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Ducati Motor Holding Announces the Results for the First Half of 2007

Increase in Turnover to 235,7 Million Euro (+40%)

Increase in Net Profit to 38,9 Million Euro (+71%)

Increase in EBITDA to 16,3 Million Euro (+623%)

BOLOGNA, Italy, August 8 --

- Marked improvement in the Net Financial Position (-4,7 Million Euro Compared to -33,4 Million Euro in the First Half of 2006)

The New Strategic Plan 2008-2010 Will be Presented in Fall 2007

    
    --------------------------------------
    Million Euro  30/06/07  30/06/07  Var%
    --------------------------------------
    Revenues       235,7    168,4    40,0%
    EBITDA          38,9     22,8    70,8%
    Net result      16,3      2,3   622,6%
    Net Debt        (4,7)   (33,4)
    --------------------------------------

The Ducati Motor Holding S.p.A. Board of Directors (Borsa Italiana S.p.A: DMH) (MIB:DMH, NYSE:DMH)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."

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 Workd 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 furhter information on Ducati, check our website http://www.ducati.com

    
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    Ducati Motor Holding S.p.A. and subsidiaries
    Net Sales and Shipment Data
    -------------------------------------------------------------------------
                                         Six Months Ended  Six Months Ended
                                       June, 30  June, 30  June, 30  June, 30
                                         2007      2006      2007      2006 
    -------------------------------------------------------------------------
    Net Revenues (Euro in thousands,
    US$ in thousands)
    
             Motorcycles                     EUR       EUR         $ $178,381
                                         193,513   134,192   257,237
             Spare Parts,                 39,395    31,550    52,368   20,422
    
             Accessories, Apparel
             Other                         2,792     2,633     2,792    2,792
    
    Total Net Revenues                       EUR       EUR         $ $201,595
                                         235,700   168,375   312,397
    
    Ducati Units
    Motorcycle shipments:                                   % Change
 
             North America                 5,816     4,715     23.4%
             Main European market         11,342     8,814     28.7%
             Japan                         1,060     1,235   (14.2%)
             Rest of World                 4,655     3,294     41.3%
    
    Total                                 22,873    18,058     26.7%
    
    Motorcycle product mix:                                 % Change
    
             Superbike                     8,599     2,583    232.9%
             Supersport                      105       328   (68.0%)
             Sport Naked                   9,046    10,667   (15.2%)
             Sport Touring                   684       984   (30.5%)
             Multistrada                   1,082     1,186    (8.8%)
             Sport Classic                 1,555     2,310   (32.7%)
                                           1,802
    Total                                 22,873    18,058    26.7%
    
    Unofficial Motorcycle Registrations:                    % Change
    
             North America                 5,705     4,521     26.2%
             Main European market         12,704    11,913      6.6%
             Japan                         1,194     1,449    (17.6%)
             Rest of World                 4,646     3,680     26.3%
    
    Total                                 24,249    21,563     12.5%
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    Ducati Motor Holding Group
    Profit & Loss
    (Euro in thousands, US$ in thousands, except for shares)
    -------------------------------------------------------------------------
                                                    June, 30      June, 30
                                                        2007          2006
    -------------------------------------------------------------------------
    Revenues (net)                               EUR 235,700   EUR 168,375
    Cost of goods sold                              (170,512)     (123,311)
    Gross Margin                                      65,188        45,064
    
    Other operating revenues                          18,363        15,568
    SG&A expenses                                    (58,670)      (48,438)
    Other operating income
    and expenses                                         462           350
    
    Operating result                                  25,343        12,544
    
    Financing expense, net                            (2,063)       (3,598)
    
    Profit/(loss)before income
    taxes and min.interest                            23,280         8,946
    
    Income Tax                                        (6,955)       (6,684)
    
    Net Result including
    minority interests                                16,325         2,262
    
    Minority Interests                                     6            (2)
    
    Net Result for the Group                          16,331         2,260
    
    Shares outstanding                           328,436,914   320,687,920
    
    Other Financial Data
    Motorcycles Produced (Units)                      22,717        18,959
    Motorcycles Sold (Units)                          22,873        18,058
    Unofficial Registrations (Units)                  24,249        21,563
    EBITDA                                            38,851        22,752
    EBITDA Margin                                       16.5%         13.5%
    -------------------------------------------------------------------------
    Note: On March 31, 2007 1 Euro = 1,3505 US$
    -------------------------------------------------------------------------
                                        June, 30     June, 30       Percent
                                          2007         2006          Change 
    -------------------------------------------------------------------------
    Revenues (net)                     $ 313,316    $ 223,821         40.0%
    Cost of goods sold                  (226,662)    (163,917)
    Gross Margin                          86,654       59,904         44.7%
    
    Other operating revenues              24,410       20,695
    SG&A expenses                        (77,990)     (64,389)
    Other operating income
    and expenses                             614          465
    
    Operating result                      33,688       16,675        102.0%
    
    Financing expense, net                (2,742)      (4,783)
    
    Profit/(loss)before income
    taxes and min.interest                30,946       11,892        160.2%
    
