Management is unable to quantify COVID-19 impact. Has £1,025m in liquidity available Management is unable to quantify the financial impact. At 31st January, Kingfisher had cash and cash equivalents of £195m and two undrawn RCFs totalling £775m. In total the company has £1,025m in total liquidity immediately available, according to management. Kingfisher is due to announce its FY results on 24th March. We were expecting a strategic update from new CEO Mr Garnier, who joined in September, on his turnaround strategy and how he was going to address the structural challenges Kingfisher faces in France and the UK. This may not happen now given current events. Stores in France and Spain all closed All 221 stores have closed in France from midnight Sunday 15th March until 14th April. In Spain, all 28 stores are closed until 29 March. Management is focused on cost reduction where possible and looking at click & collect and home delivery to help offset store closures. Its remaining 1,100+ stores in the UK, Ireland, Poland, Romania, Portugal and Russia are currently open. We were forecasting that France would account for 35% of FY20E sales and 21% of profits, with the UK accounting for 44% of sales/59% of profits and Poland £13% of sales/21% of profits. Spain is non-core and management is trying to dispose of operations there, along with Russia and Portugal. Supply chain – c.85% of orders placed have a less than 4 weeks delay On the supply chain, 25% of total COGS are directly sourced from the Far East. The group also sources from Europe. In China, 95% of vendors’ factories have reopened, with capacity building. Approximately two thirds of its outdoor and seasonal product had shipped before Chinese New Year. At this moment, management estimates that 85% of placed orders have a less than 4 week delay. In Italy, nearly all its vendors remain open, but there is uncertainty over shipping.