THE BVLGARI GROUP

1
THE BVLGARI GROUP

• Fiscal Year 2004
• Rome, 22 March 2005

When printing the presentation please choose the
Pure B/W option
2
FINANCIAL RESULTS FY 2004 AND Q4 2004
Eur mios. FY 2004 FY 2003 DELTA FY 04/03 Q4 2004 Q4 2003 DELTA Q4 04/03
REVENUES rep. REVENUES const.currency 827.7 759.3 9 12.1 273.3 247.3 10.5 13.3
GROSS PR. Gross mg 527.7 63.8 474.4 62.5 11.2 178.5 65.3 158.5 64.1 12.6
EBIT Ebit mg 134.2 16.2 116.9 15.4 14.8 56.7 20.7 54.8 22.1 3.6
NET PROFIT Net P.mg 108.3 13.1 92.1 12.1 17.5 46.3 16.9 48.2 19.5 -4.0
3
REVENUES 2004 AND Q4 2004DETAIL BY PRODUCT LINE
PRODUCT CATEGORY FY 2004 FY 2004 Q4 2004 Q4 2004 VARIATION 2004/2003 FULL YEAR VARIATION 2004/2003 FULL YEAR VARIATION 2004/2003 FOURTH QUARTER VARIATION 2004/2003 FOURTH QUARTER
PRODUCT CATEGORY FY 2004 FY 2004 Q4 2004 Q4 2004 REPORTED AT COMP.FX REPORTED AT COMP.FX
PRODUCT CATEGORY MEUR ON TOTAL SALES MEUR ON TOTAL SALES GROWTH GROWTH GROWTH GROWTH
JEWELRY 342.7 41.4 109.1 39.9 11.4 14.5 10.0 13.3
WATCHES 256.4 31.0 81.8 29.9 5.0 8.7 -1.7 1.1
PERFUMES 154.2 18.6 58.8 21.5 12.8 15.5 30.9 32.0
ACCESSORIES 62.1 7.5 19.9 7.3 11.5 13.8 24.9 27.0
ROYALTIES AND OTHER 12.3 1.5 3.7 1.4 -18.1 N/A -9.5 N/A
TOTAL 827.7 100 273.3 100 9.0 12.1 10.5 13.3
4
REVENUES 2004 AND Q4 2004DETAIL BY
GEOGRAPHICAL AREA
GEOGRAPHICAL AREA FY 2004 FY 2004 Q4 2004 Q4 2004 VARIATION 2004/2003 FULL YEAR VARIATION 2004/2003 FULL YEAR VARIATION 2004/2003 FOURTH QUARTER VARIATION 2004/2003 FOURTH QUARTER
GEOGRAPHICAL AREA FY 2004 FY 2004 Q4 2004 Q4 2004 REPORTED AT COMP.FX REPORTED AT COMP.FX
GEOGRAPHICAL AREA MEUR ON TOTAL SALES MEUR ON TOTAL SALES GROWTH GROWTH GROWTH GROWTH
ITALY 108.7 13.1 38.6 14.1 3.0 3.0 10.9 10.9
EUROPE W/OUT ITALY 189.6 22.9 58.9 21.6 0.0 0.0 6.4 6.4
AMERICAS 122.8 14.8 44.7 16.4 12.9 22.4 12.6 20.8
JAPAN 206.5 25.0 70.9 25.9 24.1 27.2 25.0 29.7
FAR EAST 146.5 17.7 46.7 17.1 2.7 8.1 0.1 4.2
MIDDLE EAST AND OTHER 53.6 6.5 13.4 4.9 15.7 N/A -4.4 N/A
TOTAL 827.7 100 273.3 100 9.0 12.1 10.5 13.3
5
BVLGARI PROFIT AND LOSS OVERVIEW FISCAL YEAR 2004
GROUP P/L FY 2004 MEUR FY 2003 MEUR GROWTH 2004/2003 ON REVENUES 2004
REVENUES 827.7 759.3 9 100
GROSS MARGIN 527.7 474.4 11.2 63.8
PERSONNEL COSTS 128.5 117.8 9.0 15.5
AMOR.DEPR. 39.1 39.0 0.1 4.7
OTHER GEN EXPENSES 129.5 120.0 8.0 15.6
TOT GEN EXP EXCL. ADVPROMOT. 297.1 276.8 7.4 35.9
ADV. AND PROMOTION 96.4 80.7 19.5 11.6
TOT GENERAL EXP 393.5 357.5 10.1 47.6
EBIT 134.2 116.9 14.8 16.2
NON OPER. EXP. INC.MIN. 13 7.9 64.5 -1.6
PROFIT BEFORE TAX 121.2 109.0 11.2 14.6
TAXES 12.9 16.9 -23.6 1.6
NET PROFIT AFTER TAXES 108.3 92.1 17.5 13.1
6
GROSS MARGIN
REVENUE BREAK DOWN FY 2002
JEWELS 38.0
WATCHES 37.9
PERFUMES 17.1
ACCESSOR. 5.2
ROYA/OTH 1.8
TOTAL 100
REVENUE BREAK DOWN FY 2004
JEWELS 41.4
WATCHES 31.0
PERFUMES 18.6
ACCESSOR. 7.5
ROYA/OTH 1.5
TOTAL 100
REVENUE BREAK DOWN FY 2003
JEWELS 40.5
WATCHES 32.2
PERFUMES 18.0
ACCESSOR. 7.3
ROYA/OTH 2.0
TOTAL 100
FX RATES Market evolution 2004 AVERAGE FX RATE 2004vs2003 AVERAGE EUR APPREC.
