the bvlgari group fiscal year 2002 first quarter results may 14th 2002

THE BVLGARI GROUP THE BVLGARI GROUP

Fiscal Year 2002Fiscal Year 2002

First Quarter ResultsFirst Quarter Results

May 14th 2002

FINANCIAL RESULTS FINANCIAL RESULTS Q1 2002 Q1 2002

M.EUROM.EURO

Q12002

Q1 2001

DELTAQ1 02/01

Q1 2000

DELTAQ1 01/00

REVENUES 156.2 165 -5% 122.6 +35%

GROSSPROFIT

95.8 106.1 -10% 78.1* +36%

EBIT 16.1 26.8 -40% 21.3* +26%

NETPROFIT

9.0 22.5 -60% 12.6 +79%

*REINSTATED AS PER GAAP 26

REVENUE % GROWTH REVENUE % GROWTH BY GEOGRAPHICAL AREABY GEOGRAPHICAL AREA

YOY 1998 1999 2000 2001

ITALY +33 +17 +43 +19

EUROPEEx ITALY

+15 +20 +38 +24

AMERICAS

+35 +26 +28 -16

JAPAN +32 +60 +36 +17

FAR EAST

+3 +58 +61 +14

M.EASTOTHER

+22 +19 +47 +59

Q1 00 Q1 01 Q1 02

+26 +85 -16

+74 +31 +18

+51 +14 -13

+54 +9* +1

+71 +48* -25

+48 +95 -2

*REINSTATED FIGURES FOLLOWING KOREAN FRANCHISEE ACQUISITION

REVENUE % BREAKDOWN REVENUE % BREAKDOWN BY GEOGRAPHICAL AREABY GEOGRAPHICAL AREA

YOY 1998 1999 2000 2001

ITALY 14 13 13 14

EUROPEEX ITALY

27 24 24 26

AMERICAS

24 23 21 15

JAPAN 18 22 21 22

FAR EAST

12 14 17 17

M.EASTOTHER

5 4 4 6

Q1 00 Q1 01 Q1 02

10 14 13

24 23 29

21 18 16

22 18* 19

18 20* 16

5 7 7

*REINSTATED FIGURES FOLLOWING KOREAN FRANCHISEE ACQUISITION

REVENUE % GROWTH REVENUE % GROWTH BY PRODUCT LINEBY PRODUCT LINE

YOY 1998 1999 2000 2001

JEWELS +8 +30 +47 +26

WATCHES

+15 +41 +43 -6

PERF. +63 +18 +15 +37

ACCESS.

+292 +41 +53 +48

ROYALT.

+87 +25 +15 +11

Q1 00 Q1 01 Q1 02

+111 +25 +17

+54 +30 -29

+8 +66 +13

+3 +97 -5

+32 +2 +28

REVENUE % BREAKDOWN REVENUE % BREAKDOWN BY PRODUCT LINEBY PRODUCT LINE

YOY 1998 1999 2000 2001

JEWELS 33 32 34 38

WATCHES

42 45 46 39

PERF. 19 16 14 16

ACCESS.

3 4 4 5

ROYALT.

3 3 2 2

Q1 00 Q1 01 Q1 02

35 32 40

46 45 34

13 16 19

4 5 5

2 2 2

On total sales

12,517,8

12

0

10

20

30

40

50

60

70

Q1 2000 Q1 2001 Q1 2002

10.2%

ADVERTISING AND PROMOTIONADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO AND AS A % ON REVENUESINVESTEMENTS IN M.EURO AND AS A % ON REVENUES

10.8% 7.7%

310

-61

413

-265

477

-301

Q1 2000 Q1 2001 Q1 2002

BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO

GEARING

20% 64% 63%

CAPITAL EXPENDITURECAPITAL EXPENDITUREM.EUROM.EURO

ME EURO Q1 02 Q1 01 Q1 00

TANGIBLE 7.2 6.2 6.9

INTANGIBLE 1.7 2.8 3.3

TOTAL 8.9 9.0 10.2

NET WORKING CAPITALNET WORKING CAPITALM.EUROM.EURO

ME EURO Q1 02 Q1 01 Q1 00

RECEIVABLES

99 118 78

INVENTORY 557 508 320

PAYABLES -77 -122 -126

STORE OPENING ACTIVITYSTORE OPENING ACTIVITYAND DISTRIBUTION AND DISTRIBUTION

EXISTING31.03.2002

DIRECTLYOPERATEDSTORES

82

FRANCHISEDSTORES

29

TOTAL STORES

111

P.O.S. ANDTRAVEL RET.AND WHOLES.

47

TOTALSTORES +POS

158

Q1 2002 - NEW PRODUCTSQ1 2002 - NEW PRODUCTS JEWELLERYBB BIG RING

WATCHES

Bzero1 WATCHDIAGONO PROFESSIONAL – GMT, TACHYMETRICRETTANGOLO RUBBER CHRONO

PERFUMESEAU PARFUMEE AU THE VERT – “RITUAL” (LIMITED EDITION)BLV – “ST.VALENTINE KIT” (LIMITED EDITION)

ACCESSORIESBzero1 HANDBAG – SPRING COLLECTION

For details on the new products, please seehttp://www.bulgari.com/index.asp

Q & AQ & A