ZARA Management B.V. Zweigniederlassung Hamburg

Hamburg

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.02.2019 bis zum 31.01.2020

ZARA Management B.V.

Amsterdam/Niederlande

BALANCE SHEET AS OF JANUARY 31, 2020

(Before appropriation of net income)

	31. Jan 20	31. Jan 19
	Euro	Euro
ASSETS
Current Assets
Other current assets	11.350	11.350
Cash	344.489	303.128
Total current assets	355.839	314.478
Total assets	355.839	314.478
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholder's equity and liabilities
Issued and paid-in capital	18.152	18.152
Accumulated income (loss)	277.256	238.300
Net income (loss) for the year	39.990	38.956
Total Shareholder's Equity	335.397	295.408
Trade and other Payables	20.442	19.070
Total shareholder's equity and liabilities	355.839	314.478

NOTES TO THE BALANCE SHEET AT JANUARY 31, 2020

Generai

Activities

ZARA Management B.V., (the company), having its legal seat in Amsterdam, The Netherlands, is engaged in the distribution, import, export and retail and wholesale of clothing, shoes and accessories, and participates in a German Kommanditgesellschaft.

The company is a wholly owned subsidiary of Zara Holding B.V., located in Amsterdam,

The Netherlands.

The financial statements of the company are included in the consolidated annual accounts of Industria de Diseno Textil S.A. (Inditex), which have been filed at the Chamber of Commerce in La Coruna, Spain. All companies, directly or indirectly owned by Inditex are referred to as group companies.

Incorporation and financial year

The company was incorporated on February 11, 1997. The financial year ends on January 31 of each year.

Currency

All amounts in the notes to the financial statements and in the other information are stated in Euro unless indicated otherwise.

Accounting Principles

General

The accounting principles of the company are summarized below. These accounting principles have all been applied consistently throughout the year and pretending year.

The balance sheet is prepared on the basis of historical cost, in conformity with the provisions of Part 9 of the Netherlands Civil Code, Book 2.

Assets and liabilities are stated at face value unless indicated otherwise.

Assets and liabilities denominated in foreign currencies are translated into Euro at the rates of exchange prevailing at year-end. Transactions in foreign currencies are translated at the rates of exchange prevailing at the date of the transaction. The exchange results are recorded under financial income and expenses in the profit and loss account.

Accounts receivable

Accounts receivable are stated at face value, less an allowance for possible uncollectible accounts.

Recognition of income

Net sales are determined on the basis of the value (excluding taxes) of goods invoiced, less discount granted io customers. Sales are recognized upon delivery of the goods. Cost of sales is recorded in the same period as sales are recognized.

Other revenues and expenses are recorded in the period in which they relate.

Taxation

The tax on results charged to the profit and loss account is the amount resulting from the application of current tax rules and rates.

Receivables

Receivables as presented under current assets mature within one year.

Shareholder's Equity

The issued and paid-in capital consists of 400 shares of Euro 45,38 each.

Liabilities

Short-term liabilities have a remaining period of less than one year.

Personnel

The company employed no personnel during the financial year 2019/2020.

Statutory directors:

Signed at Amsterdam

G.R.W.H. Tutein Nolthenius

A. Cañiete Diaz

R. Renon Tunez

M. Alipass

L. Platas Grobas