Balance Sheet Analysis INDITEX
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Assets 2011 2010 2009 2008 2007 Current Assets Cash and Equivalents 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 Total Current Assets Fixed Assets Land and Improvements Machinery, Furniture and equipment Other Fixed Assets Gross Fixed Assets -Accumulated Depreciation On M, F and E Net Fixed Assets Intangible Assets Goodwill Other Non Current assets Total Assets !3,433.45 34.94% !2,420.11 29.03% !1,466.29 18.86% !1,465.84 20.63% !906.15 15.78% !3,433.45 34.94% !2,420.11 29.03% !1,466.29 18.86% !1,465.84 20.63% !906.15 15.78% !89.88 0.91% !112.80 1.35% !585.31 7.53% !200.60 2.82% !152.91 2.66% !408.92 4.16% !324.65 3.89% !15.34 0.20% !264.84 3.73% !231.60 4.03% !498.80 5.08% !437.45 5.25% !600.65 7.72% !465.44 6.55% !384.51 6.70% !42.68 0.43% !29.02 0.35% !45.60 0.59% !46.40 0.65% !38.66 0.67% !25.77 0.26% !20.60 0.25% !17.69 0.23% !23.83 0.34% !18.06 0.31% !1,146.18 11.66% !942.95 11.31% !991.55 12.75% !936.99 13.19% !767.18 13.36% !1,214.63 12.36% !992.57 11.91% !1,054.84 13.56% !1,007.22 14.17% !823.90 14.35% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !55.63 0.57% !93.67 1.12% !142.26 1.83% !43.11 0.61% !33.78 0.59% !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% !1,137.82 11.58% !981.32 11.77% !886.30 11.40% !842.12 11.85% !643.46 11.21% !5,194.01 52.86% !4,747.45 56.96% !4,398.71 56.56% !3,812.84 53.66% !3,333.20 58.05% !308.17 3.14% !293.68 3.52% !435.30 5.60% !377.37 5.31% !312.38 5.44% !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% !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% !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% !555.75 5.66% !533.28 6.40% !547.94 7.05% !517.95 7.29% !469.42 8.17% !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% Liabilities and Shareholders’ Equity 2011 2010 2009 2008 2007 Current Liabilities Accounts Payable Accrued Expenses Short Term Debt Current Portion of Long Term Debt Accrued Liabilities Other Current Liabilities Total Current Liabilities Long Term Debt Capital Lease Obligation Total Long Term Debt Total Debt Taxes Payable Minority Interest Liability Other Liabilities Total Liabilities Shareholders’ Equity Capital Stock Additional Paid in Capital Retained Earnings -Treasure Stock -Other Equity Adjustments Total Shareholders’ Equity Total Liabilities and Equity !1,925.95 55.99% !1,557.75 51.82% !0.00 0.00% !1,577.94 54.18% !1,280.14 55.81% !145.57 4.23% !133.92 4.45% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !220.47 7.22% !333.49 11.45% !97.39 4.25% !2.68 0.08% !35.06 1.17% !13.57 0.44% !37.78 1.30% !47.68 2.08% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !600.71 17.46% !578.23 19.23% !2,156.81 70.60% !508.86 17.47% !459.53 20.03% !2,674.91 77.76% !2,304.96 76.67% !2,390.85 78.26% !2,458.07 84.40% !1,884.74 82.17% !3.29 0.10% !2.85 0.09% !6.25 0.20% !33.66 1.16% !35.47 1.55% !0.88 0.03% !2.15 0.07% !6.99 0.23% !8.70 0.30% !11.84 0.52% !4.17 0.12% !5.00 0.17% !13.24 0.43% !42.36 1.45% !47.31 2.06% !6.85 0.20% !40.06 1.33% !247.28 8.09% !413.63 14.20% !192.38 8.39% !172.65 5.02% !172.89 5.75% !213.85 7.00% !110.96 3.81% !104.32 4.55% !36.98 1.08% !41.38 1.38% !26.89 0.88% !23.92 0.82% !22.23 0.97% !551.19 16.02% !482.04 16.03% !410.11 13.42% !277.17 9.52% !235.18 10.25% !3,439.90 35.01% !3,006.27 36.07% !3,054.94 39.28% !2,912.48 40.99% !2,293.78 39.95% !93.50 1.46% !93.50 1.75% !93.50 1.98% !93.50 2.23% !93.50 2.71% !20.38 0.32% !20.38 0.38% !20.38 0.43% !20.38 0.49% !20.38 0.59% !6,359.81 99.59% !5,343.42 100.27% !4,722.56 100.02% !4,181.55 99.72% !3,377.12 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% !