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INVESTED
IN ENERGY
ANNUAL REPORT AND ACCOUNTS 2025
Highlights of the Year
We are transforming from a diversified group
with activities in three sectors to a leading
multi-energy business with a clear and
resilient strategy.
PROGRESS
WITH PURPOSE
Highlights of the Year
WWW.DCC.IE • Visit our website to find out more and see the latest news
Total adjusted operating
profit by sector
Volumes (litres)
15.2bn
+0.1%
Adjusted operating profit
£535.5m
+6.5%
Employees
9,168
+
READ MORE • PAGES 14 TO 23
DCC Energy is a customer-focused energy
business, specialising in the sales, marketing,
and distribution of secure, cleaner and
competitive energy solutions to commercial,
industrial, domestic, and transport customers.
DCC Technology is a leading specialist
distribution partner for global technology
and appliance brands and customers,
providing reach, simplicity and scale.
Employees
4,347
Revenue
£4.6bn
+0.3%
Adjusted operating profit
£82.0m
-15.7%
+
READ MORE • PAGES 24 TO 25
Employees
3,262
Revenue
£849.4m
-1.2%
Adjusted operating profit
£86.1m
-2.3%
DCC Healthcare is a leading provider of
high-quality medical devices and other
healthcare products to acute and primary
care settings. We also partner with brands
to create and manufacture high quality
health and beauty products.
In April 2025, we announced an agreement
to sell DCC Healthcare.
12%
76%
12%
DCC plc Annual Report and Accounts 2025 1
Governance Financial Statements Supplementary InformationStrategic Report
1. All references to ‘adjusted operating proﬁt’ 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 257 to 261.
2. Continuing operations.
3. Return on capital employed excludes the impact of IFRS 16 Leases. See APMs on page 260 for
further information.
Contents
STRATEGIC REPORT
1 Highlights of the Year
2 Chair’s Statement
4 Chief Executive’s Review
8 Business Model
10 Strategy
14 Business Reviews
14 DCC Energy
24 DCC Technology
26 Key Performance Indicators
30 Financial Review
39 Sustainability Review
76 Risk Report
GOVERNANCE
88 Chair’s Introduction
90 Board of Directors
92 DCC Leadership Team
94 Corporate Governance
Statement
106 Nomination and Governance
Committee Report
110 Audit Committee Report
118 Remuneration Report
143 Report of the Directors
FINANCIAL STATEMENTS
148 Statement of Directors’
Responsibilities
149 Independent Auditor’s Report
156 Financial Statements
SUPPLEMENTARY INFORMATION
238 Principal Subsidiaries and
Associates
242 Shareholder Information
244 Corporate Information
245 Supplementary Sustainability
Information
255 Independent Assurance
Statement
257 Alternative Performance
Measures
262 5 Year Review
263 Index
Governance Financial Statements Supplementary InformationStrategic Report
2025
2024
2023
£600.2m
£617.5m
XXXm
Adjusted operating profit 1
,
2
£617.5m
+2.9%
2025
2024
2023
£462.4m
£396.3m
XXX
Operating profit
2
£396.3m
-14.3%
2025
2024
2023
74.4
73.4
XX.X
Carbon intensity
73.4gCO
2
e/MJ
2025
2024
2023
£681.1m
£588.8m
XXX
Free cash flow
£588.8m
2025
2024
2023
455.0p
470.2p
XXXp
Total adjusted EPS 1
470.2p
+3.3%
2025
2024
2023
276.9p
210.8p
XXX
EPS
2
210.8p
-23.9%
2025
2024
2023
196.57p
206.40p
XXX.Xp
Dividend per share
206.40p
+5.0%
2025
2024
2023
15.5%
15.3%
XX%
Return on capital employed
2, 3
15.3%
INVESTED
IN ENERGY
“ DCC will be a simpler, leaner
and more focused business, with
a clear and resilient strategy,
delivering exceptional returns on
capital employed.”
MARK BREUER
CHAIR
Dear Shareholders, Colleagues and
other Stakeholders
I am pleased to present, on behalf of the Board, DCC plc’s
Annual Report and Accounts for the year ended 31 March
2025: a year that saw an important change in strategy that
aims to highlight and unlock the value of the Group to the
benefit of our shareholders.
Sharpening our Strategic Focus
In November 2024, we announced that DCC would
concentrate its activities on the energy sector, divesting
DCC Healthcare and reviewing strategic options for
DCC Technology. This decision was the result of extensive
discussion at Board level over the course of the year.
This strategy will create value in three main ways:
• First, divesting DCC Healthcare at a multiple in excess
of the Group’s trading multiple.
• Secondly, divesting businesses in DCC Technology at
a time and in a manner that maximises their value.
• And, throughout, demonstrating the exceptional strengths
of DCC Energy.
DCC Energy has a clear and resilient strategy that is
aligned with net zero but is also not dependent on the
energy transition taking a specific path. With a strong
presence in existing essential energy markets and a growing
business providing cleaner and renewable energy and
related services, DCC will be meeting customers’ energy
needs for decades to come.
DCC will also, following the current period of change, be a
simpler, leaner and more focused business, with a clear and
resilient strategy, delivering exceptional returns on capital
employed and free cash flows and with an investment
grade balance sheet.
This strategic shift reflects principles that have been core to
DCC for many years and which will not change as we evolve:
• We aim to generate a consistent return on capital
employed that is well ahead of the Company’s cost of
capital – aiming for at least 15%. We do this by owning,
improving and growing businesses with innovative and
agile management teams and opportunities to grow
both organically and by acquisition in carefully selected
markets. We aim to achieve 10% growth in adjusted
operating profit annually.
Chair’s Statement
DCC plc Annual Report and Accounts 20252
Dividend (pence) Years ended 31 March
2019201820172016
2015
2020 2021 2022 2023 2024
2025
84.5
9 7. 2
111.8
123.0
138.4
145.3
159.8
175.8
206.4
187.2
196.67
• We maintain high rates of cash conversion and a strong
and liquid balance sheet, enabling continued investment
to enhance the Company’s existing operations, in M&A
and, where the circumstances are right, in the Company’s
own shares.
• As we have demonstrated this year, where we see
opportunities to redeploy capital and create shareholder
value by divesting businesses within the Group, we will
take them.
Progress Against Strategy
The Board is pleased with the progress that has already
been made in the implementation of this strategy.
On 22 April 2025, we announced the sale of DCC Healthcare,
subject to customary regulatory approvals, at an enterprise
value of £1,050 million, with the sale expected to complete
in the third quarter of this calendar year. The transaction
was immediately value enhancing for shareholders,
valuing DCC Healthcare at approximately 12 times 2024
adjusted operating profits, significantly above the Group’s
trading multiple.
We have also been making progress in integrating and
improving operations in DCC Technology, following a
number of major acquisitions in recent years, and in reviewing
strategic options for the businesses in that division.
And finally, DCC Energy continues to advance its Cleaner
Energy in Your Power Strategy, with continued growth in the
energy services sector a highlight of the year.
Financial Performance and
Returns to Shareholders
DCC delivered another solid financial performance in
the year, largely due to the strength of DCC Energy.
The Company achieved good growth, with adjusted
operating profit increasing to £617.5 million, a 2.9% increase
over the prior year. Free cash flow conversion was 84%.
The Group’s return on capital employed remained strong
at 15.3%, with return on capital employed in DCC Energy of
18.5%.
This robust performance allowed the Board to recommend
a final dividend to shareholders of 140.21p per share which,
when added to the interim dividend paid in December 2024,
provides a total dividend of 206.40p, representing an
annual increase of 5%.
DCC has now increased its dividend to shareholders in
every one of the 31 years since it listed, with a compound
annual dividend growth rate over that period of 12.9%.
In addition to this strong dividend stream, the Company
will this year return up to £800 million in capital to
shareholders.
Evolving Leadership
To support DCC’s updated strategy, we have made
important changes to the Company’s leadership.
Kevin Lucey has been appointed to the new role of Chief
Operating Officer, responsible for driving the performance
of our energy activities, with effect from the conclusion of
our AGM on 10 July 2025. Conor Murphy, who has been the
Finance Director of our energy activities for many years,
has been appointed as the new Chief Financial Officer
from the same point. The Company’s wider Leadership
Team continues to contain deep and extensive experience
from across the energy sector.
More recently, Mark Ryan, who has been a Director of the
Company since November 2014 advised me of his intention
to retire from the Board at the conclusion of our AGM in
July 2026. Mark’s retirement will see the proportion of female
Directors on the Board, which will reduce to 36% following
the changes referred to above, return to 40%.
David Jukes, who retired from the Board and as Chair of
our Remuneration Committee at the conclusion of our AGM
on 11 July 2024 was succeeded at that point as Chair of the
Remuneration Committee by Katrina Cliffe.
The recruitment of directors with experience in areas that
are relevant to the Company remains an area where I,
as Chair, continue to invest a considerable amount of time.
In the coming year, as part of the normal cycle of Board
renewal, we will be seeking Board members who can bring
insights to Board discussions on the evolution of the energy
industry and on business transformation more generally,
including through the use of technology.
Priorities for the Year Ahead
Our priorities for the year that commenced on 1 April 2025
are to drive growth within the energy sector both through
organic initiatives and acquisitions, to complete the
divestment of our Healthcare division and to advance our
strategic review of DCC Technology. In all this, our core
objective – to deliver returns on capital employed ahead
of the Company’s cost of capital – will remain unchanged.
Conclusion
I would like to thank our employees across DCC – led by
Donal Murphy our Chief Executive – for their continued
dedication and customer focus, at a time of significant
change.
I also thank our shareholders for their ongoing support
as DCC enters a new phase focused on the exciting
opportunities in energy.
We are confident that DCC’s re-focused strategy will create
a leading and resilient multi-energy business that meets
long-term customer needs and generates significant and
sustainable value for our shareholders and wider
stakeholders.
MARK BREUER
CHAIR
12 MAY 2025
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 3
On 12 November 2024 DCC announced a strategic
plan to maximise shareholder value by:
ENERGISING
OUR FUTURE
Chief Executive’s Review
“ We are taking decisive action
to simplify our Group, pursue
our largest growth and returns
opportunity and unlock
substantial shareholder value.”
DONAL MURPHY
CHIEF EXECUTIVE
DCC plc Annual Report and Accounts 20254
FOCUSING SOLELY ON OUR
COMPELLING OPPORTUNITY
IN ENERGY
SIMPLIFYING THE GROUP’S
OPERATIONS THROUGH
PORTFOLIO ACTIONS
+
We are taking decisive action, from positions of strength,
to simplify our Group, pursue our largest growth and returns
opportunity in energy and unlock substantial shareholder
value. This aligns with our long-held philosophy of
disciplined capital allocation.
As Chief Executive of DCC for the past seven years, I have
been very proud of the growth and development of the
Group. However, I firmly believe that to maximise
shareholder value we needed to change the strategic
direction of the Group.
Our plan to maximise shareholder value has three actions:
• First, we believe that our energy business provides our
most compelling growth opportunity, and at strong returns.
Reflecting the scale of the opportunity and the progress we
have made with our Cleaner Energy in Your Power strategy,
the Group will now focus solely on the energy sector.
• Secondly, we launched a process to sell DCC Healthcare
in November 2024. DCC Healthcare is an excellent business
with a long-term record of growth.
• Thirdly, within the next 18 months, as we complete our
operational improvement programme for our North
American business, we will review options to sell businesses
within DCC Technology.
As ever, we remain committed to maintaining a strong
balance sheet and our investment grade credit rating.
Given the significant cash generation of the Group,
we anticipate that any surplus cash arising from the
simplification of the Group will be returned to our
shareholders in due course.
The change in our strategic direction demonstrates the
Board’s continued focus on active capital management
and our commitment to delivering value for shareholders
and other stakeholders. I have committed to the Board
to lead the transformation and to continue to deliver
our strategy.
So Why Focus on Energy?
In May 2022, we updated our strategy for DCC Energy,
focusing on the 2030 objectives of doubling profits while
significantly reducing our customers’ carbon emissions.
The key components of our strategy include growing our
customer base in new and existing markets, converting our
customers to renewable and other lower carbon alternative
fuels and building a leading and complementary energy
management services capability. Our strategy aligns
with the positive structural trends in the energy sector
and the necessity for secure, affordable, efficient, and
lower carbon energy.
Since 2022, we have made excellent progress, scaling our
business in existing markets, delivering strong organic growth
in biofuels and enhancing our capability in new energies.
Our proven M&A skills have accelerated the strategy
over the same period, during which we have deployed
approximately £650 million of capital at attractive returns.
In the year ending 31 March 2025, DCC Energy represented
87% of the Group’s continuing operating profits and
delivered 18.5% return on capital employed, the highest
return of the Group’s three divisions. The business has a long
track record of high growth and high returns. Over the last
decade DCC Energy has grown its operating profits by 16.4%
CAGR. DCC Energy is a business of real scale, with market
leading positions in 12 countries. The business supports
the energy needs of approximately 10 million customers
annually, across commercial, industrial, domestic and
transport uses.
DCC has a near 50-year heritage in the off-grid sector,
bringing energy, and the capability to consume it, to our
customers’ homes and businesses. We have a competitive
advantage in solving the transition needs of our customers,
founded on relationships that typically last for more than
a decade.
We have already made significant progress in reducing the
carbon intensity of our customers’ energy: in the year to
31 March 2025 our carbon intensity was 73.4% down from
79.3% in the year to 31 March 2020. We believe that solving
the energy transition needs of our current and future
customers is the greatest growth opportunity that DCC
has ever had.
“ We are building a unique, safe,
sustainable, multi-energy business
delivering an excellent customer
experience and supporting our
customers with their energy transition.”
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 5
Chief Executive’s Review Continued
Simplifying the Group
Our Healthcare and Technology divisions have a long and
successful heritage in DCC. From modest beginnings, we
have grown both into international businesses of scale.
They are high quality businesses, with excellent operational
capability, led by strong, entrepreneurial management
teams. Through our actions we will ensure that these
businesses, and most importantly our people, will have
the best opportunity to grow and progress.
DCC Healthcare has grown strongly over the last decade.
The business has market-leading positions across both its
patient health and consumer health businesses. Each of
these business units operates in attractive end markets
with significant consolidation opportunities. After careful
consideration, the Board of DCC concluded that a sale
would provide an opportunity for continued success for the
business, while also unlocking substantial value for DCC
shareholders.
On 22 April 2025, DCC announced that it had entered into
a definitive agreement for the sale of DCC’s healthcare
division to HealthCo Investment Limited, an independently-
managed investment subsidiary of funds managed and/or
advised by Investindustrial Advisors Limited, subject to
customary regulatory approvals. The transaction values
DCC Healthcare at a total enterprise value of £1,050 million
on a cash-free, debt-free basis. The transaction is expected
to complete in the third quarter of this calendar year.
DCC Healthcare represented approximately 13% of the
Group’s adjusted operating profit in the year ended 31 March
2024. The total enterprise value for DCC Healthcare of
£1,050 million, represented approximately 22% of DCC’s
market capitalisation on the day of announcement. The
transaction represents a multiple of around 12 times 2024
adjusted operating profit, significantly above the Group’s
multiple on the day. The total expected net cash proceeds
are £945 million, including an unconditional deferred amount
of £130 million receivable within two years. Completion and
receipt of the initial cash proceeds is expected in the third
quarter of this calendar year. DCC anticipates a significant
return of capital to shareholders following completion.
The disposal of DCC Healthcare is a material step in
simplifying DCC’s operations and focusing on our high-
growth, high-return energy business. The profitable sale
creates immediate value for our shareholders, and we are
confident that Investindustrial will take DCC Healthcare
forward in the best long-term interests of its employees,
customers and suppliers.
DCC Technology has also grown strongly over the last
decade. The business provides a wide range of products
and services across three product areas: Pro Tech, Info Tech
and Life Tech. DCC Technology is a global leader in Pro
Tech and has established a particularly strong footprint in
both Pro Tech and Life Tech in North America. The Info Tech
business has operated in a challenging market in Europe
in recent years but has improved its profitability through an
operational improvement programme. Given the potential
for further improvements in profitability, our initial focus is
delivering our operational integration programme in
North America and then reviewing options for the sale
of businesses in DCC Technology. That review will take
place over the next 18 months.
Leadership Changes
On 9 April 2025, we announced changes to the DCC
Leadership Team to align our management structure with
our single sector strategy. Kevin Lucey, who has been the
Chief Financial Officer (‘CFO’) and an executive Director
since July 2020, will become Chief Operating Officer (‘COO’)
with effect from the conclusion of our AGM on 10 July. In this
newly-created role Kevin will continue to partner with me in
the overall management of the Group, will be responsible
for driving the performance of our energy activities in line
with our Cleaner Energy in Your Power strategy and will
lead our regional management teams. Kevin will remain
a member of the Board.
Conor Murphy will succeed Kevin as CFO and will be
appointed as an executive Director, again from the
conclusion of our AGM on 10 July. Conor joined DCC in 1998.
He has held many senior leadership roles, both within our
energy business and at Group level, including Director of
Group Finance. He is currently the CFO of DCC Energy.
Fabian Ziegler, CEO of DCC Energy, will leave DCC in
July 2025. Since joining DCC in 2022, Fabian has made
a considerable contribution to the development of our
Cleaner Energy in Your Power strategy and the growth of our
energy services business. I would like to thank Fabian for his
significant contribution during his tenure as CEO of DCC
Energy and wish him every success in the future.
DCC plc Annual Report and Accounts 20256
The new DCC Leadership Team will drive growth, customer
focus and commercial execution. It will include our five
DCC Energy MDs and I am delighted to welcome Matt
Dantinne, Andrew Graham, Christian Heise, Steve Taylor
and Emmanuel Trivin to the DCC Leadership Team.
I was also delighted to announce a number of internal
promotions with Mandy O’Sullivan being promoted to Group
Director of Corporate Development and Yvonne Holmes
being promoted to Group Director of Sustainability &
Corporate Affairs.
Eddie O’Brien’s role has been expanded to Chief Strategy
and Transformation Officer. As well as responsibility for
strategy and major transformation, Eddie will also take
overall responsibility for the key enabler of IT and digital.
Darragh Byrne continues in his role as Chief Risk Officer
and General Counsel which includes responsibility for
Group HSE, Risk, Legal and Compliance. Darragh also
acts as the Group Company Secretary. Nicola McCracken
continues in her role as Chief People Officer, with
responsibility for people-related matters across the Group.
Our new DCC Leadership Team has extensive experience
in the energy sector and the commercial agility and drive
to build DCC into a global energy leader. Further details
of the DCC Leadership Team are available on our website
and on pages 92 to 93.
Thank You to My Colleagues Across DCC
We are going through a period of considerable change,
which is not always easy for my colleagues working across
our organisation. But as has been a hallmark of DCC over
many decades, our people have never skipped a beat.
They have continued to deliver, showed great commitment
and agility and are embracing changes while continuing to
deliver top-quality service for our customers and suppliers.
Our people are our greatest asset and I would like to thank
every one of my colleagues for embracing change and
delivering a strong result for our shareholders.
What Won’t Change
While we have announced a significant change in our
strategy, we are not changing the DNA of the DCC Group.
Safety will remain our first core value and our first priority.
We will continue to focus on delivering high growth at
high returns on capital employed. We will continue to be
a compounder, focusing on value creation through both
driving organic growth and deploying capital in the highly
attractive energy sector. We believe that simplifying the
Group to focus solely on our energy business, presents
the greatest opportunity for DCC to deliver high growth
at high returns. We are building a unique, safe, sustainable,
multi-energy business delivering an excellent customer
experience and supporting our customers with their
energy transition.
Conclusion
We are taking clear and compelling action to focus on
our highest growth opportunity in energy. This will simplify
the Group and maximise value for our stakeholders.
I believe that DCC has a bright future and I am energised
to lead it.
DONAL MURPHY
CHIEF EXECUTIVE
12 MAY 2025
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 7
DCC plc Annual Report and Accounts 20258
WE INVEST, SUPPORT,
AND ENABLE
We Allocate Capital
We Empower our Teams
We Optimise Performance
We Connect Suppliers
and Customers
OUR BUSINESS
MODEL TODAY
People
A multinational, multicultural and skilled
workforce of 16,700 colleagues, with
shared values and a common purpose.
Partnerships
A trusted partner to millions of
customers and the world’s leading
energy, technology and healthcare
companies.
Financial
A strong and liquid balance sheet,
enabling us to react quickly to
commercial opportunities.
Infrastructure
Robust and agile operating platforms
in a diverse range of markets.
Intellectual
Extensive expertise, know-how and
other intellectual property, providing
lasting competitive advantage.
OUR RESOURCES
AND CAPABILITIES
Our compounding business
model combines organic growth
with leading M&A capability.
Our devolved structure supports
our local management teams
with central expertise.
We promote a culture of best
practice and high performance.
We operate globally, locally.
We are a compounder: resilient, asset light,
cash generative and returns focused. This will
not change as our strategy is implemented.
Business Model
DCC plc Annual Report and Accounts 2025 9
Governance Financial Statements Supplementary InformationStrategic Report
THE SHARED VALUE
WE CREATE
ENERGY SOLUTIONS
ENERGY MOBILITY
Our Businesses Today
Goods and services supplied
Suppliers
£16.4bn
Employee engagement score
Employees
79%
Return on capital employed
Investors
15.3%
Reduction in scope 3 emissions
Communities and the Environment
2.6%
Corporate taxes
Governments and Regulators
£80m
+ READ MORE • PAGES 12 TO 23
+ READ MORE • PAGES 24 TO 25
+
READ MORE
FINANCIAL REVIEW PAGES 30 TO 38
SUSTAINABILITY REVIEW PAGES 39 TO 75
Note: all above numbers relate to continuing operations
DCC plc Annual Report and Accounts 202510
OUR FOCUS ON ENERGY
WILL DRIVE GROWTH
AND RETURNS
We are taking decisive action to simplify
our Group, pursue our largest growth
and returns opportunity and unlock
substantial shareholder value.
+ READ MORE • PAGES 12 TO 23
FOCUS ON
OPPORTUNITY
IN ENERGY
SIMPLIFY
OUR GROUP
Sale in 2025
+ READ MORE • PAGES 24 TO 25
Strategic Review
WE MAKE
FUTURE-FOCUSED
DECISIONS
Market
Leadership
Financial Discipline, Strong Balance
Sheet, Investment Grade Rating
Key
Enabler
s
Develop Future-
Focused Skills
Strategy
DCC plc Annual Report and Accounts 2025 11
Governance Financial Statements Supplementary InformationStrategic Report
by providing them with
essential energy products
across on-site energy
management and mobility
WE GROW
FUTURE-FOCUSED
BUSINESSES
WE CREATE
SUSTAINABLE
VALUE
Excellence in Safety
and Operations
Support for Innovation
and Use of Technology
Focus on
Decarbonisation
GROW CUSTOMERS
SELL NEW SERVICES
Cleaner Energy
in Your Power
Double our Energy profits
to c.£830m by 2030
Organic growth of 3-4% p.a.
Accelerate growth through M&A
Increase return on capital employed
Reduce our Scope 3 carbon
by at least 35% by 2030
Divest DCC Healthcare in 2025
Agreement reached with completion
expected by Q3 2025
Review strategic options for
DCC Technology over next 18 months
Initial divestments underway, with
North American transformation progressing
Unlock value for shareholders
Return surplus cash and
minimise value leakage
Organise for energy-focused future
Evolving ways of working
and leadership roles
DCC plc Annual Report and Accounts 202512
WHY ENERGY
NOW?
We aim to be a global leader in
the sales, marketing and distribution
of energy products and services.
FY15
119
19.8%
21.0%
21.6%
205
255
281
336
369
376
407
458
503
536
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
17.9%
17.7%
18.4%
18.1%
18.6%
19.0%
18.7%
18.5%
DCC Energy EBITA (FY15-FY25), £M
OUR ENERGY BUSINESS HAS DRIVEN THE GROWTH OF THE GROUP...
DCC Energy ROCE
Strategy Continued
Key characteristics: We focus on meeting our customers’ needs – providing
the essential energy they need to run their businesses
and homes. At the same time, we are offering more
innovative and cleaner products and services, including
solar, to enable the energy transition.
Our strategy delivers long-term sustainable value by
combining organic growth with leading M&A capability.
We invest and reinvest in a diversified range of energy
businesses, with a financial discipline that creates
efficiencies, stability and resilience, to drive organic
growth. Our devolved structure ensures deep local
knowledge and focus, inspiring a culture of innovation
and allowing local teams to be more agile.
No.1 or No.2
in our markets
10+ year
customer relationships
Strong
operator and M&A consolidator
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 13
* Estimate only. These numbers may be subject to change.
Our energy business has driven the growth of our Group for
over 10 years. Energy now represents 76% of our operating
profits and generated an 18.5% return on capital employed
in 2025. DCC is a compounder, building resilient, cash-
generative and asset-light businesses that deliver high
growth at high returns on capital employed.
The opportunity in energy is compelling, offering highly
attractive and diverse sectors where we can deliver value
creation through both organic growth and disciplined
capital deployment. We believe that simplifying the Group
to focus solely on our energy business, presents the greatest
opportunity for DCC to deliver high growth at high returns.
DCC Energy has a near 50-year heritage in the off-gas-grid
energy sector, operating with market-leading positions
across 12 countries and serving approximately 10 million
customers annually across a diverse range of sectors. We
bring energy, and the capability to consume it, directly to
our customers with a deep understanding of their energy
needs built over long relationships that typically last more
than a decade. We believe supporting our customers
to navigate the energy transition is the greatest growth
opportunity that DCC has ever had. We updated our
energy strategy in May 2022, aiming to empower our
customers to choose a cleaner energy future, doubling
our profits and significantly reducing our customers’ carbon
emissions by 2030. Since then, we have delivered strong
organic growth in biofuels and enhanced capabilities in
new energy solutions. Our proven M&A approach has
strengthened and scaled our strategy further, with around
c.£650 million of capital deployed at attractive returns.
We continue to execute against our strategy and are on
track to deliver our ambition. Alongside significant
opportunities within Mobility and biofuels, we are focused
on two scale growth opportunities: growing our liquid gas
share in selected European markets and in the US and
consolidating fast-growing commercial and industrial (‘C&I’)
energy services business in Europe.
407
2-4% CAGR
8-10% CAGR
2-4% CAGR
c.175 c.830
129
FY22 FY23-25
ENERGY
PRODUCTS
ENERGY
SERVICES
MOBILITY FY30
TARGET
ACQUISITION
GROWTH
EBITA Bridge (FY22-FY30), £M*
...WE ARE ON TRACK TO DOUBLE OUR 2022 ENERGY EBITA BY 2030
Organic growth c.125
OUR OPPORTUNITY IN ENERGY
Cleaner Energy in Your Power
GROW CUSTOMERS
by providing them with
essential energy products
SELL MORE SERVICES
across on-site energy
management and mobility
+
DRIVE
Doubling
of 2022 profits
by 2030
10%+ Growth
annually at
high-teens returns
35% Reduction
in 2022 Scope 3 carbon
emissions by 2030
SOLUTIONS
We provide energy that is secure,
cleaner and competitive
CLEANER
ENERGY IN
YOUR POWER
DCC plc Annual Report and Accounts 202514
Business Review Continued
SOLUTIONS MOBILITY
Governance Financial Statements Supplementary InformationStrategic Report
15 DCC plc Annual Report and Accounts 2025
ENERGY PRODUCTS
We sell and distribute liquid gas
and fuels, including biofuel and
biogas, to commercial and
industrial, and domestic
customers for intense
energy needs
Major brands
Benegas*, Brogan*, Butagaz*, Castrol,
Certas*, DCC Energi*, Energie Direct*,
Flogas*, Gaz de Paris*, Gulf, Hicksgas*,
Progas*, QStar*, Scottish Fuels*, Shell,
TEGA*, United Propane Gas*
* DCC own brand
ENERGY SERVICES
We design, install and
maintain on-site solar and
energy systems for power
customers; and provide energy
efficiency sol
utions
Major brands
AEI*, Centreco*, DTGen*, Ekivolt*,
Equity Energies*, Isolatiespecialist*,
Next Energy* (in UK), Protech*,
Secundo Photovoltaik*, Wewise*,
Wirsol*
* DCC own brand
SERVICE STATIONS
AND FLEET SERVICES
We own or operate service
stations (gas stations) for vehicles
and trucks, and provide fleet
payment, digital parking and
telemati
c services
Major brands
Retail brands
Certa*, Esso, Gulf, QStar*, Shell,
Spritkonig.
Fuel Card brands
Able*, Allstar, BP, Certas*, Diesel
Direct, Esso, Fastfuels, Gulf, Key Fuels,
Motia*, QStar*, Shell, Texaco, TruXtop*,
UK Fuels
* DCC own brand
DCC plc Annual Report and Accounts 202516
WHAT
WE DO
DCC plc Annual Report and Accounts 202516
We have 1.5 million direct products customers within our
European and US markets. Our liquid gas and fuels
customers tend to be off the natural gas grid and typically
use our products to run industrial processes, heat buildings
or heat their homes. They often have intensive energy
needs, such as running mobile machinery, high temperature
manufacturing processes or heating large buildings.
In energy products, we sell and distribute products to
commercial and industrial, and domestic customers. Our
offering includes liquid gas, liquid fossil fuels, biofuels and
biogas, on-grid gas and power, and renewable power
purchase agreements. We do not produce this energy
ourselves: we partner with refiners to source our liquid
gas and fuels.
ENERGY PRODUCTS
SOLUTIONS
For a factory with intense
energy needs or a hotel with a
pool and large space heating
requirements, liquid gas is an
ideal lower-carbon solution.
To complement liquid gas
and fuel sales, we also sell
solar power solutions for
less-intense energy needs.
Business Reviews Continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 17 DCC plc Annual Report and Accounts 2025 17
ENERGY SERVICES
We are scaling a leading European energy services
business, led by on-site solar generation. We design, install
and maintain solar photovoltaic and other energy systems
such as combined heat and power units and heat pumps.
We also have a growing business to help commercial and
industrial customers optimise their energy usage through
metering, battery storage, retrofit and energy efficiency
consulting. Through these energy services platforms, we
provide a more integrated offering for our customers.
In the year under review, we served almost 10,000
services’ customer sites across eight geographies.
We provide solar solutions to many
repeat customers such as
hypermarkets and property
development businesses in France.
HYPERMARKET
By selling solar
power to customers
with lower-intensity
energy needs, we
gain a share of
wallet from utilities
.
We have a 10%+ share of the
agricultural market in France, where
many customers generate income by
selling excess power to the grid.
FARM
We offer smart energy
management solutions
to help optimise energy
usage and reduce costs.
We are integrating our energy services
to provide solar, battery storage,
energy efficiency and
software solutions.
WAREHOUSE
BACK UP
GENERATOR
BATTERY
HVO
Our Geographic Footprint: Energy Solutions
Europe
France: No.2 in liquid gas distribution
UK: No.2 in liquid gas distribution and No. 1 in oil
distribution
Ireland: No.2 in liquid gas and No. 1 in oil distribution
Germany: No.2 in refrigerants and a leading
distributor of liquid gas
Denmark: No.2 in oil distribution and No. 2 in aviation
fuels
Austria: No.2 in oil distribution
The Netherlands: Joint No.1 in liquid gas distribution
Sweden: No.1 in liquid gas distribution
Norway: No.1 in liquid gas distribution
North America
USA: Leading distributor in the liquid gas distribution
market
Governance Financial Statements Supplementary InformationStrategic Report
CONVENIENCE STORE
BIO
P
P
P
P
ROAD HAULAGE
ROAD HAULAGE
ROAD HAULAGE
TELEMATICS
For fleet operators, we offer
fuel cards, a truck parking
app and telematics (data to
help operators to manage
their fleet). We are integrating
these fast-growing solutions.
Over the next decade we will
enhance about one-third of our
service stations with electric
vehicle charging, convenience
retail and biofuel, while we
maximise fuel contribution
from the rest.
Service stations Fleet services
€1.80
€1.90
CAR WASH
CONVENIENCE STORE
BIO
P
P
P
P
ROAD HAULAGE
ROAD HAULAGE
ROAD HAULAGE
TELEMATICS
For fleet operators, we offer
fuel cards, a truck parking
app and telematics (data to
help operators to manage
their fleet). We are integrating
these fast-growing solutions.
Over the next decade we will
enhance about one-third of our
service stations with electric
vehicle charging, convenience
retail and biofuel, while we
maximise fuel contribution
from the rest.
Service stations Fleet services
€1.80
€1.90
CAR WASH
Service Stations
Fleet Services
MOBILITY
SERVICE STATIONS AND FLEET SERVICES
In our Mobility business, we own or operate service stations
(gas stations) and refuelling sites for trucks. We are also
growing our digitally-led fleet service business which
provides fuel/electric vehicle cards, telematics and truck
parking services. Unlike our Solutions customers where we
serve the customers’ sites, our Mobility customers visit our
service stations sites or use our digital fleet services.
Service Stations
We operate a network of service stations and truck
refuelling sites. We have c.100 million customer transactions
annually across our service stations. We conduct annual
network planning to see which services best fit the 1,173
stations that we operate (we own almost half of the these;
the remainder are leased). We have well-located forecourts
for the future of mobility close to cities and towns: c.80%
are urban or suburban. We also have 46 motorway sites
in France, which are high traffic locations. We have invested
in capital expenditure to upgrade almost 200 sites to
forecourts of the future over the last four years. The
investment centres on electric vehicle charging,
convenience retail, car wash and biofuel to provide a more
attractive offering to our customers.
Our Geographic Footprint: Energy Mobility
Europe
UK: Leading operator of unmanned retail petrol
stations and leading reseller of fuel cards
Denmark: Leading operator of retail petrol stations
Sweden: Leading operator of unmanned retail
petrol stations
France: No.1 operator of unmanned retail petrol
stations
Norway: No.3 operator of retail petrol stations
Luxembourg: Leading operator of retail petrol
stations
Fleet Services
We are also growing our digitally-led fleet service business
in fuel/electric vehicle (‘EV’) cards, telematics and truck
parking services. We have c.67,000 direct customers across
our fleet service business. Our typical fleet customers
operate fleets of vans and long-haul trucks, relying on these
vehicles to effectively operate their businesses. Fuel and EV
cards facilitate easy tracking of expenditure for fleet
owners, as well as saving time for drivers. We launched a
new brand, ‘Motia’, for this business in the year under review.
Additionally, we provide telematics and a truck parking
app that help fleet owners and drivers to plan their routes
across Europe for parking, rest and sustenance.
DCC plc Annual Report and Accounts 202518
Business Reviews Continued
DCC plc Annual Report and Accounts 202518
ENERGY STRATEGY
We aim to be a global leader in the sales,
marketing and distribution of energy
products and services.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 19
Governance Financial Statements Supplementary InformationStrategic Report
Our strategy puts customers first
The evolving energy system of today presents three main
challenges for customers, the ‘energy trilemma’: energy
competitiveness, security of energy and reducing the
carbon content of energy. We recognise the reliance and
trust that our customers place in DCC Energy to provide the
essential energy they need to run their operations or homes.
We are committed to empowering customers with cleaner,
essential energy solutions.
Many of our customers have complex energy needs and
have historically been able to rely upon a single,
competitive energy source to meet their energy needs.
As the energy system continues to evolve, our customers
are looking for a partner to help them choose cleaner and
secure energy solutions that address the energy trilemma.
We give all customers the power to choose a clean energy
future today with innovative, competitive energy options
that put cleaner energy in their power.
We do energy differently
DCC will support customers in navigating the energy
trilemma through our strong B2B and B2C business models
across our markets, depth of product expertise and
customer service quality.
The key components of our strategy include growing our
customer base in new and existing markets, converting our
customers to renewable and other lower carbon alternative
fuels and building a leading and complementary energy
services capability.
We will deliver our strategy by reducing the carbon intensity
of our essential liquid fuels and scaling our electron-led
transition solutions for customers, enabling us to grow our
customers and sell more services to them.
Providing essential liquid fuels while reducing their
carbon intensity
We expect customers to require essential liquid fuels for
years to come. We enable customers to choose lower
carbon fuels through lower intensity hydrocarbons such
as liquid gas, and leading biofuel products. This drives
the scale opportunity to grow our liquid gas share in
Europe and the US.
Scaling our electron-led transition solutions
Our B2B and B2C customers are also navigating the shift
towards efficiency and electrification. We are scaling our
existing energy services platforms to support customers
with new offerings that empower customers to generate
and manage their own energy. This includes solar, energy
controls and associated services.
Solar power is central to the EU’s Green Deal and plan to
get to net zero. The share of electricity generated by solar
in the European power market has seen a significant
increase, from 2% in 2012 to over 7% in 2022. This upward
trend is expected to continue, with Solar Power Europe
forecasting that this share will continue to grow by 5-7% of
power generation per year to 2028. This rapid growth is
a compelling opportunity for DCC.
MOBILITY
Our Mobility business brings secure, competitive and
cleaner energy to our forecourt, fleet service and fuel
card customers, while growing new services and
maximising efficiency.
SOLUTIONS
Our Solutions business aims to be the provider
of choice for secure, essential, and cleaner
energy solutions.
DCC plc Annual Report and Accounts 202520
Business Reviews Continued
ENERGY PRODUCTS
In energy products, we believe in liquid gas as an important
lower carbon transition fuel for many of our customers.
It enables an integrated approach to energy transition,
providing a cleaner and reliable option for customers
who cannot electrify. By supporting more customers with
essential and cleaner energy, we will grow our customer
base in liquid gas.
We are well positioned to strengthen our existing leadership
positions in our energy products markets. Our strong local
brands position us as a trusted long-term partner to our
customers. Operationally, we have well-invested distribution
capabilities that create route density and deliver cost
synergies and enable scale. This allows us to drive growth
in more mature liquid fuel markets by maximising efficiency.
Within the supply chain, we benefit from centralised
procurement, a focus on margin management and long-
term partnerships with suppliers. Our leadership in biofuels
positions DCC Energy as a unique partner for leading bio
producers. This extends our fossil distribution infrastructure
and reduces customers’ carbon footprints.
ENERGY SERVICES
We are consolidating fragmented solar and energy services
markets from our existing platforms in core European markets.
We are expanding our offerings to provide complementary
energy solutions, empowering customers to take control of
their power needs. These offerings complement our liquid
gas and fuels offer, allowing us to compete with utility
power providers.
We are confident in our continued ability to consolidate and
scale in energy services, building upon our existing
platforms within our markets. These platforms draw upon
50 years’ experience in off-gas-grid-energy as we improve
and scale our newer business area in energy services. We
have first-mover advantage in France, in consolidating a
fragmented market since 2021, where we have 10-15% share
of the consumer and industrial/agricultural on-site solar
market, and our EBIT margin reached 20% in the year under
review. We will develop and strengthen our offering over the
next five years in this and other markets.
SERVICE STATIONS
We operate a network of service stations that provide
essential fuel to customers across our European sites.
We leverage our deep knowledge of mobility networks,
our existing partnerships and growing suite of value-added
services to create distinctive sites and services for these
customers.
Our right to win lies in our competitive margin management
and optimised network planning. We have a centralised
pricing operation in Ireland delivering real time pricing for
two-thirds of our sites. Our annual network planning
identifies which services best fit the 1,200 stations that
we operate.
We have invested in capital expenditure to upgrade almost
200 sites to forecourts of the future over the last four years.
This includes new convenience options, car wash and lower
carbon alternative fuels including biofuels and EV charging,
which we see as highly relevant for customers in the future.
We will continue to maximise cash contribution on these
sites.
FLEET SERVICES
Our fleet customers are increasingly seeking services that
enable efficient and cost-effective management of their
fleets. We are building upon our extensive customer base
to offer more integrated services that combine our existing
truck stop, fleet payment services and digital parking
solutions with emerging telematics and data-driven tools.
We have an opportunity to grow this offering, building upon
our deep customer expertise and trusted relationships.
We execute our strategy through our Solutions and Mobility businesses.
THE OPPORTUNITIES AHEAD
1. GROW OUR LIQUID
GAS BUSINESS
2. CONSOLIDATE ENERGY
SERVICES
STRATEGY IN ACTION: LIQUID GAS
Liquid Gas Consolidation
in the US
In 2018 we entered the US propane market by
acquiring a business headquartered in Illinois. We
have since added to this with numerous bolt-on
acquisitions.
These acquisitions create immediate scale. Within
a geographic area, we aim to increase route
density and efficiency. That means reducing the
number of depots, offices and trucks on the road,
servicing a greater area from each point of supply.
We create efficiency and enhance returns in other
ways:
1. We benefit from economies of scale in
procurement, both in-state and nationwide.
2. After 50 years in the energy business, our margin
management is a core competency.
3. We share systems and processes in our Chicago
office to eliminate administrative duplication. We
have invested in data and analytics to enable us
drive efficiency and improve customer
experience.
We have a scale opportunity to create leadership
positions in many other US states: we currently
have double digit market shares in only Kansas,
Tennessee and Kentucky and continue to pursue
M&A opportunities on an ongoing basis in these
and other regions.
STRATEGY IN ACTION: ENERGY SERVICES
Consolidating Energy Services
in France
We have acquired seven business in France since
our first acquisitions of Solewa and Soltea in May
2021. The business has been a successful test case
for energy services, led by on-site solar power
generation. In the year under review, we recorded
revenue growth of 22% and we grew EBIT margins to
20%.
We focus primarily on agricultural and C&I
customers, and our first mover advantage has
enabled us to capture 10-15% share of the C&I/
agricultural on-site solar market.
Our strategy to develop our energy services
business in France has had four key elements:
1. Build out of our Butagaz business via M&A and
then scale organically by harnessing our existing
systems, expertise and customer proposition.
2. Deliver operational excellence.
3. Share best practice.
4. Create an integrated European brand: Wewise.
We will grow to 2030 by driving higher margins,
while we scale customer numbers. We will do so
by increasing our cross-selling of more services
and leveraging our new solar-as-a-service offering,
strengthening the relationship with our customers.
Critical for
customers long
term energy
resilience
Lower carbon
intensity pathway
for transition
Growing power
demands, with
significant
electrification
Role of renewables
critical, with solar
leading the way
Winning market
positions where
we play
Significant
M&A growth
opportunity in
Europe and US
Partner for C&I
customers, with
increasing needs
Proven ability to
consolidateand
deliver at scale
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 21
DCC plc Annual Report and Accounts 202522
PERFORMANCE
Performance for the year ended 31 March 2025
2025
2024
2023
15.2bn
15.2bn
X.Xbn
Volume (litres)
15.2bn
+0.1%
2025
2024
2023
16.4%
16.2%
X.X%
10-year adj. operating profit CAGR
16.2%
2025
2024
2023
£503.0m
£535.5m
XX.Xm
Adjusted operating profit
£535.5m
+6.5%
2025
2024
2023
3.31ppl
3.52ppl
X.X%
Adjusted operating profit per litre
3.52ppl
2025
2024
2023
£769.8m
£679.6m
XX.Xm
Operating cash flow
£679.6m
2025
2024
2023
18.7%
18.5%
X.X%
Return on capital employed
18.5%
DCC Energy Performance by Business
Liquid Gas and Fuel
Distribution
Energy Management
Services
Service Stations and
Fleet Services
2025 2024 % change 2025 2024 % change 2025 2024 % change
Volume (bn litre equivalent) 10.9 10.7 +2.3% 4.3 4.5 -5.1%
Revenue (£’m) (non-volume sales) 336.4 170.8 +96.9%
Gross profit (£’m) 1,325.3 1,310.9 +1.1% 142.5 70.4 +102.4% 382.3 375.4 +1.8%
- Fuel 278.3 275.9 +0.9%
- Non-fuel services 104.0 99.5 +4.5%
Gross margin (pence per litre (ppl)) 12.2 12.3 8.9 8.3
Adj. operating profit/EBITA (£’m) 363.5 358.3 +1.5% 48.3 25.1 +92.6% 123.7 119.6 +3.5%
Operating margin (ppl/%) 3.3 3.4 14.3% 14.7%
DCC Energy volumes
by geography
33%
13%
3%
22%
29%
Solutions – CE
Solutions – UK&I
Solutions – Nordics
Solutions – US
Mobility
DCC Energy volumes
by geography
33%
13%
3%
22%
29%
Solutions – CE
Solutions – UK&I
Solutions – Nordics
Solutions – US
Mobility
DCC Energy volumes
by customer segment
58%
11%
31%
Commercial & Industrial
Domestic
Mobility
DCC Energy volumes
by customer segment
58%
11%
31%
Commercial & Industrial
Domestic
Mobility
DCC Energy volumes by customer segment DCC Energy volumes by geography
SOLUTIONS MOBILITY
Business Reviews Continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 23
DCC Energy
DCC Energy recorded operating profit growth of 6.5% (8.5%
on a constant currency basis) to £535.5 million. Organic
growth in the year was 1.8%, which was modestly ahead
of expectation given the very strong organic growth in the
prior year.
In delivering our Cleaner Energy in Your Power strategy,
the carbon intensity of our profits continued to improve and
reduced by 8.5%.
Capital allocation continued to support execution of
strategy during the year. We sold a majority stake in our
lower returning business in Hong Kong & Macau and
committed approximately £100 million to seven new
acquisitions during the period, which add to our energy
services across both Solutions and Mobility.
Solutions
Our Solutions business delivered strong growth in the current
year. Operating profit increased by 7.4% (9.5% on a constant
currency basis) to £411.8 million (77% of DCC Energy operating
profit). The growth was mostly driven by acquisitions completed
in the current and prior year, with organic growth of 0.7%.
Volumes increased by 2.3%, driven by the performance of the
businesses in Continental Europe and the UK & Ireland.
We operate our Solutions business, across four geographic
regions: Continental Europe, the UK & Ireland, the Nordics and
the US. We provide customers with Solutions across both
energy products (68% of DCC Energy operating profit) and
energy services (9% of DCC Energy operating profit). Our energy
services are most mature and material in Continental Europe
and the UK & Ireland.
We delivered excellent profit growth in Continental Europe, the
largest region in our Solutions business. In energy products, we
achieved strong growth in Germany, where we benefited from
the full year contribution of Progas, acquired in March 2024. In
France, we generated very strong organic growth. The business
continued to deliver market share growth (particularly in liquid
gas cylinders) and recorded an excellent performance in
natural gas to commercial customers. Across our energy
services we also delivered excellent growth, with profitability
more than doubling. This reflected very strong organic growth,
particularly in France where the business is now long
established and operates primarily under the ‘Wewise’ brand.
It also reflected very strong acquisitive growth, driven in
particular by the acquisitions in France of Coprodiag, Acteam
and MG Habitat. In Germany we acquired Wirsol and, while
the market conditions in Germany were weaker than France,
we have integrated the business into the Group.
Our Solutions business in the UK & Ireland delivered very strong
profit growth. In the UK & Ireland we offer multi-energy solutions
across both products and services. In energy products, the
business generated good volume growth in a competitive
market. The volume growth was driven by our natural gas &
power business in Ireland where we exceeded 250,000
customers for the first time.
Volumes in the UK were robust, although there was some
impact from a more difficult UK economy. In liquid gas, our
business benefited from significant improvements in the
resilience of the supply chain due to the recent investments in
both our Avonmouth and Teesside liquid gas facilities. We
developed our energy services over the course of the last year.
Profits increased significantly, mainly due to the completion of
the acquisition of Next Energy. Despite the challenging
economic backdrop, our business has performed well.
In the Nordic region, where our business is primarily involved in
the sale of energy products, profits declined modestly following
a very strong performance in the prior year. In liquid gas,
volumes declined as natural gas pricing normalised. Across
fuels categories, the business achieved volume growth. Profit
growth was held back by a more competitive market, in
particular in the aviation sector. This resulted in lower margins,
impacting overall profit growth in the region.
In the US, our business is focused on selling energy products,
predominantly liquid gas, to residential and commercial
customers. As reported at the half year, our business
experienced a difficult first half, due to the very mild weather
conditions. Milder than average temperatures continued to
impact the business and trading remained difficult up to the
third quarter. As a result, profits declined for the year as a
whole. However, the business saw demand return during the
Christmas period as more seasonal weather returned and
recorded a better final quarter. Margins remained robust
through the winter. We continue to invest in the development
of our business which remains a focus for growth.
Mobility
Our Mobility business (23% of DCC Energy operating profit),
performed well during the year and delivered operating profit
growth of 3.5% (5.4% on a constant currency basis). The good
constant currency growth achieved was almost entirely
organic. After a more difficult performance in the prior year,
particularly in France where the business was impacted by
competitive headwinds, the business delivered good growth
in each region in the current year. We delivered good growth
in both fuel and non-fuel profitability.
The volume decline of 5.1% was largely driven by the cessation
of a lower margin contract in Denmark, which impacted 56
sites, but without a notable profitability impact. Volumes
recovered well in France, following the disruption experienced
in the market in the prior year.
In France and Luxembourg, the business delivered good
volume and strong profit growth as we continued to develop
our on-site offering, including further development of our EV
charging capability. In the Nordic region our strong growth was
driven by continued strong progress in Norway and good profit
growth in Denmark, notwithstanding the contract volume
decline mentioned above. We also agreed to acquire the Esso
fuelcard operations in Norway which both secures fuelcard
volume through our existing network and adds to our energy
services in targeting new fleet customers into the future. The
acquisition is expected to complete during 2025.
Across our fleet service offering we generated very good
growth and continued to develop our non-fuel service offering
during the year. We delivered very strong growth in fuel cards
and benefited from the maodest acquisition of Cubo, which
adds to our service offering for fleet services customers in
telematics. In addition, we delivered good growth in our
SNAP digital fleet services business.
Business Reviews Continued
PROGRESS
MAKERS
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 enhance experiences, save time, and improve lifestyles.
Pro Tech
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 vendors, integrators,
and customers.
Key brands
Allen & Heath, Barco, Chauvet, Dell
OEM, Focusrite, Harman,Kioxia,
Micron, LG, Nvidia, Poly, Samsung,
Sharp, NEC, SuperMicro, WD.
Info Tech
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
efficiently.
Key brands
Acer, Apple, Asus, Dell, Epson, HP,
Huawei, Lenovo, LG, Logitech,
Microsoft, Netgear, Meta, Samsung,
Toshiba.
Life Tech
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 offers products
and services designed to enhance
our quality of life.
Key brands
Electrolux (Frigidaire), LG, Marshall,
Midea, On Stage, Washburn, Zephyr.
DCC plc Annual Report and Accounts 202524
DCC Technology
DCC Technology recorded an operating profit of
£82.0 million, a decline of 15.7% (14.2% constant currency).
Our business was affected primarily by continued soft
demand for consumer technology products in our Info
Tech operations, particularly in the UK and Continental
Europe. Divisional revenue increased by 0.3% (1.7%
constant currency), mainly driven by revenue growth in
Pro Tech. This offset revenue decline in Info Tech where
demand for consumer technology products was weak,
notably in Continental Europe.
In North America, our Pro Tech business performed
robustly. We gained market share through a strong
performance in the specialist AV product segment,
and through a modest bolt-on acquisition during the
year. In Life Tech, we faced similar challenges to the
market conditions in Europe. Profit declined as a result
of weak consumer demand.
We progressed our integration and operational efficiency
programme in North America where we anticipate
improvement in profitability and returns over the next 18
months. Our main focus is to integrate our two businesses
to drive higher profitability by reducing freight and
transport costs, improve warehouse efficiency and
increase revenue through digital development and
improved customer experience. We continued our
operational improvement programme in our Info Tech
business in the UK. The programme delivered cost
reductions and enhanced revenue growth potential for
the medium-term.
Pro Tech
In Pro Tech, DCC Technology is the leading specialist
distributor of AV products globally, centred on our
business in North America. We grew operating profit
and gained market share in the specialist AV segment
in North America. During the period we acquired MDM
Commercial Inc, a bolt-on acquisition which broadens
our professional AV capabilities in North America.
Operating profit declined in our smaller European Pro
Tech business, as market conditions remained soft in
France and Germany.
Info Tech
Our Info Tech business distributes high-volume consumer
and business IT products to the retail and reseller
channels in Europe. Our largest markets are in the UK and
Ireland. Consumer demand continued to remain soft in
line with trends over the prior years. We delivered cost
improvements in the UK business, while the business in
Ireland performed well. Operating profit declined in our
other Info Tech businesses in Continental Europe,
reflecting the weak consumer demand environment. We
exited our Info Tech operations in France, the Middle East
and a small division of our Nordics business.
Life Tech
In Life Tech we distribute consumer appliances and
lifestyle technology products to the retail and etail
channels in North America. The business was affected by
overstocking in certain market segments and operating
profit declined due to lower demand for consumer
electronics and musical products.
Performance for the year ended 31 March 2025
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 25
*continuing operations
2025
2024
2023
8.2%
6.0%
9.8%
10-year adj. operating profit CAGR*
6.0%
2025
2024
2023
£97.2m
£82.0m
XX.Xm
Adjusted operating profit*
£82.0m
-15.7%
2025
2024
2023
£125.1m
£69.9m
XX.Xm
Operating cash flow
£69.9m
2025
2024
2023
2.1%
1.8%
X.X%
Operating margin*
1.8%
2025
2024
2023
8.3%
7.2%
X.X%
Return on capital employed*
7.2%
2025
2024
2023
£4.629bn
£4.645bn
X.XXbn
Revenue*
£4.645bn
+0.3%
FINANCIAL KPIs
The Group employs financial 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 14 to 25.
2025
2024
2023
15.5%
15.3%
XX.X%
Return on capital employed (excl. IFRS 16)
15.3%
Description and Basis of Calculation
Return on capital employed (‘ROCE’) is
defined as adjusted operating profit
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 260. ROCE is presented on a
continuing basis.
Link to Strategy
ROCE is the key financial 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.
2025 Comment
The Group continued to generate strong
returns on capital employed,
notwithstanding the substantial increase
in the scale of its Energy business in recent
years. The modest decrease in return on
capital employed in DCC Energy reflects
the timing of the disposal of the business
in Hong Kong & Macau which occurred early
in the current year. Excluding the impact of
sale of this business, returns in DCC Energy
were in line with the prior year. The Group’s
returns also reflect the organic decline in
operating profit in DCC Technology. We
remain very focused on both reducing the
capital in DCC Technology and driving
operational improvements which we expect
will see returns recover in the coming years.
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 efficient generation of
cash to fund organic growth, acquisitions
and dividend growth.
Description and Basis of Calculation
The change in adjusted operating profit
achieved in the current year compared to
the prior year. Growth in adjusted operating
profit is presented on a continuing basis.
Link to Strategy
Adjusted operating profit measures the
underlying operating performance of the
Group’s businesses and is an indicator of our
revenue generation, margin management,
cost control and performance efficiency.
2025 Comment
Group adjusted operating profit increased
by 2.9% (4.8% on a constant currency basis)
to £617.5 million. Strong growth in DCC
Energy was partly offset by a more difficult
trading environment in DCC Technology.
Organically, profits increased by 1.8% in
DCC Energy and declined by 15.8% in
DCC Technology.
The net impact of currency translation in
the current year was a headwind of 1.9%,
or £11.7 million, in the growth in continuing
adjusted operating profit. The headwind
was 2.0% in DCC Energy and 1.6% in DCC
Technology. This reflects average sterling
exchange rates strengthening against
most of the Group’s reporting currencies
during the year.
Acquisitions completed in the current and
prior year contributed 5.9% of the continuing
operating profit growth. The material
contribution came in DCC Energy from
the prior year acquisition of Progas and
the current year acquisition of Next Energy,
offset somewhat by the disposal of our liquid
gas business in Hong Kong & Macau.
Outlook and Aims
DCC expects that the year ending 31 March
2026 will be a year of good operating profit
growth on a continuing basis.
Description and Basis of Calculation
The change in adjusted earnings per share
(‘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 profitability.
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.
2025 Comment
Adjusted EPS increased by 3.3% (+5.2% on a
constant currency basis) to 470.2 pence,
broadly in line with the operating profit
growth.
Outlook and Aims
The main driver of growth in EPS is the
Group’s operating profit performance which,
as noted above, is expected to continue
to grow.
£600.2m
£617.5m
£X.Xm
2025
2024
2023
£617.5m
+2.9% (+4.8% constant currency)
Growth in adjusted operating profit
455.0p
470.2p
XXX.Xp
2025
2024
2023
470.2p
+3.3% (+5.2% constant currency)
Growth in adjusted earnings per share
DCC plc Annual Report and Accounts 202526
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 flow represents the funds
available for reinvestment, acquisitions and
dividends, so maintaining a high level of free
cash flow is key to maintaining a strong,
liquid balance sheet.
2025 Comment
The Group’s free cash flow amounted to
£588.8 million versus £681.1 million in the prior
year, representing an 84% conversion of
adjusted operating profit into free cash flow.
This strong result, when taken with the
excellent 100% conversion in the prior year,
reflects 92% cumulatively across both
periods.
Following a very strong working capital
performance in the prior year, working
capital increased, as anticipated, by
£93.7 million (2024: £56.6 million decrease).
Net capital expenditure amounted to
£169.1 million for the year. The level of net
capital expenditure reflects continued
investment in organic initiatives across the
Energy business, supporting its continued
growth and development.
Outlook and Aims
Cash generation and working capital
management will remain a key focus of
the Group.
Description and Basis of Calculation
Cash spent and acquisition-related
consideration committed during the year.
Committed acquisition expenditure is
presented on a continuing basis.
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.
2025 Comment
DCC continues to be active from a
development perspective, committing
approximately £154 million to eight new
acquisitions during the period.
DCC Energy has committed approximately
£100 million to seven new acquisitions which
support its Cleaner Energy in Your Power
strategy. The largest of these included the
acquisitions of Wirsol, Acteam and Cubo
whilst DCC Technology completed the
acquisition of MDM.
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.
£681.1m
£588.8m
£XX.Xm
2025
2024
2023
£588.8m
Free cash flow
£489.6m
£153.5m
£XXX.Xm
2025
2024
2023
£153.5m
Committed acquisition expenditure
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 27
Non-financial KPIs are presented on a Group basis, including Energy, Technology and Healthcare divisions, unless otherwise stated.
NON-FINANCIAL KPIs
Description and Basis of Calculation
The Group’s carbon intensity metric is
calculated by dividing total Scope 3
emissions in a given period (as defined 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
2
e per megajoule
of energy sold.
Carbon intensity emissions for 2025 are
presented on a like for like comparison
basis. The carbon intensity figure based
on updated emission factors is 74.4Δ for
2025. Please see Scope 3 Emissions Metrics
table on page 51 for more detail on our
approach.
Link to Strategy
The carbon intensity metric is one of the
key measures the Group uses to measure
progress in energy transition.
2025 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.
Description and Basis of Calculation
Total Scope 1 and 2 (market basis) carbon
emissions expressed in kilotonnes (kts)
of CO
2
e. The figures for the current and
prior years have been presented using a
market basis.
Link to Strategy
The Group has put in place Scope 1 and 2
carbon reduction targets to achieve a 50%
reduction in emissions by 2030.
2025 Comment
Overall, there was a 4.4% decrease in
absolute carbon emissions. This decrease
was primarily driven by an increase in the
use of HVO in our HGV fleet and energy
efficiency measures across the Group.
Description and Basis of Calculation
Absolute Scope 3 emissions (Category
3 and 11 emissions) are the emissions
generated when customers use the energy
products sold by DCC Energy plus the
upstream well to tank emissions. The figures
s are expressed in millions of tons of CO
2
e.
Link to Strategy
The Group has Scope 3 emission reduction
targets to achieve a 35% reduction by 2030.
2025 Comment
There has been a 2.6% reduction in
absolute scope 3 carbon emissions
reflecting an increase in renewable fuel
sales as a percentage of overall sales
volume.
*These Scope 3 figures are restated based on
updated emissions factors. Please see Scope
3 Emissions Metrics Table on page 51 for more
detail on our approach. Δ Refer to EY report
on page 255.
The Group employs non-financial 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.
2025
2024
2023
74.4
73.4
74.9
48.75
73.4
gCO
2
e/MJ
Scope 3 Carbon Intensity
Target: Ongoing Reduction
2025
2024
2023
38.9
37.9
XX
0.0 25.5
37.9
Δ
mtCO
2
e
Scope 3 GHG Emissions*
Target:
35% Reduction
(2022 baseline)
2025
2024
2023
68
65
78
42.5
65
Δ
KtCO
2
e
Scope 1 & 2 GHG Emissions
Target:
50% Reduction
(2019 baseline)
CLIMATE CHANGE
Our goal is net zero
DCC plc Annual Report and Accounts 202528
Key Performance Indicators Continued
Description and Basis of Calculation
Measures overall employee engagement
incorporating employee satisfaction and
employee net promoter score among other
questions. In 2025, all of our colleagues
across our businesses were given the
opportunity to have their voices heard by
participating in the survey.
Link to Strategy
We strive to provide an employee
experience where everyone can feel
safe, valued and included, and where
every colleague can make their unique
contribution. We have a target of improving
and retaining our score above 80%
by 2030.
2025 Comment
We have again seen another year-on-year
increase in our employee engagement
score and are focused on action planning
to improve again next year.
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 this.
2025 Comment
We have achieved an LTIFR rate lower
than 1.0 for the past four years and in
FY25 we recorded an improvement in the
overall rate to 0.78. This reflects the overall
commitment to safety across the Group.
2025
2024
2023
0.89
0.78
0.97
58.75
0.78
Health & Safety LTIFR
Target: <1 Lost time incident
for every 200,000 hours
worked
2025
2024
2023
77%
79%
76%
0.0 51.3
79%
Employee Engagement Survey
Target:
Score > 80%
ZERO
Ethics & Integrity
Target: Highest Standards
External ESG Ratings
Target: Leadership Ratings
HEALTH & SAFETY
Our goal is no accidents
OUR PEOPLE
Our goal is to provide a vibrant
and innovative place to work
BUSINESS CONDUCT
Our goal is to operate
in accordance with the
highest standards
0
Incidents of Bribery & Corruption
0
Material Data Privacy Breaches
2025 Comment
We maintained high standards of
corporate governance, with full compliance
with the UK Corporate Governance Code.
B
CDP Score
Top rated
Sustainalytics ESG Performer
MSCI ‘AAA’
Rated
2025 Comment
In the year under review, DCC’s B rating by
CDP was maintained. We were awarded
‘Top rated’ ESG performer by Sustainalytics
and one of ‘Europe’s Climate Leaders’ by
the Financial Times.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 29
DCC plc Annual Report and Accounts 202530
“ DCC will retain a very strong
balance sheet which, combined
with our strong cash generation,
provides DCC with the financial
strength to continue to pursue
our growth opportunity in energy.”
KEVIN LUCEY
CHIEF FINANCIAL OFFICER
STRATEGIC PROGRESS
TO FOCUS ON ENERGY
Financial Review
This year has seen a very significant change in the strategic
direction of DCC. While for many years we have operated as
a diversified group, having operated as one since our listing in
1994, we have made the decision to pursue our largest growth
and returns opportunity in energy.
The agreed sale of DCC Healthcare post year-end has had
a material impact on how we present the financial statements
for the year ended 31 March 2025. Both DCC Healthcare, and
our exit of a smaller component of DCC Technology, are
presented as discontinued operations. The related assets
and liabilities are presented on the balance sheet as ‘held
for sale’. The sale of DCC Healthcare, for an enterprise value
of £1.05 billion, is a very material transaction for the Group.
It followed an extensive and wide ranging sale process, that
concluded in April 2025. The significant cash proceeds are
likely to be received during the summer of 2025. We will
ensure, as always, that the balance sheet of DCC remains
strong, but we also intend on returning a significant
proportion, £800 million, of the proceeds back to
shareholders. Despite the significant return, DCC will retain
a very strong balance sheet which, combined with our strong
cash generation, provides DCC with the financial strength
to continue to pursue our growth opportunity in energy.
Among the other highlights of the year was another year of
strong operating growth in DCC Energy. After a very strong
organic growth performance last year, it was very pleasing
to see the division continue to grow organically this year. In
addition, we benefited materially from the acquisition activity
in the prior and current year and this accounted for the
majority of the 8.5% constant currency growth in DCC Energy.
This growth was net of the reduction in profits associated
with the sale of our liquid gas business in Hong Kong & Macau.
We had a material FX translation headwind across the Group
during the year due to the strengthening of sterling.
DCC Technology had a difficult year, due to the adverse
market conditions that prevailed during the year. Consumer
and business confidence in Europe was particularly weak
and this influenced demand across the Info Tech business.
We also saw some weakness for consumer products in the
Life Tech segment in North America. However, our Pro Tech
operations in North America continued to perform well and
we continued to take market share. In DCC Technology we
recognised an impairment on the exit of our operations in
France and Iberia and also recognised a non-cash
impairment in our Info Tech operations in the UK due to the
low returns on capital being generated by the business and
the difficult market conditions slowing their recovery.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 31
Income statement review
2
Group revenue
Group revenue decreased by 4.5% (2.7% on a constant
currency basis) to £18.0 billion, due to lower revenue in DCC
Energy where average commodity prices were lower.
DCC Energy sold 15.2 billion litres of product, in line with the
prior year (+0.1%). Volumes in Solutions increased by +2.3%,
despite the headwind of mild weather conditions. This was
offset by a decline in Mobility volumes of 5.1%. This reduction
was largely driven by an anticipated reduction in volumes
in Denmark, where a lower margin contract for 56 sites
expired. Revenue in DCC Energy was £13.4 billion, a
decrease of 6.0% (4.1% on a constant currency basis). With
volumes flat on the prior year, the decrease in revenue was
due to the lower wholesale cost of energy commodities
during the year. Services revenue in DCC Energy increased
by 96.9% to £336.4 million, reflecting acquisition activity and
strong organic growth in France.
Revenue in DCC Technology was £4.6 billion, an increase
of 0.3% (1.7% on a constant currency basis) mainly driven
by revenue growth in Pro Tech. This offset revenue decline
in Info Tech where demand for consumer technology
products was weak.
Group adjusted operating profit
Group adjusted operating profit increased by 2.9% (4.8%
on a constant currency basis) to £617.5 million. Strong growth
in DCC Energy was partly offset by a more difficult trading
environment in DCC Technology. Organically, profits
increased by 1.8% in DCC Energy and declined by 15.8% in
DCC Technology. The impact on both DCC Energy and DCC
Technology continuing Group adjusted operating profit of
foreign exchange (FX) translation, M&A growth and organic
growth was as follows:
2025
FX
translation M&A Organic
Total
growth
DCC Energy -2.0% +6.7% +1.8% +6.5%
DCC Technology -1.6% +1.7% -15.8% -15.7%
Total -1.9% +5.9% -1.1% +2.9%
Continuing operations
1
2025
£’000
Restated
1
2024
£’000 % change
Revenue 18,011 18,854 -4.5%
Adjusted operating profit
DCC Energy 535.5 503.0 +6.5%
DCC Technology 82.0 97.2 -15.7%
Group adjusted operating profit 617.5 600.2 +2.9%
Finance costs (net) and other (101.1) (102.4)
Profit before net exceptionals, amortisation of intangible assets and tax 516.4 497.8 +3.7%
Net exceptional charge before tax and non-controlling interests (40.1) (35.1)
Amortisation and impairment of intangible assets (181.4) (103.5)
Profit before tax 294.9 359.2 -17.9%
Tax (72.0) (71.7)
Profit after tax – continuing operations 222.9 287.5
(Loss)/profit after tax – discontinued operations
1
(1.7) 53.0
Total profit after tax 221.2 340.5
Non-controlling interests (14.7) (14.2)
Attributable profit 206.5 326.3
Adjusted earnings per share – continuing 402.3p 390.2p +3.1%
Total adjusted earnings per share 470.2p 455.0p +3.3%
1. Refer to Discontinued operations commentary on page 32
We have material operational and infrastructure efficiency
projects running in both the UK and North America to ensure
the businesses are best positioned as we review the strategic
options for the division.
The Group continued to generate strong cash flow during the
year, with free cash flow conversion of 84%. Following a very
strong prior year performance, of 100% conversion, we have
converted 92% of our operating profits into cash cumulatively
across both years.
We continued to prepare for the increased reporting required
under CSRD, which although now delayed for DCC and many
other companies, allowed us to significantly expand our
Sustainability Report this year. Our Sustainability performance
during the year continued to show progress. We again
reduced our Group Scope 1 and 2 emissions and Scope 3
carbon emissions in DCC Energy.
Following our achievement of a strong investment grade
public credit rating for the Group in the prior year, we
accessed the public debt market for the first time, raising
€500 million under our EMTN program. Together with our long
standing relationships with the private debt markets and the
support of our banking partners, the Group has substantial
liquidity and funding optionality into the future. We ended the
year in a strong financial position with a net debt to EBITDA
ratio of 0.9x.
The strategic and operational 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. I’d particularly like to thank them for the
support they have provided to me in my five years as CFO
and I look forward to working with them in a different context
as I transition to COO during the summer.
2. All references are to continuing operations unless otherwise stated.
DCC plc Annual Report and Accounts 202532
Financial Review Continued
Adjusted operating profit
1
FY25 FY24 % change
Year ended 31 March
H1
£’m
H1
£’m
FY
£’m
H1
£’m
H2
£’m
FY
£’m
H1
%
H2
%
FY
%
DCC Energy 182.6 352.9 535.5 170.6 332.3 502.9 +7.0% +6.2% +6.5%
DCC Technology
38.5 43.5 82.0 41.3 55.9 97.2
-6.8% -22.3% -15.7%
Group 221.1 396.4 617.5 211.9 388.2 600.1 +4.4% +2.1% +2.9%
1. Continuing, excluding net exceptionals and amortisation of intangible assets.
The net impact of currency translation in the current year
was a headwind of 1.9%, or £11.7 million, on the growth in
continuing adjusted operating profit. The headwind was
2.0% in DCC Energy and 1.6% in DCC Technology. This reflects
average sterling exchange rates strengthening against
most of the Group’s reporting currencies during the year.
Acquisitions completed in the current and prior year
contributed 5.9% of the continuing operating profit growth.
The material contribution came in DCC Energy from the
prior year acquisition of Progas and the current year
acquisition of Next Energy, offset somewhat by the disposal
of our liquid gas business in Hong Kong & Macau.
Further commentary on the trading performance of DCC
Energy and DCC Technology is included in the Business
Reviews on pages 14 to 25.
Discontinued operations
As announced on 22 April 2025, the Group entered into a
definitive agreement to dispose of the Healthcare division.
The disposal is expected to complete in the third quarter
of this calendar year. In addition, having decided earlier in
the year to exit or close the loss-making Exertis France
consumer product business and Exertis Iberia, DCC
Technology signed an exclusivity agreement for their sale
in April 2025. The transaction is expected to close within
three months, subject to regulatory approvals.
The conditions for the Healthcare division and Exertis
France & Iberia to be classified as discontinued operations
have been satisfied, and, accordingly, the results of these
businesses are presented separately as discontinued
operations in the Group Income Statement and the
associated assets and liabilities are classified as assets
held for sale at the balance sheet date. The prior year
comparatives have been restated accordingly.
Finance costs (net) and other
Net finance costs and other, which includes the Group’s net
financing costs, lease interest and the share of profit/loss of
associated businesses, decreased modestly to £101.1 million
(2024: £102.4 million). At 31 March 2025 approximately 75% of
the Group’s gross debt is at fixed rates (2024: 60%).
Average net debt, excluding lease creditors, was £1.3 billion,
compared to an average net debt of £1.2 billion in the prior
year. Interest was covered 9.3 times by Group adjusted
operating profit before depreciation and amortisation
of intangible assets (2024: 8.9 times).
Profit before net exceptional items,
amortisation of intangible assets and tax
Profit before net exceptional items, amortisation of
intangible assets and tax increased by 3.7% to £516.4 million.
Net exceptional charge (including
impairments)
The Group incurred a net exceptional charge after tax of
£166.7 million (2024: net exceptional charge of £33.3 million)
as follows:
£’m
Restructuring and integration costs and other (37.0)
Acquisition and related costs (9.1)
Profit on disposal of subsidiary undertaking 3.3
Adjustments to contingent acquisition consideration 3.0
IAS 39 mark-to-market charge (0.3)
(40.1)
Impairment of goodwill (73.9)
Net exceptional items before tax – continuing (114.0)
Tax attaching to exceptional items 8.2
Net exceptional items after tax – continuing (105.8)
Net exceptional items after tax – discontinued (60.9)
Net exceptional charge (166.7)
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 33
Restructuring and integration costs and other of
£37.0 million mainly relates to the restructuring of operations
across a number of businesses and recent acquisitions.
The majority of the cost relates to the optimisation and
integration of operations in the Technology division in
respect of large projects in both the UK and the North
American businesses.
Acquisition and related costs include the professional fees
and tax costs relating to the evaluation and completion of
acquisition opportunities and amounted to £9.1 million.
During the year DCC Energy completed the sale of a
majority stake in its liquid gas business in Hong Kong &
Macau to an industrial group already operating in Hong
Kong. The transaction valued DCC’s business at an initial
enterprise value of c.US$150 million (c.£117 million), on a
debt-free, cash-free basis. With the two businesses being
merged post completion, DCC has retained a minority stake
in the combined business. The transaction resulted in a
modest profit on disposal of £3.3 million.
Adjustments to contingent acquisition consideration of
£3.0 million reflects movements in provisions associated with
the expected earn-out or other deferred arrangements that
arise through the Group’s corporate development activity.
The level of ineffectiveness 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 2025, this amounted to an
exceptional non-cash charge of £0.3 million. The cumulative
net exceptional credit taken in respect of IAS 39
ineffectiveness is £0.2 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.
A non-cash goodwill impairment has been recognised with
respect to the UK component of DCC Technology’s Info
Tech segment. While trading in the business has improved in
recent years, the recovery to historic levels has taken longer
than anticipated. Given the longer recovery trajectory and
market conditions showing little signs of improving in the UK,
a non-cash impairment of £73.9 million was recognised.
The charge for net exceptional items on discontinued
operations primarily relates to the Exertis France consumer
product business and Exertis Iberia within the Info Tech
segment of DCC Technology. In April 2025 the Group
agreed to sell this business and the proceeds on disposal
are expected to give rise to a non-cash impairment loss of
approximately £52.2 million which has been recognised in
the current year. The balance of £8.7 million relates to
restructuring and costs of disposal for discontinued
operations.
Amortisation and impairment of
intangible assets
The charge for the amortisation and impairment of
acquisition-related intangible assets increased to
£181.4 million from £103.5 million in the prior year. £73.9 million
of the increase relates to a non-cash impairment of
goodwill in DCC Technology’s Info Tech segment described
above. The balance of £107.5 million relates to amortisation
of intangible assets, with the increase on the prior year
reflecting acquisitions completed in the prior and current
year.
Profit before tax
Profit before tax decreased by 17.9%, on a continuing basis,
to £294.9 million.
Taxation
The effective tax rate for the Group increased as expected
to 20.3% (2024: 19.7%). The Group’s effective tax rate is
influenced by the geographical mix of profits arising in
any year and the tax rates attributable to the individual
jurisdictions.
Adjusted earnings per share
Adjusted earnings per share (continuing operations)
increased by 3.1% (+5.0% on a constant currency basis) to
402.3 pence, broadly in line with the operating profit growth.
Dividend
The Board is proposing a 5.0% increase in the final dividend
to 140.21 pence per share, which, when added to the interim
dividend of 66.19 pence per share, gives a total dividend for
the year of 206.40 pence per share. This represents a 5.0%
increase over the total prior year dividend of 196.57 pence
per share. The dividend is covered 2.3 times by adjusted
earnings per share (2024: 2.3 times). It is proposed to pay
the final dividend on 17 July 2025 to shareholders on the
register at the close of business on 23 May 2025.
Over its 31 years as a listed company, DCC has an unbroken
record of dividend growth at a compound annual rate of 12.9%.
DCC plc Annual Report and Accounts 202534
Financial Review Continued
Cash flow and capital deployment
Free cash flow generation and conversion
The Group’s free cash flow amounted to £588.8 million
versus £681.1 million in the prior year, representing an 84%
conversion of adjusted operating profit into free cash flow.
This strong result, when taken with the excellent 100%
conversion in the prior year, reflects 92% cumulatively
across both periods.
Working capital
As anticipated, working capital increased relative to prior
year. Following a very strong working capital performance
in the prior year, working capital increased by £93.7 million
(2024: £56.6 million decrease). The outflow was predominantly
driven by higher working capital requirements in DCC Energy,
where the lower oil price had a negative impact on the
absolute value of working capital, given the negative working
capital operating model across our product sales in both
Mobility and Solutions. Working capital also increased in DCC
Technology, where the relatively weak market over Christmas
and the holiday gifting season for consumer products
impacted retailer demand and resulted in the seasonal
unwind of working capital taking longer than typical to
realise.
The absolute value of working capital in the Group at
31 March 2025 was £313.5 million. Overall working capital
days were 5.7 days sales, compared to 4.0 days sales in
the prior year.
DCC Technology selectively uses supply chain financing
solutions to sell, on a non-recourse basis, a portion of its
receivables relating to certain higher volume supply chain/
sales and marketing activities in our UK Info Tech business.
The level of supply chain financing at 31 March 2025
increased modestly to £156.0 million (2024: £145.4 million),
reflecting a more efficient use of the facility. Supply chain
financing had a positive impact on Group working capital
days of 2.8 days (31 March 2024: 2.5 days).
Net capital expenditure
Net capital expenditure amounted to £169.1 million for the
year (2024: £221.0 million) and was net of disposal proceeds
(£44.8 million) and government grants received (£0.3 million).
The level of net capital expenditure reflects continued
investment in organic initiatives across the Energy business,
supporting its continued growth and development. Net
capital expenditure for the Group exceeded the
depreciation charge of £166.5 million (excluding right-of-use
leased assets) in the period by £2.6 million.
Capital expenditure in DCC Energy primarily comprised
expenditure on tanks, cylinders and installations within
Solutions with a continued focus on supporting new and
existing liquid gas customers. In Mobility, there was
continued investment to maintain our retail sites in the
Nordics and France and upgrades across the business,
including adding further lower emission product capability,
electric vehicle fast charging and related forecourt services.
In DCC Technology, capital expenditure focused on
continued enterprise resource planning investment in North
America and Europe and was net of the sale of a premises
in North America as part of the ongoing optimisation of our
operational infrastructure. DCC Technology will continue to
focus on optimising the capital base of the business in the
coming year.
2025
£’m
2024
£’m
DCC Energy 159.5 177.6
DCC Technology (11.9) 8.8
Net capital expenditure – continuing 147.6 186.4
Net capital expenditure – discontinued 21.5 34.6
Total 169.1 221.0
Year ended 31 March
2025
£’m
2024
£’m
Group adjusted operating profit 703.6 682.8
(Increase)/decrease in working capital (93.7) 56.6
Depreciation (excluding ROU leased assets) and other 159.5 173.6
Operating cash flow (pre add-back for depreciation on ROU leased assets) 769.4 913.0
Capital expenditure (net) (169.1) (221.0)
600.3 692.0
Depreciation on ROU leased assets 87.4 82.8
Repayment of lease creditors (98.9) (93.7)
Free cash flow 588.8 681.1
Interest and tax paid, net of dividend from equity accounted investments (194.0) (214.8)
Free cash flow (after interest and tax) 394.8 466.3
Acquisitions (242.5) (338.5)
Disposal of subsidary 61.4 –
Dividends (206.7) (189.1)
Exceptional items (55.8) (13.3)
Share issues – 0.2
Net outflow (48.8) (74.4)
Opening net debt (1,147.1) (1,113.9)
Translation and other 43.8 41.2
Closing net debt (including lease creditors) (1,152.1) (1,147.1)
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 35
Impact of Climate Risk on Investment
Decisions
DCC has a clear framework for capital allocation, which
is directly aligned with our strategy and our assessment of
climate-related risks and opportunities. More detail on our
strategy is set out in the Strategy section on page 10 and
the DCC Energy Business Review on page 14. More detail
on our assessment of physical and transitional climate risks,
which we updated during the year under review, is
contained in the Sustainability Review on page 39.
Individual capital investment decisions that are made
over the course of each year take place within this decision
framework, with each investment subject to specific review
and assessment by senior management or the Board.
Total cash spend on acquisitions for the year
ended 31 March 2025
The total cash spend on acquisitions in the year was
£242.5 million, including deferred and contingent acquisition
consideration previously provided of £75.2 million. The
remaining spend of £167.3 million primarily reflects
acquisitions committed to and completed during the
current year, and includes the completion of the acquisition
of Next Energy, Secundo Photovoltaik and Copropriétés
Diagnostic in DCC Energy which were announced in the
prior year Results Announcement in May 2024.
Committed acquisitions
– continuing operations
DCC has committed £115.3 million to new acquisitions since
the prior year Results Announcement.
Committed acquisitions – continuing
2025
£’m
2024
£’m
DCC Energy 101.6 485.8
DCC Technology 13.7 3.8
Total 115.3 489.6
DCC continues to be active from a development
perspective, committing approximately £115 million to eight
new acquisitions during the period. Recent acquisition
activity of the Group includes:
DCC ENERGY
DCC Energy has committed approximately £100 million to
seven new acquisitions which support its Cleaner Energy
in Your Power strategy. In addition to some small bolt-on
acquisitions, DCC Energy has acquired:
• In July 2024, DCC Energy completed the acquisition of
WIRSOL Roof Solutions (‘Wirsol’) in Germany. Wirsol has
been providing high quality solar photovoltaic (PV) and
battery storage solutions for more than 20 years. Based
in Waghäusel, Germany, the business employs 120 people
and has planned and installed over 16,000 solar systems
for commercial and private customers throughout
Germany. Following the recent acquisition of Progas in
the liquid gas market, Wirsol provides a platform to now
develop our Energy Services offering in the German energy
market—the largest in Europe.
• In July 2024, DCC Energy completed the acquisition of
Cubo, a fleet telematics business providing integrated
telematics & communication solutions in the UK & Ireland.
The complementary acquisition provides additional digital
solutions to our fleet service customers.
• DCC Energy acquired Acteam ENR (‘Acteam’) in September
2024, a French solar PV business based in Toulouse.
Acteam provides project development, engineering,
project management along with construction support and
supervision services for commercial solar PV projects. The
acquisition is geographically complementary to our
Wewise French business and will enable us to develop our
energy management services capability in the south of
France.
Performance Metrics
2025 2024
Growth (continuing opearations):
DCC Energy adjusted operating profit growth (%) +6.5% +9.9%
DCC Technology adjusted operating profit growth (%) -15.7% -9.8%
Group adjusted operating profit growth (%) +2.9% +6.1%
Group adjusted operating profit growth (constant currency) (%) +4.8% +7.4%
Adjusted earnings per share growth (%) +3.1% +1.8%
Adjusted earnings per share growth (constant currency) (%) +4.9% +3.1%
Return:
Return on capital employed – excluding IFRS 16 (%) – continuing 15.3% 15.5%
Return on capital employed – including IFRS 16 (%) – continuing 14.4% 14.5%
Operating cash flow (£’m) 769.4 913.0
Free cash flow (£’m) 588.8 681.1
Conversion of adjusted operating profit to free cash flow (%) 84% 100%
Working capital days (days) 5.7 4.0
Debtor days (days) 38.2 38.1
Financial Strength/Liquidity/Financial Capacity for Development:
EBITDA: net interest (times) 9.3x 8.9x
Cash balances (net of overdrafts and short-term debt) (£’m) 1,033.7 740.7
Net debt – excluding lease creditors (£’m) (795.9) (784.7)
Net debt – including lease creditors (£’m) (1,152.1) (1,147.1)
Net debt (excluding lease creditors) as a % of total equity (%) 25.1% 24.7%
Net debt: EBITDA (times) 0.9x 0.9x
DCC plc Annual Report and Accounts 202536
Financial Review Continued
• In November 2024, DCC Energy completed the acquisition
of MG Habitat, a French energy services business providing
design, installation and maintenance services for solar
photovoltaic, heat-pumps and other energy installations.
• In November 2024, DCC Energy agreed to acquire Wex
Europe Services AS, the Norwegian branch of Wex Europe
Services. Wex Europe Services AS services both fleet and
truck commercial customers in the Norwegian market with
the Esso branded fuel card and is a complimentary
business to our existing service station portfolio in Norway.
The acquisition is expected to complete in the third quarter
of this calendar year.
DCC TECHNOLOGY
DCC Technology completed the acquisition of MDM
Commercial Inc, a distributor of hospitality and healthcare
professional AV equipment in the US. The business is
headquartered in Jacksonville, Florida with 40 employees.
Disposals
LIQUID GAS BUSINESS IN HONG KONG & MACAU
In July 2024, DCC Energy completed the profitable sale of a
majority stake in its liquid gas business in Hong Kong &
Macau to CITADEL Pacific Ltd, an Asian industrial group with
an existing and complementary business in the region. The
transaction valued DCC’s business at an initial enterprise
value of c.US$150 million (c.£117 million), on a debt-free,
cash-free basis and DCC retained a minority stake in the
combined business. The business represented DCC’s only
energy operation in Asia. Further details on the transaction
can be found in DCC’s stock exchange announcement of
11 July 2024.
STRATEGIC UPDATE: FOCUS ON ENERGY
Earlier this year we announced our intention to simplify DCC,
maximise shareholder value and accelerate the growth of
our energy business, the Group’s largest and highest-
returning division. That evolution is under way and we have
made the following divestments in line with our strategy:
DCC HEALTHCARE
In April 2025, DCC announced that we had entered into a
definitive agreement for the sale of DCC Healthcare to
HealthCo Investment Limited, an independently managed
investment subsidiary of funds managed and/or advised by
Investindustrial Advisors Limited. The proposed transaction
values DCC Healthcare at a total enterprise value of
£1,050 million on a cash-free, debt-free basis. The transaction
is subject to receipt of customary regulatory approvals and is
expected to complete in the third quarter of this calendar
year. Further details on the transaction can be found in our
stock exchange announcement of 22 April 2025.
EXERTIS FRANCE
Having made the decision to exit the Info Tech market in
France during the year, in April 2025, DCC Technology
signed an exclusivity agreement with We.Connect for the
sale of its unprofitable consumer products operations in
France and Iberia for a modest consideration. We.Connect
is a respected B2B distributor in France, founded in 2003
and listed on Euronext Growth. The transaction is expected
to close within three months, subject to regulatory approvals.
Return on capital employed
– continuing operations
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:
2025
excl.
IFRS 16
Restated
2024
excl.
IFRS 16
2025
incl.
IFRS 16
Restated
2024
incl.
IFRS 16
DCC Energy 18.5% 18.7% 17.3% 17.4%
DCC Technology 7.2% 8.3% 6.8% 7.8%
Group 15.3% 15.5% 14.4% 14.5%
The Group continued to generate strong returns on capital
employed, notwithstanding the substantial increase in the
scale of its Energy business in recent years. The modest
decrease in return on capital employed in DCC Energy
reflects the timing of the disposal of the business in Hong
Kong & Macau which occurred early in the current year.
Excluding the impact of sale of this business, returns in DCC
Energy were in line with the prior year. The Group’s returns
also reflect the organic decline in operating profit in DCC
Technology. We remain very focused on both reducing the
capital in DCC Technology and driving operational
improvements which we expect will see returns recover in
the coming years.
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 benefits, including enabling DCC to take
advantage of acquisitive or organic development
opportunities as they arise. At 31 March 2025, the Group had
net debt (including lease creditors) of £1.2 billion, net debt
(excluding lease creditors) of £795.9 million, cash resources
(net of overdrafts) of £1.1 billion and total equity of £3.2 billion.
Key financial ratios 2025
Lender
covenants 2024
Net debt: EBITDA (times) 0.9x 3.5x 0.9x
EBITDA: net interest (times) 9.3x 3.0x 8.9x
Total equity (£'m) 3,168.3 425.0 3,183.0
Historically, the Group raised its term debt in the US private
placement market. During the year, the Group has
become an issuer for the first time in the public debt markets.
The Group’s term debt has an average maturity of 4.8 years.
The Group repaid £263 million of private placement debt in
May 2024 along with a further £25.5 million in September
2024 and £72.0 million in April 2025.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 37
KEVIN LUCEY
CHIEF FINANCIAL OFFICER
12 May 2025
Selected Sustainability Performance Metrics 2030 Target 2025 2024 % change
% change
vs. baseline
Scope 1 & 2 (market based)
(ktCO
2
e, Group, 2019 baseline)
50%
reduction
65 68 -4.4% -48%
Customer Scope 3 carbon emissions
(mtCO
2
e, DCC Energy, 2022 baseline)
35%
reduction
37.9 38.9 -2.6% -11%
Biogenic content of energy sold (GJ) 7.2% 6.7%
Health & Safety – Lost time Incident frequency rate
(LTIFR per 200k hours worked)
LTIFR <1 0.78 0.89
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 diversified funding portfolio, with a balanced
maturity profile. 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 first public credit rating opinions of the Company.
In June 2024 DCC established a Euro Medium Term Note
(‘EMTN’) programme and issued its inaugural public market
debt instrument, a benchmark €500 million seven-year senior
unsecured bond. The bond refinanced maturing private
placement debt.
Sustainability
DCC’s ambition remains to enable the growth and progress
of all our stakeholders, across our four sustainability pillars:
Climate Change and Energy Transition, Health and Safety,
People and Social, and Governance and Compliance.
The vast majority of the Group’s Scope 3 carbon emissions
derive from DCC’s sales of energy products to customers.
During the year, DCC set a scope 3 target to reduce
emissions by 35% by 2030 against a FY22 baseline. In the
year, DCC Energy reduced these emissions by 2.6%,
equating to a reduction of 1 million tons of CO
2
e, and
cumulatively 11% against the FY22 baseline. DCC lowered its
Scope 1 and 2 emissions by 4.4% and cumulatively by 48%
versus the 2019 baseline and just under the target to
reduce emissions by 50% by 2030.
Related to Scope 3, DCC Energy increased the renewable
content of energy products supplied to customers (in
Gigajoules, ‘GJ’) to 7.2%, up from 6.7% in 2024. Due to growth
in operating profit and the 2.6% reduction in Scope 3 carbon
emissions, the carbon intensity of DCC Energy’s operating
profit reduced by 8.5%. During the course of the year DCC
continued to invest strongly in energy services businesses
in order to support our customers with energy transition.
We committed c.£100 million during the year, building on
the £346 million committed last year.
The Group retained its B rating with CDP reflecting its
progress on emissions reduction and delivering on DCC’s
strategy. DCC also retained an AAA rating from MSCI,
remaining among the top 10% of peer companies.
DCC has invested significantly in sustainability reporting
and the associated control framework to deliver against
regulatory and wider stakeholder requirements. A number
of key projects and assessments were completed including
a double materiality assessment, biodiversity assessment
of own operations, climate physical and transition risk
assessment , and the rollout of new Group systems for
Health and Safety and Learning Management.
Financial Risk Management
Group financial risk management is governed by policies
and guidelines which are reviewed and approved annually
by the Board of Directors, most recently in February 2025.
These policies and guidelines primarily cover credit risk,
liquidity risk, foreign exchange risk, interest rate risk and
commodity price risk. The principal objective of these
policies and guidelines is the minimisation of financial risk
at reasonable cost. To manage these risks, DCC uses
various derivative financial instruments, including interest
rate swaps, foreign exchange forwards and swaps and
commodity contracts. The Group does not trade in financial
instruments, nor does it enter into any leveraged derivative
transactions. DCC’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 financial risk
management and its derivative financial instrument position
is provided in note 5.7 to the financial 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 significant proportion of the Group’s profits is
denominated in currencies other than sterling.
Approximately 74% of the Group’s adjusted operating
profit for the year ended 31 March 2025 was denominated
in currencies other than sterling, primarily euro, US dollar
and Scandinavian currencies. DCC does not hedge the
translation exposure on the profits 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 £12.7 million in the
reported growth in total adjusted operating profit.
The Group has investments in non-sterling, primarily euro
and US dollar denominated, operations which are cash-
generative, and a significant 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 offset by
the strong ongoing cash flow generated from the Group’s
non-sterling operations, leaving DCC with a net investment
in non-sterling assets. The loss of £43.7 million arising on the
translation of DCC’s non-sterling denominated net asset
position at 31 March 2025 as set out in the Group Statement
of Comprehensive Income mainly reflects the weakening in
the value of the euro and US dollar against sterling with the
impact of movements against other currencies largely
offsetting each other. 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 financial
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 fixed and floating
rates of interest. At 31 March 2025, 25% of the Group’s term
debt, including drawn committed credit lines, was at or
swapped to floating 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 reflected in sales prices.
In certain markets, short-term or seasonal price stability is
preferred by certain customer segments. Thus DCC hedges
a proportion of forecasted transactions, with such
transactions qualifying as ‘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 24 months.
Fixed price supply contracts may be provided to certain
customers for periods typically less than 12 months in
duration. DCC fixes its purchase cost on contracted future
volumes where the customer contract contains a take-or-
pay arrangement that permits the customer to purchase a
fixed amount of product for a fixed price during a specified
period and requires payment even if the customer does not
take delivery of the product.
Where a take-or-pay clause is not included in the customer
contract, DCC hedges a portion of forecasted sales volume
recognising that certain sales, such as liquid gas and
natural gas, are exposed to volume risk arising from a range
of factors, including the weather.
DCC plc Annual Report and Accounts 202538
Financial Review Continued
SUSTAINABILITY
REVIEW
GENERAL DISCLOSURES
40 Creating Sustainable Value
42 Our Sustainability Framework
44 Revised Double Materiality
Assessment
46 Our Sustainability Performance
ENVIRONMENTAL
Climate Change
48 Introduction
48 Energy Strategy and Value Chain
50 Emissions Targets and
Performance
52 Energy Transition Plan
and Progress
54 Climate Risks
56 Energy Products and Services
57 Just Transition
Pollution
58 Introduction
58 Managing Pollution Controls
and Procedures
Biodiversity
60 Introduction
61 Managing Biodiversity Risk
SOCIAL
Own Workforce
62 Introduction
63 Our Workforce Characteristics
63 Engaging With Our People
64 Inclusion
64 Culture and Engagement
65 Working Conditions
65 Developing our Workforce
67 Community Support
Health and Safety
68 Safety in DCC
68 Performance in the Year
Workers in the Value Chain
70 Introduction
70 Our Supply Chain Policies
71 Third Party Management
GOVERNANCE
Business Conduct
72 Introduction
73 Supplier Relationship
Management
73 Anti-Bribery and Anti-Corruption
73 Political Influence and Lobbying
Activities
74 Cyber Security and IT
System Resilience
Supplementary Sustainability
Information
245 Double Materiality
Assessment Process
246 Sustainability Related Policies
247 Interests and Views of
Stakeholders
248 Additional GHG and Energy
Consumption Metrics
249 EU Taxonomy
250 TCFD
252 References Relevant to
EU Sustainability Reporting
Legislation
As an Irish company that is listed on a stock exchange
outside the European Union, DCC was due to first report in
line with the EU Corporate Sustainability Reporting Directive
(‘CSRD’) in 2026, in respect of our financial year commencing
1 April 2025. A good deal of work had been undertaken over
the course of the year, and reported on to the Board, to
prepare for that. The recent announcement by the EU
Commission on a proposed EU Sustainability Omnibus
Directive appears likely to move this reporting deadline to
2028, with adjusted reporting standards expected to issue
later this year.
Rather than waiting for the new Directive and standards
to come into effect, we have chosen to enhance our
sustainability reporting this year. We have structured our
sustainability disclosures using the European Sustainability
Reporting Standards (‘ESRS’) as a guide as we prepare to
comply with CSRD. However, the sustainability disclosures
are not compliant with CSRD for this year.
The non-financial KPIs are presented on a Group basis,
including Energy, Technology and Healthcare divisions,
unless otherwise stated.
DCC plc Annual Report and Accounts 2025 39
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 202540
Sustainability Review
CREATING
SUSTAINABLE VALUE
Sustainability is core to our strategy and underpins our
long-term commitment to responsible growth and value
creation. We recognise that integrating sustainable
practices into every aspect of our operations is essential
not only for environmental stewardship, but also for
maintaining stakeholder trust, driving innovation and
ensuring business resilience.
FOCUS ON ENERGY
TO DRIVE RETURNS
We aim to be a global leader in the sales, marketing and
distribution of energy products and services.
OUR ENERGY
STRATEGY
+
GROW
CUSTOMERS
By providing them with
essential energy products
SELL MORE
SERVICES
Across on-site energy
management and mobility
+
READ MORE • PAGES 10 TO 21
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 41
OUR PRODUCTS
AND SERVICES
OUR SUSTAINABILITY
PILLARS
CLIMATE
CHANGE
HEALTH AND
SAFETY
OUR PEOPLE
BUSINESS
CONDUCT
ENERGY
PRODUCTS
Liquid gas, liquid
fossil fuels, biofuels
and biogas, on-grid
gas and power
ENERGY
SERVICES
On-site solar, energy
systems and energy
efficiency solutions
MOBILITY
Service stations,
fleet payment,
digital parking and
telematic services
Challenges &
Opportunities
Strategic
Priorities
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 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.
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
inclusion and innovation. We also value the
relationships that we have with the many local
communities where we operate and that we serve.
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.
DECARBONISING
OUR CUSTOMERS
CLIMATE
CHANGE
KEEPING OUR
PEOPLE SAFE
HEALTH
AND
SAFETY
REINFORCING
OUR STRONG
CULTURE
OUR
PEOPLE
ENSURING
STRONG
GOVERNANCE &
COMPLIANCE
BUSINESS
CONDUCT
ENVIRONMENTALGOVERNANCE SOCIAL
DCC plc Annual Report and Accounts 202542
Sustainability Review Continued
OUR SUSTAINABILITY
FRAMEWORK
We aim to enable the growth and progress of all our
stakeholders, in line with our Purpose. We are clear on the
best ways to achieve this and how to measure progress.
Objectives
UN
SDGs
2030
Targets
Additional
Areas of Focus
50% reduction
Scope 1 and 2 GHG emissions
(2019 baseline)
LTIFR < 1
Lost Time Incident Rate
of <1 for every 200,000
hours worked
>80%
Engagement score
Ethics and
Integrity
Highest standards
BIODIVERSITY
CONSUMERS AND
END USERS
WORKERS IN THE
VALUE CHAIN
JUST TRANSITION
POLLUTION
Our goal is to reduce our
Scope 3 emissions to net
zero by 2050
We will decarbonise our
operations to net zero
by 2050 or sooner
Our goal is no accidents and
keeping our people safe
Our goal is to provide
a vibrant, inclusive
and innovative place
to work and be a
positive member of
the communities
we serve
Our goal is to operate in
accordance with the
highest standards of
ethics, compliance and
corporate governance
35% reduction
Scope 3 GHG emissions
(2022 baseline)
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 43
DCC plc Annual Report and Accounts 202544
Sustainability Review Continued
REVISED DOUBLE
MATERIALITY ASSESSMENT
We completed a refresh of our Double Materiality
Assessment (‘DMA’) during the year. This exercise identified
and assessed our impacts on the environment and society
as well as the sustainability-related financial risks and
opportunities we face.
We completed the DMA in line with applicable European
Sustainability Reporting Standards (‘ESRS’). An overview of
the process we followed is set out on page 245.
In total, 33 IROs have been assessed as material, comprising
11 positive impacts, ten negative impacts, 11 risks, and one
opportunity.
Strategic Focus Areas
A number of topics were deemed material in our last double
materiality exercise and have been a core part of our
strategy and disclosures for a number of years.
• Climate Change (E1): Climate change poses risks in relation
to both transition and physical risks but also provides
significant opportunity in supporting customers with
energy transition solutions.
• Own Workforce (including Health and Safety) (S1): The
development and wellbeing of our people is core to our
business. Health and Safety is also a specific focus area for
us, being one of our four sustainability pillars.
• Business Conduct (G1) and Supply Chain (S2): Conducting
our business in a manner that is compliant and ethical, and
dealing with business partners that act in the same
manner, is embedded in our culture and business
processes.
New Material Topics
We identified a number of new material topics in this DMA
process:
• Biodiversity was deemed material from an upstream value
chain perspective because of the impact of the extraction
of raw materials.
• Pollution was deemed material from a financial
perspective, due to the potential impact of
non-compliance with environmental regulations and
related remediation costs.
• Consumers and End Users was deemed a material focus
area from a downstream perspective because of both the
risk and opportunity created by quality of communications
and customer service.
Out of Scope
Three topics, namely Water and Wastewater, Circular
Products and Services and Local Communities and
Economic Support, while recognised as important, were
deemed not material in terms of impact in our most recent
review.
Double Materiality Assessment Outputs
Double materiality considers both impact materiality (the entity’s impacts on people and the environment)
and financial materiality (sustainability matters that affect the entity financially). Nine topics were deemed
material, with six of these topics having ‘double materiality’, i.e. they have both material impacts and present
material financial risks or opportunities. The associated impacts, risks and opportunities (‘IROs’) relating to
each material topic are outlined on the next page.
Material from financial AND impact perspective Material from financial OR impact perspective Not material
Not Material
Not Material
Material
Impact Materiality
Financial Materiality
Material
• Water and Wastewater
• Circular Products and Services
• Local Communities and Economic Support
• Climate Change
• Pollution
• Health and Safety
• Workers in the Value Chain
• Consumers and End Users
• Business Conduct
• Biodiversity
• Own Workforce
• Just Transition to Lower Carbon Economy
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 45
Value Chain Time Horizon
Material Topic and
ESRS Reference
Impact Type
IRO
Type
IRO U O D ST MT LT
ENVIRONMENTAL
E1: CLIMATE
CHANGE
Risks
€
Climate transition risk
• • • • • •
€
Climate physical risk
• • • •
Opportunities
€
Acquisitions supporting transition opportunities
• • •
Impacts
P+
Increased use of renewable energy sources
• • • • • •
A-
Indirect emissions of customers
• • • •
P-
Failure to achieve carbon targets
• • • •
Just Transition
to Lower Carbon
Economy
Impacts
A+
Empowering society to act in reducing emissions
• • • • • •
P+
Social inclusion of consumers
• • • •
A- Secure employment
• • •
E2: Pollution
Risks
€
Pollution related regulations
• • • • • •
Impacts
P-
Pollution from improper waste disposal
• • •
P-
Air pollution from GHG emissions
• • • • •
E4: Biodiversity
Impacts
A-
Reliance on raw materials leading to land
degradation
• • • •
SOCIAL
OUR PEOPLE
S1: Own Workforce
Risks
€
Financial and reputational risk due to employee
health and safety incidents
• • • •
HEALTH
AND SAFETY
S1: Own Workforce
Impacts
P+
Culture and engagement
• • • •
P+
Work related rights
• • • • • •
P+
Inclusion
• • • •
A- Employee health and safety accidents
• • • •
S2: Workers in
the Value Chain
Risks
€
Regulatory risk
• • • •
Impacts
P-
Human rights
• • • •
P+
Supply chain transparency
• • • • • •
P-
Health and safety
• • • • •
S4: Consumers
and End Users
1
Risks
€
Consumer health and safety
• • •
€
Reputational risk relating to irresponsible
messaging
• • •
Opportunities
€
Customer service
• • •
Impacts
P+
Consumer health and safety
• • •
A+
Access to quality information in product
marketing
• • •
GOVERNANCE
G1: BUSINESS
CONDUCT
Risks
€
Corruption and bribery
• • • • •
€
Regulatory risk
• • • • •
€
IT system failure risk
• • • • • •
Impacts
P-
Consumer privacy and data protection
• • • • • •
P+
Corporate governance
• • • •
A+
Whistleblowing
• • • • • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
1. This is a new material topic which is not addressed in this report and will be covered in future reporting.
Our Material Impacts, Risks and Opportunities (IROs)
DCC plc Annual Report and Accounts 202546
Sustainability Review Continued
Strategic
Priorities 2030 Targets Key Performance Indicators 2025 2024 %
CLIMATE
CHANGE
50% reduction
Scope 1 and 2 GHG
emissions (2019 baseline)
Scope 1 GHG emissions (1,000 tCO
2
e) 64
Δ
67 -4.5
Scope 2 GHG emissions market-based
(1,000 tCO
2
e)
1
Δ
1 0
35% reduction
Scope 3 GHG emissions
(2022 baseline)
Scope 3 GHG emissions
1
(million tCO
2
e) 37.9
Δ
38.9 -2.6
Cumulative Scope 3 GHG emissions
reduction since 2022 baseline
11% 8%
Carbon intensity (gCO
2
e/MJ)
2
73.4 74.4
Biogenic content (% biogenic content of
energy sold)
2
7. 2% 6.7%
Capital committed to new Energy
Services businesses
£100m £346m
HEALTH AND
SAFETY
LTIFR <1
Lost Time Incident Rate
of <1 for every 200,000
hours worked
Total recordable injuries per 200,000
working hours (‘TRIR’)
1.27 1.16
Lost time injuries per 200,000 working
hours (‘LTIFR’)
0.78 0.89
Lost time injury severity rate (‘LTISR’) 23 days 29 days
OUR
PEOPLE
>80%
Employee
Engagement Score
Employee Engagement Survey results 79% 77%
Employees at the end of the period
(‘FTEs’)
16,777 16,649
BUSINESS
CONDUCT
Ethics & Integrity
Highest standards
Code of Conduct training by employees
7,736
3
7,9 79
3
Number of convictions for violation of
anti-corruption and anti-bribery laws
0 0
Political contributions
4
0 0
Material data privacy breaches
5
0 0
1. These Scope 3 figures are based on updated emissions factors. Please see Scope 3 Emissions Metrics table and GHG emissions targets
table on page 51 for more detail on our approach.
2. Carbon intensity and biogenic emissions for 2025 are presented on a like-for-like comparison basis. Carbon intensity and % biogenic figures based
on updated emission factors are 74.4Δ and 7.1%Δ for 2025. Please see Scope 3 Emissions Metrics table on page 51 for more detail on our approach.
3. Employees are required to refresh Code of Conduct training every 24 months.
4. There were no political contributions which were required to be disclosed under the Irish Electoral Act, 1997.
5. These are defined as breaches that result in a significant regulatory sanction or financial penalty.
OUR SUSTAINABILITY
PERFORMANCE
We made further progress in our journey
towards a more sustainable future during
the year under review.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 47
Additional Areas of Focus 2025 2024
JUST TRANSITION
We have a significant opportunity to positively impact our
customers with our efforts to make decarbonisation more
accessible. Our strategy is focused on simplifying the
transition process and providing affordable energy
solutions for processes, heating and transport. We can
also lead the transition for off-grid homes, making
decarbonisation simple and affordable. We do this
through our range of transition solutions and supports for
vulnerable customers. More information on this is set out
on page 57.
POLLUTION
Number of spills requiring remediation 2 0
Number of spills per 10,000 deliveries 3.7 3.1
BIODIVERSITY
We have undertaken an exercise to identify our sites that
are in close proximity to Key Biodiversity Areas (‘KBAs’) and
our sites that have a heightened potential of biodiversity
related risk. More information on this is set out on page 60.
WORKERS IN THE
VALUE CHAIN
We have robust third-party management processes in
operation across the Group that are audited as part of our
compliance reviews on an ongoing basis.
During 2024, we invested in a new system to help in the
assessment of our suppliers’ sustainability credentials.
ESG RATINGS
MSCI AAA AAA
Sustainalytics Med Low
CDP B B
DCC plc Annual Report and Accounts 202548
Sustainability Review Continued
Introduction
Reaching net zero greenhouse gas emissions is essential for
a sustainable future. We will continue to decarbonise our
own operations and help our customers to do the same
where we can. In particular, we provide solutions to migrate
our customers’ homes and businesses to low-carbon energy
while ensuring their existing supplies are safe, reliable and
efficient.
Climate change and energy transition is core to our strategy,
and capturing the opportunities and managing the risks
from the transition to a low-carbon economy is fully
integrated within this (Please see pages 10 to 21 for more
detail on our strategy).
CDP REPORTING
In the year under review, our B rating by CDP for climate
change was maintained.
Material Impacts, Risks and Opportunities
As part of our DMA a number of climate related IROs were
identified.
The energy transition presents a significant financial
opportunity. We can grow our renewable energy, solar
panel installation, heat pump installation and energy
services businesses. The increased provision and use of
renewable energy products and services has a positive
impact on climate change. The shift away from fossil fuels
will result in a positive impact on the environment and
climate change.
Scope 3 emissions associated with our fossil fuel products
used by customers downstream in the value chain have a
negative impact on the environment and society. Transition
risk, caused by changing weather patterns and reduced
customer demand for heating fuels, could impact
profitability. Evolving regulatory requirements, carbon taxes
and energy efficiency standards also present a risk of
potential fines and penalties being imposed on businesses
that do not reduce emissions, as well as presenting the
potential for other legal consequences.
We understand and take very seriously the potential negative
impact on the environment and society of failing reach net
zero carbon emissions by 2050.
Reducing these emissions while continuing to meet our
customers’ needs for reliable and efficient forms of energy
is a core component of our energy strategy. The transition
risks and opportunities identified are addressed through
our Energy transition plan outlined on page 52.
We also identified the financial impact of acute physical risk
due to changing weather conditions caused by climate
change, which may affect raw material availability, supply
chain, and/or operational facilities, resulting in decreased
revenues due to reduced production capacity. We address
how we are mitigating those risks on page 54.
Energy Strategy and Value Chain
Our strategy supports our customers with energy transition,
growing our business and reducing the carbon intensity of
liquid fuels through liquid gas, biofuel solutions and building
a scalable energy services business. Please see pages 10
to 21 for more details on our strategy. This strategy brings
decarbonisation closer for our customers. We intend to
reduce our Scope 3 emissions by 35% in 2030, from a
2022 baseline.
E1: CLIMATE CHANGE
CLIMATE CHANGE AND ENERGY TRANSITION: IMPACTS, RISKS AND OPPORTUNITIES
Value Chain Time Horizons
Impact Type
IRO
Type
IRO U O D ST MT LT
Risks
€
Climate transition risk
• • • • • •
€
Climate physical risk
• • • •
Opportunities
€
Acquisitions supporting transition opportunity
• • •
Impacts
P+
Increased use of renewable energy sources
• • • • • •
A-
Indirect emissions of customers
• • • •
P-
Failure to achieve carbon targets
• • • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
ENVIRONMENTAL
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 49
Our business is focused on three key areas:
• Energy Products: we believe in liquid gas as an important
lower carbon transition fuel for many of our customers. It
enables an integrated approach to energy transition,
providing a cleaner and reliable option for customers who
cannot electrify. By supporting more customers with
essential and cleaner energy, we will grow our customer
base in liquid gas.
• Energy Services: We are consolidating fragmented solar
and energy services markets from our existing platforms
in core European markets. We are expanding our
offerings to provide complementary energy solutions,
empowering customers to take control of their power needs.
• Mobility: Our Mobility strategy brings secure, essential
and cleaner energy to our forecourt, fleet service and
fuel card customers, while growing new services and
maximising efficiency. Within 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 fleets.
Key Positive Impacts or Opportunities
1
Impact arising from the distribution of renewable energy
products
2
Impact on society through empowering people to play their part
in reducing emissions
3
Positive impact on employees due to the implementation of
effective working conditions
4
Equal treatment and opportunities for employees
5
Impact due to DCC’s focus on strong corporate governance
6
Opportunity to expand product demand through superior
customer service
Key Negative Impacts or Risks
1
Negative impact to the environment and society as a result of
Scope 3 emissions
2
Negative impact on the environment and society by failing to
achieve commitment to reach net zero carbon emissions
3
Pollution of air due to the combustion of fossil fuels during the
general use of motorised vehicles, trucks, non-road vehicles
4
Pollution of water and soil through the accidental release of
hazardous chemicals (e.g. spills, leakages, etc.) into soil and/or
water
5
Negative impact on biodiversity and ecosystems through
reliance on the extraction of natural resources
6
Negative impact on employees due to the occurrence of health
and safety accidents and incidents
7
Impact on child labour, forced labour and working conditions
through possible human rights infringements
OUR VALUE CHAIN: ENERGY
5
7
2
1 2
1
1
5
ENERGY
SERVICES
RESOURCE
EXTRACTION
AND PROCESSING
WASTE
FEEDSTOCK
MANUFACTURING:
RENEWABLE
ENERGY EQUIPMENT
WAREHOUSING
EV ENERGY
MOBILITY
DOMESTICCOMMERCIAL
& INDUSTRIAL
FLEET
MANAGEMENT
MOBILITY
HUBS
OIL HEATING
LIQUID GAS HEATING
BIOFUELS
INSTALLATION
EXPANDING
CENTRAL
ENERGY
CAPABILITIES
SUPPLIER
MANAGEMENT
DISTRIBUTION
STORAGE (TERMINAL)
DCC BUSINESSES
UPSTREAM
LOGISTICS
LIQUID GAS, LIQUID
FUELS, BIOFUELS
PRODUCTION
WORKERS IN
THE VALUE CHAIN
7
4 6
1 3
6
2
4 3
1
2 1
2
2
1
3 4 6
STORAGE AND FILLING
FORECOURTS
REFINERY
(BIO/NON-BIO)
Energy Services
Energy Products
Mobility
UPSTREAM OWN OPERATIONS DOWNSTREAM
DCC ActivitiesNon-DCC Activities
DCC plc Annual Report and Accounts 202550
Sustainability Review Continued
Emissions Targets and Performance
Scope 1 and 2 Emissions Targets
and Performance
We used 1.6 million gigajoules of energy this year, which was
a 5% increase over the prior year. This limited increase
reflects a mix of new acquisitions and underlying business
activity. Over time we expect energy efficiency initiatives,
including improved logistics efficiencies and the use of
energy management controls and systems to reduce our
energy use.
In the year under review, our total Scope 1 and 2 (market-
based) emissions reduced by 4% against the prior year, and
overall we have achieved a 48%
Δ
reduction against our 2019
baseline: just under our target of a 50% reduction by 2030.
The key drivers of this reduction have been increased use of
HVO across our businesses, renewable electricity contracts
and general improvements in energy efficiency.
Over 97% of all electricity procured (see chart below) by our
businesses is now from renewable sources or matched with
Renewable Energy Certificates (‘RECs’) in the US. Scope 2
emissions (using the GHG Protocol market-based approach)
are below 1,000 tonnes per annum. DCC businesses
generated 3 million kWhs of electricity from installed
renewable energy capacity as part of our own operations in
the year to 31 March 2025.
Scope 2 emissions, using the location-based approach,
which uses the grid average emission factors in each
jurisdiction, was 20 ktCO
2
e.
GHG EMISSIONS INVENTORY
Unit 2019 2020 2021 2022 2023 2024 2025
Scope 1 GHG emissions
Gross Scope 1 GHG emissions ktCO
2
e 78 78 77 84 77 67 64
Δ
Scope 2 GHG emissions
Gross market-based Scope 2 GHG emissions ktCO
2
e 16 16 14 2 1 1 1
Δ
Gross location-based Scope 2 GHG emissions ktCO
2
e 16 16 19 20 19 21 20
Δ
Significant Scope 3 GHG emissions (based on previously reported emissions factors)
Total Gross indirect Scope 3 GHG emissions MtCO
2
e
41.5 3 9. 8 35.9 41.2 3 9. 1 37.9 36.9*
3. Fuel and energy-related activities
(not included in Scope 1 or Scope 2)
MtCO
2
e NR NR NR NR NR NR 6.4
11. Use of sold products MtCO
2
e NR NR NR NR NR NR 30.5
Total Scope 3 GHG Emissions
(updated emissions factors)
42.5 40.8 36.9 42.4 40.3 38.9 3 7.9
Δ
Total GHG emissions
Total GHG emissions (market-based) MtCO
2
e
41.6 3 9.9 36.0 41.3 3 9. 2 38.0 3 7.0*
Total GHG emissions (location-based) MtCO
2
e
41.6 3 9.9 36.0 41.3 3 9. 2 38.0 3 7.0*
* The 2025 figure presented is based on historically consistent emissions factors. The Scope 3 figures based on updated emissions factors are also
included in the table for comparison
Δ Refer to EY report on page 255.
140
120
100
80
60
40
20
0
FY19
Baseline Year
Scope 2
Switch to Renewable Electricity
Scope 1
Diesel to HVO Switch
FY25
Current Year
Scope 1
Diesel Blend Rate Efficiency
Scope 1
Energy Efficiency Initiatives
Scope 1
Kerosene Heating Reduction
125
-21
Scope 1 and 2 Emissions Reductions (ktCO2e)
-24
-3
-12
-1
65
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 51
Energy Scope 3 Targets and Performance
We have undertaken extensive work on benchmarking and
measuring Scope 3 emissions over the last number of years.
Two categories account for over 90% of our Scope 3
emissions:
• Category 3: Fuel and energy-related activities (not
included in Scope 1 or Scope 2). These are the upstream
(often called well-to-tank) emissions associated with the
energy products we sell.
• Category 11: Use of sold products. These are the emissions
generated when customers use the energy products we sell.
Building on previous work and our energy transition strategy,
we have developed an absolute Scope 3 Energy target to
2030 of a 35% reduction against a 2022 emissions baseline.
This aligns with our existing target to achieve net zero by
2050 or sooner. The targets have been reviewed and
approved by the Board and are considered to be both
science-based* and compatible with a 1.5-degree climate
pathway, as demonstrated by the International Energy
Agency Net Zero Emissions by 2050 Scenario (‘IEA Net Zero
2050’), in the diagram below.
* The targets have not been externally validated by the SBTi, but have
been benchmarked against both IPCC and IEA net zero scenarios
that are based on climate science
External Decarbonisation Scenarios
Emissions in 2020 indexed to 100
IEA Net Zero 2050
(Global)
IEA Announced
Pledges (Global)
IPCC (Global)
IEA Stated Policies
(Global)
DCC stated targets
0
10
20
30
40
50
60
70
80
90
100
110
120
130
2020 2025 2030 2035 2040 2045 2050
-35%
Net Zero
-38%
-62%
-81%
-93%
Indicative range
for Paris Aligned
pathway
-11%
100%
GHG EMISSIONS TARGETS
Baseline
Year
Baseline
Emissions
Target
Year
Target
Reduction
2025
Reduction
vs Baseline
Net Zero
Target
Year
DCC Group own operations emissions
Scope 1 and 2 GHG emission reduction (ktCO
2
e) 2019 125 2030 50% 48%
Δ
2050
Energy customer emissions
Scope 3 GHG emission reduction (MtCO
2
e) 2022 42.4 2035 35% 11% 2050
Reporting Principles Baseline: Our Scope 3 target is from an updated baseline of FY22 within three years of the reported period. This has been selected as a
suitable baseline as it is the first full year of return to underlying business activity after disruption from the Covid-19 pandemic. DCC is using the industry best
practice guideline of 5% guiding principle when considering if acquisitions or divestments should lead to an update to the baseline or targets. In addition, we
have updated the FY22 baseline to take into account the latest updates to the GHG Protocol and other emissions factors. Due to changes in density conversion
factors for fuel types such as diesel, these emission factor updates have had a material impact on DCC’s Scope 3 emissions. Going forward, the baseline and
targets will be reviewed by management on a periodic basis to ensure that the baseline and targets remain appropriate and representative of the business.
SCOPE 3 EMISSIONS METRICS
Unit 2022 2023 2024 2025
YOY %
change
DCC Energy Scope 3 metrics
Scope 3 GHG emissions
MtCO
2
e
41.2 3 9. 1 3 7.9 36.9 -2.6%
Scope 3 GHG emissions
(updated emissions factors*)
MtCO
2
e
42.4 40.3 38.9 3 7.9
Δ
-2.6%
Carbon intensity**
gCO
2
e/MJ
76.4 74.9 74.4 73.4
Biogenic content**
% biogenic content of energy soId
4.0% 5.7% 6.7% 7. 2%
Reporting Principles Emissions Factors: Δ Refer to EY report on page 255. *We have included additional data points for Scope 3 emissions and for carbon
intensity to take into account the latest updates to the GHG Protocol and other emissions factors. Due to changes in density conversion factors for fuel
types such as diesel, these updates have had a material impact on DCCs Scope 3 emissions. We have therefore presented the additional figures to allow
for like for like comparison. **Carbon intensity and biogenic content based on updated emissions factors are 74.4
Δ
& 7.1%
Δ
for 2025.
Note: Description and basis of calculation: The Group’s carbon intensity metric is calculated by dividing total Scope 3 emissions in a given period (as defined
in the Greenhouse Gas Criteria document at https://www.dcc.ie/ by the energy content of energy products sold, calculated using standard conversion
factors. The result is expressed in grams of CO
2
e per megajoule of energy sold.
DCC plc Annual Report and Accounts 202552
Sustainability Review Continued
Energy Transition Plan and Progress
We have a clear plan to deliver on our targets. This includes
a reduction in demand for fossil fuels as the availability and
use of lower carbon products increases and the
electrification of our customers’ heating systems. These
levers are outlined in more detail below. We have also
accounted for some growth in liquid gas which we see as
an important transition fuel.
Since 2022 a reduction of 11% or 4.5 MtCO
2
e (-3.5 Mt from
FY22-24) has been achieved across the key levers including
general fossil fuel volume declines, increasing sales of
biofuels and reduced demand from higher carbon products,
such as heavy fuel oil.
We remain committed to doubling our profits from Energy
by 2030. See page 13 for more detail on the updated DCC
Energy profit bridge. The model factors in the expected
growth in the business over the period to 2030.
FY22 FY24
Biofuels
Acquired
Growth
in the
Liquid Gas
Sector
High
Grading
of Product
Portfolio Mix
Fossil
Volume
Decline
Market
Decline
Stated
Policies
Pathway
FY30 Target
42.4
-3.5
38.9
2.7
-3.7
-4.6
-3.5
-2.2
2 7. 6
Energy Scope 3 Target: Key Levers, FY22 – FY30, MtCO
2
e
35%
Key Reduction Lever
Total Carbon
Reduction by
FY30 (MtCO
2
e) Description
Fossil volume decline (2.2) • Drive decline in our fossil oil volumes by encouraging
customer transition to electron-based alternatives
• Leverage the breadth of our skillset to develop and market
attractive low-carbon customer propositions
Biofuels (4.6) • Further reduce fossil oil and liquid gas volumes by displacing
them with renewable alternatives
• Work closely with commercial customers to reduce their
carbon footprint through transition to HVO and other
lower-carbon fuels
• Partner with leading producers and suppliers to scale
access to supply of bio molecules
High grading of product portfolio mix (3.5) • Review of product portfolio to identify high grading
opportunities
Market decline stated policies pathway (3.7) • Expected moderate decline in traditional fossil fuels driven
by existing market level transition policies and regulation
• Aligned to an IEA ‘Stated Policies’ pathway
Acquired growth in the liquid gas sector 2.7 • Expand offering in distribution of lower-carbon liquid gas
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 53
In 2022 we announced a significant change to our
organisational structure, establishing DCC Energy, focused
on helping our customers through the energy transition. As
part of this we have developed a range of activities
including solar, residential and commercial retrofits and
broader energy services.
In 2024 we announced that the Group would concentrate
its activities on the energy sector, in order to capture the
significant opportunity from the energy transition.
Since May 2022, we have cumulatively deployed
£446 million of capital in line with our energy strategy.
In our markets, we continue to build a more integrated
offering to provide customers with a range of transition
solutions. In 2024 we launched our umbrella brand ‘Wewise’
in France to highlight our nationwide offering for French
commercial and industrial customers – a sector where we
have built a market leadership position.
We continue to invest in and adopt partnerships with a
number of leading providers of biofuels, including SHV
Energy to drive the production of renewable liquid gas and
rDME at scale across Europe.
Stakeholder Engagement
We engage with multiple stakeholders, working on behalf
of customers to identify opportunities to reduce emissions
across the value chain. DCC, as an experienced
consolidator, is well positioned to engage across a
significant portion of the fragmented solar and energy
services value chain.
By engaging with investors, customers, value chain partners,
regulators, civil society and our employees, we will help to
decarbonise our value chain:
• Provide carbon reduction products and services for all of
our customers.
• Develop and market attractive products and services for
our customers.
• Partner with first movers to help achieve scale.
• Participate in projects to accelerate biofuels and
renewables.
• Maintain a watching brief on emerging technologies.
• Engage with industry and policy makers to advocate for
regulatory and policy supports.
May
May 2022 May 2023 May 2024Jan 2024 Mar 2025
FY22 results FY23 results FY24 resultsEuropean
brand launch
Solar
financing
launch
Jul Dec Jun Oct
Nov Feb Jul Aug Sep Nov Feb Apr Jul Sep
SINCE ANNOUNCING OUR LEADING WITH ENERGY STRATEGY IN MAY 2022,
WE HAVE ACCELERATED THE PACE OF OUR ENERGY SERVICES ACQUISITIONS
1. ENTERING
ON-SITE SOLAR
2. EXPANSION INTO ENERGY SERVICES
3. ACCELERATION
OF ON-SITE SOLAR
4. ACCELERATION
DCC plc Annual Report and Accounts 202554
Sustainability Review Continued
Climate Risks
Overall, we consider our business model and current assets,
liabilities and operations to be exposed to a relatively low
level of climate related physical risk, and assess our level of
resilience to be robust.
Climate risks and opportunities are assessed and managed
as a fundamental part of our governance and business
management processes. Our DMA, outlined on page 44,
confirms climate physical and transition risk as key
considerations for us. We assess the impact of climate
change on our activities principally by considering both
transitional and physical effects over the short-, medium-
and long-term. Within this framework, we consider external
climate 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.
Climate Transition Risk
FINANCIAL IMPACT OF POLICY AND REGULATION RISK
Analysis has been completed to consider the key transition
risks and to quantify the level of potential financial impact
for our business to 2030. There are a range of transition risks
that can be considered including legal, policy and
regulation, technology, market, consumer and reputational.
We have a comprehensive energy transition strategy in
place to manage these risks and to capture the significant
opportunities from the long-term transition to a low carbon
economy. We have completed a deep dive on the potential
transition risk associated with policy and regulation through
to 2030 to quantify the potential impact.
There are a range of methodologies and approaches that
can be used to assess this policy and regulation transition
risk (see diagram below).
Using a reasonable worst case scenario, the financial
impact of policy and regulation by 2030 can be
approximated using the potential cost of carbon credits
required to cover excess carbon emissions against an IEA
net zero scenario.
Our Scope 3 target to 2030 is broadly in line with the IEA
net zero scenario, with a difference of 3% in our target
against the IEA net zero profile which targets a 38% reduction
by 2030.
This 3% difference can then be used to calculate the cost of
carbon offsets based on forecast future prices of carbon
credits and assuming a high level of passthrough to
customers. Based on this approach, the potential financial
impact of policy and regulation risk for our business is in the
range of £5 million to £30 million per annum by 2030. Such a
scenario is not currently expected to occur.
EXPOSURE TO FOSSIL FUELS
Although we have a significant level of exposure to fossil
fuels, 63% of FY25 Energy revenues, there is a clear strategy
and energy transition plan in place to manage this. In
addition, over the last two years’ our exposure to low
carbon Energy Services has increased from 5% of energy
profits in financial year 2024 to 9% in financial year 2025.
Our assets are regularly assessed as having a non-material
transition risk. For example, any capital investments in
assets such as cylinders, tanks and fleet can be re-
purposed for use with biofuels, including HVO.
CALCULATION METHODOLOGY OF FINANCIAL IMPACT OF
POLICY/REGULATION TRANSITION RISKS
DELTA IN
EMISSIONS
PASS
THROUGH
RATE
COST OF
CARBON
CREDITS
FINANCIAL
IMPACT OF
TRANSITION
RISKS
+
+
=
CO
2
e emissions gap to
IEA Net Zero scenario
are calculated
Gap to IEA Net Zero
can be compensated
by Carbon credits/
Emissions Trading
Scheme (‘ETS’)
Resulting costs of
carbon can largely be
passed through to
customers.
Level of passthrough is
based on proprietary
research and modelling
Result corresponds to
the financial impact
of compensating
CO
2
e emissions
above targets
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 55
DCC Group Climate Physical Risk Impact by IPCC Scenario
RCP
8.5
RCP
2.6
% operating cost impact
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Negative
scenario
Positive
scenario
Largely consistent
climate outcomes
until beyond 2040
1.2% by 2050
under RCP 8.5
2020 2030 2040 2050 2060 2070 2080 2090
IPCC Climate
Scenario 2020 2030 2040 2050 2090
Lowest (RCP 2.6)
Medium (RCP 4.5)
Highest (RCP 8.5)
Level of Risk (Low to High)
DCC Risk register RAG rating
that period. This is expressed as the Modelled Average
Annual Loss (‘MAAL’) for each site, against four climate
scenarios, ranging from benign climate outcomes involving
a c. 1.5°C increase (RCP 2.6) to significant changes involving
a c. 4°C increase (RCP 8.5).
The output from the tool was reviewed against our risk
matrix to determine the level of impact over the short,
medium and long term. Based on the analysis completed
of the 100 sites, physical climate risk does not currently
appear to be a material risk for our own operations.
The overall MAAL for the 100 sites is 1.2% by 2050 under the
most extreme climate scenario, rising to 3.6% by 2090 under
the same scenario. Indicatively, and based on 2024 asset
figures as a proxy, the financial impact could be in the
range of c. 1% of total Group property, plant and equipment
or a c. £10 million to £20 million annual impact by 2050.
Given the very long-term nature of the impact and the
inherent level of uncertainty associated with this analysis,
this has not triggered the requirement for a provision in the
Company’s financial statements.
Butagaz has completed an exercise to consider the impact
of climate risks and appropriate climate adaptations that
can be put in place to manage the impacts of climate
change on its activities. The analysis was consistent with
the Group exercise and identified the risk of extreme heat
at the Rognac site in Southern France as a key risk area.
Subsequently, the Butagaz management team developed
a detailed climate adaptation plan with options to address
the impacts of climate change in relevant areas.
Climate Physical Risk Assessment
Building on previous work, over the last year we completed
an exercise to significantly enhance our scope and
approach to assessing and managing physical climate risk
within our own operations. During 2025, we completed an
assessment, using a recognised third-party tool, to review
climate physical risk for 100 key operational sites.
The tool considers the latest climate science from the
Intergovernmental Panel on Climate Change (‘IPCC’) in
10-year periods to 2090 and analyses the operational cost
and impact from chronic and acute climate change over
DCC ENERGY REVENUE FY25* (£BN)
6
3
%
T
r
a
d
i
t
i
o
n
a
l
3
7
%
l
o
w
e
r
c
a
r
b
o
n
Natural gas
£0.6bn
Liquid gas
£1.6bn
Oil
£8.4bn
Lower carbon
energy
products and
services
£2.7bn
*figures are subject to rounding and de minimis Electricity category is not split out
DCC plc Annual Report and Accounts 202556
Sustainability Review Continued
Energy Products and Services
We want to make energy transition accessible for our
customers. We support customers to reduce the carbon
intensity of their liquid fuels and transition to alternatives
where possible, e.g. heat pumps and battery storage.
REDUCING THE CARBON INTENSITY OF LIQUID FUELS
• We expect customers to require essential liquid fuels for
many years to come. Our product mix enables
decarbonisation by supporting customers to shift to lower
intensity hydrocarbons and leading in the biofuel products
we have available.
• Liquid gas is the least carbon intensive hydrocarbon
energy available to many of our customer segments and
plays a critical role as an immediate, scaled, cleaner
burning energy for customers who do not have the option
of grid connected natural gas. We are committed to
building credible transition pathways for liquid gas
customers.
• Our bio molecules product portfolio provides renewable
drop-in alternatives to liquid gas and fuels customers,
including HVO, rLPG, rDME, biomass and other bio
products.
BUILDING AN ENERGY SERVICES BUSINESS
• For those customers who are looking to transition from
liquid energy sources to hybrid or full electrification, we
are building a growing portfolio of electron-based
propositions.
• This includes solar and heat pump installation, battery
storage, back-up generators and Power Purchase
Agreements (‘PPAs’).
• We support customers to manage their overall energy
demand through energy efficiency measures, insulation,
energy advisory and demand management.
• We are also rolling out EV charge points at high traffic
mobility sites.
To further demonstrate this, we have developed an energy
product and service matrix that outlines our key activities.
ENERGY PRODUCT MATRIX BY BUSINESS SEGMENT – INDICATIVE
Energy Products Energy Services Mobility
Traditional
(>65 kgCO
2
e/GJ)
Lower carbon
(<=65 kgCO
2
e/GJ)
Services and
Renewables
(<=10kgCO
2
e/GJ)
Oil
LPG Natural
Gas
HVO HVO
Autogas
(LPG for
vehicles)
Road fuels
(Diesel,
Petrol)
rDME EV
Charging
Bio
propane
Bio CNG
E85
Electricity
(Renewable)
Convenience
retail
Biomethane
Solar
install
Energy
mgmt.
services
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 57
Empowering society to reduce emissions
We make a positive impact on society by enabling people
to reduce emissions; improving quality of living through
warmer, more insulated homes, self generating energy and
better air quality.
Enabling our customers to achieve net zero requires a deep
understanding of their energy needs. We expect customers
to require essential liquid fuels for many years to come. We
enable decarbonisation through shifting to lower intensity
hydrocarbons and leading in the biofuel products we have
available. In addition, efficiency and electrification are key
requirements for all of our B2B and B2C segments. We are
providing new offers for customers to navigate the shift to
electrification. See our Energy strategy on pages 10 to 21.
Social Inclusion of Customers*
We have a significant opportunity to positively impact our
customers with our efforts to make decarbonisation more
accessible, by simplifying the transition process and
providing competitive energy solutions for processes,
heating, and fleets. We can also lead the transition for
off-grid homes, making decarbonisation simple and
competitive.
• Range of transition solutions: Our ambition is to give all
customers the power to choose a cleaner energy future,
with inclusive and independent energy solutions.
• Vulnerable customers: We are conscious of our role in
ensuring that our customers have access to critical
heating fuels when they most need them. We have
implemented a priority delivery process in some of our
businesses for customers who are vulnerable due to their
age, location or health to ensure their needs are
addressed as a priority. We also have payment plan
option arrangements for financially-vulnerable customers
to agree a payment plan over a specific time period that
is workable for the customer.
For instance, Next Energy is a market-leading provider of
retrofit energy transition solutions with an emphasis on the
UK 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 retrofit. Services include installation of heat pumps,
heating controls, insulation, solar PV and batteries.
Secure Employment
Changes in the business model of companies in the fossil
fuel sectors could result in a potential negative impact on
jobs and economic prosperity in specific locations. However,
for DCC, as a distributor of fuels who is migrating customers
to lower emissions fuels using the same infrastructure, we do
not expect to realise this impact.
* Note: The related material topic Consumers and End Users is a new
material topic which is not addressed in this report and will be covered
in our future reporting.
JUST TRANSITION
JUST TRANSITION TO LOWER CARBON ECONOMY: IMPACTS, RISKS AND OPPORTUNITIES
Value Chain Time Horizons
Impact Type
IRO
Type
IRO U O D ST MT LT
Impacts
A+
Empowering society to act in reducing emissions
• • • • • •
P+
Social inclusion of consumers
• • • •
A- Secure employment
• • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
DCC plc Annual Report and Accounts 202558
Sustainability Review Continued
E2: POLLUTION
Introduction
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
hydrocarbon spill. In contrast to liquid fuels, the loss of liquid
gas can present a significant safety risk but does not
typically damage the local environment. Operations in our
Healthcare and Technology divisions do not generate
material risks of local environmental damage.
Material Impacts, Risks and Opportunities
Given the nature of DCC’s business, there is a potential
negative impact on the environment from a loss of
containment of hazardous fuels such as diesel and petrol.
In addition, as DCC has acquired businesses that distribute
fuels, we have taken on certain site remediation obligations.
Provisions for these environmental and remediation
obligations are included in the financial statements and can
be referenced on page 204.
The air pollution that results from the mobile and stationary
combustion of the fuels that DCC sells has also been
identified as a material impact. This impact specifically
refers to the release of Nitrous Oxides (‘NOx’) into the
atmosphere that occurs when customers use transport fuel
products, such as diesel, sold by DCC, in their vehicles.
There has been significant progress to limit the levels of NOx
that are released in motorised vehicles and machinery
through industry-led technological advancements, but
harmful levels are still emitted when these transport fuels
are combusted.
Managing Pollution, Controls
and Procedures
Asset management, 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 and controls in place to assess,
maintain and upgrade our fixed and mobile assets,
including storage facilities and delivery infrastructure.
Depending on the business, this may involve the use of
bunded storage and leak detection systems for liquid fuels,
while automated monitoring and controlled dispensing
procedures help support the safe management of liquefied
gases. In addition, regular environmental assessments are
conducted across our businesses to ensure compliance with
local laws and regulations, including those applicable to
COMAH and Seveso-listed facilities.
Our Energy division experienced an overall spill rate,
regardless of significance, of 3.7 spills per 10,000 deliveries
made, compared to a spill rate of 3.1 spills per 10,000
deliveries made in the prior year. For spills rated ‘serious’ or
above, based on consideration of the material, quantity
and receptor, the rate was 0.02 spills per 10,000 deliveries
made, compared to a rate of 0.01 spills per 10,000 deliveries
made in the prior year. There were two spills in the year
under review that required remediation. The first was a spill
of heating oil due to a tank overfill at one of our depots.
The second was a spill of diesel at a customer location that
infiltrated the soil via a drain. Total remediation costs
amounted to £171,500.
POLLUTION: IMPACTS, RISKS AND OPPORTUNITIES
Value Chain Time Horizon
Impact Type
IRO
Type
IRO U O D ST MT LT
Risks
€
Pollution related regulations
• • • • • •
Impacts
P-
Pollution from improper waste disposal
• • •
P-
Air pollution from GHG emissions
• • • • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 59
Environmental Management –
Certas Energy UK
The environmental management procedures and controls
across our businesses are tailored to the unique needs of
each operation, reflecting variations in geography, scale,
and specific business requirements. The following case
study showcases several key recent initiatives that have
been instrumental in advancing Certas UK’s environmental
management efforts.
1. DCC Energy mobility businesses have been using a
Soil and Groundwater Environmental Risk Assessment
(‘SoGwERA’) tool to manage pollution related risk from
the storage of transport fuels at their facilities. Certas
UK have implemented an upgraded version of this tool
with the new model incorporating additional information
on environmental setting, engineering controls, site
investigation and environmental risk assessment data. This
enhanced modelling ensures that environmental risks are
effectively managed at their forecourts across the UK.
2. Certas UK have undertaken extensive work to
ensure that two of their recently closed depots were
appropriately assessed from an environmental risk
perspective before closing the facilities down. This
process included detailed quantitative risk assessments,
remediation option appraisals, completion of any
remediation where required and final verification –
ensuring that no residual environmental or pollution
related risks exist at the depots.
Air Pollution
The Energy transition plan (refer to page 52) outlines a clear
set of actions to reduce Scope 3 emissions and the carbon
intensity of the products we sell. A key lever in this strategy is
the reduction in sales of fossil-based fuels, which aims to
lower both greenhouse gas emissions and air pollutants,
such as NOx. In addition to this, the strategy includes the
development of a leading electron-based energy services
business, helping to significantly reduce NOx emissions by
switching from combustion to electron-based solutions.
Finally, our commitment to providing customers with
renewable molecular energy through biofuels, such as HVO,
leads to a substantial reduction in overall greenhouse gas
emissions and positively impacts pollution levels, relative to
traditional fuels such as diesel.
In general, biofuels such as HVO emit lower levels of NOx
than fossil-based fuels such as diesel, although the extent
of reduction varies depending on factors such as engine
type, operating conditions, and after-treatment
technologies. Further work is required to understand the
specific impacts that our products have on the levels of
NOx emitted into the environment, however, our strategy
to reduce the carbon intensity of our fuels and provide
customers with electron-based energy management
solutions and biofuels supports our broader efforts to
enhance air quality by reducing the emissions of harmful
gases such as NOx.
3. A detailed environmental risk modelling approach
has been used to identify Certas UK sites at material
risk of flooding. Following this assessment, a compliance
programme is being developed and deployed to mitigate
flood risks that could have a material impact on business
operations.
SUSTAINABILITY IN ACTION
DCC plc Annual Report and Accounts 202560
Sustainability Review Continued
E4: BIODIVERSITY
Introduction
As an energy distribution and services company, we
depend on natural resources such as the raw materials for
solar panels, fossil fuels and biofuels, and it is essential that
extraction is undertaken in a sustainable way that limits
the impact on the environment and minimises the impact
on biodiversity.
We also operate infrastructure, managing storage and
distribution facilities for fuel products. We have a network of
terminals, pipelines, fuel stations and forecourts to support
efficient and reliable energy delivery. Given the nature of our
operations, the most significant potential impact on habitats
and species relates to spills or loss of containment.
* The IBAT boundary for the IUCN Red list is within 50km of where the species is located. The categories included within this analysis are
Critical Endangered (‘CR’), Endangered (‘EN’) and Vulnerable (‘VU’).
including Protected Areas (‘PA’), Key Biodiversity Areas (‘KBA’),
and habitats of species listed on the International Union for
Conservation of Nature (‘IUCN’) Red List.
Evaluate
The assessment provided insights into our operations’
interactions with biodiversity-sensitive areas. Our most
significant potential biodiversity-related risk stems from
accidental spills or loss of containment of fuel products.
Given the nature of our operations within the energy sector,
there is an inherent level of risk associated with storing and
transporting fuels. However, this risk is carefully managed and
mitigated through robust control frameworks and established
processes. Unlike some activities which have a constant and
BIODIVERSITY: IMPACTS, RISKS AND OPPORTUNITIES
Value Chain Time Horizon
Impact Type
IRO
Type
IRO U O D ST MT LT
Impacts
A- Reliance on raw materials leading to land degradation
• • • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
The topic of biodiversity is closely linked to pollution, as
emissions to water, soil, and air contribute to biodiversity loss.
Our approach to managing these risks, including pollution
mitigation, is covered on pages 58 to 59.
Material Impacts, Risks and Opportunities
In our Double Materiality Assessment, we identified an actual
negative impact to biodiversity and ecosystems through
reliance on the extraction of natural resources and raw
materials (e.g. metals, oil, gas, solar panels) upstream in the
value chain.
We have assessed the impact on biodiversity relating to our
own operations and also the impacts that arise from our
upstream supply chain.
OWN OPERATIONS
We recognise the importance of understanding and
managing our nature-related dependencies and impacts
across our operations. To strengthen our approach, we have
adopted the LEAP (Locate, Evaluate, Assess, Prepare)
approach in line with Taskforce on Nature-related Financial
Disclosures (‘TNFD’) recommendations. This structured
framework enables us to systematically assess biodiversity-
related risks and opportunities and integrate them into our
sustainability strategy.
Locate
We have undertaken an assessment using the Integrated
Biodiversity Assessment Tool (‘IBAT’)* to evaluate and
establish a baseline of potential biodiversity-related impacts
across 828 operational sites, representing over 80% of our
locations across the Group. This assessment focuses on the
proximity of our sites to areas of importance for biodiversity,
direct impact on biodiversity loss, our operations do not
appear to have a material consistent impact. Further work to
continue exploring the potential impacts that our operations
could have on habitats and species is required but the most
material impact that we are focused on is preventing spills of
our fuel products while they are being stored or transported.
Assess
By mapping our operational footprint against areas of
significant biodiversity importance, we have identified our
sites that are in proximity to a KBA and our sites that have a
heightened potential biodiversity-related risk.
49 sites in the Energy division were identified as being within
1km of a KBA. Of these, 31 sites store and distribute oil-based
fuels, where the risk to biodiversity is higher due to the
potential impact on species and habitats in the event of a
loss of containment. The remaining 18 sites handle gas-
based products such as liquid gas, which present a lower
biodiversity risk due to their rapid evaporation, minimal soil
and water contamination, lower toxicity, and reduced
long-term environmental persistence.
11 sites across the UK, Ireland, France and Austria were
identified as having a heightened potential biodiversity-
related risk. These sites are within 1km of areas that are of
particular importance for the preservation of habitats and
the species that exist within them. As such, it is essential that
appropriate controls are put in place to ensure that spills or
losses of containment do not occur at these sites. The sites
where significant volumes of fuel are held are regulated by
Seveso (Europe) and COMAH (UK) which impose strict safety
and environmental management requirements on high-risk
sites, ensuring robust spill prevention, containment, and
emergency response measures to mitigate the risk of major
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 61
accidents involving hazardous substances. Of these 11 sites,
six handle oil fuels but are not classified as Seveso/COMAH,
partly due to their smaller size and lower product volumes.
The remaining five are gas-related, with all but one regulated
under Seveso/COMAH.
828
DCC sites included in the
analysis covering Energy,
Technology and Healthcare
49
Energy sites within 1km of a Key
Biodiversity Area
11
Energy sites at Heightened
Potential Biodiversity Risk
Prepare
This biodiversity assessment has provided a robust
foundation for understanding the potential impact of our
operations on areas of biodiversity importance. By utilising
IBAT, we have established a baseline of biodiversity-related
risks across our operational footprint, particularly in relation
to accidental spills and loss of containment near KBAs and
areas of heightened biodiversity related risk.
Biodiversity risk is managed at the business level with local
procedures and processes in place to prevent spills from
occurring but also to respond to them efficiently should a loss
of containment occur. The higher risk sites which store large
volumes of fuel are further controlled by Seveso and COMAH
regulation which mandate that certain standards and
emergency response procedures are in place. In addition,
Energy Mobility sites are required to use the Soil and
Groundwater Environmental Risk Assessment (SoGwERA) tool,
further strengthening our ability to assess and mitigate
potential biodiversity related impacts.
To date, there have been no material spills that could not be
fully remediated, reinforcing the finding that biodiversity-
related risk for DCC’s own operations remains low.
As we progress, we aim to enhance site-specific risk
mitigation measures, integrate additional assessment tools,
and refine our approach to biodiversity risk management. We
will also continue to explore opportunities for collaboration
with industry and environmental partners to strengthen our
understanding and management of biodiversity-related
risks. By embedding these principles into our operations, we
are committed to ensuring that our biodiversity strategy
remains aligned with evolving best practices and regulatory
expectations.
Upstream
As part of our DMA process (see pages 44 to 45), we
assessed the materiality of biodiversity upstream risk and
concluded that, given the reliance on raw materials that can
impact land degradation, this was deemed material for our
energy business. The negative impact on ecosystems
through land degradation can lead to habitat loss and
cause a decrease in species population, and potentially
extinction.
Managing Biodiversity Risk
We consider and manage environmental risk within the
Group’s risk management framework, and the risk from
environmental incidents is captured within the risk register.
Any material environmental spills or loss of containment are
tracked, monitored and remediated as appropriate.
DCC has a range of policies and procedures in place,
particularly for Energy sites, to ensure compliance with existing
laws and regulations concerning environmental standards and
protection. This includes mandatory environmental
assessments for Seveso/COMAH sites and the use of the
SoGwERA tool for Energy mobility sites. If it is clear during an
audit that a business has not conducted an environmental
impact assessment (regardless of regulatory requirements)
then it is raised as an audit action for completion.
There is an inherent risk associated with transporting and
storing fuels, given the nature of DCC’s businesses in the
energy sector. However, this risk is carefully managed and
mitigated through robust control frameworks and
established processes.
The impact on biodiversity upstream was confirmed as
a material impact as part of the double materiality
assessment. We have however, been considering the
importance of biodiversity in our business practices for the
last number of years. These include:
Fossil fuels: Many companies must conduct an
Environmental Impact Assessment when undertaking any
extraction of fossil fuels. We deal with large producers of
fossil fuel, who are, in the main, listed companies who must
abide by environmental regulations.
Biofuels: We closely manage the materials that are used in our
biofuels to ensure that they do not contain virgin materials. Our
HVO supply to replace diesel and heating oil is made from
used vegetable oil. Used vegetable oil does not have an
impact on biodiversity given its recycled nature. If virgin
materials, such as palm oil or rapeseed oil, were used in the
production of HVO, then there could be a biodiversity impact
if those feedstocks were grown in areas that were previously
natural habitats. The resulting displacement of wildlife,
decrease in plant diversity and disruption to ecosystems
would contribute to biodiversity loss. We ensure that there is
International Sustainability and Carbon Certification (‘ISCC’)
for all raw materials used.
Solar panels: We undertake supply chain assessments to
assess the impact of our suppliers on the environment. The
majority of solar panels for our energy services businesses
come from PVO, a DCC Group business, who have a robust
process to review and audit the high-risk suppliers further up
the supply chain. While it is difficult to get visibility on the
practices around the extraction of materials like polysilicon,
this is an area where we undertake factory audits with a
partner. The integrity of the supply chain in terms of its ESG
impacts is a commitment that PVO makes to its customers.
We are currently reviewing our Group Environment Policy to
incorporate our practices for protecting biodiversity in our
own operations and upstream in our supply chain, and
expect to complete this work in the coming year.
We do not anticipate any material financial effects from
biodiversity risk upstream. However, we will be undertaking an
assessment to further validate this assumption.
DCC plc Annual Report and Accounts 202562
Sustainability Review Continued
S1: OWN WORKFORCE
OUR PEOPLE
SOCIAL
Introduction
Our people are central to the success of our business.
Across our operations, we are proud to have a diverse,
skilled, and committed workforce of 16,777 employees, who
drive innovation, deliver value for our stakeholders, and
uphold our purpose and values every day.
The development of our people is a key strategic priority for
the Group. We focus on nurturing talent, improving ways of
working, building strong partnerships, and encouraging
innovation. As our business evolves, we remain committed
to fostering a high performing and inclusive culture that
supports our strategic objectives and ensures long-term
sustainability.
Material Impacts, Risks and Opportunities
As part of our Double Materiality Assessment, we identified
a number of impacts, risks and opportunities relating to
our people.
One key risk area is health and safety, which is critical, as
accidents or incidents can have serious consequences for
the wellbeing of those directly and indirectly impacted.
These events can also lead to financial and reputational
risks for the Group. Recognising the importance of
safeguarding people first and foremost, we are committed
to continuously fostering safe working environments.
We also identified a number of potential positive impacts
on our people, which are all central to our people strategy.
One key area is the promotion of equal treatment and
opportunities for all employees. By fostering a workplace
culture that supports fairness and embraces different
cultures and abilities, we build an environment that drives
positive morale, a strong organisational culture and
improved productivity.
We also recognise the value of high employee engagement,
which contributes to a positive culture and supports
retention and attraction of talent. We measure engagement
annually through our Employee Engagement Survey, and
we dedicate significant time and investment to reviewing
the results and implementing action plans to address areas
of focus.
Another important area is the implementation of robust
labour and human rights related policies, which foster
inclusion and diversity, culture and engagement, and safe
overall working conditions. Our workforce is guided by a
comprehensive suite of policies, designed to prevent risks,
injuries and any harm in the workplace, while ensuring fair
and equitable treatment and protection of human rights.
Our Group Code of Conduct and Group Human Rights
Policy reflect our strong commitment to upholding these
standards across all our operations.
OWN WORKFORCE: IMPACTS, RISKS AND OPPORTUNITIES
Value Chain Time Horizon
Impact Type
IRO
Type
IRO U O D ST MT LT
Risks
€
Financial and reputational risk due to employee health and safety
incidents
• • • •
Impacts
P+
Culture and engagement
• • • •
P+
Work related rights
• • • • • •
P+
Inclusion
• • • •
A- Employee health and safety accidents
• • • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 63
Our Workforce Characteristics
As of 31 March 2025, our total number of FTEs stood at 16,777
representing a small increase compared to the prior year’s
total of 16,649.
Our FTE turnover rate during the year was 22% and new
joiners amounted to 21% of FTEs. These turnover numbers
are in line with expectations and are a reflection of the
wider employee environment, albeit slightly lower than
last year.
ENERGY DIVISION WORKFORCE
Headcount Permanent Temporary
Non-guaranteed
Hours
Male 6,429 6,222 207 29
Female 3,302 3,144 158 12
Total 9,731 9,366 365 41
As of 31 March 2025, 4% of our workforce are temporary
employees supporting our administrative and clerical
functions and specialist projects across our businesses.
These employees also include our seasonal workforce, who
support our businesses in peak periods of trading, many of
whom return year after year to work with us.
Less than 0.5% of our workforce are employed under a non
guaranteed hours arrangement predominantly in seasonal
roles.
Note: The Energy and Corporate office data references employee
Headcount and illustrates total population as of the 31 March 2025,
rather than FTE.
Note: The FTE figures presented here are as at 31 March, whereas the
FTE figures in the financial statements are based on an average over
the period.
Engaging With Our People
We actively seek our employees’ input to help shape our
approach and ensure we are addressing their needs. To do
this, we use a variety of engagement channels, including
our annual Employee Engagement Survey, Employee
Resource Groups (‘ERGs’), communities of practice,
leadership events and the ongoing work of our Workforce
Engagement Director. These channels enable open
dialogue and help us to stay closely connected to the
experiences and perspectives of our people across
the Group.
ANNUAL EMPLOYEE ENGAGEMENT SURVEY
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. Further information on our Employee
Engagement Survey is covered on page 64.
EMPLOYEE RESOURCE GROUPS
In financial year 2025, a number of our businesses rolled out
ERGs which provide colleagues with a supportive space to
connect and share experiences.
COMMUNITIES OF PRACTICE
We have established several communities of practice to
connect specialisms from across our businesses fostering
continuous learning, collaboration and innovative problem
solving. These communities serve as dynamic platforms for
sharing experience and best practices in key functional
areas including Health and Safety, Human Resources,
Finance, Compliance and Sustainability.
By bringing together diverse perspectives, our communities
enhance their professional development and create a
structured platform for open exchange of ideas, ensuring
that insights and best practice relevant to each function
are effectively communicated and shared.
LEADERSHIP CONFERENCES
Each year, we host a series of Leadership in Action
conferences, bringing together representatives from key
functions across our businesses for several days of in-
person collaboration and knowledge sharing. These
conferences provide a dedicated forum for sharing
strategic direction, cross functional learning and open
dialogue, ensuring alignment on priorities and direction
across the Group.
The events span a range of functional areas including
Finance, Corporate Development, Health and Safety,
Human Resources, IT and Leadership and serve as a
powerful platform to strengthen connections, drive
innovation and shape the future of our businesses.
WORKFORCE ENGAGEMENT DIRECTOR
Mark Ryan, a member of our Board, serves as the
designated Workforce Engagement Director and plays an
active role in engaging with the Group HR community and
the wider workforce. In his capacity, he attends the Group
HR Forum, where over 50 HR professionals from across the
Group come together to discuss key people related themes
and share insights.
See more detail on the role of the Workforce Engagement
Director in Corporate Governance section on page 103.
Our Policies
We are committed to actively promoting a safe, secure and
supportive working environment for all our employees. This
includes preventing workplace accidents and injuries,
promoting employee wellbeing, strengthening our company
culture, and enhancing overall job satisfaction. Our
commitment is supported by a comprehensive suite of
policies which are fully integrated across all our businesses.
These policies clearly outline expectations and guide
decision making and behaviour to help us achieve these
objectives.
The main Group policies relevant to our workforce are:
• Code of Conduct
• Health and Safety Policy
• Inclusion Policy
• Human Rights Policy
• Anti-Bribery and Corruption Policy
All our policies have been approved by the Board of
Directors. Please reference page 246 for an overview of our
policies.
DCC plc Annual Report and Accounts 202564
Sustainability Review Continued
Inclusion
We aim to create an environment where every individual
feels a sense of belonging and is empowered to thrive,
contribute and reach their full potential working for us. This
means celebrating diversity in the broadest sense –
including gender, ethnicity, ability, age, sexual orientation,
education, and ways of thinking.
We believe that to fully unlock the value of our diverse and
talented workforce, we must foster inclusive work
environments where all of our colleagues have the freedom
to pursue their ambitions, and a culture that cultivates the
energy and passion our colleagues bring to work.
Our focus has been on supporting broader diversity by
investing in the development of a strong and diverse
pipeline of talented future leaders for the Group. We remain
committed to fostering an inclusive culture and ensuring
equal opportunity for all employees across every level of
the organisation. As of 31 March 2025, 36% of our global
workforce are women.
64% 36%
27%
40%
Senior Management 73%
Board
60%
Male Female
Gender Diversity as at 31 March 2025
Group
OUR PROGRESS
We continued to advance our efforts to foster a diverse and
inclusive workplace throughout the year.
In October 2024, we conducted our second global Inclusion
and Diversity pulse survey building on the insights gained
from our initial survey in 2023. The survey was open to all
employees, and we were pleased to see strong
engagement, with over 9,700 colleagues participating.
Encouragingly, 84% of respondents reported that they feel
they can be themselves at work, and more than 83% believe
their managers actively support inclusion. While we
recognise there is still work to do to build a more inclusive
environment, the feedback has provided valuable direction
on how each of our businesses can continue to evolve into
workplaces that are even more supportive and welcoming
to all.
During FY25, several of our businesses introduced ERGs,
creating dedicated spaces where colleagues can connect,
share experiences, and support one another. These ERGs
play a key role in fostering an inclusive culture and ensuring
all voices are heard.
As a multinational and multicultural organisation, we
recognise the importance of celebrating global cultural
events to promote awareness, deepening understanding
and building connections across our workforce. These
initiatives shine a light on both our differences and shared
values, helping to foster a sense of inclusion, belonging and
pride among our colleagues.
Over the past year, we marked a number of key events
including World Mental Health Day, International Women’s
Day, International Men’s Day and Black History Month
— each serving as an opportunity to reflect, celebrate, and
engage in open dialogue across the Group.
We recognise that diversity and inclusion must be reflected
at all levels of the organisation. At a Board level, we are fully
compliant with the requirements of the UK Listing Rules in
regard to gender diversity. Further detail on our approach
to Board composition and governance can be found in the
Governance Report on page 96.
Culture and Engagement
Our clear purpose, strong culture and shared values form
the foundation of the Group’s success and everything we
do. Our commitment to our core values of Safety, Integrity,
Partnership and Excellence remains central to both our
achievements to date and our future growth.
We are focused on delivering an employee experience
where everyone feels safe, valued and included – where
each individual is empowered to contribute their unique
perspective and talents. We actively seek our employees’
input to help shape our initiatives and drive meaningful
action across our organisation.
ANNUAL EMPLOYEE ENGAGEMENT SURVEY
Our Employee Engagement Survey provides a valuable
perspective on the culture and ‘lived experience’ of our
colleagues. During the year, all of our colleagues across 21
countries were given the opportunity to have their voices
heard by participating in the survey.
We achieved an excellent participation rate in the survey
of 87% which is reflective of how much our colleagues value
the chance to share their insights and feedback. We are
delighted to report that we have seen a continued year-
on-year improvement in our overall engagement score
across the Group. Our engagement score rose from 77% in
financial year 2024 to 79% in financial year 2025.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 65
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 difference 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 locally.
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.
Every people manager across our business with five 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 through movements in
engagement scores continues to be an important tool,
reinforcing trust among our colleagues that their feedback
leads to meaningful action.
While the results were very positive overall, we also
identified 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.
Working Conditions
Good working conditions are essential for retaining skilled
talent. At DCC we view quality working conditions as both
an important opportunity and an ongoing focus area.
We respect the right to freedom of association and collective
bargaining for all our colleagues and maintain a neutral
stance regarding their choices to join or not join a trade union.
Colleagues are entitled to representation by trade unions or
other elected representatives in line with regulations.
We do not report on specific actions regarding working
conditions and other work-related rights topics. While we
are deeply committed to ensuring good working conditions
and safeguarding work-related rights, reporting on these
actions would merely reflect our compliance with existing
regulations and recognised human rights standards and
would not be a response to an actual identified impact. Our
focus remains on maintaining a high standard of workplace
practices that align with legal requirements and ethical
guidelines, ensuring that all employees are treated fairly
and with respect.
Developing Our Workforce
TRAINING AND SKILLS DEVELOPMENT
At DCC, we are committed to developing talent and
fostering growth opportunities for all employees. Regular
performance reviews are a key part of this approach,
providing employees with meaningful feedback, clear
goal-setting, and tailored development plans. This ongoing
investment in our people supports our broader objectives to
engage, develop, and retain a skilled, motivated and high
performing workforce.
Every member of our business management teams actively
engages in our annual performance review process.
DCC GRADUATE PROGRAMME
The DCC Graduate Programme is a core element of the
Group’s talent development process, designed to create
a pipeline of high potential, internationally mobile, early
career talent. We recruit graduates from a wide range of
academic, cultural and national backgrounds, ensuring
diversity of potential hires in this talent pool at this early
career stage.
Graduates are placed based on genuine business needs,
allowing them to make real contributions from the start.
Operating in a dynamic and fast-paced environment, our
graduates benefit from a wide range of learning and
development opportunities over the two year programme.
Many are offered international work placements, gaining
valuable experience across the diverse markets and
geographies in which we operate. We are committed to
providing continuous on-the-job training, coaching and
support throughout the programme, ensuring graduates
are set up for success and are equipped for growth.
TALENT PLANNING AND CAREER PATHING
DCC has a strong record of developing its talent; many of
our senior leadership have progressed their careers through
a series of exciting and diverse roles 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.
Over the past year we maintained our focus in identifying
and developing talent to meet the evolving needs of our
business through the annual talent process. All our
businesses actively participate in this process, using a
consistent framework to prioritise succession planning for
high impact roles and to identify individuals for future
development opportunities.
We strive to make talent visible and identify career paths for
people within their own business as well as across the
Group. Currently 74% of our management positions have
internal successors identified, and all critical roles are
covered by succession plans. We continue to work hard to
strengthen this pipeline and create clear development
pathways for our people.
DCC plc Annual Report and Accounts 202566
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, learning and performance
management processes.
This year, we successfully rolled out a global learning
management system to over 1,700 colleagues in the UK,
Ireland and The Netherlands, providing a consistent
platform for learning, development, and compliance
training. The system enhances accessibility to high quality
learning content and enables better tracking of training
across the Group. Building on this momentum, we plan to
extend the rollout further in the coming year, continuing
to strengthen our learning culture and supporting the
development of our people globally.
As more of our businesses have recognised the value of the
system and we leverage more functionality, we have had a
21% 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 offer
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 into 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 flagship DCC
Business Leadership Development programme. Each
business within DCC is empowered to create and deliver
customised training and development programmes,
addressing local requirements, with the goal of boosting
performance at local business level.
At DCC we recognise that continuous learning and
development are essential to fostering a skilled, engaged,
and future-ready workforce. As part of our commitment to
employee growth and long-term employability, we invest in
learning and development for our colleagues that
enhances both technical and soft skills, ensuring our people
remain adaptable in a rapidly evolving business landscape.
Our programmes are delivered through a combination of
in-person workshops, e-learning platforms, and blended
learning approaches to accommodate different learning
styles and schedules.
During the year, we launched a series of Sustainability
Thought Leadership webinars for over two hundred senior
leaders across the Group. The series ran over a six-month
period covering a range of topics including
decarbonisation, sustainable supply chains, sustainability
performance measurement, sustainability communication
and sustainable leadership. The sessions featured a range
of internal leaders and practitioners as well as external
industry experts and featured practical examples to
leverage best practice sharing.
To assess the impact of our training programmes, we
employ feedback mechanisms such as post-training
surveys, skills assessments, and performance evaluations.
Employee engagement and career growth indicators
further guide our strategy for continuous improvement in
learning and development initiatives.
Looking ahead, we strive to ensure that training
opportunities are accessible to all employees, regardless of
job function, location, or level. The ongoing global roll out of
our Learning Management System will facilitate this and
enable more comprehensive record keeping.
PROCESSES TO REMEDIATE IMPACTS
AND RAISE CONCERNS
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 114, as part of the Audit Committee
Report.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 67
Supporting the communities in which we operate is an
important part of our commitment to social responsibility
and advancement. We support a number of social causes
at Group level and our businesses also support various
causes directly in their local communities.
Social Entrepreneurs Ireland
DCC plc is a long-term supporter of Social Entrepreneurs
Ireland (‘SEI’), a not-for-profit organisation that partners with
people to help turn solutions to social problems into reality.
By running an Ideas Academy, an Impact Programme, a
Changing Ireland Accelerator Programme and much more,
SEI helps entrepreneurs develop solutions and take action.
They supply the rocket fuel so entrepreneurs can take the
important first steps from start-up to scale-up.
Butagaz Group Foundation
Playing an active role in the local energy transition is at the
heart of the Butagaz Group’s raison d’être. That’s why they
created their own Foundation. The Foundation’s objective is
to launch various projects with an environmental and social
impact.
The Foundation’s goal is to make the energy transition
accessible to all by taking tangible action as close as
possible to the French people and regions in order to help
each household, each community and each company to
take concrete control of its own energy transition.
Flogas Powers Team Ireland for Paris 2024
Flogas Ireland was the official Energy Partner of Team
Ireland for the Paris 2024 Olympic Games. They supported
the team through sponsorship and launched the ‘Energy
Behind The Athletes’ campaign, which included a
docuseries highlighting the athletes and their communities.
Community Support
DCC plc Annual Report and Accounts 202568
Sustainability Review Continued
Safety in DCC
Safety is a core value across DCC. We believe that a
successful approach to safety must be grounded in a
culture that encourages every employee and member of
our wider workforce to identify and raise concerns about
safety. As we evolve to focus on the energy sector, in line
with the strategy we announced in November 2024, our
focus on safety will become more important than ever.
Our Health and Safety Policy includes a requirement that
Group businesses maintain appropriate health and safety
management systems and operating procedures for their
activities. It is expected as part of this that employees
provide input into risk assessments and the development of
safe procedures.
Responsibility for monitoring and overseeing safety sits with
the Board. The Board receives a report on safety from the
Chief Executive at each of its meetings. In addition, the
Head of Group Health, Safety and Environmental (‘HSE’)
reports in person to the Board several times a year.
Safety Culture
Maintaining 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”.
All leaders at DCC, regardless of their role or professional
background, are expected to take every opportunity to
reinforce our focus on safety. More generally, all employees
and other members of the workforce are expected to play
an active role in maintaining a safe workplace, including the
proactive reporting of near misses, unsafe acts and unsafe
conditions. They are empowered to stop work when they
consider it unsafe to continue.
Training in risk assessment and incident investigation
includes the consideration of human, organisational and
cultural factors, both in terms of how the process is
conducted and, in the case of incident investigation, the
assessment of why an incident took place.
We also use technology to support our processes in this
area in suitable cases. For instance, our HGV fleet
operations in the Energy division employ in-vehicle
technology to monitor driver actions and performance.
This is then used to support driver coaching.
Our Employee Engagement Surveys allow us to monitor
progress in this area and identify opportunities for
improvement. Responses to the Survey are assessed in
detail each year and the results of these assessments then
inform health and safety action plans for the following year.
Process Safety
Process safety management focuses on high-consequence,
low-frequency events such as such as fire or explosion
during the movement of fuel, fire within fuel vapour recovery
systems, loss of containment leading to the formation of a
vapour cloud, or a hydrocarbon spill. It is particularly
relevant in businesses in DCC Energy and forms a crucial
part of our health and safety management systems there.
The focus of process safety management is on applying
sound design principles, engineering controls and
management practices in relevant circumstances.
Significant focus is placed on the identification of process
safety hazards and maintaining suitable controls over them.
Over the past year we have made further progress in this
area, including as a result of the work of our Process Safety
Working Group, comprised of specialists from across the
Group, to enhance our standards and best practices and
share learnings from events.
As a result of this work, a new Group-led review process has
been developed and initiated, which will be completed in
the early part of the current financial year. This will support
the next phase of our continuous improvement programme
for Process Safety, and further develop our existing audit
and assurance processes in this area.
Occupational Safety
Occupational safety focuses on protecting employees and
other members of the workforce from hazards in the
immediate workplace environment. Relevant examples in
Group businesses include working at height, working in
confined spaces, the use of machinery, driving at work and
slips and trips.
Every business across the Group maintains risk-based
processes to reduce the risk of incidents in this area.
Health and Safety Reporting
The Group HSE Reporting Standard sets out detailed
standards for the reporting of health & safety incidents,
including near misses. Over the last few years, we have put
in place a Group-wide HSE reporting system to facilitate
timely and consistent reporting in this area across the
Group. More detail on this is available in the Risk in Action
case study in the Risk Report on page 79.
Performance in the Year
We recorded a further improvement in our primary
occupational safety metric – the frequency of Lost-Time
Injuries (‘LTIs’) – in the year under review.
LTIs, which are accidents resulting in at least one day lost
after the date of the accident, remain an essential indicator
of occupational safety performance. Most LTIs recorded in
HEALTH AND SAFETY
S1: OWN WORKFORCE
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 69
DCC are relatively minor, including slips, trips, and manual
handling injuries such as sprains and strains.
In the year under review our Lost-Time Injury frequency rate
(LTIFR) was 0.78 incidents per 200,000 hours worked. This
was an improvement on the rate in prior year of 0.89 and
represented a further continuation of the positive trend in
LTIFR we have reported over the last few years. This
significant improvement reflects the continued focus on
safety right across the Group.
The LTI severity rate (LTISR) in the year under review was 23
days per 200,000 hours worked, which compares to a
reported rate of 29 days in the prior year. We recorded three
occupational illness cases this year, which were related to
the short-term respiratory effects of unexpected workplace
exposures.
Our total recordable injury rate (TRIR) in the year under
review was 1.27, compared to 1.16 in the prior year. A
recordable injury is one that results in a fatality, days away
from work, restricted work or job transfer, medical treatment
beyond first aid, loss of consciousness, or a diagnosed
significant injury/illness, as defined by the US Occupational
Safety and Health Administration (‘OSHA’).
There were 24 accidents at our facilities resulting in personal
injury to third-party contractors during the reporting period.
Although the overall health and safety performance of the
Group, as measured by LTIFR and LTISR, in the year was
strong, we very sadly lost a colleague in a work-related
accident during the year. In December 2024, an employee
of Certas Energy UK, which is part of our Energy division,
was fatally injured when a heavy goods vehicle driven by a
third party, crossed the centre line of the road and collided
with our vehicle. Thorough internal and external
investigations were completed and concluded that the
incident was not attributable to any fault of Certas Energy
UK or our driver.
In our 2024 Annual Report, we reported that an employee
fatality had occurred in May 2023 at a warehouse in the
Netherlands operated by a business in DCC Technology.
During the year under the review, the regulatory
investigation into that incident concluded, resulting in a fine
of €60,000 being imposed on the DCC Group business. The
business was able to demonstrate that a robust internal
investigation had been undertaken and improvement plans
implemented following the incident.
The health and safety performance figures reported above
and in the table below include DCC employees, agency-
supplied staff and self-employed contractors.
2025
Workforce Covered by Health and Safety
Management System (%)
99.3%
Total recordable injuries per one million hours
worked (TRIR)
6.3
Lost Time Injuries per one million hours worked 3.9
Total recordable injuries (number) 214
– of which Lost Time Injuries (number) 132
