| Author | Message | ||
     Court |
This is good news.... Ducati Motor Holding Announces First Quarter 2004 Results - Strong sales and EBITDA growth and return to profitability - BOLOGNA, Italy, May 14 /PRNewswire-FirstCall/ -- Ducati Motor Holding S.p.A. (NYSE  MH; Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, today announced financial results for the first quarter ended March 31, 2004. For the first quarter of 2004, revenues were Euro 100.3 million up 23.4% including forex (or up 26.3% excluding forex) over the same period in 2003. The improvement was mainly due to a 22.1% increase in unit sales and a 41,2% increase of accessories and apparel sales, despite continuing adverse forex. Revenues from Ducati motorcycles for the period increased 22.1% to Euro 80.0 million and represented 79.8% of total revenues. Motorcycle-related products, including spare parts, technical accessories and apparel, increased 23.5% to Euro 18.8 million over the comparable period in the previous year. Gross margin was 35.9% of revenues including forex effects (or 37.2% excluding forex effects) versus 36.9% in the same period a year ago, due to the negative foreign exchange impact more than offsetting margin improvements. Sales costs represented 19.1% of sales versus 21.4% in the period last year. EBITDA was a Euro 12.3 million, up 37.6% including forex (or up 54.8% excluding forex) representing 12.3% of revenues, versus 11.0% in the period of the previous year. Pre-tax profit of the Ducati Group was Euros 0.8 million in the first quarter of 2004, compared with a loss of Euros 6.2 million in the first quarter of 2003, including the impact of a one-off Euro 3.5 million restructuring charge. Unofficial Ducati worldwide registrations, a measure of retail sales, were up 11% versus the first quarter of last year, in a market growing 3%. Registrations were up 39% in the US, up 26% in Italy, up 13% in non-subsidiary country and up 8% in the UK. Decreases were recorded in the Benelux Countries down 2%, in France down 7%, Germany down 10% and in Japan down 18%. The Company's net debt at March 31, 2004 was Euro 121.2 million, down versus the Euro 123.6 million at the same date a year earlier, and up versus Euro 117.2 million at December 31, 2003. The company's gearing ratio was 76% at March 31, 2003 versus 79% at the same date a year earlier and 74% at December 31, 2003. "2004 has got off to a great start," said Federico Minoli, Ducati Chairman and Chief Executive Officer. "All key indicators are positive: unit sales, registrations, profitability and cash are going in the right direction. Our products are meeting with enthusiasm in the market and momentum is building, and we look forward with great excitement to seeing all our fans and friends at World Ducati Week, from May 17th to 23rd, where we are expecting record attendance." "The year started well but we cannot be complacent," said Enrico D'Onofrio, Ducati Chief Financial Officer. "2004 remains a year of consolidation and we have to work hard to reach our targets of sales growth, return to profitability and net debt improvement." Separately, the company announced that Fabrizio Nardi, Group Financial Controller, will assume the role of Director of Investor Relations in addition to his current responsibilities. He takes over from Christopher Spira who will work on other projects within the group. Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design, advanced engineering and overall technical excellence. The Company produces motorcycles in five market segments which vary in their technical and design features and intended customers: Superbike, Supersport; Monster, Sport Touring and Multistrada. The Company's motorcycles are sold in more than 60 countries worldwide, with a primary focus in the Western European, Japan and North American markets. Ducati has won twelve of the last fourteen World Superbike Championship titles and more individual victories than the competition put together. For more information about the Company, please visit our web site at http://www.ducati.com. 