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Court
Posted on Friday, May 14, 2004 - 07:04 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

This is good news....

Ducati Motor Holding Announces First Quarter 2004 Results


- Strong sales and EBITDA growth and return to profitability -

BOLOGNA, Italy, May 14 /PRNewswire-FirstCall/ -- Ducati Motor Holding S.p.A. (NYSE: DMH; Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, today announced financial results for the first quarter ended March 31, 2004.

For the first quarter of 2004, revenues were Euro 100.3 million up 23.4% including forex (or up 26.3% excluding forex) over the same period in 2003. The improvement was mainly due to a 22.1% increase in unit sales and a 41,2% increase of accessories and apparel sales, despite continuing adverse forex. Revenues from Ducati motorcycles for the period increased 22.1% to Euro 80.0 million and represented 79.8% of total revenues. Motorcycle-related products, including spare parts, technical accessories and apparel, increased 23.5% to Euro 18.8 million over the comparable period in the previous year.

Gross margin was 35.9% of revenues including forex effects (or 37.2% excluding forex effects) versus 36.9% in the same period a year ago, due to the negative foreign exchange impact more than offsetting margin improvements. Sales costs represented 19.1% of sales versus 21.4% in the period last year.

EBITDA was a Euro 12.3 million, up 37.6% including forex (or up 54.8% excluding forex) representing 12.3% of revenues, versus 11.0% in the period of the previous year.

Pre-tax profit of the Ducati Group was Euros 0.8 million in the first quarter of 2004, compared with a loss of Euros 6.2 million in the first quarter of 2003, including the impact of a one-off Euro 3.5 million restructuring charge.

Unofficial Ducati worldwide registrations, a measure of retail sales, were up 11% versus the first quarter of last year, in a market growing 3%. Registrations were up 39% in the US, up 26% in Italy, up 13% in non-subsidiary country and up 8% in the UK. Decreases were recorded in the Benelux Countries down 2%, in France down 7%, Germany down 10% and in Japan down 18%.

The Company's net debt at March 31, 2004 was Euro 121.2 million, down versus the Euro 123.6 million at the same date a year earlier, and up versus Euro 117.2 million at December 31, 2003. The company's gearing ratio was 76% at March 31, 2003 versus 79% at the same date a year earlier and 74% at December 31, 2003.

"2004 has got off to a great start," said Federico Minoli, Ducati Chairman and Chief Executive Officer. "All key indicators are positive: unit sales, registrations, profitability and cash are going in the right direction. Our products are meeting with enthusiasm in the market and momentum is building, and we look forward with great excitement to seeing all our fans and friends at World Ducati Week, from May 17th to 23rd, where we are expecting record attendance."

"The year started well but we cannot be complacent," said Enrico D'Onofrio, Ducati Chief Financial Officer. "2004 remains a year of consolidation and we have to work hard to reach our targets of sales growth, return to profitability and net debt improvement."

Separately, the company announced that Fabrizio Nardi, Group Financial Controller, will assume the role of Director of Investor Relations in addition to his current responsibilities. He takes over from Christopher Spira who will work on other projects within the group.

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 five market segments which vary in their technical and design features and intended customers: Superbike, Supersport; Monster, Sport Touring and Multistrada. 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 twelve of the last fourteen World Superbike Championship titles and more individual victories than the competition put together. 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, as described in documents previously filed by the Company with CONSOB and with the U.S. Securities and Exchange Commission.

Ducati Motor Holding S.p.A. and Subsidiaries

Net Sales and Shipment Data

Three Months Ended Three Months Ended

Mar, 31 Mar, 31 Mar, 31 Mar, 31

2004 2003 2004 2003

Net Sales (Euro in thousands, US$ in thousands)

Motorcycles euro 80,014 euro 65,518 $97,809 $80,089

Spare Parts,

Accessories, Apparel 18,824 15,244 23,010 18,634

Miscellaneous Other 1,462 504 1,788 617

Total net sales euro 100,300 euro 81,266 $122,607 $99,340

Ducati Units

Change

North America 1,280 836 53.1%

Main European market 5,721 4,700 21.7%

Japan 533 631 %)

Rest of World 1,936 1,587 22.0%

Total 9,470 7,754 22.1%

Motorcycle product mix: % Change

Sport Segment (Superbike &

Supersport) 3,331 3,683 (9.6%)

Sport Naked 4,352 3,497 24.4%

Sport Touring 856 492 74.0%

Multistrada 931 82 na

Total 9,470 7,754 22.1%

Unofficial Motorcycle Registrations: % Change

North America 1,325 950 39.5%

Main European market 6,150 5,582 10.2%

Japan 727 884 (17.8%)

Rest of World 1,287 1,139 13.0%

Total 9,489 8,555 10.9%

Ducati Motor Holding S.p.A.

