CFO: Ducati Plans Restructuring
November 15, 2005
Filed under Uncategorized
Ducati Motor Holding SpA said total sales during its third quarter 2005, ended September 30, were up 31% compared to sales during the third quarter last year. Still, the motorcycle manufacturer’s revenues rose just 12.2% to 52.2 million euros for the period and the company recorded a third quarter net loss of 13 million euros – 12.5% worse than last year despite the higher sales.
“Third quarter results were unsatisfactory,” Federico Minoli, Ducati’s Chairman and Chief Executive Officer, said in a prepared statement.
“Market trends and company results force us to rethink our cost structure and product mix through a restructuring and relaunch plan whose details and expected results will be presented soon,” said Enrico D’Onofrio, Chief Financial Officer of Ducati.
For the first nine months of the year, Ducati’s net loss widened to 16.6 million euros from nine million a year ago. Revenues during the period were Euro 240.3 million, down 10.0% from the same period in 2004.
Accounting for 75.6% of total revenues, revenues from motorcycles during the nine-month period decreased 10.5% to Euro 181.8 million. Revenues from motorcycle-related products, including spare parts, accessories and apparel, were down 4.7% to Euro 56.1 million.
Unofficial Ducati registrations during the nine-month period were 24,417 units, down 5.3% compared to 25,240 units during the same period last year. Registrations were up 21% in the U.S., 5% in non-subsidiary countries and 4% in France. Registrations were down 18% in Germany, 17% in the Benelux countries, 165 in the United Kingdom, 15% in Italy and 9% in Japan.