Financial Report Inditex 2009

Page 1

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails)

1

Auditors’ Report on the Annual Accounts (Translation from the original in Spanish. In the event of discrepancy, the original Spanish-language version prevails) To the Shareholders of Industria de Diseño Textil, S.A. We have audited the consolidated annual accounts of Industria de Diseño Textil, S.A. (the “Company”) and subsidiaries (the “Group”), which comprise the consolidated balance sheet at 31 January 2010, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows for the year then ended and the notes thereto, the preparation of which is the responsibility of the Company’s Directors. Our responsibility is to express an opinion on the consolidated accounts taken as a whole, based on our examination which was conducted in accordance with generally accepted auditing standards in Spain, which require examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated annual accounts and evaluating their overall presentation, as well as the appropriateness of the accounting principles used and the reasonableness of the estimates made. In accordance with prevailing Spanish legislation, these consolidated annual accounts for the year ended 31 January 2010 also include, for each individual caption in the consolidated balance sheet, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes thereto, comparative figures for the previous year. We express our opinion solely on the consolidated annual accounts for the year ended 31 January 2010. On 26 March 2009 we issued our unqualified audit report on the consolidated annual accounts for the year ended 31 January 2009. In our opinion, these consolidated annual accounts for the year ended 31 January 2010 present fairly, in all material respects, the consolidated equity and consolidated financial position of Industria de Diseño Textil, S.A. and subsidiaries at 31 January 2010 and the consolidated results of their operations, the consolidated cash flows and consolidated changes in equity for the year then ended, and contain sufficient information necessary for their adequate interpretation and understanding, in accordance with International Financial Reporting Standards adopted by the European Union which have been applied on a basis consistent with that of the preceding year. The accompanying consolidated directors’ report for the year ended 31 January 2010 contains such explanations as the Directors consider relevant to the situation of the Group, the evolution of its business and other matters, and is not an integral part of the consolidated annual accounts. We have verified that the accounting information contained therein is consistent with that disclosed in the consolidated annual accounts for the year ended 31 January 2010. Our work as auditors is limited to the verification of the consolidated directors’ report within the scope described in this paragraph and does not include a review of information other than that obtained from the accounting records of Industria de Diseño Textil, S.A. and subsidiaries. KPMG AUDITORES, S.A. (Signed on original in Spanish) Enrique Asla García Partner 18 March 2010

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At 31 January 2010 the different group formats have stores in 74 countries, as follows:

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Details of this caption for 2009 and 2008 are as follows:

1/ 0 243 0 5 6 798 0 : ;<0 = > ? @ = ;!A 3 0 B : 6 ; LNM 0 = O 6P8 = 8 = Q 6 = 5 @ 798 6 ; T U V W!X

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—[5 G ˜j™ [ 0 = A 0[7 ` H J ˜]J 5 M a 6 š<7 @[A f M 0 >\0\5 @ 5 0 :›@bi FbH k GbJ ˜ 6 3 fb: @b`m6b6 ;!k]@bib2 M 8 ? M bK C k H KbI 2 6 7 6\i 6 3Z0 : 6o0[= > 3 0 : 6 R ÂœbF k ˜b˜ H 6 3 fb: @ ` 6 6b;c0 5 G ˜Â?™ 0 = A]0 7 ` H JbJ F kž@ iÂ&#x;2 M 8 ? M K ˜ k K JbE 2 6 7 6 i 6[3 0[: 6 0 =]> ˜ K k C JbE ˜ Âœ k J HbE Z 3 0[: 6 S D Note 26 (employee benefits) provides additional information on personnel expenses.

ÂĄ 6b0 ; 6\6 l!f]6 = ; 6 ;c3 0[8 =b: `^7 6 : 0 5 6Â?5 @\5 M 6a7 6 =]5 0 : k¢5 M 7 @[A O M @[f 6[7 0b5 8 =]Oa: 6 0 ; 6 ;!k¢@ iÂŁ5 M 6\? @ 3 3Z6 7 ?!8 0[:,f 7 6 3o8 ; 6 ; i 7 @ 3¤2 M 8 ? M 5 M 6hš<7 @ A fo? 0[7ÂĽ798 6 ;^@ A]5j8 5 ;^0 ? 5 8 Q!8 5 ` D ÂŚ @ 5 6 HbG f 7 @ Q!8 > 6 ;§3 @[7 6_> 6b5 0 8 : 6 >¨8 =]i @ 793 0b5 8 @[=o@ =\5 M 6 3 0[8 =Š? M 0 7 0 ? 5 6 798 ; 5 8 ? ;ÂŞ@ iÂŤ5 M 6 ; 6ÂŹ: 6 0 ; 6 ;!k­5 @bO 6b5 M 6[7n2ÂŽ8 5 M 5 M 6ÂŻ7 6 : 0 5 6b>ÂŹ3o8 =b8 3oA 3°i A]5 A 7 6ÂŻf 0b`ž3Z6 = 5 ? @ 3o3 8 5 3 6 =]5 ; D 5 M 6[7[@[f 6 7 0 5 8 = O²6 l!f 6[= ; 6 ; 3 0[8 = : `Âł8 = ?ž: A >b6§6 l!f 6[= ; 6 ;h7 6[: 0b5 8 =]O§5 @§; 5 @ 7 6§@[f 6 7 0b5 8 @ =];!k´: @ O[8 ; 5 8 ? ;_0 =]> 9 O 6[= 6 7 0[:Âľ@ Q 6[7 M 6 0b> ;!k!;!A ? M 0 ;P6[: 6 ? 5 798 ?!8 5 `!kž? @[3 3o8 ; ;!8 @ = ;P@[= ?!7 6 >[8 5Âś0 =]>n>b6 Bb8 5Âś? 0 7 >¡f]0 `!3Z6 = 5 ;!k!5 7 0bQ 6 : k 5 7 0 =];žf]@ 7 5 0 5 8 @ =¸@ iš3 6[7 ? M 0[= >[8 ; 6Âşi 7 @ 3 : @bO 8 ; 5 8 ?Âť? 6 =]5 6 7 ;Âť5 @Âş; 5 @[7 6 ;!kÂź>b6 ?m@[7 0 5 8 @ =¸6 l!f 6 =];m6b;!k ? @ 3o3 A =b8 ? 0 5 8 @[= ;<0 =]> 0[: : ½ 8 = >b;<@ i f 7 @bi 6 ; ;!8 @[= 0 :ž; 6 7 Q!8 ? 6 ; D 8Âą

