Presentation on theme: "THE BVLGARI GROUP Fiscal Year 2003 First Half Results September 11th 2003."— Presentation transcript:
THE BVLGARI GROUP Fiscal Year 2003 First Half Results September 11th 2003
FINANCIAL HIGHLIGHTS - H M.EURO H H DELTA H1 03/02 REVENUES % GROSS MARGIN ***RESTATED *** *** +1% TOT OPER.EXPENSES w/out A&P % EBIT w/out A&P % ADVERTISING & PROM.EXPENSES % EBIT % NET PROFIT % The RESTATED Gross Margin*** is a lower figure than it used to be because Cost of Goods Sold now includes also internal production costs previously included in the Operating Expenses. The previous classif.Gross Margin figures were ME for H1 02 and would have been ME for H1 03, showing a +3% increase yoy.
MARGIN COMPARISON BY QUARTER M.EURO Q Q GROSS MARGIN***rest 60.9% *** 63.8% *** GROSS MARGIN – OLD CLASSIFICAT. 63.3%66.1% EBIT MARGIN BEFORE A&P 18.7%23.0% EBIT MARGIN10.1%11.1% NET MARGIN7.1%8.0% Q Q % *** 60.5% *** 61.3%61.1% 18.0%21.1% 10.3%9.3% 5.8%7.5% The RESTATED Gross Margin*** is a lower figure than it used to be because Cost of Goods Sold now includes also internal production costs, previously included in the Operating Expenses.
NET WORKING CAPITAL M.EURO TRADE RECEIVABLES INVENTORY TRADE PAYABLES TOTAL
INVENTORY DYNAMICS M.EURO – END OF QUARTER FIGURES
QUESTION AND ANSWERS
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