01/30/2024 | Press release | Distributed by Public on 01/30/2024 05:10
Page
|
|
Introduction
|
3
|
Presentation of financial information
|
3
|
Market data
|
4
|
Cautionary statement concerning forward-looking statements
|
5
|
Capitalisation and indebtedness
|
6
|
Business review
|
7
|
Information presented
|
7
|
Operating results for the six months ended 31 December 2023 compared with the six months ended 31 December 2022
|
8
|
Recent trends
|
8
|
Liquidity and capital resources
|
33
|
Definitions and reconciliation of non-GAAP measures to GAAP measures
|
36
|
Index to the unaudited condensed financial information for the six months ended 31 December 2023 and 31 December 2022
|
F- 1
|
Unaudited condensed consolidated income statement
|
F- 2
|
Unaudited condensed consolidated statement of comprehensive income
|
F- 3
|
Unaudited condensed consolidated balance sheet
|
F- 4
|
Unaudited condensed consolidated statement of changes in equity
|
F- 5
|
Unaudited condensed consolidated statement of cash flows
|
F- 6
|
Notes to the unaudited condensed consolidated financial information
|
F- 7
|
Signature
|
31 December 2023
|
|
$ million
|
|
Indebtedness
|
|
Short-term borrowings and bank overdrafts
|
2,004
|
Long-term borrowings
|
19,476
|
Lease liabilities
|
572
|
Total indebtedness
|
22,052
|
Capitalisation
|
|
Share capital
|
893
|
Share premium
|
1,703
|
Capital redemption reserve
|
4,076
|
Hedging and exchange reserve
|
(3,574)
|
Own shares
|
(2,256)
|
Other retained earnings
|
8,949
|
Equity attributable to the equity shareholders of the parent company
|
9,791
|
Non-controlling interests
|
1,933
|
Total equity
|
11,724
|
Total capitalisation and indebtedness
|
33,776
|
Cash and cash equivalents
|
1,529
|
Summary financial information
|
F24 H1
|
F23 H1
Re-presented(1)
|
Organic
growth
%
|
Reported
growth
%
|
|
Volume
|
EUm
|
124.6
|
136.8
|
(5)
|
(9)
|
Net sales
|
$ million
|
10,962
|
11,120
|
(1)
|
(1)
|
Marketing
|
$ million
|
1,952
|
1,861
|
4
|
5
|
Operating profit before exceptional items
|
$ million
|
3,510
|
3,770
|
(5)
|
(7)
|
Exceptional operating items(2)
|
$ million
|
(193)
|
(39)
|
||
Operating profit
|
$ million
|
3,317
|
3,731
|
(11)
|
|
Share of associate and joint venture profit after tax
|
$ million
|
253
|
202
|
25
|
|
Non-operating exceptional items(2)
|
$ million
|
(60)
|
19
|
||
Net finance charges
|
$ million
|
(431)
|
(345)
|
||
Exceptional taxation credit(2)
|
$ million
|
42
|
84
|
||
Tax rate including exceptional items
|
%
|
23.9
|
21.2
|
13
|
|
Tax rate before exceptional items
|
%
|
23.4
|
23.4
|
-
|
|
Profit attributable to parent company's shareholders
|
$ million
|
2,210
|
2,709
|
(18)
|
|
Basic earnings per share
|
cents
|
98.6
|
119.1
|
(17)
|
|
Basic earnings per share before exceptional items
|
cents
|
108.1
|
116.4
|
(7)
|
|
Interim dividend
|
cents
|
40.50
|
38.57
|
5
|
31 December
2022
|
Exchange
(a)
|
Acquisitions
and disposals
(b)
|
Organic
movement(2)
|
Fair value
remeasure
-ment
(d)
|
Reclassifi-
cation
|
Hyper-
inflation(2)
|
31 December
2023
|
|
Re-
presented(1)
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
|
Sales
|
15,611
|
(353)
|
(328)
|
152
|
-
|
-
|
99
|
15,181
|
Excise duties
|
(4,491)
|
186
|
277
|
(219)
|
-
|
-
|
28
|
(4,219)
|
Net sales
|
11,120
|
(167)
|
(51)
|
(67)
|
-
|
-
|
127
|
10,962
|
Cost of sales
|
(4,248)
|
156
|
25
|
(36)
|
(24)
|
-
|
(86)
|
(4,213)
|
Gross profit
|
6,872
|
(11)
|
(26)
|
(103)
|
(24)
|
-
|
41
|
6,749
|
Marketing
|
(1,861)
|
1
|
(15)
|
(70)
|
-
|
7
|
(14)
|
(1,952)
|
Other operating items
|
(1,241)
|
14
|
4
|
(32)
|
5
|
(7)
|
(30)
|
(1,287)
|
Operating profit before
exceptional items
|
3,770
|
4
|
(37)
|
(205)
|
(19)
|
-
|
(3)
|
3,510
|
Exceptional operating items (c)
|
(39)
|
(193)
|
||||||
Operating profit
|
3,731
|
3,317
|
||||||
Non-operating items (c)
|
19
|
(60)
|
||||||
Net finance charges
|
(345)
|
(431)
|
||||||
Share of after tax results of
associates and joint ventures
|
202
|
253
|
||||||
Profit before taxation
|
3,607
|
3,079
|
||||||
Taxation (e)
|
(766)
|
(737)
|
||||||
Profit for the period
|
2,841
|
2,342
|
Gains/(losses)
|
||
$ million
|
||
Translation impact
|
(9)
|
|
Transaction impact
|
13
|
|
Operating profit before exceptional items
|
4
|
|
Net finance charges - translation impact
|
(7)
|
|
Net finance charges - transaction impact
|
(6)
|
|
Net finance charges
|
(13)
|
|
Associates - translation impact
|
14
|
|
Profit before exceptional items and taxation
|
5
|
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
|
Exchange rates
|
||
Translation $1 =
|
£0.80
|
£0.85
|
Transaction $1 =
|
£0.79
|
£0.78
|
Translation $1 =
|
€0.92
|
€0.98
|
2023
|
2022
|
|
$ million
|
Re-presented(1)
$ million
|
|
Net borrowings at 30 June
|
(19,582)
|
(17,107)
|
Free cash flow (2)
|
1,462
|
964
|
Acquisitions (3)
|
(3)
|
(129)
|
Investment in associates
|
(51)
|
(38)
|
Sale of businesses and brands (4)
|
18
|
111
|
Share buyback programme (5)
|
(480)
|
(655)
|
Net sale of own shares for share schemes (6)
|
5
|
12
|
Dividends paid to non-controlling interests
|
(71)
|
(94)
|
Net movements in bonds (7)
|
558
|
1,689
|
Net movements in other borrowings (8)
|
(331)
|
(33)
|
Equity dividend paid
|
(1,348)
|
(1,194)
|
Net (decrease)/increase in cash and cash equivalents
|
(241)
|
633
|
Net increase in bonds and other borrowings
|
(227)
|
(1,658)
|
Exchange differences (9)
|
(399)
|
4
|
Other non-cash items (10)
|
(34)
|
(75)
|
Net borrowings at 31 December
|
(20,483)
|
(18,203)
|
2023
|
2022
|
|
$ million
|
Re-presented(1)
$ million
|
|
Equity at 30 June
|
11,709
|
11,511
|
Adjustment to 2023 closing equity in respect of hyperinflation in Ghana (2)
|
51
|
-
|
Adjusted equity at the beginning of the period
|
11,760
|
11,511
|
Profit for the period
|
2,342
|
2,841
|
Exchange adjustments (3)
|
(189)
|
(249)
|
