THE%20BVLGARI%20GROUP

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THE BVLGARI GROUP

• Fiscal Year 2004
• Third Quarter and 9 Month Results
• November 12th 2004

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FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004
Eur mios. Q3 2004 Q3 2003 DELTA Q3 04/03
REVENUES - REPORTED REVENUES AT CONST.FX 201.6 181.9 10.9 13.1
GROSS PROFIT 126.9 110.0 15.4
OPERATING EXPENSES ex AP 70.8 67.5 4.9
EBIT ex AP 56.1 42.5 32.0
ADVERTISING PROMOTION EXPENSES 20.9 15.5 34.5
EBIT 35.2 27.0 30.1
NET PROFIT 28.3 18.9 50.1
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FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004
Eur mios. Q3 2004 Q3 2003 DELTA Q3 04/03
REVENUES - REPORTED REVENUES AT CONST.FX 201.6 181.9 10.9 13.1
GROSS PROFIT 126.9 110.0 15.4
OPERATING EXPENSES ex AP 70.8 67.5 4.9
EBIT ex AP 56.1 42.5 32.0
ADVERTISING PROMOTION EXPENSES 20.9 15.5 34.5
EBIT 35.2 27.0 30.1
NET PROFIT 28.3 18.9 50.1
9M 2004 9M 2003 DELTA 9M 04/03
554.4 512.0 8.3 11.5
349.2 315.9 10.5
207.8 204.2 1.8
141.4 111.7 26.6
63.9 49.6 28.7
77.5 62.1 24.7
62.0 43.9 41.2
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REVENUES Q3 2004 DETAILS BY PRODUCT LINE
PRODUCT CATEGORY Q3 2004 Q3 2004
PRODUCT CATEGORY MEUR ON TOTAL SALES
JEWELRY 80.6 40.0
WATCHES 65.1 32.3
PERFUMES 37.7 18.7
ACCESSORIES 15.1 7.5
ROYALTIES AND OTHER 3.1 1.5
TOTAL 201.6 100
VARIATION 2004/2003 THIRD QUARTER VARIATION 2004/2003 THIRD QUARTER
REPORTED AT COMP.FX
GROWTH GROWTH
12.1 14.5
20.4 23.6
-6.5 -4.9
26.2 27.1
-13.7 N/A
10.9 13.1
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REVENUES JAN/SEP 2004 DETAILS BY PRODUCT LINE
PRODUCT CATEGORY JAN/SEP 2004 JAN/SEP 2004
PRODUCT CATEGORY MEUR ON TOTAL SALES
JEWELRY 233.5 42.1
WATCHES 174.6 31.5
PERFUMES 95.5 17.2
ACCESSORIES 42.1 7.6
ROYALTIES AND OTHER 8.7 1.6
TOTAL 554.4 100
VARIATION 2004/2003 JAN-SEP VARIATION 2004/2003 JAN-SEP
REPORTED AT COMP.FX
GROWTH GROWTH
12.0 15.0
8.5 12.6
4.0 7.2
6.1 8.5
-21.2 N/A
8.3 11.5
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REVENUES Q3 2004 DETAILS BY GEOGRAPHICAL AREA
VARIATION 2004/2003 THIRD QUARTER VARIATION 2004/2003 THIRD QUARTER
REPORTED AT COMP.FX
GROWTH GROWTH
17.8 -
-8.3 N/A
9.2 17.3
29.9 31.7
9.3 13.9
26.7 N/A
10.9 13.1
GEOGRAPHICAL AREA Q3 2004 Q3 2004
GEOGRAPHICAL AREA MEUR ON TOTAL SALES
ITALY 25.6 12.7
EUROPE W/OUT ITALY 46.3 23.0
AMERICAS 28.8 14.3
JAPAN 51.2 25.4
FAR EAST 36.4 18.0
MIDDLE EAST AND OTHER 13.3 6.6
TOTAL 201.6 100
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REVENUES JAN/SEP 2004 DETAILS BY GEOGRAPHICAL
AREA
VARIATION 2004/2003 JAN-SEP VARIATION 2004/2003 JAN-SEP
REPORTED AT COMP.FX
GROWTH GROWTH
-0.9 -
-2.7 N/A
13.1 22.5
23.7 25.8
3.9 9.6
24.4 N/A
8.3 11.5
GEOGRAPHICAL AREA JAN/SEP 2004 JAN/SEP 2004
GEOGRAPHICAL AREA MEUR ON TOTAL SALES
ITALY 70.1 12.6
EUROPE W/OUT ITALY 130.7 23.6
AMERICAS 78.1 14.1
JAPAN 135.6 24.4
FAR EAST 99.7 18.0
MIDDLE EAST AND OTHER 40.2 7.3
TOTAL 554.4 100
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ADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO
AND AS A ON REVENUES
35
8.5
10.4
On tot.revenues
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ADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO
AND AS A ON REVENUES
29
10.6
9.9
11.5
9.7
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NET WORKING CAPITAL
Me euro 30.09.02 30.09.03 30.09.04
RECEIV. 112.3 118.8 129.7
INVENTORY 518.5 466.8 470.3
PAYABL. (75.8) (82.6) (104.0)
NWC 555.0 503.0 496.0
ROTATION (DAYS) 30.09.02 30.09.03 30.09.04
INVENTORY 251 219 212
NWC 268 237 224
Excluding other payables and other receivables
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BALANCE SHEET HIGHLIGHTSM.EURO
GEARING 49 29 15
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BVLGARI 2004 PRODUCT LAUNCHES RECAP

• UNDERLINED H2 2004 LAUNCHES

JEWELRY WATCHES PERFUMES ACCESSORIES
NEW PRODUCT LAUNCHES ASTRALE ASTRALE with high-tech ceramics HIGH JEWELLERY MARRYME bridal ERGON ERGON color dial LIM. ED. GERALD GENTA OCTO New silk tie collection PRESTIGIOUS STREETS
LINE EXTENSIONS, NEW VERSIONS Bvlgari-Bvlgari pendants Charms New cufflinks Bzero1 pink gold lim. Ed. B.zero1 1-band rings with semiprecious stones, central diamond ALLEGRA additional references in wihte and yellow gold ANCIENT COINS LIM. ED. BB - TOURBILLON NEW RETTANGOLO NEW SOLOTEMPO Bzero1 DIAMS DIAG.PROF. -REGATTA DIAG. PROF. - GMT FLYBACK NEW DANIEL ROTH MODELS Bzero1 RUBBER CUFF NEW DIAGONO ALUM. color LIM. ED. OMNIA BATH LINE St.Valentine, Spring, seasonal kits and flankers OMNIA CRYSTALLINE BLV NOTTE POUR F. BLV NOTTE POUR H. New S/S and F/W Colors for Bzero1, Décolleté, Geometrica handbags New Croco and Sable versions of Décolleté New evening bags
ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND
ADVERTISING CAMPAIGNS ASTRALE CAMPAIGN Mirror campaign Bzero1 campaigns ERGON CAMPAIGN OCTO CAMPAIGN Mirror campaign Bzero1 campaigns New perf.campaigns OMNIA CRYSTALLINE BLV NOTTE POUR F. BLV NOTTE POUR H. New eyewear campaign
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QUESTIONS ANSWERS

• FOR MORE QUALITATIVE INFORMATION ON
• THE MOST RECENT PRODUCT LAUNCHES AND EVENTS
• PLEASE SEE THE DEDICATED VIDEOS AND MINIWEBSITES
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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,
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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 SpA 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 SpA or
any of its subsidiaries and should carefully
consider the high risks involved in purchasing
these securities.   This document contains
certains 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