SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

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

Report on Form 6-K dated ~~July~~March ~~3rd~~22nd, ~~2006~~2007

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)~~

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 of Form 20-F or Form 40-F.)

Form 20-F

Form 40-F

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

Yes

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

Enclosure:

Ducati ~~20-F~~Motor ~~Filing~~Holding Announces Full Year 2006 Financial Results

Bologna, July 3rd, 2006 Ducati Motor Holding S.p.A. (NYSE: DMH; Borsa Italiana S.p.A.: DMH), announced today that it has postponed the filing with the U.S. Securities and Exchange Commission of its annual report on Form 20-F for the year ended December 31, 2005, due to unforeseen circumstances that caused a delay in the preparation of its financial statements for purposes of inclusion in the annual report on Form 20-F. Ducati expects to file the annual report by July 15, 2006.

	2006			2005			Var%

Revenues		304.8			308.5			-1.2	%
EBITDA		27.0			(0.3	)		n.s
Net result		(8.5	)		(41.5	)		n.s
Net Debt		(54.2	)		(137.0	)		-60.4	%
(Million Euro)

~~Founded in 1926~~Bologna, ~~Ducati~~22 ~~builds~~March ~~racing-inspired~~2007 ~~motorcycles characterized by unique engine features, innovative design, advanced engineering and overall technical excellence.~~ - The ~~Company~~Board ~~produces~~of ~~motorcycles~~Directors inof ~~six~~Ducati ~~market~~Motor ~~segments~~Holding ~~which~~SpA ~~vary~~(Borsa ~~in their technical and design features and intended customers~~Italiana: ~~Superbike~~DMH, ~~Supersport,~~NYSE: ~~Monster,~~DMH) ~~Sport~~approved ~~Touring,~~today ~~Multistrada and~~ the ~~new~~results ~~SportClassic.~~for ~~The~~2006 ~~Company’s~~confirming ~~motorcycles~~the ~~are~~preliminary results ~~sold~~previously inreported ~~more~~on ~~than~~February ~~60 countries worldwide~~14, ~~with a primary focus in the Western European, Japan and North American markets~~2007. ~~Ducati has won thirteen of the last fifteen World Superbike Championship titles and more individual victories than the competition put together.~~

~~Since~~The ~~2003~~full ~~Ducati~~year ~~has~~2006 ~~also~~results ~~been~~show ~~taking~~a ~~part~~significant inreversal of the ~~MotoGP~~2005 ~~World~~trend ~~Championship~~with a return to a positive operating result and a substantial improvement of the net financial position. The ~~For~~results ~~more~~are ~~information~~due ~~about~~to a successful relaunch strategy implemented at the ~~Company~~end of 2005 which focused on the improvement of gross margin, ~~please~~reduction ~~visit~~of ~~our~~dealer ~~web~~stock, ~~site~~reduction atof ~~http://www~~fixed costs and working capital.~~ducati.com~~

Revenues for 2006 are Euro 304.8 million, down 1.2% compared to 2005 with a decrease in the number of bikes sold and revenues partially offset by an improvement in bike mix and by an increase in sales of accessories and apparel.

32.312 bikes were sold in 2006 yielding revenues of Euro 239.7 million (bike units -6.4% with revenues down 3% versus 2005) while sales of spare parts, accessories and apparel and reached revenues of Euro 60.1 million (up 3.4% on 2005)

The decrease in the number of bikes sold, and the increase in the number of registrations (35.286 units, up by 2.1% over 2005), generated a network stock reduction of 3000 bikes equivalent to approximately 1 month of sales and in line with the relaunch strategy.

Registrations increased notably in the USA (+16.3%), in the non-subsidiary countries (+9.4%), in France (+1.5%), and in Japan (+0.8%) whilst they decreased in the UK (-16.5%), Benelux (-12.5%), Germany (-8.8%) and Italy (-3.9%). It is important to consider that the new Superbike 1098 has had very little impact on the 2006 registrations due to being distributed only during the last months of the year.

Gross margin for 2006 amounted to Euro 72.7 million or 23.9% of revenues versus Euro 47.3 million or 15.3% in 2005. The consistent increase is due to an improved product mix, fewer amortizations and the extraordinary devaluation in 2005.

