6-K 1 dm8995.htm FORM 6-K

Message

SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

Report on Form 6-K dated February 14th,  2007


DUCATI MOTOR HOLDING S.P.A.

(Translation of Registrant’s Name into English)


Via Cavalieri Ducati, 3          Bologna 40132          ITALY

(Address of Principal Executive Offices)

          (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

Form 20-F

x

 

Form 40-F

o

 

          (Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

 

Yes

o

 

No

x

 

          (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82-             )

Enclosure:


Message

Ducati Motor Holding Announces Preliminary Full Year and Fourth Quarter 2006 Financial Results

Bologna, 14 February 2007 -  The Board of Directors of Ducati Motor Holding SpA (Borsa Italiana: DMH, NYSE: DMH) examined today the preliminary 2006 results and approved the 4th quarter 2006 financial results.

 

 

2006

 

2005

 

Var%

 

4Q06

 

4Q05

 

Var%

 

 

 

 

 

 

 

 

 

Revenues

 

 

304.8

 

 

308.5

 

 

-1.2

%

 

80.1

 

 

88.3

 

 

-9.3

%

EBITDA

 

 

27.0

 

 

(0.3

)

 

n.s

 

 

2.9

 

 

(14.7

)

 

n.s

 

Net result

 

 

(8.5

)

 

(41.5

)

 

n.s

 

 

(3.9

)

 

(24.9

)

 

n.s

 

Net Debt

 

 

(54.2

)

 

(137.0

)

 

-60.4

%

 

 

 

 

 

 

 

 

 

(Million Euro)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The preliminary full year 2006 results show a significant reversal of the 2005 trend with a return to a positive operating result and a substantial improvement of the net financial position.  The results are due to a successful relaunch strategy implemented at the end of 2005 which focused on the improvement of gross margin, reduction of dealer stock, reduction of fixed costs and working capital. 

Revenues for 2006 are Euro 304.8 million, down 1.2% compared to 2005 with a decrease in the number of bikes sold and revenues partially offset by an improvement in bike mix and by an increase in sales of accessories and apparel.

32.312 bikes were sold in 2006 yielding revenues of Euro 239.7 million (bike units -6.4% with revenues down 3% versus 2005) while sales of spare parts, accessories and  apparel and reached revenues of Euro 60.1 million (up 3.4% on 2005)

The decrease in the number of bikes sold, and the increase in the number of registrations (35.286 units, up by 2.1% over 2005), generated a network stock reduction of 3000 bikes equivalent to approximately 1 month of sales and in line with the relaunch strategy.

Registrations increased notably in the USA (+16.3%), in the non-subsidiary countries (+9.4%), in France (+1.5%), and in Japan (+0.5%) whilst they decreased in the UK (-16.5%), Benelux (-12.5%), Germany (-8.8%) and Italy (-3.9%).  It is important to consider that the new Superbike 1098 has had very little impact on the 2006 registrations due to being distributed only during the last months of the year.

Gross margin for 2006 amounted to Euro 72.7 million or 23.9% of revenues versus Euro 47.3 million or 15.3% in 2005.  The consistent increase is due to an improved product mix, fewer amortizations and the extraordinary devaluation in 2005.

EBITDA was Euro 27 million or 8.9% of revenues compared to a negative EBITDA in 2005 of Euro 0.3 million.  The increase is due to the improved bike mix and to extraordinary accruals in 2005.

The operating result (EBIT) was positive at Euro 4.8 million versus a loss of euro 33.6 million the previous year, thanks to the improved EBITDA and lower accruals.

EBT was negative at Euro 1.6 million versus a loss of Euro 41 million the previous year, thanks to the improved operating result and reduced financial charges.

Net result was negative at Euro 8.5 million compared to a loss of Euro 41.5 million the previous year and includes the accrual of deferred taxes.