13

Âż M 8 ;_? 0 f 5 8 @ =²8 =]?!: A >b6 ;_0[: :b@ f 6[7 0 5 8 = O²6 l!f 6 =];m6b;_0 =]>Ă€8 = ? @ 3Z6§@b5 M 6 7Â&#x;5 M 0 =c5 M @ ; 6§0 ; ; @ ?!8 0b5 6 >²2ÂŽ8 5 M 5 M 6 š<7 @ A f ;\?m@[3 3 6[7 ?!8 0 :]0[= >²: @bO 8 ; 5 8 ? ;o0 ? 5 8 Q!8 5 `!k,2 M 8 ? M 0[7 6§8 = ?!: A > 6b>²A = > 6[7 f]6 7 0 5 8 = O^6bl!f 6 =];m6b; 8 =e5 M 6 7 8Âą 9 ? @ = ; @[: 8 >b0 5 6b>P8 =]? @ 3 6o; 5 0 5 6 3Z6 =]5 k 0 ;<>b6 ;m?!798 B 6 >_8 =Z5 M 6Pfb7 6 Q!8 @[A ; = @b5 6 D Âż M 8 ;e? 0 f]5 8 @ =Â?3 0[8 =b: `­8 = ?!: A]> 6Â?Q 0 798 0b5 8 @[= ;c8 =Ă 5 M 6Â?> 6[B 5g7 6[: 0 5 6b>Â?5 @ 7 6 ?!8 f 7 @ ? 0[:›; 0[: 6 ;ÂŽ0 = > f Ab7 ? M 0b;m6Â?@ f]5 8 @[= ; B 6b5 2N6 6[=<5 M 6nš<7 @[A f<0 =]> ; M 0 7 6 M @ : > 6 7 ;ÂŽ2 8 5 M 0nf 0 7 5 8 0 :Ă‚; 5 0[½ 6§8 =<? 6 7 5 0 8 =<;!A B ;!8 > 8 0 798 6 ;!k 0 ; 5 M 6 ; 6 @ f 5 8 @ =]; 0 7 6²? @ = ;!8 >b6 7 6 >²0²> 6bi 6 797 6 >²0 ? d Ab8 ;!8 5 8 @ =c@ iN5 M 6²; M 0 7 6 ;_2 M 8 ? M ? @ = ; 5 8 5 A]5 6²5 M 64Ab= > 6[79: `!8 =]O§0b;m; 6b5 R ;m6b6 = @b5 6 H J S D Âż M 6 ; 6Â?Q 0 798 0b5 8 @[= ;e0 7 6 3 0[8 =b: `e>[A 6Â?5 @Â?5 M 6 7 6[: 0 5 8 @ =]; M 8 fÂ?B]6 5 2N6 6[=Ă 5 M 6 f 798 ?m6Â?@ iž5 M 6Â?@[f 5 8 @ = ;e0[= > 5 M 6Ăƒ=bA 3 B]6 7_@ i§; 5 @ 7 6 ;Š@ f]6 7 0 5 6b> k ; M 0[7 6 M @[: >b6 7 ; 6 d[A 8 5 `Š0 =]>Ă„5 M 6Ăƒ7 6b;žAb: 5 ;Š@ i§5 M 6b; 6Ă„;!A B ;!8 > 8 0 7 ` ’ ? @ 3of 0 =b8 6 ; D p16b5 0 8 : ;<@ i 5 M 6P3Z0 8 = fbA 5 Ă…9? 0 : : @ f]5 8 @[= ;<@ Q 6 7,5 M 6 ; 6P8 = Q 6 ; 5 3 6[= 5 ;<0[7 6oO 8 Qm6 =oB 6[: @ 2 q Æ Ç´ĂˆgÉ ĂŠbĂ‹ ĂŒ Ă?bĂŒ Æ ĂŽ Ă? Ă? Ă‘ Ă’ZĂ“ Æ Ă”bĂŒ Ă•bĂ‹<Ă? Ă‘ Ă’oĂŒ Ă? ĂŒ Ă– Ă•bĂ? ĂŒ Ă”PĂ—Â&#x;Ă• ĂŽ9Ă’oÆ Ă” Ă? —[5 G[˜\™ 0 =bA 0 7 ` H J ˜]J 0 =]> H J JbF 5 M 6¨Âš<7 @[A f M 0 ;c0a? 0 : :,@ f]5 8 @[=\@ = H H Ă˜ @big5 M 6 ; M 0 7 6a? 0 fb8 5 0[:,@ igÙÚ0[7 0 p16[A 5 ; ? M : 0[= > k š<3 BbĂ› D Âż M 8 ;Â?; M 0 7 6 M @ : >[8 =]OÂŤB]6 : @ =]O ;Â?5 @ 5 5 @³š<3oB Ă›²0 =]> L @ DĂ?Ăœ š<kÂľ2 M 8 ? M 8 = 5 A 79= M 0b;Â?0 Âą f A]5 @ f]5 8 @[= 5 @o; 6 : :m8 5 ;<6 =]5 8 7 6 ; M 0 7 6 M @[: >[8 = Oo5 @PĂž =]> A]; 5 798 0o> 6Pp 8 ; 6 @ ¿Ú6 l 5 8 : k Ă&#x; D — D Ăą

Âż M 6b;m6_@[f 5 8 @ = ;n3Z0 `nB]6_6 lm6[7 ?!8 ; 6 >hB ` 5 M 6 M @[: >b6 7 ;^0 5[0 =]` 5 8 3 6 D Ă›1@ 2 6 Q 6 79kb5 M 6_6 l 6 7 ?!8 ; 6 >_? 0 : :m@[f 5 8 @ = 6 i i 6b? 5 8 Q 6 =]6 ; ;Š8 ;¤> 6[: 0 ` 6b>Ă 5 @Y? 6[7 5 0 8 =¡> 0b5 6 ;¤6 ; 5 0 Bb: 8 ; M 6b>ĂĄ8 =¡5 M 6ĂĄ7 6[: 0b5 6 >Y0bO 7 6 6 3Z6 =]5 k<2 M 8 ? M Q 0 7 ` > 6[f 6 =]> 8 = Oc@[=e5 M 6ÂŤ3 @[3 6 =]5´8 =e2 M 8 ? M 5 M 6²f 7 6b> 6 5 6[793 8 =]6 >c@[f 5 8 @ =c8 ;o6blm6[7 ?!8 ; 0 B : 6 D Âż M 6b; 6c@ f]5 8 @[= ; M 0bQ 6 = @²f 7 6[3 8 A 3¡@[7ÂŁ? @ 3of 6 = ; 0b5â8 @ =e@biĂš0 =]`_½ 8 = >c0b5 5 0 ? M 6b>^0 =]>c5 M 6c; 5 798 ½ž6§fb798 ? 6^2 8 : :]> 6 f 6[= >²3 0[8 =b: `o@ =e5 M 6 ? @ =]5 798 B A]5 8 @[= ; 3 0b> 6ÂłB ` 5 5 @³š<3 B Ă›²0 =]> L @ D Ăœ š¨5 @P5 M 6P; M 0[7 6 M @[: > 6 7 ; 6 d[A 8 5 ` @ i 5 M 6­;!AbB ;!8 >[8 0 7 `Â?0 =]> ’ Âą @ =Z5 M 6_= Ab3 B 6 7,@bi Ùڗj/Ă?—_; 5 @ 7 6b;<@ f 6[= 6 >_8 = šÂ&#x;6[793 0 =]`<0 i 5 6 7 ˜oĂŁ 6 B 79A]0 7 ` H JbJ E[D b) Subsidiary companies domiciled in Mexico

Âż M 6¨ÂšĂ 7 @[A f M 0b; ? 0[: :,@ f 5 8 @ = ;^@[= I Ă˜ @bi[5 M 6a; M 0 7 6_? 0 f 8 5 0 :,@ i[ÙÚ0[7 0hä l!8 ? @[kbĂ&#x; D — D > 6 L D ĂĽĂ D k G Ă˜ @bi[5 M 6 : ; M 0 7 6Â?? 0 f 8 5 0 : @ iÂ&#x;ĂŚb6[7 ; M ½ 0 ä l!8 ?m@[k¢Ă&#x; D — D > 6 L D ĂĽjD km0 =]> ˜ D I Ă˜ 6 0 ? M @bi ` ; M @ ä l!8 ? @[k¢Ă&#x; D — D >b6 L D ĂĽĂ D 0[= > Âą : : ç[Ab: : èÊÌ£6 0[71ä l!8 ? @ k¢Ă&#x; D — D >b6 L D ĂĽjD k¢2 M 8 ? M 0[7 6 M 6[: >aB]`ĂŞ5 M 6a3o8 =]@ 798 5 `e; M 0 7 6 M @ : > 6 7 D Âż M 6Â?6 l 6 7 ?!8 ; 6af 6[798 @ > : @ iĂš5 M 6 ; 6^@ f]5 8 @ =]; 6bl 5 6 = > ;o@ Q 6[7b5 M 6^5 6 793¡@biĂš5 M 6c0 O 7 6 6 3Z6 =]5 ;PB]6 5 2N6 6[=ĂŞ5 M 6§f 0 7 5 8 6 ; D Âż M 6^@[f 5 8 @ = ; M 0 Q 6 = @ĂŤf 7 6 3o8 Ab3Ăƒ0 5 5 0b? M 6 >ĂŹ0 = >ĂŹ5 M 6Ă­; 5 798 ½ 6ĂŽfb798 ? 6Ă­2 8 : :Z> 6 f]6 = >ĂŹ@ =45 M 6Ă­; M 0[7 6 M @[: > 6 7 ; 6 d Ab8 5 `ĂŻ@bi^5 M 6 7 ;!A B ;!8 > 8 0[798 6 ; D

p16b5 0 8 : ;_@ i ĂŁ 8 = 0[= ?!8 0[: 7 6 ;!A : 5 ; 8 i @ : : @b2N;!q

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8 =^5 M 6§? @ = ; @[: 8 > 0 5 6b>Ă€8 =]?m@[3 6§; 5 0b5 6 3Z6 = 5 ;_i @ 7 H JbJ F 0 =]> H JbJ Âœ 0 7 6§0 ;

