Pankl Racing Systems AG

euro adhoc: Pankl Racing Systems AG
R&D expenditures and provisions burden Pankl's annual result (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- Turnover and development of result for the business year 2002/03: ~ MEUR 30.09.02 30.09.03 in % of turnover 03 Turnover 61,5 66,4 - EBIT before R&D a. provision + 6,8 + 3,2 + 5 % R&D project expenditures 2,2 5,4 8 % Restructuring provision - 1,5 2 % EBIT + 4,6 - 3,7 - 6 % ~ With sales revenues of EUR 66.4 millon Pankl Racing Systems plc achieves a sales growth of 8 percent in the expired business year (1 October 2002 to 30 September 2003). In the traditionally weak closing quarter additionally the fall in demand in civil aviation could be felt. In the last months Pankl tackled this development with a successful sales offensive, which will, however, not allow to expect increasing earnings before the next business year. This year´s result was particularly affected by the already known investments in the two future projects "crank mechanism" and "racing gearbox" as well as preliminary work for altogether 15 projects in the aviation industry currently in preparation. All in all the R&D-project costs accounted in the last year add up to EUR 5.4 million (last year EUR 2.2 million). In addition, the enterprise has with the annual financial statement for the reporting period generated a restructuring provision of EUR 1.5 million for the production of crankshafts in the USA. In the USA Pankl manufactures products with specific technological adjustments to each racing series. This multiplicity of products turned out to be unproductive. Pankl has decided to terminate all negative mainstays of sales of the product line crankshaft in the business year 2003/04. The enterprise intends to concentrate on high-class crankshaft products and on crankshafts for development projects in the framework of the crank mechanism. The EBIT before R&D and restructuring provision is EUR + 3.2 million and corresponds to an EBIT- margin of + 5 percent. After R&D project expenditures and restructuring provision the EBIT is EUR - 3.7 million. By generating this provision Pankl takes a precaution in order to react promptly to the planned changes in the crankshaft-production next year, which have already been started. In the current business year 2003/04 the Pankl group is expecting a double-digit growth in turnover and a positive result again. end of announcement euro adhoc 09.12.2003 --------------------------------------------------------------------- Further inquiry note: Pankl Racing Systems AG Investor Relations Mag. Heidrun Sölkner Tel.: 0043 38 62 33999-114 mailto:ir@pankl.co.at Branche: Technology ISIN: AT0000800800 WKN: 914732 Index: Prime Standard Börsen: Frankfurter Wertpapierbörse / official dealing Nasdaq Europe / official dealing

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