UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
30 January 2024
Commission File Number 1-10691
DIAGEO plc
(Translation of registrant’s name into English)
16 Great Marlborough Street, London W1F 7HS, England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒         Form 40-F ☐

This report on Form 6-K shall be deemed to be filed and incorporated by reference in the registration statement on Form F-3 (File No. 333-269929) and registration statements on Form S-8 (File Nos. 333-223071, 333-206290, 333-182315, 333-169934, 333-162490 and 333-153481) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.







30 January 2024

EXPLANATORY NOTE

Diageo is filing this report on Form 6-K to provide unaudited recast primary financial statements and selected financial information (within the meaning of Rule 3-20(e) of Regulation S-X under the U.S. Securities Act of 1933, as amended) as of and for the years ended 30 June 2021, 30 June 2022 and 30 June 2023 to reflect the change in the presentation currency of Diageo from sterling to US dollars. Diageo's audited consolidated financial statements as of 30 June 2022 and 30 June 2023 and for the years ended 30 June 2021, 30 June 2022 and 30 June 2023, presented in sterling, were included in our annual report on Form 20-F for the fiscal year ended 30 June 2023 filed with the Securities and Exchange Commission (SEC) on 9 August 2023 (2023 Form 20-F).
This report does not, and does not purport to, recast the information in any other part of the 2023 Form 20-F not updated herein or update any other information in the 2023 Form 20-F to reflect any events that have occurred after its filing. References in this report to our consolidated financial statements shall be deemed to refer to our unaudited recast consolidated financial statements that are also included in this Form 6-K. The unaudited recast financial statements included in this Form 6-K speak as of the filing date of the 2023 Form 20-F and do not purport to reflect events occurring after the original filing date of the 2023 Form 20-F.
The following information should be read in conjunction with the information contained in the 2023 Form 20-F and the information contained in Diageo’s report on Form 6-K filed with the SEC on 30 January 2024 containing unaudited interim consolidated financial statements and related notes reported in US dollars, including disclosure in a note to such financial statements regarding the reason for the change in presentation currency of Diageo from sterling to US dollars.
Important Information
This document contains selected unaudited recast historical consolidated financial information of Diageo group (Diageo plc and its subsidiaries - Diageo) as of and for the years ended 30 June 2021, 30 June 2022 and 30 June 2023 reflecting a change in the presentation currency of Diageo from sterling to US dollars. This document is published in order to help the understanding of Diageo's past performance and financial position on a recast basis, in US dollars. Diageo's unaudited interim financial statements as at and for the six months ended 31 December 2023 used US dollars as the presentation currency.
This document also contains certain non-GAAP measures, including organic movements, calculated and reconciled to the relevant GAAP measure in US dollar. These non-GAAP measures are chosen for planning and reporting, and some of them are used for incentive purposes. The group’s management believes that these measures provide valuable additional information for users of the financial statements in understanding the group’s performance. These non-GAAP measures should be viewed as complementary to, and not replacements for, the comparable GAAP measures and reported movements therein. Note that the re-presentation to US dollars did not result in any material change to the organic growth movements for any of the periods, geographical segments or key categories. See “Definitions and reconciliation of non-GAAP measures to GAAP measures” below for more information.
Change in the functional and presentation currency
Starting 1 July 2023, in line with reporting requirements, the functional currency of Diageo plc has changed from sterling to US dollars which is applied prospectively. This is because the group's share of net sales and expenses in the US and other countries whose currencies correlate closely with the US dollar has been increasing over the years, and that trend is expected to continue in line with the group's strategic focus. Diageo has also decided to change its presentation currency to US dollars with effect from 1 July 2023, applied retrospectively, as it believes that this change will provide better alignment of the reporting of performance with its business exposures.
The selected unaudited re-presented financial information included in this document has been derived from the consolidated financial statements and accounting records of Diageo for each of the years ended 30 June 2021, 30 June 2022 and 30 June 2023, prior to retrospectively applying the change in the presentation currency.
The selected historical financial information that was included in the consolidated financial statements of Diageo as of and for the years ended 30 June 2021, 30 June 2022 and 30 June 2023 was re-presented in US dollars following the translation methodology in IAS 21 - The Effects of Changes in Foreign Exchange Rates:
–assets and liabilities were translated into US dollars at the closing exchange rate prevailing at the relevant balance sheet date;
–the consolidated income statement and the consolidated statement of cash flows of non US dollar entities were translated into US dollars at weighted average exchange rates for the relevant period, which is consistent with the requirements of IAS21; except for subsidiaries in hyperinflationary economies that were translated with the closing rate at the end of the relevant period and for the substantial transactions that were translated at the rate on the date of the transaction (including acquisitions, disposals, impairment write off and dividends received and paid);
1
Diageo  Recast unaudited historical financial information





–share capital, share premium, capital redemption reserve included in other reserves and own shares in the statement of changes in equity were translated into US dollars at the closing exchange rate at the relevant balance sheet date; exchange differences arising on the retranslation to closing rates were taken to the exchange reserve; and
–the cumulative foreign exchange translation reserve was set to zero on 1 July 2004, the date of transition to IFRS and this reserve was re-presented as if the group reported in US dollars since that date.
In preparing the selected unaudited re-presented financial information in US dollars included in this document, the exchange rates used in respect of sterling and euro per $1 were:
Year ended 30 June 2023Year ended 30 June 2022Year ended 30 June 2021
Sterling
Income statement and cash flows(1)
0.83 0.75 0.74 
Assets and liabilities(2)
0.79 0.83 0.72 
Euro
Income statement and cash flows(1)
0.96 0.89 0.84 
Assets and liabilities(2)
0.93 0.96 0.84 
(1)    Weighted average rates
(2)    Closing rates

Future dividend payments
Commencing with the interim dividend that was declared on 30 January 2024, Diageo's dividend is declared in US dollars. Holders of ordinary shares will continue to receive their dividends in sterling, but will have the option to elect to receive their dividends in US dollars. Holders of American Depositary Receipts (ADRs) will continue to receive dividends in US dollars.
1
Diageo  Recast unaudited historical financial information





