|
Interim results, six months ended 31 December 2020
28 January 2021
|
Encouraging return to growth, good cash generation and increased
dividend
|
●
|
Reported
net sales (£6.9 billion) down 4.5%, as organic growth of 1.0%
was more than offset by unfavourable exchange. Reported operating
profit (£2.2 billion) declined 8.3%, driven by unfavourable
exchange and a decline in organic operating profit.
|
●
|
Organic
net sales up 1.0%, despite a significant impact from Travel Retail
and on-trade restrictions. North America was up 12.3%, offsetting
declines in other regions, except for Africa which was broadly
flat.
|
●
|
North
America growth was driven by resilient consumer demand, share
growth of total beverage alcohol, positive category mix and the
replenishment of stock levels by distributors and
retailers
|
●
|
Organic
operating profit down 3.4%, driven by channel and category mix.
Productivity benefits from everyday cost efficiencies largely
offset cost of goods sold inflation
|
●
|
Net
cash from operating activities up £0.7 billion to £2.0
billion, and free cash flow up £0.8 billion to £1.8
billion. This primarily reflects a lower tax payment and working
capital benefit driven by reduced creditor balances at the end of
fiscal 20, as a result of reduced sales demand and cost control
measures triggered in response to Covid-19. Creditor balances
have now recovered to more normalised levels.
|
●
|
Basic
eps of 67.6 pence decreased 14.6%. Pre-exceptional eps declined
12.8% to 69.9 pence, driven primarily by unfavourable exchange and
lower operating profit.
|
●
|
Interim
dividend increased 2% to 27.96 pence per share.
|
●
|
Strong
sequential performance improvement in all regions compared to the
second half of fiscal 20. Expecting continued impact in the second
half of fiscal 21 from on-trade restrictions and disruption to
Travel Retail.
|
●
|
Supported
the recovery of the hospitality sector through 'Raising the Bar,'
our $100 million global two-year programme, which has already
reached around 30,000 outlets in seven countries
|
●
|
Rapidly
responded to increased consumer demand in the off-trade channel,
leading to market share gains.
|
●
|
Delivered
broad-based growth across most categories, including tequila, gin,
Canadian whisky, US whiskey, liqueurs and ready to
drink.
|
●
|
Leveraged
deep understanding of consumer behaviour, innovating across our
brands to recruit new consumers and unlock new occasions in
convenience and at-home.
|
●
|
Increased
investment in digital capabilities, including
e-commerce.
|
●
|
Continued
capex investment in capacity, consumer experiences and
sustainability.
|
●
|
Completed
acquisition of Aviation American Gin and Davos Brands, further
premiumising our portfolio.
|
●
|
Leveraged
our embedded culture of everyday efficiency to drive continued
productivity savings.
|
●
|
Launched
'Society 2030: Spirit of Progress', our 10-year sustainability
action plan, building on our strong track record in sustainability
and responsibility.
|
Ivan Menezes, Chief Executive, said:
|
Summary financial information
|
|
|
F21 H1
|
F20 H1
|
Organic growth%
|
Reported growth%
|
Volume
|
EUm
|
128.3
|
130.5
|
-
|
(2)
|
Net
sales
|
£
million
|
6,874
|
7,200
|
1
|
(5)
|
Marketing
|
£
million
|
1,085
|
1,116
|
1
|
(3)
|
Operating
profit before exceptional items
|
£
million
|
2,256
|
2,501
|
(3)
|
(10)
|
Exceptional
operating items(i)
|
£
million
|
(17)
|
(59)
|
|
|
Operating
profit
|
£
million
|
2,239
|
2,442
|
|
(8)
|
Share
of associate and joint venture profit after tax
|
£
million
|
154
|
176
|
|
(13)
|
Non-operating
exceptional items(i)
|
£
million
|
5
|
-
|
|
|
Net
finance charges
|
£
million
|
(200)
|
(154)
|
|
|
Exceptional
taxation (charge)/credit(i)
|
£
million
|
(42)
|
14
|
|
|
Tax
rate including exceptional items
|
%
|
24.4
|
21.5
|
|
13
|
Tax
rate before exceptional items
|
%
|
22.4
|
21.6
|
|
4
|
Profit
attributable to parent company's shareholders
|
£
million
|
1,580
|
1,865
|
|
(15)
|
Basic
earnings per share
|
pence
|
67.6
|
79.2
|
|
(15)
|
Earnings
per share before exceptional items
|
pence
|
69.9
|
80.2
|
|
(13)
|
Interim dividend
|
pence
|
27.96
|
27.41
|
|
2
|
Net sales (£ million)
|
Net sales
|
£ million
|
F20 H1
|
7,200
|
Exchange(i)
|
(328)
|
Acquisitions and disposals
|
(60)
|
Reclassification(ii)
|
(6)
|
Volume
|
(17)
|
Price/mix
|
85
|
F21 H1
|
6,874
|
Operating profit (£ million)
|
Operating profit
|
£ million
|
F20 H1
|
2,442
|
Exceptional
operating items(i)
|
42
|
Exchange
|
(134)
|
Acquisitions and disposals
|
(18)
|
FVA(ii)
|
(8)
|
Organic movement
|
(85)
|
F21 H1
|
2,239
|
Operating margin (%)
|
Operating margin
|
ppt
|
F20 H1
|
33.9
|
Exceptional operating items
|
0.58
|
Exchange
|
(0.36)
|
Acquisitions and disposals
|
0.05
|
Other(i)
|
(0.08)
|
Gross margin
|
(1.74)
|
Marketing
|
0.04
|
Other operating items
|
0.17
|
F21 H1
|
32.6
|
Basic earnings per share (pence)
|
Basic earnings per share
|
pence
|
F20 H1
|
79.2
|
Exceptional items after tax
|
(1.3)
|
Exchange on operating profit
|
(5.7)
|
Acquisitions
and disposals(i)
|
(0.8)
|
Organic operating profit
|
(3.7)
|
Associates and joint ventures
|
(1.0)
|
Finance
charges(ii)
|
(1.4)
|
Tax(iii)
|
1.8
|
Share
buyback(i)
|
0.4
|
Non-controlling interests
|
0.4
|
Other(iv)
|
(0.3)
|
F21 H1
|
67.6
|
Free cash flow (£ million)
|
Free cash flow
|
£ million
|
F20 H1
|
966
|
Exchange(ii)
|
(134)
|
Operating
profit(iii)
|
(109)
|
Working
capital(iv)
|
649
|
Capex
|
80
|
Tax
|
231
|
Interest
|
(29)
|
Other(v)
|
99
|
F21 H1
|
1,753
|
Return on average invested capital (%)(i)
|
Return on average invested capital
|
ppt
|
F20 H1
|
17.5
|
Exchange
|
(0.84)
|
Acquisitions and disposals
|
(0.31)
|
Organic operating profit
|
(0.74)
|
Associates and joint ventures
|
(0.29)
|
Tax
|
(0.25)
|
Other
|
0.68
|
F21 H1
|
15.8
|
Reported growth by region
|
|
Volume
|
Net sales
|
Marketing
|
Operating profit(i)
|
||||
|
%
|
EUm
|
%
|
£
million
|
%
|
£
million
|
%
|
£
million
|
North
America
|
6
|
1.6
|
8
|
199
|
10
|
39
|
9
|
106
|
Europe
and Turkey
|
(6)
|
(1.4)
|
(13)
|
(223)
|
(6)
|
(16)
|
(27)
|
(169)
|
Africa
|
(8)
|
(1.5)
|
(12)
|
(103)
|
(13)
|
(13)
|
(40)
|
(64)
|
Latin
America and Caribbean
|
4
|
0.5
|
(15)
|
(101)
|
(31)
|
(35)
|
(23)
|
(60)
|
Asia
Pacific
|
(3)
|
(1.4)
|
(6)
|
(82)
|
(2)
|
(5)
|
(11)
|
(46)
|
Corporate
|
-
|
-
|
(59)
|
(16)
|
(50)
|
(1)
|
(15)
|
(12)
|
Diageo
|
(2)
|
(2.2)
|
(5)
|
(326)
|
(3)
|
(31)
|
(10)
|
(245)
|
Organic growth by region
|
|
Volume
|
Net sales
|
Marketing
|
Operating profit(i)
|
||||
|
%
|
EUm
|
%
|
£
million
|
%
|
£
million
|
%
|
£
million
|
North America
|
8
|
2.0
|
12
|
307
|
10
|
42
|
14
|
164
|
Europe and Turkey
|
(5)
|
(1.2)
|
(10)
|
(163)
|
(4)
|
(10)
|
(23)
|
(139)
|
Africa
|
(1)
|
(0.2)
|
-
|
(3)
|
(6)
|
(6)
|
(22)
|
(35)
|
Latin America and Caribbean
|
4
|
0.5
|
(1)
|
(9)
|
(15)
|
(15)
|
(5)
|
(12)
|
Asia Pacific
|
(3)
|
(1.4)
|
(3)
|
(48)
|
(1)
|
(3)
|
(11)
|
(48)
|
Corporate
|
-
|
-
|
(59)
|
(16)
|
-
|
-
|
(18)
|
(15)
|
Diageo
|
-
|
(0.3)
|
1
|
68
|
1
|
8
|
(3)
|
(85)
|
Notes to the business and financial review
|
North America
|
Key financials £ million:
|
||||||
|
F20 H1
|
FX
|
Acquisitions and disposals
|
Organic movement
|
F21 H1
|
Reported movement%
|
Net
sales
|
2,502
|
(101)
|
(7)
|
307
|
2,701
|
8
|
Marketing
|
404
|
(6)
|
3
|
42
|
443
|
10
|
Operating profit
|
1,120
|
(47)
|
(11)
|
164
|
1,226
|
9
|
Markets:
|
|
|
|
|
|
Global giants, local stars and reserve(i):
|
|||
|
Organic
volume movement
|
Reported
volume movement
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
Organic
volume movement(ii)
|
Organic
net sales movement
|
Reported
net sales movement
|
|
%
|
%
|
%
|
%
|
|
|
%
|
%
|
%
|
North
America(iii)
|
8
|
6
|
12
|
8
|
|
Crown
Royal
|
3
|
3
|
-
|
|
|
|
|
|
|
Smirnoff
|
5
|
3
|
(2)
|
US Spirits
|
10
|
10
|
15
|
11
|
|
Johnnie Walker
|
(1)
|
5
|
1
|
DBC
USA
|
4
|
4
|
7
|
3
|
|
Captain Morgan
|
10
|
8
|
4
|
Canada
|
8
|
8
|
7
|
4
|
|
Don Julio
|
52
|
55
|
54
|
|
|
|
|
|
|
Ketel
One(iv)
|
11
|
-
|
(5)
|
Spirits
|
8
|
7
|
13
|
9
|
|
Guinness
|
(18)
|
(16)
|
(19)
|
Beer(v)
|
3
|
3
|
5
|
1
|
|
Baileys
|
5
|
12
|
7
|
Ready
to drink(v)
|
25
|
4
|
47
|
26
|
|
Bulleit
|
13
|
16
|
12
|
|
|
|
|
|
|
Cîroc vodka
|
15
|
16
|
12
|
|
|
|
|
|
|
Casamigos
|
112
|
137
|
128
|
|
|
|
|
|
|
Tanqueray
|
7
|
6
|
1
|
●
|
US Spirits net sales were
up 15% with depletions behind shipments by approximately 3
percentage points, due to the replenishment of stock levels by
distributors. Tequila sales increased 80% with Don Julio growing
56% and Casamigos growing 139% with both gaining spirits market and
tequila category share. The acceleration of growth in our tequila
portfolio reflects strong activations in the at-home occasion and
some benefit from pricing taken on Casamigos. Crown Royal net sales
were up 4% largely driven by continued momentum in Crown Royal
Regal Apple, Crown Royal Peach and Crown Royal Vanilla growing
strongly. Bulleit net sales grew 17% with upweighted marketing
investment driving a strong performance in the off-trade
channel. In scotch,
Johnnie Walker grew net sales 11%, with strong growth across
Johnnie Walker super deluxe, Johnnie Walker Red Label and Johnnie
Walker Black Label. Buchanan's increased net sales 23% and grew
category share. Our malt portfolio declined 33% due to its greater
reliance on the on-trade channel. Vodka net sales grew 6%.
