by a special
resolution passed by the shareholders
at an AGM or EGM of the Company.

DCC plc Annual Report and Accounts 2024154
Report of the Directors Continued
A copy of the Memorandum and Articles
of Association can be obtained from the
Company’s website, www.dcc.ie.
UK Disclosure Guidance and
Transparency Rules
The UK Disclosure Guidance and
Transparency Rules require certain
information to be included within this
Annual Report and Accounts. That
information can be found in the
following sections: the Chair’s Statement
on pages 6 to 7, the Chief Executive’s
Review on pages 8 to 11, the Business
Reviews on pages 22 to 47, the Financial
Review on pages 52 to 59, the Principal
Risks and Uncertainties on pages 87 to
91, the Transparency Report in the
Statement of Directors’ Responsibilities
on page 156, the earnings per ordinary
share in note 2.11 on page 184, the Key
Performance Indicators on pages 48 to
51 and the derivative fi nancial
instruments in note 3.10 on pages 194
and 197.
Principal Subsidiaries
Details of the Company’s principal
operating subsidiaries are set out on
pages 244 to 247.
Research and Development
Certain Group companies are involved
in ongoing development work aimed at
improving the quality, competitiveness,
technology and range of their products.
Political Contributions
There were no political contributions
which require to be disclosed under the
Electoral Act, 1997.
Accounting Records
The Directors are responsible for
ensuring that adequate accounting
records, as outlined in Section 281 to 285
of the Companies Act, 2014, are kept by
the Company. The Directors believe that
they have complied with this
requirement by providing adequate
resources to maintain proper books and
accounting records throughout the
Group, including the appointment of
personnel with appropriate
qualifi cations, experience and expertise.
The books and accounting records of
the Company are maintained at the
Company’s registered o ce, DCC
House, Leopardstown Road, Foxrock,
D18 PK00, Ireland.
Takeover Regulations
The Company has certain fi nancing
facilities which may require repayment
in the event that a change in control
occurs with respect to the Company.
In addition, the Company’s long-term
incentive plans contain change-of-
control provisions, which can allow for
the acceleration of the exercise of share
options or awards in the event that a
change-of-control occurs with respect
to the Company.
Directors’ Compliance Statement
It is the policy of the Company to
comply with its relevant obligations (as
defi ned in the Companies Act 2014). The
Directors confi rm that there is a
Compliance Policy Statement in place,
as defi ned in Section 225(3)(a) of the
Companies Act 2014.
The Directors confi rm that the
arrangements and structures that have
been put in place are, in the Directors’
opinion, designed to secure a material
compliance with the Company’s
relevant obligations and that these
arrangements and structures were
reviewed by the Company during the
fi nancial year.
As required by Section 225(2) of the
Companies Act 2014, the Directors
acknowledge that they are responsible
for the Company’s compliance with the
relevant obligations. In discharging their
responsibilities under Section 225, the
Directors relied on the advice of persons
employed by the Company and of third
parties, whom the Directors believe
have the requisite knowledge and
experience to advise the Company on
compliance with its relevant obligations.
Audit Committee
The Company has an Audit Committee,
the members of which are set out on
page 118.
Disclosure of Information to the
Auditors
Each of the Directors individually
confi rms that:
• In so far as they are aware, there is no
relevant audit information of which
the Company’s auditors are unaware;
and
• That they have taken all the steps
that they ought to have taken (as
defi ned in Section 330(3) of the
Companies Act 2014) as Directors in
order to make themselves aware of
any relevant audit information and to
establish that the Company’s auditors
are aware of such information.
Auditors
The auditors, KPMG, who were
appointed on 17 July 2015, will continue
in o ce in accordance with the
provisions of Section 383 of the
Companies Act 2014.
As required under Section 381(1) (b) of the
Companies Act 2014, a resolution
authorising the Directors to determine
the remuneration of the auditors will be
proposed at the 2024 AGM.
MARK BREUER, DONAL MURPHY
Directors
13 May 2024
Substantial Holdings
The Company has been notifi ed of the following shareholdings of 3% or more in the issued share capital (excluding treasury
shares) of the Company as at 31 March 2024 and 13 May 2024.
As at 31 March 2024 As at 13 May 2024
No. of €0.25
Ordinary Shares
% of Issued
Share Capital
(excluding
treasury shares)
No. of €0.25
Ordinary Shares
% of Issued
Share Capital
(excluding
treasury shares)
BlackRock, Inc. ,, .% ,, .%
FMR LLC and FIL Limited on behalf of its direct and indirect
subsidiaries
,, .% ,, .%
Setanta Asset Management ,, .% ,, .%
Ameriprise Financial, Inc. ,, .% ,, .%
Allianz Global Investors GmbH ,, .% ,, .%
T. Rowe Price Associates, Inc. ,, .% ,, .%
These entities have indicated that the shareholdings are not ultimately benefi cially owned by them.

156 Statement of Directors’ Responsibilities

157 Independent Auditor’s Report

164 Group Income Statement

165 Group Statement of Comprehensive Income

166 Group Balance Sheet

167 Group Statement of Changes in Equity

168 Group Cash Flow Statement

169 Notes to the Financial Statements

169 Section 1 Basis of Preparation

172 Section 2 Results for the Year

186 Section 3 Assets and Liabilities

211 Section 4 Equity

214 Section 5 Additional Disclosures

236 Company Balance Sheet

237 Company Statement of Changes in Equity

238 Company Cash Flow Statement

239 Section 6: Notes to the Company

Financial Statements

FINANCIAL

STATEMENTS

DCC plc Annual Report and Accounts 2024 155

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report

and the Group and Parent Company fi nancial statements, in

accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and

Company fi nancial statements for each fi nancial year. Under

that law, the Directors are required to prepare the Group

fi nancial statements in accordance with IFRS as adopted by

the European Union and applicable law including Article 4 of

the IAS Regulation. The Directors have elected to prepare the

Company fi nancial statements in accordance with IFRS as

adopted by the European Union as applied in accordance

with the provisions of Companies Act 2014.

Under company law the Directors must not approve the

Group and Company fi nancial statements unless they are

satisfi ed that they give a true and fair view of the assets,

liabilities and fi nancial position of the Group and Company

and of the Group’s profi t or loss for that year.

In preparing the Group and Company fi nancial statements,

the Directors are required to:

• select suitable accounting policies and then apply them

consistently;

• make judgements and estimates that are reasonable and

prudent;

• state whether applicable Accounting Standards have been

followed, subject to any material departures disclosed and

explained in the fi nancial statements;

• assess the Group and Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to

going concern; and

• use the going concern basis of accounting unless they

either intend to liquidate the Group or Company or to

cease operations, or have no realistic alternative but to

do so.

The Directors are responsible for keeping adequate

accounting records which disclose with reasonable accuracy

at any time the assets, liabilities, fi nancial position and profi t

or loss of the Company and which enable them to ensure that

the fi nancial statements comply with the provision of the

Companies Act 2014. The Directors are also responsible for

taking all reasonable steps to ensure such records are kept by

its subsidiaries which enable them to ensure that the fi nancial

statements of the Group comply with the provisions of the

Companies Act 2014 including Article 4 of the IAS Regulation.

They are responsible for such internal controls as they

determine is necessary to enable the preparation of fi nancial

statements that are free from material misstatement, whether

due to fraud or error, and have general responsibility for

safeguarding the assets of the Group, and hence for taking

reasonable steps for the prevention and detection of fraud

and other irregularities. The Directors are also responsible for

preparing a Directors’ report that complies with the

requirements of the Companies Act 2014.

The Directors are responsible for the maintenance and

integrity of the corporate and fi nancial information included

on the Group’s and Company’s website (www.dcc.ie).

Legislation in the Republic of Ireland concerning the

preparation and dissemination of fi nancial statements may

diff er from legislation in other jurisdictions.

Responsibility statement of the Directors in respect of

the annual fi nancial report

We confi rm that to the best of our knowledge:

• the fi nancial statements, prepared in accordance with the

applicable set of accounting standards, give a true and fair

view of the assets, liabilities, fi nancial position and profi t or

loss of the Company and the undertakings included in the

consolidation taken as a whole; and

• the Directors’ report includes a fair review of the

development and performance of the business and the

position of the issuer and the undertakings included in the

consolidation taken as a whole, together with a description

of the principal risks and uncertainties that they face. We

consider the annual report and accounts, taken as a whole,

is fair, balanced and understandable and provides the

information necessary for shareholders to assess the

group’s position and performance, business model

and strategy.

On behalf of the Board

Mark Breuer Donal Murphy

Non-executive Chair Chief Executive

Financial Statements Continued

DCC plc Annual Report and Accounts 2024156

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

OF DCC PLC

Report on the audit of the fi nancial statements

Opinion

We have audited the fi nancial statements of DCC plc (‘the Company’) and its consolidated undertakings (‘the Group’) for the

year ended 31 March 2024 set out on pages 164 to 242, which comprise the Group and Company Balance Sheet, the Group

Income Statement, the Group Statement of Comprehensive Income, the Group and Company Statement of Cash Flows, the

Group and Company Statements of Changes in Equity and related notes, including the material accounting policies set out

in note 5.9.

The fi nancial reporting framework that has been applied in their preparation is Irish Law and International Financial Reporting

Standards (‘IFRS’) as adopted by the European Union and, as regards the Company fi nancial statements, as applied in

accordance with the provisions of the Companies Act 2014.

In our opinion:

• the fi nancial statements give a true and fair view of the assets, liabilities and fi nancial position of the Group and Company

as at 31 March 2024 and of the Group’s profi t for the year then ended;

• the Group fi nancial statements have been properly prepared in accordance with IFRS as adopted by the European Union;

• the Company fi nancial statements have been properly prepared in accordance with IFRS as adopted by the European

Union, as applied in accordance with the provisions of the Companies Act 2014; and

• the Group and Company fi nancial statements have been properly prepared in accordance with the requirements of the

Companies Act 2014.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law.

Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the fi nancial

statements section of our report. We have fulfi lled our ethical responsibilities under, and we remained independent of the

Group in accordance with ethical requirements that are relevant to our audit of fi nancial statements in Ireland, including the

Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (‘IAASA’), as applied to listed entities.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the fi nancial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the

preparation of the fi nancial statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s and

Company’s ability to continue to adopt the going concern basis of accounting included:

• Obtaining, inspecting and challenging management’s assessment of going concern and underlying budgets and forecasts.

• Obtaining debt covenant calculations as at 31 March 2024 and inspecting the headroom available under those covenants.

• Inquiring about any legal claims with those charged with governance, Head of Legal, management, as well as local fi nance

teams.

• Inquiring as to any subsequent events from those charged with governance, management, and local fi nance teams.

• Assessing the adequacy of the disclosures included within the Annual Report relating to Going Concern.

Based on the work we have performed, we have not identifi ed any material uncertainties relating to events or conditions that,

individually or collectively, may cast signifi cant doubt on the Group or the Company’s ability to continue as a going concern for

a period of at least twelve months from the date when the fi nancial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections

of this report.

In relation to the Group and the Company’s reporting on how they have applied the UK Corporate Governance Code, we have

nothing material to add or draw attention to in relation to the Directors’ statement in the fi nancial statements about whether

the Directors considered it appropriate to adopt the going concern basis of accounting.

Detecting irregularities including fraud

We identifi ed the areas of laws and regulations that could reasonably be expected to have a material eff ect on the fi nancial

statements and risks of material misstatement due to fraud, using our understanding of the entity’s industry, regulatory

environment and other external factors and inquiry with the Directors. In addition, our risk assessment procedures included:

• Inquiring with the Directors and other management as to the Group’s policies and procedures regarding compliance with

laws and regulations, identifying, evaluating and accounting for litigation and claims, as well as whether they have

knowledge of non-compliance or instances of litigation or claims.

• Inquiring of Directors, the Audit Committee and internal audit as to the Group’s policies and procedures to prevent and

detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 157

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

DCC PLC Continued

• Inquiring of Directors, the Audit Committee and internal audit regarding their assessment of the risk that the fi nancial

statements may be materially misstated due to irregularities, including fraud.

• Inspecting selected regulatory and legal correspondence.

• Reading Board and sub-committee meeting minutes.

• Considering remuneration incentive schemes and performance targets for management and Directors including the

earnings per share target for management remuneration.

• Performing planning analytical procedures to identify any usual or unexpected relationships.

We discussed identifi ed laws and regulations, fraud risk factors and the need to remain alert among the audit team. This

included communication from the Group audit team to component audit teams of relevant laws and regulations and any fraud

risks identifi ed at the Group level and request to component audit teams to report to the Group audit team any instances of

fraud that could give rise to a material misstatement at Group.

Firstly, the Group is subject to laws and regulations that directly aff ect the fi nancial statements including companies and

fi nancial reporting legislation, taxation legislation and distributable profi ts legislation. We assessed the extent of compliance

with these laws and regulations as part of our procedures on the related fi nancial statement items, including assessing the

fi nancial statement disclosures and agreeing them to supporting documentation when necessary.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a

material eff ect on amounts or disclosures in the fi nancial statements, for instance through the imposition of fi nes or litigation.

We identifi ed the following areas as those most likely to have such an eff ect: health and safety, anti-bribery, employment law,

environmental law, competition law, regulatory capital and liquidity and certain aspects of company legislation recognising the

fi nancial and regulated nature of the Group’s activities and its legal form.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations

to inquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. These limited

procedures did not identify actual or suspected non-compliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to

commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of

controls and the risk of fraudulent revenue recognition. We did not identify any additional fraud risks.

In response to the fraud risks, we also performed procedures including:

• Identifying journal entries to test based on risk criteria and comparing the identifi ed entries to supporting documentation;

• Assessing signifi cant accounting estimates for bias; and

• Assessing the disclosures in the fi nancial statements.

As the Group is regulated, our assessment of risks involved obtaining an understanding of the legal and regulatory framework

that the Group operates in and gaining an understanding of the control environment including the entity’s procedures for

complying with regulatory requirements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material

misstatements in the fi nancial statements, even though we have properly planned and performed our audit in accordance with

auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the

events and transactions refl ected in the fi nancial statements, the less likely the inherently limited procedures required by

auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion,

forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing

non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024158

Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgement, were of most signifi cance in the audit of the fi nancial

statements and include the most signifi cant assessed risks of material misstatement (whether or not due to fraud) identifi ed by

us, including those which had the greatest eff ect on: the overall audit strategy; the allocation of resources in the audit; and

directing the eff orts of the engagement team. These matters were addressed in the context of our audit of the fi nancial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In arriving at our audit opinion above, the key audit matters, in decreasing order of audit signifi cance, were as follows

(unchanged from 2023):

Group key audit matters

Valuation of goodwill and intangible assets £3,137 million (2023: £2,958 million)

Refer to note 5.9 (Summary of material accounting policies) and note 3.3 (Intangible assets and Goodwill)

The key Group audit matter How the matter was addressed in our audit

The Group has signifi cant goodwill and

intangible assets arising from

acquisitions.

There is a risk that the carrying amounts

of goodwill and intangible assets will be

more than the estimated recoverable

amount.

The recoverable amount of goodwill

and intangible assets is arrived at by

forecasting and discounting future cash

fl ows to determine value in use

calculations for each Cash Generating

Unit (‘CGU’).

These cash fl ows are inherently highly

judgmental and rely on certain

signifi cant assumptions including future

trading performance, future long-term

growth rates and CGU specifi c

discount rates.

For the reasons outlined above the

engagement team determine this

matter to be a key audit matter.

To assess the Group’s cash fl ow forecasts used in the determinations of the values in

use we:

• performed inquiries of the Group to develop an understanding of the process for

goodwill impairment assessment and tested the design and implementation of

key controls in this process;

• gained an understanding of the Group’s process to assess the goodwill and

intangible assets for indicators of impairment. In particular, we considered how

the Group calculate the value in use at a CGU level gaining an understanding of

the assumptions made, changes in the model from prior periods, and why the

Group concluded that the assumptions are reasonable;

• performed an overall evaluation of the individual CGU discounted cash fl ow

models based on our knowledge of the Group and our reading of the Group’s

Three Year Plan combined with external data which we considered relevant. We

evaluated and challenged the assumptions used to develop the projected

fi nancial information regarding future profi tability and long-term economic

growth rates applied;

• recalculated the Group’s projections to evaluate the mathematical accuracy of

the cash fl ow forecasts and the accuracy of the Group’s cash fl ow estimates in

previous years by comparing historical forecasts to actual outturns;

• assessed the appropriateness of the CGU specifi c discount rates applied in

determining the value in use of each CGU with the assistance of our in-house

valuation specialist;

• compared the value in use for the Group as a whole to the Group’s market

capitalisation;

• used data and analytics procedures to perform scenario analysis over each of

the CGUs in the three divisions, fl exing key assumptions in the model through a

series of iterations identifying CGUs that were most sensitive to movements in

assumptions; and

• considered whether the disclosures as set out in the fi nancial statements are

appropriate and in compliance with IAS 36 including the disclosures related to

estimation uncertainty, signifi cant judgements and assumptions made.

Our procedures in respect of this risk were performed as planned. Based on

evidence obtained, we found that the assumptions applied in the Group’s cash fl ow

forecast models used in the determination of value in use were appropriate. We

read the disclosures of signifi cant judgements made and found them to

be appropriate.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 159

Acquisition accounting on business combinations total consideration £371 million (2023: £365 million)

Refer to note 5.9 (Summary of material accounting policies) and note 5.2 (Business combinations)

The key Group audit matter How the matter was addressed in our audit

Business combinations are accounted

for using the acquisition method, which

requires that the assets and liabilities

are recorded at their respective fair

values on the date of acquisition.

The Group is required to apply

judgement when estimating fair values

of assets and liabilities on the date of

acquisition of a business. Inappropriate

assumptions may result in business

combinations being accounted

for incorrectly.

The Group has made a number of

acquisitions during the year ended

31 March 2024, including a number of

individually signifi cant transactions. The

cost of acquisitions completed during

the year ended 31 March 2024 totalled

£371 million.

For the reasons outlined above the

engagement team determine this

matter to be a key audit matter.

For signifi cant acquisitions completed during the year, our audit engagement team

supported by valuation specialists performed procedures which included but were

not limited to the following:

• We made inquiries of the Group to develop an understanding of the process for

accounting for business combinations and tested the design and implementation

of key controls in this process;

• We read the underlying legal agreements and other transaction-related

documents and assessed the appropriateness of the date of acquisition

determined by the Group and if all potential accounting implications have been

considered and appropriately accounted for. We engaged our in-house

valuations specialist to assist us in this regard;

• We assessed the Group’s acquisition accounting and ensured that all

considerations have been appropriately included;

• We challenged the Group on the appropriateness of the fair values ascribed to

assets, including intangible assets, and liabilities of the acquired businesses;

• We assessed if the disclosures in the fi nancial statements related to business

combinations in the year, fair value adjustments to prior period transactions or

other business transactions are appropriate in accordance with the requirements

of IFRS 10 and IFRS 3; and

• We reviewed and evaluated the appropriateness of any adjustments made to fair

values of net assets within the fi nalisation of purchase price accounting of

acquisitions made within the previous 12 months in line with IFRS 3.

Based on the evidence obtained, we found the Group’s judgements relating to the

key assumptions used in the purchase price allocation to be appropriate.

Company key audit matter

Investment in subsidiary undertakings £1,142 million (2023: £1,174 million)

Refer to note 5.9 (Summary of material accounting policies) and note 6.4 (Investment in subsidiary undertakings)

The key Company audit matter How the matter was addressed in our audit

The investment in subsidiary

undertakings is carried in the Balance

Sheet of the Company at cost less

impairment. At 31 March 2024, the

investment carrying value was

£1,142 million.

There is a risk in respect of the carrying

value of these investments if the future

cash fl ows and trading performance of

these subsidiaries are not suffi cient to

support the Balance Sheet value.

We focus on this area due to the

signifi cance of the balance to the

Company Balance Sheet and the

inherent uncertainty involved in

forecasting and discounting future cash

fl ows for the subsidiary businesses.

For the reasons outlined above the

engagement team determine this

matter to be a key audit matter.

• We made inquiries of the Company to understand their process for assessing the

recoverability of the investment carrying value in the Company and we tested the

design and implementation of the key control in this process;

• We considered the Company’s assessment of impairment indicators across the

Group;

• We compared the carrying value of investments in the Company’s Balance Sheet

to the net assets of the subsidiary fi nancial statements;

• We considered the audit work performed in respect of current year results of

subsidiaries and the valuation of goodwill and intangible assets; and

• We compared the carrying value of subsidiaries to the market capitalisation of

the Company at 31 March 2024.

Based on evidence obtained, we found the Company’s assessment of the carrying

value of the investment in subsidiary undertakings to be appropriate.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

DCC PLC Continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024160

Our application of materiality and an overview of the scope of our audit

Materiality for the Group fi nancial statements as a whole was set at £22.0 million. This has been calculated based on 5% of the

Group profi t before tax of £423.8 million which we consider to be one of the principal considerations for members of the

Company in assessing the fi nancial performance of the Group. The materiality for the prior year Group fi nancial statements as

a whole was set at £21.5 million. This was calculated based on 5% of the Group profi t before tax. In applying our judgement in

determining the percentage to be applied to the benchmark, the following qualitative factors had the most signifi cant impact:

• The Group has a high public profi le and operates in a regulated environment.

• The stability of the business environment in which it operates.

Performance materiality for the Group fi nancial statements was set at 75% (2023: 75%) of materiality for the fi nancial statements

as a whole, which equates to £16.5m (2023: £16.1m). We use performance materiality to reduce to an appropriately low level the

probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. In applying our

judgement in determining performance materiality, we considered a number of factors including; the low number and value of

misstatements detected and the low number and severity of defi ciencies in control activities identifi ed in the prior year fi nancial

statement audit.

We report to the Audit Committee all corrected and uncorrected misstatements we identifi ed through our audit with a value in

excess of £1 million (2023: £1 million), in addition to other audit misstatements below that threshold that we believe warranted

reporting on qualitative grounds.

Materiality for the Company fi nancial statements as a whole was set at £12 million (2023: £12 million), determined with reference

to a benchmark of Company total assets of which it represents 0.8% (2023: 0.9%). Our approach to audit scoping is consistent

with that applied in previous years. In determining the percentage applied to the benchmark, our judgement was signifi cantly

infl uenced by the following qualitative factors:

• The Company has a high public profi le and operates in a regulated environment.

• The stability of the business environment in which its underlying investments operate.

Performance materiality for the Company fi nancial statements was set at 75% (2023: 75%) of materiality for the fi nancial

statements, which equates to £9 million (2023: £9 million).

The components subjected to full scope audit contributed 99% (2023: 99%) of total revenues and 99% (2023: 99%) of total assets.

We applied materiality to assist us in determining what risks were signifi cant risks and the Group audit team instructed

component auditors as to the signifi cant areas to be covered, including the relevant risks detailed above and the information

to be reported back. The Group audit team approved the materiality for components, which ranged from £2.5 million to

£7.5 million, having regard to the mix of size and risk profi le of the Group across the components. The work on fi fty-nine in scope

components was performed by the Group team and component auditors. Twenty-two component audits were performed by

KPMG Dublin, twenty-seven performed by KPMG overseas offi ces and ten performed by non-KPMG member fi rms. The

remaining components including the audit of the parent company, was performed by the Group audit team.

The Group audit team liaised extensively with all signifi cant component auditors in order to assess the audit risk and strategy

and work undertaken. Video and telephone conference meetings were held with these component auditors, as well as with

auditors of other components across the Group. At these meetings, the fi ndings reported to the Group audit team were

discussed in more detail, and any further work required by the Group audit team was then performed by the

component auditor.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 161

Other information

The Directors are responsible for the preparation of the other information presented in the Annual Report together with the

fi nancial statements. The other information comprises the information included in the Directors’ report and the Strategic Report

and Governance sections of the Annual Report and Supplemental Information.

The fi nancial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the

fi nancial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as

explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our fi nancial statements audit

work, the information therein is materially misstated or inconsistent with the fi nancial statements or our audit knowledge. Based

solely on that work we have not identifi ed material misstatements in the other information.

Based solely on our work on the other information undertaken during the course of the audit we report that, in those parts of

the Directors’ report specifi ed for our consideration:

• we have not identifi ed material misstatements in the Directors’ report;

• in our opinion, the information given in the Directors’ report is consistent with the fi nancial statements; and

• in our opinion, the Directors’ report has been prepared in accordance with the Companies Act 2014.

Corporate governance statement

We have reviewed the Directors’ statement in relation to going concern, longer-term viability, that part of the Corporate

Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code

specifi ed for our review by the Listing Rules of the UK Listing Authority.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the fi nancial statements and our knowledge obtained during the audit:

• Directors’ statement with regards the appropriateness of adopting the going concern basis of accounting and any material

uncertainties identifi ed;

• Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the period

is appropriate;

• Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue in operation and

meets its liabilities;

• Directors’ statement on fair, balanced and understandable and the information necessary for shareholders to assess the

Group’s position and performance, business model and strategy;

• Board’s confi rmation that it has carried out a robust assessment of the emerging and principal risks and the disclosures in

the annual report that describe the principal risks and the procedures in place to identify emerging risks and explain how

they are being managed or mitigated;

• Section of the annual report that describes the review of eff ectiveness of risk management and internal control systems; and

• Section describing the work of the Audit Committee.

Our opinions on other matters prescribed by the Companies Act 2014 are unmodifi ed

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

In our opinion the accounting records of the Company were suffi cient to permit the fi nancial statements to be readily and

properly audited and the fi nancial statements are in agreement with the accounting records.

We have nothing to report on other matters on which we are required to report by exception.

The Companies Act 2014 requires us to report to you if, in our opinion:

• the disclosures of Directors’ remuneration and transactions required by Sections 305 to 312 of the Act are not made.

• the Company has not provided the information required by section 5(2) to (7) of the European Union (Disclosure of

Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017 for the year ended

31 March 2023 as required by the European Union (Disclosure of Non-Financial and Diversity Information by certain large

undertakings and groups) (amendment) Regulations 2018.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

DCC PLC Continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024162

Respective responsibilities and restrictions on use

Responsibilities of Directors for the fi nancial statements

As explained more fully in the Directors’ responsibilities statement set out on page 156, the Directors are responsible for: the

preparation of the fi nancial statements including being satisfi ed that they give a true and fair view; such internal control as

they determine is necessary to enable the preparation of fi nancial statements that are free from material misstatement,

whether due to fraud or error; assessing the Group and Company’s ability to continue as a going concern, disclosing, as

applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to

liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the fi nancial statements

Our objectives are to obtain reasonable assurance about whether the fi nancial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is

a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to infl uence the economic decisions of users taken on the basis of these

fi nancial statements.

A fuller description of our responsibilities is provided on IAASA’s website

at https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-fi nancial-statements/.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014.

Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state

to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or

for the opinions we have formed.

