01/01/07- 01/01/06- 31/03/07 31/03/06 Var% Revenues 95.4 76.6 24.5%
EBITDA 14.5 11.3 28.2% Net result 5.6 1.5 266.3% Net Debt (52.8)
(141.2) -62.6% (Million Euro) The Board of Directors of Ducati
Motor Holding S.p.A. (Borsa Italiana: DMH; NYSE: DMH) today
approved the 2007 First Quarter Results, which confirm the success
of Ducati's turnaround plan, with a remarkable improvement of all
the financial indicators. The success of the new products, launched
in 2006, is enhanced by a strong first quarter increase and by the
acceleration in registrations in April. First quarter revenues are
95.4 Mio EUR (98.3 Mio EUR at constant forex) compared to 6.6 Mio
EUR in the first quarter 2006 (+24.5% at current forex e +28.3% at
constant forex), increasing thanks to the new Superbike 1098 sales
performance and to the remarkable result of accessories and apparel
revenues (+38.7%). Bikes sold in the first quarter are 8,903 versus
7,337 in 2006 with a 21.3% increase, compared to a 3.0% increase of
the relevant market. Registrations increased steeply in April with
5.119 bikes versus 3.957 in 2006 (+29%), thus allowing a 14%
increase in the first four months' performance and a dealer network
inventory of 13.405 bikes or 2.7 months of sales, 2.306 bikes less
than the comparable period of 2006 . First quarter registrations
increased in every country following the introduction of the new
2007 models. UK (+34,9%); Benelux (+42,3%); Germany (+5,7%), Italy
(+5,1%) reverted last years' trend while the importers (+17,8%) and
the USA (+15,2%) reconfirmed the growing trend. On the other hand,
France (-2,7%) and, above all, Japan (-53,3%) showed a negative
result since the new Superbike was launched only in April. 2007
First quarter Gross Margin is 25,9 Mio EUR, equal to 27,1% of
revenues, versus 22,5 Mio EUR, or 29,4% in 2006. The margin
decrease is mainly due to a negative Forex effect. EBITDA was 14,5
Mio EUR, (16,6 Mio EUR at constant Forex), or 15,2% of revenues at
current Forex (16,9% at constant Forex), compared to an EBITDA of
11,3 Mio EUR in 2006, or 14,8% of revenues. The operating result
(EBIT) was positive at 9,3 Mio EUR versus 6,0 Mio EUR (+55,4%) the
previous year, thanks to the improved EBITDA. EBT was 9,0 Mio EUR
versus 5,3 Mio EUR (+69,0%) the previous year, thanks to an
improvement of the operating margin and lower financial interests.
The Net Result is positive at 5,6 Mio EUR compared to 1,5 Mio EUR
the year before. Net Debt reduced to 52,8 Mio EUR versus 141,2 Mio
EUR in March 2006, thanks to the capital increase and to working
capital improvements. The company's President and CEO commented: "I
am extremely satisfied at having brought Ducati, together with the
vital support of the management group, back onto the road of
profitability and growth. The worldwide success of registrations of
the new Superbike 1098, which were much higher than our
expectations, and the significant portfolio of orders for the 1098,
Hypermotard and Desmosedici means we can confidently confirm a two
digit growth for 2007, with a return to profit a year earlier than
our forecast in the relaunch plan. The extraordinary show of
strength in MotoGP with 3 victories in 4 races, and the formidable
worldwide appeal of the brand are finally, after a few years of
uncertainty, coupled with a winning product thus allowing to look
optimistically at the future of the company. It is therefore a
suitable moment to leave Ducati and pursue new challenges. I leave
Ducati financially strong, with a passionate and capable managerial
team. Together we made the Ducati brand and product into an icon
that is respected and loved around the world. I am satisfied with
what we have accomplished, because Ducati will bear our mark in the
future. With sadness but also with enormous pride, I, too, will
forever bear inside me the mark of Ducati". "The first three months