Unaudited consolidated income statement
Year ended 30 June 2023Year ended 30 June 2022 Year ended 30 June 2021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Sales28,270 29,751 25,858 
Excise duties(7,715)(9,235)(8,667)
Net sales20,555 20,516 17,191 
Cost of sales(8,289)(7,923)(6,803)
Gross profit12,266 12,593 10,388 
Marketing(3,663)(3,616)(2,920)
Other operating items(3,056)(3,080)(2,432)
Operating profit5,547 5,897 5,036 
Non-operating items364 (88)20 
Finance income409 661 377 
Finance charges(1,121)(1,217)(881)
Share of after tax results of associates and joint ventures443 555 452 
Profit before taxation5,642 5,808 5,004 
Taxation(1,163)(1,398)(1,222)
Profit for the year4,479 4,410 3,782 
Attributable to:
Equity shareholders of the parent company 4,445 4,280 3,595 
Non-controlling interests34 130 187 
4,479 4,410 3,782 
Weighted average number of sharesmillionmillionmillion
Shares in issue excluding own shares2,264 2,318 2,337 
Dilutive potential ordinary shares7 7 8 
2,271 2,325 2,345 
centscentscents
Basic earnings per share196.3 184.6 153.8 
Diluted earnings per share195.7 184.1 153.3 
2
Diageo  Recast unaudited historical financial information





Unaudited consolidated statement of comprehensive income
Year ended 30 June 2023Year ended
30 June 2022		Year ended 30 June 2021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Other comprehensive income
Items that will not be recycled subsequently to the income statement
Net remeasurement of post employment benefit plans
Group(771)820 21 
Associates and joint ventures16 6 5 
Non-controlling interests— (1)— 
Tax on post employment benefit plans193(164)(62)
Changes in the fair value of equity investments at fair value through other comprehensive income(5)(15)— 
(567)646 (36)
Items that may be recycled subsequently to the income statement
Exchange differences on translation of foreign operations
Group(906)756 (1,191)
Associates and joint ventures132 (570)232 
Non-controlling interests(100)(83)28 
Net investment hedges499 (829)1,093 
Exchange loss recycled to the income statement
On disposal of foreign operations15 143 — 
On step acquisition2 — — 
Tax on exchange differences - group2 (21)(1)
Tax on exchange differences - non-controlling interests— — (2)
Effective portion of changes in fair value of cash flow hedges
Hedge of foreign currency debt of the group7 309 (402)
Transaction exposure hedging of the group328 (230)137 
Hedges by associates and joint ventures29 (20)(1)
Commodity price risk hedging of the group (67)104 56 
Recycled to income statement - hedge of foreign currency debt of the group65 (319)236 
Recycled to income statement - transaction exposure hedging of the group (16)57 13 
Recycled to income statement - commodity price risk hedging of the group(39)(61)(3)
Tax on effective portion of changes in fair value of cash flow hedges(46)42 (8)
Hyperinflation adjustments229 431 (12)
Tax on hyperinflation adjustments(49)(87)3 
85 (378)178 
Other comprehensive (loss)/income, net of tax, for the year
(482)268 142 
Profit for the year
4,479 4,410 3,782 
Total comprehensive income for the year
3,997 4,678 3,924 
Attributable to:
Equity shareholders of the parent company4,063 4,632 3,711 
Non-controlling interests(66)46 213 
Total comprehensive income for the year
3,997 4,678 3,924 

3
Diageo  Recast unaudited historical financial information





Unaudited consolidated balance sheet
30 June 202330 June 202230 June 2021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Non-current assets
Intangible assets14,506 14,401 14,962 
Property, plant and equipment7,738 7,076 6,741 
Biological assets197 114 93 
Investments in associates and joint ventures4,825 4,418 4,597 
Other investments71 45 56 
Other receivables39 45 50 
Other financial assets497 418 454 
Deferred tax assets178 138 139 
Post employment benefit assets1,210 1,878 1,414 
29,261 28,533 28,506 
Current assets
Inventories9,653 8,584 8,402 
Trade and other receivables3,427 3,549 3,315 
Assets held for sale— 269 — 
Corporate tax receivables292 180 202 
Other financial assets437 303 169 
Cash and cash equivalents1,813 2,765 3,821 
15,622 15,650 15,909 
Total assets44,883 44,183 44,415 
Current liabilities
Borrowings and bank overdrafts(2,142)(1,842)(2,589)
Other financial liabilities(453)(538)(357)
Share buyback liability— (141)(127)
Trade and other payables(6,678)(7,123)(6,459)
Liabilities held for sale— (74)— 
Corporate tax payables(170)(305)(203)
Provisions(150)(192)(192)
(9,593)(10,215)(9,927)
Non-current liabilities
Borrowings(18,649)(17,543)(17,883)
Other financial liabilities(941)(850)(534)
Other payables(463)(459)(470)
Provisions(306)(312)(380)
Deferred tax liabilities(2,751)(2,807)(2,704)
Post employment benefit liabilities(471)(486)(798)
(23,581)(22,457)(22,769)
Total liabilities(33,174)(32,672)(32,696)
Net assets11,709 11,511 11,719 
Equity
Share capital898 875 1,030 
Share premium1,703 1,635 1,878 
Other reserves665 658 1,233 
Retained earnings6,590 6,267 5,446 
Equity attributable to equity shareholders of the parent company9,856 9,435 9,587 
Non-controlling interests1,853 2,076 2,132 
Total equity11,709 11,511 11,719 
    
