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"value": "Going concern Based on the Group\u2019s liquidity position and cash flow projections, including a forward looking remote downside scenario, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements for the year ended 31 January 2023. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report on pages 1 to 61. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial Review on pages 39 to 46. The principal risks and viability statement of the Group are set out on pages 51 to 60. In addition, note 25 includes the Group\u2019s financial risk management objectives and exposures to liquidity and other financial risks. The Directors have considered these areas alongside the principal risks and how they may impact the going concern assessment. The new financial year has started encouragingly, and despite the volatile trading environment, underlying sales trends remain resilient across all our banners (Q1 LFL sales (to 28 February 2023) +0.5%). As of 31 January 2023, Kingfisher had access to over \u00a3800m of liquidity, comprising cash and cash equivalents (net of bank overdrafts) of \u00a3270m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3550m (expiring at the end of May 2025). The ratio of net debt to EBITDA on an IFRS 16 basis was 1.6 as of 31 January 2023. In considering whether the Group\u2019s financial statements can be prepared on a going concern basis, the Directors have reviewed the Group\u2019s business activities together with factors likely to affect its performance, financial position and access to liquidity (including consideration of financial covenants and credit ratings). While trading continues to be resilient, in forming their outlook on the future financial performance, the Directors considered the risk of higher business volatility and the potential negative impact of the general economic environment on household and trade spend. The Directors\u2019 review also included consideration of a remote scenario that models the impact of a significant demand or supply shock preventing the Group from realising a large part of its sales over the period of a month followed by subdued demand for the remainder of the year. The total loss of sales in this scenario is c.\u00a32.2bn (16% over the impacted period). The scenario assumes the impact of lost sales is partially offset by a limited set of mitigating actions on variable and discretionary costs, capital expenditure and the suspension of capital returns to shareholders. Even under this remote scenario, which requires drawing on the RCF for a few months, the Group retains headroom on its credit facilities. Given current trading and expectations for the business, the Directors believe that this scenario reflects a remote outcome for the Group. Should a more extreme scenario occur than currently modelled by the Directors under this remote scenario, the Group would need to implement additional operational or financial measures. ",
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"value": "Going concern Based on the Group\u2019s liquidity position and cash flow projections, including a forward looking remote downside scenario, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements for the year ended 31 January 2023. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report on pages 1 to 61. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial Review on pages 39 to 46. The principal risks and viability statement of the Group are set out on pages 51 to 60. In addition, note 25 includes the Group\u2019s financial risk management objectives and exposures to liquidity and other financial risks. The Directors have considered these areas alongside the principal risks and how they may impact the going concern assessment. The new financial year has started encouragingly, and despite the volatile trading environment, underlying sales trends remain resilient across all our banners (Q1 LFL sales (to 28 February 2023) +0.5%). As of 31 January 2023, Kingfisher had access to over \u00a3800m of liquidity, comprising cash and cash equivalents (net of bank overdrafts) of \u00a3270m and access to an undrawn Revolving Credit Facility (RCF) of \u00a3550m (expiring at the end of May 2025). The ratio of net debt to EBITDA on an IFRS 16 basis was 1.6 as of 31 January 2023. In considering whether the Group\u2019s financial statements can be prepared on a going concern basis, the Directors have reviewed the Group\u2019s business activities together with factors likely to affect its performance, financial position and access to liquidity (including consideration of financial covenants and credit ratings). While trading continues to be resilient, in forming their outlook on the future financial performance, the Directors considered the risk of higher business volatility and the potential negative impact of the general economic environment on household and trade spend. The Directors\u2019 review also included consideration of a remote scenario that models the impact of a significant demand or supply shock preventing the Group from realising a large part of its sales over the period of a month followed by subdued demand for the remainder of the year. The total loss of sales in this scenario is c.\u00a32.2bn (16% over the impacted period). The scenario assumes the impact of lost sales is partially offset by a limited set of mitigating actions on variable and discretionary costs, capital expenditure and the suspension of capital returns to shareholders. Even under this remote scenario, which requires drawing on the RCF for a few months, the Group retains headroom on its credit facilities. Given current trading and expectations for the business, the Directors believe that this scenario reflects a remote outcome for the Group. Should a more extreme scenario occur than currently modelled by the Directors under this remote scenario, the Group would need to implement additional operational or financial measures. 1 General information Kingfisher plc (\u2018the Company\u2019), its subsidiaries, joint ventures and associates (together \u2018the Group\u2019) supply home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom and continental Europe. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 1 to 61. The Company is incorporated in England and Wales, United Kingdom, and is listed on the London Stock Exchange. The address of its registered office is One Paddington Square, London, W2 1GG. A full list of related undertakings of the Company and their registered offices is given in note 14 of the Company\u2019s separate financial statements. These consolidated financial statements have been approved for issue by the Board of Directors on 20 March 2023. 2 Principal accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to the years presented, except for the new/amended policies set out below: \u2014 Application of hyperinflation accounting under IAS 29 to the Group\u2019s Turkish joint venture (see b. Basis of consolidation, ii) Joint ventures and associates) a. Basis of preparation The consolidated financial statements of the Company, its subsidiaries, joint ventures and associates are made up to 31 January, except as disclosed in note 18 of the consolidated financial statements. The current financial year is the year ended 31 January 2023 (\u2018the year\u2019 or \u20182022/23\u2019). The comparative financial year is the year ended 31 January 2022 (\u2018the prior year\u2019 or \u20182021/22\u2019). The consolidated income statement and related notes represent results from continuing operations, there being no discontinued operations in the years presented. The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS Standards) as issued by the IASB. The consolidated financial statements have been prepared under the historical cost convention, as modified by the use of valuations for certain financial instruments, share-based payments and post-employment benefits. A summary of the Group\u2019s principal accounting policies is set out below. The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving critical accounting judgements and key estimation uncertainties, which are significant to the consolidated financial statements, are outlined in note 3. The terms \u2018retail profit\u2019, \u2018adjusting items\u2019, \u2018adjusted\u2019, \u2018adjusted effective tax rate\u2019, \u2018net cashflow\u2019 and \u2018net debt\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. Retail profit is defined as continuing operating profit before central costs, the Group\u2019s share of interest and tax of joint ventures and associates and adjusting items. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Adjusting items, which are presented separately within their relevant income statement category, include items which by virtue of their size and/or nature, do not reflect the Group\u2019s ongoing trading performance. Adjusting items may include, but are not limited to: \u2014 non-trading items included in operating profit such as profits and losses on the disposal, closure, exit or impairment of subsidiaries, joint ventures, associates and investments which do not form part of the Group\u2019s ongoing trading activities; \u2014 the costs of significant restructuring and incremental acquisition integration costs; \u2014 profits and losses on the disposal/exit of properties, impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets; \u2014 prior year tax items (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of other adjusting items; \u2014 financing fair value remeasurements i.e. changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value (or non-designated) hedge relationships. Financing derivatives are those that relate to hedged items of a financing nature. The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. The adjusted effective tax rate is calculated as continuing income tax expense excluding prior year tax items (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of other adjusting items, divided by continuing profit before taxation excluding adjusting items. Prior year tax items represent income statement tax relating to underlying items originally arising in prior years, including the impact of changes in tax rates on deferred tax. The exclusion of items relating to prior years, and those not in the ordinary course of business, helps provide a better indication of the Group\u2019s ongoing rate of tax. Net debt comprises lease liabilities, borrowings and financing derivatives (excluding accrued interest) less cash and cash equivalents and short-term deposits, including such balances classified as held for sale. Refer to the Financial Review for definitions of all of the Group\u2019s Alternative Performance Measures, including further information on why they are used and details of where reconciliations to statutory measures can be found where applicable. 2 Principal accounting policies continued Changes to accounting policies as a result of new standards issued and effective The following new or amended accounting standards are in issue and effective for the current reporting period: \u2014 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework \u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment -Proceeds before Intended Use \u2014 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2014 Annual Improvement to IFRS Standards 2018-2020 Cycle \u2013 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture The above new or amended accounting standards did not have a material impact on the consolidated financial statements. Following the International Monetary Fund\u2019s classification of Turkey as a hyperinflationary economy during the year, the IASB prescribed the application of IAS 29 \u2013 Financial reporting in hyper-inflationary economies for entities with the currency of Turkey as their functional currency. The Group\u2019s Turkish joint venture, Koctas, has prepared its financial statements under IAS 29. Standards issued but not yet effective At the date of the approval of these financial statements, the following standards which have not been applied in these financial statements were in issue, but not yet effective: \u2014 IFRS 17 (including the June 2020 Amendments to IFRS 17) \u2013 Insurance Contracts \u2014 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2014 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current \u2014 Amendments to IAS 8 \u2013 Definition of Accounting Estimates \u2014 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction These new standards are not expected to have a material impact on the consolidated financial statements. Risks and uncertainties The principal risks and uncertainties to which the Group is exposed are set out in the Strategic Report on pages 51 to 58. Use of non-GAAP measures In the reporting of financial information, the Group uses certain measures that are not required under IFRS, the generally accepted accounting principles (\u2018GAAP\u2019) under which the Group reports. Kingfisher believes that retail profit, adjusted pre-tax profit, adjusted effective tax rate, and adjusted earnings per share provide additional useful information on performance and trends to shareholders. These and other non-GAAP measures (also known as \u2018Alternative Performance Measures\u2019), such as net debt, are used by Kingfisher for internal performance analysis and incentive compensation arrangements for employees. Notes to the consolidated financial statements continued Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long-term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the year ended 31 January 2023 in respect of the group\u2019s joint venture in Turkey. The group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power at the end of the period, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. c. Foreign currencies (i) Presentation and functional currencies The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (i.e. its functional currency). (ii) Transactions and balances Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction or, for practical reasons, at average monthly rates where exchange rates do not fluctuate significantly. b. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries, joint ventures and associates. (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries acquired are recorded under the acquisition method of accounting and their results included from the date of acquisition. The results of subsidiaries which have been disposed are included up to the effective date of disposal. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of acquired subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Revenue from in-store product sales is recognised when the customer takes possession of the products (i.e. on payment). Revenue from online \u2018click & collect\u2019 product sales is recognised on collection of the products. Where customers have a right to return purchased goods in exchange for a refund, a liability for returns is recognised based on historic trends and offset against revenue in the period in which the sale was made. An asset (with a corresponding adjustment to cost of sales) is also recognised for goods expected to be returned from customers. Where award credits such as vouchers or loyalty points are provided as part of the sales transaction, the amount allocated to the credits is deferred and recognised when the credits are redeemed and the Group fulfils its obligations to supply the awards. Revenue from sales of delivered products is recognised on delivery. Supply of delivered products is judged to be one single performance obligation. Service sales typically comprise kitchen and bathroom installations. Revenue from these services is recognised on completion of the relevant installation. Commission revenue is earned from the sale of third-party products through Kingfisher websites. This is referred to as a marketplace arrangement. Kingfisher acts as an agent in such arrangements and recognises the net commission receivable within sales, generally when an order is placed. Sales from delivered products, installation services and marketplace arrangements represent only a small component of the Group\u2019s sales as the majority relates to in-store and online \u2018click & collect\u2019 purchases of products. Other income includes external rental income and gains on disposal of assets. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. e. Rebates Rebates received from suppliers mainly comprise volume related rebates on the purchase of inventories. Contractual volume related rebates are accrued as units are purchased based on the percentage rebate applicable to forecast total purchases over the rebate period, where it is probable the rebates will be received and the amounts can be estimated reliably. Discretionary rebates are not anticipated and only recognised once earned. Rebates relating to inventories purchased but still held at the balance sheet date are deducted from the carrying value so that the cost of inventories is recorded net of applicable rebates. Such rebates are credited to the cost of sales line in the income statement when the goods are sold. Other rebates received, such as those related to advertising and marketing, are credited to cost of sales in the income statement when the relevant conditions have been fulfilled. f. Dividends Interim dividends are recognised when they are paid to the Company\u2019s shareholders. Final dividends are recognised when they are approved by the Company\u2019s shareholders. 2 Principal accounting policies continued Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange at the balance sheet date. Exchange differences on monetary items are taken to the income statement. Exceptions to this are where the monetary items form part of the net investment in a foreign operation or are designated and effective net investment hedges. Such exchange differences are initially deferred in equity. (iii) Group companies The balance sheets of overseas subsidiaries are expressed in Sterling at the rates of exchange at the balance sheet date. Profits and losses of overseas subsidiaries are expressed in Sterling at average exchange rates for the period. Exchange differences arising on the retranslation of foreign operations, including joint ventures and associates, are recognised in a separate component of equity. On consolidation, exchange differences arising from the retranslation of the net investment in foreign entities, and of borrowings, lease liabilities and other currency instruments designated as hedges of such investments, are taken to equity. When a foreign operation is sold, such exchange differences recorded since 1 February 2004 (being the date of transition to IFRS) are recognised in the income statement as part of the gain or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the rates of exchange at the balance sheet date. Goodwill arising prior to 1 February 2004 is denominated in Sterling, and not subsequently retranslated. (iv) Principal rates of exchange against Sterling 2022/23 2021/22 Average rate Year end rate Average rate Year end rate Euro 1.17 1.13 1.17 1.20 US Dollar 1.23 1.23 1.38 1.34 Polish Zloty 5.48 5.34 5.34 5.49 Romanian Leu 5.76 5.58 5.76 5.92 Turkish Lira* 23.18 23.18 12.92 18.06 * The 2022/23 Turkish Lira average exchange rate represents the closing rate for the year, due to the application of hyperinflation accounting in Turkey. d. Revenue recognition Sales represent the supply of home improvement products and services, including commission from sales of third party products through Kingfisher websites (i.e. \u2018marketplace\u2019 arrangements). Sales exclude transactions made between companies within the Group, Value Added Tax, other sales-related taxes and are net of returns, trade and staff discounts. Revenue is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Notes to the consolidated financial statements continued h. Property, plant and equipment (i) Cost Property, plant and equipment held for use in the business are carried at cost less accumulated depreciation and any provisions for impairment. Properties that were held at 1 February 2004 are carried at deemed cost, being the fair value of land and buildings as at the transition date to IFRS. All property acquired after 1 February 2004 is carried at cost less accumulated depreciation. (ii) Depreciation Depreciation is provided to reflect a straight-line reduction from cost to estimated residual value over the estimated useful life of the asset as follows: Freehold land \u2014 not depreciated Freehold buildings \u2014 over remaining useful life Leasehold improvements \u2014 over remaining period of the lease Fixtures and fittings \u2014 between 4 and 20 years Computers and electronic equipment \u2014 between 3 and 5 years Motor cars \u2014 4 years Commercial vehicles \u2014 between 3 and 10 years (iii) Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, including the Group\u2019s stores, may be impaired or whether there is any indication that an impairment loss recognised in a previous period either no longer exists or has decreased. Should such indicators exist, the assets\u2019 recoverable amounts are subsequently estimated. For store impairment testing, each individual store is determined to be a cash generating unit. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit or fair value less costs to sell if higher. A vacant possession valuation basis is used to approximate the fair value less costs to sell. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country. Long-term growth rates are derived from both external long-term inflation forecasts for the territories in which the businesses operate and internal long-term sales projections. Any impairment or impairment reversal is charged or credited to the income statement in the period in which it occurs. (iv) Disposal The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Sales of land and buildings are accounted for when there is an unconditional exchange of contracts. (v) Subsequent costs Subsequent costs are included in the related asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement in the period in which they are incurred. g. Intangible assets (i) Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognised. Such benefits include future synergies expected from the combination and intangible assets not meeting the criteria for separate recognition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised and is tested annually for impairment at country level (except for NeedHelp), representing the lowest level at which it is monitored for internal management purposes, by assessing the recoverable amount of each cash generating unit or groups of cash generating units to which the goodwill relates. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) or fair value less costs to sell if higher. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the cash generating unit (\u2018CGU\u2019) operates. When the recoverable amount of the goodwill is less than its carrying amount, an impairment loss is recognised immediately in the income statement which cannot subsequently be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. (ii) Computer software Where software is not an integral part of a related item of computer hardware, it is classified as an intangible asset. Costs that are directly associated with the acquisition or production of identifiable software products controlled by the Group, which are expected to generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Capitalised costs include those of software licences and development, including costs of employees, consultants and an appropriate portion of relevant overheads. Costs related to the configuration and customisation in cloud computing arrangements, where they do not give the Group power to control the future economic benefits and to restrict access of others to those benefits, are not capitalised as they do not meet the definition of intangible benefits under IAS 38. Such costs are expensed as incurred. Configuration and customisation in cloud computing arrangements are only capitalised where a separate asset is created and capitalisable under IAS 38. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognised as an expense as incurred. Software under development is held at cost less any provisions for impairment, with impairment reviews being performed annually, or when there is an indication of impairment. Amortisation commences when the software assets are available for use and is over their estimated useful lives of two to ten years. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. j. Investment property Investment property is property held by the Group to earn rental income or for capital appreciation. Investment properties are carried at cost less depreciation and provision for impairment. Depreciation is provided on a consistent basis with that applied to property, plant and equipment. k. Capitalisation of borrowing costs Interest on borrowings to finance the construction of properties held as non-current assets is capitalised from the date work starts on the property to the date when substantially all the activities which are necessary to get the property ready for use are complete. Where construction is completed in parts, each part is considered separately when capitalising interest. Interest is capitalised before any allowance for tax relief. l. Inventories Inventories are carried at the lower of cost and net realisable value, on a weighted average cost basis. Trade discounts and rebates received are deducted in determining the cost of purchase of inventories. Cost includes appropriate attributable overheads and direct expenditure incurred in the normal course of business in bringing goods to their present location and condition. Costs of inventories include the transfer from equity of any gains or losses on qualifying cash flow hedges relating to purchases. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Write downs to net realisable value are made for slow moving, display, damaged or obsolete items and other events or conditions resulting in expected selling prices being lower than cost. The carrying value of inventories reflects known and expected losses of product in the ordinary course of business. m. Employee benefits (i) Post-employment benefits The Group operates various defined benefit and defined contribution pension schemes for its employees, some of which are required by local legislation. A defined benefit scheme is a pension scheme which defines an amount of pension benefit which an employee will receive on retirement. A defined contribution scheme is a pension scheme under which the Group usually pays fixed contributions into a separate entity. In all cases other than some of the legally required schemes, a separate fund is being accumulated to meet the accruing liabilities. The assets of each of these funds are either held under trusts or managed by insurance companies and are entirely separate from the Group\u2019s assets. 2 Principal accounting policies continued i. Leased assets The Group assesses whether a contract is or contains a lease at inception of the contract. Typically, lease contracts relate to properties such as stores and distribution centres, and equipment leases such as mechanical handling equipment and vehicles. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The liability is initially measured as the present value of the lease payments not yet paid at the commencement date, discounted at an appropriate discount rate. Where the implicit rate in the lease is not readily determinable, an incremental borrowing rate is calculated and applied. The calculation methodology is based upon applying a financing spread to a risk-free rate, with the resulting rate including the effect of the creditworthiness of the operating company in which the lease is contracted, as well as the underlying term, currency and start date of the lease agreement. Lease payments used in the measurement of the lease liability principally comprise fixed lease payments (subject to indexation/rent reviews) less any incentives. The lease liability is subsequently measured using an effective interest method whereby the carrying amount of the lease liability is measured on an amortised cost basis, and the interest expense is allocated over the lease term. The lease term comprises the non-cancellable lease term, in addition to optional periods when the Group is reasonably certain to exercise an option to extend (or not to terminate) a lease. The Group remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever an event occurs that changes the term or payment profile of a lease, such as the renewal of an existing lease, the exercise of lease term options, market rent reviews and indexation. A lease liability which is denominated in a currency that is not the functional currency of the relevant Group entity (e.g. a Euro-denominated lease in Castorama Poland) is translated into that entity\u2019s functional currency with foreign exchange gains and losses recorded in the income statement, unless the lease liability is able to be designated as a net investment hedge with foreign exchange gains and losses recorded in other comprehensive income. The right-of-use assets are initially measured at the amount equal to the lease liability, adjusted by any upfront lease payments or incentives and any initial direct costs incurred. Subsequently, the assets are measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated on a straight-line basis over the remaining lease term. Lessor accounting Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Notes to the consolidated financial statements continued 126 Kingfisher 2022/23 Annual Report and Accounts tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences or unused tax losses can be utilised. Deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill in a business combination. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax are calculated using tax rates which have been enacted or substantively enacted by the balance sheet date and are expected to apply in the period when the liability is settled or the asset is realised. Current and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited to other comprehensive income or directly to equity, in which case the current or deferred tax is also recognised in other comprehensive income or directly in equity. Current and deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Operating levies, such as certain revenue, property and payroll-based taxes, are not treated as income tax and are included within operating profit. The timing of recognition of a liability to pay an operating levy is determined by the event identified under the relevant legislation that triggers the obligation to pay the levy. o. Provisions and contingent liabilities Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recorded if the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. The unavoidable costs reflect the net cost of exiting the contract. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Credits or charges arising from changes in the rate used to discount the provisions are recognised within net finance costs. The asset or liability recognised in the balance sheet in respect of defined benefit pension schemes is the fair value of scheme assets less the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds which are denominated in the currency in which the benefits will be paid and which have terms to maturity approximating to the terms of the related pension liability. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are credited or charged to the statement of comprehensive income as they arise. For defined contribution schemes, the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. (ii) Share-based compensation The Group operates several equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of options or deferred shares is recognised as an expense and is calculated using Black-Scholes and stochastic models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options or deferred shares granted, excluding the impact of any non-market vesting conditions. The value of the charge is adjusted to reflect expected and actual levels of options vesting due to non-market vesting conditions. n. Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination is uncertain during the ordinary course of business. For uncertain tax positions, on the basis that tax authorities have full knowledge of the relevant information it is determined whether it is probable that, in aggregate, an outflow of economic resources will occur following investigation. The potential impact of the relevant tax authority\u2019s examination of the uncertain tax positions is measured to make the best estimate of the amount of the tax benefit that may be lost, for which liabilities are then recorded. Where the final outcome of these matters is different from the amounts which were initially recorded, such differences will impact the income tax and deferred tax liabilities in the period in which such determination is made. These adjustments in respect of prior years are recorded in the income statement, or directly in equity, as appropriate. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense which are taxable or deductible in other years or which are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). Fair value hedges For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry being recorded in the income statement. Gains or losses from remeasuring the corresponding hedging instrument are recognised in the same line of the income statement. Cash flow hedges Changes in the effective portion of the fair value of derivatives that are designated as hedges of future cash flows are recognised directly in other comprehensive income, with any ineffective portion being recognised immediately in the income statement where relevant. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or liability, then, at the time it is recognised, the associated gains or losses on the derivative that had previously been deferred in equity are included in the initial measurement of the non-financial asset or liability. For all other hedges, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Net investment hedges Where the Group hedges net investments in foreign operations through foreign currency borrowings or lease liabilities, the gains or losses on retranslation are recognised in other comprehensive income. If the Group uses derivatives as the hedging instrument, the effective portion of the hedge is recognised in other comprehensive income, with any ineffective portion being recognised immediately in the income statement. Gains and losses accumulated in equity are recycled through the income statement on disposal of the foreign operation. 2 Principal accounting policies continued Contingent liabilities are possible obligations arising from past events, whose existence will only be confirmed by future uncertain events that are not wholly within the Group\u2019s control, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be reliably measured. If the outflow of economic resources is not considered remote, contingent liabilities are disclosed but not recognised in the financial statements. p. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has substantially transferred the risks and rewards of ownership. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged or cancelled or expires or are substantially modified. Financial assets and liabilities are offset only when the Group has a currently enforceable legal right to set-off the respective recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. (i) Cash and cash equivalents Cash and cash equivalents include cash in hand, uncleared credit card receipts, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less. For cashflow statement reporting purposes, the Group considers bank overdrafts as part of cash and cash equivalents because they are repayable on demand and form part of the Group\u2019s cash management. (ii) Borrowings Interest bearing borrowings are recorded at fair value (which is typically equivalent to the proceeds received) net of direct issue costs and subsequently measured at amortised cost. Where borrowings are in designated and effective fair value hedge relationships, adjustments are made to their carrying amounts to reflect the hedged risks. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are amortised to the income statement using the effective interest method. (iii) Trade receivables Trade receivables are initially recognised at their transaction price and are subsequently measured at amortised cost less any allowance for expected credit losses. To measure the expected credit losses, trade receivables are grouped based on the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. (iv) Trade payables Trade payables are initially recognised at fair value and are subsequently measured at amortised cost. (v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Notes to the consolidated financial statements continued (iii) Own shares held Shares held by The Employee Share Ownership Plan Trust. (iv) Capital redemption reserve Amounts transferred from share capital on repurchase of issued shares. (v) Other reserves, comprising: \u2014 Translation reserve \u2013 Gains or losses arising on retranslating the net assets of overseas operations into the Group\u2019s presentation currency including gains or losses on net investment hedges. \u2014 Cash flow hedge reserve \u2013 Cumulative gains and losses on \u2018effective\u2019 hedging instruments. \u2014 Other \u2013 Represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty in 1993. (vi) Retained earnings All other net gains and losses and transactions with owners that are not recognised elsewhere. 3 Critical accounting judgements and key sources of estimation uncertainty The preparation of consolidated financial statements under IFRS requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The significant judgements applied in the preparation of the financial statements, along with estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, are discussed below. Key sources of estimation uncertainty Inventories The carrying amount of inventories recognised on the balance sheet, which are carried at the lower of cost and net realisable value, are subject to estimates around rates of provision applied to certain inventory items. The level of provisions recorded are subject to estimation uncertainty in determining the eventual sales price of goods to customers in the future, as well as assessing which items may be slow-moving or obsolete. This is impacted by factors such as stock turn, range or delisted status, shrinkage, damage, obsolescence and range review activity. Range reviews and resulting clearance activity adds additional complexity to assessing the level of inventory that may become obsolete and the expected net realisable value of inventory which will be sold. The carrying amount of inventories subject to estimation uncertainty is \u00a33,070m (2021/22: \u00a32,749m). A 1% increase in the provision as a percentage of gross inventory (before provisions and a deduction for rebates), which based on management\u2019s judgement represents a reasonably possible change, would result in a \u00a333m decrease in the carrying amount of inventories (2021/22: \u00a329m). In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement . q. Assets and liabilities held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. This excludes financial assets, deferred tax assets and assets arising from employee benefits, which are measured according to the relevant accounting policy. Property, plant and equipment, right-of-use assets and intangible assets are not depreciated once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or an interest in an associate becomes classified as held for sale. r. Share repurchases Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buyback programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. s. Reserves The following describes the nature and purpose of each reserve within equity: (i) Share capital The nominal value of proceeds received for shares issued. (ii) Share premium Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. In consideration of the significant increase in discount rates resulting from high levels of inflation and wider macroeconomic uncertainty, the Group has undertaken a full impairment review of its stores in the current year. As a result of this review, the Group has recorded net store asset impairment charges of \u00a3139m (2021/22: \u00a333m net reversals) as adjusting items, principally relating to increased discount rates and revised financial projections. The following changes in assumptions, which based on the Group\u2019s previous experience and management\u2019s judgement represent reasonably possible changes, would lead to the following impacts on the net impairment: Assumption Change in assumption Impact on net impairment charge Operating cash flows \u2013 Decrease by 10% Increase by \u00a344m \u2013 Increase by 10% Decrease by \u00a332m Post-tax discount rate \u2013 Increase by 1% Increase by \u00a340m \u2013 Decrease by 1% Decrease by \u00a333m In consideration of the recent volatility in discount rates, note that a 1.5% increase/decrease in the post-tax discount rate assumption would result in an increase/decrease in the net impairment charge of \u00a359m and \u00a347m respectively. Further information relating to store assets is provided in notes 15 and 17. Post-employment benefits The present value of the defined benefit liabilities recognised on the balance sheet is dependent on a number of market rates and assumptions including interest rates of high quality corporate bonds, inflation and mortality rates. The net interest expense or income is dependent on the interest rates of high quality corporate bonds and the net deficit or surplus position. The market rates and assumptions are based on the conditions at the time and changes in these can lead to significant movements in the estimated obligations. During the year, changes in financial and demographic assumptions have resulted in a decrease in defined benefit liabilities of \u00a3991m (2021/22: \u00a3127m). To help the reader understand the impact of changes in the key market rates and assumptions, a sensitivity analysis is provided in note 28. Critical accounting judgements Adjusting items The Group separately reports adjusting items in order to calculate adjusted results, as it believes these adjusted measures provide additional useful information on continuing performance and trends to shareholders. Judgement is required in determining whether an item should be classified as an adjusting item or included within adjusted results. The Group\u2019s definition of adjusting items is outlined in note 2 (a). During the year the Group has recorded, before taxation, a charge for adjusting items of \u00a3147m (2021/22: \u00a358m credit). Total adjusting items after taxation were a charge of \u00a3118m (2021/22: \u00a3106m credit). Refer to note 6 for further information on adjusting items. 3 Critical accounting judgements and key sources of estimation uncertainty continued The quantity, age and condition of inventories are regularly measured and assessed as part of range reviews and inventory counts undertaken throughout the year and across the Group. Impairment of store based assets The Group applies procedures to ensure that its assets are carried at no more than their recoverable amount. These procedures, by their nature, require estimates and assumptions to be made. The most significant are set out below. Store assets are reviewed for impairment if events or changes in circumstances indicate that their carrying amount may not be recoverable, or where there is any indication that an impairment loss recognised in a previous period either no longer exists or has decreased. When a review for impairment is conducted, the recoverable amount of an asset or a cash generating unit is determined as the higher of fair value less costs to sell and value-in-use. The determination of value-in-use for store assets requires the estimation of future cash flows expected to arise from the continuing operation of the store and the determination of suitable discount and long-term growth rates in order to calculate the present value of the forecast cash flows. Judgement is also required around the nature and level of overheads that are necessarily incurred to generate cash inflows in the context of allocation to individual store cash generating units. Note that the estimation of future cash flows and determination of suitable discount rates requires a greater level of judgement than the determination of long-term growth rates, with discount rates also having been subject to greater recent volatility. Sales projections take into consideration both external factors such as market expectations, and internal factors such as trading plans. For certain stores, they assume sales increases that are higher than recent (pre-pandemic) experience and market growth expectations, driven by an improved and differentiated offer. Assumed margin percentage improvements reflect increased sales of the Group\u2019s own exclusive brands (OEB) as well as lower cost of sales from leveraging our key vendors, and better clearance management. Higher assumed operating profit percentages reflect operational leverage from increased sales as well as cost savings through operational efficiencies, including more efficient organisation and leveraging our goods not for resale (GNFR) spend. Actual outcomes could vary significantly from these estimates and sensitivity analyses are undertaken to assess the impact of projected benefits not being realised. The pre-tax discount rates applied to the cash flow forecasts are derived from the post-tax weighted average cost of capital for each of the territories in which the Group operates. The assumptions used in the calculation of the weighted average cost of capital are based on observable external market data. Cash flows beyond the period of the strategic plans are calculated using a long-term growth rate which does not exceed the long-term average growth rates for the countries in which the Group\u2019s stores operate. Notes to the consolidated financial statements continued To support our net zero ambitions, the Group continues to invest in \u2018greener\u2019 fixed assets which replace existing fixed assets. The Group has not recognised any material impairment or accelerated depreciation to existing fixed assets resulting from this activity. Current assets including trade receivables and inventories are expected to be received and utilised respectively within a shor timeframe, and therefore no climate-related risks have been identified for these balances, whilst the Group is not currently aware of adverse exposures from climate change requiring provisions to be recognised. The Group\u2019s internal three-year financial planning acts as the basis for the Viability Statement financial modelling and for impairment reviews of non-current assets including goodwill. It includes climate-related costs and opportunities expected within the internal financial planning time horizon. Within the Viability Statement modelling, cash flow sensitivities are performed, for which the most severe scenario estimates the impact of a demand or supply shock preventing the Group from realising a large part of its sales during the peak trading period. The shock, as described in the Viability Statement on pages 59 to 60, would go significantly beyond the expected short-term impact from a remote climate-driven extreme weather event, such as severe flooding and the resulting damage to one or more of the group\u2019s distribution centres. The financial modelling of climate change scenarios performed by an external party, as described in the TCFD disclosure on pages 27 to 35, identified significant increases in carbon taxes as potentially having the largest adverse impact on the Group\u2019s discounted cashflows, at 1-5%. Given that this is below the 10% reduction in cash flows performed for impairment sensitivity analysis above, combined with the most significant potential impact of the carbon tax increase being beyond the Group\u2019s three-year financial planning period, it is not judged to be a key driver in determining the outcome of this exercise, nor that of the Viability Statement. Therefore, the Group has concluded that climate change risk does not represent a critical accounting judgement or key source of estimation uncertainty for the current year financial statements. This classification will be reassessed in future reporting periods as we continue to review the impacts, risks and opportunities presented by climate change and the Group\u2019s commitments to address the challenges presented. Income taxes The Group is subject to income taxes in numerous jurisdictions in which it operates and there are many transactions for which the ultimate tax determination is open to differing interpretations during the ordinary course of business. Significant judgement may therefore be required in determining the liability for income taxes in each of these territories. Where it is anticipated that additional taxes are probable, the Group recognises liabilities for the estimate of any potential exposure. These judgements are continually reassessed, and where the final outcome of these matters is different from the initially recorded amount, such differences will impact the income tax and deferred tax liabilities in the period in which such determination is made. These adjustments in respect of prior years are recorded in the income statement, or directly in other comprehensive income as appropriate, and are disclosed in the notes to the accounts. Refer to notes 10 and 26. Judgement has continued to be required in determining the outcome of the European Commission\u2019s state aid investigation into the Group Financing Exemption section of the UK controlled foreign company rules. In January 2021, the Group received a charging notice from HM Revenue & Customs (HMRC) for \u00a357m, which was paid in February 2021, with a further \u00a37m interest paid in April 2021. The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to the European Courts. On 8 June 2022, the General Court of the European Union dismissed several of those appeals, including the UK Government\u2019s. This decision has been appealed to the European Court of Justice. The final impact on the Group remains uncertain but based upon advice taken, the Group considers that the amount paid of \u00a364m, which is included in non-current assets, will ultimately be recovered. Further details are provided in note 35. Consideration of climate-related matters In preparing these financial statements, the Group has considered the elevation of climate change from an \u2018emerging risk\u2019 to a \u2018principal risk\u2019 and the potential impacts of climate change on these financials. As set out on pages 51 to 58 of the Strategic Report, the elevation from an emerging risk to a principal risk is predominantly driven by operational and reputational risk to the group, not by the increase in financial risk in the short term. The expectation of limited financial impacts is supported by the modelling work described in the TCFD disclosures on pages 27 to 35, the financial impacts of which are smaller than the results of the Group\u2019s impairment sensitivity analysis on operating cash flows, see above. The potential impacts of climate change on the financials have been considered in the following areas: \u2014 Carrying value and remaining useful economic lives of property, plant and equipment; \u2014 Carrying value of inventories and valuations of other assets and of provisions; \u2014 Viability statement assessment of the Group over the next three years; and \u2014 Cash flow forecasts used for the purposes of impairment assessments including goodwill. 4 Sales \u00a3 millions 2022/23 2021/22 B&Q 3,835 4,178 Screwfix 2,365 2,327 UK & Ireland 6,200 6,505 Castorama 2,302 2,296 Brico D\u00e9p\u00f4t 2,150 2,202 France 4,452 4,498 Poland 1,734 1,525 Iberia 373 366 Romania 285 279 Other 1 15 10 Other International 2,407 2,180 Total Group 13,059 13,183 1. \u2018Other\u2019 consists of the consolidated results of NeedHelp, Screwfix International and revenue from franchise agreements. 5 Segmental analysis Income statement \u00a3 millions 2022/23 UK & Ireland France Poland Other Other International Total Sales 6,200 4,452 1,734 673 2,407 13,059 Retail profit/(loss) 603 195 148 (23) 125 923 Central costs (49) Share of interest and tax of joint ventures and associates (4) Adjusting items (147) Operating profit 723 Net finance costs (112) Profit before taxation 611 \u00a3 millions 2021/22 UK & Ireland France Poland Other Other International Total Sales 6,505 4,498 1,525 655 2,180 13,183 Retail profit/(loss) 794 221 135 (2) 133 1,148 Central costs (60) Share of interest and tax of joint ventures and associates (2) Adjusting items 58 Operating profit 1,144 Net finance costs (137) Profit before taxation 1,007 Balance sheet \u00a3 millions 2022/23 UK & Ireland France Poland Other Other International Total Segment assets 3,084 1,914 1,106 366 1,472 6,470 Central assets 59 Goodwill 2,408 Net debt (2,274) Net assets 6,663 \u00a3 millions 2021/22 UK & Ireland France Poland Other Other International Total Segment assets 3,052 1,682 942 332 1,274 6,008 Central liabilities (82) Goodwill 2,424 Net debt (1,572) Net assets 6,778 Other segmental information \u00a3 millions 2022/23 UK & Ireland France Poland Other Other International Central Total Capital expenditure 251 113 60 18 78 7 449 Depreciation and amortisation 357 140 56 29 85 \u2013 582 Impairment losses 64 70 1 30 31 \u2013 165 Impairment reversals \u2013 (10) \u2013 \u2013 \u2013 \u2013 (10) Non-current assets 1 4,516 2,217 922 317 1,239 19 7,991 \u00a3 millions 2021/22 UK & Ireland France Poland Other Other International Central Total Capital expenditure 221 91 73 10 83 2 397 Depreciation and amortisation 340 138 50 27 77 \u2013 555 Impairment losses 16 15 \u2013 \u2013 \u2013 \u2013 31 Impairment reversals (26) (24) (1) (11) (12) \u2013 (62) Non-current assets 1 4,429 2,172 865 299 1,164 2 7,767 1. Non-current assets comprise goodwill, other intangible assets, property, plant and equipment, investment property, right-of-use assets and investments in joint ventures and associates. The operating segments disclosed above are based on the information reported internally to the Board of Directors and Group Executive, representing the geographical areas in which the Group operates. The Group only has one reportable business segment, being the supply of home improvement products and services. The majority of the sales in each geographical area are derived from in-store and online sales of products. The \u2018Other International\u2019 segment consists of Poland, Iberia, Romania, the joint venture Ko\u00e7ta\u015f in Turkey, NeedHelp, Screwfix International and results from franchise agreements. Poland has been shown separately due to its significance. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Central assets and liabilities comprise unallocated head office and other central items including pensions, insurance, interest and tax 6 Adjusting items \u00a3 millions 2022/23 2021/22 Included within selling and distribution expenses Net store asset impairment (losses)/reversals (139) 33 Release of France and other restructuring provisions 3 9 (136) 42 Included within administrative expenses Romania goodwill impairment (16) \u2013 Release of Castorama Russia disposal warranty liability 4 \u2013 Release of France uncertain operating tax position \u2013 9 Commercial operating model restructuring \u2013 4 (12) 13 Included within other income Profit on exit of properties 1 3 1 3 Adjusting items before tax (147) 58 Prior year and other adjusting tax items 29 48 Adjusting items (118) 106 In consideration of the significant increase in discount rates resulting from high levels of inflation and wider macroeconomic uncertainty, the Group has undertaken a full impairment review of its stores. The significant increase in discount rates, combined with revised financial projections, has resulted in the recognition of \u00a3139m of net store asset impairment charges in the year. These have been recorded principally in the UK and France. Current year adjusting items include a \u00a33m credit arising due to savings on costs relating to legacy store closure programmes in France as compared with the original restructuring provisions recognised as adjusting items. An impairment charge of \u00a316m has been recorded relating to the remaining goodwill in Romania, principally driven by the significant increase in discount rates and revised financial projections. A \u00a34m liability that was held in relation to warranties as part of the Castorama Russia disposal in 2020 has been released in the year following the expiry of the warranty claims period. A profit of \u00a31m has been recorded on the exit of one property in the UK. Prior year and other adjusting tax items relate principally to deferred tax credits recorded in respect of the impairments noted above and a release of prior year provisions for uncertain tax positions, which reflect a reassessment of expected outcomes, agreed positions with tax authorities and items that have time-expired. 7 Net finance costs \u00a3 millions 2022/23 2021/22 Bank overdrafts, bank loans and derivatives (3) (7) Fixed term debt (2) (3) Lease liabilities (124) (135) Other interest payable \u2013 (3) Finance costs (129) (148) Cash and cash equivalents and short-term deposits 5 2 Net interest income on defined benefit pension schemes 11 8 Finance lease income 1 1 Finance income 17 11 Net finance costs (112) (137) Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a31m (2021/22: \u00a32m). Notes to the consolidated financial statements continued 8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation: \u00a3 millions 2022/23 2021/22 Research and development recognised as an expense 1 1 Government grants \u2013 (6) Amortisation of intangible assets 1 84 82 Depreciation of property, plant and equipment, investment property and right of use assets 498 473 Impairment of goodwill 16 \u2013 Impairment of intangible assets 3 2 Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale 146 29 Reversal of impairment of property, plant and equipment and right-of-use assets (10) (62) Loss on disposal of land and buildings and investment property \u2013 1 Write-down to recoverable amount of trade and other receivables 7 1 1. Of the amortisation of intangible assets charge, \u00a31m (2021/22: \u00a32m) and \u00a383m (2021/22: \u00a380m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration \u00a3 millions 2022/23 2021/22 Fees payable for the audit of the Company and consolidated financial statements 1.0 0.5 Fees payable to the Company\u2019s auditor and their associates for other services to the Group: The audit of the Company\u2019s subsidiaries pursuant to legislation 1.7 1.2 Audit fees 2.7 1.7 Audit-related assurance services 0.2 0.2 Other assurance services 0.1 0.1 Non-audit fees 0.3 0.3 Auditor\u2019s remuneration 3.0 2.0 Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 75. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. 9 Employees and Directors \u00a3 millions 2022/23 2021/22 Wages and salaries 1,628 1,667 Social security costs 295 298 Post-employment benefits Defined contribution 47 43 Defined benefit (service cost) 13 14 Share-based compensation 19 27 Employee benefit expenses 2,002 2,049 Number thousands 2022/23 2021/22 Stores 73 76 Administration 7 6 Average number of persons employed 80 82 The average number of persons employed excludes those employed by the Group\u2019s joint ventures and associates. Remuneration of key management personnel \u00a3 millions 2022/23 2021/22 Short-term employee benefits 9.1 10.0 Post-employment benefits 1.0 0.6 Termination benefits 0.8 \u2013 Share-based compensation 4.3 9.8 15.2 20.4 The Group defines key management personnel as being those members of the Board of Directors and the Group Executive. Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 77 to 100. Other than as set out in the Directors\u2019 Remuneration Report, there have been no transactions with key management during the year (2021/22: \u00a3nil). 10 Income tax expense \u00a3 millions 2022/23 2021/22 UK corporation tax Current tax on profits for the year (44) (80) Adjustments in respect of prior years 3 2 (41) (78) Overseas tax Current tax on profits for the year (77) (87) Adjustments in respect of prior years 4 31 (73) (56) Current tax (114) (134) Deferred tax Current year (25) (56) Adjustments in respect of prior years (3) 1 Adjustments in respect of changes in tax rates 2 25 Deferred tax (26) (30) Income tax expense (140) (164) Notes to the consolidated financial statements continued Factors affecting tax charge for the year
The tax charge for the year differs from the standard rate of corporation tax in the UK of 19% (2021/22: 19%). The differences are
explained below:
\u00a3 millions 2022/23 2021/22
Profit before taxation 611 1,007
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021/22: 19%) (116) (191)
Net expense not deductible for tax purposes (18) (8)
Temporary differences:
Losses not recognised (6) (3)
Foreign tax rate differences (6) (21)
Adjustments in respect of prior years 4 34
Adjustments in respect of changes in tax rates 2 25
Income tax expense (140) (164)
The adjusted effective tax rate on profit before adjusting items is 22% (2021/22: 22%). The effective tax rate calculation is set out in
the Financial Review on page 41.
