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Equity (Tables)

12 Months Ended

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 28101⁄108 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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