Federico Minoli, Ducati’s President and CEO commented on the 2006 results:  “I am extremely satisfied with the results brought by Ducati’s relaunch plan which is living up to our expectations and is producing results earlier than anticipated.  In particular the decrease of dealer inventory is a good preparation for the sale of new products in 2007.  The new Superbike 1098, Hypermotard, and Desmosedici are creating high expectations in the market and a significant number of orders. These products will further increase the gross margin”. 

2


Message

On the race track 2006 was a year of unprecedented successes: World Champions of Superbike, and 4 victories and 9 podium places in the MotoGP Championship; a result that no other European manufacturer has ever achieved”.

“2006 marks a return to operating profit after some difficult years.  As for the future, the next few fiscal years will prove the effectiveness of the investments in the product area that have been made in previous years, especially in terms of increased sales and a return to profit” added Enrico D’Onofrio, CFO, “in particular 2007 will see a double-digit increase over 2006 revenues, EBITDA of around 12% of revenues and return to net profit, one year earlier than predicted in the relaunch plan.  Net debt at the end of 2006 – in substantial decline versus 2005 thanks to the capital increase and improvement of working capital -- will stabilise in 2007 maintaining a 30% ratio on equity.

In the fourth quarter sales revenues were Euro 80.1 million, a decrease of 9.3% versus previous year, due mainly to the reduced sales of bikes.

Gross margin was 18.2% of revenues, an improvement on the same period of 2005 as a result of a better bike mix and extraordinary accruals in 2005.

EBITDA was Euro 2.9 million compared to a negative EBITDA of Euro 14.7 million in the fourth quarter of 2005.  The increase is due to accruals and extraordinary devaluations, in addition to the other factors stated previously.

In the fourth quarter 2006 the operating result (EBIT) was negative for Euro 4.2 million compared to a negative result in the same period in 2005 of Euro 26.7 million.  The improvement is due to the higher gross margin, as stated above, and the restructuring reserve of Euro 13 million that was put aside in 2005.

Results before tax were negative by Euro 5.5 million versus a loss of Euro 27.9 million the previous year.

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 seven market segments which vary in their technical and design features and intended customers: Superbike, Supersport, Monster, Sport Touring, Multistrada SportClassic and the new Hypermotard. 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 fourteen of the last sixteen World Superbike Championship titles and more individual victories than the competition put together. Since 2003 Ducati has also been taking part in the MotoGP World Championship. For more information about the Company, please visit our web site at http://www.ducati.com

This press release is not an offer to invest in Italy, according to Art. 1, lett (t) of the Italian Legislative Decree no. 58 of February 24th, 1998, or in any other country. This press release cannot be transmitted or distributed to any persons in the United States or in any country where its distribution is not allowed without the express approval from the relevant authorities.

These materials are not an offer of securities for sale in the United States.  Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended.  Any public offering of the company’s securities to be made in the United States will be made by means of a prospectus that may be obtained from the company and that will contain detailed information about the company and its management, including financial statements.

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.

3


Message

For further information, please contact:

Federico Strano
Director Investor Relations
Ducati Motor Holding S.p.A.
Via Cavalieri Ducati, 3
Bologna 40132, Italy
e-mail: federico.strano@ducati.com
Main Tel: +39 051 6413111
Direct Tel: +39 051 6413213

4


Message

Ducati Motor Holding S.p.A. and Subsidiaries
Net Sales and Shipment Data

 

 

Three Months Ended

 

Three Months Ended

 

 

 

 

 

 

 

December, 31
2006

 

December, 31
2005

 

December, 31
2006

 

December, 31
2005

 

 

 

 

 

 

 

Net Revenues (Euro in thousands, US$ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Motorcycles

 

€

65,653

 

€

76,189

 

$

86,465

 

$

100,340

 

Spare Parts, Accessories, Apparel

 

 

13,537

 

 

11,318

 

 

17,828

 

 

14,906

 

Other

 

 

906

 

 

765

 

 

1,193

 

 

