/C O R R E C T I O N -- Ducati Motor Holding S.p.A./

Share Name	Share Symbol	Market	Type
Bank of America	NYSE:DMH	NYSE	Ordinary Share

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Ducati Motor (NYSE:DMH)
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In the news release, Ducati Motor Holding Announces Full Year 2006 Financial Results, we are advised by a representative of the company that the twelfth paragraph should read "The Board of Directors also approved the project of the financial statements of Ducati Motor Holding S.p.A., a stand- alone company, which registered a net loss on December 31, 2006 of Euro 20.0 million and a net equity of Euro 195.5 million." Also, three additional tables should have followed the end of the original press release. Please find the corrected release with tables: BOLOGNA, Italy, March 22 /PRNewswire-FirstCall/ -- The Board of Directors of Ducati Motor Holding SpA (Borsa Italiana: DMH, NYSE: DMH) approved today the results for 2006 confirming the preliminary results previously reported on February 14, 2007. 2006 2005 Var% Revenues 304.8 308.5 -1.2% EBITDA 27.0 (0.3) n.s Net result (8.5) (41.5) n.s Net Debt (54.2) (137.0) -60.4% (Million Euro) The full year 2006 results show a significant reversal of the 2005 trend with a return to a positive operating result and a substantial improvement of the net financial position. The results are due to a successful relaunch strategy implemented at the end of 2005 which focused on the improvement of gross margin, reduction of dealer stock, reduction of fixed costs and working capital. Revenues for 2006 are Euro 304.8 million, down 1.2% compared to 2005 with a decrease in the number of bikes sold and revenues partially offset by an improvement in bike mix and by an increase in sales of accessories and apparel. 32.312 bikes were sold in 2006 yielding revenues of Euro 239.7 million (bike units -6.4% with revenues down 3% versus 2005) while sales of spare parts, accessories and apparel and reached revenues of Euro 60.1 million (up 3.4% on 2005) The decrease in the number of bikes sold, and the increase in the number of registrations (35.286 units, up by 2.1% over 2005), generated a network stock reduction of 3000 bikes equivalent to approximately 1 month of sales and in line with the relaunch strategy. Registrations increased notably in the USA (+16.3%), in the non-subsidiary countries (+9.4%), in France (+1.5%), and in Japan (+0.8%) whilst they decreased in the UK (-16.5%), Benelux (-12.5%), Germany (-8.8%) and Italy (-3.9%). It is important to consider that the new Superbike 1098 has had very little impact on the 2006 registrations due to being distributed only during the last months of the year. Gross margin for 2006 amounted to Euro 72.7 million or 23.9% of revenues versus Euro 47.3 million or 15.3% in 2005. The consistent increase is due to an improved product mix, fewer amortizations and the extraordinary devaluation in 2005. EBITDA was Euro 27 million or 8.9% of revenues compared to a negative EBITDA in 2005 of Euro 0.3 million. The increase is due to the improved bike mix and to extraordinary accruals in 2005. The operating result (EBIT) was positive at Euro 4.8 million versus a loss of euro 33.6 million the previous year, thanks to the improved EBITDA and lower accruals. EBT was negative at Euro 1.6 million versus a loss of Euro 41 million the previous year, thanks to the improved operating result and reduced financial charges. Net result was negative at Euro 8.5 million compared to a loss of Euro 41.5 million the previous year and includes the accrual of deferred taxes. The Board of Directors also approved the project of the financial statements of Ducati Motor Holding S.p.A., a stand-alone company, which registered a net loss on December 31, 2006 of Euro 20.0 million and a net equity of Euro 195.5 million. The Board of Directors also approved the project of the financial statements of Ducati Motor Holding S.p.A., a stand-alone company, which registered a net loss on December 31, 2006 of Euro 20.0 million and a net equity of Euro 195.5 million. The Board of Directors of the company Ducati Motor Holding S.p.A., taking into consideration that: (i) the Board will expire upon the approval of the financial statements at 12/31/2006; (ii) the Shareholders' Meeting convened (by notice published on Finanza & Mercati on March 13, 2007) on April 