14

Ă°,Ăą,Ăą,ò Ăž = 5 6 7 6 ; 5 8 = ? @ 3 6 ĂŁ @ 7 6 8 O = 6 l ? M 0 = O 6 O 0 8 = ; pN8 Q!8 > 6 = > ; Ăž = 5 6 7 6 ; 5 6 l!f 6 = ; 6 ĂŁ @ 7 6 8 O = 6 l ? M 0 = O 6P: @ ; ; 6 ; Ă´bĂľ,Ăś áĂšø

Ă°,Ăą,Ăą,Ăł

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H E D J E K H J D J K I ˜ K K C E D G ˜ F

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R F D C H œ S R G H D E C ˜ S R C H D J E F S

R F D G K H S R I œ D I C E S R E K D F ˜ œ S

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ĂŁ 8 =]0 = ?!8 0 : 8 = ? @ 3Z6 0[= > 6blžf 6[= ; 6 ;P3 0[8 =b: ` ? @ 3of 798 ; 6n8 = 5 6[7 6 ; 5!0 ? ?!7ÂĽA]6 > @[=<5 M 6nš<7 @ A f ’; i 8 = 0[= ?!8 0[:Ă‚0 ; ; 6 5 ; 0 =]>²: 8 0 Bb8 : 8 5 8 6 ;o>[A 798 = Oc5 M 6c`m6 0[7 R ; 6 6²=]@ 5 6 ˜]Âœ S D1ÂŚ 6b51i @ 7 6 8 O[=e6 l ? M 0 =]O 6c>[8 i i 6[7 6 = ? 6 ;\0 7 6²f 798 = ?!8 f 0[: : `o>[A 6 5 @ai : A ? 5 A]0 5 8 @ = ;²8 =\5 M 6a?!A 797 6 = ?!8 6 ;c2ÂŽ8 5 M 2 M 8 ? M 5 M 6¨Âš<7 @ A fÂ?@ f]6 7 0 5 6 ; R ; 6 6ĂŠ= @ 5 6 H I S B 6b5 2N6b6 =\5 M 6a5 8 3Z6 2 M 6 =Ă 8 = ? @ 3 6[k<6 l!f 6[= ; 6 ;!kĂ 0b?md[A 8 ;!8 5 8 @[= ;Ăš@ 7o> 8 ;žf]@ ; 0 : ;Ăš@biÂ?0b;m; 6b5 ;Ăš0 7 6Ă„7 6 ? @ O[= 8 Ăşm6b>Ă 0 =]>Ă 2 M 6 =ĂŠ5 M 6 ? @ 797 6 ;!f @ =]> 8 = O 0b;m; 6b5 ;<@ 7Ăš: 8 0 Bb8 : 8 5 8 6 ;<0 7 6_7 6b0 : 8 Ăş 6 >o@ 7,; 6 5 5 : 6b>PAb= >b6 7,0 f fb: 8 ? 0 B : 6 0 ? ? @ Ab= 5 8 = O_f 798 =]?!8 f : 6b; D

ĂŚb0b;!8 ? 6 0 79=b8 = O ;ĂŠf 6 7Âś; M 0 7 6ÂŤ2N6[7 6²? 0[: ?!A : 0b5 6 >ĂšB]`a>[8 Q!8 > 8 = OĂš=]6 5 f 7 @bi 8 5 i @ 7Âś5 M 6ÂŤ` 6b0 7Â&#x;0b5 5 798 BbA 5 0[B : 6ÂŤ5 @ÂŤ5 M 6 f 0[7 6 = 5ž? @[3 f 0 =]`­B `ÂŽ5 M 6Â?2N6[8 O M 5 6b>Â?0 Q 6 7 0 Ob6 =bA 3 B]6 7 @ iž@[7 > 8 = 0 7 `ÂŽ; M 0 7 6 ;ÂŽ@ A]5 ; 5 0 = >[8 = O > A 798 = O 5 M 6Â?` 6b0 79k 6 l ?!: A]> 8 =]O 5 M 6 0 Q 6 7 0 Ob6n= A 3 B]6 7 @biž5 7 6 0b;žAb7 `ÂŽ; M 0 7 6 ; M 6 : >nB]`ÂŽ5 M 6nš<7 @ A f R ; 6 6n= @b5 6 H ˜]S km2 M 8 ? M 8 = HbJ JbF 0 =]> HbJ J Âœ 5 @ 5 0 : 6 > E HbG k ˜ JbF k ˜ GbE 0[= > E H ˜ k K ˜ ˜ k J ÂœbI k 7 6 ;!f 6 ? 5 8 Q 6 : ` D pN8 : A]5 6 >h6 0 79=b8 = Ob;¡f 6 7´; M 0 7 6Âł0[7 6Âł? 0 : ?!Ab: 0 5 6b>¤B]0 ; 6 >h@ =Âłfb7 @ i 8 5Z0 5 5 798 B A 5 0[B : 6Âł5 @h5 M 6 M @ : > 6 7 ;n@biZ6 d Ab8 5 ` 8 =]; 5 79A 3 6[= 5 ;e@ iÂŁ5 M 6 L @[3 f 0[= `e0 = >Â?0\2N6[8 O M 5 6 >Â?0 Q 6 7 0 Ob6a= Ab3 B]6 7Âľ@ iÂŁ@ 7 > 8 = 0[7 `e; M 0 7 6 ;e@ A]5 ; 5 0 = >[8 =]O\0 i 5 6[7 0 >bÝßA ; 5 3Z6 =]5 i @ 7Ăš5 M 6_> 8 : A]5 8 @[= 6 i i 6b? 5 @ i 0[: :!f @ 5 6[= 5 8 0 : @ 7 > 8 = 0 7 ` ; M 0 7 6 ; D The share-based payment plan referred to in note 26 has not had a significant impact on the calculation of diluted earnings per share.

