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  "documentTitle": "Bunzl | Investor Day Presentation Deck | 76 slides",
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  "authorName": "Bunzl",
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  "presentationDate": "2021-10-01 00:00:00",
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  "pageNumber": 69,
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  "notes": "The chart shows a bridge from H1 21 Net debt to a potential Net debt of 2.5x EBITDA, highlighting a £1.0bn deployment capacity.",
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      "text": "Illustrative cash movements",
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      "text": "Group delivers STRONG AND RESILIENT CASH FLOW annually; Bunzl generates c.£500m of free cash flow per annum; Strength of cash flow has driven historic success with self-funded acquisitions; Current balance sheet further supported by pandemic-driven performance; OPPORTUNITY TO LEVERAGE to 2.5x Net debt/ EBITDA; Would allow for c.£1.0bn capital deployment; Current acquisition spend for 2021 totals c.£390m; Strength of balance sheet SUPPORTS ACTIVE PIPLINE and M&A opportunities; DISCIPLINED APPROACH to capital allocation",
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      "text": "Note: 1. Net debt on covenant basis; H1 21 net debt adjusted for committed spend on acquisitions announced since the half year",
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      "text": "DISCIPLINED CAPITAL ALLOCATION",
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      "kind": "title",
      "text": "Potential to increase annual spend on acquisitions",
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