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Annual Report 2001English, PDF, 1.46MB index 5 financial highlights 11 letter to shareholders 15 business performance 17 concepts 23 ipo and stock performance 24 human resources 25 corporate responsibility 29 auditors’ report and annual accounts 31 auditors’ report 32 balance sheet 34 profit and loss account 36 consolidated report 71 consolidated management report 91 corporate governance Financial Highlights Increases in all margin lines Net income of the Inditex Group in Fiscal 2001 came to 340.4 million euros, 31% above the previous year. Consolidated net sales reached 3,249.8 million euros, an increase of 24% compared with Fiscal 2000, despite an unfavourable economic environment brought about by the events of September 11th. All the margin lines show increases compared with 2000, as a consequence of the growth strategy of the Group’s concepts, the continuity of international expansion and its ability to adapt to market demands. Sales performance – which increased by 9% in like-for-like stores – and the improvement in management of costs and inventories have led to greater profitability, increasing the operating cash flow (EBITDA), the operating income (EBIT) and net income more than net sales. In particular, EBITDA grew by 35% with respect to 2000, to 704.5 million euros, and EBIT by 36%, reaching 517.5 million euros. At the end of Fiscal 2001, the Inditex Group had 1,284 stores open around the world, 204 more than in 2000, with a selling area of 659,400 m2, 22% more than the previous year. Of the total number of stores, 515 were located outside Spain and generated 54% of total sales. During the course of 2001, seven new markets were opened: Luxembourg, Iceland, Ireland, Italy, the Czech Republic, Jordan and Puerto Rico. NET CAGR NET INCOME CAGR 01/96 01/96 NUMBER of SALES 26% 36% STORES millions of euros millions of euros 340.4 3,249.8 259.2 1,284 2,614.7 204.7 1,080 2,035.1 153.1 922 1,614.7 748 117.4 622 1,217.4 541 1,008.5 72.7 96 97 98 99 00 01 96 97 98 99 00 01 96 97 98 99 00 01 Main indicators millions of euros Description 2001 2000 1999 1998 1997 1996 CAGR 01/96 Net sales 3,249.8 2,614.7 2,035.1 1,614.7 1,217.4 1,008.5 26% Yo Y % 24% 28% 26% 33% 21% EBITDA 704.5 521.5 410.4 325.7 253.6 202.1 28% Yo Y % 35% 27% 26% 28% 25% EBIT 517.5 379.9 296.2 241.5 192.6 150.3 28% Yo Y % 36% 28% 23% 25% 28% Net income 340.4 259.2 204.7 153.1 117.4 72.7 36% Yo Y % 31% 27% 34% 30% 61% Shareholders equity 1,486.2 1,170.9 893.2 673.4 529.9 414.9 29% Yo Y % 27% 31% 33% 27% 28% Number of stores at FY end 1,284 1,080 922 748 622 541 % International sales 54% 52% 49% 46% 42% 36% LFL 9% 9% 5% 11% 7% 4% ROE 26% 25% 26% 25% 25% 20% ROCE 39% 34% 33% 36% 35% 29% Number of employees 26,724 24,004 18,200 15,576 10,891 8,412 7 CAGR CAGR return on sales EBITDA 01/96 EBIT 01/96 28% 28% millions of euros 704.5 millions of euros 517.5 521.5 410.4 379.9 325.7 296.2 241.5 253.6 192.6 202.1 150.3 2001 10.5% 96 97 98 99 00 01 96 97 98 99 00 01 Market capitalization EPS Stock performance at FYE euro cents euros millions of euros 22-05-01 14.70 31 - JAN- 02 13,794.3 2001 54.6 31-01-02 21.41 01/00 31% % Var. 45.6 return on equity return on capital Shareholders (ROE) employed (ROCE) equity millions of euros 1,486.2 1,170.9 893.2 673.4 529.9 414.9 2001 25.6% 2001 39% 96 97 98 99 00 01 GROWTH in % International number of like-for-like sales in 2001 countries SALES (LFL) 39 33 30 54% 21 01/00 9% international 14 10 96 97 98 99 00 01 No. of stores per chain Net openings at 31-Jan-02 2001 ZARA 507 58 PULL AND BEAR 249 20 MASSIMO DUTTI 223 25 BERSHKA 151 47 STRADIVARIUS 120 20 OYSHO 34 34 Total 1,284 204 9 Letter to Shareholders Dear shareholders, It is a pleasure for me to address you in this year in which Inditex Group has experienced extremely significant events, both from the point of view of commercial activity and as regards its shareholding structure. 