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% |
Six months ended 31 December 2023 | Six months ended 31 December 2022 | ||
Notes | $ million | Re-presented(1) $ million | |
Sales | 2 | ||
Excise duties | ( | ( | |
Net sales | 2 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Marketing | ( | ( | |
Other operating items | ( | ( | |
Operating profit | 2 | ||
Non-operating items | 3 | ( | |
Finance income | 4 | ||
Finance charges | 4 | ( | ( |
Share of after tax results of associates and joint ventures | |||
Profit before taxation | |||
Taxation | 5 | ( | ( |
Profit for the period | |||
Attributable to: | |||
Equity shareholders of the parent company | |||
Non-controlling interests | |||
million | million | ||
Weighted average number of shares | |||
Shares in issue excluding own shares | |||
Dilutive potential ordinary shares | |||
cents | cents | ||
Basic earnings per share | |||
Diluted earnings per share |
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 | ( | ( |
Associates and joint ventures | ( | |
Non-controlling interests | ( | |
Tax on post employment benefit plans | ||
Changes in the fair value of equity investments at fair value through other comprehensive income | ( | |
( | ( | |
Items that may be recycled subsequently to the income statement | ||
Exchange differences on translation of foreign operations | ||
Group | ( | ( |
Associates and joint ventures | ||
Non-controlling interests | ( | ( |
Net investment hedges | ( | ( |
Exchange loss recycled to the income statement | ||
On disposal of foreign operations | ||
On step acquisitions | ||
Tax on exchange differences - group | ( | |
Effective portion of changes in fair value of cash flow hedges | ||
Hedge of foreign currency debt of the group | ||
Transaction exposure hedging of the group | ||
Hedges by associates and joint ventures | ||
Commodity price risk hedging of the group | ( | ( |
Recycled to income statement - hedge of foreign currency debt of the group | ( | |
Recycled to income statement - transaction exposure hedging of the group | ( | ( |
Recycled to income statement - commodity price risk hedging of the group | ( | |
Cost of hedging | ( | |
Recycled to income statement - cost of hedging | ( | |
Tax on effective portion of changes in fair value of cash flow hedges | ( | ( |
Hyperinflation adjustments | ||
Tax on hyperinflation adjustments(1) | ( | ( |
( | ||
Other comprehensive (loss) net of tax, for the period | ( | ( |
Profit for the period | ||
Total comprehensive income for the period | ||
Attributable to: | ||
Equity shareholders of the parent company | ||
Non-controlling interests | ||
Total comprehensive income for the period |
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 | |||||||
Property, plant and equipment | |||||||
Biological assets | |||||||
Investments in associates and joint ventures | |||||||
Other investments | |||||||
Other receivables | |||||||
Other financial assets | |||||||
Deferred tax assets | |||||||
Post employment benefit assets | |||||||
Current assets | |||||||
Inventories | 6 | ||||||
Trade and other receivables | |||||||
Assets held for sale | |||||||
Corporate tax receivables | 5 | ||||||
Other financial assets | |||||||
Cash and cash equivalents | 7 | ||||||
Total assets | |||||||
Current liabilities | |||||||
Borrowings and bank overdrafts | 7 | ( | ( | ( | |||
Other financial liabilities | ( | ( | ( | ||||
Share buyback liability | ( | ( | |||||
Trade and other payables | ( | ( | ( | ||||
Liabilities held for sale | ( | ||||||
Corporate tax payables | 5 | ( | ( | ( | |||
Provisions | ( | ( | ( | ||||
( | ( | ( | |||||
Non-current liabilities | |||||||
Borrowings | 7 | ( | ( | ( | |||
Other financial liabilities | ( | ( | ( | ||||
Other payables | ( | ( | ( | ||||