Segment reporting Âż M 6¡f 798 = ?!8 f 0[:Ă˝0b? 5 8 Q!8 5 `­@biÂ&#x;5 M 6¡Ăž =]> 8 5 6 lš<7 @ A f ? @ 3 fb798 ; 6 ;­5 M 6¡7 6 5 0[8 :Âľ> 8 ;m5 798 B A]5 8 @[=Â?@biÂ&#x;?!: @ 5 M 8 =]O k!i @ @b5 2N6b0 79k 0 ? ? 6 ; ;m@[798 6 ;­0[= > M @ A ; 6 M @ : >n5 6bl 5 8 : 6¡f 7 @ >[A ? 5 ;­5 M 7 @ A O M Q 0 798 @ A ;P?m@ 3o3 6[7 ?!8 0 :Âľi @[7ÂĽ3Z0 5Âś; 5 @ 7 6 ;P0 8 3Z6 >n0b5 > 8 i i 6 7 6[= 5 5 0[7 O 6 5 6b> ; 6 ? 5 @[7 ;<@ i 5 M 6PfbA Bb: 8 ? D Âż M 6^@ 798 O 8 =ĂŞ0 = >§f 7 6 >b@ 3o8 = 0 =]5Âś=]0 5 Ab7 6 @bi!5 M 6§798 ;!½ ;o0 = >§7 6 2N0[7 >b; @bi!5 M 6§Ăž =]> 8 5 6 l_šà 7 @ Abf ;PB A];!8 = 6 ; ;PAb= 8 5 ; ’ ? @ 797 6 ;!f @ =]>­5 @­@[f 6[7 0b5 8 =]O­; 6 O[3 6[= 5 ;!kÂľ0 ;Â?5 M 6b; 6ÂŤ798 ;!½ž;Â?0 = >Âł7 6 2N0 7 > ;Â?0[7 6ÂŤ3Z0 8 = : ` 8 = i : A 6[= ? 6 >ÂłB `Â?5 M 6­i 0b? 5 5 M 0b5ĂŠ6 0b? M ? 0 ; M Ă…9Ob6 = 6 7 0b5 8 = OĂžA =b8 5Ă B]6 : @ =]O ;ĂŤ5 @Ăż0Ăžf 0 7 5 8 ?!A : 0[7ÂŤ? @ 3o3 6[7 ?!8 0 :­i @ 7ÂĽ3Z0 5 D Âż M 6 8 = 5 6 79=]0 : @ 7 Ob0 = 8 Ăşm0b5 8 @[=Z@bib5 M 6aĂž = >[8 5 6 l^š<7 @[A f k¢5 M 6\> 6 ?!8 ;!8 @ = Ă… 3Z0 ½ 8 = Oafb7 @b?m6b;m;e0 = >\5 M 6\; `m; 5 6[3Âłi @[7Ă˝? @ 3o3 A =b8 ? 0 5 8 = O 8 =]i @ 793Z0 5 8 @ =Ă 5 @Ă„5 M 6 B]@ 0 7 >Ă„@ in> 8 7 6 ? 5 @ 7 ;ĂŹ0 =]>Ă„O 7 @ AbfÂŞ3Z0 =]0 O 6[3 6 =]5 0[7 6Ă„@ 7 O 0 =b8 Ăş 6 > fb798 3 0[798 : ` B ` ? @ 3o3 6 7 ?!8 0[: i @[793 0b5 k i @ : : @b2N6 >_B `<O 6b@ O 7 0 f M 8 ?m0[: 0[7 6 0 ; D 15

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% , , $ % & - * % & ) ) ) ) % * & ) ( ( > % ) , -

B C 3 .+/ 0 D ! 1 32 D E 1A F G C +" ! 0 .H ! 32 DI = J K BML A N 3 1.+/ 01 % K 0 7O +/ P 0 G Q3" 01 3 R 78 P ! T7O +01 3 ! P7U E"1 + ! 1 T 0P0 1 V2 ! ; W@ 0 . 0 .P P . +2 "N A 3 .+/ 01 X X S 1 + S 1YZ C@ 0C [ 3 .+0 D G 7[ D 3 1.+/# 0 \ 0C 7[7O E 0 78 S C78 ! ! C7U 0 3 ! C ! 1 8 +0 @ C@1]^.+ 2 " /# 0 1.+ / 0 % 9 1 2 !0_ 0 < " = /#" ]Z `I 9;: <;= L T 1A 0 ` F ! 1 W@ 1 S 0^ ^ 3 .+/# 0 T ! 32 A + a ]3 bI = J K BML 0 C G Y3 E 1.+ G78 " c /#" ]Z GI 3 ! A 0 0 78 8 @ L %

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16

z { { | ~+ { }+ | + z z+ |+ { | + { | { + ~ { } ~ 1

y + c 8 + y 5 + 8 # + 8 ; + ! c

1 ' ~ 1 '{ 1 'z { 1{ ~ 1 '{ 1 'z { { | | ~ ~+ { ~ z+ { z + + } } ~+ | } }+ ~ }+ z+ {+ + z z ~+ ~ z ~ {+ ~ | ~ | ~+ } z ' 1 ~ | ~ { | {

z { { } ~+ ~ {+ z | | + } { |+ z ~ { ~ }+ { } z |+ ~ ~ ~ 1{ { | {

Details at 31 January 2010 and 2009 are as follows:

¡£¢ ¤ ¡£¢V¡£¤ ± ± ²+³ ´ µ ¶ ± ± ¶+³ ¸ ´+± ± ¶ ´+³ Á ² ´ ¸ ¶+³ µ Ä Ä

¦M§ ¨ © ªh§ ª «8ª+¬ ­8¨+® ¯ ª ° ¹ ¨+¯ ª ° º »#¼ § ¨+½ «3¾ ¬ °8ª ° ¿ À ® ¯ ¬ « ª+½ º ¬ º ¬ ª ° Ã º ¾ ª+§ «3À §!§ ª+½ º+§ ª «8ª+¬ ­8¨+® ¯ ª °

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Trade receivables mainly correspond to customer debit/credit card payments pending collection.

Å 1 ÇÆ +

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Details at 31 January 2010 and 2009 are as follows:

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19

( [

J J ; J

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5 n 5 5 n n 5 X

5 n

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The total market value of investment property at 31 January 2010 is approximately euros 20,000 thousand.

½ £ µ 5 ² ¾ n£ µ ² ¾ ¿ À5 £5 X n .¸ÂÁ n£ µ ² ¾ ¿ À5 £5 X n .¸Ã ² Ä· ÅƵ n . n n . X ´ ¿ n Ç À5 X µ 5 nµ ÇÀ5 È 5 ® 5 £.¸ ¸É£ .¸ nµ º X Ê À. nµv X n Æ n .¸Ë X nµ ¼ X ǵ n .¸ nµ ¸ÉÁ X É 5 ² Ä{ – À5 Ë X n 5 X ¸ ¸Ì . X ´ Ë X ´ n .

nÀ. Ë ¼` µÎ ` ¸¿ µ ´ ` 5 £5¸ Ç ´ n£ 5 Ì 5 ¸È ¿ µ n µ nµ Ë n .¸Ç À µ ¸Ï 5 nµ Ì Èµ 5 X Å 9 X Ç µ n 5 XÅ µ µ À5 ¾[ ` X X µ ´ £ ´ Ë nµ 5 5 `»Ìµ nÀ. Ð{ n ¼X µ Ë n 5¸¿ .¸ ´ Æ µ ¸ nµ ¿ X X ´Ë´ nµ ` µ ´ X 8Í

À5 µ( . n 5 n ® ` X 5 £5¸ Ñ ´ n£ 5 È . n ¸®Å µ3 À5 ɵ n X µ · n .¸É£5 X Ñ Å µ £ Ñ µ n .¸É . ´ Ê 9 n .¸Ñ À5 ÒX nµ 5 $ X X O ÅO X Å ÐÓ µ Ñ n ` 5 8

Details of and movement in other intangible assets

during 2009 and 2008 are as follows:

20

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ú%ÿ`þ ÷%ý%û ø%þ û `ø ÷ ÷ ÷ ú%ý`þ û

`þ %ÿ ÷ `þ %ú ý û øo÷ ý ÷% ý øký`þ ü û

ÿ`þ û%ú%ý û%ÿ û` ø `ø ÷ ÿ`þ øký%ú

ü%ü%û`þ %ÿ %ý`þ ý%÷%ý økü`þ û % û økü `þ ý %ú û% ý `þ ü

û ÷%ú`þ %÷ ú `þ % û økÿ`þ %û% ý `þ %ú%ú ú`þ ÷%÷%ÿ û%ú9ý`þ %û9ü

ú%ý`þ û ø%þ %ÿ%ú ÷ ÷ ÷ ú Xþ ý9ÿ`ø

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0 î ð 1;ò ð î ô î ð kö32;ö%ò ï kî%ï ò`ó ï ò`ô ï ö ï î ö ` ôXö ;õ kò`ô %ö ò%õ ð ! " # $&% ' ( ) * + ) * , + + -

