INDITEX 2021 ANNUAL REPORT

Translation of annual accounts originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Company in Spain (see Notes 2 and 21). In the event of a discrepancy, the Spanish-language version prevails.

Index

STATEMENT BY THE DIRECTORS ABOUT THE CONTENTS OF THE FINANCIAL ANNUAL

REPORT ........................................................................................................................................... 4

AUDITOR´S REPORT ON THE ANNUAL ACCOUNTS .................................................................... 6

ANNUAL ACCOUNTS AND DIRECTORS´REPORT FOR THE YEAR ENDED 31 JANUARY 2022

....................................................................................................................................................... 14

Balance sheet as at 31 January 2022 and 2021 ............................................................... 15

Income statement for the years ended 31 January 2022 and 2021 ............................... 17

Statement of changes in equity for the years ended 31 January 2022 and 2021 .......... 18

Statement of cash flows for the years ended 31 January 2022 and 2021 ...................... 20

NOTES TO THE ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 ................. 21

1. Activity and description of the Company ........................................................................ 22

2. Basis of presentation of the annual accounts ................................................................ 24

3. Distribution of profit ......................................................................................................... 29

4. Accounting policies .......................................................................................................... 30

5. Intangible assets .............................................................................................................. 44

6. Property, plant and equipment ....................................................................................... 46

7. Investment property ........................................................................................................ 49

8. Investments in Group companies and financial assets (current and non-current) .... 51

9. Cash and cash equivalents .............................................................................................. 54

10. Inventories ..................................................................................................................... 55

11. Equity .............................................................................................................................. 56

12. Long-term provisions ..................................................................................................... 58

13. Non-current and current accruals and deferred income ............................................ 59

14. Non-current and current liabilities ............................................................................... 60

15. Balances and transactions with Group and related companies ................................. 61

16. Taxes .............................................................................................................................. 63

17. Guarantee commitments to third parties ..................................................................... 68

18. Income and expenses ................................................................................................... 69

19. Information on the nature and level of risk ................................................................. 72

20. Other disclosures ........................................................................................................... 77

21. Explanation added for translation to English ............................................................... 83

Annex I. List of Company of investments in Group companies at 31 January 2022 ...... 84

Annex II. Direct and indirect investments of the members of the Board of Directors in

the share capital of the Company at 31 January 2022 ..................................................... 94

DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2022 .......................................... 95

Report on Internal Control Systems (ICFR) ......................................................................... 100

Annual Corporate Governance Report (ACGR) .................................................................... 103

Annual Report on Remuneration (ARR) ................................................................................ 271

STATEMENT BY THE DIRECTORS 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 individual accounts for fiscal year 2021 (1 February 2021 - 31 January 2022), stated by the Board of Directors in the meeting held on 15 March 2022, 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 that the individual 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.), together with the description of the main risks and uncertainties they face up to.

In Arteixo (A Coruña), on 15 March 2022.

Mr Pablo Isla Álvarez de Tejera

Executive Chairman

Mr Amancio Ortega Gaona

Mr José Arnau Sierra

Ordinary Member

Deputy Chairman

Mr Óscar García Maceiras

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 Torres

Ordinary Member

Ordinary Member

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INDITEX - Industria de Diseño Textil SA published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2022 14:36:03 UTC.