Cîroc net sales increased 17% driven by growth in Cîroc
core variant as well as key flavour variants resulting from
refreshed activations to re-engage consumers. Smirnoff sales
increased 3%. Ketel One performance was flat. Captain Morgan net
sales increased 9%, largely driven by growth in Captain Morgan
Spiced and a strong contribution from the launch of Captain Morgan
Sliced Apple. Baileys net sales increased 12% due to pricing taken
on Baileys Original and the successful launch of limited time offer
Baileys Apple Pie.
|
●
|
Diageo Beer Company USA net sales grew 7%. Flavoured malt beverages net
sales increased 26%. Beer net sales, excluding flavoured malt
beverages, were down 15% as Guinness performance was impacted by
on-trade restrictions due to Covid-19.
|
●
|
Net
sales in Canada grew 7% with broad-based
growth in spirits, particularly Baileys, and continued growth of
ready to drink. This more than offset the decline in beer due to
its higher on-trade exposure.
|
●
|
Marketing investment grew 10% driven by upweighted
investment in at-home consumption opportunities to gain quality
market share growth and redeployed investment to align with the
shift in consumer behaviour, aided by the use of marketing
analytics tools to maximise effectiveness.
|
Europe and Turkey
|
|
Key financials £ million:
|
|||||||
|
F20 H1
|
FX
|
Acquisitions and disposals
|
Organic movement
|
Other(iii)
|
F21 H1
|
Reported movement%
|
Net sales
|
1,666
|
(40)
|
(20)
|
(163)
|
-
|
1,443
|
(13)
|
Marketing
|
268
|
(5)
|
(1)
|
(10)
|
-
|
252
|
(6)
|
Operating profit before exceptional items
|
615
|
(16)
|
(7)
|
(139)
|
(7)
|
446
|
(27)
|
Exceptional
operating items(iv)
|
-
|
|
|
|
|
(17)
|
|
Operating profit
|
615
|
|
|
|
|
429
|
(30)
|
Markets:
|
|
|
|
|
|
Global giants and local stars(i):
|
||||
|
Organic
volume movement
|
Reported
volume movement
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
Organic
volume movement(ii)
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
%
|
%
|
%
|
%
|
|
|
%
|
%
|
%
|
|
Europe
and Turkey(vi)
|
|
|
|
|
|
Guinness
|
(26)
|
(33)
|
(32)
|
|
(5)
|
|
|
|
|
Johnnie
Walker
|
(11)
|
|
|
|
|
|
|
|
|
|
|
Baileys
|
6
|
8
|
8
|
|
Great Britain
|
10
|
10
|
2
|
2
|
|
Smirnoff
|
(14)
|
(12)
|
(13)
|
|
Ireland
|
(17)
|
(23)
|
(37)
|
(40)
|
|
Captain Morgan
|
7
|
7
|
6
|
|
Northern
Europe
|
-
|
-
|
7
|
10
|
|
Yenì Raki
|
-
|
(4)
|
(26)
|
|
Southern
Europe
|
(18)
|
(18)
|
(21)
|
(17)
|
|
Tanqueray
|
(9)
|
(8)
|
(7)
|
|
Eastern
Europe
|
(6)
|
(7)
|
(13)
|
(21)
|
|
JƐB
|
(13)
|
(16)
|
(16)
|
|
Turkey(vii)
|
12
|
12
|
18
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spirits
|
(2)
|
(2)
|
(4)
|
(7)
|
|
|
|
|
|
|
Beer(v)
|
(24)
|
(29)
|
(34)
|
(37)
|
|
|
|
|
|
|
Ready
to drink(v)
|
1
|
1
|
4
|
5
|
|
|
|
|
|
●
|
In Great
Britain, net sales increased
2%. Strong momentum in the off-trade more than offset declines due
to on-trade restrictions and closures. Spirits growth of 15%,
driven by a strong market and market share gains across all
categories in the off-trade. Beer declined in the on-trade. Despite
this we saw beer on-trade share gains when restrictions were
eased.
|
●
|
Ireland net sales declined 37%. Beer net sales were
down 44% driven by on-trade restrictions and closures particularly
impacting Guinness keg. Total spirits grew 4%, driven by Baileys,
Gordon's and Captain Morgan. Both spirits and beer gained market
share in the off-trade.
|
●
|
Northern Europe net sales increased 7%, reflecting
strong off-trade growth primarily driven by liqueurs and scotch.
Baileys grew 18%, benefitting from the successful launch of the
Baileys Apple Pie limited time offer and Baileys Salted Caramel.
Scotch sales were up 9% driven by scotch malts and Johnnie Walker.
Gin sales increased 12% driven by Tanqueray and Gordon's. Vodka
declined 24% driven by Smirnoff primarily as a result of exposure
to the on-trade.
|
●
|
Southern Europe net sales were down 21% driven by
reduced tourism and ongoing on-trade restrictions. Scotch declined
20% driven by Johnnie Walker and J&B.
|
●
|
In Eastern
Europe net sales were down 13%. Scotch declined 18%
driven by Johnnie Walker as a result of on-trade impacts and
instability in Lebanon.
|
●
|
In Turkey,
net sales were up 18% benefitting from strong off-trade momentum,
particularly in scotch and raki. Growth in raki was driven by
Tekirdağ raki.
|
●
|
Travel Retail Europe net sales declined 72% due to
continued international travel restrictions.
|
●
|
Marketing investment declined 4%. A proportion of
on-trade investment was redeployed into off-trade, e-commerce and
gifting.
|
Africa
|
|
Key financials £ million:
|
||||||
|
F20 H1
|
FX
|
Acquisitions and disposals
|
Organic movement
|
F21 H1
|
Reported movement %
|
Net
sales
|
848
|
(68)
|
(32)
|
(3)
|
745
|
(12)
|
Marketing
|
97
|
(7)
|
-
|
(6)
|
84
|
(13)
|
Operating profit
|
159
|
(29)
|
-
|
(35)
|
95
|
(40)
|
Markets:
|
|
|
|
|
|
Global giants and local stars(i):
|
|||
|
Organic
volume movement
|
Reported
volume movement
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
Organic
volume movement(ii)
|
Organic
net sales movement
|
Reported
net sales movement
|
|
%
|
%
|
%
|
%
|
|
|
%
|
%
|
%
|
Africa(iii)
|
(1)
|
(8)
|
-
|
(12)
|
|
Guinness
|
8
|
9
|
4
|
|
|
|
|
|
|
Johnnie
Walker
|
(18)
|
(18)
|
(22)
|
East
Africa
|
(5)
|
(5)
|
(5)
|
(12)
|
|
Smirnoff
|
2
|
(4)
|
(15)
|
Africa
Regional Markets(iii)
|
4
|
(24)
|
7
|
(10)
|
|
|
|
|
|
Nigeria
|
10
|
10
|
10
|
-
|
|
Other
beer:
|
|||
South
Africa(iii)
|
(7)
|
(12)
|
(10)
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
Malta
|
12
|
13
|
3
|
Spirits
|
4
|
4
|
-
|
(9)
|
|
Senator
|
(28)
|
(25)
|
(31)
|
Beer(iv)
|
(6)
|
(6)
|
(1)
|
(8)
|
|
Tusker
|
(12)
|
(14)
|
(20)
|
Ready
to drink(iii)(iv)
|
14
|
(12)
|
10
|
(21)
|
|
Serengeti
|
9
|
11
|
6
|
●
|
East Africa net sales declined 5%. Kenya declined 10%,
driven by severe on-trade restrictions primarily impacting Senator
Keg and Tusker sales. Tanzania grew 11% as it was minimally
impacted by limited Covid-19 related lockdowns, and benefited from
the ongoing successes of Serengeti Lager and Serengeti
Lite.
|
●
|
In Africa
Regional Markets, net sales grew 7%. Double digit growth in
Malta Guinness and Guinness in Ghana, and Guinness in Cameroon,
partly offset by double digit beer declines in Ethiopia due to
civil unrest.
|
●
|
In Nigeria,
net sales grew 10% due to the strong double digit growth of
mainstream spirits, primarily driven by Orijin which benefitted
from a refreshed marketing campaign and the development of a small
formats strategy.
|
|
Beer
grew 3% driven by Malta Guinness and Guinness despite the
disruption in October due to the civil protests.
|
●
|
South Africa net sales declined 10%. Economic and
social challenges were further exacerbated by the banning of
alcohol sales across all channels for six weeks through July and
August and starting again 28 December 2020. Scotch net sales
declined 6% driven by Johnnie Walker partially offset by modest
growth of Bell's and VAT69.
|
●
|
Marketing investment declined 6% due to on-trade
savings. Overall spend was shifted to support new route to consumer
programmes, off-trade and e-commerce.
DIAGEO CONDENSED CONSOLIDATED INCOME STATEM
|
Latin America and Caribbean
|
|
Key financials £ million:
|
||||||||
|
F20 H1
|
FX
|
Reclassification(i)
|
Acquisitions and disposals
|
Organic movement
|
Other(ii)
|
F21 H1
|
Reported movement %
|
Net
sales
|
680
|
(86)
|
(6)
|
-
|
(9)
|
-
|
579
|
(15)
|
Marketing
|
113
|
(14)
|
(6)
|
-
|
(15)
|
-
|
78
|
(31)
|
Operating profit
|
257
|
(47)
|
-
|
-
|
(12)
|
(1)
|
197
|
(23)
|
Markets:
|
|
|
|
|
|
Global giants and local stars(iii):
|
||||
|
Organic
volume movement
|
Reported
volume movement
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
Organic
volume movement(iv)
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
%
|
%
|
%
|
%
|
|
|
%
|
%
|
%
|
|
Latin America and Caribbean
|
|
|
|
|
|
Johnnie
Walker
|
(6)
|
(11)
|
(21)
|
|
4
|
|
|
|
|
Buchanan's
|
(16)
|
|
|
|
|
|
|
|
|
|
|
Old Parr
|
(18)
|
(21)
|
(31)
|
|
PUB(vi)
|
12
|
12
|
21
|
(8)
|
|
Smirnoff
|
(13)
|
(1)
|
(18)
|
|
Mexico(vi)
|
(4)
|
(5)
|
(1)
|
(15)
|
|
Black & White
|
31
|
41
|
14
|
|
CCA
|
(10)
|
(10)
|
(21)
|
(23)
|
|
Tanqueray
|
5
|
18
|
(8)
|
|
Andean(vi)
|
14
|
15
|
7
|
(4)
|
|
Baileys
|
11
|
12
|
3
|
|
PEBAC(vi)
|
13
|
12
|
16
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spirits
|
4
|
4
|
(2)
|
(16)
|
|
|
|
|
|
|
Beer(v)
|
(7)
|
(7)
|
11
|
13
|
|
|
|
|
|
|
Ready
to drink(v)
|
6
|
6
|
8
|
(10)
|
|
|
|
|
|
●
|
PUB (Paraguay, Uruguay and Brazil) net sales increased
21%. Scotch net sales increased 25% driven by triple-digit growth
in White Horse and growth in Johnnie Walker driven by Johnnie
Walker Red Label, Johnnie Walker Black Label and Johnnie Walker
super deluxe variants. Brazil delivered 33% growth. Strong
consumption recovery in Brazil's domestic market, replenishment of
stock levels by distributors and retailers, as well as some pricing
benefit, more than offset net sales decline in border stores and
the duty free channel. Momentum in gin continued with strong
double-digit growth in Tanqueray and triple-digit growth in
Gordon's.
|
●
|
Mexico net sales declined 1% impacted by continued
economic slowdown as well as on-trade closures. Scotch declined 8%
as double-digit growth of Black & White was offset by declines
in Johnnie Walker and Buchanan's. Tequila grew 10% driven by Don
Julio, supported by the local "Antes Que Don" campaign, limited
editions and a strong activation plan, resulting in share gains in
the off-trade. Vodka increased 9% primarily due to Smirnoff's X1
Spicy Tamarind innovation, which continued to perform
strongly.
