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Annual Report 2018 2DIAGEO ANNUAL REPORTDIAGEO 2018 ANNUAL REPORT 2018 Annual Report 2018 2DIAGEO ANNUAL REPORTDIAGEO 2018 ANNUAL REPORT 2018 Our performance 2018 Financial Non-financial Volume (equivalent units EU) Net sales(i) Alcohol in society 2018 EU240.4m 2018 £12,163m 2018 225 2017 EU242.2m 2017 £12,050m 2017 264 Reported movement 0.7% Reported movement 0.9% Number of responsible drinking programmes Organic movement 2.5% Organic movement 5.0% Operating profit Net cash from operating activities Health and safety 2018 £3,691m 2018 £3,084m 2018 1.00Δ 2017 £3,559m 2017 £3,132m 2017 1.14 Reported movement 3.7% 2018 decrease of £48m Lost time accident frequency(iv) Organic movement 7.6% 2018 free cash flow(ii) £2,523m £140m Earnings per share (eps) Total recommended dividend per share(iii) Water efficiency(v) 2018 121.7p 2018 65.3p 2018 4.94I/IΔ 2017 106.0p 2017 62.2p 2017 4.98I/I Reported movement 14.8% 5% Eps before exceptional items movement (ii) 9.3% (i) Net sales are sales less excise duties. (ii) See definitions and reconciliations on pages 56-61. (iii) Includes recommended final dividend of 40.4p. (iv) Per 1,000 full-time employees. (v) Data for the year ended 30 June 2017 has been restated in accordance with Diageo’s environmental reporting methodologies. Δ Within PwC’s independent limited assurance scope. For further detail and the reporting methodologies, see our Sustainability & Responsibility Performance Addendum 2018. Performance by region 2018 North America Europe Africa Latin America Asia Pacific and Turkey and Caribbean Volume (equivalent units) EU48.2m EU46.3m EU33.2m EU22.2m EU90.5m Reported 2% Reported 4% Reported 3% Reported 5% Reported 7% Organic 1% Organic 4% Organic 3% Organic 5% Organic 2% Net sales(i) £4,116m £2,932m £1,491m £1,069m £2,503m Reported 1% Reported 4% Reported 4% Reported 2% Reported 3% Organic 4% Organic 4% Organic 3% Organic 7% Organic 9% Operating profit(ii) £1,882m £1,028m £191m £308m £568m Reported 1% Reported 10% Reported 12% Reported 23% Reported 17% Organic 2% Organic 8% Organic 5% Organic 19% Organic 19% Read more p28-29 Read more p30-31 Read more p32-33 Read more p34-35 Read more p36-37 (i) Excluding corporate net sales of £52 million (2017 – £46 million). (ii) Excluding exceptional operating charges of £128 million (2017 – £42 million) and net corporate operating costs of £158 million (2017 – £189 million). Diageo in 2018 DIAGEO ANNUAL REPORT 2018 01 Diageo in 2018 report Strategic Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer. Our products are sold in more than Contents 180 countries around the world. Our brands include Johnnie Walker, Strategic report Governance Crown Royal, JεB, Buchanan’s and Windsor – Our business model 02 – Board of Directors and whiskies, Smirnoff, Cîroc and Ketel One – Our strategy 04 Company Secretary 62 vodkas, Captain Morgan, Baileys, Don Julio, – Our brands 06 – Executive Committee 63 Tanqueray and Guinness. – Our global reach 07 – Corporate governance report 64 – How we measure performance: – Report of the Audit Committee 68 Our performance ambition is to be one key performance indicators 08 – Directors’ remuneration report 71 of the best performing, most trusted and – Chairman’s statement 10 – Directors’ report 92 respected consumer products companies – Chief Executive’s statement 12 Financial statements 94 in the world. – Market dynamics 14 We are proud of the brands we make and – Our strategy in action 16 Additional information the enjoyment they give to millions. We are – How we protect our business: for shareholders 161 passionate about alcohol playing a positive risk management and principal risks 19 role in society as part of a balanced lifestyle. – Group financial review 22 It is central to our purpose to celebrate life, – Business reviews 28 every day, everywhere. – Category review 38 – Sustainability & Responsibility review 40 – Definitions and reconciliations of non- GAAP measures to GAAP measures 56 Cover image: Members of Diageo’s Scotch Diageo is listed on both the London Stock (IASB). References to IFRS hereafter should independent industry sources in the Exchange (DGE) and the New York be construed as references to both IFRS, as markets in which Diageo operates. whisky specialist team, Emma Walker and Stock Exchange (DEO). adopted by the EU, and IFRS, as issued by © Diageo plc 2018 Aimee Gibson, in the Blenders’ Room at This is the Annual Report 2018 of Diageo the IASB. Unless otherwise indicated, all financial information contained in this plc for the year ended 30 June 2018. The Diageo plc is incorporated and domiciled Diageo’s International Supply Technical Annual Report is made available to all document has been prepared in accordance with IFRS. as a public limited company in England Centre, Menstrie, Scotland. shareholders on Diageo’s website and Wales. (www.diageo.com). Unless otherwise stated in this document, For more information about Diageo, our people percentage movements refer to organic Diageo was incorporated as Arthur This report includes names of Diageo’s Guinness Son and Company Limited on and our brands, visit www.diageo.com. products, which