Ducati Motor Holding Announces Growing Revenues For the Third Quarter and First Nine Months of 2002
BOLOGNA, Italy, Oct. 15, 2002 Ducati Motor Holding S.p.A., a leading manufacturer of high performance motorcycles, today announced record consolidated revenues for the third quarter and nine months, ended September 30, 2002.
For the first nine months of 2002, revenues were Euro 298.9 million, up 5.5% from Euro 283.4 million during the same period in the previous year. Revenues from Ducati motorcycles for the period increased 2.4% to Euro 242.1 million and represented 81.0% of revenues. Motorcycle-related products reached Euro 55.8 million, up 20.2% over the same period last year.
For the third quarter, revenues were Euro 62.5 million, an increase of 1.0% from Euro 61.9 million during the same period in the previous year. Revenues from Ducati motorcycles for the period decreased 3.1% to Euro 45.7 million and represented 73.1% of revenues. Motorcycle-related products, including spare parts, technical accessories and apparel reached Euro 16.7 million, a rise of 14.2% versus the comparable period in the previous year.
"These positive results for the period were reached despite adverse foreign exchange, country and product mix effects," said Enrico D'Onofrio, CFO of Ducati. "In the fourth quarter, we expect the country mix to improve thanks to the recovery of our US business and the product mix to benefit from shipments of the new 999 Superbike."
"Overall, I am very pleased with the reception of the full model year 2003 presented at the International Motor Show in Munich in September. We have introduced innovative improvements across the board -- from ABS breaks on the ST4s to new engines in the Supersport and Monster families. The 999 Testastretta continues to be acclaimed as a revolution by the motorcycle world," said Carlo Di Biagio, CEO of Ducati.
"At our annual US dealer meeting in California last week, our new model year for 2003 was given a very strong reception," added Mr. Di Biagio. "The network there is particularly keen to get the 999 Superbike and the Multistrada 1000 in dealerships. As the re-structuring of our US subsidiary continues steadily, we look forward to strong sales there over the next few months."
While official world registrations data for the period are not yet available, the Company's best estimates suggest that Ducati registrations for the nine-month period have grown approximately 3%, despite a decline of around 6% in the Ducati relevant market, with particular strength in Japan (+16%), all countries not covered by a subsidiary (+12%), UK (+7%) and Italy (+6%). In the US, registrations were down 1%.
During the third quarter of 2002, new Ducati Stores exclusively selling Ducati motorcycles and accessories were opened, including one in Toulouse and one in West Tokyo, bringing the total to 106 stores worldwide at September 30, 2002.
"Our racing fans were given a real treat at the final and deciding leg of the World Superbike Championship on September 29," added Di Biagio. "In an extraordinary display of skill and competitive spirit, Troy Bayliss, Ducati's 2001 world champion and Honda's Colin Edwards produced the most exciting race of the season at the famous Imola circuit in Italy. Ducati's dominance of this championship was confirmed when we took our 11th manufacturer's title in the last twelve years, and in the rider's title, Bayliss handed over his crown to his arch-rival after a nail-biting finish."
Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique "desmodromic" engine features, innovative design, advanced engineering and overall technical excellence. Ducati has won eleven of the last thirteen World Superbike Championship titles and more individual victories than the competition put together. The Company produces motorcycles in five market segments which vary in their technical and design features and intended customers: Superbike, Super Sport, Monster, Sport Touring and Multistrada. 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 http://www.Ducati.com .