1,008

 

 

 

 

 

 

 

Total Net Revenues

 

€

80,096

 

€

88,272

 

$

105,486

 

$

116,254

 

 

 

 

 

 

 

Ducati Units
Motorcycle shipments:

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

2,081

 

 

2,225

 

 

(6.5

)%

 

 

 

Main European market

 

 

3,756

 

 

4,946

 

 

(24.1

)%

 

 

 

Japan

 

 

649

 

 

924

 

 

(29.8

)%

 

 

 

Rest of World

 

 

1,917

 

 

2,024

 

 

(5.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

8,403

 

 

10,119

 

 

(17.0

)%

 

 

 

Motorcycle product mix :

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Superbike

 

 

1,479

 

 

1,345

 

 

10.0

%

 

 

 

Supersport

 

 

106

 

 

335

 

 

(68.4

)%

 

 

 

Sport Naked

 

 

3,952

 

 

3,731

 

 

5.9

%

 

 

 

Sport Touring

 

 

366

 

 

321

 

 

14.0

%

 

 

 

Multistrada

 

 

1,115

 

 

1,113

 

 

0.2

%

 

 

 

Sport Classic

 

 

1,385

 

 

3,274

 

 

(57.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

8,403

 

 

10,119

 

 

(17.0

)%

 

 

 

Unofficial Motorcycle Registrations :

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

1,205

 

 

1,372

 

 

(12.2

)%

 

 

 

Main European market

 

 

1,856

 

 

1,714

 

 

8.3

%

 

 

 

Japan

 

 

636

 

 

638

 

 

(0.3

)%

 

 

 

Rest of World

 

 

1,295

 

 

1,218

 

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

4,992

 

 

4,942

 

 

1.0

%

 

 

 

5


Message

Ducati Motor Holding S.p.A. and Subsidiaries
Net Sales and Shipment Data

 

 

Twelve Months Ended

 

Twelve Months Ended

 

 

 

 

 

 

 

December, 31
2006

 

December, 31
2005

 

December, 31
2006

 

December, 31
2005

 

 

 

 

 

 

 

Net Revenues (Euro in thousands, US$ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Motorcycles

 

€

239,697

 

€

247,236

 

$

315,682

 

$

325,609

 

Spare Parts, Accessories, Apparel

 

 

60,061

 

 

58,068

 

 

79,100

 

 

76,476

 

Other

 

 

5,036

 

 

3,214

 

 

6,632

 

 

4,233

 

 

 

 

 

 

 

Total Net Revenues

 

€

304,794

 

€

308,518

 

$

401,414

 

$

406,318

 

 

 

 

 

 

 

Ducati Units
Motorcycle shipments:

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

8,269

 

 

7,070

 

 

17.0

%

 

 

 

Main European market

 

 

15,523

 

 

18,158

 

 

(14.5

)%

 

 

 

Japan

 

 

2,361

 

 

2,575

 

 

(8.3

)%

 

 

 

Rest of World

 

 

6,159

 

 

6,733

 

 

(8.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

32,312

 

 

34,536

 

 

(6.4

)%

 

 

 

Motorcycle product mix:

 

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Superbike

 

 

4,755

 

 

6,094

 

 

(22.0

)%

 

 

 

Supersport

 

 

556

 

 

1,030

 

 

(46.0

)%

 

 

 

Sport Naked

 

 

18,023

 

 

16,585

 

 

8.7

%

 

 

 

Sport Touring

 

 

1,562

 

 

1,397

 

 

11.8

%

 

 

 

Multistrada

 

 

2,997

 

 

6,156

 

 

(51.3

)%

 

 

 

Sport Classic

 

 

4,419

 

 

3,274

 

 

35.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

32,312

 

 

34,536

 

 

(6.4

)%

 

 

 

Unofficial Motorcycle Registrations:

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

 

8,185

 

 

7,040

 

 

16.3

%

 

 

 

