zara annual report 2022 pdf

If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. And were innovating to make it even easier for teams of professional and citizen developers to automate workflows, create apps, build virtual agents, and analyze data. (251) Thats why weve committed to equip 10 million people from underserved communities with skills for jobs in the digital economy by 2025. Our intended result is a global performance and development approach that fosters our culture, and competitive compensation that ensures equitable pay by role while supporting pay for performance. Economic Conditions, Challenges, and Risks. As of June 30, 2022 and 2021, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $3.8 billion and $3.3 billion, respectively. Across our ecosystem, we are more than 90% of the way toward our commitment to spend an incremental $500 million with Black- and African American-owned suppliers. On-premises licenses are considered distinct performance obligations when sold with SA. Shares of common stock outstanding were as follows: The following table summarizes the changes in accumulated other comprehensive income (loss) by component: We grant stock-based compensation to employees and directors. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. (1,090) (4) (33) Compensation cost for stock awards, which include restricted stock units (RSUs) and performance stock units (PSUs), is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures, over the related service or performance period. This starts with increasing access to digital skills. Operating income increased $6.6 billion or 25%. Every organization is looking to reconnect and reengage the workforce at home, in the office, and everywhere in between. We must ensure that economic growth does not come at the expense of our planet. Therefore, we recorded a net income tax benefit of $620 million in the third quarter of fiscal year 2021 to reflect the results of the India Supreme Court decision impacting fiscal year 1996 through fiscal year 2016. The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2022: As of June 30, 2022 and 2021, the estimated fair value of long-term debt, including the current portion, was $50.9 billion and $70.0 billion, respectively. SA is included with certain volume licensing agreements and is an optional purchase with others. The Company designs and maintains accounting and internal control systems to provide reasonable assurance at reasonable cost that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing. Once technological feasibility is reached, such costs are capitalized and amortized to cost of revenue over the estimated lives of the products. Executive Vice President, Business Development, Investors & ShareholdersInvestors & Shareholdersshow submenu for Investors & ShareholdersBrexit BrexitNationality Declaration Nationality DeclarationOwnership Limitations Ownership LimitationsNCBO Form NCBO FormShare Price Share PriceDebt DebtAGM 2022 AGM 2022CSD Migration CSD MigrationRegistrar RegistrarTR-1 Form TR-1 FormShareholder Returns . From GitHub to Visual Studio, we provide a developer tool chain for everyone, no matter the technical experience, across all platforms, whether Azure, Windows, or any other cloud or client platform. Publication Date: 29 April 2022. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine the fair value of our financial instruments. Service and other revenue includes sales from cloud-based solutions that provide customers with software, services, platforms, and content such as Office 365, Azure, Dynamics 365, and Xbox; solution support; and consulting services. Level 3 investments are valued using internally-developed models with unobservable inputs. Inditex started with the ambition to make fashionable, quality and life-enhancing clothes for people. (1,087) The following table presents the fair value of our derivatives instruments on a gross basis: Gains (losses) on derivative instruments recognized in other income (expense), net were as follows: Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows: The components of inventories were as follows: The components of property and equipment were as follows: During fiscal years 2022, 2021, and 2020, depreciation expense was $12.6 billion, $9.3 billion, and $10.7 billion, respectively. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. We also help our suppliers and customers around the world use Microsoft technology to reduce their own carbon footprint. These systems are augmented by written policies, an organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal audits. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. These levels are: We measure equity investments without readily determinable fair values on a nonrecurring basis. Okta, Proofpoint, and Symantec provide security solutions across email security, information protection, identity, and governance. We have an ESPP for all eligible employees. Server products revenue increased 5% driven by hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments. A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments. Fiscal year ending June 30. Chairman and Chief Executive Officer, Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that can power modern business and developers. The objective of this study is twofold: first to identify the constituents that mold the fast fashion retailing business model, and second to discuss how global leader of fast fashion retailing Inditex-Zara's product offering is strongly supported by integration of various supply chain operations. