Full Year 2021 Bunzl plc Earnings Presentation Transcript

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

Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst : I have 3 questions. The first one is again on price and volume. I guess just to check, that 2/3 comment was for the second half, not for the full year. And then building on that, could you just talk about what the outlook assumes in terms of price inflation for the rest of the year for H1 2022 and H2 2022? That's the first question. The second question is around I guess, the visibility you have on OpEx cost increases, so warehouse staff and drivers. Are those locked in for 2022? Or are they still -- could they still rise higher? That's the second question. And then the third question is maybe just some color on the COVID products. You talked about them continuing at high levels. From an outside point of view, it seems like, thankfully, we've turned the corner on COVID. Could you explain why you think that COVID products will remain relatively -- or higher than they did before for the foreseeable future? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 28, 2022 / 9:30AM, BNZL.L - Full Year 2021 Bunzl plc Earnings Presentation

Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst : Okay. Great. Just a quick follow-up. Do you have a number for the full year price benefit then just to help us understand the H1 and H2 comps?

Question: Katherine Somerville - UBS Investment Bank, Research Division - Analyst : Also following up on the inflation versus volume question. Given what you said in terms of the commentary, volumes are still below 2019. Are you able to give a split of that between the 3 different end markets that you pull out? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 28, 2022 / 9:30AM, BNZL.L - Full Year 2021 Bunzl plc Earnings Presentation The second question is on -- within your guidance, how much of PPE are you factoring in? And then my final question, I mean you kind of answered it just now. But if the oil prices, plastic prices come down, do you see a risk of the inflation benefit that you have been getting reversing?

Question: Karl Green - RBC Capital Markets, Research Division - Analyst : Just a final question for me, just a residual one for Richard. Just on the provision release, the net GBP 20 million that benefited results. So firstly, can you indicate broadly how that was allocated out to the different regions? And then following on from that, in terms of what's left, can I just clarify what's the outstanding balance sheet provision for loan loss and inventory write-downs, please? And just how would it --how should we think about that in terms of how it's tracking versus a more normal pre-COVID year, please?

Question: Rajesh Kumar - HSBC, Research Division - Analyst : Just thinking to the point on provisions. I mean last year was an exceptional spike compared to your long-term history. So is this more of a normalization of the trend? Or would you say that you're still at an elevated level, a little bit more to go? The second question is on the own brand. You definitely provided with some very interesting color there. When you're thinking of customers struggling with inflation, have you seen any preference towards own brand or demand for own brand solutions where you don't have emerging from the customers because often you can find own brand can be cheaper and a part of your toolkit to help customers with the solutions? And finally, on the labor cost side, you kindly provided some color on the temp -- temp cost being used. Temps billing rate tends to be higher, but can potentially reduce the overall cost. But if you were to switch from temp to perm, would your overall cost base go down or up? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 28, 2022 / 9:30AM, BNZL.L - Full Year 2021 Bunzl plc Earnings Presentation

Question: Rajesh Kumar - HSBC, Research Division - Analyst : Understood.