EBITDA was Euro 27 million or 8.9% of revenues compared to a negative EBITDA in 2005 of Euro 0.3 million. The increase is due to the improved bike mix and to extraordinary accruals in 2005.

The operating result (EBIT) was positive at Euro 4.8 million versus a loss of euro 33.6 million the previous year, thanks to the improved EBITDA and lower accruals.

EBT was negative at Euro 1.6 million versus a loss of Euro 41 million the previous year, thanks to the improved operating result and reduced financial charges.

Net result was negative at Euro 8.5 million compared to a loss of Euro 41.5 million the previous year and includes the accrual of deferred taxes.

The Board of Directors also approved the project of the financial statements of Ducati Motor Holding S.p.A., a stand-alone company, which registered a net loss on December 31, 2006 of Euro 20.0 million and a net equity of Euro 195.5 million.

The Board of Directors of the company Ducati Motor Holding S.p.A., taking into consideration that:

(i) the Board will expire upon the approval of the financial statements at 12/31/2006;

(ii) the Shareholders’ Meeting convened (by notice published on Finanza & Mercati on March 13, 2007) on April 13, 2007 on first call and, if necessary, on April 16, 2007 on second call, may approve the proposal to modify the Company’s corporate governance system by adopting the traditional corporate governance system (based on the Board of Directors and the Board of Statutory Auditors) instead of the current one-tier system, and the consequential amendments of the by-laws; and

(iii) the Shareholders may be interested in appointing the Company’s boards according to the new corporate governance system that may be approved by the April 13-16, 2007 Shareholders’ Meeting;

has resolved to avail itself of the longer term pursuant to article 2364, second paragraph, of the Italian civil code and article 10.2 of the Company’s by-laws in order to convene the Ordinary Shareholders’ Meeting for the approval of the financial statements, i.e. 180 days from the end of the fiscal year.

The purpose is to give the Shareholders an adequate period of time to submit and deposit the lists of candidates as members of the Board of Directors and of the Board of Statutory Auditors in the event the April 13-16, 2007 Shareholders’ Meeting approves the adoption of the traditional corporate governance system and provided that – if said system is not approved - the Shareholders shall appoint the members of the Board of Directors according to the current one-tier system.

The Company will promptly and adequately disclose the resolutions of the April 13-16, 2007 Shareholders’ Meeting and the new text of the by-laws adopted by it, in order to allow the Shareholders to deposit at the Company’s registered office the lists of candidates in accordance with the applicable provisions of the by-laws, by a notice that will be published on the day following the April 13-16, 2007 Shareholders’ Meeting on Finanza & Mercati, made available to the public at the Company’s registered office and published on the website www.ducati.com.

Federico Minoli, Ducati’s President and CEO commented on the 2006 results: “I am extremely satisfied with the results brought by Ducati’s relaunch plan which is living up to our expectations and is producing results earlier than anticipated. In particular the decrease of dealer inventory is a good preparation for the sale of new products in 2007. The new Superbike 1098, Hypermotard, and Desmosedici are creating high expectations in the market and a significant number of orders. These products will further increase the gross margin.

On the race track 2006 was a year of unprecedented successes: World Champions of Superbike, and 4 victories and 9 podium places in the MotoGP Championship. The 2007 season opened with an outstanding victory in Qatar with the new GP800 and with Troy Bayliss’ first and second places at the Philip Island Superbike. A result that no other European manufacturer has ever achieved”.

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 World 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 more information about the Company, please visit our web site at http://www.ducati.com

This press release is not an offer to invest in Italy, according to Art. 1, lett (t) of the Italian Legislative Decree no. 58 of February 24^th, 1998, or in any other country. This press release cannot be transmitted or distributed to any persons in the United States or in any country where its distribution is not allowed without the express approval from the relevant authorities.

These materials are not an offer of securities for sale in the United States. 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:
Federico Strano
Director, Investor Relations
Ducati Motor Holding S.p.A.
Via Cavalieri Ducati, 3	Main Tel: + 39 051 6413 111
Bologna 40132, Italy	Direct Tel: + 39 051 6413 213
e-mail: federico.strano@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.