|
●
|
CCA (Caribbean and Central America) net sales declined
21% primarily as a result of reduced levels of international
tourism and on-trade restrictions, which drove declines across all
spirits categories. Scotch net sales decreased 24% as declines in
Buchanan's, Johnnie Walker and Old Parr more than offset
double-digit growth in Black & White.
|
●
|
Andean (Colombia and Venezuela) net sales increased 7%
driven by Colombia. Growth in Colombia was primarily driven by
strong double-digit growth of Baileys building on the brand's
globally proven indulgent treat communication and occasions
strategy. Vodka net sales grew strong double-digit due to the
Smirnoff X1 Lulo innovation endorsed by a local trend-setting
celebrity. Scotch net sales increased 1% driven by triple-digit
growth in Black & White and double-digit growth in Johnnie
Walker, partially offset by double-digit declines in Old Parr due
to its high reliance on the on-trade.
|
●
|
PEBAC (Peru, Ecuador, Bolivia, Argentina and Chile) net
sales increased 16% driven by lapping social and political
instability across key markets, as well as strong execution through
new distribution partnerships. Scotch delivered double-digit net
sales growth driven by Johnnie Walker, White Horse and
Buchanan's.
|
●
|
Travel Retail Latin America and Caribbean net sales
decreased 100% due to continued international travel
restrictions.
|
●
|
Marketing investment was down 15%. On-trade marketing
spend was reduced, and partially redeployed to the off-trade and
e-commerce given at-home consumption trends.
|
Asia Pacific
|
Key financials £ million:
|
||||||
|
F20 H1
|
FX
|
Acquisitions and disposals
|
Organic movement
|
F21 H1
|
Reported movement %
|
Net
sales
|
1,477
|
(33)
|
(1)
|
(48)
|
1,395
|
(6)
|
Marketing
|
232
|
(2)
|
-
|
(3)
|
227
|
(2)
|
Operating profit before exceptional items
|
432
|
2
|
-
|
(48)
|
386
|
(11)
|
Exceptional
operating items(i)
|
(59)
|
|
|
|
-
|
|
Operating profit
|
373
|
|
|
|
386
|
3
|
Markets:
|
|
|
|
|
|
Global giants and local stars(ii):
|
|||
|
Organic
volume movement
|
Reported
volume movement
|
Organic
net sales movement
|
Reported
net sales movement
|
|
|
Organic
volume movement(iii)
|
Organic
net sales movement
|
Reported
net sales movement
|
|
%
|
%
|
%
|
%
|
|
|
%
|
%
|
%
|
Asia
Pacific
|
(3)
|
(3)
|
(3)
|
(6)
|
|
Johnnie
Walker
|
(14)
|
(21)
|
(21)
|
|
|
|
|
|
|
McDowell's
|
(3)
|
(3)
|
(11)
|
India(vi)
|
(2)
|
(2)
|
1
|
(7)
|
|
Shui
Jing Fang(iv)
|
17
|
18
|
18
|
Greater
China
|
6
|
6
|
15
|
15
|
|
Guinness
|
(9)
|
(11)
|
(13)
|
Australia
|
25
|
26
|
23
|
26
|
|
The
Singleton
|
(3)
|
(3)
|
(2)
|
South
East Asia
|
(15)
|
(15)
|
(17)
|
(21)
|
|
Royal
Challenge
|
(11)
|
(11)
|
(17)
|
North
Asia
|
5
|
2
|
(6)
|
(8)
|
|
Windsor
|
(35)
|
(27)
|
(28)
|
Travel
Retail Asia and Middle East
|
(76)
|
(76)
|
(81)
|
(81)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spirits
|
(3)
|
(3)
|
(6)
|
(8)
|
|
|
|
|
|
Beer(v)
|
(7)
|
(7)
|
(10)
|
(13)
|
|
|
|
|
|
Ready
to drink(v)
|
9
|
9
|
14
|
17
|
|
|
|
|
|
●
|
In India, net
sales grew 1%. Spirits declined due to the continued economic
slowdown and on-trade closures. This was more than offset by
revenue from the United Spirits Limited owned cricket team, Royal
Challengers Bangalore, as the start of the Indian Premier League
was rescheduled from March 2020 to October 2020. Net sales in the
popular brands segment declined 10%. Prestige and Above segment net
sales decreased 2% primarily driven by declines in vodka and IMFL
whisky. Scotch net sales grew 1% driven by Johnnie Walker Red
Label.
|
●
|
In Greater
China, net sales increased 15% driven primarily by Chinese
white spirits and scotch. Chinese white spirits grew 20% partly
driven by route to consumer expansion. Scotch net sales increased
9% with double-digit growth in scotch malts and Johnnie Walker
super deluxe.
|
●
|
In Australia, net
sales increased 23% due to growth across all key categories driven
by strong off-trade momentum. Ready to drink net sales grew 30%
driven primarily by Bundaberg as well as strong growth in Smirnoff
and Gordon's due to the Smirnoff Spiked Seltzers and Gordon's Pink
Gin Premix innovations. Scotch net sales increased 17% driven by
Johnnie Walker super deluxe. Gin net sales grew 48% due to
continued momentum in Gordon's, Gordon's Premium Pink Distilled Gin
and Gordon's Sicilian Lemon as well as Tanqueray. Baileys net sales
increased 29% driven by strong growth in Baileys Original and
Baileys Red Velvet innovation. Rum net sales delivered 20% growth
driven by Bundaberg and Captain Morgan. Vodka net sales grew 23%
due to Smirnoff.
|
●
|
In South
East Asia, net sales decreased 17% with declines across
all key categories primarily driven by local market restrictions
and the reduced levels of international travel. Scotch net sales
were down 8% as strong double-digit growth in scotch malts was more
than offset by declines in Johnnie Walker.
|
●
|
In North
Asia, net sales decreased 6%, with Japan and Korea each
declining 6%. Performance in Japan was primarily driven by the
decline of ready to drink. In Korea the main driver of decline was
Windsor, partially offset by double-digit growth in Johnnie
Walker.
|
●
|
Travel Retail Asia and Middle East net sales decreased
81% across the portfolio due to continued international travel
restrictions.
|
●
|
Marketing investment declined 1% as a proportion of
on-trade investment was redeployed into off-trade and e-commerce to
focus on the at-home consumption occasion.
|
Key categories:
|
|||
|
Organic
volume
movement(iii)
%
|
Organic
net
sales
movement
%
|
Reported
net
sales
movement
%
|
Spirits(i)
|
1
|
3
|
(2)
|
Scotch
|
(3)
|
(8)
|
(13)
|
Vodka(ii)(iv)
|
(2)
|
-
|
(6)
|
Canadian
whisky
|
1
|
3
|
(1)
|
Rum(ii)
|
(6)
|
1
|
(3)
|
Liqueurs
|
3
|
8
|
5
|
Indian-Made Foreign
Liquor (IMFL) whisky
|
1
|
(1)
|
(8)
|
Tequila
|
42
|
61
|
56
|
Gin(ii)
|
6
|
6
|
2
|
US
whiskey
|
8
|
8
|
5
|
Beer(v)
|
(9)
|
(11)
|
(16)
|
Ready to drink(v)
|
10
|
13
|
4
|
●
|
Scotch represents 24% of Diageo's net sales and
declined 8%. Growth in North America of 2% was offset by declines
in all other regions. Scotch performance was severely affected by
the impact of Covid-19 on international travel, particularly in
Asia Pacific. Excluding Travel Retail, scotch was broadly flat with
growth in North America and Asia Pacific offset by declines in all
other regions. Johnnie Walker net sales were down 12%, and scotch
malts down 7%, driven by the impact of Covid-19 on Travel Retail
sales and lapping Game of Thrones innovations. Primary scotch
brands grew 16% driven by the growth of White Horse and Black &
White in Latin America and Caribbean and Bell's in Europe and
Turkey. Old Parr declined 19% driven by international tourism
restrictions in Caribbean and Central America and restrictions on
the on-trade channel in Colombia. Buchanan's net sales were down 2%
with decline in Latin America and Caribbean partially offset by
strong growth in North America driven by its strong presence in the
off-trade channel. JƐB
continued to decline with net sales down 12% driven by the impact
of on-trade restrictions in Southern Europe.
|
●
|
Vodka represents 10% of Diageo's net sales and was
broadly flat with growth in North America and Africa offset with
decline in all other regions. Cîroc grew 11% driven mainly by
US Spirits on the back of refreshed activations to engage with
Cîroc's consumer base. Smirnoff net sales were down 3%
driven by declines in Europe and Turkey and Asia Pacific partially
offset by growth in North America. Ketel One net sales
decreased 4% with North America performance flat and a decline in
Europe and Turkey.
|
●
|
Canadian whisky represents 8% of Diageo's net sales and
grew 3%. Growth of Crown Royal in North America was largely driven
by continued momentum on flavours with Crown Royal Regal Apple,
Crown Royal Vanilla and Crown Royal Peach all growing
strongly.
|
●
|
Rum represents 6% of Diageo's net sales and grew 1%
primarily driven by Captain Morgan in North America and Great
Britain partially offset by a decline in McDowell's No.1 in
India.
|
●
|
Liqueurs represent 7% of Diageo's net sales and grew 8%
driven by Baileys. Baileys growth was broad based across regions,
apart from Asia Pacific which declined 2%. Performance was
driven by Baileys Original, the successful launch of limited time
offer Baileys Apple Pie, and continued focus on Baileys'
positioning as a year-round indulgent
treat.
|
●
|
IMFL whisky represents 5%
of Diageo's net sales and declined 1% driven by the economic
slowdown, and the impact of Covid-19 shutdowns, in
India.
|
●
|
Tequila represents 7% of Diageo's net sales and grew
61% driven by strong performance of Don Julio and Casamigos in
North America.
|
●
|
Gin represents 5% of Diageo's net sales and grew 6%
with growth across all regions except Europe and Turkey. Gin growth
was driven by strong double-digit growth in Africa and Latin
America and Caribbean. Growth in Africa was mainly driven by
Gilbey's in Kenya and broad-based growth of Gordon's across the
region. Growth in Latin America and Caribbean was mainly driven by
growth of Tanqueray and Gordon's in Brazil. The decline in Europe
and Turkey was mainly due to the impact of on-trade closures and
reduced tourism in Southern Europe and the impact of Covid-19 on
Travel Retail Europe. Gin net sales grew 12% in both Northern
Europe and Great Britain driven by Tanqueray and Gordon's,
respectively. In Great Britain Gordon's performance was primarily
driven by the successful launch of Gordon's Sicilian
Lemon.
|
●
|
US whiskey represents 2% of Diageo's net sales and
grew 8%. Performance continued to be driven by strong growth in
Bulleit.
|
●
|
Beer represents 15% of Diageo's net sales and declined
11% with declines in all regions except North America and Latin
America and Caribbean. Guinness declined 18% due to the impact of
Covid-19 on the on-trade, particularly in Ireland and Great
Britain. Smirnoff flavoured malt beverages in Diageo Beer Company
USA grew 26% driven by innovation launches as well as increased
consumption in the off-trade channel.
|
●
|
Ready to drink represents 4% of Diageo's net sales and
grew 13% with broad-based growth across all regions, particularly
North America and Australia. Australia performance was driven by
Bundaberg, Smirnoff and Gordon's.