2001 was the year of Inditex’s flotation on the stock market. Some 26.09 percent of the shares of Inditex were put on sale through an Initial Public Offering aimed at both individual and institutional investors. The reception of the Offering by investors both in Spain and internationally was very positive. The financial world and specialized media certified the success of an operation carried out in a difficult environment, which also contributed to show even more the confidence in our business model. From our point of view, this was another opportunity to see that the planning, effort and enthusiasm for “a job well done” are the pillars on which each of its achievements is based. The Employee Stock Participation Plan was executed four months after Inditex was listed. Today, in addition to the thousands of investors who participated in the Public Offering, Inditex has amongst its shareholders a large number of employees who received their shares for free as a deserved reward for their contribution to the Group. We must highlight the launch in September 2001 of Oysho, the sixth format of Inditex. Its international focus, in line with the general vocation of the Group, has already been confirmed with the opening of stores in several countries. All the concepts have continued their expansion in a similar manner to that of the last few years.There are already more than forty countries with stores of any one of Inditex’s formats. The goal of the group is to consolidate its presence in the largest European markets and expand in some selected international markets. Throughout the past year we have made significant investments in new facilities to keep growing beyond the 1,300 stores open as at 31 January 2002. During the course of the year, the new headquarters of Pull and Bear opened in Narón (A Coruña, Spain) and that of Stradivarius in Sallent (Barcelona, Spain), and improvements have been made in the Massimo Dutti and Bershka logistics centres in Tordera (Barcelona, Spain). The head office of Oysho has been set up at this same location. A significant investment has also been made in the construction of the Tempe footwear logistics centre in Elche (Alicante, Spain). This construction will end during the course of the current year. An important step has been taken through the choice of Zaragoza (Spain) as the location for the second logistics centre of Zara, which will complement that in Arteixo (A Coruña, Spain) and will allow the chain to maintain its pace of growth. Investment has developed in parallel to that of store openings, more than two hundred over the year. As a result, consolidated net sales have grown by 24 percent, reaching the figure of 3,250 million euros, while net income has reached 340 million euros, 31 percent more than in 2000. We have, therefore, closed an important year for Inditex, the first in which the management and achievements of the Group have been the object of external evaluation, due to its flotation in the stock market. The recently established relationship with our shareholders is a new ground for encouragement for all the organisation: more than 26,000 people in more than forty countries who I would like to thank for their enthusiasm and dedication and who make it possible for this group to continue to grow with strength worldwide. Amancio Ortega Gaona Chairman 13 Business Performance Fiscal 2001 was marked by a very relevant event in the evolution of Inditex when it was listed on the stock exchange on 23 May. Through this process, thousands of new shareholders have come to hold shares in its capital. As a result of the general strategy of the business, which continues to be based on the international growth of its concepts, the group opened 204 stores over the fiscal year and expanded its operations to reach a total of 39 countries. In line with this growth, investments were made during the course of the year in several of its distribution centres, the number of employees increased and the planned opening of new countries during Fiscal 2002 was agreed. CONCEPTS ZARA Net openings of stores of the Zara concept in Fiscal 2001 rose to 58. These openings took place in more than 20 different countries, four of them new (Holland, Luxembourg, Iceland and the Czech Republic). Of the total number of openings, 42 took place in Europe and 16 in the Americas – including the first store in Miami (United States) – and in the Middle East. As at 31 January 2002, Zara had 507 stores, 282 of these outside Spain, with a selling area of 488,400 square metres. The turnover of the format rose to 2,477.4 million euros, 76.2% of the Inditex Group total. In Fiscal 2001, agreements were signed for the entry of Zara in three new European markets during 2002.
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