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    Diageo PLC - Grupo 2 (El Verdadero o Eso Espero XD)

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    Diageo PLC - Grupo 2 (El Verdadero o Eso Espero XD)

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    Diageo PLC - Grupo 2 (El Verdadero o Eso Espero XD)

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    Shadow 641

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    Exhibit 5 Selected data on bond market for 5-year notes, October 31, 2000.

    Calificación Tipo de Tipo de Ratio de Sociedades Emisiones Emisiones Emisiones


    interés interés medio de emisoras medias minimas máximad
    (libras (dólares cobertura con mensuales mensuales mensuales
    esterlinas) EEUU) de los calificación (miles de (miles de (miles de
    intereses millones de millones de millones de
    debidos dólares) dólares) dólares)

    Gobierno Británico 5.56% - - - - - -


    Gobierno USA - 5.83% - - - - -
    AAA 6.13% 6.76% 30.07 4% 3.64 0.53 11.08
    AA 6.37% 6.81% 11.37 13% 3.25 0 23.63
    A 6.76% 7.15% 8.34 25% 6.47 0.69 30.65
    BBB 7.16% 7.57% 4.94 22% 1.76 0.09 8.73

    Sources: Bloomberg, Securities Data Corporation, Standard and Poor’s “Ratings Performance 1999: Stability and Transition.”

    Note: Monthly issuance data collected between January 1, 1998, and October 31, 2000, for dollar denominated bonds in the US. The
    global market for dollar denominated bonds was about half the size of the US market. Issuers, however, tended to be higher rated firms
    or governments, and the individual issue sizes larger, relative to the US market.

    a
    Interest coverage defined as EBITDA/interest expense.
    Elasticidad

    -0.000128
    -0.001287
    -0.001176
    Estados de Resultados
    1997 1998 1999
    Ingresos $12,985.00 $12,029.00 $11,795.00
    Otros ingresos -$409.00 $700.00 $247.00
    Costo de venta y gastos $10,982.00 $10,659.00 $10,278.00
    Utilidad Antes de Impuestos e Intereses $1,594.00 $2,070.00 $1,764.00
    Intereses $268.00 $360.00 $324.00
    Utilidad Antes de Impuestos $1,326.00 $1,710.00 $1,440.00
    Impuestos $532.00 $603.00 $566.00
    Utilidad neta $794.00 $1,107.00 $874.00

    Estado de flujo de efectivo


    1997 1998 1999
    EFECTIVO DE OPERACIÓN
    Utilidad neta $1,107.00 $874.00
    Depreciación $700.00 $700.00
    Cambio cuentas por pagar $594.00 $8.00
    Cambio cuentas por cobrar -$162.00 $205.00
    Cambio Inventario -$138.00 -$34.00
    Total efectivo de operación $2,701.00 $1,411.00

    EFECTIVO DE INVERSIÓN
    CAPEX $1,050.00 $878.00
    Venta/Compra activos fijos $998.00 -$323.00
    Total efectivo de inversión -$52.00 -$1,201.00

    EFECTIVO DE FINANCIAMIENTO
    Emisión/Amortizacion otros pasivos corto plazo $31.00 $48.00
    Emision/Amortización deuda corto plazo $2,431.00 -$819.00
    Emisión/Amortización deuda largo plazo -$1,053.00 $358.00
    Cambio Capital $143.00 -$147.00
    Recompra Acciones -$2,662.00 -$1,336.00
    Dividendos $695.00 $272.00
    Dividendos socios minotarios $30.00 $0.00
    Total efectivo de financiamiento -$1,835.00 -$2,168.00
    Cambio neto de efectivo $814.00 -$1,958.00
    Efectivo inicial $2,173.00 $2,987.00
    Efectivo final $2,173.00 $2,987.00 $1,029.00

    Estado de situación financiera


    1997 1998 1999
    ACTIVOS $17,388.00 $17,254.00 $16,210.00
    Activos Corrientes $7,763.00 $8,277.00 $6,490.00
    Efectivo $2,173.00 $2,987.00 $1,029.00
    Cuentas por cobrar $3,216.00 $3,054.00 $3,259.00
    Inventario $2,374.00 $2,236.00 $2,202.00
    Activos Fijos $9,625.00 $8,977.00 $9,720.00
    PASIVOS $10,087.00 $12,090.00 $11,685.00
    Cuentas por pagar $2,930.00 $3,524.00 $3,532.00
    Otros pasivos corto plazo $674.00 $705.00 $753.00
    Deuda corto plazo $2,293.00 $4,724.00 $3,905.00
    Deuda largo plazo $4,190.00 $3,137.00 $3,495.00
    PATRIMONIO $7,301.00 $5,164.00 $4,525.00
    Capital $1,001.00 $1,139.00 $992.00
    Utilidades retenidas $5,770.00 $3,485.00 $2,719.00
    Interes Minoritario $530.00 $535.00 $567.00
    Capital Retenido $0.00 $5.00 $247.00

    Total Pasivo + Patrimonio $17,388.00 $17,254.00 $16,210.00

    Comprobación $0.00 $0.00 $0.00


    Resultados
    2000 2001 2002 2003 2004
    $11,870.00 $11,892.00 $12,486.60 $13,110.93 $13,766.48
    $22.00 $0.00 $0.00 $0.00 $0.00
    $10,088.00 $9,782.59 $10,271.72 $10,954.70 $11,502.43
    $1,804.00 $2,109.41 $2,214.88 $2,156.23 $2,264.05
    $363.00 $114.39 $127.38 $132.32 $107.05
    $1,441.00 $1,995.03 $2,087.50 $2,023.92 $2,156.99
    $285.00 $578.56 $605.38 $586.94 $625.53
    $1,156.00 $1,416.47 $1,482.13 $1,436.98 $1,531.47

    o de efectivo
    2000 2001 2002 2003 2004

    $1,156.00 $1,416.47 $1,482.13 $1,436.98 $1,531.47


    $832.00 $493.15 $686.18 $676.87 $668.03
    -$257.00 $585.66 $193.03 $202.68 $212.82
    -$188.00 $5.69 $153.83 $161.53 $169.60
    -$63.00 $3.96 $107.15 $112.51 $118.13
    $1,982.00 $2,485.62 $2,100.35 $2,042.50 $2,124.58

