Diageo – Nursing Writings
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Annual Report 2016
2016PERFORMANCEHIGHLIGHTS
(i) Net sales are sales less excise duties. See definition on page 102. (ii) Free cash flow is a non-GAAP financial measure. See definition and reconciliation to net cash from operatingactivities on page 53. (iii) Includes recommended final dividend of 36.6p. (iv) Per 1,000 full-time employees. (v) Data for the period ended 30 June 2015 has been restated inaccordance with Diageo’s environmental reporting methodologies. Δ Within PwC’s independent limited assurance scope. For further detail and the reporting methodologies,see our Sustainability & Responsibility Performance Addendum 2016.
Equivalent units (EU)
VolumeReported movement 0.1%Organic movement 1.3%
EU246.4m2016
2015 EU246.2m
Net cash from operating activities2016 decline of £3m2016 free cash flow(ii) £2,097m 134m
£2,548m2016
2015 £2,551m
Net sales(i)Reported movement 3.0%Organic movement 2.8%
£10,485m2016
2015 £10,813m
Earnings per share (eps)Reported movement 6%Eps before exceptional items movement 1%
89.5p2016
2015 95.0p
Operating profitReported movement 1.6%Organic movement 3.5%
£2,841m2016
2015 £2,797m
Total recommended dividendper share(iii)5%
59.2p2016
2015 56.4p
Reach and impact of responsible drinkingprogrammes
Alcohol in society
3352016
2015 298
Lost-time accident frequency(iv)
Health and safety
1.44Δ20162015 1.66
Water efficiency(V)
5.1l/lΔ2016
2015 5.8l/l
(i) Does not include corporate net sales of £36 million (2015 – £80 million). (ii) Excluding exceptional operating charges of £167 million (2015 – £269 million) and corporateand ISC costs before exceptional items of £150 million (2015 – £123 million).
NORTHAMERICA
EUROPE, RUSSIAAND TURKEY
AFRICA LATIN AMERICAAND CARIBBEAN
ASIAPACIFIC
Volume
EU47.0mReported: 1%Organic: 1%
Volume
EU43.9mReported: flatOrganic: 2%
Volume
EU31.3mReported: 19%Organic: 9%
Volume
EU20.6mReported: 5%Organic: 2%
Volume
EU103.6mReported: 3%Organic: flat
Net sales(i)
£3,565mReported: 3%Organic: 3%
Net sales(i)
£2,544mReported: 3%Organic: 4%
Net sales(i)
£1,401mReported: 1%Organic: 3%
Net sales(i)
£863mReported: 16%Organic: 1%
Net sales(i)
£2,076mReported: 6%Organic: 2%
Operating profit(ii)
£1,551mReported: 7%Organic: 4%
Operating profit(ii)
£801mReported: flatOrganic: 6%
Operating profit(ii)
£212mReported: 33%Organic: 11%
Operating profit(ii)
£199mReported: 24%Organic: 1%
Operating profit(ii)
£395mReported: 11%Organic: 13%
Read more: pages 28–29 Read more: pages 30–31 Read more: pages 32–33 Read more: pages 34–35 Read more: pages 36–37
DIAGEO Annual Report 2016 01Strateg
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Diageo in 2016
DIAGEO IN 2016Diageo is a global leader in beverage alcohol with an outstandingcollection of brands across spirits and beer.Our products are sold in more than 180 countries around the world.Our brands include Johnnie Walker, Crown Royal, JεB, Buchanan’s andWindsor whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan,Baileys, Don Julio, Tanqueray and Guinness.Our ambition is to be one of the best performing, most trustedand respected consumer products companies in the world.We are proud of the brands we make and the enjoyment they give to millions.We are passionate about alcohol playing a positive role in society as part of abalanced lifestyle. This is central to our purpose to help people celebrate life.
Diageo plc is incorporated as a public limited company in England and Wales. Diageowas incorporated as Arthur Guinness Son and Company Limited on 21 October 1886.The group was formed by the merger of Grand Metropolitan Public Limited Company(GrandMet) and Guinness PLC (the Guinness Group) in December 1997. Diageo plc’sprincipal executive office is located at Lakeside Drive, Park Royal, London NW10 7HQand its telephone number is +44 (0) 20 8978 6000.
