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Welcome to the Bunzl Plc Annual Report 2019 If you are looking at this on a tablet, the search, print and go to page functions will not work. Welcome to the Bunzl plc Annual Report 2019 Use the interactive PDF control panel along the top of each page to help you find information and navigate around this document easily. Go to Search Print Previous Go to Go to Navigate home view page contents within page the report Links Full screen mode Dynamic links within the text are indicated This PDF is set up to view in full screen when the user rolls over hyperlinks and the mode. To turn this off, press esc and the mouse cursor changes to a pointed hand. full toolbar is revealed. Building a sustainable future Bunzl plc Annual Report 2019 We have a Detail proven strategy pg 18 We offer a Detail unique service pg 14 We are committed Detail to sustainability pg 34 In this report Strategic report Financial statements 1 Financial highlights 118 Consolidated income statement 2 Group at a glance 119 Consolidated statement of 4 Chairman’s statement comprehensive income 6 Chief Executive Officer’s review 120 Consolidated balance sheet 10 Investment case 121 Consolidated statement of 12 Purpose, values and culture changes in equity 14 Service offering 122 Consolidated cash flow statement 16 Business model 124 Notes 18 Strategy 169 Company balance sheet 22 Key performance indicators 170 Company statement of changes 24 Operating review in equity 32 Engaging with our stakeholders 171 Notes to the Company financial 34 Sustainability statements 50 Principal risks and uncertainties 177 Statement of directors’ 56 Financial review responsibilities 178 Independent auditors’ report to Directors’ report the members of Bunzl plc 66 Board of directors 184 Shareholder information 68 Corporate governance report 192 Five year review 77 Nomination Committee report 80 Audit Committee report 85 Directors’ remuneration report 114 Other statutory information www.bunzl.com Strategic report Directors’ report Financial statements Financial highlights Our long term track record of strong cash generation has enabled us to pay a growing dividend over the past 27 years and to support our growth strategy by making acquisitions and reinvesting in the underlying business. Adjusted earnings per share* Cash conversion* Dividend per share 132.2p 101% 51.3p (IAS 17 – 2019: 132.4p; 2018: 129.6p) (2018: 94%) (2018: 50.2p) 1.0% 2.2% Growth at constant exchange rates (Actual exchange rates +2.2%) Revenue Adjusted operating profit* Adjusted profit before income tax* £9,326.7m £653.3m £578.2m (2018: £9,079.4m) (IAS 17 – 2019: £630.9m; 2018: £614.0m) (IAS 17 – 2019: £579.1m; 2018: £559.0m) 1.0% 1.5% 2.4% Growth at constant exchange rates Growth at constant exchange rates Growth at constant exchange rates (Actual exchange rates +2.7%) (Actual exchange rates +2.8%) (Actual exchange rates +3.6%) Operating profit Profit before income tax Basic earnings per share £528.4m £453.3m 104.8p (IAS 17 – 2019: £506.0m; 2018: £466.2m) (IAS 17 – 2019: £454.2m; 2018: £424.8m) (IAS 17 – 2019: 105.0p; 2018: 98.4p) Growth at actual exchange rates +8.5% Growth at actual exchange rates +6.9% Growth at actual exchange rates +6.7% * Alternative performance measure (see Note 4 on page 134). Growth at constant exchange rates is calculated by comparing the 2019 results to the results for 2018 retranslated at the average exchange rates used for 2019. Basis of preparation IFRS 16 ‘Leases’ Reconciliation of alternative performance measures to statutory measures The Group adopted International Financial Reporting for the year ended 31 December 2019 Standard (‘IFRS’) 16 ‘Leases’ with effect from 1 January 2019 using the modified retrospective Adjusting items approach to transition and, in accordance with the Alternative Customer Acquisition standard, the Group’s financial results for the year performance relationships related Statutory ended 31 December 2018 have not been restated. measures amortisation items measures IFRS £m £m £m £m As a result, the financial results for the year ended Adjusted operating profit 653.3 (107.3) (17.6) 528.4 Operating profit 31 December 2019 are not directly comparable with Finance income 12.4 12.4 Finance income those for the year ended 31 December 2018. However, in order to provide a meaningful comparison between Finance expense (87.5) (87.5) Finance expense the two reporting periods, where appropriate to do Adjusted profit before so, the Group’s financial results for the year ended income tax 578.2 (107.3) (17.6) 453.3 Profit before income tax 31 December 2019 are also presented in accordance Tax on adjusted profit (137.6) 29.1 4.4 (104.1) Income tax with IAS 17 ‘Leases’, being the accounting standard Adjusted profit for that was applicable for the year ended 31 December the year 440.6 (78.2) (13.2) 349.2 Profit for the year 2018. Unless otherwise stated, all references in this Adjusted earnings Annual Report to growth rates and year-on-year per share 132.2p (23.4)p (4.0)p 104.8p Basic earnings per share comparisons relating to