– of which fatal injuries of own workforce
(number)
1
Fatal injuries of workers outside DCC supervision 0
Progress Against Improvement Plans
Our Three-Year Plan for HSE outlines our priorities and
objectives in specific 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 current
plan, including in the following areas:
• Implementation of a new market-leading HSE IT platform
across the Group, initially focused on incident
management, action management, inspections and
audits, and risk assessment. More detail on this is available
in the Risk in Action case study in the Risk Report on
page 79.
• Development of an updated Group HSE Reporting
Standard to support the new platform and incorporate
CSRD reporting requirements.
• A very successful Group HSE Conference attended by
members of the health and safety team and business
leaders from across the Group.
• Review of Process Safety management arrangements in a
number of Group businesses, which identified a number of
improvement opportunities.
• Addition to our central HSE team with the recruitment of a
Group HSE Systems Manager.
• A review of our safety management structures to align our
team with the Company’s updated strategy.
• Safety stand downs held in each division to raise
awareness of the importance of safety in every area of our
operations.
• 16 health and safety audits were carried out.
Priorities for the Year Ahead
We have a clear view of our key health and safety targets
for the current year. These include:
• Completing our programme of Process Safety reviews and
implementing agreed improvement actions.
• Further enhancing our safety culture through safety
leadership and psychological safety initiatives.
• Gaining the full benefit of recently-introduced IT systems,
including through the expanded use of safety performance
analytics and related reporting.
DCC plc Annual Report and Accounts 202570
Sustainability Review Continued
S2: WORKERS IN THE VALUE CHAIN
Introduction
DCC’s dedication to integrity and sustainability extends to
our supply chains. We expect our suppliers, distributors and
other business partners to share our commitment to ethical
business practices, as articulated in our Supply Chain
Integrity Policy and Supplier Code of Practice. The Supply
Chain Integrity Policy and Supplier Code of Practice
emphasise 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 relationships.
Material Impacts, Risks and Opportunities
In carrying out our Double Materiality Assessment, we
identified a number of impacts, risks and opportunities
relating to our upstream value chain.
We identified a risk relating to suppliers not complying with
human rights regulations which could result in reputational
damage and cause potential financial and legal
repercussions.
We need to consider the impact of child labour, forced
labour and working conditions, including possible human
rights infringements, particularly in higher-risk geographies
resulting in a negative impact to workers in the value chain
and society (e.g. solar panels and metal sourcing).
There is also a potential negative impact on workers in the
value chain from potential workplace accidents within
facilities, resulting in a negative impact on employee health
and safety.
We also recognise a potential positive impact on value
chain workers due to supplier relationship management,
transparency and traceability which promotes better working
conditions.
We expect the partners we work with to run their businesses
and supply chains in compliance with national laws and with
respect for international labour and human rights standards.
We need to make sure that we respect labour and human
rights in everything we do, and that we reduce the risk of
people in our value chain being adversely impacted.
Our businesses involve a diverse range of workers across the
value chain, including those in upstream activities (such as
refining, manufacturing, logistics, transportation, and mining
and extraction of minerals and metals). There are also
workers at our operational sites who are not part of our own
workforce, such as sub-contractors or temporary workers.
These workers are impacted by our activities due to the
nature of their work.
Our Supply Chain Policies
Code of Conduct: The DCC Code of Conduct outlines the
Group’s commitment to ethical behaviour and integrity in all
business relationships. It emphasises fair employment
practices, compliance with laws and regulations, and the
prevention of unethical activities such as bribery and
corruption. Employees are expected to understand and
adhere to these standards.
Supply Chain Integrity Policy: DCC’s Supply Chain Integrity
Policy ensures that all products sold by DCC businesses meet
applicable legal and ethical standards. It addresses product
quality, supplier integrity, and compliance with laws, including
those related to modern slavery. The policy mandates due
diligence and risk assessments to identify and mitigate
potential risks in the supply chain.
Human Rights Policy: DCC’s Human Rights Policy commits
the company to internationally-recognised human rights
standards. It focuses on preventing forced labour, child
labour, and unsafe working conditions. The policy extends
to suppliers and business partners, ensuring fair treatment
and safe working environments throughout the supply chain.
Supplier Code of Practice: The Supplier Code of Practice
sets out the ethical, social, and environmental standards
expected from DCC plc’s suppliers. It covers areas such as
labour rights, health and safety, environmental
responsibility, and anti-corruption measures. Suppliers are
required to operate in accordance with these expectations.
Anti-Bribery & Corruption Policy: This policy establishes
DCC’s zero-tolerance stance on bribery and corruption. It
requires employees to avoid any form of bribery, whether
direct or indirect, and to conduct business transparently
and ethically. The policy includes measures for due
diligence, risk assessment, and monitoring to safeguard
the company’s reputation and uphold ethical business
practices.
WORKERS IN THE VALUE CHAIN: MATERIAL IMPACTS RISKS AND OPPORTUNITIES
Value Chain Time Horizon
Impact Type
IRO
Type
IRO U O D ST MT LT
Risks
€
Regulatory risk
• • • •
Impacts
P-
Human rights
• • • •
P+
Supply chain transparency
• • • • • •
P-
Health and safety
• • • • •
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 71
Third Party Management
Supply chain risk management is a top priority for the Group,
and we understand the importance of effective management
of the environmental and social impacts in our supply chain.
To address potential adverse impacts and risks within our
value chain, DCC focuses on suppliers with whom we have a
contractual relationship through our supplier due diligence
framework. Our due diligence process is designed to identify
and mitigate risks within our supply chain. Each of our business
units manages their own procurement and sourcing process
within the Group framework.
This framework is underpinned by our Supply Chain Integrity
Policy which outlines our expectations for suppliers to Do the
Right Thing. Our Supply Chain Integrity Policy, coupled with our
Human Rights Policy, establishes requirements concerning
product quality, human rights and supplier integrity, and
provides sample risk assessment procedures for our Group
businesses to adapt.
As part of our onboarding process, the due diligence process
requires screening of potential new third parties, with
consideration generally given to the expected value of trade,
the jurisdiction in which the supplier is located, and the nature
of the relationship between the parties. The outcome of this
assessment will in turn determine the level of due diligence
undertaken in respect of the third party.
We use third parties to complete due diligence and screening
checks on certain partners in respect of sanctions, trade
compliance and other legal, compliance and financial risks.
This process is often undertaken in conjunction with a supplier
assessment questionnaire completed by the third party.
Suppliers are assessed via a desktop review and in some
cases for higher risk customers, the assessment is supported
with an onsite audit or an in-country due diligence
assessment.
The broader due diligence process also covers data
protection procedures, IT security controls and product
certifications.
Our third party management also monitors controversies and
issues that may arise with suppliers for review and action. Our
framework also incorporates ongoing risk-based due
diligence.
Some Group businesses have enhanced due diligence
processes for key suppliers which include auditing of production
facilities. For example, PVO has an ESG and traceability process
for the solar panels they source and supply. See the example
below for more details.
In 2024, we selected a leading third party supplier to support us
in gaining greater transparency in our supply chain
management and to ensure our suppliers’ standards follow best
practice. This will enable further enhancements to our due
diligence process in the future.
Processes to Remediate Negative Impacts
and Channels for Value Chain Workers
to Raise Concerns
Our Human Rights Policy 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 114, as part of the Audit Committee Report.
Sustainable Solar: PVO’s
ESG and Traceability Promise
As a procurement partner specialised in solar energy
systems, PVO values transparency, sustainability and quality
throughout the supply chain.
ESG Compliance
PVO has implemented a yearly audit process carried out by
SA8000-certified auditors across all their partners’ factories.
This audit ensures real-time compliance with ESG standards,
including SA8000, GRI, and the UN Global Compact.
General Qualification Factory Audit
A comprehensive yearly supply chain audit is undertaken on
each location. This audit, executed by IRCA-accredited
auditors and aligned with regulatory requirements, provides
a reference picture of PVO’s suppliers’ supply chain processes.
Batch Tracking
PVO further streamlines the process by batch tracking every
order purchased. The batch tracking involves a thorough
inspection that analyses and verifies the origin of materials
for each solar panel. The assessment is made by verifying
raw material information such as serial numbers, purchase
orders and purchase contracts from the suppliers. The results
are registered in a report, offering customers transparency
into the product’s journey.
Quality Assurance: Quality Checks on 100%
of Products
In addition to thorough batch-tracking practices, PVO has
implemented quality checks on solar panels that are
purchased on a project basis, involving pre-shipment
inspections, and continuous production monitoring.
Additionally, 100% of PVO’s solar panels undergo a
software-based Electroluminescence Image Analysis,
reinforcing their quality assurance. By subjecting each order
to inspection and checks which are beyond standard industry
practices, PVO ensures that customers receive reliable and
high-quality solar panels.
Operational Transparency: PVO’s Code
of Conduct
PVO operates its own Code of Conduct, reflecting the
business’s dedication to transparency and responsible business
practices. This Code of Conduct emphasises key principles
including fundamental human and labour rights, decent
working conditions, anti-corruption and anti-bribery policies,
and a robust environment and safety policy.
Benefit from our ESG & Traceability Promise
By following these strict guidelines, PVO ensures that their
supply chain is audited and that each solar panel is
checked, providing customers with products that meet, and
often exceed, ethical, environmental and safety standards.
SUSTAINABILITY IN ACTION
DCC plc Annual Report and Accounts 202572
Sustainability Review Continued
GOVERNANCE
G1: BUSINESS CONDUCT
Introduction
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.
The fostering of a corporate culture that seeks to protect
employees and other stakeholders from potential human
rights impacts, prevent incidents of corruption, and protect
whistleblowers who report on these or any other issues, is
vital to the success of our business.
We have several policies to support our corporate culture,
including our Group Code of Conduct, Group Supply Chain
Integrity Policy and Supplier Code of Practice. These set out
the standards to be met by our own employees and our
business partners.
Material Impacts, Risks and Opportunities
Our DMA identified several impacts and financial risks
related to business conduct.
A positive impact was identified due to our focus on strong
corporate governance, which can result in improved
stakeholder trust, confidence and corporate reputation.
The protection of whistleblowers through the provision of
appropriate means of reporting alleged misconduct
impacts our employees positively by increasing
accountability for employees’ actions. It also impacts some
employees in our supply chains positively by promoting
ethical behaviour on the part of our suppliers.
A number of financial risks were identified in this area,
including reputational and compliance risks due to non-
compliance with laws and regulations. For instance,
corruption in the value chain, if carried out by
representatives of DCC, could lead to reputational damage
or fines.
Another financial risk arises due to IT system failure and the
failure of business continuity plans (‘BCPs’). This could result
in disruption of operations, financial losses and damage to
DCC’s reputation.
Another risk noted in the DMA process was the risk to
privacy and personal data that would be generated by
cyber attacks and data breaches.
The following sections describe the controls that we have
in place to manage and mitigate these risks.
Do the Right Thing
First, we recognise the importance of our overarching
commitment to high standards of corporate governance.
For more detail on our corporate governance, see the
Corporate Governance Statement on page 94.
We also seek to operate to the highest legal and ethical
standards. 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 reflects 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
operate in accordance with our core value of Integrity.
Aligned with our commitment to uphold exemplary
standards of business conduct, we constantly refine and
enhance our awareness. Training is provided to employees
when they join the Group along with a copy of the Code.
Code of Conduct training is then provided to 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.
IRO key € Financial opportunity € Financial risk P+ Potential positive impact P- Potential negative impact A+ Actual positive impact A- Actual negative impact
Value chain U = Upstream O = Own operations D= Downstream Time horizons ST = Short term MT = Medium term LT = Long term
BUSINESS CONDUCT: MATERIAL RISKS, IMPACTS AND OPPORTUNITIES
Value Chain Time Horizon
Impact Type
IRO
Type
IRO U O D ST MT LT
Risks
€
Corruption and bribery
• • • • •
€
Regulatory risk
• • • • •
€
IT system failure risk
• • • • • •
Impacts
P-
Consumer privacy and data protection
• • • • • •
P+
Corporate governance
• • • •
A+
Whistleblowing
• • • • • •
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 73
The Group then 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 and share
dealing. Depending on the nature of their role, employees of
the Group may receive more detailed training on those
policies.
Whistleblowing
We maintain a variety of channels for employees to raise
concerns about something that is happening at work.
Where concerns are raised, they are investigated in an
balanced and independent manner.
The Audit Committee has oversight responsibility for our
whistleblowing facilities and how they operate. This is
referred to on page 114, as part of the Audit Committee
Report.
Supplier Relationship Management
Our commitment to integrity and sustainability extends to
our supply chains and business partners. We expect our
suppliers, distributors and other business partners to share
our commitment to ethical business practices, as set out in
our Supplier Code of Practice. Our Supplier Code of
Practice emphasises crucial areas such as human rights,
health and safety standards and environmental
stewardship. We also have detailed due diligence
processes that underpin our integrity-driven approach to
these relationships.
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.
More detail on how we manage our supplier relationships
can be found in the Workers in the Value Chain section on
pages 70 to 71.
Anti-Bribery and Anti-Corruption
We take active steps to enhance colleagues’ awareness of
key supply chain, human rights, corruption and privacy risks.
During the year under review, over 7,000 colleagues
completing online compliance training on these or related
subjects.
DCC has a detailed Anti-Bribery & Corruption Policy in
place, which states that no employee or representative of
any Group business is to offer or accept any bribe, including
small facilitation payments, or engage in any other form of
corrupt practice. During the year, over 6,000 employees
completed training on the prevention of bribery and
corruption.
Anti-bribery and corruption training is available to all
employees of DCC Group businesses and is required to be
completed on a regular basis by employees identified as
being in functions at risk, for instance because they deal
with business partners in countries where corruption is an
increased risk. The percentage of employees in functions at
risk who received training during the year under review was
over 85%.
Corruption Incidents
No incidents of bribery and corruption were identified during
the year. No Group business was involved in any public legal
case regarding corruption during the year. No employee
was dismissed and none were disciplined for corruption or
bribery-related incidents. No contracts with business
partners were terminated or not taken up due to concerns
about violations relating to corruption or bribery.
Information giving rise to concerns relating to corruption or
bribery, including issues raised in supplier due diligence or in
whistleblowing reports, was investigated appropriately,
including as part of the supplier due diligence processes
referred to above.
Political Influence and Lobbying
Activities
DCC Energy engages with several bodies in relation to
energy transition matters, including advocating for policies
to support the availability of secure, affordable, resilient and
lower carbon energy solutions. Specifically, DCC Energy
promotes alternative sources of energy and biofuels, such
as hydrotreated vegetable oil, as a source of lower carbon
energy solutions. DCC Energy is involved with a number of
representative bodies including Liquid Gas Ireland, the
Renewable Gas Forum Ireland, the Irish Solar Energy
Association, and Deutscher Verband Flüssiggas (‘DVFG’).
DCC Energy is registered in the EU Transparency Register
under registration number 061156295421-53. DCC plc is
registered on the Irish Register of Lobbying maintained by
the Standards in Public Office Commission.
No members of the Board of DCC plc held a position in
public administration or regulation that was directly
relevant to the Company’s energy activities in the two years
preceding their appointment.
DCC plc Annual Report and Accounts 202574
Sustainability Review Continued
Cyber Security and IT System
Resilience
The personal data we hold may be affected by accidental
exposure or deliberate theft, which could result in a
regulatory breach, or financial or reputational damage.
Emerging risks in this area include the increased
sophistication of cyberthreats because of artificial
intelligence (‘AI’).
As global cybercrime trends continue to evolve, the Group
has strengthened its mitigation measures and resources in
this area.
In the year under review, we implemented an internal policy
on the Acceptable Use of Generative AI applications for
Group and divisional employees, in order to ensure that our
IT integrity and data protection standards continue to
reflect technological developments, while also allowing the
benefits of AI to be explored.
Cyber Security Measures
Our Group IT Security team guides our approach to cyber
security. This includes detailed and specific technical
guidance for each Group business on what cyber tools
should be in place. This guidance is designed to protect
Group businesses from attack and, in the event of any
breach, to ensure that they have the capability to respond.
This approach is coupled with user training and awareness
programmes to educate users on relevant threats such as
social engineering techniques that aim to bypass system-
level security.
We protect our businesses with mandatory weekly
vulnerability scanning and a risk-based remediation
approach to ensure timely mitigation. Access to remote
applications is protected by an industry-leading multi-
factor authentication tool, and VPN access is similarly
controlled.
We respond to potential threats using a mandated 24x7
monitoring service. Our businesses are continuously
monitored for suspicious activity and, when identified,
threats can be contained and the local IT team advised on
how best to remediate them.
We provide training and awareness through a central
platform that delivers mandatory training content on cyber
best practice. New employees are automatically enrolled.
This platform also allows us to run a continuous phishing
test programme where users are sent test emails of varying
levels of sophistication. Users that click on the phishing
emails are given an instant refresh of the points to be
mindful of and enrolled in more training if deemed
appropriate.
Formal reporting of compliance on cyber measures is
produced monthly for each business and is part of the local
management review process. An annual review of cyber
policy, risks, compliance and remediation performance is
presented to the Audit Committee by the Chief Information
Officer and independently through the Group Internal Audit
team. As part of our governance process, we have an
Information Security Policy that covers cybersecurity, data
protection and business resilience. At a more detailed level
we maintain a NIST 2.0-aligned framework of IT security
controls that each business must adhere to. We require that
businesses implement layers of defence to deter, prevent
and identify insider threats though compliance training, and
business-level Acceptable Use Policies.
Each business has a cyber incident response plan (‘CIRP’) in
place that defines the workflows and contact points for a
variety of scenarios that might arise and is designed to
ensure an effective response. We also have a standby
service with a leading cyber security firm to support our
businesses with immediate expertise in the event of an
incident. After any incident a comprehensive lessons-
learned process is carried out.
Our IT Assurance team, which forms part of the Group
Internal Audit function, carries out regular assessments of
compliance with our internal standards. There is a well-
established process in place to track the completion of
improvement actions agreed in this area.
System Failure Risk
Each Group business is required to complete a business
impact assessment (‘BIA’) on their critical systems on a
regular basis. Each Group business is then also required to
maintain an associated disaster recovery plan (‘DRP’) that
sets out the specific steps to be taken by that business in
the event of significant failure so that critical systems can
be recovered. These plans are tested at a suitable
frequency.
An increasing proportion of DCC’s key IT platforms are now
cloud-based. This reduces the complexity of managing
system failure risk within the Group.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 75
External Cybersecurity Assessments
All Group businesses are required to undergo periodic
penetration testing to determine the adequacy of their
cybersecurity defences. We have appointed an external
third party to support our penetration testing programme.
Tests undertaken as part of this programme include internal,
external and web application testing. The scope and
frequency of penetration testing on Group businesses is
risk-based. Processes are in place to identify and share
lessons learned from testing done in individual businesses
across the Group.
Critical Infrastructure
We collaborate with a number of national regulatory
authorities on cyber-resilience questions in accordance with
applicable legal and regulatory frameworks. For instance,
DCC has a representative on the Oil and Gas cybersecurity
groups at both the Irish and UK National Cyber Security
Centre (‘NCSC’) organisations.
Data Security and 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 identified and monitored several
cyber-attacks on Group businesses, but no leaks, thefts, or
losses of customer data were identified as a result of these.
In the same period, no substantiated complaints were
received concerning breaches of customer privacy.
Data Security and Privacy Metrics
During the year, the Group maintained robust data security
and privacy controls in line with applicable regulatory
requirements. While there were a small number of
immaterial incidents, only two of these required notification
to the UK Information Commissioner’s Office (‘ICO’) and one
to the Irish Data Protection Commission (‘DPC’). No incidents
resulted in significant regulatory action or financial impact.
The Group continues to enhance its data protection
measures to mitigate risks and ensure compliance with
evolving legislation.
Bribery Metrics
PREVENTION AND DETECTION OF CORRUPTION AND
BRIBERY
Functions at Risk
The functions deemed at risk for the purposes of anti-
bribery and corruption training are defined as:
• Employees who deal with the public sector.
• Employees who manage agents and intermediaries.
Prevention and Detection of Corruption
or Bribery 2025
Functions-at-risk assigned to training
programmes
At least 85%
completed,
100% assigned
INCIDENTS OF BRIBERY AND CORRUPTION
Corruption and Bribery Incidents 2025 2024
Number of convictions for violation of
anti-corruption and anti-bribery laws
0 0
Fines for violation of anti-corruption
and anti-bribery laws (GBP)
0 0
POLITICAL INFLUENCE AND LOBBYING ACTIVITIES*
Political Contributions Financial In-kind
Direct 0 0
Indirect 0 0
* There were no political contributions which were required to be
disclosed under the Irish Electoral Act, 1997
Risk Report
EFFECTIVE RISK
MANAGEMENT ENABLING
STRATEGIC PROGRESS
Overall Risk Management Approach
Our risk management processes are evolving to enable the
updated strategy that we announced in November 2024,
which will see us focus our activities on the energy sector.
The effective management of risk will remain a key objective
as this change takes place.
Core components of our operating model will support the
implementation of our strategy and our future focus on
the energy sector. For example:
• The disposal of our Healthcare division and strategic
review of our Technology division are being enabled by our
deep M&A capabilities.
• We will retain our devolved management structure,
with talented, experienced and highly-motivated teams
leading businesses across the Group, remaining close
to our customers and trends in individual markets.
• Within the energy sector, we will remain very well diversified,
with limited exposure to individual customers or suppliers
and a presence in a wide range of product and
geographic markets.
• We will reinforce our strong culture, focused on our core
values of Safety, Integrity, Partnership and Excellence,
in every area of our operations.
• Our financial strength, built on the profitable and
cash-generative nature of the businesses in the Group,
our focus on generating returns from all capital invested,
and our strong and liquid balance sheet, will be
maintained.
• We will also maintain strong internal controls that are
aligned to the principal risks facing the Group.
This Risk Report concentrates on the final of these
components – formal risk management processes and
related internal controls. Our strategy and business models
are addressed in more detail in the Strategy section on
page 10, the summary of our Business Model on page 8
and the Business Reviews on pages 14 to 25. Our culture
is covered in the Social section of the Sustainability Review
on page 62 and in the Governance Report on page 102.
Our financial position is addressed in the Financial Review
on page 30.
RISK IN ACTION
Updated Physical Climate Risk Assessment
During the year, we updated our assessment of the risk of
physical impacts on our operations due to climate change,
based on a detailed analysis of key sites across the Group.
This exercise was designed to estimate the financial impact
of climate change under a range of scenarios and
to consider what actions we should take as a result.
The exercise was performed using a recognised third-party
risk assessment tool, which considers the latest climate
science from the Intergovernmental Panel on Climate
Change (‘IPCC’).
For each site, the tool analysed and quantified the potential
operational cost and impact of chronic and acute climate
change, expressed as the Modelled Average Annual Loss
(‘MAAL’), against four climate scenarios ranging from
benign climate outcomes (c. 1.5°C temperature increase)
to significant changes (c. 4°C temperature increase).
The testing considered the impact of these scenarios
over the short, medium and long term.
The analysis confirmed that, under all scenarios, the risk of
a material impact on the Group is low to medium, principally
due to the widespread nature of our operations and
individual site characteristics.
+
READ MORE • SUSTAINABILITY REVIEW • PAGE 39
DCC plc Annual Report and Accounts 202576
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 specific
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
effectiveness of existing controls and opportunities for their development. Strategic risks
and opportunities and HSE risks are overseen by the Board directly; other risks are first
considered by the Audit Committee before also being considered by the Board.
Leadership Team
The Leadership Team oversees the operations of the Group. This includes ensuring that
existing and emerging risks are assessed, managed and reported on effectively in line
with the Risk Management Policy and Risk Appetite Statement approved by the Board.
First Line of Defence
Management teams in Group
businesses are responsible for
day-to-day risk management
activity including maintaining
risk registers, identifying emerging
risks and designing, implementing
and maintaining effective internal
controls.
Second Line of Defence
Group functional teams ensure
the first 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.
Risk Management Governance
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.
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.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 77
Risk Report continued
Risk Identification and Analysis
Risk identification and analysis is built into the Group’s
core management processes. This facilitates the
frequent review and updating of risk registers, including
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 identification and
analysis process, are set out on pages 80 to 84.
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 reflect changes in the
Group’s risk environment.
Management of Risks
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 defined 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 102.
Risk Monitoring and Reporting
Risk reporting includes reports from first, second
and third-line functions, using the key risk indicators
defined for each 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 six
times annually.
In addition, the Leadership 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
Leadership 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 first,
second and third-line functions, the publication of
learnings from events and discussions at management
meetings and conferences on relevant areas of risk.
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
DETERMINE RISK APPETITE
MANAGE
RISKS
DCC plc Annual Report and Accounts 202578
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 insufficient information
to understand or quantify the impact or likelihood of a risk.
This uncertainty may limit management’s ability to define 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
continuing to emerge 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 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 specific areas of risk and
internal control, the Leadership Team, Audit Committee and
Board 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 Leadership
Team, Audit Committee and Board review the effectiveness
of the Group’s risk management and internal control
systems annually.
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 effectively. As usual, it
identified some opportunities for enhancement. Those
enhancements will be actioned over the course of the year,
and reported to the Leadership Team, Audit Committee
and Board in due course.
Opportunities to enhance our overall risk management
processes are also regularly considered. In the year under
review, we appointed advisors to support an external
quality review of our enterprise risk management
programme. That review will take place over the first half
of our current financial year. The recommendations from the
review are then expected to be put into effect over the
remainder of the financial year.
RISK IN ACTION
Group-wide HSE Reporting System
Safety is our first priority and the first of our core
values. We continuously take steps to improve in this
area, with key Health, Safety and Environmental (‘HSE’)
initiatives within Group businesses identified and
tracked through our Three-Year HSE Planning Process.
As DCC evolves to focus on the energy sector, the
emphasis we place on HSE will remain as high as ever.
In the year under review, we completed the transition
of every business in the Group to a new cloud-based
HSE IT system.
The system allows us to standardise key HSE
processes within Group businesses relating to,
for example, risk assessments, audits, incident
management and action tracking.
Having a single HSE system also simplifies the
consolidation of HSE data, allowing more consistent
and timely reporting, whether this is across the Group
or within specific regions or areas of operations.
Access to better data provides an opportunity for
enriched trend analysis. Those insights can then
inform our Three-Year HSE Plans and other HSE
initiatives that take place across the Group.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 79
Risk Report continued
Principal Risks and Uncertainties
The table on pages 80 to 84 summarises the principal risks and uncertainties to the successful achievement of the Group’s
strategic objectives.
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
influence of the Group, such as
changes in market regulation,
technological changes and market
cycles could significantly impact
on performance. Specifically, the
impacts of inflation, fluctuations
in energy prices and tariffs could
result in changes in customer
demand and to supply chains.
+
The impact of changing market
forces is mitigated through the
Group’s diversified activities,
our devolved operating model,
and a focus on strong financial
management.
The level of inherent risk in
this area is trending upward,
as a result of increasing
geopolitical and trade
tensions and resulting
economic uncertainty.
In many cases, the direct cost
of tariffs can be passed on
and is not borne by Group
businesses. As tariffs affect
customer confidence and
underlying demand more
generally, Group businesses
will continue to focus on
meeting and anticipating
customer needs and
maintaining strong financial
control.
Emerging Risks
Emerging risks in this area include new
tariffs, their impact on supply chains and
the effects of new technology such as AI.
Climate Change
Transitional climate change risks
and opportunities, including
changes in policy, regulation,
technology and societal views,
could 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
affect the activities of a large
proportion of Group businesses.
We are enabling our customers’
energy transition, including by
introducing lower carbon
forms of energy. Progress in the
implementation of our strategy
for the energy sector is set out in
the DCC Energy Business Review
on page 14.
We are also making progress in
reducing our Scope 1 and 2 carbon
emissions. The Sustainability
Review on page 39 covers this
in more detail.
Group businesses have business
continuity and crisis management
plans in place in the event they
are affected by adverse weather.
In the year under review we
updated our Climate Scenario
Analysis (‘CSA’) which assesses
the transitional and physical
implications of climate change
on the Group’s operations.
More detail on this is contained
in the Risk in Action case
study on page 76 and in the
Sustainability Review on
pages 39 to 75.
We 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 the risk
that the political focus on addressing
climate change diminishes.
Strategic Risks Operational Risks Financial and Compliance Risks
Internal or external factors that
threaten the viability of the Group’s
strategy and its ability to achieve
its long-term objectives.
Potential disruptions arising from
internal processes, people, systems,
or external events that could
negatively impact our efficiency,
profitability or reputation.
Potential for inadequate financial
controls or non-compliance with
applicable regulations resulting
in financial impacts and
reputational damage.
DCC plc Annual Report and Accounts 202580
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 our success. A failure to attract,
retain and develop talent,
particularly in new markets and
in recent acquisitions, could
impact the attainment of strategic
objectives.
The Group maintains a constant
focus on this area, supporting
the development of our people
and ensuring that our workplaces
are inclusive.
Key mitigation measures include:
• Our annual succession planning
cycle which focuses on business
continuity risk;
• Our talent review process which
identifies high-performing and
high-potential talent;
• Our international mobility practices
which support the transfer of talent
across the Group for professional
development purposes as well
as business need, particularly
supporting the integration of
new acquisitions;
• Our core leadership development
programmes which support
development at key career stages;
and
• Our 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 management and the Board.
The change in our strategy
that we announced in
November 2024 inevitably
creates some uncertainty
for our people. Through the
transition, we are focused
on supporting our people
with clear leadership and
regular engagement.
We remain focused on
ensuring that DCC remains a
great place to work for all of
our colleagues. HR initiatives
support key areas of culture
and engagement, inclusion
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 Sustainability
Review on page 62.
Emerging Risks
Emerging risks in this area include how
new technology, such as AI, will affect 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
Failure to successfully divest our
Healthcare and Technology
divisions could undermine the
successful implementation of our
strategy.
A failure to identify and execute
suitable acquisitions could impact
profit targets, returns targets and
impede the strategic development
of the Group.
+
M&A execution remains a core
competency of the Group. Processes
and resources for planned
divestments are in place.
Our 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 fit within the Group.
The Group conducts a stringent
internal evaluation process and
due diligence before completing
any acquisition or disposal.
The performance of each recent
acquisition against the original
proposal made in respect of it is
reported to the Board annually, with
account taken of lessons learned.
We will continue to monitor
the processes and resources
that we have in place to
support the divestment of
our Healthcare division and
the strategic review of
businesses in DCC Technology.
The Group continues to be
active from a development
perspective. Acquisition
activity in the current financial
year will continue to be subject
to robust internal evaluation
and due diligence.
Emerging Risks
Emerging risks in this area include
the impact of political and economic
uncertainty on M&A activity generally.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 81
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 effectively complete
change management programmes
or other significant projects,
including the integration of
acquisitions, could impact profit
targets, returns targets and impede
the overall strategic development
of the Group.
Projects and change management
programmes, including the
integration of acquisitions, are
resourced by dedicated and
appropriately qualified internal
personnel and supported where
needed by external expertise.
Significant projects or programmes
are subject to oversight by senior
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
business improvement
initiatives that are underway
within DCC Technology and
progress against DCC Energy’s
strategic goals will continue to
be a priority in the current
year. More detail on those
subjects is contained in the
DCC Energy Business Review
on page 14 and the DCC
Technology Business Review
on page 24.
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
Our principal HSE risks relate to
fires, explosions or multiple vehicle
accidents or incidents resulting in
significant environmental damage.
These incidents could give rise to
injuries or fatalities, legal liability,
significant costs and damage to
our reputation.
HSE management systems are
maintained in proportion to the
nature and scale of applicable risks.
Inspection and auditing of those
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 within our energy activities.
Emergency response and business
continuity plans are in place and
tested to minimise the impact of
any significant incident.
Insurance cover is maintained
at Group level for significant
insurable risks.
We have recently consolidated
our HSE management
structures to reflect our
updated strategy which will
see us focus on the energy
sector. These changes are
designed to provide continued
strong support for Group
businesses on HSE matters as
well as more efficient decision
making and oversight.
Further development of our
HSE management systems
will continue in the current year
in line with our Three-Year
HSE Plans.
Emerging Risks
Emerging risks in this area include the
safety risks generated as our energy
businesses expand into new markets
and/or types of activity, such as the
installation of solar panels.
DCC plc Annual Report and Accounts 202582
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
could be affected by a loss of
service or system availability,
significant system changes or
upgrades that do not work as
planned or cybercrime, resulting
in an adverse impact on our
operations, the loss of personal or
confidential data, financial loss or
reputational damage.
IT personnel in Group businesses
implement our Group IT Standards,
oversee IT security and are provided
with technical expertise and support
from Group IT.
Cybersecurity reviews are performed
by a specialist 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 also
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.
We will continue to monitor
our internal controls in light of
cybercrime trends and make
adjustments to them as
necessary.
Emerging Risks
Emerging risks in this area include the
increased sophistication of cyber attacks
because of AI.
Geopolitical and Naturally-
Occurring Events
Geopolitical confrontation, military
conflict, a systemic financial crisis,
major adverse public policy
change, or the emergence of a new
public health emergency such as a
further pandemic could have a
significant impact on the Group’s
operations.
+
The Group’s crisis management and
business continuity plans would be
implemented in response to sudden
adverse events.
Key elements of the Group’s
operating model, including our
diversified operations and financial
strength, enhance our resilience to
external shocks should they occur.
Management monitors
emerging risks in this area on
a continuous basis. Changes
to the Group’s risk environment
will continue to be reflected
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, as far as possible,
our employees, customers,
suppliers, and other
stakeholders.
Emerging Risks
Emerging risks in this area include
fluctuating geopolitical tensions, with
the potential for wide-ranging and
unpredictable consequences.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 83
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
financial or non-financial
performance through error or fraud
could result in regulatory sanctions
and reputational damage.
Failure to manage exposure to
financial risks resulting from the
Group’s transactions, such as tax
or foreign exchange risks, could
negatively impact on financial
performance.
_
Group financial risks are managed
by experienced Group finance
teams and governed by policies
which are reviewed and approved
annually by the Audit Committee
and the Board.
Standard reporting packs are
prepared, including weekly forecasts
and monthly submissions, and are
subject to review by management
as well as Group Internal Audit.
Group businesses are subject to
regular review by our Group Internal
Audit team and annual external
audit.
The recently-proposed EU
Sustainability Omnibus
Directive appears likely to
result in a reduction in the
sustainability reporting
obligations that apply to
the Group under EU law.
We intend to continue to
develop our sustainability
reporting systems in line with
good practice and any revised
EU sustainability reporting
obligations that enter into
force in due course.
Emerging Risks
Emerging risks in this area include
proposed changes to EU non-financial
reporting obligations and related
assurance requirements.
Compliance with Legal
and Ethical Standards
A material failure to comply
with applicable legal and
ethical standards could result
in regulatory sanctions and
reputational damage.
The Group promotes a culture of
compliance and ‘Doing the Right
Thing’ in all activities, consistent
with our value of Integrity.
Staff 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.
Compliance controls are audited by
the Group Legal & Compliance and
Group Internal Audit teams.
As we implement our updated
strategy, Group businesses will
continue to actively manage
compliance with relevant
requirements within the
framework of our existing
compliance procedures.
Emerging Risks
Emerging risks in this area include
changes in international trade laws
such as sanctions, restrictions on dual
use products and tariffs because of
wider geopolitical tensions.
DCC plc Annual Report and Accounts 202584
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 80 to 84, 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 affect its future development, performance and
position, are set out in the Strategic Report, which reflects the
impact of the Company’s November 2024 announcement to
concentrate its activities on the energy sector, divesting DCC
Healthcare and reviewing strategic options for
DCC Technology.
The financial position of the Company, its cash flows,
liquidity position and borrowing facilities are described in
the Financial Review on page 30. In addition, note 5.7 to the
financial statements includes the Company’s objectives,
policies and processes for managing its capital, its financial
risk management objectives, details of its financial
instruments and hedging activities and its exposures to
credit risk and liquidity risk.
The Company has very considerable financial resources
and a broad spread of businesses with a large number of
customers and suppliers across different 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 financial
statements, notwithstanding the turbulent economic
and political environment.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 85
Risk Report continued
Viability Statement
The Directors confirm 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 2028. The Directors’ assessment has been made
with reference to the resilience of the Group and its strong
financial 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
2028 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 financial forecasting as time horizons extend.
A three-year period is deemed to provide an appropriate
balance between near-term and medium- to long-term
influences.
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 mix of industry sectors. The Group has an extensive
spread of customers and suppliers across 21 countries, four
continents and distinct market sectors. Importantly, the
Group is supported by a very well-funded, liquid balance
sheet and strong operational cash flows.
A robust financial 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 relevant 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 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 profitability due to a range of
factors. The Group also assessed the potential impact of a
very material shock which would have a significant and
immediate impact on profitability and cash flows 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 considered the impact on the
Company of the decision announced in November 2024 to
concentrate its activities on the energy sector, divesting
DCC Healthcare and reviewing strategic options for DCC
Technology. The assessment also considered the principal
risks facing the Group, as described on pages 80 to 84, and
the potential impacts these risks would have on the Group’s
business model, future performance, solvency or liquidity
over the assessment period.
The Board considers that the nature of the sectors and
geographies in which the Group operates acts significantly
to mitigate the impact any of these risks might have on
the Group.
DCC plc Annual Report and Accounts 202586
DCC plc Annual Report and Accounts 2025 87
GOVERNANCE
88 Chair’s Introduction
90 Board of Directors
92 DCC Leadership Team
94 Corporate Governance Statement
106 Nomination and Governance Committee Report
110 Audit Committee Report
118 Remuneration Report
143 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 2025.
Key Developments
The key corporate governance developments in DCC during
the year under review were:
• The approval of an important change to the Group’s
strategy in November 2024, following extensive discussions
at Board and senior management level.
• Continued progress against existing strategic goals –
including growth and diversification in DCC Energy,
reaching agreement for the divestment of DCC Healthcare,
and business improvement initiatives in DCC Technology
– with oversight and support from the Board.
• Important changes at senior management level, consistent
with existing people development and succession plans, to
support the delivery of our strategy.
• Strong shareholder approval for an updated Remuneration
Policy at our 2024 AGM.
• Further progress against our sustainability objectives,
including carbon reduction and safety and updating our
sustainability materiality assessment.
• Strong engagement with the Company’s workforce,
including through several Board site visits.
Strategy
The Board’s primary aim when considering the Group’s
strategy has always been the creation of sustainable value
for our shareholders and other stakeholders.
In November 2024, we announced an update to our strategy
which will see us divest our Healthcare division, undertake a
strategic review of options for our Technology division and
focus our resources on the significant growth opportunities
that we see within the energy sector. That decision received
unanimous support from the Directors following detailed
analysis and discussion at Board and senior management
level over the course of the last year.
The revised strategy for the Group builds on work
undertaken by management and the Board over a number
of years to ensure our growth strategy for the energy sector
was focused on the Company’s strengths and aligned with
energy transition trends. We set out a revised strategy for
that area of our activities in May 2022 and have provided
regular progress reports against it since then. That strategy
is based on expanding the range of lower carbon energy
and related services that we provide to customers while
continuing to meet their need for reliable, safe and cost-
effective forms of energy. More detail on the progress we
are making in this area is set out in the Strategy section on
pages 10 and 12 and the DCC Energy Business Review on
page 14.
Risk Management
The Board, strongly supported by the Audit Committee,
continues to invest significant time in discussing the
principal risks and uncertainties facing the Group and how
they are being addressed. The effective but efficient
management of risk remains a core component of our
governance framework. Health, Safety and Environment
(‘HSE’) matters are overseen directly by the Board; other risks
are considered by the Audit Committee in the first instance
and then by the Board. More detail on the Group’s
processes in this area, and how they are developing to
reflect our updated strategy, is contained in the Audit
Committee’s Report on page 110 and in the Risk Report on
page 76.
Sustainability
The Board, including myself as Chair, have ultimate
responsibility for the long-term sustainability of DCC.
Reflecting the importance of this subject and the priority
that we place on it, the oversight of sustainability matters
rests with the Board directly. This year, the Board approved
updated sustainability targets and metrics for the Group.
The Board, again supported by the Audit Committee, also
oversaw the Company’s preparations to report under new
EU sustainability reporting standards. Further information
on the governance of sustainability within DCC, including
climate change, is set out on page 39.
Purpose, Values and Culture
Our clear purpose and values are the foundation for the
Group’s activities. They have played an essential part of the
success of the Group to date and will continue to guide our
actions as we implement our strategy.
CHAIR’S
INTRODUCTION
DCC plc Annual Report and Accounts 202588
As in previous years, the Board invested a good deal of time
during the year under review considering aspects of the
Group’s culture, including how well it has been embedded
across the Group’s operations. More detail on this is
provided on page 102.
Board Visits to Group Businesses
The entire Board undertook several visits to Group businesses
in Ireland during the year. These visits included a tour of
facilities at the business in question as well as a discussion
with colleagues on plans for strategic development, safety,
and customer relationships. Smaller groups of Directors also
undertook visits to other Group businesses over the course of
the year, including a number of Directors visiting some of our
US businesses in the Technology and Healthcare divisions.
The Directors invariably find the additional engagement with
the workforce provided by these visits extremely useful. More
detail on the Board visits undertaken this year is set out on
page 105.
Board Composition
On 11 July 2024, David Jukes retired as a non-executive
Director and as Chair of the Remuneration Committee.
On the same date, we welcomed Steven Holland as an
independent non-executive Director and Katrina Cliffe
became Chair of the Remuneration Committee. Steven
Holland was appointed to the Remuneration Committee
and the Nomination and Governance Committee on
12 December 2024. On behalf of the Board, I wish to extend
my sincere appreciation to David for his contribution to the
Board and Remuneration Committee during his tenure.
Steven’s experience, outlined on page 91, complements and
expands the skills of the Board in important areas.
On 9 April 2025, we announced that Kevin Lucey, our current
CFO, will take up a new role as Chief Operating Officer for
the Group at the conclusion of our AGM on 10 July. We also
announced on the same date that Conor Murphy will
succeed Kevin as CFO. These appointments were approved
by the Board following a thorough process that was itself
grounded in our established talent development and
succession planning processes. More detail on these
appointments is provided on page 106 of the Nomination
and Governance Committee Report.
The Board recognises the benefits that different
perspectives bring to our discussions and decision making.
At 12 May 2025, the Board met the requirements of the
Listing Rules in relation to Director diversity.
Board and Committee Evaluation
The Board and its Committees review their performance
each year and consider where improvements can be made.
The process this year was particularly important in light of
the change in the Company’s strategy and, in keeping with
other years, it identified a number of opportunities to
enhance our governance processes. A summary of the
process, the areas for improvement identified and the steps
we are taking in relation to them are set out on page 104.
All of our Board Committees continued to perform very
effectively 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.
Compliance with the UK
Corporate Governance Code
DCC complied fully with the UK Corporate Governance
Code during the year under review.
Priorities for the Year Ahead
Having reset the Company’s strategy, both for our energy
activities and for the Group as a whole, the Board’s primary
focus for the year ahead will be on delivery against
strategic objectives, including:
• Completing the divestment of DCC Healthcare.
• Completing the business improvement initiatives that we
have underway in DCC Technology and concluding our
review of strategic options for businesses in that division.
• Delivering continued growth and progress in our energy
activities, with organic growth complemented by
value-adding acquisitions.
• Making continued progress against our sustainability
objectives.
MARK BREUER
CHAIR
12 May 2025
“ The Board’s primary focus
for the year ahead will be
on delivery against stated
strategic objectives.
”
MARK BREUER
CHAIR
DCC plc Annual Report and Accounts 2025 89
Governance Financial Statements Supplementary InformationStrategic Report
BOARD OF
DIRECTORS
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-executive
director of Identiv, Inc. and Knowles
Corporation and member of the board
of Trustees of Jacksonville University.
RN
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 financier 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 finance advice to
both domestic and international clients.
Mark’s wide-ranging corporate finance
experience is particularly relevant given
DCC’s acquisition focus and current strategy.
Key external appointments: Chair and
non-executive director of Derwent
London plc.
NC
KEVIN LUCEY
Chief Financial Officer and
Chief Operating Officer Designate
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 finance roles,
including, most recently, Head of Capital
Markets. Kevin is a chartered accountant
and has extensive international M&A, capital
markets and operational finance experience.
Prior to joining DCC, Kevin was CFO and a
principal of a leading Irish private equity firm.
Kevin was appointed Chief Financial Officer
in July 2020.
Kevin will become Chief Operating Officer in
July 2025.
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 significant growth
of the Energy division and its transition
from a small UK and Irish business to a
substantial international business operating
in 12 countries.
Donal was appointed Chief Executive in
July 2017.
Key external appointments: None.
Governance Continued
A
Audit Committee member
N
Nomination and Governance Committee member
COMMITTEE MEMBERSHIP KEY:
R
Remuneration Committee member
C
Committee Chair
DCC plc Annual Report and Accounts 202590
MARK RYAN
Non-executive Director,
Workforce Engagement 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.
STEVEN HOLLAND
Non-executive Director
Date of appointment: July 2024
Expertise: Steven has over 30 years’
experience in the chemical distribution
industry. He was Chief Executive and
Executive Chair of Brenntag AG from 2011
to 2020, having previously held other senior
executive roles in Brenntag AG, including
Chief Operating Officer and Chief Executive,
Europe. Steven’s industry knowledge and
business leadership experience bring
valuable perspective to the Board.
Key external appointments: Non-executive
Vice-Chair of Caldic BV and a member of
the advisory board of Agilis Chemicals.
ALAN RALPH
Non-executive Director
Date of appointment: November 2021
Expertise: Alan is a very experienced
business and finance leader having spent
almost 20 years with UDG Healthcare
plc (formerly United Drug plc). Alan spent
ten years leading UDG’s largest business
unit before supporting its strategic
transformation as Chief Financial Officer
for five years.
Alan’s financial 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.
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,
specifically 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.
RA
LILY LIU
Non-executive Director
Date of appointment: July 2021
Expertise: Lily has more than 20 years’
experience in finance roles and is the current
Chief Financial Officer of Synthomer plc, a
leading global provider of chemical solutions
and a member of the FTSE. Lily joined
Synthomer plc in 2022 as Chief Financial
Officer, having previously been Chief
Financial Officer of Essentra plc, Xaar plc
and Smiths Detection.
Lily’s current role as CFO in a global business
brings international financial experience to
the Board and Audit Committee.
Key external appointments: Chief Financial
Officer of Synthomer plc.
A
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
financial 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.
R RN
AC NA
C
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 91
DCC LEADERSHIP
TEAM
DARRAGH BYRNE
Chief Risk Officer 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 of Chief Risk Officer and
General Counsel in October 2020. He has
responsibility for the Group HSE, Risk, Legal,
Compliance and Company Secretarial
teams, and acts as 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 qualified as a
solicitor in Ireland and in England and Wales.
CONOR MURPHY
Chief Financial Officer, DCC Energy
and Chief Financial Officer Designate
Conor has held the role of DCC Energy
CFO since July 2022, having moved from his
previous role of Director of Group Finance.
Conor joined DCC in 1998 and has held a
number of senior leadership roles across the
Group including Finance Director of DCC
Energy, Finance & Development Director
of DCC Technology and Investor Relations
Manager. Prior to joining DCC, Conor trained
as a chartered accountant with KPMG.
Conor will become Chief Financial Officer in
July 2025.
DONAL MURPHY
Chief Executive
See Donal’s biography
on page 90.
EDDIE O’BRIEN
Chief Strategy & Transformation Officer
Eddie became DCC’s Chief Strategy &
Transformation Officer in April 2025, a role
which also incorporates IT and Digital.
He was previously the Chief Strategy &
Sustainability Officer, having been Managing
Director of DCC Retail & Oil from 2018 to
2022. He 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. Before this he spent 13 years at Statoil
across a number of senior finance, pricing,
commercial and leadership roles.
YVONNE HOLMES
Group Director of Sustainability
& Corporate Affairs
Yvonne was appointed Group Director of
Sustainability & Corporate Affairs in April
2025. Yvonne joined DCC in 2023 as Head
of Group Sustainability. Yvonne was the
Chief Sustainability Officer for AIB Group
from 2019 to 2023 and had responsibility for
the development and implementation of
the Group’s sustainability strategy. Prior to
that, Yvonne was a member of the AIB Retail
Leadership Team and has held leadership
roles across Strategy, Data & Analytics,
Business Transformation and Operations.
KEVIN LUCEY
Chief Financial Officer and
Chief Operating Officer
Designate
See Kevin’s biography
on page 90.
NICOLA MCCRACKEN
Chief People Officer
Nicola has been the Chief People Officer
since she joined DCC in May 2016. Prior to
joining DCC, Nicola was the HR Director
responsible for Talent and Reward globally
at CRH plc from 2007 to 2016. Prior to that,
she enjoyed a consulting career with PwC in
Europe and North America where she helped
global organisations from multiple industry
sectors adapt their human capital strategies
to improve business performance.
MANDY O’SULLIVAN
Group Director of Corporate
Development
Mandy joined DCC in 2017. She has held a
number of senior leadership roles in DCC
across Investor Relations and Corporate
Finance, before being appointed to her
current position as Group Director of
Corporate Development in April 2025, where
she oversees all development activity for
the Group. Mandy has over 25 years of M&A
advisory and in-house experience in Dublin
and London, and qualified as a chartered
accountant with Arthur Andersen.
FUNCTIONAL LEADERS
DCC plc Annual Report and Accounts 202592
E
Group Executive Committee
KEY:
Governance Continued
E
E E
E
E
E
E
E
ANDREW GRAHAM
MD Mobility
Andrew was appointed Managing Director
of Mobility for DCC Energy in April 2024,
having previously been the Managing
Director of Certa Ireland since January 2021.
Andrew joined DCC in 2014 as Operations
Director, Retail, and led the design and
development of a central retail operations
hub that provides commercial, financial
and operational support from Ireland to
c.1,000 service stations today. Prior to joining
DCC, Andrew held various senior leadership
commercial and financial roles in both Topaz
Energy and Statoil.
MATT DANTINNE
MD Energy Solutions, North America
Matt is Managing Director of Energy
Solutions, North America, having joined
DCC in June 2020 as the Chief Executive
Officer of DCC Propane, which is one of
the top retailers in the US propane industry.
Prior to joining DCC, Matt held a variety of
senior leadership, strategy and corporate
development roles over a 20-year span with
Lafarge-Holcim in the construction materials
sector.
CHRISTIAN HEISE
MD Energy Solutions, Nordics
Christian has been Managing Director of
Energy Solutions Nordics since May 2024.
He has overall responsibility for our Nordics
energy businesses, including DCC Energi,
Flogas Scandi, and Solcellekraft, and driving
transformation and continued development
across the region. Prior to this role he served
as CEO of our Danish business, DCC Energi
Danmark, since its acquisition by DCC in
August 2009. Previously, Christian spent 20
years at Shell, where he held various senior
roles in retail, commercial, lubricants and
customer service.
EMMANUEL TRIVIN
MD Energy Solutions,
Continental Europe
Emmanuel Trivin is the Managing Director
of Energy Solutions, Continental Europe. He
also serves as the CEO of Groupe Butagaz,
a position he has held since DCC acquired
Butagaz from Shell in 2015. Prior to joining
DCC, Emmanuel held various leadership
positions at Shell, including General Manager
roles in Global Specialties and Distributor
Markets across Europe and Africa.
STEVE TAYLOR
MD Energy Solutions, UK & Ireland
Steve Taylor is Managing Director of Energy
Solutions in the UK and Ireland, a position
he has held for the past three years. Prior to
his current role he was MD of Certas Energy
UK since joining DCC in 2015. Steve has over
30 years of senior executive experience,
including European Marketing Director of
GE Plastics, MD of GE Capital Fleet Services,
CEO of Vita Foam and President, EMEA of
Houghton.
BUSINESS LEADERS
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 93
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
• Assessed the Group’s strategy
and made key decisions on
divesting the Healthcare division
and conducting a strategic
review of the Technology division
• Continued growth and progress
against clear strategic objectives
• Growth in profits 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
• Approved changes to the Board
and DCC Leadership Team to
align our management structure
with our strategy
• Continued Board renewal, with
Steven Holland appointed as
a non-executive Director in
July 2024
• Internally-facilitated Board
evaluation process undertaken
Audit, Risk and
Internal Control
• Robust internal control
framework maintained
• Appointment of Deloitte
as external auditor
• Preparations underway for
new corporate governance
and sustainability reporting
requirements
Remuneration
• Review of Executive Director
and Senior Group Management
Remuneration
• Remuneration Oversight for
senior management
+
READ MORE • FURTHER DETAILS
ON REMUNERATION ARE SET
OUT ON PAGES 118 TO 142.
+
READ MORE • FURTHER DETAILS
ON COMPOSITION, SUCCESSION
AND EVALUATION ARE SET OUT
ON PAGES 106 TO 109.
+
READ MORE • FURTHER DETAILS
ON AUDIT, RISK AND INTERNAL
CONTROLS ARE SET OUT ON
PAGES 76 TO 87 AND 110 TO 117.
+
READ MORE • FURTHER DETAILS
ON OUR BOARD ARE SET OUT
ON PAGES 90 TO 91.
+
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 202594
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 96.
Executive Risk
Committee
The responsibilities of the
Executive Risk Committee
are set out in the Risk Report
on pages 76 to 86.
Nomination and
Governance 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
+
READ MORE • FURTHER
DETAILS OF THE ACTIVITIES
OF THE NOMINATION AND
GOVERNANCE COMMITTEE
ARE SET OUT IN ITS REPORT
ON PAGES 106 TO 109.
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 118
TO 142.
Audit
Committee
• Assists the Board in assessing
the principal and emerging
risks facing the Company and
monitoring the effectiveness
of risk management and
internal control systems
• Monitors the integrity of the
Group’s financial statements,
including reviewing significant
financial 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 110 TO 117.
DCC Leadership
Team
Supports the Chief Executive
and other Executive Directors in
executing their responsibilities.
Reports to the Chief Executive at
regular management meetings.
Executive Sustainability
Committee
Supervises and makes
operational decisions in relation
to the Group’s sustainability
activities.
CORPORATE GOVERNANCE FRAMEWORK
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 95
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.
With effect from the conclusion of the Company’s AGM on
10 July 2025, the Board will include three executive Directors:
the Chief Executive, the Chief Financial Officer and the
Chief Operating Officer. The Board has concluded that the
addition of a third executive Director with responsibility for
operations is in the best interests of the Company as it
evolves to focus wholly on the energy sector.
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
affect, or could appear to affect, the Directors’ judgement.
The Board is satisfied that each of the current
non-executive Directors fulfils 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 satisfied he was
independent. While Mr Breuer holds another directorship
outside of the DCC Group, the Board is satisfied 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 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 Nomination and Governance 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 Nomination and Governance Committee Report
on page 106.
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.
Corporate Governance Statement Continued
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 effective 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 led the
annual Board evaluation process this year.
Executive Directors
The Chief Executive is responsible for
day-to-day management of the Group’s
operations, for the implementation of
strategy, and instilling the Company’s
purpose, values and culture 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, 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
DCC plc Annual Report and Accounts 202596
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 97
Schedule of Matters Reserved for Board Decision
The table below summarises the key matters that are required to be decided 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
• Significant changes in accounting policies or practices
• Oversight of internal control and risk management frameworks, including to reflect
climate-related risks
Sustainability,
including
Climate Change
• Oversight of the Group Sustainability Programme 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 2025
Board
Audit
Committee
Remuneration
Committee
Nomination and
Governance
Committee
Meetings held during the
year ended 31 March 2025
7 6 5 5
Mark Breuer 7 – – 5
Laura Angelini 7 – 5 5
Katrina Cliffe 7 – 5 –
Caroline Dowling
3
7 6 4 –
Steven Holland
1
4 – 1 1
David Jukes
2
3 – 1 –
Lily Liu 7 6 – –
Kevin Lucey 7 – – –
Donal Murphy 7 – – –
Alan Ralph 7 6 – –
Mark Ryan
3
7 5 – 5
1. Steven Holland was appointed as a
Director on 11 July 2024. He was appointed
to the Remuneration Committee and the
Nomination and Governance Committee
on 12 December 2024. He has had full
attendance since he joined.
2. David Jukes retired as non-executive
Director and as Chair of the Remuneration
Committee on 11 July 2024. He was unable
to attend one Remuneration Committee
meeting due to pre-existing personal
commitments.
3. Mark Ryan and Caroline Dowling were
unable to attend one Audit Committee
meeting and one Remuneration Committee
meeting respectively due to pre-existing
personal commitments.
Corporate Governance Statement Continued
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%
40%
10%
UK
Experience and Skills of the Directors as at 31 March 2025
Enterprise Leadership
Sustainability/ESG
Other Supply Chain ⁄ Distribution
Financial Expertise
Capital Markets
Mergers & Acquisitions
Digital
Remuneration
Other Board Experience
Relevant Industry
7
5
9
8
5
6
6
6
8
10
Years on Board as at 31 March 2025
Mark Breuer
NON-EXECUTIVE
EXECUTIVE
Caroline Dowling
Katrina Cliffe
Steven Holland
Lily Liu
Alan Ralph
Mark Ryan
Donal Murphy
Kevin Lucey
Laura Angelini
16.3
4.7
7. 5
3.4
3.7
0.7
5.8
1.9
3.7
6.4
DCC plc Annual Report and Accounts 202598
After three years’ service, and again after six years’ service,
each non-executive Director’s performance is reviewed by
the Nomination and Governance 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.
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
office during normal office hours and at the AGM of the
Company.
Details of the length of tenure of each Director on the Board
as at 31 March 2025 are set out in the chart on the
page opposite.
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
briefing 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 10 and 11, with
detail on the Energy division’s strategy provided on pages 12
to 13. The Board’s responsibilities in regard to strategy are
summarised on page 88.
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 76.
The Board has delegated responsibility for the detailed
monitoring of the effectiveness of this system to the Audit
Committee. Details of the Audit Committee’s work in this
regard are set out in the Audit Committee Report on page 110.
There is an ongoing process for identifying, evaluating and
managing any significant 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 financial
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 findings 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 79 and in
the Audit Committee Report on page 110.
The consolidated financial statements are prepared subject
to the oversight and control of the Chief Financial Officer,
ensuring correct data is captured from Group locations and
all required information for disclosure in the consolidated
financial statements is provided. A control framework has
been put in place around the recording of appropriate
eliminations and other adjustments. The consolidated
financial statements are reviewed by the Audit Committee
and approved by the Board.
Board Meetings
The table of Board attendance is set out on page 97. 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 financial 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 105.
Share Ownership and Dealing
Details of the Directors’ interests in DCC shares are set out
in the Remuneration Report on page 136.
The DCC Securities Dealing Code (‘the Dealing Code’)
applies to dealings in DCC securities 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
defined by the Dealing Code.
In addition, the Dealing Code specifies 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 Trading Statement in July (at the
AGM), the interim results announcement in November and the
Trading Statement in February.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 99
Compliance Statement
DCC has complied, throughout the year ended 31 March
2025, 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 Nomination and Governance Committee
and by the Board in advance of the commencement of the
financial year. Board papers are circulated one week in
advance of meetings.
The Board met seven times during the year. Additional
meetings are arranged if necessary for the Board to
properly discharge its duties.
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:
• Sustainability Review on page 39.
• How the Board Monitors Culture on page 102.
• Report of the Workforce Engagement Director on page 103.
The Board considered and discussed the interests of the
Company’s workforce when reviewing the Company’s
strategy over the course of the year under review.
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 strategy of DCC’s Energy division is
contained in the Energy Business Review on page 14.
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 efficient 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
effective 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 205 meetings with investors
over the course of the year.
In addition to meetings with management, shareholders
were also offered 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 2024
and offered them a meeting with him. Seven shareholders
accepted this offer.
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 also
briefed the Board on their engagements with shareholders.
The Board considered the interests of the Company’s
shareholders extensively when determining the change in the
Company’s strategy that was announced in November 2024.
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 2024
AGM. All of the resolutions put to shareholders at the AGM
were strongly supported.
Corporate Governance Statement Continued
Engagements with
Institutional Investors
Meetings
212
Capital market conferences
13
Sales desk briefings
15
Number of Meetings
Held During the Year
Group Management and
Investor Relations (125)
Investor Relations (80)
Chair and Company Secretary (7)
59%
3%
38%
DCC plc Annual Report and Accounts 2025100
Principal Activities Key Topics Discussed During the Year
Strategy
• The Board announced an update to the Company’s strategy during the year, informed by detailed reports from
advisors and discussions with management.
• The Board also considered specific aspects of the Group’s strategy, including its long-term financing, attracting
and retaining talented employees and supporting the effective use of technology.
Budgets and
Financial
Performance
• Having approved in March 2024 the Group’s budget for the year commencing 1 April 2024, the Board reviewed
reports on the Group’s financial 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 2025 at its meeting in April 2025.
Acquisitions
and
Development
• Key development opportunities are discussed by the Board as part of the strategy updates outlined above.
Approved initiatives are then reflected in each annual budget, which is also approved by the Board.
• The divestment of the Healthcare division was a priority for the Board since the announcement of the new Group
strategy in November 2024.
• Individual development opportunities of a material nature or value are 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 divestment by DCC Energy of its majority stake in its Hong Kong & Macau liquid gas business.
• 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 financial and operational
controls, IT controls and compliance controls.
Leadership
Development
and Succession
Planning
• We announced changes to the DCC Leadership Team to align our management structure with our new Group
strategy.
• Reports from the Chief People Officer 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 final 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,
which was internally facilitated, 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 revised UK Corporate Governance Code and evolving sustainability reporting requirements.
• The Board received a report at each meeting from the Chair of the Nomination and Governance 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 Trading Statements.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 101
Corporate Governance Statement Continued
Methods How this Allows the Board to Monitor Culture
Outcomes in the Financial
Year Ended 31 March 2025
Employee Surveys,
including the
annual Employee
Engagement
Survey
The primary survey carried out during the year is the annual
employee engagement survey. 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 identified
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 visited a number
of Irish businesses from each division.
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 specific 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 Ireland and the US. More
information on that visit are set out in the
Case Study on page 105.
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
effectively.
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.
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.
DCC plc Annual Report and Accounts 2025102
Introduction
Over the past year DCC has continued to make good
progress on our people engagement focus and associated
improvement initiatives. Employee engagement remains a key
priority for the Company and the Board and provides us with
important insight and feedback around areas like culture,
training, career development and strategy.
The year under review saw the Board approve an important
change in the Company’s strategy. The impact of this change
on our employees was an important part of our discussions.
Board visit at DCC Vital, Ireland
Employee Engagement
Our employee engagement focus is enabled through the
commitment of the Board and strong HR leadership. The HR
team has a relentless focus on key people support initiatives
in businesses right across DCC.
One of the ways we measure the impact of these support
initiatives on our people is through our annual employee
engagement survey. This survey elicits feedback directly
from employees across a range of areas including:
Customer Service, Careers, Collaboration, Communications,
Learning, Fairness & Equality and Safety.
Our 2024 survey results saw the highest ever participation
rate from our employees across the Group and more
importantly also showed an improvement in our overall
employee engagement scores. This improvement in the
engagement scores is a key indicator that our people
support initiatives are making a real impact with our
employees on the ground. Our overall employee
engagement score is one of the Company’s core
sustainability metrics.
In addition, the survey provided us with important feedback
on the areas where we can focus going forward. This
feedback will help shape our people support priorities for
2025. Through this feedback we continue to get a better
understanding of the things that matter to our people and
where we should focus our HR efforts.
Throughout the past year I have continued my ongoing
engagement with Nicola McCracken, Chief People Officer.
This ensures that I am up to speed not only on the status of
our people support initiatives but also any other people
engagement-related feedback that I should be aware of.
Through these Chief People Officer meetings, I can provide
the Board members with relevant employee engagement
updates throughout the year.
In October the Board site visits focused on the DCC
businesses in Ireland, where we met and engaged with
employees from different companies across our three
divisions. In addition to these visits, Board members also
visited other Group businesses in both the US and Europe
over the course of the year and engaged directly with a
range of different employees. These Board engagement
sessions are hugely useful as we discuss a range of priorities
with our people.
Change in Strategy
The decision to change the Company’s strategy in
November 2024, to focus on our energy activities, divesting
DCC Healthcare and undertaking a strategic review in
relation to DCC Technology, affects many of DCC’s existing
employees. We recently announced an agreement to divest
DCC Healthcare and employees there will operate under
new ownership when that sale completes later this year.
We also made some important management changes
during the year, simplifying our organisational structure.
The impact of these changes on employees was an
important part of the Board’s discussions during the last
year and will remain a central consideration as the strategy
is implemented.
Conclusion
The Board invests a good deal of time over the course of
each year considering aspects of DCC’s culture – rooted
in our core values of Safety, Integrity, Partnership and
Excellence – and how to ensure it is embedded across the
Group. Employee engagement is one of the most important
measures of this.
The Board also recognises the importance of employee
engagement to the delivery of our overall business
strategy. There is an unwavering Board commitment
to the implementation of the people support initiatives
which really make a difference to our people. This progress
is evidenced by the commitment of our HR Leadership
team and by our Group survey showing improving overall
engagement scores combined with the direct feedback
which the Board gets from our people.
I am delighted to serve as the Workforce Engagement
Director and continue to use the opportunity provided to
me at every Board meeting to report directly on the status
of employee engagement, other related HR matters and our
overall progress on people support initiatives across DCC.
STRENGTHENING ENGAGEMENT
WITH OUR EMPLOYEES
Mark Ryan,
Workforce Engagement Director
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 103
2025 Board Evaluation Process
This year’s Board evaluation was led by Caroline Dowling as
the Senior Independent Director. 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. The key steps in the process were:
• A questionnaire covering key aspects of Board
effectiveness was completed by all Directors and
relevant members of management.
• Discussions were held with each of the Directors
individually by the Senior Independent Director.
• The Senior Independent Director then prepared a
report setting out the findings of the process, which
was discussed at the Board meeting in April.
• The Chair, on behalf of the Board, conducted evaluations
of performance individually with each of the non-executive
and executive Directors.
• The Senior Independent Director conducted an evaluation
of the performance of the Chair.
• The non-executive Directors also evaluated the
performance of each executive Director.
• Each of the Audit Committee, the Remuneration
Committee and the Nomination and Governance
Committee considered the relevant parts of the report as
part of the review of its own performance and terms of
reference and recommended any changes it considered
necessary to the Board for approval.
The Directors concluded that the Board and its Committees
continued to operate effectively during the year under review.
The Board discussions that led to a change in the Company’s
strategy in November 2024 were highlighted as a good
example of good governance during the year, with
constructive debate supported by detailed analysis and
relevant external advice.
The importance of the Board continuing to evolve to reflect
the Company’s revised strategy was emphasised by the
Directors in the evaluation process, both through deepening
the skills of existing Directors in relevant areas and adding
new skills as new Board members are recruited.
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
financial year.
All of the principal actions identified in the 2024 Board
evaluation process were completed over the course of
the year under review.
MARK BREUER, DONAL MURPHY
DIRECTORS
12 May 2025
Topic Area Identified for Action
Board Skills and
Composition
Following the decision to set an updated strategy for the Company in November 2024, the Board will
take active steps to ensure that it has a suitable blend of skills and experience, including maintaining
an awareness of emerging energy-related technologies and business models. In addition, the
recruitment of new Directors will reflect the Company’s revised strategy.
Board Processes The appointment of a third Executive Director with effect from 10 July 2025 will add an additional
perspective from the Company’s management to Board discussions. Board discussions will be
adjusted to fully facilitate this.
Evolution of
Operating Model
Important changes in the Company’s management structures and processes have been made since
the change in strategy was announced in November 2024. The Board will continue to support
management in developing and embedding this revised operating model over the course of the
coming year.
Corporate Governance Statement Continued
DCC plc Annual Report and Accounts 2025104
GOVERNANCE IN ACTION
BOARD VISIT TO GROUP BUSINESSES
IN IRELAND AND US
In October 2024, the full Board visited a number of Irish
businesses including Flogas Ireland and Certas Retail in
the Energy division, DCC Vital in the Healthcare division
and Exertis Ireland in the Technology division. 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.
A number of Directors, including our Chair, also visited Ion
Labs, our contract manufacturing Healthcare business in
Florida and Exertis North America, our US Technology
business in Philadelphia.
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 Vital, Ireland
Board visit at Flogas, Ireland
Board visit at Certas Retail, Ireland
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 105
NOMINATION AND
GOVERNANCE
COMMITTEE REPORT
Mark Breuer
(Chair)
Laura Angelini
Steven Holland
Years on the Nomination and Governance Committee
as at 31 March 2025
3.7
3.7
0.3
Mark Ryan
3.4
Chair’s Introduction
I am pleased to present the report of the Nomination and
Governance Committee for the year ending 31 March 2025.
The Nomination and Governance Committee was
responsible during the year under review for monitoring the
composition and development of the Board, reviewing the
leadership needs of the Group and monitoring the
Company’s compliance with corporate governance
requirements. Compliance with sustainability reporting
requirements sits with the Board and the Audit Committee.
This report summarises the Committee’s activities during the
year ended 31 March 2025 and sets out the Committee’s
priorities for the current year ending 31 March 2026.
Board Succession
In the year under review, there were a number of changes
to the Board. David Jukes retired as Director and Chair
of the Remuneration Committee at the conclusion of the
Company’s AGM on 11 July 2024. Katrina Cliffe succeeded
David as Chair of the Remuneration Committee.
On the same date, we welcomed Steven Holland as
a non-executive Director. Mr Holland also joined the
Remuneration Committee and the Nomination and
Governance Committee on 12 December 2024.
The Board will continue to evolve to ensure it has the
expertise and experience needed to oversee the
successful implementation of the Company’s strategy
over the coming years.
In terms of overall Board succession planning, we intend
to recruit Directors with relevant experience in a number
of key areas: the energy industry, the use of technology to
drive performance and business transformation projects.
A recruitment process for directors who can add to the
Board’s work in these areas and more generally will take
place over the course of the current year.
In relation to Executive Director membership, we were very
pleased to announce, on 9 April 2025, the following changes
to the Board.
• Kevin Lucey, who as been a Director of the Company since
2020, will remain the Company’s Chief Financial Officer until
the conclusion of our AGM on 10 July 2025. At that point he
will become the Company’s Chief Operating Officer. He will
remain an executive Director.
DCC plc Annual Report and Accounts 2025106
“ While the interests of our
shareholders were a key
consideration in the Board’s
discussions, the interests of the
Company’s workforce, suppliers
and customers were also
carefully considered.
”
MARK BREUER
CHAIR
• Conor Murphy will succeed Kevin Lucey as the Company’s
Chief Financial Officer from the conclusion of our AGM on
10 July 2025. Conor will also join the Board at that point.
These appointments to the Board were made on foot
of our existing succession planning processes for senior
management roles, which are formal, rigorous and
transparent. The Board was advised on the process by
Russell Reynolds Associates. Russell Reynolds Associates do
not have any connection with the Directors or the Company.
Conor Murphy has held senior finance and investor relations
roles over his 27 years within DCC. For ten of those years,
he has been the Finance Director of our energy activities.
He therefore brings not only deep financial expertise but
also a detailed knowledge of the energy sector and our
energy activities to his new role.
Board Diversity
The Board supports and values the benefits that a diverse
range of views brings to our discussions. The Board meets
the requirements of the UK Listing Rules in this area, with
40% female Directors and one Director from an ethnic
minority background.
The appointment of Conor Murphy to the Board from 10 July
2025 will result in the proportion of female Directors on the
Board reducing to 36%. This is the right step for the Board at
this point in the Company’s development. Mark Ryan, who
will have served nine years as a Director in November 2026,
has expressed his intention to retire as a Director from the
conclusion of our AGM in July 2026. That change will result
in the Board again meeting the 40% threshold.
More detail on the Board’s overall expertise and capabilities
is set out on page 98. Biographical details for all the
Directors are contained on page 90.
Board Evaluation
Following an externally-facilitated evaluation in 2024,
the Committee oversaw an internal evaluation of the
effectiveness of the Board and its Committees in early
2025, which was led by Caroline Dowling as the
Senior Independent Director.
More information on the Board evaluation, including an
update on actions identified last year and improvements
to be implemented this year, is set out on page 104 as part
of the Corporate Governance Statement.
Stakeholder Interests
The Board reached important conclusions during the
year under review in relation to the future direction of the
Company. We were very conscious throughout those
discussions of the effect that a change in the strategy
of the Company – not only the decision to divest certain
parts of the Group but also to then rationalise management
structures within our existing business – would have on
our stakeholders. While the interests of the Company’s
shareholders were a key consideration in our discussions,
the interests of the Company’s workforce, suppliers and
customers were also carefully considered.
The Corporate Governance Statement on page 100
provides more detail on how the Board considered
stakeholder interests overall 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 financial year commencing 1 April 2025.
Priorities
The priorities for the Committee in the financial year ending
31 March 2026 will be:
• Implementing the recommendations of this year’s Board
evaluation process;
• Monitoring the continued evolution of the Board and its
Committees; and
• Overseeing compliance with the new UK Corporate
Governance Code.
On behalf of the Committee.
MARK BREUER
CHAIR
12 May 2025
DCC plc Annual Report and Accounts 2025 107
Governance Financial Statements Supplementary InformationStrategic Report
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 effect from 1 April 2024 to reflect the fact
that the Board now addresses all sustainability matters
directly.
Committee Composition,
Attendance and Tenure
The members of the Nomination and Governance
Committee are Mark Breuer (Chair) and three independent
non-executive Directors: Laura Angelini, Steven Holland and
Mark Ryan.
Biographical details for the members of the Committee are
set out on pages 90 to 91.
The Company Secretary is the Secretary to the Committee.
Meetings
The Committee met five times during the year ended
31 March 2025 and there was full attendance by all
members of the Committee.
The Chief Executive and the Company Secretary 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 2025, this evaluation was internally facilitated. The 2024
evaluation was externally facilitated by Independent Audit.
A report on the principal findings of the 2025 evaluation is
contained on page 104, 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. No changes to the Committee’s Terms
of Reference were considered necessary.
Reporting to the Board
The Chair of the Nomination and Governance 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
DCC Leadership Team and the senior management in
significant 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 conflicts of interest that might arise from it.
The Committee is satisfied that the existing external
commitments of the Directors do not conflict 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 benefits
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 109 and
the current Board Diversity Policy is available on the
Company’s website.
As noted in the Chair’s Introduction, from 10 July 2025, the
proportion of female Directors will drop to 36%, following the
appointment of Conor Murphy to the Board. The Board
considers that this temporary decline in diversity is
acceptable and in the best interests of the Company at this
stage in its development. The proportion of female Directors
is expected to return to 40% in July 2026 when Mark Ryan
will retire from the Board.
Nomination and Governance Committee Report Continued
DCC plc Annual Report and Accounts 2025108
Succession Planning
In addition to its work on the development of the Board,
the Nomination and Governance 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 reflect the Group’s greater scale. The Directors receive
an update annually from the Chief People Officer on Group
talent development and succession planning process. This
covers in detail succession planning for senior
management roles.
As part of this process, the Committee supported the Board
during the year in considering the potential appointments
of Kevin Lucey as the Company’s Chief Operating Officer
and Conor Murphy as the Company’s Chief Financial Officer.
The work of the Committee in this area was supported by
leading external search firms.
Gender Representation as at 31 March 2025
The following tables set out the information required to be included in the Annual Report under the UK Listing Rule
6.6.6R(9), as at 31 March 2025.
For the purposes of these tables, executive management is as defined 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 staff.
There were 40% female directors on the Board throughout the year under review. Caroline Dowling has held the position
of Senior Independent Director with effect 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 6 60% 3 8 89%
Women 4 40% 1 1 11%
Other – – – – –
Not specified/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) 9 90% 4 9 100%
Mixed/Multiple Ethnic Groups – – – – –
Asian/Asian British 1 10% – – –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
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. Those
recommendations were all accepted. The changes to
the Board made as a result are covered in the Introduction
to this Committee Report.
The tenure of the Directors on the Board is set out on
page 98. The tenure of members of Committees is dealt
with in the relevant Committee reports.
Corporate Governance
The Committee advises the Board on significant
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. Work is underway within the
Company on ensuring that we will be in a position to report
under Provision 29 of the revised UK Code when it comes
into effect for our financial year ending 31 March 2027.
The Company operated in full compliance with the Code
during the year ended 31 March 2025.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 109
AUDIT COMMITTEE
REPORT
As the Group implements its updated strategy,
the focus of the Audit Committee remains on
ensuring sound risk management and internal
controls across the Group.
Highlights of the year
• Deloitte appointed as the Company’s external auditor
from the financial year commencing 1 April 2025,
following a competitive tender process.
• Progress made in preparing for EU Corporate
Sustainability Reporting Directive (CSRD).
Alan Ralph (Chair)
Caroline Dowling
Lily Liu
Mark Ryan
Years on the Audit Committee
as at 31 March 2025
3.4
4.8
3.7
7.0
Chair’s Introduction
I am pleased to present the report of the Audit Committee
for the year ended 31 March 2025.
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
overseeing the relationship with the Company’s external
auditor, supporting the activities of the Group Internal Audit
(‘GIA’) team, ensuring the Group’s risk management and
internal control processes are fit for purpose, and monitoring
the Company’s external reporting, including in relation to
sustainability matters.
External Audit
During the year under review, the Committee carried out a
rigorous and competitive process to select the Company’s
auditor. The process followed by the Committee was
outlined in the Audit Committee Report in our 2024 Annual
Report. It included inviting a number of firms to submit
proposals to act as the Company’s auditor, including
firms outside the ‘Big Four’, providing access to relevant
information and discussions with management. The two
leading firms made presentations on their proposals to
the Audit Committee.
Following this process, the Board, on the recommendation
of the Committee, approved the appointment of Deloitte
as the Company’s auditor with effect from the financial
year commencing 1 April 2025, subject to approval at the
2025 AGM. The decision to move away from KPMG, who
performed strongly as the Company’s auditor for ten
years, was made only after a detailed assessment by the
Committee and the Board. On behalf of the Committee,
I would like to thank KPMG for their ongoing support to
the work of the Committee and to the Company.
A detailed induction plan has been agreed to ensure Deloitte
operate effectively from the outset of their appointment.
This included shadowing the work of KPMG on the 2025 audit.
The Committee looks forward to developing a deep working
relationship with Deloitte over the coming years.
DCC plc Annual Report and Accounts 2025110
“ The focus of the Audit Committee
remains on ensuring sound
risk management and internal
controls across the Group as
important strategic changes
are implemented.
”
ALAN RALPH
CHAIR
Turning to the 2025 audit process, the Committee approved
KPMG’s audit plan in November last year. The Committee
then reviewed progress against that plan with KPMG at
Committee meetings in January and April. At our meeting
in May we received a detailed report from KPMG on their
audit findings.
Further details on the audit process, including the principal
areas considered, are set out on pages 115 to 117.
Internal Audit
The Committee received detailed reports from the GIA
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 2025 has been approved by the
Committee.
The Committee met with the Head of GIA in private session
several times over the course of the year. The Head of GIA
has a direct reporting line to me as Chair of the Committee.
EY were recently appointed to undertake a scheduled
external quality assessment (‘EQA’) of the GIA function.
That process is underway and will be reported on to the
Committee at its meeting in July.
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 changes to market
conditions and supply chains, climate change, IT and
cyber risks and changes in the Group’s legal and regulatory
environment. This year, risks associated with the Company’s
change in strategy were also considered. Safety matters
are addressed directly by the Board.
In fulfilling this role, the Committee reviewed key
components of the Group’s internal control framework
during the year, including financial 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 specific 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.
The risks and internal control implications of the change
in the Company’s strategy that was announced in
November 2024 have been, and will continue to be, closely
monitored by the Committee, and by the Board. DCC’s
established expertise in M&A will support the divestment of
the Company’s Healthcare and Technology divisions.
Similarly, the depth of management experience in the energy
sector will support the continued effective management of
risks in that area.
The Committee is overseeing work taking place to ensure
that the Company will be in a position to report in line with
Provision 29 of the 2024 UK Corporate Governance Code
which will first apply in respect of our financial year
commencing 1 April 2026.
More details on the Group’s risk management processes are
set out in the Risk Report on page 76.
Reporting
Monitoring the integrity of the Company’s reporting
processes and its external reporting is a core component
of the Committee’s work.
In the year under review, 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 reflected in the Company’s
consolidated financial statements. More details on the
principal matters considered as part of this process are
set out on page 117.
DCC plc Annual Report and Accounts 2025 111
Governance Financial Statements Supplementary InformationStrategic Report
Audit Committee Report Continued
As a result of this work, the Committee was satisfied, 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.
UK Corporate Governance Code
During the year, the Committee considered with
management the impact of the changes made to the UK
Corporate Governance Code which will, with the exception
of Provision 29, apply to the Company from our financial
year commencing 1 April 2026.
EU Corporate Sustainability
Reporting Directive
As an Irish company that is listed on a stock exchange
outside the European Union, DCC was due to first report in
line with the EU Corporate Sustainability Reporting Directive
(‘CSRD’) in 2026, in respect of our financial year commencing
1 April 2025. A good deal of work had been undertaken over
the course of the year, and reported on to the Committee,
to prepare for that. The recent announcement by the EU
Commission on a proposed EU Sustainability Omnibus
Directive appears likely to move this reporting deadline to
2028, with adjusted reporting standards expected to issue
later this year. Rather than waiting for the new Directive and
standards to come into effect, we have chosen to enhance
our sustainability reporting this year, with additional detail
being made available on 39.
Compliance with Audit
Committee Minimum Standard
The Committee complied with the requirements of the FRC
Audit Committee Minimum Standard during the period
under review.
Priorities for the Year Ahead
The financial year that commenced on 1 April 2025 will be
a particularly important one for the Committee.
The Committee will oversee the induction of Deloitte as the
Company’s auditor and ensure that the first year of their
transition to this role is as seamless as possible.
The change in Group strategy will be a key area of focus,
including the divestment of the Healthcare division and
preparations for the divestment of the Technology division.
The Committee will continue to oversee the Company’s
ongoing preparations to report under CSRD.
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
12 May 2025
DCC plc Annual Report and Accounts 2025112
Principal Activities Key Topics Discussed During the Year
Risk
Management
and Internal
Control
• The Committee considered and approved in November 2024 the audit plan prepared by the
Company’s external auditor in respect of the financial year ending 31 March 2025, 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 final 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.
This included discussions on the risk and internal control implications of the change in the
Company’s strategy that was announced in November 2024 and on relevant external trends
such as geopolitical changes and developments in artificial intelligence (AI).
• 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 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 financial and non-financial 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.
• The Committee also reviewed work underway within the Company to report in line with the
EU CSRD, following the announcement of the EU Sustainability Omnibus, and to meet the
requirements of the 2024 UK Corporate Governance Code.
External Audit
• With the initial term of the Company’s existing auditor coming to an end in 2025, the Committee
oversaw a tender process for the Company’s external audit, which resulted in the appointment
of Deloitte.
• 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 efficacy of the external audit process, including
a report from management on the process.
Internal Audit
• The Committee approved the annual audit plan of the GIA team before the commencement
of the financial year and reviewed progress against it over the course of the year.
• The Committee received a report from the GIA 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 reports received and steps taken to address them.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 113
Audit Committee Report Continued
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 90 and 91.
The tenure of the members of the Committee is set out at
the start of this report.
The Board is satisfied that the members of the Committee
bring a suitably diverse range of skills, expertise and
experience in commercial, financial 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 satisfied that Alan Ralph and Lily Liu meet
the specific requirements of the UK Corporate Governance
Code for recent and relevant financial experience.
The Company Secretary is the Secretary to the Committee.
Meetings
The Committee met five times during the year ended
31 March 2025 and there was full attendance by all
members of the Committee.
The Chief Executive, Chief Financial Officer, 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.
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 2025 Board evaluation process, which was internally
facilitated, concluded that the Audit Committee and the
Chair of the Committee continue to operate effectively.
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 2024 Board evaluation process in relation
to the Committee were progressing 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.
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, complementary reports
on key risks and internal controls were presented to the
Committee during the year by the management teams of
each of the Group’s three divisions. 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 reflect 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 76 to
86. The Board’s statement on Risk Management and
Internal Control is included in the Corporate Governance
Statement on page 99.
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 73 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.
DCC plc Annual Report and Accounts 2025114
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 88.
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.
EXTERNAL AUDIT TENDER PROCESS
The Committee’s Report in 2024 noted that KPMG’s initial
ten-year term as the Company’s external auditor would
come to an end in 2025 and that a tender process to
identify the Company’s auditor would be undertaken.
The Committee undertook that process between May and
December 2024. The process was conducted in accordance
with relevant regulatory standards.
An initial request for information was sent to six external
audit firms in May 2024, with a subsequent request for
detailed proposals being sent to three firms in June 2024.
Detailed tender proposals were received from the three
firms in August 2024. Each of these firms then made
presentations to senior management.
The Committee invited two of the firms to make final
presentations to the Committee in November and
December 2024.
Following these presentations, the Audit Committee
decided to recommend to the Board that Deloitte be
appointed as the Company’s external auditor, subject
to approval at the 2025 AGM. The Board accepted this
recommendation and appointed Deloitte with effect
from the financial year commencing 1 April 2025.
The lead audit partner for Deloitte on appointment will
be Mr Daniel Murray.
This appointment will be put to shareholders for their
approval at the 2025 AGM.
KPMG have confirmed that there are no matters in
connection with their resignation as auditors which need
to be brought to the attention of shareholders.
EFFECTIVENESS
The Committee received a report from management on the
effectiveness of the 2024 external audit process during the
year. Based on its consideration of this report and its own
interactions with KPMG, the Audit Committee considers
whether the external audit process remains effective.
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 2024 was effective.
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 confirmation 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
satisfied 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 financial reporting position,
to a senior management role or to a Company officer 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 conflict 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 specific 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.
Audit vs Non-Audit Fees
2025
5%
4,558 253
4%
4,521 171
Non-Audit
as % of Audit
2024
4%
3,671 159
2023
4%
3,594 140
2022
3%
3,267 111
2021
Audit £’000 Non-Audit £’000
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 115
Audit Committee Report Continued
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 170. The chart above sets out the audit and non-audit
fees paid to the external auditor over the five-year period
from 2021 to 2025 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 findings 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 five
years to confirm 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 current EQA is being undertaken 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 benefits 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.
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 findings 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 149 to 155.
The GIA team also contributes to this assurance process
by reviewing compliance with internal financial reporting
processes.
As part of its review of the 2025 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 the opposite page sets out the
significant matters considered by the Committee in relation
to the financial statements for the year ended 31 March
2025.
Management confirmed to the Committee that they were
not aware of any material misstatements in the financial
statements for the year ended 31 March 2025 and KPMG
confirmed 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
final 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 pages 85 and 86.
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 specifically
confirm 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 2025 Annual Report and Accounts met these
requirements.
The Committee considered and discussed with
management the processes followed in the preparation
of the 2025 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 2025116
Significant Matters in Relation to the Financial Statements
for the Year Ended 31 March 2025
Goodwill and
Intangible Assets
As set out in note 3.3 to the financial
statements, the Group had goodwill
and intangible assets of £2,414 million
at 31 March 2025 (2024: £3,136.9 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 December 2024
and the latest divisional forecasts
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 flows to determine the
value in use. In calculating the value
in use, management judgement is
required in forecasting cash flows of
CGUs, in determining the long-term
growth rate and selecting an
appropriate discount rate.
Management reported to the
Committee that future cash flows
of each CGU had been estimated
based on the most up to divisional
forecast for the business in question
and discounted using discount rates
that reflected the risks associated
with each CGU. Sensitivity analysis
was performed by adjusting the
discount rate, cash flows 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 two CGUs
in the DCC Technology division:
i. Given the slower than anticipated
return to growth in the UK
technology market, the value in
use of the Exertis UK CGU was
lower than its carrying value and
an impairment of £73.9 million
was recognised;
ii. Following the decision to dispose
of Exertis France and Iberia, the
recoverable amount (being its fair
value less costs of disposal) was
less than the carrying value and
an impairment of £5.8 million was
recognised.
The Committee was satisfied that
the significant assumptions used for
determining the recoverable amounts
had been appropriately examined,
challenged and were sufficiently
robust. The Committee agreed
with management’s conclusion that,
having made the adjustments noted
above, the cash flow forecasts
supported the carrying value of
goodwill and intangible assets.
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
financial statements for the
year ended 31 March 2025,
including compliance with the
recommendations of the Taskforce
on Climate-related Financial
Disclosures (‘TCFD’). More detail on
the climate risk assessment activities
undertaken during the year is
contained in the Sustainability
Review on page 39. Detail on the
compliance with TCFD is contained
in the Supplementary Sustainability
Information Section on page 250.
Other Matters
The Committee considered and is
satisfied with a number of other
judgements which have been made
by management including business
combinations, 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.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 117
REMUNERATION
REPORT
Executive remuneration in DCC is designed
to reward business performance and
progress against strategic goals.
Highlights of the year
• Katrina Cliffe succeeded David Jukes as
Chair of the Remuneration Committee.
• Approval of the Company’s new Remuneration
Policy by shareholders at the 2024 AGM.
Katrina Cliffe (Chair)
Laura Angelini
Caroline Dowling
1.8
5.8
Steven Holland
0.3
Years on the Remuneration Committee
as at 31 March 2025
2.5
Chair’s Introduction
On behalf of the Remuneration Committee, I am pleased to
present the Directors’ Remuneration Report for the year ended
31 March 2025.
The Report is comprised of this Introduction, a Remuneration
at a Glance section, a statement of our Remuneration Policy,
a review of remuneration outcomes for the year ended
31 March 2025 and finally a section on how our Policy is
expected to operate in the year ending 31 March 2026.
Performance for the Year
DCC delivered another strong financial performance over the
course of the year. Group adjusted operating profit was 4.8%
ahead of the prior year, on a continuing constant currency
basis. Return on capital employed, a key metric for DCC, was
14.4% (15.3% excluding IFRS 16), on a continuing basis, 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%.
Remuneration of Executive Directors in the Year
SALARIES
As set out in last year’s Report, the executive Directors’ salaries
were increased by 4% for the year ended 31 March 2025.
BONUSES
Annual bonus payments for the executive Directors in respect
of the year ended 31 March 2025 were based on performance
against targets for growth in adjusted operating profit (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 reflected in a bonus outcome for the
Chief Executive of 196% of salary (compared to a maximum
potential of 200%). For the current CFO the bonus outcome is
also 196% of salary (compared to a maximum potential
of 200%).
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, while a formulaic adjustment should be
made to the Group Adjusted Operating Profit to reflect
divestments during the year, no discretion should be exercised
when approving the bonus outcome.
DCC plc Annual Report and Accounts 2025118
“The focus of the Remuneration
Committee will remain on ensuring
that executive remuneration,
strategy and value creation
are strongly aligned.
”
KATRINA CLIFFE
CHAIR
The Committee considered in particular in this context the
Group’s safety performance in the year under review and over
the last few years. As set out in the Health and Safety section
of the Sustainability Review on page 68, the Board was
saddened by the fatality of an employee in a road traffic
accident in the UK in December 2024. The Committee takes
seriously such incidents and considered whether to exercise
downward discretion in relation to bonus payments in the year
as a result. We concluded not to make such an adjustment
based on the finding of the investigation into the incident that
it resulted from the actions of a third party as well as the good
overall safety performance of the Group, as evidenced by a
further reduction this year in the number of lost-time injuries.
Details of the Executive Directors’ performance targets and
achievement against them in the year under review are set out
on pages 131 to 133.
LONG-TERM INCENTIVES
Vesting of Long-Term Incentive Plan (‘LTIP’) awards granted in
November 2022 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 2025. While the extent of vesting will be
formally determined by the Remuneration Committee in
November 2025, it is expected that 55.9% of the share options
granted will vest. The earliest exercise date of these options
will be November 2025, with a two-year post-vest sale
restriction (to November 2027) for the executive Directors.
Regarding the prior year, the Remuneration Committee
determined that the LTIP awards granted in November 2021
would vest at 54%, based on DCC’s ROCE, EPS and TSR
performance over the three-year period ended 31 March 2024.
This was consistent with the estimated vesting of 54%
disclosed in last year’s Report. The earliest exercise date for
the awards granted in November 2021 was November 2024,
with a two-year post-vest sale restriction (to November 2026)
for the executive Directors.
Further details on this subject are set out on page 133.
Details of LTIP awards granted to the executive Directors in
November 2024 are contained in the table on page 137.
The Committee is satisfied that the executive Directors’
remuneration reflects the Group’s performance in the year.
Remuneration for the Year Ahead
EXECUTIVE DIRECTOR CHANGES
In April 2025, we announced that our current Chief Financial
Officer (‘CFO’), Kevin Lucey, will become Chief Operating
Officer (‘COO’) with effect from the conclusion of our AGM
on 10 July 2025. Conor Murphy will succeed Kevin as CFO
and will be appointed as an executive Director, again from
the conclusion of our AGM on 10 July 2025.
Details of the remuneration for all three executive Directors,
summarised below and set out in detail on page 139, are in line
with Remuneration Policy.
SALARIES
For the year ending 31 March 2026, the Committee agreed to
increase the Chief Executive’s salary by 4%. The CFO’s salary
will also increase by 4% on 1 April 2025 and on his appointment
as COO, Kevin Lucey’s salary will increase by a further 5.5%.
On his appointment as CFO, Conor Murphy’s salary will be
set at €525,000.
In determining these changes the Remuneration Committee
focused on the importance to the Company and its shareholders
of retaining and incentivising senior executives with a deep
knowledge of the Company’s activities at a time of significant
strategic change. The Committee also considered salary
increases for the general workforce, which are expected to be
circa 2%-5% in the year commencing 1 April 2025.
DCC
0
2015 2016 2017 2018 2019 2020 2021 2022 2023
2024 2025
FTSE 100
£150
£100
£50
DCC’s 10 year TSR performance versus the FTSE 100
Value of £100 invested on 31 March 2015
£200
DCC plc Annual Report and Accounts 2025 119
Governance Financial Statements Supplementary InformationStrategic Report
Remuneration Report Continued
The Committee has positioned the salary for the new CFO
below market median for this role and below Kevin’s salary in
that role, and will therefore keep the matter under review and,
in this context, future increases are likely to be higher than the
workforce average, subject to performance in the role, and will
be fully explained in the relevant Remuneration Report.
BONUSES
For the year ending 31 March 2026, bonus levels for the
executive Directors will be in line with the Remuneration Policy,
with the maximum award opportunity for the year being 200%
of salary for both the Chief Executive and COO. The new CFO’s
maximum award opportunity will be set at 150% of salary.
Again, this is likely to increase in the future to align with the
other executive Directors and market practice.
Outcomes will be based 70% on growth in Group adjusted
operating profit and 30% on strategic objectives for the Chief
Executive and the new CFO. For the new COO, his financial
element of 70% will be solely based on the performance of the
Energy business, with 30% being based on strategic objectives.
LONG-TERM INCENTIVES
In the year ending 31 March 2026, the executive Directors will
be granted LTIP awards consistent with the Remuneration
Policy. The grant value is expected to be up to 250% of salary
for the Chief Executive, up to 225% of salary for the COO and
up to 200% of salary for the new CFO.
The vesting will be based on performance over the three
financial years ending 31 March 2028, 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 Committee took a decision to postpone the setting of the
threshold and maximum target ranges for each of the
performance conditions until later in the year, to allow
additional clarity in relation to certain divestments taking
place as part of the Company’s revised strategy to emerge.
The target ranges will be announced later in the year once
they have been determined.
Further details on this subject are set out on page 139.
NON-EXECUTIVE DIRECTOR FEES
For the year ending 31 March 2026, the non-executive
Director’s basic fee will increase by 4%. The Board considered
this increase appropriate in order to retain and attract
directors with the experience and expertise needed to
guide a company of DCC’s scale at an important stage
in its development. The Committee also considered salary
increases for the general workforce which are expected
to be circa 2%-5%.
Following a review of the fees paid to comparable listed
companies, which indicated that the current fee payable to
the Chair was below relevant benchmarks, and also having
regard to the significant changes taking place within the
Company, which place additional demands on the role, the
Board, on the recommendation of the Remuneration Committee,
determined that the Chair’s fee should increase by 9%.
Full details of these fees are set out on page 135.
Shareholder Engagement
The Committee engages with major shareholders on
remuneration matters, particularly on significant policy
changes, and considers the views of shareholder
organisations and proxy voting agencies.
Last year, we engaged with our largest shareholders to offer
them the opportunity to give us their views on proposed
changes to our Remuneration Policy. The support for the new
Policy was strong with 95% voting in favour of the new Policy at
our 2024 AGM.
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.
More generally, the Committee welcomes input from our
investors and other stakeholders on the Company’s approach
to remuneration. Specifically, the Committee recognises that
shareholders have a right to a ‘say on pay’. At the 2025 AGM,
an advisory resolution on the Remuneration Report will again
be put to shareholders. As we are not making any changes to
the Remuneration Policy, we will not be putting this to a
shareholder vote.
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 127.
Group Strategy
The change in strategy that was announced in November
2024 was an important milestone in the Company’s
development. The objective of that strategy is the creation of
sustainable long-term value for shareholders. The focus of the
Remuneration Committee will remain on ensuring that
executive remuneration, strategy and value creation are
strongly aligned.
Conclusion
I believe that the Remuneration Committee has implemented
the Remuneration Policy in a way that suitably reflects the
performance of the Group in the year.
I strongly recommend that shareholders vote in favour of the
2025 Remuneration Report at the 2025 AGM.
On behalf of the Remuneration Committee
KATRINA CLIFFE
CHAIR
REMUNERATION COMMITTEE
12 May 2025
DCC plc Annual Report and Accounts 2025120
Remuneration at a Glance
Components of Executive Remuneration
Fixed Pay Short-Term Incentive Long-Term Incentive Total Pay
Salary, Benefits and Pension
A fair, fixed remuneration
reflecting 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 profit and
strategic objectives.
Executive share plan
An annual award which
aligns the interests of
executives with those of the
Group’s shareholders and
reflects the Group’s culture of
long-term performance-
based incentivisation.
+ + =
Annual Bonus Outcome for Year Ended 31 March 2025
Chief Executive (Donal Murphy) Chief Financial Officer (Kevin Lucey)
Bonus Potential (200% of Salary of €983,726) Bonus Potential (200% of Salary of €578,476)
Group Operating
Profit
70% of Bonus
Potential
Strategic
Objectives
15% of Bonus
Potential
ESG
Objectives
15% of Bonus
Potential
Group Operating
Profit
70% of Bonus
Potential
Strategic
Objectives
15% of Bonus
Potential
ESG
Objectives
15% of Bonus
Potential
Performance:
70%
Performance:
15%
Performance:
13%
Performance:
70%
Performance:
15%
Performance:
13%
Total Performance:
98% of Bonus Potential
196% of salary = €1,928,103
Total Performance:
98% of Bonus Potential
196% of salary = €1,133,813
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
+
READ MORE • FURTHER DETAILS ON BONUS OUTCOMES ARE SET OUT ON PAGE 131.
ROCE
(40% weight)
15.5%11.5%
Actual: 14.6%
MAXMIN
Extent of vesting
33.4%
EPS Growth
(40% weight)
9%
Extent of vesting
22.5%
MAXMIN
Actual: 5.5%
3%
Total amount of 2022 LTIP awards that will vest in November 2025: 55.9%.
ROCE and EPS were calculated on a continuing basis over the three-year period.
There is a two-year post-vest sale restriction to November 2027 for the executive Directors.
+
READ MORE • FURTHER DETAILS ON LTIP ARE SET OUT ON PAGE 133.
2022 LTIP Award Outcome Based on Results in Three-Year Period Ended 31 March 2025
TSR Outperformance of FTSE 100
(20% weight)
Upper Quartile
Extent of vesting
0%
MAXMIN
Actual: NIL
Median
+
READ MORE • FURTHER DETAILS ON REMUNERATION POLICY ARE SET OUT ON PAGE 123
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 121
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 2025.
In both cases, the executive Directors’ shareholdings are in
excess of policy requirements.
+
READ MORE • FURTHER DETAILS ON SHARE OWNERSHIP
ARE SET OUT ON PAGE 138.
Chief Executive CFO
Policy requirement
Multiple of salary
Holding = 10.9x
Holding = 2.4x
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, Benefits,
Pension)
+
READ MORE • FURTHER
DETAILS ON TOTAL
REMUNERATION ARE
SET OUT ON PAGE 131.
Annual Bonus
LTIP
Year 1 Year 2 Year 3 Year 4 Year 5
Salary, Benefits,
Pension
2/3rd Paid
in Year 1
1/3rd Invested in DCC Shares for Three Years
This diagram illustrates in which financial years the various payments in the charts above are made or released to
executive Directors.
Total pay over five years
Fixed Pay
Payment Schedule
Annual Bonus
Long-Term Incentive
Three-Year Vesting Period Two-Year Holding Period
Executive Directors’ Total Remuneration
C
EO
C
FO
4,349
2025
0 1,000 2,000 3,000 5,0004,000€’000
2025
2024
2024
2,508
3,319
1,741
Remuneration Report Continued
DCC plc Annual Report and Accounts 2025122
Remuneration Policy Report
DCC’s 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 effect to SRD 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 reflect best corporate governance practice
and has substantially applied these regulations.
As such, we submitted this Remuneration Policy to an
advisory, non-binding vote at the 2024 AGM, reflecting the
changes outlined in detail on pages 133 to 139 of last year’s
Annual Report.
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 2018 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
reflect 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 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
benefits, 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 these key remuneration policy objectives.
Benchmarking data is used to inform remuneration
decisions, but does not drive changes.
The Committee is mindful of managing any conflicts 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 benefits 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 defined threshold and maximum pay scenarios described on page 129.
Proportionality Remuneration is weighted towards financial and non-financial 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 efforts. Our annual bonus plan includes sustainability/
ESG targets.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 123
Remuneration Report Continued
Element and Link to Strategy Operation Maximum Opportunity
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 significant market practice
changes.
Benefıts
To provide market
competitive benefits.
Benefits 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.
Pension
To reward sustained
contribution.
The executive Directors are eligible to
participate in a defined contribution pension
scheme (or receive cash in lieu of contributions
to a defined contribution pension scheme).
Pension contributions (paid into the defined
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 defined as base salary.
DCC plc Annual Report and Accounts 2025124
Element and Link to Strategy Operation Maximum Opportunity
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 profit and overall
contribution and attainment of strategic
objectives. The strategic targets focus on
areas such as delivery of strategy,
organisational development, IT, investor
relations, financing, 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 specific 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 financial
statements or other specified events. Further
details on the clawback policy are set out on
page 127.
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 financial year,
which will be disclosed in the Annual Report on
Remuneration.
A defined target level of performance has
been set for which 50% of the maximum bonus
is payable.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 125
Remuneration Report Continued
Element and Link to Strategy Operation Maximum Opportunity
Long-Term Incentive Plan (‘LTIP’)
To align the interests of
executives with those of
the Group’s shareholders
and to reflect 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 satisfied that
the Company’s underlying financial
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 modified 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
financial statements or other specified
events, including corporate failure. Further
details on this clawback policy are set out
on page 127.
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.
DCC plc Annual Report and Accounts 2025126
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 financial and non-financial/strategic targets in
specific 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 financial statements;
• a material breach of applicable health and safety regulations;
• business or reputational damage to the Company or a subsidiary arising from a criminal offence, 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 offering 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 offered 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 specific 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 benefits structures throughout the Group.
DCC employs 16,700 people in 21 countries. Remuneration arrangements across the Group differ depending on the specific
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.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 127
Remuneration Report Continued
Consultation with Shareholders
The Committee engages in dialogue with major shareholders on remuneration matters, particularly in relation to planned
significant 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 Benefits
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 benefits (such as payments in lieu of defined 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 financial 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 specified period following such a date. In no event may the share award or option be exercised
later than the expiry date as defined in the award certificate.
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 defined 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 office,
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 office,
other than the notice period provisions set out above.
Conor Murphy’s letter of appointment will include similar provisions to the other executive Directors.
DCC plc Annual Report and Accounts 2025128
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 2026 at minimum, median and maximum performance (assuming (i) a constant share price and (ii) an uplift
of 50% in the share price). Kevin Lucey will take up the position of COO on 10 July 2025, having previously served as CFO up to
that date. Conor Murphy will take up the position of CFO on 10 July 2025 and the figures disclosed here in relation to his
remuneration are on a full year basis.
As the Directors are paid in euro, the Remuneration Committee considers it appropriate that the figures disclosed in this
Report continue to be presented in euro.
Donal Murphy, Chief Executive
Fixed
Minimum
€
Median Maximum
(constant
share price)
Maximum
(share price
+50%)
Long-Term Incentive PlanAnnual Bonus
100%
€1.26m
€3.57m
€5.87m
€7.15m
35%
29%
36%
21%
44%
35%
17%
54%
29%
8.0m
7.0 m
6.0m
5.0m
4.0m
3.0m
2.0m
1.0m
0m
Fixed Long-Term Incentive PlanAnnual Bonus
Kevin Lucey, Chief Operating Officer
Minimum Median Maximum
(constant
share price)
Maximum
(share price
+50%)
€0.75m
€2.09m
€3.43m
€4.15m
€
8.0m
7.0 m
6.0m
5.0m
4.0m
3.0m
2.0m
1.0m
0m
100% 36%
30%
34%
22%
42%
36%
18%
52%
30%
Fixed Long-Term Incentive PlanAnnual Bonus
Conor Murphy, Chief Financial Officer
Minimum Median Maximum
(constant
share price)
Maximum
(share price
+50%)
€0.63m
€1.55m
€2.47m
€2.99m
€
8.0m
7.0 m
6.0m
5.0m
4.0m
3.0m
2.0m
1.0m
0m
100% 41%
25%
34%
25%
43%
32%
21%
53%
26%
Notes:
Minimum Performance comprises:
• Fixed pay – base salary, benefits and retirement benefit
expense.
• No annual bonus payout.
• No LTIP vesting.
Median Performance comprises:
• Fixed pay – base salary, benefits and retirement benefit
expense.
• 50% annual bonus payout, i.e. 100% of salary for CE and
COO and 75% for CFO.
• 50% vesting of LTIP i.e. 125% of salary for CE, 112.5% of salary
for COO and 100% of salary for CFO.
Maximum Performance (constant share price) comprises:
• Fixed pay – base salary, benefits and retirement benefit
expense.
• 100% annual bonus payout, i.e. 200% of salary for CE and
COO and 150% for CFO.
• 100% vesting of LTIP, i.e. 250% of salary for CE, 225% of
salary for COO and 200% of salary for CFO.
Maximum Performance (share price + 50%) comprises:
• Fixed pay – base salary, benefits and retirement benefit
expense.
• 100% annual bonus payout, i.e. 200% of salary for CE and
COO and 150% for CFO.
• 100% vesting of LTIP and 50% uplift in share price, equating
to 375% of salary for CE, 337.5% of salary for COO and 300%
for CFO.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 129
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 five-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 3 x
Other Executive Directors 2 x
Senior Group Executives 1 x
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 effect 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 benefit 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 benefits 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.
None of the executive Directors hold any external board appointments.
Policy for Non-executive Directors
Fees Operation Maximum Opportunity
The fees paid to non-executive
Directors reflect 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 benefits 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 office during normal office hours and at the AGM of
the Company.
Remuneration Report Continued
DCC plc Annual Report and Accounts 2025130
Annual Report on Remuneration in the Year Ended 31 March 2025
This section of the Remuneration Report gives details of remuneration outcomes for the year ended 31 March 2025. It also
sets out how the Remuneration Policy will operate in the year ending 31 March 2026, and provides additional information on
the operation of the Remuneration Committee.
Remuneration Outcomes for the Year Ended 31 March 2025
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 2025, together with prior year comparatives. An explanation of how the figures are
calculated follows the table.
Executive Directors’ Remuneration Details
Salary Benefits
Retirement
Benefit
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
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2025
€’000
2024
€’000
2024
€’000
Donal
Murphy
984 946 87 80 148 142 1,928 1,260 1,202 891 4,349 3,319 1,219 3,130 1,168 2,151
Kevin
Lucey
578 556 40 37 81 78 1,134 593 675 477 2,508 1,741 699 1,809 671 1,070
1,562 1,502 127 117 229 220 3,062 1,853 1,877 1,368 6,857 5,060 1,918 4,939 1,839 3,221
Fixed remuneration comprises Salary, Benefits and Retirement Benefit Expense. Variable remuneration comprises Bonus and
LTIP. The proportion of fixed and variable remuneration for the year ended 31 March 2025 for Mr Murphy and for My Lucey
was 28:72.
Salary
As explained in detail in last year’s Annual Report on Remuneration, the executive Directors’ salaries for the year ended
31 March 2025 were increased from the prior year, as shown in the table below.
Salary
€
Increase
%
Donal Murphy 983,726 4%
Kevin Lucey 578,476 4%
Benefits
Benefits 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 2025
For the year ended 31 March 2025, the executive Directors participated in the bonus plan, as per the Remuneration Policy,
as follows:
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 200% of salary
Bonuses were based 70% on growth in Group operating profit and 30% on strategic and ESG objectives, subject also to a
discretionary underpin based on achieving a minimum ROCE performance.
FINANCIAL TARGETS – GROUP ADJUSTED OPERATING PROFIT
Group adjusted operating profit, for the purposes of bonus calculations, was measured against a pre-determined range,
with zero payment below the threshold (1% growth) up to full payment at the maximum of the range (7% growth). While Group
Adjusted Operating Profit increased by 4.8% on a continuing constant currency basis, the outturn was negatively impacted
by the prior year comparatives including a full year’s contribution of DCC Energy’s business in Hong Kong & Macau, which
was disposed of during the year. Accordingly, to calculate the Group Adjusted Operating Profit growth on a consistent and
like-for-like basis and to maintain the intention of the original targets, an adjustment was made on a purely formulaic
non-discretionary basis, giving a revised growth in Group Adjusted Operating Profit of 7.8%.
The table below summaries the outcome agreed by the Remuneration Committee, following which it determined that 100%
of the bonuses relating to this performance target should be paid.
Target
Minimum (below
which nil payout)
Maximum
(full payout) Result
Group adjusted operating profit for bonus calculations 1% 7% 7.8%
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 131
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 93% 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
Drive Progress Against Strategy Progress against Strategic Plans Focused on Shareholder
Value Creation, including DCC Energy’s Cleaner Energy in
Your Power Strategy
Drive Adoption of Digital Technologies,
including AI
Successful Pilots run in a number of Group Businesses
and Pipeline of Further Projects in Place
ESG
Objectives
Maximum of
15% bonus
payable
Reduce Scope 1 and 2 Carbon Emissions
in Line with the Group’s Overall Reduction
Target
Scope 1 and 2 KtCO
2
e
Provide Visible Leadership and
Demonstrate Continuous Improvement
on Safety
Lost Time Injury Frequency Rate (‘LTIFR’)
Safety Leadership Initiatives
Continue to Improve the Group’s Culture Employee Engagement
Pipeline of Future Talent
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
Drive Progress Against Strategy Progress against Strategic Plans Focused on
Shareholder Value Creation, including DCC Energy’s
Cleaner Energy in Your Power Strategy
Group Financing Successfully establish Public Bond Programme
Drive Adoption of Digital Technologies,
including AI
Successful Pilots run in a number of Group Businesses
and Pipeline of Further Projects in Place
ESG
Objectives
Maximum of
15% bonus
payable
Reduce Scope 1 and 2 Carbon Emissions
in Line with the Group’s Overall Reduction
Target
Scope 1 and 2 KtCO
2
e
Provide Visible Leadership and
Demonstrate Continuous Improvement
on Safety
Lost Time Injury Frequency Rate (‘LTIFR’)
Safety Leadership Initiatives
Continue to Improve the Group’s Culture Employee Engagement
Pipeline of Future Talent
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 2025 were therefore calculated as follows:
Chief Executive – % of Salary CFO – % of Salary
Component % of Max % of Salary % of Max % of Salary
Group Adjusted Operating Profit 100% 140% 100% 140%
Strategic and ESG Performance 93% 56% 93% 56%
Total 98% 196% 98% 196%
DCC plc Annual Report and Accounts 2025132
Retirement Benefit Expense
Retirement Benefit Expense for Donal Murphy comprised 15% of base salary in the form of a cash allowance, in lieu of
contribution to a defined contribution pension scheme. Kevin Lucey is part of a defined 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 131 for 2025, is explained in further detail below.
The LTIP award granted in November 2022 was subject to performance over the three-year period ended 31 March 2025. 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
1,2
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% 14.6% 33.4%
EPS growth
2
40% 3% p.a 9% p.a 5.5% 22.5%
TSR 20%
Median of
FTSE 100
Upper quartile
of FTSE 100 Below median 0%
Total vesting 55.9%
1. ROCE targets include the impact of IFRS 16 Leases.
2. ROCE and EPS were calculated on a continuing basis over the three-year period.
As a result, vesting of the 2022 LTIP award is 55.9%. The earliest exercise date will be November 2025. The executive Directors
have a two-year hold period as a post-vest sale restriction to November 2027.
The value of the LTIP as recorded in the table on page 131 for the year ended 31 March 2025 is based on the vesting
percentage of 55.9% and the share price at 31 March 2025 of €61.59 (£51.45) less the amount payable to purchase the shares
(i.e. the exercise cost). The number of options originally granted to the executive Directors is included at page 137. As the
share price at the end of the performance period on 31 March 2025 was higher than the share price at the date of grant, the
values attributable to the share price uplift are €0.19 million for Donal Murphy and €0.11 million for Kevin Lucey. The Committee
considered that there was no need to apply a discount to reflect windfall gains.
Grants under Long-Term Incentive Plan
The following awards were granted during the year ended 31 March 2025 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 14 November
2024 250% £54.55 37, 606 £2,051 25%
Three years to
31 March 2027, with
a 2-year post-vest
sale restriction
CFO 14 November
2024 225% £54.55 19,902 £1,086 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.
10.5% 15.0%
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 137.
The Remuneration Committee considered the outcomes as set out above and satisfied itself that the pre-determined target
ROCE was also achieved. It considered in particular in this context the Group’s safety performance in the year under review
and in general over the last few years and concluded that no downward discretion should be applied. Further details on this
are contained in the Chair’s Introduction on page 118. Overall, the Committee concluded that the outcomes were
appropriate in the circumstances and reflected the Group’s performance in the year.
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.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 133
Remuneration Report Continued
Changes in Remuneration of the Directors
Details of the percentage change in the salary, benefits 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 four 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
FY24 and FY25
% change between
FY23 and FY24
% change between
FY22 and FY23
% change between
FY21 and FY22
% change between
FY20 and FY21
Salary/
Fees Benefits Bonus
Salary/
Fees Benefits Bonus
Salary/
Fees Benefits Bonus
Salary/
Fees Benefits Bonus
Salary/
Fees Benefits Bonus
Executive Directors
Donal Murphy +4% +9% +53% +4% +19% +25% +3% 0% -39% +3% +3% +7% 0% -1% +89%
Kevin Lucey +4% +8% +91% +9% -12% +31% +8% 0% -39% +5% +35% +11% n/a n/a n/a
Non-executive Directors
1
Mark Breuer +4% -100% +9% +30% +187% +16%
Laura Angelini +4% +6% +6% n/a n/a
Katrina Cliffe
2
+29% n/a n/a n/a n/a
Caroline Dowling +3% +4% +7% +14% +19%
David Jukes
3
-70% +6% +2% +7% +14%
Steven Holland
4
n/a n/a n/a n/a n/a
Lily Liu +4% +4% +4% n/a n/a
Alan Ralph +3% +8% +26% n/a n/a
Mark Ryan +4.5% +14% +5% +4% 0%
Average remuneration
of Group employees
5
+4% +5% +6% +4% +1%
1. The increases for the non-executive Directors primarily reflect Committee membership and role changes and to a lesser extent fee increases.
2. Katrina Cliffe joined the Board on 1 May 2023. Some of the fee increase reflects the fact that FY24 was a partial year and FY25 was a full year.
3. David Jukes retired from the Board on 11 July 2024. The fee decrease reflects the fact that FY25 was a partial year.
4. Steven Holland joined the Board on 11 July 2024.
5. 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 2015 for comparative purposes).
The table underneath the chart summarises the Chief Executive’s single figure of remuneration, annual bonus and LTIP
payouts as a percentage of the maximum opportunity for the year ended 31 March 2025 and the previous nine years.
The Committee is satisfied that, over time, there is a reasonable correlation between Chief Executive pay and returns to
shareholders.
DCC plc
0
2015 2016 2017 2018 2019 2020 2021 20232022 20252024
£
300
200
250
150
100
50
Peer medianFTSE 100 Index EPS
The selected peer group companies comprise RELX, Bunzl, Compass Group, Experian, Brenntag, Sodexo, Inchcape, RS Group, Ashtead Group, Rexel, Henry Schein, Insight
Enterprises, LKQ Corp, Avnet, CDW Corp and IMCD Group.
Years Ended 31 March 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total remuneration €4.29m €5.32m €2.92m €3.09m €2.61m €3.73m €3.70m €3.11m €3.32m €4.35m
Bonus payout (% max) 100% 100% 84% 88% 53% 100% 98% 55% 67% 98%
LTIP vesting (% max) 100% 100% 100% 80% 63% 64% 64% 69% 54% 56%
DCC plc Annual Report and Accounts 2025134
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 102 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 2025 is 67 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
2025 and 2024.
2025
Dividends
£’m
Remuneration received
by all employees
2024
0
100
200
300
400
500
600
700
800
900
£197m
£189m
£889m
£827m
NON-EXECUTIVE DIRECTORS’ REMUNERATION DETAILS
The remuneration paid to the non-executive Directors for the year ended 31 March 2025 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
Benefits
2
Other Fees
1, 3
Audited Total
4
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
Mark Breuer 91 88 – 16 287 276 378 380
Laura Angelini 91 88 – – – – 91 88
Katrina Cliffe
5
91 80 – – 12 – 103 80
Caroline Dowling 91 88 – – 21 21 112 109
Steven Holland
6
66 – – – – – 66 –
David Jukes
7
26 88 – – 5 15 31 103
Lily Liu 91 88 – – – – 91 88
Alan Ralph 91 88 – – 20 20 111 108
Mark Ryan 91 88 – – 13 12 104 100
Total 729
8
696 – 16 358 344 1,087 1,056
1. The non-executive Director fee structure is set out in the table on page 140.
2. Benefits 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 fixed remuneration under the Shareholders Rights Directive II.
5. Katrina Cliffe joined the Board on 1 May 2023.
6. Steven Holland joined the Board on 11 July 2024.
7. David Jukes retired from the Board on 11 July 2024
8. Compares to the current shareholder limit of €950,000.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 135
Remuneration Report Continued
Total Directors’ Remuneration
Audited Total
2025
€’000
2024
€’000
Executive Directors
Salary 1,562 1,502
Benefits 127 117
Retirement Benefit Expense 229 220
Bonus 3,062 1,853
LTIP 1,877 1,368
Total executive Directors’ remuneration 6,857 5,060
Non-executive Directors
Basic Fees 729 696
Benefits 0 16
Other Fees 358 344
Total non-executive Directors’ remuneration 1,087 1,056
Total Directors’ remuneration 7,944 6,116
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 2025 (together with their interests at 31 March 2024) are set out below:
No. of Ordinary
Shares at
31 March 2025
No. of Ordinary
Shares at
31 March 2024
Directors
Mark Breuer 5,697 5,697
Donal Murphy
1
174,075 171,184
Laura Angelini – –
Katrina Cliffe 1,097 1,097
Caroline Dowling 800 800
Steven Holland
2
– –
David Jukes
3
– 94
Lily Liu – –
Kevin Lucey
4
22,534 19,341
Alan Ralph 1,500 1,500
Mark Ryan 9,696 9,696
Company Secretary
Darragh Byrne 11,993 9,724
1. Donal Murphy’s 2025 and 2024 holdings include 9,575 and 10,061 shares respectively, held under the deferred bonus arrangement as detailed on page 125.
2. Steven Holland was appointed on 11 July 2024.
3. David Jukes held 94 shares in DCC plc when he retired from the Board on 11 July 2024.
4. Kevin Lucey’s 2025 and 2024 holdings include 4,366 and 4,041 shares respectively, held under the deferred bonus arrangement as detailed on page 125.
All of the above interests were beneficially 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 2025.
There were no changes in the above Directors’ and Secretary’s interests between 31 March 2025 and 12 May 2025. 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.
DCC plc Annual Report and Accounts 2025136
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
2024
Granted
in year
Exercised
in year
Lapsed
in year
At
31 March
2025
Date
of grant
Market
price on
grant
Three-year
performance
period end Normal exercise period
Executive Directors
Donal
Murphy
15,441 – – – 15,441 15.11.18 £60.65 31 Mar 2021 15 Nov 2023–14 Nov 2025
13,786 – – – 13,786 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026
18,433 – – – 18,433 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027
24,598 – – (11,315) 13,283 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028
35,068 – – – 35,068 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029
31,501 – – – 31,501 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030
– 37,606 – – 37,606 14.11.24 £54.55 31 Mar 2027 14 Nov 2027–13 Nov 2031
138,827 37,606 – (11,315) 165,118
Kevin
Lucey
3,873 – (3,873) – – 15.11.18 £60.65 31 Mar 2021 15 Nov 2023–14 Nov 2025 £56.10
3,458 – – – 3,458 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026
8,466 – – – 8,466 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027
13,162 – – (6,055) 7,107 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028
19,675 – – – 19,675 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029
18,524 – – – 18,524 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030
– 19,902 – – 19,902 14.11.24 £54.55 31 Mar 2027 14 Nov 2027–13 Nov 2031
67,158 19,902 (3,873) (6,055) 77,132
Company Secretary
Darragh
Byrne
2,015 - (2,015) – – 14.11.19 £68.80 31 Mar 2022 14 Nov 2024–13 Nov 2026 £55.40
3,225 – – – 3,225 12.11.20 £57.08 31 Mar 2023 12 Nov 2025–11 Nov 2027
5,114 – (2,762) (2,352) – 11.11.21 £61.42 31 Mar 2024 11 Nov 2024–10 Nov 2028 £55.40
7,291 – – – 7,291 10.11.22 £45.53 31 Mar 2025 10 Nov 2025–9 Nov 2029
6,676 – – 6,676 16.11.23 £52.36 31 Mar 2026 16 Nov 2026–15 Nov 2030
– 6,376 – – 6,376 14.11.24 £54.55 31 Mar 2027 14 Nov 2027–13 Nov 2031
24,321 6,376 (4,777) (2,352) 23,568
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 2024 will be based on the three-year performance period from
1 April 2024 to 31 March 2027 The requirements/ranges set by the Remuneration Committee regarding these performance
conditions are summarised on page 133.
As at 31 March 2025, the total number of options granted under the LTIP, net of options lapsed, amounted to 2.2% of issued
share capital, of which 0.9% is currently outstanding.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 137
Remuneration Report Continued
Other Information
The market price of DCC shares on 31 March 2025 was £51.45 and the range during the year was £48.48 to £60.35.
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 financial statements on page 171.
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 2025 was €0.3 million (2024 €1.5 million).
Share Ownership Guidelines
The executive Directors’ shareholdings as of 31 March 2025 are shown below.
Executive
Number of
shares held as
at 31 March 2025
Shareholding as a
multiple of base salary
for the year ended
31 March 2025
Share ownership
guideline
(multiple of salary)
Donal Murphy 174,075 10.9 3
Kevin Lucey 22,534 2.4 2
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 2025 of €61.59 (£51.45). Unvested and
unexercised share options are not included.
DCC plc Annual Report and Accounts 2025138
Expected Application of Remuneration Policy
in the Year Ending 31 March 2026
Salary
The salaries of the executive Directors for the year ending 31 March 2026, together with comparative figures, are as follows:
Executive Director
From
10 July 2025
€ Increase %
From
1 April 2025
€ Increase %
Year ending
31 March 2025
€
Donal Murphy 1,023,075 n/a 1,023,075 4% 983,726
Kevin Lucey 635,000 5.5% 601,615 4% 578,476
Conor Murphy 525,000 n/a n/a n/a n/a
Kevin Lucey’s salary will increase by 4% on 1 April 2025 and on his appointment as COO on 10 July 2025 his salary will increase
by a further 5.5%. Conor Murphy’s salary will commence on his appointment as CFO on 10 July 2025.
In determining the increases, the Committee took into account expected workforce salary increases of circa 2-5%.
Benefits
Benefits payable to the executive Directors for the year ending 31 March 2026 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 2026, the bonuses for the executive Directors will, consistent with the Remuneration Policy, be
based as follows:
Executive Director Maximum Bonus Potential Deferral of Bonus
Donal Murphy, Chief Executive 200% of salary
33% of any bonus earned will be deferred
into DCC shares for three years.
Kevin Lucey, COO 200% of salary
Conor Murphy, new CFO 150% of salary
Bonuses will be based 70% on growth in Group adjusted operating profit and 30% on strategic objectives for the Chief
Executive and the new CFO. For the new COO, his financial element of 70% will be solely based on the performance of the
Energy business, with 30% being based on strategic objectives. In addition, the Committee has the discretion to reduce
bonuses in the event that pre-determined target returns on capital employed are not achieved. Growth in adjusted
operating profit 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 profit range and details of the strategic objectives are commercially confidential, but, to the extent
no longer commercially confidential, 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 acquisitions and divestments and other
development activity during the year ending 31 March 2026.
Retirement Benefits
Donal Murphy’s retirement benefits comprise a cash allowance, paid in lieu of contributions to a defined contribution pension
plan, at a rate of 15% of base salary. Kevin Lucey is entitled to contributions to a defined contribution pension plan at a rate
of 14% of base salary. Conor Murphy’s retirement benefits comprise a cash allowance, paid in lieu of contributions to a
defined contribution pension plan, at a rate of 12.6% of base salary.
Long-Term Incentives
For the year commencing 1 April 2025, LTIP awards of up to 250% of salary will be granted to the executive Directors. The
grant value is expected to be up to 250% of salary for the Chief Executive, up to 225% of salary for the COO and up to 200%
of salary for the new CFO. The extent of vesting will be based on performance over the three financial years ending 31 March
2028, with a further two-year post-vesting sale restriction also applying. The performance conditions and their weighting are
set out below.
Performance Condition % of Total Award (Potential) Vesting Rule
ROCE 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
EPS 40%
TSR 20%
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 139
Remuneration Report Continued
The Committee took a decision to postpone the setting of the threshold and maximum target ranges for each of the
performance conditions until later in the year, to allow additional clarity in relation to certain divestments taking place as
part of the Company’s revised strategy to emerge. The threshold and maximum target ranges for each of the performance
conditions will be announced later in the year once they have been determined.
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 2026:
• The non-executive Director’s basic fee will be increased by 4%.
• The Chair’s total fee will be increased by 9% having regard to the level of engagement required of the Chair at a time of
significant strategic change for the Company and having regard to market benchmarks.
The Additional Fees payable will remain unchanged.
The following table summarises the fee structure for the year ending 31 March 2026 with that of the current year.
Total fee
Year ending
31 March 2026
Total fee
Year ending
31 March 2025
Chair €412,517 €378,456
Basic Fee €94,640 €91,000
Additional Fees:
Audit Committee Chair €20,000 €20,000
Remuneration Committee Chair €17,000 €17,000
Senior Independent Director Fee €21,000 €21,000
Workforce Engagement Director Fee €13,500 €13,500
DCC plc Annual Report and Accounts 2025140
Governance
Committee Composition, Attendance and Tenure
At the date of this Report, the Remuneration Committee comprised four independent non-executive Directors: Katrina Cliffe
(Chair), Laura Angelini, Steven Holland and Caroline Dowling.
The members of the Committee have significant financial and business experience, including in executive remuneration.
Each member’s length of tenure at 31 March 2025 is set out in the chart on page 118. Further biographical details regarding
the members of the Remuneration Committee are set out on pages 90 and 91.
The Committee met five times during the year ended 31 March 2025 and attendance details are set out in the table on
page 97 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 2025 are summarised in
the table below.
Typically, the Chief Executive, the Chief People Officer 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 considered the alignment of executive remuneration with the Company’s strategy.
• 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. This included transaction incentives for members of management
involved in significant transactions, including the divestment of DCC Healthcare.
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 2025
Annual Report and Accounts.
• The Committee considered a number of reports from the Committee’s independent remuneration
advisors in relevant trends and regulatory changes.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 141
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 2025 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 2025 Board
evaluation process.
Gender Pay Gap Reporting
Under Gender Pay Gap Regulations, UK and Irish employers with more than 250 and 150 employees respectively publish key
metrics on their gender pay gap every year. The Remuneration Committee reviewed a report on affected Group businesses
during the year under review.
Provision 37 of 2024 UK Corporate Governance Code
The Company has malus and clawback provisions in place that meet the requirements of Provision 37 of the 2024 UK
Corporate Governance Code.
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 satisfied that the advice was objective and independent.
In the year ended 31 March 2025, Ellason received fees of €49,804 in respect of advice provided to the Committee regarding
executive Director remuneration. They also provided services to the Group on market trends, incentive design and the
Remuneration Report.
In the year ended 31 March 2025, Mercer received fees of €1,230 as pension advisors to the Committee. Mercer also provides
specific advice on pension practice and developments and act as actuaries and pension advisors to a number of
companies in the Group.
AGM Votes on the 2024 Annual Report on Remuneration and on the 2024 Remuneration Policy
This table shows the voting outcome at the 2024 AGM in relation to the Annual Report on Remuneration and the
Remuneration Policy.
Vote
Total votes
cast
Total votes
for
Total votes
against
Total
abstentions
Advisory vote on 2024 Annual Report on Remuneration 77,360,408 67,986,862 9,373,546 1,334,768
(88%) (12%)
Advisory vote on 2024 Remuneration Policy 78,694,444 75,149,891 3,544,553 732
(95%) (5%)
DCC plc Annual Report and Accounts 2025142
Report of the Directors
The Directors of DCC plc present their report and the audited
financial statements for the year ended 31 March 2025.
Principal Activities
DCC plc is an international sales, marketing and support
services group headquartered in Dublin with operations in
Europe, North America and South America. At 31 March 2025
DCC has three divisions – DCC Energy, DCC Healthcare
and DCC Technology and employs 16,700 people in 21
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 £18,011.0 million (2024:
£18,854.0 million). The profit for the year attributable to
owners of the Parent Company amounted to £206.49 million
(2024: £326.3 million). Adjusted earnings per share amounted
to 470.2 pence (2024: 455.01 pence). Further details of the
results for the year are set out in the Group Income
Statement on page 156.
The Chair’s Statement on pages 2 and 3, the Chief
Executive’s Review on pages 4 to 7, the Business Reviews on
pages 14 to 25 and the Financial Review on pages 30 to 37
contain a review of the development and performance of
the Group’s business during the year, of the state of affairs
of the business at 31 March 2025, of recent events and of
likely future developments. Key Performance Indicators are
set out on pages 26 to 29. Information in respect of events
since the year end is included in these sections and in note
5.8 on page 220.
Dividends
An interim dividend of 66.19 pence per share, amounting to
£66.166 million, was paid on 13 December 2024. The
Directors recommend the payment of a final dividend for
the year ended 31 March 2025 of 140.21 pence per share,
amounting to £138.76 million (based on the number of shares
in issue at 12 May 2025). Subject to shareholders’ approval
at the AGM on 10 July 2025, this dividend will be paid on
17 July 2025 to shareholders on the register at the close of
business on 23 May 2025. The ex-dividend date is 22 May
2025. The total dividend for the year ended 31 March 2025
amounts to 206.40 pence per share, a total of
£204.92 million. This represents an increase of 5% on the
prior year’s total dividend per share.
The profit attributable to owners of the Parent Company,
which has been transferred to reserves, and the dividends
paid during the year ended 31 March 2025 are shown in note
4.3 on page 207.
Share Capital and Treasury Shares
DCC’s authorised share capital is 152,368,568 ordinary
shares of €0.25 each, of which 98,966,179 shares (excluding
treasury shares) and 2,367,725 treasury shares were in issue
at 31 March 2025. 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 2,481,405 (2.51% of the then issued
share capital (excluding treasury shares)) with a nominal
value of €0.620 million.
A total of 113,680 shares (0.1% of the issued share capital
(excluding treasury shares)) with a nominal value of
€0.028 million were re-issued during the year consequent to
the exercise of share options under the DCC plc Long-Term
Incentive Plan 2009 and Long-Term Incentive Plan 2021
(109,429 shares at a price of €0.25 per share) and the
deferred bonus arrangements for executive Directors (4,251
shares at a price of €69.04 per share), leaving a balance
held as treasury shares at 31 March 2025 of 2,367,725 shares
(2.39% of the issued share capital (excluding treasury
shares)) with a nominal value of €0.591 million.
At the Annual General Meeting (‘AGM’) held on 11 July 2024:
• The Company was granted authority to purchase on
market up to 9,887,492 of its own shares (10% of the issued
share capital (excluding treasury shares)) with a nominal
value of €2.47 million.
• The Directors were given 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) 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 specific 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
2024 AGM.
These authorities were not exercised up to 12 May 2025.
At its meeting on 12 May the Board approved that the
Company would shortly commence a £100 million share
buyback programme as part of an intention to return
£800 million of DCC Healthcare divestment proceeds to
shareholders.
At the 2025 AGM:
• The Directors will seek certain authorities in relation to the
capital return referred to above and details of this will be
set out in the notice of the 2025 AGM.
• The Directors will seek authority to purchase on market 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 €8.25 million, representing approximately
one-third of the issued share capital (excluding treasury
shares).
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 143
Report of the Directors Continued
• 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 specific 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 the notice of the
2025 AGM.
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 first 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 confirm that they
intend to use this power only in connection with an
acquisition or specified 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 205 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-financial 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 39 to
75, the Business Model on pages 8 and 9, the Risk Report on
pages 76 to 86 and the Key Performance Indicators on
pages 26 to 29.
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 financial year
are set out in the Nomination and Governance Committee
Report on pages 106 to 109.
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 76 to 86
which shall be treated as forming part of this Report.
Directors
The names of the Directors and a short biographical
note on each Director appear on pages 90 and 91.
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 118 to 142.
Corporate Governance
The Corporate Governance Statement on pages 94 to 104
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 2025.
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 Nomination and Governance
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 specifies 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 specified in the notes to the Notice convening
the meeting.
DCC plc Annual Report and Accounts 2025144
Substantial Holdings
The Company has been notified of the following shareholdings of 3% or more in the issued share capital (excluding treasury
shares) of the Company as at 31 March 2025 and 12 May 2025.
As at 31 March 2025 As at 12 May 2025
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)
FMR LLC and FIL Limited on behalf of its direct
and indirect subsidiaries 11,627,821 11.75% 11,613,452 11.73%
Blackrock Inc. 9,819,597 9.92% 9,856,065 9.96%
Allianz Global Investors GmbH 4,546,074 4.59% 4,547,991 4.60%
Setanta Asset Management 3,147,427 3.18% 2,980,580 3.01%
Royal Bank of Canada 3,054,015 3.09% 3,084,441 3.21%
T. Rowe Price Associates, Inc. 3,007,854 3.04% 3,030,819 3.06%
These entities have indicated that the shareholdings are not ultimately beneficially owned by them.
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 10 July 2025 at The
Clayton Hotel Leopardstown, Central Park, Sandyford
Business Park, Co. Dublin, D18 K2P1, Ireland. 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. 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 2 and 3,
the Chief Executive’s Review on pages 4 to 7, the Business
Reviews on pages 14 to 25, the Financial Review on
pages 30 to 37, the Principal Risks and Uncertainties on
pages 80 to 84, the Transparency Report in the Statement
of Directors’ Responsibilities on page 148, the earnings per
ordinary share in note 2.12 on page 178, the Key Performance
Indicators on pages 26 to 29 and the derivative financial
instruments in note 3.10 on pages 188 to 190.
Principal Subsidiaries
Details of the Company’s principal operating subsidiaries
are set out on pages 238 to 241.
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 qualifications, experience and expertise.
The books and accounting records of the Company are
maintained at the Company’s registered office, DCC House,
Leopardstown Road, Foxrock, D18 PK00, Ireland.
Takeover Regulations
The Company has certain financing 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 defined in the Companies Act 2014).
The Directors confirm that there is a Compliance Policy
Statement in place, as defined in Section 225(3)(a) of
the Companies Act 2014.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 145
The Directors confirm 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 financial 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 110.
Disclosure of Information to the Auditors
Each of the Directors individually confirms 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 defined 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
During the 2025 financial year, the Company carried out
an audit tender process, details of which are set out on
page 115 of this Annual Report. As a result of this process,
the Company’s auditors, KPMG Chartered Accountants, will,
in accordance with Section 383(2) of the Companies Act 2014,
continue in office and will retire following the conclusion
of the audit for the 2025 financial year. The Board has
selected, subject to approval at the 2025 AGM, Deloitte
Ireland LLP, as the external auditor for the financial year
ending 31 March 2026 and subsequent years.
MARK BREUER, DONAL MURPHY
DIRECTORS
12 May 2025
Report of the Directors Continued
DCC plc Annual Report and Accounts 2025146
DCC plc Annual Report and Accounts 2025
147
DCC plc Annual Report and Accounts 2025 147
FINANCIAL
STATEMENTS
148 Statement of Directors’ Responsibilities
149 Independent Auditor’s Report
156 Group Income Statement
157 Group Statement of Comprehensive Income
158 Group Balance Sheet
159 Group Statement of Changes in Equity
160 Group Cash Flow Statement
161 Notes to the Financial Statements
161 Section 1: Basis of Preparation
164 Section 2: Results for the Year
180 Section 3: Assets and Liabilities
205 Section 4: Equity
208 Section 5: Additional Disclosures
230 Company Balance Sheet
231 Company Statement of Changes in Equity
232 Company Cash Flow Statement
233 Section 6: Notes to the Company Financial Statements
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report
and the Group and Parent Company financial statements, in
accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and
Company financial statements for each financial year. Under
that law, the Directors are required to prepare the Group
financial statements in accordance with IFRS as adopted by
the European Union. The Directors have elected to prepare
the Company financial statements in accordance with IFRS as
adopted by the European Union and as applied in
accordance with the provisions of Companies Act 2014.
Under company law the Directors must not approve the
Group and Company financial statements unless they are
satisfied that they give a true and fair view of the assets,
liabilities and financial position of the Group and Company
and of the Group’s profit or loss for that year.
In preparing the Group and Company financial 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 financial 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, financial position of the
Group and Company and the profit and loss of the Group
and which enable them to ensure that the financial
statements are prepared in accordance with the applicable
accounting framework and 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 financial
statements of the Group comply with the provisions of the
Companies Act 2014. They are responsible for such internal
controls as they determine is necessary to enable the
preparation of financial statements that are free from
material misstatement, whether due to fraud or error, and
have a general responsibility for safeguarding the assets of
the Company and 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 financial 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 financial statements may
differ from legislation in other jurisdictions.Legislation in the
Republic of Ireland concerning the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions.
Responsibility statement of the Directors
in respect of the annual financial report
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit 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
DCC plc Annual Report and Accounts 2025
148
Financial Statements Continued
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF DCC PLC
Report on the audit of the financial statements
OPINION
We have audited the financial statements of DCC Plc (‘the Company’) and its consolidated undertakings (‘the Group’) for the
year ended 31 March 2025 set out on pages 156 to 236, which comprise the Group and Company Balance Sheet, the Group
Income Statement, the Group Statement of Comprehensive Income, the Group and Company Cash Flow Statement, the Group
and Company Statement of Changes in Equity and related notes, including the material accounting policies set out in note 5.9.
The financial 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 financial statements, as applied in
accordance with the provisions of the Companies Act 2014.
In our opinion:
• the financial statements give a true and fair view of the assets, liabilities and financial position of the Group and Company as
at 31 March 2025 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union;
• the Company financial 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 financial 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 Financial
Statements section of our report. We have fulfilled our ethical responsibilities under, and we remained independent of the
Group in accordance with ethical requirements that are relevant to our audit of financial 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 sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial 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 2025 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 finance
teams.
• Inquiring as to any subsequent events from those charged with governance, management, and local finance 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 identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant 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 financial 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 financial statements about whether
the Directors considered it appropriate to adopt the going concern basis of accounting.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
149
DETECTING IRREGULARITIES INCLUDING FRAUD
We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial
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, 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.
• Inquiring of Directors, the Audit Committee and internal audit regarding their assessment of the risk that the financial
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 identified 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 identified 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 affect the financial statements including companies and
financial reporting legislation, taxation legislation and distributable profits legislation. We assessed the extent of compliance
with these laws and regulations as part of our procedures on the related financial statement items, including assessing the
financial 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 effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.
We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law,
environmental law, competition law, regulatory capital and liquidity and certain aspects of company legislation recognising the
financial 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 identified entries to supporting documentation;
• assessing significant accounting estimates for bias; and
• assessing the disclosures in the financial 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 financial 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 reflected in the financial 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.
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Financial Statements Continued
Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial
statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by
us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In 2025, acquisition accounting on business combinations is not considered to be a key audit matter as the quantum of
acquisitions and the relative complexity associated with the identification of acquired intangible assets has decreased when
compared with 2024. In arriving at our audit opinion above, the key audit matters, in decreasing order of audit significance,
were as follows:
GROUP KEY AUDIT MATTERS
Valuation of goodwill and intangible assets £2,414 million (2024: £3,137 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 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
flows to determine value in use
calculations for each Cash Generating
Unit (‘CGU’).
These cash flows are inherently
judgemental and rely on certain key
assumptions including future trading
performance, future long-term growth
rates and CGU specific 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 flow 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 gained an understanding of the Group’s
process to assess the goodwill and intangible assets for indicators of impairment;
• considered how the Group calculated the value in use at a CGU level, gaining an
understanding of the key assumptions made, changes in the model from prior
periods, and why the Group concluded that the key assumptions are reasonable;
• recalculated the Group’s projections to evaluate the mathematical accuracy of
the cash flow forecasts and the accuracy of the Group’s cash flow estimates in
previous years by comparing historical forecasts to actual outturns;
• used data and analytics procedures to perform scenario analysis over each of
the CGUs, flexing key assumptions in the model through a series of iterations
identifying CGUs that were most sensitive to movements in assumptions;
• compared the value in use for the Group as a whole to the Group’s market
capitalisation;
• for CGUs which contain a risk of material misstatement, we:
– assessed the appropriateness of the CGU-specific discount rates applied in
determining the value in use of each CGU with the assistance of our in-house
valuation specialist;
– evaluated and challenged the key assumptions used to develop the projected
financial information regarding future profitability and long-term economic
growth rates applied;
– performed an evaluation of the key assumptions made in the discounted cash
flow models of certain CGUs based on our knowledge of the Group and our
reading of the Group’s forecasts combined with external data where
considered relevant;
• where an impairment is identified, we recalculated the impairment charge; and
• evaluated whether the disclosures as set out in the financial statements are
appropriate and in compliance with IAS 36 including the disclosures related to
estimation uncertainty, significant judgements and assumptions made.
Based on evidence obtained, we found that the key assumptions applied in the
Group’s cash flow forecast models used in the determination of value in use were
appropriate. We read the disclosures of significant judgements made and found
them to be appropriate.
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COMPANY KEY AUDIT MATTER
Investment in subsidiary undertakings £1,141 million (2024: £1,142 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 2025, the
investment carrying value was
£1,141 million.
There is a risk in respect of the carrying
value of these investments if the future
cash flows and trading performance of
these subsidiaries are not sufficient to
support the Balance Sheet value.
We focus on this area due to the
significance of the balance to the
Company Balance Sheet and the
inherent uncertainty involved in
forecasting and discounting future cash
flows 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 financial 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 2025.
Based on evidence obtained, we found the Company’s assessment of the carrying
value of the investment in subsidiary undertakings to be appropriate.
Our application of materiality and an overview of the scope of our audit
Materiality for the Group financial statements as a whole was set at £20.0 million. This has been calculated based on 5% of the
Group profit before tax from continuing operations pre exceptionals of £409 million which we consider to be one of the principal
considerations for members of the Company in assessing the financial performance of the Group. The materiality for the prior
year Group financial statements as a whole was set at £22.0 million. This was calculated based on 5% of the forecasted Group
profit before tax. The change in materiality benchmark to Group profit before tax from continuing operations pre exceptionals
is as a result of the impact of one off exceptional items in the current year arising from the agreement to dispose of certain
elements of the business and an exceptional impairment charge on one particular cash generating unit. In applying our
judgement in determining the percentage to be applied to the benchmark, the following qualitative factors had the most
significant impact:
• the Group has a high public profile and operates in a regulated environment.
• the stability of the business environment in which it operates.
Performance materiality for the Group financial statements was set at 75% (2024: 75%) of materiality for the financial statements
as a whole, which equates to £15.0m (2024: £16.5m). 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 deficiencies in control activities identified in the prior year financial
statement audit.
We report to the Audit Committee all corrected and uncorrected misstatements we identified through our audit with a value in
excess of £1 million (2024: £1 million), in addition to other audit misstatements below that threshold that we believe warranted
reporting on qualitative grounds.
Materiality for the Company financial statements as a whole was set at £12 million (2024: £12 million), determined with reference
to a benchmark of Company total assets of which it represents 0.8% (2024: 0.8%). Our approach to audit scoping is consistent
with that applied in previous years. In determining the percentage applied to the benchmark, our judgement was significantly
influenced by the following qualitative factors:
• the Company has a high public profile and operates in a regulated environment.
• the stability of the business environment in which its underlying investments operate.
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Financial Statements Continued
Performance materiality for the Company financial statements was set at 75% (2024: 75%) of materiality for the financial
statements, which equates to £9 million (2024: £9 million).
This year, we applied the revised group auditing standard in our audit of the consolidated financial statements. The revised
standard changes how an auditor approaches the identification of components, and how the audit procedures are planned
and executed across components.
In particular, the definition of a component has changed, shifting the focus from how the entity prepares financial information
to how we, as the group auditor, plan to perform audit procedures to address group risks of material misstatement (‘RMMs’).
Similarly, the group auditor has an increased role in designing the audit procedures as well as making decisions on where these
procedures are performed (centrally and/or at component level) and how these procedures are executed and supervised. As a
result, we assess scoping and coverage in a different way and comparisons to prior period coverage figures are not
meaningful. In this report we provide an indication of scope coverage on the new basis.
The components in scope covered 91% of total revenues and 85% of total assets.
We applied materiality to assist us in determining what risks were significant risks and the Group audit team instructed
component auditors as to the significant areas to be covered, including the relevant risks detailed above and the information
to be reported back. The Group audit team approved the performance materiality for components, which ranged from
£2.6 million to £6.0 million, having regard to the mix of size and risk profile of the Group across the components. The work on
thirty three in-scope components was performed by the Group team and component auditors. Fifteen component audits were
performed by KPMG Dublin, fifteen performed by KPMG overseas offices and three performed by non-KPMG member firms.
As part of establishing the overall Group audit team strategy and plan, we conducted the risk assessment and planning
discussion meetings with component auditors to discuss Group audit risks relevant to the components.
Video and telephone conference meetings were held with these component auditors, throughout the audit process where the
results fo the planning and further audit procedures communicated to us were discussed in more detail, and any further work
required by us was then performed by the component auditors.
We inspected the work performed by the component auditors for the purpose of the Group audit and evaluated the
appropriateness of conclusions drawn from the audit evidence obtained and consistencies between communicated findings
and work performed.
OTHER INFORMATION
The Directors are responsible for the preparation of the other information presented in the Annual Report together with the
financial statements. The other information comprises the information included in the Directors’ report, the non-financial
statement included on the Company’s website at www.dcc.ie, and the Strategic Report and Governance sections of the
Annual Report and Supplemental Information.
The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the
financial 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 financial statements audit
work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based
solely on that work we have not identified 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 specified for our consideration, which does not include the information required by the European Union
(Disclosure of Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017:
• we have not identified material misstatements in the Directors’ report;
• in our opinion, the information given in the Directors’ report is consistent with the financial statements; and
• in our opinion, the Directors’ report specified for our review, which does not include sustainability reporting when required by
Part 28 of the Companies Act 2014, have been prepared in accordance with the Companies Act 2014.
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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
specified 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 financial 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 identified;
• Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the period
is appropriate;
• Director’s 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 confirmation 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 effectiveness 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 UNMODIFIED
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 sufficient to permit the financial statements to be readily and
properly audited and the financial 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 2024 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.
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154
Financial Statements Continued
Respective responsibilities and restrictions on use
RESPONSIBILITIES OF DIRECTORS FOR THE FINANCIAL STATEMENTS
As explained more fully in the Directors’ responsibilities statement set out on page 148, the Directors are responsible for: the
preparation of the financial statements including being satisfied that they give a true and fair view; such internal controls as
they determine is necessary to enable the preparation of financial 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 FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial 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 influence the economic decisions of users taken on the basis of these
financial 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-financial-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
12 May 2025
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|  |  |  |  |  | Restated* |
|  |  | 2025 |  |  | 2024 |
|  | Pre- | Exceptionals |  | Pre- | Exceptionals |
|  | exceptionals | (note 2.6) | Total | exceptionals | (note 2.6) | Total
| Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Revenue | 2.1 | 18,011,111 | – | 18,011,111 | 18,854,051 | – | 18,854,051
Cost of sales |  | (15,612,712) | – | (15,612,712) | (16,513,269) | – | (16,513,269)
Gross profit |  | 2,398,399 | – | 2,398,399 | 2,340,782 | – | 2,340,782
Administration expenses |  | (668,475) | – | (668,475) | (584,106) | – | (584,106)
Selling and distribution expenses |  | (1,160,554) | – | (1,160,554) | (1,184,875) | – | (1,184,875)
Other operating income/(expenses) | 2.2 | 48,152 | (39,824) | 8,328 | 28,391 | (34,222) | (5,831)
Adjusted operating profit | 2.1 | 617,522 | (39,824) | 577,698 | 600,192 | (34,222) | 565,970
Intangible asset amortisation and impairment | 2.1 | (107,527) | (73,835) | (181,362) | (103,525) | – | (103,525)
Operating profit |  | 509,995 | (113,659) | 396,336 | 496,667 | (34,222) | 462,445
Finance costs | 2.7 | (118,791) | (340) | (119,131) | (119,342) | (873) | (120,215)
Finance income | 2.7 | 14,270 | – | 14,270 | 16,379 | – | 16,379
Share of equity accounted investments’ |  |  |  |  |  |  |
profit after tax | 2.8 | 3,392 | – | 3,392 | 604 | – | 604
Profit before tax |  | 408,866 | (113,999) | 294,867 | 394,308 | (35,095) | 359,213
Income tax expense | 2.9 | (80,189) | 8,240 | (71,949) | (76,225) | 4,558 | (71,667)
Profit for the year from continuing operations |  | 328,677 | (105,759) | 222,918 | 318,083 | (30,537) | 287,546
Profit for the year from discontinued |  |  |  |  |  |  |
operations | 2.10 | 59,264 | (60,961) | (1,697) | 56,219 | (3,227) | 52,992
Profit after tax for the financial year |  | 387,941 | (166,720) | 221,221 | 374,302 | (33,764) | 340,538
Profit attributable to: |  |  |  |  |  |  |
Owners of the Parent Company |  | 373,210 | (166,720) | 206,490 | 359,570 | (33,315) | 326,255
Non-controlling interests |  | 14,731 | – | 14,731 | 14,732 | (449) | 14,283
|  | 387,941 | (166,720) | 221,221 | 374,302 | (33,764) | 340,538
Earnings per ordinary share |  |  |  |  |  |  |
Basic earnings per share | 2.12 |  |  | 208.78p |  |  | 330.24p
Diluted earnings per share | 2.12 |  |  | 208.44p |  |  | 329.85p
Earnings per ordinary share – continuing operations |  |  |  |  |  |  |
Basic earnings per share | 2.12 |  |  | 210.82p |  |  | 276.94p
Diluted earnings per share | 2.12 |  |  | 210.48p |  |  | 276.61p