EUR/USD 1.24 10
EUR/JPY 134.4 2.6
7
ADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO
AND AS A ON REVENUESas well as INDICATION OF
REVENUE GROWTH ON THE YEAR
9.9
9.6
10.2
11.1
13.6
12.6
12.2
13.4
10.6
11.6
on REV
8
CONSOLIDATED TAX RATE
9
NET WORKING CAPITAL
Me euro 2001 2002 2003 2004
RECEIV. 124 143 132 161
INVENTORY 547 477 430 459
PAYABL. -119 -118 -109 -151
TOT NWC 552 502 453 469
EXCLUDING OTHER REC. AND OTHER PAY.
10
CAPITAL EXPENDITURE
M.EURO 2001 2002 2003 2004
TANGIBLE 36 24 23 27
INTANGIBLE Excluded goodwill 12 9 15 18
TOTAL 48 33 38 45
11
2004 NETWORK EVOLUTION
2004 2003 2002
DOS BOUTIQUES 107 92 83
FRANCHISEES 38 35 33
TOTAL STORES 145 127 116
TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) 49 55 53
TOTAL STORESP.O.S. 194 182 169
12
2004 STORE REFURBISHMENTS and NEW OPENINGS
NEW DIRECTLY OPERATED STORES (DOS) 7 new locations 8 locations previously WS/TR 15 total Openings in Q4 Milan Malpensa 2 Berlin KaDeWe Barcelona Busan Lotte Openings in Q1, Q2, Q3 Chiba Mitsukoshi Hiroshima Tenmaya Taichung Mitsukoshi 8 wholesale corners reclassified as DOS
EXISTING DOS RE-LOCATIONS 4 important relocations Osaka London New Bond Street Berlin KuDamm Chicago
NEW FRANCHISEES 3 new locations 3 total Bharain Sao Paolo Iguatemi Delhi
NEW TRAVEL RETAIL WHOLESALE STORES 2 new locations - 8 locations now DOS -6 total DFS Okinawa Heinemann Frankfurt - 8 wholesale corners now DOS
Grand Total 12 new locations 4 relocations 12 new locations 4 relocations 12 new locations 4 relocations
13
CASH FLOW GENERATIONM.EURO
14
BALANCE SHEET HIGHLIGHTSM.EURO
GEARING 60 25 8
2
15
BVLGARI FOCUS 2005
CONTINUED, STRONG PRODUCT INNOVATION - CAPITALIZING ON THE COLLECTION CONCEPT ? TO BE PRESENTED AT THE BASEL FAIR, APRIL 2005
FURTHER ENHANCEMENT OF THE HIGH JEWELRY OFFER WITH THE DIAMOND PROJECT ? Q2 2005, FIRST PRODUCTS ON SHELF
EFFECTIVE ADVERTISING SUPPORT AND GREATER FOCUS ON THE CONTROL OF THE DISTRIBUTION CHANNEL NEW, DEDICATED CAMPAIGNS ONGOING CONTROL ON THE DISTRIBUTION CHANNEL
ENHANCEMENT OF EXCLUSIVE BOUTIQUES LOCATION, SURFACE, ASSORTMENT, SERVICE ? CONTINUED STORE OPENINGS AND REFURBISHMENTS
HIGHER DEGREE OF VERTICAL INTEGRATION MORE FOCUS ON PRODUCTION PROCESSES ? CROVA FULL INTEGRATION, MORE IDEAS
16
BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN
ALL CATEGORIES
JEWELRY WATCHES PERFUMES ACCESSORIES
NEW PRODUCT LAUNCHES TO BE PRESENTED TO THE TRADE IN BASEL APRIL 2005 CABOCHON CICLADI (BASEL SELECTION ) NOW IN STORE TO BE PRESENTED TO THE TRADE IN BASEL APRIL 2005 AQUA POUR HOMME NOW IN STORE CRUISE COLLECTION SPRING COLLECTION NOW IN STORE
LINE EXTENSIONS AND NEW VERSIONS BASEL BASEL SEASONAL FLANKERS SPRING/SUMMER AND FALL/WINTER
