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Economic, Social and Environmental Performance Evolution of the Main Indicators

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Economic, Social and Environmental Performance Evolution of the Main Indicators economic, social and environmental performance Evolution of the main indicators 2011 2010 Turnover (in millions of euros) Sales 13,793 12,527 Results and cash flow (in millions of euros) Operating profit (EBITDA) 3,258 2,966 Operating profit (EBIT) 2,522 2,290 Net income 1,946 1,741 Net income attributable to the parent company 1,932 1,732 Cash flow 2,613 2,540 Financial and management ratios ROE 28% 30% ROCE 37% 39% Other relevant information Number of stores 5,527 5,044 Net openings 483 437 Number of markets with commercial presence 82 77 Number of employees 109,512 100,138 % men/women 20.5/79.5% 19.5/80.5% Overall energy consumtion (Tj) 3,381 3,230 Number of suppliers 1,398 1,337 Social investment (in millions of euros) 14 11 Highlights Sales 15,000 13,793 12,527 12,500 10,407 11,048 9,435 10,000 7,500 5,000 2,500 0 2007 2008 2009 2010 2011 Sales by geographical 25% 45% Spain Rest of Europe 18% Asia and the rest of the 12% world America Net profit 2,500 1,946 2,000 1,741 1,500 1,258 1,262 1,322 1,000 500 0 2007 2008 2009 2010 2011 Number of employees 0 20,000 40,000 60,000 80,000 100,000 120,000 2011 109,512 2010 100,138 2009 92,301 2008 89,112 2007 79,517 Inditex´s Annual Report addresses its economic, social and environmental performance for the purposes of achieving the maximum transparency in its relationship with all its stakeholders annual report 2011 index 06 Letter from the Chairman | 08 Business model | 10 A look back over 2011 Milestones for the year. International presence | 22 Retail formats. Zara. Pull&Bear. Massimo Dutti. Bershka. Stradivarius. Osyho. Zara Home. Uterqüe. | 42 Customers 54 Suppliers | 70 Employees | 84 Community | 100 Shareholders. Economic and financial report. Consolidated management report. Annual corporate governance report. Audit and control committee. Nomination and remuneration committee 256 Sustainability Balance Sheet. Environmental indicators. Social indicators 280 Verification of audit GRI | 282 Global Reporting Initiative Indicators - 5 - This growth also trickled down to the chain’s business Letter from headquarters in Spain, where the design, creation and product development centres are located as well as the bulk of in-house manufacturing and logistics activity. the Chairman Both the corporate head office, which is about to be extended by some 70,000 square metres, and the various logistics platforms, which are also set to receive facility expansions and upgrades, including pioneering textile industry technology, continue to benefit from significant capital expenditures destined to create a substantial number of jobs. Under the umbrella of the company’s global strategy, I would like to stress the rising prominence of internet at Inditex, which has always targeted its efforts at direct contact with its customers. The various retail chains have expanded their online platforms. Online sales have been enabled in many European countries and in the case of Dear friends, Zara, also in the US and Japan. This gradual deployment will continue until online shopping is a reality in all of Inditex’ operating markets. I would like to start out by underlining the importance for all of us at the Inditex Group of an institutional milestone Consolidated revenue at the Inditex Group rose by 10% in 2011: speaking from the heart, it is an honour to have over 2010, driven by both new store openings and same- taken the reigns of the company from a man of the calibre store sales growth of 4%. This profitable growth allowed of Amancio Ortega. us to continue to put money back into the company, as is our philosophy, to the tune of €1,300 million. Some of the Inditex is the result of shared core values coupled with most noteworthy investments completed in 2011 included decades of daily hard work and dedication by a great the flagship store on New York’s Fifth Avenue (which team. This team and these values are unquestionably the opened its doors in 2012). This store’s inauguration was Group’s most prized asset, the foundations on which it used to present the new Zara concept: an architectural aims to continue to build a solid future and our warranty space combining beauty and utility, as well as the latest that our thirst for a job well done and excellence continues achievements on the eco-efficiency front. In sum, the to be instilled in all the new talent joining this communal store’s scale and location has made it a genuine global endeavour. This year I am pleased to report that almost flagship store for the Zara brand. 