THE BVLGARI GROUP

1
THE BVLGARI GROUP

• First Half 2006
• Rome, 13 September 2006

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FINANCIAL HIGHLIGHTS H1 2006
2
15.0
2006 and 2005 IFRS compliant
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REVENUES H1 2006 DETAILS BY PRODUCT LINE
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3
2006 and 2005 IFRS compliant
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BVLGARI OUTLOOK 2006 IMPORTANT PRODUCT LAUNCHES
IN ALL CATEGORIES
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In green italics the H2 2006 launches
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REVENUES H1 2006 DETAILS BY GEOGRAPHICAL AREA
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2006 and 2005 IFRS compliant
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FULL YEAR
GROSS MARGIN EVOLUTION
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SEMESTER
2006, 2005 and 2004 IFRS compliant
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ADVERTISING AND PROMOTIONINVESTEMENTS IN MEUR
AND AS A ON REVENUES
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-3.7
11.9
12.7
14.2
On tot.revenues
2006, 2005 and 2004 IFRS compliant
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NET WORKING CAPITAL
8
Excluding other payables and other receivables
2006, 2005 and 2004 IFRS compliant
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BALANCE SHEET HIGHLIGHTSMEUR
9
GEARING 30 11
22 18


2006, 2005 and 2004 IFRS compliant
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FINANCIAL HIGHLIGHTS H1 2006
10
2006 and 2005 IFRS compliant
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CAPITAL EXPENDITURE
11
2006 and 2005 IFRS compliant, and before 2004
all figures are Italian GAAP
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• All 2006, 2005 and 2004 figures
• are IAS-IFRS compliant
• Previous years figures were not restated and are
  Italian GAAP

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QUESTIONS ANSWERS
13

• VISIT THE NEW
• http//www.bulgari.com
• CORPORATE WEB SITE
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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.   Eac
h 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 of 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 managements 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