Provisions | ( | ( | ( | ||||
Deferred tax liabilities | ( | ( | ( | ||||
Post employment benefit liabilities | ( | ( | ( | ||||
( | ( | ( | |||||
Total liabilities | ( | ( | ( | ||||
Net assets | |||||||
Equity | |||||||
Share capital | |||||||
Share premium | |||||||
Other reserves | |||||||
Retained earnings | |||||||
Equity attributable to equity shareholders of the parent company | |||||||
Non-controlling interests | |||||||
Total equity |
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) | ( | ||||||||
Other(2) | ( | ( | |||||||
Profit for the period | — | — | — | — | |||||
Other comprehensive loss | — | — | ( | — | ( | ( | ( | ( | ( |
Total comprehensive (loss)/income for the period | — | — | ( | — | |||||
Employee share schemes | — | — | — | — | |||||
Share-based incentive plans | — | — | — | — | — | ||||
Share-based incentive plans in respect of associates | — | — | — | — | — | ||||
Share-based payments and purchase of own shares in respect of subsidiaries | — | — | — | — | |||||
Associates' transactions with non- controlling interests | — | — | — | — | ( | ( | ( | — | ( |
Unclaimed dividend | — | — | — | — | |||||
Change in fair value of put option | — | — | — | — | ( | ( | ( | — | ( |
Share buyback programme | ( | — | — | ( | ( | ( | — | ( | |
Dividend declared in the period | — | — | — | — | ( | ( | ( | ( | ( |
At 31 December 2022 (re-presented1) | ( | ||||||||
At 30 June 2023 (re-presented1) | ( | ||||||||
Adjustment to 2023 closing equity in respect of hyperinflation in Ghana | — | — | — | — | |||||
Adjusted opening balance | ( | ||||||||
Profit for the period | — | — | — | — | |||||
Other comprehensive (loss)/income | — | — | ( | — | ( | ( | ( | ||
Total comprehensive (loss)/income for the period | — | — | ( | — | |||||
Employee share schemes | — | — | — | — | |||||
Share-based incentive plans | — | — | — | — | — | ||||
Share-based incentive plans in respect of associates | — | — | — | — | — | ||||
Tax on share-based incentive plans | — | — | — | — | ( | ( | ( | ( | |
Unclaimed dividend | — | — | — | — | |||||
Change in fair value of put option | — | — | — | — | — | ||||
Share buyback programme | ( | — | — | ( | ( | ( | — | ( | |
Dividend declared in the period | — | — | — | — | ( | ( | ( | ( | ( |
At 31 December 2023 | ( |
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 | ||||
Taxation | ||||
Share of after tax results of associates and joint ventures | ( | ( | ||
Net finance charges | ||||
Non-operating items | ( | |||
Operating profit | ||||
Increase in inventories | ( | ( | ||
Increase in trade and other receivables | ( | ( | ||
Increase in trade and other payables and provisions | ||||
Net increase in working capital | ( | ( | ||
Depreciation, amortisation and impairment | ||||
Dividends received | ||||
Post employment payments less amounts included in operating profit | ( | ( | ||
Other items | ||||
Cash generated from operations | ||||
Interest received | ||||
Interest paid | ( | ( | ||
Taxation paid | ( | ( | ||
( | ( | |||
Net cash inflow from operating activities | ||||
Cash flows from investing activities | ||||
Disposal of property, plant and equipment and computer software | ||||
Purchase of property, plant and equipment and computer software | ( | ( | ||
Movements in loans and other investments | ( | ( | ||
Sale of businesses and brands | ||||
Acquisition of subsidiaries | ( | ( | ||
Investment in associates and joint ventures | ( | ( | ||
Net cash outflow from investing activities | ( | ( | ||
Cash flows from financing activities | ||||
Share buyback programme | ( | ( | ||
Net sale of own shares for share schemes | ||||
Dividends paid to non-controlling interests | ( | ( | ||
Proceeds from bonds | ||||
Repayment of bonds | ( | ( | ||
Cash inflow from other borrowings | ||||
