Feb 18, 2002
© 2016, Roadracing World Publishing, Inc.
(This original, copyrighted material may not be copied, cut and pasted, published or otherwise reproduced in any way in any medium, which means, don’t post this on another website or BBS. If you want somebody else to see this, send, share or tweet a link or post a link to this page.)
From a press release:<BR><BR>Net profit, excluding extraordinary gains in 2000, up 176%.<BR>World Ducati Week enrollment open: tens of thousands of fans expected.<BR><BR>Bologna, Italy, February 15, 2002: Ducati Motor Holding S.p.A. (NYSE: DMH and Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, today announced record financial results for 2001. Net profit, excluding extraordinary gains in 2000, was up 176%.<BR><BR>For 2001, as previously reported, revenues were Euro 407.8 million representing like-for-like growth of 9.3% over 2000. Total sales were up 7.5% from Euro 379.5 million during the previous year. This discrepancy is due to a decrease of "miscellaneous other sales" of Euro 6.5 million, reflecting the one-off buy-back of inventory by the newly established UK subsidiary from the previous importer in January 2000. Revenues from Ducati motorcycles increased 9.2% to Euro 345.5 million and represented 84.7% of revenues. Motorcycle-related products rose 9.8% to Euro 61.4 million over last year.<BR><BR>For the fourth quarter, revenues were Euro 124.4 million representing a growth of 18.9% over 2000. <BR><BR>Gross margin for 2001 was 40.8% versus 39.7% in the previous year, mainly attributable to production efficiencies and the positive effect of motorcycle-related products sales.<BR><BR>In 2001, EBITDA (Earnings Before Interest Depreciation and Amortization) increased 10.1% to Euro 66.1 million from Euro 60.0 million last year, representing 16.2% of sales versus 15.8% of the previous year. This is mainly thanks to the factors mentioned above and increased sponsorship revenues more than off-setting US restructuring costs. R&D investments for the Moto GP were 0.4% of revenues.<BR><BR>2001 net income was €Euro 10.6 million, slightly higher than the €Euro 10.5 million in 2000. However, stripping out the one-off profit pick-up of €Euro 6.7 million from the revaluation of the Ducati brand name in 2000, net income for 2001 increased 176% over previous year. This was mainly thanks to improved operating profits, lower financial charges and lower taxes.<BR><BR>"I am very pleased that Ducati has delivered record results, by any measurement, for the fifth year in a row," said Carlo Di Biagio, Ducati Chief Executive Officer. "2001 has been a very busy year for the Company, and the results are impressive – especially given the challenges of the economic environment. Our new models, especially the 998 Testastretta and the Monster 620 injection, are being received with enthusiasm by the market. In Autoby, the most popular motorcycle Magazine in Japan, for example, the 998R was voted motorcycle of the year for 2001."<BR><BR>"In particular, three things stand out in 2001: a phenomenal tenth victory in twelve years in the World Superbike Championship; the announcement of an exciting new family, the Ducati Multistrada, available in 2003; and full year "quality" earnings almost trebling."<BR><BR>While official world registrations data for the period are not yet available, the Company's best estimates suggest that they were up 10% in the fourth quarter of 2001, continuing the improving pattern over the year with Q1 down 8%, Q2 up 2% and Q3 up 9%. Full year 2001 registrations increased 2% over 2000 with sustained strength in Japan (+51%), UK (+10%) and France (+8%) and weakness in the US (–14%) and in Italy (–3%).<BR><BR>New independent Ducati Stores exclusively selling Ducati motorcycles and accessories continued to open around the world, including new stores in Cape Town in South Africa, Mittelland in Switzerland, Berlin in Germany and Foggia in Italy, bringing the total to 92.<BR><BR>"Given the still significant uncertainties the world economy faces," stated Enrico D'Onofrio, Ducati Chief Financial Officer, "our guidance for 2002 is high single digit top line growth, delivering an EBITDA margin around 16%."<BR><BR>Ducati's net debt at December 31, 2001 was €Euro 112.9 million, increasing versus the €Euro 97.4 million at the same date a year earlier. The company's net debt to total capitalization ratio was 42% at December 31, 2001 versus 41% at the same date a year earlier.<BR><BR>"Ducati's priorities for the future are clear", said Mr. Di Biagio. "We will stay focused on building our brand around the globe; on revamping operations in the US; and, above all, on innovating our products to drive our growth."<BR><BR>"And of course we are busily preparing the ground for this year's World Ducati Week in June. It is going to be spectacular. In 2000, over 20,000 people came just for a weekend. This year the event is seven days long, and we are expecting record numbers. We have just opened enrollment and all Ducati fans are invited to join us by signing up on Ducati.com."<BR><BR>A conference call with management will take place at 16.00 Milan time, 15.00 GMT or 10.00 EST. To access the call, please go to , and click on Ducati Investor Relations in the Ducati News section. <BR><BR>PLEASE NOTE: These results are still subject to final approval and may be changed. Final approved data will be announced on March 8, 2002, and following the Board of Directors' Meeting on March 7, 2002.<BR><BR>Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design, advanced engineering and overall technical excellence. Ducati has won nine of the last eleven World Superbike Championship titles and more individual victories than the competition put together. The Company produces motorcycles in four market segments which vary in their technical and design features and intended customers: Superbike, Supersport, Monster and SportTouring. The company's motorcycles are sold in more than 40 countries worldwide, with a primary focus in the Western European and North American markets. For more information about the Company, please visit our web site at . <BR><BR>This press release contains statements that are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, as described in the Company's 2000 annual report, filed with the U.S. Securities and Exchange Commission on Form 20-F, dated July 2, 2001.<BR><BR>For further information, please contact:<BR>Christopher Spira<BR>Director, Investor Relations and Corporate Communications<BR>Ducati Motor Holding S.p.A.<BR>Via Cavalieri Ducati, 3<BR>Bologna 40132<BR>Italy<BR>Main Tel: + 39 051 6413 111<BR>Direct tel: + 39 051 6413 222<BR>Direct fax: + 39 051 6413 223<BR><BR>