Kingfisher PLC Kingfisher signs new responsible credit facility (4300A)
June 02 2021 - 02:00AM
UK Regulatory
TIDMKGF
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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