Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — H1 2022 Earnings Presentation
68 slides from Rational Aktiengesellschaft's earnings presentation, August 2022
Slide 1: Fast. Precise. Versatile. Consistently enhanced. IR Presentation HY 2022
Fast. Precise. Versatile. Consistently enhanced. IR Presentation HY 2022
Slide 2: For people
For people Preparing hot food in large and commercial kitchens 2
Slide 3: RATIONAL - a good investment for customers and investors
RATIONAL - a good investment for customers and investors Focus on the greatest possible customer benefit Customer benefit as a … leads to attractive sales … and economic strength. driver… opportunities … Market and technology leader Presence in > 120 countries 8% CAGR (12 years) Very high repurchase
Slide 4: High customer satisfaction
High customer satisfaction RATIONAL „Best in Class“ with a NPS of 61 0 -20 +20 Source: B2B International (2021) – in 15 -40 +40 markets of RATIONAL AG -60 +60 Net Promoter Score: -80 +80 -100 +100 RATIONAL +61 Food & Drink Average +37 B2B Average +32 Manufacturing Average +30 4
Slide 5: 7.8 billion people living on earth
7.8 billion people are living on earth +80 million more every year 150,000,000 Dishes are prepared in RATIONAL appliances every day 4,800,000 Potential professional kitchens 75% still use traditional appliances 5
Slide 6: For kitchens
Forkitchens In which 20 or 20,000 meals are prepared 6
Slide 7: Combi-steamers produced since 1976
> 1,100,000 combi-steamers produced since 1976 > 50,000 Multifunctional cooking systems produced since 2005 7
Slide 8: Worldwide presence
Worldwide presence Close to the customer Local presence in more than 31 120 subsidiaries countries More than 4,000 partners worldwide 8
Slide 9: High untapped market potential for both product groups
High untapped market potential for both product groups Aiming to substitute traditional equipment in professional kitchens 4.8 million addressable kitchens for iCombi 1.6 million addressable kitchens for iVario 2% iVario 12% iCombi 13% Competitors 2% Competitors 75% Traditional appliances 96% Tradit
Slide 10: Our customers worldwide
Our customers worldwide Establishments with over 20 meals per service ~40% (2018: 45%) Restaurants with service ~40% (unchanged) Community Catering ~7% (2018: 5%) ~13% (2018: 10%) Restaurants without service Retail Graphic refers to the number of sold appliances 10
Slide 11: For food
For food That sets standards in terms of quality 11
Slide 12: The desired result
The desired result Day after day. Year after year. Millionfold “Without RATIONAL we would not be able to prepare 20,000 Peking ducks per day in such high quality.“ Quanjude Gruppe Yan Dajian, Head of R&D, P.R. China 12
Slide 13: For healthy nutrition
For healthy nutrition With more nutrients and less pollutants 13
Slide 14: For a customer benefit
For a customer benefit That exceeds all expectations 14
Slide 15: Greater customer benefit
Higher Cost profits degression Greater attraction Greater Higher productivity customer benefit Customer benefit Positive Increasing learning demand curve 15 Growth
Slide 16: Milestones for higher customer benefit
Milestones for higher customer benefit 2020 1 million produced combi-steamers FRIMA becomes RATIONAL 2019 iVario iCombi 2018 ConntectedCooking Pro ConnectedCooking 2017 VarioCookingCenter 112L Foundation of 2016 RATIONAL GmbH VarioCookingCenter 112T SelfCookingCenter XS 2014 1973 VarioCookingCenter
Slide 17: RATIONAL production sites
RATIONAL production sites Landsberg/Lech Wittenheim 17
Slide 18: iCombi Pro
iCombi Pro The new golden standard. 18
Slide 19: Intelligent and powerful
Intelligent and powerful Grilling. Roasting. Baking. Steaming. All in one appliance 19
Slide 20: iCombi Pro The new golden standard
iCombi Pro The new golden standard Reliable desired result. High productivity. Optimal planning. Effective cleaning. 20
Slide 21: iVario Pro
iVario Pro The multifunctional cooking appliance with contact heat 21
Slide 22: Roast. Boil. Frying.
Roast. Boil. Frying. 0 Up to 4 times faster, up to 40% less power consumption 22
Slide 23: iVario Pro The new performance class
iVario Pro The new performance class Reliable results. Intelligent heating technology. Intelligent heating zone management. 23
Slide 24: 50,000 iVario / VarioCookingCenter
50,000 iVario / VarioCookingCenter 24
Slide 25: An investment that pays off
An investment that pays off For the environment, the cash flow and the future Save up to 30 % space Replace conventional cooking units with RATIONAL cooking systems Conventional technology Research project by Zurich University, using ABB Schweiz AG as an example › Proven savings: Multifunctional tec
Slide 26: ConnectedCooking
ConnectedCooking Digital kitchen management by RATIONAL
Slide 27: Make your kitchen faster, easier, safer
Make your kitchen faster, easier, safer With ConnectedCooking Distribute cooking programs | Update unit software | Document HACCP data Make everything easier. No matter where your cooking systems are.