4
Diageo  Recast unaudited historical financial information





Unaudited consolidated statement of changes in equity
Retained earnings/(deficit)
Share
capital		Share
premium		Other reservesOwn sharesOther retained earningsTotalEquity attributable to parent company shareholdersNon-controlling interestsTotal
equity
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
At 30 June 2020913 1,662 1,098 (2,382)7,039 4,657 8,330 2,051 10,381 
Other(1)
118 216 (27)(307)— (307)— — — 
Profit for the year— — — — 3,595 3,595 3,595 187 3,782 
Other comprehensive income/(loss)— — 161 — (45)(45)116 26 142 
Total comprehensive income for the year— — 161 — 3,550 3,550 3,711 213 3,924 
Employee share schemes— — — 80 (13)67 67 — 67 
Share-based incentive plans— — — — 66 66 66 — 66 
Share-based incentive plans in respect of associates— — — — 4 4 4 — 4 
Tax on share-based incentive plans— — — — 12 12 12 — 12 
Purchase of non-controlling interests— — — — (19)(19)(19)(35)(54)
Associates' transactions with non-controlling interests— — — — (123)(123)(123)— (123)
Change in fair value of put option— — — — (2)(2)(2)— (2)
Share buyback programme(1)— 1 — (280)(280)(280)— (280)
Dividend declared in the year— — — — (2,179)(2,179)(2,179)(97)(2,276)
At 30 June 20211,030 1,878 1,233 (2,609)8,055 5,446 9,587 2,132 11,719 
Adjustment to 2021 closing equity in respect of hyperinflation in Turkey— — — — 349 349 349 — 349 
Adjusted at 30 June 20211,030 1,878 1,233 (2,609)8,404 5,795 9,936 2,132 12,068 
Other(1)
(131)(243)40 334 — 334 — — — 
Profit for the year— — — — 4,280 4,280 4,280 130 4,410 
Other comprehensive (loss)/income— — (639)— 991 991 352 (84)268 
Total comprehensive (loss)/income for the year— — (639)— 5,271 5,271 4,632 46 4,678 
Employee share schemes— — — 52 67 119 119 — 119 
Share-based incentive plans— — — — 79 79 79 — 79 
Share-based incentive plans in respect of associates— — — — 5 5 5 — 5 
Tax on share-based incentive plans— — — — 11 11 11 — 11 
Share based payments and purchase of own shares in respect of subsidiaries— — — — (15)(15)(15)(8)(23)
Unclaimed dividend— — — — 3 3 3 1 4 
Change in fair value of put option— — — — (45)(45)(45)— (45)
Share buyback programme(24)— 24 — (3,004)(3,004)(3,004)— (3,004)
Dividend declared in the year— — — — (2,286)(2,286)(2,286)(95)(2,381)
At 30 June 2022875 1,635 658 (2,223)8,490 6,267 9,435 2,076 11,511 
Other(1)
36 68 (11)(93)— (93)— — — 
Profit for the year— — — — 4,445 4,445 4,445 34 4,479 
Other comprehensive income/(loss)— — 5 — (387)(387)(382)(100)(482)
Total comprehensive income/(loss) for the year— — 5 — 4,058 4,058 4,063 (66)3,997 
Employee share schemes— — — 30 29 59 59 — 59 
Share-based incentive plans— — — — 58 58 58 — 58 
Share-based incentive plans in respect of associates— — — — 6 6 6 — 6 
Tax on share-based incentive plans— — — — 7 7 7 — 7 
Share based payments and purchase of own shares in respect of subsidiaries— — — — 4 4 4 2 6 
Purchase of non-controlling interests— — — — (136)(136)(136)(42)(178)
Unclaimed dividend— — — — 1 1 1 — 1 
Associates' transactions with non-controlling interests— — — — (8)(8)(8)— (8)
Change in fair value of put option— — — — (19)(19)(19)— (19)
Share buyback programme(13)— 13 — (1,543)(1,543)(1,543)— (1,543)
Dividend declared in the year— — — — (2,071)(2,071)(2,071)(117)(2,188)
At 30 June 2023898 1,703 665 (2,286)8,876 6,590 9,856 1,853 11,709 
(1)    Includes amounts relating to foreign translation differences arising from the retranslation of reserves due to the change in the group’s presentation currency
5
Diageo  Recast unaudited historical financial information





Unaudited consolidated statement of cash flows
Year ended 30 June 2023Year ended 30 June 2022Year ended 30 June 2021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Cash flows from operating activities
Profit for the year4,479 4,410 3,782 
Taxation1,163 1,398 1,222 
Share of after tax results of associates and joint ventures(443)(555)(452)
Net finance charges712 556 504 
Non-operating items(364)88 (20)
Operating profit5,547 5,897 5,036 
Increase in inventories(810)(984)(597)
Decrease/(increase) in trade and other receivables142 (502)(602)
(Decrease)/increase in trade and other payables and provisions(746)1,245 1,645 
Net (increase)/decrease in working capital(1,414)(241)446 
Depreciation, amortisation and impairment1,297 1,064 604 
Dividends received271 238 391 
Post employment payments less amounts included in operating profit(31)(119)(40)
Other items74 70 120 
1,611 1,253 1,075 
Cash generated from operations5,744 6,909 6,557 
Interest received157 146 120 
Interest paid(822)(582)(595)
Taxation paid(1,443)(1,260)(1,150)
(2,108)(1,696)(1,625)
Net cash inflow from operating activities3,636 5,213 4,932 
Cash flows from investing activities
Disposal of property, plant and equipment and computer software16 23 18 
Purchase of property, plant and equipment and computer software(1,417)(1,457)(844)
Movements in loans and other investments(68)(96)(7)
Sale of businesses and brands559 102 20 
Acquisition of subsidiaries(404)(278)(588)
Investment in associates and joint ventures(112)(86)(52)
Net cash outflow from investing activities(1,426)(1,792)(1,453)
Cash flows from financing activities
Share buyback programme(1,673)(2,985)(153)
Net sale of own shares for share schemes36 24 66 
Purchase of treasury shares in respect of subsidiaries— (20)— 
Dividends paid to non-controlling interests(117)(108)(104)
Proceeds from bonds2,537 2,971 1,310 
Repayment of bonds(1,650)(2,060)(1,612)
Purchase of shares of non-controlling interests(178)— (54)
Cash inflow from other borrowings521 667 46 
Cash outflow from other borrowings(452)(562)(1,067)
Equity dividends paid(2,065)(2,300)(2,179)
Net cash outflow from financing activities(3,041)(4,373)(3,747)
Net decrease in net cash and cash equivalents(831)(952)(268)
Exchange differences(76)(38)55 
Net cash and cash equivalents at beginning of the year
2,675 3,665 3,878 
Net cash and cash equivalents at end of the year
1,768 2,675 3,665 
Net cash and cash equivalents consist of:
Cash and cash equivalents1,813 2,765 3,821 
Bank overdrafts(45)(90)(156)
1,768 2,675 3,665 

6
Diageo  Recast unaudited historical financial information





Additional information
Segmental information (unaudited)
The re-presented segmental information below for the years ended 30 June 2021, 30 June 2022 and 30 June 2023 is unaudited. Please see note 2 to the financial statements included in the 2023 Form 20-F for segmental information in sterling for the years ended 30 June 2021, 30 June 2022 and 30 June 2023.

