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Balance Sheet With Vertical Analysis

INDITEX TO JAN 31 OF EACH YEAR. 1000= A MILLION


Assets
Current Assets
Cash and Equivalents

2011

2010

2009

2008

2007

!3,433.45
!3,433.45

34.94%
34.94%

!2,420.11
!2,420.11

29.03%
29.03%

!1,466.29
!1,466.29

18.86%
18.86%

!1,465.84
!1,465.84

20.63%
20.63%

!906.15
!906.15

15.78%
15.78%

!89.88
!408.92
!498.80

0.91%
4.16%
5.08%

!112.80
!324.65
!437.45

1.35%
3.89%
5.25%

!585.31
!15.34
!600.65

7.53%
0.20%
7.72%

!200.60
!264.84
!465.44

2.82%
3.73%
6.55%

!152.91
!231.60
!384.51

2.66%
4.03%
6.70%

!42.68
!25.77
!1,146.18
!1,214.63

0.43%
0.26%
11.66%
12.36%

!29.02
!20.60
!942.95
!992.57

0.35%
0.25%
11.31%
11.91%

!45.60
!17.69
!991.55
!1,054.84

0.59%
0.23%
12.75%
13.56%

!46.40
!23.83
!936.99
!1,007.22

0.65%
0.34%
13.19%
14.17%

!38.66
!18.06
!767.18
!823.90

0.67%
0.31%
13.36%
14.35%

!0.00
!0.00
!55.63

0.00%
0.00%
0.57%

!0.00
!0.00
!93.67

0.00%
0.00%
1.12%

!0.00
!0.00
!142.26

0.00%
0.00%
1.83%

!0.00
!0.00
!43.11

0.00%
0.00%
0.61%

!0.00
!0.00
!33.78

0.00%
0.00%
0.59%

Total Current Assets

!5,202.51

52.95%

!3,943.80

47.31%

!3,264.04

41.97%

!2,981.61

41.96%

!2,148.34

37.41%

Fixed Assets
Land and Improvements
Machinery, Furniture and equipment
Other Fixed Assets

!1,137.82
!5,194.01
!308.17

11.58%
52.86%
3.14%

!981.32
!4,747.45
!293.68

11.77%
56.96%
3.52%

!886.30
!4,398.71
!435.30

11.40%
56.56%
5.60%

!842.12
!3,812.84
!377.37

11.85%
53.66%
5.31%

!643.46
!3,333.20
!312.38

11.21%
58.05%
5.44%

Gross Fixed Assets

!6,640.00

67.58%

!6,022.45

72.25%

!5,720.31

73.56%

!5,032.33

70.82%

!4,289.04

74.69%

-Accumulated Depreciation On M, F and E

!3,242.92

33.00%

!2,728.92

32.74%

!2,277.99

29.29%

!1,850.21

26.04%

!1,500.22

26.13%

Net Fixed Assets

!3,397.08

34.57%

!3,293.53

39.51%

!3,442.32

44.26%

!3,182.12

44.78%

!2,788.82

48.57%

Intangible Assets

!555.75

5.66%

!533.28

6.40%

!547.94

7.05%

!517.95

7.29%

!469.42

8.17%

Goodwill

!131.69

1.34%

!131.69

1.58%

!131.69

1.69%

!125.58

1.77%

!98.99

1.72%

539.05

5.49%

433.14

5.20%

390.66

5.02%

298.35

4.20%

236.58

4.12%

!9,826.08

100.00%

!8,335.44

100.00%

!7,776.65

100.00%

!7,105.61

100.00%

!5,742.15

100.00%

Cash and Equivalents and Securities


Accounts Receivable
Other Receivable
Receivables
Raw Materials
Work in Process
Finished Goods
Inventory
Prepaid Expenses
Temporary Investments (Short term)
Other Current Assets

Other Non Current assets


Total Assets

Liabilities and Shareholders Equity


Current Liabilities
Accounts Payable
Accrued Expenses
Short Term Debt
Current Portion of Long Term Debt
Accrued Liabilities
Other Current Liabilities