Slide 28: Customer testimonial on ConnectedCooking
"The digital kitchen is our biggest driving force. We only cook with ConnectedCooking. Everything is networked here." Johann Fiedler, Managing Director, DC Catering, Austria
Slide 29: For services
For services That inspire long-term 29
Slide 30: First-class services
First-class services For greater customer benefit › Expert advice › Personal introduction training › Academy RATIONAL › ConnectedCooking › ChefLine 30
Slide 31: RATIONAL Technical Service
RATIONAL Technical Service Always at the customer’s service › Original service parts › Certified service partners › Professional installation › Global service network 31
Slide 32: International success stories
International success stories RATIONAL at work 32
Slide 33: 100% reliable
100% reliable BMW World, Munich “I decide on the desired result, RATIONAL does the rest, and I can rely on the quality 100%.” BMW Group Kurt Rass , Kitchen Manager Munich, Germany 33
Slide 34: 35% less energy
35% less energy Hilton, Birmingham 34
Slide 35: The all-round carefree package
The all-round carefree package Nando‘s, International 35
Slide 36: How do they do it?
How do they do it? 36
Slide 37: With employees
With employees Who are committed and inspire 37
Slide 38: With the U.i.U.-principle
With the “U.i.U.”-principle Making decisions, assuming responsibility 38
Slide 39: With courage
Withcourage To reinvent customer benefit 39
Slide 40: With 1,000 chefs
With 1,000 chefs At work every day 4 chefs, 4 journeys 40
Slide 41: With new talent
Withnew talent More than 80 apprentices and students 41
Slide 42: With responsibility
Withresponsibility For people and the environment 42
Slide 43: Everything for the one goal
Everything for the one goal Happy customers 43
Slide 44: The Executive Board
The Executive Board For customers and employees Markus Paschmann Dr Peter Stadelmann Chief Sales & Marketing Officer Chief Executive Officer Peter Wiedemann Jörg Walter Chief Technical Officer Chief Financial Officer The RATIONAL Executive Board inspecting the construction progress in Wittenheim at
Slide 45: Great results
Great results Figures. Facts. Data. 45
Slide 46: Sales revenues grow by 20% compared to previous year
Sales revenues grow by 20% compared to previous year Recovery slowed by material bottlenecks in Q4 2021 844 778 780 702 650 613 +9% +15% +11% +9% -23% +20% 2016 2017 2018 2019 2020 2021 Sales revenues in mEuro Sales revenue growth in % 46
Slide 47: Sales revenues exceed all time high in HY1
Sales revenues exceed all time high at 458 mEUR in HY1 Sales above previous year – Q2 and half year new all time high +10% +34% 225 232 231 205 212 213 207 194 193 168 2019 2021 2022 2019 2021 2022 2019 2021 2019 2021 Q1 Q2 Q3 Q4 Sales revenues in mEUR Sales revenues growth in % 47
Slide 48: Order backlog stabilising
Order backlog stabilising – extraordinary high orders in March 400 mEUR or 44,000 units in order backlog end of Q2 ~ 400 mEUR › Around 400 mEUR or 44,000 units in order backlog end of June 2022. › Delivery times in the industry unchanged on extraordinary high level. › Orders in March were nearly twi
Slide 49: RATIONAL is the global market leader for combi-steamers
RATIONAL is the global market leader for combi-steamers Because we focus on what we know best RATIONAL Competitors (100 in total worldwide) Convotherm (Ali Group), Blodgett Middleby, MKN, Lainox (Ali Group), Eloma (Ali Group), Electrolux, Alto-Shaam, Unox 49
Slide 50: HY 2022 sales revenue by region
HY 2022– sales revenue by region All Regions above 2019 - Asia slightly below previous year Europe 208 North America 181 Asia 76 84 169 67 52 60 55 +25% -9% HY 2019 HY 2021 HY 2022 HY 2019 HY 2021 HY 2022 +23% HY 2019 HY 2021 HY 2022 Latin America Germany Rest of the world 62 21 24 49 48 20 20 25 15
Slide 51: iVario continues growth story with +50% in sales
iVario continues growth story with +50% in sales in HY 2022 Both product groups were in strong demand Sales revenues iCombi Sales revenues iVario 395 366 338 63 42 34 +17% +50% HY 2019 HY 2021 HY 2022 HY 2019 HY 2021 HY 2022 Sales revenues in mEUR Sales revenue growth in % 51
Slide 52: EBIT further stabilising, growing by 10%
EBIT further stabilising, growing by 10% EBIT margin at 20% in HY 2022 +206% +14% +8% +10% +8% 84 91 98 28 84 93 -72% 25% 25% 25% 20% 9% 22% HY 2017 HY 2018 HY 2019 HY 2020 HY 2021 HY 2022 EBIT in mEUR EBIT margin in % EBIT growth in % 52
Slide 53: Solid Balance Sheet provides security and flexibility