Remeasurement of post employment benefit plans net of taxation
|
(109)
|
(451)
|
Hyperinflation adjustments net of taxation (2)
|
192
|
103
|
Associates' transactions with non-controlling interests
|
-
|
(14)
|
Dividend declared to non-controlling interests
|
(53)
|
(75)
|
Equity dividend declared
|
(1,349)
|
(1,200)
|
Share buyback programme (4)
|
(977)
|
(775)
|
Other reserve movements
|
107
|
148
|
Equity at 31 December
|
11,724
|
11,839
|
Volume
|
Net sales
|
Marketing
|
Operating profit
before exceptional
items
|
Operating profit
|
||||||
Reported growth by region
|
%
|
EUm
|
%
|
$ million
|
%
|
$ million
|
%
|
$ million
|
%
|
$ million
|
North America
|
(3)
|
(0.7)
|
(2)
|
(65)
|
2
|
15
|
2
|
35
|
(7)
|
(116)
|
Europe
|
(3)
|
(0.9)
|
10
|
226
|
19
|
72
|
(3)
|
(23)
|
(6)
|
(51)
|
Asia Pacific
|
(15)
|
(6.9)
|
2
|
37
|
14
|
50
|
(2)
|
(15)
|
1
|
10
|
Latin America and Caribbean
|
(19)
|
(3.0)
|
(18)
|
(230)
|
(12)
|
(25)
|
(41)
|
(222)
|
(41)
|
(222)
|
Africa
|
(4)
|
(0.7)
|
(12)
|
(138)
|
(20)
|
(27)
|
(40)
|
(85)
|
(40)
|
(85)
|
Corporate
|
-
|
-
|
24
|
12
|
67
|
6
|
25
|
50
|
25
|
50
|
Diageo
|
(9)
|
(12.2)
|
(1)
|
(158)
|
5
|
91
|
(7)
|
(260)
|
(11)
|
(414)
|
Volume
|
Net sales
|
Marketing
|
Operating profit before
exceptional items
|
|||||
Organic growth by region
|
%
|
EUm
|
%
|
$ million
|
%
|
$ million
|
%
|
$ million
|
North America
|
(3)
|
(0.8)
|
(2)
|
(64)
|
2
|
12
|
(1)
|
(21)
|
Europe
|
(4)
|
(1.1)
|
3
|
78
|
9
|
35
|
(4)
|
(34)
|
Asia Pacific
|
(2)
|
(0.8)
|
6
|
125
|
15
|
53
|
3
|
23
|
Latin America and Caribbean
|
(19)
|
(3.0)
|
(23)
|
(310)
|
(19)
|
(40)
|
(41)
|
(234)
|
Africa
|
(6)
|
(1.1)
|
9
|
95
|
6
|
7
|
9
|
21
|
Corporate
|
-
|
-
|
17
|
9
|
27
|
3
|
22
|
40
|
Diageo
|
(5)
|
(6.8)
|
(1)
|
(67)
|
4
|
70
|
(5)
|
(205)
|
F23 H1
Re-presented(2)
|
Exchange
|
Acquisitions
and
disposals
|
Organic
movement
|
Other(3)
|
F24 H1
|
Reported
movement
|
|
Key financials: North America
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
4,149
|
(3)
|
2
|
(64)
|
-
|
4,084
|
(2)
|
Marketing
|
767
|
(1)
|
4
|
12
|
-
|
782
|
2
|
Operating profit before exceptional
items
|
1,690
|
62
|
(11)
|
(21)
|
5
|
1,725
|
2
|
Exceptional operating items(4)
|
(31)
|
(182)
|
|||||
Operating profit
|
1,659
|
1,543
|
(7)
|
Markets:
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
Markets and categories:
|
%
|
%
|
%
|
%
|
North America(1)
|
(3)
|
(3)
|
(2)
|
(2)
|
US Spirits(1)
|
(3)
|
(2)
|
(2)
|
(2)
|
DBC USA(2)
|
2
|
2
|
5
|
5
|
Canada
|
(7)
|
(7)
|
(5)
|
(7)
|
Spirits(1)
|
(4)
|
(3)
|
(3)
|
(3)
|
Beer
|
3
|
3
|
6
|
6
|
Ready to drink
|
(6)
|
(6)
|
7
|
6
|
Organic
volume
movement(4)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(3):
|
%
|
%
|
%
|
Crown Royal
|
(3)
|
(2)
|
(2)
|
Don Julio
|
19
|
2
|
2
|
Smirnoff
|
(5)
|
2
|
1
|
Casamigos(5)
|
(9)
|
(14)
|
(14)
|
Johnnie Walker
|
(6)
|
(13)
|
(13)
|
Captain Morgan
|
(7)
|
(1)
|
(1)
|
Baileys
|
-
|
5
|
4
|
Ketel One(6)
|
(5)
|
(5)
|
(5)
|
Bulleit whiskey(7)
|
13
|
19
|
19
|
Guinness
|
2
|
5
|
5
|
Buchanan's
|
50
|
35
|
35
|
North America contributed
|
North America organic net sales declined
|
37% of Diageo reported net sales in first half of fiscal 24
|
2% in first half of fiscal 24
|
F23 H1
Re-presented(2)
|
Exchange
|
Acquisitions
and
disposals
|
Organic
movement
|
Hyperinflation(1)
|
F24 H1
|
Reported
movement
|
|
Key financials: Europe
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
2,339
|
5
|
20
|
78
|
123
|
2,565
|
10
|
Marketing
|
387
|
7
|
16
|
35
|
14
|
459
|
19
|
Operating profit before exceptional
items
|
820
|
13
|
(9)
|
(34)
|
7
|
797
|
(3)
|
Exceptional operating items(3)
|
17
|
(11)
|
|||||
Operating profit
|
837
|
786
|
(6)
|
Markets:
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Europe(1)
|
(4)
|
(3)
|
3
|
10
|
Great Britain(1)
|
(1)
|
(2)
|
9
|
15
|
Southern Europe(1)
|
(5)
|
(5)
|
(1)
|
5
|
Northern Europe(1)
|
(7)
|
(7)
|
(4)
|
2
|
Ireland(1)
|
(1)
|
(2)
|
10
|
17
|
Eastern Europe(1)
|
(15)
|
(15)
|
(16)
|
(15)
|
Turkey(1)
|
3
|
3
|
30
|
25
|
Spirits(1)
|
(4)
|
(4)
|
-
|
6
|
Beer
|
7
|
7
|
20
|
28
|
Ready to drink(1)
|
(14)
|
(15)
|
(8)
|
(4)
|
Organic
volume
movement(3)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(2):
|
%
|
%
|
%
|
Guinness
|
9
|
24
|
32
|
Johnnie Walker
|
8
|
12
|
17
|
Baileys
|
-
|
2
|
8
|
Smirnoff
|
(3)
|
3
|
9
|
Captain Morgan
|
(10)
|
(7)
|
(3)
|
Gordon's
|
(11)
|
(5)
|
-
|
Tanqueray
|
(10)
|
(6)
|
(1)
|
JεB
|
(7)
|
(11)
|
(6)
|
Europe contributed
|
Europe organic net sales grew
|
23% of Diageo reported net sales in first half of fiscal 24
|
3% in first half of fiscal 24
|
F23 H1
Re-presented(2)
|
Exchange
|
Acquisitions
and
disposals
|
Organic
movement
|
F24 H1
|
Reported
movement
|
|
Key financials: Asia Pacific
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
2,169
|
(23)
|
(65)
|
125
|
2,206
|
2
|
Marketing
|
356
|
-
|
(3)
|
53
|
406
|
14
|
Operating profit before exceptional items
|
704
|
(24)
|
(14)
|
23
|
689
|
(2)
|
Exceptional operating items(3)
|
(25)
|
-
|
||||
Operating profit
|
679
|
689
|
1
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Asia Pacific(1)
|
(2)
|
(15)
|
6
|
2
|
India(1)
|
-
|
(16)
|
9
|
(1)
|
Greater China
|
20
|
20
|
18
|
14
|
Australia
|
(10)
|
(10)
|
(6)
|
(8)
|
South East Asia(1)
|
(15)
|
(15)
|
(5)
|
-
|
North Asia
|
(27)
|
(27)
|
(6)
|
(18)
|
Travel Retail Asia and Middle East
|
(18)
|
(18)
|
4
|
12
|
Spirits(1)(2)
|
(2)
|
(14)
|
8
|
3
|
Beer
|
(11)
|
(11)
|
(8)
|
(6)
|
Ready to drink
|
(17)
|
(17)
|
(12)
|
(14)
|
Organic
volume
movement(3)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(2):
|
%
|
%
|
%
|
Johnnie Walker
|
(11)
|
1
|
5
|
Shui Jing Fang(4)
|
44
|
32
|
27
|
McDowell's
|
(5)
|
3
|
(1)
|
The Singleton
|
28
|
22
|
20
|
Smirnoff
|
(2)
|
(1)
|
(5)
|
Royal Challenge
|
13
|
20
|
17
|
Guinness
|
(11)
|
(9)
|
(7)
|
Black & White
|
17
|
22
|
19
|
Asia Pacific contributed
