Start of FY2013

Store sales in local currencies, adjusted for the calendar effect of an extra trading day in February 2012 due to the leap year, have increased by 12% from 1 February to 11 March 2013. The Spring/Summer season is influenced by the performance over the Easter period due to its significant sales volumes.

Capital Expenditure in FY2013 is expected to be approximately €1.25 billion driven mainly by the addition of new retail space during the year.

INDITEX continues to optimize its retail base through the enlargement of flagship stores, the rollout of the new store image and larger average stores.

FY2013 space growth is expected to be in line with its long term targets. Net store openings are expected to be 440-480 in FY2013. Approximately 70% of the new contracts have been signed but in some cases openings may not take place in FY2013.

Concept Range
Zara 110 115
Pull & Bear 40 45
MD 45 50
Bershka 75 80
Stradivarius 95 100
Oysho 35 40
Zara Home 35 40
Uterqüe 5 10
Total 440 480

Zara began online sales in Canada on 6 March 2013. Zara plans to launch online sales in the Russian Federation in the Autumn/Winter season.

FY2013 corporate calendar

INDITEX expects to release interim results for FY2013 on the following dates:

Interim Three Months 12 June 2013
Interim Half Year 18 September 2013
Interim Nine Months 11 December 2013
Fiscal Year March 2014 (tbc)

For additional information:

Investor Relations
INDITEX
+34 981 18 53 64
ir@inditex.com

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 Group’s products are manufactured or distributed.

The risks and uncertainties that could affect the forward-looking statements are difficult to predict. 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 Group’s business, financial conditions and results of operations, see the documents and information communicated by the company to the Comisión Nacional del Mercado de Valores (the Spanish Securities Commission).

The contents of this disclaimer should be taken into account by all persons or entities.

Consolidated financial statements

FY2012 profit & loss statement

(Million Euros) FY2012 FY2011
Net sales 15,946 13,793
Cost of sales (6,417) (5,612)
Gross profit 9,529 8,180
Gross margin 59.8% 59.3%
Operating expenses (5.605) (4.919)
Other net operating income (losses) (12) (3)
Operating cash flow (EBITDA) 3,913 3,258
EBITDA margin 24.5% 23.6%
Amortisation and depreciation (796) (736)
Operating income (EBIT) 3,117 2,522
EBIT margin 19.5% 18.3%
Financial results 14 37
Income before taxes 3,131 2,559
EBT margin 19.6% 18.6%
Taxes (764) (613)
Net income 2,367 1,946

14.8% 14.1%



Earnings per share, cents of euro* 379 310
* Shares for EPS calculation 623.3 million for 2012 and 623.2 million for 2011

Consolidated Balance Sheet as of 31 January 2013

(Million Euros) 31 January 2013 31 January 2012
ASSETS

CURRENT ASSETS 6,692 5,437
Cash & cash equivalents 3,843 3,467
Short term investments 261 0
Receivables 848 531
Inventories 1,581 1,277
Other 160 162
NON CURRENT ASSETS 6,198 5,522
Tangible assets 4,745 4,083
Intangible assets 820 832
Financial investments 4 10
Other 629 597
TOTAL ASSETS 12,890 10,959
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES 3,485 2,703
Payables 3,409 2,679
Financial debt 2 1
Other 74 23
NON CURRENT LIABILITIES 923 801
Financial debt 4 2
Deferred taxes 192 183
Other 727 617
SHAREHOLDERS' EQUITY 8,482 7,456
Equity attributable to the Group 8,446 7,415
Minority interests 36 41
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 12,890 10,959

FY12 Consolidated Statement of Cash Flows

(Million Euros) FY2012 FY2011



Income before taxes 3,131 2,559



Adjustments to income

Depreciation and amortization 811 693
Foreign exchange impact (14) (29)
Other 146 83



Corporate income tax (818) (693)



Funds from operations 3,256 2,613
Changes in assets and liabilities

Increase in inventories (376) (57)
Increase in accounts receivable (289) (80)
Decrease in current liabilities 529 (67)
Changes in working capital (137) (204)



Cash from operations 3,119 2,408
Intangible assets investments (122) (122)
Tangible assets investments (1,193) (1,082)
Acquisitions of businesses 0 (106)
Addition to other long-term financial investments 0 (13)
Other assets investments (24) (27)
Variations in short-term financial investments (261) 0
Capital expenditure (1,599) (1,349)
Net decrease in long-term financial debt 4 (23)
Net decrease in other long-term debt 0 (0)
Net increase in current debt 1 (14)
Dividends (1,130) (1,004)
Other financing activities 0 1
Cash used in financing activities (1,125) (1,041)
Net increase in cash and cash equivalents 394 19
Cash and cash equivalents at beginning of the year 3,467 3,433
Foreign exchange impact on cash & cash equivalents (18) 14
Cash and cash equivalents at end of the year 3,843 3,467