Inter IKEA Group - De Tijd

1y ago
13 Views
2 Downloads
1.02 MB
26 Pages
Last View : 14d ago
Last Download : 5m ago
Upload by : Ciara Libby
Transcription

Inter IKEA GroupAnnual Report 20121

Consolidated Financial Statements as at 31st December 2012 and Independent Auditor’s ReportIndexIntroduction3Inter IKEA Group3Group Structure4Key figures consolidated (under Lux GAAP)4Corporate Governance5Management ReportMessage from the Chairman and CEOFranchise Division668Retail Centre Division10Property Division12Finance Division14Main Risks and Uncertainties15Consolidated Annual Accounts of Inter IKEA Holding S.A.16Consolidated Balance Sheet as of 31st December 201216Consolidated Income Statement for the year 201217Notes to the Inter IKEA Holding S.A. ConsolidatedFinancial Statements18Independent Auditor’s Report25The Inter IKEA Group is defined asInter IKEA Holding S.A. and its subsidiarieswww.inter.ikea.comInter IKEA Holding S.A.Registered as a société anonyme (public limited company)under Luxembourg law with a capital of EUR 300,000,000Registered office: 2, Rue Jean Bertholet1233 Luxembourg (Luxembourg)Luxembourg Trade and Companies’ Register B389522INTER IKEA GROUP 2012

IntroductionInter IKEA GroupOur business in briefThe overall purpose of Inter IKEA Group is tosecure continuous improvement and longevityof the IKEA Concept. Since this will requireinvestments in both good and bad times, westrive to be financially independent.In our effort to live up to the purpose, ourbusiness is organised into four divisions, eachwith a different role:The Franchise Division is the core of ourbusiness. We have found franchising to be thebest way to expand the business based on theIKEA Concept, to keep the Concept togetherand to maintain an entrepreneurial spirit. InterIKEA Systems B.V. franchises systems, methods and proven solutions to franchisees worldwide for marketing and sale of IKEA productsunder the IKEA Trademarks. Inter IKEA Systems B.V. is the owner of the IKEA Conceptand IKEA Trademarks. They ensure that IKEAConcept know-how is continuously developed,transferred and made available to all IKEAfranchisees. This is done in order to serve themany people over generations.The Retail Centre Division – Inter IKEACentre Group A/S – invests in, develops andmanages retail destinations anchored by IKEAstores. The division strives to create uniqueretail and entertainment destinations, wherethe shared location creates synergies benefitINTER IKEA GROUP 2012ting the IKEA store, the retailers in the shopping centre and the end consumers.The Property Division strives to createlong-term value through property investments. The operation includes new propertydevelopment and active management of portfolio properties.The Finance Division includes fund management and private equity activities, as wellas treasury management. The division seeksto ensure stable returns over time.Our strategic investments in Retail Centresas well as our asset management investmentsin the Property and Finance divisions aim toensure financial stability and create long termvalue.Our heritageThe values and culture of Inter IKEA Groupreflect the entrepreneurial spirit of ourfounder Ingvar Kamprad, who was born andgrew up in the Småland region of Sweden.Smålanders have a reputation for beingthrifty and innovative with a straightforward,no-nonsense approach to problem-solving ingeneral and to business challenges in particular. This ‘Småland legacy’ is built into InterIKEA Group culture and values.In practice, our values encourage a constantdesire for renewal and a willingness to makechange, as well as a cost-conscious mindsetin all areas of operation. Trying new solutions,daring to be different, humbleness inapproaching our task and simplicity in ourway of doing things are also cornerstones ofthe Inter IKEA culture.Our spirit is based on a belief that nomethod is more effective than a good example. We believe that each co-worker is important, that all of us have a responsibility, andthat it is by working together, ‘tillsammans’ inSwedish, that we really make a difference.IKEA values have proven to be viable in aninternational context and we strongly believethat they are one of the most important factorsbehind our achievements. By keeping themalive and well-rooted, it will help us continue toturn future challenges into opportunities.3

