Inter IKEA Group Financial Summary FY17

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InterIKEA GroupFinancialSummaryFY17TRÅDFRISmart lighting dimming kit29.95 * Price in The Netherlands (may vary per country)

YPPERLIG.pick-up and orderpoints, augmented reality,sustainable sourcing,local partnerships, moreaffordable, accessibleand sustainableproducts, new collections,new collaborations, newIKEA stores, new waysto shop.CollectionAboutlastyear20,000,000trees plantedon Industry forestleases in RussiaRYET LEDbulb E27400 lumen 0.99/pcs.IKEA PlaceApp* Price in The Netherlands (price may vary per country)2Inter IKEA Group // Financial Summary FY17 Inter IKEA Systems B.V. 2017

These are just a few examples of the new products weintroduced last year to make IKEA even more affordable,accessible and sustainable for IKEA customers. They cantoday meet all these products in many different places. Thisyear IKEA attracted 2.3 billion website visits and 936 millionvisits to 403 IKEA stores – 14 of which opened in FY17. Thisincluded a store in Serbia, a new IKEA market. In FY18, 22new IKEA stores are planned, which includes the openingof two new markets in India and Latvia. Long-term, we willcontinue to work with IKEA franchisees to expand evenmore with a focus on South East Asia and South America.To support this expansion, we’re working with franchiseesto test and develop new formats like city-centre storesand IKEA pick-up and order points – convenient locationswhere IKEA customers can collect their online purchasesor place an order. And we launched new ways to meet andinteract with IKEA, like IKEA Place, which uses augmentedreality to help people visualise IKEA products in theirown homes. We’re also, together with IKEA franchisees,making significant improvements of the IKEA website andThe world is changing, and the IKEA business ise-commerce capabilities to make shopping from home fun,changing with it. But for IKEA one thing will alwayseasy and convenient.remain the same: our vision to create a bettereveryday life for the many people.All of this has helped us learn more about how to improveour customer focus and ability to grow. IKEA growth thisIKEA is a franchise business. That means many peopleyear was about 4% – lower than previous years. IKEA retailand companies with different owners work under one IKEAsales (including sales of services) amounted to EUR 38.3Brand. FY17 was the first full year we worked together in abillion across 49 markets.simplified and improved franchise system.Inter IKEA Group has also closed a successful FY17. WeOn 31 August 2016 we created the new Inter IKEA Group,stayed true to our conservative financial principles, andbringing together three core businesses: Franchise, Rangeour stable financial results give us resources to grow. This& Supply and Industry. Together we work constantly tomakes it possible for us to continue to work long-termimprove the IKEA home furnishing offer and make it moreand independently of economic cycles. In FY17 Inter IKEAaccessible for the many people.Group realised EUR 23 billion revenue – including wholesaleproduct sales to retailers, franchise fees and other income.Changes in design, technology and urbanisation affectIn addition Inter IKEA Group invested EUR 300 million in theeveryone, and people’s expectations as a result. To meetIKEA value chain through new production capacitiesand exceed their expectations, we continue to open up theand distribution set-ups.product design process for collaborations with students,scientists and design partners from around the world. OneEach and every Inter IKEA Group co-worker should be proudgood example is our collaboration with HAY, a Danish designof what we accomplished in FY17. Together we’ve inspiredstudio. The result is YPPERLIG – a new collection that makesmore of the many people than ever before, and we’vegreat design affordable. Developed during FY17, it washelped them to live a better, more healthy and sustainablelaunched just this at home. Ahead we see that people’s behaviour and theretail industry will continue to change and evolve. TogetherDuring much of last year, we also prepared for a newwith IKEA franchisees we’ll meet these challenges to createcommercial focus: “Make room for life”. The living roomthe IKEA of the future – the heart of everyday life at home. It’s a place forconnecting with family and friends, celebrating specialTorbjörn Lööfoccasions, reminding us what matters in life. So we’veCEO Inter IKEA Groupdeveloped new products and solutions to make living roomsmore functional, personal and inspiring. This includes thenew EKET cabinet series, which can be stacked, hung andcombined endlessly.3Inter IKEA Group // Financial Summary FY17 Inter IKEA Systems B.V. 2017

