Pankl Racing Systems AG

euro adhoc: Pankl Racing Systems AG
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Preliminary Results 2003/04 Exceed Expectations

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- 15% Revenue Growth - EBIT-Margin before R&D Project Expenses of about 10% - EBIT-Margin after R&D Project Expenses of nearly 4% - Net Profit for the Period of EUR 1.4m after a Loss of EUR 5.7m for 2002/03

Preliminary Figures 2003/04:

~
                                                                                                              
                                 Q4-2003 Q4-2004  Chg.    FY 2003  FY 2004 Chg.
Revenues          EURm        14.1        20.4    +44.7%    66.4      76.3  +14.9%
EBIT before R&D EURm      -0.4         2.7    +775.0%    3.2        7.9 +146,9%
R&D-Project        EURm        1.9         1.4        26.3%    5.37      5.23  -2.6%
Restructuring    EURm        1.5         0.0      -            1.5        0.0        -
EBIT after R&D  EURm      -3.8         1.3      +134.2% -3.7        2.7  173,0%
Net Profit/Period EURm  -5.2         1.1      +121.2% -5.7        1.4  124,6%
EBIT- Margin before R&D -2.6%      13.2%    -            4.8%    10.4%        -
EBIT-Margin after R&D  -27.0%        6.3%    -          -5.6%      3.5%        -
Earnings per Share EUR  -1.34        0.3  121,2%      -1.5        0.36 124,6%
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Bruck/Mur, 16th December 2004: In the fiscal year 2003/04 (1st October 2003 until 30th September 2004), revenue growth of 15% to EUR 76.3m exceeded management expectations of a 5-10% increase. The main reason for this development was significantly higher customer demand in the traditionally weak fourth quarter (+45% versus Q4 of the previous year). In particular, demand for connecting rods from the top European racing categories and pistons from US-based racing categories were markedly higher in the last few months of the fiscal year compared to previous periods.

In the fiscal year 2003/04, EBIT of Pankl Racing Systems AG amounted to EUR 2.7m and evidences that Pankl achieved its goal for the year to return to profitability. R&D expenses, primarily the project racing gearbox, continue to burden the bottom line. Such expenses amounted to EUR 5.2m in 2003/04 versus EUR 5.4m in the year before. EBIT margin before deduction of these R&D expenses amounted to 10%, EBIT margin after deduction of these R&D expenses amounted to 3.5%. Development project expenses in the motor racing segment amounted to EUR 4m and R&D expenses for long-term aviation projects amounted to EUR 1m.

2003/04Q4 Exceeded Management Expectations The favourable development of revenues and earnings in the fiscal year was primarily due to Q4 results exceeding management expectations. Revenues increased by 45% to EUR 20.4m and EBIT after R&D project expenses amounted to EUR 1.3m after a loss of EUR 3.8m in 2002/03Q4.

Publication of final results is scheduled for 10th January 2005. On this day, the press conference for the presentation of the financial statements is to be held.

end of announcement                                euro adhoc 16.12.2004 07:46:51
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Further inquiry note: For further information: Head of Investor Relations & Corporate Communications, Heidrun Sölkner, Tel.: +43 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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