Pankl Racing Systems AG

euro adhoc: Pankl Racing Systems AG
Quarterly or Semiannual Financial Statements
Pankl Racing Systems - 7 percent sales growth in the first 3 months (E)

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Bruck/Mur, 24th of February 2004. In the first three months of the current business year (1.10.2003 to 30.09.2004) Pankl Racing Systems AG shows sales of EUR 15.6 million. Compared to the respective period of last year (EUR 14.6 million) this is an increase in sales of 7 percent. With this growth rate Pankl achieves the forecast sales growth between five to ten percent. As expected, the EBIT after R&D project expenses remains still negative in the first quarter of the current business year with EUR -0.5 million. In particular R&D expenditures for the segments racing and aviation amounting to EUR 1.5 million in the first three months are booked here. After taking into account these R&D-expenses the EBIT-margin improved from - 5.4 percent in the expired business year to - 3 percent for the first three months of the reporting period. The EBIT before R&D project expenditures for the first three months of the reporting period is EUR 1 million and corresponds to an EBIT margin of almost + 7 percent. The growing importance of the aviation business has led to a reorganisation of the segmental reporting. The new distribution of segments shows that with sales of EUR 13 million the field of racing "Racing" contributes more than 86 percent to the sales of the Pankl group. The segment Racing achieved an EBIT-margin of 1 percent. This result is burdened by R&D expenditures amounting to EUR 1 million for the development projects gearbox and crank mechanism. Before taking into account these R&D expenditures the segment Racing achieves an EBIT-margin of 8 percent. The restructuring process in the area of the product line crankshaft in the USA has been started. EUR 0.3 million of the reserve amounting to EUR 1.5 million generated in the expired business year 2003 were reversed in the reporting period. With sales of more than EUR 2 million the segment aviation contributes 13 percent to the group sales. The EBIT after R&D expenditures for the development projects in the aviation segment is EUR -0.6 million. This result can be ascribed mainly to comprehensive advance activities for the 15 development projects adding up to EUR 0.5 million. Due to lower financial income the financial result has developed slightly weaker compared to last year (Q1 2004: TEUR -87 to Q1 2003: 92 TEUR). The result per share is EUR -0.15. In the current business year the enterprise will concentrate on completing the internal reorgansation measures and on further advancing the development projects. In connection with the racing gearbox in particular Pankl is expecting first presentable results from the second half of this business year. With a sales growth between five and ten percent the management of the Pankl-group is confident to achieve the goal aimed at for this business year, i.e. to achieve a slightly positive EBIT.

end of announcement            euro adhoc 24.02.2004
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Further inquiry note: Pankl Racing Systems AG Investor Relations Mag. Heidrun Sölkner Tel.: 0043 38 62 33999-114 mailto:ir@pankl.co.at www.pankl.com; www.pankl-ir.com

Branche: Technology
ISIN:      AT0000800800
WKN:        914732
Index:    Prime Standard
Börsen:  Frankfurter Wertpapierbörse / official dealing
              Nasdaq Europe / official dealing



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