This403is IKEA194IKEA storesworldwideIKEA co-workersin thousands9362.338.3IKEA store visitsin millionsIKEA website visitsin billionsIKEA retail salesin billion Euros275stores inEurope56stores inNorth America471store inCaribbeanstores inAsia14stores inMiddle Eastand North Africa1410New IKEAstores worldwidestores inAustraliaNote to reader: Figures are for the financial year that ended 31 August 2017. Retail sales excludeconsumption tax and include sales of servicesIKEA BY NUMBERSAll over the world people arelooking, discussing, comparing,thinking, dreaming and buying IKEAproducts both online and in IKEAstores. Each year, those needs anddreams amount to the big numbersthat make up the IKEA retailbusiness.4E-commerce is available in 42markets. During FY17, there were2.3 billion IKEA website visits and936 million visits to the 403 IKEAstores in 49 different countries.And 203 million copies of the IKEAcatalogue – an important guideand source of inspiration for manypeople – were printed.Inter IKEA Group // Financial Summary FY17From napkins and pillows tocomplete kitchens, IKEA customersbought home furnishing products,solutions and services for 38.3billion Euros. And a total co-workerforce of 194,000 people took careof IKEA customers either directly onthe sales floor or indirectly throughthe IKEA value chain. Inter IKEA Systems B.V. 2017

Many customers took home theirnew sofas, tables or beds directlyafter purchase. Instant gratificationhas always been an important partof the IKEA Concept. Others choseto visit a convenient IKEA pick-upand order point close to their home– there are now 46, including threenew ones that opened in FY17. Thatnumber will definitely keep growingin the future.It’s humbling that so many peopleall over the world trust IKEA withtheir needs and dreams for life athome.THE IKEA FRANCHISE SYSTEMAs the IKEA business wasexpanding in the early 1980s, IKEAfounder, Ingvar Kamprad, realisedthat he needed to protect the IKEAConcept. After a long search, Ingvardecided that a franchise systemwould be the best choice for IKEA.It would allow for internationalexpansion while protecting theunderlying concept and stimulatingan entrepreneurial spirit.Inter IKEA Systems B.V. is theIKEA franchisor who continuouslydevelops the IKEA Concept andensures its implementation in allmarkets. IKEA franchisees run theday-to-day retail business andpay a franchise fee. Together, thecompanies in the franchise systemdevelop and improve how peoplediscover and interact with IKEA andIKEA products.Inter IKEA Systems B.V. hasassigned other IKEA companiesto develop the range, supply andcommunication. IKEA of SwedenAB develops the IKEA homefurnishing product range, IKEAFood Services AB develops theIKEA Food & Beverages productrange, IKEA Supply AG managespurchasing and distribution andIKEA Communications AB producesIKEA communication.The diagram below shows asimplified overview of the IKEAfranchise system. Inter IKEASystems B.V., IKEA of SwedenAB, IKEA Food Services AB,IKEA Supply AG and IKEACommunications AB are companieswithin the Inter IKEA Group. InterIKEA Group also includes othercompanies like IKEA Industry AB.The IKEA franchise system ispeople-oriented and encourageseveryone to contribute. It forms aninterdependent framework andlays a solid foundation for theIKEA Brand while enabling ascalable and dynamic valuechain. Last, but not least, itanswers Ingvar Kamprad’s threedesired intentions: allowing andencouraging IKEA to remainentrepreneurial; enablinginternational growth; and keepingthe IKEA Concept strong andconsistent.The IKEA franchise systema simplified overview IKEA franchisorIKEA franchiseesFranchise agreementsInter IKEASystems B.V.INGKA*Dairy FarmSartonAl-SulaimanMAPAAl-HomaiziAl-FuttaimHouse MarketMiklatorgIkanoNorthernBirchAssignmentsIKEA assignmentsIKEA ofSweden ABIKEA FoodServices ABIKEASupply AGIKEACommunications ABSales and supply agreementsThe list above refers, in a simplified way, to companies/groups ofcompanies operating IKEA retail businesses in one or more markets.The listed names do not represent the legal company name of thefranchisee companies that have entered into franchise agreementswith Inter IKEA Systems B.V.*INGKA refers to INGKA Holding B.V. and its controlled entities.5Inter IKEA Group // Financial Summary FY17 Inter IKEA Systems B.V. 2017

