CH5 P1 Inditex by X4apL3

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									Classifications                          Income Statement in EUR million (IFRS)

Sales                                    Net sales
Cost of Materials (nature)               Cost of merchandise
                                         Gross profit

Personnel Expenses (nature)              Personnel expenses
Other Operating Income, Net of Other     Operating leases
Operating Expenses (nature)
Depreciation and Amortization (nature)   Amortization and depreciation
Other Operating Income, Net of Other     Other operating expenses
Operating Expenses (nature)
                                         Operating profit (EBIT)
Net Interest Expense or Income           Interest income
Net Interest Expense or Income           Interest expense
Other Operating Income, Net of Other     Foreign exchange gains/losses
Operating Expenses (nature)
Investment Income                        Dividends
Investment Income                        Changes in fair value of financial instruments
Investment Income                        Equity accounting losses
                                         Income before taxes
Tax Expense                              Income tax
Minority Interest                        Minority interest
Net Profit/Loss                          Net income

Classifications                          Balance Sheet in EUR million (IFRS)

Cash and Marketable Securities           Cash and cash equivalents
Trade Receivables                        Receivables
Inventories                              Inventories
Other Current Assets                     Income tax receivable
Other Current Assets                     Other current assets
                                         Total current assets

Non-Current Tangible Assets              Property, plant and equipment
Other Non-Current Assets                 Investment property
Non-Current Tangible Assets              Rights over leased assets
Non-Current Intangible Assets            Other intangible assets
Non-Current Intangible Assets            Goodwill
Other Non-Current Assets                 Financial investments
Other Non-Current Assets                 Investments in associates
Deferred Taxes - Non-Current Asset       Deferred tax assets
Other Non-Current Assets                 Other
                                         Total non-current assets

Total Assets                             Total assets

Trade Payables                           Trade and other payables
Current Debt                             Financial debt
Other Current Liabilities                Income tax payable
                                         Current liabilities
Non-Current Debt                              Financial debt
Deferred Taxes - Non-Current Liability        Deferred tax liabilities
Non-Current Debt                              Provisions
Other Non-Current Liabilities (non interest   Other non-current liabilities
bearing)
                                              Non-current liabilities

Ordinary Shareholders' Equity                 Net equity attributable to the parent
Minority Interest                             Net equity attributable to minority interest
                                              Total equity

Total Liabilities and Shareholders' Equity    Total liabilities and shareholders' equity


Classifications                               Cash flow statement in EUR million (IFRS)

                                              Operating activities
Profit Before Tax                             Income before taxes and minority interest
                                              Adjustment for:
Non-Current Operating Accruals                Amortization and depreciation
Non-Current Operating Accruals                Income tax
Non-Operating Gains (Losses)                  Deferred tax assets and liabilities
Non-Operating Gains (Losses)                  Foreign exchange translation differences
Non-Operating Gains (Losses)                  Other adjustments to income
Non-Current Operating Accruals                Change in inventories
Net (Investments in) or Liquidation of        Change in receivables and other current assets
Operating Working Capital
Taxes Paid                                    Change in current payables
                                              Cash flows from operations

Net (Investments in) or Liquidation   of      Acquisition of intangible assets
Operating Non-Current Assets
Net (Investments in) or Liquidation   of      Acquisition of property, plant and equipment
Operating Non-Current Assets
Net (Investments in) or Liquidation   of      Acquisition of subsidiaries
Operating Non-Current Assets
Net (Investments in) or Liquidation   of      Acquisition of other financial investments
Operating Non-Current Assets
Net (Investments in) or Liquidation   of      Other investments
Operating Non-Current Assets
Net (Investments in) or Liquidation   of      Proceeds from sales of assets and collections of other
Operating Non-Current Assets                  non-current assets
Net (Investments in) or Liquidation   of      Disposals of entities
Operating Non-Current Assets
                                              Cash flows from investing activities

Net Debt (Repayment)    or Issuance           Variation in non-current financial debt
Net Debt (Repayment)    or Issuance           Variation in non-current non-financial debt
Net Debt (Repayment)    or Issuance           Variation in current financial debt
Dividend (Payments)                           Dividends
Net Debt (Repayment)    or Issuance           Other financing activities
                                              Cash flows used in financing activities
Non-operating Gains (Losses)             Effect of exchange rate fluctuations on cash and cash
                                         equivalents
                                         Net (decrease) increase in cash and cash
                                         equivalents
                                         Cash and cash equivalents at opening date
                                         Cash and cash equivalents at closing date




