Bunzl Investor Day Presentation Deck
DISCIPLINED CAPITAL ALLOCATION
Potential to increase annual spend on acquisitions
Illustrative cash movements
£1.5bn
1
H1 21 Net debt
£0.5bn
FCF
£0.2bn
£1.0bn
£1.2bn
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Dividend and Illustrative net
employee share debt after a year
purchases
Possible
deployment
£2.2bn
Net debt 2.5x
EBITDA
Note:
1. Net debt on covenant basis; H1 21 net debt adjusted for committed spend on acquisitions announced since
the half year
CAPITAL MARKETS DAY 2021
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Group delivers STRONG AND RESILIENT CASH FLOW annually
Bunzl generates c.£500m of free cash flow per annum, driving
c.£300m of cash post dividend and employee share purchases
Strength of cash flow has driven historic success with self-funded
acquisitions
OPPORTUNITY TO LEVERAGE to 2.5x Net debt/ EBITDA
Would allow for c.£1.0bn capital deployment
Current acquisition spend for 2021 totals c.£390m
Acquisition growth
Current balance sheet further supported by pandemic-driven
performance
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BUNZL
- Strength of balance sheet SUPPORTS ACTIVE PIPLINE and M&A
opportunities
DISCIPLINED APPROACH to capital allocation
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