BETTER AND BETTER WITHDEMOCRATIC DESIGNThe IKEA business idea is “to offera wide range of well-designed,functional home furnishing productsat prices so low that as manypeople as possible will be able toafford them”. These words capturethe essence of IKEA.reach out to people and makethem part of the value chain.Great products that appeal tomany people also open up largeproduction volumes and lowretail prices. And by asking IKEAcustomers to do some of theassembly work themselves, pricescan be reduced even further.Democratic Design is the IKEA viewon how to create products that areworthy of the IKEA Brand and themany people.In the future, IKEA will make theshopping experience even easierand more inspiring by developingnew concepts and coming closer towhere people live.Form, function, sustainability,quality and, of course, low price.These are the five dimensions ofDemocratic Design.Not every product meets all of thedimensions, but Democratic Designguides IKEA product designers tomake things better. It’s the gatewayto better products, better homesand a better everyday life for evenmore of the many people.THE IKEA VALUE CHAIN –OPEN FOR IDEASThe word value chain might havea technical ring to it, but the IKEAvalue chain is all about people.To begin with, it’s people whodesign and develop IKEA products.Most of that work is carried outin Älmhult, Sweden, where IKEAwas founded. And it’s done in closecollaboration with IKEA suppliers.Sharing each other’s expertisestrengthens knowledge aboutdesign, materials development,sustainability and distribution.This allows IKEA to produce betterproducts at lower prices.The goal of IKEA range developersis to create products people reallyneed. To understand what thoseproducts might be, they have to6From FY18 and onward, the IKEAvalue chain will become more openand include further collaborationswith designers, suppliers and manymore of the many people. IKEAcustomers, startups, students anddesigners will also get opportunitiesto co-create innovations to solvethe big problems – as well as newproducts for the IKEA IKEA stores and online. The RYETLED bulb was introduced in mostmarkets at a price of around oneeuro, enabling more people to saveenergy and money. The productdevelopers looked at everything,from small components to thedesign and production, in order tostreamline and keep costs down –and the quality high.IKEA also launched PÅTÅR – a newrange of coffee that is both UTZcertified and organic accordingto EU standards. This is part ofthe IKEA efforts to ensure foodingredients are from responsibleand more sustainable sources,produced with care for people andthe planet.TOWARD A CIRCULAR IKEAOver the years IKEA companieshave made strong contributions toresource and energy independence,sustainable life at home andimproved conditions for peoplein the IKEA value chain. Despitethese advancements we still facechallenges that are bigger than theactions we take today.One of our biggest ambitions forthe future is to transform IKEA intoa “circular” business. Circularity isabout prolonging the life of productsand materials, using resourcesin smarter ways and creating aslittle waste as possible. Kitchens,LED bulbs, coffee – everything ispossible.During FY17, the first IKEA kitchenfronts made from recycled woodand recycled plastic were launchedInter IKEA Group // Financial Summary FY17 Inter IKEA Systems B.V. 2017