|
Asia Pacific organic net sales grew
|
20% of Diageo reported net sales in first half of fiscal 24
|
6% in first half of fiscal 24
|
F23 H1
Re-presented(1)
|
Exchange
|
Organic
movement
|
Other(2)
|
F24 H1
|
Reported
movement
|
|
Key financials: Latin America and Caribbean
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
1,299
|
80
|
(310)
|
-
|
1,069
|
(18)
|
Marketing
|
209
|
15
|
(40)
|
-
|
184
|
(12)
|
Operating profit
|
538
|
36
|
(234)
|
(24)
|
316
|
(41)
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Latin America and Caribbean
|
(19)
|
(19)
|
(23)
|
(18)
|
Brazil
|
(15)
|
(15)
|
(27)
|
(23)
|
Mexico
|
(21)
|
(21)
|
(28)
|
(18)
|
CCA
|
(22)
|
(22)
|
(29)
|
(26)
|
South LAC
|
(19)
|
(19)
|
4
|
(13)
|
Andean
|
(27)
|
(27)
|
(22)
|
6
|
Spirits
|
(19)
|
(19)
|
(25)
|
(19)
|
Beer
|
12
|
12
|
45
|
51
|
Ready to drink
|
(13)
|
(13)
|
(13)
|
(10)
|
Organic
volume
movement(2)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(1):
|
%
|
%
|
%
|
Johnnie Walker
|
(14)
|
(18)
|
(16)
|
Buchanan's
|
(24)
|
(32)
|
(20)
|
Don Julio
|
(28)
|
(36)
|
(29)
|
Old Parr
|
(20)
|
(30)
|
(20)
|
Smirnoff
|
(17)
|
(16)
|
(16)
|
Black & White
|
(25)
|
(32)
|
(24)
|
Baileys
|
(25)
|
(18)
|
(14)
|
White Horse
|
(17)
|
(31)
|
(26)
|
Latin America and Caribbean contributed
|
Latin America and Caribbean organic net sales declined
|
10% of Diageo reported net sales in first half of fiscal 24
|
23% in first half of fiscal 24
|
F23 H1
Re-presented(1)
|
Exchange
|
Reclassifi-
cation
|
Acquisitions
and
disposals
|
Organic
movement
|
Hyper-
inflation(2)
|
F24 H1
|
Reported
movement
|
|
Key financials: Africa
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
1,113
|
(229)
|
-
|
(8)
|
95
|
4
|
975
|
(12)
|
Marketing
|
133
|
(25)
|
(7)
|
(2)
|
7
|
-
|
106
|
(20)
|
Operating profit
|
215
|
(93)
|
-
|
(3)
|
21
|
(10)
|
130
|
(40)
|
Markets:
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Africa(1)
|
(6)
|
(4)
|
9
|
(12)
|
East Africa
|
2
|
2
|
9
|
(5)
|
Nigeria
|
(15)
|
(15)
|
20
|
(35)
|
Africa Regional Markets(1)
|
(10)
|
(13)
|
11
|
(17)
|
South Africa
|
(21)
|
5
|
(15)
|
17
|
Spirits(1)
|
(14)
|
(8)
|
(4)
|
(8)
|
Beer(1)
|
3
|
3
|
17
|
(14)
|
Ready to drink(1)
|
(2)
|
(28)
|
28
|
(24)
|
Organic
volume
movement(3)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(2):
|
%
|
%
|
%
|
Guinness
|
(12)
|
11
|
(32)
|
Malta Guinness
|
4
|
47
|
(4)
|
Senator
|
31
|
34
|
11
|
Johnnie Walker
|
(22)
|
(11)
|
(18)
|
Smirnoff
|
(19)
|
(11)
|
(25)
|
Tusker
|
(3)
|
3
|
(9)
|
Serengeti
|
(12)
|
(3)
|
(9)
|
Africa contributed
|
Africa organic net sales grew
|
9% of Diageo reported net sales in first half of fiscal 24
|
9% in first half of fiscal 24
|
Key categories:
|
Organic
volume
movement(3)
%
|
Organic
net sales
movement
%
|
Reported
net sales
movement
%
|
Reported
net sales
by category
%
|
Spirits(4)
|
(6)
|
(3)
|
(2)
|
80
|
Scotch
|
(10)
|
(10)
|
(8)
|
26
|
Tequila
|
-
|
(6)
|
(5)
|
11
|
Vodka(5)(6)
|
(9)
|
(5)
|
(5)
|
9
|
Canadian whisky(7)
|
(4)
|
(2)
|
(2)
|
6
|
Rum(6)
|
(16)
|
(5)
|
-
|
5
|
Liqueurs
|
(6)
|
(1)
|
2
|
6
|
Gin(6)
|
(10)
|
(6)
|
3
|
5
|
IMFL whisky(7)
|
4
|
10
|
(4)
|
4
|
Chinese white spirits(7)
|
44
|
32
|
27
|
4
|
US whiskey(7)
|
(1)
|
6
|
6
|
2
|
Beer
|
3
|
14
|
4
|
15
|
Ready to drink
|
(11)
|
(3)
|
(10)
|
4
|
n
|
Scotch
|
n
|
Vodka
|
n
|
US whiskey
|
n
|
Canadian whisky
|
n
|
Rum
|
n
|
IMFL whisky
|
n
|
Liqueurs
|
n
|
Gin
|
n
|
Tequila
|
n
|
Beer
|
n
|
Ready to drink
|
n
|
Other
|
Key brands(1):
|
Organic
volume
movement(2)
%
|
Organic
net sales
movement
%
|
Reported
net sales
movement
%
|
Johnnie Walker
|
(7)
|
(5)
|
(3)
|
Guinness
|
(1)
|
14
|
6
|
Smirnoff
|
(8)
|
(1)
|
(1)
|
Don Julio
|
7
|
(1)
|
1
|
Crown Royal
|
(3)
|
(2)
|
(2)
|
Baileys
|
(5)
|
-
|
2
|
Casamigos(3)
|
(8)
|
(13)
|
(13)
|
Shui Jing Fang(4)
|
44
|
32
|
27
|
Captain Morgan
|
(9)
|
(3)
|
(2)
|
Scotch malts
|
(6)
|
(12)
|
(11)
|
Buchanan's
|
(6)
|
(11)
|
(2)
|
McDowell's
|
(5)
|
2
|
(1)
|
Gordon's
|
(13)
|
(4)
|
19
|
Tanqueray
|
(12)
|
(10)
|
(10)
|
Bulleit whiskey(5)
|
(20)
|
(22)
|
(21)
|
Ketel One(6)
|
(6)
|
(5)
|
(5)
|
Cîroc vodka
|
(22)
|
(23)
|
(22)
|
Old Parr
|
(18)
|
(25)
|
(17)
|
Black & White
|
(13)
|
(12)
|
(9)
|
Yenì Raki
|
(4)
|
(6)
|
11
|
JεB
|
(12)
|
(17)
|
(13)
|
Bundaberg
|
(5)
|
(1)
|
(4)
|
31 December 2023
|
|
$ million
|
|
Expiring within one year
|
125
|
Expiring between one and two years
|
625
|
Expiring after two years
|
2,625
|
3,375
|
31 December 2023
|
|
$ million
|
|
Net cash inflow from operating activities
|
2,146
|
Net cash outflow from investing activities
|
(720)
|
Net cash outflow from financing activities
|
(1,667)
|
Net decrease in net cash and cash equivalents
|
(241)
|
Exchange differences
|
(45)
|
Net cash and cash equivalents at beginning of period
|
1,768
|
Net cash and cash equivalents at end of the period
|
1,482
|
31 December 2023
|
30 June 2023
|
|
$ million
|
Re-presented
$ million
|
|
Overdrafts
|
(47)
|
(45)
|
Other borrowings due within one year
|
(1,957)
|
(2,097)
|
Borrowings due within one year
|
(2,004)
|
(2,142)
|
Borrowings due between one and three years
|
(4,807)
|
(4,437)
|
Borrowings due between three and five years
|
(3,826)
|
(3,620)
|
Borrowings due after five years
|
(10,843)
|
(10,592)
|
Fair value of foreign currency forwards and swaps
|
406
|
436
|
Fair value of interest rate hedging instruments
|
(366)
|
(476)
|
Lease liabilities
|
(572)
|
(564)
|
Gross borrowings
|
(22,012)
|
(21,395)
|
Offset by:
|
||
Cash and cash equivalents
|
1,529
|
1,813
|
Net borrowings
|
(20,483)
|
(19,582)
|
Total
$ million
|
US
dollar
%
|
Sterling
%
|
Euro
%
|
Indian
rupee
%
|
Nigerian
naira
%
|
Russian
rouble
%
|
Chinese
yuan
%
|
Other
%
|
|
Gross borrowings
|
(22,012)
|
51%
|
18%
|
23%
|
-%
|
-%
|
-%
|
3%
|
5%
|
Cash and cash equivalents
|
1,529
|
17%
|
4%
|
5%
|
5%
|
7%
|
-%
|
27%
|
35%
|
|