Sales
Cost of Sales (function)
SG&A (function)
Cost of Materials (nature)
Personnel Expenses (nature)
Depreciation and Amortization (nature)
Other Operating Income, Net of Other
Operating Expenses (function)
Other Operating Income, Net of Other
Operating Expenses (nature)
Net Interest Expense or Income
Investment Income
Other Income
Other Expense
Tax Expense
Minority Interest
Net Profit/Loss

Cash and Marketable Securities
Trade Receivables
Inventories
Deferred Taxes - Current Asset
Other Current Assets
Non-Current Tangible Assets
Non-Current Intangible Assets
Deferred Taxes - Non-Current Asset
Other Non-Current Assets
Total Assets
Current Debt
Trade Payables
Other Current Liabilities
Deferred Taxes - Current Liability
Non-Current Debt
Deferred Taxes - Non-Current Liability
Other Non-Current Liabilities (non interest
bearing)
Minority Interest
Preference Shares
Ordinary Shareholders' Equity
Total Liabilities and Shareholders' Equity

Profit Before Tax
Taxes Paid
Net Profit
Non-Operating Gains (Losses)
Non-Current Operating Accruals
Net (Investments in) or Liquidation of
Operating Working Capital
Net (Investments in) or Liquidation of
Operating Non-Current Assets
Net Debt (Repayment) or Issuance
Dividend (Payments)
Net Share (Repurchase) or Issuance
  2008       2007       2006

10,407.0    9,434.7    8,196.3
-4,492.7   -4,086.0   -3,589.3
5,914.2    5,348.7    4,607.0

-1,703.2   -1,472.9   -1,250.8

-1,028.4     -855.4     -717.9
  -578.3     -496.7     -433.4

  -995.8     -871.6     -848.5
1,608.5    1,652.2    1,356.3
    26.1       20.6       16.4
    -9.4       -4.7      -11.0

   -38.5      -13.6      -17.6
     0.2        0.1        0.2
     0.0       -1.6       -2.1
     0.0       -7.5       -2.8
1,586.9    1,645.6    1,339.4
  -325.3     -387.9     -329.5
    -8.2       -7.5       -8.4
1,253.5    1,250.3    1,001.5

  2008       2007       2006

 1,466.3    1,465.8      906.1
   585.3      463.7      363.6
 1,054.8    1,007.2      823.9
    15.3        1.7       20.9
   142.3       43.1       33.8
3,264.0    2,981.6    2,148.3

 3,442.3    3,182.1    2,788.8
     8.5        9.5       11.9
   531.5      504.6      454.2
    16.5       13.3       15.2
   131.7      125.6       99.0
    14.4       36.2       33.4
     0.0        0.0        4.4
   203.1      133.0       88.9
   164.7      119.7       98.1
4,512.6    4,124.0    3,593.8

7,776.6    7,105.6    5,742.2

 2,073.1    1,975.3    1,618.8
   234.0      371.3      145.1
    83.7      111.5      120.8
2,390.8    2,458.1    1,884.7
   13.2       42.4       47.3
  213.8      111.0      104.3
  101.8       47.5       45.1

  308.3      229.5      190.1
 637.2      430.3      386.8

 4,721.7    4,193.1    3,448.4
    26.9       23.9       22.2
4,748.6    4,217.1    3,470.6

7,776.6    7,105.4    5,742.2


  2008       2007       2006


 1,586.9    1,645.6    1,339.4

   578.3      496.7      433.4
  -325.3     -387.9     -329.5
    35.3      -38.5      -13.3
   -11.1        1.8        0.3
   -14.0       39.3       61.3
   -60.7     -197.5     -135.5

  -157.4      -87.6      -51.3
   143.3      345.4       92.4
1,775.2    1,817.5    1,397.3