For further information, please contact:

Federico Strano

Director Investor Relations

Ducati Motor Holding S.p.A.

Via Cavalieri Ducati, 3

Bologna 40132, Italy

e-mail: federico.strano@ducati.com

Main Tel: +39 051 6413111

Direct Tel: +39 051 6413213

Message

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

	Twelve Months Ended				Twelve Months Ended

	December, 31 2006		December, 31 2005		December, 31 2006		December, 31 2005

Net Revenues (Euro in thousands, US$ in thousands)
Motorcycles	€	239,697	€	247,236	$	315,682	$	325,609
Spare Parts, Accessories, Apparel		60,061		58,068		79,100		76,476
Other		5,036		3,214		6,632		4,233

Total Net Revenues	€	304,794	€	308,518	$	401,414	$	406,318

Ducati Units
Motorcycle shipments:

			% Change

North America	8,269	7,070		17.0	%
Main European market	15,523	18,158		(14.5	)%
Japan	2,361	2,575		(8.3	)%
Rest of World	6,159	6,733		(8.5	)%

Total	32,312	34,536		(6.4	)%

Motorcycle product mix:

			% Change

Superbike	4,755	6,094		(22.0	)%
Supersport	556	1,030		(46.0	)%
Sport Naked	18,023	16,585		8.7	%
Sport Touring	1,562	1,397		11.8	%
Multistrada	2,997	6,156		(51.3	)%
Sport Classic	4,419	3,274		35.0	%

Total	32,312	34,536		(6.4	)%

Unofficial Motorcycle Registrations:

			% Change

North America	8,185	7,040		16.3	%
Main European market	17,893	18,961		(5.6	)%
Japan	2,777	2,754		0.8	%
Rest of World	6,431	5,876		9.4	%

Total	35,286	34,631		1.9	%

Message

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						Twelve Months Ended

	December, 31 2006			December, 31 2005			December, 31 2006			December, 31 2005			% Change

Revenues (net)	€	304,794		€	308,518		$	401,414		$	406,318			(1.2	)%
Cost of goods sold		(232,046	)		(261,187	)		(305,605	)		(343,983	)

Gross Margin		72,748			47,331			95,809			62,335			53.7	%
Other operating revenues		34,715			30,414			45,720			40,055
SG&A expenses		(102,519	)		(96,404	)		(135,018	)		(126,964	)
Other operating income and expenses		(177	)		(1,978	)		(233	)		(2,605	)
Restructuring Reserve		0			(13,000	)		0			(17,121	)

Operating result		4,767			(33,637	)		6,278			(44,300	)		(114.2	)%
Financing expense, net		(6,337	)		(7,315	)		(8,346	)		(9,634	)

Profit/(loss)before income taxes and min.interest		(1,570	)		(40,952	)		(2,068	)		(53,934	)		(96.2	)%
Income Tax		(6,956	)		(511	)		(9,161	)		(673	)		1261.3	%

Net Result including minority interests		(8,526	)		(41,463	)		(11,229	)		(54,607	)		(79.4	)%
Minority Interests		3			(1	)		4			(1	)

Net Result for the Group		(8,523	)		(41,464	)		(11,225	)		(54,608	)		(79.4	)%
Shares outstanding		320,687,920			159,360,037			320,687,920			159,360,037

								% Change

Other Financial Data
Motorcycles Produced (Units)	31,193		33,581						(7.1	)%
Motorcycles Sold (Units)	32,312		34,536						(6.4	)%
Unofficial Registrations (Units)	35,286		34,631						1.9	%
EBITDA	26,982		(273	)	35,535	(361	)
EBITDA Margin	8.9	%	(0.1	)%

Note: On December 31, 2006 1 Euro = 1,317 US$

Message

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

	Period ended 31.12.2006						Period ended 31.12.2005

	€ 000			%			€ 000			%

Current assets
Cash and cash equivalents		75,054						53,017
Trade receivables, net		88,641						102,232
Inventories		69,846						81,380
Other current assets		9,055						9,217

