Ducati Motor Holding Announces 2006 Nine-Month Results

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

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	5.39				0.00	00:00:00

Ducati Motor (NYSE:DMH)
Historical Stock Chart

From Dec 2019 to Dec 2024

Click Here for more Ducati Motor Charts.

BOLOGNA, Italy, November 14 /PRNewswire-FirstCall/ -- 01/01/06- 01/01/05 30/09/06 -30/09/05 Var% Revenues 232.0 228.8 1.4% EBITDA 24.7 14.4 71.3% Net result (4.6) (16.6) Net Debt (46.7) (129.9) (Million Euro) The Board of Directors of Ducati Motor Holding S.p.A. (Borsa Italiana: DMH; NYSE: DMH) approved today its financial results for the first nine months of 2006. Revenues for the first nine months of 2006 were EUR 232.0 million compared to EUR 228.8 million over the same period in 2005, up EUR 3.2 (1.4%). The increase was due to an improved mix in motorbike sales, an increase in apparel and accessories volumes and to sales to MotoGp satellite teams. On the other hand Spare parts sales decreased because of a lower number of circulating bikes. Motorbike revenues in the first nine months amounted to EUR 174.0 million, up by 1.8% versus the same period in the previous year. Other Ducati products, spare parts, accessories and apparel, showed a decrease in revenues of 2.7% compared to 2005. Gross margin at September 30, 2006 was EUR 64.1 million or 27.6% of revenues versus EUR 48.9 million or 21.4% at September 30, 2005 an increase which can be attributed to an improvement in product mix and reduced cost of goods. EDITDA was EUR 24.7 million or 10.6% of revenues for the first nine months of 2006 against EUR 14.4 million or 6.3% of revenues over the same period last year, mainly due to the improved product mix and reduced cost of goods. Operating result (EBIT) for the first nine months of 2006 amounted to EUR 9.0 million or 3.9% of sales versus a loss of EUR 7.0 million or -3.0% of sales over the same period of 2005. At EBT level, the result was a profit of EUR 3.9 million versus a loss of Euro 13.0 million over the same period last year. Net result for the first nine months 2006 was a loss of EUR 4.6 million compared to a loss of EUR 16.6 million in the first nine months of 2005. Company net debt at September 30, 2006 was EUR 46.7 million versus EUR 129.9 million at September 30, 2005. Improvement is mainly due to the Capital Increase of 2006. For the first nine months of 2006, unofficial Ducati registrations were approximately 30,294 up by 2% over the same period last year. Registrations in the US were up by 23%, in the non-subsidiary countries by 10%, in Japan by 1% and in France by 2%, while registrations were down in UK (-18%), Benelux (-13%), Germany (-10%) and Italy (-6%). The consolidated financial statements as of 30 september 2006 have not been audited. Federico Minoli, Ducati Chairman and Chief Executive Officer commented: "Despite the planned reduction in volumes in terms of sales, we closed the first nine months 2006 with an improved operating margin. We are beginning to see the results of the new strategy. As planned, we increased registrations while reducing sales in order to lower dealers' stock. The main objective for the coming months is to focus sales on high margin models, to continue the stock reduction effort and to successfully prepare for the launch of the new models. On the race track we closed the season with unprecedented successes: World Superbike Champions; 4 wins and 9 podiums in MotoGP. A result no other European manufacturer has ever achieved". Enrico D'Onofrio, Ducati's Chief Financial Officer added: "The restructuring plan is coming up to expectations. We confirm the targets for 2006, which are revenues in the range of 300 million Euro, EBITDA equal to about 10% of revenues. Net result and financial position will be negative but considerably improving compared to last year". 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 six market segments which vary in their technical and design features and intended customers: Superbike, Supersport, Monster, Sport Touring, Multistrada and the new SportClassic. 