31 December 2023
|
31 December 2022
|
$ million
|
Re-presented
$ million
|
|
Issued
|
||
$ denominated
|
1,690
|
1,989
|
Repaid
|
||
€ denominated
|
(632)
|
-
|
$ denominated
|
(500)
|
(300)
|
558
|
1,689
|
North
America
million
|
Europe
million
|
Asia
Pacific
million
|
Latin
America
and
Caribbean
million
|
Africa
million
|
Corporate
million
|
Total
million
|
|
Volume (equivalent units)
|
|||||||
Six months ended 31 December 2022 reported
|
27.0
|
29.2
|
47.1
|
15.8
|
17.7
|
-
|
136.8
|
Disposals(2)
|
-
|
-
|
(6.1)
|
-
|
(0.7)
|
-
|
(6.8)
|
Six months ended 31 December 2022 adjusted
|
27.0
|
29.2
|
41.0
|
15.8
|
17.0
|
-
|
130.0
|
Organic movement
|
(0.8)
|
(1.1)
|
(0.8)
|
(3.0)
|
(1.1)
|
-
|
(6.8)
|
Acquisitions and disposals(2)
|
0.1
|
0.2
|
-
|
-
|
1.1
|
-
|
1.4
|
Six months ended 31 December 2023 reported
|
26.3
|
28.3
|
40.2
|
12.8
|
17.0
|
-
|
124.6
|
Organic movement %
|
(3)
|
(4)
|
(2)
|
(19)
|
(6)
|
-
|
(5)
|
North
America
$ million
|
Europe
$ million
|
Asia
Pacific
$ million
|
Latin
America
and
Caribbean
$ million
|
Africa
$ million
|
Corporate
$ million
|
Total
$ million
|
|
Sales
|
|||||||
Six months ended 31 December 2022 reported (re-presented)
|
4,540
|
4,055
|
3,741
|
1,646
|
1,578
|
51
|
15,611
|
Exchange
|
(2)
|
(80)
|
17
|
26
|
(26)
|
1
|
(64)
|
Disposals(2)
|
-
|
(7)
|
(333)
|
-
|
(110)
|
-
|
(450)
|
Hyperinflation
|
-
|
(45)
|
-
|
-
|
-
|
-
|
(45)
|
Six months ended 31 December 2022 adjusted
|
4,538
|
3,923
|
3,425
|
1,672
|
1,442
|
52
|
15,052
|
Organic movement
|
(128)
|
311
|
188
|
(328)
|
100
|
9
|
152
|
Acquisitions and disposals(2)
|
3
|
25
|
29
|
-
|
65
|
-
|
122
|
Exchange
|
(2)
|
(50)
|
(78)
|
98
|
(259)
|
2
|
(289)
|
Hyperinflation
|
-
|
140
|
-
|
-
|
4
|
-
|
144
|
Six months ended 31 December 2023 reported
|
4,411
|
4,349
|
3,564
|
1,442
|
1,352
|
63
|
15,181
|
Organic movement %
|
(3)
|
8
|
5
|
(20)
|
7
|
17
|
1
|
North
America
$ million
|
Europe
$ million
|
Asia
Pacific
$ million
|
Latin
America
and
Caribbean
$ million
|
Africa
$ million
|
Corporate
$ million
|
Total
$ million
|
|
Net sales
|
|||||||
Six months ended 31 December 2022 reported (re-presented)
|
4,149
|
2,339
|
2,169
|
1,299
|
1,113
|
51
|
11,120
|
Exchange
|
(1)
|
(6)
|
27
|
21
|
(18)
|
1
|
24
|
Disposals(2)
|
-
|
(5)
|
(89)
|
-
|
(73)
|
-
|
(167)
|
Hyperinflation
|
-
|
(16)
|
-
|
-
|
-
|
-
|
(16)
|
Six months ended 31 December 2022 adjusted
|
4,148
|
2,312
|
2,107
|
1,320
|
1,022
|
52
|
10,961
|
Organic movement
|
(64)
|
78
|
125
|
(310)
|
95
|
9
|
(67)
|
Acquisitions and disposals(2)
|
2
|
25
|
24
|
-
|
65
|
-
|
116
|
Exchange
|
(2)
|
11
|
(50)
|
59
|
(211)
|
2
|
(191)
|
Hyperinflation
|
-
|
139
|
-
|
-
|
4
|
-
|
143
|
Six months ended 31 December 2023 reported
|
4,084
|
2,565
|
2,206
|
1,069
|
975
|
63
|
10,962
|
Organic movement %
|
(2)
|
3
|
6
|
(23)
|
9
|
17
|
(1)
|
North
America
$ million
|
Europe
$ million
|
Asia
Pacific
$ million
|
Latin
America
and
Caribbean
$ million
|
Africa
$ million
|
Corporate
$ million
|
Total
$ million
|
|
Marketing
|
|||||||
Six months ended 31 December 2022 reported (re-presented)
|
767
|
387
|
356
|
209
|
133
|
9
|
1,861
|
Exchange
|
(2)
|
3
|
3
|
2
|
(5)
|
2
|
3
|
Reclassification
|
-
|
-
|
-
|
-
|
(7)
|
-
|
(7)
|
Disposals(2)
|
-
|
-
|
(8)
|
-
|
(3)
|
-
|
(11)
|
Hyperinflation
|
-
|
(2)
|
-
|
-
|
-
|
-
|
(2)
|
Six months ended 31 December 2022 adjusted
|
765
|
388
|
351
|
211
|
118
|
11
|
1,844
|
Organic movement
|
12
|
35
|
53
|
(40)
|
7
|
3
|
70
|
Acquisitions and disposals(2)
|
4
|
16
|
5
|
-
|
1
|
-
|
26
|
Exchange
|
1
|
4
|
(3)
|
13
|
(20)
|
1
|
(4)
|
Hyperinflation
|
-
|
16
|
-
|
-
|
-
|
-
|
16
|
Six months ended 31 December 2023 reported
|
782
|
459
|
406
|
184
|
106
|
15
|
1,952
|
Organic movement %
|
2
|
9
|
15
|
(19)
|
6
|
27
|
4
|
North
America
$ million
|
Europe
$ million
|
Asia
Pacific
$ million
|
Latin
America
and
Caribbean
$ million
|
Africa
$ million
|
Corporate
$ million
|
Total
$ million
|
|
Operating profit before exceptional items
|
|||||||
Six months ended 31 December 2022 reported (re-presented)
|
1,690
|
820
|
704
|
538
|
215
|
(197)
|
3,770
|
Exchange(1)
|
13
|
(12)
|
22
|
31
|
27
|
13
|
94
|
Fair value remeasurement of contingent considerations,
equity option and earn-out arrangements
|
(18)
|
-
|
-
|
-
|
-
|
-
|
(18)
|
Acquisitions and disposals(2)
|
1
|
(3)
|
(21)
|
-
|
(18)
|
-
|
(41)
|
Hyperinflation
|
-
|
9
|
-
|
-
|
-
|
-
|
9
|
Six months ended 31 December 2022 adjusted
|
1,686
|
814
|
705
|
569
|
224
|
(184)
|
3,814
|
Organic movement
|
(21)
|
(34)
|
23
|
(234)
|
21
|
40
|
(205)
|
Acquisitions and disposals(2)
|
(12)
|
(6)
|
7
|
-
|
15
|
-
|
4
|
Fair value remeasurement of contingent considerations,
equity option and earn-out arrangements
|
23
|
-
|
-
|
-
|
-
|
-
|
23
|
Fair value remeasurement of biological assets
|
-
|
-
|
-
|
(24)
|
-
|
-
|
(24)
|
Exchange(1)
|
49
|
25
|
(46)
|
5
|
(120)
|
(3)
|
(90)
|
Hyperinflation
|
-
|
(2)
|
-
|
-
|
(10)
|
-
|
(12)
|
Six months ended 31 December 2023 reported
|
1,725
|
797
|
689
|
316
|
130
|
(147)
|
3,510
|
Organic movement %
|
(1)
|
(4)
|
3
|
(41)
|
9
|
22
|
(5)
|
Organic operating margin % (3)
|
|||||||
Six months ended 31 December 2023
|
40.8
|
32.6
|
32.6
|
33.2
|
21.9
|
n/a
|
33.1
|
Six months ended 31 December 2022
|
40.6
|
35.2
|
33.5
|
43.1
|
21.9
|
n/a
|
34.8
|
Organic operating margin movement (bps)
|
12
|
(257)
|
(84)
|
(994)
|
2
|
n/a
|
(167)
|
Volume
|
Sales
|
Net sales
|
Marketing
|
Operating
profit
|
|
EUm
|
$ million
|
$ million
|
$ million
|
$ million
|
|
Six months ended 31 December 2022 (re-presented)
|
|||||
Acquisitions
|
|||||
Lone River Ranch Water
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
|
Disposals
|
|||||
USL Popular brands
|
(5.9)
|
(276)
|
(43)
|
-
|
(6)
|
Archers brand
|
-
|
(7)
|
(5)
|
-
|
(3)
|
Windsor
|
(0.2)
|
(57)
|
(46)
|
(8)
|
(15)
|
Guinness Cameroun S.A.
