Pankl Racing Systems AG - Preliminary Full Year Results 2016

Kapfenberg, 27 January 2017

  • Record earnings and revenues

  • Revenues increased by 7% to €186.0m

  • EBIT of €13.2m represents best EBIT in our corporate history

  • F1 rule changes had positive impact

  • Aerospace business stabilised

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2016

2015

VDG

Revenues

185,991

173,638

7%

EBITDA

26,221

23,641

11%

EBIT

13,210

10,204

29%

Earnings after tax

9,985

7,931

26%

EBITDA margin

14%

14%

-

EBIT margin

7%

6%

-

Earnings per share (in €)

3.22

2.43

33%

Pankl Group managed to close the fiscal year 2016 with record earnings due to very strong Q4 results. Revenues increased by 7% from €173.6m to €186.0m. Operating earnings (EBIT) increased overproportionally by 29% from €10.2m to €13.2m. The EBIT margin amounted to 7% (2015: 6%). After the deduction of the net financial result and corporation tax, net earnings amounted to €10.0m (2015: €7.9m). Earnings per share increased from €2.43 to €3.22. The book value per share decreased by 3% from €26.30 to €25.47 due to the increase of our stake in CP-Carrillo from 70% to 100%. Shareholders' equity represented 41% of total assets.

Racing/High Performance

In the motor racing division, Pankl Group benefitted from F1 rule changes for the 2017 racing season primarily in the 4th quarter of the fiscal year 2016. The High Performance business showed a stable development. In 2016, Racing/High Performance revenues increased by 9% from €148.7m to €161.5m. Operating earnings (EBIT) increased significantly from €8.3m or 5.6% of revenues to €12.0m or 7.4% of revenues. This was due to a more favourable product mix and productivity improvements.

Aerospace

The fiscal year 2016 was characterised by a difficult market environment in the helicopter business. We did, however, manage to stabilise the Aerospace Segment. In 2016, revenues decreased slightly from €25.6m to €25.5m. Operating earnings (EBIT) also decreased slightly from €1.3m or 5.1% of revenues to €1.1m or 4.4% of revenues.

Outlook

CEO Wolfgang Plasser "In the first half of the year we were confronted with a rather subdued market environment. Over the course of the year market conditions in both motor racing and aerospace improved gradually. We are very pleased that in many areas we were able to implement significant productivity improvements, which together with increasing market demand led to overproportional earnings growth. At the start of the 2017 fiscal year, our order books were above the levels at the same time

last year. Of major importance in this fiscal year will be the start of production at our new Kapfenberg High Performance drivetrain production facility, which represents by far the largest capital expenditure project in our corporate history so far."

The financial report for the fiscal year 2016 will be available on our website www.pankl.com from 21 March 2017 under the link: http://www.pankl.com/de/header-navigation/investor-relations/veroeffentlichungen/finanzberichte/

For further information:

Investor Relations

Tel.: +43 3862 33 999 815

e-mail: ir@pankl.com Internet: www.pankl.com

Pankl Racing Systems AG published this content on 27 January 2017 and is solely responsible for the information contained herein.
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