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Ingka Group Annual Summary and Sustainability Report FY23

Better company

​We structure our business to ensure financial resilience and we reinvest profit to help us keep growing and improving. We run our business honestly and with integrity, meeting high ethical standards. Our governance is designed to ensure that Ingka Group remains a well-managed, successful, purpose-led company.

Three IKEA employees laughing together in a locker room.

What we are proud of

We have now published our financial figures for FY24:

  • Mainly due to a EUR 2.1 billion investment in lower prices, our revenue decreased by 5.5%, and we delivered EUR 0.8 billion in net income. 85% of this was reinvested in the company to ensure that we make IKEA more affordable, accessible, and sustainable. The other 15% was paid as dividend to Stichting INGKA Foundation to support the charitable activities of the IKEA Foundation.
  • We paid taxes and duties amounting to approximately EUR 1.2 billion (FY23: EUR 1.2 billion).
  • Ingka Investments invested and committed EUR 4.2 billion in renewable energy so far, leading up to EUR 7.5 billion by 2030.

Read the Ingka Group Annual Financial Report FY24.

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Challenges we are addressing

  • We work to ensure that our suppliers meet high social and environmental standards by implementing and maintaining compliance with IWAY – our supplier code of conduct. Despite progress in implementing IWAY, we identified more non- compliances this year. We are taking action to ensure suppliers address these.
  • Technology creates great opportunities but also presents new risks for our business and our stakeholders. We are rolling out our Digital Ethics Policy and training alongside data protection and security controls, to safeguard our business, co-workers and customers.

Progress against targets

Our vision is to create a better everyday life for the many people. We are setting targets and evaluating our performance for how we can become better in four ways: Better homes, Better lives, Better planet and Better company. Below you will find our targets and performance towards becoming a better company.

Financial resilience

Financial resilience is essential to ensure we can achieve our vision in the long term. We secure this in four ways: keeping costs low so we can offer low prices to customers and maintain a competitive business model; being a responsible taxpayer; maintaining conservative levels of net liquidity that support our independence; and investing to make IKEA more affordable, more sustainable and more accessible to the many people. We achieve all this by reinvesting a large part of net income into the company with the remainder paid as dividends to the Stichting INGKA Foundation to achieve its charitable purpose by funding the IKEA Foundation. No dividends go to any private shareholder.

1.
​Ingka Investments does not make or hold direct investments in fossil fuel or nuclear power businesses.
Achieved

Performance summary

​In FY23 we did not directly invest in businesses that explore for, extract, process, refine, or transport fossil fuels or nuclear power, or any utilities businesses that use these fuels.

Last updated 2024-01-25
2.
​Accelerate investments by Ingka Investments into renewable energy to EUR 6.5 billion by 2030.
On track

Performance summary

Since 2009, Ingka Investments has invested or committed to invest close to EUR 3.8 billion in wind and solar farms and wider renewable energy investments, including EUR 0.7 billion in FY23.* By the end of FY23, Ingka Investments owned, or had committed to own, 48 wind farms (with 593 wind turbines) in 16 countries and 26 solar parks in 8 countries. Ingka Investments also announced in early FY24 that it will invest an additional EUR 1 billion in transitional technologies such as energy storage and hydrogen.

Last updated 2024-01-25

* This includes both investments made, and the amount committed to projects by the end of FY23.

Ethical business conduct

At Ingka Group we act based on our IKEA culture and values and are guided by our vision to create a better everyday life for the many people. We want to run our business honestly and with integrity, meeting high ethical standards in our interactions with each other, our customers, visitors, suppliers and the world around us.

1.
​All new co-workers complete training on our Code of Conduct within a month of joining and existing co-workers complete refresher training once every two years.
Data not available

Performance summary

In FY23, over 89,900 co-workers completed our Code of Conduct training (including induction training for new joiners and refresher training), (FY22: 98,300). We are improving the completeness of the data we collect on this training to enable us to report progress on this target.

Last updated 2024-01-25
2.
​All co-workers in sensitive positions complete Anti-bribery & Corruption training.
Data not available

Performance summary

Anti-bribery and corruption (ABC) is an important part of our Code of Conduct training for all co-workers. In addition, we aim for all co-workers in sensitive roles (such as procurement or real estate) to complete more detailed training on our ABC framework. From FY23, these co-workers complete an introduction to ABC online course followed by annual ABC refresher training. We are improving the completeness of the data we collect on this training to enable us to report progress on this target.

Last updated 2024-01-25

Digital trust

We are excited about the commercial possibilities of new technologies that have the potential to help us serve our customers in new and better ways. We are committed to using technology responsibly in line with our values, safeguarding customers and co-workers against any potential risks and building digital trust.

1.
Targets under development
Not applicable
Last updated 2024-01-25

Responsible sourcing

We work with thousands of suppliers to help run our business – from companies providing construction, security and cleaning services, to home delivery providers and product assembly businesses. We choose to work with suppliers and service providers who share our values, uphold our standards and seek to have a positive impact on people, communities and the planet.

1.
We aim for 100% of contracted suppliers to achieve IWAY compliance each year.*
Data not available

Performance summary

In FY23 we updated our IWAY process and introduced a new standard operating procedure for IWAY to increase our focus on high and critical risk suppliers. Following the update to our process, we are updating our methodology, data collection and IWAY target to better reflect our updated process. This means we cannot report progress against our target this year. We will prioritise the updates to our target and methodology during FY24 to enable us to report progress in future reports.

Major non-compliances by supplier type

(% of IWAY reviews with major non-compliances by supplier type)

  • Real Estate 56%
  • Customer Fulfilment 36%
  • Professional Services 4%
  • Marketing 3%
  • Equipment 1%
Last updated 2024-01-25

* We have updated our target to reflect changes in our standard operating procedure for IWAY this year.

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Learn more about how we make life better

Better homes
​Read more about our passion for a better life at home that makes us IKEA. Learn how city stores and expanded services help make healthy and sustainable living available for more people.
Better lives
​Read about how we strive to build a fairer and more equal society and improve the lives of those impacted by IKEA. Learn more about co-worker engagement within Ingka Group.
Better planet
​Read about our commitment to becoming a climate positive and circular business by 2030. Learn how we reduce our climate footprint and make it easier for our customers to act too.