RNS Number:3229Z
Diageo PLC
22 February 2001
Part 2
DIAGEO CONSOLIDATED BALANCE SHEET
31 December 2000 30 June 2000 31 December 1999
# # # # # #
million million million million million million
Fixed assets
Intangible assets 5,419 5,289 4,975
Tangible assets 3,051 3,078 3,100
Investments 1,578 1,496 1,442
10,048 9,863 9,517
Current assets
Stocks 2,208 2,139 2,153
Debtors 3,728 3,071 3,732
Cash at bank and 1,089 1,063 1,732
in hand
7,025 6,273 7,617
Creditors - due
within one year
Borrowings (3,336) (3,066) (4,095)
Other creditors (3,592) (3,275) (3,758)
(6,928) (6,341) (7,853)
Net current 97 (68) (236)
assets/(liabilities)
Total assets less current 10,145 9,795 9,281
liabilities
Creditors - due
after one year
Borrowings (3,626) (3,716) (3,553)
Other creditors (127) (100) (150)
(3,753) (3,816) (3,703)
Provisions for liabilities (676) (694) (695)
and charges
5,716 5,285 4,883
Capital and
reserves
Called up share 986 990 989
capital
Reserves 4,164 3,721 3,341
Shareholders' 5,150 4,711 4,330
funds
Minority interests
Equity 153 169 175
Non-equity 413 405 378
566 574 553
5,716 5,285 4,883
DIAGEO CONSOLIDATED CASH FLOW STATEMENT
Six months ended Six months ended
31 December 2000 31 December 1999
# million # million # million # million
Net cash inflow from 995 929
operating activities
Dividends received 34 40
from associates
Interest paid (204) (182)
(net)
Dividends paid to (21) (16)
equity minority
interests
Returns on (225) (198)
investments and
servicing of
finance
Taxation (87) (78)
Purchase of (178) (252)
tangible fixed
assets
Purchase of own (67) (40)
shares (net)
Sale of fixed 21 15
assets
Capital (224) (277)
expenditure and
financial
investment
Free cash flow 493 416
Purchase of (97) (56)
subsidiaries
Sale of - 240
subsidiaries and
associates
Acquisitions and (97) 184
disposals
Equity dividends (425) (398)
paid
Cash flow before (29) 202
liquid resources
and financing
Management of 56 (244)
liquid resources
Issue of share 19 6
capital
Own shares (108) (54)
purchased for
cancellation
Increase in loans 189 333
Financing 100 285
Increase in cash 127 243
in the period
MOVEMENTS IN NET BORROWINGS
Six months ended Six months ended
31 December 2000 31 December 1999
# million # million
Increase in cash in the 127 243
period
Cash flow from increase in loans (189) (333)
Change in liquid resources (56) 244
Change in net borrowings (118) 154
from cash flows
Exchange adjustments (55) 175
Non-cash items 16 (14)
(Increase)/decrease in net (157) 315
borrowings
Net borrowings at (5,545) (6,056)
beginning of the period
Net borrowings at end of (5,702) (5,741)
the period
NOTES
1. Segmental analysis
2000 1999
Operating Operating
Turnover profit Turnover profit
# million # million # million # million
Class of
business:
Spirits and Wine 3,004 693 2,877 614
Beer 1,060 141 1,195 161
Premium Drinks 4,064 834 4,072 775
Quick Service
Restaurants 519 99 468 105
Packaged Food 2,259 302 2,056 271
6,842 1,235 6,596 1,151
Geographical area
by destination:
Europe 2,280 382 2,533 385
North America 3,334 582 3,000 539
Asia Pacific 536 114 449 80
Latin America 435 99 384 89
Rest of World 257 58 230 58
6,842 1,235 6,596 1,151
The above analysis of operating profit is before goodwill amortisation and
exceptional items. The geographical analysis is based on the location of the
third party customers.
