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v3.23.2

Net borrowings (Tables) | 12 Months Ended
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Jun. 30, 2023
Disclosure of detailed information about borrowings [abstract] |
Schedule of borrowings |
| 2023 £ million | 2022 £ million
Bank overdrafts | 36 |  | 74 |
Commercial paper | 198 |  | — |
Bank and other loans | 121 |  | 105 |
Credit support obligations | 15 |  | (19) |
$ 300 million 8% bonds due 2022(1) | — |  | 248 |
$ 1,350 million 2.625% bonds due 2023(2) | — |  | 1,115 |
€ 600 million 0.125% bonds due 2023 | 513 |  | — |
$ 500 million 3.5% bonds due 2023(2) | 397 |  | — |
€ 500 million 0.5% bonds due 2024 | 427 |  | — |
Fair value adjustment to borrowings | (6) |  | (1) |
Borrowings due within one year | 1,701 |  | 1,522 |
€ 600 million 0.125% bonds due 2023 | — |  | 516 |
$ 500 million 3.5% bonds due 2023(2) | — |  | 413 |
€ 500 million 0.5% bonds due 2024 | — |  | 430 |
$ 600 million 2.125% bonds due 2024(2) | 476 |  | 495 |
€ 500 million 1.75% bonds due 2024 | 427 |  | 430 |
$ 500 million 5.20% bonds due 2025(2) | 396 |  | — |
$ 750 million 1.375% bonds due 2025(2) | 594 |  | 618 |
€ 600 million 1% bonds due 2025 | 511 |  | 515 |
€ 500 million 3.5% bonds due 2025 | 427 |  | — |
€ 850 million 2.375% bonds due 2026 | 725 |  | 731 |
£ 500 million 1.750% bonds due 2026 | 497 |  | 498 |
$ 750 million 5.3% bonds due 2027(2) | 593 |  | — |
€ 750 million 1.875% bonds due 2027 | 638 |  | 643 |
€ 500 million 1.5% bonds due 2027 | 426 |  | 430 |
€ 700 million 0.125% bonds due 2028 | 595 |  | 600 |
$ 500 million 3.875% bonds due 2028(2) | 395 |  | 411 |
£ 300 million 2.375% bonds due 2028 | 298 |  | 298 |
$ 1,000 million 2.375% bonds due 2029(2) | 787 |  | 819 |
£ 300 million 2.875% bonds due 2029 | 299 |  | 298 |
€ 750 million 1.15% bonds due 2029 | 640 |  | 645 |
$ 1,000 million 2% bonds due 2030(2) | 789 |  | 821 |
€ 1,000 million 2.5% bonds due 2032 | 850 |  | 856 |
$ 750 million 2.125% bonds due 2032(2) | 590 |  | 614 |
£ 400 million 1.25% bonds due 2033 | 396 |  | 395 |
$ 750 million 5.5% bonds due 2033(2) | 590 |  | — |
€ 900 million 1.15% bonds due 2034 | 764 |  | 770 |
$ 400 million 7.45% bonds due 2035(1) | 317 |  | 331 |
$ 600 million 5.875% bonds due 2036(2) | 472 |  | 491 |
£ 600 million 2.75% bonds due 2038 | 595 |  | 595 |
$ 500 million 4.250% bonds due 2042(1) | 393 |  | 409 |
$ 500 million 3.875% bonds due 2043(2) | 391 |  | 407 |
Bank and other loans | 296 |  | 293 |
Fair value adjustment to borrowings | (366) |  | (274) |
Borrowings due after one year | 14,801 | 14,498
Total borrowings before derivative financial instruments | 16,502 | 16,020
Fair value of cross currency interest rate swaps | (348) |  | (367) |
Fair value of foreign currency swaps and forwards | 1 |  | 11 |
Fair value of interest rate hedging instruments | 377 |  | 283 |
Lease liabilities | 448 |  | 475 |
Gross borrowings | 16,980 | 16,422
Less: Cash and cash equivalents | (1,439) |  | (2,285) |
Net borrowings | 15,541 | 14,137
(1) SEC-registered debt issued on an unsecured basis by Diageo Investment Corporation, a 100% owned finance subsidiary of Diageo plc and fully and unconditionally guaranteed by Diageo plc. No other subsidiary of Diageo plc guarantees the security. (2) SEC-registered debt issued on an unsecured basis by Diageo Capital plc, a 100% owned finance subsidiary of Diageo plc and fully and unconditionally guaranteed by Diageo plc. No other subsidiary of Diageo plc guarantees the security. (i) The interest rates shown are those contracted on the underlying borrowings before taking into account any interest rate hedges (see note 16). (ii) Bonds are stated net of unamortised finance costs of £81 million (2022 – £85 million). (iii) All bonds, medium-term notes and commercial paper issued on an unsecured basis by the group’s 100% owned subsidiaries are fully and unconditionally guaranteed on an unsecured basis by Diageo plc and no other subsidiary of Diageo plc guarantees such securities.
