Diageo reports operating profit of £2,127 million, PBET of £1,980 million and EPS up 15% to 42.8 pence, driven by 14% organic growth in operating profit from premium drinks.
|
|
Organic growth |
2001
£million |
2000
£million |
|
Turnover |
5% |
12,821 |
11,870 |
|
Operating profit |
9% |
2,127 |
1,980 |
|
Premium drinks operating profit |
14% |
1,432 |
1,286 |
|
EPS (reported) |
15% |
42.8pence |
37.3pence |
The above numbers are before exceptional items and goodwill amortisation.
SUMMARY OF KEY POINTS
>Premium drinks continues to perform strongly with:
Volume up 4%
Net sales growth 9%
Marketing up 10% to £995 million
Operating margin improved by 1.1 percentage points to 18.9%
> Driven by growth in the global priority brands:
Volume up 6%
Net sales growth 15%
Marketing up 15% to £708 million
> Burger King operating profit down 12% to £177 million
> Pillsbury operating profit up 5% to £518 million
> Profit before goodwill amortisation, exceptional items and tax £1,980 million
> £193 million underlying improvement in economic profit
> Final dividend 13.4 pence per share, up 6%
> Free cash flow up £356 million to £1,220 million
Paul Walsh, Group Chief Executive of Diageo, commenting on the year ended 30 June 2001 said:
'The benefits of Diageo's position as the world's leading premium drinks company are reflected in these results. They demonstrate the strength of our premium drinks business and how, by driving top line growth in our global priority brands and in our most important markets, we continue to deliver growth in shareholder value.'
Annual report and AGM
Diageo's annual report will be sent to shareholders at the beginning of October 2001. The Annual General Meeting will be held at The Queen Elizabeth II Conference Centre, Broad Sanctuary, Westminster, London SW1P 3EE at 2.30 pm on 30 October 2001.
Copies of the group´s results presentation to be made to analysts and investors are available upon request. The announcement and the presentation will be on the Diageo website www.diageo.com from 9.30 am on 6 September 2001.
Explanatory notes
Unless otherwise stated, percentage movements given throughout this statement for volume, turnover, net sales, marketing expenditure and operating profit are organic movements (at level exchange rates and after adjusting for acquisitions and disposals). They are before goodwill amortisation and exceptional items. Comparisons are with the equivalent period last year.
Volume has been measured on an equivalent servings basis to nine litre cases of spirits. Equivalent cases are calculated as follows: beer in hectolitres divide by 0.9, wine in nine litre cases divide by 5, ready to drink in nine litre cases divide by 10.
Net sales are turnover less excise duty.
This document contains forward-looking statements that involve risk and uncertainty. 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 beyond Diageo´s control. Please refer to Note 10 – Cautionary statement concerning forward-looking statements for more details.
The full text fo the announcement is available to download in RTF format here