50574911 2023-09-01 2024-08-31 50574911 2023-09-01 2024-08-31 1 50574911 2023-09-01 2024-08-31 1 50574911 2023-09-01 2024-08-31 1 50574911 2023-09-01 2024-08-31 2 50574911 2023-09-01 2024-08-31 3 50574911 2023-09-01 2024-08-31 4 50574911 2023-09-01 2024-08-31 5 50574911 2023-09-01 2024-08-31 6 50574911 2022-09-01 2023-08-31 50574911 2024-08-31 50574911 2023-08-31 50574911 2023-08-31 fsa:ContributedCapitalMember 50574911 2023-08-31 fsa:ProposedDividendRecognisedInEquityMember 50574911 2023-08-31 fsa:RetainedEarningsMember 50574911 2023-09-01 2024-08-31 fsa:ContributedCapitalMember 50574911 2023-09-01 2024-08-31 fsa:ProposedDividendRecognisedInEquityMember 50574911 2023-09-01 2024-08-31 fsa:RetainedEarningsMember 50574911 2024-08-31 fsa:ContributedCapitalMember 50574911 2024-08-31 fsa:ProposedDividendRecognisedInEquityMember 50574911 2024-08-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Tu Lan IKEA A/S Mårkærvej 15 2630 Taastrup 50574911 Høje Taastrup Dampfærgevej 28 2100 Copenhagen Ø The Board of Directors and Executive Management have today considered and approved the annual report for IKEA A/S for the financial year 1 September 2023 – 31 August 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements present fairly the Company's assets, liabilities and financial position as of 31 August 2024 as well as the results of the Company's activities and cash flows for the financial year 1 September 2023 – 31 August 2024. In our opinion, the management review contains a true and fair review of the matters covered by the report. The annual report is recommended for approval by the general meeting. Taastrup, Tu Lan Managing director Stefan Emiel M Vanoverbeke Tu Lan Chairman Lin Cai Enrique Puig Devloo Martina Parker Norton Steven Robert James Whyte To the shareholder in IKEA A/S Opinion We have audited the financial statements of IKEA A/S for the financial year 1 September 2023 – 31 August 2024 comprising income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 August 2024 and of the results of the Company's operations and cash flows for the financial year 1 September – 31 August 2024 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control, that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also • identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. • evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit Statement on the Management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen, KPMG Statsautoriseret Revisionspartnerselskab 25578198 Karsten Bøgel State Authorised Public Accountant mne27849 The company's activities and structure IKEA A/S is part of the Ingka Group. Ingka Group operates stores in 30 countries under a franchise agreement with Inter IKEA Systems B.V., the global IKEA franchisor. The franchise agreement gives IKEA A/S the right to operate stores under the IKEA brand and with all the rights associated with it. IKEA A/S operates stores in Gentofte, Taastrup, Odense, Aarhus, Aalborg and Copenhagen as well as eCommerce in IKEA.dk. IKEA A/S' primary activity is to sell furniture and home accessories and related services. In all six stores, there is also a restaurant, a bistro and a Swedish food market, which contributes to the customer experience. IKEA A/S is secondarily engaged in the leasing of retail premises in connection with individual department stores. Financial year 2023/24 Revenue for the year amounted to DKK 5.1 billion compared to DKK 5.2 billion last year, i.e. revenue decline of 2.0%. The target for 2023/24 was revenue growth of 12%. The target was not met due to low consumer confidence, less growth of the home furnishing market than expected and lower visitation to physical stores. Profit after tax amounted to DKK 298 million, compared with DKK 315 million last year. The target for 2023/24 was a profit after tax of approx. DKK 390-400 million. The variance is estimated to be driven by price investments, lowering the price of products for customers. The profit after tax for the financial year 2023/24 is considered satisfactory in light of lower consumer confidence, uncertainty in the operating environment, and breaking into new markets in 2023/24, including the opening of a new store in Copenhagen in August 2023 and a customer meeting point in Herning in March 2024. IKEA A/S's revenue growth for the financial year 2024/25 is expected to be 3-4%, corresponding to a revenue between DKK 5.2 - 5.3 billion and a