* See note 2.10
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
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Financial Statements Continued

|  |  | Restated
|  | 2025 | 2024
| Note | £’000 | £’000
Group profit for the financial year |  | 221,221 | 340,538
Other comprehensive income: |  |  |
Items that may be reclassified subsequently to profit or loss |  |  |
Currency translation: |  |  |
– arising in the year |  | (43,689) | (66,207)
– recycled to the Income Statement on disposal |  | (13,041) | –
Movements relating to cash flow hedges |  | 25,323 | 37,117
Movement in deferred tax on cash flow hedges | 2.9 | (5,140) | (6,937)
|  | (36,547) | (36,027)
Items that will not be reclassified to profit or loss |  |  |
Group defined benefit pension obligations: |  |  |
– remeasurements | 3.15 | (332) | 24
– movement in deferred tax | 2.9 | 28 | (117)
|  | (304) | (93)
Other comprehensive expense for the financial year, net of tax |  | (36,851) | (36,120)
Total comprehensive income for the financial year |  | 184,370 | 304,418
Attributable to: |  |  |
Owners of the Parent Company |  | 171,820 | 292,686
Non-controlling interests |  | 12,550 | 11,732
|  | 184,370 | 304,418
Attributable to: |  |  |
Continuing operations |  | 198,202 | 266,410
Discontinued operations |  | (13,832) | 38,008
|  | 184,370 | 304,418

