02/04/2025 | Press release | Distributed by Public on 02/04/2025 05:34
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 2024 compared with the six months ended 31 December 2023
|
8
|
Recent trends
|
8
|
Liquidity and capital resources
|
35
|
Definitions and reconciliation of non-GAAP measures to GAAP measures
|
38
|
Index to the unaudited condensed financial information for the six months ended 31 December 2024 and 31 December 2023
|
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 2024
|
|
$ million
|
|
Indebtedness
|
|
Short-term borrowings and bank overdrafts
|
2,496
|
Long-term borrowings
|
19,224
|
Lease liabilities
|
623
|
Total indebtedness
|
22,343
|
Capitalisation
|
|
Share capital
|
887
|
Share premium
|
1,703
|
Capital redemption reserve
|
4,082
|
Hedging and exchange reserve
|
(4,546)
|
Own shares
|
(2,231)
|
Other retained earnings
|
10,389
|
Equity attributable to the equity shareholders of the parent company
|
10,284
|
Non-controlling interests
|
2,121
|
Total equity
|
12,405
|
Total capitalisation and indebtedness
|
34,748
|
Cash and cash equivalents
|
1,656
|
Summary financial information
|
F25 H1
|
F24 H1
|
Organic
growth
%
|
Reported
growth
%
|
|
Volume
|
EUm
|
122.8
|
124.6
|
-
|
(1)
|
Net sales
|
$ million
|
10,901
|
10,962
|
1
|
(1)
|
Marketing
|
$ million
|
1,896
|
1,952
|
(2)
|
(3)
|
Operating profit before exceptional items
|
$ million
|
3,372
|
3,510
|
(1)
|
(4)
|
Exceptional operating items(1)
|
$ million
|
(217)
|
(193)
|
||
Operating profit
|
$ million
|
3,155
|
3,317
|
(5)
|
|
Share of after tax results of associates and joint ventures
|
$ million
|
115
|
253
|
(55)
|
|
Non-operating exceptional items(1)
|
$ million
|
(54)
|
(60)
|
||
Net finance charges
|
$ million
|
(442)
|
(431)
|
||
Exceptional taxation credit(1)
|
$ million
|
32
|
42
|
||
Tax rate including exceptional items
|
%
|
25.2
|
23.9
|
5
|
|
Tax rate before exceptional items
|
%
|
24.0
|
23.4
|
3
|
|
Profit attributable to parent company's shareholders
|
$ million
|
1,935
|
2,210
|
(12)
|
|
Basic earnings per share
|
cents
|
87.1
|
98.6
|
(12)
|
|
Basic earnings per share before exceptional items
|
cents
|
97.7
|
108.1
|
(10)
|
|
Interim dividend
|
cents
|
40.50
|
40.50
|
-
|
Reported
31 December
2023
|
Exceptional
operating
items (c)
|
Exchange
(a)
|
Acquisitions
and
disposals
(b)
|
Organic
move-
ment(1)
|
Fair value
remeasure-
ment
(d)
|
Reclassifi-
cation(2)
|
Hyper-
inflation(1)
|
Reported
31 December
2024
|
|
Key financials - certain
line items
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
Sales
|
15,181
|
-
|
(191)
|
(48)
|
207
|
-
|
-
|
27
|
15,176
|
Excise duties
|
(4,219)
|
-
|
56
|
13
|
(106)
|
-
|
(31)
|
12
|
(4,275)
|
Net sales
|
10,962
|
-
|
(135)
|
(35)
|
101
|
-
|
(31)
|
39
|
10,901
|
Cost of sales
|
(4,241)
|
6
|
10
|
52
|
(18)
|
27
|
31
|
(30)
|
(4,163)
|
Gross profit
|
6,721
|
6
|
(125)
|
17
|
83
|
27
|
-
|
9
|
6,738
|
Marketing
|
(1,952)
|
-
|
13
|
10
|
37
|
-
|
-
|
(4)
|
(1,896)
|
Other operating items
|
(1,452)
|
(30)
|
(21)
|
(2)
|
(162)
|
(23)
|
-
|
3
|
(1,687)
|
Operating profit
|
3,317
|
(24)
|
(133)
|
25
|
(42)
|
4
|
-
|
8
|
3,155
|
Other line items:
|
|||||||||
Non-operating items
|
(60)
|
(54)
|
|||||||
Taxation (e)
|
(737)
|
(699)
|
Gains/(losses)
|
||
$ million
|
||
Translation impact
|
(22)
|
|
Transaction impact
|
(111)
|
|
Operating profit before exceptional items
|
(133)
|
|
Net finance charges - translation impact
|
32
|
|
Net finance charges - transaction impact
|
(32)
|
|
Net finance charges
|
-
|
|
Profit before exceptional items and taxation
|
(133)
|
|
Six months ended
31 December 2024
|
Six months ended
31 December 2023
|
|
Exchange rates
|
||
Translation $1 =
|
£0.78
|
£0.80
|
Transaction $1 =
|
£0.81
|
£0.79
|
Translation $1 =
|
€0.92
|
€0.92
|
2024
|
2023
|
|
$ million
|
$ million
|
|
Net borrowings at 30 June
|
(21,017)
|
(19,582)
|
Free cash flow (1)
|
1,696
|
1,571
|
Movements in loans and other investments
|
(43)
|
(109)
|
Acquisitions (2)
|
(29)
|
(3)
|
Investment in associates (2)
|
(47)
|
(51)
|
Sale of businesses and brands (3)
|
116
|
18
|
Share buyback programme
|
-
|
(480)
|
Net sale of own shares for share schemes
|
3
|
5
|
Purchase of treasury shares in respect of subsidiaries
|
(4)
|
-
|
Dividend paid to non-controlling interests
|
(74)
|
(71)
|
Net movements in bonds (4)
|
948
|
558
|
Net movements in other borrowings (5)
|
(573)
|
(331)
|
Equity dividend paid
|
(1,399)
|
(1,348)
|
Net increase/(decrease) in cash and cash equivalents
|
594
|
(241)
|
Net increase in bonds and other borrowings
|
(375)
|
(227)
|
Exchange differences (6)
|
111
|
(399)
|
Other non-cash items
|
11
|
(34)
|
Net borrowings at 31 December
|
(20,676)
|
(20,483)
|
2024
|
2023
|
|
$ million
|
$ million
|
|
Equity at 30 June
|
12,070
|
11,709
|
Adjustment to 2023 closing equity in respect of hyperinflation in Ghana (1)
|
-
|
51
|
Adjusted equity at the beginning of the period
|
12,070
|
11,760
|
Profit for the period
|
2,075
|
2,342
|
Exchange adjustments (2)
|
(387)
|
(189)
|
Remeasurement of post-employment benefit plans net of taxation
|
(128)
|
(109)
|
Change in non-controlling interests from disposal of business (3)
|
11
|
-
|
Hyperinflation adjustments net of taxation (1)
|
132
|
192
|
Dividend declared to non-controlling interests
|
(52)
|
(53)
|
Equity dividend declared
|
(1,399)
|
(1,349)
|
Share buyback programme
|
-
|
(977)
