SEC 1815
(11-2002)
Previous versions obsolete

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

	OMB APPROVAL
	OMB Number: 3235-0116
	Expires: August 31, 2005
	Estimated average burden
	hours per response: 6.00

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of March, 2004

Commission File Number ____________________________

Ducati Motor Holding S.p.A.

(Translation of registrant’s name into English)

Via Cavalieri Ducati, 3 Bologna 40132 ITALY

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No o

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- o

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DUCATI MOTOR HOLDING S.p.A.

	(Registrant)

	By:	FABRIZIO NARI

		(Signature)*

Date 11 February 2005

* Print the name and title of the signing officer under his signature.

Fabrizio Nardi

Investor Relations

Ducati Motor Holding S.p.A.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer Pursuant to Rules 13a-16 and 15d-16
under the Securities Exchange Act of 1934

General Instructions

A.	Rule as to Use of Form 6-K.

	This form shall be used by foreign private issuers which are required to furnish reports pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934.

B.	Information and Document Required to be Furnished.

	Subject to General Instruction D herein, an issuer furnishing a report on this form shall furnish whatever information, not required to be furnished on Form 40-F or previously furnished, such issuer

	i.	makes or is required to make public pursuant to the law of the jurisdiction of its domicile or in which it is incorporated or organized, or

	ii.	files or is required to file with a stock exchange on which its securities are traded and which was made public by that exchange, or

	iii.	distributes or is required to distribute to its security holders.

	The information required to be furnished pursuant to (i), (ii) or (iii) above is that which is material with respect to the issuer and its subsidiaries concerning; changes in business; changes in management or control; acquisitions or dispositions of assets; bankruptcy or receivership; changes in registrant’s certifying accountants; the financial condition and results of operations; material legal proceedings; changes in securities or in the security for registered securities; defaults upon senior securities; material increases or decreases in the amount outstanding of securities or indebtedness; the results of the submission of matters to a vote of securityholders; transactions with directors, officers or principal securityholders; the granting of options or payment of other compensation to directors or officers; and any other information which the registrant deems of material importance to security holders.

	This report is required to be furnished promptly after the material contained in the report is made public as described above. The information and documents furnished in this report shall not be deemed to be “filed” for the purposes of Section 18 of the Act or otherwise subject to the liabilities of that section.

	If a report furnished on this form incorporates by reference any information not previously filed with the Commission, such information must be attached as an exhibit and furnished with the form.

C.	Preparation and Filing of Report.

	(1) The Form 6-K report shall consist of a cover page, the report or document furnished by the issuer, and a signature page. An issuer must submit the Form 6-K report in electronic format via the Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system in accordance with the EDGAR rules set forth in Regulation S-T (17 CFR Part 232) except as discussed below. An issuer submitting the Form 6-K in electronic format must provide the signatures required for the Form 6-K report in accordance with Regulation S-T Rule 302 (17 CFR 232.302). For assistance with technical questions about EDGAR or to request an access code, call the EDGAR Filer Support Office at (202) 942-8900. For assistance with the EDGAR rules, call the Office of EDGAR and Information Analysis at (202) 942-2940.

	(2) An issuer may submit a Form 6-K in paper under:

		•	Regulation S-T Rule 101(b)(1) (17 CFR 232.101(b)(1)) if the sole purpose of the Form 6-K is to furnish an annual report to security holders;

		•	Regulation S-T Rule 101(b)(7) to provide a report or other document that the issuer must furnish and make public under the laws of the jurisdiction in which it is incorporated, domiciled or legally organized (the issuer’s “home country”), or under the rules of the home country exchange on which the issuer’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the issuer’s security holders, and, if discussing a material event, including the disclosure of annual audited or interim consolidated financial results, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR; or

		•	a hardship exemption provided by Regulation S-T Rule 201 or 202 (17 CFR 232.201 or 232.202).

	Note to paragraph (2): An issuer that is or will be incorporating by reference all or part of an annual or other report to security holders, or of any part of a paper Form 6-K, into an electronic filing must file the incorporated portion in electronic format as an exhibit to the filing in accordance with Regulation S-T Rule 303(b) (17 CFR 232.303(b)).

	(3) When submitting a Form 6-K in paper under one of the above rules, an issuer must check the appropriate box on the cover page of the Form 6-K. When submitting a Form 6-K in paper under a hardship exemption, an issuer must provide the legend required by Regulation S-T Rule 201(a)(2) or 202(c) (17 CFR 232.201(a)(2) or 232.202(c)) on the cover page of the Form 6-K.

