2 b ian c a letter from the chairman 5 chief executive officer 7 bulgari group 8 key figures 9 financial highlights in 1998 19 structure of story jewels watches perfumes and accessories quality distribution 21 human resources 23 board directors statutory auditors 25 spa subsidiaries 29 report independent 31 on administration as december 49 consolidated statements 57 notes to 87 88 93 124 4 most distinctive aspects s multi faceted personality fully emerged one hand innovation dis tinguished many our daring creations other we continue cultivate first greatest vocation search for beauty precious jewelry thus original affordable