|
Other reserve movements
|
83
|
107
|
Equity at 31 December
|
12,405
|
11,724
|
Volume
|
Net sales
|
Marketing
|
Operating profit
before exceptional
items
|
Operating profit
|
||||||
Reported growth by region
|
%
|
EUm
|
%
|
$ million
|
%
|
$ million
|
%
|
$ million
|
%
|
$ million
|
North America
|
(3)
|
(0.9)
|
-
|
11
|
1
|
8
|
(5)
|
(94)
|
5
|
74
|
Europe
|
(2)
|
(0.7)
|
3
|
67
|
5
|
23
|
-
|
-
|
(22)
|
(172)
|
Asia Pacific
|
2
|
0.8
|
(4)
|
(96)
|
(14)
|
(58)
|
(6)
|
(44)
|
(9)
|
(62)
|
Latin America and Caribbean
|
(2)
|
(0.3)
|
(2)
|
(19)
|
(10)
|
(18)
|
6
|
18
|
5
|
16
|
Africa
|
(4)
|
(0.7)
|
(3)
|
(31)
|
(8)
|
(9)
|
28
|
36
|
28
|
36
|
Corporate
|
-
|
-
|
11
|
7
|
(13)
|
(2)
|
(37)
|
(54)
|
(37)
|
(54)
|
Diageo
|
(1)
|
(1.8)
|
(1)
|
(61)
|
(3)
|
(56)
|
(4)
|
(138)
|
(5)
|
(162)
|
Volume
|
Net sales
|
Marketing
|
Operating profit before
exceptional items
|
|||||
Organic growth by region
|
%
|
EUm
|
%
|
$ million
|
%
|
$ million
|
%
|
$ million
|
North America
|
(3)
|
(0.9)
|
-
|
10
|
1
|
4
|
(2)
|
(33)
|
Europe
|
(3)
|
(0.8)
|
1
|
18
|
1
|
5
|
-
|
(1)
|
Asia Pacific
|
3
|
1.0
|
(3)
|
(55)
|
(10)
|
(40)
|
(6)
|
(41)
|
Latin America and Caribbean
|
(2)
|
(0.3)
|
5
|
54
|
(1)
|
(1)
|
11
|
38
|
Africa
|
5
|
0.7
|
9
|
68
|
(3)
|
(3)
|
17
|
23
|
Corporate
|
-
|
-
|
10
|
6
|
(14)
|
(2)
|
(18)
|
(28)
|
Diageo
|
-
|
(0.3)
|
1
|
101
|
(2)
|
(37)
|
(1)
|
(42)
|
F24 H1
|
Exchange
|
Acquisitions
and
disposals
|
Organic
movement
|
Other(1)
|
F25 H1
|
Reported
movement
|
|||
Key financials: North America
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
||
Net sales
|
4,084
|
(3)
|
4
|
10
|
-
|
4,095
|
-
|
||
Marketing
|
782
|
2
|
2
|
4
|
-
|
790
|
1
|
||
Operating profit before exceptional
items
|
1,725
|
(29)
|
(9)
|
(33)
|
(23)
|
1,631
|
(5)
|
||
Exceptional operating items(2)
|
(182)
|
(14)
|
|||||||
Operating profit
|
1,543
|
1,617
|
5
|
Markets:
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
Markets and categories:
|
%
|
%
|
%
|
%
|
North America(3)
|
(3)
|
(3)
|
-
|
-
|
US Spirits(3)
|
(4)
|
(4)
|
-
|
-
|
DBC USA(4)
|
3
|
3
|
5
|
5
|
Canada
|
(3)
|
(3)
|
-
|
(2)
|
Spirits(3)
|
(4)
|
(4)
|
-
|
-
|
Beer
|
7
|
7
|
9
|
9
|
Ready to drink
|
(2)
|
(2)
|
(9)
|
(9)
|
Organic
volume
movement(6)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(5):
|
|||
Crown Royal
|
5
|
3
|
3
|
Don Julio
|
62
|
61
|
61
|
Casamigos(7)
|
(22)
|
(22)
|
(22)
|
Smirnoff
|
(7)
|
(8)
|
(8)
|
Johnnie Walker
|
(11)
|
(13)
|
(12)
|
Captain Morgan
|
(11)
|
(12)
|
(13)
|
Guinness
|
16
|
17
|
17
|
Ketel One(8)
|
3
|
2
|
2
|
Baileys
|
(10)
|
(13)
|
(13)
|
Bulleit whiskey(9)
|
(9)
|
(9)
|
(9)
|
Buchanan's
|
(39)
|
(41)
|
(40)
|
North America contributed
|
North America organic net sales slightly increased
|
|
38% of Diageo reported net sales in first half of fiscal 25
|
0% in first half of fiscal 25
|
F24 H1
|
Exchange
|
Reclassification (2)
|
Acquisitions
and
disposals
|
Organic
movement
|
Hyperinflation(1)
|
F25 H1
|
Reported
movement
|
|
Key financials: Europe
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
2,565
|
(3)
|
22
|
(6)
|
18
|
36
|
2,632
|
3
|
Marketing
|
459
|
16
|
-
|
(2)
|
5
|
4
|
482
|
5
|
Operating profit before
exceptional items
|
797
|
(26)
|
16
|
(1)
|
(1)
|
12
|
797
|
-
|
Exceptional operating
items(3)
|
(11)
|
(183)
|
||||||
Operating profit
|
786
|
614
|
(22)
|
Markets:
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Europe(1)
|
(3)
|
(2)
|
1
|
3
|
Great Britain(1)
|
(1)
|
(1)
|
2
|
5
|
Southern Europe(1)
|
(6)
|
(7)
|
(6)
|
(6)
|
Northern Europe(1)
|
(9)
|
(9)
|
(10)
|
(10)
|
Ireland(1)
|
-
|
-
|
5
|
6
|
Türkiye(1)
|
(4)
|
(5)
|
20
|
14
|
Eastern Europe(1)
|
7
|
7
|
8
|
11
|
Spirits(1)
|
(5)
|
(4)
|
(3)
|
(1)
|
Beer
|
10
|
10
|
13
|
15
|
Ready to drink(1)
|
4
|
4
|
1
|
3
|
Organic
volume
movement(3)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(2):
|
%
|
%
|
%
|
Guinness(3)
|
13
|
16
|
19
|
Johnnie Walker(3)
|
(2)
|
2
|
2
|
Baileys
|
2
|
1
|
3
|
Smirnoff(3)
|
(6)
|
(10)
|
(7)
|
Captain Morgan(3)
|
(1)
|
(6)
|
(4)
|
Gordon's
|
(7)
|
(13)
|
(9)
|
Tanqueray(3)
|
-
|
(12)
|
(8)
|
JεB
|
(6)
|
(2)
|
(4)
|
Europe contributed
|
Europe organic net sales grew
|
|
24% of Diageo reported net sales in first half of fiscal 25
|
1% in first half of fiscal 25
|
F24 H1
|
Exchange
|
Reclassification(2)
|
Acquisitions
and
disposals
|
Organic
movement
|
F25 H1
|
Reported movement
|
|
Key financials: Asia Pacific
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
2,206
|
1
|
(22)
|
(20)
|
(55)
|
2,110
|
(4)
|
Marketing
|
406
|
(13)
|
-
|
(5)
|
(40)
|
348
|
(14)
|
Operating profit before exceptional items
|
689
|
20
|
(16)
|
(7)
|
(41)
|
645
|
(6)
|
Exceptional operating items(1)
|
-
|
(18)
|
|||||
Operating profit
|
689
|
627
|
(9)
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Asia Pacific(1)
|
3
|
2
|
(3)
|
(4)
|
India
|
3
|
3
|
6
|
5
|
Greater China
|
3
|
3
|
(4)
|
(4)
|
Australia
|
(7)
|
(7)
|
(7)
|
(6)
|
South East Asia
|
2
|
3
|
(11)
|
(10)
|
Travel Retail Asia(2)
|
(9)
|
(26)
|
(22)
|
(28)
|
North Asia(1)
|
11
|
5
|
10
|
(9)
|
Spirits(1)
|
3
|
2
|
(4)
|
(6)
|
Beer
|
11
|
10
|
25
|
20
|
Ready to drink
|
(3)
|
(3)
|
(7)
|
(6)
|
Organic
volume
movement(3)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(3):
|
%
|
%
|
%
|
Johnnie Walker(4)
|
-
|
(12)
|
(13)
|
Shui Jing Fang(5)
|
1
|
-
|
1
|
McDowell's
|
1
|
5
|
4
|
The Singleton
|
(16)
|
(17)
|
(17)
|
Royal Challenge