13, 2007 on first call and, if necessary, on April 16, 2007 on second call, may approve the proposal to modify the Company's corporate governance system by adopting the traditional corporate governance system (based on the Board of Directors and the Board of Statutory Auditors) instead of the current one-tier system, and the consequential amendments of the by-laws; and (iii) the Shareholders may be interested in appointing the Company's boards according to the new corporate governance system that may be approved by the April 13-16, 2007 Shareholders' Meeting; has resolved to avail itself of the longer term pursuant to article 2364, second paragraph, of the Italian civil code and article 10.2 of the Company's by-laws in order to convene the Ordinary Shareholders' Meeting for the approval of the financial statements, i.e. 180 days from the end of the fiscal year. The purpose is to give the Shareholders an adequate period of time to submit and deposit the lists of candidates as members of the Board of Directors and of the Board of Statutory Auditors in the event the April 13-16, 2007 Shareholders' Meeting approves the adoption of the traditional corporate governance system and provided that - if said system is not approved - the Shareholders shall appoint the members of the Board of Directors according to the current one-tier system. The Company will promptly and adequately disclose the resolutions of the April 13-16, 2007 Shareholders' Meeting and the new text of the by-laws adopted by it, in order to allow the Shareholders to deposit at the Company's registered office the lists of candidates in accordance with the applicable provisions of the by-laws, by a notice that will be published on the day following the April 13-16, 2007 Shareholders' Meeting on Finanza & Mercati, made available to the public at the Company's registered office and published on the website http://www.ducati.com/. Federico Minoli, Ducati's President and CEO commented on the 2006 results: "I am extremely satisfied with the results brought by Ducati's relaunch plan which is living up to our expectations and is producing results earlier than anticipated. In particular the decrease of dealer inventory is a good preparation for the sale of new products in 2007. The new Superbike 1098, Hypermotard, and Desmosedici are creating high expectations in the market and a significant number of orders. These products will further increase the gross margin. On the race track 2006 was a year of unprecedented successes: World Champions of Superbike, and 4 victories and 9 podium places in the MotoGP Championship. The 2007 season opened with an outstanding victory in Qatar with the new GP800 and with Troy Bayliss' first and second places at the Philip Island Superbike. A result that no other European manufacturer has ever achieved". 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 is not an offer to invest in Italy, according to Art. 1, lett (t) of the Italian Legislative Decree no. 58 of February 24th, 1998, or in any other country. This press release cannot be transmitted or distributed to any persons in the United States or in any country where its distribution is not allowed without the express approval from the relevant authorities. These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of the company's securities to be made in the United States will be made by means of a prospectus that may be obtained from the company and that will contain detailed information about the company and its management, including financial statements. 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 Twelve Months Ended Twelve Months Ended December, December, December, December, 31 31 31 31 2006 2005 2006 2005 Net Revenues (Euro in thousands, US$ in thousands) Motorcycles EUR239,697 EUR247,236 $ 315,682 $ 325,609 Spare Parts, 60,061 58,068 79,100 76,476 Accessories, Apparel Other 5,036 3,214 6,632 4,233 Total Net Revenues EUR304,794 EUR308,518 $ 401,414 $ 406,318 Ducati Units Motorcycle shipments: % Change North America 8,269 7,070 17.0% Main European market 15,523 18,158 (14.5%) Japan 2,361 2,575 (8.3%) Rest of World 6,159 6,733 (8.5%) Total 32,312 34,536 (6.4%) Motorcycle product mix: % Change Superbike 4,755 6,094 (22.0%) Supersport 556 1,030 (46.0%) Sport Naked 18,023 16,585 8.7% Sport Touring 1,562 1,397 11.8% Multistrada 2,997 6,156 (51.3%) Sport Classic 4,419 3,274 