27. Interests in joint ventures

Inditex has a 50% stake in the group formed by the parent Tempe, S.A. and its subsidiaries Tempe México, S.A. de C.V., Tempe Brasil, S.A., Tempe Logística, S.A., Tempe Diseño, S.L., Tempe Trading and Inditex Asia, Ltd. The principal activity of these companies is the design, supply and distribution of footwear to Inditex Group companies, their main customer. The assets, liabilities, income and expenses of the joint ventures that have been consolidated are as follows:

	2012	2011
Non-current assets	85,555	87,657
Current assets	257,847	164,866
Non-current liabilities	(15,982)	(7,451)
Current liabilities	(183,028)	(108,326)
Net assets	144,392	136,746
Revenues *	612,492	501,005
Expenses	(478,162)	(386,652)

(*)* Revenue from third parties other than the Group: euros 75,100 thousand and euros 65,000 thousand in 2012 and 2011, respectively.

Notes

1. Activity and description of the Group
2. Sales
3. Cost of sales
4. Operating expenses
5. Other net operating income/(losses)
6. Financial results
7. Earnings per share
8. Segment reporting
9. Trade and other receivables
10. Inventories
11. Property, plant and equipment
12. Investment property
13. Rights over leased premises and other intangible assets
14. Goodwill
15. Financial investments
16. Other non-current assets
17. Trade and other payables

18. Net financial position
19. Provisions
20. Other non-current liabilities
21. Capital and reserves
22. Income taxes
23. Operating leases
24. Finance leases
25. Risk management and financial instruments
26. Employee benefits
27. Interests in joint ventures
28. Proposed distribution of the profit of the Parent
29. Remuneration of the board of directors and transactions with related parties
30. External auditors
31. Selected accounting policies
32. Environment
33. Explanation added for translation to English

Other notes