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Equity (Tables) | 12 Months Ended
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Jun. 30, 2023
Disclosure of reserves within equity [abstract] |
Schedule of allotted and fully paid share capital | (a) Allotted and fully paid share capital – ordinary shares of 28 101⁄108 pence each
| Number of shares million | Nominal value £ million
At 30 June 2023 | 2,460 |  | 712 |
At 30 June 2022 | 2,498 |  | 723 |
At 30 June 2021 | 2,559 |  | 741 |
Schedule of movement in hedging and exchange reserve | (b) Hedging and exchange reserve
| Hedging reserve £ million | Exchange reserve £ million | Total £ million
At 30 June 2020 | 93 |  | (1,022) |  | (929) |
Other comprehensive income/(loss) | 20 |  | (672) |  | (652) |
At 30 June 2021 | 113 |  | (1,694) |  | (1,581) |
Other comprehensive (loss)/income | (87) |  | 622 |  | 535 |
At 30 June 2022 | 26 |  | (1,072) |  | (1,046) |
Other comprehensive income/(loss) | 216 |  | (540) |  | (324) |
At 30 June 2023 | 242 |  | (1,612) |  | (1,370) |
Schedule of movements in own shares | Movements in own shares
| Number of shares million | Purchase consideration £ million
At 30 June 2020 | 227 |  | 1,936 |
Share trust arrangements | (1) |  | (11) |
Shares used to satisfy options | (3) |  | (48) |
Shares purchased - share buyback programme | 3 |  | 109 |
Shares cancelled | (3) |  | (109) |
At 30 June 2021 | 223 |  | 1,877 |
Share trust arrangements | (2) |  | (23) |
Shares used to satisfy options | (2) |  | (16) |
Shares purchased - share buyback programme | 61 |  | 2,284 |
Shares cancelled | (61) |  | (2,284) |
At 30 June 2022 | 219 |  | 1,838 |
Share trust arrangements | (1) |  | (12) |
Shares used to satisfy options | (2) |  | (12) |
Shares purchased - share buyback programme | 38 |  | 1,381 |
Shares cancelled | (38) |  | (1,381) |
At 30 June 2023 | 216 |  | 1,814 |
Schedule of the monthly breakdown of shares purchased and the average price paid per share | The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) for the year ended 30 June 2023 were as follows:
Period | Number of shares purchased under share buyback programme | Total number of shares purchased | Average price paid pence | Authorised purchases unutilised at month end
July 2022 | 1,660,507 |  | 1,660,507 |  | 3567 |  | 177,756,956 |
August 2022 | 1,646,883 |  | 1,646,883 |  | 3820 |  | 176,110,073 |
September 2022 | 2,273,226 |  | 2,273,226 |  | 3744 |  | 173,836,847 |
1-6 October 2022 | 131,864 |  | 131,864 |  | 3702 |  | 173,704,983 |
7-31 October 2022 (1) | — |  | — |  | — |  | 227,870,414 |
November 2022 | 4,497,414 |  | 4,497,414 |  | 3679 |  | 223,373,000 |
December 2022 | 4,571,923 |  | 4,571,923 |  | 3710 |  | 218,801,077 |
January 2023 | 7,989,915 |  | 7,989,915 |  | 3558 |  | 210,811,162 |
February 2023 | 1,718,877 |  | 1,718,877 |  | 3577 |  | 209,092,285 |
March 2023 | 4,353,777 |  | 4,353,777 |  | 3541 |  | 204,738,508 |
April 2023 | 2,883,950 |  | 2,883,950 |  | 3672 |  | 201,854,558 |
May 2023 | 5,196,558 |  | 5,196,558 |  | 3534 |  | 196,658,000 |
June 2023 | 410,562 |  | 410,562 |  | 3348 |  | 196,247,438 |
Total | 37,335,456 |  | 37,335,456 |  | 3617 |  | 196,247,438 |
(1) New maximum number of purchasable shares was authorised by shareholders at the AGM held on 6 October 2022.