Consolidated Statements of Operations Data (Euro in thousands, US$ in thousands, except per share and share amounts)

Three Months Ended Three Months Ended

Mar, 31 Mar, 31 Mar, 31 Mar, 31 Percent

2004 2003 2004 2003 Change

Net

Sales euro 100,300 euro 81,266 $122,607 $99,340 23.4%

Cost of

goods sold (64,269) (51,244) (78,562) (62,641)

Gross Profit 36,031 30,022 44,045 36,699 20.0%

Other operating

revenues 5,835 6,102 7,133 7,459

SG&A expenses (29,291) (26,873) (35,805) (32,850)

Other operating

income (234) (205) (286) (251)

Depreciation &

amortization (9,659) (9,184) (11,808) (11,227)

Operating

income/(loss) 2,682 (138) 3,279 (170) na

Financing expense,

net (1,916) (2,439) (2,342) (2,981)

Other non-operating

income/(expense),

net (10) (3,584) (12) (4,381)

Profit/(loss)

before income

taxes 756 (6,161) 925 (7,532) na

Shares

outstanding 158,500,963 158,500,963 158,500,963 158,500,963

Percent

Other Financial Change

Data

Motorcycles

Produced (Units) 11,238 10,366 8.4%

Motorcycles

Sold (Units) 9,470 7,754 22.1%

Unofficial

Registrations

(Units) 9,489 8,555 10.9%

EBITDA 12,331 8,962 15,073 10,954 37.6%

EBITDA Margin 12.3% 11.0%

Note: On March 31, 2004 US$1= 0,7995 Euros

Ducati Motor Holding S.p.A.

Consolidated Statements of Operations Data

(Euro in thousands)

March 31, 2004 March 31, 2003

euros % euros %

Current assets

Cash and cash equivalents 26,168 23,429

Trade receivables, net 106,347 84,443

Inventories 119,129 131,922

Other current assets 17,963 22,317

Total current assets 269,607 54.5% 262,111 54.8%

Non current assets

Property, plant and equipment-net 65,089 70,385

Intangible fixed assets, net 122,671 130,513

Equity investments 12 12

Other long-term assets 37,160 15,581

Total non current assets 224,932 45.5% 216,491 45.2%

Total assets 494,539 100.0% 478,602 100.0%

Current liabilities

Short-term bank borrowings 70,884 55,746

Current portion of long-term debt 5,532 3,146

Accounts payable - trade 112,726 110,715

Income and other taxes payables 12,976 6,264

Other current liabilities 20,980 23,049

Provisions for risks and charges -

current portion 4,824 8,637

Total current liabilities 227,922 46.1% 207,557 43.4%

Long-term liabilities

Long-term debt, net of current

portion 81,890 86,000

Employees' leaving entitlement 8,648 7,459

Deferred income taxes 31 35

Other long-term liabilities 14,075 17,099

Provision for risks and charges -

long term portion 2,518 3,998

Total long-term liabilities 107,162 21.7% 114,591 23.9%

Total liabilities 335,084 322,148

Total Group shareholders' equity 159,455 32.2% 156,454 32.7%

Total liabilities and shareholders'

equity 494,539 100% 478,602 100%

Ducati Motor Holding S.p.A.

Consolidated Statements of Operations Data

(US$ in thousands)

March 31, 2004 March 31, 2003

US$ % US$ %

Current assets

Cash and cash equivalents 31,988 28,640

Trade receivables, net 129,998 103,223

Inventories 145,623 161,261

Other current assets 21,958 27,280

Total current assets 329,567 54.5% 320,404 54.8%

Non current assets

Property, plant and equipment-net 79,565 86,039

Intangible fixed assets, net 149,953 159,539

Equity investments 15 15

Other long-term assets 45,424 19,046

Total non current assets 274,957 45.5% 264,639 45.2%

Total assets 604,524 100.0% 585,043 100.0%

Current liabilities

Short-term bank borrowings 86,649 68,144

Current portion of long-term debt 6,762 3,846

Accounts payable - trade 137,796 135,338

Income and other taxes payables 15,862 7,657

Other current liabilities 25,646 28,175

Provisions for risks and charges -

current portion 5,897 10,558

Total current liabilities 278,612 46.1% 253,718 43.4%

Long-term liabilities

Long-term debt, net of current

portion 100,102 105,126

Employees' leaving entitlement 10,571 9,118

Deferred income taxes 38 43

Other long-term liabilities 17,205 20,902

Provision for risks and charges -

long term portion 3,078 4,887

Total long-term liabilities 130,994 21.7% 140,076 23.9%

Total liabilities 409,606 393,794

Total Shareholders' equity 194,918 32.2% 191,249 32.7%

Total liabilities and shareholders'

equity 604,524 100.0% 585,043 100.0%

SOURCE Ducati Motor Holding S.p.A.

CO: Ducati Motor Holding S.p.A.

ST: Italy

SU: ERN
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Sandblast
Posted on Sunday, July 18, 2004 - 01:27 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I sure wish I had about $60,000 to pick up one of the hand built race bikes they are selling soon, I'd love to help them knock down a little of that debt
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