the Group’s statutory and alternative performance measures are stated on a Further details of the Group’s alternative performance measures are set out in Note 4. consistent basis under IAS 17. Further details of the impact of the adoption of IFRS 16 on the Group’s financial results are set out in Notes 1 and 3. Bunzl plc Annual Report 2019 1 Strategic report Directors’ report Financial statements Group at a glance We provide a one-stop-shop, on-time and in-full specialist distribution service across more than 30 countries, supplying a broad range of internationally sourced non-food products to a variety of market sectors. North America Revenue £5,473.2m % of 2019 revenue 59% Adjusted operating profit* £343.6m • Revenue broadly unchanged at constant exchange rates. 19,000 • Adjusted operating profit* up 0.6% at constant exchange rates. Employees • Operating margin* unchanged at 6.0%. • Return on operating capital* down from 48.4% to 45.5%. Read more 31 pg 24 Countries Markets served 6 (% of 2019 revenue) Market sectors 7% 2% 11% 29% 12% 13% 160 26% Acquisitions since 2004 Foodservice Grocery Safety Cleaning & hygiene Retail 27 Healthcare Years of dividend growth Other 2 Bunzl plc Annual Report 2019 Strategic report Directors’ report Financial statements Continental Europe UK & Ireland Rest of the World Latin America and Asia Pacific Revenue Revenue Revenue £1,829.8m £1,242.1m £781.6m % of 2019 revenue % of 2019 revenue % of 2019 revenue 20% 13% 8% Adjusted operating profit* Adjusted operating profit* Adjusted operating profit* £182.1m £87.1m £61.6m • Revenue up 3.0% at constant • Revenue down 1.7% at constant • Revenue up 8.8% at constant exchange rates. exchange rates. exchange rates. • Adjusted operating profit* up • Adjusted operating profit* down • Adjusted operating profit* up 8.3% 2.6% at constant exchange rates. 4.1% at constant exchange rates. at constant exchange rates. • Operating margin* unchanged • Operating margin* down from • Operating margin* down from 7.6% at 9.8%. 6.9% to 6.7%. to 7.5%. • Return on operating capital* • Return on operating capital* • Return on operating capital* down down from 60.4% to 60.1%. down from 87.8% to 84.4%. from 31.9% to 31.0%. Read more Read more Read more pg 26 pg 28 pg 30 Foodservice 29% Grocery 26% Safety 13% Non-food consumables, including food Goods-not-for-resale, including food Personal protection and safety equipment, packaging, disposable tableware, guest packaging, films, labels and cleaning including gloves, boots, hard hats, ear and amenities, catering equipment, cleaning and hygiene supplies, to grocery stores eye protection and other workwear, to products and safety items, to hotels, and supermarkets. industrial and construction markets. restaurants, contract caterers, food processors and the leisure sector. Cleaning & Retail 11% Healthcare 7% hygiene 12% Cleaning and hygiene materials, including Goods-not-for-resale, including Healthcare consumables, including chemicals and hygiene paper, to cleaning packaging and other store supplies gloves, swabs, gowns, bandages and and facilities management companies and and a full range of cleaning and hygiene other healthcare related equipment industrial and public sector customers. products, to retail chains, boutiques, and cleaning and hygiene products office supply companies, department to hospitals, care homes and other stores, home improvement chains and facilities serving the healthcare sector. Other 2% related e-commerce sales channels. A variety of product ranges to other end user markets. * Alternative performance measure (see Note 4 on page 134). Bunzl plc Annual Report 2019 3 Strategic report Directors’ report Financial statements Chairman’s statement Bunzl’s success is derived from the strength, resilience and reliability of our business model, combined with the execution of our long established, consistent and proven strategy. Philip Rogerson Chairman Results The return on average operating capital on enable our customers to reduce or eliminate Against the background of the mixed an IAS 17 basis decreased from 50.7% in the hidden costs of sourcing and distributing macroeconomic and market conditions 2018 to 48.4%, principally as a result of an a broad range of goods-not-for-resale and to which prevailed during 2019 across the increase in average capital employed in the make their businesses more sustainable. countries and sectors in which we operate, underlying business, and the return on By offering an efficient and cost-effective I am pleased to report that Bunzl has invested capital on an IAS 17 basis was one-stop-shop to meet their product demands, produced another resilient performance. down from 15.0% to 14.6%. combined with the provision of a variety of value-added, innovative, sustainable and Group revenue was £9,326.7 million Dividend customised service solutions, our customers (2018: £9,079.4 million), an increase of 2.7%, The Board is recommending a final dividend can focus on their core businesses and and adjusted operating profit was £653.3 of 35.8p.
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