Pankl Racing Systems AG: Pankl Racing Systems AG - 1st quarter 2013

Kapfenberg (pta006/13.05.2013/07:15 UTC+2) Pankl Racing Systems AG - 1st quarter 2013
Kapfenberg, 13 May 2013

- Revenues increase by 1% to Eur37.0m
- High start-up expenses for new volume production orders and weak US aerospace business burden earnings
- EBIT of Eur3.1m nevertheless in accordance with plan (2012Q1: Eur4.4m)

in EURk	2013Q1	2012Q1	CHG
Revenues	37,048	36,508	1%
EBITDA	5,664	6,676	(15%)
EBIT	3,058	4,449	(31%)
Earnings after taxes	1,813	2,810	(35%)
EBITDA margin	15%	18%	-
EBIT margin	8%	12%	-
Earnings per share	0.53	0.87	(39%)
Book value per share	22.81	19.00	20%

In the first quarter of the fiscal year 2013, revenues of Pankl group increased by 1% to Eur37.0m in an overall challenging economic environment (2012Q1: Eur36.5m). There was a mixed picture in the various business divisions. Racing/High Performance Segment revenues increased by 2% to Eur32.0m (2012Q1: Eur31.2m), Aerospace Segment revenues decreased by 4% to Eur5.1m (2012Q1: Eur5.4m).

Operating profit was impacted by exceptional expenses such as the start-up costs of the new volume production capacities in the Bruck upon Mur facility. Earnings before interest and tax (EBIT) amounted to Eur3.1m or 8.2% of revenues, which was Eur1.3m less than the record result in the same period last year (2012Q1: Eur4.4m or 12.2% of revenues).

Racing/High Performance Segment
In the first 3 months of the fiscal year, Racing/High Performance Segment revenues amounted to Eur32.0m (2012Q1: Eur31.2m). The start of the first high performance projects impacted positively on the overall revenues. We experience a seasonal revenue shift in the engine component division which is due to the F1 rule change to move from V8 engines to V6 engines in 2014. As a result, EBIT decreased from Eur3.7m to Eur3.1m. The EBIT margin amounted to 9.7% (2012Q1: 12.0%).

Aerospace
Aerospace Segment revenues declined from Eur 5.4m to Eur 5.1m in Q1 2013. EBIT amounted to Eur 0.1m or 1.9% of revenues versus Eur 0.5m or 9.0% of revenues in the same period last year. On-going strong demand in our European aerospace business didn't compensate the declined revenues in our US aerospace subsidiary.

Outlook
CEO Wolfgang Plasser: "As expected, growth momentum decreased in 2013Q1. A number of new volume projects will start to contribute to revenues and earnings from Q2 onwards, the US aerospace business starts to recover and the new F1 engines and cars will positively impact on our business in the autumn. For the fiscal year 2013 as a whole we continue to expect an increase in revenues of 5-10%."

The 2013Q1 financial report is available on http://www.pankl.com/Financial-Statements.485.0.html.

For further information:
Investor Relations
Brigitte Putz
Tel.: +43 3862 33 999 317
e-mail: ir@pankl.com
Internet: www.pankl.com

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