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THE BVLGARI GROUP Fiscal Year 2004 Third Quarter and 9 Month Results November 12th 2004 When printing the presentation please choose Pure B/W option.

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Presentation on theme: "THE BVLGARI GROUP Fiscal Year 2004 Third Quarter and 9 Month Results November 12th 2004 When printing the presentation please choose Pure B/W option."— Presentation transcript:

1 THE BVLGARI GROUP Fiscal Year 2004 Third Quarter and 9 Month Results November 12th 2004 When printing the presentation please choose Pure B/W option

2 FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004 Eur mios.Q3 2004 Q3 2003 DELTA Q3 04/03 REVENUES - REPORTED REVENUES – AT CONST.FX 201.6181.9+10.9% +13.1% GROSS PROFIT126.9110.0+15.4% OPERATING EXPENSES ex A&P 70.867.5+4.9% EBIT ex A&P56.142.5+32.0% ADVERTISING & PROMOTION EXPENSES 20.915.5+34.5% EBIT35.227.0+30.1% NET PROFIT28.318.9+50.1%

3 FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004 Eur mios.Q3 2004 Q3 2003 DELTA Q3 04/03 REVENUES - REPORTED REVENUES – AT CONST.FX 201.6181.9+10.9% +13.1% GROSS PROFIT126.9110.0+15.4% OPERATING EXPENSES ex A&P 70.867.5+4.9% EBIT ex A&P56.142.5+32.0% ADVERTISING & PROMOTION EXPENSES 20.915.5+34.5% EBIT35.227.0+30.1% NET PROFIT28.318.9+50.1% 9M 2004 9M 2003 DELTA 9M 04/03 554.4512.0+8.3% +11.5% 349.2315.9+10.5% 207.8204.2+1.8% 141.4111.7+26.6% 63.949.6+28.7% 77.562.1+24.7% 62.043.9+41.2%

4 PRODUCT CATEGORY Q3 2004 MEUR% ON TOTAL SALES JEWELRY80.640.0% WATCHES65.132.3% PERFUMES37.718.7% ACCESSORIES 15.17.5% ROYALTIES AND OTHER 3.11.5% TOTAL201.6100% REVENUES – Q3 2004 REVENUES – Q3 2004 DETAILS BY PRODUCT LINE VARIATION % 2004/2003 THIRD QUARTER REPORTEDAT COMP.FX % GROWTH +12.1%+14.5% +20.4%+23.6% -6.5%-4.9% +26.2%+27.1% -13.7%N/A +10.9%+13.1%

5 PRODUCT CATEGORY JAN/SEP 2004 MEUR% ON TOTAL SALES JEWELRY233.542.1% WATCHES174.631.5% PERFUMES95.517.2% ACCESSORIES 42.17.6% ROYALTIES AND OTHER 8.71.6% TOTAL554.4100% REVENUES – JAN/SEP 2004 REVENUES – JAN/SEP 2004 DETAILS BY PRODUCT LINE VARIATION % 2004/2003 JAN-SEP REPORTEDAT COMP.FX % GROWTH +12.0%+15.0% +8.5%+12.6% +4.0%+7.2% +6.1%+8.5% -21.2%N/A +8.3%+11.5%

6 GEOGRAPHICAL AREA Q3 2004 MEUR% ON TOTAL SALES ITALY25.612.7% EUROPE W/OUT ITALY 46.323.0% AMERICAS28.814.3% JAPAN 51.225.4% FAR EAST36.418.0% MIDDLE EAST AND OTHER 13.36.6% TOTAL201.6100% REVENUES – Q3 2004 REVENUES – Q3 2004 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2004/2003 THIRD QUARTER REPORTEDAT COMP.FX % GROWTH +17.8%- -8.3%N/A +9.2%+17.3% +29.9%+31.7% +9.3%+13.9% +26.7%N/A +10.9%+13.1%

7 GEOGRAPHICAL AREA JAN/SEP 2004 MEUR% ON TOTAL SALES ITALY70.112.6% EUROPE W/OUT ITALY 130.723.6% AMERICAS78.114.1% JAPAN 135.624.4% FAR EAST99.718.0% MIDDLE EAST AND OTHER 40.27.3% TOTAL554.4100% REVENUES – JAN/SEP 2004 REVENUES – JAN/SEP 2004 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2004/2003 JAN-SEP REPORTEDAT COMP.FX % GROWTH -0.9%- -2.7%N/A +13.1%+22.5% +23.7%+25.8% +3.9%+9.6% +24.4%N/A +8.3%+11.5%

8 ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTMENTS IN M.EURO AND AS A % ON REVENUES 8.5%10.4%On tot.revenues +35%

9 ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTMENTS IN M.EURO AND AS A % ON REVENUES 10.6%9.9% 11.5%9.7% +29%

10 NET WORKING CAPITAL Me euro30.09.0230.09.0330.09.04 RECEIV.112.3118.8129.7 INVENTORY518.5466.8470.3 PAYABL.(75.8)(82.6)(104.0) NWC * 555.0503.0496.0 * Excluding other payables and other receivables ROTATION (DAYS) 30.09.0230.09.0330.09.04 INVENTORY251219212 NWC * 268237224

11 BALANCE SHEET HIGHLIGHTS M.EURO GEARING 49%29%15%

12 BVLGARI 2004 – PRODUCT LAUNCHES RECAP JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES l ASTRALE l ASTRALE with high-tech ceramics l HIGH JEWELLERY l MARRYME bridal l ERGON l ERGON color dial LIM. ED. l GERALD GENTA: OCTO l New silk tie collection PRESTIGIOUS STREETS LINE EXTENSIONS, NEW VERSIONS l Bvlgari-Bvlgari pendants l Charms l New cufflinks l Bzero1 pink gold lim. Ed. l B.zero1 1-band rings with semiprecious stones, central diamond l ALLEGRA additional references in wihte and yellow gold l ANCIENT COINS LIM. ED. l BB - TOURBILLON l NEW RETTANGOLO l NEW SOLOTEMPO l Bzero1 DIAMS l DIAG.PROF. -REGATTA l DIAG. PROF. - GMT FLYBACK l NEW DANIEL ROTH MODELS l Bzero1 RUBBER CUFF l NEW DIAGONO ALUM. color LIM. ED. l OMNIA BATH LINE l St.Valentine, Spring, seasonal kits and flankers l OMNIA CRYSTALLINE l BLV NOTTE POUR F. l BLV NOTTE POUR H. l New S/S and F/W Colors for Bzero1, Décolleté, Geometrica handbags l New Croco and Sable versions of Décolleté l New evening bags ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND l ASTRALE CAMPAIGN l Mirror campaign l Bzero1 campaigns l ERGON CAMPAIGN l OCTO CAMPAIGN l Mirror campaign l Bzero1 campaigns l New perf.campaigns l OMNIA CRYSTALLINE l BLV NOTTE POUR F. l BLV NOTTE POUR H. l New eyewear campaign UNDERLINED : H2 2004 LAUNCHES

13 QUESTIONS & ANSWERS FOR MORE QUALITATIVE INFORMATION ON THE MOST RECENT PRODUCT LAUNCHES AND EVENTS PLEASE SEE THE DEDICATED VIDEOS AND MINIWEBSITES ON http://www.bulgari.com When printing the presentation please choose Pure B/W option

14 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 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


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