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 DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS, DIAMOND PROJECT NEW Bzero1 CAMPAIGN DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS, DIAMOND PROJECT NEW Bzero1 CAMPAIGN NEW AQUA CAMPAIGN, NEW BLV CAMPAIGN, MORE TO COME NEW EYEWEAR CAMPAIGN
17
QUESTIONS ANSWERS
BVLGARI CORPORATE WEBSITE http//www.bulgari.com F
or more information about the the Bvlgari
products please join the dedicated mailing list.

BVLGARI INVESTOR RELATIONS WEBSITE http//producti
on.investis.com/bulgari/frameset In order to
receive updates via e-mail on the quarterly
results releases, please add your name and
e-mail address to the Alerting Service. For
investor relations queries, please contact
renata.casaro_at_bulgari.com. Thank you.
18
TECHNICAL INFORMATION ON IAS/IFRS
IMPLEMENTATION
Procedure The Company is completing its preparation for the transition to the new IAS/IFRS accounting principles, which will be submitted as soon as possible to the exam of its auditing company KPMG S.p.A.
Date of application The International Accounting Standards will presumably be applied starting from the presentation of the financial statements for the first semester 2005. In that occasion a prospect of analytical link between net assets and quarterly profit will be prepared where these lattere will be drawn up following the previous accounting principles and the new IAS/IFRS ones. More technical details on http//production.investis.com/bulgari/frameset
19
HISTORICAL REPORTED REVENUES BY PRODUCT LINE
GROWTH AND ON TOTAL SALES
YOY GROWTH 1998 1999 2000 2001 2002 2003 2004
JEWELS 8 30 47 26 2.1 4.7 11.4
WATCHES 15 41 43 -6 -1.0 -16.6 5.0
PERFUMES 63 18 15 37 4.8 3.1 12.8
ACCESSORIES 292 41 53 48 3.7 39.5 11.5
ROYALTIES AND OTHER 86 25 15 11 -17.8 4.8 -18.1
BREAKDOWN 1998 1999 2000 2001 2002 2003 2004
JEWELS 33 32 34 38 38 41 41
WATCHES 42 45 46 39 38 32 31
PERF. 19 16 14 16 17 18 19
ACCESS. 3 4 4 5 5 7 8
ROYALT. OTH 3 3 2 2 2 2 1
20
HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL
AREA GROWTH AND ON TOTAL SALES
YOY GROWTH 1998 1999 2000 2001 2002 2003 2004
ITALY 33 17 43 19 2.8 -1.6 3.0
EUROPE 15 20 38 24 -3.3 -0.9 0.0
AMERICAS 35 26 28 -16 -2.0 -6.2 12.9
JAPAN 32 60 36 7 7.3 0.9 24.1
FAR EAST 3 58 61 27 -6.6 7.5 2.7
M.EAST OTH 22 19 47 59 23.7 -24.6 15.7
BREAKDOWN 1998 1999 2000 2001 2002 2003 2004
ITALY 14 13 13 14 14 14 13
EUROPE 27 24 24 26 25 25 23
AMERICAS 24 23 21 15 15 14 15
JAPAN 18 22 21 20 21 22 25
FAR EAST 12 14 17 19 17 19 18
M.EAST OT. 5 4 4 6 8 6 6
21
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 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
Sources of the information presented FY 2003
presentation, 31.12.2004 and 27.01.2005 press
releases, institutional conference calls
WWW.BULGARI.COM web site