THE BULGARI GROUP : THE BULGARI GROUP Fiscal Year 2006 Results March 22nd 2007 When printing the presentation please choose the “Pure B/W” option


FINANCIAL HIGHLIGHTS FULL YEAR 2006 : FINANCIAL HIGHLIGHTS FULL YEAR 2006 2


Slide3: REVENUES FULL YEAR 2006 DETAIL BY PRODUCT LINE 3


Slide4: REVENUES FULL YEAR 2006 DETAIL BY GEOGRAPHICAL AREA 4


GROUP P/L - EXTRACT: GROUP P/L - EXTRACT 5


CONTRIBUTION MARGIN  % on Sales: CONTRIBUTION MARGIN % on Sales 6 EXPECTED


VARIABLE SELLING EXPENSES: VARIABLE SELLING EXPENSES HIGHER COST FOR WAREHOUSING FREIGHT COST 7


PERSONNEL EVOLUTION: PERSONNEL EVOLUTION 8 NEW OPENINGS (NEW COUNTRIES AND NEW SHOPS) VERTICAL INTEGRATION (PERFUME DISTRIBUTION IN USA, 2005 ACQUISITIONS) MIX EFFECT * THIS FIGURE DOES NOT INCLUDE HEADCOUNT FOR COMPANIES CONSOLIDATED PROP.


OTHER GENERAL EXPENSES: OTHER GENERAL EXPENSES 9 INVESTMENTS IN THE NETWORK FOR FUTURE GROWTH (MILAN, CHINA, PARIS, NY) FULL IMPACT OF 2005 ACQUISITIONS (VERTICALIZATION) PRODUCT DEVELOPMENT (SKIN CARE) ONE – OFF CHARGES (OPENING OF THE NYC TEMPORARY STORE)


Slide10: ADVERTISING AND PROMOTION (EUR M. AND AS A % ON REVENUES) 9.6% 10.2% 11.1% 13.6% 12.6% 12.2% 13.4% 9.9% 10.6% 11.6% % On REV 12.7% 11.2% 10


CONSOLIDATED TAX RATEFULL YEAR 2006: CONSOLIDATED TAX RATE FULL YEAR 2006 11


BALANCE SHEET HIGHLIGHTSEUR M.: BALANCE SHEET HIGHLIGHTS EUR M. GEARING 2% 7% 6% 12


CASH FLOW GENERATIONEUR M.: CASH FLOW GENERATION EUR M. 13


CAPITAL EXPENDITURE: CAPITAL EXPENDITURE 14


NETWORK EVOLUTION: NETWORK EVOLUTION 15


NET WORKING CAPITAL: NET WORKING CAPITAL INVENTORY DAYS on REVENUES 16


DIVIDEND PAYOUTin % : DIVIDEND PAYOUT in % PAYOUT RATIO * As per Unit dividend proposal to be submitted to the approval of the 24.04.2007 AGM. * 28% 27% 27% 27% 33% 26% 27% 29% 35% 60% 64% 65% 17


OUTLOOK 2007: OUTLOOK 2007 18


JEWELRY: JEWELRY *in italics, products already launched 19


WATCHES: WATCHES 20


ACCESSORIES: ACCESSORIES *in italics, products already launched 21


PERFUMES & SKINCARE: PERFUMES & SKINCARE *in italics, products already launched 22


QUESTIONS & ANSWERS: QUESTIONS & ANSWERS BULGARI INVESTOR RELATIONS WEBSITE http://ir.bulgari.com In order to receive updates via e-mail on the quarterly results releases, please add your name and e-mail address to the Alerting Service. BASEL FAIR INVESTOR DAY To discover the new products, join our INVESTOR DAY in Basel (CH) on April, 16th 2007 Please contact Renata Casaro at: renata.casaro@bulgari.com. BULGARI CORPORATE WEBSITE http://www.bulgari.com For more information about the the Bulgari products please join the dedicated mailing list. 23


Slide24: All 2004, 2005 and 2006 figures are IAS-IFRS compliant Previous years’ figures were not restated and are Italian GAAP 24


HISTORICAL REPORTED REVENUES BY PRODUCT LINE% GROWTH AND % ON TOTAL SALES: HISTORICAL REPORTED REVENUES BY PRODUCT LINE % GROWTH AND % ON TOTAL SALES 25


HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA% GROWTH AND % ON TOTAL SALES: HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA % GROWTH AND % ON TOTAL SALES 26


Disclaimer : 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 S.p.A or any of its subsidiaries should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of Bulgari S.p.A or any of its subsidiaries and should carefully consider the high risks involved in purchasing these securities.   This document contains certain forward looking statements and key financial goals which reflect management’s 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 27