	(4) An issuer furnishing the Form 6-K in paper under one of the above rules, or as otherwise permitted by the Commission, must deposit with the Commission eight complete copies of the Form 6-K report. An issuer must also file at least one complete copy of the Form 6-K with each United States stock exchange on which any security of the issuer is listed and registered under Section 12(b) of the Exchange Act. The issuer must have signed at least one of the paper copies deposited with the Commission and one filed with each United States stock exchange in accordance with Exchange Act Rule 12b-11(d) (17 CFR 240.12b-11(d)) when submitting the Form 6-K in paper to the Commission. An issuer submitting the Form 6-K in paper must also conform the unsigned copies. When submitting the Form 6-K in electronic format to the Commission, an issuer may submit a paper copy containing typed signatures to each United States stock exchange in accordance with Regulation S-T Rule 302(c) (17 CFR 232.302(c)).

D.	Treatment of Foreign Language Documents.

	(1) An issuer must submit the Form 6-K report in electronic format in the English language in accordance with Regulation S-T Rule 306 (17 CFR 232.306) and Exchange Act Rule 12b-12(d) (17 CFR 240.12b-12(d)), as referenced in Regulation S-T Rule 306(a) (17 CFR 232.306(a)), except as otherwise provided by this Form. An issuer submitting the Form 6-K in paper must meet the requirements of Exchange Act Rule 12b-12(d) (17 CFR 240.12b-12(d)). In accordance with, or in addition to, the list of documents specified in Exchange Act Rule 12b-12(d)(2) (17 CFR 240.12b-12(d)(2)), an issuer must provide a full English translation of the following documents furnished under cover of Form 6-K whether submitted electronically or in paper:

		•	press releases;

		•	communications and other documents distributed directly to security holders for each class of securities to which a reporting obligation under Exchange Act Section 13(a) or 15(d) pertains, except for offering circulars and prospectuses that relate entirely to securities offerings outside the United States (“foreign offerings”); and

		•	documents disclosing annual audited or interim consolidated financial information.

	(2) In addition to the documents specified in Exchange Act Rule 12b-12(d)(3) (17 CFR 240.12b-12(d)(3)), an issuer may furnish under cover of Form 6-K, whether submitted electronically or in paper, an English summary instead of a full English translation of a report required to be furnished and made public under the laws of the issuer’s home country or the rules of the issuer’s home country stock exchange, as long as it is not a press release and is not required to be and has not been distributed to the issuer’s security holders. Such a document may include a report disclosing unconsolidated financial information about a parent company.

	(3) An issuer is not required to submit under cover of Form 6-K an offering circular or prospectus that pertains solely to a foreign offering, even when an English translation or English summary is available, if the issuer has already submitted a Form 6-K or filed a Form 20-F or other Commission filing on EDGAR that reported material information disclosed in the offering circular or prospectus. If an issuer has not previously disclosed this material information to the Commission, it may submit in electronic format under cover of Form 6-K an English translation or English summary of the portion of the foreign offering circular or prospectus that discusses the new material information.

	(4) Any submitted English summary must meet the requirements of Exchange Act Rule 12b-12(d)(3)(ii) (17 CFR 240.12b-12(d)(3)(ii)). An issuer may submit the unabridged foreign language report or other document along with the English summary or English translation as permitted by Regulation S-T Rule 306(b) (17 CFR 232.306(b)) for electronic filings and Exchange Act Rule 12b-12(d)(4) (17 CFR 240.12b-12(d)(4)) for paper filings.

http://www.sec.gov/divisions/corpfin/forms/6-k.htm
Last update: 11/04/2002

DUCATI MOTOR HOLDING ANNOUNCES PRELIMINARY FULL YEAR
AND FOURTH QUARTER 2004 FINANCIAL RESULTS

2004

2003

Var%

4Q04

4Q03

Var%

Reveneus

382,8

388,2

-1,4

114,8

103,6

10,8

EBITDA

39,1

45,2

-13,5

13,0

14,3

-9,1

Profit/loss(pre-tax)

(1,8

)

0,1

8,0

7,1

12,7

Net Debt

(115,9

)

(117,2

)

1,1

(Million euro)

Bologna, Italy, February 11, 2005 – Ducati Motor Holding S.p.A. (NYSE: DMH, Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, today announced preliminary full year and fourth quarter 2004 financial results.