profit after tax of approx. DKK 270 million. The above will be affected by developments in the world economy, including interest rates, inflation, low consumer confidence and energy prices. The above objective is based on all these factors being at a similar level as at the end of the 2023/24 financial year. Special risks Rice genres Operational risk in the form of production reductions, incorrect deliveries, etc. regarding the goods purchased from the main supplier, IKEA Supply AG. IKEA A/S has in collaboration with the rest of the IKEA Group (Ingka Group) entered into long-term, long-term cooperation agreements with 3rd parties to reduce operational risk. It is IKEA A/S' opinion that the risk under normal circumstances is minimal, but uncertainties in the outside world have created production and delivery difficulties. It is therefore still IKEA A/S' assessment that the operating risk is moderate. Currency risks IKEA A/S has incurred minimal currency risk, as IKEA A/S invoices in EUR, SEK and NOK. All invoicing in foreign currencies takes place between group companies, where the risk is also limited as a result of Ingka Group's financial and monetary policy. On behalf of the Group, Ingka Group has entered into financial contracts at relevant exchange rates in order to minimise exchange losses by tying up the currencies for longer periods at favourable rates. Despite this, the majority of all goods purchases are made in DKK. It is IKEA A/S' opinion that the risk is minimal. Credit risks IKEA A/S is not significantly affected by financial risks. Financial risks are mitigated by long or medium-term contracts or collaborations. Management review IKEA A/S' credit risks are primarily linked to financial assets recognised in the balance sheet. IKEA A/S does not have significant risks relating to a single customer or business partner, even though the purchase of goods is primarily made through one business partner. IKEA A/S has policies for assuming credit risks, which include, among other things, Business customers are regularly credit assessed and other business partners are evaluated in accordance with Ingka Group's policies. These policies have meant that IKEA A/S has a low risk of loss for customers and that suppliers deliver on time and quality. Going concern There are no issues about the company’s ability to continue as a going concern. The equity ratio is 40.8% (2022/23: 43.6%). IKEA A/S' equity as of 31 August 2024 amounts to DKK 1,187 million (2022/23: DKK 1,199 million). In addition, the company has unutilised credit lines with the company's lenders. Events after the end of the financial year From the balance sheet date until today, no circumstances have arisen that could significantly alter the assessment of the financial statements. Financial highlights 2023/24 2022/23 2022/21 2020/21 2019/20 MDKK MDKK MDKK MDKK MDKK Key figures Profit or loss Revenue 5.094,0 5.196,8 4.941,3 4.941,9 4.845,8 Operating profit 1.566,2 1.489,1 1.423,2 1.403,3 1.351,9 Profit from operations 420,1 420,0 438,4 454,4 463,7 Net financials -37,8 -16,7 -3,1 -13,8 -15,6 Profit before tax 382,3 403,3 435,3 440,6 448,1 Profit for the year 297,9 314,6 339,3 347,8 349,3 Balance sheet Balance sheet total 2.888,5 2.750,0 2.332,4 2.203,4 2.391,6 Investment in property, plant and equipment 140,8 445,8 406,4 107,6 59,2 Equity 1.186,7 1.198,9 1.223,3 1.224,0 1.225,2 Ratios in % Operating margin 30,7% 28,7% 28,8% 28,4% 27,9% Profit margin 8,2% 8,1% 8,9% 9,2% 9,6% Return on Capital Investment (ROCI) 14,9% 16,5% 19,3% 19,8% 19,6% Equity ratio 41,1% 43,6% 52,4% 55,5% 51,2% Return on equity 32,1% 33,3% 35,6% 36,0% 37,2% Average number of employees 2.140 2.069 2.046 1.963 1.873 Key figures and ratios are defined and calculated in acccordance with the CFA Society Denmark's current version of "Recommendations & Ratios". IKEA A/S and IKEA Ejendomme ApS have merged as of 31. January 2020. The comparative figures before the merger has been corrected in accordance with the Group methodology. Reference is also made to the accounting practice. Corporate Social Responsibility At IKEA A/S, we take on social responsibility and as a franchisee in Ingka Group, we are obliged to comply with Ingka Group's policies, business procedures and values within a wide range of socially responsible areas. It is Ingka Group's parent company Ingka Holding B.V. that prepares this. All of Ingka Group's policies, strategies, business