Inditex

Income Statement
In Million

Particulars 2019 2018 2017

Revenue 28,286.00 26,145.00 25,336.00
COGS 12,479.00 11,329.00 11,076.00
Gross Profit 15,807.00 14,816.00 14,260.00
Operating expenses 8,176.00 9,329.00 8,994.00
Other losses and income,net 33.00 30.00 38.00
Gross Operating Profit 7,598.00 5,457.00 5,228.00
Amortization and depreciation 2,826.00 1,100.00 963.00
Net Operating Profit 4,772.00 4,357.00 4,265.00
Interest Income and other (152.00) (17.00) (5.00)
Results of companies accounted for using the equity method 61.00 54.00 42.00
Profit before tax 4,985.00 4,428.00 4,312.00
Tax (1,034.00) (980.00) (979.00)
Net Profit After Tax 3,951.00 3,448.00 3,333.00
 In Millions of Euro

2016 2015
23,311.00 20,900.00
10,032.00 8,811.00
13,279.00 12,089.00
8,176.00 7,392.00
20.00 16.00
5,083.00 4,681.00
1,063.00 1,021.00
4,020.00 3,660.00
10.00 11.00
48.00 55.00
4,058.00 3,704.00
(917.00) 860.00
3,141.00 4,564.00
 BALANCE SHEET
Amounts in millions of Euros 2019 2018 2017
ASSETS
NON-CURRENT ASSETS 11,064.00 10,084.00 9,723.00
Rights over leased assets 464.00 457.00 505.00
Rights of use - - -
Other intangible assets 346.00 255.00 211.00
Goodwill 206.00 207.00 196.00
Property, plant and equipment 8,339.00 7,644.00 7,283.00
Investment property 20.00 21.00 21.00
Financial investments 267.00 237.00 231.00
Other non-current assets 564.00 520.00 554.00
Deferred tax assets 858.00 744.00 722.00
CURRENT ASSETS 10,620.00 10,147.00 9,898.00
Inventories 2,716.00 2,685.00 2,549.00
Trade and other receivables 820.00 778.00 861.00
Income tax receivable 108.00 110.00 107.00
Other current assets 162.00 160.00 141.00
Other financial assets 20.00 12.00 87.00
Current financial investments 1,929.00 1,472.00 2,037.00
Cash and cash equivalents 4,866.00 4,931.00 4,116.00
TOTAL ASSETS 21,684.00 20,231.00 19,621.00
EQUITY AND LIABILITIES
EQUITY 14,949.00 13,522.00 12,752.00
Equity attributable to the Parent 14,653.00 13,497.00 12,713.00
Equity attributable to non-controlling interests 30.00 25.00 38.00
NON-CURRENT LIABILITIES 1,618.00 1,536.00 1,419.00
Provisions 229.00 259.00 242.00
Other non-current liabilities 1,072.00 1,005.00 920.00
Financial debt 5.00 4.00 -
Deferred tax liabilities 312.00 268.00 257.00
CURRENT LIABILITIES 5,383.00 5,173.00 5,451.00
Financial debt 84.00 12.00 62.00
Other financial liabilities 47.00 105.00 64.00
Lease liability - - -
Income tax payable 153.00 151.00 230.00
Trade and other payables 5,099.00 4,906.00 5,995.00
TOTAL EQUITY AND LIABILITIES 21,684.00 20,231.00 19,621.00
 2016 2015

8,907.00 8,271.00
504.00 531.00
- -
190.00 152.00
193.00 197.00
6,597.00 6,040.00
21.00 81.00
183.00 151.00
523.00 472.00
693.00 643.00
8,449.00 7,105.00
2,195.00 1,859.00
668.00 861.00
89.00 68.00
139.00 127.00
45.00 168.00
1,085.00 222.00
4,225.00 3,797.00
17,357.00 15,377.00

11,450.00 10,468.00
11,410.00 10,430.00
40.00 38.00
1,236.00 1,159.00
145.00 200.00
804.00 715.00
749.00 2,265.00
285.00 240.00
4,670.00 3,748.00
10.00 7.00
68.00 83.00
- -
77.00 149.00
4,514.00 3,507.00
17,357.00 15,377.00
 Ratio Analysis
Ratios
Current Ratio
Quick Ratio
Debt Equity Ratio
Receivable Turnover
Fixed Asset Turnover
Total Assets Turnover
Inventory Turnover
GPM
NPM
ROE
ROA

Values:
Current Assets
Current Liabalities
Inventory
Total Debts
Total Assets
Long Term Debts
Shareholders Equity
Sales
Average Receivable
Net Fixed Assets
Gross Profit
Net Profit
Average Inventory
COGS
 Ratio Analysis
Formulas 2019 2018 2017
Current Assets / Current Liabilities 1.97 1.96 1.82
Current asset-Inventory / Current Liabilities 1.47 1.44 1.35
Long term debt/ Shareholders Equity 0.11 0.11 0.11
Sales/ Average Receivable 35.40 31.90 33.14
Sales/ Net Fixed assets 3.43 2.91 2.89
Sales / Total Assests 1.30 1.29 1.29
COGS/Average Inventory 4.62 4.33 4.67
Gross Profit / Sales 55.88% 56.67% 56.28%
Net Profit / Sales 13.97% 13.19% 13.16%
Net Profit/Shareholders Equity 26.43% 25.50% 26.14%
Net Profit after Tax/Total Assets 18.22% 17.04% 16.99%

2019 2018 2017

10,620.00 10,147.00 9,898.00
5,383.00 5,173.00 5,451.00
2,716.00 2,685.00 2,549.00
7,001.00 6,709.00 6,870.00
21,684.00 20,231.00 19,621.00
1,618.00 1,536.00 1,419.00
14,949.00 13,522.00 12,752.00
refers to revenue 28,286.00 26,145.00 25,336.00
(Opening+Closing)/2 799.00 819.50 764.50
Total Fixed Assets - Acc. Depreciation 8,238.00 8,984.00 8,760.00
15,807.00 14,816.00 14,260.00
Net Profit After Tax 3,951.00 3,448.00 3,333.00
(Opening+Closing)/2 2,700.50 2,617.00 2,372.00
12,479.00 11,329.00 11,076.00
 2016 2015
1.81 1.90
1.34 1.40
0.11 0.11
30.49 48.55
2.97 2.88
1.34 1.36
4.95 9.48
56.96% 57.84%
13.47% 21.84%
27.43% 43.60%
18.10% 29.68%

2016 2015
8,449.00 7,105.00
4,670.00 3,748.00
2,195.00 1,859.00
5,906.00 4,907.00
17,357.00 15,377.00
1,236.00 1,159.00
11,450.00 10,468.00
23,311.00 20,900.00
764.50 430.50 While averaging for 2015, value for 2014 is assumed to be zero
7,844.00 7,250.00
13,279.00 12,089.00
3,141.00 4,564.00
2,027.00 929.50 While averaging for 2015, value for 2014 is assumed to be zero
10,032.00 8,811.00