MIRA INFORM REPORT

 

 

Report Date :           

05.03.2012

 

IDENTIFICATION DETAILS

 

Name :

INDITEX SA

 

 

Registered Office :

Avenida de la Diputacion, Arteixo, 15142

 

 

Country :

Spain

 

 

Financials (as on) :

31.01.2011

 

 

Date of Incorporation :

12.06.1985

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Subject is engaged in textile industry

 

 

No. of Employees :

101,689

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Spain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Inditex SA

Avenida de la Diputacion

Arteixo, 15142

Spain

 Tel:      34-981-185400

Fax:      34-981-185365

 Web:   www.inditex.com/en

           

 

Synthesis

 

Employees:                  101,689

Company Type:            Public Parent

Corporate Family:          111 Companies

Traded:                         Mercado Continuo Espana:         ITX

Incorporation Date:         12-Jun-1985

Auditor:                        KPMG Peat Marwick LLP          

Financials in:                 USD (Millions)

Fiscal Year End:            31-Jan-2011

Reporting Currency:       Euro

Annual Sales:               16,503.0  1

Net Income:                  2,281.6

Total Assets:                13,471.6  2

Market Value:               55,712.2

(17-Feb-2012)   

 

 

Business Description     

 

Industria de Diseno Textil SA (Inditex SA) is a Spain-based company primarily engaged in the textile industry. The Company’s activities include the design, confection, manufacturing, promotion and sale of men, women and children apparel, footwear and fashion accessories, as well as home furnishings and household textile products. The Company’s products retail distribution is conducted through a chain of more than 5,000 commercial stores, which are structured in eight business concepts: Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque. The Company is a parent of Grupo Inditex, a group which comprises a number of controlled entities that, as of December 31, 2010, had operations established in over than 100 countries located in North, Central and South America; Europe; the Middle East; Asia, and North Africa. For the nine months ended 30 September 2011, Inditex SA's total revenue increased 10% to EUR9.71B. Net income for the period increased 10% to EUR1.3B. Total revenue for the period reflects an increase in demand for the Company's products and services as well as improved performance across the Company's Activities. Net income for the reflects an increase in operating expenses despite of higher financial result.

Industry             

Industry            Retail (Apparel)

ANZSIC 2006:    4251 - Clothing Retailing

NACE 2002:      5242 - Retail sale of clothing

NAICS 2002:     44812 - Women's Clothing Stores

UK SIC 2003:    52423 - Retail sale of other women's clothing

US SIC 1987:    5621 - Women's Clothing Stores

 

           

Key Executives   

 

Name

Title

Pablo Isla Alvarez de Tejera

Chief Executive Officer, Chairman of the Board, Executive Director

Ignacio Fernandez Fernandez

Chief Financial Officer

Antonio Abril Abadin

General Secretary, Non-Member Secretary of the Board

Gabriel Moneo Marina

Director of Systems

Juan Jose Lopez Romero

Director of Purchase and Contracts

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Regulatory / Company Investigation

1

Inditex SA's Zara Provider Accused Of Slave Labor Practice In Brazil-Reuters

18-Aug-2011

Officer Changes

1

Inditex SA Announces Resignation of Mr. Amancio Ortega as Its Board's Chairman; Appoints Mr. Pablo Isla as Its Board's New Chairman-Reuters

19-Jul-2011

Strategic Combinations

2

Apranga APB to Develop Massimo Dutti Chain of Inditex SA in Baltic States

13-Jun-2011

New Business / Unit / Subsidiary

3

Inditex SA to Open Four New Stores in Romania's Craiova-SeeNews - The Corporate Wire

22-Feb-2012

Dividends

1

Inditex SA To Propose Dividend Payments; To Enter Australia And South Africa; To Go Online In USA And Japan

23-Mar-2011

 

* number of significant developments within the last 12 months

 

News

 

Title

Date

H&M to open store at Broomfield's FlatIron Crossing this fall
Daily Camera (Boulder, CO) (288 Words)

1-Mar-2012

BLACK HORSE STILL LOOKS LAME
Daily Mail (London, UK) (788 Words)

25-Feb-2012

Mostar To Get Bosnia's First Zara Store
SeeNews (74 Words)

24-Feb-2012

Q3 2011/2012 British Land Company plc Earnings Conference Call - Final
FD (Fair Disclosure) Wire (6912 Words)

23-Feb-2012

Event Brief of Q3 2011/2012 British Land Company plc Earnings Conference Call - Final
FD (Fair Disclosure) Wire (6589 Words)

23-Feb-2012

 

 

 

Financial Summary

 

 

As of 31-Oct-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.68

2.53

Quick Ratio (MRQ)

1.19

1.32

Debt to Equity (MRQ)

0.0018

0.33

Sales 5 Year Growth

13.19

8.49

Net Profit Margin (TTM) %

13.96

9.11

Return on Assets (TTM) %

18.33

14.81

Return on Equity (TTM) %

29.74

28.29

 

 

Stock Snapshot

 

 

Traded: Mercado Continuo Espana: ITX

 

As of 17-Feb-2012

   Financials in: EUR

Recent Price

68.21

 

EPS

2.82

52 Week High

69.40

 

Price/Sales

3.39

52 Week Low

50.92

 

Dividend Rate

1.60

Avg. Volume (mil)

1.42

 

Price/Earnings

22.12

Market Value (mil)

42,517.37

 

Price/Book

6.66

 

 

 

Beta

0.62

 

Price % Change

Rel S&P 500%

4 Week

1.91%

0.79%

13 Week

4.55%

0.36%

52 Week

24.49%

59.81%

Year to Date

7.79%

6.66%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7590508

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7293946

 

 

Corporate Overview

 

Location

Avenida de la Diputacion

Arteixo, 15142

Spain

Tel:       34-981-185400

Fax:      34-981-185365

Web:    www.inditex.com

           

Quote Symbol - Exchange

ITX - Mercado Continuo Espana

Sales EUR(mil):             12,526.6

Assets EUR(mil):           9,826.1

Employees:                   101,689

Fiscal Year End:            31-Jan-2011

Industry:                        Retail (Apparel)

Incorporation Date:         12-Jun-1985

Company Type:             Public Parent

Quoted Status:              Quoted

Chief Executive Officer,

Chairman of the Board,

Executive Director:         Pablo Isla Alvarez de Tejera

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Employment Opportunities

·         Executives

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

Contents

·         Industry Codes

·         Business Description

·         Brand/Trade Names

·         Financial Data

·         Market Data

·         Shareholders

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1333     -          Cut and Sewn Textile Product Manufacturing

6240     -          Financial Asset Investing

1351     -          Clothing Manufacturing

4251     -          Clothing Retailing

 

NACE 2002 Codes:

5242     -          Retail sale of clothing

7415     -          Management activities of holding companies

1822     -          Manufacture of other outerwear

1740     -          Manufacture of made-up textile articles, except apparel

1824     -          Manufacture of other wearing apparel and accessories not elsewhere classified

 

NAICS 2002 Codes:

315239  -          Women's and Girls' Cut and Sew Other Outerwear Manufacturing

448130  -          Children's and Infants' Clothing Stores

315299  -          All Other Cut and Sew Apparel Manufacturing

314121  -          Curtain and Drapery Mills

448140  -          Family Clothing Stores

315228  -          Men's and Boys' Cut and Sew Other Outerwear Manufacturing

448110  -          Men's Clothing Stores

44812   -          Women's Clothing Stores

314129  -          Other Household Textile Product Mills

551112  -          Offices of Other Holding Companies

 

US SIC 1987:

5641     -          Children's and Infants' Wear Stores

2391     -          Curtains and Draperies

2329     -          Men's and Boys' Clothing, Not Elsewhere Classified

5651     -          Family Clothing Stores

2392     -          House furnishing, Except Curtains and Draperies

5621     -          Women's Clothing Stores

2339     -          Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified

6719     -          Offices of Holding Companies, Not Elsewhere Classified

2389     -          Apparel and Accessories, Not Elsewhere Classified

5611     -          Men's and Boys' Clothing and Accessory Stores

 

UK SIC 2003:

17403   -          Manufacture of household textiles

7415     -          Management activities of holding companies

5242     -          Retail sale of clothing

18222   -          Manufacture of other women's outerwear

52422   -          Retail sale of children's and infants' clothing

17401   -          Manufacture of soft furnishings

52424   -          Retail sale of other men's clothing

1824     -          Manufacture of other wearing apparel and accessories not elsewhere classified

18249   -          Manufacture of other wearing apparel and accessories not elsewhere classified

52423   -          Retail sale of other women's clothing

 

Business Description

Industria de Diseno Textil SA (Inditex SA) is a Spain-based company primarily engaged in the textile industry. The Company’s activities include the design, confection, manufacturing, promotion and sale of men, women and children apparel, footwear and fashion accessories, as well as home furnishings and household textile products. The Company’s products retail distribution is conducted through a chain of more than 5,000 commercial stores, which are structured in eight business concepts: Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque. The Company is a parent of Grupo Inditex, a group which comprises a number of controlled entities that, as of December 31, 2010, had operations established in over than 100 countries located in North, Central and South America; Europe; the Middle East; Asia, and North Africa. For the nine months ended 30 September 2011, Inditex SA's total revenue increased 10% to EUR9.71B. Net income for the period increased 10% to EUR1.3B. Total revenue for the period reflects an increase in demand for the Company's products and services as well as improved performance across the Company's Activities. Net income for the reflects an increase in operating expenses despite of higher financial result.

 

More Business Descriptions

Inditex S.A. (Inditex), a group of about 100 companies is engaged in the retailing of fashion products. The company is also involved in textile designing, manufacturing and distribution of fashion products. The group’s product portfolio includes clothing, footwear, handbags, belts, handkerchiefs, tableware, cutlery, glassware, decorative items, perfumes, lingerie, accessories, home furnishings, textile and leather garments and other fashion products. The group sells its wide range of products through its different concept stores, namely, Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque located all across the world. The group classifies its business into three reportable segments, namely, ZARA, Bershka and Other concepts. It operates business under flexible integrated model through a wide distribution channel of stores spread across the world. Under ZARA banner, the group offers a wide range of fashion collection, including men’s t-shirts, babies’ and children’s clothes, footwear, handbags, accessories and other products. Currently, the banner operates through a network of 1,688 stores, including approximately 300 ZARA kids stores located in 77 countries across the world. In 2009, the banner entered into four new geographic locations, namely, Montenegro, Ukraine, Honduras and South Korea. During the fiscal year ending January 2010, the segment generated EUR 7,076.74m, constituting 63.85% of the group’s total revenues. The company, through Bershka banner, sells a wide assortment of t-shirts, jeans, casual and urban wear and other related fashion products. Currently, Bershka operates through a network of 698 stores located in 49 countries across the globe. During the year 2009, the banner expanded its operations and entered into five new countries, namely, Austria, Montenegro, Colombia, Bahrain and Egypt. During the fiscal year ended 2010, the segment generated EUR 1,177.26m, constituting 10.62% of the group’s total revenues. Other concept segment includes banners, namely, Pull and Bear, Massimo Dutti, Stradivarius, Oysho, Zara Home and Uterque. Under Pull and Bear banner, the company sells an expansive range of clothing and accessories. It is also engaged in the designing of its clothing products. Pull and Bear operates through a network of 663 stores located in 45 countries across the globe. Massimo Dutti banner sells a wide variety of products, including urban fashions, casual wear, fragrances, eyewear and other related products. The chain operates through a network of 519 stores in 47 countries. Stradivarius sells international trend wear featuring cutting-edge design such as, a wide range of clothing products, including jeans, jackets, t-shirts and other accessories. Stradivarius operates through 573 stores in 42 countries. Oysho sells the newest fashion trends in women's lingerie and intimate apparel through its chain of 422 stores in 25 countries. Zara Home specializes in home decor and linens. Zara Home has 272 stores in 26 countries. Uterque sells accessories, fashion extras and a selection of quality fabric and leather garments. It has 72 stores in 15 countries. During the fiscal year ended 2010, Other concept segment generated EUR 2,829.50m, constituting 25.53% of the group’s total revenues. For the fiscal year ending 2010, Zara generated EUR 7,077m, accounting for 63.85% of the groups total revenue followed by, Bershka EUR 1,177m (10.62%), Massimo Dutti generated EUR 790m (7.13%), Pull and Bear EUR 771m (6.96%), Stradivarius EUR 702m (6.33%), Oysho EUR 280m (2.53%), Zara Home EUR 243m (2.19) and Uterque EUR 44m (0.4%). The company classifies its geographical segments into Spain, Rest of Europe, America, and Asia and Rest of the World. For the fiscal year 2010, Spain accounted for 33.46% of the total revenues, followed by Rest of the Europe 47.11%, America 9.89%, and Asia and Rest of the World 9.53%. Recently, Inditex launched its new Zara store in Rome and reached the 5,000 store mark, with stores in 77 countries and Zara launched its online store. Further, the company concluded the purchase of Otto Group’s outstanding minority stake in the German subsidiary Zara Deutschland.

 

Inditex S.A. (Inditex) is a diversified group of brand concept stores, principally engaged in textile designing, production and distribution of fashion products. The group offers a wide range of apparel and accessories, including textile and leather garments, footwear, handbags, belts, handkerchiefs, tableware, cutlery, glassware, decorative items, perfumes, lingerie, accessories, home furnishings and other fashion products. The group sells its wide range of products through its different concept stores, namely, Zara, Pull and Bear, Stradivarius, Oysho, Massimo Dutti, Bershka, Zara Home, Zara Kids and Uterque located all across the world. The group operates through 4,907 stores located in about 77 countries across the world. Inditex is headquartered in A Coruna, Spain.The company reported revenues of (Euro) EUR 12,526.60 million during the fiscal year ended January 2011, an increase of 13.02% over 2010. The operating profit of the company was EUR 2,290.47 million during the fiscal year 2011, an increase of 32.52% over 2010. The net profit of the company was EUR 1,731.83 million during the fiscal year 2011, an increase of 31.76% over 2010.

 

Inditex is the parent of a group of companies, the principal activity of which consists of the retailing of fashion items, mainly clothing, footwear, accessories and household textile products. Inditex carries out its activity through various commercial formats such as Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and UterqUe. Each format’s commercial activity is carried out through chains of stores managed directly by companies in which Inditex holds all or the majority of the share capital or performed through franchises.

Source: Graham & Whiteside

 

Cut and Sew Apparel Contractors

 

 

Brand/Trade Names

Zara

Pull & Bear

Massimo Dutti

Bershka

Stradivarius

Oysho

Zara Home

UterqUe

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

12,526.6

Net Income:

1,731.8

Assets:

9,826.1

Long Term Debt:

4.2

 

Total Liabilities:

3,439.9

 

Working Capital:

0.1

 

 

 

Date of Financial Data:

31-Jan-2011

 

1 Year Growth

13.0%

31.8%

17.9%

Market Data

Quote Symbol:

ITX

Exchange:

Mercado Continuo Espana

Currency:

EUR

Stock Price:

68.2

Stock Price Date:

02-17-2012

52 Week Price Change %:

24.5

Market Value (mil):

42,517,368.0

 

SEDOL:

7111314

ISIN:

ES0148396015

 

Subsidiaries

Company

Percentage Owned

Country

Massimo Dutti Italia, S.R.L.

100%

ITALY

Massimo Dutti Ireland., Ltd.

100%

REPUBLIC OF IRELAND

Massimo Dutti USA, Ltd.

100%

USA

Massimo Dutti Danmark A/S

100%

DENMARK

Massimo Dutti CIS, Ltd.

100%

RUSSIA

Pull & Bear Slovakia, S.R.O.

100%

SLOVAKIA

Pull & Bear Croatia, LTD

100%

CROATIA

Pull & Bear Bulgaria, LTD

100%

BULGARIA

Zara Home Hellas, S.A.

100%

GREECE

Zara Home Nederland, B.V.

100%

NETHERLANDS

Zara Home Italia, S.R.L.

100%

ITALY

Zara Home Francia, S.A.R.L.

100%

FRANCE

Zara Home Ro, Srl

100%

ROMANIA

Zara Home CIS, Ltd.

100%

RUSSIA

Oysho Ukraine, Llc

100%

UKRAINE

Oysho Deutschland, GmbH

100%

GERMANY

Oysho Diseño, S.L.

100%

SPAIN

Oysho Bulgaria, LTD

100%

BULGARIA

Zara Home Ukraine, Llc

100%

UKRAINE

Pull & Bear Hong Kong LTD

100%

HONG KONG SAR

Massimo Dutti Deutschland, GmbH

100%

GERMANY

UterqUe Italia, Srl.

100%

ITALY

UterqUe Hong Kong, LTD

100%

HONG KONG SAR

Bershka Hellas, S.A.

97%

GREECE

Bershka Belgique, S.A.

100%

BELGIUM

Bershka France, S.A.R.L.

100%

FRANCE

Grupo Massimo Dutti, S.A.

100%

SPAIN

Bershka Suisse, S.A.R.L.

100%

SWITZERLAND

Bershka Nederland, B.V.

100%

NETHERLANDS

Bershka Italia, S.R.L.

100%

ITALY

Bershka U.K., Ltd.

100%

UK

Tempe Logística SA

50%

SPAIN

Tempe Brasil Ltda

50%

BRAZIL

Bershka BSK Espana S.A.

100%

SPAIN

Zara Commercial (Beijing), Co Ltd.

100%

PEOPLE'S REPUBLIC OF CHINA

Zara Macau, Ltd.

100%

PEOPLE'S REPUBLIC OF CHINA

Zara Polska, Sp. Zo.o.

100%

POLAND

ZAO Zara CIS, Ltd.

100%

RUSSIA

Zara Deutschland, GmbH

100%

GERMANY

Zara Bucuresti, Srl

100%

ROMANIA

Zara Ukraine LLC

100%

UKRAINE

Zara Slovakia, S.R.O.

100%

SLOVAKIA

Zara Croatia, Ltd.

100%

CROATIA

Zara Retail Korea, Ltd.

80%

SOUTH KOREA

Zara Bulgaria LTD

100%

BULGARIA

Zara Immobiliare Italia SRL

100%

ITALY

Zara Diseño, S.L.

100%

SPAIN

Zara Management, B.V.

100%

NETHERLANDS

Kommanditgesellschaft ZARA Deutschland B.V. & Co.

100%

GERMANY

Stradivarius Portugal, Conf. Unip. Lda.