The overall tax rate for the year is 23% (2021/22: 16%). This predominately reflects the blend of tax rates and profits in the Group\u2019s
various jurisdictions, the applicable tax treatment of adjusting items and losses made by companies which have not been recognised
for deferred tax. This has been partially offset by a release of prior year provisions which reflect a reassessment of expected
outcomes, agreed positions with tax authorities and items that have time expired. Net expense not deductible for tax purposes
does not include any significant values that have been netted off.
In addition to the amounts charged to the income statement, tax of \u00a3110m has been credited directly to equity (2021/22: \u00a321m charge)
of which a \u00a33m credit (2021/22: \u00a34m credit) is included in current tax and a \u00a3107m credit (2021/22: \u00a325m charge) is included in
deferred tax. This principally relates to post-employment benefits.
During the year, a payment of \u20ac40m (\u00a334m) was made to the French tax authorities relating to a historic tax liability. This amount was
fully provided for at the prior year end.
Changes in tax rates
The UK Government announced on 3 March 2021 the intention to increase the corporation tax rate from 19% to 25% with effect from
1 April 2023, which was substantively enacted on 24 May 2021. This increase in rate had the effect of reducing the net deferred tax
liability as reported by \u00a325m and was reflected in the prior year financial statements.
French legislation has progressively reduced the applicable corporate tax rate in France for large companies to 25.83% by 2022/23,
which is reflected in these financial statements (2021/22: 28.41%). There were no significant changes to tax rates announced in the
year relating to the other overseas territories in which the Group operates.
11 Earnings per share
Pence 2022/23 2021/22
Basic earnings per share 23.8 40.3
Effect of dilutive share options per share (0.3) (0.5)
Diluted earnings per share 23.5 39.8
Basic earnings per share 23.8 40.3
Adjusting items before tax per share 7.4 (2.8)
Prior year and other adjusting tax items per share (1.5) (2.3)
Adjusted basic earnings per share 29.7 35.2
Diluted earnings per share 23.5 39.8
Adjusting items before tax per share 7.3 (2.7)
Prior year and other adjusting tax items per share (1.4) (2.3)
Adjusted diluted earnings per share 29.4 34.8
11 Earnings per share continued Basic earnings per share is calculated by dividing the profit for the year attributable to equity shareholders of the Company by the weighted average number of shares in issue during the year, excluding those held in the Employee Share Ownership Plan trust (\u2018ESOP trust\u2019) which for the purpose of this calculation are treated as cancelled. For diluted earnings per share, the weighted average number of shares is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where both the exercise price is less than the average market price of the Company\u2019s shares during the year and any related performance conditions have been met. The calculation of basic and diluted earnings per share is based on the profit for the year attributable to equity shareholders of the Company. A reconciliation of statutory earnings to adjusted earnings is set out below: \u00a3 millions 2022/23 2021/22 Earnings 471 843 Adjusting items before tax 147 (58) Prior year and other adjusting tax items (29) (48) Adjusted earnings 589 737 The weighted average number of shares in issue during the year, excluding those held in the Employee Share Ownership Plan Trust (\u2018ESOP trust\u2019), is set out below: Weighted average number of shares (millions) 2022/23 2021/22 Basic 1,980 2,092 Diluted 2,002 2,116 12 Dividends \u00a3 millions 2022/23 2021/22 Dividends paid to equity shareholders of the Company Ordinary interim dividend for the year ended 31 January 2023 of 3.80p per share (year ended 31 January 2022: 3.80p per share) 74 80 Ordinary final dividend for the year ended 31 January 2022 of 8.60p per share (year ended 31 January 2021: 5.50p per share) 172 116 Ordinary interim dividend for the year ended 31 January 2021 of 2.75p per share \u2013 58 246 254 The proposed dividend for the year ended 31 January 2023, subject to approval by shareholders at the Annual General Meeting, is 12.40p per share, comprising an interim dividend of 3.80p in respect of the six months ended 31 July 2022 and a final dividend of 8.60p. Notes to the consolidated financial statements continued 13 Goodwill
\u00a3 millions
Cost
At 1 February 2022 2,457
Exchange differences \u2013
At 31 January 2023 2,457
Impairment
At 1 February 2022 (33)
Charge for the year (16)
At 31 January 2023 (49)
Net carrying amount
At 31 January 2023 2,408
Cost
At 1 February 2021 2,460
Exchange differences (3)
At 31 January 2022 2,457
Impairment
At 1 February 2021 (33)
At 31 January 2022 (33)
Net carrying amount
At 31 January 2022 2,424
An impairment charge of \u00a316m has been recorded in the year (2021/22: \u00a3nil) relating to the Romania business, which forms part
of the \u2018Other International\u2019 operating segment. This has arisen due to a significant increase in the discount rate and revised
financial projections.
Impairment tests for goodwill
Goodwill has been allocated for impairment testing purposes to groups of cash generating units (\u2018CGUs\u2019) as follows:
\u00a3 millions UK France Poland Romania NeedHelp Total
At 31 January 2023
Cost 1,796 523 81 49 8 2,457
Impairment \u2013 \u2013 \u2013 (49) \u2013 (49)
Net carrying amount 1,796 523 81 \u2013 8 2,408
At 31 January 2022
Cost 1,796 523 81 49 8 2,457
Impairment \u2013 \u2013 \u2013 (33) \u2013 (33)
Net carrying amount 1,796 523 81 16 8 2,424
The recoverable amounts of the CGUs have been determined based on value-in-use calculations.
The groups of CGUs for which the carrying amount of goodwill is deemed significant are the UK, France and Poland. The key
assumptions used for value-in-use calculations are set out below.
13 Goodwill continued Assumptions The cash flow projections are based on approved strategic plans covering a three-year period. These are based on both past performance and expectations for future market development. The projections reflect the expected benefits from certain strategic initiatives, including an increased offer, an improved digital journey and improved operational efficiency. As required under IFRS, cash flows related to uncommitted future restructurings and enhancement capital expenditure are excluded from the projections for impairment testing purposes. For further details, refer to the Strategic Report on pages 1 to 61. Key drivers in the strategic plans are sales growth, margin and operating profit percentages. Sales projections take into consideration both external factors such as market expectations, and internal factors such as execution on our strategy. They assume sales increases in each country that are driven by an enlarged offer, an improved digital journey and local trading initiatives, supported by structural changes in the growth of the home improvement market. Assumed gross margin percentages benefit from increased sales of the Group\u2019s higher margin own exclusive brands (OEB), vendor negotiations and operational leverage from increased sales on logistics and distribution costs. Assumed operating profit percentages reflect better utilisation of fixed costs as well as cost savings through operational efficiencies, including a more efficient organisation and leveraging our goods-not-for-resale spend. Cash flows beyond the period of the strategic plans are calculated using a growth rate which does not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs operate. The Board has reviewed a sensitivity analysis and does not consider that a reasonably possible change in the assumptions used in the value-in-use calculations would cause the carrying amounts of the UK, France and Poland CGUs to exceed their recoverable amounts. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the CGU operates. The risk adjusted nominal discount rates and long-term nominal growth rates used are as follows: Annual % rate 2022/23 2021/22 UK France Poland UK France Poland Pre-tax discount rate 11.7 11.3 12.5 9.2 8.9 10.6 Post-tax discount rate 9.3 9.0 10.8 7.6 7.3 9.3 Long-term growth rate 2.0 2.3 3.5 2.7 2.3 3.7 Notes to the consolidated financial statements continued 14 Other intangible assets
\u00a3 millions
Computer
software Other Total
Cost
At 1 February 2022 836 14 850
Additions 127 \u2013 127
Disposals (78) \u2013 (78)
Exchange differences 3 2 5
At 31 January 2023 888 16 904
Amortisation
At 1 February 2022 (511) (9) (520)
Charge for the year (84) \u2013 (84)
Impairment losses \u2013 (3) (3)
Disposals 78 \u2013 78
Exchange differences (3) (1) (4)
At 31 January 2023 (520) (13) (533)
Net carrying amount
At 31 January 2023 368 3 371
Cost
At 1 February 2021 767 16 783
Additions 95 \u2013 95
Disposals (22) (2) (24)
Exchange differences (4) \u2013 (4)
At 31 January 2022 836 14 850
Amortisation
At 1 February 2021 (452) (11) (463)
Charge for the year (81) (1) (82)
Impairment losses (2) \u2013 (2)
Disposals 22 2 24
Exchange differences 2 1 3
At 31 January 2022 (511) (9) (520)
Net carrying amount
At 31 January 2022 325 5 330
Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group. This
included expenditure related to the continued roll-out of a common IT platform, which is amortised over its estimated useful life of
10 years as it becomes available for use in the operating companies.
Computer software cost includes \u00a3418m (2021/22: \u00a3436m) of internally generated development costs with a \u00a3202m (2021/22: \u00a3206m)
net carrying amount. None of the Group\u2019s other intangible assets have indefinite useful lives.
15 Property, plant and equipment
\u00a3 millions
Land and
buildings
Fixtures, fittings
and equipment Total
Cost
At 1 February 2022 2,596 3,186 5,782
Additions 45 280 325
Disposals (2) (40) (42)
Exchange differences 98 60 158
At 31 January 2023 2,737 3,486 6,223
Depreciation
At 1 February 2022 (473) (2,231) (2,704)
Charge for the year (35) (164) (199)
Impairment reversals 5 \u2013 5
Impairment losses (67) (33) (100)
Disposals 1 39 40
Exchange differences (21) (39) (60)
At 31 January 2023 (590) (2,428) (3,018)
Net carrying amount
At 31 January 2023 2,147 1,058 3,205
Cost
At 1 February 2021 2,699 3,041 5,740
Additions 55 262 317
Disposals (2) (43) (45)
Reclassified to investment property (12) (2) (14)
Transfers to assets held for sale (18) \u2013 (18)
Exchange differences (126) (72) (198)
At 31 January 2022 2,596 3,186 5,782
Depreciation
At 1 February 2021 (496) (2,169) (2,665)
Charge for the year (35) (153) (188)
Impairment reversals 34 11 45
Impairment losses (18) (6) (24)
Disposals 2 41 43
Reclassified to investment property 1 \u2013 1
Transfers to assets held for sale 16 \u2013 16
Exchange differences 23 45 68
At 31 January 2022 (473) (2,231) (2,704)
Net carrying amount
At 31 January 2022 2,123 955 3,078
Assets in the course of construction included above at net carrying amount
At 31 January 2023 24 195 219
At 31 January 2022 17 176 193
Notes to the consolidated financial statements continued
Net impairment charges of \u00a395m have been recorded in the year (2021/22: \u00a321m net reversals). Current year impairment charges
principally relate to store property and equipment assets in the UK and France, resulting from increased discount rates and revised
financial projections. The net store impairment charges of \u00a395m have been recorded as adjusting items.
Total capitalised borrowing costs included within property, plant and equipment, net of depreciation, is \u00a316m (2021/22: \u00a316m).
The Group does not revalue properties within its financial statements. A formal valuation of the portfolio was undertaken by
external professional valuers in October 2022, with the valuations then updated to 31 January 2023. Based on this exercise the
value of property is \u00a32.8bn (2021/22: \u00a32.7bn) on a sale and leaseback basis with Kingfisher in occupancy. The key assumption used in
calculating this is the estimated yields. Property, plant and equipment market valuations are considered to have been determined by
level 3 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019. A vacant possession valuation basis is used
to approximate the fair value less costs to sell when reviewing for impairment.
Fixtures, fittings and equipment includes items such as store racking, computers and electronic equipment, motor cars and
commercial vehicles.
16 Investment property
\u00a3 millions
Cost
At 1 February 2022 39
Reclassified from assets held for sale 2
At 31 January 2023 41
Depreciation
At 1 February 2022 (6)
Impairment losses (5)
At 31 January 2023 (11)
Net carrying amount
At 31 January 2023 30
Cost
At 1 February 2021 25
Reclassified from property, plant and equipment 14
At 31 January 2022 39
Depreciation
At 1 February 2021 (5)
Reclassified from property, plant and equipment (1)
At 31 January 2022 (6)
Net carrying amount
At 31 January 2022 33
17 Leases The Group is a lessee of various retail stores, offices, warehouses and plant and equipment under lease agreements with varying terms, escalation clauses and renewal rights. The Group is also a lessor and sub-lessor of space with freehold and leasehold properties respectively. Right-of-use assets \u00a3 millions 2022/23 2021/22 Land and buildings 1,873 1,806 Fixtures, fittings and equipment 74 79 Net carrying amount 1,947 1,885 Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles. \u00a3 millions 2022/23 2021/22 At beginning of year 1,885 1,845 Additions 1 339 314 Depreciation charge for the year (299) (285) Impairment reversals 5 17 Impairment losses (41) (5) Other movements 34 32 Exchange differences 24 (33) At end of year 1,947 1,885 1. Right-of-use asset additions include new leases, lease renewals and increases in term and/or scope for existing leases. Net right-of-use asset impairment charges of \u00a336m (2021/22: \u00a312m net reversals) have been recorded resulting from increased discount rates and revised financial projections. The net store impairment charges of \u00a336m have been recorded as adjusting items. Amounts included in profit and loss \u00a3 millions 2022/23 2021/22 Short term rentals (65) (43) Sublease income 1 1 Depreciation of right-of-use assets Property leases (262) (246) Equipment leases (37) (39) Interest on lease liabilities Property leases (120) (131) Equipment leases (4) (4) Amounts recognised in the cash flow statement \u00a3 millions 2022/23 2021/22 Interest element of lease rental payments Property leases (120) (131) Equipment leases (4) (4) Principal element of lease rental payments Property leases (292) (303) Equipment leases (37) (38) Total cash outflow for leases (453) (476) Notes to the consolidated financial statements continued Maturity analysis of operating lease receivables Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows: \u00a3 millions 2022/23 2021/22 Year 1 4 4 Year 2 4 3 Year 3 3 3 Year 4 3 2 Year 5 3 2 Year 6 and onwards 16 11 33 25 Maturity analysis of finance lease receivables The following table reconciles the undiscounted sublease rentals receivable under non-cancellable finance leases to the present value of sublease receivables as disclosed as part of trade and other receivables (note 20): \u00a3 millions 2022/23 2021/22 Year 1 4 4 Year 2 5 5 Year 3 3 5 Year 4 2 3 Year 5 1 2 Year 6 and onwards 1 2 Total undiscounted sublease receipts receivable 16 21 Unearned finance income (3) (4) Sublease receivables 13 17 Other lease disclosures The maturity analysis of lease liabilities has been reflected in note 25 Financial risk management. Lease arrangements under which rental payments are contingent upon sales, other performance or usage are not significant for the Group. There are no corporate restrictions imposed by lease arrangements such as those concerning dividends, additional debt and further leasing. Sale and leaseback transactions No sale and leaseback transactions were entered into in the current or prior year 18 Investments in joint ventures and associates \u00a3 millions 2022/23 At 1 February 2022 17 Share of post-tax results 5 Dividends (3) Exchange differences 11 At 31 January 2023 30 \u00a3 millions 2021/22 At 1 February 2021 20 Share of post-tax results 5 Dividends (1) Exchange differences (7) At 31 January 2022 17 No goodwill is included in the carrying amount of investments in joint ventures and associates (2021/22: \u00a3nil). Details of the Group\u2019s significant joint ventures and associates are shown below: Principal place of business % interest held Class of shares owned Main activity Principal joint venture Ko\u00e7ta\u015f Yapi Marketleri Ticaret A.S. 1 Turkey 50% Ordinary Retailing Principal associate Crealfi S.A. 1 France 49% Ordinary Finance 1. The financial statements of these companies are prepared to 31 December. Aggregate amounts relating to joint ventures and associates: 2022/23 2021/22 \u00a3 millions Joint ventures Associates Total Joint ventures Associates Total Non-current assets 24 2 26 8 2 10 Current assets 48 43 91 29 42 71 Current liabilities (46) (35) (81) (28) (35) (63) Non-current liabilities (5) (1) (6) \u2013 (1) (1) Share of net assets 21 9 30 9 8 17 Sales 143 3 146 110 3 113 Operating expenses (135) (2) (137) (103) (3) (106) Operating profit 8 1 9 7 \u2013 7 Net finance costs \u2013 \u2013 \u2013 (2) \u2013 (2) Profit before taxation 8 1 9 5 \u2013 5 Income tax expense (4) \u2013 (4) \u2013 \u2013 \u2013 Share of post-tax results 4 1 5 5 \u2013 5 Following the International Monetary Fund\u2019s classification of Turkey as a hyperinflationary economy during the year, the IASB prescribed the application of IAS 29 \u2013 Financial reporting in hyper-inflationary economies for entities with the currency of Turkey as their functional currency. IAS 29 requires affected entities to state their financial statements in terms of the purchasing power at the end of the reporting period. The Group\u2019s Turkish joint venture, Koctas, has prepared its financial statements under IAS 29. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. Notes to the consolidated financial statements continued 19 Inventories
\u00a3 millions 2022/23 2021/22
Finished goods for resale 3,070 2,749
The cost of inventories recognised as an expense and included in cost of sales for the year ended 31 January 2023 is \u00a37,437m
(2021/22: \u00a37,401m).
20 Trade and other receivables
\u00a3 millions 2022/23 2021/22
Non-current
Prepayments 9 8
Sublease receivables 10 14
19 22
Current
Trade receivables 89 71
Allowance for expected credit losses (8) (7)
Net trade receivables 81 64
Property receivables 5 3
Sublease receivables 3 3
Merchandise returns asset 11 11
Prepayments 64 67
Rebates due from suppliers 143 114
Business disposal consideration receivable \u2013 8
Other receivables 40 30
347 300
Trade and other receivables 366 322
The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the
credit risk associated with trade and other receivables.
Other receivables include items related to other taxation and social security.
21 Cash and cash equivalents
\u00a3 millions 2022/23 2021/22
Cash at bank and in hand 259 441
Cash equivalents 27 382
Cash and cash equivalents 286 823
Included in cash and cash equivalents is restricted cash of \u00a351m (2021/22: \u00a338m) relating to cash held by the Group\u2019s captive
insurance company and in virtual captive arrangements.
Other cash and cash equivalents, fixed for periods of up to three months, comprise bank deposits and investments in money market
funds. The carrying value of cash and cash equivalents approximate their fair values.
22 Trade and other payables \u00a3 millions 2022/23 2021/22 Current Trade payables 1,291 1,352 Other taxation and social security 238 246 Deferred income 179 178 Contract to purchase own shares for cancellation 7 69 Liability to purchase own shares for ESOP trust \u2013 9 Merchandise returns provision 21 20 Payroll creditors and accruals 199 253 Accruals and other payables 548 547 2,483 2,674 Non-current Accruals and other payables 4 10 Trade and other payables 2,487 2,684 The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2023 of \u00a3146m (2021/22: \u00a3193m) due under supply chain finance arrangements with third party banks. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the third party banks based on Kingfisher\u2019s investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the third party banks in accordance with the originally agreed payment terms. Under certain of these arrangements, Kingfisher has agreed extended payment terms. The total amount outstanding on such extended payment terms at 31 January 2023 is \u00a315m (2021/22: \u00a314m). These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. The contract to purchase own shares relates to a liability arising under an irrevocable buyback agreement which was in place at the balance sheet date (see note 29). Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. 23 Borrowings \u00a3 millions 2022/23 2021/22 Current Bank overdrafts 16 14 16 14 Non-current Bank loans 3 2 Fixed term debt 99 \u2013 102 2 Borrowings 118 16 Bank loans Non-current bank loans have an average maturity of two years (2021/22: two years) and are arranged at fixed rates of interest with an effective interest rate of 1.8% (2021/22: 1.0%). Notes to the consolidated financial statements continued Fixed term debt
2022/23 2021/22
Principal
outstanding Maturity date Coupon
Effective
interest rate
Carrying amount
\u00a3m
Carrying amount
\u00a3m
GBP Term Loan \u00a350m 23/12/24
1
SONIA + 0.70% 4.1% 50 \u2013
GBP Term Loan \u00a350m 17/01/25
1
SONIA + 0.75% 4.2% 49 \u2013
99 \u2013
1. During the year the Group entered into two new \u00a350m bilateral term loans with a maturity tenor of two years. Both loans were fully drawn at 31 January 2023.
As at 31 January 2023, the Group had an undrawn revolving credit facility (RCF) of \u00a3550m due to expire in May 2025.
The terms of the committed RCF and term loans require that the ratio of Group operating profit (excluding adjusting items) to net
interest payable (excluding interest on IFRS 16 lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half and
full year-ends. At 31 January 2023, Kingfisher was in compliance with this requirement.
Fair values
\u00a3 millions
Fair value
2022/23 2021/22
Bank overdrafts 16 14
Bank loans 3 3
Fixed term debt 102 \u2013
Borrowings 121 17
Fair values of borrowings have been calculated by discounting cash flows at prevailing interest and foreign exchange rates. This has
resulted in level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019.
24 Derivatives
\u00a3 millions 2022/23 2021/22
Current assets 16 37
Non-current assets \u2013 1
Current liabilities (47) (12)
Non-current liabilities (5) (1)
(36) 25
The net fair value of derivatives by hedge designation at the balance sheet date is:
\u00a3 millions 2022/23 2021/22
Cash flow hedges (36) 28
Non-designated hedges \u2013 (3)
(36) 25
The Group holds the following derivative financial instruments at fair value:
\u00a3 millions 2022/23 2021/22
Foreign exchange contracts 16 38
Derivative assets 16 38
Foreign exchange contracts (52) (13)
Derivative liabilities (52) (13)
(36) 25
The fair values are calculated by discounting future cash flows arising from the instruments and adjusted for credit risk. These fair
value measurements are all made using observable market rates of interest, foreign exchange and credit risk.
24 Derivatives continued All the derivatives held by the Group at fair value are considered to have fair values determined by level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019, representing significant observable inputs other than quoted prices in active markets for identical assets or liabilities. There are no non-recurring fair value measurements nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. At 31 January 2023, net financing derivative assets included in net debt amount to \u00a32m (2021/22: \u00a33m liability). Cash flow hedges Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2023 the Sterling equivalent amount of such contracts is \u00a31,276m (2021/22: \u00a31,236m). These are located in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a316m asset and \u00a352m liability. The associated fair value gains and losses will be transferred to inventories when the purchases occur during the next 18 months. The amount recognised in other comprehensive income during the year is a gain of \u00a358m (2021/22: \u00a359m gain). Gains of \u00a3117m (2021/22: \u00a316m loss) have been transferred to inventories for contracts which matured during the year. During the year, gains of \u00a35m (2021/22: \u00a3nil) have been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2023 for our material currencies are EUR/USD 1.07 and GBP/USD 1.22. Hedge effectiveness is assessed at the inception of the hedge relationship and on an ongoing basis to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group performs a qualitative and, where necessary, a quantitative assessment of effectiveness. For foreign currency inventory purchases, ineffectiveness may arise if the timing or amount of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. Foreign currency basis spread of the derivative has been excluded from the hedge designation. The non-designated element is immediately recognised in the income statement. The amount is immaterial in both years. Non-designated hedges The Group has entered into certain derivatives to provide a hedge against fluctuations in the income statement arising from balance sheet positions. At 31 January 2023, the Sterling equivalent amount of such contracts is \u00a3481m (2021/22: \u00a3852m). These have not been accounted for as hedges, since the fair value movements of the derivatives in the income statement offset the retranslation of the balance sheet positions. These include short-term foreign exchange contracts. The Group has reviewed all significant contracts for embedded derivatives and none of these contracts has any embedded derivatives which are not closely related to the host contract and therefore the Group is not required to account for these separately. The Group enters into netting agreements with counterparties to manage the credit and settlement risks associated with over-the-counter derivatives. These netting agreements and similar arrangements generally enable the Group and its counterparties to settle cash flows on a net basis and set-off liabilities against available assets in the event that either party is unable to fulfil its contractual obligations. Offsetting of derivative assets and liabilities: \u00a3 millions Gross amounts of recognised derivatives Gross amounts offset in the consolidated balance sheet Net amounts of derivatives presented in the consolidated balance sheet Gross amounts of derivatives not offset in the consolidated balance sheet Net amount At 31 January 2023 Derivative assets 16 \u2013 16 (16) \u2013 Derivative liabilities (52) \u2013 (52) 16 (36) At 31 January 2022 Derivative assets 38 \u2013 38 (13) 25 Derivative liabilities (13) \u2013 (13) 13 \u2013 Notes to the consolidated financial statements continued Net investment hedges
Foreign currency denominated lease liabilities recognised on the adoption of IFRS 16 are designated as hedging the exposure to
movements in the spot retranslation of the Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the
hedging instruments are presented in the translation reserve within other reserves to offset gains and losses on the hedged balance
sheet exposure. The nominal values of these lease liabilities is \u00a3197m (2021/22: \u00a3166m). The amount recognised in the translation
reserve is a loss of \u00a33m (2021/22: \u00a31m loss). There is no ineffectiveness for 2022/23. The cumulative total amount recognised in
the translation reserve in relation to net investment hedges is a loss of \u00a3112m (2021/22: \u00a3109m).
25 Financial risk management
Kingfisher\u2019s treasury function has primary responsibility for managing certain financial risks to which the Group is exposed. The Board
reviews the levels of exposure regularly and approves treasury policies covering the use of financial instruments required to manage
these risks. Kingfisher\u2019s treasury function is not run as a profit centre and does not enter into any transactions for speculative purposes.
In the normal course of business, the Group uses financial instruments including derivatives. The main types of financial instruments
used are fixed term debt, bank loans and deposits, money market funds, interest rate swaps and foreign exchange contracts.
Interest rate risk
Borrowings arranged at floating rates of interest expose the Group to cash flow interest rate risk, whereas those arranged at fixed
rates of interest expose the Group to fair value interest rate risk. The Group manages its interest rate risk by entering into certain
interest rate derivative contracts which modify the interest rate payable on the Group\u2019s underlying debt instruments.
Currency risk
The Group\u2019s principal currency exposures are to the Euro, US Dollar, Polish Zloty and Romanian Leu. The Euro, Polish Zloty and
Romanian Leu exposures are operational and arise through the ownership of retail businesses in France, Spain, Portugal, the
Republic of Ireland, Poland and Romania.
In particular, the Group generates a substantial part of its profit from the Eurozone and, as such, is exposed to the economic
uncertainty of its member states. The Group continues to monitor potential exposures and risks and consider effective risk
management solutions.
It is the Group\u2019s policy not to hedge the translation of overseas earnings into Sterling. In addition, the Group has significant
transactional exposure arising on the purchase of inventories denominated in US Dollars, which it hedges using forward foreign
exchange contracts. Under Group policies, the Group\u2019s operating companies are required to hedge committed inventory
purchases and a proportion of forecast inventory purchases arising in the next 18 months. This is monitored on an ongoing basis.
The Group also has exposure to certain leases denominated in currencies which are different from the functional (reporting)
currencies of the lessee. To reduce the Group\u2019s exposure to this, most of the affected lease liabilities have been designated as
net investment hedges of Group assets held in the same currency.
Kingfisher\u2019s policy is to manage the interest rate and currency profile of its debt and cash using derivative contracts. The effect of
these contracts on the Group\u2019s net debt is as follows:
\u00a3 millions
2022/23
Sterling Euro US Dollar Other
TotalFixed Floating Fixed Floating Fixed Floating Fixed Floating
At 31 January 2023
Net cash/(debt) before financing
derivatives and lease liabilities \u2013 9 (2) 105 \u2013 28 \u2013 28 168
Financing derivatives \u2013 (425) \u2013 39 \u2013 326 \u2013 62 2
Lease liabilities (1,821) \u2013 (582) \u2013 \u2013 \u2013 (41) \u2013 (2,444)
Net (debt)/cash (1,821) (416) (584) 144 \u2013 354 (41) 90 (2,274)
\u00a3 millions
2021/22
Sterling Euro US Dollar Other
TotalFixed Floating Fixed Floating Fixed Floating Fixed Floating
At 31 January 2022
Net cash/(debt) before financing
derivatives and lease liabilities \u2013 142 (2) 179 \u2013 429 \u2013 59 807
Financing derivatives \u2013 (539) \u2013 372 \u2013 136 \u2013 28 (3)
Lease liabilities (1,792) \u2013 (548) \u2013 \u2013 \u2013 (36) \u2013 (2,376)
Net (debt)/cash (1,792) (397) (550) 551 \u2013 565 (36) 87 (1,572)
25 Financial risk management continued Financial instruments principally affected by interest rate and currency risks, being the significant market risks impacting Kingfisher, are borrowings, deposits and derivatives. The following analysis illustrates the sensitivity of net finance costs (reflecting the impact on profit) and derivative cash flow hedges (reflecting the impact on other comprehensive income) to changes in interest rates and foreign exchange rates. \u00a3 millions 2022/23 2021/22 Net finance costs income/(costs) Net finance costs income/(costs) Effect of 1% rise in interest rates on net finance costs Sterling (4) (4) Euro 1 6 US Dollar 4 6 Other 1 1 Due to the Group\u2019s hedging arrangements and offsetting foreign currency assets and liabilities, there is no significant impact on profit from the retranslation of financial instruments. \u00a3 millions 2022/23 2021/22 Derivative cash flow hedges increase Derivative cash flow hedges increase Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges US Dollar against Sterling 50 59 US Dollar against Euro 36 36 US Dollar against other 20 16 The impact of changes in foreign exchange rates on cash flow hedges results from retranslation of forward purchases of US Dollars used to hedge forecast US Dollar purchases of inventories. The associated fair value gains and losses are deferred in equity until the purchases occur. See note 24 for further details. The sensitivity analysis excludes the impact of movements in market variables on the carrying amount of trade and other payables and receivables, due to the low associated sensitivity, and are before the effect of tax. It has been prepared on the basis that the Group\u2019s debt, hedging activities, hedge accounting designations, and foreign currency proportion of debt and derivative contracts remain constant, reflecting the positions at 31 January 2023 and 31 January 2022 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. In preparing the sensitivity analysis it is assumed that all hedges are fully effective. The effects shown above would be reversed in the event of an equal and opposite change in interest rates and foreign exchange rates. Notes to the consolidated financial statements continued Liquidity risk
The Group 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.