   -78.1      -88.0      -79.1

  -852.0     -850.1     -783.6

    -6.1       -7.1      -28.7

   21.8       -10.3       -6.1

   -23.6      -26.6      -16.1

     0.7        9.5      26.6

    0.0        30.7       0.0
 -937.3     -941.9     -887.0

   -28.6      -16.5      -28.2
    11.4       15.8      -67.1
  -137.4      214.5      -64.1
  -661.6     -521.6     -417.6
    -2.0        0.5        0.0
 -818.2     -307.3     -577.1
   -19.1       -8.6    -15.4

     0.5     559.7    -82.3
 1,465.8      906.1    988.4
1,466.3    1,465.8    906.2
                          Inditex      Inditex      Inditex      Inditex
                          (EURm)       (EURm)       (EURm)       (EURm)
Future values              2008         2007         2006         2005
                      1        596.7        533.5        466.7        396.1
                      2        257.7        274.9        239.3        197.1
                      3        257.7        274.9        239.3        197.1
                      4        257.7        274.9        239.3        197.1
                      5        257.7        274.9        239.3        197.1
                      6        257.7        274.9        239.3        197.1
                      7        257.7        274.9        239.3        197.1
                      8        109.7        249.6        223.2        197.1
                      9          0.0          0.0          0.0        196.6
                     10          0.0          0.0          0.0          0.0
                     11          0.0          0.0          0.0          0.0

Effective interest rate
(discount rate
pensions)                     5.00%        5.00%        5.00%        5.00%

Present values             2008         2007         2006         2005
                      1       568.3        508.1        444.5        377.3
                      2       233.7        249.3        217.0        178.8
                      3       222.6        237.4        206.7        170.3
                      4       212.0        226.1        196.8        162.2
                      5       201.9        215.4        187.5        154.5
                      6       192.3        205.1        178.5        147.1
                      7       183.1        195.3        170.0        140.1
                      8        74.2        168.9        151.1        133.4
                      9         0.0          0.0          0.0        126.7
                     10         0.0          0.0          0.0          0.0
                     11         0.0          0.0          0.0          0.0

Total present value          1,888.0      2,005.6      1,752.1      1,590.3
Actual minimum lease
payment                       894.4        701.4        587.3        444.3
New lease
commitments                   676.5        867.4        669.5

Depreciation expense          331.4        306.6        240.6
Interest expense              100.3         87.6         79.5
Lease repayment               794.2        613.8        507.8

Adjustments:
Non-current tangible
assets                       2,350.8      2,312.8      2,019.2      1,590.3
Non-current debt             1,888.0      2,005.6      1,752.1      1,590.3
Deferred tax liability         129.6         86.0         74.8
Equity                         333.2        221.2        192.3
Other Operating
Income, Net of Other
Operating Expenses
(nature)                894.4    701.4    587.3
Depreciation and

Amortization (nature)   -331.4   -306.6   -240.6
Interest expense        -100.3    -87.6    -79.5
Tax expense             -129.6    -86.0    -74.8
Net profit               333.2    221.2    192.3
Income Statement Items                   Inditex      Inditex      Inditex
                                         (EURm)       (EURm)       (EURm)
                                          2008         2007         2006
                                           11,616.6     11,147.1      9,305.8   Classifications
Sales                                       10,407        9,435        8,196
Cost of Sales (function)                         0            0            0
SG&A (function)                                  0            0            0
Cost of Materials (nature)                  (4,493)      (4,086)      (3,589)
Personnel Expenses (nature)                 (1,703)      (1,473)      (1,251)
Depreciation and Amortization (nature)        (578)        (497)        (433)
Other Operating Income, Net of Other
Operating Expenses (function)                    0            0            0
Other Operating Income, Net of Other
Operating Expenses (nature)                 (2,063)      (1,741)      (1,584)
Net Interest Expense or Income                  17           16            5
Investment Income                                0           (9)          (5)
Other Income                                     0            0            0
Other Expense                                    0            0            0
Tax Expense                                   (325)        (388)        (330)
Minority Interest                               (8)          (7)          (8)
Net Profit/Loss                             1,253        1,250        1,002

Operating profit                            1,570        1,639        1,339
Profit before taxes                         1,587        1,646        1,339
Profit after taxes                          1,262        1,258        1,010

