Ducati Motor Holding Announces the Results for the First Half of 2007

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Ducati Motor (NYSE:DMH)
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Increase in Turnover to 235,7 Million Euro (+40%) BOLOGNA, Italy, August 8 /PRNewswire-FirstCall/ -- - Marked improvement in the Net Financial Position (-4,7 Million Euro Compared to -33,4 Million Euro in the First Half of 2006) The New Strategic Plan 2008-2010 Will be Presented in Fall 2007 -------------------------------------- Million Euro 30/06/07 30/06/07 Var% -------------------------------------- Revenues 235,7 168,4 40,0% EBITDA 38,9 22,8 70,8% Net result 16,3 2,3 622,6% Net Debt (4,7) (33,4) -------------------------------------- The Ducati Motor Holding S.p.A. Board of Directors (Borsa Italiana S.p.A: DMH) (MIB:DMHMIB:NYSE:DMH)today approved the results for the first half of 2007 which came to a close on June 30th 2007. Turnover during the first six months of 2007 amounted to 235,7 million euro, showing an increase of 40,0% (+43,8% at constant forex rate) compared to 168,4 million euro recorded during the same period of the previous year. This increase in turnover is mainly due to the sales of new products, particularly Superbike 1098 and Hypermotard. Worldwide registrations in the first half of 2007 grew 12.4% compared to the same period last year. EBITDA amounted to 38.9 million euro equal to 16,5% of turnover, compared to 22.8 million euro recorded during the previous year (13.5% of turnover for the same period in 2006). At constant exchange rates, EBITDA is 43.9 million euro (i.e. 18.1% of turnover) with an increase of 21.1 million euro versus the previous year. Operating profit (Ebit) during the first half of 2007 amounted to 25.3 million euro (or 10,8% of sales) compared to 12.5 million euro (or 7.5% of sales) recorded during the first six months of 2006. Profit before tax amounted to 23.3 million euro (versus 8.9 million euro during the previous year). Net Profit amounted to 16.3 million euro (+622,6%) compared to the 2.3 million euro recorded for the same period the previous year. Net debt at June 30th 2007 amounted to 4.7 million euro and shows a substantial improvement compared to the 33.4 million euro recorded at June 30th 2006. It should be emphasized that the seasonal impact that characterizes Ducati's core business has always led to higher turnover figures during the first half of the year (roughly 60%) compared to the remaining months of any financial period. During Fall 2007 Ducati Motor Holding will present the new strategic plan 2008-2010 to the financial community. The plan will set the guidelines for growth for the coming years. "The results for the first six months are better than the figures we had foreseen in the budget - commented the Managing Director of Ducati Gabriele Del Torchio - and in the second half we foresee that the positive trend of sales will continue. This year has to be considered, however, as a transitional year for the company which has only recently started to overcome a difficult period. We need to work even harder toward improving efficiency and productivity. Moreover, we want to have an even bigger focus on the quality of our products, process and requirements of our clients. All these elements will be incorporated into the new Strategic Plan, which will set the guidelines for growth for the coming years. Meanwhile, Ducati keeps on investing with success on the pillars of its strategy: Product Community and Brand. As for the product, we are very happy with the positive acceptance of our new models Superbike 1098 and Hypermotard, whose sales have gone beyond our best expectations. As for the community, at the end of June 2007, more than 50.000 Ducatisti from all over the world gathered in Misano to celebrate the World Ducati Week. Finally our brand awareness is at a record high thanks to the outstanding results of MotoGP, which sees Ducati leading the pack with 6 victories in 11 races." "The outlook for 2007 is positive yet we remain quite prudent," added Enrico D'Onofrio, Ducati CFO.,"In a scenario characterized by the stability of the high displacement bikes market and by the instability of the forex market, we foresee revenues growing by 30% versus 2006 with an EBITDA significantly improving, yielding a percentage of sales between 12 and 13%. We confirm the return of net profit and the improvement of the financial position." 