|
(0.7)
|
(110)
|
(73)
|
(3)
|
(18)
|
(6.8)
|
(450)
|
(167)
|
(11)
|
(42)
|
|
Acquisitions and disposals
|
(6.8)
|
(450)
|
(167)
|
(11)
|
(41)
|
Six months ended 31 December 2023
|
|||||
Acquisitions
|
|||||
Mr Black
|
0.1
|
3
|
2
|
1
|
(4)
|
Balcones Distilling
|
-
|
-
|
-
|
3
|
(8)
|
Gordon's
|
0.5
|
52
|
52
|
1
|
5
|
Don Papa Rum
|
0.2
|
25
|
25
|
16
|
(6)
|
0.8
|
80
|
79
|
21
|
(13)
|
|
Disposals
|
|||||
Windsor
|
-
|
29
|
24
|
5
|
7
|
Guinness Cameroun S.A.
|
0.6
|
13
|
13
|
-
|
10
|
0.6
|
42
|
37
|
5
|
17
|
|
Acquisitions and disposals
|
1.4
|
122
|
116
|
26
|
4
|
2023
|
2022
|
|
$ million
|
Re-presented
$ million
|
|
Profit attributable to equity shareholders of the parent company
|
2,210
|
2,709
|
Exceptional operating and non-operating items
|
253
|
20
|
Exceptional tax items and tax in respect of exceptional operating and non-operating
items
|
(42)
|
(84)
|
Exceptional items attributable to non-controlling interests
|
2
|
1
|
Profit attributable to equity shareholders of the parent company before exceptional
items
|
2,423
|
2,646
|
Weighted average number of shares
|
million
|
million
|
Shares in issue excluding own shares
|
2,242
|
2,274
|
Dilutive potential ordinary shares
|
5
|
7
|
Diluted shares in issue excluding own shares
|
2,247
|
2,281
|
cents
|
Re-presented
cents
|
|
Basic earnings per share before exceptional items
|
108.1
|
116.4
|
Diluted earnings per share before exceptional items
|
107.8
|
116.0
|
2023
|
2022
|
|
$ million
|
Re-presented
$ million
|
|
Net cash inflow from operating activities
|
2,146
|
1,472
|
Disposal of property, plant and equipment and computer software
|
7
|
8
|
Purchase of property, plant and equipment and computer software
|
(582)
|
(514)
|
Movements in loans and other investments
|
(109)
|
(2)
|
Free cash flow
|
1,462
|
964
|
2023
|
2022
|
|
$ million
|
Re-presented
$ million
|
|
Borrowings due within one year
|
2,004
|
2,767
|
Borrowings due after one year
|
19,476
|
18,365
|
Fair value of foreign currency derivatives and interest rate hedging instruments
|
(40)
|
(136)
|
Lease liabilities
|
572
|
526
|
Less: Cash and cash equivalents
|
(1,529)
|
(3,319)
|
Net borrowings
|
20,483
|
18,203
|
Post employment benefit liabilities before tax
|
471
|
457
|
Adjusted net borrowings
|
20,954
|
18,660
|
Profit for the year
|
3,980
|
4,412
|
Taxation
|
1,134
|
1,302
|
Net finance charges
|
798
|
656
|
Depreciation, amortisation and impairment (excluding exceptional impairment)
|
648
|
631
|
Exceptional impairment
|
728
|
409
|
EBITDA(1)
|
7,288
|
7,410
|
Exceptional operating items (excluding impairment)
|
192
|
107
|
Non-operating items
|
(285)
|
27
|
Adjusted EBITDA(1)
|
7,195
|
7,544
|
Adjusted net borrowings to adjusted EBITDA
|
2.9
|
2.5
|
2023
|
2022
|
|
$ million
|
Re-presented
$ million
|
|
Taxation on profit (a)
|
737
|
766
|
Tax in respect of exceptional items
|
42
|
16
|
Exceptional tax credit
|
-
|
68
|
Tax before exceptional items (b)
|
779
|
850
|
Profit before taxation (c)
|
3,079
|
3,607
|
Non-operating items
|
60
|
(19)
|
Exceptional operating items
|
193
|
39
|
Profit before taxation and exceptional items (d)
|
3,332
|
3,627
|
Tax rate after exceptional items (a/c)
|
23.9%
|
21.2%
|
Tax rate before exceptional items (b/d)
|
23.4%
|
23.4%
|
Page
|
|
Unaudited condensed consolidated income statement
|
F- 2
|
Unaudited condensed consolidated statement of comprehensive income
|
F- 3
|
Unaudited condensed consolidated balance sheet
|
F- 4
|
Unaudited condensed consolidated statement of changes in equity
|
F- 5
|
Unaudited condensed consolidated statement of cash flows
|
F- 6
|
Notes to the unaudited condensed consolidated financial information
|
F- 7
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
||
Notes
|
$ million
|
Re-presented(1)
$ million
|
|
Sales
|
2
|
15,181
|
15,611
|
Excise duties
|
(4,219)
|
(4,491)
|
|
Net sales
|
2
|
10,962
|
11,120
|
Cost of sales
|
(4,241)
|
(4,279)
|
|
Gross profit
|
6,721
|
6,841
|
|
Marketing
|
(1,952)
|
(1,861)
|
|
Other operating items
|
(1,452)
|
(1,249)
|
|
Operating profit
|
2
|
3,317
|
3,731
|
Non-operating items
|
3
|
(60)
|
19
|
Finance income
|
4
|
287
|
303
|
Finance charges
|
4
|
(718)
|
(648)
|
Share of after tax results of associates and joint ventures
|
253
|
202
|
|
Profit before taxation
|
3,079
|
3,607
|
|
Taxation
|
5
|
(737)
|
(766)
|
Profit for the period
|
2,342
|
2,841
|
|
Attributable to:
|
|||
Equity shareholders of the parent company
|
2,210
|
2,709
|
|
Non-controlling interests
|
132
|
132
|
|
2,342
|
2,841
|
||
million
|
million
|
||
Weighted average number of shares
|
|||
Shares in issue excluding own shares
|
2,242
|
2,274
|
|
Dilutive potential ordinary shares
|
5
|
7
|
|
2,247
|
2,281
|
||
cents
|
cents
|
||
Basic earnings per share
|
98.6
|
119.1
|
|
Diluted earnings per share
|
98.4
|
118.8
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
|
$ million
|
Re-presented(2)
$ million
|
|
Other comprehensive income
|
||
Items that will not be recycled subsequently to the income statement
|
||
Net remeasurement of post employment benefit plans
|
||
Group
|
(138)
|
(622)
|
Associates and joint ventures
|
(2)
|
12
|
Non-controlling interests
|
(1)
|
-
|
Tax on post employment benefit plans
|
32
|
159
|
Changes in the fair value of equity investments at fair value through other
comprehensive income
|
-
|
(4)
|
(109)
|
(455)
|
|
Items that may be recycled subsequently to the income statement
|
||
Exchange differences on translation of foreign operations
|
||
Group
|
(18)
|
(244)
|
Associates and joint ventures
|
106
|
75
|
Non-controlling interests
|
(8)
|
(61)
|
Net investment hedges
|
(295)
|
(21)
|
Exchange loss recycled to the income statement
|
||
On disposal of foreign operations
|
26
|
-
|
On step acquisitions
|
-
|
2
|
Tax on exchange differences - group
|
36
|
(2)
|
Effective portion of changes in fair value of cash flow hedges
|
||
Hedge of foreign currency debt of the group
|
39
|
72
|
Transaction exposure hedging of the group
|
90
|
176
|
Hedges by associates and joint ventures
|
1
|
16
|
Commodity price risk hedging of the group
|
(11)
|
(8)
|
Recycled to income statement - hedge of foreign currency debt of the group
|
52
|
(35)
|
Recycled to income statement - transaction exposure hedging of the group
|
(125)
|
(77)
|
Recycled to income statement - commodity price risk hedging of the group
|
20
|
(41)
|
Cost of hedging
|
(48)
|
-
|
Recycled to income statement - cost of hedging