At 31 January 2023, the Group had an undrawn revolving credit facility of \u00a3550m due to expire in May 2025.
The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity groupings based on the remaining
period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet.
\u00a3 millions
2022/23
On demand
Less than 1
year 1-2 years 2-3 years 3-4 years 4-5 years
More than
5 years Total
At 31 January 2023
Bank overdrafts (16) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (16)
Trade and other payables
1
\u2013 (1,846) (4) \u2013 \u2013 \u2013 \u2013 (1,850)
Bank loans and fixed term debt \u2013 (5) (105) \u2013 \u2013 \u2013 \u2013 (110)
Lease liabilities \u2013 (456) (439) (399) (353) (300) (1,241) (3,188)
Derivative financial liabilities:
Derivative contracts \u2013 receipts \u2013 996 100 \u2013 \u2013 \u2013 \u2013 1,096
Derivative contracts \u2013 payments \u2013 (1,043) (107) \u2013 \u2013 \u2013 \u2013 (1,150)
Derivative financial assets:
Derivative contracts \u2013 receipts \u2013 658 3 \u2013 \u2013 \u2013 \u2013 661
Derivative contracts \u2013 payments \u2013 (643) (3) \u2013 \u2013 \u2013 \u2013 (646)
\u00a3 millions
2021/22 (restated)
2
On demand
Less than 1
year 1-2 years 2-3 years 3-4 years 4-5 years
More than
5 years Total
At 31 January 2022
Bank overdrafts (14) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (14)
Trade and other payables
1, 2
\u2013 (1,977) (10) \u2013 \u2013 \u2013 \u2013 (1,987)
Bank loans \u2013 (1) (1) (1) \u2013 \u2013 \u2013 (3)
Lease liabilities \u2013 (443) (423) (382) (339) (295) (1,203) (3,085)
Derivative financial liabilities:
Derivative contracts \u2013 receipts \u2013 954 39 \u2013 \u2013 \u2013 \u2013 993
Derivative contracts \u2013 payments \u2013 (965) (40) \u2013 \u2013 \u2013 \u2013 (1,005)
Derivative financial assets:
Derivative contracts \u2013 receipts \u2013 1,606 34 \u2013 \u2013 \u2013 \u2013 1,640
Derivative contracts \u2013 payments \u2013 (1,573) (34) \u2013 \u2013 \u2013 \u2013 (1,607)
1. Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and social
security payables and payroll creditors and accruals.
2. Prior year amounts have been restated to exclude \u00a3253m of payroll creditors and accruals which were previously recorded within Trade and other payables
due in less than 1 year.
25 Financial risk management continued Credit risk The Group manages credit risk from investing activities in accordance with treasury policy. The Group deposits surplus cash with a number of banks with strong long-term credit ratings (BBB and above) and with money market funds with AAA credit ratings offering same-day liquidity. An exposure limit for each counterparty is agreed by the Board covering the full value of deposits and the fair value of derivative assets. Credit risk is also managed by spreading investments and entering into derivative contracts across several counterparties. As of 31 January 2023 the highest total cash investment with a single counterparty was \u00a37m (2021/22: \u00a385m). The Group applies the low credit risk simplification under IFRS 9 for expected credit losses relating to cash at bank, short-term deposits and money market funds. The resulting expected credit losses are not significant. The Group\u2019s exposure to credit risk at the reporting date is the carrying value of trade and other receivables, cash at bank, short- term deposits and the fair value of derivative assets. Trade and other receivables mainly relate to trade receivables and rebates which comprise low individual balances with short maturity spread across a large number of unrelated customers and suppliers, resulting in low credit risk levels. They do not have a significant financing component and therefore the Group measures expected credit losses using lifetime expected losses. The estimated lifetime expected losses are based on historical loss rates adjusted where necessary for expected changes in economic conditions. At 31 January 2023, trade and other receivables that are past due amount to \u00a347m (2021/22: \u00a330m), of which \u00a37m (2021/22: \u00a33m) are over 120 days past due. Capital risk Capital risk management disclosures are provided in the Financial Review on page 45. 26 Deferred tax \u00a3 millions 2022/23 2021/22 Deferred tax assets 16 10 Deferred tax liabilities (205) (276) (189) (266) Notes to the consolidated financial statements continued Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction
and when the Group intends, and has the legally enforceable right, to settle its current tax assets and liabilities on a net basis.
\u00a3 millions
2022/23
Accelerated
tax
depreciation
Gains on
property Leases
Short term
timing
differences Tax losses
Post-
employment
benefits
Investment in
subsidiaries Other Total
At 1 February 2022 (170) (61) 127 42 1 (197) (1) (7) (266)
(Charge)/credit to income
statement (38) 7 \u2013 2 \u2013 2 \u2013 1 (26)
Credit/(charge) to equity \u2013 \u2013 1 (1) \u2013 94 \u2013 13 107
Exchange differences (7) (2) 2 1 \u2013 2 \u2013 \u2013 (4)
At 31 January 2023 (215) (56) 130 44 1 (99) (1) 7 (189)
2021/22
\u00a3 millions
Accelerated
tax
depreciation
Gains on
property Leases
Short term
timing
differences Tax losses
Post-
employment
benefits
Investment in
subsidiaries Other Total
At 1 February 2021 (142) (58) 111 49 1 (186) (2) 10 (217)
(Charge)/credit to income
statement (37) (5) 17 (8) \u2013 2 1 \u2013 (30)
Credit/(charge) to equity \u2013 \u2013 \u2013 3 \u2013 (11) \u2013 (17) (25)
Exchange differences 9 2 (1) (2) \u2013 (2) \u2013 \u2013 6
At 31 January 2022 (170) (61) 127 42 1 (197) (1) (7) (266)
At the balance sheet date, the Group has unused trading tax losses of \u00a3215m (2021/22: \u00a3218m) available for offset against future
profits. A deferred tax asset of \u00a31m has been recognised in respect of such losses (2021/22: \u00a31m). No deferred tax asset has been
recognised in respect of the remaining \u00a3214m (2021/22: \u00a3217m) due to the unpredictability of future profit streams. Included in this
amount there are tax losses arising in Romania of \u00a3141m (2021/22: \u00a3139m) which can only be carried forward for a maximum of seven
years. Of these, \u00a36m will expire in the next twelve months, \u00a394m in the next two to five years, and \u00a341m in the next six to seven years.
Other unrecognised losses may be carried forward indefinitely.
At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2021/22: \u00a313m) available for offset against future
capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2021/22: \u00a3nil). All of these losses may
be carried forward indefinitely.
A deferred tax liability of \u00a31m (2021/22: \u00a31m) has been recognised in the period, reflecting the withholding tax anticipated to arise in
light of a planned repatriation of certain earnings that were generated in the current year. Except for this liability, all other unremitted
earnings of overseas subsidiaries and joint ventures are continually reinvested by the Group. Therefore as no tax is expected to be
payable on these earnings in the foreseeable future, no deferred tax liabilities are recorded in relation to them. Additional earnings
which could be remitted on which there would be tax to pay total \u00a3235m (2021/22: \u00a3208m).
27 Provisions \u00a3 millions Onerous property contracts Restructuring Total At 1 February 2022 6 27 33 Releases to income statement \u2013 (3) (3) Utilised in the year (2) (8) (10) At 31 January 2023 4 16 20 Current liabilities 3 7 10 Non-current liabilities 1 9 10 4 16 20 Onerous property contracts exclude contracts related to restructuring programmes which are included in the restructuring provisions. The provisions are based on the present value of future cash outflows relating to rates and service charges. Rental obligations under onerous property contracts are included within lease liabilities. Restructuring provisions include both the cost of people change and the cost to exit stores and property contracts. Restructuring provisions predominately relate to costs in France to restructure the business as part of the Group\u2019s legacy transformation and store closure plans. Releases to the income statement in the current year of \u00a33m are principally related to cost savings as compared with the original restructuring provisions recognised. The restructuring provision releases of \u00a33m have been recorded as adjusting items in line with the original classification of the related provision charges. The ultimate costs and timing of cash flows related to the above provisions are largely dependent on the timing of the related people costs. Notes to the consolidated financial statements continued 28 Post-employment benefits
The Group operates a variety of post-employment benefit arrangements covering both funded and unfunded defined benefit
schemes and defined contribution schemes. The most significant defined benefit and defined contribution schemes are in the UK.
The principal overseas defined benefit schemes are in France, where they are mainly retirement indemnity in nature.
Defined contribution schemes
Costs for the Group\u2019s defined contribution pension schemes, at rates specified in the individual schemes\u2019 rules, are as follows:
\u00a3 millions 2022/23 2021/22
Charge to operating profit 47 43
From July 2012, an enhanced defined contribution pension scheme was offered to all UK employees. Eligible UK employees have
been automatically enrolled into the scheme since 31 March 2013.
Defined benefit schemes
The Group\u2019s principal defined benefit arrangement is its funded, final salary pension scheme in the UK. This scheme was closed to
new entrants from April 2004 and was closed to future benefit accrual from July 2012.
The scheme operates under trust law and is managed and administered by the Trustee on behalf of members in accordance with
the terms of the Trust Deed and Rules and relevant legislation. The Trustee Board consists of ten Trustee Directors, made up of five
employer-appointed Directors, one independent Director and four member-nominated Directors. The Trustee Board delegates
day-to-day administration of the scheme to the Group pensions department of Kingfisher plc.
The main risk to the Group is that additional contributions are required if investment returns and demographic experience are worse
than expected. The scheme therefore exposes the Group to actuarial risks, such as longevity risk, currency risk, inflation risk, interest
rate risk and market (investment) risk. The Trustee Board regularly reviews such risks and mitigating controls, with a risk register being
formally approved on an annual basis. The assets of the scheme are held separately from the Group and the Trustee\u2019s investment
strategy includes a planned medium-term de-risking of assets, switching from return-seeking to liability-matching assets. Other
de-risking activities have included the scheme acquiring an interest in a property partnership, as set out further below, and
entering into bulk annuities.
A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee and the last full
valuation was carried out as at 31 March 2022. Following this valuation and in accordance with the scheme\u2019s Statement of Funding
Principles, the Trustee and Kingfisher have agreed to cease annual employer contributions during the period from August 2022
to July 2025. This agreement has been reached with reference to a funding objective that targets a longer-term, low risk funding
position in excess of the minimum statutory funding requirements. This longer-term objective is based on the principle of the scheme
reaching a point where it can provide benefits to members with a high level of security, thereby limiting its reliance on the employer
for future support. The Company monitors the scheme funding level on a regular basis and will reassess with the scheme Trustee
the appropriate level of contributions at future valuations.
The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan
liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind
up, or otherwise augment the benefits due to members of, the scheme. Based on these rights, any net surplus in the UK scheme is
recognised in full.
28 Post-employment benefits continued UK scheme interest in property partnership In 2010/11, the Group established a partnership, Kingfisher Scottish Limited Partnership (\u2018Kingfisher SLP\u2019), as part of an arrangement with the UK scheme Trustee to address an element of the scheme deficit and provide greater security to the Trustee. The partnership interests are held by the Group and by the scheme, the latter resulting from investments of \u00a378m and \u00a3106m made by the Trustee in January and June 2011 respectively. These investments followed Group contributions of the same amounts into the scheme. In accordance with IAS 19, \u2018Employee benefits\u2019, the investments held by the scheme in Kingfisher SLP do not represent plan assets for the purposes of the Group\u2019s consolidated financial statements. Accordingly, the reported pension position does not reflect these investments. UK property assets with market values of \u00a383m and \u00a3119m were transferred, in January 2011 and June 2011 respectively, into the partnership and leased back to B&Q Limited. The Group retains control over these properties, including the flexibility to substitute alternative properties. The Trustee has a first charge over the properties in the event that Kingfisher plc becomes insolvent. The scheme\u2019s partnership interest entitles it to much of the income of the partnership over the 20-year period of the arrangement. At the end of this term, Kingfisher plc has the option to acquire the Trustee\u2019s partnership interest in Kingfisher SLP. The Group has control over the partnership and therefore it is consolidated in these Group financial statements. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnerships (Accounts) Regulations 2008 from the requirements for preparation, delivery and publication of the partnership\u2019s accounts. Income statement \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Amounts charged to operating profit Current service cost 3 10 13 3 11 14 Administration costs 4 \u2013 4 3 \u2013 3 7 10 17 6 11 17 Amounts (credited)/charged to net finance costs Net interest (income)/expense (12) 1 (11) (8) \u2013 (8) Total (credited)/charged to income statement (5) 11 6 (2) 11 9 Of the net charge to operating profit, a \u00a313m charge (2021/22: \u00a314m charge) and \u00a34m charge (2021/22: \u00a33m charge) are included in selling and distribution expenses and administrative expenses respectively. Remeasurement gains and losses have been reported in the statement of comprehensive income. Notes to the consolidated financial statements continued Balance sheet
\u00a3 millions
2022/23 2021/22
UK Overseas Total UK Overseas Total
Present value of defined benefit obligations (1,979) (134) (2,113) (2,934) (150) (3,084)
Fair value of scheme assets 2,230 20 2,250 3,474 20 3,494
Net surplus/(deficit) in schemes 251 (114) 137 540 (130) 410
Movements in the surplus or deficit are as follows:
\u00a3 millions
2022/23 2021/22
UK Overseas Total UK Overseas Total
Net surplus/(deficit) in schemes at beginning of year 540 (130) 410 504 (145) 359
Current service cost (3) (10) (13) (3) (11) (14)
Administration costs (4) \u2013 (4) (3) \u2013 (3)
Net interest income/(expense) 12 (1) 11 8 \u2013 8
Net remeasurement (losses)/gains (308) 30 (278) 7 14 21
Contributions paid by employer 14 4 18 27 3 30
Exchange differences \u2013 (7) (7) \u2013 9 9
Net surplus/(deficit) in schemes at end of year 251 (114) 137 540 (130) 410
Movements in the present value of defined benefit obligations are as follows:
\u00a3 millions
2022/23 2021/22
UK Overseas Total UK Overseas Total
Present value of defined benefit obligations at beginning of year (2,934) (150) (3,084) (3,092) (165) (3,257)
Current service cost (3) (10) (13) (3) (11) (14)
Interest expense (63) (1) (64) (45) \u2013 (45)
Remeasurement gains \u2013 changes in financial assumptions 1,003 32 1,035 111 14 125
Remeasurement (losses)/gains \u2013 changes in demographic assumptions (41) (3) (44) 2 \u2013 2
Remeasurement (losses)/gains \u2013 experience adjustments (59) 1 (58) (39) \u2013 (39)
Benefits paid 118 4 122 132 3 135
Exchange differences \u2013 (7) (7) \u2013 9 9
Present value of defined benefit obligations at end of year (1,979) (134) (2,113) (2,934) (150) (3,084)
The present value of UK scheme defined benefit obligations is 51% (2021/22: 62%) in respect of deferred members and 49% (2021/22:
38%) in respect of current pensioners.
The weighted average duration of the UK scheme obligations at the end of the year is 16 years (2021/22: 20 years).
28 Post-employment benefits continued Movements in the fair value of scheme assets are as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Fair value of scheme assets at beginning of year 3,474 20 3,494 3,596 20 3,616 Administration costs (4) \u2013 (4) (3) \u2013 (3) Interest income 75 \u2013 75 53 \u2013 53 Remeasurement losses \u2013 actual return less interest income (1,211) \u2013 (1,211) (67) \u2013 (67) Contributions paid by employer 14 4 18 27 3 30 Benefits paid (118) (4) (122) (132) (3) (135) Fair value of scheme assets at end of year 2,230 20 2,250 3,474 20 3,494 The fair value of scheme assets is analysed as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total % of total UK Overseas Total % of total Government bonds 1 750 \u2013 750 33% 849 \u2013 849 24% Corporate bonds 322 \u2013 322 14% 929 \u2013 929 27% Derivatives (16) \u2013 (16) (1)% (27) \u2013 (27) (1)% Equities 46 \u2013 46 2% 125 \u2013 125 4% Annuities 842 \u2013 842 38% 1,181 \u2013 1,181 34% Cash and other 286 20 306 14% 417 20 437 12% Total fair value of scheme assets 2,230 20 2,250 100% 3,474 20 3,494 100% 1. Including LDI repurchase agreement liabilities. All UK scheme assets have quoted prices in active markets, except for \u00a31,078m (2021/22: \u00a31,262m) of annuity and other assets. To reduce volatility risk a liability driven investment (LDI) strategy forms part of the Trustee\u2019s management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The government bond assets category in the table above includes gross assets of \u00a31.2bn (2021/22: \u00a32.1bn) and associated repurchase agreement liabilities of \u00a30.4bn (2021/22: \u00a31.3bn). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities. Following an agreement with the Trustee as part of the 2022 triennial funding valuation, no contributions are expected to be paid to the UK and overseas pension schemes by the Group during the next financial year. Principal actuarial valuation assumptions The assumptions used in calculating the costs and obligations of the Group\u2019s defined benefit pension schemes are set by the Directors after consultation with independent professionally qualified actuaries. The assumptions are based on the conditions at the time and changes in these assumptions can lead to significant movements in the estimated obligations, as illustrated in the sensitivity analysis. The UK scheme discount rate is derived using a single equivalent discount rate approach, based on the yields available on a portfolio of high-quality Sterling corporate bonds with the same duration as that of the scheme liabilities. Annual % rate 2022/23 2021/22 UK Overseas UK Overseas Discount rate 4.50 3.50 2.20 0.80 Price inflation 3.25 2.40 3.50 2.00 Rate of pension increases 3.15 \u2013 3.40 \u2013 Salary escalation n/a 2.40 n/a 2.40 Notes to the consolidated financial statements continued For the UK scheme, the mortality assumptions used for IAS 19 purposes have been selected with regard to the characteristics
and experience of the membership of the scheme as assessed from time to time relating to triennial funding valuations. The base
mortality assumptions have been derived using an analysis of current mortality rates carried out by Club Vita for the Trustee and
the CMI life expectancy projection model data published by the UK actuarial profession. The latter allowance is in line with CMI 2021
improvements subject to a long-term rate of 1.5% p.a. for both males and females. The assumptions for life expectancy of UK scheme
members are as follows:
Years 2022/23 2021/22
Age to which current pensioners are expected to live (60 now)
\u2014 Male 86.2 86.4
\u2014 Female 88.7 87.3
Age to which future pensioners are expected to live (60 in 15 years\u2019 time)
\u2014 Male 87.5 87.5
\u2014 Female 90.8 90.2
The following sensitivity analysis for the UK scheme shows the estimated impact on the obligation resulting from changes to key
actuarial assumptions, whilst holding all other assumptions constant.
Assumption Change in assumption Impact on defined benefit obligation
Discount rate Increase/decrease by 1.0% Decrease/increase by \u00a3320m
Price inflation Increase/decrease by 0.5% Increase/decrease by \u00a3134m
Rate of pension increases Increase/decrease by 0.5% Increase/decrease by \u00a3127m
Mortality Increase/decrease in life expectancy by one year Increase/decrease by \u00a374m
In consideration of the recent volatility in discount rates, note that a 2.0% increase/decrease in the discount rate assumption would
result in a decrease/increase in the defined benefit obligation of approximately \u00a3770m. Due to the asset-liability matching investment
strategy, the above impacts on the obligations of changes in discount rate and price inflation would be significantly offset by
movements in the fair value of the scheme assets.
29 Share capital
Number of
ordinary shares
millions
Ordinary share
capital
\u00a3 millions
Allotted, called up and fully paid:
At 1 February 2022 2,066 325
New shares issued under share schemes 5 1
Purchase of own shares for cancellation (131) (21)
At 31 January 2023 1,940 305
At 1 February 2021 2,111 332
New shares issued under share schemes 2 \u2013
Purchase of own shares for cancellation (47) (7)
At 31 January 2022 2,066 325
Ordinary shares have a par value of 15
5/7
pence per share and carry full voting, dividend and capital distribution rights.
During the year the Group purchased 131 million of the Company\u2019s own shares for cancellation at a cost of \u00a3337m as part of its capital
returns programme.
Notes to the consolidated financial statements continued 30 Other reserves \u00a3 millions 2022/23 Translation reserve Cash flow hedge reserve Other Total At 1 February 2022 10 27 159 196 Inventory cash flow hedges \u2013 fair value gains \u2013 58 \u2013 58 Inventory cash flow hedges \u2013 gains transferred to income statement \u2013 (5) \u2013 (5) Tax on items that will not be reclassified subsequently to profit or loss \u2013 (12) \u2013 (12) Currency translation differences Group 129 \u2013 \u2013 129 Joint ventures and associates 11 \u2013 \u2013 11 Other comprehensive income for the year 140 41 \u2013 181 Inventory cash flow hedges \u2013 gains transferred to inventories \u2013 (117) \u2013 (117) Tax on equity items \u2013 25 \u2013 25 At 31 January 2023 150 (24) 159 285 \u00a3 millions 2021/22 Translation reserve Cash flow hedge reserve Other Total At 1 February 2021 234 (32) 159 361 Inventory cash flow hedges \u2013 fair value gains \u2013 59 \u2013 59 Tax on items that will not be reclassified subsequently to profit or loss \u2013 (13) \u2013 (13) Currency translation differences Group (218) \u2013 \u2013 (218) Joint ventures and associates (7) \u2013 \u2013 (7) Other cash flow hedges Fair value gains \u2013 1 \u2013 1 Gains transferred to income statement \u2013 (1) \u2013 (1) Other comprehensive (loss)/income for the year (225) 46 \u2013 (179) Inventory cash flow hedges \u2013 losses transferred to inventories \u2013 16 \u2013 16 Tax on equity items 1 (3) \u2013 (2) At 31 January 2022 10 27 159 196 The \u2018other\u2019 category of reserves represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty in 1993. 31 Share-based payments 2022/23 2021/22 Number of options thousands Weighted average exercise price \u00a3 Number of options thousands Weighted average exercise price \u00a3 Outstanding at beginning of year 50,503 0.62 53,298 0.55 Granted during the year 1 24,133 0.55 11,561 0.88 Forfeited and expired during the year (3,445) 1.59 (6,854) 0.35 Exercised during the year (12,245) 0.68 (7,502) 0.74 Outstanding at end of year 58,946 0.52 50,503 0.62 Exercisable at end of year 5,976 0.45 4,155 0.52 1. The weighted average exercise price for options granted during the year represents a blend of nil price Performance Share Plan and Alignment Share awards, and discounted Sharesave options (see below) Information on the share schemes is given in note 12 of the Company\u2019s separate financial statements. Options have been exercised on a regular basis throughout the year. On that basis, the weighted average share price during the year,
rather than at the date of exercise, is \u00a32.53 (2021/22: \u00a33.38). The options outstanding at the end of the year have exercise prices
ranging from nil to \u00a32.75 and a weighted average remaining contractual life of 5.6 years (2021/22: 5.1 years).
The Group recognised a total expense of \u00a319m in the year ended 31 January 2023 (2021/22: \u00a327m) relating to equity-settled
share-based payment transactions.
The fair value of share options and deferred shares is determined by independent valuers using Black-Scholes and stochastic option
pricing models. The inputs of the principal schemes into these models are as follows:
Date of
grant
Share price
at grant
\u00a3
Exercise
price
\u00a3
Expected
life
1
years
Expected
volatility
2
%
Dividend
yield
3
%
Risk free
rate
4
%
Fair
value
\u00a3
Kingfisher Incentive Share Plan 23/04/15 3.52 \u2013 7 \u2013 \u2013 \u2013 3.52
\u2014 Deferred Bonus Awards 21/04/16 3.61 \u2013 7 \u2013 \u2013 \u2013 3.61
03/05/17 3.40 \u2013 7 \u2013 \u2013 \u2013 3.40
23/04/18 3.09 \u2013 7 \u2013 \u2013 \u2013 3.09
24/04/19 2.63 \u2013 7 \u2013 \u2013 \u2013 2.63
Performance Share Plan 24/06/22 2.14 \u2013 10 \u2013 \u2013 \u2013 2.43
21/10/22 2.04 \u2013 10 \u2013 \u2013 \u2013 2.43
UK and International Sharesave 01/11/16 3.64 3.06 5.5 23.5% 2.8% 0.7% 0.39
31/10/17 3.13 2.42 3.5 22.8% 3.4% 0.6% 0.43
31/10/17 3.13 2.42 5.5 22.3% 3.4% 0.8% 0.34
01/11/18 2.62 2.06 3.5 23.2% 4.1% 1.1% 0.33
01/11/18 2.62 2.06 5.5 23.0% 4.1% 0.8% 0.27
01/11/19 2.07 1.59 3.5 25.7% 5.2% 0.4% 0.39
01/11/19 2.07 1.59 5.5 25.1% 5.2% 0.4% 0.35
29/10/20 2.88 2.37 3.5 37.0% 2.8% 0.0% 0.80
29/10/20 2.88 2.37 5.5 32.4% 2.8% 0.0% 0.77
28/10/21 3.31 2.75 3.5 37.4% 3.6% 0.7% 0.88
28/10/21 3.31 2.75 5.5 32.6% 3.6% 0.8% 0.82
28/10/22 2.15 1.77 3.5 38.1% 5.8% 3.3% 0.56
28/10/22 2.15 1.77 5.5 34.0% 5.8% 3.5% 0.53
Alignment Shares 19/07/16 3.32 \u2013 10 \u2013 \u2013 \u2013 3.32
24/04/17 3.37 \u2013 10 \u2013 \u2013 \u2013 3.37
23/10/17 3.03 \u2013 10 \u2013 \u2013 \u2013 3.03
23/04/18 3.09 \u2013 10 \u2013 \u2013 \u2013 3.09
29/10/18 2.50 \u2013 10 \u2013 \u2013 \u2013 2.50
24/04/19 2.63 \u2013 10 \u2013 \u2013 \u2013 2.55
30/07/19 2.23 \u2013 10 \u2013 \u2013 \u2013 2.04
21/10/19 2.15 \u2013 10 \u2013 \u2013 \u2013 2.05
28/07/20 2.49 \u2013 10 \u2013 \u2013 \u2013 2.38
23/10/20 3.20 \u2013 10 \u2013 \u2013 \u2013 3.20
22/04/21 3.60 \u2013 10 \u2013 \u2013 \u2013 3.46
21/10/21 3.41 \u2013 10 \u2013 \u2013 \u2013 3.41
Transformation Incentive 19/07/16 3.32 \u2013 10 \u2013 \u2013 \u2013 3.32
Delivering Value Incentive 30/07/19 2.24 \u2013 10 \u2013 \u2013 \u2013 1.75
04/05/21 3.57 \u2013 10 \u2013 \u2013 \u2013 3.19
1. Expected life is disclosed based on the UK schemes. For the Kingfisher Incentive Share Plan scheme in the UK, the expiry date is 7 years from the date of
grant. For the Performance Share Plan, Transformation Incentive award and Alignment Share award the expiry date is 10 years from the date of grant. Expiry
of the overseas Alignment Share award is 3 years from the date of grant.
2. Expected volatility was determined for each individual award (or relevant components of an award), by calculating the historical volatility of the Group\u2019s share
price (plus reinvested dividends) immediately prior to the grant of the award, over the same period as the vesting period of each award, adjusted by
expectations of future volatility.
3. As these awards are made under an approved SAYE scheme, option holders cannot be compensated for dividends foregone. As such the historical dividend
yield is used, calculated as dividends announced in the 12 months prior to grant as a percentage of the share price on the date of grant.
4. Risk free rate was determined for each individual award (or relevant components of an award).
Notes to the consolidated financial statements continued
32 Cash generated by operations
\u00a3 millions 2022/23 2021/22
Operating profit 723 1,144
Share of post-tax results of joint ventures and associates (5) (5)
Depreciation and amortisation 582 555
Net impairment losses/(reversals) 155 (31)
Loss on disposal of property, plant and equipment, intangible assets and assets held for sale \u2013 1
Lease gains (2) (1)
Share-based compensation charge 19 27
Increase in inventories (234) (359)
Increase in trade and other receivables (44) (23)
(Decrease)/increase in trade and other payables (196) 158
Movement in provisions (13) (42)
Movement in post-employment benefits (1) (13)
Cash generated by operations 984 1,411
33 Net debt
\u00a3 millions 2022/23 2021/22
Cash and cash equivalents 286 823
Bank overdrafts (16) (14)
Cash and cash equivalents and bank overdrafts 270 809
Bank loans (3) (2)
Fixed term debt (99) \u2013
Net financing derivatives 2 (3)
Lease liabilities (2,444) (2,376)
Net debt (2,274) (1,572)
\u00a3 millions 2022/23 2021/22
Net debt at beginning of year (1,572) (1,394)
Net decrease in cash and cash equivalents and bank overdrafts (555) (237)
Repayment of bank loans \u2013 2
Issue of fixed term debt (99) \u2013
Repayment of fixed term debt \u2013 95
Net cashflow
1
(654) (140)
Movements in lease liabilities (41) 7
Exchange differences and other non-cash movements (7) (45)
Net debt at end of year (2,274) (1,572)
1. Refer to the glossary for the definition of net cashflow.
\u00a3 millions
2022/23
Borrowings
(excluding bank
overdrafts)
Net financing
derivatives Lease liabilities
Contract to
purchase own
shares for
cancellation
Total
financing
liabilities
At 1 February 2022 (2) (3) (2,376) (69) (2,450)
Issue of fixed term debt (99) \u2013 \u2013 \u2013 (99)
Lease rental payments \u2013 \u2013 453 \u2013 453
Shares purchased for cancellation \u2013 \u2013 \u2013 337 337
Interest paid 1 3 \u2013 \u2013 4
Cash (inflow)/outflow relating to financing liabilities (98) 3 453 337 695
Interest charge (1) (3) (124) \u2013 (128)
Lease liability additions \u2013 \u2013 (335) \u2013 (335)
Other movements in lease liabilities \u2013 \u2013 (35) \u2013 (35)
Recognised liability due to share purchase commitments \u2013 \u2013 \u2013 (275) (275)
Amortisation of issue costs (1) \u2013 \u2013 \u2013 (1)
Fair value movements and exchange differences \u2013 5 (27) \u2013 (22)
At 31 January 2023 (102) 2 (2,444) (7) (2,551)
\u00a3 millions
2021/22 (restated)
1
Borrowings
(excluding bank
overdrafts)
Net financing
derivatives Lease liabilities
Contract to
purchase own
shares for
cancellation
Total
financing
liabilities
At 1 February 2021 (97) (12) (2,421) \u2013 (2,530)
Repayment of bank loans 2 \u2013 \u2013 \u2013 2
Repayment of fixed term debt 95 \u2013 \u2013 \u2013 95
Lease rental payments \u2013 \u2013 476 \u2013 476
Shares purchased for cancellation \u2013 \u2013 \u2013 157 157
Interest paid 1 7 \u2013 \u2013 8
Cash outflow relating to financing liabilities 98 7 476 157 738
Interest charge (1) (7) (135) \u2013 (143)
Lease liability additions \u2013 \u2013 (303) \u2013 (303)
Other movements in lease liabilities \u2013 \u2013 (31) \u2013 (31)
Recognised liability due to share purchase commitments \u2013 \u2013 \u2013 (226) (226)
Amortisation of issue costs (2) \u2013 \u2013 \u2013 (2)
Fair value movements and exchange differences \u2013 9 38 \u2013 47
At 31 January 2022 (2) (3) (2,376) (69) (2,450)
1. Prior year amounts have been restated to include amounts related to the purchase of own shares for cancellation.
34 Commitments
Capital commitments contracted but not provided for by the Group at 31 January 2023 amount to \u00a319m (2021/22: \u00a331m).
35 Contingent liabilities The Group is subject to claims and litigation arising in the ordinary course of business and provision is made where liabilities are considered likely to arise on the basis of current information and legal advice. The Group files tax returns in many jurisdictions around the world and at any one time is subject to periodic tax audits in the ordinary course of its business. Applicable tax laws and regulations are subject to differing interpretations and the resolution of a final tax position can take several years to complete. Where it is considered that future tax liabilities are more likely than not to arise, an appropriate provision is recognised in the financial statements. In October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption section of the UK controlled foreign company rules. While the Group has complied with the requirements of UK tax law in force at the time, in April 2019 the European Commission concluded that aspects of the UK controlled foreign company regime partially constitute illegal state aid. In January 2021, the Group received a charging notice from HM Revenue & Customs for \u00a357m, which was paid in February 2021, with a further \u00a37m interest paid in April 2021. The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to the European Courts. On 8 June 2022, the General Court of the European Union dismissed several of those appeals, including the UK Government\u2019s. This decision has been appealed to the European Court of Justice. The final impact on the Group remains uncertain but, based upon advice taken, the Group continues to consider that the amount paid of \u00a364m, which is included in non-current assets, will ultimately be recovered. Whilst the procedures that must be followed to resolve these types of tax issues make it likely that it will be some years before the eventual outcome is known, the Group does not currently expect the outcome of these contingent liabilities to have a material effect on the Group\u2019s financial position. 36 Related party transactions During the year, the Group carried out a number of transactions with related parties in the normal course of business and on an arm\u2019s length basis. The names of the related parties, the nature of these transactions and their total value are shown below: \u00a3 millions 2022/23 2021/22 Income Receivable Income Receivable Transactions with Ko\u00e7ta\u015f Yapi Marketleri Ticaret A.S. in which the Group holds a 50% interest Commission and other income 0.3 \u2013 0.2 \u2013 Transactions with Crealfi S.A. in which the Group holds a 49% interest Provision of employee services 0.2 \u2013 0.2 \u2013 Commission and other income 3.9 1.1 4.9 0.1 Transactions with the Kingfisher Pension Scheme Provision of administrative services 0.9 0.2 0.8 0.3 Services are usually negotiated with related parties on a cost-plus basis. Goods are sold or bought on the basis of the price lists in force with non-related parties. The remuneration of key management personnel is given in note 9. Other transactions with the Kingfisher Pension Scheme are detailed in note 28. 37 Post balance sheet events During the period since the balance sheet date, the Group purchased 1 million of the Company\u2019s own shares for cancellation at a cost of \u00a33m. This amount was deducted from equity in 2022/23 as a result of an irrevocable buyback agreement which was in place at 31 January 2023. Notes to the consolidated financial statements continued",
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"fact-456": {
"value": "1 General information Kingfisher plc (\u2018the Company\u2019), its subsidiaries, joint ventures and associates (together \u2018the Group\u2019) supply home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom and continental Europe. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 1 to 61. The Company is incorporated in England and Wales, United Kingdom, and is listed on the London Stock Exchange. The address of its registered office is One Paddington Square, London, W2 1GG. A full list of related undertakings of the Company and their registered offices is given in note 14 of the Company\u2019s separate financial statements. These consolidated financial statements have been approved for issue by the Board of Directors on 20 March 2023. ",
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}
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"fact-450": {
"value": "Kingfisher plc (\u2018the Company\u2019), its subsidiaries, joint ventures and associates (together \u2018the Group\u2019) supply home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom and continental Europe. ",
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"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
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"value": "Kingfisher plc",
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"fact-5": {
"value": "United Kingdom and continental Europe",
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"fact-451": {
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"fact-7": {
"value": "One Paddington Square, London, W2 1GG",
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"fact-455": {
"value": "2 Principal accounting policies
The principal accounting policies applied in the preparation
of these consolidated financial statements are set out below.
