In nine-monthly results to 30 September, Ducati continued to benefit from high-end sales led by its new four-cylinder superbike, shrugging off falling overall volume. BDN financial editor Roger Willis reports.
Revenue over the three quarters of 2018 to date was almost static, just 0.2% up at £532m. However, thanks to a fresh skew towards premium-priced machines, profitability showed a sharp improvement. Calculated according to the same IFRS 9 accounting standards now applying to Ducati parent Audi’s automotive results, operating profit climbed by 50% to £34.6m and operating margin grew from 4.4% to 6.5%. But prettified by “goodwill” accounting trickery to adjust for the effects of purchase price allocation, profit was 27.3% up to £49.7m and margin increased to 9.4% from 7.3%.
Production during the period, and presumably wholesale shipments to dealers worldwide, fell by 4.9% to 45,372 bikes. Retail sales volume was 6.3% down to 43,939. Worst afflicted was the naked/cruiser sector encompassing Diavel, Monster and Streetfighter models, with a 23.7% decline to 10,891. Ducati’s Scrambler sub-brand dropped by 11.4% to 10,619, despite the introduction of larger-capacity products. The vaguely off-road slot covering Hypermotard and Multistrada models fell by 6.5% to 11,729. Good news was reserved for big-ticket superbike and supersport machines, which were 31.9% up to 10,700.