Total current assets		242,596			51.2	%		245,846			53.1	%

Non current assets
Property, plant and equipment -net		66,536						66,556
Goodwill and intangible assets with indefinite useful lives		86,050						86,050
Other intangible fixed assets net		51,419						39,665
Equity investments		320						20
Deferred tax assets		26,494						24,662
Other long-term assets		373						386

Total non current assets		231,192			48.8	%		217,339			46.9	%

Total assets		473,788			100	%		463,185			100	%

Current liabilities
Short-term bank borrowings		3,834						64,148
Accounts payable - trade		91,180						85,203
Income and other taxes payables		5,342						5,537
Other current liabilities		19,558						20,202
Provisions for risks and charges - current portion		7,154						18,621

Total current liabilities		127,068			26.8	%		193,711			41.8	%

Long-term liabilities
Long-term debt, net of current portion		125,374						125,824
Employee benefits		9,079						9,669
Deferred income taxes		20,507						13,697
Provision for risks and charges - long term portion		1,356						1,525

Total long-term liabilities		156,316			33.0	%		150,715			32.5	%

Total liabilities		283,384			59.8	%		344,426			74.4	%

Shareholders’ equity
Capital stock		163,311						82,867
Other reserves		75,286						75,559
Retained earnings (losses)		(39,684	)					1,780
Results for the period		(8,523	)					(41,464	)

Total Group Shareholders’ equity		190,390			40.2	%		118,742			25.6	%

Minority interests		14						17
Total liabilities and shareholders’ equity		473,788			100	%		463,185			100	%

Message

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

	Period ended 31.12.2006						Period ended 31.12.2005

	$ 000			%			$ 000			%

Current assets
Cash and cash equivalents		98,846						69,823
Trade receivables, net		116,740						134,640
Inventories		91,987						107,177
Other current assets		11,926						12,139

Total current assets		319,499			51.2	%		323,779			53.1	%

Non current assets
Property, plant and equipment -net		87,628						87,654
Goodwill and intangible assets with indefinite useful lives		113,328						113,328
Other intangible fixed assets net		67,719						52,239
Equity investments		421						26
Deferred tax assets		34,893						32,480
Other long-term assets		491						508

Total non current assets		304,480			48.8	%		286,235			46.9	%

Total assets		623,979			100	%		610,014			100	%

Current liabilities
Short-term bank borrowings		5,049						84,483
Accounts payable - trade		120,084						112,212
Income and other taxes payables		7,035						7,292
Other current liabilities		25,758						26,606
Provisions for risks and charges - current portion		9,422						24,524

Total current liabilities		167,348			26.8	%		255,117			41.8	%

Long-term liabilities
Long-term debt, net of current portion		165,118						165,710
Employee benefits		11,957						12,735
Deferred income taxes		27,008						18,039
Provision for risks and charges - long term portion		1,786						2,008

Total long-term liabilities		205,869			33.0	%		198,492			32.5	%

Total liabilities		373,217			59.8	%		453,609			74.4	%

Shareholders’ equity
Capital stock		215,081						109,136
Other reserves		99,151						99,511
Retained earnings (losses)		(52,264	)					2,344
Results for the period		(11,224	)					(54,608	)

Total Group Shareholders’ equity		250,744			40.2	%		156,383			25.6	%

Minority interests		18						22
Total liabilities and shareholders’ equity		623,979			100	%		610,014			100	%

Message

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

		Period ended 31/12/06 € 000			Period ended 31/12/05 € 000

Cash flow generated by operating activities
Net profit (loss) for the year			(8,523	)		(41,464	)
Change in cumulative translation adjustment			(782	)		1,799
Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities
-	Non cash items for stock options		655			1,238
-	Amortisation, depreciation		22,215			33,364
-	Taxes paid		(1,227	)		(4,230	)
Change in operating assets and liabilities
-	Working capital		31,102			35,043
-	Effects of IAS 39 and 32 adoption from 1 January 2005		—			(3,219	)
-	Other current assets		162			1,570
-	Other current liabilities		(644	)		4,266
-	Due to tax authorities		1,032			177
-	Deferred tax assets		(400	)		(2,997	)
-	Deferred tax liabilities		6,810			1,490
-	Employee benefits		(590	)		1,187
-	Provisions for risks and charges		(1,130	)		757
-	Restructuring reserve		(10,506	)		13,000
-	Other