These policies have been consistently applied to the years
presented, except for the new/amended policies set out below:
\u2014 Application of hyperinflation accounting under IAS 29 to the
Group\u2019s Turkish joint venture (see b. Basis of consolidation,
ii) Joint ventures and associates)
a. Basis of preparation
The consolidated financial statements of the Company, its
subsidiaries, joint ventures and associates are made up to
31 January, except as disclosed in note 18 of the consolidated
financial statements. The current financial year is the year ended
31 January 2023 (\u2018the year\u2019 or \u20182022/23\u2019). The comparative
financial year is the year ended 31 January 2022 (\u2018the prior year\u2019
or \u20182021/22\u2019). The consolidated income statement and related
notes represent results from continuing operations, there being
no discontinued operations in the years presented.
The consolidated financial statements have been prepared
in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006
and International Financial Reporting Standards (IFRS Standards)
as issued by the IASB.
The consolidated financial statements have been prepared
under the historical cost convention, as modified by the use
of valuations for certain financial instruments, share-based
payments and post-employment benefits. A summary of
the Group\u2019s principal accounting policies is set out below.
The preparation of financial statements in accordance with
IFRS requires the use of certain accounting estimates and
assumptions. It also requires management to exercise its
judgement in the process of applying the Group\u2019s accounting
policies. The areas involving critical accounting judgements
and key estimation uncertainties, which are significant to the
consolidated financial statements, are outlined in note 3.
Going concern
Based on the Group\u2019s liquidity position and cash flow
projections, including a forward looking remote downside
scenario, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue
in operational existence for the foreseeable future and they
continue to adopt the going concern basis of accounting in
preparing the consolidated financial statements for the year
ended 31 January 2023.
The Group\u2019s business activities, together with the factors likely
to affect its future development, performance and position
are set out in the strategic report on pages 1 to 61. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in the Financial Review on
pages 39 to 46. The principal risks and viability statement of the
Group are set out on pages 51 to 60. In addition, note 25 includes
the Group\u2019s financial risk management objectives and exposures
to liquidity and other financial risks. The Directors have
considered these areas alongside the principal risks and how
they may impact the going concern assessment.
The new financial year has started encouragingly, and despite
the volatile trading environment, underlying sales trends remain
resilient across all our banners (Q1 LFL sales (to 28 February
2023) +0.5%).
As of 31 January 2023, Kingfisher had access to over \u00a3800m
of liquidity, comprising cash and cash equivalents (net of bank
overdrafts) of \u00a3270m and access to an undrawn Revolving
Credit Facility (RCF) of \u00a3550m (expiring at the end of May 2025).
The ratio of net debt to EBITDA on an IFRS 16 basis was 1.6 as of
31 January 2023.
In considering whether the Group\u2019s financial statements can be
prepared on a going concern basis, the Directors have reviewed
the Group\u2019s business activities together with factors likely to
affect its performance, financial position and access to liquidity
(including consideration of financial covenants and credit ratings).
While trading continues to be resilient, in forming their outlook
on the future financial performance, the Directors considered
the risk of higher business volatility and the potential negative
impact of the general economic environment on household
and trade spend.
The Directors\u2019 review also included consideration of a remote
scenario that models the impact of a significant demand or
supply shock preventing the Group from realising a large part
of its sales over the period of a month followed by subdued
demand for the remainder of the year. The total loss of sales
in this scenario is c.\u00a32.2bn (16% over the impacted period). The
scenario assumes the impact of lost sales is partially offset by
a limited set of mitigating actions on variable and discretionary
costs, capital expenditure and the suspension of capital returns
to shareholders. Even under this remote scenario, which
requires drawing on the RCF for a few months, the Group
retains headroom on its credit facilities.
Given current trading and expectations for the business, the
Directors believe that this scenario reflects a remote outcome
for the Group. Should a more extreme scenario occur than
currently modelled by the Directors under this remote scenario,
the Group would need to implement additional operational or
financial measures.
The terms \u2018retail profit\u2019, \u2018adjusting items\u2019, \u2018adjusted\u2019, \u2018adjusted
effective tax rate\u2019, \u2018net cashflow\u2019 and \u2018net debt\u2019 are not defined
terms under IFRS and may therefore not be comparable with
similarly titled measures reported by other companies. They are
not intended to be a substitute for, or superior to, GAAP measures.
Retail profit is defined as continuing operating profit before
central costs, the Group\u2019s share of interest and tax of joint
ventures and associates and adjusting items. Central costs
principally comprise the costs of the Group\u2019s head office
before adjusting items.
Adjusting items, which are presented separately within their
relevant income statement category, include items which by
virtue of their size and/or nature, do not reflect the Group\u2019s
ongoing trading performance. Adjusting items may include,
but are not limited to:
\u2014 non-trading items included in operating profit such
as profits and losses on the disposal, closure, exit or
impairment of subsidiaries, joint ventures, associates and
investments which do not form part of the Group\u2019s ongoing
trading activities;
\u2014 the costs of significant restructuring and incremental
acquisition integration costs;
\u2014 profits and losses on the disposal/exit of properties,
impairments of goodwill and significant impairments
(or impairment reversals) of other non-current assets;
\u2014 prior year tax items (including the impact of changes in tax
rates on deferred tax), significant one-off tax settlements
and provision charges/releases and the tax effects of other
adjusting items;
\u2014 financing fair value remeasurements i.e. changes in the fair
value of financing derivatives, excluding interest accruals,
offset by fair value adjustments to the carrying amount
of borrowings and other hedged items under fair value
(or non-designated) hedge relationships. Financing
derivatives are those that relate to hedged items of
a financing nature.
The term \u2018adjusted\u2019 refers to the relevant measure being
reported for continuing operations excluding adjusting items.
The adjusted effective tax rate is calculated as continuing
income tax expense excluding prior year tax items (including
the impact of changes in tax rates on deferred tax), significant
one-off tax settlements and provision charges/releases and the
tax effects of other adjusting items, divided by continuing profit
before taxation excluding adjusting items. Prior year tax items
represent income statement tax relating to underlying items
originally arising in prior years, including the impact of changes in
tax rates on deferred tax. The exclusion of items relating to prior
years, and those not in the ordinary course of business, helps
provide a better indication of the Group\u2019s ongoing rate of tax.
Net debt comprises lease liabilities, borrowings and financing
derivatives (excluding accrued interest) less cash and cash
equivalents and short-term deposits, including such balances
classified as held for sale.
Refer to the Financial Review for definitions of all of the Group\u2019s
Alternative Performance Measures, including further information
on why they are used and details of where reconciliations to
statutory measures can be found where applicable.
2 Principal accounting policies continued
Changes to accounting policies as a result of new
standards issued and effective
The following new or amended accounting standards are in issue
and effective for the current reporting period:
\u2014 Amendments to IFRS 3 \u2013 Reference to the
Conceptual Framework
\u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment
-Proceeds before Intended Use
\u2014 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of
Fulfilling a Contract
\u2014 Annual Improvement to IFRS Standards 2018-2020
Cycle \u2013 Amendments to IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 9 Financial
Instruments, IFRS 16 Leases and IAS 41 Agriculture
The above new or amended accounting standards did not have
a material impact on the consolidated financial statements.
Following the International Monetary Fund\u2019s classification of
Turkey as a hyperinflationary economy during the year, the
IASB prescribed the application of IAS 29 \u2013 Financial reporting
in hyper-inflationary economies for entities with the currency
of Turkey as their functional currency. The Group\u2019s Turkish
joint venture, Koctas, has prepared its financial statements
under IAS 29.
Standards issued but not yet effective
At the date of the approval of these financial statements,
the following standards which have not been applied in these
financial statements were in issue, but not yet effective:
\u2014 IFRS 17 (including the June 2020 Amendments to IFRS 17)
\u2013 Insurance Contracts
\u2014 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
\u2014 Amendments to IAS 1 \u2013 Classification of Liabilities as
Current or Non-current
\u2014 Amendments to IAS 8 \u2013 Definition of Accounting Estimates
\u2014 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and
Liabilities arising from a Single Transaction
These new standards are not expected to have a material
impact on the consolidated financial statements.
Risks and uncertainties
The principal risks and uncertainties to which the Group is
exposed are set out in the Strategic Report on pages 51 to 58.
Use of non-GAAP measures
In the reporting of financial information, the Group uses
certain measures that are not required under IFRS, the generally
accepted accounting principles (\u2018GAAP\u2019) under which the Group
reports. Kingfisher believes that retail profit, adjusted pre-tax
profit, adjusted effective tax rate, and adjusted earnings per
share provide additional useful information on performance and
trends to shareholders. These and other non-GAAP measures
(also known as \u2018Alternative Performance Measures\u2019), such as net
debt, are used by Kingfisher for internal performance analysis
and incentive compensation arrangements for employees.
Associates are entities over which the Group has the ability
to exercise significant influence but not control or joint control,
generally accompanied by a shareholding of between 20% and
50% of the voting rights. The equity method is used to account
for the Group\u2019s investments in associates.
Under the equity method, investments are initially recognised
at cost. The Group\u2019s share of post-acquisition profits or losses
is recognised in the income statement within operating profit,
and its share of post-acquisition movements in other
comprehensive income is recognised in other comprehensive
income. The cumulative post-acquisition movements are
adjusted against the carrying amount of the investment. When
the Group\u2019s share of losses equals or exceeds its interest,
including any other long-term receivables, the Group does not
recognise any further losses, unless it has incurred obligations
or made payments on behalf of the joint venture or associate.
Unrealised gains on transactions between the Group and its
joint ventures and associates are eliminated to the extent of
the Group\u2019s interest. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures and associates
have been changed where necessary to ensure consistency
with the policies adopted by the Group.
The equity method of accounting is discontinued from the date
an investment ceases to be a joint venture or associate, that is
the date on which the Group ceases to have joint control or
significant influence over the investee or on the date it is
classified as held for sale.
In March 2022, the three-year cumulative inflation in Turkey
exceeded 100% and as a result, hyperinflationary accounting
was applied for the year ended 31 January 2023 in respect of
the group\u2019s joint venture in Turkey.
The group\u2019s consolidated financial statements include the
equity accounted results and financial position of its Turkish joint
venture restated to the current purchasing power at the end of
the period, with hyperinflationary gains and losses in respect of
monetary items being reported in operating profit.
Note, IAS 29 does not require the restatement of prior year
comparative figures in the consolidated financial statements.
For 2022/23, the application of IAS 29 has resulted in a \u00a39m
increase in the Group\u2019s investment in the joint venture, a \u00a34m
charge to the consolidated income statement and a \u00a313m
credit to Other Comprehensive Income.
c. Foreign currencies
(i) Presentation and functional currencies
The consolidated financial statements are presented in Sterling,
which is the Group\u2019s presentation currency. Items included in the
financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in
which the entity operates (i.e. its functional currency).
(ii) Transactions and balances
Transactions denominated in foreign currencies are translated
into the functional currency at the exchange rates prevailing on
the date of the transaction or, for practical reasons, at average
monthly rates where exchange rates do not fluctuate significantly.
b. Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company, its subsidiaries, joint ventures
and associates.
(i) Subsidiaries
Subsidiaries are all entities (including structured entities) over
which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect
those returns through its power over the entity.
Subsidiaries acquired are recorded under the acquisition
method of accounting and their results included from the date
of acquisition.
The results of subsidiaries which have been disposed are
included up to the effective date of disposal.
The consideration transferred for the acquisition of a subsidiary
is the fair values of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The consideration
transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable
assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair
values at the acquisition date. On an acquisition-by-acquisition
basis, the Group recognises any non-controlling interest in the
acquiree either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets. Subsequent
to acquisition, the carrying amount of non-controlling interests
is the amount of those interests at initial recognition plus the
non-controlling interests\u2019 share of subsequent changes
in equity. Total comprehensive income is attributed to
non-controlling interests even if this results in the
non-controlling interests having a deficit balance.
The excess of the consideration transferred, the amount
of any non-controlling interests in the acquiree and the
acquisition-date fair value of any previous equity interests
in the acquiree over the fair value of the identifiable net assets
acquired is recorded as goodwill. If this is less than the fair value
of the net assets of the subsidiary acquired in the case of a
bargain purchase, the difference is recognised directly in
the income statement.
Intercompany transactions, balances and unrealised gains
on transactions between Group companies are eliminated on
consolidation. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of acquired subsidiaries have
been changed where necessary to ensure consistency with
the policies adopted by the Group.
(ii) Joint ventures and associates
Joint ventures are entities over which the Group has joint
control. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent
of the parties sharing control. The equity method is used
to account for the Group\u2019s investments in joint ventures.
Revenue from in-store product sales is recognised when the
customer takes possession of the products (i.e. on payment).
Revenue from online \u2018click & collect\u2019 product sales is recognised
on collection of the products. Where customers have a right to
return purchased goods in exchange for a refund, a liability for
returns is recognised based on historic trends and offset against
revenue in the period in which the sale was made. An asset (with
a corresponding adjustment to cost of sales) is also recognised
for goods expected to be returned from customers. Where
award credits such as vouchers or loyalty points are provided as
part of the sales transaction, the amount allocated to the credits
is deferred and recognised when the credits are redeemed and
the Group fulfils its obligations to supply the awards.
Revenue from sales of delivered products is recognised on
delivery. Supply of delivered products is judged to be one single
performance obligation.
Service sales typically comprise kitchen and bathroom
installations. Revenue from these services is recognised
on completion of the relevant installation.
Commission revenue is earned from the sale of third-party
products through Kingfisher websites. This is referred to as a
marketplace arrangement. Kingfisher acts as an agent in such
arrangements and recognises the net commission receivable
within sales, generally when an order is placed.
Sales from delivered products, installation services and
marketplace arrangements represent only a small component
of the Group\u2019s sales as the majority relates to in-store and
online \u2018click & collect\u2019 purchases of products.
Other income includes external rental income and gains on
disposal of assets. Rental income from operating leases is
recognised on a straight-line basis over the term of the
relevant lease.
e. Rebates
Rebates received from suppliers mainly comprise volume
related rebates on the purchase of inventories. Contractual
volume related rebates are accrued as units are purchased
based on the percentage rebate applicable to forecast total
purchases over the rebate period, where it is probable the
rebates will be received and the amounts can be estimated
reliably. Discretionary rebates are not anticipated and only
recognised once earned. Rebates relating to inventories
purchased but still held at the balance sheet date are deducted
from the carrying value so that the cost of inventories is recorded
net of applicable rebates. Such rebates are credited to the cost
of sales line in the income statement when the goods are sold.
Other rebates received, such as those related to advertising
and marketing, are credited to cost of sales in the income
statement when the relevant conditions have been fulfilled.
f. Dividends
Interim dividends are recognised when they are paid to the
Company\u2019s shareholders. Final dividends are recognised
when they are approved by the Company\u2019s shareholders.
2 Principal accounting policies continued
Monetary assets and liabilities denominated in foreign
currencies are translated into Sterling at the rates of exchange
at the balance sheet date. Exchange differences on monetary
items are taken to the income statement. Exceptions to this
are where the monetary items form part of the net investment
in a foreign operation or are designated and effective net
investment hedges. Such exchange differences are initially
deferred in equity.
(iii) Group companies
The balance sheets of overseas subsidiaries are expressed
in Sterling at the rates of exchange at the balance sheet date.
Profits and losses of overseas subsidiaries are expressed in
Sterling at average exchange rates for the period. Exchange
differences arising on the retranslation of foreign operations,
including joint ventures and associates, are recognised in a
separate component of equity.
On consolidation, exchange differences arising from the
retranslation of the net investment in foreign entities, and of
borrowings, lease liabilities and other currency instruments
designated as hedges of such investments, are taken to equity.
When a foreign operation is sold, such exchange differences
recorded since 1 February 2004 (being the date of transition
to IFRS) are recognised in the income statement as part of
the gain or loss on disposal.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the rates of exchange at the
balance sheet date. Goodwill arising prior to 1 February 2004
is denominated in Sterling, and not subsequently retranslated.
(iv) Principal rates of exchange against Sterling
2022/23 2021/22
Average rate Year end rate Average rate Year end rate
Euro 1.17 1.13 1.17 1.20
US Dollar 1.23 1.23 1.38 1.34
Polish Zloty 5.48 5.34 5.34 5.49
Romanian Leu 5.76 5.58 5.76 5.92
Turkish Lira* 23.18 23.18 12.92 18.06
* The 2022/23 Turkish Lira average exchange rate represents the
closing rate for the year, due to the application of hyperinflation
accounting in Turkey.
d. Revenue recognition
Sales represent the supply of home improvement products and
services, including commission from sales of third party products
through Kingfisher websites (i.e. \u2018marketplace\u2019 arrangements).
Sales exclude transactions made between companies within the
Group, Value Added Tax, other sales-related taxes and are net
of returns, trade and staff discounts.
Revenue is recognised when control of the goods or services
are transferred to the customer at an amount that reflects the
consideration to which the Group expects to be entitled in
exchange for those goods or services.
h. Property, plant and equipment
(i) Cost
Property, plant and equipment held for use in the business
are carried at cost less accumulated depreciation and any
provisions for impairment.
Properties that were held at 1 February 2004 are carried at
deemed cost, being the fair value of land and buildings as at the
transition date to IFRS. All property acquired after 1 February
2004 is carried at cost less accumulated depreciation.
(ii) Depreciation
Depreciation is provided to reflect a straight-line reduction from
cost to estimated residual value over the estimated useful life of
the asset as follows:
Freehold land \u2014 not depreciated
Freehold buildings \u2014 over remaining useful life
Leasehold improvements
\u2014 over remaining period of
the lease
Fixtures and fittings \u2014 between 4 and 20 years
Computers and electronic equipment \u2014 between 3 and 5 years
Motor cars \u2014 4 years
Commercial vehicles \u2014 between 3 and 10 years
(iii) Impairment
At each reporting date an assessment is performed as to
whether there are any indicators that property, plant and
equipment, including the Group\u2019s stores, may be impaired
or whether there is any indication that an impairment loss
recognised in a previous period either no longer exists or
has decreased. Should such indicators exist, the assets\u2019
recoverable amounts are subsequently estimated. For store
impairment testing, each individual store is determined to be a
cash generating unit. The recoverable amount is assessed by
reference to the net present value of expected future pre-tax
cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit
or fair value less costs to sell if higher. A vacant possession
valuation basis is used to approximate the fair value less costs
to sell. The pre-tax discount rates are derived from the Group\u2019s
weighted average cost of capital, taking into account the cost
of equity and debt, to which specific market-related premium
adjustments are made for each country. Long-term growth
rates are derived from both external long-term inflation
forecasts for the territories in which the businesses operate
and internal long-term sales projections. Any impairment or
impairment reversal is charged or credited to the income
statement in the period in which it occurs.
(iv) Disposal
The gain or loss arising on the disposal or retirement of an asset
is determined as the difference between the sales proceeds
and the carrying amount of the asset and is recognised in the
income statement. Sales of land and buildings are accounted
for when there is an unconditional exchange of contracts.
(v) Subsequent costs
Subsequent costs are included in the related asset\u2019s carrying
amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated
with the item will flow to the Group and the cost of the item
can be measured reliably.
All other repairs and maintenance are charged to the income
statement in the period in which they are incurred.
g. Intangible assets
(i) Goodwill
Goodwill represents the future economic benefits arising
from assets acquired in a business combination that are not
individually identified and separately recognised. Such benefits
include future synergies expected from the combination and
intangible assets not meeting the criteria for separate recognition.
Goodwill is carried at cost less accumulated impairment losses.
Goodwill is not amortised and is tested annually for impairment
at country level (except for NeedHelp), representing the lowest
level at which it is monitored for internal management purposes,
by assessing the recoverable amount of each cash generating
unit or groups of cash generating units to which the goodwill
relates. The recoverable amount is assessed by reference
to the net present value of expected future pre-tax cash
flows (\u2018value-in-use\u2019) or fair value less costs to sell if higher.
The pre-tax discount rates are derived from the Group\u2019s
weighted average cost of capital, taking into account the cost
of equity and debt, to which specific market-related premium
adjustments are made for each country in which the cash
generating unit (\u2018CGU\u2019) operates. When the recoverable amount
of the goodwill is less than its carrying amount, an impairment
loss is recognised immediately in the income statement which
cannot subsequently be reversed. Gains and losses on the
disposal of an entity include the carrying amount of goodwill
relating to the entity sold.
(ii) Computer software
Where software is not an integral part of a related item of
computer hardware, it is classified as an intangible asset. Costs
that are directly associated with the acquisition or production of
identifiable software products controlled by the Group, which
are expected to generate economic benefits exceeding
costs beyond one year, are recognised as intangible assets.
Capitalised costs include those of software licences and
development, including costs of employees, consultants
and an appropriate portion of relevant overheads.
Costs related to the configuration and customisation in cloud
computing arrangements, where they do not give the Group
power to control the future economic benefits and to restrict
access of others to those benefits, are not capitalised as they
do not meet the definition of intangible benefits under IAS 38.
Such costs are expensed as incurred. Configuration and
customisation in cloud computing arrangements are only
capitalised where a separate asset is created and
capitalisable under IAS 38.
Costs associated with identifying, sourcing, evaluating or
maintaining computer software are recognised as an expense
as incurred.
Software under development is held at cost less any provisions
for impairment, with impairment reviews being performed
annually, or when there is an indication of impairment.
Amortisation commences when the software assets are
available for use and is over their estimated useful lives of two
to ten years.
When the Group is an intermediate lessor, it accounts for
the head lease and the sub-lease as two separate contracts.
The sub-lease is classified as a finance or operating lease by
reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a
straight-line basis over the term of the relevant lease.
Amounts due from lessees under finance leases are recognised
as receivables at the amount of the Group\u2019s net investment in
the leases. Finance lease income is allocated to accounting
periods so as to reflect a constant periodic rate of return on
the Group\u2019s net investment outstanding in respect of the leases.
j. Investment property
Investment property is property held by the Group to
earn rental income or for capital appreciation. Investment
properties are carried at cost less depreciation and provision
for impairment. Depreciation is provided on a consistent basis
with that applied to property, plant and equipment.
k. Capitalisation of borrowing costs
Interest on borrowings to finance the construction of properties
held as non-current assets is capitalised from the date work
starts on the property to the date when substantially all the
activities which are necessary to get the property ready for
use are complete. Where construction is completed in parts,
each part is considered separately when capitalising interest.
Interest is capitalised before any allowance for tax relief.
l. Inventories
Inventories are carried at the lower of cost and net realisable
value, on a weighted average cost basis.
Trade discounts and rebates received are deducted in
determining the cost of purchase of inventories. Cost includes
appropriate attributable overheads and direct expenditure
incurred in the normal course of business in bringing goods
to their present location and condition. Costs of inventories
include the transfer from equity of any gains or losses on
qualifying cash flow hedges relating to purchases.
Net realisable value represents the estimated selling price in the
ordinary course of business less the estimated costs necessary
to make the sale. Write downs to net realisable value are made
for slow moving, display, damaged or obsolete items and other
events or conditions resulting in expected selling prices being
lower than cost. The carrying value of inventories reflects
known and expected losses of product in the ordinary course
of business.
m. Employee benefits
(i) Post-employment benefits
The Group operates various defined benefit and defined
contribution pension schemes for its employees, some of
which are required by local legislation. A defined benefit
scheme is a pension scheme which defines an amount of
pension benefit which an employee will receive on retirement.
A defined contribution scheme is a pension scheme under which
the Group usually pays fixed contributions into a separate entity.
In all cases other than some of the legally required schemes,
a separate fund is being accumulated to meet the accruing
liabilities. The assets of each of these funds are either held
under trusts or managed by insurance companies and are
entirely separate from the Group\u2019s assets.
2 Principal accounting policies continued
i. Leased assets
The Group assesses whether a contract is or contains a lease
at inception of the contract. Typically, lease contracts relate
to properties such as stores and distribution centres, and
equipment leases such as mechanical handling equipment
and vehicles. The Group recognises a right-of-use asset
and a corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets.
The liability is initially measured as the present value of the lease
payments not yet paid at the commencement date, discounted
at an appropriate discount rate. Where the implicit rate in the
lease is not readily determinable, an incremental borrowing rate
is calculated and applied. The calculation methodology is based
upon applying a financing spread to a risk-free rate, with the
resulting rate including the effect of the creditworthiness of
the operating company in which the lease is contracted, as
well as the underlying term, currency and start date of the
lease agreement.
Lease payments used in the measurement of the lease
liability principally comprise fixed lease payments (subject to
indexation/rent reviews) less any incentives. The lease liability
is subsequently measured using an effective interest method
whereby the carrying amount of the lease liability is measured
on an amortised cost basis, and the interest expense is
allocated over the lease term. The lease term comprises
the non-cancellable lease term, in addition to optional periods
when the Group is reasonably certain to exercise an option to
extend (or not to terminate) a lease.
The Group remeasures the lease liability and makes a
corresponding adjustment to the related right-of-use asset
whenever an event occurs that changes the term or payment
profile of a lease, such as the renewal of an existing lease,
the exercise of lease term options, market rent reviews and
indexation. A lease liability which is denominated in a currency
that is not the functional currency of the relevant Group entity
(e.g. a Euro-denominated lease in Castorama Poland) is
translated into that entity\u2019s functional currency with foreign
exchange gains and losses recorded in the income statement,
unless the lease liability is able to be designated as a net
investment hedge with foreign exchange gains and losses
recorded in other comprehensive income.
The right-of-use assets are initially measured at the amount equal
to the lease liability, adjusted by any upfront lease payments or
incentives and any initial direct costs incurred. Subsequently,
the assets are measured at cost less accumulated depreciation
and impairment losses. Right-of-use assets are depreciated on
a straight-line basis over the remaining lease term.
Lessor accounting
Leases for which the Group is a lessor are classified as finance
or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee,
the contract is classified as a finance lease. All other leases are
classified as operating leases.
tax bases used in the computation of taxable profit and is
accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable
temporary differences. Deferred tax assets are recognised to
the extent that it is probable that taxable profits will be available
against which deductible temporary differences or unused tax
losses can be utilised. Deferred tax liabilities are not recognised
if the temporary difference arises from the initial recognition
of goodwill in a business combination. Deferred tax assets and
liabilities are not recognised if the temporary difference arises
from the initial recognition (other than in a business combination)
of other assets and liabilities in a transaction which affects
neither the taxable profit nor the accounting profit. Deferred
tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries, joint ventures and
associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Current and deferred tax are calculated using tax rates which
have been enacted or substantively enacted by the balance
sheet date and are expected to apply in the period when the
liability is settled or the asset is realised.
Current and deferred tax are charged or credited to the income
statement, except when they relate to items charged or credited
to other comprehensive income or directly to equity, in which
case the current or deferred tax is also recognised in other
comprehensive income or directly in equity.
Current and deferred tax assets and liabilities are offset against
each other when they relate to income taxes levied by the same
tax jurisdiction and when the Group intends to settle its current
tax assets and liabilities on a net basis.
Operating levies, such as certain revenue, property and
payroll-based taxes, are not treated as income tax and are
included within operating profit. The timing of recognition of
a liability to pay an operating levy is determined by the event
identified under the relevant legislation that triggers the
obligation to pay the levy.
o. Provisions and contingent liabilities
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events, it is more
likely than not that an outflow of resources will be required to
settle the obligation and the amount can be reliably estimated.
A provision is recorded if the unavoidable costs of meeting
the obligations under a contract exceed the economic benefits
expected to be received under it. The unavoidable costs reflect
the net cost of exiting the contract.
If the effect of the time value of money is material, provisions
are determined by discounting the expected future cash flows
at a pre-tax rate which reflects current market assessments
of the time value of money and, where appropriate, the risks
specific to the liability. Credits or charges arising from changes
in the rate used to discount the provisions are recognised within
net finance costs.
The asset or liability recognised in the balance sheet in respect
of defined benefit pension schemes is the fair value of scheme
assets less the present value of the defined benefit obligation
at the balance sheet date. The defined benefit obligation is
calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined
benefit obligation is determined by discounting the estimated
future cash outflows using interest rates of high quality
corporate bonds which are denominated in the currency in
which the benefits will be paid and which have terms to maturity
approximating to the terms of the related pension liability.
Remeasurement gains and losses arising from experience
adjustments and changes in actuarial assumptions are credited
or charged to the statement of comprehensive income as
they arise.
For defined contribution schemes, the Group has no further
payment obligations once the contributions have been paid. The
contributions are recognised as an employee benefit expense
when they are due.
(ii) Share-based compensation
The Group operates several equity-settled, share-based
compensation schemes. The fair value of the employee
services received in exchange for the grant of options or
deferred shares is recognised as an expense and is calculated
using Black-Scholes and stochastic models. The total amount
to be expensed over the vesting period is determined by
reference to the fair value of the options or deferred shares
granted, excluding the impact of any non-market vesting
conditions. The value of the charge is adjusted to reflect
expected and actual levels of options vesting due to
non-market vesting conditions.
n. Taxation
The income tax expense represents the sum of the tax currently
payable and deferred tax. The tax currently payable is based on
taxable profit for the year.
The Group is subject to income taxes in numerous jurisdictions
and there are many transactions for which the ultimate tax
determination is uncertain during the ordinary course of
business. For uncertain tax positions, on the basis that tax
authorities have full knowledge of the relevant information it is
determined whether it is probable that, in aggregate, an outflow
of economic resources will occur following investigation. The
potential impact of the relevant tax authority\u2019s examination
of the uncertain tax positions is measured to make the best
estimate of the amount of the tax benefit that may be lost, for
which liabilities are then recorded. Where the final outcome of
these matters is different from the amounts which were initially
recorded, such differences will impact the income tax and
deferred tax liabilities in the period in which such determination
is made. These adjustments in respect of prior years are
recorded in the income statement, or directly in equity,
as appropriate.
Taxable profit differs from profit before taxation as reported in
the income statement because it excludes items of income or
expense which are taxable or deductible in other years or
which are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable
on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding
Derivatives embedded in other financial instruments or other
host contracts are treated as separate derivatives when their
risks and characteristics are not closely related to those of host
contracts, and the host contracts are not carried at fair value with
unrealised gains or losses reported in the income statement.
Where hedge accounting is not applied, or to the extent to which
it is not effective, changes in the fair value of derivatives are
recognised in the income statement as they arise. Changes in
the fair value of derivatives transacted as hedges of operating
items and financing items are recognised in operating profit and
net finance costs respectively.
The accounting treatment of derivatives and other financial
instruments classified as hedges depends on their designation,
which occurs at the start of the hedge relationship. The Group
designates certain financial instruments as:
\u2014 a hedge of the fair value of an asset or liability or
unrecognised firm commitment (\u2018fair value hedge\u2019);
\u2014 a hedge of a highly probable forecast transaction or
firm commitment if foreign currency risk is hedged
(\u2018cash flow hedge\u2019); or
\u2014 a hedge of a net investment in a foreign operation
(\u2018net investment hedge\u2019).
Fair value hedges
For an effective hedge of an exposure to changes in fair value,
the hedged item is adjusted for changes in fair value attributable
to the risk being hedged with the corresponding entry being
recorded in the income statement. Gains or losses from
remeasuring the corresponding hedging instrument are
recognised in the same line of the income statement.
Cash flow hedges
Changes in the effective portion of the fair value of
derivatives that are designated as hedges of future cash
flows are recognised directly in other comprehensive income,
with any ineffective portion being recognised immediately in
the income statement where relevant. If the cash flow hedge
of a firm commitment or forecast transaction results in the
recognition of a non-financial asset or liability, then, at the time
it is recognised, the associated gains or losses on the derivative
that had previously been deferred in equity are included in the
initial measurement of the non-financial asset or liability. For all
other hedges, amounts deferred in equity are recognised in the
income statement in the same period in which the hedged item
affects net profit or loss.
Net investment hedges
Where the Group hedges net investments in foreign
operations through foreign currency borrowings or lease
liabilities, the gains or losses on retranslation are recognised in
other comprehensive income. If the Group uses derivatives as
the hedging instrument, the effective portion of the hedge is
recognised in other comprehensive income, with any ineffective
portion being recognised immediately in the income statement.
Gains and losses accumulated in equity are recycled through
the income statement on disposal of the foreign operation.
2 Principal accounting policies continued
Contingent liabilities are possible obligations arising from
past events, whose existence will only be confirmed by future
uncertain events that are not wholly within the Group\u2019s control,
or present obligations where it is not probable that an outflow
of resources will be required or the amount of the obligation
cannot be reliably measured. If the outflow of economic
resources is not considered remote, contingent liabilities
are disclosed but not recognised in the financial statements.
p. Financial instruments
Financial assets and financial liabilities are recognised on the
Group\u2019s balance sheet when the Group becomes a party to
the contractual provisions of the financial instrument. Financial
assets are derecognised when the contractual rights to the
cash flows from the financial asset expire or the Group has
substantially transferred the risks and rewards of ownership.
Financial liabilities (or a part of a financial liability) are
derecognised when the obligation specified in the contract is
discharged or cancelled or expires or are substantially modified.
Financial assets and liabilities are offset only when the Group
has a currently enforceable legal right to set-off the respective
recognised amounts and intends either to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, uncleared
credit card receipts, deposits held on call with banks and other
short-term highly liquid investments with original maturities
of three months or less. For cashflow statement reporting
purposes, the Group considers bank overdrafts as part of
cash and cash equivalents because they are repayable on
demand and form part of the Group\u2019s cash management.
(ii) Borrowings
Interest bearing borrowings are recorded at fair value (which
is typically equivalent to the proceeds received) net of direct
issue costs and subsequently measured at amortised cost.
Where borrowings are in designated and effective fair value
hedge relationships, adjustments are made to their carrying
amounts to reflect the hedged risks. Finance charges, including
premiums payable on settlement or redemption and direct
issue costs, are amortised to the income statement using
the effective interest method.
(iii) Trade receivables
Trade receivables are initially recognised at their transaction
price and are subsequently measured at amortised cost less
any allowance for expected credit losses. To measure the
expected credit losses, trade receivables are grouped based
on the days past due. Trade receivables are written off when
there is no reasonable expectation of recovery.
(iv) Trade payables
Trade payables are initially recognised at fair value and are
subsequently measured at amortised cost.
(v) Derivatives and hedge accounting
Derivatives are initially recorded at fair value on the date a
derivative contract is entered into and are subsequently
carried at fair value.
In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement . q. Assets and liabilities held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. This excludes financial assets, deferred tax assets and assets arising from employee benefits, which are measured according to the relevant accounting policy. Property, plant and equipment, right-of-use assets and intangible assets are not depreciated once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or an interest in an associate becomes classified as held for sale. r. Share repurchases Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buyback programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. s. Reserves The following describes the nature and purpose of each reserve within equity: (i) Share capital The nominal value of proceeds received for shares issued. (ii) Share premium Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. (iii) Own shares held
Shares held by The Employee Share Ownership Plan Trust.
(iv) Capital redemption reserve
Amounts transferred from share capital on repurchase of
issued shares.
(v) Other reserves, comprising:
\u2014 Translation reserve \u2013 Gains or losses arising on retranslating
the net assets of overseas operations into the Group\u2019s
presentation currency including gains or losses on net
investment hedges.
\u2014 Cash flow hedge reserve \u2013 Cumulative gains and losses
on \u2018effective\u2019 hedging instruments.
\u2014 Other \u2013 Represents the premium on the issue
of convertible loan stock in 1993 and the merger
reserve relating to the acquisition of Darty in 1993.
