Diageo Plc #DGE announced, in its trading update, that social distancing measures, including the closure of the on-trade
channels, have been introduced in most of the markets. The board is tracking changes in consumer
behaviour during this time and adjusting plans and resources in response. Given the global nature of
the COVID-19 pandemic, and the uncertainty around the severity and duration of the impact across
multiple markets, we are not in a position to accurately assess the impact of this on the company’s
future financial performance. It is therefore withdrawing its guidance on group organic net sales growth
and organic operating profit growth for fiscal 2020. The board has a strong balance sheet and at 31
December 2019, adjusted net debt to EBITDA ratio was 2.8 times.