Bunzl Plc · LSE:BNZL
Bunzl — Shareholder Meeting (2013)
14 slides from Bunzl's shareholder meeting presentation, Nov 6, 2013
Slide 1: Annual General Meeting 2013
ANNUAL GENERAL MEETING 2013
Slide 2: Income Statement
Income Statement Growth % Constant £m 2012% 2011% Reported Exchange Revenue 5,359.2% 5,109.5% 5 6) % % Operating profit* 352.4% 335.7% 5 7) Margin*† 6.6% 6.5% * Before intangible amortisation and acquisition related costs † At constant exchange rates -1-
Slide 3: Income Statement
Income Statement Growth % Constant £m 2012) 2011) Reported Exchange Operating profit* 352.4) 335.7) 5 7) Net finance cost (28.5) (29.6) Profit before tax† 323.9) 306.1) 6 8) Interest cover (x) 12.4) 11.3) Effective tax rate (%) 27.7) 27.5) † Adjusted earnings per share (p) 71.8) 68.5) 5 7) Dividend
Slide 4: Dividend per Share (p)
Dividend per Share (p) 28.2 26.4 CAGR = 10% 23.4 21.6 20.6 18.7 17.0 15.7 13.3 2004 2005 2006 2007 2008 2009 2010 2011 2012 Consistently strong dividend growth -3-
Slide 5: Revenue Growth Bridge
Revenue Growth Bridge £m 5,500 2.6% 4.5% (0.9%) 6.2% 5,400 5,300 5,200 5,100 4,704 4,830 5,000 4,900 5,359 4,800 5,045 4,700 4,600 4,500 Revenue Organic Acquisitions Disposal Revenue FY 11 FY 12 (FX Adjusted) -4-
Slide 6: Customer Markets
Customer Markets Other 4% Healthcare 7% Non-Food Retail 8% Grocery 29% Safety 9% Cleaning & Hygiene 14% Foodservice 29% c.80% resilient – Grocery, Foodservice, C&H, Healthcare -5-
Slide 7: Business Area Analysis
Business Area Analysis Revenue Operating profit* 7% 9% 19% 17% 50% 54% 20% 24% North America Continental Europe UK & Ireland Rest of the World Diversified by geography *Before intangible amortisation and acquisition related and corporate costs -6-
Slide 8: Overview
Overview Strong management focus • GDP+ organic growth • 13 high quality acquisitions • Cost reduction and efficiency initiatives Strong overall performance • North America – six acquisitions / operating margin improvement • Continental Europe – steps to reduce cost base / second move into Switzerla
Slide 9: Acquisition ROIC
Strategy Operating Model Efficiencies GDP+ Acquisition Organic Growth Growth AcquisitionROIC Growth 17.9% ROIC remains high – increased in 2012 -8-
Slide 10: Acquisition Growth - 2012
Acquisition Growth - 2012 Business Acquired Country Sector Revenue* CDW Merchants February USA Non-food retail £10m Star Services April Australia Foodservice £8m FoodHandler April USA Foodservice £66m Zahav April Israel Foodservice £12m Service Paper June USA Grocery / Foodservice £39m Distrimondo J
Slide 11: Acquisition Growth Model
Acquisition Growth Model 27 countries 23 countries 18 countries 12 countries 7 countries 1997* 2003* 2005* 2008 2012 Continuing geographic expansion * Continuing operations -10-
Slide 12: Acquisition Growth - Track Record
Acquisition Growth - Track Record 2004 2005 2006 2007 2008 2009 2010 2011 2012 Number of acquisitions 7 7 9 8 7 2 9 10 13 Committed acquisition 302 129 162 197 123 6 126 185 272 spend (£m) Annualised acquisition 430 270 386 225 151 27 154 204 518 revenue (£m) 04-05 continuing operations only Average
Slide 13: Financial Track Record
Financial Track Record Revenue (£bn) Operating profit (£m) 371 04-05 continuing operations only 5.4 Before amortisation and acquisition 353 5.1 4.8 related and corporate costs 312 323 4.6 04-05 continuing operations only 297 4.2 259 3.6 241 3.3 218 2.9 183 2.4 2004 2005 2006 2007 2008 2009 2010 2011
Slide 14: Annual General Meeting 2013
ANNUAL GENERAL MEETING 2013