of the year posted positive results, with an increase in revenues
of 24,5%, despite the adverse impact of Forex, and with an
improvement of the net financial position of 88,4 Mio EUR compared
to the first quarter 2006. All sectors show a significant increase
in sales, even when compared to a particularly satisfying quarter
in 2006. The 2007 guidance is confirmed with a double digit
increase in revenues, EBITDA at 12% of revenues and a return to
profit. If the figures for May and June confirm April's
acceleration in registrations - considering the Forex trend as well
- we may be able to review the guidance upwards when publishing the
second quarter results" added Enrico D'Onofrio, CFO. Please note
that as from May 14th 2007, Paolo Poma has become the Director of
Investor Relations. Founded in 1926, Ducati builds racing-inspired
motorcycles characterized by unique engine features, innovative
design, advanced engineering and overall technical excellence. The
Company produces motorcycles in seven market segments which vary in
their technical and design features and intended customers:
Superbike, Supersport, Monster, Sport Touring, Multistrada
SportClassic and the new Hypermotard. The Company's motorcycles are
sold in more than 60 countries worldwide, with a primary focus in
the Western European, Japan and North American markets. Ducati has
won fourteen of the last sixteen World Superbike Championship
titles and more individual victories than the competition put
together. Since 2003 Ducati has also been taking part in the MotoGP
World Championship. For more information about the Company, please
visit our web site at http://www.ducati.com/ This press release
contains statements that are forward-looking and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those anticipated. Ducati Motor Holding
S.p.A. and Subsidiaries Net Sales and Shipment Data Three Months
Three Months Ended Ended March, March, March, March, 31 31 31 31
2007 2006 2007 2006 Net Revenues (Euro in thousands, US$ in
thousands) Motorcycles EUR 74,478 EUR 60,162 $ 99,190 $ 80,124
Spare Parts, 19,735 15,334 26,283 20,422 Accessories, Apparel Other
1,166 1,104 1,553 1,470 Total Net Revenues EUR 95,379 EUR 76,600 $
127,026 $ $102,016 Ducati Units Motorcycle shipments: % Change
North 2,747 2,502 9.8% America Main 3,981 2,839 40.2% European
market Japan 323 555 (41.8%) Rest of 1,852 1,441 28.5% World Total
8,903 7,337 21.3% Motorcycle product mix: % Change Superbike 3,450
1,147 200.8% Supersport 47 176 (73.3%) Sport Naked 3,917 3,933
(0.4%) Sport 291 550 (47.1%) Touring Multistrada 461 666 (30.8%)
Sport 737 865 (14.8%) Classic Total 8,903 7,337 21.3% Unofficial
Motorcycle % Change Registrations: North 1,916 1,663 15.2% America
Main 4,758 4,401 8.1% European market Japan 299 640 (53.3%) Rest of
1,817 1,543 17.8% World Total 8,790 8,247 6.6% Ducati Motor Holding
Group Profit & Loss (Euro in thousands, US$ in thousands,
except for shares) Three Months Ended March, 31 March, 31 2007 2006
Revenues (net) EUR 95,379 EUR 76,600 Cost of goods sold (69,498)
(54,097) Gross Margin 25,881 22,503 Other operating 7,479 6,687
revenues SG&A expenses (24,284) (23,123) Other operating 245
(68) income and expenses Operating result 9,321 5,999 Financing
expense, (310) (666) net Profit/(loss)before 9,011 5,333 income
taxes and min.interest Income Tax (3,412) (3,800) Net Result 5,599
1,533 including minority interests Minority Interests 5 (3) Net
Result for the 5,604 1,530 Group Shares outstanding 320,687,920
159,360,037 Other Financial Data Motorcycles 10,003 9,068 Produced
(Units) Motorcycles Sold 8,903 7,337 (Units) Unofficial 8,788 8,165
Registrations (Units) EBITDA 14,488 11,300 EBITDA Margin 15.2%
14.8% Three Months Ended March, 31 March, 31 Percent 2007 2006
Change Revenues (net) $ 127,026 $ 102,016 24.5% Cost of goods sold
(92,557) (72,046) Gross Margin 34,469 29,970 15.0% Other operating
