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Diageo Interim Results Six Months Ended 31 December 2017 1 Consistent Delivery of Strong Results

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Diageo Interim Results Six Months Ended 31 December 2017 1 Consistent Delivery of Strong Results DIAGEO INTERIM RESULTS SIX MONTHS ENDED 31 DECEMBER 2017 1 CONSISTENT DELIVERY OF STRONG RESULTS Reflecting our ambition to be one of the best performing, most trusted and respected consumer products companies in the world Delivering through our six priorities with clear goals defined by our performance ambition Four measures of our progress • efficient growth • value creation • credibility and trust • motivated people 2 CONSISTENT DELIVERY OF STRONG RESULTS Organic volume 1.8%. Organic net sales 4.2% Organic operating margin expansion 81bps Consistent strong cash delivery: Free cash flow £1bn Eps pre-exceptionals up 9.4% Returned £0.8bn to shareholders through share buy-back Interim dividend up 5% 3 CONTINUING OUR PERFORMANCE MOMENTUM Organic operating margin Organic net sales growth Free cash flow (£ million) improvement (bps) 4.3% 4.2% 77 81 2.8% 1,084 1,029 839 37 699 24 19 326 0.4% 0.0% F14 F15 F16 F17 F18 H1 F14 F15 F16 F17 F18 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 4 CONTINUED SOLID GROWTH IN THE THREE FOCUS AREAS: ORGANIC NET SALES GROWTH Scotch 2.8% US Spirits 2.9% India 2.3% 5 CONTINUED MOMENTUM WHICH REFLECTS: Delivering our strategy through our six execution priorities Consistent broad based growth across the business and the three focus areas Continued margin expansion enabled by productivity programme and strong cash flow Confidence in delivering our medium term guidance and enables our long term performance ambition 6 A SET OF RESULTS THAT DEMONSTRATE CONTINUED PERFORMANCE MOMENTUM Efficient growth: F18 H1 Organic net sales growth 4.2% Organic operating margin improvement +81bps Free cash flow £1.0bn Pre-exceptional eps up 9.4% to 67.8p Value creation: ROIC up 77 bps to 16.5% Total Shareholder Return up 22% 7 REPORTED NET SALES UP 1.7% 4.2% ORGANIC GROWTH Organic growth 149 6,530 6,421 111 (134) (17) F17 H1 Exchange Acquisitions Volume Price/mix F18 H1 and disposals 8 4.2% ORGANIC NET SALES GROWTH Organic volume growth Price/Mix Organic net sales growth 4.3% 4.2% 3.2% 2.8% 2.4% 1.8% 1.3% 1.5% 1.1% F16 F17 F18 H1 9 ALL REGIONS DELIVERED TOP LINE GROWTH Organic net sales growth 6.9% 6.8% price/mix volume 4.4% 4.2% 1.7% 8.7% 8.3% 2.5% 2.4% 4.6% 1.7% 3.6% 1.8% 0.8% (0.2)% (1.9)% (1.8)% (1.5)% NAM EUROPE AFRICA LAC APAC DIAGEO & TURKEY 10 BROAD BASED ORGANIC GROWTH ACROSS OUR CATEGORIES Organic net sales growth 43% 16% 5% 5% 4% 4% 3% 1% (3)% Scotch Vodka NAM Rum Liqueurs IMFL Gin Tequila Beer Whiskey Whisky Category as a % of net sales 27% 11% 9% 7% 6% 5% 4% 3% 15% 11 STRONG PERFORMANCE ACROSS OUR PORTFOLIO Organic net sales growth 11% Global giants Johnnie Walker 7% Smirnoff (1)% Captain Morgan 6% 5% 5% Baileys 6% Tanqueray 16% Guinness 4% Global Local Reserve giants stars 12 REPORTED OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS UP 6.1% ORGANIC OPERATING PROFIT UP 6.7% £m F18 H1 F17 H1 PRIOR PERIOD OPERATING PROFIT * 2,065 1,717 Exchange (15) 303 Acquisitions & Disposals 2 (42) Organic growth 138 87 CURRENT PERIOD OPERATING PROFIT * 2,190 2,065 *Reported operating profit before exceptional items 13 REPORTED OPERATING MARGIN EXCLUDING EXCEPTIONAL ITEMS UP 138 BPS ORGANIC OPERATING MARGIN GREW 81 BPS 81bps 33.5% 12bps 45bps 32.2% F17 H1 Exchange Acquisitions Organic F18 H1 and disposals operating margin 14 ORGANIC OPERATING MARGIN UP 81 BPS Movement in organic operating margin 122bps 33.6% 32.8% 3bps (44)bps F17 H1 Gross margin Marketing Other F18 H1 operating items 15 PRODUCTIVITY EFFICIENCY FUNDED A SIGNIFICANT INCREASE IN MARKETING ACTIVITY £m F18 H1 Prior period marketing 908 Exchange (8) Acquisitions 2 Marketing efficiencies (69) Underlying increase 15% 135 Current period marketing 968 16 ORGANIC OPERATING MARGIN UP 81 BPS Movement in organic operating margin 122bps 33.6% 32.8% 3bps (44)bps F17 H1 Gross margin Marketing Other F18 H1 operating items 17 PRODUCTIVITY PROGRAMME ON TRACK TO DELIVER INCREASED GUIDANCE F17-F19 Guidance Productivity target £700m 2/3 reinvested Margin improvement of 175bps NET REVENUE GLOBAL ORGANISATION MARKETING INDIRECTS MANAGEMENT SUPPLY EFFECTIVENESS 18 STRONG FREE CASH FLOW DELIVERY 86 1,084 (37) (17) (15) 21 8 1,029 (101) F17 Exchange (i) Operating Working Capex Tax Interest Other (iii) F18 profit (ii) capital (i) Exchange on operating profit before exceptional items (ii) Operating profit excluding exchange, depreciation and amortisation, post employment charges and non cash items (iii) Other items include post employment payments, dividends received from associates and joint ventures, and loans and other investments 19 IMPROVED COST OF DEBT SUPPORTED BY FAVOURABLE REFINANCING F18 H1 F17 H1 Movement Closing net debt* £m (9,198) (8,936) (262) Average net debt* £m (8,819) (9,066) 247 Net interest charge £m (130) (153) 23 Net other finance charges £m (24) (29) 5 Net finance charges £m (154) (182) 28 Effective interest rate % 3.0 3.5 (0.5) Adjusted** net debt* / EBITDA x 2.2 2.5 (0.3) * Net debt is equivalent to net borrowings ** Adjusted to include net debt and post employment liabilities 20 DISCIPLINED APPROACH TO CAPITAL STRUCTURE, SHARE BUY BACK IS ON TRACK Leverage policy Adjusted Net Debt* to EBITDA: 2.5x – 3.0x Organic growth Dividends – 1.8x to M&A and portfolio 2.2x dividend cover management * Net debt is equivalent to net borrowings. Adjusted net debt includes net debt and post employment liabilities 21 F18 EXCHANGE IMPACT NOW FORECAST TO BE NEGATIVE FOR BOTH OPERATING PROFIT AND NET SALES Exchange rates Total Exchange Impact Translation rate F18 F17* F18 F18 £m F17 F18 H1 H1** forecast *** forecast $/£ 1.27 1.32 1.36 Net Sales 1,359 (134) (460) €/£ 1.16 1.12 1.13 Operating * Average rate **Average rate Jul-Dec ***Weighted 447 (15) (60) average rate of F18 H1 and spot rate for H2 profit Net Transaction rate (28) 2 8 Interest F171 F18 H1 F18 forecast2 $/£ 1.45 1.41 1.37 €/£ 1.22 1.17 1.15 1. Average rate inc. hedging 2. 