Main European market

 

 

17,893

 

 

18,961

 

 

(5.6

)%

 

 

 

Japan

 

 

2,777

 

 

2,754

 

 

0.8

%

 

 

 

Rest of World

 

 

6,431

 

 

5,876

 

 

9.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

35,286

 

 

34,631

 

 

1.9

%

 

 

 

6


Message

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

 

 

 

 

 

 

 

 

 

 

 

 

 

December, 31
2006

 

December, 31
2005

 

December, 31
2006

 

December, 31
2005

 

%
Change

 

 

 

 

 

 

 

 

Revenues (net)

 

€

80,096

 

€

88,272

 

$

105,486

 

$

116,254

 

 

(9.3

)%

Cost of goods sold

 

 

(65,502

)

 

(81,173

)

 

(86,266

)

 

(106,905

)

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

14,594

 

 

7,099

 

 

19,220

 

 

9,349

 

 

105.6

%

Other operating revenues

 

 

10,995

 

 

7,147

 

 

14,480

 

 

9,413

 

 

 

 

SG&A expenses

 

 

(29,977

)

 

(26,829

)

 

(39,479

)

 

(35,334

)

 

 

 

Other operating income and expenses

 

 

151

 

 

(1,097

)

 

199

 

 

(1,445

)

 

 

 

Restructuring Reserve

 

 

0

 

 

(13,000

)

 

0

 

 

(17,121

)

 

 

 

 

 

 

 

 

 

 

 

 

Operating result

 

 

(4,237

)

 

(26,680

)

 

(5,580

)

 

(35,138

)

 

(84.1

)%

Financing expense, net

 

 

(1,234

)

 

(1,240

)

 

(1,625

)

 

(1,633

)

 

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss)before income taxes and min.interest

 

 

(5,471

)

 

(27,920

)

 

(7,205

)

 

(36,771

)

 

(80.4

)%

Income Tax

 

 

1,520

 

 

3,027

 

 

2,002

 

 

3,987

 

 

(49.8

)%

 

 

 

 

 

 

 

 

 

Net Result including minority interests

 

 

(3,951

)

 

(24,893

)

 

(5,203

)

 

(32,784

)

 

(84.1

)%

Minority Interests

 

 

7

 

 

 

 

 

9

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Result for the Group

 

 

(3,944

)

 

(24,893

)

 

(5,194

)

 

(32,784

)

 

(84.2

)%

Shares outstanding

 

 

320,687,920

 

 

159,360,037

 

 

320,687,920

 

 

159,360,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motorcycles Produced (Units)

 

 

6,393

 

 

7,604

 

 

 

 

 

 

 

 

(15.9

)%

Motorcycles Sold (Units)

 

 

8,403

 

 

10,119

 

 

 

 

 

 

 

 

(17.0

)%

Unofficial Registrations (Units)

 

 

4,992

 

 

4,942

 

 

 

 

 

 

 

 

1.0

%

EBITDA

 

 

2,949

 

 

(14,708

)

 

3,884

 

 

(19,370

)

 

 

 

EBITDA Margin

 

 

3.7

%

 

(16.7

)%

 

 

 

 

 

 

 

 

 

Note: On December 31, 2006 1
Euro = 1,317 US$

7


Message

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(Euro in thousands, US$ in thousands, except per share and share amounts)

 

 

Twelve Months Ended

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

December, 31
2006

 

December, 31
2005

 

December, 31
2006

 

December, 31
2005

 

%
Change

 

 

 

 

 

 

 

 

Revenues (net)

 

€

304,794

 

€

308,518

 

$

401,414

 

$

406,318

 

 

(1.2

)%

Cost of goods sold

 

 

(232,046

)

 

(261,187

)

 

(305,605

)

 

(343,983

)

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

72,748

 

 

47,331

 

 

95,809

 

 

62,335

 

 

53.7

%

Other operating revenues

 

 

34,715

 