Revenues for 2004 were Euro 382.8 million, up 1.0% excluding forex effects, (or down 1.4% including forex effects) versus last year. Revenues from motorcycles decreased 4.4% to Euro 302.2 million and represented 78.9% of revenues. Motorcycle-related products, including spare parts, technical accessories and apparel, increased 8.2% to Euro 75.0 million against last year.

Gross margin for 2004 was 36.0% versus last year’s 34.7%, thanks to product cost reduction, operational efficiencies and related product sales increase, partly offset by a negative forex effect. EBITDA was Euro 39.1 million, or 10.2% of revenues, up 2.3% excluding forex effects (or down 13.5% including forex effects), versus Euro 45.2 million of the previous yea,. mainly due to increased sales costs.

At EBT level, the result was a loss of Euro 1.8 million versus break-even in 2003, due to a lower EBITDA, which was partially offset by lower depreciation and financial charges.

The Company’s net debt on December 31, 2004 was Euro 115.9 million, down against Euro 117.2 million on December 31, 2003. The company’s gearing ratio was 75% on December 31, 2004 versus 74% on the same date a year earlier.

Unofficial Ducati worldwide registrations for 2004 were down 5.2% versus last year, with France down 1%, Italy down 6%, UK down 13%, Benelux down 17%, Japan down 19%, Germany down 20%, while Spain was up 33%, the US was up 15% and Australia was up 8%.

“2004 was a challenging year for Ducati. The continuing weakness of the dollar and the difficult market conditions in Germany, France, UK and Japan together with the delay in the introduction of the new Monster S2R weighed heavily on both sales and registrations”, said Federico Minoli, President and CEO of Ducati Motor Holding. “However, the company concluded 2004 with excellent fourth quarter results and 2 podiums in the MotoGP championship, which are both promising results for the coming year. The success of the presentation of the new Superbike, the arrival of the Monster S2R and the great excitement around the new Multistrada 620 all give us a year to look forward to with confidence”.

“We expect to close 2004 with a net loss of approximately 8 million Euro, due to current and deferred income taxes”, added Enrico D’Onofrio, Chief Financial Officer of Ducati. “We are finalizing the refinancing of the bond which is expiring by the end of May 2005. The company is evaluating all possible financial instruments including a new bond issue in the range of 100 Million Euros.”

Revenues for the fourth quarter of 2004 were Euro 114.8 million, up 16.2% excluding forex effects, (or up 10.8% including forex effects) over the same period in 2003, due to higher bike sales.

Gross margin for the fourth quarter was 33.4% of revenues, in line with the previous year. EBITDA was Euro 13.0 million, compared to Euro 14.3 million in 2003, due to a negative forex effect and higher sales costs.

Results before tax for the fourth quarter of 2004 were a profit of Euro 8.0 million versus Euro 7.1 million last year. This increase is mainly due to lower financial charges.

Fourth quarter 2004 financial results were approved by the Board of Director on February 10, 2005.

By the end of the year 2004, the Company had re-purchased 3,769,249 shares, equivalent to Euro 3,283,016 or 2.37% of its stock capital.

A discussion by Ducati management of 2004 results is available under the Company section of our website www.ducati.com in Investor Relations. It can be accessed until mid-March 2005 under “Webcast of Results” at the bottom of the IR Press Release Schedule section.

Founded in 1926, Ducati builds racing-inspired motorcycles characterized by unique engine features, innovative design, advanced engineering and overall technical excellence. Ducati has won thirteen of the last fifteen 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, Supersport; Monster, Sport Touring and Multistrada. The Company’s motorcycles are sold in more than 60 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

This press release contains statements that are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, as described in documents previously filed by the Company with CONSOB and with the U.S. Securities and Exchange Commission.

These materials are not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of the company’s securities to be made in the United States will be made by means of a prospectus that may be obtained from the company and that will contain detailed information about the company and its management, including financial statements.