Patricia Carroll

for and on behalf of

KPMG

Chartered Accountants, Statutory Audit Firm

1 Stokes Place

St. Stephen’s Green

Dublin 2

D02 DE03

13 May 2024

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 163

			2024			2023
		Pre-	Exceptionals		Pre-	Exceptionals
		exceptionals	(note 2.6)	Tota l	exceptionals	(note 2.6)	Total
	Note	£’000	£’000	£’000	£’000	£’000	£’000
Revenue	2.1	19,858,763	–	19,858,763	22,204,846	–	22,204,846
Cost of sales		(17,261,487)	–	(17,261,487)	(19,800,114)	–	(19,800,114)
Gross profi t		2,597,276	–	2,597,276	2,404,732	–	2,404,732
Administration expenses		(673,676)	–	(673,676)	(629,510)	–	(629,510)
Selling and distribution expenses		(1,270,666)	–	(1,270,666)	(1,157,642)	–	(1,157,642)
Other operating income/(expenses)	2.2	29,846	(39,309)	(9,463)	38,082	(32,528)	5,554
Adjusted operating profi t	2.1	682,780	(39,309)	643,471	655,662	(32,528)	623,134
Amortisation of intangible assets	3.3	(114,075)	–	(114,075)	(111,146)	–	(111,146)
Operating profi t		568,705	(39,309)	529,396	544,516	(32,528)	511,988
Finance costs	2.7	(121,888)	(873)	(122,761)	(96,735)	–	(96,735)
Finance income	2.7	16,512	–	16,512	16,111	892	17,003
Share of equity accounted
investments’ profi t/(loss) after tax	2.8	604	–	604	(692)	–	(692)
Profi t before tax		463,933	(40,182)	423,751	463,200	(31,636)	431,564
Income tax expense	2.9	(89,631)	6,418	(83,213)	(87,526)	2,764	(84,762)
Profi t after tax for the fi nancial year		374,302	(33,764)	340,538	375,674	(28,872)	346,802
Profi t attributable to:
Owners of the Parent Company		359,570	(33,315)	326,255	362,683	(28,661)	334,022
Non-controlling interests		14,732	(449)	14,283	12,991	(211)	12,780
		374,302	(33,764)	340,538	375,674	(28,872)	346,802
Earnings per ordinary share
Basic earnings per share	2.11			330.24p			338.40p
Diluted earnings per share	2.11			329.85p			338.04p

GROUP INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

Financial Statements Continued

DCC plc Annual Report and Accounts 2024164

		2024	2023
	Note	£’000	£’000
Group profi t for the fi nancial year		340,538	346,802
Other comprehensive income:
Items that may be reclassifi ed subsequently to profi t or loss
Currency translation		(66,207)	43,280
Movements relating to cash fl ow hedges		37,117	(164,422)
Movement in deferred tax on cash fl ow hedges	2.9	(6,937)	30,374
		(36,027)	(90,768)
Items that will not be reclassifi ed to profi t or loss
Group defi ned benefi t pension obligations:
– remeasurements	3.15	24	2,811
– movement in deferred tax	2.9	(117)	(800)
		(93)	2,011
Other comprehensive income for the fi nancial year, net of tax		(36,120)	(88,757)
Total comprehensive income for the fi nancial year		304,418	258,045
Attributable to:
Owners of the Parent Company		292,686	243,242
Non-controlling interests		11,732	14,803
		304,418	258,045

GROUP STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2024

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 165

		2024	2023
	Note	£’000	£’000
ASSETS
Non-current assets
Property, plant and equipment	3.1	1,430,513	1,354,806
Right-of-use leased assets	3.2	349,925	336,221
Goodwill	3.3	2,190,147	2,029,620
Intangible assets	3.3	946,798	928,009
Equity accounted investments	3.4	32,825	47,789
Deferred income tax assets	3.14	81,258	69,053
Derivative fi nancial instruments	3.10	42,760	89,199
		5,074,226	4,854,697
Current assets
Inventories	3.5	1,072,061	1,192,803
Trade and other receivables	3.6	2,172,422	2,312,269
Derivative fi nancial instruments	3.10	55,064	59,258
Cash and cash equivalents	3.9	1,109,446	1,421,749
		4,408,993	4,986,079
Total assets		9,483,219	9,840,776
EQUITY
Capital and reserves attributable to owners of the Parent Company
Share capital	4.1	17,422	17,422
Share premium	4.1	883,890	883,669
Share based payment reserve	4.2	63,806	54,596
Cash fl ow hedge reserve	4.2	(18,100)	(48,280)
Foreign currency translation reserve	4.2	64,873	128,529
Other reserves	4.2	932	932
Retained earnings	4.3	2,078,568	1,941,223
Equity attributable to owners of the Parent Company		3,091,391	2,978,091
Non-controlling interests	4.4	91,641	80,219
Total equity		3,183,032	3,058,310
LIABILITIES
Non-current liabilities
Borrowings	3.11	1,574,775	1,933,759
Lease creditors	3.12	284,856	275,388
Derivative fi nancial instruments	3.10	27,536	40,585
Deferred income tax liabilities	3.14	286,217	263,623
Post-employment benefi t obligations	3.15	6,557	(11,721)
Provisions for liabilities	3.17	306,367	301,067
Acquisition related liabilities	3.16	72,009	86,172
Government grants	3.18	2,704	446
		2,561,021	2,889,319
Current liabilities
Trade and other payables	3.7	3,054,108	3,279,898
Current income tax liabilities		81,095	85,324
Borrowings	3.11	368,743	320,856
Lease creditors	3.12	77,527	71,158
Derivative fi nancial instruments	3.10	20,914	42,341
Provisions for liabilities	3.17	67,011	52,349
Acquisition related liabilities	3.16	69,768	41,221
		3,739,166	3,893,147
Total liabilities		6,300,187	6,782,466
Total equity and liabilities		9,483,219	9,840,776

Mark Breuer, Donal Murphy

Directors

GROUP BALANCE SHEET

AS AT 31 MARCH 2024

Financial Statements Continued

DCC plc Annual Report and Accounts 2024166

Attributable to owners of the Parent Company

						Non-
	Share	Share	Retained	Other		controlling
	capital	premium	earnings	reserves		interests	Tota l
	(note 4.1)	(note 4.1)	(note 4.3)	(note 4.2)	Tota l	(note 4.4)	equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2023	17,422	883,669	1,941,223	135,777	2,978,091	80,219	3,058,310
Profi t for the fi nancial year	–	–	326,255	–	326,255	14,283	340,538
Other comprehensive income:
Currency translation	–	–	–	(63,656)	(63,656)	(2,551)	(66,207)
Group defi ned benefi t pension obligations:
– remeasurements	–	–	24	–	24	–	24
– movement in deferred tax	–		(117)	–	(117)	–	(117)
Movements relating to cash fl ow hedges	–	–	–	37,117	37,117	–	37,117
Movement in deferred tax on cash fl ow hedges	–	–	–	(6,937)	(6,937)	–	(6,937)
Total comprehensive income	–	–	326,162	(33,476)	292,686	11,732	304,418
Re-issue of treasury shares	–	221	–	–	221	–	221
Share based payment	–	–	–	9,210	9,210	–	9,210
Dividends	–	–	(188,817)	–	(188,817)	(310)	(189,127)
At 31 March 2024	17,422	883,890	2,078,568	111,511	3,091,391	91,641	3,183,032

FOR THE YEAR ENDED 31 MARCH 2023

Attributable to owners of the Parent Company

						Non-
	Share	Share	Retained	Other		controlling
	capital	premium	earnings	reserves		interests	Total
	(note 4.1)	(note 4.1)	(note 4.3)	(note 4.2)	Total	(note 4.4)	equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2022	17,422	883,321	1,783,033	221,408	2,905,184	65,379	2,970,563
Profi t for the fi nancial year	–	–	334,022	–	334,022	12,780	346,802
Other comprehensive income:
Currency translation	–	–	–	41,257	41,257	2,023	43,280
Group defi ned benefi t pension obligations:
– remeasurements	–	–	2,811	–	2,811	–	2,811
– movement in deferred tax	–	–	(800)	–	(800)	–	(800)
Movements relating to cash fl ow hedges	–	–	–	(164,422)	(164,422)	–	(164,422)
Movement in deferred tax on cash fl ow hedges	–	–	–	30,374	30,374	–	30,374
Total comprehensive income	–	–	336,033	(92,791)	243,242	14,803	258,045
Re-issue of treasury shares	–	3 4 8	–	–	3 4 8	–	34 8
Share based payment	–	–	–	7,160	7,160	–	7,160
Dividends	–	–	(177,843)	–	(177,843)	(129)	(177,972)
Non-controlling interest arising on acquisition	–	–	–	–	–	1 6 6	166
At 31 March 2023	17,422	883,669	1,941,223	135,777	2,978,091	80,219	3,058,310

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 167

		2024	2023
	Note	£’000	£’000
Operating activities
Cash generated from operations before exceptionals	5.3	995,793	860,746
Exceptionals		(30,934)	(23,780)
Cash generated from operations		964,859	836,966
Interest paid (including lease interest)		(118,780)	(82,576)
Income tax paid		(124,057)	(97,485)
Net cash fl ow from operating activities		722,022	656,905
Investing activities
Infl ows:
Proceeds from disposal of property, plant and equipment		6,666	22,643
Dividends received from equity accounted investments		1,261	–
Government grants received in relation to property, plant and equipment	3.18	2,669	216
Disposal of equity accounted investments		17,668	–
Interest received		15,285	15,535
		43,549	38,394
Outfl ows:
Purchase of property, plant and equipment		(230,354)	(229,440)
Acquisition of subsidiaries	5.2	(288,155)	(318,486)
Payment of accrued acquisition related liabilities	3.16	(50,334)	(21,987)
		(568,843)	(569,913)
Net cash fl ow from investing activities		(525,294)	(531,519)
Financing activities
Infl ows:
Proceeds from issue of shares	4.1	221	348
Net cash infl ow on derivative fi nancial instruments		69,182	–
Increase in interest-bearing loans and borrowings		–	603,054
		69,403	603,402
Outfl ows:
Repayment of interest-bearing loans and borrowings		(270,836)	(393,469)
Net cash outfl ow on derivative fi nancial instruments		–	(57,902)
Repayment of lease creditors (principal)		(82,187)	(74,219)
Dividends paid to owners of the Parent Company	2.10	(188,817)	(177,843)
Dividends paid to non-controlling interests	4.4	(310)	(129)
		(542,150)	(703,562)
Net cash fl ow from fi nancing activities		(472,747)	(100,160)
Change in cash and cash equivalents		(276,019)	25,226
Translation adjustment		(22,341)	19,376
Cash and cash equivalents at beginning of year		1,371,206	1,326,604
Cash and cash equivalents at end of year	3.9	1,072,846	1,371,206
Cash and short-term bank deposits	3.9	1,109,446	1,421,749
Overdrafts	3.9	(36,600)	(50,543)
		1,072,846	1,371,206

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

Financial Statements Continued

DCC plc Annual Report and Accounts 2024168

SECTION 1 BASIS OF PREPARATION

1.1

STATEMENT OF COMPLIANCE

International Financial Reporting Standards (‘IFRS’) require an entity whose fi nancial statements comply with IFRS to make

an explicit and unreserved statement of such compliance in the notes to the fi nancial statements.

The consolidated fi nancial statements of DCC plc have been prepared in accordance with International Financial Reporting

Standards (‘IFRS’) and their interpretations approved by the International Accounting Standards Board (‘IASB’) as adopted by

the European Union (‘EU’) and those parts of the Companies Act, 2014 applicable to companies reporting under IFRS. IFRS as

adopted by the EU diff er in certain respects from IFRS as issued by the IASB. Both the Parent Company and the Group fi nancial

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 fi nancial statements together with

the Group fi nancial 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

fi nancial statements. The Parent Company has also availed of the exemption from fi ling 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 92 forms part of the Group fi nancial statements. The Directors acknowledge that

based on their review of the Group’s activities, cash fl ows, liquidity position and borrowing facilities for the fi nancial year ended

31 March 2024, 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 fi nancial and other resources to continue in operational existence and

will be able to meet its liabilities as they fall due over the 12-month going concern period.

DCC plc, the ultimate Parent Company, is a publicly traded limited company incorporated and domiciled in the Republic of

Ireland. DCC plc’s shares have a Premium Listing on the Offi cial List of the United Kingdom Listing Authority and are traded

solely on the London Stock Exchange.

1.2

BASIS OF PREPARATION

This section includes information on new accounting standards, amendments and interpretations, whether they are

eff ective for the current year or in later years, and how they are expected to impact the fi nancial position and performance

of the Group.

The consolidated fi nancial 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 modifi ed by the measurement at fair value of share-based

payments at the date of grant, post-employment benefi t obligations and certain fi nancial assets and liabilities including

derivative fi nancial 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 fi nancial statements for the year ended 31 March 2024 are

set out in note 5.9. These policies have been applied consistently by the Group’s subsidiaries and equity accounted investments

for all periods presented in these consolidated fi nancial statements.

The preparation of fi nancial 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’s accounting policies. The

areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are signifi cant to the

consolidated fi nancial statements are detailed in note 1.4.

Adoption of IFRS and International Financial Reporting Interpretations Committee (‘IFRIC’) Interpretations

The following changes to IFRS became eff ective for the Group during the year but did not result in a material change to the

Group’s fi nancial statements:

• Disclosure of Accounting Policies – Amendments to IAS 1

• Defi nition of Accounting Estimates – Amendments to IAS 8

• Insurance Contracts – IFRS 17

• Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

• International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12

NOTES TO THE FINANCIAL STATEMENTS

Notes to the fi nancial statements provide additional information required by statute,

accounting standards or Listing Rules. For clarity, each note begins with a simple

introduction outlining the purpose of the note.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 169

NOTES TO THE FINANCIAL STATEMENTS Continued

Standards, interpretations and amendments to published standards that are not yet eff ective

The Group has not applied certain new standards, amendments and interpretations to existing standards that have been

issued but are not yet eff ective. These include:

• Classifi cation of Liabilities as Current or Non-current – Amendments to IAS 1

• Lease Liability in a Sale and Leaseback – Amendments to IFRS 16

• Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7

• Lack of Exchangeability – Amendments to IAS 21

The impact of these new standards is not expected to result in a net material change to the Group’s fi nancial statements.

1.3

BASIS OF CONSOLIDATION

This section details how the Group accounts for the diff erent 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 aff ect 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 fi nancial

statements of subsidiaries to bring their accounting policies into line with those used by the Group.

EQUITY ACCOUNTED INVESTMENTS

The Group’s interests in equity accounted investments comprise interests in associates. Associates are those entities in which

the Group has signifi cant infl uence, but not control or joint control, over the fi nancial and operating policies. They are initially

recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated fi nancial statements

include the Group’s share of the profi t or loss and other comprehensive income of the equity accounted investments, until the

date on which signifi cant infl uence 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’s 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.

1.4

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

This section sets out the key areas of judgement and estimation that management has identifi ed as having a potentially

material impact on the Group’s consolidated fi nancial statements.

The preparation of fi nancial 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’s accounting policies. The Group’s

material accounting policies aff ecting its results of operations and fi nancial condition are set out in note 5.9. The Group has

considered the impact of climate change on the fi nancial statements including impairment of non-fi nancial and fi nancial

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’s 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 fi nancial reporting, actual results could diff er from these estimates. The estimates and underlying

assumptions are reviewed on an ongoing basis and management has discussed its critical accounting estimates and

associated disclosures with the Audit Committee. Management considers the accounting estimates and assumptions

discussed below to be its critical accounting estimates (‘E’) and judgements (‘J’):

1.2 BASIS OF PREPARATION continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024170

GOODWILL (E, J)

The Group has capitalised goodwill of £2,190.1 million at 31 March 2024. 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 fl ows to determine recoverable amount. In calculating the value in use,

management judgement and estimation is required in forecasting cash fl ows of cash-generating units, in determining terminal

growth values and in selecting an appropriate discount rate. Sensitivities to changes in assumptions are detailed in note 3.3.

BUSINESS COMBINATIONS (E)

Business combinations are accounted for using the acquisition method which requires that the assets and liabilities assumed

are recorded at their respective fair values at the date of acquisition. The application of this method requires certain estimates

and assumptions particularly concerning the determination of the fair values of the acquired assets and liabilities assumed at

the date of acquisition.

For intangible assets acquired, the Group bases valuations on expected future cash fl ows. This method employs a discounted

cash fl ow analysis using the present value of the estimated after-tax cash fl ows expected to be generated from the purchased

intangible asset using risk adjusted discount rates and revenue forecasts as appropriate. The period of expected cash fl ows is

based on the expected useful life of the intangible asset acquired. The Group engages a specialist valuation expert to assist

with this process where appropriate.

TAXATION (E, J)

The Group is subject to income taxes in a number of jurisdictions. Provisions for tax liabilities require management to make

judgements and estimates in relation to tax issues and exposures. Amounts provided are based on management’s

interpretation of country-specifi c tax laws and the likelihood or probability of settlement. Where the fi nal tax outcome is

diff erent from the amounts that were initially recorded, such diff erences will impact the current tax and/or deferred tax

provisions in the period in which such determination is made.

Deferred tax assets are recognised to the extent that it is probable that future taxable profi t will be available against which

the unused tax losses and unused tax credits can be utilised. The Group estimates the most probable amount of future taxable

profi ts, using assumptions consistent with those employed in impairment calculations, and taking into account applicable tax

legislation in the relevant jurisdiction. These calculations require the use of estimates.

USEFUL LIVES FOR PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (E, J)

Long-lived assets comprising primarily of property, plant and equipment and intangible assets represent a signifi cant portion

of the Group’s total assets. The annual depreciation and amortisation charge depend primarily on the estimated lives of each

type of asset and, in certain circumstances, estimates of residual values. Management regularly review these useful lives and

residual values and change them if necessary to refl ect current conditions. In determining these useful lives management

consider technological change, patterns of consumption, the impact of climate change, physical condition and expected

economic utilisation of the assets. Changes in the useful lives can have a signifi cant impact on the depreciation and

amortisation charge for the period.

1.4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 171

NOTES TO THE FINANCIAL STATEMENTS Continued

SECTION 2 RESULTS FOR THE YEAR

2.1

SEGMENT INFORMATION

The Group is organised into three operating segments. This section provides information on the fi nancial performance for

the year on both a segmental and geographic basis.

SEGMENTAL ANALYSIS

DCC is a leading international sales, marketing and support services group headquartered in Dublin, Ireland. Operating

segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker

(‘CODM’). The CODM has been identifi ed as Mr. Donal Murphy, Chief Executive and his Group Management Team.

The Group is organised into three operating segments (as identifi ed under IFRS 8 Operating Segments) and generates revenue

through the following activities:

DCC Energy is putting cleaner energy in the power of our customers by leading the sales, marketing, and distribution of

traditional, lower carbon, and zero carbon energy solutions. DCC Energy comprises Energy Solutions and Energy Mobility. Our

Energy Solutions business makes energy transition less complex for commercial and industrial customers. And we will make it

simpler and more aff ordable for domestic customers. Our Energy Mobility business is leading in multi-energy networks and

services for passenger cars and truck fl eets. The adjusted operating profi t of Energy Solutions represents approximately 76% of

this segment’s adjusted operating profi t in the current year and Energy Mobility represents approximately 24%.

DCC Healthcare comprises DCC Vital and DCC Health & Beauty Solutions. DCC Vital helps to improve patient outcomes by

providing medical products that enable practitioners to diagnose and treat illness. DCC Health & Beauty Solutions develop

and manufacture nutritional supplements and beauty products to help maintain consumers’ everyday health and wellness.

DCC Technology acts as an enabler between global technology brands and the people and businesses who use their

products. DCC Technology comprises Pro Tech, Life Tech and Info Tech. Through Pro Tech, we bring professional technologies

together to enhance audio and visual experiences. Through Life Tech, we provide technology to make high-quality lifestyles

happen. And through Info Tech, we put the latest technology in people’s hands to make faster connections happen.

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 profi t before

amortisation of intangible assets and net operating exceptional items (‘adjusted operating profi t’) and return on capital

employed. Net fi nance 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.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024172

The segment results for the year ended 31 March 2024 are as follows:

INCOME STATEMENT ITEMS

		Year ended 31 March 2024
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Tota l
	£’000	£’000	£’000	£’000
Segment revenue	14,224,938	859,379	4,774,446	19,858,763
Adjusted operating profi t	502,961	88,099	91,720	682,780
Amortisation of intangible assets	(77,236)	(10,550)	(26,289)	(114,075)
Net operating exceptionals (note 2.6)	(14,858)	(5,087)	(19,364)	(39,309)
Operating profi t	410,867	72,462	46,067	529,396
Finance costs				(122,761)
Finance income				16,512
Share of equity accounted investments’ profi t after tax				604
Profi t before income tax				423,751
Income tax expense				(83,213)
Profi t for the year				340,538

		Year ended 31 March 2023
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Total
	£’000	£’000	£’000	£’000
Segment revenue	16,119,452	821,527	5,263,867	22,204,846
Adjusted operating profi t	457,815	91,742	106,105	655,662
Amortisation of intangible assets	(68,731)	(9,318)	(33,097)	(111,146)
Net operating exceptionals (note 2.6)	(21,603)	(4,367)	(6,558)	(32,528)
Operating profi t	367,481	78,057	66,450	511,988
Finance costs				(96,735)
Finance income				17,003
Share of equity accounted investments’ loss after tax				(692)
Profi t before income tax				431,564
Income tax expense				(84,762)
Profi t for the year				346,802

2.1 SEGMENT INFORMATION continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 173

NOTES TO THE FINANCIAL STATEMENTS Continued

BALANCE SHEET ITEMS

		As at 31 March 2024
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Tota l
	£’000	£’000	£’000	£’000
Segment assets	5,181,837	1,010,104	1,969,925	8,161,866
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments				32,825
Derivative fi nancial instruments (current and non-current)				97,824
Deferred income tax assets				81,258
Cash and cash equivalents				1,109,446
Total assets as reported in the Group Balance Sheet				9,483,219
Segment liabilities	2,461,542	146,937	825,528	3,434,007
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)				1,943,518
Lease creditors (current and non-current)				362,383
Derivative fi nancial instruments (current and non-current)				48,450
Income tax liabilities (current and deferred)				367,312
Acquisition related liabilities (current and non-current)				141,777
Government grants (current and non-current)				2,740
Total liabilities as reported in the Group Balance Sheet				6,300,187

		As at 31 March 2023
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Total
	£’000	£’000	£’000	£’000
Segment assets	4,960,699	1,044,881	2,148,148	8,153,728
Reconciliation to total assets as reported in the Group Balance Sheet:
Equity accounted investments				47,789
Derivative fi nancial instruments (current and non-current)				148,457
Deferred income tax assets				69,053
Cash and cash equivalents				1,421,749
Total assets as reported in the Group Balance Sheet				9,840,776
Segment liabilities	2,491,227	173,370	956,965	3,621,562
Reconciliation to total liabilities as reported in the Group Balance Sheet:
Borrowings (current and non-current)				2,254,615
Lease creditors (current and non-current)				346,546
Derivative fi nancial instruments (current and non-current)				82,926
Income tax liabilities (current and deferred)				348,947
Acquisition related liabilities (current and non-current)				127,393
Government grants (current and non-current)				477
Total liabilities as reported in the Group Balance Sheet				6,782,466

2.1 SEGMENT INFORMATION continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024174

OTHER SEGMENT INFORMATION

		Year ended 31 March 2024
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Total
	£’000	£’000	£’000	£’000
Capital expenditure – additions (note 3.1)	182,385	31,961	9,551	223,897
Capital expenditure – business combinations (note 3.1)	48,591	–	12	48,603
Depreciation (excluding right-of-use assets) (note 3.1)	124,921	15,710	16,725	157,356
Total consideration on business combinations (note 5.2)	367,182	–	3,782	370,964
Goodwill and intangible assets acquired (note 3.3)	373,868	2,768	2,499	379,135

		Year ended 31 March 2023
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Total
	£’000	£’000	£’000	£’000
Capital expenditure – additions (note 3.1)	195,862	30,016	9,390	235,268
Capital expenditure – business combinations (note 3.1)	855	5,418	–	6,273
Depreciation (excluding right-of-use assets) (note 3.1)	112,321	14,430	17,692	144,443
Total consideration on business combinations (note 5.2)	136,595	228,522	23	365,140
Goodwill and intangible assets acquired (note 3.3)	107,185	240,144	14,878	362,207

GEOGRAPHICAL ANALYSIS

The Group has a presence in 22 countries worldwide. The following represents a geographical analysis of 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*
	2024	2023	2024	2023
	£’000	£’000	£’000	£’000
Republic of Ireland (country of domicile)	2,082,413	2,255,595	230,348	230,304
United Kingdom	6,534,555	7,562,103	1,487,302	1,319,398
France	3,445,434	3,706,272	961,631	981,757
United States	1,965,614	2,189,358	860,514	939,232
Rest of World	5,830,747	6,491,518	1,410,413	1,225,754
	19,858,763	22,204,846	4,950,208	4,696,445

*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’s Energy segment is of limited relevance due to the

infl uence 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 profi tability 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-specifi c GDP and weather patterns can infl uence volumes. The

disaggregated revenue information presented below for DCC Healthcare and DCC Technology, which can also be infl uenced

by country-specifi c GDP movements, is consistent with how revenue is reported and reviewed internally.

2.1 SEGMENT INFORMATION continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 175

NOTES TO THE FINANCIAL STATEMENTS Continued

		Year ended 31 March 2024
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Tota l
	£’000	£’000	£’000	£’000
Republic of Ireland (country of domicile)	1,591,561	119,323	371,529	2,082,413
United Kingdom	4,501,053	380,877	1,652,625	6,534,555
France	3,115,534	55,218	274,682	3,445,434
North America	254,370	159,427	1,721,283	2,135,080
Rest of World	4,762,420	144,534	754,327	5,661,281
	14,224,938	859,379	4,774,446	19,858,763
Products transferred at point in time	14,224,938	859,379	4,774,446	19,858,763
Energy solutions products and services	8,871,109	–	–	8,871,109
Energy mobility products and services	5,353,829	–	–	5,353,829
Medical and pharmaceutical products	–	498,867	–	498,867
Nutrition and health & beauty products	–	360,512	–	360,512
Technology products and services	–	–	4,774,446	4,774,446
	14,224,938	859,379	4,774,446	19,858,763

		Year ended 31 March 2023
	DCC	DCC	DCC
	Energy	Healthcare	Technology	Total
	£’000	£’000	£’000	£’000
Republic of Ireland (country of domicile)	1,688,901	110,766	455,928	2,255,595
United Kingdom	5,358,282	399,599	1,804,222	7,562,103
France	3,360,372	24,173	321,727	3,706,272
North America	311,521	175,757	1,875,842	2,363,120
Rest of World	5,400,376	111,232	806,148	6,317,756
	16,119,452	821,527	5,263,867	22,204,846
Products transferred at point in time	16,119,452	821,527	5,263,867	22,204,846
Energy solutions products and services	9,996,896	–	–	9,996,896
Energy mobility products and services	6,122,556	–	–	6,122,556
Medical and pharmaceutical products	–	448,931	–	448,931
Nutrition and health & beauty products	–	372,596	–	372,596
Technology products and services	–	–	5,263,867	5,263,867
	16,119,452	821,527	5,263,867	22,204,846

2.1 SEGMENT INFORMATION continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024176

2.2

OTHER OPERATING INCOME/(EXPENSES)

This note provides an analysis of the amounts included in other operating income and expenses presented in the Group

Income Statement.

Other operating income/(expenses) comprise the following credits/(charges):

	2024	2023
	£’000	£’000
Other operating income/(expenses)
Fair value gains on non-hedge accounted derivative fi nancial instruments – commodities	8,741	5,721
Fair value losses on non-hedge accounted derivative fi nancial instruments – commodities	(8,741)	(5,721)
Fair value gains on non-hedge accounted derivative fi nancial instruments – forward exchange
contracts	1,408	1,065
Fair value losses on non-hedge accounted derivative fi nancial instruments – forward exchange
contracts	(815)	(1,363)
Property and tank rental income	21,686	21,222
Net profi t on disposal of property, plant and equipment	1,148	12,346
Expensing of employee share options and awards (note 2.5)	(9,210)	(7,160)
Other net operating income	15,629	11,972
Net other operating income before exceptional items	29,846	38,082
Other operating income included in net exceptional items	3,470	404
Other operating expenses included in net exceptional items	(42,779)	(32,932)
Total net other operating (expenses)/income	(9,463)	5,554

2.3

GROUP PROFIT FOR THE YEAR

The Group profi t for the year includes some key amounts which are presented separately below.

Group profi t for the year has been arrived at after charging/(crediting) the following amounts:

	2024	2023
	£’000	£’000
Depreciation on property, plant and equipment (note 3.1)	157,356	144,443
Depreciation on right-of-use assets (note 3.2)	82,838	75,238
Amortisation of intangible assets (note 3.3)	114,075	111,146
Amortisation of government grants (note 3.18)	(376)	(114)
Foreign exchange gain	(952)	(182)
During the year the Group obtained the following services from the Group’s auditors (KPMG):	2024	2023
	£’000	£’000
KPMG Ireland (statutory auditor):
Audit fees	2,096	1,832
Other including non-audit, audit related and assurance services	22	23
	2,118	1,855
Other KPMG network fi rms:
Audit fees	2,462	1,839
Other including non-audit, audit related and assurance services	231	136
	2,693	1,975

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 177

NOTES TO THE FINANCIAL STATEMENTS Continued

2.4

EMPLOYMENT

This section provides an analysis of the average number of employees in the Group by segment together with their related

payroll expense for the year. Further information on the compensation of key management personnel is included in note 5.6,

Related Party Transactions.

The average number of persons (including executive Directors) employed by the Group during the year, analysed by class of

business, was:

	2024	2023
	Number	Number
DCC Energy	8,229	7,591
DCC Healthcare	3,351	3,181
DCC Technology	4,706	4,883
	16,286	15,655

The employee benefi t expense (excluding termination payments – note 2.6) for the above were:

	2024	2023
	£’000	£’000
Wages and salaries	827,338	759,712
Social welfare costs	93,818	89,207
Share based payment expense (note 2.5)	9,210	7,160
Pension costs – defi ned contribution plans	27,146	21,957
Pension costs – defi ned benefi t plans (note 3.15)	689	439
	958,201	878,475

Directors’ emoluments (which are included in operating costs) and interests are presented in the Remuneration Report on

pages 126 to 151. Details of the compensation of key management personnel for the purposes of the disclosure requirements

under IAS 24 are provided in note 5.6.

2.5

EMPLOYEE SHARE OPTIONS AND AWARDS

Share options and awards are used to incentivise Directors and employees of the Group. A charge is recognised over the

vesting period in the Income Statement to record the cost of these share options and awards, based on the fair value of the

share option/award at the grant date.

The Group’s employee share options and awards are equity-settled share-based payments as defi ned 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 £9.210 million (2023: £7.160 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	2024		2023
Date of grant	grant	vesting period	options granted	fair value	£’000		£’000
16 November 2017	£70.95	5 years	128,451	£56.52		–	724
15 November 2018	£60.65	5 years	167,567	£46.13	766		1,146
14 November 2019	£68.80	5 years	147,939	£53.32	1,103		170
12 November 2020	£57.08	5 years	170,152	£44.63	853		1,465
11 November 2021	£61.42	3 years	171,974	£46.39	2,586		2,694
10 November 2022	£45.53	3 years	271,759	£31.82	2,792		961
16 November 2023	£52.36	3 years	243,181	£41.10	1,110		–
Total expense					9,210		7,160

Financial Statements Continued

DCC plc Annual Report and Accounts 2024178

DCC PLC LONG-TERM INCENTIVE PLANS

At 31 March 2024, Group employees hold awards to subscribe for 919,259 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 146.

