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Statement Made by the Directors of Industria De Diseño Textil, S.A

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Statement Made by the Directors of Industria De Diseño Textil, S.A STATEMENT MADE BY THE DIRECTORS OF INDUSTRIA DE DISEÑO TEXTIL, S.A. (INDITEX, S.A.) ABOUT THE CONTENTS OF THE FINANCIAL ANNUAL REPORT We, the members of the Board of Directors of the company, do hereby state and represent that, to the best of our knowledge and belief, the annual consolidated accounts for fiscal year 2020 (1 February 2020 – 31 January 2021), stated by the Board of Directors in the meeting held on 9 March 2021, drafted pursuant to the applicable accounting principles, give the true and fair view of the assets, the financial situation and the results of Industria de Diseño Textil, S.A. (Inditex, S.A.) and of the undertakings consolidated taken as a whole, and that the consolidated financial report includes a true review of the evolution and the corporate results, as well as of the position of Industria de Diseño Textil, S.A. (Inditex, S.A.) and of the undertakings consolidated taken as a whole, together with the description of the main risks and uncertainties they face up to. In Arteixo (A Coruña), on 9 March 2021. Mr Pablo Isla Álvarez de Tejera Executive Chairman Mr Amancio Ortega Gaona Mr José Arnau Sierra Ordinary Member Deputy Chairman Mr Carlos Crespo González Pontegadea Inversiones, S.L CEO Ordinary Member Ms Flora Pérez Marcote Bns Denise Patricia Kingsmill Ms Pilar López Álvarez Ordinary Member Ordinary Member Ms Anne Lange Mr José Luis Durán Schulz Ordinary Member Ordinary Member Mr Rodrigo Echenique Gordillo Mr Emilio Saracho Rodríguez Ordinary Member Torres Ordinary Member INDITEX GROUP CONSOLIDATED ANNUAL ACCOUNTS AS AT 31 JANUARY 2021 Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and of consolidated annual accounts originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain (see initial Note and Note 33). In the event of a discrepancy, the Spanish- language version prevails. Group Consolidated Annual Accounts and Directors’ Report Index CONSOLIDATED INCOME STATEMENT ....................................................................................................... 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................................................. 5 CONSOLIDATED BALANCE SHEET .............................................................................................................. 6 CONSOLIDATED STATEMENT OF CASH FLOWS ......................................................................................... 7 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................... 8 NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS OF THE INDITEX GROUP ......................................... 9 1 Activity and description of the Group .......................................................................................... 13 2 Selected accounting policies ............................................................................................................ 15 2.1 Basis of consolidation ............................................................................................................ 15 2.2 Accounting policies ................................................................................................................ 18 a) Translation of foreign currency balances and transactions .............................................. 20 b) Property, plant and equipment ......................................................................................... 21 c) Other intangible assets ..................................................................................................... 21 d) Financial investments ....................................................................................................... 21 e) Investment property ......................................................................................................... 21 f) Impairment of non-current assets .................................................................................... 22 g) Trade and other receivables.............................................................................................. 25 h) Inventories ........................................................................................................................ 25 i) Cash and cash equivalents ................................................................................................ 26 j) Employee benefits ............................................................................................................ 26 k) Provisions and contingent liabilities .................................................................................. 27 l) Financial instruments ........................................................................................................ 27 m) Derivatives and hedging operations .................................................................................. 29 n) Revenue recognition ......................................................................................................... 31 o) Leases ............................................................................................................................... 31 p) Finance income and costs ................................................................................................. 34 q) Income tax ........................................................................................................................ 34 r) Current and non-current assets and liabilities .................................................................. 35 s) Treasury shares ................................................................................................................. 35 t) Grants ................................................................................................................................ 36 3 Net Sales ........................................................................................................................................... 36 INDITEX 2 Group Consolidated Annual Accounts and Directors’ Report 4 Cost of sales ..................................................................................................................................... 36 5 Operating expenses ........................................................................................................................ 37 6 Other losses and income, net ......................................................................................................... 38 7 Amortisation and depreciation ..................................................................................................... 39 8 Financial results .............................................................................................................................. 39 9 Earnings per share .......................................................................................................................... 39 10 Segment reporting .......................................................................................................................... 40 11 Trade and other receivables .......................................................................................................... 42 12 Inventories ....................................................................................................................................... 43 13 Property, plant and equipment ..................................................................................................... 43 14 Other intangible assets ................................................................................................................... 46 15 Leases ................................................................................................................................................ 48 16 Goodwill ........................................................................................................................................... 50 17 Financial investments ..................................................................................................................... 51 18 Other non-current assets ............................................................................................................... 52 19 Trade and other payables .............................................................................................................. 52 20 Net financial position ...................................................................................................................... 53 21 Provisions ........................................................................................................................................ 55 22 Other non-current liabilities .......................................................................................................... 56 23 Equity ............................................................................................................................................... 56 24 Income taxes. .................................................................................................................................. 58 25 Financial risk management policy and financial instruments ................................................... 61 26 Employee benefits ........................................................................................................................... 68 27 Jointly controlled entities .............................................................................................................
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