TILLTALANDECollectionTHE MAKING OF MOREENTREPRENEURSThroughout the IKEA value chainthere are many examples of ourconstant strive to contribute toa better everyday life for, andtogether with, the many people.One such example is how wehave built long-term partnershipsacross the world to address socialissues and create lasting change incommunities. As a result, around10,500 people have become part ofthe IKEA value chain – creating andproducing IKEA products.To support this enterprise, IKEASupply AG started purchasing fromJordan in November 2016. Thiscreated jobs for 47 Syrian womenrefugees and 50 Jordanian women.The first collection from Jordan –TILLTALANDE – will consist of floorcushions, cushions and rugs, allto be made available in the IKEAAmman store in December 2017.Despite this work, these initiativesdo not always reach people inpoor communities close to theIKEA value chain. To tacklethis situation Inter IKEA Groupis launching the IKEA Social7Pick-up andorder pointsEntrepreneurship Initiative toexplore how we can support themthrough empowering the socialentrepreneurs of this group. TheIKEA Social EntrepreneurshipInitiative will mobilise andempower change makers in highlychallenged areas to strengthentheir social entrepreneurial skillsand businesses for success andsustainable change.REACHING OUT TO MORE,IN MORE WAYSIKEA expansion is now a multidimensional operation, and it’s notonly about opening more storesin more markets. It’s also aboutfinding new ways for people toreach and interact with IKEA bycoming closer to where they are,and offering new IKEA experiencesin more spaces, both physical in new e-commercecapabilities and an improved IKEAwebsite where customers can rateand review IKEA products accordingto the five dimensions of democraticdesign. And we’re exploring thepossibility of selling IKEA productsvia third-party platforms, though nospecific platform has been chosenyet.In FY18, 22 new IKEA stores areplanned, including new markets inIndia and Latvia. Long-term, IKEAwill continue to explore new waysto meet customers in existing andpotential new markets with a focuson South East Asia andSouth America.The big stores outside city centresremain important IKEA saleschannels. However, in the comingyears, city locations will play amore important role. We’re alsoworking to make online shoppingmore inspirational and convenientfor IKEA customers. This includesInter IKEA Group // Financial Summary FY17 Inter IKEA Systems B.V. 2017

InterIKEAGroup9,500241,0004028products in theIKEA rangehome furnishingsuppliers in 51countriesfactoriesoperated byIKEA IndustrySimplified overviewInter IKEA Grouppurchasingofficesco-workersin thousandsInter IKEAHolding B.V.Inter IKEASystems B.V.IKEA ofSweden ABFranchiseRange & SupplyIKEASupply AGIKEAIndustry ABIndustryNote to reader: Figures are for the financial year that ended 31 August 2017. Inter IKEA Group isdefined as Inter IKEA Holding B.V. and its controlled entities.ABOUT INTER IKEA GROUPInter IKEA Group consists of threecore businesses: Franchise, Range& Supply and Industry. Its mainoperations are located in TheNetherlands (Franchise), Sweden(Range) and Switzerland (Supply).Most Industry activities are basedin Poland.Franchise: Inter IKEA SystemsB.V. is the owner of the IKEAConcept and the worldwide IKEAfranchisor. It offers the IKEAConcept to IKEA franchisees8worldwide, enabling the longterm fulfilment of the IKEAbusiness idea.Inter IKEA Systems B.V. iscontinuously developing the IKEAConcept to ensure its successfulimplementation in new andexisting markets. For example,the IKEA Concept is beingreviewed with an eye toward reestablishing different aspects toalign multichannel retailing. Thisenables IKEA to remain forwardlooking in areas such as brandInter IKEA Group // Financial Summary FY17development, sustainability, peopleand environment, social media,market potential and expansion.Planned projects range fromrepositioning in certain marketsto automating goods flow andfurther digitalisation of the IKEAcatalogue.Franchise is today developinga new IKEA sustainabilitystrategy. Its ambition is to outlinecommon long-term sustainabilitycommitments for everyone in theIKEA franchise system and value Inter IKEA Systems B.V. 2017