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% !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% Balance Sheet With Vertical Analysis INDITEX TO JAN 31 OF EACH YEAR. 1000= A MILLION
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Transcript of Balance Sheet Analysis INDITEX
Assets 2011 2010 2009 2008 2007
Current Assets
Cash and Equivalents
Cash and Equivalents and SecuritiesAccounts ReceivableOther Receivable
ReceivablesRaw MaterialsWork in ProcessFinished Goods
InventoryPrepaid ExpensesTemporary Investments (Short term)
Other Current Assets
Total Current Assets
Fixed Assets
Land and ImprovementsMachinery, Furniture and equipmentOther Fixed Assets
Gross Fixed Assets
-Accumulated Depreciation On M, F and E
Net Fixed Assets
Intangible Assets
Goodwill
Other Non Current assets
Total Assets
!3,433.45 34.94% !2,420.11 29.03% !1,466.29 18.86% !1,465.84 20.63% !906.15 15.78%!3,433.45 34.94% !2,420.11 29.03% !1,466.29 18.86% !1,465.84 20.63% !906.15 15.78%
!89.88 0.91% !112.80 1.35% !585.31 7.53% !200.60 2.82% !152.91 2.66%!408.92 4.16% !324.65 3.89% !15.34 0.20% !264.84 3.73% !231.60 4.03%!498.80 5.08% !437.45 5.25% !600.65 7.72% !465.44 6.55% !384.51 6.70%
!42.68 0.43% !29.02 0.35% !45.60 0.59% !46.40 0.65% !38.66 0.67%!25.77 0.26% !20.60 0.25% !17.69 0.23% !23.83 0.34% !18.06 0.31%
!1,146.18 11.66% !942.95 11.31% !991.55 12.75% !936.99 13.19% !767.18 13.36%!1,214.63 12.36% !992.57 11.91% !1,054.84 13.56% !1,007.22 14.17% !823.90 14.35%
!0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00%!0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00%
!55.63 0.57% !93.67 1.12% !142.26 1.83% !43.11 0.61% !33.78 0.59%
!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%
!1,137.82 11.58% !981.32 11.77% !886.30 11.40% !842.12 11.85% !643.46 11.21%!5,194.01 52.86% !4,747.45 56.96% !4,398.71 56.56% !3,812.84 53.66% !3,333.20 58.05%!308.17 3.14% !293.68 3.52% !435.30 5.60% !377.37 5.31% !312.38 5.44%
!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%
!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%
!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%
!555.75 5.66% !533.28 6.40% !547.94 7.05% !517.95 7.29% !469.42 8.17%
!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%
Liabilities and Shareholders’ Equity 2011 2010 2009 2008 2007
Current Liabilities
Accounts PayableAccrued ExpensesShort Term DebtCurrent Portion of Long Term DebtAccrued LiabilitiesOther Current Liabilities
Total Current LiabilitiesLong Term DebtCapital Lease Obligation
Total Long Term Debt
Total DebtTaxes PayableMinority Interest LiabilityOther Liabilities
Total Liabilities
Shareholders’ Equity
Capital StockAdditional Paid in CapitalRetained Earnings
-Treasure Stock
-Other Equity Adjustments
Total Shareholders’ Equity
Total Liabilities and Equity
!1,925.95 55.99% !1,557.75 51.82% !0.00 0.00% !1,577.94 54.18% !1,280.14 55.81%!145.57 4.23% !133.92 4.45% !0.00 0.00% !0.00 0.00% !0.00 0.00%
!0.00 0.00% !0.00 0.00% !220.47 7.22% !333.49 11.45% !97.39 4.25%!2.68 0.08% !35.06 1.17% !13.57 0.44% !37.78 1.30% !47.68 2.08%!0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00% !0.00 0.00%