GROUP STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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|  | 2025 | 2024
| Note | £’000 | £’000
ASSETS |  |  |
Non-current assets |  |  |
Property, plant and equipment | 3.1 | 1,262,386 | 1,430,513
Right-of-use leased assets | 3.2 | 298,032 | 349,925
Goodwill | 3.3 | 1,716,684 | 2,190,147
Intangible assets | 3.3 | 696,819 | 946,798
Equity accounted investments | 3.4 | 71,428 | 32,825
Deferred income tax assets | 3.14 | 87,446 | 81,258
Derivative financial instruments | 3.10 | 24,871 | 42,760
|  | 4,157,666 | 5,074,226
Current assets |  |  |
Inventories | 3.5 | 940,159 | 1,072,061
Trade and other receivables | 3.6 | 1,975,444 | 2,172,422
Derivative financial instruments | 3.10 | 25,321 | 55,064
Cash and cash equivalents | 3.9 | 1,088,175 | 1,109,446
|  | 4,029,099 | 4,408,993
Assets classified as held for sale | 2.10 | 1,070,864 | –
|  | 5,099,963 | 4,408,993
Total assets |  | 9,257,629 | 9,483,219
EQUITY |  |  |
Capital and reserves attributable to owners of the Parent Company |  |  |
Share capital | 4.1 | 17,422 | 17,422
Share premium | 4.1 | 883,909 | 883,890
Share based payment reserve | 4.2 | 71,350 | 63,806
Cash flow hedge reserve | 4.2 | 2,083 | (18,100)
Foreign currency translation reserve | 4.2 | 10,324 | 64,873
Other reserves | 4.2 | 932 | 932
Retained earnings | 4.3 | 2,087,407 | 2,078,568
Equity attributable to owners of the Parent Company |  | 3,073,427 | 3,091,391
Non-controlling interests | 4.4 | 94,869 | 91,641
Total equity |  | 3,168,296 | 3,183,032
LIABILITIES |  |  |
Non-current liabilities |  |  |
Borrowings | 3.11 | 1,849,217 | 1,574,775
Lease creditors | 3.12 | 249,726 | 284,856
Derivative financial instruments | 3.10 | 19,224 | 27,536
Deferred income tax liabilities | 3.14 | 223,949 | 286,217
Post-employment benefit obligations | 3.15 | 5,884 | 6,557
Provisions for liabilities | 3.17 | 283,397 | 306,367
Acquisition related liabilities | 3.16 | 83,547 | 72,009
Government grants | 3.18 | 2,513 | 2,704
|  | 2,717,457 | 2,561,021
Current liabilities |  |  |
Trade and other payables | 3.7 | 2,763,181 | 3,054,108
Current income tax liabilities |  | 73,781 | 81,095
Borrowings | 3.11 | 116,825 | 368,743
Lease creditors | 3.12 | 64,245 | 77,527
Derivative financial instruments | 3.10 | 11,348 | 20,914
Provisions for liabilities | 3.17 | 68,660 | 67,011
Acquisition related liabilities | 3.16 | 10,911 | 69,768
|  | 3,108,951 | 3,739,166
Liabilities associated with assets classified as held for sale | 2.10 | 262,925 | –
|  | 3,371,876 | 3,739,166
Total liabilities |  | 6,089,333 | 6,300,187
Total equity and liabilities |  | 9,257,629 | 9,483,219