For further information, please contact:
Fabrizio Nardi
Director, Investor Relations
Ducati Motor Holding S.p.A.
Via Cavalieri Ducati, 3
Bologna 40132
Italy

Main Tel: + 39 051 6413 111
Direct tel: + 39 051 6413 213
E-mail: IR@ducati.com

Ducati Motor Holding
Page: 3 of 10

Ducati Motor Holding S.p.A. and Subsidiaries
Net Sales and Shipment Data

Three Months Ended

Dec, 31
2004

Dec, 31
2003

Dec, 31
2004

Dec, 31
2003

Net Sales (Euro in thousands, US$in thousands)

Motorcycles

€

97.936

€

86.210

133.399

117.427

Spare Parts, Accessories, Apparel

16.099

15.567

21.928

21.204

Miscellaneous Other

761

1.864

1.037

2.539

Total net sales

€

114.796

€

103.641

156.364

141.170

% Change

Ducati Units

Motorcycle shipments:

North America

1.974

1.701

16,0

Main European market

6.440

5.743

12,1

Japan

816

1.252

(34,8

Rest of World

2.090

1.380

51,4

Total

11.320

10.076

12,3

% Change

Motorcycle product mix:

Superbike

3.509

2.660

31,9

Supersport

406

570

(28,8

Sport Naked

5.069

4.734

7,1

Sport Touring

832

849

(2,0

Multistrada

1.504

1.263

19,1

Total

11.320

10.076

12,3

% Change

Unofficial Motorcycle Registrations:

North America

839

886

(5,3

Main European market

1.902

2.442

(22,1

Japan

600

795

(24,5

Rest of World

1.153

902

27,8

Total

4.494

5.025

(10,6

Ducati Motor Holding
Page: 4 of 10

Ducati Motor Holding S.p.A. and Subsidiaries
Net Sales and Shipment Data

Twelve Months Ended

Dec, 31
2004

Dec, 31
2003

Dec, 31
2004

Dec, 31
2003

Net Sales (Euro in thousands, US$in thousands)

Motorcycles

€

302.179

€

315.959

411.598

430.368

Spare Parts, Accessories, Apparel

74.985

69.298

102.137

94.391

Miscellaneous Other

5.598

2.984

7.625

4.065

Total net sales

€

382.762

€

388.241

521.360

528.824

% Change

Ducati Units

Motorcycle shipments:

North America

5.298

4.618

14,7

Main European market

21.862

23.808

(8,2

Japan

2.351

3.508

(33,0

Rest of World

7.049

6.483

8,7

Total

36.560

38.417

(4,8

% Change

Motorcycle product mix:

Superbike

10.213

9.308

9,7

Supersport

1.426

2.818

(49,4

Sport Naked

18.027

17.991

0,2

Sport Touring

2.996

2.275

31,7

Multistrada

3.898

6.025

(35,3

Total

36.560

38.417

(4,8

% Change

Unofficial Motorcycle Registrations:

North America

5.673

4.927

15,1

Main European market

21.806

24.080

(9,4

Japan

2.914

3.579

(18,6

Rest of World

5.696

5.502

3,5

Total

36.089

38.088

(5,2

Ducati Motor Holding
Page: 5 of 10

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(Euro in thousands, US$ in thousands, except per share and share amounts)

Three Months Ended

Dec, 31
2004

Dec, 31
2003

Dec, 31
2004

Dec, 31
2003

Percent
Change

Net Sales

€

114.796

€

103.641

156.364

141.169

10,8

Cost of goods sold

(76.457

)

(68.977

)

(104.142

)

(93.954

)

Gross Profit

38.339

34.664

52.222

47.215

10,6

Other operating revenues

6.460

6.854

8.799

9.336

SG&A expenses

(32.042

)

(27.582

)

(43.644

)

(37.569

)

Other operating income/(expense), net

177

193

241

263

Depreciation & amortization

(7.403

)

(10.770

)

(10.084

)

(14.670

)

Operating income/(loss)

5.531

3.359

7.534

4.575

64,7

Financing expense, net

2.649

(971

)

3.610

(1.323

)

Other non-operating income/(expense), net

(134

)

4.736

(183

)

6.451

Profit/(loss)before income taxes

8.046

7.124

10.961

9.703

13,0

Shares outstanding

158.826.407

158.500.963

158.826.407

158.500.963

Percent
Change

Other Financial Data

Motorcycles Produced (Units)

6.509

9.800

(33,6

Motorcycles Sold (Units)

11.320

10.076

12,3

Unofficial Registrations (Units)

4.494

5.025

(10,6

EBITDA

12.933

14.129

17.739

19.505

(9,1

EBITDA Margin

11,3

13,6

Note : On December 31, 2004 US$1= 0,7342 Euros

Ducati Motor Holding
Page: 6 of 10

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(Euro in thousands, US$ in thousands, except per share and share amounts)

Twelve Months Ended

Dec, 31
2004

Dec, 31
2003

Dec, 31
2004

Dec, 31
2003

Percent
Change

Net Sales

€

382.762

€

388.241

521.360

528.823

(1,4

Cost of goods sold

(244.846

)