100%

PORTUGAL

Stradivarius Giyim Ithalat Ih. Ve Tic. Ltd.

100%

TURKEY

Stradivarius Polska, Sp zo.o

100%

POLAND

Stradivarius Ireland Limited

100%

REPUBLIC OF IRELAND

Stradivarius Italia SRL

100%

ITALY

Stradivarius CIS, Ltd.

100%

RUSSIA

Stradivarius France, S.A.R.L.

100%

FRANCE

Zara Österreich Clothing, GmbH

100%

AUSTRIA

ITX Fashion retail South Africa

100%

SOUTH AFRICA

Group Zara Australia Pty. Ltd.

80%

AUSTRALIA

Inditex Vastgoed Korea, Ltd.

100%

SOUTH KOREA

Inditex Trent Retail India Private LT D

100%

INDIA

Kiddy´s Class España, S.A.

100%

SPAIN

Kiddy´s Class Portugal Conf. Lda.

100%

PORTUGAL

Fibracolor, S.A.

100%

SPAIN

Oysho Polska, Sp zo.o

100%

POLAND

Oysho CIS, Ltd.

100%

RUSSIA

Oysho France, S.A.R.L.

100%

FRANCE

Oysho MAGYARORSZAG, KFT

100%

HUNGARY

Pull & Bear Ceska Republika, S.R.O.

100%

CZECH REPUBLIC

Pull & Bear Commercial Beijing Co, Ltd.

100%

PEOPLE'S REPUBLIC OF CHINA

GruputerqUe Portugal Conf. Lda

100%

PORTUGAL

Bershka Giyim Ithalat Ihracat Ve Tic.Ltd.

100%

TURKEY

Bershka Osterreich Clothing GmbH

100%

AUSTRIA

Bershka Commercial Beijing Co, Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Stradivarius Ceská Republika, s.r.o

100%

CZECH REPUBLIC

Stradivarius Commercial Shangai CO, LT D

100%

PEOPLE'S REPUBLIC OF CHINA

Zara Home Portugal, Conf. Soc. Unip. Lda.

100%

PORTUGAL

Zara Home Giyim Ithalat Ihracat Ve Ticaret Ltd.

100%

TURKEY

Massimo Dutti Commercial Beijing Co, Ltd.

100%

PEOPLE'S REPUBLIC OF CHINA

Massimo Dutti Bulgaria, LTD

100%

BULGARIA

Massimo Dutti Croatia, LT D

100%

CROATIA

Massimo Dutti Korea, LTD

100%

SOUTH KOREA

Massimo Dutti Diseño, S.L.

100%

SPAIN

Stradivarius Magyaroszag Kft.

100%

HUNGARY

Stradivarius Croatia, LT D.

100%

CROATIA

Stradivarius Slovakia, S.R.O.

100%

SLOVAKIA

Stradivarius Ro, Srl

100%

ROMANIA

Stradivarius Ukraine, Llc

100%

UKRAINE

Stradivarius Bulgaria, LTD

100%

BULGARIA

Stradivarius Diseño, S.L.

100%

SPAIN

Stradivarius Macau, LT D

100%

PEOPLE'S REPUBLIC OF CHINA

Pull & Bear Polska, Sp zo.o

100%

POLAND

Pull & Bear CIS, Ltd.

100%

RUSSIA

Pull & Bear Uk Limited

100%

UK

Pull & Bear Ro, Srl

100%

ROMANIA

Pull & Bear Ukraine, Llc

100%

UKRAINE

Stradivarius Korea, LTD

100%

SOUTH KOREA

Stradivarius Hong Kong, LTD

100%

HONG KONG SAR

Zara Belgique SA/NV

100%

BELGIUM

Zara Home U.K., Ltd.

100%

UK

Oysho Ro, Srl

100%

ROMANIA

Trisko SA

100%

SPAIN

Massimo Dutti Hellas, S.A.

100%

GREECE

Massimo Dutti Giyim Ithalat Ih.Ve Tic. Ltd.

100%

TURKEY

Massimo Dutti Venezuela, S.A.

100%

VENEZUELA

Massimo Dutti France, S.A.R.L.

100%

FRANCE

Massimo Dutti UK, Ltd.

100%

UK

Massimo Dutti Suisse, S.A.R.L.

100%

SWITZERLAND

Massimo Dutti Sverige, AB

100%

SWEDEN

Massimo Dutti Norge, AS.

100%

NORWAY

SCI Vastgoed General Leclerc P03303

100%

FRANCE

SCI Vastgoed Nancy P03304

100%

FRANCE

Invercarpro SA

100%

SPAIN

Robustae SGPS Unipessoal SA

100%

PORTUGAL

Lefties España SA

100%

SPAIN

Inditex Cogeneración AIE

100%

SPAIN

Inditex SA

100%

SPAIN

Fashion Logistic Forwarders SA

100%

SPAIN

Tempe SA

50%

SPAIN

Tempe México SA de CV

50%

MEXICO

Zara Holding, B.V.

100%

NETHERLANDS

ITX Financien, B.V.

100%

NETHERLANDS

ITX Holding, S.A.

100%

SWITZERLAND

Zara, S.A.

100%

SPAIN

Zara, S.A.

100%

ARGENTINA

Tempe Diseño, S.L.

50%

SPAIN

Tempe Trading

50%

SPAIN

Pull & Bear Magyarország Kft.

100%

HUNGARY

Corporación de Servicios XXI, S.A. de C.V.

100%

MEXICO

Zara México, S.A. de C.V.

95%

MEXICO

Massimo Dutti México, S.A. de C.V.

98%

MEXICO

Pull & Bear Mexico, S.A. de C.V.

98.50%

MEXICO

Bershka Mexico, S.A. de C.V.

97%

MEXICO

Zara Home Mexico, S.A. de C.V.

98.50%

MEXICO

Bershka Korea, LTD

100%

SOUTH KOREA

Bershka Diseño, S.L.

100%

SPAIN

Bershka Macau, LTD

100%

PEOPLE'S REPUBLIC OF CHINA

Bershka Japan, LTD

100%

JAPAN

Massimo Dutti Commercial Shangai CO, LT D

100%

PEOPLE'S REPUBLIC OF CHINA

Massimo Dutti Österreich, GMBH

100%

AUSTRIA

Pull & Bear Hellas, S.A.

100%

GREECE

Pull & Bear Giyim Ith. Ihrac.Ve Tic. Ltd.

100%

TURKEY

Pull & Bear Belgique, S.A.

100%

BELGIUM

Pull & Bear France, S.A.R.L.

100%

FRANCE

Pull & Bear Italia, S.R.L.

100%

ITALY

Pull & Bear Ireland, Ltd.

100%

REPUBLIC OF IRELAND

Stradivarius Hellas, S.A.

100%

GREECE

Zara Denmark A/S

100%

DENMARK

Zara Sverige, AB

100%

SWEDEN

Zara Norge, AS

100%

NORWAY

Zara Canada, Inc.

100%

CANADA

Zara Suisse S.A.R.L.

100%

SWITZERLAND

Zara Luxembourg, S.A.

100%

LUXEMBOURG

Za Giyim Ithalat Ihracat Ve Ticaret Ltd.

100%

TURKEY

Zara Italia, S.R.L.

100%

ITALY

Zara Japan Corp.

100%

JAPAN

Zara Ceská Republika, S.R.O.

100%

CZECH REPUBLIC

Zara Puerto Rico, Inc.

100%

PUERTO RICO

Za Clothing Ireland, Ltd.

100%

REPUBLIC OF IRELAND

Zara Magyarorszag, KFT.

100%

HUNGARY

Zara Monaco, SAM

100%

MONACO

Inditex Asia Ltd

100%

HONG KONG SAR

Zara Asia Ltd

100%

HONG KONG SAR

Choolet SA

100%

SPAIN

Confecciones Fíos SA

100%

SPAIN

Confecciones Goa SA

100%

SPAIN

Denllo SA

100%

SPAIN

Hampton SA

100%

SPAIN

Jema Creaciones Infantiles SL

51%

SPAIN

Nikole SA

100%

SPAIN

Samlor SA

100%

SPAIN

Stear SA

100%

SPAIN

Zintura SA

100%

SPAIN

Glencare SA

100%

SPAIN

Indipunt SL

51%

SPAIN

Zara España SA

100%

SPAIN

G.Zara Uruguay SA

100%

URUGUAY

Zara Commercial (Shanghai), Co Ltd.

100%

PEOPLE'S REPUBLIC OF CHINA

Oysho España SA

100%

SPAIN

Oysho Venezuela SA

100%

VENEZUELA

Oysho Portugal Conf. Lda

100%

PORTUGAL

Oysho Mexico SA de CV

98.50%

MEXICO

Oysho Italia Srl

100%

ITALY

Oysho Hellas SA

100%

GREECE

Oysho Giyim Ithalat Ihracat Ve Ticaret Ltd

100%

TURKEY

BCN Diseños SA de CV

98%

MEXICO

Zara Home Belgique SA

100%

BELGIUM

Pull and Bear España SA

100%

SPAIN

UterqUe SA

100%

SPAIN

Stradivarius España SA

100%

SPAIN

Zara Home España SA

100%

SPAIN

Zara Logística SA

100%

SPAIN

Plataforma Europa SA

100%

SPAIN

Plataforma Logística León SA

100%

SPAIN

Plataforma Logística Meco SA

100%

SPAIN

Pull and Bear Logística SA

100%

SPAIN

Massimo Dutti Logística SA

100%

SPAIN

Zara UK Limited

100%

UK

Bershka Logística SA

100%

SPAIN

Oysho Logística SA

100%

SPAIN

Stradivarius Logística SA

100%

SPAIN

Zara Home Logística SA

100%

SPAIN

UterqUe Logística SA

100%

SPAIN

Zara Holding IIBV

100%

NETHERLANDS

Massimo Dutti Nederland, B.V.

100%

NETHERLANDS

Liprasa Cartera SL

100%

SPAIN

ITX Merken BV

100%

NETHERLANDS

ITX RE

100%

REPUBLIC OF IRELAND

ITX Trading SA

100%

SWITZERLAND

ITX E-commerce

100%

REPUBLIC OF IRELAND

Goa-Invest SA

100%

SPAIN

Zara Vastgoed BV

100%

NETHERLANDS

Vastgoed Asia Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

SNC Zara France Immobilière

100%

FRANCE

SCI Vastgoed Ferreol P03302

100%

FRANCE

SCI Vastgoed Ferreol P03301

100%

FRANCE

Bershka Ireland., Ltd.

100%

REPUBLIC OF IRELAND

Zara Portugal - Confecções Lda

100%

PORTUGAL

Bershka (Portugal) Confecções Sociedade Unipessoal, Lda

100%

PORTUGAL

Bershka Ceska Republica, S.R.O.

100%

CZECH REPUBLIC

Bershka Croatia, Ltd.

100%

CROATIA

Bershka Polska Sp Z O.O.

100%

POLAND

Bershka Slovakia, S.R.O.

100%

SLOVAKIA

Zara Home Polska, Sp zo.o

100%

POLAND

Zara Home Diseño, S.L.

100%

SPAIN

Zara Home Deutschland B.V. & Co. KG

100%

GERMANY

ZHE, Gmbh

100%

GERMANY

Zara Home Brasil Produtos para o Lar, Ltda.

100%

BRAZIL

Zara Home Croatia, LT D

100%

CROATIA

Pull & Bear Logística, S.A.

100%

SPAIN

Zara France SARL

100%

FRANCE

Comditel, S.A.

100%

SPAIN

Bershka Carpati, Srl

100%

ROMANIA

Bershka Ukraine, Llc

100%

UKRAINE

Bershka Magyaroszag Kft.

100%

HUNGARY

Bershka Cis, Ltd

100%

RUSSIA

Bershka Hong Kong Limited

100%

HONG KONG SAR

Bershka Bulgaria, LTD

100%

BULGARIA

Pull & Bear Portugal - Confecções Lda

100%

PORTUGAL

Massimo Dutti, S.A.

100%

SPAIN

Massimo Dutti Hong Kong, Ltd.

100%

HONG KONG SAR

Massimo Dutti Polska, Sp z.o.o.

100%

POLAND

Massimo Dutti Ro, Srl

100%

ROMANIA

Massimo Dutti Macau Ltd.

100%

PEOPLE'S REPUBLIC OF CHINA

Massimo Dutti Ukraine, Llc

100%

UKRAINE

Pull & Bear Diseño, S.L.

100%

SPAIN

Pull & Bear Macau, LTD

100%

PEOPLE'S REPUBLIC OF CHINA

Pull & Bear Nederland, B.V.

100%

NETHERLANDS

Lefties Logística, S.A.

100%

SPAIN

Massimo Dutti Ceská Republika, s.r.o

100%

CZECH REPUBLIC

Zara Argentina, S.A.

100%

ARGENTINA

Zara Chile, S.A.

100%

CHILE

Zara USA, Inc.

100%

USA

Zara Hellas, S.A.

100%

GREECE

Zara Brasil, Lda.

100%

BRAZIL

Zara Nederland, B.V.

100%

NETHERLANDS

Pull & Bear Österreich Clothing, Gmbh

100%

AUSTRIA

UterqUe España, S.A.

100%

SPAIN

UterqUe Hellas

100%

GREECE

UterqUe Cis, LTD

100%

RUSSIA

UterqUe Giyim Limited

100%

TURKEY

UterqUe México S.A. de C.V.

100%

MEXICO

UterqUe Diseño, S.L.

100%

SPAIN

Inditex Logística, S.A.

100%

SPAIN

Zara Financiën B.V. Ireland

100%

REPUBLIC OF IRELAND

Zara Mexico, B.V.

100%

NETHERLANDS

 

 

 

Shareholders

 

 

Major Shareholders

Gartler SA (50.01%); Partler 2006 SL (9.28%); Rosp Corunna Participaciones Empresariales SL (5.87%)

 

 

 

 

Key Corporate Relationships

Auditor:

KPMG Peat Marwick LLP

 

Auditor:

KPMG Auditores SL, KPMG Peat Marwick LLP

 

 

 

 

 

 

 

 

 

Strengths/Weaknesses (SWOT)

 

 

Helpful 
to achieving the objective

Harmful 
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        Efficient Liquidity Position

·        Robust Growth Prospects

·        Multi-Concept Strategy

·        Operational Efficiency

·        Expanding Profitability Ratios

Weaknesses

·        Increased Operating Costs

·        Legal Proceedings

·        Heavy Dependence on ZARA Brand

External Origin
(attributes of the environment)

Opportunities

·        Emerging Markets Providing Ladder for Growth

·        Positive Outlook for Apparel Market

·        New Store Openings

·        Growth in e-retail

Threats

·        Highly Competitive Environment

·        Slow Economic Recovery in Europe

·        Foreign Exchange Risk

·        Increasing Manpower Cost

 

 

Overview

Inditex S.A. (Inditex), a group of over one hundred companies, is engaged in retailing of fashion products. Its business is classified into three reportable segments, namely, ZARA, Bershka and Other concepts. The company has efficient distribution system in 77 countries, along with broad product offerings which gives it a good market image. In addition, expansion through opening of new stores, increasing online opportunities and expansion in emerging markets ensure a positive future for the company. However, its heavy dependence on ZARA brand and increasing operating expenses are denting its growth prospects. Further, it faces challenges from global economic slowdown, foreign exchange risk and stiff competition.

Strengths

 

Efficient Liquidity Position

 

Inditex’s liquidity, which is above the industry average, can be attributed to its high performance across various liquidity indicators including current ratio, quick ratio and cash ratio. The company reported an increase in the current ratio from 1.36 times in 2009 to 1.71 times in 2010, followed by quick ratio from 0.92 times in 2009 to 1.28 times in 2010 and cash ratio from 0.61 times in 2009 to 1.05 times in 2010. This increase can be attributed to the decrease in the company’s total current liabilities from EUR 2390 million in 2009 to EUR 2304 million in 2010 and increase in the company’s total current assets from EUR 3264 million in 2009 to EUR 3943 million in 2010, as there was an increase in cash and equivalents from EUR 1466 million in 2009 to EUR 2420 million in 2010. Liquidity enables the company to meet short term functional obligations by the company to conduct day-to-day business. An increase in liquidity position of the company implies an advantage for meeting short term liquidations. Also, the company's current ratio was 1.71 at the end of fiscal year 2010. This was above the S&P 500 companies average* of 1.46. A higher than S&P 500 companies average* current ratio indicates that the company is in a strong financial position and is more capable of meeting its short term obligations than other companies in the S&P 500 index. Such an efficient liquidity position of the company indicates its strong financial position and stability.

 

Robust Growth Prospects

Inditex’s achievements during the year enabled it to record revenue of EUR 11,083.51 m in 2010, reflecting an increase of 6.5%, over EUR 10,406.96m during 2009. As a result, the company's operating margin resulted at EUR 1,728.39m along with a net margin of EUR 1,314.35m during 2009. Operating margins increased due to combination of sales growth boosted by expansions and online retail services. Additionally, the company was trading at a price/earnings (P/E) ratio of 26.69 at the end of fiscal year 2010. The company may have achieved this growth due to better competitive positioning or superior products and service offerings compared to other companies in the sector. Such stable revenue and growth rate will allow the company to pursue strategic capital investment opportunities in the future.

 

Multi-Concept Strategy

The group operates its business under flexible integrated model, with a mix of fashion apparels under its store network. It operates business operation through a network of 5,000 store outlets across 77 countries. The group under its operational efficiency targets customer group age ranging from 0 to 40 through distinctive concepts, utilizing product strategy and brand portfolio. Inditex renders a wide range of products through its different concept stores, namely, Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque located all across the world. It launches nearly 30,000 new designs per year with regular customer interaction and constant modifications, within their store network. Inditex through its diversified sales platform has spread across Americas, Europe, Spain, Asia and rest of the world. With such strategic operational concept and structure, the group can expand its business and tap the unexplored markets.