Cautionary statement: this document contains ‘forward-looking’ statements.For our full cautionary statement, please see on page 156.
Diageo is listed on both the London Stock Exchange (DGE) and the New York StockExchange (DEO).
This is the Annual Report 2016 of Diageo plc for the year ended 30 June 2016 and it isdated 28 July 2016. The Annual Report is made available to all shareholders on Diageo’swebsite (www.diageo.com).
This report includes names of Diageo’s products, which constitute trademarks ortrade names which Diageo owns or which others own and license to Diageo for use.In this report, the term ‘company’ refers to Diageo plc and the terms ‘group’ and ‘Diageo’ referto the company and its consolidated subsidiaries, except as the context otherwise requires.
Diageo’s consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRS) as adopted for use in the EuropeanUnion (EU) and IFRS as issued by the International Accounting Standards Board (IASB).References to IFRS hereafter should be construed as references to both IFRS, as adoptedby the EU, and IFRS, as issued by the IASB. Unless otherwise indicated, all financialinformation contained in this document has been prepared in accordance with IFRS.
Unless otherwise stated in this document, percentage movements refer to organicmovements which are non-GAAP financial measures. For a definition of organicmovement and reconciliations of non-GAAP measure to GAAP measures see page 50.Share, unless otherwise stated, refers to value share. Unless otherwise stated in thisdocument, the percentage figures presented are reflective of a year-on-yearcomparison, namely 2015-2016, only.
The brand ranking information presented in this report, when comparing informationwith competitors, reflects data published by sources such as IWSR, Impact Databank,Nielsen, Beverage Information Group and Plato Logic. Market data information andcompetitive set classifications are taken from independent industry sources in themarkets in which Diageo operates.© Diageo plc 2016
For more information about Diageo, our people and our brands, visit www.diageo.com.
Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com, for information, initiatives, and ways to share best practice.
In addition, Diageo has prepared a Sustainability & Responsibility Performance Addendum 2016, which is available on www.diageo.com. It outlinesfurther economic, social and environmental disclosures in line with the Global Reporting Initiative Sustainability G4 Guidelines and the United NationsGlobal Compact advanced reporting criteria.
Strategic report— Our business 02— Our global reach 03— Our brands 04— Breadth and depth across price points 05— Our strategy 06— Our business model 07— How we measure performance: key performance indicators 08— Chairman’s statement 10— Chief Executive’s statement 12— Market dynamics 14— How we will deliver our Performance Ambition 16— How we protect our business: risk management and principal risks 19— Group financial review 22— Business reviews 28— Category review 38— Sustainability & Responsibility review 40— Definitions and reconciliations of non-GAAP measures
to GAAP measures 50
Governance— Board of Directors and Company Secretary 56— Executive Committee 57— Corporate governance report 58— Report of the Audit Committee 63— Directors’ remuneration report 66— Directors’ report 86
Financial statements 88
Additional information for shareholders 154
ContentsCover image Johnnie Walker Black Label on thebottling line at Shieldhall, one of our two packaging sitesin Scotland. Johnnie Walker Black Label is created usingonly whiskies aged for a minimum of 12 years fromthe four corners of Scotland.
Everywhere we operate, we setout to have a positive impacton the world around us. Doingso is good for our business, forour communities and for ourconsumers.
At the core of our approachis a commitment to create apositive role for alcohol insociety. This is fundamental to
our purpose – celebrating life,every day, everywhere. We arealso committed to tacklingalcohol misuse through effectiveprogrammes that prevent andreduce alcohol misuse, and workwith others to raise awarenessand change people’s attitudesand behaviour. We market ourproducts responsibly and
provide the informationconsumers need to makeinformed decisions.
Our distilleries and breweriesare at the very heart of thecommunities in which we work,which gives us an opportunity tocreate shared value. To do this, wework hard to increase access toopportunity through: enabling
entrepreneurship, employabilityand skills; improving accessto clean water, sanitationand hygiene; and helpingto empower women.