35.0% Total 32,312 34,536 (6.4%) Unofficial Motorcycle % Change Registrations: North America 8,185 7,040 16.3% Main European market 17,893 18,961 (5.6%) Japan 2,777 2,754 0.8% Rest of World 6,431 5,876 9.4% Total 35,286 34,631 1.9% Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (Euro in thousands, US$ in thousands, except per share and share amounts) Twelve Months Ended Twelve Months Ended December, December, December, December, 31 31 31 31 % 2006 2005 2006 2005 Change Revenues EUR 304,794 EUR 308,518 $ 401,414 $ 406,318 (1.2%) (net) Cost of goods (232,046) (261,187) (305,605) (343,983) sold Gross Margin 72,748 47,331 95,809 62,335 53.7% Other operating 34,715 30,414 45,720 40,055 revenues SG&A expenses (102,519) (96,404) (135,018) (126,964) Other operating (177) (1,978) (233) (2,605) income and expenses Restructuring 0 (13,000) 0 (17,121) Reserve Operating result 4,767 (33,637) 6,278 (44,300)(114.2%) Financing (6,337) (7,315) (8,346) (9,634) expense, net Profit/(loss) (1,570) (40,952) (2,068) (53,934)(96.2%) before income taxes and min.interest Income Tax (6,956) (511) (9,161) (673)1261.3% Net Result (8,526) (41,463) (11,229) (54,607)(79.4%) including minority interests Minority Interests 3 (1) 4 (1) Net Result for (8,523) (41,464) (11,225) (54,608)(79.4%) the Group Shares outstanding 320,687,920 159,360,037 320,687,920 159,360,037 % Change Other Financial Data Motorcycles 31,193 33,581 (7.1%) Produced (Units) Motorcycles Sold 32,312 34,536 (6.4%) (Units) Unofficial 35,286 34,631 1.9% Registrations (Units) EBITDA 26,982 (273) 35,535 (361) EBITDA Margin 8.9% (0.1%) Note: On December 31, 2006 1 Euro = 1,317 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 31.12.2006 31.12.2005 EUR 000 % EUR 000 % Current assets Cash and cash equivalents 75,054 53,017 Trade receivables, net 88,641 102,232 Inventories 69,846 81,380 Other current assets 9,055 9,217 Total current assets 242,596 51.2% 245,846 53.1% Non current assets Property, plant and equipment -net 66,536 66,556 Goodwill and intangible assets with indefinite useful lives 86,050 86,050 Other intangible fixed assets net 51,419 39,665 Equity investments 320 20 Deferred tax assets 26,494 24,662 Other long-term assets 373 386 Total non current assets 231,192 48.8% 217,339 46.9% Total assets 473,788 100% 463,185 100% Current liabilities Short-term bank borrowings 3,834 64,148 Accounts payable - trade 91,180 85,203 Income and other taxes payables 5,342 5,537 Other current liabilities 19,558 20,202 Provisions for risks and charges - current portion 7,154 18,621 Total current liabilities 127,068 26.8% 193,711 41.8% Long-term liabilities Long-term debt, net of current portion 125,374 125,824 Employee benefits 9,079 9,669 Deferred income taxes 20,507 13,697 Provision for risks and charges - long term portion 1,356 1,525 Total long-term liabilities 156,316 33.0% 150,715 32.5% Total liabilities 283,384 59.8% 344,426 74.4% Shareholders' equity Capital stock 163,311 82,867 Other reserves 75,286 75,559 Retained earnings (losses) (39,684) 1,780 Results for the period (8,523) (41,464) Total Group Shareholders' equity 190,390 40.2% 118,742 25.6% Minority interests 14 17 Total liabilities and shareholders' equity 473,788 100% 463,185 100% Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (US$ in thousands, except per share and share amounts) Period ended Period ended 31.12.2006 31.12.2005 $ 000 % $ 000 % Current assets Cash and cash equivalents 98,846 69,823 Trade receivables, net 116,740 134,640 Inventories 91,987 107,177 Other current assets 11,926 12,139 Total current assets 319,499 51.2% 323,779 53.1% Non current assets Property, plant and 87,628 87,654 equipment -net Goodwill and intangible assets with 113,328 113,328 indefinite useful lives Other intangible fixed 67,719 52,239 assets net Equity investments 421 26 Deferred tax assets 34,893 32,480 Other long-term assets 491 508 Total non current assets 304,480 48.8% 286,235 46.9% Total assets 623,979 100% 610,014 100% Current liabilities Short-term bank borrowings 5,049 84,483 Accounts payable - trade 120,084 112,212 Income and other taxes 7,035 7,292 payables Other current liabilities 25,758 26,606 Provisions for risks and charges - 9,422 24,524 current portion Total current liabilities 167,348 26.8% 255,117 41.8% Long-term liabilities Long-term debt, net of current portion 165,118 165,710 Employee benefits 11,957 12,735 Deferred