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. Income tax expense includes U.S. and international income taxes, and interest and penalties on uncertain tax positions. We also launched a national campaign with U.S. community colleges to help skill and recruit into the cybersecurity workforce 250,000 people by 2025, representing half of the countrys workforce shortage. Nuance is reported as part of our Intelligent Cloud segment. We describe risks and uncertainties that could cause actual results and events to differ materially in Risk Factors, Managements Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures about Market Risk" in our fiscal year 2022 Form 10-K. Revenue allocated to SA is generally recognized ratably over the contract period as customers simultaneously consume and receive benefits, given that SA comprises distinct performance obligations that are satisfied over time. Tools like search, news, and maps have given us immediate access to the worlds information. Office Consumer, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services. As of June 30, 2022, $40.7 billion remained of this $60.0 billion share repurchase program. We will include as many of your questions as possible during the Q&A session of the meeting and will provide answers to questions on the Microsoft Investor Relations website under the Annual Meeting page. Zara Usa Fast Facts. Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. Zara launched online sales in Singapore, Malaysia, Thailand, Vietnam and India last year.Rosalia Mera, who co-founded Zara with her former Balcones Canyonlands Conservation Plan Annual Report FY 2017 Executive Summary Annual Report Appendices. For a discussion of the year ended June 30, 2021 compared to the year ended June 30, 2020, please refer to in our fiscal year 2022 Form 10-K, Managements Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended June 30, 2021. As a result, no collateral was required to be posted. / 0. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. GitHub provides a collaboration platform and code hosting service for developers. We manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. Using Windows to fuel our cloud business, grow our share of the PC market, and drive increased engagement with our services like Microsoft 365 Consumer, Teams, Edge, Bing, Xbox Game Pass, and more. Inditex-Zara's super-responsive supply chain reduces 'bullwhip effect', order-to-delivery lead time to stores, ensures lean inventory and high level of responsiveness to adapt and deliver products to stores with latest fashion trends and customer feedbacks at a rapid speed. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Our devices are primarily manufactured by third-party contract manufacturers, some of which contain certain components for which there are very few qualified suppliers. Chief Executive Officer, ADP, Inc. Emma N. Walmsley 2,4 Translation adjustments resulting from this process are recorded to other comprehensive income. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. Office Commercial revenue is mainly affected by a combination of continued installed base growth and average revenue per user expansion, as well as the continued shift from Office licensed on-premises to Office 365. Refer to Risk Factors in our fiscal year 2022 Form 10-K for a discussion of these factors and other risks. Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to original equipment manufacturers (OEM), and retail packaged products. It also gives us the freedom to decide which modifications and enhancements are most important and when they should be implemented. They are the clothes you choose to wear, the products with which you decorate your home, or celebrate a special occasion. Chief Executive Officer and Required learning for all employees and managers on topics such as compliance, regulation, company culture, leadership, and management. Premium Subscriptions enables professionals to manage their professional identity, grow their network, and connect with talent through additional services like premium search. During the periods presented, we reported our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. As of June 30, 2022, we accrued aggregate legal liabilities of $364 million. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. On September 14, 2021, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, trade shows, seminars, and other programs. 9 The decrease in our effective tax rate for fiscal year 2021 compared to fiscal year 2020 was primarily due to tax benefits from the India Supreme Court decision on withholding taxes, an agreement between the U.S. and India tax authorities related to transfer pricing, final TCJA regulations, and an increase in tax benefits relating to stock-based compensation. With 51 net store openings and 12 new online markets, Zara's global reach encompassed 2,213 physical stores (all of which fitted with the RFID system) and 39 national e-commerce stores at year-end. 9 Nine of these cases were filed in 2002 and are consolidated for certain pre-trial proceedings; the remaining cases are stayed. Select: 1 One or more, How are assets typically organized on a balance sheet? If we want to serve the world, we need to represent the world. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. Critical accounting estimates are those estimates that involve a significant level of estimation uncertainty and could have a material impact on our financial condition or results of operations. Weve coordinated over 80 justice reform partnerships to help 145 communities expand access to data-driven insights that advance a more equitable system of justice and public safety. Due to investments in software that increased efficiencies in how we operate our server and network equipment, as well as advances in technology, we determined we should increase the estimated useful lives of both server and network equipment from four years to six years. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. When it comes to AI, were seeing a paradigm shift as the worlds large AI models become platforms themselves. Growth of our Gaming business is determined by the overall active user base through Xbox enabled content, availability of games, providing exclusive game content that gamers seek, the computational power and reliability of the devices used to access our content and services, and the ability to create new experiences through first-party content creators. But There Are Still Opportunities, Roundtable Pros Say. Our commercial business primarily consists of Server products and cloud services, Office Commercial, Windows Commercial, the commercial portion of LinkedIn, Enterprise Services, and Dynamics. Constraints in the supply chain of device components. (71) We are committed to leveraging our resources to help accelerate diversity and inclusion across our ecosystem and to hold ourselves accountable to accelerate change for Microsoft, and beyond. Of the total employed people, 85,000 were in operations, including manufacturing, distribution, product support, and consulting services; 73,000 were in product research and development; 47,000 were in sales and marketing; and 16,000 were in general and administration. 19 Unearned revenue also includes payments for consulting services to be performed in the future, LinkedIn subscriptions, Office 365 subscriptions, Xbox subscriptions, Windows post-delivery support, Dynamics business solutions, and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. 2023 Copyright, Zara Investment Holding - All Rights Reserved. 29. In comparison, the brand's valuation was around 18.4 billion U.S. dollars in 2019. 10 In fiscal year 2021, we closed our Microsoft Store physical locations and opened our Microsoft Experience Centers. .. .. Consolidated statement of changes in equity. At Microsoft, we provide technology and resources to help our customers create a secure hybrid work environment. Teams Rooms is bringing Teams to a growing ecosystem of devices to help organizations rethink their approach to space and help employees participate fully in meetings from anywhere. In middleware, we compete against Java vendors. In a dynamic environment, digital technology is the key input that powers the worlds economic output. Objective of the Study. IKEA is . Our hardware is generally highly dependent on, and interrelated with, the underlying operating system and cannot function without the operating system. Extended disruptions at these suppliers and/or manufacturers could lead to a similar disruption in our ability to manufacture devices on time to meet consumer demand. We then open the study of Inditex by describing the network of shops and manufacturing, presenting the principles of the logistical model, and providing details of the procedures applied for the functional and geographical integration of the chain of production of Zara, the best known of the company's 11 brands. Xbox content and services revenue increased 3%. The future monetary system Although we continued to make progress on several of our goals with an overall reduction in Scope 1 and Scope 2 emissions, our Scope 3 emissions increased, due in large part to significant global datacenter expansions and the growth in Xbox sales and usage. The following table outlines the expected future recognition of unearned revenue as of June 30, 2022: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. Section 1 - ASIC's role (PDF 815 KB) - includes Chair's report, ASIC's roles and responsibilities, structure, key projects and financial summary. Differences in device market demand between developed markets and growth markets. Course Hero is not sponsored or endorsed by any college or university. The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases. We tested the mathematical accuracy of management's calculations of revenue and the associated timing of revenue recognized in the financial statements. Certain acquired net operating loss carryforwards are subject to an annual limitation but are expected to be realized with the exception of those which have a valuation allowance. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. I want to close by thanking you for your continued investment in Microsoft. Unless otherwise stated, the amounts shown in these consolidated annual accounts are expressed in Our efforts have involved both defending key infrastructure in the countryincluding assisting with the detection and disruption of cyberattacks and cyberinfluence operations and evacuating data to the cloudas well as supporting people, communities, and organizations on the ground as part of our humanitarian and disaster response. Nuance is included in all commercial metrics and our Server products and cloud services revenue growth metric. All repurchases were made using cash resources. A Microsoft Customer Agreement is a simplified purchase agreement presented, accepted, and stored through a digital experience. There are billions of people who want to achieve more, but have a different set of circumstances, abilities, and backgrounds that often limit access to opportunity and achievement. As of June 30, 2022, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact in our consolidated financial statements when the matters are resolved. We compete for talented individuals globally by offering an exceptional working environment, broad customer reach, scale in resources, the ability to grow ones career across many different products and businesses, and competitive compensation and benefits. Enterprise Services, including Enterprise Support Services, Microsoft Consulting Services, and Nuance professional services. Right-of-use assets obtained in exchange for lease obligations: Reclassification adjustments for (gains) losses included in other income (expense), net, Tax expense (benefit) included in provision for income taxes, Amounts reclassified from accumulated other comprehensive income (loss), Net change related to derivatives, net of tax of, Net change related to investments, net of tax of, Translation adjustments and other, net of tax effects of, Accumulated other comprehensive income (loss), end of period, Income tax benefits related to stock-based compensation, Ferrovial, which builds and manages some of the worlds busiest airports and highways, is using our cloud infrastructure, Peace Parks Foundation, a nonprofit helping protect natural ecosystems in Southern Africa, is using Microsoft Dynamics 365 and Power BI to secure essential funding, as well as our Azure AI and IoT solutions to, One of the worlds largest robotics companies, Kawasaki Heavy Industries, is using the breadth of our toolsfrom Azure IoT and HoloLens. Our strategy and growth model, the fuel for transformation, 4.2. Analysis of Zara Corporation's Sustainability Report and How the Company Should Change Their Strategy to Boost Their Sustainability Category Business, Environment Subcategory Strategy, Nature, Corporation Topic Strategic Management, Sustainability, Zara Words 1326 (3 pages) Downloads 114 Download for Free But its easy to talk about what were doing well. Our Enterprise Mobility + Security offerings also compete with products from a range of competitors including identity vendors, security solution vendors, and numerous other security point solution vendors. We must continue to evolve and adapt over an extended time in pace with this changing environment. We strive to create local opportunity, growth, and impact in every country around the world. The COVID-19 pandemic accelerated our capabilities and culture with respect to flexible work. To meet the expectations of our stakeholders and to and maintain their trust, we are committed to conducting our business in ways that are principled, transparent, and accountable and we have made a broad range of environmental and social commitments. Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Explanation added for translation to English. accounted for Customers may purchase perpetual licenses or subscribe to licenses, which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. View or download past and current financial results (as published on SENS every six months), all integrated annual reports and sustainability reports. Nuance is a cloud and artificial intelligence (AI) software provider with healthcare and enterprise AI experience, and the acquisition will build on our industry-specific cloud offerings. Adjustments to reconcile net income to net cash from operations: Net recognized gains on investments and derivatives. measures include information that is essential to assess the evolution of the Group. Cost of revenue increased $10.4 billion or 20% driven by growth in Microsoft Cloud. Operating expenses increased $1.5 billion or 14% driven by investments in Gaming, Search and news advertising, and Windows marketing. Current year net income and diluted EPS were positively impacted by the net tax benefit related to the transfer of intangible properties, which resulted in an increase to net income and diluted EPS of $3.3 billion and $0.44, respectively. Growth will depend on our ability to increase the number of LinkedIn members and our ability to continue offering services that provide value for our members and increase their engagement. And as sustainability becomes an existential priority not just for our society but for every organization, our new Microsoft Cloud for Sustainability, which I mentioned earlier, is helping our customers record, report, and ultimately reduce their environmental impact. Accumulated Other Comprehensive Income (Loss), to create an industrial metaverse solution, is using the Microsoft Intelligent Data Platform, our new Microsoft Intelligent Data Platform, new market category with Microsoft Purview, new integrations between Dynamics 365 and Teams, our planned acquisition of Activision Blizzard, http://www.microsoft.com/investor/AnnualReports/default.aspx, Adjusted diluted earnings per share (non-GAAP), Net gains (losses) on foreign currency remeasurements, Net income tax benefit related to transfer of intangible properties, Net income tax benefit related to India Supreme Court decision on withholding taxes, Operating and finance leases, including imputed interest, 100 basis point increase in U.S. treasury interest rates, 100 basis point increase in credit spreads.

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