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    Gerry Hennigan

    Research Analyst at Goodbody Stockbrokers

    Gerry Hennigan's questions to BUNZL (BZLFY) leadership

    Gerry Hennigan's questions to BUNZL (BZLFY) leadership • Q4 2022

    Question

    Gerry Hennigan asked if Bunzl's expertise in alternative packaging and navigating environmental legislation provides a competitive advantage that should support margins. He also inquired about the rationale for the disposal of the UK healthcare business, questioning if it was related to scale, margin, or price.

    Answer

    CEO Frank van Zanten confirmed that their expertise in sustainability is a competitive advantage that is supportive to margins, particularly through own-brand sales, but it's a longer-term trend. CFO Richard Howes explained the UK healthcare disposal was not about a lack of scale but rather a strategic decision. He stated the UK's procurement model focuses heavily on price over service, making it difficult for a value-added distributor to be compensated appropriately for the services provided.

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    Gerry Hennigan's questions to BUNZL (BZLFY) leadership • Q2 2022

    Question

    Gerry Hennigan of Goodbody asked a follow-up question regarding the Walmart contract, seeking a potential timeline for the conclusion of the negotiations.

    Answer

    CFO Richard Howes responded that there is no specific timeline for the conclusion of the negotiations. He assured that the company will update the market as soon as there is a material development to report.

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    Gerry Hennigan's questions to BUNZL (BZLFY) leadership • FY 2021

    Question

    Gerry Hennigan of Goodbody Stockbrokers ULC inquired about regional variations in sustainable packaging drivers, the current and future proportion of own-brand sales, and whether the M&A focus on higher-margin sectors is opportunistic or strategic.

    Answer

    CEO Frank Andre van Zanten noted that sustainability initiatives are most advanced in the UK and Europe, often driven by regulation. On M&A, he clarified the focus is strategic: acquiring businesses with strong supply chain positions and own brands, which naturally tend to have higher margins, rather than targeting high margins for their own sake.

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    Gerry Hennigan's questions to BUNZL (BZLFY) leadership • Q3 2020

    Question

    Gerry Hennigan from Goodbody Stockbrokers asked about the company's current expectations for an inventory unwind of COVID-related products, a topic of prior caution.

    Answer

    CEO & Executive Director Frank van Zanten used a large government order in the Netherlands as an example, stating the government has indicated no issues with its current stock levels. He added that there are currently no indications that governments are planning significant new orders to build up safety stocks, though the situation could change.

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