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Annual Results 2020 FY20 Results a Year Dominated by the Pandemic and Key to the Transformation of the Company Inditex Exceeds € 1.1 Billion Net Profit

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Annual Results 2020 FY20 Results a Year Dominated by the Pandemic and Key to the Transformation of the Company Inditex Exceeds € 1.1 Billion Net Profit Annual Results 2020 FY20 Results A year dominated by the pandemic and key to the transformation of the company Inditex exceeds € 1.1 billion net profit Online sales increased by 77% in local currencies to €6.6bn, making Inditex a global leader in online fashion Zara 2 10 march 2021 The Group generated net sales of €20.4 billion in FY20 – from 1 February 2020 to 31 January 2021 – reducing the year-on-year decline to 28% or 25% excluding the foreign exchange impact. This was despite 100% of its stores being mandated to close or having restricted trading hours or capacity during periods of the financial year. Inditex’s executive chairman, Pablo Isla, said of the results, “Inditex has emerged stronger after such a challenging year thanks to the amazing commitment displayed by everyone here at the company”. Under this context, he underlined the relevance of “the digital transformation strategy initiated in 2012, which is built around the integrated store and online sales platform”. “Inditex as a company is stronger today than it was two years ago, with a unique business model and a global, flexible, digitally integrated and sustainable sales platform, which places us in an excellent position for the future”., Isla concluded During the year, Inditex launched its online sales platform in 25 new markets and opened new stores in 29. The Group’s eight retail brands are currently available online in 216 markets around the world, 91 of which offer the integrated store and online shopping experience. The fast deployment of the integrated stock management system (SINT), which is already available in 5,777 stores across 89 markets, has played a crucial role during the pandemic. Specifically, SINT made it possible to fulfil 46 million online orders worth €1.16 billion from the Group’s stores during the year. In a year dominated by the pandemic, Inditex continued generating cash to reach €7.6 billion net financial position by close of FY20. Store and online sales in local currencies decreased by 15% between 1st and 28th February 2021, with 21% of stores closed. Between 1st and 7th March, with 15% of stores closed, sales decreased 4%. Excluding the five more significant markets with mandated closures (Germany, Brazil, Greece, Portugal and UK) sales registered growth of 2%. Thanks to the robust net financial position, the Board of Directors will submit a motion for the payment of a €0.70 per share dividend at the next Annual General Meeting: an ordinary dividend of €0.22 and an extraordinary dividend of €0.48. €0.35 will be paid out on 3 May 2021 and the remaining €0.35 on 2 November 2021. 3 Inditex employees 4 FY20 Results I. A year dominated by the pandemic Inditex generated net sales of €20.4bn in FY20 (1 The Group’s tax contribution was €4.7bn, while its February 2020 to 31 January 2021), a year dominated effective global income tax rate was 21.2%, in line by the COVID-19 pandemic. The company prioritised with previous years. the health of its staff and customers at all times, and every one of its stores was mandated to close As a result, the Group was able to reach a net profit of or restrict trading hours and capacity during long €1.1bn in FY20. In this sense, the company reached periods of the year. a remarkable €1.3bn net profit during the second half of the fiscal year. Against that backdrop, online sales registered growth of 77% in local currencies, to over €6.6bn in FY20, In light of these results, Inditex’s executive chairman, with growth of over 100% during certain periods of Pablo Isla, said, “Inditex has emerged now a stronger the year. Those figures rank Inditex as one of the company, after such a difficult challenging year, leading players in online fashion globally. thanks to the amazing commitment displayed by everyone here at the company.” He added that “the Active and continuous cost management throughout digital transformation initiated in 2012, which is built the pandemic drove a reduction in operating around the integrated store and online sales platform, expenses of 17%, evidencing the company’s flexibility has proven to be the right strategy”. “Inditex as a and ability to adapt. In parallel, gross margin stayed company is stronger today than it was two years ago, at a robust 55.8%, despite the restrictions faced with a unique business model and a global, flexible, across the store network, particularly during the digitally integrated and efficient sales platform, fourth quarter, which has the biggest impact on this which places us in an excellent position for the future”. metric every year. In local currencies, gross margin growth increased 170bps to 57.6% of sales (257bps in the second half). 