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 thirteen of the last fifteen 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 Nine Months Ended Nine Months Ended September, September, September, September, 30 30 30 30 2006 2005 2006 2005 Net Revenues (Euro in thousands, US$ in thousands) Motorcycles EUR 174,044 EUR 171,047 $ 220,340 $ 216,546 Spare Parts, Accessories, Apparel 53,853 55,332 68,178 70,050 Other 4,130 2,449 5,229 3,100 Total Net Revenues EUR 232,027 EUR 228,828 $ 293,747 $ 289,696 Ducati Units Motorcycle shipments: % Change North America 6,188 4,845 27.7% Main European market 11,767 13,212 (10.9%) Japan 1,712 1,651 3.7% Rest of World 4,242 4,709 (9.9%) Total 23,909 24,417 (2.1%) Motorcycle product mix: % Change Superbike 3,276 4,749 (31.0%) Supersport 450 695 (35.3%) Sport Naked 14,071 12,854 9.5% Sport Touring 1,196 1,076 11.2% Multistrada 1,882 5,043 (62.7%) Sport Classic 3,034 0 n.a. Total 23,909 24,417 (2.1%) Unofficial Motorcycle Registrations: % Change North America 6,980 5,668 23.1% Main European market 16,037 17,247 (7.0%) Japan 2,141 2,116 1.2% Rest of World 5,136 4,658 10.3% Total 30,294 29,689 2.0% Ducati Motor Holding Group Profit & Loss (Euro in thousands, US$ in thousands, except for shares) Nine Months Ended September, September, 30 30 2006 2005 Revenues (net) EUR 232,027 EUR 228,828 Cost of goods sold (167,921) (179,910) Gross Margin 64,106 48,918 Other operating revenues 25,745 23,267 SG&A expenses (80,519) (78,261) Other operating income and expenses (328) (881) Operating result 9,004 (6,957) Financing expense, net (5,103) (6,075) Profit/(loss)before income taxes and min.interest 3,901 (13,032) Income Tax (8,476) (3,538) Net Result including minority interests (4,575) (16,570) Minority Interests (4) (1) Net Result for the Group (4,579) (16,571) Shares outstanding 320,687,920 159,360,037 Other Financial Data Motorcycles Produced (Units) 24,800 25,977 Motorcycles Sold (Units) 23,909 24,417 Unofficial Registrations (Units) 30,294 29,689 EBITDA 24,725 14,435 EBITDA Margin 10.7% 6.3% Note: On September 30, 2006 US$1 = 0,7899 Euros Ducati Motor Holding Group Profit & Loss (Euro in thousands, US$ in thousands, except for shares) Nine Months Ended September, September, Percent 30 30 Change 2006 2005 Revenues (net) $ 293,746 $ 289,696 1.4% Cost of goods sold (212,588) (227,766) Gross Margin 81,158 61,930 31.0% Other operating revenues 32,593 29,456 SG&A expenses (101,937) (99,078) Other operating income and expenses (415) (1,115) Operating result 11,399 (8,807) (229.4%) Financing expense, net (6,460) (7,691) Profit/(loss)before income taxes and min.interest 4,939 (16,498) (129.9%) Income Tax (10,731) (4,479) 139.6% Net Result including minority interests (5,792) (20,977) (72.4%) Minority Interests (5) (1) Net Result for the Group (5,797) (20,978) (72.4%) Shares outstanding 320,687,920 159,360,037 Percent Other Financial Data Change Motorcycles Produced (Units) (4.5%) Motorcycles Sold (Units) (2.1%) Unofficial Registrations (Units) 2.0% EBITDA 31,302 18,274 71.3% EBITDA Margin Note: On September 30, 2006 US$1 = 0,7899 Euros Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (Euro in thousands, except per share and share amounts) Period ended Period ended 30.09.2006 31.12.2005 EUR 000 % EUR 000 % Current assets Cash and cash equivalents 83,725 53,017 Trade receivables, net 73,990 102,232 Inventories 81,548 81,380 Other current assets 10,091 9,217 Total current assets 249,354 53.2% 245,846 53.1% Non current assets Property, plant and equipment -net 63,705 66,556 Goodwill and intangible assets with indefinite useful lives 86,050 86,050 Other intangible fixed assets net 48,454 39,665 Equity investments 20 20 Deferred tax assets 20,939 24,662 Other long-term assets 363 386 Total non current assets 219,531 46.8% 217,339 46.9% Total assets 468,885 100% 463,185 100% Current liabilities Short-term bank borrowings 4,360 64,148 Accounts payable - trade 80,173 85,203 Income and other taxes payables 5,384 5,537 Other current liabilities 20,472 20,202 Provisions for risks and charges - current portion 10,287 18,621 Total current liabilities 120,676 25.7% 193,711 41.8% Long-term liabilities Long-term debt, net of current portion 126,040 125,824 Employee benefits 9,265 9,669 Deferred income taxes 16,688 13,697 Provision for risks and charges - long term portion 1,579 1,525 Total long-term liabilities 153,572 32.8% 150,715 32.5% Total liabilities 274,248 58.5% 344,426 74.4% Shareholders' equity Capital stock 163,311 82,867 Other reserves 75,568 75,559 Retained earnings (losses) (39,684) 1,780 Results for the period (4,579) (41,464) Total Group Shareholders' equity 194,616 41.5% 118,742 25.6% Minority interests 21 17 Total liabilities and shareholders' equity 468,885 100% 463,185 100% Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (US$ in thousands, except per share and share amounts) Period ended Period ended 30.09.2006 31.12.2005 $ 000 % $ 000 % Current assets Cash and cash equivalents 105,996 67,119 Trade receivables 93,671 129,426 Inventories 103,240 103,027 Other current assets 12,775 11,669 Total current assets 315,682 53.2% 311,241 53.1% Non-current assets Property, plant and equipment - net 80,650 84,260 Goodwill and intangible assets with indefinite useful lives 108,939 108,939 Other intangible fixed assets - net 61,343 50,216 Equity investments 25 25 Deferred tax assets 26,509 31,222 Other long-term assets 460 489 Total