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 refl ect 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:

	2024	2023
	Number of	Number of
	share awards	share awards
At 1 April	842,638	730,042
Granted	243,181	271,759
Exercised	(101,251)	(95,658)
Expired and forfeited	(65,309)	(63,505)
At 31 March	919,259	842,638

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 £52.02 (2023: £50.16). The share awards outstanding at the year end have a weighted average

remaining contractual life of 5.0 years (2023: 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 2024	£41.10
Granted during the year ended 31 March 2023	£31.82

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:

	2024	2023
Risk-free interest rate (%)	3.96	3.19
Dividend yield (%)	3.7	3.9
Expected volatility (%)	24.0	30.0
Expected life in years	5.0	5.0
Share price at date of grant	£52.36	£45.53

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.

2.5 EMPLOYEE SHARE OPTIONS AND AWARDS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 179

NOTES TO THE FINANCIAL STATEMENTS Continued

Analysis of closing balance:

		2024		2023
		Number of		Number of
Date of grant	Date of expiry	share awards		share awards
10 February 2017	10 February 2024		–	27,243
16 November 2017	16 November 2024	5,163	37,760
15 November 2018	15 November 2025	44,640	86,051
14 November 2019	14 November 2026	77,379	77,699
12 November 2020	12 November 2027	115,318	170,152
11 November 2021	11 November 2028	168,810	171,974
10 November 2022	10 November 2029	264,768	271,759
16 November 2023	16 November 2030	243,181	–
Total outstanding at 31 March		919,259	842,638
Total exercisable at 31 March		49,803	65,003

2.6

EXCEPTIONALS

Exceptional items are those items which, in the judgement of the Directors, need to be disclosed separately by virtue of

their scale and nature. These exceptional items, detailed below, could distort the understanding of our underlying

performance for the year and comparability between periods and are therefore presented separately.

	2024	2023
	£’000	£’000
Restructuring and integration costs and other	(28,142)	(13,401)
Acquisition and related costs	(14,347)	(10,604)
Adjustments to contingent acquisition consideration (note 3.16)	3,180	(8,523)
Net operating exceptional items	(39,309)	(32,528)
Mark-to-market of swaps and related debt (note 2.7)	(873)	892
Net exceptional items before tax	(40,182)	(31,636)
Income tax and deferred tax attaching to exceptional items	6,418	2,764
Net exceptional items after tax	(33,764)	(28,872)
Non-controlling interest share of net exceptional items after tax	449	211
Net exceptional items attributable to owners of the Parent Company	(33,315)	(28,661)

Restructuring and integration costs and other of £28.142 million (2023: £13.401 million) relates to the restructuring and integration

of operations across a number of businesses and acquisitions. Most of the cost relates to optimisation and integration of

operations in DCC Technology as well as costs incurred in DCC Healthcare to merge operations in North America. Restructuring

and integration costs and other also include impairment charges relating to property, plant and equipment (£4.140 million) and

right-of-use assets (£3.032 million) arising from these restructurings.

Acquisition and related costs include the professional fees and tax costs relating to the evaluation and completion of

acquisition opportunities and amounted to £14.347 million (2023: £10.604 million).

Adjustments to contingent acquisition consideration of £3.180 million (2023: charge of £8.523 million) refl ects movements in

provisions associated with the expected earn-out or other deferred arrangements that arise through the Group’s corporate

development activity. The credit in the year primarily refl ects a decrease in contingent consideration payable in respect of

acquisitions in DCC Health & Beauty Solutions where recent trading performance has been behind expectations.

The level of ineff ectiveness calculated under IAS 39 on the hedging instruments related to the Group’s US private placement

debt is charged or credited as an exceptional item. In the year ended 31 March 2024, this amounted to an exceptional

non-cash charge of £0.873 million (2023: credit of £0.892 million). The cumulative net exceptional credit taken in respect of IAS

39 ineff ectiveness is £0.544 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.

There was a related income tax credit of £6.418 million (2023: credit of £2.764 million) and non-controlling interest credit of

£0.449 million (2023: £0.211 million) in relation to certain exceptional charges.

The net cash fl ow impact in the current year for exceptional items was an outfl ow of £13.266 million (2023: an outfl ow of

£23.370 million).

2.5 EMPLOYEE SHARE OPTIONS AND AWARDS continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024180

2.7

FINANCE COSTS AND FINANCE INCOME

This note details the interest income generated by our fi nancial assets and the interest expense incurred on our fi nancial

liabilities. Finance income principally comprises interest on cash and term deposits and net income on interest rate and

currency swaps whilst fi nance costs mainly comprise interest on Unsecured Notes, bank borrowings and lease creditors.

	2024	2023
	£’000	£’000
Finance costs
On bank loans, overdrafts and Unsecured Notes	(91,265)	(80,030)
Net cost on interest rate and currency swaps	(10,316)	–
Lease interest (note 3.12)	(11,486)	(9,577)
Unwinding of discount applicable to acquisition related liabilities (note 3.16)	(5,383)	(2,264)
Unwinding of discount applicable to provisions for liabilities (note 3.17)	(962)	(1,279)
Facility fees	(1,580)	(1,678)
Other interest	(896)	(1,907)
	(121,888)	(96,735)
Mark-to-market of swaps and related debt*	(873)	–
	(122,761)	(96,735)
Finance income
Interest on cash and term deposits	16,140	4,468
Net income on interest rate and currency swaps	–	11,445
Net interest income on defi ned benefi t pension schemes (note 3.15)	372	198
	16,512	16,111
Mark-to-market of swaps and related debt*	–	892
	16,512	17,003
Net fi nance cost	(106,249)	(79,732)
* Mark-to-market of swaps and related debt:
Interest rate swaps designated as fair value hedges	9,416	(28,790)
Cross currency interest rate swaps designated as fair value hedges	2,610	10,864
Adjusted hedged fi xed rate debt	(12,899)	18,818
Mark-to-market of swaps designated as fair value hedges and related debt	(873)	892
Movement on cross currency interest rate swaps designated as cash fl ow hedges	(3,375)	12,418
Transferred to cash fl ow hedge reserve	3,375	(12,418)
	–	–
Total mark-to-market of swaps and related debt	(873)	892

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 181

NOTES TO THE FINANCIAL STATEMENTS Continued

2.8

SHARE OF EQUITY ACCOUNTED INVESTMENTS’ PROFIT/(LOSS) AFTER TAX

Share of equity accounted investments’ profi t/(loss) after tax represents the results of businesses we do not control, but

instead exercise signifi cant infl uence and generally have an equity holding of up to 50%.

The Group’s share of equity accounted investments’ (i.e. associates) profi t/(loss) after tax is equity accounted and presented as

a single line item in the Group Income Statement. The profi t/(loss) after tax generated by the Group’s equity accounted

investments is analysed as follows under the principal Group Income Statement captions:

	2024	2023
Group share of:	£’000	£’000
Revenue	53,404	32,638
Operating profi t/(loss) before tax	623	(907)
Income tax	(19)	215
Profi t/(loss) after tax	604	(692)

2.9

INCOME TAX EXPENSE

Tax is payable in the jurisdictions in which we operate. This note details the current tax charge which is the tax payable on

this year’s taxable profi ts and the deferred tax charge which represents the tax expected to arise in the future due to

diff erences in the accounting and tax bases of assets and liabilities.

(I) INCOME TAX EXPENSE RECOGNISED IN THE INCOME STATEMENT

	2024	2023
	£’000	£’000
Current tax
Irish corporation tax at 12.5%	10,927	14,650
United Kingdom corporation tax at 25% (2023: 19%)	22,546	13,972
Other overseas tax	91,511	87,354
Income tax credit attaching to exceptional items	(6,253)	(2,945)
Over provision in respect of prior years	(5,375)	(4,372)
Total current tax	113,356	108,659
Deferred tax
Irish at 12.5%	(981)	(903)
United Kingdom at 25%	(3,585)	(2,964)
Other overseas deferred tax	(30,979)	(22,473)
Deferred tax credit attaching to exceptional items	(165)	181
Under provision in respect of prior years	5,567	2,262
Total deferred tax	(30,143)	(23,897)
Total income tax expense	83,213	84,762

(II) DEFERRED TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME

	2024	2023
	£’000	£’000
Deferred tax relating to defi ned benefi t pension obligations	117	800
Deferred tax relating to cash fl ow hedges	6,937	(30,374)
Total deferred tax charge recognised in Other Comprehensive Income	7,054	(29,574)

Financial Statements Continued

DCC plc Annual Report and Accounts 2024182

(III) RECONCILIATION OF EFFECTIVE TAX RATE

	2024	2023
	£’000	£’000
Profi t before tax	423,751	431,564
Add back: share of equity accounted investments’ (profi t)/loss after tax	(604)	692
Add back: amortisation of intangible assets	114,075	111,146
Profi t before share of equity accounted investments’ profi t after tax and amortisation of intangible assets	537,222	543,402
Add back: net exceptional items before tax	40,182	31,636
Profi t before share of equity accounted investments’ profi t after tax, amortisation of intangible assets and net exceptionals	577,404	575,038
Profi t before tax	423,751	431,564
At the standard rate of corporation tax in Ireland of 12.5%	52,969	53,946
Amortisation and share of equity accounted investments at the standard rate of corporation
tax in Ireland of 12.5%	14,184	13,980
Adjustments in respect of prior years	192	(2,110)
Eff ect of earnings taxed at higher rates	41,387	42,721
Other diff erences	5,017	2,445
Income tax expense	113,749	110,982
Income tax and deferred tax attaching to exceptional items	(6,418)	(2,764)
Deferred tax attaching to amortisation of intangible assets	(24,118)	(23,456)
Total income tax expense	83,213	84,762
	2024	2023
	%	%
Income tax expense as a percentage of profi t before share of equity accounted investments’
profi t after tax, amortisation of intangible assets and net exceptionals	19.7%	19.3%
Impact of share of equity accounted investments’ profi t after tax, amortisation of intangible assets and net exceptionals	(0.1%)	0.3%
Total income tax expense as a percentage of profi t before tax	19.6%	19.6%

(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%.

The Group will be subject to the Global Anti-Base Erosion Model Rules (‘Pillar 2’) in respect of the year ended 31 March 2025.

The objective of Pillar 2 is to achieve a minimum eff ective tax rate of 15% in every jurisdiction in which a group with consolidated

global turnover exceeding €750 million has operations. As Pillar 2 was not eff ective for DCC plc in respect of the year ended

31 March 2024, the Group has no related current tax exposure. The Group continues to assess the impact of Pillar 2, but as the

Group already has a Pillar 2 eff ective tax rate of greater than 15% in most of the jurisdictions in which it operates, the Group

does not expect Pillar 2 to have a material impact on the fi nancial statements of the Group. 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.

The Group has not provided deferred tax in relation to temporary diff erences applicable to investments in subsidiaries and

equity accounted investments on the basis that the Group can control the timing and realisation of these temporary

diff erences and it is probable that the temporary diff erence will not reverse in the foreseeable future. No provision has been

recognised in respect of deferred tax relating to unremitted earnings of subsidiaries as there is no commitment or intention to

remit earnings.

2.9 INCOME TAX EXPENSE continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 183

NOTES TO THE FINANCIAL STATEMENTS Continued

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 profi ts generated in the year to meet future growth plans.

	2024	2023
Dividends paid per ordinary share	£’000	£’000
Final: paid 127.17 pence per share on 20 July 2023
(2023: paid 119.93 pence per share on 21 July 2022)	126,444	118,715
Interim: paid 63.04 pence per share on 15 December 2023
(2023: paid 60.04 pence per share on 9 December 2022)	62,373	59,128
	188,817	177,843

The Directors are proposing a fi nal dividend in respect of the year ended 31 March 2024 of 133. 5 3 pence per ordinary share

(£13 1.998 million). This proposed dividend is subject to approval by the shareholders at the Annual General Meeting.

2.11

EARNINGS PER ORDINARY SHARE

Earnings per ordinary share (‘EPS’) is the amount of post-tax profi t attributable to each ordinary share. Basic EPS is the

amount of profi t 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.

	2024	2023
	£’000	£’000
Profi t attributable to owners of the Parent Company	326,255	334,022
Amortisation of intangible assets after tax	89,957	87,690
Exceptionals after tax (note 2.6)	33,315	28,661
Adjusted profi t after tax and non-controlling interests	449,527	450,373

	2024	2023
Basic earnings per ordinary share	pence	pence
Basic earnings per ordinary share	330.24p	338.40p
Amortisation of intangible assets after tax	91.06p	88.84p
Exceptionals after tax	33.71p	29.03p
Adjusted basic earnings per ordinary share	455.01p	456.27p
Weighted average number of ordinary shares in issue (thousands)	98,794	98,707

Basic earnings per ordinary share is calculated by dividing the profi t 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 fi gures for basic earnings per ordinary share (a non-GAAP fi nancial measure) are

intended to demonstrate the results of the Group after eliminating the impact of amortisation of intangible assets and

net exceptionals.

	2024	2023
Diluted earnings per ordinary share	pence	pence
Diluted earnings per ordinary share	329.85p	338.04p
Amortisation of intangible assets after tax	90.95p	88.74p
Exceptionals after tax	33.69p	29.01p
Adjusted diluted earnings per ordinary share	454.49p	455.79p
Weighted average number of ordinary shares in issue (thousands)	98,909	98,811

The earnings used for the purposes of the diluted earnings per ordinary share calculations were £326.255 million

(2023: £334.022 million) and £449.527 million (2023: £450.373 million) for the purposes of the adjusted diluted earnings per

ordinary share calculations.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024184

The weighted average number of ordinary shares used in calculating the diluted earnings per ordinary share for the year

ended 31 March 2024 was 98.909 million (2023: 98.811 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:

	2024	2023
	‘000	‘000
Weighted average number of ordinary shares in issue	98,794	98,707
Dilutive eff ect of options and awards	115	104
Weighted average number of ordinary shares for diluted earnings per share	98,909	98,811

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’s only category of

dilutive potential ordinary shares. The adjusted fi gures for diluted earnings per ordinary share (a non-GAAP fi nancial measure)

are intended to demonstrate the results of the Group after eliminating the impact of amortisation of intangible assets and

net exceptionals.

Employee share options and awards, which are performance-based, are treated as contingently issuable shares because their

issue is contingent upon satisfaction of specifi ed 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 satisfi ed as at the end of the reporting period if that were the end of the

vesting period.

2.11 EARNINGS PER ORDINARY SHARE continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 185

NOTES TO THE FINANCIAL STATEMENTS Continued

SECTION 3 ASSETS AND LIABILITIES

3.1

PROPERTY, PLANT AND EQUIPMENT

This note details the tangible assets utilised by the Group to generate revenues and profi ts. The cost of these assets

primarily represents the amounts originally paid for them. All assets are depreciated over their useful economic lives.

		Plant &	Fixtures,
	Land &	machinery	fi ttings & offi ce	Motor	Capital work
	buildings	& cylinders	equipment	vehicles	in progress	Tota l
	£’000	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2024
Opening net book amount	405,689	601,406	165,345	65,640	116,726	1,354,806
Exchange diff erences and other	(8,584)	(11,011)	(2,272)	(6,257)	(1,655)	(29,779)
Arising on acquisition (note 5.2)	8,002	32,483	1,436	3,478	3,204	48,603
Additions	21,422	109,090	29,512	13,572	50,301	223,897
Disposals	(706)	(2,965)	(780)	(728)	(339)	(5,518)
Depreciation charge	(19,472)	(89,960)	(33,550)	(14,374)	–	(157,356)
I mpairment charge	(919)	(1,770)	(534)	(1)	(916)	(4,140)
Reclassifi cation	3,976	55,989	13,028	4,005	(76,998)	–
Closing net book amount	409,408	693,262	172,185	65,335	90,323	1,430,513
At 31 March 2024
Cost	529,376	1,569,819	374,482	186,668	90,323	2,750,668
Accumulated depreciation and impairment losses	(119,968)	(876,557)	(202,297)	(121,333)	–	(1,320,155)
Net book amount	409,408	693,262	172,185	65,335	90,323	1,430,513

		Plant &	Fixtures,
	Land &	machinery	fi ttings & offi ce	Motor	Capital work
	buildings	& cylinders	equipment	vehicles	in progress	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2023
Opening net book amount	379,855	575,462	152,621	64,334	81,077	1,253,349
Exchange diff erences and other	3,206	8,748	1,036	531	1,135	14,656
Arising on acquisition (note 5.2)	4,187	414	243	1,107	322	6,273
Additions	17,379	105,407	30,292	13,048	69,142	235,268
Disposals	(6,360)	(2,294)	(885)	(758)	–	(10,297)
Depreciation charge	(17,170)	(83,505)	(29,718)	(14,050)	–	(144,443)
Reclassifi cation	24,592	(2,826)	11,756	1,428	(34,950)	–
Closing net book amount	405,689	601,406	165,345	65,640	116,726	1,354,806
At 31 March 2023
Cost	508,224	1,410,353	348,407	183,573	116,726	2,567,283
Accumulated depreciation and impairment losses	(102,535)	(808,947)	(183,062)	(117,933)	–	(1,212,477)
Net book amount	405,689	601,406	165,345	65,640	116,726	1,354,806

Financial Statements Continued

DCC plc Annual Report and Accounts 2024186

USEFUL ECONOMIC LIVES OF ASSETS

The Group’s assessment of the risks and opportunities created by climate-change to its existing and future operations is

outlined in more detail in the Risk Report on pages 82 to 92.

The Group’s 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’s assets. Importantly, many of

the Group’s 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 190.

There remains a risk that the useful lives of the assets created by future capital expenditure may diff er from current

assumptions. For instance, governments in some of the Group’s operating locations could take measures to restrict the use of

certain fossil-based assets which could aff ect the estimated useful lives of those assets. However, for the reasons stated, there

were no signifi cant changes in the estimates of useful lives during the current fi nancial year.

3.2

RIGHT-OF-USE LEASED ASSETS

This note details the right-of-use leased assets utilised by the Group to generate revenues and profi ts. All assets are

depreciated over their lease term.

		Plant &	Fixtures,
	Land &	machinery	fi ttings & offi ce	Motor
	buildings	& cylinders	equipment	vehicles	Tota l
	£’000	£’000	£’000	£’000	£’000
Year ended 31 March 2024
Opening net book amount	285,119	4,299	958	45,845	336,221
Exchange diff erences and other	(5,448)	(339)	(421)	4,383	(1,825)
Arising on acquisition (note 5.2)	7,618	140	93	2,712	10,563
Additions	68,840	1,138	334	24,375	94,687
Terminations	(3,183)	(16)	(17)	(635)	(3,851)
Depreciation charge	(56,643)	(1,646)	(422)	(24,127)	(82,838)
Impairment charge	(3,032)	–	–	–	(3,032)
Closing net book amount	293,271	3,576	525	52,553	349,925
Year ended 31 March 2023
Opening net book amount	282,344	4,083	544	40,580	327,551
Exchange diff erences and other	4,455	(150)	28	336	4,669
Arising on acquisition (note 5.2)	2,278	54	565	2,959	5,856
Additions (note 3.12)	52,955	1,443	73	23,639	78,110
Terminations	(3,774)	–	(8)	(945)	(4,727)
Depreciation charge	(53,139)	(1,131)	(244)	(20,724)	(75,238)
Closing net book amount	285,119	4,299	958	45,845	336,221

3.1 PROPERTY, PLANT AND EQUIPMENT continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 187

NOTES TO THE FINANCIAL STATEMENTS Continued

3.3

INTANGIBLE ASSETS AND GOODWILL

The Group Balance Sheet contains signifi cant 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	Tota l
	£’000	£’000	£’000	£’000
Year ended 31 March 2024
Opening net book amount	2,029,620	727,365	200,644	2,957,629
Exchange diff erences	(43,902)	(18,190)	(5,910)	(68,002)
Arising on acquisition (note 5.2)	222,171	102,859	54,105	379,135
Adjustments to contingent consideration (note 3.16)	(17,742)	–	–	(17,742)
Amortisation charge	–	(103,483)	(10,592)	(114,075)
Closing net book amount	2,190,147	708,551	238,247	3,136,945
At 31 March 2024
Cost	2,228,686	1,324,746	297,740	3,851,172
Accumulated amortisation and impairment losses	(38,539)	(616,195)	(59,493)	(714,227)
Net book amount	2,190,147	708,551	238,247	3,136,945

		Customer &
		supplier related	Brand related
	Goodwill	intangibles	intangibles	Total
	£’000	£’000	£’000	£’000
Year ended 31 March 2023
Opening net book amount	1,765,961	685,902	182,586	2,634,449
Exchange diff erences	41,413	31,071	8,143	80,627
Arising on acquisition (note 5.2)	230,754	112,313	19,140	362,207
Adjustments to contingent consideration (note 3.16)	(8,508)	–	–	(8,508)
Amortisation charge	–	(101,921)	(9,225)	(111,146)
Closing net book amount	2,029,620	727,365	200,644	2,957,629
At 31 March 2023
Cost	2,068,871	1,252,108	251,088	3,572,067
Accumulated amortisation and impairment losses	(39,251)	(524,743)	(50,444)	(614,438)
Net book amount	2,029,620	727,365	200,644	2,957,629

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 10.5 years (2023: 11.1 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 22.2 years (2023: 25.1 years).

There are no internally generated brand related intangibles recognised on the Group Balance Sheet.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024188

In accordance with IAS 38 Intangible Assets, details of individually signifi cant intangible assets and their remaining amortisation

periods are as follows:

At 31 March 2024

CGU Segment

		Customer &
		supplier related	Remaining	Brand related	Remaining
		intangibles	amortisation	intangibles	amortisation
		£’000	period in years	£’000	period in years
Butagaz	DCC Energy	84,793	5.9 years	112,814	30.6 years
Almo	DCC Technology	128,301	7.6 years	–	–
DCC Vital	DCC Healthcare	103,651	17.7 years	17,556	18.5 years
DCC Propane	DCC Energy	80,379	8.2 years	30,187	14.1 years
Energy Solutions Germany	DCC Energy	60,206	12.2 years	41,091	14.6 years
DSG Hong Kong & Macau	DCC Energy	57,162	18.8 years	–	–
Others		194,059		36,599
Closing net book amount		708,551		238,247

At 31 March 2023

CGU Segment

		Customer &
		supplier related	Remaining	Brand related	Remaining
		intangibles	amortisation	intangibles	amortisation
		£’000	period in years	£’000	period in years
Butagaz	DCC Energy	93,576	7.2 years	119,877	31.5 years
Almo	DCC Technology	149,892	8.5 years	–	–
DCC Vital	DCC Healthcare	113,475	18.6 years	19,027	19.5 years
DCC Propane	DCC Energy	91,726	9.4 years	33,083	15.1 years
DSG Hong Kong & Macau	DCC Energy	61,348	19.8 years	–	–
Others		217,348		28,657
Closing net book amount		727,365		200,644

CASH-GENERATING UNITS

Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units (‘CGUs’) that are

expected to benefi t from that business combination. A CGU is the smallest identifi able group of assets that generates cash

infl ows that are largely independent of the cash infl ows 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 32 CGUs (2023: 32 CGUs) have been identifi ed and these are analysed between the Group’s operating segments

below together with a summary of the allocation of the carrying value of goodwill by segment.

	Cash-generating units			Goodwill
	2024	2023	2024	2023
	number	number	£’000	£’000
DCC Energy	17	17	1,422,918	1,247,802
DCC Healthcare	6	6	424,558	436,049
DCC Technology	9	9	342,671	345,769
	32	32	2,190,147	2,029,620

3.3 INTANGIBLE ASSETS AND GOODWILL continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 189

NOTES TO THE FINANCIAL STATEMENTS Continued

In accordance with IAS 36 Impairment of Assets, the CGUs to which signifi cant amounts of goodwill have been allocated are

as follows:

		2024	2023
CGU	Segment	£’000	£’000
Certas Energy UK Group	DCC Energy	377,474	294,540
DCC Vital Group	DCC Healthcare	328,583	338,573
Butagaz	DCC Energy	236,953	234,335
Mobility Continental Europe	DCC Energy	156,242	164,926
Almo	DCC Technology	143,913	147,101
DCC Propane	DCC Energy	129,396	124,460
Others		817,586	725,685
Closing net book amount		2,190,147	2,029,620

For the purpose of impairment testing, the before-tax discount rates applied to these CGUs to which signifi cant amounts of

goodwill have been allocated were 11.7% (2023: 11.1%) for the DCC Vital Group, 10.4% (2023: 9.8%) for the Certas Energy UK Group,

Butagaz, Mobility Continental Europe and DCC Propane, and 11.8% (2023: 11.2%) for Almo. The long-term growth rates assumed

for the Certas Energy UK and DCC Vital Groups was 1.5%, a long-term growth rate of 2.1% was assumed for Almo and DCC

Propane and a long-term growth rate of 1.3% was assumed for Mobility Continental Europe. No growth was assumed for

Butagaz. The remaining goodwill balance of £817.586 million is allocated across 26 CGUs (2023: £725.685 million across 26

CGUs), none of which are individually signifi cant, and the before-tax discount rates applied to these CGUs were in the range

10.4% to 11.8% (2023: 9.8% to 11.2%).

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 fl ow forecasts employed for this

computation are based on the Three Year Plan that has been formally approved by the Board of Directors and specifi cally

excludes future acquisition activity. These cash fl ow forecasts are consistent with those used for the Group’s going concern and

viability assessments. Cash fl ows for a further two years are based on the assumptions underlying the Three Year Plan. Cash

fl ow forecasts include consideration of past performance along with refl ecting management’s best estimates of future

developments in each of the Group’s markets. Net cash fl ows include consideration of the estimated capital expenditure

required to achieve the Group’s 2030 and 2050 emissions commitments. A long-term growth rate refl ecting the lower of the

extrapolated cash fl ow projections and the long-term GDP rate for the country of operation is applied to the year fi ve cash

fl ows. The weighted average long-term growth rate used in the impairment testing was 1.4% (2023: 1.4%).

The assumptions behind the cash fl ow projections also take account of the Sustainability Review on page 72. The Group’s

climate change risk assessment considered the transitional impacts of climate change on our energy activities in a scenario

consistent with 1.5°C warming by 2050. While there will be evolution in the legal environment, the pace of technological change

and the introduction of new forms of energy will likely see a reduction in demand for fossil fuels over the medium to long-term,

the Group concluded that there is a signifi cant 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 off er while continuing to use the assets that we currently own.

The Group’s climate change risk assessment also considered the physical impacts of climate change on certain of the Group’s

assets in a scenario consistent with 4.0°C 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 these 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 has concluded that, while climate change is an existing and evolving risk, it does

not warrant any amendments to the assumptions used in the Group’s impairment testing.

A present value of the future cash fl ows is calculated using a before-tax discount rate representing the Group’s estimated

before-tax weighted average cost of capital, adjusted to refl ect risks associated with each CGU. The range of discount rates

applied ranged from 10.4% to 11.8% (2023: 9.8% to 11.2%).

3.3 INTANGIBLE ASSETS AND GOODWILL continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024190

Key assumptions include management’s estimates of future profi tability, working capital movements and capital expenditure

and disposal proceeds on property, plant and equipment. Cash fl ow forecasts and key assumptions are generally determined

based on historical performance together with management’s expectation of future trends aff ecting the industry and other

developments and initiatives in the business.

Applying these techniques, no impairment charge arose in 2024 (2023: nil).

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 fl ows by 10% which resulted in an excess in the recoverable amount of 31 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 detailed below.

In relation to a CGU which forms part of the DCC Technology segment, the value in use of £39.4 million represented an excess

of £0.9 million over its carrying value of £38.5 million. The table below identifi es 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:

	CGU in DCC Technology
Increase in discount rate	0.2 percentage points
Reduction in long-term growth rate	0.2 percentage points
Reduction in cash fl ow	7%

3.4

EQUITY ACCOUNTED INVESTMENTS

Equity accounted investments represent the Group’s interests in certain entities where we exercise signifi cant infl uence and

generally have an equity holding of up to 50%.

	2024	2023
	£’000	£’000
At 1 April	47,789	26,843
Share of profi t/(loss) after tax	604	(692)
Acquisition of equity accounted investments (note 5.2)	5,530	18,909
Disposals	(18,224)	–
Dividends received	(1,261)	–
Exchange and other	(1,613)	2,729
At 31 March	32,825	47,789

During the year the Group disposed of its 50% interest in Vicus Biogas ApS.

Investments in associates at 31 March 2024 include goodwill and intangible assets of £18.553 million (2023: £31.701 million).

Summarised fi nancial information for the Group’s share of its investment in associates which are accounted for using the equity

method is as follows:

	2024	2023
	£’000	£’000
Non-current assets	49,650	59,570
Current assets	21,050	13,979
Non-current liabilities	(17,101)	(6,855)
Current liabilities	(20,774)	(18,905)
	32,825	47,789

Details of the Group’s principal associates are included in the Group Directory on page 244.

3.3 INTANGIBLE ASSETS AND GOODWILL continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 191

NOTES TO THE FINANCIAL STATEMENTS Continued

3.5

INVENTORIES

Inventories represent assets that we intend to convert or sell in order to generate revenue in the short-term. The Group’s

inventory consists primarily of fi nished goods, net of an allowance for obsolescence.

	2024	2023
	£’000	£’000
Raw materials	67,962	73,626
Work in progress	8,683	6,003
Finished goods	995,416	1,113,174
	1,072,061	1,192,803

Write-downs of inventories recognised as an expense within cost of sales amounted to £14.670 million (2023: £16.385 million) and

arose in the normal course of activities.

3.6

TRADE AND OTHER RECEIVABLES

Trade and other receivables mainly consist of amounts owed to the Group by customers, net of an allowance for bad and

doubtful debts, together with prepayments and accrued income.

