Bunzl Plc · LSE:BNZL
Bunzl — Shareholder Meeting (April 2015)
12 slides from Bunzl's shareholder meeting presentation, Apr 15, 2015
Slide 1: 2015 Annual General Meeting
2015 Annual General Meeting 15 April 2015
Slide 2: Income statement
Growth % Income Constant statement £m 2014 2013 Reported Exchange Revenue 6,156.5 6,097.7 1 7 Adjusted operating profit* 429.8 414.4 4 10 Net finance cost (42.0) (42.2) Adjusted profit before tax* 387.8 372.2 4 11 Operating margin* 7.0% 6.8% Effective tax rate 27.4% 27.9% Adjusted earnings per 86.2p
Slide 3: Dividend per share (p)
Dividend per share (p) CAGR 35.5 >10% Consistently 22 years of growth strong dividend growth 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 2
Slide 4: Cash flow
Cash flow £m 2014 2013 Operating cash flow* 407.7 421.1 Interest (41.4) (39.0) Tax (89.8) (80.3) Free cash flow 276.5 301.8 Cash conversion Dividends (105.6) (91.8) over target threshold of 90% Acquisitions (168.1) (279.9) at 95% Employee share schemes Net cash flow (21.8) (19.0) (43.3) (113.2) Oper
Slide 5: Cash conversion
Cash 110% 103% conversion* 102% 102% 93% 95% 93% 95% 92% 92% 93% 90% Average cash conversion* of 97% funds growing dividend and acquisitions 04 05 06 07 08 09 10 11 12 13 14 * Operating cash flow before acquisition related costs to adjusted operating profit 04 - 05 continuing operations only 4
Slide 6: Uses of free cash 2004 to 2014
Uses of free cash 2004 to 2014 Dividends Dividend per share CAGR >10% Stable dividend cover – c.2.5 x £762m Acquisition 100 acquisitions since 2004 spend Self funded £1.9bn 5
Slide 7: Revenue by customer
Revenue Healthcare Other by customer markets 3% 7% 28% c.75% resilient 11% Grocery Safety Foodservice Cleaning & hygiene Foodservice Healthcare 12% Retail 13% 26% Grocery Cleaning & hygiene 2014 FY Revenue 6
Slide 8: Business area analysis
Business area analysis NORTH AMERICA CONTINENTAL EUROPE Well diversified by geography and 55% Revenue 19% Revenue sector 47% Adjusted profit* operating 23% Adjusted profit* operating UK & IRELAND REST OF WORLD 17% Revenue 9% Revenue 18% Adjusted Profit* operating 12% Adjusted profit* operating * Bef
Slide 9: Consistent and proven strategy
Consistent and proven strategy Organic growth Acquisition growth Operating By outsourcing to Bunzl Since 2004 we have model efficiencies the purchase, announced 100 We constantly strive consolidation and acquisitions with total to make our business delivery of a broad spend of £1.9bn more efficient
Slide 10: Acquisition growth 2014
Business Acquired Country Sector Revenue* Acquisition Bäumer January Germany Cleaning & hygiene £10m growth Oskar Plast February Czech Rep. Grocery £12m 2014 Lamedid March Brazil Healthcare £13m Nelson Packaging March NZ Cleaning & hygiene £3m Plast Techs March USA Cleaning & hygiene £14m Tecno Boga
Slide 11: Financial track record 2004 - 2014
Financial Revenue (£bn) Adjusted operating profit (£m) track record 04-05 continuing operations only 6.1 6.2 Before intangible amortisation and acquisition related costs 430 2004 - 2014 5.1 5.4 04-05 continuing operations only 414 4.8 352 4.6 336 4.2 307 296 281 3.6 3.3 243 2.9 226 203 2.4 169 All C
Slide 12: Disclaimer
No representation or warranty (express or implied) of any nature can be given, nor is any Disclaimer responsibility or liability of any kind accepted, by Bunzl plc with respect to the completeness or accuracy of the content of or omissions from this presentation. This presentation is for information