    Income Tax                            (9,245)      (8,885)           4%
    
    Net Result including
    minority interests                     21,701       3,007        621.7%
    
    Minority Interests                          8          (3)
    
    Net Result for the Group               21,709       3,004        622.6%
    
    Shares outstanding                328,436,914 320,687,920
    
                                                                    Percent
    Other Financial Data                                             Change
    Motorcycles Produced (Units)                                      19.8%
    Motorcycles Sold (Units)                                          26.7%
    Unofficial Registrations (Units)                                  12.5%
    EBITDA                                 51,645      30,244         70.8%
    EBITDA Margin
    -------------------------------------------------------------------------
    Note: On March 31, 2007 1 Euro = 1,3505 US$
    -------------------------------------------------------------------------
    Ducati Motor Holding S.p.A.
    Consolidated Statements of Operations Data
    (Euro in thousands, except per share and share amounts)
    -------------------------------------------------------------------------
                                           Period ended    Period ended
                                            30:06:07       31:12:06
                                          EUR 000      % EUR 000      %
    -------------------------------------------------------------------------
    Current assets
    Cash and cash equivalents             127,206         75,054
    Trade receivables, net                120,931         88,641
    Inventories                            65,736         69,846
    Other current assets                   11,340          9,055
    Total current assets                  325,213  58.3% 242,596   51.2%
    
    Non current assets
    Property, plant and                    66,880         66,536
    equipment -net
    Goodwill and intangible                86,050         86,050
    assets with indefinite
    useful lives
    Other intangible fixed                 54,575         51,419
    assets net
    Equity investments                        272            320
    Deferred tax assets                    24,168         26,494
    Other long-term assets                    333            373
    Total non current assets              232,278  41.7% 231,192   48.8%
    
    Total assets                          557,491   100% 473,788    100%
    
    Current liabilities
    Short-term bank borrowings             13,529          3,834
    Accounts payable - trade              134,741         91,180
    Income and other taxes                 10,056          5,342
    payables
    Other current liabilities              28,963         19,558
    Provisions for risks and                7,252          7,154
    charges - current portion
    Totale passivitÓ correnti             194,541  34.9% 127,068   26.8%
    
    Long-term liabilities
    Long-term debt, net of
    current portion                       118,343        125,374
    Employee benefits                       8,213          9,079
    Deferred income taxes                  22,678         20,507
    Provision for risks and                 1,626          1,356
    charges - long term
    portion
    Totale passivitÓ a                    150,860  27.1% 156,316   33.0%
    medio-lungo termine
    
    Total liabilities                     345,401  62.0% 283,384   59.8%
    
    Shareholders' equity
    Capital stock                         167,257        163,311
    Other reserves                         76,701         75,286
    Retained earnings (losses)            (48,207)       (39,684)
    Results for the period                 16,331         (8,523)
    Total Group Shareholders'             212,082  38.0% 190,390   40.2%
    equity
    
    Minority interests                          8             14
    
    Total liabilities and                 557,491   100% 473,788    100%
    shareholders' equity
    -------------------------------------------------------------------------
    Ducati Motor Holding S.p.A.
    Consolidated Statements of Operations Data
    (US$ in thousands, except per share and share amounts)
    -------------------------------------------------------------------------
                                   Period ended     Period ended
                                    30:06:2007       31.12.2006
                                   $ 000      %     $ 000      %
    -------------------------------------------------------------------------
    Current assets
    Cash and cash equivalents     171,792          101,360
    Trade receivables, net        163,317          119,710
    Inventories                    88,776           94,327
    Other current assets           15,315           12,229
    Total current assets          439,200 58.3%    327,626 51.2%
    
    Non current assets
    Property, plant and            90,321           89,857
    equipment -net
    Goodwill and intangible       116,210          116,210
    assets with indefinite
    useful lives
    Other intangible fixed         73,704           69,441
    assets net
    Equity investments                367              432
    Deferred tax assets            32,639           35,780
    Other long-term assets            450              504
    Total non current assets      313,691 41.7%    312,224 48.8%
    
    Total assets                  752,891  100%    639,850  100%
    
    Current liabilities
    Short-term bank borrowings     18,271            5,178
    Accounts payable - trade      181,968          123,139
    Income and other taxes         13,581            7,214
    payables
    Other current liabilities      39,114           26,413
    Provisions for risks and        9,794            9,661
    charges - current portion
    Totale passivitÓ correnti     262,728 34.9%    171,605 26.8%
    
    Long-term liabilities
    Long-term debt, net of
    current portion               159,822          169,318
    Employee benefits              11,091           12,261
    Deferred income taxes          30,627           27,695
    Provision for risks and         2,196            1,831
    charges - long term
    portion
    Total long-term               203,736 27.1%    211,105 33.0%
    liabilities
    
    Total liabilities             466,464 62.0%    382,710 59.8%
    
    Shareholders' equity
    Capital stock                 225,881          220,551
    Other reserves                103,585          101,674
    Retained earnings (losses)    (65,104)         (53,593)
    Results for the period         22,055          (11,510)
    Total Group Shareholders'     286,417 38.0%    257,122 40.2%
    equity
    