Group StructureInter IKEA Holding S.A. is the parent company of Inter IKEA Group. The operations ofInter IKEA are decentralised and organised indivisions with far-reaching responsibility fortheir operations and business.Around the globe, a large number of companies operate under the IKEA Trademarks.All IKEA franchisees are separate and independent from Inter IKEA Group. Some ofthem share the same founder and a commonhistory and heritage, but are independentcompanies. A large group of franchisees areowned and operated by INGKA Group. InterIKEA Group and INGKA Group are separategroups of companies and have differentowners, board members and managers.Key figures consolidated (under Lux GAAP)20122011Total revenues mil2,6602,432EBITDA mil959205Net profit for the year mil44387Total assets mil14,9505,823Shareholder’s equity (incl. result of the year) mil7,5293,488Equity ratio%50%60%Co-workers (year average)Nb1,6441,578Financial year starting 1st January and closing 31st DecemberInterogo Foundation(Liechtenstein)Inter IKEA GroupInter IKEA Holding SA(Luxembourg)Group ServicesInter IKEAHolding Services SA(Belgium)51%FranchiseInter IKEA SystemsHolding BV & subs.(The Netherlands)4Retail CentreInter IKEA Centre Group A/S& subsidiaries(Denmark)PropertyVastint Holding BV& subsidiaries(The Netherlands)Finance(Various companiesand jurisdictions)INTER IKEA GROUP 2012

Corporate GovernanceShareholderInter IKEA Holding S.A. is owned by InterogoFoundation, an enterprise foundation(Unternehmensstiftung) registered underLiechtenstein law. Its entire purpose is tosupport and invest in the expansion of theunderlying businesses within Inter IKEAGroup in order to secure the independenceand the longevity of the Group and the IKEAConcept. According to the statutes, funds canalso be used to support IKEA retailers and forgrants to certain charitable causes.The Interogo Foundation is administeredby a foundation council (Stiftungsrat), whichmanages the foundation’s assets and represents the foundation towards third parties.The foundation council is supervised and controlled by a foundation committee (Beirat).As the foundation is intended to exist foran unlimited period of time and external conditions could change, the statutes includeregulation on how changes could be adoptedin the structure or organisation of the foundation. The aim of this organisational flexibilityis to secure the foundation’s ability to live upto the purpose even if external conditions orthe context changes. The purposes of thefoundation however cannot be changed.INTER IKEA GROUP 2012Board of DirectorsOn 31st December 2012, the board of InterIKEA Group had six non-executive members: Per Ludvigsson (Chairman) Hans Gydell Ingvar Kamprad Mathias Kamprad Staffan Bohman Lennart StenDuring January 2013, an additional boardmember, Birger Lund, was appointed.Directors are elected at the general shareholder meeting.The responsibility for the day-to-day management of the company is delegated to theCEO, Søren Hansen, but the board, whichmeets four times per year, has a formalschedule of matters reserved for it, includingapproval of the annual overall budget, significant acquisitions and disposals, and theGroup’s financial statements.selected panel of Group executives and xternal members.eThe divisional boards are supported bysupervisory boards and investment committees where appropriate.Audit CommitteeThe board of directors has assigned an auditcommittee to oversee financial reporting anddisclosure, and to oversee regulatory compliance and corporate governance. The auditcommittee reports to the board of directors ofInter IKEA Holding S.A. and meets two timesper year. The committee is composed of Staffan Bohman (chairman of the committee), Per Ludvigsson and Hans Gydell. TheCEO, the CFO and the principle audit partnerare permanent invitees.Divisional BoardsBoard of directors meetings are held for eachdivision three times per year. The boards aregenerally composed of the Group CEO, themanaging director for each division, a5

