Investors Relations
Shareholder body
Inditex shares are represented by means of account annotations. Keeping the register of these annotations is the responsibility of the Management Company for Share Registration, Compensation and Liquidation Systems (Iberclear).
Inditex had 61,003 shareholders according to data from form X-25 which the company requested from Iberclear for the 2011 Ordinary General Shareholders Meeting. Of these 48,703 were individual shareholders and the remainder institutional investors. With the incorporation of significant holdings registered in the Spanish National Securities Market Commission, the approximate overview of shareholder structure is as follows:
| Shareholder body | Shares | % |
|---|---|---|
| Institutional Investors | 233,120,342 | 37.40% |
| Individuals | 20,609,995 | 3.31% |
| Partler 2006 SL | 57,872,465 | 9.28% |
| Gartler SL | 311,727,598 | 50.01% |
| Total | 623,330,400 | 100% |
Among its operating principles, Inditex includes compliance with a policy of transparency with communication channels and maintenance of those channels. It guarantees that all of its current and potential shareholders have clear, complete, homogeneous and simultaneous information, adequate for evaluating company management and its economic and financial results. The Rules of the Board set down, in Article 41, a series of measures which regulate the relations with the shareholders.
Shareholders’ Office
Any individual shareholder can visit the Shareholders’ Office to request detailed information on the performance of the business and future strategy. Through this channel individual shareholders can formulate any request for information that they deem relevant on the performance of Inditex. The Shareholders’ Office dealt with more than 1,000 petitions from individual investors during 2012.
The Shareholders’ Office takes on special relevance during the period that the General Meeting of Shareholders is called and celebrated. It is traditionally held halfway through July at Inditex’s corporate headquarters in Arteixo (A Coruña). Information and documentation is sent specifically to provide shareholders with appropriate knowledge on the convening and content of the General Meeting as well as to facilitate their participation in the process of the taking of decisions by the Group’s highest governing body.
Corporate website
The corporate website includes all the relevant information for shareholders and investors and is a vehicle of communication with shareholders, providing them with current information on all significant aspects of the Group. Any user can gain access to the corporate website to view daily and historical share pricing, Inditex annual public reports since 1998, financial information registered in the Spanish National Securities Market Commission (CNMV) via Periodic Public Information, and the financial calendar, among other things.
In 2012, the section on information for shareholders and investors on the corporate website received 535,561 visits. In addition to the corporate website, www.inditex.com, there are Group websites for each of the following store formats:
Department of Relations with Investors and Analysts
- Some 45 financial and stock-market bodies publish analytical reports relating to Inditex shares. Inditex is Spain’s number three company based on the number of analysts covering it.
- Some 12,300 institutional investors, holding 37.40% of corporate capital, play a key role in formation of the share price and liquidity.
Relevant information on the performance of the business is communicated quarterly to the CNMV, to shareholders and the financial community, as well as to the media, with special attention paid to those specializing in economic information. This relevant information includes the Balance Sheet, P&L Account and Management Report.
This same procedure is followed with information relating to events that affect the performance of the business. This information is accessible immediately on the corporate website and is distributed to a database of investors and analysts with more than 1,200 records.
For institutional investors, Inditex complements this information each quarter with freely accessible multiconferences through internet and telephone, explaining quarterly results and performance of the business.
It is important to mention the presentation of annual results to analysts and investors in London and Madrid, with an audience of some 60 people. The company also holds informative meetings in the principal financial capitals and in visits to corporate facilities.
Activities with institutional investors
a) Road shows
Inditex holds two annual road shows where it presents the results of the first semester (spring-summer season) and the full year (after the autumn-winter season) in the world’s principal financial capitals. Over two and a half weeks, the principal investors have access - mainly by means of individual meetings - to the strategic viewpoint of the management team. During these visits direct contact is established with more than 250 investors.
b) Sector Conferences
Other forums for communication with investors are the sector conferences organised by financial institutions. Inditex participates in the principle events held in Europe, each having an average attendance of 50 leading institutional investors.
c) Individual meetings
Apart from the programmed events, large numbers of meetings are held with investors during the year. In the case of specific requests, visits to investors from a certain country or geographical area are also organised. In the past year presentations have been made in the principal financial capitals of Europe, America and Asia to more than 150 institutional investors.
d) Investor visits to corporate facilities
There are also many visits to Inditex facilities from institutional investors. The purpose of these visits is to gain a deeper knowledge of our organisation, its business model, and corporate strategy. Throughout 2012, meetings have been held with approximately 60 institutional investors from all over the world. 200 videoconferences and multiconferences were also held.