ú ÿ%ü`þ ÷%÷ ý%ú`þ %ú%ü `þ ú%ü% ú ÷ ú`þ ÿ%÷% ý ú ü`ø%þ ÷ %ü

økÿ`þ %û%û ø%þ %ý%ý ÷

ú`þ %ý%ú %û ÷ ÷ ÷ ÿ`þ ÷`øk÷

ú %÷`þ ø %ý ý `þ ÷%ý%ú `þ ý% ý ÷ ú`þ ÿ%ü% ÷ ú %ü`þ ÿ `ø

ñ ò`ó ò`ôkõ;ö ò ð%÷`økù ÷%ú%ù ú%÷%÷ 0 î ð 1;ò ð î ô î ð kö32;ö%ò ï kî%ï ò`ó ï ò`ô ï ö ï î ö ` ôXö ;õ kò`ô %ö ò%õ ð . " # $&%/ ' ( ) * + ) * , + ) +

ú ü`ø%þ ÷ %ü ý%ý`þ ü %ý ü`þ ý%û` ø ÷ ø%þ ý%ú%ÿ ÿ%4÷ `þ ü 9ÿ

ø `þ %ÿ%ú ø%þ %û

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8

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ñ ò`ó ò`ôkõ;ö ò ð%÷`økù ÷%ú%ù ú%÷%÷ .õ ï ð î ô ï ï k î%ï ò`ó ï ò`ô ï ö ï î ö ` ôXö ;õ kò`ô %ö

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ï ô î9ð ö ÿXø%þ ú 8 5 6 ò XöXô ð ó î9ï ï ö 7 ñ ò`ó ò`ôkõ;ö ò ð%÷`økù ÷%ú%ù ú%÷%÷%û 5 ò `ö`ô ð õ kò %ö

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5À FE}µ £ À5 Ñ X n ¶X ¸ £ µ ¾ À. n£5 X 5¸ ¸n£ µ . À5 »X nµ ` µ0µ . n 5¸ 5 Ì ¸ ¼` n ´ 5 X ¼ Ê À5 X ´ »ÊÐ ÀHG ¡7I n D

Details of and movement in this caption of the consolidated balance sheet during 2009 and 2008 are as follows:

21

J K K L NPO QSR/T R UWV XSY XSR Z6Q

J K K M

[ \S[/] ^/_/`

b Z6cSd/T efT g T hSR e

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kml n o0p qsrPtsu=l u=qsv:w

y{z tso0p |=p u=} ~

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yf } u6|fp uf} p z4o 6o/ 4uf 4uf 4y

`/\S] a/`/\

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k Sp o wf 4n6o/ 4y 4|6w k

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[ `S] `/a/\

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\/`S] / /j

\/`S] / /j

u6n uf} umk y

[ S] _/a/a

[ S] _/a/a

/a/_

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yf } u6|fp uf} p z4o k y

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kml n o0p qsrPtsu=l u=qsv:w

[:\x[0] ^0_0`

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h/h0 / T Y Y7Z6hS & Q0efO hSR: ST R:U g h¢¡7g X/ xT £6XS &T d e¥¤0efO:X

XS¦§¡m] b ]{ §X/e¨U/QSR:QS X/g Q0 ©d/O hxRªX0Z6cSd/T efT g T hSR«h/¬­g ®/T e

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¼ ® Q½U/h0h/ / ­T Y Y.Z6hS & Q/efO hSR: ST R UPg h¿¾xÀ§ÁçT e Q

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These amounts represent 1.05 cents per

share in 2009 (1.05 cents in 2008). The distribution of profit proposed by the board of directors is shown in note 28.

g

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27

•

41,000 treasury shares at 31 January 2010 (41,000 as at 31 January 2009) with an average acquisition cost of euros 2.18 per share.

•

180,264 shares with an acquisition cost of euros 2.93 per share (180,264 at 31 January 2009), corresponding to the following operation:

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Bershka Logística, S.A.

Lefties Logística, S.A.

Bershka BSK España, S.A.

Massimo Dutti Diseño, S.L.

Stradivarius Diseño, S.L. Stradivarius España, S.A.

Bershka Diseño, S.L.

Massimo Dutti Logística, S.A.

Stradivarius Logística, S.A.

Choolet, S.A.

Massimo Dutti, S.A.

Trisko, S.A.

Comditel, S.A.

Nikole, S.A.

Uterqüe DIseño, S.L.

Confecciones Fíos, S.A.

Oysho Diseño, S.L.

Uterqüe España, S.A.

Confecciones Goa, S.A.

Oysho España, S.A.

Uterqüe Logística, S.A.

Denllo, S.A.

Oysho Logística, S.A.

Uterqüe, S.A.

Fashion Logistics Forwarders, S.A.

Plataforma Europa, S.A.

Zara Diseño, S.L.

Glencare, S.A.

Plataforma Logística León, S.A.

Zara España, S.A.

Goa-Invest, S.A.

Plataforma Logística Meco, S.A.

Zara Home España, S.A.

Grupo Massimo Dutti, S.A.

Pull & Bear Diseño, S.L.

Zara Home Logística, S.A.

Hampton, S.A.

Pull & Bear España, S.A.

Zara Home Diseño, S.L.

Inditex, S.A.

Pull & Bear Logística, S.A.

Zara Logística, S.A.

Kiddy´s Class España, S.A.

Samlor, S.A.

Zara, S.A.

Lefties España, S.A.

Stear, S.A.

Zintura, S.A.

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w@`m[O\,` q,\6]ØZûÕO` ×b×¼Z$c ÕAr ^ âmÜ c Z$×Çr [OZ [Öq6c ` ×ýnã]mr ÕA] \6]ØZìç4c `$ÛmÜ ÕO^$cBcBr Zm[Ö`$Û \or \ [Ýc Z \ ^ r â p$r [O\6cBr ámÛ \6r `$_ ^mÕO\6r sAr \6r Z [ ^$c Z

â Z ^ [OZ p.q6c `$×

\6]mr c p

ÜØ^$c \ r Z [Af åæ] Z [OZ

c Z$_Ø\ ^$âAÕO`$_Ø\6c ^ Õ \ [ù^$c Z.ÕAâ ^ [O[Ar q r Z p.^m[ø`$ÜØZ$c ^ \6r _ØÚ

â Zm^ [OZ [ø[Ar _ØÕOZ$Ù

r cBc Z [AÜ ZmÕO\6r sOZÒ` qê\6]ØZøâ Zm^ [OZÒ\ Z$cB×ò^$_ pÒ\6]ØZÒ^$×@` Û _Ø\ [ëÜ ^ r pÒ`$cmp$Û ZÒ\ `Ò\6]ØZ `mnã_ Z c [b` qA\6] Zøâ Zm^ [OZ pøÜ c Z ×br [OZ [AÙ \6] Z c Zír [Ò_ `b\6c ^$_Ø[Oq Z$c `mq$cBr [ [4^$_Øpíc Z n@^$c p [Òr _ ]ØZ$c Z$_Ø\ \ `b`mnã_ Z c [A]mr Ümf

oÛØZû\ `û\6] ZìÜ c Zm[OZ$_ ÕOZû` q,\6] Zìç4c `$Û Üûr _­p r q q Z c Z$_Ø\ ÕO`$Û _Ø\6cBr Z [AÙ \6] ZûsO^$cBr Zm\ aÖ` qoâ ZmÚ$r [Aâ ^ \6r `$_ Ú ` sOZ$cB_mr _ØÚìâ Z ^m[ Z ÕO`$_Ø\6c ^mÕO\ [AÙ \6] Zäp r sOZ$c [OZè_ ^m\6Û c Zä^ _ päZ ÕO`$_Ø`$×Çr ÕÝ[O\ ^m\6Û [Ý`mqo\6]ØZä` nb_ Z c [Ý^ _ pä` \6]ØZ$c q ^mÕO\ `$c [AÙ,\6]ØZ$c Zèr [ß^ á c `m^ píc ^$_ØÚ Zb`mq ÕAâ ^ Û [OZ [Òc Z Ú$Ûmâ ^m\6r _ØÚíâ Z ^ [OZbÕO` _ \6c ^ ÕO\ [Af