!600.71 17.46% !578.23 19.23% !2,156.81 70.60% !508.86 17.47% !459.53 20.03%!2,674.91 77.76% !2,304.96 76.67% !2,390.85 78.26% !2,458.07 84.40% !1,884.74 82.17%
!3.29 0.10% !2.85 0.09% !6.25 0.20% !33.66 1.16% !35.47 1.55%!0.88 0.03% !2.15 0.07% !6.99 0.23% !8.70 0.30% !11.84 0.52%!4.17 0.12% !5.00 0.17% !13.24 0.43% !42.36 1.45% !47.31 2.06%
!6.85 0.20% !40.06 1.33% !247.28 8.09% !413.63 14.20% !192.38 8.39%
!172.65 5.02% !172.89 5.75% !213.85 7.00% !110.96 3.81% !104.32 4.55%!36.98 1.08% !41.38 1.38% !26.89 0.88% !23.92 0.82% !22.23 0.97%
!551.19 16.02% !482.04 16.03% !410.11 13.42% !277.17 9.52% !235.18 10.25%!3,439.90 35.01% !3,006.27 36.07% !3,054.94 39.28% !2,912.48 40.99% !2,293.78 39.95%
!93.50 1.46% !93.50 1.75% !93.50 1.98% !93.50 2.23% !93.50 2.71%!20.38 0.32% !20.38 0.38% !20.38 0.43% !20.38 0.49% !20.38 0.59%
!6,359.81 99.59% !5,343.42 100.27% !4,722.56 100.02% !4,181.55 99.72% !3,377.12 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%
!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%
!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%
Balance Sheet With Vertical AnalysisINDITEX TO JAN 31 OF EACH YEAR. 1000= A MILLION
Assets 2011 Absolute Value Relative Value 2010 Absolute value Relative Value 2009 Absolute Value Relative Value 2008 Absolute Value Relative Value 2007
Current Assets
Cash and Equivalents
Cash and Equivalents and SecuritiesAccounts ReceivableOther Receivable
ReceivablesRaw MaterialsWork in ProcessFinished Goods
InventoryPrepaid ExpensesTemporary Investments (Short term)
Other Current Assets
Total Current Assets
Fixed Assets
Land and ImprovementsMachinery, Furniture and equipmentOther Fixed Assets
Gross Fixed Assets
-Accumulated Depreciation On M, F and E
Net Fixed Assets
Intangible Assets
Goodwill
Other Non Current assets
Total Assets
!3,433.45 !1,013.34 41.87% !2,420.11 !953.82 65.05% !1,466.29 !0.45 0.03% !1,465.84 !559.69 61.77% !906.15!3,433.45 !1,013.34 41.87% !2,420.11 !953.82 65.05% !1,466.29 !0.45 0.03% !1,465.84 !559.69 61.77% !906.15
!89.88 (!22.92) -20.32% !112.80 (!472.51) -80.73% !585.31 !384.71 191.78% !200.60 !47.69 31.19% !152.91!408.92 !84.27 25.96% !324.65 !309.31 2,016.36% !15.34 (!249.50) -94.21% !264.84 !33.24 14.35% !231.60!498.80 !61.35 14.02% !437.45 (!163.20) -27.17% !600.65 !135.21 29.05% !465.44 !80.93 21.05% !384.51
!42.68 !13.66 47.07% !29.02 (!16.58) -36.36% !45.60 (!0.80) -1.72% !46.40 !7.74 20.02% !38.66!25.77 !5.17 25.10% !20.60 !2.91 16.45% !17.69 (!6.14) -25.77% !23.83 !5.77 31.95% !18.06
!1,146.18 !203.23 21.55% !942.95 (!48.60) -4.90% !991.55 !54.56 5.82% !936.99 !169.81 22.13% !767.18!1,214.63 !222.06 22.37% !992.57 (!62.27) -5.90% !1,054.84 !47.62 4.73% !1,007.22 !183.32 22.25% !823.90
!0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00!0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00
!55.63 (!38.04) -40.61% !93.67 (!48.59) -34.16% !142.26 !99.15 229.99% !43.11 !9.33 27.62% !33.78
!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
!1,137.82 !156.50 15.95% !981.32 !95.02 10.72% !886.30 !44.18 5.25% !842.12 !198.66 30.87% !643.46!5,194.01 !446.56 9.41% !4,747.45 !348.74 7.93% !4,398.71 !585.87 15.37% !3,812.84 !479.64 14.39% !3,333.20!308.17 !14.49 4.93% !293.68 (!141.62) -32.53% !435.30 !57.93 15.35% !377.37 !64.99 20.80% !312.38
