BUNZL

2023 ANNUAL GENERAL MEETING

April 2023

INCOME STATEMENT

Very strong adjusted operating profit growth and improved margin

FY 22 revenue growth2

9.8%

FY 22 adjusted operating profit1 growth2

11.1%

Q1 23 revenue growth2

1.2%

£m

REPORTED

CONSTANT

2022

2021

GROWTH

EXCHANGE

Revenue

12,039.5

10,285.1

17.1%

9.8%

Adjusted operating profit1

885.9

752.8

17.7%

11.1%

Operating margin1

7.4%

7.3%

Adjusted profit before income tax1,3

818.0

698.2

17.2%

10.5%

Effective tax rate1

24.6%

22.3%

Adjusted profit for the year1

616.8

542.5

13.7%

7.3%

Adjusted earnings per share1,4

184.3p

162.5p

13.4%

7.0%

Total dividend per share

62.7p

57.0p

10.0%

Statutory

Operating profit

701.6

623.3

Profit before income tax3

634.6

568.7

Basic earnings per share4

141.7p

132.7p

Notes

  1. Alternative performance measure - see Appendix 1
  2. At constant exchange rates
  3. Net finance cost in 2022 was £67.9 million and £54.6 million in 2021. In 2022 net finance costs included a non-cashhyperinflation-related charge of £10.7 million
  4. Weighted average number of shares of 334.7 million in 2022 and 333.8 million in 2021

2023 ANNUAL GENERAL MEETING

2

HIGHLY CASH GENERATIVE MODEL

Strong cash generation, supported by working capital improvement and disposal

Average cash conversion1 since 2004

98%

Net debt : EBITDA1,2

1.2x

Due to strong cash generation and benefit from disposal proceeds; substantial capacity for self-funded acquisitions

ROIC1

15.0%

Cash conversion over the last 10 years

Net debt : EBITDA1,2 over the last 10 years

102%

95%

97%

99%

97%

94%

101%

103%

102%

107%

TARGET

TARGET

1.

1.

1.

1.5x

1.6x

1.2x

13

14

15

16

17

18

19

20

21

22

13

14

15

16

17

18

19

20

21

22

Notes

  1. Alternative performance measure - see Appendix 1
  2. On a covenant basis - at average exchange rates and based on historical accounting standards, in accordance with Group's external debt covenants

2023 ANNUAL GENERAL MEETING

3

THREE DECADES OF CONSECUTIVE DIVIDEND GROWTH

Maintained dividend growth through periods of uncertainty

10.0%

62.7

y-o-y dividend growth,

in line with 30-year CAGR

Dividend per share

CAGR 9.6%

30 years

of consecutive

annual dividend increases

4.0

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

21

22

2023 ANNUAL GENERAL MEETING

4

DISCIPLINED APPROACH TO CAPITAL ALLOCATION

Highly cash generative model continues to drive stakeholder value

Capital allocation priorities

1. Invest in the

business

Progressive dividend

£2.0bn of dividend payments since 2004 Sustainable annual dividend growth

Value accretive acquisitions

£4.7bn of committed spend since 2004

Increased level of acquisition spend in recent years Active pipeline

Dividend per share

62.7

3-year average

c.425

2.

Paying a

progressive dividend

3.

Value accretive

acquisitions

4.

Distribution of

excess cash

CAGR 9.6%

4.0

92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22

committed spend (£m)

c.300

2022 return

on invested

c.250

capital1

15.0%

2014-162017-192020-22

Note

1. Alternative performance measure - see Appendix 1

2023 ANNUAL GENERAL MEETING

5

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Bunzl plc published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2023 06:06:02 UTC.