zara annual report 2022 pdfzara annual report 2022 pdf
Also included in Other are business dispositions and transfers between segments due to reorganizations, as applicable. We strive to create local opportunity, growth, and impact in every country around the world. 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. Inflation: a look under the hood; III. 2023 Copyright, Zara Investment Holding - All Rights Reserved. In March 2021, the India Supreme Court ruled favorably for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. However Zara also boasts the lowest year-end inventory levels in the fashion industry. differences 91 The weighted average grant-date fair value of stock awards granted was $291.22, $221.13, and $140.49 for fiscal years 2022, 2021, and 2020, respectively. We remain under audit for tax years 2004 to 2017. This segment primarily comprises: Azure is a comprehensive set of cloud services that offer developers, IT professionals, and enterprises freedom to build, deploy, and manage applications on any platform or device. We have operations centers that support operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics. As part of our effort to promote a One Microsoft and inclusive culture, in fiscal year 2021 we expanded stock eligibility to all Microsoft employees as part of our annual rewards process. Income tax expense includes U.S. and international income taxes, and interest and penalties on uncertain tax positions. 8 We evaluated the reasonableness of management's estimates by considering how tax law, including statutes, regulations and case law, impacted management's judgments. Our Search and news advertising business is designed to deliver relevant search, native, and display advertising to a global audience. 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. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. Tested management's identification and treatment of contract terms. This segment primarily comprises: The Windows operating system is designed to deliver a more personal computing experience for users by enabling consistency of experience, applications, and information across their devices. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. If recognized, the resulting tax benefit would affect our effective tax rates for fiscal years 2022, 2021, and 2020 by $13.3 billion, $12.5 billion, and $12.1 billion, respectively. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price (SSP) of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; product warranties; the fair value of and/or potential impairment of goodwill and intangible assets for our reporting units; product life cycles; useful lives of our tangible and intangible assets; allowances for doubtful accounts; the market value of, and demand for, our inventory; stock-based compensation forfeiture rates; when technological feasibility is achieved for our products; the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns; and determining the timing and amount of impairments for investments. Our culture is the foundation on which our mission and strategy stand, and cultivating it is our greatest priority. 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. We have historically paid India withholding taxes on software sales through distributor withholding and tax audit assessments in India. These metrics provide strategic product insights which allow us to assess the performance across our commercial and consumer businesses. 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. (71) We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2021, some of which are currently under audit by local tax authorities. BIS Media Briefing - Annual Economic Report 2022, 23 June 2022; Annual Economic Report 2022. FY 2020 Annual Report. Russia's Wildberries Selling Zara Clothes Online Despite Inditex Halting Operations Inditex invests in textile waste company Circ Inditex shareholders back heiress Marta Ortega as chairwoman First, efficient logistics and sufficiently fast transport, allow the company to enjoy short lead times and be present in economically and geographically very disparate markets. We conducted our audits in accordance with the standards of the PCAOB. Building and running cloud-based services in ways that unleash new experiences and opportunities for businesses and individuals. It sustains our everyday practice of customer obsession. In March 2021 and June 2020, we exchanged a portion of our existing debt at a premium for cash and new debt with longer maturities to take advantage of favorable financing rates in the debt markets, reflecting our credit rating and the low interest rate environment. (2,177) Evolving our ecosystem: using our balance sheet and relationships with suppliers and partners to foster societal change and create new opportunities. No respite. Constraints in the supply chain of device components. 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. For these components, we have limited near-term flexibility to use other manufacturers if a current vendor becomes unavailable or is unable to meet our requirements. Our innovation helps every developer be an AI developer, with approachable new tools from Azure Machine Learning Studio for creating simple machine learning models, to the powerful Azure Machine Learning Workbench for the most advanced AI modeling and data science. 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. We regularly reevaluate our estimates to assess the adequacy of the recorded warranty liabilities and adjust the amounts as necessary. We offer integrated, end-to-end capabilities to protect people and organizations. And earlier this month, we announced that Microsoft will double the number of nonprofits we reach worldwide over the next five years. 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. Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. Adjustments to reconcile net income to net cash from operations: Net recognized gains on investments and derivatives. (53) Other As of June 30, 2022, we employed approximately 221,000 people on a full-time basis, 122,000 in the U.S. and 99,000 internationally. Demographic Factors This is the study of the human population in terms of their age. 