Full Year 2022 Bunzl plc Earnings Presentation Transcript

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

Question: Karl Green - RBC Capital Markets, Research Division - Analyst : It's Karl from RBC. Just 3 questions. I'll take them perhaps one by one as they're quite different. Firstly, could you just give us an update on what own label constitute as a percentage of your sales? Just sort of clear on what's been going on there? I think you have referred to it in terms of some of the own label -- sorry, the retendering you were talking about before. And a sub-question to that, just in terms of what you've experienced on your ability to pass through price increases there versus the more classic sourcing arrangements you've got with third-party suppliers. That would be the first question, please.

Question: Karl Green - RBC Capital Markets, Research Division - Analyst : Super, okay. The second question, obviously, you've not given us the numbers today, but it tends to come out in the annual report. What should we expect to see in terms of the group gross margin when that number comes out just to get a sense as to how that's evolved? I will attack the third question because it's quite straightforward. Just in terms of the normalized monetary policy environment at the moment and thinking about vendors or businesses who might think as they close to retirement, they can get a better risk-free return in the bank. Are you seeing any kind of 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 27, 2023 / 9:30AM, BNZL.L - Full Year 2022 Bunzl plc Earnings Presentation changes in behavior from vendors, perhaps more willing to have those conversations with you and if there's any implications for how you might convert that M&A pipeline in fiscal '23?