Cash outflow from other borrowings | ( | ( | ||
Equity dividend paid | ( | ( | ||
Net cash outflow from financing activities | ( | ( | ||
Net (decrease)/increase in net cash and cash equivalents | ( | |||
Exchange differences | ( | ( | ||
Reclassification to assets held for sale | ( | |||
Net cash and cash equivalents at beginning of the period | ||||
Net cash and cash equivalents at end of the period | ||||
Net cash and cash equivalents consist of: | ||||
Cash and cash equivalents | ||||
Bank overdrafts | ( | ( | ||
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 | ( | |||||||||
Net sales | ||||||||||
At budgeted exchange rates(1) | ( | |||||||||
Acquisitions and disposals | ||||||||||
SC&P allocation | ( | |||||||||
Retranslation to actual exchange rates | ( | ( | ( | ( | ( | ( | ||||
Hyperinflation | ||||||||||
Net sales | ( | |||||||||
Operating profit/(loss) | ||||||||||
At budgeted exchange rates(1) | ( | — | ( | |||||||
Acquisitions and disposals | ( | ( | — | |||||||
SC&P allocation | ( | ( | ( | ( | — | |||||
Fair value remeasurements | ( | — | ( | ( | ||||||
Retranslation to actual exchange rates | ( | ( | — | ( | ( | ( | ||||
Hyperinflation | ( | ( | — | ( | ( | |||||
Operating profit/(loss) before exceptional items | — | ( | ||||||||
Exceptional operating items | ( | ( | — | ( | ( | |||||
Operating profit/(loss) | — | ( | ||||||||
Non-operating items | ( | |||||||||
Net finance charges | ( | |||||||||
Share of after tax results of associates and joint ventures | ||||||||||
Profit before taxation |
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 | ( | |||||||||
Net sales | ||||||||||
At budgeted exchange rates(1) | ( | |||||||||
Acquisitions and disposals | ||||||||||
SC&P allocation | ( | |||||||||
Retranslation to actual exchange rates | ( | ( | ( | ( | ( | ( | ( | ( | ( | |
Hyperinflation | ||||||||||
Net sales | ( | |||||||||
Operating profit/(loss) | ||||||||||
At budgeted exchange rates(1) | — | ( | ||||||||
Acquisitions and disposals | ( | — | ||||||||
SC&P allocation | ( | — | ||||||||
Fair value remeasurements | ( | — | ||||||||
Retranslation to actual exchange rates | ( | ( | ( | ( | ( | — | ( | ( | ||
Hyperinflation | — | |||||||||
Operating profit/(loss) before exceptional items | — | ( | ||||||||
Exceptional operating items | ( | ( | — | ( | ( | |||||
Operating profit/(loss) | — | ( | ||||||||
Non-operating items | ||||||||||
Net finance charges | ( | |||||||||
Share of after tax results of associates and joint ventures | ||||||||||
Profit before taxation |
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) | ||||||||||
Six months ended 31 December 2022 | ||||||||||
Sales(1) (re-presented) |
Six months ended 31 December 2023 | Six months ended 31 December 2022 | |
$ million | Re-presented $ million | |
Exceptional operating items | ||
Brand impairment (1) | ( | |
Supply chain agility programme (2) | ( | ( |
Various dispute and litigation matters (3) | ( | |
Winding down Russian operations (4) | ||
( | ( | |
Non-operating items | ||
Sale of businesses and brands | ||
Windsor business (5) | ( | |
Guinness Cameroun S.A. (6) | ( | ( |
USL Popular brands (7) | ||
Archers brand (8) | ||
United National Breweries (9) | ||
Step acquisition - Mr Black (10) | ( | |
( | ||
Exceptional items before taxation | ( | ( |
Items included in taxation | ||
Tax on exceptional operating items | ||
Tax on exceptional non-operating items | ( | |
Exceptional taxation (11) | ||
Total exceptional items | ( | |
Attributable to: | ||
Equity shareholders of the parent company | ( | |
Non-controlling interests | ||
Total exceptional items | ( |
Six months ended 31 December 2023 | Six months ended 31 December 2022 | |
$ million | Re-presented $ million | |
Interest income | ||