(vi) Retained earnings
All other net gains and losses and transactions with owners that
are not recognised elsewhere.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-457": {
"value": "a. Basis of preparation The consolidated financial statements of the Company, its subsidiaries, joint ventures and associates are made up to 31 January, except as disclosed in note 18 of the consolidated financial statements. The current financial year is the year ended 31 January 2023 (\u2018the year\u2019 or \u20182022/23\u2019). The comparative financial year is the year ended 31 January 2022 (\u2018the prior year\u2019 or \u20182021/22\u2019). The consolidated income statement and related notes represent results from continuing operations, there being no discontinued operations in the years presented. The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS Standards) as issued by the IASB. The consolidated financial statements have been prepared under the historical cost convention, as modified by the use of valuations for certain financial instruments, share-based payments and post-employment benefits. A summary of the Group\u2019s principal accounting policies is set out below. The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates and assumptions. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving critical accounting judgements and key estimation uncertainties, which are significant to the consolidated financial statements, are outlined in note 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-459": {
"value": "Changes to accounting policies as a result of new standards issued and effective The following new or amended accounting standards are in issue and effective for the current reporting period: \u2014 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework \u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment -Proceeds before Intended Use \u2014 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2014 Annual Improvement to IFRS Standards 2018-2020 Cycle \u2013 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture The above new or amended accounting standards did not have a material impact on the consolidated financial statements. Following the International Monetary Fund\u2019s classification of Turkey as a hyperinflationary economy during the year, the IASB prescribed the application of IAS 29 \u2013 Financial reporting in hyper-inflationary economies for entities with the currency of Turkey as their functional currency. The Group\u2019s Turkish joint venture, Koctas, has prepared its financial statements under IAS 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-460": {
"value": "Standards issued but not yet effective At the date of the approval of these financial statements, the following standards which have not been applied in these financial statements were in issue, but not yet effective: \u2014 IFRS 17 (including the June 2020 Amendments to IFRS 17) \u2013 Insurance Contracts \u2014 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2014 Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current \u2014 Amendments to IAS 8 \u2013 Definition of Accounting Estimates \u2014 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction These new standards are not expected to have a material impact on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-461": {
"value": "Risks and uncertainties The principal risks and uncertainties to which the Group is exposed are set out in the Strategic Report on pages 51 to 58. ",
"dimensions": {
"concept": "kingfisherplc:DisclosureOfRisksAndUncertainties",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-462": {
"value": "Use of non-GAAP measures In the reporting of financial information, the Group uses certain measures that are not required under IFRS, the generally accepted accounting principles (\u2018GAAP\u2019) under which the Group reports. Kingfisher believes that retail profit, adjusted pre-tax profit, adjusted effective tax rate, and adjusted earnings per share provide additional useful information on performance and trends to shareholders. These and other non-GAAP measures (also known as \u2018Alternative Performance Measures\u2019), such as net debt, are used by Kingfisher for internal performance analysis and incentive compensation arrangements for employees. The terms \u2018retail profit\u2019, \u2018adjusting items\u2019, \u2018adjusted\u2019, \u2018adjusted effective tax rate\u2019, \u2018net cashflow\u2019 and \u2018net debt\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. Retail profit is defined as continuing operating profit before central costs, the Group\u2019s share of interest and tax of joint ventures and associates and adjusting items. Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Adjusting items, which are presented separately within their relevant income statement category, include items which by virtue of their size and/or nature, do not reflect the Group\u2019s ongoing trading performance. Adjusting items may include, but are not limited to: \u2014 non-trading items included in operating profit such as profits and losses on the disposal, closure, exit or impairment of subsidiaries, joint ventures, associates and investments which do not form part of the Group\u2019s ongoing trading activities; \u2014 the costs of significant restructuring and incremental acquisition integration costs; \u2014 profits and losses on the disposal/exit of properties, impairments of goodwill and significant impairments (or impairment reversals) of other non-current assets; \u2014 prior year tax items (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of other adjusting items; \u2014 financing fair value remeasurements i.e. changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value (or non-designated) hedge relationships. Financing derivatives are those that relate to hedged items of a financing nature. The term \u2018adjusted\u2019 refers to the relevant measure being reported for continuing operations excluding adjusting items. The adjusted effective tax rate is calculated as continuing income tax expense excluding prior year tax items (including the impact of changes in tax rates on deferred tax), significant one-off tax settlements and provision charges/releases and the tax effects of other adjusting items, divided by continuing profit before taxation excluding adjusting items. Prior year tax items represent income statement tax relating to underlying items originally arising in prior years, including the impact of changes in tax rates on deferred tax. The exclusion of items relating to prior years, and those not in the ordinary course of business, helps provide a better indication of the Group\u2019s ongoing rate of tax. Net debt comprises lease liabilities, borrowings and financing derivatives (excluding accrued interest) less cash and cash equivalents and short-term deposits, including such balances classified as held for sale. Refer to the Financial Review for definitions of all of the Group\u2019s Alternative Performance Measures, including further information on why they are used and details of where reconciliations to statutory measures can be found where applicable. ",
"dimensions": {
"concept": "kingfisherplc:DescriptionOfAccountingPolicyForUseOfNonGAAPMeasures",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-464": {
"value": "c. Foreign currencies (i) Presentation and functional currencies The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (i.e. its functional currency). (ii) Transactions and balances Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction or, for practical reasons, at average monthly rates where exchange rates do not fluctuate significantly. 2 Principal accounting policies continued Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange at the balance sheet date. Exchange differences on monetary items are taken to the income statement. Exceptions to this are where the monetary items form part of the net investment in a foreign operation or are designated and effective net investment hedges. Such exchange differences are initially deferred in equity. (iii) Group companies The balance sheets of overseas subsidiaries are expressed in Sterling at the rates of exchange at the balance sheet date. Profits and losses of overseas subsidiaries are expressed in Sterling at average exchange rates for the period. Exchange differences arising on the retranslation of foreign operations, including joint ventures and associates, are recognised in a separate component of equity. On consolidation, exchange differences arising from the retranslation of the net investment in foreign entities, and of borrowings, lease liabilities and other currency instruments designated as hedges of such investments, are taken to equity. When a foreign operation is sold, such exchange differences recorded since 1 February 2004 (being the date of transition to IFRS) are recognised in the income statement as part of the gain or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the rates of exchange at the balance sheet date. Goodwill arising prior to 1 February 2004 is denominated in Sterling, and not subsequently retranslated. (iv) Principal rates of exchange against Sterling 2022/23 2021/22 Average rate Year end rate Average rate Year end rate Euro 1.17 1.13 1.17 1.20 US Dollar 1.23 1.23 1.38 1.34 Polish Zloty 5.48 5.34 5.34 5.49 Romanian Leu 5.76 5.58 5.76 5.92 Turkish Lira* 23.18 23.18 12.92 18.06 * The 2022/23 Turkish Lira average exchange rate represents the closing rate for the year, due to the application of hyperinflation accounting in Turkey. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-517": {
"value": "(i) Presentation and functional currencies The consolidated financial statements are presented in Sterling, which is the Group\u2019s presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (i.e. its functional currency). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-463": {
"value": "b. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries, joint ventures and associates. (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries acquired are recorded under the acquisition method of accounting and their results included from the date of acquisition. The results of subsidiaries which have been disposed are included up to the effective date of disposal. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of acquired subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long-term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the year ended 31 January 2023 in respect of the group\u2019s joint venture in Turkey. The group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power at the end of the period, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-515": {
"value": "(i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries acquired are recorded under the acquisition method of accounting and their results included from the date of acquisition. The results of subsidiaries which have been disposed are included up to the effective date of disposal. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of acquired subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-550": {
"value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long-term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the year ended 31 January 2023 in respect of the group\u2019s joint venture in Turkey. The group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power at the end of the period, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-547": {
"value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long-term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the year ended 31 January 2023 in respect of the group\u2019s joint venture in Turkey. The group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power at the end of the period, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-516": {
"value": "(ii) Joint ventures and associates Joint ventures are entities over which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The equity method is used to account for the Group\u2019s investments in joint ventures. Associates are entities over which the Group has the ability to exercise significant influence but not control or joint control, generally accompanied by a shareholding of between 20% and 50% of the voting rights. The equity method is used to account for the Group\u2019s investments in associates. Under the equity method, investments are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement within operating profit, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses equals or exceeds its interest, including any other long-term receivables, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. The equity method of accounting is discontinued from the date an investment ceases to be a joint venture or associate, that is the date on which the Group ceases to have joint control or significant influence over the investee or on the date it is classified as held for sale. In March 2022, the three-year cumulative inflation in Turkey exceeded 100% and as a result, hyperinflationary accounting was applied for the year ended 31 January 2023 in respect of the group\u2019s joint venture in Turkey. The group\u2019s consolidated financial statements include the equity accounted results and financial position of its Turkish joint venture restated to the current purchasing power at the end of the period, with hyperinflationary gains and losses in respect of monetary items being reported in operating profit. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-466": {
"value": "e. Rebates Rebates received from suppliers mainly comprise volume related rebates on the purchase of inventories. Contractual volume related rebates are accrued as units are purchased based on the percentage rebate applicable to forecast total purchases over the rebate period, where it is probable the rebates will be received and the amounts can be estimated reliably. Discretionary rebates are not anticipated and only recognised once earned. Rebates relating to inventories purchased but still held at the balance sheet date are deducted from the carrying value so that the cost of inventories is recorded net of applicable rebates. Such rebates are credited to the cost of sales line in the income statement when the goods are sold. Other rebates received, such as those related to advertising and marketing, are credited to cost of sales in the income statement when the relevant conditions have been fulfilled. ",
"dimensions": {
"concept": "kingfisherplc:DescriptionOfAccountingPolicyForRebates",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-467": {
"value": "f. Dividends Interim dividends are recognised when they are paid to the Company\u2019s shareholders. Final dividends are recognised when they are approved by the Company\u2019s shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-465": {
"value": "d. Revenue recognition Sales represent the supply of home improvement products and services, including commission from sales of third party products through Kingfisher websites (i.e. \u2018marketplace\u2019 arrangements). Sales exclude transactions made between companies within the Group, Value Added Tax, other sales-related taxes and are net of returns, trade and staff discounts. Revenue is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue from in-store product sales is recognised when the customer takes possession of the products (i.e. on payment). Revenue from online \u2018click & collect\u2019 product sales is recognised on collection of the products. Where customers have a right to return purchased goods in exchange for a refund, a liability for returns is recognised based on historic trends and offset against revenue in the period in which the sale was made. An asset (with a corresponding adjustment to cost of sales) is also recognised for goods expected to be returned from customers. Where award credits such as vouchers or loyalty points are provided as part of the sales transaction, the amount allocated to the credits is deferred and recognised when the credits are redeemed and the Group fulfils its obligations to supply the awards. Revenue from sales of delivered products is recognised on delivery. Supply of delivered products is judged to be one single performance obligation. Service sales typically comprise kitchen and bathroom installations. Revenue from these services is recognised on completion of the relevant installation. Commission revenue is earned from the sale of third-party products through Kingfisher websites. This is referred to as a marketplace arrangement. Kingfisher acts as an agent in such arrangements and recognises the net commission receivable within sales, generally when an order is placed. Sales from delivered products, installation services and marketplace arrangements represent only a small component of the Group\u2019s sales as the majority relates to in-store and online \u2018click & collect\u2019 purchases of products. Other income includes external rental income and gains on disposal of assets. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-469": {
"value": "h. Property, plant and equipment (i) Cost Property, plant and equipment held for use in the business are carried at cost less accumulated depreciation and any provisions for impairment. Properties that were held at 1 February 2004 are carried at deemed cost, being the fair value of land and buildings as at the transition date to IFRS. All property acquired after 1 February 2004 is carried at cost less accumulated depreciation. (ii) Depreciation Depreciation is provided to reflect a straight-line reduction from cost to estimated residual value over the estimated useful life of the asset as follows: Freehold land \u2014 not depreciated Freehold buildings \u2014 over remaining useful life Leasehold improvements \u2014 over remaining period of the lease Fixtures and fittings \u2014 between 4 and 20 years Computers and electronic equipment \u2014 between 3 and 5 years Motor cars \u2014 4 years Commercial vehicles \u2014 between 3 and 10 years (iii) Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, including the Group\u2019s stores, may be impaired or whether there is any indication that an impairment loss recognised in a previous period either no longer exists or has decreased. Should such indicators exist, the assets\u2019 recoverable amounts are subsequently estimated. For store impairment testing, each individual store is determined to be a cash generating unit. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit or fair value less costs to sell if higher. A vacant possession valuation basis is used to approximate the fair value less costs to sell. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country. Long-term growth rates are derived from both external long-term inflation forecasts for the territories in which the businesses operate and internal long-term sales projections. Any impairment or impairment reversal is charged or credited to the income statement in the period in which it occurs. (iv) Disposal The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Sales of land and buildings are accounted for when there is an unconditional exchange of contracts. (v) Subsequent costs Subsequent costs are included in the related asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-520": {
"value": "(iii) Impairment At each reporting date an assessment is performed as to whether there are any indicators that property, plant and equipment, including the Group\u2019s stores, may be impaired or whether there is any indication that an impairment loss recognised in a previous period either no longer exists or has decreased. Should such indicators exist, the assets\u2019 recoverable amounts are subsequently estimated. For store impairment testing, each individual store is determined to be a cash generating unit. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) of the relevant cash generating unit or fair value less costs to sell if higher. A vacant possession valuation basis is used to approximate the fair value less costs to sell. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country. Long-term growth rates are derived from both external long-term inflation forecasts for the territories in which the businesses operate and internal long-term sales projections. Any impairment or impairment reversal is charged or credited to the income statement in the period in which it occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-468": {
"value": "g. Intangible assets (i) Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognised. Such benefits include future synergies expected from the combination and intangible assets not meeting the criteria for separate recognition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised and is tested annually for impairment at country level (except for NeedHelp), representing the lowest level at which it is monitored for internal management purposes, by assessing the recoverable amount of each cash generating unit or groups of cash generating units to which the goodwill relates. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) or fair value less costs to sell if higher. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the cash generating unit (\u2018CGU\u2019) operates. When the recoverable amount of the goodwill is less than its carrying amount, an impairment loss is recognised immediately in the income statement which cannot subsequently be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. (ii) Computer software Where software is not an integral part of a related item of computer hardware, it is classified as an intangible asset. Costs that are directly associated with the acquisition or production of identifiable software products controlled by the Group, which are expected to generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Capitalised costs include those of software licences and development, including costs of employees, consultants and an appropriate portion of relevant overheads. Costs related to the configuration and customisation in cloud computing arrangements, where they do not give the Group power to control the future economic benefits and to restrict access of others to those benefits, are not capitalised as they do not meet the definition of intangible benefits under IAS 38. Such costs are expensed as incurred. Configuration and customisation in cloud computing arrangements are only capitalised where a separate asset is created and capitalisable under IAS 38. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognised as an expense as incurred. Software under development is held at cost less any provisions for impairment, with impairment reviews being performed annually, or when there is an indication of impairment. Amortisation commences when the software assets are available for use and is over their estimated useful lives of two to ten years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-518": {
"value": "(i) Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognised. Such benefits include future synergies expected from the combination and intangible assets not meeting the criteria for separate recognition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised and is tested annually for impairment at country level (except for NeedHelp), representing the lowest level at which it is monitored for internal management purposes, by assessing the recoverable amount of each cash generating unit or groups of cash generating units to which the goodwill relates. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows (\u2018value-in-use\u2019) or fair value less costs to sell if higher. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the cash generating unit (\u2018CGU\u2019) operates. When the recoverable amount of the goodwill is less than its carrying amount, an impairment loss is recognised immediately in the income statement which cannot subsequently be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-519": {
"value": "(ii) Computer software Where software is not an integral part of a related item of computer hardware, it is classified as an intangible asset. Costs that are directly associated with the acquisition or production of identifiable software products controlled by the Group, which are expected to generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Capitalised costs include those of software licences and development, including costs of employees, consultants and an appropriate portion of relevant overheads. Costs related to the configuration and customisation in cloud computing arrangements, where they do not give the Group power to control the future economic benefits and to restrict access of others to those benefits, are not capitalised as they do not meet the definition of intangible benefits under IAS 38. Such costs are expensed as incurred. Configuration and customisation in cloud computing arrangements are only capitalised where a separate asset is created and capitalisable under IAS 38. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognised as an expense as incurred. Software under development is held at cost less any provisions for impairment, with impairment reviews being performed annually, or when there is an indication of impairment. Amortisation commences when the software assets are available for use and is over their estimated useful lives of two to ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-471": {
"value": "j. Investment property Investment property is property held by the Group to earn rental income or for capital appreciation. Investment properties are carried at cost less depreciation and provision for impairment. Depreciation is provided on a consistent basis with that applied to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-472": {
"value": "k. Capitalisation of borrowing costs Interest on borrowings to finance the construction of properties held as non-current assets is capitalised from the date work starts on the property to the date when substantially all the activities which are necessary to get the property ready for use are complete. Where construction is completed in parts, each part is considered separately when capitalising interest. Interest is capitalised before any allowance for tax relief. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-473": {
"value": "l. Inventories Inventories are carried at the lower of cost and net realisable value, on a weighted average cost basis. Trade discounts and rebates received are deducted in determining the cost of purchase of inventories. Cost includes appropriate attributable overheads and direct expenditure incurred in the normal course of business in bringing goods to their present location and condition. Costs of inventories include the transfer from equity of any gains or losses on qualifying cash flow hedges relating to purchases. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Write downs to net realisable value are made for slow moving, display, damaged or obsolete items and other events or conditions resulting in expected selling prices being lower than cost. The carrying value of inventories reflects known and expected losses of product in the ordinary course of business. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-474": {
"value": "m. Employee benefits (i) Post-employment benefits The Group operates various defined benefit and defined contribution pension schemes for its employees, some of which are required by local legislation. A defined benefit scheme is a pension scheme which defines an amount of pension benefit which an employee will receive on retirement. A defined contribution scheme is a pension scheme under which the Group usually pays fixed contributions into a separate entity. In all cases other than some of the legally required schemes, a separate fund is being accumulated to meet the accruing liabilities. The assets of each of these funds are either held under trusts or managed by insurance companies and are entirely separate from the Group\u2019s assets. The asset or liability recognised in the balance sheet in respect of defined benefit pension schemes is the fair value of scheme assets less the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds which are denominated in the currency in which the benefits will be paid and which have terms to maturity approximating to the terms of the related pension liability. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are credited or charged to the statement of comprehensive income as they arise. For defined contribution schemes, the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. (ii) Share-based compensation The Group operates several equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of options or deferred shares is recognised as an expense and is calculated using Black-Scholes and stochastic models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options or deferred shares granted, excluding the impact of any non-market vesting conditions. The value of the charge is adjusted to reflect expected and actual levels of options vesting due to non-market vesting conditions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-470": {
"value": "i. Leased assets The Group assesses whether a contract is or contains a lease at inception of the contract. Typically, lease contracts relate to properties such as stores and distribution centres, and equipment leases such as mechanical handling equipment and vehicles. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The liability is initially measured as the present value of the lease payments not yet paid at the commencement date, discounted at an appropriate discount rate. Where the implicit rate in the lease is not readily determinable, an incremental borrowing rate is calculated and applied. The calculation methodology is based upon applying a financing spread to a risk-free rate, with the resulting rate including the effect of the creditworthiness of the operating company in which the lease is contracted, as well as the underlying term, currency and start date of the lease agreement. Lease payments used in the measurement of the lease liability principally comprise fixed lease payments (subject to indexation/rent reviews) less any incentives. The lease liability is subsequently measured using an effective interest method whereby the carrying amount of the lease liability is measured on an amortised cost basis, and the interest expense is allocated over the lease term. The lease term comprises the non-cancellable lease term, in addition to optional periods when the Group is reasonably certain to exercise an option to extend (or not to terminate) a lease. The Group remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever an event occurs that changes the term or payment profile of a lease, such as the renewal of an existing lease, the exercise of lease term options, market rent reviews and indexation. A lease liability which is denominated in a currency that is not the functional currency of the relevant Group entity (e.g. a Euro-denominated lease in Castorama Poland) is translated into that entity\u2019s functional currency with foreign exchange gains and losses recorded in the income statement, unless the lease liability is able to be designated as a net investment hedge with foreign exchange gains and losses recorded in other comprehensive income. The right-of-use assets are initially measured at the amount equal to the lease liability, adjusted by any upfront lease payments or incentives and any initial direct costs incurred. Subsequently, the assets are measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated on a straight-line basis over the remaining lease term. Lessor accounting Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-523": {
"value": "o. Provisions and contingent liabilities Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recorded if the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. The unavoidable costs reflect the net cost of exiting the contract. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Credits or charges arising from changes in the rate used to discount the provisions are recognised within net finance costs. Contingent liabilities are possible obligations arising from past events, whose existence will only be confirmed by future uncertain events that are not wholly within the Group\u2019s control, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be reliably measured. If the outflow of economic resources is not considered remote, contingent liabilities are disclosed but not recognised in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-476": {
"value": "o. Provisions and contingent liabilities Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recorded if the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. The unavoidable costs reflect the net cost of exiting the contract. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Credits or charges arising from changes in the rate used to discount the provisions are recognised within net finance costs. Contingent liabilities are possible obligations arising from past events, whose existence will only be confirmed by future uncertain events that are not wholly within the Group\u2019s control, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be reliably measured. If the outflow of economic resources is not considered remote, contingent liabilities are disclosed but not recognised in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-521": {
"value": "(ii) Share-based compensation The Group operates several equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of options or deferred shares is recognised as an expense and is calculated using Black-Scholes and stochastic models. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options or deferred shares granted, excluding the impact of any non-market vesting conditions. The value of the charge is adjusted to reflect expected and actual levels of options vesting due to non-market vesting conditions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-522": {
"value": "n. Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination is uncertain during the ordinary course of business. For uncertain tax positions, on the basis that tax authorities have full knowledge of the relevant information it is determined whether it is probable that, in aggregate, an outflow of economic resources will occur following investigation. The potential impact of the relevant tax authority\u2019s examination of the uncertain tax positions is measured to make the best estimate of the amount of the tax benefit that may be lost, for which liabilities are then recorded. Where the final outcome of these matters is different from the amounts which were initially recorded, such differences will impact the income tax and deferred tax liabilities in the period in which such determination is made. These adjustments in respect of prior years are recorded in the income statement, or directly in equity, as appropriate. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense which are taxable or deductible in other years or which are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences or unused tax losses can be utilised. Deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill in a business combination. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax are calculated using tax rates which have been enacted or substantively enacted by the balance sheet date and are expected to apply in the period when the liability is settled or the asset is realised. Current and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited to other comprehensive income or directly to equity, in which case the current or deferred tax is also recognised in other comprehensive income or directly in equity. Current and deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Operating levies, such as certain revenue, property and payroll-based taxes, are not treated as income tax and are included within operating profit. The timing of recognition of a liability to pay an operating levy is determined by the event identified under the relevant legislation that triggers the obligation to pay the levy. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-475": {
"value": "n. Taxation The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination is uncertain during the ordinary course of business. For uncertain tax positions, on the basis that tax authorities have full knowledge of the relevant information it is determined whether it is probable that, in aggregate, an outflow of economic resources will occur following investigation. The potential impact of the relevant tax authority\u2019s examination of the uncertain tax positions is measured to make the best estimate of the amount of the tax benefit that may be lost, for which liabilities are then recorded. Where the final outcome of these matters is different from the amounts which were initially recorded, such differences will impact the income tax and deferred tax liabilities in the period in which such determination is made. These adjustments in respect of prior years are recorded in the income statement, or directly in equity, as appropriate. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense which are taxable or deductible in other years or which are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences or unused tax losses can be utilised. Deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill in a business combination. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax are calculated using tax rates which have been enacted or substantively enacted by the balance sheet date and are expected to apply in the period when the liability is settled or the asset is realised. Current and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited to other comprehensive income or directly to equity, in which case the current or deferred tax is also recognised in other comprehensive income or directly in equity. Current and deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Operating levies, such as certain revenue, property and payroll-based taxes, are not treated as income tax and are included within operating profit. The timing of recognition of a liability to pay an operating levy is determined by the event identified under the relevant legislation that triggers the obligation to pay the levy. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-529": {
"value": "Fair value hedges For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry being recorded in the income statement. Gains or losses from remeasuring the corresponding hedging instrument are recognised in the same line of the income statement. ",
"dimensions": {
"concept": "kingfisherplc:DescriptionOfAccountingPolicyForFairValueHedges",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-530": {
"value": "Cash flow hedges Changes in the effective portion of the fair value of derivatives that are designated as hedges of future cash flows are recognised directly in other comprehensive income, with any ineffective portion being recognised immediately in the income statement where relevant. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or liability, then, at the time it is recognised, the associated gains or losses on the derivative that had previously been deferred in equity are included in the initial measurement of the non-financial asset or liability. For all other hedges, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. ",
"dimensions": {
"concept": "kingfisherplc:DescriptionOfAccountingPolicyForCashFlowHedges",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-531": {
"value": "Net investment hedges Where the Group hedges net investments in foreign operations through foreign currency borrowings or lease liabilities, the gains or losses on retranslation are recognised in other comprehensive income. If the Group uses derivatives as the hedging instrument, the effective portion of the hedge is recognised in other comprehensive income, with any ineffective portion being recognised immediately in the income statement. Gains and losses accumulated in equity are recycled through the income statement on disposal of the foreign operation. In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement . ",
"dimensions": {
"concept": "kingfisherplc:DescriptionOfAccountingPolicyForNetInvestmentHedges",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-477": {
"value": "p. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has substantially transferred the risks and rewards of ownership. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged or cancelled or expires or are substantially modified. Financial assets and liabilities are offset only when the Group has a currently enforceable legal right to set-off the respective recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. (i) Cash and cash equivalents Cash and cash equivalents include cash in hand, uncleared credit card receipts, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less. For cashflow statement reporting purposes, the Group considers bank overdrafts as part of cash and cash equivalents because they are repayable on demand and form part of the Group\u2019s cash management. (ii) Borrowings Interest bearing borrowings are recorded at fair value (which is typically equivalent to the proceeds received) net of direct issue costs and subsequently measured at amortised cost. Where borrowings are in designated and effective fair value hedge relationships, adjustments are made to their carrying amounts to reflect the hedged risks. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are amortised to the income statement using the effective interest method. (iii) Trade receivables Trade receivables are initially recognised at their transaction price and are subsequently measured at amortised cost less any allowance for expected credit losses. To measure the expected credit losses, trade receivables are grouped based on the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. (iv) Trade payables Trade payables are initially recognised at fair value and are subsequently measured at amortised cost. (v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). Fair value hedges For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry being recorded in the income statement. Gains or losses from remeasuring the corresponding hedging instrument are recognised in the same line of the income statement. Cash flow hedges Changes in the effective portion of the fair value of derivatives that are designated as hedges of future cash flows are recognised directly in other comprehensive income, with any ineffective portion being recognised immediately in the income statement where relevant. If the cash flow hedge of a firm commitment or forecast transaction results in the recognition of a non-financial asset or liability, then, at the time it is recognised, the associated gains or losses on the derivative that had previously been deferred in equity are included in the initial measurement of the non-financial asset or liability. For all other hedges, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Net investment hedges Where the Group hedges net investments in foreign operations through foreign currency borrowings or lease liabilities, the gains or losses on retranslation are recognised in other comprehensive income. If the Group uses derivatives as the hedging instrument, the effective portion of the hedge is recognised in other comprehensive income, with any ineffective portion being recognised immediately in the income statement. Gains and losses accumulated in equity are recycled through the income statement on disposal of the foreign operation. In order to qualify for hedge accounting, the Group documents in advance the risk management objective and strategy for undertaking the hedge and the relationship between the item being hedged and the hedging instrument. The Group also documents and demonstrates an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an ongoing basis and provides an analysis of the sources of hedge ineffectiveness. The effectiveness testing is performed at half year and year end or upon a significant change in circumstances affecting the hedge effectiveness requirements. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument is retained in equity until the highly probable forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is transferred to the income statement ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-524": {
"value": "(i) Cash and cash equivalents Cash and cash equivalents include cash in hand, uncleared credit card receipts, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less. For cashflow statement reporting purposes, the Group considers bank overdrafts as part of cash and cash equivalents because they are repayable on demand and form part of the Group\u2019s cash management. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-525": {
"value": "(ii) Borrowings Interest bearing borrowings are recorded at fair value (which is typically equivalent to the proceeds received) net of direct issue costs and subsequently measured at amortised cost. Where borrowings are in designated and effective fair value hedge relationships, adjustments are made to their carrying amounts to reflect the hedged risks. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are amortised to the income statement using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-526": {
"value": "(iii) Trade receivables Trade receivables are initially recognised at their transaction price and are subsequently measured at amortised cost less any allowance for expected credit losses. To measure the expected credit losses, trade receivables are grouped based on the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-527": {
"value": "(iv) Trade payables Trade payables are initially recognised at fair value and are subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-551": {
"value": "(v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-548": {
"value": "(v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-528": {
"value": "(v) Derivatives and hedge accounting Derivatives are initially recorded at fair value on the date a derivative contract is entered into and are subsequently carried at fair value. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts, and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. Where hedge accounting is not applied, or to the extent to which it is not effective, changes in the fair value of derivatives are recognised in the income statement as they arise. Changes in the fair value of derivatives transacted as hedges of operating items and financing items are recognised in operating profit and net finance costs respectively. The accounting treatment of derivatives and other financial instruments classified as hedges depends on their designation, which occurs at the start of the hedge relationship. The Group designates certain financial instruments as: \u2014 a hedge of the fair value of an asset or liability or unrecognised firm commitment (\u2018fair value hedge\u2019); \u2014 a hedge of a highly probable forecast transaction or firm commitment if foreign currency risk is hedged (\u2018cash flow hedge\u2019); or \u2014 a hedge of a net investment in a foreign operation (\u2018net investment hedge\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-481": {
"value": "3 Critical accounting judgements and key sources
of estimation uncertainty
The preparation of consolidated financial statements under
IFRS requires the Group to make estimates and assumptions
that affect the application of policies and reported amounts.
Estimates and judgements are continually evaluated and are
based on historical experience and other factors including
expectations of future events that are believed to be reasonable
under the circumstances. Actual results may differ from these
estimates. The significant judgements applied in the preparation
of the financial statements, along with estimates and assumptions
which have a significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within the next
financial year, are discussed below.
Key sources of estimation uncertainty
Inventories
The carrying amount of inventories recognised on the balance
sheet, which are carried at the lower of cost and net realisable
value, are subject to estimates around rates of provision applied
to certain inventory items. The level of provisions recorded are
subject to estimation uncertainty in determining the eventual
sales price of goods to customers in the future, as well as
assessing which items may be slow-moving or obsolete. This is
impacted by factors such as stock turn, range or delisted status,
shrinkage, damage, obsolescence and range review activity.
Range reviews and resulting clearance activity adds additional
complexity to assessing the level of inventory that may become
obsolete and the expected net realisable value of inventory
which will be sold.
The carrying amount of inventories subject to estimation
uncertainty is \u00a33,070m (2021/22: \u00a32,749m). A 1% increase in the
provision as a percentage of gross inventory (before provisions
and a deduction for rebates), which based on management\u2019s
judgement represents a reasonably possible change, would
result in a \u00a333m decrease in the carrying amount of
inventories (2021/22: \u00a329m).
3 Critical accounting judgements and key sources
of estimation uncertainty continued
The quantity, age and condition of inventories are regularly
measured and assessed as part of range reviews and inventory
counts undertaken throughout the year and across the Group.
Impairment of store based assets
The Group applies procedures to ensure that its assets
are carried at no more than their recoverable amount. These
procedures, by their nature, require estimates and assumptions
to be made. The most significant are set out below.
Store assets are reviewed for impairment if events or changes
in circumstances indicate that their carrying amount may not be
recoverable, or where there is any indication that an impairment
loss recognised in a previous period either no longer exists or
has decreased. When a review for impairment is conducted,
the recoverable amount of an asset or a cash generating unit
is determined as the higher of fair value less costs to sell and
value-in-use.
The determination of value-in-use for store assets requires
the estimation of future cash flows expected to arise from
the continuing operation of the store and the determination
of suitable discount and long-term growth rates in order
to calculate the present value of the forecast cash flows.
Judgement is also required around the nature and level of
overheads that are necessarily incurred to generate cash
inflows in the context of allocation to individual store cash
generating units. Note that the estimation of future cash flows
and determination of suitable discount rates requires a greater
level of judgement than the determination of long-term growth
rates, with discount rates also having been subject to greater
recent volatility.
Sales projections take into consideration both external factors
such as market expectations, and internal factors such as trading
plans. For certain stores, they assume sales increases that are
higher than recent (pre-pandemic) experience and market
growth expectations, driven by an improved and differentiated
offer. Assumed margin percentage improvements reflect
increased sales of the Group\u2019s own exclusive brands (OEB)
as well as lower cost of sales from leveraging our key vendors,
and better clearance management. Higher assumed operating
profit percentages reflect operational leverage from increased
sales as well as cost savings through operational efficiencies,
including more efficient organisation and leveraging our goods
not for resale (GNFR) spend. Actual outcomes could vary
significantly from these estimates and sensitivity analyses
are undertaken to assess the impact of projected benefits
not being realised.
The pre-tax discount rates applied to the cash flow forecasts
are derived from the post-tax weighted average cost of capital
for each of the territories in which the Group operates. The
assumptions used in the calculation of the weighted average
cost of capital are based on observable external market data.
Cash flows beyond the period of the strategic plans are
calculated using a long-term growth rate which does not exceed
the long-term average growth rates for the countries in which
the Group\u2019s stores operate.
In consideration of the significant increase in discount rates
resulting from high levels of inflation and wider macroeconomic
uncertainty, the Group has undertaken a full impairment review
of its stores in the current year. As a result of this review, the
Group has recorded net store asset impairment charges
of \u00a3139m (2021/22: \u00a333m net reversals) as adjusting items,
principally relating to increased discount rates and revised
financial projections.
The following changes in assumptions, which based on the
Group\u2019s previous experience and management\u2019s judgement
represent reasonably possible changes, would lead to the
following impacts on the net impairment:
Assumption Change in assumption Impact on net impairment charge
Operating cash
flows
\u2013 Decrease by 10%
Increase by \u00a344m
\u2013 Increase by 10%
Decrease by \u00a332m
Post-tax
discount rate
\u2013 Increase by 1%
Increase by \u00a340m
\u2013 Decrease by 1%
Decrease by \u00a333m
In consideration of the recent volatility in discount rates, note
that a 1.5% increase/decrease in the post-tax discount rate
assumption would result in an increase/decrease in the net
impairment charge of \u00a359m and \u00a347m respectively.
Further information relating to store assets is provided in notes 15
and 17.
Post-employment benefits
The present value of the defined benefit liabilities recognised
on the balance sheet is dependent on a number of market
rates and assumptions including interest rates of high quality
corporate bonds, inflation and mortality rates. The net interest
expense or income is dependent on the interest rates of high
quality corporate bonds and the net deficit or surplus position.
The market rates and assumptions are based on the conditions
at the time and changes in these can lead to significant
movements in the estimated obligations. During the year,
changes in financial and demographic assumptions have
resulted in a decrease in defined benefit liabilities of \u00a3991m
(2021/22: \u00a3127m). To help the reader understand the impact
of changes in the key market rates and assumptions, a
sensitivity analysis is provided in note 28.
Critical accounting judgements
Adjusting items
The Group separately reports adjusting items in order to
calculate adjusted results, as it believes these adjusted measures
provide additional useful information on continuing performance
and trends to shareholders.
Judgement is required in determining whether an item should be
classified as an adjusting item or included within adjusted results.
The Group\u2019s definition of adjusting items is outlined in note 2 (a).
During the year the Group has recorded, before taxation, a
charge for adjusting items of \u00a3147m (2021/22: \u00a358m credit).
Total adjusting items after taxation were a charge of \u00a3118m
(2021/22: \u00a3106m credit). Refer to note 6 for further information
on adjusting items.
Income taxes
The Group is subject to income taxes in numerous jurisdictions
in which it operates and there are many transactions for which
the ultimate tax determination is open to differing interpretations
during the ordinary course of business. Significant judgement
may therefore be required in determining the liability for income
taxes in each of these territories. Where it is anticipated that
additional taxes are probable, the Group recognises liabilities
for the estimate of any potential exposure. These judgements
are continually reassessed, and where the final outcome of
these matters is different from the initially recorded amount,
such differences will impact the income tax and deferred tax
liabilities in the period in which such determination is made.
These adjustments in respect of prior years are recorded in
the income statement, or directly in other comprehensive
income as appropriate, and are disclosed in the notes to
the accounts. Refer to notes 10 and 26.
Judgement has continued to be required in determining the
outcome of the European Commission\u2019s state aid investigation
into the Group Financing Exemption section of the UK controlled
foreign company rules. In January 2021, the Group received a
charging notice from HM Revenue & Customs (HMRC) for \u00a357m,
which was paid in February 2021, with a further \u00a37m interest paid
in April 2021.
The UK Government and the Group, along with other UK-based
multinational groups, appealed the European Commission
decision to the European Courts. On 8 June 2022, the General
Court of the European Union dismissed several of those appeals,
including the UK Government\u2019s. This decision has been appealed
to the European Court of Justice.
The final impact on the Group remains uncertain but based
upon advice taken, the Group considers that the amount paid
of \u00a364m, which is included in non-current assets, will ultimately
be recovered. Further details are provided in note 35.
Consideration of climate-related matters
In preparing these financial statements, the Group has
considered the elevation of climate change from an \u2018emerging
risk\u2019 to a \u2018principal risk\u2019 and the potential impacts of climate
change on these financials. As set out on pages 51 to 58 of the
Strategic Report, the elevation from an emerging risk
to a principal risk is predominantly driven by operational and
reputational risk to the group, not by the increase in financial
risk in the short term. The expectation of limited financial
impacts is supported by the modelling work described in the
TCFD disclosures on pages 27 to 35, the financial impacts
of which are smaller than the results of the Group\u2019s impairment
sensitivity analysis on operating cash flows, see above.
