2021 Interim Report - six months ended 30 September 2021

Press Release

9 November 2021

DCC Delivers Strong Growth in First Half

DCC, the leading international sales, marketing and support services group, today announces its results for the six months ended 30 September 2021.

Financial highlights:	2021	2020	% change	% change CC1
Revenue	£7.518bn	£5.931bn	+26.8%	+29.7%
Adjusted operating profit2	£195.8m	£176.1m	+11.2%	+15.5%
DCC LPG	£48.4m	£45.6m	+6.2%	+9.6%
DCC Retail & Oil	£70.0m	£65.2m	+7.4%	+9.5%
DCC Healthcare	£50.2m	£39.8m	+26.0%	+29.8%
DCC Technology	£27.2m	£25.5m	+6.5%	+19.0%
Adjusted earnings per share2	134.2p	117.9p	+13.8%	+18.3%
Interim dividend	55.85p	51.95p	+7.5%
Net debt (excl. lease creditors)3	£54.1m	£137.2m

• DCC delivered strong growth in the seasonally less significant first half of the year, a very good performance given the strong growth in the comparative period. Operating profit increased by 11.2% (15.5% on a constant currency basis) to £195.8 million and more than half of the constant currency growth was organic. Adjusted earnings per share increased 13.8% to 134.2 pence per share.
• All divisions delivered growth, despite the global volatility in commodity pricing, supply chains and inflation.
• Interim dividend increased by 7.5% to 55.85 pence per share.
• DCC's financial position remains very strong, with net debt (excluding lease creditors) at 30 September 2021 of £54.1 million.
• DCC continues to grow and develop organically and through acquisition activity. Since the Group's prior year results announcement in May 2021, DCC has committed approximately £80 million to bolt-on acquisitions, with activity across each division. In the energy sector, acquisitions included the Irish marketing operations of Naturgy, a supplier of renewable power, natural gas and energy services to large commercial and industrial customers and a synergistic, convenience-led, retail mobility business in Luxembourg. DCC Healthcare also completed its first German primary care bolt-on, following its initial market entry through the acquisition of Wörner in April 2021.
• Notwithstanding the adverse impact of currency translation and the significantly increased wholesale cost of energy products, DCC continues to expect that the year ending 31 March 2022 will be another year of strong operating profit growth and continued development activity, and in line with current market consensus expectations.

1. Constant currency ('CC') represents the retranslation of foreign denominated current year results at prior year exchange rates
2. Excluding net exceptionals and amortisation of intangible assets
3. Net debt including lease creditors at 30 September 2021 was £390.3 million (2020: £441.0 million)

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Sustainability:

• Sustainability is embedded in DCC's strategy, business model and culture. DCC released its first standalone Sustainability Report in July 2021. Amongst other items, the report outlines the key metrics the Group will use to track progress against its sustainability objectives. DCC is rated AAA by MSCI.
• DCC is making good progress towards achieving a 20% reduction in its own carbon emissions by 2025 from a 2019 base.
• Progress is being achieved through multiple proactive initiatives. For example, during the first half, DCC has scaled its biofuel usage in a number of businesses for its own truck fleet. DCC is also investing in renewable electricity generation on its sites. For example, DCC Healthcare's soft-gel facility in south Wales generates 50% of its electricity on-site though wind and solar power and utilises its leading sustainability position to attract new customers.

Energy transition:

• Leading energy consumers on their transition to renewable or low carbon energy products is central to DCC's purpose, sustainability objectives and strategy. DCC continues to introduce innovative energy solutions for its commercial and industrial, residential, and mobility customers. For example, since May 2021, DCC has:
• • Accelerated the growth of the recently-acquired solar offering in France, beginning to cross-sell other energy solutions to those customers;
  • Launched an energy management service for French B2B power customers, to help customers better understand, monitor and lower their energy usage and also launched an 'on-premise' electric vehicle ('EV') charging offering for office and apartment buildings;
  • Further increased the scale of renewable energy solutions provided in the Irish market through the recent acquisition of Naturgy. All of the electricity DCC sells to customers in Ireland is renewable;
  • Launched a new offering to trial a 100% biofuel solution for residential heating in Britain this winter, which can offer customers an c.85% reduction in carbon; and
  • Recently announced a new partnership with ENGIE to roll out EV fast-charging across DCC's French motorway network.
• DCC is investing in its capability in new energy solutions. As a result, DCC has a strong pipeline of initiatives right across its energy activities. Together with existing offerings, these will provide energy consumers with further solutions to assist with the decarbonisation of their energy usage into the future.