 

Operational Efficiency

Wider reach in terms of geography would mean reaping more benefits, eventually improving the profit margins, attaining economies of scale and recognition on a worldwide basis. Inditex offers its products through eight concept stores network namely, Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque. The group offers a wide range of fashion products including clothing, footwear, handbags, belts, handkerchiefs, tableware, cutlery, glassware, decorative items, perfumes, lingerie, accessories and leather garments and other fashion products. In addition, it also offers textiles for bed, table and bathroom linens and other related products. Inditex through its large portfolio of product, brand and service offerings enables the company to cater to a large customer base across the regions. Inditex through its concept stores network has extended to 77 countries in Europe, the Americas, Asia and Africa. Additionally, its Zara concept store has commenced online services within 11 European markets, such as Spain, Italy, France, Germany, the United Kingdom, Portugal, Ireland, Austria, Belgium, the Netherlands and Luxembourg. Wide range of products and distribution services supports the company to cater to a diverse range of customer’s base, thereby generating more revenues and profits.

 

Expanding Profitability Ratios

Increasing profitability ratios indicate the company’s strong performance and its ability to deliver the returns expected by its shareholders. In 2010, the company witnessed an increased performance over its profitability ratios including, gross margin of 57.09% as compared to 56.83% in 2009 followed by operating margin of 15.59% (15.45%); PBT margin of 15.62% (15.24%); and return on fixed assets at 39.35% (35.64%). Furthermore, the company's operating margin was above the S&P 500 companies average* of 7.26%. A higher than S&P 500 companies average* operating margin could indicate efficient cost management or a strong pricing strategy by the company. The operating margin has increased 13 basis points (bps) over 2009 which indicates management's high focus on improving profitability. In addition, the company's return on equity (ROE) was 24.7% for fiscal year 2010. This was above the S&P 500 companies average* of 4.5%. A higher than S&P 500 companies average* ROE indicates that the company is efficiently using the shareholders' money and that it is generating high returns for its shareholders compared to other companies. With such expanding margins and returns, the company can enhance its business opportunities and future growth prospects.

 

Weaknesses

 

Increased Operating Costs

Increasing operating expenses would adversely impact the company’s operating performance, thereby recording comparatively lesser revenues. The company's increasing operating expenses can be attributed to its high cost operating model. Inditex’s operating expenses increased at a compound annual growth rate (CAGR) of 13.45% during 2006-2010. During 2010, the company's operating expenses increased 6.33% to EUR 9,355.13m, compared to EUR 8,798.42m in fiscal 2009. In 2008, the company's operating expenses increased 13.77% to EUR 7,782.49m, compared to EUR 6,840.01m in fiscal 2007. The increasing operating expenses had adverse impacts on the company's profits, as well as bottom line growth. With accumulated deficit totaling EUR 5,343.42m, the company's increasing operating expenses, if not curtailed, can have adverse impacts on its business operations.

Legal Proceedings

 

There are certain legal proceedings and litigations against the Inditex and its concept store, Zara which could be serious cause of concern. In 2009, the group’s Zara concept store was accused of selling clothes manufactured with cotton from Uzbekistan. For instance, Uzbekistan government is under observation by the International Labour Organization for concealing the involvement of forced child labour to collect cottons from the field. Zara sources garments produced from Bangladeshi manufacturers utilizing Uzbek cotton. Such legal proceedings increase the chance of damaging its goodwill and brand image within the customers, which could adversely affect its inventory management and financial position. Further, legal issues may also hinder shareholders’ faith in the company.

 

Heavy Dependence on ZARA Brand

The company’s business is heavily dependent on ZARA's performance which is highest in number that is 1,688 out of total 4,907 Inditex stores as of October, 2010. For the year ended 2010, the company generated EUR 7,077m from Zara, constituting 63.85% of the total group’s revenues. Rest of the revenues is generated from the remaining seven brands. Heavy dependence on the Zara puts the company at a competitive disadvantage, as the brand is vulnerable to potential risks arising in its business locations. Poor performance of the brand can also hamper the company’s growth in revenues, which could halt the company’s growth plans.

Opportunities

 

Emerging Markets Providing Ladder for Growth

 

The company has an opportunity to expand its operations into emerging markets and benefit from increasing disposable incomes in these markets. The emerging markets are suitable retail destination as GDP in such markets is expected to grow. In addition, populations in many emerging countries are younger, increasingly urban and show a growing interest in modern retail formats. According to Global Retail Development Index (GRDI), India is the most attractive emerging market followed by Russia, China and United Arab Emirates in second, third and fourth position respectively. Moreover, according to IMF, the GDP growth rate for advanced economies in 2010 is 0.6% Further, it is estimated that most of these economies will post negative growth in 2010. In spite of global economic slowdown, emerging and developing economies recorded a GDP growth rate of 4.7% in 2010. The same was 1.5% in the previous year. In 2010, China’s GDP grew at 11.1% and India's grew at 8.60% which can creat a booming revenue generation in these markets.

 

Positive Outlook for Apparel Market

 

The performance of the apparel industry is forecasted to accelerate, with an anticipated CAGR rate of 2.6% during 2006-2011. In 2009, the European apparel retail industry generated total revenue of $384,195.8m. Inditex’s conceptual store network provides apparel, footwear, tableware, cutlery, glassware, decorative items, home furnishings, textile and leather garments for women, men and children through their stores. The women’s apparel segment is the most lucrative as compared to menswear segment in the market. The group’s offering include 30,000 new designs per year through their wide conceptual store channel. With such opportunities in the apparel industry, the company can enhance its growth opportunities thereby boost their top line growth.

 

New Store Openings

The company can increase its market presence, by opening new stores all across its existing business locations. Increased market presence would help the company in achieving greater sales, increased proximity with customers, and ensuring greater customer satisfaction to its customers. During the year 2009 and 2008, the company opened 343 and 573 new stores respectively, under all the banners, namely, Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque. Recently, the company also opened its stores in several new countries, including Montenegro, India, China, Japan, South Korea, Ukraine, Honduras, South Korea, Austria, Colombia, Bahrain, Egypt and other countries. Recently in May & July 2010, Inditex SA pened three Zara outlets in Bourgas, Stara Zagora and Sofia’s Vitosha Street in Bulgaria. It is also planning to enter the Australian and South African markets along with "Zara online" in Japan, South Korea and the US in 2011. Further the company opened its first Zara store in India, Delhi, in the select CityWalk shopping centre. Capital expenditure is approximately EUR 570 million as a result of new store openings in 2010.

 

Growth in e-retail

The company could benefit from the growing demand for e-retail. In September 2010, Inditex launched its online store to online shoppers in six countries namely, France, Germany, Italy, Portugal, Spain and the UK. Also, the company is planning to extend its online store to other markets in which it has stores. The company stands to benefit from the growth trend of e-retail, which is supported by rising internet penetration and increasing familiarity to online shopping. Now, more and more customers prefer to shop online and place their orders through credit cards, thereby avoiding the time consuming journey and billing queues. According to a report by Forrester, by 2012, nearly half of the US and Western EU retail sales will either be transacted online or influenced by the Web. Further the retail sales are expected to rise about 7% to USD 172.9 billion, in 2010. Earlier, in previous year, online retail sales grew by 6% to USD 155.2 billion.

Threats

 

Highly Competitive Environment

 

The company faces intense competition from various players in its business sector and location. Its major competitive factor that affects their business includes store location, product availability, customer service and product offerings, credit availability, quality and price. It competes hard with other apparel stores, online apparel retailers, and local and regional retailers operating through national and regional chains. Inditex faces competition from top retailers of the world, including Metro, Marks and Spencer, The TJX Companies, Inc., REWE Group, J.C Penney, The Gap Inc., Coles Mayer Ltd, Best Buy Co. Inc, H & M Hennes & Mauritz AB and other apparel retailers. Such an intense competition poses a threat to the company’s existing market share and margins.

 

Slow Economic Recovery in Europe

The company’s business performance may be highly affected due to the ongoing slowdown in the global economy. The IMF has predicted that the global GDP growth slowed by 3.0% in 2009 comparative to 3.9% in 2008 In addition, the Euro zone growth is expected to be -0.3% in 2010, while emerging and developing economies are expected to grow by 4.7%. The GDP of France is expected to grow at a mere 1.4% in 2010. In addition according to the French government recent predictions the economy of the country is expected to grow by 2% next year, down from the previous forecast of 2.5%. Also the IMF expects the German economy to expand 1.2 percent this year and 1.7% in 2011. In addition the Euro has depreciated 6% against the dollar from the beginning of 2010 on concerns about fiscal policy in Greece and the entire Euro region. Further, the European countries are adversely affected by globally economic slowdown and this could negatively impact the operations of the company. Thus, the company having its business across the world, global slowdown would adversely affect operational efficiency.

 

Foreign Exchange Risk

The company is present in all major growth markets for apparel business across the world. The company’s principal translation currency exposures are the US Dollar, the Mexican Peso, the Japanese Yen and the Pound Sterling which are fully consolidated in the financial statements of the company. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The company also faces huge impact due to foreign currency fluctuations. Financial statement of foreign subsidiaries, which do not report in Euro are to be translated to Euro & thus due to changes in currency exchange rates, it creates a massive foreign exchange risk for the company.

 

Increasing Manpower Cost

Increasing manpower costs may have an adverse effect on the company. With the shortage of talented manpower and increasing government mandated minimum wages, the labor costs in the developing countries have been on the rise. At financial year end 2009, the company employed around 92,301 people compared to 89,112 employees in all locations. The increase in wages and salaries could hamper the company’s operating profit, which would directly affect the company’s profit margins. In the UK, the government increased the minimum wage rate from GBP 5.73 an hour in October 2008 to GBP 5.80 an hour in May 2009. Further increase is expected in the next few years. Any such increase in the minimum wages increases the operating costs of retailers and has an adverse effect on their profits.

 

 

 

Corporate Family

Corporate Structure News:

 

Inditex SA

Inditex SA 
Total Corporate Family Members: 111 
Excluded Small Branches and/or Trading Addresses: 45 (Available via export) 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Inditex SA

Parent

Arteixo

Spain

Retail (Apparel)

16,503.0

101,689

 

Zara España Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

2,120.9

12,513

 

Zara USA Inc

Subsidiary

New York, NY

United States

Retail (Apparel)

 

22

 

Zara

Branch

Miami, FL

United States

Retail (Apparel)

9.3

59

 

Zara

Branch

New York, NY

United States

Retail (Apparel)

9.5

51

 

Zara

Branch

Dallas, TX

United States

Retail (Apparel)

9.3

50

 

Zara

Branch

Pasadena, CA

United States

Retail (Apparel)

7.9

50

 

Zara

Branch

Tampa, FL

United States

Retail (Apparel)

7.9

50

 

Zara

Branch

Bridgewater, NJ

United States

Retail (Apparel)

8.4

45

 

Zara

Branch

Santa Monica, CA

United States

Retail (Apparel)

7.4

40

 

Zara

Branch

Washington, DC

United States

Retail (Apparel)

6.3

40

 

Zara

Branch

New York, NY

United States

Apparel and Accessories

27.3

35

 

Zara

Branch

Costa Mesa, CA

United States

Retail (Apparel)

4.7

30

 

Zara

Branch

Washington, DC

United States

Retail (Apparel)

4.7

30

 

Zara

Branch

Las Vegas, NV

United States

Retail (Apparel)

4.7

30

 

Zara

Branch

Miami, FL

United States

Retail (Apparel)

4.4

28

 

Zara

Branch

Edison, NJ

United States

Retail (Apparel)

4.7

25

 

Bershka Bsk España Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

1,261.9

4,461

 

Bershka Logistica Sa

Subsidiary

Arteixo, La Coruña

Spain

Miscellaneous Transportation

31.4

434

 

Bershka Belgie - Bershka Belgique

Subsidiary

Bruxelles

Belgium

Apparel and Accessories

20.9

136

 

Stradivarius España Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

904.3

3,785

 

Corporación de Servicios XXI, S.A. de C.V.

Subsidiary

México, D.F.

Mexico

Retail (Apparel)

 

3,320

 

Pull & Bear España Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

866.4

3,297

 

Grupo Massimo Dutti Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

969.5

2,688

 

Massimo Dutti Logistica Sa

Subsidiary

Arteixo, La Coruña

Spain

Paper and Paper Products

18.2

213

 

Zara U.K. Ltd.

Subsidiary

London

United Kingdom

Retail (Apparel)

512.5

2,305

 

Kiddy's Class España Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

228.3

1,366

 

Oysho España Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

288.3

1,335

 

Zara Belgique - Zara Belgie

Subsidiary

Bruxelles

Belgium

Retail (Apparel)

193.8

1,020

 

Bershka (Portugal) Confecções Sociedade Unipessoal, Lda

Subsidiary

Lisboa

Portugal

Retail (Apparel)

120.1

690

 

Plataforma Logistica Meco Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

56.0

571

 

Stradivarius Logistica Sa

Subsidiary

Arteixo, La Coruña

Spain

Paper and Paper Products

17.1

242

 

Zara Home Logistica Sa

Subsidiary

Arteixo, La Coruña

Spain

Miscellaneous Transportation

12.7

208

 

Stear Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

171.3

140

 

Glencare Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

78.0

103

 

Goa-Invest S.A.

Subsidiary

Zaragoza

Spain

Construction Services

239.8

100

 

Samlor Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

74.6

99

 

Confecciones Fios Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

83.7

93

 

Zintura Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

119.6

76

 

Trisko Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

55.9

56

 

Confecciones Goa Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

52.1

53

 

Hampton Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

76.9

46

 

Nikole Sa

Subsidiary

Arteixo, La Coruña

Spain

Retail (Apparel)

140.3

45

 

Lefties Logística, S.A.

Subsidiary

Arteixo, A Coruña

Spain

Apparel and Accessories

 

25

 

Zara Canada Inc

Subsidiary

Montreal, QC

Canada

Retail (Apparel)

 

15

 

Zara Canada

Branch

North York, ON

Canada

Retail (Apparel)

19.9

80

 

Zara Canada

Branch

Montreal, QC

Canada

Retail (Apparel)

19.3

80

 

Zara Canada

Branch

Burnaby, BC

Canada

Retail (Apparel)

14.7

60

 

Zara Canada

Branch

Calgary, AB

Canada

Retail (Apparel)

14.4

60

 

Zara Canada

Branch

Mont-Royal, QC

Canada

Retail (Apparel)

9.6

40

 

Zara Canada

Branch

Edmonton, AB

Canada

Retail (Apparel)

9.2

37

 

Zara Canada

Branch

Laval, QC

Canada

Retail (Apparel)

8.7

35

 

Zara Canada

Branch

Toronto, ON

Canada

Retail (Apparel)

6.3

30

 

Zara Canada

Branch

Toronto, ON

Canada

Retail (Apparel)

6.1

30

 

Zara Canada

Branch

Toronto, ON

Canada

Retail (Apparel)

5.1

30

 

Zara Canada

Branch

Brossard, QC

Canada

Retail (Apparel)

5.9

25

 

Zara Canada

Branch

Quebec, QC

Canada

Retail (Apparel)

4.8

20

 

Comditel Sa

Subsidiary

Arteixo, La Coruña

Spain

Apparel and Accessories

27.2

7

 

Zara Holding B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Miscellaneous Financial Services

 

6

 

Zara France

Subsidiary

Paris

France

Retail (Apparel)

884.8

3,499

 

Zara Portugal - Confecções Lda

Subsidiary

Lisboa

Portugal

Retail (Apparel)

337.0

2,520

 

Pull & Bear Portugal - Confecções Lda

Subsidiary

Lisboa

Portugal

Retail (Apparel)

111.1

780

 

Kiddys Class (Portugal) - Confecções, LDA

Subsidiary

Lisboa

Portugal

Retail (Apparel)

30.3

227

 

Zara Vastgoed B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Investment Services

 

4

 

Zara Mexico B.V.

Subsidiary

Amsterdam, Noord-Holland

Netherlands

Miscellaneous Financial Services

 

 

 

Zara International Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Antonio Puig Sa

Barcelona, Spain

18

Public

Casino Guichard Perrachon SA

Saint-Etienne, France

159,230

Public

Gruppo Pam SpA

Spinea, VE, Italy

588

Public

H & M Hennes & Mauritz AB

STOCKHOLM, Sweden

64,874

Public

Mercadona Sa

Tavernes Blanques, Valencia, Spain

63,142

Public

PPR SA

PARIS, France

60,000

Public

Valentino Fashion Group SpA

Milano, Italy

13,081

Public

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Amancio Ortegaz Gaona

 

Chairman

Chairman

 

(Inditex SA)

Mr. Amancio has been the Chairman of the company since 1985. He began his textile manufacturing operations in 1963. In 1972 he founded Confecciones Goa, S.A., the first garment-making factory of Inditex and three years later he founded Zara Espana, S.A. the first distribution and retailing company. He was re-elected to the Board of Directors in the Annual General Meeting held on 30 June 1990, 31 July 1995, 20 July 2000 and 15 July 2005.

Pablo Isla Alvarez de Tejera

 

Chief Executive Officer, Chairman of the Board, Executive Director

Chairman

 

 

Reuters Biography (Inditex SA)

Mr. Pablo Isla Alvarez de Tejera has been Chief Executive Officer, Chairman and Executive Member of the Board of Directors of Industria de Diseno Textil SA Inditex. He has held these posts since July 19, 2011. Previously, he acted as First Vice Chairman of the Company's Board. He is Vice Chairman of the Company's Executive Committee. In the past, he was Chairman of the Board of Directors of Altadis. From 1992 to 1996, he was Director of Legal Services for Banco Popular, until he was appointed as General Director of State Assets at the Ministry of Economy and Finance. In 1998, he re-joined Banco Popular as General Counsel. He has been Member of the Board of Directors of Bershka Espana SA, Stradivarius Espana SA, Pull&Bear Espana SA, Oysho Espana SA, Massimo Dutti SA, Grupo Massimo Dutti SA, Zara Mexico SA DE CV, Zara Espana SA and Uterque Espana SA; Chairman of Zintura SA, Choolet SA, Confecciones Fios SA, Confecciones Goa SA, Denllo SA, Glencare SA, Hampton SA, Nikole SA, Samlor SA and Stear SA, and Vice Chairman of Tempe SA. In addition, he is Member of the Board of Directors of Telefonica SA. He obtained a degree in Law from Universidad Complutense de Madrid.