The potential impacts of climate change on the financials have
been considered in the following areas:
\u2014 Carrying value and remaining useful economic lives of
property, plant and equipment;
\u2014 Carrying value of inventories and valuations of other assets
and of provisions;
\u2014 Viability statement assessment of the Group over the next
three years; and
\u2014 Cash flow forecasts used for the purposes of impairment
assessments including goodwill.
To support our net zero ambitions, the Group continues to
invest in \u2018greener\u2019 fixed assets which replace existing fixed
assets. The Group has not recognised any material impairment s
or accelerated depreciation to existing fixed assets resulting
from this activity.
Current assets including trade receivables and inventories are
expected to be received and utilised respectively within a shor t
timeframe, and therefore no climate-related risks have been
identified for these balances, whilst the Group is not currently
aware of adverse exposures from climate change requiring
provisions to be recognised.
The Group\u2019s internal three-year financial planning acts as the
basis for the Viability Statement financial modelling and for
impairment reviews of non-current assets including goodwill.
It includes climate-related costs and opportunities expected
within the internal financial planning time horizon.
Within the Viability Statement modelling, cash flow sensitivities
are performed, for which the most severe scenario estimates
the impact of a demand or supply shock preventing the Group
from realising a large part of its sales during the peak trading
period. The shock, as described in the Viability Statement on
pages 59 to 60, would go significantly beyond the expected
short-term impact from a remote climate-driven extreme
weather event, such as severe flooding and the resulting
damage to one or more of the group\u2019s distribution centres.
The financial modelling of climate change scenarios performed
by an external party, as described in the TCFD disclosure on
pages 27 to 35, identified significant increases in carbon taxes
as potentially having the largest adverse impact on the Group\u2019s
discounted cashflows, at 1-5%. Given that this is below the 10%
reduction in cash flows performed for impairment sensitivity
analysis above, combined with the most significant potential
impact of the carbon tax increase being beyond the Group\u2019s
three-year financial planning period, it is not judged to be a key
driver in determining the outcome of this exercise, nor that of
the Viability Statement.
Therefore, the Group has concluded that climate change
risk does not represent a critical accounting judgement or key
source of estimation uncertainty for the current year financial
statements. This classification will be reassessed in future
reporting periods as we continue to review the impacts,
risks and opportunities presented by climate change and the
Group\u2019s commitments to address the challenges presented.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-478": {
"value": "q. Assets and liabilities held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. This excludes financial assets, deferred tax assets and assets arising from employee benefits, which are measured according to the relevant accounting policy. Property, plant and equipment, right-of-use assets and intangible assets are not depreciated once classified as held for sale. The Group ceases to use the equity method of accounting from the date on which an interest in a joint venture or an interest in an associate becomes classified as held for sale. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-479": {
"value": "r. Share repurchases Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buyback programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-480": {
"value": "s. Reserves The following describes the nature and purpose of each reserve within equity: (i) Share capital The nominal value of proceeds received for shares issued. (ii) Share premium Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. (iii) Own shares held Shares held by The Employee Share Ownership Plan Trust. (iv) Capital redemption reserve Amounts transferred from share capital on repurchase of issued shares. (v) Other reserves, comprising: \u2014 Translation reserve \u2013 Gains or losses arising on retranslating the net assets of overseas operations into the Group\u2019s presentation currency including gains or losses on net investment hedges. \u2014 Cash flow hedge reserve \u2013 Cumulative gains and losses on \u2018effective\u2019 hedging instruments. \u2014 Other \u2013 Represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty in 1993. (vi) Retained earnings All other net gains and losses and transactions with owners that are not recognised elsewhere. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-482": {
"value": "4 Sales
\u00a3 millions 2022/23 2021/22
B&Q 3,835 4,178
Screwfix 2,365 2,327
UK & Ireland 6,200 6,505
Castorama 2,302 2,296
Brico D\u00e9p\u00f4t 2,150 2,202
France 4,452 4,498
Poland 1,734 1,525
Iberia 373 366
Romania 285 279
Other
1
15 10
Other International 2,407 2,180
Total Group 13,059 13,183
1. \u2018Other\u2019 consists of the consolidated results of NeedHelp, Screwfix International and revenue from franchise agreements.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-483": {
"value": "5 Segmental analysis
Income statement
\u00a3 millions
2022/23
UK & Ireland France Poland Other
Other
International Total
Sales 6,200 4,452 1,734 673 2,407 13,059
Retail profit/(loss) 603 195 148 (23) 125 923
Central costs (49)
Share of interest and tax of joint ventures and associates (4)
Adjusting items (147)
Operating profit 723
Net finance costs (112)
Profit before taxation 611
\u00a3 millions
2021/22
UK & Ireland France Poland Other
Other
International Total
Sales 6,505 4,498 1,525 655 2,180 13,183
Retail profit/(loss) 794 221 135 (2) 133 1,148
Central costs (60)
Share of interest and tax of joint ventures and associates (2)
Adjusting items 58
Operating profit 1,144
Net finance costs (137)
Profit before taxation 1,007
Balance sheet
\u00a3 millions
2022/23
UK & Ireland France Poland Other
Other
International Total
Segment assets 3,084 1,914 1,106 366 1,472 6,470
Central assets 59
Goodwill 2,408
Net debt (2,274)
Net assets 6,663
\u00a3 millions
2021/22
UK & Ireland France Poland Other
Other
International Total
Segment assets 3,052 1,682 942 332 1,274 6,008
Central liabilities (82)
Goodwill 2,424
Net debt (1,572)
Net assets 6,778
Other segmental information
\u00a3 millions
2022/23
UK & Ireland France Poland Other
Other
International Central Total
Capital expenditure 251 113 60 18 78 7 449
Depreciation and amortisation 357 140 56 29 85 \u2013 582
Impairment losses 64 70 1 30 31 \u2013 165
Impairment reversals \u2013 (10) \u2013 \u2013 \u2013 \u2013 (10)
Non-current assets
1
4,516 2,217 922 317 1,239 19 7,991
\u00a3 millions
2021/22
UK & Ireland France Poland Other
Other
International Central Total
Capital expenditure 221 91 73 10 83 2 397
Depreciation and amortisation 340 138 50 27 77 \u2013 555
Impairment losses 16 15 \u2013 \u2013 \u2013 \u2013 31
Impairment reversals (26) (24) (1) (11) (12) \u2013 (62)
Non-current assets
1
4,429 2,172 865 299 1,164 2 7,767
1. Non-current assets comprise goodwill, other intangible assets, property, plant and equipment, investment property, right-of-use assets and investments in
joint ventures and associates.
The operating segments disclosed above are based on the information reported internally to the Board of Directors and Group
Executive, representing the geographical areas in which the Group operates. The Group only has one reportable business segment,
being the supply of home improvement products and services. The majority of the sales in each geographical area are derived from
in-store and online sales of products.
The \u2018Other International\u2019 segment consists of Poland, Iberia, Romania, the joint venture Ko\u00e7ta\u015f in Turkey, NeedHelp, Screwfix
International and results from franchise agreements. Poland has been shown separately due to its significance.
Central costs principally comprise the costs of the Group\u2019s head office before adjusting items. Central assets and liabilities comprise
unallocated head office and other central items including pensions, insurance, interest and tax .
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-484": {
"value": "6 Adjusting items \u00a3 millions 2022/23 2021/22 Included within selling and distribution expenses Net store asset impairment (losses)/reversals (139) 33 Release of France and other restructuring provisions 3 9 (136) 42 Included within administrative expenses Romania goodwill impairment (16) \u2013 Release of Castorama Russia disposal warranty liability 4 \u2013 Release of France uncertain operating tax position \u2013 9 Commercial operating model restructuring \u2013 4 (12) 13 Included within other income Profit on exit of properties 1 3 1 3 Adjusting items before tax (147) 58 Prior year and other adjusting tax items 29 48 Adjusting items (118) 106 In consideration of the significant increase in discount rates resulting from high levels of inflation and wider macroeconomic uncertainty, the Group has undertaken a full impairment review of its stores. The significant increase in discount rates, combined with revised financial projections, has resulted in the recognition of \u00a3139m of net store asset impairment charges in the year. These have been recorded principally in the UK and France. Current year adjusting items include a \u00a33m credit arising due to savings on costs relating to legacy store closure programmes in France as compared with the original restructuring provisions recognised as adjusting items. An impairment charge of \u00a316m has been recorded relating to the remaining goodwill in Romania, principally driven by the significant increase in discount rates and revised financial projections. A \u00a34m liability that was held in relation to warranties as part of the Castorama Russia disposal in 2020 has been released in the year following the expiry of the warranty claims period. A profit of \u00a31m has been recorded on the exit of one property in the UK. Prior year and other adjusting tax items relate principally to deferred tax credits recorded in respect of the impairments noted above and a release of prior year provisions for uncertain tax positions, which reflect a reassessment of expected outcomes, agreed positions with tax authorities and items that have time-expired. ",
"dimensions": {
"concept": "kingfisherplc:DisclosureOfAdjustingItems",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-485": {
"value": "7 Net finance costs \u00a3 millions 2022/23 2021/22 Bank overdrafts, bank loans and derivatives (3) (7) Fixed term debt (2) (3) Lease liabilities (124) (135) Other interest payable \u2013 (3) Finance costs (129) (148) Cash and cash equivalents and short-term deposits 5 2 Net interest income on defined benefit pension schemes 11 8 Finance lease income 1 1 Finance income 17 11 Net finance costs (112) (137) Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a31m (2021/22: \u00a32m). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-549": {
"value": "7 Net finance costs \u00a3 millions 2022/23 2021/22 Bank overdrafts, bank loans and derivatives (3) (7) Fixed term debt (2) (3) Lease liabilities (124) (135) Other interest payable \u2013 (3) Finance costs (129) (148) Cash and cash equivalents and short-term deposits 5 2 Net interest income on defined benefit pension schemes 11 8 Finance lease income 1 1 Finance income 17 11 Net finance costs (112) (137) Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a31m (2021/22: \u00a32m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-532": {
"value": "7 Net finance costs \u00a3 millions 2022/23 2021/22 Bank overdrafts, bank loans and derivatives (3) (7) Fixed term debt (2) (3) Lease liabilities (124) (135) Other interest payable \u2013 (3) Finance costs (129) (148) Cash and cash equivalents and short-term deposits 5 2 Net interest income on defined benefit pension schemes 11 8 Finance lease income 1 1 Finance income 17 11 Net finance costs (112) (137) Interest on bank loans and fixed term debt interest includes amortisation of issue costs on borrowing facilities of \u00a31m (2021/22: \u00a32m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-486": {
"value": "8 Profit before taxation The following items of expense/(income) have been charged/(credited) in arriving at profit before taxation: \u00a3 millions 2022/23 2021/22 Research and development recognised as an expense 1 1 Government grants \u2013 (6) Amortisation of intangible assets 1 84 82 Depreciation of property, plant and equipment, investment property and right of use assets 498 473 Impairment of goodwill 16 \u2013 Impairment of intangible assets 3 2 Impairment of property, plant and equipment, right-of-use assets, investment property and assets held for sale 146 29 Reversal of impairment of property, plant and equipment and right-of-use assets (10) (62) Loss on disposal of land and buildings and investment property \u2013 1 Write-down to recoverable amount of trade and other receivables 7 1 1. Of the amortisation of intangible assets charge, \u00a31m (2021/22: \u00a32m) and \u00a383m (2021/22: \u00a380m) are included in selling and distribution expenses and administrative expenses respectively. Auditor\u2019s remuneration \u00a3 millions 2022/23 2021/22 Fees payable for the audit of the Company and consolidated financial statements 1.0 0.5 Fees payable to the Company\u2019s auditor and their associates for other services to the Group: The audit of the Company\u2019s subsidiaries pursuant to legislation 1.7 1.2 Audit fees 2.7 1.7 Audit-related assurance services 0.2 0.2 Other assurance services 0.1 0.1 Non-audit fees 0.3 0.3 Auditor\u2019s remuneration 3.0 2.0 Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 75. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-533": {
"value": "Auditor\u2019s remuneration \u00a3 millions 2022/23 2021/22 Fees payable for the audit of the Company and consolidated financial statements 1.0 0.5 Fees payable to the Company\u2019s auditor and their associates for other services to the Group: The audit of the Company\u2019s subsidiaries pursuant to legislation 1.7 1.2 Audit fees 2.7 1.7 Audit-related assurance services 0.2 0.2 Other assurance services 0.1 0.1 Non-audit fees 0.3 0.3 Auditor\u2019s remuneration 3.0 2.0 Details of the Group\u2019s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 75. Audit-related assurance services relate to the interim review. No services were provided pursuant to contingent fee arrangements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-487": {
"value": "9 Employees and Directors \u00a3 millions 2022/23 2021/22 Wages and salaries 1,628 1,667 Social security costs 295 298 Post-employment benefits Defined contribution 47 43 Defined benefit (service cost) 13 14 Share-based compensation 19 27 Employee benefit expenses 2,002 2,049 Number thousands 2022/23 2021/22 Stores 73 76 Administration 7 6 Average number of persons employed 80 82 The average number of persons employed excludes those employed by the Group\u2019s joint ventures and associates. Remuneration of key management personnel \u00a3 millions 2022/23 2021/22 Short-term employee benefits 9.1 10.0 Post-employment benefits 1.0 0.6 Termination benefits 0.8 \u2013 Share-based compensation 4.3 9.8 15.2 20.4 The Group defines key management personnel as being those members of the Board of Directors and the Group Executive. Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 77 to 100. Other than as set out in the Directors\u2019 Remuneration Report, there have been no transactions with key management during the year (2021/22: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-534": {
"value": "Remuneration of key management personnel \u00a3 millions 2022/23 2021/22 Short-term employee benefits 9.1 10.0 Post-employment benefits 1.0 0.6 Termination benefits 0.8 \u2013 Share-based compensation 4.3 9.8 15.2 20.4 The Group defines key management personnel as being those members of the Board of Directors and the Group Executive. Further detail with respect to the Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on pages 77 to 100. Other than as set out in the Directors\u2019 Remuneration Report, there have been no transactions with key management during the year (2021/22: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-488": {
"value": "10 Income tax expense \u00a3 millions 2022/23 2021/22 UK corporation tax Current tax on profits for the year (44) (80) Adjustments in respect of prior years 3 2 (41) (78) Overseas tax Current tax on profits for the year (77) (87) Adjustments in respect of prior years 4 31 (73) (56) Current tax (114) (134) Deferred tax Current year (25) (56) Adjustments in respect of prior years (3) 1 Adjustments in respect of changes in tax rates 2 25 Deferred tax (26) (30) Income tax expense (140) (164) Factors affecting tax charge for the year The tax charge for the year differs from the standard rate of corporation tax in the UK of 19% (2021/22: 19%). The differences are explained below: \u00a3 millions 2022/23 2021/22 Profit before taxation 611 1,007 Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021/22: 19%) (116) (191) Net expense not deductible for tax purposes (18) (8) Temporary differences: Losses not recognised (6) (3) Foreign tax rate differences (6) (21) Adjustments in respect of prior years 4 34 Adjustments in respect of changes in tax rates 2 25 Income tax expense (140) (164) The adjusted effective tax rate on profit before adjusting items is 22% (2021/22: 22%). The effective tax rate calculation is set out in the Financial Review on page 41. The overall tax rate for the year is 23% (2021/22: 16%). This predominately reflects the blend of tax rates and profits in the Group\u2019s various jurisdictions, the applicable tax treatment of adjusting items and losses made by companies which have not been recognised for deferred tax. This has been partially offset by a release of prior year provisions which reflect a reassessment of expected outcomes, agreed positions with tax authorities and items that have time expired. Net expense not deductible for tax purposes does not include any significant values that have been netted off. In addition to the amounts charged to the income statement, tax of \u00a3110m has been credited directly to equity (2021/22: \u00a321m charge) of which a \u00a33m credit (2021/22: \u00a34m credit) is included in current tax and a \u00a3107m credit (2021/22: \u00a325m charge) is included in deferred tax. This principally relates to post-employment benefits. During the year, a payment of \u20ac40m (\u00a334m) was made to the French tax authorities relating to a historic tax liability. This amount was fully provided for at the prior year end. Changes in tax rates The UK Government announced on 3 March 2021 the intention to increase the corporation tax rate from 19% to 25% with effect from 1 April 2023, which was substantively enacted on 24 May 2021. This increase in rate had the effect of reducing the net deferred tax liability as reported by \u00a325m and was reflected in the prior year financial statements. French legislation has progressively reduced the applicable corporate tax rate in France for large companies to 25.83% by 2022/23, which is reflected in these financial statements (2021/22: 28.41%). There were no significant changes to tax rates announced in the year relating to the other overseas territories in which the Group operates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-489": {
"value": "11 Earnings per share Pence 2022/23 2021/22 Basic earnings per share 23.8 40.3 Effect of dilutive share options per share (0.3) (0.5) Diluted earnings per share 23.5 39.8 Basic earnings per share 23.8 40.3 Adjusting items before tax per share 7.4 (2.8) Prior year and other adjusting tax items per share (1.5) (2.3) Adjusted basic earnings per share 29.7 35.2 Diluted earnings per share 23.5 39.8 Adjusting items before tax per share 7.3 (2.7) Prior year and other adjusting tax items per share (1.4) (2.3) Adjusted diluted earnings per share 29.4 34.8 11 Earnings per share continued Basic earnings per share is calculated by dividing the profit for the year attributable to equity shareholders of the Company by the weighted average number of shares in issue during the year, excluding those held in the Employee Share Ownership Plan trust (\u2018ESOP trust\u2019) which for the purpose of this calculation are treated as cancelled. For diluted earnings per share, the weighted average number of shares is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where both the exercise price is less than the average market price of the Company\u2019s shares during the year and any related performance conditions have been met. The calculation of basic and diluted earnings per share is based on the profit for the year attributable to equity shareholders of the Company. A reconciliation of statutory earnings to adjusted earnings is set out below: \u00a3 millions 2022/23 2021/22 Earnings 471 843 Adjusting items before tax 147 (58) Prior year and other adjusting tax items (29) (48) Adjusted earnings 589 737 The weighted average number of shares in issue during the year, excluding those held in the Employee Share Ownership Plan Trust (\u2018ESOP trust\u2019), is set out below: Weighted average number of shares (millions) 2022/23 2021/22 Basic 1,980 2,092 Diluted 2,002 2,116 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-490": {
"value": "12 Dividends \u00a3 millions 2022/23 2021/22 Dividends paid to equity shareholders of the Company Ordinary interim dividend for the year ended 31 January 2023 of 3.80p per share (year ended 31 January 2022: 3.80p per share) 74 80 Ordinary final dividend for the year ended 31 January 2022 of 8.60p per share (year ended 31 January 2021: 5.50p per share) 172 116 Ordinary interim dividend for the year ended 31 January 2021 of 2.75p per share \u2013 58 246 254 The proposed dividend for the year ended 31 January 2023, subject to approval by shareholders at the Annual General Meeting, is 12.40p per share, comprising an interim dividend of 3.80p in respect of the six months ended 31 July 2022 and a final dividend of 8.60p. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-535": {
"value": "13 Goodwill \u00a3 millions Cost At 1 February 2022 2,457 Exchange differences \u2013 At 31 January 2023 2,457 Impairment At 1 February 2022 (33) Charge for the year (16) At 31 January 2023 (49) Net carrying amount At 31 January 2023 2,408 Cost At 1 February 2021 2,460 Exchange differences (3) At 31 January 2022 2,457 Impairment At 1 February 2021 (33) At 31 January 2022 (33) Net carrying amount At 31 January 2022 2,424 An impairment charge of \u00a316m has been recorded in the year (2021/22: \u00a3nil) relating to the Romania business, which forms part of the \u2018Other International\u2019 operating segment. This has arisen due to a significant increase in the discount rate and revised financial projections. Impairment tests for goodwill Goodwill has been allocated for impairment testing purposes to groups of cash generating units (\u2018CGUs\u2019) as follows: \u00a3 millions UK France Poland Romania NeedHelp Total At 31 January 2023 Cost 1,796 523 81 49 8 2,457 Impairment \u2013 \u2013 \u2013 (49) \u2013 (49) Net carrying amount 1,796 523 81 \u2013 8 2,408 At 31 January 2022 Cost 1,796 523 81 49 8 2,457 Impairment \u2013 \u2013 \u2013 (33) \u2013 (33) Net carrying amount 1,796 523 81 16 8 2,424 The recoverable amounts of the CGUs have been determined based on value-in-use calculations. The groups of CGUs for which the carrying amount of goodwill is deemed significant are the UK, France and Poland. The key assumptions used for value-in-use calculations are set out below. 13 Goodwill continued Assumptions The cash flow projections are based on approved strategic plans covering a three-year period. These are based on both past performance and expectations for future market development. The projections reflect the expected benefits from certain strategic initiatives, including an increased offer, an improved digital journey and improved operational efficiency. As required under IFRS, cash flows related to uncommitted future restructurings and enhancement capital expenditure are excluded from the projections for impairment testing purposes. For further details, refer to the Strategic Report on pages 1 to 61. Key drivers in the strategic plans are sales growth, margin and operating profit percentages. Sales projections take into consideration both external factors such as market expectations, and internal factors such as execution on our strategy. They assume sales increases in each country that are driven by an enlarged offer, an improved digital journey and local trading initiatives, supported by structural changes in the growth of the home improvement market. Assumed gross margin percentages benefit from increased sales of the Group\u2019s higher margin own exclusive brands (OEB), vendor negotiations and operational leverage from increased sales on logistics and distribution costs. Assumed operating profit percentages reflect better utilisation of fixed costs as well as cost savings through operational efficiencies, including a more efficient organisation and leveraging our goods-not-for-resale spend. Cash flows beyond the period of the strategic plans are calculated using a growth rate which does not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs operate. The Board has reviewed a sensitivity analysis and does not consider that a reasonably possible change in the assumptions used in the value-in-use calculations would cause the carrying amounts of the UK, France and Poland CGUs to exceed their recoverable amounts. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the CGU operates. The risk adjusted nominal discount rates and long-term nominal growth rates used are as follows: Annual % rate 2022/23 2021/22 UK France Poland UK France Poland Pre-tax discount rate 11.7 11.3 12.5 9.2 8.9 10.6 Post-tax discount rate 9.3 9.0 10.8 7.6 7.3 9.3 Long-term growth rate 2.0 2.3 3.5 2.7 2.3 3.7 14 Other intangible assets \u00a3 millions Computer software Other Total Cost At 1 February 2022 836 14 850 Additions 127 \u2013 127 Disposals (78) \u2013 (78) Exchange differences 3 2 5 At 31 January 2023 888 16 904 Amortisation At 1 February 2022 (511) (9) (520) Charge for the year (84) \u2013 (84) Impairment losses \u2013 (3) (3) Disposals 78 \u2013 78 Exchange differences (3) (1) (4) At 31 January 2023 (520) (13) (533) Net carrying amount At 31 January 2023 368 3 371 Cost At 1 February 2021 767 16 783 Additions 95 \u2013 95 Disposals (22) (2) (24) Exchange differences (4) \u2013 (4) At 31 January 2022 836 14 850 Amortisation At 1 February 2021 (452) (11) (463) Charge for the year (81) (1) (82) Impairment losses (2) \u2013 (2) Disposals 22 2 24 Exchange differences 2 1 3 At 31 January 2022 (511) (9) (520) Net carrying amount At 31 January 2022 325 5 330 Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group. This included expenditure related to the continued roll-out of a common IT platform, which is amortised over its estimated useful life of 10 years as it becomes available for use in the operating companies. Computer software cost includes \u00a3418m (2021/22: \u00a3436m) of internally generated development costs with a \u00a3202m (2021/22: \u00a3206m) net carrying amount. None of the Group\u2019s other intangible assets have indefinite useful lives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-491": {
"value": "13 Goodwill \u00a3 millions Cost At 1 February 2022 2,457 Exchange differences \u2013 At 31 January 2023 2,457 Impairment At 1 February 2022 (33) Charge for the year (16) At 31 January 2023 (49) Net carrying amount At 31 January 2023 2,408 Cost At 1 February 2021 2,460 Exchange differences (3) At 31 January 2022 2,457 Impairment At 1 February 2021 (33) At 31 January 2022 (33) Net carrying amount At 31 January 2022 2,424 An impairment charge of \u00a316m has been recorded in the year (2021/22: \u00a3nil) relating to the Romania business, which forms part of the \u2018Other International\u2019 operating segment. This has arisen due to a significant increase in the discount rate and revised financial projections. Impairment tests for goodwill Goodwill has been allocated for impairment testing purposes to groups of cash generating units (\u2018CGUs\u2019) as follows: \u00a3 millions UK France Poland Romania NeedHelp Total At 31 January 2023 Cost 1,796 523 81 49 8 2,457 Impairment \u2013 \u2013 \u2013 (49) \u2013 (49) Net carrying amount 1,796 523 81 \u2013 8 2,408 At 31 January 2022 Cost 1,796 523 81 49 8 2,457 Impairment \u2013 \u2013 \u2013 (33) \u2013 (33) Net carrying amount 1,796 523 81 16 8 2,424 The recoverable amounts of the CGUs have been determined based on value-in-use calculations. The groups of CGUs for which the carrying amount of goodwill is deemed significant are the UK, France and Poland. The key assumptions used for value-in-use calculations are set out below. 13 Goodwill continued Assumptions The cash flow projections are based on approved strategic plans covering a three-year period. These are based on both past performance and expectations for future market development. The projections reflect the expected benefits from certain strategic initiatives, including an increased offer, an improved digital journey and improved operational efficiency. As required under IFRS, cash flows related to uncommitted future restructurings and enhancement capital expenditure are excluded from the projections for impairment testing purposes. For further details, refer to the Strategic Report on pages 1 to 61. Key drivers in the strategic plans are sales growth, margin and operating profit percentages. Sales projections take into consideration both external factors such as market expectations, and internal factors such as execution on our strategy. They assume sales increases in each country that are driven by an enlarged offer, an improved digital journey and local trading initiatives, supported by structural changes in the growth of the home improvement market. Assumed gross margin percentages benefit from increased sales of the Group\u2019s higher margin own exclusive brands (OEB), vendor negotiations and operational leverage from increased sales on logistics and distribution costs. Assumed operating profit percentages reflect better utilisation of fixed costs as well as cost savings through operational efficiencies, including a more efficient organisation and leveraging our goods-not-for-resale spend. Cash flows beyond the period of the strategic plans are calculated using a growth rate which does not exceed the long-term average growth rate for the countries in which the Group\u2019s CGUs operate. The Board has reviewed a sensitivity analysis and does not consider that a reasonably possible change in the assumptions used in the value-in-use calculations would cause the carrying amounts of the UK, France and Poland CGUs to exceed their recoverable amounts. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made for each country in which the CGU operates. The risk adjusted nominal discount rates and long-term nominal growth rates used are as follows: Annual % rate 2022/23 2021/22 UK France Poland UK France Poland Pre-tax discount rate 11.7 11.3 12.5 9.2 8.9 10.6 Post-tax discount rate 9.3 9.0 10.8 7.6 7.3 9.3 Long-term growth rate 2.0 2.3 3.5 2.7 2.3 3.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-492": {
"value": "14 Other intangible assets \u00a3 millions Computer software Other Total Cost At 1 February 2022 836 14 850 Additions 127 \u2013 127 Disposals (78) \u2013 (78) Exchange differences 3 2 5 At 31 January 2023 888 16 904 Amortisation At 1 February 2022 (511) (9) (520) Charge for the year (84) \u2013 (84) Impairment losses \u2013 (3) (3) Disposals 78 \u2013 78 Exchange differences (3) (1) (4) At 31 January 2023 (520) (13) (533) Net carrying amount At 31 January 2023 368 3 371 Cost At 1 February 2021 767 16 783 Additions 95 \u2013 95 Disposals (22) (2) (24) Exchange differences (4) \u2013 (4) At 31 January 2022 836 14 850 Amortisation At 1 February 2021 (452) (11) (463) Charge for the year (81) (1) (82) Impairment losses (2) \u2013 (2) Disposals 22 2 24 Exchange differences 2 1 3 At 31 January 2022 (511) (9) (520) Net carrying amount At 31 January 2022 325 5 330 Additions in the current and prior year primarily related to the development of IT infrastructure for the benefit of the Group. This included expenditure related to the continued roll-out of a common IT platform, which is amortised over its estimated useful life of 10 years as it becomes available for use in the operating companies. Computer software cost includes \u00a3418m (2021/22: \u00a3436m) of internally generated development costs with a \u00a3202m (2021/22: \u00a3206m) net carrying amount. None of the Group\u2019s other intangible assets have indefinite useful lives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-493": {
"value": "15 Property, plant and equipment \u00a3 millions Land and buildings Fixtures, fittings and equipment Total Cost At 1 February 2022 2,596 3,186 5,782 Additions 45 280 325 Disposals (2) (40) (42) Exchange differences 98 60 158 At 31 January 2023 2,737 3,486 6,223 Depreciation At 1 February 2022 (473) (2,231) (2,704) Charge for the year (35) (164) (199) Impairment reversals 5 \u2013 5 Impairment losses (67) (33) (100) Disposals 1 39 40 Exchange differences (21) (39) (60) At 31 January 2023 (590) (2,428) (3,018) Net carrying amount At 31 January 2023 2,147 1,058 3,205 Cost At 1 February 2021 2,699 3,041 5,740 Additions 55 262 317 Disposals (2) (43) (45) Reclassified to investment property (12) (2) (14) Transfers to assets held for sale (18) \u2013 (18) Exchange differences (126) (72) (198) At 31 January 2022 2,596 3,186 5,782 Depreciation At 1 February 2021 (496) (2,169) (2,665) Charge for the year (35) (153) (188) Impairment reversals 34 11 45 Impairment losses (18) (6) (24) Disposals 2 41 43 Reclassified to investment property 1 \u2013 1 Transfers to assets held for sale 16 \u2013 16 Exchange differences 23 45 68 At 31 January 2022 (473) (2,231) (2,704) Net carrying amount At 31 January 2022 2,123 955 3,078 Assets in the course of construction included above at net carrying amount At 31 January 2023 24 195 219 At 31 January 2022 17 176 193 Net impairment charges of \u00a395m have been recorded in the year (2021/22: \u00a321m net reversals). Current year impairment charges principally relate to store property and equipment assets in the UK and France, resulting from increased discount rates and revised financial projections. The net store impairment charges of \u00a395m have been recorded as adjusting items. Total capitalised borrowing costs included within property, plant and equipment, net of depreciation, is \u00a316m (2021/22: \u00a316m). The Group does not revalue properties within its financial statements. A formal valuation of the portfolio was undertaken by external professional valuers in October 2022, with the valuations then updated to 31 January 2023. Based on this exercise the value of property is \u00a32.8bn (2021/22: \u00a32.7bn) on a sale and leaseback basis with Kingfisher in occupancy. The key assumption used in calculating this is the estimated yields. Property, plant and equipment market valuations are considered to have been determined by level 3 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019. A vacant possession valuation basis is used to approximate the fair value less costs to sell when reviewing for impairment. Fixtures, fittings and equipment includes items such as store racking, computers and electronic equipment, motor cars and commercial vehicles. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-494": {
"value": "16 Investment property \u00a3 millions Cost At 1 February 2022 39 Reclassified from assets held for sale 2 At 31 January 2023 41 Depreciation At 1 February 2022 (6) Impairment losses (5) At 31 January 2023 (11) Net carrying amount At 31 January 2023 30 Cost At 1 February 2021 25 Reclassified from property, plant and equipment 14 At 31 January 2022 39 Depreciation At 1 February 2021 (5) Reclassified from property, plant and equipment (1) At 31 January 2022 (6) Net carrying amount At 31 January 2022 33 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-495": {
"value": "17 Leases The Group is a lessee of various retail stores, offices, warehouses and plant and equipment under lease agreements with varying terms, escalation clauses and renewal rights. The Group is also a lessor and sub-lessor of space with freehold and leasehold properties respectively. Right-of-use assets \u00a3 millions 2022/23 2021/22 Land and buildings 1,873 1,806 Fixtures, fittings and equipment 74 79 Net carrying amount 1,947 1,885 Leased fixtures, fittings and equipment includes items such as mechanical handling equipment and vehicles. \u00a3 millions 2022/23 2021/22 At beginning of year 1,885 1,845 Additions 1 339 314 Depreciation charge for the year (299) (285) Impairment reversals 5 17 Impairment losses (41) (5) Other movements 34 32 Exchange differences 24 (33) At end of year 1,947 1,885 1. Right-of-use asset additions include new leases, lease renewals and increases in term and/or scope for existing leases. Net right-of-use asset impairment charges of \u00a336m (2021/22: \u00a312m net reversals) have been recorded resulting from increased discount rates and revised financial projections. The net store impairment charges of \u00a336m have been recorded as adjusting items. Amounts included in profit and loss \u00a3 millions 2022/23 2021/22 Short term rentals (65) (43) Sublease income 1 1 Depreciation of right-of-use assets Property leases (262) (246) Equipment leases (37) (39) Interest on lease liabilities Property leases (120) (131) Equipment leases (4) (4) Amounts recognised in the cash flow statement \u00a3 millions 2022/23 2021/22 Interest element of lease rental payments Property leases (120) (131) Equipment leases (4) (4) Principal element of lease rental payments Property leases (292) (303) Equipment leases (37) (38) Total cash outflow for leases (453) (476) Maturity analysis of operating lease receivables Undiscounted total future minimum rentals receivable under non-cancellable operating leases are as follows: \u00a3 millions 2022/23 2021/22 Year 1 4 4 Year 2 4 3 Year 3 3 3 Year 4 3 2 Year 5 3 2 Year 6 and onwards 16 11 33 25 Maturity analysis of finance lease receivables The following table reconciles the undiscounted sublease rentals receivable under non-cancellable finance leases to the present value of sublease receivables as disclosed as part of trade and other receivables (note 20): \u00a3 millions 2022/23 2021/22 Year 1 4 4 Year 2 5 5 Year 3 3 5 Year 4 2 3 Year 5 1 2 Year 6 and onwards 1 2 Total undiscounted sublease receipts receivable 16 21 Unearned finance income (3) (4) Sublease receivables 13 17 Other lease disclosures The maturity analysis of lease liabilities has been reflected in note 25 Financial risk management. Lease arrangements under which rental payments are contingent upon sales, other performance or usage are not significant for the Group. There are no corporate restrictions imposed by lease arrangements such as those concerning dividends, additional debt and further leasing. Sale and leaseback transactions No sale and leaseback transactions were entered into in the current or prior year .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-496": {
"value": "18 Investments in joint ventures and associates \u00a3 millions 2022/23 At 1 February 2022 17 Share of post-tax results 5 Dividends (3) Exchange differences 11 At 31 January 2023 30 \u00a3 millions 2021/22 At 1 February 2021 20 Share of post-tax results 5 Dividends (1) Exchange differences (7) At 31 January 2022 17 No goodwill is included in the carrying amount of investments in joint ventures and associates (2021/22: \u00a3nil). Details of the Group\u2019s significant joint ventures and associates are shown below: Principal place of business % interest held Class of shares owned Main activity Principal joint venture Ko\u00e7ta\u015f Yapi Marketleri Ticaret A.S. 1 Turkey 50% Ordinary Retailing Principal associate Crealfi S.A. 1 France 49% Ordinary Finance 1. The financial statements of these companies are prepared to 31 December. Aggregate amounts relating to joint ventures and associates: 2022/23 2021/22 \u00a3 millions Joint ventures Associates Total Joint ventures Associates Total Non-current assets 24 2 26 8 2 10 Current assets 48 43 91 29 42 71 Current liabilities (46) (35) (81) (28) (35) (63) Non-current liabilities (5) (1) (6) \u2013 (1) (1) Share of net assets 21 9 30 9 8 17 Sales 143 3 146 110 3 113 Operating expenses (135) (2) (137) (103) (3) (106) Operating profit 8 1 9 7 \u2013 7 Net finance costs \u2013 \u2013 \u2013 (2) \u2013 (2) Profit before taxation 8 1 9 5 \u2013 5 Income tax expense (4) \u2013 (4) \u2013 \u2013 \u2013 Share of post-tax results 4 1 5 5 \u2013 5 Following the International Monetary Fund\u2019s classification of Turkey as a hyperinflationary economy during the year, the IASB prescribed the application of IAS 29 \u2013 Financial reporting in hyper-inflationary economies for entities with the currency of Turkey as their functional currency. IAS 29 requires affected entities to state their financial statements in terms of the purchasing power at the end of the reporting period. The Group\u2019s Turkish joint venture, Koctas, has prepared its financial statements under IAS 29. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-536": {