non-current assets 277,926 46.8% 275,151 46.9% Total assets 593,608 100% 586,392 100% Current liabilities Short-term bank borrowings 5,520 81,211 Accounts payable - trade 101,499 107,867 Income and other taxes payables 6,816 7,010 Other current liabilities 25,918 25,576 Provisions for risks and charges - current portion 13,023 23,574 Total current liabilities 152,776 25.7% 245,238 41.8% Long-term liabilities Long-term debt, net of current portion 159,567 159,293 Employee benefits 11,729 12,241 Deferred income taxes 21,127 17,340 Provision for risks and charges - long term portion 1,999 1,931 Total long-term liabilities 194,422 32.8% 190,805 32.5% Total liabilities 347,198 58.5% 436,043 74.4% Shareholders' equity Capital stock 206,752 104,910 Other reserves 95,669 95,658 Retained earnings (losses) (50,240) 2,253 Results for the period (5,797) (52,493) Total Group Shareholders' equity 246,384 41.5% 150,328 25.6% Minority interests 26 21 Total liabilities and shareholders' equity 593,608 100% 586,392 100% Ducati Motor Holding S.p.A. Consolidated Statements of Cash Flow (Euro in thousands) Period ended Period ended 30/09/2006 30/09/2005 EUR 000 EUR 000 Cash flow generated by operating activities Net profit (loss) for the year (4,579) (16,571) Change in cumulative translation adjustment (436) 1,546 Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock options 591 968 - Amortisation, depreciation 15,029 21,392 - Taxes paid (1,051) (2,850) Change in operating assets and liabilities - Working capital 23,044 30,992 - Other current assets (874) 3,228 - Other current liabilities 270 3,390 - Due to tax authorities 898 (1,358) - Deferred tax assets 5,155 401 - Deferred tax liabilities 2,991 1,421 - Employee benefits (404) 614 - Provisions for risks and charges (513) - - Restructuring reserve (7,767) - - Other Net cash generated by operating activities (A) 32,354 43,173 Cash flow (used in) generated by investing activities Net change in property, plant and equipment (6,519) (6,504) Net change in intangible fixed assets (14,583) (13,385) Disposal from property, plant and equipment 135 201 Other fixed assets 23 19 Net cash used in investing activities (B) (20,944) (19,669) Cash flow generated from operating activities, net of cash used in investing activities (A-B) 11,410 23,504 Cash flow (used in) generated by financing activities Change in short-term and long-term debt (57,187) (22,894) Interests cashed (paid) (2,385) (45) Change in minority interests 4 - Increase in share capital and reserves 78,866 (2,834) Change in cash generated by financing activities 19,298 (25,773) Increase (decrease) in cash on hand, bank deposits and securities 30,708 (2,269) Cash and cash equivalents, beginning of year 53,017 49,327 Cash and cash equivalents, end of period/ year 83,725 47,058 Ducati Motor Holding S.p.A. Consolidated Statements of Cash Flow (Dollar in thousands) Period ended Period ended 30/09/2006 30/09/2005 $ 000 $ 000 Cash flow generated by operating activities Net profit (loss) for the year (5,797) (20,979) Change in cumulative translation adjustment (552) 1,957 Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock options 748 1,225 - Amortisation, depreciation 19,026 27,082 - Taxes paid (1,331) (3,608) Change in operating assets and liabilities - Working capital 29,174 39,236 - Other current assets (1,106) 4,087 - Other current liabilities 341 4,292 - Due to tax authorities 1,137 (1,719) - Deferred tax assets 6,526 508 - Deferred tax liabilities 3,787 1,799 - Employee benefits (511) 777 - Provisions for risks and charges (649) - - Restructuring reserve (9,833) - - Other Net cash generated by operating activities (A) 40,960 54,657 Cash flow (used in) generated by investing activities Net change in property, plant and equipment (8,253) (8,234) Net change in intangible fixed assets (18,462) (16,945) Disposal from property, plant and equipment 171 254 Other fixed assets 29 24 Net cash used in investing activities (B) (26,515) (24,901) Cash flow generated from operating activities, net of cash used in investing activities (A-B) 14,445 29,756 Cash flow (used in) generated by financing activities Change in short-term and long-term debt (72,399) (28,984) Interests cashed (paid) (3,019) (57) Change in minority interests 5 - Increase in share capital and reserves 99,844 (3,588) Change in cash generated by financing activities 24,431 (32,629) Increase (decrease) in cash on hand, bank deposits and securities 38,876 (2,873) Cash and cash equivalents, beginning of year 67,120 62,448 Cash and cash equivalents, end of period/ year 105,996 59,575 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: +39-051-6413-111, Direct Tel: +39-051-6413-213

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

DMH Bank of America