    Minority interests                 10               18
    
    Total liabilities and         752,891  100%    639,850  100%
    shareholders' equity
    -------------------------------------------------------------------------
    Ducati Motor Holding S.p.A.
    Consolidated Statements of Cash Flow
    (Euro in thousands)
    -------------------------------------------------------------------------
                                    Period ended Period ended
                                      30.06.2007   30.06.2006
                                         EUR 000      EUR 000
    -------------------------------------------------------------------------
    Cash flow generated by operating
    activities
    Net profit (loss) for the             16,331        2,260
    year
    Change in cumulative                    (206)        (589)
    translation adjustment
    Adjustments to reconcile net profit
    (loss) with the
    movements of funds generated by (used in)
    operating activities
    -     Non cash items for stock           145          394
          options
    -     Amortisation,                   13,508       10,208
          depreciation
    -     Taxes paid                        (516)        (107)
    Change in operating assets
    and liabilities
    -     Working capital                 15,381       18,096
    -     Other current assets            (2,285)      (1,311)
    -     Other current                    9,405        6,177
          liabilities
    -     Due to tax authorities           5,230        2,506
    -     Deferred tax assets              2,326        3,572
    -     Deferred tax liabilities         2,171        2,241
    -     Employee benefits                 (866)        (338)
    -     Provisions for risks and           627          136
          charges
    -     Restructuring reserve             (259)      (4,668)
    -     Other
    Net cash generated by
    operating
    activities (A)                        60,992       38,577
    
    Cash flow (used in) generated by
    investing activities
    Net change in property, plant         (6,365)      (3,641)
    and equipment
    Net change in intangible             (10,646)     (10,441)
    fixed assets
    Disposal from property, plant              3          133
    and equipment
    Change in equity investments              48            -
    Other fixed assets                        40           19
    Net cash used in investing           (16,920)     (13,930)
    activities (B)
    
    Cash flow generated from operating
    activities,
    net of cash used in investing
    activities (A-B)                      44,072       24,647
    
    Cash flow (used in) generated by
    financing activities
    Change in short-term and               3,215      (20,657)
    long-term debt
    Interests cashed (paid)                 (551)      (2,108)
    Change in minority interests              (6)           2
    Increase in share capital and          5,422       78,860
    reserves
    Change in cash generated by            8,080       56,097
    financing activities
    
    Increase (decrease) in cash on hand, bank
    deposits
    and securities                        52,152       80,744
    
    Cash and cash equivalents,            75,054       53,017
    beginning of year
    
    Cash and cash equivalents,           127,206      133,761
    end of period/ year
    -------------------------------------------------------------------------
    Ducati Motor Holding S.p.A.
    Consolidated Statements of Cash Flow
    (Dollar in thousands)
    -------------------------------------------------------------------------
                                    Period ended Period ended
                                      30.06.2007   30.06.2006
                                           $ 000        $ 000
    -------------------------------------------------------------------------
    Cash flow generated by operating
    activities
    Net profit (loss) for the             22,055        3,052
    year
    Change in cumulative                    (278)        (795)
    translation adjustment
    Adjustments to reconcile net profit
    (loss) with the
    movements of funds generated by (used in)
    operating activities
    -     Non cash items for stock           196          532
          options
    -     Amortisation,                   18,243       13,786
          depreciation
    -     Taxes paid                        (697)        (145)
    Change in operating assets
    and liabilities
    -     Working capital                 20,772       24,439
    -     Other current assets            (3,086)      (1,771)
    -     Other current                   12,701        8,342
          liabilities
    -     Due to tax authorities           7,063        3,384
    -     Deferred tax assets              3,141        4,824
    -     Deferred tax liabilities         2,932        3,026
    -     Employee benefits               (1,169)        (456)
    -     Provisions for risks and           847          184
          charges
    -     Restructuring reserve             (350)      (6,304)
    -     Other
    Net cash generated by
    operating
    activities (A)                        82,370       52,098
    
    Cash flow (used in) generated by
    investing activities
    Net change in property, plant         (8,596)      (4,917)
    and equipment
    Net change in intangible             (14,377)     (14,101)
    fixed assets
    Disposal from property, plant              4          180
    and equipment
    Change in equity investments              65            -
    Other fixed assets                        54           26
    Net cash used in investing           (22,850)     (18,812)
    activities (B)
    
    Cash flow generated from operating
    activities,
    net of cash used in investing
    activities (A-B)                      59,520       33,286
    
    Cash flow (used in) generated by
    financing activities
    Change in short-term and               4,342      (27,897)
    long-term debt
    Interests cashed (paid)                 (744)      (2,847)
    Change in minority interests              (8)           3
    Increase in share capital and          7,322      106,500
    reserves
    Change in cash generated by           10,912       75,759
    financing activities
    
    Increase (decrease) in cash on hand, bank
    deposits
    and securities                        70,432      109,045
    
    Cash and cash equivalents,           101,360       71,599
    beginning of year
    
    Cash and cash equivalents,           171,792      180,644
    end of period/ year
    -------------------------------------------------------------------------