MOTORCYCLE – Ducati Delays 2Q Earnings Report
November 28, 2005
Filed under Features
Ducati Motor Holding SpA, scheduled to release its second quarter and half-year results on August 5, received an exemption from issuing the report in accordance with European finance law.
Ducati, traded on the New York Stock Exchange and the Italian Stock Exchange under symbol “DMH”, was granted the exemption on August 4 in accordance with CONSOB resolution No. 14990. Company officials say the half-year report will be approved on September 29.
For Ducati’s first quarter ended March 31, 2005, revenues were Euro 85.1 million, down 15.1% including forex effects (or down 12.4% excluding forex effects) over the same period in 2004. Company officals said the revenue fall was mainly due to a 5.3% decrease in unit sales, a negative bike mix, a decrease in accessories and apparel sales, and continuing adverse forex effects.
Revenues from Ducati motorcycles for the period decreased 14.0% to Euro 68.8 million and represented 80.8% of total revenues. Motorcycle related products, including spare parts, accessories and apparel, decreased 16.8% to Euro 15.7 million over the comparable period in the previous year.
Pre-tax profit for the Ducati Group was a loss of Euro 1.0 million in the first quarter of 2005, compared with a profit of Euro 0.8 million in the first quarter of 2004.
Unofficial Ducati worldwide registrations, an indication of retail sales, were down 16% versus last year’s first quarter. Registrations were up 8% in the US and 1% in the non-subsidiary countries, while decreases were recorded in France down 5%, Italy down 23%, Germany down 23%, Japan down 31%, Benelux down 36% and the UK down 36%.
The company’s net debt as of March 31, 2005 was Euro 122.3 million, in line with the Euro 121.2 million on the same date a year earlier, and up versus Euro 116.2 million as of December 31, 2004.