Mark Breuer, Donal Murphy
Directors
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
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Financial Statements Continued

|  |  |  | 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 2024 | 17,422 | 883,890 | 2,078,568 | 111,511 | 3,091,391 | 91,641 | 3,183,032
Profit for the financial year | – | – | 206,490 | – | 206,490 | 14,731 | 221,221
Other comprehensive income: |  |  |  |  |  |  |
Currency translation: |  |  |  |  |  |  |
– arising in the year | – | – | – | (41,508) | (41,508) | (2,181) | (43,689)
– recycled to the Income Statement on disposal | – | – | – | (13,041) | (13,041) |  | (13,041)
Group defined benefit pension obligations: |  |  |  |  |  |  |
– remeasurements | – | – | (332) | – | (332) | – | (332)
– movement in deferred tax | – | – | 28 | – | 28 | – | 28
Movements relating to cash flow hedges | – | – | – | 25,323 | 25,323 | – | 25,323
Movement in deferred tax on cash flow hedges | – | – | – | (5,140) | (5,140) | – | (5,140)
Total comprehensive income | – | – | 206,186 | (34,366) | 171,820 | 12,550 | 184,370
Re-issue of treasury shares | – | 19 | – | – | 19 | – | 19
Share based payment | – | – | – | 7,544 | 7,544 | – | 7,544
Dividends | – | – | (197,347) | – | (197,347) | (9,322) | (206,669)
At 31 March 2025 | 17,422 | 883,909 | 2,087,407 | 84,689 | 3,073,427 | 94,869 | 3,168,296

FOR THE YEAR ENDED 31 MARCH 2024

|  |  |  | 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 2023 | 17,422 | 883,669 | 1,941,223 | 135,777 | 2,978,091 | 80,219 | 3,058,310
Profit for the financial year | – | – | 326,255 | – | 326,255 | 14,283 | 340,538
Other comprehensive income: |  |  |  |  |  |  |
Currency translation | – | – | – | (63,656) | (63,656) | (2,551) | (66,207)
Group defined benefit pension obligations: |  |  |  |  |  |  |
– remeasurements | – | – | 24 | – | 24 | – | 24
– movement in deferred tax | – |  | (117) | – | (117) | – | (117)
Movements relating to cash flow hedges | – | – | – | 37,117 | 37,117 | – | 37,117
Movement in deferred tax on cash flow 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

GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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|  | 2025 | 2024
| Note | £’000 | £’000
Operating activities |  |  |
Cash generated from operations before exceptionals | 5.3 | 856,761 | 995,793
Exceptionals |  | (55,858) | (30,934)
Cash generated from operations |  | 800,903 | 964,859
Interest paid (including lease interest) |  | (102,998) | (118,780)
Income tax paid |  | (115,876) | (124,057)
Net cash flow from operating activities |  | 582,029 | 722,022
Investing activities |  |  |
Inflows: |  |  |
Proceeds from disposal of property, plant and equipment |  | 44,839 | 6,666
Dividends received from equity accounted investments | 3.4 | 857 | 1,261
Government grants received in relation to property, plant and equipment | 3.18 | 340 | 2,669
Proceeds on disposal of subsidiaries and equity accounted investments |  | 61,406 | 17,668
Interest received |  | 11,178 | 15,285
|  | 118,620 | 43,549
Outflows: |  |  |
Purchase of property, plant and equipment |  | (214,295) | (230,354)
Acquisition of subsidiaries | 5.2 | (167,294) | (288,155)
Payment of accrued acquisition related liabilities | 3.16 | (75,170) | (50,334)
|  | (456,759) | (568,843)
Net cash flow from investing activities |  | (338,139) | (525,294)
Financing activities |  |  |
Inflows: |  |  |
Proceeds from issue of shares | 4.1 | 19 | 221
Net cash inflow on derivative financial instruments |  | 51,552 | 69,182
Increase in interest-bearing loans and borrowings |  | 809,050 | –
|  | 860,621 | 69,403
Outflows: |  |  |
Repayment of interest-bearing loans and borrowings |  | (748,840) | (270,836)
Repayment of lease creditors (principal) |  | (86,005) | (82,187)
Dividends paid to owners of the Parent Company | 2.11 | (197,347) | (188,817)
Dividends paid to non-controlling interests | 4.4 | (9,322) | (310)
|  | (1,041,514) | (542,150)
Net cash flow from financing activities |  | (180,893) | (472,747)
Change in cash and cash equivalents |  | 62,997 | (276,019)
Translation adjustment |  | (16,414) | (22,341)
Cash and cash equivalents at beginning of year |  | 1,072,846 | 1,371,206
Cash and cash equivalents at end of year | 3.9 | 1,119,429 | 1,072,846
Cash and short-term bank deposits | 3.9 | 1,088,175 | 1,109,446
Overdrafts | 3.9 | (31,084) | (36,600)
Cash and short-term bank deposits attributable to assets held for sale | 3.9 | 62,338 | –
|  | 1,119,429 | 1,072,846

GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
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160
Financial Statements Continued
Section 1 Basis of Preparation
1.1
Statement of Compliance
International Financial Reporting Standards (‘IFRS’) require an entity whose financial statements comply with IFRS
to make an explicit and unreserved statement of such compliance in the notes to the financial statements.
The consolidated financial statements of DCC plc have been prepared in accordance with International Financial
Reporting Standards (‘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 differ in certain respects from IFRS as issued by the IASB. Both the
Parent Company and the Group financial statements have been prepared in accordance with IFRS as adopted by
the EU and references to IFRS hereafter should be construed as references to IFRS as adopted by the EU. In
presenting the Parent Company financial statements together with the Group financial statements, the Parent
Company has availed of the exemption in Section 304(2) of the Companies Act, 2014 not to present its individual
Income Statement and related notes that form part of the approved Parent Company financial statements. The
Parent Company has also availed of the exemption from filing its individual Income Statement with the Registrar of
Companies as permitted by Section 304(2) of the Companies Act, 2014.
The Going Concern Statement on page 85 forms part of the Group financial statements. The Directors acknowledge
that based on their review of the Group’s activities, cash flows, liquidity position and borrowing facilities for the
financial year ended 31 March 2025, and having assessed the principal risks facing the Group, the Board of Directors
has a reasonable expectation that DCC plc, and the Group as a whole, has adequate financial and other resources
to continue in operational existence and will be able to meet its liabilities as they fall due over the 12-month going
concern period.
DCC plc, the ultimate Parent Company, is a publicly traded limited company incorporated and domiciled in the
Republic of Ireland. DCC plc’s shares have a Premium Listing on the Official 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 effective for the current year or in later years, and how they are expected to impact the financial position and
performance of the Group.
The consolidated financial statements, which are presented in sterling, rounded to the nearest thousand, have been
prepared on a going concern basis under the historical cost convention, as modified by the measurement at fair
value of share-based payments at the date of grant, post-employment benefit obligations and certain financial
assets and liabilities including derivative financial instruments. The carrying values of recognised assets and liabilities
that are hedged via fair value hedges are adjusted to record changes in the fair values attributable to the risks that
are being hedged.
The material accounting policies applied in the preparation of the financial statements for the year ended 31 March
2025 are set out in note 5.9. These policies have been applied consistently by the Group’s subsidiaries and equity
accounted investments for all periods presented in these consolidated financial statements.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. In addition, it requires management to exercise judgement in the process of applying the Company’s
accounting policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements are detailed in note 1.4.
NOTES TO THE
FINANCIAL
STATEMENTS
Notes to the financial 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.
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161
Adoption of IFRS and International Financial Reporting Interpretations Committee (‘IFRIC’) Interpretations
The following changes to IFRS became effective for the Group during the year but did not result in a material change
to the Group’s financial statements:
• Classification 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
Standards, interpretations and amendments to published standards that are not yet effective
The Group has not applied certain new standards, amendments and interpretations to existing standards that have
been issued but are not yet effective. These include:
• Classification and Measurement of Financial Instruments – Amendments to IFRS 9/IFRS 7
• Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9/IFRS 7
• IFRS 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures
• Annual Improvements to IFRS Accounting Standards – Volume 11
The Group is currently assessing how the application of IFRS 18 Presentation and Disclosure in Financial Statements,
effective for accounting periods on or after 1 January 2027, will affect the future presentation of the Group’s financial
statements. While the adoption of IFRS 18 will not affect the totals of the Group’s assets, liabilities, equity, income and
expenses, there will likely be changes as to how the make-up of these principal categories are presented both in the
primary statements and the notes together with additional disclosures around management performance measures.
Otherwise, the standards outlined above are not expected to result in a net material change to the Group’s financial
statements.
1.3
Basis of Consolidation
This section details how the Group accounts for the different types of interests it has in subsidiaries and equity
accounted investments.
SUBSIDIARIES
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group has power over its relevant activities, is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
The results of subsidiary undertakings acquired or disposed of during the year are included in the Group Income
Statement from the date of their acquisition or up to the date of their disposal. Where necessary, adjustments are
made to the financial statements of subsidiaries to bring their accounting policies into line with those used by
the Group.
EQUITY ACCOUNTED INVESTMENTS
The Group’s interests in equity accounted investments comprise interests in associates. Associates are those entities
in which the Group has significant influence, but not control or joint control, over the financial and operating policies.
They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the
consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of
the equity accounted investments, until the date on which significant influence ceases.
TRANSACTIONS ELIMINATED ON CONSOLIDATION
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group
transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are
eliminated against the investment to the extent of the Group’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.
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162
Notes to the Financial Statements Continued
1.2
Basis Of Preparation continued
1.4
Critical Accounting Estimates and Judgements
This section sets out the key areas of judgement and estimation that management has identified as having
a potentially material impact on the Group’s consolidated financial statements.
The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and
assumptions. It also requires management to exercise its judgement in the process of applying the Group’s
accounting policies. The Group’s material accounting policies affecting its results of operations and financial
condition are set out in note 5.9. The Group has considered the impact of climate change on the financial statements
including impairment of non-financial and financial assets, the useful lives of assets, and provisions. Further details
are included in note 3.1 Property, Plant and Equipment and note 3.3 Intangible Assets and Goodwill. The Group also
considers the impact of climate change as part of the annual budget and strategic plans to ensure consistency with
achieving the Group’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 financial reporting, actual results could differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis and management has discussed its
critical accounting estimates and associated disclosures with the Audit Committee. Management considers the
accounting estimates and assumptions discussed below to be its critical accounting estimates (‘E’) and
judgements (‘J’):
GOODWILL (E,J)
The Group has capitalised goodwill of £1,716.7 million at 31 March 2025. Goodwill is required to be tested for
impairment at least annually or more frequently if changes in circumstances or the occurrence of events indicating
potential impairment exist. The Group uses the present value of future cash flows to determine recoverable amount.
In calculating the value in use, management judgement and estimation is required in forecasting cash flows of
cash-generating units, in determining terminal growth values and in selecting an appropriate discount rate.
Sensitivities to changes in assumptions are detailed in note 3.3.
BUSINESS COMBINATIONS (E)
Business combinations are accounted for using the acquisition method which requires that the assets and liabilities
assumed are recorded at their respective fair values at the date of acquisition. The application of this method
requires certain estimates and assumptions particularly concerning the determination of the fair values of the
acquired assets and liabilities assumed at the date of acquisition.
For intangible assets acquired, the Group bases valuations on expected future cash flows. This method employs a
discounted cash flow analysis using the present value of the estimated after-tax cash flows expected to be
generated from the purchased intangible asset using risk adjusted discount rates and revenue forecasts as
appropriate. The period of expected cash flows is based on the expected useful life of the intangible asset acquired.
The Group engages a specialist valuation expert to assist with this process where appropriate.
TAXATION (E,J)
The Group is subject to income taxes in a number of jurisdictions. Provisions for tax liabilities require management to
make judgements and estimates in relation to tax issues and exposures. Amounts provided are based on
management’s interpretation of country-specific tax laws and the likelihood or probability of settlement. Where the
final tax outcome is different from the amounts that were initially recorded, such differences will impact the current tax
and/or deferred tax provisions in the period in which such determination is made.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the unused tax losses and unused tax credits can be utilised. The Group estimates the most probable amount
of future taxable profits, using assumptions consistent with those employed in impairment calculations, and taking
into account applicable tax legislation in the relevant jurisdiction. These calculations require the use of estimates.
USEFUL LIVES FOR PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (E,J)
Long-lived assets comprising primarily of property, plant and equipment and intangible assets represent a significant
portion of the Group’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 reflect current conditions. In
determining these useful lives management consider technological change, patterns of consumption, the impact of
climate change, physical condition and expected economic utilisation of the assets. Changes in the useful lives can
have a significant impact on the depreciation and amortisation charge for the period.
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163
Section 2 Results for the Year
2.1
Segment Information
The Group is organised into two operating segments. This section provides information on the financial
performance for the year on both a segmental and geographic basis.
SEGMENTAL ANALYSIS
DCC is a leading international sales, marketing and support services group headquartered in Dublin, Ireland.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker (‘CODM’). The CODM has been identified as Mr. Donal Murphy, Chief Executive and his Group
Executive Committee.
As announced on 22 April 2025, the Group entered into an agreement to dispose of its Healthcare division. Following
this change in the composition of operating segments, segmental reporting has been revised and the prior year
segmental disclosures have been restated as required under IFRS 8.
The Group is organised into two operating segments (as identified under IFRS 8 Operating Segments) and generates
revenue through the following activities:
DCC Energy is a customer-focused energy business, specialising in the sales, marketing, and distribution of secure,
cleaner and competitive energy solutions to commercial, industrial, domestic, and transport customers. We operate
two businesses: our Solutions business brings energy products and services to customer sites, while our Mobility
business serves transport and fleet customers. The adjusted operating profit of Solutions represents approximately
77% of this segment’s adjusted operating profit in the current year and Mobility represents approximately 23%.
DCC Technology acts as an enabler between global technology brands and the people and businesses who use
their products. DCC Technology comprises Pro Tech, Info Tech and Life Tech. Through Pro Tech, we bring professional
technologies together to enhance audio and visual experiences. Through Info Tech, we put the latest technology in
people’s hands to make faster connections happen. And through Life Tech, we provide technology to improve lifestyle
quality.
The chief operating decision maker monitors the operating results of segments separately to allocate resources
between segments and to assess performance. Segment performance is predominantly evaluated based on
operating profit before amortisation of intangible assets and net operating exceptional items (‘adjusted operating
profit’) and return on capital employed. Net finance costs and income tax are managed on a centralised basis and
therefore these items are not allocated between operating segments for the purpose of presenting information to the
chief operating decision maker and accordingly are not included in the detailed segmental analysis.
Intersegment revenue is not material and thus not subject to separate disclosure.
DCC plc Annual Report and Accounts 2025
164
Notes to the Financial Statements Continued
The segment results for the year ended 31 March 2025 are as follows:
INCOME STATEMENT ITEMS

|  | Year ended 31 March 2025 |
| DCC | DCC |
| Energy | Technology | Total
Continuing operations | £’000 | £’000 | £’000
Segment revenue | 13,366,607 | 4,644,504 | 18,011,111
Adjusted operating profit | 535,556 | 81,966 | 617,522
Intangible asset amortisation and impairment | (85,405) | (95,957) | (181,362)
Net operating exceptionals (note 2.6) | (9,847) | (29,977) | (39,824)
Operating profit | 440,304 | (43,968) | 396,336
Finance costs |  |  | (119,131)
Finance income |  |  | 14,270
Share of equity accounted investments’ profit after tax |  |  | 3,392
Profit before income tax |  |  | 294,867
Income tax expense |  |  | (71,949)
Profit for the year (continuing operations) |  |  | 222,918

|  | Year ended 31 March 2024 (Restated) |
| DCC | DCC |
| Energy | Technology | Total
Continuing operations | £’000 | £’000 | £’000
Segment revenue | 14,224,938 | 4,629,113 | 18,854,051
Adjusted operating profit | 502,961 | 97,231 | 600,192
Intangible asset amortisation | (77,236) | (26,289) | (103,525)
Net operating exceptionals (note 2.6) | (14,858) | (19,364) | (34,222)
Operating profit | 410,867 | 51,578 | 462,445
Finance costs |  |  | (120,215)
Finance income |  |  | 16,379
Share of equity accounted investments’ loss after tax |  |  | 604
Profit before income tax |  |  | 359,213
Income tax expense |  |  | (71,667)
Profit for the year (continuing operations) |  |  | 287,546

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165
2.1
Segment Information continued
BALANCE SHEET ITEMS

|  |  | As at 31 March 2025 |
| DCC | DCC | Discontinued |
| Energy | Technology | operations | Total
| £’000 | £’000 | £’000 | £’000
Segment assets | 5,113,541 | 1,775,983 | – | 6,889,524
Reconciliation to total assets as reported in the Group Balance Sheet: |  |  |  |
Equity accounted investments |  |  |  | 71,428
Derivative financial instruments (current and non-current) |  |  |  | 50,192
Deferred income tax assets |  |  |  | 87,446
Cash and cash equivalents |  |  |  | 1,088,175
Assets classified as held for sale |  |  |  | 1,070,864
Total assets as reported in the Group Balance Sheet |  |  |  | 9,257,629
Segment liabilities | 2,356,524 | 764,575 | – | 3,121,099
Reconciliation to total liabilities as reported in the Group Balance Sheet: |  |  |  |
Borrowings (current and non-current) |  |  |  | 1,966,042
Lease creditors (current and non-current) |  |  |  | 313,971
Derivative financial instruments (current and non-current) |  |  |  | 30,572
Income tax liabilities (current and deferred) |  |  |  | 297,730
Acquisition related liabilities (current and non-current) |  |  |  | 94,458
Government grants (current and non-current) |  |  |  | 2,536
Liabilities associated with assets classified as held for sale |  |  |  | 262,925
Total liabilities as reported in the Group Balance Sheet |  |  |  | 6,089,333

|  |  | As at 31 March 2024 (restated) |
| DCC | DCC | Discontinued |
| Energy | Technology | operations | Total
| £’000 | £’000 | £’000 | £’000
Segment assets | 5,181,837 | 1,876,675 | 1,103,354 | 8,161,866
Reconciliation to total assets as reported in the Group Balance Sheet: |  |  |  |
Equity accounted investments |  |  |  | 32,825
Derivative financial instruments (current and non-current) |  |  |  | 97,824
Deferred income tax assets |  |  |  | 81,258
Cash and cash equivalents |  |  |  | 1,109,446
Total assets as reported in the Group Balance Sheet |  |  |  | 9,483,219
Segment liabilities | 2,461,542 | 768,733 | 203,732 | 3,434,007
Reconciliation to total liabilities as reported in the Group Balance Sheet: |  |  |  |
Borrowings (current and non-current) |  |  |  | 1,943,518
Lease creditors (current and non-current) |  |  |  | 362,383
Derivative financial instruments (current and non-current) |  |  |  | 48,450
Income tax liabilities (current and deferred) |  |  |  | 367,312
Acquisition related liabilities (current and non-current) |  |  |  | 141,777
Government grants (current and non-current) |  |  |  | 2,740
Total liabilities as reported in the Group Balance Sheet |  |  |  | 6,300,187