81% of £/$ exposure hedged 59% of €/£ exposure hedged 22 BASIC EPS INCREASED 36% EPS BEFORE EXCEPTIONAL ITEMS UP 9.4% Pence per share F17 H1 eps before exceptional items 62.0 Exchange (0.6) Organic operating profit growth 5.5 Associates and joint ventures (0.1) Tax (0.3) Finance charges 1.1 Other 0.2 F18 H1 eps before exceptional items 67.8 23 A STRONG SET OF RESULTS DELIVERING EFFICIENT GROWTH AND VALUE CREATION Efficient growth: F18 H1 Organic net sales growth 4.2% Organic operating margin improvement 81bps Free cash flow £1.0bn Pre-exceptional eps up 9.4% to 67.8p Value creation: ROIC up 77 bps to 16.5% Total Shareholder Return up 22% 24 CONSISTENT DELIVERY OF STRONG RESULTS Reflecting our ambition to be one of the best performing, most trusted and respected consumer products companies in the world Delivering through our six priorities with clear goals defined by our performance ambition Four measures of our progress • efficient growth • value creation • credibility and trust • motivated people 25 ALCOHOL IN SOCIETY: DIAGEO’S AMBITIOUS NEW TARGETS The outcome we seek through our Alcohol in Society work: Our consumers drink better, not more We contribute to the World Health Organization goal of 10% reduction in harmful drinking by 2025 By 2025, we will: Educate 5 million young people, parents and teachers about the dangers of underage drinking Collect 50 million pledges never to drink and drive through #JoinThePact Reach 200 million people with moderation messages from our brands 26 A CLEAR STRATEGY DELIVERED THROUGH OUR SIX PRIORITIES 1 Keep premium core vibrant 2 Increase participation in mainstream spirits 3 Continue to win in reserve 4 Drive innovation at scale 5 Build advantaged routes to consumer 6 Embed productivity in our culture to drive out costs to invest in growth 27 EXECUTION OF THE SIX PRIORITIES IN MEXICO: DELIVERING CONSISTENT STRONG GROWTH AND SHARE GAINS Organic net sales growth Rolling 12 month spirits industry value share* 28.6 29.1 27.5 19.9% 25.6 25.2 12.7% 11.9% 10.2% F14 F15 F16 F17 November F18 (4.3)% F14 F15 F16 F17 F18 H1 *Source: NISCAM spirits industry reporting 28 KEEPING PREMIUM CORE VIBRANT WITH PURPOSE DRIVEN MARKETING IN MEXICO F15-F17 organic net sales CAGR 14% 29 INCREASING PARTICIPATION IN MAINSTREAM SPIRITS: BLACK & WHITE LEADING PRIMARY SCOTCH GROWTH IN MEXICO REGIONAL + NATIONAL + REGIONAL + NATIONAL ACCELERATE DISTRIBUTION DISTRIBUTION COMMUNICATIONS COMMUNICATIONS 550K cases 391K cases 231K cases 128K cases 65K cases Value F13 F14 F15 F16 F17 Share* 5.0 12.3 14.6 21.6 27.9 *Share of primary scotch category. Source: NISCAM spirits industry reporting CONTINUE TO WIN IN RESERVE WITH THE LEADING LUXURY DRINKS PORTFOLIO IN MEXICO Rolling 12 month value share of reserve category* 49.4 46.8 47.0 47.9 45.2 F14 F15 F16 F17 November F18 31 *Source: NISCAM spirits industry reporting DRIVING INNOVATION AT SCALE IN MEXICO 32 BUILD ADVANTAGED ROUTES TO CONSUMER: EXPANDING OUR FOOTPRINT IN MEXICO On Trade Expanded distribution from 50 to 75 cities More than doubled called on outlets while increasing sales force effectiveness Off Trade Created a team 100% focused on execution Increased distribution by 25% Almost doubled called on outlets Automation to track and audit execution Hotels and Third Space Small dedicated team to increase focus Increased hotel distribution more than 4X Reaching 30 festivals and over 10 million consumers 33 EMBEDDING PRODUCTIVITY TO DRIVE OUT COSTS TO INVEST IN GROWTH Net revenue management enabling top line growth Delivered supply savings through footprint optimisation, operational excellence and procurement savings Marketing efficiencies delivered through rationalising media agencies,
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