(a) Segmental information for the consolidated income statement
North AmericaEurope Asia
Pacific 		Latin America and CaribbeanAfricaSC&PEliminate
inter-
segment
sales 		Total
operating
segments 		Corporate
and other 		Total
Year ended 30 June 2023Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Sales8,859 7,245 6,484 2,714 2,864 3,687 (3,687)28,166 104 28,270 
Net sales
At budgeted exchange rates(1)
8,109 4,526 4,134 2,200 2,186 3,943 (3,854)21,244 115 21,359 
Acquisitions and disposals27 27 48 3 138 — — 243 — 243 
SC&P allocation10 52 11 12 4 (89)— — — — 
Retranslation to actual exchange rates(37)(537)(352)(56)(289)(167)167 (1,271)(11)(1,282)
Hyperinflation— 235 — — — — — 235 — 235 
Net sales8,109 4,303 3,841 2,159 2,039 3,687 (3,687)20,451 104 20,555 
Operating profit/(loss)
At budgeted exchange rates(1)
3,132 1,441 1,187 800 466 (42)— 6,984 (392)6,592 
Acquisitions and disposals(23)(19)7 — 37 — — 2 (8)(6)
SC&P allocation3 (31)(7)(4)(3)42 — — — — 
Fair value remeasurement122 34 — 1 — — — 157 — 157 
Retranslation to actual exchange rates(12)(144)(83)(14)(211)— — (464)3 (461)
Hyperinflation— 31 — — — — — 31 — 31 
Operating profit/(loss) before exceptional items3,222 1,312 1,104 783 289 — — 6,710 (397)6,313 
Exceptional operating items (118)(12)(581)— (55)— — (766)— (766)
Operating profit/(loss)3,104 1,300 523 783 234 — — 5,944 (397)5,547 
Non-operating items364 
Net finance charges(712)
Share of after tax results of associates and joint ventures443 
Profit before taxation5,642 

7
Diageo  Recast unaudited historical financial information






North AmericaEurope Asia
Pacific		Latin America and CaribbeanAfricaSC&PEliminate
inter-
segment
sales		Total
operating
segments		Corporate
and other		Total
Year ended 30 June 2022Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Sales8,888 7,531 7,481 2,585 3,196 2,672 (2,672)29,681 70 29,751 
Net sales
At budgeted exchange rates(1)
8,037 4,398 3,887 2,007 2,292 2,829 (2,720)20,730 74 20,804 
Acquisitions and disposals46 32 — 4 20 — — 102 — 102 
SC&P allocation13 63 13 16 4 (109)— — — — 
Retranslation to actual exchange rates10 (510)(63)— (78)(48)48 (641)(4)(645)
Hyperinflation— 255 — — — — — 255 — 255 
Net sales8,106 4,238 3,837 2,027 2,238 2,672 (2,672)20,446 70 20,516 
Operating profit/(loss)
At budgeted exchange rates(1)
3,224 1,464 948 715 466 (31)— 6,786 (343)6,443 
Acquisitions and disposals(37)14 — — (13)— — (36)— (36)
SC&P allocation(3)(23)(1)(3)(1)31 — — — — 
Fair value remeasurement43 48 — (10)— — — 81 — 81 
Retranslation to actual exchange rates41 (172)— 10 (33)— — (154)26 (128)
Hyperinflation— 14 — — — — — 14 — 14 
Operating profit/(loss) before exceptional items3,268 1,345 947 712 419 — — 6,691 (317)6,374 
Exceptional operating items (1)(184)(292)— — — — (477)— (477)
Operating profit/(loss)3,267 1,161 655 712 419 — — 6,214 (317)5,897 
Non-operating items(88)
Net finance charges(556)
Share of after tax results of associates and joint ventures555 
Profit before taxation5,808 


North AmericaEurope Asia
Pacific		Latin America and CaribbeanAfricaSC&PEliminate
inter-
segment
sales		Total
operating
segments		Corporate
and other		Total
Year ended 30 June 2021Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Sales7,835 6,473 6,948 1,849 2,727 2,075 (2,075)25,832 26 25,858 
Net sales
At budgeted exchange rates(1)
6,963 3,250 3,227 1,482 1,942 2,050 (1,950)16,964 25 16,989 
Acquisitions and disposals35 3 — — 6 — — 44 — 44 
SC&P allocation12 56 11 16 5 (100)— — — — 
Retranslation to actual exchange rates23 144 121 (85)(46)125 (125)157 1 158 
Net sales7,033 3,453 3,359 1,413 1,907 2,075 (2,075)17,165 26 17,191 
Operating profit/(loss)
At budgeted exchange rates(1)
3,111 918 791 530 286 (121)— 5,515 (275)5,240 
Acquisitions and disposals(24)(3)— — — — — (27)— (27)
SC&P allocation(38)(40)(6)(33)(4)121 — — — — 
Fair value remeasurement(10)(34)— — — — — (44)— (44)
Retranslation to actual exchange rates(35)20 31 (72)(51)— — (107)(5)(112)
Operating profit/(loss) before exceptional items3,004 861 816 425 231 — — 5,337 (280)5,057 
Exceptional operating items — (21)— — — — — (21)— (21)
Operating profit/(loss)3,004 840 816 425 231 — — 5,316 (280)5,036 
Non-operating items20 
Net finance charges(504)
Share of after tax results of associates and joint ventures452 
Profit before taxation5,004 
(1)    These items represent the IFRS 8 performance measures for the geographical and SC&P segments.
(i)    The net sales figures for SC&P reported to the Executive Committee primarily comprise inter-segment sales and these are eliminated in a separate column in the above segmental analysis. Apart from sales by the SC&P segment to the geographical segments, inter-segment sales are not material.

8
Diageo  Recast unaudited historical financial information





(b) Other segmental information
 North
America		Europe Asia
Pacific		Latin
America
and
Caribbean		AfricaSC&PCorporate
and other		Total
Year ended 30 June 2023Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Purchase of property, plant and equipment and computer software236 252 198 146 152 427 6 1,417 
Depreciation and intangible asset amortisation(114)(118)(75)(22)(95)(161)(12)(597)
Exceptional impairment of tangible assets(63)3 (27)— — — — (87)
Exceptional impairment of intangible assets(36)(31)(546)— — — — (613)
Year ended 30 June 2022
Purchase of property, plant and equipment and computer software306 247 194 170 184 341 15 1,457 
Depreciation and intangible asset amortisation(107)(121)(124)(21)(106)(157)(15)(651)
Exceptional impairment of tangible assets— (4)— — — — — (4)
Exceptional impairment of intangible assets— (119)(290)— — — — (409)
Year ended 30 June 2021
Purchase of property, plant and equipment and computer software206 32 74 26 169 169 168 844 
Depreciation and intangible asset amortisation(101)(43)(81)(22)(107)(169)(81)(604)

(c) Category and geographical analysis
Category analysisGeographical analysis
Year ended 30 June 2023Spirits
Re-presented
$ million		Beer
Re-presented
$ million		Ready to drink
Re-presented
$ million		Other
Re-presented
$ million		Total
Re-presented
$ million		United
States
Re-presented
$ million		India
Re-presented
$ million		Great
Britain
Re-presented
$ million		Rest of
world
Re-presented
$ million		Total
Re-presented
$ million
Sales(1)
22,8554,0261,07931028,2708,366 3,301 2,565 14,03828,270
Non-current assets(2), (3)
7,328 2,265 3,665 14,11827,376
Year ended 30 June 2022
Sales(1)
24,059 4,160 1,172 360 29,751 8,415 4,282 2,848 14,20629,751
Non-current assets(2), (3)
7,137 2,899 2,920 13,14326,099
Year ended 30 June 2021
Sales(1)
21,106 3,459 1,000 293 25,858 7,346 4,065 2,460 11,98725,858
Non-current assets(2), (3)
6,004 3,559 2,946 13,99026,499
(1)    The geographical analysis of sales is based on the location of third-party sales.
(2)    The geographical analysis of non-current assets is based on the geographical location of the assets and comprises intangible assets, property, plant and equipment, biological assets, investments in associates and joint ventures, other investments and non-current other receivables.
(3)    The management information provided to the chief operating decision maker does not include an analysis of assets and liabilities by category and therefore is not disclosed.