	2024	2023
	£’000	£’000
Trade receivables	1,782,513	1,939,528
Allowance for impairment of trade receivables	(86,025)	(73,310)
Prepayments and accrued income	346,327	296,352
Value-added tax recoverable	28,510	24,800
Other debtors	101,097	124,899
	2,172,422	2,312,269

Information about the Group’s exposure to credit and market risks, and impairment losses for trade receivables is included in

note 5.7. The aged analysis of these balances is as follows:

			Trade receivables net
	Gross trade receivables		of allowance for impairment
	2024	2023	2024	2023
	£’000	£’000	£’000	£’000
Not overdue	1,440,447	1,601,048	1,422,526	1,590,852
Less than 1 month overdue	197,862	193,373	190,931	186,806
1 – 3 months overdue	83,696	83,377	69,836	70,768
3 – 6 months overdue	26,004	28,985	11,801	16,496
Over 6 months overdue	34,504	32,745	1,394	1,296
	1,782,513	1,939,528	1,696,488	1,866,218

The movement in the allowance for impairment of trade receivables during the year is as follows:

	2024	2023
	£’000	£’000
At 1 April	73,110	54,929
Allowance for impairment recognised in the year	25,242	23,808
Subsequent recovery of amounts previously provided for	(791)	(480)
Amounts written off during the year	(17,363)	(10,525)
Arising on acquisition	7,311	4,199
Exchange	(1,484)	1,379
At 31 March	86,025	73,310

Financial Statements Continued

DCC plc Annual Report and Accounts 2024192

3.7

TRADE AND OTHER PAYABLES

The Group’s 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.

	2024	2023
	£’000	£’000
Trade payables	1,953,551	2,170,896
Other creditors and accruals	935,151	927,423
PAYE and National Insurance or equivalent	24,896	23,192
Value-added tax	101,531	108,633
Government grants (note 3.18)	36	31
Interest payable	21,369	25,231
Amounts due in respect of property, plant and equipment	17,574	24,492
	3,054,108	3,279,898

3.8

MOVEMENT IN WORKING CAPITAL

Working capital represents the net of inventories, trade and other receivables and trade and other payables. This note

details the overall movement in the year under each of these headings.

		Trade	Trade
		and other	and other
	Inventories	receivables	payables	Tota l
	£’000	£’000	£’000	£’000
Year ended 31 March 2024
At 1 April 2023	1,192,803	2,312,269	(3,279,898)	225,174
Translation adjustment	(21,684)	(43,565)	57,932	(7,317)
Arising on acquisition (note 5.2)	23,708	59,945	(61,022)	22,631
Exceptional items, interest accruals, capital accruals and other	–	855	5,603	6,458
(Decrease)/increase in working capital (note 5.3)	(122,766)	(157,082)	223,277	(56,571)
At 31 March 2024	1,072,061	2,172,422	(3,054,108)	190,375
Year ended 31 March 2023
At 1 April 2022	1,133,666	2,508,613	(3,468,705)	173,574
Translation adjustment	35,926	49,742	(56,251)	29,417
Arising on acquisition (note 5.2)	53,329	36,760	(65,775)	24,314
Exceptional items, interest accruals, capital accruals and other	–	378	(16,460)	(16,082)
(Decrease)/increase in working capital (note 5.3)	(30,118)	(283,224)	327,293	13,951
At 31 March 2023	1,192,803	2,312,269	(3,279,898)	225,174

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 193

NOTES TO THE FINANCIAL STATEMENTS Continued

3.9

CASH AND CASH EQUIVALENTS

The majority of the Group’s cash and cash equivalents are held in current accounts and deposit accounts with maturities of

up to three months.

	2024	2023
	£’000	£’000
Cash at bank and in hand	684,991	603,699
Short-term deposits	424,455	818,050
	1,109,446	1,421,749

Cash at bank earns interest at fl oating rates based on daily bank deposit rates. The short-term deposits, which include bank

and money market deposits, are for periods up to three months and earn interest at the respective short-term deposit rates.

Cash and cash equivalents include the following for the purposes of the Group Cash Flow Statement:

	2024	2023
	£’000	£’000
Cash and short-term deposits	1,109,446	1,421,749
Bank overdrafts	(36,600)	(50,543)
	1,072,846	1,371,206

Bank overdrafts are included within current borrowings (note 3.11) in the Group Balance Sheet.

3.10

DERIVATIVE FINANCIAL INSTRUMENTS

Derivatives are fi nancial 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 fi nancial instruments used by the Group to

hedge certain risk exposures arising from operational, fi nancing and investment activities. These derivatives are held at

fair value.

	Contractual		Carrying amount
At 31 March 2024	notional amount	Asset	Liability
Derivatives designated as cash fl ow or fair value hedges:
Cash fl ow hedges
Cross currency interest rate swaps	188,190	45,377	–
Forward foreign exchange contracts	143,709	980	(372)
Commodity price forward contracts	258,151	9,303	(20,283)
Fair value hedges
Interest rate swaps	414,826	–	(26,035)
Cross currency interest rate swaps	146,951	40,683	–
Derivatives not designated as cash fl ow or fair value hedges:
Currency Swaps	21,859	143	(382)
Forward foreign exchange contracts	11,490	25	(1)
Commodity price forward contracts	43,667	1,313	(1,377)
		97,824	(48,450)
Analysed as:
Non-current asset/(liability)		42,760	(27,536)
Current asset/(liability)		55,064	(20,914)
		97,824	(48,450)

Financial Statements Continued

DCC plc Annual Report and Accounts 2024194

	Contractual		Carrying amount
At 31 March 2023	notional amount	Asset	Liability
Derivatives designated as cash fl ow or fair value hedges:
Cash Flow Hedges
Cross currency interest rate swaps	204,537	52,188	–
Forward foreign exchange contracts	98,879	502	(1,063)
Commodity price forward contracts	443,101	5,761	(39,639)
Fair Value Hedges
Interest rate swaps	421,092	–	(35,451)
Cross currency interest rate swaps	360,629	82,986	–
Derivatives not designated as cash fl ow or fair value hedges:
Currency Swaps	50,033	881	(517)
Forward foreign exchange contracts	16,807	14	(16)
Commodity price forward contracts	55,486	6,125	(6,240)
		148,457	(82,926)
Analysed as:
Non-current asset/(liability)		89,199	(40,585)
Current asset/(liability)		59,258	(42,341)
		148,457	(82,926)

3.10 DERIVATIVE FINANCIAL INSTRUMENTS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 195

NOTES TO THE FINANCIAL STATEMENTS Continued

				Hedge ineff ectiveness
			Change in value used for	recognised in Income
	Net carrying amount		calculating hedge ineff ectiveness	Statement
	included in derivative	Hedging
Derivatives designated as cash fl ow or fair value hedges:	fi nancial instruments	instrument	Hedged item	Net fi nance costs
Cash Flow Hedges
Cross currency interest rate swaps	45,377	(3,375)	3,375	–
Forward foreign exchange contracts	608	1,854	(1,854)	–
Commodity price forward contracts	(10,980)	(106,554)	106,554	–
Fair Value Hedges
Interest rate swaps	(26,035)	8,898	(9,378)	(480)
Cross currency interest rate swaps	40,683	(41,561)	41,168	(393)
				Hedge ineff ectiveness
		Change in value used for		recognised in Income
	Net carrying amount	calculating hedge ineff ectiveness		Statement
	included in derivative	Hedging
Derivatives designated as cash fl ow or fair value hedges:	fi nancial instruments	instrument	Hedged item	Net fi nance income
Cash Flow Hedges
Cross currency interest rate swaps	52,188	12,418	(12,418)	–
Forward foreign exchange contracts	(561)	(4,498)	4,498	–
Commodity price forward contracts	(33,878)	(214,868)	214,868	–
Fair Value Hedges
Interest rate swaps	(35,451)	(28,745)	29,254	509
Cross currency interest rate swaps	82,986	9,003	(8,620)	383

3.10 DERIVATIVE FINANCIAL INSTRUMENTS continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024196

The eff ects of fair value hedges on hedged items are as follows:

	Financial		Hedge
	Statement line		ineff ectiveness
	item that includes		recognised in
	hedged item	Carrying amount	Income Statement
Year ended 31 March 2024
Fair Value Hedges
Interest rate swaps	Borrowings	(388,354)	(480)
Cross currency interest rate swaps	Borrowings	(187,526)	(393)
Year ended 31 March 2023
Fair Value Hedges
Interest rate swaps	Borrowings	(384,714)	509
Cross currency interest rate swaps	Borrowings	(443,113)	383

The full fair value of a hedging derivative is classifi ed 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 2024, the fi xed interest rates vary from 1.96% to 4.49% and the fl oating rates are based on sterling SONIA and

EURIBOR.

CROSS CURRENCY INTEREST RATE SWAPS

The Group utilises cross currency interest rate swaps to swap fi xed rate US dollar denominated debt into fl oating rate sterling

debt and fl oating rate euro debt, which are based on sterling SONIA and EURIBOR respectively. At 31 March 2024 the fi xed

interest rates are 4.53%. These swaps are designated as fair value hedges under IAS 39.

The Group utilises cross currency interest rate swaps to swap fi xed rate US dollar denominated debt into fi xed rate sterling debt

and fi xed rate euro debt. At 31 March 2024 the fi xed US dollar interest rates vary from 4.19% to 4.98% and the average swapped

fi xed rates for sterling and euro were 4.47% and 3.74% respectively. These swaps are designated as cash fl ow hedges under

IAS 39.

CURRENCY SWAPS

During the year ended 31 March 2024, 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 fl ow hedge reserve in equity (note 4.2) at 31 March 2024 on forward foreign exchange

contracts designated as cash fl ow 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 fl ow hedge reserve in equity (note 4.2) at 31 March 2024 on forward commodity

contracts designated as cash fl ow hedges under IAS 39 will be released to the Income Statement at various dates up to

5 years after the reporting date.

3.10 DERIVATIVE FINANCIAL INSTRUMENTS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 197

NOTES TO THE FINANCIAL STATEMENTS Continued

3.11

BORROWINGS AND LEASE CREDITORS

The Group utilises long-term debt funding together with committed credit lines with our relationship banks. We use

derivatives to manage risks associated with interest rates and foreign exchange.

	2024	2023
	£’000	£’000
Non-current
Unsecured Notes	1,540,570	1,898,591
Bank borrowings	34,205	35,168
Total borrowings	1,574,775	1,933,759
Lease creditors (note 3.12)	284,856	275,388
Total non-current borrowings and lease creditors	1,859,631	2,209,147
Current
Unsecured Notes	332,143	270,313
Bank borrowings	36,600	50,543
Total borrowings	368,743	320,856
Lease creditors (note 3.12)	77,527	71,158
Total current borrowings and lease creditors	446,270	392,014
Total borrowings and lease creditors	2,305,901	2,601,161

The maturity of non-current borrowings is as follows:

	2024	2023
	£’000	£’000
Between 1 and 2 years	147,901	390,882
Between 2 and 5 years	867,730	754,802
Over 5 years	844,000	1,063,463
	1,859,631	2,209,147

BANK BORROWINGS

Interest on bank borrowings is at fl oating 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 £800 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 £766 million remained undrawn at 31 March 2024. The drawing at that date was at a fl oating rate of 4.55%.

The Group had various other uncommitted bank facilities available at 31 March 2024.

UNSECURED NOTES

The Group’s Unsecured Notes which fall due between 2024 and 2034 are comprised of fi xed rate debt of US$111.0 million issued

in 2013 and maturing in 2025 (the ‘2025 Notes’), fi xed rate debt of US$425.0 million, €45.0 million and £65.0 million issued in 2014

and maturing in 2024, 2026 and 2029 (the ‘2024/26/29 Notes’), fi xed rate debt of £127.5 million and €215.0 million issued in

September 2017 and maturing in 2027 and 2029 (the ‘2027/29 Notes’), fl oating rate debt of €145.0 million issued in September

2017 and maturing in 2024, 2027 and 2029 (the ‘2024/27/29 Notes’), fi xed rate debt of US$350.0 million and €100.0 million issued

in April 2019 and maturing in 2026, 2029, 2031 and 2034 (the ‘2026/29/31/34 Notes’), fi xed rate debt of US$563.5 million and

£50.0 million issued in December 2022 and maturing in 2028, 2030, and 2032 (the ‘2028/30/32 Notes’), and fl oating rate debt of

US$100.0 million issued in December 2022 and maturing in 2028 and 2032 (the ‘2028/32 Notes’).

Of the 2025 Notes denominated in US dollars, $66.0 million has been swapped (using cross currency interest rate swaps

designated as cash fl ow hedges under IAS 39) from fi xed US$ to fi xed euro rates and $45.0 million has been swapped (using

cross currency interest rate swaps designated as cash fl ow hedges under IAS 39) from fi xed US$ to fi xed sterling rates.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024198

Of the 2024/26/29 Notes denominated in US dollars, $178.0 million has been swapped (using cross currency interest rate swaps

designated as fair value hedges under IAS 39) from fi xed US$ to fl oating euro rates, repricing quarterly based on EURIBOR,

$60.0 million has been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from

fi xed US$ to fl oating sterling rates, repricing quarterly based on sterling SONIA, $135.0 million has been swapped (using cross

currency interest rate swaps designated as cash fl ow hedges under IAS 39) from fi xed US$ to fi xed euro rates, $52.0 million has

been swapped (using cross currency interest rate swaps designated as cash fl ow hedges under IAS 39) from fi xed US$ to fi xed

sterling rates. The 2024/26/29 Notes denominated in euro have been swapped (using interest rate swaps designated as fair

value hedges under IAS 39) from fi xed euro to fl oating euro rates, repricing quarterly based on EURIBOR. The 2024/26/29 Notes

denominated in sterling have been swapped (using interest rate swaps designated as fair value hedges under IAS 39) from

fi xed sterling to fl oating sterling rates, repricing quarterly based on sterling SONIA.

The 2027/29 Notes denominated in sterling have been swapped (using interest rate swaps designated as fair value hedges

under IAS 39) to fl oating sterling rates, repricing half yearly based on sterling SONIA. The 2027/29 Notes denominated in euro

have been swapped (using interest rate swaps designated as fair value hedges under IAS 39) to fl oating euro rates, repricing

half yearly based on EURIBOR.

The 2024/27/29 Notes are at fl oating euro rates, repricing half yearly based on EURIBOR.

The 2026/29/31/34 Notes and 2028/30/32 Notes have not been swapped.

The 2028/32 Notes are at fl oating US rates, repricing quarterly based on SOFR.

The maturity and interest profi le of the Unsecured Notes is as follows:

	2024	2023
Average maturity	4.5 years	5 years
Average fi xed interest rates*:
– US$ denominated	5.16%	4.95%
– sterling denominated	4.04%	4.04%
– euro denominated	2.26%	2.26%
Average fl oating rate including swaps:
– US$ denominated	7.66%	6.84%
– sterling denominated	7.16%	5.68%
– euro denominated	5.27%	4.55%

* Issued and repayable at par.

3.11 BORROWINGS AND LEASE CREDITORS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 199

NOTES TO THE FINANCIAL STATEMENTS Continued

3.12

LEASE CREDITORS

Lease creditors represent the present value of the Group’s 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’s lease creditors during the year ended 31 March 2024 is as follows:

	2024	2023
	£’000	£’000
At 1 April	346,546	336,702
Exchange diff erences	(6,788)	4,699
Additions	98,892	78,110
Terminations	(4,029)	(4,845)
Arising on acquisition (note 5.2)	9,949	6,099
Lease repayments	(93,673)	(83,796)
Lease interest (note 2.7)	11,486	9,577
At 31 March	362,383	346,546

An analysis of the maturity profi le of the discounted lease creditor arising from the Group’s leasing activities as at 31 March 2024

is as follows:

	2024	2023
	£’000	£’000
Within one year	77,527	71,158
Between one and two years	60,105	57,675
Between two and fi ve years	111,929	103,126
Over fi ve years	112,822	114,587
At 31 March	362,383	346,546
Analysed as:
Non-current liabilities	284,856	275,388
Current liabilities	77,527	71,158
	362,383	346,546

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:

	2024	2023
	£’000	£’000
Short-term leases	5,207	7,971
Leases of low-value assets	484	663
Wholly variable lease payments	66,682	65,101
Total	72,373	73,735
The total cash outfl ow for lease payments during the period was as follows:	2024	2023
	£’000	£’000
Cash outfl ow for short-term leases, leases of low value assets and wholly variable lease
payments	72,373	73,735
Lease payments relating to capitalised right-of-use leased assets	93,673	83,796
Total cash outfl ow for lease payments	166,046	157,531

Lease commitments for short-term leases at the Balance Sheet date are not materially diff erent to the short-term lease costs

expensed during the year.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024200

The Group’s business model is that of a distributor and, therefore, maintaining fl exibility in the Group’s cost base is of signifi cant

importance. Substantially all of the Group’s 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 signifi cant factors that can infl uence the variability of the Group’s variable lease payments other than those

mentioned above.

The eff ect of excluding future cash outfl ows 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.

3.13

ANALYSIS OF NET DEBT

Net debt is a key metric of the Group and represents cash and cash equivalents less borrowings, derivative fi nancial

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 2024 is as follows:

				Fair value adjustment
	At 1 April	Cash/debt	Income	Cash Flow	Translation	At 31 March
	2023	movements	Statement	Hedge Reserve	adjustment	2024
	£’000	£’000	£’000	£’000	£’000	£’000
Cash and short-term deposits	1,421,749	(289,684)	–	–	(22,619)	1,109,446
Overdrafts	(50,543)	13,665	–	–	278	(36,600)
	1,371,206	(276,019)	–	–	(22,341)	1,072,846
Bank loans and loan notes	(35,168)	–	–	–	963	(34,205)
Unsecured Notes	(2,168,904)	270,836	(12,899)	–	38,254	(1,872,713)
Derivative fi nancial instruments	65,531	(67,474)	12,026	39,594	(303)	49,374
Group net debt (excl. lease creditors)	(767,335)	(72,657)	(873)	39,594	16,573	(784,698)
Lease creditors	(346,546)	(22,560)	–	–	6,723	(362,383)
Group net debt (incl. lease creditors)	(1,113,881)	(95,217)	(873)	39,594	23,296	(1,147,081)

The reconciliation of opening to closing net debt for the year ended 31 March 2023 is as follows:

				Fair value adjustment
	At 1 April	Cash/debt	Income	Cash Flow	Translation	At 31 March
	2023	movements	Statement	Hedge Reserve	adjustment	2023
	£’000	£’000	£’000	£’000	£’000	£’000
Cash and short-term deposits	1,394,272	8,488	–	–	18,989	1,421,749
Overdrafts	(67,668)	16,738	–	–	387	(50,543)
	1,326,604	25,226	–	–	19,376	1,371,206
Bank loans and loan notes	(388,660)	393,469	–	–	(39,977)	(35,168)
Unsecured Notes	(1,544,822)	(603,054)	18,818	–	(39,846)	(2,168,904)
Derivative fi nancial instruments (net)	186,975	55,095	(17,926)	(160,528)	1,915	65,531
Group net debt (excl. lease creditors)	(419,903)	(129,264)	892	(160,528)	(58,532)	(767,335)
Lease creditors	(336,702)	(5,246)	–	–	(4,598)	(346,546)
Group net debt (incl. lease creditors)	(756,605)	(134,510)	892	(160,528)	(63,130)	(1,113,881)

3.12 LEASE CREDITORS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 201

NOTES TO THE FINANCIAL STATEMENTS Continued

CURRENCY PROFILE

The currency profi le of net debt is as follows:

	Cash and cash	Borrowings and
	equivalents	lease creditors*	Derivatives	Tota l
	£’000	£’000	£’000	£’000
At 31 March 2024
Euro	363,766	(894,903)	35,293	(495,844)
Sterling	315,144	(514,518)	14,544	(184,830)
US dollar	214,513	(841,177)	698	(625,966)
Danish krone	64,979	(15,217)	(1,164)	48,598
Swedish krona	78,724	(11,558)	–	67,166
Norwegian krone	43,878	(16,860)	(8)	27,010
Hong Kong dollar	12,734	(4,925)	–	7,809
Other	15,708	(6,743)	11	8,976
At 31 March 2024	1,109,446	(2,305,901)	49,374	(1,147,081)
At 31 March 2023
Euro	487,858	(1,060,933)	47,553	(525,522)
Sterling	489,610	(617,578)	23,865	(104,103)
US dollar	238,074	(867,067)	(3,857)	(632,850)
Danish krone	79,800	(13,024)	(2,029)	64,747
Swedish krona	57,536	(13,644)	–	43,892
Norwegian krone	33,250	(19,046)	(1)	14,203
Hong Kong dollar	21,107	(4,911)	–	16,196
Other	14,514	(4,958)	–	9,556
At 31 March 2023	1,421,749	(2,601,161)	65,531	(1,113,881)

* Euro, sterling and US dollar borrowings refl ect the cross currency interest rate swaps referred to in note 3.10.

INTEREST RATE PROFILE

Cash and cash equivalents at 31 March 2024 and 31 March 2023 have maturity periods up to three months (note 3.9).

Bank borrowings are at fl oating interest rates for periods up to six months while the Group’s Unsecured Notes due 2024 to 2034

comprises debt swapped to a combination of fi xed rates and fl oating rates which reset on a quarterly and semi-annual basis,

and debt which has not been swapped.

3.13 ANALYSIS OF NET DEBT continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024202

3.14

DEFERRED INCOME TAX

Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future as a result of diff erences

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 2024:

						Short-term
	Property,			Retirement	Derivative	temporary
	plant and	Intangible	Tax losses	benefi t	fi nancial	diff erences
	equipment	assets	and credits	obligations	instruments	and other	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2023	36,980	205,972	(11,760)	1,651	(11,269)	(27,004)	194,570
Consolidated Income Statement	11,188	(23,808)	(1,012)	(388)	(165)	(15,958)	(30,143)
Recognised in Other Comprehensive Income	–	–	–	117	6,937	–	7,054
Arising on acquisition (note 5.2)	9	40,724	149	(1,621)	–	(702)	38,559
Exchange diff erences and other	(277)	(5,582)	305	8	–	465	(5,081)
At 31 March 2024	47,900	217,306	(12,318)	(233)	(4,497)	(43,199)	204,959
Analysed as:
Deferred tax asset	(5,415)	(206)	(12,523)	(3,360)	(4,497)	(55,257)	(81,258)
Deferred tax liability	53,315	217,512	205	3,127	–	12,058	286,217
	47,900	217,306	(12,318)	(233)	(4,497)	(43,199)	204,959

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 2023:

						Short-term
	Property,			Retirement	Derivative	temporary
	plant and	Intangible	Tax losses	benefi t	fi nancial	diff erences
	equipment	assets	and credits	obligations	instruments	and other	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
At 1 April 2022	34,372	183,893	(11,387)	538	18,924	(21,038)	205,302
Consolidated Income Statement	2,445	(24,032)	89	321	181	(2,901)	(23,897)
Recognised in Other Comprehensive Income	–	–	–	800	(30,374)	–	(29,574)
Arising on acquisition (note 5.2)	(208)	38,465	–	–	–	(2,436)	35,821
Exchange diff erences and other	371	7,646	(462)	(8)	–	(629)	6,918
At 31 March 2023	36,980	205,972	(11,760)	1,651	(11,269)	(27,004)	194,570
Analysed as:
Deferred tax asset	(5,298)	(234)	(11,785)	(1,245)	(11,269)	(39,222)	(69,053)
Deferred tax liability	42,278	206,206	25	2,896	–	12,218	263,623
	36,980	205,972	(11,760)	1,651	(11,269)	(27,004)	194,570

Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised. In particular,

signifi cant 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 2024 of £81.258 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 £450.2 million as at 31 March 2024.

Deferred income tax assets and liabilities are off set when there is a legally enforceable right to off set current tax assets against

current tax liabilities and when the deferred income taxes relate to the same fi scal 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 diff erences is controlled by the Group and it is

probable that these temporary diff erences will not reverse in the foreseeable future.

Amendments to IAS 12, eff ective for reporting periods beginning on or after 1 January 2023, clarify that the initial recognition

exemption of deferred tax assets and liabilities does not apply to transactions that give rise to equal and off setting temporary

diff erences. The deferred tax assets and liabilities related to leases are off set on an individual entity basis and presented net in

the statement of fi nancial position. The Group has a deferred tax asset of £87.6 million and a deferred tax liability of

£84.4 million in respect of lease liabilities and right-of-use assets at 31 March 2024.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 203

NOTES TO THE FINANCIAL STATEMENTS Continued

3.15

POST-EMPLOYMENT BENEFIT OBLIGATIONS

The Group operates a number of defi ned benefi t and defi ned contribution pension schemes for our employees. All of the

Group’s defi ned benefi t pension schemes are closed to new members.

The Group operates defi ned benefi t and defi ned contribution schemes. The pension scheme assets are held in separate

trustee administered funds.

The Group operates fi ve defi ned benefi t pension schemes in the Republic of Ireland (‘ROI’), four in the UK and six in Germany.

The projected unit credit method has been employed in determining the present value of the defi ned benefi t obligation arising,

the related current service cost and, where applicable, past service cost.

Full actuarial valuations were carried out between 1 April 2020 and 31 December 2023. 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 2024 for IAS 19 by a qualifi ed actuary.

The schemes expose the Group to a number of risks, the most signifi cant of which are as follows:

DISCOUNT RATES

The calculation of the present value of the defi ned benefi t 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 benefi t obligation. Changes in the discount rate can lead to volatility in the

Group’s 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’s scheme assets

comprise of bonds. A decrease in corporate bond yields will increase the value of the Group’s bond holdings although this will

be partially off set by an increase in the value of the scheme’s liabilities. The Group also holds a signifi cant 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’s defi ned benefi t obligations are linked to infl ation and higher infl ation will lead to higher scheme

liabilities although caps are in place to protect the schemes against extreme infl ation.

MORTALITY RISK

The present value of the defi ned benefi t 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 defi ned benefi t obligation.

The principal actuarial assumptions used were as follows:

	2024	2023
Republic of Ireland schemes
Rate of increase in salaries	n/a*	n/a*
Rate of increase in pensions in payment	1.25% – 2.50%	1.25% – 2.60%
Discount rate	3.60%	4.10%
Infl ation assumption	2.30%	2.60%
UK schemes
Rate of increase in salaries	0.00% – 3.25%	0.00% – 3.30%
Rate of increase in pensions in payment	3.25% – 4.00%	1.65% – 4.00%
Discount rate	4.90%	4.85%
Infl ation assumption	3.25%	3.30%
German schemes
Rate of increase in salaries	3.30%	3.60%
Rate of increase in pensions in payment	2.30%	2.60%
Discount rate	3.60%	4.10%
Infl ation assumption	2.30%	2.60%

* There is no future service accrual for the Irish schemes.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024204

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 ‘current retirees’ relate to assumptions based on longevity, in years, following retirement

at the balance sheet date, with ‘future retirees’ being that relating to an employee retiring in 25 years’ time. The mortality

assumptions are as follows:

	2024	2023
	Yea rs	Years
Current retirees
Male	22.0	23.3
Female	24.9	25.4
Future retirees
Male	24.6	25.7
Female	27.3	27.7

The Group does not operate any post-employment medical benefi t schemes.

The net pension asset/(liability) recognised in the Balance Sheet is analysed as follows:

		2024
	ROI	UK	Germany	Tota l
	£’000	£’000	£’000	£’000
Equities	9,481	1,034	–	10,515
Bonds	34,080	11,971	–	46,051
Property	22	–	–	22
Cash	1,571	3,288	981	5,840
Total fair value at 31 March 2024	45,154	16,293	981	62,428
Present value of scheme liabilities	(30,929)	(10,743)	(27,313)	(68,985)
Net pension asset/(liability) at 31 March 2024	14,225	5,550	(26,332)	(6,557)

		2023
	ROI	UK	Germany	Total
	£’000	£’000	£’000	£’000
Equities	9,747	1,431	–	11,178
Bonds	33,641	13,395	–	47,036
Property	33	–	–	33
Investment funds	1,974	–	–	1,974
Cash	1,986	2,428	934	5,348
Total fair value at 31 March 2023	47,381	17,254	934	65,569
Present value of scheme liabilities	(33,675)	(11,447)	(8,726)	(53,848)
Net pension asset/(liability) at 31 March 2023	13,706	5,807	(7,792)	11,721

3.15 POST-EMPLOYMENT BENEFIT OBLIGATIONS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 205

NOTES TO THE FINANCIAL STATEMENTS Continued

The amounts recognised in the Group Income Statement in respect of defi ned benefi t pension schemes are as follows:

	2024	2023
	£’000	£’000
Current service cost	(492)	(328)
Administration expenses	(197)	(111)
Total, included in employee benefi t expense (note 2.4)	(689)	(439)
Interest cost on scheme liabilities	(2,362)	(1,823)
Interest income on scheme assets	2,734	2,021
Net interest income, included in net fi nance costs (note 2.7)	372	198

Based on the assumptions employed for the valuation of assets and liabilities at 31 March 2024, the net charge in the Group

Income Statement in the year ending 31 March 2025 is expected to be broadly in line with the current year fi gures.