|
6
|
7
|
6
|
Guinness(4)
|
12
|
26
|
21
|
Black & White(4)
|
20
|
19
|
16
|
Smirnoff(4)
|
(1)
|
(3)
|
(5)
|
Asia Pacific contributed
|
Asia Pacific organic net sales declined
|
|
19% of Diageo reported net sales in first half of fiscal 25
|
3% in first half of fiscal 25
|
F24 H1
|
Exchange
|
Acquisitions
and
disposals
|
Organic
movement
|
Hyperinflation(1)
|
Other (2)
|
F25 H1
|
Reported
movement
|
|
Key financials: Latin America
and Caribbean
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
1,069
|
(76)
|
2
|
54
|
1
|
-
|
1,050
|
(2)
|
Marketing
|
184
|
(17)
|
-
|
(1)
|
-
|
-
|
166
|
(10)
|
Operating profit before
exceptional items
|
316
|
(44)
|
-
|
38
|
(3)
|
27
|
334
|
6
|
Exceptional operating
items(3)
|
-
|
(2)
|
||||||
Operating profit
|
316
|
332
|
5
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Latin America and Caribbean
|
(2)
|
(2)
|
5
|
(2)
|
Brazil
|
(2)
|
(2)
|
12
|
(2)
|
Mexico
|
(8)
|
(8)
|
2
|
(10)
|
CCA
|
1
|
1
|
5
|
7
|
Andean
|
11
|
11
|
11
|
5
|
South LAC
|
(7)
|
(7)
|
(10)
|
(8)
|
Spirits
|
(2)
|
(2)
|
6
|
(1)
|
Beer
|
(19)
|
(19)
|
(23)
|
(24)
|
Ready to drink
|
7
|
7
|
4
|
(4)
|
Organic
volume
movement(2)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(1):
|
%
|
%
|
%
|
Johnnie Walker
|
1
|
3
|
(2)
|
Buchanan's
|
14
|
10
|
4
|
Don Julio
|
15
|
17
|
7
|
Old Parr
|
18
|
17
|
10
|
Smirnoff
|
(4)
|
(3)
|
(13)
|
Black & White
|
(18)
|
(1)
|
(10)
|
Baileys
|
6
|
11
|
8
|
White Horse
|
(5)
|
(3)
|
(18)
|
Latin America and Caribbean contributed
|
Latin America and Caribbean organic net sales grew
|
|
10% of Diageo reported net sales in first half of fiscal 25
|
5% in first half of fiscal 25
|
F24 H1
|
Exchange
|
Reclassification
(1)
|
Acquisitions
and
disposals
|
Organic
movement
|
Hyperinflation(2)
|
F25 H1
|
Reported
movement
|
|
Key financials: Africa
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
%
|
Net sales
|
975
|
(55)
|
(31)
|
(15)
|
68
|
2
|
944
|
(3)
|
Marketing
|
106
|
(1)
|
-
|
(5)
|
(3)
|
-
|
97
|
(8)
|
Operating profit
before exceptional
items
|
130
|
(28)
|
-
|
42
|
23
|
(1)
|
166
|
28
|
Exceptional
operating items(3)
|
-
|
-
|
||||||
Operating profit
|
130
|
-
|
166
|
28
|
Markets:
|
Organic
volume
movement
|
Reported
volume
movement
|
Organic
net sales
movement
|
Reported
net sales
movement
|
Markets and categories:
|
%
|
%
|
%
|
%
|
Africa(1)
|
5
|
(4)
|
9
|
(3)
|
East Africa
|
1
|
1
|
8
|
17
|
SWC Africa(2)
|
11
|
12
|
11
|
1
|
Spirits(1)
|
2
|
(9)
|
5
|
(8)
|
Beer(1)
|
4
|
(3)
|
11
|
-
|
Ready to drink(1)
|
69
|
33
|
26
|
2
|
Organic
volume
movement(3)
|
Organic
net sales
movement
|
Reported
net sales
movement
|
|
Key brands(3):
|
%
|
%
|
%
|
Guinness(4)
|
9
|
19
|
(8)
|
Senator
|
3
|
5
|
20
|
Malta Guinness(4)
|
1
|
28
|
(24)
|
Johnnie Walker(4)
|
(19)
|
(16)
|
(18)
|
Tusker
|
(5)
|
(4)
|
7
|
Serengeti
|
10
|
14
|
6
|
Smirnoff(4)
|
(2)
|
(5)
|
(10)
|
Africa contributed
|
Africa organic net sales grew
|
|
9% of Diageo reported net sales in first half of fiscal 25
|
9% in first half of fiscal 25
|
Key categories:
|
Organic
volume
movement(1)
%
|
Organic
net sales
movement
%
|
Reported
net sales
movement
%
|
Reported
net sales
by category
%
|
Spirits(2)
|
(1)
|
(1)
|
(2)
|
78
|
Scotch
|
(2)
|
(5)
|
(7)
|
24
|
Tequila
|
16
|
21
|
20
|
13
|
Vodka(3)(4)
|
(6)
|
(9)
|
(10)
|
8
|
Canadian whisky(5)
|
3
|
2
|
2
|
6
|
Rum(4)
|
(4)
|
(8)
|
(8)
|
5
|
Liqueurs
|
(5)
|
(3)
|
(2)
|
5
|
Gin(4)
|
-
|
(5)
|
(11)
|
4
|
IMFL whisky(5)
|
5
|
9
|
7
|
4
|
Chinese white spirits(5)
|
1
|
-
|
1
|
4
|
US whiskey(5)
|
(8)
|
(8)
|
(8)
|
2
|
Beer
|
6
|
11
|
8
|
16
|
Ready to drink
|
13
|
(1)
|
(3)
|
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
|
(3)
|
(6)
|
(7)
|
Guinness
|
11
|
17
|
13
|
Don Julio
|
49
|
50
|
49
|
Crown Royal
|
5
|
3
|
2
|
Smirnoff
|
(5)
|
(7)
|
(8)
|
Baileys
|
-
|
(3)
|
(2)
|
Casamigos(3)
|
(20)
|
(21)
|
(21)
|
Captain Morgan
|
(4)
|
(8)
|
(8)
|
Shui Jing Fang(4)
|
1
|
-
|
1
|
Scotch malts
|
(14)
|
(20)
|
(19)
|
McDowell's
|
1
|
5
|
4
|
Buchanan's
|
(7)
|
(13)
|
(16)
|
Gordon's
|
4
|
-
|
(15)
|
Tanqueray
|
(3)
|
(9)
|
(9)
|
Ketel One(5)
|
2
|
-
|
-
|
Bulleit whiskey(6)
|
(8)
|
(8)
|
(8)
|
Cîroc vodka
|
(28)
|
(32)
|
(32)
|
Old Parr
|
21
|
19
|
12
|
Yenì Raki
|
(18)
|
20
|
22
|
Black & White
|
(5)
|
7
|
2
|
JεB
|
(7)
|
(2)
|
(4)
|
Bundaberg
|
(2)
|
(10)
|
(9)
|
31 December 2024
|
|
$ million
|
|
Expiring within one year
|
750
|
Expiring between one and two years
|
1,040
|
Expiring after two years
|
1,710
|
3,500
|
31 December 2024
|
|
$ million
|
|
Net cash inflow from operating activities
|
2,325
|
Net cash outflow from investing activities
|
(632)
|
Net cash outflow from financing activities
|
(1,099)
|
Net increase in net cash and cash equivalents
|
594
|
Exchange differences
|
(68)
|
Reclassification to assets held for sale
|
4
|
Net cash and cash equivalents at beginning of period
|
1,109
|
Net cash and cash equivalents at end of the period
|
1,639
|
31 December 2024
|
30 June 2024
|
|
$ million
|
$ million
|
|
Overdrafts
|
(17)
|
(21)
|
Other borrowings due within one year
|
(2,479)
|
(2,864)
|
Borrowings due within one year
|
(2,496)
|
(2,885)
|
Borrowings due between one and three years
|
(4,854)
|
(4,873)
|
Borrowings due between three and five years
|
(3,858)
|
(4,222)
|
Borrowings due after five years
|
(10,512)
|
(9,521)
|
Fair value of foreign currency forwards and swaps
|
309
|
334
|