models and targets for non-financial matters can be accessed in Ingka Group's CSR report "Ingka Group Annual Summary and Sustainability Report FY24" and on the following websites https://www.ingka.com/reporting. The non-financial matters include: • Environment and climate • Human rights • Fight against corruption and bribery • Equality, diversity and inclusion • Data ethics Key figures at IKEA A/S: 2,913 employees in IKEA A/S (FY23: 3,108) Diversity and inclusion 86 in flex and low-impact jobs (FY23: 88) 37 seniors who are 65+ (FY23: 38) Gender distribution among all employees Women 48.4% (FY23: 47.9%) Men 51.6% (FY23: 52.1%) Gender distribution among other management levels Total number of managers: 400 Women 48.8% (FY23: 48.0%) Men 51.2% (FY23: 52.0%) Gender distribution among the board Total number of board members: 6 Women 50.0% (FY23: 50.0%) Men 50.0% (FY23: 50.0%) In the 2023/24 financial year, there have been no changes in the Board of Directors of IKEA A/S, where three women and three men make up the Board of Directors. There is still gender equality in the Board of Directors of IKEA A/S as well as other management and employee levels. The goal of gender equality is still achieved in close collaboration with Ingka Group and its recruitment process for all employees in Ingka Group. It is Ingka Group's vision that there is no overrepresentation of one gender. Data ethics IKEA A/S has implemented Ingka Group's data policies that are in line with the Danish requirements. These are described in more detail in Ingka Group's annual CSR report "Ingka Group Annual Summary and Sustainability Report FY24". The report can be accessed here https://www.ingka.com/reporting. 5094001000 5196808000 3134532000 3237918000 1566162000 1489065000 979746000 951873000 161469000 112497000 4854000 4688000 420093000 420007000 2920000 5661000 40671000 22339000 382343000 403328000 84491000 88743000 297853000 314585000 181073000 50382000 574380000 520207000 1815777000 1906527000 156839000 134381000 180665000 128209000 2153281000 2169117000 1845000 1867000 1845000 1867000 2155126000 2170984000 237236000 320461000 42605000 48533000 4427000 558000 382778000 131229000 0 25501000 16622000 17756000 446431000 223577000 49716000 35021000 733383000 579059000 2888509000 2750043000 5000000 5000000 886731000 883879000 295000000 310000000 1186731000 1198879000 27219000 26479000 27219000 26479000 772367000 567233000 15936000 76886000 788303000 644119000 30875000 35517000 310045000 379797000 271186000 165191000 226852000 273699000 16059000 0 31237000 26362000 886255000 880566000 1674558000 1524685000 2888509000 2750043000 5000000 310000000 883879000 1198879000 0 310000000 0 310000000 0 295000000 2853000 297853000 5000000 295000000 886731000 1186731000 The annual report for IKEA A/S for 2023/24 has been prepared in accordance with the Danish Financial Statements Act's provisions for large companies in accounting class C (large). The annual accounts have been presented in DKK. General information about recognition and measurement Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities. Costs are also recognised in the income statement, including depreciation and amortisation. Assets are recognised in the balance sheet when it is likely that future financial benefits will accrue to the company and the value of the asset can be reliably measured. Liabilities are recognised in the balance sheet when it is likely that future financial benefits will be accrued from the company and the value of the liability can be reliably measured. At first recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each accounting item below. Amortised cost is calculated as the original cost less any instalments and the addition/deduction of the accumulated amortisation of the difference between cost price and nominal amount. Recognition and measurement take into account foreseeable losses and risks that arise before the annual report is presented and that disprove or confirm matters that existed on the balance sheet date. Income statement Net sales Turnover from the sale of goods Income from the sale of merchandise, which includes the sale of furniture and home goods, restaurant sales, etc., is recognised in net sales if delivery and risk transfer to the buyer has taken place before the end of the financial year, and if the income can be reliably calculated and is expected to be received. Income from the sale of goods is