Law, Universidad Complutense de Madrid

Carlos Espinosa de los Monteros Bernaldo de Quiros

 

Second Vice Chairman of the Board, Independent Director

Vice-Chairman

 

 

Reuters Biography (Inditex SA)

Mr. Carlos Espinosa de los Monteros Bernaldo de Quiros has been Second Vice Chairman and Independent Member of the Board of Directors of Industria de Diseno Textil SA Inditex since September 26, 2006. He has been on the Company's Board since May 30, 1997. He is Chairman of the Company's Nominating and Remuneration Committee and Member of Executive and Audit Committees. He has been Vice Chairman of Instituto Nacional de Industria, Chairman of the Board of Directors of Iberia and Aviaco, Member of the Executive Committee of the International Air Transport Association and Chairman of Circulo de Empresarios, the Spanish Association of Car and Truck Manufacturers and the International Organisation of Motor-Vehicle Manufacturers. In addition, he has served as Chairman of the Board of Directors of Mercedes Benz Espana and Fraternidad-Muprespa, as well as he is Member of the Board of Directors of Acciona SA. He graduated with a Bachelors degree in Law and Business Administration from ICADE at Universidad Pontificia Comillas and holds a Masters of Business Administration degree from the Northwestern University.



MBA , Northwestern University
B Business Administration, Universidad Pontificia Comillas
B Law, Universidad Pontificia Comillas

Juan de Ocaña

 

Director

Director/Board Member

 

 

Francisco Luzon Lopez

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Inditex SA)

Mr. Francisco Luzon Lopez has been Independent Member of the Board of Directors of Industria de Diseno Textil SA Inditex since February 28, 1997. He is also Member of the Company's Executive, Nominating and Remuneration and Audit Committees. He joined the Banco de Vizcaya in 1972, becoming General Manager and Board Member in 1986. In 1988, he was appointed as Member of the Board of Directors of the Banco Bilbao Vizcaya, as well as President of the Banco Exterior de Espana, position he held until 1996. In 1991, he co-founded Grupo Bancario Argentaria and served as its Chairman until 1996, when he joined the Banco Santander Central Hispano and has served as Director, General Manager, Deputy to the Chairman and Director of Strategy, Communication and Institutional Relations. Currently, he acts as Executive Deputy Chairman of Banco de Santander for Latin America and World Deputy Chairman of Universia. In the past, he was Professor at Universidad de Deusto in Bilbao. He holds a Bachelors degree in Business and Economics from Universidad de Bilbao (Euskal Herriko Unibertsitateko).



B Economics and Business Administration, Universidad de Deusto

Irene Ruth Miller

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Inditex SA)

Ms. Irene Ruth Miller has been Independent Member of the Board of Directors of Industria de Diseno Textil SA Inditex since April 20, 2001. She is also Member of the Company's Nominating and Remuneration Committee and Chairman of the Audit Committee. She began her professional career at General Foods Corporation and later worked as Investment Banker for Rothschild Inc and Morgan Stanley & Co. In 1991, she joined Barnes & Noble as Senior Vice President of Corporate Finance, and in 1993, she became Chief Financial Officer. In 1995, she was appointed as Vice Chairman of the Board of Directors of Barnes & Noble. She joined Akim Inc in 1997 and currently she serves as its CEO. In addition, she is Member of the Boards of Directors of Coach Inc, Barnes & Noble Inc and Toronto Dominion Bank Financial Group. In the past, she acted as Member of the Board of Directors of Oakley Inc, Benckiser NV and The Body Shop International Plc. She holds a Bachelor of Science degree from the University of Toronto and Master of Science degree in Chemistry from the Cornell University.



MS , Cornell University
BS , University of Toronto

Flora Perez Marcote

 

Director, Representative of Gartler SL

Director/Board Member

 

 

Emilio Saracho Rodriguez de Torres

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Inditex SA)

Mr. Emilio Saracho Rodriguez de Torres serves as Independent Member of the Board of Directors of Industria de Diseno Textil SA Inditex. He was appointed to this post on July 13, 2010. He is Member of the Company's Executive, Audit, Nominating and Remuneration Committees. He has also been Independent Member of the Board of Directors of Cintra Concesiones de Infraestructuras de Transporte SA. In 1980, he joined the Chase Manhattan Bank, where he was responsible for the activities in the Oil, Telecommunications and Capital Goods sectors. In 1985, he joined Banco Santander de Negocios and was Director of the Investment Banking Division and in 1989, he became Director of Global Enterprises Division of Grupo Santander until he was appointed as Co-CEO. In the past, he was Member of the Board of Directors of FISEAT, Santander de Pensiones and Santander de Leasing. In 1995, he became General Director of Global Investment Banking of Santander Investment, and between 1996 and 1998, he Managed Banco Santander's operations in Asia. Between 2006 and January 1, 2008, he acted as Chief Executive Officer of JP Morgan Private Bank for Europe, Middle East and Africa, as well as he was Member of its Operating and European Management Committees and President of JP Morga Espana and Portugal. In addition, he worked at Goldman Sachs. Currently, he is Member of the Executive Committee and Executive Committee for Investment Banking of JP Morgan Chase. He holds a Bachelors degree in Economic Sciences from Universidad Complutense de Madrid and obtained a Masters of Business Administration degree from the University of California in Los Angeles in 1980.



MBA , University of California, Los Angeles
B Economic Sciences, Universidad Complutense de Madrid

Nils Smedegaard Andersen

 

Independent Director

Director/Board Member

 

 

Reuters Biography (Inditex SA)

Mr. Nils Smedegaard Andersen serves as Independent Member of the Board of Directors of Industria de Diseno Textil SA Inditex. He was appointed to this post on July 13, 2010. He is Member of the Company's Executive, Audit and Nominating and Remuneration Committees. He joined Carlsberg in 1983, where he became Vice President in 1988, and from 1990 to 1997, he acted as Chief Executive Officer of Carlsberg Espana and Carlsberg German Brewery. In 1999, he re-joined Carlsberg as Member of its Executive Committee. In 2001, he was appointed as Chief Executive Officer of Carlsberg A/S, post he held until 2007 when he was named Associate Partner and Chief Executive Officer of AP Moller - Maersk Group. In addition, he is Board Member of ERT and IRT, as well as President of Maersk Oil Gas A/S and Danish Supermarket A/S. Moreover, he has worked at Holsten-Brauerei AG, Turk Tuborg Bira Ve Malt Sanayii AS, William Demant Holding A/S and Zaklady Piwowarskie Okocim SA. In 2010, he was awarded as Knight of the Dannebrog. He obtained a Master of Science degree in Economics from Aarhus Universitet in 1982 and holds a Bachelors degree in Commerce from the same university.



MS Economics, Aarhus Universitet
B Commerce, Aarhus Universitet

Juan Manuel Urgoiti Lopez de Ocana

 

Director

Director/Board Member

 

 

Reuters Biography (Inditex SA)

Mr. Juan Manuel Urgoiti Lopez de Ocana serves as Member of the Board of Directors of Industria de Diseno Textil SA Inditex. He has held this post since February 1, 2007. Previously, he was Independent Member of the Company's Board and has been on the Company's Bard since January 2, 1993. He is Member of the Company's Executive, Audit, Nominating and Remuneration Committees. He joined Banco de Vizcaya in 1962 and after holding many executive positions, he was appointed General Manager in 1978, Member of the Board of Directors in 1984 and Chief Executive Officer in 1986. In 1988, he was appointed Chief Executive Officer of Banco Bilbao Vizcaya. He has been President of Ahorrobank, Banco de Credito Canario, Banco Occidental, Instituto de Biologia y Sueroterapia and Laboratorios Delagrange and Board Member of Antibioticos SA. In addition, he has served as Chairman of Banco Gallego and Deputy Chairman of Acciona SA, as well as President of Fundacion Gaias-Cidade da Cultura and Fundacion Jose Antonio de Castro. Currently, he is Second Vice Chairman of the Board of Directors of Acciona SA. He holds the Gran Cruz de Merito Civil award and has been awarded with the Commander of the Order of the British Empire (CBE). He graduated in Law from Universidad de Madrid.



Law, Universidad de Madrid

 

Executives

 

Name

Title

Function

 

Pablo Isla Alvarez de Tejera

 

Chief Executive Officer, Chairman of the Board, Executive Director

Chief Executive Officer

 

Reuters Biography (Inditex SA)

Mr. Pablo Isla Alvarez de Tejera has been Chief Executive Officer, Chairman and Executive Member of the Board of Directors of Industria de Diseno Textil SA Inditex. He has held these posts since July 19, 2011. Previously, he acted as First Vice Chairman of the Company's Board. He is Vice Chairman of the Company's Executive Committee. In the past, he was Chairman of the Board of Directors of Altadis. From 1992 to 1996, he was Director of Legal Services for Banco Popular, until he was appointed as General Director of State Assets at the Ministry of Economy and Finance. In 1998, he re-joined Banco Popular as General Counsel. He has been Member of the Board of Directors of Bershka Espana SA, Stradivarius Espana SA, Pull&Bear Espana SA, Oysho Espana SA, Massimo Dutti SA, Grupo Massimo Dutti SA, Zara Mexico SA DE CV, Zara Espana SA and Uterque Espana SA; Chairman of Zintura SA, Choolet SA, Confecciones Fios SA, Confecciones Goa SA, Denllo SA, Glencare SA, Hampton SA, Nikole SA, Samlor SA and Stear SA, and Vice Chairman of Tempe SA. In addition, he is Member of the Board of Directors of Telefonica SA. He obtained a degree in Law from Universidad Complutense de Madrid.



Law, Universidad Complutense de Madrid

Ramon Renon Tunez

 

Co-Chief Executive Officer, General Director Attached to the First Vice Chairman of the Board

Chief Executive Officer

 

 

Costas Antimissaris

 

Director of Uterque Business Unit

Division Head Executive

 

 

Eva Cárdenas Botas

 

Directora de Zara Home

Division Head Executive

 

 

Eva Cardenas Botas

 

Director of Zara Home Business Unit

Division Head Executive

 

 

Jose Pablo Del Bado Rivas

 

Director of PullBear Business Unit

Division Head Executive

 

 

Carlos Mato López

 

Director de ZARA

Division Head Executive

 

 

Carlos Mato Lopez

 

Director of Zara Business Unit

Division Head Executive

 

 

Oscar Perez Marcote

 

Director of Bershka Business Unit

Division Head Executive

 

 

Jorge Perez Marcote

 

Director of Massimo Dutti Business Unit

Division Head Executive

 

 

Carmen Sevillano Chaves

 

Director of Oysho Business Unit

Division Head Executive

 

 

Jorge Triquell Valls

 

Director of Stradivarius Business Unit

Division Head Executive

 

 

Jordi Triquell Valls

 

Director de STRADIVARIUS

Division Head Executive

 

 

Lorena Alba Castro

 

Directora General de Logistica

Managing Director

 

 

Agustín García- Fernández

 

Director General Internacional

Managing Director

 

 

Jesús Hernández

 

Director General de Comunicación & Relaciones Institucionales

Managing Director

 

 

Ramón Reñón Túñez

 

Director General de Expansión

Managing Director

 

 

Carmen Sevillano

 

Manager Oysho

Administration Executive

 

 

Antonio Abril Abadin

 

General Secretary, Non-Member Secretary of the Board

Company Secretary

 

 

Reuters Biography (Inditex SA)

Mr. Antonio Abril Abadin serves as General Secretary and Non-Member Secretary of the Board of Directors of Industria de Diseno Textil SA Inditex. He has held these posts since June 8, 2010. Previously, he served as Executive Member of the Board of Directors and General Counsel of the Company. He was Member of the Company's Executive Committee. In addition, has been General Secretary of the Company since January 1993. He joined the Company in 1989 as Director of the Legal Department, after having been posted as State Lawyer in the State Legal Service at the Regional Office of Treasury and Law Courts in Lugo and at the Governmental Regional Office of Galicia, in A Coruna. Moreover, he has acted as Member of the Board of Directors of Banco Gallego SA. He graduated in Law from Universidad de Oviedo.



Law, Universidad de Oviedo

Ignacio Fernandez Fernandez

 

Chief Financial Officer

Finance Executive

 

 

Carlos González

 

Director de Auditoría Interna

Finance Executive

 

 

Carlos Crespo Gonzalez

 

Director of Internal Audit

Accounting Executive

 

 

Jesus Echevarria Hernandez

 

Director of Communications and Institutional Relations

Investment Executive

 

 

Begoña Lopezcano

 

Gerente de Recursos Humanos

Human Resources Executive

 

 

Begona Lopez-Cano Ibarreche

 

Director of Human Resources

Human Resources Executive

 

 

Juan Romero

 

Director de Compras & Contratación

Sales Executive

 

 

Abel Lopez Cernadas

 

Director of Import, Export and Transport

International Executive

 

 

Jesus Echeverria

 

Gerente de Telecomunicaciones

Corporate Communications Executive

 

 

Gabriel Moneo Marina

 

Director of Systems

Information Executive

 

 

Javier Monteoliva Diaz

 

General Counsel

Legal Executive

 

 

Lorena Alba Castro

 

Director of Logistics

Logistics Executive

 

 

Abel Cernadas

 

Director de Exportación y Transporte

Logistics Executive

 

 

Juan Jose Lopez Romero

 

Director of Purchase and Contracts

Purchasing Executive

 

 

Javier Chércole Blázquez

 

Director de Responsabilidad Social Corporativa

Government/Public Affairs Executive

 

 

Marcos Lopez Garcia

 

Director of Capital Markets

Other

 

 

Felix Poza Pena

 

Director of Social and Corporate Responsibility

Other

 

 

 

 

Significant Developments

 

Inditex SA to Open Four New Stores in Romania's Craiova-SeeNews - The Corporate Wire Feb 22, 2012

 

SeeNews - The Corporate Wire reported that Inditex SA will open four new stores in the Romanian southwestern city of Craiova on February 23, 2012. The Company will open stores of its brands, Zara, Pull&Bear, Stradivarius and Bershka, in Electroputere Parc Mall in Craiova. Inditex SA had 71 stores at the end of October 2011 in Romania, including 16 Zara stores, 15 Pull&Bear, 14 Bershka and 13 Stradivarius stores. The Company also operates Massimo Dutti, Oysho and Zara Home stores in the country.

 

Inditex Group To Launch All Brands Online-Reuters Sep 01, 2011

 

Reuters reported that Inditex Group's brands Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterque are scheduled to launch their online operations on September 6, 2011. The online stores will go live simultaneously in 15 European markets.

 

Inditex SA's Zara Provider Accused Of Slave Labor Practice In Brazil-Reuters Aug 18, 2011

 

Reuters reported that Inditex SA's Spanish company Zara, is under investigation by the Ministry of Labor of Brazil after a provider was accused of exercising slave labor. The case involves an unauthorized outsource by a Brazilian supplier for the company. Other details were not disclosed.

 

Inditex SA Announces Resignation of Mr. Amancio Ortega as Its Board's Chairman; Appoints Mr. Pablo Isla as Its Board's New Chairman-Reuters Jul 19, 2011

 

Reuters reported that Inditex SA's founder Mr. Amancio Ortega has stepped down as Chairman of the Company's Board of Directors. It was also announced that the Company's Board of Directors has appointed Mr. Pablo Isla, the Company's Chief Executive Officer, as its new Chairman.

 

Apranga APB to Develop Massimo Dutti Chain of Inditex SA in Baltic States Jun 13, 2011

 

Apranga APB announced that Apranga APB and Inditex SA have signed a franchise agreement regarding the development of Massimo Dutti chain in the Baltic States. It is the fifth concept of Inditex SA which will be developed by Apranga APB in the Baltics. Both companies have collaborated since 2004. First Massimo Dutti store will be opened in Vilnius, in the shopping and entertainment center Akropolis in the end of August 2011. There are planned 10 Massimo Dutti openings in total in the Baltic States. Massimo Dutti is a luxury Inditex SA brand dedicated to men and women. Massimo Dutti was acquired by Inditex SA in 1991. Currently, 530 Massimo Dutti stores in 50 countries are opened.

 

Apranga APB Extends Collaboration with Inditex SA Jun 08, 2011

 

Apranga APB announced that Apranga APB and Inditex SA have agreed to prolong the franchise agreements regarding Zara, Bershka, Pull and Bear and Stradivarius brands development in the Baltic States until 2014. The collaboration between Apranga APB and Inditex SA has started in 2004. The franchise agreements were prolonged in 2008. First Zara chain store in the Baltic States was opened in August 2007, first Bershka chain store was opened in February 2006, first Pull and Bear chain store was opened in August 2006, and first Stradivarius was opened in April 2008. Currently, Apranga APB runs 32 stores of Inditex SA chain, 10 Zara stores, eight Bershka stores, eight Pull and Bear stores and six Stradivarius stores. The general area of these stores is 24.5 thousand square meters.

 

Inditex SA To Launch Shoes And Accessories Brand-DJ Mar 23, 2011

 

Dow Jones reported that Inditex SA is studying the launch of a new shoes and accessories brand. The Company currently operates eight store brands including Zara, Massimo Dutti, Pull and Bear and Bershka boutiques, home furnishing store Zara Home, underwear store Oysho and accessories brand Uterque. Other details were not disclosed.