Schedule of maturity of gross borrowings before derivative financial instruments | Gross borrowings before derivative financial instruments are expected to mature as follows:
| 2023 £ million | 2022 £ million |  |
Within one year | 1,701 |  | 1,522 |  |  |
Between one and three years | 3,522 |  | 2,817 |  |  |
Between three and five years | 2,874 |  | 2,625 |  |  |
Beyond five years | 8,405 |  | 9,056 |  |  |
| 16,502 |  | 16,020 |  |  |
Schedule of bonds issued and repaid | During the year, the following bonds were issued and repaid:
| 2023 £ million | 2022 £ million | 2021 £ million
Issued |  |  |
€ denominated | 441 |  | 1,371 |  | 636 |
£ denominated | — |  | 892 |  | 395 |
$ denominated | 1,788 |  | — |  | — |
Repaid |  |  |
€ denominated | — |  | (769) |  | (696) |
$ denominated | (1,340) |  | (752) |  | (551) |
| 889 | 742 | (216)
Schedule of movement in net borrowings | (a) Reconciliation of movement in net borrowings
| 2023 £ million | 2022 £ million
At beginning of the year | 14,137 |  | 12,109 |
Net decrease in cash and cash equivalents before exchange | 581 |  | 665 |
Net increase in bonds and other borrowings(1) | 950 |  | 825 |
Increase in net borrowings from cash flows | 1,531 |  | 1,490 |
Exchange differences on net borrowings | (159) |  | 334 |
Other non-cash items(2) | 32 |  | 204 |
Net borrowings at end of the year | 15,541 |  | 14,137 |
(1) In the year ended 30 June 2023, net increase in bonds and other borrowings excludes £2 million cash outflow in respect of derivatives designated in forward point hedges (2022 – £4 million). (2) In the year ended 30 June 2023, other non-cash items are principally in respect of fair value changes of cross currency interest rate swaps and interest rate swaps of £(34) million and lease liabilities of £(82) million, partially offset by the £84 million fair value change of borrowings. In the year ended 30 June 2022, other non-cash items are principally in respect of fair value changes of cross currency interest rate swaps and interest rate swaps of £(346) million and lease liabilities of £(183) million, partially offset by the £331 million fair value change of borrowings.
Schedule of net borrowings by currency | (b) Analysis of net borrowings by currency
| 2023 | 2022
| Cash and cash equivalents £ million | Gross borrowings(1) £ million | Cash and cash equivalents £ million | Gross borrowings(1) £ million
US dollar | 542 |  | (5,751) |  | 1,315 |  | (3,260) |
Euro(2) | 48 |  | (3,864) |  | 61 |  | (2,943) |
Sterling | 46 |  | (6,227) |  | 67 |  | (9,214) |
Indian rupee | 123 |  | (31) |  | 26 |  | (74) |
Mexican peso | 25 |  | (286) |  | 14 |  | (264) |
Hungarian forint | 3 |  | (261) |  | 2 |  | (214) |
Kenyan shilling | 28 |  | (253) |  | 53 |  | (254) |
Chinese yuan | 199 |  | (63) |  | 290 |  | (75) |
Nigerian naira | 83 |  | — |  | 133 |  | — |
Other(2) | 342 |  | (244) |  | 324 |  | (124) |
Total | 1,439 |  | (16,980) |  | 2,285 |  | (16,422) |
(1) Includes foreign currency forwards and swaps and leases. (2) Includes £21 million (Euro) cash and cash equivalents in cash-pooling arrangements (2022 – £23 million (Turkish lira and Euro)).

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