    $0.00 $4,353.75 $500.00 $500.00 $500.00


    -$1.00 $0.00 $0.00 $0.00 $0.00
    -$1.00 -$4,353.75 -$500.00 -$500.00 -$500.00

    -$59.00 $0.00 $0.00 $0.00 $0.00


    -$839.00 -$3,066.00 $0.00 $0.00 $0.00
    $321.00 $6,000.00 $0.00 -$1,408.00 $0.00
    -$2.00 $0.00 $0.00 $0.00 $0.00
    -$80.00 -$80.00 -$1,359.00 -$271.87 -$271.87
    $1,356.00 $350.09 $274.74 $355.16 $567.78
    $0.00 $0.00 $0.00 $0.00 $0.00
    -$2,015.00 $2,503.91 -$1,633.74 -$2,035.03 -$839.64
    -$34.00 $635.78 -$33.39 -$492.53 $784.94
    $1,029.00 $995.00 $1,630.78 $1,597.39 $1,104.87
    $995.00 $1,630.78 $1,597.39 $1,104.87 $1,889.80

    ción financiera
    2000 2001 2002 2003 2004
    $16,068.00 $20,574.03 $20,615.45 $20,220.08 $21,124.72
    $6,205.00 $6,850.43 $7,078.03 $6,859.54 $7,932.21
    $995.00 $1,630.78 $1,597.39 $1,104.87 $1,889.80
    $3,071.00 $3,076.69 $3,230.53 $3,392.05 $3,561.66
    $2,139.00 $2,142.96 $2,250.11 $2,362.62 $2,480.75
    $9,863.00 $13,723.60 $13,537.42 $13,360.54 $13,192.52
    $10,851.00 $14,370.66 $14,563.69 $13,358.37 $13,571.19
    $3,275.00 $3,860.66 $4,053.69 $4,256.37 $4,469.19
    $694.00 $694.00 $694.00 $694.00 $694.00
    $3,066.00 $0.00 $0.00 $0.00 $0.00
    $3,816.00 $9,816.00 $9,816.00 $8,408.00 $8,408.00
    $5,217.00 $6,203.37 $6,051.76 $6,861.71 $7,553.53
    $990.00 $990.00 $990.00 $990.00 $990.00
    $2,432.00 $3,992.37 $3,840.76 $4,650.71 $5,342.53
    $574.00 $0.00 $0.00 $0.00 $0.00
    $1,221.00 $1,221.00 $1,221.00 $1,221.00 $1,221.00

    $16,068.00 $20,574.03 $20,615.45 $20,220.08 $21,124.72

    $0.00 $0.00 $0.00 $0.00 $0.00


    Elasticidad Costo -0.0008639805
    Rf (Tasa libre de Riesgo) 5.56%
    Impuestos 29%

    Cálculo WACC y Valor de la Empresa


    2000 2001 2002 2003 2004
    Deuda $2,059.13 $2,293.42 $2,382.46 $1,927.33 $1,778.70
    Capital $990.00 $990.00 $990.00 $990.00 $990.00
    D/S 2.08 2.32 2.41 1.95 1.80

    EBITDA $2,636.00 $2,602.56 $2,901.06 $2,833.10 $2,932.07


    Gasto en Intereses $114.39 $127.38 $132.32 $107.05 $98.81
    Costo de Deuda 5.56% 5.55% 5.55% 5.55% 5.56%
    Razon de Cobertura 5.59% 6.57% 7.17% 6.45% 5.58%

    Beta Desampalacada 0.55 0.55 0.55 0.55 0.55


    Beta Apalancada 1.3622 1.4546 1.4897 1.3102 1.2516
    Retorno del Mercado (Rm) 12% 12% 12% 12% 12%
    Costo de Capital (Re) 14.33% 14.93% 15.15% 14.00% 13.62%
    %DEUDA 67.53% 69.85% 70.64% 66.06% 64.24%
    %CAPITAL 32.47% 30.15% 29.36% 33.94% 35.76%

    WACC 7.32% 7.26% 7.23% 7.36% 7.40%

    2000 2001 2002 2003 2004


    Valor de la Empresa $2,456.27 $2,426.51 $2,705.35 $2,638.99 $2,729.95

    Valor de la Empresa $11,258.98

    Valor de la Empresa
    $2,750.00 $2,729.95
    $2,705.35

    $2,650.00 $2,638.99

    $2,550.00

    $2,456.27
    $2,450.00 $2,426.51

    $2,350.00

    $2,250.00

    2000 2001 2002 2003 2004


    Row 28 $2,456.27 $2,426.51 $2,705.35 $2,638.99 $2,729.95
    2000 2001 2002 2003 2004
    WACC 7.32% 7.32% 7.32% 7.32% 7.32%
    Costo Deuda 5.56% 5.56% 5.56% 5.56% 5.56%

    8.00%

    7.00%

    6.00%

    5.00%

    4.00%

    3.00%

    2.00%

    1.00%

    0.00%
    2000 2001 2002 2003 2004

    WACC Costo Deuda

    Total
    $12,957.07

    $2,729.95

    99

    2004
    99 $2,729.95
    2003 2004

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