By reducing carbonpackaging, water and wastenow, we are reducing ourenvironmental impact tosupport future opportunities.
DIAGEO Annual Report 201602 Our business
OUR BUSINESSDiageo is a global leader in beverage alcohol withiconic brands across spirits and beer. We trulyunderstand the consumer and have world-classmarketing and innovation skills to build powerfulbrands that play a positive role in society.
Diageo has built a strong platform forgrowth. We have grown through investmentin our brands, and by acquisition to broadenour geographical footprint and categorydepth and range.
Our 21 market model(i) has establishedstrong local business units, well positionedto win in increasingly competitive and fastpaced operating environments.
We want to make a positive contribution– to society, to communities, to individuals,and to the environment – while continuingto prosper as a business. We actively createthe shared value that is part of our heritage,and essential to our future.
We build global brands alongsidelocal stars. These brands have broad
consumer appeal across geographies tomeet demand now and in the future.
For us, standards are everything, from howwe produce and market our brands, to how weinnovate and sell, and in governance and ethics
as codified in our Code of Business Conduct.
Doing business the right wayStrength through global reach and iconic brands
We produce our brandsfrom more than 150 sites inaround 30 countries. We arecommitted to efficient,sustainable production tothe highest quality standards.Our export-led InternationalSupply Centre (ISC) employsover 4,000 people across morethan 55 sites in Scotland,England, Ireland, Italy andthe Netherlands.
For decades our brands havebeen at the forefront ofmarketing innovation andthe same remains true today.We invest in world-classmarketing to build our brands,focused on programmes whichrecruit and re-recruit consumers.We take our obligations tomarket responsibly and helpconsumers make informeddecisions seriously.
Innovation is a mindsetdriving everything we do andan important growth enginefor our business. We combineour world-leading technicaland research capability withinvestments in smaller start-ups.We partner with entrepreneursto actively experiment in digitaltechnology, new businessmodels and partnershipsto solve business issues andunlock new opportunities.
Everyone at Diageo sells orunderstands how they canhelp sell. This is just oneexpression of the sales-ledorganisation we are building.We work to extend oursales reach by ensuring ourproducts are available wherepeople want them andby delivering memorableconsumer experiences.
Our role in society
We produce We innovate We market We sell
(i) Throughout this Annual Report 2016, reference to Diageo’s 21 geographically based markets are stated as ‘21 markets’.
Diageo reports as five regions
North America Europe, Russiaand Turkey
Africa Latin Americaand Caribbean
Asia Pacific
Latin Americaand Caribbean
Asia Pacific
North America
Europe,Russia and Turkey
Africa
Diageonet sales
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03Our global reach
% Share of net sales by our 21 markets(i)
(i) Does not include corporate net sales of £36 million. (ii) Excluding exceptional operating charges of £167 million (2015 – £269 million) and corporate and ISC costs beforeexceptional items of £150 million (2015 – £123 million). (iii) Excluding corporate and ISC costs of £150 million (2015 – £139 million). (iv) Excludes corporate offices which accountfor <2% of combined impacts. (v) Employees have been allocated to the region in which they reside.
OURGLOBALREACH
Diageo is the leading spirits player in everyregion of the world. This regional profileprovides us with exposure to the greatestconsumer growth opportunities in our sector.We operate as 21 geographically based marketsaround the world and have a presence in over180 countries. We employ more than 32,000talented people across our global business.
Each of our 21 markets is accountable forits own performance and for driving growth
Our 21 marketsUS SpiritsDiageo-Guinness USA (DGUSA)CanadaEuropeTurkeyRussiaEast AfricaAfrica Regional MarketsNigeriaSouth AfricaWest LACParaguay, Uruguay and BrazilMexicoColombiaVenezuelaIndiaAustraliaSouth East AsiaGlobal Travel Asia and Middle EastNorth AsiaGreater China
% Share by region
Volume (%) 19.1 17.8 12.7 8.4 42.0Net sales(i) (%) 34.1 24.3 13.4 8.3 19.9Operating profit before exceptional items(ii) (%) 49.1 25.4 6.7 6.3 12.5Operating profit(iii) (%) 51.8 26.8 7.1 2.7 11.6Number of responsible drinkingprogrammes (%) 21.2 25.4 15.6 15.7 22.1Water withdrawals(iv) (%) 10.0 38.2 37.8 1.8 12.2Carbon emissions(iv) (%) 6.7 42.7 37.4 2.3 10.9
Number of employees(v) (%) 9.0 33.5 16.5 9.8 31.2
(i) Based on reported net sales for the year ended 30 June 2016.Does not include corporate net sales of £36 million.