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 Workd 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 furhter information on Ducati, check our website http://www.ducati.com/ This press release contains statements and forecasts regarding the future which are subject to risk factors which could lead to substantial differences in the actual results compared to those which have been foreseen. ------------------------------------------------------------------------- Ducati Motor Holding S.p.A. and subsidiaries Net Sales and Shipment Data ------------------------------------------------------------------------- Six Months Ended Six Months Ended June, 30 June, 30 June, 30 June, 30 2007 2006 2007 2006 ------------------------------------------------------------------------- Net Revenues (Euro in thousands, US$ in thousands) Motorcycles EUR EUR $ $178,381 193,513 134,192 257,237 Spare Parts, 39,395 31,550 52,368 20,422 Accessories, Apparel Other 2,792 2,633 2,792 2,792 Total Net Revenues EUR EUR $ $201,595 235,700 168,375 312,397 Ducati Units Motorcycle shipments: % Change North America 5,816 4,715 23.4% Main European market 11,342 8,814 28.7% Japan 1,060 1,235 (14.2%) Rest of World 4,655 3,294 41.3% Total 22,873 18,058 26.7% Motorcycle product mix: % Change Superbike 8,599 2,583 232.9% Supersport 105 328 (68.0%) Sport Naked 9,046 10,667 (15.2%) Sport Touring 684 984 (30.5%) Multistrada 1,082 1,186 (8.8%) Sport Classic 1,555 2,310 (32.7%) 1,802 Total 22,873 18,058 26.7% Unofficial Motorcycle Registrations: % Change North America 5,705 4,521 26.2% Main European market 12,704 11,913 6.6% Japan 1,194 1,449 (17.6%) Rest of World 4,646 3,680 26.3% Total 24,249 21,563 12.5% ------------------------------------------------------------------------- Ducati Motor Holding Group Profit & Loss (Euro in thousands, US$ in thousands, except for shares) ------------------------------------------------------------------------- June, 30 June, 30 2007 2006 ------------------------------------------------------------------------- Revenues (net) EUR 235,700 EUR 168,375 Cost of goods sold (170,512) (123,311) Gross Margin 65,188 45,064 Other operating revenues 18,363 15,568 SG&A expenses (58,670) (48,438) Other operating income and expenses 462 350 Operating result 25,343 12,544 Financing expense, net (2,063) (3,598) Profit/(loss)before income taxes and min.interest 23,280 8,946 Income Tax (6,955) (6,684) Net Result including minority interests 16,325 2,262 Minority Interests 6 (2) Net Result for the Group 16,331 2,260 Shares outstanding 328,436,914 320,687,920 Other Financial Data Motorcycles Produced (Units) 22,717 18,959 Motorcycles Sold (Units) 22,873 18,058 Unofficial Registrations (Units) 24,249 21,563 EBITDA 38,851 22,752 EBITDA Margin 16.5% 13.5% ------------------------------------------------------------------------- Note: On March 31, 2007 1 Euro = 1,3505 US$ ------------------------------------------------------------------------- June, 30 June, 30 Percent 2007 2006 Change ------------------------------------------------------------------------- Revenues (net) $ 313,316 $ 223,821 40.0% Cost of goods sold (226,662) (163,917) Gross Margin 86,654 59,904 44.7% Other operating revenues 24,410 20,695 SG&A expenses (77,990) (64,389) Other operating income and expenses 614 465 Operating result 33,688 16,675 102.0% Financing expense, net (2,742) (4,783) Profit/(loss)before income taxes and min.interest 30,946 11,892 160.2% Income Tax (9,245) (8,885) 4% Net Result including minority interests 21,701 3,007 621.7% Minority Interests 8 (3) Net Result for the Group 21,709 3,004 622.6% Shares outstanding 328,436,914 320,687,920 Percent Other Financial Data Change Motorcycles Produced (Units) 