2011

2010

2009

2008

2007

!1,925.95
!145.57
!0.00
!2.68
!0.00
!600.71
!2,674.91

55.99%
4.23%
0.00%
0.08%
0.00%
17.46%
77.76%

!1,557.75
!133.92
!0.00
!35.06
!0.00
!578.23
!2,304.96

51.82%
4.45%
0.00%
1.17%
0.00%
19.23%
76.67%

!0.00
!0.00
!220.47
!13.57
!0.00
!2,156.81
!2,390.85

0.00%
0.00%
7.22%
0.44%
0.00%
70.60%
78.26%

!1,577.94
!0.00
!333.49
!37.78
!0.00
!508.86
!2,458.07

54.18%
0.00%
11.45%
1.30%
0.00%
17.47%
84.40%

!1,280.14
!0.00
!97.39
!47.68
!0.00
!459.53
!1,884.74

55.81%
0.00%
4.25%
2.08%
0.00%
20.03%
82.17%

!3.29
!0.88
!4.17

0.10%
0.03%
0.12%

!2.85
!2.15
!5.00

0.09%
0.07%
0.17%

!6.25
!6.99
!13.24

0.20%
0.23%
0.43%

!33.66
!8.70
!42.36

1.16%
0.30%
1.45%

!35.47
!11.84
!47.31

1.55%
0.52%
2.06%

!6.85

0.20%

!40.06

1.33%

!247.28

8.09%

!413.63

14.20%

!192.38

8.39%

Total Liabilities

!172.65
!36.98
!551.19
!3,439.90

5.02%
1.08%
16.02%
35.01%

!172.89
!41.38
!482.04
!3,006.27

5.75%
1.38%
16.03%
36.07%

!213.85
!26.89
!410.11
!3,054.94

7.00%
0.88%
13.42%
39.28%

!110.96
!23.92
!277.17
!2,912.48

3.81%
0.82%
9.52%
40.99%

!104.32
!22.23
!235.18
!2,293.78

4.55%
0.97%
10.25%
39.95%

Shareholders Equity
Capital Stock
Additional Paid in Capital
Retained Earnings

!93.50
!20.38
!6,359.81

1.46%
0.32%
99.59%

!93.50
!20.38
!5,343.42

1.75%
0.38%
100.27%

!93.50
!20.38
!4,722.56

1.98%
0.43%
100.02%

!93.50
!20.38
!4,181.55

2.23%
0.49%
99.72%

!93.50
!20.38
!3,377.12

2.71%
0.59%
97.93%

!0.62

0.01%

!0.62

0.01%

!0.62

0.01%

!6.93

0.17%

!6.97

0.20%

!86.89

1.36%

!127.51

2.39%

!114.11

2.42%

!95.37

2.27%

!35.66

1.03%

Total Shareholders Equity

!6,386.18

64.99%

!5,329.17

63.93%

!4,721.71

60.72%

!4,193.13

59.01%

!3,448.37

60.05%

Total Liabilities and Equity

!9,826.08

100.00%

!8,335.44

100.00%

!7,776.65

100.00%

!7,105.61

100.00%

!5,742.15

100.00%

Total Current Liabilities


Long Term Debt
Capital Lease Obligation
Total Long Term Debt
Total Debt
Taxes Payable
Minority Interest Liability
Other Liabilities

-Treasure Stock
-Other Equity Adjustments

Balance Sheet Horizontal Analysis


INDITEX TO JAN 31 OF EACH YEAR
Assets
Current Assets
Cash and Equivalents

2011

Absolute Value

Relative Value

2010

Absolute value

Relative Value

2009

Absolute Value

Relative Value

2008

Absolute Value

Relative Value

2007

!3,433.45
!3,433.45

!1,013.34
!1,013.34

41.87%
41.87%

!2,420.11
!2,420.11

!953.82
!953.82

65.05%
65.05%

!1,466.29
!1,466.29

!0.45
!0.45

0.03%
0.03%

!1,465.84
!1,465.84

!559.69
!559.69

61.77%
61.77%

!906.15
!906.15

!89.88
!408.92
!498.80

(!22.92)
!84.27
!61.35

-20.32%
25.96%
14.02%

!112.80
!324.65
!437.45

(!472.51)
!309.31
(!163.20)

-80.73%
2,016.36%
-27.17%

!585.31
!15.34
!600.65

!384.71
(!249.50)
!135.21

191.78%
-94.21%
29.05%

!200.60
!264.84
!465.44

!47.69
!33.24
!80.93

31.19%
14.35%
21.05%

!152.91
!231.60
!384.51

!42.68
!25.77
!1,146.18
!1,214.63

!13.66
!5.17
!203.23
!222.06

47.07%
25.10%
21.55%
22.37%

!29.02
!20.60
!942.95
!992.57

(!16.58)
!2.91
(!48.60)
(!62.27)