 

30,414

 

 

45,720

 

 

40,055

 

 

 

 

SG&A expenses

 

 

(102,519

)

 

(96,404

)

 

(135,018

)

 

(126,964

)

 

 

 

Other operating income and expenses

 

 

(177

)

 

(1,978

)

 

(233

)

 

(2,605

)

 

 

 

Restructuring Reserve

 

 

0

 

 

(13,000

)

 

0

 

 

(17,121

)

 

 

 

 

 

 

 

 

 

 

 

 

Operating result

 

 

4,767

 

 

(33,637

)

 

6,278

 

 

(44,300

)

 

(114.2

)%

Financing expense, net

 

 

(6,337

)

 

(7,315

)

 

(8,346

)

 

(9,634

)

 

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss)before income taxes and min.interest

 

 

(1,570

)

 

(40,952

)

 

(2,068

)

 

(53,934

)

 

(96.2

)%

Income Tax

 

 

(6,956

)

 

(511

)

 

(9,161

)

 

(673

)

 

1261.3

%

 

 

 

 

 

 

 

 

 

Net Result including minority interests

 

 

(8,526

)

 

(41,463

)

 

(11,229

)

 

(54,607

)

 

(79.4

)%

Minority Interests

 

 

3

 

 

(1

)

 

4

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Result for the Group

 

 

(8,523

)

 

(41,464

)

 

(11,225

)

 

(54,608

)

 

(79.4

)%

Shares outstanding

 

 

320,687,920

 

 

159,360,037

 

 

320,687,920

 

 

159,360,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motorcycles Produced (Units)

 

 

31,193

 

 

33,581

 

 

 

 

 

 

 

 

(7.1

)%

Motorcycles Sold (Units)

 

 

32,312

 

 

34,536

 

 

 

 

 

 

 

 

(6.4

)%

Unofficial Registrations (Units)

 

 

35,286

 

 

34,631

 

 

 

 

 

 

 

 

1.9

%

EBITDA

 

 

26,982

 

 

(273

)

 

35,535

 

 

(361

)

 

 

 

EBITDA Margin

 

 

8.9

%

 

(0.1

)%

 

 

 

 

 

 

 

 

 

Note: On December 31, 2006 1
Euro = 1,317 US$

8


Message

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(Euro in thousands, except per share and share amounts)

 

 

Period ended
31.12.2006

 

Period ended
31.12.2005

 

 

 

 

 

 

 

€ 000

 

%

 

€ 000

 

%

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

75,054

 

 

 

 

 

53,017

 

 

 

 

Trade receivables, net

 

 

88,641

 

 

 

 

 

102,232

 

 

 

 

Inventories

 

 

69,846

 

 

 

 

 

81,380

 

 

 

 

Other current assets

 

 

9,055

 

 

 

 

 

9,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

242,596

 

 

51.2

%

 

245,846

 

 

53.1

%

 

 

 

 

 

 

 

 

 

 

Non current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment -net

 

 

66,536

 

 

 

 

 

66,556

 

 

 

 

Goodwill and intangible assets with indefinite useful lives

 

 

86,050

 

 

 

 

 

86,050

 

 

 

 

Other intangible fixed assets net

 

 

51,419

 

 

 

 

 

39,665

 

 

 

 

Equity investments

 

 

320

 

 

 

 

 

20

 

 

 

 

Deferred tax assets

 

 

26,494

 

 

 

 

 

24,662

 

 

 

 

Other long-term assets

 

 

373

 

 

 

 

 

386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non current assets

 

 

231,192

 

 

48.8

%

 

217,339

 

 

46.9

%

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

473,788

 

 

100

%

 

463,185

 

 

100

%

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term bank borrowings

 

 

3,834

 

 

 

 

 

64,148

 

 

 

 

Accounts payable - trade

 

 

91,180

 

 

 

 

 

85,203

 

 

 

 

Income and other taxes payables

 

