Pankl Racing Systems AG

euro adhoc: Pankl Racing Systems AG
Quarterly or Semiannual Financial Statements
Pankl achieves operative profit in the first half year 2004 (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- Sales increase of 5.5 percent in the first half year EBIT with EUR 0.3 million even after R&D expenditures positive again Turnaround after only 9 months ~ QII 2003 QII2004 HY I 2003 HY I 2004 Net sales TEUR 19.373 20.274 33.969 35.847 EBIT before R&D TEUR 1.843 2.035 3.307 3.041 EBIT before R&D % 9,5 10 9,7 8,5 R&D project expensesTEUR 815 1.212 1.488 2.711 EBIT after R&D TEUR 1.028 823 1.819 330 EBIT after R&D % 5,3 4,1 5,4 0,9 Financial result TEUR -228 -315 -135 -402 Net income TEUR 569 305 1.197 -270 Result per share EUR 0,15 0,08 0,31 -0,07 ~ Bruck a. d. Mur, 25 May 2004. In the first half year 2004 with sales of EUR 35,85 million, i.e. a growth of 5,5 percent compared to the period of last year (EUR 33,97 million), Pankl Racing Systems AG broke even again in the second quarter. The sales growth of Pankl Racing Systems AG in the first half year 2004 in the first place results from an increasing demand for pistons in the USA. Besides Formula I there is also an increasing demand for Pankl transmission and engine systems in the field of touring car racing series like DTM, the rallye-series and particularly within American racing series like NASCAR. With EUR 30,34 million the racing segment contributes 84 percent to the half year result. Positive operating result (EBIT) in the first half year 2004 Thus the red could be left again within only nine months. With a positive operating result (EBIT) of EUR 0,8 million, after EUR -0,5 million in the first quarter 2004, the result of the second quarter 2004 in particular contributed to this. The company achieved this clear result improvement despite persistently high R&D project expenditures amounting to EUR 2,7 million in the first half year 2004 (last year's period: EUR 1,5 million). With just 1 percent in the reporting period (01/10/2003 - 31/03/2004) the EBIT margin after R&D expenditures certainly has a potential for increase. Before taking into account the costs for defined development projects, which are worked on besides the current development work of the company, Pankl reaches a margin of 8.5 percent in the first half year 2004. Pankl is expecting R&D expenditures of altogether maximally EUR 5.4 million for this business year. Due to lower financial earnings the financial result developed a little more weakly in the second quarter of 2004 compared to last year (QII 2004: TEUR -315 TEUR to QII 2003: TEUR -228). In the first half year of the current business year the result per share is EUR - 0.07. Outlook: With the end of the last business year 2003 the management of Pankl Racing Systems AG announced an overall sales growth between 5 and 10 percent for the business year 2004. Under the motto Back to Profit a further improvement of the result situation is being planned. Both statements can be fully confirmed at the half-time of the business year 2004. You can find the report on the first half year on our IR-portal under: www.pankl-ir.com end of announcement euro adhoc 25.05.2004 --------------------------------------------------------------------- Further inquiry note: Head of Investor Relations & Corporate Communications, Heidrun Sölkner, Tel.: 0043 3862 33 999 114; mail: ir@pankl.co.at; Internet: www.pankl.com; IR-Portal: 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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