-36.36%
16.45%
-4.90%
-5.90%

!45.60
!17.69
!991.55
!1,054.84

(!0.80)
(!6.14)
!54.56
!47.62

-1.72%
-25.77%
5.82%
4.73%

!46.40
!23.83
!936.99
!1,007.22

!7.74
!5.77
!169.81
!183.32

20.02%
31.95%
22.13%
22.25%

!38.66
!18.06
!767.18
!823.90

!0.00
!0.00
!55.63

!0.00
!0.00
(!38.04)

0.00%
0.00%
-40.61%

!0.00
!0.00
!93.67

!0.00
!0.00
(!48.59)

0.00%
0.00%
-34.16%

!0.00
!0.00
!142.26

!0.00
!0.00
!99.15

0.00%
0.00%
229.99%

!0.00
!0.00
!43.11

!0.00
!0.00
!9.33

0.00%
0.00%
27.62%

!0.00
!0.00
!33.78

Total Current Assets

!5,202.51

!1,258.71

31.92%

!3,943.80

!679.76

20.83%

!3,264.04

!282.43

9.47%

!2,981.61

!833.27

38.79%

!2,148.34

Fixed Assets
Land and Improvements
Machinery, Furniture and equipment
Other Fixed Assets

!1,137.82
!5,194.01
!308.17

!156.50
!446.56
!14.49

15.95%
9.41%
4.93%

!981.32
!4,747.45
!293.68

!95.02
!348.74
(!141.62)

10.72%
7.93%
-32.53%

!886.30
!4,398.71
!435.30

!44.18
!585.87
!57.93

5.25%
15.37%
15.35%

!842.12
!3,812.84
!377.37

!198.66
!479.64
!64.99

30.87%
14.39%
20.80%

!643.46
!3,333.20
!312.38

Gross Fixed Assets

!6,640.00

!617.55

30.29%

!6,022.45

!302.14

5.28%

!5,720.31

!687.98

13.67%

!5,032.33

!743.29

17.33%

!4,289.04

-Accumulated Depreciation On M, F and E

!3,242.92

!514.00

18.84%

!2,728.92

!450.93

19.80%

!2,277.99

!427.78

23.12%

!1,850.21

!349.99

23.33%

!1,500.22

Net Fixed Assets

!3,397.08

!103.55

3.14%

!3,293.53

(!148.79)

-4.32%

!3,442.32

!260.20

8.18%

!3,182.12

!393.30

14.10%

!2,788.82

Intangible Assets

!555.75

!22.47

4.21%

!533.28

(!14.66)

-2.68%

!547.94

!29.99

5.79%

!517.95

!48.53

10.34%

!469.42

Goodwill

!131.69

!0.00

0.00%

!131.69

!0.00

0.00%

!131.69

!6.11

4.87%

!125.58

!26.59

26.86%

!98.99

539.05

!105.91

24.45%

433.14

!42.48

10.87%

390.66

!92.31

30.94%

298.35

!61.77

26.11%

236.58

!9,826.08

!1,490.64

17.88%

!8,335.44

!558.79

7.19%

!7,776.65

!671.04

9.44%

!7,105.61

!1,363.46

23.74%

!5,742.15

Cash and Equivalents and Securities


Accounts Receivable
Other Receivable
Receivables
Raw Materials
Work in Process
Finished Goods
Inventory
Prepaid Expenses
Temporary Investments (Short term)
Other Current Assets

Other Non Current assets


Total Assets

Liabilities and Shareholders Equity


Current Liabilities
Accounts Payable
Accrued Expenses
Short Term Debt
Current Portion of Long Term Debt
Accrued Liabilities
Other Current Liabilities

2011

Absolute Value

Relative Value

2010

Absolute Value

Relative Value

2009

Absolute Value

Relative Value

2008

Absolute Value

Relative Value

2007

!1,925.95
!145.57
!0.00
!2.68
!0.00
!600.71
!2,674.91

!368.20
!11.65
!0.00
(!32.38)
!0.00
!22.48
!369.95

23.64%
8.70%
0.00%
-92.36%
0.00%
3.89%
16.05%

!1,557.75
!133.92
!0.00
!35.06
!0.00
!578.23
!2,304.96

!1,557.75
!133.92
(!220.47)
!21.49
!0.00
(!1,578.58)
(!85.89)

100.00%
100.00%
-100.00%
158.36%
0.00%
-73.19%
-3.59%

!0.00
!0.00
!220.47
!13.57
!0.00
!2,156.81
!2,390.85

(!1,577.94)
!0.00
(!113.02)
(!24.21)
!0.00
!1,647.95
(!67.22)