|
Global giants, local stars and reserve(i):
|
|||
|
Organic
volume
movement(ii)
%
|
Organic
net
sales
movement
%
|
Reported
net
sales
movement
%
|
Global giants
|
|
|
|
Johnnie
Walker
|
(10)
|
(12)
|
(16)
|
Smirnoff
|
(4)
|
(3)
|
(8)
|
Baileys
|
5
|
10
|
7
|
Captain
Morgan
|
7
|
7
|
3
|
Tanqueray
|
(1)
|
1
|
(5)
|
Guinness
|
(11)
|
(18)
|
(20)
|
Local stars
|
|
|
|
Crown
Royal
|
2
|
3
|
(1)
|
Yenì
Raki
|
(1)
|
(4)
|
(26)
|
Buchanan's
|
(5)
|
(2)
|
(9)
|
JƐB
|
(12)
|
(12)
|
(14)
|
Windsor
|
(35)
|
(27)
|
(28)
|
Old
Parr
|
(17)
|
(19)
|
(27)
|
Bundaberg
|
13
|
9
|
11
|
Black
& White
|
19
|
20
|
3
|
Ypióca
|
18
|
12
|
(19)
|
McDowell's
|
(3)
|
(3)
|
(10)
|
Shui
Jing Fang(iii)
|
17
|
18
|
18
|
Reserve
|
|
|
|
Scotch
malts
|
(6)
|
(7)
|
(7)
|
Cîroc
vodka
|
8
|
11
|
7
|
Ketel
One(iv)
|
5
|
(4)
|
(9)
|
Don
Julio
|
19
|
39
|
35
|
Bulleit
|
11
|
15
|
10
|
Casamigos
|
111
|
135
|
126
|
●
|
Global giants represent
39% of Diageo's net sales and declined by 7%. Johnnie Walker
decline was due to the impact of Covid-19 on Travel Retail, and
Guinness declined due to restrictions on the on-trade channel,
particularly in Great Britain and Ireland. These declines were
partially offset by growth in Baileys in North America and Europe
and Turkey and Captain Morgan in North America.
|
●
|
Local stars represent 20%
of Diageo's net sales and grew 1%, largely driven by growth in
Chinese white spirits in Asia Pacific, Crown Royal in North America
and Black & White in Colombia and Mexico. These gains were
partially offset by declines in Old Parr in the Caribbean and
Central America and Colombia, Windsor in South Korea,
JƐB in Southern Europe and McDowell's No.1 in
India.
|
●
|
Reserve brands represent 24% of Diageo's net sales and
grew 15% largely driven by the strong growth of Casamigos and Don
Julio in US Spirits and Chinese white spirits partially offset by
declines in scotch malts mainly in US Spirits and Johnnie Walker
Reserve variants mainly in Travel Retail Asia and Middle
East.
|
SUMMARY INCOME STATEMENT
|
|
31 December 2019
|
Exchange(a)
|
Acquisitions and disposals(b)
|
Organic movement(i)
|
Fair value remeasure-ment(d)
|
Reclassification(ii)
|
31 December 2020
|
|
£
million
|
£
million
|
£
million
|
£
million
|
£
million
|
£ million
|
£ million
|
Sales
|
10,831
|
(601)
|
(88)
|
300
|
-
|
(6)
|
10,436
|
Excise
duties
|
(3,631)
|
273
|
28
|
(232)
|
-
|
-
|
(3,562)
|
Net
sales
|
7,200
|
(328)
|
(60)
|
68
|
-
|
(6)
|
6,874
|
Cost
of sales
|
(2,702)
|
141
|
50
|
(149)
|
(1)
|
-
|
(2,661)
|
Gross
profit
|
4,498
|
(187)
|
(10)
|
(81)
|
(1)
|
(6)
|
4,213
|
Marketing
|
(1,116)
|
35
|
(2)
|
(8)
|
-
|
6
|
(1,085)
|
Other
operating items
|
(881)
|
18
|
(6)
|
4
|
(7)
|
-
|
(872)
|
Operating
profit before exceptional items
|
2,501
|
(134)
|
(18)
|
(85)
|
(8)
|
-
|
2,256
|
Exceptional
operating items (c)
|
(59)
|
|
|
|
|
|
(17)
|
Operating
profit
|
2,442
|
|
|
|
|
|
2,239
|
Non-operating
items (c)
|
-
|
|
|
|
|
|
5
|
Net
finance charges
|
(154)
|
|
|
|
|
|
(200)
|
Share
of after tax results of associates and joint ventures
|
176
|
|
|
|
|
|
154
|
Profit
before taxation
|
2,464
|
|
|
|
|
|
2,198
|
Taxation
(e)
|
(530)
|
|
|
|
|
|
(537)
|
Profit
for the period
|
1,934
|
|
|
|
|
|
1,661
|
|
Gains/(losses)
|
|
£ million
|
Translation
impact
|
(94)
|
Transaction
impact
|
(40)
|
Operating profit before exceptional items
|
(134)
|
Net
finance charges - translation impact
|
4
|
Net
finance charges - transaction impact
|
1
|
Net
finance charges
|
5
|
Associates
- translation impact
|
3
|
Profit before exceptional items and taxation
|
(126)
|
|
Six months ended 31 December 2020
|
Six months ended 31 December 2019
|
Exchange
rates
|
|
|
Translation
£1 =
|
$1.31
|
$1.26
|
Transaction £1
=
|
$1.34
|
$1.36
|
Translation
£1 =
|
€1.11
|
€1.14
|
Transaction £1
=
|
€1.11
|
€1.13
|
MOVEMENT IN NET BORROWINGS AND EQUITY
|
|
2020
|
2019
|
|
£
million
|
£
million
|
Net borrowings at 30 June
|
(13,246)
|
(11,277)
|
Free
cash flow (a)
|
1,753
|
966
|
Acquisitions
(b)
|
(364)
|
(106)
|
Sale
of businesses and brands
|
5
|
-
|
Share
buyback programme
|
-
|
(1,155)
|
Proceeds from issue
of share capital
|
-
|
1
|
Net
sale of own shares for share schemes (c)
|
9
|
33
|
Dividends paid to
non-controlling interests
|
(53)
|
(76)
|
Net
movements in bonds (d)
|
(216)
|
1,289
|
Purchase of shares
of non-controlling interests (e)
|
(34)
|
(25)
|
Net
movements in other borrowings (f)
|
(345)
|
209
|
Equity
dividends paid
|
(992)
|
(1,006)
|
Net
(decrease)/increase in cash and cash equivalents
|
(237)
|
130
|
Net
decrease/(increase) in bonds and other borrowings
|
561
|
(1,503)
|
Exchange
differences (g)
|
420
|
209
|
Other
non-cash items (h)
|
(159)
|
(188)
|
Adoption
of IFRS 16
|
-
|
(251)
|
Net borrowings at 31 December
|
(12,661)
|
(12,880)
|
|
2020
|
2019
|
|
£
million
|
£
million
|
Equity at 30 June
|
8,440
|
10,156
|
Profit
for the period
|
1,661
|
1,934
|
Exchange
adjustments (a)
|
(590)
|
(623)
|
Remeasurement of
post employment plans net of taxation
|
(115)
|
(82)
|
Purchase of shares
of non-controlling interests (b)
|
(42)
|
(25)
|
Dividends declared
to non-controlling interests
|
(24)
|
(52)
|
Equity
dividends paid
|
(992)
|
(1,006)
|
Share
buyback programme
|
-
|
(1,200)
|
Other
reserve movements
|
40
|
128
|
Equity at 31 December
|
8,378
|
9,230
|
|
|
Six months ended
31 December 2020
|
|
Six months ended
31 December 2019
|
|
Notes
|
£
million
|
|
£
million
|
|
|
|
|
|
Sales
|
2
|
10,436
|
|
10,831
|
Excise
duties
|
|
(3,562)
|
|
(3,631)
|
Net
sales
|
2
|
6,874
|
|
7,200
|
Cost of
sales
|
|
(2,661)
|
|
(2,702)
|
Gross
profit
|
|
4,213
|
|
4,498
|
Marketing
|
|
(1,085)
|
|
(1,116)
|
Other
operating items
|
|
(889)
|
|
(940)
|
Operating
profit
|
2
|
2,239
|
|
2,442
|
Non-operating
items
|
3
|
5
|
|
-
|
Finance
income
|
4
|
127
|
|
163
|
Finance
charges
|
4
|
(327)
|
|
(317)
|
Share
of after tax results of associates and joint ventures
|
|
154
|
|
176
|
Profit
before taxation
|
|
2,198
|
|
2,464
|
Taxation
|
5
|
(537)
|
|
(530)
|
Profit for the period
|
|
1,661
|
|
1,934
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Equity
shareholders of the parent company
|
|
1,580
|
|
1,865
|
Non-controlling
interests
|
|
81
|
|
69
|
|
|
1,661
|
|
1,934
|
|
|
|
|
|
|
|
million
|
|
million
|
Weighted
average number of shares
|
|
|
|
|
Shares
in issue excluding own shares
|
|
2,336
|
|
2,356
|
Dilutive potential
ordinary shares
|
|
7
|
|
10
|
|
|
2,343
|
|
2,366
|
|
|
|
|
|
|
|
pence
|
|
pence
|
Basic
earnings per share
|
|
67.6
|
|
79.2
|
|
|
|
|
|
Diluted
earnings per share
|
|
67.4
|
|
78.8
|
|
|
|
|
|
|
Six months ended
31 December 2020
|
|
Six months ended
31 December 2019
|
|
£ million
|
|
£
million
|
Other comprehensive income
|
|
|
|
Items that will not be recycled subsequently to the income
statement
|
|
|
|
Net
remeasurement of post employment plans
|
|
|
|
-
group
|
(128)
|
|
(101)
|
-
associates and joint ventures
|
(1)
|
|
(1)
|
Tax on
post employment plans
|
14
|
|
20
|
|
(115)
|
|
(82)
|
Items that may be recycled subsequently to the income
statement
|
|
|
|
Exchange
differences on translation of foreign operations
|
|
|
|
-
group
|
(887)
|
|
(585)
|
-
associates and joint ventures
|
(78)
|
|
(161)
|
-
non-controlling interests
|
(138)
|
|
(100)
|
Net
investment hedges
|
513
|
|
223
|
Tax
on exchange differences
|
(3)
|
|
(7)
|
Effective portion
of changes in fair value of cash flow hedges
|
|
|
|
-
hedge of foreign currency debt of the group
|
(280)
|
|
(60)
|
-
transaction exposure hedging of the group
|
138
|
|
63
|
-
commodity price risk hedging of the group
|
14
|
|
5
|
-
hedges by associates and joint ventures
|
13
|
|
3
|
-
recycled to income statement - hedge of foreign currency debt of
the group
|
150
|
|
50
|
-
recycled to income statement - transaction exposure hedging of the
group
|
(18)
|
|
12
|
-
recycled to income statement - commodity price risk hedging of the
group
|
5
|
|
-
|
Tax on
effective portion of changes in fair value of cash flow
hedges
|
(4)
|
|
5
|
Hyperinflation
adjustment
|
(16)
|
|
(15)
|
Tax on
hyperinflation adjustment
|
5
|
|
4
|
|
(586)
|
|
(563)
|
Other comprehensive loss, net of tax, for the period
|
(701)
|
|
(645)
|
Profit
for the period
|
1,661
|
|
1,934
|
Total comprehensive income for the period
|
960
|
|
1,289
|
|
|
|
|
Attributable to:
|
|
|
|
Equity
shareholders of the parent company
|
1,017
|
|
1,320
|
Non-controlling
interests
|
(57)
|
|
(31)
|
Total comprehensive income for the period
|
960
|
|
1,289
|
|
|
31 December 2020
|
|
30 June 2020
|
|
31 December 2019
|
|||||||
|
Notes
|
£ million
|
|
£ million
|
|
£
million
|
|
£
million
|
|
£
million
|
|
£
million
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible
assets
|
|
10,877
|
|
|
|
11,300
|
|
|
|
12,035
|
|
|
|
Property,
plant and equipment
|
|
4,757
|
|
|
|
4,926
|
|
|
|
4,834
|
|
|
|
Biological
assets
|
|
63
|
|
|
|
51
|
|
|
|
42
|
|
|
|
Investments
