the bvlgari group first quarter 2005 rome, 12 may 2005 when printing the presentation please choose...
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THE BVLGARI GROUP THE BVLGARI GROUP
First First Quarter 200Quarter 20055
Rome, 12 May 2005
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FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Q1 2005 Q1 2005
Eur mios. Q12005
Q12004
DELTAQ1 05/04
REVENUES - REPORTED
REVENUES – AT CONST.FX
179.4 160.3 +11.9%
+12.8%
GROSS PROFIT
% ON SALES
117.1
65.2%
100.3
62.5%
+16.8%
EBIT EX ADV. & PROM.
% ON SALES
41.9
23.4 %
34.8
21.7%
+20.4%
EBIT
% ON SALES
18.3
10.2%
18.9
11.8%
-3.0%
NET PROFIT
% ON SALES
14.7
8.2%
13.5
8.4%
+9.1%
PRODUCTCATEGORY
Q1 2005 VARIATION % 2005/2004
FIRST QUARTER
REPORTED AT COMP.FX
MEUR % ON TOTALSALES
% GROWTH
JEWELRY 72.2 40.3% +9.1% +10.2%
WATCHES 50.3 28.0% +1.8% +3.1%
PERFUMES 34.1 19.0% +20.3% +19.8%
ACCESSORIES
17.5 9.8% +27.9% +28.3%
ROYALTIES, HOTEL AND OTHER
5.3 2.9% 97.5% N/A
TOTAL 179.4 100% +11.9% +12.8%
REVENUES – Q1 2005 REVENUES – Q1 2005 DETAILS BY PRODUCT LINE
GEOGRAPHICALAREA
Q1 2005 VARIATION % 2005/2004
FIRST QUARTER
REPORTED AT COMP.FX
MEUR % ON TOTALSALES
% GROWTH
ITALY 21.7 12.1% +21.4%
EUROPEW/OUT ITALY
37.9 21.1% -0.8%
AMERICAS 30.3 16.9% +29.4% +33.7%
JAPAN 47.2 26.3% +18.3% +19.9%
FAR EAST 32.1 17.9% +7.7% +8.6%
MIDDLE EASTAND OTHER
10.2 5.7% -8.2% N/A
TOTAL 179.4 100% +11.9% +12.8%
REVENUES – Q1 2005 REVENUES – Q1 2005 DETAILS BY GEOGRAPHICAL AREA
GROSS MARGINGROSS MARGIN
60,2%
65,2%62,5%
60,9%
Q1 2002 Q1 2003 Q1 2004 Q1 2005
GROSS MARGINGROSS MARGIN% REV.On total revenues
Q1 2002
JEWELS 39.6%
WATCHES 33.4%
PERFUMES 19.4%
ACCESSOR.
5.2%
ROYA/OTH 2.4%
TOTAL 100%
% REV.On totalrevenues
Q1 2003
JEWELS 38.3%
WATCHES 32.7%
PERFUMES 17.2%
ACCESSOR.
9.2%
ROYA/OTH 2.6%
TOTAL 100%
% REVOn total revenues
Q1 2004
JEWELS 41.3%
WATCHES 30.8%
PERFUMES 17.7%
ACCESSOR.
8.5%
ROYA/OTH 1.7%
TOTAL 100%
60,2%
65,2%62,5%
60,9%
Q1 2002 Q1 2003 Q1 2004 Q1 2005
% REV.On total revenues
Q1 2005
JEWELS 40.3%
WATCHES 28.0%
PERFUMES 19.0%
ACCESSOR. 9.8%
ROYA, HOT oth
2.9%
TOTAL 100%
GROUPP/L - EXTRACT
Q1 2005MEUR
Q1 2004MEUR
Q1 05 / Q1 04 % GROWTH
Q1 2005% ON REVENUES
REVENUES 179.4 160.3 +11.9% 100%
GROSS MARGIN 117.1 100.3 +16.8% 65.2%
OPERATING EXPENSES WITHOUT ADV AND PROMOTION
75.2 65.5 +14.7% 41.9%
EBITBEFORE ADV AND PROMOTION
41.9 34.8 +20.4% 23.4%
ADV. AND PROMOTION 23.6 15.9 +48.3% 13.2%
EBIT 18.3 18.9 -3.0% 10.2%
NON OPERATING EXPENSES, MINORITIES AND TAXES
3.6 5.4 -33.3% 2%
NET PROFIT 14.7 13.5 +9.1% 8.2%
FINANCIAL HIGHLIGHTS Q1 2005FINANCIAL HIGHLIGHTS Q1 2005
ADVERTISING AND PROMOTIONADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO AND AS A % ON REVENUES
1924
3350
61
82
102
7681
96
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
14 16
24
0
5
10
15
20
25
30
Q1 2003 Q1 2004 Q1 2005
8.7% 9.9%
On tot.revenues
13.2%
+48%
NET WORKING CAPITALNET WORKING CAPITAL
Me euro Q1 03 Q1 04 Q1 05
RECEIV. 110 112 118
INVENTORY
492 464 493
PAYABL. -97 -105 -121
TOT NWC 505 471 490
EXCLUDING OTHER REC. AND OTHER PAY.
552
-159
594
-73
674
-36
Q1 2003 Q1 2004 Q1 2005
net equity net cash
BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO
GEARING29% 12% 5%
BVLGARI FOCUS 2005 BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN IMPORTANT PRODUCT LAUNCHES IN ALLALL CATEGORIES CATEGORIES
JEWELRY WATCHES PERFUMES ACCESSORIES
NEW PRODUCT LAUNCHES CABOCHON
collectionCICLADI collection
SAPPHIRE FLOWER collection
DIAMOND PROJECT
ASSIOMA collection
IPNO collectionAQUA POUR
HOMME*
CRUISE COLLECTION*
SPRING COLLECTION
LINE EXTENSIONSAND NEW VERSIONS
More to come
B.zero1ERGON CHRONO
ERGON CHRONO special editions
DIAGONO professionalTITANIUM
BB platinum TourbillonBB white gold Minute
Rep.
SEASONAL FLANKERS SPRING/SUMMERAND
FALL/WINTER
ADVERTISINGCAMPAIGNS
THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND
DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS, DIAMOND PROJECT + NEW Bzero1 CAMPAIGN
AQUA CAMPAIGN*,NEW BLV CAMPAIGN*,
MORE TO COME
NEW EYEWEAR CAMPAIGN
*=Q1 2005
QUESTIONS & ANSWERS
ANNEX
FOR MORE QUALITATIVE INFORMATION ON
SAPPHIRE FLOWER, CABOCHON AND CICLADI
JEWELRY COLLECTIONS
PLEASE SEE
http://www.bulgari.com
When printing the presentation please choose “Pure B/W” option
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Disclaimer Disclaimer This document is for institutional investors only and is not available to private customers. This document is being supplied to a limited number of recipients and it may not be distributed, published or reproduced in whole or in part or disclosed by recipients to any other person.Under no circumstances shall this document constitute an offer to sell, an invitation to acquire or the solicitation of an offer to buy securities in any jurisdiction. Each investor contemplating purchasing securities issued by Bulgari S.p.A or any of its subsidiaries should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, Bulgari S.p.A or any of its subsidiaries and should carefully consider the high risks involved in purchasing these securities. This document contains certain forward looking statements and key financial goals which reflect management’s current views, estimates, and objectives. The forward looking statements and key financial goals involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements and key financial goals. Potential risks and uncertainties include, amongst other things, internal, industry and external factors, such as general economic conditions