chain. The new strategy will focuson three main areas: healthyand sustainable living, becomingcircular and climate positive, andcontributing to a fair and equalsociety.Range & Supply: Range & Supplyis responsible for developing andsupplying the global IKEA range.This means working throughout thewhole value chain – from supplierto customer. It includes IKEA ofSweden AB, IKEA CommunicationsAB, IKEA Food Services AB, IKEASupply AG and related businesses.All work under assignment fromInter IKEA Systems B.V.IKEA of Sweden AB is responsiblefor developing, designing andproducing home furnishingsolutions to address the everydayneeds of the many people. Productdevelopment is based on the beliefthat even with a thin wallet peopleshould be able to create a beautifulhome with functional, safe andhealthy products. Every product isdesigned with the five dimensionsof Democratic Design in mind.Each year, 2,000 new products areintroduced. The total IKEA rangeconsists of 9,500 products.IKEA Supply AG is a wholesalecompany that supplies the IKEAfranchisees with IKEA products,and produces and supplies thecomponent solutions used toassemble those products. It alsoowns the goods in distributioncentres located worldwide. Thereare 24 purchase and logisticservice offices to support anddevelop external suppliers.IKEA Supply AG uses a largevolume approach that enablesinvestment in efficient industrial9production setups and focuses onaffordability, accessibility, qualityand sustainability. As volumesincrease, the costs decrease. Thisallows us to offer lower prices toIKEA customers, and lower pricesin turn generate higher volumes.IKEA Supply AG also plays a keyrole in ensuring IKEA suppliers liveup to IWAY – the IKEA suppliercode of conduct.IKEA Communications AB is anin-house communication agencythat creates and produces IKEAcommunication for customers andother IKEA organisations. It’s bestknown for the IKEA catalogue – thelargest single printed publicationin the world. It also produces theIKEA website, apps, brochures,in-store communications, TVcommercials, augmented realityand packaging and assemblyinstructions for all IKEA products.This year IKEA CommunicationsAB played a key role in developingIKEA Place – an Apple iPhone appthat lets customers virtually placefurniture in their homes.IKEA Food Services AB developsthe IKEA Food & Beverages productrange sold in the IKEA restaurants,cafés, bistros and Swedish foodmarkets in IKEA stores. Today itis working to develop a worldclass food business by increasingthe focus on a new product rangethat more closely meets customerneeds and improves operations.all key competencies are combinedand will strongly contribute tobuilding the future of the IKEAFood business.Industry: Industry manufacturesIKEA home furnishing products.Its ambition is to be the mostcompetitive manufacturer inthe home furnishing industry bydelivering outstanding customervalue. Industry also developsunique IKEA capabilities andcapacities in relevant parts ofthe value chain (e.g. material,manufacturing and distribution).Industry produces approximately10-12% of the total IKEA range,with its main focus on furniture. Itsoperations are conducted throughsome 40 production units thatinclude forestry, sawmills, andproduction of board material, woodcomponents and ready furniture. Itis the largest producer of woodenfurniture in the world.As an IKEA supplier, Industrystrives to create a positive impacton people, society and the planet.Key focus areas include co-workersafety, energy efficiency and waterstewardship with increased re-use.This year Industry planted its 20millionth tree on its forest leases inTikhvin, Russia.During FY17, Inter IKEA Groupacquired the Bring Group, towhom the IKEA Food supply chainmanagement had been outsourced.This allows the establishment of afood wholesaler and investmentsin operational supply chaincapabilities. Through this change,Inter IKEA Group // Financial Summary FY17 Inter IKEA Systems B.V. 2017