in associates and joint ventures
|
|
3,578
|
|
|
|
3,557
|
|
|
|
3,202
|
|
|
|
Other
investments
|
|
36
|
|
|
|
41
|
|
|
|
51
|
|
|
|
Other
receivables
|
|
41
|
|
|
|
46
|
|
|
|
48
|
|
|
|
Other
financial assets
|
|
410
|
|
|
|
686
|
|
|
|
338
|
|
|
|
Deferred
tax assets
|
|
114
|
|
|
|
119
|
|
|
|
71
|
|
|
|
Post
employment benefit assets
|
|
1,083
|
|
|
|
1,111
|
|
|
|
955
|
|
|
|
|
|
|
|
20,959
|
|
|
|
21,837
|
|
|
|
21,576
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
6
|
5,750
|
|
|
|
5,772
|
|
|
|
5,459
|
|
|
|
Trade
and other receivables
|
|
3,075
|
|
|
|
2,111
|
|
|
|
3,587
|
|
|
|
Assets
held for sale
|
|
-
|
|
|
|
-
|
|
|
|
51
|
|
|
|
Corporate tax receivables
|
5
|
173
|
|
|
|
190
|
|
|
|
68
|
|
|
|
Other
financial assets
|
|
84
|
|
|
|
75
|
|
|
|
42
|
|
|
|
Cash
and cash equivalents
|
7
|
2,763
|
|
|
|
3,323
|
|
|
|
950
|
|
|
|
|
|
|
|
11,845
|
|
|
|
11,471
|
|
|
|
10,157
|
|
Total assets
|
|
|
|
32,804
|
|
|
|
33,308
|
|
|
|
31,733
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
and bank overdrafts
|
7
|
(1,214)
|
|
|
|
(1,995)
|
|
|
|
(3,381)
|
|
|
|
Other
financial liabilities
|
|
(332)
|
|
|
|
(389)
|
|
|
|
(474)
|
|
|
|
Share buyback liability
|
|
-
|
|
|
|
-
|
|
|
|
(71)
|
|
|
|
Trade
and other payables
|
|
(4,624)
|
|
|
|
(3,683)
|
|
|
|
(4,474)
|
|
|
|
Liabilities
held for sale
|
|
-
|
|
|
|
-
|
|
|
|
(27)
|
|
|
|
Corporate tax payables
|
5
|
(364)
|
|
|
|
(246)
|
|
|
|
(336)
|
|
|
|
Provisions
|
|
(176)
|
|
|
|
(183)
|
|
|
|
(90)
|
|
|
|
|
|
|
|
(6,710)
|
|
|
|
(6,496)
|
|
|
|
(8,853)
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
7
|
(14,063)
|
|
|
|
(14,790)
|
|
|
|
(10,091)
|
|
|
|
Other
financial liabilities
|
|
(376)
|
|
|
|
(393)
|
|
|
|
(405)
|
|
|
|
Other
payables
|
|
(267)
|
|
|
|
(175)
|
|
|
|
(185)
|
|
|
|
Provisions
|
|
(295)
|
|
|
|
(293)
|
|
|
|
(320)
|
|
|
|
Deferred
tax liabilities
|
|
(1,900)
|
|
|
|
(1,972)
|
|
|
|
(1,896)
|
|
|
|
Post
employment benefit liabilities
|
|
(815)
|
|
|
|
(749)
|
|
|
|
(753)
|
|
|
|
|
|
|
|
(17,716)
|
|
|
|
(18,372)
|
|
|
|
(13,650)
|
|
Total liabilities
|
|
|
|
(24,426)
|
|
|
|
(24,868)
|
|
|
|
(22,503)
|
|
Net assets
|
|
|
|
8,378
|
|
|
|
8,440
|
|
|
|
9,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
742
|
|
|
|
742
|
|
|
|
743
|
|
|
|
Share
premium
|
|
1,351
|
|
|
|
1,351
|
|
|
|
1,351
|
|
|
|
Other
reserves
|
|
1,835
|
|
|
|
2,272
|
|
|
|
1,930
|
|
|
|
Retained
earnings
|
|
2,890
|
|
|
|
2,407
|
|
|
|
3,499
|
|
|
|
Equity attributable to equity shareholders of the parent
company
|
|
|
|
6,818
|
|
|
|
6,772
|
|
|
|
7,523
|
|
Non-controlling interests
|
|
|
|
1,560
|
|
|
|
1,668
|
|
|
|
1,707
|
|
Total equity
|
|
|
|
8,378
|
|
|
|
8,440
|
|
|
|
9,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings/(deficit)
|
|
|
|
|
|
|
|||||
|
Sharecapital
|
|
Sharepremium
|
|
Other reserves
|
|
Own shares
|
|
Other retained earnings
|
|
Total
|
|
Equity attributable to parent company shareholders
|
|
Non-controlling interests
|
|
Total
equity
|
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
||||||||||
At 30 June 2019
|
753
|
|
1,350
|
|
2,372
|
|
(2,026)
|
|
5,912
|
|
3,886
|
|
8,361
|
|
1,795
|
|
10,156
|
|
Profit
for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
1,865
|
|
1,865
|
|
1,865
|
|
69
|
|
1,934
|
|
Other comprehensive loss
|
-
|
|
-
|
|
(452)
|
|
-
|
|
(93)
|
|
(93)
|
|
(545)
|
|
(100)
|
|
(645)
|
|
Total comprehensive (loss)/income
|
-
|
|
-
|
|
(452)
|
|
-
|
|
1,772
|
|
1,772
|
|
1,320
|
|
(31)
|
|
1,289
|
|
Employee
share schemes
|
-
|
|
-
|
|
-
|
|
74
|
|
(35)
|
|
39
|
|
39
|
|
-
|
|
39
|
|
Share-based
incentive plans
|
-
|
|
-
|
|
-
|
|
-
|
|
23
|
|
23
|
|
23
|
|
-
|
|
23
|
|
Share-based
incentive plans in respect of associates
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
1
|
|
1
|
|
-
|
|
1
|
|
Shares
issued
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
1
|
|
Purchase
of non-controlling interests
|
-
|
|
-
|
|
-
|
|
-
|
|
(15)
|
|
(15)
|
|
(15)
|
|
(10)
|
|
(25)
|
|
Non-controlling interest in respect of new subsidiary
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
Change
in fair value of put option
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|
(1)
|
|
-
|
|
(1)
|
|
Share
buyback programme
|
(10)
|
|
-
|
|
10
|
|
-
|
|
(1,200)
|
|
(1,200)
|
|
(1,200)
|
|
-
|
|
(1,200)
|
|
Dividends
paid
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,006)
|
|
(1,006)
|
|
(1,006)
|
|
(52)
|
|
(1,058)
|
|
At 31 December 2019
|
743
|
|
1,351
|
|
1,930
|
|
(1,952)
|
|
5,451
|
|
3,499
|
|
7,523
|
|
1,707
|
|
9,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2020
|
742
|
|
1,351
|
|
2,272
|
|
(1,936)
|
|
4,343
|
|
2,407
|
|
6,772
|
|
1,668
|
|
8,440
|
|
Profit
for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
1,580
|
|
1,580
|
|
1,580
|
|
81
|
|
1,661
|
|
Other
comprehensive loss
|
-
|
|
-
|
|
(437)
|
|
-
|
|
(126)
|
|
(126)
|
|
(563)
|
|
(138)
|
|
(701)
|
|
Total comprehensive (loss)/income
|
-
|
|
-
|
|
(437)
|
|
-
|
|
1,454
|
|
1,454
|
|
1,017
|
|
(57)
|
|
960
|
|
Employee
share schemes
|
-
|
|
-
|
|
-
|
|
41
|
|
(20)
|
|
21
|
|
21
|
|
-
|
|
21
|
|
Share-based
incentive plans
|
-
|
|
-
|
|
-
|
|
-
|
|
17
|
|
17
|
|
17
|
|
-
|
|
17
|
|
Share-based
incentive plans in respect of associates
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|
(1)
|
|
-
|
|
(1)
|
|
Purchase
of non-controlling interests
|
-
|
|
-
|
|
-
|
|
-
|
|
(15)
|
|
(15)
|
|
(15)
|
|
(27)
|
|
(42)
|
|
Change
in fair value of put option
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|
(1)
|
|
-
|
|
(1)
|
|
Dividends
declared
|
-
|
|
-
|
|
-
|
|
-
|
|
(992)
|
|
(992)
|
|
(992)
|
|
(24)
|
|
(1,016)
|
|
At 31 December 2020
|
742
|
|
1,351
|
|
1,835
|
|
(1,895)
|
|
4,785
|
|
2,890
|
|
6,818
|
|
1,560
|
|
8,378
|
|
|
Six months ended
31 December 2020
|
|
Six
months ended
31
December 2019
|
||||
|
£
million
|
|
£
million
|
|
£
million
|
|
£
million
|
Cash
flows from operating activities
|
|
|
|
|
|
|
|
Profit
for the period
|
1,661
|
|
|
|
1,934
|
|
|
Taxation
|
537
|
|
|
|
530
|
|
|
Share
of after tax results of associates and joint ventures
|
(154)
|
|
|
|
(176)
|
|
|
Net
finance charges
|
200
|
|
|
|
154
|
|
|
Non-operating
items
|
(5)
|
|
|
|
-
|
|
|
Operating
profit
|
|
|
2,239
|
|
|
|
2,442
|
Increase in
inventories
|
(112)
|
|
|
|
(85)
|
|
|
Increase
in trade and other receivables
|
(1,078)
|
|
|
|
(1,016)
|
|
|
Increase
in trade and other payables and provisions
|
1,161
|
|
|
|
423
|
|
|
Net
increase in working capital
|
|
|
(29)
|
|
|
|
(678)
|
Depreciation,
amortisation and impairment
|
219
|
|
|
|
286
|
|
|
Dividends
received
|
82
|
|
|
|
3
|
|
|
Post
employment payments less amounts included in operating
profit
|
(14)
|
|
|
|
(60)
|
|
|
Other
items
|
(1)
|
|
|
|
(5)
|
|
|
|
|
|
286
|
|
|
|
224
|
Cash
generated from operations
|
|
|
2,496
|
|
|
|
1,988
|
Interest
received
|
84
|
|
|
|
86
|
|
|
Interest
paid
|
(266)
|
|
|
|
(239)
|
|
|
Taxation
paid
|
(316)
|
|
|
|
(547)
|
|
|
|
|
|
(498)
|
|
|
|
(700)
|
Net
cash inflow from operating activities
|
|
|
1,998
|
|
|
|
1,288
|
Cash
flows from investing activities
|
|
|
|
|
|
|
|
Disposal of
property, plant and equipment and computer software
|
8
|
|
|
|
8
|
|
|
Purchase of
property, plant and equipment and computer software
|
(250)
|
|
|
|
(330)
|
|
|
Movements in loans
and other investments
|
(3)
|
|
|
|
-
|
|
|
Sale of
businesses and brands
|
5
|
|
|
|
-
|
|
|
Acquisition of
businesses
|
(364)
|
|
|
|
(106)
|
|
|
Net
cash outflow from investing activities
|
|
|
(604)
|
|
|
|
(428)
|
Cash
flows from financing activities
|
|
|
|
|
|
|
|
Share
buyback programme
|
-
|
|
|
|
(1,155)
|
|
|
Proceeds from issue
of share capital
|
-
|
|
|
|
1
|
|
|
Net
sale of own shares for share schemes
|
9
|
|
|
|
33
|
|
|
Dividends paid to
non-controlling interests
|
(53)
|
|
|
|
(76)
|
|
|
Proceeds from
bonds
|
1,031
|
|
|
|
1,289
|
|
|
Repayment of
bonds
|
(1,247)
|
|
|
|
-
|
|
|
Purchase
of shares of non-controlling interests
|
(34)
|
|
|
|
(25)
|
|
|
Net
movements in other borrowings
|
(345)
|
|
|
|
209
|
|
|
Equity
dividends paid
|
(992)
|
|
|
|
(1,006)
|
|
|
Net
cash outflow from financing activities
|
|
|
(1,631)
|
|
|
|
(730)
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in net cash and cash equivalents
|
|
|
(237)
|
|
|
|
130
|
Exchange
differences
|
|
|
(236)
|
|
|
|
(32)
|
Net
cash and cash equivalents at beginning of the period
|
|
|
3,153
|
|
|
|
721
|
Net
cash and cash equivalents at end of the period
|
|
|
2,680
|
|
|
|
819
|
|
|
|
|
|
|
|
|
Net
cash and cash equivalents consist of:
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
2,763
|
|
|
|
950
|
Bank
overdrafts
|
|
|
(83)
|
|
|
|
(131)
|
|
|
|
2,680
|
|
|
|
819
|
Six months ended
|
North America
|
Europe
and
Turkey
|
Africa
|
Latin America
and
Caribbean
|
Asia Pacific
|
SC&P
|
Eliminate
inter-segment sales
|
Total operating segments
|
Corporate
and
other
|
Total
|
|
31 December 2020
