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Ducati CFO reiterates 'very prudent' 2003 guidance

LONDON, Sept 25 (Reuters) - Italy's legend motorcyles maker Ducati still expects 2003 revenues equivalent to last year's, at constant exchange rates, and a full-year profit, but a strong euro remains a concern, Ducati's chief financial officer said on Thursday.

"Our market is recovering in terms of volumes but there are particular economic issues, like the strength of the euro, which of course has a major impact on Ducati," Enrico D'Onofrio told Reuters on the sidelines of an Italian Stock Exchange roadshow.

"So overall, we still have a very prudent outlook for the year and wait to see how things are shaping up going ahead," he added, declining to give more detailed estimates.

In 2002, Ducati reported sales of 413 million euros. Like many other euro zone exporters, Ducati, which sell about half of its products outside Europe, has seen its revenues made in dollars eaten up by unfavourable exchange rates.

In August, the Bologna-based company posted interim sales, including foreign exchange effects, down 11.5 percent to 209.3 million euros, with earnings before tax, depreciation and amortisation (EBITDA) falling 33.5 percent to 25.8 million.

D'Onofrio denied again talk that Italian financier Roberto Colaninno, who wrapped up the takeover of scooter manufacturer Piaggio on Wednesday, was now eyeing a bid for Ducati.

"You would have to ask Mr. Colaninno directly about his intentions, but as far as we are concerned, Ducati can walk on its own legs," he said.

Shares soared earlier in the year on speculation that Ducati's core shareholder Texas Pacific Group was set to sell, and that Colaninno was ready to step in as part of his strategy to build a portfolio of assets in the motorcycle industry.

Shares in Ducati, which have slid 19 percent this year, were unchanged at 1.46 euros on the Milan bourse by 1414 GMT.

(Additional reporting from Clara-Ferreira-Marques in Milan)