Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — FY2019 Earnings Presentation
25 slides from Rational Aktiengesellschaft's earnings presentation, Mar 24, 2020
Slide 1: Conference Call – Fiscal Year 2019
Conference Call – Fiscal Year 2019 Landsberg am Lech, 24 March 2020
Slide 2: RATIONAL Annual Report 2019
RATIONAL Annual Report 2019 For our highest corporate goal: Increasing Customer Benefit 26% › Accessories for more efficiency › Ressource-efficient cleaning › Service parts and service quality › Consulting services and training offers › ConnectedCooking and ConnectedCooking Pro Recurring after-sales
Slide 3: Important Events of the Fiscal Year 2019
Important Events of the Fiscal Year 2019 Management Summary Continuation of the successfull business development of recent years 1. International expansion successfully driven forward. 2. Merger of the RATIONAL AND FRIMA brands successfully completed. 3. Delivery of the one millionth RATIONAL combi-
Slide 4: Key Figures of the Fiscal Year 2019
Key Figures ot the Fiscal Year 2019 At a glance +8% Sales revenue growth Gross EBIT margin 59% 26% margin Equity New employees 74% ratio hired 145 Operating 199 40 Invest Cash Flow m EUR m EUR Both product groups with positive development 4
Slide 5: Worldwide success: all regions contribute to sales revenue growth
Worldwide success 2019: All regions contribute to sales revenue growth Germany (+4 %) 100 North America 159 12% (+11%) 19% 377 45% 120 14% Asia (+14%) Europe (+7%) Latin America 47 (excluding Germany) (+6%) 5% Rest of the world (+15%) 42 Sales revenues in m EUR and in % of total 5% (Sales revenue gr
Slide 6: Good performance for both product groups
Good performance for both product groups VarioCookingCenter® with exceptional growth Sales revenues Combi-Steamers Sales revenues VarioCookingCenter® +8% 712 769 +13% 66 75 2018 2019 2018 2019 Sales revenue in m EUR Sales revenue growth in % 6
Slide 7: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity FY 2019 FY 2018 Non-current assets 204 162 Inventories 66 57 Trade receivables 125 124 Other assets 123 104 Liquid funds 181 157 Total assets 699 604 Equity 517 455 Non-current liabilities 35 26 Current provisions
Slide 8: Dividend 2019: Under Review
Dividend 2019: Under Review Average payout ratio of more than 70% › 10.70 Euro divident per share proposed before Earnings per share the global outbreak of the corona crisis. 13.84 15.09 › Review in line with the situation and business 10.71 11.18 12.58 9.68 development to ensure liquidity at all ti
Slide 9: Outlook 2020
Outlook 2020 A financial year dominated by the effects of the corona virus.
Slide 10: Overview of the Effects of Corona Virus, Countermeasures and RATIONAL Measures
Overview of the Effects of Corona Virus, Countermeasures and RATIONAL Measures 1. Customers 2. Employees 3. Production plants combi-steamers and VarioCookingCenter® 4. Company Note: The statements made in the following are based on the company‘s information status as of 23 March 2020 and reliable, o
Slide 11: Corona countermeasures and impact on our customers
Corona countermeasures and impact on our customers Effects differ for each segment ~45% Restaurants with service ~40% Mass Catering ~5% ~10% Restaurants without service Retail Graphic refers to the number of sold appliances 11
Slide 12: Measures for our customers
Measures for our customers RATIONAL remains reliable even in a crisis! 1. Our sales teams are available for our customers despite closed offices and the lockdown. 2. Our products can be ordered and delivered as usual. 3. We are offering our customers eased terms of payment according to their situati
Slide 13: Measures to protect the workforce worldwide
Measures to protect the workforce worldwide To date, no employees have tested positive for COVID-19 worldwide! 1. “Health” crisis team in place since the outbreak in China. Team size and frequency increased after global outbreak. 2. Business continuity management activated; communication capability
Slide 14: Measures to ensure delivery capability in Landsberg and Wittenheim
Measures to ensure delivery capability in Landsberg and Wittenheim 1. No interruption of the supply chain to us and from us to our customers since the outbreak of the coronavirus in China. Appliances, service parts, accessories, cleaning products available. 2. Subcontractors in China: In the last fe
Slide 15: Measures to protect the company
Measures to protect the company 1. Cost-cutting programme active since the start of 2020 and stepped up since March. 2. Hiring freeze. 3. Reduction of overtime, holiday leave to be taken, unpaid leave depending on the country. 4. Check and prepare short-time working option in order to keep employees
Slide 16: What may we expect in the future?
What may we expect in the future? 16
Slide 17: Organic growth
Organic growth Sales revenue growth of 8% on average 844 778 702 613 564 497 435 461 392 337 343 350 314 +15% +19% +2% -8% +11% +12% +11% +6% +8% +14% +9% +15% +11% +8% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Sales revenue in m EUR Sales revenue growth in % 17
Slide 18: Positive megatrends for RATIONAL
Positive megatrends for RATIONAL That is how the world of tomorrow lives › Worldwide growth of populaton › Varying catering loations › Increasing purchasing power in developing countries › Demand for healthier nutrition and a wider range of dishes › Increasing share of single households › Increasing
Slide 19: Success potential intact after the coronavirus
Success potential intact after the coronavirus › Major free market potential › Leader in terms of benefit, technology and the market › Global customer proximity › High level of customer satisfaction and high repeat purchase rates › Increased streamlining pressure › ConnectedCooking 19
Slide 20: Profitable growth
Profitable growth High EBIT margin level 29% 30% 28% 29% 28% 28% 26% 28% 27% 27% 26% 27% 24% 223 205 188 160 167 145 123 128 106 102 93 83 91 +15% +15% -10% +9% +17% -3% +20% +5% +13% +10% +4% +13% +9% +9% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 EBIT in m EUR EBIT margin in
Slide 21: Forecast for fiscal year 2020 and beyond
Forecast for fiscal year 2020 and beyond 1. The most recent forecast of 10 March is being withdrawn. 2. No forecast is possible at the current time. 3. We expect the situation for our customers to normalise six months after the local outbreak of coronavirus. 4. Sufficient liquidity and a high level
Slide 22: Long-term outperformance compared to benchmarks
Long-term outperformance compared to benchmarks Kurseinbruch während der Finanzkrise in den Folgejahren überwunden 22
Slide 23: Foodservice Industry particularly affected by corona effects?
Foodservice Industry particularly affected by corona effects? 110 100 90 80 70 60 50 40 30 20 10 RATIONAL WELBILT INC THE MIDDLEBY ILLINOIS TOOL WK FUJIMAK HOSHIZAKI ELECTROLUX 23
Slide 24: Investment recommendations
Investment recommendations Broad Coverage Average fair value: 584 EUR Buy 6 Sell 5 Hold 3 As of March 2020 24
Slide 25: RATIONAL
RATIONAL