recognised excluding VAT, taxes and less discounts in connection with the sale. Income from the sale of goods is reduced with a provision for expected returns. Turnover from the sale of services Income from the sale of services that include repair, assembly, installation and other services is recognised in the income statement upon transfer of risk to the buyer, and provided that the income can be reliably calculated and is expected to be received. Income from the sale of services is recognised excluding VAT, taxes and less discounts in connection with sales. Cost of sales Consumption of goods includes costs for the purchase and repatriation of goods that are incurred in order to achieve net sales for the year. In addition, inventory write-downs and franchise fees are recognized. Other external expenses Other external costs include costs incurred during the year for travel, distribution, marketing, administration, rent, IT, other personnel expenses, etc. Other operating income Other operating income includes accounting items of a secondary nature in relation to the company's activities, including profits from the disposal of property, plant and equipment. Staff costs Staff costs include salary and salary-related costs for staff incurred during the year therein, offset by reimbursements from the public sector. Staff-related costs such as training and work clothes are included in other external costs. Depreciation, impairment and amortisation of property, plant and equipment Depreciation includes depreciation and amortisation of the company's property, plant and equipment for the year. Impairment is when an assets book value exceeds its recoverable amount, i.e. when the existing value cannot be recovered either through selling the asset or using it. Other Operating Costs Other operating expenses include accounting items of a secondary nature in relation to the company's activities, including losses on the disposal of property, plant and equipment. Financial income and expenses Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses relating to transactions in foreign currency, as well as allowances and allowances under the tax scheme on account, etc. Financial income and expenses are recognised with the amounts relating to the financial year. Tax on profit for the year Tax for the year, which consists of the current tax for the year and the deferred tax shift, is recognised in the income statement with the part attributable to profit for the year and directly to equity with the part attributable to entries directly to equity. The company is jointly taxed with affiliated Danish companies. The current corporation tax is distributed among the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement of tax losses. The jointly taxed companies are included in the tax scheme on account. Balance sheet Property, plant and equipment Property, plant and equipment is measured at cost less accumulated depreciation and amortisation. The depreciation basis is cost price less the expected residual value after the end of the useful life. No depreciation is made on land and property, plant and equipment during construction. Cost includes the acquisition price and costs directly associated with the acquisition until the time the asset is ready to be put into service. Straight-line depreciation is made based on the following assessment of the expected useful life of the assets: Usage time Buildings 10-25 years Installations 15 years Operating plant and equipment 3-8 years The depreciation period and residual value are determined at the time of acquisition and are reassessed annually. Assets with an insignificant acquisition price are recognised as costs in the income statement in the year of acquisition under other external costs. Profit or loss on the disposal of property, plant and equipment is calculated as the difference between the sale price less sales costs and the carrying amount at the time of sale. Profit or loss is recognised in the income statement under other operating income or other operating expenses. The carrying amount of property, plant and equipment is reviewed annually to determine whether there is an indication of impairment beyond that expressed by normal depreciation. If this is the case, write-down is made to the lower recoverable value. Deposits Deposits are amounts held in interest-bearing accounts that are accessible on demand. Inventories Inventories are