Pro forma Income Statement Items         Inditex      Inditex      Inditex
                                         (EURm)       (EURm)       (EURm)
                                          2008         2007         2006
Cost of Materials (nature)                  (4,493)      (4,086)      (3,589)
Personnel Expenses (nature)                 (1,703)      (1,473)      (1,251)
Depreciation and Amortization (nature)        (578)        (497)        (433)
EBITDA                                       2,149        2,126        1,767

Common-sized Income Statement             2008         2007         2006
(adjusted for operating leases)
Sales                                       100.0%       100.0%       100.0%
Cost of Sales (function)                      0.0%         0.0%         0.0%
SG&A (function)                               0.0%         0.0%         0.0%
Cost of Materials (nature)                  -43.2%       -43.3%       -43.8%
Personnel Expenses (nature)                 -16.4%       -15.6%       -15.3%
Depreciation and Amortization (nature)       -8.7%        -8.5%        -8.2%
Other Operating Income, Net of Other
Operating Expenses (function)                 0.0%         0.0%         0.0%
Other Operating Income, Net of Other
Operating Expenses (nature)                 -11.2%       -11.0%       -12.2%
Net Interest Expense or Income               -0.8%        -0.8%        -0.9%
Investment Income                             0.0%        -0.1%        -0.1%
Other Income                                  0.0%         0.0%         0.0%
Other Expense                                 0.0%         0.0%         0.0%
Tax Expense                                  -4.4%        -5.0%        -4.9%
Minority Interest                            -0.1%        -0.1%        -0.1%
Net Profit/Loss                                   15.2%        15.6%        14.6%

Balance Sheet Items                           Inditex      Inditex      Inditex
                                              (EURm)       (EURm)       (EURm)
                                               2008         2007         2006
                                                46,659.9     42,633.0     34,453.0
Cash and Marketable Securities                    1,466        1,466          906
Trade Receivables                                   585          464          364
Inventories                                       1,055        1,007          824
Deferred Taxes - Current Asset                        0            0            0
Other Current Assets                                158           45           55
Non-Current Tangible Assets                       3,974        3,687        3,243
Non-Current Intangible Assets                       148          139          114
Deferred Taxes - Non-Current Asset                  203          133           89
Other Non-Current Assets                            188          165          148
Total Assets                                     7,777        7,106        5,742
Current Debt                                        234          371          145
Trade Payables                                    2,073        1,975        1,619
Other Current Liabilities                            84          112          121
Deferred Taxes - Current Liability                    0            0            0
Non-Current Debt                                    115           90           92
Deferred Taxes - Non-Current Liability              214          111          104
Other Non-Current Liabilities (non interest
bearing)                                            308          229          190
Minority Interest                                    27           24           22
Preference Shares                                     0            0            0
Ordinary Shareholders' Equity                     4,722        4,193        3,448
Total Liabilities and Shareholders'
Equity                                           7,777        7,105        5,742

Total non-current assets                         4,513        4,124        3,594
Total current assets                             3,264        2,982        2,148
Shareholders' equity                             4,722        4,193        3,448
Minority Interest                                   27           24           22
Total non-current liabilities                      637          430          387
Total current liabilities                        2,391        2,458        1,885


Cash flow statement items                     Inditex      Inditex      Inditex
                                              (EURm)       (EURm)       (EURm)
                                               2008         2007         2006
                                                 2,952.6      4,059.6      1,663.2
Profit Before Tax                                 1,587        1,646        1,339
Taxes Paid                                          143          345           92
Net Profit                                            0            0            0
Non-Operating Gains (Losses)                         (9)          (6)          33
Non-Current Operating Accruals                      192          (89)         (32)
Net (Investments in) or Liquidation of
Operating Working Capital                          (157)         (88)         (51)
Net (Investments in) or Liquidation of
Operating Non-Current Assets                       (937)        (942)        (887)
Net Debt (Repayment) or Issuance                   (157)         214         (159)
Dividend (Payments)                             (662)        (522)        (418)
Net Share (Repurchase) or Issuance                 0            0            0
Net change in cash and cash
equivalents                                       0          560          (82)

