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THE BVLGARI GROUP First Half 2004 Rome, 13 September 2004 When printing the presentation please choose the Pure B/W option.

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Presentation on theme: "THE BVLGARI GROUP First Half 2004 Rome, 13 September 2004 When printing the presentation please choose the Pure B/W option."— Presentation transcript:

1 THE BVLGARI GROUP First Half 2004 Rome, 13 September 2004 When printing the presentation please choose the Pure B/W option

2 FINANCIAL HIGHLIGHTS H Eur mios.H H DELTA H1 04/03 REVENUES - REPORTED REVENUES – AT CONST.FX % +10.6% GROSS PROFIT *+8.0% OPERATING EXPENSES ex A&P % EBIT ex A&P % ADVERTISING & PROMOTION EXPENSES % EBIT % NET PROFIT % MARGINS H % 38.8% 24.2% 12.2% 12.0% 9.6% MARGINS H % 41.4% 21.0% 10.3% 10.6% 7.6%

3 GROSS MARGIN EVOLUTION BY QUARTER % ON REVENUES

4 PRODUCT CATEGORY H MEUR% ON TOTAL SALES JEWELRY % WATCHES % PERFUMES % ACCESSORIES % ROYALTIES AND OTHER % TOTAL % REVENUES – H REVENUES – H DETAILS BY PRODUCT LINE VARIATION % 2004/2003 FIRST HALF REPORTEDAT COMP.FX % GROWTH +12.0%+15.2% +2.5%+7.0% +12.2%+16.9% -2.6%+0.3% -24.9%n.a. +6.9%+10.6%

5 GEOGRAPHICAL AREA H MEUR% ON TOTAL SALES ITALY % EUROPE W/OUT ITALY % AMERICAS % JAPAN % FAR EAST % MIDDLE EAST AND OTHER % TOTAL % REVENUES – H REVENUES – H DETAILS BY GEOGRAPHICAL AREA VARIATION % 2004/2003 FIRST HALF REPORTEDAT COMP.FX % GROWTH -9.2%- +0.7% %+27.3% +20.1%+22.5% +1.1%+7.8% +23.3%N.A. +6.9%+10.6%

6 ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 10.3%12.2% On tot.revenues 10.6%9.9% +26.1%

7 NET WORKING CAPITAL Me euro RECEIV INVENTORY PAYABL NWC * * Excluding other payables and other receivables

8 BALANCE SHEET HIGHLIGHTS M.EURO GEARING 54.8%30.2%11.0%

9 BVLGARI 2004 – PRODUCT LAUNCHES RECAP JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES l ASTRALE l HIGH JEWELLERY l MARRYME l BVLGARI: ERGON 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 (Valentines Day limited edition) l B.zero1 1-band rings (plain metal, with semiprecious stones and with a central diamond) l ALLEGRA ADDITIONAL NEW REFERENCES l BB - TOURBILLON l NEW RETTANGOLO l NEW SOLOTEMPO l Bzero1 DIAMS l DIAG.PROF. -REGATTA l DIAG. PROF. - GMT FLYBACK l NEW DIAGONO ALUM. l NEW DANIEL ROTH MODELS 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 F/W Croco and Sable versions of Décolleté 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 New eyewear campaign UNDERLINED ITALICS: H2 LAUNCHES

10 2004 – NETWORK EVOLUTION As of end H Notes on Q2 As of end Q As of end 2003 Notes on Q1 DOS BOUTIQUES 101 THE 6 ADDITIONAL STORES ARE ON AVERAGE SMALL CORNERS FORMERLY RUN BY A JAPANESE PARTNER ON A COMMISSION BASIS AND CLASSIFIED UNDER THE WHOLESALE STORES CATEGORY ARE NOW CLASSIFIED UNDER DIRECTLY OPERATED STORES FRANCHISEES 3935 TOTAL STORES TRAVEL RETAIL AND WHOLESALE STORES TOTAL STORES+P.O.S

11 QUESTIONS & ANSWERS FOR MORE QUALITATIVE INFORMATION ON ERGON WATCH COLLECTION PLEASE SEE THE DEDICATED VIDEO AND MINIWEBSITE ON When printing the presentation please choose Pure B/W option


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