DCC plc Annual Report and Accounts 2025
166
Notes to the Financial Statements Continued
2.1
Segment Information continued
OTHER SEGMENT INFORMATION

|  |  | Year ended 31 March 2025 |
| DCC | DCC | Discontinued |
| Energy | Technology | operations | Total
| £’000 | £’000 | £’000 | £’000
Capital expenditure – additions (note 3.1) | 182,946 | 7,806 | 20,918 | 211,670
Capital expenditure – business combinations (note 3.1) | 3,690 | 396 | 221 | 4,307
Depreciation (excluding right-of-use assets) (note 3.1) | 133,819 | 15,725 | 16,976 | 166,520
Total consideration on business combinations (note 5.2) | 206,237 | 13,697 | 15,556 | 235,490
Goodwill and intangible assets acquired (note 3.3) | 206,473 | 5,478 | 15,752 | 227,703

|  |  | Year ended 31 March 2024 (restated) |
| DCC | DCC | Discontinued |
| Energy | Technology | operations | Total
| £’000 | £’000 | £’000 | £’000
Capital expenditure – additions (note 3.1) | 182,385 | 8,931 | 32,581 | 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 | 16,187 | 16,248 | 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 | 2,499 | 2,768 | 379,135

GEOGRAPHICAL ANALYSIS
On a continuing basis, the Group has a presence in 19 countries worldwide. The following represents a geographical
analysis of continuing revenue and non-current assets in accordance with IFRS 8, which requires disclosure of
information about the country of domicile (Republic of Ireland) and countries with material revenue and non-current
assets. Revenue from operations is derived almost entirely from the sale of goods and is disclosed based on the
location of the entity selling the goods. The analysis of non-current assets is based on the location of the assets.
There are no material dependencies or concentrations on individual customers which would warrant disclosure under
IFRS 8.

|  | Revenue | Non-current assets* |
|  | Restated |  |
| 2025 | 2024 | 2025 | 2024
| £’000 | £’000 | £’000 | £’000
Republic of Ireland (country of domicile) | 1,838,531 | 1,963,090 | 205,327 | 230,348
United Kingdom | 5,842,624 | 6,153,678 | 1,259,210 | 1,487,302
France | 3,186,335 | 3,250,325 | 949,261 | 961,631
United States | 1,902,926 | 1,806,187 | 622,673 | 860,514
Rest of World | 5,240,695 | 5,680,771 | 1,008,878 | 1,410,413
| 18,011,111 | 18,854,051 | 4,045,349 | 4,950,208

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2.1
Segment Information continued
* 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 influence of changes in underlying energy product costs on absolute revenues. Whilst changes
in underlying energy product costs will change percentage operating margins, this has little relevance in the
downstream energy distribution market in which this segment operates where elements of profitability are driven by
absolute contribution per tonne/litre of product sold, and not a percentage margin. Accordingly, management
primarily review geographic volume performance rather than geographic revenue performance for this segment as
country-specific GDP and weather patterns can influence volumes. The disaggregated revenue information
presented below for DCC Technology, which can also be influenced by country-specific GDP movements, is
consistent with how revenue is reported and reviewed internally.

|  | Year ended 31 March 2025 |
| DCC | DCC |
| Energy | Technology | Total
Continuing operations | £’000 | £’000 | £’000
Republic of Ireland (country of domicile) | 1,528,020 | 310,511 | 1,838,531
United Kingdom | 4,257,283 | 1,585,341 | 5,842,624
France | 3,056,871 | 129,464 | 3,186,335
North America | 244,183 | 1,809,391 | 2,053,574
Rest of World | 4,280,250 | 809,797 | 5,090,047
| 13,366,607 | 4,644,504 | 18,011,111
Products transferred at point in time | 13,366,607 | 4,644,504 | 18,011,111
Energy solutions products and services | 8,574,805 | – | 8,574,805
Energy mobility products and services | 4,791,802 | – | 4,791,802
Technology products and services | – | 4,644,504 | 4,644,504
| 13,366,607 | 4,644,504 | 18,011,111

|  | Year ended 31 March 2024 (restated) |
| DCC | DCC |
| Energy | Technology | Total
Continuing operations | £’000 | £’000 | £’000
Republic of Ireland (country of domicile) | 1,591,561 | 371,529 | 1,963,090
United Kingdom | 4,501,053 | 1,652,625 | 6,153,678
France | 3,115,534 | 134,791 | 3,250,325
North America | 254,370 | 1,721,283 | 1,975,653
Rest of World | 4,762,420 | 748,885 | 5,511,305
| 14,224,938 | 4,629,113 | 18,854,051
Products transferred at point in time | 14,224,938 | 4,629,113 | 18,854,051
Energy solutions products and services | 8,871,109 | – | 8,871,109
Energy mobility products and services | 5,353,829 | – | 5,353,829
Technology products and services | – | 4,629,113 | 4,629,113
| 14,224,938 | 4,629,113 | 18,854,051

DCC plc Annual Report and Accounts 2025
168
Notes to the Financial Statements Continued
2.1
Segment Information continued
2.2
Other Operating Income/(Expenses)
This note provides an analysis of the amounts included in other operating income and expenses presented in the
Group Income Statement.
Other operating income/(expenses) comprise the following credits/(charges):

| 2025 | 2024
| £’000 | £’000
Other operating income/(expenses) |  |
Fair value gains on non-hedge accounted derivative financial instruments – commodities | 207 | 8,741
Fair value losses on non-hedge accounted derivative financial instruments – commodities | (207) | (8,741)
Fair value gains on non-hedge accounted derivative financial instruments – forward |  |
exchange contracts | 2,765 | 1,408
Fair value losses on non-hedge accounted derivative financial instruments – forward |  |
exchange contracts | (1,933) | (815)
Property and tank rental income | 24,315 | 21,686
Net profit on disposal of property, plant and equipment | 17,337 | 657
Expensing of employee share options and awards (note 2.5) | (7,544) | (9,210)
Other net operating income | 13,212 | 14,665
Net other operating income before exceptional items | 48,152 | 28,391
Other operating income included in net exceptional items | 6,956 | 89
Other operating expenses included in net exceptional items | (46,780) | (34,311)
Total net other operating income/(expenses) | 8,328 | (5,831)

2.3
Group Profit for the Year
The Group profit for the year includes some key amounts which are presented separately below.
Group profit for the year has been arrived at after charging/(crediting) the following amounts:

|  | 2025 |  |  | 2024 |
| Continuing | Discontinued |  | Continuing | Discontinued |
| operations | operations | Total | operations | operations | Total
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Depreciation on property, plant and equipment |  |  |  |  |  |
(note 3.1) | 149,544 | 16,976 | 166,520 | 141,108 | 16,248 | 157,356
Depreciation on right-of-use assets (note 3.2) | 77,045 | 10,354 | 87,399 | 72,695 | 10,143 | 82,838
Amortisation of intangible assets (note 3.3) | 107,527 | 10,629 | 118,156 | 103,525 | 10,550 | 114,075
Amortisation of government grants (note 3.18) | (314) | (9) | (323) | (367) | (9) | (376)
Foreign exchange gain | (339) | (185) | (524) | (699) | (253) | (952)

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During the year the Group obtained the following services from the Group’s auditors (KPMG) which include amounts
relating to discontinued operations:

| 2025 | 2024
| £’000 | £’000
KPMG Ireland (statutory auditor): |  |
Audit fees | 2,063 | 2,096
Other including non-audit, audit related and assurance services | 100 | 22
| 2,163 | 2,118
Other KPMG network firms: |  |
Audit fees | 2,458 | 2,462
Other including non-audit, audit related and assurance services | 71 | 231
| 2,529 | 2,693

2.4
Employment
This section provides an analysis of the average number of employees in the Group by segment together with
their related payroll expense for the year. Further information on the compensation of key management personnel
is included in note 5.6, Related Party Transactions.
The average number of persons (including executive Directors) employed by the Group in continuing and
discontinued operations during the year, analysed by class of business, was:

| 2025 | 2024
| Number | Number
DCC Energy | 9,027 | 8,229
DCC Technology | 4,308 | 4,550
Continuing operations | 13,335 | 12,779
Discontinued operations | 3,444 | 3,507
| 16,779 | 16,286

The employee benefit expense for the above were:

| 2025 | 2024
| £’000 | £’000
Wages and salaries | 889,460 | 827,338
Social welfare costs | 100,873 | 93,818
Share based payment expense (note 2.5) | 7,544 | 9,210
Pension costs – defined contribution plans | 25,895 | 27,146
Pension costs – defined benefit plans (note 3.15) | 410 | 689
| 1,024,182 | 958,201
The employee benefit expense is analysed as: |  |
Continuing operations | 847,059 | 788,473
Discontinued operations | 177,123 | 169,728
| 1,024,182 | 958,201

Directors’ emoluments (which are included in operating costs) and interests are presented in the Remuneration Report
on pages 118 to 142. Details of the compensation of key management personnel for the purposes of the disclosure
requirements under IAS 24 are provided in note 5.6.
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170
Notes to the Financial Statements Continued
2.3
Group Profit for the Year continued
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 defined in IFRS 2
Share-based Payment. The IFRS requires that a recognised valuation methodology be employed to determine the
fair value of share options granted. The expense reported in the Income Statement of £7.544 million (2024:
£9.210 million) has been arrived at by applying a Monte Carlo simulation technique for share awards issued under the
DCC plc Long-term Incentive Plans.
IMPACT ON INCOME STATEMENT
The total share option expense is analysed as follows:

| Share price | Minimum | Number of | Weighted |  | Expense in Income Statement |
| at date of | duration of | share awards/ | average | 2025 | 2024 |
Date of grant | grant | vesting period | options granted | fair value | £’000 | £’000 |
15 November 2018 | £60.65 | 5 years | 167,567 | £46.13 |  | – | 766
14 November 2019 | £68.80 | 5 years | 147,939 | £53.32 | 590 | 1,103
12 November 2020 | £57.08 | 5 years | 170,152 | £44.63 | 1,076 |  | 853
11 November 2021 | £61.42 | 3 years | 171,974 | £46.39 | (654) | 2,586
10 November 2022 | £45.53 | 3 years | 271,759 | £31.82 | 2,470 |  | 2,792
16 November 2023 | £52.36 | 3 years | 243,181 | £41.10 | 3,137 |  | 1,110
14 November 2024 | £54.55 | 3 years | 211,720 | £39.33 | 925 |  | –
Total expense |  |  |  |  | 7,544 | 9,210 |

DCC PLC LONG-TERM INCENTIVE PLANS
At 31 March 2025, Group employees hold awards to subscribe for 913,287 ordinary shares under the DCC plc
Long-term Incentive Plans.
The general terms of the DCC plc Long-term Incentive Plans are set out in the Remuneration Report on page 133.
The DCC plc Long-term Incentive Plans contain both market and non-market based vesting conditions. Accordingly,
the fair value assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is
adjusted to reflect the anticipated likelihood at the grant date of achieving the market based vesting conditions. The
cumulative non-market based charge to the Income Statement is reversed where entitlements do not vest because
non-market performance conditions have not been met or where an employee in receipt of share entitlements
relinquishes service before the end of the vesting period.
A summary of activity under the DCC plc Long-term Incentive Plans during the year is as follows:

| 2025 | 2024
| Number of | Number of
| share awards | share awards
At 1 April | 919,259 | 842,638
Granted | 211,720 | 243,181
Exercised | (109,429) | (101,251)
Expired and forfeited | (108,263) | (65,309)
At 31 March | 913,287 | 919,259

The weighted average share price at the dates of exercise for share awards exercised during the year under the DCC
plc Long-term Incentive Plans was £55.99 (2024: £52.02). The share awards outstanding at the year-end have a
weighted average remaining contractual life of 4.9 years (2024: 5.0 years).
The weighted average fair values assigned to share awards granted under the DCC plc Long-term Incentive Plan,
which were computed in accordance with the Monte Carlo valuation methodology, were as follows:

Granted during the year ended 31 March 2025 | £39.33
Granted during the year ended 31 March 2024 | £41.10

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The fair values of share awards granted under the DCC plc Long-term Incentive Plan were determined taking
account of peer group total share return volatilities and correlations together with the following assumptions:

| 2025 | 2024
Risk-free interest rate (%) | 4.24 | 3.96
Dividend yield (%) | 3.7 | 3.7
Expected volatility (%) | 23.0 | 24.0
Expected life in years | 5.0 | 5.0
Share price at date of grant | £54.55 | £52.36

The risk free rate of return is the yield on government bonds of a term consistent with the assumed option life. The
dividend yield is based on historic dividend rates. The expected volatility is based on historic volatility over the past
three years. The expected life is the average expected period to exercise.
Analysis of closing balance:

|  | 2025 | 2024
|  | Number of | Number of
Date of grant | Date of expiry | share awards | share awards
15 November 2018 | 15 November 2025 | 22,750 | 5,163
14 November 2019 | 14 November 2026 | 36,282 | 44,640
12 November 2020 | 12 November 2027 | 110,581 | 77,379
11 November 2021 | 11 November 2028 | 40,894 | 115,318
10 November 2022 | 10 November 2029 | 253,620 | 168,810
16 November 2023 | 16 November 2030 | 237,440 | 264,768
14 November 2024 | 14 November 2031 | 211,720 | 243,181
Total outstanding at 31 March |  | 913,287 | 919,259
Total exercisable at 31 March |  | 99,926 | 49,803

2.5
Employee Share Options and Awards continued
DCC plc Annual Report and Accounts 2025
172
Notes to the Financial Statements Continued
2.6
Exceptionals
Exceptional items are those items which, in the judgement of the Directors, need to be disclosed separately by
virtue of their scale and nature. These exceptional items, detailed below, could distort the understanding of our
underlying performance for the year and comparability between periods and are therefore presented separately.

|  | 2025 | 2024
| Note | £’000 | £’000
Restructuring and integration costs and other | (a) | (37,042) | (20,647)
Acquisition and related costs | (b) | (9,060) | (13,664)
Profit on disposal of subsidiary undertaking | (c) | 3,255 | –
Adjustments to contingent acquisition consideration | (d) | 3,023 | 89
Net operating exceptional items |  | (39,824) | (34,222)
Impairment of goodwill | (e) | (73,835) | –
Net operating exceptional items |  | (113,659) | (34,222)
Mark-to-market of swaps and related debt (note 2.7) | (f) | (340) | (873)
Net exceptional items before tax from continuing operations |  | (113,999) | (35,095)
Income tax and deferred tax attaching to exceptional items | (g) | 8,240 | 4,558
Net exceptional items after tax from continuing operations |  | (105,759) | (30,537)
Net exceptional items after tax relating to discontinued operations | (h) | (60,961) | (3,227)
Non-controlling interest share of net exceptional items after tax |  | – | 449
Net exceptional items attributable to owners of the Parent Company |  | (166,720) | (33,315)

(a) Restructuring and integration costs and other of £37.042 million (2024: £20.647 million) relates to the restructuring
of operations across a number of businesses and recent acquisitions. The majority of the cost relates to the
optimisation and integration of operations in the Technology division in respect of large projects in both the UK
and the North American businesses.
(b) Acquisition and related costs include the professional fees and tax costs relating to the evaluation and
completion of acquisition opportunities and amounted to £9.060 million (2024: £13.664 million).
(c) During the year, DCC Energy completed the sale of a majority stake in its liquid gas business in Hong Kong &
Macau to an industrial group already operating in Hong Kong. The transaction valued DCC’s business at an initial
enterprise value of c.US$150 million (c.£117 million), on a debt-free, cash-free basis. With the two businesses being
merged post completion, DCC has retained a minority stake in the combined business. The transaction resulted in
a modest profit on disposal of £3.255 million.
(d) Adjustments to contingent acquisition consideration of £3.023 million (2024: £0.890 million) reflects movements in
provisions associated with the expected earn-out or other deferred arrangements that arise through the Group’s
corporate development activity.
(e) In accordance with IAS 36 Impairment of Assets, the Group is required to assess goodwill and other intangible
assets for impairment. Accordingly, impairment reviews are performed annually, or more frequently if there is an
indication that the carrying amount may not be recoverable. A non-cash goodwill impairment charge has been
recognised in respect of the UK component of DCC Technology’s Info Tech business. While trading in the business
has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the longer
recovery trajectory and market conditions showing little signs of improving in the UK, a non-cash impairment of
£73.835 million has been recognised.
(f) The level of ineffectiveness 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 2025, this amounted to
an exceptional non-cash charge of £0.340 million (2024: charge of £0.873 million). The cumulative net exceptional
credit taken in respect of IAS 39 ineffectiveness is £0.199 million. This, or any subsequent similar non-cash charges
or gains, will net to zero over the remaining term of this debt and the related hedging instruments.
(g) There was a related income tax credit of £8.240 million (2024: credit of £4.558 million) in relation to certain
exceptional charges.
(h) The charge for net exceptional items on discontinued operations primarily relates to the Exertis France consumer
product business and Exertis Iberia within the Info Tech segment of DCC Technology. In April 2025 the Group
agreed to sell this business and the proceeds on disposal are expected to give rise to an impairment loss of
approximately £52.227 million which has been recognised in the current year. The balance of £8.734 million mainly
relates to restructuring and costs of disposal for discontinued operations.
The net cash flow impact in the current year for exceptional items was an inflow of £5.548 million (2024: an outflow of
£13.266 million).
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2.7
Finance Costs and Finance Income
This note details the interest income generated by our financial assets and the interest expense incurred on our
financial liabilities. Finance income principally comprises interest on cash and term deposits and net income on
interest rate and currency swaps whilst finance costs mainly comprise interest on Unsecured Notes, bank
borrowings and lease creditors.

| 2025 | 2024
| £’000 | £’000
Finance costs |  |
On bank loans, overdrafts and Unsecured Notes | (91,344) | (90,204)
Net cost on interest rate and currency swaps | (9,741) | (10,316)
Lease interest 1 | (11,456) | (10,001)
Unwinding of discount applicable to acquisition related liabilities 2 | (1,803) | (5,383)
Unwinding of discount applicable to provisions for liabilities (note 3.17) | (783) | (962)
Facility fees | (1,744) | (1,580)
Net interest expense on defined benefit pension schemes (note 3.15) | (168) | –
Other interest | (1,752) | (896)
| (118,791) | (119,342)
Mark-to-market of swaps and related debt 3 | (340) | (873)
| (119,131) | (120,215)
Finance income |  |
Interest on cash and term deposits | 14,270 | 16,007
Net interest income on defined benefit pension schemes (note 3.15) | – | 372
| 14,270 | 16,379
Net finance cost | (104,861) | (103,836)
1 The Group’s lease interest is analysed as follows: |  |
Continuing operations | (11,456) | (10,001)
Discontinued operations | (1,425) | (1,485)
Total (note 3.12) | (12,881) | (11,486)
2 The Group’s finance cost in relation to the unwinding of discount applicable to acquisition related liabilities is analysed as follows: |  |
Continuing operations | (1,803) | (5,383)
Discontinued operations | (342) | –
Total (note 3.16) | (2,145) | (5,383)
3 Mark-to-market of swaps and related debt is analysed as follows: |  |
Interest rate swaps designated as fair value hedges | 9,166 | 9,416
Cross currency interest rate swaps designated as fair value hedges | 1,407 | 2,610
Adjusted hedged fixed rate debt | (10,913) | (12,899)
Mark-to-market of swaps designated as fair value hedges and related debt | (340) | (873)
Movement on cross currency interest rate swaps designated as cash flow hedges | (6,392) | (3,375)
Transferred to cash flow hedge reserve | 6,392 | 3,375
| – | –
Total mark-to-market of swaps and related debt | (340) | (873)

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174
Notes to the Financial Statements Continued
2.8
Share of Equity Accounted Investments’ Profit after Tax
Share of equity accounted investments’ profit after tax represents the results of businesses we do not control, but
instead exercise significant influence and generally have an equity holding of up to 50%.
The Group’s share of equity accounted investments’ (i.e. associates) profit after tax is equity accounted and
presented as a single line item in the Group Income Statement. The profit after tax generated by the Group’s equity
accounted investments is analysed as follows under the principal Group Income Statement captions:

| 2025 | 2024
Group share of: | £’000 | £’000
Revenue | 267,828 | 53,404
Operating profit before tax | 3,687 | 623
Income tax | (295) | (19)
Profit after tax | 3,392 | 604

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 profits and the deferred tax charge which represents the tax expected to arise in
the future due to differences in the accounting and tax bases of assets and liabilities.
(I) INCOME TAX EXPENSE RECOGNISED IN THE INCOME STATEMENT

| 2025 | 2024
| £’000 | £’000
Current tax |  |
Irish corporation tax at 12.5% | 11,807 | 10,866
United Kingdom corporation tax at 25% (2024: 25%) | 19,716 | 18,605
Other overseas tax | 85,944 | 78,515
Income tax credit attaching to exceptional items | (8,169) | (4,393)
Under/(over) provision in respect of prior years | 1,064 | (4,278)
Total current tax | 110,362 | 99,315
Deferred tax |  |
Irish at 12.5% | (873) | (1,008)
United Kingdom at 25% | (8,203) | (5,194)
Other overseas deferred tax | (26,501) | (26,640)
Deferred tax credit attaching to exceptional items | (71) | (165)
(Over)/under provision in respect of prior years | (2,765) | 5,359
Total deferred tax | (38,413) | (27,648)
Total income tax expense | 71,949 | 71,667

(II) DEFERRED TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME

| 2025 | 2024
| £’000 | £’000
Deferred tax relating to defined benefit pension obligations | (28) | 117
Deferred tax relating to cash flow hedges | 5,140 | 6,937
Total deferred tax charge recognised in Other Comprehensive Income | 5,112 | 7,054

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(III) RECONCILIATION OF EFFECTIVE TAX RATE

| 2025 | 2024
Continuing operations | £’000 | £’000
Profit before tax | 294,867 | 359,213
Add back: share of equity accounted investments’ profit after tax | (3,392) | (604)
Add back: amortisation of intangible assets | 107,527 | 103,525
Profit before share of equity accounted investments’ profit after tax and amortisation |  |
of intangible assets | 399,002 | 462,134
Add back: net exceptional items before tax | 113,999 | 35,095
Profit before share of equity accounted investments’ profit after tax, amortisation of intangible assets and net exceptionals | 513,001 | 497,229
Profit before tax | 294,867 | 359,213
At the standard rate of corporation tax in Ireland of 12.5% | 36,858 | 44,902
Amortisation and share of equity accounted investments at the standard rate of corporation tax in Ireland of 12.5% | 13,017 | 12,865
Adjustments in respect of prior years | (1,701) | 1,081
Effect of earnings taxed at higher rates | 33,590 | 37,957
Differences arising from impairment | 14,989 | –
Other differences | 7,386 | 1,149
Income tax expense | 104,139 | 97,954
Income tax and deferred tax attaching to exceptional items | (8,240) | (4,558)
Deferred tax attaching to amortisation of intangible assets | (23,950) | (21,729)
Total income tax expense | 71,949 | 71,667
| 2025 | 2024
| % | %
Income tax expense as a percentage of profit before share of equity accounted |  |
investments’ profit after tax, amortisation of intangible assets and net exceptionals | 20.3% | 19.7%
Impact of share of equity accounted investments’ profit after tax, amortisation of intangible assets and net exceptionals | 4.1% | 0.3%
Total income tax expense as a percentage of profit before tax | 24.4% | 20.0%

(IV) FACTORS THAT MAY AFFECT FUTURE TAX RATES AND OTHER DISCLOSURES
No change has been enacted to the standard rate of corporation tax in the Republic of Ireland which is currently 12.5%.
On 18 December 2023, the Republic of Ireland enacted legislation, under which the Group is subject to the Global
Anti-Base Erosion Model Rules (‘Pillar 2’) from 1 April 2024. In respect of the year ended 31 March 2025, the Group is
expected to qualify for the transitional safe harbour exemptions in the majority of the jurisdictions in which it operates.
The Group’s Pillar 2 tax charge is immaterial for the year ended 31 March 2025 and is included in the total income
tax expense.
The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar 2 income taxes, as provided in the amendments to IAS 12 issued in May 2023.
2.10
Discontinued operations
Following agreements to dispose of the Healthcare division and a Technology business unit, these units are
treated as discontinued operations, the results of which are detailed separately below.
As announced on 22 April 2025, the Group entered into an agreement to dispose of the Healthcare division. The
disposal is expected to complete in the third quarter of this calendar year at which time control of the Healthcare
businesses will pass to the acquirer. The transaction is expected to give rise to an exceptional profit in the year ending
31 March 2026. In addition, DCC Technology signed an exclusivity agreement for the sale of the Exertis France
consumer product business and Exertis Iberia (‘Exertis France & Iberia’) in April 2025. The transaction is expected to
close within three months, subject to regulatory approvals.
2.9
Income Tax Expense continued
DCC plc Annual Report and Accounts 2025
176
Notes to the Financial Statements Continued
The conditions for the Healthcare division and Exertis France & Iberia to be classified as discontinued operations
have been satisfied, and, accordingly, the results of these businesses are presented separately as discontinued
operations in the Group Income Statement and the associated assets and liabilities are classified as assets held for
sale at the balance sheet date. The following table details the results of discontinued operations included in the
Group Income Statement:

| 2025 | 2024
| £’000 | £’000
Revenue | 1,009,232 | 1,004,712
Cost of sales | (752,921) | (748,218)
Gross profit | 256,311 | 256,494
Operating expenses | (170,233) | (173,906)
Operating profit before amortisation of intangible assets and exceptional items | 86,078 | 82,588
Amortisation of intangible assets | (10,629) | (10,550)
Net operating exceptionals | (60,116) | (5,087)
Operating profit | 15,333 | 66,951
Net finance costs | (1,349) | (2,413)
Profit before tax | 13,984 | 64,538
Income tax expense | (15,681) | (11,546)
Profit from discontinued operations after tax | (1,697) | 52,992
Non-controlling interests | (322) | (330)
Profit attributable to the owners of the Parent company | (2,019) | 52,662

The following table details the cash flow from discontinued operations included in the Group Cash Flow Statement:

| 2025 | 2024
| £’000 | £’000
Net cash flow from operating activities | 62,381 | 78,064
Net cash flow from investing activities | (38,282) | (28,628)
Net cash flow from discontinued operations | 24,099 | 49,436

The fair value less costs to sell of the major classes of assets and liabilities held for sale as at 31 March 2025 are
as follows:

| 2025
Assets | £’000
Property, plant and equipment | 155,314
Right-of-use leased assets | 39,455
Intangible assets | 567,847
Deferred income tax assets | 1,394
Inventories | 111,718
Trade and other receivables | 132,786
Interest receivable | 12
Cash and cash equivalents | 62,338
Assets classified as held for sale | 1,070,864

| 2025
Liabilities | £’000
Trade and other payables | (127,704)
Amounts due in respect of property, plant and equipment | (3)
Current income tax liabilities | (16,727)
Deferred income tax liabilities | (43,466)
Lease creditors | (42,173)
Provisions for liabilities and charges | (22,805)
Acquisition related liabilities | (9,864)
Government grants | (183)
Liabilities associated with assets classified as held for sale | (262,925)
Net assets of the disposal groups | 807,939

2.10
Discontinued operations continued
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The proceeds on disposal of the Healthcare division are expected to exceed the carrying value of the related net
assets and accordingly no impairment losses have been recognised on the classification of these operations as held
for sale. The proceeds on disposal of Exertis France & Iberia are expected to give rise to an impairment loss of
approximately £52.227 million which has been recognised in the year under review.
2.11
Dividends
Dividends represent one type of shareholder return and are paid as an amount per ordinary share held. The
Group retains part of the profits generated in the year to meet future growth plans.

| 2025 | 2024
Dividends paid per ordinary share | £’000 | £’000
Final: paid 133.53 pence per share on 18 July 2024 |  |
(2024: paid 127.17 pence per share on 20 July 2023) | 131,181 | 126,444
Interim: paid 66.19 pence per share on 13 December 2024 |  |
(2023: paid 63.04 pence per share on 15 December 2023) | 66,166 | 62,373
| 197,347 | 188,817

The Directors are proposing a final dividend in respect of the year ended 31 March 2025 of 14 0.2 1p pence per ordinary
share (£138.760 million). This proposed dividend is subject to approval by the shareholders at the Annual
General Meeting.
2.12
Earnings per Ordinary Share
Earnings per ordinary share (‘EPS’) is the amount of post-tax profit attributable to each ordinary share. Basic EPS
is the amount of profit for the year divided by the weighted average number of shares in issue during the year.
Diluted EPS shows what the impact would be if all outstanding and exercisable options were exercised and
treated as ordinary shares at year end.

| Discontinued |  |  | Discontinued |  |
| Continuing operations |  |  | Continuing operations |  |
| operations | (note 2.10) | Total | operations | (note 2.10) | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Profit attributable to owners of the Parent | 208,509 | (2,019) | 206,490 | 273,593 | 52,662 | 326,255
Amortisation of intangible assets after tax | 83,577 | 8,265 | 91,842 | 81,796 | 8,161 | 89,957
Exceptionals after tax (note 2.6) | 105,759 | 60,961 | 166,720 | 30,088 | 3,227 | 33,315
Adjusted profit after tax and non-controlling interests | 397,845 | 67,207 | 465,052 | 385,477 | 64,050 | 449,527

| Continuing | Discontinued |  | Continuing | Discontinued |
| operations | operations | Total | operations | operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
Basic earnings per ordinary share | pence | pence | pence | pence | pence | pence
Basic earnings per ordinary share | 210.82p | (2.04p) | 208.78p | 276.94p | 53.30p | 330.24p
Amortisation of intangible assets after tax | 84.50p | 8.36p | 92.86p | 82.79p | 8.27p | 91.06p
Exceptionals after tax | 106.93p | 61.63p | 168.56p | 30.45p | 3.26p | 33.71p
Adjusted basic earnings per ordinary share | 402.25p | 67.95p | 470.20p | 390.18p | 64.83p | 455.01p
Weighted average number of ordinary shares |  |  |  |  |  |
in issue (thousands) |  |  | 98,905 |  |  | 98,794

Basic earnings per ordinary share is calculated by dividing the profit attributable to owners of the Parent Company
by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by
the Company and held as treasury shares. The adjusted figures for basic earnings per ordinary share (a non-GAAP
financial measure) are intended to demonstrate the results of the Group after eliminating the impact of amortisation
of intangible assets and net exceptionals.
2.10
Discontinued operations continued
DCC plc Annual Report and Accounts 2025
178
Notes to the Financial Statements Continued

| Continuing | Discontinued |  | Continuing | Discontinued |
| operations | operations | Total | operations | operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
Diluted earnings per ordinary share | pence | pence | pence | pence | pence | pence
Diluted earnings per ordinary share | 210.48p | (2.04p) | 208.44p | 276.61p | 53.24p | 329.85p
Amortisation of intangible assets after tax | 84.37p | 8.34p | 92.71p | 82.70p | 8.25p | 90.95p
Exceptionals after tax | 106.75p | 61.54p | 168.29p | 30.42p | 3.27p | 33.69p
Adjusted basic earnings per ordinary share | 401.60p | 67.84p | 469.44p | 389.73p | 64.76p | 454.49p
Weighted average number of ordinary shares |  |  |  |  |  |
in issue (thousands) |  |  | 99,065 |  |  | 98,909

Diluted earnings per ordinary share is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares. Share options and awards are the
Company’s only category of dilutive potential ordinary shares. The adjusted figures for diluted earnings per ordinary
share (a non-GAAP financial measure) are intended to demonstrate the results of the Group after eliminating the
impact of amortisation of intangible assets and net exceptionals.
The earnings used for the purposes of the continuing diluted earnings per ordinary share calculations were
£208.509 million (2024: £273.593 million) and £397.845 million (2024: £385.477 million) for the purposes of the continuing
adjusted diluted earnings per ordinary share calculations.
The earnings used for the purposes of the discontinued diluted earnings per ordinary share calculations were
£2.019 million (loss) (2024: profit of £52.662 million) and £67.207 million (2024: £64.050 million) for the purposes of the
discontinued adjusted diluted earnings per ordinary share calculations.
The weighted average number of ordinary shares used in calculating the diluted earnings per ordinary share for the
year ended 31 March 2025 was 99.065 million (2024: 98.909 million). A reconciliation of the weighted average number
of ordinary shares used for the purposes of calculating the diluted earnings per ordinary share amounts is as follows:

| 2025 | 2024
| ‘000 | ‘000
Weighted average number of ordinary shares in issue | 98,905 | 98,794
Dilutive effect of options and awards | 160 | 115
Weighted average number of ordinary shares for diluted earnings per share | 99,065 | 98,909

Employee share options and awards, which are performance-based, are treated as contingently issuable shares
because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage
of time. These contingently issuable shares are excluded from the computation of diluted earnings per ordinary share
where the conditions governing exercisability would not have been satisfied as at the end of the reporting period if
that were the end of the vesting period.
2.12
Earnings per Ordinary Share continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
179
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 profits. The cost of these
assets primarily represents the amounts originally paid for them. All assets are depreciated over their useful
economic lives.

|  | Plant & | Fixtures, |  |  |
| Land & | machinery | fittings & office | Motor | Capital work |
| buildings | & cylinders | equipment | vehicles | in progress | Total
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Year ended 31 March 2025 |  |  |  |  |  |
Opening net book amount | 409,408 | 693,262 | 172,185 | 65,335 | 90,323 | 1,430,513
Exchange differences and other | (4,408) | (6,710) | (1,032) | (1,152) | (1,421) | (14,723)
Arising on acquisition (note 5.2) | 1,291 | 698 | 974 | 1,200 | 144 | 4,307
Disposal of subsidiary | – | (15,439) | (306) | – | (1,099) | (16,844)
Additions | 16,684 | 110,502 | 26,773 | 20,017 | 37,694 | 211,670
Disposals | (17,682) | (4,144) | (1,400) | (4,371) | (17) | (27,614)
Depreciation charge | (21,041) | (96,533) | (34,249) | (14,697) | – | (166,520)
Impairment charge | – | (620) | (2,469) | – | – | (3,089)
Assets classified as held for sale |  |  |  |  |  |
(note 2.10) | (70,151) | (53,504) | (15,760) | (371) | (15,528) | (155,314)
Reclassification | 18,156 | 11,979 | 4,495 | 1,991 | (36,621) | –
Closing net book amount | 332,257 | 639,491 | 149,211 | 67,952 | 73,475 | 1,262,386
At 31 March 2025 |  |  |  |  |  |
Cost | 448,573 | 1,499,621 | 353,648 | 187,476 | 73,475 | 2,562,793
Accumulated depreciation and impairment losses | (116,316) | (860,130) | (204,437) | (119,524) | – | (1,300,407)
Net book amount | 332,257 | 639,491 | 149,211 | 67,952 | 73,475 | 1,262,386

|  | Plant & | Fixtures, |  |  |
| Land & | machinery | fittings & office | Motor | Capital work |
| buildings | & cylinders | equipment | vehicles | in progress | Total
| £’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 differences and other | (8,584) | (11,011) | (2,272) | (6,257) | (1,655) | (29,779)
Arising on acquisition (note 5.2) | 8,002 | 32,483 | 1,436 | 3,478 | 3,204 | 48,603
Additions | 21,422 | 109,090 | 29,512 | 13,572 | 50,301 | 223,897
Disposals | (706) | (2,965) | (780) | (728) | (339) | (5,518)
Depreciation charge | (19,472) | (89,960) | (33,550) | (14,374) | – | (157,356)
Impairment charge | (919) | (1,770) | (534) | (1) | (916) | (4,140)
Reclassification | 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

DCC plc Annual Report and Accounts 2025
180
Notes to the Financial Statements Continued
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 the Risk Report on pages 76 to 86 and the Sustainability Review on pages 39 to 75. 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 182.
There remains a risk that the useful lives of the assets created by future capital expenditure may differ from current
assumptions. For instance, governments in some of the Group’s operating locations could take measures to restrict
the use of certain fossil-based assets which could affect the estimated useful lives of those assets. However, for the
reasons stated, there were no significant changes in the estimates of useful lives during the current financial year.
3.2
Right-Of-Use Leased Assets
This note details the right-of-use leased assets utilised by the Group to generate revenues and profits. All assets
are depreciated over their lease term.

|  | Plant & | Fixtures, |  |
| Land & | machinery | fittings & office | Motor |
| buildings | & cylinders | equipment | vehicles | Total
| £’000 | £’000 | £’000 | £’000 | £’000
Year ended 31 March 2025 |  |  |  |  |
Opening net book amount | 293,271 | 3,576 | 525 | 52,553 | 349,925
Exchange differences and other | (3,838) | (72) | (69) | (279) | (4,258)
Arising on acquisition (note 5.2) | 2,945 | – | 12 | 386 | 3,343
Disposal of subsidiary | (7,552) | – | – | – | (7,552)
Additions | 53,086 | 3,183 | 7,917 | 22,202 | 86,388
Terminations | (1,399) | (92) | (383) | (702) | (2,576)
Depreciation charge | (58,914) | (1,352) | (1,652) | (25,481) | (87,399)
Impairment charge | (384) | – | – | – | (384)
Assets classified as held for sale |  |  |  |  |
(note 2.10) | (32,745) | (2,066) | (278) | (4,366) | (39,455)
Closing net book amount | 244,470 | 3,177 | 6,072 | 44,313 | 298,032
Year ended 31 March 2024 |  |  |  |  |
Opening net book amount | 285,119 | 4,299 | 958 | 45,845 | 336,221
Exchange differences and other | (5,448) | (339) | (421) | 4,383 | (1,825)
Arising on acquisition (note 5.2) | 7,618 | 140 | 93 | 2,712 | 10,563
Additions | 68,840 | 1,138 | 334 | 24,375 | 94,687
Terminations | (3,183) | (16) | (17) | (635) | (3,851)
Depreciation charge | (56,643) | (1,646) | (422) | (24,127) | (82,838)
Impairment charge | (3,032) | – | – | – | (3,032)
Closing net book amount | 293,271 | 3,576 | 525 | 52,553 | 349,925

3.1
Property, Plant and Equipment continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
181
3.3
Intangible Assets and Goodwill
The Group Balance Sheet contains significant intangible assets and goodwill. Goodwill, customer and supplier
relationships and brands can arise on the acquisition of a business. Goodwill arises when we pay an amount
which is higher than the fair value of the net assets acquired (primarily due to expected synergies). This goodwill
is not amortised but is subject to annual impairment reviews whereas customer and supplier relationships and
brands are amortised over their useful economic lives.

|  | Customer & |  |
|  | supplier related | Brand related |
| Goodwill | intangibles | intangibles | Total
| £’000 | £’000 | £’000 | £’000
Year ended 31 March 2025 |  |  |  |
Opening net book amount | 2,190,147 | 708,551 | 238,247 | 3,136,945
Exchange differences | (30,638) | (13,513) | (5,007) | (49,158)
Arising on acquisition (note 5.2) | 137,893 | 85,410 | 4,400 | 227,703
Disposal of subsidiary | (54,407) | (56,066) | – | (110,473)
Adjustments to contingent consideration (note 3.16) | (25,892) | – | – | (25,892)
Amortisation charge | – | (105,308) | (12,848) | (118,156)
Impairment charge | (79,619) | – | – | (79,619)
Assets classified as held for sale (note 2.10) | (420,800) | (130,822) | (16,225) | (567,847)
Closing net book amount | 1,716,684 | 488,252 | 208,567 | 2,413,503
At 31 March 2025 |  |  |  |
Cost | 1,803,884 | 1,100,952 | 277,444 | 3,182,280
Accumulated amortisation and impairment losses | (87,200) | (612,700) | (68,877) | (768,777)
Net book amount | 1,716,684 | 488,252 | 208,567 | 2,413,503

|  | Customer & |  |
|  | supplier related | Brand related |
| Goodwill | intangibles | intangibles | Total
| £’000 | £’000 | £’000 | £’000
Year ended 31 March 2024 |  |  |  |
Opening net book amount | 2,029,620 | 727,365 | 200,644 | 2,957,629
Exchange differences | (43,902) | (18,190) | (5,910) | (68,002)
Arising on acquisition (note 5.2) | 222,171 | 102,859 | 54,105 | 379,135
Adjustments to contingent consideration (note 3.16) | (17,742) | – | – | (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 and supplier related intangible assets principally comprise contractual and non-contractual customer and
supplier relationships arising from business combinations and are amortised over their estimated useful lives. The
weighted average remaining amortisation period for customer related intangibles is 9.0 years (continuing operations:
7.2 years) (2024: 10.5 years). Brand related intangible assets comprise registered trade names and logos which are well
established and recognised within the industries in which the Group operates. The weighted average remaining
amortisation period for brand related intangibles is 21.2 years (continuing operations: 21.5 years) (2024: 22.2 years).
There are no internally generated brand related intangibles recognised on the Group Balance Sheet.
DCC plc Annual Report and Accounts 2025
182
Notes to the Financial Statements Continued
In accordance with IAS 38 Intangible Assets, details of individually significant intangible assets and their remaining
amortisation periods are as follows:

At 31 March 2025 |  |  |  |  |
|  | Customer & |  |  |
|  | supplier related | Remaining | Brand related | Remaining
|  | intangibles | amortisation | intangibles | amortisation
CGU | Segment | £’000 | period in years | £’000 | period in years
Butagaz | DCC Energy | 75,581 | 4.8 years | 106,526 | 29.6 years
Exertis North America | DCC Technology | 118,233 | 6.4 years | 1,297 | 13.4 years
DCC Propane | DCC Energy | 66,835 | 7.6 years | 27,354 | 13.2 years
Energy Solutions Germany | DCC Energy | 53,844 | 11.3 years | 37,399 | 13.6 years
Others |  | 173,759 |  | 35,991 |
|  | 488,252 |  | 208,567 |
Discontinued operations |  | 130,822 |  | 16,225 |
Closing net book amount |  | 619,074 |  | 224,792 |

At 31 March 2024 |  |  |  |  |
|  | Customer & |  |  |
|  | supplier related | Remaining | Brand related | Remaining
|  | intangibles | amortisation | intangibles | amortisation
CGU | Segment | £’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 |

CASH-GENERATING UNITS
Goodwill acquired in business combinations is allocated, at acquisition, to the cash-generating units (‘CGUs’) that
are expected to benefit from that business combination. A CGU is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The
CGUs represent the lowest level within the Group at which the associated goodwill is assessed for internal
management purposes and are not larger than the operating segments determined in accordance with IFRS 8
Operating Segments.
A total of 30 CGUs (2024: 32 CGUs) have been identified and these are analysed between the Group’s operating
segments below together with a summary of the allocation of the carrying value of goodwill by segment.

| Cash-generating units |  |  | Goodwill
| 2025 | 2024 | 2025 | 2024
| number | number | £’000 | £’000
DCC Energy | 16 | 17 | 1,453,844 | 1,422,918
DCC Technology | 7 | 8 | 262,840 | 336,789
| 23 | 25 | 1,716,684 | 1,759,707
Discontinued operations | 7 | 7 | 420,800 | 430,440
| 30 | 32 | 2,137,484 | 2,190,147

As announced on 12 November 2024, the Group is integrating the operations of DCC Technology’s North American
operations in order to drive financial and operational improvements. This process will involve the integration of the
Group’s Almo and Jam businesses in North America. Management considered the new management structures,
independence of cash flows, how performance will be monitored, shared IT platforms and ongoing synergies. Arising
from this review, Management have identified a new CGU “Exertis North America” which consolidates the Group’s
former Almo and Jam CGUs. The comparative data in the table overleaf has been adjusted accordingly.
3.3
Intangible Assets and Goodwill continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
183
In accordance with IAS 36 Impairment of Assets, the CGUs to which significant amounts of goodwill have been
allocated are as follows:

|  | 2025 | 2024
CGU | Segment | £’000 | £’000
Certas Energy UK Group | DCC Energy | 413,822 | 377,474
Butagaz | DCC Energy | 257,355 | 236,953
Mobility Continental Europe | DCC Energy | 151,120 | 156,242
Exertis North America | DCC Technology | 184,866 | 183,765
DCC Propane | DCC Energy | 126,765 | 129,396
Others |  | 582,756 | 675,877
|  | 1,716,684 | 1,759,707
Discontinued operations |  | 420,800 | 430,440
Closing net book amount |  | 2,137,484 | 2,190,147

For the purpose of impairment testing, the before-tax discount rates applied to these CGUs to which significant
amounts of goodwill have been allocated were 10.8% (2024: 10.4%) for the Certas Energy UK Group, Butagaz, Mobility
Continental Europe and DCC Propane, and 12.2% (2024: 11.8%) for Exertis North America. The long-term growth rates
assumed for the Certas Energy UK Group was 1.3%, a long-term growth rate of 2.1% was assumed for Exertis North
America and DCC Propane and a long-term growth rate of 1.3% was assumed for Mobility Continental Europe. No
growth was assumed for Butagaz. The remaining goodwill balance of £582.756 million is allocated across 18 CGUs
(2024: £675.877 million across 19 CGUs), none of which are individually significant, and the before-tax discount rates
applied to these CGUs were in the range 10.8% to 12.2% (2024: 10.4% to 11.8%).
IMPAIRMENT TESTING OF GOODWILL
Goodwill acquired through business combinations has been allocated to CGUs for the purpose of impairment testing.
Impairment of goodwill occurs when the carrying value of a CGU is greater than the present value of the cash that it
is expected to generate (i.e. the recoverable amount). The Group reviews the carrying value of each CGU at least
annually or more frequently if there is an indication that the CGU may be impaired.
The recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for
this computation are based on divisional forecasts that have been formally approved by the Board of Directors and
specifically excludes future acquisition activity. These cash flow forecasts are consistent with those used for the
Group’s going concern and viability assessments. Cash flows are forecasted up to 5 years using the assumptions
underlying the divisional forecasts. Cash flow forecasts include consideration of past performance along with
reflecting management’s best estimates of future developments in each of the Group’s markets. Net cash flows
include consideration of the estimated capital expenditure required to achieve the Group’s 2030 and 2050 emissions
commitments. A long-term growth rate reflecting the lower of the extrapolated cash flow projections and the
long-term GDP rate for the country of operation is applied to the year five cash flows. The weighted average
long-term growth rate used in the impairment testing was 1.4% (2024: 1.4%).
The assumptions behind the cash flow projections also take account of the the Group’s assessment of the transitional
and physical impacts of climate change on its operations that are described in the Sustainability Review on pages 54
and 55.
In relation to transitional risks, the assessment considered the impact of changing societal responses to climate
change on our energy activities in a number of scenarios, including one consistent with 1.5°C warming by 2050. The
assessment considered that while there will be evolution in the legal environment, the pace of technological change
and the introduction of new forms of energy, which may see a reduction in demand for fossil fuels over the medium to
long-term, there is also a significant opportunity available to our energy businesses to support existing and new
customers as they reduce their use of fossil fuels over the coming decades. In particular, our energy businesses can
add to the range of products and services that we offer while continuing to use the assets that we currently own.
In relation to physical risks, such as increased frequency of extreme weather events, the Group’s risk assessment
considered the impacts of climate change on certain of the Group’s assets in an adverse 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 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.
3.3
Intangible Assets and Goodwill continued
DCC plc Annual Report and Accounts 2025
184
Notes to the Financial Statements Continued
Having assessed these scenarios the Group continues to conclude that, while climate change is an existing and
evolving risk, it does not warrant any amendments to the assumptions used in the Group’s impairment testing.
A present value of the future cash flows is calculated using a before-tax discount rate representing the Group’s
estimated before-tax weighted average cost of capital, adjusted to reflect risks associated with each CGU. The
range of discount rates applied ranged from 10.8% to 12.2% (2024: 10.4% to 11.8%).
Key assumptions include management’s estimates of future profitability, working capital movements and capital
expenditure and disposal proceeds on property, plant and equipment. Cash flow forecasts and key assumptions are
generally determined based on historical performance together with management’s expectation of future trends
affecting the industry and other developments and initiatives in the business.
Applying these techniques, an impairment charge arose in 2025 of £79.619 million (2024: nil). This impairment charge
arose primarily in relation to the Exertis UK business which is part of the Group’s Technology division. While trading in
the business has improved in recent years, the recovery to historic levels has taken longer than anticipated. Given the
longer recovery trajectory and market conditions showing little signs of improving in the UK, the goodwill in this CGU
was reduced by £73.835 million as determined by a value in use computation using a pre-tax discount rate of 12.2%. In
addition, as detailed in note 2.10 the Group signed an exclusivity agreement in April 2025 for the sale of the Exertis
France consumer product business and Exertis Iberia. This disposal is subject to regulatory approvals and is expected
to give rise to a non-cash goodwill impairment loss of £5.784 million which has been provided for in the current year.
SENSITIVITY ANALYSIS
Sensitivity analysis was performed by increasing the discount rate by 1%, reducing the long-term growth rate by
0.3% and decreasing cash flows by 10% which resulted in an excess in the recoverable amount of all CGUs over their

carrying amount under each approach. Management believes that any reasonable change in any of the key
assumptions would not cause the carrying value of goodwill to exceed the recoverable amount.

3.4
Equity Accounted Investments
Equity accounted investments represent the Group’s interests in certain entities where we exercise significant
influence and generally have an equity holding of up to 50%.

| 2025 | 2024
| £’000 | £’000
At 1 April | 32,825 | 47,789
Share of profit after tax | 3,392 | 604
Acquisition of equity accounted investments | 35,346 | 5,530
Disposals | – | (18,224)
Dividends received | (857) | (1,261)
Exchange and other | 722 | (1,613)
At 31 March | 71,428 | 32,825

The acquisition of equity accounted investments in the current year of £35.346 million comprises the non-controlling
interest retained on the disposal of the group’s liquid gas business in Hong Kong & Macau (note 2.6).
Investments in associates at 31 March 2025 include goodwill and intangible assets of £56.919 million (2024:
£18.553 million).
Summarised financial information for the Group’s share of its investment in associates which are accounted for using
the equity method is as follows:

| 2025 | 2024
| £’000 | £’000
Non-current assets | 124,288 | 49,650
Current assets | 36,929 | 21,050
Non-current liabilities | (57,689) | (17,101)
Current liabilities | (32,100) | (20,774)
| 71,428 | 32,825

Details of the Group’s principal associates are included in the Group Directory on page 241.
3.3
Intangible Assets and Goodwill continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
185
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 finished goods, net of an allowance for obsolescence.

| 2025 | 2024
| £’000 | £’000
Raw materials | 22,712 | 67,962
Work in progress | 14,299 | 8,683
Finished goods | 903,148 | 995,416
| 940,159 | 1,072,061

Write-downs of inventories recognised as an expense within cost of sales amounted to £4.803 million (2024:
£14.670 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.

| 2025 | 2024
| £’000 | £’000
Trade receivables | 1,590,328 | 1,782,513
Allowance for impairment of trade receivables | (107,216) | (86,025)
Prepayments and accrued income | 331,837 | 346,327
Value-added tax recoverable | 28,939 | 28,510
Other debtors | 131,556 | 101,097
| 1,975,444 | 2,172,422

Information about the Group’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
| 2025 | 2024 | 2025 | 2024
| £’000 | £’000 | £’000 | £’000
Not overdue | 1,245,696 | 1,440,447 | 1,226,678 | 1,422,526
Less than 1 month overdue | 194,623 | 197,862 | 190,914 | 190,931
1 – 3 months overdue | 81,149 | 83,696 | 50,587 | 69,836
3 – 6 months overdue | 20,425 | 26,004 | 13,257 | 11,801
Over 6 months overdue | 48,435 | 34,504 | 1,676 | 1,394
| 1,590,328 | 1,782,513 | 1,483,112 | 1,696,488

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

| 2025 | 2024
| £’000 | £’000
At 1 April | 86,025 | 73,110
Allowance for impairment recognised in the year | 35,956 | 25,242
Subsequent recovery of amounts previously provided for | (2,045) | (791)
Amounts written off during the year | (10,617) | (17,363)
Arising on acquisition | 2,243 | 7,311
Disposal of subsidiary | (1,598) | –
Exchange | (1,281) | (1,484)
Provision for impairment of trade receivables attributable to assets held for sale | (1,467) | –
At 31 March | 107,216 | 86,025

DCC plc Annual Report and Accounts 2025
186
Notes to the Financial Statements Continued
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.

| 2025 | 2024
| £’000 | £’000
Trade payables | 1,715,189 | 1,953,551
Other creditors and accruals | 863,565 | 935,151
PAYE and National Insurance or equivalent | 24,988 | 24,896
Value-added tax | 110,404 | 101,531
Government grants (note 3.18) | 23 | 36
Interest payable | 35,154 | 21,369
Amounts due in respect of property, plant and equipment | 13,858 | 17,574
| 2,763,181 | 3,054,108

3.8
Movement in Working Capital
Working capital represents the net of inventories, trade and other receivables and trade and other payables. This
note details the overall movement in the year under each of these headings.

|  | Trade | Trade |
|  | and other | and other |
| Inventories | receivables | payables | Total
| £’000 | £’000 | £’000 | £’000
Year ended 31 March 2025 |  |  |  |
At 1 April 2024 | 1,072,061 | 2,172,422 | (3,054,108) | 190,375
Translation adjustment | (15,325) | (26,884) | 32,996 | (9,213)
Arising on acquisition (note 5.2) | 29,548 | 42,973 | (42,751) | 29,770
Disposal of subsidiary | (2,180) | (12,956) | 10,098 | (5,038)
Exceptional items, interest accruals, capital accruals |  |  |  |
and other | (17,172) | (49,828) | 36,565 | (30,435)
(Decrease)/increase in working capital (note 5.3) | (15,055) | (17,485) | 126,303 | 93,763
Assets and liabilities classified as held for sale (note 2.10) | (111,718) | (132,798) | 127,716 | (116,800)
At 31 March 2025 | 940,159 | 1,975,444 | (2,763,181) | 152,422
Year ended 31 March 2024 |  |  |  |
At 1 April 2023 | 1,192,803 | 2,312,269 | (3,279,898) | 225,174
Translation adjustment | (21,684) | (43,565) | 57,932 | (7,317)
Arising on acquisition (note 5.2) | 23,708 | 59,945 | (61,022) | 22,631
Exceptional items, interest accruals, capital accruals |  |  |  |
and other | – | 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

Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
187
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.

| 2025 | 2024
| £’000 | £’000
Cash at bank and in hand | 632,087 | 684,991
Short-term deposits | 456,088 | 424,455
| 1,088,175 | 1,109,446

Cash at bank earns interest at floating rates based on daily bank deposit rates. The short-term deposits, which
include bank and money market deposits, are for periods up to three months and earn interest at the respective
short-term deposit rates. Cash and cash equivalents include the following for the purposes of the Group Cash
Flow Statement:

| 2025 | 2024
| £’000 | £’000
Cash and short-term deposits | 1,088,175 | 1,109,446
Bank overdrafts | (31,084) | (36,600)
Cash and short-term deposits attributable to assets held for sale (note 2.10) | 62,338 | –
| 1,119,429 | 1,072,846

Bank overdrafts are included within current borrowings (note 3.11) in the Group Balance Sheet.
3.10
Derivative Financial Instruments
Derivatives are financial instruments that derive their value from the price of underlying items such as interest
rates, foreign exchange rates, commodities or other indices. This note details the derivative financial instruments
used by the Group to hedge certain risk exposures arising from operational, financing and investment activities.
These derivatives are held at fair value.

| Contractual |  | Carrying amount
At 31 March 2025 | notional amount | Asset | Liability
Derivatives designated as cash flow or fair value hedges: |  |  |
Cash flow hedges |  |  |
Cross currency interest rate swaps | 256,380 | 38,337 | –
Forward foreign exchange contracts | 124,100 | 620 | (439)
Commodity price forward contracts | 340,576 | 10,071 | (9,705)
Fair value hedges |  |  |
Interest rate swaps | 307,111 | – | (16,869)
|  | 49,028 | (27,013)
Derivatives not designated as cash flow or fair value hedges: |  |  |
Currency Swaps | 461,541 | 433 | (2,825)
Forward foreign exchange contracts | 13,730 | 276 | (22)
Commodity price forward contracts | 58,166 | 455 | (712)
|  | 1,164 | (3,559)
|  | 50,192 | (30,572)
Analysed as: |  |  |
Non-current asset/(liability) |  | 24,871 | (19,224)
Current asset/(liability) |  | 25,321 | (11,348)
|  | 50,192 | (30,572)

DCC plc Annual Report and Accounts 2025
188
Notes to the Financial Statements Continued

| Contractual |  | Carrying amount
At 31 March 2024 | notional amount | Asset | Liability
Derivatives designated as cash flow or fair value hedges: |  |  |
Cash Flow Hedges |  |  |
Cross currency interest rate swaps | 188,190 | 45,377 | –
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 | –
|  | 96,343 | (46,690)
Derivatives not designated as cash flow or fair value hedges: |  |  |
Currency Swaps | 21,859 | 143 | (382)
Forward foreign exchange contracts | 11,490 | 25 | (1)
Commodity price forward contracts | 43,667 | 1,313 | (1,377)
|  | 1,481 | (1,760)
|  | 97,824 | (48,450)
Analysed as: |  |  |
Non-current asset/(liability) |  | 42,760 | (27,536)
Current asset/(liability) |  | 55,064 | (20,914)
|  | 97,824 | (48,450)

The tables below shows the effects of hedge accounting on the statement of comprehensive income:

|  |  |  | Hedge ineffectiveness
|  |  | Change in value used for | recognised in
| Net carrying amount |  | calculating hedge ineffectiveness | Income Statement
Derivatives designated as cash flow | included in derivative | Hedging |  |
or fair value hedges at March 2025: | financial instruments | instrument | Hedged item | Net finance costs
Cash Flow Hedges |  |  |  |
Cross currency interest rate swaps | 38,337 | (6,392) | 6,392 | –
Forward foreign exchange contracts | 181 | 794 | (794) | –
Commodity price forward contracts | 366 | 23,162 | (23,162) | –
| 38,884 | 17,564 | (17,564) | –
Fair Value Hedges |  |  |  |
Interest rate swaps | (16,869) | 8,877 | (9,109) | (232)
Cross currency interest rate swaps | – | (40,679) | 40,571 | (108)
| (16,869) | (31,802) | 31,462 | (340)

|  |  |  | Hedge ineffectiveness
|  |  | Change in value used for | recognised in
| Net carrying amount |  | calculating hedge ineffectiveness | Income Statement
Derivatives designated as cash flow | included in derivative | Hedging |  |
or fair value hedges at March 2024: | financial instruments | instrument | Hedged item | Net finance costs
Cash Flow Hedges |  |  |  |
Cross currency interest rate swaps | 45,377 | (3,375) | 3,375 | –
Forward foreign exchange contracts | 608 | 1,854 | (1,854) | –
Commodity price forward contracts | (10,980) | (106,554) | 106,554 | –
| 35,005 | (108,075) | 108,075 | –
Fair Value Hedges |  |  |  |
Interest rate swaps | (26,035) | 8,898 | (9,378) | (480)
Cross currency interest rate swaps | 40,683 | (41,561) | 41,168 | (393)
| 14,648 | (32,663) | 31,790 | (873)

3.10
Derivative Financial Instruments continued
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189
The effects of fair value hedges on hedged items are as follows:

| Financial |  | Hedge
| Statement line |  | ineffectiveness
| item that includes |  | recognised in
| hedged item | Carrying amount | Income Statement
Year ended 31 March 2025 |  |  |
Fair Value Hedges |  |  |
Interest rate swaps | Borrowings | (290,043) | (232)
Cross currency interest rate swaps | Borrowings | – | (108)
|  | (290,043) | (340)
Year ended 31 March 2024 |  |  |
Fair Value Hedges |  |  |
Interest rate swaps | Borrowings | (388,354) | (480)
Cross currency interest rate swaps | Borrowings | (187,526) | (393)
|  | 575,880 | (873)

The full fair value of a hedging derivative is classified as a non-current asset or non-current liability if the remaining
maturity of the hedged item is more than 12 months and as a current asset or current liability if the maturity of the
hedged item is less than 12 months.
INTEREST RATE SWAPS
At 31 March 2025, the fixed interest rates vary from 1.96% to 2.86% and the floating rates are based on sterling SONIA
and EURIBOR.
CROSS CURRENCY INTEREST RATE SWAPS
The Group utilises cross currency interest rate swaps to swap fixed rate US dollar denominated debt into fixed rate
sterling debt and fixed rate euro debt. At 31 March 2025 the fixed US dollar interest rates vary from 4.19% to 4.78% and
the average swapped fixed rates for sterling and euro were 4.47% and 3.74% respectively. These swaps are
designated as cash flow hedges under IAS 39.
The Group utilises a cross currency interest rate swap to swap fixed rate sterling denominated debt into fixed rate
euro debt. At 31 March 2025 the fixed sterling interest rate is 5.60% and the swapped fixed rate for euro Is 4.38%. This
swap is designated as a cash flow hedge under IAS 39.
CURRENCY SWAPS
During the year ended 31 March 2025, the Group entered into currency swaps to manage currency risk related to the
funding of certain acquisitions.
FORWARD FOREIGN EXCHANGE CONTRACTS
Gains and losses recognised in the cash flow hedge reserve in equity (note 4.2) at 31 March 2025 on forward foreign
exchange contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at
various dates up to 12 months after the reporting date.
COMMODITY PRICE FORWARD CONTRACTS
Gains and losses recognised in the cash flow hedge reserve in equity (note 4.2) at 31 March 2025 on forward
commodity contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at
various dates up to 5 years after the reporting date.
3.10
Derivative Financial Instruments continued
DCC plc Annual Report and Accounts 2025
190
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.

| 2025 | 2024
| £’000 | £’000
Non-current |  |
Unsecured Notes | 1,849,217 | 1,540,570
Bank borrowings | – | 34,205
Total borrowings | 1,849,217 | 1,574,775
Lease creditors (note 3.12) | 249,726 | 284,856
Total non-current borrowings and lease creditors | 2,098,943 | 1,859,631
Current |  |
Unsecured Notes | 85,741 | 332,143
Bank borrowings | 31,084 | 36,600
Total borrowings | 116,825 | 368,743
Lease creditors (note 3.12) | 64,245 | 77,527
Total current borrowings and lease creditors | 181,070 | 446,270
Total borrowings and lease creditors | 2,280,013 | 2,305,901

The maturity of non-current borrowings is as follows:

| 2025 | 2024
| £’000 | £’000
Between 1 and 2 years | 263,767 | 147,901
Between 2 and 5 years | 780,810 | 867,730
Over 5 years | 1,054,366 | 844,000
| 2,098,943 | 1,859,631

BANK BORROWINGS
Interest on bank borrowings is at floating rates set in advance for periods ranging from overnight to six months by
reference to inter-bank interest rates (EURIBOR, sterling SONIA and US$ SOFR) and consequently fair value
approximates carrying amounts.
The Group has a £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 £800 million remained undrawn at 31 March 2025. The Group had various other
uncommitted bank facilities available at 31 March 2025.
UNSECURED NOTES
The Group’s Unsecured Notes which fall due between 2025 and 2034 are comprised of fixed rate debt of
US$111.0 million issued in 2013 and maturing in 2025 (the ‘2025 Notes’), fixed rate debt of US$167.0 million issued in 2014
and maturing in 2026 and 2029 (the ‘2026/29 Notes’), fixed rate debt of £127.5 million and €215.0 million issued in
September 2017 and maturing in 2027 and 2029 (the ‘2027/29 Notes’), floating rate debt of €115.0 million issued in
September 2017 and maturing in 2027 and 2029 (the ‘2027/29 Notes’), fixed 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’), fixed 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 floating rate debt of US$100.0 million issued in December 2022 and maturing in 2028 and
2032 (the ‘2028/32 Notes’).
In June 2024 the Group established a Euro Medium Term Note (EMTN) programme and issued its inaugural public
market debt instrument, a fixed rate €500 million seven-year senior unsecured bond maturing in 2031 (the
‘2031 Notes’).
Of the 2025 Notes denominated in US dollars, $66.0 million has been swapped (using cross currency interest rate
swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates and $45.0 million has been
swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to
fixed sterling rates.
Governance Financial Statements Supplementary InformationStrategic Report
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191
Of the 2026/29 Notes denominated in US dollars, $87.0 million has been swapped (using cross currency interest rate
swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates, $52.0 million has been
swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to
fixed sterling rates.
The 2027/29 Notes denominated in sterling have been swapped (using interest rate swaps designated as fair value
hedges under IAS 39) to floating sterling rates, repricing half yearly based on sterling SONIA. Of the 2027/29 Notes
denominated in euro, €215.0 million has been swapped (using interest rate swaps designated as fair value hedges
under IAS 39) to floating euro rates, repricing half yearly based on EURIBOR. The remaining 2027/29 Notes are at
floating euro rates, repricing half yearly based on EURIBOR.
The 2026/29/31/34 Notes and 2028/30/32 Notes have not been swapped.
The 2028/32 Notes are at floating US rates, repricing quarterly based on SOFR.
The maturity and interest profile of the Unsecured Notes is as follows:

| 2025 | 2024
Average maturity | 4.8 years | 4.5 years
Average fixed interest rates*: |  |
– US$ denominated | 5.29% | 5.16%
– sterling denominated | 3.87% | 4.04%
– euro denominated | 3.49% | 2.26%
Average floating rate including swaps: |  |
– US$ denominated | 6.66% | 7.66%
– sterling denominated | 6.64% | 7.16%
– euro denominated | 3.60% | 5.27%

* Issued and repayable at par.
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 2025 is as follows:

| 2025 | 2024
| £’000 | £’000
At 1 April | 362,383 | 346,546
Exchange differences | (4,423) | (6,788)
Additions | 88,474 | 98,892
Terminations | (3,645) | (4,029)
Arising on acquisition (note 5.2) | 3,343 | 9,949
Disposal of subsidary | (3,983) | –
Lease repayments | (98,886) | (93,673)
Lease interest (note 2.7) | 12,881 | 11,486
Lease creditors attributable to assets held for sale (note 2.10) | (42,173) | –
At 31 March | 313,971 | 362,383

3.11
Borrowings and Lease Creditors continued
DCC plc Annual Report and Accounts 2025
192
Notes to the Financial Statements Continued
An analysis of the maturity profile of the discounted lease creditor arising from the Group’s leasing activities as at
31 March 2024 is as follows:

| 2025 | 2024
| £’000 | £’000
Within one year | 64,245 | 77,527
Between one and two years | 50,473 | 60,105
Between two and five years | 97,736 | 111,929
Over five years | 101,517 | 112,822
At 31 March | 313,971 | 362,383
Analysed as: |  |
Non-current liabilities | 249,726 | 284,856
Current liabilities | 64,245 | 77,527
| 313,971 | 362,383

The Group has availed of the exemption from capitalising lease costs for short-term leases and low-value assets
where the relevant criteria are met. Wholly variable lease payments directly linked to sales or usage are also
expensed as incurred. The following lease costs have been charged to the Income Statement as incurred:

|  | 2025 |  |  | 2024 |
| Continued | Discontinued |  | Continued | Discontinued |
| operations | operations | Total | operations | operations | Total
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Short-term leases | 6,205 | 659 | 6,864 | 4,297 | 910 | 5,207
Leases of low-value assets | 458 | 24 | 482 | 443 | 41 | 484
Wholly variable lease payments | 56,471 | – | 56,471 | 66,682 | – | 66,682
Total | 63,134 | 683 | 63,817 | 71,422 | 951 | 72,373

The total cash outflow for lease payments during the period was as follows:

|  | 2025 |  |  | 2024 |
| Continued | Discontinued |  | Continued | Discontinued |
| operations | operations | Total | operations | operations | Total
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Cash outflow for short-term leases, leases of low value assets and wholly variable lease payments | 63,134 | 683 | 63,817 | 71,422 | 951 | 72,373
Lease payments relating to capitalised right-of-use leased |  |  |  |  |  |
assets | 86,832 | 12,054 | 98,886 | 82,133 | 11,540 | 93,673
Total cash outflow for lease payments | 149,966 | 12,737 | 162,703 | 153,555 | 12,491 | 166,046

Lease commitments for short-term leases at the Balance Sheet date are not materially different to the short-term
lease costs expensed during the year.
The Group’s business model is that of a distributor and, therefore, maintaining flexibility in the Group’s cost base is of
significant 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.
3.12
Lease Creditors continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
193
There are no other significant factors that can influence the variability of the Group’s variable lease payments other
than those mentioned above.
The effect of excluding future cash outflows arising from termination options and leases not yet commenced from
lease creditors was not material for the Group. Income from subleasing and gains/losses on sales and leaseback
transactions were not material for the Group.
3.13
Analysis of Net Debt
Net debt is a key metric of the Group and represents cash and cash equivalents less borrowings, derivative
financial instruments and lease creditors.
RECONCILIATION OF OPENING TO CLOSING NET DEBT
The reconciliation of opening to closing net debt for the year ended 31 March 2025 is as follows:

|  |  |  | Fair value adjustment |  |
| At 1 April | Cash/debt | Income | Cash Flow | Translation | At 31 March
| 2024 | movements | Statement | Hedge Reserve | adjustment | 2025
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Cash and short-term deposits | 1,109,446 | 57,745 | – | – | (16,678) | 1,150,513
Overdrafts | (36,600) | 5,252 | – | – | 264 | (31,084)
| 1,072,846 | 62,997 | – | – | (16,414) | 1,119,429
Bank loans and loan notes | (34,205) | 33,181 | – | – | 1,024 | –
Unsecured Notes | (1,872,713) | (93,391) | (10,913) | – | 42,059 | (1,934,958)
Derivative financial instruments | 49,374 | (52,045) | 10,573 | 14,932 | (3,214) | 19,620
Group net debt (excl. lease creditors) | (784,698) | (49,258) | (340) | 14,932 | 23,455 | (795,909)
Lease creditors | (362,383) | 1,816 | – | – | 4,423 | (356,144)
Group net debt (incl. cash attributable to assets classified as held for sale) | (1,147,081) | (47,442) | (340) | 14,932 | 27,878 | (1,152,053)
Group net debt (excl. cash attributable to assets classified as held for sale) | (1,156,908) | (57,454) | (340) | 14,932 | 27,552 | (1,172,218)

