Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Components of Deferred Tax Assets and Liabilities
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
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Income Tax Expense (Benefit)
Diageo PLC, income tax expense (benefit), continuing operations
US$ in millions, translated from GBP £
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
| Item | Description | The company |
|---|---|---|
| Current tax | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Diageo PLC current tax increased from 2012 to 2013 and from 2013 to 2014. |
| Deferred tax | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Diageo PLC deferred tax decreased from 2012 to 2013 and from 2013 to 2014. |
| Taxation on profit from continuing operations | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Diageo PLC taxation on profit from continuing operations decreased from 2012 to 2013 and from 2013 to 2014. |
Components of Deferred Tax Assets and Liabilities
Diageo PLC, components of deferred tax assets and liabilities
US$ in millions, translated from GBP £
| Jun 30, 2014 | Jun 30, 2013 | Jun 30, 2012 | Jun 30, 2011 | Jun 30, 2010 | Jun 30, 2009 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred tax assets | |||||||||||||
| Deferred tax liabilities | |||||||||||||
| Net deferred tax assets (liabilities) |
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Diageo PLC deferred tax assets decreased from 2012 to 2013 but then slightly increased from 2013 to 2014. |
| Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Diageo PLC net deferred tax assets (liabilities) decreased from 2012 to 2013 but then increased from 2013 to 2014 not reaching 2012 level. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Diageo PLC, adjustments to financial statements
US$ in millions, translated from GBP £
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
Diageo PLC, Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Diageo PLC, adjusted financial ratios
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Diageo PLC adjusted net profit margin ratio deteriorated from 2012 to 2013 and from 2013 to 2014. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Diageo PLC adjusted total asset turnover ratio deteriorated from 2012 to 2013 and from 2013 to 2014. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Diageo PLC adjusted financial leverage ratio decreased from 2012 to 2013 and from 2013 to 2014. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Diageo PLC adjusted ROE deteriorated from 2012 to 2013 and from 2013 to 2014. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Diageo PLC adjusted ROA deteriorated from 2012 to 2013 and from 2013 to 2014. |
Diageo PLC, Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
2014 Calculations
1 Net profit margin = 100 × Profit for the year attributable to equity shareholders of the parent company ÷ Sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted profit for the year attributable to equity shareholders of the parent company ÷ Sales
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Diageo PLC adjusted net profit margin ratio deteriorated from 2012 to 2013 and from 2013 to 2014. |
Adjusted Total Asset Turnover
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
2014 Calculations
1 Total asset turnover = Sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Sales ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Diageo PLC adjusted total asset turnover ratio deteriorated from 2012 to 2013 and from 2013 to 2014. |
Adjusted Financial Leverage
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
2014 Calculations
1 Financial leverage = Total assets ÷ Equity attributable to equity shareholders of the parent company
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity attributable to equity shareholders of the parent company
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Diageo PLC adjusted financial leverage ratio decreased from 2012 to 2013 and from 2013 to 2014. |
Adjusted Return on Equity (ROE)
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
2014 Calculations
1 ROE = 100 × Profit for the year attributable to equity shareholders of the parent company ÷ Equity attributable to equity shareholders of the parent company
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted profit for the year attributable to equity shareholders of the parent company ÷ Adjusted equity attributable to equity shareholders of the parent company
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Diageo PLC adjusted ROE deteriorated from 2012 to 2013 and from 2013 to 2014. |
Adjusted Return on Assets (ROA)
Based on: 20-F (reporting date: 2014-06-30), 20-F (reporting date: 2013-06-30), 20-F (reporting date: 2012-06-30), 20-F (reporting date: 2011-06-30), 20-F (reporting date: 2010-06-30), 20-F (reporting date: 2009-06-30).
2014 Calculations
1 ROA = 100 × Profit for the year attributable to equity shareholders of the parent company ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted profit for the year attributable to equity shareholders of the parent company ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Diageo PLC adjusted ROA deteriorated from 2012 to 2013 and from 2013 to 2014. |