Bunzl Plc · LSE:BNZL
Bunzl — Shareholder Meeting (2024)
11 slides from Bunzl's shareholder meeting presentation, Apr 24, 2024
Slide 1: Bunzl 2024 Annual General Meeting
BUNZL 2024 ANNUAL GENERAL MEETING
Slide 2: Income Statement
INCOME STATEMENT Strong adjusted operating profit growth and operating margin CONSTANT FY 23 operating margin1 EXCHANGE1 8.0% £m 2023 2022 REPORTED GROWTH CONSTANT EXCHANGE1 EXCLUDING DISPOSAL3 Supported by good margin management initiatives, higher margin Revenue 11,797.1 12,039.5 (2.0)% (1.9)% (0.
Slide 3: Highly Cash Generative Model
HIGHLY CASH GENERATIVE MODEL Strong cash generation Cash conversion over the last 10 years Net debt : EBITDA1,2,3 Average cash conversion1 since 2004 107% 98% 103% 2.3x 102% 101% LEVERAGE 99% 97% 97% 96% 2.1x 95% 94% TARGET 2.0x 2.0x Net debt : EBITDA1,2, 3 1.9x 1.9x TARGET 1.1x 1.6x 1.5x Due to str
Slide 4: Over Three Decades of Consecutive Dividend Growth
OVER THREE DECADES OF CONSECUTIVE DIVIDEND GROWTH Strong dividend growth; further dividend cover normalisation post-pandemic 8.9% 68.3 year-on-year dividend growth Dividend per share CAGR 9.6% 31 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
Slide 5: Disciplined Approach to Capital Allocation
DISCIPLINED APPROACH TO CAPITAL ALLOCATION Highly cash generative model continues to drive stakeholder value Progressive dividend Capital allocation – Acquisition pipeline remains active, with priorities £2.2bn of dividend payments since 2004 significant opportunities across our markets and sectors
Slide 6: Bunzl's Model Drives Both Growth and Resilience
BUNZL’S MODEL DRIVES BOTH GROWTH AND RESILIENCE Achieving growth through periods of disruption highlights resilience CONSISTENT COMPOUNDING GROWTH MODEL ADJUSTED OPERATING PROFIT2,3 (£m) Organic Growth – Driven by activity in our markets c.1/3 Resilience proven during historic challenges of revenue
Slide 7: Appendices
Appendices 2021 ANNUAL 2024 FULL YEAR RESULTS GENERAL MEETING 7
Slide 8: Alternative performance measures
APPENDIX 1 Alternative performance measures This presentation includes various performance measures defined under International Financial Reporting Standards (‘IFRS’) as well as a number of alternative performance measures. The principal alternative performance measures used in this presentation are
Slide 9: Statutory P&L
APPENDIX 2 Statutory P&L £m 2023 2022 Revenue 11,797.1 12,039.5 Adjusted operating profit1 944.2 885.9 Operating margin1 8.0% 7.4% Adjusting items (155.1) (184.3) Operating profit 789.1 701.6 Net finance expense (90.5) (67.9) Disposal of business - 0.9 Profit before income tax 698.6 634.6 Reported t
Slide 10: Financial track record 2004 – 2023
APPENDIX 3 Financial track record 2004 – 2023 Proven Revenue (£bn) Adjusted operating profit1 (£m) 944 compounding 11.8 growth strategy CAGR c.9-10% 2.4 169 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Adjusted EPS1 (p) Divid
Slide 11: Disclaimer
DISCLAIMER This document has been prepared by Bunzl plc (the ‘Company’) solely for use at the presentation of the Company’s AGM in respect of the period ended 31 December 2023. For the purposes of this disclaimer, “Presentation” shall mean this document, the oral presentation of the slides by the Co