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Ducati 1st Half Revenue Up 5.6%

Italian motorcycle maker Ducati Motor Holdings SpA says first half 2004 consolidated revenue increased by 5.6% year-on-year to 221 million euro ($266 million).
Ducati officals said production efficiencies brought growth margin to 35.9% versus 34.3% last year. EBITDA was 28 million euro or 12.7% of revenues – up 16.5% excluding FOREX effect, or up 8.5% including FOREX effects – versus 25.8 million euro or 12.3% of revenues in 2003.
Profit was 3.5 million euro versus a loss of 1.6 million euro in 2003, thanks to a 2.2 million euro increase in EBITDA and the 3.5 million euro one-off restructuring cost, which was accrued in 2003.
Net debt as of June 30, 2004, was 100.4 million euro, down from 112.2 million euro at the same date the year earlier.
Representing 79.4% of all first half revenues, motorcycle sales during the period increased 0.9% to 175.4 million euro. Revenues from motorcycle related products, including spare parts, technical accessories and apparel, were 42.3 million euro, up 21.3% from the comparable period in the previous year.
Ducati's motorcycle retail sales rose by 2% worldwide compared to the same period last year. U.S. sales were up 33%; France up 5%; and Italy up 2%. Sales in UK were down 4%; Germany was down 13%; the Benelux Countries down 50%; and Japan down 14%.

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