9
Diageo  Recast unaudited historical financial information





Reported to organic movements
In this section, selected historical re-presented non-GAAP measures are published in order to help the understanding of Diageo's past performance and financial position in US dollars.
Unaudited re-presented reconciliations of reported to organic movements for net sales, marketing expenses and operating profit for the years ended 30 June 2023 and 2022 are set out in the tables below.
The re-presentation to US dollars did not result in any material change to organic growth movements for any of the periods, geographical segments or key categories.

Diageo
Year ended 30 June 2023 ($ million)
2022
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
Hyperinflation(2)
Re-presented
2023
Re-presented		Reported movement
Re-presented
%
Net sales20,516 (1,246)(154)1,299 — 140 20,555 — 
Marketing3,616 (193)21 203 1 15 3,663 1 
Operating profit before exceptional items6,374 (518)(81)431 77 30 6,313 (1)
Exceptional operating items(1)
(477)(766)
Operating profit5,897 5,547 (6)
Year ended 30 June 2022 ($ million)
2021
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
Hyperinflation(2)
Re-presented
2022
Re-presented		Reported movement
Re-presented
%
Net sales17,191 (644)48 3,666 — 255 20,516 19 
Marketing2,920 (78)34 718 (1)23 3,616 24 
Operating profit before exceptional items5,057 (145)(21)1,342 127 14 6,374 26 
Exceptional operating items(1)
(21)(477)
Operating profit5,036 5,897 17 
North America
Year ended 30 June 2023 ($ million)
2022
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
2023
Re-presented		Reported movement
Re-presented
%
Net sales8,106 (38)27 14 — 8,109 — 
Marketing1,595 (14)20 29 1 1,631 2 
Operating profit before exceptional items3,268 (34)(15)(76)79 3,222 (1)
Exceptional operating items(1)
(1)(118)
Operating profit3,267 3,104 (5)
Year ended 30 June 2022 ($ million)
2021
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
2022
Re-presented		Reported movement
Re-presented
%
Net sales7,033 10 46 1,017 — 8,106 15 
Marketing1,263 1 33 299 (1)1,595 26 
Operating profit before exceptional items3,004 37 (26)200 53 3,268 9 
Exceptional operating items(1)
— (1)
Operating profit3,004 3,267 9 
10
Diageo  Recast unaudited historical financial information





Europe
Year ended 30 June 2023 ($ million)
2022
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
Hyperinflation(2)
Re-presented
2023
Re-presented		Reported movement
Re-presented
%
Net sales4,238 (530)(11)466 — 140 4,303 2 
Marketing764 (74)3 57 — 15 765 — 
Operating profit before exceptional items1,345 (144)(43)138 (14)30 1,312 (2)
Exceptional operating items(1)
(184)(12)
Operating profit1,161 1,300 12 
Year ended 30 June 2022 ($ million)
2021
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
Hyperinflation(2)
Re-presented
2022
Re-presented		Reported movement
Re-presented
%
Net sales3,453 (510)6 1,034 — 255 4,238 23 
Marketing638 (62)— 165 — 23 764 20 
Operating profit before exceptional items861 (179)1 564 84 14 1,345 56 
Exceptional operating items(1)
(21)(184)
Operating profit840 1,161 38 
Asia Pacific
Year ended 30 June 2023 ($ million)
2022
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic
movement
Re-presented		2023
Re-presented		Reported movement
Re-presented
%
Net sales3,837 (334)(136)474 3,841 — 
Marketing651 (58)— 62 655 1 
Operating profit before exceptional items947 (83)(28)268 1,104 17 
Exceptional operating items(1)
(292)(581)
Operating profit655 523 (20)
Year ended 30 June 2022 ($ million)
2021
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic
movement
Re-presented		2022
Re-presented		Reported movement
Re-presented
%
Net sales3,359 (66)— 544 3,837 14 
Marketing564 (4)— 91 651 15 
Operating profit before exceptional items816 (2)— 133 947 16 
Exceptional operating items(1)
— (292)
Operating profit816 655 (20)
Latin America and Caribbean
Year ended 30 June 2023 ($ million)
2022
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
2023
Re-presented		Reported movement
Re-presented
%
Net sales2,027 (61)3 190 — 2,159 7 
Marketing324 (15)1 45 — 355 10 
Operating profit712 (24)— 83 12 783 10 
Year ended 30 June 2022 ($ million)
2021
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented
Other(3)
Re-presented
2022
Re-presented		Reported movement
Re-presented
%
Net sales1,413 1 4 609 — 2,027 43 
Marketing218 (2)1 107 — 324 49 
Operating profit425 3 — 294 (10)712 68 
11
Diageo  Recast unaudited historical financial information





Africa
Year ended 30 June 2023 ($ million)
2022
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented		2023
Re-presented		Reported movement
Re-presented
%
Net sales2,238 (273)(37)111 2,039 (9)
Marketing266 (31)(6)6 235 (12)
Operating profit before exceptional items419 (192)13 49 289 (31)
Exceptional operating items(1)
— (55)
Operating profit419 234 (44)
Year ended 30 June 2022 ($ million)
2021
Re-presented		Exchange
Re-presented		Acquisitions
and
disposals
Re-presented		Organic movement
Re-presented		2022
Re-presented		Reported movement
Re-presented
%
Net sales1,907 (76)(8)415 2,238 17 
Marketing228 (11)— 49 266 17 
Operating profit231 (21)4 205 419 81 
(1) For definition of exceptional operating items see page 14-15.
(2) See page 15-17 for definition and details of hyperinflationary adjustments.
(3) Fair value remeasurements. For further details see page 15.