income taxes 27,008 18,039 Provision for risks and charges - long 1,786 2,008 term portion Total long-term liabilities 205,869 33.0% 198,492 32.5% Total liabilities 373,217 59.8% 453,609 74.4% Shareholders' equity Capital stock 215,081 109,136 Other reserves 99,151 99,511 Retained earnings (losses) (52,264) 2,344 Results for the period (11,224) (54,608) Total Group Shareholders' 250,744 40.2% 156,383 25.6% equity Minority interests 18 22 Total liabilities and 623,979 100% 610,014 100% shareholders' equity Ducati Motor Holding S.p.A. Consolidated Statements of Cash Flow (Euro in thousands) Period ended Period ended 31/12/06 31/12/05 EUR 000 EUR 000 Cash flow generated by operating activities Net profit (loss) for the (8,523) (41,464) year Change in cumulative translation adjustment (782) 1,799 Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock options 655 1,238 - Amortisation, 22,215 33,364 depreciation - Taxes paid (1,227) (4,230) Change in operating assets and liabilities - Working capital 31,102 35,043 - Effects of IAS 39 and 32 adoption from 1 - (3,219) January 2005 - Other current assets 162 1,570 - Other current (644) 4,266 liabilities - Due to tax 1,032 177 authorities - Deferred tax assets (400) (2,997) - Deferred tax 6,810 1,490 liabilities - Employee benefits (590) 1,187 - Provisions for risks and charges (1,130) 757 - Restructuring reserve (10,506) 13,000 - Other Net cash generated by operating activities (A) 38,174 41,981 Cash flow (used in) generated by investing activities Net change in property, plant and equipment (12,137) (10,928) Net change in intangible fixed assets (21,880) (20,455) Disposal from property, plant and equipment 68 354 Change in equity (300) - investments Other fixed assets 13 17 Net cash used in investing activities (B) (34,236) (31,012) Cash flow generated from operating activities, net of cash used in investing activities (A-B) 3,938 10,969 Cash flow (used in) generated by financing activities Change in short-term and long-term debt (56,892) (7,833) Interests cashed (paid) (3,872) (2,057) Change in minority (3) 1 interests Increase in share capital and reserves 78,866 2,610 Change in cash generated by financing 18,099 (7,279) activities Increase (decrease) in cash on hand, bank deposits and securities 22,037 3,690 Cash and cash equivalents, beginning of year 53,017 49,327 Cash and cash equivalents, end of period/ 75,054 53,017 year Ducati Motor Holding S.p.A. Consolidated Statements of Cash Flow (Dollar in thousands) Period ended Period ended 31/12/06 31/12/05 $ 000 $ 000 Cash flow generated by operating activities Net profit (loss) for the (11,225) (54,608) year Change in cumulative translation adjustment (1,030) 2,369 Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock options 863 1,630 - Amortisation, 29,257 43,940 depreciation - Taxes paid (1,616) (5,571) Change in operating assets and liabilities - Working capital 40,961 46,152 - Effects of IAS 39 and 32 adoption from 1 (4,239) January 2005 - Other current assets 213 2,068 - Other current (847) 5,618 liabilities - Due to tax authorities 1,359 233 - Deferred tax assets (527) (3,947) - Deferred tax 8,968 1,962 liabilities - Employee benefits (777) 1,563 - Provisions for risks (1,488) 997 and charges - Restructuring reserve (13,836) 17,121 - Other Net cash generated by operating activities (A) 50,275 55,288 Cash flow (used in) generated by investing activities Net change in property, plant and equipment (15,984) (14,392) Net change in intangible fixed assets (28,816) (26,939) Disposal from property, plant and equipment 90 466 Change in equity (395) - investments Other fixed assets 17 22 Net cash used in investing activities (B) (45,088) (40,843) Cash flow generated from operating activities, net of cash used in investing activities (A-B) 5,187 14,445 Cash flow (used in) generated by financing activities Change in short-term and long-term debt (74,928) (10,315) Interests cashed (paid) (5,099) (2,709) Change in minority (4) 1 interests Increase in share capital and reserves 103,867 3,437 Change in cash generated by financing 23,836 (9,586) activities Increase (decrease) in cash on hand, bank deposits and securities 29,023 4,859 Cash and cash equivalents, beginning of year 69,823 64,964 Cash and cash equivalents, end of period/ 98,846 69,823 year Ducati Motor Holding S.p.A. Profit & Loss (Euro in thousands) Period ended Period