(253.406

)

(333.505

)

(345.164

)

Gross Profit

137.916

134.835

187.855

183.659

2,3

Other operating revenues

24.718

23.178

33.668

31.571

SG&A expenses

(123.178

)

(112.993

)

(167.781

)

(153.908

)

Other operating income

(371

)

187

(505

)

255

Depreciation & amortization

(35.520

)

(38.889

)

(48.383

)

(52.971

)

Operating income/(loss)

3.565

6.318

4.854

8.606

(43,6

Financing expense, net

(4.764

)

(6.756

)

(6.488

)

(9.202

)

Other non-operating income/(expense), net

(564

)

558

(768

)

760

Profit/(loss)before income taxes

(1.763

)

120

(2.402

)

164

(1568,3

Shares outstanding

158.826.407

158.500.963

158.826.407

158.500.963

Percent
Change

Other Financial Data

Motorcycles Produced (Units)

35.538

36.661

(3,1

Motorcycles Sold (Units)

36.560

38.417

(4,8

Unofficial Registrations (Units)

36.089

38.088

(5,2

EBITDA

39.084

45.207

53.236

61.517

(13,5

EBITDA Margin

10,2

11,6

Note : On December 31, 2004 US$1= 0,7342 Euros

Ducati Motor Holding
Page: 7 of 10

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(Euro in thousands)

December 31, 2004

December 31, 2003

€

Current assets

Cash and cash equivalents

33.327

23.973

Trade receivables, net

84.333

80.421

Inventories

92.293

104.774

Other current assets

18.642

18.869

Current assets - Credit Link

15.000

—

Total current assets

243.595

54,4

228.037

52,4

Non current assets

Property, plant and equipment-net

62.961

67.167

Intangible fixed assets, net

119.532

124.721

Equity investments

Non current assets - Credit Link / ABS

10.000

25.000

Other long-term assets

11.822

12.096

Total non current assets

204.335

45,6

228.996

50,1

Total assets

447.930

100,0

457.033

100,0

Current liabilities

Short-term bank borrowings

93.346

65.587

Current portion of long-term debt

61.850

3.740

Accounts payable - trade

77.112

89.503

Income and other taxes payables

7.406

12.212

Other current liabilities

16.335

15.930

Provisions for risks and charges - current portion

3.871

4.011

Total current liabilities

259.920

58,0

190.983

41,6

Long-term liabilities

Long-term debt, net of current portion

7.116

81.882

Employees’ leaving entitlement

9.253

8.277

Deferred income taxes

Income an other taxes payables - long term portion

1.292

—

Other long-term liabilities

11.869

14.939

Provision for risks and charges - long term portion

2.518

Total long-term liabilities

32.134

7,2

107.651

23,6

Total liabilities

292.054

298.634

Total Group shareholders’ equity

155.860

34,8

158.399

34,7

Minority interests

—

Total shareholders’ equity

155.876

34,8

158.399

34,7

Total liabilities and shareholders’ equity

447.930

100

457.033

100

Ducati Motor Holding
Page: 8 of 10

Ducati Motor Holding S.p.A.
Consolidated Statements of Operations Data
(US$ in thousands)

December 31, 2004

December 31, 2003

US$

Current assets

Cash and cash equivalents

45.395

32.654

Trade receivables, net

114.870

109.541

Inventories

125.712

142.713

Other current assets

25.392

25.701

Current assets - Credit Link

20.432

—

Total current assets

331.801

54,4

310.609

52,4

Non current assets

Property, plant and equipment-net

85.759

91.488

Intangible fixed assets, net

162.815

169.882

Equity investments

Non current assets - Credit Link / ABS

13.621

34.053

Other long-term assets

16.102

16.476

Total non current assets

278.324

45,6

311.915

50,1

Total assets

610.125

100,0

622.524

100,0

Current liabilities

Short-term bank borrowings

127.146

89.336

Current portion of long-term debt

84.246

5.094

Accounts payable - trade

105.034

121.912

Income and other taxes payables

10.088

16.634

Other current liabilities

22.250

21.698

Provisions for risks and charges - current portion

5.273

5.463

Total current liabilities

354.037

58,0

260.137

41,6

Long-term liabilities

Long-term debt, net of current portion

9.693

111.532

Employees’ leaving entitlement

12.604

11.274

Deferred income taxes

117

Income an other taxes payables - long term portion

1.760

—

Other long-term liabilities

16.166

20.348

Provisionfor risks and charges - long term portion

3.429

3.430

Total long-term liabilities

43.769

7,2

146.632

23,6

Total liabilities

397.806

406.769

Total Group shareholders’ equity

212.297

34,8

215.755

34,7

Minority interests

Total shareholders’ equity

212.319

34,8

215.755

34,7

Total liabilities and shareholders’ equity

610.125

100

622.524

100

Ducati Motor Holding
Page: 9 of 10

Ducati Motor Holding S.p.A.

