Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — FY2022 Earnings Presentation
63 slides from Rational Aktiengesellschaft's earnings presentation, Mar 28, 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 Fiscal Year 2022 Landsberg am Lech, 28 March 2023
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 9% CAGR (12 years)* Very high repurchas
Slide 4: RATIONAL increases already best in class customer satisfaction
RATIONAL increases already best in class customer satisfaction Net promoter score (NPS) increased by 3 points to 64 0 Source: -20 +20 B2B International (2022) – in 17 markets of RATIONAL AG -40 +40 -60 +60 -80 +80 -100 +100 RATIONAL +64 Food & Drink Average +37 B2B Average +32 Manufacturing Average
Slide 5: 7.8 billion people are 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 and multifunctional cooking systems produced
> 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: The digital kitchen is our biggest driving force
"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 Dr Peter Stadelmann Peter Wiedemann Dr Martin Hermann Markus Paschmann Jörg Walter CEO COO CTO CSMO CFO
Slide 45: Great results
Great results Figures. Facts. Data. 45
Slide 46: Sales revenues exceed one billion euro for the first time
Sales revenues exceed one billion euro for the first time 31% growth compared to previous year 1,022 844 778 780 702 650 613 +9% +15% +11% +8% -23% +20% +31% 2016 2017 2018 2019 2020 2021 2022 Sales revenues in mEUR Sales revenues growth in % 46
Slide 47: Sales revenues grow from one all-time high to the next
Sales revenues grow from one all-time high to the next Component availability, price increases and FX support strong growth 290 +33% 274 +50% +10% +34% 225 232 231 205 212 213 207 194 193 168 2019 2021 2022 2019 2021 2022 2019 2021 2022 2019 2021 2022 Q1 Q2 Q3 Q4 Sales revenues in mEUR Individual va
Slide 48: 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 48
Slide 49: FY 2022 sales revenue by region
FY 2022– sales revenue by region Americas leading in terms of sales growth Europe 439 North America 377 Asia 337 221 159 140 120 123 126 +58% +3% 2019 2021 2022 2019 2021 2022 +30% 2019 2021 2022 Latin America Germany Rest of the world 125 100 103 47 58 53 35 42 42 +62% +22% +27% 2019 2021 2022 2019
Slide 50: iVario very much in demand - iCombi also strong
iVario very much in demand - iCombi also strong Both product groups were in strong demand Sales revenues iCombi Sales revenues iVario 895 769 698 128 75 81 +20% +63% 2019 2021 2022 2019 2021 2022 Sales revenues in mEUR Sales revenue growth in % 50
Slide 51: EBIT on all-time high
EBIT on all-time high EBIT margin at 23% in Fiscal Year 2022 +48% +50% +13% +9% +9% 107 188 205 223 160 238 27% 26% 26% -52% 23% 21% 16% 2017 2018 2019 2020 2021 2022 EBIT in mEUR EBIT margin in % EBIT growth in % 51
Slide 52: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in mEUR 2022 2021 Non-current assets 237 219 Inventories 116 97 Trade receivables 175 109 Other assets 163 105 Liquid funds 208 254 Total assets 899 784 Equity 676 603 Non-current liabilities 31 34 Current provisio
Slide 53: Investments
Investments Forward-looking investments thanks to solid financial situation 43 40 40 37 30 31 30 31 - 29 35 25 26 14 12 2017 2018 2019 2020 2021 2022 The years 2019 and following include Depreciation/amortisation in mEUR depreciation resulting from IFRS 16. Investments in mEUR 53
Slide 54: Dividend 2022
Dividend 2022 Dividend of 11.00 Euros and special dividend of 2.50 Euros proposed Gewinn je Aktie Corona-related dividend reduction in the 16,33 2020 financial year will be offset by special 15,09 13,84 dividends from the last two years. 12,58 10,88 2,50 Total payout ratio is 83%. 2,20 11,00 9,50 2,
Slide 55: Employee satisfaction remaining on high level
Employee satisfaction remaining on high level 87% of our employees are proud to work for RATIONAL › The employee satisfaction survey conducted in 2022 showed that 87% of 2,401 employees are proud to work at 2,258 2,180 2,248 2,113 RATIONAL 1,884 › Employee turnover remained at a very low level of 8%
Slide 56: Sales revenue and profit outlook for 2023
Sales revenue and profit outlook for 2023 Cautiously optimistic for the current fiscal year › The effects of the price increases and the stable material availability, together with continuing customer demand, give us a positive outlook for 2023. We expect sales growth in the high single-digit percen
Slide 57: Positive megatrends for RATIONAL
Positive megatrends for RATIONAL › Worldwide population That is how the world of tomorrow lives growth. › Varying catering locations. › Increasing purchasing power in developing countries. › Increasing hygiene requirements in kitchens. › Increased meaning of efficient kitchen processes. › Demand for
Slide 58: 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 59: RATIONAL share price development
RATIONAL share price development Markets remain volatile 62
Slide 60: Investment recommendations
Investment recommendations Broad Coverage Median Fair Value = 610 euros Buy; 4 Sell; 2 Hold; 9 Status: March 2023 63
Slide 61: Investor relations contact
Investor relations contact Financial calendar Company information Financial calendar 2022 RATIONAL AG 24.03.2023 Financial Figures Fiscal Year 2022 (virtual) Siegfried-Meister-Straße 1 04.05.2023 Financial Figures Q1 2023 (virtual) 86899 Landsberg am Lech 10.05.2023 General Shareholder‘ Meeting 2023
Slide 62: RATIONAL
RATIONAL
Slide 63: 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