Ducati Delays SEC Filing
July 6, 2006
Filed under Uncategorized
Ducati Motor Holding S.p.A. (NYSE: DMH; Borsa Italiana S.p.A.: DMH) postponed the filing with the U.S. Securities and Exchange Commission of its annual report on Form 20-F for the year ended December 31, 2005.
Form 20-F is an annual report of non-U.S. public parent companies trading in the U.S. A foreign private issuer must file its 20-F within six months after the end of the fiscal year covered by the report.
Ducati said “unforeseen circumstances” caused a delay in the preparation of financial statements scheduled to be included in the 20-F. The company expects to file the annual report by July 15, 2006.
It has been a busy year for Ducati Motor. In December 2005, Texas Pacific Group agreed to sell its controlling stake in the motorcycle manufacturer to Italian private equity firm Investindustrial Holdings; in April, a new Board of Directors was appointed and details of a three-year plan to “re-launch” the brand were revealed; and in May, the company began preparations for a capital increase via the sale of newly issued shares of Ducati Motor Holding SpA on the Milan stock exchange, a transaction process which terminated with the subscription of 160,343,960 shares worth Euro 79,931,464.06.
Ducati Motor Holding SpA ended 2005 with a loss of Euro 41.5 million compared to a loss of Euro 3.5 million in 2004.
Ducati revenues for 2005 were Euro 320.8 million, down 11.7 percent compared to 2004. Revenues from motorcycles decreased 13.1 percent to Euro 247.2 million and accounted for 77.1 percent of total revenues. Sales of motorcycle-related products, including spare parts, accessories and apparel, were Euro 70.4 million, down by 3.8 percent compared to 2004.