New Board at Ducati
May 6, 2005
Filed under Uncategorized
A new Board of Directors was appointed to Ducati Motor Holding S.p.A. at the company's annual meeting of shareholders on May 5.
The new Board of Directors is composed of Federico Minoli, Mauro Benetton, Massimo Bergami, David Bonderman, Abel Halpern, Andrea Lipparini, Paolo Pietrogrande, Dante Razzano, Giorgio Seragnoli, Giles Thorley and Ulrich Weiss.
Also approved at the meeting was the authorization of a possible buy-back and subsequent disposals by the company of its own shares; a proposal to increase the share capital, excluding shareholders' pre-emptive rights to implement the employee stock option plan; the adoption of a single-tier governance system; and the revision of company by-laws.
A main investor in Ducati, Texas Pacific Group was founded by Bonderman in 1993. He remains managing partner. Based in Fort Worth, Texas, San Francisco and London, the investment group manages more than $15 billion in assets. TPG investments include Petco, J.Crew, Burger King, Del Monte, Metro-Goldwyn-Mayer, Oxford Health Plans, ON Semiconductor, Seagate, Continental and America West, among others.
On May 2, Texas Pacific Group and Warburg Pincus announced a plan to acquire all of the outstanding Class A and Class B shares of The Neiman Marcus Group for $100 per share in cash, representing a transaction value of approximately $5.1 billion. Each of the investors will own equal stakes in the retailer upon completion of the transaction.
Ducati's revenues for 2004 were Euro 382.8 million, up 1.0% excluding foreign exchange effects (or down 1.4% including forex effects) versus 2003. EBITDA was Euro 39.1 million, up 2.3% excluding forex effects (or down 13.5% including forex effects).
Ducati's full-year 2004 shipments dropped 4.8% from full-year 2003. The company says 36,089 units were registered worldwide in 2004, down 5.2% from the 38,088 registered in 2003. Full-year registrations in the U.S. were 5,673 units, up 15.1% from the 4,927 units moved in 2003. Revenues from the U.S. accounted for 15.6% of the company's total revenues, compared to 13.1% in 2003.
Ducati says profits from sales and sponsorships covered 85% of racing costs in 2004 versus 38% in 1998. In 1998, the company spent Euro 9 million on racing and recouped Euro 3.4 million in profits from sales and sponsorships. In 2004, the company spent Euro 30.0 million and recouped profits of Euro 26.1 million.