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Share Name Share Symbol Market Type Share ISIN Share Description
Kingfisher Plc LSE:KGF London Ordinary Share GB0033195214 ORD 15 5/7P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.60 0.16% 375.20 374.90 375.00 375.60 370.20 375.60 4,041,979 16:35:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 12,343.0 756.0 28.1 13.4 7,917

Kingfisher PLC Kingfisher signs new responsible credit facility

02/06/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 4300A

Kingfisher PLC

02 June 2021

Kingfisher signs new GBP550m revolving credit facility linked to

Responsible Business targets

2 June 2021: Kingfisher plc ('Company', 'Group' or 'Kingfisher'), the international home improvement retailer whose businesses include B&Q and Screwfix, announces today that it has entered into a GBP550m three-year revolving credit facility agreement with a group of its relationship banks. The facility is linked to ambitious sustainability and community-based targets.

Kingfisher has a long heritage as a responsible business. We were a founding member of the Forest Stewardship Council when it was established nearly 30 years ago to help the responsible sourcing of wood. We were also the first retailer to label and cut VOCs (volatile organic compounds) in paint in 1998. Establishing a Responsible Business-linked credit facility further demonstrates our commitment to continuous improvement in areas that are material to all our stakeholders.

Under the terms of the new credit facility agreement, which has a duration of three years with the possibility of two one-year extensions, Kingfisher will benefit from a lower interest rate if it delivers specific targets which are aligned with the Group's Responsible Business plan.

Kingfisher's Responsible Business commitments, which are linked to the credit facility's targets, are as follows:

Help to tackle climate change:

-- Kingfisher is committed to help tackle climate change by reducing carbon emissions from its business, products and supply chain.

-- The target is to deliver 1.5degC science-based carbon reduction targets by FY 2025/26 and the facility covers Kingfisher's actions to reduce its Scope 1 and 2 impacts.* The previous target was in line with the reductions required to keep global warming to 2degC.

Create more forests than we use:

-- Kingfisher is committed to becoming forest positive by FY 2025/26 by creating more forests than it uses.

-- The credit facility target is to reach 100% sustainable wood and paper for its products by FY 2025/26, covering all retail banners across the Group. The current level for Kingfisher is 80.7%.

Fight to fix bad housing:

-- Kingfisher is committed to help more than 2 million people whose housing needs are greatest in our communities by FY 2025/26. This is double our previous commitment.

-- The target is defined as the number of people who directly benefited from Kingfisher's community contributions since FY 2016/17.

   --    So far, over 790,000 people have benefited from our donations since FY 2016/17. 

The new credit facility replaces two existing facilities (GBP225m expiring in March 2022 and GBP550m, most of which expires in August 2023).

Bernard Bot, Kingfisher's Chief Financial Officer, said: "This revolving credit facility shows our commitment to integrate our Responsible Business principles into all aspects of our business. Our Responsible Business plan is an integral part of our Powered by Kingfisher strategy and this facility links our ambitious sustainability and community targets with our financing activities. We are making great progress with our climate change and community programmes and I look forward to working with all our stakeholders on realising our commitments."

Footnotes

* Scope 1 - Emissions from direct fuel use within Kingfisher's operations (e.g. natural gas consumption in stores, fuel used in dedicated transport fleets)

* Scope 2 - Emissions from electricity use within Kingfisher's operations

Contacts

 
                      Tel:              Email: 
 Investor Relations   +44 (0) 20 7644   investorenquiries@kingfisher.com 
                       1082 
 Treasury             +44 (0) 20 7644   treasury@kingfisher.com 
                       1170 
 Media Relations      +44 (0) 20 7644   corpcomms@kingfisher.com 
                       1030 
 Teneo                +44 (0) 20 7420   Kfteam@teneo.com 
                       3184 
 

About Kingfisher plc

Kingfisher plc is an international home improvement company with approximately 1,400 stores, supported by a team of over 83,000 colleagues. We operate in eight countries across Europe under retail banners including B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçta . We offer home improvement products and services to consumers and trade professionals who shop in our stores and via our e-commerce channels. At Kingfisher, our purpose is to help make better homes accessible for everyone.

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June 02, 2021 02:00 ET (06:00 GMT)

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