The reconciliation of opening to closing net debt for the year ended 31 March 2024 is as follows:

|  |  |  | Fair value adjustment |  |
| At 1 April | Cash/debt | Income | Cash Flow | Translation | At 31 March
| 2023 | movements | Statement | Hedge Reserve | adjustment | 2024
| £’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 financial instruments (net) | 65,531 | (67,474) | 12,026 | 39,594 | (303) | 49,374
Group net debt (excl. lease creditors) | (767,335) | (72,657) | (873) | 39,594 | 16,573 | (784,698)
Lease creditors | (346,546) | (22,625) | – | – | 6,788 | (362,383)
Group net debt (incl. lease creditors) | (1,113,881) | (95,282) | (873) | 39,594 | 23,361 | (1,147,081)

3.12
Lease Creditors continued
DCC plc Annual Report and Accounts 2025
194
Notes to the Financial Statements Continued
CURRENCY PROFILE
The currency profile of net debt (excluding cash/debt attributable to assets held for sale) is as follows:

| Cash and cash | Borrowings and |  |
| equivalents | lease creditors* | Derivatives | Total
| £’000 | £’000 | £’000 | £’000
At 31 March 2025 |  |  |  |
Euro | 485,288 | (904,327) | 11,646 | (407,393)
Sterling | 177,921 | (301,217) | 7,420 | (115,876)
US dollar | 196,847 | (1,030,962) | 403 | (833,712)
Danish krone | 85,951 | (14,848) | 121 | 71,224
Swedish krona | 83,576 | (8,633) | – | 74,943
Norwegian krone | 47,630 | (16,417) | 3 | 31,216
Other | 10,962 | (3,609) | 27 | 7,380
At 31 March 2025 | 1,088,175 | (2,280,013) | 19,620 | (1,172,218)
At 31 March 2024 |  |  |  |
Euro | 363,766 | (894,903) | 35,293 | (495,844)
Sterling | 315,144 | (514,518) | 14,544 | (184,830)
US dollar | 214,513 | (841,177) | 698 | (625,966)
Danish krone | 64,979 | (15,217) | (1,164) | 48,598
Swedish krona | 78,724 | (11,558) | – | 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)

* Euro, sterling and US dollar borrowings reflect the cross currency interest rate swaps referred to in note 3.10.
INTEREST RATE PROFILE
Cash and cash equivalents at 31 March 2025 and 31 March 2024 have maturity periods up to three months (note 3.9).
Bank borrowings are at floating interest rates for periods up to six months while the Group’s Unsecured Notes due
2025 to 2034 comprises debt swapped to a combination of fixed rates and floating rates which reset on a quarterly
and semi-annual basis, and debt at fixed rates which has not been swapped.
3.13
Analysis of Net Debt continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
195
3.14
Deferred Income Tax
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future as a result of
differences in the accounting and tax bases of assets and liabilities.
The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by
the Group for the year ended 31 March 2025:

|  |  |  |  |  | Short-term |
| Property, |  |  | Retirement | Derivative | temporary |
| plant and | Intangible | Tax losses | benefit | financial | differences |
| equipment | assets | and credits | obligations | instruments | and other | Total
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
At 1 April 2024 | 47,900 | 217,306 | (12,318) | (233) | (4,497) | (43,199) | 204,959
Consolidated Income Statement | 3,056 | (27,368) | (1,557) | 248 | (71) | (14,523) | (40,215)
Recognised in Other Comprehensive Income | – | – | – | (28) | 5,140 | – | 5,112
Arising on acquisition (note 5.2) | 107 | 22,796 | (366) | – | – | 361 | 22,898
Disposal of subsidiary | (1,683) | (9,251) | – | – | – | – | (10,934)
Exchange differences and other Deferred tax attributable to assets | 33 | (4,306) | 278 | 20 | – | 730 | (3,245)
held for sale (note 2.10) | (4,503) | (37,792) | 11 | (364) | – | 576 | (42,072)
At 31 March 2025 | 44,910 | 161,385 | (13,952) | (357) | 572 | (56,055) | 136,503
Analysed as: |  |  |  |  |  |  |
Deferred tax asset | (4,301) | (132) | (14,091) | (2,935) | – | (65,987) | (87,446)
Deferred tax liability | 49,211 | 161,517 | 139 | 2,578 | 572 | 9,932 | 223,949
| 44,910 | 161,385 | (13,952) | (357) | 572 | (56,055) | 136,503

The following is an analysis of the movement in the major categories of deferred tax liabilities/(assets) recognised by
the Group for the year ended 31 March 2024:

|  |  |  |  |  | Short-term |
| Property, |  |  | Retirement | Derivative | temporary |
| plant and | Intangible | Tax losses | benefit | financial | differences |
| equipment | assets | and credits | obligations | instruments | and other | Total
| £’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 differences 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

Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised.
In particular, significant judgement is used when assessing the extent to which deferred tax assets should be
recognised, with consideration given to the timing and level of future taxable income in the relevant jurisdiction. The
majority of the deferred tax asset at 31 March 2025 of £87.446 million is expected to be settled/recovered more than
12 months after the reporting date. The Group has not recognised a deferred tax asset in respect of unutilised interest
deductions of £443.0 million as at 31 March 2025.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred income
tax has not been recognised for withholding and other taxes that may be payable on the unremitted earnings of
certain subsidiaries and equity accounted investments as the timing of the reversal of these temporary differences is
controlled by the Group and it is probable that these temporary differences will not reverse in the foreseeable future.
The deferred tax assets and liabilities related to leases are offset on an individual entity basis and presented net in
the statement of financial position. The Group has a deferred tax asset of £85.8 million and a deferred tax liability of
£81.3 million in respect of lease liabilities and right-of-use assets at 31 March 2025.
DCC plc Annual Report and Accounts 2025
196
Notes to the Financial Statements Continued
3.15
Post-Employment Benefit Obligations
The Group operates a number of defined benefit and defined contribution pension schemes for our employees.
All of the Group’s defined benefit pension schemes are closed to new members.
The Group operates defined benefit and defined contribution schemes. The pension scheme assets are held in
separate trustee administered funds.
The Group operates five defined benefit pension schemes in the Republic of Ireland (‘ROI’), three in the UK and six in
Germany. The projected unit credit method has been employed in determining the present value of the defined
benefit obligation arising, the related current service cost and, where applicable, past service cost.
Full actuarial valuations were carried out between 31 August 2021 and 1 April 2024. In general, actuarial valuations are
not available for public inspection, although the results of valuations are advised to the members of the various
pension schemes. Actuarial valuations have been updated to 31 March 2025 for IAS 19 by a qualified actuary.
The schemes expose the Group to a number of risks, the most significant of which are as follows:
DISCOUNT RATES
The calculation of the present value of the defined benefit obligation is sensitive to changes in the discount rate. The
discount rate is based on the interest yield at the reporting date on high-quality corporate bonds of a currency and
term consistent with the currency and term of the post-employment benefit obligation. Changes in the discount rate
can lead to volatility in the Group’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 offset by an increase in the value of the scheme’s liabilities. The Group also holds a
significant proportion of equities which are expected to outperform corporate bonds in the long-term while providing
some volatility and risk in the short-term. External consultants periodically conduct investment reviews to determine
the most appropriate asset allocation, taking account of asset valuations, funding requirements, liability duration
and the achievement of appropriate returns.
INFLATION RISK
The majority of the Group’s defined benefit obligations are linked to inflation and higher inflation will lead to higher
scheme liabilities although caps are in place to protect the schemes against extreme inflation.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
197
MORTALITY RISK
The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of
plan participants. An increase in the life expectancy of the plan participants will increase the defined
benefit obligation.
The principal actuarial assumptions used were as follows:

| 2025 | 2024
Republic of Ireland schemes |  |
Rate of increase in salaries | n/a* | n/a*
Rate of increase in pensions in payment | 1.25% – 2.50% | 1.25% – 2.50%
Discount rate | 3.90% | 3.60%
Inflation assumption | 2.10% | 2.30%
UK schemes |  |
Rate of increase in salaries | 0.00% – 3.15% | 0.00% – 3.25%
Rate of increase in pensions in payment | 2.95% – 4.00% | 3.25% – 4.00%
Discount rate | 5.85% | 4.90%
Inflation assumption | 3.15% | 3.25%
German schemes |  |
Rate of increase in salaries | 3.10% | 3.30%
Rate of increase in pensions in payment | 2.10% | 2.30%
Discount rate | 3.80% | 3.60%
Inflation assumption | 2.10% | 2.30%

* There is no future service accrual for the Irish schemes.
The post-retirement mortality assumptions employed in determining the present value of scheme liabilities under IAS
19 are set based on advice from published statistics and experience in the relevant geographic regions and are in
accordance with the underlying funding valuations.
The mortality assumptions disclosed for ‘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:

| 2025 | 2024
| Years | Years
Current retirees |  |
Male | 22.0 | 22.0
Female | 24.9 | 24.9
Future retirees |  |
Male | 24.6 | 24.6
Female | 27.3 | 27.3

The Group does not operate any post-employment medical benefit schemes.
3.15
Post-Employment Benefit Obligations continued
DCC plc Annual Report and Accounts 2025
198
Notes to the Financial Statements Continued
The net pension liability recognised in the Balance Sheet is analysed as follows:

|  | 2025 |  |
| ROI | UK | Germany | Total
| £’000 | £’000 | £’000 | £’000
Equities | 6,570 | 1,002 | – | 7,572
Bonds | 32,721 | 12,119 | – | 44,840
Property | 19 | – | – | 19
Cash | 1,994 | 1,897 | 1,030 | 4,921
Total fair value at 31 March 2025 | 41,304 | 15,018 | 1,030 | 57,352
Present value of scheme liabilities | (27,976) | (9,467) | (25,793) | (63,236)
Net pension asset/(liability) at 31 March 2025 | 13,328 | 5,551 | (24,763) | (5,884)

|  | 2024 |  |
| ROI | UK | Germany | Total
| £’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)

The amounts recognised in the Group Income Statement in respect of defined benefit pension schemes are
as follows:

| 2025 | 2024
| £’000 | £’000
Current service cost | (229) | (492)
Administration expenses | (181) | (197)
Total, included in employee benefit expense (note 2.4) | (410) | (689)
Interest cost on scheme liabilities | (2,555) | (2,362)
Interest income on scheme assets | 2,387 | 2,734
Net interest (expense)/income, included in net finance (costs)/income | (168) | 372

Based on the assumptions employed for the valuation of assets and liabilities at 31 March 2025, the net charge in the
Group Income Statement in the year ending 31 March 2026 is expected to be broadly in line with the current
year figures.
3.15
Post-Employment Benefit Obligations continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
199
Remeasurements recognised in Other Comprehensive Income are as follows:

| 2025 | 2024
| £’000 | £’000
Return on scheme assets excluding interest income | (4,147) | (1,078)
Experience variations | (142) | 2,313
Actuarial gain from changes in demographic assumptions | – | 652
Actuarial gain/(loss) from changes in financial assumptions | 3,957 | (1,863)
Total, included in Other Comprehensive Income | (332) | 24

Cumulatively since transition to IFRS on 1 April 2004, £46.358 million has been recognised as a charge in the Group
Statement of Comprehensive Income.
The movement in the fair value of plan assets is as follows:

| 2025 | 2024
| £’000 | £’000
At 1 April | 62,428 | 65,569
Interest income on scheme assets | 2,387 | 2,734
Remeasurements: |  |
– return on scheme assets excluding interest income | (4,147) | (1,078)
Contributions by employers | 1,303 | 615
Contributions by members | 33 | 35
Administration expenses | (181) | (197)
Benefit and settlement payments | (3,431) | (3,932)
Exchange | (1,040) | (1,318)
At 31 March | 57,352 | 62,428

The actual return on plan assets was a loss of £1.760 million (2024: gain of £1.656 million).
The movement in the present value of defined benefit obligations is as follows:

| 2025 | 2024
| £’000 | £’000
At 1 April | 68,985 | 53,848
Current service cost | 229 | 492
Interest cost | 2,555 | 2,362
Remeasurements: |  |
– experience variations | 142 | (2,313)
– actuarial gain from changes in demographic assumptions | – | (652)
– actuarial (gain)/loss from changes in financial assumptions | (3,957) | 1,863
Contributions by members | 33 | 35
Benefit and settlement payments | (3,431) | (3,932)
Arising on acquisition (note 5.2) | – | 18,647
Exchange | (1,320) | (1,365)
At 31 March | 63,236 | 68,985

The weighted average duration of the defined benefit obligation at 31 March 2025 was 12.6 years (2024: 13.3 years).
Employer contributions for the forthcoming financial year are estimated at £1.9 million. The difference between the
actual employer contributions paid in the current year of £1.3 million and the expectation of £2.1 million included in the
2024 Annual Report was primarily due to the timing of contributions and settlements in certain of the Group’s pension
schemes which could not have been anticipated at the time of preparation of the 2024 financial statements.
3.15
Post-Employment Benefit Obligations continued
DCC plc Annual Report and Accounts 2025
200
Notes to the Financial Statements Continued
SENSITIVITY ANALYSIS FOR PRINCIPAL ASSUMPTIONS USED TO MEASURE SCHEME LIABILITIES
There are inherent uncertainties surrounding the financial assumptions adopted in calculating the actuarial valuation
of the Group’s defined benefit 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.

|  |  |  | Impact on German plan
Assumption | Change in assumption | Impact on Irish plan liabilities | Impact on UK plan liabilities | liabilities
Discount rate | Increase/decrease by 0.25% | Decrease/increase by 3.4% | Decrease/increase by 3.7% | Decrease/increase by 2.7%
Price inflation | Increase/decrease by 0.25% | Increase/decrease by 1.6% | Increase/decrease by 3.1% | Increase/decrease by 2.3%
Mortality | Increase/decrease by 1 year | Increase/decrease by 3.2% | Increase/decrease by 3.0% | Increase/decrease by 4.5%

SPLIT OF SCHEME ASSETS

|  | Republic of Ireland |  | UK | Germany |  | Total |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Investments quoted in active markets: |  |  |  |  |  |  |  |
Equity instruments: |  |  |  |  |  |  |  |
– developed markets | 6,542 | 9,299 | 1,002 | 1,034 | – | – | 7,544 | 10,333
– emerging markets | 28 | 182 | – | – | – | – | 28 | 182
Debt instruments: |  |  |  |  |  |  |  |
– non government debt instruments | 4,105 | 4,804 | 2,848 | 2,387 | – | – | 6,953 | 7,191
– government debt instruments | 28,616 | 29,276 | 9,271 | 9,584 | – | – | 37,887 | 38,860
Cash and cash equivalents | 1,994 | 1,571 | 1,897 | 3,288 | 1,030 | 981 | 4,921 | 5,840
Unquoted investments: |  |  |  |  |  |  |  |
Property | 19 | 22 | – | – | – | – | 19 | 22
| 41,304 | 45,154 | 15,018 | 16,293 | 1,030 | 981 | 57,352 | 62,428

3.15
Post-Employment Benefit Obligations continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
201
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 £94.458 million (2024: £141.777 million) as stated on the Balance Sheet are
payable as follows:

| 2025 | 2024
| £’000 | £’000
Within one year | 10,911 | 69,768
Between one and two years | 38,056 | 48,847
Between two and five years | 45,491 | 23,162
| 94,458 | 141,777

Analysed as: |  |
Non-current liabilities | 83,547 | 72,009
Current liabilities | 10,911 | 69,768
| 94,458 | 141,777

The currency profile of the Group’s acquisition related liabilities, which are stated at fair value, is as follows:

| 2025 | 2024
| £’000 | £’000
Euro | 53,848 | 57,222
Sterling | 34,004 | 66,229
US dollar | 6,418 | 11,551
Hong Kong dollar | – | 6,413
Other | 188 | 362
| 94,458 | 141,777

The movement in the Group’s acquisition related liabilities is as follows:

| 2025 | 2024
| £’000 | £’000
At 1 April | 141,777 | 127,393
Arising on acquisition (note 5.2) | 68,196 | 82,809
Unwinding of discount applicable to acquisition related liabilities (note 2.7) | 2,145 | 5,383
Adjustments to contingent consideration (adjustment to goodwill) (note 3.3) | (25,892) | (17,742)
Adjustments to contingent consideration (recognised in the Income Statement) |  |
(note 2.6) | (5,079) | (3,180)
Paid during the year | (75,170) | (50,334)
Exchange and other | (1,655) | (2,552)
Acquisition related liabilities attributable to assets held for sale (note 2.10) | (9,864) | –
At 31 March | 94,458 | 141,777

DCC plc Annual Report and Accounts 2025
202
Notes to the Financial Statements Continued
3.17
Provisions for Liabilities
A provision is recorded when an obligation exists, resulting from a past event and it is probable that cash will be
paid to settle it but there is uncertainty over either the amount or timing of the outflow. The main provisions held
by the Group are in relation to reorganisation programmes, environmental obligations, cylinder and tank deposits
and insurance liabilities.
The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2025 is as follows:

| Rationalisation, |  |  |  |
| restructuring | Environmental | Cylinder and | Insurance |
| and redundancy | and remediation | tank deposits | and other | Total
| £’000 | £’000 | £’000 | £’000 | £’000
At 1 April 2024 | 25,693 | 90,176 | 200,913 | 56,596 | 373,378
Provided during the year | 34,396 | 5,401 | 8,095 | 14,414 | 62,306
Unwinding of discount applicable to provisions for liabilities (note 2.7) | – | 428 | 355 | – | 783
Utilised during the year | (16,117) | (686) | (8,800) | (7,877) | (33,480)
Unutilised/reversed during the year | (11) | (7,007) | (1,176) | (2,492) | (10,686)
Arising on acquisition (note 5.2) | – | – | – | 1,274 | 1,274
Disposal of subsidiary | – | (1,950) | (6,761) | (82) | (8,793)
Exchange and other Provisions for liabilities attributable to assets | (2,123) | (2,385) | (4,489) | (923) | (9,920)
held for sale (note 2.10) | (20,143) | (2,066) | – | (596) | (22,805)
At 31 March 2025 | 21,695 | 81,911 | 188,137 | 60,314 | 352,057
Analysed as: |  |  |  |  |
Non-current liabilities | 11,988 | 76,746 | 167,225 | 27,438 | 283,397
Current liabilities | 9,707 | 5,165 | 20,912 | 32,876 | 68,660
| 21,695 | 81,911 | 188,137 | 60,314 | 352,057

The reconciliation of the movement in provisions for liabilities for the year ended 31 March 2024 is as follows:

| Rationalisation, |  |  |  |
| restructuring | Environmental | Cylinder and | Insurance |
| and redundancy | and remediation | tank deposits | and other | Total
| £’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

Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
203
RATIONALISATION, RESTRUCTURING AND REDUNDANCY
This provision relates to various rationalisation and restructuring programmes across the Group. The Group expects
that the majority of this provision will be utilised within two years.
ENVIRONMENTAL AND REMEDIATION
This provision relates to obligations governing site remediation and improvement costs to be incurred in compliance
with environmental regulations together with the costs associated with removing liquid gas tanks from customer sites.
The net present value of the estimated costs is capitalised as property, plant and equipment. The unwinding of the
discount element on the provision is reflected in the Income Statement. Ongoing costs incurred during the operating
life of the sites are written off directly to the Income Statement and are not charged to the provision. The majority of
the obligations will unwind over a 30-year timeframe but the exact timing of settlement of these provisions is
not certain.
CYLINDER AND TANK DEPOSITS
This provision relates to DCC Energy’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 reflected in the Income Statement. The majority of this obligation will unwind
over a 25-year timeframe but the exact timing of settlement of this provision is not certain.
INSURANCE AND OTHER
The Group operates a level of self-insurance for motor liability and public and products liability. Under these
arrangements the Group retains certain insurance exposure up to pre-determined self-insurance thresholds. This
provision reflects an estimation of claims that are classified as incurred but not reported and also the outstanding
loss reserve. A significant element of the provision is subject to external assessments. The utilisation of the provision
is dependent on the timing of settlement of the outstanding claims. Historically, the average time for settlement of
outstanding claims ranges from one to three years from the date of the claim.
3.18
Government Grants
Government grants relate to capital grants received by the Group and are amortised to the Income Statement
over the estimated useful lives of the related capital assets.

| 2025 | 2024
| £’000 | £’000
At 1 April | 2,740 | 477
Government grants received in year | 340 | 2,669
Arising on acquisition (note 5.2) | 1 | –
Amortisation in year | (323) | (376)
Exchange | (39) | (30)
Government grants attributable to assets held for sale (note 2.10) | (183) | –
At 31 March | 2,536 | 2,740
Analysed as: |  |
Non-current liabilities | 2,513 | 2,704
Current liabilities (note 3.7) | 23 | 36
| 2,536 | 2,740

3.17
Provisions for Liabilities continued
DCC plc Annual Report and Accounts 2025
204
Notes to the Financial Statements Continued
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.

| 2025 | 2024
| £’000 | £’000
Authorised |  |
152,368,568 ordinary shares of €0.25 each | 25,365 | 25,365

Issued

| Number of | Share capital | Share premium | Total
Year ended 31 March 2025 | shares | £’000 | £’000 | £’000
At 31 March 2024 (including 2,481,405 ordinary shares held |  |  |  |
as treasury shares) | 101,333,904 | 17,422 | 883,890 | 901,312
Premium arising on re-issue of treasury shares | – | – | 19 | 19
At 31 March 2025 (including 2,367,725 ordinary shares held |  |  |  |
as treasury shares) | 101,333,904 | 17,422 | 883,909 | 901,331

| Number of | Share capital | Share premium | Total
Year ended 31 March 2024 | shares | £’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

As at 31 March 2025, the total authorised number of ordinary shares is 152,368,568 shares (2024: 152,368,568 shares)
with a par value of €0.25 per share (2024: €0.25 per share). Share premium relates to the share premium arising on the
issue of shares.
During the year the Company re-issued 113,680 treasury shares for a consideration of £0.019 million.
All shares, with the exception of ordinary shares held as treasury shares, whether fully or partly paid, carry equal
voting rights and rank for dividends to the extent to which the total amount payable on each share is paid up.
Details of share options and awards granted under the Company’s share option and award schemes and the terms
attaching thereto are provided in note 2.5 to the financial statements and in the Remuneration Report on pages 118
to 142.
RESTRICTION ON TRANSFER OF SHARES
The Directors may, at their absolute discretion and without giving any reason, refuse to register the transfer of a share,
or any renunciation of any allotment made in respect of a share, which is not fully paid, or any transfer of a share to a
minor or a person of unsound mind.
The Directors may also refuse to register any transfer (whether or not it is in respect of a fully paid share) unless (i) it is
lodged at the Company’s Registered Office or at such other place as the Directors may appoint and is accompanied
by the certificate (if any) for the shares to which it relates and such other evidence as the Directors may reasonably
require to show the right of the transferor to make the transfer (ii) it is in respect of only one class of shares and (iii) it is
in favour of not more than four transferees.
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RESTRICTION OF VOTING RIGHTS
If at any time the Directors determine that a ‘Specified Event’ as defined in the Articles of Association of DCC plc has
occurred in relation to any share or shares, the Directors may serve a notice to such effect on the holder or holders
thereof. Upon the expiry of 14 days from the service of any such notice, for so long as such notice shall remain in force,
no holder or holders of the share or shares specified in such notice shall be entitled to attend, speak or vote either
personally, by representative or by proxy at any general meeting of the Company or at any separate general meeting
of the holders of the class of shares concerned or to exercise any other right conferred by membership in relation to
any such meeting. The Directors shall, where the specified shares represent not less than 0.25% of the class of shares
concerned, be entitled to withhold payment of any dividend or other amount payable (including shares issuable in
lieu of dividends) in respect of the shares specified in such notice and/or, in certain circumstances, to refuse to register
any transfer of the specified shares or any renunciation of any allotment of new shares or debentures made in respect
thereof unless such transfer or renunciation is shown to the satisfaction of the Directors to be an arm’s length transfer
or a renunciation to another beneficial owner unconnected with the holder or any person appearing to have an
interest in the specified shares.
4.2
Other Reserves
This note details the movement in the Group’s other reserves which are treated as different categories of equity as
required by accounting standards.

|  |  | Foreign |  |
| Share based | Cash flow | currency |  |
| payment | hedge | translation | Other |
| reserve 1 | reserve 2 | reserve 3 | reserves 4 | Total
| £’000 | £’000 | £’000 | £’000 | £’000
At 31 March 2023 | 54,596 | (48,280) | 128,529 | 932 | 135,777
Currency translation | – | – | (63,656) | – | (63,656)
Cash flow hedges: |  |  |  |  |
– fair value gain 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 gains | – | 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
Currency translation |  |  |  |  |
– arising in the year | – | – | (41,508) | – | (41,508)
– recycled to the Income Statement on disposal | – | – | (13,041) | – | (13,041)
Cash flow hedges: |  |  |  |  |
– fair value loss in year – private placement debt | – | (7,978) | – | – | (7,978)
– fair value – transferred to the income statement | – | 3,474 | – | – | 3,474
– fair value gain in year – other | – | 25,542 | – | – | 25,542
– tax on fair value net loss | – | (4,270) | – | – | (4,270)
– transfers to sales | – | (73) | – | – | (73)
– transfers to cost of sales | – | (3,970) | – | – | (3,970)
– transfers to operating expenses | – | 8,328 | – | – | 8,328
– tax on transfers | – | (870) | – | – | (870)
Share based payment | 7,544 | – | – | – | 7,544
At 31 March 2025 | 71,350 | 2,083 | 10,324 | 932 | 84,689

1. The share-based payment reserve comprises the amounts expensed in the Income Statement in connection with share based payments.
2. The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments
related to hedged transactions that have not yet occurred.
3. The Group’s foreign currency translation reserve represents foreign exchange differences arising from the translation of the net assets of the
Group’s non-sterling denominated operations, including the translation of the profits and losses of such operations from the average rate for
the year to the closing rate at the reporting date.
4. The Group’s other reserves principally comprises a capital conversion reserve fund.
4.1
Share Capital and Share Premium continued
DCC plc Annual Report and Accounts 2025
206
Notes to the Financial Statements Continued
4.3
Retained Earnings
Retained Earnings represents the accumulated earnings of the Group not distributed to shareholders and is
shown net of the cost to the Group of acquiring shares held as treasury shares.

| 2025 | 2024
| £’000 | £’000
At 1 April | 2,078,568 | 1,941,223
Net income recognised in Income Statement | 206,490 | 326,255
Net income recognised in Other Comprehensive Income: |  |
– remeasurements of defined benefit pension obligations | (332) | 24
– deferred tax on remeasurements | 28 | (117)
Dividends | (197,347) | (188,817)
At 31 March | 2,087,407 | 2,078,568

The cost to the Group and the Company of €35.600 million (2024: €37.057 million) to acquire the 2,367,725 shares (2024:
2,481,405 shares) held in Treasury has been deducted from the Group and Company Retained Earnings. These shares
were acquired at prices ranging from €12.80 to €17.90 each (average: €15.04) 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.

| 2025 | 2024
| £’000 | £’000
At 1 April | 91,641 | 80,219
Share of profit for the financial year | 14,731 | 14,283
Dividends to non-controlling interests | (9,322) | (310)
Exchange and other | (2,181) | (2,551)
At 31 March | 94,869 | 91,641

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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 financial statements are presented in sterling, denoted by the symbol ‘£’. Results and cash flows of
operations based in non-sterling countries have been translated into sterling at average rates for the year, and the
related balance sheets have been translated at the rates of exchange ruling at the balance sheet date. The principal
exchange rates used for translation of results and balance sheets into sterling were as follows:

|  | Average rate |  | Closing rate
| 2025 | 2024 | 2025 | 2024
| Stg£1= | Stg£1= | Stg£1= | Stg£1=
Euro | 1.1893 | 1.1563 | 1.1970 | 1.1695
Danish krone | 8.8706 | 8.6183 | 8.9314 | 8.7218
Swedish krona | 13.6338 | 13.2851 | 12.9866 | 13.4780
Norwegian krone | 13.9167 | 13.3529 | 13.6617 | 13.6814
US dollar | 1.2767 | 1.2541 | 1.2946 | 1.2643
Canadian dollar | 1.7722 | 1.6932 | 1.8593 | 1.7158

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 Next Energy in April 2024, for an initial enterprise value of approximately
£90 million. Next Energy is an energy efficiency and renewable energy services provider focused on the UK
domestic sector;
• The acquisition by DCC Technology of 100% of MDM Commercial Inc (‘MDM’) in April 2024. MDM is a distributor of
hospitality and healthcare professional AV equipment in the US;
• The acquisition by DCC Energy of 100% of Secundo Photovoltaik (‘Secundo’) in June 2024. Secundo is one of
Austria’s largest solar PV businesses serving commercial customers;
• The acquisition by DCC Energy of 100% of WIRSOL Roof Solutions (‘Wirsol’) in July 2024. Wirsol is a German based
provider of solar PV and battery storage solutions;
• The acquisition by DCC Energy of 100% of Cubo in July 2024. Cubo is a fleet telematics business which provides
integrated telematics and communication storage solutions in the UK and Ireland;
• The acquisition by DCC Energy of 100% of Acteam ENR (‘Acteam’) in September 2024. Acteam is a French solar PV
business providing project development, engineering, project management along with construction support and
supervision services for commercial solar PV projects; and
• The acquisition by DCC Energy of 100% of MG Habitat in November 2024. MG Habitat is a French energy services
business providing design, installation and maintenance services for solar PV, heat-pumps and other energy
installations.
DCC plc Annual Report and Accounts 2025
208
Notes to the Financial Statements Continued
The acquisition data presented below reflects the fair value of the identifiable net assets acquired (excluding net
cash/debt acquired) in respect of acquisitions completed during the year.

| Total | Total
| 2025 | 2024
| £’000 | £’000
Assets |  |
Non-current assets |  |
Property, plant and equipment (note 3.1) | 4,307 | 48,603
Right-of-use leased assets (note 3.2) | 3,343 | 10,563
Intangible assets (note 3.3) | 89,810 | 156,964
Equity accounted investments (note 3.4) | – | 5,530
Deferred income tax assets | 5 | 2,467
Total non-current assets | 97,465 | 224,127
Current assets |  |
Inventories (note 3.8) | 29,548 | 23,708
Trade and other receivables (note 3.8) | 42,973 | 59,945
Total current assets | 72,521 | 83,653
Liabilities |  |
Non-current liabilities |  |
Deferred income tax liabilities | (22,903) | (41,026)
Post employment benefit obligations (note 3.15) | – | (18,647)
Provisions for liabilities | (673) | (13,245)
Lease creditors | (2,427) | (6,742)
Government grants (note 3.18) | (1) | –
Total non-current liabilities | (26,004) | (79,660)
Current liabilities |  |
Trade and other payables (note 3.8) | (42,751) | (61,022)
Provisions for liabilities | (601) | (6,919)
Current income tax liabilities | (2,117) | (8,179)
Lease creditors | (916) | (3,207)
Total current liabilities | (46,385) | (79,327)
Identifiable net assets acquired | 97,597 | 148,793
Goodwill (note 3.3) | 137,893 | 222,171
Total consideration | 235,490 | 370,964
Satisfied by: |  |
Cash | 178,048 | 327,354
Net cash and cash equivalents acquired | (10,754) | (39,199)
Net cash outflow | 167,294 | 288,155
Acquisition related liabilities (note 3.16) | 68,196 | 82,809
Total consideration | 235,490 | 370,964

5.2
Business Combinations continued
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None of the business combinations completed during the period were considered sufficiently material to warrant
separate disclosure of the fair values attributable to those combinations. The carrying amounts of the assets and
liabilities acquired, determined in accordance with IFRS, before completion of the combination together with the
adjustments made to those carrying values disclosed above were as follows:

|  | Fair value |
| Book value | adjustments | Fair value
Total | £’000 | £’000 | £’000
Non-current assets (excluding goodwill) | 7,655 | 89,810 | 97,465
Current assets | 78,365 | (5,844) | 72,521
Non-current liabilities | (3,208) | (22,796) | (26,004)
Current liabilities | (43,838) | (2,547) | (46,385)
Identifiable net assets acquired | 38,974 | 58,623 | 97,597
Goodwill arising on acquisition | 196,516 | (58,623) | 137,893
Total consideration | 235,490 | – | 235,490

The initial assignment of fair values to identifiable net assets acquired has been performed on a provisional basis in
respect of a number of the business combinations above given the timing of closure of these transactions. Any
amendments to fair values within the 12 month timeframe from the date of acquisition will be disclosable in the 2026
Annual Report as stipulated by IFRS 3.
The principal factors contributing to the recognition of goodwill on business combinations entered into by the Group
are the expected profitability of the acquired business and the realisation of cost savings and synergies with existing
Group entities.
£1.108 million of the goodwill recognised in respect of acquisitions completed during the financial year is expected to
be deductible for tax purposes.
Acquisition and related costs included in other operating expenses (continuing operations) in the Group Income
Statement amounted to £9.060 million (note 2.6).
No contingent liabilities were recognised on the acquisitions completed during the financial year or the prior financial
years.
The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to
£45.216 million. The fair value of these receivables is £42.973 million (all of which is expected to be recoverable) and is
inclusive of an aggregate allowance for impairment of £2.243 million.
The fair value of contingent consideration recognised at the date of acquisition is calculated by discounting the
expected future payment to present value at the acquisition date. In general, for contingent consideration to
become payable, pre-defined profit thresholds must be exceeded. On an undiscounted basis, the future payments
for which the Group may be liable for acquisitions in the current year range from nil to £120 million.
The post-acquisition impact of business combinations completed during the year on the Group’s continuing revenue
and profit for the financial year was as follows:

| 2025
| £’000
Revenue | 204,123
Profit for the financial year attributable to owners of the Parent Company | 16,465

The revenue and profit of the Group for the financial year on a continuing basis determined in accordance with IFRS
as though the acquisition date for all business combinations effected during the year had been the beginning of that
year would be as follows:

| 2025
| £’000
Revenue | 18,050,560
Profit for the financial year attributable to owners of the Parent Company | 210,759

5.2
Business Combinations continued
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210
Notes to the Financial Statements Continued
5.3
Cash Generated from Operations
This note reconciles how the Group’s profit for the year translates into cash flows generated from
operating activities.

| 2025 | 2024
| £’000 | £’000
Profit for the financial year | 221,221 | 340,538
Add back non-operating expenses/(income): |  |
– tax | 87,630 | 83,213
– share of equity accounted investments’ profit after tax | (3,392) | (604)
– net operating exceptionals | 173,775 | 39,309
– net finance costs | 106,210 | 106,249
Operating profit before exceptionals | 585,444 | 568,705
– share-based payments expense (note 2.5) | 7,544 | 9,210
– depreciation (including right-of-use leased assets) | 253,919 | 240,194
– amortisation of intangible assets (note 3.3) | 118,156 | 114,075
– profit on disposal of property, plant and equipment | (17,225) | (1,148)
– amortisation of government grants (note 3.18) | (323) | (376)
– other Changes in working capital (excluding the effects of acquisition and exchange | 3,009 | 8,562
differences on consolidation): |  |
– inventories (note 3.8) | 15,055 | 122,766
– trade and other receivables (note 3.8) | 17,485 | 157,082
– trade and other payables (note 3.8) | (126,303) | (223,277)
Cash generated from operations before exceptionals | 856,761 | 995,793

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

| 2025 | 2024
| £’000 | £’000
Capital expenditure on property, plant and equipment that has been contracted for but has not been provided for in the financial statements | 63,704 | 49,974
Capital expenditure on property, plant and equipment that has been authorised by the Directors but has not yet been contracted for | 86,221 | 112,375
| 149,925 | 162,349

5.5
Contingencies
Contingent liabilities include guarantees given in respect of borrowings and other obligations arising in the
ordinary course of business.
GUARANTEES
The Company has given guarantees of £2,100.531 million (2024: £2,133.199 million) in respect of borrowings and other
obligations arising in the ordinary course of business of the Company and other Group undertakings.
OTHER
Pursuant to the provisions of Section 357 of the Companies Act, 2014, the Company has guaranteed the
commitments of the following Irish subsidiaries and, as a result, these companies will be exempted from the filing
provisions of Sections 347 and 348 of the Companies Act, 2014:
Alvabay Limited, Budget Energy Limited, Budget Energy Holdings Limited, Campus Oil Limited, CC Lubricants Limited,
Certa Ireland Limited (formerly Emo Oil Limited ), Certas Energy Ireland Limited, DCC Corporate Funding Unlimited
Company, DCC Corporate Partners Unlimited Company, DCC Corporate 2007 dac, DCC Corporate Services dac,
DCC Energy Limited, DCC Finance Limited, DCC Finance Holdings Limited, DCC Finance & Treasury dac,
DCC Financial Services Unlimited Company, DCC Financial Services Holdings Unlimited Company, DCC Financial
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Services International dac, DCC Financial Services International Holdings Limited, DCC Financial Services Investments
CLG, DCC Financial Services Ireland Unlimited Company, DCC Funding 2007 dac, DCC Fund Services Unlimited
Company, DCC Group Finance (Ireland) dac (formerly DCC Treasury Ireland 2013 dac), DCC Healthcare Limited, DCC
Management Services Limited, DCC Nominees Unlimited Company, DCC Technology Limited, DCC Treasury 2010
dac, DCC Treasury Management Unlimited Company, DCC Treasury Services Unlimited Company, DCC Treasury
Solutions Unlimited Company, Energy Procurement Limited, Energy Procurement Ireland 2013 Limited, Flogas Enterprise
Solutions Limited (formerly Naturgy Limited), Flogas Ireland Limited, Flogas Natural Gas Limited, Jones Oil Limited,
SerCom (Holdings) Limited, Source LS Global Limited and Starata Limited.
Seven of the Group’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 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 financial 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 financial statements of the Group
under IAS 24 Related Party Disclosures relate to the existence of subsidiaries and associates and transactions with
these entities entered into by the Group and the identification and compensation of key management personnel as
addressed in more detail below.
SUBSIDIARIES AND ASSOCIATES
The consolidated financial statements include the financial statements of the Parent Company and its subsidiaries
and associates as documented in the accounting policies in note 5.9 and the basis of consolidation in note 1.3. A
listing of the principal subsidiaries and associates is provided in the Group Directory on pages 238 to 241 of this
Annual Report.
Transactions are entered into in the normal course of business on an arm’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 financial 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 affairs of the Company. Key management remuneration
amounted to:

| 2025 | 2024
| £’000 | £’000
Short-term benefits | 4,910 | 3,916
Post-employment benefits | 193 | 190
Share-based payment (calculated in accordance with the principles disclosed in note 2.5) | 1,416 | 1,692
| 6,519 | 5,798

5.5
Contingencies continued
DCC plc Annual Report and Accounts 2025
212
Notes to the Financial Statements Continued
5.7
Financial Risk and Capital Management
This note details the Group’s treasury management and financial 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 benefits for other stakeholders, while maintaining a strong
balance sheet to support the continued organic and acquisitive growth of its businesses and to maintain investor,
creditor and market confidence. Return on capital employed (‘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.
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:

| 2025 | 2024
| £’000 | £’000
Capital and reserves attributable to the owners of the Parent Company | 3,073,427 | 3,091,391
Net debt (excl. lease creditors) (note 3.13) | 795,909 | 784,698
Lease creditors (note 3.13) | 356,144 | 362,383
Acquisition related liabilities | 104,322 | 141,777
At 31 March | 4,329,802 | 4,380,249

FINANCIAL RISK MANAGEMENT
Group financial risk management is governed by policies and guidelines which are reviewed and approved annually
by the Board of Directors, most recently in February 2025. These policies and guidelines primarily cover credit risk,
liquidity risk, foreign exchange risk, interest rate risk and commodity price risk. The principal objective of these policies
and guidelines is the minimisation of financial risk at reasonable cost. To manage these risks, DCC uses various
derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity
contracts. The Group does not trade in financial instruments, nor does it enter into any leveraged derivative
transactions. DCC’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 financial strength through a disciplined approach to balance sheet
management and maintaining relatively low levels of financial risk. At 31 March 2025, the Group had cash and cash
equivalents of £1,150,513 million (note 3.13) and £800 million undrawn under its committed revolving credit facility (note
3.11). At 31 March 2025, the capital structure, as summarised above had net debt excluding lease creditors of
£795.909 million.
(i) Credit risk management
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations. It arises principally from credit exposure to trade receivables, cash and cash equivalents
including deposits with banks and financial institutions and derivative financial instruments.
The Group’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 significant concentration of credit
risk. The Group allocates each exposure to a credit risk grade, based on data that is determined to be predictive of
risk of loss. The Group’s credit risk management policy in relation to trade receivables involves periodically assessing
the financial reliability of customers, considering their financial position, past experience and other factors. The
utilisation of credit limits is regularly monitored, and a significant element of credit risk is covered by credit insurance.
The Group applies the simplified approach to providing for expected credit losses (‘ECL’) permitted by IFRS 9 Financial
Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables.
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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 2025 (excluding assets held for sale) amount to
£1,590,328 million (2024: £1,782.513 million). Customer credit risk arising in the context of the Group’s operations is not
significant and the total allowance for impairment of trade receivables amounts to 6.7% of the Group’s gross trade
receivables (2024: 4.8%). The allowance for impairment mainly relates to trade and other receivables balances which
are over six months overdue.
Where appropriate, certain of the Group’s operations selectively utilise supply chain financing solutions to sell, on
a non-recourse basis, a portion of their receivables relating to certain larger supply chain/sales and marketing
activities. The level of supply chain financing at 31 March 2025 was £155.985 million (2024: £145.386 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 2025
amounted to £674.941 million (2024: £690.265 million).
Risk of counterparty default arising on cash and cash equivalents and derivative financial instruments is controlled
within a framework of dealing with high-quality institutions and, by policy, limiting the amount of credit exposure to
any one bank or institution. DCC transacts with a variety of high credit quality financial institutions for the purpose of
placing deposits and entering into derivative contracts. Deposits are also placed with AAA money market funds. The
Group actively monitors its credit exposure to each counterparty to ensure compliance with the counterparty risk
limits of the Board approved treasury policy. Of the total cash and cash equivalents at 31 March 2025 of
£1,150,513 million, 22.9% (£263.322million) was with money market funds, 97.1% (£1,117.233 million) was with money market
funds or financial institutions with minimum short-term ratings of A-1 (Standard and Poor’s) or P-1 (Moody’s) and 97.2%
(£1,118.241 million) was with money market funds or financial 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 2025, 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 2025.
Management does not expect any significant counterparty to fail to meet its obligations. The maximum exposure to
credit risk is represented by the carrying amount of each asset.
(ii) Liquidity risk management
The Group maintains a strong balance sheet with long-term debt funding and cash balances with deposit maturities
up to three months. Wherever possible, surplus funds in the Group are transferred to the centralised treasury
department through the repayment of borrowings, deposits and dividends. These are then lent to Group companies,
contributed as equity to fund Group operations, used to retire external debt or invested externally. The Group does
not use off-balance sheet special purpose entities as a source of liquidity or for other financing purposes. In addition,
the Group maintains significant committed and uncommitted credit lines with its relationship banks. Compliance with
the Group’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 2025, all covenants have been complied with and based on current forecasts, it is expected that all
covenants will continue to be complied with for the foreseeable future. Further analysis of the Group’s debt covenants
is included in the Financial Review.
The following tables show the projected contractual undiscounted total cash outflows (principal and interest) arising
from the Group’s trade and other payables, gross debt and derivative financial instruments. The tables also include
the gross cash inflows projected to arise from derivative financial instruments. These projections are based on the
interest and foreign exchange rates applying at the end of the relevant financial year.
5.7
Financial Risk and Capital Management continued
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Notes to the Financial Statements Continued

| Less than | Between | Between | Over |
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total
As at 31 March 2025 | £’000 | £’000 | £’000 | £’000 | £’000
Financial liabilities – cash outflows |  |  |  |  |
Trade and other payables | (2,763,181) | – | – | – | (2,763,181)
Interest bearing loans and borrowings | (116,827) | (213,294) | (700,143) | (952,850) | (1,983,114)
Interest payments on interest bearing loans and borrowings | (86,145) | (77,745) | (186,449) | (98,607) | (448,946)
Lease creditors | (64,245) | (50,473) | (97,736) | (101,517) | (313,971)
Interest payments on lease creditors | (9,033) | (8,847) | (16,462) | (39,626) | (73,968)
Acquisition related liabilities | (10,911) | (38,056) | (45,491) | – | (94,458)
Cross currency swaps – gross cash outflows | (81,079) | (90,989) | (17,043) | (108,483) | (297,594)
Other derivative financial instruments | (11,348) | (1,684) | (671) | – | (13,703)
Interest rate swaps – net cash outflows | (7,485) | (7,687) | (5,698) | – | (20,870)
| (3,150,254) | (488,775) | (1,069,693) | (1,301,083) | (6,009,805)
Derivative financial instruments – cash inflows |  |  |  |  |
Cross currency swaps – gross cash inflows | 95,426 | 113,108 | 13,158 | 105,679 | 327,371
Other derivative financial instruments | 11,450 | 398 | 7 | – | 11,855
| 106,876 | 113,506 | 13,165 | 105,679 | 339,226

| Less than | Between | Between | Over |
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total
As at 31 March 2024 | £’000 | £’000 | £’000 | £’000 | £’000
Financial liabilities – cash outflows |  |  |  |  |
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 outflows | (174,092) | (80,745) | (92,301) | (18,180) | (365,318)
Other derivative financial instruments | (20,548) | (1,294) | (573) | – | (22,415)
Interest rate swaps – net cash outflows | (3,374) | (3,142) | (6,596) | (595) | (13,707)
| (3,857,963) | (362,091) | (1,193,174) | (1,019,262) | (6,432,490)
Derivative financial instruments – cash inflows |  |  |  |  |
Cross currency swaps – gross cash inflows | 215,325 | 94,337 | 114,652 | 22,678 | 446,992
Other derivative financial instruments | 11,000 | 632 | 132 | – | 11,764
| 226,325 | 94,969 | 114,784 | 22,678 | 458,756

The Group has sufficient cash resources and liquid assets to enable it to meet its current borrowing obligations and
trade and other payables. The Group has a well-balanced profile of debt maturities over the coming years which will
be serviced through a combination of cash and cash equivalents, cash flows, committed bank facilities and the
raising of additional long-term debt.
5.7
Financial Risk and Capital Management continued
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(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 profits of foreign currency subsidiaries on
the basis that there is no commitment or intention to remit earnings.
The Group has investments in non-sterling, primarily euro and US dollar denominated, operations which are cash
generative and a significant proportion of cash generated from these operations is reinvested in development
activities rather than being repatriated into sterling. The Group seeks to manage the resultant foreign currency
translation risk through borrowings denominated in (or swapped utilising cross currency interest rate swaps into) the
relevant currency or through currency swaps related to intercompany funding, although these hedges are offset by
the strong ongoing cash flow generated from the Group’s non-sterling operations, leaving DCC with a net investment
in non-sterling assets. The loss of £43.7 million arising on the translation of DCC’s non-sterling denominated net asset
position at 31 March 2025 as set out in the Group Statement of Comprehensive Income mainly reflects the weakening
in the value of the euro and US dollar against sterling with the impact of movements against other currencies largely
offsetting each other.
The Group has a moderate level of transactional currency exposure arising from sales or purchases by operating units
in currencies other than their functional currencies. Where sales or purchases are invoiced in currencies other than the
local currency and there is not a natural hedge with other activities within the Group, DCC generally hedges between
50% and 90% of those transactions for the subsequent two months. The Group also hedges a proportion of
anticipated transactions in certain subsidiaries for periods ranging up to 18 months with such transactions qualifying
as ‘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 £24.9 million (2024: £29.9 million) impact
on the Group’s profit before tax and exceptional items, would change the Group’s equity by £188.1 million and change
the Group’s net debt by £106.7 million (2024: £210.3 million and £97.2 million respectively). The Group has an
insignificant amount of transactional currency exposure.
Interest rate risk management
On a net debt/cash basis, the Group is exposed to changes in interest rates, primarily changes in EURIBOR, USD
SOFR and sterling SONIA. Having borrowed at both fixed and floating rates of interest, DCC has swapped a portion
of its fixed rate borrowings to a combination of fixed and floating interest rates, using interest rate and cross currency
interest rate swaps. Cash balances are held on short-term deposits and changing interest rates will impact deposit
interest income earned.
Sensitivity of interest charges to interest rate movements
Based on the composition of net debt at 31 March 2025 a one percentage point (100 basis points) change in average
floating interest rates would have a £1.0 million (2024: £4.9 million) impact on the Group’s profit before tax.
Further information on Group borrowings and the management of related interest rate risk is set out in notes 3.10
and 3.11.
Commodity price risk management
DCC, through its activities in the energy sector, procures, markets and sells liquid gas, natural gas, electricity and oil
products and, as such, is exposed to changes in commodity cost prices. In general, market dynamics are such that
commodity cost price movements are promptly reflected in sales prices. In certain markets, short-term or seasonal
price stability is preferred by certain customer segments. Thus DCC hedges a proportion of forecasted transactions,
with such transactions qualifying as ‘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 24 months.
Fixed price supply contracts may be provided to certain customers for periods typically less than 12 months in
duration. DCC fixes its purchase cost on contracted future volumes where the customer contract contains a
take-or-pay arrangement that permits the customer to purchase a fixed amount of product for a fixed price during
a specified period and requires payment even if the customer does not take delivery of the product. Where a
take-or-pay clause is not included in the customer contract, DCC hedges a portion of forecasted sales volume
recognising that certain sales, such as liquid gas and natural gas, are exposed to volume risk arising from a range of
factors, including the weather.
5.7
Financial Risk and Capital Management continued
DCC plc Annual Report and Accounts 2025
216
Notes to the Financial Statements Continued
DCC does not hold significant amounts of commodity inventory relative to purchases and sales; however, for certain
inventory, such as fuel oil, DCC may enter hedge contracts to manage price exposures.
Some DCC energy businesses enters into commodity hedges to fix a portion of its own fuel costs.
Certain activities of individual businesses are centralised under the supervision of the DCC Group Commodity Risk
Management function. Divisional and subsidiary management, in conjunction with the Group’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 Officer
and are reviewed by the Board.
Sensitivity to commodity price movements
Due to pricing dynamics in the oil distribution market, an increase or decrease of 10% in the commodity cost price of
oil would have an immaterial impact on the Group’s profit before tax (2024: immaterial) and an immaterial impact on
the Group’s equity (2024: immaterial).
The impact on the Group’s profit 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 difficult to
quantify but would not be material.
Fair values of financial assets and financial liabilities
The fair values of borrowings (of which includes listed and private debt) and derivative financial instruments are
measured by discounting cash flows at prevailing interest and exchange rates. The fair values of expected future
payments under contingent consideration arrangements are determined by applying a risk-adjusted discount rate to
the future payments which are based on forecasted operating profits of the acquired entity over the relevant period.
The carrying value of non-interest-bearing financial assets, financial liabilities and cash and cash equivalents
approximates their fair values, largely due to their short-term maturities. The nominal value less impairment allowance
of trade receivables and payables approximate to their fair values, largely due to their short-term maturities. The
following is a comparison by category of book values and fair values of the Group’s financial assets and
financial liabilities:

|  | 2025 |  | 2024
| Book value | Fair value | Book value | Fair value
| £’000 | £’000 | £’000 | £’000
Financial assets |  |  |  |
Derivative financial instruments | 50,192 | 50,192 | 97,824 | 97,824
Trade and other receivables | 1,975,444 | 1,975,444 | 2,172,422 | 2,172,422
Cash and cash equivalents | 1,088,175 | 1,088,175 | 1,109,446 | 1,109,446
| 3,113,811 | 3,113,811 | 3,379,692 | 3,379,692
Financial liabilities |  |  |  |
Borrowings (excluding lease creditors) | 1,966,042 | 1,996,543 | 1,943,518 | 1,975,789
Derivative financial instruments | 30,572 | 30,572 | 48,450 | 48,450
Acquisition related liabilities | 94,458 | 94,458 | 141,777 | 141,777
Trade and other payables | 2,763,181 | 2,763,181 | 3,054,108 | 3,054,108
| 4,854,253 | 4,884,754 | 5,187,853 | 5,220,124

The Group has adopted the following fair value measurement hierarchy in relation to its financial assets and financial
liabilities that are carried in the Balance Sheet at fair value as at the year end:
• 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
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| Level 1 | Level 2 | Level 3 | Total
Fair value measurement as at 31 March 2025 | £’000 | £’000 | £’000 | £’000
Financial assets |  |  |  |
Derivative financial instruments (note 3.10) | – | 50,192 | – | 50,192
| – | 50,192 | – | 50,192
Financial liabilities |  |  |  |
Acquisition related liabilities (note 3.16) | – | – | 94,458 | 94,458
Derivative financial instruments (note 3.10) | – | 30,572 | – | 30,572
| – | 30,572 | 94,458 | 125,030
| Level 1 | Level 2 | Level 3 | Total
Fair value measurement as at 31 March 2024 | £’000 | £’000 | £’000 | £’000
Financial assets |  |  |  |
Derivative financial 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 financial instruments (note 3.10) | – | 48,450 | – | 48,450
| – | 48,450 | 141,777 | 190,227

Level 2 fair value measurement:
The specific valuation techniques used to value financial instruments that are carried at fair value using level 2
valuation techniques are:
• the fair value of interest rate, currency and cross currency interest rate swaps is calculated as the present value of
the estimated future cash flows based on observable yield curves;
• 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 specific 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 specific 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 significant unobservable inputs are as follows:
• forecasted average adjusted operating profit growth rate 1.0% to 27.0% (2024: 5.0% to 52.0%); and
• risk adjusted discount rate 7.8% to 9.8% (2024: 3.0% to 9.4%).
The estimated fair value of contingent consideration would increase/(decrease) if EBITDA/EBIT growth was higher/
(lower) or if the risk-adjusted discount rate was lower/(higher). For the fair value of contingent consideration, a
reasonably possible change to one of the significant unobservable inputs at 31 March 2025, holding the other inputs
constant, would have the following effects:

| 2025 | 2024
Impact on the carrying value of contingent consideration | £’000 | £’000
Forecasted average adjusted operating profit growth rate (1% movement) | 1,730 | 1,814
Risk adjusted discount rate (0.5% movement) | 1,066 | 1,478

5.7
Financial Risk and Capital Management continued
DCC plc Annual Report and Accounts 2025
218
Notes to the Financial Statements Continued
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
(i) Financial assets
The following financial assets are subject to offsetting, enforceable master netting arrangements or
similar agreements:

|  | Gross amounts |  |  |  |
|  | of recognised | Net amounts of |  | Related amounts not set off in the |
|  | financial | financial assets |  | Balance Sheet |
| Gross amounts | liabilities set off | presented in |  |  |
| of recognised | in the Balance | the Balance | Financial | Cash collateral |
| financial assets | Sheet | Sheet | liabilities | received | Net amount
As at 31 March 2025 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Derivative financial instruments | 36,751 | – | 36,751 | (8,428) | – | 28,323
Cash and cash equivalents | 494,735 | – | 494,735 | (23,401) | – | 471,334
| 531,486 | – | 531,486 | (31,829) | – | 499,657

|  | Gross amounts |  |  |  |
|  | of recognised | Net amounts of |  | Related amounts not set off in the |
|  | financial | financial assets |  | Balance Sheet |
| Gross amounts | liabilities set off | presented in |  |  |
| of recognised | in the Balance | the Balance | Financial | Cash collateral |
| financial assets | Sheet | Sheet | liabilities | received | Net amount
As at 31 March 2024 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Derivative financial 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

(ii) Financial liabilities
The following financial liabilities are subject to offsetting, enforceable master netting arrangements or
similar agreements:

|  |  | Net amounts |  |  |
|  | Gross amounts | of financial |  | Related amounts not set off in the |
| Gross amounts | of recognised | liabilities |  | Balance Sheet |
| of recognised | financial assets | presented in |  |  |
| financial | set off in the | the Balance | Financial | Cash collateral |
| liabilities | Balance Sheet | Sheet | assets | provided | Net amount
As at 31 March 2025 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Derivative financial instruments | 16,869 | – | 16,869 | (8,428) | – | 8,441
Bank borrowings | 23,402 | – | 23,402 | (23,402) | – | –
| 40,271 | – | 40,271 | (31,830) | – | 8,441

|  |  | Net amounts |  |  |
|  | Gross amounts | of financial |  | Related amounts not set off in the |
| Gross amounts | of recognised | liabilities |  | Balance Sheet |
| of recognised | financial assets | presented in |  |  |
| financial | set off in the | the Balance | Financial | Cash collateral |
| liabilities | Balance Sheet | Sheet | assets | provided | Net amount
As at 31 March 2024 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000
Derivative financial 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

5.7
Financial Risk and Capital Management continued
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For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements
above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial
assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and
liabilities will be settled on a gross basis however each party to the master netting agreement or similar agreement
will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of
each agreement, an event of default includes failure by a party to make payment when due, failure by a party to
perform any obligation required by the agreement (other than payment) if such a failure is not remedied within
periods of 15 to 30 days after notice of such failure is given to the party, or bankruptcy.
5.8
Events after the Balance Sheet Date
This note provides details on material events which have occurred between the year end date of 31 March and the
date of approval of the financial statements.
As announced on 22 April 2025, the Group entered into a definitive agreement for the sale of its Healthcare division.
The proposed transaction values DCC Healthcare at a total enterprise value of £1,050 million on a cash-free,
debt-free basis. The proposed transaction is subject to receipt of customary regulatory approvals and is expected to
complete in the third quarter of this calendar year.
In April 2025, DCC Technology signed an exclusivity agreement for the sale of the Exertis France consumer product
business and Exertis Iberia. The transaction is expected to close within three months, subject to regulatory approvals.
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 offered in that business segment and/or country of operation. Given the
short-term nature of these credit terms, no element of financing is deemed present. Group revenues do not include
any significant level of variable consideration.
Revenue is recorded when the collection of the amount is reasonably assured and when specific criteria have been
met for each of the Group’s activities as detailed below.
Sales of goods
Revenue from the sale of goods is measured based on the consideration specified in the contract with the customer.
The Group recognises revenue when it transfers control over a good or service to a customer. This generally arises on
delivery or in accordance with specific terms and conditions agreed with individual customers. In the case of
consignment stock arrangements, revenue is recognised on the date that legal title passes. Rebates, allowances,
and discounts are recorded in the same period as the original revenue.
DCC Energy derives most of its revenue from the sale of transport and commercial fuels, heating oils and related
products, liquid gas, refrigerants, electricity and natural gas. Revenue is also derived from activities which fall under
services, renewables and other (‘SRO’) such as the sale and installation of solar panels and energy efficiency offerings.
The customer obtains control when the goods are delivered to the customer. The performance is satisfied once the
customer accepts the delivery. Products can be sold under short or long-term agreements at prevailing market prices
or at fixed prices for which DCC Energy will have fixed supply prices.
DCC Technology derives most of its revenue from the sale of consumer and SME focused technology products. The
Group recognises the revenue, generally, when dispatch occurs. The performance obligation is then deemed to have
been satisfied. Should volume and promotional rebates be granted to customers they are recognised as a reduction
in sales revenue at the time of the sale based on managements’ estimate of the likely rebate to be awarded to
customers. Estimates are based on historical results, taking into consideration the type of customer, the type of
transaction and the specific facts of each arrangement.
5.7
Financial Risk and Capital Management continued
DCC plc Annual Report and Accounts 2025
220
Notes to the Financial Statements Continued
DCC Healthcare derives its revenue from the sale of a broad range of third-party and own-branded medical devices
and pharmaceuticals. Revenue is also generated from the manufacture of products for health and beauty brand
owners. The customer obtains control when the products are delivered to the customer and the performance is
satisfied once the customer accepts the products. Revenue is recognised at this point in the majority of cases.
Sales of services
Revenue from the rendering of services is recognised in the period in which the services are rendered. Contracts do
not contain multiple performance obligations as defined by IFRS 15.
Service revenue in DCC Energy is generated from a variety of value-added services provided to customers. Revenue
is recognised when the performance obligation is met which is as the service is provided.
DCC Technology generates service revenue from providing a range of value-added services to both its customers
and suppliers including third party logistics, web site development and management, outsourced managed services,
training and certain supply chain management services such as quality assurance and compliance. Revenue relating
to these services is recognised when the performance obligation is deemed to be met which is as the service is
provided.
DCC Healthcare generates service revenue from a variety of sources such as logistics services including stock
management, distribution services to hospitals and healthcare manufacturers as well as engineering and
preventative maintenance services. Revenue is recognised as the service is rendered and completed, when the
performance obligation is deemed to be met.
Rental income
Rental income principally comprises property and liquid gas tank rental income and rental income from operating
leases is recognised on a straight-line basis over the term of the lease. The related assets are recorded within
property, plant and equipment and are depreciated on a straight-line basis over the useful lives of the assets.
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker who is responsible for allocating resources and assessing performance of the operating segments.
The Group has determined that it has two reportable operating segments: DCC Energy and DCC Technology.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
The functional currency of the Company is euro. The consolidated financial statements are presented in sterling which
is the Company’s and the Group’s presentation currency, and a significant portion of the Group’s revenue and
operating profit is generated in sterling. Items included in the financial 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 differences on monetary assets and liabilities are taken to the Group Income
Statement except when cash flow or net investment hedge accounting is applied.
Group companies
Results and cash flows of the parent and its subsidiaries and associates which do not have sterling as their functional
currency are translated into sterling at average exchange rates for the year. Average exchange rates are a
reasonable approximation of the cumulative effect of the rates on the transaction dates. The related balance sheets
are translated at the rates of exchange ruling at the reporting date. Adjustments arising on translation of the results
of such subsidiaries and associates at average rates, and on the restatement of the opening net assets at closing
rates, are dealt with in a separate translation reserve within equity, net of differences on related currency instruments
designated as hedges of such investments.
On disposal of a foreign operation, such cumulative currency translation differences are recognised in the Income
Statement as part of the overall gain or loss on disposal. In accordance with IFRS 1, cumulative currency translation
differences arising prior to the transition date to IFRS (1 April 2004) have been set to zero for the purposes of
ascertaining the gain or loss on disposal of a foreign operation.
Goodwill and fair value adjustments arising on acquisition of a foreign operation are regarded as assets and liabilities
of the foreign operation, are expressed in the functional currency of the foreign operation, and are recorded at the
exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates.
5.9
Summary of Material Accounting Policies continued
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221
FINANCE COSTS
Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, net losses
on hedging instruments that are recognised in the Income Statement, facility fees and the unwinding of discounts on
provisions and acquisition related liabilities. The interest expense component of lease creditor payments is
recognised in the Income Statement using the effective interest rate method. The net finance cost/income on defined
benefit pension scheme assets or obligations are recognised in the Income Statement in accordance with IAS 19.
The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency
swaps and related debt are included in ‘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 offset movements in foreign exchange rates on
certain borrowings, along with the currency movement on those borrowings.
FINANCE INCOME
Finance income is recognised in the Income Statement as it accrues, using the effective interest method, and includes
net gains on hedging instruments that are recognised in the Income Statement.
The mark-to-market of designated swaps and related debt and the mark-to-market of undesignated currency
swaps and related debt, both as defined above, are included in ‘Finance Income’ in the case of a net gain.
EXCEPTIONAL ITEMS
The Group has adopted an Income Statement format which seeks to highlight significant items within the Group
results for the year. Such items may include restructuring, profit or loss on disposal or termination of operations,
litigation costs and settlements, profit or loss on disposal of investments, profit or loss on disposal of property, plant
and equipment, IAS 39 ineffective mark-to-market movements together with gains or losses arising from currency
swaps offset by gains or losses on related fixed rate debt, acquisition costs, profit or loss on defined benefit pension
scheme restructuring, adjustments to contingent acquisition consideration, the impact on deferred tax balances as a
result of changes to enacted corporation tax rates and impairment of assets. Judgement is used by the Group in
assessing the items, which by virtue of their scale and nature, should be presented in the Income Statement and
disclosed in the related notes as exceptional items.
INCOME TAX
Current tax
The Group’s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various
allowances and reliefs available to the Group in the multiple tax jurisdictions in which it operates. The determination
of the Group’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 final outcome of these matters will not be different to that which is reflected in the Group’s historical income tax
provisions and accruals. Whilst it is possible, the Group does not currently anticipate that any such differences could
have a material impact on the income tax provision and profit for the period in which such a determination is made
nor does it expect any significant impact on its financial position in the near term. This is based on the Group’s
knowledge and experience, as well as the profile of the individual components which have been reflected in the
current tax liability, the status of the tax audits, enquiries and negotiations in progress at each year end.
Current tax represents the expected tax payable or recoverable on the taxable profit for the year using tax rates
enacted or substantively enacted at the reporting date and considering any adjustments stemming from prior years.
Any interest or penalties arising are included within current tax. Where items are accounted for outside of profit or
loss, the related income tax is recognised either in other comprehensive income or directly in equity as appropriate.
Deferred tax
Deferred tax is provided using the liability method on all temporary differences at the reporting date which is defined
as the difference between the tax bases of assets and liabilities and their carrying amounts in the financial
statements. Deferred tax assets and liabilities are not subject to discounting and are measured using the tax rates
that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that
have been enacted or substantively enacted by the end of the reporting period.
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Notes to the Financial Statements Continued
Deferred tax liabilities are recognised for all taxable temporary differences 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 affects neither the accounting profit nor the taxable
profit or loss at the time of the transaction; and
• where, in respect of taxable temporary differences associated with investments in subsidiaries and associates, the
timing of the reversal of the temporary difference is subject to control by the Group and it is probable that reversal
will not occur in the foreseeable future.
Deferred tax assets are recognised in respect of all deductible temporary differences, carry-forward of unused tax
credits and unused tax losses to the extent that it is probable that taxable profits will be available against which to
offset these items except:
• where the deferred tax asset arises from the initial recognition of an asset or a liability in a transaction that is not
a business combination and affects neither the accounting profit nor the taxable profit or loss at the time of the
transaction; and
• where, in respect of deductible temporary differences associated with investment in subsidiaries and associates,
a deferred tax asset is recognised only if it is probable that the deductible temporary difference will reverse in the
foreseeable future and that sufficient taxable profits will be available against which the temporary difference can
be utilised.
The carrying amounts of deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable that sufficient taxable profits would be available to allow all or part of the deferred tax asset
to be utilised.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation is provided on a straight-line basis at the rates stated below, which are estimated to reduce
each item of property, plant and equipment to its residual value level by the end of its useful life.

| Annual Rate
Freehold buildings | 2%
Plant and machinery | 5% – 33 1 / 3 %
Cylinders | 6 2 / 3 % – 10%
Motor vehicles | 10% – 33 1 / 3 %
Fixtures, fittings & office equipment | 10% – 33 1 / 3 %