Management reportMessage from the Chairman and CEOThe overall purpose of the Inter IKEA Group is tosecure continuous improvement and longevity ofthe IKEA Concept.The franchise division is the core of our business. Inter IKEA Systems B.V. is the worldwidefranchisor and owner of the IKEA Concept andIKEA Trademarks. During 2012 the Concept showed good strength in a difficult economic climatewith increased revenues of around 9%. Seven newstores were opened during the year.6Following the acquisition of the IKEA Trademarks on 1st January 2012, the profitability ofthe Group greatly improved. This gives us moremeans to strengthen and develop the IKEAConcept and to expand our other businesses.The general business climate continued tobe challenging in many parts of Europe,where we have the highest concentration ofactivities. We have seen some improvementin North America and a continued stronggrowth in Asia Pacific and the Middle East.While most developed economies strive tobalance economics and social wellbeing, wewill continue to see limited market growth.Uncertainties and lack of visibility will dictatethe business climate for some time.In this climate, creating our own opportunities with a long term value building perspective is more important than ever. Whatever we do moving forward must be guidedby sustainability, having a long term perspective on our businesses and focusing on theway we impact society and the environment.Since fulfilling our purpose will requireinvestments in both good and bad times,we strive to be financially independent.The expansion of the Retail Centre Divisionin Europe has slowed down due to marketconstraints. The establishment plan in Europewill continue to provide a flexible approachand formats. The division is now building itsfirst three centres in China alongside IKEAstores. The first opening on this promisingmarket is expected during 2014.The Property Division, focussing on developing office, hotel and residential buildings,remains offensive in its development. Thedivision will increase its presence in the hospitality sector, establishing a dedicatedorganisation to focus on student accommodation and hotel properties.Good small to medium size companies continue to struggle in financing their expansion.Their needs to finance future expansion createinvestment opportunities. The Finance Divisionincreased its focus on private equity investments throughout 2012, both to grow goodbusinesses and build value in the long-term.A key focus of 2012 was to become moreactive and clear in our communication. Acomprehensive annual report was releasedfor the first time, www.inter.IKEA.com waslaunched and the ownership of the IKEATrademarks was consolidated. These actionsare intended to move us forward and be better understood by our stakeholders, and wewill continue along this path.During December 2012, Inter IKEA Group,through Inter IKEA Systems B.V., donated 29 million to the Kamprad Family FoundaINTER IKEA GROUP 2012

tion for Entrepreneurship, Research andCharity, based in Växjö, Sweden. This is afollow-up on our commitment to this foundation initiated during 2011.The result of 2012 increased from 87m in2011 to 443m in 2012. If we exclude thedonation to the Kamprad Family Foundation forboth years, the results increased from 187min 2011 to 472m in 2012. The main increasecomes from an increased profitability in theFranchise Division following the acquisition ofthe IKEA Trademarks. All other divisions haveshown better results than previous year,although the rapid expansion in the Retail Centre and Property divisions continued andproduced negative effects on the Group result.Going forward we will be faced with manybusiness challenges. By hard work and working together we will do our outmost to turnthose challenges into opportunities. Thankyou to all our dedicated co-workers who havemade 2012 a good year for Inter IKEA Group.Per Ludvigsson (Chairman)Søren Hansen (CEO)INTER IKEA GROUP 20127

Franchise DivisionThe businessThe Franchise Division includes Inter IKEASystems B.V., owner of the IKEA Trademarksand worldwide IKEA franchisor. All IKEAstores worldwide, with the exception of theIKEA store in Delft, operate under franchiseagreements with Inter IKEA Systems B.V. Thedivision has the overall responsibility to safeguard the continued success of the IKEA Concept throughout the world, in order to benefitthe many people over generations. The IKEAConcept rests on a firm foundation: a lowprice offer in home furnishings.As the franchisor, Inter IKEA Systems B.V.performs the following tasks: Expand the IKEA business through franchising Improve and develop the IKEA Concept Transfer IKEA know-how to IKEA franchisees Monitor the implementation of the IKEAConcept Protect the IKEA ConceptInter IKEA Systems B.V. also owns and operates the IKEA store in the IKEA Concept Center in Delft, the Netherlands.IKEA franchisees implement the IKEA Concept by marketing and selling the IKEAproduct range and operate IKEA stores under8franchise agreements with Inter IKEASystems B.V. The IKEA franchisee has theresponsibility to run, manage and developtheir local business.The Franchise Division also includes thefollowing businesses: Distribution of IKEA products (on a limitednumber of markets) Media procurement (incl. the IKEA Catalogue) Services to IKEA franchiseesKey figures(under Lux GAAP)20122011IKEA StoresNb340333MarketsNb4040Total revenues mil2,3952,226Co-workers(year average)Nb954953Market conditions & performanceThe evolution of revenues is directly linkedwith the expansion and performance of IKEAfranchisees worldwide. A 3% franchise fee onIKEA sales worldwide forms the base for thelicense revenues. During 2012 licence revenues increased by 8.9%, including a positivecurrency effect of 2.8% points.INTER IKEA GROUP 2012

