Annex

Annex I

Income statement: FY2012 quarterly results

 1Q 2Q 3Q 4Q
Net sales 3,416 3,823 4,123 4,584
Cost of sales (1,358) (1,568) (1,562) (1,929)
Gross profit 2,058 2,255 2,561 2,655

60.2% 59.0% 62.1% 57.9%

142 p.b. 102 p.b. 42 p.b. -76 p.b.
Operating expenses (1,293) (1,397) (1,400) (1,515)
Other net operating income (losses) (1) (1) (5) (4)
Operating cash flow (EBITDA) 764 857 1,157 1,135

22.4% 22.4% 28.1% 24.8%
Amortisation and depreciation (187) (196) (210) (203)
Operating income (EBIT) 577 661 947 932

16.9% 17.3% 23.0% 20.3%
Financial results 2 26 (12) (2)
Income before taxes 578 688 935 930

16.9% 18.0% 22.7% 20.3%
Taxes (146) (174) (224) (220)
Net income 432 514 711 710

12.6% 13.4% 17.3% 15.5%
Minorities 0 2 (1) 4
Net income attributable to the controlling company 432 512 712 705

12.6% 13.4% 17.3% 15.4%

Annex II

Return on Equity

defined as Net income on average Shareholder’s equity:


 2012 2011
Net income 2,361 1,932
Shareholders equity - previous year 7,415 6,386
Shareholders equity - current year 8,446 7,415
Average equity 7,930 6,900
Return on equity 30% 28%
Return on Capital Employed

defined as EBIT on average capital employed (Shareholder’s equity plus net financial debt):


 2012 2011
EBIT 3,117 2,522
AVERAGE CAPITAL EMPLOYED

Average shareholders’ equity 7,930 6,900
Average net financial debt * 0 0
Total average capital employed 7,930 6,900
Return on capital employed 39% 37%
* Zero when cash
Return on Capital Employed by concept:
Concept 2012 2011
Zara 37% 32%
Pull & Bear 57% 50%
Massimo Dutti 42% 79%
Bershka 51% 38%
Stradivarius 57% 64%
Oysho 21% 29%
Zara Home 38% 40%
Uterqüe - -
Total 39% 37%

Annex III

Company-managed stores and franchised stores at FYE:
Concept Co. Mag. Franchised Total 2012
Zara 1,557 194 1,751
Zara Kids 174
174
Pull & Bear 701 115 816
Massimo Dutti 546 84 630
Bershka 763 122 885
Stradivarius 639 141 780
Oysho 470 54 524
Zara Home 321 36 357
Uterqüe 75 17 92
Total 5,246 763 6,009
Sales in company-managed and franchised stores:
Concept Co.Mag Franchised
Zara 86% 14%
Pull & Bear 84% 16%
Massimo Dutti 81% 19%
Bershka 84% 16%
Stradivarius 82% 18%
Oysho 87% 13%
Zara Home 86% 14%
Uterqüe 82% 18%
Total 85% 15%

Annex IV

Summary of net openings by quarter:
Concept 1Q
2012		 2Q
2012		 3Q
2012		 4Q
2012		 Total
2012
Zara 28 12 50 30 120
Zara Kids (3) (4) (5) (13) (25)
Pull & Bear 10 13 24 22 69
Massimo Dutti 11 8 24 14 57
Bershka 16 12 32 14 74
Stradivarius 15 17 32 32 96
Oysho 9 6 22 4 41
Zara Home 5 10 14 18 47
Uterqüe 0 1 1 1 3
Total 91 75 194 122 482
Total stores by quarter:
Concept 1Q
2012		 2Q
2012		 3Q
2012		 4Q
2012
Zara 1,659 1,671 1,721 1,751
Zara Kids 196 192 187 174
Pull & Bear 757 770 794 816
Massimo Dutti 584 592 616 630
Bershka 827 839 871 885
Stradivarius 699 716 748 780
Oysho 492 498 520 524
Zara Home 315 325 339 357
Uterqüe 89 90 91 92
Total 5,618 5,693 5,887 6,009