Fair value of interest rate hedging instruments
|
(298)
|
(376)
|
Lease liabilities
|
(623)
|
(604)
|
Gross borrowings
|
(22,332)
|
(22,147)
|
Offset by:
|
||
Cash and cash equivalents
|
1,656
|
1,130
|
Net borrowings
|
(20,676)
|
(21,017)
|
Total
$ million
|
US
dollar
%
|
Sterling
%
|
Euro
%
|
Indian
rupee
%
|
Chinese yuan
%
|
Other
%
|
|
Gross borrowings
|
(22,332)
|
44%
|
22%
|
24%
|
-%
|
4%
|
6%
|
Cash and cash equivalents
|
1,656
|
32%
|
2%
|
2%
|
12%
|
20%
|
32%
|
|
31 December 2024
|
31 December 2023
|
$ million
|
$ million
|
|
Issued
|
||
€ denominated
|
2,106
|
-
|
$ denominated
|
-
|
1,690
|
Repaid
|
||
€ denominated
|
(558)
|
(632)
|
$ denominated
|
(600)
|
(500)
|
948
|
558
|
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 2023 reported
|
26.3
|
28.3
|
40.2
|
12.8
|
17.0
|
-
|
124.6
|
Reclassification(1)
|
-
|
0.2
|
(0.2)
|
-
|
-
|
-
|
-
|
Disposals(2)
|
-
|
(0.2)
|
(0.1)
|
-
|
(3.0)
|
-
|
(3.3)
|
Six months ended 31 December 2023 adjusted
|
26.3
|
28.3
|
39.9
|
12.8
|
14.0
|
-
|
121.3
|
Organic movement
|
(0.9)
|
(0.8)
|
1.0
|
(0.3)
|
0.7
|
-
|
(0.3)
|
Acquisitions and disposals(2)
|
-
|
0.1
|
0.1
|
-
|
1.6
|
-
|
1.8
|
Six months ended 31 December 2024 reported
|
25.4
|
27.6
|
41.0
|
12.5
|
16.3
|
-
|
122.8
|
Organic movement %
|
(3)
|
(3)
|
3
|
(2)
|
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 2023 reported
|
4,411
|
4,349
|
3,564
|
1,442
|
1,352
|
63
|
15,181
|
Exchange
|
-
|
(209)
|
(7)
|
2
|
(48)
|
-
|
(262)
|
Reclassification(1)
|
-
|
22
|
(22)
|
-
|
-
|
-
|
-
|
Disposals(2)
|
(1)
|
(19)
|
(30)
|
(1)
|
(139)
|
-
|
(190)
|
Hyperinflation
|
-
|
(73)
|
-
|
(4)
|
(3)
|
-
|
(80)
|
Six months ended 31 December 2023 adjusted
|
4,410
|
4,070
|
3,505
|
1,439
|
1,162
|
63
|
14,649
|
Organic movement
|
(9)
|
91
|
(25)
|
37
|
107
|
6
|
207
|
Acquisitions and disposals(2)
|
5
|
9
|
4
|
3
|
121
|
-
|
142
|
Exchange
|
(3)
|
173
|
(4)
|
(112)
|
16
|
1
|
71
|
Hyperinflation
|
-
|
97
|
-
|
4
|
6
|
-
|
107
|
Six months ended 31 December 2024 reported
|
4,403
|
4,440
|
3,480
|
1,371
|
1,412
|
70
|
15,176
|
Organic movement %
|
-
|
2
|
(1)
|
3
|
9
|
10
|
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 2023 reported
|
4,084
|
2,565
|
2,206
|
1,069
|
975
|
63
|
10,962
|
Exchange
|
-
|
(81)
|
(5)
|
4
|
(47)
|
-
|
(129)
|
Reclassification(1)
|
-
|
22
|
(22)
|
-
|
(31)
|
-
|
(31)
|
Disposals(2)
|
(1)
|
(12)
|
(24)
|
(1)
|
(132)
|
-
|
(170)
|
Hyperinflation
|
-
|
(30)
|
-
|
(2)
|
(3)
|
-
|
(35)
|
Six months ended 31 December 2023 adjusted
|
4,083
|
2,464
|
2,155
|
1,070
|
762
|
63
|
10,597
|
Organic movement
|
10
|
18
|
(55)
|
54
|
68
|
6
|
101
|
Acquisitions and disposals(2)
|
5
|
6
|
4
|
3
|
117
|
-
|
135
|
Exchange
|
(3)
|
78
|
6
|
(80)
|
(8)
|
1
|
(6)
|
Hyperinflation
|
-
|
66
|
-
|
3
|
5
|
-
|
74
|
Six months ended 31 December 2024 reported
|
4,095
|
2,632
|
2,110
|
1,050
|
944
|
70
|
10,901
|
Organic movement %
|
-
|
1
|
(3)
|
5
|
9
|
10
|
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 2023 reported
|
782
|
459
|
406
|
184
|
106
|
15
|
1,952
|
Exchange
|
3
|
6
|
(13)
|
(4)
|
(3)
|
(1)
|
(12)
|
Disposals(2)
|
-
|
(2)
|
(5)
|
-
|
(10)
|
-
|
(17)
|
Hyperinflation
|
-
|
(4)
|
-
|
-
|
-
|
-
|
(4)
|
Six months ended 31 December 2023 adjusted
|
785
|
459
|
388
|
180
|
93
|
14
|
1,919
|
Organic movement
|
4
|
5
|
(40)
|
(1)
|
(3)
|
(2)
|
(37)
|
Acquisitions and disposals(2)
|
2
|
-
|
-
|
-
|
5
|
-
|
7
|
Exchange
|
(1)
|
10
|
-
|
(13)
|
2
|
1
|
(1)
|
Hyperinflation
|
-
|
8
|
-
|
-
|
-
|
-
|
8
|
Six months ended 31 December 2024 reported
|
790
|
482
|
348
|
166
|
97
|
13
|
1,896
|
Organic movement %
|
1
|
1
|
(10)
|
(1)
|
(3)
|
(14)
|
(2)
|
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 2023 reported
|
1,725
|
797
|
689
|
316
|
130
|
(147)
|
3,510
|
Exchange(3)
|
(106)
|
(61)
|
13
|
-
|
(7)
|
(6)
|
(167)
|
Reclassification(1)
|
-
|
16
|
(16)
|
-
|
-
|
-
|
-
|
Fair value remeasurement of contingent considerations,
equity option and earn-out arrangements
|
(23)
|
-
|
-
|
-
|
-
|
-
|
(23)
|
Fair value remeasurement of biological assets
|
-
|
-
|
-
|
27
|
-
|
-
|
27
|
Acquisitions and disposals(2)
|
-
|
(4)
|
(8)
|
(1)
|
8
|
-
|
(5)
|
Hyperinflation
|
-
|
22
|
-
|
6
|
8
|
-
|
36
|
Six months ended 31 December 2023 adjusted
|
1,596
|
770
|
678
|
348
|
139
|
(153)
|
3,378
|
Organic movement
|
(33)
|
(1)
|
(41)
|
38
|
23
|
(28)
|
(42)
|
Acquisitions and disposals(2)
|
(9)
|
3
|
1
|
1
|
34
|
-
|
30
|
Exchange(3)
|
77
|
35
|
7
|
(44)
|
(21)
|
(20)
|
34
|
Hyperinflation
|
-
|
(10)
|
-
|
(9)
|
(9)
|
-
|
(28)
|
Six months ended 31 December 2024 reported
|
1,631
|
797
|
645
|
334
|
166
|
(201)
|
3,372
|
Organic movement %
|
(2)
|
-
|
(6)
|
11
|
17
|
(18)
|
(1)
|
Organic operating margin % (4)
|
|||||||
Six months ended 31 December 2024
|
38.2
|
31.0
|
30.3
|
34.3
|
19.5
|
n/a
|
31.2
|
Six months ended 31 December 2023
|
39.1
|
31.3
|
31.5
|
32.5
|
18.2
|
n/a
|
31.9
|
Organic operating margin movement (bps)
|
(90)
|
(27)
|
(113)
|
182
|
128
|
n/a
|
(69)
|
Volume
|
Sales
|
Net sales
|
Marketing
|
Operating
profit
|
|
EU million
|
$ million
|
$ million
|
$ million
|
$ million
|
|
Six months ended 31 December 2023
|
|||||
Disposals
|
|||||
Guinness Nigeria PLC
|
(3.0)
|
(139)
|
(132)
|
(10)
|
8
|
Pampero brand
|
(0.2)
|
(20)
|
(13)
|
(2)
|
(5)
|
Windsor business
|
(0.1)
|
(30)
|
(24)
|
(5)
|
(8)
|
Safari brand
|
-
|
(1)
|
(1)
|
-
|
-
|
(3.3)
|
(190)
|
(170)
|
(17)
|
(5)
|
|