Remeasurements recognised in Other Comprehensive Income are as follows:

	2024	2023
	£’000	£’000
Return on scheme assets excluding interest income	(1,078)	(17,830)
Experience variations	2,313	(1,867)
Actuarial gain from changes in demographic assumptions	652	–
Actuarial (loss)/gain from changes in fi nancial assumptions	(1,863)	22,508
Total, included in Other Comprehensive Income	24	2,811

Cumulatively since transition to IFRS on 1 April 2004, £46.026 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:

	2024	2023
	£’000	£’000
At 1 April	65,569	87,563
Interest income on scheme assets	2,734	2,021
Remeasurements:
– return on scheme assets excluding interest income	(1,078)	(17,830)
Contributions by employers	615	1,231
Contributions by members	35	45
Administration expenses	(197)	(111)
Benefi t and settlement payments	(3,932)	(9,394)
Exchange	(1,318)	2,044
At 31 March	62,428	65,569

The actual return on plan assets was a gain of £1.656 million (2023: loss of £15.809 million).

3.15 POST-EMPLOYMENT BENEFIT OBLIGATIONS continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024206

The movement in the present value of defi ned benefi t obligations is as follows:

	2024	2023
	£’000	£’000
At 1 April	53,848	79,818
Current service cost	492	328
Interest cost	2,362	1,823
Remeasurements:
– experience variations	(2,313)	1,867
– actuarial gain from changes in demographic assumptions	(652)	–
– actuarial gain from changes in fi nancial assumptions	1,863	(22,508)
Contributions by members	35	45
Benefi t and settlement payments	(3,932)	(9,394)
Arising on acquisition (note 5.2)	18,647	–
Exchange	(1,365)	1,869
At 31 March	68,985	53,848

The weighted average duration of the defi ned benefi t obligation at 31 March 2024 was 13.3 years (2023: 14.5 years).

Employer contributions for the forthcoming fi nancial year are estimated at £2.1 million. The diff erence between the actual

employer contributions paid in the current year of £0.6 million and the expectation of £0.5 million included in the 2023 Annual

Report was primarily due to the timing of contributions in certain of the Group’s pension schemes which could not have been

anticipated at the time of preparation of the 2023 fi nancial statements.

SENSITIVITY ANALYSIS FOR PRINCIPAL ASSUMPTIONS USED TO MEASURE SCHEME LIABILITIES

There are inherent uncertainties surrounding the fi nancial assumptions adopted in calculating the actuarial valuation of the

Group’s defi ned benefi t pension schemes. The following table analyses, for the Group’s 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 3.6%	Decrease/increase by 4.0%	Decrease/increase by 2.8%
Price infl ation	Increase/decrease by 0.25%	Increase/decrease by 1.8%	Increase/decrease by 3.1%	Increase/decrease by 2.4%
Mortality	Increase/decrease by 1 year	Increase/decrease by 3.1%	Increase/decrease by 3.0%	Increase/decrease by 4.4%

SPLIT OF SCHEME ASSETS

		Republic of Ireland		UK	Germany			Total
	2024	2023	2024	2023	2024	2023	2024	2023
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Investments quoted in active markets:
Equity instruments:
– developed markets	9,299	9,225	1,034	1,431	–	–	10,333	10,656
– emerging markets	182	522	–	–	–	–	182	522
Debt instruments:
– non government debt instruments	4,804	3,574	2,387	2,950	–	–	7,191	6,524
– government debt instruments	29,276	30,067	9,584	10,445	–	–	38,860	40,512
Investment funds	–	1,974	–	–		–		1,974
Cash and cash equivalents	1,571	1,986	3,288	2,428	981	934	5,840	5,348
Unquoted investments:
Property	22	33	–	–	–	–	22	33
	45,154	47,381	16,293	17,254	981	934	62,428	65,569

3.15 POST-EMPLOYMENT BENEFIT OBLIGATIONS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 207

NOTES TO THE FINANCIAL STATEMENTS Continued

3.16

ACQUISITION RELATED LIABILITIES

Acquisition related liabilities arising on business combinations comprise debt like items and contingent consideration.

Contingent consideration arises when a portion of the purchase price is deferred into the future and represents the fair

value of the estimate of amounts payable to acquire the remaining shareholding.

The Group’s acquisition related liabilities of £141.777 million (2023: £127.393 million) as stated on the Balance Sheet are payable

as follows:

	2024	2023
	£’000	£’000
Within one year	69,768	41,221
Between one and two years	48,847	28,903
Between two and fi ve years	23,162	57,269
	141,777	127,393
Analysed as:
Non-current liabilities	72,009	86,172
Current liabilities	69,768	41,221
	141,777	127,393

The currency profi le of the Group’s acquisition related liabilities, which are stated at fair value, is as follows:

	2024	2023
	£’000	£’000
Euro	57,222	82,816
Sterling	66,229	20,675
US dollar	11,551	16,303
Hong Kong dollar	6,413	6,594
Other	362	1,005
	141,777	127,393

The movement in the Group’s acquisition related liabilities is as follows:

	2024	2023
	£’000	£’000
At 1 April	127,393	96,252
Arising on acquisition (note 5.2)	82,809	46,654
Unwinding of discount applicable to acquisition related liabilities (note 2.7)	5,383	2,264
Adjustments to contingent consideration (adjustment to goodwill) (note 3.3)	(17,742)	(8,508)
Adjustments to contingent consideration (recognised in the Income Statement) (note 2.6)	(3,180)	8,523
Paid during the year	(50,334)	(21,987)
Exchange and other	(2,552)	4,195
At 31 March	141,777	127,393

Financial Statements Continued

DCC plc Annual Report and Accounts 2024208

3.17

PROVISIONS FOR LIABILITIES

A provision is recorded when an obligation exists, resulting from a past event and it is probable that cash will be paid to

settle it but there is uncertainty over either the amount or timing of the outfl ow. The main provisions held by the Group are in

relation to reorganisation programmes, environmental obligations, cylinder and tank deposits and insurance liabilities.

The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2024 is as follows:

	Rationalisation,
	restructuring	Environmental	Cylinder and	Insurance
	and redundancy	and remediation	tank deposits	and other	Total
	£’000	£’000	£’000	£’000	£’000
At 1 April 2023	28,516	88,795	182,517	53,588	353,416
Provided during the year	2,571	3,826	13,214	9,333	28,944
Unwinding of discount applicable to provisions for liabilities (note 2.7)	–	235	727	–	962
Utilised during the year	(4,507)	(670)	(4,007)	(2,916)	(12,100)
Unutilised/reversed during the year	(280)	(403)	(3,459)	(4,182)	(8,324)
Arising on acquisition (note 5.2)	–	460	17,137	2,567	20,164
Exchange and other	(607)	(2,067)	(5,216)	(1,794)	(9,684)
At 31 March 2024	25,693	90,176	200,913	56,596	373,378
Analysed as:
Non-current liabilities	12,724	82,371	181,722	29,550	306,367
Current liabilities	12,969	7,805	19,191	27,046	67,011
	25,693	90,176	200,913	56,596	373,378

The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2023 is as follows:

	Rationalisation,
	restructuring	Environmental	Cylinder and	Insurance
	and redundancy	and remediation	tank deposits	and other	Total
	£’000	£’000	£’000	£’000	£’000
At 1 April 2022	26,707	92,669	168,442	46,652	334,470
Provided during the year	10,874	2,564	13,542	12,624	39,604
Unwinding of discount applicable to provisions for liabilities (note 2.7)	–	377	902	–	1,279
Utilised during the year	(8,085)	(3,961)	(4,039)	(5,899)	(21,984)
Unutilised/reversed during the year	(761)	(5,758)	(4,169)	(1,165)	(11,853)
Arising on acquisition (note 5.2)	–	–	–	310	310
Exchange and other	(219)	2,904	7,839	1,066	11,590
At 31 March 2023	28,516	88,795	182,517	53,588	353,416
Analysed as:
Non-current liabilities	14,334	81,475	173,424	31,834	301,067
Current liabilities	14,182	7,320	9,093	21,754	52,349
	28,516	88,795	182,517	53,588	353,416

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 209

NOTES TO THE FINANCIAL STATEMENTS Continued

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 refl ected in the Income Statement. Ongoing costs incurred during the operating life of the sites are written off

directly to the Income Statement and are not charged to the provision. The majority of the obligations will unwind over a

30-year timeframe but the exact timing of settlement of these provisions is not certain.

CYLINDER AND TANK DEPOSITS

This provision relates to DCC Energy’s operations where an obligation arises from the receipt of deposit fees paid by customers

for liquid gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This

deposit will subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank together with

the original deposit receipt. Cylinder and tank deposits acquired through business combinations are measured initially at their

fair value at the acquisition date (i.e. net present value) and the unwinding of the discount element is refl ected in the Income

Statement. The majority of this obligation will unwind over a 25-year timeframe but the exact timing of settlement of this

provision is not certain.

INSURANCE AND OTHER

The Group operates a level of self-insurance for motor liability and public and products liability. Under these arrangements the

Group retains certain insurance exposure up to pre-determined self-insurance thresholds. This provision refl ects an estimation

of claims that are classifi ed as incurred but not reported and also the outstanding loss reserve. A signifi cant 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.

3.18

GOVERNMENT GRANTS

Government grants relate to capital grants received by the Group and are amortised to the Income Statement over the

estimated useful lives of the related capital assets.

	2024	2023
	£’000	£’000
At 1 April	477	372
Government grants received in year	2,669	216
Amortisation in year	(376)	(114)
Exchange	(30)	3
At 31 March	2,740	477
Analysed as:
Non-current liabilities	2,704	446
Current liabilities (note 3.7)	36	31
	2,740	477

3.17 PROVISIONS FOR LIABILITIES continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024210

SECTION 4 EQUITY

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.

			2024	2023
			£’000	£’000
Authorised
152,368,568 ordinary shares of €0.25 each Issued			25,365	25,365
	Number of	Share capital	Share premium	Total
Year ended 31 March 2024	shares	£’000	£’000	£’000
At 31 March 2023 (including 2,586,698 ordinary shares held as treasury shares)	101,333,904	17,422	883,669	901,091
Premium arising on re-issue of treasury shares	–	–	221	221
At 31 March 2024 (including 2,481,405 ordinary shares held as treasury shares)	101,333,904	17,422	883,890	901,312
	Number of	Share capital	Share premium	Total
Year ended 31 March 2023	shares	£’000	£’000	£’000
At 31 March 2022 (including 2,688,004 ordinary shares held as treasury shares)	101,333,904	17,422	883,321	900,743
Premium arising on re-issue of treasury shares	–	–	348	348
At 31 March 2023 (including 2,586,698 ordinary shares held as treasury shares)	101,333,904	17,422	883,669	901,091

As at 31 March 2024, the total authorised number of ordinary shares is 152,368,568 shares (2023: 152,368,568 shares) with a par

value of €0.25 per share (2023: €0.25 per share). Share premium relates to the share premium arising on the issue of shares.

During the year the Company re-issued 105,293 treasury shares for a consideration of £0.221 million.

All shares, with the exception of ordinary shares held as treasury shares, whether fully or partly paid, carry equal voting rights

and rank for dividends to the extent to which the total amount payable on each share is paid up.

Details of share options and awards granted under the Company’s share option and award schemes and the terms attaching

thereto are provided in note 2.5 to the fi nancial statements and in the Remuneration Report on pages 126 to 151.

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’s Registered Offi ce or at such other place as the Directors may appoint and is accompanied by the certifi cate

(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.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 211

NOTES TO THE FINANCIAL STATEMENTS Continued

RESTRICTION OF VOTING RIGHTS

If at any time the Directors determine that a ‘Specifi ed Event’ as defi ned 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 eff ect 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 specifi ed 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 specifi ed 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 specifi ed in such

notice and/or, in certain circumstances, to refuse to register any transfer of the specifi ed 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’s length transfer or a renunciation to another benefi cial owner unconnected with the holder or any

person appearing to have an interest in the specifi ed shares.

4.2

OTHER RESERVES

This note details the movement in the Group’s other reserves which are treated as diff erent categories of equity as required

by accounting standards.

1

2

			Foreign
	Share based	Cash fl ow	currency
	payment	hedge	translation	Other
	reserve	reserve	reserve	reserves	Tota l
	£’000	£’000	£’000	£’000	£’000
At 31 March 2022	47,436	85,768	87,272	932	221,408
Currency translation	–	–	41,257	–	41,257
Cash fl ow hedges:
– fair value gain in year – private placement debt	–	12,418	–	–	12,418
– fair value – transferred to the income statement	–	–	–	–	–
– fair value loss in year – other	–	(219,369)	–	–	(219,369)
– tax on fair value net gains	–	38,582	–	–	38,582
– transfers to sales	–	336	–	–	336
– transfers to cost of sales	–	50,254	–	–	50,254
– transfers to operating expenses	–	(8,061)	–	–	(8,061)
– tax on transfers	–	(8,208)	–	–	(8,208)
Share based payment	7,160	–	–	–	7,160
At 31 March 2023	54,596	(48,280)	128,529	932	135,777
Currency translation	–	–	(63,656)	–	(63,656)
Cash fl ow hedges:
– fair value loss in year – private placement debt	–	(3,375)	–	–	(3,375)
– fair value – transferred to the income statement	–	(2,532)	–	–	(2,532)
– fair value loss in year – other	–	(104,700)	–	–	(104,700)
– tax on fair value net loss	–	23,046	–	–	23,046
– transfers to sales	–	90	–	–	90
– transfers to cost of sales	–	146,872	–	–	146,872
– transfers to operating expenses	–	762	–	–	762
– tax on transfers	–	(29,983)	–	–	(29,983)
Share based payment	9,210	–	–	–	9,210
At 31 March 2024	63,806	(18,100)	64,873	932	111,511

3

4

1. The share-based payment reserve comprises the amounts expensed in the Income Statement in connection with share based payments.

2. The cash fl ow hedge reserve comprises the eff ective portion of the cumulative net change in the fair value of cash fl ow hedging instruments related to

hedged transactions that have not yet occurred.

3. The Group’s foreign currency translation reserve represents foreign exchange diff erences arising from the translation of the net assets of the Group’s

non-sterling denominated operations, including the translation of the profi ts and losses of such operations from the average rate for the year to the closing

rate at the reporting date.

4. The Group’s other reserves principally comprises a capital conversion reserve fund.

4.1 SHARE CAPITAL AND SHARE PREMIUM continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024212

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.

	2024	2023
	£’000	£’000
At 1 April	1,941,223	1,783,033
Net income recognised in Income Statement	326,255	334,022
Net income recognised in Other Comprehensive Income:
– remeasurements of defi ned benefi t pension obligations	24	2,811
– deferred tax on remeasurements	(117)	(800)
Dividends	(188,817)	(177,843)
At 31 March	2,078,568	1,941,223

The cost to the Group and the Company of €37.057 million (2023: €38.405 million) to acquire the 2,481,405 shares (2023:

2,586,698 shares) held in Treasury has been deducted from the Group and Company Retained Earnings. These shares were

acquired at prices ranging from €12.80 to €17.90 each (average: €14.93) between 17 May 2004 and 19 June 2006 and are

primarily held to satisfy exercises under the Group’s 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.

	2024	2023
	£’000	£’000
At 1 April	80,219	65,379
Share of profi t for the fi nancial year	14,283	12,780
Dividends to non-controlling interests	(310)	(129)
Non-controlling interest arising on acquisition (note 5.2)	–	166
Exchange and other	(2,551)	2,023
At 31 March	91,641	80,219

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 213

NOTES TO THE FINANCIAL STATEMENTS Continued

SECTION 5 ADDITIONAL DISCLOSURES

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’s presentation currency.

The Group’s fi nancial statements are presented in sterling, denoted by the symbol ‘£’. Results and cash fl ows 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
	2024	2023	2024	2023
	Stg£1=	Stg£1=	Stg£1=	Stg£1=
Euro	1.1563	1.1597	1.1695	1.1374
Danish krone	8.6183	8.6304	8.7218	8.4719
Swedish krona	13.2851	12.4772	13.4780	12.8304
Norwegian krone	13.3529	11.8985	13.6814	12.9595
US dollar	1.2541	1.2101	1.2643	1.2369
Canadian dollar	1.6932	1.5934	1.7158	1.6762
Hong Kong dollar	9.8172	9.4837	9.8929	9.7096

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’s 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:

• The acquisition by DCC Energy of 100% of Centreco in July 2023. Centreco is a market-leading solar PV and energy

consultancy business in the UK, which services commercial and industrial customers nationally.

• The acquisition by DCC Energy of 100% of Isolatiespecialist in August 2023. Isolatiespecialist is a leading provider of energy

effi ciency and insulation services to domestic and commercial customers in the Netherlands.

• The acquisition by DCC Energy of 100% of San Isabel Services Propane in August 2023. San Isabel Services Propane is a US

liquid gas distributor which services both domestic and commercial customers in Colorado.

• The acquisition by DCC Energy of 100% of Solcellekraft in September 2023. Solcellekraft is one of Norway’s largest solar PV

businesses, servicing commercial and domestic customers.

• The acquisition by DCC Energy of 100% of DTGen in November 2023. DTGen is a leading UK-based provider of power

solutions, with a particular focus on emergency power solutions. DTGen off ers a comprehensive service from design to supply,

installation, and continuous maintenance, catering to a diverse range of sectors, including data centres, utilities and

healthcare.

• The acquisition by DCC Energy of 100% of the Energy Management division of eEnergy Group plc (‘EML’) in February 2024.

EML provides energy management services including energy procurement, market analysis, risk management and net zero

pathway consulting to industrial, commercial and public sector customers in the UK. EML’s technology and services

empowers customers to identify and eliminate energy waste and reduce their carbon emissions.

• The acquisition by DCC Energy of 100% of Progas GmbH (‘Progas’) in February 2024 for an enterprise value of approximately

£140 million. Progas is a leading distributor of liquid gas in Germany and this synergistic acquisition represents DCC Energy’s

largest acquisition to date in Germany, Europe’s largest energy market, and considerably expands DCC Energy’s customer

base in the market to over 100,000 customers.

Financial Statements Continued

DCC plc Annual Report and Accounts 2024214

The acquisition data presented below refl ects the fair value of the identifi able net assets acquired (excluding net cash/debt

acquired) in respect of acquisitions completed during the year.

	Total	Total
	2024	2023
	£’000	£’000
Assets
Non-current assets
Property, plant and equipment (note 3.1)	48,603	6,273
Right-of-use leased assets (note 3.2)	10,563	5,856
Intangible assets (note 3.3)	156,964	131,453
Equity accounted investments (note 3.4)	5,530	18,909
Deferred income tax assets	2,467	2,291
Total non-current assets	224,127	164,782
Current assets
Inventories (note 3.8)	23,708	53,329
Trade and other receivables (note 3.8)	59,945	36,760
Total current assets	83,653	90,089
Liabilities
Non-current liabilities
Deferred income tax liabilities	(41,026)	(38,112)
Post employment benefi t obligations (note 3.15)	(18,647)	–
Provisions for liabilities	(13,245)	(161)
Lease creditors	(6,742)	(3,933)
Total non-current liabilities	(79,660)	(42,206)
Current liabilities
Trade and other payables (note 3.8)	(61,022)	(65,775)
Provisions for liabilities	(6,919)	(149)
Current income tax liabilities	(8,179)	(10,023)
Lease creditors	(3,207)	(2,166)
Total current liabilities	(79,327)	(78,113)
Identifi able net assets acquired	148,793	134,552
Non-controlling interest arising on acquisition (note 4.4)	–	(166)
Goodwill (note 3.3)	222,171	230,754
Total consideration	370,964	365,140
Satisfi ed by:
Cash	327,354	319,463
Net cash and cash equivalents acquired	(39,199)	(977)
Net cash outfl ow	288,155	318,486
Acquisition related liabilities (note 3.16)	82,809	46,654
Total consideration	370,964	365,140

5.2 BUSINESS COMBINATIONS continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 215

NOTES TO THE FINANCIAL STATEMENTS Continued

None of the business combinations completed during the period were considered suffi ciently 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	£’000	£’000	£’000
Non-current assets (excluding goodwill)	71,896	152,231	224,127
Current assets	97,667	(14,014)	83,653
Non-current liabilities	(38,936)	(40,724)	(79,660)
Current liabilities	(79,327)	–	(79,327)
Identifi able net assets acquired	51,300	97,493	148,793
Goodwill arising on acquisition	319,664	(97,493)	222,171
Total consideration	370,964	–	370,964

The initial assignment of fair values to identifi able 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 2025 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 profi tability of the acquired business and the realisation of cost savings and synergies with existing Group entities.

£9.555 million of the goodwill recognised in respect of acquisitions completed during the fi nancial year is expected to be

deductible for tax purposes.

Acquisition and related costs included in other operating expenses in the Group Income Statement amounted to £14.347 million

(note 2.6).

No contingent liabilities were recognised on the acquisitions completed during the fi nancial year or the prior fi nancial years.

The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to

£67.681 million. The fair value of these receivables is £59.945 million (all of which is expected to be recoverable) and is inclusive of

an aggregate allowance for impairment of £7.736 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-defi ned profi t thresholds must be exceeded. On an undiscounted basis, the future payments for which the Group may be

liable for acquisitions in the current year range from nil to £159.8 million.

The post-acquisition impact of business combinations completed during the year on the Group’s revenue and profi t for the

fi nancial year was as follows:

	2024
	£’000
Revenue	171,589
Profi t for the fi nancial year attributable to owners of the Parent Company	16,091

The revenue and profi t of the Group for the fi nancial year determined in accordance with IFRS as though the acquisition date

for all business combinations eff ected during the year had been the beginning of that year would be as follows:

	2024
	£’000
Revenue	20,147,887
Profi t for the fi nancial year attributable to owners of the Parent Company	345,502

5.2 BUSINESS COMBINATIONS continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024216

5.3

CASH GENERATED FROM OPERATIONS

This note reconciles how the Group’s profi t for the year translates into cash fl ows generated from operating activities.

	2024	2023
	£’000	£’000
Profi t for the fi nancial year	340,538	346,802
Add back non-operating expenses/(income):
– tax	83,213	84,762
– share of equity accounted investments’ (profi t)/loss	(604)	692
– net operating exceptionals	39,309	32,528
– net fi nance costs	106,249	79,732
Operating profi t before exceptionals	568,705	544,516
– share-based payments expense (note 2.5)	9,210	7,160
– depreciation (including right-of-use leased assets)	240,194	219,681
– amortisation of intangible assets (note 3.3)	114,075	111,146
– profi t on disposal of property, plant and equipment	(1,148)	(12,346)
– amortisation of government grants (note 3.18)	(376)	(114)
– other Changes in working capital (excluding the eff ects of acquisition and exchange diff erences on consolidation):	8,562	4,654
– inventories (note 3.8)	122,766	30,118
– trade and other receivables (note 3.8)	157,082	283,224
– trade and other payables (note 3.8)	(223,277)	(327,293)
Cash generated from operations before exceptionals	995,793	860,746

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’s Balance Sheet as

we have not yet received the goods or services from the supplier.

CAPITAL EXPENDITURE COMMITMENTS

	2024	2023
	£’000	£’000
Capital expenditure on property, plant and equipment that has been contracted for but has not been provided for in the fi nancial statements	49,974	57,996
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not yet been contracted for	112,375	138,536
	162,349	196,532

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 £2,133.199 million (2023: £2,433.872 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 fi ling provisions of Sections 347 and 348

of the Companies Act, 2014:

Alvabay Limited, Budget Energy Limited, Budget Energy Holdings Limited, Campus Oil Limited, CC Lubricants Limited,

Certa Ireland Limited (formerly Emo Oil Limited ), Certas Energy Ireland Limited, DCC Corporate Funding Unlimited Company,

DCC Corporate Partners Unlimited Company, DCC Corporate 2007 dac, DCC Corporate Services dac, DCC Energy Limited,

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 217

NOTES TO THE FINANCIAL STATEMENTS Continued

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 Financial Services Management dac, DCC Funding 2007 dac, DCC Fund Services Unlimited Company, DCC Group

Finance (Ireland) dac (formerly DCC Treasury Ireland 2013 dac), DCC Healthcare Limited, DCC Management Services Limited,

DCC Nominees Unlimited Company, DCC Technology Limited, DCC Treasury 2010 dac, DCC Treasury Management Unlimited

Company, DCC Treasury Services Unlimited Company, DCC Treasury Solutions Unlimited Company, Energy Procurement

Limited, Energy Procurement Ireland 2013 Limited, Exertis Arc Telecom Limited, Exertis Ireland Limited, Fannin Limited, Flogas

Enterprise Solutions Limited (formerly Naturgy Limited), Flogas Ireland Limited, Flogas Natural Gas Limited, Jones Oil Limited,

Medisource Ireland Limited, Mullet Investment Company Unlimited Company, SerCom (Holdings) Limited, SerCom Property

Limited, Source LS Global Limited and Starata Limited.

Eight of the Group’s German subsidiaries, EnergieDirect GmbH & Co. KG, TEGA-Technische Gase und Gasetechnik GmbH, DCC

Germany Holding GmbH, Progas Holding GmbH, PROGAS GmbH & Co. KG, PROGAS GmbH, Jaeger Flüssiggasanlagenbau

GmbH and Progeha Unterstützungseinrichtung e.V. availed of disclosure exemptions pursuant to Section 264 of the German

Commercial Code (HGB) and are therefore exempted from the obligations to prepare and disclose audited fi nancial statements.

5.6

RELATED PARTY TRANSACTIONS

The Group’s principal related parties are the Group’s subsidiaries, associates and key management personnel of the Group.

The principal related party relationships requiring disclosure in the consolidated fi nancial 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 identifi cation and compensation of key management personnel as addressed in more detail below.

SUBSIDIARIES AND ASSOCIATES

The consolidated fi nancial statements include the fi nancial 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 244 to 247 of this Annual Report.

Transactions are entered into in the normal course of business on an arm’s 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

fi nancial statements.

COMPENSATION OF KEY MANAGEMENT PERSONNEL

For the purposes of the disclosure requirements under IAS 24, the term ‘key management personnel’ (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 aff airs of the Company. Key management remuneration amounted to:

	2024	2023
	£’000	£’000
Short-term benefi ts	3,916	3,437
Post-employment benefi ts	190	179
Share-based payment (calculated in accordance with the principles disclosed in note 2.5)	1,692	1,363
	5,798	4,979

5.7

FINANCIAL RISK AND CAPITAL MANAGEMENT

This note details the Group’s treasury management and fi nancial risk management objectives and policies. Information is

also provided regarding the Group’s 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’s objectives when managing its capital structure are to safeguard the Group’s ability to continue as a going

concern to provide returns to shareholders and benefi ts 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

confi dence. Return on capital employed (‘ROCE’) 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.

5.5 CONTINGENCIES continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024218

The Group includes borrowings in its measure of capital. The Group’s borrowings are subject to covenants. Further details on

this are outlined in the ‘liquidity risk management’ 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:

	2024	2023
	£’000	£’000
Capital and reserves attributable to the owners of the Parent Company	3,091,391	2,978,091
Net debt (excl. lease creditors) (note 3.13)	784,698	767,335
Lease creditors (note 3.12)	362,383	346,546
Acquisition related liabilities (note 3.16)	141,777	127,393
At 31 March	4,380,249	4,219,365

FINANCIAL RISK MANAGEMENT

Group fi nancial risk management is governed by policies and guidelines which are reviewed and approved annually by the

Board of Directors, most recently in February 2024. 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 fi nancial risk at reasonable cost. The Group does not trade in fi nancial instruments, nor does it enter into any

leveraged derivative transactions. DCC’s Group Treasury function centrally manages the Group’s 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 fi nancial strength through a disciplined approach to balance sheet

management and maintaining relatively low levels of fi nancial risk. At 31 March 2024, the Group had cash and cash equivalents

of £1,109.446 million (note 3.9) and £766 million undrawn under its committed revolving credit facility (note 3.11). At 31 March 2024,

the capital structure, as summarised above had net debt excluding lease creditors of £784.698 million.

(i) Credit risk management

Credit risk is the risk of fi nancial loss to the Group if a customer or counterparty to a fi nancial 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 fi nancial institutions and derivative fi nancial instruments.

The Group’s trade receivables are generally unsecured and non-interest bearing and arise from a wide and varied customer

base spread throughout the Group’s operations and, as such, there is no signifi cant 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’s

credit risk management policy in relation to trade receivables involves periodically assessing the fi nancial reliability of

customers, considering their fi nancial position, past experience and other factors. The utilisation of credit limits is regularly

monitored, and a signifi cant element of credit risk is covered by credit insurance.

The Group applies the simplifi ed approach to providing for expected credit losses (‘ECL’) 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’s of trade receivables, which comprises a very large number of small

balances. Loss rates are based on actual credit loss experience.

As detailed in note 3.6, the Group’s trade receivables at 31 March 2024 amount to £1,782.513 million (2023: £1,939.528 million).

Customer credit risk arising in the context of the Group’s operations is not signifi cant and the total allowance for impairment

of trade receivables amounts to 4.8% of the Group’s gross trade receivables (2023: 3.8%). The allowance for impairment mainly

relates to trade and other receivables balances which are over six months overdue.

Where appropriate, certain of the Group’s operations selectively utilise supply chain fi nancing solutions to sell, on a

non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing activities. The

level of supply chain fi nancing at 31 March 2024 was £145.386 million (2023: £151.097 million) and has been derecognised from

‘Trade and other receivables’ in accordance with the Group’s accounting policy. Revenues relating to the non-recourse sale

of receivables included in overall Group revenues in the year ended 31 March 2024 amounted to £690.265 million

(2023: £1,167.725 million).