12
Diageo  Recast unaudited historical financial information





Definitions and reconciliation of non-GAAP
measures to GAAP measures
Explanatory notes
Unless otherwise stated, percentage movements given throughout this document for net sales, marketing spend, operating profit and operating margin are organic movements after retranslating re-presented current period reported numbers at prior period exchange rates and after adjusting for the effect of exceptional operating items and acquisitions and disposals, excluding fair value remeasurements.
Definitions and reconciliation of non-GAAP measures to GAAP measures
Diageo’s strategic planning process is based on certain non-GAAP measures, including organic movements. These non-GAAP measures are chosen for planning and reporting, and some of them are used for incentive purposes. The group’s management believes that these measures provide valuable additional information for users of the re-presented historical financial information in understanding the group’s performance. These non-GAAP measures should be viewed as complementary to, and not replacements for, the comparable GAAP measures and reported movements therein.
Organic movements
Organic information is presented using US dollar amounts on a constant currency basis excluding the impact of exceptional items, certain fair value remeasurement, hyperinflation and acquisitions and disposals. Organic measures enable users to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.
Calculation of organic movements
The organic movement percentage is the amount in the row titled ‘Organic movement’ in the tables below, expressed as a percentage of the relevant absolute amount in the row titled ‘2022 and 2021 adjusted’. Organic operating margin is calculated by dividing operating profit before exceptional items by net sales after excluding the impact of exchange rate movements, certain fair value remeasurements, hyperinflation and acquisitions and disposals.
(a) Exchange rates
Exchange in the organic movement calculation reflects the adjustment to recalculate the reported results as if they had been generated at the prior period weighted average exchange rates.
Exchange impacts in respect of the external hedging of intergroup sales by the markets in a currency other than their functional currency and the intergroup recharging of services are also translated at prior period weighted average exchange rates and are allocated to the geographical segment to which they relate. Residual exchange impacts are reported as part of the Corporate segment. Results from hyperinflationary economies are translated at forward-looking rates.
(b) Acquisitions and disposals
For acquisitions in the current period, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior period, post-acquisition results are included in full in the prior period but are included in the organic movement calculation from the anniversary of the acquisition date in the current period. The acquisition row also eliminates the impact of transaction costs that have been charged to operating profit in the current or prior period in respect of acquisitions that, in management’s judgement, are expected to be completed.
Where a business, brand, brand distribution right or agency agreement was disposed of or terminated in the reporting period, the group, in the organic movement calculations, excludes the results for that business from the current and prior period. In the calculation of operating profit, the overheads included in disposals are only those directly attributable to the businesses disposed of, and do not result from subjective judgements of management.
(c) Exceptional items
Exceptional items are those that in management’s judgement need to be disclosed separately. Such items are included within the income statement caption to which they relate, and are excluded from the organic movement calculations. Management believes that separate disclosure of exceptional items and the classification between operating and non-operating items further helps investors to understand the performance of the group. Changes in estimates and reversals in relation to items previously recognised as exceptional are presented consistently as exceptional in the current year.
Exceptional operating items are those that are considered to be material and unusual or non-recurring in nature and are part of the operating activities of the group, such as one-off global restructuring programmes which can be multi-year, impairment of intangible assets and fixed assets, indirect tax settlements, property disposals and changes in post employment plans.
Gains and losses on the sale or directly attributable to a prospective sale of businesses, brands or distribution rights, step up gains and losses that arise when an investment becomes an associate or an associate becomes a subsidiary and other material, unusual non-recurring items that are not in respect of the production, marketing and distribution of premium drinks, are disclosed as exceptional non-operating items below operating profit in the income statement.
13
Diageo  Recast unaudited historical financial information





Exceptional current and deferred tax items comprise material and unusual or non-recurring items that impact taxation. Examples include direct tax provisions and settlements in respect of prior years and the remeasurement of deferred tax assets and liabilities following tax rate changes.
(d) Fair value remeasurement
Fair value remeasurement in the organic movement calculation reflects an adjustment to eliminate the impact of fair value changes in biological assets, earn-out arrangements that are accounted for as remuneration and fair value changes relating to contingent consideration liabilities and equity options that arose on acquisitions recognised in the income statement.
Adjustment in respect of hyperinflation
Before 2022, organic results from hyperinflationary economies were translated at respective years’ actual rates which meant that organic movements were broadly in line with reported movements. A review of this methodology was completed in 2022 when Turkey became a hyperinflationary economy.
The group's experience is that hyperinflationary conditions result in price increases that include both normal pricing actions reflecting changes in demand, commodity and other input costs or considerations to drive commercial competitiveness, as well as hyperinflationary elements and that for the calculation of organic movements, the distortion from hyperinflationary elements should be excluded.
Cumulative inflation over 100% (2% per month compounded) over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. As a result, the definition of 'Organic movements' includes price growth in markets deemed to be hyperinflationary economies, up to a maximum of 2% per month while also being on a constant currency basis. Corresponding adjustments have been made to all income statement related lines in the organic movement calculations.
In the tables presenting the calculation of organic movements, 'hyperinflation' is included as a reconciling item between reported and organic movements and that also includes the relevant IAS 29 adjustments.
Year ended 30 June 2023
North America
Re-presented
$ million		Europe
Re-presented
$ million		Asia
Pacific
Re-presented
$ million		Latin America
and Caribbean
Re-presented
$ million		Africa
Re-presented
$ million
Corporate(2)
Re-presented
$ million
Total
Re-presented
$ million
Net sales
2022 reported (re-presented)8,1064,2383,8372,0272,2387020,516
Exchange(1)718(5)16136
Disposals—(38)(184)—(175)—(397)
Hyperinflation—(95)————(95)
2022 adjusted (re-presented)8,1054,1123,6712,0222,0797120,060
Organic movement14466474190111441,299
Acquisitions and disposals2727483138—243
Exchange(37)(537)(352)(56)(289)(11)(1,282)
Hyperinflation—235————235
2023 reported (re-presented)8,1094,3033,8412,1592,03910420,555
Organic movement %—111395626

Year ended 30 June 2022
North America
Re-presented
$ million		Europe
Re-presented
$ million		Asia
Pacific
Re-presented
$ million		Latin America
and Caribbean
Re-presented
$ million		Africa
Re-presented
$ million
Corporate(2)
Re-presented
$ million
Total
Re-presented
$ million
Net sales
2021 reported (re-presented)7,0333,4533,3591,4131,9072617,191
Exchange——(3)1211
Disposals—(26)——(28)—(54)
2021 adjusted (re-presented)7,0333,4273,3561,4141,8812717,138
Organic movement1,0171,034544609415473,666
Acquisitions and disposals4632—420—102
Exchange10(510)(63)—(78)(4)(645)
Hyperinflation—255————255
2022 reported (re-presented)8,1064,2383,8372,0272,2387020,516
Organic movement %143016432217421
14
Diageo  Recast unaudited historical financial information





