Debt investors overview

Kingfisher finances its operations using a number of funding instruments, including bank facilities and leases.

Kingfisher regularly reviews the level of cash and debt facilities required to fund its activities. This involves preparing a prudent cash flow forecast for the medium term, determining the level of debt facilities required to fund the business, planning for repayment of debt at its maturity, and identifying an appropriate amount of headroom to provide a reserve against unexpected outflows and/or unexpected impacts to cash inflows. To retain financial flexibility, we aim to maintain strong liquidity headroom (including cash and cash equivalents, and committed debt facilities), which is currently set at a minimum of £800m.

As of 31 July 2022, the Group had £1.8bn (FY 21/22: £1.6bn) of net debt on its balance sheet including £2.3bn (FY 21/22: £2.4bn) of total lease liabilities.

The ratio of the Group’s net debt to EBITDA (on a last twelve months’ basis) was 1.3 times as of 31 July 2022 (1.0 times as of 31 January 2022). At this level, the Group has the necessary financial flexibility during this current period of heightened uncertainty, whilst retaining an efficient cost of capital. Over the medium term, the Group’s objective is a target of a maximum of c.2.0 times net debt to EBITDA.

Net debt to EBITDA is set out below:



Moving annual total



Year end


Retail profit



Central costs



Depreciation and amortisation






Net debt



Net debt to EBITDA



For any questions or queries please contact:

Bridget Scheuber
Head of Treasury
[email protected]

Maj Nazir
Group Investor Relations Director
[email protected]