 

Inditex SA To Propose Dividend Payments; To Enter Australia And South Africa; To Go Online In USA And Japan Mar 23, 2011

 

Inditex SA announced that it will propose a dividend payment at a value of EUR 1.6 per share, which comprises an ordinary dividend payment of EUR 1.4 per share and an extraordinary dividend of EUR 0.2 per share; out of which, if approved EUR 0.8 per share will be paid on May 2, 2011 as ordinary dividend and EUR 0.8 per share on November 02, 2011 as ordinary and extraordinary dividend. It was also announced that the Company estimates to open from 460 to 500 new stores for first time in Australia and South Africa. The Company also announced that it will open online stores for its Zara brand in the United States of America and Japan for Autumn 2011 and for its brands Massimo Dutti, Bershka, Pull & Bear, Stradivarius, Oysho y Uterque in European markets during the second half of 2011.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Updated Normal
31-Jan-2008

Updated Normal
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

16,503.0

15,502.8

15,113.2

12,910.4

10,239.2

Revenue

16,503.0

15,502.8

15,113.2

12,910.4

10,239.2

    Other Revenue

-

-

-

139.2

108.1

Other Revenue, Total

-

-

-

139.2

108.1

Total Revenue

16,503.0

15,502.8

15,113.2

13,049.5

10,347.3

 

 

 

 

 

 

    Cost of Revenue

6,724.9

6,651.6

6,524.4

5,651.5

4,531.2

Cost of Revenue, Total

6,724.9

6,651.6

6,524.4

5,651.5

4,531.2

Gross Profit

9,778.0

8,851.1

8,588.8

7,258.9

5,708.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

-

1,493.4

1,183.1

906.3

    Labor & Related Expense

2,647.3

2,506.0

2,473.4

2,037.2

1,579.1

Total Selling/General/Administrative Expenses

2,647.3

2,506.0

3,966.8

3,220.3

2,485.4

    Depreciation

847.7

874.4

839.9

687.0

547.2

Depreciation/Amortization

847.7

874.4

839.9

687.0

547.2

    Loss (Gain) on Sale of Assets - Operating

42.5

28.9

-

-

-

Unusual Expense (Income)

42.5

28.9

-

-

-

    Other Operating Expense

3,218.2

3,022.7

1,417.8

1,242.2

1,049.7

    Other, Net

4.7

1.6

28.3

-36.7

21.5

Other Operating Expenses, Total

3,223.0

3,024.3

1,446.2

1,205.5

1,071.2

Total Operating Expense

13,485.4

13,085.2

12,777.3

10,764.3

8,635.1

 

 

 

 

 

 

Operating Income

3,017.5

2,417.5

2,336.0

2,285.2

1,712.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-4.7

-13.2

-13.6

-6.4

-13.9

    Interest Expense, Net Non-Operating

-4.7

-13.2

-13.6

-6.4

-13.9

        Interest Income - Non-Operating

27.7

11.7

37.9

28.5

20.7

        Investment Income - Non-Operating

-

-

-55.6

-31.1

-28.1

    Interest/Investment Income - Non-Operating

27.7

11.7

-17.8

-2.6

-7.4

Interest Income (Expense) - Net Non-Operating Total

23.0

-1.5

-31.4

-9.1

-21.2

    Other Non-Operating Income (Expense)

18.0

6.8

-

-

-

Other, Net

18.0

6.8

-

-

-

Income Before Tax

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Total Income Tax

764.5

573.5

472.4

536.5

416.0

Income After Tax

2,294.0

1,849.3

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

    Minority Interest

-12.5

-10.9

-11.9

-10.4

-10.6

Net Income Before Extraord Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Basic EPS Excl Extraord Items

3.66

2.95

2.93

2.78

2.04

Basic/Primary EPS Incl Extraord Items

3.66

2.95

2.93

2.78

2.04

Diluted Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Diluted Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Diluted EPS Excl Extraord Items

3.66

2.95

2.93

2.78

2.04

Diluted EPS Incl Extraord Items

3.66

2.95

2.93

2.78

2.04

Dividends per Share - Common Stock Primary Issue

1.71

1.36

1.25

1.19

0.87

Gross Dividends - Common Stock

1,313.9

1,046.2

950.5

901.8

661.0

Interest Expense, Supplemental

4.7

13.2

13.6

6.4

13.9

Depreciation, Supplemental

752.5

765.2

702.9

627.9

479.7

Total Special Items

42.5

28.9

-

-

-

Normalized Income Before Tax

3,101.0

2,451.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

10.6

6.8

-

-

-

Inc Tax Ex Impact of Sp Items

775.1

580.4

472.4

536.5

416.0

Normalized Income After Tax

2,325.9

1,871.4

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2,313.4

1,860.5

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic Normalized EPS

3.71

2.99

2.93

2.78

2.04

Diluted Normalized EPS

3.71

2.99

2.93

2.78

2.04

Amort of Intangibles, Supplemental

68.1

68.6

66.9

52.2

60.5

Rental Expenses

1,675.9

1,586.2

1,493.4

1,183.1

906.3

Normalized EBIT

3,060.0

2,446.5

2,336.0

2,285.2

1,712.2

Normalized EBITDA

3,880.7

3,280.2

3,105.7

2,965.3

2,252.4

    Current Tax - Total

775.1

664.0

306.4

563.7

401.4

Current Tax - Total

775.1

664.0

306.4

563.7

401.4

    Deferred Tax - Total

-10.6

-90.5

166.0

-27.2

14.6

Deferred Tax - Total

-10.6

-90.5

166.0

-27.2

14.6

Income Tax - Total

764.5

573.5

472.4

536.5

416.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.729395

0.71945

0.76147

0.675402

0.769556

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

4,707.3

3,363.8

1,925.6

2,170.3

1,177.5

Cash and Short Term Investments

4,707.3

3,363.8

1,925.6

2,170.3

1,177.5

    Trade Accounts Receivable - Net

123.2

156.8

768.7

297.0

198.7

    Other Receivables

560.6

451.2

20.1

392.1

301.0

Total Receivables, Net

683.9

608.0

788.8

689.1

499.6

    Inventories - Finished Goods

1,571.4

1,310.7

1,302.2

1,387.3

996.9

    Inventories - Work In Progress

35.3

28.6

23.2

35.3

23.5

    Inventories - Raw Materials

58.5

40.3

59.9

68.7

50.2

Total Inventory

1,665.2

1,379.6

1,385.3

1,491.3

1,070.6

    Other Current Assets

76.3

130.2

186.8

63.8

43.9

Other Current Assets, Total

76.3

130.2

186.8

63.8

43.9

Total Current Assets

7,132.6

5,481.7

4,286.5

4,414.5

2,791.7

 

 

 

 

 

 

        Land/Improvements

1,559.9

1,364.0

1,163.9

1,246.8

836.1

        Machinery/Equipment

7,121.0

6,598.7

5,776.6

5,645.3

4,331.3

        Other Property/Plant/Equipment

422.5

408.2

571.7

558.7

405.9

    Property/Plant/Equipment - Gross

9,103.4

8,370.9

7,512.2

7,450.9

5,573.4

    Accumulated Depreciation

-4,446.0

-3,793.1

-2,991.6

-2,739.4

-1,949.5

Property/Plant/Equipment - Net

4,657.4

4,577.8

4,520.6

4,711.4

3,623.9

Goodwill, Net

180.5

183.0

172.9

185.9

128.6

    Intangibles - Gross

1,294.9

1,213.5

-

1,152.7

900.3

    Accumulated Intangible Amortization

-532.9

-472.2

-

-385.8

-290.4

Intangibles, Net

761.9

741.2

719.6

766.9

610.0

    LT Investment - Affiliate Companies

-

-

-

0.0

5.8

    LT Investments - Other

36.0

39.8

30.0

67.6

58.8

Long Term Investments

36.0

39.8

30.0

67.6

64.5

    Deferred Income Tax - Long Term Asset

410.4

325.5

266.7

196.9

115.5

    Other Long Term Assets

292.6

236.7

216.3

177.2

127.5

Other Long Term Assets, Total

703.0

562.2

483.0

374.2

242.9

Total Assets

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

Accounts Payable

2,640.5

2,165.2

-

2,336.3

1,663.5

Accrued Expenses

199.6

186.1

-

-

-

Notes Payable/Short Term Debt

0.0

0.0

289.5

493.8

126.6

Current Portion - Long Term Debt/Capital Leases

3.7

48.7

17.8

55.9

62.0

    Income Taxes Payable

292.5

231.9

109.9

165.1

157.0

    Other Payables

531.0

571.8

2,722.6

588.3

440.1

Other Current liabilities, Total

823.6

803.7

2,832.4

753.4

597.1

Total Current Liabilities

3,667.3

3,203.8

3,139.8

3,639.4

2,449.1

 

 

 

 

 

 

    Long Term Debt

4.5

4.0

8.2

49.8

46.1

    Capital Lease Obligations

1.2

3.0

9.2

12.9

15.4

Total Long Term Debt

5.7

6.9

17.4

62.7

61.5

Total Debt

9.4

55.7

324.7

612.4

250.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

236.7

240.3

280.8

164.3

135.6

Deferred Income Tax

236.7

240.3

280.8

164.3

135.6

Minority Interest

50.7

57.5

35.3

35.4

28.9

    Reserves

214.7

176.6

133.7

70.6

58.6

    Other Long Term Liabilities

541.0

493.4

404.9

339.8

247.0

Other Liabilities, Total

755.7

670.0

538.6

410.4

305.6

Total Liabilities

4,716.1

4,178.6

4,011.9

4,312.2

2,980.7

 

 

 

 

 

 

    Common Stock

128.2

130.0

122.8

138.4

121.5

Common Stock

128.2

130.0

122.8

138.4

121.5

Additional Paid-In Capital

27.9

28.3

26.8

30.2

26.5

Retained Earnings (Accumulated Deficit)

8,719.3

7,427.1

6,201.9

6,191.2

4,388.4

Treasury Stock - Common

-0.8

-0.9

-0.8

-10.3

-9.1

    Translation Adjustment

-93.0

-190.6

-222.6

-141.2

-46.3

    Other Equity

-26.1

13.3

72.7

-

-

Other Equity, Total

-119.1

-177.2

-149.9

-141.2

-46.3

Total Equity

8,755.5

7,407.3

6,200.8

6,208.4

4,481.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

623.1

623.1

623.1

621.0

620.9

Total Common Shares Outstanding

623.1

623.1

623.1

621.0

620.9

Treasury Shares - Common Stock Primary Issue

0.2

0.2

0.2

2.4

2.4

Employees

100,138

92,301

89,112

79,517

69,240

Accumulated Intangible Amort, Suppl.

532.9

472.2

390.5

385.2

289.9

Total Long Term Debt, Supplemental

4.9

48.5

324.7

96.9

103.3

Long Term Debt Maturing within 1 Year

0.4

44.6

307.3

47.0

57.2

Long Term Debt Maturing in Year 2

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in Year 3

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in Year 4

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in Year 5

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in 2-3 Years

2.3

2.0

8.7

24.9

23.0

Long Term Debt Maturing in 4-5 Years

2.3

2.0

8.7

24.9

23.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

4.5

7.2

13.4

21.8

30.9

Capital Lease Payments Due in Year 1

3.3

4.2

4.2

8.9

7.3

Capital Lease Payments Due in Year 2

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in Year 3

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in Year 4

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in Year 5

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in 2-3 Years

0.6

1.5

4.6

6.4

11.5

Capital Lease Payments Due in 4-5 Years

0.6

1.5

4.6

6.4

11.5

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.6

Total Operating Leases, Supplemental

5,374.1

4,238.3

2,957.8

3,601.1

2,761.8

Operating Lease Payments Due in Year 1

1,115.4

1,054.4

783.6

789.8

606.4

Operating Lease Payments Due in Year 2

1,675.7

485.4

338.4

407.0

310.9

Operating Lease Payments Due in Year 3

558.6

485.4

338.4

407.0

310.9

Operating Lease Payments Due in Year 4

558.6

485.4

338.4

407.0

310.9

Operating Lease Payments Due in Year 5

558.6

485.4

338.4

407.0

310.9

Operating Lease Pymts. Due in 2-3 Years

2,234.2

970.7

676.7

813.9

621.8

Operating Lease Pymts. Due in 4-5 Years

1,117.1

970.7

676.7

813.9

621.8

Oper. Lse. Pymts. Due in Year 6 & Beyond

907.3

1,242.4

820.8

1,183.4

911.8

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Reclassified Normal 
31-Jan-2010

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

    Depreciation

838.3

873.8

826.8

687.0

547.2

Depreciation/Depletion

838.3

873.8

826.8

687.0

547.2

Deferred Taxes

-

-

-

-53.2

-16.8

    Other Non-Cash Items

41.5

117.1

16.7

2.5

0.3

Non-Cash Items

41.5

117.1

16.7

2.5

0.3

    Accounts Receivable

-157.7

227.6

-232.0

-121.2

-64.8

    Inventories

-299.2

67.8

-104.7

-273.2

-171.0

    Accounts Payable

478.2

69.9

208.1

477.7

116.7

    Other Operating Cash Flow

-592.1

-532.9

-441.6

-482.1

-338.5

Changes in Working Capital

-570.6

-167.5

-570.2

-398.6

-457.6

Cash from Operating Activities

3,367.6

3,246.2

2,578.0

2,513.8

1,764.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-812.3

-644.8

-1,237.3

-1,175.8

-989.2

    Purchase/Acquisition of Intangibles

-97.7

-37.6

-113.4

-121.7

-99.9

Capital Expenditures

-910.0

-682.4

-1,350.6

-1,297.5

-1,089.1

    Sale of Business

-

0.0

-8.9

32.6

-36.2

    Sale of Fixed Assets

-

-

-

13.2

33.5

    Investment, Net

-49.1

-17.6

-34.3

-36.8

-20.3

    Purchase of Investments

-34.0

0.5

31.6

-14.3

-7.7

    Other Investing Cash Flow

0.0

-13.5

1.0

-

-

Other Investing Cash Flow Items, Total

-83.2

-30.6

-10.6

-5.2

-30.7

Cash from Investing Activities

-993.2

-713.0

-1,361.2

-1,302.7

-1,119.8

 

 

 

 

 

 

    Other Financing Cash Flow

-0.9

0.4

-2.9

0.7

0.0

Financing Cash Flow Items

-0.9

0.4

-2.9

0.7

0.0

    Cash Dividends Paid - Common

-989.9

-926.1

-960.7

-721.4

-527.2

Total Cash Dividends Paid

-989.9

-926.1

-960.7

-721.4

-527.2

    Short Term Debt, Net

-42.8

-285.0

-199.5

296.7

-80.9

        Long Term Debt Issued

-44.1

14.7

16.5

-

-

        Long Term Debt Reduction

-1.1

-4.9

-41.6

-

-

    Long Term Debt, Net

-45.2

9.8

-25.1

-1.0

-120.4

Issuance (Retirement) of Debt, Net

-87.9

-275.2

-224.6

295.7

-201.3

Cash from Financing Activities

-1,078.7

-1,200.9

-1,188.2

-425.1

-728.6

 

 

 

 

 

 

Foreign Exchange Effects

39.2

1.8

-27.8

-11.9

-19.5

Net Change in Cash

1,335.0

1,334.1

0.7

774.1

-103.8

 

 

 

 

 

 

Net Cash - Beginning Balance

3,188.3

2,050.9

2,128.7

1,253.3

1,247.8

Net Cash - Ending Balance

4,523.3

3,385.1

2,129.4

2,027.5

1,144.0

Cash Taxes Paid

669.3

547.0

421.2

536.5

416.0

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Revenue

16,503.0

15,502.8

15,113.2

-

-

    Sales - Own Shops

-

-

-

11,986.5

9,578.6

    Sales - Franchised Shops

-

-

-

923.9

660.6

    Other Op. Revenue

-

-

-

139.2

108.1

Total Revenue

16,503.0

15,502.8

15,113.2

13,049.5

10,347.3

 

 

 

 

 

 

    Work in Progress

-292.5

87.1

-69.2

-253.5

-176.1

    Purchases

7,017.5

6,564.5

6,593.6

5,905.0

4,707.4

    Personnel Costs

2,647.3

2,506.0

2,473.4

2,037.2

1,579.1

    Dep./Amortization

847.7

874.4

839.9

687.0

547.2

    Other Op. Expense

3,218.2

3,022.7

1,417.8

1,242.2

1,049.7

    Rental Expense

-

-

1,493.4

1,183.1

906.3

    Other Expense

4.7

1.6

28.3

-36.7

21.5

    Extra. Gain Disposal

42.5

28.9

-

-

-

Total Operating Expense

13,485.4

13,085.2

12,777.3

10,764.3

8,635.1

 

 

 

 

 

 

    Interest Income

27.7

11.7

37.9

28.5

20.7

    Interest Expense

-4.7

-13.2

-13.6

-6.4

-13.9

    Other Fin. Revenue

18.0

6.8

-

-

-

    Foreign Exchange Net

-

-

-55.9

-18.7

-22.2

    Dividends

-

-

0.3

0.2

0.3

    Equity Investment

-

-

0.0

-10.4

-3.5

    ST Investments

-

-

0.0

-2.2

-2.7

Net Income Before Taxes

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Provision for Income Taxes

764.5

573.5

472.4

536.5

416.0

Net Income After Taxes

2,294.0

1,849.3

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

    Minority Interest

-12.5

-10.9

-11.9

-10.4

-10.6

Net Income Before Extra. Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Basic EPS Excluding ExtraOrdinary Items

3.66

2.95

2.93

2.78

2.04

Basic EPS Including ExtraOrdinary Item

3.66

2.95

2.93

2.78

2.04

Diluted Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Diluted Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Diluted EPS Excluding ExtraOrd Items

3.66

2.95

2.93

2.78

2.04

Diluted EPS Including ExtraOrd Items

3.66

2.95

2.93

2.78

2.04

DPS-Common Stock

1.71

1.36

1.25

1.19

0.87

Gross Dividends - Common Stock

1,313.9

1,046.2

950.5

901.8

661.0

Normalized Income Before Taxes

3,101.0

2,451.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

775.1

580.4

472.4

536.5

416.0

Normalized Income After Taxes

2,325.9

1,871.4

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2,313.4

1,860.5

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic Normalized EPS

3.71

2.99

2.93

2.78

2.04

Diluted Normalized EPS

3.71

2.99

2.93

2.78

2.04

Interest Expense

4.7

13.2

13.6

6.4

13.9

Amort of Intangibles

68.1

68.6

66.9

52.2

60.5

Depreciation

752.5

765.2

702.9

627.9

479.7

Rental Expense

1,675.9

1,586.2

1,493.4

1,183.1

906.3

    Current Tax

775.1

664.0

306.4

563.7

401.4

Current Tax - Total

775.1

664.0

306.4

563.7

401.4

    Deferred Tax

-10.6

-90.5

166.0

-27.2

14.6

Deferred Tax - Total

-10.6

-90.5

166.0

-27.2

14.6

Income Tax - Total

764.5

573.5

472.4

536.5

416.0

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.729395

0.71945

0.76147

0.675402

0.769556

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

58.5

40.3

59.9

68.7

50.2

    WIP

35.3

28.6

23.2

35.3

23.5

    Finished Goods

1,571.4

1,310.7

1,302.2

1,387.3

996.9

    Trade Receivables

123.2

156.8

768.7

297.0

198.7

    Public Administration

-

-

-

279.2

187.5

    Other Receivables

537.4

429.5

-

110.4

86.3

    Tax Receivable

23.2

21.8

20.1

2.5

27.1

    Cash and Equivalents

4,707.3

3,363.8

1,925.6

2,170.3

1,177.5

    Other Current Assets

76.3

130.2

186.8

63.8

43.9

Total Current Assets

7,132.6

5,481.7

4,286.5

4,414.5

2,791.7

 

 

 

 

 

 

    Rights to Leased Premises

-

-

698.0

-

-

    Other Intangibles

-

-

21.6

-

-

    Intangible Asset, Gross

1,294.9

1,213.5

-

-

-

    Rights

-

-

-

1,098.7

853.6

    Industry Property

-

-

-

34.1

25.7

    Software

-

-

-

14.3

10.3

    Advances

-

-

-

5.7

10.8

    Accum. Amort.

