Ducati Announces Results for First Half of 2007 August 9, 2007
The Ducati Motor Holding S.p.A. Board of Directors today approved the results for the first half of 2007 which came to a close on June 30th 2007.
Turnover during the first six months of 2007 amounted to 235,7 million euro, showing an increase of 40,0% (+43,8% at constant forex rate) compared to 168,4 million euro recorded during the same period of the previous year.
This increase in turnover is mainly due to the sales of new products, particularly Superbike 1098 and Hypermotard. Worldwide registrations in the first half of 2007 grew 12.4% compared to the same period last year.
EBITDA amounted to 38.9 million euro equal to 16,5% of turnover, compared to 22.8 million euro recorded during the previous year (13.5% of turnover for the same period in 2006). At constant exchange rates, EBITDA is 43.9 million euro (i.e. 18.1% of turnover) with an increase of 21.1 million euro versus the previous year.
Operating profit (Ebit) during the first half of 2007 amounted to 25.3 million euro (or 10,8% of sales) compared to 12.5 million euro (or 7.5% of sales) recorded during the first six months of 2006.
Profit before tax amounted to 23.3 million euro (versus 8.9 million euro during the previous year).
Net Profit amounted to 16.3 million euro (+622,6%) compared to the 2.3 million euro recorded for the same period the previous year.
Net debt at June 30th 2007 amounted to 4.7 million euro and shows a substantial improvement compared to the 33.4 million euro recorded at June 30th 2006.
It should be emphasized that the seasonal impact that characterizes Ducati’s core business has always led to higher turnover figures during the first half of the year (roughly 60%) compared to the remaining months of any financial period.
During Fall 2007 Ducati Motor Holding will present the new strategic plan 2008-2010 to the financial community. The plan will set the guidelines for growth for the coming years.
“The results for the first six months are better than the figures we had foreseen in the budget – commented the Managing Director of Ducati Gabriele Del Torchio – and in the second half we foresee that the positive trend of sales will continue. This year has to be considered, however, as a transitional year for the company which has only recently started to overcome a difficult period. We need to work even harder toward improving efficiency and productivity. Moreover, we want to have an even bigger focus on the quality of our products, process and requirements of our clients. All these elements will be incorporated into the new Strategic Plan, which will set the guidelines for growth for the coming years. Meanwhile, Ducati keeps on investing with success on the pillars of its strategy: Product Community and Brand. As for the product, we are very happy with the positive acceptance of our new models Superbike 1098 and Hypermotard, whose sales have gone beyond our best expectations. As for the community, at the end of June 2007, more than 50.000 Ducatisti from all over the world gathered in Misano to celebrate the World Ducati Week. Finally our brand awareness is at a record high thanks to the outstanding results of MotoGP, which sees Ducati leading the pack with 6 victories in 11 races.”
“The outlook for 2007 is positive yet we remain quite prudent,” added Enrico D’Onofrio, Ducati CFO.,”In a scenario characterized by the stability of the high displacement bikes market and by the instability of the forex market, we foresee revenues growing by 30% versus 2006 with an EBITDA significantly improving, yielding a percentage of sales between 12 and 13%. We confirm the return of net profit and the improvement of the financial position.”