Land is not depreciated. The residual values and useful lives of property, plant and equipment are reviewed, and
adjusted if appropriate, at each reporting date.
In accordance with IAS 36 Impairment of Assets, the carrying amounts of items of property, plant and equipment are
reviewed at each reporting date to determine whether there is any indication of impairment. An impairment loss is
recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
Impairment losses are recognised in the Income Statement. Following the recognition of an impairment loss, the
depreciation charge applicable to the asset or cash-generating unit is adjusted prospectively to systematically
allocate the revised carrying amount, net of any residual value, over the remaining useful life.
Subsequent costs are included in an asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
replaced item can be measured reliably. All other repair and maintenance costs are charged to the Income
Statement during the financial period in which they are incurred.
Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part
of the cost of those assets.
INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
Investments in subsidiaries are stated at cost less any accumulated impairments and are reviewed for impairment
if there are indications that the carrying value may not be recoverable.
BUSINESS COMBINATIONS
Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair values at the
acquisition date. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured
at acquisition date fair value. For each business combination, the acquirer measures the non-controlling interest in
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the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition
costs are expensed as incurred.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances and pertinent
conditions as at the acquisition date.
If the business combination is achieved in stages, the acquisition date fair value of the acquirer’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 changes to the fair value of the contingent consideration which is deemed to be an asset or liability will
be recognised in the Income Statement.
Goodwill is initially measured at cost being the excess of the fair value of the aggregate of the consideration
transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and
liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired in the
case of a bargain purchase, the difference is recognised in the Income Statement.
A financial liability is recognised in relation to the non-controlling shareholder’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
financial liability is included in acquisition related liabilities. The discount component is unwound as an interest charge
in the Income Statement over the life of the obligation. Subsequent changes to the financial liability are recognised in
the Income Statement.
GOODWILL
Goodwill arising in respect of acquisitions completed prior to 1 April 2004 (being the transition date to IFRS) is included
at its carrying amount, which equates to its net book value recorded under previous GAAP. In accordance with IFRS 1,
the accounting treatment of business combinations undertaken prior to the transition date was not reconsidered and
goodwill amortisation ceased with effect from the transition date.
Goodwill on acquisitions is initially measured as the excess of the fair value of consideration paid for the business
combination plus any non-controlling interest, over the net fair value of the identifiable assets, liabilities and
contingent liabilities. Goodwill acquired in a business combination is allocated, from the acquisition date to the
cash-generating units or groups of cash-generating units that are expected to benefit from the business
combination in which the goodwill arose.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is
reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying
value may be impaired.
The carrying amount of goodwill in respect of associates, net of any impairment, is included in investments in
associates under the equity method in the Group Balance Sheet.
Goodwill is subject to impairment testing on an annual basis and at any time during the year if an indicator of
impairment is considered to exist; the goodwill impairment tests are undertaken at a consistent time in each annual
period. Impairment is determined by assessing the recoverable amount of the cash-generating unit to which the
goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an
impairment loss is recognised. Impairment losses arising in respect of goodwill are not reversed following recognition.
Where a subsidiary is sold, any goodwill arising on acquisition, net of any impairments, is included in determining the
profit or loss arising on disposal.
Where goodwill forms part of a cash-generating unit and part of the operations within that unit are disposed of, the
goodwill associated with the operation disposed of is included in the carrying amount of the operation when
determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured
based on the relative values of the operation disposed of and the proportion of the cash-generating unit retained.
INTANGIBLE ASSETS
Intangible assets acquired separately are capitalised at cost. Intangible assets acquired in the course of a business
combination are capitalised at fair value being their deemed cost as at the date of acquisition.
Following initial recognition, intangible assets which have a finite life are carried at cost less any applicable
accumulated amortisation and any accumulated impairment losses. Where amortisation is charged on assets with
finite lives this expense is taken to the Income Statement.
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Notes to the Financial Statements Continued
The amortisation of intangible assets is calculated to write off the book value of intangible assets over their useful
lives on a straight-line basis on the assumption of zero residual value. In general, finite-lived intangible assets are
amortised over periods ranging from two to 40 years, depending on the nature of the intangible asset.
The carrying amount of finite-lived intangible assets are reviewed for indicators of impairment at each reporting date
and are subject to impairment testing when events or changes in circumstances indicate that the carrying values
may not be recoverable. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units).
The Group does not have any indefinite-lived intangible assets.
INVENTORIES
Inventories are valued at the lower of cost and net realisable value.
Cost is determined on a first in first out basis and in the case of raw materials, bought-in goods and expense
inventories, comprises purchase price plus transport and handling costs less trade discounts and subsidies. Cost, in
the case of products manufactured by the Group, consists of direct material and labour costs together with the
relevant production overheads based on normal levels of activity. Net realisable value represents the estimated
selling price less costs to completion and appropriate selling and distribution costs.
Provision is made, where necessary, for slow moving, obsolete and defective inventories.
FINANCIAL INSTRUMENTS
A financial instrument is recognised when the Group becomes a party to its contractual provisions. Financial assets
are derecognised when the Group’s contractual rights to the cash flows from the financial assets expire, are
extinguished, or transferred to a third party. Financial liabilities are derecognised when the Group’s obligations
specified in the contracts expire, are discharged, or cancelled.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method less allowance for impairment.
An allowance for impairment of trade receivables is established based on both expected credit losses and
information available that the Group will not be able to collect all amounts due according to the original terms of the
receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial
reorganisation, and default in payments are considered indicators that the trade receivable is impaired. The amount
of the allowance is the difference between the asset’s carrying amount and the present value of estimated future
cash flows. The amount of the allowance is recognised in the Income Statement.
The Group derecognises a receivable only when the contractual rights to the cash flows from the receivable expire, or
when it transfers the receivable and substantially all of the risks and rewards of ownership of the asset to another
entity. The Group applies several tests to receivable purchase agreements to determine whether derecognition is
appropriate or not. These tests are applied to the entire portfolio of receivables rather than to each individual
receivable as the receivables comprise ‘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 difference 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 flows arising from non-recourse sales as part of operating activities in the Group
Cash Flow Statement.
TRADE AND OTHER PAYABLES
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, which
approximates to fair value given the short-dated nature of these liabilities.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of
three months or less.
For the purpose of the Group Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents
as defined above, net of bank overdrafts.
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INTEREST-BEARING LOANS AND BORROWINGS
All loans and borrowings are initially recorded at fair value, net of transaction costs incurred. Loans and borrowings
are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the Income Statement over the period of the borrowings using the effective
interest method.
LEASES
The Group enters leases for a range of assets, principally relating to property. These property leases have varying
terms and renewal rights, including periodic rent reviews linked with indices. The Group also leases motor vehicles,
plant, machinery, and other equipment. The terms and conditions of these leases do not impose significant financial
restrictions on the Group.
A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a
period in exchange for consideration, which is assessed at inception. A right-of-use asset and lease creditor are
recognised at the commencement date for contracts containing a lease, except for leases with a term of 12 months
or less, leases where the underlying asset is of low value and leases with associated payments that vary directly in
line with usage or sales (such lease costs continue to be expensed in the Income Statement as incurred). The
commencement date is the date at which the asset is made available for use by the Group.
Lease creditors are initially measured at the present value of the future lease payments, discounted using the
incremental borrowing rate over the remaining lease term. Lease payments include fixed payments, variable
payments that are dependent on an index known at the commencement date, payments for an optional renewal
period and termination option payments, if the Group is reasonably certain to exercise those options. The lease term
is the non-cancellable period of the lease adjusted for any renewal or termination options which are reasonably
certain to be exercised. Management applies judgement in determining whether it is reasonably certain that a
renewal or termination option will be exercised.
Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding
the lease and the term and currency of the lease.
After initial recognition, lease creditors are measured at amortised cost using the effective interest method. They are
remeasured when there is a change in future lease payments or when the Group changes its assessment of whether
it is reasonably certain to exercise an option within the contract. A corresponding adjustment is made to the carrying
amount of the right-of-use asset.
The right-of-use asset is initially measured at cost, which comprises the lease creditor adjusted for any payments
made at or before the commencement date, initial direct costs incurred, lease incentives received and an estimate of
the cost to dismantle or restore the underlying asset or the site on which it is located at the end of the lease term. The
right-of-use asset is depreciated over the lease term and is tested periodically for impairment if an impairment
indicator is considered to exist.
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments (principally interest rate, currency and cross currency interest rate
swaps and forward foreign exchange and commodity contracts) to hedge its exposure to interest rate and foreign
exchange risks and to changes in the prices of certain commodity products arising from operational, financing and
investment activities.
Derivative financial instruments are recognised at inception at fair value, being the present value of estimated future
cash flows. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument, and if so, the nature of the item being hedged.
Changes in the fair value of currency swaps that are hedging borrowings and for which the Group has not elected to
apply hedge accounting, along with changes in the fair value of derivatives hedging borrowings, that are part of
designated fair value hedge relationships, are reflected in the Income Statement in ‘Finance Costs’.
Changes in the fair value of other derivative financial instruments for which the Group has not elected to apply hedge
accounting are reflected in the Income Statement, in ‘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 firm commitments that are attributable
to hedged risks) or cash flow hedges (which hedge exposures to fluctuations in future cash flows derived from a
particular risk associated with recognised assets or liabilities or highly probable forecast transactions).
The Group documents, at the inception of the transactions, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.
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Notes to the Financial Statements Continued
The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows
of hedged items.
The fair values of various derivative instruments are disclosed in note 3.10 and the movements on the cash flow hedge
reserve in equity are shown in note 4.2. The full fair value of a derivative is classified as a non-current asset or
non-current liability if the remaining maturity of the derivative is more than 12 months and as a current asset or current
liability if the remaining maturity of the derivative is less than 12 months.
Fair value hedge
In the case of fair value hedges which satisfy the conditions for hedge accounting, any gain or loss arising from the
remeasurement of the fair value of the hedging instrument is reported in the Income Statement, together with any
changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. As a result, the gain
or loss on interest rate swaps and cross currency interest rate swaps that are in hedge relationships with borrowings
are included within ‘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 reflected 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 firm commitments are recognised in the Income Statement.
Any change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or
liability on the Balance Sheet with a corresponding gain or loss in the Income Statement.
If a hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of the hedged
item is amortised to the Income Statement over the period to maturity.
Cash flow hedge
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset
or liability or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial
instrument is recognised as a separate component of equity. The ineffective portion is reported in the Income
Statement in ‘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 benefits 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 effect is material.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and
announced its main provisions.
Provisions arising on business combinations are only recognised to the extent that they would have qualified for
recognition in the financial statements of the acquiree prior to the acquisition.
A contingent liability is not recognised but is disclosed where the existence of the obligation will only be confirmed by
future events or where it is not probable that an outflow of resources will be required to settle the obligation or where
the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised
but are disclosed where an inflow of economic benefits is probable.
Environmental provisions
The Group has certain site remediation obligations to be incurred in compliance with local or national environmental
regulations together with constructive obligations stemming from established best practice. The measurement of
these provisions is based on the evaluation of currently available facts with respect to each individual site and is
adjusted periodically as remediation efforts progress or as additional information becomes available. Inherent
uncertainties exist in such measurements primarily due to unknown timing, site conditions and changing regulations.
Full provision is made for the net present value of the estimated costs in relation to the Group’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 reflected in the Income Statement.
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Cylinder and tank deposits provisions
In certain DCC Energy operations, an obligation arises from the receipt of deposit fees paid by customers for liquid
gas cylinders and tanks. On receipt of a deposit the Group recognises a liability equal to the deposit received. This
deposit will subsequently be refunded at an amount equal to the original deposit on return of the cylinder or tank
together with the original deposit receipt. Cylinder and tank deposits acquired through business combinations are
measured initially at their fair value at the acquisition date (i.e., net present value) and the unwinding of the discount
element is reflected in the Income Statement.
PENSION AND OTHER POST-EMPLOYMENT OBLIGATIONS
The Group operates defined contribution and defined benefit pension schemes.
The costs arising in respect of the Group’s defined contribution schemes are charged to the Income Statement in the
period in which they are incurred. The Group has no legal or constructive obligation to pay further contributions after
payment of fixed contributions.
The Group operates several defined benefit pension schemes which require contributions to be made to separately
administered funds. The liabilities and costs associated with the Group’s defined benefit pension schemes are
assessed based on the projected unit credit method by qualified actuaries and are arrived at using actuarial
assumptions based on market expectations at the reporting date. The Group’s net obligation in respect of defined
benefit pension schemes is calculated separately for each plan by estimating the number of future benefits that
employees have earned in return for their service in the current and prior periods. That benefit is discounted to
determine its present value, and the fair value of any plan asset is deducted. Plan assets are measured at fair values.
The discount rate employed in determining the present value of the schemes’ liabilities is determined by reference to
market yields at the reporting date on high-quality corporate bonds of a currency and term consistent with the
currency and term of the associated post-employment benefit obligations.
The deferred tax impact of pension scheme surpluses and deficits is disclosed separately within deferred tax liabilities
or assets as appropriate. Remeasurements, comprising actuarial gains and losses and the return on plan assets
(excluding net interest) are recognised immediately in the Group Balance Sheet with a corresponding entry to
retained earnings through Other Comprehensive Income in the period in which they occur. Remeasurements are not
reclassified to profit or loss in subsequent periods.
The defined benefit pension asset or liability in the Group Balance Sheet comprises the total for each plan of the
present value of the defined benefit obligation less the fair value of plan assets out of which the obligations are to be
settled directly. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance
policies. Fair value is based on market price information, and, in the case of published securities, it is the published bid
price. The value of any defined benefit asset is limited to the present value of any economic benefits available in the
form of refunds from the plan and reductions in the future contributions to the plan.
A curtailment arises when the Group is demonstrably committed to make a significant reduction in the number of
employees covered by a plan. A past service cost, negative or positive, arises following a change in the present
value of the defined benefit obligation for employee service in prior periods, resulting in the current period from the
introduction of, or changes to, post-employment benefits. A settlement arises where the Group is relieved of
responsibility for a pension obligation and eliminates significant risk relating to the obligation and the assets used to
affect the settlement. Past-service costs, negative or positive, are recognised immediately in the Income Statement.
Losses arising on settlement or curtailment not allowed for in the actuarial assumptions are measured at the date on
which the Group becomes demonstrably committed to the transaction.
Gains arising on a settlement are measured at the date on which all parties whose consent is required are irrevocably
committed to the transaction. Settlement gains and losses are dealt with in the Income Statement.
SHARE-BASED PAYMENT TRANSACTIONS
Certain employees (including Directors) of the Group receive remuneration in the form of share-based payment
transactions, whereby employees render service in exchange for shares or rights over shares.
The fair value of share entitlements granted is recognised as an employee expense in the Income Statement with a
corresponding increase in equity. At the end of each reporting period, the Group revises its estimates of the number
of options that are expected to vest based on the non-market vesting conditions and service conditions. It
recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding
adjustment to equity. The fair value at the grant date is determined using a Monte Carlo simulation technique for the
DCC plc Long-term Incentive Plan.
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228
Notes to the Financial Statements Continued
The DCC plc Long-term Incentive Plan contains both market and non-market based vesting conditions. Accordingly,
the fair value assigned to the related equity instrument on initial application of IFRS 2 Share-based Payment is
adjusted to reflect the anticipated likelihood at the grant date of achieving the market based vesting conditions. The
cumulative non-market-based charge to the Income Statement is reversed where entitlements do not vest because
non-market performance conditions have not been met or where an employee in receipt of share entitlements
relinquishes service before the end of the vesting period.
Where the share-based payments give rise to the issue of new equity share capital, the proceeds received by the
Company are credited to Share Capital (nominal value) and Share Premium when the share entitlements are
exercised. Where the share-based payments give rise to the re-issue of shares from treasury shares, the proceeds
of issue are credited to shareholders equity.
The measurement requirements of IFRS 2 have been implemented in respect of share options entitlements granted
after 7 November 2002. In accordance with the standard, the disclosure requirements of IFRS 2 have been applied to
all outstanding share-based payments regardless of their grant date. The Group does not operate any cash-settled
share-based payment schemes or share-based payment transactions with cash alternatives as defined in IFRS 2.
EQUITY
Treasury shares
Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from total
equity and classified as treasury shares until they are cancelled. Where such shares are subsequently sold or
re-issued, any consideration received is included in share premium.
Dividends
Dividends on Ordinary Shares are recognised as a liability in the Group’s financial statements in the period in which
they are approved by the shareholders of the Company. Proposed dividends that are approved after the reporting
date are not recognised as a liability at that reporting date but are disclosed in the dividends note.
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly
to the Parent Company and are presented separately in the Group Income Statement and within equity in the Group
Balance Sheet, distinguished from shareholders’ 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 financial statements were approved by the Board of Directors on 12 May 2025.
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Note
2025
£’000
2024
£’000
ASSETS
Non-current assets
Investments in subsidiary undertakings 6.4 1,140,763 1,141,980
Current assets
Trade and other receivables 6.5 278,736 339,191
Cash and cash equivalents 6.7 660 5,375
279,396 344,566
Total assets 1,420,159 1,486,546
EQUITY
Capital and reserves
Share capital 4.1 17,422 17,422
Share premium 4.1 883,909 883,890
Other reserves 6.8 109,785 135,050
Retained earnings 6.9 353,691 400,165
Total equity 1,364,807 1,436,527
LIABILITIES
Current liabilities
Trade and other payables 6.6 55,352 50,019
Total equity and liabilities 1,420,159 1,486,546
Mark Breuer, Donal Murphy
Directors
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
DCC plc Annual Report and Accounts 2025
230
Company Financial Statements
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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 2024 17,422 883,890 400,165 135,050 1,436,527
Profit for the financial year – – 150,873 – 150,873
Other comprehensive income:
Currency translation – – – (32,809) (32,809)
Total comprehensive income – – 150,873 (32,809) 118,064
Re-issue of treasury shares – 19 – – 19
Share based payment – – – 7,544 7,544
Dividends – – (197,347) – (197,347)
At 31 March 2025 17,422 883,909 353,691 109,785 1,364,807
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
Profit for the financial 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
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
231
Note
2025
£’000
2024
£’000
Operating activities
Cash generated from operations 6.10 65,591 (45,660)
Income tax paid (11) –
Net cash flow from operating activities 65,580 (45,660)
Investing activities
Inflows:
Interest received 10,464 12,199
Dividends received from subsidiaries 141,888 217,065
152,352 229,264
Outflows:
Acquisition of subsidiaries 6.4 (25,225) (73)
Net cash flow from investing activities 127,127 229,191
Financing activities
Inflows:
Proceeds from issue of shares 19 221
Outflows:
Dividends paid 2.11 (197,347) (188,817)
Net cash flow from financing activities (197,328) (188,596)
Change in cash and cash equivalents (4,621) (5,065)
Translation adjustment (94) (251)
Cash and cash equivalents at beginning of year 5,375 10,691
Cash and cash equivalents at end of year 6.7 660 5,375
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
DCC plc Annual Report and Accounts 2025
232
Company Financial Statements Continued
NOTES TO THE
COMPANY
FINANCIAL
STATEMENTS
Section 6 Notes to the Company Financial Statements
6.1
Basis of Preparation
The financial 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 financial statements, please refer to the Group
financial 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 (2024: £15,450).
6.3
Profit Attributable to DCC plc
Profit after tax for the year attributable to owners of the Parent Company amounting to £150,873 million
(2024: £228.035 million) has been accounted for in the financial 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 filing 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
2025
£’000
2024
£’000
At 1 April 1,141,980 1,174,092
Additions 25,225 73
Exchange and other (26,442) (32,185)
At 31 March 1,140,763 1,141,980
Details of the Group’s principal operating subsidiaries are included in the Supplementary Information section on
pages 237 to 262. 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 office of DCC Limited is at 2 New Street Square, London, EC4A 3BZ,
England. The registered office of DCC International Holdings B.V. is Zuiderzeestraatweg 1, 3882 NC, Putten,
The Netherlands.
6.5
Trade and Other Receivables
2025
£’000
2024
£’000
Amounts owed by subsidiary undertakings 278,736 339,191
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 2025 (31 March 2024: nil). The Company does not expect any
material loss in relation to trade and other receivables at 31 March 2025.
In accordance with the Companies
Act 2014, information regarding the
ultimate Parent Company, DCC plc,
is presented below.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
233
6.6
Trade and Other Payables
2025
£’000
2024
£’000
Amounts due to subsidiary undertakings 54,771 49,420
Other creditors and accruals 581 599
55,352 50,019
6.7
Cash and Cash Equivalents
2025
£’000
2024
£’000
Cash at bank and in hand 660 5,375
6.8
Other Reserves
Share based
payment
reserve
1
£’000
Foreign currency
translation
reserve
2
£’000
Other
reserves
3
£’000
Total
£’000
At 1 April 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
Share based payment 7,544 – – 7,544
Currency translation – (32,809) – (32,809)
At 31 March 2025 71,350 38,206 229 109,785
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 differences 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 profits
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
2025
£’000
2024
£’000
At 1 April 400,165 360,947
Total comprehensive income for the financial year 150,873 228,035
Dividends (197,347) (188,817)
At 31 March 353,691 400,165
6.10
Cash Generated from Operations
2025
£’000
2024
£’000
Profit for the financial year 150,873 228,035
Add back non-operating income:
– tax 11 –
– net finance income (10,464) (12,199)
– dividend income (141,888) (217,065)
Operating profit before exceptionals (1,468) (1,229)
Changes in working capital:
– trade and other receivables 60,534 (44,763)
– trade and other payables 6,525 332
Cash generated from operations 65,591 (45,660)
DCC plc Annual Report and Accounts 2025
234
Notes to the Company Financial Statements Continued
6.11
Related Party Transactions
SUBSIDIARIES AND ASSOCIATES
The Company’s Income Statement includes dividends from its subsidiary companies of £141.888 million and principally
comprises dividends from DCC Financial Services Holdings Unlimited Company (£78.645 million), DCC Management
Services Limited (£21.021 million), DCC Financial Services International dac (£20.482 million) and DCC Energy Limited
(£16.817 million). Details of loan balances to/from subsidiaries are provided in the Company Balance Sheet on
page 230, 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 financial risk management objectives and policies is provided in note 5.7 to the Group
financial statements. These financial 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 financial institutions.
As detailed in note 6.5, the Group’s intercompany receivables at 31 March 2025 amount to £278.736 million (2024:
£339.191 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 financial 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 2025 of £0.660 million was
held with financial 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 outflows (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 financial year.
As at 31 March 2025
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 outflows
Trade and other payables 55,352 – – – 55,352
55,352 – – – 55,352
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 outflows
Trade and other payables 50,019 – – – 50,019
50,019 – – – 50,019
The Company has sufficient 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 2025 or at 31 March 2024 which would give rise to a significant transactional currency exposure. However, as
the presentation currency for the Company is sterling, it is exposed to fluctuations in the sterling/euro exchange rate.
A change in the value of euro by 10% against sterling would have a £0.8 million (2024: £1.0 million) impact on the
Company’s profit before tax, would change the Company’s equity by £124.1 million and change the Company’s net
cash by £0.1 million (2024: £130.6 million and £0.5 million respectively).
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025
235
Interest rate risk management
Based on the composition of net cash at 31 March 2025 a one percentage point (100 basis points) change in average
floating interest rates would have a £0.1 million (2024: £0.1 million) impact on the Company’s profit before tax. Finance
income principally comprises guarantee fees charged at fixed 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 financial assets and financial liabilities
The following is a comparison by category of book values and fair values of the Company’s financial assets and
financial liabilities:
2025 2024
Book value
£’000
Fair value
£’000
Book value
£’000
Fair value
£’000
Financial assets
Trade and other receivables 278,736 278,736 339,191 339,191
Cash and cash equivalents 660 660 5,375 5,375
279,396 279,396 344,566 344,566
Financial liabilities
Trade and other payables 55,352 55,352 50,019 50,019
55,352 55,352 50,019 50,019
As at 31 March 2025 and 31 March 2024 the Company had no financial assets or financial 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 financial
statements.
6.12
Financial Risk Management continued
DCC plc Annual Report and Accounts 2025
236
Notes to the Company Financial Statements Continued
SUPPLEMENTARY
INFORMATION
238 Principal Subsidiaries and Associates
242 Shareholder Information
244 Corporate Information
245 Supplementary Sustainability Information
245 Double Materiality Assessment Process
246 Sustainability-Related Policies
247 Interests and Views of Stakeholders
248 Additional GHG and Energy Consumption Metrics
249 EU Taxonomy
250 TCFD
252 References Relevant to EU Sustainability Reporting Legislation
255 Independent Assurance Statement
257 Alternative Performance Measures
262 5 Year Review
263 Index
DCC plc Annual Report and Accounts 2025 237
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025238
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
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 Building 2, 3rd & 4th Floor, The
Green, Dublin Airport Central,
Dublin Airport, Swords,Co. Dublin,
K67 E2H3, 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
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
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 filed with the Irish Registrar of Companies.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 239
Company Name Company Address Principal Activity
Incorporated
and Operating
in
Group
Shareholding
%
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
Wirsol Aufdach GmbH
(trading as Wirsol Roof
Solutions)
Schwetzinger Str. 22-26
68753 Waghäusel, Germany
Solar PV installation company, servicing
residential and commercial
Germany 60
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 (trading as Motia)
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 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
DCC ENERGY Continued
Principal Subsidiaries and Associates continued
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025240
Company Name Company Address Principal Activity
Incorporated
and Operating
in
Group
Shareholding
%
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 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
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
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
DCC TECHNOLOGY Continued
Principal Subsidiaries and Associates continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 241
HEALTH & BEAUTY INNOVATIONS
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 effervescent 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 Labs, Inc. 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
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
IP&E GBA Limited Unit 2808-11, Prosperity Millennia
Plaza, 663 King’s Road,
North Point, Hong Kong
Procurement, sales, marketing and
distribution of liquid gas
Hong Kong 36
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
Principal Subsidiaries and Associates continued
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025242
SHAREHOLDER INFORMATION
SHARE LISTING
DCC’s shares have a Premium Listing on the Official List of the United Kingdom Listing Authority (‘UKLA Official List’) and are
traded solely on the London Stock Exchange in sterling.
Share Price Data
2025
£
2024
£
Share price at 12 May 50.70 59.05
Market capitalisation at 12 May 5,018m 5,837m
Share price at 31 March 51.45 57.60
Market capitalisation at 31 March 5,092m 5,694m
Share price movement during the year
– High 60.35 58.26
– Low 48.48 41.71
DCC plc’s ordinary share price information can be accessed on the Company’s website under the ‘Investors’ tab.
Shareholdings as at 31 March 2025
UK
By location
North America
Continental Europe
Ireland
Asia/Rest of World
Retail
3
37.5%
30.1%
16.3%
12.0%
3.1%
1.0%
Geographic division
1
Number of
shares
2
% of shares
UK 37,118,817 37.5%
North America 29,767,761 30.1%
Continental Europe 16,157,258 16.3%
Ireland 11,858,197 12.0%
Asia/Rest of World 3,109,041 3.1%
Retail
3
955,105 1.0%
Total 98,966,179 100%
Notes:
1. This represents the best estimate of the number of shares controlled by fund managers
resident in the relevant geographic regions.
2. Excludes 2,367,725 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 145.
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 66.19 pence per share was paid on 13 December 2024.
Subject to shareholders’ approval at the Annual General Meeting, a final dividend of 140.21 pence per share will be paid on
17 July 2025 to shareholders on the register of members at the close of business on 23 May 2025.
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.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 243
FINANCIAL CALENDAR
13 May 2025 Final results announcement for 2025
22 May 2025 Ex-dividend date – final dividend
23 May 2025 Record date – final dividend
10 July 2025 Trading Statement
10 July 2025 Annual General Meeting
17 July 2025 Proposed payment date – final dividend
11 November 2025 Interim results announcement
December 2025 Proposed payment date – interim dividend
February 2026 Trading Statement
ANNUAL GENERAL MEETING, ELECTRONIC PROXY VOTING AND EUROCLEAR BANK VOTING
The Annual General Meeting will be held at 2.00 pm on Thursday, 10 July 2025 at The Clayton Hotel Leopardstown, Central Park,
Sandyford Business Park, Co. Dublin, D18 K2P1, 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 2025 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-effective 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
www.investorcentre.com/ie/contactus
INVESTOR RELATIONS
For investor enquiries, please contact Rossa White, Head of Group Investor Relations and Communications, DCC plc, DCC
House, Leopardstown Road, Foxrock, Dublin 18, D18 PK00, Ireland.
Tel: + 353 1 2799 400
email: investorrelations@dcc.ie
Shareholder Information continued
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025244
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
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 245
DOUBLE MATERIALITY
ASSESSMENT PROCESS
We identified a long list of impacts, risks and
opportunities (‘IROs’) that are relevant to our business
through a landscape assessment. This included a
review of our previous Double Materiality Assessment,
internal reporting, as well as external research and
publications.
The value chains of DCC Energy, DCC Technology and
DCC Healthcare were assessed individually to help
in the identification of relevant IROs.
We identified affected stakeholders across the Group’s
activities and business relationships. This included
internal (employees) and external (customers, investors,
suppliers, other partners and local communities)
stakeholders.
Engagement was undertaken via surveys, interviews
and focus groups. During focus group sessions,
participants debated each risk and opportunity before
reaching a consensus on scoring and likelihood across
different time horizons.
This section outlines the process we followed in the review of our Double
Materiality Assessment (‘DMA’) during the year under review. The process
was supported by external advisors and followed relevant guidance under
the EU Corporate Sustainability Reporting Directive (‘CSRD’).
1. UNDERSTANDING THE CONTEXT 3. STAKEHOLDER ENGAGEMENT
A final list of topics specific to each division was then
reviewed and approved.
Impacts were scored by evaluating the severity and
likelihood of sustainability matters and their effects
on people and the environment across different
timeframes and their location in the relevant value
chain.
Financial materiality of risks and opportunities
were assessed by scoring the likelihood and potential
magnitude a sustainability matter could have on
the relevant business.
The assessment of financial risks and opportunities
aligned with our wider Enterprise Risk Management
(‘ERM’) framework. Impact thresholds were based on a
scale developed with external advisors and approved
by senior leadership.
4. ANALYSIS AND RESULTS
In the final stage of the process, we consolidated
divisional and Group scores for each IRO.
We conducted a number of validation workshops
with our senior leaders to review the consolidated
set of IROs and associated scores.
We then reviewed the process in detail with the Chair
of the Audit Committee and presented the process
and outputs to the Board for approval.
2. SUSTAINABILITY TOPICS AND IROS
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025246
SUSTAINABILITY-RELATED
POLICIES
Policy Description of Key Contents Availability
Code of Conduct • Central policy document setting out our overall compliance
framework.
• Outlines expected actions and processes across risk areas.
• Provides details of channels for Raising a Concern.
• Reinforces the Group’s Core Values and Compliance Principles.
• Establishes disciplinary actions arising from non-compliance.
www.dcc.ie
Health & Safety Policy • Establishes a framework for devolved management of H&S risks.
• Reinforces Safety as the Group’s utmost priority.
www.dcc.ie
Anti-Bribery & Corruption
Policy
• Sets out requirement for all employees to avoid corrupt practices.
• Provides details of channels for Raising a Concern.
• Outlines management responsibility for culture creation.
www.dcc.ie
Supply Chain Integrity Policy • Establishes requirements within the supply chain concerning product
quality, human rights and supplier integrity.
• Sets out risk assessment procedures for Group businesses to adapt.
• Supports human rights standards.
www.dcc.ie
Human Rights Policy • Outlines the Group’s commitment to protection of human rights in our
operations and value chains.
• Upholds legal requirements and international standards.
• Provides details on Raising a Concern about violations of human
rights for employees and non-employees.
www.dcc.ie
Supplier Code of Practice • Contains standards on numerous risk areas to ensure suppliers are
aligned with DCC’s Core Values.
• Positively influences supply chain activities by being tied into
contractual agreements.
www.dcc.ie
Data Protection Policy • Sets out processes to be established and monitored to ensure
appropriate protection of personal data.
• Ensures relevant data protection laws are followed.
Internal site
Group Environment Policy • Sets out baseline of environmental protection and sustainability. www.dcc.ie
Inclusion Policy • Outlines commitment to fostering an inclusive workplace, from hiring
through to workplace practices.
• Enshrines legal requirements and prohibits discrimination on protected
grounds.
www.dcc.ie
This section provides an overview of our policies that guide sustainable
practices across our operations, reflecting our commitment to
environmental and social responsibility and doing the right thing.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 247
INTERESTS AND VIEWS
OF STAKEHOLDERS
How Engagement is Achieved Purpose of Engagements Examples of Outcomes from Engagements
Employees
• Employee Engagement Survey
• Employee Resource Group
networks
• Leadership Conferences
• Safety Stand Down days
• Workforce Representative
engagement
• Personal development
discussions
• Including employees’ perceptions
and experiences
• Identifying areas for improvement
• Sharing best practices among
peers in other Group businesses
• Contributing to a sustainable
workplace and working life
• Improvement and action plans
• Changes in working practices
• Communications from
management
• Internal policy updates
Customers
• Customer support and guidance
• Periodic reviews
• Customer surveys
• Providing sustainable solutions
• Service improvements
• Vulnerable customer support
• Product/service improvements
• Adaptation of marketing
strategies
• Priority support for vulnerable
customers
Suppliers
• Third-party due diligence
• Workshops and industry
collaborations
• On-site audits
• Chain of custody assessments
• Compliance with our Supplier
Code of Practice
• Promoting responsible sourcing
• Protecting human and labour
rights of workers
• Ensuring a respectful working
environment
• Decarbonising our supply chain
• Pilots of low carbon solutions
• Trusted relationship with suppliers
• Supplier improvement plans
• Reduction in our Scope 3
emissions
Investors
• Investor calls, questionnaires, and
meetings
• Periodic investor updates
• AGM and investor roadshows
• ESG ratings
• Understanding sustainability
related expectations
• Attracting responsible investors
• Enhancing transparency
• Enhancements to Sustainability
Programme
• Adapted external communication
on Strategy
• ESG rating improvement plans
Governments,
Policymakers,
and Regulators
• Direct dialogue with policymakers
• Answering public consultations
• White papers, programmes, and
studies
• Ensuring regulatory compliance
• Highlighting areas for policy
changes to support just transition
• Participation in government-led
consultations on new policies
Industry and
Sustainability
Associations
• Joint initiatives and programmes
• Workshops and knowledge
sharing
• Enabling the development of
renewable energy solutions
• Enabling the industry to engage
policymakers
• Developing industry standards on
sustainability
• Endorsement of industry backed
initiatives
Local
Communities
• Partnerships for community
benefits
• Public meetings and
consultations
• Building trust and community
support
• Ensuring community benefits
• Design of community benefits
• Support of local projects
In this section, we outline how we engage with stakeholders
on sustainability matters.
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025248
Additional GHG Metrics
Metric Unit 2025
DCC Group Emissions Intensity
GHG emissions intensity
(market based)*
tCO
2
e/£m
revenue
2,052
Biogenic Emissions from the Combustion or Biodegradation of Biomass
Own operations (Scope 1) ktCO
2
e 20
DCC Energy value chain (Scope 3) MtCO
2
e 2.0
Renewable Energy Production from Our Operations
Metric Unit 2025
Self-generated Energy Production
Total renewable energy production MWh 3,000
Energy Consumption from Our Operations
Metric Unit 2025
Energy Consumption from Renewable Sources
Total energy consumption from renewable sources MWh 169,000
1. Energy consumption from renewable electricity MWh 82,000
2. Energy consumption from renewable fuels (fuel blends/biofuels) MWh 85,000
3. Energy consumption from self-generated renewable energy (solar PV/wind) MWh 2,000
Energy Cconsumption from Non-renewable Sources
Total energy consumption from non-renewable sources MWh 281,000
Total Energy Consumption
Total energy consumption from all sources** MWh 450,000
Share of renewable energy in overall energy consumption mix % 60%
Note: *GHG emissions intensity is based on revenue from continuing operations
**Energy intensity associated with own operations in high climate impact sectors was 26 MWh / £m revenue (2025)
ADDITIONAL GHG AND ENERGY
CONSUMPTION METRICS
In this section we set out additional GHG metrics to those covered
in the Climate Change section of the Sustainability Review covering
emissions intensity, biogenic emissions and energy consumption.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 249
EU TAXONOMY
At present the EU Taxonomy (‘the Taxonomy’) does not cover
all sustainable activities and sustainable classification
criteria are not yet available for many of our activities. For
instance, our sales of lower carbon fuels to replace higher
carbon fossil fuels and the distribution of energy efficient
products (e.g. solar panels) are activities that 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.
We have reviewed the sustainable activities included in
the Taxonomy Regulation (2020/852) and reviewed their
application to each business activity across the Group. This
assessment was done by reviewing the economic activities
description and NACE code definitions referenced within the
Climate Delegated Act (Commission Delegated Regulation
(EU) 2021/2139 amendments 2022/1214 and 2023/2485),
Environmental Delegated Act (Commission Delegated
Regulation (EU) 2023/2486) and subsequent amendments,
annexes and FAQs supplementing the Taxonomy Regulation.
We classified each activity as either Taxonomy non-eligible
or Taxonomy eligible.
• Taxonomy non-eligible: An economic activity that is defined
in the Climate/Environmental Delegated Acts but not an
activity in the Group.
• Taxonomy eligible: An economic activity that is defined in
the Climate/Environmental Delegated Acts that is an
activity in the Group.
We also conducted a review of capital spending and
revenue across all divisions and functions against activities
relating to the Taxonomy objectives.
Our assessment determined that the primary Taxonomy-
eligible activity of the Group was ‘Installation, maintenance
and repair of energy efficiency equipment’ under the climate
change mitigation objective, reflective of the installation of
solar panels and heat pumps in the Energy division.
This primary eligible activity represents less than 1% of total
turnover and capital expenditure of the Group. The turnover
of all eligible activities is less than 10% of DCC Group
turnover.
Our analysis of operating expenditure concluded that the
amount of sustainable operating expenditure within the
meaning of the Taxonomy was not material to the business
model of the Group and we therefore availed of the
exemption to calculate the KPI in detail.
The Group intends to provide a further update on the
application of the EU Taxonomy following the
implementation of the proposed EU Sustainability Omnibus
Directive.
In this section we summarise our assessment of the
application of the EU Taxonomy to our activities.
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 94 to 105
Board Report on pages 95 to 101
b) Describe management’s role in assessing
and managing climate-related risks and
opportunities.
Corporate Governance Statement
pages 94 to 105
Risk Report pages 76 to 86
Energy Business Review pages 14 to 23
Strategy
Disclose the actual
and potential
impacts of
climate-related risks
and opportunities
on the organisation’s
businesses, strategy,
and financial
planning where
such information is
material.
a) Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium, and long-term.
Chief Executive’s Review pages 4 to 7
Sustainability Review pages 48 to 56
b) Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy, and financial planning.
Financial Review pages 30 to 37
Energy Business Review pages 14 to 23
Audit Committee Report pages 110 to 117
Financial Statements pages 147 to 236
Remuneration Report pages 118 to 142
c) Describe the resilience of the organisation’s
strategy, considering different climate-related
scenarios, including a 2°C or lower scenario.
Sustainability Review pages 48 to 56
Risk
Management
Disclose how
the organisation
identifies, assesses,
and manages
climate-related risks.
a) Describe the organisation’s processes
for identifying and assessing
climate-related risks.
Sustainability Review pages 54 to 55
Risk Report pages 76 to 86
b) Describe the organisation’s processes
for managing climate-related risks.
Sustainability Review pages 54 to 55
Risk Report pages 76 to 86
c) Describe how processes for identifying,
assessing, and managing climate-related
risks are integrated into the organisation’s
overall risk management.
Risk Report pages 76 to 86
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 46 to 47
Energy Business Review pages 22 to 23
b) Disclose Scope 1, Scope 2,
and, if appropriate, Scope 3 greenhouse
gas (‘GHG’) emissions and the related risks.
Sustainability Review pages 50 to 51
c) Describe the organisation’s targets to
manage climate-related risks, opportunities,
and performance against targets.
Sustainability Review pages 46 to 55
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025250
TCFD
Risk/Opportunity Approach Impact Assessment Actions
Climate
transition
impacts on
our activities
Previously we undertook a detailed
assessment of the likely evolution of
each of the principal markets where
we operate (geographic and
customer markets), including a
transition compatible with 1.5°C
warming. This scenario was based
on SSP1/RCP 2.6. This work included
an assessment of the evolution of
our policy and legal environment
(such as the level of carbon pricing).
Building on this we recently
completed analysis to quantify the
level of potential financial impact
from policy and regulation risk for our
operations by 2030 under an IEA net
zero scenario. The financial impact of
policy and regulation by 2030 can
be approximated using the potential
cost of carbon credits required to
cover excess carbon emissions
against the IEA new zero scenario.
See pages 54 and 55 for more detail.
Overall, there is a significant
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 offer 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 financial risk to
our existing energy operations in
the long-term.
During the year under review we
announced that we would focus
solely on the energy sector, in order
to capture the significant
opportunity from the energy
transition, re-emphasising the
importance of transition to our
strategy and organisational design.
During the year we have developed
an absolute Scope 3 Energy target
to achieve a 35% reduction by 2030
against a 2022 emissions baseline,
which aligns with our existing target
to achieve net zero by 2050 or
sooner.
Our strategy is to support our
customers through the energy
transition, growing our business,
reducing the carbon intensity of
liquid fuels and building a scale
energy services business supporting
customers with efficiency and
electrification.
We invested £100 million in
acquiring four energy services
businesses in the year under review.
During the year we accelerated our
presence in the on-site solar and
complementary energy services
markets and launched the Wewise
brand across Continental Europe.
Climate
physical
impacts on
our activities
Building on previous work, over the
last year we completed an exercise to
significantly enhance our scope and
approach to assessing and
managing physical climate risk within
our own operations. We recently
completed a project using a
recognised third party assessment
tool to review climate physical risk for
100 key operational sites (60 for
Energy, 20 for Healthcare and 20 for
Technology).
The tool considers the latest climate
science from the Intergovernmental
Panel on Climate Change (IPCC) in
10-year periods to 2090 and analyses
the operational cost and impact from
chronic and acute climate change.
This is expressed as the Modelled
Average Annual Loss (‘MAAL’) for each
site, against four climate scenarios,
ranging from benign climate outcomes
to significant changes.
The output from the tool was
reviewed against our risk matrix
to determine the level of impact
over the short, medium and long
term. Based on the analysis
completed of the 100 sites, which
are considered broadly
representative of DCC
operations, physical climate risk
does not currently appear to be
a material risk for our own
operations. This has been tested
under a range of climate
scenarios over the short, medium
and long term to 2050.
The overall MAAL for the 100 sites
is 1.2% by 2050 under the most
extreme climate scenario, rising
to 3.6% by 2090 under the same
scenario. Indicatively and based
on 2024 asset figures as a proxy,
the financial impact could be in
the range of c.1% of total Group
property, plant and equipment
in 2050.
In the medium to long term DCC’s
own operations are expected to
experience some impact from both
acute and chronic physical risk.
We have a range of business
continuity plans and insurance in
place to mitigate both the
operational and financial impacts
of physical climate risk.
In addition, Butagaz has completed
an exercise to consider the impact
of climate risks and appropriate
climate adaptations that can be
put in place to manage the impacts
of climate change. The analysis was
consistent with the Group exercise.
Subsequently the Butagaz
management team developed a
climate adaptation plan with
options to address the impacts of
climate change in their operations.
Summary of Key Climate and
Transition Impacts
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 251
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025252
The tables indicate where the data points can be found in the Annual Report, and which data points are assessed as not
material, not stated or not relevant.
Disclosure
Requirement Data Point Description Legislation Page
ESRS 2, GOV-1 The role of the Administrative, Management and Supervisory Bodies
(AMSB)
95-101
ESRS 2, GOV-1 21 d Board’s gender diversity SFDR 98
21 e Percentage of Board members who are independent 98
ESRS 2, GOV-2 Sustainability matters addressed by the AMSB 97
ESRS 2, GOV-3 Integration of sustainability related performance in incentive schemes 118-142
ESRS 2, GOV- 4 30 Statement of due diligence SFDR NS
ESRS 2, SBM-1 Strategy, business model and value chain 10-23
48-49
ESRS 2, SBM-1 40 d I Involvement in activities related to fossil fuel activities SFDR/P3 55
40 d ii Involvement in activities related to chemical production SFDR NR
40 d iii Involvement in activities related to controversial weapons SFDR NR
40 d iv Involvement in activities related to cultivation and production of
tobacco
NR
ESRS 2, SBM-2 Interests and views of stakeholders 247
ESRS 2, SBM-3 Material IROs and their interaction with strategy and business model 44-45
ESRS 2, IRO-1 Description of the process to identify and assess material IROs 245
ESRS 2, Policies Policies adopted to manage material sustainability matters 246
ESRS 2, Targets Tracking effectiveness of policies and actions through targets 46-47
ESRS E1 Climate change 48-57
ESRS E1-1
14 Transition plan to reach climate neutrality by 2050 52-53
ESRS E1-4
34 GHG emission reduction targets SFDR/P3 50-53
ESRS E1-5
38 Energy consumption from fossil sources disaggregated by sources
(only high climate impact sectors)
SFDR 248
37 Energy consumption and mix 248
40-43 Energy intensity associated with activities in high climate impact
sectors
248
ESRS E1-6
44 Gross Scope 1, 2, 3 and total GHG emissions SFDR/P3 50-51
53-55 Gross GHG emissions intensity 51
ESRS E1-7
56 GHG removals and carbon credits NM
Key:
NR = Not relevant
NS = Not stated
NM = Not material
SFDR = Sustainable Finance Disclosure Regulation
P3 = EBA Pillar 3 disclosure requirements
REFERENCES RELEVANT TO EU
SUSTAINABILITY REPORTING LEGISLATION
The following table indicates where information relevant to selected
sustainability reporting legislation issued by the EU is located in this
Annual Report. This information is provided for reference purposes. DCC
was not subject to the legislation referred to during the year under review.
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 253
EU Legislation Table continued
Disclosure
Requirement Data Point Description Legislation Page
ESRS E1-9
66 Exposure of the benchmark portfolio to climate-related physical risks 55
66 a Disaggregation of monetary amounts by acute/chronic physical risk,
location of significant assets at material physical risk
P3 55
66 c P3 55
67 c Breakdown of the carrying value of its real estate assets by energy
efficiency classes
NS
69 Degree of exposure of the portfolio to climate related opportunities 13, 21,
49, 54
ESRS E2-4 28 Amount of each pollutant listed in annex II of the E-PRTR regulation
emitted to air, water and soil
SFDR NS
ESRS E3-1 9 Water and marine resources SFDR NM
13 Dedicated policy NM
14 Sustainable oceans and seas NM
ESRS E3-4
28 c Total water recycled and re-used SFDR NM
29 Total water consumption in metre cubed per net revenue on own
operations
NM
ESRS E4 Biodiversity 60-61
ESRS E4, SBM-3
(ESRS 2)
16 a i Activities negatively affecting biodiversity-sensitive areas SFDR 60-61
16 b Land degradation, desertification, or soil sealing 60-61
16 c Threatened species 60-61
ESRS E4-2
24 b Sustainable land/agriculture practices or policies SFDR NM
24 c Sustainable oceans/seas practices or policies NM
24 d Policies to address deforestation NM
ESRS E5-5
37 d Non-recycled waste SFDR NM
39 Hazardous waste and radioactive waste NM
ESRS S1 Own workforce 62-66
ESRS S1, SBM-3
(ESRS 2)
14 f Risk of incidents of forced labour 70-71
14 g Risk of incidents of child labour 70-71
ESRS S1-1
20 Human rights policy commitments 70-71
21 Due diligence policies on issues addressed by the fundamental ILO
conventions 1-8
SFDR 70-71
22 Processes and measures for preventing trafficking in human beings SFDR 70-71
23 Workplace accident prevention policy or management system 69
ESRS S1-3
32 c Grievance/complaints handling mechanism 246
ESRS S1-14
88 b and c Number of fatalities and number and rate of work related accidents 69
88 e Number of days lost to injuries, accidents, fatalities or illness SFDR 69
ESRS S1-16
97 a Unadjusted gender pay gap SFDR NS
97 b Excessive CEO pay ratio SFDR 118-
142
ESRS S1-17
103 a Incidents of discrimination SFDR NS
104 a Non-respect of UNGPs on Business & Human Rights, ILO principles or
OECD guidelines
SFDR 246
Key:
NR = Not relevant
NS = Not stated
NM = Not material
SFDR = Sustainable Finance Disclosure Regulation
P3 = EBA Pillar 3 disclosure requirements
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025254
EU Legislation Table continued
Disclosure
Requirement Data Point Description Legislation Page
ESRS S2 Workers in the value chain 70-7 1
ESRS S2, SBM-3
(ESRS 2)
11 b Significant risk of child labour or forced labour in the value chain SFDR 70-7 1
ESRS E2 Pollution 58-59
ESRS S2-1 17 Human rights policy commitments SFDR 70
18 Policies related to value chain workers SFDR 70 & 246
19 Non-respect of UNGPs on Business & Human Rights, ILO principles,
or OECD guidelines
SFDR 246
19 Due diligence policies on issues addressed by the fundamental ILO
Conventions 1 to 8
246
ESRS S2-4 36 Human rights issues and incidents connected to its upstream and
convention value chain
SFDR 70-71
ESRS S3-1 16 Human rights policy commitments SFDR 70 & 246
17 Non respect of UNGPs on Business & Human Rights, ILO principles or
OECD guidelines
SFDR 246
ESRS S3-4 36 Human rights issues and incidents SFDR NM
ESRS S4 Consumers and end users 57
ESRS S4-1 16 Policies related to consumers and end users SFDR 246
17 Non respect of UNGPs an Business and Human Rights and OECD
guidelines
SFDR 246
ESRS S4-4 35 Human rights issues and incidents SFDR NM
ESRS G1 Business Conduct 72-73
ESRS G1-1
10 b United Nations Convention Against Corruption SFDR 246
10 d Protection of whistleblowers SFDR 114
ESRS G1-4
24 a Fines for violation of anti-corruption and anti bribery laws SFDR 75
24 b Standards of anti-corruption and anti bribery SFDR 73 & 75
Key:
NR = Not relevant
NS = Not stated
NM = Not material
SFDR = Sustainable Finance Disclosure Regulation
P3 = EBA Pillar 3 disclosure requirements
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 255
INDEPENDENT ASSURANCE STATEMENT
Independent practitioner’s assurance statement to the Directors of DCC plc
Scope
We have been engaged by DCC plc (“DCC”) to perform a ‘limited assurance engagement,’ as defined 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 2025.
The Subject Matter comprises the following:
• Scope 1 greenhouse gas (GHG) emissions (tCO
2
e): 64 ktCO
2
e
• Scope 2 greenhouse gas (GHG) emissions (tCO
2
e): 1 ktCO
2
e (market based) and 20 ktCO
2
e (location based)
• Scope 1 and 2 GHG emissions target reduction on 2019 baseline (%): 48%
• Scope 3 GHG emissions (tCO
2
e) limited to the categories listed below: 37.9 mtCO
2
e
– Category 3: upstream emissions associated with the extraction, refining, 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): 7.1%; and
• Carbon intensity per megajoule of energy sold (gCO
2
e/MJ): 74.4 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 GHG Emission Reporting Standard (“Criteria”). Such
Criteria were specifically 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 11 March
2025. 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 sufficient and appropriate to provide a basis for our limited assurance conclusions.
Our Independence and Quality Control
We have maintained our independence and confirm 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.
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025256
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 effectiveness 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 Greenhouse Gas (GHG) quantification process is subject to scientific uncertainty, which arises because of incomplete
scientific 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 scientific 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:
• Undertaking interviews with those responsible for data collection and reporting of KPI performance to:
– get an oversight of the data collection, monitoring, management, and reporting processes; and
– understand the controls in place for maintaining the accuracy and completeness of data (e.g., second-level reviews,
trending, analysis, internal validation etc.);
• Undertaking a desktop review to assess Subject Matter and any potential risks of misstatement;
• Performing online interactive site visits at two DCC businesses selected with management to assess Subject Matter and data
collection processes at operational level;
• Undertaking analytical procedures of the data and making inquiries of management to obtain explanations for any
significant differences we identified;
• Identifying and testing assumptions supporting calculations;
• Testing, on a sample basis, underlying source information to check the accuracy of the data.
• Assessing calculation of Subject Matter in line with the Criteria; and
• Reading the final reported Subject Matter for appropriate presentation of disclosures and reviewing any limitations or
assumptions noted therein.
Conclusion
Based on our procedures and the evidence obtained, we are not aware of any material modifications that should be made to
the Subject Matter as of 12 May 2025 for the year ended 31 March 2025, in order for it to be in accordance with the Criteria.
Use of our assurance statement
Our assurance work has been undertaken so that we might state to the Directors those matters we are required to state to
them in a limited assurance 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 Entity and its Directors, as a body, for our limited assurance work, for this report,
or for the conclusions we have formed.
ERNST & YOUNG
12 May 2025
Dublin Ireland
Independent Assurance Statement continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 257
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 financial information, provides investors with a more meaningful understanding of the underlying
financial 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 financial 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 identifiable
from the financial statements, are as follows:
Adjusted operating profit (‘EBITA’)
Definition
This comprises operating profit 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
2025
£’000
2024
£’000
Operating profit – continuing operations Income Statement 396,336 462,445
Net operating exceptional items – continuing operations Income Statement 113,659 34,222
Amortisation of intangible assets – continuing operations Income Statement 107,527 103,525
Adjusted operating profit (EBITA) – continuing operations 617,522 600,192
Operating profit – discontinued operations Note 2.10 15,333 66,951
Net operating exceptional items – discontinued operations Note 2.10 60,116 5,087
Amortisation of intangible assets – discontinued operations Note 2.10 10,629 10,550
Adjusted operating profit (EBITA) – discontinued operations 86,078 82,588
Total adjusted operating profit (EBITA) 703,600 682,780
Adjusted operating profit before depreciation (‘EBITDA’)
Definition
EBITDA represents earnings before net interest, tax, depreciation on property, plant and equipment, amortisation of intangible
assets, share of equity accounted investments’ profit after tax and net exceptional items. This metric is used to compare
profitability between companies by eliminating the effects of financing, tax environments, asset bases and business
combinations history. It is also utilised as a proxy for a company’s cash flow.
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Total adjusted operating profit (‘EBITA’) Per above 703,600 682,780
Depreciation of property, plant and equipment Note 3.1 166,520 157,356
Total adjusted operating profit before depreciation (‘EBITDA’) 870,120 840,136
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025258
Net interest before exceptional items
Definition
The Group defines net interest before exceptional items as the net total of finance costs and finance income before interest
related exceptional items as presented in the Group Income Statement.
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Finance costs before exceptional items Income Statement (118,791) (119,342)
Finance income before exceptional items Income Statement 14,270 16,379
Net interest before exceptional items – continuing operations (104,521) (102,963)
Net interest before exceptional items – discontinued operations (1,349) (2,413)
Net interest before exceptional items (105,870) (105,376)
Interest cover – EBITDA interest cover
Definition
The EBITDA interest cover ratio measures the Group’s ability to pay interest charges on debt from cash flows. To maintain
comparability with the definitions 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
2025
£’000
2024
£’000
EBITDA Per above 870,120 840,136
Less: impact of IFRS 16 (7,547) (6,970)
EBITDA for covenant purposes 862,573 833,166
Net interest before exceptional items Per above (105,870) (105,376)
Less: impact of IFRS 16 Note 2.7 12,881 11,486
Net interest for covenant purposes (92,989) (93,890)
EBITDA interest cover (times) 9.3x 8.9x
Effective tax rate
Definition
The Group’s effective 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 profit less net interest before exceptional items.
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Total adjusted operating profit Per above 703,600 682,780
Net interest before exceptional items Per above (105,870) (105,376)
597,730 577,404
Income tax expense Income Statement 71,949 71,667
Income tax attaching to exceptional items – continuing operations Note 2.9 8,240 4,558
Deferred tax attaching to amortisation of intangible assets –
continuing operations Note 2.9 23,950 21,729
Income tax expense before exceptionals and deferred tax attaching
to amortisation of intangible assets – discontinued operations 17,200 15,795
Total Income tax expense before exceptionals and deferred tax
attaching to amortisation of intangible assets 121,339 113,749
Effective tax rate (%) 20.3% 19.7%
Dividend cover
Definition
The dividend cover ratio measures the Group’s ability to pay dividends from earnings.
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Adjusted earnings per share – continuing operations Note 2.12 402.25 390.18
Dividend Note 2.11 206.40 196.57
Dividend cover (times) 1.9x 2.0x
Alternative Performance Measures continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 259
Constant currency
Definition
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 reflection of underlying performance in the period, the Group retranslates
foreign denominated current year earnings at prior year exchange rates.
Revenue (continuing, constant currency)
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Revenue – continuing operations Income Statement 18,011,111 18,854,051
Currency impact 334,400 –
Revenue (continuing, constant currency) 18,345,511 18,854,051
Adjusted operating profit (continuing, constant currency)
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Adjusted operating profit – continuing operations Per above 617,522 600,192
Currency impact 11,662 –
Adjusted operating profit (continuing, constant currency) 629,184 600,192
Adjusted earnings per share (continuing, constant currency)
Calculation
Reference in
Financial Statements
2023
£’000
2022
£’000
Adjusted profit after tax and non-controlling interests – continuing
operations Note 2.12 397,845 385,477
Currency impact 7,399 –
Adjusted profit after tax and non-controlling interests (continuing,
constant currency) 405,244 385,477
Weighted average number of ordinary shares in issue (‘000) Note 2.12 98,905 98,794
Adjusted earnings per share (continuing, constant currency) 409.73p 390.18p
Net capital expenditure
Definition
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
2025
£’000
2024
£’000
Purchase of property, plant and equipment Group Cash Flow Statement 214,295 230,354
Government grants received in relation to property, plant and
equipment Group Cash Flow Statement (340) (2,669)
Proceeds from disposal of property, plant and equipment Group Cash Flow Statement (44,839) (6,666)
Net capital expenditure 169,116 221,019
Free cash flow
Definition
Free cash flow is defined 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
2025
£’000
2024
£’000
Cash generated from operations before exceptionals Group Cash Flow Statement 856,761 995,793
Repayment of lease creditors Note 3.12 (98,886) (93,673)
Net capital expenditure Per above (169,116) (221,019)
Free cash flow 588,759 681,101
Free cash flow (after interest and tax payments)
Definition
Free cash flow (after interest and tax payments) is defined by the Group as free cash flow 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 definition of free cash flow, interest amounts relating to the repayment of lease creditors has been deducted in
arriving at the Group’s free cash flow and are therefore excluded from the interest paid figure in arriving at the Group’s free
cash flow (after interest and tax payments).
Alternative Performance Measures continued
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025260
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Free cash flow Per above 588,759 681,101
Interest paid (including interest relating to lease creditors) Group Cash Flow Statement (102,998) (118,780)
Interest relating to lease creditors Note 3.12 12,881 11,486
Income tax paid Group Cash Flow Statement (115,876) (124,057)
Dividends received from equity accounted investments Group Cash Flow Statement 857 1,261
Interest received Group Cash Flow Statement 11,178 15,285
Free cash flow (after interest and tax payments) 394,801 466,296
Cash conversion ratio
Definition
The cash conversion ratio expresses free cash flow as a percentage of adjusted operating profit.
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Free cash flow Per above 588,759 681,101
Total adjusted operating profit Per above 703,600 682,780
Cash conversion ratio (%) 84% 100%
Return on capital employed (‘ROCE’)
Definition
ROCE represents adjusted operating profit 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 modified 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 profit 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
2025
£’000
Restated
2024
£’000
Total equity Group Balance Sheet 3,168,296 3,183,032
Net debt (including lease creditors) (continuing) Note 3.13 1,172,218 1,156,908
Goodwill and intangibles written off (continuing) 768,350 682,668
Right-of-use leased assets (continuing) Note 3.2 (298,032) (310,095)
Equity accounted investments (continuing) Note 3.4 (71,428) (32,825)
Acquisition related liabilities (continuing, current and non-current) Note 3.16 94,458 131,315
Net assets of the disposal group (807,939) (845,269)
Closing total capital employed (excl. IFRS 16) 4,025,923 3,965,734
Average total capital employed (excl. IFRS 16) 3,995,829 3,829,715
Adjusted operating profit – continuing operations Per above 617,522 600,192
Less: impact of IFRS 16 on continuing operating profit (6,569) (6,214)
610,953 593,978
Return on capital employed (%) excl. IFRS 16 – continuing operations 15.3% 15.5%
ROCE (incl. IFRS 16)
Calculation
Reference in
Financial Statements
2025
£’000
Restated
2024
£’000
Total capital employed Per above 4,025,923 3,965,734
Right-of-use leased assets (continuing) Note 3.2 298,032 310,095
Closing total capital employed (incl. IFRS 16) 4,323,955 4,275,829
Average total capital employed (incl. IFRS 16) 4,299,892 4,131,686
Adjusted operating profit – continuing operations Per above 617,522 600,192
Return on capital employed (%) incl. IFRS 16 – continuing operations 14.4% 14.5%
Alternative Performance Measures continued
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 261
Committed acquisition expenditure
Definition
The Group defines 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
2025
£’000
2024
£’000
Net cash outflow on acquisitions during the year Group Cash Flow Statement 167,294 288,155
Cash outflow on acquisitions which were committed to in the
previous year (76,639) (16,651)
Acquisition related liabilities arising on acquisitions during the year Note 3.16 68,196 82,809
Acquisition related liabilities which were committed to in the
previous year (32,539) (8,549)
Amounts committed in the current year 27,202 143,803
Committed acquisition expenditure 153,514 489,567
Committed acquisition expenditure is analysed between continuing and discontinued operations as follows:
Calculation
2025
£’000
2024
£’000
DCC Energy 101,559 485,786
DCC Technology
13,697
3,781
Committed acquisition expenditure – continuing operations
115,256
489,567
Committed acquisition expenditure – discontinued operations 38,258 –
Committed acquisition expenditure 153,514 489,567
Net working capital
Definition
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
2025
£’000
2024
£’000
Inventories Note 3.5 940,159 1,072,061
Add: inventories of the disposal group Note 2.10 111,718 –
Trade and other receivables Note 3.6 1,975,444 2,172,422
Add: trade and other receivables of the disposal group Note 2.10 132,786 –
Less: interest receivable (4,736) (1,391)
Trade and other payables Note 3.7 (2,763,181) (3,054,108)
Add: trade and other payables of the disposal group Note 2.10 (127,704) –
Less: interest payable Note 3.7 35,154 21,369
Less: amounts due in respect of property, plant and equipment Note 3.7 13,858 17,574
Less: government grants Note 3.7 23 36
Net working capital 313,521 227,963
Working capital (days)
Definition
Working capital days measures how long it takes in days for the Group to convert working capital into revenue.
Calculation
Reference in
Financial Statements
2025
£’000
2024
£’000
Net working capital Per above 313,521 227,963
March revenue 1,708,700 1,767,388
Working capital (days) 5.7 days 4.0 days
Alternative Performance Measures continued
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025262
5 YEAR REVIEW
Group Income Statement
Year ended 31 March
2021
£’m
2022
£’m
2023
£’m
2024
£’m
2025
£’m
Revenue 13,412.5 17,732.0 22,204.8 19,858.8 19,020.3
Adjusted operating profit 530.2 589.2 655.7 682.8 703.6
Exceptional items (40.5) (46.5) (32.5) (39.3) (94.2)
Amortisation and impairment of intangible assets (66.9) (84.3) (111.2) (114.1) (197.8)
Operating profit 422.8 458.4 512.0 529.4 411.6
Finance costs (net) (57.9) (53.0) (79.7) (106.2) (106.2)
Share of equity accounted investments 0.2 0.3 (0.7) 0.6 3.4
Profit before tax 365.1 405.7 431.6 423.8 308.8
Income tax expense (62.3) (79.7) (84.8) (83.2) (87.6)
Non-controlling interests (10.2) (13.6) (12.8) (14.3) (14.7)
Profit attributable to owners of the Parent Company 292.6 312.4 334.0 326.3 206.5
Earnings per share
– basic (pence)
297.04p 316.78p 338.40p 330.24p 208.78p
– basic adjusted (pence) 386.62p 430.11p 456.27p 455.01p 470.20p
Dividend per share (pence) 159.80p 175.78p 187.21p 196.57p 206.40p
Dividend cover (times) 2.4x 2.4x 2.4x 2.3x 2.3x
Interest cover (times)* 10.6x 13.0x 9.1x 7.2x 7.5x
* excludes exceptional items.
Group Balance Sheet
As at 31 March
2021
£’m
2022
£’m
2023
£’m
2024
£’m
2025
£’m
Non-current and current assets:
Property, plant and equipment 1,137.6 1,253.3 1,354.8 1,430.5 1,262.4
Right-of-use leased assets 308.9 327.6 336.2 349.9 298.0
Intangible assets 2,206.7 2,634.4 2,957.6 3,136.9 2,413.5
Equity accounted investments 27.1 26.8 47.8 32.8 71.4
Cash/derivatives 1,948.5 1,620.2 1,570.2 1,207.3 1,138.4
Other assets 2,406.0 3,696.9 3,574.2 3,325.8 4,073.9
Total assets 8,034.8 9,559.2 9,840.8 9,483.2 9,257.6
Equity 2,705.6 2,970.6 3,058.3 3,183.0 3,168.3
Non-current and current liabilities:
Borrowings/derivatives
1,783.3 2,040.1 2,337.5 1,992.0 1,996.6
Lease creditors 315.2 336.7 346.5 362.4 314.0
Retirement benefit obligations (8.0) (7.7) (11.7) 6.6 5.9
Other liabilities 3,238.7 4,219.5 4,110.2 3,939.2 3,772.8
Total liabilities 5,329.2 6,588.6 6,782.5 6,300.2 6,089.3
Total equity and liabilities 8,034.8 9,559.2 9,840.8 9,483.2 9,257.6
Net cash/(debt) included above (excl. lease creditors) 165.1 (419.9) (767.3) (784.7) (858.2)
Group Cash Flow
Year ended 31 March
2021
£’m
2022
£’m
2023
£’m
2024
£’m
2025
£’m
Operating cash flow 903.7 628.4 860.7 995.8 856.8
Capital expenditure 147.0 170.8 206.6 221.0 169.1
Acquisitions 272.6 720.1 340.5 338.5 242.5
Other Information 2021 2022 2023 2024 2025
Return on capital employed (%) 17.1% 16.5% 15.1% 14.3% 14.3%
Working capital (days) (4.3) 2.8 4.1 4.0 5.7
Governance Financial Statements Supplementary InformationStrategic Report
DCC plc Annual Report and Accounts 2025 263
INDEX
Accounting Policies 220
Acquisition Related Liabilities 202
Alternative Performance Measures 257
Analysis of Net Debt 194
Annual General Meeting 243
Approval of Financial Statements 229
Audit Committee Report 110
Auditors 114, 115
Auditor Statutory Disclosure 233
Basis of Consolidation 170
Basis of Preparation 161, 233
Board Committees 106, 110, 118
Board of Directors 90
Board Performance Evaluation 106
Borrowings and Lease Creditors 191
Business Combinations 208
Business Model 8
Business Reviews
– DCC Energy 14
– DCC Technology 24
Carbon Emissions 1, 13, 28, 31, 48
Cash and Cash Equivalents 188, 234
Cash Generated from Operations 211, 234
Chair’s Statement 2
Chief Executive’s Remuneration 134
Chief Executive’s Review 4
Clawback Policy 127
Commitments 211
Commodity Price Risk Management 216, 236
Company Balance Sheet 230
Company Cash Flow Statement 232
Company Statement of Changes in Equity 231
Compliance 42
Contingencies 236, 211
Corporate Governance Statement 94
Corporate Information 244
Credit Risk Management 38, 213, 235
Critical Accounting Estimates and Judgements 163
DCC Leadership Team 92
Deferred Income Tax 196
Derivative Financial Instruments 188
Directors 144
Directors’ and Company Secretary’s Interests 136
Directors’ Compliance Statement 145
Discontinued Operations 176
Diversity 108
Dividends 143, 178, 242
Earnings per Ordinary Share 178
Electronic Communications 243
Employee Share Options and Awards 171
Emerging Risks 79
Employment 170
Energy Strategy 2, 5, 12
Equity Accounted Investments 185
Events After the Balance Sheet Date 220
Exceptionals 173
Executive Directors’ Remuneration 131
Executive Risk Committee 77, 95
Exit Payments Policy 128
Finance Costs and Finance Income 174
Financial Calendar 243
Financial Review 30
Financial Risk and Capital Management 38, 213, 235
Five Year Review 262
Foreign Currency 208
Foreign Exchange Risk Management 216, 235, 38
General Meetings 144, 243
Going Concern 85
Governance 87
Government Grants 204
Greenhouse Gas Emissions 1, 28, 39, 50
Group Balance Sheet 158
Group Cash Flow Statement 160
Group Income Statement 156
Group Management Team 92
Group Profit for the Year 169
Group Statement of Changes in Equity 159
Group Statement of Comprehensive Income 157
Health & Safety 68
Highlights of the Year 1
Inclusion 64
Income Tax Expense 175
Intangible Assets and Goodwill 182
Interest Rate Risk and Debt/Liquidity Management 38
Inventories 186
Investments in Subsidiary Undertakings 233
Investor Relations 243
Key Performance Indicators 26
Lease Creditors 192
Long-term Incentive Plan 126, 137
Movement in Working Capital 187
Net Zero 2, 28, 42
Nomination and Governance Committee Report 106
Non-Controlling Interests 207
Non-Executive Directors’ Remuneration 135
Non-Financial Reporting 28
Notes to the Financial Statements 161
Other Operating Income/Expenses 169
Other Reserves 206, 234
People 4, 8, 29, 40
Post-Employment Benefit Obligations 197
Principal Risks and Uncertainties 80
Principal Subsidiaries 238
Profit Attributable to DCC plc 233
Property, Plant and Equipment 180
Provisions for Liabilities 203
Purpose 1, 2, 4, 42
Supplementary Information Continued
DCC plc Annual Report and Accounts 2025264
Registrar 243
Related Party Transactions 212, 235
Remuneration Policy Report 123
Remuneration Report 118
Report of the Directors 143
Report of the Independent Auditors 149
Retained Earnings 207, 234
Return on Capital Employed 26
Right-Of-Use Leased Assets 181
Risk Management and Internal Control 99
Risk Report 76
Segment Information 164
Share Capital and Share Premium 205
Share of Equity Accounted Investments’ Profit after Tax 175
Shareholder Information 242
Share Listing 242
Share Ownership and Dealing 99
Share Price and Market Capitalisation 242
Stakeholder Engagement 100
Statement of Compliance 161
Statement of Directors’ Responsibilities 148
Strategy 10
Substantial Holdings 145
Summary of Material Accounting Policies 220
Sustainability Review 39
Takeover Regulations 145
Taskforce on Climate-Related Financial Disclosures 117, 250
Trade and Other Payables 187, 234
Trade and Other Receivables 186, 233
Transparency Rules 145
Values 88
Viability Statement 86
Website 243
Index continued
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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