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THE BVLGARI GROUP THE BVLGARI GROUP
Fiscal Year 200Fiscal Year 2005 and Q4 5 and Q4 20052005
Rome, 27 March 2006When printing the presentation please choose the “Pure B/W” option
FINANCIAL RESULTS FINANCIAL RESULTS Q4 2005 Q4 2005
Eur mios. Q42005
Q4 2004
DELTAQ4 05/04
REVENUES - reportedREVENUES - const.currency
311.2 275.0 +13.2%+12.6%
GROSS PR.
Gross margin
205.7
66.1%
179.0
65.1%
+14.9%
EBIT BEFOREADVERT & PROMMargin
111.2
35.7%
87.4
31.8%
+27.2%
ADVERTISINGAND PROM.% on revenues
38.8
12.5%
32.5
11.8%
+19.2%
EBIT
Ebit margin
72.4
23.3%
54.9
20.0%
+31.9%
NET PROFIT
Net profit margin
61.2
19.7%
46.2
16.8%
+32.3%
2005 and 2004 IFRS compliant
FINANCIAL RESULTS FINANCIAL RESULTS FY 2005 FY 2005
Eur mios. FY2005
FY 2004
DELTAFY 05/04
REVENUES - reportedREVENUES - const.currency
918.5 831.6 +10.5%+10.6%
GROSS PROFIT
Gross margin
596.9
65.0%
529.1
63.6%
+12.8%
EBIT BEFOREADVERT & PROM.Margin
259.1
28.2%
228.2
27.4%
+13.5%
ADVERTISINGAND PROM.% on revenues
116.3
12.7%
96.4
11.6%
+20.6%
EBIT
Ebit margin
142.8
15.5%
131.8
15.8%
+8.4%
NET PROFIT
Net Profit margin
116.4
12.7%
108.8
13.1%
+7.1%
2005 and 2004 IFRS compliant
PRODUCTCATEGORY
FY 2005 Q4 2005 % GROWTH 2005/2004FULL YEAR
% GROWTH 2005/2004 FOURTH QUARTER
REPORTED AT COMP.FX
REPORTED AT COMP.FX
MEUR % ON TOTALSALES
MEUR % ON TOTALSALES
% GROWTH % GROWTH
JEWELRY 368 40% 119 38% +7.5 +7.6 +9.0% +8.3%
WATCHES 268 29% 96 31% +4.5 +4.5 +17.6% +16.2%
PERFUMES 182 20% 67 22% +18.3 +18.5 +14.6% +14.9%
ACCESSORIES
77 8% 22 7% +23.8 +24.2 +12.0% +11.8%
ROYALTIESAND OTHER
23 3% 7 2% +42.3 n.a. +20.9% n. a.
TOTAL 919 100% 311 100% +10.5 +10.6 +13.2% +12.6%
REVENUES – 2005 AND Q4 REVENUES – 2005 AND Q4 20052005
DETAIL BY PRODUCT LINEDETAIL BY PRODUCT LINE
2005 and 2004 IFRS compliant
GEOGRAPHICALAREA
FY 2005 Q4 2005 % GROWTH 2005/2004 FULL YEAR
% GROWTH 2005/2004 FOURTH QUARTER
REPORTED AT COMP.FX REPORTED AT COMP.FX
MEUR % ON TOTALSALES
MEUR % ON TOTALSALES
% GROWTH % GROWTH
ITALY 130 14% 44 14% +15.4% - +9.4% -
EUROPEW/OUT ITALY
219 24% 78 25% +15.2% - +33.0% -
AMERICAS 138 15% 47 15% +12.6% +12.5% +4.8% +1.0%
JAPAN 239 26% 84 27% +15.7% +17.4% +17.9% +19.7%
FAR EAST 140 15% 42 14% -4.7% -6.6% -10.3% -14.3%
MIDDLE EASTAND OTHER
53 6% 16 5% -0.4% n. a. +22.2% n. a.
