Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — HY 2023 Earnings Presentation
20 slides from Rational Aktiengesellschaft's earnings presentation, Aug 3, 2023
Slide 1: When it tastes great, we all speak the same language
When it tastes great, we all speak the same language. Earnings Call | HY 2023 Landsberg am Lech, 3 August 2023
Slide 2: 2023 - RATIONAL's anniversary year: 50th anniversary around the world
2023 - RATIONAL's anniversary year Celebrating our 50th anniversary around the world China Brazil Poland 3
Slide 3: 2023 - RATIONAL's anniversary year: Open house in Landsberg am Lech
2023 - RATIONAL's anniversary year Open house in Landsberg am Lech 4
Slide 4: 2023 – back to normal
2023 – back to normal Significant step back to normal business activity in HY1 2023 Even in economically uncertain Order backlog normalises times we stay successful due to expected to be near the new normal level our • financial stability Supply difficulties solved and production of semi-finished un
Slide 5: Spectrum Retirement, Denver, USA
Spectrum Retirement, Denver, USA Bringing a restaurant-centric experience to senior living. “By bringing in RATIONAL equipment, we’ve been able to teach people a whole new way of cooking, preparing and thinking about food, an that’s been incredibly eye-opening for a lot of people.” Rachel Boynton, R
Slide 6: Figures. Facts. Data.
Figures. Facts. Data. Fiscal Year 2022 8
Slide 7: 1 billion euros in sales for the first time in the company's history
1 billion euros in sales for the first time in the company's history 2022 sales revenues increased by 31% to 1,022 m EUR +31% Sales revenues in m EUR +8% -23% 1,022 +11% +20% +15% 844 778 780 702 650 613 2016 2017 2018 2019 2020 2021 2022 9
Slide 8: Sales revenues in Q2 near previous quarter
Sales revenues in Q2 with 278 m EUR near previous quarter Similar sales expected for next quarters Sales revenues in m EUR +25 % +20 % 282 290 278 274 225 232 2022 2023 2022 2023 2022 2023e* 2022 2023e* Q1 Q2 Q3 Q4 *Based on analyst´ estimates (as of July: 2023) 10
Slide 9: All regions grow in HY1 2023
All regions grow in HY1 2023 Flourishing street business in North America boosts growth North America +50% Germany Asia 126 +4% +29% 84 62 64 70 55 HY 2022 HY 2023 HY 2022 HY 2023 HY 2022 HY 2023 Europe +14% 237 208 Latin America Rest of the world +33% +27% 24 32 25 32 HY 2022 HY 2023 HY 2022 HY 202
Slide 10: iCombi in strong demand
iCombi in strong demand iVario due to strong growth in HY 2022 slightly below previous year Sales revenues in m EUR +27% iCombi iVario 503 395 -8% 63 58 HY 2022 HY 2023 HY 2022 HY 2023 12
Slide 11: Strong business with cooking systems
Strong business with cooking systems Order book reduction leads to over proportional unit growths Sales revenues in m EUR Unit sales Non-unit sales* +27% 399 319 +18% 162 139 HY 2022 HY 2023 HY 2022 HY 2023 *Non-unit sales represent accessories and service parts sales of both product groups. Individ
Slide 12: Delivery times back on pre-crisis level
Delivery times back on pre-crisis level 160 m EUR or 13,500 units in the order book at the end of HY 2023 Orders Sales revenues Order backlog ~160 m EUR ~70 m EUR Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021 2022 2023 14
Slide 13: EBIT grows over-proportionally
EBIT grows over-proportionally EBIT margin at 24% in HY 2023 EBIT in m EUR +46% EBIT margin 136 +8% -72% +206% +10% 98 91 93 84 25% 25% 24% 22% 20% 28 9% HY 2018 HY 2019 HY 2020 HY 2021 HY 2022 HY 2023 15
Slide 14: Gross margin supported by pricing and high production volume
Gross margin supported by pricing and high production volume EBIT margin increased by 4 percentage points to 24.3% in HY1 HY 2023 vs. HY 2022 HY HY 1 in mEUR 2023 2022 Change Margin Impact Strong sales support Sales revenues 561 458 +23% --- + margin development COGS -246 -210 +17% +2,1% Gross Profi
Slide 15: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in m EUR HY 2022 FY 2022 HY 2023 29% Non-current assets 226 237 247 Inventories 103 116 115 13% Trade receivables 146 175 171 22% Other assets 93 163 189 20% Liquid funds 181 208 131 15% Total assets 748 899 853 74
Slide 16: Investments
Investments Forward-looking investments thanks to solid financial situation Depreciation/amortisation Investments in m EUR 40 40 40 37 35 31 30 31 29 25 26 14 2018 2019 2020 2021 2022 2023e *The years 2019 and following include depreciation resulting from IFRS 16. 18
Slide 17: Employee satisfaction remains on high level
Employee satisfaction remains on high level 85 new employees in HY1 – more than 50% in sales subsidiaries Number of employees 2,486 2,401 2,258 2,248 2,180 2,113 87% are proud to work at RATIONAL 7% Staff turnover in HY 2023 4% Wage increase in 2023 +15% 2018 2019 2020 2021 2022 HY 2023 19
Slide 18: Sales revenue and profit outlook for 2023 confirmed
Sales revenue and profit outlook for 2023 confirmed Cautiously optimistic for the current fiscal year EBIT Sales growth Operating costs will rise at a slightly in the high single-digit rise slightly faster than slower pace than sales percentage range. sales revenues. revenues. 20
Slide 19: RATIONAL
RATIONAL
Slide 20: Disclaimer
Disclaimer Diese Präsentation dient ausschließlich dem Zweck, die RATIONAL-Gruppe vorzustellen und einen kurzen Überblick zu geben. Die in ihr enthaltenen Informationen erheben keinen Anspruch auf Vollständigkeit und eignen sich nicht als Basis für unternehmerische Entscheidungen oder als Anlageempf