El Corte Inglés renews its emissions plan for 1.2 billion euros

What: El Corte Inglés has renewed its emissions plan until December 1, 2024, aiming to raise EUR 1.2 billion through promissory note issuance.

Why it is important: The emissions plan highlights the company's commitment to financing sustainability objectives and addressing its debt amid rising prices.

The company has resorted to this financing method despite facing prices and aims to use the funds to meet sustainability objectives related to ESG projects. In addition to this, El Corte Inglés signed a refinancing agreement with over twenty banking entities in March 2022 and obtained support from the European Investment Bank to promote energy efficiency and innovation plans in January of this year.

Financially, the company experienced significant growth, achieving a turnover of EUR 15,327 million in the year ended February 28, 2023, marking a 22.5% increase from the previous year. This growth also boosted the gross operating result (EBITDA) to EUR 951 million and the net result to EUR 870 million , the highest in the group's history.