INTERIM HALF YEAR 2015 RESULTS

1 February 2015 to 31 July 2015

Inditex continues to expand its global, fully integrated store and online sales platform.

In 1H2015 Inditex achieved a strong operating performance. Net sales reached 9.4 billion,
17% higher than in 1H2014.

Like-for-like sales grew 7%.

Space growth for FY2015 is on track. In 1H2015 new stores were opened in 35 markets.

Gross profit reached 5.5 billion, 17% higher. Gross margin reached 58.1%.

Tight control of operating expenses.

EBITDA came to 1.97 billion, 22% higher than the prior year.

EBIT was 1.5 billion, 25% higher.

Net Income reached 1.17 billion (0.375 per share), 26% higher than the prior year.

A dividend of 0.26 per share will be payable on 3 November 2015 as FY2014 final ordinary
and bonus dividend.

Global online sales launches are on track. Zara began online sales in Taiwan on 2
September 2015 and in Hong Kong and Macau on 9 September 2015.

Store and online sales in local currencies have increased by 16% from 1 August to 10
September 2015.

Performance in 1H2015
Inditex continues to expand its global, fully integrated store and online sales platform.
In 1H2015 Inditex achieved a strong operating performance. Net sales reached 9.4 billion,
17% higher than in 1H2014.
Like-for-like sales grew 7% in 1H2015. The like-for-like calculation includes 82% of total store
and online sales.
Space growth and online launches for FY2015 are on track. In 1H2015 Inditex opened stores in
35 markets.
At the end of 1H2015 Inditex operated 6,777 stores in 88 markets, demonstrating its global
reach. A list of openings and total stores by concept is included in Annex I.
Net sales by concept in 1H2015 and 1H2014 are shown in the table below:
Concept
Zara
Pull&Bear
Massimo Dutti
Bershka
Stradivarius
Oysho
Zara Home
Uterqe
Total

1H2015

1H2014

Var %
15/14

6,140
641
669
839
595
211
293
33
9,421

5,206
569
614
729
509
187
240
31
8,085

18%
13%
9%
15%
17%
13%
22%
5%
17%

Inditex operates a global sales platform. Store and online sales by geographical area are shown
in the table below:
Area

1H2015

1H2014

Europe ex-Spain
Asia & RoW
Spain
Americas
Total

42.7%
25.2%
17.4%
14.7%
100.0%

45.6%
21.7%
19.3%
13.4%
100.0%

The Gross profit rose to 5.5 billion, 17% higher than the previous year. The Gross margin
reached 58.1% of sales.
Operating expenses were tightly managed over the period growing by 15%, mainly as a result
of the addition of new retail space and the variable costs linked to the sales performance.
Operating expenses include all the start-up costs for new openings.
EBITDA came to 1.97 billion, 22% higher than the prior year. EBIT came to 1.5 billion, 25%
higher than the prior year.

Interim Half Year 2015 Results

A breakdown of financial results can be found in Annex II.

The tax rate for 1H2015 is the best estimate for FY2015 according to current information.
Net income came to 1.17 billion, 26% higher than the prior year.
Inditex paid 809 million, 0.26 per share, on 4 May 2015 as FY2014 interim ordinary dividend
and 0.26 per share will be payable on 3 November 2015 as FY2014 final ordinary and bonus
dividend.
Inditex maintained its solid financial position at the end of 1H2015:
31 July
2015
4,117
248
(10)
(1)
4,354

Million Euros
Cash & cash equivalents
Short term investments
Current financial debt
Non current financial debt
Net financial cash (debt)

31 July
2014
3,122
258
(4)
(6)
3,370

The operating working capital position remains negative as a result of the business model:
31 July
2015
2,171
670
(5,080)
(2,239)

Million Euros
Inventories
Receivables
Payables
Operating working capital

Interim Half Year 2015 Results

31 July
2014
2,016
908
(4,344)
(1,420)

Start of 2H2015
Store and online sales in local currencies have increased by 16% from 1 August to 10
September 2015.
Ordinary capital expenditure in FY2015 is expected to be approximately 1.35 billion.

Global online sales

Global online sales launches are on track. Zara began online sales in Taiwan on 2 September
2015 and in Hong Kong and Macau on 9 September 2015.

*****

The Interim Nine Months 2015 Results will be published on 10 December 2015.