Year ended 30 June 2023
North America
Re-presented
 $ million		Europe
Re-presented
$ million		Asia
Pacific
Re-presented
$ million		Latin America
and Caribbean
Re-presented
$ million		Africa
Re-presented
$ million
Corporate(2)
Re-presented
$ million
Total
Re-presented
$ million
Marketing
2022 reported (re-presented)1,595764651324266163,616
Exchange(3)162(2)(2)(1)10
Fair value remeasurement of contingent considerations, equity option and earn out arrangements1—————1
Disposals—(1)——(12)—(13)
Hyperinflation—(8)————(8)
2022 adjusted (re-presented)1,593771653322252153,606
Organic movement2957624564203
Acquisitions and disposals204—16334
Exchange(11)(90)(60)(13)(29)—(203)
Hyperinflation—23————23
2023 reported (re-presented)1,631765655355235223,663
Organic movement %279142276

Year ended 30 June 2022
North America
Re-presented
$ million		Europe
Re-presented
$ million		Asia
Pacific
Re-presented
$ million		Latin America
and Caribbean
Re-presented
$ million		Africa
Re-presented
$ million
Corporate(2)
Re-presented
$ million
Total
Re-presented
$ million
Marketing
2021 reported (re-presented)1,26363856421822892,920
Exchange—(1)2—(4)(2)(5)
Disposals—(1)——(3)—(4)
2021 adjusted (re-presented)1,26363656621822172,911
Organic movement29916591107497718
Acquisitions and disposals331—13—38
Fair value remeasurement of contingent considerations, equity option and earn out arrangements(1)—————(1)
Exchange1(61)(6)(2)(7)2(73)
Hyperinflation—23————23
2022 reported (re-presented)1,595764651324266163,616
Organic movement %242616492210025

15
Diageo  Recast unaudited historical financial information





Year ended 30 June 2023
North America
Re-presented
$ million		Europe
Re-presented
$ million		Asia
Pacific
Re-presented
$ million		Latin America
and Caribbean
Re-presented
$ million		Africa
Re-presented
$ million		Corporate
Re-presented
$ million		Total
Re-presented
$ million
Operating profit before exceptional items
2022 reported (re-presented)3,268 1,345 947 712 419 (317)6,374 
Exchange(22)— — (10)19 (44)(57)
Fair value remeasurement of contingent considerations and equity option(43)(48)— 11 — — (80)
Acquisitions and disposals8 (24)(35)— (24)— (75)
Hyperinflation— (1)— — — — (1)
2022 adjusted (re-presented)3,211 1,272 912 713 414 (361)6,161 
Organic movement(76)138 268 83 49 (31)431 
Acquisitions and disposals(23)(19)7 — 37 (8)(6)
Fair value remeasurement of contingent considerations, equity option and earn out arrangements122 34 — 1 — — 157 
Exchange(12)(144)(83)(14)(211)3 (461)
Hyperinflation— 31 — — — — 31 
2023 reported (re-presented)3,222 1,312 1,104 783 289 (397)6,313 
Organic movement %(2)11 29 12 12 (9)7 
Organic operating margin % (1)
2023 (re-presented)38.6 30.8 28.5 36.0 21.1 n/a30.9 
2022 (re-presented)39.6 30.9 24.8 35.3 19.9 n/a30.7 
Organic operating margin movement (bps)(101)(13)363 72 126 n/a15 

Year ended 30 June 2022     
North America
Re-presented
$ million		Europe
Re-presented
$ million		Asia
Pacific
Re-presented
$ million		Latin America
and Caribbean
Re-presented
$ million		Africa
Re-presented
$ million
Corporate(2)
Re-presented
$ million
Total
Re-presented
$ million
Operating profit before exceptional items
2021 reported (re-presented)3,004 861 816 425 231 (280)5,057 
Exchange(4)(7)(2)(7)12 (9)(17)
Fair value remeasurement of contingent considerations and equity option10 36 — — — — 46 
Acquisitions and disposals11 (13)— — 17 — 15 
2021 adjusted (re-presented)3,021 877 814 418 260 (289)5,101 
Organic movement200 564 133 294 205 (54)1,342 
Acquisitions and disposals(37)14 — — (13)— (36)
Fair value remeasurement of contingent considerations, equity option and earn out arrangements43 48 — (4)— — 87 
Fair value remeasurement of biological assets— — — (6)— — (6)
Exchange41 (172)— 10 (33)26 (128)
Hyperinflation— 14 — — — — 14 
2022 reported (re-presented)3,268 1,345 947 712 419 (317)6,374 
Organic movement %7 64 16 70 79 (19)26 
Organic operating margin % (1)
2022 (re-presented)40.0 32.3 24.3 35.2 20.3 n/a31.0 
2021 (re-presented)43.0 25.6 24.3 29.6 13.8 n/a29.8 
Organic operating margin movement (bps)(295)671 2 564 643 n/a121 
(i)    Percentages and margin movement are calculated on rounded figures.

Notes: Information in respect of the organic movement calculations
(1)    Organic operating margin calculated by dividing operating profit before exceptional items by net sales after excluding the impact of exchange rate movements, certain fair value remeasurements, hyperinflation and acquisitions and disposals.
(2)    Organic movement % is calculated from re-presented, rounded figures, which has resulted in immaterial differences in the re-presented numbers for Corporate compared to those
presented in the consolidated financial information of Diageo for the years ended 30 June 2021, 30 June 2022 and 30 June 2023.
16
Diageo  Recast unaudited historical financial information