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
|
Sales
|
3,022
|
2,727
|
1,064
|
775
|
2,837
|
|
785
|
(785)
|
10,425
|
11
|
10,436
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
At
budgeted exchange rates(i)
|
2,790
|
1,442
|
790
|
641
|
1,418
|
|
824
|
(786)
|
7,119
|
11
|
7,130
|
Acquisitions
and disposals
|
7
|
-
|
5
|
-
|
-
|
|
-
|
-
|
12
|
-
|
12
|
SC&P allocation
|
5
|
21
|
2
|
6
|
4
|
|
(38)
|
-
|
-
|
-
|
-
|
Retranslation
to actual exchange rates
|
(101)
|
(20)
|
(52)
|
(68)
|
(27)
|
|
(1)
|
1
|
(268)
|
-
|
(268)
|
Net sales
|
2,701
|
1,443
|
745
|
579
|
1,395
|
|
785
|
(785)
|
6,863
|
11
|
6,874
|
Operating profit/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
At
budgeted exchange rates(i)
|
1,325
|
461
|
124
|
246
|
391
|
|
(23)
|
-
|
2,524
|
(98)
|
2,426
|
Acquisitions
and disposals
|
(9)
|
-
|
-
|
-
|
-
|
|
-
|
-
|
(9)
|
-
|
(9)
|
SC&P allocation
|
(13)
|
-
|
-
|
(10)
|
-
|
|
23
|
-
|
-
|
-
|
-
|
Fair
value remeasurement of contingent consideration
|
(4)
|
(7)
|
-
|
-
|
-
|
|
-
|
-
|
(11)
|
-
|
(11)
|
Fair
value remeasurement of biological assets
|
-
|
-
|
-
|
3
|
-
|
|
-
|
-
|
3
|
-
|
3
|
Retranslation
to actual exchange rates
|
(73)
|
(8)
|
(29)
|
(42)
|
(5)
|
|
-
|
-
|
(157)
|
4
|
(153)
|
Operating profit/(loss) before exceptional items
|
1,226
|
446
|
95
|
197
|
386
|
|
-
|
-
|
2,350
|
(94)
|
2,256
|
Exceptional
items
|
-
|
(17)
|
-
|
-
|
-
|
|
-
|
-
|
(17)
|
-
|
(17)
|
Operating profit/(loss)
|
1,226
|
429
|
95
|
197
|
386
|
|
-
|
-
|
2,333
|
(94)
|
2,239
|
Non-operating
items
|
|
|
|
|
|
|
|
|
|
5
|
|
Net
finance charges
|
|
|
|
|
|
|
|
|
|
(200)
|
|
Share
of after tax results of associates and joint ventures
|
|
|
|
|
|
|
|
|
|
154
|
|
Profit before taxation
|
|
|
|
|
|
|
|
|
|
2,198
|
Six months ended
|
North America
|
Europe
and
Turkey
|
Africa
|
Latin America
and
Caribbean
|
Asia Pacific
|
SC&P
|
Eliminate
inter-segment
sales
|
Total
operating
segments
|
Corporate
and
other
|
Total
|
31 December 2019
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
Sales
|
2,830
|
2,971
|
1,212
|
893
|
2,898
|
811
|
(811)
|
10,804
|
27
|
10,831
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
At
budgeted exchange rates(i)
|
2,395
|
1,617
|
825
|
679
|
1,455
|
874
|
(811)
|
7,034
|
27
|
7,061
|
Acquisitions
and disposals
|
25
|
5
|
17
|
-
|
1
|
-
|
-
|
48
|
-
|
48
|
SC&P allocation
|
8
|
37
|
3
|
8
|
7
|
(63)
|
-
|
-
|
-
|
-
|
Retranslation
to actual exchange rates
|
74
|
7
|
3
|
(7)
|
14
|
-
|
-
|
91
|
-
|
91
|
Net sales
|
2,502
|
1,666
|
848
|
680
|
1,477
|
811
|
(811)
|
7,173
|
27
|
7,200
|
Operating profit/(loss)
|
|
|
|
|
|
|
|
|
|
|
At
budgeted exchange rates(i)
|
1,098
|
573
|
164
|
250
|
424
|
73
|
-
|
2,582
|
(84)
|
2,498
|
Acquisitions
and disposals
|
1
|
(2)
|
-
|
-
|
-
|
-
|
-
|
(1)
|
-
|
(1)
|
SC&P allocation
|
11
|
37
|
3
|
12
|
10
|
(73)
|
-
|
-
|
-
|
-
|
Fair value remeasurement of contingent consideration
|
(4)
|
-
|
-
|
-
|
-
|
-
|
-
|
(4)
|
-
|
(4)
|
Fair value remeasurement of biological assets
|
-
|
-
|
-
|
4
|
-
|
-
|
-
|
4
|
-
|
4
|
Retranslation
to actual exchange rates
|
14
|
7
|
(8)
|
(9)
|
(2)
|
-
|
-
|
2
|
2
|
4
|
Operating profit/(loss) before exceptional items
|
1,120
|
615
|
159
|
257
|
432
|
-
|
-
|
2,583
|
(82)
|
2,501
|
Exceptional
items
|
-
|
-
|
-
|
-
|
(59)
|
-
|
-
|
(59)
|
-
|
(59)
|
Operating profit/(loss)
|
1,120
|
615
|
159
|
257
|
373
|
-
|
-
|
2,524
|
(82)
|
2,442
|
Non-operating
items
|
|
|
|
|
|
|
|
|
|
-
|
Net
finance charges
|
|
|
|
|
|
|
|
|
|
(154)
|
Share
of after tax results of associates and joint ventures
|
|
|
|
|
|
|
|
|
|
176
|
Profit before taxation
|
|
|
|
|
|
|
|
|
|
2,464
|
|
Category
analysis
|
Geographic
analysis
|
||||||||
Six months ended
|
Spirits
£ million
|
Beer
£ million
|
Ready to drink
£ million
|
Other
£ million
|
Total
£ million
|
Great Britain
£ million
|
United States
£ million
|
India
£ million
|
Rest of World
£ million
|
Total
£ million
|
31 December 2020
|
|
|
|
|
|
|
|
|
|
|
Sales(i)
|
8,648
|
1,310
|
363
|
115
|
10,436
|
1,044
|
2,817
|
1,650
|
4,925
|
10,436
|
Six months ended
|
|
|
|
|
|
|
|
|
|
|
31 December 2019
|
|
|
|
|
|
|
|
|
|
|
Sales(i)
|
8,739
|
1,585
|
356
|
151
|
10,831
|
989
|
2,644
|
1,698
|
5,500
|
10,831
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
31 December 2020
|
|
Six months ended
31 December 2019
|
|
£ million
|
|
£ million
|
|
|
|
|
Exceptional operating items
|
|
|
|
Ongoing litigation in Turkey
|
(15)
|
|
-
|
Guaranteed minimum pension equalisation
|
(5)
|
|
-
|
Reversal of provision for obsolete inventories
|
3
|
|
-
|
Impairment of Old Tavern brand
|
-
|
|
(59)
|
|
(17)
|
|
(59)
|
Non-operating items
|
|
|
|
Step acquisitions
|
-
|
|
8
|
Sale of businesses and brands
|
|
|
|
United
National Breweries
|
5
|
|
(7)
|
Loss
on disposal of associate
|
-
|
|
(1)
|
|
5
|
|
-
|
|
|
|
|
Exceptional items before taxation
|
(12)
|
|
(59)
|
|
|
|
|
Items included in taxation
|
|
|
|
Tax on
exceptional operating items
|
-
|
|
14
|
Exceptional
taxation
|
(42)
|
|
-
|
|
(42)
|
|
14
|
|
|
|
|
Total exceptional items
|
(54)
|
|
(45)
|
|
|
|
|
Attributable to:
|
|
|
|
Equity
shareholders of the parent company
|
(54)
|
|
(25)
|
Non-controlling
interests
|
-
|
|
(20)
|
Total exceptional items
|
(54)
|
|
(45)
|
|
Six months ended
31 December 2020
|
|
Six months ended
31 December 2019
|
|
£
million
|
|
£
million
|
|
|
|
|
Interest
income
|
58
|
|
122
|
Fair
value gain on financial instruments
|
56
|
|
24
|
Total
interest income
|
114
|
|
146
|
Interest charge on
bank loans, bonds and overdrafts
|
(203)
|
|
(182)
|
Interest
charge on leases
|
(7)
|
|
(7)
|
Fair
value loss on financial instruments
|
(55)
|
|
(23)
|
Interest
charge on all other borrowings
|
(35)
|
|
(82)
|
Total
interest charges
|
(300)
|
|
(294)
|
Net
interest charges
|
(186)
|
|
(148)
|
|
|
|
|
Net
finance income in respect of post employment plans in
surplus
|
9
|
|
13
|
Hyperinflation
adjustment in respect of Venezuela (a)
|
2
|
|
3
|
Change
in financial liability (Level 3)
|
2
|
|
-
|
Other
finance income
|
-
|
|
1
|
Total
other finance income
|
13
|
|
17
|
Hyperinflation
adjustment and foreign exchange revaluation of monetary items in
respect of Lebanon (a)
|
(8)
|
|
-
|
Net
finance charge in respect of post employment plans in
deficit
|
(7)
|
|
(9)
|
Unwinding of
discounts
|
(8)
|
|
(7)
|
Interest
charge in respect of direct and indirect tax
|
(2)
|
|
(5)
|
Change
in financial liability (Level 3)
|
-
|
|
(1)
|
Other
finance charges
|
(2)
|
|
(1)
|
Total
other finance charges
|
(27)
|
|
(23)
|
Net
other finance charges
|
(14)
|
|
(6)
|
|
|
|
|
|
Six months ended 31 December 2020
|
|
Six months ended 31 December 2019
|
||
|
At
estimated
exchange
rate
|
At
DICOM
exchange
rate
|
|
At
estimated
exchange
rate
|
At
DICOM
exchange
rate
|
|
64,166,658
VES/£
|
1,504,240
VES/£
|
|
2,525,956
VES/£
|
61,213
VES/£
|
|
£
million
|
£
million
|
|
£ million
|
£ million
|
Net
sales
|
-
|
4
|
|
-
|
4
|
Operating
profit
|
-
|
11
|
|
-
|
11
|
Other
finance income - hyperinflation adjustment
|
2
|
100
|
|
3
|
132
|
Net
cash inflow from operating activities
|
-
|
9
|
|
-
|
7
|
Net
assets
|
39
|
1,656
|
|
48
|
2,000
|
|
|
|
|
|
|
|
31 December 2020
|
|
30 June 2020
|
|
31 December 2019
|
|
£
million
|
|
£ million
|
|
£
million
|
|
|
|
|
|
|
Raw
materials and consumables
|
332
|
|
363
|
|
322
|
Work in
progress
|
53
|
|
48
|
|
59
|
Maturing
inventories
|
4,562
|
|
4,562
|
|
4,358
|
Finished goods and
goods for resale
|
803
|
|
799
|
|
720
|
|
5,750
|
|
5,772
|
|
5,459
|
|
31 December 2020
|
|
30 June 2020
|
|
31 December 2019
|
|
£ million
|
|
£
million
|
|
£
million
|
|
|
|
|
|
|
Borrowings
due within one year and bank overdrafts
|
(1,214)
|
|
(1,995)
|
|
(3,381)
|
Borrowings
due after one year
|
(14,063)
|
|
(14,790)
|
|
(10,091)
|
Fair
value of foreign currency forwards and swaps
|
117
|
|
497
|
|
39
|
Fair
value of interest rate hedging instruments
|
146
|
|
189
|
|
89
|
Lease liabilities
|
(410)
|
|
(470)
|
|
(486)
|
|
(15,424)
|
|
(16,569)
|
|
(13,830)
|
Cash
and cash equivalents
|
2,763
|
|
3,323
|
|
950
|
|
(12,661)
|
|
(13,246)
|
|
(12,880)
|
|
Six months ended
31 December 2020
|
|
Six months ended
31 December 2019
|
|
£ million
|
|
£
million
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents before
exchange
|
(237)
|
|
130
|
Net
decrease/(increase) in bonds and other borrowings(i)
|
561
|
|
(1,503)
|
Net decrease/(increase) in net borrowings from cash
flows
|
324
|
|
(1,373)
|
Exchange
differences on net borrowings
|
420
|
|
209
|
Other
non-cash items(ii)
|
(159)
|
|
(188)
|
Adoption of IFRS 16
|
-
|
|
(251)
|
Net
borrowings at beginning of the period
|
(13,246)
|
|
(11,277)
|
Net borrowings at end of the period
|
(12,661)
|
|
(12,880)
|
|
31 December 2020
|
|
30 June 2020
|
|
31 December 2019
|
|
£
million
|
|
£
million
|
|
£
million
|
Derivative
assets
|
489
|
|
758
|
|
379
|
Derivative
liabilities
|
(150)
|
|
(145)
|
|
(228)
|
Valuation