9,961 8,906 revenues SG&A expenses (32,341) (30,795) Other
operating 326 (91) income and expenses Operating result 12,415
7,990 55.4% Financing expense, (413) (887) net Profit/(loss)before
12,002 7,103 69.0% income taxes and min.interest Income Tax (4,544)
(5,061) (10.2%) Net Result 7,458 2,042 265.2% including minority
interests Minority Interests 7 (4) Net Result for the 7,465 2,038
266.3% Group Shares outstanding 320,687,920 159,360,037 Percent
Other Financial Data Change Motorcycles 10.3% Produced (Units)
Motorcycles Sold 21.3% (Units) Unofficial 7.6% Registrations
(Units) EBITDA 19,295 15,048 28.2% EBITDA Margin Note: On March 31,
2007 1 Euro = 1,3318 US$ Ducati Motor Holding S.p.A. Consolidated
Statements of Operations Data (Euro in thousands, except per share
and share amounts) Period ended Period ended 31.03.2007 31.12.2006
EUR 000 % EUR 000 % Current assets Cash and cash 82,624 75,054
equivalents Trade 106,449 88,641 receivables, net Inventories
75,999 69,846 Other current 13,374 9,055 assets Total current
278,446 54.6% 242,596 51.2% assets Non current assets Property,
66,381 66,536 plant and equipment -net Goodwill and 86,050 86,050
intangible assets with indefinite useful lives Other 54,132 51,419
intangible fixed assets net Equity 320 320 investments Deferred tax
24,473 26,494 assets Other 357 373 long-term assets Total non
231,713 45.4% 231,192 48.8% current assets Total assets 510,159
100.0% 473,788 100.0% Current liabilities Short-term 16,309 3,834
bank borrowings Accounts 110,011 91,180 payable - trade Income and
7,032 5,342 other taxes payables Other current 23,255 19,558
liabilities Provisions for 6,980 7,154 risks and charges - current
portion Total current 163,587 32.1% 127,068 26.8% liabilities
Long-term liabilities Long-term debt, net of current 119,074
125,374 portion Employee 9,248 9,079 benefits Deferred 20,904
20,507 income taxes Provision for 1,410 1,356 risks and charges -
long term portion Total 150,636 29.5% 156,316 33.0% long-term
liabilities Total 314,223 61.6% 283,384 59.8% liabilities
Shareholders' equity Capital stock 163,311 163,311 Other reserves
75,219 75,286 Retained (48,207) (39,684) earnings (losses) Results
for 5,604 (8,523) the period Total Group 195,927 38.4% 190,390
40.2% Shareholders' equity Minority 9 14 interests Total 510,159
100.0% 473,788 100.0% liabilities and shareholders' equity Ducati
Motor Holding S.p.A. Consolidated Statements of Operations Data
(US$ in thousands, except per share and share amounts) Period ended
Period ended 31.03.2007 31.12.2006 $ 000 % $ 000 % Current assets
Cash and cash 110,039 99,957 equivalents Trade 141,770 118,052
receivables Inventories 101,215 93,021 Other current 17,811 12,059
assets Total current 370,835 54.6% 323,089 51.2% assets Non-current
assets Property, 88,407 88,613 plant and equipment - net Goodwill
and 114,601 114,601 intangible assets with indefinite useful lives
Other 72,093 68,480 intangible fixed assets - net Equity 426 426
investments Deferred tax 32,593 35,285 assets Other 475 497
long-term assets Total 308,595 45.4% 307,902 48.8% non-current
assets Total assets 679,430 100.0% 630,991 100.0% Current
liabilities Short-term 21,720 5,106 bank borrowings Accounts
146,513 121,434 payable - trade Income and 9,365 7,114 other taxes
payables Other current 30,971 26,047 liabilities Provisions for
9,296 9,528 risks and charges - current portion Total current
217,865 32.1% 169,229 26.8% liabilities Long-term liabilities
Long-term debt, net of current 158,583 166,973 portion Employee
12,316 12,091 benefits Deferred 27,840 27,311 income taxes
Provision for 1,878 1,806 risks and charges - long term portion
Total 200,617 29.5% 208,181 33.0% long-term liabilities Total
418,482 61.6% 377,410 59.8% liabilities Shareholders' equity
Capital stock 217,498 217,498 Other reserves 100,177 100,266
Retained (64,202) (52,851) earnings (losses) Results for 7,463