DIAGEO Annual Report 201604 Our brands
Our portfolio spans consumer drinkingoccasions. Using local market insights, our teamsare able to select the most relevant brands fromour global portfolio to meet the consumeropportunity in their market. All of our marketingactivities adhere to the Diageo Marketing Codeto ensure our brands are marketed responsibly.A selection of our brands are included in thetable below.
OUR BRANDSOur global reach is matched by ourbroad portfolio of international andlocal brands. We own the top two largestspirits brands in the world, Johnnie Walkerand Smirnoff, and 20 of the world’s top100 spirits brands.
Source: Impact Databank Value Ratings, May 2016. (i) Global giants represent 40% of Diageo net sales.
Global giants(i)
Our business is anchored around our six biggest global brands.
®
Local stars Reserve
Can be individual to any one market, and providea platform for our business to grow.
Exceptional spirits brands at above-premium price pointsto capture the global luxury opportunity.
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Breadth and depth across price points
We hold strong positions across all keyinternational spirits categories to serve consumeroccasions and price points with our brands.Our most strategically important category isscotch. We have also established footholds in keyemerging markets through participation in localspirits categories: raki in Turkey, cachaça in Brazil,local whisky in India, and a small position in thebaiju category in China.
BREADTH AND DEPTHACROSS PRICE POINTSOur portfolio, well diversified across pricetiers, enables us to participate where theconsumer opportunity is greatest, and tocapture shifts in consumer preference.
Scotch whisky
North Americanwhisk(e)y
Vodka
Rum
®
Liqueur
Tequila
Gin
Local spirits
Beer
Ultra premium Super premium Premium Standard Value
Targeted investment in:Prioritised investment in:
We measure progress against our strategy using the following financial and non-financial indicators:
DIAGEO Annual Report 201606 Our strategy
OUR STRATEGYWe pursue the followingstrategy to deliver ourPerformance Ambition:
We aim to grow our participation ininternational premium spirits, driven bygrowth in both populations and incomes,and the increasing penetration of spiritsin emerging markets. To support this, weparticipate in both beer and mainstreamspirits selectively to deliver organisationalscale and distribution reach, and to shaperesponsible drinking trends in marketswhere international premium spirits isan emerging category.
Our intent is to build breadth and depthacross drinking occasions by shapingconsumer demand for our internationalpremium spirits brands. In developed marketsour strategy is to drive premiumisationthrough spirits price tiers up to our reserveportfolio. In emerging markets our strategy isto develop from an import-based premiumspirits model to become a local player whereappropriate, participating in categories thatgive us the scale and access to the fastgrowing middle-class consumer. Everywherewe operate, we do so in a responsible andsustainable way.
Premium core spirits(i)
The brands at the core of ourbusiness that provide both
scale and strong margincontribution.
Reserve
Exceptional spirits brands atabove-premium price points to
capture the global luxuryopportunity.
Mainstream spirits(i)
Spirits-based brands priced at asimilar amount per serve to
mainstream beer or local spiritsthat enable us to shape local
spirits consumption.
Beer
Provides local scale and routeto consumer, with focused
participation in markets wherewe have leadership positions.
Organic net sales growth
Organic operating marginimprovement
Earnings per share beforeexceptional items
Free cash flow
Return on averageinvested capital
Total shareholder return
Reach and impact ofresponsible drinkingprogrammes
Water efficiency
Carbon emissions
Health and safety
Employeeengagement index
See our key performance indicators (KPIs) pages: 8–9.
(i) Spirits include ready to drinks (RTDs).