FRANCHISE DIVISIONDuring 2012 seven new stores were opened.Europe and America showed lower growthcompared to the previous year, while Russia,the Middle East and Asia continued to growsubstantially.Other businesses have shown mixed performance during 2012. The distribution ofIKEA products, mainly in the Middle East andFar East, increased by 8.3%, sales of theIKEA store in Delft decreased by 1% and themedia procurement business reduced its printvolume by 7%.IKEA Retail Sales R IKEA GROUP 2012201020112012Key activitiesA total of 11 IKEA stores opened in 2012.These comprised seven new IKEA stores andthe relocation of four existing stores. Twelvedifferent groups of companies, under franchise agreements with Inter IKEA SystemsB.V., own and operate all IKEA stores worldwide, with the exception of the IKEA store inDelft, the Netherlands.Together with IKEA franchisees, Inter IKEASystems B.V. continuously works to improvethe IKEA Concept to make it relevant for themany people. For example, the 2013 IKEAcatalogue was improved with reality featuresthat can be accessed by scanning pagesthrough a smartphone or tablet application.These applications have been downloadedmore than 5.7 million times since the launch.Transfer of IKEA know-how to IKEA franchisees is a key franchisor activity. Over 40different training programmes are offeredonline, locally and at the IKEA Concept Center in Delft, the Netherlands. IKEA franchisees also access know-how and best practisethrough documentation, publications and aweb based portal that support implementa-tion and operation of the IKEA Concept. During 2012, over 90,000 manuals were distributed and the web portal was consulted bymore than 1 million visitors.The corporate culture centre, IKEA Tillsammans in Älmhult, Sweden, hosted more than23,000 visitors during the year. IKEA Tillsammans welcomes and helps IKEA co-workers tolearn about and experience the IKEA culture.Part of IKEA Tillsammans, IKEA Through theAges, is an exhibition detailing the history ofthe IKEA product range. It is also open to thepublic.During the year, Inter IKEA Systems B.V.acquired the IKEA Trademarks for a value of 9 billion from Interogo Foundation, theowner of the Inter IKEA Group. The transaction was financed through a loan of 5.4 billion and equity increase of 3.6 billion. Thishelped to consolidate and simplify the ownership structure.More information about Inter IKEA Systems B.V. and the IKEA Concept is availableat franchisor.IKEA.com.9

Retail Centre DivisionDeveloped square meters 31 Dec. %4%The businessThe Retail Centre Division – Inter IKEA Centre Group A/S (IICG) – was established in2001 and develops, owns and manages retaildestinations for the many people, anchoredby IKEA stores. IICG strives to create uniqueretail and entertainment destinations whereboth the IKEA store and tenants benefit fromthe synergy created by the retail centre andthe IKEA store being located side by side.IICG has a clear long-term approach tomanagement and continuity, which meansevery decision taken focuses on driving longterm value for retail partners and shoppers.10Inter IKEA Group is the majority owner of IICGwith a 51% ownership of the company. Theremaining 49% is owned by INGKA Group.Key figures(under Lux 10Centres underdevelopment(3 years)Tm2635404Total assets mil2,3942,173Total revenues mil204150Co-workers(year average)Nb523470Leased retailcentresMarketsMarket conditions & positioningThe progressive decline of retail sales acrossEurope, down 0.6% during 2012, has beenmore pronounced in Southern Europe, whilethe rest of the European markets have showna more modest decline. Food sales havedecreased more than the non-food retailing.INTER IKEA GROUP 2012