(11,351) the period Total Group 260,936 38.4% 253,562 40.2%
Shareholders' equity Minority 12 19 interests Total 679,430 100.0%
630,991 100.0% liabilities and shareholders' equity Ducati Motor
Holding S.p.A. Consolidated Statements of Operations Data (Euro in
thousands, except per share and share amounts) Period ended Period
ended 31.03.2007 31.12.2006 EUR 000 % EUR 000 % Current assets Cash
and cash equivalents 82,624 75,054 Trade receivables, net 106,449
88,641 Inventories 75,999 69,846 Other current assets 13,374 9,055
Total current assets 278,446 54.6% 242,596 51.2% Non current assets
Property, plant and equipment 66,381 66,536 -net Goodwill and
intangible 86,050 86,050 assets with indefinite useful lives Other
intangible fixed assets 54,132 51,419 net Equity investments 320
320 Deferred tax assets 24,473 26,494 Other long-term assets 357
373 Total non current assets 231,713 45.4% 231,192 48.8% Total
assets 510,159 100.0% 473,788 100.0% Current liabilities Short-term
bank borrowings 16,309 3,834 Accounts payable - trade 110,011
91,180 Income and other taxes 7,032 5,342 payables Other current
liabilities 23,255 19,558 Provisions for risks and 6,980 7,154
charges - current portion Total current liabilities 163,587 32.1%
127,068 26.8% Long-term liabilities Long-term debt, net of current
portion 119,074 125,374 Employee benefits 9,248 9,079 Deferred
income taxes 20,904 20,507 Provision for risks and 1,410 1,356
charges - long term portion Total long-term liabilities 150,636
29.5% 156,316 33.0% Total liabilities 314,223 61.6% 283,384 59.8%
Shareholders' equity Capital stock 163,311 163,311 Other reserves
75,219 75,286 Retained earnings (losses) (48,207) (39,684) Results
for the period 5,604 (8,523) Total Group Shareholders' 195,927
38.4% 190,390 40.2% equity Minority interests 9 14 Total
liabilities and 510,159 100.0% 473,788 100.0% shareholders' equity
Ducati Motor Holding S.p.A. Consolidated Statements of Operations
Data (US$ in thousands, except per share and share amounts) Period
ended Period ended 31.03.2007 31.12.2006 $ 000 % $ 000 % Current
assets Cash and cash 110,039 99,957 equivalents Trade receivables
141,770 118,052 Inventories 101,215 93,021 Other current assets
17,811 12,059 Total current assets 370,835 54.6% 323,089 51.2%
Non-current assets Property, plant and 88,407 88,613 equipment -
net Goodwill and intangible 114,601 114,601 assets with indefinite
useful lives Other intangible fixed 72,093 68,480 assets - net
Equity investments 426 426 Deferred tax assets 32,593 35,285 Other
long-term assets 475 497 Total non-current assets 308,595 45.4%
307,902 48.8% Total assets 679,430 100.0% 630,991 100.0% Current
liabilities Short-term bank 21,720 5,106 borrowings Accounts
payable - trade 146,513 121,434 Income and other taxes 9,365 7,114
payables Other current 30,971 26,047 liabilities Provisions for
risks and 9,296 9,528 charges - current portion Total current
217,865 32.1% 169,229 26.8% liabilities Long-term liabilities
Long-term debt, net of current portion 158,583 166,973 Employee
benefits 12,316 12,091 Deferred income taxes 27,840 27,311
Provision for risks and 1,878 1,806 charges - long term portion
Total long-term 200,617 29.5% 208,181 33.0% liabilities Total
liabilities 418,482 61.6% 377,410 59.8% Shareholders' equity
Capital stock 217,498 217,498 Other reserves 100,177 100,266
Retained earnings (64,202) (52,851) (losses) Results for the period
7,463 (11,351) Total Group 260,936 38.4% 253,562 40.2%
Shareholders' equity Minority interests 12 19 Total liabilities and
679,430 100.0% 630,991 100.0% shareholders' equity Ducati Motor
Holding S.p.A. Consolidated Statements of Cash Flow (Euro in
thousands) Period ended Period ended 31.03.2007 31.03.2006 EUR 000
EUR 000 Cash flow generated by operating activities Net profit
(loss) for the year 5,604 1,530 Change in cumulative translation
