Pankl Racing Systems AG
Pankl Racing Systems AG: Results 2011 H1
Pankl Racing Systems AG / Key word(s): Half Year Results 22.08.2011 08:00 Dissemination of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Pankl Racing Systems AG - Results 2011 H1 Kapfenberg, 22 August 2011 - Revenue growth of 16,1% in Q2 - EBIT nearly tripled from EUR0,5m in 2010Q2 to EUR1,3m in 2011Q201/01/2011- 01/01/2010- 01/03/2011- 01/03/2010- 30/06/2011 30/06/2010 30/06/2011 30/06/2010 Cha Cha EURk 2011 H1 2010 H1 nge 2011 Q2 2010 Q2 nge Revenues 54,919 47,865 15% 25,753 22,188 16% EBITDA 8,847 7,169 23% 3,269 2,567 27% EBIT 4,848 3,051 59% 1,306 518 152% Earnings after tax 2,880 2,821 2% 514 752 -32% EBITDA margin 16% 15% - 13% 12% - EBIT margin 9% 6% - 5% 2% -Pankl confirms growth estimates Developments during the reporting period confirmed the growth estimates for Pankl Racing Systems AG. In 2011Q2, revenues increased by 16.1% to EUR25.8m (2010Q2: EUR22.2m). In the first 6 months of the fiscal year 2011, revenues increased by 14.7% from EUR47.9m to EUR54.9m. Racing/High Performance Segment revenues increased by 15.3% and Aerospace Segment revenues grew by 11.8%. Highlights were the strong growth in the Austrian and the US motor racing engine components companies and in the US aerospace subsidiary Pankl Aerospace. EBIT nearly tripled in Q2 In 2011Q2, EBIT of the Pankl Group nearly tripled to EUR1.3m or 5.0% of revenues (2010Q2: EUR0.5m or 2.3% of revenues). This significant improvement is mainly due to a significant extension of the racing season, which, in this scale, was unexpected. In the first 6 months of the fiscal year, Pankl achieved an EBIT of EUR4.8m or 8.8% of revenues versus EUR3.1m or 6.4% of revenues in the same period last year. Motor racing businesses for engine components developed very favourably In 2011H1, Racing/High Performance Segment revenues amounted to EUR46.1m versus EUR40.0m in the same period last year. EBIT improved to EUR4.5m or 9.8% of revenues from EUR2.6m or 6.6% of revenues in the same period last year. Our motor racing businesses for engine components developed very favourably. Our subsidiary Pankl Engine Systems in Bruck upon Mur was able to show significant growth after a number of years with declining revenues. Also CP Carillo, based in Irvine, California and the drivetrain components companies in Austria and the UK benefitted from an extended racing season in 2011Q2. The motor racing business was burdened by expenses to increase capacities within a short time frame. The high performance business suffered declining revenues due to the expiry of one project and the suspension of another. Recovery of the aerospace market In the first half of the fiscal year 2011, Aerospace Segment revenues increased by 11.8% to EUR8.9m (2010H1: EUR8.0m). EBIT improved from EUR0.2m or 2.7% of revenues to EUR0.3m or 3.7% of revenues. This development indicates a recovery of the aerospace market, which, however, is only true for the military segment, where we experienced a significant increase in activities. Demand from civil helicopter manufacturers remained subdued. Outlook Nearly all racing categories have been benefitting from the excellent development of the automotive industry leading to a large number of new motor racing projects. At the moment we cannot assess the extent to which this will be negatively impacted by the current European and US debt crisis. CEO Wolfgang Plasser: 'Until recently we were confident that we face years with very good growth prospects. These expectations were somewhat dampened and we will monitor future developments very closely. For the current fiscal year we continue to expect 5-10% revenues growth and an improvement in profitability.' The financial report for the first half of the fiscal year 2011 is available on the homepage under http://www.pankl.com/Pankl-Racing.485.0.html. For further information: Investor Relations Tel.: +43 3862 33 999 317 e-mail: ir@pankl.com Internet: www.pankl.com 22.08.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Pankl Racing Systems AG Industriestraße West 4 8605 Kapfenberg Austria Phone: +43 3862 33 999 -317 Fax: +43 3862 33 999 -810 E-mail: ir@pankl.com Internet: www.pankl.com ISIN: AT0000800800 WKN: 914732 Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Open Market in Frankfurt; Wien (Amtlicher Handel / Official Market) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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