constitute trademarks or movements which are non-GAAP financial measures. For a definition of organic 21 October 1886. The group was formed Visit Diageo’s global responsible drinking resource, trade names which Diageo owns or which by the merger of Grand Metropolitan others own and license to Diageo for use. movement and reconciliations of www.DRINKiQ.com, for information, initiatives non-GAAP measures to GAAP measures Public Limited Company (GrandMet) and and ways to share best practice. In this report, the term ‘company’ refers to Guinness PLC (the Guinness Group) in Diageo plc and the terms ‘group’ and see pages 56-61. Share refers to value share. In addition to the economic, social and Percentage figures presented are reflective December 1997. Diageo plc’s principal ‘Diageo’ refer to the company and its executive office is located at Lakeside Drive, environmental disclosures in this Annual Report, consolidated subsidiaries, except as the of a year-on-year comparison, namely 2017-2018, only. Park Royal, London NW10 7HQ and its Diageo has prepared a Sustainability & Responsibility context otherwise requires. telephone number is +44 (0) 20 8978 6000. Diageo’s consolidated financial statements The brand ranking information presented Performance Addendum 2018, in line with the in this report, when comparing information Cautionary statement: this document Global Reporting Initiative Sustainability Reporting have been prepared in accordance with contains ‘forward-looking’ statements. International Financial Reporting Standards with competitors, reflects data published Standards and the United Nation’s Global Compact by sources such as Impact Databank. For our full cautionary statement, please (IFRS) as adopted for use in the European see page 163. advanced reporting criteria. It is available at Union (EU) and IFRS as issued by the Market data information and competitive www.diageo.com. International Accounting Standards Board set classifications are taken from 02 DIAGEO ANNUAL REPORT 2018 Our business model Our business model Diageo is a global leader in beverage alcohol with meet the diverse needs of our consumers and a portfolio of iconic spirits and beer brands. customers. It also enables us to quickly identify We have a broad portfolio across categories and and act on consumer trends to support growth. price points and our products are available in more We use our local and global market expertise to than 180 countries. Our portfolio and geographic identify and deliver against the most valuable reach enable us to deliver sustainable performance growth opportunities. and create value for our shareholders. Our global supply capabilities enable us to The consumer is at the heart of our business. Using manufacture and distribute our brands efficiently world-class marketing and innovation skills, we and effectively. Where it makes sense to do so, aim to build and sustain strong brands that play we source and produce locally. a positive role in society. We are passionate about our role in society and Our organisation is structured in a market-based the responsibility we have to our stakeholders, model. This means we have greater agility and can communities and the environment. better apply our strategy in individual countries to We make We innovate We are the makers of Led by consumer insights, premium spirits and beer, we unlock new opportunities committed to the highest to recruit and re-recruit quality and standards. consumers to our brands. We innovate with new offerings that meet changing consumer demands. We market We sell We invest in world-class We extend our sales reach marketing to responsibly through leading activations build aspirational brands and advocacy to ensure our that resonate with brands are part of consumer our consumers. celebrations around the world. Our business model DIAGEO ANNUAL REPORT 2018 03 Strategic report Strategic Key highlights Brands 200+ Production sites 150 Employees 30,000 Countries 180 How we operate Broad portfolio Our values Each market has the flexibility to select the best portfolio Passionate about consumers; be the best; freedom to succeed; of brands to capture unique consumer opportunities. proud of what we do; valuing each other. We then invest in opportunities that we believe offer the most valuable growth. Our role in society We are committed to playing a positive role in society. We work to reduce Markets alcohol harm and promote moderation, increase access to opportunities The business operates through a market-based structure for local communities and reduce our environmental impact. so that we are able to act on local consumer insights and identify trends quickly to deliver locally relevant solutions. Our brands We own two of the world’s five largest premium spirits brands, Global functions, support and governance Johnnie Walker and Smirnoff, and 22 of the world’s top 100 premium Our markets are supported by global functional teams and spirits brands.(i) a broad range of shared services which, together, drive the sharing of best practice, enhance efficiency and help build Our geographic footprint in-market capabilities.
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