Gap H&M Benetton Inditex Operating Results (E Millions) Net Operating Revenues 15,559 4,269 2,098 Cost of Goods Sold 3,250 10,904 2,064 1,189 Gross Margin 1,563 4,656 2,204 909 Operating Expenses 1,687 4,276 Operating Profits 1,615 624 982 379 589 286 Non-operating Expenses 704 108 -28 Pre-tax Income 43 209 243 Income Tax 272 617 495 Minority Interests 280 206 92 150 0 0 2 5 Net Income -9 410* 148 340 Financial Position (E Millions, except where noted otherwise) Current Assets 3,436 1,468 1,558 854 Property, Plant, and Equipment 4,695 661 720 Other Noncurrent Assets 1,228 435 54 543 Total Assets 523 8,566 2, 183 2,821 Current Liabilities 2,605 2,320 432 956 834 Noncurrent Liabilities 2,850 101 625 Total Liabilities 285 5,170 532* Equity--Book Value 1,580 3,396 1, 119 Equity--Market Valuea 1,650 1,241 1,486 12,687 15,564 2,605 13,433 One Year Change in Market Value (%)b 60% 8% 20% 47% Other Statistics Employees 166,000 Number of Countries of Operation 22,944 6,672 26,724 6 14 120 39 Sales in Home Country (%) 87% 12% 44% Sales in Home Continent (%) 46% NA 96% 78% 77% Number of Store Locations 3,097 771 5,456 Stores in Home country (%) 1,284 87% Stores in Home Continent (%) 15% 40% 60% 92% 96% 80% 86% Average Store Size (sq. meter) 632 1,201 279 514Inditex Historical Emancials (millions of euros) Year 2001 2000 1999 1998 199? 1996 Net Operating Revenues 3,249.8 2,614.7 2,035.1 1,614.7 1,217.4 1,008.5 Cost of Goods Sold 1,563.1 1,277.0 988.4 799.9 618.3 521.0 Gross Margin 1,686.7 1,337.7 1,046.7 814.8 599.1 487.5 Operating Expenses 982.3 816.2 636.2 489.2 345.5 285.4 Operating Prots 704.4 521.5 410.5 325.6 253.6 202.1 NonOperating Expenses 209.3 152.7 118.1 96.7 PreTax Income 495.1 368.8 292.4 228.9 Income Tax 149.9 106.9 86.2 76.1 Minority Interest 4.8 2.7 1.5 0.2 Net Income 340.4 259.2 204.7 153.0 1 17.4 72.7 Inventories 353.8 245.1 188.5 157.7 Accounts Receivable 184.2 145.2 121.6 75 Cash and Cash Equivalents 315.7 210 171.8 158.8 Total Current Assets 853.7 600.3 481.9 391.5 2 74.0 190 .3 Property, Plant, and Equipment 1,336.8 1,339.5 1,127.4 880.4 635.7 Other Nonuttent Assets 414.5 167.8 163.6 54.4 67.5 Total Assets 2,605 2,107.6 1,772.9 1,326.3 977.2 820.3 Accounts Payable 426.3 Other Current Liabilities 407.9 Total Current Liabilities 834.2 Neuuctent Liabilities 284.5 Total Liabilities 1,118.7 Equity 1,486.2 323.0 347.3 670.3 1 ,437.7 2,103 1,170.9 276.1 275.6 551.7 1,221.3 1,773 893.2 215.6 229.1 444.1r 881.6 1,326.3 673.4 131.4 141.5 272.9 704.3 977.2 529.9 234.1 586.2 620.3 414.9