Net cash generated by operating activities (A)			38,174			41,981

Cash flow (used in) generated by investing activities
Net change in property, plant and equipment			(12,137	)		(10,928	)
Net change in intangible fixed assets			(21,880	)		(20,455	)
Disposal from property, plant and equipment			68			354
Change in equity investments			(300	)		—
Other fixed assets			13			17

Net cash used in investing activities (B)			(34,236	)		(31,012	)

Cash flow generated from operating activities, net of cash used in investing activities (A-B)			3,938			10,969

Cash flow (used in) generated by financing activities
Change in short-term and long-term debt			(56,892	)		(7,833	)
Interests cashed (paid)			(3,872	)		(2,057	)
Change in minority interests			(3	)		1
Increase in share capital and reserves			78,866			2,610

Change in cash generated by financing activities			18,099			(7,279	)

Increase (decrease) in cash on hand, bank deposits and securities			22,037			3,690

Cash and cash equivalents, beginning of year			53,017			49,327

Cash and cash equivalents, end of period/ year			75,054			53,017

Message

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

		Period ended 31/12/06 $ 000			Period ended 31/12/05 $ 000

Cash flow generated by operating activities
Net profit (loss) for the year			(11,225	)		(54,608	)
Change in cumulative translation adjustment			(1,030	)		2,369
Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities
-	Non cash items for stock options		863			1,630
-	Amortisation, depreciation		29,257			43,940
-	Taxes paid		(1,616	)		(5,571	)
Change in operating assets and liabilities
-	Working capital		40,961			46,152
-	Effects of IAS 39 and 32 adoption from 1 January 2005		(4,239	)
-	Other current assets		213			2,068
-	Other current liabilities		(847	)		5,618
-	Due to tax authorities		1,359			233
-	Deferred tax assets		(527	)		(3,947	)
-	Deferred tax liabilities		8,968			1,962
-	Employee benefits		(777	)		1,563
-	Provisions for risks and charges		(1,488	)		997
-	Restructuring reserve		(13,836	)		17,121
-	Other

Net cash generated by operating activities (A)			50,275			55,288

Cash flow (used in) generated by investing activities
Net change in property, plant and equipment			(15,984	)		(14,392	)
Net change in intangible fixed assets			(28,816	)		(26,939	)
Disposal from property, plant and equipment			90			466
Change in equity investments			(395	)		—
Other fixed assets			17			22

Net cash used in investing activities (B)			(45,088	)		(40,843	)

Cash flow generated from operating activities, net of cash used in investing activities (A-B)			5,187			14,445

Cash flow (used in) generated by financing activities
Change in short-term and long-term debt			(74,928	)		(10,315	)
Interests cashed (paid)			(5,099	)		(2,709	)
Change in minority interests			(4	)		1
Increase in share capital and reserves			103,867			3,437

Change in cash generated by financing activities			23,836			(9,586	)

Increase (decrease) in cash on hand, bank deposits and securities			29,023			4,859

Cash and cash equivalents, beginning of year			69,823			64,964

Cash and cash equivalents, end of period/ year			98,846			69,823

Message

Ducati Motor Holding S.p.A.
Profit & Loss
(Euro in thousands)

	Period ended December, 31 2006			Period ended December, 31 2005			% Change

Revenues (net)	€	257,611		€	273,630			(5.9	)%
Cost of goods sold		(225,357	)		(252,099	)

Gross Margin		32,254			21,531			49.8	%
Other operating revenues		8,610			5,232
SG&A expenses		(43,143	)		(56,731	)
Other operating income and expenses		557			(1,261	)
Restructuring Reserve		0			(13,000	)

Operating result		(1,722	)		(44,229	)
Financing expense, net		(7,622	)		(5,787	)

Profit/(loss)before income taxes		(9,344	)		(50,016	)
Income Tax		(10,638	)		3,246

Net Result		(19,982	)		(46,770	)

Message

Ducati Motor Holding S.p.A.
Balance Sheet
(Euro in thousands)

