Other information

Related party transactions

Transactions with related parties are described in note 29 to the consolidated annual accounts. The Company did not carry out any transactions with related parties in 2012 that substantially affected its financial position or results.

Risks and uncertainties

The Group’s risks and uncertainties are described in note 25 to the consolidated annual accounts. There were no significant risks or uncertainties at year-end.

Research and development expenditure

The Inditex Group generally does not carry out research and development projects, which are defined as projects, other than those involving the design of garments, accessories or household products, in which amounts are invested over several years to develop assets on which a return is expected over multi-year periods.

Since its inception, the Company has been run with the help of the technology available in all areas of activity in order to improve manufacturing and distribution processes, and by developing in-house or third-party tools to facilitate the management of the business. Some examples of this are point-of-sale terminals, inventory management systems, distribution center delivery systems, systems for communications with stores and in-store garment labeling systems.

Treasury shares

At the reporting date the Parent did not hold any treasury shares.

Events after the reporting period

No significant events have occurred since the reporting date.

Financial risk management policy

Note 25 to the consolidated annual accounts includes additional information on the financial risk management policy.

Annual Corporate Governance Report

The corporate governance report is available at www.inditex.com and was published in the section on Significant Event Communications of the CNMV (Spanish National Securities Market Commission) website on 13 March 2013.