(139) (135) adjustment Adjustments to reconcile net profit (loss)
with the movements of funds generated by (used in) operating
activities - Non cash items for stock 72 197 options -
Amortisation, depreciation 5,167 5,301 - Taxes paid (302) (50)
Change in operating assets and liabilities - Working capital
(5,130) (11,525) - Effects of IAS 39 and 32 adoption from 1 January
2005 - Other current assets (4,319) (1,042) - Other current
liabilities 3,697 4,309 - Due to tax authorities 1,992 1,275 -
Deferred tax assets 2,021 1,953 - Deferred tax liabilities 397 832
- Employee benefits 169 (73) - Provisions for risks and (6) (16)
charges - Restructuring reserve (114) (1,334) Net cash generated by
operating activities (A) 9,109 1,222 Cash flow (used in) generated
by investing activities Net change in property, plant and (2,783)
(1,728) equipment Net change in intangible fixed assets (4,942)
(5,462) Disposal from property, plant and - 31 equipment Other
fixed assets 16 13 Net cash used in investing activities (B)
(7,709) (7,146) Cash flow generated from operating activities, net
of cash used in investing activities (A-B) 1,400 (5,924) Cash flow
(used in) generated by financing activities Change in short-term
and long-term debt 6,179 (7,903) Interests paid (4) (192) Change in
minority interests (5) 3 Increase in share capital and reserves -
1,700 Change in cash generated by financing 6,170 (6,392)
activities Increase (decrease) in cash on hand, bank deposits and
securities 7,570 (12,316) Cash and cash equivalents, beginning of
75,054 53,017 year Cash and cash equivalents, end of period/ 82,624
40,701 year Ducati Motor Holding S.p.A. Consolidated Statements of
Cash Flow (Dollar in thousands) Period ended Period ended
31.03.2007 31.03.2006 $ 000 $ 000 Cash flow generated by operating
activities Net profit (loss) for the 7,463 2,038 year Change in
cumulative (185) (180) translation adjustment Adjustments to
reconcile net - - profit (loss) with the movements of funds
generated - - by (used in) operating activities - - - Non cash
items for stock 96 262 options - Amortisation, 6,881 7,060
depreciation - Taxes paid (402) (67) Change in operating assets - -
and liabilities - - - Working capital (6,832) (15,349) - Effects of
IAS 39 and 32 - - adoption from 1 January 2005 - Other current
assets (5,752) (1,388) - Other current 4,924 5,739 liabilities -
Due to tax authorities 2,653 1,698 - Deferred tax assets 2,692
2,601 - Deferred tax liabilities 529 1,108 - Employee benefits 225
(97) - Provisions for risks and (8) (21) charges - Restructuring
reserve (152) (1,777) Net cash generated by operating activities
(A) 12,132 1,627 Cash flow (used in) generated by investing
activities Net change in property, plant (3,706) (2,301) and
equipment Net change in intangible (6,582) (7,274) fixed assets
Disposal from property, plant - 41 and equipment Other fixed assets
21 17 Net cash used in investing (10,267) (9,517) activities (B)
Cash flow generated from operating activities, net of cash used in
investing activities (A-B) 1,865 (7,890) Cash flow (used in)
generated by financing activities Change in short-term and 8,229
(10,525) long-term debt Interests paid (5) (256) Change in minority
interests (7) 4 Increase in share capital and - 2,264 reserves
Change in cash generated by 8,217 (8,513) financing activities
Increase (decrease) in cash on hand, bank deposits and securities
10,082 (16,403) Cash and cash equivalents, 99,957 70,608 beginning
of year Cash and cash equivalents, 110,039 54,205 end of period/
year DATASOURCE: Ducati Motor Holding S.p.A. CONTACT: For further
information, please contact: Paolo Poma, Director Investor
Relations, Ducati Motor Holding S.p.A., Via Cavalieri Ducati, 3,
Bologna 40132, Italy, e-mail: , Main Tel: +39-(0)51-6413111, Direct
Tel: +39-(0)51-6413213
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