Solid Balance Sheet provides security and flexibility High equity ratio and liquidity in mEUR HY 2022 HY 2021 Non-current assets 226 217 Inventories 103 78 Trade receivables 146 122 Other assets 92 51 Liquid funds 181 242 Total assets 748 710 Equity 560 544 Non-current liabilities 33 34 Current prov
Slide 54: Capex targeted for growth and efficiency
Capex targeted for growth and efficiency Due to delayed projects capex in 2022 lower than expected 43 40 40 32 30 31 30 - 29 35 25 26 14 12 2017 2018 2019 2020 2021 2022e The years 2019 and following include Depreciation/amortisation in mEUR depreciation resulting from IFRS 16. Investments in mEUR 5
Slide 55: Dividend 2021
Dividend 2021 Dividend of 7.50 Euros and special dividend of 2.50 Euros 15.09 The basic dividend represents a return to 13.84 the traditionally high payout ratio of around 12.58 70% of net profits. 11.18 10.88 2.00 The special dividend is intended to 2.00 9.50 2.50 8.80 compensate shareholders parti
Slide 56: Further investment with additional members in our team
Further investment with additional members in our team Comparably high salary increase due to inflationary environment › Our employees are the foundation of 2,341 2,258 2,248 2,180 our success. 2,113 1,884 › RATIONAL was awarded as best Employer Brand by TalentAttract. › Due to the high inflation, w
Slide 57: Why we will stay successful
Why we will stay successful Crises are creating new opportunities – we will benefit from them. › Enormous free market potential for the iCombi (3.6 million kitchens) and the iVario (1.5 million kitchens) will ensure constant demand in the coming years. › The growing shortage of skilled workers in th
Slide 58: Outlook 2022 confirmed
Outlook 2022 confirmed Growth path expected to continue despite overall challenges › We expect sales to grow by 10 to 15% compared to previous year’s sales. › With costs increasing less than revenues and positive FX impacts RATIONAL expects an EBIT margin on 2021 level. › Should supply chain or geop
Slide 59: What may we expect in the future?
What may we expect in the future? 59
Slide 60: The crisis is causing risks …
− Restrictions in tourism, event and restaurant business etc. The crisis is − Less business travel, more home office. causing − More home cooking and cold nutrition. risks … − Consolidation of dealers and end- customer sectors. − Growing second-hand market. − Limitation of investment behaviour of ou
Slide 61: … but also numerous chances.
− New customer groups gaining in importance (retail, … but also delivery, dark kitchens...). − Government program support investments. numerous − Higher spending per restaurant visit expected. chances. − More focus on hygiene and healthy cooking methods. − More pressure on efficiency in professional
Slide 62: Positive megatrends for RATIONAL
Positive megatrends for RATIONAL › Worldwide population That is how the world of tomorrow lives growth. › Varying catering loations. › Increasing purchasing power in developing countries. › Increasing hygiene requirements in kitchens. › Increased meaning of efficient kitchen processes. › Demand for
Slide 63: Investment story: RATIONAL strength profile
Investment story RATIONAL strength profile › High brand awareness in professional kitchens. › World market leader, free market potential. › High customer satisfaction and loyalty. › Global footprint of sales and service network, scalable business model. › Flexible and lean production, low degree of
Slide 64: RATIONAL share price development
RATIONAL share price development Markets remain volatile 64
Slide 65: Investment recommendations: Broad Coverage
Investment recommendations Broad Coverage Median Fair Value = 628 euros Buy; 3 Sell; 3 Hold; 8 Status: July 2022 65
Slide 66: Investor relations contact, Financial calendar
Investor relations contact Financial calendar Company information Financial calendar 2022 RATIONAL AG 24.03.2021 Financial Figures Fiscal Year 2021 (virtual) Siegfried-Meister-Straße 1 04.05.2022 General Shareholder‘ Meeting 2022 (virtual) 86899 Landsberg am Lech 11.05.2022 Financial Figures Q1 2022
Slide 67: RATIONAL
RATIONAL
Slide 68: Disclaimer
Disclaimer This presentation serves the single purpose of introducing the RATIONAL Group and providing a brief overview. The information contained is not intended to be exhaustive and does not provide a basis for corporate decisions or serve as investment advice. We assume no warranty, guarantee or