Consolidated Statements of Cash Flow

(Euro in thousands)

	*Year ended*			*Year ended*

	31/12/04 € 000			31/12/03 € 000

Cash flow generated by operating activities
Net profit (loss) for the period		(1.763	)		40
Change in cumulative translation adjustment		(1.012	)		(1.381	)
Change in minority interests		—			—
Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities:
- Amortisation, depreciation and writedowns		35.519			38.889
- Deferred income taxes		51			—
- Net change in employees’ leaving entitlements		976			1.151
Change in operating assets and liabilities
- Trade receivables		(3.912	)		1.621
- Inventories		12.481			6.653
- Other current assets		365			(1.443	)
- Trade payables		(12.391	)		(5.611	)
- Other current liabilities		265			(4.781	)
- Due to tax authorities		(3.514	)		6.858
- Other long-term assets and liabilities		—			(13.026	)

Net cash generated by operating activities		27.065			28.970

Cash flow (used in) generated by investing activities
Net change in property, plant and equipment		(10.472	)		(15.746	)
Net change in intangible fixed assets		(15.652	)		(18.110	)
Decrease (increase) in equity investments		144			—
Other non-current assets		—			66

Net cash used in investing activities		(25.980	)		(33.790	)

Net cash generated by operating activities less cash flow used in investing activities		1.085			(4.820	)

Cash flow (used in) generated by financing activities
Change in short- and long-term debt		29.533			30.169
Subscription to (buy back of) bonds		(21.500	)		(15.336	)
Increase in share capital and reserves		236			—
Other non-current financial assets		—			(10.000	)

Net cash (used in) generated by financing activities		8.269			4.833

Increase (decrease) in cash on hand, bank deposits and securities		9.354			13

Cash and cash equivalents, beginning of the period		23.973			23.960

Cash and cash equivalents, end of the period		33.327			23.973

Ducati Motor Holding
Page: 10 of 10

Ducati Motor Holding S.p.A.
Consolidated Statements of Cash Flow
(Euro in thousands)

	*Year ended*			*Year ended*

	31/12/04 $/000			31/12/03 $/000

Cash flow generated by operating activities
Net profit (loss) for the period		(2.401	)		54
Change in cumulative translation adjustment		(1.378	)		(1.881	)
Change in minority interests		—			—
Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities:
- Amortisation, depreciation and writedowns		48.378			52.968
- Deferred income taxes		69			—
- Net change in employees’ leaving entitlements		1.329			1.568
Change in operating assets and liabilities
- Trade receivables		(5.328	)		2.208
- Inventories		16.999			9.062
- Other current assets		497			(1.965	)
- Trade payables		(16.877	)		(7.642	)
- Other current liabilities		361			(6.512	)
- Due to tax authorities		(4.786	)		9.341
- Other long-term assets and liabilities		—			(17.742	)

Net cash generated by operating activities		36.863			39.459

Cash flow (used in) generated by investing activities
Net change in property, plant and equipment		(14.263	)		(21.446	)
Net change in intangible fixed assets		(21.318	)		(24.666	)
Decrease (increase) in equity investments		196			—
Other non-current assets		—			90

Net cash used in investing activities		(35.385	)		(46.022	)

Net cash generated by operating activities less cash flow used in investing activities		1.478			(6.563	)

Cash flow (used in) generated by financing activities
Change in short- and long-term debt		40.225			41.091
Subscription to (buy back of) bonds		(29.284	)		(20.888	)
Increase in share capital and reserves		321			—
Other non-current financial assets		—			(13.620	)

Net cash (used in) generated by financing activities		11.262			6.583

Increase (decrease) in cash on hand, bank deposits and securities		12.740			20

Cash and cash equivalents, beginning of the period		23.973			23.960

Cash and cash equivalents, end of the period		36.713			23.980

DUCATI MOTOR HOLDING SPA 6-K