TOTAL 919 100% 311 100% +10.5% +10.6% +13.2% +12.6%
REVENUES – 2005 AND Q4 REVENUES – 2005 AND Q4 20052005
DETAIL BY GEOGRAPHICAL AREADETAIL BY GEOGRAPHICAL AREA
2005 and 2004 IFRS compliant
GROSS MARGIN GROSS MARGIN Q4 2005 and FY 2005Q4 2005 and FY 2005
64,1%65,1% 66,1%
60,8%
Q4 2002 Q4 2003 Q4 2004 Q4 2005
+100 BASIS POINTS
62,5%63,6%
65,0%
60,6%
2002 2003 2004 2005
+140 BASIS POINTS
2005 and 2004 IFRS compliant
EBIT MARGIN before EBIT MARGIN before ADVERTISING & PROMOTIONADVERTISING & PROMOTION
FY 2005FY 2005
23,8%
28,2%27,4%
26,0%
2002 2003 2004 2005
+180 BASIS POINTS
2005 and 2004 IFRS compliant
ADVERTISING AND PROMOTIONADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO AND AS A % ON REVENUES
Q4 2005
33
39
Q4 2004 Q4 200511.8%
On tot.revenues
12.5%
+19%
2005 and 2004 IFRS compliant
ADVERTISING AND ADVERTISING AND PROMOTIONPROMOTION
INVESTEMENTS IN M.EURO AND AS A % ON REVENUESINVESTEMENTS IN M.EURO AND AS A % ON REVENUES
1924
3350
61
82
102
7681
96116
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 20059.9%9.6% 10.2% 11.1
%13.6
%12.6
%% on REV 12.2
%13.4
%10.6
%11.6
%12.7
%
+21 %
2005 and 2004 IFRS compliant
EBIT MARGINEBIT MARGINFY 2005FY 2005
13,9%
15,5%15,8%
15,4%
2002 2003 2004 2005
2005 and 2004 IFRS compliant
CONSOLIDATED TAX RATECONSOLIDATED TAX RATEFY 2005FY 2005
19,6%
11,6%
10,5%
15,4%15,6%
2001 2002 2003 2004 2005
2005 and 2004 IFRS compliant
NET MARGINNET MARGINFY 2005FY 2005
9,8%
12,7%13,1%
12,1%
2002 2003 2004 2005
2005 and 2004 IFRS compliant
NET WORKING CAPITALNET WORKING CAPITAL
INVENTORY ROTATION DAYS on REVENUES
198201222
257
204
170
220
2001 2002 2003 2004 2005
Me euro 2001 2002 2003 2004 2005
RECEIV. 124 143 132 160 169
INVENTORY
547 477 430 463 505
PAYABL. -119 -118 -109 -152 -168
TOT NWC 552 502 453 471 506EXCLUDING OTHER REC. AND OTHER PAY.
2004 and 2005 IFRS compliant
CAPITAL EXPENDITURECAPITAL EXPENDITURE
M.EURO 2001 2002 2003 2004 2005
TANGIBLE 36 24 23 27 35
INTANGIBLE 12 9 15 17* 27*
TOTAL 48 33 38 44 62
2005 and 2004 IFRS compliant *Excluding Goodwil-Including Key Money
CASH FLOW GENERATIONCASH FLOW GENERATIONM.EUROM.EURO
48
107
33
117
38
131
50
144
63
151
0
20
40
60
80
100
120
140
160
2001 2002 2003 2004 2005
INVESTMENTS CASH FLOW
2005 and 2004 IFRS compliant Investments = Tangible, Intangible, Goodwill
BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO
475
-284
548
-136
587
-45
643
-13
686
-50
-340
-140
60
260
460
660
860
2001 2002 2003 2004 2005
Net Equity Net Cash
GEARING60% 25% 8% 2% 7%
2005 and 2004 IFRS compliant
2005 – NETWORK EVOLUTION2005 – NETWORK EVOLUTION2004 2005
DOS BOUTIQUES 107 117
FRANCHISEES 38 42
TOTAL STORES 145 159
TRAVEL RETAILAND WHOLESALE STORES (POINTS OF SALE)
49 48
TOTAL STORES+P.O.S
194 207
MAIN NEW OPENINGS:
DIRECTLY OPERATED STORES (DOS): PARIS PLACE VENDOME, OSAKA SHINSAIBASHI SOGO, TAIPEI 101, SEVILLA EL CORTE INGLES…FRANCHISEES: DUBAI MALL
MAIN D.O.S. REFURBISHINGS/RELOCATIONS/ENLARGEMENTS: VENEZIA, GENEVE, TOKYO SHINJUKU TAKASHIMAYA, SAPPORO MITSUKOSHI, SINGAPORE HILTON
BVLGARI FOCUS 2006 BVLGARI FOCUS 2006 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIESIMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES
JEWELRY WATCHES PERFUMES ACCESSORIESEYEWEAR
NEW PRODUCTS
TO BE PRESENTEDTO THE TRADE
IN BASEL APRIL 2006
EAU PARFUMEE AU THE ROUGE
NOW IN STORE
SPRING COLLECTION
NOW IN STORE
NEW VERSIONS SEASONAL FLANKERS FALL/WINTER
ADVERTISINGCAMPAIGNS
THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND
DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS DIAMOND PROJECTBzero1 CAMPAIGN
NEW THE ROUGE CAMPAIGN,
MORE TO COME
NEW EYEWEAR CAMPAIGN
QUESTIONS & ANSWERSQUESTIONS & ANSWERS
BVLGARI INVESTOR RELATIONS WEBSITEhttp://production.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: [email protected]. Thank you.