Fair value gain on financial instruments | ||
Total interest income | ||
Interest charge on bonds, commercial paper, bank loans and overdrafts | ( | ( |
Interest charge on finance leases | ( | ( |
Other interest charges | ( | ( |
Fair value loss on financial instruments | ( | ( |
Total interest charges | ( | ( |
Net interest charges | ( | ( |
Net finance income in respect of post employment plans in surplus | ||
Hyperinflation adjustment in respect of Turkey (1) | ||
Hyperinflation adjustment in respect of Ghana (1) | ||
Hyperinflation adjustment in respect of Venezuela (1) | ||
Interest income in respect of direct and indirect tax | ||
Change in financial liability (Level 3) | ||
Total other finance income | ||
Net finance charge in respect of post employment plans in deficit | ( | ( |
Hyperinflation adjustment in respect of Turkey (1) | ( | |
Interest charge in respect of direct and indirect tax | ( | ( |
Unwinding of discounts | ( | ( |
Other finance charges | ( | ( |
Total other finance charges | ( | ( |
Net other finance income/(charges) | ( |
31 December 2023 | 30 June 2023 | 31 December 2022 | |
$ million | Re-presented $ million | Re-presented $ million | |
Raw materials and consumables | |||
Work in progress | |||
Maturing inventories | |||
Finished goods and goods for resale | |||
31 December 2023 | 30 June 2023 | 31 December 2022 | |
$ million | Re-presented $ million | Re-presented $ million | |
Borrowings due within one year and bank overdrafts | ( | ( | ( |
Borrowings due after one year | ( | ( | ( |
Fair value of foreign currency forwards and swaps | |||
Fair value of interest rate hedging instruments | ( | ( | ( |
Lease liabilities | ( | ( | ( |
( | ( | ( | |
Cash and cash equivalents | |||
( | ( | ( |
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 | ( | |
Net increase in bonds and other borrowings(1) | ( | ( |
Net increase in net borrowings from cash flows | ( | ( |
Exchange differences on net borrowings | ( | |
Other non-cash items(2) | ( | ( |
Net borrowings at beginning of the period | ( | ( |
Net borrowings at end of the period | ( | ( |
31 December 2023 | 30 June 2023 | 31 December 2022 | |
$ million | Re-presented $ million | Re-presented $ million | |
Derivative assets | |||
Derivative liabilities | ( | ( | ( |
Valuation techniques based on observable market input (Level 2) | |||
Financial assets - other | |||
Financial liabilities - other | ( | ( | ( |
Valuation techniques based on unobservable market input (Level 3) | ( | ( | ( |
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 | ( | ( | ( | ( |
Net gains included in the income statement | ||||
Net losses included in exchange in other comprehensive income | ( | |||
Net gains/(losses) included in retained earnings | ( | |||
Acquisitions | ( | |||
Settlement of liabilities | ||||
At the end of the period | ( | ( | ( | ( |
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 2023 of (2022 - |
Windsor business $ million | Other $ million | Total $ million | |
Sale consideration | |||
Cash received in the period | |||
Cash disposed of | ( | ( | |
Transaction and other directly attributable costs paid | ( | ( | |
Net cash received | |||
Deferred consideration receivable | |||
Transaction and other directly attributable costs payable | ( | ( | ( |
( | |||
Net assets disposed of | |||
Brands | ( | ( | |
Other non-current assets | ( | ( | |
Inventories | ( | ( | |
Other working capital | |||
Corporate tax | |||
Deferred tax | |||
( | ( | ||
Exchange recycled from other comprehensive income | ( | ( | |
Loss on disposal before taxation | ( | ( | ( |
Taxation | ( | ( | |
Loss on disposal after taxation | ( | ( | ( |
/s/ Lavanya Chandrashekar |
Name: Lavanya Chandrashekar |
Title: Chief Financial Officer |
30 January 2024 |