RETAIL CENTRE DIVISIONMulti-channel retail continues to gain marketshare from the physical stores. Downwardpressure on rent has become more widespread in non-prime locations. The retail sector in Europe will most likely continue to faceunfavourable conditions in the coming one totwo years.The expansion plan is intrinsically linkedwith the opening of new IKEA stores inEurope and China. With the IKEA store as ananchor, the division builds and manages retaildestinations with a regional scope. Eachinvestment is approved on its own merit.Management believes that in-depth marketanalysis, a phased development approachand long-term perspective are keys to growthand long-term value creation.centre in Villesse, Italy, as well as an extension of the retail park in Poznan, Poland. Bothprojects are scheduled to open in the autumnof 2013.Project development continues at a strongpace in China, where construction is progressing in three cities: Wuxi, Beijing and Wuhan.The organisation grew in number of co-workersduring 2012 in order to meet the needs of thecurrent and future projects. The division’s firstshopping centre in China is scheduled to openin Wuxi in the early part of 2014.Two shopping centres in Austria (Graz &Linz) were sold and handed over to the newowners during the year. A third propertylocated in Vienna will be sold during 2013.Once that transaction has been completed,the division will cease to operate in Austria.Major milestonesIn 2012, the division opened a shopping centre in Valladolid, in Northwestern Spain, andthe second phase of the retail park in Jerez inSouthern Spain. Both retail destinations benefit from a strong tenant mix, which willstrengthen these locations in the long-term.Construction started on a regional shoppingINTER IKEA GROUP 201211

Property DivisionDeveloped square meters 31 Dec. 2012BE, 8%NL, 63%PL, 20%LT, 6%LV, 3%The businessThe Property Division – Vastint Holding B.V.(Vastint) – was established in 1989 in theNetherlands. The goal of the Property Divisionis to create long-term value through propertyinvestments. The markets are defined in orderto achieve critical mass and concentration.The cornerstones of the operations in theProperty Division are the management ofportfolio properties and the development ofcommercial real estate, including residentialdevelopment and sales. There is no development of IKEA retail stores conducted withinthe Property Division.12The Property Division actively managesdeveloped properties in six countries: theNetherlands, Poland, Belgium, Lithuania, Latvia and UK.Key figures(under Lux GAAP)20122011Leased buildingsNb4028MarketsNb65Developed propertiesTm2418318Under constructionTm242102Total assets mil838751Total revenues mil4342Co-workers(year average)Nb8472Market conditions & positioningThe uncertainty in the European real-estatemarket continued throughout 2012. Itremains a fragmented market in terms ofboth economic performance and opportunities. Prime yields have remained stablethroughout the year.INTER IKEA GROUP 2012

PROPERTY DIVISIONThe market is characterised by low take-upand reduced investment activities. New supply remains at historically low levels. Theweak supply supports stability on rental levels and vacancies.Prices for site acquisition remain underpressure, especially for large schemes. Thisagain indicates the limited amount of development projects on our core markets.The hotel industry in our markets continued to show increased revenues per availableroom. This trend is expected to continue incoming years.Management maintains its belief that therewill be continued opportunities for wellfunded real estate companies. Environmentally certified buildings in good locationsshould outperform the older stock of buildingsin terms of leasing, value and transactions.Development activitiesThe development activities within the divisioninclude land acquisition, masterplanning,detailed design, construction and leasing. Inaddition to the developed markets, the division holds sites in Romania, Spain and Ger-INTER IKEA GROUP 2012many for further development. Currently,over 100 hectares of land is owned for futureplanning and development.During 2012, the outline planning permitfor a regeneration project in Strand East, EastLondon, was obtained. Eight developmentswere completed during 2012. In Poland, thebuildings for Mera Hotel & SPA, a seasidehotel and SPA resort in Sopot, two officebuildings in Szczecin city centre, and the firsttwo buildings of the Business Garden Warsaw,comprising offices and a hotel, were completed. In the Netherlands, the redevelopment of an old office complex into a hotelproperty (Ramada Apollo Amsterdam Centre)and a hotel school (Hotelschool The Hague)were finalised and occupied by tenants. InBelgium, the refurbishment of an office building in Brussels’ rue Royal was completed. InLatvia, the sale of 60 apartments (Futuris inRiga) began, a large majority of which weresold by year end.For 2013, the planned development activities will focus on tenant adaptations, the construction of five office buildings and threehotel properties.The division is currently establishing a dedicated organisation that will focus on the hospitality sector developments, such as hotelsand student accommodation. It will constructand lease hotels and student accommodationthat will be operated by partner operatorsunder their brands.SustainabilityEnvironmental and sustainability factors continue to be increasingly important for landlords, tenants and investors. Real estate tenants and investors will place increasingly moreemphasis on sustainability in their decision processes and favour such options. Local buildinglegislation will put more emphasis on buildingsustainability in the future.All new developments within the divisionare constructed following recognised nationalor international environmental standards suchas BREEAM, LEED, etc. Pre-certification procedures are an integral part of the designprocess for new projects.13