Ô_

×¼^$_ aøÕO^ [OZ [ø\6]ØZ

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ÕO`$_Ø\ c ^ ÕO\ [ø[Ar ×bÜmâ aøZ [O\ ^$ámâ r [ê]

^

q6r ö Zmp

c Z$_ \ ^ â ÜØ^ aA×@Z _ \6Ù¼_ ` cB×@^$â â a

×@`$_Ø\6] â aAÙ

^ pEs Û [O\ ZmpÖq `$c r _ q6â ^ \6r `$_ÖáØ^ [OZ pÖ`$_N^ÝÜ cBr Õ ZÝr _Øp Z öAfàÔ _N` \6]ØZ$c ÕO^ [OZ [ \6] ZÖ^$×¼`$Ûm_ \ [ ÜØ^ aO^$á â ZÖ\ `Ö\6] ZÝâ Z [ [O` c ^$c Z ^.ÜØZ$c Õ Z _ \ ^mÚ Z Ü ^maA×@Z$_Ø\ [

` q \6]ØZ

[O^$â Z [Ò` á \ ^ r _ØZ p.á a \6] Z

`$cûÕO`$_ \6r _ ÚmZ$_ \.c Z _ \

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ç c ` Û Ü

r _Ç\6] Z

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Ú$ÛØ^$c ^$_Ø\ Z Z p

Õ ` Û _Ø\6cBr Z [øâ Zm^ [OZíÕO`$_Ø\6c ^ ÕO\ [Ò^$c Z

^$×¼`$Û _Ø\ [

sO^$cBr ^$ámâ Z.â Z ^ [OZ

`$cûÕOZ$c \ ^ r _

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\`

cBÛ â Z [ü` q

×¼^$c Z \¼c ^m\ Z [AÙ

nã]mr ÕA]ë`$_ë` Õ ÕO^ [Ar `$_ëZ$_Ø\ ^$r â [Ý^$_är _ ÕAc Zm^ [OZér _äc Z$_ \6Ù@á ÛØ\ãc Z$_Ø\ãr [ò_ `m\ãc Z p$ÛØÕ Zmpìnb] Z$_ä×@^ c Zm\ãc ^ \ Zm[Ýq ^$â â f Õ ÕO^ [Ar `$_ ^ â â aAÙ [O\ ^ ÚmÚ Z$c Z pßc Z$_Ø\ ^$â ÜØ^ aA×@Z _ \ [ ^ c Z ^mÚ$c Z Z p Ù nb] r Õê] ×¼Z ^$_ [ãÕ ^m[ê] ` Û \ q6â ` no[ ÕO^$_ áØZßc Z p Û ÕOZ p

X

p$ÛmcBr _ ÚÒ\6] Zør _mr \6r ^ â}aOZ ^ c [ã`mqê\6] ZßÛØ[ ZÒ` qêÕO`$×b×¼Z$c ÕAr ^ â Ü c Z ×br [OZ [AÙ ^ â \6]Ø`$Û Ú ] \6] ZÒZ öAÜ Z _ [OZßr [ëc Z ÕO` Ú _ r WOZmp `$_ ^Ç[O\6c ^ r Ú$]Ø\ x}â r _ Z

á ^m[Ar [

Z [OZmZ

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\

c Z Z

c Z _ \ ^ âOÜ Z cBr `mp [­^$c ZÇ^ â [ `Öq6c Z Þ Û Z$_Ø\6â a­Z [O\ ^ á â r [A] Z pÝr _N`$c pmZ$c

\ `b^msO`$r pí] ^msAr _ ÚÇ\ `íÜØ^ aÒc Z$_Ø\{nb] Z _bÜ c Z ×br [OZ [4^ c Z

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Ü Z c [AÜ ZmÕO\6r sOZ$ÙoÕO`$Û â p

c ZmÞ$Ûmr c Z

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c Zmq6Û cBámr [A] Z pÇ^$_ p

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Ü ^ a­ÕOZ$c \ ^ r _¼^ ×@`$Û _Ø\ [­\ `Ç\6] ZÝâ Z [O[O`$cBÙØnã]mr ÕA] ÙØq6c `$×

á ZéÕO`$_Ø[Ar p Z c Zmpé^ p sO^ _ ÕOZ

\ Z$_Ø^$_Ø\ [b[O` \6] ^m\ \6] Zmabn@^$r sOZ ÕOZ$c \ ^ r _ cBr Ú$]Ø\ [Ç`$cà\6c ^$_ [Oq Z cm\6] Z ×

c Z$_ \ ^ âNÜ ^ aA×¼Z$_Ø\ [AÙo`$c4\ `è\6] Z \ `û\6] Zùç4c `$ÛmÜ

Ü c Z sAr `$Û [

Z \6c ^$_ [Oq Z$c cBr Ú ] \ [Ç`$càp$r q q Z$c Z$_Ø\

32

\ aAĂœ Z [­`mq r _Ă˜p Z$×Ç_ r \6r Zm[ }[ fĂ˜ĂĽĂŚ]Ă˜Z [OZÇ^ Ă—@`$Ă›m_ \ [­^$c ZĂ?c Z Ă•O` Ăš$_mr WOZ pÇ^m[ _ ` _ xBĂ•ĂŞĂ›mc c Z$_Ă˜\m^ [O[OZ \ [ Ăš Z _ Z$c ^ â â a4^ Ă—@`$c \6r WOZ pb`ms™Z c \ ]Ă˜Zb\ Z cBĂ—ä`mq \6] Z

Z [OZ Z

_Ă˜` \ ZĂ?v dE[,^$_ pĂ–^$c Z

â Zm^ [OZbĂ•O`$_Ă˜\6c ^mĂ•O\6f

_ÝÕOZ$c \ ^$r _Ăť` Ă•Oՙ^m[Ar `$_ [AĂ™,[A] `$ĂœmĂœ r _ ÚÏÕOZ$_Ă˜\ Z$c p Z sOZ$â `$Ăœ Z c [Ă?`$c \6] ZèĂœ c `$Ăœ cBr Zm\ `$c [Ă?` qãâ Zm^ [™ZmpĂŠĂœ c Z Ă—br [OZ [.Ă—Âź^, €Z

X

Ă•O`$_Ă˜\6cBr ĂĄ Ă›Ă˜\6r ` _ [Ăł\ ` n@^$c p [Ăł\6] Z

Zm[O\ ^$ĂĄ â r [A] Ă—@Z _ \

` q

\6] Z

ç4c `$Ă› Ăœ [úåmĂ› [Ar _ Zm[™[

r_

\6] Z r cĂšĂœmc Z Ă—br [OZ [Af

’ These contributions are treated as lease incentives (see note 20) and are taken to income over the lease term.

