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Equity (Tables) | 12 Months Ended
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Jun. 30, 2024
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 2022 re-presented | 2,498 | 875
Retranslation impact of opening balances(1) | — | 36
Shares cancelled | (38) | (13)
At 30 June 2023 (re-represented) | 2,460 | 898
Shares cancelled | (28) | (11)
At 30 June 2024 | 2,432 | 887
(1) Includes foreign translation differences arising on the retranslation of reserves due to the change in the group’s presentation currency.
Schedule of movement in hedging and exchange reserve | (b) Hedging and exchange reserve
| Hedging reserve $ million | Exchange reserve $ million | Total $ million
At 30 June 2021 (re-presented) | 150 | (3,368) | (3,218)
Other comprehensive loss | (118) | (521) | (639)
Retranslation impact of opening balances(1) | — | 619 | 619
At 30 June 2022 (re-presented) | 32 | (3,270) | (3,238)
Other comprehensive income/(loss) | 261 | (256) | 5
Retranslation impact of opening balances(1) | — | (173) | (173)
At 30 June 2023 (re-presented) | 293 | (3,699) | (3,406)
Other comprehensive loss | (154) | (613) | (767)
At 30 June 2024 | 139 | (4,312) | (4,173)
(1) Includes foreign translation differences arising on the retranslation of reserves due to the change in the group’s presentation currency.
Schedule of movements in own shares | Movements in own shares
| Number of shares million | Purchase consideration $ million
At 30 June 2021 (re-presented) | 223 | 2,609
Retranslation impact of opening balances(1) | — | (334)
Share trust arrangements | (2) | (31)
Shares used to satisfy options | (2) | (21)
Shares purchased - share buyback programme | 61 | 2,985
Shares cancelled | (61) | (2,985)
At 30 June 2022 (re-presented) | 219 | 2,223
Retranslation impact of opening balances(1) | — | 93
Share trust arrangements | (1) | (15)
Shares used to satisfy options | (2) | (15)
Shares purchased - share buyback programme | 38 | 1,673
Shares cancelled | (38) | (1,673)
At 30 June 2023 (re-presented) | 216 | 2,286
Share trust arrangements | (2) | (19)
Shares used to satisfy options | (2) | (17)
Shares purchased - share buyback programme | 28 | 987
Shares cancelled | (28) | (987)
At 30 June 2024 | 212 | 2,250
(1) Includes foreign translation differences arising on the retranslation of reserves due to the change in the group’s presentation currency.
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 2024 were as follows:
Period | Number of shares purchased under share buyback programme | Total number of shares purchased | Average price paid cents(2) | Authorised purchases unutilised at month end
July 2023 | — | — | — | 196,247,438
August 2023 | — | — | — | 196,247,438
1-28 September 2023 | — | — | — | 196,247,438
29-30 September 2023(1) | — | — | — | 224,704,974
October 2023 | 6,218,199 | 6,218,199 | 3768 | 218,486,775
November 2023 | 4,396,943 | 4,396,943 | 3671 | 214,089,832
December 2023 | 2,521,196 | 2,521,196 | 3572 | 211,568,636
January 2024 | 3,328,361 | 3,328,361 | 3504 | 208,240,275
February 2024 | 339,788 | 339,788 | 3737 | 207,900,487
March 2024 | 5,896,084 | 5,896,084 | 3685 | 202,004,403
April 2024 | 4,475,478 | 4,475,478 | 3542 | 197,528,925
May 2024 | 267,276 | 267,276 | 3440 | 197,261,649
June 2024 | — | — | — | 197,261,649
Total | 27,443,325 | 27,443,325 | 3644 | 197,261,649
(1) New maximum number of purchasable shares was authorised by shareholders at the AGM held on 28 September 2023. (2) Based on daily transaction rates.
Schedule of dividends | (d) Dividends
| 2024 | 2023 | 2022
| $ million | re-presented $ million | re-presented $ million
Amounts recognised as distributions to equity shareholders in the year |  |  |
Final dividend for the year ended 30 June 2023 |  |  |
59.98 cents per share (2022 – 52.71 cents; 2021 – 59.91 cents)(1) | 1,349 | 1,200 | 1,398
Interim dividend for the year ended 30 June 2024 |  |  |
40.50 cents per share (2023 – 38.57 cents; 2022 – 38.38 cents)(2) | 894 | 871 | 888
| 2,243 | 2,071 | 2,286
(1) Re-presented at exchange rate prevailing at AGM's date (2023 - 49.17 pence per share; 2022 - 46.82 pence; 2021 - 44.59 pence). (2) Re-presented at exchange date at the date of payment (2023 - 30.83 pence per share; 2022 - 29.36 pence). Interim dividend for the year ended 30 June 2024 was declared in USD.