-100.00%
0.00%
-33.89%
-64.08%
0.00%
323.85%
-2.73%

!1,577.94
!0.00
!333.49
!37.78
!0.00
!508.86
!2,458.07

!297.80
!0.00
!236.10
(!9.90)
!0.00
!49.33
!573.33

23.26%
0.00%
242.43%
-20.76%
0.00%
10.73%
30.42%

!1,280.14
!0.00
!97.39
!47.68
!0.00
!459.53
!1,884.74

!3.29
!0.88
!4.17

!0.44
(!1.27)
(!0.83)

15.44%
-59.07%
-16.60%

!2.85
!2.15
!5.00

(!3.40)
(!4.84)
(!8.24)

-54.40%
-69.24%
-62.24%

!6.25
!6.99
!13.24

(!27.41)
(!1.71)
(!29.12)

-81.43%
-19.66%
-68.74%

!33.66
!8.70
!42.36

(!1.81)
(!3.14)
(!4.95)

-5.10%
-26.52%
-10.46%

!35.47
!11.84
!47.31

!6.85

(!33.21)

-82.90%

!40.06

(!207.22)

-83.80%

!247.28

(!166.35)

-40.22%

!413.63

!221.25

115.01%

!192.38

Total Liabilities

!172.65
!36.98
!551.19
!3,439.90

(!0.24)
(!4.40)
!69.15
!433.63

-0.14%
-10.63%
14.35%
14.42%

!172.89
!41.38
!482.04
!3,006.27

(!40.96)
!14.49
!71.93
(!48.67)

-19.15%
53.89%
17.54%
-1.59%

!213.85
!26.89
!410.11
!3,054.94

!102.89
!2.97
!132.94
!142.46

92.73%
12.42%
47.96%
4.89%

!110.96
!23.92
!277.17
!2,912.48

!6.64
!1.69
!41.99
!618.70

6.37%
7.60%
17.85%
26.97%

!104.32
!22.23
!235.18
!2,293.78

Shareholders Equity
Capital Stock
Additional Paid in Capital
Retained Earnings

!93.50
!20.38
!6,359.81

!0.00
!0.00
!1,016.39

0.00%
0.00%
19.02%

!93.50
!20.38
!5,343.42

!0.00
!0.00
!620.86

0.00%
0.00%
13.15%

!93.50
!20.38
!4,722.56

!0.00
!0.00
!541.01

0.00%
0.00%
12.94%

!93.50
!20.38
!4,181.55

!0.00
!0.00
!804.43

!93.50
!20.38
!3,377.12

!0.62

!0.00

0.00%

!0.62

!0.00

0.00%

!0.62

(!6.31)

-91.05%

!6.93

(!0.04)

!6.97

!86.89

(!40.62)

-31.86%

!127.51

!13.40

11.74%

!114.11

!18.74

19.65%

!95.37

!59.71

!35.66

Total Shareholders Equity

!6,386.18

!1,057.01

19.83%

!5,329.17

!607.46

12.87%

!4,721.71

!528.58

84.34%

!4,193.13

!744.76

0.00%

!3,448.37

Total Liabilities and Equity

!9,826.08

!1,490.64

17.88%

!8,335.44

!558.79

7.19%

!7,776.65

!671.04

9.44%

!7,105.61

!1,363.46

26.97%

!5,742.15

Total Current Liabilities


Long Term Debt
Capital Lease Obligation
Total Long Term Debt
Total Debt
Taxes Payable
Minority Interest Liability
Other Liabilities

-Treasure Stock
-Other Equity Adjustments

Vertical Analysis Table

General
Non Current Assets
47.5%

Equity
64.9%

Current Assets
52.95%

Liabilities
35.1%

Current Assets
Stocks
12.36%

Equity
64.99% (From Total Equities)

Receivables
5.08%

Medium and Long Term


Liabilities
0.12% and 0.04%(From Total)

Cash
34.94%

Short Term Liabilities


77.76% and 27.22%(from Total)

Current assets should be approximately double of current Liabilities (YES)


Debtors + Stock should be Aprox Equal to Current liabilities (NO)
Medium and Long Term Liabilities Should represent between 40 - 50% of Total Liab. (NO)
Horizontal Analysis Table
Year 2010

Year 2011

Fixed Assets:
Increase in 3.14%

Fixed Assets: 3293.53

Inventory:
Increase 22.37%

Inventory

Debtors + Cash
Increase 55.89%

Debtors + Cash

Year 2010

Year 2011

Equity
Increase 19.83%

Equity

Short Term Liabilities


Increase 16.05%

Short Term Liabilities

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