KeyfiguresFY17Key consolidated figuresInter IKEA Group FY17During FY16, Inter IKEA Groupchanged its financial year tobetter reflect the IKEA businesscycle. That means last year’sconsolidated income statementcovers the eight-month periodfrom 1 January 2016 to 31August 2016. Additionally, theacquisition of IKEA of SwedenAB, IKEA Supply AG and IKEAIndustry AB – and their relatedbusinesses – was completedon 31 August 2016. This didnot impact the FY16 incomestatement. FY17 covers atwelve-month period.Consolidated Income Statementin millions of EURFY1712 monthsFY168 monthsSales of goods20,7781,337Franchise ,5821,6251,296551-143-2221,153329Income taxes-241-71Net income912258Other incomeTotal revenueCost of goods soldOperational costTotal operating expensesTotal operating incomeFinancial income and expensesTotal income before taxesIn FY17, IKEA retail sales(including sales of services) byIKEA franchisees rose to EUR38.3 billion, with increasedvolumes more than offsettingthe lower average retailprices. Most markets showedgrowth with new stores (14)and e-commerce contributingmost. The commercial themefor FY17, “It starts with thefood” has been successful,10outperforming others in therange. Higher sales also led toan increase in franchise fees.Sales of goods include thewholesale revenue from thedistribution of goods to ourfranchisees, plus the sales of goodsin the IKEA store in Delft, TheNetherlands, which is owned andoperated by Inter IKEA Group. Thecost of goods sold relate to theInter IKEA Group // Financial Summary FY17costs incurred for manufacturingand sourcing the goods sold tothe franchisees and in the IKEAstore in Delft. Operational costsinclude spending for developmentof the IKEA Concept, such as newdigital touchpoints, fulfilmentsolutions and meeting the needs ofcustomers. It also includes costsconnected to range developmentand expansion activities, as wellas competence development andlearning solutions.Financial income and expensesrelate to interest costs connectedto the long-term loans payable tothe shareholder, partly offset bypositive currency results.The tax charge for FY17 amountedto EUR 241 million, resulting in aneffective tax rate of 21.0% (FY16:21.6%).Net income for FY17 is highlyimpacted by the effect of theacquisition of the range, supplyand industry activities. Furtherimpact on the FY18 financialperformance will be limited and anincrease of net profit is expected. Inter IKEA Systems B.V. 2017

Consolidated Balance Sheetin millions of EUR31 Aug.201731 Aug.2016Intangible fixed assets8,2438,932Tangible fixed assets1,4511,336Financial fixed assets246322Total fixed 538Non-current liabilities7,8618,601Current liabilities6,1055,562Total liabilities14,46314,701Equity and liabilities18,65718,959Cash and cash equivalentsTotal current assetsTotal assetsGroup equityProvisionsIntangible fixed assets mainlyrelate to proprietary rights. Theserights include the IKEA trademarks,protection rights, intellectualproperty rights and the rights tothe IKEA catalogue. The rights areamortised to the income statementover 45 years.Tangible fixed assets include 40factories and the IKEA store inDelft. Inventories for the most partconsist of finished IKEA goods,while receivables include moneyto be received from IKEA retailersregarding franchise fees and IKEAgoods sold.Inventories decreased slightlyduring FY17, while still maintaininggood availability towards the11IKEA retailers. During FY17, adividend of EUR 1 billion was paidto our shareholder. Provisions arerecorded for warranties, pensionsand deferred taxes.Note to reader: The included abbreviatedfinancial statements are an abridgedversion of the consolidated financialstatements of Inter IKEA Holding included in the Annual Report forthe financial year 2017. An unqualifiedAn amount of EUR 500 millionwas repaid on the long-term loansduring FY17. Current liabilitiesinclude short-term borrowings andamounts payable to our suppliers.auditor’s report dated 5 December 2017was issued on these financial statements.Inter IKEA Holding B.V.’s consolidatedfinancial statements, from which theseabbreviated financial statements havebeen derived, have been prepared inIn FY18, Inter IKEA Group willcontinue to invest in furtherdevelopment and expansion of theIKEA Concept and product range,while continuing to produce andsupply low-priced products to theIKEA retailers.Inter IKEA Group // Financial Summary FY17accordance with Part 9 of Book 2 of theDutch Civil Code. Inter IKEA Systems B.V. 2017

For further information,please visit the InterIKEA Group website:www.inter.IKEA.comThe IKEA logo and the IKEA wordmark are registered trademarks of Inter IKEA Systems B.V. All copyrights in the pictures usedin this document are owned by Inter IKEA Systems B.V. and may in no way be copied or reproduced without the consent of InterIKEA Systems B.V.Inter IKEAHolding’s AnnualReport for FY17can be requestedthrough theInter IKEA Groupwebsite.

year IKEA attracted 2.3 billion website visits and 936 million visits to 403 IKEA stores – 14 of which opened in FY17. This included a store in Serbia, a new IKEA market. In FY18, 22 new IKEA stores are planned, which includes the opening o

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The IKEA business idea is to offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. The IKEA retail business is operated by independent franchisees under franchise agreement with Inter IKEA Systems B.V.

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