|
(12)
|
-
|
Tax on effective portion of changes in fair value of cash flow hedges
|
(29)
|
(20)
|
Hyperinflation adjustments
|
290
|
129
|
Tax on hyperinflation adjustments(1)
|
(98)
|
(26)
|
16
|
(65)
|
|
Other comprehensive (loss) net of tax, for the period
|
(93)
|
(520)
|
Profit for the period
|
2,342
|
2,841
|
Total comprehensive income for the period
|
2,249
|
2,321
|
Attributable to:
|
||
Equity shareholders of the parent company
|
2,126
|
2,250
|
Non-controlling interests
|
123
|
71
|
Total comprehensive income for the period
|
2,249
|
2,321
|
31 December 2023
|
30 June 2023
|
31 December 2022
|
||||
Notes
|
$ million
|
$ million
|
Re-presented(1)
$ million
|
Re-presented(1)
$ million
|
Re-presented(1)
$ million
|
Re-presented(1)
$ million
|
Non-current assets
|
||||||
Intangible assets
|
14,496
|
14,506
|
14,556
|
|||
Property, plant and equipment
|
8,212
|
7,738
|
7,168
|
|||
Biological assets
|
194
|
197
|
143
|
|||
Investments in associates and joint ventures
|
5,229
|
4,825
|
4,710
|
|||
Other investments
|
96
|
71
|
50
|
|||
Other receivables
|
32
|
39
|
33
|
|||
Other financial assets
|
430
|
497
|
479
|
|||
Deferred tax assets
|
171
|
178
|
127
|
|||
Post employment benefit assets
|
1,118
|
1,210
|
1,272
|
|||
29,978
|
29,261
|
28,538
|
||||
Current assets
|
||||||
Inventories
|
6
|
9,840
|
9,653
|
9,062
|
||
Trade and other receivables
|
4,580
|
3,427
|
4,648
|
|||
Assets held for sale
|
-
|
-
|
220
|
|||
Corporate tax receivables
|
5
|
274
|
292
|
199
|
||
Other financial assets
|
564
|
437
|
479
|
|||
Cash and cash equivalents
|
7
|
1,529
|
1,813
|
3,319
|
||
16,787
|
15,622
|
17,927
|
||||
Total assets
|
46,765
|
44,883
|
46,465
|
|||
Current liabilities
|
||||||
Borrowings and bank overdrafts
|
7
|
(2,004)
|
(2,142)
|
(2,767)
|
||
Other financial liabilities
|
(371)
|
(453)
|
(524)
|
|||
Share buyback liability
|
(497)
|
-
|
(259)
|
|||
Trade and other payables
|
(7,292)
|
(6,678)
|
(7,332)
|
|||
Liabilities held for sale
|
-
|
-
|
(92)
|
|||
Corporate tax payables
|
5
|
(253)
|
(170)
|
(319)
|
||
Provisions
|
(213)
|
(150)
|
(135)
|
|||
(10,630)
|
(9,593)
|
(11,428)
|
||||
Non-current liabilities
|
||||||
Borrowings
|
7
|
(19,476)
|
(18,649)
|
(18,365)
|
||
Other financial liabilities
|
(865)
|
(941)
|
(925)
|
|||
Other payables
|
(447)
|
(463)
|
(424)
|
|||
Provisions
|
(313)
|
(306)
|
(319)
|
|||
Deferred tax liabilities
|
(2,839)
|
(2,751)
|
(2,708)
|
|||
Post employment benefit liabilities
|
(471)
|
(471)
|
(457)
|
|||
(24,411)
|
(23,581)
|
(23,198)
|
||||
Total liabilities
|
(35,041)
|
(33,174)
|
(34,626)
|
|||
Net assets
|
11,724
|
11,709
|
11,839
|
|||
Equity
|
||||||
Share capital
|
893
|
898
|
863
|
|||
Share premium
|
1,703
|
1,703
|
1,621
|
|||
Other reserves
|
502
|
665
|
560
|
|||
Retained earnings
|
6,693
|
6,590
|
6,722
|
|||
Equity attributable to equity shareholders
of the parent company
|
9,791
|
9,856
|
9,766
|
|||
Non-controlling interests
|
1,933
|
1,853
|
2,073
|
|||
Total equity
|
11,724
|
11,709
|
11,839
|
Retained earnings/(deficit)
|
Equity
attributable
to parent
company
shareholders
$ million
|
||||||||
Share
capital
$ million
|
Share
premium
$ million
|
Other
reserves
$ million
|
Own
shares
$ million
|
Other
retained
earnings
$ million
|
Total
$ million
|
Non-
controlling
interests
$ million
|
Total
equity
$ million
|
||
At 30 June 2022 (re-presented1)
|
875
|
1,635
|
658
|
(2,223)
|
8,490
|
6,267
|
9,435
|
2,076
|
11,511
|
Other(2)
|
(7)
|
(14)
|
4
|
17
|
-
|
17
|
-
|
-
|
-
|
Profit for the period
|
-
|
-
|
-
|
-
|
2,709
|
2,709
|
2,709
|
132
|
2,841
|
Other comprehensive loss
|
-
|
-
|
(107)
|
-
|
(352)
|
(352)
|
(459)
|
(61)
|
(520)
|
Total comprehensive (loss)/income for
the period
|
-
|
-
|
(107)
|
-
|
2,357
|
2,357
|
2,250
|
71
|
2,321
|
Employee share schemes
|
-
|
-
|
-
|
22
|
17
|
39
|
39
|
-
|
39
|
Share-based incentive plans
|
-
|
-
|
-
|
-
|
31
|
31
|
31
|
-
|
31
|
Share-based incentive plans in respect of
associates
|
-
|
-
|
-
|
-
|
3
|
3
|
3
|
-
|
3
|
Share-based payments and purchase of
own shares in respect of subsidiaries
|
-
|
-
|
-
|
-
|
1
|
1
|
1
|
1
|
2
|
Associates' transactions with non-
controlling interests
|
-
|
-
|
-
|
-
|
(14)
|
(14)
|
(14)
|
-
|
(14)
|
Unclaimed dividend
|
-
|
-
|
-
|
-
|
1
|
1
|
1
|
-
|
1
|
Change in fair value of put option
|
-
|
-
|
-
|
-
|
(5)
|
(5)
|
(5)
|
-
|
(5)
|
Share buyback programme
|
(5)
|
-
|
5
|
-
|
(775)
|
(775)
|
(775)
|
-
|
(775)
|
Dividend declared in the period
|
-
|
-
|
-
|
-
|
(1,200)
|
(1,200)
|
(1,200)
|
(75)
|
(1,275)
|
At 31 December 2022 (re-presented1)
|
863
|
1,621
|
560
|
(2,184)
|
8,906
|
6,722
|
9,766
|
2,073
|
11,839
|
At 30 June 2023 (re-presented1)
|
898
|
1,703
|
665
|
(2,286)
|
8,876
|
6,590
|
9,856
|
1,853
|
11,709
|
Adjustment to 2023 closing equity in
respect of hyperinflation in Ghana
|
-
|
-
|
-
|
-
|
41
|
41
|
41
|
10
|
51
|
Adjusted opening balance
|
898
|
1,703
|
665
|
(2,286)
|
8,917
|
6,631
|
9,897
|
1,863
|
11,760
|
Profit for the period
|
-
|
-
|
-
|
-
|
2,210
|
2,210
|
2,210
|
132
|
2,342
|
Other comprehensive (loss)/income
|
-
|
-
|
(168)
|
-
|
84
|
84
|
(84)
|
(9)
|
(93)
|
Total comprehensive (loss)/income for
the period
|
-
|
-
|
(168)
|
-
|
2,294
|
2,294
|
2,126
|
123
|
2,249
|
Employee share schemes
|
-
|
-
|
-
|
30
|
4
|
34
|
34
|
-
|
34
|
Share-based incentive plans
|
-
|
-
|
-
|
-
|
24
|
24
|
24
|
-
|
24
|
Share-based incentive plans in respect of
associates
|
-
|
-
|
-
|
-
|
2
|
2
|
2
|
-
|
2
|
Tax on share-based incentive plans
|
-
|
-
|
-
|
-
|
(7)
|
(7)
|
(7)
|
-
|
(7)
|
Unclaimed dividend
|
-
|
-
|
-
|
-
|
1
|
1
|
1
|
-
|
1
|
Change in fair value of put option
|
-
|
-
|
-
|
-
|
40
|
40
|
40
|
-
|
40
|
Share buyback programme
|
(5)
|
-
|
5
|
-
|
(977)
|
(977)
|
(977)
|
-
|
(977)
|
Dividend declared in the period
|
-
|
-
|
-
|
-
|
(1,349)
|
(1,349)
|
(1,349)
|
(53)
|
(1,402)
|
At 31 December 2023
|
893
|
1,703
|
502
|
(2,256)
|
8,949
|
6,693
|
9,791
|
1,933
|
11,724
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
||
$ million
|
$ million
|
Re-
presented(1)
$ million
|
Re-
presented(1)
$ million
|
Cash flows from operating activities
|
|||
Profit for the period
|
2,342
|
2,841
|
|
Taxation
|
737
|
766
|
|
Share of after tax results of associates and joint ventures
|
(253)
|
(202)
|
|
Net finance charges
|
431
|
345
|
|
Non-operating items
|
60
|
(19)
|
|
Operating profit
|
3,317
|
3,731
|
|
Increase in inventories
|
(82)
|
(552)
|
|