For additional information:

Investor Relations
ir@Inditex.com
Tel: +34 981 18 53 64
www.Inditex.com

Interim Half Year 2015 Results

Disclaimer
This document is of a purely informative nature and does not constitute an offer to sell,
exchange or buy, or the solicitation of an offer to buy, securities issued by any of the
companies mentioned herein.
This document contains forward-looking statements. All statements other than statements of
historical fact included herein, including, without limitation, those regarding our financial
position, business strategy, management plans and objectives for future operations are
forward-looking statements. Any such forward-looking statements are subject to risk and
uncertainty and thus could differ materially from actual results.
Some of these risks include, amongst others, ongoing competitive pressure in the sector,
consumer tastes and spending trends, economic, political, regulatory and trade conditions in
the markets where the Inditex Group is present or in the countries where the Groups products
are manufactured or distributed.
The risks and uncertainties that could affect the forward-looking statements are difficult to
predict. Except for the cases where the prevailing rules and regulations in force require
otherwise, the company assumes no obligation to publicly revise or update its forward-looking
statements in the case of unexpected changes, events or circumstances that could affect them.
Given the uncertainties of forward-looking statements, we caution readers not to place undue
reliance on these statements.
For a discussion of these and other factors that may affect forward looking statements and the
Inditex Groups business, financial conditions and results of operations, see the documents and
information communicated by the company to the Comisin Nacional del Mercado de Valores
(the Spanish Securities Commission).
The contents of this disclaimer should be taken into account by all persons or entities.

- Tables and appendix to follow

Interim Half Year 2015 Results

Consolidated financial statements

Grupo Inditex
1H2015 profit & loss statement (m)

Net sales
Cost of sales
Gross profit

1H2015

1H2014

9,421
(3,950)
5,471

8,085
(3,427)
4,658

58.1%

57.6%

(3,502)
1
1,970

(3,036)
(5)
1,617

20.9%

20.0%

(481)
1,489

(423)
1,194

15.8%

14.8%

8
29
1,526

5
4
1,203

16.2%

14.9%

(356)
1,170

(272)
931

1,166

928

12.4%

11.5%

0.375

0.298

Gross margin

Operating expenses
Other net operating income (losses)
Operating cash flow (EBITDA)
EBITDA margin

Amortisation and depreciation

Operating income (EBIT)
EBIT margin

Financial results
Results from companies consolidated by equity method
Income before taxes
EBT margin

Taxes
Net income
Minorities
Net income attributable to the controlling company
Net income margin

Earnings per share, Euros (*)

(*) Shares for EPS calculation 3,113.2 million for 2015 and 3,114.4 million for 2014

Interim Half Year 2015 Results

Grupo Inditex
Consolidated Balance Sheet as of 31 July 2015 (m)
31 July
2015

31 July
2014

NON CURRENT ASSETS

Intangible assets
Tangible assets
Financial investments
Other

8,789
887
6,491
170
1,242

7,590
847
5,554
166
1,023

CURRENT ASSETS
Inventories
Receivables
Short term investments
Cash & cash equivalents
Other

7,569
2,171
670
248
4,117
363

6,573
2,016
908
258
3,122
269

16,359

14,163

SHAREHOLDERS' EQUITY
Equity attributable to the Group
Minority interests

9,953
9,915
39

8,753
8,722
31

NON CURRENT LIABILITIES

Deferred taxes
Financial debt
Other

1,225
232
1
992

1,033
195
6
832

CURRENT LIABILITIES
Financial debt
Payables
Other

5,180
10
5,080
90

4,377
4
4,344
29

16,359

14,163

Assets

TOTAL ASSETS
Total Liabilities & Shareholders' Equity

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

Interim Half Year 2015 Results

Annex I
Openings and total stores by format:
Net openings
Concept
Zara
Zara Kids

Pull&Bear
Massimo Dutti
Bershka
Stradivarius
Oysho
Zara Home
Uterqe
Total

Total Stores

1H2015

1H2014

24

36

(1)

7
10
4
9
11
25
4
94

19
16
19
19
7
14
(9)
120

31 July 2015

31 July 2014

1,947

1,863

162

163

0
0
0
0
0
0
0
0

905
716
1,010
919
586
462
70
6,777

872
681
973
877
556
408
67
6,460

Annex II
Breakdown of Financial results:
Million Euros
Net financial income (losses)
Foreign exchange gains (losses)
Total

Interim Half Year 2015 Results

1H2015
6
3
8

1H2014
7
(2)
5