10,000 new professionals have joined the Group, bringing the total headcount to 110,000. Continuing in the environmental vein, 2011 was the first year under the Sustainable Inditex 2011-2015 strategic This human dimension provides us with a global cultural environmental plan, which extends and expands the wealth of which we are particularly proud. This is a targets attained under earlier multi-year plans. The company which lives and breathes fashion across all cornerstone of the new plan is the eco-efficient store five continents and attempts to connect with each of the program. The new stores being opened to the Group’s streets on which its stores are located. Accordingly, the stringent standards are achieving the highest ratings Group’s diversity adds to the universal image it seeks to from the most demanding external certification entities. project. By the end of 2011, the Group was present in 82 Under this ambitious program the Group intends to markets, having opened its inaugural stores in Australia, design and build fashion showrooms which perform South Africa, Taiwan and Azerbaijan, enabling it to take to the highest energy efficiency standards, ensuring the collections designed with the southern hemisphere in rational consumption as well as the use of certified mind to the next level. In all, the Group opened 483 new environmentally-friendly materials, smart water and stores in no fewer than 49 different countries. cardboard recycling processes and waste sorting. - 6 - annual report 2011 Thanks to these initiatives, energy consumption has been Turning to 2012, I would like to underscore the assurance cut by 20% and carbon emissions, by 30%. The plan, and conviction with which the company is approaching which is the result of years of academic research, calls its global growth strategy, underpinned by significant of implementation of these standards in all the Group’s investment wherewithal that will pave the way for stores worldwide by 2020. continued job creation. The Group plans to start up new operations in several markets, extending the intense Social sustainability is the other bedrock of our pace of new store openings. Online, Zara plans to philosophy. Inditex unquestionably boasts the best textile launch its online store in China, while the other chains suppliers in the world and has opted philosophically to will consolidate their online presence in their existing follow a very well-defined protocol based on two core operating markets. In the year ahead, we will make principles: (i) zero tolerance of breaches of its Code of further progress on all the aspects that have made the Conduct; and (ii) empowerment of its teams to improve Group one of the benchmark international players in the conditions throughout the supply chain, articulated in world of fashion. a clear commitment to gradual enhancement of social conditions and the creation of jobs and social wealth. We aim to continue to enjoy our fascinating relationship Without a shadow of a doubt, we can call on the best with our customers across all five continents, offer the allies, all of whom similarly engaged, in this cause. highest standards of quality and service and sell fashion lovers everywhere reliable, socially responsible and Our involvement in international platforms such as sustainable products. I know for sure that every single Ethical Trading Initiative, and/or the reinforcement of person working at this company shares this unwavering our agreement with the International Textile, Garments calling, a determination of which I feel particularly proud. and Leather Workers’ Federation (ITGLWF), in addition to our commitment to Global Compact, have proven to be learning tools regarding the enforcement of best practices, and knowledge tools to anticipate and resolve any incidents. Pablo Isla Chairman - 7 - Business model Over 21 million Over 109,000 Over 1,300 followers on professionals suppliers Facebook customers employees suppliers store design 5,527 stores in 82 In 2011, marketing of markets and five over 1.9 million organic continents cotton garments 483 new stores all of which have criteria of eco-efficiency The place where customers’ Over 1,000 professionals desire for fashion meets the devoted to the design and offers of each chain’s design development of products. team. Each chain has its own team, They are the main image whose work is concentrated material for our brands: on market analysis with the privileged locations in the aim of reacting to customers’ main towns; meticulously wishes in the shortest time conceived storefront; a possible. unique internal and external architectural conception; precise coordination of the product and excellent customer services. our commercial formats - 8 - annual report 2011 Over 600,000 Over 60,000 beneficiaries of social investors who trust programmes Inditex business model community shareholders manufacturing distribution 250,000 chemical The objective is to reduce analyses of products the emissions from 2,300 audits logistical activity by 20% by 2020 Over 50% of Inditex’s The logistical system is manufacturing takes place in designed to ensure constant suppliers from proximity.
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