A wide variety of situations also apply to the duration of lease contracts, which generally have an ` n@ Z sOZ$cBĂ™êâ Z Ăš r [Aâ ^ \6r `$_ r _ Ă•OZ$c \ ^$r _ ՙ` Ă› _Ă˜\ cBr Z [š` c{\6] Z [Ar \6Ă› ^ \6r `$_Ă˜[ initial term of between 15 and 25 years.

r _ĂŁnb] r Ă•A]Íâ Z ^ [OZĂŤĂ•O`$_ \6c ^ Ă•O\ [ ^$c ZĂŤ\ aAĂœ r Ă•O^ â â aĂ&#x;Ă› [OZ päĂ—@Zm^$_ [ \ ]Ă˜ZĂŤp$Ă› c ^m\6r ` _š` qÂƒĂ•O`$_Ă˜\ ^ Ă•O\ [Ă?r [ [O`$Ă—ÂźZ \6r Ă—@Z [Ă–[A] ` c \ Z$cBf Ă” _š[O` Ă—@ZÝÕO` Ă› _ \6cBr Z [AĂ™,â Z Ăš$r [Aâ ^ \6r `$_ĂŁ`$cĂŞ\6]Ă˜ZÏâ Z ^ [OZÝÕO` _ \6c ^ Ă•O\ [Ç\6]Ă˜Z$Ă—Âź[OZ$â sOZ [Ă?Ăœ c `m\ Z Ă•O\,\6] ZäcBr Ăš$]Ă˜\,` q,\6]Ă˜ZÏâ Z [O[OZ ZĂŤ\ `

\ Z$cB×Çr _Ă˜^ \ ZĂš\6] ZøĂ•O`$_Ă˜\ c ^mĂ•O\4Ăœmc ` sAr p r _ ÚÚ[ĂŞĂ›Ă˜q q6r Ă•Ar Z _ \Âľ^mp sO^$_ Ă•OZ

_Ă˜` \6r Ă•OZ

Z Z$f Ăš fA\

]mc Z Z

Ă—Âź`$_Ă˜\6] [i[Çr [Ă­Ăš$r sOZ _ f¾Ô _Ă’`m\6] Z c

Ă•O^ [OZ [AĂ™ ]Ă˜` noZ sOZ cBÙê\6]Ă˜Zòç4c `$Ă› Ăœør [ĂŤ` ĂĄ â r Ăš Zmpø\ `øĂ•O` Ă—bĂœ â aĂŤnĂŁr \ ]Ă’\6]Ă˜Zøq6Ă› â â{\ Z$cBĂ—Ăł` qÂľ\6] ZøĂ•O`$_ \6c ^mĂ•O\6Ùê` c$^ \­â Zm^ [O\Âľ^ [Ar Ăš _ r q6r Ă•O^$_Ă˜\ Ăœ ^$c \ĂŞ\6]Ă˜Z$c Zm` q6f

]

`$Ă—ÂźZ Ă•O` _ \6c ^ Ă•O\ [šÕO` Ă—bĂĄmr _ ZĂ’\6] Z [OZĂ&#x;Ă›m_ pmZ$c \ ^, Or _Ă˜Ăš [ĂŁnĂŁr \6] \ Z cBĂ—br _ ^ \6r `$_4Ă•Aâ ^ Ă› [OZ [š\6]Ă˜^ \

Ă—@^ma4` _ â a ĂĄ ZÇZ ĂśOZ$c Ă•Ar [OZ pÇ^m\ Ă•OZ c \ ^$r _Âź\6r Ă—@Zm[4` sOZ$c•\6] ZÇ\ Z cBĂ—ä`mq \6]Ă˜ZÇÕO`$_Ă˜\6c ^ Ă•O\ Z Z f Ăš$fĂ˜Z sOZ$c a4q6r sOZÇaOZ ^$c [4` c ^ \m\6]Ă˜Z Z$_Ă˜pb`mq \6] ZÇ\ Z$_ \6]ÂźaOZ ^ c [}f

,Zm\ ^$r â [4` q ` Ăœ Z$c ^m\6r _Ă˜Ăšíâ Z ^ [OZÇZ ĂśAĂœ Z$_Ă˜[™Zm[4^$c Zb^ [4q ` â â ` no[

. / 0 .(1 / 2 3 4 . . 5 / < 0=6 . / .(6 2 / 0 6 3 > / 2 5 4

"! # ! $"% $&! #(' ) * + + $-, #() ' 798 #():! #(; , #() ! #(' ) * + + $-, #() ' ? % @(AB+ , * ' ! #(;"C 8 + + , C ):! 8 #('

5 4 2 / 2 6 1 .(6 6 / 4 2 3 . / 0 3 5 / 6 > > > / < 4 6

Future minimum payments under non-cancelable operating leases are as follows:

FD EGEFH JBKBLMLON PBQSRUT VMKBQBWYX KBN Z KBKBRUT QBRB[ \ VGKSQBW L Tda cBeBbSa _ eBe _ \S`Ba \BbSc

W K N PBQSR \ ] ^ VMKBQBW L `SeBcBa `B\Sf

GD EGEFI JBKBLMLON PSQBRUT VGKBQSW X KSN Z=KBKSRUT QSRB[ \ VGKBQBW L W K N PBQSR \ VMKBQBW L \BeBbBa b _ c T a gBcBgBa bhTdg ] ^ bBiSfBa eB`Si

The Group has contracted finance leases mainly for commercial premises and logistics centers. The corresponding leased assets are recorded under property, plant and equipment in the consolidated balance sheet (see note 11), while the related debt is recognized as a financial liability (see note 18).

lj k ,mC *on n p ! #q;m*o$ 8 %=#() 8 r ! ) ,o$-'s* C to% ! n ,=uv%=#(u , n + ,=* ' , r ! #(*o#(Cw! #(;x*o#(ux) k , r %():% n , * $ 8 %=#() 'zy(* p * @=+ , % #q):! +F) k ,{+ , *='|,='}, ~ y ! n ,"*on ,"*=' r 8 + + 8 ' €

33

9 : ( " o " "

§" " = q ¨ q ¯(° ± ±}²:³(´ µ-¶ µ(°"· ° ´ ¸ ¿=° ² ÀÁ° ° µ-¶ µ(°"´ µ(Â"Ã:Ä Å °"· ° ´ ¸ ± Ê-¶ ¸ °"²:³(´ µ-Ã:Ä Å °"· ° ´ ¸ ±

O S O S O S = ¡d¢ ¢ = ¢(£ =¤o ¦¥ ¢

O S O S

©OªS« ¬OªS« ­ ¬OªS¬

©OªS« ¬OªS« ­ ¬ ¬ ®

¹ º » » ¼ ¹ ºÆ¾(Ç ¾ ÇoºÌ¾qÉ=Í

Ë

¡d¢ ¢ ¢ £ = o = =

½ º ¹ ¾(½ È º » » É ¾qÎoº ¹=Î=¼

Ë

ÏO q Ð o ( =Ñ q ( Ò ( ÔÓ} 7 Õ Ö × Ø =Ù ( Ø Ú ¨w ( = Õ = m ( o wÐ Û dÐF Ü Ð ¡ qÑ d ¨Õ wÐ £BÝ = m wÐ Ý Þ = ¨× Ðß o ( ( o = m = Ø Ðß o v àÁ Ò q ØÓ} 7 × Ð o ( =Ñ ( - ( ¨ ( o x : q q ¨m = 9 ( ¦ dÐF m o ( = ( m á á â : ( ( = q Ö o | ã ä å : ( æÓç 7 è é ¨ä : Ñ ê : q | ã ê ( q : o ( } } éq {é( =à Ò ( = ë Ö ( o o ì o ì : q ëÓ} 7 á Ù ( í ß = ì O : q ß = q o ( = ë ÐF Ý : q Ó} 7 î éqï Ö Ý ( = ð o ( ê î q Ñ (Ñê wÐ Ý : ( : q ñ = : ( = { ÐF } ( á (¨ ( o (Ñ = } : : ( Ö }¨ ò hmÀ ÀBÉ Å=+ó jÒÀBÃ Ä ô

Ò ( ÜÓç õ q = õ o q d q ( Ö q = o ( Ý o (Ñ ¨ Ý ì =Ùw q m d o ¨ß wÐ Ý ( o ¨í (Ñx x : q vö ÷ñø9 o ( Ý x Ù o ( Ý : ( § =Ù xù¦ Ý : q xú ( o ( xûo o q z : q üö-ýß÷þ qÑ d ¨{ wÐ- " ì " : ( ( Ý = | = " ( é = = - Ño d = Ý q { ( = Ö o ( U Ño "é (

ÿ m = 9 o ( : : ( o ¨ë Ðì m " o : q | q ß q v | í ( oé = d = Ú : ( o } : ( o ð : q 9 q (¨ 7 Ú o ( o w d o ¨ Ý Ñ q à- Ù ( o (Ñ= o ( : Ò q Ó} o ( =Ñ ß d ¨ 7 ë ( = U q á : Ñ á =Ù o d ( à- " o Ñ d ¨ q : } = : ( ( o | ( : o ( Ò ( ÜÓç m ( = Ö o Ö o ( ç Ño mé ( Ý : ( Ü ( ¦ = | = s ¦à ç m Ù ( = m d ¨z Ðþà" ( Ñ= ( "à : -Ño o ( Ñ= ( q 34