 

5,342

 

 

 

 

 

5,537

 

 

 

 

Other current liabilities

 

 

19,572

 

 

 

 

 

20,202

 

 

 

 

Provisions for risks and charges - current portion

 

 

7,154

 

 

 

 

 

18,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totale passività correnti

 

 

127,082

 

 

26.8

%

 

193,711

 

 

41.8

%

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

125,374

 

 

 

 

 

125,824

 

 

 

 

Employee benefits

 

 

9,079

 

 

 

 

 

9,669

 

 

 

 

Deferred income taxes

 

 

20,507

 

 

 

 

 

13,697

 

 

 

 

Provision for risks and charges - long term portion

 

 

1,356

 

 

 

 

 

1,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totale passività a medio-lungo termine

 

 

156,316

 

 

33.0

%

 

150,715

 

 

32.5

%

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

283,398

 

 

59.8

%

 

344,426

 

 

74.4

%

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital stock

 

 

163,311

 

 

 

 

 

82,867

 

 

 

 

Other reserves

 

 

75,272

 

 

 

 

 

75,559

 

 

 

 

Retained earnings (losses)

 

 

(39,684

)

 

 

 

 

1,780

 

 

 

 

Results for the period

 

 

(8,523

)

 

 

 

 

(41,464

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Group Shareholders’ equity

 

 

190,376

 

 

40.2

%

 

118,742

 

 

25.6

%

 

 

 

 

 

 

 

 

 

 

Minority interests

 

 

14

 

 

 

 

 

17

 

 

 

 

Total liabilities and shareholders’ equity

 

 

473,788

 

 

100

%

 

463,185

 

 

100

%

 

 

 

 

 

 

 

 

 

 

9


Message

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(US$ in thousands, except per share and share amounts)

 

 

Period ended
31.12.2006

 

Period ended
31.12.2005

 

 

 

 

 

 

 

$ 000

 

%

 

$ 000

 

%

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

98,846

 

 

 

 

 

69,823

 

 

 

 

Trade receivables, net

 

 

116,740

 

 

 

 

 

134,640

 

 

 

 

Inventories

 

 

91,987

 

 

 

 

 

107,177

 

 

 

 

Other current assets

 

 

11,926

 

 

 

 

 

12,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

319,499

 

 

51.2

%

 

323,779

 

 

53.1

%

 

 

 

 

 

 

 

 

 

 

Non current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment -net

 

 

87,628

 

 

 

 

 

87,654

 

 

 

 

Goodwill and intangible assets with indefinite useful lives

 

 

113,328

 

 

 

 

 

113,328

 

 

 

 

Other intangible fixed assets net

 

 

67,719

 

 

 

 

 

52,239

 

 

 

 

Equity investments

 

 

421

 

 

 

 

 

26

 

 

 

 

Deferred tax assets

 

 

34,893

 

 

 

 

 

32,480

 

 

 

 

Other long-term assets

 

 

491

 

 

 

 

 

508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non current assets

 

 

304,480

 

 

48.8

%

 

286,235

 

 

46.9

%

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

623,979

 

 

100

%

 

610,014

 

 

100

%

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term bank borrowings

 

 

5,049

 

 

 

 

 

84,483

 

 

 

 

Accounts payable - trade

 

 

120,084

 

 

 

 

 

112,212

 

 

 

 

Income and other taxes payables

 

 

7,035

 

 

 

 

 

7,292

 

 

 

 

Other current liabilities

 

 

25,776

 

 

 

 

 

26,606

 

 

 

 

Provisions for risks and charges - current portion

 

 

9,422

 

 

 

 

 

24,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totale passività correnti

 

 

167,366

 

 

26.8

%

 

255,117

 

 

41.8

%

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

165,118

 

 

 

 

 

165,710

 

 

 

 

Employee benefits

 

 

11,957

 

 

 

 

 

12,735

 

 

 

 