Acquisitions and disposals
|
(3.3)
|
(190)
|
(170)
|
(17)
|
(5)
|
Six months ended 31 December 2024
|
|||||
Acquisitions
|
|||||
Ritual Beverage Company LLC
|
-
|
5
|
5
|
2
|
(9)
|
-
|
5
|
5
|
2
|
(9)
|
|
Disposals
|
|||||
Guinness Nigeria PLC
|
1.6
|
121
|
117
|
5
|
34
|
Pampero brand
|
0.1
|
11
|
8
|
-
|
4
|
Windsor business
|
0.1
|
4
|
4
|
-
|
1
|
Safari brand
|
-
|
1
|
1
|
-
|
-
|
1.8
|
137
|
130
|
5
|
39
|
|
Acquisitions and disposals
|
1.8
|
142
|
135
|
7
|
30
|
2024
|
2023
|
|
$ million
|
$ million
|
|
Profit attributable to equity shareholders of the parent company
|
1,935
|
2,210
|
Exceptional operating and non-operating items
|
271
|
253
|
Exceptional tax items and tax in respect of exceptional operating and non-operating items
|
(32)
|
(42)
|
Exceptional items attributable to non-controlling interests
|
(4)
|
2
|
Profit attributable to equity shareholders of the parent company before exceptional items
|
2,170
|
2,423
|
Weighted average number of shares
|
million
|
million
|
Shares in issue excluding own shares
|
2,221
|
2,242
|
Dilutive potential ordinary shares
|
7
|
5
|
Diluted shares in issue excluding own shares
|
2,228
|
2,247
|
cents
|
cents
|
|
Basic earnings per share before exceptional items
|
97.7
|
108.1
|
Diluted earnings per share before exceptional items
|
97.4
|
107.8
|
2024
|
2023
|
|
$ million
|
$ million
|
|
Net cash inflow from operating activities
|
2,325
|
2,146
|
Disposal of property, plant and equipment and computer software
|
3
|
7
|
Purchase of property, plant and equipment and computer software
|
(632)
|
(582)
|
Free cash flow
|
1,696
|
1,571
|
2024
|
2023
|
|
$ million
|
$ million
|
|
Borrowings due within one year
|
2,496
|
2,004
|
Borrowings due after one year
|
19,224
|
19,476
|
Fair value of foreign currency derivatives and interest rate hedging instruments
|
(11)
|
(40)
|
Lease liabilities
|
623
|
572
|
Less: Cash and cash equivalents
|
(1,656)
|
(1,529)
|
Net borrowings
|
20,676
|
20,483
|
Post-employment benefit liabilities before tax
|
433
|
471
|
Adjusted net borrowings
|
21,109
|
20,954
|
Profit for the year
|
3,899
|
3,980
|
Taxation
|
1,256
|
1,134
|
Net finance charges
|
896
|
798
|
Depreciation, amortisation and impairment (excluding exceptional accelerated
depreciation and impairment)
|
713
|
648
|
Exceptional accelerated depreciation and impairment
|
(242)
|
728
|
EBITDA(1)
|
6,522
|
7,288
|
Exceptional operating items (excluding accelerated depreciation and impairment)
|
210
|
192
|
Non-operating items
|
64
|
(285)
|
Adjusted EBITDA(1)
|
6,796
|
7,195
|
Adjusted net borrowings to adjusted EBITDA
|
3.1
|
2.9
|
2024
|
2023
|
|
$ million
|
$ million
|
|
Taxation on profit (a)
|
699
|
737
|
Tax in respect of exceptional items
|
32
|
42
|
Tax before exceptional items (b)
|
731
|
779
|
Profit before taxation (c)
|
2,774
|
3,079
|
Non-operating items
|
54
|
60
|
Exceptional operating items
|
217
|
193
|
Profit before taxation and exceptional items (d)
|
3,045
|
3,332
|
Tax rate after exceptional items (a/c)
|
25.2%
|
23.9%
|
Tax rate before exceptional items (b/d)
|
24.0%
|
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 2024
|
Six months ended
31 December 2023
|
||
Notes
|
$ million
|
$ million
|
|
Sales
|
2
|
15,176
|
15,181
|
Excise duties
|
(4,275)
|
(4,219)
|
|
Net sales
|
2
|
10,901
|
10,962
|
Cost of sales
|
(4,163)
|
(4,241)
|
|
Gross profit
|
6,738
|
6,721
|
|
Marketing
|
(1,896)
|
(1,952)
|
|
Other operating items
|
(1,687)
|
(1,452)
|
|
Operating profit
|
2
|
3,155
|
3,317
|
Non-operating items
|
3
|
(54)
|
(60)
|
Finance income
|
4
|
220
|
287
|
Finance charges
|
4
|
(662)
|
(718)
|
Share of after tax results of associates and joint ventures
|
115
|
253
|
|
Profit before taxation
|
2,774
|
3,079
|
|
Taxation
|
5
|
(699)
|
(737)
|
Profit for the period
|
2,075
|
2,342
|
|
Attributable to:
|
|||
Equity shareholders of the parent company
|
1,935
|
2,210
|
|
Non-controlling interests
|
140
|
132
|
|
2,075
|
2,342
|
||
million
|
million
|
||
Weighted average number of shares
|
|||
Shares in issue excluding own shares
|
2,221
|
2,242
|
|
Dilutive potential ordinary shares
|
7
|
5
|
|
2,228
|
2,247
|
||
cents
|
cents
|
||
Basic earnings per share
|
87.1
|
98.6
|
|
Diluted earnings per share
|
86.9
|
98.4
|
Six months ended
31 December 2024
|
Six months ended
31 December 2023
|
|
$ million
|
$ million
|
|
Other comprehensive income
|
||
Items that will not be recycled subsequently to the income statement
|
||
Net remeasurement of post-employment benefit plans
|
||
Group
|
(184)
|
(138)
|
Associates and joint ventures
|
4
|
(2)
|
Non-controlling interests
|
-
|
(1)
|
Tax on post-employment benefit plans
|
52
|
32
|
(128)
|
(109)
|
|
Items that may be recycled subsequently to the income statement
|
||
Exchange differences on translation of foreign operations
|
||
Group
|
(694)
|
(18)
|
Associates and joint ventures
|
(85)
|
106
|
Non-controlling interests
|
(15)
|
(8)
|
Net investment hedges
|
232
|
(295)
|
Exchange loss recycled to the income statement
|
||
On disposal of foreign operations
|
175
|
26
|
Tax on exchange differences - group
|
17
|
36
|
Effective portion of changes in fair value of cash flow hedges
|
||
Hedge of foreign currency debt of the group
|
(16)
|
39
|
Transaction exposure hedging of the group
|
(86)
|
90
|
Hedges by associates and joint ventures
|
(11)
|
1
|
Commodity price risk hedging of the group
|