BVLGARI CORPORATE WEBSITEhttp://www.bulgari.com
For more information about the the Bvlgari products please join the dedicated mailing list.
HISTORICAL HISTORICAL REPORTEDREPORTED REVENUES BY PRODUCT LINEREVENUES BY PRODUCT LINE% GROWTH AND % ON TOTAL SALES% GROWTH AND % ON TOTAL SALES
YOY GROWTH 1998 1999 2000 2001 2002 2003 2004IAS
2005IAS
JEWELS +8 +30 +47 +26 +2.1 +4.7 +11.4 +7.5
WATCHES +15 +41 +43 -6 -1.0 -16.6 +5.0 +4.5
PERFUMES +63 +18 +15 +37 +4.8 +3.1 +12.8 +18.3
ACCESSORIES +292 +41 +53 +48 +3.7 +39.5 +11.5 +23.8
ROYALTIESAND OTHER
+86 +25 +15 +11 -17.8 +4.8 -18.2 +42.3
BREAKDOWN 1998 1999 2000 2001 2002 2003 2004IAS
2005IAS
JEWELS 33 32 34 38 38 41 41 40
WATCHES 42 45 46 39 38 32 31 29
PERF. 19 16 14 16 17 18 19 20
ACCESS. 3 4 4 5 5 7 8 8
ROYALT. OTH 3 3 2 2 2 2 1 3
2005 and 2004 IFRS compliant
HISTORICAL HISTORICAL REPORTEDREPORTED REVENUES BY GEOGRAPHICAL AREA REVENUES BY GEOGRAPHICAL AREA% GROWTH AND % ON TOTAL SALES% GROWTH AND % ON TOTAL SALES
YOY GROWTH 1998 1999 2000 2001 2002 2003 2004IAS
2004IAS
ITALY +33 +17 +43 +19 +2.8 -1.6 +6.7 +15.4
EUROPE +15 +20 +38 +24 -3.3 -0.9 +0.0 +15.2
AMERICAS +35 +26 +28 -16 -2.0 -6.2 +12.9 +12.6
JAPAN +32 +60 +36 +7 +7.3 +0.9 +24.1 +15.7
FAR EAST +3 +58 +61 +27 -6.6 +7.5 +2.7 -4.7
M.EAST OTH +22 +19 +47 +59 +23.7 -24.6 +15.7 -0.4
BREAKDOWN 1998 1999 2000 2001 2002 2003 2004IAS
2004IAS
ITALY 14 13 13 14 14 14 13 14
EUROPE 27 24 24 26 25 25 23 24
AMERICAS 24 23 21 15 15 14 15 15
JAPAN 18 22 21 20 21 22 25 26
FAR EAST 12 14 17 19 17 19 18 15
M.EAST OT. 5 4 4 6 8 6 6 6
2005 and 2004 IFRS compliant
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 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 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
Source of the information presented: FY 2004 IAS presentation, FY 2005 SALES - 31.01.2006 presentationFY 2005 RESULTS- 27.03.2006 press releases, presentation and institutional conference callsWWW.BULGARI.COM web site