measured at cost according to the FIFO principle. In cases where the net realisable value is lower than the cost price, the impairment is reduced to this lower value. The cost price for commercial goods includes the purchase price plus the cost of repatriation. The net realisable value of inventories is calculated as the sales price less costs incurred in order to effect the sale and is determined taking into account negotiability, obsolescence and developments in the expected sales price. Receivables Receivables are measured at amortised cost. Impairment is made to offset losses where it is assessed that an objective indication has occurred that the receivable or a portfolio of receivables has been impaired in value, write-down is carried out on an individual basis. Prepayments Prepayments recognised under assets include expenses incurred for subsequent financial years. Cash Cash and cash equivalents are carried at nominal value, which are readily available within 12 months. The cash flow statement cannot be deduced from the published accounting documents alone. Dividend Dividends are recognised as a liability at the time of adoption at the Annual General Meeting (the date of declaration). Dividends that are proposed to be paid for the year are shown as a separate item under equity. Provisions Provisions include deferred tax, return and guarantee liabilities as well as circumstances where the Group has a legal or factual obligation as a result of a previous event on the balance sheet date and it is likely that the fulfilment of the obligation will result in a divestment of financial resources. Provisions are measured at net realisable value. Corporate tax and deferred tax Current tax liabilities and current tax receivables are recognised in the balance sheet as calculated tax on the year's taxable income, adjusted for tax on previous years' taxable income and for taxes paid on account. Outstanding or receivable joint taxation contributions are recognised in the balance sheet under receivables and liabilities to associated companies. Deferred tax is measured by temporary differences between the accounting and tax value of assets and liabilities. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by offsetting tax on future earnings or by offsetting deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will apply under the legislation of the balance sheet date when the deferred tax is expected to be triggered as current tax. For the current year, a tax rate of 22% has been applied. IKEA A/S is the management company for the joint taxation group of the Danish group companies. IKEA A/S' receivable/payable corporation tax therefore includes the entire joint taxation circle. Liabilities other than provisions Financial liabilities are recognised at the time of borrowing to the proceeds received, less transaction costs incurred in subsequent periods, the financial liabilities are recognised at amortised cost corresponding to the capitalised value using the effective interest rate, so that the difference between the proceeds and the nominal value is recognised in the income statement over the loan period. Other liabilities are measured at net realisable value. Ratios Key figures are calculated in accordance with the Danish Finance Association's "Recommendations & Ratios". Key figures are calculated as follows: Gross margin (Gross profit x 100) / Net sales Profit margin (Operating profit x 100) / Net sales Return on invested capital (Operating profit x 100) / Average capital employed Return on equity (Ordinary profit after tax x 100) / Average equity Solvency ratio (Equity excl. minority interests at the end of x 100) / total liabilities true Omission of cash flow statement Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Ingka Holding B.V. 2023/24 2022/23 2. Revenue TDKK TDKK Furniture- & home goods 4.743.001 4.883.628 Restaurant sales 226.123 200.263 Other service income 124.877 112.917 Total revenue 5.094.001 5.196.808 IKEA Denmark turns over revenue through sale furniture and home goods, restaurant sales and other service income in Denmark. All sales have been made in accordance with the franchise agreements agreed with Inter IKEA. 2023/24 2022/23 3. Staff costs TDKK TDKK Wages and salaries 855.822 837.729 Pensions 103.000 90.376 Social security expenses 20.924 23.768 Total staff costs 979.746 951.873 2140 2069 Remuneration to the Executive Board and Board of Directors for 2023/24 amounted to TDKK 3.693. In 2023/24 the Executive Board consisted of 1 person why the amount is disclosed together with the Board of Directors’ cf. ÅRL § 98, stk. 3. For 2022/23 the remuneration to the Executive Board amounted to TDKK 2.947, and the remuneration to the Board of Directors amounted to TDKK 125. The company does not explicitly pay for participation in Board of Directors. Management has estimated the amount related to participation in Board of Directors and allocated to the total remuneration. 