1
|
(11)
|
Recycled to income statement - hedge of foreign currency debt of the group
|
83
|
52
|
Recycled to income statement - transaction exposure hedging of the group
|
(18)
|
(125)
|
Recycled to income statement - commodity price risk hedging of the group
|
11
|
20
|
Cost of hedging
|
20
|
(48)
|
Recycled to income statement - cost of hedging
|
(11)
|
(12)
|
Tax on effective portion of changes in fair value of cash flow hedges
|
9
|
(29)
|
Hyperinflation adjustments
|
181
|
290
|
Tax on hyperinflation adjustments
|
(49)
|
(98)
|
(256)
|
16
|
|
Other comprehensive loss net of tax, for the period
|
(384)
|
(93)
|
Profit for the period
|
2,075
|
2,342
|
Total comprehensive income for the period
|
1,691
|
2,249
|
Attributable to:
|
||
Equity shareholders of the parent company
|
1,565
|
2,126
|
Non-controlling interests
|
126
|
123
|
Total comprehensive income for the period
|
1,691
|
2,249
|
31 December 2024
|
30 June 2024
|
31 December 2023
|
|||||
Notes
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
|
Non-current assets
|
|||||||
Intangible assets
|
14,764
|
14,814
|
14,496
|
||||
Property, plant and equipment
|
8,533
|
8,509
|
8,212
|
||||
Biological assets
|
173
|
199
|
194
|
||||
Investments in associates and joint ventures
|
5,076
|
5,032
|
5,229
|
||||
Other investments
|
102
|
94
|
96
|
||||
Other receivables
|
37
|
38
|
32
|
||||
Other financial assets
|
392
|
373
|
430
|
||||
Deferred tax assets
|
131
|
143
|
171
|
||||
Post-employment benefit assets
|
974
|
1,146
|
1,118
|
||||
30,182
|
30,348
|
29,978
|
|||||
Current assets
|
|||||||
Inventories
|
6
|
9,699
|
9,720
|
9,840
|
|||
Trade and other receivables
|
4,532
|
3,487
|
4,580
|
||||
Assets held for sale
|
13
|
302
|
130
|
-
|
|||
Corporate tax receivables
|
5
|
235
|
304
|
274
|
|||
Other financial assets
|
340
|
355
|
564
|
||||
Cash and cash equivalents
|
7
|
1,656
|
1,130
|
1,529
|
|||
16,764
|
15,126
|
16,787
|
|||||
Total assets
|
46,946
|
45,474
|
46,765
|
||||
Current liabilities
|
|||||||
Borrowings and bank overdrafts
|
7
|
(2,496)
|
(2,885)
|
(2,004)
|
|||
Other financial liabilities
|
(470)
|
(348)
|
(371)
|
||||
Share buyback liability
|
-
|
-
|
(497)
|
||||
Trade and other payables
|
(7,094)
|
(6,354)
|
(7,292)
|
||||
Liabilities held for sale
|
13
|
(81)
|
(48)
|
-
|
|||
Corporate tax payables
|
5
|
(191)
|
(136)
|
(253)
|
|||
Provisions
|
(139)
|
(97)
|
(213)
|
||||
(10,471)
|
(9,868)
|
(10,630)
|
|||||
Non-current liabilities
|
|||||||
Borrowings
|
7
|
(19,224)
|
(18,616)
|
(19,476)
|
|||
Other financial liabilities
|
(873)
|
(940)
|
(865)
|
||||
Other payables
|
(285)
|
(304)
|
(447)
|
||||
Provisions
|
(318)
|
(300)
|
(313)
|
||||
Deferred tax liabilities
|
(2,937)
|
(2,947)
|
(2,839)
|
||||
Post-employment benefit liabilities
|
(433)
|
(429)
|
(471)
|
||||
(24,070)
|
(23,536)
|
(24,411)
|
|||||
Total liabilities
|
(34,541)
|
(33,404)
|
(35,041)
|
||||
Net assets
|
12,405
|
12,070
|
11,724
|
||||
Equity
|
|||||||
Share capital
|
887
|
887
|
893
|
||||
Share premium
|
1,703
|
1,703
|
1,703
|
||||
Other reserves
|
(464)
|
(91)
|
502
|
||||
Retained earnings
|
8,158
|
7,533
|
6,693
|
||||
Equity attributable to equity shareholders
of the parent company
|
10,284
|
10,032
|
9,791
|
||||
Non-controlling interests
|
2,121
|
2,038
|
1,933
|
||||
Total equity
|
12,405
|
12,070
|
11,724
|
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 2023
|
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 for 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
|
At 30 June 2024
|
887
|
1,703
|
(91)
|
(2,250)
|
9,783
|
7,533
|
10,032
|
2,038
|
12,070
|
Profit for the period
|
-
|
-
|
-
|
-
|
1,935
|
1,935
|
1,935
|
140
|
2,075
|
Other comprehensive (loss)/income
|
-
|
-
|
(373)
|
-
|
3
|
3
|
(370)
|
(14)
|
(384)
|
Total comprehensive (loss)/income for
the period
|
-
|
-
|
(373)
|
-
|
1,938
|
1,938
|
1,565
|
126
|
1,691
|
Employee share schemes
|
-
|
-
|
-
|
19
|
3
|
22
|
22
|
-
|
22
|
Share-based incentive plans
|
-
|
-
|
-
|
-
|
33
|
33
|
33
|
-
|
33
|
Share-based incentive plans in respect of
associates
|
-
|
-
|
-
|
-
|
2
|
2
|
2
|
-
|
2
|
Share-based payments and purchase of
own shares in respect of subsidiaries
|
-
|
-
|
-
|
-
|
(3)
|
(3)
|
(3)
|
(2)
|
(5)
|
Change in non-controlling interests from
disposal of business
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
11
|
11
|
Change in fair value of put option
|
-
|
-
|
-
|
-
|
11
|
11
|
11
|
-
|
11
|
Tax on share buyback
|
-
|
-
|
-
|
-
|
21
|
21
|
21
|
-
|
21
|
Dividend declared for the period
|
-
|
-
|
-
|
-
|
(1,399)
|
(1,399)
|
(1,399)
|
(52)
|
(1,451)
|
At 31 December 2024
|
887
|
1,703
|
(464)
|
(2,231)
|
10,389
|
8,158
|
10,284
|
2,121
|
12,405
|
Six months ended
31 December 2024
|
Six months ended
31 December 2023
|
|||
$ million
|
$ million
|
$ million
|
$ million
|
|
Cash flows from operating activities
|
||||
Profit for the period
|
2,075
|
2,342
|
||
Taxation
|
699
|
737
|
||
Share of after tax results of associates and joint ventures
|
(115)
|
(253)
|
||
Net finance charges
|
442
|
431
|
||
Non-operating items
|
54
|
60
|
||
Operating profit
|
3,155
|
3,317
|
||
Increase in inventories
|
(175)
|
(82)
|
||
Increase in trade and other receivables
|
(1,181)
|
(1,106)
|
||
Increase in trade and other payables and provisions
|
942
|
469
|
||
Net increase in working capital
|
(414)
|
(719)
|
||
Depreciation, amortisation and impairment