!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
!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
!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
!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
!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
Liabilities and Shareholders’ Equity 2011 Absolute Value Relative Value 2010 Absolute Value Relative Value 2009 Absolute Value Relative Value 2008 Absolute Value Relative Value 2007
Current Liabilities
Accounts PayableAccrued ExpensesShort Term DebtCurrent Portion of Long Term DebtAccrued LiabilitiesOther Current Liabilities
Total Current LiabilitiesLong Term DebtCapital Lease Obligation
Total Long Term Debt
Total DebtTaxes PayableMinority Interest LiabilityOther Liabilities
Total Liabilities
Shareholders’ Equity
Capital StockAdditional Paid in CapitalRetained Earnings
-Treasure Stock
-Other Equity Adjustments
Total Shareholders’ Equity
Total Liabilities and Equity
!1,925.95 !368.20 23.64% !1,557.75 !1,557.75 100.00% !0.00 (!1,577.94) -100.00% !1,577.94 !297.80 23.26% !1,280.14!145.57 !11.65 8.70% !133.92 !133.92 100.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00
!0.00 !0.00 0.00% !0.00 (!220.47) -100.00% !220.47 (!113.02) -33.89% !333.49 !236.10 242.43% !97.39!2.68 (!32.38) -92.36% !35.06 !21.49 158.36% !13.57 (!24.21) -64.08% !37.78 (!9.90) -20.76% !47.68!0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00 !0.00 0.00% !0.00
!600.71 !22.48 3.89% !578.23 (!1,578.58) -73.19% !2,156.81 !1,647.95 323.85% !508.86 !49.33 10.73% !459.53!2,674.91 !369.95 16.05% !2,304.96 (!85.89) -3.59% !2,390.85 (!67.22) -2.73% !2,458.07 !573.33 30.42% !1,884.74
!3.29 !0.44 15.44% !2.85 (!3.40) -54.40% !6.25 (!27.41) -81.43% !33.66 (!1.81) -5.10% !35.47!0.88 (!1.27) -59.07% !2.15 (!4.84) -69.24% !6.99 (!1.71) -19.66% !8.70 (!3.14) -26.52% !11.84!4.17 (!0.83) -16.60% !5.00 (!8.24) -62.24% !13.24 (!29.12) -68.74% !42.36 (!4.95) -10.46% !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
!172.65 (!0.24) -0.14% !172.89 (!40.96) -19.15% !213.85 !102.89 92.73% !110.96 !6.64 6.37% !104.32!36.98 (!4.40) -10.63% !41.38 !14.49 53.89% !26.89 !2.97 12.42% !23.92 !1.69 7.60% !22.23
!551.19 !69.15 14.35% !482.04 !71.93 17.54% !410.11 !132.94 47.96% !277.17 !41.99 17.85% !235.18!3,439.90 !433.63 14.42% !3,006.27 (!48.67) -1.59% !3,054.94 !142.46 4.89% !2,912.48 !618.70 26.97% !2,293.78
!93.50 !0.00 0.00% !93.50 !0.00 0.00% !93.50 !0.00 0.00% !93.50 !0.00 !93.50!20.38 !0.00 0.00% !20.38 !0.00 0.00% !20.38 !0.00 0.00% !20.38 !0.00 !20.38
!6,359.81 !1,016.39 19.02% !5,343.42 !620.86 13.15% !4,722.56 !541.01 12.94% !4,181.55 !804.43 !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
!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
!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
Balance Sheet Horizontal AnalysisINDITEX TO JAN 31 OF EACH YEAR
Vertical Analysis Table
GeneralGeneralNon Current Assets
47.5%Equity64.9%
Current Assets52.95%
Liabilities35.1%
Current Assets
Stocks12.36%
Equity64.99% (From Total Equities)
Receivables5.08%
Medium and Long Term Liabilities
0.12% and 0.04%(From Total)
Cash34.94%
Short Term Liabilities77.76% 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 + CashIncrease 55.89% Debtors + Cash
Year 2010 Year 2011
Equity Increase 19.83% Equity
Short Term LiabilitiesIncrease 16.05% Short Term Liabilities