ø (Ñ = = Ý ( = { : ( Ö : q { é(¨ ¢ ( { : q ö9÷ ø O q Ý z Ý ( = á m : q = = = : q m Ñ w o =ÐF m m : ( ö ÷Úø Ý = : ( : (Ñ ßé( qÑ Þo Ý o ( = = = o á Ù}à- ( Ö é( = U = Ù ¨ì = Ý = : q q Ñ q ¡ = Ý = ¢ : ( ( = ¥ £BÝ ¨×éq = ç : ( Ö Ü = ç é( = 7 q = o ( s Ù d s : q : ( o ç : ( x Ý q x : ( ( ¦ o õ : q Ü ( o ç o q ( { q "ö ÷ ø z ( Ö o {éq¨ç =Ù q (Ñ= { = ( = Ñ = Á wÐ Ò ( ÚÓ} ð ( = o =Ùw q v v Ñ o ( q : = q ß = ç Ð Ý ð ( í v v Ö O z { : o | = x o ( { : q Ö ï ¨z = U Ö 9 o ( z ¨ = U : Ñ o ( ¨ ( Ò ( ×Ó} í " =Ù ( ð wÐ éq¨ Ö = (Ñð ¨ ë = ( : q s q Ö Õ Ño Þ = ¨} q = (Ñ= ùo Ö = z = : ( ( o ( w : = ü Ö é = à q } é(ï Ö z Ö o z Ù : q w : q Ó} ëà é( ( oé Õ å Ö o õ : ( Õ ( (ÑÕ q ü | = ñà : ë : ( Õ Ñ q q : q o ( í þ : ( Ö é Ò ð Ö o w = = v í : q v o Úé( = àÁ o : ( o ¨ qÑ q } o ( ñ : ( å = q Ö ñ = } ñ = ü àÁ î q ñ ì : q Ö q = ß ( { =Ñ â = ì : ( z = q Á ( o Ñ " ß : ( ü = Ö } qÑ : ( m¨ h ì = = = = Ö á = ï o ( ì á : q éq ß ( = h : q o U ( m ¢ Ý : q | o ( á ( o q ( á " = é( = : = { Ö é ÏO : q Ý é( = | = ñ o ü Ö oé å = Ý : ( åÓ} ü = ( = ( ß q ¨ ÐF Ö =ï q " ë Ö é "à } ë ( l ( = Ò q ß Ö z l Ö oé " Þo ß : ( d ¨ (Ñá ( At 31 January 2010 and 2009 no significant overdue receivable balances exist.

Ò ( Ó} ’ x q ¨ } á ¨} Ù q " ( Ñ q = } á é( Ò ( U q | = } : ( Ó} - á ( à q ÏO ( ÿ ( : q Û( = : ( o q = o à hmà Ëmà РjÒÀBà Ä|ô Ò ( Ó} ñ ( U Ù ( Ño ( Þ = ¨ Ð Ý = ( q Ü o ( = w { o ( Þo Ö o ( á = O : ( í à- " = l ( o ( ( ÿ s : ( ß Ö q O : ( ðÓç ß Þo á ( (Ñ Ý : ( o ì á ì = : ( d = Ý l Ö á = ( Ý O á ¦ = : ( ¦ ¨ ( á O ( q : o ( ¡ = { ( = ¢ ¥ £ Details of financial liabilities are disclosed in note 18, along with their expected maturities.

ô

ÅmÐ É ÀBÉ ÄOÐ ÀBÊmÐ ÉbÀBÃ Ä

ÿ ( o - { ( ( x : ( { Ö = 9 = | = x q é xà Ù| = î = q Ý àÁ = } àÁ : = | = " ( é ( =Ù z z Ö oé q Ó} U Ù ( á " : z Ð z q Ño q : q { = | o ( o ( o ( = " éq Ö 35

The Group does not have any financial assets or liabilities at fair value through profit or loss or ’ interest-rate financial derivatives.

Ó Ö o ß : ( ×Óç Ö ( s ( ¨ Ý o (¨ ( o (Ñ = ( = } ¨ o ( áàÁ = ( Ño q ¨} ( = = { = = ò

ÊØÈ$Ã Ð Ê ÍOÌbÊ ÅmÊ Ï ÉmÌbÉmÅ Ð

Ò ( ÕÓ} 7 o o ( Ñ= ( l éqï Ö = { ë ë Ñ ë : ( ÕÓ} 7 é ¨{ q q (Ñ ð Ñ= (Ñ o Ü : q o q Ñ o ( ê = d ( î o - ( o o ( o Ý é( o ( = = : ( ( o ( = Ý ( ( " " q : ( { î q : q The Group manages its capital structure and makes adjustments thereto in response to changes in economic conditions.

= á (Ñ" : q "¨ o

Ú Ño q ( qÑ ð Á o ( =Ñ o ( x q Ö êé( o

Neither the Company nor Inditex group subsidiaries are subject to strict capital management criteria.

ó

à ÅmÊ Å OÃ Ê ÍOà ŠÄOÐ À hmÌbÉ ÅmÐ Ä

§ o q ( q Ñ = ß Á = | o q ¨z Þ = v : o Ñ m o ö ÷Øø9 o ÿ o Õà : × Ö (Ñ w o ¨ Ð q Ý Ño o ( Ñ= q ( : = Ö Ö = Ý ¨} àÁ o q : Ý ( = Ñ - =àð ( o ( z = "à : U Ù ( o (Ñ { = § o Ö Ý o ( = x é( { ( = ¢ £BÝ : ( Ó} " = Ü ( =Ñ { q (Ñ{ á Ñ = : q Ö ¨ß = þ : ( = q : (Ñ ( = Ñ ( : = q ë = Ú o (ÑÜ : ( Ü | Ü : ( ( àÁ ( Ö á - : q o ( = " = q 9 o ( Þ q ¨ Ý : ( m Ö m = o q =Ñ qÑá = Ö = Ö ß ( = ßé( = m Ñ â õ Þ ¨ì qÑm : ( m¨ ¢ Ý ¥ : ( q ¡ ¢ Ý = : ( ( ¥ £ àÁ = = | = z z : ( o ( Ý : q q =Ñ ( ð sà" ðàÁ = =Ñ â ( = s ( o ( Õ o ( Õ : ( ( = Ö ( ( = O ( o Ò q ( Ö q o " U q =Ñ qÑ{ o Ö Ö Ü q ü ( = é( = - Ñ q q { q } é( o - oÐG U " ( o = = ¢ ú ¨ ¢ : ( Óç { ( = Ö = Ö Ý ¨z à- ( Ý ö ÷ ø x O ( o Ö Õ ßö ÷ ø ¢ Ý = Ý : ( q ¡ ö9÷ ø ¥ = Ý ¢ ¤= : q o ( ñ ¢ ú o ¨ ù= = | = ¡ =¥ ¤ Ý =¤ : ( ( m ¢ ú ¨ = £BÝ = }à- ì ì = Ý ¢ ¢ Ý ¢ : q q § Ù m = £ Ò ( è Ö è = î o à- w o ¨ o ( : ( = é( = = = (Ñ q = Þo zé( = " o - : q U Ù q (Ñ á q ( = Ö ¡ Ö £ = Ù = ¨ = = { =àÁ Ü | à : î ( = Ñ = îö9÷ ø9 Ü î Ù q &é( Ñ o ( = ß (Ñß : ( ß Ù q : ( " éq | Þ o ( O z¨ = = q Ý à ß : ( ë (Ñ = " =Ùw q = 36

îéq Ñ= ( = = îéq àÁ = Ù ( : q x ¨ o

It is also likely that the impact on consolidated

profit and loss will arise during these periods.

ó

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