-527.0

-471.3

-

-385.2

-289.9

    Provisions

-5.9

-0.9

-

-0.6

-0.5

    Land/Structures

1,559.9

1,364.0

1,163.9

1,246.8

836.1

    Install./Machine

7,121.0

6,598.7

5,776.6

5,645.3

4,331.3

    Other Tangibles

359.2

313.2

266.6

257.3

181.8

    Advances

173.8

170.1

343.2

332.3

257.2

    Depreciation

-4,446.0

-3,793.1

-2,991.6

-2,739.4

-1,949.5

    Provisions

-110.4

-75.0

-38.1

-30.8

-33.1

    Holdings Companies

-

-

-

0.0

5.8

    Inv. Securities

12.2

21.4

18.9

53.6

43.4

    Real Estate Investments

23.8

18.4

11.1

14.0

15.4

    Other

292.6

236.7

216.3

177.2

127.5

    Goodwill Consol.

180.5

183.0

172.9

185.9

128.6

    Deferred Tax

410.4

325.5

266.7

196.9

115.5

Total Assets

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

    Payable/Loans

0.4

44.6

13.6

47.0

55.8

    Credits

-

-

289.5

493.8

126.6

    Leasings

3.3

4.2

4.2

8.9

4.7

    Other debt

-

-

-

0.0

1.4

    Creditors

-

-

2,722.6

-

-

    Trade Acc. Pybl.

2,640.5

2,165.2

-

2,336.3

1,663.5

    Non-Trade Pybl.

531.0

571.8

-

588.3

440.1

    Accrual Accounts

199.6

186.1

-

-

-

    Tax Payable

292.5

231.9

109.9

165.1

157.0

Total Current Liabilities

3,667.3

3,203.8

3,139.8

3,639.4

2,449.1

 

 

 

 

 

 

    Payable/Credits

4.5

4.0

8.2

49.8

46.1

    Leasings

1.2

3.0

9.2

12.9

15.4

Total Long Term Debt

5.7

6.9

17.4

62.7

61.5

 

 

 

 

 

 

    Minority Int.

50.7

57.5

35.3

35.4

28.9

    Deferred Tax

236.7

240.3

280.8

164.3

135.6

    Conting. Prov.

214.7

176.6

133.7

70.6

58.6

    Other Liability

541.0

493.4

404.9

339.8

247.0

Total Liabilities

4,716.1

4,178.6

4,011.9

4,312.2

2,980.7

 

 

 

 

 

 

    Capital

128.2

130.0

122.8

138.4

121.5

    Additional Cap.

27.9

28.3

26.8

30.2

26.5

    Other Reserves

74.7

75.7

71.6

80.7

70.8

    Own Shares

-0.8

-0.9

-0.8

-10.3

-9.1

    Translate Diff.

-93.0

-190.6

-222.6

-141.2

-46.3

    Retained Earnings

8,644.6

7,351.3

6,130.3

6,110.5

4,317.6

    Cash Flow

-26.1

13.3

72.7

-

-

Total Equity

8,755.5

7,407.3

6,200.8

6,208.4

4,481.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

    S/O-Common Stock

623.1

623.1

623.1

621.0

620.9

Total Common Shares Outstanding

623.1

623.1

623.1

621.0

620.9

T/S-Common Stock

0.2

0.2

0.2

2.4

2.4

Accumulated Intangible Amortization

532.9

472.2

390.5

385.2

289.9

Full-Time Employees

100,138

92,301

89,112

79,517

69,240

LT Debt Maturing Within 1 Year

0.4

44.6

307.3

47.0

57.2

LT Debt Maturing Within 5 Years

4.5

4.0

17.4

49.8

46.1

LT Debt Remaining

-

-

-

0.0

0.0

Total Long Term Debt, Supplemental

4.9

48.5

324.7

96.9

103.3

Capital Leases Maturing Within 1 Y

3.3

4.2

4.2

8.9

7.3

Capital Leases Maturing Within 5 Y

1.2

3.0

9.2

12.9

23.0

Capital Leases Remaning

0.0

0.0

0.0

0.0

0.6

Total Capital Leases

4.5

7.2

13.4

21.8

30.9

Operating Leases Maturing Within 1 Y

1,115.4

1,054.4

783.6

789.8

606.4

Operating Leases Maturing Within 5 Y

1,675.7

1,941.5

1,353.4

1,627.8

1,243.6

Operating Leases Remaning

907.3

1,242.4

820.8

1,183.4

911.8

Optg leases-year 2

1,675.7

1,941.5

1,353.4

1,627.8

1,243.6

Total Operating Leases

5,374.1

6,179.7

4,311.2

5,228.9

4,005.4

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Reclassified Normal 
31-Jan-2010

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

    Depreciation

838.3

873.8

826.8

687.0

547.2

    Net Provisions

80.6

74.3

32.9

-

-

    Deferred Tax

-

-

-

-53.2

-16.8

    Exchange Variations

-39.1

42.9

-16.1

2.5

0.3

    Other

77.2

14.1

-20.4

54.4

77.4

    Inventories

-299.2

67.8

-104.7

-273.2

-171.0

    Accounts Rcvbl.

-157.7

227.6

-232.0

-121.2

-64.8

    Payables

478.2

69.9

208.1

477.7

116.7

    Taxes Paid

-669.3

-547.0

-421.2

-536.5

-416.0

Cash from Operating Activities

3,367.6

3,246.2

2,578.0

2,513.8

1,764.1

 

 

 

 

 

 

    Intangibles Invest.

-97.7

-37.6

-113.4

-121.7

-99.9

    Tangibles Invest.

-812.3

-644.8

-1,237.3

-1,175.8

-989.2

    Acq.-Business

-

0.0

-8.9

-9.9

-36.2

    Add. Investments

-34.0

0.5

31.6

-14.3

-7.7

    Other Asset Invest.

-49.1

-17.6

-34.3

-36.8

-20.3

    Other Investing Activities

0.0

-13.5

1.0

-

-

    Fixed Asset Sales

-

-

-

13.2

33.5

    Sale of Business

-

-

-

42.5

0.0

Cash from Investing Activities

-993.2

-713.0

-1,361.2

-1,302.7

-1,119.8

 

 

 

 

 

 

    Increase Debt

-44.1

14.7

16.5

-

-

    Decrease Debt

-1.1

-4.9

-41.6

-

-

    Financial Debt

-

-

-

-22.8

-35.6

    Net Other Debt

-

-

-

21.8

-84.8

    Net Current Debt

-42.8

-285.0

-199.5

296.7

-80.9

    Dividends

-989.9

-926.1

-960.7

-721.4

-527.2

    Other Financing

-0.9

0.4

-2.9

0.7

0.0

Cash from Financing Activities

-1,078.7

-1,200.9

-1,188.2

-425.1

-728.6

 

 

 

 

 

 

Foreign Exchange Effects

39.2

1.8

-27.8

-11.9

-19.5

Net Change in Cash

1,335.0

1,334.1

0.7

774.1

-103.8

 

 

 

 

 

 

Net Cash - Beginning Balance

3,188.3

2,050.9

2,128.7

1,253.3

1,247.8

Net Cash - Ending Balance

4,523.3

3,385.1

2,129.4

2,027.5

1,144.0

    Cash Taxes Paid

669.3

547.0

421.2

536.5

416.0

 

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Oct-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Jan-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

4,879.3

4.78%

16,503.0

13.02%

9.91%

13.19%

Operating Income1 

1,066.4

3.93%

3,017.5

32.52%

11.50%

15.93%

Income Available to Common Excl Extraord Items1 

815.8

6.28%

2,281.6

31.76%

11.47%

16.61%

Basic EPS Excl Extraord Items1 

1.31

6.11%

3.66

31.76%

11.34%

16.53%

Capital Expenditures2 

1,062.1

-

910.0

41.58%

-9.70%

-2.49%

Cash from Operating Activities2 

1,057.1

-

3,367.6

10.14%

12.04%

12.47%

Free Cash Flow 

-5.1

-

2,557.6

1.77%

28.49%

23.97%

Total Assets3 

14,984.3

11.63%

13,471.6

17.88%

11.41%

13.56%

Total Liabilities3 

5,679.6

6.51%

4,716.1

14.42%

5.70%

8.35%

Total Long Term Debt3 

11.2

14.29%

5.7

-16.49%

-53.82%

-44.05%

Employees3 

-

-

100138

8.49%

7.99%

11.47%

Total Common Shares Outstanding3 

623.1

-0.04%

623.1

0.00%

0.12%

-0.01%

1-ExchangeRate: EUR to USD Average for Period

0.717379

 

0.759051

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.705073

 

0.759051

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.716949

 

0.729395

 

 

 

Key Ratios

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Profitability

Gross Margin 

59.25%

57.09%

56.83%

56.23%

55.75%

Operating Margin 

18.28%

15.59%

15.46%

17.51%

16.55%

Pretax Margin 

18.53%

15.63%

15.25%

17.44%

16.34%

Net Profit Margin 

13.83%

11.86%

12.04%

13.25%

12.22%

Financial Strength

Current Ratio 

1.94

1.71

1.37

1.21

1.14

Long Term Debt/Equity 

0.00

0.00

0.00

0.01

0.01

Total Debt/Equity 

0.00

0.01

0.05

0.10

0.06

Management Effectiveness

Return on Assets 

19.18%

16.41%

16.95%

19.58%

18.45%

Return on Equity 

29.57%

26.15%

28.12%

32.72%

31.56%

Efficiency

Receivables Turnover 

26.76

21.35

19.52

22.20

22.08

Inventory Turnover 

4.63

4.65

4.36

4.46

4.76

Asset Turnover 

1.38

1.38

1.40

1.47

1.50

Market Valuation USD (mil)

P/E (TTM) 

22.95

.

Enterprise Value2 

55,004.5

Price/Sales (TTM) 

3.18

.

Enterprise Value/Revenue (TTM) 

2.95

Price/Book (MRQ) 

6.37

.

Enterprise Value/EBITDA (TTM) 

12.77

Market Cap as of 17-Feb-20121 

55,712.2

.

 

 

1-ExchangeRate: EUR to USD on 17-Feb-2012

0.763161

 

 

 

2-ExchangeRate: EUR to USD on 31-Oct-2011

0.716949

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Financial Strength

Current Ratio 

1.94

1.71

1.37

1.21

1.14

Quick/Acid Test Ratio 

1.47

1.24

0.86

0.79

0.68

Working Capital1 

3,465.3

2,277.9

1,146.7

775.1

342.5

Long Term Debt/Equity 

0.00

0.00

0.00

0.01

0.01

Total Debt/Equity 

0.00

0.01

0.05

0.10

0.06

Long Term Debt/Total Capital 

0.00

0.00

0.00

0.01

0.01

Total Debt/Total Capital 

0.00

0.01

0.05

0.09

0.05

Payout Ratio 

46.63%

46.08%

42.71%

42.76%

42.71%

Effective Tax Rate 

25.00%

23.67%

20.50%

23.57%

24.60%

Total Capital1 

8,764.9

7,462.9

6,525.5

6,820.8

4,731.0

 

 

 

 

 

 

Efficiency

Asset Turnover 

1.38

1.38

1.40

1.47

1.50

Inventory Turnover 

4.63

4.65

4.36

4.46

4.76

Days In Inventory 

78.91

78.57

83.76

81.79

76.69

Receivables Turnover 

26.76

21.35

19.52

22.20

22.08

Days Receivables Outstanding 

13.64

17.09

18.70

16.44

16.53

Revenue/Employee2 

171,503

166,905

153,368

175,673

153,822

Operating Income/Employee2 

31,359

26,028

23,705

30,763

25,453

EBITDA/Employee2 

39,887

35,004

31,517

39,919

33,485

 

 

 

 

 

 

Profitability

Gross Margin 

59.25%

57.09%

56.83%

56.23%

55.75%

Operating Margin 

18.28%

15.59%

15.46%

17.51%

16.55%

EBITDA Margin 

23.26%

20.97%

20.55%

22.72%

21.77%

EBIT Margin 

18.28%

15.59%

15.46%

17.51%

16.55%

Pretax Margin 

18.53%

15.63%

15.25%

17.44%

16.34%

Net Profit Margin 

13.83%

11.86%

12.04%

13.25%

12.22%

COGS/Revenue 

40.75%

42.91%

43.17%

43.31%

43.79%

SG&A Expense/Revenue 

16.04%

16.16%

26.25%

24.68%

24.02%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

19.18%

16.41%

16.95%

19.58%

18.45%

Return on Equity 

29.57%

26.15%

28.12%

32.72%

31.56%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

4.10

4.09

1.78

2.10

1.12

Operating Cash Flow/Share 2 

5.62

5.18

3.74

4.33

2.92

1-ExchangeRate: EUR to USD Period End Date

0.729395

0.71945

0.76147

0.675402

0.769556

2-ExchangeRate: EUR to USD Average for Period

0.729395

0.71945

0.76147

0.675402

0.769556

 

Current Market Multiples

Market Cap/Earnings (TTM) 

22.96

Market Cap/Equity (MRQ) 

6.37

Market Cap/Revenue (TTM) 

3.18

Market Cap/EBIT (TTM) 

17.69

Market Cap/EBITDA (TTM) 

13.76

Enterprise Value/Earnings (TTM) 

21.29

Enterprise Value/Equity (MRQ) 

5.91

Enterprise Value/Revenue (TTM) 

2.95

Enterprise Value/EBIT (TTM) 

16.41

Enterprise Value/EBITDA (TTM) 

12.77

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal
31-Jan-2010

Updated Normal
31-Jan-2009

Updated Normal
31-Jan-2008

Updated Normal
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

16,503.0

15,502.8

15,113.2

12,910.4

10,239.2

Revenue

16,503.0

15,502.8

15,113.2

12,910.4

10,239.2

    Other Revenue

-

-

-

139.2

108.1

Other Revenue, Total

-

-

-

139.2

108.1

Total Revenue

16,503.0

15,502.8

15,113.2

13,049.5

10,347.3

 

 

 

 

 

 

    Cost of Revenue

6,724.9

6,651.6

6,524.4

5,651.5

4,531.2

Cost of Revenue, Total

6,724.9

6,651.6

6,524.4

5,651.5

4,531.2

Gross Profit

9,778.0

8,851.1

8,588.8

7,258.9

5,708.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

-

1,493.4

1,183.1

906.3

    Labor & Related Expense

2,647.3

2,506.0

2,473.4

2,037.2

1,579.1

Total Selling/General/Administrative Expenses

2,647.3

2,506.0

3,966.8

3,220.3

2,485.4

    Depreciation

847.7

874.4

839.9

687.0

547.2

Depreciation/Amortization

847.7

874.4

839.9

687.0

547.2

    Loss (Gain) on Sale of Assets - Operating

42.5

28.9

-

-

-

Unusual Expense (Income)

42.5

28.9

-

-

-

    Other Operating Expense

3,218.2

3,022.7

1,417.8

1,242.2

1,049.7

    Other, Net

4.7

1.6

28.3

-36.7

21.5

Other Operating Expenses, Total

3,223.0

3,024.3

1,446.2

1,205.5

1,071.2

Total Operating Expense

13,485.4

13,085.2

12,777.3

10,764.3

8,635.1

 

 

 

 

 

 

Operating Income

3,017.5

2,417.5

2,336.0

2,285.2

1,712.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-4.7

-13.2

-13.6

-6.4

-13.9

    Interest Expense, Net Non-Operating

-4.7

-13.2

-13.6

-6.4

-13.9

        Interest Income - Non-Operating

27.7

11.7

37.9

28.5

20.7

        Investment Income - Non-Operating

-

-

-55.6

-31.1

-28.1

    Interest/Investment Income - Non-Operating

27.7

11.7

-17.8

-2.6

-7.4

Interest Income (Expense) - Net Non-Operating Total

23.0

-1.5

-31.4

-9.1

-21.2

    Other Non-Operating Income (Expense)

18.0

6.8

-

-

-

Other, Net

18.0

6.8

-

-

-

Income Before Tax

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Total Income Tax

764.5

573.5

472.4

536.5

416.0

Income After Tax

2,294.0

1,849.3

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

    Minority Interest

-12.5

-10.9

-11.9

-10.4

-10.6

Net Income Before Extraord Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Basic EPS Excl Extraord Items

3.66

2.95

2.93

2.78

2.04

Basic/Primary EPS Incl Extraord Items

3.66

2.95

2.93

2.78

2.04

Diluted Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Diluted Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Diluted EPS Excl Extraord Items

3.66

2.95

2.93

2.78

2.04

Diluted EPS Incl Extraord Items

3.66

2.95

2.93

2.78

2.04

Dividends per Share - Common Stock Primary Issue

1.71

1.36

1.25

1.19

0.87

Gross Dividends - Common Stock

1,313.9

1,046.2

950.5

901.8

661.0

Interest Expense, Supplemental

4.7

13.2

13.6

6.4

13.9

Depreciation, Supplemental

752.5

765.2

702.9

627.9

479.7

Total Special Items

42.5

28.9

-

-

-

Normalized Income Before Tax

3,101.0

2,451.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

10.6

6.8

-

-

-

Inc Tax Ex Impact of Sp Items

775.1

580.4

472.4

536.5

416.0

Normalized Income After Tax

2,325.9

1,871.4

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2,313.4

1,860.5

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic Normalized EPS

3.71

2.99

2.93

2.78

2.04

Diluted Normalized EPS

3.71

2.99

2.93

2.78

2.04

Amort of Intangibles, Supplemental

68.1

68.6

66.9

52.2

60.5

Rental Expenses

1,675.9

1,586.2

1,493.4

1,183.1

906.3

Normalized EBIT

3,060.0

2,446.5

2,336.0

2,285.2

1,712.2

Normalized EBITDA

3,880.7

3,280.2

3,105.7

2,965.3

2,252.4

    Current Tax - Total

775.1

664.0

306.4

563.7

401.4

Current Tax - Total

775.1

664.0

306.4

563.7

401.4

    Deferred Tax - Total

-10.6

-90.5

166.0

-27.2

14.6

Deferred Tax - Total

-10.6

-90.5

166.0

-27.2

14.6

Income Tax - Total

764.5

573.5

472.4

536.5

416.0

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Oct-2011

31-Jul-2011

30-Apr-2011

31-Jan-2011

31-Oct-2010

Period Length

3 Months

6 Months

3 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Oct-2011

Updated Normal 
31-Jul-2011

Updated Normal 
30-Apr-2011

Updated Normal 
31-Jan-2011

Updated Normal 
31-Oct-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.717379