ended December, 31 December, 31 % Change 2006 2005 Revenues (net) EUR 257,611 EUR 273,630 (5.9%) Cost of goods sold (225,357) (252,099) Gross Margin 32,254 21,531 49.8% Other operating revenues 8,610 5,232 SG&A expenses (43,143) (56,731) Other operating income and 557 (1,261) expenses Restructuring Reserve 0 (13,000) Operating result (1,722) (44,229) Financing expense, net (7,622) (5,787) Profit/(loss)before income (9,344) (50,016) taxes Income Tax (10,638) 3,246 Net Result (19,982) (46,770) Ducati Motor Holding S.p.A. Balance Sheet (Euro in thousands) Period ended Period ended 31.12.2006 31.12.2005 EUR 000 % EUR 000 % Current assets Cash and cash equivalents 45,681 21,693 Trade receivables, net 42,177 47,275 Intercompany Receivables 63,652 75,853 Inventories 48,762 53,287 Other current assets 6,243 6,998 Total current assets 206,515 46.1% 205,106 47.0% Non current assets Property, plant and 66,476 65,429 equipment -net Goodwill and intangible assets with 80,976 80,976 indefinite useful lives Other intangible assets net 52,015 39,962 Equity investments 26,325 26,530 Prepaid Taxes 15,145 18,472 Other non-current assets 148 148 Total non current assets 241,085 53.9% 231,517 53.0% Total assets 447,600 100% 436,623 100% Current liabilities Short-term bank borrowings 29,720 71,839 Accounts payable - trade 80,900 73,225 Intercompany payables 5,148 15,024 Income and other taxes 2,769 2,681 payables Other current liabilities 10,899 11,533 Provisions for risks and charges - 12,731 24,418 current portion Total current liabilities 142,167 31.8% 198,720 45.5% Long-term liabilities Long-term debt, net of current portion 80,287 80,541 Employee benefits 8,181 8,310 Deferred income taxes 20,074 12,960 Provision for risks and charges - 1,356 1,525 long term portion Total long-term liabilities 109,898 24.6% 103,336 23.7% Total liabilities 252,065 56.3% 302,056 69.2% Shareholders' equity Capital stock 163,310 82,867 Other reserves 52,207 78,876 Retained earnings (losses) - 19,594 Results for the period (19,982) (46,770) Total Group Shareholders' 195,535 43.7% 134,567 30.8% equity Total liabilities and shareholders' 447,600 100% 436,623 100% equity Ducati Motor Holding S.p.A. Statement of Cash Flow (Euro in thousands) Period Period ended ended 31.12.2006 31.12.2005 EUR 000 EUR 000 Cash flow generated by operating activities Net profit (loss) for the (19,982) (46,769) year Change in cumulative translation adjustment Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock options 654 1,026 - Amortisation, 21,407 31,927 depreciation - Taxes paid (779) (3,879) Change in operating assets and liabilities - Working capital 19,626 55,340 - Effects of IAS 39 and 32 adoption from (3,438) 1 January 2005 - Other current assets 754 519 - Other current (635) 2,874 liabilities - Due to tax authorities 867 (302) - Deferred tax assets 4,759 (6,210) - Deferred tax liabilities 7,114 1,967 - Employee benefits (131) 595 - Provisions for risks and (1,350) 616 charges - Restructuring reserve (10,506) 13,000 - Net cash generated by operating activities (A) 21,798 47,266 Cash flow (used in) generated by investing activities Net change in property, plant and equipment (12,311) (10,369) Net change in intangible fixed assets (22,197) (20,688) Disposal from property, plant and equipment 121 Change in equity investments 205 13,451 Other fixed assets Net cash used in investing activities (B) (34,303) (17,485) Cash flow generated from operating activities, net of cash used in investing activities (A-B) (12,505) 29,781 Cash flow (used in) generated by financing activities Change in short-term and long-term debt (38,720) (41,221) Financial activities - Credit 15,000 link Interests cashed (paid) (3,653) (2,035) Change in minority interests 78,866 2,610 Increase in share capital and reserves (1) Change in cash generated by financing 36,493 (25,647) activities Increase (decrease) in cash on hand, bank deposits and securities 23,988 4,134 Cash and cash equivalents, beginning of year 21,693 17,559 Cash and cash equivalents, end of period/ 45,681 21,693 year DATASOURCE: Ducati Motor Holding S.p.A. CONTACT: For further information, please contact: Federico Strano Director Investor Relations, Ducati Motor Holding S.p.A., Via Cavalieri Ducati, 3, Bologna 40132, Italy, e-mail: , Main Tel: +39-051-6413111, Direct Tel: +39-051-6413213

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