Outcomes of our strategy
Efficient growth
Consistent value creationCredibility and trust
Motivated people
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Our business model
OUR BUSINESS MODELFrom our position as a global leader, we deliverreturns for shareholders, while creating valuefor our customers and employees. In everythingwe do, we set out to make a positive contributionto society.
Broad portfolio: we have world-leadingbrands across categories and price points.
Global reach: we have global reach throughthe breadth and depth of our global andlocal brands.
Financial strength: our competitiveadvantage is reflected by our strong financialreturns and consistent financial performance.
Efficient supply and procurement: acrossthe world we have efficiency in supply andprocurement, with high-quality manufacturingoperations and environmental standards.
Leading capabilities: our focus is on brilliantexecution including cutting-edge consumerinsights and marketing, scalable innovation,and winning relationships with our customersthrough distribution and sales.
Values: at the heart of everything we doare our company values: passionate aboutcustomers and consumers; be the best;freedom to succeed; proud of what we do;valuing each other.
Our role in society: we are passionate aboutensuring alcohol continues to play a positiverole in society, and are committed to playingour part in tackling alcohol misuse.
Consumer insights: in-market consumerinsight teams are able to identify trends moreaccurately and quickly, delivering more locallyrelevant solutions.
Participation strategy: flexibility to selectthe best portfolio of brands that capture theunique consumer opportunity that existsin each specific market and then to investdirectly against the largest identified growthopportunities. Each market is able to deploya customised combination of global andlocal brands to provide brand price tiercoverage that is best suited to its specificconsumer needs.
Supply resources: our 21 markets aredesignated as import markets, import andthird party production markets, or importand local production markets. Where wehave dedicated in-market supply resourceit increases the speed with which we canrespond to local consumer demand andhelps to protect our supply chain frompolitical and economic volatility.
Global functions: our 21 markets aresupported by a global structure and sharedservices designed to leverage scale, driveefficiency, share best practice, impartknowledge and help build capability ata local level, as well as apply governanceof controls, compliance and ethics.
Performance drivers: we have identified sixperformance drivers which are key to improvingexecution and achieving our aims: premiumcore brands; reserve; innovation; route toconsumer; cost and productivity; and talent.Each market focuses on the priorities that willdrive performance in that market.
Sustainability and responsibility priorities:every business decision, every operation,and every programme and initiative mustwork towards our three sustainability andresponsibility priorities: creating a positiverole for alcohol in society; buildingthriving communities; and reducingour environmental impacts.
Our performance drivers and sustainabilityand responsibility priorities are underpinnedby our commitment to the highest standardsof governance and ethics.
Performance driversRead more: page 16.
Sustainability andresponsibility prioritiesRead more: page 16
Broad portfolio
Global reach
Financial strength
Efficient supply and procurement
Leading capabilities
Values
Our role in society
21 markets
Consumer insights
Participation strategy
Supply resources
Global functions
Global functions
Global leader Agile business model Focused on:
We have structured our organisation into a21 market business model, applying country-specific strategies to meet local consumerand customer needs. This business modelenables us to identify and execute againstthe most valuable growth opportunities,and also to supply our brands efficientlyand effectively using our global expertise,while sourcing and producing locally whereoptimal to do so. This market-driven businessmodel helps us to capture consumer trendsearly to deliver sustainable performance.
DIAGEO Annual Report 201608 How we measure performance: Key performance indicators
HOW WE MEASURE PERFORMANCE:Key performance indicators
Financial 1
Organic net sales growth(%)
2.8%2016 2.82015 0.02014 0.42013 5.02012 6.0
DefinitionSales growth after deducting excise duties,excluding the impact of exchange ratemovements, acquisitions and disposals.
Why we measureThis measure reflects our performance as theresult of the choices made in terms of categoryand market participation, and Diageo’s abilityto build brand equity, increase prices andgrow market share.
PerformanceVolume growth of 1.3% driven by North Americaand Europe combined with positive price/mix,primarily mix effect resulted in an organic netsales growth of 2.8%.