	Period ended 31.12.2006 € 000			%			Period ended 31.12.2005 € 000			%

Current assets
Cash and cash equivalents		45,681						21,693
Trade receivables, net		42,177						47,275
Intercompany Receivables		63,652						75,853
Inventories		48,762						53,287
Other current assets		6,243						6,998

Total current assets		206,515			46.1	%		205,106			47.0	%

Non current assets
Property, plant and equipment -net		66,476						65,429
Goodwill and intangible assets with indefinite useful lives		80,976						80,976
Other intangible assets net		52,015						39,962
Equity investments		26,325						26,530
Prepaid Taxes		15,145						18,472
Other non-current assets		148						148

Total non current assets		241,085			53.9	%		231,517			53.0	%

Total assets		447,600			100	%		436,623			100	%

Current liabilities
Short-term bank borrowings		29,720						71,839
Accounts payable - trade		80,900						73,225
Intercompany payables		5,148						15,024
Income and other taxes payables		2,769						2,681
Other current liabilities		10,899						11,533
Provisions for risks and charges - current portion		12,731						24,418

Total current liabilities		142,167			31.8	%		198,720			45.5	%

Long-term liabilities
Long-term debt, net of current portion		80,287						80,541
Employee benefits		8,181						8,310
Deferred income taxes		20,074						12,960
Provision for risks and charges - long term portion		1,356						1,525

Total long-term liabilities		109,898			24.6	%		103,336			23.7	%

Total liabilities		252,065			56.3	%		302,056			69.2	%

Shareholders’ equity
Capital stock		163,310						82,867
Other reserves		52,207						78,876
Retained earnings (losses)		—						19,594
Results for the period		(19,982	)					(46,770	)

Total Group Shareholders’ equity		195,535			43.7	%		134,567			30.8	%

Patrimonio netto di pertinenza di terzi
Total liabilities and shareholders’ equity		447,600			100	%		436,623			100	%

Message

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

		Period ended 31.12.2006 € 000				Period ended 31.12.2005 € 000

Cash flow generated by operating activities
Net profit (loss) for the year			(19,982	)			(46,769	)
Change in cumulative translation adjustment
Adjustments to reconcile net profit (loss) with the movements of funds generated by (used in) operating activities
-	Non cash items for stock options		654				1,026
-	Amortisation, depreciation		21,407				31,927
-	Taxes paid		(779	)			(3,879	)
Change in operating assets and liabilities
-	Working capital		19,626				55,340
-	Effects of IAS 39 and 32 adoption from 1 January 2005						(3,438	)
-	Other current assets		754				519
-	Other current liabilities		(635	)			2,874
-	Due to tax authorities		867				(302	)
-	Deferred tax assets		4,759				(6,210	)
-	Deferred tax liabilities		7,114				1,967
-	Employee benefits		(131	)			595
-	Provisions for risks and charges		(1,350	)			616
-	Restructuring reserve		(10,506	)			13,000
-

Net cash generated by operating activities (A)			21,798		—		47,266

Cash flow (used in) generated by investing activities
Net change in property, plant and equipment			(12,311	)			(10,369	)
Net change in intangible fixed assets			(22,197	)			(20,688	)
Disposal from property, plant and equipment							121
Change in equity investments			205				13,451
Other fixed assets

Net cash used in investing activities (B)			(34,303	)	—		(17,485	)

Cash flow generated from operating activities, net of cash used in investing activities (A-B)			(12,505	)			29,781

Cash flow (used in) generated by financing activities
Change in short-term and long-term debt			(38,720	)			(41,221	)
Financial activities - Credit link							15,000
Interests cashed (paid)			(3,653	)			(2,035	)
Change in minority interests			78,866				2,610
Increase in share capital and reserves							(1	)

Change in cash generated by financing activities			36,493		—		(25,647	)

Increase (decrease) in cash on hand, bank deposits and securities			23,988		8,158		4,134

Cash and cash equivalents, beginning of year			21,693				17,559

Cash and cash equivalents, end of period/ year			45,681		23,446		21,693

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 SPA
Date: July 3rd , 2006	By:	/s/ Federico Strano
Date: March 22nd, 2007	By:	/s/ Federico Strano
	Name:	Federico Strano
	Name	Federico Strano
	Title:	Director, Investor Relations
	Title	Director, Investor Relations

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