Risk of counterparty default arising on cash and cash equivalents and derivative fi nancial 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

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 219

NOTES TO THE FINANCIAL STATEMENTS Continued

institution. DCC transacts with a variety of high credit quality fi nancial 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 2024 of £1,109.446 million, 10.8% (£119.351 million) was with money

market funds, 95.6% (£1,060.459 million) was with money market funds or fi nancial institutions with minimum short-term ratings of

A-1 (Standard and Poor’s) or P-1 (Moody’s) and 95.7% (£1,062.108 million) was with money market funds or fi nancial institutions

with minimum short-term ratings of A-2 (Standard and Poor’s) or P-2 (Moody’s). 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 2024, derivative transactions were

with counterparties with ratings ranging from A+ to A- (long-term) with Standard and Poor’s or Aa1 to A1 (long-term) with

Moody’s. The Group accordingly does not expect any loss in relation to its cash and cash equivalents or its derivative balances

at 31 March 2024.

Management does not expect any signifi cant 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 fi nancing purposes. In addition, the Group maintains signifi cant committed

and uncommitted credit lines with its relationship banks. Compliance with the Group’s 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 2024, 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’s debt covenants is included in the Financial Review.

The following tables show the projected contractual undiscounted total cash outfl ows (principal and interest) arising from the

Group’s trade and other payables, gross debt and derivative fi nancial instruments. The tables also include the gross cash

infl ows projected to arise from derivative fi nancial instruments. These projections are based on the interest and foreign

exchange rates applying at the end of the relevant fi nancial year.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024220

	Less than	Between	Between	Over
	1 year	1 and 2 years	2 and 5 years	5 years	Total
As at 31 March 2024	£’000	£’000	£’000	£’000	£’000
Financial liabilities – cash outfl ows
Trade and other payables	(3,054,108)	–	–	–	(3,054,108)
Interest bearing loans and borrowings	(369,797)	(87,796)	(777,079)	(736,037)	(1,970,709)
Interest payments on interest bearing loans and borrowings	(77,432)	(71,113)	(165,416)	(110,728)	(424,689)
Lease creditors	(77,527)	(60,105)	(111,929)	(112,822)	(362,383)
Interest payments on lease creditors	(11,317)	(9,049)	(17,338)	(39,680)	(77,384)
Acquisition related liabilities	(69,768)	(48,847)	(21,942)	(1,220)	(141,777)
Cross currency swaps – gross cash outfl ows	(174,092)	(80,745)	(92,301)	(18,180)	(365,318)
Other derivative fi nancial instruments	(20,548)	(1,294)	(573)	–	(22,415)
Interest rate swaps – net cash outfl ows	(3,374)	(3,142)	(6,596)	(595)	(13,707)
	(3,857,963)	(362,091)	(1,193,174)	(1,019,262)	(6,432,490)
Derivative fi nancial instruments – cash infl ows
Cross currency swaps – gross cash infl ows	215,325	94,337	114,652	22,678	446,992
Other derivative fi nancial instruments	11,000	632	132	–	11,764
	226,325	94,969	114,784	22,678	458,756

	Less than	Between	Between	Over
	1 year	1 and 2 years	2 and 5 years	5 years	Total
As at 31 March 2023	£’000	£’000	£’000	£’000	£’000
Financial liabilities – cash outfl ows
Trade and other payables	(3,279,898)	–	–	–	(3,279,898)
Interest bearing loans and borrowings	(321,381)	(339,526)	(679,945)	(954,922)	(2,295,774)
Interest payments on interest bearing loans and borrowings	(88,518)	(74,915)	(182,481)	(157,919)	(503,833)
Lease creditors	(71,158)	(57,675)	(103,126)	(114,587)	(346,546)
Interest payments on lease creditors	(9,227)	(7,642)	(15,712)	(40,180)	(72,761)
Acquisition related liabilities	(41,221)	(28,903)	(48,998)	(8,271)	(127,393)
Cross currency swaps – gross cash outfl ows	(239,597)	(171,258)	(168,028)	(18,942)	(597,825)
Other derivative fi nancial instruments	(42,341)	(3,803)	(1,331)	–	(47,475)
Interest rate swaps – net cash outfl ows	(11,062 )	(9,821)	(24,414)	(2,348)	(47,645)
	(4,104,403)	(693,543)	(1,224,035)	(1,297,169)	(7,319,150)
Derivative fi nancial instruments – cash infl ows
Cross currency swaps – gross cash infl ows	291,277	220,095	212,491	24,308	748,171
Other derivative fi nancial instruments	12,227	1,045	10	–	13,282
	303,504	221,140	212,501	24,308	761,453

The Group has suffi cient 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 profi le of debt maturities over the coming years which will be serviced through

a combination of cash and cash equivalents, cash fl ows, committed bank facilities and the raising of additional

long-term debt.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 221

NOTES TO THE FINANCIAL STATEMENTS Continued

(iii) Market risk management

Foreign exchange risk management

DCC’s 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 profi ts 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 signifi cant 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 off set by the strong ongoing cash fl ow generated from the

Group’s non-sterling operations, leaving DCC with a net investment in non-sterling assets. The loss of £66.2 million arising on

the translation of DCC’s non-sterling denominated net asset position at 31 March 2024 as set out in the Group Statement of

Comprehensive Income mainly refl ects the weakening in the value of the euro and US dollar against sterling with the impact

of movements against other currencies largely off setting each other.

The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units in

currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the local

currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between 50% and 90%

of those transactions for the subsequent two months. The Group also hedges a proportion of anticipated transactions in

certain subsidiaries for periods ranging up to 18 months with such transactions qualifying as ‘highly probable’ 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 £29.9 million (2023: £28.2 million) impact on the

Group’s profi t before tax and exceptional items, would change the Group’s equity by £210.3 million and change the Group’s net

debt by £97.2 million (2023: £210.2 million and £102.0 million respectively). The Group has an insignifi cant 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 and sterling SONIA.

Having borrowed at both fi xed and fl oating rates of interest, DCC has swapped its fi xed rate borrowings to a combination of

fi xed and fl oating interest rates, using interest rate and cross currency interest rate swaps. Overall interest rate risk on gross

borrowings is mitigated by matching, to the extent possible, the maturity of its cash balances with the interest rate reset

periods on the swaps related to its borrowings, and with interest income on deposits.

Sensitivity of interest charges to interest rate movements

Based on the composition of net debt at 31 March 2024 a one percentage point (100 basis points) change in average fl oating

interest rates would have a £4.9 million (2023: £4.7 million) impact on the Group’s profi t before tax.

Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10 and 3.11.

Commodity price risk management

DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil products

and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that commodity cost

price movements are promptly refl ected 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

‘highly probable’ 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 12 months.

Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in duration. DCC

fi xes its purchase cost on contracted future volumes where the customer contract contains a take-or-pay arrangement that

permits the customer to purchase a fi xed amount of product for a fi xed price during a specifi ed 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 signifi cant amounts of commodity inventory relative to purchases and sales; however, for certain inventory,

such as fuel oil and natural gas, DCC may enter hedge contracts to manage price exposures.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024222

Across its energy activities, DCC enters into commodity hedges to fi x a portion of its own fuel costs.

Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk

Management function. Divisional and subsidiary management, in conjunction with the Group’s 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 Offi cer 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’s profi t before tax (2023: immaterial) and an immaterial impact on the Group’s equity

(2023: immaterial).

The impact on the Group’s profi t before tax and on the Group’s 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 diffi cult to quantify but would not be material.

Fair values of fi nancial assets and fi nancial liabilities

The fair values of borrowings (none of which are listed) and derivative fi nancial instruments are measured by discounting cash

fl ows 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 profi ts of the acquired entity over the relevant period. The carrying value of non-interest-bearing fi nancial assets,

fi nancial 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’s fi nancial

assets and fi nancial liabilities:

		2024		2023
	Book value	Fair value	Book value	Fair value
	£’000	£’000	£’000	£’000
Financial assets
Derivative fi nancial instruments	97,824	97,824	148,457	148,457
Trade and other receivables	2,172,422	2,172,422	2,312,269	2,312,269
Cash and cash equivalents	1,109,446	1,109,446	1,421,749	1,421,749
	3,379,692	3,379,692	3,882,475	3,882,475
Financial liabilities
Borrowings (excluding lease creditors)	1,943,518	1,975,789	2,254,615	2,292,098
Derivative fi nancial instruments	48,450	48,450	82,926	82,926
Acquisition related liabilities	141,777	141,777	127,393	127,393
Trade and other payables	3,054,108	3,054,108	3,279,898	3,279,898
	5,187,853	5,220,124	5,744,832	5,782,315

The Group has adopted the following fair value measurement hierarchy in relation to its fi nancial assets and fi nancial liabilities

that are carried in the Balance Sheet at fair value as at the year end:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

• 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

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 223

NOTES TO THE FINANCIAL STATEMENTS Continued

	Level 1	Level 2	Level 3	Total
Fair value measurement as at 31 March 2024	£’000	£’000	£’000	£’000
Financial assets
Derivative fi nancial instruments (note 3.10)	–	97,824	–	97,824
	–	97,824	–	97,824
Financial liabilities
Acquisition related liabilities (note 3.16)	–	–	141,777	141,777
Derivative fi nancial instruments (note 3.10)	–	48,450	–	48,450
	–	48,450	141,777	190,227
	Level 1	Level 2	Level 3	Total
Fair value measurement as at 31 March 2023	£’000	£’000	£’000	£’000
Financial assets
Derivative fi nancial instruments (note 3.10)	–	148,457	–	148,457
	–	148,457	–	148,457
Financial liabilities
Acquisition related liabilities (note 3.16)	–	–	127,393	127,393
Derivative fi nancial instruments (note 3.10)	–	82,926	–	82,926
	–	82,926	127,393	210,319

Level 2 fair value measurement:

The specifi c valuation techniques used to value fi nancial instruments that are carried at fair value using level 2 valuation

techniques are:

• the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of the

estimated future cash fl ows based on observable yield curves;

• 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

• the fair value of forward commodity contracts is determined using quoted forward commodity prices at the reporting date

with the resulting value discounted back to present value.

Level 3 fair value measurement:

Acquisition related liabilities are included in level 3 of the fair value hierarchy. Details of the movement in the year are included in

note 3.16. The specifi c valuation techniques used to value contingent consideration that is carried at fair value using level 3

valuation techniques are:

• the expected future payments are determined by forecasting the acquiree’s relevant basis for the contingent consideration

(i.e. valuations based on EBITDA or EBIT multiples) as appropriate to the specifi c contractual earn out arrangement; and

• 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 signifi cant unobservable inputs are as follows:

• forecasted average adjusted operating profi t growth rate 5.0% to 52.0% (2023: 10.0% to 20.0%);

• forecasted average outfl ow on Butagaz acquisition related liabilities £2.6 million per annum (2023: £3.5 million per annum);

and

• risk adjusted discount rate 3.0%% to 9.4% (2023: 3.0% to 8.9%).

The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/(lower) if the

forecasted outfl ow on Butagaz acquisition related liabilities 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 signifi cant unobservable

inputs at 31 March 2024, holding the other inputs constant, would have the following eff ects:

	2024	2023
Impact on the carrying value of contingent consideration	£’000	£’000
Forecasted average adjusted operating profi t growth rate (1% movement)	1,814	1,522
Forecasted outfl ow on Butagaz acquisition related liabilities (5% movement)	106	682
Risk adjusted discount rate (0.5% movement)	1,478	901

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024224

OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

(i) Financial assets

The following fi nancial assets are subject to off setting, enforceable master netting arrangements or similar agreements:

		Gross amounts			Related amounts not set off in the
		of recognised	Net amounts of		Balance Sheet
		fi nancial	fi nancial assets
	Gross amounts	liabilities set off	presented in
	of recognised	in the Balance	the Balance	Financial	Cash collateral
	fi nancial assets	Sheet	Sheet	liabilities	received	Net amount
As at 31 March 2024	£’000	£’000	£’000	£’000	£’000	£’000
Derivative fi nancial instruments	86,060	–	86,060	(21,163)	–	64,897
Cash and cash equivalents	506,506	–	506,506	(34,274)	–	472,232
	592,566	–	592,566	(55,437)	–	537,129

		Gross amounts			Related amounts not set off in the
		of recognised	Net amounts of		Balance Sheet
		fi nancial	fi nancial assets
	Gross amounts	liabilities set off	presented in
	of recognised	in the Balance	the Balance	Financial	Cash collateral
	fi nancial assets	Sheet	Sheet	liabilities	received	Net amount
As at 31 March 2023	£’000	£’000	£’000	£’000	£’000	£’000
Derivative fi nancial instruments	135,175	–	135,175	(28,860)	–	106,315
Cash and cash equivalents	389,669	–	389,669	(46,328)	–	343,341
	524,844	–	524,844	(75,188)	–	449,656

(ii) Financial liabilities

The following fi nancial liabilities are subject to off setting, enforceable master netting arrangements or similar agreements:

			Net amounts		Related amounts not set off in the
		Gross amounts	of fi nancial		Balance Sheet
	Gross amounts	of recognised	liabilities
	of recognised	fi nancial assets	presented in
	fi nancial	set off in the	the Balance	Financial	Cash collateral
	liabilities	Balance Sheet	Sheet	assets	provided	Net amount
As at 31 March 2024	£’000	£’000	£’000	£’000	£’000	£’000
Derivative fi nancial instruments	26,035	–	26,035	(21,163)	–	4,872
Bank borrowings	34,274	–	34,274	(34,274)	–	–
	60,309	–	60,309	(55,437)	–	4,872

			Net amounts		Related amounts not set off in the
		Gross amounts	of fi nancial		Balance Sheet
	Gross amounts	of recognised	liabilities
	of recognised	fi nancial assets	presented in
	fi nancial	set off in the	the Balance	Financial	Cash collateral
	liabilities	Balance Sheet	Sheet	assets	provided	Net amount
As at 31 March 2023	£’000	£’000	£’000	£’000	£’000	£’000
Derivative fi nancial instruments	35,451	–	35,451	(28,860)	–	6,591
Bank borrowings	46,328	–	46,328	(46,328)	–	–
	81,779	–	81,779	(75,188)	–	6,591

For the fi nancial 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 fi nancial assets and liabilities

when both elect to settle on a net basis. In the absence of such an election, fi nancial 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.

5.7 FINANCIAL RISK AND CAPITAL MANAGEMENT continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 225

NOTES TO THE FINANCIAL STATEMENTS Continued

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 fi nancial statements.

In April 2024, DCC Energy acquired Next Energy for an initial enterprise value of approximately £90 million. Next Energy is an

energy effi ciency and renewable energy services provider focused on the UK domestic sector. Founded in 2016 and employing

120 people, Next Energy is a market-leading provider of retrofi t energy transition solutions with an emphasis on the government

funded market. The business supports domestic customers to improve the energy ratings of their houses. Next Energy has an

addressable market of c.16 million homes (more than half of the UK’s housing stock), of which up to c.14.5 million have either full

or partial funding for retrofi t. Services include the installation of heat pumps, heating controls, insulation, solar PV and battery.

Next Energy accelerates DCC Energy’s Cleaner Energy in Your Power strategy for UK domestic customers, complementing

existing capability.

The Group also acquired (or agreed to acquire) a number of smaller businesses post year-end including Copropriétés

Diagnostic and Secundo Photovoltaik.

An initial assignment of fair values to identifi able net assets acquired has not been completed given the timing of the closure of

these transactions.

5.9

SUMMARY OF MATERIAL ACCOUNTING POLICIES

This section sets out the Group’s 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 off ered in that business segment and/or country of operation. Given the short-term nature of

these credit terms, no element of fi nancing is deemed present. Group revenues do not include any signifi cant level of

variable consideration.

Revenue is recorded when the collection of the amount is reasonably assured and when specifi c criteria have been met for

each of the Group’s activities as detailed below.

Sales of goods

Revenue from the sale of goods is measured based on the consideration specifi ed 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 specifi c terms and conditions agreed with individual customers. In the case of consignment stock

arrangements, revenue is recognised on the date that legal title passes. Rebates, allowances, and discounts are recorded in

the same period as the original revenue.

DCC Energy derives most of its revenue from the sale of transport and commercial fuels, heating oils and related products,

liquid gas, refrigerants, electricity and natural gas. Revenue is also derived from activities which fall under services, renewables

and other (‘SRO’) such as the sale and installation of solar panels and energy effi ciency off erings. The customer obtains control

when the goods are delivered to the customer. The performance is satisfi ed once the customer accepts the delivery. Products

can be sold under short or long-term agreements at prevailing market prices or at fi xed prices for which DCC Energy will have

fi xed supply prices.

DCC Healthcare derives its revenue from the sale of a broad range of third-party and own-branded medical devices and

pharmaceuticals. Revenue is also generated from the manufacture of products for health and beauty brand owners. The

customer obtains control when the products are delivered to the customer and the performance is satisfi ed once the customer

accepts the products. Revenue is recognised at this point in the majority of cases.

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 satisfi ed.

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’ estimate of the likely rebate to be awarded to customers. Estimates are based on

Financial Statements Continued

DCC plc Annual Report and Accounts 2024226

historical results, taking into consideration the type of customer, the type of transaction and the specifi c 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 defi ned by IFRS 15.

Service revenue in DCC Energy is generated from a variety of value-added services provided to customers. Revenue is

recognised when the performance obligation is met which is as the service is provided.

DCC Healthcare generates service revenue from a variety of sources such as logistics services including stock management,

distribution services to hospitals and healthcare manufacturers as well as engineering and preventative maintenance services.

Revenue is recognised as the service is rendered and completed, when the performance obligation is deemed to be met.

DCC Technology generates service revenue from providing a range of value-added services to both its customers and

suppliers including third party logistics, web site development and management, outsourced managed services, training and

certain supply chain management services such as quality assurance and compliance. Revenue relating to these services

is recognised when the performance obligation is deemed to be met which is as the service is provided.

Rental income

Rental income principally comprises property and liquid gas tank rental income and rental income from operating leases is

recognised on a straight-line basis over the term of the lease. The related assets are recorded within property, plant and

equipment and are depreciated on a straight-line basis over the useful lives of the assets.

SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision

maker who is responsible for allocating resources and assessing performance of the operating segments. The Group has

determined that it has three reportable operating segments: DCC Energy, DCC Healthcare and DCC Technology.

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The functional currency of the Company is euro. The consolidated fi nancial statements are presented in sterling which is the

Company’s and the Group’s presentation currency, and a signifi cant portion of the Group’s revenue and operating profi t is

generated in sterling. Items included in the fi nancial statements of each of the Group’s 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 diff erences on monetary assets and liabilities are taken to the Group Income Statement except when cash fl ow or

net investment hedge accounting is applied.

Group companies

Results and cash fl ows 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 eff ect 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 diff erences on related currency instruments designated as hedges of such investments.

On disposal of a foreign operation, such cumulative currency translation diff erences are recognised in the Income Statement as

part of the overall gain or loss on disposal. In accordance with IFRS 1, cumulative currency translation diff erences 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 eff ective 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 eff ective interest rate method. The net fi nance cost/income on defi ned benefi t pension scheme assets or

obligations are recognised in the Income Statement in accordance with IAS 19.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 227

NOTES TO THE FINANCIAL STATEMENTS Continued

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 ‘Finance Costs’ 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 off set 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 eff ective 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 defi ned above, are included in ‘Finance Income’ in the case of a net gain.

EXCEPTIONAL ITEMS

The Group has adopted an Income Statement format which seeks to highlight signifi cant items within the Group results for

the year. Such items may include restructuring, profi t or loss on disposal or termination of operations, litigation costs and

settlements, profi t or loss on disposal of investments, profi t or loss on disposal of property, plant and equipment, IAS 39

ineff ective mark-to-market movements together with gains or losses arising from currency swaps off set by gains or losses on

related fi xed rate debt, acquisition costs, profi t or loss on defi ned benefi t 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’s income tax charge is based on reported profi t and enacted statutory tax rates, which refl ect various allowances

and reliefs available to the Group in the multiple tax jurisdictions in which it operates. The determination of the Group’s 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 fi nal outcome of these matters will not be diff erent to that which is refl ected

in the Group’s historical income tax provisions and accruals. Whilst it is possible, the Group does not currently anticipate that

any such diff erences could have a material impact on the income tax provision and profi t for the period in which such a

determination is made nor does it expect any signifi cant impact on its fi nancial position in the near term. This is based on the

Group’s knowledge and experience, as well as the profi le of the individual components which have been refl ected 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 profi t 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 profi t 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 diff erences at the reporting date which is defi ned as the

diff erence between the tax bases of assets and liabilities and their carrying amounts in the fi nancial 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 diff erences except for the following:

• 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 aff ects neither the accounting profi t nor the taxable profi t or loss at the

time of the transaction; and

• where, in respect of taxable temporary diff erences associated with investments in subsidiaries and associates, the timing of

the reversal of the temporary diff erence is subject to control by the Group and it is probable that reversal will not occur in the

foreseeable future.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024228

Deferred tax assets are recognised in respect of all deductible temporary diff erences, carry-forward of unused tax credits and

unused tax losses to the extent that it is probable that taxable profi ts will be available against which to off set these

items except:

• 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 aff ects neither the accounting profi t nor the taxable profi t or loss at the time of the transaction; and

• where, in respect of deductible temporary diff erences associated with investment in subsidiaries and associates, a deferred

tax asset is recognised only if it is probable that the deductible temporary diff erence will reverse in the foreseeable future

and that suffi cient taxable profi ts will be available against which the temporary diff erence 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 suffi cient taxable profi ts 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% – 331⁄3%
Cylinders	62⁄3% – 10%
Motor vehicles	10% – 331⁄3%
Fixtures, fi ttings & offi ce equipment	10% – 331⁄3%

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’s carrying amount or recognised as a separate asset, as appropriate, only when it is

probable that future economic benefi ts associated with the item will fl ow 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 fi nancial 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. Identifi able 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’s identifi able net assets. Acquisition costs are expensed as incurred.

When the Group acquires a business, it assesses the fi nancial assets and liabilities assumed for appropriate classifi cation 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’s 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

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 229

NOTES TO THE FINANCIAL STATEMENTS Continued

changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in the

Income Statement.

Goodwill is initially measured at cost being the excess of the fair value of the aggregate of the consideration transferred and

the amount recognised for non-controlling interest over the net identifi able 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

diff erence is recognised in the Income Statement.

A fi nancial liability is recognised in relation to the non-controlling shareholder’s option to put its shareholding back to the

Group, being the fair value of the estimate of amounts payable to acquire the non-controlling interest. The fi nancial liability is

included in acquisition related liabilities. The discount component is unwound as an interest charge in the Income Statement

over the life of the obligation. Subsequent changes to the fi nancial liability are recognised in the Income Statement.

GOODWILL

Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included at its

carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1, the accounting

treatment of business combinations undertaken prior to the transition date was not reconsidered and goodwill amortisation

ceased with eff ect 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 identifi able 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 benefi t from the business combination in which the goodwill arose.

Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for

impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired.

The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in associates under

the equity method in the Group Balance Sheet.

Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is

considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual period. Impairment is

determined by assessing the recoverable amount of the cash-generating unit to which the goodwill relates. Where the

recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised. Impairment

losses arising in respect of goodwill are not reversed following recognition.

Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the profi t 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 fi nite life are carried at cost less any applicable accumulated

amortisation and any accumulated impairment losses. Where amortisation is charged on assets with fi nite 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, fi nite-lived intangible assets are amortised over periods

ranging from two to 40 years, depending on the nature of the intangible asset.

The carrying amount of fi nite-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

identifi able cash fl ows (cash-generating units).

The Group does not have any indefi nite-lived intangible assets.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024230

INVENTORIES

Inventories are valued at the lower of cost and net realisable value.

Cost is determined on a fi rst in fi rst 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 fi nancial instrument is recognised when the Group becomes a party to its contractual provisions. Financial assets are

derecognised when the Group’s contractual rights to the cash fl ows from the fi nancial assets expire, are extinguished,

or transferred to a third party. Financial liabilities are derecognised when the Group’s obligations specifi ed in the contracts

expire, are discharged, or cancelled.

TRADE AND OTHER RECEIVABLES

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the

eff ective 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.

Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy or fi nancial reorganisation, and

default in payments are considered indicators that the trade receivable is impaired. The amount of the allowance is the

diff erence between the asset’s carrying amount and the present value of estimated future cash fl ows. The amount of the

allowance is recognised in the Income Statement.

The Group derecognises a receivable only when the contractual rights to the cash fl ows 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 ‘a group

of similar assets’ 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 diff erence between the asset’s 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 ‘Trade and other receivables’ in the Group Balance Sheet. The Group presents cash fl ows 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

defi ned 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 diff erence 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 eff ective interest method.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 231

NOTES TO THE FINANCIAL STATEMENTS Continued

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 signifi cant fi nancial restrictions on the Group.

A contract contains a lease if it is enforceable and conveys the right to control the use of a specifi ed 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 fi xed 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 profi le 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 eff ective 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 fi nancial 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, fi nancing and investment activities.

Derivative fi nancial instruments are recognised at inception at fair value, being the present value of estimated future cash

fl ows. 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 refl ected in the Income Statement in ‘Finance Costs’.

Changes in the fair value of other derivative fi nancial instruments for which the Group has not elected to apply hedge

accounting are refl ected in the Income Statement, in ‘Other Operating Income/Expenses’.

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 fi rm commitments that are attributable to hedged risks) or cash

fl ow hedges (which hedge exposures to fl uctuations in future cash fl ows 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 eff ective in off setting changes in fair values or cash fl ows of hedged items.

The fair values of various derivative instruments are disclosed in note 3.10 and the movements on the cash fl ow hedge reserve

in equity are shown in note 4.2. The full fair value of a derivative is classifi ed 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.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024232

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 ‘Finance

Income’ or ‘Finance Costs’. 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 refl ected in the Income

Statement within ‘Finance Costs’ or ‘Finance Income’. The gain or loss on commodity derivatives that are designated as fair

value hedges of fi rm commitments are recognised in the Income Statement. Any change in the fair value of the fi rm

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 fl ow hedge

Where a derivative fi nancial instrument is designated as a hedge of the variability in cash fl ows of a recognised asset or liability

or a highly probable forecasted transaction, the eff ective part of any gain or loss on the derivative fi nancial instrument is

recognised as a separate component of equity. The ineff ective portion is reported in the Income Statement in ‘Finance Income’

and ‘Finance Costs’ where the hedged item is private placement debt, and in ‘Other Operating Income/Expenses’ for all other

cases. When a forecast transaction results in the recognition of an asset or a liability, the cumulative gain or loss is removed

from equity and included in the initial measurement of the asset or liability. Otherwise, the associated gains or losses that had

previously been recognised in equity are transferred to the Income Statement in the same reporting period as the hedged

transaction in Revenue or Cost of Sales (depending on whether the hedge related to a forecasted sale or purchase).

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any

cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is

ultimately recognised in the Income Statement. When a forecast transaction is no longer expected to occur, the cumulative

gain or loss that was reported in equity is immediately transferred to the Income Statement.

PROVISIONS

A provision is recognised in the Balance Sheet when the Group has a present obligation (either legal or constructive) because

of a past event, and it is probable that a transfer of economic benefi ts will be required to settle the obligation. Provisions are

measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are

discounted to present value where the eff ect 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 qualifi ed for recognition in

the fi nancial 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 confi rmed by future

events or where it is not probable that an outfl ow 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 infl ow of economic benefi ts 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 eff orts 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’s 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 refl ected in the Income Statement.

Cylinder and tank deposits provisions

In certain DCC Energy operations, an obligation arises from the receipt of deposit fees paid by customers for liquid gas

cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This deposit will

subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank together with the original

deposit receipt. Cylinder and tank deposits acquired through business combinations are measured initially at their fair value at

the acquisition date (i.e., net present value) and the unwinding of the discount element is refl ected in the Income Statement.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 233

NOTES TO THE FINANCIAL STATEMENTS Continued

PENSION AND OTHER POST-EMPLOYMENT OBLIGATIONS

The Group operates defi ned contribution and defi ned benefi t pension schemes.

The costs arising in respect of the Group’s defi ned 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

fi xed contributions.

The Group operates several defi ned benefi t pension schemes which require contributions to be made to separately

administered funds. The liabilities and costs associated with the Group’s defi ned benefi t pension schemes are assessed based

on the projected unit credit method by qualifi ed actuaries and are arrived at using actuarial assumptions based on market

expectations at the reporting date. The Group’s net obligation in respect of defi ned benefi t pension schemes is calculated

separately for each plan by estimating the number of future benefi ts that employees have earned in return for their service in

the current and prior periods. That benefi t 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’ 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 benefi t obligations.

The deferred tax impact of pension scheme surpluses and defi cits 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 reclassifi ed to profi t or loss in

subsequent periods.

The defi ned benefi t pension asset or liability in the Group Balance Sheet comprises the total for each plan of the present value

of the defi ned benefi t 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 benefi t 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 defi ned benefi t

asset is limited to the present value of any economic benefi ts 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 signifi cant 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 defi ned

benefi t obligation for employee service in prior periods, resulting in the current period from the introduction of, or changes to,

post-employment benefi ts. A settlement arises where the Group is relieved of responsibility for a pension obligation and

eliminates signifi cant risk relating to the obligation and the assets used to aff ect 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 refl ect 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.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024234

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 defi ned in IFRS 2.

EQUITY

Treasury shares

Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from total equity and

classifi ed 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’s fi nancial 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’ 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’s proportionate share of the acquiree’s net assets.

5.10

APPROVAL OF FINANCIAL STATEMENTS

The fi nancial statements were approved by the Board of Directors on 13 May 2024.

