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Net borrowings (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2024
Disclosure of detailed information about borrowings [abstract] |
Schedule of borrowings |
| 2024 $ million | 2023 re-presented $ million
Bank overdrafts | 21 | 45
Commercial paper | 479 | 250
Bank and other loans | 76 | 153
Credit support obligations | 14 | 19
€ 600 million 0.125% bonds due 2023 | — | 646
$ 500 million 3.5% bonds due 2023(2) | — | 500
€ 500 million 0.5% bonds due 2024 | — | 537
$ 600 million 2.125% bonds due 2024(2) | 600 | —
€ 500 million 1.75% bonds due 2024 | 535 | —
€ 600 million 1% bonds due 2025 | 641 | —
€ 500 million 3.5% bonds due 2025 | 534 | —
Fair value adjustment to borrowings | (15) | (8)
Borrowings due within one year | 2,885 | 2,142
$ 600 million 2.125% bonds due 2024(2) | — | 600
€ 500 million 1.75% bonds due 2024 | — | 538
€ 600 million 1% bonds due 2025 | — | 644
€ 500 million 3.5% bonds due 2025 | — | 537
$ 500 million 5.2% bonds due 2025(2) | 499 | 499
$ 750 million 1.375% bonds due 2025(2) | 749 | 748
€ 850 million 2.375% bonds due 2026 | 908 | 913
€ 500 million floating bonds due 2026 | 535 | —
£ 500 million 1.75% bonds due 2026 | 630 | 627
$ 800 million 5.375% bonds due 2026(2) | 797 | —
$ 750 million 5.3% bonds due 2027(2) | 748 | 748
€ 750 million 1.875% bonds due 2027 | 800 | 805
€ 500 million 1.5% bonds due 2027 | 534 | 537
€ 700 million 0.125% bonds due 2028 | 746 | 750
$ 500 million 3.875% bonds due 2028(2) | 498 | 498
£ 300 million 2.375% bonds due 2028 | 377 | 375
$ 1,000 million 2.375% bonds due 2029(2) | 993 | 992
£ 300 million 2.875% bonds due 2029 | 377 | 376
€ 750 million 1.5% bonds due 2029 | 801 | 806
$ 1,000 million 2% bonds due 2030(2) | 995 | 994
€ 1,000 million 2.5% bonds due 2032 | 1,066 | 1,072
$ 750 million 2.125% bonds due 2032(2) | 744 | 743
£ 400 million 1.25% bonds due 2033 | 500 | 499
$ 750 million 5.5% bonds due 2033(2) | 744 | 744
$ 900 million 5.625% bonds due 2033(2) | 894 | —
€ 900 million 1.875% bonds due 2034 | 957 | 962
$ 400 million 7.45% bonds due 2035(1) | 400 | 400
$ 600 million 5.875% bonds due 2036(2) | 594 | 594
£ 600 million 2.75% bonds due 2038 | 752 | 750
$ 500 million 4.25% bonds due 2042(1) | 495 | 495
$ 500 million 3.875% bonds due 2043(2) | 492 | 492
Bank and other loans | 344 | 372
Fair value adjustment to borrowings | (353) | (461)
Borrowings due after one year | 18,616 | 18,649
Total borrowings before leases and derivative financial instruments | 21,501 | 20,791
Fair value of cross currency interest rate swaps | (323) | (438)
Fair value of foreign currency swaps and forwards | (11) | 2
Fair value of interest rate hedging instruments | 376 | 476
Lease liabilities | 604 | 564
Gross borrowings | 22,147 | 21,395
Less: Cash and cash equivalents | (1,130) | (1,813)
Net borrowings | 21,017 | 19,582
(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 $95 million (2023 – $102 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 leases and derivative financial instruments are expected to mature as follows:
| 2024 $ million | 2023 re-presented $ million
Within one year | 2,885 | 2,142
Between one and three years | 4,873 | 4,437
Between three and five years | 4,222 | 3,620
Beyond five years | 9,521 | 10,592
| 21,501 | 20,791
Schedule of bonds issued and repaid | During the year, the following bonds were issued and repaid:
| 2024 $ million | 2023 re-presented $ million | 2022 re-presented $ million
Issued |  |  |
€ denominated | 535 | 548 | 1,800
£ denominated | — | — | 1,171
$ denominated | 1,690 | 1,989 | —
Repaid |  |  |
€ denominated | (1,167) | — | (1,060)
$ denominated | (500) | (1,650) | (1,000)
| 558 | 887 | 911
Schedule of movement in net borrowings | (a) Reconciliation of movement in net borrowings
| 2024 $ million | 2023 re-presented $ million
At beginning of the year | 19,582 | 17,107
Net decrease in cash and cash equivalents before exchange | 596 | 831
Net increase in bonds and other borrowings(1) | 453 | 958
Increase in net borrowings from cash flows | 1,049 | 1,789
Exchange differences on net borrowings | 199 | 646
Other non-cash items(2) | 187 | 40
Net borrowings at end of the year | 21,017 | 19,582
(1)In the year ended 30 June 2024, net increase in bonds and other borrowings excludes $1 million cash outflow in respect of derivatives designated in forward point hedges (2023 – $2 million). (2)In the year ended 30 June 2024, other non-cash items are principally in respect of fair value gains of cross currency interest rate swaps and interest rate swaps of $111 million, offsetting an increase in lease liabilities of $152 million, and fair value losses on borrowings of $116 million, and $30 million reclassification of cash to assets held for sale. In the year ended 30 June 2023, other non-cash items are principally in respect of fair value gains of cross currency interest rate swaps and interest rate swaps of $42 million, and an increase in lease liabilities of $99 million, partially offset by the $101 million fair value loss on borrowings.
Schedule of net borrowings by currency | (b) Analysis of gross borrowings by currency
| 2024 | 2023
| Cash and cash equivalents $ million | Gross borrowings(1) $ million | Cash and cash equivalents re-presented $ million | Gross borrowings(1) re-presented $ million
US dollar | 130 | (9,590) | 682 | (7,247)
Euro(2) | 59 | (5,820) | 60 | (4,870)
Sterling | 29 | (4,767) | 59 | (7,846)
Indian rupee | 170 | (57) | 155 | (39)
Mexican peso | 34 | (261) | 31 | (361)
Hungarian forint | 3 | (21) | 4 | (329)
Kenyan shilling | 55 | (295) | 36 | (318)
Chinese yuan | 258 | (964) | 251 | (79)
Nigerian naira | — | — | 105 | —
Other(2) | 392 | (372) | 430 | (306)
Total | 1,130 | (22,147) | 1,813 | (21,395)
(1)Includes foreign currency forwards and swaps and leases. (2)Includes $11 million (euro) cash and cash equivalents in cash-pooling arrangements (2023 – $26 million (euro)).

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