techniques based on observable market input (Level 2)
|
339
|
|
613
|
|
151
|
Financial
assets - other
|
122
|
|
116
|
|
96
|
Financial
liabilities - other
|
(481)
|
|
(416)
|
|
(386)
|
Valuation
techniques based on unobservable market input (Level
3)
|
(359)
|
|
(300)
|
|
(290)
|
|
Zacapa financial liability
|
|
Contingent consideration
recognised on acquisition of
businesses(i)
|
|
Zacapa
financial liability
|
|
Contingent
consideration recognised on acquisition of businesses
|
|
Six
months ended
31
December 2020
|
|
Six
months ended
31
December 2020
|
|
Six
months ended
31
December 2019
|
|
Six
months ended
31
December 2019
|
|
£ million
|
|
£ million
|
|
£ million
|
|
£ million
|
At the
beginning of the period
|
(167)
|
|
(249)
|
|
(174)
|
|
(227)
|
Net
gains/(losses) included in the income statement
|
2
|
|
(17)
|
|
(1)
|
|
(9)
|
Net
gains included in exchange in other comprehensive
income
|
15
|
|
27
|
|
6
|
|
8
|
Net
gains/(losses) included in retained earnings
|
1
|
|
-
|
|
(1)
|
|
-
|
Additions
|
-
|
|
(181)
|
|
-
|
|
(42)
|
Settlement
of liabilities
|
1
|
|
87
|
|
5
|
|
49
|
At the end of the period
|
(148)
|
|
(333)
|
|
(165)
|
|
(221)
|
|
|
|
|
|
|
|
|
|
Six
months ended
31
December 2020
|
|
Six
months ended
31
December 2019
|
|
£ million
|
|
£
million
|
Amounts recognised as distributions to equity
shareholders
|
|
|
|
Final
dividend for the year ended 30 June 2020 of
42.47 pence per share (2019 - 42.47 pence)
|
992
|
|
1,006
|
|
|
|
|
|
£ million
|
|
|
Brands
|
206
|
Property, plant and equipment
|
11
|
Inventories
|
7
|
Borrowings
|
(6)
|
Cash
|
2
|
Fair value of assets and liabilities
|
220
|
Goodwill arising on acquisition
|
224
|
Consideration payable
|
444
|
Satisfied by:
|
|
Cash
consideration paid
|
(263)
|
Contingent
consideration payable
|
(181)
|
|
(444)
|
|
|
Cash consideration paid for subsidiaries
|
(263)
|
Cash consideration paid for Casamigos
|
(87)
|
Cash consideration paid in respect of other prior year
acquisitions
|
(1)
|
Cash consideration paid for investments in associates
|
(2)
|
Capital injection in associates
|
(13)
|
Cash acquired
|
2
|
Net cash outflow on acquisition of business
|
(364)
|
Purchase of shares of non-controlling interests
|
(34)
|
Total net cash outflow
|
(398)
|
|
|
North America
million
|
|
Europe
and
Turkey
million
|
|
Africa
million
|
|
Latin America
and
Caribbean
million
|
|
Asia Pacific
million
|
|
Corporate
million
|
|
Total
million
|
Volume (equivalent units)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 reported
|
|
26.1
|
|
25.4
|
|
17.9
|
|
12.3
|
|
48.8
|
|
-
|
|
130.5
|
Disposals(iv)
|
|
(0.5)
|
|
(0.2)
|
|
(1.4)
|
|
-
|
|
-
|
|
-
|
|
(2.1)
|
2019 adjusted
|
|
25.6
|
|
25.2
|
|
16.5
|
|
12.3
|
|
48.8
|
|
-
|
|
128.4
|
Organic movement
|
|
2.0
|
|
(1.2)
|
|
(0.2)
|
|
0.5
|
|
(1.4)
|
|
-
|
|
(0.3)
|
Acquisitions and disposals(iv)
|
|
0.1
|
|
-
|
|
0.1
|
|
-
|
|
-
|
|
-
|
|
0.2
|
2020 reported
|
|
27.7
|
|
24.0
|
|
16.4
|
|
12.8
|
|
47.4
|
|
-
|
|
128.3
|
Organic movement %
|
|
8
|
|
(5)
|
|
(1)
|
|
4
|
|
(3)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
£ million
|
|
Europe
and
Turkey
£ million
|
|
Africa
£ million
|
|
Latin America
and
Caribbean
£ million
|
|
Asia Pacific
£ million
|
|
Corporate
£ million
|
|
Total
£ million
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 reported
|
|
2,830
|
|
2,971
|
|
1,212
|
|
893
|
|
2,898
|
|
27
|
|
10,831
|
Exchange
|
|
-
|
|
(45)
|
|
(26)
|
|
(30)
|
|
(34)
|
|
-
|
|
(135)
|
Reclassification(iii)
|
|
-
|
|
-
|
|
-
|
|
(6)
|
|
-
|
|
-
|
|
(6)
|
Disposals(iv)
|
|
(20)
|
|
(34)
|
|
(49)
|
|
-
|
|
(1)
|
|
-
|
|
(104)
|
2019 adjusted
|
|
2,810
|
|
2,892
|
|
1,137
|
|
857
|
|
2,863
|
|
27
|
|
10,586
|
Organic movement
|
|
320
|
|
(63)
|
|
(9)
|
|
5
|
|
63
|
|
(16)
|
|
300
|
Acquisitions and disposals(iv)
|
|
8
|
|
-
|
|
8
|
|
-
|
|
-
|
|
-
|
|
16
|
Exchange
|
|
(116)
|
|
(102)
|
|
(72)
|
|
(87)
|
|
(89)
|
|
-
|
|
(466)
|
2020 reported
|
|
3,022
|
|
2,727
|
|
1,064
|
|
775
|
|
2,837
|
|
11
|
|
10,436
|
Organic movement %
|
|
11
|
|
(2)
|
|
(1)
|
|
1
|
|
2
|
|
(59)
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
£ million
|
|
Europe
and
Turkey
£ million
|
|
Africa
£ million
|
|
Latin America
and
Caribbean
£ million
|
|
Asia Pacific
£ million
|
|
Corporate
£ million
|
|
Total
£ million
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 reported
|
|
2,502
|
|
1,666
|
|
848
|
|
680
|
|
1,477
|
|
27
|
|
7,200
|
Exchange(i)
|
|
-
|
|
(20)
|
|
(16)
|
|
(18)
|
|
(6)
|
|
-
|
|
(60)
|
Reclassification(iii)
|
|
-
|
|
-
|
|
-
|
|
(6)
|
|
-
|
|
-
|
|
(6)
|
Disposals(iv)
|
|
(14)
|
|
(20)
|
|
(37)
|
|
-
|
|
(1)
|
|
-
|
|
(72)
|
2019 adjusted
|
|
2,488
|
|
1,626
|
|
795
|
|
656
|
|
1,470
|
|
27
|
|
7,062
|
Organic movement
|
|
307
|
|
(163)
|
|
(3)
|
|
(9)
|
|
(48)
|
|
(16)
|
|
68
|
Acquisitions and disposals(iv)
|
|
7
|
|
-
|
|
5
|
|
-
|
|
-
|
|
-
|
|
12
|
Exchange(i)
|
|
(101)
|
|
(20)
|
|
(52)
|
|
(68)
|
|
(27)
|
|
-
|
|
(268)
|
2020 reported
|
|
2,701
|
|
1,443
|
|
745
|
|
579
|
|
1,395
|
|
11
|
|
6,874
|
Organic movement %
|
|
12
|
|
(10)
|
|
-
|
|
(1)
|
|
(3)
|
|
(59)
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 reported
|
|
404
|
|
268
|
|
97
|
|
113
|
|
232
|
|
2
|
|
1,116
|
Exchange
|
|
11
|
|
(5)
|
|
(4)
|
|
(4)
|
|
-
|
|
-
|
|
(2)
|
Reclassification(iii)
|
|
-
|
|
-
|
|
-
|
|
(6)
|
|
-
|
|
-
|
|
(6)
|
Disposals(iv)
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1)
|
2019 adjusted
|
|
415
|
|
262
|
|
93
|
|
103
|
|
232
|
|
2
|
|
1,107
|
Organic movement
|
|
42
|
|
(10)
|
|
(6)
|
|
(15)
|
|
(3)
|
|
-
|
|
8
|
Acquisitions and disposals(iv)
|
|
3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3
|
Exchange
|
|
(17)
|
|
-
|
|
(3)
|
|
(10)
|
|
(2)
|
|
(1)
|
|
(33)
|
2020 reported
|
|
443
|
|
252
|
|
84
|
|
78
|
|
227
|
|
1
|
|
1,085
|
Organic movement %
|
|
10
|
|
(4)
|
|
(6)
|
|
(15)
|
|
(1)
|
|
-
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before exceptional items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 reported
|
|
1,120
|
|
615
|
|
159
|
|
257
|
|
432
|
|
(82)
|
|
2,501
|
Exchange(ii)
|
|
26
|
|
(8)
|
|
-
|
|
(5)
|
|
7
|
|
(1)
|
|
19
|
Fair value remeasurement of contingent considerations and equity
option
|
|
4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4
|
Fair value remeasurement of biological assets
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
-
|
|
-
|
|
(4)
|
Acquisitions
and Disposals(iv)
|
|
(2)
|
|
(7)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9)
|
2019 adjusted
|
|
1,148
|
|
600
|
|
159
|
|
248
|
|
439
|
|
(83)
|
|
2,511
|
Organic movement
|
|
164
|
|
(139)
|
|
(35)
|
|
(12)
|
|
(48)
|
|
(15)
|
|
(85)
|
Acquisitions and disposals(iv)
|
|
(9)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9)
|
Fair value remeasurement of contingent considerations and equity
option
|
|
(4)
|
|
(7)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(11)
|
Fair value remeasurement of biological assets
|
|
-
|
|
-
|
|
-
|
|
3
|
|
-
|
|
-
|
|
3
|
Exchange(ii)
|
|
(73)
|
|
(8)
|
|
(29)
|
|
(42)
|
|
(5)
|
|
4
|
|
(153)
|
2020 reported
|
|
1,226
|
|
446
|
|
95
|
|
197
|
|
386
|
|
(94)
|
|
2,256
|
Organic movement %
|
|
14
|
|
(23)
|
|
(22)
|
|
(5)
|
|
(11)
|
|
(18)
|
|
(3)
|
Organic operating margin %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
46.9
|
|
31.5
|
|
15.7
|
|
36.5
|
|
27.5
|
|
n/a
|
|
34.0
|
2019
|
|
46.1
|
|
36.9
|
|
20.0
|
|
37.8
|
|
29.9
|
|
n/a
|
|
35.6
|
Margin movement (bps)
|
|
80
|
|
(539)
|
|
(434)
|
|
(133)
|
|
(237)
|
|
n/a
|
|
(153)
|
|
Volume
|
|
Sales
|
|
Net sales
|
|
Marketing
|
|
Operating profit
|
|
equ. units million
|
|
£ million
|
|
£ million
|
|
£ million
|
|
£ million
|
Six months ended 31 December 2019
|
|
|
|
|
|
|
|
|
|
Disposals
|
|
|
|
|
|
|
|
|
|
UNB
|
(1.1)
|
|
(21)
|
|
(21)
|
|
-
|
|
-
|
Budweiser
distribution license termination
|
(0.2)
|
|
(32)
|
|
(18)
|
|
(1)
|
|
(7)
|
Supply
contracts in respect of the 19 brands sold to Sazerac
|
(0.6)
|
|
(24)
|
|
(17)
|
|
-
|
|
(2)
|
South
African ready to drink
|
(0.2)
|
|
(27)
|
|
(16)
|
|
-
|
|
-
|
|
(2.1)
|
|
(104)
|
|
(72)
|
|
(1)
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
Six months ended 31 December 2020
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
|
|
|
|
|
|
|
|
Aviation
Gin and Davos Brands
|
0.1
|
|
8
|
|
7
|
|
(3)
|
|
(9)
|
|
0.1
|
|
8
|
|
7
|
|
(3)
|
|
(9)
|
Disposals
|
|
|
|
|
|
|
|
|
|
South
African ready to drink
|
0.1
|
|
8
|
|
5
|
|
-
|
|
-
|
|
0.1
|
|
8
|
|
5
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Acquisitions and disposals
|
0.2
|
|
16
|
|
12
|
|
(3)
|
|
(9)
|
|
2020
|
|
2019
|
|
£ million
|
|
£ million
|
|
|
|
|
Profit
attributable to equity shareholders of the parent
company
|
1,580
|
|
1,865
|
Exceptional operating and non-operating items
|
12
|
|
59
|
Exceptional taxation charges/(benefits)
|
42
|
|
-
|
Tax in respect of exceptional operating and non-operating
items
|
-
|
|
(14)
|
Exceptional items attributable to non-controlling