Schedule of dividends | (d) Dividends
| 2023 | 2022 | 2021
| £ million | £ million | £ million
Amounts recognised as distributions to equity shareholders in the year |  |  |
Final dividend for the year ended 30 June 2022 |  |  |
46.82 pence per share (2021 – 44.59 pence; 2020 – 42.47 pence) | 1,066 |  | 1,040 |  | 992 |
Interim dividend for the year ended 30 June 2023 |  |  |
30.83 pence per share (2022 – 29.36 pence; 2021 – 27.96 pence) | 696 |  | 680 |  | 654 |
| 1,762 |  | 1,720 |  | 1,646 |
Schedule of amounts attributable to non controlling interests | Summarised financial information for USL and other subsidiaries, after fair value adjustments on acquisition, and the amounts attributable to non-controlling interests are as follows:
| 2023 | 2022 | 2021
| USL £ million | Others £ million | Total £ million | Total £ million | Total £ million
Income statement |  |  |  |  |
Sales | 2,713 |  | 2,628 |  | 5,341 |  | 5,797 |  | 5,140 |
Net sales | 1,087 |  | 2,051 |  | 3,138 |  | 3,055 |  | 2,553 |
(Loss)/profit for the year(1) | (215) |  | 289 |  | 74 |  | 227 |  | 298 |
Other comprehensive (loss)/income(2) | (133) |  | (154) |  | (287) |  | 333 |  | (434) |
Total comprehensive (loss)/income | (348) |  | 135 |  | (213) |  | 560 |  | (136) |
Attributable to non-controlling interests | (149) |  | 33 |  | (116) |  | 259 |  | (35) |
Balance sheet |  |  |  |  |
Non-current assets(3) | 1,074 |  | 3,175 |  | 4,249 |  | 5,017 |  | 4,669 |
Current assets | 790 |  | 1,049 |  | 1,839 |  | 2,002 |  | 1,492 |
Non-current liabilities | (151) |  | (1,164) |  | (1,315) |  | (1,499) |  | (1,356) |
Current liabilities | (384) |  | (1,035) |  | (1,419) |  | (1,646) |  | (1,335) |
Net assets | 1,329 |  | 2,025 |  | 3,354 |  | 3,874 |  | 3,470 |
Attributable to non-controlling interests | 568 |  | 902 |  | 1,470 |  | 1,716 |  | 1,534 |
Cash flow |  |  |  |  |
Net cash inflow from operating activities | 120 |  | 383 |  | 503 |  | 690 |  | 661 |
Net cash inflow/(outflow) from investing activities | 34 |  | (231) |  | (197) |  | (289) |  | (137) |
Net cash outflow from financing activities | (48) |  | (93) |  | (141) |  | (322) |  | (371) |
Net increase in cash and cash equivalents | 106 |  | 59 |  | 165 |  | 79 |  | 153 |
Exchange differences | (7) |  | (77) |  | (84) |  | 52 |  | (19) |
Dividends payable to non-controlling interests | — |  | (97) |  | (97) |  | (72) |  | (72) |
(1) (Loss)/profit for the year includes exceptional operating expenses attributable to non-controlling interests. (2) Other comprehensive (loss)/income is principally in respect of exchange on translating the subsidiaries to sterling. (3) Non-current assets include the global distribution rights to distribute Ketel One vodka products throughout the world. The carrying value of the distribution rights at 30 June 2023 was £1,428 million (2022 – £1,488 million; 2021 – £1,295 million). (i) On 31 December 2022, United Spirits Limited (USL) completed the merger with its subsidiary, Pioneer Distilleries Limited (PDL) 75% owned by USL. Under the terms, PDL's minority shareholders received additional shares in USL in exchange for their 25% interest in PDL and non-controlling interest increased from 42.73% to 42.79%. (ii) On 24 March 2023, Diageo completed the purchase of an additional 14.97% of the share capital of EABL. This increased Diageo’s controlling shareholding position in EABL from 50.03% to 65.00%.
Schedule of employee share compensation | The annual fair value charge in respect of the equity settled plans for the three years ended 30 June 2023 is as follows:
| 2023 £ million | 2022 £ million | 2021 £ million
Executive share award plans | 41 |  | 51 |  | 41 |
Executive share option plans | 4 |  | 4 |  | 4 |
Savings plans | 4 |  | 4 |  | 4 |
| 49 |  | 59 |  | 49 |
Schedule of fair value of each share award used the Monte Carlo pricing model and weighted average assumptions | For the three years ended 30 June 2023, the calculation of the fair value of each share award used the Monte Carlo and Black Scholes pricing model and the following assumptions:
| 2023 | 2022 | 2021
Risk free interest rate | 3.1 | % | 0.4 | % | (0.1 | %)
Expected life of the awards | 35 months | 40 months | 36 months
Dividend yield | 2.0 | % | 2.1 | % | 2.7 | %
Weighted average share price | 3758 p | 3545 p | 2557 p
Weighted average fair value of awards granted in the year | 1992 p | 2729 p | 2107 p
Number of awards granted in the year | 1.7 million | 2.1 million | 2.1 million
Fair value of all awards granted in the year | £34 million | £57 million | £45 million
Schedule of transactions on executive share award plans | Transactions on the executive share award plans for the three years ended 30 June 2023 were as follows:
| 2023 million |  | 2022 million |  | 2021 million |
Number of awards outstanding at 1 July | 5.2 |  |  | 5.3 |  |  | 5.6 |  |
Granted | 1.7 |  |  | 2.1 |  |  | 2.1 |  |
Awarded | (1.1) |  |  | (1.1) |  |  | (1.2) |  |
Forfeited | (0.9) |  |  | (1.1) |  |  | (1.2) |  |
Number of awards outstanding at 30 June | 4.9 |  |  | 5.2 |  |  | 5.3 |  |

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