Earnings per share before exceptional items
Earnings per share before exceptional items is calculated by dividing profit attributable to equity shareholders of the parent company before exceptional items by the weighted average number of shares in issue.
Earnings per share before exceptional items for the years ended 30 June 2023, 30 June 2022 and 30 June 2021 are set out in the tables below:
30 June 202330 June 202230 June 2021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Profit attributable to equity shareholders of the parent company4,445 4,280 3,595 
Exceptional operating and non-operating items402 565 1 
Exceptional tax items and tax in respect of exceptional operating and non-operating items(226)(40)113 
Exceptional items attributable to non-controlling interests(173)(125)2 
Profit attributable to equity shareholders of the parent company before exceptional items4,448 4,680 3,711 
Weighted average number of sharesmillionmillionmillion
Shares in issue excluding own shares2,264 2,318 2,337 
Dilutive potential ordinary shares7 7 8 
Diluted shares in issue excluding own shares2,271 2,325 2,345 
centscentscents
Basic earnings per share before exceptional items196.5201.9158.8 
Diluted earnings per share before exceptional items195.9201.3158.3 
Free cash flow
Free cash flow comprises the net cash flow from operating activities aggregated with the net cash received/paid for working capital loans receivable, cash paid or received for investments and the net cash expenditure paid for property, plant and equipment and computer software that are included in net cash flow from investing activities.
The remaining components of net cash flow from investing activities that do not form part of free cash flow, as defined by the group’s management, are in respect of the acquisition and sale of businesses and non-working capital loans to and from associates.
The group’s management regards a portion of the purchase and disposal of property, plant and equipment and computer software as ultimately non-discretionary since ongoing investment in plant, machinery and technology is required to support the day-to-day operations, whereas acquisition and sale of businesses are discretionary.
Where appropriate, separate explanations are given for the impacts of acquisition and sale of businesses, dividends paid and the purchase of own shares, each of which arises from decisions that are independent from the running of the ongoing underlying business.
Free cash flow reconciliations for the years ended 30 June 2023, 30 June 2022 and 30 June 2021 are set out in the table below:
202320222021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Net cash inflow from operating activities3,636 5,213 4,932 
Disposal of property, plant and equipment and computer software16 23 18 
Purchase of property, plant and equipment and computer software(1,417)(1,457)(844)
Movements in loans and other investments(68)(96)(7)
Free cash flow2,167 3,683 4,099 

17
Diageo  Recast unaudited historical financial information





Adjusted net borrowings to adjusted EBITDA
Diageo manages its capital structure with the aim of achieving capital efficiency, providing flexibility to invest through the economic cycle and giving efficient access to debt markets at attractive cost levels. The group regularly assesses its debt and equity capital levels to enhance its capital structure by reviewing the ratio of adjusted net borrowings (net borrowings aggregated with post employment benefit liabilities before tax) to adjusted EBITDA (earnings before exceptional operating items, non-operating items, interest, tax, depreciation, amortisation and impairment).
Calculations for the ratio of adjusted net borrowings to adjusted EBITDA for the years ended 30 June 2023, 30 June 2022 and 30 June 2021 are set out in the table below (unaudited):
202320222021
Re-presented
$ million		Re-presented
$ million		Re-presented
$ million
Borrowings due within one year2,142 1,842 2,589 
Borrowings due after one year18,649 17,543 17,883 
Fair value of foreign currency derivatives and interest rate hedging instruments40 (88)(323)
Lease liabilities564 575 504 
Less: Cash and cash equivalents(1,813)(2,765)(3,821)
Net borrowings19,582 17,107 16,832 
Post employment benefit liabilities before tax471 486 798 
Adjusted net borrowings20,053 17,593 17,630 
Profit for the year4,479 4,410 3,782 
Taxation1,163 1,398 1,222 
Net finance charges712 556 504 
Depreciation, amortisation and impairment (excluding exceptional impairment)597 655 604 
Exceptional impairment700 409 — 
EBITDA7,651 7,428 6,112 
Exceptional operating items (excluding impairment)66 64 21 
Non-operating items(364)88 (20)
Adjusted EBITDA7,353 7,580 6,113 
Adjusted net borrowings to adjusted EBITDA2.7 2.3 2.9 
.
18
Diageo  Recast unaudited historical financial information





Cautionary statement concerning forward-looking statements
This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as “’will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this document, such statements include those that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including information related to future dividend payments.
Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo's control, which include (but are not limited to): (i) economic, political, social or other developments in countries and markets in which Diageo operates, including elevated geopolitical instability as a result of conflict in the Middle East and macroeconomic events that may affect Diageo’s customers, suppliers and/or financial counterparties; (ii) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or no alcohol products and/or developments in e-commerce); (iv) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo’s related internal policies and procedures to comply with applicable law or regulation; (x) Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT threats or any other disruptions to core business operations; (xii) contamination, counterfeiting or other circumstances which could harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiii) Diageo’s ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xiv) fluctuations in exchange rates and/or interest rates; (xv) Diageo’s ability to derive the expected benefits from its business strategies, including Diageo’s investments in e-commerce and its luxury portfolio; (xvi) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that are competitive with Diageo’s products and consolidations by competitors and retailers; (xvii) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xviii) movements in the value of the assets and liabilities related to Diageo’s pension plans; (xix) Diageo’s ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xx) any failure by Diageo to protect its intellectual property rights.
All oral and written forward-looking statements made on or after the date of this document and attributable to Diageo are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Further details of potential risks and uncertainties affecting Diageo are described in our filings with the London Stock Exchange and the US Securities and Exchange Commission (SEC), including in our Annual Report for the year ended 30 June 2023 and in our Annual Report on Form 20-F for the year ended 30 June 2023.
Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law. The reader should, however, consult any additional disclosures that Diageo may make in any documents which it publishes and/or files with the London Stock Exchange or the SEC.
This document includes names of Diageo’s products, which constitute trademarks or trade names which Diageo owns, or which others own and license to Diageo for use. All rights reserved. © Diageo plc 2024.

19
Diageo  Recast unaudited historical financial information





Contacts
Investor enquiries to:Durga Doraisamy+44 (0)7902 126906
Andy Ryan+44 (0)7803 854842
Brian Shipman+1 917 710 3007
investor.relations@diageo.com
Media enquiries to:Brendan O’Grady+44 (0)7812 183750
Clare Cavana+44 (0)7751 742072
Isabel Batchelor+44 (0)7731 988857
press@diageo.com
About Diageo
Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer categories. These brands include Johnnie Walker, Crown Royal, JεB, Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo is a global company, and our products are sold in more than 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo's global responsible drinking resource, www.DRINKiQ.com for information, initiatives, and ways to share best practice.
Celebrating life, every day, everywhere
Diageo plc LEI: 213800ZVIELEA55JMJ32
20
Diageo  Recast unaudited historical financial information





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
Diageo plc
(Registrant)

/s/ Lavanya Chandrashekar
Name: Lavanya Chandrashekar
Title: Chief Financial Officer
30 January 2024

21
Diageo  Recast unaudited historical financial information
Diageo (NYSE:DEO)
Historical Stock Chart
Von Apr 2024 bis Mai 2024 Click Here for more Diageo Charts.
Diageo (NYSE:DEO)
Historical Stock Chart
Von Mai 2023 bis Mai 2024 Click Here for more Diageo Charts.