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    Sylvia Barker

    Research Analyst at JPMorgan Chase & Co.

    Sylvia Barker's questions to BUNZL (BZLFY) leadership

    Sylvia Barker's questions to BUNZL (BZLFY) leadership • Q4 2022

    Question

    Sylvia Barker questioned the margin guidance, asking about the potential revenue scope impacted by retendering. She also inquired about the group's current cost exposure to plastics and the expected trajectory for working capital into 2023 after recent improvements.

    Answer

    CFO Richard Howes stated that a catch-up in tender activity after three benign years is expected, which could pressure margins. He confirmed plastics are broadly 30% of the business and that the shift to alternatives is margin-positive. On working capital, he expects inventory levels to continue normalizing toward 2019 levels while maintaining discipline on receivables and payables. CEO Frank van Zanten added that increased price negotiations, not just formal tenders, contribute to the cautious margin outlook.

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    Sylvia Barker's questions to BUNZL (BZLFY) leadership • Q2 2022

    Question

    Sylvia Barker of JPMorgan Chase & Co. asked about the normalization of margins in the Rest of the World, the status of negotiations with a large North American customer, and the revenue scale of the new Sprouts contract.

    Answer

    Executive Frank Van Zanten addressed the customer negotiation, stating discussions are ongoing under a rolling provision and the company remains committed to financial discipline. CFO Richard Howes clarified that Rest of World margins are mixed; Latin America is expected to normalize towards pre-COVID levels, while Australasia is structurally higher due to acquisitions. He added that the Sprouts contract represents a substantial win, valued in the mid-tens of millions of dollars.

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    Sylvia Barker's questions to BUNZL (BZLFY) leadership • Q3 2020

    Question

    Sylvia Pavlova Barker of JPMorgan Chase & Co. asked how much of the smaller COVID-related orders were linked to reopening clients and if there was a 'double whammy' risk from new closures. She also inquired if Bunzl has expanded its client base in the safety and PPE space beyond existing customers.

    Answer

    CEO & Executive Director Frank van Zanten confirmed that small orders were strongly tied to the Q3 economic reopening across all sectors. He noted that large government orders should be viewed as one-offs. While some new corporate clients have been added, he stated the vast majority of sales are to existing customers, who are prioritized for scarce items like gloves.

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