Items (unadjusted)                         Inditex      Inditex      Inditex
                                           (EURm)       (EURm)       (EURm)
                                            2008         2007         2006
Tax rate                                       20.5%        23.6%        24.6%
Net interest expense after tax                  -13.3        -12.2         -4.1
Net operating profit after taxes (NOPAT)      1,240.2      1,238.1        997.4
Operating working capital                      -359.1       -571.0       -497.5
Net non-current assets                        3,963.6      3,759.6      3,277.2
Net debt                                     -1,117.2     -1,004.7       -668.6
Net assets                                    3,604.5      3,188.6      2,779.7
Net capital                                   3,604.5      3,188.4      2,779.7

Items (adjusted for operating leases)      Inditex      Inditex      Inditex
                                           (EURm)       (EURm)       (EURm)
                                            2008         2007         2006
Tax rate                                       22.2%        24.3%        25.2%
Net interest expense after tax                   64.8         54.2         55.4
Net operating profit after taxes (NOPAT)      1,651.4      1,525.6      1,249.3
Operating working capital                      -359.1       -571.0       -497.5
Net non-current assets                        6,184.8      5,986.5      5,221.6
Net debt                                        770.8      1,000.9      1,083.4
Net assets                                    5,825.7      5,415.4      4,724.2
Net capital                                   5,825.7      5,415.4      4,724.2

Ratios                                     Inditex      Inditex      Inditex
                                           (EURm)       (EURm)       (EURm)
Table 5-2                                   2008         2007         2006
Net profit margin (ROS)                       15.2%         15.6%        14.6%
Asset turnover                                   1.03         1.00         1.06
 =Return on assets                            15.7%         15.6%        15.4%
xFinancial leverage                              2.00         2.13         2.13
 =Return on equity (ROE)                      31.4%         33.3%        32.8%

Ratios                                     Inditex      Inditex      Inditex
                                           (EURm)       (EURm)       (EURm)
Table 5-3                                   2008         2007         2006
Net operating profit margin                   15.9%         16.2%        15.2%
xNet operating asset turnover                    1.79         1.74         1.73
 =Operating ROA                               28.3%         28.2%        26.4%
Spread                                        19.9%         22.8%        21.3%
xFinancial leverage                              0.15         0.23         0.30
 =Financial leverage gain                       3.0%         5.2%         6.3%
ROE = Operating ROA + Financial
leverage gain                                  31.4%        33.3%        32.8%

Ratios                                     Inditex      Inditex      Inditex
                                           (EURm)       (EURm)       (EURm)
Table 5-6                              2008         2007         2006
Operating working capital/Sales          -3.5%         -6.1%        -6.1%
Net non-current assets/Sales             59.4%        63.5%        63.7%
PP&E/Sales                               60.8%        63.6%        64.2%
Operating working capital turnover        -29.0         -16.5        -16.5
Net long-term asset turnover                1.7           1.6          1.6
PP&E turnover                               1.6           1.6          1.6
Accounts receivable turnover               17.8          20.3         22.5
Inventory turnover                          4.3           4.1          4.4
Accounts payable turnover                   2.2           2.1          2.2
Days' accounts receivable                  20.2          17.7         16.0
Days' inventory                            84.5          88.7         82.6
Days' accounts payable                    166.1         174.0        162.4

Ratios                                Inditex      Inditex      Inditex
                                      (EURm)       (EURm)       (EURm)
Table 5-7                              2008         2007         2006
Current ratio                               1.51         1.43         1.23
Quick ratio                                 0.95         0.92         0.73
Cash ratio                                  0.68         0.70         0.52
Operating cash flow ratio                   0.81         0.87         0.79

Ratios                                Inditex      Inditex      Inditex
                                      (EURm)       (EURm)       (EURm)
Table 5-8                              2008         2007         2006
Liabilities-to-equity                       1.04         1.17         1.17
Debt to equity                              0.47         0.59         0.58
Net debt to equity                          0.15         0.23         0.30
Debt to capital                             0.32         0.37         0.37
Net debt to net capital                     0.13         0.18         0.23
Interest coverage (earnings based)         25.42        28.15        22.57
Interest coverage (cash flow based)        19.09        20.20        17.33

Ratios                                Inditex      Inditex      Inditex
                                      (EURm)       (EURm)       (EURm)
Table 5-8                              2008         2007         2006
ROE                                      31.4%         33.3%        32.8%
Dividend payout ratio                    41.7%         35.4%        35.0%
Sustainable growth rate                  18.3%         21.5%        21.3%