Finance DivisionThe businessThe Finance Division manages financial assetsto deliver a satisfactory risk-adjusted returnover the long term.The division is built on three core areas: Fund management Private equity fund investments, co-investments or direct investments Treasury managementEach asset class is managed by teams withspecial skill sets and an organisation of itsown.Key figures(under Lux GAAP)20122011Financial assetsunder management mil2,0812,282Nb5757Co-workers(year average)Market conditions & focusThe world economic growth dropped to about3% during 2012, where the most advancedeconomies grew by only 1.1% and emerging14economies by 5.5%. The uncertainty surrounding economic recovery in the mostdeveloped economies remains a challenge toany investor.The larger share of financial assets undermanagement is exposed to the European andNorth American markets. The exposure torisk has been refocused exclusively to the private equity sector. The remaining assetsunder management are held in fixed income(bonds, money market funds, deposits, etc.),producing modest returns during 2012.The private equity portfolio continued toincrease during the year. More than ever,good companies have a need of financial support to expand and develop. This provides arelevant investment opportunity in the current economic climate.Investments in fixed income instrumentswas reduced by 420 millions to the benefitof other classes of investments, including realestate development managed by other groupdivisions.The division is also responsible for theGroup treasury management.INTER IKEA GROUP 2012

Main Risks and UncertaintiesThe company faces certain risks associatedwith its business and sectors in which it operates.As a global franchisor of the IKEA RetailConcept, franchise fee earnings are closelyrelated to the expansion of the worldwide furniture market and the success of IKEAfranchisees on their respective markets. Sincethe start of the global financial and economiccrisis in 2008, furniture markets in Europeand North America declined. Restrictions onconsumer credits, increased unemploymentand a general contraction on consumers’ ability to spend are all factors responsible for thisdecline. The IKEA Concept has proven to bemore resilient in most markets, since marketshare of IKEA products increased in the mostaffected regions during that period. Thesouthern European market is likely to seemore contractions as austerity measures toreduce public deficits are implemented during2013 and 2014. Around one third of the franchise fees are earned outside the euro zone,where the euro is the company’s reportingcurrency. As a result, the company is exposedto the foreign exchange risk.The wholesale business of distributingIKEA products to IKEA franchisees in theINTER IKEA GROUP 2012 iddle East, Far East and Southeast Europe,Mguarantees yearly prices to its clients for allproducts contained in the IKEA Catalogue.During the guarantee period, manufacturingor transport prices can fluctuate and affectthe profitability of this operation. There is noforeign exchange risk for this activity,because all related currencies are hedged ona yearly basis.The Retail Centre Division is exposed tothe retail performance on European marketswhere it operates. With the progressivedecline of retail sales since 2008, an increasing number of tenants have encounteredfinancial difficulties. Signing new tenants continues to be difficult. Even if the vacancieshave not increased over the last year, thelevel of rent revenues per square meter hasbeen compressed. This situation affected theprofitability of centres in operation and consequently the market value of the asset base.An impairment of 20.5 million on tangibleassets has been taken during 2012.The Property Division is mainly exposed tothe office market and to a lesser extent tothe hotel business and residential sector inEurope. The real estate sector has beengreatly affected since 2008, where mostproperty developers have significantly dim inished their activities due to difficulties inobtaining financing and a limited demand fornew offices. The division was most affectedby the difficult letting market in the Netherlands, where 63% of its portfolio is invested.All other countries have offered sustainableconditions for the development of its activities. It is expected that the office market willcontinue to suffer a lack of demand throughout Europe during 2013 and 2014.The Finance Division is mainly exposed tothe government bond market in Europe. Theinvestment strategy is limited to the highestrating quality amongst a limited number ofEuropean countries. The division has alsoglobally invested in private equity funds anda limited number of co-investments or directinvestments. Besides the risks inherent toequity investments, a significant portion ofthe portfolio is invested in USD and SEK. Thiscurrency risk is managed through varioushedge instruments (currency loans or swaps).Through a strict financing policy, the InterIKEA Group has limited exposure to bankfinancing (less than 5% of total assets).15