5.9 SUMMARY OF MATERIAL ACCOUNTING POLICIES continued

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 235

Note

2024

£’000

2023

£’000

ASSETS

Non-current assets

Investments in subsidiary undertakings 6.4 1,141,980 1,174,092

Current assets

Trade and other receivables 6.5 339,191 293,884

Cash and cash equivalents

6.7 5,375 10,691

344,566 304,575

Total assets 1,486,546 1,478,667

EQUITY

Capital and reserves

Share capital 4.1 17,422 17,422

Share premium

4.1 883,890 883,669

Other reserves

6.8 135,050 165,537

Retained earnings

6.9 400,165 360,947

Total equity 1,436,527 1,427,575

LIABILITIES

Current liabilities

Trade and other payables 6.6 50,019 51,092

Total equity and liabilities 1,486,546 1,478,667

Mark Breuer, Donal Murphy

Directors

COMPANY BALANCE SHEET

AS AT 31 MARCH 2024

Financial Statements Continued

DCC plc Annual Report and Accounts 2024236

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

Share capital

(note 4.1)

£’000

Share premium

(note 4.1)

£’000

Retained earnings

(note 6.9)

£’000

Other reserves

(note 6.8)

£’000

Total equity

£’000

At 1 April 2023 17,422 883,669 360,947 165,537 1,427,575

Profi t for the fi nancial year – – 228,035 – 228,035

Other comprehensive income:

Currency translation – – – (39,697) (39,697)

Total comprehensive income – – 228,035 (39,697) 188,338

Re-issue of treasury shares – 221 – – 221

Share based payment – – – 9,210 9,210

Dividends – – (188,817) – (188,817)

At 31 March 2024 17,422 883,890 400,165 135,050 1,436,527

FOR THE YEAR ENDED 31 MARCH 2023

Share capital

(note 4.1)

£’000

Share premium

(note 4.1)

£’000

Retained earnings

(note 6.9)

£’000

Other reserves

(note 6.8)

£’000

Total equity

£’000

At 1 April 2022 17,422 883,321 318,532 105,414 1,324,689

Profi t for the fi nancial year – – 220,258 – 220,258

Other comprehensive income:

Currency translation – – – 52,963 52,963

Total comprehensive income – – 220,258 52,963 273,221

Re-issue of treasury shares – 348 – – 348

Share based payment – – – 7,160 7,160

Dividends – – (177,843) – (177,843)

At 31 March 2023 17,422 883,669 360,947 165,537 1,427,575

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 237

Note

2024

£’000

2023

£’000

Operating activities

Cash generated from operations 6.10 (45,660) (65,428)

Net cash fl ow from operating activities (45,660) (65,428)

Investing activities

Infl ows:

Interest received

12,199 10,348

Dividends received from subsidiaries

217,065 210,581

229,264 220,929

Outfl ows:

Acquisition of subsidaries

6.4 (73) –

Net cash fl ow from investing activities 229,191

220,929

Financing activities

Infl ows:

Proceeds from issue of shares

221 348

Outfl ows:

Dividends paid

2.10 (188,817) (177,843)

Net cash fl ow from fi nancing activities (188,596) (177,495)

Change in cash and cash equivalents

(5,065) (21,994)

Translation adjustment

(251) 818

Cash and cash equivalents at beginning of year

10,691 31,867

Cash and cash equivalents at end of year 6.7 5,375 10,691

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

Financial Statements Continued

DCC plc Annual Report and Accounts 2024238

NOTES TO THE COMPANY FINANCIAL STATEMENTS

SECTION 6 NOTES TO THE COMPANY FINANCIAL STATEMENTS

In accordance with the Companies Act 2014, information regarding the ultimate Parent

Company, DCC plc, is presented below.

6.1

BASIS OF PREPARATION

The fi nancial statements which are presented in sterling, rounded to the nearest thousand, have been prepared in accordance

with International Financial Reporting Standards (‘IFRS’) as adopted by the European Union.

The Company applies consistent accounting policies to those applied by the Group. To the extent that an accounting policy is

relevant to both Group and Parent Company fi nancial statements, please refer to the Group fi nancial statements for disclosure

of the relevant accounting policy.

6.2

AUDITOR STATUTORY DISCLOSURE

The audit fee for the Parent Company is £15,450 and is payable to KPMG, Ireland, the statutory auditor (2023: £15,450).

6.3

PROFIT ATTRIBUTABLE TO DCC PLC

Profi t after tax for the year attributable to owners of the Parent Company amounting to £228.035 million (2023: £220.258 million)

has been accounted for in the fi nancial statements of the Company. In accordance with Section 304(2) of the Companies Act,

2014, the Company is availing of the exemption from presenting its individual Income Statement to the Annual General Meeting.

The Company has also availed of the exemption from fi ling its individual Income Statement with the Registrar of Companies as

permitted by Section 304(2) of the Companies Act, 2014.

6.4

INVESTMENTS IN SUBSIDIARY UNDERTAKINGS

2024

£’000

2023

£’000

At 1 April 1,174,092 1,130,455

Additions

73 –

Impairment

– (712)

Exchange and other

(32,185) 44,349

At 31 March

1,141,980 1,174,092

Details of the Group’s principal operating subsidiaries are included in the Supplementary Information section on pages 244 to

258. Non-wholly owned subsidiaries principally comprises DCC Holding Denmark A/S (60%) (which owns 100% of DCC Energi

Danmark A/S, DCC Energi Retail A/S and DCC Energi Center A/S).

The Group’s principal overseas holding company subsidiaries are DCC Limited, a company operating, incorporated and

registered in England and Wales and DCC International Holdings B.V., a company operating, incorporated and registered in

the Netherlands. The registered offi ce of DCC Limited is at 2 New Street Square, London, EC4A 3BZ, England. The registered

offi ce of DCC International Holdings B.V. is Zuiderzeestraatweg 1, 3882 NC, Putten, The Netherlands.

6.5

TRADE AND OTHER RECEIVABLES

2024

£’000

2023

£’000

Amounts owed by subsidiary undertakings 339,191 293,884

All amounts owed by subsidiary undertakings are interest-free and repayable on demand. There were no past due or impaired

trade receivables in the Company at 31 March 2024 (31 March 2023: nil). The Company does not expect any material loss in

relation to trade and other receivables at 31 March 2024.

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 239

NOTES TO THE COMPANY FINANCIAL STATEMENTS

Continued

6.6

TRADE AND OTHER PAYABLES

2024

£’000

2023

£’000

Amounts due to subsidiary undertakings 599 50,554

Other creditors and accruals

49,420 538

50,019 51,092

6.7

CASH AND CASH EQUIVALENTS

2024

£’000

2023

£’000

Cash at bank and in hand 5,375 10,691

6.8

OTHER RESERVES

Share based

payment

reserve

1

£’000

Foreign currency

translation

reserve

2

£’000

Other

reserves

3

£’000

Tota l

£’000

At 1 April 2022 47,436 57,749 229 105,414

Share based payment 7,160 – – 7,160

Currency translation – 52,963 – 52,963

At 31 March 2023

54,596 110,712 229 165,537

Share based payment 9,210 – – 9,210

Currency translation – (39,697) – (39,697)

At 31 March 2024 63,806 71,015 229 135,050

1. The share based payment reserve comprises capital contributions and cash settlements for share based payments to subsidiaries.

2. The Company’s foreign currency translation reserve represents all foreign exchange diff erences from 1 April 2004 arising from the translation of the net

assets of the Company’s euro denominated operations into sterling (the presentation currency), including the translation of the profi ts and losses of the

Company from the average rate for the year to the closing rate at the balance sheet date.

3. The Company’s other reserves is a capital conversion reserve fund.

6.9

RETAINED EARNINGS

2024

£’000

2023

£’000

At 1 April 360,947 318,532

Total comprehensive income for the fi nancial year

228,035 220,258

Dividends

(188,817) (177,843)

At 31 March

400,165 360,947

6.10

CASH GENERATED FROM OPERATIONS

2024

£’000

2023

£’000

Profi t for the fi nancial year 228,035 220,258

Add back non-operating income:

– net operating exceptionals

– 712

– net fi nance income

(12,199) (10,348)

– dividend income

(217,065) (210,581)

Operating profi t before exceptionals

(1,229) 41

Changes in working capital:

– trade and other receivables

(44,763) (72,521)

– trade and other payables

332 7,052

Cash generated from operations

(45,660) (65,428)

Financial Statements Continued

DCC plc Annual Report and Accounts 2024240

6.11

RELATED PARTY TRANSACTIONS

SUBSIDIARIES AND ASSOCIATES

The Company’s Income Statement includes dividends from its subsidiary companies DCC Financial Services Holdings Unlimited

Company (£63.128 million), DCC Financial Services International dac (£62.315 million), DCC Management Services Limited

(£38.921 million), DCC Treasury Solutions Unlimited Company (£22.429 million), DCC Healthcare Limited (£20.758 million) and DCC

Vital Limited (£9.514 million). Details of loan balances to/from subsidiaries are provided in the Company Balance Sheet on

page 224, in note 6.5 ‘Trade and Other Receivables’ and in note 6.6 ‘Trade and Other Payables’.

6.12

FINANCIAL RISK MANAGEMENT

A description of the Group’s fi nancial risk management objectives and policies is provided in note 5.7 to the Group fi nancial

statements. These fi nancial risk management objectives and policies also apply to the Parent Company.

CREDIT RISK MANAGEMENT

Credit risk arises from credit exposure to intercompany receivables and cash and cash equivalents including deposits with

banks and fi nancial institutions.

As detailed in note 6.5, the Group’s intercompany receivables at 31 March 2024 amount to £339.191 million (2023: £293.884 million).

None of these balances include a provision for impairment and all amounts are expected to be recoverable in full.

Risk of counterparty default arising on cash and cash equivalents 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 plc transacts with a variety

of high credit quality fi nancial institutions for the purpose of placing deposits. The Group actively monitors its credit exposure to

each counterparty to ensure compliance with the counterparty risk limits of the Board approved treasury policy. The cash and

cash equivalents balance at 31 March 2024 of £5.374 million was held with fi nancial institutions with minimum short-term ratings

of A-2 (Standard and Poor’s) or P-1 (Moody’s).

LIQUIDITY RISK MANAGEMENT

The tables below show the expected undiscounted total cash outfl ows (principal and interest) arising from the Company’s

trade and other payables. These projections are based on the interest and foreign exchange rates applying at the end of the

relevant fi nancial year.

As at 31 March 2024

Less than

1 year

£’000

Between

1 and 2 years

£’000

Between

2 and 5 years

£’000

Over

5 years

£’000

Total

£’000

Financial liabilities – cash outfl ows

Trade and other payables

50,019–––50,019

50,019 – – – 50,019

As at 31 March 2023

Less than

1 year

£’000

Between

1 and 2 years

£’000

Between

2 and 5 years

£’000

Over

5 years

£’000

Total

£’000

Financial liabilities – cash outfl ows

Trade and other payables 51,092 – – – 51,092

51,092 – – – 51,092

The Company has suffi cient cash resources and liquid assets to enable it to meet its trade and other payables.

MARKET RISK MANAGEMENT

Foreign exchange risk management

The Company does not have any material assets or liabilities denominated in any currency other than euro at 31 March 2024 or

at 31 March 2023 which would give rise to a signifi cant transactional currency exposure. However, as the presentation currency

for the Company is sterling, it is exposed to fl uctuations in the sterling/euro exchange rate. A change in the value of euro by 10%

against sterling would have a £1.0 million (2023: £0.9 million) impact on the Company’s profi t before tax, would change the

Company’s equity by £130.6 million and change the Company’s net cash by £0.5 million (2023: £124.9 million and

£0.9 million respectively).

Governance Supplementary InformationStrategic Report Financial Statements

DCC plc Annual Report and Accounts 2024 241

NOTES TO THE COMPANY FINANCIAL STATEMENTS

Continued

Interest rate risk management

Based on the composition of net cash at 31 March 2024 a one percentage point (100 basis points) change in average fl oating

interest rates would have a £0.1 million (2023: £0.1 million) impact on the Company’s profi t before tax. Finance income principally

comprises guarantee fees charged at fi xed rates on intergroup loans. Finance costs comprise interest on intergroup loans

payable at variable market rates.

Commodity price risk management

The Company has no exposure to commodity price risk.

Fair values of fi nancial assets and fi nancial liabilities

The following is a comparison by category of book values and fair values of the Company’s fi nancial assets and

fi nancial liabilities:

2024 2023

Book value

£’000

Fair value

£’000

Book value

£’000

Fair value

£’000

Financial assets

Trade and other receivables 339,191 339,191 293,884 293,884

Cash and cash equivalents

5,375 5,375 10,691 10,691

344,566 344,566 304,575 304,575

Financial liabilities

Trade and other payables 50,019 50,019 51,092 51,092

50,019 50,019 51,092 51,092

As at 31 March 2024 and 31 March 2023 the Company had no fi nancial assets or fi nancial liabilities which were carried at

fair value.

6.13

CONTINGENCIES

Guarantees given in respect of borrowings and other obligations are detailed in note 5.5 to the Group fi nancial statements.

6.12 FINANCIAL RISK MANAGEMENT continued

Financial Statements Continued

DCC plc Annual Report and Accounts 2024242

244 Principal Subsidiaries and Associates

248 Shareholder Information

250 Corporate Information

251 Independent Assurance Statement

253 Alternative Performance Measures

258 5 Year Review

259 Index

SUPPLEMENTARY

INFORMATION

DCC plc Annual Report and Accounts 2024 243

DCC plc Annual Report and Accounts 2024244

Supplementary Information Continued

PRINCIPAL SUBSIDIARIES AND ASSOCIATES

1

DCC ENERGY

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

DCC Energy Limited DCC House,

Leopardstown Road, Foxrock,

Dublin 18, D18 PK00, Ireland

Holding and divisional management

company

Ireland 100

ENERGY SOLUTIONS

Benegas BV Zuiderzeestraatweg 1, 3882NC,

Putten, The Netherlands

Procurement, sales, marketing and

distribution of liquid gas

The

Netherlands

100

Butagaz SAS 47-53 Rue Raspail, 92300

Levallois – Perret, Paris, France

Procurement, sales, marketing and

distribution of liquid gas fuels and

the provision of lower carbon and

renewable energy products and

services

France 100

Certa Ireland Limited Clonminam Industrial Estate,

Portlaoise, Co. Laois, R32 YY26,

Ireland

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Ireland 100

Certas Energy UK Limited 1st Floor, Allday House,

Warrington Road, Birchwood,

Warrington WA3 6GR, England

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Britain 100

DCC Energi Danmark A/S Naerum Hovedgade 8,

2850 Naerum, Denmark

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Denmark 60

DCC Germany Holding

GmbH

Werner-von Siemens-Str. 18,

97076 Würzburg, Germany

Holding company Germany 100

DCC Propane LLC 1001 Warrenville Road, Suite 350

Lisle, IL 6053, USA

Procurement, sales, marketing and

distribution of liquid gas

USA 100

DSG Energy Limited Suites 2201-2, 22nd Floor, AIA

Kowloon Tower, Landmark East,

100 How Ming Street, Kwun Tong,

Kowloon, Hong Kong

Procurement, sales, marketing and

distribution of liquid gas

Hong Kong 100

Energie Direct Austria

GmbH

Alte Poststraße 400, A-8055

Graz, Austria

Procurement, sales, marketing and

distribution of liquid fuels, lubricant

products, natural gas and the provision

of lower carbon and renewable energy

products and services

Austria 100

Flogas Britain Limited 81 Rayns Way, Syston, Leicester

LE7 1PF, England

Procurement, sales, marketing and

distribution of liquid gas fuels and the

provision of lower carbon and

renewable energy products and

services

Britain 100

Flogas Ireland Limited Knockbrack House,

Matthew’s Lane, Donore Road,

Drogheda, Co. Louth, A92 T803,

Ireland

Procurement, sales, marketing and

distribution of liquid gas fuels, natural

gas and the provision of lower carbon

and renewable energy products and

services

Ireland 100

Flogas Norge AS Sandakerveien 116, 0484 Oslo,

Norway

Procurement, sales, marketing and

distribution of liquid gas

Norway 100

1. The information in this section relates only to the Group’s principal subsidiaries and associates. A full list of subsidiaries and associates will be annexed

to the Annual Return of the Company to be fi led with the Irish Registrar of Companies.

Financial Statements

DCC plc Annual Report and Accounts 2024 245

Supplementary InformationStrategic Report Governance

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

Flogas Sverige AB Brännkyrkagatan 63,

11822 Stockholm, Sweden

Procurement, sales, marketing and

distribution of liquid gas

Sweden 100

Gaz de Paris SAS (trading

as Gaz Européen)

47-53 Rue Raspail, 92300

Levallois – Perret, Paris, France

Procurement, sales, marketing and

distribution of natural gas and

electricity

France 100

Progas GmbH Westfalendamm 84/86, 44141

Dortmund, Germany

Procurement, sales, marketing and

distribution of liquid gas

Germany 100

PVO International B.V. Graafsebaan 139, 5248 NL

Rosmalen, The Netherlands

Distributor of solar panels, invertors,

batteries and accessories used in the

commercial, industrial and domestic

energy sectors

The

Netherlands

100

Solcellekraft Holdings AS Idrettsvegen 103C, 5353

Straume, Norway

Solar PV installation company, servicing

residential and commercial

Norway 100

TEGA – Technische Gase

und Gasetechnik GmbH

Werner-von-Siemens-Str. 18,

97076 Würzburg, Germany

Procurement, sales, marketing and

distribution of liquid gas and refrigerant

gases

Germany 100

MOBILITY

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

Certas Energy France SAS 9 Avenue Edouard Belin, 92500

Rueil Malmaison, Paris, France

Sales and marketing of liquid fuels and

related products and services to the

retail sector

France 100

Certas Energy Norway AS Elias Smiths vei 24, 1337 Sandvika,

Norway

Sales and marketing of liquid fuels and

related products and services

Norway 100

Certas Energy UK Limited 1st Floor, Allday House,

Warrington Road, Birchwood,

Warrington WA3 6GR, England

Procurement, sales, marketing and

distribution of liquid fuels and the

provision of lower carbon and

renewable energy products and

services

Britain 100

DCC Energi Mobility A/S Naerum Hovedgade 8,

2850 Naerum, Denmark

Procurement, sales and marketing of

liquid fuels and related products and

services

Denmark 60

Energy Procurement

Ireland 2013 Limited

DCC House,

Leopardstown Road, Foxrock,

Dublin 18, D18 PK00, Ireland

Procurement, sales and marketing

of petroleum products

Ireland 100

Fuel Card Services

Limited

Alexandra House, Lawnswood

Business Park, Redvers Close,

Leeds LS16 6QY, England

Sale and administration of liquid fuels

and related products and services

using fuel cards

Britain 100

Qstar Försäljning AB Spårgatan 5, Box 633, 601 14

Norrköping, Sweden

Procurement, sales and marketing of

liquid fuels and related products and

services

Sweden 100

DCC HEALTHCARE

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

DCC Healthcare Limited DCC House,

Leopardstown Road, Foxrock,

Dublin 18, D18 PK00, Ireland

Holding and divisional management

company

Ireland 100

DCC VITAL

DCC Vital Limited Fannin House, South County

Business Park, Leopardstown,

Dublin 18, D18 Y0C9, Ireland

Holding company for the operations

of the DCC Vital group of companies

Ireland 100

DCC ENERGY Continued

DCC plc Annual Report and Accounts 2024246

Supplementary Information Continued

PRINCIPAL SUBSIDIARIES AND ASSOCIATES

1

Continued

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

Fannin Limited Fannin House, South County

Business Park, Leopardstown,

Dublin 18, D18 Y0C9, Ireland

Sales, marketing and distribution of

medical and pharmaceutical products

to healthcare providers

Ireland 100

Fannin (UK) Limited Westminster Industrial Estate,

Repton Road, Measham,

Swadlincote, Derbyshire

DE12 7DT, England

Sales, marketing and distribution of

medical and pharmaceutical products

to healthcare providers

Britain 100

Medi-Globe Technologies

GmbH

Medi-Globe-Straße 1-5, 83101,

Achenmühle, Germany

Development, manufacture and

distribution of single use medical

devices

Germany 100

Medilab Medical

Equipments AG

Hauptstrasse 160a,

8274 Tägerwilen, Switzerland

Sales, marketing and distribution of

medical and laboratory supplies and

services to the Swiss primary care

healthcare market

Switzerland 100

Williams Medical Supplies

Limited

Craiglas House,

The Maerdy Industrial Estate,

Rhymney, Gwent NP22 5PY,

Wales

Sales, marketing and distribution of

medical supplies and services to UK

healthcare market, primarily GPs and

primary care organisations

Britain 100

Wörner Medizinprodukte

und Logistik GmbH

Ferdinand-Lassalle-Str. 37,

72770 Reutlingen, Germany

Sales, marketing and distribution of

medical and laboratory supplies and

services to the German primary care

healthcare market

Germany 100

HEALTH & BEAUTY SOLUTIONS

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

DCC Health & Beauty

Solutions Limited

9-12 Hardwick Road,

Astmoor Industrial Estate,

Runcorn, Cheshire WA7 1PH,

England

Outsourced solutions for the health

and beauty industry

Britain 100

Amerilab Technologies,

Inc.

2765 Niagara Lane,

North Plymouth, MN 55447, USA

Development, contract manufacture

and packing of eff ervescent nutritional

products in powder and tablet formats

USA 100

Design Plus Holdings

Limited

Rowan House, 3 Stevant Way,

White Lund, Morecambe,

Lancashire LA3 3PU, England

Development, contract manufacture

and packing of liquids and creams for

the beauty and consumer healthcare

sectors

Britain 100

EuroCaps Limited Crown Business Park, Dukestown,

Tredegar, Gwent NP22 4EF,

Wales

Development and contract

manufacture of nutritional products in

softgel capsule format

Britain 100

Ion Nutritional Labs 8031 114th Ave, Suite 4000, Largo,

FL 33773, USA

Development, contract manufacture

and packing of nutritional products

across a range of formats including

tablets, capsules, powders and liquids

USA 100

Laleham Health and

Beauty Limited

Sycamore Park, Mill Lane, Alton,

Hampshire GU34 2PR, England

Development, contract manufacture

and packing of liquids and creams for

the beauty and consumer healthcare

sectors

Britain 100

Thompson & Capper

Limited

9-12 Hardwick Road,

Astmoor Industrial Estate,

Runcorn, Cheshire WA7 1PH,

England

Development, contract manufacture

and packing of nutritional products in

tablet and hard shell capsule format

Britain 100

DCC HEALTHCARE Continued

Financial Statements

DCC plc Annual Report and Accounts 2024 247

Supplementary InformationStrategic Report Governance

DCC TECHNOLOGY

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

DCC Technology Limited DCC House,

Leopardstown Road, Foxrock,

Dublin 18, D18 PK00, Ireland

Holding and divisional management

company

Ireland 100

Almo Corporation 2709 Commerce Way,

Philadelphia, PA19154, USA

Sales, marketing and distribution of

technology, appliances and lifestyle

products

United States 100

Amacom Holding BV De Tweeling 24-A,

5215 MC ‘s-Hertogenbosch,

The Netherlands

Sales, marketing and distribution of

technology products and consumer

electronics

The

Netherlands

100

Comm-Tec GmbH

(trading as Exertis AV)

Siemensstraße 14, 73066

Uhingen, Germany

Sales, marketing and distribution of

professional audiovisual and IT

products

Germany 100

CUC SAS (trading as

Exertis Connect)

Zone Industrielle Buchelay 3000,

BP 1126, 78204 Mantes en

Yvelines Cedex, France

Sales, marketing and distribution of

technology products and connecting

solutions

France 100

Exertis Arc Telecom

Limited

Unit No. 702, X3 Building,

Jumeirah Lake Towers, Dubai,

UAE

Sales, marketing and distribution of

technology products

Ireland and

operating in

Dubai

100

Exertis CapTech AB Aminogatan 17, SE- 43153

Mölndal, Gotëborg, Sweden

Sales, marketing and distribution of

technology products

Sweden 100

Exertis France SAS 5 Rue Pleyel, 93200 Saint Denis,

France

Sales, marketing and distribution of

technology peripherals and accessories

France 100

Exertis Ireland Limited Unit 21, Fonthill Business Park,

Fonthill Road, Dublin 22, D22

FR82, Ireland

Sales, marketing and distribution of

technology products

Ireland 100

Exertis Supply Chain

Services Limited

Unit 21, Fonthill Business Park,

Fonthill Road, Dublin 22, D22

FR82, Ireland

Provision of supply chain management

and outsourced procurement services

Ireland 100

Exertis (UK) Ltd Technology House,

Magnesium Way, Hapton,

Burnley BB12 7BF, England

Sales, marketing and distribution of

technology products

Britain 100

Jam Industries Ltd. 21000 Trans-Canada Highway,

Baie-D’Urfe, Quebec H9X 4B7,

Canada

Sales, marketing and distribution of

professional audio products, musical

instruments and consumer electronics

Canada 100

ASSOCIATES

Company name Company address Principal activity

Incorporated

and operating in

Group

shareholding %

KSG Dining Limited McKee Avenue, Finglas, Dublin 11,

D11 NY90, Ireland

Restaurant and hospitality service

provider

Ireland 47.5

Geogaz Lavera SA 2 Rue des Martinets, 92500 Rueil

Malmaison, Paris, France

Owns and operates a liquid gas

storage facility

France 25

Norgal (GIE) Route de la Chimie, 76700

Gonfreville L’Orcher, France

Receiving, storage and distribution site

for liquid gas products

France 18

DCC plc Annual Report and Accounts 2024248

Supplementary Information Continued

SHAREHOLDER INFORMATION

SHARE LISTING

DCC’s shares have a Premium Listing on the Offi cial List of the United Kingdom Listing Authority (‘UKLA Offi cial List’) and are

traded solely on the London Stock Exchange in sterling.

Share Price Data

2024

£

2023

£

Share price at 13 May 59.05 –

Market capitalisation at 13 May

5,837m –

Share price at 31 March

57.60 47.18

Market capitalisation at 31 March

5,694m 4,659m

Share price movement during the year

– High

58.26 62.68

– Low

41.71 40.30

DCC plc’s ordinary share price information can be accessed on the Company’s website under the ‘Investors’ tab.

Shareholdings as at 31 March 2024

UK

By location

North America

Continental Europe

Ireland

Asia/Rest of World

Retail

3

39.1%

28.0%

15.8%

13.5%

3.5%

0.1%

Geographic division

1

Number of

shares

2

% of shares

UK 38,685,066 39.1%

North America

27,672,686 28.0%

Continental Europe

15,635,543 15.8%

Ireland

13,366,446 13.5%

Asia/Rest of World

3,374,807 3.5%

Retail

3

117,951 0.1%

Total

98,852,499 100%

Notes:

1. This represents the best estimate of the number of shares controlled by fund managers

resident in the relevant geographic regions.

2. Excludes 2,481,405 shares held as Treasury Shares.

3. Retail includes shareholdings of less than 5,000 shares.

Details of shareholdings in excess of 3% in the Company are set out on page 154.

DIVIDENDS

DCC normally pays dividends twice yearly, in July and in December, to shareholders on the register of members on the record

date for the dividend. An interim dividend of 63.04 pence per share was paid on 15 December 2023.

Subject to shareholders’ approval at the Annual General Meeting, a fi nal dividend of 133.53 pence per share will be paid on

18 July 2024 to shareholders on the register of members at the close of business on 24 May 2024.

Dividends are declared in sterling and shareholders have the option to elect to receive dividends in either sterling or euro.

Shareholders may also elect to receive dividend payments by electronic funds transfer directly into their bank accounts, rather

than by cheque. Shareholders should contact the Company’s Registrar for details of these options.

The Company is obliged to deduct Dividend Withholding Tax (‘DWT’) at the rate of 25% from dividends paid to its shareholders,

unless a particular shareholder is entitled to an exemption from DWT and has completed and returned to the Company’s

Registrar a declaration form claiming entitlement to the particular exemption. Exemption from DWT may be available to

shareholders resident in another EU Member State or in a country with which the Republic of Ireland has a double taxation

agreement in place and to non-individual shareholders resident in Ireland (for example companies, pension funds and

charities). If shares are held via Euroclear Bank or CREST, the owners of the shares will need to contact the intermediary through

whom the shares are held to ascertain arrangements for tax relief to be applied at source.

The Irish Revenue Commissioners have published a tax and duty manual entitled ‘Dividend Withholding Tax – Details of

Scheme’, which was updated in April 2024 and can be obtained by contacting the Company’s Registrar.

Financial Statements

DCC plc Annual Report and Accounts 2024 249

Supplementary InformationStrategic Report Governance

FINANCIAL CALENDAR

14 May 2024 Final results announcement for 2024

23 May 2024 Ex-dividend date – fi nal dividend

24 May 2024 Record date – fi nal dividend

11 July 2024 Interim Management Statement

11 July 2024 Annual General Meeting

18 July 2024 Proposed payment date – fi nal dividend

12 November 2024 Interim results announcement

December 2024 Proposed payment date – interim dividend

February 2025 Interim Management Statement

ANNUAL GENERAL MEETING, ELECTRONIC PROXY VOTING AND EUROCLEAR BANK VOTING

The Annual General Meeting will be held at 2.00 pm on 11 July 2024 at The Powerscourt Hotel, Powerscourt Estate, Enniskerry,

Co. Wicklow, A98 DR12, Ireland. The Notice of Meeting together with an explanatory letter from the Chair and a Form of Proxy

accompany this Annual Report.

