COMMON- SIZE INCOME STATEMENT, DIAGEO PLC (value in millions)

Line Items 2023 2022 2021

Revenue £ 17,113.00 £ 15,452.00 £ 12,733.00
Cost of Revenue £ 6,899.00 £ 5,973.00 £ 5,038.00
Gross Profit £ 10,214.00 £ 9,479.00 £ 7,695.00
Gross Profit Margin 59.69% 61.34% 60.43%
Operating Expenses £ 5,582.00 £ 5,070.00 £ 3,964.00
Operating Profit £ 4,632.00 £ 4,409.00 £ 3,731.00
Operating Profit Margin 27.07% 28.53% 29.30%
Non Operating Expenses £ 236.00 £ 519.00 £ 303.00
Interest Expense £ 340.00 £ 497.00 £ 278.00
Earnings before Taxes (EBT) £ 4,736.00 £ 4,387.00 £ 3,706.00
Taxes £ 970.00 £ 1,049.00 £ 907.00
Net Profit £ 3,766.00 £ 3,338.00 £ 2,799.00
Net Profit Margin 22.01% 21.60% 21.98%

EPS 164.9p 140.2p 113.8

RETURN ON COMMON EQUITY(ROCE) ANALYSIS

DIAGEO PLC BRITIV
VARIABLES 2023 2022 2021 2022
RNOA 16.89% 15.82% 14.37% 14.08%
Financial Leverage 1.334 1.228 1.295 1.244
NBC 3.54% 0.14% 0.36% 2.31%
Operating Spread 13.35% 15.68% 14.01% 11.77%
ROCE 34.70% 35.08% 32.51% 28.72%

RETURN ON NET OPERATING ASSETS (RNOA) ANALYSIS

DIAGEO PLC BRITIV
VARIABLES 2023 2022 2021 2022
Operating Profit Margin 21.40% 21.71% 22.18% 9.53%
Asset Turnover 0.7891 0.7288 0.648 1.4776
RNOA 16.89% 15.82% 14.37% 14.08%

Return on Common Equity (ROCE)

2023 2022 2021
DIAGEO PLC 34.70% 35.08% 32.51%
BRITVIC PLC 28.72% 23.50% 25.39%

Revenue Vs Net Profit, value in millions

DIAGEO PLC BRITIV
2023 2022 2021 2023
Revenue £ 17,113.00 £ 15,452.00 £ 12,733.00 £ 1,748.60
Net Profit £ 3,766.00 £ 3,338.00 £ 2,799.00 £ 124.00
 COMMON- SIZE INCOME STATEMENT, BRITVIC PLC (value in millions)
Line Items 2023 2022 2021
Revenue £ 1,748.60 £ 1,618.30 £ 1,405.00
Cost of Revenue £ 1,049.10 £ 952.40 £ 822.10
Gross Profit £ 699.50 £ 665.90 £ 582.90
Gross Profit Margin 40.00% 41.15% 41.49%
Operating Expenses £ 518.00 £ 473.50 £ 430.50
Operating Profit £ 181.50 £ 192.40 £ 152.40
Operating Profit Margin 10.38% 11.89% 10.85%
Non Operating Expenses £ 25.80 £ 18.20 £ 18.70
Interest Expense £ 1.10 £ 0.90 £ 0.90
Earnings before Taxes (EBT) £ 156.80 £ 175.10 £ 134.60
Taxes £ 32.80 £ 34.90 £ 38.10
Net Profit £ 124.00 £ 140.20 £ 96.50
Net Profit Margin 7.09% 8.66% 6.87%

EPS 48.3p 52.6p 36.2p

OCE) ANALYSIS
BRITIVIC PLC
2022 2021 2020
14.08% 10.61% 10.11%
1.244 1.545 1.921
2.31% 2.27% 2.16%
11.77% 8.34% 7.95%
28.72% 23.50% 25.39%

(RNOA) ANALYSIS
BRITIVIC PLC
2022 2021 2020
9.53% 7.89% 7.79%
1.4776 1.3443 1.2977
14.08% 10.61% 10.11%
Revenue vs Net Pro
£18,000 £17,113.00
£16,000 £15,452.00

£14,000 £12,733.00
£12,000
£10,000
£8,000
n millions £6,000
BRITIVIC PLC £3,766.00 £3,338.00
£4,000 £2,799.00
2022 2021 £1,748.
£2,000
£ 1,748.60 £ 1,618.30 £ 1,405.00 £0
£ 124.00 £ 140.20 £ 96.50 2023 2022 2021 20
DIAGEO PLC

Revenue Net Profit

 Time Series Analysis of Britvic PLC
VARIABLES 2022 2021 2020
RNOA 14.08% 10.61% 10.11%
Financial Leverage 1.244 1.545 1.921
NBC 2.31% 2.27% 2.16%
Operating Spread 11.77% 8.34% 7.95%
ROCE 28.72% 23.50% 25.39%

Time Series
35.00%
30.00% 28.72%

Cross-sectional Analysis of ROCE 25.00%

Diageo PLC Britvic PLC 20.00%
VARIABLES 2022 2022 15.00%
RNOA 15.82% 14.08% 10.00%
Financial Leverage 1.228 1.244
5.00%
NBC 0.14% 2.31%
0.00%
Operating Spread 15.68% 11.77% 2022
ROCE 35.08% 28.72%

VARIABLES 2022 2022

Operating Profit Ma 21.71% 9.53%
Asset Turnover 0.7288 1.4776
RNOA 15.82% 14.08%

Revenue vs Net Profit Return on

c o mmo n eq -
u it y (R OCE )

2023 2022 2021

£12,733.00 40.00% 34.70%
35.08%
32.51%
35.00% 28.72%
30.00% 25.39%
23.50%
25.00%
20.00%
15.00%
8.00
£2,799.00 10.00%
£1,748.60 £1,618.30 £1,405.00 5.00%
£124.00 £140.20 £96.50
0.00%
2021 2023 2022 2021 DIAGEO BRITVIC
C BRITIVIC PLC PLC PLC

Revenue Net Profit

 Time Series Analysis of Britvic PLC
00%
00% 28.72%
25.39%
00% 23.50%

00%
00%
00%
00%
00%
2022 2021 2020
ROCE
 RETURN ON NET OPERATING A
Diageo PLC
VARIABLES 2022
Operating Profit Margi 21.71%
Asset Turnover 0.7288
RNOA 15.82%
N NET OPERATING ASSETS (RNOA) ANALYSIS
Britvic PLC
2022 2021 2020
9.53% 7.89% 7.79%
1.4776 1.3443 1.2977
14.08% 10.61% 10.11%