Donal Murphy, Chief Executive, commented:

"I am pleased to report a strong performance in the seasonally less significant first half, which builds on the growth recorded during the first half of the prior year. Each of our four divisions has delivered good growth, underlining the resilience of our business model and our ability to adapt to the very volatile macro environment. Sustainability is core to how we do business, and we continue to make good progress across each of our four sustainability pillars, including within energy transition. During the period we have developed a number of new partnerships with energy suppliers, bringing innovative and lower-carbon solutions to our customers. DCC is well positioned to lead our customers through their energy transition.

With the strength of our market positions and an active acquisition pipeline, DCC has the capability and financial strength to continue the growth and development of the Group across the energy, healthcare and technology sectors."

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Contact information
Investor enquiries:
Kevin Lucey, Chief Financial Officer	Tel: [phone]
Rossa White, Head of Group Investor Relations	Email:[e-mail]
Media enquiries:
Powerscourt (Eavan Gannon/Victoria Palmer Moore)	Tel: [phone]
DCC website:	Email:DCC@powerscourt‐group.com
www.dcc.ie

Presentation of results - audio webcast and conference call details:

DCC will host a live audio webcast and conference call of the presentation at 09.00 today. The slides for this presentation can be downloaded from DCC's website, www.dcc.ie. The access details for the live presentation are as follows:

Ireland:	[phone]
UK:	[phone]
International:	[phone]
Passcode:	7839245
Webcast Link:	https://edge.media-server.com/mmc/p/uihow8cz

This report, presentation slides and a replay of the audio will be made available at www.dcc.ie.

Document contents	Pages
Divisional Performance Reviews		4 - 7
Group Financial Review		8
Income Statement Review	9	- 11
Cash Flow, Development & Financial Position	12	- 16
Interim Financial Statements (Condensed)	17	- 35
Alternative Performance Measures	36	- 39

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Divisional Performance Reviews
DCC LPG
2021	2020	% change	% change CC
Volumes (thousand tonnes)	918.4kT	726.3kT	+26.4%
Operating profit	£48.4m	£45.6m	+6.2%	+9.6%
Operating profit per tonne	£52.67	£62.72

DCC LPG delivered strong operating profit growth in the seasonally less significant first half of the financial year, notwithstanding the substantial increase in the wholesale cost of product during the period. Operating profit increased by 6.2% (9.6% ahead on a constant currency basis) to £48.4 million and over half of the constant currency growth was organic.

As anticipated, volumes recovered across most markets during the first half of the year, driven by the reopening of economies and the corresponding increase in commercial activity. DCC LPG sold 918.4k tonnes of product in the first half, a 26.4% increase on the prior year. As expected, operating profit per tonne reduced due to the mix impact of the significant increase in lower margin commercial and industrial customer demand, the impact of the UPG acquisition in the US and the higher cost of product.

The French business performed in line with expectations, benefiting from continued good cylinder and domestic demand. The recently acquired solar photovoltaic businesses have performed well since acquisition and experienced strong demand for their design, build and maintenance solutions. These acquisitions have continued to broaden the energy solutions the business offers to customers in France and are delivering strong returns on capital employed. The B2B gas and power business also expanded its customer base and the range of energy solutions it provides during the first half, although, as with the LPG sector, the higher cost of energy was a headwind throughout the period.