19.8% Motorcycles Sold (Units) 26.7% Unofficial Registrations (Units) 12.5% EBITDA 51,645 30,244 70.8% EBITDA Margin ------------------------------------------------------------------------- Note: On March 31, 2007 1 Euro = 1,3505 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 30:06:07 31:12:06 EUR 000 % EUR 000 % ------------------------------------------------------------------------- Current assets Cash and cash equivalents 127,206 75,054 Trade receivables, net 120,931 88,641 Inventories 65,736 69,846 Other current assets 11,340 9,055 Total current assets 325,213 58.3% 242,596 51.2% Non current assets Property, plant and 66,880 66,536 equipment -net Goodwill and intangible 86,050 86,050 assets with indefinite useful lives Other intangible fixed 54,575 51,419 assets net Equity investments 272 320 Deferred tax assets 24,168 26,494 Other long-term assets 333 373 Total non current assets 232,278 41.7% 231,192 48.8% Total assets 557,491 100% 473,788 100% Current liabilities Short-term bank borrowings 13,529 3,834 Accounts payable - trade 134,741 91,180 Income and other taxes 10,056 5,342 payables Other current liabilities 28,963 19,558 Provisions for risks and 7,252 7,154 charges - current portion Totale passività correnti 194,541 34.9% 127,068 26.8% Long-term liabilities Long-term debt, net of current portion 118,343 125,374 Employee benefits 8,213 9,079 Deferred income taxes 22,678 20,507 Provision for risks and 1,626 1,356 charges - long term portion Totale passività a 150,860 27.1% 156,316 33.0% medio-lungo termine Total liabilities 345,401 62.0% 283,384 59.8% Shareholders' equity Capital stock 167,257 163,311 Other reserves 76,701 75,286 Retained earnings (losses) (48,207) (39,684) Results for the period 16,331 (8,523) Total Group Shareholders' 212,082 38.0% 190,390 40.2% equity Minority interests 8 14 Total liabilities and 557,491 100% 473,788 100% 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 30:06:2007 31.12.2006 $ 000 % $ 000 % ------------------------------------------------------------------------- Current assets Cash and cash equivalents 171,792 101,360 Trade receivables, net 163,317 119,710 Inventories 88,776 94,327 Other current assets 15,315 12,229 Total current assets 439,200 58.3% 327,626 51.2% Non current assets Property, plant and 90,321 89,857 equipment -net Goodwill and intangible 116,210 116,210 assets with indefinite useful lives Other intangible fixed 73,704 69,441 assets net Equity investments 367 432 Deferred tax assets 32,639 35,780 Other long-term assets 450 504 Total non current assets 313,691 41.7% 312,224 48.8% Total assets 752,891 100% 639,850 100% Current liabilities Short-term bank borrowings 18,271 5,178 Accounts payable - trade 181,968 123,139 Income and other taxes 13,581 7,214 payables Other current liabilities 39,114 26,413 Provisions for risks and 9,794 9,661 charges - current portion Totale passività correnti 262,728 34.9% 171,605 26.8% Long-term liabilities Long-term debt, net of current portion 159,822 169,318 Employee benefits 11,091 12,261 Deferred income taxes 30,627 27,695 Provision for risks and 2,196 1,831 charges - long term portion Total long-term 203,736 27.1% 211,105 33.0% liabilities Total liabilities 466,464 62.0% 382,710 59.8% Shareholders' equity Capital stock 225,881 220,551 Other reserves 103,585 101,674 Retained earnings (losses) (65,104) (53,593) Results for the period 22,055 (11,510) Total Group Shareholders' 286,417 38.0% 257,122 40.2% equity Minority interests 10 18 Total liabilities and 752,891 100% 639,850 100% shareholders' equity ------------------------------------------------------------------------- Ducati Motor Holding S.p.A. Consolidated Statements of Cash Flow (Euro in thousands) ------------------------------------------------------------------------- Period ended Period ended 30.06.2007 30.06.2006 EUR 000 EUR 000 ------------------------------------------------------------------------- Cash flow generated by operating activities Net profit (loss) for the 16,331 2,260 year Change in cumulative (206) (589) translation