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25.05.2004 – 08:25

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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