"value": "18 Investments in joint ventures and associates \u00a3 millions 2022/23 At 1 February 2022 17 Share of post-tax results 5 Dividends (3) Exchange differences 11 At 31 January 2023 30 \u00a3 millions 2021/22 At 1 February 2021 20 Share of post-tax results 5 Dividends (1) Exchange differences (7) At 31 January 2022 17 No goodwill is included in the carrying amount of investments in joint ventures and associates (2021/22: \u00a3nil). Details of the Group\u2019s significant joint ventures and associates are shown below: Principal place of business % interest held Class of shares owned Main activity Principal joint venture Ko\u00e7ta\u015f Yapi Marketleri Ticaret A.S. 1 Turkey 50% Ordinary Retailing Principal associate Crealfi S.A. 1 France 49% Ordinary Finance 1. The financial statements of these companies are prepared to 31 December. Aggregate amounts relating to joint ventures and associates: 2022/23 2021/22 \u00a3 millions Joint ventures Associates Total Joint ventures Associates Total Non-current assets 24 2 26 8 2 10 Current assets 48 43 91 29 42 71 Current liabilities (46) (35) (81) (28) (35) (63) Non-current liabilities (5) (1) (6) \u2013 (1) (1) Share of net assets 21 9 30 9 8 17 Sales 143 3 146 110 3 113 Operating expenses (135) (2) (137) (103) (3) (106) Operating profit 8 1 9 7 \u2013 7 Net finance costs \u2013 \u2013 \u2013 (2) \u2013 (2) Profit before taxation 8 1 9 5 \u2013 5 Income tax expense (4) \u2013 (4) \u2013 \u2013 \u2013 Share of post-tax results 4 1 5 5 \u2013 5 Following the International Monetary Fund\u2019s classification of Turkey as a hyperinflationary economy during the year, the IASB prescribed the application of IAS 29 \u2013 Financial reporting in hyper-inflationary economies for entities with the currency of Turkey as their functional currency. IAS 29 requires affected entities to state their financial statements in terms of the purchasing power at the end of the reporting period. The Group\u2019s Turkish joint venture, Koctas, has prepared its financial statements under IAS 29. Note, IAS 29 does not require the restatement of prior year comparative figures in the consolidated financial statements. For 2022/23, the application of IAS 29 has resulted in a \u00a39m increase in the Group\u2019s investment in the joint venture, a \u00a34m charge to the consolidated income statement and a \u00a313m credit to Other Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-497": {
"value": "19 Inventories \u00a3 millions 2022/23 2021/22 Finished goods for resale 3,070 2,749 The cost of inventories recognised as an expense and included in cost of sales for the year ended 31 January 2023 is \u00a37,437m (2021/22: \u00a37,401m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-498": {
"value": "20 Trade and other receivables \u00a3 millions 2022/23 2021/22 Non-current Prepayments 9 8 Sublease receivables 10 14 19 22 Current Trade receivables 89 71 Allowance for expected credit losses (8) (7) Net trade receivables 81 64 Property receivables 5 3 Sublease receivables 3 3 Merchandise returns asset 11 11 Prepayments 64 67 Rebates due from suppliers 143 114 Business disposal consideration receivable \u2013 8 Other receivables 40 30 347 300 Trade and other receivables 366 322 The fair values of trade and other receivables approximate to their carrying amounts. Refer to note 25 for further information on the credit risk associated with trade and other receivables. Other receivables include items related to other taxation and social security. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-499": {
"value": "21 Cash and cash equivalents \u00a3 millions 2022/23 2021/22 Cash at bank and in hand 259 441 Cash equivalents 27 382 Cash and cash equivalents 286 823 Included in cash and cash equivalents is restricted cash of \u00a351m (2021/22: \u00a338m) relating to cash held by the Group\u2019s captive insurance company and in virtual captive arrangements. Other cash and cash equivalents, fixed for periods of up to three months, comprise bank deposits and investments in money market funds. The carrying value of cash and cash equivalents approximate their fair values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-500": {
"value": "22 Trade and other payables \u00a3 millions 2022/23 2021/22 Current Trade payables 1,291 1,352 Other taxation and social security 238 246 Deferred income 179 178 Contract to purchase own shares for cancellation 7 69 Liability to purchase own shares for ESOP trust \u2013 9 Merchandise returns provision 21 20 Payroll creditors and accruals 199 253 Accruals and other payables 548 547 2,483 2,674 Non-current Accruals and other payables 4 10 Trade and other payables 2,487 2,684 The fair values of trade and other payables approximate to their carrying amounts. Included in trade payables are amounts at 31 January 2023 of \u00a3146m (2021/22: \u00a3193m) due under supply chain finance arrangements with third party banks. Suppliers choose to enter into these arrangements, which provide them with the option of access to earlier payment at favourable interest rates from the third party banks based on Kingfisher\u2019s investment grade credit rating. If suppliers do not choose early payment under these arrangements, their invoices are settled by the third party banks in accordance with the originally agreed payment terms. Under certain of these arrangements, Kingfisher has agreed extended payment terms. The total amount outstanding on such extended payment terms at 31 January 2023 is \u00a315m (2021/22: \u00a314m). These arrangements do not provide the Group with a significant benefit of additional financing and accordingly are classified as trade payables. The contract to purchase own shares relates to a liability arising under an irrevocable buyback agreement which was in place at the balance sheet date (see note 29). Accruals and other payables include items related to goods not for resale, property, capital expenditure, insurance and interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-501": {
"value": "23 Borrowings \u00a3 millions 2022/23 2021/22 Current Bank overdrafts 16 14 16 14 Non-current Bank loans 3 2 Fixed term debt 99 \u2013 102 2 Borrowings 118 16 Bank loans Non-current bank loans have an average maturity of two years (2021/22: two years) and are arranged at fixed rates of interest with an effective interest rate of 1.8% (2021/22: 1.0%). Fixed term debt 2022/23 2021/22 Principal outstanding Maturity date Coupon Effective interest rate Carrying amount \u00a3m Carrying amount \u00a3m GBP Term Loan \u00a350m 23/12/24 1 SONIA + 0.70% 4.1% 50 \u2013 GBP Term Loan \u00a350m 17/01/25 1 SONIA + 0.75% 4.2% 49 \u2013 99 \u2013 1. During the year the Group entered into two new \u00a350m bilateral term loans with a maturity tenor of two years. Both loans were fully drawn at 31 January 2023. As at 31 January 2023, the Group had an undrawn revolving credit facility (RCF) of \u00a3550m due to expire in May 2025. The terms of the committed RCF and term loans require that the ratio of Group operating profit (excluding adjusting items) to net interest payable (excluding interest on IFRS 16 lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half and full year-ends. At 31 January 2023, Kingfisher was in compliance with this requirement. Fair values \u00a3 millions Fair value 2022/23 2021/22 Bank overdrafts 16 14 Bank loans 3 3 Fixed term debt 102 \u2013 Borrowings 121 17 Fair values of borrowings have been calculated by discounting cash flows at prevailing interest and foreign exchange rates. This has resulted in level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-502": {
"value": "24 Derivatives \u00a3 millions 2022/23 2021/22 Current assets 16 37 Non-current assets \u2013 1 Current liabilities (47) (12) Non-current liabilities (5) (1) (36) 25 The net fair value of derivatives by hedge designation at the balance sheet date is: \u00a3 millions 2022/23 2021/22 Cash flow hedges (36) 28 Non-designated hedges \u2013 (3) (36) 25 The Group holds the following derivative financial instruments at fair value: \u00a3 millions 2022/23 2021/22 Foreign exchange contracts 16 38 Derivative assets 16 38 Foreign exchange contracts (52) (13) Derivative liabilities (52) (13) (36) 25 The fair values are calculated by discounting future cash flows arising from the instruments and adjusted for credit risk. These fair value measurements are all made using observable market rates of interest, foreign exchange and credit risk. 24 Derivatives continued All the derivatives held by the Group at fair value are considered to have fair values determined by level 2 inputs as defined by the fair value hierarchy of IFRS 13, \u2018Fair value measurement\u2019, representing significant observable inputs other than quoted prices in active markets for identical assets or liabilities. There are no non-recurring fair value measurements nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. At 31 January 2023, net financing derivative assets included in net debt amount to \u00a32m (2021/22: \u00a33m liability). Cash flow hedges Forward foreign exchange contracts hedge currency exposures of forecast inventory purchases. At 31 January 2023 the Sterling equivalent amount of such contracts is \u00a31,276m (2021/22: \u00a31,236m). These are located in the derivative asset and derivative liability lines in the consolidated balance sheet with carrying amounts of \u00a316m asset and \u00a352m liability. The associated fair value gains and losses will be transferred to inventories when the purchases occur during the next 18 months. The amount recognised in other comprehensive income during the year is a gain of \u00a358m (2021/22: \u00a359m gain). Gains of \u00a3117m (2021/22: \u00a316m loss) have been transferred to inventories for contracts which matured during the year. During the year, gains of \u00a35m (2021/22: \u00a3nil) have been transferred to the income statement due to ineffectiveness arising from differences in timing and amount of forecast transactions relating to foreign currency inventory purchases. The weighted average hedged rates for derivatives outstanding at 31 January 2023 for our material currencies are EUR/USD 1.07 and GBP/USD 1.22. Hedge effectiveness is assessed at the inception of the hedge relationship and on an ongoing basis to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Group performs a qualitative and, where necessary, a quantitative assessment of effectiveness. For foreign currency inventory purchases, ineffectiveness may arise if the timing or amount of the forecast transaction changes from what was originally estimated or if there are changes in the credit risk of the Group or the derivative counterparty. Foreign currency basis spread of the derivative has been excluded from the hedge designation. The non-designated element is immediately recognised in the income statement. The amount is immaterial in both years. Non-designated hedges The Group has entered into certain derivatives to provide a hedge against fluctuations in the income statement arising from balance sheet positions. At 31 January 2023, the Sterling equivalent amount of such contracts is \u00a3481m (2021/22: \u00a3852m). These have not been accounted for as hedges, since the fair value movements of the derivatives in the income statement offset the retranslation of the balance sheet positions. These include short-term foreign exchange contracts. The Group has reviewed all significant contracts for embedded derivatives and none of these contracts has any embedded derivatives which are not closely related to the host contract and therefore the Group is not required to account for these separately. The Group enters into netting agreements with counterparties to manage the credit and settlement risks associated with over-the-counter derivatives. These netting agreements and similar arrangements generally enable the Group and its counterparties to settle cash flows on a net basis and set-off liabilities against available assets in the event that either party is unable to fulfil its contractual obligations. Offsetting of derivative assets and liabilities: \u00a3 millions Gross amounts of recognised derivatives Gross amounts offset in the consolidated balance sheet Net amounts of derivatives presented in the consolidated balance sheet Gross amounts of derivatives not offset in the consolidated balance sheet Net amount At 31 January 2023 Derivative assets 16 \u2013 16 (16) \u2013 Derivative liabilities (52) \u2013 (52) 16 (36) At 31 January 2022 Derivative assets 38 \u2013 38 (13) 25 Derivative liabilities (13) \u2013 (13) 13 \u2013 Net investment hedges Foreign currency denominated lease liabilities recognised on the adoption of IFRS 16 are designated as hedging the exposure to movements in the spot retranslation of the Group\u2019s investment in foreign subsidiaries. The gains and losses on retranslation of the hedging instruments are presented in the translation reserve within other reserves to offset gains and losses on the hedged balance sheet exposure. The nominal values of these lease liabilities is \u00a3197m (2021/22: \u00a3166m). The amount recognised in the translation reserve is a loss of \u00a33m (2021/22: \u00a31m loss). There is no ineffectiveness for 2022/23. The cumulative total amount recognised in the translation reserve in relation to net investment hedges is a loss of \u00a3112m (2021/22: \u00a3109m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-503": {
"value": "25 Financial risk management Kingfisher\u2019s treasury function has primary responsibility for managing certain financial risks to which the Group is exposed. The Board reviews the levels of exposure regularly and approves treasury policies covering the use of financial instruments required to manage these risks. Kingfisher\u2019s treasury function is not run as a profit centre and does not enter into any transactions for speculative purposes. In the normal course of business, the Group uses financial instruments including derivatives. The main types of financial instruments used are fixed term debt, bank loans and deposits, money market funds, interest rate swaps and foreign exchange contracts. Interest rate risk Borrowings arranged at floating rates of interest expose the Group to cash flow interest rate risk, whereas those arranged at fixed rates of interest expose the Group to fair value interest rate risk. The Group manages its interest rate risk by entering into certain interest rate derivative contracts which modify the interest rate payable on the Group\u2019s underlying debt instruments. Currency risk The Group\u2019s principal currency exposures are to the Euro, US Dollar, Polish Zloty and Romanian Leu. The Euro, Polish Zloty and Romanian Leu exposures are operational and arise through the ownership of retail businesses in France, Spain, Portugal, the Republic of Ireland, Poland and Romania. In particular, the Group generates a substantial part of its profit from the Eurozone and, as such, is exposed to the economic uncertainty of its member states. The Group continues to monitor potential exposures and risks and consider effective risk management solutions. It is the Group\u2019s policy not to hedge the translation of overseas earnings into Sterling. In addition, the Group has significant transactional exposure arising on the purchase of inventories denominated in US Dollars, which it hedges using forward foreign exchange contracts. Under Group policies, the Group\u2019s operating companies are required to hedge committed inventory purchases and a proportion of forecast inventory purchases arising in the next 18 months. This is monitored on an ongoing basis. The Group also has exposure to certain leases denominated in currencies which are different from the functional (reporting) currencies of the lessee. To reduce the Group\u2019s exposure to this, most of the affected lease liabilities have been designated as net investment hedges of Group assets held in the same currency. Kingfisher\u2019s policy is to manage the interest rate and currency profile of its debt and cash using derivative contracts. The effect of these contracts on the Group\u2019s net debt is as follows: \u00a3 millions 2022/23 Sterling Euro US Dollar Other TotalFixed Floating Fixed Floating Fixed Floating Fixed Floating At 31 January 2023 Net cash/(debt) before financing derivatives and lease liabilities \u2013 9 (2) 105 \u2013 28 \u2013 28 168 Financing derivatives \u2013 (425) \u2013 39 \u2013 326 \u2013 62 2 Lease liabilities (1,821) \u2013 (582) \u2013 \u2013 \u2013 (41) \u2013 (2,444) Net (debt)/cash (1,821) (416) (584) 144 \u2013 354 (41) 90 (2,274) \u00a3 millions 2021/22 Sterling Euro US Dollar Other TotalFixed Floating Fixed Floating Fixed Floating Fixed Floating At 31 January 2022 Net cash/(debt) before financing derivatives and lease liabilities \u2013 142 (2) 179 \u2013 429 \u2013 59 807 Financing derivatives \u2013 (539) \u2013 372 \u2013 136 \u2013 28 (3) Lease liabilities (1,792) \u2013 (548) \u2013 \u2013 \u2013 (36) \u2013 (2,376) Net (debt)/cash (1,792) (397) (550) 551 \u2013 565 (36) 87 (1,572) 25 Financial risk management continued Financial instruments principally affected by interest rate and currency risks, being the significant market risks impacting Kingfisher, are borrowings, deposits and derivatives. The following analysis illustrates the sensitivity of net finance costs (reflecting the impact on profit) and derivative cash flow hedges (reflecting the impact on other comprehensive income) to changes in interest rates and foreign exchange rates. \u00a3 millions 2022/23 2021/22 Net finance costs income/(costs) Net finance costs income/(costs) Effect of 1% rise in interest rates on net finance costs Sterling (4) (4) Euro 1 6 US Dollar 4 6 Other 1 1 Due to the Group\u2019s hedging arrangements and offsetting foreign currency assets and liabilities, there is no significant impact on profit from the retranslation of financial instruments. \u00a3 millions 2022/23 2021/22 Derivative cash flow hedges increase Derivative cash flow hedges increase Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges US Dollar against Sterling 50 59 US Dollar against Euro 36 36 US Dollar against other 20 16 The impact of changes in foreign exchange rates on cash flow hedges results from retranslation of forward purchases of US Dollars used to hedge forecast US Dollar purchases of inventories. The associated fair value gains and losses are deferred in equity until the purchases occur. See note 24 for further details. The sensitivity analysis excludes the impact of movements in market variables on the carrying amount of trade and other payables and receivables, due to the low associated sensitivity, and are before the effect of tax. It has been prepared on the basis that the Group\u2019s debt, hedging activities, hedge accounting designations, and foreign currency proportion of debt and derivative contracts remain constant, reflecting the positions at 31 January 2023 and 31 January 2022 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. In preparing the sensitivity analysis it is assumed that all hedges are fully effective. The effects shown above would be reversed in the event of an equal and opposite change in interest rates and foreign exchange rates. Liquidity risk The Group 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. At 31 January 2023, the Group had an undrawn revolving credit facility of \u00a3550m due to expire in May 2025. The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet. \u00a3 millions 2022/23 On demand Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years Total At 31 January 2023 Bank overdrafts (16) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (16) Trade and other payables 1 \u2013 (1,846) (4) \u2013 \u2013 \u2013 \u2013 (1,850) Bank loans and fixed term debt \u2013 (5) (105) \u2013 \u2013 \u2013 \u2013 (110) Lease liabilities \u2013 (456) (439) (399) (353) (300) (1,241) (3,188) Derivative financial liabilities: Derivative contracts \u2013 receipts \u2013 996 100 \u2013 \u2013 \u2013 \u2013 1,096 Derivative contracts \u2013 payments \u2013 (1,043) (107) \u2013 \u2013 \u2013 \u2013 (1,150) Derivative financial assets: Derivative contracts \u2013 receipts \u2013 658 3 \u2013 \u2013 \u2013 \u2013 661 Derivative contracts \u2013 payments \u2013 (643) (3) \u2013 \u2013 \u2013 \u2013 (646) \u00a3 millions 2021/22 (restated)2 On demand Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years Total At 31 January 2022 Bank overdrafts (14) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (14) Trade and other payables 1, 2 \u2013 (1,977) (10) \u2013 \u2013 \u2013 \u2013 (1,987) Bank loans \u2013 (1) (1) (1) \u2013 \u2013 \u2013 (3) Lease liabilities \u2013 (443) (423) (382) (339) (295) (1,203) (3,085) Derivative financial liabilities: Derivative contracts \u2013 receipts \u2013 954 39 \u2013 \u2013 \u2013 \u2013 993 Derivative contracts \u2013 payments \u2013 (965) (40) \u2013 \u2013 \u2013 \u2013 (1,005) Derivative financial assets: Derivative contracts \u2013 receipts \u2013 1,606 34 \u2013 \u2013 \u2013 \u2013 1,640 Derivative contracts \u2013 payments \u2013 (1,573) (34) \u2013 \u2013 \u2013 \u2013 (1,607) 1. Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and social security payables and payroll creditors and accruals. 2. Prior year amounts have been restated to exclude \u00a3253m of payroll creditors and accruals which were previously recorded within Trade and other payables due in less than 1 year. 25 Financial risk management continued Credit risk The Group manages credit risk from investing activities in accordance with treasury policy. The Group deposits surplus cash with a number of banks with strong long-term credit ratings (BBB and above) and with money market funds with AAA credit ratings offering same-day liquidity. An exposure limit for each counterparty is agreed by the Board covering the full value of deposits and the fair value of derivative assets. Credit risk is also managed by spreading investments and entering into derivative contracts across several counterparties. As of 31 January 2023 the highest total cash investment with a single counterparty was \u00a37m (2021/22: \u00a385m). The Group applies the low credit risk simplification under IFRS 9 for expected credit losses relating to cash at bank, short-term deposits and money market funds. The resulting expected credit losses are not significant. The Group\u2019s exposure to credit risk at the reporting date is the carrying value of trade and other receivables, cash at bank, short- term deposits and the fair value of derivative assets. Trade and other receivables mainly relate to trade receivables and rebates which comprise low individual balances with short maturity spread across a large number of unrelated customers and suppliers, resulting in low credit risk levels. They do not have a significant financing component and therefore the Group measures expected credit losses using lifetime expected losses. The estimated lifetime expected losses are based on historical loss rates adjusted where necessary for expected changes in economic conditions. At 31 January 2023, trade and other receivables that are past due amount to \u00a347m (2021/22: \u00a330m), of which \u00a37m (2021/22: \u00a33m) are over 120 days past due. Capital risk Capital risk management disclosures are provided in the Financial Review on page 45",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-537": {
"value": "Interest rate risk Borrowings arranged at floating rates of interest expose the Group to cash flow interest rate risk, whereas those arranged at fixed rates of interest expose the Group to fair value interest rate risk. The Group manages its interest rate risk by entering into certain interest rate derivative contracts which modify the interest rate payable on the Group\u2019s underlying debt instruments. ",
"dimensions": {
"concept": "kingfisherplc:DisclosureOfInterestRateRisk",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-538": {
"value": "Currency risk The Group\u2019s principal currency exposures are to the Euro, US Dollar, Polish Zloty and Romanian Leu. The Euro, Polish Zloty and Romanian Leu exposures are operational and arise through the ownership of retail businesses in France, Spain, Portugal, the Republic of Ireland, Poland and Romania. In particular, the Group generates a substantial part of its profit from the Eurozone and, as such, is exposed to the economic uncertainty of its member states. The Group continues to monitor potential exposures and risks and consider effective risk management solutions. It is the Group\u2019s policy not to hedge the translation of overseas earnings into Sterling. In addition, the Group has significant transactional exposure arising on the purchase of inventories denominated in US Dollars, which it hedges using forward foreign exchange contracts. Under Group policies, the Group\u2019s operating companies are required to hedge committed inventory purchases and a proportion of forecast inventory purchases arising in the next 18 months. This is monitored on an ongoing basis. The Group also has exposure to certain leases denominated in currencies which are different from the functional (reporting) currencies of the lessee. To reduce the Group\u2019s exposure to this, most of the affected lease liabilities have been designated as net investment hedges of Group assets held in the same currency. Kingfisher\u2019s policy is to manage the interest rate and currency profile of its debt and cash using derivative contracts. The effect of these contracts on the Group\u2019s net debt is as follows: \u00a3 millions 2022/23 Sterling Euro US Dollar Other Fixed Floating Fixed Floating Fixed Floating Fixed Floating At 31 January 2023 Net cash/(debt) before financing derivatives and lease liabilities \u2013 9 (2) 105 \u2013 28 \u2013 28 168 Financing derivatives \u2013 (425) \u2013 39 \u2013 326 \u2013 62 2 Lease liabilities (1,821) \u2013 (582) \u2013 \u2013 \u2013 (41) \u2013 (2,444) Net (debt)/cash (1,821) (416) (584) 144 \u2013 354 (41) 90 (2,274) \u00a3 millions 2021/22 Sterling Euro US Dollar Other Fixed Floating Fixed Floating Fixed Floating Fixed Floating At 31 January 2022 Net cash/(debt) before financing derivatives and lease liabilities \u2013 142 (2) 179 \u2013 429 \u2013 59 807 Financing derivatives \u2013 (539) \u2013 372 \u2013 136 \u2013 28 (3) Lease liabilities (1,792) \u2013 (548) \u2013 \u2013 \u2013 (36) \u2013 (2,376) Net (debt)/cash (1,792) (397) (550) 551 \u2013 565 (36) 87 (1,572) 25 Financial risk management continued Financial instruments principally affected by interest rate and currency risks, being the significant market risks impacting Kingfisher, are borrowings, deposits and derivatives. The following analysis illustrates the sensitivity of net finance costs (reflecting the impact on profit) and derivative cash flow hedges (reflecting the impact on other comprehensive income) to changes in interest rates and foreign exchange rates. \u00a3 millions 2022/23 2021/22 Net finance costs income/(costs) Net finance costs income/(costs) Effect of 1% rise in interest rates on net finance costs Sterling (4) (4) Euro 1 6 US Dollar 4 6 Other 1 1 Due to the Group\u2019s hedging arrangements and offsetting foreign currency assets and liabilities, there is no significant impact on profit from the retranslation of financial instruments. \u00a3 millions 2022/23 2021/22 Derivative cash flow hedges increase Derivative cash flow hedges increase Effect of 10% appreciation in foreign exchange rates on derivative cash flow hedges US Dollar against Sterling 50 59 US Dollar against Euro 36 36 US Dollar against other 20 16 The impact of changes in foreign exchange rates on cash flow hedges results from retranslation of forward purchases of US Dollars used to hedge forecast US Dollar purchases of inventories. The associated fair value gains and losses are deferred in equity until the purchases occur. See note 24 for further details. The sensitivity analysis excludes the impact of movements in market variables on the carrying amount of trade and other payables and receivables, due to the low associated sensitivity, and are before the effect of tax. It has been prepared on the basis that the Group\u2019s debt, hedging activities, hedge accounting designations, and foreign currency proportion of debt and derivative contracts remain constant, reflecting the positions at 31 January 2023 and 31 January 2022 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. In preparing the sensitivity analysis it is assumed that all hedges are fully effective. The effects shown above would be reversed in the event of an equal and opposite change in interest rates and foreign exchange rates. ",
"dimensions": {
"concept": "kingfisherplc:DisclosureOfCurrencyRisk",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-539": {
"value": "Liquidity risk The Group 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. At 31 January 2023, the Group had an undrawn revolving credit facility of \u00a3550m due to expire in May 2025. The following table analyses the Group\u2019s financial liabilities and derivatives into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet. \u00a3 millions 2022/23 On demand Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years Total At 31 January 2023 Bank overdrafts (16) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (16) Trade and other payables 1 \u2013 (1,846) (4) \u2013 \u2013 \u2013 \u2013 (1,850) Bank loans and fixed term debt \u2013 (5) (105) \u2013 \u2013 \u2013 \u2013 (110) Lease liabilities \u2013 (456) (439) (399) (353) (300) (1,241) (3,188) Derivative financial liabilities: Derivative contracts \u2013 receipts \u2013 996 100 \u2013 \u2013 \u2013 \u2013 1,096 Derivative contracts \u2013 payments \u2013 (1,043) (107) \u2013 \u2013 \u2013 \u2013 (1,150) Derivative financial assets: Derivative contracts \u2013 receipts \u2013 658 3 \u2013 \u2013 \u2013 \u2013 661 Derivative contracts \u2013 payments \u2013 (643) (3) \u2013 \u2013 \u2013 \u2013 (646) \u00a3 millions 2021/22 (restated)2 On demand Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years Total At 31 January 2022 Bank overdrafts (14) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (14) Trade and other payables 1, 2 \u2013 (1,977) (10) \u2013 \u2013 \u2013 \u2013 (1,987) Bank loans \u2013 (1) (1) (1) \u2013 \u2013 \u2013 (3) Lease liabilities \u2013 (443) (423) (382) (339) (295) (1,203) (3,085) Derivative financial liabilities: Derivative contracts \u2013 receipts \u2013 954 39 \u2013 \u2013 \u2013 \u2013 993 Derivative contracts \u2013 payments \u2013 (965) (40) \u2013 \u2013 \u2013 \u2013 (1,005) Derivative financial assets: Derivative contracts \u2013 receipts \u2013 1,606 34 \u2013 \u2013 \u2013 \u2013 1,640 Derivative contracts \u2013 payments \u2013 (1,573) (34) \u2013 \u2013 \u2013 \u2013 (1,607) 1. Excluding non-financial items relating to deferred income and merchandise returns provisions and non-contractual items relating to other taxation and social security payables and payroll creditors and accruals. 2. Prior year amounts have been restated to exclude \u00a3253m of payroll creditors and accruals which were previously recorded within Trade and other payables due in less than 1 year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-540": {
"value": "Credit risk The Group manages credit risk from investing activities in accordance with treasury policy. The Group deposits surplus cash with a number of banks with strong long-term credit ratings (BBB and above) and with money market funds with AAA credit ratings offering same-day liquidity. An exposure limit for each counterparty is agreed by the Board covering the full value of deposits and the fair value of derivative assets. Credit risk is also managed by spreading investments and entering into derivative contracts across several counterparties. As of 31 January 2023 the highest total cash investment with a single counterparty was \u00a37m (2021/22: \u00a385m). The Group applies the low credit risk simplification under IFRS 9 for expected credit losses relating to cash at bank, short-term deposits and money market funds. The resulting expected credit losses are not significant. The Group\u2019s exposure to credit risk at the reporting date is the carrying value of trade and other receivables, cash at bank, short- term deposits and the fair value of derivative assets. Trade and other receivables mainly relate to trade receivables and rebates which comprise low individual balances with short maturity spread across a large number of unrelated customers and suppliers, resulting in low credit risk levels. They do not have a significant financing component and therefore the Group measures expected credit losses using lifetime expected losses. The estimated lifetime expected losses are based on historical loss rates adjusted where necessary for expected changes in economic conditions. At 31 January 2023, trade and other receivables that are past due amount to \u00a347m (2021/22: \u00a330m), of which \u00a37m (2021/22: \u00a33m) are over 120 days past due. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-541": {
"value": "Capital risk Capital risk management disclosures are provided in the Financial Review on page 45. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-504": {
"value": "26 Deferred tax \u00a3 millions 2022/23 2021/22 Deferred tax assets 16 10 Deferred tax liabilities (205) (276) (189) (266) Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends, and has the legally enforceable right, to settle its current tax assets and liabilities on a net basis. \u00a3 millions 2022/23 Accelerated tax depreciation Gains on property Leases Short term timing differences Tax losses Post- employment benefits Investment in subsidiaries Other Total At 1 February 2022 (170) (61) 127 42 1 (197) (1) (7) (266) (Charge)/credit to income statement (38) 7 \u2013 2 \u2013 2 \u2013 1 (26) Credit/(charge) to equity \u2013 \u2013 1 (1) \u2013 94 \u2013 13 107 Exchange differences (7) (2) 2 1 \u2013 2 \u2013 \u2013 (4) At 31 January 2023 (215) (56) 130 44 1 (99) (1) 7 (189) 2021/22 \u00a3 millions Accelerated tax depreciation Gains on property Leases Short term timing differences Tax losses Post- employment benefits Investment in subsidiaries Other Total At 1 February 2021 (142) (58) 111 49 1 (186) (2) 10 (217) (Charge)/credit to income statement (37) (5) 17 (8) \u2013 2 1 \u2013 (30) Credit/(charge) to equity \u2013 \u2013 \u2013 3 \u2013 (11) \u2013 (17) (25) Exchange differences 9 2 (1) (2) \u2013 (2) \u2013 \u2013 6 At 31 January 2022 (170) (61) 127 42 1 (197) (1) (7) (266) At the balance sheet date, the Group has unused trading tax losses of \u00a3215m (2021/22: \u00a3218m) available for offset against future profits. A deferred tax asset of \u00a31m has been recognised in respect of such losses (2021/22: \u00a31m). No deferred tax asset has been recognised in respect of the remaining \u00a3214m (2021/22: \u00a3217m) due to the unpredictability of future profit streams. Included in this amount there are tax losses arising in Romania of \u00a3141m (2021/22: \u00a3139m) which can only be carried forward for a maximum of seven years. Of these, \u00a36m will expire in the next twelve months, \u00a394m in the next two to five years, and \u00a341m in the next six to seven years. Other unrecognised losses may be carried forward indefinitely. At the balance sheet date, the Group also has unused capital tax losses of \u00a310m (2021/22: \u00a313m) available for offset against future capital gains. No deferred tax asset has been recognised in the year in respect of such losses (2021/22: \u00a3nil). All of these losses may be carried forward indefinitely. A deferred tax liability of \u00a31m (2021/22: \u00a31m) has been recognised in the period, reflecting the withholding tax anticipated to arise in light of a planned repatriation of certain earnings that were generated in the current year. Except for this liability, all other unremitted earnings of overseas subsidiaries and joint ventures are continually reinvested by the Group. Therefore as no tax is expected to be payable on these earnings in the foreseeable future, no deferred tax liabilities are recorded in relation to them. Additional earnings which could be remitted on which there would be tax to pay total \u00a3235m (2021/22: \u00a3208m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-505": {
"value": "27 Provisions \u00a3 millions Onerous property contracts Restructuring Total At 1 February 2022 6 27 33 Releases to income statement \u2013 (3) (3) Utilised in the year (2) (8) (10) At 31 January 2023 4 16 20 Current liabilities 3 7 10 Non-current liabilities 1 9 10 4 16 20 Onerous property contracts exclude contracts related to restructuring programmes which are included in the restructuring provisions. The provisions are based on the present value of future cash outflows relating to rates and service charges. Rental obligations under onerous property contracts are included within lease liabilities. Restructuring provisions include both the cost of people change and the cost to exit stores and property contracts. Restructuring provisions predominately relate to costs in France to restructure the business as part of the Group\u2019s legacy transformation and store closure plans. Releases to the income statement in the current year of \u00a33m are principally related to cost savings as compared with the original restructuring provisions recognised. The restructuring provision releases of \u00a33m have been recorded as adjusting items in line with the original classification of the related provision charges. The ultimate costs and timing of cash flows related to the above provisions are largely dependent on the timing of the related people costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-506": {
"value": "28 Post-employment benefits The Group operates a variety of post-employment benefit arrangements covering both funded and unfunded defined benefit schemes and defined contribution schemes. The most significant defined benefit and defined contribution schemes are in the UK. The principal overseas defined benefit schemes are in France, where they are mainly retirement indemnity in nature. Defined contribution schemes Costs for the Group\u2019s defined contribution pension schemes, at rates specified in the individual schemes\u2019 rules, are as follows: \u00a3 millions 2022/23 2021/22 Charge to operating profit 47 43 From July 2012, an enhanced defined contribution pension scheme was offered to all UK employees. Eligible UK employees have been automatically enrolled into the scheme since 31 March 2013. Defined benefit schemes The Group\u2019s principal defined benefit arrangement is its funded, final salary pension scheme in the UK. This scheme was closed to new entrants from April 2004 and was closed to future benefit accrual from July 2012. The scheme operates under trust law and is managed and administered by the Trustee on behalf of members in accordance with the terms of the Trust Deed and Rules and relevant legislation. The Trustee Board consists of ten Trustee Directors, made up of five employer-appointed Directors, one independent Director and four member-nominated Directors. The Trustee Board delegates day-to-day administration of the scheme to the Group pensions department of Kingfisher plc. The main risk to the Group is that additional contributions are required if investment returns and demographic experience are worse than expected. The scheme therefore exposes the Group to actuarial risks, such as longevity risk, currency risk, inflation risk, interest rate risk and market (investment) risk. The Trustee Board regularly reviews such risks and mitigating controls, with a risk register being formally approved on an annual basis. The assets of the scheme are held separately from the Group and the Trustee\u2019s investment strategy includes a planned medium-term de-risking of assets, switching from return-seeking to liability-matching assets. Other de-risking activities have included the scheme acquiring an interest in a property partnership, as set out further below, and entering into bulk annuities. A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee and the last full valuation was carried out as at 31 March 2022. Following this valuation and in accordance with the scheme\u2019s Statement of Funding Principles, the Trustee and Kingfisher have agreed to cease annual employer contributions during the period from August 2022 to July 2025. This agreement has been reached with reference to a funding objective that targets a longer-term, low risk funding position in excess of the minimum statutory funding requirements. This longer-term objective is based on the principle of the scheme reaching a point where it can provide benefits to members with a high level of security, thereby limiting its reliance on the employer for future support. The Company monitors the scheme funding level on a regular basis and will reassess with the scheme Trustee the appropriate level of contributions at future valuations. The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind up, or otherwise augment the benefits due to members of, the scheme. Based on these rights, any net surplus in the UK scheme is recognised in full. 28 Post-employment benefits continued
UK scheme interest in property partnership
In 2010/11, the Group established a partnership, Kingfisher Scottish Limited Partnership (\u2018Kingfisher SLP\u2019), as part of an arrangement
with the UK scheme Trustee to address an element of the scheme deficit and provide greater security to the Trustee. The
partnership interests are held by the Group and by the scheme, the latter resulting from investments of \u00a378m and \u00a3106m made by
the Trustee in January and June 2011 respectively. These investments followed Group contributions of the same amounts into the
scheme. In accordance with IAS 19, \u2018Employee benefits\u2019, the investments held by the scheme in Kingfisher SLP do not represent plan
assets for the purposes of the Group\u2019s consolidated financial statements. Accordingly, the reported pension position does not reflect
these investments.