0.705073

0.712722

0.749751

0.753483

 

 

 

 

 

 

    Net Sales

4,879.3

8,805.8

4,153.1

9,338.1

4,433.7

Revenue

4,879.3

8,805.8

4,153.1

9,338.1

4,433.7

Total Revenue

4,879.3

8,805.8

4,153.1

9,338.1

4,433.7

 

 

 

 

 

 

    Cost of Revenue

1,869.0

3,665.2

1,710.3

3,812.8

1,741.4

Cost of Revenue, Total

1,869.0

3,665.2

1,710.3

3,812.8

1,741.4

Gross Profit

3,010.2

5,140.6

2,442.7

5,525.3

2,692.3

 

 

 

 

 

 

    Labor & Related Expense

-

1,522.3

-

1,426.3

-

Total Selling/General/Administrative Expenses

-

1,522.3

-

1,426.3

-

    Depreciation

285.1

472.9

238.5

439.9

242.0

Depreciation/Amortization

285.1

472.9

238.5

439.9

242.0

    Loss (Gain) on Sale of Assets - Operating

-

19.2

-

25.4

-

Unusual Expense (Income)

-

19.2

-

25.4

-

    Other Operating Expense

1,658.7

1,827.6

1,599.5

1,683.7

1,473.4

    Other, Net

-

2.2

-

2.0

-

Other Operating Expenses, Total

1,658.7

1,829.8

1,599.5

1,685.7

1,473.4

Total Operating Expense

3,812.9

7,509.5

3,548.4

7,390.1

3,456.8

 

 

 

 

 

 

Operating Income

1,066.4

1,296.3

604.7

1,948.0

976.9

 

 

 

 

 

 

    Other Non-Operating Income (Expense)

4.1

27.0

9.8

27.7

-0.5

Other, Net

4.1

27.0

9.8

27.7

-0.5

Income Before Tax

1,070.5

1,323.4

614.5

1,975.7

976.4

 

 

 

 

 

 

Total Income Tax

249.7

300.4

147.3

494.0

240.3

Income After Tax

820.7

1,022.9

467.2

1,481.7

736.1

 

 

 

 

 

 

    Minority Interest

-4.9

-6.4

-1.4

-9.9

-5.3

Net Income Before Extraord Items

815.8

1,016.5

465.8

1,471.8

730.8

Net Income

815.8

1,016.5

465.8

1,471.8

730.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

815.8

1,016.5

465.8

1,471.8

730.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

815.8

1,016.5

465.8

1,471.8

730.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

623.1

623.1

623.3

624.1

622.1

Basic EPS Excl Extraord Items

1.31

1.63

0.75

2.36

1.17

Basic/Primary EPS Incl Extraord Items

1.31

1.63

0.75

2.36

1.17

Diluted Net Income

815.8

1,016.5

465.8

1,471.8

730.8

Diluted Weighted Average Shares

623.1

623.1

623.3

624.1

622.1

Diluted EPS Excl Extraord Items

1.31

1.63

0.75

2.36

1.17

Diluted EPS Incl Extraord Items

1.31

1.63

0.75

2.36

1.17

Dividends per Share - Common Stock Primary Issue

-

-

0.00

0.86

0.00

Gross Dividends - Common Stock

-

-

0.0

-

0.0

Depreciation, Supplemental

285.1

472.9

238.5

439.9

242.0

Total Special Items

-

19.2

-

25.4

-

Normalized Income Before Tax

1,070.5

1,342.6

614.5

2,001.1

976.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

4.4

-

6.3

-

Inc Tax Ex Impact of Sp Items

249.7

304.8

147.3

500.3

240.3

Normalized Income After Tax

820.7

1,037.8

467.2

1,500.8

736.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

815.8

1,031.4

465.8

1,490.9

730.8

 

 

 

 

 

 

Basic Normalized EPS

1.31

1.66

0.75

2.39

1.17

Diluted Normalized EPS

1.31

1.66

0.75

2.39

1.17

Normalized EBIT

1,066.4

1,315.6

604.7

1,973.4

976.9

Normalized EBITDA

1,351.5

1,788.5

843.2

2,413.3

1,218.9

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.729395

0.71945

0.76147

0.675402

0.769556

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

4,707.3

3,363.8

1,925.6

2,170.3

1,177.5

Cash and Short Term Investments

4,707.3

3,363.8

1,925.6

2,170.3

1,177.5

    Trade Accounts Receivable - Net

123.2

156.8

768.7

297.0

198.7

    Other Receivables

560.6

451.2

20.1

392.1

301.0

Total Receivables, Net

683.9

608.0

788.8

689.1

499.6

    Inventories - Finished Goods

1,571.4

1,310.7

1,302.2

1,387.3

996.9

    Inventories - Work In Progress

35.3

28.6

23.2

35.3

23.5

    Inventories - Raw Materials

58.5

40.3

59.9

68.7

50.2

Total Inventory

1,665.2

1,379.6

1,385.3

1,491.3

1,070.6

    Other Current Assets

76.3

130.2

186.8

63.8

43.9

Other Current Assets, Total

76.3

130.2

186.8

63.8

43.9

Total Current Assets

7,132.6

5,481.7

4,286.5

4,414.5

2,791.7

 

 

 

 

 

 

        Land/Improvements

1,559.9

1,364.0

1,163.9

1,246.8

836.1

        Machinery/Equipment

7,121.0

6,598.7

5,776.6

5,645.3

4,331.3

        Other Property/Plant/Equipment

422.5

408.2

571.7

558.7

405.9

    Property/Plant/Equipment - Gross

9,103.4

8,370.9

7,512.2

7,450.9

5,573.4

    Accumulated Depreciation

-4,446.0

-3,793.1

-2,991.6

-2,739.4

-1,949.5

Property/Plant/Equipment - Net

4,657.4

4,577.8

4,520.6

4,711.4

3,623.9

Goodwill, Net

180.5

183.0

172.9

185.9

128.6

    Intangibles - Gross

1,294.9

1,213.5

-

1,152.7

900.3

    Accumulated Intangible Amortization

-532.9

-472.2

-

-385.8

-290.4

Intangibles, Net

761.9

741.2

719.6

766.9

610.0

    LT Investment - Affiliate Companies

-

-

-

0.0

5.8

    LT Investments - Other

36.0

39.8

30.0

67.6

58.8

Long Term Investments

36.0

39.8

30.0

67.6

64.5

    Deferred Income Tax - Long Term Asset

410.4

325.5

266.7

196.9

115.5

    Other Long Term Assets

292.6

236.7

216.3

177.2

127.5

Other Long Term Assets, Total

703.0

562.2

483.0

374.2

242.9

Total Assets

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

Accounts Payable

2,640.5

2,165.2

-

2,336.3

1,663.5

Accrued Expenses

199.6

186.1

-

-

-

Notes Payable/Short Term Debt

0.0

0.0

289.5

493.8

126.6

Current Portion - Long Term Debt/Capital Leases

3.7

48.7

17.8

55.9

62.0

    Income Taxes Payable

292.5

231.9

109.9

165.1

157.0

    Other Payables

531.0

571.8

2,722.6

588.3

440.1

Other Current liabilities, Total

823.6

803.7

2,832.4

753.4

597.1

Total Current Liabilities

3,667.3

3,203.8

3,139.8

3,639.4

2,449.1

 

 

 

 

 

 

    Long Term Debt

4.5

4.0

8.2

49.8

46.1

    Capital Lease Obligations

1.2

3.0

9.2

12.9

15.4

Total Long Term Debt

5.7

6.9

17.4

62.7

61.5

Total Debt

9.4

55.7

324.7

612.4

250.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

236.7

240.3

280.8

164.3

135.6

Deferred Income Tax

236.7

240.3

280.8

164.3

135.6

Minority Interest

50.7

57.5

35.3

35.4

28.9

    Reserves

214.7

176.6

133.7

70.6

58.6

    Other Long Term Liabilities

541.0

493.4

404.9

339.8

247.0

Other Liabilities, Total

755.7

670.0

538.6

410.4

305.6

Total Liabilities

4,716.1

4,178.6

4,011.9

4,312.2

2,980.7

 

 

 

 

 

 

    Common Stock

128.2

130.0

122.8

138.4

121.5

Common Stock

128.2

130.0

122.8

138.4

121.5

Additional Paid-In Capital

27.9

28.3

26.8

30.2

26.5

Retained Earnings (Accumulated Deficit)

8,719.3

7,427.1

6,201.9

6,191.2

4,388.4

Treasury Stock - Common

-0.8

-0.9

-0.8

-10.3

-9.1

    Translation Adjustment

-93.0

-190.6

-222.6

-141.2

-46.3

    Other Equity

-26.1

13.3

72.7

-

-

Other Equity, Total

-119.1

-177.2

-149.9

-141.2

-46.3

Total Equity

8,755.5

7,407.3

6,200.8

6,208.4

4,481.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

623.1

623.1

623.1

621.0

620.9

Total Common Shares Outstanding

623.1

623.1

623.1

621.0

620.9

Treasury Shares - Common Stock Primary Issue

0.2

0.2

0.2

2.4

2.4

Employees

100,138

92,301

89,112

79,517

69,240

Accumulated Intangible Amort, Suppl.

532.9

472.2

390.5

385.2

289.9

Total Long Term Debt, Supplemental

4.9

48.5

324.7

96.9

103.3

Long Term Debt Maturing within 1 Year

0.4

44.6

307.3

47.0

57.2

Long Term Debt Maturing in Year 2

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in Year 3

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in Year 4

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in Year 5

1.1

1.0

4.3

12.5

11.5

Long Term Debt Maturing in 2-3 Years

2.3

2.0

8.7

24.9

23.0

Long Term Debt Maturing in 4-5 Years

2.3

2.0

8.7

24.9

23.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

4.5

7.2

13.4

21.8

30.9

Capital Lease Payments Due in Year 1

3.3

4.2

4.2

8.9

7.3

Capital Lease Payments Due in Year 2

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in Year 3

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in Year 4

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in Year 5

0.3

0.7

2.3

3.2

5.7

Capital Lease Payments Due in 2-3 Years

0.6

1.5

4.6

6.4

11.5

Capital Lease Payments Due in 4-5 Years

0.6

1.5

4.6

6.4

11.5

Cap. Lease Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.6

Total Operating Leases, Supplemental

5,374.1

4,238.3

2,957.8

3,601.1

2,761.8

Operating Lease Payments Due in Year 1

1,115.4

1,054.4

783.6

789.8

606.4

Operating Lease Payments Due in Year 2

1,675.7

485.4

338.4

407.0

310.9

Operating Lease Payments Due in Year 3

558.6

485.4

338.4

407.0

310.9

Operating Lease Payments Due in Year 4

558.6

485.4

338.4

407.0

310.9

Operating Lease Payments Due in Year 5

558.6

485.4

338.4

407.0

310.9

Operating Lease Pymts. Due in 2-3 Years

2,234.2

970.7

676.7

813.9

621.8

Operating Lease Pymts. Due in 4-5 Years

1,117.1

970.7

676.7

813.9

621.8

Oper. Lse. Pymts. Due in Year 6 & Beyond

907.3

1,242.4

820.8

1,183.4

911.8

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Oct-2011

31-Jul-2011

30-Apr-2011

31-Jan-2011

31-Oct-2010

UpdateType/Date

Updated Normal 
31-Oct-2011

Updated Normal 
31-Jul-2011

Updated Normal 
30-Apr-2011

Updated Normal 
31-Jan-2011

Updated Normal 
31-Oct-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.716949

0.695894

0.674036

0.729395

0.719476

 

 

 

 

 

 

    Cash & Equivalents

4,365.7

4,168.8

4,479.0

4,707.3

4,169.7

    Short Term Investments

0.0

-

-

-

136.2

Cash and Short Term Investments

4,365.7

4,168.8

4,479.0

4,707.3

4,305.9

    Trade Accounts Receivable - Net

920.6

920.0

893.1

660.6

783.9

    Other Receivables

-

39.0

-

23.2

-

Total Receivables, Net

920.6

959.0

893.1

683.9

783.9

Total Inventory

2,262.4

2,113.4

1,839.7

1,665.2

1,801.3

    Other Current Assets

173.0

140.6

231.4

76.3

112.6

Other Current Assets, Total

173.0

140.6

231.4

76.3

112.6

Total Current Assets

7,721.6

7,381.9

7,443.2

7,132.6

7,003.7

 

 

 

 

 

 

Property/Plant/Equipment - Net

5,463.4

5,505.3

5,422.6

4,657.4

4,695.1

Goodwill, Net

-

206.8

-

180.5

-

Intangibles, Net

1,000.1

824.3

1,065.2

761.9

966.0

    LT Investments - Other

13.9

39.3

14.8

36.0

12.5

Long Term Investments

13.9

39.3

14.8

36.0

12.5

    Deferred Income Tax - Long Term Asset

-

445.3

-

410.4

-

    Other Long Term Assets

785.3

306.6

786.3

292.6

699.1

Other Long Term Assets, Total

785.3

751.9

786.3

703.0

699.1

Total Assets

14,984.3

14,709.5

14,732.1

13,471.6

13,376.4

 

 

 

 

 

 

Accounts Payable

4,601.4

4,381.5

4,486.4

3,371.1

4,393.5

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

5.6

2.1

3.0

3.7

4.2

    Income Taxes Payable

-

451.0

-

292.5

-

    Other Current Liabilities

-1.4

-

-

-

-

Other Current liabilities, Total

-1.4

451.0

-

292.5

-

Total Current Liabilities

4,605.6

4,834.6

4,489.4

3,667.3

4,397.6

 

 

 

 

 

 

    Long Term Debt

11.2

6.0

5.9

5.7

9.7

Total Long Term Debt

11.2

6.0

5.9

5.7

9.7

Total Debt

16.7

8.1

8.9

9.4

13.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

226.0

229.1

222.5

236.7

176.5

Deferred Income Tax

226.0

229.1

222.5

236.7

176.5

Minority Interest

50.2

46.2

53.4

50.7

45.9

    Reserves

-

186.9

-

214.7

-

    Other Long Term Liabilities

786.7

605.5

870.9

541.0

683.8

Other Liabilities, Total

786.7

792.3

870.9

755.7

683.8

Total Liabilities

5,679.6

5,908.2

5,642.1

4,716.1

5,313.6

 

 

 

 

 

 

    Common Stock

-

134.4

-

128.2

-

Common Stock

-

134.4

-

128.2

-

Additional Paid-In Capital

-

29.3

-

27.9

-

Retained Earnings (Accumulated Deficit)

-

7,737.2

-

8,693.2

-

Treasury Stock - Common

-

0.0

-

-0.8

-

    Other Equity

9,304.7

900.4

9,090.0

-93.0

8,062.8

Other Equity, Total

9,304.7

900.4

9,090.0

-93.0

8,062.8

Total Equity

9,304.7

8,801.3

9,090.0

8,755.5

8,062.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

14,984.3

14,709.5

14,732.1

13,471.6

13,376.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

623.1

623.1

623.3

623.1

623.3

Total Common Shares Outstanding

623.1

623.1

623.3

623.1

623.3

Treasury Shares - Common Stock Primary Issue

0.2

0.2

-

0.2

-

Employees

-

101,689

-

100,138

-

Total Long Term Debt, Supplemental

-

2.1

3.0

3.7

4.2

Long Term Debt Maturing within 1 Year

-

2.1

3.0

3.7

4.2

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

Total Operating Leases, Supplemental

-

-

-

3,698.4

-

Operating Lease Payments Due in Year 1

-

-

-

1,115.4

-

Operating Lease Payments Due in Year 2

-

-

-

1,675.7

-

Operating Lease Pymts. Due in 2-3 Years

-

-

-

1,675.7

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

-

-

907.3

-

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Reclassified Normal 
31-Jan-2010

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

    Depreciation

838.3

873.8

826.8

687.0

547.2

Depreciation/Depletion

838.3

873.8

826.8

687.0

547.2

Deferred Taxes

-

-

-

-53.2

-16.8

    Other Non-Cash Items

41.5

117.1

16.7

2.5

0.3

Non-Cash Items

41.5

117.1

16.7

2.5

0.3

    Accounts Receivable

-157.7

227.6

-232.0

-121.2

-64.8

    Inventories

-299.2

67.8

-104.7

-273.2

-171.0

    Accounts Payable

478.2

69.9

208.1

477.7

116.7

    Other Operating Cash Flow

-592.1

-532.9

-441.6

-482.1

-338.5

Changes in Working Capital

-570.6

-167.5

-570.2

-398.6

-457.6

Cash from Operating Activities

3,367.6

3,246.2

2,578.0

2,513.8

1,764.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-812.3

-644.8

-1,237.3

-1,175.8

-989.2

    Purchase/Acquisition of Intangibles

-97.7

-37.6

-113.4

-121.7

-99.9

Capital Expenditures

-910.0

-682.4

-1,350.6

-1,297.5

-1,089.1

    Sale of Business

-

0.0

-8.9

32.6

-36.2

    Sale of Fixed Assets

-

-

-

13.2

33.5

    Investment, Net

-49.1

-17.6

-34.3

-36.8

-20.3

    Purchase of Investments

-34.0

0.5

31.6

-14.3

-7.7

    Other Investing Cash Flow

0.0

-13.5

1.0

-

-

Other Investing Cash Flow Items, Total

-83.2

-30.6

-10.6

-5.2

-30.7

Cash from Investing Activities

-993.2

-713.0

-1,361.2

-1,302.7

-1,119.8

 

 

 

 

 

 