Annex V

Stores by concept and market as at 31 January 2013
Market Zara Zara Kids Pull & Bear Massimo Dutti Bershka Stradivarius Oysho Zara Home Uterqüe INDITEX
ANDORRA 1 0 1 1 1 1 1 1 1 8
ARGENTINA 10 0 0 0 0 0 0 0 0 10
ARMENIA 1 0 1 1 1 1 1 0 0 6
AUSTRALIA 6 0 0 0 0 0 0 0 0 6
AUSTRIA 12 0 1 0 5 0 0 0 0 18
AZERBAIJAN 2 0 1 0 2 1 1 0 0 7
BAHREIN 2 0 2 2 1 1 1 1 0 10
BELGIUM 27 0 6 23 8 0 0 6 7 77
BOSNIA 1 0 1 0 1 1 0 0 0 4
BRAZIL 39 0 0 0 0 0 0 2 0 41
BULGARIA 6 0 4 3 5 4 4 0 0 26
CANADA 22 0 0 1 0 0 0 0 0 23
CHILE 8 0 0 0 0 0 0 0 0 8
CHINA 138 0 57 42 58 57 30 12 2 396
COLOMBIA 11 0 2 3 8 9 0 1 0 34
COSTA RICA 2 0 0 1 0 0 0 1 0 4
CROATIA 9 0 5 2 7 5 2 1 0 31
CYPRUS 5 0 5 3 6 6 3 3 2 33
CZECH REPUBLIC 6 0 4 1 4 2 0 0 0 17
DENMARK 2 0 0 0 0 0 0 0 0 2
DOMINICAN REPUBLIC 3 0 1 2 2 2 2 1 0 13
ECUADOR 1 0 1 0 1 1 0 0 0 4
EGYPT 4 0 4 3 4 3 2 2 2 24
EL SALVADOR 2 0 2 0 1 1 0 0 0 6
ESTONIA 2 0 1 0 1 1 0 0 0 5
FINLAND 4 0 0 0 0 0 0 0 0 4
FRANCE 126 0 22 21 41 20 12 17 0 259
FYR MACEDONIA 1 0 1 1 1 1 0 0 0 5
GEORGIA 1 0 1 1 1 1 1 0 0 6
GERMANY 69 0 0 11 3 0 0 8 0 91
GREECE 41 6 23 12 28 15 18 9 2 154
GUATEMALA 2 0 2 1 2 1 1 1 0 10
HONDURAS 2 0 1 0 2 0 0 0 0 5
HUNGARY 7 0 6 1 8 6 1 0 0 29
ICELAND 2 0 0 0 0 0 0 0 0 2
INDIA 9 0 0 0 0 0 0 0 0 9
INDONESIA 11 0 8 3 5 8 0 0 0 35
IRELAND 9 0 5 1 5 2 0 0 0 22
ISRAEL 20 0 23 2 5 0 0 0 0 50
ITALY 90 12 36 8 46 42 47 26 0 307
JAPAN 83 0 0 0 7 0 0 0 0 90
JORDAN 2 0 2 2 1 3 1 1 1 13
KAZAKHSTAN 3 0 1 1 2 1 0 0 0 8
KUWAIT 5 0 4 2 2 1 3 1 2 20
LATVIA 4 0 3 1 3 1 0 0 0 12
LEBANON 6 0 6 6 6 5 6 5 2 42
LITHUANIA 4 0 4 3 4 4 0 0 0 19
LUXEMBOURG 2 0 0 1 0 0 0 0 0 3
MALAYSIA 9 0 2 5 4 0 0 0 0 20
MALTA 1 0 3 1 2 2 1 1 0 11
MEXICO 56 0 40 33 51 5 36 17 8 246
MONACO 1 0 0 0 0 0 0 0 0 1
MONTENEGRO 1 0 1 0 1 1 1 0 0 5
MOROCCO 4 0 2 2 2 6 3 3 1 23
NETHERLANDS 22 0 4 3 9 0 0 4 0 42
NORWAY 3 0 0 1 0 0 0 0 0 4
OMAN 1 0 0 0 0 1 1 1 0 4
PANAMA 2 0 0 0 0 0 0 0 0 2
PERU 1 0 0 0 0 0 0 1 0 2
PHILIPPINES 6 0 0 3 0 0 0 0 0 9
POLAND 42 0 29 19 37 61 12 5 0 205
PORTUGAL 62 19 62 43 49 43 36 27 7 348
PUERTO RICO 2 0 0 1 0 0 0 0 0 3
QATAR 2 0 2 2 2 1 2 2 1 14
ROMANIA 20 0 18 7 17 17 6 3 0 88
RUSSIAN FEDERATION 67 0 55 24 59 58 44 18 6 331
SAUDI ARABIA 26 0 11 12 25 33 17 4 2 130
SERBIA 4 0 2 2 2 2 2 0 0 14
SINGAPORE 7 0 4 4 3 2 0 0 0 20
SLOVAKIA 3 0 2 0 2 3 0 0 0 10
SLOVENIA 5 0 2 1 4 4 0 0 0 16
SOUTH AFRICA 3 0 0 0 0 0 0 0 0 3
SOUTH KOREA 39 0 4 4 4 4 0 0 0 55
SPAIN 332 137 278 243 268 291 196 144 41 1,930
SWEDEN 9 0 0 3 0 0 0 0 0 12
SWITZERLAND 10 0 0 6 2 0 0 0 0 18
TAIWAN 5 0 0 1 0 0 0 0 0 6
THAILAND 8 0 2 2 2 2 0 0 0 16
TUNISIA 2 0 0 0 0 0 0 0 0 2
TURKEY 32 0 21 16 23 21 19 12 2 146
UAE 9 0 7 10 7 7 7 6 3 56
UKRAINE 9 0 9 3 9 9 4 0 0 43
UNITED KINGDOM 65 0 5 11 4 0 0 10 0 95
UNITED STATES 45 0 0 2 0 0 0 0 0 47
URUGUAY 2 0 0 0 0 0 0 0 0 2
VENEZUELA 9 0 4 0 9 0 0 0 0 22
Total 1,751 174 816 630 885 780 524 357 92 6,009