Shareholders (being registered members) may lodge a Form of Proxy for the 2024 Annual General Meeting electronically.

Shareholders who wish to submit their proxy in this manner may do so by accessing the Company’s Registrar’s website,

www.eproxyappointment.com, and following the instructions that are set out on the Form of Proxy or in the email broadcast

that you will have received if you have elected to receive communications via electronic means.

Persons who hold their interests in ordinary shares as Belgian law rights through the Euroclear system or as CDIs through the

CREST System should consult with their stockbroker or other intermediary for information on the processes and timelines for

submitting proxy votes for the Annual General Meeting through the respective systems. Further details are contained in the

notes to the Notice of Annual General Meeting.

DCC WEBSITE

Our corporate website, www.dcc.ie, provides access to share price information through downloadable reports and interactive

share price tools. The site also provides access to information on the Group’s activities, results, annual reports, stock exchange

announcements and investor presentations.

ELECTRONIC COMMUNICATIONS

The use of electronic communications enables the faster receipt of documents, in an environmentally friendly and

cost-eff ective manner. Shareholders who wish to alter the method by which they receive communications should contact the

Company’s Registrar.

REGISTRAR

All administrative queries about the holding of DCC shares should be addressed to the Company’s Registrar, Computershare

Investor Services (Ireland) Limited, 3100 Lake Drive, Citywest Business Campus, Dublin 24, D24 AK82, Ireland.

Tel: + 353 1 247 5698

Fax: + 353 1 447 5571

www.investorcentre.com/ie/contactus

INVESTOR RELATIONS

For investor enquiries, please contact Rossa White, Head of Group Investor Relations, DCC plc, DCC House, Leopardstown

Road, Foxrock, Dublin 18, D18 PK00, Ireland.

Tel: + 353 1 2799 400

email: investorrelations@dcc.ie

DCC plc Annual Report and Accounts 2024250

Supplementary Information Continued

CORPORATE INFORMATION

COMPANY SECRETARY

Darragh Byrne

REGISTERED AND HEAD OFFICE

DCC House

Leopardstown Road

Foxrock

Dublin 18

D18 PK00

Ireland

AUDITOR

KPMG

1 Stokes Place

St. Stephen’s Green

Dublin 2

D02 DE03

Ireland

REGISTRAR

Computershare Investor Services

(Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

D24 AK82

Ireland

SOLICITORS

William Fry

2 Grand Canal Square

Dublin 2

D02 A342

Ireland

Pinsent Masons

1 Park Row

Leeds LS1 5AB

England

STOCKBROKERS

Davy

49 Dawson Street

Dublin 2

D02 PY05

Ireland

J.P. Morgan Cazenove

25 Bank Street

Canary Wharf

London E14 5JP

England

UBS

5 Broadgate

London EC2M 2QS

England

WEBSITE

www.dcc.ie

Financial Statements

DCC plc Annual Report and Accounts 2024 251

Supplementary InformationStrategic Report Governance

INDEPENDENT ASSURANCE STATEMENT

DCC PLC

Scope

We have been engaged by DCC plc (‘DCC’) to perform a ‘limited assurance engagement,’ as defi ned by International

Standards on Assurance Engagements, here after referred to as the Engagement, to report on DCC’s (the ‘Company’s’)

selected subject matter information marked with the symbol Δ (the ‘Subject Matter’) in the DCC Annual Report (‘the Report’) for

the year ended 31 March 2024.

The Subject Matter comprises the following:

• Scope 1 greenhouse gas (‘GHG’) emissions (‘tCO

2

e’);

• Scope 2 GHG emissions (location and market based) ‘(tCO

2

e’);

• Scope 1 and 2 GHG emissions target reduction on 2019 baseline (%);

• Scope 3 GHG emissions (‘tCO

2

e’) limited to the categories listed below:

– Category 3: upstream emissions associated with the extraction, refi ning, storage and distribution of products; and

– Category 11: downstream emissions from the use of sold products by customers;

• Total biogenic content of energy sold (‘% GJ’); and

• Carbon intensity per megajoule of energy sold (‘gCO

2

e/MJ’).

Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform

assurance procedures on the remaining information included in the Report, and accordingly, we do not express a conclusion on

this information.

Criteria applied by DCC

In preparing the Subject Matter, DCC applied their internally developed General Reporting Boundaries and Carbon Criteria

(‘Criteria’). Such Criteria were specifi cally designed by DCC for the purposes of reporting on the Subject Matter. As a result, the

subject matter information may not be suitable for another purpose.

DCC’s responsibilities

DCC’s management is responsible for selecting the Criteria, and for presenting the Subject Matter in accordance with that

Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls, maintaining

adequate records and making estimates that are relevant to the preparation of the subject matter, such that it is free from

material misstatement, whether due to fraud or error.

EY’s responsibilities

Our responsibility is to express a conclusion on the presentation of the Subject Matter based on the evidence we have

obtained.

We conducted our Engagement in accordance with the International Standard for Assurance Engagements Other Than Audits

or Reviews of Historical Financial Information (‘ISAE 3000 Revised’), the International Standard for Assurance Engagements on

Greenhouse Gas Statements (‘ISAE 3410’), and the terms of reference for this Engagement as agreed with DCC on 19 February

2024. Those standards require that we plan and perform our Engagement to obtain limited assurance about whether, in all

material respects, the Subject Matter is presented in accordance with the Criteria, and to issue a report. The nature, timing, and

extent of the procedures selected depend on our judgment, including an assessment of the risk of material misstatement,

whether due to fraud or error.

We believe that the evidence obtained is suffi cient and appropriate to provide a basis for our limited assurance conclusions.

Our Independence and Quality Control

We have maintained our independence and confi rm that we have met the requirements of the Code of Ethics for Professional

Accountants issued by the International Ethics Standards Board for Accountants and have the required competencies and

experience to conduct this assurance engagement.

EY also applies International Standard on Quality Management 1, Quality Management for Firms that Perform Audit or Reviews

of Financial Statements, or Other Assurance or Related Services Engagements and accordingly maintains a comprehensive

system of quality control including documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

DCC plc Annual Report and Accounts 2024252

Supplementary Information Continued

INDEPENDENT ASSURANCE STATEMENT Continued

Description of procedures performed

Procedures performed in a limited assurance engagement vary in nature and timing, and are less in extent than, for a

reasonable assurance engagement. Consequently the level of assurance obtained in a limited assurance engagement is

substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been

performed. Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not

provide all the evidence that would be required to provide a reasonable level of assurance.

Although we considered the eff ectiveness of management’s internal controls when determining the nature and extent of our

procedures, our assurance engagement was not designed to provide assurance on internal controls. Our procedures did not

include testing controls or performing procedures relating to checking aggregation or calculation of data within IT systems.

The GHG quantifi cation process is subject to scientifi c uncertainty, which arises because of incomplete scientifi c knowledge

about the measurement of GHGs. Additionally, GHG procedures are subject to estimation (or measurement) uncertainty

resulting from the measurement and calculation processes used to quantify emissions within the bounds existing scientifi c

knowledge.

A limited assurance engagement consists of making enquiries, primarily of persons responsible for preparing the Subject Matter

and related information and applying analytical and other appropriate procedures.

Our procedures included:

• Interviewed management to understand the key processes, systems and controls in place for the preparation of the Subject

Matter.

• Performed a review of the data management systems, tested reasonableness of conversion factors applied, reviewed

alignment with the Criteria and conducted analytical review procedures over the Subject Matter.

• Undertook a remote desktop review to two selected DCC operations to understand the process of data collection and

reporting from site level to head offi ce.

• Tested, on a sample basis, underlying source information to check the accuracy of data and re-performed calculations.

• Assessed the appropriateness of the Criteria for the Subject Matter.

• Reviewed the Report for the appropriate presentation of the Subject Matter, including the discussion of limitations and

assumptions relating to the data presented.

We also performed such other procedures as we considered necessary in the circumstances.

Conclusion

Based on our procedures and the evidence obtained, we are not aware of any material modifi cations that should be made to

the Subject Matter as of 13 May 2024 for the year ended 31 March 2024, in order for it to be in accordance with the Criteria.

Restricted use

This report is intended solely for the information and use of DCC and is not intended to be and should not be used by anyone

other than DCC.

We disclaim any assumption of responsibility for any reliance on this assurance report or its conclusions to any persons other

than DCC, or for any purpose other than that for which it was prepared.

Accordingly, we accept no liability whatsoever, whether in contract, tort or otherwise, to any third party for any consequences

of the use or misuse of this assurance report or its conclusions.

ERNST & YOUNG

13 May 2024

Dublin Ireland

Financial Statements

DCC plc Annual Report and Accounts 2024 253

Supplementary InformationStrategic Report Governance

ALTERNATIVE PERFORMANCE MEASURES

The Group reports certain alternative performance measures (‘APMs’) that are not required under International Financial

Reporting Standards (‘IFRS’) which represent the generally accepted accounting principles (‘GAAP’) under which the Group

reports. The Group believes that the presentation of these APMs provides useful supplemental information which, when viewed

in conjunction with our IFRS fi nancial information, provides investors with a more meaningful understanding of the underlying

fi nancial and operating performance of the Group and its divisions.

These APMs are primarily used for the following purposes:

• to evaluate the historical and planned underlying results of our operations;

• to set Director and management remuneration; and

• to discuss and explain the Group’s performance with the investment analyst community.

None of the APMs should be considered as an alternative to fi nancial measures derived in accordance with GAAP. The APMs

can have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results

as reported under GAAP. These performance measures may not be calculated uniformly by all companies and therefore may

not be directly comparable with similarly titled measures and disclosures of other companies.

The principal APMs used by the Group, together with reconciliations where the non-GAAP measures are not readily identifi able

from the fi nancial statements, are as follows:

ADJUSTED OPERATING PROFIT (‘EBITA’)

Defi nition

This comprises operating profi t as reported in the Group Income Statement before net operating exceptional items and

amortisation of intangible assets. Net operating exceptional items and amortisation of intangible assets are excluded to

assess the underlying performance of our operations. In addition, neither metric forms part of Director or management

remuneration targets.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Operating profi t Income Statement 529,396 511,988

Net operating exceptional items Income Statement

39,309 32,528

Amortisation of intangible assets Income Statement

114,075 111,146

Adjusted operating profi t (EBITA)

682,780 655,662

ADJUSTED OPERATING PROFIT BEFORE DEPRECIATION (‘EBITDA’)

Defi nition

EBITDA represents earnings before net interest, tax, depreciation on property, plant and equipment, amortisation of intangible

assets, share of equity accounted investments’ profi t after tax and net exceptional items. This metric is used to compare

profi tability between companies by eliminating the eff ects of fi nancing, tax environments, asset bases and business

combinations history. It is also utilised as a proxy for a company’s cash fl ow.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Adjusted operating profi t (‘EBITA’) Per above 682,780 655,662

Depreciation of property, plant and equipment Note 3.1

157,356 144,443

Adjusted operating profi t before depreciation (‘EBITDA’)

840,136 800,105

NET INTEREST BEFORE EXCEPTIONAL ITEMS

Defi nition

The Group defi nes net interest before exceptional items as the net total of fi nance costs and fi nance income before interest

related exceptional items as presented in the Group Income Statement.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Finance costs before exceptional items Income Statement (121,888) (96,735)

Finance income before exceptional items Income Statement

16,512 16,111

Net interest before exceptional items

(105,376) (80,624)

DCC plc Annual Report and Accounts 2024254

Supplementary Information Continued

ALTERNATIVE PERFORMANCE MEASURES Continued

INTEREST COVER – EBITDA INTEREST COVER

Defi nition

The EBITDA interest cover ratio measures the Group’s ability to pay interest charges on debt from cash fl ows. To maintain

comparability with the defi nitions contained in the Group’s lending arrangements, EBITDA and net interest exclude the impact

arising from the adoption of IFRS 16.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

EBITDA Per above 840,136 800,105

Less: impact of IFRS 16

(6,970) (6,041)

EBITDA for covenant purposes

833,166 794,064

Net interest before exceptional items Per above

(105,376) (80,624)

Less: impact of IFRS 16 Note 2.7

11,486 9,577

Net interest for covenant purposes

(93,890) (71,047)

EBITDA interest cover (times)

8.9x 11.2x

EFFECTIVE TAX RATE

Defi nition

The Group’s eff ective tax rate expresses the income tax expense before exceptionals and deferred tax attaching to the

amortisation of intangible assets as a percentage of adjusted operating profi t less net interest before exceptional items.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Adjusted operating profi t Per above 682,780 655,662

Net interest before exceptional items Per above

(105,376) (80,624)

577,404 575,038

Income tax expense Income Statement

83,213 84,762

Income tax attaching to exceptional items Note 2.9

6,418 2,764

Deferred tax attaching to amortisation of intangible assets Note 2.9

24,118 23,456

Total Income tax expense before exceptionals and deferred tax

attaching to amortisation of intangible assets

113,749 110,982

Eff ective tax rate (%)

19.7% 19.3%

DIVIDEND COVER

Defi nition

The dividend cover ratio measures the Group’s ability to pay dividends from earnings.

Calculation

Reference in Financial

Statements

2024

pence

2023

pence

Adjusted earnings per share Note 2.11 455.01 456.27

Dividend Note 2.10

196.57 187.21

Dividend cover (times)

2.3x 2.4x

CONSTANT CURRENCY

Defi nition

The translation of foreign denominated earnings can be impacted by movements in foreign exchange rates versus sterling, the

Group’s presentation currency. To present a better refl ection of underlying performance in the period, the Group retranslates

foreign denominated current year earnings at prior year exchange rates.

Revenue (constant currency)

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Revenue Income Statement 19,858,763 22,204,846

Currency impact

204,499 –

Revenue (constant currency)

20,063,262 22,204,846

Financial Statements

DCC plc Annual Report and Accounts 2024 255

Supplementary InformationStrategic Report Governance

Adjusted operating profi t (constant currency)

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Adjusted operating profi t Per above 682,780 655,662

Currency impact

7,935 –

Adjusted operating profi t (constant currency)

690,715 655,662

Adjusted earnings per share (constant currency)

Calculation

Reference in Financial

Statements

2023

£’000

2022

£’000

Adjusted profi t after tax and non-controlling interests Note 2.11 449,527 450,373

Currency impact

5,154 –

Adjusted profi t after tax and non-controlling interests

(constant currency)

454,681 450,373

Weighted average number of ordinary shares in issue (‘000) Note 2.11

98,794 98,707

Adjusted earnings per share (constant currency)

460.23p 456.27p

NET CAPITAL EXPENDITURE

Defi nition

Net capital expenditure comprises purchases of property, plant and equipment, proceeds from the disposal of property, plant

and equipment and government grants received in relation to property, plant and equipment.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Purchase of property, plant and equipment Group Cash Flow Statement 230,354 229,440

Government grants received in relation to property, plant and

equipment Group Cash Flow Statement

(2,669) (216)

Proceeds from disposal of property, plant and equipment Group Cash Flow Statement

(6,666) (22,643)

Net capital expenditure

221,019 206,581

FREE CASH FLOW

Defi nition

Free cash fl ow is defi ned by the Group as cash generated from operations before exceptional items as reported in the Group

Cash Flow Statement after repayment of lease creditors and net capital expenditure.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Cash generated from operations before exceptionals Group Cash Flow Statement 995,793 860,746

Repayment of lease creditors Note 3.12

(93,673) (83,796)

Net capital expenditure Per above

(221,019) (206,581)

Free cash fl ow

681,101 570,369

FREE CASH FLOW (AFTER INTEREST AND TAX PAYMENTS)

Defi nition

Free cash fl ow (after interest and tax payments) is defi ned by the Group as free cash fl ow after interest paid (excluding interest

relating to lease creditors), income tax paid, dividends received from equity accounted investments and interest received. As

noted in the defi nition of free cash fl ow, interest amounts relating to the repayment of lease creditors has been deducted in

arriving at the Group’s free cash fl ow and are therefore excluded from the interest paid fi gure in arriving at the Group’s free

cash fl ow (after interest and tax payments).

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Free cash fl ow Per above 681,101 570,369

Interest paid (including interest relating to lease creditors) Group Cash Flow Statement

(118,780) (82,576)

Interest relating to lease creditors Note 3.12

11,486 9,577

Income tax paid Group Cash Flow Statement

(124,057) (97,485)

Dividends received from equity accounted investments Group Cash Flow Statement

1,261 –

Interest received Group Cash Flow Statement

15,285 15,535

Free cash fl ow (after interest and tax payments)

466,296 415,420

DCC plc Annual Report and Accounts 2024256

Supplementary Information Continued

ALTERNATIVE PERFORMANCE MEASURES Continued

CASH CONVERSION RATIO

Defi nition

The cash conversion ratio expresses free cash fl ow as a percentage of adjusted operating profi t.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Free cash fl ow Per above 681,101 570,369

Adjusted operating profi t Per above

682,780 655,662

Cash conversion ratio (%)

100% 87%

RETURN ON CAPITAL EMPLOYED (‘ROCE’)

Defi nition

ROCE represents adjusted operating profi t expressed as a percentage of the average total capital employed.

The Group adopted IFRS 16 Leases on the transition date of 1 April 2019 using the modifi ed retrospective approach, meaning

that comparatives were not restated. To assist comparability with prior years, the Group presents ROCE excluding the impact

of IFRS 16 (‘ROCE excl. IFRS 16’) as well as ROCE including the impact of IFRS 16 (‘ROCE incl. IFRS 16’). Total capital employed (excl.

IFRS 16) represents total equity adjusted for net debt/cash (including lease creditors), goodwill and intangibles written off ,

right-of-use leased assets, acquisition related liabilities and equity accounted investments whilst total capital employed (incl.

IFRS 16) includes right-of-use leased assets.

Similarly, adjusted operating profi t is presented both excluding and including the impact of IFRS 16. Net operating exceptional

items and amortisation of intangible assets are excluded in order to assess the underlying performance of our operations. In

addition, neither metric forms part of Director or management remuneration targets.

ROCE (excl. IFRS 16)

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Total equity Group Balance Sheet 3,183,032 3,058,310

Net debt (including lease creditors) Note 3.13

1,147,081 1,113,881

Goodwill and intangibles written off

772,034 657,959

Right-of-use leased assets Note 3.2

(349,925) (336,221)

Equity accounted investments Group Balance Sheet

(38,825) (47,789)

Acquisition related liabilities (current and non-current) Note 3.16

141,777 127,393

Closing total capital employed (excl. IFRS 16)

4,861,174 4,573,533

Average total capital employed (excl. IFRS 16)

4,717,354 4,294,686

Adjusted operating profi t Per above

682,780 655,662

Less: impact of IFRS 16 on operating profi t

(6,970) (6,041)

675,810 649,621

Return on capital employed (%) excl. IFRS 16

14.3% 15.1%

ROCE (incl. IFRS 16)

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Total capital employed Per above 4,861,174 4,573,533

Right-of-use leased assets Note 3.2

349,925 336,221

Closing total capital employed (incl. IFRS 16)

5,211,099 4,909,754

Average total capital employed (incl. IFRS 16)

5,060,427 4,626,572

Adjusted operating profi t Per above 682,780 655,662

Return on capital employed (%) incl. IFRS 16

13.5% 14.2%

Financial Statements

DCC plc Annual Report and Accounts 2024 257

Supplementary InformationStrategic Report Governance

COMMITTED ACQUISITION EXPENDITURE

Defi nition

The Group defi nes committed acquisition expenditure as the total acquisition cost of subsidiaries as presented in the Group

Cash Flow Statement (excluding amounts related to acquisitions which were committed to in previous years) and future

acquisition related liabilities for acquisitions committed to during the year.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Net cash outfl ow on acquisitions during the year Group Cash Flow Statement 288,155 318,486

Cash outfl ow on acquisitions which were committed to in the

previous year

(16,651) (26,059)

Acquisition related liabilities arising on acquisitions during the year Note 3.16

82,809 46,654

Acquisition related liabilities which were committed to in the

previous year

(8,549) (431)

Amounts committed in the current year

143,803 23,060

Committed acquisition expenditure

489,567 361,710

NET WORKING CAPITAL

Defi nition

Net working capital represents the net total of inventories, trade and other receivables (excluding interest receivable), and trade

and other payables (excluding interest payable, amounts due in respect of property, plant and equipment and current

government grants).

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Inventories Note 3.5 1,072,061 1,192,803

Trade and other receivables Note 3.6

2,172,422 2,312,269

Less: interest receivable

(1,391) (558)

Trade and other payables Note 3.7

(3,054,108) (3,279,898)

Less: interest payable Note 3.7

21,369 25,231

Less: amounts due in respect of property, plant and equipment Note 3.7

17,574 24,492

Less: government grants Note 3.7

36 31

Net working capital

227,963 274,370

WORKING CAPITAL (DAYS)

Defi nition

Working capital days measures how long it takes in days for the Group to convert working capital into revenue.

Calculation

Reference in Financial

Statements

2024

£’000

2023

£’000

Net working capital Per above 227,963 274,370

March revenue

1,767,388 2,068,648

Working capital (days)

4.0 days 4.1 days

DCC plc Annual Report and Accounts 2024258

Supplementary Information Continued

5 YEAR REVIEW

Group Income Statement

Year ended 31 March

2020

£’m

2021

£’m

2022

£’m

2023

£’m

2024

£’m

Revenue 14,755.4 13,412.5 17,732.0 22,204.8 19,858.8

Adjusted operating profi t 494.3 530.2 589.2 655.7 682.8

Exceptional items (65.5) (40.5) (46.5) (32.5) (39.3)

Amortisation of intangible assets (62.1) (66.9) (84.3) (111.2) (114.1)

Operating profi t 366.7 422.8 458.4 512.0 529.4

Finance costs (net) (56.2) (57.9) (53.0) (79.7) (106.2)

Share of equity accounted investments 1.0 0.2 0.3 (0.7) 0.6

Profi t before tax 311.5 365.1 405.7 431.6 423.8

Income tax expense (57.3) (62.3) (79.7) (84.8) (83.2)

Non-controlling interests (8.7) (10.2) (13.6) (12.8) (14.3)

Profi t attributable to owners of the Parent Company 245.5 292.6 312.4 334.0 326.3

Earnings per share

– basic (pence) 249.64p 297.04p 316.78p 338.40p 330.24p

– basic adjusted (pence) 362.64p 386.62p 430.11p 456.27p 455.01p

Dividend per share (pence) 145.27p 159.80p 175.78p 187.21p 196.57p

Dividend cover (times) 2.5x 2.4x 2.4x 2.4x 2.3x

Interest cover (times)* 10.5x 10.6x 13.0x 9.1x 7.2x

* excludes exceptional items.

Group Balance Sheet

As at 31 March

2020

£’m

2021

£’m

2022

£’m

2023

£’m

2024

£’m

Non-current and current assets:

Property, plant and equipment 1,089.0 1,137.6 1,253.3 1,354.8 1,430.5

Right-of-use leased assets 304.1 308.9 327.6 336.2 349.9

Intangible assets 2,126.9 2,206.7 2,634.4 2,957.6 3,136.9

Equity accounted investments 27.7 27.1 26.8 47.8 32.8

Cash/derivatives 2,059.9 1,948.5 1,620.2 1,570.2 1,207.3

Other assets 2,313.5 2,406.0 3,696.9 3,574.2 3,325.8

Total assets 7,921.1 8,034.8 9,559.2 9,840.8 9,483.2

Equity 2,541.5 2,705.6 2,970.6 3,058.3 3,183.0

Non-current and current liabilities:

Borrowings/derivatives

2,120.0 1,783.3 2,040.1 2,337.5 1,992.0

Lease creditors 306.8 315.2 336.7 346.5 362.4

Retirement benefi t obligations (7.3) (8.0) (7.7) (11.7) 6.6

Other liabilities 2,960.1 3,238.7 4,219.5 4,110.2 3,939.2

Total liabilities 5,379.6 5,329.2 6,588.6 6,782.5 6,300.2

Total equity and liabilities 7,921.1 8,034.8 9,559.2 9,840.8 9,483.2

Net (debt)/cash included above (excl. lease creditors) (60.2) 165.1 (419.9) (767.3) (784.7)

Group Cash Flow

Year ended 31 March

2020

£’m

2021

£’m

2022

£’m

2023

£’m

2024

£’m

Operating cash fl ow 724.0 903.7 628.4 860.7 995.8

Capital expenditure 167.8 147.0 170.8 206.6 221.0

Acquisitions 227.5 272.6 720.1 340.5 338.5

Other Information 2020 2021 2022 2023 2024

Return on capital employed (%) 16.5% 17.1% 16.5% 15.1% 14.3%

Working capital (days) (0.6) (4.3) 2.8 4.1 4.0

Financial Statements

DCC plc Annual Report and Accounts 2024 259

Supplementary InformationStrategic Report Governance

INDEX

Accounting Policies 226

Acquisition Related Liabilities 208

Alternative Performance Measures 253

Analysis of Net Debt 201

Annual General Meeting 249

Approval of Financial Statements 235

Audit Committee Report 118

Auditors 122, 123

Basis of Consolidation 170

Basis of Preparation 169

Board Committees 114, 118, 126

Board of Directors 96

Board Performance Evaluation 112

Borrowings and Lease Creditors 198

Business Combinations 214

Business Model 14

Business Reviews

– DCC Energy 22

– DCC Healthcare 32

– DCC Technology 40

Carbon Emissions 1, 3, 28,50, 60

Cash and Cash Equivalents 194, 231

Cash Generated from Operations 217, 240

Chair’s Statement 6

Chief Executive’s Remuneration 143

Chief Executive’s Review 8

Clawback Policy 136

Commitments 217

Commodity Price Risk Management 222, 242

Company Balance Sheet 236

Company Cash Flow Statement 238

Company Statement of Changes in Equity 237

Compliance 80

Contingencies 217, 242

Corporate Governance Statement 100

Corporate Information 250

Credit Risk Management 59

Critical Accounting Estimates and Judgements 170

Deferred Income Tax 203

Derivative Financial Instruments 194

Directors 153

Directors’ and Company Secretary’s Interests 145

Directors’ Compliance Statement 154

Diversity 60, 116

Dividends 184, 248

Earnings per Ordinary Share 184

Electronic Communications 249

Employee Share Options and Awards 178

Emerging Risks 86

Employment 178

Energy Strategy 6, 8, 22

Equity Accounted Investments 182

Events After the Balance Sheet Date 226

Exceptionals 180

Executive Directors’ Remuneration 140

Executive Risk Committee 84, 101

Exit Payments Policy 137

Finance Costs and Finance Income 181

Financial Calendar 249

Financial Review 52

Financial Risk and Capital Management 59, 218, 241

Five Year Review 258

Foreign Currency 214

Foreign Exchange Risk Management 59

General Meetings 153, 249

Going Concern 92

Governance 93

Governance and Sustainability Committee Report 114

Government Grants 210

Greenhouse Gas Emissions 1, 3, 28,50, 60

Group Balance Sheet 166

Group Cash Flow Statement 168

Group Income Statement 164

Group Management Team 98

Group Profi t for the Year 177

Group Statement of Changes in Equity 167

Group Statement of Comprehensive Income 165

Health & Safety 58

Highlights of the Year 1

Inclusion and Diversity 81

Income Tax Expense 182

Intangible Assets and Goodwill 188

Interest Rate Risk and Debt/ Liquidity Management 59

Inventories 192

Investments in Subsidiary Undertakings 239

Investor Relations 249

Key Performance Indicators 48

Lease Creditors 200

Long-term Incentive Plan 135, 146

Markets and Market Position 29, 38, 46

Movement in Working Capital 193

Net Zero 22, 8, 60

Non-Controlling Interests 213

Non-Executive Directors’ Remuneration 144

Non-Financial Reporting 50, 60

Notes to the Financial Statements 169

Other Operating Income/Expenses 177

Other Reserves 212, 240

People 8, 20, 60

Post-Employment Benefi t Obligations 204

Principal Risks and Uncertainties 87

Principal Subsidiaries 244

Profi t Attributable to DCC plc 236

Property, Plant and Equipment 186

Provisions for Liabilities 209

Purpose 1, 2, 6 ,8

Registrar 249

Related Party Transactions 218, 241

DCC plc Annual Report and Accounts 2024260

Supplementary Information Continued

INDEX Continued

Remuneration Policy Report 132

Remuneration Report 126

Report of the Directors 152

Report of the Independent Auditors 157

Retained Earnings 213, 240

Return on Capital Employed 48

Right-Of-Use Leased Assets 187

Risk Management and Internal Control 106

Risk Report 82

Segment Information 172

Share Capital and Share Premium 211

Share of Equity Accounted Investments’ Profi t/(Loss)

after Tax 182

Shareholder Information 248

Share Listing 248

Share Ownership and Dealing 106

Share Price and Market Capitalisation 248

Stakeholder Engagement 108

Statement of Compliance 169

Statement of Directors’ Responsibilities 156

Strategy 12

Substantial Holdings 154

Summary of Material Accounting Policies 226

Sustainability Review 60

Takeover Regulations 154

Taskforce on Climate-Related Disclosures 70, 125

Trade and Other Payables 193, 240

Trade and Other Receivables 192, 239

Transparency Rules 154

Values 94

Viability Statement 92

Website 249

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DCC plc,

DCC House,

Leopardstown Road,

Foxrock, Dublin 18,

D18 PK00,

Ireland

Tel: + 353 1 279 9400

Email: info@dcc.ie

www.dcc.ie