    Other Financing Cash Flow

-0.9

0.4

-2.9

0.7

0.0

Financing Cash Flow Items

-0.9

0.4

-2.9

0.7

0.0

    Cash Dividends Paid - Common

-989.9

-926.1

-960.7

-721.4

-527.2

Total Cash Dividends Paid

-989.9

-926.1

-960.7

-721.4

-527.2

    Short Term Debt, Net

-42.8

-285.0

-199.5

296.7

-80.9

        Long Term Debt Issued

-44.1

14.7

16.5

-

-

        Long Term Debt Reduction

-1.1

-4.9

-41.6

-

-

    Long Term Debt, Net

-45.2

9.8

-25.1

-1.0

-120.4

Issuance (Retirement) of Debt, Net

-87.9

-275.2

-224.6

295.7

-201.3

Cash from Financing Activities

-1,078.7

-1,200.9

-1,188.2

-425.1

-728.6

 

 

 

 

 

 

Foreign Exchange Effects

39.2

1.8

-27.8

-11.9

-19.5

Net Change in Cash

1,335.0

1,334.1

0.7

774.1

-103.8

 

 

 

 

 

 

Net Cash - Beginning Balance

3,188.3

2,050.9

2,128.7

1,253.3

1,247.8

Net Cash - Ending Balance

4,523.3

3,385.1

2,129.4

2,027.5

1,144.0

Cash Taxes Paid

669.3

547.0

421.2

536.5

416.0

 

 

 

Interim Cash Flows

 

Standardized

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jul-2011

31-Jan-2011

31-Jul-2010

31-Jan-2010

31-Jul-2009

Period Length

6 Months

12 Months

6 Months

12 Months

6 Months

UpdateType/Date

Updated Normal 
31-Jul-2011

Updated Normal 
31-Jan-2011

Reclassified Normal 
31-Jul-2011

Updated Normal 
31-Jan-2010

Reclassified Normal 
31-Jul-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.705073

0.759051

0.768551

0.714938

0.743254

 

 

 

 

 

 

Net Income/Starting Line

1,323.4

3,058.5

1,093.3

2,422.8

661.0

    Depreciation

471.7

838.3

405.1

873.8

392.0

Depreciation/Depletion

471.7

838.3

405.1

873.8

392.0

    Unusual Items

-

-

-

-

49.3

    Other Non-Cash Items

-492.9

-39.1

-220.6

42.9

20.6

Non-Cash Items

-492.9

-39.1

-220.6

42.9

69.9

    Accounts Receivable

-

-157.7

-

227.6

244.9

    Inventories

-

-299.2

-

67.8

-222.0

    Accounts Payable

-

478.2

-

69.9

-425.6

    Other Operating Cash Flow

-245.1

-511.5

-200.5

-458.6

-224.1

Changes in Working Capital

-245.1

-490.1

-200.5

-93.3

-626.8

Cash from Operating Activities

1,057.1

3,367.6

1,077.4

3,246.2

496.0

 

 

 

 

 

 

    Purchase of Fixed Assets

-1,062.1

-812.3

-342.1

-644.8

-281.9

    Purchase/Acquisition of Intangibles

-

-97.7

-

-37.6

-20.0

Capital Expenditures

-1,062.1

-910.0

-342.1

-682.4

-301.9

    Investment, Net

-19.3

-34.0

-187.1

0.5

-20.1

    Purchase of Investments

-

-49.1

-

-17.6

-4.2

    Other Investing Cash Flow

-

0.0

-

-13.5

-13.0

Other Investing Cash Flow Items, Total

-19.3

-83.2

-187.1

-30.6

-37.3

Cash from Investing Activities

-1,081.4

-993.2

-529.2

-713.0

-339.2

 

 

 

 

 

 

    Other Financing Cash Flow

-

-0.9

-

0.4

0.0

Financing Cash Flow Items

-

-0.9

-

0.4

0.0

    Cash Dividends Paid - Common

-716.5

-989.9

-491.2

-926.1

-471.5

Total Cash Dividends Paid

-716.5

-989.9

-491.2

-926.1

-471.5

    Short Term Debt, Net

-2.2

-42.8

-38.5

-285.0

31.4

    Long Term Debt, Net

-

-45.2

1.9

9.8

-34.8

Issuance (Retirement) of Debt, Net

-2.2

-87.9

-36.6

-275.2

-3.5

Cash from Financing Activities

-718.8

-1,078.7

-527.8

-1,200.9

-475.0

 

 

 

 

 

 

Foreign Exchange Effects

-12.0

39.2

-3.0

1.8

-7.0

Net Change in Cash

-755.1

1,335.0

17.5

1,334.1

-325.2

 

 

 

 

 

 

Net Cash - Beginning Balance

4,869.6

3,188.3

3,148.9

2,050.9

1,972.8

Net Cash - Ending Balance

4,114.6

4,523.3

3,166.4

3,385.1

1,647.6

Cash Taxes Paid

307.1

669.3

278.6

547.0

165.5

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.759051

0.714938

0.688599

0.722989

0.792118

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Revenue

16,503.0

15,502.8

15,113.2

-

-

    Sales - Own Shops

-

-

-

11,986.5

9,578.6

    Sales - Franchised Shops

-

-

-

923.9

660.6

    Other Op. Revenue

-

-

-

139.2

108.1

Total Revenue

16,503.0

15,502.8

15,113.2

13,049.5

10,347.3

 

 

 

 

 

 

    Work in Progress

-292.5

87.1

-69.2

-253.5

-176.1

    Purchases

7,017.5

6,564.5

6,593.6

5,905.0

4,707.4

    Personnel Costs

2,647.3

2,506.0

2,473.4

2,037.2

1,579.1

    Dep./Amortization

847.7

874.4

839.9

687.0

547.2

    Other Op. Expense

3,218.2

3,022.7

1,417.8

1,242.2

1,049.7

    Rental Expense

-

-

1,493.4

1,183.1

906.3

    Other Expense

4.7

1.6

28.3

-36.7

21.5

    Extra. Gain Disposal

42.5

28.9

-

-

-

Total Operating Expense

13,485.4

13,085.2

12,777.3

10,764.3

8,635.1

 

 

 

 

 

 

    Interest Income

27.7

11.7

37.9

28.5

20.7

    Interest Expense

-4.7

-13.2

-13.6

-6.4

-13.9

    Other Fin. Revenue

18.0

6.8

-

-

-

    Foreign Exchange Net

-

-

-55.9

-18.7

-22.2

    Dividends

-

-

0.3

0.2

0.3

    Equity Investment

-

-

0.0

-10.4

-3.5

    ST Investments

-

-

0.0

-2.2

-2.7

Net Income Before Taxes

3,058.5

2,422.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Provision for Income Taxes

764.5

573.5

472.4

536.5

416.0

Net Income After Taxes

2,294.0

1,849.3

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

    Minority Interest

-12.5

-10.9

-11.9

-10.4

-10.6

Net Income Before Extra. Items

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Basic EPS Excluding ExtraOrdinary Items

3.66

2.95

2.93

2.78

2.04

Basic EPS Including ExtraOrdinary Item

3.66

2.95

2.93

2.78

2.04

Diluted Net Income

2,281.6

1,838.4

1,820.3

1,729.3

1,264.4

Diluted Weighted Average Shares

623.1

623.1

621.7

620.9

620.9

Diluted EPS Excluding ExtraOrd Items

3.66

2.95

2.93

2.78

2.04

Diluted EPS Including ExtraOrd Items

3.66

2.95

2.93

2.78

2.04

DPS-Common Stock

1.71

1.36

1.25

1.19

0.87

Gross Dividends - Common Stock

1,313.9

1,046.2

950.5

901.8

661.0

Normalized Income Before Taxes

3,101.0

2,451.8

2,304.6

2,276.2

1,691.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

775.1

580.4

472.4

536.5

416.0

Normalized Income After Taxes

2,325.9

1,871.4

1,832.1

1,739.7

1,275.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

2,313.4

1,860.5

1,820.3

1,729.3

1,264.4

 

 

 

 

 

 

Basic Normalized EPS

3.71

2.99

2.93

2.78

2.04

Diluted Normalized EPS

3.71

2.99

2.93

2.78

2.04

Interest Expense

4.7

13.2

13.6

6.4

13.9

Amort of Intangibles

68.1

68.6

66.9

52.2

60.5

Depreciation

752.5

765.2

702.9

627.9

479.7

Rental Expense

1,675.9

1,586.2

1,493.4

1,183.1

906.3

    Current Tax

775.1

664.0

306.4

563.7

401.4

Current Tax - Total

775.1

664.0

306.4

563.7

401.4

    Deferred Tax

-10.6

-90.5

166.0

-27.2

14.6

Deferred Tax - Total

-10.6

-90.5

166.0

-27.2

14.6

Income Tax - Total

764.5

573.5

472.4

536.5

416.0

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Oct-2011

31-Jul-2011

30-Apr-2011

31-Jan-2011

31-Oct-2010

Period Length

3 Months

6 Months

3 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Oct-2011

Updated Normal 
31-Jul-2011

Updated Normal 
30-Apr-2011

Updated Normal 
31-Jan-2011

Updated Normal 
31-Oct-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.717379

0.705073

0.712722

0.749751

0.753483

 

 

 

 

 

 

    Net Sales

4,879.3

8,805.8

4,153.1

9,338.1

4,433.7

Total Revenue

4,879.3

8,805.8

4,153.1

9,338.1

4,433.7

 

 

 

 

 

 

    Inventories

-

-363.2

-

-56.9

-

    Cost of Sales

1,869.0

4,028.4

1,710.3

3,869.7

1,741.4

    Labor Expenses

-

1,522.3

-

1,426.3

-

    Operating Expenses

1,658.7

1,827.6

1,599.5

1,683.7

1,473.4

    Other Expenses/Income Net

-

2.2

-

2.0

-

    Depreciation

285.1

472.9

238.5

439.9

242.0

    Sale of Assets

-

19.2

-

25.4

-

Total Operating Expense

3,812.9

7,509.5

3,548.4

7,390.1

3,456.8

 

 

 

 

 

 

    Financial Income

-

19.8

-

16.4

-

    Financial Expense

-

-8.3

-

0.3

-

    Exchange Difference

-

15.6

-

11.0

-

    Net Fin. Expenses

4.1

-

9.8

-

-0.5

Net Income Before Taxes

1,070.5

1,323.4

614.5

1,975.7

976.4

 

 

 

 

 

 

Provision for Income Taxes

249.7

300.4

147.3

494.0

240.3

Net Income After Taxes

820.7

1,022.9

467.2

1,481.7

736.1

 

 

 

 

 

 

    Minority Interest

-4.9

-6.4

-1.4

-9.9

-5.3

Net Income Before Extra. Items

815.8

1,016.5

465.8

1,471.8

730.8

Net Income

815.8

1,016.5

465.8

1,471.8

730.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

815.8

1,016.5

465.8

1,471.8

730.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

815.8

1,016.5

465.8

1,471.8

730.8

 

 

 

 

 

 

Basic Weighted Average Shares

623.1

623.1

623.3

624.1

622.1

Basic EPS Excluding ExtraOrdinary Items

1.31

1.63

0.75

2.36

1.17

Basic EPS Including ExtraOrdinary Item

1.31

1.63

0.75

2.36

1.17

Diluted Net Income

815.8

1,016.5

465.8

1,471.8

730.8

Diluted Weighted Average Shares

623.1

623.1

623.3

624.1

622.1

Diluted EPS Excluding ExtraOrd Items

1.31

1.63

0.75

2.36

1.17

Diluted EPS Including ExtraOrd Items

1.31

1.63

0.75

2.36

1.17

DPS-Common Stock

-

-

0.00

0.86

0.00

Gross Dividends - Common Stock

-

-

0.0

-

0.0

Normalized Income Before Taxes

1,070.5

1,342.6

614.5

2,001.1

976.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

249.7

304.8

147.3

500.3

240.3

Normalized Income After Taxes

820.7

1,037.8

467.2

1,500.8

736.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

815.8

1,031.4

465.8

1,490.9

730.8

 

 

 

 

 

 

Basic Normalized EPS

1.31

1.66

0.75

2.39

1.17

Diluted Normalized EPS

1.31

1.66

0.75

2.39

1.17

Depreciation

285.1

472.9

238.5

439.9

242.0

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

UpdateType/Date

Updated Normal 
31-Jan-2011

Updated Normal 
31-Jan-2010

Updated Normal 
31-Jan-2009

Updated Normal 
31-Jan-2008

Updated Normal 
31-Jan-2007

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.729395

0.71945

0.76147

0.675402

0.769556

Auditor

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

58.5

40.3

59.9

68.7

50.2

    WIP

35.3

28.6

23.2

35.3

23.5

    Finished Goods

1,571.4

1,310.7

1,302.2

1,387.3

996.9

    Trade Receivables

123.2

156.8

768.7

297.0

198.7

    Public Administration

-

-

-

279.2

187.5

    Other Receivables

537.4

429.5

-

110.4

86.3

    Tax Receivable

23.2

21.8

20.1

2.5

27.1

    Cash and Equivalents

4,707.3

3,363.8

1,925.6

2,170.3

1,177.5

    Other Current Assets

76.3

130.2

186.8

63.8

43.9

Total Current Assets

7,132.6

5,481.7

4,286.5

4,414.5

2,791.7

 

 

 

 

 

 

    Rights to Leased Premises

-

-

698.0

-

-

    Other Intangibles

-

-

21.6

-

-

    Intangible Asset, Gross

1,294.9

1,213.5

-

-

-

    Rights

-

-

-

1,098.7

853.6

    Industry Property

-

-

-

34.1

25.7

    Software

-

-

-

14.3

10.3

    Advances

-

-

-

5.7

10.8

    Accum. Amort.

-527.0

-471.3

-

-385.2

-289.9

    Provisions

-5.9

-0.9

-

-0.6

-0.5

    Land/Structures

1,559.9

1,364.0

1,163.9

1,246.8

836.1

    Install./Machine

7,121.0

6,598.7

5,776.6

5,645.3

4,331.3

    Other Tangibles

359.2

313.2

266.6

257.3

181.8

    Advances

173.8

170.1

343.2

332.3

257.2

    Depreciation

-4,446.0

-3,793.1

-2,991.6

-2,739.4

-1,949.5

    Provisions

-110.4

-75.0

-38.1

-30.8

-33.1

    Holdings Companies

-

-

-

0.0

5.8

    Inv. Securities

12.2

21.4

18.9

53.6

43.4

    Real Estate Investments

23.8

18.4

11.1

14.0

15.4

    Other

292.6

236.7

216.3

177.2

127.5

    Goodwill Consol.

180.5

183.0

172.9

185.9

128.6

    Deferred Tax

410.4

325.5

266.7

196.9

115.5

Total Assets

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

    Payable/Loans

0.4

44.6

13.6

47.0

55.8

    Credits

-

-

289.5

493.8

126.6

    Leasings

3.3

4.2

4.2

8.9

4.7

    Other debt

-

-

-

0.0

1.4

    Creditors

-

-

2,722.6

-

-

    Trade Acc. Pybl.

2,640.5

2,165.2

-

2,336.3

1,663.5

    Non-Trade Pybl.

531.0

571.8

-

588.3

440.1

    Accrual Accounts

199.6

186.1

-

-

-

    Tax Payable

292.5

231.9

109.9

165.1

157.0

Total Current Liabilities

3,667.3

3,203.8

3,139.8

3,639.4

2,449.1

 

 

 

 

 

 

    Payable/Credits

4.5

4.0

8.2

49.8

46.1

    Leasings

1.2

3.0

9.2

12.9

15.4

Total Long Term Debt

5.7

6.9

17.4

62.7

61.5

 

 

 

 

 

 

    Minority Int.

50.7

57.5

35.3

35.4

28.9

    Deferred Tax

236.7

240.3

280.8

164.3

135.6

    Conting. Prov.

214.7

176.6

133.7

70.6

58.6

    Other Liability

541.0

493.4

404.9

339.8

247.0

Total Liabilities

4,716.1

4,178.6

4,011.9

4,312.2

2,980.7

 

 

 

 

 

 

    Capital

128.2

130.0

122.8

138.4

121.5

    Additional Cap.

27.9

28.3

26.8

30.2

26.5

    Other Reserves

74.7

75.7

71.6

80.7

70.8

    Own Shares

-0.8

-0.9

-0.8

-10.3

-9.1

    Translate Diff.

-93.0

-190.6

-222.6

-141.2

-46.3

    Retained Earnings

8,644.6

7,351.3

6,130.3

6,110.5

4,317.6

    Cash Flow

-26.1

13.3

72.7

-

-

Total Equity

8,755.5

7,407.3

6,200.8

6,208.4

4,481.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

13,471.6

11,585.8

10,212.7

10,520.6

7,461.7

 

 

 

 

 

 

    S/O-Common Stock

623.1

623.1

623.1

621.0

620.9

Total Common Shares Outstanding

623.1

623.1

623.1

621.0

620.9

T/S-Common Stock

0.2

0.2

0.2

2.4

2.4

Accumulated Intangible Amortization

532.9

472.2

390.5

385.2

289.9

Full-Time Employees

100,138

92,301

89,112

79,517

69,240

LT Debt Maturing Within 1 Year

0.4

44.6

307.3

47.0

57.2

LT Debt Maturing Within 5 Years

4.5

4.0

17.4

49.8

46.1

LT Debt Remaining

-

-

-

0.0

0.0

Total Long Term Debt, Supplemental

4.9

48.5

324.7

96.9

103.3

Capital Leases Maturing Within 1 Y

3.3

4.2

4.2

8.9

7.3

Capital Leases Maturing Within 5 Y

1.2

3.0

9.2

12.9

23.0

Capital Leases Remaning

0.0

0.0

0.0

0.0

0.6

Total Capital Leases

4.5

7.2

13.4

21.8

30.9

Operating Leases Maturing Within 1 Y

1,115.4

1,054.4

783.6

789.8

606.4

Operating Leases Maturing Within 5 Y

1,675.7

1,941.5

1,353.4

1,627.8

1,243.6

Operating Leases Remaning

907.3

1,242.4

820.8

1,183.4

911.8

Optg leases-year 2

1,675.7

1,941.5

1,353.4

1,627.8

1,243.6

Total Operating Leases

5,374.1

6,179.7

4,311.2

5,228.9

4,005.4

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Oct-2011

31-Jul-2011

30-Apr-2011

31-Jan-2011

31-Oct-2010

UpdateType/Date

Updated Normal 
31-Oct-2011

Updated Normal 
31-Jul-2011

Updated Normal 
30-Apr-2011

Updated Normal 
31-Jan-2011

Updated Normal 
31-Oct-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.716949

0.695894