Increase in trade and other receivables
|
(1,106)
|
(1,191)
|
|
Increase in trade and other payables and provisions
|
469
|
131
|
|
Net increase in working capital
|
(719)
|
(1,612)
|
|
Depreciation, amortisation and impairment
|
411
|
332
|
|
Dividends received
|
5
|
5
|
|
Post employment payments less amounts included in operating profit
|
(24)
|
(27)
|
|
Other items
|
59
|
9
|
|
451
|
319
|
||
Cash generated from operations
|
3,049
|
2,438
|
|
Interest received
|
91
|
78
|
|
Interest paid
|
(443)
|
(293)
|
|
Taxation paid
|
(551)
|
(751)
|
|
(903)
|
(966)
|
||
Net cash inflow from operating activities
|
2,146
|
1,472
|
|
Cash flows from investing activities
|
|||
Disposal of property, plant and equipment and computer software
|
7
|
8
|
|
Purchase of property, plant and equipment and computer software
|
(582)
|
(514)
|
|
Movements in loans and other investments
|
(109)
|
(2)
|
|
Sale of businesses and brands
|
18
|
111
|
|
Acquisition of subsidiaries
|
(3)
|
(129)
|
|
Investment in associates and joint ventures
|
(51)
|
(38)
|
|
Net cash outflow from investing activities
|
(720)
|
(564)
|
|
Cash flows from financing activities
|
|||
Share buyback programme
|
(480)
|
(655)
|
|
Net sale of own shares for share schemes
|
5
|
12
|
|
Dividends paid to non-controlling interests
|
(71)
|
(94)
|
|
Proceeds from bonds
|
1,690
|
1,989
|
|
Repayment of bonds
|
(1,132)
|
(300)
|
|
Cash inflow from other borrowings
|
470
|
173
|
|
Cash outflow from other borrowings
|
(801)
|
(206)
|
|
Equity dividend paid
|
(1,348)
|
(1,194)
|
|
Net cash outflow from financing activities
|
(1,667)
|
(275)
|
|
Net (decrease)/increase in net cash and cash equivalents
|
(241)
|
633
|
|
Exchange differences
|
(45)
|
(25)
|
|
Reclassification to assets held for sale
|
-
|
(57)
|
|
Net cash and cash equivalents at beginning of the period
|
1,768
|
2,675
|
|
Net cash and cash equivalents at end of the period
|
1,482
|
3,226
|
|
Net cash and cash equivalents consist of:
|
|||
Cash and cash equivalents
|
1,529
|
3,319
|
|
Bank overdrafts
|
(47)
|
(93)
|
|
1,482
|
3,226
|
North
America
|
Europe
|
Asia
Pacific
|
Latin
America
and
Caribbean
|
Africa
|
SC&P
|
Eliminate
inter-
segment
sales
|
Total
operating
segments
|
Corporate
and other
|
Total
|
|
Six months ended 31 December 2023
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
Sales
|
4,411
|
4,349
|
3,564
|
1,442
|
1,352
|
1,842
|
(1,842)
|
15,118
|
63
|
15,181
|
Net sales
|
||||||||||
At budgeted exchange rates(1)
|
4,077
|
2,356
|
2,226
|
1,004
|
1,115
|
1,797
|
(1,742)
|
10,833
|
61
|
10,894
|
Acquisitions and disposals
|
2
|
25
|
24
|
-
|
65
|
-
|
-
|
116
|
-
|
116
|
SC&P allocation
|
7
|
34
|
6
|
6
|
2
|
(55)
|
-
|
-
|
-
|
-
|
Retranslation to actual exchange
rates
|
(2)
|
11
|
(50)
|
59
|
(211)
|
100
|
(100)
|
(193)
|
2
|
(191)
|
Hyperinflation
|
-
|
139
|
-
|
-
|
4
|
-
|
-
|
143
|
-
|
143
|
Net sales
|
4,084
|
2,565
|
2,206
|
1,069
|
975
|
1,842
|
(1,842)
|
10,899
|
63
|
10,962
|
Operating profit/(loss)
|
||||||||||
At budgeted exchange rates(1)
|
1,672
|
784
|
729
|
337
|
245
|
(14)
|
-
|
3,753
|
(144)
|
3,609
|
Acquisitions and disposals
|
(12)
|
(6)
|
7
|
-
|
15
|
-
|
-
|
4
|
-
|
4
|
SC&P allocation
|
(7)
|
(4)
|
(1)
|
(2)
|
-
|
14
|
-
|
-
|
-
|
-
|
Fair value remeasurements
|
23
|
-
|
-
|
(24)
|
-
|
-
|
-
|
(1)
|
-
|
(1)
|
Retranslation to actual exchange
rates
|
49
|
25
|
(46)
|
5
|
(120)
|
-
|
-
|
(87)
|
(3)
|
(90)
|
Hyperinflation
|
-
|
(2)
|
-
|
-
|
(10)
|
-
|
-
|
(12)
|
-
|
(12)
|
Operating profit/(loss) before
exceptional items
|
1,725
|
797
|
689
|
316
|
130
|
-
|
-
|
3,657
|
(147)
|
3,510
|
Exceptional operating items
|
(182)
|
(11)
|
-
|
-
|
-
|
-
|
-
|
(193)
|
-
|
(193)
|
Operating profit/(loss)
|
1,543
|
786
|
689
|
316
|
130
|
-
|
-
|
3,464
|
(147)
|
3,317
|
Non-operating items
|
(60)
|
|||||||||
Net finance charges
|
(431)
|
|||||||||
Share of after tax results of
associates and joint ventures
|
253
|
|||||||||
Profit before taxation
|
3,079
|
North
America
|
Europe
|
Asia
Pacific
|
Latin
America
and
Caribbean
|
Africa
|
SC&P
|
Eliminate
inter-
segment
sales
|
Total
operating
segments
|
Corporate
and other
|
Total
|
|
Six months ended 31 December 2022
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Re-
presented
$ million
|
Sales
|
4,540
|
4,055
|
3,741
|
1,646
|
1,578
|
1,939
|
(1,939)
|
15,560
|
51
|
15,611
|
Net sales
|
||||||||||
At budgeted exchange rates(1)
|
4,144
|
2,432
|
2,310
|
1,332
|
1,228
|
2,125
|
(2,086)
|
11,485
|
58
|
11,543
|
Acquisitions and disposals
|
17
|
9
|
47
|
4
|
-
|
-
|
-
|
77
|
-
|
77
|
SC&P allocation
|
4
|
25
|
4
|
5
|
1
|
(39)
|
-
|
-
|
-
|
-
|
Retranslation to actual exchange
rates
|
(16)
|
(241)
|
(192)
|
(42)
|
(116)
|
(147)
|
147
|
(607)
|
(7)
|
(614)
|
Hyperinflation
|
-
|
114
|
-
|
-
|
-
|
-
|
-
|
114
|
-
|
114
|
Net sales
|
4,149
|
2,339
|
2,169
|
1,299
|
1,113
|
1,939
|
(1,939)
|
11,069
|
51
|
11,120
|
Operating profit/(loss)
|
||||||||||
At budgeted exchange rates(1)
|
1,687
|
845
|
747
|
545
|
284
|
52
|
-
|
4,160
|
(211)
|
3,949
|
Acquisitions and disposals
|
(9)
|
3
|
7
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
SC&P allocation
|
12
|
29
|
3
|
7
|
1
|
(52)
|
-
|
-
|
-
|
-
|
Fair value remeasurements
|
18
|
(1)
|
-
|
-
|
-
|
-
|
-
|
17
|
-
|
17
|
Retranslation to actual exchange
rates
|
(18)
|
(83)
|
(53)
|
(14)
|
(70)
|
-
|
-
|
(238)
|
14
|
(224)
|
Hyperinflation
|
-
|
27
|
-
|
-
|
-
|
-
|
-
|
27
|
-
|
27
|
Operating profit/(loss) before
exceptional items
|
1,690
|
820
|
704
|
538
|
215
|
-
|
-
|
3,967
|
(197)
|
3,770
|
Exceptional operating items
|
(31)
|
17
|
(25)
|
-
|
-
|
-
|
-
|
(39)
|
-
|
(39)
|
Operating profit/(loss)
|
1,659
|
837
|
679
|
538
|
215
|
-
|
-
|
3,928
|
(197)
|
3,731
|
Non-operating items
|
19
|
|||||||||
Net finance charges
|
(345)
|
|||||||||
Share of after tax results of
associates and joint ventures
|
202
|
|||||||||
Profit before taxation
|
3,607
|
Category analysis
|
Geographical analysis
|
|||||||||
Spirits
$ million
|
Beer
$ million
|
Ready to
drink
$ million
|
Other
$ million
|
Total
$ million
|
United
States
$ million
|
India
$ million
|
Great
Britain
$ million
|
Rest of
world
$ million
|
Total
$ million
|
|
Six months ended 31 December
2023
|
||||||||||
Sales(1)
|
12,409
|
2,063
|
496
|
213
|
15,181
|
4,158
|
1,687
|
1,571
|
7,765
|
15,181
|
Six months ended 31 December
2022
|
||||||||||
Sales(1) (re-presented)
|
12,904
|
2,008
|
564
|
135
|
15,611
|
4,268
|
1,886
|
1,373
|
8,084
|
15,611