interests
|
-
|
|
(20)
|
|
1,634
|
|
1,890
|
|
|
|
|
Weighted average number of shares
|
million
|
|
million
|
Shares
in issue excluding own shares
|
2,336
|
|
2,356
|
Dilutive
potential ordinary shares
|
7
|
|
10
|
|
2,343
|
|
2,366
|
|
|
|
|
|
pence
|
|
pence
|
Basic earnings per share before exceptional items
|
69.9
|
|
80.2
|
|
|
|
|
Diluted earnings per share before exceptional items
|
69.7
|
|
79.9
|
|
2020
|
|
2019
|
|
£ million
|
|
£
million
|
|
|
|
|
Net cash inflow from operating activities
|
1,998
|
|
1,288
|
Disposal
of property, plant and equipment and computer software
|
8
|
|
8
|
Purchase
of property, plant and equipment and computer software
|
(250)
|
|
(330)
|
Movements
in loans and other investments
|
(3)
|
|
-
|
Free cash flow
|
1,753
|
|
966
|
|
2020
|
|
2019
|
|
£
million
|
|
£ million
|
|
|
|
|
Operating
profit
|
2,239
|
|
2,442
|
Exceptional
operating items
|
17
|
|
59
|
Profit
before exceptional operating items attributable to non-controlling
interests
|
(81)
|
|
(89)
|
Share
of after tax results of associates and joint ventures
|
154
|
|
176
|
Tax
at the tax rate before exceptional items of 22.4% (2019 -
21.6%)
|
(540)
|
|
(559)
|
|
1,789
|
|
2,029
|
|
|
|
|
Average
net assets (excluding net post employment
assets/liabilities)
|
8,162
|
|
9,520
|
Average
non-controlling interests
|
(1,614)
|
|
(1,751)
|
Average
net borrowings
|
12,953
|
|
12,204
|
Average
integration and restructuring costs (net of tax)
|
1,639
|
|
1,639
|
Goodwill
at 1 July 2004
|
1,562
|
|
1,562
|
Average
total invested capital
|
22,702
|
|
23,174
|
|
|
|
|
Return
on average total invested capital
|
15.8
|
|
17.5
|
|
2020
|
|
2019
|
|
£
million
|
|
£
million
|
|
|
|
|
Borrowings due within one year
|
1,214
|
|
3,381
|
Borrowings due after one year
|
14,063
|
|
10,091
|
Fair value of foreign currency derivatives and interest rate
hedging instruments
|
(263)
|
|
(128)
|
Lease liabilities
|
410
|
|
486
|
Less: Cash and cash equivalents
|
(2,763)
|
|
(950)
|
Net borrowings
|
12,661
|
|
12,880
|
Post employment benefit liabilities before tax
|
815
|
|
753
|
Adjusted net borrowings
|
13,476
|
|
13,633
|
|
|
|
|
|
|
|
|
Operating profit
|
1,934
|
|
4,054
|
Depreciation, amortisation and impairment (excluding exceptional
items)
|
486
|
|
416
|
Share of after tax results of associates and joint
ventures
|
260
|
|
309
|
Exceptional impairment
|
1,286
|
|
59
|
Non-operating items
|
(18)
|
|
(2)
|
EBITDA
|
3,948
|
|
4,836
|
Exceptional operating items (excluding impairment)
|
29
|
|
53
|
Non-operating items
|
18
|
|
2
|
Adjusted EBITDA
|
3,995
|
|
4,891
|
|
|
|
|
|
|
|
|
Adjusted net borrowings to adjusted EBITDA
|
3.4
|
|
2.8
|
|
2020
|
|
2019
|
|
£ million
|
|
£
million
|
|
|
|
|
Tax
before exceptional items (a)
|
495
|
|
544
|
Tax in
respect of exceptional items
|
-
|
|
(14)
|
Exceptional tax charge
|
42
|
|
-
|
Taxation
on profit (b)
|
537
|
|
530
|
|
|
|
|
Profit before taxation and exceptional items (c)
|
2,210
|
|
2,523
|
Non-operating
items
|
5
|
|
-
|
Exceptional operating items
|
(17)
|
|
(59)
|
Profit
before taxation (d)
|
2,198
|
|
2,464
|
|
|
|
|
Tax rate before exceptional items (a/c)
|
22.4
|
|
21.6
|
Tax rate after exceptional items (b/d)
|
24.4
|
|
21.5
|
●
|
economic,
political, social or other developments in countries and markets in
which Diageo operates (including as a result of the ongoing
Covid-19 pandemic and the recent departure of the United Kingdom
from the European Union), which may contribute to a reduction in
demand for Diageo's products, adverse impacts on Diageo's customer,
supplier and/or financial counterparties, or the imposition of
import, investment or currency restrictions (including the
potential impact of any global, regional or local trade disputes,
including but not limited to any such dispute between the United
States and the European Union and/or the United Kingdom) or any
tariffs, duties or other restrictions or barriers imposed on the
import or export of goods between territories;
|
●
|
the
impact of the Covid-19 pandemic, or other epidemics or pandemics,
on Diageo's business, financial condition, cash flows and results
of operation;
|
●
|
changes
in consumer preferences and tastes, including as a result of
changes in demographics, evolving social trends (including any
shifts in consumer tastes towards small-batch craft alcohol, lower
or no alcohol, or other alternative products), changes in travel,
holiday or leisure activity patterns, weather conditions, health
concerns, pandemics and/or a downturn in economic
conditions;
|
●
|
changes
in the domestic and international tax environment, including as a
result of the OECD Base Erosion and Profit Shifting Initiative and
EU anti-tax abuse measures, leading to uncertainty around the
application of existing and new tax laws and unexpected tax
exposures;
|
●
|
the
effects of climate change, or legal, regulatory or market measures
intended to address climate change, on Diageo's business or
operations, including on the cost and supply of water;
|
●
|
changes
in the cost of production, including as a result of increases in
the cost of commodities, labour and/or energy or as a result of
inflation;
|
●
|
any
litigation or other similar proceedings (including with tax,
customs, competition, environmental, anti-corruption or other
regulatory authorities), including litigation directed at the
beverage alcohol industry generally or at Diageo in
particular;
|
●
|
legal
and regulatory developments, including changes in regulations
relating to production, distribution, importation, marketing,
advertising, sales, pricing, labelling, packaging, product
liability, antitrust, labour, compliance and control systems,
environmental issues and/or data
privacy;
|
●
|
the
consequences of any failure by Diageo or its associates to comply
with anti-corruption, sanctions, trade restrictions or similar laws
and regulations, or any failure of Diageo's related internal
policies and procedures to comply with applicable law or
regulation;
|
●
|
the
consequences of any failure of internal controls, including those
affecting compliance with existing or new accounting and/or
disclosure requirements;
|
●
|
Diageo's
ability to maintain its brand image and corporate reputation or to
adapt to a changing media environment;
|
●
|
contamination,
counterfeiting or other circumstances which could harm the level of
customer support for Diageo's brands and adversely impact its
sales;
|
●
|
increased
competitive product and pricing pressures, including as a result of
actions by increasingly consolidated competitors or increased
competition from regional and local companies, that could
negatively impact Diageo's market share, distribution network,
costs and/or pricing;
|
●
|
any
disruption to production facilities, business service centres or
information systems, including as a result of
cyber-attacks;
|
●
|
Diageo's
ability to derive the expected benefits from its business
strategies, including in relation to expansion in emerging markets,
acquisitions and/or disposals, cost savings and productivity
initiatives or inventory
forecasting;
|
●
|
increased
costs for, or shortages of, talent, as well as labour strikes or
disputes;
|
●
|
fluctuations
in exchange rates and/or interest rates, which may impact the value
of transactions and assets denominated in other currencies,
increase Diageo's cost of financing or otherwise adversely affect
Diageo's financial results;
|
●
|
movements
in the value of the assets and liabilities related to Diageo's
pension plans;
|
●
|
Diageo's
ability to renew supply, distribution, manufacturing or licence
agreements (or related rights) and licences on favourable terms, or
at all, when they expire; or
|
●
|
any
failure by Diageo to protect its intellectual property
rights.
|
●
|
the
condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as issued by the
IASB and endorsed and adopted by the EU and give a true and fair
view of the assets, liabilities, financial position and profit and
loss of the group;
|
●
|
the
interim management report includes a fair review of the information
required by:
|
From the UK:
|
+44 (0)330 336 9105
|
From the UK (free call):
|
0800 358 6377
|
From the USA:
|
+1 323 794 2093
|
From the USA (free call):
|
866 548 4713
|
From the UK:
|
+44 (0)20 7660 0134
|
From the UK (free call):
|
0808 101 1153
|
From the USA:
|
+1 719 457 0820
|
From the USA (free call):
|
888 203 1112
|
Investor enquiries to:
|
Lavanya Chandrashekar
|
+1 973 979 4551
|
|
Lucinda Baker
|
+44 (0) 7974 375 550
|
|
Belinda Brown
|
+44 (0) 7590 810246
|
|
|
|
|
|
|
Media enquiries to:
|
Jessica Rouleau
|
+44 (0) 7925 642 561
|
|
Dominic Redfearn
|
+44 (0) 7971 977 759
|
|
Francesca Olivieri
|
+44 (0) 7523 930 130
|
|
|
|
|
Diageo plc
|
|
(Registrant)
|
|
|
Date:
28 January 2021
|
|
|
|
|
By:___/s/
James Edmunds
|
|
|
|
James Edmunds
|
|
Deputy Company Secretary
|