Actual changes
Sales growth                              10.3%        15.1%
Net operating asset growth                 7.6%        14.6%
Net debt growth                          -23.0%        -7.6%
Classifications
                                               Inditex      Inditex      Inditex
                                               (EURm)       (EURm)       (EURm)
                                                2008         2007         2006
 Sales                                            10,407        9,435        8,196
 Cost of materials (nature)                       (4,493)      (4,086)      (3,589)
 Personnel expense (nature)                       (1,703)      (1,473)      (1,251)
 Depreciation and amortization (nature)             (578)        (497)        (433)
 Other operating income, net of other
 operating expense (nature)                       (2,063)      (1,741)      (1,584)
 Operating profit                                  1,570        1,639        1,339
 Investment income                                      0          (9)          (5)
 Net interest expense (income)                         17           16            5
 Profit before taxes                               1,587        1,646        1,339
 Tax expense                                        (325)        (388)        (330)
 Profit after taxes                                1,262        1,258        1,010
 Minority interest                                    (8)          (7)          (8)
 Net profit                                        1,253        1,250        1,002

ASSETS
 Non-Current Tangible Assets                        3,974        3,687        3,243
 Non-Current Intangible Assets                        148          139          114
 Deferred Tax Asset                                   203          133           89
 Other Non-Current Assets                             188          165          148
 Total non-current assets                          4,513        4,124        3,594

 Trade Receivables                                    585          464         364
 Inventories                                        1,055        1,007         824
 Other Current Assets                                 158           45          55
 Cash and Marketable Securities                     1,466        1,466         906
 Total current assets                              3,264        2,982        2,148

  TOTAL ASSETS                                     7,777        7,106        5,742
LIABILITIES AND SHAREHOLDERS’
EQUITY
  Shareholders’ equity                             4,722        4,193        3,448
 Minority Interest                                    27           24           22

 Non-Current Debt                                    115           90           92
 Deferred Tax Liability                              214          111          104
 Other Non-Current Liabilities (non interest
 bearing)                                            308          229          190
 Total non-current liabilities                       637          430          387

 Current Debt                                         234          371          145
 Trade Payables                                     2,073        1,975        1,619
 Other Current Liabilities                             84          112          121
 Total current liabilities                         2,391        2,458        1,885

 TOTAL LIABILITIES AND
 SHAREHOLDERS’ EQUITY                              7,777        7,105        5,742
Inditex      Inditex      Inditex      Inditex      Inditex      Inditex
(EURm)       (EURm)       (EURm)       (EURm)       (EURm)       (EURm)
 2008         2007         2006         2008         2007         2006
                                          10,407        9,435        8,196
                                          (4,493)      (4,086)      (3,589)
                                          (1,703)      (1,473)      (1,251)
     (331)        (307)        (241)        (910)        (803)        (674)

      894          701          587       (1,168)      (1,039)        (997)
      563          395          347        2,133        2,033        1,685
                                                0          (9)          (5)
     (100)         (88)         (80)         (84)         (72)         (74)
      463          307          267        2,050        1,953        1,607
     (130)         (86)         (75)        (455)        (474)        (404)
      333          221          192        1,595        1,479        1,202
                                              (8)          (7)          (8)
      333          221          192        1,587        1,471        1,194



     2,351        2,313        2,019        6,325        6,000        5,262
                                              148          139          114
                                              203          133           89
                                              188          165          148
    2,351        2,313        2,019        6,863        6,437        5,613

                                              585          464         364
                                            1,055        1,007         824
                                              158           45          55
                                            1,466        1,466         906
                                           3,264        2,982        2,148

    2,351        2,313        2,019       10,127        9,418        7,761



      333          221          192        5,055        4,414        3,641
                                              27           24           22

     1,888        2,006        1,752        2,003        2,095        1,844
       130           86           75          343          197          179

                                             308          229          190
    2,018        2,092        1,827        2,655        2,522        2,214

                                              234          371          145
                                            2,073        1,975        1,619
                                               84          112          121
                                           2,391        2,458        1,885



    2,351        2,313        2,019       10,127        9,418        7,761

								
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