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THE BVLGARI GROUP THE BVLGARI GROUP
Fiscal Year 2002Fiscal Year 2002
First Quarter ResultsFirst Quarter Results
May 14th 2002
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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
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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
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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
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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
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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
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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%
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310
-61
413
-265
477
-301
Q1 2000 Q1 2001 Q1 2002
BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO
GEARING
20% 64% 63%
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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
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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
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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
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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
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Q & AQ & A