Deferred income taxes

 

 

27,008

 

 

 

 

 

18,039

 

 

 

 

Provision for risks and charges - long term portion

 

 

1,786

 

 

 

 

 

2,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term liabilities

 

 

205,869

 

 

33.0

%

 

198,492

 

 

32.5

%

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

373,235

 

 

59.8

%

 

453,609

 

 

74.4

%

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital stock

 

 

215,081

 

 

 

 

 

109,136

 

 

 

 

Other reserves

 

 

99,133

 

 

 

 

 

99,511

 

 

 

 

Retained earnings (losses)

 

 

(52,264

)

 

 

 

 

2,344

 

 

 

 

Results for the period

 

 

(11,224

)

 

 

 

 

(54,608

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Group Shareholders’ equity

 

 

250,726

 

 

40.2

%

 

156,383

 

 

25.6

%

 

 

 

 

 

 

 

 

 

 

Minority interests

 

 

18

 

 

 

 

 

22

 

 

 

 

Total liabilities and shareholders’ equity

 

 

623,979

 

 

100

%

 

610,014

 

 

100

%

 

 

 

 

 

 

 

 

 

 

10


Message

Ducati Motor Holding S.p.A.
Consolidated Statements of Cash Flow
(Euro in thousands)

 

 

Period ended
31/12/06
 € 000

 

Period ended
31/12/05
 € 000

 

 

 

 

 

Cash flow generated by operating activities

 

 

 

 

 

 

 

Net profit (loss) for the year

 

 

(8,523

)

 

(41,464

)

Change in cumulative translation adjustment

 

 

(796

)

 

1,799

 

Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities

 

 

 

 

 

 

 

-          Non cash items for stock options

 

 

655

 

 

1,238

 

-          Amortisation, depreciation

 

 

22,215

 

 

33,364

 

-          Taxes paid

 

 

(1,227

)

 

(4,230

)

Change in operating assets and liabilities

 

 

 

 

 

 

 

-          Working capital

 

 

31,102

 

 

35,043

 

-          Effects of IAS 39 and 32 adoption from 1 January 2005

 

 

—  

 

 

(3,219

)

-          Other current assets

 

 

162

 

 

1,570

 

-          Other current liabilities

 

 

(630

)

 

4,266

 

-          Due to tax authorities

 

 

1,032

 

 

177

 

-          Deferred tax assets

 

 

(400

)

 

(2,997

)

-          Deferred tax liabilities

 

 

6,810

 

 

1,490

 

-          Employee benefits

 

 

(590

)

 

1,187

 

-          Provisions for risks and charges

 

 

(1,130

)

 

757

 

-          Restructuring reserve

 

 

(10,506

)

 

13,000

 

-          Other

 

 

 

 

 

 

 

 

 

 

 

Net cash generated by operating activities (A)

 

 

38,174

 

 

41,981

 

 

 

 

 

Cash flow (used in) generated by investing activities

 

 

 

 

 

 

 

Net change in property, plant and equipment

 

 

(12,137

)

 

(10,928

)

Net change in intangible fixed assets

 

 

(21,880

)

 

(20,455

)

Disposal from property, plant and equipment

 

 

68

 

 

354

 

Change in equity investments

 

 

(300

)

 

—  

 

Other fixed assets

 

 

13

 

 

17

 

 

 

 

 

Net cash used in investing activities (B)

 

 

(34,236

)

 

(31,012

)

 

 

 

 

Cash flow generated from operating activities, net of cash used in investing activities (A-B)

 

 

3,938

 

 

10,969

 

 

 

 

 

Cash flow (used in) generated by financing activities

 

 

 

 

 

 

 

Change in short-term and long-term debt

 

 

(56,892

)

 

(7,833

)

Interests cashed (paid)

 

 

(3,872

)

 

(2,057

)

Change in minority interests

 

 

(3

)

 

1

 

Increase in share capital and reserves

 