adjustment Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock 145 394 options - Amortisation, 13,508 10,208 depreciation - Taxes paid (516) (107) Change in operating assets and liabilities - Working capital 15,381 18,096 - Other current assets (2,285) (1,311) - Other current 9,405 6,177 liabilities - Due to tax authorities 5,230 2,506 - Deferred tax assets 2,326 3,572 - Deferred tax liabilities 2,171 2,241 - Employee benefits (866) (338) - Provisions for risks and 627 136 charges - Restructuring reserve (259) (4,668) - Other Net cash generated by operating activities (A) 60,992 38,577 Cash flow (used in) generated by investing activities Net change in property, plant (6,365) (3,641) and equipment Net change in intangible (10,646) (10,441) fixed assets Disposal from property, plant 3 133 and equipment Change in equity investments 48 - Other fixed assets 40 19 Net cash used in investing (16,920) (13,930) activities (B) Cash flow generated from operating activities, net of cash used in investing activities (A-B) 44,072 24,647 Cash flow (used in) generated by financing activities Change in short-term and 3,215 (20,657) long-term debt Interests cashed (paid) (551) (2,108) Change in minority interests (6) 2 Increase in share capital and 5,422 78,860 reserves Change in cash generated by 8,080 56,097 financing activities Increase (decrease) in cash on hand, bank deposits and securities 52,152 80,744 Cash and cash equivalents, 75,054 53,017 beginning of year Cash and cash equivalents, 127,206 133,761 end of period/ year ------------------------------------------------------------------------- Ducati Motor Holding S.p.A. Consolidated Statements of Cash Flow (Dollar in thousands) ------------------------------------------------------------------------- Period ended Period ended 30.06.2007 30.06.2006 $ 000 $ 000 ------------------------------------------------------------------------- Cash flow generated by operating activities Net profit (loss) for the 22,055 3,052 year Change in cumulative (278) (795) translation adjustment Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities - Non cash items for stock 196 532 options - Amortisation, 18,243 13,786 depreciation - Taxes paid (697) (145) Change in operating assets and liabilities - Working capital 20,772 24,439 - Other current assets (3,086) (1,771) - Other current 12,701 8,342 liabilities - Due to tax authorities 7,063 3,384 - Deferred tax assets 3,141 4,824 - Deferred tax liabilities 2,932 3,026 - Employee benefits (1,169) (456) - Provisions for risks and 847 184 charges - Restructuring reserve (350) (6,304) - Other Net cash generated by operating activities (A) 82,370 52,098 Cash flow (used in) generated by investing activities Net change in property, plant (8,596) (4,917) and equipment Net change in intangible (14,377) (14,101) fixed assets Disposal from property, plant 4 180 and equipment Change in equity investments 65 - Other fixed assets 54 26 Net cash used in investing (22,850) (18,812) activities (B) Cash flow generated from operating activities, net of cash used in investing activities (A-B) 59,520 33,286 Cash flow (used in) generated by financing activities Change in short-term and 4,342 (27,897) long-term debt Interests cashed (paid) (744) (2,847) Change in minority interests (8) 3 Increase in share capital and 7,322 106,500 reserves Change in cash generated by 10,912 75,759 financing activities Increase (decrease) in cash on hand, bank deposits and securities 70,432 109,045 Cash and cash equivalents, 101,360 71,599 beginning of year Cash and cash equivalents, 171,792 180,644 end of period/ year ------------------------------------------------------------------------- DATASOURCE: Ducati Motor Holding S.p.A. CONTACT: For further information: Paolo Poma, Investor Relations Manager, Ducati Motor Holding S.p.A., Via Cavalieri Ducati, 3, Bologna 40132, Italy, e-mail: , Switchboard: +39-(0)51-6413111, Direct line: +39-(0)51-6413213 and Ad Hoc Communication Advisors, Giorgio Zambeletti, Matteo-Cidda, Tel: +39-(0)2-7606741 / Fax: +39-(0)2-76017251

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