Pankl Racing Systems AG: Results 2011 Q1-Q3

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

21.11.2011 08:00

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Pankl Racing Systems AG - Results 2011 Q1-Q3
Kapfenberg, 21 November 2011

  - In Q3, revenues and EBIT increased by about 20% 
  - Q1-3 revenues increased by 16%, Q1-3 EBIT by 53%
  - Pankl Engine Systems, Inc. acquired a US-based crankshaft producer


EUR k           2011 Q1-Q3  2010 Q1-Q3  CHG       2011 Q3  2010 Q3  CHG
Revenues           79,088      68,128   16%       24,169   20,263   19%
EBITDA             11,557       9,816   18%        2,709    2,647    2%
EBIT                5,533       3,620   53%          685      569   20%
EBITDA
margin                15%         14%     -          11%      13%     -
EBIT
margin                 7%          5%     -           3%       3%     -




Pankl continued to show positive revenues and earnings developments -
increase of 20% in Q3
The positive H1 business development continued into the quarter,
which is traditionally a weak quarter in terms of revenues and earnings. In
Q3, Pankl Group achieved revenues of EUR 24.2m, 19.3% more than in the same
period last year (2010Q3: EUR 20.3m). In the first 9 months of the fiscal
year 2011, revenues increased by 16.1% from EUR 68.1m to EUR 79.1m.
Revenues grew in the racing companies due to intensified racing activities
and a prolonged racing season and in the aerospace segment due to
significantly improving demand from military customers.

In 2011Q3, the consolidated operating result improved by 20.2% to EUR 0.7m
or 2.8% of revenues. In the first 9 months of the fiscal year 2011, EBIT
improved by 52.8% to EUR 5.5m or 7.0% of revenues (2010Q1-3: 5.3% of
revenues).

Segment Racing/High Performance
In 2011Q3, Racing/High Performance Segment revenues increased by 21% from
EUR 16.1m to EUR 19.5m. This significant revenues growth which was
primarily achieved by the European engine and drivetrain components
companies was mainly due to the favourable general economic environment in
the automotive industry and resulting increases in motor racing budgets. In
2011Q1-3, revenues amounted to EUR 65.6m versus EUR 56.0m in the same
period last year. The increasing revenues led also to an improvement in
earnings. In 2011Q1-3, EBIT increased significantly from EUR 3.1m or 5.5%
of revenues to EUR 4.8m or 7.3% of revenues.

Segment Aerospace
Business started to improve in our Austrian aerospace subsidiary after the
US-based subsidiary has developed favourably already since the start of the
year. In 2011Q1-3, revenues increased from EUR 12.3m to EUR 13.7m, EBIT
amounted to EUR 0.8m or 5.7% of revenues versus EUR 0.5m or 4.0% of
revenues in the same period last year.
 
Outlook
The first 9 months of the fiscal year 2011 were characterised by an
exceptionally good general environment for the automotive industry which
led to intensified motor racing activities of automotive suppliers. The
deterioration of the general economic sentiment has not yet impacted our
business. Based on current orders, we anticipate revenues growth of 15% in
the fiscal year 2011.

CEO Wolfgang Plasser: 'We would have a strong project pipeline for the next
two years which would result in further significant growth potential. We do
not, however, assume that our business continues to remain unaffected by
the debt crisis. We still have to wait and see the extent of a potential
slowdown and prepare ourselves for all potential scenarios.'

The financial report for the first three quarters of the fiscal year 2011
is available on the homepage under
http://www.pankl.com/Pankl-Racing.485.0.html.

For further information:
Brigitte Putz
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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