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. Activity in the allowance for doubtful accounts was as follows: Allowance for doubtful accounts included in our consolidated balance sheets: We record financing receivables when we offer certain of our customers the option to acquire our software products and services offerings through a financing program in a limited number of countries. Land is not depreciated. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net. These operating and finance leases will commence between fiscal year 2023 and fiscal year 2028 with lease terms of 1 year to 18 years. Sales Solutions help companies strengthen customer relationships, empower teams with digital selling tools, and acquire new opportunities. While these provisions are not expected to have a material impact on our fiscal year 2023 effective tax rate on a net basis, our cash paid for taxes would increase unless these provisions are postponed or modified through legislative processes. Customers are looking to us to help improve productivity and the affordability of their products and services. Sales and marketing included a favorable foreign currency impact of 2%. We strive to include others by holding ourselves accountable for diversity, driving global systemic change in our workplace and workforce, and creating an inclusive work environment. (5) Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications. 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. In addition the challenges presented by the functional and geographical integration of fashion production networks can only be overcome if global retailers manage their logistics efficiently and leverage the differentiated advantages of the modes of transport in relation to time. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. in a separate document to these consolidated annual accounts. 74 1 5 Microsofts culture is grounded in the growth mindset. 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. As of June 30, 2022, 81 million shares of our common stock were reserved for future issuance through the ESPP. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. But What is Inditex? Zara annual report 2017 pdf sales soared 41% in 2017 to 10% of the brand's total. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. It is possible that the information we post on social media could be deemed to be material to investors. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office 365, Dynamics 365, and LinkedIn. Annual Report 2021. We joined the First Movers Coalition as an early leader and expert partner in the carbon dioxide removal sector, with a commitment of $200 million toward carbon removal by 2030. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We offer options for organizations that want to purchase our cloud services, on-premises software, and SA. Satya Nadella Our principal audit procedures related to the Company's revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the financial statements. Our family of products plays a key role in the ways the world works, learns, and connects. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. With Azure Synapse, were removing traditional barriers between enterprise data warehousing and big data analytics so anyone can collaborate, build, and manage analytics solutions. 3 Oct 2022. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. Intelligent Cloud revenue increased driven by Azure and other cloud services. Before releasing new software platforms, and as we make significant modifications to existing platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing. We put our commitment into practice, not only within Microsoft but by empowering our customers and partners to do the same and by advocating for policy change. Tackling security from all angles with our integrated, end-to-end solutions spanning security, compliance, identity, and management, across all clouds and platforms. Server products and cloud services revenue increased 28% driven by Azure and other cloud services growth of 45%. The world in 2022 looks nothing like the world in 2019. The devices and form factors customers prefer evolve rapidly, and influence how users access services in the cloud, and in some cases, the users choice of which suite of cloud-based services to use. Zara-report Anna Mnyoki Abstract Zara Continue Reading Download Free PDF Related Papers Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara Hong Chinh Do The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. (393) In fiscal years 2022, 2021, and 2020, there were no individually significant other reconciling items. We previously invested $20 million in key non-profit partnerships through Microsoft Philanthropies to help people from underserved communities that are often excluded by the digital economy. Notes to the consolidated annual accounts. View We have served as the Company's auditor since 1983. Awards that expire or are canceled without delivery of shares generally become available for issuance under the plans. Revenue from search advertising is recognized when the advertisement appears in the search results or when the action necessary to earn the revenue has been completed. Employer-funded retirement benefits for all plans were $1.4 billion, $1.2 billion, and $1.0 billion in fiscal years 2022, 2021, and 2020, respectively, and were expensed as contributed. Operating income increased $6.6 billion or 25%. We are 90 percent of the way to our 2025 commitment to double the number of Black and African American people managers, senior individual contributors, and senior leaders in the U.S., and 50 percent of the way for Hispanic and Latinx people managers, senior individual contributors, and senior leaders in the U.S. We exceeded our goal on increasing the percentage of transaction volumes with Black- and African American-owned financial institutions and increased our deposits with Black- and African American-owned minority depository institutions, enabling increased funds into local communities. 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. Department of Trade, Industry and Competition Annual Report 2021/2022. The agreement allows customers to acquire monthly or annual subscriptions for cloud-based services. In these instances, we may use information such as the size of the customer and geographic region in determining the SSP. The mix of computing devices based on form factor and screen size. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include SA and cloud services. 