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The Board of
Directors of Ducati Motor Holding S.p.A. have approved the
financial results for the first quarter ended March 31,
2006. Revenues for the first quarter of 2006 were Euro 78.2
million, down 4.5% compared to Euro 81.9 million in the same
period in 2005. This was due to a reduction in motorcycle
sales, offset by a positive product mix, increased sales in
accessories, as well as a positive exchange rate effect.
7,337 units were sold in the period.
Revenues from motorcycles for the period decreased 8.6% to
Euro 60.2 million against the same period last year and
accounted for 77.0% of total revenues. Motorcycle related
products, including spare parts, accessories and apparel,
amounted to Euro 16.9 million, up 9.9% on the first quarter
of 2005. Gross margin for the period amounted to Euro 24.2
million or 31.0% of revenues versus Euro 17.9 million or
21.8% over the same period last year, due to a positive
product mix, increased accessories sales, as well as a
positive exchange rate effect.
EBITDA was Euro 11.3 million for the period and accounted
for 14.5% of revenues, versus 9.6% in the same period last
year. Operating result (EBIT) was a profit of Euro 6.0
million versus a Euro 2.1 million profit for the same period
in 2005, due to the above-mentioned factors. At EBT level,
the result was a profit of Euro 5.3 million versus a loss of
Euro 0.4 million in the same period in 2005. Net result for
the first quarter 2006 was a profit of Euro 1.5 million
compared to a loss of Euro 2.6 million in the first quarter
of 2005.
Company net debt as of March 31, 2006 was Euro 141.2
million, an improvement compared to Euro 159.2 million on
March 31, 2005 and an improvement of Euro 4.2 million versus
December 31, 2005, which is in line with the seasonality of
sales. As of March 31, 2006, the Company’s net assets were
Euro 122.0 million. For the first quarter of 2006,
unofficial Ducati registrations were up 3.3% on the same
period of last year. Registrations in Japan were up by 30%,
in the US by 19%, in the non-subsidiary countries by 18%,
and in Germany by 3 percent, while they were down in France
(-3%), Italy (-6%), the Benelux (-25%) and the UK (-32%).
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Sete Gibernau seen during last Sunday's MotoGP
Malaysian Grand Prix: On the track, Ducati has
amassed a string of World Superbike Championships
unprecedented in the history of motorcycle racing:
thirteen of the last fifteen World SBK titles and
more individual victories than the competition put
together, not to mention an impressive return to
MotoGP in 2003 and countless more successes in other
championships. |
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For the road, Ducati
offers a range of the most highly sophisticated and
sought-after bikes ever created. Names like Diana,
Darmah, Pantah, Scrambler and Paso have entered the
lexicon as exemplars of premium performance and
timeless Italian style. Contemporary classics such
as the Monster and the Multistrada have become
benchmarks in their respective classes. The 999,
World Superbike Champion, is a modern masterpiece of
motorcycle design and a worthy successor to the 916,
regarded as the most classical Ducati icon. |
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“2006 is off to a strong start, both in terms of financial
results as well as on the racetrack. The transition from TPG
to Invest Industrial as the controlling shareholders has
been successfully completed and the Company refinancing has
seen positive input from the banks, headed by UniCredit,”
announced Federico Minoli, Ducati’s Chairman and Chief
Executive Officer. “The Company has the financial resources
and renewed enthusiasm to face future challenges with
passion and confidence.”
Enrico D’Onofrio, Chief Financial Officer for Ducati, added,
“Thanks to a favourable product and geographic mix, the
first quarter of 2006 sees a return to profit and an
improved net financial position on last year. However,
year-end forecast remains prudent and our main objective for
2006 is to reduce
stock in our dealer network and improve structural costs.”
As of March 31, 2006 the Company did not hold any treasury
shares.
Founded in 1926, Ducati develops racing-inspired motorcycles
characterized by unique engine features, innovative design,
advanced engineering and overall technical excellence. The
Company produces motorcycles in six market segments which
vary in their technical and design features and intended
customers: Superbike, Supersport; Monster, Sport Touring,
Multistrada and Sport Classic. The Company’s motorcycles are
sold in more than 60 countries worldwide, with a primary
focus in the Western European and North American markets.
Ducati has won thirteen of the last fifteen World Superbike
Championship titles and more individual victories than the
competition put together.
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