Ducati Motor Holding Announces 2007 First Quarter Results

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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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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