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March 6, 2003

ITALY: Ducati confirms 3 million euro loss

Motorcycle maker Ducati Motor Holding S.p.A. on Thursday confirmed its consolidated results for 2002 - a net loss of Euro 3.0 million at December 31, 2002. No dividend distribution is planned.

By bcusack

Motorcycle maker Ducati Motor Holding S.p.A. on Thursday confirmed its consolidated results for 2002 – a net loss of Euro 3.0 million at December 31, 2002. No dividend distribution is planned.

Preliminary results, announced on February 14, reported 2002 revenues of Euro 413.0 million representing a growth of 1.3% versus Euro 407.8 million in 2001. 2002 EBITDA was Euro 52.3 million and represented 12.7% of revenues compared to Euro 66.1 million or 16.2% of revenues, a year earlier. Net earnings were Euro 6.5 million, compared to Euro 10.6 million in 2001.

Separately, Ducati said CEO Carlo Di Biagio has resigned for personal reasons and board chairman Federico Minoli will assume chief executive responsibilities.

“We are very grateful to Carlo for his important contributions to Ducati since the early days of the turnaround, and in particular during the busy period of the IPO in 1999,” said Minoli. “We have asked him — and he has agreed — to continue to support the company in a consultancy role which will allow us to benefit further from his deep knowledge of the company.”

Di Biagio was appointed CEO of Ducati in July 2000. Previously, as of May 1997, he was CFO at the Company. As CEO, Di Biagio invested heavily in new product, including the new 999 Superbike and Multistrada, and led the company’s entry into the Moto GP championship in 2003.

Minoli was chairman and CEO of Ducati from September 1996 until July 2000, and subsequently remained chairman of the board.

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