UK property assets with market values of \u00a383m and \u00a3119m were transferred, in January 2011 and June 2011 respectively, into the
partnership and leased back to B&Q Limited. The Group retains control over these properties, including the flexibility to substitute
alternative properties. The Trustee has a first charge over the properties in the event that Kingfisher plc becomes insolvent. The
scheme\u2019s partnership interest entitles it to much of the income of the partnership over the 20-year period of the arrangement. At
the end of this term, Kingfisher plc has the option to acquire the Trustee\u2019s partnership interest in Kingfisher SLP.
The Group has control over the partnership and therefore it is consolidated in these Group financial statements. Accordingly,
advantage has been taken of the exemptions provided by Regulation 7 of the Partnerships (Accounts) Regulations 2008 from the
requirements for preparation, delivery and publication of the partnership\u2019s accounts.
Income statement
\u00a3 millions
2022/23 2021/22
UK Overseas Total UK Overseas Total
Amounts charged to operating profit
Current service cost 3 10 13 3 11 14
Administration costs 4 \u2013 4 3 \u2013 3
7 10 17 6 11 17
Amounts (credited)/charged to net finance costs
Net interest (income)/expense (12) 1 (11) (8) \u2013 (8)
Total (credited)/charged to income statement (5) 11 6 (2) 11 9
Of the net charge to operating profit, a \u00a313m charge (2021/22: \u00a314m charge) and \u00a34m charge (2021/22: \u00a33m charge) are included in
selling and distribution expenses and administrative expenses respectively. Remeasurement gains and losses have been reported in
the statement of comprehensive income.
Balance sheet \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Present value of defined benefit obligations (1,979) (134) (2,113) (2,934) (150) (3,084) Fair value of scheme assets 2,230 20 2,250 3,474 20 3,494 Net surplus/(deficit) in schemes 251 (114) 137 540 (130) 410 Movements in the surplus or deficit are as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Net surplus/(deficit) in schemes at beginning of year 540 (130) 410 504 (145) 359 Current service cost (3) (10) (13) (3) (11) (14) Administration costs (4) \u2013 (4) (3) \u2013 (3) Net interest income/(expense) 12 (1) 11 8 \u2013 8 Net remeasurement (losses)/gains (308) 30 (278) 7 14 21 Contributions paid by employer 14 4 18 27 3 30 Exchange differences \u2013 (7) (7) \u2013 9 9 Net surplus/(deficit) in schemes at end of year 251 (114) 137 540 (130) 410 Movements in the present value of defined benefit obligations are as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Present value of defined benefit obligations at beginning of year (2,934) (150) (3,084) (3,092) (165) (3,257) Current service cost (3) (10) (13) (3) (11) (14) Interest expense (63) (1) (64) (45) \u2013 (45) Remeasurement gains \u2013 changes in financial assumptions 1,003 32 1,035 111 14 125 Remeasurement (losses)/gains \u2013 changes in demographic assumptions (41) (3) (44) 2 \u2013 2 Remeasurement (losses)/gains \u2013 experience adjustments (59) 1 (58) (39) \u2013 (39) Benefits paid 118 4 122 132 3 135 Exchange differences \u2013 (7) (7) \u2013 9 9 Present value of defined benefit obligations at end of year (1,979) (134) (2,113) (2,934) (150) (3,084) The present value of UK scheme defined benefit obligations is 51% (2021/22: 62%) in respect of deferred members and 49% (2021/22: 38%) in respect of current pensioners. The weighted average duration of the UK scheme obligations at the end of the year is 16 years (2021/22: 20 years). 28 Post-employment benefits continued
Movements in the fair value of scheme assets are as follows:
\u00a3 millions
2022/23 2021/22
UK Overseas Total UK Overseas Total
Fair value of scheme assets at beginning of year 3,474 20 3,494 3,596 20 3,616
Administration costs (4) \u2013 (4) (3) \u2013 (3)
Interest income 75 \u2013 75 53 \u2013 53
Remeasurement losses \u2013 actual return less interest income (1,211) \u2013 (1,211) (67) \u2013 (67)
Contributions paid by employer 14 4 18 27 3 30
Benefits paid (118) (4) (122) (132) (3) (135)
Fair value of scheme assets at end of year 2,230 20 2,250 3,474 20 3,494
The fair value of scheme assets is analysed as follows:
\u00a3 millions
2022/23 2021/22
UK Overseas Total % of total UK Overseas Total % of total
Government bonds
1
750 \u2013 750 33% 849 \u2013 849 24%
Corporate bonds 322 \u2013 322 14% 929 \u2013 929 27%
Derivatives (16) \u2013 (16) (1)% (27) \u2013 (27) (1)%
Equities 46 \u2013 46 2% 125 \u2013 125 4%
Annuities 842 \u2013 842 38% 1,181 \u2013 1,181 34%
Cash and other 286 20 306 14% 417 20 437 12%
Total fair value of scheme assets 2,230 20 2,250 100% 3,474 20 3,494 100%
1. Including LDI repurchase agreement liabilities.
All UK scheme assets have quoted prices in active markets, except for \u00a31,078m (2021/22: \u00a31,262m) of annuity and other assets.
To reduce volatility risk a liability driven investment (LDI) strategy forms part of the Trustee\u2019s management of the UK defined benefit
scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The government bond assets category in the table
above includes gross assets of \u00a31.2bn (2021/22: \u00a32.1bn) and associated repurchase agreement liabilities of \u00a30.4bn (2021/22: \u00a31.3bn).
Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates,
whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement
the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities.
Following an agreement with the Trustee as part of the 2022 triennial funding valuation, no contributions are expected to be paid to
the UK and overseas pension schemes by the Group during the next financial year.
Principal actuarial valuation assumptions
The assumptions used in calculating the costs and obligations of the Group\u2019s defined benefit pension schemes are set by the Directors
after consultation with independent professionally qualified actuaries. The assumptions are based on the conditions at the time and
changes in these assumptions can lead to significant movements in the estimated obligations, as illustrated in the sensitivity analysis.
The UK scheme discount rate is derived using a single equivalent discount rate approach, based on the yields available on a portfolio
of high-quality Sterling corporate bonds with the same duration as that of the scheme liabilities.
Annual % rate
2022/23 2021/22
UK Overseas UK Overseas
Discount rate 4.50 3.50 2.20 0.80
Price inflation 3.25 2.40 3.50 2.00
Rate of pension increases 3.15 \u2013 3.40 \u2013
Salary escalation n/a 2.40 n/a 2.40
For the UK scheme, the mortality assumptions used for IAS 19 purposes have been selected with regard to the characteristics and experience of the membership of the scheme as assessed from time to time relating to triennial funding valuations. The base mortality assumptions have been derived using an analysis of current mortality rates carried out by Club Vita for the Trustee and the CMI life expectancy projection model data published by the UK actuarial profession. The latter allowance is in line with CMI 2021 improvements subject to a long-term rate of 1.5% p.a. for both males and females. The assumptions for life expectancy of UK scheme members are as follows: Years 2022/23 2021/22 Age to which current pensioners are expected to live (60 now) \u2014 Male 86.2 86.4 \u2014 Female 88.7 87.3 Age to which future pensioners are expected to live (60 in 15 years\u2019 time) \u2014 Male 87.5 87.5 \u2014 Female 90.8 90.2 The following sensitivity analysis for the UK scheme shows the estimated impact on the obligation resulting from changes to key actuarial assumptions, whilst holding all other assumptions constant. Assumption Change in assumption Impact on defined benefit obligation Discount rate Increase/decrease by 1.0% Decrease/increase by \u00a3320m Price inflation Increase/decrease by 0.5% Increase/decrease by \u00a3134m Rate of pension increases Increase/decrease by 0.5% Increase/decrease by \u00a3127m Mortality Increase/decrease in life expectancy by one year Increase/decrease by \u00a374m In consideration of the recent volatility in discount rates, note that a 2.0% increase/decrease in the discount rate assumption would result in a decrease/increase in the defined benefit obligation of approximately \u00a3770m. Due to the asset-liability matching investment strategy, the above impacts on the obligations of changes in discount rate and price inflation would be significantly offset by movements in the fair value of the scheme assets. ",
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}
},
"fact-542": {
"value": "Defined contribution schemes Costs for the Group\u2019s defined contribution pension schemes, at rates specified in the individual schemes\u2019 rules, are as follows: \u00a3 millions 2022/23 2021/22 Charge to operating profit 47 43 From July 2012, an enhanced defined contribution pension scheme was offered to all UK employees. Eligible UK employees have been automatically enrolled into the scheme since 31 March 2013. ",
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"fact-543": {
"value": "Defined benefit schemes The Group\u2019s principal defined benefit arrangement is its funded, final salary pension scheme in the UK. This scheme was closed to new entrants from April 2004 and was closed to future benefit accrual from July 2012. The scheme operates under trust law and is managed and administered by the Trustee on behalf of members in accordance with the terms of the Trust Deed and Rules and relevant legislation. The Trustee Board consists of ten Trustee Directors, made up of five employer-appointed Directors, one independent Director and four member-nominated Directors. The Trustee Board delegates day-to-day administration of the scheme to the Group pensions department of Kingfisher plc. The main risk to the Group is that additional contributions are required if investment returns and demographic experience are worse than expected. The scheme therefore exposes the Group to actuarial risks, such as longevity risk, currency risk, inflation risk, interest rate risk and market (investment) risk. The Trustee Board regularly reviews such risks and mitigating controls, with a risk register being formally approved on an annual basis. The assets of the scheme are held separately from the Group and the Trustee\u2019s investment strategy includes a planned medium-term de-risking of assets, switching from return-seeking to liability-matching assets. Other de-risking activities have included the scheme acquiring an interest in a property partnership, as set out further below, and entering into bulk annuities. A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee and the last full valuation was carried out as at 31 March 2022. Following this valuation and in accordance with the scheme\u2019s Statement of Funding Principles, the Trustee and Kingfisher have agreed to cease annual employer contributions during the period from August 2022 to July 2025. This agreement has been reached with reference to a funding objective that targets a longer-term, low risk funding position in excess of the minimum statutory funding requirements. This longer-term objective is based on the principle of the scheme reaching a point where it can provide benefits to members with a high level of security, thereby limiting its reliance on the employer for future support. The Company monitors the scheme funding level on a regular basis and will reassess with the scheme Trustee the appropriate level of contributions at future valuations. The Trust Deed provides Kingfisher with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the Trustee has no rights to unilaterally wind up, or otherwise augment the benefits due to members of, the scheme. Based on these rights, any net surplus in the UK scheme is recognised in full. 28 Post-employment benefits continued UK scheme interest in property partnership In 2010/11, the Group established a partnership, Kingfisher Scottish Limited Partnership (\u2018Kingfisher SLP\u2019), as part of an arrangement with the UK scheme Trustee to address an element of the scheme deficit and provide greater security to the Trustee. The partnership interests are held by the Group and by the scheme, the latter resulting from investments of \u00a378m and \u00a3106m made by the Trustee in January and June 2011 respectively. These investments followed Group contributions of the same amounts into the scheme. In accordance with IAS 19, \u2018Employee benefits\u2019, the investments held by the scheme in Kingfisher SLP do not represent plan assets for the purposes of the Group\u2019s consolidated financial statements. Accordingly, the reported pension position does not reflect these investments. UK property assets with market values of \u00a383m and \u00a3119m were transferred, in January 2011 and June 2011 respectively, into the partnership and leased back to B&Q Limited. The Group retains control over these properties, including the flexibility to substitute alternative properties. The Trustee has a first charge over the properties in the event that Kingfisher plc becomes insolvent. The scheme\u2019s partnership interest entitles it to much of the income of the partnership over the 20-year period of the arrangement. At the end of this term, Kingfisher plc has the option to acquire the Trustee\u2019s partnership interest in Kingfisher SLP. The Group has control over the partnership and therefore it is consolidated in these Group financial statements. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnerships (Accounts) Regulations 2008 from the requirements for preparation, delivery and publication of the partnership\u2019s accounts. Income statement \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Amounts charged to operating profit Current service cost 3 10 13 3 11 14 Administration costs 4 \u2013 4 3 \u2013 3 7 10 17 6 11 17 Amounts (credited)/charged to net finance costs Net interest (income)/expense (12) 1 (11) (8) \u2013 (8) Total (credited)/charged to income statement (5) 11 6 (2) 11 9 Of the net charge to operating profit, a \u00a313m charge (2021/22: \u00a314m charge) and \u00a34m charge (2021/22: \u00a33m charge) are included in selling and distribution expenses and administrative expenses respectively. Remeasurement gains and losses have been reported in the statement of comprehensive income. Balance sheet \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Present value of defined benefit obligations (1,979) (134) (2,113) (2,934) (150) (3,084) Fair value of scheme assets 2,230 20 2,250 3,474 20 3,494 Net surplus/(deficit) in schemes 251 (114) 137 540 (130) 410 Movements in the surplus or deficit are as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Net surplus/(deficit) in schemes at beginning of year 540 (130) 410 504 (145) 359 Current service cost (3) (10) (13) (3) (11) (14) Administration costs (4) \u2013 (4) (3) \u2013 (3) Net interest income/(expense) 12 (1) 11 8 \u2013 8 Net remeasurement (losses)/gains (308) 30 (278) 7 14 21 Contributions paid by employer 14 4 18 27 3 30 Exchange differences \u2013 (7) (7) \u2013 9 9 Net surplus/(deficit) in schemes at end of year 251 (114) 137 540 (130) 410 Movements in the present value of defined benefit obligations are as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Present value of defined benefit obligations at beginning of year (2,934) (150) (3,084) (3,092) (165) (3,257) Current service cost (3) (10) (13) (3) (11) (14) Interest expense (63) (1) (64) (45) \u2013 (45) Remeasurement gains \u2013 changes in financial assumptions 1,003 32 1,035 111 14 125 Remeasurement (losses)/gains \u2013 changes in demographic assumptions (41) (3) (44) 2 \u2013 2 Remeasurement (losses)/gains \u2013 experience adjustments (59) 1 (58) (39) \u2013 (39) Benefits paid 118 4 122 132 3 135 Exchange differences \u2013 (7) (7) \u2013 9 9 Present value of defined benefit obligations at end of year (1,979) (134) (2,113) (2,934) (150) (3,084) The present value of UK scheme defined benefit obligations is 51% (2021/22: 62%) in respect of deferred members and 49% (2021/22: 38%) in respect of current pensioners. The weighted average duration of the UK scheme obligations at the end of the year is 16 years (2021/22: 20 years). 28 Post-employment benefits continued Movements in the fair value of scheme assets are as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total UK Overseas Total Fair value of scheme assets at beginning of year 3,474 20 3,494 3,596 20 3,616 Administration costs (4) \u2013 (4) (3) \u2013 (3) Interest income 75 \u2013 75 53 \u2013 53 Remeasurement losses \u2013 actual return less interest income (1,211) \u2013 (1,211) (67) \u2013 (67) Contributions paid by employer 14 4 18 27 3 30 Benefits paid (118) (4) (122) (132) (3) (135) Fair value of scheme assets at end of year 2,230 20 2,250 3,474 20 3,494 The fair value of scheme assets is analysed as follows: \u00a3 millions 2022/23 2021/22 UK Overseas Total % of total UK Overseas Total % of total Government bonds 1 750 \u2013 750 33% 849 \u2013 849 24% Corporate bonds 322 \u2013 322 14% 929 \u2013 929 27% Derivatives (16) \u2013 (16) (1)% (27) \u2013 (27) (1)% Equities 46 \u2013 46 2% 125 \u2013 125 4% Annuities 842 \u2013 842 38% 1,181 \u2013 1,181 34% Cash and other 286 20 306 14% 417 20 437 12% Total fair value of scheme assets 2,230 20 2,250 100% 3,474 20 3,494 100% 1. Including LDI repurchase agreement liabilities. All UK scheme assets have quoted prices in active markets, except for \u00a31,078m (2021/22: \u00a31,262m) of annuity and other assets. To reduce volatility risk a liability driven investment (LDI) strategy forms part of the Trustee\u2019s management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The government bond assets category in the table above includes gross assets of \u00a31.2bn (2021/22: \u00a32.1bn) and associated repurchase agreement liabilities of \u00a30.4bn (2021/22: \u00a31.3bn). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and index-linked bonds in matching the profile of the scheme\u2019s liabilities. Following an agreement with the Trustee as part of the 2022 triennial funding valuation, no contributions are expected to be paid to the UK and overseas pension schemes by the Group during the next financial year. Principal actuarial valuation assumptions The assumptions used in calculating the costs and obligations of the Group\u2019s defined benefit pension schemes are set by the Directors after consultation with independent professionally qualified actuaries. The assumptions are based on the conditions at the time and changes in these assumptions can lead to significant movements in the estimated obligations, as illustrated in the sensitivity analysis. The UK scheme discount rate is derived using a single equivalent discount rate approach, based on the yields available on a portfolio of high-quality Sterling corporate bonds with the same duration as that of the scheme liabilities. Annual % rate 2022/23 2021/22 UK Overseas UK Overseas Discount rate 4.50 3.50 2.20 0.80 Price inflation 3.25 2.40 3.50 2.00 Rate of pension increases 3.15 \u2013 3.40 \u2013 Salary escalation n/a 2.40 n/a 2.40 For the UK scheme, the mortality assumptions used for IAS 19 purposes have been selected with regard to the characteristics and experience of the membership of the scheme as assessed from time to time relating to triennial funding valuations. The base mortality assumptions have been derived using an analysis of current mortality rates carried out by Club Vita for the Trustee and the CMI life expectancy projection model data published by the UK actuarial profession. The latter allowance is in line with CMI 2021 improvements subject to a long-term rate of 1.5% p.a. for both males and females. The assumptions for life expectancy of UK scheme members are as follows: Years 2022/23 2021/22 Age to which current pensioners are expected to live (60 now) \u2014 Male 86.2 86.4 \u2014 Female 88.7 87.3 Age to which future pensioners are expected to live (60 in 15 years\u2019 time) \u2014 Male 87.5 87.5 \u2014 Female 90.8 90.2 The following sensitivity analysis for the UK scheme shows the estimated impact on the obligation resulting from changes to key actuarial assumptions, whilst holding all other assumptions constant. Assumption Change in assumption Impact on defined benefit obligation Discount rate Increase/decrease by 1.0% Decrease/increase by \u00a3320m Price inflation Increase/decrease by 0.5% Increase/decrease by \u00a3134m Rate of pension increases Increase/decrease by 0.5% Increase/decrease by \u00a3127m Mortality Increase/decrease in life expectancy by one year Increase/decrease by \u00a374m In consideration of the recent volatility in discount rates, note that a 2.0% increase/decrease in the discount rate assumption would result in a decrease/increase in the defined benefit obligation of approximately \u00a3770m. Due to the asset-liability matching investment strategy, the above impacts on the obligations of changes in discount rate and price inflation would be significantly offset by movements in the fair value of the scheme assets. ",
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},
"fact-507": {
"value": "29 Share capital Number of ordinary shares millions Ordinary share capital \u00a3 millions Allotted, called up and fully paid: At 1 February 2022 2,066 325 New shares issued under share schemes 5 1 Purchase of own shares for cancellation (131) (21) At 31 January 2023 1,940 305 At 1 February 2021 2,111 332 New shares issued under share schemes 2 \u2013 Purchase of own shares for cancellation (47) (7) At 31 January 2022 2,066 325 Ordinary shares have a par value of 155/7 pence per share and carry full voting, dividend and capital distribution rights. During the year the Group purchased 131 million of the Company\u2019s own shares for cancellation at a cost of \u00a3337m as part of its capital returns programme. ",
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"fact-508": {
"value": "30 Other reserves \u00a3 millions 2022/23 Translation reserve Cash flow hedge reserve Other Total At 1 February 2022 10 27 159 196 Inventory cash flow hedges \u2013 fair value gains \u2013 58 \u2013 58 Inventory cash flow hedges \u2013 gains transferred to income statement \u2013 (5) \u2013 (5) Tax on items that will not be reclassified subsequently to profit or loss \u2013 (12) \u2013 (12) Currency translation differences Group 129 \u2013 \u2013 129 Joint ventures and associates 11 \u2013 \u2013 11 Other comprehensive income for the year 140 41 \u2013 181 Inventory cash flow hedges \u2013 gains transferred to inventories \u2013 (117) \u2013 (117) Tax on equity items \u2013 25 \u2013 25 At 31 January 2023 150 (24) 159 285 \u00a3 millions 2021/22 Translation reserve Cash flow hedge reserve Other Total At 1 February 2021 234 (32) 159 361 Inventory cash flow hedges \u2013 fair value gains \u2013 59 \u2013 59 Tax on items that will not be reclassified subsequently to profit or loss \u2013 (13) \u2013 (13) Currency translation differences Group (218) \u2013 \u2013 (218) Joint ventures and associates (7) \u2013 \u2013 (7) Other cash flow hedges Fair value gains \u2013 1 \u2013 1 Gains transferred to income statement \u2013 (1) \u2013 (1) Other comprehensive (loss)/income for the year (225) 46 \u2013 (179) Inventory cash flow hedges \u2013 losses transferred to inventories \u2013 16 \u2013 16 Tax on equity items 1 (3) \u2013 (2) At 31 January 2022 10 27 159 196 The \u2018other\u2019 category of reserves represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty in 1993. ",
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},
"fact-509": {
"value": "31 Share-based payments 2022/23 2021/22 Number of options thousands Weighted average exercise price \u00a3 Number of options thousands Weighted average exercise price \u00a3 Outstanding at beginning of year 50,503 0.62 53,298 0.55 Granted during the year 1 24,133 0.55 11,561 0.88 Forfeited and expired during the year (3,445) 1.59 (6,854) 0.35 Exercised during the year (12,245) 0.68 (7,502) 0.74 Outstanding at end of year 58,946 0.52 50,503 0.62 Exercisable at end of year 5,976 0.45 4,155 0.52 1. The weighted average exercise price for options granted during the year represents a blend of nil price Performance Share Plan and Alignment Share awards, and discounted Sharesave options (see below) Information on the share schemes is given in note 12 of the Company\u2019s separate financial statements. Options have been exercised on a regular basis throughout the year. On that basis, the weighted average share price during the year, rather than at the date of exercise, is \u00a32.53 (2021/22: \u00a33.38). The options outstanding at the end of the year have exercise prices ranging from nil to \u00a32.75 and a weighted average remaining contractual life of 5.6 years (2021/22: 5.1 years). The Group recognised a total expense of \u00a319m in the year ended 31 January 2023 (2021/22: \u00a327m) relating to equity-settled share-based payment transactions. The fair value of share options and deferred shares is determined by independent valuers using Black-Scholes and stochastic option pricing models. The inputs of the principal schemes into these models are as follows: Date of grant Share price at grant \u00a3 Exercise price \u00a3 Expected life1 years Expected volatility 2 % Dividend yield 3 % Risk free rate 4 % Fair value \u00a3 Kingfisher Incentive Share Plan 23/04/15 3.52 \u2013 7 \u2013 \u2013 \u2013 3.52 \u2014 Deferred Bonus Awards 21/04/16 3.61 \u2013 7 \u2013 \u2013 \u2013 3.61 03/05/17 3.40 \u2013 7 \u2013 \u2013 \u2013 3.40 23/04/18 3.09 \u2013 7 \u2013 \u2013 \u2013 3.09 24/04/19 2.63 \u2013 7 \u2013 \u2013 \u2013 2.63 Performance Share Plan 24/06/22 2.14 \u2013 10 \u2013 \u2013 \u2013 2.43 21/10/22 2.04 \u2013 10 \u2013 \u2013 \u2013 2.43 UK and International Sharesave 01/11/16 3.64 3.06 5.5 23.5% 2.8% 0.7% 0.39 31/10/17 3.13 2.42 3.5 22.8% 3.4% 0.6% 0.43 31/10/17 3.13 2.42 5.5 22.3% 3.4% 0.8% 0.34 01/11/18 2.62 2.06 3.5 23.2% 4.1% 1.1% 0.33 01/11/18 2.62 2.06 5.5 23.0% 4.1% 0.8% 0.27 01/11/19 2.07 1.59 3.5 25.7% 5.2% 0.4% 0.39 01/11/19 2.07 1.59 5.5 25.1% 5.2% 0.4% 0.35 29/10/20 2.88 2.37 3.5 37.0% 2.8% 0.0% 0.80 29/10/20 2.88 2.37 5.5 32.4% 2.8% 0.0% 0.77 28/10/21 3.31 2.75 3.5 37.4% 3.6% 0.7% 0.88 28/10/21 3.31 2.75 5.5 32.6% 3.6% 0.8% 0.82 28/10/22 2.15 1.77 3.5 38.1% 5.8% 3.3% 0.56 28/10/22 2.15 1.77 5.5 34.0% 5.8% 3.5% 0.53 Alignment Shares 19/07/16 3.32 \u2013 10 \u2013 \u2013 \u2013 3.32 24/04/17 3.37 \u2013 10 \u2013 \u2013 \u2013 3.37 23/10/17 3.03 \u2013 10 \u2013 \u2013 \u2013 3.03 23/04/18 3.09 \u2013 10 \u2013 \u2013 \u2013 3.09 29/10/18 2.50 \u2013 10 \u2013 \u2013 \u2013 2.50 24/04/19 2.63 \u2013 10 \u2013 \u2013 \u2013 2.55 30/07/19 2.23 \u2013 10 \u2013 \u2013 \u2013 2.04 21/10/19 2.15 \u2013 10 \u2013 \u2013 \u2013 2.05 28/07/20 2.49 \u2013 10 \u2013 \u2013 \u2013 2.38 23/10/20 3.20 \u2013 10 \u2013 \u2013 \u2013 3.20 22/04/21 3.60 \u2013 10 \u2013 \u2013 \u2013 3.46 21/10/21 3.41 \u2013 10 \u2013 \u2013 \u2013 3.41 Transformation Incentive 19/07/16 3.32 \u2013 10 \u2013 \u2013 \u2013 3.32 Delivering Value Incentive 30/07/19 2.24 \u2013 10 \u2013 \u2013 \u2013 1.75 04/05/21 3.57 \u2013 10 \u2013 \u2013 \u2013 3.19 1. Expected life is disclosed based on the UK schemes. For the Kingfisher Incentive Share Plan scheme in the UK, the expiry date is 7 years from the date of grant. For the Performance Share Plan, Transformation Incentive award and Alignment Share award the expiry date is 10 years from the date of grant. Expiry of the overseas Alignment Share award is 3 years from the date of grant. 2. Expected volatility was determined for each individual award (or relevant components of an award), by calculating the historical volatility of the Group\u2019s share price (plus reinvested dividends) immediately prior to the grant of the award, over the same period as the vesting period of each award, adjusted by expectations of future volatility. 3. As these awards are made under an approved SAYE scheme, option holders cannot be compensated for dividends foregone. As such the historical dividend yield is used, calculated as dividends announced in the 12 months prior to grant as a percentage of the share price on the date of grant. 4. Risk free rate was determined for each individual award (or relevant components of an award). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-510": {
"value": "32 Cash generated by operations \u00a3 millions 2022/23 2021/22 Operating profit 723 1,144 Share of post-tax results of joint ventures and associates (5) (5) Depreciation and amortisation 582 555 Net impairment losses/(reversals) 155 (31) Loss on disposal of property, plant and equipment, intangible assets and assets held for sale \u2013 1 Lease gains (2) (1) Share-based compensation charge 19 27 Increase in inventories (234) (359) Increase in trade and other receivables (44) (23) (Decrease)/increase in trade and other payables (196) 158 Movement in provisions (13) (42) Movement in post-employment benefits (1) (13) Cash generated by operations 984 1,411 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-511": {
"value": "33 Net debt \u00a3 millions 2022/23 2021/22 Cash and cash equivalents 286 823 Bank overdrafts (16) (14) Cash and cash equivalents and bank overdrafts 270 809 Bank loans (3) (2) Fixed term debt (99) \u2013 Net financing derivatives 2 (3) Lease liabilities (2,444) (2,376) Net debt (2,274) (1,572) \u00a3 millions 2022/23 2021/22 Net debt at beginning of year (1,572) (1,394) Net decrease in cash and cash equivalents and bank overdrafts (555) (237) Repayment of bank loans \u2013 2 Issue of fixed term debt (99) \u2013 Repayment of fixed term debt \u2013 95 Net cashflow1 (654) (140) Movements in lease liabilities (41) 7 Exchange differences and other non-cash movements (7) (45) Net debt at end of year (2,274) (1,572) 1. Refer to the glossary for the definition of net cashflow. \u00a3 millions 2022/23 Borrowings (excluding bank overdrafts) Net financing derivatives Lease liabilities Contract to purchase own shares for cancellation Total financing liabilities At 1 February 2022 (2) (3) (2,376) (69) (2,450) Issue of fixed term debt (99) \u2013 \u2013 \u2013 (99) Lease rental payments \u2013 \u2013 453 \u2013 453 Shares purchased for cancellation \u2013 \u2013 \u2013 337 337 Interest paid 1 3 \u2013 \u2013 4 Cash (inflow)/outflow relating to financing liabilities (98) 3 453 337 695 Interest charge (1) (3) (124) \u2013 (128) Lease liability additions \u2013 \u2013 (335) \u2013 (335) Other movements in lease liabilities \u2013 \u2013 (35) \u2013 (35) Recognised liability due to share purchase commitments \u2013 \u2013 \u2013 (275) (275) Amortisation of issue costs (1) \u2013 \u2013 \u2013 (1) Fair value movements and exchange differences \u2013 5 (27) \u2013 (22) At 31 January 2023 (102) 2 (2,444) (7) (2,551) \u00a3 millions 2021/22 (restated) 1 Borrowings (excluding bank overdrafts) Net financing derivatives Lease liabilities Contract to purchase own shares for cancellation Total financing liabilities At 1 February 2021 (97) (12) (2,421) \u2013 (2,530) Repayment of bank loans 2 \u2013 \u2013 \u2013 2 Repayment of fixed term debt 95 \u2013 \u2013 \u2013 95 Lease rental payments \u2013 \u2013 476 \u2013 476 Shares purchased for cancellation \u2013 \u2013 \u2013 157 157 Interest paid 1 7 \u2013 \u2013 8 Cash outflow relating to financing liabilities 98 7 476 157 738 Interest charge (1) (7) (135) \u2013 (143) Lease liability additions \u2013 \u2013 (303) \u2013 (303) Other movements in lease liabilities \u2013 \u2013 (31) \u2013 (31) Recognised liability due to share purchase commitments \u2013 \u2013 \u2013 (226) (226) Amortisation of issue costs (2) \u2013 \u2013 \u2013 (2) Fair value movements and exchange differences \u2013 9 38 \u2013 47 At 31 January 2022 (2) (3) (2,376) (69) (2,450) 1. Prior year amounts have been restated to include amounts related to the purchase of own shares for cancellation. ",
"dimensions": {
"concept": "kingfisherplc:DisclosureOfNetDebt",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-544": {
"value": "34 Commitments Capital commitments contracted but not provided for by the Group at 31 January 2023 amount to \u00a319m (2021/22: \u00a331m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-512": {
"value": "34 Commitments Capital commitments contracted but not provided for by the Group at 31 January 2023 amount to \u00a319m (2021/22: \u00a331m). 35 Contingent liabilities
The Group is subject to claims and litigation arising in the ordinary course of business and provision is made where liabilities are
considered likely to arise on the basis of current information and legal advice.
The Group files tax returns in many jurisdictions around the world and at any one time is subject to periodic tax audits in the ordinary
course of its business. Applicable tax laws and regulations are subject to differing interpretations and the resolution of a final tax
position can take several years to complete. Where it is considered that future tax liabilities are more likely than not to arise, an
appropriate provision is recognised in the financial statements.
In October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption section of the UK
controlled foreign company rules. While the Group has complied with the requirements of UK tax law in force at the time, in April 2019
the European Commission concluded that aspects of the UK controlled foreign company regime partially constitute illegal state aid.
In January 2021, the Group received a charging notice from HM Revenue & Customs for \u00a357m, which was paid in February 2021, with
a further \u00a37m interest paid in April 2021.
The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to
the European Courts. On 8 June 2022, the General Court of the European Union dismissed several of those appeals, including the UK
Government\u2019s. This decision has been appealed to the European Court of Justice.
The final impact on the Group remains uncertain but, based upon advice taken, the Group continues to consider that the amount paid
of \u00a364m, which is included in non-current assets, will ultimately be recovered.
Whilst the procedures that must be followed to resolve these types of tax issues make it likely that it will be some years before the
eventual outcome is known, the Group does not currently expect the outcome of these contingent liabilities to have a material effect
on the Group\u2019s financial position.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-545": {
"value": "35 Contingent liabilities The Group is subject to claims and litigation arising in the ordinary course of business and provision is made where liabilities are considered likely to arise on the basis of current information and legal advice. The Group files tax returns in many jurisdictions around the world and at any one time is subject to periodic tax audits in the ordinary course of its business. Applicable tax laws and regulations are subject to differing interpretations and the resolution of a final tax position can take several years to complete. Where it is considered that future tax liabilities are more likely than not to arise, an appropriate provision is recognised in the financial statements. In October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption section of the UK controlled foreign company rules. While the Group has complied with the requirements of UK tax law in force at the time, in April 2019 the European Commission concluded that aspects of the UK controlled foreign company regime partially constitute illegal state aid. In January 2021, the Group received a charging notice from HM Revenue & Customs for \u00a357m, which was paid in February 2021, with a further \u00a37m interest paid in April 2021. The UK Government and the Group, along with other UK-based multinational groups, appealed the European Commission decision to the European Courts. On 8 June 2022, the General Court of the European Union dismissed several of those appeals, including the UK Government\u2019s. This decision has been appealed to the European Court of Justice. The final impact on the Group remains uncertain but, based upon advice taken, the Group continues to consider that the amount paid of \u00a364m, which is included in non-current assets, will ultimately be recovered. Whilst the procedures that must be followed to resolve these types of tax issues make it likely that it will be some years before the eventual outcome is known, the Group does not currently expect the outcome of these contingent liabilities to have a material effect on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-513": {
"value": "36 Related party transactions During the year, the Group carried out a number of transactions with related parties in the normal course of business and on an arm\u2019s length basis. The names of the related parties, the nature of these transactions and their total value are shown below: \u00a3 millions 2022/23 2021/22 Income Receivable Income Receivable Transactions with Ko\u00e7ta\u015f Yapi Marketleri Ticaret A.S. in which the Group holds a 50% interest Commission and other income 0.3 \u2013 0.2 \u2013 Transactions with Crealfi S.A. in which the Group holds a 49% interest Provision of employee services 0.2 \u2013 0.2 \u2013 Commission and other income 3.9 1.1 4.9 0.1 Transactions with the Kingfisher Pension Scheme Provision of administrative services 0.9 0.2 0.8 0.3 Services are usually negotiated with related parties on a cost-plus basis. Goods are sold or bought on the basis of the price lists in force with non-related parties. The remuneration of key management personnel is given in note 9. Other transactions with the Kingfisher Pension Scheme are detailed in note 28. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-546": {
"value": "36 Related party transactions During the year, the Group carried out a number of transactions with related parties in the normal course of business and on an arm\u2019s length basis. The names of the related parties, the nature of these transactions and their total value are shown below: \u00a3 millions 2022/23 2021/22 Income Receivable Income Receivable Transactions with Ko\u00e7ta\u015f Yapi Marketleri Ticaret A.S. in which the Group holds a 50% interest Commission and other income 0.3 \u2013 0.2 \u2013 Transactions with Crealfi S.A. in which the Group holds a 49% interest Provision of employee services 0.2 \u2013 0.2 \u2013 Commission and other income 3.9 1.1 4.9 0.1 Transactions with the Kingfisher Pension Scheme Provision of administrative services 0.9 0.2 0.8 0.3 Services are usually negotiated with related parties on a cost-plus basis. Goods are sold or bought on the basis of the price lists in force with non-related parties. The remuneration of key management personnel is given in note 9. Other transactions with the Kingfisher Pension Scheme are detailed in note 28. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-514": {
"value": "37 Post balance sheet events During the period since the balance sheet date, the Group purchased 1 million of the Company\u2019s own shares for cancellation at a cost of \u00a33m. This amount was deducted from equity in 2022/23 as a result of an irrevocable buyback agreement which was in place at 31 January 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-452": {
"value": "public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-453": {
"value": "and is the ultimate parent of the Kingfisher plc group (\u2018the Group\u2019). ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
},
"fact-8": {
"value": "Kingfisher plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800KBMEV7I92FY281",
"period": "2022-02-01T00:00:00/2023-02-01T00:00:00"
}
}
}
}