Pankl Racing Systems AG

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Preliminary Results 2003/04 Exceed Expectations

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- - 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% ~ 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 --------------------------------------------------------------------- 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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