Motorcycle maker Ducati Motor Holding S.p.A. has announced record financial results for 2001 with net profit, excluding extraordinary gains in 2000, up 176 percent.
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For 2001, revenues were Euro 407.8 million representing like-for-like growth of 9.3 percent over 2000. Total sales were up 7.5 percent from Euro 379.5 million during the previous year. This discrepancy is due to a decrease of “miscellaneous other sales” of Euro 6.5 million, reflecting the one-off buy-back of inventory by the newly established UK subsidiary from the previous importer in January 2000.
Revenues from Ducati motorcycles increased 9.2 percent to Euro 345.5 million and represented 84.7 percent of revenues.
Motorcycle-related products rose 9.8 percent to Euro 61.4 million over last year.
For the fourth quarter, revenues were Euro 124.4 million representing a growth of 18.9 percent over 2000.
Gross margin for 2001 was 40.8% versus 39.7% in the previous year, mainly attributable to production efficiencies and the positive effect of motorcycle-related products sales.
In 2001, EBITDA (Earnings Before Interest Depreciation and Amortisation) increased 10.1% to Euro 66.1 million from Euro 60.0 million last year, representing 16.2 percent of sales versus 15.8 percent of the previous year. R&D investments for the Moto GP were
0.4% of revenues.
2001 net income was Euro 10.6 million, slightly higher than the
Euro 10.5 million in 2000. However, stripping out the one-off profit pick-up of Euro 6.7 million from the revaluation of the Ducati brand name in 2000, net income for 2001 increased 176% over previous year. This was mainly thanks to improved operating profits, lower financial charges and lower taxes.