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:
| 2024 | 2023 | 2022
| USL $ million | Others $ million | Total $ million | Total re-presented $ million | Total re-presented $ million
Income statement |  |  |  |  |
Sales | 3,183 | 3,041 | 6,224 | 6,409 | 7,710
Net sales | 1,338 | 2,380 | 3,718 | 3,767 | 4,063
Profit for the year(1) | 173 | 604 | 777 | 80 | 329
Other comprehensive (loss)/income(2) | (21) | 5 | (16) | (172) | (227)
Total comprehensive income/(loss) | 152 | 609 | 761 | (92) | 102
Attributable to non-controlling interests | 65 | 212 | 277 | (66) | 46
Balance sheet |  |  |  |  |
Non-current assets(3) | 1,336 | 4,405 | 5,741 | 5,354 | 6,071
Current assets | 1,172 | 1,373 | 2,545 | 2,316 | 2,422
Non-current liabilities | (197) | (1,577) | (1,774) | (1,656) | (1,814)
Current liabilities | (518) | (1,220) | (1,738) | (1,788) | (1,991)
Net assets | 1,793 | 2,981 | 4,774 | 4,226 | 4,688
Attributable to non-controlling interests | 767 | 1,271 | 2,038 | 1,853 | 2,076
Cash flow |  |  |  |  |
Net cash inflow from operating activities | 90 | 603 | 693 | 604 | 916
Net cash outflow from investing activities | (39) | (172) | (211) | (236) | (385)
Net cash outflow from financing activities | (32) | (424) | (456) | (170) | (428)
Net increase in cash and cash equivalents | 19 | 7 | 26 | 198 | 103
Exchange differences | (2) | (31) | (33) | (111) | (23)
Dividends payable to non-controlling interests | (15) | (106) | (121) | (117) | (95)
(1)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 US dollar. (3)Non-current assets include the global distribution rights for Ketel One vodka products worldwide. The carrying value of the distribution right at 30 June 2024 was $1,800 million (2023 – $1,800 million; 2022 – $1,800 million). (i)On 16 January 2024, Diageo agreed with Combs Wine and Spirits LLC to purchase the 50% of the share capital of DeLeon Holdco LLC that Diageo North America, Inc did not already own, whereby DeLeon Holdco LLC became a wholly-owned subsidiary of Diageo.
Schedule of employee share compensation | The annual fair value charge in respect of the equity settled plans for the three years ended 30 June 2024 is as follows:
| 2024 $ million | 2023 re-presented $ million | 2022 re-presented $ million
Executive share award plans | 34 | 49 | 68
Executive share option plans | 7 | 4 | 5
Savings plans | 2 | 5 | 6
| 43 | 58 | 79
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 2024, the calculation of the fair value of each share award used the Monte Carlo and Black Scholes pricing model and the following assumptions:
| 2024 | 2023 re-presented | 2022 re-presented
Risk free interest rate | 4.7% | 3.1% | 0.4%
Expected life of the awards | 33 months | 35 months | 40 months
Dividend yield | 2.6% | 2.0% | 2.1%
Weighted average share price | 3118 p | 3758 p | 3545 p
Weighted average fair value of awards granted in the year(1) | 1757 c | 2318 c | 3754 c
Number of awards granted in the year | 2.1 million | 1.7 million | 2.1 million
Fair value of all awards granted in the year | $36 million | $40 million | $79 million
(1) Based on transaction rate at grant date of the awards.
Schedule of transactions on executive share award plans | Transactions on the executive share award plans for the three years ended 30 June 2024 were as follows:
| 2024 million | 2023 million | 2022 million
Number of awards outstanding at 1 July | 4.9 | 5.2 | 5.3
Granted | 2.1 | 1.7 | 2.1
Awarded | (1.8) | (1.1) | (1.1)
Forfeited | (0.4) | (0.9) | (1.1)
Number of awards outstanding at 30 June | 4.8 | 4.9 | 5.2

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