Kingfisher plc is an international home improvement company with over 1, stores in nine countries across Europe, Russia and Turkey, supported by a team of over 77, colleagues. Across its brands, Kingfisher has embarked on a unification programme to consolidate its product range and reduce its cost base.
That project required the company to take a fresh look at how it uses technology to manage various aspects of its business — including its lease accounting processes.
With the digital transformation project under way, then came the requirement to transition to the new IFRS 16 accounting standards and recognise lease commitments on the company balance sheet. It soon became clear that existing manual methods and reliance on a cumbersome spreadsheet would be inefficient and risk inaccuracies, so Kingfisher began searching the market for a software-based IFRS 16 calculation tool. With IFRS 16 representing a long-term and significant shift in the way lease accounting happens, Kingfisher was committed to properly addressing and resourcing their new way of reporting.
The Kingfisher team was impressed with the value proposition and the consultative nature of the engagements — working closely and interacting with the MRI team throughout. They also sought opinions from other finance leaders at fellow retail organisations using the Horizon CRE solution, gaining confidence that the application is proven in the sector.
The impact of IFRS 16 is massive, and the volume of leases we manage required a strategic and comprehensive approach. Horizon CRE ticked all the boxes we were looking for, and helped us get ahead of the curve.
Kingfisher is now relying on Horizon CRE for IFRS 16 reporting across its group, and is utilising the solution to quickly, efficiently and accurately demonstrate the impact of leases on its financial performance. Technology partnership Kingfisher gave the green light on Horizon CRE six months before it needed to report on the new standards, and MRI was able to consistently support tight deadlines and call on experience gained from helping hundreds of retail brands transition to IFRS Visibility The Kingfisher finance team is able to look at detailed information on a lease in one software application and run reports — a process that previously required great effort and manual work in Excel.
Horizon CRE is also enabling much quicker calculation of the group impact of leases, and can be relied on to run reports that give auditors easy access to the information they need. Scalability and integration Having initially adopted the solution for IFRS 16 calculations on property leases, Kingfisher is now exploring the potential benefits of Horizon CRE across other operational aspects of its business. It was renamed Kingfisher in Woolworths was separated from the group in and subsequently closed in From early , the group has been undergoing a five-year transformation strategy under the One Kingfisher banner, designed to leverage its scale.
This is focused on creating a unified and unique offer across the whole business, driving digital capability and optimising operational efficiency. However, with profits continuing to slide, the appointment of new chief executive Thierry Garnier has meant this plan may fall by the wayside, with rumours that the company may be split up.
Consumer Week saw leaders from across the sector providing an inside look into how they are meeting evolving consumer needs and building out their offerings, from leading with data to prioritising sustainability.
It operates approximately 1, stores in 8 countries across Europe. Screwfix is a multi-channel supplier of trade tools, plumbing, electrical, bathrooms and kitchens. Castorama stores offer products for home and garden. Brico Depot offers do it yourself DIY and renovation products.
Koctas is a home improvement retailer in Turkey. It offers a range of product categories consisting of private labels and branded products , from decoration to building materials to garden and outdoor.
Retail Home Improvement. Contact Info. W2 6PX. United Kingdom. Executive Leadership. Andrew Cosslett. Independent Non-Executive Chairman of the Board. Thierry Garnier. Chief Executive Officer, Executive Director. Bernard L. Chief Financial Officer, Executive Director. John Mewett. CEO Screwfix. Kate Seljeflot. Chief People Officer. New Stories.
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