2021 trading update. Store and online sales in local currencies declined by 15% between 1 and 28 The Group ended the year with a solid liquidity February, with 21% of the stores closed. Between 1 and position of €7.56bn and high-quality inventory, thanks 7 March, with 15% of stores closed, sales contracted to continuous improvement in stock management. by 4%. Excluding the five more significant markets with Inventory decreased by 9% following the impairment mandated closures (Germany, Brazil, Greece, Portugal in value provision recognised in 2019 in anticipation and UK) sales registered growth of 2%. of the effects of the pandemic. Thanks to the robust net financial position and cash The integrated management of online and store flows generated by the strong operating performance, inventories was one of the highlights of the year: the Company was able to pay dividends worth thanks to the rapid deployment of the Integrated €1.1bn last November, while maintaining its ability to Stock Management System (SINT) – already reinvest in the growth of the company. In this same available in 5,777 stores across 89 markets – the line, Inditex’s Board of Directors will submit a motion Group was able to fulfil online orders worth over for a €0.70 per-share dividend at the Annual General €1.16bn from its stores. Meeting scheduled for July. The proposed payment 5 Orders prepared from store through SINT will consist of an ordinary dividend of €0.22 and an orders and endorsing financial support initiatives extraordinary dividend of €0.48 per share, divided into (refer to page. 8-9). two equal payments, €0.35 per share to be paid on 3 May 2021 and another €0.35, on 2 November 2021. Specifically in Spain, the number of local suppliers increased to 6,384 and they invoiced the Group more than €4bn. Total invoicing by Spanish suppliers over A committed company. Throughout the pandemic, the past five years stands at €24.4bn. the Group has reinforced its commitment to its various stakeholders (refer to page. 8-9, Committed Another highlight was the launch of volunteer initiatives to people throughout Covid-19). with employees. These initiatives raised €1.4 million through solidarity projects in areas close to the The company’s commitment during the pandemic headquarters. This amount also strengthened the included a focus on its suppliers, by supporting health collaboration with the charity Caritas, by supporting and safety improvements, guaranteeing payments for online training activities for vulnerable groups whose orders as per the original terms, not cancelling any employment programmes had been suspended. 6 FY20 Results Employees at Zara Nueva York 7 Commitment to people throughout COVID-19 As soon as the effects of the pandemic began to be collaboration, Inditex donated over 2.5 million items felt, the Group rolled out a plethora of initiatives of PPE. designed to contain the effects of the crisis. This When the pandemic spread to Europe, the Group made included the activation of a global emergency relief its full logistics and procurement capabilities available programme within its community investment effort to the emergency response effort with the aim of to which Inditex committed over €40.4 million; among acquiring and transporting much-needed materials as other things, this effort enabled the mobilisation of quickly as possible. more than 177 million units of protective equipment Between the purchases made by the authorities and and other basic necessities. private donors, including those made by the Amancio Ortega Foundation and the Group itself, the Group The first country to suffer the effects of the virus delivered over 177 million priority items, which was China, where Inditex’s efforts focused on the were transported on 66 flights: 2,300 ventilators, purchase of personal protective equipment (PPE) 2.8 million N95/FFP2 face masks, over 120 million for distribution to hospitals, with the help of the surgery masks, nearly 44 million pairs of gloves, Tsinghua University Education Foundation and the 425,000 face shields, 540,000 protective suits, 1.5 Hubei Provincial Charity Federation. Through that million surgery gowns, 350 hospital beds, 1.9 million 8 FY20 Results tests and 17 robots to accelerate test processing. In The Group also put in place a number of different total Inditex committed €24.6 million to that effort. actions and programmes to tackle the health and In addition, Inditex made more than 140,000 economic consequences of the Covid-19 pandemic on waterproof health gowns in its facilities, which were its supply chain workers, paying particular attention to distributed locally via the regional authorities. those in greatest need. It also donated 31,000 items from the Zara Home In a number of markets affected by the pandemic, the bedding collection (blankets, sheets and pillows) Group also made monetary and material contributions. to health, homeless and women’s refuge centres, in It is the case of US, Brazil, Mexico, Italy, Romania, addition to more than one million garments for people Portugal and the UK, where the company supported in need.
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