2023/24 2022/23 4. Depreciation, amortization and impairment TDKK TDKK Depreciation on land and buildings 113.601 87.715 Depreciation on fixtures and fittings, other plant and equipment 47.869 24.782 Total depreciation, amortization and impairment 161.469 112.497 2023/24 2022/23 5. Financial income TDKK TDKK Interest income from subsidiaries 2.645 2.914 Other financial income 277 2.748 Total financial income 2.920 5.661 2023/24 2022/23 6. Financial expenses TDKK TDKK Interest expenses from subsidiaries 39.564 21.310 Other financial expenses 1.106 1.029 Total financial expenses 40.671 22.339 2023/24 2022/23 7. Tax for the year TDKK TDKK Current tax on profit for the 43.490 105.676 Adjustments to current tax for previous years -560 -137 Change in deferred tax 41.561 -16.796 Total tax for the year 84.491 88.743 295000000 310000000 2853000 4585000 297853000 314585000 9. Property, plant and equipment Land and Fixtures and Assets buildings fittings, other under plant and construction equipment TDKK TDKK TDKK Cost as of 1. September 2023 2.869.407 369.007 128.209 Additions 77.489 64.278 80.651 Disposals -76.563 -1.818 0 Transfers 21.736 6.459 -28.195 Cost as of 31. August 2024 2.892.069 437.926 180.665 Depreciation as of 1. September 2023 962.880 234.626 0 Depreciation 113.601 47.869 0 Depreciation, disposals -189 -1.408 0 Depreciation as of 31. August 2024 1.076.292 281.087 0 Carrying amount as of 31. August 2024 1.815.777 156.839 180.665 2023/24 2022/23 10. Deposits TDKK TDKK Cost as of 1. September 1.867 18.022 Addition 220 0 Disposal -242 -16.155 Cost as of 31. August 1.845 1.867 2023/24 2022/23 11. Other receivables TDKK TDKK Other receivables 382.778 131.229 Total other receivables 382.778 131.229 Of the total receivables, the following amounts are due for payment more than 128.869 128.869 1 year after the end of the financial year 128.869 128.869 Please refer to note 19. 2023/24 2022/23 12. Deferred tax TDKK TDKK Deferred tax as of 1. september -25.501 -8.705 Adjustment of deferred tax 41.560 -16.796 Deferred tax as of 31. August 16.059 -25.501 Deferred tax consists of: Buildings 22.589 8.172 Construction project costs -4.147 -4.565 Project costs for accounting purposes 7.058 3.803 Operating equipment 10.187 3.601 Operating equipment with increased depreciation balance (100%) -6.124 0 Leasehold improvements -7.431 -9.810 Warranty provision 68 0 Provisions for returns -705 -20.200 Provisions for bonuses 393 0 Other provisions -7.096 -689 Losses on receivables -220 -6.812 Non-deducted VAT 0 -220 Accruals 2.025 -82 Provisions for losses on debtors -538 1.301 Deferred tax as of 31. august 16.059 -25.501 Deferred tax consists of 22.0% deferred tax on additional tax depreciation and relates to tangible assets, profit on the sale of property and prepayments. Management expects to utilise the deferred tax asset (DTA) over the coming 3-5 years based on projected taxable income. The DTA has been capitalised on the balance sheet due to the likelihood of future profitability and the ability to offset taxable income. 2023/24 2022/23 13. Prepayments (asset) TDKK TDKK Property taxes 5.291 5.504 Supply contribution 3.577 3.819 Other prepaid expenses 7.754 8.433 Total prepayments 16.622 17.756 14. Equity The share capital is distributed as follows: A-shares, 50,000 shares with a nominal value of DKK 100, no shares have special rights. 5.000 The share capital has not changed in the past 6 years. 2023/24 2022/23 15. Other provisions TDKK TDKK Other provisions as of 1. September 26.479 20.261 Utilised in the year -13.952 -11.951 Provisions for the year 18.152 18.727 Reversed in the year -3.460 -558 Total other provisions 27.219 26.479 Due dates for other provisions are expected to be: 0-1 years 15.564 14.606 1-5 years 1.655 1.645 > 5 years 10.000 10.228 Total other provisions 27.219 26.479 Other provisions include provisions for return of sales and guarantee obligations as well as other staff-related provisions. 