 

78,866

 

 

2,610

 

 

 

 

 

Change in cash generated by financing activities

 

 

18,099

 

 

(7,279

)

 

 

 

 

Increase (decrease) in cash on hand, bank deposits and securities

 

 

22,037

 

 

3,690

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

 

53,017

 

 

49,327

 

 

 

 

 

Cash and cash equivalents, end of period/ year

 

 

75,054

 

 

53,017

 

 

 

 

 

11


Message

Ducati Motor Holding S.p.A.
Consolidated Statements of Cash Flow
(Dollar in thousands)

 

 

Period ended
31/12/06
 $ 000

 

Period ended
31/12/05
 $ 000

 

 

 

 

 

Cash flow generated by operating activities

 

 

 

 

 

 

 

Net profit (loss) for the year

 

 

(11,225

)

 

(54,608

)

Change in cumulative translation adjustment

 

 

(1,048

)

 

2,369

 

Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities

 

 

 

 

 

 

 

-          Non cash items for stock options

 

 

863

 

 

1,630

 

-          Amortisation, depreciation

 

 

29,257

 

 

43,940

 

-          Taxes paid

 

 

(1,616

)

 

(5,571

)

Change in operating assets and liabilities

 

 

 

 

 

 

 

-          Working capital

 

 

40,961

 

 

46,152

 

-          Effects of IAS 39 and 32 adoption from 1 January 2005

 

 

 

 

 

(4,239

)

-          Other current assets

 

 

213

 

 

2,068

 

-          Other current liabilities

 

 

(829

)

 

5,618

 

-          Due to tax authorities

 

 

1,359

 

 

233

 

-          Deferred tax assets

 

 

(527

)

 

(3,947

)

-          Deferred tax liabilities

 

 

8,968

 

 

1,962

 

-          Employee benefits

 

 

(777

)

 

1,563

 

-          Provisions for risks and charges

 

 

(1,488

)

 

997

 

-          Restructuring reserve

 

 

(13,836

)

 

17,121

 

-          Other

 

 

 

 

 

 

 

 

 

 

 

Net cash generated by operating activities (A)

 

 

50,275

 

 

55,288

 

 

 

 

 

Cash flow (used in) generated by investing activities

 

 

 

 

 

 

 

Net change in property, plant and equipment

 

 

(15,984

)

 

(14,392

)

Net change in intangible fixed assets

 

 

(28,816

)

 

(26,939

)

Disposal from property, plant and equipment

 

 

90

 

 

466

 

Change in  equity investments

 

 

(395

)

 

—  

 

Other fixed assets

 

 

17

 

 

22

 

 

 

 

 

Net cash used in investing activities (B)

 

 

(45,088

)

 

(40,843

)

 

 

 

 

Cash flow generated from operating activities, net of cash used in investing activities (A-B)

 

 

5,187

 

 

14,445

 

 

 

 

 

Cash flow (used in) generated by financing activities

 

 

 

 

 

 

 

Change in short-term and long-term debt

 

 

(74,928

)

 

(10,315

)

Interests cashed (paid)

 

 

(5,099

)

 

(2,709

)

Change in minority interests

 

 

(4

)

 

1

 

Increase in share capital and reserves

 

 

103,867

 

 

3,437

 

 

 

 

 

Change in cash generated by financing activities

 

 

23,836

 

 

(9,586

)

 

 

 

 

Increase (decrease) in cash on hand, bank deposits and securities

 

 

29,023

 

 

4,859

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

 

69,823

 

 

64,964

 

 

 

 

 

Cash and cash equivalents, end of  period/ year

 

 

98,846

 

 

69,823

 

 

 

 

 

12


Message

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

DUCATI MOTOR HOLDING SPA

 

 

 

 

 

 

Date: February 14th , 2007

By:

/s/ Federico Strano

 

 

 

Name

Federico Strano

 

Title

Director, Investor Relations

13