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
|
$ million
|
Re-presented
$ million
|
|
Exceptional operating items
|
||
Brand impairment (1)
|
(54)
|
-
|
Supply chain agility programme (2)
|
(31)
|
(56)
|
Various dispute and litigation matters (3)
|
(108)
|
-
|
Winding down Russian operations (4)
|
-
|
17
|
(193)
|
(39)
|
|
Non-operating items
|
||
Sale of businesses and brands
|
||
Windsor business (5)
|
(53)
|
-
|
Guinness Cameroun S.A. (6)
|
(11)
|
(2)
|
USL Popular brands (7)
|
4
|
5
|
Archers brand (8)
|
-
|
23
|
United National Breweries (9)
|
-
|
3
|
Step acquisition - Mr Black (10)
|
-
|
(10)
|
(60)
|
19
|
|
Exceptional items before taxation
|
(253)
|
(20)
|
Items included in taxation
|
||
Tax on exceptional operating items
|
43
|
14
|
Tax on exceptional non-operating items
|
(1)
|
2
|
Exceptional taxation (11)
|
-
|
68
|
42
|
84
|
|
Total exceptional items
|
(211)
|
64
|
Attributable to:
|
||
Equity shareholders of the parent company
|
(213)
|
63
|
Non-controlling interests
|
2
|
1
|
Total exceptional items
|
(211)
|
64
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
|
$ million
|
Re-presented
$ million
|
|
Interest income
|
106
|
101
|
Fair value gain on financial instruments
|
110
|
167
|
Total interest income
|
216
|
268
|
Interest charge on bonds, commercial paper, bank loans and overdrafts
|
(324)
|
(277)
|
Interest charge on finance leases
|
(10)
|
(9)
|
Other interest charges
|
(223)
|
(148)
|
Fair value loss on financial instruments
|
(113)
|
(167)
|
Total interest charges
|
(670)
|
(601)
|
Net interest charges
|
(454)
|
(333)
|
Net finance income in respect of post employment plans in surplus
|
28
|
35
|
Hyperinflation adjustment in respect of Turkey (1)
|
22
|
-
|
Hyperinflation adjustment in respect of Ghana (1)
|
6
|
-
|
Hyperinflation adjustment in respect of Venezuela (1)
|
4
|
-
|
Interest income in respect of direct and indirect tax
|
3
|
-
|
Change in financial liability (Level 3)
|
8
|
-
|
Total other finance income
|
71
|
35
|
Net finance charge in respect of post employment plans in deficit
|
(10)
|
(9)
|
Hyperinflation adjustment in respect of Turkey (1)
|
-
|
(7)
|
Interest charge in respect of direct and indirect tax
|
(17)
|
(20)
|
Unwinding of discounts
|
(11)
|
(7)
|
Other finance charges
|
(10)
|
(4)
|
Total other finance charges
|
(48)
|
(47)
|
Net other finance income/(charges)
|
23
|
(12)
|
31 December 2023
|
30 June 2023
|
31 December 2022
|
|
$ million
|
Re-presented
$ million
|
Re-presented
$ million
|
|
Raw materials and consumables
|
730
|
684
|
718
|
Work in progress
|
156
|
166
|
200
|
Maturing inventories
|
7,697
|
7,300
|
6,572
|
Finished goods and goods for resale
|
1,257
|
1,503
|
1,572
|
9,840
|
9,653
|
9,062
|
31 December 2023
|
30 June 2023
|
31 December 2022
|
|
$ million
|
Re-presented
$ million
|
Re-presented
$ million
|
|
Borrowings due within one year and bank overdrafts
|
(2,004)
|
(2,142)
|
(2,767)
|
Borrowings due after one year
|
(19,476)
|
(18,649)
|
(18,365)
|
Fair value of foreign currency forwards and swaps
|
406
|
436
|
643
|
Fair value of interest rate hedging instruments
|
(366)
|
(476)
|
(507)
|
Lease liabilities
|
(572)
|
(564)
|
(526)
|
(22,012)
|
(21,395)
|
(21,522)
|
|
Cash and cash equivalents
|
1,529
|
1,813
|
3,319
|
(20,483)
|
(19,582)
|
(18,203)
|
Six months ended
31 December 2023
|
Six months ended
31 December 2022
|
|
$ million
|
Re-presented
$ million
|
|
Net (decrease)/increase in cash and cash equivalents before exchange
|
(241)
|
633
|
Net increasein bonds and other borrowings(1)
|
(227)
|
(1,658)
|
Net increase in net borrowings from cash flows
|
(468)
|
(1,025)
|
Exchange differences on net borrowings
|
(399)
|
4
|
Other non-cash items(2)
|
(34)
|
(75)
|
Net borrowings at beginning of the period
|
(19,582)
|
(17,107)
|
Net borrowings at end of the period
|
(20,483)
|
(18,203)
|
31 December 2023
|
30 June 2023
|
31 December 2022
|
|
$ million
|
Re-presented
$ million
|
Re-presented
$ million
|
|
Derivative assets
|
703
|
748
|
820
|
Derivative liabilities
|
(440)
|
(556)
|
(663)
|
Valuation techniques based on observable market input (Level 2)
|
263
|
192
|
157
|
Financial assets - other
|
281
|
249
|
208
|
Financial liabilities - other
|
(599)
|
(665)
|
(690)
|
Valuation techniques based on unobservable market input (Level 3)
|
(318)
|
(416)
|
(482)
|
|
Zacapa
financial
liability
|
Contingent
consideration
recognised on
acquisition of
businesses
|
Zacapa
financial
liability
|
Contingent
consideration
recognised on
acquisition of
businesses
|
Six months
ended 31
December 2023
|
Six months
ended 31
December 2023
|
Six months
ended 31
December 2022
|
Six months
ended 31
December 2022
|
|
$ million
|
$ million
|
Re-presented
$ million
|
Re-presented
$ million
|
|
At the beginning of the period
|
(274)
|
(391)
|
(261)
|
(449)
|
Net gains included in the income statement
|
8
|
15
|
-
|
15
|
Net losses included in exchange in other comprehensive
income
|
-
|
-
|
(1)
|
-
|
Net gains/(losses) included in retained earnings
|
40
|
-
|
(5)
|
-
|
Acquisitions
|
-
|
-
|
-
|
(5)
|
Settlement of liabilities
|
2
|
1
|
7
|
9
|
At the end of the period
|
(224)
|
(375)
|
(260)
|
(430)
|
Six months ended 31
December 2023
|
Six months ended 31
December 2022
|
|
Amounts recognised as distributions to equity shareholders
|
$ million
|
Re-presented
$ million
|
Final dividend for the year ended 30 June 2023of 59.98cents per share
(2022- 52.71cents)(1)
|
1,349
|
1,200
|
Windsor
business
$ million
|
Other
$ million
|
Total
$ million
|
|
Sale consideration
|
|||
Cash received in the period
|
37
|
4
|
41
|
Cash disposed of
|
(20)
|
-
|
(20)
|
Transaction and other directly attributable costs paid
|
-
|
(3)
|
(3)
|
Net cash received
|
17
|
1
|
18
|
Deferred consideration receivable
|
107
|
-
|
107
|
Transaction and other directly attributable costs payable
|
(12)
|
(8)
|
(20)
|
112
|
(7)
|
105
|
|
Net assets disposed of
|
|||
Brands
|
(167)
|
-
|
(167)
|
Other non-current assets
|
(3)
|
-
|
(3)
|
Inventories
|
(11)
|
-
|
(11)
|
Other working capital
|
3
|
-
|
3
|
Corporate tax
|
2
|
-
|
2
|
Deferred tax
|
37
|
-
|
37
|
(139)
|
-
|
(139)
|
|
Exchange recycled from other comprehensive income
|
(26)
|
-
|
(26)
|
Loss on disposal before taxation
|
(53)
|
(7)
|
(60)
|
Taxation
|
(1)
|
-
|
(1)
|
Loss on disposal after taxation
|
(54)
|
(7)
|
(61)
|
/s/ Lavanya Chandrashekar
|
Name: Lavanya Chandrashekar
|
Title: Chief Financial Officer
|
30 January 2024
|