2023/24 2022/23 16. Long-term payables TDKK TDKK Payables to group entities 897.233 692.101 Company tax 15.936 76.886 Total long-term payables 913.170 768.987 The liabilities are distributed as follows: Payables to group entities 0-1 years 124.867 124.868 1-5 years 432.367 339.733 > 5 years 340.000 227.500 Total payables to group entities 897.233 692.101 Company tax 0-1 years 0 0 1-5 years 15.936 76.886 > 5 years 0 0 Total company tax 15.936 76.886 Total liabilities 913.170 768.987 The liabilities are recognised in the balance sheet as follows: Long-term liabilities 788.303 644.119 Short-term liabilities 124.867 124.868 913.170 768.987 The long-term debt consists of Company tax arising as a result of the current financial year and debt taken out as part of the financing of department stores. The loans run over 5 and 15 years with semi-annual repayments and are both fixed and variable interest rates. 2023/24 2022/23 17. Other liabilities TDKK TDKK Deposits 1.241 1.188 VAT 34.860 80.516 Staff-related obligations 79.974 120.953 Other liabilities 110.776 71.042 Total other liabilities 226.852 273.699 2023/24 2022/23 18. Prepayments (liability) TDKK TDKK Gift cards 31.237 26.362 Total prepayments 31.237 26.362 2023/24 2022/23 19. Contingent liabilities TDKK TDKK Rent obligations Total remaining rent payment 82.430 124.130 0-1 years 26.151 25.266 1-5 years 56.279 98.864 > 5 years 0 0 Operating lease obligations Total remaining rent payment 11.616 4.057 0-1 years 4.243 2.544 1-5 years 7.373 1.513 > 5 years 0 0 Lease contracts are negotiated on an ongoing basis and have an average term of 4 years (2022/23: 4 years). Other contingent liabilities The group's Danish companies are jointly and severally liable for tax on the group's jointly taxed income. The total amount of company tax due is stated in the annual report of IKEA A/S, which is the management company in relation to joint taxation. The group's Danish companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subsequent corrections to company taxes and withholding taxes may result in the company's liability amounting to a larger amount. IKEA A/S is an ongoing party to tax audits, regarding Company tax, VAT, duties, etc. It is the management's opinion that the result of these audits, apart from the provisions and liabilities in the balance sheet, will not affect the company's financial position. IKEA A/S has recognised a contingent asset valued at 129 million DKK related to a transfer pricing adjustment completed by the Danish tax authorities for the income years 2011 to 2013. This recognition reflects the potential favorable outcome of the legal case. A bank guarantee has been provided to a 3rd party with a value of: 4.100 20. Pledges and collateral Nothing. 21. Related parties Controlling influence IKEA A/S' related parties consist of: The company's management and board of directors, which have control over the company. IKEA A/S is subject to the controlling influence of the ultimate parent company Ingka Holding Europe B.V., Bargelaan 20, NL-2333 CT Leiden, The Netherlands and its management and board of directors as well as other companies of the IKEA Group, including their directors and boards of directors. According to the company's register of shareholder, the following shareholders holds at least 5% of the votes or at least 5 % of the share capital: Anders Christer Moberg Johan Kuylenstierna Hans Jonas Ingvar Kamprad Peter Arras Feodor Kamprad Bertil Krister Mattsson Transactions with related parties 2023/24 TDKK Sale of goods and services to related parties 10.066 Purchase of goods and services from related parties -251.726 Dividends -310.000 -551.660 Remuneration to the parent company's management and board of directors is shown in Note 3. Intermediate accounts with Related parties are shown in the balance sheet. Interest is shown in notes 5 and 6. 22. Fees to the auditor appointed at the Annual General Meeting Pursuant to section 96(3) of the Danish Financial Statements Act, no disclosure of auditor's fee has been prepared. The Company's disclosure of the auditor's fee is included in the consolidated financial statements of Ingka Holding B.V. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-09-01 2024-08-31 2022-09-01 2023-08-31 2025-02-28 Regnskabsklasse C, stor virksomhed 1967-03-01 2025-02-28 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2025-02-28