Consolidated Annual Accounts of Inter IKEA Holding S.A.Consolidated Balance Sheet as of 31st December 2012ASSETSNotes2012( ‘000s)2011( ‘000s)300,000300,0004,500,000900,000Legal Reserve1130,00030,000407,356Retained earnings112,238,3592,151,5842,594,680Result of the year11442,76286,775Currency Transl. Adj.1117,66719,920Minority 061Property, Plant and equipmentTangible assets under construction67Total non-current Assets55,63069,08712,061,4902,882,182Current assets8Amounts due within one yearAmounts due after more than one yearOther ��114,437104,433Amounts due within one year98,60194,706Amounts due after more than one year15,8369,7271,964,7922,165,261Cash at bank and in handTotal current AssetsDeferred chargesTotal AssetsShare capitalShare PremiumTotal EquityProvisionsTrade receivablesTransferable securities201

IKEA Group and INGKA Group are separate groups of companies and have different owners, board members and managers. Group Services: Inter IKEA : Holding Services SA . will continue to provide a flexible approach and formats. The division is now building its first three centres in China alongside IKEA stores. The first opening on this promising

Related Documents:

and operates the IKEA Hotell and Museum, is also part of Inter IKEA Group. Manufacturing . and distribution In August, Inter IKEA Group completed a . 100,000 square metre distribution centre in Kuala Lampur, Malaysia. It is the third largest IKEA distribution centre in the world and serves

The IKEA sustainability strategy - People & Planet Positive - was launched in 2012 with ambitious goals to transform the IKEA business, the industries in the IKEA value chain and life at home for people all across the world. * IKEA: one brand - many companies. The IKEA business is operated through a franchise system.

16 countries. IKEA Group sales in 2006 were 17, 3 billion Euros. IKEA widely uses wood in their products; it is the principal material in many of the home furnishing. Total wood volume used in IKEA products in 2006 was 6, 4 mill m3 (IKEA, Social Responsibility Report 2006). IKEA's suppliers of wood products are spread all around the world.

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

IOS were identified and this was because of lack of information about demand. SSS also wanted to know their local market in a better way this to be able to make more . FIGURE 2. MAP OF IKEA STORES IN SWEDEN (INTER IKEA SYSTEMS, B.V, 2011) 26 FIGURE 3. IKEA JÖNKÖPING AND A6 CENTER 27 FIGURE 4. GLOBAL FORECASTS AT IKEA 28 FIGURE 5. FORECAST .

IKEA is a global home furnishing brand. Many companies operate under the IKEA trademark, and we all share the same vision: to create a better everyday life for the many people. Ingka Group is a strategic partner in the IKEA franchise system and operating IKEA in 30 markets. With 367 stores, last year we Key challenges

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.

academic writing setting and culture in their respective learning establishments do not prepare them for the conventions of English writing. Abbas (2011) investigated metadiscourse terms and phrases to understand the socio-cultural variances of Arabic and English-speaking researchers. Abbas analysed seventy discussions of linguistic academic journals composed by native speakers of Arabic as .