In Britain and Ireland, the business experienced a strong recovery in commercial volumes. The growth in commercial volumes was supported by momentum in Britain in oil to LPG conversions, relative to the pandemic-affected prior year. Oil to LPG customer volumes are well ahead of where they were prior to the pandemic, as commercial and industrial customers are increasingly attracted to solutions that significantly reduce their carbon footprint. In Ireland, similar to the experience in France, the on-grid gas and power business has faced significant volatility and increases in wholesale prices for natural gas and electricity. DCC LPG recently agreed to acquire Naturgy's power and gas marketing operations in Ireland, a business supplying renewable power, gas and energy services to large energy users. The acquisition enhances DCC's presence in the Irish electricity and gas markets and represents an important step in its strategy to expand its energy solutions offering across the island of Ireland.

In the US, the business recorded very strong volume growth, driven by the acquisitions of NES Group (September 2020) and UPG (January 2021). The integration of both businesses has progressed well, and they have traded in line with expectations. The business continued to build its market position during the period and recently acquired another small business in Denver, Colorado. DCC LPG now has a substantial business in the US, operating across 22 states. Overall, the business in the US performed in line with expectations during the first half.

In Benelux, the business completed the acquisition of Primagaz in June of this year, following receipt of competition authority approval. Integration is progressing well, and the acquisition significantly increases DCC LPG's position in the market, by adding over 10,000 customers. The business in Germany benefited from three small bolt-on acquisitions completed during the first half of the year, one in refrigerants and two in LPG, as it expands its footprint in the sizeable and fragmented German market.

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DCC Retail & Oil	2021	2020	% change	% change CC
Volumes (billion litres)	5.681bn	4.8.76bn	+16.5%
Operating profit	£70.0m	£65.2m	+7.4%	+9.5%
Operating profit per litre	1.23ppl	1.34ppl

Following a very strong performance in the first half of the prior year, DCC Retail & Oil again delivered strong growth. Operating profit increased by 7.4% (9.5% on a constant currency basis), almost all of which was organic, driven by the recovery in commercial and transport volumes. DCC Retail & Oil also made good progress in expanding the range of products and services it offers to its customers and continued to build capability in lower emissions fuels, EV fast-charging and related services.

DCC Retail & Oil sold 5.681 billion litres of product in the first half, a 16.5% increase on the prior year. Commercial, industrial and transport volumes increased significantly, particularly in the first quarter, as the easing of Covid-19 restrictions led to economic activity recovering, relative to the prior year. The business continues to broaden its product and service offering to customers, which has benefited operating margins generally in recent years. Operating profit per litre decreased modestly due to the mix impact of the recovery in lower-margin,higher-volume commercial activity.

The business in Britain and Ireland recorded very strong organic operating profit growth, in part due to the recovery in commercial activity, which drove fuel and fuel card usage. The business also delivered good growth in its expanded network of company operated retail sites and stores. The increased range of customer solutions is becoming more material, and in the first half of the year, good growth was achieved across lubricants, truck stop, roadside services and heating services. The business in Britain also recently completed the acquisitions of two small bolt-on acquisitions which will improve its digital capability and further expand the roadside services offerings. The business in Ireland delivered strong organic growth in the first half of the year and benefited from the integration of two modest acquisitions completed during the last twelve months.

The Scandinavian business performed robustly following an excellent performance in the prior year. The business in Denmark in particular performed well and generated good growth across the retail, agricultural and commercial sectors. In Scandinavia generally, the business continued to deploy capital into expanding its presence in lower emissions fuels and EV charging infrastructure, including winning a tender for a transport mobility hub in Norway.

In France, the business recorded very strong growth, as restrictions lifted and retail mobility consumers were increasingly active. It has also made good progress in offering new products and solutions to mobility customers. The business has entered into a partnership with ENGIE to deploy EV chargers on 14 motorway sites, while rolling out the infrastructure to enable the sale of E85 fuel across its network. E85 offers a lower carbon alternative product for retail mobility customers. In September 2021, the business also acquired a synergistic network of 19 convenience-led retail forecourts in Luxembourg. The acquisition will be fully integrated into DCC Retail & Oil's existing mobility operating platform and, although modest, will add a good company-operated convenience retailing capability.

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