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
- Alternative performance measure - see Appendix 1
- At constant exchange rates
- 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
- 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
- Alternative performance measure - see Appendix 1
- 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 |
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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.