2000 1999
# million # million
Net assets:
Spirits and Wine 4,524 4,311
Beer 783 874
Premium Drinks 5,307 5,185
Quick Service Restaurants 1,370 1,194
Packaged Food 3,883 3,415
10,560 9,794
Investments in associates 1,246 1,170
Tax, dividends and other (388) (340)
Net borrowings (5,702) (5,741)
5,716 4,883
Europe 3,911 3,753
North America 5,921 5,301
Asia Pacific 305 283
Latin America 295 285
Rest of World 128 172
10,560 9,794
The weighted average exchange rates used in the translation of profit and
loss accounts were US dollar - #1=$1.46 (1999 - #1=$1.62) and euro - #1=1.65
(1999 - #1=1.55). Exchange rates used to translate assets and liabilities at
the balance sheet date were US dollar - #1=$1.49 (1999 - #1=$1.62) and euro -
#1=1.59 (1999 - #1=1.60).
2. Goodwill and exceptional items
2000 1999
# # # #
million million million million
Charged to:
Operating Goodwill (11) (7)
costs amortisation
Merger - (45)
integration
Guinness UDV (8) -
integration
Beer production (5) -
reorganisation
Business (25) -
ownership
restructuring
Burger King (18) (34)
items
(67) (86)
Disposal of
fixed assets Gain/(loss) on 6 (2)
sales
Sale of Spirits and Wine - (244)
businesses brands
(61) (332)
3. Taxation
The #287 million total taxation charge for the six months ended 31 December
2000 comprises UK tax of #1 million, foreign tax of #240 million and tax on
associates of #46 million.
4. Note of consolidated historical cost profits and losses
There is no material difference between the reported profit shown in the
consolidated profit and loss account and the profit restated on an historical
cost basis.
5. Movements in consolidated shareholders' funds
2000 1999
# million # million
Profit for the period 799 440
Dividends (298) (285)
501 155
Exchange adjustments 27 (21)
Tax charge on exchange in reserves - (4)
New share capital issued 19 6
Repurchase of own shares (108) (54)
Goodwill on disposals of businesses - 222
Net movement in shareholders' funds 439 304
Shareholders' funds at beginning of the period 4,711 4,026
Shareholders' funds at end of the period 5,150 4,330
6. Net borrowings
31 December 2000 30 June 2000 31 December 1999
# million # million # million
Debt due within one (3,336) (3,066) (4,095)
year and overdrafts
Debt due after one (3,626) (3,716) (3,553)
year
Net obligations (40) (39) (36)
under finance leases
(7,002) (6,821) (7,684)
1,089 1,063 1,732
Interest rate and 211 213 211
foreign currency
swaps
Net borrowings (5,702) (5,545) (5,741)
7. Net cash inflow from operating activities
2000 1999
# million # million
Operating profit 1,168 1,065
Exceptional operating costs 56 79
Restructuring and integration payments (87) (91)
Depreciation and amortisation charge 197 187
Increase in working capital (331) (315)
Other items (8) 4
Net cash inflow from operating activities 995 929
8. Basis of preparation
The interim financial information has been prepared on the basis of
accounting policies consistent with those applied in the accounts for the
year ended 30 June 2000. The information is unaudited but has been reviewed
by the auditors, KPMG Audit Plc, and their report is reproduced after these
notes. The information does not comprise the statutory accounts of the group.
The statutory accounts of Diageo plc for the year ended 30 June 2000 have
been filed with the registrar of companies. KPMG Audit Plc have reported on
these accounts; their report was unqualified and did not contain any
statement under section 237 of the Companies Act 1985.
INDEPENDENT REVIEW REPORT TO DIAGEO plc
Introduction
We have been instructed by the company to review the interim financial
information set out on pages 13 to 18 and we have read the other information
contained in the interim report and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the United Kingdom Listing Authority require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing annual accounts except where they are to be
changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4: Review of Interim Financial Information issued by the Auditing
Practices Board. A review consists principally of making enquiries of group
management and applying analytical procedures to the financial information
and underlying financial data and, based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a
lower level of assurance than an audit. Accordingly, we do not express an
audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 31 December 2000.
KPMG Audit Plc
Chartered Accountants
London, 21 February 2001
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