Financial 1
Organic operating marginimprovement (bps)
19bps2016 192015 242014 772013 782012 59
DefinitionThe percentage point movement in operatingprofit before exceptional items, divided by netsales after excluding the impact of exchangerate movements and acquisitions and disposals.
Why we measureThe movement in operating margin measuresthe efficiency of the business. Consistentoperating margin improvement is a businessimperative, driven by investment choices, ourfocus on driving out costs across the businessand improving mix.
PerformanceOrganic operating margin improvement wasdriven by favourable mix effect which helpedgross margin increase combined withprocurement efficiencies in marketing activityoffset by higher overheads.
Financial 1
Earnings per share beforeexceptional items (pence)(i)
89.4p2016 89.42015 88.82014 95.52013 103.12012 92.6
DefinitionProfit before exceptional items attributable toequity shareholders of the parent company,divided by the weighted average numberof shares in issue.
Why we measureEarnings per share reflects the profitability ofthe business and how effectively we financeour balance sheet. It is a key measure for ourshareholders.
PerformanceEarnings per share before exceptional itemsincreased 0.6 pence largely driven by operatingprofit growth, higher associate income andlower finance charges partially offset by adverseexchange effects and the impact of disposals.
Non-Financial
Alcohol in society(ii) (reach and impactof responsible drinking programmes)
335 programmes2016 3352015 2982014 3732013 3152012 300
DefinitionNumber of programmes supported by Diageothat aim to reduce harmful drinking.
Why we measureWe put our resources and skills into programmesthat encourage a responsible attitude to alcoholand are effective in preventing and reducingalcohol misuse, working with others to maximiseimpact. These programmes address the risk ofharm to consumers or communities and help usdeliver our Performance Ambition.
PerformanceWe seek to broaden the reach of programmes,but we are prioritising the impact they have.This involves supporting projects that are effectivein meeting their objectives. We share case studiesshowing impact evaluation on www.diageo.com.
Non-Financial
Health and safety (lost-time accidentfrequency per 1,000 employees)
1.44Δ2016 1.44 Δ2015 1.66(iii)
2014 1.662013 2.972012 2.14
DefinitionNumber of accidents per 1,000 full-time employeesand directly supervised contractors resulting intime lost from work of one calendar day or more.
Why we measureSafety is a basic human right: everyone has theright to work in a safe environment, and our ZeroHarm safety philosophy is that everyone shouldgo home safe, every day, everywhere.
PerformanceIn 2016, we improved our performance with areduction in LTAs of 13% compared with 2015.This was driven by a strong focus on embeddingstandards into newer markets to reduce accidentlevels and leveraging best practice safetymanagement tools. In some of our moreestablished markets, this enabled us to getclose to our target of zero accidents.
Non-Financial 1
Water efficiency(iv)(l/l)
5.1l/lΔ2016 5.1 Δ2015 5.82014 6.72013 6.92012 7.2
DefinitionRatio of the amount of water required to produceone litre of packaged product.
Why we measureWater is the main ingredient in all of our brands.To sustain production growth and respond tothe growing global demand for water, we aimto improve efficiency, minimising our water use,particularly in water-stressed areas.
Performance12.1% improvement on 2015, resulting fromprocess optimisations and improvements acrossall sites and in particularly at our Tusker Breweryin Kenya and our Gimli Distillery in Canada.
More detail: see page 41 More detail: see page 43–44 More detail: see page 46–47
More detail: see page 24 More detail: see page 23 More detail: see page 23
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How we measure performance: Key performance indicators
We use the following 11 keyperformance indicators (KPIs)to measure our financial andnon-financial performance.
Relevance to strategy
Efficient growth
Consistent value creation
Credibility and trust
Motivated people
They measure progressagainst our strategy and ourperformance against our KPIsare explained below:
Financial 1
Free cash flow(£ million)
£2,097m2016 2,0972015 1,9632014 1,2352013 1,4522012 1,657
DefinitionFree cash flow comprises the net cash flowfrom operating activities aggregated with thenet cash received/paid for loans receivable andother investments, and the net cash cost paidfor property, plant and equipment, andcomputer software.
Why we measureFree cash flow is a key indicator of the financialmanagement of the business and reflectsthe …
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