|
389
|
411
|
||
Dividends received
|
5
|
5
|
||
Post-employment payments less amounts included in operating profit
|
5
|
(24)
|
||
Other items
|
75
|
59
|
||
474
|
451
|
|||
Cash generated from operations
|
3,215
|
3,049
|
||
Interest received
|
112
|
91
|
||
Interest paid
|
(496)
|
(443)
|
||
Taxation paid
|
(506)
|
(551)
|
||
(890)
|
(903)
|
|||
Net cash inflow from operating activities
|
2,325
|
2,146
|
||
Cash flows from investing activities
|
||||
Disposal of property, plant and equipment and computer software
|
3
|
7
|
||
Purchase of property, plant and equipment and computer software
|
(632)
|
(582)
|
||
Movements in loans and other investments
|
(43)
|
(109)
|
||
Sale of businesses and brands
|
116
|
18
|
||
Acquisition of subsidiaries
|
(29)
|
(3)
|
||
Investments in associates and joint ventures
|
(47)
|
(51)
|
||
Net cash outflow from investing activities
|
(632)
|
(720)
|
||
Cash flows from financing activities
|
||||
Share buyback programme
|
-
|
(480)
|
||
Net sale of own shares for share schemes
|
3
|
5
|
||
Purchase of treasury shares in respect of subsidiaries
|
(4)
|
-
|
||
Dividends paid to non-controlling interests
|
(74)
|
(71)
|
||
Proceeds from bonds
|
2,106
|
1,690
|
||
Repayment of bonds
|
(1,158)
|
(1,132)
|
||
Cash inflow from other borrowings
|
77
|
470
|
||
Cash outflow from other borrowings
|
(650)
|
(801)
|
||
Equity dividends paid
|
(1,399)
|
(1,348)
|
||
Net cash outflow from financing activities
|
(1,099)
|
(1,667)
|
||
Net increase/(decrease) in net cash and cash equivalents
|
594
|
(241)
|
||
Exchange differences
|
(68)
|
(45)
|
||
Movement of cash and cash equivalents in assets held for sale
|
4
|
-
|
||
Net cash and cash equivalents at beginning of the period
|
1,109
|
1,768
|
||
Net cash and cash equivalents at end of the period
|
1,639
|
1,482
|
||
Net cash and cash equivalents consist of:
|
||||
Cash and cash equivalents
|
1,656
|
1,529
|
||
Bank overdrafts
|
(17)
|
(47)
|
||
1,639
|
1,482
|
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 2024
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
$ million
|
Sales
|
4,403
|
4,440
|
3,480
|
1,371
|
1,412
|
2,032
|
(2,032)
|
15,106
|
70
|
15,176
|
Net sales
|
||||||||||
At budgeted exchange rates(1)
|
4,088
|
2,455
|
2,095
|
1,117
|
828
|
2,167
|
(2,121)
|
10,629
|
69
|
10,698
|
Acquisitions and disposals
|
5
|
6
|
4
|
3
|
117
|
-
|
-
|
135
|
-
|
135
|
SC&P allocation
|
5
|
27
|
5
|
7
|
2
|
(46)
|
-
|
-
|
-
|
-
|
Retranslation to actual exchange
rates
|
(3)
|
78
|
6
|
(80)
|
(8)
|
(89)
|
89
|
(7)
|
1
|
(6)
|
Hyperinflation
|
-
|
66
|
-
|
3
|
5
|
-
|
-
|
74
|
-
|
74
|
Net sales
|
4,095
|
2,632
|
2,110
|
1,050
|
944
|
2,032
|
(2,032)
|
10,831
|
70
|
10,901
|
Operating profit/(loss)
|
||||||||||
At budgeted exchange rates(1)
|
1,547
|
762
|
639
|
385
|
162
|
22
|
-
|
3,517
|
(181)
|
3,336
|
Acquisitions and disposals
|
(9)
|
3
|
1
|
1
|
34
|
-
|
-
|
30
|
-
|
30
|
SC&P allocation
|
16
|
7
|
(2)
|
1
|
-
|
(22)
|
-
|
-
|
-
|
-
|
Retranslation to actual exchange
rates
|
77
|
35
|
7
|
(44)
|
(21)
|
-
|
-
|
54
|
(20)
|
34
|
Hyperinflation
|
-
|
(10)
|
-
|
(9)
|
(9)
|
-
|
-
|
(28)
|
-
|
(28)
|
Operating profit/(loss) before
exceptional items
|
1,631
|
797
|
645
|
334
|
166
|
-
|
-
|
3,573
|
(201)
|
3,372
|
Exceptional operating items(2)
|
(14)
|
(183)
|
(18)
|
(2)
|
-
|
-
|
-
|
(217)
|
-
|
(217)
|
Operating profit/(loss)
|
1,617
|
614
|
627
|
332
|
166
|
-
|
-
|
3,356
|
(201)
|
3,155
|
Non-operating items
|
(54)
|
|||||||||
Net finance charges
|
(442)
|
|||||||||
Share of after tax results of
associates and joint ventures
|
115
|
|||||||||
Profit before taxation
|
2,774
|
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(2)
|
(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
|
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
2024
|
||||||||||
Sales(1)
|
12,318
|
2,234
|
493
|
131
|
15,176
|
4,171
|
1,744
|
1,622
|
7,639
|
15,176
|
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 2024
|
Six months ended
31 December 2023
|
|
$ million
|
$ million
|
|
Exceptional operating items
|
||
Distribution model change in France (1)
|
(145)
|
-
|
Supply chain agility programme (2)
|
(72)
|
(31)
|
Brand impairment (3)
|
-
|
(54)
|
Various dispute and litigation matters (4)
|
-
|
(108)
|
(217)
|
(193)
|
|
Non-operating items
|
||
Sale of businesses and brands
|
||
Guinness Nigeria PLC (5)
|
(114)
|
-
|
Pampero brand (6)
|
53
|
-
|
Safari brand (7)
|
15
|
-
|
Guinness Cameroun S.A. (8)
|
(8)
|
(11)
|
Windsor business (9)
|
-
|
(53)
|
USL Popular brands (10)
|
-
|
4
|
(54)
|
(60)
|
|
Exceptional items before taxation
|
(271)
|
(253)
|
Items included in taxation
|
||
Tax on exceptional operating items
|
44
|
43
|
Tax on exceptional non-operating items
|
(12)
|
(1)
|
32
|
42
|
|
Total exceptional items
|
(239)
|
(211)
|
Attributable to:
|
||
Equity shareholders of the parent company
|
(235)
|
(213)
|
Non-controlling interests
|
(4)
|
2
|
Total exceptional items
|
(239)
|
(211)
|
Six months ended
31 December 2024
|
Six months ended
31 December 2023
|
|
$ million
|
$ million
|
|
Interest income
|
90
|
106
|
Fair value gain on financial instruments
|
78
|
110
|
Total interest income
|
168
|
216
|
Interest charge on bonds, commercial paper, bank loans and overdrafts
|
(369)
|
(324)
|
Interest charge on finance leases
|
(14)
|
(10)
|
Other interest charges
|
(160)
|
(223)
|