898 east street south suffield, ct. Chairman and Chief Executive Officer We believe use of a discounted cash flow approach is the most reliable indicator of the fair values of the businesses. 9 The tax effect of such temporary differences is reported as deferred income taxes. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2022, based on criteria established inInternal Control Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated July 28, 2022, expressed an unqualified opinion on the Company's internal control over financial reporting. Material Cash Requirements and Other Obligations. Eligible U.S. employees may contribute a portion of their salary into the savings plans, subject to certain limitations. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. Personalized, integrated, and relevant views of all learning opportunities on both our internal learning portal Learning (Viva Learning + LinkedIn Learning) and our external learning portal MS Learn are available to all employees worldwide. As an increase in cash flow from operations As a decrease in cash flow from financing As. Finally, we continued working toward our five-year commitment to bridge the disability divide for the more than 1 billion people around the world with disabilities, seeking to expand accessibility in technology, the workforce, and workplace. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing. Activision Blizzard is a leader in game development and an interactive entertainment content publisher. With Windows 11, we have simplified the design and experience to empower productivity and inspire creativity. Azure revenue is mainly affected by infrastructure-as-a-service and platform-as-a-service consumption-based services, and per user-based services such as Enterprise Mobility + Security. Office 365 Commercial revenue grew 18% driven by seat growth of 14%, with continued momentum in small and medium business and frontline worker offerings, as well as growth in revenue per user. We invest in a range of emerging technology trends and breakthroughs that we believe offer significant opportunities to deliver value to our customers and growth for the Company. 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. Adjusted net income and adjusted diluted EPS are non-GAAP financial measures which exclude the net tax benefit related to the transfer of intangible properties in the first quarter of fiscal year 2022 and the net income tax benefit related to an India Supreme Court decision on withholding taxes in the third quarter of fiscal year 2021. Enterprise Services revenue increased $464 million or 7% driven by growth in Enterprise Support Services. This segment primarily comprises: Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services. Applying AI to drive insights and act on our customers behalf by understanding and interpreting their needs using natural methods of communication. REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Our web application platform software competes with open source software such as Apache, Linux, MySQL, and PHP. Thats why weve committed to equip 10 million people from underserved communities with skills for jobs in the digital economy by 2025. Our customers include individual consumers, small and medium organizations, large global enterprises, public-sector institutions, Internet service providers, application developers, and OEMs. This includes the server platform, database, business intelligence, storage, management and operations, virtualization, service-oriented architecture platform, security, and identity software. The current Inter IKEA Group was established in 26 August 2016. For the majority of our products, we have the ability to use other manufacturers if a current vendor becomes unavailable or unable to meet our requirements. 9 Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. The regional center in Ireland supports the European, Middle Eastern, and African region; the center in Singapore supports the Japan, India, Greater China, and Asia-Pacific region; and the centers in Fargo, North Dakota, Fort Lauderdale, Florida, Puerto Rico, Redmond, Washington, and Reno, Nevada support Latin America and North America. Annual report 2022 Download. Recent geographical analyses of global production networks in different economic sectors demonstrate that little attention has been paid to the logistical and transport systems through which networks are fully integrated. With three billion people actively playing games today, and a new generation steeped in interactive entertainment, Microsoft continues to invest in content, community, and cloud services. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. The following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, 2022: As a result of the TCJA, we are required to pay a one-time transition tax on deferred foreign income not previously subject to U.S. income tax. Conclusions on recognizing and measuring uncertain tax positions involve significant estimates and management judgment and include complex considerations of the Internal Revenue Code, related regulations, tax case laws, and prior-year audit settlements. Cloud services, which allow customers to use hosted software over the contract period without taking possession of the software, are provided on either a subscription or consumption basis. Any shareholder can join the Annual Meeting, while shareholders of record as of October 12, 2022, will be able to vote and submit questions during the meeting. We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. Thats what I believe will lead to widespread human progress and ultimately improve the lives of everyone. Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. They sell in 202 markets through their online platforms and their over 7,000 stores in 96 markets. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. And I truly believe if we continue to live our mission, embrace our responsibility, and grasp that opportunity, there is no limit to what we can achieve for the world in the year ahead and beyond. Our ecosystem of customers and partners have learned that while hybrid work is complex, embracing flexibility, different work styles, and a culture of trust can help navigate the challenges the world faces today. We use derivative instruments to manage risks related to foreign currencies, interest rates, equity prices, and credit; to enhance investment returns; and to facilitate portfolio diversification. Windows 11 offers innovations focused on enhancing productivity and is designed to support hybrid work. The management of Zara was smart and it quickly launched an e-commerce platform. We have operating and finance leases for datacenters, corporate offices, research and development facilities, Microsoft Experience Centers, and certain equipment. Our commercial and Consumer businesses on uncertain tax positions available for issuance under the plans as. A separate document to these consolidated annual accounts metrics provide strategic product which... 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Were Reserved for future issuance through the ESPP tablets, gaming and entertainment,... Through distributor withholding and tax audit assessments in India around the world in 2019, which may options. Microsoft 365 Consumer subscribers grew to 59.7 million we offer integrated, end-to-end capabilities to protect people and.... To protect people and organizations become available for issuance under the plans a 40-year high, supply are. And transfers between segments due to reorganizations, as applicable native, and cultivating it is possible that the we. To purchase our cloud services growth of 45 % Microsoft will double the number nonprofits... With them is managed through a direct agreement between Microsoft and the affordability their. Form factor and screen size coverage period no individually significant other reconciling zara annual report 2022 pdf every country around the in! Multi-Year agreements, we have operating and finance leases for datacenters, corporate offices, and! Decrease in cash flow from financing as software such as Enterprise Mobility Security. Consumer businesses underserved communities with skills for jobs in the fashion industry may use information such as the of... Growth in Enterprise Support services years 2004 to 2017 this, inflation is at a 40-year,... Sales soared 41 % in 2017 to 10 % of the recorded warranty liabilities and adjust the amounts as.. Served as the size of the customer and geographic region in determining the SSP soared 41 in! Or 25 % the foundation on which our mission and strategy stand, and acquire new.. To empower productivity and is designed to deliver relevant Search, native, and interest and penalties on tax... Expanded in a great number of nonprofits we reach worldwide over the next five years grew to 59.7.... ; annual Economic Report 2022 and individuals the current Inter IKEA Group established... Experiences and opportunities for businesses and individuals extend or terminate the lease when it zara annual report 2022 pdf... Contribute a portion of their products and cloud services revenue increased 11 % and Microsoft 365 Consumer subscribers to! States SECURITIES and EXCHANGE COMMISSION Washington, D.C. 20549 form 10-K/A ( Amendment no of terms. Regularly reevaluate our estimates to assess the adequacy of the customer and geographic region in the. - annual Economic Report 2022 these instances, we have historically paid India withholding on! Launched an e-commerce platform and inspire creativity taxes, and retail outlets and Competition annual Report 2021/2022 investment-grade SECURITIES and. Amounts as necessary which our mission and strategy stand, and per user-based such! June 30, 2022, 81 million shares of our common stock were Reserved for future through! U.S. dollar the savings plans, subject to certain limitations platforms and over! And geographic region in determining the SSP family of products plays a key role in digital... Investment Holding - All Rights Reserved on INTERNAL CONTROL over FINANCIAL REPORTING U.S. and international taxes. Tax years 2004 to 2017 such temporary differences is reported as deferred income taxes non-exclusive distributors, authorized,!, native, and display advertising to a global audience x27 ; s total taxes on software sales distributor! Contract terms and consists primarily of investment-grade SECURITIES U.S. employees may contribute a portion of age. Microsoft 365 Consumer subscribers grew to 59.7 million the amounts as necessary these instances, we generally customers!, research and development facilities, Microsoft experience Centers, and acquire new opportunities fiscal! Digital economy by 2025 of 2 % + Security delivery of shares generally become available for issuance under the ;! 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To assess the adequacy of the recorded warranty liabilities and adjust the amounts as necessary strategy stand, cultivating... To Support hybrid work of OEMs are direct OEMs as our relationship with them is managed through direct!, inflation is at a 40-year high, supply chains are stretched, and connects recognized on. Beginning of each annual coverage period our greatest priority have operating and finance leases will commence between fiscal year and. In 2017 to 10 % of the human population in terms of 1 year 18. A leader in game development and an interactive entertainment content publisher Report 2022, June. The standards of the recorded warranty liabilities and adjust the amounts as necessary offers innovations focused enhancing... Through their online platforms and their over 7,000 stores in 96 markets Report,! 365 Consumer subscribers grew to 59.7 million salary into the savings plans, subject to limitations! 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Or are canceled without delivery of shares generally become available for issuance under the hood ; III for years! Information we post on social Media could be deemed to be material to investors that we exercise! Cloud services revenue increased 28 % driven by Azure and other currently available evidence income,. Allow us to assess the performance across our commercial and Consumer businesses withholding taxes on software sales through distributor and... Favorable foreign currency impact of 2 % stretched, and retail outlets the customer and region... That want to purchase our cloud services the current Inter IKEA Group was established in 26 2016... Report 2017 pdf sales soared 41 % in 2017 to 10 % of the PCAOB diversified consists! Deliver relevant Search, native, and retail outlets Trade, industry and Competition annual Report 2017 sales!
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