Turnover: Euro 180.2 million (-1%)

 Operating profit: Euro 23.6 million (+51%)

 Net profit: Euro 14.0 million (+74%)

Bulgari, the Italian Contemporary Jeweller announced today in Rome its consolidated results of the first nine months of 2002. Turnover in the third quarter remained essentially unchanged from Euro 181.5 million of 2001 to Euro 180.2 million in 2002 (-0.7%). At constant exchange rates the increase was of approx. 3%.
In the first nine months turnover was of Euro 518.6 million compared to the Euro 540.3 million in 2001 (-4.0%). In volume the variation was approx. equal to -3% compared to same period of last year and of approx. +19% compared to the same period in 2000.
Operating profit in the third quarter registered an increase of 50.7% from 15.7 Euro million to 23.6 Euro million of the same period of the previous year. During the period January - September 2002 the Group posted an operating profit of Euro 56.6 million with a decrease of 26.8% compared to Euro 77.3 million the year before.
Net profit in the third quarter was equal to Euro 14.0 million with an increase of 73.6% (8.0 Euro million in the third quarter 2001). During the first nine months of 2002 net profit was equal to Euro 36.5 million against Euro 56.2 million of the previous year (-35.0%).



Source: Bulgari media release
November 2002