Fair value loss on financial instruments
|
(78)
|
(113)
|
Total interest charges
|
(621)
|
(670)
|
Net interest charges
|
(453)
|
(454)
|
Net finance income in respect of post-employment plans in surplus
|
21
|
28
|
Monetary gain on hyperinflation in various economies (1)
|
21
|
32
|
Interest income in respect of direct and indirect tax
|
4
|
3
|
Change in financial liability (Level 3)
|
6
|
8
|
Total other finance income
|
52
|
71
|
Net finance charge in respect of post-employment plans in deficit
|
(4)
|
(10)
|
Interest charge in respect of direct and indirect tax
|
(22)
|
(17)
|
Unwinding of discounts
|
(8)
|
(11)
|
Other finance charges
|
(7)
|
(10)
|
Total other finance charges
|
(41)
|
(48)
|
Net other finance income
|
11
|
23
|
31 December 2024
|
30 June 2024
|
31 December 2023
|
|
$ million
|
$ million
|
$ million
|
|
Raw materials and consumables
|
622
|
639
|
730
|
Work in progress
|
132
|
118
|
156
|
Maturing inventories
|
7,799
|
7,832
|
7,697
|
Finished goods and goods for resale
|
1,146
|
1,131
|
1,257
|
9,699
|
9,720
|
9,840
|
31 December 2024
|
30 June 2024
|
31 December 2023
|
|
$ million
|
$ million
|
$ million
|
|
Borrowings due within one year and bank overdrafts
|
(2,496)
|
(2,885)
|
(2,004)
|
Borrowings due after one year
|
(19,224)
|
(18,616)
|
(19,476)
|
Fair value of foreign currency forwards and swaps
|
309
|
334
|
406
|
Fair value of interest rate hedging instruments
|
(298)
|
(376)
|
(366)
|
Lease liabilities
|
(623)
|
(604)
|
(572)
|
(22,332)
|
(22,147)
|
(22,012)
|
|
Cash and cash equivalents
|
1,656
|
1,130
|
1,529
|
(20,676)
|
(21,017)
|
(20,483)
|
Six months ended
31 December 2024
|
Six months ended
31 December 2023
|
|
$ million
|
$ million
|
|
Net increase/(decrease) in cash and cash equivalents before exchange
|
594
|
(241)
|
Net increasein bonds and other borrowings
|
(375)
|
(227)
|
Net decrease/(increase) in net borrowings from cash flows
|
219
|
(468)
|
Exchange differences on net borrowings
|
111
|
(399)
|
Other non-cash items(1)
|
11
|
(34)
|
Net borrowings at beginning of the period
|
(21,017)
|
(19,582)
|
Net borrowings at end of the period
|
(20,676)
|
(20,483)
|
31 December 2024
|
30 June 2024
|
31 December 2023
|
|
$ million
|
$ million
|
$ million
|
|
Derivative assets
|
469
|
497
|
703
|
Derivative liabilities
|
(540)
|
(486)
|
(440)
|
Valuation techniques based on observable market input (Level 2)
|
(71)
|
11
|
263
|
Financial assets - other
|
337
|
333
|
281
|
Financial liabilities - other
|
(419)
|
(443)
|
(599)
|
Valuation techniques based on unobservable market input (Level 3)
|
(82)
|
(110)
|
(318)
|
|
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 2024
|
Six months
ended 31
December 2024
|
Six months
ended 31
December 2023
|
Six months
ended 31
December 2023
|
|
$ million
|
$ million
|
$ million
|
$ million
|
|
At the beginning of the period
|
(198)
|
(245)
|
(274)
|
(391)
|
Net gains/(losses) included in the income statement
|
6
|
(2)
|
8
|
15
|
Net gains included in exchange in other comprehensive
income
|
-
|
3
|
-
|
-
|
Net gains included in retained earnings
|
11
|
-
|
40
|
-
|
Settlement of liabilities
|
1
|
5
|
2
|
1
|
At the end of the period
|
(180)
|
(239)
|
(224)
|
(375)
|
Six months ended 31
December 2024
|
Six months ended 31
December 2023
|
|
Amounts recognised as distributions to equity shareholders
|
$ million
|
$ million
|
Final dividend for the year ended 30 June 2024of 62.98cents per share
(2023- 59.98cents)
|
1,399
|
1,349
|
Acquisitions
|
|
$ million
|
|
Brands
|
43
|
Inventories
|
3
|
Other working capital
|
2
|
Cash
|
2
|
Fair value of assets and liabilities
|
50
|
Goodwill arising on acquisition
|
21
|
Step acquisition
|
(26)
|
Consideration payable
|
45
|
Satisfied by:
|
|
Cash consideration paid
|
(25)
|
Deferred consideration payable
|
(20)
|
(45)
|
Consideration
|
|
$ million
|
|
Acquisitions in the period - subsidiaries
|
|
Cash consideration paid
|
(25)
|
Cash acquired
|
2
|
Prior year acquisitions - subsidiaries
|
|
Other consideration
|
(6)
|
Investment in associates
|
|
Capital injections(1)
|
(47)
|
Net cash outflow on acquisition of businesses
|
(76)
|
Guinness Nigeria
PLC
$ million
|
Other
$ million
|
Total
$ million
|
|
Sale consideration
|
|||
Cash received
|
64
|
62
|
126
|
Transaction and other directly attributable costs paid
|
(9)
|
(1)
|
(10)
|
Net cash received
|
55
|
61
|
116
|
Transaction costs payable and other directly attributable items
|
(8)
|
1
|
(7)
|
47
|
62
|
109
|
|
Net assets disposed of
|
|||
Assets and liabilities held for sale
|
25
|
-
|
25
|
Inventories
|
-
|
(2)
|
(2)
|
25
|
(2)
|
23
|
|
Less non-controlling interest
|
(11)
|
-
|
(11)
|
Exchange recycled from other comprehensive income
|
(175)
|
-
|
(175)
|
(Loss)/gain on disposal before taxation
|
(114)
|
60
|
(54)
|
Taxation
|
(1)
|
(11)
|
(12)
|
(Loss)/gain on disposal after taxation
|
(115)
|
49
|
(66)
|
31 December 2024
|
30 June 2024
|
|
$ million
|
$ million
|
|
Intangible assets
|
86
|
-
|
Property, plant and equipment
|
137
|
52
|
Deferred tax assets
|
-
|
18
|
Inventories
|
26
|
20
|
Trade and other receivables
|
20
|
10
|
Corporate tax receivables
|
3
|
-
|
Cash
|
30
|
30
|
Assets held for sale
|
302
|
130
|
Trade and other payables
|
(61)
|
(44)
|
Corporate tax payables
|
-
|
(1)
|
Provisions
|
-
|
(3)
|
Deferred tax liabilities
|
(20)
|
-
|
Liabilities held for sale
|
(81)
|
(48)
|
Total
|
221
|
82
|