Pankl Racing Systems AG: Results 2011 H1

Pankl Racing Systems AG  / Key word(s): Half Year Results

22.08.2011 08:00

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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 2011Q2


          01/01/2011-  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




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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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