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 documents previously filed by the Company with CONSOB and with the U.S. Securities and Exchange Commission. Ducati Motor Holding S.p.A. and Subsidiaries Net Sales and Shipment Data Three Months Ended Three Months Ended Mar, 31 Mar, 31 Mar, 31 Mar, 31 2004 2003 2004 2003 Net Sales (Euro in thousands, US$ in thousands) Motorcycles euro 80,014 euro 65,518 $97,809 $80,089 Spare Parts, Accessories, Apparel 18,824 15,244 23,010 18,634 Miscellaneous Other 1,462 504 1,788 617 Total net sales euro 100,300 euro 81,266 $122,607 $99,340 Ducati Units Change North America 1,280 836 53.1% Main European market 5,721 4,700 21.7% Japan 533 631 •••••%) Rest of World 1,936 1,587 22.0% Total 9,470 7,754 22.1% Motorcycle product mix: % Change Sport Segment (Superbike & Supersport) 3,331 3,683 (9.6%) Sport Naked 4,352 3,497 24.4% Sport Touring 856 492 74.0% Multistrada 931 82 na Total 9,470 7,754 22.1% Unofficial Motorcycle Registrations: % Change North America 1,325 950 39.5% Main European market 6,150 5,582 10.2% Japan 727 884 (17.8%) Rest of World 1,287 1,139 13.0% Total 9,489 8,555 10.9% Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (Euro in thousands, US$ in thousands, except per share and share amounts) Three Months Ended Three Months Ended Mar, 31 Mar, 31 Mar, 31 Mar, 31 Percent 2004 2003 2004 2003 Change Net Sales euro 100,300 euro 81,266 $122,607 $99,340 23.4% Cost of goods sold (64,269) (51,244) (78,562) (62,641) Gross Profit 36,031 30,022 44,045 36,699 20.0% Other operating revenues 5,835 6,102 7,133 7,459 SG&A expenses (29,291) (26,873) (35,805) (32,850) Other operating income (234) (205) (286) (251) Depreciation & amortization (9,659) (9,184) (11,808) (11,227) Operating income/(loss) 2,682 (138) 3,279 (170) na Financing expense, net (1,916) (2,439) (2,342) (2,981) Other non-operating income/(expense), net (10) (3,584) (12) (4,381) Profit/(loss) before income taxes 756 (6,161) 925 (7,532) na Shares outstanding 158,500,963 158,500,963 158,500,963 158,500,963 Percent Other Financial Change Data Motorcycles Produced (Units) 11,238 10,366 8.4% Motorcycles Sold (Units) 9,470 7,754 22.1% Unofficial Registrations (Units) 9,489 8,555 10.9% EBITDA 12,331 8,962 15,073 10,954 37.6% EBITDA Margin 12.3% 11.0% Note: On March 31, 2004 US$1= 0,7995 Euros Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (Euro in thousands) March 31, 2004 March 31, 2003 euros % euros % Current assets Cash and cash equivalents 26,168 23,429 Trade receivables, net 106,347 84,443 Inventories 119,129 131,922 Other current assets 17,963 22,317 Total current assets 269,607 54.5% 262,111 54.8% Non current assets Property, plant and equipment-net 65,089 70,385 Intangible fixed assets, net 122,671 130,513 Equity investments 12 12 Other long-term assets 37,160 15,581 Total non current assets 224,932 45.5% 216,491 45.2% Total assets 494,539 100.0% 478,602 100.0% Current liabilities Short-term bank borrowings 70,884 55,746 Current portion of long-term debt 5,532 3,146 Accounts payable - trade 112,726 110,715 Income and other taxes payables 12,976 6,264 Other current liabilities 20,980 23,049 Provisions for risks and charges - current portion 4,824 8,637 Total current liabilities 227,922 46.1% 207,557 43.4% Long-term liabilities Long-term debt, net of current portion 81,890 86,000 Employees' leaving entitlement 8,648 7,459 Deferred income taxes 31 35 Other long-term liabilities 14,075 17,099 Provision for risks and charges - long term portion 2,518 3,998 Total long-term liabilities 107,162 21.7% 114,591 23.9% Total liabilities 335,084 322,148 Total Group shareholders' equity 159,455 32.2% 156,454 32.7% Total liabilities and shareholders' equity 494,539 100% 478,602 100% Ducati Motor Holding S.p.A. Consolidated Statements of Operations Data (US$ in thousands) March 31, 2004 March 31, 2003 US$ % US$ % Current assets Cash and cash equivalents 31,988 28,640 Trade receivables, net 129,998 103,223 Inventories 145,623 161,261 Other current assets 21,958 27,280 Total current assets 329,567 54.5% 320,404 54.8% Non current assets Property, plant and equipment-net 79,565 86,039 Intangible fixed assets, net 149,953 159,539 Equity investments 15 15 Other long-term assets 45,424 19,046 Total non current assets 274,957 45.5% 264,639 45.2% Total assets 604,524 100.0% 585,043 100.0% Current liabilities Short-term bank borrowings 86,649 68,144 Current portion of long-term debt 6,762 3,846 Accounts payable - trade 137,796 135,338 Income and other taxes payables 15,862 7,657 Other current liabilities 25,646 28,175 Provisions for risks and charges - current portion 5,897 10,558 Total current liabilities 278,612 46.1% 253,718 43.4% Long-term liabilities Long-term debt, net of current portion 100,102 105,126 Employees' leaving entitlement 10,571 9,118 Deferred income taxes 38 43 Other long-term liabilities 17,205 20,902 Provision for risks and charges - long term portion 3,078 4,887 Total long-term liabilities 130,994 21.7% 140,076 23.9% Total liabilities 409,606 393,794 Total Shareholders' equity 194,918 32.2% 191,249 32.7% Total liabilities and shareholders' equity 604,524 100.0% 585,043 100.0% SOURCE Ducati Motor Holding S.p.A. CO: Ducati Motor Holding S.p.A. ST: Italy SU: ERN | ||
| Sandblast |
I sure wish I had about $60,000 to pick up one of the hand built race bikes they are selling soon, I'd love to help them knock down a little of that debt  |
