Full Year 2019 Bunzl plc Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sylvia Pavlova Barker - JP Morgan Chase & Co, Research Division - Analyst : Sylvia Barker from JPMorgan. Three questions from me, please, as well. First of all, on Joshen, obviously, that is your potentially key competitor in U.S. grocery. So could you maybe talk about the overlaps in terms of customers geographically? And then obviously, it comes in at a lower margin, but how quickly can that improve and how quickly can you get the synergies? Secondly, just going back on the sourcing question on brand, out of the 20% of revenue that is on brand, how much is sourced from Asia? And is it -- given the mix, is it fair to assume that that's kind of low double-digit margins as a profit at the profit level? And then finally, more long term, so you have added a lot of grocery in retail with acquisitions, with obviously the large additional work in the U.S. Are you putting more of an effort in maybe sales from a cleaning & hygiene point of view or health care? How easy is it to actually maybe add or win new tenders in cleaning & hygiene or health care in places like the U.S. where the organizations might be quite small?

Question: Sylvia Pavlova Barker - JP Morgan Chase & Co, Research Division - Analyst : So that question was just -- so you have about 20% of the -- of your revenues at the group level or own brand. How much of that comes from Asia? And then in terms of EBIT margin, should we think about maybe 10% just in terms of the mix of what you're actually importing?

Question: Sylvia Pavlova Barker - JP Morgan Chase & Co, Research Division - Analyst : Then margins?